Citation
The Tribune.

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.

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
This item was contributed to the Digital Library of the Caribbean (dLOC) by the source institution listed in the metadata. This item may or may not be protected by copyright in the country where it was produced. Users of this work have responsibility for determining copyright status prior to reusing, publishing or reproducing this item for purposes other than what is allowed by applicable law, including any applicable international copyright treaty or fair use or fair dealing statutes, which dLOC partners have explicitly supported and endorsed. Any reuse of this item in excess of applicable copyright exceptions may require permission. dLOC would encourage users to contact the source institution directly or dloc@fiu.edu to request more information about copyright status or to provide additional information about the item.
Resource Identifier:
09994850 ( OCLC )
9994850 ( OCLC )

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Full Text
m Lhe tribune (22.

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CLOUDS
AND SUN

Volume: 106 No.299

eS



LATEST ae eee ON WWW.TRIBUNE242.COM

HIGH
LOW



WEDNESDAY, NOVEMBER 17, 2010 PRICE — 75¢ (Abaco and Grand Bahama $1.25)

HELP WANTED

AND REAL a
BAHAMAS BIGGEST i

aint vated for
Bata Mar clash

PLP set to seek
answers over

resort concerns F

By TANEKA
THOMPSON
Tribune Staff
Reporter
tthompson@
tribunemedia.net

THE Govern-
ment is expected to
be taken to task
over its Baha Mar
labour resolution
and Prime Minister
Hubert Ingraham's
visit to China when
Parliamentarians
meet today.

Opposition leader
Perry Christie yesterday said
the present labour resolution
does not sufficiently answer
his party's concerns. Dr
Bernard Nottage, who will be
the Progressive Liberal Par-
ty'’s lead speaker in the
debate, is expected to lay out
a myriad of guidelines the
PLP wants addressed in the
paper before the House of
Assembly.

The PLP will call on Mr
Ingraham to detail the
expanded scope of work



CONCERNS:
Perry Christie

mee brought on by the
additional $200 mil-
lion in contracts the
Prime Minister said
he was able to nego-
tiate for Bahamian
contractors when he
met with Chinese
officials last month.

"Baha Mar has
not informed the
public about any
expanded scope of
work, new design, or
redesign of the pro-
ject and certainly the
Chinese just didn't
agree to pay $400
million for works that were
originally valued at $200 mil-
lion," Mr Christie said at a
press conference at the PLP's
headquarters.

Mr Christie also criticised
the changes in the deal that
Mr Ingraham was able to
secure as "not substantive"
adding it was “unusual that a
Prime Minister purports to
interfere in the affairs of a

SEE page 10

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CHRISTIE CONFIRMS HE WOULD
NOT SERVE FULL TERM IN OFFICE

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

PLP LEADER Perry
Christie reconfirmed his com-
mitment yesterday that if he
was re-elected as Prime Min-
ister he will not serve out his
whole term in office, but hand
over the country’s leadership
to a successor.

Noting that leaders of polit-
ical organisations would not
normally get themselves
caught into such a position,
Mr Christie told reporters
yesterday it was a realistic
assessment for anyone to
make that he could not possi-
bly continue as leader of the

party after the next term.

“That is my view, and peo-
ple advise you that you don’t
say things like that,” Mr
Christie remarked, “but look
around me (motioning to his
fellow PLP MPs).”

“T happen to believe that
the difference between the
PLP and the FNM is that we
have leaders in depth. You
can look to my left and you
can look to my right and you
can see the distinction to be
drawn by those persons who
surround me and to know
that we have the security of
knowing that we have by far
in my estimation — and mean-

SEE page 10

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CHRISTIE: PM HAS PARANOID
PREOCCUPATION WITH ME

By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net

OPPOSITION Leader Perry
Christie believes Prime Minister
Hubert Ingraham has a "paranoid"

preoccupation with him based on his
recurring public comments about the
Progressive Liberal Party leader.

Recently, Mr Ingraham told the
press that his former law partner
could not look him in the eye while
both men attended an ordination ser-
vice for PLP St Cecilia MP Cynthia
“Mother” Pratt.

According to Mr Christie, the
reported snub is a figment of the
Prime Minister's imagination.

"T think Mr Ingraham has some

SEE page nine

morning fire at Magic City.

SEE page two

FIRE DAMAGE: Firefighters at the scene of yesterday’s early

POLICE are asking for the public’s help in capturing the
arsonist who they believe set fire to a strip club in the west-
ern district of New Providence early yesterday morning.
Sometime after 5.25am, police reported that Magic












“WE THE PEOPLE’ GROUP AIMS T0
GALVANISE BAHAMIAN PUBLIC

CONCERNED citizens

re last night for the
: launch of a new group that

aims to galvanise public

interest and involvement in
: the country’s development.

Expanding on the basic

premise that it will take the

collective effort of all con-
cerned to effect the social,
economical and infrastruc-

tural change needed, the

citizens’ action group “We

? The People” (WTP) was
i heralded as a step towards
: joining Bahamians for a
? national purpose.

At last night’s meeting,

the group’s chairman Ed
: Fields, senior vice president

for Communications at
Kerzner International, said:
“What I have learned and
what has given me the
inspiration to carry on is
the realization of how we
have thwarted our national
development by our unwill-
ingness to know one anoth-
er. If we took the time to
talk to each other, there is
one thing we would surely
come to understand — that
the cliché which states “we
have more in common than
not” does not do justice to
our cause.

The non-partisan and

SEE page 10

Located on Ernest & Mackey Streets | Open Mon-Fri 10am-4pm, eet asia ae y Aer rn i} y www. PSRSRSTaRaeine eect



NASSAU AND BAHAM/?

ISLANDS LEADING NEWSPAPER





PAGE 2, WEDNESDAY, NOVEMBER 17, 2010

THE TRIBUNE



Strip club fire

FROM page one

City, in the Westridge Shop-
ping Plaza received extensive
fire damage to its upper level,
with its lower level being dam-
aged by water.

Eyewitnesses at the scene
informed The Tribune that fire
fighters discovered a hole in
the roof of the building which
they believe was created to
pour some flammable liquid
down to later ignite.

As a result of the fire, New
Oriental Cleaners received
smoke and water damage and

the Sleep Gallery received
smoke damage as well. While
police investigations into the
fire are continuing, they have
expressed concerns that this
latest incident could be linked
in some way to another arson

attempt at Club Illusions ear- |

lier this month.
The Westridge Shopping
Plaza is owned by Super Value

CEO Rupert Roberts and is |

insured with Cole Insurance
Company. According to police
Magic City is occupied by
Craig Wells. The contents of
the nightclub were not insured,
police have confirmed.

INDEX

MAIN/SPORTS SECTION

Local News
Editorial/Letters

BUSINESS/ARTS SECTION

Business

CLASSIFIED SECTION 28 PAGES

OPPOSITION leader Perry
Christie met with top officials
of the Royal Bahamas
Defence Force yesterday to
discuss the challenges facing
the organisation.





















CLUB BLAZE: Pictured are firefighters on the
scene of yesterday’s fire at the Magic City
strip club. Police are asking for the public’s
help in capturing the arsonist they believe is

responsible.

Christie discusses challenges
with Defence Force officials

The meeting is part of Mr
Christie's strategy to gauge
issues affecting the country's
national security agencies and
the public at large as the Pro-
gressive Liberal Party gears

For breaking news alerts

Follow us on Facebook
www.facebook.com/Tribune242

rT





up for the general election
race.

The group discussed issues
plaguing the RBDF such as
poaching, human smuggling
and border control.

The meeting also provided
insight on changes within the
RBDF over the last three
years.

"We're very happy with our
meeting. I indicated to the
Commodore that as the
Opposition party we're doing
two things, one we're meet-
ing the new Commodore and
finding out from him the
extent to which changes are
being brought into play here
at the Defence Force.

"And two, we are demon-
strating our support for the
Defence Force as an impor-
tant institution in our coun-
try. That support goes to
everything that is done to
strengthen the force and
enable it to carry out it's man-
date in guarding the heritage
of our country,” Mr Christie
told the press minutes after
meeting with Commodore
Roderick Bowe, Commander
of the Defence Force.

"We want to make sure
going forward that the issues
facing the country are dealt
with around the table in a
coordinated, integrated fash-
ion by all of the relevant insti-
tutions in our country —
Bahamas police force, Cus-
toms, Immigration,” he said.

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





THE BAHAMAS’

PAGE 6, WEDNESDAY, NOVEMBER 17, 2010

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THE TRIBUNE



MINISTER OF STATE in the Ministry of
Lands and Local Government Byran
Woodside opens the Annual Local
Government Leadership Workshop for
Family Island Administrators 2010 at
the Wyndham Nassau Resort and
Crystal Palace Casino on Monday.



Letisha Henderson/BIS

Local Government ‘must be able
to function in a global economy’

By LLONELLA GILBERT

THE local government for
a 21st century Bahamas must
be able to understand, will-
ing to participate and pre-
pared to function within a
global economy, Minister of
State in the Ministry of
Lands and Local Govern-

ment Byran Woodside said.

Speaking at the opening
of the Annual Local Gov-
ernment Leadership Work-
shop for Family Island
Administrators on Monday,
Mr Woodside said the coun-
try is a member of a global
market and every arm of
government must be cog-

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nisant of the impact of glob-
alisation on the economy
and people of the Bahamas.

He told the Family Island
administrators that they
must be fully prepared to
assist local communities in
managing the effects of glob-
alisation, as it is not going
away.

Mr Woodside added that
local government, as it is
constituted today, seeks to
devolve power from the
administrators as the central
government’s agents, and
instead turn authority to the
local councils.

“However,” he said, “over
the past 14 years this system
of governance has been chal-
lenged by the relationship
between the role of the Fam-
ily Island administrator and
that of the elected local offi-
cials.

“In addition, there have
been a number of incidences
where chief councillors,
councils and town commit-
tees have made questionable
decisions that have proven
not to be financially or
developmentally sound and
thus not in the best interest
of the communities which
they serve.”

Mr Woodside explained
that to build the capacity of
the administrators, this
year’s theme, “Fiscal Disci-
pline and Efficient Service
in a Global Economy”, will
be presented during the
four-day workshop to equip
them with the skills and
knowledge necessary to
strengthen their leadership
role within the various dis-
tricts.

There are several objec-
tives of this year’s workshop.
The workshop is intended to
help the administrators gain
an understanding of new and
amended legislation impact-
ing upon the delivery of ser-
vices in the Family Islands.

It is intended to also equip
the administrators with the
knowledge and skills neces-
sary to strengthen their
administration of the vari-
ous democratic processes,
thereby allowing them to
provide more efficient ser-
vice in a contracting econo-
my.

It is also designed to make
the administrators aware of
the role of international and
local agencies in energising
economic development, and
to facilitate the exchange of
information ideas and dis-
cussions among the practis-
ing officials.

In addition, the workshop
will assist the administrators
in understanding their new
role as principle revenue
officers, developmental lead-
ers and strategic visionaries.

Mr Woodside noted that
the government will contin-
ue to hold workshops to
bring government closer to
the people.

“These interventions pro-
vide the opportunity for oth-
er senior central government
public officers and stake-
holders to have constructive
dialogue and exchanges with
you,” he said.

“The overall goal would
be to not only enhance our
development of local gov-
ernment in the Family
Islands, but also to guide
your learning about devel-
opment issues,” Mr Wood-
side said.



THE TRIBUNE



WEDNESDAY, NOVEMBER 17, 2010, PAGE 7

Minister recognises work of Dept
of Rehabilitative/Welfare Services

By LLONELLA GILBERT

MINISTER of State in
the Ministry of Labour and
Social Development Loret-
ta Butler-Turner on Mon-
day recognised the Depart-
ment of Rehabilitative/Wel-
fare Services for its work in
helping those offenders of
the law who choose to
become rehabilitated.

Speaking at the Rehabili-
tative Week Church Service
at Antioch Baptist Church,
Mrs Butler-Turner said the
Department’s mission is to
develop and provide mech-
anisms that will control
offenders’ inappropriate
behaviour and assist them
in functioning as law abid-
ing citizens, thus contribut-
ing to the protection of soci-
ety.

“One of its several goals
is to plan, co-ordinate and
implement rehabilitative

programmes for offenders.
This addresses the afore-
mentioned offender who
recognises the need to
change his criminal lifestyle.

“The Department is
always willing and prepared
to assist persons in this
area,” she said.

Functions

The Department also ful-
fills other vital functions in
helping to confront or inter-
vene in situations before
they can spiral out of con-
trol, she said.

Mrs Butler-Turner
explained that the Child
Protection Act of 2007,
which came into force on
October 1, 2009, includes
some new provisions for the
benefit of children and
young persons.

“These include the

Government to
secure additional
training for
prison officials

By MATT MAURA

THE Government is
moving to secure further
academic, professional
and technical training
opportunities for officials
of Her Majesty’s Prison
under the Caribbean
Basin Security Initiative
(CBSI), Minister of
National Security Tommy
Turnquest said.

Mr Turnquest said the
move is part of the Gov-
ernment’s “ambitious, but
very necessary” prison
reform agenda that is
expected to retool Her
Majesty’s Prison into a
facility that is “even more
adequate to deal with the
new manifestations of
crime”, in addition to pro-
viding custodial care of
inmates.

The National Security
Minister said those “new
manifestations of crime
and criminality” require
responses on many fronts,
including from Her
Majesty’s Prison which —
as part of the law enforce-
ment and national securi-
ty network of the country
— must play a greater role.

The additional academ-
ic, professional and tech-
nical training currently
being sought by the gov-
ernment, he said, will pro-
vide officials with the
training necessary to make
the transformation an
effective one.

“Gone are the days
when confronting crime
was seen as a police prob-
lem,” Mr Turnquest said.
“Today, the nature of
crime, particularly violent
crime, requires effective
responses on many fronts.

“The prison reform
agenda in which we are
engaged is ambitious, but
it is necessary as Her
Majesty’s Prison is an
integral part of the
nation’s security forces
which daily responds to
matters ranging from pre-
vention, detection and
investigation of crime, to
apprehending criminals
and bringing them to jus-
tice; from custody and
rehabilitation of offenders
to their reintegration into
society following their
release from prison.

“The new direction the
prison is taking in reha-
bilitating and reorienting
inmates, mainly young
men in the prime of their
lives, enhances the
prospects that they will
become responsible citi-
zens upon their release,”
Mr Turnquest added.

The National Security
Minister said the Govern-



TRAINING OPPORTUNITIES:
Tommy Turnquest

ment is consulting its
international partners,
including the United
States, regional institu-
tions and professional
business entities with
regards to the provision of
even greater opportunities
for academic and skills
training for prison officers
as part of the initiatives
being undertaken within
CBSI.

“Let me emphasise that
this training we seek to
organise is to benefit all
prison officers,” Mr Turn-
quest said.

“In keeping with this
new direction, we have
developed a strategic plan
to offer further opportu-
nities to officers to
upgrade their academic
qualifications and profes-
sional and technical skills.
The focus of this plan is
on prison management
and other disciplines
required for an efficiently
functioning institution.”

Mr Turnquest said a
new Bahamas Department
of Corrections Bill is
being revised “to give
legal underpinning to
what we have accom-
plished in prison reform
and to give direction to
prison services in the long
term.” Prison officials will
be allowed to view the Bill
before it is introduced to
parliament, he said.

“What we are witness-
ing is the progressive
development of a new
mindset at Her Majesty’s
Prison. This new mindset
will better position the
institution to function
more effectively, includ-
ing as a disciplined force
that can be expected to
respond to matters of
national security,” Mr
Turnquest said.

requirement for
parents/guardians to seek
intervention from the
Department of Rehabilita-
tive/Welfare Services before
having their children ren-
dered uncontrollable.

“This helps in the diver-
sion of juveniles from crim-
inal justice proceedings,”
she said.

“Parents can also now be
mandated by the court to
participate in the National
Parenting Programme
offered by Rehabilita-
tive/Welfare Services,” Mrs
Butler-Turner said.

“While this occurs on a
regular basis, given the per-
ceived number of un-super-
vised young persons in the
community and the behav-
iour that they exhibit, it is
felt that more parents
require parenting training.”

In addition to the two
segments of the programme

offered at the Department,
sessions are also held at
PACE (Providing Access to
Continuing Education) for
teenage mothers, Her
Majesty’s Prisons and
Urban Renewal Centres in
New Providence, the Min-
ister of State noted.

The programme was
launched in Exuma, Abaco
and South Andros this
year, and the Departmen-
t’s staff in Grand Bahama
in conjunction with the
Ministry of Education also
provides training for indi-
viduals and teenagers in
high schools.

Mrs Butler-Turner said
the programme will contin-
ue to be expanded to reach
the entire Bahamas.

Activities for the week
include the Department of
Rehabilitative/Welfare Ser-
vices staff appearing on
radio shows discussing the



MINISTER OF STATE in the Ministry of Labour and Social Develop-

ment Loretta Butler-Turner brings remarks at the Department of
Rehabilitative/Welfare Services’ Rehabilitative Week Church Service

at Antioch Baptist Church on Monday.

theme “Changing Lives
Through Rehabilitation and
informing the public of the
services available at the
Department; a seminar
relating to male health to
be held at Her Majesty’s
Prisons and training work-
shops planned for technical
and support staff to enhance
their job performance.

Letisha Henderson/BIS

will be a speech and video
competition for high school
students and two town
meetings, one in Pinder’s
Point and the other in Eight
Mile Rock, on “Challenges
of Parenting — Parenting

with a Purpose.”

The week will end with a
youth forum and the topic
to be addressed is “Youth



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PAGE 8, WEDNESDAY, NOVEMBER 17, 2010

THE TRIBUNE





A historical perspective on
— issues in the Bahamas

By LARRY SMITH

EXPERTS say that to
address the skyrocketing
costs of modern medicine,
we have to rely more on pre-
ventive and primary care
rather than costly hospital
treatment.

According to Health Min-
ister Dr Hubert Minnis,
about two thirds of public
spending on healthcare goes
to treat diseases that are
caused by poor lifestyle
choices. And half of all
deaths in the Bahamas are
attributed to these same ill-
nesses.

For example, there are
tens of thousands of diabet-
ics in the Bahamas, and com-
plications from the disease
include kidney failure, heart
disease and blindness. It
costs taxpayers $60,000 a
year to treat each of the
more than 200 people with
kidney failure who are cur-
rently undergoing dialysis at
the Princess Margaret Hos-
pital.

Bahamians spend about
half a billion dollars on pub-
lic and private healthcare
today (some 7 per cent of
GDP). This represents an
incredible transformation
from the early years of the
20th century, and it is inter-
esting to take a historical
perspective on this subject.

Back then, there were
only three doctors outside of
Nassau — at Inagua, Harbour
Island and Green Turtle Cay
— to serve 42,000 people liv-
ing in the widely scattered
out islands. According to Dr
Harold Munnings in his 2005
history of the Princess Mar-
garet Hospital, out islanders
“obtained what care they
could from untrained mid-
wives, clergymen and herbal-
ists.”

The PMH began life as a
poorhouse in 1809 and
entered the 20th century as a
place of last resort for those
in need of medical care.
According to a 1905 account
it had four sections — for the
sick, indigent, lepers and
insane. Treatment was free,
but patients were referred to
as "inmates", and those who
could afford it arranged for
medical care at home — quite
the opposite to current prac-
tice.

In 1925 several American
visitors contracted typhoid
fever in Nassau — a killer dis-
ease transmitted by dirty

Sord

Drive one.



food and water, so the
British authorities dis-
patched a senior public
health expert to investigate.

He deplored the filth of
heavily populated commu-
nities not included in the
city's new water-works and
sewerage system, then under
construction. He also noted
the prevalence of tuberculo-
sis, venereal disease, gas-
troenteritis and tetanus, and
strongly criticised public
indifference to Nassau's
dreadful sanitary and hous-
ing conditions.

Unfortunately, these con-
ditions did not begin to
change until the middle of
the century, when a British
official was still able to write
that "Behind Nassau's pic-
turesque old-world streets
and the princely mansions
along the East and West
shores are slums as bad as
any West Indian Colony,
and far worse than anything
Bermuda can show."

In 1953, two thirds of the
homes on New Providence
still had no running water.
And preventable diseases
were due mostly to over-
crowding, ignorance, poor
nutrition, and lack of public
hygiene.

An unpublished medical
memoir written by Dr Mal-
colm Hale about a year
before his death in 2003 at
the age of 77 offers an inter-
esting perspective on this
period of modern history.
Hale arrived in Nassau in
1954 on a three-year contract
as a medical officer for the
new Bahamas General Hos-
pital (which was renamed
after a visit by Princess Mar-
garet in 1955), and stayed on
in private practice.

"T arrived by boat from
England on December 16,"
he recalled. "We anchored
outside the bar and a tender
came out to carry us in. On it
was a reporter from the
Guardian to interview the
new doctor, and a photog-
rapher to take his
picture...the effort hinted at
the state of medical needs of
the community."

He identified the new
Emerald Beach Hotel on

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Cable Beach, the redevel-
oped Bahamas General
Hospital and the first City
Market food store as
emblems of changing times
for Bahamians. They repre-
sented a dramatic break with
the economy of the past, he
said, and were a sign that
prosperity was beginning to
trickle into the general pop-
ulation.

Shortly after his arrival
Dr Hale was put in charge
of the TB and geriatric
wards at the Prospect Hos-
pital, as well as the Lazaret-
to off Carmichael Road,
which was no more than a
narrow dirt track. This was
in addition to his out-patient
and casualty duties, as well
as occasional out island clin-
ics.

Prospect Hospital was a
collection of wooden build-
ings on Prospect Ridge built
for the American and British
air forces who trained in the
Bahamas during the Second
World War. Like Windsor
airfield it was handed over
to the Bahamian govern-
ment in 1945,

"The general health of the
population was poor,” Dr
Hale recalled. "Tuberculo-
sis was rife; new cases were
discovered almost daily,
many from out island settle-
ments, some of which like
Rolleville (Exuma) and
Moores Island (Abaco),
were heavily infected. For-
tunately, my entry to the
medical profession coincided
with the discovery and avail-
ability of a whole range of
effective medications ... Now
patients came to be cured,
not to die."

He described the geriatric
wards as pathological muse-
ums. "Especially impressive
were cases of elephantiasis
and the whole spectrum of
tertiary syphilis. The lep-
rosarium was a collection of
small wooden cottages
(with) about 20 patients
when I took over, most in
advanced stages of disfig-
urement, especially of hands
and face.

"The few new cases I
admitted were diagnosed in
the early stages and so far as

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HEALTH CONCERNS: High blood pressure was, and is, a common
problem amongst Bahamians of all ages

I know all were cured and
returned undisfigured to
society. The old cases stayed
at the Lazaretto and died off
over a period of several
years. Most of the cases were
white."

In the out-patient clinics,
Dr Hale treated many mal-
nourished children with
intestines bloated with
Ascaris worms. Vermicide
was probably the most heav-
ily prescribed drug at the
time, and he credited it with
making the greatest single
contribution (except for
penicillin) to the health of
the community.

Dysentery was also com-
mon, as were sexually trans-
mitted diseases like gonor-
rhea and syphilis. But the
popular remedy for VD at
the time, Dr Hale noted, was
to have sex with female
infants. "It took a major edu-
cational effort by the pro-
fession to disabuse the pop-
ulation of this idea, and I
wonder today if we fully suc-
ceeded."

Although HIV-AIDS was
unknown at the time, Hale
suspected that "the occa-
sional cases of multipatholo-
gy which responded to no
treatment, and which were
unsolved diagnostic puzzles,
and invariably fatal, may
have been AIDS. Interest-
ingly, as AIDS increased, the
other STD’s declined and
have become rare."

Epidemics of whooping
cough were devastating,
Hale said. "I remember

Kenneth Eardley, an older
private physician, telling me
he had signed two or three
hundred death certificates
due to this illness in one out-
break just a few years previ-
ously. And how many times

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have I heard older women
say ‘I born 13 but I bring up
three'?"

In the 1950s there was rel-
atively little obesity and
much less diabetes than now,
Dr Hale reported. But one
serious health condition has
remained constant. High
blood pressure was, and is, a
common problem amongst
Bahamians of all ages,
together with its deadly com-
plications of stroke and heart
disease.

In fact, while he was a res-
ident at the PMH, Dr Hale
and others contributed data
to a US hypertension study.
In their 1958 report, the
American researchers not-
ed that:

"Almost everyone on the
Islands has a relative that has
‘the high blood,’ died of
hypertension, or has had a
stroke...An analysis of the
water supply in Nassau and
several of the outer island
groups revealed that the well
water was significantly high
in sodium content."

The study reported salt
levels of less than a mil-
ligram per millilitre in the
drinking water of major US
cities, whereas drinking
water at the PMH contained
129 milligrams and on
Eleuthera 210 milligrams.
This meant that Bahamians
were ingesting up to 10
grams of salt per day from
water alone. And that was
in addition to the sodium
found naturally in foods, or
added in cooking. Nor did it
account for the fact that salt
pork was a common ingre-
dient in most dishes at the
time.

Currently, the American
Heart Association recom-
mends an intake of less than
2.5 grams of salt per day for
the general population —
that's about a teaspoon —
and even less for high-risk
individuals. I can testify from
personal experience that this
guideline is as difficult to
achieve in today's fast food-

dominated diet as it was
back in the 1950s when we
all drank salt water.

Hale was one of a grow-
ing band of doctors who par-
ticipated in the vast expan-
sion of medical skills and ser-
vices in the Bahamas over
the past half century. His
assessment of how things
had changed over that time?

"Today the general health
of the population is excel-
lent," he wrote in 2002,
"except for self-inflicted con-
ditions, principally obesity
(and its complications),
HIV-AIDS, and gunshot
wounds."

In fact, the current level
of violent crime is straining
our healthcare system. There
were 51 cases of knife and
gun attacks treated by the
PMH in October alone, and
ER doctors treated more
than 160 other assault cases,
as well as 94 traffic accident
victims last month.

Apart from these walking
wounded, most of the
patients who crowd the
PMH emergency room don't
need to be there — they just
don't know any better. Pre-
ventive medicine and afford-
able drugs are important, but
public education to improve
compliance or avoid prob-
lems in the first place is just
as critical.

There is a growing aware-
ness in government that we
will never have enough mon-
ey to solve our healthcare
challenges using costly ter-
tiary care approaches. Can-
cer, AIDS, diabetes, hyper-
tension and stroke, heart
attack and kidney failure top
the list of modern medical
problems in the Bahama -
and they all are preventable
with education, diet and
drugs.

For the time being plans
have been shelved for a new
$600 million public hospital,
which surveyors were stak-
ing out only months ago on
acres of prime forested land
at Prospect Ridge. The enor-
mous investment that would
be required to build a new
hospital has led successive
governments to content
themselves with redevelop-
ing the PMH at its present
site.

"IT would love to work ina
new, state-of-the-art hospi-
tal," Dr Munnings told me
recently, "but a properly
funded programme to pre-
vent chronic disease has to
be the priority."

What do you think?
Send comments to
larry@tribunemedia.net
Or visit
www.bahamapundit.com

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



THE TRIBUNE

WEDNESDAY, NOVEMBER 17, 2010, PAGE 9



LOCAL NEWS

Slavery, passion
and grace: COB’s

edge on research







ANNALS of history have
vividly recorded the recol-
lections and adventures of
fervent abolitionists who
worked to systematically
enforce the dismantling of
the detestable practice of
slavery and the trans-
Atlantic slave trade. But
Bahamian scholars and stu-
dents of history know very
little of the adventures and
experiences of Captain Per-
cy Grace, a career British
naval officer.

However, intriguing infor-
mation researched by Dr
Daphne Grace, Assistant
Professor at The College of
The Bahamas, shows the
extent of Captain Grace’s
seafaring exploits and just
how important they were in
helping to end the slave
trade.

Dr Grace will share her
work at the 10th Anniver-
sary of Research Edge, a
College forum that show-
cases scholarly research, to
be held at The College’s
Performing Arts Centre,
Oakes Field Campus on Fri-
day, November 19th at
noon. Her research is titled,
Sailing against Slavery: The
story of one man’s pivotal
role in the prevention and
suppression of the Atlantic
slave trade.

“This story is especially
relevant to The Bahamas

Captain Percy Grace’s seafaring

exploits and their importance in
helping to end the slave trade

since many transported
Africans were released by
the Navy in Nassau to create
part of the new world of lib-
erated slaves,” said Dr
Grace, who won The Col-
lege’s Stanley Wilson Award
for excellence in research in
2009. “While any discussion
of the topic of slavery in the
Caribbean must inevitably
remain contentious, this pre-
sentation will attempt to
show how bravery, goodwill
and perseverance could be
utilised for ends other than
ruthless imperialism.”

In 1807, Britain changed
from being the world’s
major nation involved in the
slave trade and the trans-
portation of millions of
Africans across the Atlantic
to the Caribbean islands to
becoming dedicated to a
“global crusade” against
slavery. With the end of the
war against Napoleon in
1815, the British Navy
engaged in an all-out war
against slavery that lasted
almost 60 years. Percy
Grace was one of the cap-
tains of an anti-slave ship
who had joined the British

Navy at the age of 12 and
almost immediately saw
action at the Battle of
Copenhagen, one of the
bloodiest battles in all the
Napoleonic wars. By 13
years of age he was serving
as midshipman on a ship sta-
tioned in Jamaica, and is
mentioned in Lady Nugent’s
famous journal of her stay
(1801-1803).

Promoted to Captain by
the age of 25, he was given
command of HMS Cyrene
for anti-slavery work, inter-
cepting ships bound for the
Caribbean islands from the
Gold coast of Africa. As
Commander of the Preven-
tive squadron, his adventur-
ous career was dedicated to
the eradication of slavery in
the Atlantic. He waged a
relentless campaign against
slave-traders on land and
sea: including destroying the
slave factories and negotiat-
ing with the slave trading
African kings.

In placing the results of
her research into perspec-
tive, Dr Grace was of the
opinion that the debate over
the involvement of the

British in this aspect of his-
tory is still very much alive.

“While this story is inspir-
ing, it is simply one of the
many thousands of men who
served in this task of aboli-
tion—over six decades the
small fleet seized 1,600 slave
ships, liberated 150,000
Africans and lost 17,000 of
its own men,” she said. “Yet
the controversy still rages
over the British motivation
in thus policing the Atlantic
and even Captain Grace’s
story is difficult to compre-
hend in many ways since
paradoxes and conflicts of

X Synergy Bahamas

interest abound in his life.”

Students, scholars,
researchers and the general
public are invited to attend
the Research Edge presen-
tation at The College’s
Oakes Field Campus to
learn more about what Dr
Grace has uncovered.

Dr Grace received her
Ph.D. in English literature
from the University of Sus-
sex, England, and has taught
in English and the Humani-
ties at universities in the
UK, Europe and the USA,
and at The College of The
Bahamas since 2005. She has

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presented at many interna-
tional and national confer-
ences on a variety of topics
in the fields of post colonial
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and ethics.

She has published widely,
including several articles in
scholarly peer-reviewed
journals and two mono-
graphs: The Woman in the
Muslin Mask: Veiling and
Identity in Post colonial Lit-
erature (Pluto Press 2004)
and Relocating Conscious-
ness: Diasporic Writing and
the Dynamics of Literary
Experience.

iT Acadeny

mer

Christie: PM
has paranoid
preoccupation
with me

FROM page one

kind of paranoia about me, quite frankly
it's amusing because I know that I am some-
one who sells The Punch.

"But Mr Ingraham creates these things,
quite frankly the church service that he
referred to, we were on different sides of
the room. I was sitting with Mother Pratt
and members of her family, he was sitting
with Parliamentarians on the other side and
when I spoke I looked at him and I spoke
about him and how Mother Pratt tries to
have balance by praying for both of us," Mr
Christie said.

Despite being "amused" by Mr Ingraham's
comments, the Farm Road MP said it is
imperative for politicians not to get caught up
in individual egos and to realise that leaders
are responsible for crafting polices that will
push the country forward.

"T think it was an amusing aside and some-
times he gets carried away when he talks
about me. At the end of the day this is about
the Bahamas and what's best for the
Bahamas not what's best for Hubert Ingra-
ham, not what's best for Perry Christie, we
have to get beyond that.

"This is about policies that are necessary to
make the Bahamas a better country, and
that's what we're addressing,” said Mr
Christie after he met with Royal Bahamas
Defence Force officials at the Coral Har-
bour base yesterday.

During a press event on Sunday, Mr Ingra-
ham put speculation to rest and confirmed he
would seek re-election as the Free National
Movement's leader setting the stage for
another general election face off between
the two leaders.

Despite a beating at the polls three years
ago, Mr Christie is confident he and his par-
ty will regain the majority of available seats
in the House of Assembly in 2012, adding he
was not surprised by the Prime Minister's
announcement on his political future.

"T anticipated (it). Mr Ingraham and I
know each other, I anticipated that there
was no other person around the way he runs
the FNM who would in fact challenge him.
To me, it's something that we expected but
we are preparing to form the next govern-
ment not really in effect to beat Mr Ingraham
and the FNM - this is part of a process of our
demonstrating and understanding that the
next government of the Bahamas has
tremendous work to do," said Mr Christie.

"If you look at the candidates that I will
run, you will see why I'm confident and that
the people in turn have confidence in those
people who we are running. I expect to form
with me the next government of the
Bahamas.

"The fact that Mr Ingraham is running is
just another part of the democracy of the
Bahamas. He too will be a victim of being
defeated."

When asked why he felt confident of a
victory in the next election when the PLP lost
just three years ago to the FNM, Mr Christie
said voters are dissatisfied with the nation's
chief.

"He had a test where he had all of the
resources of the state (at his disposal) in the
by-election and we beat him in Elizabeth.
We are very confident that that reflected
the changing mood in the country

“Tf we were able to do that, be satisfied of
one thing — that the evidence is well on our
side that we are able to beat him in a gener-
al election."

Share your news

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the area or have won an award.

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PAGE 10, WEDNESDAY, NOVEMBER 17, 2010

THE TRIBUNE



FROM page one

ing no disrespect to those per-
sons on the other side of the
democratic wing of our coun-
try — but I am very confident
about the quality of the man-
power around me, and there-
fore am very confident about
the PLP have a secure future
when I demit office,” he said.

This process, Mr Christie
said, will be one he believes
the party will have to look for-
ward to and one that will be

done “in the right way.”

On Sunday, Prime Minister
Hubert Ingraham revealed
that once again he will be lead-
ing his party into the next gen-
eral election, and used the
opportunity to criticise the
PLP leader who, in the past,
has maintained that if elected,
he would not serve the full
term and step down for a suc-
cessor.

“When it’s time for me to
go — I will go and the party
will select my replacement, but

LOCAL NEWS

Christie confirms he would
not serve full term in office

I’m not going to make that
kind of deal. I’m not in the
position where persons are at
my heel and I have to tell them
‘listen I will make space for
yow — others have to do that,”
Mr Ingraham laughed.

Answering the Prime Min-
ister, Mr Christie said he did
not have to make any such
deal.

“And let me make one
point about Mr Ingraham and
his invective. I don’t know why
he has this paranoia, and that’s

a physiological condition about
Perry Christie; and the fact
that he has just witnessed my
going into convention, my
coming out with 86 per cent
of the vote to say that I have to
do a deal because I am threat-
ened.

“T mean, at any given time
there has never been in the
history of politics in the
Bahamas where a leader has
been tested by those persons
who make the decision and
come out of that test, so clear-

ly there is no threat on my
part.

“And the fact that I have
some real roosters around me
can testify to that. So I don’t
have to do that.

“My decisions are decisions
personally arrived at, and I
don’t even know if my family
agrees with me in that regard,
but these are personal deci-
sions that I make as leader of
the PLP,” he said.

e SEE PAGE THREE

Government braced for Baha Mar clash

FROM page one

private company without, in fact,
informing or consulting the private

company."

According to the PLP leader, Mr
Ingraham misrepresented the Baha
Mar deal from the beginning of his

term in office.

"He misstated the project at Baha
Mar at the start of this exercise and
attempted just after he came to office
to persuade the public that something
was wrong with the project and that

he would change it.

"He then went off to China with
great promises of change but he came
back with the same deal only now he
states what the true deal was from
the start, but in the process now wants
to be seen as the saviour.”

On Sunday, Mr Ingraham said he
was able to double the value of con-
struction works to be subcontracted to
Bahamians from $200 million to $400
million during discussions with Baha
Mar's Chinese financiers in Beijing

last month.

This will create thousands more

jobs for Bahamian contractors and
subcontractors who will work on ele-
ments of the Core Project in the
largest award of contracts to Bahami-
an contractors on any single project in
the nation's history, Mr Ingraham

said.

Baha Mar and China State Con-
struction have also agreed to establish
a Training and Service Academy to
provide extensive training to Bahami-
an workers from 24 months prior to
opening Baha Mar as well as ongoing
training for new and existing staff,
said the FNM leader.

The PLP has said it favours a final
Baha Mar deal which maximises the
participation of Bahamian construc-
tion and related labour and ensures
training and skills transfer for
Bahamian workers throughout the
project.

The Opposition has always main-
tained that Baha Mar’s success is key
to the country’s economic recovery.
Yesterday Mr Christie wondered
whether the FNM's "dilly dallying"
on the project will sour potential for-
eign investors from operating in the
Bahamas.

Haiti’s cholera death toll
erows, fueling riots

PORT-AU-PRINCE, Haiti

AN OUTBREAK of
cholera has killed more than
1,000 people, the Haitian
government said Tuesday as
it sent top officials to the
country's north in hopes of
quelling violent protests
against U.N. peacekeepers
accused of spreading the dis-
ease, according to Associated
Press.

As the barricades burned,
the disease continued
spreading across Haiti and
potentially the island of His-
paniola. Authorities in the
Dominican Republic report-
ed their country’s first con-
firmed case of cholera in
Higuey, near the tourist
mecca of Punta Cana.

The man was a Haitian cit-
izen who had recently
returned from a 12-day vaca-
tion in neighboring Haiti.
The news alarmed Domini-
cans, but the spread of the
disease is easily prevented
with good hygiene and sani-
tation, and no locally origi-
nated cholera cases have
been reported.

Haiti's police chief, the
health minister and other
Cabinet officials headed to
Cap-Haitien, the country’s
second largest city, where
protesters erected barricades
of flaming tires and other
debris and clashed with U.N.
troops. At least two demon-
strators died, one of them
shot by a member of the
multinational peacekeeping
force that has been trying to
keep order since 2004.

A U.N. World Food Pro-
gram warehouse was looted
and burned.

The cholera outbreak that
began last month has
brought increased misery to
the entire country, still strug-
gling with the aftermath of
last January's earthquake.
But anger has been particu-
larly acute in the north,
where the infection is newer,
health care sparse and peo-
ple have died at more than
twice the rate of the region
where the epidemic was first
noticed.

The health ministry said
Tuesday that the official
death toll hit 1,034 as of Sun-
day. Figures are released fol-
lowing two days of review.

Aid workers say the offi-
cial numbers may understate
the epidemic. While the min-
istry of health says more
than 16,700 people have
been hospitalized nation-
wide, Doctors Without Bor-
ders reports that its clinics
alone have treated at least
16,500.

On Tuesday, during a sec-

ond day of rioting through-
out northern Haiti, local
reporters said a police sta-
tion was burned in Cap-Hai-
tien and rocks thrown at
peacekeeping bases.

In the town of Limbe, west
of Cap-Haitien, the unrest
carried through the night
Monday as screams and
chants filled the streets, said
Beth Macy, a reporter for
The Roanoke Times who
accompanied a Virginia
medical mission to Haiti.
The group hunkered down
in the hospital as protesters
pelted the gate with stones,
she said in a newspaper blog
post.

President Rene Preval
called for the violence to
stop Tuesday as rumors cir-
culated of possible Wednes-
day protests in Port-au-
Prince. He said barricades
were keeping people from
getting needed care, and
admonished that looting
would not help stem the tide
of the disease.

The U.N. canceled flights
carrying soap, medical sup-
plies and personnel to Cap-
Haitien and Port-de-Paix
because of the violence, the
UN. Office for the Coordi-
nation of Humanitarian
Affairs said.

Oxfam suspended water
chlorination projects and the

a a =





UN PEACEKEEPERS from Brazil patrol at an earthquake survivors refugee camp in the outskirts of Port-

au-Prince, Haiti, Monday.

World Health Organization
halted training of medical
staff, the U.N. humanitarian
office added in its news
release.

The violence has com-
bined some Haitians’ long-
standing resentment of the
12,000-member U.N. mili-
tary mission with the inter-
nationally shared suspicion
that the U.N. base could
have been a source of the
infection.

Health experts have called

for an independent investi-
gation into whether
Nepalese peacekeepers
introduced the South Asian
strain of cholera to Haiti,
where no case of cholera had
ever been documented
before late October.

The U.N. denies respon-
sibility, and a mission
spokesman said the protests
were politically motivated.
Haiti's national elections are
scheduled for Nov. 28.

Cholera is transmitted by

feces and can be all but pre-
vented if people have access
to safe drinking water and
regularly wash their hands.

But sanitary conditions
don't exist in much of Haiti,
and the disease has spread
across the countryside and
to nearly all the country’s
major population centers,
including the capital, Port-
au-Prince. There are con-
cerns it could eventually
sicken hundreds of thou-
sands of people.



‘WE THE PEOPLE’

GROUP AIMS T0
_ GALVANISE THE
_ BAHAMIAN PUBLIC

: FROM page one

? not for profit organisation
: will seek to “originate,
i advocate and promote”
i progressive action through
i the collective efforts of its
i members.

Mr Fields said: “Gen-

i erally if asked the ques-
? tion, most of us would list
crime, education, the judi-
i cial system, employment,
i etc, as the source of our
i problems. We would
i spend hours debating how
; and what we should do to
i change things in those
i respective areas. Indeed
? we have done exactly that
i over the many years, but
? to little or no avail. So
i what then is the answer?
: What is the cause of the
i dilemma we find ourselves
? in?

He added: “The answer:

: ‘We are the cause’. Quite
i simply, while there are
: those among us who make
i the effort to effect change,
: it is a woeful few. Gener-
i ally as a people we are not
i engaged. We hold to the
i belief that we are empow-
? ered once every five years
i to make a difference. The
i reality is we can be
i empowered every single
i day if we are willing to
i commit ourselves to the

: ‘process of change’.

70

The group’s founding

i members, titled “The First
i Thirty”, consisted of wide-
: spread mix of Bahamian
i professionals and philan-
i thropists from various
i industries and sectors.
: Among those who pledged
i their commitment to the
i organisation’s principles
: were Bishop Neil Ellis,
i leader of the Full Gospel
i Baptist Fellowship of
? Churches in the Bahamas;
i Philip Simon, former
i Executive Director of The
i Bahamas Chamber of
: Commerce; Nancy Kelly,
i president and CEO of
i Kelly’s Home Centre Ltd;
i and Antonio Butler, pres-
i ident of the College of the
i Bahamas Union of Stu-

i dents.

Mr Fields said: “Mem-

bers will have an opportu-
: nity to pinpoint the loca-
? tion of a particular issue

i that

impacts them,

i whether it is a pothole, or
i an unkempt park, or a
: traffic light. Through the
i use of google maps, the
? location of the problem
i can be highlighted. Mem-
i bers can then exchange
i ideas with respect to solu-
i tions and finally successes
i to the problems can be
i recorded. The solution can
i take the form of self help
? projects or through mak-
i ing certain that the neces-
i sary authorities are made
i aware of the problem and
? pressure applied until it is
i corrected once a solution
i is identified.”

Persons interested in

i learning more about the
i citizen action group, mem-
: bership and initiatives are
? encouraged to visit their
: website at www.wethep-
i eoplebahamas.org

iwe a

Mr Fields added: “Are
third party?

i Absolutely not. We might
i be called the Bahamian
: tea party. Our answer will
? be the tea party is about
i idealogy, “We the People’
i is about ideas. Some will
: classify us a think tank.
i That’s okay too, except
: that in addition to think-
i ing, we will be about
i doing.

“Others will say we are

i an advocacy group, our
i response will be that we
? will advocate civility and
? constructive means of
i arriving at solutions, and
i then there are those that
: will define us as a pressure

i group.

“Our mission will be to

i pressure our people to
i engage for the national
i good, rather than to
: depend on others for the
i quality of our collective
: welfare.

“Call us any of these

things, but most of all call
i us concerned citizens —
: Bahamians.”

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



THE TRIBUNE

WEDNESDAY, NOVEMBER 17, 2010, PAGE 11



INTERNATIONAL NEWS



Prince William
gives the UK
long-awaited

royal wedding

LONDON
Associated Press

PRINCE WILLIAM finally
became engaged to longtime
girlfriend Kate Middleton, giv-
ing her his late mother's sap-
phire and diamond engagement
ring, as Britain looked forward
to its biggest royal wedding
since Prince Charles married
Lady Diana Spencer almost 30
years ago.

Royal officials announced
Tuesday that the couple will
marry next spring or summer
in London, ending years of
rumored splits, reconciliations
and will-they, won't-they spec-
ulation.

William is second in line to
the British throne after Charles,
his father. Kate and William's
first child would move ahead
of his younger brother Prince
Harry to become third in line to
the throne.

William, speaking in a joint
TV interview, discussed mar-
riage with Middleton for more
than a year before he proposed
during a vacation in Kenya last
month.

"As every guy out there will
know, it takes time, a certain
amount of motivation to get
yourself going,” William said.
"It just felt really right out in
Africa and was beautiful at the
time.”

He gave Middleton the
engagement ring once worn by
his late mother, Diana — an
oval blue sapphire surrounded
by diamonds from the jeweler
Garrard.

"This was my way of making
sure that my mother didn't miss
out on today," William said as
the couple posed for photogra-
phers in the state apartments
at St. James’ Palace.

Middleton acknowledged
that being queen was "a daunt-
ing prospect.” She declined to
say whether the prince had pro-
posed on bended knee.

Throne

Clarence House said that
while William's bride-to-be is
commonly known as Kate, her
official name is Catherine Eliz-
abeth — the style used by her
close family. She will be named
Queen Catherine if William, as
expected, eventually takes the
British throne.

Many in Britain welcomed
the royal engagement as a rare
piece of good news in a time of
economic uncertainty and cut-
backs — a time much like 1981,
when millions watched Charles
and Diana's fairy-tale wedding.
Their marriage eventually end-
ed in divorce — but no one was
dwelling on that detail Tues-
day.

William's grandmother,
Queen Elizabeth II, and her
husband Prince Philip “are
absolutely delighted for them
both," Buckingham Palace said.
Prince Charles said he was
"absolutely thrilled," and his
wife, Camilla, duchess of Corn-
wall, said her stepson's engage-
ment was "the most brilliant
news."

"It's wicked," said the
duchess, who had just attended
an event at the theater where
the musical "Wicked" is play-
ing.

Prince Harry said he was
"delighted that my brother has
popped the question!" He
added that Middleton would be
the sister "I have always want-
ed."

Middleton's parents, Carole
and Michael, welcomed the
prince to their family.

"We all think he's wonder-
ful, we're extremely fond of
him," Michael Middleton said.
"They make a lovely couple.”

Prime Minister David
Cameron wished the couple
"great joy in their life together,"
and said when he announced
the news during a Cabinet
meeting it was greeted by
cheers and "a great banging of
the table."

Couple to marry next
spring or summer

Cameron, who said he had
camped out on the street the
night before Charles and
Diana's wedding procession,
predicted this royal wedding
would be a "great moment for
national celebration” that
would unite Britain.

Charles’ Clarence House
office said he was "delighted to
announce the engagement of
Prince William to Miss Cather-
ine Middleton." It used Twit-
ter as well as a news release.

Few were surprised.

Their engagement was the
safest bet in Britain, an event so
certain that bookies had
stopped taking bets on a 2011
wedding. The date avoids Lon-
don's Summer Olympics and
the queen's Diamond Jubilee,
both being held in 2012.

"Kate has been waiting for
so long, I expected her to find
someone else," said London
tour guide Gabrielle Sullo, 53.
"The media had called her
"Waitey Katie,' so it's about
time that she stopping waiting."

No venue has been
announced yet. For pomp, the
ceremony is likely to fall
between the extraordinary
spectacle of the wedding of
Charles and Diana in St. Paul's
Cathedral and Charles’ sub-
dued second marriage to Camil-
la at Windsor Guildhall in 2005.

Patrick Jephson, Diana's for-
mer secretary, said her son's
nuptials would be "a master
class" in wedding planning.

The formal engagement is
likely to turn the poised,
brunette Middleton — already
depicted approvingly in the
fashion pages — into a global
icon. With her confident good
looks and long brown hair,
Middleton has already become
one of the most photographed
women in Britain.

The palace will be hoping
that she combines Diana's
glamour and charm with a
more commonsense approach
to life. At 28, Middleton is con-
siderably older than Diana was
when she wed at 20 and has had
greater life experiences and
longer training in dealing with
the media.

"She seems quite compe-
tent,” said approving 22-year-
old student Sarah Madden,
"and seems to be just as won-
derful as Diana."

William and Harry have
spent a lifetime in the spotlight,
with their drunken nights out
and female friends the subject
of constant tabloid gossip.
William, who turned 28 in June,
once told an interviewer he
wouldn't marry "until I'm at
least 28 or maybe 30." But since
joining the military, both have
kept a lower profile.

Middleton met William at
the University of St. Andrews
in Scotland. They shared a
house along with other students
in the seaside university town,
where William initially studied
art history before switching to
geography.

In 2002, William paid 200
pounds to sit in the front row at
a charity fashion show where
Middleton was modeling in a
daring outfit. They are thought
to have started dating the next
year.

St. Andrews congratulated
the couple Tuesday, pointing
out that the school has a repu-
tation as "Britain's top match-
making university."

A wealthy commoner rather
than an aristocrat, Middleton
is the daughter of self-made
millionaires. Her father worked
for an airline and her mother
was a flight attendant before
they started a mail-order busi-
ness specializing in children's
parties, run from their house in
southern England.

She attended Marlborough
College, an elite private school,

where she played tennis and
field hockey, before studying
art history at St. Andrews.
After graduating in 2005, Mid-
dleton worked as a buyer for
the fashion chain Jigsaw. She
is now employed by her fami-
ly's party-planning business.

The couple's relationship
became public with a joint pho-
to on a Swiss skiing holiday in
2004. Middleton then became
a media darling — especially
after both graduated, which
ended a British media agree-
ment to leave William alone
while he was at university.

Middleton was there when
William was commissioned as a
British Army officer after grad-
uating from Sandhurst military
college in 2006.

She was photographed
attending public events, going
to work, even getting a park-
ing ticket — a level of atten-
tion that evoked the romance
of William's parents.

Media

But William was determined
that Middleton would not suffer
the same media hounding
endured by his mother, who
died in a Paris car crash in 1997.
He appealed through his office
for the media to leave her
alone.

In 2007, Middleton filed a
harassment complaint against
a British newspaper. She
accepted an apology and admis-
sion of error from the Daily
Mirror.

At the time, an engagement
was so expected that the retail
chain Woolworths even com-
missioned mugs, plates and oth-
er Wills-and-Kate memorabilia.
The chain has since gone out
of business.

Yet only weeks later in 2007,
media reported — and
Clarence House did not deny
— that the couple had broken
up.

Newspapers pored over the
apparent end of the relation-
ship in long stories sourced to
anonymous "friends."

William's army training kept
them apart, said some. The
media pressure was too much
for her, said others. Still others
murmured that senior courtiers
felt Middleton's middle-class
background wasn't royal mate-
rial.

Soon, however, the same
newspapers were reporting that
the pair had rekindled their
romance. They were pho-
tographed leaving a London
nightclub together, and Mid-
dleton was snapped on a stag
hunting expedition at the royal
family's Balmoral estate in
Scotland alongside Charles.

When William graduated
from his first flying course in
spring 2008, Middleton
applauded from the sidelines
— although his training was not
without incident. The Ministry
of Defense confirmed that
William had landed a helicopter
on Middleton's parents’ lawn
during a training flight and flew
a Chinook to a friend's stag
party on the Isle of Wight —
earning him a drubbing in the
press for his perceived sense of
entitlement.

William later served a two-
month deployment with the
Royal Navy before training to
become a Sea King search-and-
rescue pilot with the Royal Air
Force. He recently completed
that training.

The pair have recently seen
each other mostly on weekends,
with William a frequent visitor
to the Middleton family house
in the affluent village of Buck-
lebury, 50 miles (80 kilometers)
west of London.

Earlier this month, Middle-
ton's parents were invited to
join members of the royal fam-



BRITAIN'S PRINCE WILLIAM and his fiancee Kate Middleton pose for the media at St James's Palace in Lon-
don after announcing their marriage, London, Tuesday, Nov. 16, 2010. The couple are to wed in 2011. (AP)

ily for a shooting holiday at Bal-
moral, another milestone on
her road to acceptance into the
royal family's inner circle.
Clarence House said after
the wedding, the couple will live
in north Wales, where William
is based with the RAF.
Middleton has rarely, if ever,

spoken about William in public.
"IT love the uniform.

“It's so, so sexy,” — her
assessment at William's gradu-
ation from Sandhurst — was a
rare slip.

Not everyone was happy
about the expected extrava-
ganza. Graham Smith of the

anti-monarchy group Republic
said a lavish state-funded wed-
ding amid a time of cutbacks
was inappropriate.

"They need to pay for this
event entirely themselves and
not try to use it as some sort of
PR exercise for the monarchy,"
Smith said.

SG Rahs



A timeline of key events in the life of Britain's Prince William, who announced he will mar-

ry girlfriend Kate Middleton in 2011.

— June 21, 1982 — Prince William is born at St.
Mary's Hospital in London at 7 pounds, 1 1/2 oz.

— Aug. 4, 1982 — Prince William Arthur Philip
Louis is christened by the Archbishop of Canterbury,
Dr Robert Runcie, in the Music Room at Bucking-
ham Palace.

— July 1995 — Prince William begins his studies
at Eton College, the exclusive school founded by King
Henry VI in 1440.

— Aug. 31, 1997 — Prince William's mother,
Diana, Princess of Wales is killed in a Paris car crash.

— Sept. 6, 1997 — Prince William and his younger
brother Prince Harry walk behind their mother's
cortege at her funeral.

— Late 2000 — After finishing his studies at Eton,
Prince William works on volunteer projects in Chile,
takes part out exercises with the Welsh Guards in
Belize and rises at dawn to milk cows ona dairy farm
in England.

— September 2001 — Enrolls at St. Andrews Uni-
versity in Scotland, where he meets Kate Middleton —
a fellow art history student. She persuades him to
stay at university after he admits finding it difficult to
settle. Prince William later switched to a geography
course.

— September 2002 — Prince William and Kate
move into a shared student house with two other
friends.

— May 2003 — Prince William and Kate are pic-
tured deep in conversation at a rugby match, sparking
rumors of a romance.

— June 2003 — Kate is a guest at Prince William's
21st birthday party at Windsor Castle, but in an inter-
view he denies he has a steady girlfriend.

— December 2003 — Prince William and Kate are

rumored to have become an item around the Christ-
mas period

Rear = Vii
‘Bakco: Building fs aie



we

LS

— March 2004 — Prince William and Kate's
romance becomes public when they are pictured
together on a Swiss skiing holiday.

— April 9, 2005 — Kate does not attend the wed-
ding of Prince William's father the Prince of Wales and
Camilla Parker Bowles in Windsor.

— June 2005 — Prince William and Kate both
graduate in the same ceremony at St. Andrews and
attend a celebratory lunch together with their families.

— December 2006— Prince William is commis-
sioned as an army officer in front of the Queen at
Sandhurst and joins the Household Cavalry as a sec-
ond lieutenant. Kate attends the ceremony.

— April 2007 — British newspapers report that
Prince William and Kate have split up. Prince Charles’
Clarence House office refuses to comment, but does
not deny the report.

— July 2007— Media in the U.K. report that Prince
William and Kate have rekindled their romance.

— April 11, 2008 — Kate is seen at Prince William's
side at his graduation ceremony from the Royal Air
Force, taken as a signal by royal watchers that their
relationship is now serious.

— June 16, 2008 — Kate attends the Order of the
Garter service at Windsor Castle, the first time she has
appeared at a formal royal public event.

— February 2010 — Asked by a member of the
public about the prospect of a royal wedding, Prince
William says: "You'll have to wait a while yet."

— October 2010 — Prince William proposes to
Kate Middleton on a private holiday in Kenya.

— Nov. 16, 2010 — Clarence House officially
announces the engagement of Prince William and
Kate Middleton.

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WEDNESDAY,NOVEMBERI1/7,

SECTION B ¢ business@tribunemedia.net

2010






Pee neo hae

ACCOUNTANT

a l A
soencess "HOPPendous’ $188m had business loans

BY 20 PER CENT

By ALISON LOWE
Business Reporter

alowe@tribunemedia.net

THERE
has been a 20
per cent
increase in
the hiring of
accountants
during 2010,
something
Bahamas
Institute of



Chartered | F ;
Accountants

(BICA) pres- REECE
ident, Reece CHIPMAN
Chipman,

yesterday said appears to }
be proof of “a greater need }
for assurance” from stake- |
holders about companies’ :
finances due to the reces- }

sion.



The added demand for }
the industry’s services :
comes at a time when the }
Bahamas Institute of Char-
tered Accountants (BICA) :

By NEIL HARTNELL
Tribune Business Editor

SOME $188 million in loans to
Bahamas-based businesses, represent-
ing 18.11 per cent of all bank credit to
the private sector, were non-perform-
ing as at September 30, 2010, Tribune
Business was told yesterday, one senior
banking industry executive describing
this as “horrendous” and reflective of
how poorly many companies were per-
forming due to the recession.

With $188 million out of some $1.047
billion in outstanding Bahamian com-
mercial bank loans to the private sector
more than 90 days past due, the banking
industry executive, who requested
anonymity, said the “overhang” on his
industry from the bad loans was “going
to be around for a while”.

Data provided to Tribune Business
showed that the picture on Bahamian
dollar mortgage loans and consumer
credit was little better. Some $287 mil-
lion worth of mortgage loans were non-

National debt

* Some 18.11% of the more than $1bn in commercial
bank loans extended to Bahamian private sector now at
least 90 days past due, reflecting impact recession and
20-30% consumer demand drop has had on many

* Some $287m or 9.76% of total mortgage loans
non-performing, indicating that more than 1,000 homes
in danger of being sold under banks’ power of sale

* Consumer loans 90 days or more past due worth $154m

performing (over 90 days past due and
upon which banks have stopped accruing
interest) as at September 30, 2010, an
amount equivalent to 9.76 per cent of
the total $2.917 billion in mortgage cred-
it outstanding.

Taking $250,000 as the average mort-
gage loan amount in the Bahamas, the
banking industry source and Tribune
Business did a crude calculation and,
dividing the $287 million in non-per-
forming mortgages, came up with the
figure of 1,148.

That suggests that the same number of
Bahamian homes could be in danger of
being sold out from under struggling
homeowners by banks exercising their
powers of sale under the mortgage con-
tract, although many institutions have
been reluctant to do this due to the
shortage of buyers with the wherewith-
al to purchase them.

That 1,148 figure, though, is not a reli-
able estimate, and could be smaller or
higher, depending on whether the homes
covered by those $287 million worth or

mortgages were priced lower or higher
than the $250,000 figure used.

The banking industry executive
described this as a “sobering statistic”,
and said: “The newspaper advertise-
ments you see are reflective of the
homes in trouble.” He added that the
Bahamian commercial banking indus-
try would be unable to work out this
volume - and amount - of troubled mort-
gages within a year.

As for consumer loans, such as auto
credit, some $154 million worth - equiv-
alent to 7.34 per cent of the $2.134 bil-
lion in such outstanding loans - were
more than 90 days past due as at Sep-
tember 30, 2010.

Focusing on the problems many
Bahamian businesses were having in
meeting their debt repayment obliga-
tions, the banking industry executive
said these were reflective of the
depressed wider economy, in which he

SEE page 2B

GOVERNMENT ‘VERY CLOSE’ TO BTC LIME DEAL

By NEIL HARTNELL
Tribune Business Editor

* Tribune Business told Memorandum of
Understanding to sell 51% Cable & Wireless

strikes $4.1bn

* Hits 55% of GDP, although growth slowed
to half of 2009’s figures, as Governor says
she would like to see ‘more debt consolida-

THE Gaverhmentis “wary could be signed ‘in matter of a week or so

close” to signing a Memoran-
dum of Understanding
(MoU) for the $200 million-
plus sale of a 51 per cent stake
in the Bahamas Telecommu-

is pushing for amendments }
to the law governing the :
profession to increase its }
regulatory powers in line :
with international stan- :



* PM’s press conference comments designed to
ease fears about mass forced redundancies, with
government wanting to make sure process goes
properly through early retirements, voluntary

dards for accountants, }
which have also evolved in }

light of the recent crisis.

Mr Chipman said BICA }
has submitted proposed :
amendments to the Public }
Accountants Act 1991 to :
the Attorney General’s :
office in the past six }

months.

tion’

* Says debt level ‘not critical’ and Bahamas
doing well compared to Caribbean, but gov-
ernment borrowing needed to keep public

sector employment levels

* Private sector credit contracts 0.5% in 2010

nications Company (BTC) to
Cable & Wireless, highly-
placed sources confirmed to
Tribune Business last night,
some suggesting that it could
be sealed “in a matter of a
week or so”.

Despite Prime Minister
Hubert Ingraham’s comments
at his weekend press confer-

departures

ence that the privatisation
process had “run into a sub-
stantial roadblock” due to
Cable & Wireless’s plan to
slash BTC’s estimated 1,150-
strong workforce by 30 per
cent once it acquired majority

been able to confirm that
nearly all the key issues have
been finalised in negotiations
between the regional tele-
coms operator and the Gov-
ernment and its privatisation

SEE page 2B

control, Tribune Business has

CREDIT BUREAU IN ‘18 TO 24 MONTHS’

By NEIL HARTNELL
Tribune Business Editor
and ALISON LOWE
Business Reporter
alowe@tribunemedia.net

* Mortgage disbursements down nearly 50
per cent from last year, and commitments
fall in number and value by some 15 and 35
per cent

The amendments are }
important if BICA is to be :
in compliance with stan- }
dards set out by the Inter-
national Federation of :
Accountants (IFAC), of :
which it is a member, and if }
it wishes to gain cross-bor-
der recognition of its:
accountants’ qualifications :
under the recently signed :
Economic Partnership :
Agreement (EPA) with }
Europe, suggested Mr:
Chipman. :

“The financial crisis has
brought to the fore the }
issue of corporate gover- :

* Central Bank governor says facility
will cause ‘huge change’ for Bahamians
who have been ‘less than forthright’
about credit history, impairing their
access to short-term credit

By ALISON LOWE
Business Reporter
alowe@tribunemedia.net





WHILE the rate of growth in the |
Bahamas’ national debt “slowed to rough-
ly half of the previous year’s value” this
year, this did not stop this figure swelling
to $4.1 billion or 55 per cent of projected
gross domestic product (GDP) by the end
of September 2010, the Central Bank gov-
ernor said yesterday.

Wendy Craigg said debt servicing cur-
rently constitutes around 25 per cent of all

A CREDIT bureau for the Bahamas could
be launched “within 18 to 24 months”, the
Central Bank of the Bahamas governor
revealed yesterday, telling Tribune Business
that starting costs were likely to be around $2
million and that the facility would mean “a
huge change” for Bahamian borrowers who
had been “less than forthright”. about their
credit histories

* Suggests start-up costs will be around
$2m, and could held reduce lending rates
to good borrowers and assist banks with
risk management

risks to the overall financial sector and
"improve the efficiency” of lending decisions



nance and the audit frame- }
work, and whether we are }
in compliance with inter-
national standards, so:
that’s an international issue }
for the accounting profes-
sion,” said the BICA pres- :

ident.

sional

Mr Chipman

international standards.

“Tt’s really up to (BICA)

SEE page 2B

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 proposed amend- }
ments include an increase }
in the number of hours giv-
en to continuing profes- }
education by:
Bahamian accountants }
each year if they are to:
remain licensed to practice; :
the power of BICA to reg- :
ister and monitor not only }
individual accountants but :
accounting firms; and the :
introduction of insurance }
indemnification require-
ments for accounting firms. :
said: }
“Hopefully something will
happen very soon, because }
we want to start taking an }
aggressive approach in:
terms of making sure our :
members are meeting the }



SEE page 3B

BIC CALLS FOR
‘CONSTRAINTS’
OVER CABLE

* Warns that BISX-listed
company could ‘abuse
market position’ through
control over its access
network, and alleges it
has already denied BTC
access to its data centre

* Brands Cable Bahamas’
concerns over ‘free local
calls’ and non-zero inter-
connection rates as ‘self-
serving’, urging instead
focus on access deficit
and universal service

* Rebuts Cable’s calls for
more interconnection
points besides New
Providence and Grand
Bahama

By NEIL HARTNELL
Tribune Business Editor

THE Bahamas Telecom-
munications Company
(BTC) has warned industry
regulators that they may
have to "constrain" Cable
Bahamas to prevent it from
“abusing its market posi-
tion", alleging that the
BISX-listed company had
refused to give it access to its
data centre.

With negotiations
between the two companies
over an interconnection
agreement seemingly set to
become increasingly con-
tentious, given Cable
Bahamas’ plans to enter the

SEE page 2B

WENDY CRAIGG

Explaining that it would help in containing

ROYAL @ FIDELITY

te mee

Experienced financial experts

Strong investment performance

ROYAL FIDELITY

Money at Work

BAHAMAS
Nassau; 242.356,9801
Freeport: 242.351.3010

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PAGE 2B, WEDNESDAY, NOVEMBER 17, 2010

THE TRIBUNE





BTC calls for ‘constraints’ over Cable

FROM page one

fixed-line voice telecoms
market, BTC called on the
Utilities Regulation & Com-
petition Authority (URCA)
to prevent the BISX-listed
company from using its
dominance in the provision
of cable TV and Internet
services to exert control over
its access network.
Describing Cable
Bahamas as “more than just
a new entrant” to the
Bahamian communications
market, BTC said URCA
would need to regulate the
BISX-listed firm’s access
network control, especially
given that its market share
was set to increase with its
planned entrance into fixed-
line voice services.
Coupled with its existing
presence in the cable TV,
Internet and broadband sec-
tors, BTC said of Cable
Bahamas: “Control over the
access network, and an
expansion of its market
share, may provide Cable
Bahamas with market pow-
er which URCA may need
to regulate sooner rather
than later, especially if the
planned merger between

Govt ‘very close’
to BTC LIME deal |



FOUR CONNECTION

Cable Bahamas and Systems
Resource Group goes
ahead.

“Cable Bahamas is
already showing this power,
for example by initially
refusing to provide BTC
with access to the Cable
Bahamas data centre.

“As aresult, BTC expects
the forthcoming intercon-
nection negotiations
between Cable Bahamas
will demonstrate that both
operators have substantial
negotiating power, and that
some regulatory constraint
may be necessary on Cable
Bahamas so that it does not
abuse its market position
and, in particular, control
over its access network.”

BTC’s warnings were con-

rO THE

WORLD

tained in its latest comments
on URCA’s consultation
process over its draft Refer-
ence Access and Intercon-
nection Offer (RAIO), in
which it also took a swipe at
Cable Bahamas for advo-
cating ‘zero-based’ call ter-
mination/interconnection
fees, given the state-owned
incumbent’s current practice
of providing ‘free same
island’ calls.

“Cable Bahamas position
on a number of material
issues is largely self-serving,
and would not ensure the
development of sustainable
competition in the Bahamas
nor would it provide bene-
fits to its citizens,” BTC said.

It urged URCA to place
its free same island calls

regime into context, focusing
on issues such as BTC’s uni-
versal service obligations,
which mandate that it pro-
vides telecoms services
throughout the Bahamas,
“and the net costs it incurs
for the provision of such ser-
vice”.

“In a country like the
Bahamas, such net costs are
likely to be substantial and
may require funding to
ensure that the development
of efficient competition
is not impeded,” BTC
added.

Affordability

“BTC currently incurs a
significant access deficit as
a consequence of its historic
pricing practice [free local
calls], aimed at ensuring
affordability of telecommu-
nications services for all cit-
izens in the Bahamas.

“Cable Bahamas casually
suggests the removal of any
deficits through increases in
corresponding retail tariffs,
but this is clearly inappro-
priate without a detailed
analysis of the consequences
and would potentially result
in making basic telephony
services unaffordable for

vulnerable customer groups.
A more = appropriate
approach would be a grad-
ual reduction of the access
deficit over time, combined
with appropriate reductions
in corresponding sources of
cross-subsidisation.”

Margins, BTC said, were
also likely to be squeezed as
a result of multiple opera-
tors - each owning their own
infrastructure - providing
bundles of services to
Bahamian subscribers.

As a result, BTC conclud-
ed: “The suggestion by
Cable Bahamas that BTC
should provide ‘zero-based
interconnection rates’ is
totally inappropriate in
these circumstances.

“International experience
would rather suggest that,
at this stage of the liberali-
sation cycle, universal ser-
vice funding and access
deficit contributions [by oth-
er Bahamian operators] are
more appropriate topics of
discussion.”

Elsewhere, BTC also
rebutted Cable Bahamas’
call for it to provide more
points of interconnection
with rival operators’ net-
works than just those it
planned in New Providence

and Grand Bahama.

“BTC has designed its
Next Generation Network
with two switches, one on
New Providence and one on
Grand Bahama, as the most
efficient network layout in
order to reduce BTC’s costs
and its prices for con-
sumers,” BTC said.

Traffic

“BTC closed the point of
interconnection at Marsh
Harbour, Abaco, in July
2009, and the traffic is now
routed to New Providence.
BTC has no plans for active
equipment on Eleuthera or
Abaco, where levels of traf-
fic do not justify additional
investment.”

It added that this was con-
sistent with URCA’s posi-
tion, which was that inter-
connection should be avail-
able at any point other than
those not ‘economically fea-
sible’.

“There are no technically
feasible points on Eleuthera
or Abaco, and it would not
be economically feasible to
construct them unless Cable
Bahamas is willing to pay
all of BTC’s costs,” BTC
said.

Accountant hiring
increases by 20%

FROM page one

to monitor and regulate the profession as best we can. However, there are
instances where, because the law hasn’t given us the teeth to do so, we are

FROM page one

committee.

Mr Ingraham’s comments seem
to have largely been designed for
public consumption, sending a mes-
sage to the electorate that his gov-
ernment will tolerate no forced
redundancies at BTC, knowing that
if this were to happen - and more
bodies be added to the lengthy
unemployment line - it could be
especially damaging given the cur-
rent point in the political cycle,
some 16-17 months away from a
general election.

“Your understanding is quite cor-
rect,” one highly-placed source told
Tribune Business, when this news-
paper sought confirmation both
about the likely imminent MoU
signing and the context of Mr Ingra-
ham’s comments.

“T think if it’s going to happen,
it’s going to be pretty quick,” the
source said of an MoU signing with
Cable & Wireless. “It shouldn’t be
more than a matter of a week or
so. We really need to do this.”

While the Government is
undoubtedly sensitive to the social,
economic and political implications
of any move to downsize BTC’s
workforce by some 300-400 per-
sonnel, its main concern is under-
stood to be that the process is han-
dled correctly.

Rather than engage in forced
redundancies and lay-offs, it is look-
ing for Cable & Wireless (LIME) to

reduce headcount through natural
attrition - early retirements for
elderly workers, plus voluntary dis-
engagement packages.

Well-placed sources have con-
firmed that the average age of
BTC’s workforce is in the late 40s,
with many other staff aged in their
early 50s. Only around 100 BTC
staff are said to be aged 30 years-old
and below, and Tribune Business
has been told that many older
workers would be willing to accept
early retirement or voluntary dis-
engagement packages - if the price
was right.

One source said of the privatisa-
tion: “There’s a great opportunity
for re-positioning the workforce of
that company.”

Asked about the prospects for
concluding a deal with Cable &
Wireless (LIME), one source famil-
iar with the process said: “It would
be a great tragedy if it didn’t con-
clude, but it doesn’t seem likely that
will be the case. You should be rea-
sonably optimistic that things will be
OK

“The Government is resolved. It
is absolutely determined to get it
done. The Prime Minister com-
mented on it on Sunday in his
remarks: The longer we wait, the
less we have to sell, so let’s be
thankful a serious buyer is still inter-
ested.”

That refers to the inevitable cut in
BTC’s profits and revenues that will
occur once the Bahamian commu-
nications market is liberalised and

fully opened up to competition.
Cable Bahamas is already planning
to go head-to-head with BTC in the
fixed-line voice telecoms market,
possibly as soon as next year, once
it satisfies regulators it has com-
plied with its Significant Market
Power (SMP) obligations.

BTC’s financial position is kept
afloat by its cellular monopoly,
which accounts for two-thirds of its
revenues, and once this segment is
opened to competition there could
be a dramatic impact on the com-
pany’s profitability.

However, the Prime Minister has
previously indicated that the Gov-
ernment could extend BTC’s cel-
lular exclusivity beyond the two
years immediately post privatisa-
tion, in return for Cable & Wire-
less not slashing such a huge per-
centage of its workforce. That, Tri-
bune Business understands, has not
pleased Cable Bahamas and rival
operators.

One source told this newspaper
yesterday: “BTC is still a very, very
interesting resource. It’s got infra-
structure that can be leveraged very
significantly in broadband, Inter-
net and can add on quite signifi-
cantly to the mobile services it
offers. And the Bahamian economy
is poised to rebound and grow sig-
nificantly over the next five years,
so when you take that into account
BTC is still a very good business
proposition, even though it’s worth
a couple of hundred million dol-
lars.”

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unable to push for certain changes that we’d like to because the law would
prohibit us from extending ourselves in that regard.

“T would hope most (accountants) are following international standards.
However, we have had some cases - and there have been reports of
instnaces - where there would seem to be an issue of non-compliance. It’s
not overwhelming at this time but it could be,” added the BICA Presi-

dent.

BICA currently has 450 members and 220 licensees.

FROM page one

estimated that consumer demand had
dropped by 20-30 per cent.

“That’s just horrendous,” the banker
said of the $188 million in non-per-
forming loans owed by the Bahamian
private sector to commercial banks.
“Commercial loans are typically to
businesses, many of whom are small
businesses, so when the economy nose-
dives they feel it almost immediately.
It’s a reflection of how poorly they’re
performing.”

Small businesses, the banker added,
were unable to service their various
Lines of Credit and overdrafts due to
depressed top-line sales resulting from
the reduction in consumer demand.
Many were also poorly capitalised, and
unable to absorb the blows from a
recession in which they had no safety
net.

During September 2010, delinquent
loans between 31-90 days past due fell
by $9.7 million or 1.8 per cent to $522.4
million, reducing these as a percentage
of the commercial banking industry's
total loan portfolio by 0.21 percent-
age points to 8.3 per cent.

Non-performing loans, which are 90
days past due and upon which Bahami-
an banks stop accruing interest, fell

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‘Horrendous’

by $9.3 million or 1.5 per cent to
$6309.7 million, a figure equivalent to
10.1 per cent of total loans - meaning
that more than one in every 10 loans to
Bahamian consumers and businesses is
non-performing, or at least 90 days
past due.

Mortgage delinquencies fell by $9.2
million or 1.5 per cent to $622.6 million
in September, "following g five con-
secutive months of expansion", due to
a $9.6 million or 2.8 per cent fall-off in
mortgages 31-90 days past due. This
offset a minor $0.4 million or 0.1 per
cent rise in the non-performing mort-
gage loan segment.

For September, consumer loan
arrears fell by $8.8 million or 3.1 per
cent to $276.2 million, as the 31-90
day past due and non-performing seg-
ments fell by $2.7 million (2.2 per
cent) and $6.1 million (3.8 per cent)
respectively.

Commercial bad loans also fell by
$0.9 million to $254.3 million, with a
$2.6 million or 4.2 per cent rise in the
31-90 days past due component can-
celled out by a $3.6 million or 1.9 per
cent reduction in the non-performing
category.



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



THE TRIBUNE

WEDNESDAY, NOVEMBER 17, 2010, PAGE 3B



USI ee
Chamber president urges

‘immediate’ Baha Mar approval

By NEIL HARTNELL
Tribune Business Editor

THE Bahamas Chamber of Com-
merce’s president yesterday called
for “immediate approval” by the
Government of the $2.6 billion Baha
Mar project, arguing that following
Prime Minister Hubert Ingraham’s
successful China negotiations, there
was “no reason to delay” given that
many Bahamian businesses were
“hurting”.

Questioning whether the Prime
Minister’s China trip, during which
he met with Baha Mar’s partners,
China State Construction and the
China Export-Import Bank, plus the

Beijing government, was “necessary”
suggesting such discussions could
have been held with Baha Mar here,
Khaalis Rolle nevertheless expressed
happiness that Mr Ingraham was able
to increase the worth of contracts for
Bahamian contractors by $200 mil-
lion.

“T’m happy he was able to get more
of the construction work, get Bahami-
ans more involved in the construc-
tion part of the deal, but I don’t know
if the trip to China was necessary for
that,” Mr Rolle told Tribune Busi-
ness. “That discussion could have
been had right here with Baha Mar.”

While construction contracts to be
awarded to Bahamian contractors

had increased from $200 million to
$400 million, Mr Rolle said that out-
side this, “I don’t know if there was
anything materially different about
the deal that made it indescribably
better than it was before”.

The Chamber president said he
hoped Mr Ingraham’s Sunday press
conference brought the Baha Mar
project closer to a construction start,
adding: “If his trip was successful and
he got what he wanted, immediate
approval of this project is necessary.

“T think immediate approval is nec-
essary, and I don’t think there should
be any delay, any debate.” Referring
to today’s Paraliamentary debate,
during which MPs will debate the

Chinese demand for several thou-
sand work permits, Mr Rolle said: “I
don’t see what we hope to achieve
by the debate now.

“T don’t see where we need to go
beyond that.

“In the words of Dionisio
D’Aguilar, let’s get on with the pro-
ject. Businesses are hurting, and we
need economic activity. We don’t
need any reason to delay activity.

“T hear it every day. I get people on
my doorstep every single day com-
plaining about how bad it is for them,
and that they’re struggling to keep
their doors open, so whatever we
need to do to encourage economic
activity we need to do it.”



FROM page one

government spending, and the
Central Bank of the Bahamas
would ideally wish to see “more
debt consolidation” by the
Government.

However, she noted that the
Government has determined it
would continue to borrow, giv-
en that the “only way to reduce
expenditures is to shed (public
sector) labour.

“The debt indicators are not
moving in the right direction.
We would wish to see more
debt consolidation, but the
Government has to borrow to
close the gap [between rev-
enues and expenditures] or it
sheds labour. It’s a decision
government has taken. [The
national debt’s] not at a criti-
cal position - countries incur
100 per cent [debt-to-GDP
ratios] and they’re still func-
tioning, but it means the pres-
sures are even greater for your
economy to grow and for you
to meet those obligations in the
future,” said the Governor.

Mrs Craigg added that
despite the growth in the
national debt, the Bahamas is
“still very well placed vis-a-vis
our Caribbean counterparts”
such as Barbados, Guyana,
Trinidad and Jamaica when it
came to the debt-to-GDP ratio.

The Bahamas international
credit rating is still “above the
minimum which is considered

National debt

investment grade”, said the
Governor.

The debt level is “not criti-
cal”, she stated, adding, how-
ever, that the International
Monetary Fund (IMF) deems
a debt-to-GDP ratio of over 50
per cent “something you want
to watch very closely”.

The 2009-2010 fiscal year,
which came to a close last June,
brought with it “a marginal
improvement in the overall
deficit to some $340 million”
or roughly about 4.5 per cent
of GDP, but the Government’s
need to find a variety of financ-
ing sources to “bridge the gap
between its revenue and its
expenditure” nonetheless con-
tributed to a “significant
increase in the national debt”,
said Mrs Craigg.

“The direct charge, the debt
incurred by the central govern-
ment, surged from $2.7 billion
or about 37 per cent of GDP
at the end of 2008 to $3.3 bil-
lion, which approximates about
45.6 per cent of GDP, at the
end of 2009,” she added.

“The national debt has also
increased - that’s the direct
charge plus government guar-
anteed debt - by $700 million
to $3.9 billion, or from about
42.5 per cent of GDP to almost
54 per cent over the same peri-
od (end of 2008 to the end of

2009).”

“The debt has continued to
increase under the very soft
economic conditions in the
Bahamas, although we have
seen that the rate of growth
slowed to roughly half of the
previous year’s value, and at
the end of September it stood
at an estimated $4.1 billion, or
roughly 55 per cent, of 2010's
projected GDP,” Mrs Craigg
said.

The Governor expressed
hope that the Bahamas will see
“some reductions to the debt
through growth in the econo-
my”, noting that in the short
term “payments [to the Gov-
ernment] from privatisation”
[of BTC] could help.

Providing an insight into the
health of the economy at this
time and prospects going for-
ward, Mrs Craigg said recent
months have shown “some sta-
bilisation of domestic econom-
ic activity and local conditions”
from “very marked downward
adjustments” in 2008 and 2009,
which saw contractions of 1.7
per cent and 4.5 per cent
respectively.

“Improving circumstances in
some of our real sector indica-
tors underlie expectations for
the Bahamian economy to grow
at a modest half a per cent in
2010, although we don’t expect
to see any notable decline in
unemployment from current
rate in the short term,” said Mrs

EAGLE ELECTRICAL

Craigg, noting that the loss of
around 9,000 jobs saw this rate
rise to around 14 per cent in
New Providence in 2009.
Tourism has seen increases
in both the higher value
stopover visitors and, more so,
in sea arrivals this year, but the
former of these still remains
“some 12 per cent below pre-
crisis levels”, leaving the indus-
try “nowhere near where we
were prior to the crisis”.
Although data from hotels
up to August this year indicate
increases in occupancy levels
and room rates, Mrs Craigg said
the fact there has been “no
meaningful reengagement of
persons who were laid off
underscores the difficult busi-
ness environment that the
hotels, restaurants and other
enterprises that depend on
tourism continue to confront”.

With regard to another key
sector, construction, Mrs Craigg
reiterated that this has
remained “anemic” in 2010.

“The global crisis continues
to have a dampening affect on
foreign direct investment
inflows, which constitute the
major component of project
financing. The pace of domestic
building activity has also decel-
erated,” she said.

“According to data from
banks, mortgage disbursements
for new construction and
repairs are down nearly 50 per
cent from last year, and mort-
gage commitments - a forward
looking indicator - decreased
in number and value by some
15 and 35 per cent respective-
ly.”

Lending by banks, which
“figures very importantly in the
growth dynamics of the domes-

NOTICE

tic economy”, has remained
constrained by “a combination
of weakened balance sheets,
reduced income and the diffi-
culty of consumers to qualify
for loans due to tighter stan-
dards for new credit, as banks
contend with deterioration in
credit quality.

“There’s a reduced appetite
for debt in this enviornment,
so it’s a combination of sup-
ply and demand factors,” she
said.

“What we have seen in the
first nine months of this year is
that credit to the private sec-
tor, which averaged some 10
per cent in 2004 to 2008, and
moderated to 0.9 per cent in
2009, actually contracted this
year by a further half a per cent.
This decline was broadly based
across consumer loans, mort-
gages and commercial loans.”

Matioe is herby given of the logs of Bahamas Government Registered Stock Certificate aos

follows:

Stork Intercet Rate

Amant
22 |e
B350,000,.00

O.S1LHT3

Certificate No, ad

raray

rity Date

September 22, 2023

Linterd te requeat the Repisiver to isso a peplacement certificate. Lf this certificate ia

found, please Write to

P.O, Box NW-+244
Nass, Bahanas.

Ms \! ro THE BAHAMAS ASSOCIATION OF COMPLIANCE OFFICERS - BACO

2 t

=

yt

IN ASSOCIATION WITH

THE BAHAMAS BAR ASSOCIATION - BBA

PRESENT 4 LUNCHEON DISCUSSION RE

& LIGHTING
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-from Tourism & Financial Services to Keological Concerns,

The ‘British Colonial Hulton
Friday, November 19th, 2@f0, 12:00 p.m.

Cost: $40.00 BACO & BBA Members
Cost$50,00 for Non Members
Venue: The British Colonial Hilton

Speakers Include:
Brian Moree, 0.C., Se, Partner-McKinney-Bancroft & Hughes
Cathleen Hassan, VP BBA, Partner-Johnson-Hassan & Co.
Cheryl Bazard, BACO Founding President, Partner-Bazard & Co
Gregory H. Bethel, President of Fidelity Bahamas
Cheryl Cartwright, Past President BACO, Pariner-Callenders & Co
Dr. lan Strachan, Sr. Lecturer, Author, College of The Bahamas

A

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THE TRIBUNE

WEDNESDAY, NOVEMBER 17, 2010, PAGE 5B



GM raises common
Stock price range in IPO

DETROIT

INVESTOR demand for
General Motors stock has
been so strong that the
company will expand its ini-
tial public offering by 31
percent, to 478 million
common shares, a person
briefed on the sale said
Tuesday, according to
Associated Press.

The move, coupled with
an expected stock price of
$33 per share, brings the
U.S. government closer to
getting back the $50 billion
it spent bailing out GM last
year.

If the government sells
its 412 million shares on
Thursday for $33 each, it
will get $13.6 billion. It will
still have about 500 million
shares, or about 33 percent
of GM. It would have to
sell them for about $53 a
share, or $26.4 billion, for
taxpayers to get their $50
billion back.

Shares

The increased number of
shares could make GM's
IPO the largest in history
for a U.S.-based company.
If GM's sale of preferred
shares is included, the
offering could have a total
value of over $22 billion,
topping Visa Inc.'s $19.7
billion IPO in 2008, accord-
ing to the IPO tracking firm
Dealogic. It could even
grow to become the world's
largest IPO.

GM is expected to
announce the final price of
the IPO on Wednesday
and shares will start trading

the following day, accord-
ing to the person, who
asked not to be identified
because he is not autho-
rized to speak publicly
about the sale.

Most of the additional
shares will be sold by the
U.S. government, said the
person. A union health care
trust would sell a small part
of the added shares, the
person said.

In addition, bankers han-
dling the GM sale will take
an option to sell another 72

>8 PICTET

1805

million shares. That would
bring the total value of the
550 common shares for sale
in the IPO to $18.1 billion.

Deal

GM will sell preferred
shares worth $4 billion,
bringing the total value of
the deal to just over $22 bil-
lion.

GM's bankers stopped
taking orders for the sale
on Tuesday afternoon after

PICTET BANK TRUST LIMITED

Invites qualified applicants for the following position:-

SENIOR FOREIGN EXCHANGE

EDUCATION AND EXPERIENCE:-

TRADER

-Excellent knowledge of foreign currency trading.

-At least ten years experience.

-In-depth knowledge in trading:-
Spot and Forward currency transactions
Currency swaps
Precious metals
Currency and precious metal options

-Ability to speak/write French would be an asset.

-Bachelor’s Degree in Finance or related subject.

-Proficiency in a variety of software applications including Microsoft

Office Suite.

REQUIRED SKILLS:-

-Ability to work independently.

-Strong organisational skills.

-Commitment to excellent customer service.
-Must be a team player.

-Excellent oral and written communication skills.
-Excellent problem solving skills.
-Ability to work under pressure and to meet strict deadlines.

APPLICATIONS MUST BE RECEIVED BY
TUESDAY, NOVEMBER 30, 2010

Please hand deliver Resume and two (2) references to:-
The Human Resources Manager

Bayside Executive Park

Building No. 1
Nassau, Bahamas

ABSOLUTELY NO TELEPHONE CALLS

WILL BE ACCEPTED

Offices in

Lausanne, Geneva, Zurich, Luxembourg, London, Montreal, Nassau, Singapore, Tokyo, Hong Kong,
Frankfurt, Florence, Milan, Madrid, Paris, Rome and Turin



boa high each ebheneheb waht
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essentially running out of
shares to sell, the person
said.

GM spokesman Selim
Bingol and U.S. Treasury
Department spokesman
Mark Paustenbach would
not comment.

Earlier Tuesday, GM
raised the expected price
range for the common
shares to $32 to $33, from
$26 to $29, and it added 20
million preferred share
total, bringing it to 80 mil-
lion.

(A

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

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

Temple Christian Hi gh School
Shirley Street
TEACHING VACANCY

Invites applications from qualified Christian
teachers for the following positions for the
2010 - 2011 School Year.

Math/Commerce (Grs. 10-12)
Applicants must:

A. Bea practicing born-again Christian who is
willing to subscribe to the Statement of Faith of
Temple Christian School.
Have a bachelor’s Degree in Education or higher
from a recognized College or University in the area
of Specialization.
Have a valid Teacher’s Certificate or Diploma.
Have at least two years teaching experience in the
relevant subject area with excellent communication
skills.
Applicants must have the ability to prepare students
for all examinations to the BJC/BGCSE levels.
Be willing to participate in the high school’s extra
curricular programmes.

Applications must be picked up at the High School Office on
Shirley Street and be returned with a full curriculum vitae,
recent coloured photograph and three references to:

Mr. Neil Hamilton
The Principal
Temple Christian High School
P.O. Box N-1566
Nassau, Bahamas
Deadline for application is November 30th, 2010



BBE N

SCHOOL F cbt

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Clay
Fil
Uae st) (el ema
Crete

SAAC MGO) CMA COIENE ESTE
NON eile aa eae

6:00 p.m. -

10:00 p.m.

ROME Mee FLL eee
MEM eG CL aU Ml me LC

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PAGE 6B, WEDNESDAY, NOVEMBER 17, 2010

THE TRIBUNE





European officials: No
bailout yet for Ireland

BRUSSELS

AN ANXIOUSLY await-
ed meeting of European
finance ministers ended
Tuesday without an agree-
ment to bail out debt-strick-
en Ireland. But EU officials
said they have "intensified"
preparations for potential
support for the country's
troubled banking sector,
according to Associated
Press.

Concerns that Ireland will
be unable to pay the cost of

rescuing its banks — which
ran into trouble when the
country's real estate boom
collapsed — has worsened
Europe's government debt
crisis. Markets have pushed
up borrowing costs for other
vulnerable nations such as
Portugal and Spain and
threatened to destabilize the
common euro currency.
There was speculation
that Ireland's government
itself might be forced to take
a bailout like the one that
saved Greece from default-

LEGAL NOTICE
LEGAL NOTICE OF DISSOLUTION
INTERNATIONAL BUSINESS COMPANIES ACT

(No.45 of 2000)
In Voluntary Liquidation

ing on its bonds in May. A
750 billion euros backstop
stands ready from other
countries that use the euro.

But the government in
Dublin says it doesn't need
one, although there has
been discussion of help for
its banks.

"The Irish authorities are
committed to working" with
the EU, the European Cen-
tral Bank and the Interna-
tional Monetary Fund to “to
determine the best way to
provide any necessary sup-
port to address market risks,
especially as regards the
troubled banking sector,"
said EU monetary affairs
chief Olli Rehn.

"This can be regarded an
in intensification of prepa-
rations of a potential pro-
gram in case it is requested
and deemed necessary."

Ireland is making "signif-



THE OFFICES of a branch of the Anglo Irish Bank in central Dublin, Ireland, Tuesday, Nov. 16, 2010.
Europe's debt crisis reached a critical juncture Tuesday, as finance ministers sought to keep Ireland's
market turmoil from triggering a domino effect that could topple other vulnerable nations like Portugal
and fray the region's economic unity. (AP)









Notice is hereby given that in accordance with Section 137
(4) of the International Business Companies Act, (No. 45 of
2000) LAUREL MANAGEMENT INC. is in dissolution.
LeRoy Watson III is the Liquidator and can be contacted at

PH. 2,000, 50th Street, Panama City, Panama. All persons
having claims against the above-named company are required

to send their names, addresses and particualrs of their debts to
the Liquidator before the 15th day of December, 2010.



LEGAL NOTICE
MONTROSE SHIPPING COMPANY LIMITED

(In Voluntary Liquidation)

Notice is hereby given in pursuance of Section 138 of The Interna-
tional Business Companies Act, 2000 (as amended) that the Direc-
tors of the above-named company by Resolution passed on the 9th
day of November 2010 resolved that the company be wound up vol-
untarily forthwith and that the Liquidator is Mr. Bennet R. Atkinson
of Ronald Atkinson & Co., Chartered Accountants, Marron House,
Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas.

All persons having claims against the above-named company are
requested to submit particulars of such claims and proofs thereof in
writing to the Liquidator, Mr. Bennet R. Atkinson, Marron House,
Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas,
not later than the 16th day of December 2010, after which date the
books will be closed and the assets of the company distributed.

Dated the 12th day of November 2010.

Bennet R. Atkinson
Liquidator

NOTICE
FURE (BAHAMAS) LIMITED
Take notice that with effect from the 8" day of
November, 2010, I accepted appointment as
Liquidator of the above company, pursuant to
an Extra-Ordinary Meeting of the Members,
held on the 8 * day of November, 2010, at
which the following Resolutions were passed:
That Fure (Bahamas) Limited be wound up voluntarily.

That George Clifford Culmer be appointed Liquidator
of the company for the purposes of such wind up.

Dated this 15" day of November 2010.

GEORGE CLIFFORD CULMER
Liquidator of the above named Company

NOTICE
SUNRISE SHIPPING (BAHAMAS) LTD.

Take notice that with effect from the 26" day of
October, 2010, I accepted appointment as Liquidator
of the above company, pursuant to an Extra-Ordinary
Meeting of the Directors, held on the 26" day of
October, 2010, at which the following Resolutions
were passed:

That Sunrise Shipping (Bahamas) Ltd. be wound up
voluntarily.

That George Clifford Culmer be appointed Liquidator
of the company for the purposes of such wind up.

Dated this 10% day of November 2010.

GEORGE CLIFFORD CULMER
Liquidator of the above named Company
























icant efforts” to deal with its
budget deficit, said Jean-
Claude Juncker, who heads
the group of 16 nations that
use the euro.

"However market condi-
tions have not normalized
yet and pressure remains,"
Juncker said, adding that
"we will take action as the
eurogroup ... to safeguard
the stability of the euro if
that is needed." i
|e ,

IRISH FINANCE MINISTER Brian Lenihan arrives for a Eurogroup
meeting at the EU Council in Brussels, Tuesday Nov. 16, 2010. (AP)

LEGAL NOTICE

MIRAGE SHIPPING COMPANY LIMITED
(In Voluntary Liquidation)



Notice is hereby given in pursuance of Section 138 of The Inter-
national Business Companies Act, 2000 (as amended) that the Di-
rectors of the above-named company by Resolution passed on the
9th day of November 2010 resolved that the company be wound
up voluntarily forthwith and that the Liquidator is Mr. Bennet
R. Atkinson of Ronald Atkinson & Co., Chartered Accountants,
Marron House, Virginia and Augusta Streets, P.O. Box N-8326,
Nassau, Bahamas.

All persons having claims against the above-named company are

requested to submit particulars of such claims and proofs thereof in

writing to the Liquidator, Mr. Bennet R. Atkinson, Marron House,

Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas,

not later than the 16th day of December 2010, after which date the i r

books will be closed and the assets of the company distributed. - : : %

AN EMPTY BUILDING SITE were the remaining apartments of the Bel-
mayne development were to have been built on the outskirts of
Dublin, Ireland, Monday, Nov. 15, 2010. Debt-burdened Ireland is talk-
ing with other European Union governments about how to handle its
troubled finances, officials said Monday as the continent's debt crisis
plagued markets and policymakers across Europe. (AP)

NOTICE NOTICE

OF OF

WHITE JADA MANAGEMENT MCM INTERNATIONAL LIMITED
CORPORATION

Dated the 12th day of November 2010.

Bennet R. Atkinson
Liquidator

Notice is hereby given that liquidation of the above

Pursuant to Part IX, Section 137(6) of the (Interna-
tional Business Companies Act, 2000), we hereby
submit that winding-up and dissolution of the
Company has been completed on the 11th day of
November, 2010.

Triangle Administration Limited
Liquidator

NOTICE

FURE (BAHAMAS) LIMITED
(In Voluntary Liquidation)

Notice is hereby given that all persons having claims
against the above-named Company are required on or
before the 3187 day of December 2010 to send their
names and addresses and particulars of their debts or
claims to the Liquidator of the Company, at P.O. Box
N-10144, Nassau, Bahamas, or in default thereof they
may be excluded from the benefit of any distribution
made before such debts are proved.

Dated this 15" day of November, 2010.

GEORGE CLIFFORD CULMER
Liquidator

company on the 11th day of November, 2010. Tri-
angle Administration Limited of Bahamas Finan-
cial Centre, Shirley & Charlotte Streets, Nassau,
The Bahamas has been appointed Liquidator of the
Company.

Triangle Administration Limited
Liquidator

NOTICE

SUNRISE SHIPPING (BAHAMAS) LTD.
(In Voluntary Liquidation)

Notice is hereby given that all persons having claims
against the above-named Company are required on or
before the 3187 day of December 2010 to send their
names and addresses and particulars of their debts or
claims to the Liquidator of the Company, at P.O. Box
N-10144, Nassau, Bahamas, or in default thereof they
may be excluded from the benefit of any distribution
made before such debts are proved.

Dated this 10% day of November, 2010.

GEORGE CLIFFORD CULMER
Liquidator



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THE TRIBUNE

WEDNESDAY, NOVEMBER 17, 2010, PAGE 7B





WORLD BUSINESS NEWS IN BRIEF

A look at economic
developments and activi-
ty in major stock markets
around the world Tuesday:

LONDON — World
markets dived as investors
waited to see if Ireland
will end up requesting a
financial lifeline from its
partners in the eurozone.
The FTSE 100 index of
leading British shares
closed down 2.4 percent,
Germany's DAX fell 1.9
percent and the CAC-40
in France ended 2.6 per-
cent lower.

SEOUL, South Korea
— South Korea raised its
key interest rate for the
second time in four
months as higher inflation
forces Asian central banks
to increase borrowing
costs.

It also adopted a more
aggressive stance, suggest-
ing that interest rates will
continue to rise after two
years of super-low bor-
rowing costs.

South Korea's Kospi
closed down 0.8 percent.
Elsewhere in Asia, Japan's
Nikkei 225 stock average
lost 0.3 percent, Hong
Kong's Hang Seng slid 1.4
percent and Australia's
S&P/ASX 200 gained 0.3
percent.

BEIJING — China's
government is trying to
cool double-digit food
price rises by releasing
stockpiled pork and sugar
to boost supplies in mar-
kets.

WASHINGTON — Chi-
na, the biggest buyer of
U.S. Treasury securities,



INTERNATIONAL
BUSINESS

boosted its holdings for
the third straight month,
the Treasury Department
reported Tuesday.

China's holdings of
Treasury debt rose to
$883.5 billion in Septem-
ber, the Treasury Depart-
ment said in a report.
That's a 1.7 percent
increase from August. For
much of this year, China
has been increasing its
holdings of Treasury debt.

The report shows that
China and other countries
still have a robust appetite
for Treasury debt even as
the U.S. government is
running annual budget
deficits topping $1 trillion.
Overall, foreign govern-
ments increased their pur-
chases of Treasury securi-
ties by $39.5 billion in Sep-
tember, a record high. A
sustained drop in foreign
demand for Treasury debt
could lead to higher U.S.
interest rates, slowing the
economy.

BEIJING — Foreign
investment in China accel-
erated for a second month

COMMODITIES SINK ON CHINA
AND EUROPEAN CONCERNS

m ASSOCIATED PRESS

COMMODITY prices
sank Tuesday amid concerns
about inflation in China and
a possible European bailout
of Ireland's banks.

Some of the steepest
declines came in agriculture
products and industrial met-
als as traders worried that
demand may diminish
because of the ongoing
issues in other parts of the
world.

In addition, the dollar
grew stronger against other
currencies. Since commodi-
ties are priced in dollars, a
stronger dollar makes them
less attractive to buyers who
use currencies other than
the dollar.

Traders opted to sell hold-
ings at a profit and reduce
their overall risk, Lind-Wal-
dock senior market strate-
gist Rich Ilczyszyn said.

China's economy has been
robust for much of the year
but the pace of inflation hit a
25-month high of 4.4 per-
cent in October. China's
government is releasing
stockpiled pork and sugar
to boost supplies in markets
in an effort to slow down
increases in food prices.

In the United States,
wholesale prices rose in
October for the fourth
straight month but the
increase was blamed pri-
marily on higher gasoline
costs.

Excluding volatile food
and energy categories, the
"core" index fell by 0.6 per-
cent, largely because of low-
er prices for new automo-
biles and trucks.

The report measures price
pressures before they reach
the consumer. It showed
that companies have rela-
tively little ability to pass on
the higher costs they're pay-
ing for grains and other
commodities.

For example, wheat prices
have risen 16.9 percent this
year; corn, up 28 percent;
and soybeans, up 16.5 per-
cent. Coffee prices have sky-
rocketed 45.5 percent while
cotton is up nearly 77 per-
cent.

Major packaged food
makers, including Kraft
Foods Inc., General Mills
Inc., Sara Lee Corp. and
Kellogg Co., have said they

have raised prices to cope
with higher costs of some
raw ingredients.

That's put a squeeze on
supermarkets because
they're paying more for the
products, but can't always
pass on the increases to
shoppers, who are concen-
trating on value.

Meanwhile, European
leaders were considering
ways to help Ireland solve
its debt problems. Similar
problems in Greece earlier
this year also pressured
commodities.

Agricultural commodities
all fell by at least 5 percent,
which Northstar Commodi-
ty analyst Jason Ward attrib-
uted to the China develop-
ments.

"There's enough people
in this market that are spec-
ulating, that are betting it's
going to go higher, that
they're taking their positions
off for fear that China actu-
ally does not buy as much,"
he said.

"Tf you sit back and look
the market, you see the sell-
off, you see the liquidation,"
he said. "What I don't see
is, I don't see a slowdown in
usage.”

Corn for March delivery
lost 29 cents, or 5.1 percent,
to settle at $5.40 a bushel.
January soybeans plummet-
ed 66.75 cents to settle at
$12.1975 a bushel while
March wheat gave up 47.75
cents to $6.6475 a bushel.

In December metals con-
tracts, gold for December
delivery fell $30.10 to settle
at $1,338.40 an ounce, silver
lost 85.9 cents to $25.233 an
ounce and palladium gave
up $35.40 to $645.90 an
ounce.

March copper fell 19.35
cents to settle at $3.7310 a
pound and January platinum
dropped $40.10 to $1,645.70
an ounce.

In energy trading, bench-
mark crude for December
delivery fell $2.52 to settle
at $82.34 a barrel on the
New York Mercantile
Exchange.

In other December
Nymex contracts, heating oil
rose 6.19 cents to settle at
$2.3090 a gallon, gasoline
slipped 3.93 cents to $2.1557
a gallon and natural gas lost
2.7 cents to $3.818 per 1,000
cubic feet.

in October despite slow-
ing growth, government
figures showed.

PARIS — Greek Prime
Minister George Papan-
dreou insists his country
won't default on its 298
billion euros ($406 billion)
in debt because doing so
would be a "catastrophe"
for Greece, Europe and
the euro.

VIENNA — Austria is
balking at paying its share
of Greece's financial
bailout.

Finance Minister Josef
Proell says that the

December tranche of Aus-
tria's contribution — 190
million euros ($258 mil-
lion)— will only be paid
out if Greece can show
that it has raised the
amount of money it















Rules:

pledged to take in through
taxes.

If Austria balks, and
other countries follow suit,
the Greek bailout package
could unravel. Athens is
receiving 110 billion euros
($150 billion) in rescue
loans from the Interna-
tional Monetary Fund and
other eurozone countries.

MADRID — Spain has
had to pay increased inter-
est rates to raise nearly 5
billion euros ($6.81 bil-
lion) in a sale of 12- and
18-month bills as investors
remained uncertain over
whether the country will
be affected by debt crises
in Ireland and Portugal.

BERLIN — German
investor confidence has
recovered slightly after a
steady six-month slide,

From the earliest days of the
organization, Rotarians were
concerned with promoting high
ethical standards in their
professional lives. One of the
world's most widely printed and
quoted statements of business
ethics is The Four-Way Test,
which was created in 1932 by

thanks to optimism about
the ongoing recovery in
Europe's biggest economy
and elsewhere, according
to a survey.

LONDON — Britain's
stubbornly high consumer
inflation rate rose to 3.2
percent in October from
3.1 percent in September,
driven by higher prices for
motor fuel, financial ser-
vices and games, toys and
hobbies.

TOKYO — Japanese
lawmakers approved fund-
ing for a new $61 billion
stimulus package, seeking
to keep Japan's fragile
economic recovery alive.

BUENOS AIRES,
Argentina — Argentina's
desire to pay what it owes
to the Paris Club nations

The Four-Way Test

“Of the things we think,
say or do

1. Is it the truth?
2. Is it fair to all

concerned?

3. Will it build goodwill
and better friendships?

next year sends a good sig-
nal to foreign investors
and should facilitate the
country's re-entry into
global credit markets a
decade after its world-
record $95 billion default,
analysts said.

But President Cristina
Fernandez still has some
work to do before
Argentina will be able to
borrow at competitive
interest rates.

NICOSIA, Cyprus —
International credit ratings
agency Standard and
Poor's downgraded
Cyprus’ long-term sover-
eign credit rating from A
plus to A with a negative
outlook amid concerns
over its financial system's
exposure to debt-ridden
Greece.

Rotarian Herbert J. Taylor. This
24-word Test has been

4. Will it be beneficial to
all concerned?”

translated into more than a
hundred languages and
published in thousands of ways.
It asks the following four
questions:

1, Children ages 10-16 may enter. Judging will be in two

age categories: 10 - 13 years and 14-16 years for a first

and second place winner in each category.

2. Write a essay answering the following subject:
“What does the Four-Way Test mean to me.” Explain
your understanding of the 4-Way Test as it relates to
your life, experiences, and/or society in general.”

Your essay must include the four principles.

3. The body of the essay must not exceed 1,000 words.

Adults may assist the child in filling out the entry form,

but not in writing the letter.

P.O. Box:

4. Limit one essay per child. All entries must be received by

the Rotary Club of East Nassau before Nov 30, 2010.

5. Only essays accompanied by original entry forms clipped
from the newspaper will be accepted. Photocopy, fax,
carbon or other copies will not be accepted.

6. One winner will be chosen from each age category. The
decision of the judges is final.

7. Winner must agree to a photo presentation which will
be published in the newspaper.

Age:

OFFICIAL ENTRY FORM

Child’s Name:



School:

Address:

Email Address:





8. Mail essay and completed newspaper clipping to
The Four-Way Test Essay Competition,
Attn: Joanne Smith, The Rotary Club of East Nassau,
P.O. Box N-1299, Nassau, Bahamas

The Tribune

Zn.
Ply Vovce.

4 £4 aeeaenape
Ply Fie spacer!

Parent's Name:



Parent's Signature:





Telephone contact: (H)



(W)

Allentries become property of the Rotary Club of East Nassau and can be used

and reproduced for any purpose without compensation.

One|

BAHAMAS, Districi 7020

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PAGE 8B, WEDNESDAY, NOVEMBER 17, 2010

THE TRIBUNE



Oil prices slide on fresh |

global economic concerns |

NEW YORK

OIL prices fell again as
investors took profits amid
renewed concerns about
the global economy. A
three-day decline has
erased most of the gains for
the month of November,
according to Associated
Press.

Benchmark oil for
December delivery fell
$2.52, or 3 percent, to settle
at $82.34 a barrel Tuesday
on the New York Mercan-

Three-day decline erases
most gains for November

tile Exchange as traders
considered Ireland's ongo-
ing debt problems and wor-
ries about higher inflation
in Asia.

Oil prices have fallen 6.1
percent since Thursday,
when speculation arose that
China would take steps to

NOTICE

NOTICE is hereby given that EMMANUEL EUGENE of MARSH
HARBOUR, P.O. BOX AB-20291, ABACO, BAHAMAS is
applying to the Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and that any

person who knows any reason why registration/naturalization should
not be granted, should send a written and signed statement of the facts
within twenty-eight days from the 17" day of November, 2010
to the Minister responsible for nationality and Citizenship, P.O. Box N-
7147, Nassau, Bahamas.





control its economic
growth. On Tuesday, South
Korea's central bank raised
interest rates to curb grow-
ing inflation. Add in some
concern about Ireland's
impact on Europe's eco-
nomic recovery and
investors found good rea-
son to secure some recent
profits.

As of Thursday, oil had
risen 7 percent for the
month and 23 percent from
the end of August, hitting a
two-year high above $88
along the way.

In the U.S., the Labor
Department said retail gas
prices jumped 9.8 percent
in October, and diesel and
home heating oil costs also
rose, contributing to a 0.4
percent increase in the Pro-
ducer Price Index. Yet,
there was little sign of infla-
tion as the cost of food, cars
and computers fell.

Excluding the volatile
food and energy categories,
the so-called core index fell
by 0.6 percent, the most in
more than four years, pri-
marily because of lower
prices for new cars and

While inflation remains
low, the report supports the
Federal Reserve's belief
that it's because economic
growth in the U.S. remains
sluggish. That view prompt-
ed the Fed's multibillion
bond-buying program in an
effort to push interest rates
lower and help stimulate
the economy.

"The economic bad news
has been sort of giving us
water torture, you know, a
drip from Ireland, a drip
from China, a drip off from
producer prices," said
Michael Lynch, president
of Strategic Energy & Eco-
nomic Research. "It's mak-
ing people feel like the run-
up in oil prices was over-
done."

In other Nymex trading
in December contracts,
heating oil fell 6.19 cents
to settle at $2.3090 a gal-
lon, gasoline lost 2.93
cents to $2.1657 a gallon
and natural gas fell 2.7
cents to $3.818 per 1,000
cubic feet.

In London, Brent crude
gave up $1.97 cents to settle
at $84.73 a barrel on the

trucks. ICE Futures exchange.

Ef EMPLOYMENT
E OPPORTUNITY

H Restaurant managers needed for leading fast
food franchise

NOTICE is hereby given that RESIA JOSEP-EUGENE
of Marsh Harbour, Abaco,Nassau Bahamas P.O. Box
AB20291 is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 17" day of
November, 2010 to the Minister responsible for nationality
and Citizenship, PO. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ROBINSON PIERRE of DUNDAS
TOWN, P.O. BOX AB-20191, ABACO, BAHAMAS is
applying to the Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and that any
person who knows any reason why registration/naturalization should
not be granted, should send a written and signed statement of the facts
within twenty-eight days from the 17 day of November, 2010
to the Minister responsible for nationality and Citizenship, P.O. Box N-
7147, Nassau, Bahamas.

Requirements:

¢ Must have at least two (2) years of
restaurant management or food &
beverage management experience
¢ Must have strong leadership skills
¢ Must be customer service driven

¢ Must be results-oriented & articulate

¢ Must have excellent inter-personal skills

e¢ Must have excellent oral & written
communication skills

Mcdonald’s offers excellent benefits! il

i PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that |, PICARD ANTHON
HEPBURN of No. 2 Johnstone Ave., Stapleton Gardens
on the Island of New Providence intend to change my
name from, PICARD ANTHON HEPBURN to PICARD
ANTHON SCAVELLA. If there are any objections
to this change of name by Deed Poll, you may write
such objections to the Chief Passport Officer, PO.Box
N-742, Nassau, Bahamas no later than thirty (80) days
after the date of publication of this notice.

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

ROYAL FIDELITY

Money al Work



= FG
ic

CAPITAL MARKETS
BROKERAGE & ADVISORY SERVICES

BISX LISTED & TRADED SECURITIES AS OF:
TUESDAY, 16 NOVEMBER 2010
BISX ALL SHARE INDEX: CLOSE 1,490.45 | CHG 0.17 | %CHG 0.01 | YTD -74.93 | YTD % -4.79
FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%
WWW .BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-2320

52wk-Low Security Previous Close Daily Vol. EPS $ Div $ P/E
"AML. Foods Limited
Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste

Fidelity Bank

Cable Bahamas

Colina Holdings
Commonwealth Bank ($1)

Today's Close Change
1.071
10.63
4.90

1.01
10.63
4.90

0.00
0.00
0.00

0.150
0.013
0.598
-0.877
0.168
0.016
1.050
0.781
0.422

0.18
2.84
2.17
10.46
2.40
6.55
1.83
1.60
6.07
7.26
9.74
5.46

0.18
2.70
2A
10.46
2.40
6.56
1.80
1.60
6.07
7.26
9.74
5.46

0.00
-0.14
0.00
0.00
0.00
0.01
-0.03
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Consolidated Water BDRs
Doctor's Hospital
Famguard

0.111
9.199.
-0.003
0.287
0.645
0.366
0.000
0.012
0.971
0.991

Finco
FirstCaribbean Bank
Focol (S$)
Focol Class B Preference
ICD Utilities
J. S. Johnson 9.90 9.90 0.00
Premier Real Estate 10.00 10.00 0.00
BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing basis)
Securit Symbol Last Sale Change Daily Vol.
Bahamas Note 6.95 (2029) BAH29 99.46 0.00
Fidelity Bank Note 17 (Series A) + FBB17 100.00 0.00
Fidelity Bank Note 22 (Series B) + FBB22 100.00 0.00
Fidelity Bank Note 13 (Series C) + FBB13 100.00 0.00
Fidelity Bank Note 15 (Series D) + FBB15 100.00 0.00
RoyalFidelity Merchant Bank & Trust Ltd. (Qver-The-Counter Securities)
Symbol Bid $ Ask $ Last Price Daily Vol.
Bahamas Supermarkets 5.01 6.01 14.00
RND Holdings

1.00
5.59

1.00
5.59

Interest
6.95%
7%
Prime + 1.75%
7%
Prime + 1.75%

20 November 2029
19 October 2017
19 October 2022

30 May 2013
29 May 2015

EPS $
-2.945
0.001

Div $
0.000
0.000

P/E

0.35 0.40 0.55
CFAL Securities Ltd. (OQver-The-Counter Securities)

30.13 31.59 29.00

0.45 0.55 0.55

BISX Listed Mutual Funds

NAV YTD%
5.11%
1.10%
3.87%
-8.16%
1.47%
9.98%
4.75%
3.85%
2.71%
3.79%

ABDAB
RND Holdings

4.540
0.002

0.000
0.000

NAV 3MTH
1.490421
2.919946
1.545071

NAV 6MTH
1.467397
2.811577
1.530224

Fund Name
CFAL Bond Fund

CFAL MSI Preferred Fund

CFAL Money Market Fund

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

CFAL Global Equity Fund

FG Financial Preferred Income Fund
FG Financial Growth Fund

Last 12 Months %
6.79%
3.13%
4.48%
-7.49%
2.95%
12.49%
7.18%
5.22%
6.44%
5.71%

1.4076
2.8300
1.4954
2, 8522
13.0484
101.6693
99.4177
1.0000
1.0000

1.5122
2.9187
1.5655
2.8624
13.5642
114.3684
106.5528
1.1318
1.0969
1.1320

109.392860
100.779540

107.570619
105.776543

1.0000
9.1 G05.

FG Financial Diversified Fund
Royal Fidelity Bah Int'l Investment Fund Principal
4

30-Sep-10

9.7458 4.35% 5.22% 31-Oct-10

10.0000

Royal Fidelity Bah Int'l Investment Fund Principal
2

10.6000 -1.59% 4.26% 31-Oct-10

9.1708 — Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 3

Royal Fidelity Int'l Fund - Equities Sub Fund

9.5037 -4.96%
8.1643 5.79%
MARKET TERMS

-4.96% 31-Oct-10

4.8105 31-Oct-10

BISX ALL SHARE INDEX - 19

for daily volume
ily volume
Change - Chang:
Daily Vol. - Numi
Divs IS per share pai
P/E - Closing price divided by the last 12 month earnings
k Split - Effective Date 8/8/2007
($1) - 3-for-1 Stock Split - Effective Date 7/11/2007
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525

m day to day

FINDEX< - The Fidelity Bahamas Stock Index. January 1, 1994 = 100



HOME DEPOT, DYNEGY, URBAN
OUTFITTERS BIG MOVERS

NEW YORK
Associated Press

STOCKS that moved substantially or traded heavily Tuesday
on the New York Stock Exchange and Nasdaq Stock Market:

NYSE

General Growth Properties Inc., down $1.09 at $14.31
The shopping mall operator is selling up to 155.3 million

shares of common stock at a discount to Monday's closing stock
i price.

Home Depot Inc., up 32 cents at $31.71
The home-improvement products retailer said its profit rose

: in the third quarter despite weak sales growth, and it raised its
? earnings outlook.

Scorpio Tankers Inc., down $1.23 at $9.80
The petroleum shipper Scorpio Tankers narrowed its third-
quarter loss and boosted sales, but warned of higher operating

i expenses.

Dick's Sporting Goods Inc., up $3.59 at $33.51
The sports products retailer raised its profit forecast for the

i year as a key sales measure improved.

Dynegy Inc., up 39 cents at $5.02
Asset manager Blackstone Group LP said it will increase its

takeover bid for the power plant company to $5 per share.

NASDAQ

Urban Outfitters Inc., up $3.90 at $36.63
A lower tax rate and stock buybacks helped the retailer's

i third-quarter profit beat analyst expectations.

Mattel Inc., up 78 cents at $24.33
The toy maker raised its dividend by 11 percent in 2010, to 83

cents per share, and is increasing stock buybacks by $500 million.

Mela Sciences Inc., down $3.45 at $2.92
A Food and Drug Administration panel was sharply critical of

: the company’s melanoma detection device, MelaFind.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, BRUNELL ARABELLA
PHILIP of Garden Villas, Freeport, Grand Bahama intend
to change my name to BRANELL ARABELLA PHILLIPS.
lf there are any objections to this change of name by
Deed Poll, you may write such objections to the Deputy
Chief Passport Officer, RO.Box F-43536, Freeport, Grand
Bahama no later than thirty (30) days after the date of
publication of this notice.

NOTICE

NOTICE is hereby given that SAMSON FRANCIS CHATELAINE
of BARTLETT HILL, EIGHT MILE ROCK, GRAND BAHAMA,
BAHAMAS is applying to the Minister responsible for Nationality
and Citizenship, for registration/naturalization as a citizen of
The Bahamas, and that any person who knows any reason why
registration/ naturalization should not be granted, should send a
written and signed statement of the facts within twenty-eight days
from the 10th day of NOVEMBER, 2010 to the Minister responsible
for Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, KENLY FERGUSON
of RO. Box CB-12982, Southern District of The Island of
New Providence, Commonwealth of The Bahamas, intend
to change my name to KENLEY FERGUSON. If there are any
objections to this change of name by Deed Poll, you may
writesuch objections to the Chief Passport Officer, RO.Box
N-742, Nassau, Bahamas no later than thirty (30) days
after the date of publication of this notice.

af\...
ie

NAD

Nassau Airport
Development Company

¢-140 Airuide Chil and C-159 Lanediide Choi Seage 2 aed 5

Aassze Jumport Deweinoment Company (HAI es pleased to
anegunce fhe reladee of lander 0-199 Airseda Coral are’ C-15)
Landside Chel for Stage 2 aed of he Lynden Predling lelemational
Alport Expansion, MAD mniends to enter into one contract for the
completion of these work packanes

The soope of aayik inceles
+ Earfhmowing Crainage and whikty works. bot airade and

hk ( partong fot and apren coreinichon ndering aaphal
ary C1
Signage and ighting for mechwerys, parang lots, aprons and
LATS; dnd

© [retallahne. of hard and sof lance laedscaping and wnigeion

Tee peawernenl

The C140 Airide Cad and 0-150 Landside Cod, Stage 2 and 3
Tender Documents vill be available for pick up of elechonic
dsinhetion ater 3:00 pm, Thursday October 28th, 2070
Abidders meehng wll be held at 10:00 am, Tuesday
Hovenber Sth, 2010

Plows contact Tract Grshy to negester al the MAC Propect office

Contact: TRAC! BRISEY

Contracts and Procurernent Mananer
LP Exnansion Project

Pho (det POP 00088 | Fnac (2) OTP?
PO. Bow AP S225, Nesaat, Bahamas
Erread: traci heshry rea bs.



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



THE TRIBUNE

eS

WEDNESDAY, NOVEMBER 17, 2010, PAGE 9B





The Tribune



By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net

LOVE Chinese food. The flavours, the vari-
ety of vegetables used and the many options
for vegetarian dining make Asian take-
out and at home stir frys a staple in my din-

ner menus.

So when I got the opportunity to travel to China
last month for a three week training programme in
Beijing, sponsored by China's Foreign Affairs Uni-
versity, I was giddy with happiness. Not only would
I be able to experience a rich culture - which dates
back more than 5,000 years - I would be able to
indulge my cravings for eastern cuisine.

My first meal in China was a buffet breakfast
prepared by the cafeteria staff at CFAU. The spread
was enormous and varied but bore little resemblance
to the morning meals the 20 Caribbean journalists
taking part in the programme were familiar with.

Favourite

There were cold noodles served in a tomato sauce,
hard boiled eggs, chopped spinach, an eggplant dish,
watermelon, orange slices, sliced bread, beef, fried
rice and - my favourite - light, fluffy steamed bread
the size of my fist.

For lunch there was a similar spread and the same
for dinner, with a few variations.

Chinese food is different depending on which area
of the country you visit. In Beijing - where I spent the

A flavour of

‘Taste

CHINESE FOOD:

Savory tofu, bam-

boo shoots, rice

and vegetable rolls

at a restaurant in

Beijing.

majority of my time - roast duck,
white rice, noodles and an assort-
ment of vegetables were dining
staples. In Chengdu, the capital city of the Sichuan
province, hot and spicy food were the order of the
day. Sichuan cooking incorporates dried and fresh
red chilies, Szechuan pepper, ginger, and garlic - a
perfect blend of spices for those that like food with
a kick. Even from my short time there I could see
that the people of Chengdu are serious about food.

The open markets were bursting with an assort-
ment of food - meat on sticks, what appeared to be
dried duck heads and wings, and even deep fried
ice cream topped with a spicy sauce.

One thing that took me by surprise was how little
tofu, or bean curd, dishes were served in Beijing
and Chengdu. Still as a vegetarian, I had more famil-
iar dining options than my Caribbean counterparts
but more often than not I noshed contentedly on rice,
noodles and sautéed vegetables.








DUCK HEADS: Exotic bird meat for sale at a market in Chengu in China's Shichuan province.

Just a few images of what we the
Bahamas looked like 40...50...60...

years in the past.

By Roland Rose

Those infamous Casurianas... Most people only remember one line on the noth side of the road, there
was a complete tunnel in 1952. The new look, top left will show the unique benches of Antonius
Roberts, with landscaping of sea grape, palms and groundcover by Four Seasons.



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



Full Text

PAGE 1

N N A A S S S S A A U U A A N N D D B B A A H H A A M M A A I I S S L L A A N N D D S S L L E E A A D D I I N N G G N N E E W W S S P P A A P P E E R R Govt braced for Baha Mar clash C M Y K C M Y K V olume: 106 No.299WEDNESDAY, NOVEMBER 17, 2010 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER CLOUDS ANDSUN HIGH 86F LOW 73F S P O R T S SEESPORTSINSECTIONE Hurricanes sweep senior divisions B y TANEKA THOMPSON Tribune Staff Reporter tthompson@ t ribunemedia.net T HE Government is expected to be taken to task over its Baha Mar labour resolution and Prime Minister Hubert Ingraham's v isit to China when Parliamentarians meet today. Opposition leader Perry Christie yesterday said the present labour resolution does not sufficiently answer his party's concerns. Dr Bernard Nottage, who will be the Progressive Liberal Party's lead speaker in the debate, is expected to lay out a myriad of guidelines the PLP wants addressed in the paper before the House of Assembly. The PLP will call on Mr Ingraham to detail the expanded scope of work brought on by the additional $200 mil lion in contracts the Prime Minister said he was able to negotiate for Bahamian contractors when hem et with Chinese officials last month. Baha Mar has not informed the public about any expanded scope of work, new design, or redesign of the project and certainly the Chinese just didn't agree to pay $400 million for works that were originally valued at $200 mil lion," Mr Christie said at a press conference at the PLP's headquarters. Mr Christie also criticised the changes in the deal that Mr Ingraham was able to secure as "not substantive" adding it was "unusual that a Prime Minister purports to interfere in the affairs of a PLP set to seek answers overr esort concerns McCOMBO OF THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM ALL NEW WOMENS WEARcollection 2011be the first to shop the latest styles 242.394.4111 www.bahamahandprints.com Located on Ernest & Mackey Streets Open Mon-Fri 10am-4pm, Sat 10am-2pm BAHAMAS BIGGEST CARSFORSALE, HELPWANTED ANDREALESTATE I N S I D E SEE page 10 By PAUL G TURNQUEST Tribune Staff Reporter pturnquest@tribunemedia.net PLP LEADER Perry Christie reconfirmed his com mitment yesterday that if he was re-elected as Prime Minister he will not serve out his whole term in office, but hand over the countrys leadership to a successor. Noting that leaders of polit ical organisations would not normally get themselves caught into such a position, Mr Christie told reporters yesterday it was a realistic assessment for anyone to make that he could not possi bly continue as leader of the party after the next term. That is my view, and people advise you that you dont say things like that, Mr Christie remarked, but look around me (motioning to his fellow PLP MPs). I happen to believe that the difference between the PLP and the FNM is that we have leaders in depth. You can look to my left and you can look to my right and you can see the distinction to be drawn by those persons who surround me and to know that we have the security of knowing that we have by far in my estimation and mean CHRISTIE CONFIRMS HE WOULD N O T SER VE FULL TERM IN OFFICE SEE page 10 B y TANEKA THOMPSON Tribune Staff Reporter tthompson@tribunemedia.net OPPOSITION Leader Perry Christie believes Prime Minister Hubert Ingraham has a "paranoid" p reoccupation with him based on his r ecurring public comments about the P rogressive Liberal Party leader. R ecently, Mr Ingraham told the p ress that his former law partner c ould not look him in the eye while both men attended an ordination service for PLP St Cecilia MP Cynthia Mother Pratt. According to Mr Christie, the reported snub is a figment of the Prime Minister's imagination. I think Mr Ingraham has some CHRISTIE: PM HAS PARANOID PREOCCUPATION WITH ME SEE page nine POLICE are asking for the publics help in capturing the arsonist who they believe set fire to a strip club in the western district of New Providence early yesterday morning. Sometime after 5.25am, police reported that Magic FIREDAMAGE: Firefighters at the scene of yesterdays early morning fire at Magic City. SEE page two Felip Major /Tribune staff S TRIP CLUB FIRE BELIEVED TO BE ARSON CONCERNED citizens gathered last night for the launch of a new group that aims to galvanise public interest and involvement in the countrys development. Expanding on the basic premise that it will take the collective effort of all concerned to effect the social, economical and infrastruc tural change needed, the citizens action group We The People (WTP heralded as a step towards joining Bahamians for a national purpose. At last nights meeting, the groups chairman Ed Fields, senior vice president for Communications at Kerzner International, said: What I have learned and what has given me the inspiration to carry on is the realization of how we have thwarted our national development by our unwill ingness to know one another. If we took the time to talk to each other, there is one thing we would surely come to understand that the clich which states we have more in common than not does not do justice to our cause. The non-partisan and WE THE PEOPLE GROUP AIMS TO GALVANISE BAHAMIAN PUBLIC SEE page 10 CONCERNS: Perry Christie

PAGE 2

OPPOSITION leader Perry Christie met with top officials of the Royal Bahamas Defence Force yesterday to discuss the challenges facing the organisation. The meeting is part of Mr Christie's strategy to gauge issues affecting the country's national security agencies and the public at large as the Progressive Liberal Party gears up for the general election race. The group discussed issues plaguing the RBDF such as poaching, human smuggling and border control. The meeting also provided insight on changes within the RBDF over the last three years. "We're very happy with our meeting. I indicated to the Commodore that as the Opposition party we're doing two things, one we're meeting the new Commodore and finding out from him the extent to which changes are being brought into play here at the Defence Force. "And two, we are demon strating our support for the Defence Force as an important institution in our coun try. That support goes to everything that is done to strengthen the force and enable it to carry out it's man date in guarding the heritage of our country," Mr Christie told the press minutes after meeting with Commodore Roderick Bowe, Commander of the Defence Force. "We want to make sure going forward that the issues facing the country are dealt with around the table in a coordinated, integrated fash ion by all of the relevant insti tutions in our country Bahamas police force, Customs, Immigration, he said. C M Y K C M Y K LOCAL NEWS PAGE 2, WEDNESDAY, NOVEMBER 17, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM INDEX MAIN/SPORTS SECTION Local News..........P1,2,3,5,6,7,8,9,10,11,12 Editorial/Letters........................................P4 BUSINESS/AR TS SECTION Business............................P1,2,3,4,5,6,7,8 Taste....................................................P9,10 Arts....................................................P11,12 SPORTS SECTION Sports.....................................P1,2,3,4,5,7,8 Comics....................................................P6 CLASSIFIED SECTION 28 P AGES C ity, in the Westridge Shopp ing Plaza received extensive fire damage to its upper level, with its lower level being damaged by water. Eyewitnesses at the scene i nformed T he Tribune t hat fire f ighters discovered a hole in the roof of the building which they believe was created to pour some flammable liquid down to later ignite. As a result of the fire, New Oriental Cleaners receiveds moke and water damage and the Sleep Gallery received smoke damage as well. While police investigations into thef ire are continuing, they have e xpressed concerns that this latest incident could be linked in some way to another arson attempt at Club Illusions earlier this month. T he Westridge Shopping P laza is owned by Super Value C EO Rupert Roberts and is insured with Cole Insurance Company. According to police Magic City is occupied by Craig Wells. The contents oft he nightclub were not insured, p olice have confirmed. Christie discusses challenges with Def ence F orce officials Strip club fire FROM page one C LUBBLAZE: P ictured are firefighters on the scene of yesterdays fire at the Magic City s trip club. Police are asking for the publics h elp in capturing the arsonist they believe is responsible. F e l i p M a j o r / T r i b u n e s t a f f

PAGE 3

By LLONELLA GILBERT THE local government for a 21st century Bahamas must be able to understand, willing to participate and prep ared to function within a g lobal economy, Minister of S tate in the Ministry of Lands and Local Government Byran Woodside said. S peaking at the opening o f the Annual Local Gove rnment Leadership Workshop for Family Island Administrators on Monday,M r Woodside said the country is a member of a global market and every arm of government must be cognisant of the impact of globa lisation on the economy a nd people of the Bahamas. H e told the Family Island administrators that they must be fully prepared toa ssist local communities in managing the effects of globalisation, as it is not going away. Mr Woodside added that local government, as it is constituted today, seeks to d evolve power from the a dministrators as the central g overnments agents, and instead turn authority to thel ocal councils. However, he said, over the past 14 years this system of governance has been challenged by the relationshipb etween the role of the Family Island administrator and that of the elected local offi c ials. In addition, there have been a number of incidences where chief councillors, councils and town commit t ees have made questionable decisions that have proven not to be financially or developmentally sound and thus not in the best interest of the communities which they serve. M r Woodside explained t hat to build the capacity of the administrators, this years theme, Fiscal Disci p line and Efficient Service in a Global Economy, will be presented during the four-day workshop to equip t hem with the skills and k nowledge necessary to strengthen their leadership role within the various dis tricts. There are several objectives of this years workshop. The workshop is intended to help the administrators gain an understanding of new and amended legislation impacting upon the delivery of services in the Family Islands. It is intended to also equip the administrators with the knowledge and skills necessary to strengthen their administration of the vari ous democratic processes, thereby allowing them to provide more efficient ser vice in a contracting economy. It is also designed to make the administrators aware of the role of international and local agencies in energising economic development, and to facilitate the exchange of information ideas and dis cussions among the practising officials. In addition, the workshop will assist the administrators in understanding their new role as principle revenue officers, developmental leaders and strategic visionaries. Mr Woodside noted that the government will continue to hold workshops to bring government closer to the people. These interventions provide the opportunity for oth er senior central government public officers and stakeholders to have constructive dialogue and exchanges with you, he said. The overall goal would be to not only enhance our development of local government in the Family Islands, but also to guide your learning about devel opment issues, Mr Wood side said. C M Y K C M Y K LOCAL NEWS PAGE 6, WEDNESDAY, NOVEMBER 17, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM T HEBAHAMAS VERYOWNSTREETPHILOSOPHER Local Government must be able to function in a global economy M INISTER OF STATE i n the Ministry of L ands and Local Government Byran Woodside opens the Annual Local Government Leadership Workshop for Family Island Administrators 2010 at the Wyndham Nassau Resort and C rystal Palace Casino on Monday. Letisha Henderson /BIS

PAGE 4

C M Y K C M Y K LOCAL NEWS T HE TRIBUNE WEDNESDAY, NOVEMBER 17, 2010, PAGE 7 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM By MATT MAURA THE Government is m oving to secure further a cademic, professional and technical training opportunities for officials of Her Majestys Prisonu nder the Caribbean Basin Security Initiative (CBSI National Security Tommy Turnquest said. Mr Turnquest said the move is part of the Gov-e rnments ambitious, but v ery necessary prison reform agenda that is expected to retool Her Majestys Prison into a facility that is even more adequate to deal with the n ew manifestations of c rime, in addition to prov iding custodial care of inmates. The National Security Minister said those new manifestations of crime and criminality require responses on many fronts, including from Her Majestys Prison which as part of the law enforcement and national security network of the country must play a greater role. The additional academ ic, professional and tech nical training currently being sought by the government, he said, will pro vide officials with the training necessary to make the transformation an effective one. Gone are the days when confronting crime was seen as a police problem, Mr Turnquest said. Today, the nature of crime, particularly violent crime, requires effective responses on many fronts. The prison reform agenda in which we are engaged is ambitious, but it is necessary as Her Majestys Prison is an integral part of the nations security forces which daily responds to matters ranging from prevention, detection and investigation of crime, to apprehending criminals and bringing them to justice; from custody and rehabilitation of offenders to their reintegration into society following their release from prison. The new direction the prison is taking in rehabilitating and reorienting inmates, mainly young men in the prime of their lives, enhances the prospects that they will become responsible citi zens upon their release, Mr Turnquest added. The National Security Minister said the Government is consulting its international partners, i ncluding the United States, regional institutions and professional business entities with regards to the provision of even greater opportunities for academic and skills training for prison officers as part of the initiatives being undertaken within CBSI. Let me emphasise that this training we seek to organise is to benefit all prison officers, Mr Turnquest said. In keeping with this new direction, we have developed a strategic plan to offer further opportu nities to officers to upgrade their academic qualifications and profes sional and technical skills. The focus of this plan is on prison management and other disciplines required for an efficiently functioning institution. Mr Turnquest said a new Bahamas Department of Corrections Bill is being revised to give legal underpinning to what we have accom plished in prison reform and to give direction to prison services in the long term. Prison officials will be allowed to view the Bill before it is introduced to parliament, he said. What we are witness ing is the progressive development of a new mindset at Her Majestys Prison. This new mindset will better position the institution to function more effectively, includ ing as a disciplined force that can be expected to respond to matters of national security, Mr Turnquest said. B yLLONELLA GILBERT M INISTER of State in the Ministry of Labour and Social Development Loretta Butler-Turner on Mon-day recognised the Department of Rehabilitative/Wel-f are Services for its work in helping those offenders of the law who choose to become rehabilitated. Speaking at the Rehabilitative Week Church Serviceat Antioch Baptist Church, M rs Butler-Turner said the Departments mission is to develop and provide mechanisms that will control offenders inappropriate b ehaviour and assist them in functioning as law abiding citizens, thus contribut-i ng to the protection of socie ty. One of its several goals is to plan, co-ordinate and implement rehabilitative programmes for offenders. This addresses the aforementioned offender who recognises the need to change his criminal lifestyle. The Department is a lways willing and prepared to assist persons in this area, she said. Functions The Department also fulf ills other vital functions in h elping to confront or interv ene in situations before they can spiral out of control, she said. Mrs Butler-Turner explained that the ChildP rotection Act of 2007, which came into force on O ctober 1, 2009, includes s ome new provisions for the benefit of children and young persons. These include the requirement for parents/guardians to seek intervention from the Department of Rehabilitative/Welfare Services beforeh aving their children rend ered uncontrollable. This helps in the diversion of juveniles from criminal justice proceedings, she said. Parents can also now be m andated by the court to p articipate in the National Parenting Programme offered by Rehabilitative/Welfare Services, Mrs Butler-Turner said. While this occurs on a r egular basis, given the perceived number of un-supervised young persons in the community and the behav iour that they exhibit, it is f elt that more parents require parenting training. In addition to the two s egments of the programme offered at the Department, sessions are also held at PACE (Providing Access to Continuing Education) for teenage mothers, HerM ajestys Prisons and U rban Renewal Centres in New Providence, the Minister of State noted. The programme was launched in Exuma, Abaco a nd South Andros this y ear, and the Department s staff in Grand Bahama in conjunction with the Ministry of Education also provides training for individuals and teenagers inh igh schools. M rs Butler-Turner said the programme will continue to be expanded to reach the entire Bahamas. Activities for the week i nclude the Department of Rehabilitative/Welfare Services staff appearing on r adio shows discussing the theme Changing Lives Through Rehabilitation and informing the public of the services available at the Department; a seminar r elating to male health to be held at Her Majestys P risons and training works hops planned for technical and support staff to enhance t heir job performance. I n Grand Bahama there will be a speech and video competition for high school students and two town meetings, one in Pinders Point and the other in Eight M ile Rock, on Challenges of Parenting Parenting w ith a Purpose. T he week will end with a youth forum and the topic t o be addressed is Youth a nd Crime. Government to secure additional training for prison officials Minister recognises work of Dept of Rehabilitative/Welfare Services MINISTER OF STATE in the Ministry of Labour and Social Development Loretta Butler-Turner brings remarks at the Department of Rehabilitative/Welfare Services Rehabilitative Week Church Service at Antioch Baptist Church on Monday. L etisha Henderson / BIS TRAININGOPPORTUNITIES: T ommy Turnquest

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By LARRYSMITH EXPERTS say that to a ddress the skyrocketing c osts of modern medicine, we have to rely more on preventive and primary care rather than costly hospital treatment. A ccording to Health Minister Dr Hubert Minnis, about two thirds of public s pending on healthcare goes t o treat diseases that are c aused by poor lifestyle c hoices. And half of all d eaths in the Bahamas are a ttributed to these same illnesses. For example, there are tens of thousands of diabetics in the Bahamas, and complications from the disease include kidney failure, heart d isease and blindness. It c osts taxpayers $60,000 a year to treat each of the m ore than 200 people with k idney failure who are cur r ently undergoing dialysis at the Princess Margaret Hospital. B ahamians spend about half a billion dollars on public and private healthcare today (some 7 per cent of GDP). This represents an incredible transformation from the early years of the 2 0th century, and it is intere sting to take a historical p erspective on this subject. Back then, there were o nly three doctors outside of Nassau at Inagua, Harbour Island and Green Turtle Cay to serve 42,000 people livi ng in the widely scattered o ut islands. According to Dr Harold Munnings in his 2005 history of the Princess Mar-g aret Hospital, out islanders "obtained what care they could from untrained mid wives, clergymen and herbal i sts." The PMH began life as a poorhouse in 1809 and entered the 20th century as ap lace of last resort for those in need of medical care. According to a 1905 accountit had four sections for the sick, indigent, lepers and insane. Treatment was free, but patients were referred to a s "inmates", and those who c ould afford it arranged for medical care at home quite the opposite to current prac tice. In 1925 several American visitors contracted typhoid fever in Nassau a killer disease transmitted by dirty food and water, so the B ritish authorities dispatched a senior public health expert to investigate. H e deplored the filth of heavily populated communities not included in the city's new water-works and s ewerage system, then under construction. He also noted the prevalence of tuberculos is, venereal disease, gast roenteritis and tetanus, and s trongly criticised public i ndifference to Nassau's d readful sanitary and housi ng conditions. Unfortunately, these conditions did not begin to change until the middle of the century, when a British official was still able to write that "Behind Nassau's pict uresque old-world streets a nd the princely mansions along the East and West s hores are slums as bad as a ny West Indian Colony, a nd far worse than anything Bermuda can show." In 1953, two thirds of the h omes on New Providence still had no running water. And preventable diseases were due mostly to overcrowding, ignorance, poor nutrition, and lack of public hygiene. A n unpublished medical m emoir written by Dr Mal colm Hale about a year before his death in 2003 att he age of 77 offers an inter esting perspective on this period of modern history. Hale arrived in Nassau in1 954 on a three-year contract a s a medical officer for the new Bahamas General Hos pital (which was renamed after a visit by Princess Margaret in 1955), and stayed on in private practice. "I arrived by boat from E ngland on December 16," h e recalled. "We anchored outside the bar and a tender came out to carry us in. On it was a reporter from the Guardian to interview the new doctor, and a photographer to take his picture...the effort hinted at the state of medical needs of the community." He identified the new Emerald Beach Hotel on Cable Beach, the redevelo ped Bahamas General Hospital and the first City Market food store ase mblems of changing times for Bahamians. They represented a dramatic break with the economy of the past, he s aid, and were a sign that prosperity was beginning to trickle into the general popu lation. S hortly after his arrival D r Hale was put in charge o f the TB and geriatric w ards at the Prospect Hosp ital, as well as the Lazaretto off Carmichael Road, which was no more than a narrow dirt track. This was in addition to his out-patient and casualty duties, as well as occasional out island clini cs. P rospect Hospital was a collection of wooden buildi ngs on Prospect Ridge built f or the American and British a ir forces who trained in the Bahamas during the Second World War. Like Windsora irfield it was handed over to the Bahamian government in 1945. "The general health of the population was poor," Dr Hale recalled. "Tuberculo sis was rife; new cases were d iscovered almost daily, m any from out island settle ments, some of which like Rolleville (ExumaM oores Island (Abaco were heavily infected. For tunately, my entry to the medical profession coincidedw ith the discovery and avail a bility of a whole range of effective medications ...Now patients came to be cured, not to die." He described the geriatric wards as pathological muse ums. "Especially impressivew ere cases of elephantiasis a nd the whole spectrum of tertiary syphilis. The leprosarium was a collection of small wooden cottages (with when I took over, most in advanced stages of disfig urement, especially of hands and face. "The few new cases I admitted were diagnosed in the early stages and so far as I know all were cured and r eturned undisfigured to s ociety. The old cases stayed at the Lazaretto and died off over a period of several years. Most of the cases were white." In the out-patient clinics, Dr Hale treated many maln ourished children with intestines bloated with Ascaris worms. Vermicide w as probably the most heavi ly prescribed drug at the t ime, and he credited it with making the greatest single contribution (except forp enicillin) to the health of the community. Dysentery was also com mon, as were sexually transm itted diseases like gonorrhea and syphilis. But the popular remedy for VD at the time, Dr Hale noted, wast o have sex with female infants. "It took a major edu cational effort by the pro f ession to disabuse the popu lation of this idea, and I wonder today if we fully suc ceeded." Although HIV-AIDS was u nknown at the time, Hale suspected that "the occasional cases of multipatholo g y which responded to no treatment, and which were unsolved diagnostic puzzles, and invariably fatal, mayh ave been AIDS. Interesti ngly, as AIDS increased, the other STDs declined and have become rare." Epidemics of whooping c ough were devastating, Hale said. "I remember Kenneth Eardley, an older private physician, telling me he had signed two or three hundred death certificates due to this illness in one out break just a few years previ ously. And how many times h ave I heard older women s ay 'I born 13 but I bring up t hree'?" In the 1950s there was relatively little obesity and much less diabetes than now, Dr Hale reported. But one serious health condition has remained constant. High b lood pressure was, and is, a common problem amongst Bahamians of all ages, t ogether with its deadly comp lications of stroke and heart d isease. In fact, while he was a resident at the PMH, Dr Halea nd others contributed data to a US hypertension study. In their 1958 report, the American researchers not-e d that: "Almost everyone on the Islands has a relative that has 'the high blood,' died ofh ypertension, or has had a stroke...An analysis of the water supply in Nassau ands everal of the outer island g roups revealed that the well water was significantly high in sodium content." The study reported salt l evels of less than a milligram per millilitre in the drinking water of major USc ities, whereas drinking water at the PMH contained 129 milligrams and on Eleuthera 210 milligrams.T his meant that Bahamians w ere ingesting up to 10 grams of salt per day from water alone. And that was in addition to the sodiumf ound naturally in foods, or added in cooking. Nor did it account for the fact that salt pork was a common ingredient in most dishes at the time. Currently, the American Heart Association recom mends an intake of less than 2.5 grams of salt per day for the general population that's about a teaspoon and even less for high-risk individuals. I can testify from personal experience that this guideline is as difficult to achieve in today's fast fooddominated diet as it was back in the 1950s when we all drank salt water. H ale was one of a growi ng band of doctors who participated in the vast expansion of medical skills and services in the Bahamas over the past half century. His a ssessment of how things had changed over that time? "Today the general health o f the population is excell ent," he wrote in 2002, except for self-inflicted cond itions, principally obesity ( and its complications), H IV-AIDS, and gunshot wounds." In fact, the current level of violent crime is straining our healthcare system. There were 51 cases of knife and gun attacks treated by the P MH in October alone, and E R doctors treated more than 160 other assault cases, a s well as 94 traffic accident v ictims last month. A part from these walking wounded, most of the patients who crowd theP MH emergency room don't need to be there they just don't know any better. Pre ventive medicine and affordable drugs are important, but public education to improve compliance or avoid probl ems in the first place is just a s critical. T here is a growing awareness in government that we w ill never have enough money to solve our healthcare challenges using costly ter tiary care approaches. Canc er, AIDS, diabetes, hyper t ension and stroke, heart attack and kidney failure top the list of modern medicalp roblems in the Bahama and they all are preventable with education, diet and drugs. F or the time being plans have been shelved for a new $600 million public hospital, which surveyors were stak i ng out only months ago on acres of prime forested land at Prospect Ridge. The enormous investment that would be required to build a new hospital has led successive governments to content t hemselves with redevelopi ng the PMH at its present site. "I would love to work in a new, state-of-the-art hospi tal," Dr Munnings told me recently, "but a properly funded programme to prevent chronic disease has to be the priority." What do you think? Send comments to larry@tribunemedia.net Or visit www.bahamapundit.com C M Y K C M Y K PAGE 8, WEDNESDAY, NOVEMBER 17, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM A historical perspective on health issues in the Bahamas HEALTHCONCERNS: High blood pressure was, and is, a common problem amongst Bahamians of all ages

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ANNALSof history have vividly recorded the recollections and adventures of f ervent abolitionists who w orked to systematically e nforce the dismantling of t he detestable practice of s lavery and the transAtlantic slave trade. But B ahamian scholars and stud ents of history know very l ittle of the adventures and experiences of Captain Per-cy Grace, a career British n aval officer. However, intriguing information researched by Dr Daphne Grace, Assistant P rofessor at The College of The Bahamas, shows the extent of Captain Graces s eafaring exploits and just h ow important they were in h elping to end the slave t rade. D r Grace will share her w ork at the 10th Anniversary of Research Edge, a College forum that show cases scholarly research, tobe held at The Colleges Performing Arts Centre, Oakes Field Campus on Frid ay, November 19th at n oon. Her research is titled, Sailing against Slavery: The s tory of one mans pivotal r ole in the prevention and s uppression of the Atlantic slave trade. This story is especially r elevant to The Bahamas s ince many transported A fricans were released by the Navy in Nassau to create part of the new world of lib e rated slaves, said Dr Grace, who won The Colleges Stanley Wilson Award for excellence in research in 2 009. While any discussion of the topic of slavery in the Caribbean must inevitably r emain contentious, this pres entation will attempt to s how how bravery, goodwill and perseverance could beu tilised for ends other than r uthless imperialism. In 1807, Britain changed from being the worlds major nation involved in the slave trade and the transportation of millions of Africans across the Atlantic t o the Caribbean islands to b ecoming dedicated to a global crusade against s lavery. With the end of the w ar against Napoleon in 1 815, the British Navy engaged in an all-out war against slavery that lasted almost 60 years. Percy Grace was one of the captains of an anti-slave shipw ho had joined the British N avy at the age of 12 and a lmost immediately saw action at the Battle of Copenhagen, one of theb loodiest battles in all the Napoleonic wars. By 13 years of age he was serving as midshipman on a ship stat ioned in Jamaica, and is mentioned in Lady Nugents famous journal of her stay ( 1801-1803). P romoted to Captain by t he age of 25, he was given command of HMS Cyrenef or anti-slavery work, interc epting ships bound for the Caribbean islands from the Gold coast of Africa. As Commander of the Preventive squadron, his adventurous career was dedicated to the eradication of slavery in t he Atlantic. He waged a r elentless campaign against slave-traders on land and s ea: including destroying the s lave factories and negotiat i ng with the slave trading African kings. In placing the results of her research into perspective, Dr Grace was of the opinion that the debate overt he involvement of the British in this aspect of history is still very much alive. While this story is inspiri ng, it is simply one of the m any thousands of men who served in this task of abolit ionover six decades the s mall fleet seized 1,600 slave s hips, liberated 150,000 Africans and lost 17,000 of its own men, she said. Yett he controversy still rages over the British motivation in thus policing the Atlantic and even Captain Graces story is difficult to comprehend in many ways since paradoxes and conflicts of interest abound in his life. Students, scholars, researchers and the general p ublic are invited to attend t he Research Edge presentation at The Colleges O akes Field Campus to l earn more about what Dr G race has uncovered. Dr Grace received her Ph.D. in English literaturef rom the University of Sussex, England, and has taught in English and the Humanities at universities in the UK, Europe and the USA, and at The College of The Bahamas since 2005. She has presented at many international and national conferences on a variety of topics i n the fields of post colonial l iterature, womens studies, and ethics. S he has published widely, i ncluding several articles in s cholarly peer-reviewed journals and two monographs: The Woman in theM uslin Mask: Veiling and Identity in Post colonial Literature (Pluto Press 2004 and Relocating Consciousness: Diasporic Writing and the Dynamics of Literary Experience. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE WEDNESDAY, NOVEMBER 17, 2010, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM kind of paranoia about me, quite frankly it's amusing because I know that I am some one who sells The Punch. "But Mr Ingraham creates these things, quite frankly the church service that he referred to, we were on different sides of the room. I was sitting with Mother Pratt and members of her family, he was sitting with Parliamentarians on the other side andwhen I spoke I looked at him and I spoke about him and how Mother Pratt tries to have balance by praying for both of us," Mr Christie said. Despite being "amused" by Mr Ingraham's comments, the Farm Road MP said it is imperative for politicians not to get caught up in individual egos and to realise that leaders are responsible for crafting polices that will push the country forward. "I think it was an amusing aside and some times he gets carried away when he talks about me. At the end of the day this is about the Bahamas and what's best for the Bahamas not what's best for Hubert Ingraham, not what's best for Perry Christie, we have to get beyond that. "This is about policies that are necessary to make the Bahamas a better country, and that's what we're addressing," said Mr Christie after he met with Royal Bahamas Defence Force officials at the Coral Harbour base yesterday. During a press event on Sunday, Mr Ingraham put speculation to rest and confirmed he would seek re-election as the Free National Movement's leader setting the stage for another general election face off between the two leaders. Despite a beating at the polls three years ago, Mr Christie is confident he and his party will regain the majority of available seats in the House of Assembly in 2012, adding he was not surprised by the Prime Minister's announcement on his political future. "I anticipated (it know each other, I anticipated that there was no other person around the way he runs the FNM who would in fact challenge him. To me, it's something that we expected but we are preparing to form the next government not really in effect to beat Mr Ingraham and the FNM this is part of a process of our demonstrating and understanding that the next government of the Bahamas has tremendous work to do," said Mr Christie. "If you look at the candidates that I will run, you will see why I'm confident and that the people in turn have confidence in those people who we are running. I expect to form with me the next government of the Bahamas. "The fact that Mr Ingraham is running is just another part of the democracy of the Bahamas. He too will be a victim of being defeated." When asked why he felt confident of a victory in the next election when the PLP lost just three years ago to the FNM, Mr Christie said voters are dissatisfied with the nation's chief. "He had a test where he had all of the resources of the state (at his disposal by-election and we beat him in Elizabeth. We are very confident that that reflected the changing mood in the country. If we were able to do that, be satisfied of one thing that the evidence is well on our side that we are able to beat him in a gener al election." Captain Percy Graces seafaring exploits and their importance in helping to end the slave trade Christie: PM has paranoid preoccupation with me FROM page one Shar e your news The Tribune wants to hear from people who are making news in their neighbour hoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the ar ea or have won an award. If so, call us on 322-1986 and share your story. Slavery, passion and grace: COBs edge on research

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C M Y K C M Y K LOCAL NEWS PAGE 10, WEDNESDAY, NOVEMBER 17, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM private company without, in fact, informing or consulting the privatec ompany." According to the PLP leader, Mr I ngraham misrepresented the Baha M ar deal from the beginning of his t erm in office. "He misstated the project at Baha Mar at the start of this exercise anda ttempted just after he came to office to persuade the public that somethingw as wrong with the project and that he would change it. He then went off to China with g reat promises of change but he came back with the same deal only now he states what the true deal was from t he start, but in the process now wants t o be seen as the saviour." On Sunday, Mr Ingraham said he was able to double the value of con-s truction works to be subcontracted to Bahamians from $200 million to $400 m illion during discussions with Baha M ar's Chinese financiers in Beijing l ast month. T his will create thousands more jobs for Bahamian contractors and s ubcontractors who will work on elem ents of the Core Project in the largest award of contracts to Bahamian contractors on any single project in t he nation's history, Mr Ingraham s aid. Baha Mar and China State Construction have also agreed to establisha Training and Service Academy to provide extensive training to Bahamia n workers from 24 months prior to o pening Baha Mar as well as ongoing t raining for new and existing staff, s aid the FNM leader. The PLP has said it favours a final B aha Mar deal which maximises the p articipation of Bahamian construction and related labour and ensures training and skills transfer for B ahamian workers throughout the p roject. The Opposition has always maintained that Baha Mar's success is keyt o the country's economic recovery. Yesterday Mr Christie wondered w hether the FNM's "dilly dallying" o n the project will sour potential fore ign investors from operating in the B ahamas. ing no disrespect to those persons on the other side of the democratic wing of our country but I am very confidenta bout the quality of the manpower around me, and therefore am very confident about the PLP have a secure future when I demit office, he said. This process, Mr Christie said, will be one he believest he party will have to look forward to and one that will be done in the right way. On Sunday, Prime Minister H ubert Ingraham revealed that once again he will be leading his party into the next general election, and used the opportunity to criticise the PLP leader who, in the past, has maintained that if elected,h e would not serve the full term and step down for a successor. When its time for me to go I will go and the party will select my replacement, but Im not going to make that kind of deal. Im not in thep osition where persons are at my heel and I have to tell them listen I will make space for you others have to do that, Mr Ingraham laughed. Answering the Prime Minister, Mr Christie said he didn ot have to make any such deal. And let me make one point about Mr Ingraham and his invective. I dont know why he has this paranoia, and thats a physiological condition about Perry Christie; and the factt hat he has just witnessed my going into convention, my coming out with 86 per cent of the vote to say that I have to do a deal because I am threatened. I mean, at any given time t here has never been in the history of politics in the Bahamas where a leader has been tested by those persons who make the decision and come out of that test, so clearly there is no threat on my part. And the fact that I have some real roosters around me can testify to that. So I dont have to do that. My decisions are decisions personally arrived at, and I dont even know if my familya grees with me in that regard, but these are personal decisions that I make as leader of the PLP, he said. SEEPAGETHREE not for profit organisation will seek to originate, advocate and promote progressive action through the collective efforts of its members. Mr Fields said: Generally if asked the question, most of us would list crime, education, the judicial system, employment, e tc, as the source of our problems. We would spend hours debating how a nd what we should do to c hange things in those respective areas. Indeed w e have done exactly that o ver the many years, but t o little or no avail. So what then is the answer?W hat is the cause of the dilemma we find ourselves i n? He added: The answer: We are the cause. Quite simply, while there are those among us who make t he effort to effect change, i t is a woeful few. Genera lly as a people we are not engaged. We hold to theb elief that we are empowe red once every five years to make a difference. The reality is we can be empowered every single day if we are willing to commit ourselves to the process of change. T he groups founding m embers, titled The First Thirty, consisted of wides pread mix of Bahamian p rofessionals and philant hropists from various industries and sectors. Among those who pledged their commitment to theo rganisations principles were Bishop Neil Ellis, leader of the Full GospelB aptist Fellowship of Churches in the Bahamas; Philip Simon, former Executive Director of TheB ahamas Chamber of C ommerce; Nancy Kelly, president and CEO ofK ellys Home Centre Ltd; a nd Antonio Butler, pres ident of the College of the Bahamas Union of Students. M r Fields said: Mem bers will have an opportu nity to pinpoint the location of a particular issue that impacts them, whether it is a pothole, or an unkempt park, or a t raffic light. Through the u se of google maps, the location of the problem can be highlighted. Members can then exchange ideas with respect to solu tions and finally successes to the problems can be recorded. The solution can take the form of self help projects or through making certain that the neces sary authorities are made aware of the problem and pressure applied until it is corrected once a solution is identified. Persons interested in learning more about the citizen action group, membership and initiatives are encouraged to visit their website at www.wethep eoplebahamas.org Mr Fields added: Are we a third party? Absolutely not. We might be called the Bahamian tea party. Our answer will be the tea party is about idealogy, We the People is about ideas. Some will classify us a think tank. Thats okay too, except that in addition to think ing, we will be about doing. Others will say we are an advocacy group, our response will be that we will advocate civility and constructive means of arriving at solutions, and then there are those that will define us as a pressure group. Our mission will be to pressure our people to engage for the national good, rather than to depend on others for the quality of our collective welfare. Call us any of these things, but most of all call us concerned citizens Bahamians. WE THE PEOPLE GROUP AIMS TO GALVANISE THE BAHAMIAN PUBLIC FROM page one Christie confirms he would not serve full term in office FROM page one FROM page one Government braced for Baha Mar clash PORT-AU-PRINCE, Haiti AN OUTBREAKof c holera has killed more than 1 ,000 people, the Haitian government said Tuesday asit sent top officials to the c ountry's north in hopes of quelling violent protests against U.N. peacekeepers accused of spreading the dis e ase, a ccording to Associated Press. As the barricades burned, the disease continueds preading across Haiti and potentially the island of His paniola. Authorities in the Dominican Republic reported their country's first con firmed case of cholera in Higuey, near the tourist m ecca of Punta Cana. T he man was a Haitian citizen who had recently returned from a 12-day vacat ion in neighboring Haiti. The news alarmed Dominicans, but the spread of the disease is easily prevented with good hygiene and sanitation, and no locally originated cholera cases have been reported. Haiti's police chief, the health minister and other Cabinet officials headed to Cap-Haitien, the country's second largest city, where protesters erected barricades of flaming tires and other debris and clashed with U.N. troops. At least two demonstrators died, one of them shot by a member of the multinational peacekeeping force that has been trying to keep order since 2004. A U.N. World Food Program warehouse was looted and burned. The cholera outbreak that began last month has brought increased misery to the entire country, still struggling with the aftermath of last January's earthquake. But anger has been particularly acute in the north, where the infection is newer, health care sparse and people have died at more than twice the rate of the region where the epidemic was first noticed. The health ministry said Tuesday that the official death toll hit 1,034 as of Sun day. Figures are released fol lowing two days of review. Aid workers say the official numbers may understate the epidemic. While the min istry of health says more than 16,700 people have been hospitalized nationwide, Doctors Without Borders reports that its clinics alone have treated at least 16,500. On Tuesday, during a sec ond day of rioting throughout northern Haiti, local reporters said a police station was burned in Cap-Hai tien and rocks thrown at peacekeeping bases. In the town of Limbe, west of Cap-Haitien, the unrest carried through the night Monday as screams and chants filled the streets, said Beth Macy, a reporter for The Roanoke Times who accompanied a Virginia medical mission to Haiti. The group hunkered down in the hospital as protesters pelted the gate with stones, she said in a newspaper blog post. President Rene Preval called for the violence to stop Tuesday as rumors cir culated of possible Wednes day protests in Port-auPrince. He said barricades were keeping people from getting needed care, and admonished that looting would not help stem the tide of the disease. The U.N. canceled flights carrying soap, medical supplies and personnel to CapHaitien and Port-de-Paix because of the violence, the U.N. Office for the Coordi nation of Humanitarian Affairs said. Oxfam suspended water chlorination projects and the World Health Organization halted training of medical staff, the U.N. humanitarian office added in its news release. The violence has com bined some Haitians' longstanding resentment of the 12,000-member U.N. military mission with the internationally shared suspicion that the U.N. base could have been a source of the infection. Health experts have called for an independent investi gation into whether Nepalese peacekeepers introduced the South Asian strain of cholera to Haiti, where no case of cholera had ever been documented before late October. The U.N. denies responsibility, and a mission spokesman said the protests were politically motivated. Haiti's national elections are scheduled for Nov. 28. Cholera is transmitted by feces and can be all but pre vented if people have access to safe drinking water and regularly wash their hands. But sanitary conditions don't exist in much of Haiti, and the disease has spread across the countryside and to nearly all the country's major population centers, including the capital, Portau-Prince. There are concerns it could eventually sicken hundreds of thou sands of people. Haitis cholera death toll grows, fueling riots UN PEACEKEEPERS from Brazil patrol in the Cite Soleil slum in Port-au-Prince, Haiti, Monday. (AP UN PEACEKEEPERS from Brazil patrol at an earthquake survivors refugee camp in the outskirts of Portau-Prince, Haiti, Monday.

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LONDON Associated Press PRINCE WILLIAM finally became engaged to longtime girlfriend Kate Middleton, giving her his late mother's sapphire and diamond engagement ring, as Britain looked forward to its biggest royal wedding since Prince Charles married Lady Diana Spencer almost 30 years ago. Royal officials announced Tuesday that the couple will marry next spring or summer in London, ending years of rumored splits, reconciliations and will-they, won't-they speculation. William is second in line to the British throne after Charles, his father. Kate and William's first child would move ahead of his younger brother Prince Harry to become third in line to the throne. William, speaking in a joint TV interview, discussed marriage with Middleton for more than a year before he proposed during a vacation in Kenya last month. "As every guy out there will know, it takes time, a certain amount of motivation to get yourself going," William said."It just felt really right out in Africa and was beautiful at the time." He gave Middleton the engagement ring once worn by his late mother, Diana an oval blue sapphire surrounded by diamonds from the jeweler Garrard. "This was my way of making sure that my mother didn't miss out on today," William said as the couple posed for photogra phers in the state apartments at St. James' Palace. Middleton acknowledged that being queen was "a daunting prospect." She declined to say whether the prince had pro posed on bended knee. Thr one Clarence House said that while William's bride-to-be is commonly known as Kate, her official name is Catherine Eliz a beth the style used by her close family. She will be named Queen Catherine if William, as expected, eventually takes the British throne. Many in Britain welcomed the royal engagement as a rare piece of good news in a time of economic uncertainty and cut backs a time much like 1981, when millions watched Charles and Diana's fairy-tale wedding. Their marriage eventually end ed in divorce but no one was dwelling on that detail Tuesday. William's grandmother, Queen Elizabeth II, and her husband Prince Philip "are absolutely delighted for them both," Buckingham Palace said. Prince Charles said he was "absolutely thrilled," and his wife, Camilla, duchess of Cornwall, said her stepson's engagement was "the most brilliant news." "It's wicked," said the duchess, who had just attended an event at the theater where the musical "Wicked" is playing. Prince Harry said he was "delighted that my brother has popped the question!" He added that Middleton would be the sister "I have always want ed." Middleton's parents, Carole and Michael, welcomed the prince to their family. "We all think he's wonderful, we're extremely fond of him," Michael Middleton said. "They make a lovely couple." Prime Minister David Cameron wished the couple "great joy in their life together," and said when he announcedthe news during a Cabinet meeting it was greeted by cheers and "a great banging of the table." Cameron, who said he had camped out on the street the night before Charles and Diana's wedding procession, predicted this royal wedding would be a "great moment for national celebration" that would unite Britain. Charles' Clarence House office said he was "delighted to announce the engagement of Prince William to Miss Catherine Middleton." It used Twitter as well as a news release. Few were surprised. Their engagement was the safest bet in Britain, an event so certain that bookies had stopped taking bets on a 2011 wedding. The date avoids London's Summer Olympics and the queen's Diamond Jubilee, both being held in 2012. "Kate has been waiting for so long, I expected her to find someone else," said London tour guide Gabrielle Sullo, 53. "The media had called her 'Waitey Katie,' so it's about time that she stopping waiting." No venue has been announced yet. For pomp, the ceremony is likely to fall between the extraordinary spectacle of the wedding of Charles and Diana in St. Paul's Cathedral and Charles' subdued second marriage to Camilla at Windsor Guildhall in 2005. Patrick Jephson, Diana's for mer secretary, said her son's nuptials would be "a master class" in wedding planning. The formal engagement is likely to turn the poised, brunette Middleton already depicted approvingly in the fashion pages into a global icon. With her confident good looks and long brown hair, Middleton has already become one of the most photographed women in Britain. The palace will be hoping that she combines Diana's glamour and charm with a more commonsense approach to life. At 28, Middleton is con siderably older than Diana was when she wed at 20 and has had greater life experiences and longer training in dealing with the media. "She seems quite compe tent," said approving 22-yearold student Sarah Madden, "and seems to be just as wonderful as Diana." William and Harry have spent a lifetime in the spotlight, with their drunken nights out and female friends the subject of constant tabloid gossip. William, who turned 28 in June, once told an interviewer he wouldn't marry "until I'm at least 28 or maybe 30." But since joining the military, both have kept a lower profile. Middleton met William at the University of St. Andrews in Scotland. They shared a house along with other students in the seaside university town, where William initially studied art history before switching to geography. In 2002, William paid 200 pounds to sit in the front row ata charity fashion show where Middleton was modeling in a daring outfit. They are thought to have started dating the next year. St. Andrews congratulated the couple Tuesday, pointing out that the school has a repu tation as "Britain's top matchmaking university." A wealthy commoner rather than an aristocrat, Middleton is the daughter of self-made millionaires. Her father worked for an airline and her mother was a flight attendant before they started a mail-order business specializing in children's parties, run from their house in southern England. She attended Marlborough College, an elite private school, where she played tennis and field hockey, before studying art history at St. Andrews. After graduating in 2005, Middleton worked as a buyer for the fashion chain Jigsaw. She is now employed by her family's party-planning business. The couple's relationship became public with a joint photo on a Swiss skiing holiday in 2004. Middleton then became a media darling especially after both graduated, which ended a British media agreement to leave William alone while he was at university. Middleton was there when William was commissioned as a British Army officer after graduating from Sandhurst military college in 2006. She was photographed attending public events, going to work, even getting a parking ticket a level of atten tion that evoked the romance of William's parents. Media But William was determined that Middleton would not suffer the same media hounding endured by his mother, who died in a Paris car crash in 1997. He appealed through his office for the media to leave her alone. I n 2007, Middleton filed a harassment complaint against a British newspaper. She accepted an apology and admission of error from the Daily Mirror. At the time, an engagement was so expected that the retail chain Woolworths even com-m issioned mugs, plates and other Wills-and-Kate memorabilia. The chain has since gone out of business. Yet only weeks later in 2007, media reported and Clarence House did not deny that the couple had broken up. N ewspapers pored over the a pparent end of the relation ship in long stories sourced to anonymous "friends." William's army training kept them apart, said some. The media pressure was too much for her, said others. Still others murmured that senior courtiers felt Middleton's middle-class background wasn't royal mate rial. Soon, however, the same newspapers were reporting that the pair had rekindled their romance. They were photographed leaving a London nightclub together, and Middleton was snapped on a stag hunting expedition at the royal family's Balmoral estate in Scotland alongside Charles. When William graduated from his first flying course in spring 2008, Middleton applauded from the sidelines although his training was not without incident. The Ministry of Defense confirmed that William had landed a helicopter on Middleton's parents' lawn during a training flight and flewa Chinook to a friend's stag party on the Isle of Wight earning him a drubbing in the press for his perceived sense of entitlement. William later served a twomonth deployment with the Royal Navy before training to become a Sea King search-andrescue pilot with the Royal Air Force. He recently completed that training. The pair have recently seen each other mostly on weekends, with William a frequent visitor to the Middleton family house in the affluent village of Bucklebury, 50 miles (80 kilometers west of London. Earlier this month, Middleton's parents were invited to join members of the royal family for a shooting holiday at Balmoral, another milestone on her road to acceptance into the r oyal family's inner circle. Clarence House said after the wedding, the couple will live in north Wales, where William is based with the RAF. M iddleton has rarely, if ever, spoken about William in public. "I love the uniform. It's so, so sexy," her a ssessment at William's graduation from Sandhurst was a rare slip. Not everyone was happy about the expected extrava g anza. Graham Smith of the anti-monarchy group Republic said a lavish state-funded wedding amid a time of cutbacks w as inappropriate. "They need to pay for this event entirely themselves and not try to use it as some sort of PR exercise for the monarchy,"S mith said. C M Y K C M Y K INTERNATIONAL NEWS T HE TRIBUNE WEDNESDAY, NOVEMBER 17, 2010, PAGE 11 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Prince William gives the UK long-awaited royal wedding BRITAIN'S PRINCE WILLIAM and his fiancee Kate Middleton pose for the media at St. James's Palace in London after announcing their marriage, London, Tuesday, Nov. 16, 2010. The couple are to wed in 2011. (AP June 21, 1982 Prince William is born at St. Mary's Hospital in London at 7 pounds, 1 1/2 oz. Aug. 4, 1982 Prince William Arthur Philip Louis is christened by the Archbishop of Canterbury, Dr Robert Runcie, in the Music Room at Buckingham Palace. July 1995 Prince William begins his studies at Eton College, the exclusive school founded by King Henry VI in 1440. Aug. 31, 1997 Prince William's mother, Diana, Princess of Wales is killed in a Paris car crash. Sept. 6, 1997 Prince William and his younger b rother Prince Harry walk behind their mother's cortege at her funeral. Late 2000 After finishing his studies at Eton, Prince William works on volunteer projects in Chile, takes part out exercises with the Welsh Guards in Belize and rises at dawn to milk cows on a dairy farm in England. September 2001 Enrolls at St. Andrews University in Scotland, where he meets Kate Middleton a fellow art history student. She persuades him to stay at university after he admits finding it difficult to settle. Prince William later switched to a geography course. September 2002 Prince William and Kate move into a shared student house with two other friends. May 2003 Prince William and Kate are pictured deep in conversation at a rugby match, sparking rumors of a romance. June 2003 Kate is a guest at Prince William's 21st birthday party at Windsor Castle, but in an interview he denies he has a steady girlfriend. December 2003 Prince William and Kate are rumored to have become an item around the Christ mas period March 2004 Prince William and Kate's romance becomes public when they are pictured together on a Swiss skiing holiday. April 9, 2005 Kate does not attend the wedding of Prince William's father the Prince of Wales and Camilla Parker Bowles in Windsor. June 2005 Prince William and Kate both graduate in the same ceremony at St. Andrews and attend a celebratory lunch together with their families. December 2006 Prince William is commissioned as an army officer in front of the Queen at Sandhurst and joins the Household Cavalry as a sec ond lieutenant. Kate attends the ceremony. April 2007 British newspapers report that Prince William and Kate have split up. Prince Charles' Clarence House office refuses to comment, but does not deny the report. July 2007 Media in the U.K. report that Prince William and Kate have rekindled their romance. April 11, 2008 Kate is seen at Prince William's side at his graduation ceremony from the Royal Air Force, taken as a signal by royal watchers that their relationship is now serious. June 16, 2008 Kate attends the Order of the Garter service at Windsor Castle, the first time she has appeared at a formal royal public event. February 2010 Asked by a member of the public about the prospect of a royal wedding, Prince William says: "You'll have to wait a while yet." October 2010 Prince William proposes to Kate Middleton on a private holiday in Kenya. Nov. 16, 2010 Clarence House officially announces the engagement of Prince William andK ate Middleton. A timeline of key events in the life of Britain's Prince William, who announced he will marr y girlfriend Kate Middleton in 2011. PRINCEWILLIAMTIMELINE Couple to marry next spring or summer

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C M Y K C M Y K SECTIONB business@tribunemedia.net WEDNESDAY,NOVEMBER17, 2010 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.36 $4.42 $4.26 By ALISON LOWE Business Reporter a lowe@tribunemedia.net T HERE has been a 20 per centi ncrease in the hiring of accountants during 2010, something BahamasI nstitute of Chartered A ccountants (BICA i dent, Reece C hipman, yesterday said appears to b e proof of a greater need for assurance from stakeh olders about companies finances due to the recession. T he added demand for the industrys services c omes at a time when the Bahamas Institute of Chartered Accountants (BICA i s pushing for amendments to the law governing the p rofession to increase its regulatory powers in line with international stand ards for accountants, which have also evolved in light of the recent crisis. M r Chipman said BICA has submitted proposed amendments to the Public Accountants Act 1991 tot he Attorney Generals office in the past six months. The amendments are i mportant if BICA is to be in compliance with stan dards set out by the Inter national Federation ofA ccountants (IFAC which it is a member, and if it wishes to gain cross-bor-der recognition of its a ccountants qualifications under the recently signed Economic Partnership A greement (EPA E urope, suggested Mr Chipman. The financial crisis has brought to the fore the issue of corporate governance and the audit framework, and whether we are in compliance with international standards, so thats an international issue for the accounting profes sion, said the BICA pres ident. The proposed amendments include an increase in the number of hours given to continuing profes sional education by Bahamian accountants each year if they are to remain licensed to practice; the power of BICA to register and monitor not only individual accountants but accounting firms; and the introduction of insurance indemnification requirements for accounting firms. Mr Chipman said: Hopefully something will happen very soon, because we want to start taking an aggressive approach in terms of making sure our members are meeting the international standards. Its really up to (BICA By NEIL HARTNELL Tribune Business Editor SOME$188 million in loans to Bahamas-based businesses, representing 18.11 per cent of all bank credit to the private sector, were non-performing as at September 30, 2010, Tribune Business was told yesterday, one senior banking industry executive describing this as horrendous and reflective of how poorly many companies were performing due to the recession. With $188 million out of some $1.047 billion in outstanding Bahamian commercial bank loans to the private sector more than 90 days past due, the banking i ndustry executive, who requested anonymity, said the overhang on his industry from the bad loans was going to be around for a while. Data provided to Tribune Business showed that the picture on Bahamian dollar mortgage loans and consumer credit was little better. Some $287 million worth of mortgage loans were nonperforming (over 90 days past due and upon which banks have stopped accruing interest) as at September 30, 2010, an amount equivalent to 9.76 per cent of the total $2.917 billion in mortgage credit outstanding. Taking $250,000 as the average mortgage loan amount in the Bahamas, the banking industry source and Tribune Business did a crude calculation and, dividing the $287 million in non-performing mortgages, came up with the figure of 1,148. That suggests that the same number of Bahamian homes could be in danger of being sold out from under struggling homeowners by banks exercising their powers of sale under the mortgage contract, although many institutions have been reluctant to do this due to the shortage of buyers with the wherewithal to purchase them. That 1,148 figure, though, is not a reliable estimate, and could be smaller or higher, depending on whether the homes covered by those $287 million worth or mortgages were priced lower or higher than the $250,000 figure used. The banking industry executive described this as a sobering statistic, a nd said: The newspaper advertisements you see are reflective of the homes in trouble. He added that the Bahamian commercial banking industry would be unable to work out this volume and amount of troubled mortgages within a year. As for consumer loans, such as auto credit, some $154 million worth equiva lent to 7.34 per cent of the $2.134 billion in such outstanding loans were more than 90 days past due as at September 30, 2010. Focusing on the problems many Bahamian businesses were having in meeting their debt repayment obligations, the banking industry executive s aid these were reflective of the depressed wider economy, in which he By NEIL HARTNELL Tribune Business Editor THEGovernment is very close to signing a Memorand um of Understanding ( MoU) for the $200 millionplus sale of a 51 per cent stake in the Bahamas Telecommu-n ications Company (BTC Cable & Wireless, highlyplaced sources confirmed to T ribune Business last night, some suggesting that it could be sealed in a matter of aw eek or so. D espite Prime Minister Hubert Ingrahams comments at his weekend press confer e nce that the privatisation p rocess had run into a sub stantial roadblock due to C able & Wirelesss plan to slash BTCs estimated 1,150strong workforce by 30 per cent once it acquired majorityc ontrol, Tribune Business has b een able to confirm that n early all the key issues have been finalised in negotiations b etween the regional tele coms operator and the Government and its privatisation By NEIL HARTNELL Tribune Business Editor THE Bahamas Telecommunications Company (BTC regulators that they may have to "constrain" Cable Bahamas to prevent it from "abusing its market posi tion", alleging that the BISX-listed company had refused to give it access to its data centre. With negotiations between the two companies over an interconnection agreement seemingly set to become increasingly contentious, given Cable Bahamas' plans to enter the By NEIL HARTNELL Tribune Business Editora nd ALISON LOWE Business Reporter alowe@tribunemedia.net A CREDITbureau for the Bahamas could be launched within 18 to 24 months, the Central Bank of the Bahamas governorr evealed yesterday, telling Tribune Business that starting costs were likely to be around $2 million and that the facility would mean ah uge change for Bahamian borrowers who had been less than forthright. about their credit histories Explaining that it would help in containing risks to the overall financial sector and "improve the efficiency" of lending decisions By ALISON LOWE Business Reporter alowe@tribunemedia.net WHILE the rate of growth in the Bahamas national debt slowed to roughly half of the previous years value this year, this did not stop this figure swelling to $4.1 billion or 55 per cent of projected gross domestic product (GDP of September 2010, the Central Bank governor said yesterday. Wendy Craigg said debt servicing cur rently constitutes around 25 per cent of all BTC CALLS FOR ONSTRAINT OVER C ABLE Warns that BISX-listed company could abuse market position through control over its access network, and alleges it has already denied BTC access to its data centre Brands Cable Bahamas concerns over free local calls and non-zero interconnection rates as selfserving, urging instead f ocus on access deficit and univ ersal service Rebuts Cables calls for mor e interconnection points besides Ne w Pr ovidence and Grand Bahama SEE page 2B GOVERNMENT VERY CLOSE TO BTC LIME DEAL Tribune Business told Memorandum of Understanding to sell 51% Cable & Wireless c ould be signed in matter of a week or so PMs press conference comments designed to ease fears about mass forced redundancies, withg overnment wanting to make sure process goes properly through early retirements, voluntary departures SEE page 2B Horrendous $188m bad business loans Some 18.11% of the more than $1bn in commercial bank loans extended to Bahamian private sector now at least 90 days past due, reflecting impact recession and2 0-30% consumer demand drop has had on many Some $287m or 9.76% of total mortgage loans non-performing, indicating that more than 1,000 homes in danger of being sold under banks power of sale Consumer loans 90 days or more past due worth $154m SEE page 2B ACCOUNTANT HIRING INCREASES BY 20 PER CENT National debt strikes $4.1bn CREDIT BUREAU IN 8 TO 24 MONTHS Hits 55% of GDP, although growth slowed to half of 2009s figures, as Governor says she would like to see more debt consolidation Sa ys debt le vel not critical and Bahamas doing w ell compar ed to Car ib b ean, but g overnment borrowing needed to keep public sector employment levels Pr iv ate sector credit contracts 0.5% in 2010 Mortgage disbursements down nearly 50 per cent fr om last y ear, and commitments fall in number and value by some 15 and 35 per cent WENDYCRAIGG Centr al Bank g overnor says facility will cause hug e c hange for Bahamians who ha ve been less than forthright a bout cr edit history, impairing their access to shor t-term credit Suggests start-up costs will be around $2m, and could held reduce lending rates to g ood bor rowers and assist banks with r isk mana gement SEE page 4B REECE C HIPMAN SEE page 2B SEE page 3B

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M r Ingrahams comments seem to have largely been designed for public consumption, sending a mes sage to the electorate that his gove rnment will tolerate no forced redundancies at BTC, knowing that if this were to happen and more bodies be added to the lengthy unemployment line it could be especially damaging given the cur r ent point in the political cycle, s ome 16-17 months away from a general election. Your understanding is quite cor r ect, one highly-placed source told T ribune Business, when this news paper sought confirmation both about the likely imminent MoU signing and the context of Mr Ingrahams comments. I think if its going to happen, its going to be pretty quick, the s ource said of an MoU signing with Cable & Wireless. It shouldnt be more than a matter of a week ors o. We really need to do this. W hile the Government is undoubtedly sensitive to the social, economic and political implications of any move to downsize BTCs workforce by some 300-400 personnel, its main concern is under stood to be that the process is handled correctly. Rather than engage in forced redundancies and lay-offs, it is look ing for Cable & Wireless (LIME r educe headcount through natural attrition early retirements for elderly workers, plus voluntary dis e ngagement packages. W ell-placed sources have con firmed that the average age of BTCs workforce is in the late 40s,w ith many other staff aged in their early 50s. Only around 100 BTC staff are said to be aged 30 years-olda nd below, and Tribune Business has been told that many older workers would be willing to accept early retirement or voluntary dis e ngagement packages if the price was right. One source said of the privatisation: Theres a great opportunity for re-positioning the workforce of that company. A sked about the prospects for concluding a deal with Cable & Wireless (LIMEi ar with the process said: It would be a great tragedy if it didnt con clude, but it doesnt seem likely that will be the case. You should be reasonably optimistic that things will be OK. The Government is resolved. It is absolutely determined to get it done. The Prime Minister commented on it on Sunday in his remarks: The longer we wait, the less we have to sell, so lets be thankful a serious buyer is still interested. That refers to the inevitable cut in BTCs profits and revenues that will occur once the Bahamian commu nications market is liberalised and f ully opened up to competition. Cable Bahamas is already planning to go head-to-head with BTC in thef ixed-line voice telecoms market, p ossibly as soon as next year, once it satisfies regulators it has complied with its Significant MarketP ower (SMP BTCs financial position is kept afloat by its cellular monopoly,w hich accounts for two-thirds of its revenues, and once this segment is opened to competition there could be a dramatic impact on the com p anys profitability. However, the Prime Minister has previously indicated that the Government could extend BTCs cel lular exclusivity beyond the two years immediately post privatisa-t ion, in return for Cable & Wireless not slashing such a huge per centage of its workforce. That, Trib une Business understands, has not pleased Cable Bahamas and rival operators. One source told this newspaper yesterday: BTC is still a very, very interesting resource. Its got infra s tructure that can be leveraged very significantly in broadband, Internet and can add on quite significantly to the mobile services it offers. And the Bahamian economy is poised to rebound and grow significantly over the next five years, so when you take that into account BTC is still a very good business proposition, even though its worth a couple of hundred million dol lars. fixed-line voice telecoms market, BTC called on the U tilities Regulation & Comp etition Authority (URCA t o prevent the BISX-listed company from using its dominance in the provisionof cable TV and Internet services to exert control over its access network. Describing Cable Bahamas as more than just a new entrant to the Bahamian communications market, BTC said URCA would need to regulate theB ISX-listed firms access network control, especially given that its market sharewas set to increase with its p lanned entrance into fixedline voice services. Coupled with its existing presence in the cable TV, I nternet and broadband sectors, BTC said of Cable B ahamas: Control over the a ccess network, and an expansion of its market share, may provide Cable Bahamas with market powe r which URCA may need to regulate sooner rather than later, especially if the p lanned merger between Cable Bahamas and Systems Resource Group goes ahead. Cable Bahamas is already showing this power, for example by initially r efusing to provide BTC w ith access to the Cable B ahamas data centre. As a result, BTC expects t he forthcoming interconn ection negotiations between Cable Bahamas will demonstrate that botho perators have substantial negotiating power, and that s ome regulatory constraint may be necessary on Cable B ahamas so that it does not abuse its market position and, in particular, controlo ver its access network. BTCs warnings were contained in its latest comments on URCAs consultation process over its draft Reference Access and Interconnection Offer (RAIO which it also took a swipe at C able Bahamas for advoc ating zero-based call term ination/interconnection f ees, given the state-owned i ncumbents current practice o f providing free same island calls. Cable Bahamas position o n a number of material issues is largely self-serving, a nd would not ensure the development of sustainable c ompetition in the Bahamas nor would it provide benefits to its citizens, BTC said. I t urged URCA to place its free same island calls regime into context, focusing on issues such as BTCs universal service obligations, w hich mandate that it prov ides telecoms services throughout the Bahamas, and the net costs it incursf or the provision of such service. In a country like the Bahamas, such net costs are likely to be substantial and may require funding to ensure that the development of efficient competition is not impeded, BTC added. Affordability BTC currently incurs a s ignificant access deficit as a consequence of its historic p ricing practice [free local calls], aimed at ensuring affordability of telecommunications services for all citizens in the Bahamas. Cable Bahamas casually s uggests the removal of any d eficits through increases in c orresponding retail tariffs, but this is clearly inappro priate without a detaileda nalysis of the consequences a nd would potentially result in making basic telephony s ervices unaffordable for vulnerable customer groups. A more appropriate approach would be a gradual reduction of the access deficit over time, combined with appropriate reductions i n corresponding sources of cross-subsidisation. Margins, BTC said, were a lso likely to be squeezed as a result of multiple operators each owning their own infrastructure providingb undles of services to B ahamian subscribers. As a result, BTC concluded: The suggestion by C able Bahamas that BTC s hould provide zero-based interconnection rates is t otally inappropriate in these circumstances. International experience w ould rather suggest that, a t this stage of the liberalis ation cycle, universal service funding and access deficit contributions [by othe r Bahamian operators] are more appropriate topics of d iscussion. E lsewhere, BTC also rebutted Cable Bahamas call for it to provide more points of interconnectionw ith rival operators networks than just those it p lanned in New Providence and Grand Bahama. BTC has designed its Next Generation Network with two switches, one on New Providence and one on Grand Bahama, as the most efficient network layout in order to reduce BTCs costs a nd its prices for cons umers, BTC said. T raffic BTC closed the point of interconnection at Marsh Harbour, Abaco, in July 2009, and the traffic is nowr outed to New Providence. BTC has no plans for active equipment on Eleuthera orA baco, where levels of traffic do not justify additional investment. It added that this was cons istent with URCAs position, which was that inter connection should be avail-a ble at any point other than t hose not economically fea s ible. There are no technically f easible points on Eleuthera o r Abaco, and it would not be economically feasible to construct them unless Cable Bahamas is willing to pay all of BTCs costs, BTC said. BTC calls for constraints over Cable F ROM page one estimated that consumer demand had dropped by 20-30 per cent. Thats just horrendous, the banker said of the $188 million in non-per forming loans owed by the Bahamian private sector to commercial banks. Commercial loans are typically to businesses, many of whom are small businesses, so when the economy nose dives they feel it almost immediately. Its a reflection of how poorly theyre performing. Small businesses, the banker added, were unable to service their various Lines of Credit and overdrafts due to depressed top-line sales resulting from the reduction in consumer demand. Many were also poorly capitalised, and unable to absorb the blows from a recession in which they had no safety net. During September 2010, delinquent loans between 31-90 days past due fell by $9.7 million or 1.8 per cent to $522.4 million, reducing these as a percentage of the commercial banking industry's total loan portfolio by 0.21 percentage points to 8.3 per cent. Non-performing loans, which are 90 days past due and upon which Bahamian banks stop accruing interest, fell by $9.3 million or 1.5 per cent to $6309.7 million, a figure equivalent to 10.1 per cent of total loans meaning that more than one in every 10 loans to Bahamian consumers and businesses is non-performing, or at least 90 days past due. Mortgage delinquencies fell by $9.2 million or 1.5 per cent to $622.6 million in September, "following g five con secutive months of expansion", due to a $9.6 million or 2.8 per cent fall-off in mortgages 31-90 days past due. This offset a minor $0.4 million or 0.1 per cent rise in the non-performing mortgage loan segment. For September, consumer loan arrears fell by $8.8 million or 3.1 per cent to $276.2 million, as the 31-90 day past due and non-performing seg ments fell by $2.7 million (2.2 per cent) and $6.1 million (3.8 per cent) respectively. Commercial bad loans also fell by $0.9 million to $254.3 million, with a $2.6 million or 4.2 per cent rise in the 31-90 days past due component cancelled out by a $3.6 million or 1.9 per cent reduction in the non-performing category. to monitor and regulate the profession as best we can. However, there are i nstances where, because the law hasnt given us the teeth to do so, we are unable to push for certain changes that wed like to because the law would prohibit us from extending ourselves in that regard. I would hope most (accountants H owever, we have had some cases and there have been reports of instnaces where there would seem to be an issue of non-compliance. Its not overwhelming at this time but it could be, added the BICA Presi d ent. B ICA currently has 450 members and 220 licensees. FROM page one Horrendous FROM page one Accountant hiring increases by 20% Govt very close to BTC LIME deal F ROM page one

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government spending, and the Central Bank of the Bahamas would ideally wish to see moredebt consolidation by the Government. H owever, she noted that the G overnment has determined it would continue to borrow, give n that the only way to reduce expenditures is to shed (public sector) labour. The debt indicators are not moving in the right direction. We would wish to see more debt consolidation, but the G overnment has to borrow to close the gap [between reve nues and expenditures] or it sheds labour. Its a decision government has taken. [The national debts] not at a critical position countries incur 100 per cent [debt-to-GDP ratios] and theyre still func t ioning, but it means the pressures are even greater for your e conomy to grow and for you to meet those obligations in the future, said the Governor. Mrs Craigg added that despite the growth in the national debt, the Bahamas is still very well placed vis-a-vis our Caribbean counterparts such as Barbados, Guyana, Trinidad and Jamaica when it came to the debt-to-GDP ratio. The Bahamas international credit rating is still above the minimum which is considered investment grade, said the Governor. The debt level is not critical, she stated, adding, however, that the International Monetary Fund (IMF a debt-to-GDP ratio of over 50 per cent something you wantt o watch very closely. The 2009-2010 fiscal year, w hich came to a close last June, brought with it a marginal improvement in the overall deficit to some $340 million or roughly about 4.5 per cent of GDP, but the Governments need to find a variety of financ-i ng sources to bridge the gap between its revenue and its expenditure nonetheless contributed to a significant increase in the national debt, said Mrs Craigg. The direct charge, the debt incurred by the central government, surged from $2.7 billion or about 37 per cent of GDP at the end of 2008 to $3.3 billion, which approximates about 45.6 per cent of GDP, at the end of 2009, she added. The national debt has also increased thats the direct charge plus government guaranteed debt by $700 million to $3.9 billion, or from about 42.5 per cent of GDP to almost 54 per cent over the same peri od (end of 2008 to the end of 2009). The debt has continued to increase under the very soft economic conditions in the Bahamas, although we have seen that the rate of growth slowed to roughly half of the previous years value, and at the end of September it stood at an estimated $4.1 billion, or roughly 55 per cent, of 2010s projected GDP, Mrs Craigg said. The Governor expressed hope that the Bahamas will see some reductions to the debt through growth in the economy, noting that in the short term payments [to the Government] from privatisation [of BTC] could help. Providing an insight into the health of the economy at this time and prospects going forward, Mrs Craigg said recent months have shown some stabilisation of domestic econom ic activity and local conditions from very marked downward adjustments in 2008 and 2009, which saw contractions of 1.7 per cent and 4.5 per cent respectively. Improving circumstances in some of our real sector indica tors underlie expectations for the Bahamian economy to grow at a modest half a per cent in2 010, although we dont expect to see any notable decline in unemployment from current rate in the short term, said Mrs Craigg, noting that the loss of around 9,000 jobs saw this rate rise to around 14 per cent in New Providence in 2009. Tourism has seen increases in both the higher value stopover visitors and, more so, in sea arrivals this year, but the former of these still remains some 12 per cent below precrisis levels, leaving the industry nowhere near where we were prior to the crisis. Although data from hotels up to August this year indicate increases in occupancy levels and room rates, Mrs Craigg said the fact there has been no meaningful reengagement of persons who were laid off underscores the difficult business environment that the hotels, restaurants and other enterprises that depend on tourism continue to confront. With regard to another key sector, construction, Mrs Craigg reiterated that this has remained anemic in 2010. The global crisis continues to have a dampening affect on foreign direct investment inflows, which constitute the major component of project financing. The pace of domestic building activity has also decelerated, she said. According to data from banks, mortgage disbursements for new construction and repairs are down nearly 50 per cent from last year, and mortgage commitments a forward looking indicator decreased in number and value by some 15 and 35 per cent respectively. Lending by banks, which figures very importantly in the growth dynamics of the domestic economy, has remained constrained by a combination of weakened balance sheets, reduced income and the difficulty of consumers to qualify for loans due to tighter standards for new credit, as banks contend with deterioration in credit quality. Theres a reduced appetite for debt in this enviornment, so its a combination of supply and demand factors, she said. What we have seen in the firstnine months of this year is that credit to the private sector, which averaged some 10 per cent in 2004 to 2008, and moderated to 0.9 per cent in 2009, actually contracted this year by a further half a per cent. This decline was broadly based across consumer loans, mortgages and commercial loans. By NEIL HARTNELL Tribune Business Editor THEBahamas Chamber of Comm erces president yesterday called f or immediate approval by the Government of the $2.6 billion Baha Mar project, arguing that following Prime Minister Hubert Ingrahams successful China negotiations, therew as no reason to delay given that m any Bahamian businesses were hurting. Questioning whether the Prime Ministers China trip, during whichhe met with Baha Mars partners, China State Construction and theC hina Export-Import Bank, plus the B eijing government, was necessary suggesting such discussions could have been held with Baha Mar here, Khaalis Rolle nevertheless expressed happiness that Mr Ingraham was able to increase the worth of contracts for B ahamian contractors by $200 mill ion. Im happy he was able to get more of the construction work, get Bahamians more involved in the construction part of the deal, but I dont know if the trip to China was necessary for that, Mr Rolle told Tribune Busin ess. That discussion could have been had right here with Baha Mar. While construction contracts to be awarded to Bahamian contractors h ad increased from $200 million to $400 million, Mr Rolle said that outside this, I dont know if there was anything materially different about the deal that made it indescribably better than it was before. T he Chamber president said he h oped Mr Ingrahams Sunday press conference brought the Baha Mar project closer to a construction start, adding: If his trip was successful andhe got what he wanted, immediate approval of this project is necessary. I think immediate approval is nece ssary, and I dont think there should be any delay, any debate. Referring to todays Paraliamentary debate, during which MPs will debate the C hinese demand for several thousand work permits, Mr Rolle said: I dont see what we hope to achieve by the debate now. I dont see where we need to go beyond that. In the words of Dionisio D Aguilar, lets get on with the project. Businesses are hurting, and we need economic activity. We dont need any reason to delay activity. I hear it every day. I get people on my doorstep every single day complaining about how bad it is for them, a nd that theyre struggling to keep their doors open, so whatever we need to do to encourage economic activity we need to do it. C M Y K C M Y K BUSINESS T HE TRIBUNE WEDNESDAY, NOVEMBER 17, 2010, PAGE 3B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Chamber president urges immediate Baha Mar approval FROM page one National debt KHAALISROLLE

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DETROIT I NVESTORdemand for G eneral Motors stock has been so strong that the company will expand its initial public offering by 31 percent, to 478 million common shares, a personb riefed on the sale said T uesday, a ccording to A ssociated Press. T he move, coupled with an expected stock price of $33 per share, brings the U.S. government closer to getting back the $50 billion it spent bailing out GM last y ear. If the government sells i ts 412 million shares on T hursday for $33 each, it w ill get $13.6 billion. It will s till have about 500 million shares, or about 33 percent of GM. It would have tos ell them for about $53 a share, or $26.4 billion, for taxpayers to get their $50 billion back. Shares T he increased number of shares could make GM's I PO the largest in history f or a U.S.-based company. I f GM's sale of preferred shares is included, the offering could have a total value of over $22 billion, topping Visa Inc.'s $19.7 billion IPO in 2008, accord i ng to the IPO tracking firm Dealogic. It could even grow to become the world's largest IPO. G M is expected to a nnounce the final price of the IPO on Wednesday and shares will start trading the following day, accordi ng to the person, who asked not to be identified b ecause he is not author ized to speak publicly about the sale. M ost of the additional shares will be sold by theU .S. government, said the p erson. A union health care trust would sell a small part of the added shares, the person said. I n addition, bankers han dling the GM sale will take an option to sell another 72 million shares. That would b ring the total value of the 550 common shares for sale i n the IPO to $18.1 billion. Deal G M will sell preferred shares worth $4 billion, bringing the total value oft he deal to just over $22 bil lion. GM's bankers stopped taking orders for the saleo n Tuesday afternoon after essentially running out of s hares to sell, the person said. G M spokesman Selim B ingol and U.S. Treasury Department spokesman M ark Paustenbach would not comment. E arlier Tuesday, GM r aised the expected price range for the common shares to $32 to $33, from $26 to $29, and it added 20m illion preferred share total, bringing it to 80 million. C M Y K C M Y K BUSINESS T HE TRIBUNE WEDNESDAY, NOVEMBER 17, 2010, PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM GM raises common stock price range in IPO Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

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BRUSSELS AN ANXIOUSLYawaited meeting of European finance ministers ended Tuesday without an agreement to bail out debt-stricke n Ireland. But EU officials s aid they have "intensified" p reparations for potential support for the country's troubled banking sector, according to Associated Press. Concerns that Ireland will b e unable to pay the cost of rescuing its banks which ran into trouble when the country's real estate boom collapsed has worsened Europe's government debt crisis. Markets have pushed up borrowing costs for other v ulnerable nations such as P ortugal and Spain and t hreatened to destabilize the common euro currency. There was speculation that Ireland's government itself might be forced to take a bailout like the one that s aved Greece from defaulting on its bonds in May. A 750 billion euros backstop stands ready from other countries that use the euro. But the government in Dublin says it doesn't need one, although there has b een discussion of help for i ts banks. The Irish authorities are committed to working" with the EU, the European Central Bank and the International Monetary Fund to "to determine the best way top rovide any necessary support to address market risks,e specially as regards the t roubled banking sector," said EU monetary affairs chief Olli Rehn. "This can be regarded an in intensification of preparations of a potential pro gram in case it is requesteda nd deemed necessary." I reland is making "signifi cant efforts" to deal with its b udget deficit, said JeanC laude Juncker, who heads t he group of 16 nations that use the euro. "However market conditions have not normalized yet and pressure remains," Juncker said, adding that "we will take action as the e urogroup ... to safeguard the stability of the euro if that is needed." C M Y K C M Y K BUSINESS PAGE 6B, WEDNESDAY, NOVEMBER 17, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 127,&( 6815,6(+,33,1*%$+$0$6f/7' 7DNHQRWLFHWKDWZLWKHIIHFWIURPWKHWKGD\RI 2FWREHUDFFHSWHGDSSRLQWPHQWDV/LTXLGDWRURI WKHDERYHFRPSDQ\SXUVXDQWWRDQ([WUDUGLQDU\ 0HHWLQJRIWKH'LUHFWRUVKHOGRQWKHWKGD\RI 2FWREHUDWZKLFKWKHIROORZLQJ5HVROXWLRQV ZHUHSDVVHG 7KDWXQULVHKLSSLQJ%DKDPDVf/WGEHZRXQGXS YROXQWDULO\ 7KDW*HRUJH&OLIIRUG&XOPHUEHDSSRLQWHG/LTXLGDWRU RI WKHFRPSDQ\IRUWKHSXUSRVHVRIVXFKZLQGXS 'DWHGWKLVWK *(25*(&/,))25'&8/0(5 /LTXLGDWRURIWKHDERYHQDPHG&RPSDQ\ 1 2 7 & ( 6815,6(6+,33,1*%$+$0$6f/7' 9ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWDOOSHUVRQVKDYLQJFODLPV DJDLQVWWKHDERYHQDPHG&RPSDQ\DUHUHTXLUHGRQRU EHIRUHWKH67GD\RI'HFHPEHUWRVHQGWKHLU QDPHVDQGDGGUHVVHVDQGSDUWLFXODUVRIWKHLUGHEWVRU FODLPVWRWKH/LTXLGDWRURIWKH&RPSDQ\DW3%R[ 1DVVDX%DKDPDVRULQGHIDXOWWKHUHRIWKH\ PD\EHH[FOXGHGIURPWKHEHQHWRIDQ\GLVWULEXWLRQ PDGHEHIRUHVXFKGHEWVDUHSURYHG 'DWHGWKLVWKGD\RIRYHPEHU *(25*(&/,))25'&8/0(5 /LTXLGDWRU 127,&( )85(%$+$0$6f/,0,7('7DNHQRWLFHWKDWZLWKHIIHFWIURPWKHW KGD\RI 1RYHPEHUDFFHSWHGDSSRLQWPHQWDV /LTXLGDWRURIWKHDERYHFRPSDQ\SXUVXDQWWR DQ([WUDUGLQDU\0HHWLQJRIWKH0HPEHUV KHOGRQWKHWKGD\RI1RYHPEHUDW ZKLFKWKHIROORZLQJ5HVROXWLRQVZHUHSDVVHG 7KDW)XUH%DKDPDVf/LPLWHGEHZRXQGXSYROXQWDULO\ 7KDW*HRUJH&OLIIRUG&XOPHUEHDSSRLQWHG/LTXLGDWRU RIWKHFRPSDQ\IRUWKHSXUSRVHVRIVXFKZLQGXS 'DWHGWKLVWK *(25*(&/,))25'&8/0(5 /LTXLGDWRURIWKHDERYHQDPHG&RPSDQ\ 1 2 7 & ( )85(%$+$0$6f/,0,7(' 9ROXQWDU\/LTXLGDWLRQf 1RWLFHLVKHUHE\JLYHQWKDWDOOSHUVRQVKDYLQJFODLPV DJDLQVWWKHDERYHQDPHG&RPSDQ\DUHUHTXLUHGRQRU EHIRUHWKH67GD\RI'HFHPEHUWRVHQGWKHLU QDPHVDQGDGGUHVVHVDQGSDUWLFXODUVRIWKHLUGHEWVRU FODLPVWRWKH/LTXLGDWRURIWKH&RPSDQ\DW3%R[ 1DVVDX%DKDPDVRULQGHIDXOWWKHUHRIWKH\ PD\EHH[FOXGHGIURPWKHEHQHWRIDQ\GLVWULEXWLRQ PDGHEHIRUHVXFKGHEWVDUHSURYHG 'DWHGWKLVWKGD\RIRYHPEHU *(25*(&/,))25'&8/0(5 /LTXLGDWRU European officials: No bailout yet for Ireland THE OFFICES of a branch of the Anglo Irish Bank in central Dublin, Ireland, Tuesday, Nov. 16, 2010. Europe's debt crisis reached a critical juncture Tuesday, as finance ministers sought to keep Ireland's market turmoil from triggering a domino effect that could topple other vulnerable nations like Portugal and fray the region's economic unity. (AP IRISH FINANCE MINISTER Brian Lenihan arrives for a Eurogroup meeting at the EU Council in Brussels, Tuesday Nov. 16, 2010. (AP AN EMPTY BUILDING SITE were the remaining apartments of the Belmayne development were to have been built on the outskirts of D ublin, Ireland, Monday, Nov. 15, 2010. Debt-burdened Ireland is talking with other European Union governments about how to handle its troubled finances, officials said Monday as the continent's debt crisisp lagued markets and policymakers across Europe. (AP

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A look at economic developments and activity in major stock markets around the world Tuesday: L ONDON World m arkets dived as investors waited to see if Ireland will end up requesting a financial lifeline from its partners in the eurozone. The FTSE 100 index of leading British shares c losed down 2.4 percent, G ermany's DAX fell 1.9 percent and the CAC-40 in France ended 2.6 percent lower. S EOUL, South Korea South Korea raised its key interest rate for the s econd time in four m onths as higher inflation f orces Asian central banks t o increase borrowing c osts. I t also adopted a more aggressive stance, suggesting that interest rates willcontinue to rise after two years of super-low borrowing costs. South Korea's Kospi c losed down 0.8 percent. E lsewhere in Asia, Japan's Nikkei 225 stock average l ost 0.3 percent, Hong K ong's Hang Seng slid 1.4 p ercent and Australia's S&P/ASX 200 gained 0.3 percent. BEIJING China's government is trying to cool double-digit food price rises by releasing stockpiled pork and sugar to boost supplies in mark ets. W ASHINGTON China, the biggest buyer ofU .S. Treasury securities, b oosted its holdings for t he third straight month, t he Treasury Department reported Tuesday. China's holdings of Treasury debt rose to $883.5 billion in September, the Treasury Department said in a report. T hat's a 1.7 percent i ncrease from August. For m uch of this year, China h as been increasing its h oldings of Treasury debt. T he report shows that China and other countries still have a robust appetite for Treasury debt even as the U.S. government is running annual budget deficits topping $1 trillion. O verall, foreign governments increased their purchases of Treasury securit ies by $39.5 billion in Sept ember, a record high. A s ustained drop in foreign demand for Treasury debt could lead to higher U.S.i nterest rates, slowing the economy. BEIJING Foreign investment in China accelerated for a second month in October despite slowing growth, government figures showed. P ARIS Greek Prime M inister George Papand reou insists his country won't default on its 298 billion euros ($406 billion in debt because doing so would be a "catastrophe" for Greece, Europe and the euro. V IENNA Austria is balking at paying its share of Greece's financial bailout. Finance Minister Josef P roell says that the December tranche of Austria's contribution 190 m illion euros ($258 mill ion) will only be paid o ut if Greece can show t hat it has raised the a mount of money it pledged to take in through taxes. If Austria balks, and other countries follow suit, t he Greek bailout package c ould unravel. Athens is r eceiving 110 billion euros ($150 billion loans from the International Monetary Fund and other eurozone countries. MADRID Spain has h ad to pay increased intere st rates to raise nearly 5 billion euros ($6.81 billion) in a sale of 12and 18-month bills as investors remained uncertain over w hether the country will be affected by debt crises in Ireland and Portugal. B ERLIN German i nvestor confidence has r ecovered slightly after a s teady six-month slide, thanks to optimism about the ongoing recovery in Europe's biggest economy and elsewhere, according t o a survey. L ONDON Britain's stubbornly high consumer inflation rate rose to 3.2 percent in October from 3.1 percent in September, driven by higher prices for motor fuel, financial serv ices and games, toys and h obbies. TOKYO Japanese lawmakers approved funding for a new $61 billion s timulus package, seeking to keep Japan's fragile economic recovery alive. B UENOS AIRES, A rgentina Argentina's d esire to pay what it owes t o the Paris Club nations next year sends a good signal to foreign investors and should facilitate the country's re-entry into g lobal credit markets a d ecade after its worldr ecord $95 billion default, analysts said. But President Cristina Fernandez still has some work to do before Argentina will be able to b orrow at competitive i nterest rates. NICOSIA, Cyprus International credit ratings agency Standard and P oor's downgraded Cyprus' long-term sovereign credit rating from A p lus to A with a negative o utlook amid concerns o ver its financial system's e xposure to debt-ridden G reece. C M Y K C M Y K BUSINESS T HE TRIBUNE WEDNESDAY, NOVEMBER 17, 2010, PAGE 7B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM n A SSOCIATEDPRESS COMMODITYprices s ank Tuesday amid concerns about inflation in China anda possible European bailout of Ireland's banks. S ome of the steepest d eclines came in agriculture products and industrial met als as traders worried thatd emand may diminish because of the ongoing issues in other parts of the w orld. I n addition, the dollar g rew stronger against other currencies. Since commodities are priced in dollars, a stronger dollar makes them less attractive to buyers who use currencies other than the dollar. Traders opted to sell holdings at a profit and reduce their overall risk, Lind-Waldock senior market strate gist Rich Ilczyszyn said. China's economy has been robust for much of the year but the pace of inflation hit a 25-month high of 4.4 percent in October. China's government is releasing stockpiled pork and sugar to boost supplies in marketsin an effort to slow down increases in food prices. In the United States, wholesale prices rose in October for the fourth straight month but the increase was blamed pri marily on higher gasoline costs. Excluding volatile food and energy categories, the "core" index fell by 0.6 per cent, largely because of low er prices for new automobiles and trucks. The report measures price pressures before they reach the consumer. It showed that companies have rela tively little ability to pass on the higher costs they're paying for grains and other commodities. For example, wheat prices have risen 16.9 percent this year; corn, up 28 percent; and soybeans, up 16.5 percent. Coffee prices have sky rocketed 45.5 percent while cotton is up nearly 77 percent. Major packaged food makers, including Kraft Foods Inc., General Mills Inc., Sara Lee Corp. and Kellogg Co., have said they have raised prices to cope with higher costs of somer aw ingredients. T hat's put a squeeze on supermarkets because they're paying more for the products, but can't alwaysp ass on the increases to shoppers, who are concen trating on value. Meanwhile, European leaders were considering ways to help Ireland solve its debt problems. Similar p roblems in Greece earlier t his year also pressured commodities. Agricultural commodities all fell by at least 5 percent, which Northstar Commodi ty analyst Jason Ward attributed to the China develop ments. "There's enough people in this market that are speculating, that are betting it's going to go higher, that they're taking their positions off for fear that China actu ally does not buy as much," he said. "If you sit back and look the market, you see the selloff, you see the liquidation," he said. "What I don't see is, I don't see a slowdown in usage." Corn for March delivery lost 29 cents, or 5.1 percent, to settle at $5.40 a bushel. January soybeans plummeted 66.75 cents to settle at $12.1975 a bushel while March wheat gave up 47.75 cents to $6.6475 a bushel. In December metals contracts, gold for December delivery fell $30.10 to settle at $1,338.40 an ounce, silver lost 85.9 cents to $25.233 an ounce and palladium gave up $35.40 to $645.90 an ounce. March copper fell 19.35 cents to settle at $3.7310 a pound and January platinum dropped $40.10 to $1,645.70 an ounce. In energy trading, bench mark crude for December delivery fell $2.52 to settle at $82.34 a barrel on the New York Mercantile Exchange. In other December Nymex contracts, heating oil rose 6.19 cents to settle at $2.3090 a gallon, gasoline slipped 3.93 cents to $2.1557 a gallon and natural gas lost 2.7 cents to $3.818 per 1,000 cubic feet. C OMMODITIES SINK ON CHIN A AND EUROPEAN CONCERNS INTERNATIONAL BUSINESS WORLDBUSINESSNEWSINBRIEF

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NEW YORK OILprices fell again as investors took profits amid renewed concerns about the global economy. A three-day decline has e rased most of the gains for the month of November, according to Associated Press. Benchmark oil for December delivery fell $2.52, or 3 percent, to settle at $82.34 a barrel Tuesdayo n the New York Mercantile Exchange as traders considered Ireland's ongoing debt problems and worr ies about higher inflation i n Asia. Oil prices have fallen 6.1 percent since Thursday,w hen speculation arose that China would take steps to control its economic growth. On Tuesday, South Korea's central bank raised i nterest rates to curb growi ng inflation. Add in some concern about Ireland's impact on Europe's eco-n omic recovery and investors found good reason to secure some recent p rofits. A s of Thursday, oil had risen 7 percent for the month and 23 percent fromt he end of August, hitting a t wo-year high above $88 a long the way. I n the U.S., the Labor Department said retail gas prices jumped 9.8 percent in October, and diesel and home heating oil costs also rose, contributing to a 0.4p ercent increase in the Producer Price Index. Yet, there was little sign of inflat ion as the cost of food, cars and computers fell. Excluding the volatile food and energy categories, the so-called core index fellb y 0.6 percent, the most in m ore than four years, primarily because of lower prices for new cars and t rucks. While inflation remains low, the report supports the Federal Reserve's belief t hat it's because economic g rowth in the U.S. remains sluggish. That view prompted the Fed's multibillionb ond-buying program in an effort to push interest rates lower and help stimulate t he economy. The economic bad news has been sort of giving us water torture, you know, ad rip from Ireland, a drip f rom China, a drip off from p roducer prices," said M ichael Lynch, president of Strategic Energy & Economic Research. "It's making people feel like the runup in oil prices was overdone." I n other Nymex trading in December contracts, heating oil fell 6.19 cents t o settle at $2.3090 a gallon, gasoline lost 2.93 cents to $2.1657 a gallon and natural gas fell 2.7 cents to $3.818 per 1,000c ubic feet. I n London, Brent crude gave up $1.97 cents to settle at $84.73 a barrel on the I CE Futures exchange. C M Y K C M Y K BUSINESS PAGE 8B, WEDNESDAY, NOVEMBER 17, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.261.00AML Foods Limited1.011.010.000.1500.0406.73.96% 10.759.67Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6.184.50Bank of Bahamas4.904.900.000.5980.2608.25.31% 0.580.18Benchmark0.180.180.00-0.8770.000N/M0.00% 3.492.70Bahamas Waste2.842.70-0.144,0000.1680.09016.13.33% 2.152.14Fidelity Bank2.172.170.000.0160.040135.61.84% 12.509.62Cable Bahamas10.4610.460.001.0500.31010.02.96% 2.842.36Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.40Commonwealth Bank (S1 6.556.560.0139,4610.4220.26015.53.96% 3.651.63Consolidated Water BDRs1.831.80-0.030.1110.04516.22.50% 2.551.60Doctor's Hospital1.601.600.000.1990.1108.06.88% 6.995.94Famguard6.076.070.00-0.0030.240N/M3.95% 10.207.26Finco7.267.260.000.2870.52025.37.16% 11.408.77FirstCaribbean Bank9.749.740.000.6450.35015.13.59% 5.513.75Focol (S 5.465.460.000.3660.21014.93.85% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 5.595.00ICD Utilities5.595.590.000.0120.240465.84.29% 10.509.90J. S. Johnson9.909.900.000.9710.64010.26.46% 10.0010.00Premier Real Estate10.0010.000.000.9910.80010.18.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk Hi 52wk Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield B ISX LISTED & TRADED SECURITIES AS OF:7% Interest 7%RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)29 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6.95%20 November 2029T UESDAY, 16 NOVEMBER 2010BISX ALL SHARE INDEX: CLOSE 1,490.45 | CHG 0.17 | %CHG 0.01 | YTD -74.93 | YTD % -4.79BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%30 May 2013 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas Supermarkets5.016.0114.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.51221.4076CFAL Bond Fund1.51225.11%6.79%1.490421 2.92652.8300CFAL MSI Preferred Fund2.91871.10%3.13%2.919946 1.56551.4954CFAL Money Market Fund1.56553.87%4.48%1.545071 3.20252.8522Royal Fidelity Bahamas G & I Fund2.8624-8.16%-7.49% 13.638813.0484Royal Fidelity Prime Income Fund13.56421.47%2.95% 114.3684101.6693CFAL Global Bond Fund114.36849.98%12.49%109.392860 106.552899.4177CFAL Global Equity Fund106.55284.75%7.18%100.779540 1.13181.0000FG Financial Preferred Income Fund1.13183.85%5.22% 1.09691.0000FG Financial Growth Fund1.09692.71%6.44% 1.13201.0000FG Financial Diversified Fund1.13203.79%5.71% 9.74859.1005Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.74584.35%5.22% 11.236110.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.6000-1.59%4.26% 10.00009.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 39.5037-4.96%-4.96% 8.16434.8105Royal Fidelity Int'l Fund Equities Sub Fund8.16435.79%9.42% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00 YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeks Bid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week Change Change in closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded today NAV Net Asset Value DIV $ Dividends per share paid in the last 12 months N/M Not Meaningful P/E Closing price divided by the last 12 month earnings FINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200731-Oct-10BISX Listed Mutual FundsNAV Date 31-Oct-10 30-Sep-10 30-Sep-10CFAL Securities Ltd. (Over-The-Counter Securities)TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752531-Oct-10 30-Sep-10 30-Sep-10 12-Nov-10 31-Aug-10MARKET TERMS30-Sep-10 NAV 6MTH 1.467397 2.911577 1.530224 107.570619 105.776543 30-Jun-10 30-Sep-10 31-Oct-10 31-Oct-10 EMPLOYMENT OPPORTUNITYR estaurant managers needed for leading fast f ood franchiseRequirements : Please submit resume to: Human Resources Department North 5 (6,$-26(3(8*(1( R I 0DUVK+DUERXU$EDFR1 DVVDX%DKDPDV3%R[ (1/<)(5*8621 5 2%,16213,(55(RI'81'$6 7 3%2;$%$&2%$+$0$6 ( 00$18(/(8*(1(RI0$56+ + $5%2853%2;$%$&2%$+$0$6 Oil prices slide on fresh global economic concerns Three-day decline erases most gains for November NEW YORK Associated Press STOCKSthat moved substantially or traded heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market: NYSE General Growth Properties Inc., down $1.09 at $14.31 The shopping mall operator is selling up to 155.3 million shares of common stock at a discount to Monday's closing stock price. Home Depot Inc., up 32 cents at $31.71 The home-improvement products retailer said its profit rose in the third quarter despite weak sales growth, and it raised its earnings outlook. Scorpio Tankers Inc., down $1.23 at $9.80 The petroleum shipper Scorpio Tankers narrowed its thirdquarter loss and boosted sales, but warned of higher operating expenses. Dick's Sporting Goods Inc., up $3.59 at $33.51 The sports products retailer raised its profit forecast for the year as a key sales measure improved. Dynegy Inc., up 39 cents at $5.02 Asset manager Blackstone Group LP said it will increase its takeover bid for the power plant company to $5 per share. NASDAQ Urban Outfitters Inc., up $3.90 at $36.63 A lower tax rate and stock buybacks helped the retailer's third-quarter profit beat analyst expectations. Mattel Inc., up 78 cents at $24.33 The toy maker raised its dividend by 11 percent in 2010, to 83 cents per share, and is increasing stock buybacks by $500 million. Mela Sciences Inc., down $3.45 at $2.92 A Food and Drug Administration panel was sharply critical of the companys melanoma detection device, MelaFind. HOME DEPOT, DYNEGY, URBAN OUTFITTERS BIG MOVERS

PAGE 16

C M Y K C M Y K TASTE THE TRIBUNE WEDNESDAY, NOVEMBER 17, 2010, PAGE 9B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM T h e T r i b u n e Just a few images of what we the Bahamas looked like 40...50...60... years in the past. By Roland Rose Those infamous Casurianas... Most people only r emember one line on the noth side of the r oad, ther e was a complete tunnel in 1952. The new look, top left will show the unique benches of Antonius Rober ts, with landscaping of sea grape, palms and gr oundcover by Four Seasons. By TANEKA THOMPSON Tribune Staff Reporter tthompson@tribunemedia.net I LOVE Chinese food. The flavours, the variety of vegetables used and the many optionsf or vegetarian dining make Asian takeout and at home stir frys a staple in my dinn er menus. So when I got the opportunity to travel to China l ast month for a three week training programme in Beijing, sponsored by China's Foreign Affairs University, I was giddy with happiness. Not only would I be able to experience a rich culture which dates back more than 5,000 years I would be able toi ndulge my cravings for eastern cuisine. My first meal in China was a buffet breakfast p repared by the cafeteria staff at CFAU. The spread was enormous and varied but bore little resemblance t o the morning meals the 20 Caribbean journalists taking part in the programme were familiar with. F a v our ite There were cold noodles served in a tomato sauce, h ard boiled eggs, chopped spinach, an eggplant dish, watermelon, orange slices, sliced bread, beef, friedr ice and my favourite light, fluffy steamed bread the size of my fist. F or lunch there was a similar spread and the same for dinner, with a few variations. Chinese food is different depending on which area of the country you visit. In Beijing where I spent the majority of my time roast duck, w hite rice, noodles and an assortment of vegetables were dining staples. In Chengdu, the capital city of the Sichuan province, hot and spicy food were the order of the day. Sichuan cooking incorporates dried and fresh red chilies, Szechuan pepper, ginger, and garlic a perfect blend of spices for those that like food with a kick. Even from my short time there I could see that the people of Chengdu are serious about food. T he open markets were bursting with an assortment of food meat on sticks, what appeared to be d ried duck heads and wings, and even deep fried ice cream topped with a spicy sauce. One thing that took me by surprise was how little tofu, or bean curd, dishes were served in Beijing and Chengdu. Still as a vegetarian, I had more famili ar dining options than my Caribbean counterparts but more often than not I noshed contentedly on rice,n oodles and sauted vegetables. ICECREAM: Fried ice cream served at a market in Chengdu! DUCK HEADS: Exotic bird meat for sale at a market in Chengu in China's Shichuan province. A flavour of China CHINESEFOOD: Savory tofu, bamb oo shoots, rice and vegetable rolls at a restaurant in Beijing.


m Lhe tribune (22.

Pm blowin’ it

S6F
73F

CLOUDS
AND SUN

Volume: 106 No.299

eS



LATEST ae eee ON WWW.TRIBUNE242.COM

HIGH
LOW



WEDNESDAY, NOVEMBER 17, 2010 PRICE — 75¢ (Abaco and Grand Bahama $1.25)

HELP WANTED

AND REAL a
BAHAMAS BIGGEST i

aint vated for
Bata Mar clash

PLP set to seek
answers over

resort concerns F

By TANEKA
THOMPSON
Tribune Staff
Reporter
tthompson@
tribunemedia.net

THE Govern-
ment is expected to
be taken to task
over its Baha Mar
labour resolution
and Prime Minister
Hubert Ingraham's
visit to China when
Parliamentarians
meet today.

Opposition leader
Perry Christie yesterday said
the present labour resolution
does not sufficiently answer
his party's concerns. Dr
Bernard Nottage, who will be
the Progressive Liberal Par-
ty'’s lead speaker in the
debate, is expected to lay out
a myriad of guidelines the
PLP wants addressed in the
paper before the House of
Assembly.

The PLP will call on Mr
Ingraham to detail the
expanded scope of work



CONCERNS:
Perry Christie

mee brought on by the
additional $200 mil-
lion in contracts the
Prime Minister said
he was able to nego-
tiate for Bahamian
contractors when he
met with Chinese
officials last month.

"Baha Mar has
not informed the
public about any
expanded scope of
work, new design, or
redesign of the pro-
ject and certainly the
Chinese just didn't
agree to pay $400
million for works that were
originally valued at $200 mil-
lion," Mr Christie said at a
press conference at the PLP's
headquarters.

Mr Christie also criticised
the changes in the deal that
Mr Ingraham was able to
secure as "not substantive"
adding it was “unusual that a
Prime Minister purports to
interfere in the affairs of a

SEE page 10

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CHRISTIE CONFIRMS HE WOULD
NOT SERVE FULL TERM IN OFFICE

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

PLP LEADER Perry
Christie reconfirmed his com-
mitment yesterday that if he
was re-elected as Prime Min-
ister he will not serve out his
whole term in office, but hand
over the country’s leadership
to a successor.

Noting that leaders of polit-
ical organisations would not
normally get themselves
caught into such a position,
Mr Christie told reporters
yesterday it was a realistic
assessment for anyone to
make that he could not possi-
bly continue as leader of the

party after the next term.

“That is my view, and peo-
ple advise you that you don’t
say things like that,” Mr
Christie remarked, “but look
around me (motioning to his
fellow PLP MPs).”

“T happen to believe that
the difference between the
PLP and the FNM is that we
have leaders in depth. You
can look to my left and you
can look to my right and you
can see the distinction to be
drawn by those persons who
surround me and to know
that we have the security of
knowing that we have by far
in my estimation — and mean-

SEE page 10

PDahama Mand Pritts.

ALL NEW

Â¥v

LATEST STYLES



CHRISTIE: PM HAS PARANOID
PREOCCUPATION WITH ME

By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net

OPPOSITION Leader Perry
Christie believes Prime Minister
Hubert Ingraham has a "paranoid"

preoccupation with him based on his
recurring public comments about the
Progressive Liberal Party leader.

Recently, Mr Ingraham told the
press that his former law partner
could not look him in the eye while
both men attended an ordination ser-
vice for PLP St Cecilia MP Cynthia
“Mother” Pratt.

According to Mr Christie, the
reported snub is a figment of the
Prime Minister's imagination.

"T think Mr Ingraham has some

SEE page nine

morning fire at Magic City.

SEE page two

FIRE DAMAGE: Firefighters at the scene of yesterday’s early

POLICE are asking for the public’s help in capturing the
arsonist who they believe set fire to a strip club in the west-
ern district of New Providence early yesterday morning.
Sometime after 5.25am, police reported that Magic












“WE THE PEOPLE’ GROUP AIMS T0
GALVANISE BAHAMIAN PUBLIC

CONCERNED citizens

re last night for the
: launch of a new group that

aims to galvanise public

interest and involvement in
: the country’s development.

Expanding on the basic

premise that it will take the

collective effort of all con-
cerned to effect the social,
economical and infrastruc-

tural change needed, the

citizens’ action group “We

? The People” (WTP) was
i heralded as a step towards
: joining Bahamians for a
? national purpose.

At last night’s meeting,

the group’s chairman Ed
: Fields, senior vice president

for Communications at
Kerzner International, said:
“What I have learned and
what has given me the
inspiration to carry on is
the realization of how we
have thwarted our national
development by our unwill-
ingness to know one anoth-
er. If we took the time to
talk to each other, there is
one thing we would surely
come to understand — that
the cliché which states “we
have more in common than
not” does not do justice to
our cause.

The non-partisan and

SEE page 10

Located on Ernest & Mackey Streets | Open Mon-Fri 10am-4pm, eet asia ae y Aer rn i} y www. PSRSRSTaRaeine eect



NASSAU AND BAHAM/?

ISLANDS LEADING NEWSPAPER


PAGE 2, WEDNESDAY, NOVEMBER 17, 2010

THE TRIBUNE



Strip club fire

FROM page one

City, in the Westridge Shop-
ping Plaza received extensive
fire damage to its upper level,
with its lower level being dam-
aged by water.

Eyewitnesses at the scene
informed The Tribune that fire
fighters discovered a hole in
the roof of the building which
they believe was created to
pour some flammable liquid
down to later ignite.

As a result of the fire, New
Oriental Cleaners received
smoke and water damage and

the Sleep Gallery received
smoke damage as well. While
police investigations into the
fire are continuing, they have
expressed concerns that this
latest incident could be linked
in some way to another arson

attempt at Club Illusions ear- |

lier this month.
The Westridge Shopping
Plaza is owned by Super Value

CEO Rupert Roberts and is |

insured with Cole Insurance
Company. According to police
Magic City is occupied by
Craig Wells. The contents of
the nightclub were not insured,
police have confirmed.

INDEX

MAIN/SPORTS SECTION

Local News
Editorial/Letters

BUSINESS/ARTS SECTION

Business

CLASSIFIED SECTION 28 PAGES

OPPOSITION leader Perry
Christie met with top officials
of the Royal Bahamas
Defence Force yesterday to
discuss the challenges facing
the organisation.





















CLUB BLAZE: Pictured are firefighters on the
scene of yesterday’s fire at the Magic City
strip club. Police are asking for the public’s
help in capturing the arsonist they believe is

responsible.

Christie discusses challenges
with Defence Force officials

The meeting is part of Mr
Christie's strategy to gauge
issues affecting the country's
national security agencies and
the public at large as the Pro-
gressive Liberal Party gears

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up for the general election
race.

The group discussed issues
plaguing the RBDF such as
poaching, human smuggling
and border control.

The meeting also provided
insight on changes within the
RBDF over the last three
years.

"We're very happy with our
meeting. I indicated to the
Commodore that as the
Opposition party we're doing
two things, one we're meet-
ing the new Commodore and
finding out from him the
extent to which changes are
being brought into play here
at the Defence Force.

"And two, we are demon-
strating our support for the
Defence Force as an impor-
tant institution in our coun-
try. That support goes to
everything that is done to
strengthen the force and
enable it to carry out it's man-
date in guarding the heritage
of our country,” Mr Christie
told the press minutes after
meeting with Commodore
Roderick Bowe, Commander
of the Defence Force.

"We want to make sure
going forward that the issues
facing the country are dealt
with around the table in a
coordinated, integrated fash-
ion by all of the relevant insti-
tutions in our country —
Bahamas police force, Cus-
toms, Immigration,” he said.

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


THE BAHAMAS’

PAGE 6, WEDNESDAY, NOVEMBER 17, 2010

LOCAL NEWS

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THE TRIBUNE



MINISTER OF STATE in the Ministry of
Lands and Local Government Byran
Woodside opens the Annual Local
Government Leadership Workshop for
Family Island Administrators 2010 at
the Wyndham Nassau Resort and
Crystal Palace Casino on Monday.



Letisha Henderson/BIS

Local Government ‘must be able
to function in a global economy’

By LLONELLA GILBERT

THE local government for
a 21st century Bahamas must
be able to understand, will-
ing to participate and pre-
pared to function within a
global economy, Minister of
State in the Ministry of
Lands and Local Govern-

ment Byran Woodside said.

Speaking at the opening
of the Annual Local Gov-
ernment Leadership Work-
shop for Family Island
Administrators on Monday,
Mr Woodside said the coun-
try is a member of a global
market and every arm of
government must be cog-

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nisant of the impact of glob-
alisation on the economy
and people of the Bahamas.

He told the Family Island
administrators that they
must be fully prepared to
assist local communities in
managing the effects of glob-
alisation, as it is not going
away.

Mr Woodside added that
local government, as it is
constituted today, seeks to
devolve power from the
administrators as the central
government’s agents, and
instead turn authority to the
local councils.

“However,” he said, “over
the past 14 years this system
of governance has been chal-
lenged by the relationship
between the role of the Fam-
ily Island administrator and
that of the elected local offi-
cials.

“In addition, there have
been a number of incidences
where chief councillors,
councils and town commit-
tees have made questionable
decisions that have proven
not to be financially or
developmentally sound and
thus not in the best interest
of the communities which
they serve.”

Mr Woodside explained
that to build the capacity of
the administrators, this
year’s theme, “Fiscal Disci-
pline and Efficient Service
in a Global Economy”, will
be presented during the
four-day workshop to equip
them with the skills and
knowledge necessary to
strengthen their leadership
role within the various dis-
tricts.

There are several objec-
tives of this year’s workshop.
The workshop is intended to
help the administrators gain
an understanding of new and
amended legislation impact-
ing upon the delivery of ser-
vices in the Family Islands.

It is intended to also equip
the administrators with the
knowledge and skills neces-
sary to strengthen their
administration of the vari-
ous democratic processes,
thereby allowing them to
provide more efficient ser-
vice in a contracting econo-
my.

It is also designed to make
the administrators aware of
the role of international and
local agencies in energising
economic development, and
to facilitate the exchange of
information ideas and dis-
cussions among the practis-
ing officials.

In addition, the workshop
will assist the administrators
in understanding their new
role as principle revenue
officers, developmental lead-
ers and strategic visionaries.

Mr Woodside noted that
the government will contin-
ue to hold workshops to
bring government closer to
the people.

“These interventions pro-
vide the opportunity for oth-
er senior central government
public officers and stake-
holders to have constructive
dialogue and exchanges with
you,” he said.

“The overall goal would
be to not only enhance our
development of local gov-
ernment in the Family
Islands, but also to guide
your learning about devel-
opment issues,” Mr Wood-
side said.
THE TRIBUNE



WEDNESDAY, NOVEMBER 17, 2010, PAGE 7

Minister recognises work of Dept
of Rehabilitative/Welfare Services

By LLONELLA GILBERT

MINISTER of State in
the Ministry of Labour and
Social Development Loret-
ta Butler-Turner on Mon-
day recognised the Depart-
ment of Rehabilitative/Wel-
fare Services for its work in
helping those offenders of
the law who choose to
become rehabilitated.

Speaking at the Rehabili-
tative Week Church Service
at Antioch Baptist Church,
Mrs Butler-Turner said the
Department’s mission is to
develop and provide mech-
anisms that will control
offenders’ inappropriate
behaviour and assist them
in functioning as law abid-
ing citizens, thus contribut-
ing to the protection of soci-
ety.

“One of its several goals
is to plan, co-ordinate and
implement rehabilitative

programmes for offenders.
This addresses the afore-
mentioned offender who
recognises the need to
change his criminal lifestyle.

“The Department is
always willing and prepared
to assist persons in this
area,” she said.

Functions

The Department also ful-
fills other vital functions in
helping to confront or inter-
vene in situations before
they can spiral out of con-
trol, she said.

Mrs Butler-Turner
explained that the Child
Protection Act of 2007,
which came into force on
October 1, 2009, includes
some new provisions for the
benefit of children and
young persons.

“These include the

Government to
secure additional
training for
prison officials

By MATT MAURA

THE Government is
moving to secure further
academic, professional
and technical training
opportunities for officials
of Her Majesty’s Prison
under the Caribbean
Basin Security Initiative
(CBSI), Minister of
National Security Tommy
Turnquest said.

Mr Turnquest said the
move is part of the Gov-
ernment’s “ambitious, but
very necessary” prison
reform agenda that is
expected to retool Her
Majesty’s Prison into a
facility that is “even more
adequate to deal with the
new manifestations of
crime”, in addition to pro-
viding custodial care of
inmates.

The National Security
Minister said those “new
manifestations of crime
and criminality” require
responses on many fronts,
including from Her
Majesty’s Prison which —
as part of the law enforce-
ment and national securi-
ty network of the country
— must play a greater role.

The additional academ-
ic, professional and tech-
nical training currently
being sought by the gov-
ernment, he said, will pro-
vide officials with the
training necessary to make
the transformation an
effective one.

“Gone are the days
when confronting crime
was seen as a police prob-
lem,” Mr Turnquest said.
“Today, the nature of
crime, particularly violent
crime, requires effective
responses on many fronts.

“The prison reform
agenda in which we are
engaged is ambitious, but
it is necessary as Her
Majesty’s Prison is an
integral part of the
nation’s security forces
which daily responds to
matters ranging from pre-
vention, detection and
investigation of crime, to
apprehending criminals
and bringing them to jus-
tice; from custody and
rehabilitation of offenders
to their reintegration into
society following their
release from prison.

“The new direction the
prison is taking in reha-
bilitating and reorienting
inmates, mainly young
men in the prime of their
lives, enhances the
prospects that they will
become responsible citi-
zens upon their release,”
Mr Turnquest added.

The National Security
Minister said the Govern-



TRAINING OPPORTUNITIES:
Tommy Turnquest

ment is consulting its
international partners,
including the United
States, regional institu-
tions and professional
business entities with
regards to the provision of
even greater opportunities
for academic and skills
training for prison officers
as part of the initiatives
being undertaken within
CBSI.

“Let me emphasise that
this training we seek to
organise is to benefit all
prison officers,” Mr Turn-
quest said.

“In keeping with this
new direction, we have
developed a strategic plan
to offer further opportu-
nities to officers to
upgrade their academic
qualifications and profes-
sional and technical skills.
The focus of this plan is
on prison management
and other disciplines
required for an efficiently
functioning institution.”

Mr Turnquest said a
new Bahamas Department
of Corrections Bill is
being revised “to give
legal underpinning to
what we have accom-
plished in prison reform
and to give direction to
prison services in the long
term.” Prison officials will
be allowed to view the Bill
before it is introduced to
parliament, he said.

“What we are witness-
ing is the progressive
development of a new
mindset at Her Majesty’s
Prison. This new mindset
will better position the
institution to function
more effectively, includ-
ing as a disciplined force
that can be expected to
respond to matters of
national security,” Mr
Turnquest said.

requirement for
parents/guardians to seek
intervention from the
Department of Rehabilita-
tive/Welfare Services before
having their children ren-
dered uncontrollable.

“This helps in the diver-
sion of juveniles from crim-
inal justice proceedings,”
she said.

“Parents can also now be
mandated by the court to
participate in the National
Parenting Programme
offered by Rehabilita-
tive/Welfare Services,” Mrs
Butler-Turner said.

“While this occurs on a
regular basis, given the per-
ceived number of un-super-
vised young persons in the
community and the behav-
iour that they exhibit, it is
felt that more parents
require parenting training.”

In addition to the two
segments of the programme

offered at the Department,
sessions are also held at
PACE (Providing Access to
Continuing Education) for
teenage mothers, Her
Majesty’s Prisons and
Urban Renewal Centres in
New Providence, the Min-
ister of State noted.

The programme was
launched in Exuma, Abaco
and South Andros this
year, and the Departmen-
t’s staff in Grand Bahama
in conjunction with the
Ministry of Education also
provides training for indi-
viduals and teenagers in
high schools.

Mrs Butler-Turner said
the programme will contin-
ue to be expanded to reach
the entire Bahamas.

Activities for the week
include the Department of
Rehabilitative/Welfare Ser-
vices staff appearing on
radio shows discussing the



MINISTER OF STATE in the Ministry of Labour and Social Develop-

ment Loretta Butler-Turner brings remarks at the Department of
Rehabilitative/Welfare Services’ Rehabilitative Week Church Service

at Antioch Baptist Church on Monday.

theme “Changing Lives
Through Rehabilitation and
informing the public of the
services available at the
Department; a seminar
relating to male health to
be held at Her Majesty’s
Prisons and training work-
shops planned for technical
and support staff to enhance
their job performance.

Letisha Henderson/BIS

will be a speech and video
competition for high school
students and two town
meetings, one in Pinder’s
Point and the other in Eight
Mile Rock, on “Challenges
of Parenting — Parenting

with a Purpose.”

The week will end with a
youth forum and the topic
to be addressed is “Youth



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TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
PAGE 8, WEDNESDAY, NOVEMBER 17, 2010

THE TRIBUNE





A historical perspective on
— issues in the Bahamas

By LARRY SMITH

EXPERTS say that to
address the skyrocketing
costs of modern medicine,
we have to rely more on pre-
ventive and primary care
rather than costly hospital
treatment.

According to Health Min-
ister Dr Hubert Minnis,
about two thirds of public
spending on healthcare goes
to treat diseases that are
caused by poor lifestyle
choices. And half of all
deaths in the Bahamas are
attributed to these same ill-
nesses.

For example, there are
tens of thousands of diabet-
ics in the Bahamas, and com-
plications from the disease
include kidney failure, heart
disease and blindness. It
costs taxpayers $60,000 a
year to treat each of the
more than 200 people with
kidney failure who are cur-
rently undergoing dialysis at
the Princess Margaret Hos-
pital.

Bahamians spend about
half a billion dollars on pub-
lic and private healthcare
today (some 7 per cent of
GDP). This represents an
incredible transformation
from the early years of the
20th century, and it is inter-
esting to take a historical
perspective on this subject.

Back then, there were
only three doctors outside of
Nassau — at Inagua, Harbour
Island and Green Turtle Cay
— to serve 42,000 people liv-
ing in the widely scattered
out islands. According to Dr
Harold Munnings in his 2005
history of the Princess Mar-
garet Hospital, out islanders
“obtained what care they
could from untrained mid-
wives, clergymen and herbal-
ists.”

The PMH began life as a
poorhouse in 1809 and
entered the 20th century as a
place of last resort for those
in need of medical care.
According to a 1905 account
it had four sections — for the
sick, indigent, lepers and
insane. Treatment was free,
but patients were referred to
as "inmates", and those who
could afford it arranged for
medical care at home — quite
the opposite to current prac-
tice.

In 1925 several American
visitors contracted typhoid
fever in Nassau — a killer dis-
ease transmitted by dirty

Sord

Drive one.



food and water, so the
British authorities dis-
patched a senior public
health expert to investigate.

He deplored the filth of
heavily populated commu-
nities not included in the
city's new water-works and
sewerage system, then under
construction. He also noted
the prevalence of tuberculo-
sis, venereal disease, gas-
troenteritis and tetanus, and
strongly criticised public
indifference to Nassau's
dreadful sanitary and hous-
ing conditions.

Unfortunately, these con-
ditions did not begin to
change until the middle of
the century, when a British
official was still able to write
that "Behind Nassau's pic-
turesque old-world streets
and the princely mansions
along the East and West
shores are slums as bad as
any West Indian Colony,
and far worse than anything
Bermuda can show."

In 1953, two thirds of the
homes on New Providence
still had no running water.
And preventable diseases
were due mostly to over-
crowding, ignorance, poor
nutrition, and lack of public
hygiene.

An unpublished medical
memoir written by Dr Mal-
colm Hale about a year
before his death in 2003 at
the age of 77 offers an inter-
esting perspective on this
period of modern history.
Hale arrived in Nassau in
1954 on a three-year contract
as a medical officer for the
new Bahamas General Hos-
pital (which was renamed
after a visit by Princess Mar-
garet in 1955), and stayed on
in private practice.

"T arrived by boat from
England on December 16,"
he recalled. "We anchored
outside the bar and a tender
came out to carry us in. On it
was a reporter from the
Guardian to interview the
new doctor, and a photog-
rapher to take his
picture...the effort hinted at
the state of medical needs of
the community."

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Cable Beach, the redevel-
oped Bahamas General
Hospital and the first City
Market food store as
emblems of changing times
for Bahamians. They repre-
sented a dramatic break with
the economy of the past, he
said, and were a sign that
prosperity was beginning to
trickle into the general pop-
ulation.

Shortly after his arrival
Dr Hale was put in charge
of the TB and geriatric
wards at the Prospect Hos-
pital, as well as the Lazaret-
to off Carmichael Road,
which was no more than a
narrow dirt track. This was
in addition to his out-patient
and casualty duties, as well
as occasional out island clin-
ics.

Prospect Hospital was a
collection of wooden build-
ings on Prospect Ridge built
for the American and British
air forces who trained in the
Bahamas during the Second
World War. Like Windsor
airfield it was handed over
to the Bahamian govern-
ment in 1945,

"The general health of the
population was poor,” Dr
Hale recalled. "Tuberculo-
sis was rife; new cases were
discovered almost daily,
many from out island settle-
ments, some of which like
Rolleville (Exuma) and
Moores Island (Abaco),
were heavily infected. For-
tunately, my entry to the
medical profession coincided
with the discovery and avail-
ability of a whole range of
effective medications ... Now
patients came to be cured,
not to die."

He described the geriatric
wards as pathological muse-
ums. "Especially impressive
were cases of elephantiasis
and the whole spectrum of
tertiary syphilis. The lep-
rosarium was a collection of
small wooden cottages
(with) about 20 patients
when I took over, most in
advanced stages of disfig-
urement, especially of hands
and face.

"The few new cases I
admitted were diagnosed in
the early stages and so far as

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I know all were cured and
returned undisfigured to
society. The old cases stayed
at the Lazaretto and died off
over a period of several
years. Most of the cases were
white."

In the out-patient clinics,
Dr Hale treated many mal-
nourished children with
intestines bloated with
Ascaris worms. Vermicide
was probably the most heav-
ily prescribed drug at the
time, and he credited it with
making the greatest single
contribution (except for
penicillin) to the health of
the community.

Dysentery was also com-
mon, as were sexually trans-
mitted diseases like gonor-
rhea and syphilis. But the
popular remedy for VD at
the time, Dr Hale noted, was
to have sex with female
infants. "It took a major edu-
cational effort by the pro-
fession to disabuse the pop-
ulation of this idea, and I
wonder today if we fully suc-
ceeded."

Although HIV-AIDS was
unknown at the time, Hale
suspected that "the occa-
sional cases of multipatholo-
gy which responded to no
treatment, and which were
unsolved diagnostic puzzles,
and invariably fatal, may
have been AIDS. Interest-
ingly, as AIDS increased, the
other STD’s declined and
have become rare."

Epidemics of whooping
cough were devastating,
Hale said. "I remember

Kenneth Eardley, an older
private physician, telling me
he had signed two or three
hundred death certificates
due to this illness in one out-
break just a few years previ-
ously. And how many times

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have I heard older women
say ‘I born 13 but I bring up
three'?"

In the 1950s there was rel-
atively little obesity and
much less diabetes than now,
Dr Hale reported. But one
serious health condition has
remained constant. High
blood pressure was, and is, a
common problem amongst
Bahamians of all ages,
together with its deadly com-
plications of stroke and heart
disease.

In fact, while he was a res-
ident at the PMH, Dr Hale
and others contributed data
to a US hypertension study.
In their 1958 report, the
American researchers not-
ed that:

"Almost everyone on the
Islands has a relative that has
‘the high blood,’ died of
hypertension, or has had a
stroke...An analysis of the
water supply in Nassau and
several of the outer island
groups revealed that the well
water was significantly high
in sodium content."

The study reported salt
levels of less than a mil-
ligram per millilitre in the
drinking water of major US
cities, whereas drinking
water at the PMH contained
129 milligrams and on
Eleuthera 210 milligrams.
This meant that Bahamians
were ingesting up to 10
grams of salt per day from
water alone. And that was
in addition to the sodium
found naturally in foods, or
added in cooking. Nor did it
account for the fact that salt
pork was a common ingre-
dient in most dishes at the
time.

Currently, the American
Heart Association recom-
mends an intake of less than
2.5 grams of salt per day for
the general population —
that's about a teaspoon —
and even less for high-risk
individuals. I can testify from
personal experience that this
guideline is as difficult to
achieve in today's fast food-

dominated diet as it was
back in the 1950s when we
all drank salt water.

Hale was one of a grow-
ing band of doctors who par-
ticipated in the vast expan-
sion of medical skills and ser-
vices in the Bahamas over
the past half century. His
assessment of how things
had changed over that time?

"Today the general health
of the population is excel-
lent," he wrote in 2002,
"except for self-inflicted con-
ditions, principally obesity
(and its complications),
HIV-AIDS, and gunshot
wounds."

In fact, the current level
of violent crime is straining
our healthcare system. There
were 51 cases of knife and
gun attacks treated by the
PMH in October alone, and
ER doctors treated more
than 160 other assault cases,
as well as 94 traffic accident
victims last month.

Apart from these walking
wounded, most of the
patients who crowd the
PMH emergency room don't
need to be there — they just
don't know any better. Pre-
ventive medicine and afford-
able drugs are important, but
public education to improve
compliance or avoid prob-
lems in the first place is just
as critical.

There is a growing aware-
ness in government that we
will never have enough mon-
ey to solve our healthcare
challenges using costly ter-
tiary care approaches. Can-
cer, AIDS, diabetes, hyper-
tension and stroke, heart
attack and kidney failure top
the list of modern medical
problems in the Bahama -
and they all are preventable
with education, diet and
drugs.

For the time being plans
have been shelved for a new
$600 million public hospital,
which surveyors were stak-
ing out only months ago on
acres of prime forested land
at Prospect Ridge. The enor-
mous investment that would
be required to build a new
hospital has led successive
governments to content
themselves with redevelop-
ing the PMH at its present
site.

"IT would love to work ina
new, state-of-the-art hospi-
tal," Dr Munnings told me
recently, "but a properly
funded programme to pre-
vent chronic disease has to
be the priority."

What do you think?
Send comments to
larry@tribunemedia.net
Or visit
www.bahamapundit.com

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

WEDNESDAY, NOVEMBER 17, 2010, PAGE 9



LOCAL NEWS

Slavery, passion
and grace: COB’s

edge on research







ANNALS of history have
vividly recorded the recol-
lections and adventures of
fervent abolitionists who
worked to systematically
enforce the dismantling of
the detestable practice of
slavery and the trans-
Atlantic slave trade. But
Bahamian scholars and stu-
dents of history know very
little of the adventures and
experiences of Captain Per-
cy Grace, a career British
naval officer.

However, intriguing infor-
mation researched by Dr
Daphne Grace, Assistant
Professor at The College of
The Bahamas, shows the
extent of Captain Grace’s
seafaring exploits and just
how important they were in
helping to end the slave
trade.

Dr Grace will share her
work at the 10th Anniver-
sary of Research Edge, a
College forum that show-
cases scholarly research, to
be held at The College’s
Performing Arts Centre,
Oakes Field Campus on Fri-
day, November 19th at
noon. Her research is titled,
Sailing against Slavery: The
story of one man’s pivotal
role in the prevention and
suppression of the Atlantic
slave trade.

“This story is especially
relevant to The Bahamas

Captain Percy Grace’s seafaring

exploits and their importance in
helping to end the slave trade

since many transported
Africans were released by
the Navy in Nassau to create
part of the new world of lib-
erated slaves,” said Dr
Grace, who won The Col-
lege’s Stanley Wilson Award
for excellence in research in
2009. “While any discussion
of the topic of slavery in the
Caribbean must inevitably
remain contentious, this pre-
sentation will attempt to
show how bravery, goodwill
and perseverance could be
utilised for ends other than
ruthless imperialism.”

In 1807, Britain changed
from being the world’s
major nation involved in the
slave trade and the trans-
portation of millions of
Africans across the Atlantic
to the Caribbean islands to
becoming dedicated to a
“global crusade” against
slavery. With the end of the
war against Napoleon in
1815, the British Navy
engaged in an all-out war
against slavery that lasted
almost 60 years. Percy
Grace was one of the cap-
tains of an anti-slave ship
who had joined the British

Navy at the age of 12 and
almost immediately saw
action at the Battle of
Copenhagen, one of the
bloodiest battles in all the
Napoleonic wars. By 13
years of age he was serving
as midshipman on a ship sta-
tioned in Jamaica, and is
mentioned in Lady Nugent’s
famous journal of her stay
(1801-1803).

Promoted to Captain by
the age of 25, he was given
command of HMS Cyrene
for anti-slavery work, inter-
cepting ships bound for the
Caribbean islands from the
Gold coast of Africa. As
Commander of the Preven-
tive squadron, his adventur-
ous career was dedicated to
the eradication of slavery in
the Atlantic. He waged a
relentless campaign against
slave-traders on land and
sea: including destroying the
slave factories and negotiat-
ing with the slave trading
African kings.

In placing the results of
her research into perspec-
tive, Dr Grace was of the
opinion that the debate over
the involvement of the

British in this aspect of his-
tory is still very much alive.

“While this story is inspir-
ing, it is simply one of the
many thousands of men who
served in this task of aboli-
tion—over six decades the
small fleet seized 1,600 slave
ships, liberated 150,000
Africans and lost 17,000 of
its own men,” she said. “Yet
the controversy still rages
over the British motivation
in thus policing the Atlantic
and even Captain Grace’s
story is difficult to compre-
hend in many ways since
paradoxes and conflicts of

X Synergy Bahamas

interest abound in his life.”

Students, scholars,
researchers and the general
public are invited to attend
the Research Edge presen-
tation at The College’s
Oakes Field Campus to
learn more about what Dr
Grace has uncovered.

Dr Grace received her
Ph.D. in English literature
from the University of Sus-
sex, England, and has taught
in English and the Humani-
ties at universities in the
UK, Europe and the USA,
and at The College of The
Bahamas since 2005. She has

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presented at many interna-
tional and national confer-
ences on a variety of topics
in the fields of post colonial
literature, women’s studies,
and ethics.

She has published widely,
including several articles in
scholarly peer-reviewed
journals and two mono-
graphs: The Woman in the
Muslin Mask: Veiling and
Identity in Post colonial Lit-
erature (Pluto Press 2004)
and Relocating Conscious-
ness: Diasporic Writing and
the Dynamics of Literary
Experience.

iT Acadeny

mer

Christie: PM
has paranoid
preoccupation
with me

FROM page one

kind of paranoia about me, quite frankly
it's amusing because I know that I am some-
one who sells The Punch.

"But Mr Ingraham creates these things,
quite frankly the church service that he
referred to, we were on different sides of
the room. I was sitting with Mother Pratt
and members of her family, he was sitting
with Parliamentarians on the other side and
when I spoke I looked at him and I spoke
about him and how Mother Pratt tries to
have balance by praying for both of us," Mr
Christie said.

Despite being "amused" by Mr Ingraham's
comments, the Farm Road MP said it is
imperative for politicians not to get caught up
in individual egos and to realise that leaders
are responsible for crafting polices that will
push the country forward.

"T think it was an amusing aside and some-
times he gets carried away when he talks
about me. At the end of the day this is about
the Bahamas and what's best for the
Bahamas not what's best for Hubert Ingra-
ham, not what's best for Perry Christie, we
have to get beyond that.

"This is about policies that are necessary to
make the Bahamas a better country, and
that's what we're addressing,” said Mr
Christie after he met with Royal Bahamas
Defence Force officials at the Coral Har-
bour base yesterday.

During a press event on Sunday, Mr Ingra-
ham put speculation to rest and confirmed he
would seek re-election as the Free National
Movement's leader setting the stage for
another general election face off between
the two leaders.

Despite a beating at the polls three years
ago, Mr Christie is confident he and his par-
ty will regain the majority of available seats
in the House of Assembly in 2012, adding he
was not surprised by the Prime Minister's
announcement on his political future.

"T anticipated (it). Mr Ingraham and I
know each other, I anticipated that there
was no other person around the way he runs
the FNM who would in fact challenge him.
To me, it's something that we expected but
we are preparing to form the next govern-
ment not really in effect to beat Mr Ingraham
and the FNM - this is part of a process of our
demonstrating and understanding that the
next government of the Bahamas has
tremendous work to do," said Mr Christie.

"If you look at the candidates that I will
run, you will see why I'm confident and that
the people in turn have confidence in those
people who we are running. I expect to form
with me the next government of the
Bahamas.

"The fact that Mr Ingraham is running is
just another part of the democracy of the
Bahamas. He too will be a victim of being
defeated."

When asked why he felt confident of a
victory in the next election when the PLP lost
just three years ago to the FNM, Mr Christie
said voters are dissatisfied with the nation's
chief.

"He had a test where he had all of the
resources of the state (at his disposal) in the
by-election and we beat him in Elizabeth.
We are very confident that that reflected
the changing mood in the country

“Tf we were able to do that, be satisfied of
one thing — that the evidence is well on our
side that we are able to beat him in a gener-
al election."

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PAGE 10, WEDNESDAY, NOVEMBER 17, 2010

THE TRIBUNE



FROM page one

ing no disrespect to those per-
sons on the other side of the
democratic wing of our coun-
try — but I am very confident
about the quality of the man-
power around me, and there-
fore am very confident about
the PLP have a secure future
when I demit office,” he said.

This process, Mr Christie
said, will be one he believes
the party will have to look for-
ward to and one that will be

done “in the right way.”

On Sunday, Prime Minister
Hubert Ingraham revealed
that once again he will be lead-
ing his party into the next gen-
eral election, and used the
opportunity to criticise the
PLP leader who, in the past,
has maintained that if elected,
he would not serve the full
term and step down for a suc-
cessor.

“When it’s time for me to
go — I will go and the party
will select my replacement, but

LOCAL NEWS

Christie confirms he would
not serve full term in office

I’m not going to make that
kind of deal. I’m not in the
position where persons are at
my heel and I have to tell them
‘listen I will make space for
yow — others have to do that,”
Mr Ingraham laughed.

Answering the Prime Min-
ister, Mr Christie said he did
not have to make any such
deal.

“And let me make one
point about Mr Ingraham and
his invective. I don’t know why
he has this paranoia, and that’s

a physiological condition about
Perry Christie; and the fact
that he has just witnessed my
going into convention, my
coming out with 86 per cent
of the vote to say that I have to
do a deal because I am threat-
ened.

“T mean, at any given time
there has never been in the
history of politics in the
Bahamas where a leader has
been tested by those persons
who make the decision and
come out of that test, so clear-

ly there is no threat on my
part.

“And the fact that I have
some real roosters around me
can testify to that. So I don’t
have to do that.

“My decisions are decisions
personally arrived at, and I
don’t even know if my family
agrees with me in that regard,
but these are personal deci-
sions that I make as leader of
the PLP,” he said.

e SEE PAGE THREE

Government braced for Baha Mar clash

FROM page one

private company without, in fact,
informing or consulting the private

company."

According to the PLP leader, Mr
Ingraham misrepresented the Baha
Mar deal from the beginning of his

term in office.

"He misstated the project at Baha
Mar at the start of this exercise and
attempted just after he came to office
to persuade the public that something
was wrong with the project and that

he would change it.

"He then went off to China with
great promises of change but he came
back with the same deal only now he
states what the true deal was from
the start, but in the process now wants
to be seen as the saviour.”

On Sunday, Mr Ingraham said he
was able to double the value of con-
struction works to be subcontracted to
Bahamians from $200 million to $400
million during discussions with Baha
Mar's Chinese financiers in Beijing

last month.

This will create thousands more

jobs for Bahamian contractors and
subcontractors who will work on ele-
ments of the Core Project in the
largest award of contracts to Bahami-
an contractors on any single project in
the nation's history, Mr Ingraham

said.

Baha Mar and China State Con-
struction have also agreed to establish
a Training and Service Academy to
provide extensive training to Bahami-
an workers from 24 months prior to
opening Baha Mar as well as ongoing
training for new and existing staff,
said the FNM leader.

The PLP has said it favours a final
Baha Mar deal which maximises the
participation of Bahamian construc-
tion and related labour and ensures
training and skills transfer for
Bahamian workers throughout the
project.

The Opposition has always main-
tained that Baha Mar’s success is key
to the country’s economic recovery.
Yesterday Mr Christie wondered
whether the FNM's "dilly dallying"
on the project will sour potential for-
eign investors from operating in the
Bahamas.

Haiti’s cholera death toll
erows, fueling riots

PORT-AU-PRINCE, Haiti

AN OUTBREAK of
cholera has killed more than
1,000 people, the Haitian
government said Tuesday as
it sent top officials to the
country's north in hopes of
quelling violent protests
against U.N. peacekeepers
accused of spreading the dis-
ease, according to Associated
Press.

As the barricades burned,
the disease continued
spreading across Haiti and
potentially the island of His-
paniola. Authorities in the
Dominican Republic report-
ed their country’s first con-
firmed case of cholera in
Higuey, near the tourist
mecca of Punta Cana.

The man was a Haitian cit-
izen who had recently
returned from a 12-day vaca-
tion in neighboring Haiti.
The news alarmed Domini-
cans, but the spread of the
disease is easily prevented
with good hygiene and sani-
tation, and no locally origi-
nated cholera cases have
been reported.

Haiti's police chief, the
health minister and other
Cabinet officials headed to
Cap-Haitien, the country’s
second largest city, where
protesters erected barricades
of flaming tires and other
debris and clashed with U.N.
troops. At least two demon-
strators died, one of them
shot by a member of the
multinational peacekeeping
force that has been trying to
keep order since 2004.

A U.N. World Food Pro-
gram warehouse was looted
and burned.

The cholera outbreak that
began last month has
brought increased misery to
the entire country, still strug-
gling with the aftermath of
last January's earthquake.
But anger has been particu-
larly acute in the north,
where the infection is newer,
health care sparse and peo-
ple have died at more than
twice the rate of the region
where the epidemic was first
noticed.

The health ministry said
Tuesday that the official
death toll hit 1,034 as of Sun-
day. Figures are released fol-
lowing two days of review.

Aid workers say the offi-
cial numbers may understate
the epidemic. While the min-
istry of health says more
than 16,700 people have
been hospitalized nation-
wide, Doctors Without Bor-
ders reports that its clinics
alone have treated at least
16,500.

On Tuesday, during a sec-

ond day of rioting through-
out northern Haiti, local
reporters said a police sta-
tion was burned in Cap-Hai-
tien and rocks thrown at
peacekeeping bases.

In the town of Limbe, west
of Cap-Haitien, the unrest
carried through the night
Monday as screams and
chants filled the streets, said
Beth Macy, a reporter for
The Roanoke Times who
accompanied a Virginia
medical mission to Haiti.
The group hunkered down
in the hospital as protesters
pelted the gate with stones,
she said in a newspaper blog
post.

President Rene Preval
called for the violence to
stop Tuesday as rumors cir-
culated of possible Wednes-
day protests in Port-au-
Prince. He said barricades
were keeping people from
getting needed care, and
admonished that looting
would not help stem the tide
of the disease.

The U.N. canceled flights
carrying soap, medical sup-
plies and personnel to Cap-
Haitien and Port-de-Paix
because of the violence, the
UN. Office for the Coordi-
nation of Humanitarian
Affairs said.

Oxfam suspended water
chlorination projects and the

a a =





UN PEACEKEEPERS from Brazil patrol at an earthquake survivors refugee camp in the outskirts of Port-

au-Prince, Haiti, Monday.

World Health Organization
halted training of medical
staff, the U.N. humanitarian
office added in its news
release.

The violence has com-
bined some Haitians’ long-
standing resentment of the
12,000-member U.N. mili-
tary mission with the inter-
nationally shared suspicion
that the U.N. base could
have been a source of the
infection.

Health experts have called

for an independent investi-
gation into whether
Nepalese peacekeepers
introduced the South Asian
strain of cholera to Haiti,
where no case of cholera had
ever been documented
before late October.

The U.N. denies respon-
sibility, and a mission
spokesman said the protests
were politically motivated.
Haiti's national elections are
scheduled for Nov. 28.

Cholera is transmitted by

feces and can be all but pre-
vented if people have access
to safe drinking water and
regularly wash their hands.

But sanitary conditions
don't exist in much of Haiti,
and the disease has spread
across the countryside and
to nearly all the country’s
major population centers,
including the capital, Port-
au-Prince. There are con-
cerns it could eventually
sicken hundreds of thou-
sands of people.



‘WE THE PEOPLE’

GROUP AIMS T0
_ GALVANISE THE
_ BAHAMIAN PUBLIC

: FROM page one

? not for profit organisation
: will seek to “originate,
i advocate and promote”
i progressive action through
i the collective efforts of its
i members.

Mr Fields said: “Gen-

i erally if asked the ques-
? tion, most of us would list
crime, education, the judi-
i cial system, employment,
i etc, as the source of our
i problems. We would
i spend hours debating how
; and what we should do to
i change things in those
i respective areas. Indeed
? we have done exactly that
i over the many years, but
? to little or no avail. So
i what then is the answer?
: What is the cause of the
i dilemma we find ourselves
? in?

He added: “The answer:

: ‘We are the cause’. Quite
i simply, while there are
: those among us who make
i the effort to effect change,
: it is a woeful few. Gener-
i ally as a people we are not
i engaged. We hold to the
i belief that we are empow-
? ered once every five years
i to make a difference. The
i reality is we can be
i empowered every single
i day if we are willing to
i commit ourselves to the

: ‘process of change’.

70

The group’s founding

i members, titled “The First
i Thirty”, consisted of wide-
: spread mix of Bahamian
i professionals and philan-
i thropists from various
i industries and sectors.
: Among those who pledged
i their commitment to the
i organisation’s principles
: were Bishop Neil Ellis,
i leader of the Full Gospel
i Baptist Fellowship of
? Churches in the Bahamas;
i Philip Simon, former
i Executive Director of The
i Bahamas Chamber of
: Commerce; Nancy Kelly,
i president and CEO of
i Kelly’s Home Centre Ltd;
i and Antonio Butler, pres-
i ident of the College of the
i Bahamas Union of Stu-

i dents.

Mr Fields said: “Mem-

bers will have an opportu-
: nity to pinpoint the loca-
? tion of a particular issue

i that

impacts them,

i whether it is a pothole, or
i an unkempt park, or a
: traffic light. Through the
i use of google maps, the
? location of the problem
i can be highlighted. Mem-
i bers can then exchange
i ideas with respect to solu-
i tions and finally successes
i to the problems can be
i recorded. The solution can
i take the form of self help
? projects or through mak-
i ing certain that the neces-
i sary authorities are made
i aware of the problem and
? pressure applied until it is
i corrected once a solution
i is identified.”

Persons interested in

i learning more about the
i citizen action group, mem-
: bership and initiatives are
? encouraged to visit their
: website at www.wethep-
i eoplebahamas.org

iwe a

Mr Fields added: “Are
third party?

i Absolutely not. We might
i be called the Bahamian
: tea party. Our answer will
? be the tea party is about
i idealogy, “We the People’
i is about ideas. Some will
: classify us a think tank.
i That’s okay too, except
: that in addition to think-
i ing, we will be about
i doing.

“Others will say we are

i an advocacy group, our
i response will be that we
? will advocate civility and
? constructive means of
i arriving at solutions, and
i then there are those that
: will define us as a pressure

i group.

“Our mission will be to

i pressure our people to
i engage for the national
i good, rather than to
: depend on others for the
i quality of our collective
: welfare.

“Call us any of these

things, but most of all call
i us concerned citizens —
: Bahamians.”

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

WEDNESDAY, NOVEMBER 17, 2010, PAGE 11



INTERNATIONAL NEWS



Prince William
gives the UK
long-awaited

royal wedding

LONDON
Associated Press

PRINCE WILLIAM finally
became engaged to longtime
girlfriend Kate Middleton, giv-
ing her his late mother's sap-
phire and diamond engagement
ring, as Britain looked forward
to its biggest royal wedding
since Prince Charles married
Lady Diana Spencer almost 30
years ago.

Royal officials announced
Tuesday that the couple will
marry next spring or summer
in London, ending years of
rumored splits, reconciliations
and will-they, won't-they spec-
ulation.

William is second in line to
the British throne after Charles,
his father. Kate and William's
first child would move ahead
of his younger brother Prince
Harry to become third in line to
the throne.

William, speaking in a joint
TV interview, discussed mar-
riage with Middleton for more
than a year before he proposed
during a vacation in Kenya last
month.

"As every guy out there will
know, it takes time, a certain
amount of motivation to get
yourself going,” William said.
"It just felt really right out in
Africa and was beautiful at the
time.”

He gave Middleton the
engagement ring once worn by
his late mother, Diana — an
oval blue sapphire surrounded
by diamonds from the jeweler
Garrard.

"This was my way of making
sure that my mother didn't miss
out on today," William said as
the couple posed for photogra-
phers in the state apartments
at St. James’ Palace.

Middleton acknowledged
that being queen was "a daunt-
ing prospect.” She declined to
say whether the prince had pro-
posed on bended knee.

Throne

Clarence House said that
while William's bride-to-be is
commonly known as Kate, her
official name is Catherine Eliz-
abeth — the style used by her
close family. She will be named
Queen Catherine if William, as
expected, eventually takes the
British throne.

Many in Britain welcomed
the royal engagement as a rare
piece of good news in a time of
economic uncertainty and cut-
backs — a time much like 1981,
when millions watched Charles
and Diana's fairy-tale wedding.
Their marriage eventually end-
ed in divorce — but no one was
dwelling on that detail Tues-
day.

William's grandmother,
Queen Elizabeth II, and her
husband Prince Philip “are
absolutely delighted for them
both," Buckingham Palace said.
Prince Charles said he was
"absolutely thrilled," and his
wife, Camilla, duchess of Corn-
wall, said her stepson's engage-
ment was "the most brilliant
news."

"It's wicked," said the
duchess, who had just attended
an event at the theater where
the musical "Wicked" is play-
ing.

Prince Harry said he was
"delighted that my brother has
popped the question!" He
added that Middleton would be
the sister "I have always want-
ed."

Middleton's parents, Carole
and Michael, welcomed the
prince to their family.

"We all think he's wonder-
ful, we're extremely fond of
him," Michael Middleton said.
"They make a lovely couple.”

Prime Minister David
Cameron wished the couple
"great joy in their life together,"
and said when he announced
the news during a Cabinet
meeting it was greeted by
cheers and "a great banging of
the table."

Couple to marry next
spring or summer

Cameron, who said he had
camped out on the street the
night before Charles and
Diana's wedding procession,
predicted this royal wedding
would be a "great moment for
national celebration” that
would unite Britain.

Charles’ Clarence House
office said he was "delighted to
announce the engagement of
Prince William to Miss Cather-
ine Middleton." It used Twit-
ter as well as a news release.

Few were surprised.

Their engagement was the
safest bet in Britain, an event so
certain that bookies had
stopped taking bets on a 2011
wedding. The date avoids Lon-
don's Summer Olympics and
the queen's Diamond Jubilee,
both being held in 2012.

"Kate has been waiting for
so long, I expected her to find
someone else," said London
tour guide Gabrielle Sullo, 53.
"The media had called her
"Waitey Katie,' so it's about
time that she stopping waiting."

No venue has been
announced yet. For pomp, the
ceremony is likely to fall
between the extraordinary
spectacle of the wedding of
Charles and Diana in St. Paul's
Cathedral and Charles’ sub-
dued second marriage to Camil-
la at Windsor Guildhall in 2005.

Patrick Jephson, Diana's for-
mer secretary, said her son's
nuptials would be "a master
class" in wedding planning.

The formal engagement is
likely to turn the poised,
brunette Middleton — already
depicted approvingly in the
fashion pages — into a global
icon. With her confident good
looks and long brown hair,
Middleton has already become
one of the most photographed
women in Britain.

The palace will be hoping
that she combines Diana's
glamour and charm with a
more commonsense approach
to life. At 28, Middleton is con-
siderably older than Diana was
when she wed at 20 and has had
greater life experiences and
longer training in dealing with
the media.

"She seems quite compe-
tent,” said approving 22-year-
old student Sarah Madden,
"and seems to be just as won-
derful as Diana."

William and Harry have
spent a lifetime in the spotlight,
with their drunken nights out
and female friends the subject
of constant tabloid gossip.
William, who turned 28 in June,
once told an interviewer he
wouldn't marry "until I'm at
least 28 or maybe 30." But since
joining the military, both have
kept a lower profile.

Middleton met William at
the University of St. Andrews
in Scotland. They shared a
house along with other students
in the seaside university town,
where William initially studied
art history before switching to
geography.

In 2002, William paid 200
pounds to sit in the front row at
a charity fashion show where
Middleton was modeling in a
daring outfit. They are thought
to have started dating the next
year.

St. Andrews congratulated
the couple Tuesday, pointing
out that the school has a repu-
tation as "Britain's top match-
making university."

A wealthy commoner rather
than an aristocrat, Middleton
is the daughter of self-made
millionaires. Her father worked
for an airline and her mother
was a flight attendant before
they started a mail-order busi-
ness specializing in children's
parties, run from their house in
southern England.

She attended Marlborough
College, an elite private school,

where she played tennis and
field hockey, before studying
art history at St. Andrews.
After graduating in 2005, Mid-
dleton worked as a buyer for
the fashion chain Jigsaw. She
is now employed by her fami-
ly's party-planning business.

The couple's relationship
became public with a joint pho-
to on a Swiss skiing holiday in
2004. Middleton then became
a media darling — especially
after both graduated, which
ended a British media agree-
ment to leave William alone
while he was at university.

Middleton was there when
William was commissioned as a
British Army officer after grad-
uating from Sandhurst military
college in 2006.

She was photographed
attending public events, going
to work, even getting a park-
ing ticket — a level of atten-
tion that evoked the romance
of William's parents.

Media

But William was determined
that Middleton would not suffer
the same media hounding
endured by his mother, who
died in a Paris car crash in 1997.
He appealed through his office
for the media to leave her
alone.

In 2007, Middleton filed a
harassment complaint against
a British newspaper. She
accepted an apology and admis-
sion of error from the Daily
Mirror.

At the time, an engagement
was so expected that the retail
chain Woolworths even com-
missioned mugs, plates and oth-
er Wills-and-Kate memorabilia.
The chain has since gone out
of business.

Yet only weeks later in 2007,
media reported — and
Clarence House did not deny
— that the couple had broken
up.

Newspapers pored over the
apparent end of the relation-
ship in long stories sourced to
anonymous "friends."

William's army training kept
them apart, said some. The
media pressure was too much
for her, said others. Still others
murmured that senior courtiers
felt Middleton's middle-class
background wasn't royal mate-
rial.

Soon, however, the same
newspapers were reporting that
the pair had rekindled their
romance. They were pho-
tographed leaving a London
nightclub together, and Mid-
dleton was snapped on a stag
hunting expedition at the royal
family's Balmoral estate in
Scotland alongside Charles.

When William graduated
from his first flying course in
spring 2008, Middleton
applauded from the sidelines
— although his training was not
without incident. The Ministry
of Defense confirmed that
William had landed a helicopter
on Middleton's parents’ lawn
during a training flight and flew
a Chinook to a friend's stag
party on the Isle of Wight —
earning him a drubbing in the
press for his perceived sense of
entitlement.

William later served a two-
month deployment with the
Royal Navy before training to
become a Sea King search-and-
rescue pilot with the Royal Air
Force. He recently completed
that training.

The pair have recently seen
each other mostly on weekends,
with William a frequent visitor
to the Middleton family house
in the affluent village of Buck-
lebury, 50 miles (80 kilometers)
west of London.

Earlier this month, Middle-
ton's parents were invited to
join members of the royal fam-



BRITAIN'S PRINCE WILLIAM and his fiancee Kate Middleton pose for the media at St James's Palace in Lon-
don after announcing their marriage, London, Tuesday, Nov. 16, 2010. The couple are to wed in 2011. (AP)

ily for a shooting holiday at Bal-
moral, another milestone on
her road to acceptance into the
royal family's inner circle.
Clarence House said after
the wedding, the couple will live
in north Wales, where William
is based with the RAF.
Middleton has rarely, if ever,

spoken about William in public.
"IT love the uniform.

“It's so, so sexy,” — her
assessment at William's gradu-
ation from Sandhurst — was a
rare slip.

Not everyone was happy
about the expected extrava-
ganza. Graham Smith of the

anti-monarchy group Republic
said a lavish state-funded wed-
ding amid a time of cutbacks
was inappropriate.

"They need to pay for this
event entirely themselves and
not try to use it as some sort of
PR exercise for the monarchy,"
Smith said.

SG Rahs



A timeline of key events in the life of Britain's Prince William, who announced he will mar-

ry girlfriend Kate Middleton in 2011.

— June 21, 1982 — Prince William is born at St.
Mary's Hospital in London at 7 pounds, 1 1/2 oz.

— Aug. 4, 1982 — Prince William Arthur Philip
Louis is christened by the Archbishop of Canterbury,
Dr Robert Runcie, in the Music Room at Bucking-
ham Palace.

— July 1995 — Prince William begins his studies
at Eton College, the exclusive school founded by King
Henry VI in 1440.

— Aug. 31, 1997 — Prince William's mother,
Diana, Princess of Wales is killed in a Paris car crash.

— Sept. 6, 1997 — Prince William and his younger
brother Prince Harry walk behind their mother's
cortege at her funeral.

— Late 2000 — After finishing his studies at Eton,
Prince William works on volunteer projects in Chile,
takes part out exercises with the Welsh Guards in
Belize and rises at dawn to milk cows ona dairy farm
in England.

— September 2001 — Enrolls at St. Andrews Uni-
versity in Scotland, where he meets Kate Middleton —
a fellow art history student. She persuades him to
stay at university after he admits finding it difficult to
settle. Prince William later switched to a geography
course.

— September 2002 — Prince William and Kate
move into a shared student house with two other
friends.

— May 2003 — Prince William and Kate are pic-
tured deep in conversation at a rugby match, sparking
rumors of a romance.

— June 2003 — Kate is a guest at Prince William's
21st birthday party at Windsor Castle, but in an inter-
view he denies he has a steady girlfriend.

— December 2003 — Prince William and Kate are

rumored to have become an item around the Christ-
mas period

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— March 2004 — Prince William and Kate's
romance becomes public when they are pictured
together on a Swiss skiing holiday.

— April 9, 2005 — Kate does not attend the wed-
ding of Prince William's father the Prince of Wales and
Camilla Parker Bowles in Windsor.

— June 2005 — Prince William and Kate both
graduate in the same ceremony at St. Andrews and
attend a celebratory lunch together with their families.

— December 2006— Prince William is commis-
sioned as an army officer in front of the Queen at
Sandhurst and joins the Household Cavalry as a sec-
ond lieutenant. Kate attends the ceremony.

— April 2007 — British newspapers report that
Prince William and Kate have split up. Prince Charles’
Clarence House office refuses to comment, but does
not deny the report.

— July 2007— Media in the U.K. report that Prince
William and Kate have rekindled their romance.

— April 11, 2008 — Kate is seen at Prince William's
side at his graduation ceremony from the Royal Air
Force, taken as a signal by royal watchers that their
relationship is now serious.

— June 16, 2008 — Kate attends the Order of the
Garter service at Windsor Castle, the first time she has
appeared at a formal royal public event.

— February 2010 — Asked by a member of the
public about the prospect of a royal wedding, Prince
William says: "You'll have to wait a while yet."

— October 2010 — Prince William proposes to
Kate Middleton on a private holiday in Kenya.

— Nov. 16, 2010 — Clarence House officially
announces the engagement of Prince William and
Kate Middleton.

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


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isine

ROYAL FIDELITY

re at]

Me eg





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242) 356-9601

FREEPORT
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i2a2h POP-INZS



WEDNESDAY,NOVEMBERI1/7,

SECTION B ¢ business@tribunemedia.net

2010






Pee neo hae

ACCOUNTANT

a l A
soencess "HOPPendous’ $188m had business loans

BY 20 PER CENT

By ALISON LOWE
Business Reporter

alowe@tribunemedia.net

THERE
has been a 20
per cent
increase in
the hiring of
accountants
during 2010,
something
Bahamas
Institute of



Chartered | F ;
Accountants

(BICA) pres- REECE
ident, Reece CHIPMAN
Chipman,

yesterday said appears to }
be proof of “a greater need }
for assurance” from stake- |
holders about companies’ :
finances due to the reces- }

sion.



The added demand for }
the industry’s services :
comes at a time when the }
Bahamas Institute of Char-
tered Accountants (BICA) :

By NEIL HARTNELL
Tribune Business Editor

SOME $188 million in loans to
Bahamas-based businesses, represent-
ing 18.11 per cent of all bank credit to
the private sector, were non-perform-
ing as at September 30, 2010, Tribune
Business was told yesterday, one senior
banking industry executive describing
this as “horrendous” and reflective of
how poorly many companies were per-
forming due to the recession.

With $188 million out of some $1.047
billion in outstanding Bahamian com-
mercial bank loans to the private sector
more than 90 days past due, the banking
industry executive, who requested
anonymity, said the “overhang” on his
industry from the bad loans was “going
to be around for a while”.

Data provided to Tribune Business
showed that the picture on Bahamian
dollar mortgage loans and consumer
credit was little better. Some $287 mil-
lion worth of mortgage loans were non-

National debt

* Some 18.11% of the more than $1bn in commercial
bank loans extended to Bahamian private sector now at
least 90 days past due, reflecting impact recession and
20-30% consumer demand drop has had on many

* Some $287m or 9.76% of total mortgage loans
non-performing, indicating that more than 1,000 homes
in danger of being sold under banks’ power of sale

* Consumer loans 90 days or more past due worth $154m

performing (over 90 days past due and
upon which banks have stopped accruing
interest) as at September 30, 2010, an
amount equivalent to 9.76 per cent of
the total $2.917 billion in mortgage cred-
it outstanding.

Taking $250,000 as the average mort-
gage loan amount in the Bahamas, the
banking industry source and Tribune
Business did a crude calculation and,
dividing the $287 million in non-per-
forming mortgages, came up with the
figure of 1,148.

That suggests that the same number of
Bahamian homes could be in danger of
being sold out from under struggling
homeowners by banks exercising their
powers of sale under the mortgage con-
tract, although many institutions have
been reluctant to do this due to the
shortage of buyers with the wherewith-
al to purchase them.

That 1,148 figure, though, is not a reli-
able estimate, and could be smaller or
higher, depending on whether the homes
covered by those $287 million worth or

mortgages were priced lower or higher
than the $250,000 figure used.

The banking industry executive
described this as a “sobering statistic”,
and said: “The newspaper advertise-
ments you see are reflective of the
homes in trouble.” He added that the
Bahamian commercial banking indus-
try would be unable to work out this
volume - and amount - of troubled mort-
gages within a year.

As for consumer loans, such as auto
credit, some $154 million worth - equiv-
alent to 7.34 per cent of the $2.134 bil-
lion in such outstanding loans - were
more than 90 days past due as at Sep-
tember 30, 2010.

Focusing on the problems many
Bahamian businesses were having in
meeting their debt repayment obliga-
tions, the banking industry executive
said these were reflective of the
depressed wider economy, in which he

SEE page 2B

GOVERNMENT ‘VERY CLOSE’ TO BTC LIME DEAL

By NEIL HARTNELL
Tribune Business Editor

* Tribune Business told Memorandum of
Understanding to sell 51% Cable & Wireless

strikes $4.1bn

* Hits 55% of GDP, although growth slowed
to half of 2009’s figures, as Governor says
she would like to see ‘more debt consolida-

THE Gaverhmentis “wary could be signed ‘in matter of a week or so

close” to signing a Memoran-
dum of Understanding
(MoU) for the $200 million-
plus sale of a 51 per cent stake
in the Bahamas Telecommu-

is pushing for amendments }
to the law governing the :
profession to increase its }
regulatory powers in line :
with international stan- :



* PM’s press conference comments designed to
ease fears about mass forced redundancies, with
government wanting to make sure process goes
properly through early retirements, voluntary

dards for accountants, }
which have also evolved in }

light of the recent crisis.

Mr Chipman said BICA }
has submitted proposed :
amendments to the Public }
Accountants Act 1991 to :
the Attorney General’s :
office in the past six }

months.

tion’

* Says debt level ‘not critical’ and Bahamas
doing well compared to Caribbean, but gov-
ernment borrowing needed to keep public

sector employment levels

* Private sector credit contracts 0.5% in 2010

nications Company (BTC) to
Cable & Wireless, highly-
placed sources confirmed to
Tribune Business last night,
some suggesting that it could
be sealed “in a matter of a
week or so”.

Despite Prime Minister
Hubert Ingraham’s comments
at his weekend press confer-

departures

ence that the privatisation
process had “run into a sub-
stantial roadblock” due to
Cable & Wireless’s plan to
slash BTC’s estimated 1,150-
strong workforce by 30 per
cent once it acquired majority

been able to confirm that
nearly all the key issues have
been finalised in negotiations
between the regional tele-
coms operator and the Gov-
ernment and its privatisation

SEE page 2B

control, Tribune Business has

CREDIT BUREAU IN ‘18 TO 24 MONTHS’

By NEIL HARTNELL
Tribune Business Editor
and ALISON LOWE
Business Reporter
alowe@tribunemedia.net

* Mortgage disbursements down nearly 50
per cent from last year, and commitments
fall in number and value by some 15 and 35
per cent

The amendments are }
important if BICA is to be :
in compliance with stan- }
dards set out by the Inter-
national Federation of :
Accountants (IFAC), of :
which it is a member, and if }
it wishes to gain cross-bor-
der recognition of its:
accountants’ qualifications :
under the recently signed :
Economic Partnership :
Agreement (EPA) with }
Europe, suggested Mr:
Chipman. :

“The financial crisis has
brought to the fore the }
issue of corporate gover- :

* Central Bank governor says facility
will cause ‘huge change’ for Bahamians
who have been ‘less than forthright’
about credit history, impairing their
access to short-term credit

By ALISON LOWE
Business Reporter
alowe@tribunemedia.net





WHILE the rate of growth in the |
Bahamas’ national debt “slowed to rough-
ly half of the previous year’s value” this
year, this did not stop this figure swelling
to $4.1 billion or 55 per cent of projected
gross domestic product (GDP) by the end
of September 2010, the Central Bank gov-
ernor said yesterday.

Wendy Craigg said debt servicing cur-
rently constitutes around 25 per cent of all

A CREDIT bureau for the Bahamas could
be launched “within 18 to 24 months”, the
Central Bank of the Bahamas governor
revealed yesterday, telling Tribune Business
that starting costs were likely to be around $2
million and that the facility would mean “a
huge change” for Bahamian borrowers who
had been “less than forthright”. about their
credit histories

* Suggests start-up costs will be around
$2m, and could held reduce lending rates
to good borrowers and assist banks with
risk management

risks to the overall financial sector and
"improve the efficiency” of lending decisions



nance and the audit frame- }
work, and whether we are }
in compliance with inter-
national standards, so:
that’s an international issue }
for the accounting profes-
sion,” said the BICA pres- :

ident.

sional

Mr Chipman

international standards.

“Tt’s really up to (BICA)

SEE page 2B

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 proposed amend- }
ments include an increase }
in the number of hours giv-
en to continuing profes- }
education by:
Bahamian accountants }
each year if they are to:
remain licensed to practice; :
the power of BICA to reg- :
ister and monitor not only }
individual accountants but :
accounting firms; and the :
introduction of insurance }
indemnification require-
ments for accounting firms. :
said: }
“Hopefully something will
happen very soon, because }
we want to start taking an }
aggressive approach in:
terms of making sure our :
members are meeting the }



SEE page 3B

BIC CALLS FOR
‘CONSTRAINTS’
OVER CABLE

* Warns that BISX-listed
company could ‘abuse
market position’ through
control over its access
network, and alleges it
has already denied BTC
access to its data centre

* Brands Cable Bahamas’
concerns over ‘free local
calls’ and non-zero inter-
connection rates as ‘self-
serving’, urging instead
focus on access deficit
and universal service

* Rebuts Cable’s calls for
more interconnection
points besides New
Providence and Grand
Bahama

By NEIL HARTNELL
Tribune Business Editor

THE Bahamas Telecom-
munications Company
(BTC) has warned industry
regulators that they may
have to "constrain" Cable
Bahamas to prevent it from
“abusing its market posi-
tion", alleging that the
BISX-listed company had
refused to give it access to its
data centre.

With negotiations
between the two companies
over an interconnection
agreement seemingly set to
become increasingly con-
tentious, given Cable
Bahamas’ plans to enter the

SEE page 2B

WENDY CRAIGG

Explaining that it would help in containing

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PAGE 2B, WEDNESDAY, NOVEMBER 17, 2010

THE TRIBUNE





BTC calls for ‘constraints’ over Cable

FROM page one

fixed-line voice telecoms
market, BTC called on the
Utilities Regulation & Com-
petition Authority (URCA)
to prevent the BISX-listed
company from using its
dominance in the provision
of cable TV and Internet
services to exert control over
its access network.
Describing Cable
Bahamas as “more than just
a new entrant” to the
Bahamian communications
market, BTC said URCA
would need to regulate the
BISX-listed firm’s access
network control, especially
given that its market share
was set to increase with its
planned entrance into fixed-
line voice services.
Coupled with its existing
presence in the cable TV,
Internet and broadband sec-
tors, BTC said of Cable
Bahamas: “Control over the
access network, and an
expansion of its market
share, may provide Cable
Bahamas with market pow-
er which URCA may need
to regulate sooner rather
than later, especially if the
planned merger between

Govt ‘very close’
to BTC LIME deal |



FOUR CONNECTION

Cable Bahamas and Systems
Resource Group goes
ahead.

“Cable Bahamas is
already showing this power,
for example by initially
refusing to provide BTC
with access to the Cable
Bahamas data centre.

“As aresult, BTC expects
the forthcoming intercon-
nection negotiations
between Cable Bahamas
will demonstrate that both
operators have substantial
negotiating power, and that
some regulatory constraint
may be necessary on Cable
Bahamas so that it does not
abuse its market position
and, in particular, control
over its access network.”

BTC’s warnings were con-

rO THE

WORLD

tained in its latest comments
on URCA’s consultation
process over its draft Refer-
ence Access and Intercon-
nection Offer (RAIO), in
which it also took a swipe at
Cable Bahamas for advo-
cating ‘zero-based’ call ter-
mination/interconnection
fees, given the state-owned
incumbent’s current practice
of providing ‘free same
island’ calls.

“Cable Bahamas position
on a number of material
issues is largely self-serving,
and would not ensure the
development of sustainable
competition in the Bahamas
nor would it provide bene-
fits to its citizens,” BTC said.

It urged URCA to place
its free same island calls

regime into context, focusing
on issues such as BTC’s uni-
versal service obligations,
which mandate that it pro-
vides telecoms services
throughout the Bahamas,
“and the net costs it incurs
for the provision of such ser-
vice”.

“In a country like the
Bahamas, such net costs are
likely to be substantial and
may require funding to
ensure that the development
of efficient competition
is not impeded,” BTC
added.

Affordability

“BTC currently incurs a
significant access deficit as
a consequence of its historic
pricing practice [free local
calls], aimed at ensuring
affordability of telecommu-
nications services for all cit-
izens in the Bahamas.

“Cable Bahamas casually
suggests the removal of any
deficits through increases in
corresponding retail tariffs,
but this is clearly inappro-
priate without a detailed
analysis of the consequences
and would potentially result
in making basic telephony
services unaffordable for

vulnerable customer groups.
A more = appropriate
approach would be a grad-
ual reduction of the access
deficit over time, combined
with appropriate reductions
in corresponding sources of
cross-subsidisation.”

Margins, BTC said, were
also likely to be squeezed as
a result of multiple opera-
tors - each owning their own
infrastructure - providing
bundles of services to
Bahamian subscribers.

As a result, BTC conclud-
ed: “The suggestion by
Cable Bahamas that BTC
should provide ‘zero-based
interconnection rates’ is
totally inappropriate in
these circumstances.

“International experience
would rather suggest that,
at this stage of the liberali-
sation cycle, universal ser-
vice funding and access
deficit contributions [by oth-
er Bahamian operators] are
more appropriate topics of
discussion.”

Elsewhere, BTC also
rebutted Cable Bahamas’
call for it to provide more
points of interconnection
with rival operators’ net-
works than just those it
planned in New Providence

and Grand Bahama.

“BTC has designed its
Next Generation Network
with two switches, one on
New Providence and one on
Grand Bahama, as the most
efficient network layout in
order to reduce BTC’s costs
and its prices for con-
sumers,” BTC said.

Traffic

“BTC closed the point of
interconnection at Marsh
Harbour, Abaco, in July
2009, and the traffic is now
routed to New Providence.
BTC has no plans for active
equipment on Eleuthera or
Abaco, where levels of traf-
fic do not justify additional
investment.”

It added that this was con-
sistent with URCA’s posi-
tion, which was that inter-
connection should be avail-
able at any point other than
those not ‘economically fea-
sible’.

“There are no technically
feasible points on Eleuthera
or Abaco, and it would not
be economically feasible to
construct them unless Cable
Bahamas is willing to pay
all of BTC’s costs,” BTC
said.

Accountant hiring
increases by 20%

FROM page one

to monitor and regulate the profession as best we can. However, there are
instances where, because the law hasn’t given us the teeth to do so, we are

FROM page one

committee.

Mr Ingraham’s comments seem
to have largely been designed for
public consumption, sending a mes-
sage to the electorate that his gov-
ernment will tolerate no forced
redundancies at BTC, knowing that
if this were to happen - and more
bodies be added to the lengthy
unemployment line - it could be
especially damaging given the cur-
rent point in the political cycle,
some 16-17 months away from a
general election.

“Your understanding is quite cor-
rect,” one highly-placed source told
Tribune Business, when this news-
paper sought confirmation both
about the likely imminent MoU
signing and the context of Mr Ingra-
ham’s comments.

“T think if it’s going to happen,
it’s going to be pretty quick,” the
source said of an MoU signing with
Cable & Wireless. “It shouldn’t be
more than a matter of a week or
so. We really need to do this.”

While the Government is
undoubtedly sensitive to the social,
economic and political implications
of any move to downsize BTC’s
workforce by some 300-400 per-
sonnel, its main concern is under-
stood to be that the process is han-
dled correctly.

Rather than engage in forced
redundancies and lay-offs, it is look-
ing for Cable & Wireless (LIME) to

reduce headcount through natural
attrition - early retirements for
elderly workers, plus voluntary dis-
engagement packages.

Well-placed sources have con-
firmed that the average age of
BTC’s workforce is in the late 40s,
with many other staff aged in their
early 50s. Only around 100 BTC
staff are said to be aged 30 years-old
and below, and Tribune Business
has been told that many older
workers would be willing to accept
early retirement or voluntary dis-
engagement packages - if the price
was right.

One source said of the privatisa-
tion: “There’s a great opportunity
for re-positioning the workforce of
that company.”

Asked about the prospects for
concluding a deal with Cable &
Wireless (LIME), one source famil-
iar with the process said: “It would
be a great tragedy if it didn’t con-
clude, but it doesn’t seem likely that
will be the case. You should be rea-
sonably optimistic that things will be
OK

“The Government is resolved. It
is absolutely determined to get it
done. The Prime Minister com-
mented on it on Sunday in his
remarks: The longer we wait, the
less we have to sell, so let’s be
thankful a serious buyer is still inter-
ested.”

That refers to the inevitable cut in
BTC’s profits and revenues that will
occur once the Bahamian commu-
nications market is liberalised and

fully opened up to competition.
Cable Bahamas is already planning
to go head-to-head with BTC in the
fixed-line voice telecoms market,
possibly as soon as next year, once
it satisfies regulators it has com-
plied with its Significant Market
Power (SMP) obligations.

BTC’s financial position is kept
afloat by its cellular monopoly,
which accounts for two-thirds of its
revenues, and once this segment is
opened to competition there could
be a dramatic impact on the com-
pany’s profitability.

However, the Prime Minister has
previously indicated that the Gov-
ernment could extend BTC’s cel-
lular exclusivity beyond the two
years immediately post privatisa-
tion, in return for Cable & Wire-
less not slashing such a huge per-
centage of its workforce. That, Tri-
bune Business understands, has not
pleased Cable Bahamas and rival
operators.

One source told this newspaper
yesterday: “BTC is still a very, very
interesting resource. It’s got infra-
structure that can be leveraged very
significantly in broadband, Inter-
net and can add on quite signifi-
cantly to the mobile services it
offers. And the Bahamian economy
is poised to rebound and grow sig-
nificantly over the next five years,
so when you take that into account
BTC is still a very good business
proposition, even though it’s worth
a couple of hundred million dol-
lars.”

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unable to push for certain changes that we’d like to because the law would
prohibit us from extending ourselves in that regard.

“T would hope most (accountants) are following international standards.
However, we have had some cases - and there have been reports of
instnaces - where there would seem to be an issue of non-compliance. It’s
not overwhelming at this time but it could be,” added the BICA Presi-

dent.

BICA currently has 450 members and 220 licensees.

FROM page one

estimated that consumer demand had
dropped by 20-30 per cent.

“That’s just horrendous,” the banker
said of the $188 million in non-per-
forming loans owed by the Bahamian
private sector to commercial banks.
“Commercial loans are typically to
businesses, many of whom are small
businesses, so when the economy nose-
dives they feel it almost immediately.
It’s a reflection of how poorly they’re
performing.”

Small businesses, the banker added,
were unable to service their various
Lines of Credit and overdrafts due to
depressed top-line sales resulting from
the reduction in consumer demand.
Many were also poorly capitalised, and
unable to absorb the blows from a
recession in which they had no safety
net.

During September 2010, delinquent
loans between 31-90 days past due fell
by $9.7 million or 1.8 per cent to $522.4
million, reducing these as a percentage
of the commercial banking industry's
total loan portfolio by 0.21 percent-
age points to 8.3 per cent.

Non-performing loans, which are 90
days past due and upon which Bahami-
an banks stop accruing interest, fell

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‘Horrendous’

by $9.3 million or 1.5 per cent to
$6309.7 million, a figure equivalent to
10.1 per cent of total loans - meaning
that more than one in every 10 loans to
Bahamian consumers and businesses is
non-performing, or at least 90 days
past due.

Mortgage delinquencies fell by $9.2
million or 1.5 per cent to $622.6 million
in September, "following g five con-
secutive months of expansion", due to
a $9.6 million or 2.8 per cent fall-off in
mortgages 31-90 days past due. This
offset a minor $0.4 million or 0.1 per
cent rise in the non-performing mort-
gage loan segment.

For September, consumer loan
arrears fell by $8.8 million or 3.1 per
cent to $276.2 million, as the 31-90
day past due and non-performing seg-
ments fell by $2.7 million (2.2 per
cent) and $6.1 million (3.8 per cent)
respectively.

Commercial bad loans also fell by
$0.9 million to $254.3 million, with a
$2.6 million or 4.2 per cent rise in the
31-90 days past due component can-
celled out by a $3.6 million or 1.9 per
cent reduction in the non-performing
category.



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THE TRIBUNE

WEDNESDAY, NOVEMBER 17, 2010, PAGE 3B



USI ee
Chamber president urges

‘immediate’ Baha Mar approval

By NEIL HARTNELL
Tribune Business Editor

THE Bahamas Chamber of Com-
merce’s president yesterday called
for “immediate approval” by the
Government of the $2.6 billion Baha
Mar project, arguing that following
Prime Minister Hubert Ingraham’s
successful China negotiations, there
was “no reason to delay” given that
many Bahamian businesses were
“hurting”.

Questioning whether the Prime
Minister’s China trip, during which
he met with Baha Mar’s partners,
China State Construction and the
China Export-Import Bank, plus the

Beijing government, was “necessary”
suggesting such discussions could
have been held with Baha Mar here,
Khaalis Rolle nevertheless expressed
happiness that Mr Ingraham was able
to increase the worth of contracts for
Bahamian contractors by $200 mil-
lion.

“T’m happy he was able to get more
of the construction work, get Bahami-
ans more involved in the construc-
tion part of the deal, but I don’t know
if the trip to China was necessary for
that,” Mr Rolle told Tribune Busi-
ness. “That discussion could have
been had right here with Baha Mar.”

While construction contracts to be
awarded to Bahamian contractors

had increased from $200 million to
$400 million, Mr Rolle said that out-
side this, “I don’t know if there was
anything materially different about
the deal that made it indescribably
better than it was before”.

The Chamber president said he
hoped Mr Ingraham’s Sunday press
conference brought the Baha Mar
project closer to a construction start,
adding: “If his trip was successful and
he got what he wanted, immediate
approval of this project is necessary.

“T think immediate approval is nec-
essary, and I don’t think there should
be any delay, any debate.” Referring
to today’s Paraliamentary debate,
during which MPs will debate the

Chinese demand for several thou-
sand work permits, Mr Rolle said: “I
don’t see what we hope to achieve
by the debate now.

“T don’t see where we need to go
beyond that.

“In the words of Dionisio
D’Aguilar, let’s get on with the pro-
ject. Businesses are hurting, and we
need economic activity. We don’t
need any reason to delay activity.

“T hear it every day. I get people on
my doorstep every single day com-
plaining about how bad it is for them,
and that they’re struggling to keep
their doors open, so whatever we
need to do to encourage economic
activity we need to do it.”



FROM page one

government spending, and the
Central Bank of the Bahamas
would ideally wish to see “more
debt consolidation” by the
Government.

However, she noted that the
Government has determined it
would continue to borrow, giv-
en that the “only way to reduce
expenditures is to shed (public
sector) labour.

“The debt indicators are not
moving in the right direction.
We would wish to see more
debt consolidation, but the
Government has to borrow to
close the gap [between rev-
enues and expenditures] or it
sheds labour. It’s a decision
government has taken. [The
national debt’s] not at a criti-
cal position - countries incur
100 per cent [debt-to-GDP
ratios] and they’re still func-
tioning, but it means the pres-
sures are even greater for your
economy to grow and for you
to meet those obligations in the
future,” said the Governor.

Mrs Craigg added that
despite the growth in the
national debt, the Bahamas is
“still very well placed vis-a-vis
our Caribbean counterparts”
such as Barbados, Guyana,
Trinidad and Jamaica when it
came to the debt-to-GDP ratio.

The Bahamas international
credit rating is still “above the
minimum which is considered

National debt

investment grade”, said the
Governor.

The debt level is “not criti-
cal”, she stated, adding, how-
ever, that the International
Monetary Fund (IMF) deems
a debt-to-GDP ratio of over 50
per cent “something you want
to watch very closely”.

The 2009-2010 fiscal year,
which came to a close last June,
brought with it “a marginal
improvement in the overall
deficit to some $340 million”
or roughly about 4.5 per cent
of GDP, but the Government’s
need to find a variety of financ-
ing sources to “bridge the gap
between its revenue and its
expenditure” nonetheless con-
tributed to a “significant
increase in the national debt”,
said Mrs Craigg.

“The direct charge, the debt
incurred by the central govern-
ment, surged from $2.7 billion
or about 37 per cent of GDP
at the end of 2008 to $3.3 bil-
lion, which approximates about
45.6 per cent of GDP, at the
end of 2009,” she added.

“The national debt has also
increased - that’s the direct
charge plus government guar-
anteed debt - by $700 million
to $3.9 billion, or from about
42.5 per cent of GDP to almost
54 per cent over the same peri-
od (end of 2008 to the end of

2009).”

“The debt has continued to
increase under the very soft
economic conditions in the
Bahamas, although we have
seen that the rate of growth
slowed to roughly half of the
previous year’s value, and at
the end of September it stood
at an estimated $4.1 billion, or
roughly 55 per cent, of 2010's
projected GDP,” Mrs Craigg
said.

The Governor expressed
hope that the Bahamas will see
“some reductions to the debt
through growth in the econo-
my”, noting that in the short
term “payments [to the Gov-
ernment] from privatisation”
[of BTC] could help.

Providing an insight into the
health of the economy at this
time and prospects going for-
ward, Mrs Craigg said recent
months have shown “some sta-
bilisation of domestic econom-
ic activity and local conditions”
from “very marked downward
adjustments” in 2008 and 2009,
which saw contractions of 1.7
per cent and 4.5 per cent
respectively.

“Improving circumstances in
some of our real sector indica-
tors underlie expectations for
the Bahamian economy to grow
at a modest half a per cent in
2010, although we don’t expect
to see any notable decline in
unemployment from current
rate in the short term,” said Mrs

EAGLE ELECTRICAL

Craigg, noting that the loss of
around 9,000 jobs saw this rate
rise to around 14 per cent in
New Providence in 2009.
Tourism has seen increases
in both the higher value
stopover visitors and, more so,
in sea arrivals this year, but the
former of these still remains
“some 12 per cent below pre-
crisis levels”, leaving the indus-
try “nowhere near where we
were prior to the crisis”.
Although data from hotels
up to August this year indicate
increases in occupancy levels
and room rates, Mrs Craigg said
the fact there has been “no
meaningful reengagement of
persons who were laid off
underscores the difficult busi-
ness environment that the
hotels, restaurants and other
enterprises that depend on
tourism continue to confront”.

With regard to another key
sector, construction, Mrs Craigg
reiterated that this has
remained “anemic” in 2010.

“The global crisis continues
to have a dampening affect on
foreign direct investment
inflows, which constitute the
major component of project
financing. The pace of domestic
building activity has also decel-
erated,” she said.

“According to data from
banks, mortgage disbursements
for new construction and
repairs are down nearly 50 per
cent from last year, and mort-
gage commitments - a forward
looking indicator - decreased
in number and value by some
15 and 35 per cent respective-
ly.”

Lending by banks, which
“figures very importantly in the
growth dynamics of the domes-

NOTICE

tic economy”, has remained
constrained by “a combination
of weakened balance sheets,
reduced income and the diffi-
culty of consumers to qualify
for loans due to tighter stan-
dards for new credit, as banks
contend with deterioration in
credit quality.

“There’s a reduced appetite
for debt in this enviornment,
so it’s a combination of sup-
ply and demand factors,” she
said.

“What we have seen in the
first nine months of this year is
that credit to the private sec-
tor, which averaged some 10
per cent in 2004 to 2008, and
moderated to 0.9 per cent in
2009, actually contracted this
year by a further half a per cent.
This decline was broadly based
across consumer loans, mort-
gages and commercial loans.”

Matioe is herby given of the logs of Bahamas Government Registered Stock Certificate aos

follows:

Stork Intercet Rate

Amant
22 |e
B350,000,.00

O.S1LHT3

Certificate No, ad

raray

rity Date

September 22, 2023

Linterd te requeat the Repisiver to isso a peplacement certificate. Lf this certificate ia

found, please Write to

P.O, Box NW-+244
Nass, Bahanas.

Ms \! ro THE BAHAMAS ASSOCIATION OF COMPLIANCE OFFICERS - BACO

2 t

=

yt

IN ASSOCIATION WITH

THE BAHAMAS BAR ASSOCIATION - BBA

PRESENT 4 LUNCHEON DISCUSSION RE

& LIGHTING
.

“Establishing National Planning & Oversight
Tools as Solutions for a 21st Century Bahamas
-from Tourism & Financial Services to Keological Concerns,

The ‘British Colonial Hulton
Friday, November 19th, 2@f0, 12:00 p.m.

Cost: $40.00 BACO & BBA Members
Cost$50,00 for Non Members
Venue: The British Colonial Hilton

Speakers Include:
Brian Moree, 0.C., Se, Partner-McKinney-Bancroft & Hughes
Cathleen Hassan, VP BBA, Partner-Johnson-Hassan & Co.
Cheryl Bazard, BACO Founding President, Partner-Bazard & Co
Gregory H. Bethel, President of Fidelity Bahamas
Cheryl Cartwright, Past President BACO, Pariner-Callenders & Co
Dr. lan Strachan, Sr. Lecturer, Author, College of The Bahamas

A

32° HDTV
Flat Screen TV

Time: 12:00pm -2:00pm

Eligible for CPE Hours

ntti Commencement of the Luncheon: 12:00 P.M. SHARP!
All Refrigerators and Freezers

EARLY CHRISTMAS SALE
8 DAYS ONLY

Wed & Thurs Nov 3-4 Wed & Thurs Moy 10-11
Wed & Thurs Nov 17-18, Wed & Thors Now 24.35.

EAGLE We ship to the Family Islands!

Tek (242) 341-4000 @ Tonique Wiliams Daring Highway, Harold Ad.
Fax: (242) 347-5080 «+ Website: waw.eagehahanas.com

BEST QUALITY, BEST PRICE, GUARANTEED "!!

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

A Review of Key Legislative Acts passed in 2070 & "My Legislative Wish List for 2077"
by Brian Moree 0.¢., Sr. Partner of McKinnay-Bancroft & Hughes

Panel Discussion:
"ESTABLISHING NATIONAL PLANNING AND OVERSIGHT TOOLS AS SOLUTIONS FOR A 21ST CENTURY
BAHAMAS: - from Tourism and Financial Services to Ecological concems “

Panelists:
Brian Moree; Cathy Hassan; Gregory H. Bethel ; Cheryl Bazard, Cheryl Cartwright & Dr. lan Strachan

To Register Contact Us (a) Tel:242-325-4955 / 323-0872

oes
ah *,
- Places are very limited

Soret ape


THE TRIBUNE

WEDNESDAY, NOVEMBER 17, 2010, PAGE 5B



GM raises common
Stock price range in IPO

DETROIT

INVESTOR demand for
General Motors stock has
been so strong that the
company will expand its ini-
tial public offering by 31
percent, to 478 million
common shares, a person
briefed on the sale said
Tuesday, according to
Associated Press.

The move, coupled with
an expected stock price of
$33 per share, brings the
U.S. government closer to
getting back the $50 billion
it spent bailing out GM last
year.

If the government sells
its 412 million shares on
Thursday for $33 each, it
will get $13.6 billion. It will
still have about 500 million
shares, or about 33 percent
of GM. It would have to
sell them for about $53 a
share, or $26.4 billion, for
taxpayers to get their $50
billion back.

Shares

The increased number of
shares could make GM's
IPO the largest in history
for a U.S.-based company.
If GM's sale of preferred
shares is included, the
offering could have a total
value of over $22 billion,
topping Visa Inc.'s $19.7
billion IPO in 2008, accord-
ing to the IPO tracking firm
Dealogic. It could even
grow to become the world's
largest IPO.

GM is expected to
announce the final price of
the IPO on Wednesday
and shares will start trading

the following day, accord-
ing to the person, who
asked not to be identified
because he is not autho-
rized to speak publicly
about the sale.

Most of the additional
shares will be sold by the
U.S. government, said the
person. A union health care
trust would sell a small part
of the added shares, the
person said.

In addition, bankers han-
dling the GM sale will take
an option to sell another 72

>8 PICTET

1805

million shares. That would
bring the total value of the
550 common shares for sale
in the IPO to $18.1 billion.

Deal

GM will sell preferred
shares worth $4 billion,
bringing the total value of
the deal to just over $22 bil-
lion.

GM's bankers stopped
taking orders for the sale
on Tuesday afternoon after

PICTET BANK TRUST LIMITED

Invites qualified applicants for the following position:-

SENIOR FOREIGN EXCHANGE

EDUCATION AND EXPERIENCE:-

TRADER

-Excellent knowledge of foreign currency trading.

-At least ten years experience.

-In-depth knowledge in trading:-
Spot and Forward currency transactions
Currency swaps
Precious metals
Currency and precious metal options

-Ability to speak/write French would be an asset.

-Bachelor’s Degree in Finance or related subject.

-Proficiency in a variety of software applications including Microsoft

Office Suite.

REQUIRED SKILLS:-

-Ability to work independently.

-Strong organisational skills.

-Commitment to excellent customer service.
-Must be a team player.

-Excellent oral and written communication skills.
-Excellent problem solving skills.
-Ability to work under pressure and to meet strict deadlines.

APPLICATIONS MUST BE RECEIVED BY
TUESDAY, NOVEMBER 30, 2010

Please hand deliver Resume and two (2) references to:-
The Human Resources Manager

Bayside Executive Park

Building No. 1
Nassau, Bahamas

ABSOLUTELY NO TELEPHONE CALLS

WILL BE ACCEPTED

Offices in

Lausanne, Geneva, Zurich, Luxembourg, London, Montreal, Nassau, Singapore, Tokyo, Hong Kong,
Frankfurt, Florence, Milan, Madrid, Paris, Rome and Turin



boa high each ebheneheb waht
; en
elaieleheain)

aaoalean



essentially running out of
shares to sell, the person
said.

GM spokesman Selim
Bingol and U.S. Treasury
Department spokesman
Mark Paustenbach would
not comment.

Earlier Tuesday, GM
raised the expected price
range for the common
shares to $32 to $33, from
$26 to $29, and it added 20
million preferred share
total, bringing it to 80 mil-
lion.

(A

Share your news

The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.

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

Temple Christian Hi gh School
Shirley Street
TEACHING VACANCY

Invites applications from qualified Christian
teachers for the following positions for the
2010 - 2011 School Year.

Math/Commerce (Grs. 10-12)
Applicants must:

A. Bea practicing born-again Christian who is
willing to subscribe to the Statement of Faith of
Temple Christian School.
Have a bachelor’s Degree in Education or higher
from a recognized College or University in the area
of Specialization.
Have a valid Teacher’s Certificate or Diploma.
Have at least two years teaching experience in the
relevant subject area with excellent communication
skills.
Applicants must have the ability to prepare students
for all examinations to the BJC/BGCSE levels.
Be willing to participate in the high school’s extra
curricular programmes.

Applications must be picked up at the High School Office on
Shirley Street and be returned with a full curriculum vitae,
recent coloured photograph and three references to:

Mr. Neil Hamilton
The Principal
Temple Christian High School
P.O. Box N-1566
Nassau, Bahamas
Deadline for application is November 30th, 2010



BBE N

SCHOOL F cbt

UR ee eee en
Clay
Fil
Uae st) (el ema
Crete

SAAC MGO) CMA COIENE ESTE
NON eile aa eae

6:00 p.m. -

10:00 p.m.

ROME Mee FLL eee
MEM eG CL aU Ml me LC

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PAGE 6B, WEDNESDAY, NOVEMBER 17, 2010

THE TRIBUNE





European officials: No
bailout yet for Ireland

BRUSSELS

AN ANXIOUSLY await-
ed meeting of European
finance ministers ended
Tuesday without an agree-
ment to bail out debt-strick-
en Ireland. But EU officials
said they have "intensified"
preparations for potential
support for the country's
troubled banking sector,
according to Associated
Press.

Concerns that Ireland will
be unable to pay the cost of

rescuing its banks — which
ran into trouble when the
country's real estate boom
collapsed — has worsened
Europe's government debt
crisis. Markets have pushed
up borrowing costs for other
vulnerable nations such as
Portugal and Spain and
threatened to destabilize the
common euro currency.
There was speculation
that Ireland's government
itself might be forced to take
a bailout like the one that
saved Greece from default-

LEGAL NOTICE
LEGAL NOTICE OF DISSOLUTION
INTERNATIONAL BUSINESS COMPANIES ACT

(No.45 of 2000)
In Voluntary Liquidation

ing on its bonds in May. A
750 billion euros backstop
stands ready from other
countries that use the euro.

But the government in
Dublin says it doesn't need
one, although there has
been discussion of help for
its banks.

"The Irish authorities are
committed to working" with
the EU, the European Cen-
tral Bank and the Interna-
tional Monetary Fund to “to
determine the best way to
provide any necessary sup-
port to address market risks,
especially as regards the
troubled banking sector,"
said EU monetary affairs
chief Olli Rehn.

"This can be regarded an
in intensification of prepa-
rations of a potential pro-
gram in case it is requested
and deemed necessary."

Ireland is making "signif-



THE OFFICES of a branch of the Anglo Irish Bank in central Dublin, Ireland, Tuesday, Nov. 16, 2010.
Europe's debt crisis reached a critical juncture Tuesday, as finance ministers sought to keep Ireland's
market turmoil from triggering a domino effect that could topple other vulnerable nations like Portugal
and fray the region's economic unity. (AP)









Notice is hereby given that in accordance with Section 137
(4) of the International Business Companies Act, (No. 45 of
2000) LAUREL MANAGEMENT INC. is in dissolution.
LeRoy Watson III is the Liquidator and can be contacted at

PH. 2,000, 50th Street, Panama City, Panama. All persons
having claims against the above-named company are required

to send their names, addresses and particualrs of their debts to
the Liquidator before the 15th day of December, 2010.



LEGAL NOTICE
MONTROSE SHIPPING COMPANY LIMITED

(In Voluntary Liquidation)

Notice is hereby given in pursuance of Section 138 of The Interna-
tional Business Companies Act, 2000 (as amended) that the Direc-
tors of the above-named company by Resolution passed on the 9th
day of November 2010 resolved that the company be wound up vol-
untarily forthwith and that the Liquidator is Mr. Bennet R. Atkinson
of Ronald Atkinson & Co., Chartered Accountants, Marron House,
Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas.

All persons having claims against the above-named company are
requested to submit particulars of such claims and proofs thereof in
writing to the Liquidator, Mr. Bennet R. Atkinson, Marron House,
Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas,
not later than the 16th day of December 2010, after which date the
books will be closed and the assets of the company distributed.

Dated the 12th day of November 2010.

Bennet R. Atkinson
Liquidator

NOTICE
FURE (BAHAMAS) LIMITED
Take notice that with effect from the 8" day of
November, 2010, I accepted appointment as
Liquidator of the above company, pursuant to
an Extra-Ordinary Meeting of the Members,
held on the 8 * day of November, 2010, at
which the following Resolutions were passed:
That Fure (Bahamas) Limited be wound up voluntarily.

That George Clifford Culmer be appointed Liquidator
of the company for the purposes of such wind up.

Dated this 15" day of November 2010.

GEORGE CLIFFORD CULMER
Liquidator of the above named Company

NOTICE
SUNRISE SHIPPING (BAHAMAS) LTD.

Take notice that with effect from the 26" day of
October, 2010, I accepted appointment as Liquidator
of the above company, pursuant to an Extra-Ordinary
Meeting of the Directors, held on the 26" day of
October, 2010, at which the following Resolutions
were passed:

That Sunrise Shipping (Bahamas) Ltd. be wound up
voluntarily.

That George Clifford Culmer be appointed Liquidator
of the company for the purposes of such wind up.

Dated this 10% day of November 2010.

GEORGE CLIFFORD CULMER
Liquidator of the above named Company
























icant efforts” to deal with its
budget deficit, said Jean-
Claude Juncker, who heads
the group of 16 nations that
use the euro.

"However market condi-
tions have not normalized
yet and pressure remains,"
Juncker said, adding that
"we will take action as the
eurogroup ... to safeguard
the stability of the euro if
that is needed." i
|e ,

IRISH FINANCE MINISTER Brian Lenihan arrives for a Eurogroup
meeting at the EU Council in Brussels, Tuesday Nov. 16, 2010. (AP)

LEGAL NOTICE

MIRAGE SHIPPING COMPANY LIMITED
(In Voluntary Liquidation)



Notice is hereby given in pursuance of Section 138 of The Inter-
national Business Companies Act, 2000 (as amended) that the Di-
rectors of the above-named company by Resolution passed on the
9th day of November 2010 resolved that the company be wound
up voluntarily forthwith and that the Liquidator is Mr. Bennet
R. Atkinson of Ronald Atkinson & Co., Chartered Accountants,
Marron House, Virginia and Augusta Streets, P.O. Box N-8326,
Nassau, Bahamas.

All persons having claims against the above-named company are

requested to submit particulars of such claims and proofs thereof in

writing to the Liquidator, Mr. Bennet R. Atkinson, Marron House,

Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas,

not later than the 16th day of December 2010, after which date the i r

books will be closed and the assets of the company distributed. - : : %

AN EMPTY BUILDING SITE were the remaining apartments of the Bel-
mayne development were to have been built on the outskirts of
Dublin, Ireland, Monday, Nov. 15, 2010. Debt-burdened Ireland is talk-
ing with other European Union governments about how to handle its
troubled finances, officials said Monday as the continent's debt crisis
plagued markets and policymakers across Europe. (AP)

NOTICE NOTICE

OF OF

WHITE JADA MANAGEMENT MCM INTERNATIONAL LIMITED
CORPORATION

Dated the 12th day of November 2010.

Bennet R. Atkinson
Liquidator

Notice is hereby given that liquidation of the above

Pursuant to Part IX, Section 137(6) of the (Interna-
tional Business Companies Act, 2000), we hereby
submit that winding-up and dissolution of the
Company has been completed on the 11th day of
November, 2010.

Triangle Administration Limited
Liquidator

NOTICE

FURE (BAHAMAS) LIMITED
(In Voluntary Liquidation)

Notice is hereby given that all persons having claims
against the above-named Company are required on or
before the 3187 day of December 2010 to send their
names and addresses and particulars of their debts or
claims to the Liquidator of the Company, at P.O. Box
N-10144, Nassau, Bahamas, or in default thereof they
may be excluded from the benefit of any distribution
made before such debts are proved.

Dated this 15" day of November, 2010.

GEORGE CLIFFORD CULMER
Liquidator

company on the 11th day of November, 2010. Tri-
angle Administration Limited of Bahamas Finan-
cial Centre, Shirley & Charlotte Streets, Nassau,
The Bahamas has been appointed Liquidator of the
Company.

Triangle Administration Limited
Liquidator

NOTICE

SUNRISE SHIPPING (BAHAMAS) LTD.
(In Voluntary Liquidation)

Notice is hereby given that all persons having claims
against the above-named Company are required on or
before the 3187 day of December 2010 to send their
names and addresses and particulars of their debts or
claims to the Liquidator of the Company, at P.O. Box
N-10144, Nassau, Bahamas, or in default thereof they
may be excluded from the benefit of any distribution
made before such debts are proved.

Dated this 10% day of November, 2010.

GEORGE CLIFFORD CULMER
Liquidator



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

WEDNESDAY, NOVEMBER 17, 2010, PAGE 7B





WORLD BUSINESS NEWS IN BRIEF

A look at economic
developments and activi-
ty in major stock markets
around the world Tuesday:

LONDON — World
markets dived as investors
waited to see if Ireland
will end up requesting a
financial lifeline from its
partners in the eurozone.
The FTSE 100 index of
leading British shares
closed down 2.4 percent,
Germany's DAX fell 1.9
percent and the CAC-40
in France ended 2.6 per-
cent lower.

SEOUL, South Korea
— South Korea raised its
key interest rate for the
second time in four
months as higher inflation
forces Asian central banks
to increase borrowing
costs.

It also adopted a more
aggressive stance, suggest-
ing that interest rates will
continue to rise after two
years of super-low bor-
rowing costs.

South Korea's Kospi
closed down 0.8 percent.
Elsewhere in Asia, Japan's
Nikkei 225 stock average
lost 0.3 percent, Hong
Kong's Hang Seng slid 1.4
percent and Australia's
S&P/ASX 200 gained 0.3
percent.

BEIJING — China's
government is trying to
cool double-digit food
price rises by releasing
stockpiled pork and sugar
to boost supplies in mar-
kets.

WASHINGTON — Chi-
na, the biggest buyer of
U.S. Treasury securities,



INTERNATIONAL
BUSINESS

boosted its holdings for
the third straight month,
the Treasury Department
reported Tuesday.

China's holdings of
Treasury debt rose to
$883.5 billion in Septem-
ber, the Treasury Depart-
ment said in a report.
That's a 1.7 percent
increase from August. For
much of this year, China
has been increasing its
holdings of Treasury debt.

The report shows that
China and other countries
still have a robust appetite
for Treasury debt even as
the U.S. government is
running annual budget
deficits topping $1 trillion.
Overall, foreign govern-
ments increased their pur-
chases of Treasury securi-
ties by $39.5 billion in Sep-
tember, a record high. A
sustained drop in foreign
demand for Treasury debt
could lead to higher U.S.
interest rates, slowing the
economy.

BEIJING — Foreign
investment in China accel-
erated for a second month

COMMODITIES SINK ON CHINA
AND EUROPEAN CONCERNS

m ASSOCIATED PRESS

COMMODITY prices
sank Tuesday amid concerns
about inflation in China and
a possible European bailout
of Ireland's banks.

Some of the steepest
declines came in agriculture
products and industrial met-
als as traders worried that
demand may diminish
because of the ongoing
issues in other parts of the
world.

In addition, the dollar
grew stronger against other
currencies. Since commodi-
ties are priced in dollars, a
stronger dollar makes them
less attractive to buyers who
use currencies other than
the dollar.

Traders opted to sell hold-
ings at a profit and reduce
their overall risk, Lind-Wal-
dock senior market strate-
gist Rich Ilczyszyn said.

China's economy has been
robust for much of the year
but the pace of inflation hit a
25-month high of 4.4 per-
cent in October. China's
government is releasing
stockpiled pork and sugar
to boost supplies in markets
in an effort to slow down
increases in food prices.

In the United States,
wholesale prices rose in
October for the fourth
straight month but the
increase was blamed pri-
marily on higher gasoline
costs.

Excluding volatile food
and energy categories, the
"core" index fell by 0.6 per-
cent, largely because of low-
er prices for new automo-
biles and trucks.

The report measures price
pressures before they reach
the consumer. It showed
that companies have rela-
tively little ability to pass on
the higher costs they're pay-
ing for grains and other
commodities.

For example, wheat prices
have risen 16.9 percent this
year; corn, up 28 percent;
and soybeans, up 16.5 per-
cent. Coffee prices have sky-
rocketed 45.5 percent while
cotton is up nearly 77 per-
cent.

Major packaged food
makers, including Kraft
Foods Inc., General Mills
Inc., Sara Lee Corp. and
Kellogg Co., have said they

have raised prices to cope
with higher costs of some
raw ingredients.

That's put a squeeze on
supermarkets because
they're paying more for the
products, but can't always
pass on the increases to
shoppers, who are concen-
trating on value.

Meanwhile, European
leaders were considering
ways to help Ireland solve
its debt problems. Similar
problems in Greece earlier
this year also pressured
commodities.

Agricultural commodities
all fell by at least 5 percent,
which Northstar Commodi-
ty analyst Jason Ward attrib-
uted to the China develop-
ments.

"There's enough people
in this market that are spec-
ulating, that are betting it's
going to go higher, that
they're taking their positions
off for fear that China actu-
ally does not buy as much,"
he said.

"Tf you sit back and look
the market, you see the sell-
off, you see the liquidation,"
he said. "What I don't see
is, I don't see a slowdown in
usage.”

Corn for March delivery
lost 29 cents, or 5.1 percent,
to settle at $5.40 a bushel.
January soybeans plummet-
ed 66.75 cents to settle at
$12.1975 a bushel while
March wheat gave up 47.75
cents to $6.6475 a bushel.

In December metals con-
tracts, gold for December
delivery fell $30.10 to settle
at $1,338.40 an ounce, silver
lost 85.9 cents to $25.233 an
ounce and palladium gave
up $35.40 to $645.90 an
ounce.

March copper fell 19.35
cents to settle at $3.7310 a
pound and January platinum
dropped $40.10 to $1,645.70
an ounce.

In energy trading, bench-
mark crude for December
delivery fell $2.52 to settle
at $82.34 a barrel on the
New York Mercantile
Exchange.

In other December
Nymex contracts, heating oil
rose 6.19 cents to settle at
$2.3090 a gallon, gasoline
slipped 3.93 cents to $2.1557
a gallon and natural gas lost
2.7 cents to $3.818 per 1,000
cubic feet.

in October despite slow-
ing growth, government
figures showed.

PARIS — Greek Prime
Minister George Papan-
dreou insists his country
won't default on its 298
billion euros ($406 billion)
in debt because doing so
would be a "catastrophe"
for Greece, Europe and
the euro.

VIENNA — Austria is
balking at paying its share
of Greece's financial
bailout.

Finance Minister Josef
Proell says that the

December tranche of Aus-
tria's contribution — 190
million euros ($258 mil-
lion)— will only be paid
out if Greece can show
that it has raised the
amount of money it















Rules:

pledged to take in through
taxes.

If Austria balks, and
other countries follow suit,
the Greek bailout package
could unravel. Athens is
receiving 110 billion euros
($150 billion) in rescue
loans from the Interna-
tional Monetary Fund and
other eurozone countries.

MADRID — Spain has
had to pay increased inter-
est rates to raise nearly 5
billion euros ($6.81 bil-
lion) in a sale of 12- and
18-month bills as investors
remained uncertain over
whether the country will
be affected by debt crises
in Ireland and Portugal.

BERLIN — German
investor confidence has
recovered slightly after a
steady six-month slide,

From the earliest days of the
organization, Rotarians were
concerned with promoting high
ethical standards in their
professional lives. One of the
world's most widely printed and
quoted statements of business
ethics is The Four-Way Test,
which was created in 1932 by

thanks to optimism about
the ongoing recovery in
Europe's biggest economy
and elsewhere, according
to a survey.

LONDON — Britain's
stubbornly high consumer
inflation rate rose to 3.2
percent in October from
3.1 percent in September,
driven by higher prices for
motor fuel, financial ser-
vices and games, toys and
hobbies.

TOKYO — Japanese
lawmakers approved fund-
ing for a new $61 billion
stimulus package, seeking
to keep Japan's fragile
economic recovery alive.

BUENOS AIRES,
Argentina — Argentina's
desire to pay what it owes
to the Paris Club nations

The Four-Way Test

“Of the things we think,
say or do

1. Is it the truth?
2. Is it fair to all

concerned?

3. Will it build goodwill
and better friendships?

next year sends a good sig-
nal to foreign investors
and should facilitate the
country's re-entry into
global credit markets a
decade after its world-
record $95 billion default,
analysts said.

But President Cristina
Fernandez still has some
work to do before
Argentina will be able to
borrow at competitive
interest rates.

NICOSIA, Cyprus —
International credit ratings
agency Standard and
Poor's downgraded
Cyprus’ long-term sover-
eign credit rating from A
plus to A with a negative
outlook amid concerns
over its financial system's
exposure to debt-ridden
Greece.

Rotarian Herbert J. Taylor. This
24-word Test has been

4. Will it be beneficial to
all concerned?”

translated into more than a
hundred languages and
published in thousands of ways.
It asks the following four
questions:

1, Children ages 10-16 may enter. Judging will be in two

age categories: 10 - 13 years and 14-16 years for a first

and second place winner in each category.

2. Write a essay answering the following subject:
“What does the Four-Way Test mean to me.” Explain
your understanding of the 4-Way Test as it relates to
your life, experiences, and/or society in general.”

Your essay must include the four principles.

3. The body of the essay must not exceed 1,000 words.

Adults may assist the child in filling out the entry form,

but not in writing the letter.

P.O. Box:

4. Limit one essay per child. All entries must be received by

the Rotary Club of East Nassau before Nov 30, 2010.

5. Only essays accompanied by original entry forms clipped
from the newspaper will be accepted. Photocopy, fax,
carbon or other copies will not be accepted.

6. One winner will be chosen from each age category. The
decision of the judges is final.

7. Winner must agree to a photo presentation which will
be published in the newspaper.

Age:

OFFICIAL ENTRY FORM

Child’s Name:



School:

Address:

Email Address:





8. Mail essay and completed newspaper clipping to
The Four-Way Test Essay Competition,
Attn: Joanne Smith, The Rotary Club of East Nassau,
P.O. Box N-1299, Nassau, Bahamas

The Tribune

Zn.
Ply Vovce.

4 £4 aeeaenape
Ply Fie spacer!

Parent's Name:



Parent's Signature:





Telephone contact: (H)



(W)

Allentries become property of the Rotary Club of East Nassau and can be used

and reproduced for any purpose without compensation.

One|

BAHAMAS, Districi 7020

TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
PAGE 8B, WEDNESDAY, NOVEMBER 17, 2010

THE TRIBUNE



Oil prices slide on fresh |

global economic concerns |

NEW YORK

OIL prices fell again as
investors took profits amid
renewed concerns about
the global economy. A
three-day decline has
erased most of the gains for
the month of November,
according to Associated
Press.

Benchmark oil for
December delivery fell
$2.52, or 3 percent, to settle
at $82.34 a barrel Tuesday
on the New York Mercan-

Three-day decline erases
most gains for November

tile Exchange as traders
considered Ireland's ongo-
ing debt problems and wor-
ries about higher inflation
in Asia.

Oil prices have fallen 6.1
percent since Thursday,
when speculation arose that
China would take steps to

NOTICE

NOTICE is hereby given that EMMANUEL EUGENE of MARSH
HARBOUR, P.O. BOX AB-20291, ABACO, BAHAMAS is
applying to the Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and that any

person who knows any reason why registration/naturalization should
not be granted, should send a written and signed statement of the facts
within twenty-eight days from the 17" day of November, 2010
to the Minister responsible for nationality and Citizenship, P.O. Box N-
7147, Nassau, Bahamas.





control its economic
growth. On Tuesday, South
Korea's central bank raised
interest rates to curb grow-
ing inflation. Add in some
concern about Ireland's
impact on Europe's eco-
nomic recovery and
investors found good rea-
son to secure some recent
profits.

As of Thursday, oil had
risen 7 percent for the
month and 23 percent from
the end of August, hitting a
two-year high above $88
along the way.

In the U.S., the Labor
Department said retail gas
prices jumped 9.8 percent
in October, and diesel and
home heating oil costs also
rose, contributing to a 0.4
percent increase in the Pro-
ducer Price Index. Yet,
there was little sign of infla-
tion as the cost of food, cars
and computers fell.

Excluding the volatile
food and energy categories,
the so-called core index fell
by 0.6 percent, the most in
more than four years, pri-
marily because of lower
prices for new cars and

While inflation remains
low, the report supports the
Federal Reserve's belief
that it's because economic
growth in the U.S. remains
sluggish. That view prompt-
ed the Fed's multibillion
bond-buying program in an
effort to push interest rates
lower and help stimulate
the economy.

"The economic bad news
has been sort of giving us
water torture, you know, a
drip from Ireland, a drip
from China, a drip off from
producer prices," said
Michael Lynch, president
of Strategic Energy & Eco-
nomic Research. "It's mak-
ing people feel like the run-
up in oil prices was over-
done."

In other Nymex trading
in December contracts,
heating oil fell 6.19 cents
to settle at $2.3090 a gal-
lon, gasoline lost 2.93
cents to $2.1657 a gallon
and natural gas fell 2.7
cents to $3.818 per 1,000
cubic feet.

In London, Brent crude
gave up $1.97 cents to settle
at $84.73 a barrel on the

trucks. ICE Futures exchange.

Ef EMPLOYMENT
E OPPORTUNITY

H Restaurant managers needed for leading fast
food franchise

NOTICE is hereby given that RESIA JOSEP-EUGENE
of Marsh Harbour, Abaco,Nassau Bahamas P.O. Box
AB20291 is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 17" day of
November, 2010 to the Minister responsible for nationality
and Citizenship, PO. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ROBINSON PIERRE of DUNDAS
TOWN, P.O. BOX AB-20191, ABACO, BAHAMAS is
applying to the Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and that any
person who knows any reason why registration/naturalization should
not be granted, should send a written and signed statement of the facts
within twenty-eight days from the 17 day of November, 2010
to the Minister responsible for nationality and Citizenship, P.O. Box N-
7147, Nassau, Bahamas.

Requirements:

¢ Must have at least two (2) years of
restaurant management or food &
beverage management experience
¢ Must have strong leadership skills
¢ Must be customer service driven

¢ Must be results-oriented & articulate

¢ Must have excellent inter-personal skills

e¢ Must have excellent oral & written
communication skills

Mcdonald’s offers excellent benefits! il

i PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that |, PICARD ANTHON
HEPBURN of No. 2 Johnstone Ave., Stapleton Gardens
on the Island of New Providence intend to change my
name from, PICARD ANTHON HEPBURN to PICARD
ANTHON SCAVELLA. If there are any objections
to this change of name by Deed Poll, you may write
such objections to the Chief Passport Officer, PO.Box
N-742, Nassau, Bahamas no later than thirty (80) days
after the date of publication of this notice.

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

ROYAL FIDELITY

Money al Work



= FG
ic

CAPITAL MARKETS
BROKERAGE & ADVISORY SERVICES

BISX LISTED & TRADED SECURITIES AS OF:
TUESDAY, 16 NOVEMBER 2010
BISX ALL SHARE INDEX: CLOSE 1,490.45 | CHG 0.17 | %CHG 0.01 | YTD -74.93 | YTD % -4.79
FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%
WWW .BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-2320

52wk-Low Security Previous Close Daily Vol. EPS $ Div $ P/E
"AML. Foods Limited
Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste

Fidelity Bank

Cable Bahamas

Colina Holdings
Commonwealth Bank ($1)

Today's Close Change
1.071
10.63
4.90

1.01
10.63
4.90

0.00
0.00
0.00

0.150
0.013
0.598
-0.877
0.168
0.016
1.050
0.781
0.422

0.18
2.84
2.17
10.46
2.40
6.55
1.83
1.60
6.07
7.26
9.74
5.46

0.18
2.70
2A
10.46
2.40
6.56
1.80
1.60
6.07
7.26
9.74
5.46

0.00
-0.14
0.00
0.00
0.00
0.01
-0.03
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Consolidated Water BDRs
Doctor's Hospital
Famguard

0.111
9.199.
-0.003
0.287
0.645
0.366
0.000
0.012
0.971
0.991

Finco
FirstCaribbean Bank
Focol (S$)
Focol Class B Preference
ICD Utilities
J. S. Johnson 9.90 9.90 0.00
Premier Real Estate 10.00 10.00 0.00
BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing basis)
Securit Symbol Last Sale Change Daily Vol.
Bahamas Note 6.95 (2029) BAH29 99.46 0.00
Fidelity Bank Note 17 (Series A) + FBB17 100.00 0.00
Fidelity Bank Note 22 (Series B) + FBB22 100.00 0.00
Fidelity Bank Note 13 (Series C) + FBB13 100.00 0.00
Fidelity Bank Note 15 (Series D) + FBB15 100.00 0.00
RoyalFidelity Merchant Bank & Trust Ltd. (Qver-The-Counter Securities)
Symbol Bid $ Ask $ Last Price Daily Vol.
Bahamas Supermarkets 5.01 6.01 14.00
RND Holdings

1.00
5.59

1.00
5.59

Interest
6.95%
7%
Prime + 1.75%
7%
Prime + 1.75%

20 November 2029
19 October 2017
19 October 2022

30 May 2013
29 May 2015

EPS $
-2.945
0.001

Div $
0.000
0.000

P/E

0.35 0.40 0.55
CFAL Securities Ltd. (OQver-The-Counter Securities)

30.13 31.59 29.00

0.45 0.55 0.55

BISX Listed Mutual Funds

NAV YTD%
5.11%
1.10%
3.87%
-8.16%
1.47%
9.98%
4.75%
3.85%
2.71%
3.79%

ABDAB
RND Holdings

4.540
0.002

0.000
0.000

NAV 3MTH
1.490421
2.919946
1.545071

NAV 6MTH
1.467397
2.811577
1.530224

Fund Name
CFAL Bond Fund

CFAL MSI Preferred Fund

CFAL Money Market Fund

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

CFAL Global Equity Fund

FG Financial Preferred Income Fund
FG Financial Growth Fund

Last 12 Months %
6.79%
3.13%
4.48%
-7.49%
2.95%
12.49%
7.18%
5.22%
6.44%
5.71%

1.4076
2.8300
1.4954
2, 8522
13.0484
101.6693
99.4177
1.0000
1.0000

1.5122
2.9187
1.5655
2.8624
13.5642
114.3684
106.5528
1.1318
1.0969
1.1320

109.392860
100.779540

107.570619
105.776543

1.0000
9.1 G05.

FG Financial Diversified Fund
Royal Fidelity Bah Int'l Investment Fund Principal
4

30-Sep-10

9.7458 4.35% 5.22% 31-Oct-10

10.0000

Royal Fidelity Bah Int'l Investment Fund Principal
2

10.6000 -1.59% 4.26% 31-Oct-10

9.1708 — Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 3

Royal Fidelity Int'l Fund - Equities Sub Fund

9.5037 -4.96%
8.1643 5.79%
MARKET TERMS

-4.96% 31-Oct-10

4.8105 31-Oct-10

BISX ALL SHARE INDEX - 19

for daily volume
ily volume
Change - Chang:
Daily Vol. - Numi
Divs IS per share pai
P/E - Closing price divided by the last 12 month earnings
k Split - Effective Date 8/8/2007
($1) - 3-for-1 Stock Split - Effective Date 7/11/2007
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525

m day to day

FINDEX< - The Fidelity Bahamas Stock Index. January 1, 1994 = 100



HOME DEPOT, DYNEGY, URBAN
OUTFITTERS BIG MOVERS

NEW YORK
Associated Press

STOCKS that moved substantially or traded heavily Tuesday
on the New York Stock Exchange and Nasdaq Stock Market:

NYSE

General Growth Properties Inc., down $1.09 at $14.31
The shopping mall operator is selling up to 155.3 million

shares of common stock at a discount to Monday's closing stock
i price.

Home Depot Inc., up 32 cents at $31.71
The home-improvement products retailer said its profit rose

: in the third quarter despite weak sales growth, and it raised its
? earnings outlook.

Scorpio Tankers Inc., down $1.23 at $9.80
The petroleum shipper Scorpio Tankers narrowed its third-
quarter loss and boosted sales, but warned of higher operating

i expenses.

Dick's Sporting Goods Inc., up $3.59 at $33.51
The sports products retailer raised its profit forecast for the

i year as a key sales measure improved.

Dynegy Inc., up 39 cents at $5.02
Asset manager Blackstone Group LP said it will increase its

takeover bid for the power plant company to $5 per share.

NASDAQ

Urban Outfitters Inc., up $3.90 at $36.63
A lower tax rate and stock buybacks helped the retailer's

i third-quarter profit beat analyst expectations.

Mattel Inc., up 78 cents at $24.33
The toy maker raised its dividend by 11 percent in 2010, to 83

cents per share, and is increasing stock buybacks by $500 million.

Mela Sciences Inc., down $3.45 at $2.92
A Food and Drug Administration panel was sharply critical of

: the company’s melanoma detection device, MelaFind.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, BRUNELL ARABELLA
PHILIP of Garden Villas, Freeport, Grand Bahama intend
to change my name to BRANELL ARABELLA PHILLIPS.
lf there are any objections to this change of name by
Deed Poll, you may write such objections to the Deputy
Chief Passport Officer, RO.Box F-43536, Freeport, Grand
Bahama no later than thirty (30) days after the date of
publication of this notice.

NOTICE

NOTICE is hereby given that SAMSON FRANCIS CHATELAINE
of BARTLETT HILL, EIGHT MILE ROCK, GRAND BAHAMA,
BAHAMAS is applying to the Minister responsible for Nationality
and Citizenship, for registration/naturalization as a citizen of
The Bahamas, and that any person who knows any reason why
registration/ naturalization should not be granted, should send a
written and signed statement of the facts within twenty-eight days
from the 10th day of NOVEMBER, 2010 to the Minister responsible
for Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, KENLY FERGUSON
of RO. Box CB-12982, Southern District of The Island of
New Providence, Commonwealth of The Bahamas, intend
to change my name to KENLEY FERGUSON. If there are any
objections to this change of name by Deed Poll, you may
writesuch objections to the Chief Passport Officer, RO.Box
N-742, Nassau, Bahamas no later than thirty (30) days
after the date of publication of this notice.

af\...
ie

NAD

Nassau Airport
Development Company

¢-140 Airuide Chil and C-159 Lanediide Choi Seage 2 aed 5

Aassze Jumport Deweinoment Company (HAI es pleased to
anegunce fhe reladee of lander 0-199 Airseda Coral are’ C-15)
Landside Chel for Stage 2 aed of he Lynden Predling lelemational
Alport Expansion, MAD mniends to enter into one contract for the
completion of these work packanes

The soope of aayik inceles
+ Earfhmowing Crainage and whikty works. bot airade and

hk ( partong fot and apren coreinichon ndering aaphal
ary C1
Signage and ighting for mechwerys, parang lots, aprons and
LATS; dnd

© [retallahne. of hard and sof lance laedscaping and wnigeion

Tee peawernenl

The C140 Airide Cad and 0-150 Landside Cod, Stage 2 and 3
Tender Documents vill be available for pick up of elechonic
dsinhetion ater 3:00 pm, Thursday October 28th, 2070
Abidders meehng wll be held at 10:00 am, Tuesday
Hovenber Sth, 2010

Plows contact Tract Grshy to negester al the MAC Propect office

Contact: TRAC! BRISEY

Contracts and Procurernent Mananer
LP Exnansion Project

Pho (det POP 00088 | Fnac (2) OTP?
PO. Bow AP S225, Nesaat, Bahamas
Erread: traci heshry rea bs.



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THE TRIBUNE

eS

WEDNESDAY, NOVEMBER 17, 2010, PAGE 9B





The Tribune



By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net

LOVE Chinese food. The flavours, the vari-
ety of vegetables used and the many options
for vegetarian dining make Asian take-
out and at home stir frys a staple in my din-

ner menus.

So when I got the opportunity to travel to China
last month for a three week training programme in
Beijing, sponsored by China's Foreign Affairs Uni-
versity, I was giddy with happiness. Not only would
I be able to experience a rich culture - which dates
back more than 5,000 years - I would be able to
indulge my cravings for eastern cuisine.

My first meal in China was a buffet breakfast
prepared by the cafeteria staff at CFAU. The spread
was enormous and varied but bore little resemblance
to the morning meals the 20 Caribbean journalists
taking part in the programme were familiar with.

Favourite

There were cold noodles served in a tomato sauce,
hard boiled eggs, chopped spinach, an eggplant dish,
watermelon, orange slices, sliced bread, beef, fried
rice and - my favourite - light, fluffy steamed bread
the size of my fist.

For lunch there was a similar spread and the same
for dinner, with a few variations.

Chinese food is different depending on which area
of the country you visit. In Beijing - where I spent the

A flavour of

‘Taste

CHINESE FOOD:

Savory tofu, bam-

boo shoots, rice

and vegetable rolls

at a restaurant in

Beijing.

majority of my time - roast duck,
white rice, noodles and an assort-
ment of vegetables were dining
staples. In Chengdu, the capital city of the Sichuan
province, hot and spicy food were the order of the
day. Sichuan cooking incorporates dried and fresh
red chilies, Szechuan pepper, ginger, and garlic - a
perfect blend of spices for those that like food with
a kick. Even from my short time there I could see
that the people of Chengdu are serious about food.

The open markets were bursting with an assort-
ment of food - meat on sticks, what appeared to be
dried duck heads and wings, and even deep fried
ice cream topped with a spicy sauce.

One thing that took me by surprise was how little
tofu, or bean curd, dishes were served in Beijing
and Chengdu. Still as a vegetarian, I had more famil-
iar dining options than my Caribbean counterparts
but more often than not I noshed contentedly on rice,
noodles and sautéed vegetables.








DUCK HEADS: Exotic bird meat for sale at a market in Chengu in China's Shichuan province.

Just a few images of what we the
Bahamas looked like 40...50...60...

years in the past.

By Roland Rose

Those infamous Casurianas... Most people only remember one line on the noth side of the road, there
was a complete tunnel in 1952. The new look, top left will show the unique benches of Antonius
Roberts, with landscaping of sea grape, palms and groundcover by Four Seasons.



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