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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(T)

P’m lovin’ it

82F
71F

HIGH
LOW

SUNNY AND

WINDY

Volume: 106 No.301



the I

ripune

LATEST NEWS ON WWW.TRIBUNE242.COM



FRIDAY, NOVEMBER 19, 2010

jous at ris

Sir Sol Kerzner
gives warning over
Bah Mar project

By PAULG
TURNQUEST
Tribune Staff
Reporter
pturnquest@
tribunemedia.net

EIGHT thou-
sand jobs at
Atlantis could be
put at risk if Baha
Mar is approved in
its current state,
Kerzner Interna-
tional’s chairman
and CEO stressed
yesterday.

Voicing his confidence
that Prime Minister Hubert
Ingraham will not pass the
deal in its current form, Sir
Sol Kerzner said that he was
extremely disappointed in
the former PLP government
for their “overwhelming
support” of Baha Mar,
which he said will be violat-
ing the “most favoured
nation” clause of their 1993
and 2003 Heads of Agree-
ment.

Sir Sol informed the
media yesterday in a tele-
conference with senior man-
agement of his Atlantis



ATLANTIS CHIEF:
Sir Sol Kerzner

property on Par-
adise Island that
he was very disap-
pointed that the
same PLP govern-
ment that he
signed his last
heads of agree-
ment with in 2003
is the same party
that is overwhelm-
ingly in support of
breaking it now.

“It sees to me
pretty ridiculous in
this current envi-
ronment, even if the eco-
nomic environment were a
lot better to look to come in
and double the current num-
ber of rooms overnight. It
seems to me pretty irre-
sponsible. I also believe that
one should take into account
that we have 8,000 people
working with us, and if this
were to move forward the
likelihood is that people’s
jobs would have to be
threatened. It is just impos-
sible, practically impossible
to double the size of the
market.

SEE page eight



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

Phase IV



Kerzner International official
informed The Tribune that a
Phase IV of Atlantis will mostly

Atlantis SIUM TIMI s

lifetime...’

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

likely “not be seen within our

AS A result of the impending

deal with Baha Mar, a senior

SEE page nine



BAHA MAR DEBATE:
aA IAATeMNANSICc lon MLO) Olcd a
Ingraham (left) and
Opposition leader Perry
Christie in the House of
Assembly yesterday.

Felipé Major/Tribune staff

PRIME Minister Hubert Ingraham
said last night that $400 million in
construction work on the Baha Mar
project will go to Bahamian contrac-
tors, marking what he called the
largest sum ever awarded to Bahami-
ans on a project in the Bahamas.

Mr Ingraham spoke before the
House of Assembly unanimously (36
with four absent) passed the Baha

Mar labour resolution that allows for
8,150 workers, but no more than 5,000
at one time to be employed on the
Baha Mar Cable Beach project.

The Prime Minister also noted the
concerns expressed by Kerzner Inter-
national’s CEO Sol Kerzner over a
breach of the investment agreement
signed with Atlantis. “I do not con-
cede that we would be in breach of the

deal with Kerzner. The relationship
between the Bahamas and Kerzner
has been mutually beneficial,” the
Prime Minister said. He also noted
that Mr Kerzner has been late in
expressing his concerns over the Baha
Mar project but that the government
would review his concerns.

SEE page eight



ARAWAK HOMES PLEDGES NOT TO

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By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net

ALLEGATIONS of sex-
ual abuse at a primary
school has led to govern-
ment fears of incest and
molestation on a wider
scale in a local community.

The alarm bells rang
after a security guard at
Gambier Village Primary
School was arrested over
claims of sexual abuse by
several students. He is now
being questioned by police.

Education and social ser-
vices officials fear there
may be a wider problem of

Pro-Plus TUBS °;

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HARD PLASTIC

child abuse within the Gam-
bier Village community
after the investigation
unearthed further claims of
incest and sexual exploita-
tion.

State minister for Social
Development Loretta But-
ler-Turner said: “I have
received a few reports — in
particular from the Ministry
of Education — raising the
question as to activities that
were going on regarding
children.

“Whether it’s incest or
whether it’s sexual exploita-
tion of children by others, I

SEE page nine

By NATARIO McKENZIE
Tribune Staff Reporter
nmckenzie@tribunemedia.net

ARAWAK Homes yes-
terday pledged it would not
demolish a duplex located
on land that the courts have
ruled it owns.

Attorney Carl Bethel
appeared in the Court of
Appeal yesterday to seek a
stay of a possession order
granted to the real estate
development company ina
land dispute with contrac-
tor Dennis Dean.

Arawak Homes’ attor-
ney Neville Smith informed
Justice George Newman

ae ET ii

Bae
$82.92

complete



NASSAU AND BAHAMA ISLANDS? LEADING NEWSPAPER

that the company had no
intention of demolishing the
duplex built by Mr Dean in
Sir Lynden Pindling
Estates, nor evict its tenants
from whom the company
now collects rent. He also
gave an undertaking to the
court that no such steps
would be taken, without
due process.

Mr Smith said Mr Dean’s
case stems from a matter
that has already been decid-
ed by the courts. He
informed the judge that Mr
Dean had no title to the
land at all and noted that

SEE page nine

LUMBER & PLUMBING
Uy Teme ligste

UR eo





PAGE 2, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE





Po

By TANEKA THOMPSON
Tribune Staff Reporter

tthompson@tribunemedia.net

ENGLERSTON MP Glenys
Hanna-Martin lambasted an
"irritating" Minister of Culture
for spending more time mock-
ing members of parliament than
moving policies that would cre-
ate a better environment for
local artists.

She found fault with Golden
Isles MP Charles Maynard after
he spoke about Baha Mar and
did not mention the many
opportunities artists and arti-

sans could take advantage of
due to the $2.6 billion develop-
ment.

"T’ve got to admit he irritates
me," she said, eliciting laughter
from the chamber during her
contribution to the Baha Mar
labour resolution. "He does,
you know, because he is minis-
ter of culture and I haven't
heard any articulation on policy
relevant to such a critical issue
when the country is descending
into chaos, young people are so
challenged, and I get frustrat-
ed when he has such a wonder-
ful and important portfolio and

LOCAL NEWS

Trritating’ Charles Maynard comes under fire

I don''t hear his articulation on
that issue and he want talk 'bout
the PLP and FNM?

"In particular there are many
people in our country right now
who know that in a hotel of this
magnitude there will be so
many opportunities for artists
in this country. The member
didn't speak once to it, not
once".

Her criticisms drew the min-
ister back into the Upper
Chamber, where he told Mrs
Hanna-Martin to "stop likin’
man" before taking his seat.

Mr Maynard's public state-

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| Nassau, Bahamas | 242-325-7774



Tim Clarke/Tribune staff

ments on former Prime Minister
Perry Christie's record and his
comments on the upgrade to
the Lynden Pindling Interna-
tional Airport also drew Mrs
Hanna-Martin's ire.

On the issue of Baha Mar,
the former transport and avia-
tion minister said even in the
middle of a turbulent economy
with the promise of jobs from
the new resort, Bahamians have
understandable concerns about
the project.

"Baha Mar has raised so
many issues and has touched
the consciousness, the sensitivi-
ties of our people — in particular
Mr Speaker, the question of
land as a national resource.
These are issues that have now
come to the fore when we speak
about Baha Mar," she said,
adding that training for Bahami-
an labour is also an issue of con-
cern.

"We're now in the middle of
the worst economy that any of
us has ever seen, we know there
is tremendous suffering, we
know there is tremendous psy-
chological distress and physical
suffering in the country. But
even in the middle of that Mr
Speaker, in the middle of what I
would call a sweltering reces-
sion, and even with the promise
of the relief of tremendous jobs
our people are still asking ques-
tions.

"For me, it puts me in a good
place, because it enhances the
fact that we have ideals".

ins



Bethel claims he
was ‘threatened’
by another MP

Asks Speaker of House for
‘protection of his privilege’

SEA Breeze MP Carl Bethel
asked Speaker of the House
Alvin Smith for “protection of
his privilege” after claiming he
was “threatened” by another
member of parliament.

Mr Bethel claimed the threat
was delivered on behalf of a
third party on the grounds of
the House of Assembly, and was
in relation to his representation
of parties embroiled in a dispute
with Arawak Homes.

The Speaker indicated that a breach of privilege can occur
when a member is anywhere on the grounds — whether in the
bathroom or smoker’s room — or on the way to parliament.

He noted the request, despite protest from Obie Wilch-
combe, West End MP.

Squabble

Mr Wilchcombe said the matter was simply a squabble
between “brothers, colleagues, parliamentarians”. He said it was
acommon type of occurrence, and essentially a non-issue.

Mr Bethel also sought to raise the matter of his “intimida-
tion” in the Court of Appeal yesterday, but Justice George
Newman refused to entertain his claims.

Justice Newman indicated the court proceeding in session was
not the forum to address those concerns.

Mr Bethel is representing Dennis Dean, president of the
Property Owners Association, in the Court of Appeal.

They were seeking a stay of execution with regard to recent
rulings made against Mr Dean in his dispute with Arawak
Homes.

The stay was not granted, although Arawak Homes made cer-
tain undertakings to the court that were satisfactory to the
plaintiffs.

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THE TRIBUNE

FRIDAY, NOVEMBER 19, 2010, PAGE 3



LOCAL NEWS

LATEST NEWS ON BAHA MAR PROJECT +++ LATEST NEWS ON BAHA MAR PROJECT +++ LATEST NEWS ON BAHA MAR PROJECT

Most Favoured Nation clause
‘is not unique to Atlantis’

aaa ea eG aU a

By NOELLE NICOLLS
Tribune Staff
Reporter

nnicolls@
tribunemedia.net

THE much talked
about ‘Most Favoured
Nation (MFN)’ clause
is not unique to Atlantis
and a similar clause is
in fact included in the
more recent Baha Mar |77
Heads of Agreement,

Minister of State for Gi ise ih
Finance Zhivargo g g
Laing told The Tribune

yesterday.

The disclosure comes a day after execu-
tives from Kerzner International accused
the government of a “contract breach”
based on the MFN clause in the Atlantis
Heads of Agreement.

Mr Laing explained that the MFN clas-
sification is an internationally established
economic principle, centrally recognised
by the World Trade Organisation (WTO),
which seeks to establish a level playing
field between mutual parties.

“The term is counter intuitive. The name
suggests that you treat the entity with MFN
status more favourably than others, but
what it really means is that you treat every-
one alike; you don’t treat anyone more
favourably,” said Mr Laing.

Based on the MEN principle, if one MFN
entity is granted special Customs rates, for
example, then all MFN entities should be
granted special Customs rates. The specif-
ic rates would be established by govern-
ment policy or law.

In the case of the Bahamas, the Hotels
Encouragement Act addresses the issue of
concessions, while allowances for labour
are specified in government policy, he said.

In order to establish whether a breach of
MEN privilege exists, Mr Laing suggested
one would have to assess a competing



By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

KERZNER may have no real claim to argue a “breach of contract” stemming from
the government’s new agreement with Baha Mar, according to a PLP Member of

Parliament.

“If the agreement has expired then the argument would be simply academic,”

said

the MP who wished to remain anonymous, so the argument may be more theoretical
than anything else.
He said it is questionable whether a current Heads of Agreement exists between the

government and Kerzner International.

However, Tribune sources claim there is no expiration date on the Kerzner Heads
of Agreement. Government officials would not confirm this.

One member of the Cabinet said unless the agreement specifically contemplates an
expiration it is considered to endure. He also said some agreements contain provisions
for certain elements to last for a defined period of time beyond the expiration of the

main contract.

Furthermore, the PLP MP said Kerzner would have to sue the FNM government
based on the “operative” 2008 Baha Mar Heads of Agreement in order to prove a

breach of contract.

He speculated that this was unlikely to happen, based on the relationship between
Kerzner and Prime Minister Hubert Ingraham. The MP said in his opinion Mr Kerzn-
er’s outrage was likely a “pretext” for decisions that may emerge in the future.



agreement “in its totality” and not com-
pare a single line item. He said the question
of a breach is “not so simple from the gov-
ernment’s point of view”.

Citing the conflict developing between
Atlantis and the government over MFN
privileges, Mr Smith said it should serve
as a warning for the government to be care-
ful of signing any future MFN clauses with
international or local investors.

“Going forward I think governments
ought to be very careful about signing MFN
clauses, because you are tying your hands of
future investors including local investors,”
said Mr Smith.

An MEN clause is contained in the
Hawksbill Creek Agreement and the Baha
Mar Heads of Agreement. Sources inside
Baha Mar confirmed the latter.

Kerzner International on Wednesday in
a statement to the press accused the gov-
ernment of a contract breach as it concerns
the MFN clause in its Heads of Agreement.

“As was the case with the two previous
agreements with government, our 2003
agreement included a MEN provision that
assured Kerzner that our investments
would be protected from subsequent
investors receiving more favourable terms.
These agreements represented a solemn
promise by the Bahamas to us that any
subsequent investor would only compete
against us on a level playing field,” said
Sol Kerzner, chairman and chief executive
officer of Kerzner International, in a state-
ment.

SEE page eight

: tthompson@
: tribunemedia.net

ject will try and a find

TOURISM INDUSTRY “CAN EXPECT SHORT-TERM CANNIBALISM’

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

THE tourism industry can
expect some short-term “can-
nibalism” in the hotel market
with the introduction of Baha
Mar, former Governor of the
Central Bank James Smith told
The Tribune yesterday.

Mr Smith pointed out that
Kerzner International con-
tributes $2.3 billion to the econ-
omy, which constitutes almost
one third of the nation’s gross
domestic product (GDP).

“But I think the concern here
is probably at what point do
you introduce competition and
at what level? Because we have
seen the history of this before,
when the Crystal Palace was
built in the 1970s it pretty much
drew away a lot of the activity
from downtown. So a lot of the
hotels on West Bay Street and
in the middle of downtown
closed down because visitors
went out west. When Kerzner

ABDUCTION OF
FOREIGN WOMAN
‘NEVER TOOK PLACE’

ACCORDING to police
an abduction of a foreign
woman outside a West Bay
Street strip-club on the night
of Monday, November 1,
never took place.

After an intensive search
police located the Icelandic
woman — not an American

moved into Paradise
Island it created a lot
of pressure of Cable
Beach with the subse-
quent sale of the Wyn-
dham to the Baha Mar
group,” he said.

As a former Minis-
ter of State for Finance
under the previous
Christie administration,
Mr Smith said that
there is some interest-
ing tourism data that
reveals that visitors to
the Bahamas have not
substantially increased
from the 1980s up to the pre-
sent date.

“The visitors who come to
the Bahamas by air, the ones
who stay at the hotels, and since
the 1980s right up till now there
has not been any real increase
in that from 1.5 million maybe
to just below two million or
thereabouts. So unless there is
some huge marketing effort or
we begin to get more citizens
from other parts of the United

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HOTEL MARKET:
James Smith



States I think in the
near term, I’m talking
over the next five
years or so, if you
have two very large
groups with a large
amount of rooms
pulling from the same
area there is going to
be some trade-off.
And I suspect that is
what the concern
might be here,” he
said.

Mr Smith said that
definitely in the short
term he would suspect
that there would be dramatic
cannibalism in the hotel mar-
ket with the introduction of
Baha Mar.

“And then there are so many
ifs about this, because there is
also a question about the esti-

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mates that Baha Mar were
using.

“They were back in 2005
when the global economy and
the local economy were boom-
ing.

“There has been a definite
change in the consumption pat-
terns in the US and elsewhere
and yet we are using the same
figures or projections, and Iam
not sure that those multipliers
have remained constant over
time during this recession.

“Even the benefits to be
derived from a project of that
size, they need to be revisited
and reworked. They may have
been predicated on a growth of
lets say maybe four or five per
cent per year in tourist arrivals,
and the question is would that
kind of assumption still hold in
a post-recession,” he said.

S Castrol
“QUOTE OFTHE DAY”

Distributed By
Aaa i

INTIAL eG

RA nm All

‘INEVITABLE’ THAT SOME OF THE CHINESE
_ WORKERS WILL TRY TO STAY IN BAHAMAS

By TANEKA
THOMPSON
Tribune Staff
Reporter

IT is inevitable that
some of the 8,150 Chi-
nese workers needed
for the Baha Mar pro-

a way to remain in the
Bahamas, former
State Immigration
Minister Branville
McCartney told the
House of Assembly yesterday.

The Bamboo MP said this as
he estimated that work permit
fees —if collected — for the Chi-
nese workers could net govern-
ment some $8 million in rev-
enue. National insurance con-
tributions from the workers also

will boost the public purse, he

said.

To counteract an influx of
illegal Chinese immigrants, gov-
ernment needs a strict method
in place to oversee the entry and
exit of the workers, said Mr
McCartney.

“From the immigration
standpoint, the reality is that all
foreign workers who come to

work this project will not go

home. Some will get married to
Bahamians and others will
somehow find a way to be here,
so it’s the government's respon-
sibility to ensure that mecha-
nisms are in place so that we
are able to properly monitor

i persons coming and persons

leaving,” said the former Cabi-
net minister.

It is expected that govern-
ment will collect taxes on the

work permits which could put

millions into the public coffers,
he said.
“T've heard nothing about

; work permit fees but the fact is

if fees are to be paid by the
8,000 plus persons at approxi-
mately $1,000 per permit that

would be about $8 million for

the government. And of course
national insurance will have to
be paid to the government's cof-
fers.”

His comments came during
the second day of parliamen-
tary debate on the Baha Mar
labour resolution.

Over the past two days of
debate, members on both sides
have accused each other of sell-

NOVEMBER



WORKERS:
Branville McCartney

ing precious public land
to foreigners while
ordinary Bahamians
have a hard time
acquiring property.

Kennedy MP Keny-
atta Gibson, who
moved the govern-
ment's Baha Mar
labour resolution,
claimed the Christie
administration was so
overwhelmed by the
resort's billion dollar
price tag that they were
willing to sell the
"birthright" of future
generations for “peanuts”.

Some 264 acres of land in
Cable Beach are being sold to
facilitate the $2.6 billion Baha
Mar development.

Opposition members have
argued that the Ingraham
administration should have
reneged on the sale of the land
when it negotiated a supple-
mentary Heads of Agreement
with Baha Mar in 2007 if it dis-
agreed with the sale.

Yesterday, Mr McCartney
admonished his parliamentary
colleagues for the back and
forth sparring, stating that the
focus should be on future devel-
opment agreements.

"What is important is what
are we going to do from here
on out? What are we going to
do to save our land in the future
for Bahamians and Bahamians
only?

"What are we going to do for
the future of this country and
how are we going to ensure that
we don't sell any more land?
Let's lease the land, not sell it.
Let's stop talking, let's do some-
thing to make sure it doesn't
happen again,” he said.

He also encouraged Bahami-
ans to exploit the economic
opportunities the thousands of
Chinese workers will bring by
identifying ways to provide
goods and services the foreign-
ers will want.

"For the public at large you
know that 8,000 Chinese are
coming to the Bahamas. We
ought to then consider ways we
can be of service in terms of
goods and service to them. Use
this opportunity to your advan-
tage, simply put, consider ways
you can make money on the
arrival of 8,000 persons," said
Mr McCartney as he support-
ed the resolution.

NOVEMBER 19



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as first reported — who was
visiting friends in New Provi-
dence. It is understood that it
was not her first visit.

Also, contrary to reports,
no one ever filed a com-
plaint with the police about
the alleged abduction. How-
ever, the rumour started
when eyewitnesses claimed
they saw three henchmen of
convicted drug dealer Lyn-
den “Dodo” Bethel Sr grab
the woman outside a West
Bay Street strip club and
bundle her into a car, leaving
her boyfriend behind. It was
claimed that nothing had
been heard of either of them
since.

Yesterday police said
there was no truth to this
rumour. When the police
located the woman she
denied that she was abducted
or that such an incident ever
took place.

Again, according to alle-
gations at the time, it was
claimed that the incident was
reported by the woman’s
boyfriend, whose story was
later corroborated by other
witnesses. The police, who
have thoroughly investigated
the matter, said that no one
— not even an alleged
boyfriend — ever made a
report to the police.



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THE TRIBUNE

FRIDAY, NOVEMBER 19, 2010, PAGE 5





TERRIBLE ORDEAL: Willard.

HAVE YOU
SEEN HIM?



POLICE are searching
for 45-year-old Kenny
Roberts (above) in connec-
tion with a matter of fraud
by false pretences.

Roberts’ is last known to
have resided in Grand
Bahama.

He is of brown complex-
ion, weighing about 220Ibs
and 5’8” tall.

The Central Detective
Unit (CDU) is asking per-
sons with any information
regarding Roberts’ where-
abouts to contact the
police emergency line at
919/911; CDU at 502-
9930/9991; the police con-
trol room at 322-3333;
Crime Stoppers at 328-
8477, or the nearest police
station.

MAN, 37, SOUGHT
IN CONNECTION
WITH RAPE CASE



THE Central Detective
Unit is seeking the public’s
assistance in locating Ian
Miller (above), also known
as Ian Reckley or “Yel-
low”, who is wanted for
questioning in connection
with a rape case.

The 37-year-old man is
described as being of slim
build, weighing about 165
Ibs and 6’2” tall.

He is of light complex-
ion.

Miller’s last known
address is Yamacraw Hill
Road and/or Malowi Way
in New Providence.

He is considered armed
and dangerous.

Persons with any infor-
mation regarding the sus-
pect’s whereabouts are
asked to contact the police
emergency line at 919/911;
CDU at 502-9930/9991; the
police control room at 322-
3333; Crime Stoppers at
328-8477, or the nearest
police station.



PRIME Minister and
Minister of Finance
Hubert Ingraham and
Mrs Ingraham pictured
entering St Paul’s Roman
Catholic Church in
Lyford Cay Tuesday,
November 16, to attend
the funeral of William
(Bill) Holowesko. Mr
Holowesko was the hus-
band of Senate President
Lynn Holowesko.

LOCAL NEWS

CAN YOU HELP WILLARD REGAIN FAITH IN THE HUMAN RACE?

HIS name is Willard...his brother is

dead.

Willard was the victim of three eight-
year-old boys who, for entertainment,
stoned his puppy brother to death, leav-
ing him broken and bleeding they then
turned on Willard. What a terrible way
to die, all because you are born a pot-

cake!

He is only eight weeks old now...He
was just a baby when they attacked
him. A mindful and kind member of
the Royal Bahamas Police force —
Police Office McPhee — stopped the
children from hurting Willard any more
and thoughtfully took him to the
Bahamas Humane Society shelter in
Chippingham.

He has been at the shelter for two
weeks now. Poor Willard, when he first

arrived he was simply terrified of every-
body and everything. He has gradually
learnt how to wag his tail, how to lick
and roll over for love, but is still very
cautious indeed. He is one of 25 pup-
pies and 25 adult dogs down at the
Bahamas Humane Society looking for a
good home.

Willard's home needs to be extra
special, and extra loving, because he
still becomes easily afraid — and with
good cause, I'm sure you will agree.

These three boys will receive coun-
selling by social services, and Fiona
Moodie and Insp. Percy Grant will vis-
it their school, accompanied by Willard
and his uniformed saviour, Officer
McPhee to try to help the children
before it's too late. It has been proven
time and time again that violence

to Fiona.



Dame Joan Sawyer set to retire

as President of Court of Appeal:

Senior Justice Anita Allen to be appointed as replacement

DAME Joan Sawyer will officially
retire as President of the Court of
Appeal on Friday, November 26, the
Cabinet Office announced yesterday.

As previously reported, Senior Jus-
tice Anita Allen will be appointed as
the next President of the Court of
Appeal.

Senior Justice Allen will retire as a
Justice of the Supreme Court effective
Friday, November 26; also on that day,
she will be sworn in as President of
the Court of Appeal.

“Dame Joan Sawyer has had a dis-
tinguished career on the bench of both
the Supreme Court and Court of
Appeal, including having served from
1996 as Chief Justice of the Supreme
Court before appointment as president
of the Court of Appeal in 2001.

“Dame Joan has done much to make
an enduring mark on the development
of the Court of Appeal and her contri-
bution is greatly appreciated,” the Cab-
inet Office said in a statement yester-
day.



Super Wash held up

by a gunman again

Cash and employee's handbag taken

FOR the second time in just two days, the Super Wash
on Nassau Street was held up by a gunman.

The most recent armed robbery of the establishment
occurred shortly before 7am on Wednesday.

Police reported that a “dark, short” man wearing a
Tommy Hilfiger shirt and short jeans entered the Super
Wash allegedly armed with a handgun.

The culprit robbed the self-service laundromat of an
undetermined amount of cash and an employee of her
handbag containing her cellular phone, money and per-
sonal effects, before fleeing the area on foot into Bain

Town.

This latest incident comes on the heels of Monday’s
armed robbery of the Nassau Street Super Wash location.

During that incident, a man wearing a white T-shirt and
dark coloured pants entered the laundromat at 9.15pm,
allegedly armed with a handgun, and demanded cash.

Fled

The man robbed the Super Wash of an undetermined
amount of money and fled on foot heading east on Bain

Street.

Police are also investigating several armed robbery cas-
es where phone card vendors were the victims.

The latest such incident took place at around 2pm on
Wednesday when a vendor was held up at gunpoint on

Old Trail Road.

According to police reports, the vendor was
approached by a “bright male wearing a white T-shirt,
blue sweat pants with white stripes and tan boots, alleged-
ly armed with a handgun demanding cash.”

The culprit robbed the vendor of an undetermined
amount of money, her cell phone and an assortment of
cell phone cards and fled the area on foot in a southern

direction on Old Trail Road.



DAME JOAN SAWYER

“Senior Justice Allen has rendered
valuable service in the delivery of jus-
tice by the Supreme Court since her
appointment as a justice in 1996. She

SHOE

BIS Photo: Derek Smith

121 EAST ST. PH 322-5276

was elevated to the title of Senior Jus- :
tice in 2005. It is a real benefit to the }
country that she will shortly assume :
the responsibility of heading the appel- ;

late court,” the statement read.

Dame Joan was appointed Presi-
dent of the Court of Appeal on Sep- ;

tember 5, 2001.
First

She is the first woman to serve as
Chief Justice and President of the
Bahamas Court of Appeal.

Senior Justice Allen, the wife of for-

ber, 2005.

She was appointed justice of the
Supreme Court in 1996. Before then ;
she was managing partner of Allen, ;

Allen and Company.

Presently Dame Joan Sawyer, Jus-
tices Christopher Blackman, Stanley }
John and George Newman serve as }

Justices of the appellate court.

TORE

against small animals grows into vio-
lence against humans, spousal abuse
and child abuse.

The Bahamas Humane Society will
try to help these boys respect and love
animals by inviting them to carefully
monitored visits to the shelter.

The Bahamas Humane Society
salutes Officer McPhee for being alert
and observant and saving Willard’s life
and doing the right thing by bringing
him to the BHS for treatment and care.

Are you the right person to adopt
Willard and help him regain faith in
the human race?

If you are interested please phone
the Bahamas Humane Society (323-
5138) for information and ask to speak

Wanted for questioning

> a ae

hes













FREEPORT - Police have

i released a composite sketch
? of a man who is wanted for
i questioning in connection
i with a stealing incident at
i Explorer’s Way on October
? 14. Anyone with information
? concerning the individual is
mer Cabinet Minister Algernon Allen, : 2Sked to contact 911 or 352-

was appointed Senior Justice in Octo- oe

Tropical
Exterminators
YAO TKH)

322-2157

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





PAGE 6, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE



LOCAL NEWS

Local teacher

recognised for
voluntary work

LOCAL elementary
school teacher Sharlene
Thompson has been recog-
nised for her voluntary
work with at-risk students
by the Horizons National
Programme in Connecti-
cut.

Ms Thompson, who is
presently employed at
Kingsway Academy and
works summers at the
Rumson Country Day
School in New Jersey, has
been named as one of the
four winners of the Hori-

zons National Lyn
McNaught Teaching
Award.

Named after a educator
and 25-year executive
director of the original
Horizons Programme in
New Canaan in Connecti-
cut, the award celebrates
“the dedication, ingenuity and character
of Horizons teachers across the country
whose work best exemplifies leadership,
commitment, educational excellence, com-
bined with love and compassion,” Hori-
zons representatives said.

The Horizons Programme at the Rumson
Country Day School is one of 19 student
enrichment programmes across the US.
The programme, which was launched in
1964, is designed to promote the potential
of public school children from economi-
cally disadvantaged families.

“I’m extremely honoured to receive the
award,” said Ms Thompson. “Horizons
make profound impacts on the lives of chil-
dren in their programme. When I see
growth from swimming, reading and serial
skills by the students, I feel rewarded and
fully paid for all my voluntary services.




/ Passenger

Now Available at:



RECOGNISED: Sharlene Thompson

Tas in time foo
Ye

are able to succeed.”

summer.

for the foreseeable future.

“Tamso happy to spend my summer }
with an amazing group of people who }
are there because we all have the same ;
goal: to help students realise their full :

potential.”

Ms Thompson, who is a member of :
the New Dimension Ministries on Joe }
Farrington Road, and this year’s other }
winners received their awards on Octo- }
ber 22 at Horizons National’s annual }

dinner in Norwalk, Connecticut.

Some 100 at-risk students from }
kindergarten through eighth grade }
attended this year’s summer pro- }
gramme at Rumson Country Day }

School.

& [ruck Co., Ltd.

ROSIAVI PHONE: 322-1722 FAX: 326-7452



“We have high expec- }
tations and we encour- }
age our students and }
inaugurate that they can |
overcome anything and :

Ms Thompson was }
nominated by Jane :
Donny, community ser- :
vice director at Rumson :
Country Day School, }
which hosts the Hori- :
zons Programme each :

“Sharlene reaches out :
to all of her children in }
a highly effective way, :
making the fast learn- }
ers and those who }
struggle feel affirmed ;
and successful in her ;
class. Her energy and }
enthusiasm are infec- }
tious,” said Ms Donny. ;}

Ms Thompson, who :
was born in Nassau, but moved to New }
Jersey with her family in 1979, said she }
plans to continue teaching at Rumson |























=

we ww ,
SUPPORT STAFF from the Department of Rehabilitative/Welfare Services attended a one-day



Se

training workshop with objective to enhance their performance. They listen as Salomie Gibson,
acting superintendent of Willie Mae Pratt Centre for Girls, acts as moderator.

Training for staff the
main focus of Annual
Rehabilitation Week

By LLONELLA GILBERT

THE main focus of the
Annual Rehabilitation Week
this year is training, said Marva
Russell-Minns, deputy director
of the Department of Rehabil-
itative/Welfare Services, on
Wednesday at the opening of
a support workers training
workshop with the objective of
enhancing the performance of
the staff.

Mrs Russell-Minns said many
observers of the labour market
recognise that employees today
need to continue training
beyond the qualifications or
knowledge which they would
have brought to the job. “This
additional training is referred
to as professional development.
In this vein, we are encouraged
to train continuously because
we want to improve our per-
formance, capabilities and
capacity and so today, I encour-
age you to absorb everything
that our two ably qualified facil-
itators will present to you,” she
said.

Management thought it was
fitting to include those mem-

bers of staff who work in the
sections of the Department
which are behind the scenes
and who do not always get the
full attention they sometimes
need in order to perform their
tasks to the best of their abili-
ties or to advance in the work-
place, Mrs Russell-Minns said.

She also recognised that the
Department has helped many
former offenders or persons
who had trouble fitting into
society.

They have helped these indi-
viduals go on to be active mem-
bers of society and who are now
doctors, nurses and police offi-
cers, she said.

“We know that there are
many others who will continue
to require our encouragement
because of their persistence in
doing wrong. Do we forget
about them?

“No, we are expected to pro-
vide them with as much sup-
port as we can so that they, too,
will one day look at themselves
and discontinue their bad prac-
tices,” Mrs Russell-Minns said.

Facilitating the workshop
were Carolyn Roberts, chief

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psychologist of the Sandilands
Rehabilitation Centre, who
focused on communication
skills and conflict resolution,
and Florinda Johnson, training
officer at the Willie Mae Pratt
Centre for Girls who concen-
trated on work ethics, office eti-
quette/deportment, productivi-
ty, report writing and official
secrets acts.

THE SECOND ANNUAL
MARATHON BAHAMAS

WITH the aim of boosting
tourism in the Bahamas while at
the same time raising awareness
for healthy living, Sunshine Insur-
ance has announced the second
“Marathon Bahamas” event for
January 15-16, 2011 in New Prov-
idence.

Spirit Airlines, sponsoring the
event for the second consecutive
year, said it considers Marathon
Bahamas an ideal venue to pro-
mote tourism to the Bahamas.

In addition, the sporting event
is a way to raise awareness for
health and wellness among resi-
dents of the Bahamas.

Marathon Bahamas is invit-
ing athletes and tourists from
around the world to experience a
unique marathon where the route
is surrounded by panoramic
views of the ocean, flora and
island life.

In addition to being the offi-
cial airline for the second con-
secutive year, Spirit Airlines pres-
ident and CEO Ben Baldanza
was also among the first to regis-
ter to participate as a runner in
the upcoming event.

“Spirit is looking forward to
once again supporting Marathon
Bahamas and their efforts to pro-
mote tourism and athletics in the
Bahamas, and I am personally
looking forward to running in the
2011 race,” said Mr Baldanza.

As the official carrier of
Marathon Bahamas, Spirit Air-
lines is offering an additional dis-
count on flights for friends and
family visiting Nassau for the
race.

This year, the Marathon
Bahamas marketing campaign is
targeting thousands of local and
international participants of all
ages and levels of interest dur-
ing the coming months.

“We are proud to have the
Spirit Airlines brand to drive
Marathon Bahamas and it is
much anticipated that this event
will become the major event in
the tourism sector,” said Pamela
Richardson of the international
marketing department for
Marathon Bahamas.

In 2010, Marathon Bahamas
became the first marathon on
New Providence since the turn
of the century, bringing together
hundreds of local and interna-
tional runners in support of local
charities.

Marathon Bahamas is a certi-
fied course and Boston qualifier
that is organised into three cate-
gories.

Participants may choose to run
in the full marathon (26.2 miles),
run or walk in the half marathon
(13.1 miles), or marathon relay
(six-person team).

This year, the event also fea-
tures the first-ever Susan G
Komen Bahamas Race for the
Cure 5K race (runAwalk 3.1 miles)
on Paradise Island on January
15, 2011.

Marathon Bahamas starts at
6am with runners leaving
Junkanoo Beach, running east
through downtown and over both
Paradise Island bridges, to the
Fort Montagu area before head-
ing west along the shoreline to
the western end of the island,
then looping around to end at
world famous Arawak Cay.

The half marathon turn-
around is in the Cable Beach
area.

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THE TRIBUNE FRIDAY, NOVEMBER 19, 2010, PAGE 7

LOCAL NEWS

PM to attend Waugh

Construction opening

By DENISE MAYCOCK
Tribune Freeport
Reporter
dmaycock@tribunemedia.net

FREEPORT -— After 45
years in business, Waugh
Construction (Bahamas) Ltd
continues to be a leader in
the construction industry
here on Grand Bahama and
the Bahamas.

The company, founded by
Harold “Sonny” Waugh for
the purpose of land clearing
and road construction, today
provides a full range of civil
construction services.

Mr Waugh and his family
will celebrate its 45th
anniversary with an official
opening of its new corporate
office on Saturday at
Queen’s Highway.

Prime Minister Hubert A

Ingraham is expected to
attend the opening.

Waugh Construction is a
family owned and operated
company that has con-
tributed to the infrastructur-
al development on Grand
Bahama and many of the
Family Islands.

Some of the many projects
include The Treasure Cay
Airstrip in Abaco; Water
Main Installation in Grand
Bahama; Potable Water
Mains in Exuma; Road
Reconstruction projects in
Exuma, Grand Bahama,
Three large Concrete Tower
Bases for BTC in Abaco;
Fire Mains, Catch
Basins/Water Disposal Sys-
tem at Polymers in Grand
Bahama.

The company has per-
formed numerous large and

moderate size projects over
the years for the Bahamas
government corporations,
and the Grand Bahama Port
Authority, Ginn sur Mer
(Bahamas) Ltd and Utilities
Co Ltd.

The company employs a
staff of 83. It specialises in
airport construction, canal
excavation, underground
utility infrastructure, multi-
purpose concrete founda-
tions, potable and waste
water tank systems, vacuum
sewer systems, and many
other types of civil construc-
tion.

Waugh Construction is the
distributor of Permastore
Tanks and Silos potable and
wastewater solution systems
for the Bahamas, and parts
of the Caribbean, including
Aruba, Curacao, Bonaire,

go

FOUNDER: Harold ‘Sonny’ Waugh

Cayman Islands, Belize, US
Virgin Islands, Turks and
Caicos and Jamaica.

The company has worked
on large projects, including
Vopak Terminal Bahamas,
formerly BORCO, which is
undertaking a multi-million
expansion.

Research symposium set to focus on
sustainable fisheries, archaeology, sharks

SUSTAINABLE fisheries, archae-

Other special guests include Paul

Sor










ology and shark species will be some of
the topics addressed at an upcoming
research symposium at the Island
School in Cape Eleuthera.

The school is inviting Bahamians to
attend its Research and Community
Outreach Symposium which will be
held on December 4 from 9am-1pm.

The symposium will feature research
presentations, a tour of the campus
and facilities.

Research topics include: Lemon
Sharks; deep water sharks; archeology;
patch reefs; aquaculture; aquaponics;
sustainable fisheries; bonefish and flats
ecology.



Humann, co-author of the leading
Caribbean reef fish, creatures, and
coral identification books, as well as
representatives from REEF, the
Department of Marine Resources’ lion-
fish collection and removal pro-
gramme, and BREEF.

Students from the Deep Creek Mid-
dle School and the Island School also
will be showcasing their work from the
Fall 2010 semester.

Their topics include:

¢ Student poetry themed “Where I
am From.”

¢ A homemade aquaponics system.

\ / A | ) €
ansTRUCTES

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AA nile AIST

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PATIO SALE

Saturday, 20th
November, 2010
7:00 a.m. to12:00a.m.
No 7 Graham Acres
Blair Estates

The scope of the project
involved building contain-
ment walls and tank bases
for huge tanks where crude
oil, fuel oil and clean petro-
leum products are stored.

a yo yah)

For breaking news alerts |

Follow us on Facebook
www. facebook.com/Tribune242

Organisers said the symposium pro-
vides a forum for young leaders at the
Island School to present findings based
on research conducted with the Cape

The keynote address will be given
by Dr Dean Grubbs, a marine ecologist
from Florida State University's Coastal

constructed from salvaged materials

¢ A presentation on how students
led an initiative to become the first
Green Flag Certified School in the

Eleuthera Institute.

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IN, 1322-4730

and Marine Laboratory.

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PAGE 8, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE



LOCAL NEWS

Baha Mar welcomes unanimous Parliamentary
approval and government support for project

IN A statement released last
night, Baha Mar stated that it is
very grateful to Prime Minister
Ingraham, the Bahamas Parlia-
ment and the Bahamian people
for “Parliament’s passage of the
necessary resolution to enable
Bahamian Government approval
for the Baha Mar world class des-
tination resort project.”

The statement added, “Follow-
ing receipt of the final, formal
Government approvals, Baha Mar

Sandals Royal Bahamian Resort
& Offshore Island

Invites application for the position:

will commence the project, award-
ing contracts immediately to
Bahamian contractors and creating
thousands of much needed
Bahamian jobs.”

Sarkis Izmirlian, Chairman and
Chief Executive Officer of Baha
Mar, said, “The Baha Mar team is
delighted with today’s unanimous
vote by Parliament. We are dedi-
cated to delivering to the Bahamas
this world class destination resort
and the immediate and long term

economic benefits both from its
construction and operation.

“The Government and the
Bahamian people are placing their
trust in us, not just to have Baha
Mar succeed as a business enter-
prise, but as importantly for Baha
Mar to be a productive and exem-
plary member of the Bahamian
community.

“Succeeding for The Bahamas
is the key to Baha Mar’s success.
This is what Baha Mar is about,

and this is the guiding principle
with respect to how we will run
our business. We look forward to
the tremendous positive benefits
that Baha Mar will bring to The
Bahamas.”

Baha Mar added that it is ready
to quickly proceed with the final
formal governmental approvals.
Following that, it plans to begin
awarding early infrastructure pack-
ages to Bahamian contractors as
soon as possible.

BEAUTICIAN

The successful candidate must be able to work
on all types of Hair including Caucasian hair.

Must be able to do upsweep for Brides.
Must have a minimum of 5 years as a
Beautician

Have good communication skills oral and
written

Willing to work long hours as needed

SALARY BENEFIT Commensurate with
experience.

Applications should be emailed to:
cmajor@grp.sandals.com



FROM page one

During his contribution
over the labour resolution for
the Baha Mar project, the
Prime Minister stated, “We
were pleased that we were
able to negotiate an increase
in work to be done by
Bahamian construction com-
panies from $200 million to
$400 million. That is, 20 per
cent of the contract sum is
going to go to Bahamian con-
tractors. No one has ever
matched that or ever come
near that,” Mr Ingraham said.
The Prime Minister further
noted the construction con-
tract will not only be awarded
to major Bahamian firms.

Mr Ingraham said that his
government was forced to
make lemonade of the
lemonade that the Christie
administration left in the ini-
tial deal. “They could not put
this baby to bed, they could
not make the lemonade,” he
said. “We came to a deal with
a developer to increase from
$1 billion to $2.6 billion,” the



Nurse Association

of the

Bahamas



















lie:

Willamae Stuart

Rose Marie Josey



The executives and members of the nurses

association extends congratulations to our

nurses for achieving the following position on

the Caribbean Nurses’ Organization (CNO}

Mrs. Willamae Stuart our Nursing Advisor, PHA

to Treasurer of CNO

Mrs. Rosemarie Josey, out going President to

position of Assistant Secretary of CNO and

Ms. Peggy Cooper member of NACB

re-elected Regional One Director.



Prime Minister said. “We
were interested in maximizing
the benefit for the project,”
he said. The labour resolu-
tion for the Baha Mar pro-
ject was agreed unanimously
last night.

PLP leader Perry Christie
in his contribution to the
debate last night defended his
administration’s record. “My
approach to this subject was
always based on receiving the
best advice that my govern-

‘LARGEST EVER SUM’: Hubert Ingraham



ment could access with home
or abroad; that when my col-
leagues were put to the tests
of having to answer, respond
or decided, those decisions
were always made in the best
interest of the Common-
wealth of the Bahamas.

“At the outset let me say,
the truth of our contribution
to the Bahamas was as pow-
erful as it will be lasting. In
my one term in governance,
truth and history will confirm



DELIGHTED: Sarkis |zmirlian

PM: $400m is largest
ever sum for Bahamians

that we had an extraordinary
impact on the lives of thou-
sands of Bahamians and a
positive and lasting affect in
governmental efforts over the
years towards controlling our
country’s future,” Mr Christie
said.

Mr Christie further stated,
“T know that the Bahamas
must now see and feel that
my government served faith-
fully with permission to act
in their best interest and even
when we have had to
acknowledge the mistakes
that were made we do so with
the same sincerity of purpose
by which we governed. Once
we were dealing with Baha
Mar we were always motivat-
ed by serving the best interest
of the people,” he said.

“T was the leader who
received the Baha Mar pro-
posal and to the extent that
agreements were allowed in
that process I accept respon-
sibility for all such agree-
ments and understandings.
To the extent that the gov-
ernment did not on a proac-
tive basis bring documents in
the House of Assembly I take
responsibility for that,” he
said.

Most Favoured
Nation clause ‘is not
unique to Atlantis’

FROM page three

Mr Kerzner said the agreements for Phase I, I
and III imposed strict rules that at least 70 per
cent of the total construction labour force would

be Bahamian.

In the case of Baha Mar, the proposed ratio is
reversed, with 3,000 projected Bahamian con-
struction workers and 8,150 projected foreign

workers.

George Markantonis, Atlantis managing direc-

tor, said: “Certainly as Mr Kerzner has said, and
reviewing it with our board, the reason we have

Heads of Agreement is to protect the investor.
And frankly an agreement as indicated in our
statement represents a solemn promise by the

country for not only us but it lays out the rules for

any subsequent investor. Our observation of this
would be that the terms in our agreement are not
being met, and as we said we intend to discuss this

further with the government as to how this can be

corrected.”

8,000 Atlantis
jobs at risk’

FROM page one

“As we said in our state-
ment, last year was a
tough year and occupan-
cy was under pressure.
Well guess what, this year
is even tougher. So it
seems pretty ridiculous to
me that these folks are
wanting to move forward.
And obviously the Chi-
nese are motivated
because they see them-
selves pushing 8,000 jobs
through this development.
There is no way in the
world that if there wasn’t
that motivation that this
project could be financed
in this current environ-
ment,” Sir Sol said.

Noting that his company
would never have invested
over $2 billion in the
Bahamas if they did not

have faith in the govern-
ment, Sir Sol said that he
did not want to speculate
on what Kerzner Interna-
tional will do if Baha
Mar’s deal was not
tweaked.

This concern for Sir Sol
was so strong that the
investor revealed that he
flew to the Bahamas to
meet with Prime Minister
Ingraham who he said
“fully understands” what
Atlantis’ position is.

“T am still hopeful that
the current administration
will not bend to the PLP’s
wishes, that the agreement
they signed with us being
broken. I am hopeful that
Prime Minister Ingraham
will not succumb to the
pressures that the PLP
seems to be putting on
him.”

Sir Sol added: “I think

it’s shocking quite honest-
ly that agreements with
government are violated.
In all of our agreements,
including our final agree-
ment with the PLP was
the most favoured nation
clause which ensures, or
is supposed to insure that
no one, no investor, is to
be granted terms more
favourable and would
have the same constraints.

“And I have to be clear,
we had constraints which
we complied with which
government made us
ensure that no more than
30 per cent of our con-
struction work force was
expat. This is very, very
disappointing what is
being contemplated, or
recommended by the PLP
is contrary to what we
signed with them in 2003,”
Sir Sol said.

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THE TRIBUNE

FRIDAY, NOVEMBER 19, 2010, PAGE 9



LOCAL NEWS



Phase IV — School securi
not 1n our —

lifetime...

FROM page one

lifetime.”

Speaking with the news-
paper yesterday, officials
at the Paradise Island hotel
property, confirmed that
plans will not be developed
as previously envisaged.

Addressing members of
the media at a teleconfer-
ence in the Coral Towers
yesterday, Kerzner Inter-
national’s chairman Sir Sol
Kerzner said that they had
never announced that they
were moving forward with
Phase IV, although he had
always contemplated it and
perhaps more phases.

“When we acquired
Atlantis at the time, what I
really loved about the
property was its potential.
We had some of the most
beautiful beaches in the
world, and we still have
them. We had 500 acres of
undeveloped real estate,
and when you look at what
has happened since we’ve
been there and what has
taken place, and the rede-
velopment of the Ocean
Club and the golf course, I
think it is pretty spectacu-
lar. And it seems to me a
great pity to see what is
being contemplated here
and now (with Baha Mar).

“And as I say, at least if
it was phased or economi-
cally well thought through,
because one understands
that the industry has to
grow, but it is one thing to
grow reasonably, it is
another thing to go at a
ridiculous pace. And I
think the Chinese folks are
just motivated by the num-
ber of jobs and not that

concerned about the via-
bility.

“T think looking at the
8,000 Chinese jobs, it
makes me very upset to
believe that all three devel-
opments at Paradise island
we lived with the 70 per
cent minimum Bahamian
work force, and we trained
the folks, and in fact the
two phases, phases IT and
Il of Atlantis were built
in record time because we
had trained folks and they
were competent,” he said.

With Sir Sol adding that
they had never imagined
that Baha Mar would be
targeting the same touristic
market that Atlantis cur-
rently enjoys, the hotel
operator said that they are
concerned about the intro-
duction of these new 3,000
rooms by the Cable Beach
project.

“There is no way that
this project would move
forward without the agree-
ment that 8,000 Chinese
folks would be employed
and that is exactly what is
motivating this. It is a deal
that makes no sense. It is a
deal that could be harmful
to the people of the
Bahamas, and certainly to
future investors and indeed
ourselves.

“But I am still hopeful,
and I truly believe that this
will not happen the way
some folks are contem-
plating.

“And in fact we will
have an orderly industry,
an industry that will grow
successfully for the bene-
fit for the industry but par-
ticularly for the benefit of
the people of the
Bahamas,” he said.

a

ty guard

arrested over student
sex abuse claims

FROM page one

cannot say knowledgeably
at this time, but it is some-
thing that we are definitely
looking into.”

According to a statement
from the Ministry of Edu-
cation, administration at the
primary school initiated a
series of workshops and
forums on inappropriate
behaviour after concerns
were raised towards the
behaviour of some students.

The statement read:
“Shortly thereafter the ses-
sion, a teacher brought to
the attention of the princi-
pal an accusation involving
a female student and a male
security officer which led to
further allegations against
the officer. The Ministry of
Education was advised of
the matters and the security
officer removed from the
school.”

The statement went on
to confirm that another stu-
dent came forward to
report a matter of incest
after further forums were
established by the Special
Services Unit of the MoE.

Education Minister
Desmond Bannister said:
“The ministry continues to
be proactive in seeking to
protect children from all
predators. We are extreme-
ly concerned about any alle-
gations of abuse of innocent
children. The fact that such
allegations continue to be
made, both in relation to
family members and non-

P =

MINISTER OF EDUCATION:
Desmond Bannister



related persons indicates a
need for all Bahamians to
be vigilant and to report
suspicious conduct. It is a
duty that we all owe to chil-
dren in our community, and



it is the responsibility of
each one of us.”

According to child pro-
tection advocates, the
reports unearthed are evi-
dence of a vicious cycle that
is prevalent in Bahamian
society and, until recent
times, had been allowed to
thrive due to secrecy.

Gil Maycock, a senior
pastor at Abundant Life
and chairman of the
National Child Protection
Council, said: “We need to
take our heads out of the
sand. We need to address
it, if not this is going to turn
into a gangrene and it will
destroy us. It is already
destroying us in many ways
— it’s good that persons are
starting to say enough is
enough.

“T’m hoping and praying
that more persons report
these cases, so that we can
eradicate it and provide
healing for the persons who

are victims.”

Mrs Butler-Turner
added: “I think sometimes
when you look at what is
going on in our society
today much of it has been
going on for many years,
and kept under wraps,
kept under covers, because
it was taboo to talk about
it.

“Now people are realis-
ing that this is something
that is absolutely wrong. So
I don’t want to say that this
is a growing problem, I
want to say that there are
some incidents that have
been brought to our atten-
tion that are being actively
pursued.”

Young victims are said to
be receiving medical and
psychological assistance
from the Ministry of Health
and the Ministry of Educa-
tion, whose departments
are also monitoring the sit-
uation.

Arawak Homes pledges not to
demolish duplex on its land

FROM page one

he had sought to obtain conveyance froma

person with no title.

Mr Bethel told the court Mr Dean want-
ed the order of possession by Senior Jus-

claimed Arawak Homes had argued previ-
ously that Mr Dean’s duplex obstructed

tice Anita Allen stayed pending the out-
come of his appeal hearing. Mr Bethel

them from developing the land and
expressed concern that the company would
demolish the duplex.

Mr Smith, however, gave an undertaking
to the court that that would not be the case.

¢ SEE PAGE THREE

rMLONOREES








Willamae Stuart

Mrs. Justina Knowles

Jacquelin Dean



Ms. Rebecca Johnson

Peggy Cooper

The Nurses' Association of
the Commonwealth of The
Bahamas 63rd Anniversary
Ball Committee extends
congratulations to all hon-
orees for their invaluable
service to the nursing pro-
fession.

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PAGE 10, FRIDAY, NOVEMBER 19, 2010

INTERNATIONAL NEWS

THE TRIBUNE

















AHMED KHALFAN GHAILANI.

NY Gitmo trial spurs fresh debate over detainees

LARRY NEUMEISTER,
Associated Press
TOM HAYS,
Associated Press
NEW YORK

The near-acquittal of the first
Guantanamo detainee tried in
federal court is reigniting the
debate over whether to bring
terrorism suspects to justice in
the civilian legal system. The
Obama administration made it

clear Thursday that its position
has not changed.

Justice Department
spokesman Matthew Miller said
in Washington that the admin-
istration will continue to rely
on a combination of civilian
courts and military tribunals to
handle terrorism cases.

His comments came a day
after Ahmed Ghailani was
acquitted in federal court in
New York on all but one of

MINISTRY OF WORKS & TRANSPORT

NOTICE
CORRIDOR 13B
PRINCE CHARLES HIGHWAY
New 24" Watermain Pipe Installation

more than 280 charges that he
took part in the al-Qaida bomb-
ings of two U.S. embassies in
Africa. The twin attacks in 1998
killed 224 people, including a
dozen Americans.

Miller described the conspir-
acy conviction as "another in a
long line of verdicts where fed-
eral civilian courts have shown
the ability to deliver fair trials
and long sentences." And
White House spokesman

adh
Co

Jose Cartellone Construcciones Civiles S.A wishes to advise the motoring public that road works will




continue along sections of ROBINSON ROADSPRINCE CHARLES DRIVE from Monday





November 22", 2010.

The intersection of Sayle Avenue & Old Trail Road will be affected as the works proceed along




Robinson Road to Prince Charles Drive.






Motorist travelling in the following directions should divert to the specified route as indicated on the















map or seek an alternate
OLD TRAIL ROAD:
SAYLE AVENUE:

route.

PHASE fii

route to their destination.

Motorist should use Soldier Road as an alternate route.

Motorist should use Marathon Road and Samana Drive as an alternate

Phase 3 to commence upon completion of the newly installed twenty four inch (24°") watermain pipe at



the intersection of Sayle Ave. and Old Trail Road.




Motorist travelling eastbound on Robinson Road towards Prince Charles Highway should divert on Old



Trail Road & Saldier Road and continue to their destination.






Please bear in mind that while the works are ongoing, access will be granted to residents and local



businesses that may be affected during these construction phases.






We again advise the motoring public to drive with caution as they approach the work zone, kindly obey



the fagmen and observe the signage outlining the work area.






We sincerely apologize for any inconvenience that may be caused and look forward to the full co-



operation of the motoring public throughout this project.

For further information please contact:

diese Cartellone Constrocciones Civiles 5A

Office Hours: Ven-Fri S:(Mlame to 6:08pm

(lice: (242) III-B 322-261

Email: bahamacncizhbors cacellopecomar

Ministry of Public Works & Transport

Project Execution Unik

Healing: (242) MI- 71M

Emad: publgworks2 bahamaszov hs

Robert Gibbs pointed out that
Ghailani still faces a heavy
penalty that will ensure he
"isn't going to threaten Amer-
ican lives" — a minimum of 20
years in prison and a maximum
of life. Still, the outcome turned
up the volume on the chorus of
Republicans and other oppo-
nents of civilian trials for ter-
rorism suspects picked up on
the battlefield and sent to
Guantanamo after the Sept. 11,
2001, attacks. Among those
awaiting trial is the professed
mastermind, Khalid Sheikh
Mohammed.

Some legal experts warned
that Wednesday's verdict dam-
aged the argument for trying
detainees in civilian courts.
They said the case could make
the Obama administration
more selective in deciding
which suspects to put on trial,
because of the risk that some-
one branded dangerous by the
government could be acquitted.

"They really needed this case
to go off without a hitch, to be a
showcase. Instead, you have the
opposite,” said Aitan Goelman,
a former federal prosecutor in
New York now in private prac-
tice in Washington. "Civilian
juries do screwy things," he
said. "There's horse trading in
jury verdicts."

Michigan Rep. Pete Hoek-
stra, the top Republican on the
House Intelligence Committee,
said the verdict confirms that
the Obama administration's
decision to try Guantanamo
detainees in civilian courts "was
a mistake and will not work."

"This case was supposed to
be the easy one, and the Oba-
ma administration failed — the
Gitmo cases from here on out
will only get more difficult," he
said in a statement.

Civil rights groups and
Democrats countered that the
prosecution proves the civilian
legal system works, even for
Guantanamo detainees.

Laura Pitter, a counterter-
rorism adviser for Human
Rights Watch who monitored
the Ghailani trial, said the ver-
dict "will have finality and be
viewed as credible and legiti-
mate by observers and the rest
of the world."

David Kelley, who served as
US. attorney under President
George W. Bush after success-
fully prosecuting 1993 World
Trade Center bombing master-
mind Ramzi Yousef, called

some of the initial reaction to
the verdict misguided.

"This was a win by the gov-
ernment,” said Kelley, who now
is in private practice. He said
he supports civilian trials for
Guantanamo detainees and
believes the Ghailani case
proved such trials could take
place without disrupting the
community. A year ago, Attor-
ney General Eric Holder
announced a plan to try
Mohammed and four others in
New York, only to put the idea
on hold after some in Congress
and New York said the security
requirements and other prob-
lems were unsurmountable.
Those five remain at the U.S.
military prison at Guantanamo
Bay in Cuba while the admin-
istration ponders its next move.

Barry Mawn, who led New
York's FBI office on the day
of the attacks, said bringing
someone like Mohammed to
trial in Manhattan would
require much tighter security
than the Ghailani case.

"When I heard it, I thought it
was nuts to bring him there,"
he said of Mohammed. "KSM
is a much bigger fish than this
guy. This guy's not a know-
nothing, that's for sure. But
KSM, in the face of their hier-
archy, he's huge."

Both President Barack Oba-
ma and Holder steered clear of
discussing detainee trials as
they made brief appearances
Thursday devoted to other top-
ics. Sen. Lindsey Graham, a
South Carolina Republican
who is seen as Key to any deal
over Obama's plan to close
Guantanamo, said Thursday
that top-level al-Qaida suspects
should not be tried in civilian
courts, but trying lower-level
operatives in the civilian legal
system "makes sense to me."

The Republican senator said
"I'm going to have my hands
full holding back" some fellow
Republicans who want to rule
out the use of civilian courts
altogether to try terrorist sus-
pects.

Ghailani's prosecution
demonstrated some of the legal
hurdles the government would
face at civilian trials. Last
month, the judge barred the
government from calling a key
witness, saying prosecutors
learned of his identity through
harsh CIA interrogation of
Ghailani at a secret overseas
prison.

‘S Bethel Brothers Morticians

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

Funeral Service For

Almira Louise
Braynen, 73

of Harold Road Heights
and formerly of
Polhmeus Street and
Kingston, Jamaica will
be held on Saturday,
November 20, 2010 at

2pm at The Kingdom
Hall of Jehovah’s
Witnesses, Theodora

} Lane. Cremation will
follow.

=
P

Almira will forever be remembered by her
beloved children, Rolito Bird, Theresa
McDougall, Sandra Bailey, Donovan Braynen
and Dale Hanna (adopted); treasured
grandchildren, Latisha, Tamar, Tiana, Simone,
Vanessa, Ayesha, Shamsi, Britney, Nadjhla and
Albany; great grandchildren, Jahlysa and
Jalaiya; devoted brother, Alphonso McDougall
and loving sister, Sadie McDougall; caring
daughters-in-law, Gail Bird and Tanya Braynen;
son-in-law, Errol Bailey; sister-in-law, Norma
McDougall; nieces, Valerie, Maxine, Juliet,
Vivienne, Angela, Suzette, Karen, Philipa and
Nikki; nephews, Gladstone, Everton, Courtney,
Tony and Dwight; dear and special friends,
Annette McSweeny, Rose Key, Zen and Theresa
Rahming, Theresa McKinney, Jermaine and
Janean Bethell, Arnold and Charmaine Miller,
Stephanie Turnquest, Yvette Lockhart, Sherrell
Johnson, Dorothea Whitlock, Christabell
Johnson, Amethyst Bain, Jasmine McClain,
Linda Bethel, Prescola King and family, Gwen
Martinborough and family, Ricardo Martin and
family, Andrea Wood and family, Eugenia Bain
and family, Frances Gray, Dr Eugene M Cooper;
other spiritual brothers and sisters from the
congregations of Jehovah’s Witnesses and other
countless family and friends whom were blessed
to know her.

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THE TRIBUNE

FRIDAY, NOVEMBER 19, 2010, PAGE 11



INTERNATIONAL NEWS



Cholera
protesters
attack cars in
Haiti capital

JONATHAN M. KATZ,
Associated Press
PORT-AU-PRINCE, Haiti

Anti-U.N. violence spread to
Haiti's capital Thursday as pro-
testers blocked roads and
attacked foreigners’ cars over
suspicions that peacekeepers
introduced a cholera epidemic
that has killed more than 1,100
people, according to Associated
Press.

The unrest followed three
days of similar violence in
northern Haiti. The protests
come a little more than a week
before national elections, and
the U.N. has characterized
them as political. Some demon-
strators threw rocks at an office
of President Rene Preval's Uni-
ty party and tore down cam-
paign posters.

But the protests are fueled
by suspicions, shared by some
US. disease experts, that a con-
tingent of Nepalese soldiers
brought cholera with them to
Haiti and spread the disease
from their rural base into the
Artibonite River system, where
the initial outbreak was cen-
tered.

Water

The disease is new to Haiti
and was not expected to strike
this year despite rampant bad
sanitation and poor access to
drinking water.

The 12,000-member U.N.
Stabilization Mission in Haiti,
or MINUSTAH, which has
been the dominant security
force in Haiti for six years,
denies responsibility for the epi-
demic.

Standing before the thick
black smoke of blazing tires
Thursday, protesters yelled
"We say no to MINUSTAH
and no to cholera" and carried
signs reading "MINUSTAH
and cholera are twins." The
windows of several cars belong-
ing to the U.N. and humanitar-
jan groups were broken.

Haitian police fired tear gas
at the protesters on the central
Champ de Mars plaza, and
clouds of choking irritants blew
into nearby tent shelters of
thousands made homeless by
the Jan. 12 earthquake.

"I survived the quake but the
police are going to kill me with
gas," Marie Paul Moses said as

IMSS rT
WRU
SC

ROBERT WIELAARD,
Associated Press
BRUSSELS

European nations should
send Haiti a whole range of
medical supplies, not just mon-
ey, to fight the cholera out-
break, the European Commis-
sion urged Thursday.

The Commission said there
is a great need for medical
skills, beds, epidemiological
expertise, antibiotics, intra-
venous catheters, body bags,
water purification tablets, rehy-
dration salts and ambulances.

EU Humanitarian Relief
Commissioner Kristalina
Georgieva said helping Haiti
"was not just a matter of mon-
ey" but of material help. She
said Haiti's health system has
been overwhelmed by the
cholera outbreak and outside
help was "urgently needed to
cover growing gaps in health,
water, sanitation, hygiene and
logistics."

She said 1,110 people have
already died of cholera in Haiti
and 18,380 had been hospital-
ized. Residents in northern and
central Haiti rioted this week
over suspicions that a month-
old cholera epidemic was
brought to Haiti by U.N. peace-
keepers from Nepal.



she fled the white cloud.

Aid workers, including U.N.
humanitarian agencies that are
structurally separate from the
peacekeeping force, called for
calm, saying the violence is
hampering efforts to treat the
tens of thousands of people
stricken with cholera.

The disease is spread by con-
taminated fecal matter. Health
experts say it can be easily
treated with rehydration or pre-
vented outright by ensuring
good sanitation and getting
people to drink only purified
water.

But after years of instability,
and despite decades of devel-
opment projects, many Haitians
have little access to clean water,
toilets or health care.

peacekeeper from Brazil
falls from a truck in front
of demonstrators during a
protest in Port-au-Prince,
Haiti, Thursday, Nov. 18,
2010. Following days of
rioting in northern Haiti
over suspicions that U.N.
soldiers introduced a
cholera epidemic that has
killed more than 1,000
people, protesters in Haiti’s
capital clashed with police
Thursday lashing out at
U.N. peacekeepers and the
government, blocking
roads and attacking for-
eigners’ vehicles.





(AP Photo/Emilio Morenatti)

SUFFERING: A boy reacts to the effects of tear gas fired by police and UN soldiers during a protest in an
area where displaced earthquake survivors live in Port-au-Prince, Haiti, Thursday, Nov. 18, 2010.



1

TE
Bn a

_| FACE OF ANGER: A UN

Apes
HELI ero) see cg 1e



resale



(AP Photo/Emilio Morenatti) (AP Photo/Ramon Espinosa)
CRYING SHAME: Refugees react to the effects of tear gas fired by police and UN soldiers during a protest in an area where displaced earth-
quake survivors live in Port-au-Prince, Haiti, Thursday, Nov. 18, 2010.




AP Photo/Ramon Espinosa



















tes tey
FAT ee a Re

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PAGE 12, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE



LOCAL NEWS

Celebrating 10
years of the Sting
Junkanoo group

CELEBRATING its 10th anniversary,
the Sting Junkanoo group hosted a gala
ball last month under the dual patronage
of Minister of Youth, Sports and Culture
Charles Maynard and Senator Allyson
Maynard-Gibson.

The group, which is known for its origi-
nal songs about Bahamian culture, has
won two Cacique awards.

In addition to the group’s performances
during the Boxing Day and New Year’s



Day parades, Sting also hosts events for
less fortunate children at the various
homes in both New Providence and
Freeport.

During the ball, Sting honoured those
individuals and companies which have sup-
ported the group over the years, among
them K B, Samuel Heastie, group leader
Bernard Hanna, the group’s song writers
and composers, sponsors and other well-
wishers.

GALA ATTENDEES: Mr and Mrs Neville Wisdom and Mr and Mrs Styles.

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free of dyes and contain natural fragrance extracts

Purex’ Ultra Liquid Detergent

* Works well in all temperatures

* Penetrates deep down into fabric fibers to remove dirt

* Concentrated formula, easier to handle, less bottle waste

Distriouted by The d’Albenas Agency, Palmdale 677-1441





CELEBRATION: Senator Allyson Maynard-Gibson and members of Sting.



AWARDS: United Sanitation, Arawak Homes, Thompson Trading and Mr Gibson receiving awards
from the Junkanoo group Sting.



MINISTER of Youth, Sports and Culture Charles Maynard with Mr Gibson and a friend.

— CTL mT IG
a COTTE ya AE

Te a

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7 al ||

Except On Netitems/i

Palmdale Shopping Center





ST. KITTS CHARGES
MEN WITH STICKUP
OF TOURISTS

BASSETERRE, St. Kitts

AUTHORITIES in the
Caribbean nation of St. Kitts
say they have charged three
men with ambushing a tour bus
and robbing a group of cruise
ship passengers at gunpoint,
according to Associated Press.

Police spokesman Vaughn
Henderson said Thursday
evening that the three suspects
are charged with armed rob-
bery and face up to 20 years in
prison if convicted.

Henderson says two more
people may be arrested in con-
nection with the Sunday rob-
bery, which prompted two
cruise ship companies to can-
cel Wednesday port calls to St.
Kitts.

Police say masked gunmen
robbed 16 tourists from the lin-
er Celebrity Mercury as the
group headed to Brimstone Hill
Fortress, a park popular with
visitors.

The suspects are all in their
20s.

Share
your
news

The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.

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

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





Wilts

THE TRIBUNE

- ,. u



FRIDAY, NOVEMBER 2010

Tipe



Mall says traffic.

‘Several thousand’
extra Baha Mar jobs

alowe@tribunemedia.net

i By NEIL HARTNELL
i Tribune Business Editor

Mitigation plan
‘hits resistance’

By ALISON LOWE
Business Reporter

There has been a “mani-
fest difference” in business
levels at the Town Centre
Mall due to road works on
Robinson Road and Blue
Hill Road, its general man-
ager yesterday lamenting
that requests for help in
finding ways to reduce this

with resistance” from the
Government and main
contractor.

SECTION B « business@tribunemedia.net

Between 200-300 additional

? Bahamian contractors and up
i to 4,500 extra construction
? workers could be employed on
? the $2.6 billion Baha Mar pro-
? ject as a result of Prime Minis-
? ter Hubert Ingraham winning
: «“ ? an extra $200 million in con-
impact have allegedly “met ? tracts from the developer’s Chi-
? nese partners, the Bahamian
i Contractors Association’s
. _ + (BCA) president told Tribune
Frank McGwire told Tri- :

: Business yesterday.

WH BCA chief says $200m increase in contracts for Bahamian contractors
could employ extra 200-300 contractors, 1,000-4,500 workers, on $2.6bn

Cable Beach project

But uncertain if industry yet up to challenge, warning ‘important to get it
right first time’ to engender confidence in Bahamian construction industry

after it informed him that the
Inter-American Development
Bank (IDB) had approved a
$150,000 grant to finance a
$225,000 project designed to

nal processes, Stephen Wrinkle
said that despite the good news,
he was uncertain whether the
Bahamian construction industry
had the depth of skills talent to

While praising Prime Minis-

ter Hubert Ingraham’s tough ;
negotiating stance in winning a }

SEE page 6B



| ‘Mixed bag’
Of 65-80%
Thanksgiving
- occupancies

: * Sector ‘still not satistied
| that we are showing the

: gains the industry really

| wants to see at this time’

: * October and November
| did not attain pre-

: recession business levels

i By ALISON LOWE
Business Reporter
i alowe@tribunemedia.net

“strengthen” the BCA’s inter- handle the Baha Mar project. New Providence hotels are

i eyeing a “mixed bag” of
i results for the upcoming
i Thanksgiving holiday, with
i occupancies set to range from
i lows of 65 per cent to 80 per
i cent, the Bahamas Hotel
i Association’s (BHA) presi-
i dent said yesterday.

i Overall improvements in
? the tourism sector “have been
? somewhat slower than we
i expected”, Robert Sands said
i yesterday, adding that
? although indicators are “head-

bune Business that “trying
to mitigate the problems
during the time of the
work is awfully important,
and we don’t seem to be
getting whole lot of assis-
tance” in this area, adding
that making it easier for
customers to navigate the
roadworks will be “crucial” :
for business at Town Cen-
tre Mall over the next five
weeks to leading up to
Christmas. i
“My understanding from

Speaking to this newspaper

KERZNER’S $2.6 BILLION BAHA MAR HIGH STAKES ‘POKER GAME’

By NEIL HARTNELL
Tribune Business Editor

Kerzner International and its chairman
are engaged in a high-stakes “poker game”,
a former Bahamas Chamber of Commerce
president told Tribune Business yesterday,
adding that he understood Sol Kerzner’s
position over his ‘Most Favoured Nation’

the engineering people is
that we’re looking at this
[roadworks] continuing
through October or so of
next year. We’ve got staff
to pay and real property

tax to pay, and all that kind

of stuff, so if we can work
together to mitigate the
problems I think we’d be
better off, but so far we



DIONISIO
D’AGUILAR

clause. And he warned: “Don’t kill the
goose that laid the golden egg.”

SEE page 5B



TOURISM LANDMARK: Atlantis in Paradise Island.

‘Downside risk’ decision making
harms Bahamas over innovation



i ing in the right direction, we

SEE page 3B

Building supplies firms
suffer from ‘flat? environment

: : By ALISON LOWE
haven't found a real coop- } By NEIL HARTNELL * Chamber chief says nd ness R
erative way to do that,” : Tribune Busi Edit bebeyret and aus
’ : ribune busimess or . ij j
said Mr McGuire. i _ failure to focus on pone MIU eine dienes
Th 1M The Bahamas’ “ability to : : . : oe

cae pies ae eee ‘upside potential’ costing With the Central Bank of the Bahamas describing
: ; P : : economy” is being held back ; activity in the construction sector as “anemic” and “decel-
issue is arecommendation eh cn io ae Bahamas economic erating”, Bahamian building supply stores yesterday
that the Government/con- 8 y aie : :

ee : ~ + decisions based on downside 4 reported flat or declining sales, with one supplier reveal-
tractor find alternatives to | opportunities and
LAGI OE NG AeINANVeS TO 7 ick, not upside potential”, the pp ing he may temporarily close his doors next year until
the Pc ceany a have # Bahamas Chamber of Com- chance ‘to modernise conditions improve.
ae aced down the re ; merce’s president warned yes- The major supplier,who did not wish to be named,
tre of Robinson Road from :. terday, uring this nation: to economy’ said he has had to let go dozens of employees, leaving
Blue Hill to Second Street, | ae Bae ne ae only a “skeleton crew” of workers since last year. He has
ee ee on a Suggests revisiting determined that within the next month he will have to
significant d Son 16 i Khaalis Rolle told Tribune reas such as LNG and decide whether closure next year will be necessary to
access businesses : Business that the Bahamas : SEE page 4B

“You really have to 20 i needed to stop “playing and agriculture

round your elbow to get to
your thumb now in that
area, and it’s just a very
cumbersome thing,” said
Mr McGwire.

“If youre sitting at
Collins Avenue and Wulff
Road, and think you’re
going to go to Town Cen-
tre Mall, you have to really
think how you’re going to
do that. There are other
ways to do that. We’ve
kicked around some ideas
but we were met with resis-
tance.”

The General Manager
said he will have to bear
the roadworks in mind as
he makes decisions this
weekend on extending
opening hours at the Mall
going into the Christmas
season, with this set to
impact store inventory
order placements and staff
overtime payments.

SEE page 4B

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.





? toying” with industries such as
: liquefied natural gas (LNG),
? which could provide totally new
? avenues of economic opportu-
i nities, and focus just as much
? on the potential benefits they
i might bring as opposed to the
i negatives.

Identifying LNG as being

? among “some of the things
? we’ve shied away from”, Mr
? Rolle added: “That’s something
? we’ve played around with,
? toyed with, and need to go back
? and review that, and see if there
i are opportunities associated
: with it.

“We make decisions based

? on potential downside risk, not
i the potential upside benefits,
? and that’s what constrains our
? ability to innovate and mod-
i? ernise this economy.”

During the debate over the

proposed multi-million dollar
? AES Ocean Express LNG
? plant, which was slated for
: Ocean Cay, a man-made island
i near
:? plants/pipelines proposed by
&é ) : i Tractebel (Suez) and El Paso

That's something I am ; in Grand Seda much was
? made about the risks of an
? explosion or negative environ-
? mental impacts - issues that
i appeared to delay, then force
? these projects into cold storage
: so far as government approvals
i were concerned.

Bimini, and other

“There are risks associated

? with LNG, but those risks, par-
? ticularly in this area, are mini-
? mal,” Mr Rolle told Tribune
i Business. “We need to stop
? playing politics with these
? things, and make some hard
i decisions.”

Far too often, Bahamians,
policymakers and decision-

? makers were “looking at the
? downside risks and saying: “You
i know what, it’s too risky.’ But
? we don’t have the same amount
? of evidence in support of the
i downside risks as we do in sup-
? port of the upside risks”.

Acknowledging that “we

need to get moving” in terms
: of restoring the Bahamian

SEE page 5B





KHAALIS ROLLE

FG FINANCIAL

PENSIONS & INVESTMENTS

call us today at 396-4000

FAMILY GUARDIAN CORPORATE CENTRE: AT THE JUNCTION OF VILLAGE ROAD, SHIRLEY STREET & EAST BAY STREET | www.famguardbahamas.com

|
j

PO Worry free

[ sound investment management
[ independent corporate trustee

oversight

[1 independent corporate custodian
[1 diversified investment portfolio

all of the above

A SUBSIDIARY OF

FAMGUARD

CORPORATION LIMITED





Wilts

THE TRIBUNE

- ,. u



FRIDAY, NOVEMBER 2010

Tipe



Mall says traffic.

‘Several thousand’
extra Baha Mar jobs

alowe@tribunemedia.net

i By NEIL HARTNELL
i Tribune Business Editor

Mitigation plan
‘hits resistance’

By ALISON LOWE
Business Reporter

There has been a “mani-
fest difference” in business
levels at the Town Centre
Mall due to road works on
Robinson Road and Blue
Hill Road, its general man-
ager yesterday lamenting
that requests for help in
finding ways to reduce this

with resistance” from the
Government and main
contractor.

SECTION B « business@tribunemedia.net

Between 200-300 additional

? Bahamian contractors and up
i to 4,500 extra construction
? workers could be employed on
? the $2.6 billion Baha Mar pro-
? ject as a result of Prime Minis-
? ter Hubert Ingraham winning
: «“ ? an extra $200 million in con-
impact have allegedly “met ? tracts from the developer’s Chi-
? nese partners, the Bahamian
i Contractors Association’s
. _ + (BCA) president told Tribune
Frank McGwire told Tri- :

: Business yesterday.

WH BCA chief says $200m increase in contracts for Bahamian contractors
could employ extra 200-300 contractors, 1,000-4,500 workers, on $2.6bn

Cable Beach project

But uncertain if industry yet up to challenge, warning ‘important to get it
right first time’ to engender confidence in Bahamian construction industry

after it informed him that the
Inter-American Development
Bank (IDB) had approved a
$150,000 grant to finance a
$225,000 project designed to

nal processes, Stephen Wrinkle
said that despite the good news,
he was uncertain whether the
Bahamian construction industry
had the depth of skills talent to

While praising Prime Minis-

ter Hubert Ingraham’s tough ;
negotiating stance in winning a }

SEE page 6B



| ‘Mixed bag’
Of 65-80%
Thanksgiving
- occupancies

: * Sector ‘still not satistied
| that we are showing the

: gains the industry really

| wants to see at this time’

: * October and November
| did not attain pre-

: recession business levels

i By ALISON LOWE
Business Reporter
i alowe@tribunemedia.net

“strengthen” the BCA’s inter- handle the Baha Mar project. New Providence hotels are

i eyeing a “mixed bag” of
i results for the upcoming
i Thanksgiving holiday, with
i occupancies set to range from
i lows of 65 per cent to 80 per
i cent, the Bahamas Hotel
i Association’s (BHA) presi-
i dent said yesterday.

i Overall improvements in
? the tourism sector “have been
? somewhat slower than we
i expected”, Robert Sands said
i yesterday, adding that
? although indicators are “head-

bune Business that “trying
to mitigate the problems
during the time of the
work is awfully important,
and we don’t seem to be
getting whole lot of assis-
tance” in this area, adding
that making it easier for
customers to navigate the
roadworks will be “crucial” :
for business at Town Cen-
tre Mall over the next five
weeks to leading up to
Christmas. i
“My understanding from

Speaking to this newspaper

KERZNER’S $2.6 BILLION BAHA MAR HIGH STAKES ‘POKER GAME’

By NEIL HARTNELL
Tribune Business Editor

Kerzner International and its chairman
are engaged in a high-stakes “poker game”,
a former Bahamas Chamber of Commerce
president told Tribune Business yesterday,
adding that he understood Sol Kerzner’s
position over his ‘Most Favoured Nation’

the engineering people is
that we’re looking at this
[roadworks] continuing
through October or so of
next year. We’ve got staff
to pay and real property

tax to pay, and all that kind

of stuff, so if we can work
together to mitigate the
problems I think we’d be
better off, but so far we



DIONISIO
D’AGUILAR

clause. And he warned: “Don’t kill the
goose that laid the golden egg.”

SEE page 5B



TOURISM LANDMARK: Atlantis in Paradise Island.

‘Downside risk’ decision making
harms Bahamas over innovation



i ing in the right direction, we

SEE page 3B

Building supplies firms
suffer from ‘flat? environment

: : By ALISON LOWE
haven't found a real coop- } By NEIL HARTNELL * Chamber chief says nd ness R
erative way to do that,” : Tribune Busi Edit bebeyret and aus
’ : ribune busimess or . ij j
said Mr McGuire. i _ failure to focus on pone MIU eine dienes
Th 1M The Bahamas’ “ability to : : . : oe

cae pies ae eee ‘upside potential’ costing With the Central Bank of the Bahamas describing
: ; P : : economy” is being held back ; activity in the construction sector as “anemic” and “decel-
issue is arecommendation eh cn io ae Bahamas economic erating”, Bahamian building supply stores yesterday
that the Government/con- 8 y aie : :

ee : ~ + decisions based on downside 4 reported flat or declining sales, with one supplier reveal-
tractor find alternatives to | opportunities and
LAGI OE NG AeINANVeS TO 7 ick, not upside potential”, the pp ing he may temporarily close his doors next year until
the Pc ceany a have # Bahamas Chamber of Com- chance ‘to modernise conditions improve.
ae aced down the re ; merce’s president warned yes- The major supplier,who did not wish to be named,
tre of Robinson Road from :. terday, uring this nation: to economy’ said he has had to let go dozens of employees, leaving
Blue Hill to Second Street, | ae Bae ne ae only a “skeleton crew” of workers since last year. He has
ee ee on a Suggests revisiting determined that within the next month he will have to
significant d Son 16 i Khaalis Rolle told Tribune reas such as LNG and decide whether closure next year will be necessary to
access businesses : Business that the Bahamas : SEE page 4B

“You really have to 20 i needed to stop “playing and agriculture

round your elbow to get to
your thumb now in that
area, and it’s just a very
cumbersome thing,” said
Mr McGwire.

“If youre sitting at
Collins Avenue and Wulff
Road, and think you’re
going to go to Town Cen-
tre Mall, you have to really
think how you’re going to
do that. There are other
ways to do that. We’ve
kicked around some ideas
but we were met with resis-
tance.”

The General Manager
said he will have to bear
the roadworks in mind as
he makes decisions this
weekend on extending
opening hours at the Mall
going into the Christmas
season, with this set to
impact store inventory
order placements and staff
overtime payments.

SEE page 4B

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.





? toying” with industries such as
: liquefied natural gas (LNG),
? which could provide totally new
? avenues of economic opportu-
i nities, and focus just as much
? on the potential benefits they
i might bring as opposed to the
i negatives.

Identifying LNG as being

? among “some of the things
? we’ve shied away from”, Mr
? Rolle added: “That’s something
? we’ve played around with,
? toyed with, and need to go back
? and review that, and see if there
i are opportunities associated
: with it.

“We make decisions based

? on potential downside risk, not
i the potential upside benefits,
? and that’s what constrains our
? ability to innovate and mod-
i? ernise this economy.”

During the debate over the

proposed multi-million dollar
? AES Ocean Express LNG
? plant, which was slated for
: Ocean Cay, a man-made island
i near
:? plants/pipelines proposed by
&é ) : i Tractebel (Suez) and El Paso

That's something I am ; in Grand Seda much was
? made about the risks of an
? explosion or negative environ-
? mental impacts - issues that
i appeared to delay, then force
? these projects into cold storage
: so far as government approvals
i were concerned.

Bimini, and other

“There are risks associated

? with LNG, but those risks, par-
? ticularly in this area, are mini-
? mal,” Mr Rolle told Tribune
i Business. “We need to stop
? playing politics with these
? things, and make some hard
i decisions.”

Far too often, Bahamians,
policymakers and decision-

? makers were “looking at the
? downside risks and saying: “You
i know what, it’s too risky.’ But
? we don’t have the same amount
? of evidence in support of the
i downside risks as we do in sup-
? port of the upside risks”.

Acknowledging that “we

need to get moving” in terms
: of restoring the Bahamian

SEE page 5B





KHAALIS ROLLE

FG FINANCIAL

PENSIONS & INVESTMENTS

call us today at 396-4000

FAMILY GUARDIAN CORPORATE CENTRE: AT THE JUNCTION OF VILLAGE ROAD, SHIRLEY STREET & EAST BAY STREET | www.famguardbahamas.com

|
j

PO Worry free

[ sound investment management
[ independent corporate trustee

oversight

[1 independent corporate custodian
[1 diversified investment portfolio

all of the above

A SUBSIDIARY OF

FAMGUARD

CORPORATION LIMITED





PAGE 2B, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE



Drug plan processes
400 claims per day

The Government’s Nation-
al Prescription Drug Plan is
processing on average 400
claims per day, the National
Insurance Board’s (NIB)
director has confirmed, with
payments to pharmacies -
which have averaged $16,000
per week - jumping to $24,000
per week.

Algernon Cargill told mem-
bers of the Rotary Club of
Nassau this week that NIB
believes it will be able to
launch the Plan’s Phase IT ear-
lier than expected next year
due to the progress made with
Phase I, some 13,000 people
now already registered.

“In terms of the first six
weeks of the Plan, we’ve reg-
istered more than 13,000 peo-
ple, so we have 40 per cent of
our target members already
registered,” Mr Cargill said.

“We have 36 private phar-
macies now. Quite a few
pharmacies who were origi-
nally hesitant are now sign-
ing on because the good news
about the plan is spreading.
That’s 70 per cent of our tar-
get pharmacies, and certainly
these 36 private pharmacies
are enough to run the plan.
We will accept new pharma-
cies coming on, but we don’t

need any new pharmacies to
make the plan successful.”

Mr Cargill said payments
to the private pharmacies
have averaged around $16,000
per week, and last week
jumped to about $24,000. He
added that the private phar-
macies were being consis-
tently paid on time.

“The National Insurance
Board agreed and contracted
that we would pay weekly,
and since the Plan was
launched in September ’m
happy to say every week
we’ve paid on time.

“As a matter of fact, a day
early. We’ve paid all of the
private pharmacies for pro-
viding the medication to the
patients on our behalf, and
the way we pay is we direct
deposit the funds into their
account electronically,” he
said.

Mr Cargill said the Plan
was electronically processing
about 400 claims per day with
a 20 per cent rejection rate.
This compared to rejection
rates of over 50 per cent in
Jamaica during the same
introductory period, and
Jamaica’s current rate of
about 50 per cent rejections.

“Tf you have a prescription

for a drug that is not on the
formulary, then the prescrip-
tion claim will automatically
be rejected. It won’t be hon-
oured or, if you, for example,
have diabetes and your doctor
did not confirm that you have
diabetes, and he writes a pre-
scription for diabetes, we can-
not provide drugs to treat dia-
betes,” Mr Cargill said.

“The doctor has to confirm
all of the diseases you have,
and once he or she has con-
firmed a disease you’re auto-
matically covered for any of
the drugs the plan provides
for treating that ailment.”

Challenges

Identifying some of the
challenges experienced by the
Plan in the first six weeks, Mr
Cargill said many participants
had been slow to collect their
cards, while the public phar-
macies had not been very
active in sending in claims.

Some members had
attempted to fill prescriptions
for conditions for which they
were not registered, and some
doctors did not write or stamp
their names on prescriptions.

“The first point of authori-



Photo by Collin Galanos

DRUG PLAN ROTARY ADDRESS: Algernon Cargill, director of the National Insurance Board, addressed
the Rotary Club of Nassau on the details and progress of the National Prescription Drug Plan. Mr Cargill
(centre) received a certificate of appreciation from Stephen Dean (left), member of the Rotary Club of Nas-
sau, and Racquel Wallace (right), president, Rotary Club of Nassau.

sation is to confirm that the
doctor is registered with the
Medical Council of the
Bahamas,” Mr Cargill said.

“We have to have the doc-
tor’s name.

“For example, if you went
to the hospital or the clinic,
and sometimes the prescrip-
tions are written, Dr PMH or
Dr South Beach Clinic, that’s
not a registered doctor, so we
need to know, for example,

that Dr Bowe at the Princess
Margaret Hospital is the doc-
tor who signed the prescrip-
tion. So we have to encour-
age the hospital to have their
doctors to stamp their names
or write their names on all of
the prescriptions they write.”

“And so the Plan is here.
It’s a permanent Plan. It’s a
permanent benefit. We’re in
the first Phase of the Plan,
and we hope to move to

Phase II sometime next year.
I think we’ll be ready earlier
than we projected for Phase II
because Phase [is really going
very well,” Mr Cargill said.

He indicated that NIB will
soon roll out the pilot project
for its Healthy People Pro-
gramme, the second compo-
nent of the National Pre-
scription Drug Plan that seeks
to prevent disease and pro-
mote healthy lifestyles.





BFSB unveils second top financial summit

The Bahamas Financial
Services Board (BFSB) has
announced that the second
annual International Busi-
ness & Finance Summit
(IBFS) will take place on
January 21-23, 2011, at the
Radisson Our Lucaya
Resort in Freeport.

The BFSB is hoping that
more than 40 international
business leaders will join
150-plus stakeholders from







the financial services indus-
try in the Bahamas for the
three-day event.

‘Enhancing you SCRIPT
for Growth’ is the theme for
IBFS 2011, building on the
2010 event, which focused
on preparing businesses to
‘Thrive in the New Normal’,
the theme for the inaugural
IBFS.

For The Bahamas, IBFS
2010 led to adoption of

*Â¥) PICTET

PICTET BANK TRUST LIMITED









SCRIPT . This means a
Strategy for cross-sector
Coordination in a proactive
and pragmatic Regulatory
environment that recognises
that Infrastructure and a
Proactive and targeted busi-
ness development strategy
are vital and emphasises the
attraction and growth of a
world-class Talent Pool.
“The inevitable pull to the
east is having a demonstra-

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,
Frankfart, Florence, Milan, Madrid, Paris, Rome and Turin

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

ble impact on geopolitics
and trade,” said Wendy
Warren, BFSB’s chief exec-
utive and executive director.

“Concurrently, trade and
wealth are booming in the
region.

“Countries in Latin
American continue to be
ranked in the top emerging
economies and add to the
significant pool of wealth
that resides in North Amer-
ica. IBFS 2011 will explore
the impact on wealth man-
agement and international
business, and the response
required from the financial
services industry.

“Further, it will examine
how the national policies of
the Bahamas should be
deployed to fully engage the
owners of capital and entre-
preneurs for national devel-
opment.”

IBFS participants will be
involved in wide ranging dis-
cussions led by internation-
al and Bahamian experts.
Agenda items include:

Regulation and Trans-
parency: Their impact on
financial institutions from
the perspective of prof-
itability, risk management
and plans for expansion.

Taxation: The key princi-
ples driving new policies on
tax and related agreements;
the benefits for small inter-
national financial centres of

The National Insurance Board
of the Commonwealth of The Bahamas

~ Important Notice to Pensioners ~

The National Insurance Board wishes to advise the public that pension payments
for the month of November will not begin on Thursday, November 18, 2010, as
previously scheduled. Instead, payments for both November and December will
begin stmultaneously from November 26 at the usual times and places. Increases
and adjustments arising out of the July 2010 amendments to the Benefits Regulations
will also be reflected in the November 26 pension payment period.

The National Insurance Board apologizes for any tnconventence caused by the

delay in payments.



WENDY WARREN

matters such as Double Tax-
ation Agreements; the
prospects for the next 10
years; and actions that
should be taken by interna-
tional financial centres
today.

Global Cooperation:
What progress has been
achieved through the EU
Savings Tax Directive and
the Liechtenstein Disclosure
Facility? What are the
implications of recent agree-
ments between Switzerland
and EU Member Countries?



Know Your Customer
Essentials: What are the
sources of funds, business
successes and related trends
and transitions for owners
of capital in Latin America
and Greater China? How do
they approach estate plan-
ning? What are the cultural
nuances that make or break
a relationship with an exter-
nal relationship manager?
What planning structures
are being deployed? How
does the application vary
between markets such as
Canada and Latin Ameri-
ca?

Business Insights: A
round table discussion of
emerging opportunities, as
panellists consider what ser-
vices should dominate over
the next 10 years.

SCRIPT 2010: A report
on BFSB’s SCRIPT project,
its impact on development
of international business and
finance and next steps.

Breakout Sessions: Indi-
vidual small group sessions
focusing on regions and sec-
tors such as insurance, trusts
and securities.

Capitalising on Compar-
ative Advantages: A round-
table discussion with inter-
national and domestic pro-
fessionals joining Bahamian
policy makers.





PAGE 2B, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE



Drug plan processes
400 claims per day

The Government’s Nation-
al Prescription Drug Plan is
processing on average 400
claims per day, the National
Insurance Board’s (NIB)
director has confirmed, with
payments to pharmacies -
which have averaged $16,000
per week - jumping to $24,000
per week.

Algernon Cargill told mem-
bers of the Rotary Club of
Nassau this week that NIB
believes it will be able to
launch the Plan’s Phase IT ear-
lier than expected next year
due to the progress made with
Phase I, some 13,000 people
now already registered.

“In terms of the first six
weeks of the Plan, we’ve reg-
istered more than 13,000 peo-
ple, so we have 40 per cent of
our target members already
registered,” Mr Cargill said.

“We have 36 private phar-
macies now. Quite a few
pharmacies who were origi-
nally hesitant are now sign-
ing on because the good news
about the plan is spreading.
That’s 70 per cent of our tar-
get pharmacies, and certainly
these 36 private pharmacies
are enough to run the plan.
We will accept new pharma-
cies coming on, but we don’t

need any new pharmacies to
make the plan successful.”

Mr Cargill said payments
to the private pharmacies
have averaged around $16,000
per week, and last week
jumped to about $24,000. He
added that the private phar-
macies were being consis-
tently paid on time.

“The National Insurance
Board agreed and contracted
that we would pay weekly,
and since the Plan was
launched in September ’m
happy to say every week
we’ve paid on time.

“As a matter of fact, a day
early. We’ve paid all of the
private pharmacies for pro-
viding the medication to the
patients on our behalf, and
the way we pay is we direct
deposit the funds into their
account electronically,” he
said.

Mr Cargill said the Plan
was electronically processing
about 400 claims per day with
a 20 per cent rejection rate.
This compared to rejection
rates of over 50 per cent in
Jamaica during the same
introductory period, and
Jamaica’s current rate of
about 50 per cent rejections.

“Tf you have a prescription

for a drug that is not on the
formulary, then the prescrip-
tion claim will automatically
be rejected. It won’t be hon-
oured or, if you, for example,
have diabetes and your doctor
did not confirm that you have
diabetes, and he writes a pre-
scription for diabetes, we can-
not provide drugs to treat dia-
betes,” Mr Cargill said.

“The doctor has to confirm
all of the diseases you have,
and once he or she has con-
firmed a disease you’re auto-
matically covered for any of
the drugs the plan provides
for treating that ailment.”

Challenges

Identifying some of the
challenges experienced by the
Plan in the first six weeks, Mr
Cargill said many participants
had been slow to collect their
cards, while the public phar-
macies had not been very
active in sending in claims.

Some members had
attempted to fill prescriptions
for conditions for which they
were not registered, and some
doctors did not write or stamp
their names on prescriptions.

“The first point of authori-



Photo by Collin Galanos

DRUG PLAN ROTARY ADDRESS: Algernon Cargill, director of the National Insurance Board, addressed
the Rotary Club of Nassau on the details and progress of the National Prescription Drug Plan. Mr Cargill
(centre) received a certificate of appreciation from Stephen Dean (left), member of the Rotary Club of Nas-
sau, and Racquel Wallace (right), president, Rotary Club of Nassau.

sation is to confirm that the
doctor is registered with the
Medical Council of the
Bahamas,” Mr Cargill said.

“We have to have the doc-
tor’s name.

“For example, if you went
to the hospital or the clinic,
and sometimes the prescrip-
tions are written, Dr PMH or
Dr South Beach Clinic, that’s
not a registered doctor, so we
need to know, for example,

that Dr Bowe at the Princess
Margaret Hospital is the doc-
tor who signed the prescrip-
tion. So we have to encour-
age the hospital to have their
doctors to stamp their names
or write their names on all of
the prescriptions they write.”

“And so the Plan is here.
It’s a permanent Plan. It’s a
permanent benefit. We’re in
the first Phase of the Plan,
and we hope to move to

Phase II sometime next year.
I think we’ll be ready earlier
than we projected for Phase II
because Phase [is really going
very well,” Mr Cargill said.

He indicated that NIB will
soon roll out the pilot project
for its Healthy People Pro-
gramme, the second compo-
nent of the National Pre-
scription Drug Plan that seeks
to prevent disease and pro-
mote healthy lifestyles.





BFSB unveils second top financial summit

The Bahamas Financial
Services Board (BFSB) has
announced that the second
annual International Busi-
ness & Finance Summit
(IBFS) will take place on
January 21-23, 2011, at the
Radisson Our Lucaya
Resort in Freeport.

The BFSB is hoping that
more than 40 international
business leaders will join
150-plus stakeholders from







the financial services indus-
try in the Bahamas for the
three-day event.

‘Enhancing you SCRIPT
for Growth’ is the theme for
IBFS 2011, building on the
2010 event, which focused
on preparing businesses to
‘Thrive in the New Normal’,
the theme for the inaugural
IBFS.

For The Bahamas, IBFS
2010 led to adoption of

*Â¥) PICTET

PICTET BANK TRUST LIMITED









SCRIPT . This means a
Strategy for cross-sector
Coordination in a proactive
and pragmatic Regulatory
environment that recognises
that Infrastructure and a
Proactive and targeted busi-
ness development strategy
are vital and emphasises the
attraction and growth of a
world-class Talent Pool.
“The inevitable pull to the
east is having a demonstra-

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,
Frankfart, Florence, Milan, Madrid, Paris, Rome and Turin

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

ble impact on geopolitics
and trade,” said Wendy
Warren, BFSB’s chief exec-
utive and executive director.

“Concurrently, trade and
wealth are booming in the
region.

“Countries in Latin
American continue to be
ranked in the top emerging
economies and add to the
significant pool of wealth
that resides in North Amer-
ica. IBFS 2011 will explore
the impact on wealth man-
agement and international
business, and the response
required from the financial
services industry.

“Further, it will examine
how the national policies of
the Bahamas should be
deployed to fully engage the
owners of capital and entre-
preneurs for national devel-
opment.”

IBFS participants will be
involved in wide ranging dis-
cussions led by internation-
al and Bahamian experts.
Agenda items include:

Regulation and Trans-
parency: Their impact on
financial institutions from
the perspective of prof-
itability, risk management
and plans for expansion.

Taxation: The key princi-
ples driving new policies on
tax and related agreements;
the benefits for small inter-
national financial centres of

The National Insurance Board
of the Commonwealth of The Bahamas

~ Important Notice to Pensioners ~

The National Insurance Board wishes to advise the public that pension payments
for the month of November will not begin on Thursday, November 18, 2010, as
previously scheduled. Instead, payments for both November and December will
begin stmultaneously from November 26 at the usual times and places. Increases
and adjustments arising out of the July 2010 amendments to the Benefits Regulations
will also be reflected in the November 26 pension payment period.

The National Insurance Board apologizes for any tnconventence caused by the

delay in payments.



WENDY WARREN

matters such as Double Tax-
ation Agreements; the
prospects for the next 10
years; and actions that
should be taken by interna-
tional financial centres
today.

Global Cooperation:
What progress has been
achieved through the EU
Savings Tax Directive and
the Liechtenstein Disclosure
Facility? What are the
implications of recent agree-
ments between Switzerland
and EU Member Countries?



Know Your Customer
Essentials: What are the
sources of funds, business
successes and related trends
and transitions for owners
of capital in Latin America
and Greater China? How do
they approach estate plan-
ning? What are the cultural
nuances that make or break
a relationship with an exter-
nal relationship manager?
What planning structures
are being deployed? How
does the application vary
between markets such as
Canada and Latin Ameri-
ca?

Business Insights: A
round table discussion of
emerging opportunities, as
panellists consider what ser-
vices should dominate over
the next 10 years.

SCRIPT 2010: A report
on BFSB’s SCRIPT project,
its impact on development
of international business and
finance and next steps.

Breakout Sessions: Indi-
vidual small group sessions
focusing on regions and sec-
tors such as insurance, trusts
and securities.

Capitalising on Compar-
ative Advantages: A round-
table discussion with inter-
national and domestic pro-
fessionals joining Bahamian
policy makers.





THE TRIBUNE



FRIDAY, NOVEMBER 19, 2010, PAGE 3B



US law gives
Bahamians
tough asset
freeze tools

By ALISON LOWE
Business Reporter

alowe@tribunemedia.net

Bahamian creditors,
debtors, liquidators and
trustees can use “very pow-
erful tools” available to them
under US law when seeking
to gather information on,
freeze and recover assets in
the US, accountants were
advised yesterday.

Edmund Rahming, manag-
ing director of Krys, Rahming
and Associates, specialists in
corporate recovery and insol-
vency, revealed that recent
US court judgments and sen-
sitivity on the part of US
banks regarding issues such
as terrorism have made it eas-
ier for those seeking informa-
tion on assets from abroad to
gain institutions’ compliance
in the US. “Asset recovery is
a very important process in
the whole process of an asset
investigation, a fraud investi-
gation, family law litigation,
dispute consulting, insolvency
etc. It is very important we
have the tools here in the
Bahamas on what assets are
available. What assets a
debtor may have that we can
pursue. Key to that is how do
we go about finding this infor-
mation,” said Mr Rahming,
who was speaking as a pre-
senter at the Bahamas Insti-
tute of Chartered Accoun-
tants (BICA) ‘Accountants
Week’ seminar yesterday.

Mr Rahming outlined pri-
vate and judicial avenues
available to help those seek-
ing information on assets in
the US gain access to it.
These, he said, include the use
of databases such as Lexus-
Nexus and Pacer, or hiring
private investigators.

Judicial avenues include
utilising section 1782 of Title
28 of the United States Code,

also known as a ‘1782 Dis-
covery’, to obtain evidence .

“It’s a very powerful tool. If
you are a foreign debtor or
creditor and you need infor-
mation specific to your case,
and you can narrow that
information down to exactly
what you need, you can apply
to the US courts in obtaining
that information. It’s very
popular in Cayman, BVI and
Bermuda. We live in an inter-
connected world, and quite
often these entities outside
the US have some relation to
the US and there’s some juris-
diction that can be imposed
on them in the US,” Mr Rah-
ming said.

Another judicial tool
includes Rule 2004 of the
Federal Rules of Bankruptcy
Procedure, said Mr Rahming.
“This is another very power-
ful tool used mainly by liq-
uidators. Once you obtain
Chapter 15 you’re allowed to
approach the court for a
motion of examination. This
will allow to to obtain infor-
mation not just on a debtor
but on parties who may have
done business with this par-
ticular debtor. It allows you
to use a broad brush to look
at what the debtors own and
it’s supposed to be a fishing
expedition,” he added.

Among the options open to
those seeking to freeze assets,
Mr Rahming said, were the
use of the Mareva Order as a
popular method which “usu-
ally results in settlement”.

“Inevitably, once some-
one’s accounts are frozen peo-
ple usually sit down and talk
about how they can settle
something,” said Mr Rah-
ming. He noted that it has
become increasingly common
for those seeking the freezing
of assets to issue a ‘Mareva
by letter’, which does not
involve the court.

“Some banks ignore it, but
in the current climate with the
anti-money laundering regu-
lations we are now finding
that if you send a Mareva by
letter to a banking institution
almost anywhere in the world,
and the letter is very detailed
and you talk about the action
you are about to initiate or
are in the midst of, and give
really good evidence, in most
cases banks will actually
freeze those accounts and
wait to hear from you. It’s
becoming very popular not to
go to the court but to send
out a letter which is much
quicker,” he stated.

With regard to asset recov-
ery, Mr Rahming explained
that it has become “very
easy” for foreign creditors to
have judgments or arbitral
awards, which may have been
awarded elsewhere, such as
the Bahamas, enforced in the
US against a defendant.

“The US has become
extremely responsive in
recent times. If you have a
judgment against a party in
the Bahamas or elsewhere
outside the US, taking that
judgment to the US to have
that recognised in the US has
become very easy. You find it
happening on a regular basis
now,” he said.

Mr Rahming referred also
to a recent court judgment -
the ‘Koehler opinion’ - which
set a precedent for a claimant
to ask the US courts for assets
being held by an institution
outside of the US handed
over to them if the entity has
“an affiliate entity” in the US.

“So that’s a huge case, and
now you are finding more and
more attorneys are going after
entities in New York rather
than in the offshore market,”
said Mr Rahming.

THE PARTNERS SELF-FUNDED
HEALTH PLAN

to

1 Pateers Meee ae

THE PSAP: “Parteerieg To Bring You The Bord In Adorable Healdheors in The Boho”

NOTICE

70% Sign Up For Teachers’ Health Plan Via The

Attention Teachers:

Partners.

‘Mixed bag’ of 65-80%
PCR TIE TAs

FROM page 1B

are still not satisfied that we are showing the

Speaking of the upcoming Thanksgiving
holiday specifically, Mr Sands said of book-
ings: “Some hotels are
reporting marginal
increases, some are
showing flat to last
year, and some are
showing a decline to
last year, so it’s an
overall mixed bag.”

“Certainly, for Octo-
ber and November we
still have not attained
the results we achieved
in 2008 (pre-reces-
sion).” As for Christ-
mas, Mr Sands said it is
still too far off to be
certain of how business will pan out.

Last week, Atlantis’s senior vice-president
of public affairs, Ed Fields, revealed that the
booking pace for rooms at Atlantis was "sig-
nificantly higher" for November and Decem-
ber this year, although with "marginally low-
er” room rates.

In his capacity as vice president for gov-
ernment and external affairs at Baha Mar,
which owns the Sheraton Nassau Beach
Resort and Wyndham Nassau Resort and
Crystal Palace Casino, Mr Sands said book-
ings at one of these two hotels were “flat to
last year” for Thanksgiving, while the other is
“showing slight gains”. He declined to iden-
tify which of these descriptions applied to
which hotel.

ROBERT SANDS

Outside of New Providence, the Our
Lucaya resort in Freeport told Tribune Busi-
ness it was “optimistic for the 2010 holiday”.

Having been asked about bookings and
room rate expectations for Thanksgiving and
Christmas, Nikia Wells, public relations coor-
dinator for the resort, said group and event
bookings for the Christmas period are up,
but declined to refer to individual leisure
traveler bookings.

The hotel attributed the increase in group
business, in part, to the introduction of new
packages, reduced room rates and a new
website.

Ms Wells said: “Our Lucaya will also be
offering a number of new promotions for
the 2010 Holiday Season that will combine
their unique dining experiences with accom-
modations. With the success of the resort’s
Friday Night Bahamian Buffet, several oth-
er holiday-themed buffets will be packaged
with rooms at the resort, providing travelers
with affordable options that highlight the
entire property.

“The new holiday packages will provide
value added options for guests who are price
conscious, but also looking for the complete
holiday experience.”

Back on Paradise Island, Laura Malone,
director of communications for RIU hotels
and resorts, told Tribune Business that the
company is “quite satisfied with the occu-
pancy levels and reservation rhythms we are
registering for Christmas” at the RIU Palace,
another of the island’s major resorts.

“The numbers are quite similar to the ones
we had last year, when we had just re-opened
after the complete refurbishment of the hotel
and we were promoting its upscale to the
Riu Palace category,” said Ms Malone.

NOTICE

Matioe is herby given of the logs of Bahamas Government Registered Stock Certifiorte os

follows:

Shope _lntercst Rate
A ore
2021-2026

1B350,000.00

OLS FaTay

Certificate No,

â„¢ rity Date

Septamber 22, 2023

Do irc te requcal the Repisivar to issu a peplacement certificate. If this certificate ia

found, please Write to

P.O, Bax NW-4244
Niassnd, Rahwanas.

.
-



Airborne Freight
9 Cargo Services

STILL Come Fly with US-Airborne Freight & Cargo Services,

Customs Airfreight Building.

242-377-0450/2 (off.) 242-377-0451 (fax)
242-376-3038 Or 242-455-6092 (cell)

- GetYour Cargo To Us by 12 noon and we will have it in

Nassau that SAME DAY!

As of 5:00pm, 12° November, 2010, some 70% (450-600) of
the Teachers (Nassau, Freeport & Family Islands) have
signed up for The Teachers’ Health Plan, but most are
tremendously challenged to pay the premiums for the
month of November.

Our Address is now at:
12952 NW 42nd Ave.Unit 93
Miami FL 33054
Tel:305-688-7777(office)
866-859 -8507(fax)
Airbornefreightco.com

The Partners Health Plan has negotiated a further extension
for The Teachers for their benefits at present rates, With
Continuity, through Friday, 11/19/2010.

Thereafter, benefits may be secured, but likely without
Continuity.

We are open: Monday to Friday 9:00am - 5:00pm
Saturday 10am-2:00pm, Sunday's by arrangement only.

1 to 10lbs package/box - $10.00
11 to 20 Ibs - package/boxes - $15.00
21 to 50 Ibs - package/boxes - $45.00
51 to 100 Ibs - package/boxes - $90.00

Remaining members are encouraged to complete the Our New Rates are:

application process ASAP so as to establish the Effective
Date of Benefits and Maintain the Present Premiums.

Arrange At Assured Financial Services on 432 East Bay
St. and Victoria Avenue, opposite the Mosko Building.

Our Re-launch rate of $0.40 cents per pound for freight
charges, be ahead of the competition

Get your goods here “TODAY"

Tel: 322-6735, 225-3703 or
502-9650.

Introducing CURACAO!!! Have cargo in Curaco? Call us we
can get

It to Nassau for you!!! Rates starts at $2.75 per/ib direct from
Curacao



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



THE TRIBUNE



FRIDAY, NOVEMBER 19, 2010, PAGE 3B



US law gives
Bahamians
tough asset
freeze tools

By ALISON LOWE
Business Reporter

alowe@tribunemedia.net

Bahamian creditors,
debtors, liquidators and
trustees can use “very pow-
erful tools” available to them
under US law when seeking
to gather information on,
freeze and recover assets in
the US, accountants were
advised yesterday.

Edmund Rahming, manag-
ing director of Krys, Rahming
and Associates, specialists in
corporate recovery and insol-
vency, revealed that recent
US court judgments and sen-
sitivity on the part of US
banks regarding issues such
as terrorism have made it eas-
ier for those seeking informa-
tion on assets from abroad to
gain institutions’ compliance
in the US. “Asset recovery is
a very important process in
the whole process of an asset
investigation, a fraud investi-
gation, family law litigation,
dispute consulting, insolvency
etc. It is very important we
have the tools here in the
Bahamas on what assets are
available. What assets a
debtor may have that we can
pursue. Key to that is how do
we go about finding this infor-
mation,” said Mr Rahming,
who was speaking as a pre-
senter at the Bahamas Insti-
tute of Chartered Accoun-
tants (BICA) ‘Accountants
Week’ seminar yesterday.

Mr Rahming outlined pri-
vate and judicial avenues
available to help those seek-
ing information on assets in
the US gain access to it.
These, he said, include the use
of databases such as Lexus-
Nexus and Pacer, or hiring
private investigators.

Judicial avenues include
utilising section 1782 of Title
28 of the United States Code,

also known as a ‘1782 Dis-
covery’, to obtain evidence .

“It’s a very powerful tool. If
you are a foreign debtor or
creditor and you need infor-
mation specific to your case,
and you can narrow that
information down to exactly
what you need, you can apply
to the US courts in obtaining
that information. It’s very
popular in Cayman, BVI and
Bermuda. We live in an inter-
connected world, and quite
often these entities outside
the US have some relation to
the US and there’s some juris-
diction that can be imposed
on them in the US,” Mr Rah-
ming said.

Another judicial tool
includes Rule 2004 of the
Federal Rules of Bankruptcy
Procedure, said Mr Rahming.
“This is another very power-
ful tool used mainly by liq-
uidators. Once you obtain
Chapter 15 you’re allowed to
approach the court for a
motion of examination. This
will allow to to obtain infor-
mation not just on a debtor
but on parties who may have
done business with this par-
ticular debtor. It allows you
to use a broad brush to look
at what the debtors own and
it’s supposed to be a fishing
expedition,” he added.

Among the options open to
those seeking to freeze assets,
Mr Rahming said, were the
use of the Mareva Order as a
popular method which “usu-
ally results in settlement”.

“Inevitably, once some-
one’s accounts are frozen peo-
ple usually sit down and talk
about how they can settle
something,” said Mr Rah-
ming. He noted that it has
become increasingly common
for those seeking the freezing
of assets to issue a ‘Mareva
by letter’, which does not
involve the court.

“Some banks ignore it, but
in the current climate with the
anti-money laundering regu-
lations we are now finding
that if you send a Mareva by
letter to a banking institution
almost anywhere in the world,
and the letter is very detailed
and you talk about the action
you are about to initiate or
are in the midst of, and give
really good evidence, in most
cases banks will actually
freeze those accounts and
wait to hear from you. It’s
becoming very popular not to
go to the court but to send
out a letter which is much
quicker,” he stated.

With regard to asset recov-
ery, Mr Rahming explained
that it has become “very
easy” for foreign creditors to
have judgments or arbitral
awards, which may have been
awarded elsewhere, such as
the Bahamas, enforced in the
US against a defendant.

“The US has become
extremely responsive in
recent times. If you have a
judgment against a party in
the Bahamas or elsewhere
outside the US, taking that
judgment to the US to have
that recognised in the US has
become very easy. You find it
happening on a regular basis
now,” he said.

Mr Rahming referred also
to a recent court judgment -
the ‘Koehler opinion’ - which
set a precedent for a claimant
to ask the US courts for assets
being held by an institution
outside of the US handed
over to them if the entity has
“an affiliate entity” in the US.

“So that’s a huge case, and
now you are finding more and
more attorneys are going after
entities in New York rather
than in the offshore market,”
said Mr Rahming.

THE PARTNERS SELF-FUNDED
HEALTH PLAN

to

1 Pateers Meee ae

THE PSAP: “Parteerieg To Bring You The Bord In Adorable Healdheors in The Boho”

NOTICE

70% Sign Up For Teachers’ Health Plan Via The

Attention Teachers:

Partners.

‘Mixed bag’ of 65-80%
PCR TIE TAs

FROM page 1B

are still not satisfied that we are showing the

Speaking of the upcoming Thanksgiving
holiday specifically, Mr Sands said of book-
ings: “Some hotels are
reporting marginal
increases, some are
showing flat to last
year, and some are
showing a decline to
last year, so it’s an
overall mixed bag.”

“Certainly, for Octo-
ber and November we
still have not attained
the results we achieved
in 2008 (pre-reces-
sion).” As for Christ-
mas, Mr Sands said it is
still too far off to be
certain of how business will pan out.

Last week, Atlantis’s senior vice-president
of public affairs, Ed Fields, revealed that the
booking pace for rooms at Atlantis was "sig-
nificantly higher" for November and Decem-
ber this year, although with "marginally low-
er” room rates.

In his capacity as vice president for gov-
ernment and external affairs at Baha Mar,
which owns the Sheraton Nassau Beach
Resort and Wyndham Nassau Resort and
Crystal Palace Casino, Mr Sands said book-
ings at one of these two hotels were “flat to
last year” for Thanksgiving, while the other is
“showing slight gains”. He declined to iden-
tify which of these descriptions applied to
which hotel.

ROBERT SANDS

Outside of New Providence, the Our
Lucaya resort in Freeport told Tribune Busi-
ness it was “optimistic for the 2010 holiday”.

Having been asked about bookings and
room rate expectations for Thanksgiving and
Christmas, Nikia Wells, public relations coor-
dinator for the resort, said group and event
bookings for the Christmas period are up,
but declined to refer to individual leisure
traveler bookings.

The hotel attributed the increase in group
business, in part, to the introduction of new
packages, reduced room rates and a new
website.

Ms Wells said: “Our Lucaya will also be
offering a number of new promotions for
the 2010 Holiday Season that will combine
their unique dining experiences with accom-
modations. With the success of the resort’s
Friday Night Bahamian Buffet, several oth-
er holiday-themed buffets will be packaged
with rooms at the resort, providing travelers
with affordable options that highlight the
entire property.

“The new holiday packages will provide
value added options for guests who are price
conscious, but also looking for the complete
holiday experience.”

Back on Paradise Island, Laura Malone,
director of communications for RIU hotels
and resorts, told Tribune Business that the
company is “quite satisfied with the occu-
pancy levels and reservation rhythms we are
registering for Christmas” at the RIU Palace,
another of the island’s major resorts.

“The numbers are quite similar to the ones
we had last year, when we had just re-opened
after the complete refurbishment of the hotel
and we were promoting its upscale to the
Riu Palace category,” said Ms Malone.

NOTICE

Matioe is herby given of the logs of Bahamas Government Registered Stock Certifiorte os

follows:

Shope _lntercst Rate
A ore
2021-2026

1B350,000.00

OLS FaTay

Certificate No,

â„¢ rity Date

Septamber 22, 2023

Do irc te requcal the Repisivar to issu a peplacement certificate. If this certificate ia

found, please Write to

P.O, Bax NW-4244
Niassnd, Rahwanas.

.
-



Airborne Freight
9 Cargo Services

STILL Come Fly with US-Airborne Freight & Cargo Services,

Customs Airfreight Building.

242-377-0450/2 (off.) 242-377-0451 (fax)
242-376-3038 Or 242-455-6092 (cell)

- GetYour Cargo To Us by 12 noon and we will have it in

Nassau that SAME DAY!

As of 5:00pm, 12° November, 2010, some 70% (450-600) of
the Teachers (Nassau, Freeport & Family Islands) have
signed up for The Teachers’ Health Plan, but most are
tremendously challenged to pay the premiums for the
month of November.

Our Address is now at:
12952 NW 42nd Ave.Unit 93
Miami FL 33054
Tel:305-688-7777(office)
866-859 -8507(fax)
Airbornefreightco.com

The Partners Health Plan has negotiated a further extension
for The Teachers for their benefits at present rates, With
Continuity, through Friday, 11/19/2010.

Thereafter, benefits may be secured, but likely without
Continuity.

We are open: Monday to Friday 9:00am - 5:00pm
Saturday 10am-2:00pm, Sunday's by arrangement only.

1 to 10lbs package/box - $10.00
11 to 20 Ibs - package/boxes - $15.00
21 to 50 Ibs - package/boxes - $45.00
51 to 100 Ibs - package/boxes - $90.00

Remaining members are encouraged to complete the Our New Rates are:

application process ASAP so as to establish the Effective
Date of Benefits and Maintain the Present Premiums.

Arrange At Assured Financial Services on 432 East Bay
St. and Victoria Avenue, opposite the Mosko Building.

Our Re-launch rate of $0.40 cents per pound for freight
charges, be ahead of the competition

Get your goods here “TODAY"

Tel: 322-6735, 225-3703 or
502-9650.

Introducing CURACAO!!! Have cargo in Curaco? Call us we
can get

It to Nassau for you!!! Rates starts at $2.75 per/ib direct from
Curacao



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



PAGE 4B, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE



Building supplies
firms suffer from
‘flat? environment

FROM page 1B

keep the business alive in
the long run.

Another major building
supplies store, who also
asked for anonymity, said
business “did a kind of grad-
ual slow down for two years,
then kind of dropped off”.

“I think people had jobs
they were finishing off, and
now there is nothing new
per se on the market. People
are just now really doing
repairs, and no money
around for people to add on.
Even with painting, people
used to paint their whole
house, now they are just
touching up,” the store man-
ager said.

In this regard, while there
was an increase in sales for
repair work, this in no way
compensated for the “fall
off” in sales overall, said the
store’s manager.

“T don’t know if Baha Mar
is the answer,” he added.
“It’s the little guy that’s suf-
fering. The little guy who
builds one house at a time.
One of the guys told me
recently it’s the worst it has
been since 1962.”

The store manager
pledged, however, that the
store would not be letting
go staff.

Mark Roberts,
owner/president of the
Builder’s Mall, which
includes FYP, Tile King and
the Paint Centre, told Tri-

LEGAL NOTICE

NOTICE
ENCEMBLE, LTD.

(In Voluntary Liquidation)

NOTICE is hereby given that the above-named Company
is in dissolution, commencing on the 16th day of November,
2010. Articles of Dissolution have been duly registered by
the Registrar. The Liquidator is Barry W. Herman, P.O. Box
N-10818, Nassau, The Bahamas.

All persons having claims against the above-names
Company are required, on or before the 18th day of December,
2010 to send their names and addresses and particulars of
their debts or claims to the Liquidator of the Company or,
in default thereof, they may be excluded from the benefit or
any distribution made before such debts are proved.

Dated this 18th day of November, 2010.
h Me aa
tea IAM an,

BARRY W. HERMAN
LIQUIDATOR



bune Business he is “not
much for doom and gloom”,
but business is “slow.”

“It’s flat. We’re not grow-
ing but we’re not shrinking,”
he said. “We are surviving.
We cut a few hours for staff
about three months ago, but
they are all back to regular
shifts.”

Gary Burrows, manager
at Tops Lumber Yard’s
hardware store, said busi-
ness throughout the compa-
ny, including both the lum-
ber and hardware side of its
operations, is “holding
steady at the moment”.

“It’s pretty much the same
as last year, a slight bit bet-
ter but nothing to shout
about. I don’t think it’s get-
ting any worse. There’s no
significant improvement
yet,” he added.

Earlier this week, Cen-
tral Bank Governor, Wendy
Craigg, described the “con-
tinuing dampening affect”
the global economic crisis is
having on foreign direct
investment inflows into the
Bahamas, which constitute
the major component of
construction project financ-
ing. She added that the pace
of domestic building activity
“has also decelerated” this
year.

“According to data from
banks, mortgage disburse-
ments 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,” said the
Governor.










We accept
ANY brand of
5 Gallon
bottles!

(Motiles must ba dean
‘wits Md rocks fy

WATER
DEPOT

soldier Road Industrial Park
Mon - Fri: 7am to Gpm

Mail says traffic
mitigation plan
hits resistance’

15th November



ROBINSON ROADWORK: There has reportedly been a “manifest difference” in business levels at the
Town Centre Mall due to road works on Robinson Road and Blue Hill Road.

FROM page 1B

going to wrestle with over this weekend,” he
said.

Dionisio D' Aguilar, chairman of BISX-
listed AML Foods, told Tribune Business
this week that its Cost Right subsidiary's
Town Centre Mall outlet had also seen a
20-30 per cent fall-off in sales revenues, as
customers sought to avoid the whole Blue
Hill Road/Robinson Road area in its entire-
ty.

Mr McGwire said that without giving
exact figures, “a blind man could see” that
the roadworks had hurt business at the Mall.
H would like an undertaking from the Gov-
ernment and Argentinian construction com-
pany that the roadworks will be left in a
tidy state over Christmas, assisting potential
customers in accessing businesses in the
area.

“The work is going to stop anyway
(around mid-December until early January)
so hopefully the holes will be patched up
where people can drive on the roads and
(the contractor/their equipment) will get
out of the way,” said Mr McGwire.

Meanwhile, roadworks began this week

around another of the island’s main busi-
ness hubs - the Mall at Marathon. The Jose
Cartellone Civil Construction company is
set to install new drainage facilities, upgrade
utlities, sidewalks, street lighting and traffic
signals.

Pleased

Robert Stevenson, general manager of
the Mall at Marathon, told Tribune Business
yesterday that he is “pleased the long-
delayed road improvements have finally
started”, but urged shoppers to “take their
time and be patient during the process”.

“We have been advised by the Ministry of
Works that their initial works up to Christ-
mas will be on the road’s shoulder, putting in
drainage and then putting in their 24-inch
water main. All this will stop, according to
the Ministry, on December 17 or so, before
Christmas, so the interruption before then
will be minimal,” Mr Stevenson said.

“They told the property owners in the
area they’ve projected a five-month period
providing there’s no complication, so we’re
cautiously optimistic. It will all be quite
exciting when it’s done.”

Christmas

Jollification

Arts & Crafts Festival
The Retreat, Village Road

Saturday, 2O November
11am to 5pm

Sunday, 21 November
12 noon to Spm

Featuring:
Plants, books, children’s crafts,
decorations for the holiday season
and food from around the world!

Sat fam to 12pm

Water Prices

5 Gallon Water (Pickup Only)
5 Gallon Water with no bottle

$2.50
2
$8.50 BNT Members: $ 5
General Admission: $ 10
Children (2 -12):$2
Infants (under 2): FREE

$8.50
$10.50
$8.00
$4.00
$5.50
$3.00

12-02 % 24/c3.
20-02 x 24/cs
1 Liter x 16/cs
1.5 Liter x 12/8
1 Gallon x 6/box
1 Gallon x 4/bag



bre o Sepsis Tere

=. iar ee

») Rent-A-Car ¢ Bahamas Realty Ltd ¢ Gunite Pools Of Nassau Ltd ¢
a Nassau Underwriters Agency * Bahamas Wholesale Agency ° Amour
Company Ltd Arcop Ltd, Architects * RBC Royal Bank Of Canada
Bahamas) Limited ¢ Callender’s & Co * Majestic Tours « Damianos
Sotheby’s International Realty « Royal Society St George’s

For more information call
Bahamas Food Packaging Limited

393-2272 ext. 109 or email: sales@bapak.biz p
Bahamas National Trust * 393-1317 *bnt@bnt.bs ==

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





PAGE 4B, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE



Building supplies
firms suffer from
‘flat? environment

FROM page 1B

keep the business alive in
the long run.

Another major building
supplies store, who also
asked for anonymity, said
business “did a kind of grad-
ual slow down for two years,
then kind of dropped off”.

“I think people had jobs
they were finishing off, and
now there is nothing new
per se on the market. People
are just now really doing
repairs, and no money
around for people to add on.
Even with painting, people
used to paint their whole
house, now they are just
touching up,” the store man-
ager said.

In this regard, while there
was an increase in sales for
repair work, this in no way
compensated for the “fall
off” in sales overall, said the
store’s manager.

“T don’t know if Baha Mar
is the answer,” he added.
“It’s the little guy that’s suf-
fering. The little guy who
builds one house at a time.
One of the guys told me
recently it’s the worst it has
been since 1962.”

The store manager
pledged, however, that the
store would not be letting
go staff.

Mark Roberts,
owner/president of the
Builder’s Mall, which
includes FYP, Tile King and
the Paint Centre, told Tri-

LEGAL NOTICE

NOTICE
ENCEMBLE, LTD.

(In Voluntary Liquidation)

NOTICE is hereby given that the above-named Company
is in dissolution, commencing on the 16th day of November,
2010. Articles of Dissolution have been duly registered by
the Registrar. The Liquidator is Barry W. Herman, P.O. Box
N-10818, Nassau, The Bahamas.

All persons having claims against the above-names
Company are required, on or before the 18th day of December,
2010 to send their names and addresses and particulars of
their debts or claims to the Liquidator of the Company or,
in default thereof, they may be excluded from the benefit or
any distribution made before such debts are proved.

Dated this 18th day of November, 2010.
h Me aa
tea IAM an,

BARRY W. HERMAN
LIQUIDATOR



bune Business he is “not
much for doom and gloom”,
but business is “slow.”

“It’s flat. We’re not grow-
ing but we’re not shrinking,”
he said. “We are surviving.
We cut a few hours for staff
about three months ago, but
they are all back to regular
shifts.”

Gary Burrows, manager
at Tops Lumber Yard’s
hardware store, said busi-
ness throughout the compa-
ny, including both the lum-
ber and hardware side of its
operations, is “holding
steady at the moment”.

“It’s pretty much the same
as last year, a slight bit bet-
ter but nothing to shout
about. I don’t think it’s get-
ting any worse. There’s no
significant improvement
yet,” he added.

Earlier this week, Cen-
tral Bank Governor, Wendy
Craigg, described the “con-
tinuing dampening affect”
the global economic crisis is
having on foreign direct
investment inflows into the
Bahamas, which constitute
the major component of
construction project financ-
ing. She added that the pace
of domestic building activity
“has also decelerated” this
year.

“According to data from
banks, mortgage disburse-
ments 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,” said the
Governor.










We accept
ANY brand of
5 Gallon
bottles!

(Motiles must ba dean
‘wits Md rocks fy

WATER
DEPOT

soldier Road Industrial Park
Mon - Fri: 7am to Gpm

Mail says traffic
mitigation plan
hits resistance’

15th November



ROBINSON ROADWORK: There has reportedly been a “manifest difference” in business levels at the
Town Centre Mall due to road works on Robinson Road and Blue Hill Road.

FROM page 1B

going to wrestle with over this weekend,” he
said.

Dionisio D' Aguilar, chairman of BISX-
listed AML Foods, told Tribune Business
this week that its Cost Right subsidiary's
Town Centre Mall outlet had also seen a
20-30 per cent fall-off in sales revenues, as
customers sought to avoid the whole Blue
Hill Road/Robinson Road area in its entire-
ty.

Mr McGwire said that without giving
exact figures, “a blind man could see” that
the roadworks had hurt business at the Mall.
H would like an undertaking from the Gov-
ernment and Argentinian construction com-
pany that the roadworks will be left in a
tidy state over Christmas, assisting potential
customers in accessing businesses in the
area.

“The work is going to stop anyway
(around mid-December until early January)
so hopefully the holes will be patched up
where people can drive on the roads and
(the contractor/their equipment) will get
out of the way,” said Mr McGwire.

Meanwhile, roadworks began this week

around another of the island’s main busi-
ness hubs - the Mall at Marathon. The Jose
Cartellone Civil Construction company is
set to install new drainage facilities, upgrade
utlities, sidewalks, street lighting and traffic
signals.

Pleased

Robert Stevenson, general manager of
the Mall at Marathon, told Tribune Business
yesterday that he is “pleased the long-
delayed road improvements have finally
started”, but urged shoppers to “take their
time and be patient during the process”.

“We have been advised by the Ministry of
Works that their initial works up to Christ-
mas will be on the road’s shoulder, putting in
drainage and then putting in their 24-inch
water main. All this will stop, according to
the Ministry, on December 17 or so, before
Christmas, so the interruption before then
will be minimal,” Mr Stevenson said.

“They told the property owners in the
area they’ve projected a five-month period
providing there’s no complication, so we’re
cautiously optimistic. It will all be quite
exciting when it’s done.”

Christmas

Jollification

Arts & Crafts Festival
The Retreat, Village Road

Saturday, 2O November
11am to 5pm

Sunday, 21 November
12 noon to Spm

Featuring:
Plants, books, children’s crafts,
decorations for the holiday season
and food from around the world!

Sat fam to 12pm

Water Prices

5 Gallon Water (Pickup Only)
5 Gallon Water with no bottle

$2.50
2
$8.50 BNT Members: $ 5
General Admission: $ 10
Children (2 -12):$2
Infants (under 2): FREE

$8.50
$10.50
$8.00
$4.00
$5.50
$3.00

12-02 % 24/c3.
20-02 x 24/cs
1 Liter x 16/cs
1.5 Liter x 12/8
1 Gallon x 6/box
1 Gallon x 4/bag



bre o Sepsis Tere

=. iar ee

») Rent-A-Car ¢ Bahamas Realty Ltd ¢ Gunite Pools Of Nassau Ltd ¢
a Nassau Underwriters Agency * Bahamas Wholesale Agency ° Amour
Company Ltd Arcop Ltd, Architects * RBC Royal Bank Of Canada
Bahamas) Limited ¢ Callender’s & Co * Majestic Tours « Damianos
Sotheby’s International Realty « Royal Society St George’s

For more information call
Bahamas Food Packaging Limited

393-2272 ext. 109 or email: sales@bapak.biz p
Bahamas National Trust * 393-1317 *bnt@bnt.bs ==

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





THE TRIBUNE

FRIDAY, NOVEMBER 19, 2010, PAGE 5B



FROM page 1B

Commenting on Kerzner
International’s concerns over
the $2.6 billion Baha Mar pro-
ject getting more favourable
terms and incentives from the
Government than it had
received for its three-phase
development of Paradise
Island, Dionisio D’Aguilar
suggested the Atlantis owner
was seeking to use the MFN
clause ‘violation’ as leverage
to obtain similar concessions
that would place it on the
same footing.

Referring to Mr Kerzner,
and the company’s, publicly
expressed concerns over vio-
lation of its agreement with
the Government, and that
some 3,000 new hotel rooms
coming online at once at
Cable Beach would over-sat-
urate and depress the
Bahamian resort market, Mr
D’Aguilar told Tribune Busi-
ness: “This is all part of the
poker game.

“It’s a game of poker. Baha
Mar has thrown down three
kings, Sol has two kings in his
hand now and wants to be
equal. He wants the Govern-
ment to deal him another
king.”

And one tourism industry
source, commenting on the
“poker game” expression
when it was told to him by
Tribune Business yesterday,
added: “One that turns into
chicken, when someone has
to blink.”

Mr D’ Aguilar, referring to
Kerzner International’s con-
cerns that the 8,150 Chinese
work permits, and 60/40
labour split in favour of the
Chinese, meant that the Baha
Mar project was getting better
terms, thus violating the
clause that the Atlantis devel-
oper be treated “no less

Kermer's $2.6 billion Baha

Mar high stakes ‘poker game’

; ber president told Tribune Business. “We need to start looking at
? these areas. Agriculture has been dormant for so long, and we need
? amore modern approach to help us get more out of this economy.

Meanwhile, Mr D’Aguilar }
said Kerzner International }
was likely to come up with }
financial terms and figures }
that it wanted to receive as }
compensation for the MFN }
clause ‘violation’, and to bring }
it into line with Baha Mar. } be Geet ayers
The Government would then }
Taye tO. essass wheter tieee ! tiative, but none had been held for two months, as bad weather -

were valid, and the two sides together with seasonal growing cycles - impacted crop supplies.

would have to negotiate a }

favourably than other
investors”, said simply:
“Kerzner’s right.

“T don’t know the validity
of his concerns, but if he was
given the MEN status when
he struck his deal, then obvi-
ously whatever concessions
have been granted to Baha
Mar most be retroactively
granted to him. I have no
problem with what he’s say-
ing. He’s obviously right.

Matter

“He has every right to bring

up the issue and push the mat-
ter forward. While we’re all
excited about getting Baha
Mar started, the goose that
laid the golden egg is Atlantis,
and we have to ensure Mr
Kerzner remains confident in
the Bahamas. The Bahamas
has done very well by him,
and he’s done very well by
us.”
Other Bahamian private
sector contacts yesterday sug-
gested similar to Mr
D’Aguilar, agreeing that
Kerzner International’s
Wednesday public statement
appeared to be an effort to
set the ground for the com-
pany to obtain a massively
improved deal on future Par-
adise Island investments -
such as a possible Phase IV
or Hurricane Hole develop-
ment - or better tax incen-
tives, such as a further reduc-
tion in casino taxes.

NOTICE

PANVILLE HOLDINGS INC.

N OTIC EIS HEREBY GIVEN as follows:

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

The dissolution of the said company commenced
on the 10" November, 2010 when the Articles of
Dissolution were submitted to and registered by

the Registrar General.

The Liquidator of the said company is Peter
Leppard of c/o 1 Raffles Link #05-02 Singapore

039393.

Dated this 12" day of November A. D. 2010



Peter Leppard
Liquidator

NOTICE

OCEAN HILL PTE LTD.

NOTICEIS HEREBY GIVEN as follows:

a) OCEAN HILL PTE LTD. is in voluntary dissolution
under the provisions of Section 137 (4) of the
International Business Companies Act 2000.

b) The dissolution of the said company commenced on
the 15" November, 2010 when the Articles of
Dissolution were submitted to and registered by the

Registrar General.

The Liquidator of the said company is Peter Leppard
of c/o 1 Raffles Link #05-02 Singapore 039393.

Dated this 17" day of November A. D. 2010



Peter Leppard
Liquidator

Legal Notice

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

LARNEL S.A.

In Voluntary Liquidation

“Notice is hereby given that in accordance with
Section 137 (4) of the International Business
Companies Act (No. 45 of 2000), LARNEL S.A. is in

Dissolution.”

The date of commencement of dissolution is the
17th day of November 2010.

Epsilon Management Ltd.

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



However, Sir Sol appeared
to harden his stance yester-
day in an intensified public
relations campaign, telling
Bahamian journalists that
Kerzner International would
not proceed with a Phase IV
on Paradise Island as previ-
ously envisaged, due to Baha
Mar’s development plans.

Some observers yesterday
suggested to Tribune Busi-
ness that Kerzner Interna-
tional’s 11th hour public rela-
tions campaign was designed
to put pressure on Prime Min-
ister Hubert Ingraham to ‘rein
in’ the Baha Mar project, with
the timing indicating that the
Atlantis and One & Only
Ocean Club owner had never
expected the $2.6 billion
Cable Beach redevelopment
to come this close to the ‘start
line’.

Sir Sol and his executives
spoke to the Prime Minister
prior to his Sunday press con-
ference at which he
announced the revised terms
for the Baha Mar project that
were negotiated in China,
thus giving Kerzner Interna-
tional advance knowledge of
what was coming. And, like-
wise, Sir Sol is likely to have
informed the Prime Minister

of his public relations plans.

deal.

Paradise Island as two sepa-
rate transactions, Mr

former was approved, with

Baha Mar.

“He’s got a two-year win- }
dow to prepare for it, and ’'m }
sure he’ll market the hell out }
of the Atlantis property and }
make it difficult for Baha Mar }

to be heard.

“He’s definitely a skilled
operator, and won’t role over }

and play dead.”

NOTICE is hereby given that RESIA JOSEPH-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 19" day of
November, 2010 to the Minister responsible for nationality
and Citizenship, PO. Box N-7147, Nassau, Bahamas.

Legal Notice
NOTICE

NOTICE IS HEREBY GIVEN as follows:

(a) SAUVIGNON INTERNATIONAL LTD. is in dissolution under
the provisions of the International Business Companies Act 2000.

(b) The Dissolution of said Company commenced on November 18,
2010 when its Articles of Dissolution were submitted and registered

by the Registrar General.

(c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd
Terrace West, Centreville, Nassau, Bahamas.

(d) All persons having Claims against the above-named Company are
required on or before day of December 27, 2010 to send their names
and addresses and particulars of their debts or claims to the Liquida-
tor of the company or, in default thereof, they may be excluded from
the benefit of any distribution made before such debts are proved.

November 19, 2010

ZAKRIT SERVICES LTD.
LIQUIDATOR OF THE ABOVE-NAMED COMPANY

‘Downside risk’ decision making

harms Bahamas over innovation
FROM page 1B

economy to a growth trajectory, Mr Rolle said identifying and
exploiting new industries would “help a lot”.
“We need to find a way to innovate in agriculture,” the Cham-

“These are the most expandable areas. I was never a big fan of
it [agriculture], but now I see there’s tremendous opportunities if
we do it right.”

Bahamas Ferries, for whom Mr Rolle is the chief marketing
officer, has enjoyed “some success” with its Potter’s Cay Farmers’
Markets, its vessels transporting agricultural produce from Andros
and Eleuthera to New Providence, where it was subsequently sold

The Chamber president confirmed that some six to seven Farm-
ers’ Markets had been staged since Bahamas Ferries started the ini-

“We've had some pockets of success with it,” Mr Rolle told

ae ? Tribune Business. “The farmers had a setback with some bad
Describing Baha Mar and }

weather we’ve been having, and a lot of crops are seasonal. There

; again, there’s no reason why we could not have a year-round sup-
? ply of crops.”
D’ Aguilar said he hoped the }

“While they were doing it, it was successful,” the Chamber

i president said of previous Farmer’s Markets. “People started to line
Mr Kerzner’s concerns also }
addressed “as best they can }
be, whether retroactively or }
when they do their next deal”. ;

“It’s not going to affect him }
[Mr Kerzner] for another two }
years,” Mr D’ Aguilar said of }

up at Potter’s Cay at 7am in the morning. We shipped it for them
at a greatly reduced cost. They would sell the product here, and we
helped them with their advertising and marketing.

“Most of the farmers, of whom there were five or six, who
brought their stuff here sold everything. Phil’s Food Services was
one of the biggest consumers of their products.”

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TRAINEE PROGRAM

Role Statement

Responsible for the execution of special projects or assignments in different Business areas in order
to obtain Training and exposure to our company’s processes and values for a period of 12 months,
having the possibility at the end of the program of becoming part of the organization

Possible Responsibilities
* Monitor and perform business data analysis

* Short term assignments in Operations Staff Functions Sales or Convenience Retail

* Develop projects, business plans and strategies

* Assist with logistics and implementation of project programs

Necessary Skills:

* Bachelor degree in Business Administration, Engineering, Marketing or Related Fields
3-4 years of experience in areas of study
Great interpersonal effectiveness and communication skills
Strong decision making, problem solving, computer and analytical skills
Has commitment to high standards
Has drive, perseverance and initiative

If you are interested in participating in this program, please send your resume by email to:
recruitmentbahamas@yahoo.com

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





THE TRIBUNE

FRIDAY, NOVEMBER 19, 2010, PAGE 5B



FROM page 1B

Commenting on Kerzner
International’s concerns over
the $2.6 billion Baha Mar pro-
ject getting more favourable
terms and incentives from the
Government than it had
received for its three-phase
development of Paradise
Island, Dionisio D’Aguilar
suggested the Atlantis owner
was seeking to use the MFN
clause ‘violation’ as leverage
to obtain similar concessions
that would place it on the
same footing.

Referring to Mr Kerzner,
and the company’s, publicly
expressed concerns over vio-
lation of its agreement with
the Government, and that
some 3,000 new hotel rooms
coming online at once at
Cable Beach would over-sat-
urate and depress the
Bahamian resort market, Mr
D’Aguilar told Tribune Busi-
ness: “This is all part of the
poker game.

“It’s a game of poker. Baha
Mar has thrown down three
kings, Sol has two kings in his
hand now and wants to be
equal. He wants the Govern-
ment to deal him another
king.”

And one tourism industry
source, commenting on the
“poker game” expression
when it was told to him by
Tribune Business yesterday,
added: “One that turns into
chicken, when someone has
to blink.”

Mr D’ Aguilar, referring to
Kerzner International’s con-
cerns that the 8,150 Chinese
work permits, and 60/40
labour split in favour of the
Chinese, meant that the Baha
Mar project was getting better
terms, thus violating the
clause that the Atlantis devel-
oper be treated “no less

Kermer's $2.6 billion Baha

Mar high stakes ‘poker game’

; ber president told Tribune Business. “We need to start looking at
? these areas. Agriculture has been dormant for so long, and we need
? amore modern approach to help us get more out of this economy.

Meanwhile, Mr D’Aguilar }
said Kerzner International }
was likely to come up with }
financial terms and figures }
that it wanted to receive as }
compensation for the MFN }
clause ‘violation’, and to bring }
it into line with Baha Mar. } be Geet ayers
The Government would then }
Taye tO. essass wheter tieee ! tiative, but none had been held for two months, as bad weather -

were valid, and the two sides together with seasonal growing cycles - impacted crop supplies.

would have to negotiate a }

favourably than other
investors”, said simply:
“Kerzner’s right.

“T don’t know the validity
of his concerns, but if he was
given the MEN status when
he struck his deal, then obvi-
ously whatever concessions
have been granted to Baha
Mar most be retroactively
granted to him. I have no
problem with what he’s say-
ing. He’s obviously right.

Matter

“He has every right to bring

up the issue and push the mat-
ter forward. While we’re all
excited about getting Baha
Mar started, the goose that
laid the golden egg is Atlantis,
and we have to ensure Mr
Kerzner remains confident in
the Bahamas. The Bahamas
has done very well by him,
and he’s done very well by
us.”
Other Bahamian private
sector contacts yesterday sug-
gested similar to Mr
D’Aguilar, agreeing that
Kerzner International’s
Wednesday public statement
appeared to be an effort to
set the ground for the com-
pany to obtain a massively
improved deal on future Par-
adise Island investments -
such as a possible Phase IV
or Hurricane Hole develop-
ment - or better tax incen-
tives, such as a further reduc-
tion in casino taxes.

NOTICE

PANVILLE HOLDINGS INC.

N OTIC EIS HEREBY GIVEN as follows:

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

The dissolution of the said company commenced
on the 10" November, 2010 when the Articles of
Dissolution were submitted to and registered by

the Registrar General.

The Liquidator of the said company is Peter
Leppard of c/o 1 Raffles Link #05-02 Singapore

039393.

Dated this 12" day of November A. D. 2010



Peter Leppard
Liquidator

NOTICE

OCEAN HILL PTE LTD.

NOTICEIS HEREBY GIVEN as follows:

a) OCEAN HILL PTE LTD. is in voluntary dissolution
under the provisions of Section 137 (4) of the
International Business Companies Act 2000.

b) The dissolution of the said company commenced on
the 15" November, 2010 when the Articles of
Dissolution were submitted to and registered by the

Registrar General.

The Liquidator of the said company is Peter Leppard
of c/o 1 Raffles Link #05-02 Singapore 039393.

Dated this 17" day of November A. D. 2010



Peter Leppard
Liquidator

Legal Notice

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

LARNEL S.A.

In Voluntary Liquidation

“Notice is hereby given that in accordance with
Section 137 (4) of the International Business
Companies Act (No. 45 of 2000), LARNEL S.A. is in

Dissolution.”

The date of commencement of dissolution is the
17th day of November 2010.

Epsilon Management Ltd.

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



However, Sir Sol appeared
to harden his stance yester-
day in an intensified public
relations campaign, telling
Bahamian journalists that
Kerzner International would
not proceed with a Phase IV
on Paradise Island as previ-
ously envisaged, due to Baha
Mar’s development plans.

Some observers yesterday
suggested to Tribune Busi-
ness that Kerzner Interna-
tional’s 11th hour public rela-
tions campaign was designed
to put pressure on Prime Min-
ister Hubert Ingraham to ‘rein
in’ the Baha Mar project, with
the timing indicating that the
Atlantis and One & Only
Ocean Club owner had never
expected the $2.6 billion
Cable Beach redevelopment
to come this close to the ‘start
line’.

Sir Sol and his executives
spoke to the Prime Minister
prior to his Sunday press con-
ference at which he
announced the revised terms
for the Baha Mar project that
were negotiated in China,
thus giving Kerzner Interna-
tional advance knowledge of
what was coming. And, like-
wise, Sir Sol is likely to have
informed the Prime Minister

of his public relations plans.

deal.

Paradise Island as two sepa-
rate transactions, Mr

former was approved, with

Baha Mar.

“He’s got a two-year win- }
dow to prepare for it, and ’'m }
sure he’ll market the hell out }
of the Atlantis property and }
make it difficult for Baha Mar }

to be heard.

“He’s definitely a skilled
operator, and won’t role over }

and play dead.”

NOTICE is hereby given that RESIA JOSEPH-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 19" day of
November, 2010 to the Minister responsible for nationality
and Citizenship, PO. Box N-7147, Nassau, Bahamas.

Legal Notice
NOTICE

NOTICE IS HEREBY GIVEN as follows:

(a) SAUVIGNON INTERNATIONAL LTD. is in dissolution under
the provisions of the International Business Companies Act 2000.

(b) The Dissolution of said Company commenced on November 18,
2010 when its Articles of Dissolution were submitted and registered

by the Registrar General.

(c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd
Terrace West, Centreville, Nassau, Bahamas.

(d) All persons having Claims against the above-named Company are
required on or before day of December 27, 2010 to send their names
and addresses and particulars of their debts or claims to the Liquida-
tor of the company or, in default thereof, they may be excluded from
the benefit of any distribution made before such debts are proved.

November 19, 2010

ZAKRIT SERVICES LTD.
LIQUIDATOR OF THE ABOVE-NAMED COMPANY

‘Downside risk’ decision making

harms Bahamas over innovation
FROM page 1B

economy to a growth trajectory, Mr Rolle said identifying and
exploiting new industries would “help a lot”.
“We need to find a way to innovate in agriculture,” the Cham-

“These are the most expandable areas. I was never a big fan of
it [agriculture], but now I see there’s tremendous opportunities if
we do it right.”

Bahamas Ferries, for whom Mr Rolle is the chief marketing
officer, has enjoyed “some success” with its Potter’s Cay Farmers’
Markets, its vessels transporting agricultural produce from Andros
and Eleuthera to New Providence, where it was subsequently sold

The Chamber president confirmed that some six to seven Farm-
ers’ Markets had been staged since Bahamas Ferries started the ini-

“We've had some pockets of success with it,” Mr Rolle told

ae ? Tribune Business. “The farmers had a setback with some bad
Describing Baha Mar and }

weather we’ve been having, and a lot of crops are seasonal. There

; again, there’s no reason why we could not have a year-round sup-
? ply of crops.”
D’ Aguilar said he hoped the }

“While they were doing it, it was successful,” the Chamber

i president said of previous Farmer’s Markets. “People started to line
Mr Kerzner’s concerns also }
addressed “as best they can }
be, whether retroactively or }
when they do their next deal”. ;

“It’s not going to affect him }
[Mr Kerzner] for another two }
years,” Mr D’ Aguilar said of }

up at Potter’s Cay at 7am in the morning. We shipped it for them
at a greatly reduced cost. They would sell the product here, and we
helped them with their advertising and marketing.

“Most of the farmers, of whom there were five or six, who
brought their stuff here sold everything. Phil’s Food Services was
one of the biggest consumers of their products.”

CREA

Finadlhy Atfordaé/e

4p CAarver Service

NOVEMBER SPECIAL

Nassau to Miami/Ft Lauderdale













ey 99 eeltitel il ee etm eter]

Fae md)

Abaco to Miami/Ft Lauderdale
Pa) roundtrip per person.

eee mili iy)

Air Cargo & Freight Forwarding
Services and more...

Call 429-3836 or

email us at: treasureair@gmail.com

FAA ond CAA approved Part 135 Air Charter AOC #9CTAZ47M

Multinational Company is looking for Talented Candidates
who seek Exceptional Career Development

TRAINEE PROGRAM

Role Statement

Responsible for the execution of special projects or assignments in different Business areas in order
to obtain Training and exposure to our company’s processes and values for a period of 12 months,
having the possibility at the end of the program of becoming part of the organization

Possible Responsibilities
* Monitor and perform business data analysis

* Short term assignments in Operations Staff Functions Sales or Convenience Retail

* Develop projects, business plans and strategies

* Assist with logistics and implementation of project programs

Necessary Skills:

* Bachelor degree in Business Administration, Engineering, Marketing or Related Fields
3-4 years of experience in areas of study
Great interpersonal effectiveness and communication skills
Strong decision making, problem solving, computer and analytical skills
Has commitment to high standards
Has drive, perseverance and initiative

If you are interested in participating in this program, please send your resume by email to:
recruitmentbahamas@yahoo.com

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





PAGE 6B, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE



Natural gas prices fall,
oil breaks losing streak

SANDY SHORE,
AP Business Writer

Oil prices rose Thursday for the first
time in a week while a rally in natural gas
was curtailed by a report of record sup-
plies.

Natural gas fell more than 3 percent
before erasing most of the decline late in
the session. The price of the December
futures contract, which rose more than 5
percent Wednesday, settled at $4.007,
down 2.3 cents.

Investors resumed buying oil after four
days of selling that knocked the price
down by 8 percent. PFGBest analyst Phil
Flynn said the improvement came as
more traders grew confident that Ire-
land's debt problems will be resolved
without spreading to other countries in
Europe and potentially affecting demand.

Benchmark oil for December delivery
rose $1.41 to $81.85 a barrel on the
Nymex. Since the contract expires Friday,
many investors shifted to the January
contract, which rose $1.38 to $82.42 a
barrel.

The Energy Department said natural
gas supplies rose by 3 billion cubic feet to
a record 3.843 trillion cubic feet last
week. That's 9.3 percent above the five-

NOTICE








Ae

(AP Photo/Damian Dovarganes)
FILLING UP: In this Nov. 4, 2010 photo,
Johnathan Gamez fills up his vehicle, at a gas
station, in Los Angeles.

year average. Gas supplies have been
building as drillers use improved methods
to extract large amounts of natural gas
from formations of shale rock in Texas,
Pennsylvania and other states.

At the same time, there are few signs

DEVON ENERGY CROATIA, LTD.








NOTICE IS HEREBY GIVEN as follows:

of improving industrial demand or even
sustained cold weather, which will be
keys to higher prices, said Tradition
Energy analyst Gene McGillian.

"Basically, we're reflecting the weak
fundamental picture again,” he said.

The price of gas has drifted between
about $3.75 per 1,000 cubic feet and $4.21
per 1,000 cubic feet since Labor Day,
around the time Americans stopped
cranked up the air conditioning.

The supply-demand picture could
prove to benefit consumers who get elec-
tricity generated by natural gas. Some
analysts believe their winter heating bills
will be about the same as a year ago or
slightly higher.

However, consumers who rely on heat-
ing oil to keep their homes warm likely
will face higher costs, the analysts said.
That product is closely linked to oil,
which is traded globally and has fetched
higher prices due to stronger demand in
Asia and emerging countries.

In other Nymex trading in December
contracts, heating oil rose 1.77 cents to
$2.2951 a gallon and gasoline added 7.04
cents to $2.2283 a gallon.

In London, Brent crude gained $1.77
to $85.05 a barrel on the ICE Futures
exchange.

NOTICE

DEVON ENERGY CROATIA, LTD.
(In Voluntary Liquidation)

DEVON ENERGY CROATIA, LTD. is in dissolution under the
provisions of the International Business Companies Act 2000.






The dissolution of the said Company commenced on the 17%
November 2010 when its Articles of Dissolution were submitted
to and registered by the Registrar General.

The Liquidator of the said Company is Delano Aranha of Ocean
Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247,
Nassau, Bahamas.

Dated the 18" day of November, 2010.
H & J Corporate Services Ltd.

Registered Agent
for the above-named Company

NOTICE
Oranje-Nassau Gryphon, Ltd.

NOTICE IS HEREBY GIVEN as follows:

Oranje-Nassau Gryphon, Ltd. is in dissolution under the
provisions of the International Business Companies Act 2000.

The dissolution of the said Company commenced on the 10
November 2010 when its Articles of Dissolution were submitted
to and registered by the Registrar General.
The Liquidator of the said Company is Delano Arahna of Ocean
Centre, Montagu Foreshore, East Bay Street, RO. Box N-3247,
Nassau, Bahamas.
Dated the 11° day of November, 2010.

H & J Corporate Services Ltd.

Registered Agent
for the above-named Company

ROYAL J FIDELITY a ~

Moray at Winerk

Creditors having debts or claims against the above-
named Company are required to send particulars
thereof to the undersigned at Ocean Centre, Montagu
Foreshore, East Bay Street, PO. Box N-324/7,
Nassau, Bahamas as sole Liquidator on or before the
3 day of December, 2010. In default thereof they
will be excluded from the benefit of any distribution
made by the Liquidator.

Dated the 18" day of November, 2010.

DELANO ARANHA
LIQUIDATOR

NOTICE

Oranje-Nassau Gryphon, Ltd.
(In Voluntary Liquidation)

Creditors having debts or claims against the above-
named Company are required to send particulars
thereof to the undersigned at Ocean Centre, Montagu
Foreshore, East Bay Street, PO. Box N-324/,
Nassau, Bahamas as sole Liquidator on or before the
29" day of November, 2010. In default thereof they
will be excluded from the benefit of any distribution
made by the Liquidator.

Dated the 11" day of November, 2010.
DELANO ARAHNA
LIQUIDATOR

= FG CAP

ITAL MARKETS
BROKERAGE & ADVISORY SERVICES

BISX LISTED & TRADED SECURITIES AS OF:
THURSDAY, 18 NOVEMBER 2010
BISX ALL SHARE INDEX: CLOSE 1,483.22 | CHG -21.94 | %CHG -1.46 | YTD -82.16 | YTD % -5.25
FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%
WWW. BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-2320

S2wk-Low Security

Previous Close Today's Close

Change Daily Vol. EPS $ Div $

1.00 AML Foods Limited
9.67 Bahamas Property Fund
4.50 Bank of Bahamas

0.18 Benchmark

2.70 Bahamas Waste

2.14 Fidelity Bank

9.62 Cable Bahamas

1.01 i 0.00.
10.63 10.63 0.00.
4.90. 4.90 0.00
0.18 0.18 0.00
2.70 2.70 0.00
2.1F ao1F 0.00
10.46 10.46 0.00

0.150
0.013
0.598
-O.877
0.168
0,016
1.050

‘Several thousand’ extra Baha Mar jobs

FROM page 1B

greater share of the construction pie - some 20 per cent of the total
amount - Mr Wrinkle emphasised that Bahamian contractors and
tradesmen had to “get it right” on a project of this magnitude, as
“failing to handle the job” would turn off both China State Con-
struction and future major developers.

Asked about how many extra contractors and construction
workers could be employed on the Baha Mar project, due to the
increase in contracts from $200 million to $400 million, a sum the
Prime Minister yesterday described as the largest for a single
Bahamas-based resort project, Mr Wrinkle replied: “I would say in
the hundreds.

“We were talking about this at [BCA] Council yesterday, and it
could be an additional 200-300 contractors and 5-15 crew for each
contractor. There are five contractors for the Commercial Vil-
lage, and we could maybe end up with 300. We’re talking about a
couple thousand workers.”

According to Tribune Business calculations, based on Mr Wrin-
kle’s estimates the number of Bahamian construction workers
employed on the Baha Mar project could increase from anywhere
between 1,000-4,500 personnel.

“Our biggest problem now is the labour force to handle this pro-
ject,” Mr Wrinkle told Tribune Business, explaining that “if we send
a slew of contractors out there and they fail to handle the job”, the
Bahamian construction industry and its participants could suffer
more long-term harm than good.

Asked whether the Bahamian construction industry had the
capacity currently to handle all that would be demanded of it by the
Baha Mar project, Mr Wrinkle replied: “I’m not sure we do, and we
need to carry out a registration process to find out how many
people are available for this project.”

Adding that it was “important to get this right first time”, Mr
Wrinkle said that achieving this depended on Baha Mar, China
State Construction, the Bahamas Technical and Vocational School
(BTV]), the BCA, Ministry of Works and the Office of the Prime
Minister all working in unison as one.

“All the horses have got to pull the wagon, and if any one drops
off, the wagon will not go anywhere,” the BCA president said.

The BCA, Mr Wrinkle added, was charged “with ensuring con-
tractors are prepared to do the work in a professional manner”. He
said: “That’s the key issue - to involve as many small and medium-
sized contractors as possible.

“That’s going to be the challenge: to prepare that core of con-
tractors to meet the criteria imposed on them by China State
Construction and their financial partners, such as bonding, insur-
ance and safety requirements.”

Mr Wrinkle described the increase in value of Baha Mar con-
struction contracts from $200-$400 million as “the best part of
the package” that Mr Ingraham brought back from Beijing, and
said the industry was “extremely appreciative of his leadership and
negotiating skills”.

“He drove a hard bargain, and they respected that,” the BCA
president said. “The Chinese respected the Prime Minister for
his tenacious negotiating and position, trying to make the right deci-
sion for the Bahamas.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, KENLY FERGUSON
of PO. Box SS-19282, 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.

NOTICE

NOTICE is hereby given that KETLER VERNISE of PRINCE
CHARLES DRIVE, ZIRCONIA COURT, NASSAU,
BAHAMAS is applying to the Minister responsible for Nationality
and Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why registration/
naturalization should not be granted, should send a written and signed
statement of the facts within twenty-eight days from the 19'" day of
November, 2010 to the Minister responsible for nationality and
Citizenship, P.O. Box N-7147, Nassau, Bahamas.

LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)
In Voluntary Liquidation

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

i} =
ep tadr hetatentat ‘ol -_
Tht B. Fear
Fer: Continaaul Liqastaers, bee
Ligquadanor

2.36 Colina Holdings 2.40 2.40 0.00
5.40 Commonwealth Bank (S1) 6.85 6.85 0.00
1.63 Consolidated Water BDRs 1.84 1.87 0.03
1.60. Doctor's Hospital 1.60 1.60 0.00
5.94 Famguard 6.07 6.07 0.00
7.26 Finca 7.26 7.26 0.00
8.77 FirstCaribbean Bank 9.74 9.39 -0.35
B75 Focol (S) 5.46 5.46 0.00
1.00. Focol Class B Preference 1.00 1.00 0.00
5.00, ICD Utilities 5.59 5.59 0.00
9.82 J. S. Johnson 9.90 9.82 -0.08
10.00 Premier Real Estate 10.00 10.00 0.00
BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing basis)
Security Symbol Last Sale Change Daily Vol.
Bahamas Note 6.95 (2029) BAH29
Fidelity Bank Note 17 (Series A) + FBB17
Fidelity Bank Note 22 (Series B) + FBB22
Fidelity Bank Note 13 (Series C) + FBB13 100.00 0.00, 7%
Fidelity Bank Note 15 (Series D) + FBB15 100.00 0.00 Prime + 1.75%
RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)
Symbol Bid & AsK % Last Prirce Daily al.
Bahamas Supermarkets 5.01 6.01 14.00
RND Holdings 0.35 0.40 0.55
CFAL Securities Ltd. (Over-The-Counter Securities)

0.781
0,422
oO.111
0.199
-0.003
O,.26F
3,250 0.645
1,000

Legal Notice

NOTICE
PIPPO INVESTMENT GROUP LTD.

(In Voluntary Liquidation)

0.366
0.000
0,012 465.8
1,650 0.971 10.1
O85 10.1
S2wk-Hi S2wk-Low Interest
99.46 0.00. 6.95%
100.00, 0.00. 7%

100.00 0.00. Prime + 1.75%

Maturity
20 November 2029
19 October 2017
19 October 2022
30 May 2013
29 May 2015

EPS $
-2.945
0.001

Div Pe
0.000,
0.000

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of October 2009. The Liquidator

is Argosa Corp. Inc., P. 0. Box N-7757 Nassau,

0.000
0.000

ABDAB 30.13 31.59 29.00
RND Holdings 0.45 0.55 0.55
BISX Listed Mutual Funds
Fund Name NAV
CPFAL Bond Fund 1.5122
CFAL MSI Preferred Fund 2.9187
1.4954 CFAL Money Market Fund 1.5655
2.8522 Royal Fidelity Bahamas G & | Fund 2.8624
13.0484 Royal Fidelity Prime Income Fund 13.5642
101.6693 CFAL Global Bond Fund 114.3684
99.4177 CFAL Global Equity Fund
1.0000 FG Financial Preferred Income Fund
FG Financial Growth Fund
FG Financial Diversified Fund
Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 1
Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 2
Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 3
Royal Fidelity Int Fund - Equities Sub Fund

4.540
0.002

YTD%
5.11%
1.10%

NAV 3MTH
1.490421
2.919946
1.545071

NAV 6GMTH
1.467397
2811577
1.530224

Last 12 Months %
6.79%
3.13%
4.48%
-7.49%
2.95%
12.49%
7.18%
5.21%
6.87%
5.78%

1.4076
2.8300 30-Sep-10
12-Nov-10
31-Aug-10
30-Sep-10

3.87%
-8.16%

1.47%
30-Jun-10
30-Sep-10
31-Oct-10

9.98%
4.75%
4.30%

109.392860
100.779540

107.570619
106.5528 105.776543
DSOr Bahamas

S1-Oct-10
31-Oct-10

1.0000
1.0000
9.1005

1.0974
1.1363

2.75%
4.18%
9.7458 4.35% 5.22% 31-Oct-10
10.0000
10.6000 -1.59% 4.26% 31-Oct-10
9.1708
31-Oct-10

31-Oct-10

9.5037 -4.96%
8.1643 5.79%
MARKET TERMS
YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Colina and Fidelity
Ask $ - Selling price of Colina and fidelity
Last Price - Last traded over-the-counter price
Weekly Vol. - Trading volume of the prior week
EPS $ - A company's reported earnings per share for the last 12 mths
NAV - Net Asset Value
N/M - Not Meaningful
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

-4.96%
4.8105 9.42%
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
52wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks
Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price trom day to day
Daily Vol. - Number of total shares traded today
DIV $ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month earnings
KS) - 4-for-1 Stock Split - Effective Date 8/8/2007
S14) - 3-for-1 Stock Split - Effective Date 7/11/2007

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525

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

ARGOSA CORP. INC.

(Liquidator)





PAGE 6B, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE



Natural gas prices fall,
oil breaks losing streak

SANDY SHORE,
AP Business Writer

Oil prices rose Thursday for the first
time in a week while a rally in natural gas
was curtailed by a report of record sup-
plies.

Natural gas fell more than 3 percent
before erasing most of the decline late in
the session. The price of the December
futures contract, which rose more than 5
percent Wednesday, settled at $4.007,
down 2.3 cents.

Investors resumed buying oil after four
days of selling that knocked the price
down by 8 percent. PFGBest analyst Phil
Flynn said the improvement came as
more traders grew confident that Ire-
land's debt problems will be resolved
without spreading to other countries in
Europe and potentially affecting demand.

Benchmark oil for December delivery
rose $1.41 to $81.85 a barrel on the
Nymex. Since the contract expires Friday,
many investors shifted to the January
contract, which rose $1.38 to $82.42 a
barrel.

The Energy Department said natural
gas supplies rose by 3 billion cubic feet to
a record 3.843 trillion cubic feet last
week. That's 9.3 percent above the five-

NOTICE








Ae

(AP Photo/Damian Dovarganes)
FILLING UP: In this Nov. 4, 2010 photo,
Johnathan Gamez fills up his vehicle, at a gas
station, in Los Angeles.

year average. Gas supplies have been
building as drillers use improved methods
to extract large amounts of natural gas
from formations of shale rock in Texas,
Pennsylvania and other states.

At the same time, there are few signs

DEVON ENERGY CROATIA, LTD.








NOTICE IS HEREBY GIVEN as follows:

of improving industrial demand or even
sustained cold weather, which will be
keys to higher prices, said Tradition
Energy analyst Gene McGillian.

"Basically, we're reflecting the weak
fundamental picture again,” he said.

The price of gas has drifted between
about $3.75 per 1,000 cubic feet and $4.21
per 1,000 cubic feet since Labor Day,
around the time Americans stopped
cranked up the air conditioning.

The supply-demand picture could
prove to benefit consumers who get elec-
tricity generated by natural gas. Some
analysts believe their winter heating bills
will be about the same as a year ago or
slightly higher.

However, consumers who rely on heat-
ing oil to keep their homes warm likely
will face higher costs, the analysts said.
That product is closely linked to oil,
which is traded globally and has fetched
higher prices due to stronger demand in
Asia and emerging countries.

In other Nymex trading in December
contracts, heating oil rose 1.77 cents to
$2.2951 a gallon and gasoline added 7.04
cents to $2.2283 a gallon.

In London, Brent crude gained $1.77
to $85.05 a barrel on the ICE Futures
exchange.

NOTICE

DEVON ENERGY CROATIA, LTD.
(In Voluntary Liquidation)

DEVON ENERGY CROATIA, LTD. is in dissolution under the
provisions of the International Business Companies Act 2000.






The dissolution of the said Company commenced on the 17%
November 2010 when its Articles of Dissolution were submitted
to and registered by the Registrar General.

The Liquidator of the said Company is Delano Aranha of Ocean
Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247,
Nassau, Bahamas.

Dated the 18" day of November, 2010.
H & J Corporate Services Ltd.

Registered Agent
for the above-named Company

NOTICE
Oranje-Nassau Gryphon, Ltd.

NOTICE IS HEREBY GIVEN as follows:

Oranje-Nassau Gryphon, Ltd. is in dissolution under the
provisions of the International Business Companies Act 2000.

The dissolution of the said Company commenced on the 10
November 2010 when its Articles of Dissolution were submitted
to and registered by the Registrar General.
The Liquidator of the said Company is Delano Arahna of Ocean
Centre, Montagu Foreshore, East Bay Street, RO. Box N-3247,
Nassau, Bahamas.
Dated the 11° day of November, 2010.

H & J Corporate Services Ltd.

Registered Agent
for the above-named Company

ROYAL J FIDELITY a ~

Moray at Winerk

Creditors having debts or claims against the above-
named Company are required to send particulars
thereof to the undersigned at Ocean Centre, Montagu
Foreshore, East Bay Street, PO. Box N-324/7,
Nassau, Bahamas as sole Liquidator on or before the
3 day of December, 2010. In default thereof they
will be excluded from the benefit of any distribution
made by the Liquidator.

Dated the 18" day of November, 2010.

DELANO ARANHA
LIQUIDATOR

NOTICE

Oranje-Nassau Gryphon, Ltd.
(In Voluntary Liquidation)

Creditors having debts or claims against the above-
named Company are required to send particulars
thereof to the undersigned at Ocean Centre, Montagu
Foreshore, East Bay Street, PO. Box N-324/,
Nassau, Bahamas as sole Liquidator on or before the
29" day of November, 2010. In default thereof they
will be excluded from the benefit of any distribution
made by the Liquidator.

Dated the 11" day of November, 2010.
DELANO ARAHNA
LIQUIDATOR

= FG CAP

ITAL MARKETS
BROKERAGE & ADVISORY SERVICES

BISX LISTED & TRADED SECURITIES AS OF:
THURSDAY, 18 NOVEMBER 2010
BISX ALL SHARE INDEX: CLOSE 1,483.22 | CHG -21.94 | %CHG -1.46 | YTD -82.16 | YTD % -5.25
FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%
WWW. BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-2320

S2wk-Low Security

Previous Close Today's Close

Change Daily Vol. EPS $ Div $

1.00 AML Foods Limited
9.67 Bahamas Property Fund
4.50 Bank of Bahamas

0.18 Benchmark

2.70 Bahamas Waste

2.14 Fidelity Bank

9.62 Cable Bahamas

1.01 i 0.00.
10.63 10.63 0.00.
4.90. 4.90 0.00
0.18 0.18 0.00
2.70 2.70 0.00
2.1F ao1F 0.00
10.46 10.46 0.00

0.150
0.013
0.598
-O.877
0.168
0,016
1.050

‘Several thousand’ extra Baha Mar jobs

FROM page 1B

greater share of the construction pie - some 20 per cent of the total
amount - Mr Wrinkle emphasised that Bahamian contractors and
tradesmen had to “get it right” on a project of this magnitude, as
“failing to handle the job” would turn off both China State Con-
struction and future major developers.

Asked about how many extra contractors and construction
workers could be employed on the Baha Mar project, due to the
increase in contracts from $200 million to $400 million, a sum the
Prime Minister yesterday described as the largest for a single
Bahamas-based resort project, Mr Wrinkle replied: “I would say in
the hundreds.

“We were talking about this at [BCA] Council yesterday, and it
could be an additional 200-300 contractors and 5-15 crew for each
contractor. There are five contractors for the Commercial Vil-
lage, and we could maybe end up with 300. We’re talking about a
couple thousand workers.”

According to Tribune Business calculations, based on Mr Wrin-
kle’s estimates the number of Bahamian construction workers
employed on the Baha Mar project could increase from anywhere
between 1,000-4,500 personnel.

“Our biggest problem now is the labour force to handle this pro-
ject,” Mr Wrinkle told Tribune Business, explaining that “if we send
a slew of contractors out there and they fail to handle the job”, the
Bahamian construction industry and its participants could suffer
more long-term harm than good.

Asked whether the Bahamian construction industry had the
capacity currently to handle all that would be demanded of it by the
Baha Mar project, Mr Wrinkle replied: “I’m not sure we do, and we
need to carry out a registration process to find out how many
people are available for this project.”

Adding that it was “important to get this right first time”, Mr
Wrinkle said that achieving this depended on Baha Mar, China
State Construction, the Bahamas Technical and Vocational School
(BTV]), the BCA, Ministry of Works and the Office of the Prime
Minister all working in unison as one.

“All the horses have got to pull the wagon, and if any one drops
off, the wagon will not go anywhere,” the BCA president said.

The BCA, Mr Wrinkle added, was charged “with ensuring con-
tractors are prepared to do the work in a professional manner”. He
said: “That’s the key issue - to involve as many small and medium-
sized contractors as possible.

“That’s going to be the challenge: to prepare that core of con-
tractors to meet the criteria imposed on them by China State
Construction and their financial partners, such as bonding, insur-
ance and safety requirements.”

Mr Wrinkle described the increase in value of Baha Mar con-
struction contracts from $200-$400 million as “the best part of
the package” that Mr Ingraham brought back from Beijing, and
said the industry was “extremely appreciative of his leadership and
negotiating skills”.

“He drove a hard bargain, and they respected that,” the BCA
president said. “The Chinese respected the Prime Minister for
his tenacious negotiating and position, trying to make the right deci-
sion for the Bahamas.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, KENLY FERGUSON
of PO. Box SS-19282, 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.

NOTICE

NOTICE is hereby given that KETLER VERNISE of PRINCE
CHARLES DRIVE, ZIRCONIA COURT, NASSAU,
BAHAMAS is applying to the Minister responsible for Nationality
and Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why registration/
naturalization should not be granted, should send a written and signed
statement of the facts within twenty-eight days from the 19'" day of
November, 2010 to the Minister responsible for nationality and
Citizenship, P.O. Box N-7147, Nassau, Bahamas.

LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)
In Voluntary Liquidation

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

i} =
ep tadr hetatentat ‘ol -_
Tht B. Fear
Fer: Continaaul Liqastaers, bee
Ligquadanor

2.36 Colina Holdings 2.40 2.40 0.00
5.40 Commonwealth Bank (S1) 6.85 6.85 0.00
1.63 Consolidated Water BDRs 1.84 1.87 0.03
1.60. Doctor's Hospital 1.60 1.60 0.00
5.94 Famguard 6.07 6.07 0.00
7.26 Finca 7.26 7.26 0.00
8.77 FirstCaribbean Bank 9.74 9.39 -0.35
B75 Focol (S) 5.46 5.46 0.00
1.00. Focol Class B Preference 1.00 1.00 0.00
5.00, ICD Utilities 5.59 5.59 0.00
9.82 J. S. Johnson 9.90 9.82 -0.08
10.00 Premier Real Estate 10.00 10.00 0.00
BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing basis)
Security Symbol Last Sale Change Daily Vol.
Bahamas Note 6.95 (2029) BAH29
Fidelity Bank Note 17 (Series A) + FBB17
Fidelity Bank Note 22 (Series B) + FBB22
Fidelity Bank Note 13 (Series C) + FBB13 100.00 0.00, 7%
Fidelity Bank Note 15 (Series D) + FBB15 100.00 0.00 Prime + 1.75%
RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)
Symbol Bid & AsK % Last Prirce Daily al.
Bahamas Supermarkets 5.01 6.01 14.00
RND Holdings 0.35 0.40 0.55
CFAL Securities Ltd. (Over-The-Counter Securities)

0.781
0,422
oO.111
0.199
-0.003
O,.26F
3,250 0.645
1,000

Legal Notice

NOTICE
PIPPO INVESTMENT GROUP LTD.

(In Voluntary Liquidation)

0.366
0.000
0,012 465.8
1,650 0.971 10.1
O85 10.1
S2wk-Hi S2wk-Low Interest
99.46 0.00. 6.95%
100.00, 0.00. 7%

100.00 0.00. Prime + 1.75%

Maturity
20 November 2029
19 October 2017
19 October 2022
30 May 2013
29 May 2015

EPS $
-2.945
0.001

Div Pe
0.000,
0.000

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of October 2009. The Liquidator

is Argosa Corp. Inc., P. 0. Box N-7757 Nassau,

0.000
0.000

ABDAB 30.13 31.59 29.00
RND Holdings 0.45 0.55 0.55
BISX Listed Mutual Funds
Fund Name NAV
CPFAL Bond Fund 1.5122
CFAL MSI Preferred Fund 2.9187
1.4954 CFAL Money Market Fund 1.5655
2.8522 Royal Fidelity Bahamas G & | Fund 2.8624
13.0484 Royal Fidelity Prime Income Fund 13.5642
101.6693 CFAL Global Bond Fund 114.3684
99.4177 CFAL Global Equity Fund
1.0000 FG Financial Preferred Income Fund
FG Financial Growth Fund
FG Financial Diversified Fund
Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 1
Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 2
Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 3
Royal Fidelity Int Fund - Equities Sub Fund

4.540
0.002

YTD%
5.11%
1.10%

NAV 3MTH
1.490421
2.919946
1.545071

NAV 6GMTH
1.467397
2811577
1.530224

Last 12 Months %
6.79%
3.13%
4.48%
-7.49%
2.95%
12.49%
7.18%
5.21%
6.87%
5.78%

1.4076
2.8300 30-Sep-10
12-Nov-10
31-Aug-10
30-Sep-10

3.87%
-8.16%

1.47%
30-Jun-10
30-Sep-10
31-Oct-10

9.98%
4.75%
4.30%

109.392860
100.779540

107.570619
106.5528 105.776543
DSOr Bahamas

S1-Oct-10
31-Oct-10

1.0000
1.0000
9.1005

1.0974
1.1363

2.75%
4.18%
9.7458 4.35% 5.22% 31-Oct-10
10.0000
10.6000 -1.59% 4.26% 31-Oct-10
9.1708
31-Oct-10

31-Oct-10

9.5037 -4.96%
8.1643 5.79%
MARKET TERMS
YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Colina and Fidelity
Ask $ - Selling price of Colina and fidelity
Last Price - Last traded over-the-counter price
Weekly Vol. - Trading volume of the prior week
EPS $ - A company's reported earnings per share for the last 12 mths
NAV - Net Asset Value
N/M - Not Meaningful
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

-4.96%
4.8105 9.42%
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
52wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks
Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price trom day to day
Daily Vol. - Number of total shares traded today
DIV $ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month earnings
KS) - 4-for-1 Stock Split - Effective Date 8/8/2007
S14) - 3-for-1 Stock Split - Effective Date 7/11/2007

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525

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

ARGOSA CORP. INC.

(Liquidator)





THE TRIBUNE

FRIDAY, NOVEMBER 19, 2010, PAGE 7B



General Motors shares
jump on Wall Sireet return

NEW YORK

GENERAL MOTORS
stock began trading on Wall
Street again Thursday, signal-
ing the rebirth of an Ameri-
can corporate icon that col-
lapsed into bankruptcy and
was rescued with a $50 billion
infusion from taxpayers.

The stock rose sharply in its
first minutes of buying and
selling, going for nearly $36
per share — almost $3 more
than the price GM set for the
initial public offering. The
stock pulled back slightly by
early afternoon. It had traded
for less than a dollar when the
old company filed for bank-
ruptcy last year.

On the floor of the New
York Stock Exchange, a
crowd eight deep jostled
around the company's trading
post, adorned with its familiar
blue-square logo with an
underlined "GM." CEO Dan
Akerson rang the opening bell
as raucous cheers went up and
the sound of a Chevrolet
Camaro's revving engine
echoed through the room.

The government hopes that
the stock offering will be the
first step toward ultimately
breaking even on the bailout.
For that to happen, the gov-
ernment needs to sell its
remaining GM holdings for an
average of roughly $50 a share
over the next several years.

Ron Bloom, the Obama
administration's senior adviser
for the auto industry, refused
to predict whether taxpayers
would get all the money back.

"We're obviously eager to
get the rest of it back as much
as we can,” he said Thursday.

The GM IPO could wind up
as the largest in history. Earli-
er this week, GM raised the
high end of its initial price
range from $29 to $33 and
increased the number of
shares it was offering from 365
million to 478 million common
shares because investor
demand was so high. Count-
ing preferred stock issued by
the company, the deal's value
could top $23 billion.

At midday, 264 million GM
shares had been traded, more
than half the number sold in
the IPO.

Such volume is not unusual
following a high-profile offer-
ing. It’s a sign that big institu-
tional investors such as mutu-
al and hedge funds are taking
profits and smaller investors
who were shut out of the [PO
are now buying, said David
Whiston, an auto equity ana-
lyst with Morningstar Inc.

"Often the way the world
is, the Wall Street institutions
get in at the lower price and
the Main Street investor gets
in at the higher price,” he said.

The increased selling price,
though, means the market is
judging the GM rescue as a
success, Bloom said.

"Almost $20 billion in pri-
vate capital voted that they
wanted to be part of General
Motors. So we do think this is
a good day," he said.

In the initial offering, the
government reduced its own-
ership stake from 61 percent to
about 36 percent. The federal
treasury sold 358 million
shares of the resurrected GM
— which is smaller, profitable
and cleansed of most of its
debt. If bankers exercise
options to buy and resell more
shares, the government will
wind up selling more than 400
million shares, reducing the
stake to 33 percent of GM.

"There's a lot of work to do,
but today is the beginning of
the new company,” said Mark
Reuss, GM's North American
president.

The reduced government
stake should help repair the
company's image, which had
been tarnished by accepting
the bailout money, Akerson
told reporters.

"They have taken their
ownership down by roughly
half,” he said. "I would say
that the average taxpayer in
the United States would look
at this particular transaction
as very positive."

The stock offering is the lat-
est in a series of head-spinning
developments over the past
two years for the American
corporate icon.

In September 2008, to mark
its 100th birthday, GM cele-
brated in the grand three-sto-
ry atrium on the ground floor
of its Detroit headquarters.

Two months later, then-
CEO Rick Wagoner found
himself in front of members

of Congress, begging for mon-
ey to keep GM alive. Four
months after that, he was oust-
ed by President Barack Oba-
ma.

By June 2009, GM had filed
for bankruptcy. It emerged
with 92 percent of its debt
erased, but the company was
mostly owned by the govern-
ment and saddled with a dam-
aging nickname: "Government
Motors." The value of its old
stock was wiped out, along
with $27 billion in bond val-
ue.
Now GM is a publicly trad-
ed company again with the
familiar stock symbol "GM."
Obama on Wednesday said
GM's IPO marks a major
milestone not only in the turn-
around of the company, but
of the U.S. auto industry.

Most of the new stock will
go to institutional investors,
not to everyday investors, fol-
lowing a Wall Street system
that rewards investment
banks’ big customers. GM set
aside 5 percent of its new stock
for employees, retirees and car
dealers to buy at the offering
price. The company has not
revealed how many people
took the offer.

Early Thursday, GM's main
joint venture partner in Chi-
na, SAIC Motor Corp., said it
has bought a nearly 1 percent
stake in GM, buying shares
being offered in the IPO at a
cost of nearly $500 million.
SAIC, based in Shanghai and
run by the state, said the share
purchase is meant to enhance
its cooperation with GM in
China, the world's biggest auto
market.

Chief Financial Officer
Chris Liddell said there was
high interest from sovereign
wealth funds, which are pools
of money from reserves of for-
eign governments. In the end,
90 percent or more of the
shares were sold in North
America, he said.

Investors

About $4 billion worth of
shares went to smaller retail
investors, the most of any IPO
in history, Liddell said. But
many retail investors are high
net worth clients of Wall Street
brokerage houses.

Hedge and mutual funds
are now among the compa-
ny's larger shareholders, GM
said.

Senior Obama administra-
tion officials said Wednesday
that the Treasury Department
sought a balance between get-
ting a return for taxpayers and
exiting government ownership
as soon as practical.

The government has agreed
that it will not sell shares out-
side the IPO for six months
after the sale.

The officials, who spoke on
condition of anonymity, said
they would assess their options
for selling the government's
stake further.

In the stock offering, the
government made $11.8 bil-
lion by selling 358 million
shares at $33 apiece. It stands
to make $13.6 billion if
bankers exercise options for
54 million more.

The government would still
have about 500 million shares,
a one-third stake. It would
have to sell those shares over
the next two to three years at
about $53 a share for taxpay-
ers to come out even.

The government's strategy
in retaining shares is to wait
for GM's finances to improve
and push the stock price up
the next couple of years.

The total bailout was $50
billion. GM has already paid
or agreed to pay back $9.5 bil-
lion. That comes from cash
and preferred stock held by
the government.

Reuss said he knows there's
pressure to keep performing
well and boost the stock price.

"I can't control share
prices,” he said. "I'll just go
right back to designing and
building and selling the world's
best vehicles. That's what we
can control."

The GM debut comes when
auto stocks are performing
well generally. The stock of
GM's crosstown rival, Ford,
has risen steadily this year,
from about $10 in January to
about $16.50 as the GM IPO
approached. The stock traded
for a dollar in November 2008.
Ford never took bailout mon-
ey.

As for GM, whether bank-
ruptcy fixed the company

far healthier in its new form.
The company closed 14 of its
47 plants, shuttered or sold its
Hummer, Saturn, Saab and
Pontiac brands, and slashed its
debt from about $46 billion to
about $8 billion.

Union retiree health care
costs are now the United Auto
Workers’ responsibility, and a
controversial jobs program
that paid idled workers almost
a full salary has been scaled
back dramatically.

GM employs 209,000 peo-
ple in the United States today,
down from 324,000 in 2004.
Before bankruptcy, GM lost
about $4,000 per car.

Now it makes about $2,000

each.




















remains a question, but it is 1 Gs Ml
, era

NYSE = &

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
Rotarian Herbert J. Taylor. This
24-word Test has been
translated into more than a
hundred languages and
published in thousands of ways.
It asks the following four
questions:

Rules:

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.

. 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.

. 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.

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

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

. Only essays accompanied by original entry forms clipped

from the newspaper will be accepted. Photocopy, fax,
carbon or other copies will not be accepted.

. One winner will be chosen from each age category. The

decision of the judges is final.

. Winner must agree to a photo presentation which will

be published in the newspaper.

. 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

My Vere, Ply Howzpapor!
f

WAI F



A RE
ENERAL

io —
MO

GENERAL MOTORS headquarters is shown in Detroit, Thursday, Nov. 18, 2010. GM is returning to life
as a public company Thursday with an initial public offering of stock. (AP)

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?

4. Will it be beneficial to
all concerned?”

OFFICIAL ENTRY FORM
Child’s Name:
Age: _
School:
Address:
P.O. Box:
Email Address:

Parent’s Name:



Parent’s Signature:

Telephone contact: (H) (W)

All entries become property of the Rotary Club of East Nassau and can be used
and reproduced for any purpose without compensation.

Rotary Club of

EAST \\

NASSAU

BAHAMAS, Distriel 7020



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



THE TRIBUNE

FRIDAY, NOVEMBER 19, 2010, PAGE 7B



General Motors shares
jump on Wall Sireet return

NEW YORK

GENERAL MOTORS
stock began trading on Wall
Street again Thursday, signal-
ing the rebirth of an Ameri-
can corporate icon that col-
lapsed into bankruptcy and
was rescued with a $50 billion
infusion from taxpayers.

The stock rose sharply in its
first minutes of buying and
selling, going for nearly $36
per share — almost $3 more
than the price GM set for the
initial public offering. The
stock pulled back slightly by
early afternoon. It had traded
for less than a dollar when the
old company filed for bank-
ruptcy last year.

On the floor of the New
York Stock Exchange, a
crowd eight deep jostled
around the company's trading
post, adorned with its familiar
blue-square logo with an
underlined "GM." CEO Dan
Akerson rang the opening bell
as raucous cheers went up and
the sound of a Chevrolet
Camaro's revving engine
echoed through the room.

The government hopes that
the stock offering will be the
first step toward ultimately
breaking even on the bailout.
For that to happen, the gov-
ernment needs to sell its
remaining GM holdings for an
average of roughly $50 a share
over the next several years.

Ron Bloom, the Obama
administration's senior adviser
for the auto industry, refused
to predict whether taxpayers
would get all the money back.

"We're obviously eager to
get the rest of it back as much
as we can,” he said Thursday.

The GM IPO could wind up
as the largest in history. Earli-
er this week, GM raised the
high end of its initial price
range from $29 to $33 and
increased the number of
shares it was offering from 365
million to 478 million common
shares because investor
demand was so high. Count-
ing preferred stock issued by
the company, the deal's value
could top $23 billion.

At midday, 264 million GM
shares had been traded, more
than half the number sold in
the IPO.

Such volume is not unusual
following a high-profile offer-
ing. It’s a sign that big institu-
tional investors such as mutu-
al and hedge funds are taking
profits and smaller investors
who were shut out of the [PO
are now buying, said David
Whiston, an auto equity ana-
lyst with Morningstar Inc.

"Often the way the world
is, the Wall Street institutions
get in at the lower price and
the Main Street investor gets
in at the higher price,” he said.

The increased selling price,
though, means the market is
judging the GM rescue as a
success, Bloom said.

"Almost $20 billion in pri-
vate capital voted that they
wanted to be part of General
Motors. So we do think this is
a good day," he said.

In the initial offering, the
government reduced its own-
ership stake from 61 percent to
about 36 percent. The federal
treasury sold 358 million
shares of the resurrected GM
— which is smaller, profitable
and cleansed of most of its
debt. If bankers exercise
options to buy and resell more
shares, the government will
wind up selling more than 400
million shares, reducing the
stake to 33 percent of GM.

"There's a lot of work to do,
but today is the beginning of
the new company,” said Mark
Reuss, GM's North American
president.

The reduced government
stake should help repair the
company's image, which had
been tarnished by accepting
the bailout money, Akerson
told reporters.

"They have taken their
ownership down by roughly
half,” he said. "I would say
that the average taxpayer in
the United States would look
at this particular transaction
as very positive."

The stock offering is the lat-
est in a series of head-spinning
developments over the past
two years for the American
corporate icon.

In September 2008, to mark
its 100th birthday, GM cele-
brated in the grand three-sto-
ry atrium on the ground floor
of its Detroit headquarters.

Two months later, then-
CEO Rick Wagoner found
himself in front of members

of Congress, begging for mon-
ey to keep GM alive. Four
months after that, he was oust-
ed by President Barack Oba-
ma.

By June 2009, GM had filed
for bankruptcy. It emerged
with 92 percent of its debt
erased, but the company was
mostly owned by the govern-
ment and saddled with a dam-
aging nickname: "Government
Motors." The value of its old
stock was wiped out, along
with $27 billion in bond val-
ue.
Now GM is a publicly trad-
ed company again with the
familiar stock symbol "GM."
Obama on Wednesday said
GM's IPO marks a major
milestone not only in the turn-
around of the company, but
of the U.S. auto industry.

Most of the new stock will
go to institutional investors,
not to everyday investors, fol-
lowing a Wall Street system
that rewards investment
banks’ big customers. GM set
aside 5 percent of its new stock
for employees, retirees and car
dealers to buy at the offering
price. The company has not
revealed how many people
took the offer.

Early Thursday, GM's main
joint venture partner in Chi-
na, SAIC Motor Corp., said it
has bought a nearly 1 percent
stake in GM, buying shares
being offered in the IPO at a
cost of nearly $500 million.
SAIC, based in Shanghai and
run by the state, said the share
purchase is meant to enhance
its cooperation with GM in
China, the world's biggest auto
market.

Chief Financial Officer
Chris Liddell said there was
high interest from sovereign
wealth funds, which are pools
of money from reserves of for-
eign governments. In the end,
90 percent or more of the
shares were sold in North
America, he said.

Investors

About $4 billion worth of
shares went to smaller retail
investors, the most of any IPO
in history, Liddell said. But
many retail investors are high
net worth clients of Wall Street
brokerage houses.

Hedge and mutual funds
are now among the compa-
ny's larger shareholders, GM
said.

Senior Obama administra-
tion officials said Wednesday
that the Treasury Department
sought a balance between get-
ting a return for taxpayers and
exiting government ownership
as soon as practical.

The government has agreed
that it will not sell shares out-
side the IPO for six months
after the sale.

The officials, who spoke on
condition of anonymity, said
they would assess their options
for selling the government's
stake further.

In the stock offering, the
government made $11.8 bil-
lion by selling 358 million
shares at $33 apiece. It stands
to make $13.6 billion if
bankers exercise options for
54 million more.

The government would still
have about 500 million shares,
a one-third stake. It would
have to sell those shares over
the next two to three years at
about $53 a share for taxpay-
ers to come out even.

The government's strategy
in retaining shares is to wait
for GM's finances to improve
and push the stock price up
the next couple of years.

The total bailout was $50
billion. GM has already paid
or agreed to pay back $9.5 bil-
lion. That comes from cash
and preferred stock held by
the government.

Reuss said he knows there's
pressure to keep performing
well and boost the stock price.

"I can't control share
prices,” he said. "I'll just go
right back to designing and
building and selling the world's
best vehicles. That's what we
can control."

The GM debut comes when
auto stocks are performing
well generally. The stock of
GM's crosstown rival, Ford,
has risen steadily this year,
from about $10 in January to
about $16.50 as the GM IPO
approached. The stock traded
for a dollar in November 2008.
Ford never took bailout mon-
ey.

As for GM, whether bank-
ruptcy fixed the company

far healthier in its new form.
The company closed 14 of its
47 plants, shuttered or sold its
Hummer, Saturn, Saab and
Pontiac brands, and slashed its
debt from about $46 billion to
about $8 billion.

Union retiree health care
costs are now the United Auto
Workers’ responsibility, and a
controversial jobs program
that paid idled workers almost
a full salary has been scaled
back dramatically.

GM employs 209,000 peo-
ple in the United States today,
down from 324,000 in 2004.
Before bankruptcy, GM lost
about $4,000 per car.

Now it makes about $2,000

each.




















remains a question, but it is 1 Gs Ml
, era

NYSE = &

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
Rotarian Herbert J. Taylor. This
24-word Test has been
translated into more than a
hundred languages and
published in thousands of ways.
It asks the following four
questions:

Rules:

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.

. 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.

. 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.

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

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

. Only essays accompanied by original entry forms clipped

from the newspaper will be accepted. Photocopy, fax,
carbon or other copies will not be accepted.

. One winner will be chosen from each age category. The

decision of the judges is final.

. Winner must agree to a photo presentation which will

be published in the newspaper.

. 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

My Vere, Ply Howzpapor!
f

WAI F



A RE
ENERAL

io —
MO

GENERAL MOTORS headquarters is shown in Detroit, Thursday, Nov. 18, 2010. GM is returning to life
as a public company Thursday with an initial public offering of stock. (AP)

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?

4. Will it be beneficial to
all concerned?”

OFFICIAL ENTRY FORM
Child’s Name:
Age: _
School:
Address:
P.O. Box:
Email Address:

Parent’s Name:



Parent’s Signature:

Telephone contact: (H) (W)

All entries become property of the Rotary Club of East Nassau and can be used
and reproduced for any purpose without compensation.

Rotary Club of

EAST \\

NASSAU

BAHAMAS, Distriel 7020



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



PAGE 8B, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE





THIS FILE photo taken Feb. 22, 2010 shows a Sears retail store in Burbank, Calif. Sears Holdings
Corp.'s third-quarter loss widened more than expected Thursday, Nov. 18, 2010, dragged down

by continued weak revenue at its long-suffering Sears chain. (AP)

=

California
Paints

“Give your house

nothing but the best”
Everyday low price
—

Feo Resacod
ein

#1 rated paint in America





Sears’ third-quarter
loss widens; appliances
and clothing weaken

NEW YORK

SEARS HOLDINGS
CORP.'S third-quarter loss
nearly doubled, dragged
down by weak revenue at its
long-suffering Sears chain,
hurt by poor sales of appli-
ances and clothing, accord-
ing to Associated Press.

Business at its Kmart dis-
count stores held up better,
but they still saw a key rev-
enue measure edge down-
ward. The chain is expected
to face even more pressure
in the holiday quarter amid
stiffer competition from
rivals like Target and Wal-
Mart. The miserable results
renewed discussion on Wall
Street on why the two chains
combined in 2005 in the first
place.

"They have to do some-
thing to stem this,” said
Michael Dart, retail strate-
gist at Kurt Salmon Associ-
ates. "You do get to a tip-
ping point."

Drive into participating Esso stations for the chance to win a brand new 2011
Ford Fiesta. For every $20 spent on fuels you will get an entry-form. Drop it into
the box provided and you could be a lucky winner at the grand prize draw on

January 14, 2011.

Your entry-form also qualifies you for biweekly
draws starting December 3rd for an iPad.
3 Winners every other week.

BIWEEKLY DRAWS : DEC. 3, 17 & 30
GRAND PRIZE DRAW : JAN. 14, 2011

ord

FRIENDLY MOTORS LTD.

Shares fell $2.79, or 4.2
percent, to $63.41 in after-
noon trading.

Sears Holdings, led by bil-
lionaire Eddward Lampert,
posted a loss of $218 million,
or $1.98 per share.

That compares with a loss
of $127 million, or $1.09 per
share, in the same period last
year.

Analysts surveyed by
Thomson Reuters expected
$1.08 per share.

Expectations

Revenue fell 5 percent to
$9.68 billion, short of analyst
expectations of $9.89 billion.

Revenue at stores open at
least a year dropped 4.8 per-
cent in the quarter, driven
mostly by an 8.2 percent
decline at Sears.

The figure fell 0.7 percent
at Kmart stores. It's consid-
ered an important measure
of a retailer's performance



because it excludes the
effects of stores that open or
close during the year.

"While Kmart improved
profitability, our third-quar-
ter results were disappoint-
ing, in large part due to low-
er sales of apparel and appli-
ances at Sears," said interim
CEO W. Bruce Johnson,
who replaced Aylwin B.
Lewis when he was ousted in
January 2008.

There has been no word
since then as to when Sears
would find a permanent
replacement.

The company said Sears’
weakness in home appliances
resulted from weak demand,
lower prices and a delay in
rolling out new Kenmore
products during the quarter.
Overall, demand for appli-
ances has declined as home-
buyer tax credits have
expired, but Sears said in the
release that the weakness was
concentrated in October,
when rivals Home Depot Inc.
and Lowe's Cos. had their
best performance in revenue
at stores opened at least a
year.

Home Depot's key rev-
enue measure was up 3.5 per-
cent, while Lowe's rose 2 per-
cent during October, accord-
ing to Gary Balter, a retail
analyst at Credit Suisse.

Sears attributed the cloth-
ing declines to unseasonably
warm weather that had shop-
pers holding off on cold-
weather purchases.

Decline

Kmart's quarterly decline
in revenue in stores open at
least one year was due to
weaker pharmacy and food
sales.

The chain is facing stiffer
competition from Target,
which is expanding into fresh
food in its general merchan-
dise stores. Wal-Mart is also
scrambling to add back thou-
sands of grocery items it cut
back last year as part of a
campaign to de-clutter its
stores.

Thursday's results were the
fifth quarterly loss for Sears
Holdings in the past two
years, and analysts have
blamed management for cut-
ting costs at the expense of
investing in its stores.

"These results again raise
the question of why Kmart
merged with Sears," wrote
Balter in a report published
Thursday.

"Tt is not that Kmart is the
standard in discount store
retailing.

“However, it is a some-
what consistent retailer with
very little capital investment
and some great leases among
its stores."

He continued, "Converse-
ly, Sears competes with
Home Depot, Lowe's, Best
Buy and apparel players and
seems to lose share every
quarter.

As well, past a few trophy
properties, it has a dismal
real estate portfolio.

The idea of combining the
best of the two chains brands
into one and selling off
excess real estate has been a
failure, and while Kmart will
continue to hobble along,
Sears is saddled by its loca-
tions and by stronger com-
petition in its space."

The chain isn't in dire
financial straits yet as it has
enough cash on hand. Sears
reported it had cash balances
of $806 million as of Oct. 30,
compared with balances of
$1.5 billion in Oct. 31. But it
also has $1.9 billion in unused
credit lines.

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





PAGE 8B, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE





THIS FILE photo taken Feb. 22, 2010 shows a Sears retail store in Burbank, Calif. Sears Holdings
Corp.'s third-quarter loss widened more than expected Thursday, Nov. 18, 2010, dragged down

by continued weak revenue at its long-suffering Sears chain. (AP)

=

California
Paints

“Give your house

nothing but the best”
Everyday low price
—

Feo Resacod
ein

#1 rated paint in America





Sears’ third-quarter
loss widens; appliances
and clothing weaken

NEW YORK

SEARS HOLDINGS
CORP.'S third-quarter loss
nearly doubled, dragged
down by weak revenue at its
long-suffering Sears chain,
hurt by poor sales of appli-
ances and clothing, accord-
ing to Associated Press.

Business at its Kmart dis-
count stores held up better,
but they still saw a key rev-
enue measure edge down-
ward. The chain is expected
to face even more pressure
in the holiday quarter amid
stiffer competition from
rivals like Target and Wal-
Mart. The miserable results
renewed discussion on Wall
Street on why the two chains
combined in 2005 in the first
place.

"They have to do some-
thing to stem this,” said
Michael Dart, retail strate-
gist at Kurt Salmon Associ-
ates. "You do get to a tip-
ping point."

Drive into participating Esso stations for the chance to win a brand new 2011
Ford Fiesta. For every $20 spent on fuels you will get an entry-form. Drop it into
the box provided and you could be a lucky winner at the grand prize draw on

January 14, 2011.

Your entry-form also qualifies you for biweekly
draws starting December 3rd for an iPad.
3 Winners every other week.

BIWEEKLY DRAWS : DEC. 3, 17 & 30
GRAND PRIZE DRAW : JAN. 14, 2011

ord

FRIENDLY MOTORS LTD.

Shares fell $2.79, or 4.2
percent, to $63.41 in after-
noon trading.

Sears Holdings, led by bil-
lionaire Eddward Lampert,
posted a loss of $218 million,
or $1.98 per share.

That compares with a loss
of $127 million, or $1.09 per
share, in the same period last
year.

Analysts surveyed by
Thomson Reuters expected
$1.08 per share.

Expectations

Revenue fell 5 percent to
$9.68 billion, short of analyst
expectations of $9.89 billion.

Revenue at stores open at
least a year dropped 4.8 per-
cent in the quarter, driven
mostly by an 8.2 percent
decline at Sears.

The figure fell 0.7 percent
at Kmart stores. It's consid-
ered an important measure
of a retailer's performance



because it excludes the
effects of stores that open or
close during the year.

"While Kmart improved
profitability, our third-quar-
ter results were disappoint-
ing, in large part due to low-
er sales of apparel and appli-
ances at Sears," said interim
CEO W. Bruce Johnson,
who replaced Aylwin B.
Lewis when he was ousted in
January 2008.

There has been no word
since then as to when Sears
would find a permanent
replacement.

The company said Sears’
weakness in home appliances
resulted from weak demand,
lower prices and a delay in
rolling out new Kenmore
products during the quarter.
Overall, demand for appli-
ances has declined as home-
buyer tax credits have
expired, but Sears said in the
release that the weakness was
concentrated in October,
when rivals Home Depot Inc.
and Lowe's Cos. had their
best performance in revenue
at stores opened at least a
year.

Home Depot's key rev-
enue measure was up 3.5 per-
cent, while Lowe's rose 2 per-
cent during October, accord-
ing to Gary Balter, a retail
analyst at Credit Suisse.

Sears attributed the cloth-
ing declines to unseasonably
warm weather that had shop-
pers holding off on cold-
weather purchases.

Decline

Kmart's quarterly decline
in revenue in stores open at
least one year was due to
weaker pharmacy and food
sales.

The chain is facing stiffer
competition from Target,
which is expanding into fresh
food in its general merchan-
dise stores. Wal-Mart is also
scrambling to add back thou-
sands of grocery items it cut
back last year as part of a
campaign to de-clutter its
stores.

Thursday's results were the
fifth quarterly loss for Sears
Holdings in the past two
years, and analysts have
blamed management for cut-
ting costs at the expense of
investing in its stores.

"These results again raise
the question of why Kmart
merged with Sears," wrote
Balter in a report published
Thursday.

"Tt is not that Kmart is the
standard in discount store
retailing.

“However, it is a some-
what consistent retailer with
very little capital investment
and some great leases among
its stores."

He continued, "Converse-
ly, Sears competes with
Home Depot, Lowe's, Best
Buy and apparel players and
seems to lose share every
quarter.

As well, past a few trophy
properties, it has a dismal
real estate portfolio.

The idea of combining the
best of the two chains brands
into one and selling off
excess real estate has been a
failure, and while Kmart will
continue to hobble along,
Sears is saddled by its loca-
tions and by stronger com-
petition in its space."

The chain isn't in dire
financial straits yet as it has
enough cash on hand. Sears
reported it had cash balances
of $806 million as of Oct. 30,
compared with balances of
$1.5 billion in Oct. 31. But it
also has $1.9 billion in unused
credit lines.

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





SECTION E

THe TF RERUN E Sun sets

record at

im the Asian
Games...

ts



Sp

RIDAY, NOVEMBER 19,

2010

PAGES 2-8 ¢ International sports news



wl
ali

VOLLEYBALL

NPVA ACTION

THE New Providence Vol-
leyball Association (NPVA)
continued its regular season with
a double header at the D W
Davis Gymnasium Wednesday
night.

The Johnson Lady Truckers,
behind Davia Moss and
Keniesha Thompson, took four
sets to defeat the Champions
Club. The Champions were led
by Samantha Forbes.

In men’s action, the Scotia
Defenders disposed of DaBase-
ment Crimestoppers in another
four setter. Shedrick Forbes and
Tony Simon were the leading
scorers for the Defenders. In the
loss, Muller Petit and Rony Lex-
idor led the Crimestoppers.



VOLLEYBALL

DEFENDERS TRAVEL

THE Scotiabank Defenders
are off for a return trip to
Jamaica to compete in the Uni-
versity of the West Indies, Mona
Campus, volleyball tournament.

Last year, the Defenders fin-
ished as the runners-up and
coach DeVince Smith is confi-
dent that they will return home
as the champions after the tour-
nament is completed this week-
end. Smith left town yesterday
along with Tony Simon, Ian Pin-
der, Chauncey Cooper, Anto-
nio Laverity, Byron Ferguson,
Shedrick Forbes, Jamaal Fergu-
son, Enderiech Rahming and
Muller Petit.

BASKETBALL

NPWBA RESULTS

THE New Providence Wom-
en’s Basketball Association
(NPWBA) completed its second
day of the regular season Tues-
day at the DW Davis Gymnasi-
um.

The Four J’s Cheetahs evened
their season record to 1-1 with a
77-56 victory over the Johnson
Lady Truckers as Alyse Dean
led the way with 14 points. Jan-
ice Williams also scored 14 in
the loss. The other game saw the
Angels improve to 2-0 with a 68-
30 rout over the Sentinel Jr All-
Stars. Suzette McKenzie scored
16 in the win and Jakia Brown
had 16 in the loss for the 0-2 All-
Stars. The NP WBA is slated to
be back in action on Saturday
night.

BASKETBALL

HIGH SCHOOL SEMINAR

FREDDIE Brown, the rules
interpreter for the BBF, is
scheduled to conduct a rules
clinic for all high school coaches
at St Augustine’s College on Sat-
urday. The clinic is set to get
underway at 9:30am and will
give an update on the new
changes in reference to basket-
ball.

SOCCER
BFA YOUTH LEAGUE
THE Bahamas Football Asso-
ciation is slated to continue its
Youth League with the follow-
ing matches on tap:
Today’s schedule
7pm — Cavalier vs Dynamos
(U-17)
8:40pm — Bahamas Junior vs
FC Nassau (U-17)
Saturday’s schedule
U-14 Girls
9am — Cavalier FC vs
Lyford Cay FC
11:40am — Dynamos FC
vs IM Bears FC
U-17 Girls
10:20am — Baha Juniors FC
vs Cavalier FC
U-14 Boys
9am —IM Bears 2 vs
Cavalier FC
10:20am — Baha
Juniors FC vs Dynamos FC
11:40am — Western Warriors
vs United FC
DW Davis - Cavalier FC vs
IM Bears FC
St John’s College - Dynamos
FC vs United FC
St Paul’s Fleld - Lyford Cay
vs Meridien
Tambearly - Tambearley vs
FC Nassau
Winton - Baha Juniors vs
Vandyke Bethel Soccer
Academy
Winton - Baha Juniors vs
Gambier Hotmix

See page SE



BSF names junior women’s national team

By RENALDO DORSETT
Sports Reporter
rdorsett@tribunemedia.net

ALTHOUGH its local
season ended weeks ago, the
Bahamas Softball Federation
(BSF) is still busy as it pre-
pares to field the first of sev-
eral national teams to repre-
sent the country in the near
future.

The BSF has named its 18-
member junior women’s
national team which will

18-member body to compete in ISF Youth World Cup

compete in the 2010 Interna-
tional Softball Federation
Youth World Cup.

The international event,
featuring a myriad of coun-
tries, is all set for December
29 to January 8, 2011. The
tournament will feature each
team participating in at least
six games during pool play
with medals awarded from

each team from first to fourth
place.

The tournament seeks to
serve as a cultural exchange
for much of its players and
provides opportunities for
players to showcase their
individual skills.

The tournament will
embark on a solidarity initia-
tive which states that each

team should bring a token of
solidarity for gift exchange
before every game against an
opponent you will face for
the first time.

Examples of solidarity gifts
include pins, keychains, or
another small item from your
country, state or province.

There will also be a skills
competition, where each

team will have an opportu-
nity to nominate one mem-
ber per skill to face off
against others in the tourna-
ment.

BSF president Burket
Dorsett said the team assem-
bled is a talented one. And
they have a number of lofty
expectations to live up to.

"This team is an extremely

Champion Waves!

RBDF Waves defeat the Finance
Health Invaders for BGDSA title

he Royal Bahamas

Defence Force Waves

finally accomplished

what their male coun-

terparts have been
doing for many years.

They now have the right to be
called the 2010 women’s champi-
ons in the Bahamas Government
Departmental Softball Association
(BGDSA) after defeating the
Finance Health Invaders in a hard-
fought series at the Blue Hills
Sporting Complex.

Tn last year’s championship series,
the Invaders dominated and swept
the Waves in four straight games.

This year however, the Lady
Waves returned with a vengeance
and were not about to be taken
lightly.

The Waves took a commanding
2-0 lead in the championship series
only to see the Health Invaders
surge back with three consecutive
victories to take control of the series
with a 3-2 lead.

Needing only a victory to wrap
up the series, the Invaders could
not muster another win, as the
Defence Force Waves took the
series in seven games with a final
score of 14-6.

Rhonda Kelly led the Waves’
offensive attack with a three for
five performance, scoring three
runs.

Laurell Farrington, Apryl Moul-
trie and Karen Darville-Bastian all
went three for four and each scored
two runs apiece, as the Defence
Force women ended the uphill
series on a high note.

Maryann Fowler was the winning
pitcher and Marvelle Miller took
the loss.

“We were more focused this year.
We were able to make the playoffs,
and get some measure of revenge
after being swept last year,” said

WINNING PITCHER: RBDF Waves’ Maryann Fowler in action.

Waves coach Terrance Culmer.
“We overcame lots of injuries,

scratched and crawled from the

beginning, played like we wanted

to win and the girls finally came
through after being in the champi-
onship game three of the last four
years.”

HAPPY DAY: The RBDF Waves are 2010 women’s champions in Bahamas Government Departmental Softball Association
(BGDSA) after defeating the Finance Health Invaders in a hard-fought series at the Blue Hills Sporting Complex.



A PAIR of the Bahamas’ prep
stars on the hardwood have commit-
ted to joining the University of
Louisiana, Lafayette basketball pro-
gramme next fall.

Kentwan Smith and Kadeem Cole-
by both signed letters of intent to join
the Ragin’ Cajuns for the 2011-12
season. Both players will join a roster
that currently includes Bahamian
Scottie Farrington who joined the
team this season after playing at sev-
eral schools, and most recently at

Odessa College in Texas.

Smith, the former St George’s
Jaguars star, currently attends Piney
Woods High School in Mississippi.

Louisiana Lafayette beat out rival
offers from Missouri State, Chat-
tanooga and Florida International
University for the rights to Smith.

The 185-pound Grand Bahamian
native stands at 6'8" and is regarded
as one of the top swingmen in the
state. Smith averaged a double dou-
ble last season with 15.9 points and

10.1 rebounds per game.

In four games thus far this season,
Smith has posted averages of 16.8
points and eight rebounds per game.
He is rated as the No.12 recruit in
the state for the class of 2011.

In 2009-10, the versatile Smith led
the Tornadoes to a 19-7 record and
reached double-digit rebounds in
every contest.

Coleby, a power forward/center,
stands at 6' 10", 235 pounds, and took
a route similar to Farrington's. He

talented one and is the best
we could assemble based on
what we have seen from the
players over the past few
months in their school
leagues and also on the local
level in the various night
leagues throughout the coun-
try,” he said.

"We have high expecta-
tions for this team and we
expect them to do well and
furthermore, to act as a
building block for senior
teams in the future."

The BSF has been operat-
ing under the theme, “Youth
Development - The Way
Forward,” with a myriad of
tournaments on the horizon
for its junior players.

The Federation is prepar-
ing to field players for other
tournaments in the near
future, which include the
senior men's national team
at the Pan American Softball
Championships, and the
national junior men's nation-
al team (19-and-under) at the
International Softball Feder-
ation's Jr Men's World
Championships in 2012.

One of the most promis-
ing developments, however,
is the establishment of an
under-20 regional tourna-
ment developed at the Carif-
ta level, which could rapidly
assist the growth of the game
at its most basic level.

The new manager of the
women’s junior national
team is Spurgeon Johnson.
And the new group of
national team coaches and
managers are expected to
serve two-year terms at the
helm of the Bahamas’ teams
in international competition.

Sidney "Baylor" Fernan-
der, director of softball pro-
grammes for the BSF, said
the organisation seeks to
improve the programme with
greater accountability from
the coaches and better team
chemistry.

Each coach is expected to
deliver a full, detailed report
to the BSF two weeks after
their respective national
team returns home.

To further assist in the
youth movement, Stephen
‘Bishop’ Beneby has been
appointed as the assistant
director of programmes for
junior women.

Jeffrey Henfield BSF -

Executive & Head of Del-
egation

Stephen Beneby — BSF -
Deputy Director

for the Ladies National
Development

Spurgeon Johnson - Man-
ager

Yvonne Lockhart — Coach

Kelly Smith — Coach

PLAYERS

Amanda Bain, Ambra
Johnson, Ashanti Darville,
Brashante Darius, Brinesha
Foulkes, Britney Clarke,
Charity Rolle, Dawayna
Pratt, Kenyoka Ingraham,
Notoria Knowles, Patra
Johnson, Raschel Cooper,
Rena Mortimer, Rocheta
Morley, Shaquel Smith,
Shaquelle Bain, Shonte
Cargill and Travez Bridge-
water.

Smith, Coleby intend to join Ragin’ Cajuns

spent time at Odessa College and
most recently last season at Daytona
State.

Coleby originally signed with
Louisiana Tech in 2008 before head-
ing to Odessa and spending time in
Junior College.

The Ragin’ Cajuns beat out Cincin-
nati, Memphis, Iowa, South Florida
and Wichita State for the rights to
Coleby. This year at Daytona State,
he is currently posting averages of
9.6 points and 6.0 rebounds per game.

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71F

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LOW

SUNNY AND

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Volume: 106 No.301



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ripune

LATEST NEWS ON WWW.TRIBUNE242.COM



FRIDAY, NOVEMBER 19, 2010

jous at ris

Sir Sol Kerzner
gives warning over
Bah Mar project

By PAULG
TURNQUEST
Tribune Staff
Reporter
pturnquest@
tribunemedia.net

EIGHT thou-
sand jobs at
Atlantis could be
put at risk if Baha
Mar is approved in
its current state,
Kerzner Interna-
tional’s chairman
and CEO stressed
yesterday.

Voicing his confidence
that Prime Minister Hubert
Ingraham will not pass the
deal in its current form, Sir
Sol Kerzner said that he was
extremely disappointed in
the former PLP government
for their “overwhelming
support” of Baha Mar,
which he said will be violat-
ing the “most favoured
nation” clause of their 1993
and 2003 Heads of Agree-
ment.

Sir Sol informed the
media yesterday in a tele-
conference with senior man-
agement of his Atlantis



ATLANTIS CHIEF:
Sir Sol Kerzner

property on Par-
adise Island that
he was very disap-
pointed that the
same PLP govern-
ment that he
signed his last
heads of agree-
ment with in 2003
is the same party
that is overwhelm-
ingly in support of
breaking it now.

“It sees to me
pretty ridiculous in
this current envi-
ronment, even if the eco-
nomic environment were a
lot better to look to come in
and double the current num-
ber of rooms overnight. It
seems to me pretty irre-
sponsible. I also believe that
one should take into account
that we have 8,000 people
working with us, and if this
were to move forward the
likelihood is that people’s
jobs would have to be
threatened. It is just impos-
sible, practically impossible
to double the size of the
market.

SEE page eight



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

Phase IV



Kerzner International official
informed The Tribune that a
Phase IV of Atlantis will mostly

Atlantis SIUM TIMI s

lifetime...’

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

likely “not be seen within our

AS A result of the impending

deal with Baha Mar, a senior

SEE page nine



BAHA MAR DEBATE:
aA IAATeMNANSICc lon MLO) Olcd a
Ingraham (left) and
Opposition leader Perry
Christie in the House of
Assembly yesterday.

Felipé Major/Tribune staff

PRIME Minister Hubert Ingraham
said last night that $400 million in
construction work on the Baha Mar
project will go to Bahamian contrac-
tors, marking what he called the
largest sum ever awarded to Bahami-
ans on a project in the Bahamas.

Mr Ingraham spoke before the
House of Assembly unanimously (36
with four absent) passed the Baha

Mar labour resolution that allows for
8,150 workers, but no more than 5,000
at one time to be employed on the
Baha Mar Cable Beach project.

The Prime Minister also noted the
concerns expressed by Kerzner Inter-
national’s CEO Sol Kerzner over a
breach of the investment agreement
signed with Atlantis. “I do not con-
cede that we would be in breach of the

deal with Kerzner. The relationship
between the Bahamas and Kerzner
has been mutually beneficial,” the
Prime Minister said. He also noted
that Mr Kerzner has been late in
expressing his concerns over the Baha
Mar project but that the government
would review his concerns.

SEE page eight



ARAWAK HOMES PLEDGES NOT TO

SCHOOL SECURITY GUARD ARRESTED ©
_ DEMOLISH DUPLEX ON ITS LAND

OVER STUDENT SEX ABUSE CLAIMS

@ SEE PAGE EIGHT

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By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net

ALLEGATIONS of sex-
ual abuse at a primary
school has led to govern-
ment fears of incest and
molestation on a wider
scale in a local community.

The alarm bells rang
after a security guard at
Gambier Village Primary
School was arrested over
claims of sexual abuse by
several students. He is now
being questioned by police.

Education and social ser-
vices officials fear there
may be a wider problem of

Pro-Plus TUBS °;

dhs

HARD PLASTIC

child abuse within the Gam-
bier Village community
after the investigation
unearthed further claims of
incest and sexual exploita-
tion.

State minister for Social
Development Loretta But-
ler-Turner said: “I have
received a few reports — in
particular from the Ministry
of Education — raising the
question as to activities that
were going on regarding
children.

“Whether it’s incest or
whether it’s sexual exploita-
tion of children by others, I

SEE page nine

By NATARIO McKENZIE
Tribune Staff Reporter
nmckenzie@tribunemedia.net

ARAWAK Homes yes-
terday pledged it would not
demolish a duplex located
on land that the courts have
ruled it owns.

Attorney Carl Bethel
appeared in the Court of
Appeal yesterday to seek a
stay of a possession order
granted to the real estate
development company ina
land dispute with contrac-
tor Dennis Dean.

Arawak Homes’ attor-
ney Neville Smith informed
Justice George Newman

ae ET ii

Bae
$82.92

complete



NASSAU AND BAHAMA ISLANDS? LEADING NEWSPAPER

that the company had no
intention of demolishing the
duplex built by Mr Dean in
Sir Lynden Pindling
Estates, nor evict its tenants
from whom the company
now collects rent. He also
gave an undertaking to the
court that no such steps
would be taken, without
due process.

Mr Smith said Mr Dean’s
case stems from a matter
that has already been decid-
ed by the courts. He
informed the judge that Mr
Dean had no title to the
land at all and noted that

SEE page nine

LUMBER & PLUMBING
Uy Teme ligste

UR eo


PAGE 2, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE





Po

By TANEKA THOMPSON
Tribune Staff Reporter

tthompson@tribunemedia.net

ENGLERSTON MP Glenys
Hanna-Martin lambasted an
"irritating" Minister of Culture
for spending more time mock-
ing members of parliament than
moving policies that would cre-
ate a better environment for
local artists.

She found fault with Golden
Isles MP Charles Maynard after
he spoke about Baha Mar and
did not mention the many
opportunities artists and arti-

sans could take advantage of
due to the $2.6 billion develop-
ment.

"T’ve got to admit he irritates
me," she said, eliciting laughter
from the chamber during her
contribution to the Baha Mar
labour resolution. "He does,
you know, because he is minis-
ter of culture and I haven't
heard any articulation on policy
relevant to such a critical issue
when the country is descending
into chaos, young people are so
challenged, and I get frustrat-
ed when he has such a wonder-
ful and important portfolio and

LOCAL NEWS

Trritating’ Charles Maynard comes under fire

I don''t hear his articulation on
that issue and he want talk 'bout
the PLP and FNM?

"In particular there are many
people in our country right now
who know that in a hotel of this
magnitude there will be so
many opportunities for artists
in this country. The member
didn't speak once to it, not
once".

Her criticisms drew the min-
ister back into the Upper
Chamber, where he told Mrs
Hanna-Martin to "stop likin’
man" before taking his seat.

Mr Maynard's public state-

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| Nassau, Bahamas | 242-325-7774



Tim Clarke/Tribune staff

ments on former Prime Minister
Perry Christie's record and his
comments on the upgrade to
the Lynden Pindling Interna-
tional Airport also drew Mrs
Hanna-Martin's ire.

On the issue of Baha Mar,
the former transport and avia-
tion minister said even in the
middle of a turbulent economy
with the promise of jobs from
the new resort, Bahamians have
understandable concerns about
the project.

"Baha Mar has raised so
many issues and has touched
the consciousness, the sensitivi-
ties of our people — in particular
Mr Speaker, the question of
land as a national resource.
These are issues that have now
come to the fore when we speak
about Baha Mar," she said,
adding that training for Bahami-
an labour is also an issue of con-
cern.

"We're now in the middle of
the worst economy that any of
us has ever seen, we know there
is tremendous suffering, we
know there is tremendous psy-
chological distress and physical
suffering in the country. But
even in the middle of that Mr
Speaker, in the middle of what I
would call a sweltering reces-
sion, and even with the promise
of the relief of tremendous jobs
our people are still asking ques-
tions.

"For me, it puts me in a good
place, because it enhances the
fact that we have ideals".

ins



Bethel claims he
was ‘threatened’
by another MP

Asks Speaker of House for
‘protection of his privilege’

SEA Breeze MP Carl Bethel
asked Speaker of the House
Alvin Smith for “protection of
his privilege” after claiming he
was “threatened” by another
member of parliament.

Mr Bethel claimed the threat
was delivered on behalf of a
third party on the grounds of
the House of Assembly, and was
in relation to his representation
of parties embroiled in a dispute
with Arawak Homes.

The Speaker indicated that a breach of privilege can occur
when a member is anywhere on the grounds — whether in the
bathroom or smoker’s room — or on the way to parliament.

He noted the request, despite protest from Obie Wilch-
combe, West End MP.

Squabble

Mr Wilchcombe said the matter was simply a squabble
between “brothers, colleagues, parliamentarians”. He said it was
acommon type of occurrence, and essentially a non-issue.

Mr Bethel also sought to raise the matter of his “intimida-
tion” in the Court of Appeal yesterday, but Justice George
Newman refused to entertain his claims.

Justice Newman indicated the court proceeding in session was
not the forum to address those concerns.

Mr Bethel is representing Dennis Dean, president of the
Property Owners Association, in the Court of Appeal.

They were seeking a stay of execution with regard to recent
rulings made against Mr Dean in his dispute with Arawak
Homes.

The stay was not granted, although Arawak Homes made cer-
tain undertakings to the court that were satisfactory to the
plaintiffs.

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THE TRIBUNE

FRIDAY, NOVEMBER 19, 2010, PAGE 3



LOCAL NEWS

LATEST NEWS ON BAHA MAR PROJECT +++ LATEST NEWS ON BAHA MAR PROJECT +++ LATEST NEWS ON BAHA MAR PROJECT

Most Favoured Nation clause
‘is not unique to Atlantis’

aaa ea eG aU a

By NOELLE NICOLLS
Tribune Staff
Reporter

nnicolls@
tribunemedia.net

THE much talked
about ‘Most Favoured
Nation (MFN)’ clause
is not unique to Atlantis
and a similar clause is
in fact included in the
more recent Baha Mar |77
Heads of Agreement,

Minister of State for Gi ise ih
Finance Zhivargo g g
Laing told The Tribune

yesterday.

The disclosure comes a day after execu-
tives from Kerzner International accused
the government of a “contract breach”
based on the MFN clause in the Atlantis
Heads of Agreement.

Mr Laing explained that the MFN clas-
sification is an internationally established
economic principle, centrally recognised
by the World Trade Organisation (WTO),
which seeks to establish a level playing
field between mutual parties.

“The term is counter intuitive. The name
suggests that you treat the entity with MFN
status more favourably than others, but
what it really means is that you treat every-
one alike; you don’t treat anyone more
favourably,” said Mr Laing.

Based on the MEN principle, if one MFN
entity is granted special Customs rates, for
example, then all MFN entities should be
granted special Customs rates. The specif-
ic rates would be established by govern-
ment policy or law.

In the case of the Bahamas, the Hotels
Encouragement Act addresses the issue of
concessions, while allowances for labour
are specified in government policy, he said.

In order to establish whether a breach of
MEN privilege exists, Mr Laing suggested
one would have to assess a competing



By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

KERZNER may have no real claim to argue a “breach of contract” stemming from
the government’s new agreement with Baha Mar, according to a PLP Member of

Parliament.

“If the agreement has expired then the argument would be simply academic,”

said

the MP who wished to remain anonymous, so the argument may be more theoretical
than anything else.
He said it is questionable whether a current Heads of Agreement exists between the

government and Kerzner International.

However, Tribune sources claim there is no expiration date on the Kerzner Heads
of Agreement. Government officials would not confirm this.

One member of the Cabinet said unless the agreement specifically contemplates an
expiration it is considered to endure. He also said some agreements contain provisions
for certain elements to last for a defined period of time beyond the expiration of the

main contract.

Furthermore, the PLP MP said Kerzner would have to sue the FNM government
based on the “operative” 2008 Baha Mar Heads of Agreement in order to prove a

breach of contract.

He speculated that this was unlikely to happen, based on the relationship between
Kerzner and Prime Minister Hubert Ingraham. The MP said in his opinion Mr Kerzn-
er’s outrage was likely a “pretext” for decisions that may emerge in the future.



agreement “in its totality” and not com-
pare a single line item. He said the question
of a breach is “not so simple from the gov-
ernment’s point of view”.

Citing the conflict developing between
Atlantis and the government over MFN
privileges, Mr Smith said it should serve
as a warning for the government to be care-
ful of signing any future MFN clauses with
international or local investors.

“Going forward I think governments
ought to be very careful about signing MFN
clauses, because you are tying your hands of
future investors including local investors,”
said Mr Smith.

An MEN clause is contained in the
Hawksbill Creek Agreement and the Baha
Mar Heads of Agreement. Sources inside
Baha Mar confirmed the latter.

Kerzner International on Wednesday in
a statement to the press accused the gov-
ernment of a contract breach as it concerns
the MFN clause in its Heads of Agreement.

“As was the case with the two previous
agreements with government, our 2003
agreement included a MEN provision that
assured Kerzner that our investments
would be protected from subsequent
investors receiving more favourable terms.
These agreements represented a solemn
promise by the Bahamas to us that any
subsequent investor would only compete
against us on a level playing field,” said
Sol Kerzner, chairman and chief executive
officer of Kerzner International, in a state-
ment.

SEE page eight

: tthompson@
: tribunemedia.net

ject will try and a find

TOURISM INDUSTRY “CAN EXPECT SHORT-TERM CANNIBALISM’

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

THE tourism industry can
expect some short-term “can-
nibalism” in the hotel market
with the introduction of Baha
Mar, former Governor of the
Central Bank James Smith told
The Tribune yesterday.

Mr Smith pointed out that
Kerzner International con-
tributes $2.3 billion to the econ-
omy, which constitutes almost
one third of the nation’s gross
domestic product (GDP).

“But I think the concern here
is probably at what point do
you introduce competition and
at what level? Because we have
seen the history of this before,
when the Crystal Palace was
built in the 1970s it pretty much
drew away a lot of the activity
from downtown. So a lot of the
hotels on West Bay Street and
in the middle of downtown
closed down because visitors
went out west. When Kerzner

ABDUCTION OF
FOREIGN WOMAN
‘NEVER TOOK PLACE’

ACCORDING to police
an abduction of a foreign
woman outside a West Bay
Street strip-club on the night
of Monday, November 1,
never took place.

After an intensive search
police located the Icelandic
woman — not an American

moved into Paradise
Island it created a lot
of pressure of Cable
Beach with the subse-
quent sale of the Wyn-
dham to the Baha Mar
group,” he said.

As a former Minis-
ter of State for Finance
under the previous
Christie administration,
Mr Smith said that
there is some interest-
ing tourism data that
reveals that visitors to
the Bahamas have not
substantially increased
from the 1980s up to the pre-
sent date.

“The visitors who come to
the Bahamas by air, the ones
who stay at the hotels, and since
the 1980s right up till now there
has not been any real increase
in that from 1.5 million maybe
to just below two million or
thereabouts. So unless there is
some huge marketing effort or
we begin to get more citizens
from other parts of the United

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States I think in the
near term, I’m talking
over the next five
years or so, if you
have two very large
groups with a large
amount of rooms
pulling from the same
area there is going to
be some trade-off.
And I suspect that is
what the concern
might be here,” he
said.

Mr Smith said that
definitely in the short
term he would suspect
that there would be dramatic
cannibalism in the hotel mar-
ket with the introduction of
Baha Mar.

“And then there are so many
ifs about this, because there is
also a question about the esti-

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mates that Baha Mar were
using.

“They were back in 2005
when the global economy and
the local economy were boom-
ing.

“There has been a definite
change in the consumption pat-
terns in the US and elsewhere
and yet we are using the same
figures or projections, and Iam
not sure that those multipliers
have remained constant over
time during this recession.

“Even the benefits to be
derived from a project of that
size, they need to be revisited
and reworked. They may have
been predicated on a growth of
lets say maybe four or five per
cent per year in tourist arrivals,
and the question is would that
kind of assumption still hold in
a post-recession,” he said.

S Castrol
“QUOTE OFTHE DAY”

Distributed By
Aaa i

INTIAL eG

RA nm All

‘INEVITABLE’ THAT SOME OF THE CHINESE
_ WORKERS WILL TRY TO STAY IN BAHAMAS

By TANEKA
THOMPSON
Tribune Staff
Reporter

IT is inevitable that
some of the 8,150 Chi-
nese workers needed
for the Baha Mar pro-

a way to remain in the
Bahamas, former
State Immigration
Minister Branville
McCartney told the
House of Assembly yesterday.

The Bamboo MP said this as
he estimated that work permit
fees —if collected — for the Chi-
nese workers could net govern-
ment some $8 million in rev-
enue. National insurance con-
tributions from the workers also

will boost the public purse, he

said.

To counteract an influx of
illegal Chinese immigrants, gov-
ernment needs a strict method
in place to oversee the entry and
exit of the workers, said Mr
McCartney.

“From the immigration
standpoint, the reality is that all
foreign workers who come to

work this project will not go

home. Some will get married to
Bahamians and others will
somehow find a way to be here,
so it’s the government's respon-
sibility to ensure that mecha-
nisms are in place so that we
are able to properly monitor

i persons coming and persons

leaving,” said the former Cabi-
net minister.

It is expected that govern-
ment will collect taxes on the

work permits which could put

millions into the public coffers,
he said.
“T've heard nothing about

; work permit fees but the fact is

if fees are to be paid by the
8,000 plus persons at approxi-
mately $1,000 per permit that

would be about $8 million for

the government. And of course
national insurance will have to
be paid to the government's cof-
fers.”

His comments came during
the second day of parliamen-
tary debate on the Baha Mar
labour resolution.

Over the past two days of
debate, members on both sides
have accused each other of sell-

NOVEMBER



WORKERS:
Branville McCartney

ing precious public land
to foreigners while
ordinary Bahamians
have a hard time
acquiring property.

Kennedy MP Keny-
atta Gibson, who
moved the govern-
ment's Baha Mar
labour resolution,
claimed the Christie
administration was so
overwhelmed by the
resort's billion dollar
price tag that they were
willing to sell the
"birthright" of future
generations for “peanuts”.

Some 264 acres of land in
Cable Beach are being sold to
facilitate the $2.6 billion Baha
Mar development.

Opposition members have
argued that the Ingraham
administration should have
reneged on the sale of the land
when it negotiated a supple-
mentary Heads of Agreement
with Baha Mar in 2007 if it dis-
agreed with the sale.

Yesterday, Mr McCartney
admonished his parliamentary
colleagues for the back and
forth sparring, stating that the
focus should be on future devel-
opment agreements.

"What is important is what
are we going to do from here
on out? What are we going to
do to save our land in the future
for Bahamians and Bahamians
only?

"What are we going to do for
the future of this country and
how are we going to ensure that
we don't sell any more land?
Let's lease the land, not sell it.
Let's stop talking, let's do some-
thing to make sure it doesn't
happen again,” he said.

He also encouraged Bahami-
ans to exploit the economic
opportunities the thousands of
Chinese workers will bring by
identifying ways to provide
goods and services the foreign-
ers will want.

"For the public at large you
know that 8,000 Chinese are
coming to the Bahamas. We
ought to then consider ways we
can be of service in terms of
goods and service to them. Use
this opportunity to your advan-
tage, simply put, consider ways
you can make money on the
arrival of 8,000 persons," said
Mr McCartney as he support-
ed the resolution.

NOVEMBER 19



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as first reported — who was
visiting friends in New Provi-
dence. It is understood that it
was not her first visit.

Also, contrary to reports,
no one ever filed a com-
plaint with the police about
the alleged abduction. How-
ever, the rumour started
when eyewitnesses claimed
they saw three henchmen of
convicted drug dealer Lyn-
den “Dodo” Bethel Sr grab
the woman outside a West
Bay Street strip club and
bundle her into a car, leaving
her boyfriend behind. It was
claimed that nothing had
been heard of either of them
since.

Yesterday police said
there was no truth to this
rumour. When the police
located the woman she
denied that she was abducted
or that such an incident ever
took place.

Again, according to alle-
gations at the time, it was
claimed that the incident was
reported by the woman’s
boyfriend, whose story was
later corroborated by other
witnesses. The police, who
have thoroughly investigated
the matter, said that no one
— not even an alleged
boyfriend — ever made a
report to the police.



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THE TRIBUNE

FRIDAY, NOVEMBER 19, 2010, PAGE 5





TERRIBLE ORDEAL: Willard.

HAVE YOU
SEEN HIM?



POLICE are searching
for 45-year-old Kenny
Roberts (above) in connec-
tion with a matter of fraud
by false pretences.

Roberts’ is last known to
have resided in Grand
Bahama.

He is of brown complex-
ion, weighing about 220Ibs
and 5’8” tall.

The Central Detective
Unit (CDU) is asking per-
sons with any information
regarding Roberts’ where-
abouts to contact the
police emergency line at
919/911; CDU at 502-
9930/9991; the police con-
trol room at 322-3333;
Crime Stoppers at 328-
8477, or the nearest police
station.

MAN, 37, SOUGHT
IN CONNECTION
WITH RAPE CASE



THE Central Detective
Unit is seeking the public’s
assistance in locating Ian
Miller (above), also known
as Ian Reckley or “Yel-
low”, who is wanted for
questioning in connection
with a rape case.

The 37-year-old man is
described as being of slim
build, weighing about 165
Ibs and 6’2” tall.

He is of light complex-
ion.

Miller’s last known
address is Yamacraw Hill
Road and/or Malowi Way
in New Providence.

He is considered armed
and dangerous.

Persons with any infor-
mation regarding the sus-
pect’s whereabouts are
asked to contact the police
emergency line at 919/911;
CDU at 502-9930/9991; the
police control room at 322-
3333; Crime Stoppers at
328-8477, or the nearest
police station.



PRIME Minister and
Minister of Finance
Hubert Ingraham and
Mrs Ingraham pictured
entering St Paul’s Roman
Catholic Church in
Lyford Cay Tuesday,
November 16, to attend
the funeral of William
(Bill) Holowesko. Mr
Holowesko was the hus-
band of Senate President
Lynn Holowesko.

LOCAL NEWS

CAN YOU HELP WILLARD REGAIN FAITH IN THE HUMAN RACE?

HIS name is Willard...his brother is

dead.

Willard was the victim of three eight-
year-old boys who, for entertainment,
stoned his puppy brother to death, leav-
ing him broken and bleeding they then
turned on Willard. What a terrible way
to die, all because you are born a pot-

cake!

He is only eight weeks old now...He
was just a baby when they attacked
him. A mindful and kind member of
the Royal Bahamas Police force —
Police Office McPhee — stopped the
children from hurting Willard any more
and thoughtfully took him to the
Bahamas Humane Society shelter in
Chippingham.

He has been at the shelter for two
weeks now. Poor Willard, when he first

arrived he was simply terrified of every-
body and everything. He has gradually
learnt how to wag his tail, how to lick
and roll over for love, but is still very
cautious indeed. He is one of 25 pup-
pies and 25 adult dogs down at the
Bahamas Humane Society looking for a
good home.

Willard's home needs to be extra
special, and extra loving, because he
still becomes easily afraid — and with
good cause, I'm sure you will agree.

These three boys will receive coun-
selling by social services, and Fiona
Moodie and Insp. Percy Grant will vis-
it their school, accompanied by Willard
and his uniformed saviour, Officer
McPhee to try to help the children
before it's too late. It has been proven
time and time again that violence

to Fiona.



Dame Joan Sawyer set to retire

as President of Court of Appeal:

Senior Justice Anita Allen to be appointed as replacement

DAME Joan Sawyer will officially
retire as President of the Court of
Appeal on Friday, November 26, the
Cabinet Office announced yesterday.

As previously reported, Senior Jus-
tice Anita Allen will be appointed as
the next President of the Court of
Appeal.

Senior Justice Allen will retire as a
Justice of the Supreme Court effective
Friday, November 26; also on that day,
she will be sworn in as President of
the Court of Appeal.

“Dame Joan Sawyer has had a dis-
tinguished career on the bench of both
the Supreme Court and Court of
Appeal, including having served from
1996 as Chief Justice of the Supreme
Court before appointment as president
of the Court of Appeal in 2001.

“Dame Joan has done much to make
an enduring mark on the development
of the Court of Appeal and her contri-
bution is greatly appreciated,” the Cab-
inet Office said in a statement yester-
day.



Super Wash held up

by a gunman again

Cash and employee's handbag taken

FOR the second time in just two days, the Super Wash
on Nassau Street was held up by a gunman.

The most recent armed robbery of the establishment
occurred shortly before 7am on Wednesday.

Police reported that a “dark, short” man wearing a
Tommy Hilfiger shirt and short jeans entered the Super
Wash allegedly armed with a handgun.

The culprit robbed the self-service laundromat of an
undetermined amount of cash and an employee of her
handbag containing her cellular phone, money and per-
sonal effects, before fleeing the area on foot into Bain

Town.

This latest incident comes on the heels of Monday’s
armed robbery of the Nassau Street Super Wash location.

During that incident, a man wearing a white T-shirt and
dark coloured pants entered the laundromat at 9.15pm,
allegedly armed with a handgun, and demanded cash.

Fled

The man robbed the Super Wash of an undetermined
amount of money and fled on foot heading east on Bain

Street.

Police are also investigating several armed robbery cas-
es where phone card vendors were the victims.

The latest such incident took place at around 2pm on
Wednesday when a vendor was held up at gunpoint on

Old Trail Road.

According to police reports, the vendor was
approached by a “bright male wearing a white T-shirt,
blue sweat pants with white stripes and tan boots, alleged-
ly armed with a handgun demanding cash.”

The culprit robbed the vendor of an undetermined
amount of money, her cell phone and an assortment of
cell phone cards and fled the area on foot in a southern

direction on Old Trail Road.



DAME JOAN SAWYER

“Senior Justice Allen has rendered
valuable service in the delivery of jus-
tice by the Supreme Court since her
appointment as a justice in 1996. She

SHOE

BIS Photo: Derek Smith

121 EAST ST. PH 322-5276

was elevated to the title of Senior Jus- :
tice in 2005. It is a real benefit to the }
country that she will shortly assume :
the responsibility of heading the appel- ;

late court,” the statement read.

Dame Joan was appointed Presi-
dent of the Court of Appeal on Sep- ;

tember 5, 2001.
First

She is the first woman to serve as
Chief Justice and President of the
Bahamas Court of Appeal.

Senior Justice Allen, the wife of for-

ber, 2005.

She was appointed justice of the
Supreme Court in 1996. Before then ;
she was managing partner of Allen, ;

Allen and Company.

Presently Dame Joan Sawyer, Jus-
tices Christopher Blackman, Stanley }
John and George Newman serve as }

Justices of the appellate court.

TORE

against small animals grows into vio-
lence against humans, spousal abuse
and child abuse.

The Bahamas Humane Society will
try to help these boys respect and love
animals by inviting them to carefully
monitored visits to the shelter.

The Bahamas Humane Society
salutes Officer McPhee for being alert
and observant and saving Willard’s life
and doing the right thing by bringing
him to the BHS for treatment and care.

Are you the right person to adopt
Willard and help him regain faith in
the human race?

If you are interested please phone
the Bahamas Humane Society (323-
5138) for information and ask to speak

Wanted for questioning

> a ae

hes













FREEPORT - Police have

i released a composite sketch
? of a man who is wanted for
i questioning in connection
i with a stealing incident at
i Explorer’s Way on October
? 14. Anyone with information
? concerning the individual is
mer Cabinet Minister Algernon Allen, : 2Sked to contact 911 or 352-

was appointed Senior Justice in Octo- oe

Tropical
Exterminators
YAO TKH)

322-2157

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


PAGE 6, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE



LOCAL NEWS

Local teacher

recognised for
voluntary work

LOCAL elementary
school teacher Sharlene
Thompson has been recog-
nised for her voluntary
work with at-risk students
by the Horizons National
Programme in Connecti-
cut.

Ms Thompson, who is
presently employed at
Kingsway Academy and
works summers at the
Rumson Country Day
School in New Jersey, has
been named as one of the
four winners of the Hori-

zons National Lyn
McNaught Teaching
Award.

Named after a educator
and 25-year executive
director of the original
Horizons Programme in
New Canaan in Connecti-
cut, the award celebrates
“the dedication, ingenuity and character
of Horizons teachers across the country
whose work best exemplifies leadership,
commitment, educational excellence, com-
bined with love and compassion,” Hori-
zons representatives said.

The Horizons Programme at the Rumson
Country Day School is one of 19 student
enrichment programmes across the US.
The programme, which was launched in
1964, is designed to promote the potential
of public school children from economi-
cally disadvantaged families.

“I’m extremely honoured to receive the
award,” said Ms Thompson. “Horizons
make profound impacts on the lives of chil-
dren in their programme. When I see
growth from swimming, reading and serial
skills by the students, I feel rewarded and
fully paid for all my voluntary services.




/ Passenger

Now Available at:



RECOGNISED: Sharlene Thompson

Tas in time foo
Ye

are able to succeed.”

summer.

for the foreseeable future.

“Tamso happy to spend my summer }
with an amazing group of people who }
are there because we all have the same ;
goal: to help students realise their full :

potential.”

Ms Thompson, who is a member of :
the New Dimension Ministries on Joe }
Farrington Road, and this year’s other }
winners received their awards on Octo- }
ber 22 at Horizons National’s annual }

dinner in Norwalk, Connecticut.

Some 100 at-risk students from }
kindergarten through eighth grade }
attended this year’s summer pro- }
gramme at Rumson Country Day }

School.

& [ruck Co., Ltd.

ROSIAVI PHONE: 322-1722 FAX: 326-7452



“We have high expec- }
tations and we encour- }
age our students and }
inaugurate that they can |
overcome anything and :

Ms Thompson was }
nominated by Jane :
Donny, community ser- :
vice director at Rumson :
Country Day School, }
which hosts the Hori- :
zons Programme each :

“Sharlene reaches out :
to all of her children in }
a highly effective way, :
making the fast learn- }
ers and those who }
struggle feel affirmed ;
and successful in her ;
class. Her energy and }
enthusiasm are infec- }
tious,” said Ms Donny. ;}

Ms Thompson, who :
was born in Nassau, but moved to New }
Jersey with her family in 1979, said she }
plans to continue teaching at Rumson |























=

we ww ,
SUPPORT STAFF from the Department of Rehabilitative/Welfare Services attended a one-day



Se

training workshop with objective to enhance their performance. They listen as Salomie Gibson,
acting superintendent of Willie Mae Pratt Centre for Girls, acts as moderator.

Training for staff the
main focus of Annual
Rehabilitation Week

By LLONELLA GILBERT

THE main focus of the
Annual Rehabilitation Week
this year is training, said Marva
Russell-Minns, deputy director
of the Department of Rehabil-
itative/Welfare Services, on
Wednesday at the opening of
a support workers training
workshop with the objective of
enhancing the performance of
the staff.

Mrs Russell-Minns said many
observers of the labour market
recognise that employees today
need to continue training
beyond the qualifications or
knowledge which they would
have brought to the job. “This
additional training is referred
to as professional development.
In this vein, we are encouraged
to train continuously because
we want to improve our per-
formance, capabilities and
capacity and so today, I encour-
age you to absorb everything
that our two ably qualified facil-
itators will present to you,” she
said.

Management thought it was
fitting to include those mem-

bers of staff who work in the
sections of the Department
which are behind the scenes
and who do not always get the
full attention they sometimes
need in order to perform their
tasks to the best of their abili-
ties or to advance in the work-
place, Mrs Russell-Minns said.

She also recognised that the
Department has helped many
former offenders or persons
who had trouble fitting into
society.

They have helped these indi-
viduals go on to be active mem-
bers of society and who are now
doctors, nurses and police offi-
cers, she said.

“We know that there are
many others who will continue
to require our encouragement
because of their persistence in
doing wrong. Do we forget
about them?

“No, we are expected to pro-
vide them with as much sup-
port as we can so that they, too,
will one day look at themselves
and discontinue their bad prac-
tices,” Mrs Russell-Minns said.

Facilitating the workshop
were Carolyn Roberts, chief

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psychologist of the Sandilands
Rehabilitation Centre, who
focused on communication
skills and conflict resolution,
and Florinda Johnson, training
officer at the Willie Mae Pratt
Centre for Girls who concen-
trated on work ethics, office eti-
quette/deportment, productivi-
ty, report writing and official
secrets acts.

THE SECOND ANNUAL
MARATHON BAHAMAS

WITH the aim of boosting
tourism in the Bahamas while at
the same time raising awareness
for healthy living, Sunshine Insur-
ance has announced the second
“Marathon Bahamas” event for
January 15-16, 2011 in New Prov-
idence.

Spirit Airlines, sponsoring the
event for the second consecutive
year, said it considers Marathon
Bahamas an ideal venue to pro-
mote tourism to the Bahamas.

In addition, the sporting event
is a way to raise awareness for
health and wellness among resi-
dents of the Bahamas.

Marathon Bahamas is invit-
ing athletes and tourists from
around the world to experience a
unique marathon where the route
is surrounded by panoramic
views of the ocean, flora and
island life.

In addition to being the offi-
cial airline for the second con-
secutive year, Spirit Airlines pres-
ident and CEO Ben Baldanza
was also among the first to regis-
ter to participate as a runner in
the upcoming event.

“Spirit is looking forward to
once again supporting Marathon
Bahamas and their efforts to pro-
mote tourism and athletics in the
Bahamas, and I am personally
looking forward to running in the
2011 race,” said Mr Baldanza.

As the official carrier of
Marathon Bahamas, Spirit Air-
lines is offering an additional dis-
count on flights for friends and
family visiting Nassau for the
race.

This year, the Marathon
Bahamas marketing campaign is
targeting thousands of local and
international participants of all
ages and levels of interest dur-
ing the coming months.

“We are proud to have the
Spirit Airlines brand to drive
Marathon Bahamas and it is
much anticipated that this event
will become the major event in
the tourism sector,” said Pamela
Richardson of the international
marketing department for
Marathon Bahamas.

In 2010, Marathon Bahamas
became the first marathon on
New Providence since the turn
of the century, bringing together
hundreds of local and interna-
tional runners in support of local
charities.

Marathon Bahamas is a certi-
fied course and Boston qualifier
that is organised into three cate-
gories.

Participants may choose to run
in the full marathon (26.2 miles),
run or walk in the half marathon
(13.1 miles), or marathon relay
(six-person team).

This year, the event also fea-
tures the first-ever Susan G
Komen Bahamas Race for the
Cure 5K race (runAwalk 3.1 miles)
on Paradise Island on January
15, 2011.

Marathon Bahamas starts at
6am with runners leaving
Junkanoo Beach, running east
through downtown and over both
Paradise Island bridges, to the
Fort Montagu area before head-
ing west along the shoreline to
the western end of the island,
then looping around to end at
world famous Arawak Cay.

The half marathon turn-
around is in the Cable Beach
area.

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THE TRIBUNE FRIDAY, NOVEMBER 19, 2010, PAGE 7

LOCAL NEWS

PM to attend Waugh

Construction opening

By DENISE MAYCOCK
Tribune Freeport
Reporter
dmaycock@tribunemedia.net

FREEPORT -— After 45
years in business, Waugh
Construction (Bahamas) Ltd
continues to be a leader in
the construction industry
here on Grand Bahama and
the Bahamas.

The company, founded by
Harold “Sonny” Waugh for
the purpose of land clearing
and road construction, today
provides a full range of civil
construction services.

Mr Waugh and his family
will celebrate its 45th
anniversary with an official
opening of its new corporate
office on Saturday at
Queen’s Highway.

Prime Minister Hubert A

Ingraham is expected to
attend the opening.

Waugh Construction is a
family owned and operated
company that has con-
tributed to the infrastructur-
al development on Grand
Bahama and many of the
Family Islands.

Some of the many projects
include The Treasure Cay
Airstrip in Abaco; Water
Main Installation in Grand
Bahama; Potable Water
Mains in Exuma; Road
Reconstruction projects in
Exuma, Grand Bahama,
Three large Concrete Tower
Bases for BTC in Abaco;
Fire Mains, Catch
Basins/Water Disposal Sys-
tem at Polymers in Grand
Bahama.

The company has per-
formed numerous large and

moderate size projects over
the years for the Bahamas
government corporations,
and the Grand Bahama Port
Authority, Ginn sur Mer
(Bahamas) Ltd and Utilities
Co Ltd.

The company employs a
staff of 83. It specialises in
airport construction, canal
excavation, underground
utility infrastructure, multi-
purpose concrete founda-
tions, potable and waste
water tank systems, vacuum
sewer systems, and many
other types of civil construc-
tion.

Waugh Construction is the
distributor of Permastore
Tanks and Silos potable and
wastewater solution systems
for the Bahamas, and parts
of the Caribbean, including
Aruba, Curacao, Bonaire,

go

FOUNDER: Harold ‘Sonny’ Waugh

Cayman Islands, Belize, US
Virgin Islands, Turks and
Caicos and Jamaica.

The company has worked
on large projects, including
Vopak Terminal Bahamas,
formerly BORCO, which is
undertaking a multi-million
expansion.

Research symposium set to focus on
sustainable fisheries, archaeology, sharks

SUSTAINABLE fisheries, archae-

Other special guests include Paul

Sor










ology and shark species will be some of
the topics addressed at an upcoming
research symposium at the Island
School in Cape Eleuthera.

The school is inviting Bahamians to
attend its Research and Community
Outreach Symposium which will be
held on December 4 from 9am-1pm.

The symposium will feature research
presentations, a tour of the campus
and facilities.

Research topics include: Lemon
Sharks; deep water sharks; archeology;
patch reefs; aquaculture; aquaponics;
sustainable fisheries; bonefish and flats
ecology.



Humann, co-author of the leading
Caribbean reef fish, creatures, and
coral identification books, as well as
representatives from REEF, the
Department of Marine Resources’ lion-
fish collection and removal pro-
gramme, and BREEF.

Students from the Deep Creek Mid-
dle School and the Island School also
will be showcasing their work from the
Fall 2010 semester.

Their topics include:

¢ Student poetry themed “Where I
am From.”

¢ A homemade aquaponics system.

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November, 2010
7:00 a.m. to12:00a.m.
No 7 Graham Acres
Blair Estates

The scope of the project
involved building contain-
ment walls and tank bases
for huge tanks where crude
oil, fuel oil and clean petro-
leum products are stored.

a yo yah)

For breaking news alerts |

Follow us on Facebook
www. facebook.com/Tribune242

Organisers said the symposium pro-
vides a forum for young leaders at the
Island School to present findings based
on research conducted with the Cape

The keynote address will be given
by Dr Dean Grubbs, a marine ecologist
from Florida State University's Coastal

constructed from salvaged materials

¢ A presentation on how students
led an initiative to become the first
Green Flag Certified School in the

Eleuthera Institute.

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PAGE 8, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE



LOCAL NEWS

Baha Mar welcomes unanimous Parliamentary
approval and government support for project

IN A statement released last
night, Baha Mar stated that it is
very grateful to Prime Minister
Ingraham, the Bahamas Parlia-
ment and the Bahamian people
for “Parliament’s passage of the
necessary resolution to enable
Bahamian Government approval
for the Baha Mar world class des-
tination resort project.”

The statement added, “Follow-
ing receipt of the final, formal
Government approvals, Baha Mar

Sandals Royal Bahamian Resort
& Offshore Island

Invites application for the position:

will commence the project, award-
ing contracts immediately to
Bahamian contractors and creating
thousands of much needed
Bahamian jobs.”

Sarkis Izmirlian, Chairman and
Chief Executive Officer of Baha
Mar, said, “The Baha Mar team is
delighted with today’s unanimous
vote by Parliament. We are dedi-
cated to delivering to the Bahamas
this world class destination resort
and the immediate and long term

economic benefits both from its
construction and operation.

“The Government and the
Bahamian people are placing their
trust in us, not just to have Baha
Mar succeed as a business enter-
prise, but as importantly for Baha
Mar to be a productive and exem-
plary member of the Bahamian
community.

“Succeeding for The Bahamas
is the key to Baha Mar’s success.
This is what Baha Mar is about,

and this is the guiding principle
with respect to how we will run
our business. We look forward to
the tremendous positive benefits
that Baha Mar will bring to The
Bahamas.”

Baha Mar added that it is ready
to quickly proceed with the final
formal governmental approvals.
Following that, it plans to begin
awarding early infrastructure pack-
ages to Bahamian contractors as
soon as possible.

BEAUTICIAN

The successful candidate must be able to work
on all types of Hair including Caucasian hair.

Must be able to do upsweep for Brides.
Must have a minimum of 5 years as a
Beautician

Have good communication skills oral and
written

Willing to work long hours as needed

SALARY BENEFIT Commensurate with
experience.

Applications should be emailed to:
cmajor@grp.sandals.com



FROM page one

During his contribution
over the labour resolution for
the Baha Mar project, the
Prime Minister stated, “We
were pleased that we were
able to negotiate an increase
in work to be done by
Bahamian construction com-
panies from $200 million to
$400 million. That is, 20 per
cent of the contract sum is
going to go to Bahamian con-
tractors. No one has ever
matched that or ever come
near that,” Mr Ingraham said.
The Prime Minister further
noted the construction con-
tract will not only be awarded
to major Bahamian firms.

Mr Ingraham said that his
government was forced to
make lemonade of the
lemonade that the Christie
administration left in the ini-
tial deal. “They could not put
this baby to bed, they could
not make the lemonade,” he
said. “We came to a deal with
a developer to increase from
$1 billion to $2.6 billion,” the



Nurse Association

of the

Bahamas



















lie:

Willamae Stuart

Rose Marie Josey



The executives and members of the nurses

association extends congratulations to our

nurses for achieving the following position on

the Caribbean Nurses’ Organization (CNO}

Mrs. Willamae Stuart our Nursing Advisor, PHA

to Treasurer of CNO

Mrs. Rosemarie Josey, out going President to

position of Assistant Secretary of CNO and

Ms. Peggy Cooper member of NACB

re-elected Regional One Director.



Prime Minister said. “We
were interested in maximizing
the benefit for the project,”
he said. The labour resolu-
tion for the Baha Mar pro-
ject was agreed unanimously
last night.

PLP leader Perry Christie
in his contribution to the
debate last night defended his
administration’s record. “My
approach to this subject was
always based on receiving the
best advice that my govern-

‘LARGEST EVER SUM’: Hubert Ingraham



ment could access with home
or abroad; that when my col-
leagues were put to the tests
of having to answer, respond
or decided, those decisions
were always made in the best
interest of the Common-
wealth of the Bahamas.

“At the outset let me say,
the truth of our contribution
to the Bahamas was as pow-
erful as it will be lasting. In
my one term in governance,
truth and history will confirm



DELIGHTED: Sarkis |zmirlian

PM: $400m is largest
ever sum for Bahamians

that we had an extraordinary
impact on the lives of thou-
sands of Bahamians and a
positive and lasting affect in
governmental efforts over the
years towards controlling our
country’s future,” Mr Christie
said.

Mr Christie further stated,
“T know that the Bahamas
must now see and feel that
my government served faith-
fully with permission to act
in their best interest and even
when we have had to
acknowledge the mistakes
that were made we do so with
the same sincerity of purpose
by which we governed. Once
we were dealing with Baha
Mar we were always motivat-
ed by serving the best interest
of the people,” he said.

“T was the leader who
received the Baha Mar pro-
posal and to the extent that
agreements were allowed in
that process I accept respon-
sibility for all such agree-
ments and understandings.
To the extent that the gov-
ernment did not on a proac-
tive basis bring documents in
the House of Assembly I take
responsibility for that,” he
said.

Most Favoured
Nation clause ‘is not
unique to Atlantis’

FROM page three

Mr Kerzner said the agreements for Phase I, I
and III imposed strict rules that at least 70 per
cent of the total construction labour force would

be Bahamian.

In the case of Baha Mar, the proposed ratio is
reversed, with 3,000 projected Bahamian con-
struction workers and 8,150 projected foreign

workers.

George Markantonis, Atlantis managing direc-

tor, said: “Certainly as Mr Kerzner has said, and
reviewing it with our board, the reason we have

Heads of Agreement is to protect the investor.
And frankly an agreement as indicated in our
statement represents a solemn promise by the

country for not only us but it lays out the rules for

any subsequent investor. Our observation of this
would be that the terms in our agreement are not
being met, and as we said we intend to discuss this

further with the government as to how this can be

corrected.”

8,000 Atlantis
jobs at risk’

FROM page one

“As we said in our state-
ment, last year was a
tough year and occupan-
cy was under pressure.
Well guess what, this year
is even tougher. So it
seems pretty ridiculous to
me that these folks are
wanting to move forward.
And obviously the Chi-
nese are motivated
because they see them-
selves pushing 8,000 jobs
through this development.
There is no way in the
world that if there wasn’t
that motivation that this
project could be financed
in this current environ-
ment,” Sir Sol said.

Noting that his company
would never have invested
over $2 billion in the
Bahamas if they did not

have faith in the govern-
ment, Sir Sol said that he
did not want to speculate
on what Kerzner Interna-
tional will do if Baha
Mar’s deal was not
tweaked.

This concern for Sir Sol
was so strong that the
investor revealed that he
flew to the Bahamas to
meet with Prime Minister
Ingraham who he said
“fully understands” what
Atlantis’ position is.

“T am still hopeful that
the current administration
will not bend to the PLP’s
wishes, that the agreement
they signed with us being
broken. I am hopeful that
Prime Minister Ingraham
will not succumb to the
pressures that the PLP
seems to be putting on
him.”

Sir Sol added: “I think

it’s shocking quite honest-
ly that agreements with
government are violated.
In all of our agreements,
including our final agree-
ment with the PLP was
the most favoured nation
clause which ensures, or
is supposed to insure that
no one, no investor, is to
be granted terms more
favourable and would
have the same constraints.

“And I have to be clear,
we had constraints which
we complied with which
government made us
ensure that no more than
30 per cent of our con-
struction work force was
expat. This is very, very
disappointing what is
being contemplated, or
recommended by the PLP
is contrary to what we
signed with them in 2003,”
Sir Sol said.

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

FRIDAY, NOVEMBER 19, 2010, PAGE 9



LOCAL NEWS



Phase IV — School securi
not 1n our —

lifetime...

FROM page one

lifetime.”

Speaking with the news-
paper yesterday, officials
at the Paradise Island hotel
property, confirmed that
plans will not be developed
as previously envisaged.

Addressing members of
the media at a teleconfer-
ence in the Coral Towers
yesterday, Kerzner Inter-
national’s chairman Sir Sol
Kerzner said that they had
never announced that they
were moving forward with
Phase IV, although he had
always contemplated it and
perhaps more phases.

“When we acquired
Atlantis at the time, what I
really loved about the
property was its potential.
We had some of the most
beautiful beaches in the
world, and we still have
them. We had 500 acres of
undeveloped real estate,
and when you look at what
has happened since we’ve
been there and what has
taken place, and the rede-
velopment of the Ocean
Club and the golf course, I
think it is pretty spectacu-
lar. And it seems to me a
great pity to see what is
being contemplated here
and now (with Baha Mar).

“And as I say, at least if
it was phased or economi-
cally well thought through,
because one understands
that the industry has to
grow, but it is one thing to
grow reasonably, it is
another thing to go at a
ridiculous pace. And I
think the Chinese folks are
just motivated by the num-
ber of jobs and not that

concerned about the via-
bility.

“T think looking at the
8,000 Chinese jobs, it
makes me very upset to
believe that all three devel-
opments at Paradise island
we lived with the 70 per
cent minimum Bahamian
work force, and we trained
the folks, and in fact the
two phases, phases IT and
Il of Atlantis were built
in record time because we
had trained folks and they
were competent,” he said.

With Sir Sol adding that
they had never imagined
that Baha Mar would be
targeting the same touristic
market that Atlantis cur-
rently enjoys, the hotel
operator said that they are
concerned about the intro-
duction of these new 3,000
rooms by the Cable Beach
project.

“There is no way that
this project would move
forward without the agree-
ment that 8,000 Chinese
folks would be employed
and that is exactly what is
motivating this. It is a deal
that makes no sense. It is a
deal that could be harmful
to the people of the
Bahamas, and certainly to
future investors and indeed
ourselves.

“But I am still hopeful,
and I truly believe that this
will not happen the way
some folks are contem-
plating.

“And in fact we will
have an orderly industry,
an industry that will grow
successfully for the bene-
fit for the industry but par-
ticularly for the benefit of
the people of the
Bahamas,” he said.

a

ty guard

arrested over student
sex abuse claims

FROM page one

cannot say knowledgeably
at this time, but it is some-
thing that we are definitely
looking into.”

According to a statement
from the Ministry of Edu-
cation, administration at the
primary school initiated a
series of workshops and
forums on inappropriate
behaviour after concerns
were raised towards the
behaviour of some students.

The statement read:
“Shortly thereafter the ses-
sion, a teacher brought to
the attention of the princi-
pal an accusation involving
a female student and a male
security officer which led to
further allegations against
the officer. The Ministry of
Education was advised of
the matters and the security
officer removed from the
school.”

The statement went on
to confirm that another stu-
dent came forward to
report a matter of incest
after further forums were
established by the Special
Services Unit of the MoE.

Education Minister
Desmond Bannister said:
“The ministry continues to
be proactive in seeking to
protect children from all
predators. We are extreme-
ly concerned about any alle-
gations of abuse of innocent
children. The fact that such
allegations continue to be
made, both in relation to
family members and non-

P =

MINISTER OF EDUCATION:
Desmond Bannister



related persons indicates a
need for all Bahamians to
be vigilant and to report
suspicious conduct. It is a
duty that we all owe to chil-
dren in our community, and



it is the responsibility of
each one of us.”

According to child pro-
tection advocates, the
reports unearthed are evi-
dence of a vicious cycle that
is prevalent in Bahamian
society and, until recent
times, had been allowed to
thrive due to secrecy.

Gil Maycock, a senior
pastor at Abundant Life
and chairman of the
National Child Protection
Council, said: “We need to
take our heads out of the
sand. We need to address
it, if not this is going to turn
into a gangrene and it will
destroy us. It is already
destroying us in many ways
— it’s good that persons are
starting to say enough is
enough.

“T’m hoping and praying
that more persons report
these cases, so that we can
eradicate it and provide
healing for the persons who

are victims.”

Mrs Butler-Turner
added: “I think sometimes
when you look at what is
going on in our society
today much of it has been
going on for many years,
and kept under wraps,
kept under covers, because
it was taboo to talk about
it.

“Now people are realis-
ing that this is something
that is absolutely wrong. So
I don’t want to say that this
is a growing problem, I
want to say that there are
some incidents that have
been brought to our atten-
tion that are being actively
pursued.”

Young victims are said to
be receiving medical and
psychological assistance
from the Ministry of Health
and the Ministry of Educa-
tion, whose departments
are also monitoring the sit-
uation.

Arawak Homes pledges not to
demolish duplex on its land

FROM page one

he had sought to obtain conveyance froma

person with no title.

Mr Bethel told the court Mr Dean want-
ed the order of possession by Senior Jus-

claimed Arawak Homes had argued previ-
ously that Mr Dean’s duplex obstructed

tice Anita Allen stayed pending the out-
come of his appeal hearing. Mr Bethel

them from developing the land and
expressed concern that the company would
demolish the duplex.

Mr Smith, however, gave an undertaking
to the court that that would not be the case.

¢ SEE PAGE THREE

rMLONOREES








Willamae Stuart

Mrs. Justina Knowles

Jacquelin Dean



Ms. Rebecca Johnson

Peggy Cooper

The Nurses' Association of
the Commonwealth of The
Bahamas 63rd Anniversary
Ball Committee extends
congratulations to all hon-
orees for their invaluable
service to the nursing pro-
fession.

TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
PAGE 10, FRIDAY, NOVEMBER 19, 2010

INTERNATIONAL NEWS

THE TRIBUNE

















AHMED KHALFAN GHAILANI.

NY Gitmo trial spurs fresh debate over detainees

LARRY NEUMEISTER,
Associated Press
TOM HAYS,
Associated Press
NEW YORK

The near-acquittal of the first
Guantanamo detainee tried in
federal court is reigniting the
debate over whether to bring
terrorism suspects to justice in
the civilian legal system. The
Obama administration made it

clear Thursday that its position
has not changed.

Justice Department
spokesman Matthew Miller said
in Washington that the admin-
istration will continue to rely
on a combination of civilian
courts and military tribunals to
handle terrorism cases.

His comments came a day
after Ahmed Ghailani was
acquitted in federal court in
New York on all but one of

MINISTRY OF WORKS & TRANSPORT

NOTICE
CORRIDOR 13B
PRINCE CHARLES HIGHWAY
New 24" Watermain Pipe Installation

more than 280 charges that he
took part in the al-Qaida bomb-
ings of two U.S. embassies in
Africa. The twin attacks in 1998
killed 224 people, including a
dozen Americans.

Miller described the conspir-
acy conviction as "another in a
long line of verdicts where fed-
eral civilian courts have shown
the ability to deliver fair trials
and long sentences." And
White House spokesman

adh
Co

Jose Cartellone Construcciones Civiles S.A wishes to advise the motoring public that road works will




continue along sections of ROBINSON ROADSPRINCE CHARLES DRIVE from Monday





November 22", 2010.

The intersection of Sayle Avenue & Old Trail Road will be affected as the works proceed along




Robinson Road to Prince Charles Drive.






Motorist travelling in the following directions should divert to the specified route as indicated on the















map or seek an alternate
OLD TRAIL ROAD:
SAYLE AVENUE:

route.

PHASE fii

route to their destination.

Motorist should use Soldier Road as an alternate route.

Motorist should use Marathon Road and Samana Drive as an alternate

Phase 3 to commence upon completion of the newly installed twenty four inch (24°") watermain pipe at



the intersection of Sayle Ave. and Old Trail Road.




Motorist travelling eastbound on Robinson Road towards Prince Charles Highway should divert on Old



Trail Road & Saldier Road and continue to their destination.






Please bear in mind that while the works are ongoing, access will be granted to residents and local



businesses that may be affected during these construction phases.






We again advise the motoring public to drive with caution as they approach the work zone, kindly obey



the fagmen and observe the signage outlining the work area.






We sincerely apologize for any inconvenience that may be caused and look forward to the full co-



operation of the motoring public throughout this project.

For further information please contact:

diese Cartellone Constrocciones Civiles 5A

Office Hours: Ven-Fri S:(Mlame to 6:08pm

(lice: (242) III-B 322-261

Email: bahamacncizhbors cacellopecomar

Ministry of Public Works & Transport

Project Execution Unik

Healing: (242) MI- 71M

Emad: publgworks2 bahamaszov hs

Robert Gibbs pointed out that
Ghailani still faces a heavy
penalty that will ensure he
"isn't going to threaten Amer-
ican lives" — a minimum of 20
years in prison and a maximum
of life. Still, the outcome turned
up the volume on the chorus of
Republicans and other oppo-
nents of civilian trials for ter-
rorism suspects picked up on
the battlefield and sent to
Guantanamo after the Sept. 11,
2001, attacks. Among those
awaiting trial is the professed
mastermind, Khalid Sheikh
Mohammed.

Some legal experts warned
that Wednesday's verdict dam-
aged the argument for trying
detainees in civilian courts.
They said the case could make
the Obama administration
more selective in deciding
which suspects to put on trial,
because of the risk that some-
one branded dangerous by the
government could be acquitted.

"They really needed this case
to go off without a hitch, to be a
showcase. Instead, you have the
opposite,” said Aitan Goelman,
a former federal prosecutor in
New York now in private prac-
tice in Washington. "Civilian
juries do screwy things," he
said. "There's horse trading in
jury verdicts."

Michigan Rep. Pete Hoek-
stra, the top Republican on the
House Intelligence Committee,
said the verdict confirms that
the Obama administration's
decision to try Guantanamo
detainees in civilian courts "was
a mistake and will not work."

"This case was supposed to
be the easy one, and the Oba-
ma administration failed — the
Gitmo cases from here on out
will only get more difficult," he
said in a statement.

Civil rights groups and
Democrats countered that the
prosecution proves the civilian
legal system works, even for
Guantanamo detainees.

Laura Pitter, a counterter-
rorism adviser for Human
Rights Watch who monitored
the Ghailani trial, said the ver-
dict "will have finality and be
viewed as credible and legiti-
mate by observers and the rest
of the world."

David Kelley, who served as
US. attorney under President
George W. Bush after success-
fully prosecuting 1993 World
Trade Center bombing master-
mind Ramzi Yousef, called

some of the initial reaction to
the verdict misguided.

"This was a win by the gov-
ernment,” said Kelley, who now
is in private practice. He said
he supports civilian trials for
Guantanamo detainees and
believes the Ghailani case
proved such trials could take
place without disrupting the
community. A year ago, Attor-
ney General Eric Holder
announced a plan to try
Mohammed and four others in
New York, only to put the idea
on hold after some in Congress
and New York said the security
requirements and other prob-
lems were unsurmountable.
Those five remain at the U.S.
military prison at Guantanamo
Bay in Cuba while the admin-
istration ponders its next move.

Barry Mawn, who led New
York's FBI office on the day
of the attacks, said bringing
someone like Mohammed to
trial in Manhattan would
require much tighter security
than the Ghailani case.

"When I heard it, I thought it
was nuts to bring him there,"
he said of Mohammed. "KSM
is a much bigger fish than this
guy. This guy's not a know-
nothing, that's for sure. But
KSM, in the face of their hier-
archy, he's huge."

Both President Barack Oba-
ma and Holder steered clear of
discussing detainee trials as
they made brief appearances
Thursday devoted to other top-
ics. Sen. Lindsey Graham, a
South Carolina Republican
who is seen as Key to any deal
over Obama's plan to close
Guantanamo, said Thursday
that top-level al-Qaida suspects
should not be tried in civilian
courts, but trying lower-level
operatives in the civilian legal
system "makes sense to me."

The Republican senator said
"I'm going to have my hands
full holding back" some fellow
Republicans who want to rule
out the use of civilian courts
altogether to try terrorist sus-
pects.

Ghailani's prosecution
demonstrated some of the legal
hurdles the government would
face at civilian trials. Last
month, the judge barred the
government from calling a key
witness, saying prosecutors
learned of his identity through
harsh CIA interrogation of
Ghailani at a secret overseas
prison.

‘S Bethel Brothers Morticians

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

Funeral Service For

Almira Louise
Braynen, 73

of Harold Road Heights
and formerly of
Polhmeus Street and
Kingston, Jamaica will
be held on Saturday,
November 20, 2010 at

2pm at The Kingdom
Hall of Jehovah’s
Witnesses, Theodora

} Lane. Cremation will
follow.

=
P

Almira will forever be remembered by her
beloved children, Rolito Bird, Theresa
McDougall, Sandra Bailey, Donovan Braynen
and Dale Hanna (adopted); treasured
grandchildren, Latisha, Tamar, Tiana, Simone,
Vanessa, Ayesha, Shamsi, Britney, Nadjhla and
Albany; great grandchildren, Jahlysa and
Jalaiya; devoted brother, Alphonso McDougall
and loving sister, Sadie McDougall; caring
daughters-in-law, Gail Bird and Tanya Braynen;
son-in-law, Errol Bailey; sister-in-law, Norma
McDougall; nieces, Valerie, Maxine, Juliet,
Vivienne, Angela, Suzette, Karen, Philipa and
Nikki; nephews, Gladstone, Everton, Courtney,
Tony and Dwight; dear and special friends,
Annette McSweeny, Rose Key, Zen and Theresa
Rahming, Theresa McKinney, Jermaine and
Janean Bethell, Arnold and Charmaine Miller,
Stephanie Turnquest, Yvette Lockhart, Sherrell
Johnson, Dorothea Whitlock, Christabell
Johnson, Amethyst Bain, Jasmine McClain,
Linda Bethel, Prescola King and family, Gwen
Martinborough and family, Ricardo Martin and
family, Andrea Wood and family, Eugenia Bain
and family, Frances Gray, Dr Eugene M Cooper;
other spiritual brothers and sisters from the
congregations of Jehovah’s Witnesses and other
countless family and friends whom were blessed
to know her.

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


THE TRIBUNE

FRIDAY, NOVEMBER 19, 2010, PAGE 11



INTERNATIONAL NEWS



Cholera
protesters
attack cars in
Haiti capital

JONATHAN M. KATZ,
Associated Press
PORT-AU-PRINCE, Haiti

Anti-U.N. violence spread to
Haiti's capital Thursday as pro-
testers blocked roads and
attacked foreigners’ cars over
suspicions that peacekeepers
introduced a cholera epidemic
that has killed more than 1,100
people, according to Associated
Press.

The unrest followed three
days of similar violence in
northern Haiti. The protests
come a little more than a week
before national elections, and
the U.N. has characterized
them as political. Some demon-
strators threw rocks at an office
of President Rene Preval's Uni-
ty party and tore down cam-
paign posters.

But the protests are fueled
by suspicions, shared by some
US. disease experts, that a con-
tingent of Nepalese soldiers
brought cholera with them to
Haiti and spread the disease
from their rural base into the
Artibonite River system, where
the initial outbreak was cen-
tered.

Water

The disease is new to Haiti
and was not expected to strike
this year despite rampant bad
sanitation and poor access to
drinking water.

The 12,000-member U.N.
Stabilization Mission in Haiti,
or MINUSTAH, which has
been the dominant security
force in Haiti for six years,
denies responsibility for the epi-
demic.

Standing before the thick
black smoke of blazing tires
Thursday, protesters yelled
"We say no to MINUSTAH
and no to cholera" and carried
signs reading "MINUSTAH
and cholera are twins." The
windows of several cars belong-
ing to the U.N. and humanitar-
jan groups were broken.

Haitian police fired tear gas
at the protesters on the central
Champ de Mars plaza, and
clouds of choking irritants blew
into nearby tent shelters of
thousands made homeless by
the Jan. 12 earthquake.

"I survived the quake but the
police are going to kill me with
gas," Marie Paul Moses said as

IMSS rT
WRU
SC

ROBERT WIELAARD,
Associated Press
BRUSSELS

European nations should
send Haiti a whole range of
medical supplies, not just mon-
ey, to fight the cholera out-
break, the European Commis-
sion urged Thursday.

The Commission said there
is a great need for medical
skills, beds, epidemiological
expertise, antibiotics, intra-
venous catheters, body bags,
water purification tablets, rehy-
dration salts and ambulances.

EU Humanitarian Relief
Commissioner Kristalina
Georgieva said helping Haiti
"was not just a matter of mon-
ey" but of material help. She
said Haiti's health system has
been overwhelmed by the
cholera outbreak and outside
help was "urgently needed to
cover growing gaps in health,
water, sanitation, hygiene and
logistics."

She said 1,110 people have
already died of cholera in Haiti
and 18,380 had been hospital-
ized. Residents in northern and
central Haiti rioted this week
over suspicions that a month-
old cholera epidemic was
brought to Haiti by U.N. peace-
keepers from Nepal.



she fled the white cloud.

Aid workers, including U.N.
humanitarian agencies that are
structurally separate from the
peacekeeping force, called for
calm, saying the violence is
hampering efforts to treat the
tens of thousands of people
stricken with cholera.

The disease is spread by con-
taminated fecal matter. Health
experts say it can be easily
treated with rehydration or pre-
vented outright by ensuring
good sanitation and getting
people to drink only purified
water.

But after years of instability,
and despite decades of devel-
opment projects, many Haitians
have little access to clean water,
toilets or health care.

peacekeeper from Brazil
falls from a truck in front
of demonstrators during a
protest in Port-au-Prince,
Haiti, Thursday, Nov. 18,
2010. Following days of
rioting in northern Haiti
over suspicions that U.N.
soldiers introduced a
cholera epidemic that has
killed more than 1,000
people, protesters in Haiti’s
capital clashed with police
Thursday lashing out at
U.N. peacekeepers and the
government, blocking
roads and attacking for-
eigners’ vehicles.





(AP Photo/Emilio Morenatti)

SUFFERING: A boy reacts to the effects of tear gas fired by police and UN soldiers during a protest in an
area where displaced earthquake survivors live in Port-au-Prince, Haiti, Thursday, Nov. 18, 2010.



1

TE
Bn a

_| FACE OF ANGER: A UN

Apes
HELI ero) see cg 1e



resale



(AP Photo/Emilio Morenatti) (AP Photo/Ramon Espinosa)
CRYING SHAME: Refugees react to the effects of tear gas fired by police and UN soldiers during a protest in an area where displaced earth-
quake survivors live in Port-au-Prince, Haiti, Thursday, Nov. 18, 2010.




AP Photo/Ramon Espinosa



















tes tey
FAT ee a Re

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


PAGE 12, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE



LOCAL NEWS

Celebrating 10
years of the Sting
Junkanoo group

CELEBRATING its 10th anniversary,
the Sting Junkanoo group hosted a gala
ball last month under the dual patronage
of Minister of Youth, Sports and Culture
Charles Maynard and Senator Allyson
Maynard-Gibson.

The group, which is known for its origi-
nal songs about Bahamian culture, has
won two Cacique awards.

In addition to the group’s performances
during the Boxing Day and New Year’s



Day parades, Sting also hosts events for
less fortunate children at the various
homes in both New Providence and
Freeport.

During the ball, Sting honoured those
individuals and companies which have sup-
ported the group over the years, among
them K B, Samuel Heastie, group leader
Bernard Hanna, the group’s song writers
and composers, sponsors and other well-
wishers.

GALA ATTENDEES: Mr and Mrs Neville Wisdom and Mr and Mrs Styles.

>~

Pirex: specially

‘ formulated to

remove ground-in
y dirseand leave your
arte smelling

aN
Rep

Purex’ Complete 3-in-1~ Laundry Sheets
* Aload’s worth of detergent, softener and anti-static on

each sheet

* Drop sheet in washer, transfer with clothes to dryer

* REPEL Stain Blocker technology helps protect against
dirt and stains

* Laundry, Simplified®

® 2010 The Dial Corporation, a Henkel company.

Purex” Liquid Fabric Softener

* Available in regular (1X) or ultra (2X) concentrated
formulas

* Variety of fragrance to choose from

* Purex Natural Elements variants are hypoallergenic,
free of dyes and contain natural fragrance extracts

Purex’ Ultra Liquid Detergent

* Works well in all temperatures

* Penetrates deep down into fabric fibers to remove dirt

* Concentrated formula, easier to handle, less bottle waste

Distriouted by The d’Albenas Agency, Palmdale 677-1441





CELEBRATION: Senator Allyson Maynard-Gibson and members of Sting.



AWARDS: United Sanitation, Arawak Homes, Thompson Trading and Mr Gibson receiving awards
from the Junkanoo group Sting.



MINISTER of Youth, Sports and Culture Charles Maynard with Mr Gibson and a friend.

— CTL mT IG
a COTTE ya AE

Te a

Te Cas werd

OL

ie
7 al ||

Except On Netitems/i

Palmdale Shopping Center





ST. KITTS CHARGES
MEN WITH STICKUP
OF TOURISTS

BASSETERRE, St. Kitts

AUTHORITIES in the
Caribbean nation of St. Kitts
say they have charged three
men with ambushing a tour bus
and robbing a group of cruise
ship passengers at gunpoint,
according to Associated Press.

Police spokesman Vaughn
Henderson said Thursday
evening that the three suspects
are charged with armed rob-
bery and face up to 20 years in
prison if convicted.

Henderson says two more
people may be arrested in con-
nection with the Sunday rob-
bery, which prompted two
cruise ship companies to can-
cel Wednesday port calls to St.
Kitts.

Police say masked gunmen
robbed 16 tourists from the lin-
er Celebrity Mercury as the
group headed to Brimstone Hill
Fortress, a park popular with
visitors.

The suspects are all in their
20s.

Share
your
news

The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.

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

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


Wilts

THE TRIBUNE

- ,. u



FRIDAY, NOVEMBER 2010

Tipe



Mall says traffic.

‘Several thousand’
extra Baha Mar jobs

alowe@tribunemedia.net

i By NEIL HARTNELL
i Tribune Business Editor

Mitigation plan
‘hits resistance’

By ALISON LOWE
Business Reporter

There has been a “mani-
fest difference” in business
levels at the Town Centre
Mall due to road works on
Robinson Road and Blue
Hill Road, its general man-
ager yesterday lamenting
that requests for help in
finding ways to reduce this

with resistance” from the
Government and main
contractor.

SECTION B « business@tribunemedia.net

Between 200-300 additional

? Bahamian contractors and up
i to 4,500 extra construction
? workers could be employed on
? the $2.6 billion Baha Mar pro-
? ject as a result of Prime Minis-
? ter Hubert Ingraham winning
: «“ ? an extra $200 million in con-
impact have allegedly “met ? tracts from the developer’s Chi-
? nese partners, the Bahamian
i Contractors Association’s
. _ + (BCA) president told Tribune
Frank McGwire told Tri- :

: Business yesterday.

WH BCA chief says $200m increase in contracts for Bahamian contractors
could employ extra 200-300 contractors, 1,000-4,500 workers, on $2.6bn

Cable Beach project

But uncertain if industry yet up to challenge, warning ‘important to get it
right first time’ to engender confidence in Bahamian construction industry

after it informed him that the
Inter-American Development
Bank (IDB) had approved a
$150,000 grant to finance a
$225,000 project designed to

nal processes, Stephen Wrinkle
said that despite the good news,
he was uncertain whether the
Bahamian construction industry
had the depth of skills talent to

While praising Prime Minis-

ter Hubert Ingraham’s tough ;
negotiating stance in winning a }

SEE page 6B



| ‘Mixed bag’
Of 65-80%
Thanksgiving
- occupancies

: * Sector ‘still not satistied
| that we are showing the

: gains the industry really

| wants to see at this time’

: * October and November
| did not attain pre-

: recession business levels

i By ALISON LOWE
Business Reporter
i alowe@tribunemedia.net

“strengthen” the BCA’s inter- handle the Baha Mar project. New Providence hotels are

i eyeing a “mixed bag” of
i results for the upcoming
i Thanksgiving holiday, with
i occupancies set to range from
i lows of 65 per cent to 80 per
i cent, the Bahamas Hotel
i Association’s (BHA) presi-
i dent said yesterday.

i Overall improvements in
? the tourism sector “have been
? somewhat slower than we
i expected”, Robert Sands said
i yesterday, adding that
? although indicators are “head-

bune Business that “trying
to mitigate the problems
during the time of the
work is awfully important,
and we don’t seem to be
getting whole lot of assis-
tance” in this area, adding
that making it easier for
customers to navigate the
roadworks will be “crucial” :
for business at Town Cen-
tre Mall over the next five
weeks to leading up to
Christmas. i
“My understanding from

Speaking to this newspaper

KERZNER’S $2.6 BILLION BAHA MAR HIGH STAKES ‘POKER GAME’

By NEIL HARTNELL
Tribune Business Editor

Kerzner International and its chairman
are engaged in a high-stakes “poker game”,
a former Bahamas Chamber of Commerce
president told Tribune Business yesterday,
adding that he understood Sol Kerzner’s
position over his ‘Most Favoured Nation’

the engineering people is
that we’re looking at this
[roadworks] continuing
through October or so of
next year. We’ve got staff
to pay and real property

tax to pay, and all that kind

of stuff, so if we can work
together to mitigate the
problems I think we’d be
better off, but so far we



DIONISIO
D’AGUILAR

clause. And he warned: “Don’t kill the
goose that laid the golden egg.”

SEE page 5B



TOURISM LANDMARK: Atlantis in Paradise Island.

‘Downside risk’ decision making
harms Bahamas over innovation



i ing in the right direction, we

SEE page 3B

Building supplies firms
suffer from ‘flat? environment

: : By ALISON LOWE
haven't found a real coop- } By NEIL HARTNELL * Chamber chief says nd ness R
erative way to do that,” : Tribune Busi Edit bebeyret and aus
’ : ribune busimess or . ij j
said Mr McGuire. i _ failure to focus on pone MIU eine dienes
Th 1M The Bahamas’ “ability to : : . : oe

cae pies ae eee ‘upside potential’ costing With the Central Bank of the Bahamas describing
: ; P : : economy” is being held back ; activity in the construction sector as “anemic” and “decel-
issue is arecommendation eh cn io ae Bahamas economic erating”, Bahamian building supply stores yesterday
that the Government/con- 8 y aie : :

ee : ~ + decisions based on downside 4 reported flat or declining sales, with one supplier reveal-
tractor find alternatives to | opportunities and
LAGI OE NG AeINANVeS TO 7 ick, not upside potential”, the pp ing he may temporarily close his doors next year until
the Pc ceany a have # Bahamas Chamber of Com- chance ‘to modernise conditions improve.
ae aced down the re ; merce’s president warned yes- The major supplier,who did not wish to be named,
tre of Robinson Road from :. terday, uring this nation: to economy’ said he has had to let go dozens of employees, leaving
Blue Hill to Second Street, | ae Bae ne ae only a “skeleton crew” of workers since last year. He has
ee ee on a Suggests revisiting determined that within the next month he will have to
significant d Son 16 i Khaalis Rolle told Tribune reas such as LNG and decide whether closure next year will be necessary to
access businesses : Business that the Bahamas : SEE page 4B

“You really have to 20 i needed to stop “playing and agriculture

round your elbow to get to
your thumb now in that
area, and it’s just a very
cumbersome thing,” said
Mr McGwire.

“If youre sitting at
Collins Avenue and Wulff
Road, and think you’re
going to go to Town Cen-
tre Mall, you have to really
think how you’re going to
do that. There are other
ways to do that. We’ve
kicked around some ideas
but we were met with resis-
tance.”

The General Manager
said he will have to bear
the roadworks in mind as
he makes decisions this
weekend on extending
opening hours at the Mall
going into the Christmas
season, with this set to
impact store inventory
order placements and staff
overtime payments.

SEE page 4B

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.





? toying” with industries such as
: liquefied natural gas (LNG),
? which could provide totally new
? avenues of economic opportu-
i nities, and focus just as much
? on the potential benefits they
i might bring as opposed to the
i negatives.

Identifying LNG as being

? among “some of the things
? we’ve shied away from”, Mr
? Rolle added: “That’s something
? we’ve played around with,
? toyed with, and need to go back
? and review that, and see if there
i are opportunities associated
: with it.

“We make decisions based

? on potential downside risk, not
i the potential upside benefits,
? and that’s what constrains our
? ability to innovate and mod-
i? ernise this economy.”

During the debate over the

proposed multi-million dollar
? AES Ocean Express LNG
? plant, which was slated for
: Ocean Cay, a man-made island
i near
:? plants/pipelines proposed by
&é ) : i Tractebel (Suez) and El Paso

That's something I am ; in Grand Seda much was
? made about the risks of an
? explosion or negative environ-
? mental impacts - issues that
i appeared to delay, then force
? these projects into cold storage
: so far as government approvals
i were concerned.

Bimini, and other

“There are risks associated

? with LNG, but those risks, par-
? ticularly in this area, are mini-
? mal,” Mr Rolle told Tribune
i Business. “We need to stop
? playing politics with these
? things, and make some hard
i decisions.”

Far too often, Bahamians,
policymakers and decision-

? makers were “looking at the
? downside risks and saying: “You
i know what, it’s too risky.’ But
? we don’t have the same amount
? of evidence in support of the
i downside risks as we do in sup-
? port of the upside risks”.

Acknowledging that “we

need to get moving” in terms
: of restoring the Bahamian

SEE page 5B





KHAALIS ROLLE

FG FINANCIAL

PENSIONS & INVESTMENTS

call us today at 396-4000

FAMILY GUARDIAN CORPORATE CENTRE: AT THE JUNCTION OF VILLAGE ROAD, SHIRLEY STREET & EAST BAY STREET | www.famguardbahamas.com

|
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PO Worry free

[ sound investment management
[ independent corporate trustee

oversight

[1 independent corporate custodian
[1 diversified investment portfolio

all of the above

A SUBSIDIARY OF

FAMGUARD

CORPORATION LIMITED


Wilts

THE TRIBUNE

- ,. u



FRIDAY, NOVEMBER 2010

Tipe



Mall says traffic.

‘Several thousand’
extra Baha Mar jobs

alowe@tribunemedia.net

i By NEIL HARTNELL
i Tribune Business Editor

Mitigation plan
‘hits resistance’

By ALISON LOWE
Business Reporter

There has been a “mani-
fest difference” in business
levels at the Town Centre
Mall due to road works on
Robinson Road and Blue
Hill Road, its general man-
ager yesterday lamenting
that requests for help in
finding ways to reduce this

with resistance” from the
Government and main
contractor.

SECTION B « business@tribunemedia.net

Between 200-300 additional

? Bahamian contractors and up
i to 4,500 extra construction
? workers could be employed on
? the $2.6 billion Baha Mar pro-
? ject as a result of Prime Minis-
? ter Hubert Ingraham winning
: «“ ? an extra $200 million in con-
impact have allegedly “met ? tracts from the developer’s Chi-
? nese partners, the Bahamian
i Contractors Association’s
. _ + (BCA) president told Tribune
Frank McGwire told Tri- :

: Business yesterday.

WH BCA chief says $200m increase in contracts for Bahamian contractors
could employ extra 200-300 contractors, 1,000-4,500 workers, on $2.6bn

Cable Beach project

But uncertain if industry yet up to challenge, warning ‘important to get it
right first time’ to engender confidence in Bahamian construction industry

after it informed him that the
Inter-American Development
Bank (IDB) had approved a
$150,000 grant to finance a
$225,000 project designed to

nal processes, Stephen Wrinkle
said that despite the good news,
he was uncertain whether the
Bahamian construction industry
had the depth of skills talent to

While praising Prime Minis-

ter Hubert Ingraham’s tough ;
negotiating stance in winning a }

SEE page 6B



| ‘Mixed bag’
Of 65-80%
Thanksgiving
- occupancies

: * Sector ‘still not satistied
| that we are showing the

: gains the industry really

| wants to see at this time’

: * October and November
| did not attain pre-

: recession business levels

i By ALISON LOWE
Business Reporter
i alowe@tribunemedia.net

“strengthen” the BCA’s inter- handle the Baha Mar project. New Providence hotels are

i eyeing a “mixed bag” of
i results for the upcoming
i Thanksgiving holiday, with
i occupancies set to range from
i lows of 65 per cent to 80 per
i cent, the Bahamas Hotel
i Association’s (BHA) presi-
i dent said yesterday.

i Overall improvements in
? the tourism sector “have been
? somewhat slower than we
i expected”, Robert Sands said
i yesterday, adding that
? although indicators are “head-

bune Business that “trying
to mitigate the problems
during the time of the
work is awfully important,
and we don’t seem to be
getting whole lot of assis-
tance” in this area, adding
that making it easier for
customers to navigate the
roadworks will be “crucial” :
for business at Town Cen-
tre Mall over the next five
weeks to leading up to
Christmas. i
“My understanding from

Speaking to this newspaper

KERZNER’S $2.6 BILLION BAHA MAR HIGH STAKES ‘POKER GAME’

By NEIL HARTNELL
Tribune Business Editor

Kerzner International and its chairman
are engaged in a high-stakes “poker game”,
a former Bahamas Chamber of Commerce
president told Tribune Business yesterday,
adding that he understood Sol Kerzner’s
position over his ‘Most Favoured Nation’

the engineering people is
that we’re looking at this
[roadworks] continuing
through October or so of
next year. We’ve got staff
to pay and real property

tax to pay, and all that kind

of stuff, so if we can work
together to mitigate the
problems I think we’d be
better off, but so far we



DIONISIO
D’AGUILAR

clause. And he warned: “Don’t kill the
goose that laid the golden egg.”

SEE page 5B



TOURISM LANDMARK: Atlantis in Paradise Island.

‘Downside risk’ decision making
harms Bahamas over innovation



i ing in the right direction, we

SEE page 3B

Building supplies firms
suffer from ‘flat? environment

: : By ALISON LOWE
haven't found a real coop- } By NEIL HARTNELL * Chamber chief says nd ness R
erative way to do that,” : Tribune Busi Edit bebeyret and aus
’ : ribune busimess or . ij j
said Mr McGuire. i _ failure to focus on pone MIU eine dienes
Th 1M The Bahamas’ “ability to : : . : oe

cae pies ae eee ‘upside potential’ costing With the Central Bank of the Bahamas describing
: ; P : : economy” is being held back ; activity in the construction sector as “anemic” and “decel-
issue is arecommendation eh cn io ae Bahamas economic erating”, Bahamian building supply stores yesterday
that the Government/con- 8 y aie : :

ee : ~ + decisions based on downside 4 reported flat or declining sales, with one supplier reveal-
tractor find alternatives to | opportunities and
LAGI OE NG AeINANVeS TO 7 ick, not upside potential”, the pp ing he may temporarily close his doors next year until
the Pc ceany a have # Bahamas Chamber of Com- chance ‘to modernise conditions improve.
ae aced down the re ; merce’s president warned yes- The major supplier,who did not wish to be named,
tre of Robinson Road from :. terday, uring this nation: to economy’ said he has had to let go dozens of employees, leaving
Blue Hill to Second Street, | ae Bae ne ae only a “skeleton crew” of workers since last year. He has
ee ee on a Suggests revisiting determined that within the next month he will have to
significant d Son 16 i Khaalis Rolle told Tribune reas such as LNG and decide whether closure next year will be necessary to
access businesses : Business that the Bahamas : SEE page 4B

“You really have to 20 i needed to stop “playing and agriculture

round your elbow to get to
your thumb now in that
area, and it’s just a very
cumbersome thing,” said
Mr McGwire.

“If youre sitting at
Collins Avenue and Wulff
Road, and think you’re
going to go to Town Cen-
tre Mall, you have to really
think how you’re going to
do that. There are other
ways to do that. We’ve
kicked around some ideas
but we were met with resis-
tance.”

The General Manager
said he will have to bear
the roadworks in mind as
he makes decisions this
weekend on extending
opening hours at the Mall
going into the Christmas
season, with this set to
impact store inventory
order placements and staff
overtime payments.

SEE page 4B

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.





? toying” with industries such as
: liquefied natural gas (LNG),
? which could provide totally new
? avenues of economic opportu-
i nities, and focus just as much
? on the potential benefits they
i might bring as opposed to the
i negatives.

Identifying LNG as being

? among “some of the things
? we’ve shied away from”, Mr
? Rolle added: “That’s something
? we’ve played around with,
? toyed with, and need to go back
? and review that, and see if there
i are opportunities associated
: with it.

“We make decisions based

? on potential downside risk, not
i the potential upside benefits,
? and that’s what constrains our
? ability to innovate and mod-
i? ernise this economy.”

During the debate over the

proposed multi-million dollar
? AES Ocean Express LNG
? plant, which was slated for
: Ocean Cay, a man-made island
i near
:? plants/pipelines proposed by
&é ) : i Tractebel (Suez) and El Paso

That's something I am ; in Grand Seda much was
? made about the risks of an
? explosion or negative environ-
? mental impacts - issues that
i appeared to delay, then force
? these projects into cold storage
: so far as government approvals
i were concerned.

Bimini, and other

“There are risks associated

? with LNG, but those risks, par-
? ticularly in this area, are mini-
? mal,” Mr Rolle told Tribune
i Business. “We need to stop
? playing politics with these
? things, and make some hard
i decisions.”

Far too often, Bahamians,
policymakers and decision-

? makers were “looking at the
? downside risks and saying: “You
i know what, it’s too risky.’ But
? we don’t have the same amount
? of evidence in support of the
i downside risks as we do in sup-
? port of the upside risks”.

Acknowledging that “we

need to get moving” in terms
: of restoring the Bahamian

SEE page 5B





KHAALIS ROLLE

FG FINANCIAL

PENSIONS & INVESTMENTS

call us today at 396-4000

FAMILY GUARDIAN CORPORATE CENTRE: AT THE JUNCTION OF VILLAGE ROAD, SHIRLEY STREET & EAST BAY STREET | www.famguardbahamas.com

|
j

PO Worry free

[ sound investment management
[ independent corporate trustee

oversight

[1 independent corporate custodian
[1 diversified investment portfolio

all of the above

A SUBSIDIARY OF

FAMGUARD

CORPORATION LIMITED


PAGE 2B, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE



Drug plan processes
400 claims per day

The Government’s Nation-
al Prescription Drug Plan is
processing on average 400
claims per day, the National
Insurance Board’s (NIB)
director has confirmed, with
payments to pharmacies -
which have averaged $16,000
per week - jumping to $24,000
per week.

Algernon Cargill told mem-
bers of the Rotary Club of
Nassau this week that NIB
believes it will be able to
launch the Plan’s Phase IT ear-
lier than expected next year
due to the progress made with
Phase I, some 13,000 people
now already registered.

“In terms of the first six
weeks of the Plan, we’ve reg-
istered more than 13,000 peo-
ple, so we have 40 per cent of
our target members already
registered,” Mr Cargill said.

“We have 36 private phar-
macies now. Quite a few
pharmacies who were origi-
nally hesitant are now sign-
ing on because the good news
about the plan is spreading.
That’s 70 per cent of our tar-
get pharmacies, and certainly
these 36 private pharmacies
are enough to run the plan.
We will accept new pharma-
cies coming on, but we don’t

need any new pharmacies to
make the plan successful.”

Mr Cargill said payments
to the private pharmacies
have averaged around $16,000
per week, and last week
jumped to about $24,000. He
added that the private phar-
macies were being consis-
tently paid on time.

“The National Insurance
Board agreed and contracted
that we would pay weekly,
and since the Plan was
launched in September ’m
happy to say every week
we’ve paid on time.

“As a matter of fact, a day
early. We’ve paid all of the
private pharmacies for pro-
viding the medication to the
patients on our behalf, and
the way we pay is we direct
deposit the funds into their
account electronically,” he
said.

Mr Cargill said the Plan
was electronically processing
about 400 claims per day with
a 20 per cent rejection rate.
This compared to rejection
rates of over 50 per cent in
Jamaica during the same
introductory period, and
Jamaica’s current rate of
about 50 per cent rejections.

“Tf you have a prescription

for a drug that is not on the
formulary, then the prescrip-
tion claim will automatically
be rejected. It won’t be hon-
oured or, if you, for example,
have diabetes and your doctor
did not confirm that you have
diabetes, and he writes a pre-
scription for diabetes, we can-
not provide drugs to treat dia-
betes,” Mr Cargill said.

“The doctor has to confirm
all of the diseases you have,
and once he or she has con-
firmed a disease you’re auto-
matically covered for any of
the drugs the plan provides
for treating that ailment.”

Challenges

Identifying some of the
challenges experienced by the
Plan in the first six weeks, Mr
Cargill said many participants
had been slow to collect their
cards, while the public phar-
macies had not been very
active in sending in claims.

Some members had
attempted to fill prescriptions
for conditions for which they
were not registered, and some
doctors did not write or stamp
their names on prescriptions.

“The first point of authori-



Photo by Collin Galanos

DRUG PLAN ROTARY ADDRESS: Algernon Cargill, director of the National Insurance Board, addressed
the Rotary Club of Nassau on the details and progress of the National Prescription Drug Plan. Mr Cargill
(centre) received a certificate of appreciation from Stephen Dean (left), member of the Rotary Club of Nas-
sau, and Racquel Wallace (right), president, Rotary Club of Nassau.

sation is to confirm that the
doctor is registered with the
Medical Council of the
Bahamas,” Mr Cargill said.

“We have to have the doc-
tor’s name.

“For example, if you went
to the hospital or the clinic,
and sometimes the prescrip-
tions are written, Dr PMH or
Dr South Beach Clinic, that’s
not a registered doctor, so we
need to know, for example,

that Dr Bowe at the Princess
Margaret Hospital is the doc-
tor who signed the prescrip-
tion. So we have to encour-
age the hospital to have their
doctors to stamp their names
or write their names on all of
the prescriptions they write.”

“And so the Plan is here.
It’s a permanent Plan. It’s a
permanent benefit. We’re in
the first Phase of the Plan,
and we hope to move to

Phase II sometime next year.
I think we’ll be ready earlier
than we projected for Phase II
because Phase [is really going
very well,” Mr Cargill said.

He indicated that NIB will
soon roll out the pilot project
for its Healthy People Pro-
gramme, the second compo-
nent of the National Pre-
scription Drug Plan that seeks
to prevent disease and pro-
mote healthy lifestyles.





BFSB unveils second top financial summit

The Bahamas Financial
Services Board (BFSB) has
announced that the second
annual International Busi-
ness & Finance Summit
(IBFS) will take place on
January 21-23, 2011, at the
Radisson Our Lucaya
Resort in Freeport.

The BFSB is hoping that
more than 40 international
business leaders will join
150-plus stakeholders from







the financial services indus-
try in the Bahamas for the
three-day event.

‘Enhancing you SCRIPT
for Growth’ is the theme for
IBFS 2011, building on the
2010 event, which focused
on preparing businesses to
‘Thrive in the New Normal’,
the theme for the inaugural
IBFS.

For The Bahamas, IBFS
2010 led to adoption of

*Â¥) PICTET

PICTET BANK TRUST LIMITED









SCRIPT . This means a
Strategy for cross-sector
Coordination in a proactive
and pragmatic Regulatory
environment that recognises
that Infrastructure and a
Proactive and targeted busi-
ness development strategy
are vital and emphasises the
attraction and growth of a
world-class Talent Pool.
“The inevitable pull to the
east is having a demonstra-

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,
Frankfart, Florence, Milan, Madrid, Paris, Rome and Turin

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

ble impact on geopolitics
and trade,” said Wendy
Warren, BFSB’s chief exec-
utive and executive director.

“Concurrently, trade and
wealth are booming in the
region.

“Countries in Latin
American continue to be
ranked in the top emerging
economies and add to the
significant pool of wealth
that resides in North Amer-
ica. IBFS 2011 will explore
the impact on wealth man-
agement and international
business, and the response
required from the financial
services industry.

“Further, it will examine
how the national policies of
the Bahamas should be
deployed to fully engage the
owners of capital and entre-
preneurs for national devel-
opment.”

IBFS participants will be
involved in wide ranging dis-
cussions led by internation-
al and Bahamian experts.
Agenda items include:

Regulation and Trans-
parency: Their impact on
financial institutions from
the perspective of prof-
itability, risk management
and plans for expansion.

Taxation: The key princi-
ples driving new policies on
tax and related agreements;
the benefits for small inter-
national financial centres of

The National Insurance Board
of the Commonwealth of The Bahamas

~ Important Notice to Pensioners ~

The National Insurance Board wishes to advise the public that pension payments
for the month of November will not begin on Thursday, November 18, 2010, as
previously scheduled. Instead, payments for both November and December will
begin stmultaneously from November 26 at the usual times and places. Increases
and adjustments arising out of the July 2010 amendments to the Benefits Regulations
will also be reflected in the November 26 pension payment period.

The National Insurance Board apologizes for any tnconventence caused by the

delay in payments.



WENDY WARREN

matters such as Double Tax-
ation Agreements; the
prospects for the next 10
years; and actions that
should be taken by interna-
tional financial centres
today.

Global Cooperation:
What progress has been
achieved through the EU
Savings Tax Directive and
the Liechtenstein Disclosure
Facility? What are the
implications of recent agree-
ments between Switzerland
and EU Member Countries?



Know Your Customer
Essentials: What are the
sources of funds, business
successes and related trends
and transitions for owners
of capital in Latin America
and Greater China? How do
they approach estate plan-
ning? What are the cultural
nuances that make or break
a relationship with an exter-
nal relationship manager?
What planning structures
are being deployed? How
does the application vary
between markets such as
Canada and Latin Ameri-
ca?

Business Insights: A
round table discussion of
emerging opportunities, as
panellists consider what ser-
vices should dominate over
the next 10 years.

SCRIPT 2010: A report
on BFSB’s SCRIPT project,
its impact on development
of international business and
finance and next steps.

Breakout Sessions: Indi-
vidual small group sessions
focusing on regions and sec-
tors such as insurance, trusts
and securities.

Capitalising on Compar-
ative Advantages: A round-
table discussion with inter-
national and domestic pro-
fessionals joining Bahamian
policy makers.


PAGE 2B, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE



Drug plan processes
400 claims per day

The Government’s Nation-
al Prescription Drug Plan is
processing on average 400
claims per day, the National
Insurance Board’s (NIB)
director has confirmed, with
payments to pharmacies -
which have averaged $16,000
per week - jumping to $24,000
per week.

Algernon Cargill told mem-
bers of the Rotary Club of
Nassau this week that NIB
believes it will be able to
launch the Plan’s Phase IT ear-
lier than expected next year
due to the progress made with
Phase I, some 13,000 people
now already registered.

“In terms of the first six
weeks of the Plan, we’ve reg-
istered more than 13,000 peo-
ple, so we have 40 per cent of
our target members already
registered,” Mr Cargill said.

“We have 36 private phar-
macies now. Quite a few
pharmacies who were origi-
nally hesitant are now sign-
ing on because the good news
about the plan is spreading.
That’s 70 per cent of our tar-
get pharmacies, and certainly
these 36 private pharmacies
are enough to run the plan.
We will accept new pharma-
cies coming on, but we don’t

need any new pharmacies to
make the plan successful.”

Mr Cargill said payments
to the private pharmacies
have averaged around $16,000
per week, and last week
jumped to about $24,000. He
added that the private phar-
macies were being consis-
tently paid on time.

“The National Insurance
Board agreed and contracted
that we would pay weekly,
and since the Plan was
launched in September ’m
happy to say every week
we’ve paid on time.

“As a matter of fact, a day
early. We’ve paid all of the
private pharmacies for pro-
viding the medication to the
patients on our behalf, and
the way we pay is we direct
deposit the funds into their
account electronically,” he
said.

Mr Cargill said the Plan
was electronically processing
about 400 claims per day with
a 20 per cent rejection rate.
This compared to rejection
rates of over 50 per cent in
Jamaica during the same
introductory period, and
Jamaica’s current rate of
about 50 per cent rejections.

“Tf you have a prescription

for a drug that is not on the
formulary, then the prescrip-
tion claim will automatically
be rejected. It won’t be hon-
oured or, if you, for example,
have diabetes and your doctor
did not confirm that you have
diabetes, and he writes a pre-
scription for diabetes, we can-
not provide drugs to treat dia-
betes,” Mr Cargill said.

“The doctor has to confirm
all of the diseases you have,
and once he or she has con-
firmed a disease you’re auto-
matically covered for any of
the drugs the plan provides
for treating that ailment.”

Challenges

Identifying some of the
challenges experienced by the
Plan in the first six weeks, Mr
Cargill said many participants
had been slow to collect their
cards, while the public phar-
macies had not been very
active in sending in claims.

Some members had
attempted to fill prescriptions
for conditions for which they
were not registered, and some
doctors did not write or stamp
their names on prescriptions.

“The first point of authori-



Photo by Collin Galanos

DRUG PLAN ROTARY ADDRESS: Algernon Cargill, director of the National Insurance Board, addressed
the Rotary Club of Nassau on the details and progress of the National Prescription Drug Plan. Mr Cargill
(centre) received a certificate of appreciation from Stephen Dean (left), member of the Rotary Club of Nas-
sau, and Racquel Wallace (right), president, Rotary Club of Nassau.

sation is to confirm that the
doctor is registered with the
Medical Council of the
Bahamas,” Mr Cargill said.

“We have to have the doc-
tor’s name.

“For example, if you went
to the hospital or the clinic,
and sometimes the prescrip-
tions are written, Dr PMH or
Dr South Beach Clinic, that’s
not a registered doctor, so we
need to know, for example,

that Dr Bowe at the Princess
Margaret Hospital is the doc-
tor who signed the prescrip-
tion. So we have to encour-
age the hospital to have their
doctors to stamp their names
or write their names on all of
the prescriptions they write.”

“And so the Plan is here.
It’s a permanent Plan. It’s a
permanent benefit. We’re in
the first Phase of the Plan,
and we hope to move to

Phase II sometime next year.
I think we’ll be ready earlier
than we projected for Phase II
because Phase [is really going
very well,” Mr Cargill said.

He indicated that NIB will
soon roll out the pilot project
for its Healthy People Pro-
gramme, the second compo-
nent of the National Pre-
scription Drug Plan that seeks
to prevent disease and pro-
mote healthy lifestyles.





BFSB unveils second top financial summit

The Bahamas Financial
Services Board (BFSB) has
announced that the second
annual International Busi-
ness & Finance Summit
(IBFS) will take place on
January 21-23, 2011, at the
Radisson Our Lucaya
Resort in Freeport.

The BFSB is hoping that
more than 40 international
business leaders will join
150-plus stakeholders from







the financial services indus-
try in the Bahamas for the
three-day event.

‘Enhancing you SCRIPT
for Growth’ is the theme for
IBFS 2011, building on the
2010 event, which focused
on preparing businesses to
‘Thrive in the New Normal’,
the theme for the inaugural
IBFS.

For The Bahamas, IBFS
2010 led to adoption of

*Â¥) PICTET

PICTET BANK TRUST LIMITED









SCRIPT . This means a
Strategy for cross-sector
Coordination in a proactive
and pragmatic Regulatory
environment that recognises
that Infrastructure and a
Proactive and targeted busi-
ness development strategy
are vital and emphasises the
attraction and growth of a
world-class Talent Pool.
“The inevitable pull to the
east is having a demonstra-

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,
Frankfart, Florence, Milan, Madrid, Paris, Rome and Turin

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

ble impact on geopolitics
and trade,” said Wendy
Warren, BFSB’s chief exec-
utive and executive director.

“Concurrently, trade and
wealth are booming in the
region.

“Countries in Latin
American continue to be
ranked in the top emerging
economies and add to the
significant pool of wealth
that resides in North Amer-
ica. IBFS 2011 will explore
the impact on wealth man-
agement and international
business, and the response
required from the financial
services industry.

“Further, it will examine
how the national policies of
the Bahamas should be
deployed to fully engage the
owners of capital and entre-
preneurs for national devel-
opment.”

IBFS participants will be
involved in wide ranging dis-
cussions led by internation-
al and Bahamian experts.
Agenda items include:

Regulation and Trans-
parency: Their impact on
financial institutions from
the perspective of prof-
itability, risk management
and plans for expansion.

Taxation: The key princi-
ples driving new policies on
tax and related agreements;
the benefits for small inter-
national financial centres of

The National Insurance Board
of the Commonwealth of The Bahamas

~ Important Notice to Pensioners ~

The National Insurance Board wishes to advise the public that pension payments
for the month of November will not begin on Thursday, November 18, 2010, as
previously scheduled. Instead, payments for both November and December will
begin stmultaneously from November 26 at the usual times and places. Increases
and adjustments arising out of the July 2010 amendments to the Benefits Regulations
will also be reflected in the November 26 pension payment period.

The National Insurance Board apologizes for any tnconventence caused by the

delay in payments.



WENDY WARREN

matters such as Double Tax-
ation Agreements; the
prospects for the next 10
years; and actions that
should be taken by interna-
tional financial centres
today.

Global Cooperation:
What progress has been
achieved through the EU
Savings Tax Directive and
the Liechtenstein Disclosure
Facility? What are the
implications of recent agree-
ments between Switzerland
and EU Member Countries?



Know Your Customer
Essentials: What are the
sources of funds, business
successes and related trends
and transitions for owners
of capital in Latin America
and Greater China? How do
they approach estate plan-
ning? What are the cultural
nuances that make or break
a relationship with an exter-
nal relationship manager?
What planning structures
are being deployed? How
does the application vary
between markets such as
Canada and Latin Ameri-
ca?

Business Insights: A
round table discussion of
emerging opportunities, as
panellists consider what ser-
vices should dominate over
the next 10 years.

SCRIPT 2010: A report
on BFSB’s SCRIPT project,
its impact on development
of international business and
finance and next steps.

Breakout Sessions: Indi-
vidual small group sessions
focusing on regions and sec-
tors such as insurance, trusts
and securities.

Capitalising on Compar-
ative Advantages: A round-
table discussion with inter-
national and domestic pro-
fessionals joining Bahamian
policy makers.


THE TRIBUNE



FRIDAY, NOVEMBER 19, 2010, PAGE 3B



US law gives
Bahamians
tough asset
freeze tools

By ALISON LOWE
Business Reporter

alowe@tribunemedia.net

Bahamian creditors,
debtors, liquidators and
trustees can use “very pow-
erful tools” available to them
under US law when seeking
to gather information on,
freeze and recover assets in
the US, accountants were
advised yesterday.

Edmund Rahming, manag-
ing director of Krys, Rahming
and Associates, specialists in
corporate recovery and insol-
vency, revealed that recent
US court judgments and sen-
sitivity on the part of US
banks regarding issues such
as terrorism have made it eas-
ier for those seeking informa-
tion on assets from abroad to
gain institutions’ compliance
in the US. “Asset recovery is
a very important process in
the whole process of an asset
investigation, a fraud investi-
gation, family law litigation,
dispute consulting, insolvency
etc. It is very important we
have the tools here in the
Bahamas on what assets are
available. What assets a
debtor may have that we can
pursue. Key to that is how do
we go about finding this infor-
mation,” said Mr Rahming,
who was speaking as a pre-
senter at the Bahamas Insti-
tute of Chartered Accoun-
tants (BICA) ‘Accountants
Week’ seminar yesterday.

Mr Rahming outlined pri-
vate and judicial avenues
available to help those seek-
ing information on assets in
the US gain access to it.
These, he said, include the use
of databases such as Lexus-
Nexus and Pacer, or hiring
private investigators.

Judicial avenues include
utilising section 1782 of Title
28 of the United States Code,

also known as a ‘1782 Dis-
covery’, to obtain evidence .

“It’s a very powerful tool. If
you are a foreign debtor or
creditor and you need infor-
mation specific to your case,
and you can narrow that
information down to exactly
what you need, you can apply
to the US courts in obtaining
that information. It’s very
popular in Cayman, BVI and
Bermuda. We live in an inter-
connected world, and quite
often these entities outside
the US have some relation to
the US and there’s some juris-
diction that can be imposed
on them in the US,” Mr Rah-
ming said.

Another judicial tool
includes Rule 2004 of the
Federal Rules of Bankruptcy
Procedure, said Mr Rahming.
“This is another very power-
ful tool used mainly by liq-
uidators. Once you obtain
Chapter 15 you’re allowed to
approach the court for a
motion of examination. This
will allow to to obtain infor-
mation not just on a debtor
but on parties who may have
done business with this par-
ticular debtor. It allows you
to use a broad brush to look
at what the debtors own and
it’s supposed to be a fishing
expedition,” he added.

Among the options open to
those seeking to freeze assets,
Mr Rahming said, were the
use of the Mareva Order as a
popular method which “usu-
ally results in settlement”.

“Inevitably, once some-
one’s accounts are frozen peo-
ple usually sit down and talk
about how they can settle
something,” said Mr Rah-
ming. He noted that it has
become increasingly common
for those seeking the freezing
of assets to issue a ‘Mareva
by letter’, which does not
involve the court.

“Some banks ignore it, but
in the current climate with the
anti-money laundering regu-
lations we are now finding
that if you send a Mareva by
letter to a banking institution
almost anywhere in the world,
and the letter is very detailed
and you talk about the action
you are about to initiate or
are in the midst of, and give
really good evidence, in most
cases banks will actually
freeze those accounts and
wait to hear from you. It’s
becoming very popular not to
go to the court but to send
out a letter which is much
quicker,” he stated.

With regard to asset recov-
ery, Mr Rahming explained
that it has become “very
easy” for foreign creditors to
have judgments or arbitral
awards, which may have been
awarded elsewhere, such as
the Bahamas, enforced in the
US against a defendant.

“The US has become
extremely responsive in
recent times. If you have a
judgment against a party in
the Bahamas or elsewhere
outside the US, taking that
judgment to the US to have
that recognised in the US has
become very easy. You find it
happening on a regular basis
now,” he said.

Mr Rahming referred also
to a recent court judgment -
the ‘Koehler opinion’ - which
set a precedent for a claimant
to ask the US courts for assets
being held by an institution
outside of the US handed
over to them if the entity has
“an affiliate entity” in the US.

“So that’s a huge case, and
now you are finding more and
more attorneys are going after
entities in New York rather
than in the offshore market,”
said Mr Rahming.

THE PARTNERS SELF-FUNDED
HEALTH PLAN

to

1 Pateers Meee ae

THE PSAP: “Parteerieg To Bring You The Bord In Adorable Healdheors in The Boho”

NOTICE

70% Sign Up For Teachers’ Health Plan Via The

Attention Teachers:

Partners.

‘Mixed bag’ of 65-80%
PCR TIE TAs

FROM page 1B

are still not satisfied that we are showing the

Speaking of the upcoming Thanksgiving
holiday specifically, Mr Sands said of book-
ings: “Some hotels are
reporting marginal
increases, some are
showing flat to last
year, and some are
showing a decline to
last year, so it’s an
overall mixed bag.”

“Certainly, for Octo-
ber and November we
still have not attained
the results we achieved
in 2008 (pre-reces-
sion).” As for Christ-
mas, Mr Sands said it is
still too far off to be
certain of how business will pan out.

Last week, Atlantis’s senior vice-president
of public affairs, Ed Fields, revealed that the
booking pace for rooms at Atlantis was "sig-
nificantly higher" for November and Decem-
ber this year, although with "marginally low-
er” room rates.

In his capacity as vice president for gov-
ernment and external affairs at Baha Mar,
which owns the Sheraton Nassau Beach
Resort and Wyndham Nassau Resort and
Crystal Palace Casino, Mr Sands said book-
ings at one of these two hotels were “flat to
last year” for Thanksgiving, while the other is
“showing slight gains”. He declined to iden-
tify which of these descriptions applied to
which hotel.

ROBERT SANDS

Outside of New Providence, the Our
Lucaya resort in Freeport told Tribune Busi-
ness it was “optimistic for the 2010 holiday”.

Having been asked about bookings and
room rate expectations for Thanksgiving and
Christmas, Nikia Wells, public relations coor-
dinator for the resort, said group and event
bookings for the Christmas period are up,
but declined to refer to individual leisure
traveler bookings.

The hotel attributed the increase in group
business, in part, to the introduction of new
packages, reduced room rates and a new
website.

Ms Wells said: “Our Lucaya will also be
offering a number of new promotions for
the 2010 Holiday Season that will combine
their unique dining experiences with accom-
modations. With the success of the resort’s
Friday Night Bahamian Buffet, several oth-
er holiday-themed buffets will be packaged
with rooms at the resort, providing travelers
with affordable options that highlight the
entire property.

“The new holiday packages will provide
value added options for guests who are price
conscious, but also looking for the complete
holiday experience.”

Back on Paradise Island, Laura Malone,
director of communications for RIU hotels
and resorts, told Tribune Business that the
company is “quite satisfied with the occu-
pancy levels and reservation rhythms we are
registering for Christmas” at the RIU Palace,
another of the island’s major resorts.

“The numbers are quite similar to the ones
we had last year, when we had just re-opened
after the complete refurbishment of the hotel
and we were promoting its upscale to the
Riu Palace category,” said Ms Malone.

NOTICE

Matioe is herby given of the logs of Bahamas Government Registered Stock Certifiorte os

follows:

Shope _lntercst Rate
A ore
2021-2026

1B350,000.00

OLS FaTay

Certificate No,

â„¢ rity Date

Septamber 22, 2023

Do irc te requcal the Repisivar to issu a peplacement certificate. If this certificate ia

found, please Write to

P.O, Bax NW-4244
Niassnd, Rahwanas.

.
-



Airborne Freight
9 Cargo Services

STILL Come Fly with US-Airborne Freight & Cargo Services,

Customs Airfreight Building.

242-377-0450/2 (off.) 242-377-0451 (fax)
242-376-3038 Or 242-455-6092 (cell)

- GetYour Cargo To Us by 12 noon and we will have it in

Nassau that SAME DAY!

As of 5:00pm, 12° November, 2010, some 70% (450-600) of
the Teachers (Nassau, Freeport & Family Islands) have
signed up for The Teachers’ Health Plan, but most are
tremendously challenged to pay the premiums for the
month of November.

Our Address is now at:
12952 NW 42nd Ave.Unit 93
Miami FL 33054
Tel:305-688-7777(office)
866-859 -8507(fax)
Airbornefreightco.com

The Partners Health Plan has negotiated a further extension
for The Teachers for their benefits at present rates, With
Continuity, through Friday, 11/19/2010.

Thereafter, benefits may be secured, but likely without
Continuity.

We are open: Monday to Friday 9:00am - 5:00pm
Saturday 10am-2:00pm, Sunday's by arrangement only.

1 to 10lbs package/box - $10.00
11 to 20 Ibs - package/boxes - $15.00
21 to 50 Ibs - package/boxes - $45.00
51 to 100 Ibs - package/boxes - $90.00

Remaining members are encouraged to complete the Our New Rates are:

application process ASAP so as to establish the Effective
Date of Benefits and Maintain the Present Premiums.

Arrange At Assured Financial Services on 432 East Bay
St. and Victoria Avenue, opposite the Mosko Building.

Our Re-launch rate of $0.40 cents per pound for freight
charges, be ahead of the competition

Get your goods here “TODAY"

Tel: 322-6735, 225-3703 or
502-9650.

Introducing CURACAO!!! Have cargo in Curaco? Call us we
can get

It to Nassau for you!!! Rates starts at $2.75 per/ib direct from
Curacao



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



FRIDAY, NOVEMBER 19, 2010, PAGE 3B



US law gives
Bahamians
tough asset
freeze tools

By ALISON LOWE
Business Reporter

alowe@tribunemedia.net

Bahamian creditors,
debtors, liquidators and
trustees can use “very pow-
erful tools” available to them
under US law when seeking
to gather information on,
freeze and recover assets in
the US, accountants were
advised yesterday.

Edmund Rahming, manag-
ing director of Krys, Rahming
and Associates, specialists in
corporate recovery and insol-
vency, revealed that recent
US court judgments and sen-
sitivity on the part of US
banks regarding issues such
as terrorism have made it eas-
ier for those seeking informa-
tion on assets from abroad to
gain institutions’ compliance
in the US. “Asset recovery is
a very important process in
the whole process of an asset
investigation, a fraud investi-
gation, family law litigation,
dispute consulting, insolvency
etc. It is very important we
have the tools here in the
Bahamas on what assets are
available. What assets a
debtor may have that we can
pursue. Key to that is how do
we go about finding this infor-
mation,” said Mr Rahming,
who was speaking as a pre-
senter at the Bahamas Insti-
tute of Chartered Accoun-
tants (BICA) ‘Accountants
Week’ seminar yesterday.

Mr Rahming outlined pri-
vate and judicial avenues
available to help those seek-
ing information on assets in
the US gain access to it.
These, he said, include the use
of databases such as Lexus-
Nexus and Pacer, or hiring
private investigators.

Judicial avenues include
utilising section 1782 of Title
28 of the United States Code,

also known as a ‘1782 Dis-
covery’, to obtain evidence .

“It’s a very powerful tool. If
you are a foreign debtor or
creditor and you need infor-
mation specific to your case,
and you can narrow that
information down to exactly
what you need, you can apply
to the US courts in obtaining
that information. It’s very
popular in Cayman, BVI and
Bermuda. We live in an inter-
connected world, and quite
often these entities outside
the US have some relation to
the US and there’s some juris-
diction that can be imposed
on them in the US,” Mr Rah-
ming said.

Another judicial tool
includes Rule 2004 of the
Federal Rules of Bankruptcy
Procedure, said Mr Rahming.
“This is another very power-
ful tool used mainly by liq-
uidators. Once you obtain
Chapter 15 you’re allowed to
approach the court for a
motion of examination. This
will allow to to obtain infor-
mation not just on a debtor
but on parties who may have
done business with this par-
ticular debtor. It allows you
to use a broad brush to look
at what the debtors own and
it’s supposed to be a fishing
expedition,” he added.

Among the options open to
those seeking to freeze assets,
Mr Rahming said, were the
use of the Mareva Order as a
popular method which “usu-
ally results in settlement”.

“Inevitably, once some-
one’s accounts are frozen peo-
ple usually sit down and talk
about how they can settle
something,” said Mr Rah-
ming. He noted that it has
become increasingly common
for those seeking the freezing
of assets to issue a ‘Mareva
by letter’, which does not
involve the court.

“Some banks ignore it, but
in the current climate with the
anti-money laundering regu-
lations we are now finding
that if you send a Mareva by
letter to a banking institution
almost anywhere in the world,
and the letter is very detailed
and you talk about the action
you are about to initiate or
are in the midst of, and give
really good evidence, in most
cases banks will actually
freeze those accounts and
wait to hear from you. It’s
becoming very popular not to
go to the court but to send
out a letter which is much
quicker,” he stated.

With regard to asset recov-
ery, Mr Rahming explained
that it has become “very
easy” for foreign creditors to
have judgments or arbitral
awards, which may have been
awarded elsewhere, such as
the Bahamas, enforced in the
US against a defendant.

“The US has become
extremely responsive in
recent times. If you have a
judgment against a party in
the Bahamas or elsewhere
outside the US, taking that
judgment to the US to have
that recognised in the US has
become very easy. You find it
happening on a regular basis
now,” he said.

Mr Rahming referred also
to a recent court judgment -
the ‘Koehler opinion’ - which
set a precedent for a claimant
to ask the US courts for assets
being held by an institution
outside of the US handed
over to them if the entity has
“an affiliate entity” in the US.

“So that’s a huge case, and
now you are finding more and
more attorneys are going after
entities in New York rather
than in the offshore market,”
said Mr Rahming.

THE PARTNERS SELF-FUNDED
HEALTH PLAN

to

1 Pateers Meee ae

THE PSAP: “Parteerieg To Bring You The Bord In Adorable Healdheors in The Boho”

NOTICE

70% Sign Up For Teachers’ Health Plan Via The

Attention Teachers:

Partners.

‘Mixed bag’ of 65-80%
PCR TIE TAs

FROM page 1B

are still not satisfied that we are showing the

Speaking of the upcoming Thanksgiving
holiday specifically, Mr Sands said of book-
ings: “Some hotels are
reporting marginal
increases, some are
showing flat to last
year, and some are
showing a decline to
last year, so it’s an
overall mixed bag.”

“Certainly, for Octo-
ber and November we
still have not attained
the results we achieved
in 2008 (pre-reces-
sion).” As for Christ-
mas, Mr Sands said it is
still too far off to be
certain of how business will pan out.

Last week, Atlantis’s senior vice-president
of public affairs, Ed Fields, revealed that the
booking pace for rooms at Atlantis was "sig-
nificantly higher" for November and Decem-
ber this year, although with "marginally low-
er” room rates.

In his capacity as vice president for gov-
ernment and external affairs at Baha Mar,
which owns the Sheraton Nassau Beach
Resort and Wyndham Nassau Resort and
Crystal Palace Casino, Mr Sands said book-
ings at one of these two hotels were “flat to
last year” for Thanksgiving, while the other is
“showing slight gains”. He declined to iden-
tify which of these descriptions applied to
which hotel.

ROBERT SANDS

Outside of New Providence, the Our
Lucaya resort in Freeport told Tribune Busi-
ness it was “optimistic for the 2010 holiday”.

Having been asked about bookings and
room rate expectations for Thanksgiving and
Christmas, Nikia Wells, public relations coor-
dinator for the resort, said group and event
bookings for the Christmas period are up,
but declined to refer to individual leisure
traveler bookings.

The hotel attributed the increase in group
business, in part, to the introduction of new
packages, reduced room rates and a new
website.

Ms Wells said: “Our Lucaya will also be
offering a number of new promotions for
the 2010 Holiday Season that will combine
their unique dining experiences with accom-
modations. With the success of the resort’s
Friday Night Bahamian Buffet, several oth-
er holiday-themed buffets will be packaged
with rooms at the resort, providing travelers
with affordable options that highlight the
entire property.

“The new holiday packages will provide
value added options for guests who are price
conscious, but also looking for the complete
holiday experience.”

Back on Paradise Island, Laura Malone,
director of communications for RIU hotels
and resorts, told Tribune Business that the
company is “quite satisfied with the occu-
pancy levels and reservation rhythms we are
registering for Christmas” at the RIU Palace,
another of the island’s major resorts.

“The numbers are quite similar to the ones
we had last year, when we had just re-opened
after the complete refurbishment of the hotel
and we were promoting its upscale to the
Riu Palace category,” said Ms Malone.

NOTICE

Matioe is herby given of the logs of Bahamas Government Registered Stock Certifiorte os

follows:

Shope _lntercst Rate
A ore
2021-2026

1B350,000.00

OLS FaTay

Certificate No,

â„¢ rity Date

Septamber 22, 2023

Do irc te requcal the Repisivar to issu a peplacement certificate. If this certificate ia

found, please Write to

P.O, Bax NW-4244
Niassnd, Rahwanas.

.
-



Airborne Freight
9 Cargo Services

STILL Come Fly with US-Airborne Freight & Cargo Services,

Customs Airfreight Building.

242-377-0450/2 (off.) 242-377-0451 (fax)
242-376-3038 Or 242-455-6092 (cell)

- GetYour Cargo To Us by 12 noon and we will have it in

Nassau that SAME DAY!

As of 5:00pm, 12° November, 2010, some 70% (450-600) of
the Teachers (Nassau, Freeport & Family Islands) have
signed up for The Teachers’ Health Plan, but most are
tremendously challenged to pay the premiums for the
month of November.

Our Address is now at:
12952 NW 42nd Ave.Unit 93
Miami FL 33054
Tel:305-688-7777(office)
866-859 -8507(fax)
Airbornefreightco.com

The Partners Health Plan has negotiated a further extension
for The Teachers for their benefits at present rates, With
Continuity, through Friday, 11/19/2010.

Thereafter, benefits may be secured, but likely without
Continuity.

We are open: Monday to Friday 9:00am - 5:00pm
Saturday 10am-2:00pm, Sunday's by arrangement only.

1 to 10lbs package/box - $10.00
11 to 20 Ibs - package/boxes - $15.00
21 to 50 Ibs - package/boxes - $45.00
51 to 100 Ibs - package/boxes - $90.00

Remaining members are encouraged to complete the Our New Rates are:

application process ASAP so as to establish the Effective
Date of Benefits and Maintain the Present Premiums.

Arrange At Assured Financial Services on 432 East Bay
St. and Victoria Avenue, opposite the Mosko Building.

Our Re-launch rate of $0.40 cents per pound for freight
charges, be ahead of the competition

Get your goods here “TODAY"

Tel: 322-6735, 225-3703 or
502-9650.

Introducing CURACAO!!! Have cargo in Curaco? Call us we
can get

It to Nassau for you!!! Rates starts at $2.75 per/ib direct from
Curacao



TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
PAGE 4B, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE



Building supplies
firms suffer from
‘flat? environment

FROM page 1B

keep the business alive in
the long run.

Another major building
supplies store, who also
asked for anonymity, said
business “did a kind of grad-
ual slow down for two years,
then kind of dropped off”.

“I think people had jobs
they were finishing off, and
now there is nothing new
per se on the market. People
are just now really doing
repairs, and no money
around for people to add on.
Even with painting, people
used to paint their whole
house, now they are just
touching up,” the store man-
ager said.

In this regard, while there
was an increase in sales for
repair work, this in no way
compensated for the “fall
off” in sales overall, said the
store’s manager.

“T don’t know if Baha Mar
is the answer,” he added.
“It’s the little guy that’s suf-
fering. The little guy who
builds one house at a time.
One of the guys told me
recently it’s the worst it has
been since 1962.”

The store manager
pledged, however, that the
store would not be letting
go staff.

Mark Roberts,
owner/president of the
Builder’s Mall, which
includes FYP, Tile King and
the Paint Centre, told Tri-

LEGAL NOTICE

NOTICE
ENCEMBLE, LTD.

(In Voluntary Liquidation)

NOTICE is hereby given that the above-named Company
is in dissolution, commencing on the 16th day of November,
2010. Articles of Dissolution have been duly registered by
the Registrar. The Liquidator is Barry W. Herman, P.O. Box
N-10818, Nassau, The Bahamas.

All persons having claims against the above-names
Company are required, on or before the 18th day of December,
2010 to send their names and addresses and particulars of
their debts or claims to the Liquidator of the Company or,
in default thereof, they may be excluded from the benefit or
any distribution made before such debts are proved.

Dated this 18th day of November, 2010.
h Me aa
tea IAM an,

BARRY W. HERMAN
LIQUIDATOR



bune Business he is “not
much for doom and gloom”,
but business is “slow.”

“It’s flat. We’re not grow-
ing but we’re not shrinking,”
he said. “We are surviving.
We cut a few hours for staff
about three months ago, but
they are all back to regular
shifts.”

Gary Burrows, manager
at Tops Lumber Yard’s
hardware store, said busi-
ness throughout the compa-
ny, including both the lum-
ber and hardware side of its
operations, is “holding
steady at the moment”.

“It’s pretty much the same
as last year, a slight bit bet-
ter but nothing to shout
about. I don’t think it’s get-
ting any worse. There’s no
significant improvement
yet,” he added.

Earlier this week, Cen-
tral Bank Governor, Wendy
Craigg, described the “con-
tinuing dampening affect”
the global economic crisis is
having on foreign direct
investment inflows into the
Bahamas, which constitute
the major component of
construction project financ-
ing. She added that the pace
of domestic building activity
“has also decelerated” this
year.

“According to data from
banks, mortgage disburse-
ments 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,” said the
Governor.










We accept
ANY brand of
5 Gallon
bottles!

(Motiles must ba dean
‘wits Md rocks fy

WATER
DEPOT

soldier Road Industrial Park
Mon - Fri: 7am to Gpm

Mail says traffic
mitigation plan
hits resistance’

15th November



ROBINSON ROADWORK: There has reportedly been a “manifest difference” in business levels at the
Town Centre Mall due to road works on Robinson Road and Blue Hill Road.

FROM page 1B

going to wrestle with over this weekend,” he
said.

Dionisio D' Aguilar, chairman of BISX-
listed AML Foods, told Tribune Business
this week that its Cost Right subsidiary's
Town Centre Mall outlet had also seen a
20-30 per cent fall-off in sales revenues, as
customers sought to avoid the whole Blue
Hill Road/Robinson Road area in its entire-
ty.

Mr McGwire said that without giving
exact figures, “a blind man could see” that
the roadworks had hurt business at the Mall.
H would like an undertaking from the Gov-
ernment and Argentinian construction com-
pany that the roadworks will be left in a
tidy state over Christmas, assisting potential
customers in accessing businesses in the
area.

“The work is going to stop anyway
(around mid-December until early January)
so hopefully the holes will be patched up
where people can drive on the roads and
(the contractor/their equipment) will get
out of the way,” said Mr McGwire.

Meanwhile, roadworks began this week

around another of the island’s main busi-
ness hubs - the Mall at Marathon. The Jose
Cartellone Civil Construction company is
set to install new drainage facilities, upgrade
utlities, sidewalks, street lighting and traffic
signals.

Pleased

Robert Stevenson, general manager of
the Mall at Marathon, told Tribune Business
yesterday that he is “pleased the long-
delayed road improvements have finally
started”, but urged shoppers to “take their
time and be patient during the process”.

“We have been advised by the Ministry of
Works that their initial works up to Christ-
mas will be on the road’s shoulder, putting in
drainage and then putting in their 24-inch
water main. All this will stop, according to
the Ministry, on December 17 or so, before
Christmas, so the interruption before then
will be minimal,” Mr Stevenson said.

“They told the property owners in the
area they’ve projected a five-month period
providing there’s no complication, so we’re
cautiously optimistic. It will all be quite
exciting when it’s done.”

Christmas

Jollification

Arts & Crafts Festival
The Retreat, Village Road

Saturday, 2O November
11am to 5pm

Sunday, 21 November
12 noon to Spm

Featuring:
Plants, books, children’s crafts,
decorations for the holiday season
and food from around the world!

Sat fam to 12pm

Water Prices

5 Gallon Water (Pickup Only)
5 Gallon Water with no bottle

$2.50
2
$8.50 BNT Members: $ 5
General Admission: $ 10
Children (2 -12):$2
Infants (under 2): FREE

$8.50
$10.50
$8.00
$4.00
$5.50
$3.00

12-02 % 24/c3.
20-02 x 24/cs
1 Liter x 16/cs
1.5 Liter x 12/8
1 Gallon x 6/box
1 Gallon x 4/bag



bre o Sepsis Tere

=. iar ee

») Rent-A-Car ¢ Bahamas Realty Ltd ¢ Gunite Pools Of Nassau Ltd ¢
a Nassau Underwriters Agency * Bahamas Wholesale Agency ° Amour
Company Ltd Arcop Ltd, Architects * RBC Royal Bank Of Canada
Bahamas) Limited ¢ Callender’s & Co * Majestic Tours « Damianos
Sotheby’s International Realty « Royal Society St George’s

For more information call
Bahamas Food Packaging Limited

393-2272 ext. 109 or email: sales@bapak.biz p
Bahamas National Trust * 393-1317 *bnt@bnt.bs ==

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


PAGE 4B, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE



Building supplies
firms suffer from
‘flat? environment

FROM page 1B

keep the business alive in
the long run.

Another major building
supplies store, who also
asked for anonymity, said
business “did a kind of grad-
ual slow down for two years,
then kind of dropped off”.

“I think people had jobs
they were finishing off, and
now there is nothing new
per se on the market. People
are just now really doing
repairs, and no money
around for people to add on.
Even with painting, people
used to paint their whole
house, now they are just
touching up,” the store man-
ager said.

In this regard, while there
was an increase in sales for
repair work, this in no way
compensated for the “fall
off” in sales overall, said the
store’s manager.

“T don’t know if Baha Mar
is the answer,” he added.
“It’s the little guy that’s suf-
fering. The little guy who
builds one house at a time.
One of the guys told me
recently it’s the worst it has
been since 1962.”

The store manager
pledged, however, that the
store would not be letting
go staff.

Mark Roberts,
owner/president of the
Builder’s Mall, which
includes FYP, Tile King and
the Paint Centre, told Tri-

LEGAL NOTICE

NOTICE
ENCEMBLE, LTD.

(In Voluntary Liquidation)

NOTICE is hereby given that the above-named Company
is in dissolution, commencing on the 16th day of November,
2010. Articles of Dissolution have been duly registered by
the Registrar. The Liquidator is Barry W. Herman, P.O. Box
N-10818, Nassau, The Bahamas.

All persons having claims against the above-names
Company are required, on or before the 18th day of December,
2010 to send their names and addresses and particulars of
their debts or claims to the Liquidator of the Company or,
in default thereof, they may be excluded from the benefit or
any distribution made before such debts are proved.

Dated this 18th day of November, 2010.
h Me aa
tea IAM an,

BARRY W. HERMAN
LIQUIDATOR



bune Business he is “not
much for doom and gloom”,
but business is “slow.”

“It’s flat. We’re not grow-
ing but we’re not shrinking,”
he said. “We are surviving.
We cut a few hours for staff
about three months ago, but
they are all back to regular
shifts.”

Gary Burrows, manager
at Tops Lumber Yard’s
hardware store, said busi-
ness throughout the compa-
ny, including both the lum-
ber and hardware side of its
operations, is “holding
steady at the moment”.

“It’s pretty much the same
as last year, a slight bit bet-
ter but nothing to shout
about. I don’t think it’s get-
ting any worse. There’s no
significant improvement
yet,” he added.

Earlier this week, Cen-
tral Bank Governor, Wendy
Craigg, described the “con-
tinuing dampening affect”
the global economic crisis is
having on foreign direct
investment inflows into the
Bahamas, which constitute
the major component of
construction project financ-
ing. She added that the pace
of domestic building activity
“has also decelerated” this
year.

“According to data from
banks, mortgage disburse-
ments 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,” said the
Governor.










We accept
ANY brand of
5 Gallon
bottles!

(Motiles must ba dean
‘wits Md rocks fy

WATER
DEPOT

soldier Road Industrial Park
Mon - Fri: 7am to Gpm

Mail says traffic
mitigation plan
hits resistance’

15th November



ROBINSON ROADWORK: There has reportedly been a “manifest difference” in business levels at the
Town Centre Mall due to road works on Robinson Road and Blue Hill Road.

FROM page 1B

going to wrestle with over this weekend,” he
said.

Dionisio D' Aguilar, chairman of BISX-
listed AML Foods, told Tribune Business
this week that its Cost Right subsidiary's
Town Centre Mall outlet had also seen a
20-30 per cent fall-off in sales revenues, as
customers sought to avoid the whole Blue
Hill Road/Robinson Road area in its entire-
ty.

Mr McGwire said that without giving
exact figures, “a blind man could see” that
the roadworks had hurt business at the Mall.
H would like an undertaking from the Gov-
ernment and Argentinian construction com-
pany that the roadworks will be left in a
tidy state over Christmas, assisting potential
customers in accessing businesses in the
area.

“The work is going to stop anyway
(around mid-December until early January)
so hopefully the holes will be patched up
where people can drive on the roads and
(the contractor/their equipment) will get
out of the way,” said Mr McGwire.

Meanwhile, roadworks began this week

around another of the island’s main busi-
ness hubs - the Mall at Marathon. The Jose
Cartellone Civil Construction company is
set to install new drainage facilities, upgrade
utlities, sidewalks, street lighting and traffic
signals.

Pleased

Robert Stevenson, general manager of
the Mall at Marathon, told Tribune Business
yesterday that he is “pleased the long-
delayed road improvements have finally
started”, but urged shoppers to “take their
time and be patient during the process”.

“We have been advised by the Ministry of
Works that their initial works up to Christ-
mas will be on the road’s shoulder, putting in
drainage and then putting in their 24-inch
water main. All this will stop, according to
the Ministry, on December 17 or so, before
Christmas, so the interruption before then
will be minimal,” Mr Stevenson said.

“They told the property owners in the
area they’ve projected a five-month period
providing there’s no complication, so we’re
cautiously optimistic. It will all be quite
exciting when it’s done.”

Christmas

Jollification

Arts & Crafts Festival
The Retreat, Village Road

Saturday, 2O November
11am to 5pm

Sunday, 21 November
12 noon to Spm

Featuring:
Plants, books, children’s crafts,
decorations for the holiday season
and food from around the world!

Sat fam to 12pm

Water Prices

5 Gallon Water (Pickup Only)
5 Gallon Water with no bottle

$2.50
2
$8.50 BNT Members: $ 5
General Admission: $ 10
Children (2 -12):$2
Infants (under 2): FREE

$8.50
$10.50
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1 Liter x 16/cs
1.5 Liter x 12/8
1 Gallon x 6/box
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bre o Sepsis Tere

=. iar ee

») Rent-A-Car ¢ Bahamas Realty Ltd ¢ Gunite Pools Of Nassau Ltd ¢
a Nassau Underwriters Agency * Bahamas Wholesale Agency ° Amour
Company Ltd Arcop Ltd, Architects * RBC Royal Bank Of Canada
Bahamas) Limited ¢ Callender’s & Co * Majestic Tours « Damianos
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For more information call
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393-2272 ext. 109 or email: sales@bapak.biz p
Bahamas National Trust * 393-1317 *bnt@bnt.bs ==

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


THE TRIBUNE

FRIDAY, NOVEMBER 19, 2010, PAGE 5B



FROM page 1B

Commenting on Kerzner
International’s concerns over
the $2.6 billion Baha Mar pro-
ject getting more favourable
terms and incentives from the
Government than it had
received for its three-phase
development of Paradise
Island, Dionisio D’Aguilar
suggested the Atlantis owner
was seeking to use the MFN
clause ‘violation’ as leverage
to obtain similar concessions
that would place it on the
same footing.

Referring to Mr Kerzner,
and the company’s, publicly
expressed concerns over vio-
lation of its agreement with
the Government, and that
some 3,000 new hotel rooms
coming online at once at
Cable Beach would over-sat-
urate and depress the
Bahamian resort market, Mr
D’Aguilar told Tribune Busi-
ness: “This is all part of the
poker game.

“It’s a game of poker. Baha
Mar has thrown down three
kings, Sol has two kings in his
hand now and wants to be
equal. He wants the Govern-
ment to deal him another
king.”

And one tourism industry
source, commenting on the
“poker game” expression
when it was told to him by
Tribune Business yesterday,
added: “One that turns into
chicken, when someone has
to blink.”

Mr D’ Aguilar, referring to
Kerzner International’s con-
cerns that the 8,150 Chinese
work permits, and 60/40
labour split in favour of the
Chinese, meant that the Baha
Mar project was getting better
terms, thus violating the
clause that the Atlantis devel-
oper be treated “no less

Kermer's $2.6 billion Baha

Mar high stakes ‘poker game’

; ber president told Tribune Business. “We need to start looking at
? these areas. Agriculture has been dormant for so long, and we need
? amore modern approach to help us get more out of this economy.

Meanwhile, Mr D’Aguilar }
said Kerzner International }
was likely to come up with }
financial terms and figures }
that it wanted to receive as }
compensation for the MFN }
clause ‘violation’, and to bring }
it into line with Baha Mar. } be Geet ayers
The Government would then }
Taye tO. essass wheter tieee ! tiative, but none had been held for two months, as bad weather -

were valid, and the two sides together with seasonal growing cycles - impacted crop supplies.

would have to negotiate a }

favourably than other
investors”, said simply:
“Kerzner’s right.

“T don’t know the validity
of his concerns, but if he was
given the MEN status when
he struck his deal, then obvi-
ously whatever concessions
have been granted to Baha
Mar most be retroactively
granted to him. I have no
problem with what he’s say-
ing. He’s obviously right.

Matter

“He has every right to bring

up the issue and push the mat-
ter forward. While we’re all
excited about getting Baha
Mar started, the goose that
laid the golden egg is Atlantis,
and we have to ensure Mr
Kerzner remains confident in
the Bahamas. The Bahamas
has done very well by him,
and he’s done very well by
us.”
Other Bahamian private
sector contacts yesterday sug-
gested similar to Mr
D’Aguilar, agreeing that
Kerzner International’s
Wednesday public statement
appeared to be an effort to
set the ground for the com-
pany to obtain a massively
improved deal on future Par-
adise Island investments -
such as a possible Phase IV
or Hurricane Hole develop-
ment - or better tax incen-
tives, such as a further reduc-
tion in casino taxes.

NOTICE

PANVILLE HOLDINGS INC.

N OTIC EIS HEREBY GIVEN as follows:

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

The dissolution of the said company commenced
on the 10" November, 2010 when the Articles of
Dissolution were submitted to and registered by

the Registrar General.

The Liquidator of the said company is Peter
Leppard of c/o 1 Raffles Link #05-02 Singapore

039393.

Dated this 12" day of November A. D. 2010



Peter Leppard
Liquidator

NOTICE

OCEAN HILL PTE LTD.

NOTICEIS HEREBY GIVEN as follows:

a) OCEAN HILL PTE LTD. is in voluntary dissolution
under the provisions of Section 137 (4) of the
International Business Companies Act 2000.

b) The dissolution of the said company commenced on
the 15" November, 2010 when the Articles of
Dissolution were submitted to and registered by the

Registrar General.

The Liquidator of the said company is Peter Leppard
of c/o 1 Raffles Link #05-02 Singapore 039393.

Dated this 17" day of November A. D. 2010



Peter Leppard
Liquidator

Legal Notice

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

LARNEL S.A.

In Voluntary Liquidation

“Notice is hereby given that in accordance with
Section 137 (4) of the International Business
Companies Act (No. 45 of 2000), LARNEL S.A. is in

Dissolution.”

The date of commencement of dissolution is the
17th day of November 2010.

Epsilon Management Ltd.

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



However, Sir Sol appeared
to harden his stance yester-
day in an intensified public
relations campaign, telling
Bahamian journalists that
Kerzner International would
not proceed with a Phase IV
on Paradise Island as previ-
ously envisaged, due to Baha
Mar’s development plans.

Some observers yesterday
suggested to Tribune Busi-
ness that Kerzner Interna-
tional’s 11th hour public rela-
tions campaign was designed
to put pressure on Prime Min-
ister Hubert Ingraham to ‘rein
in’ the Baha Mar project, with
the timing indicating that the
Atlantis and One & Only
Ocean Club owner had never
expected the $2.6 billion
Cable Beach redevelopment
to come this close to the ‘start
line’.

Sir Sol and his executives
spoke to the Prime Minister
prior to his Sunday press con-
ference at which he
announced the revised terms
for the Baha Mar project that
were negotiated in China,
thus giving Kerzner Interna-
tional advance knowledge of
what was coming. And, like-
wise, Sir Sol is likely to have
informed the Prime Minister

of his public relations plans.

deal.

Paradise Island as two sepa-
rate transactions, Mr

former was approved, with

Baha Mar.

“He’s got a two-year win- }
dow to prepare for it, and ’'m }
sure he’ll market the hell out }
of the Atlantis property and }
make it difficult for Baha Mar }

to be heard.

“He’s definitely a skilled
operator, and won’t role over }

and play dead.”

NOTICE is hereby given that RESIA JOSEPH-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 19" day of
November, 2010 to the Minister responsible for nationality
and Citizenship, PO. Box N-7147, Nassau, Bahamas.

Legal Notice
NOTICE

NOTICE IS HEREBY GIVEN as follows:

(a) SAUVIGNON INTERNATIONAL LTD. is in dissolution under
the provisions of the International Business Companies Act 2000.

(b) The Dissolution of said Company commenced on November 18,
2010 when its Articles of Dissolution were submitted and registered

by the Registrar General.

(c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd
Terrace West, Centreville, Nassau, Bahamas.

(d) All persons having Claims against the above-named Company are
required on or before day of December 27, 2010 to send their names
and addresses and particulars of their debts or claims to the Liquida-
tor of the company or, in default thereof, they may be excluded from
the benefit of any distribution made before such debts are proved.

November 19, 2010

ZAKRIT SERVICES LTD.
LIQUIDATOR OF THE ABOVE-NAMED COMPANY

‘Downside risk’ decision making

harms Bahamas over innovation
FROM page 1B

economy to a growth trajectory, Mr Rolle said identifying and
exploiting new industries would “help a lot”.
“We need to find a way to innovate in agriculture,” the Cham-

“These are the most expandable areas. I was never a big fan of
it [agriculture], but now I see there’s tremendous opportunities if
we do it right.”

Bahamas Ferries, for whom Mr Rolle is the chief marketing
officer, has enjoyed “some success” with its Potter’s Cay Farmers’
Markets, its vessels transporting agricultural produce from Andros
and Eleuthera to New Providence, where it was subsequently sold

The Chamber president confirmed that some six to seven Farm-
ers’ Markets had been staged since Bahamas Ferries started the ini-

“We've had some pockets of success with it,” Mr Rolle told

ae ? Tribune Business. “The farmers had a setback with some bad
Describing Baha Mar and }

weather we’ve been having, and a lot of crops are seasonal. There

; again, there’s no reason why we could not have a year-round sup-
? ply of crops.”
D’ Aguilar said he hoped the }

“While they were doing it, it was successful,” the Chamber

i president said of previous Farmer’s Markets. “People started to line
Mr Kerzner’s concerns also }
addressed “as best they can }
be, whether retroactively or }
when they do their next deal”. ;

“It’s not going to affect him }
[Mr Kerzner] for another two }
years,” Mr D’ Aguilar said of }

up at Potter’s Cay at 7am in the morning. We shipped it for them
at a greatly reduced cost. They would sell the product here, and we
helped them with their advertising and marketing.

“Most of the farmers, of whom there were five or six, who
brought their stuff here sold everything. Phil’s Food Services was
one of the biggest consumers of their products.”

CREA

Finadlhy Atfordaé/e

4p CAarver Service

NOVEMBER SPECIAL

Nassau to Miami/Ft Lauderdale













ey 99 eeltitel il ee etm eter]

Fae md)

Abaco to Miami/Ft Lauderdale
Pa) roundtrip per person.

eee mili iy)

Air Cargo & Freight Forwarding
Services and more...

Call 429-3836 or

email us at: treasureair@gmail.com

FAA ond CAA approved Part 135 Air Charter AOC #9CTAZ47M

Multinational Company is looking for Talented Candidates
who seek Exceptional Career Development

TRAINEE PROGRAM

Role Statement

Responsible for the execution of special projects or assignments in different Business areas in order
to obtain Training and exposure to our company’s processes and values for a period of 12 months,
having the possibility at the end of the program of becoming part of the organization

Possible Responsibilities
* Monitor and perform business data analysis

* Short term assignments in Operations Staff Functions Sales or Convenience Retail

* Develop projects, business plans and strategies

* Assist with logistics and implementation of project programs

Necessary Skills:

* Bachelor degree in Business Administration, Engineering, Marketing or Related Fields
3-4 years of experience in areas of study
Great interpersonal effectiveness and communication skills
Strong decision making, problem solving, computer and analytical skills
Has commitment to high standards
Has drive, perseverance and initiative

If you are interested in participating in this program, please send your resume by email to:
recruitmentbahamas@yahoo.com

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


THE TRIBUNE

FRIDAY, NOVEMBER 19, 2010, PAGE 5B



FROM page 1B

Commenting on Kerzner
International’s concerns over
the $2.6 billion Baha Mar pro-
ject getting more favourable
terms and incentives from the
Government than it had
received for its three-phase
development of Paradise
Island, Dionisio D’Aguilar
suggested the Atlantis owner
was seeking to use the MFN
clause ‘violation’ as leverage
to obtain similar concessions
that would place it on the
same footing.

Referring to Mr Kerzner,
and the company’s, publicly
expressed concerns over vio-
lation of its agreement with
the Government, and that
some 3,000 new hotel rooms
coming online at once at
Cable Beach would over-sat-
urate and depress the
Bahamian resort market, Mr
D’Aguilar told Tribune Busi-
ness: “This is all part of the
poker game.

“It’s a game of poker. Baha
Mar has thrown down three
kings, Sol has two kings in his
hand now and wants to be
equal. He wants the Govern-
ment to deal him another
king.”

And one tourism industry
source, commenting on the
“poker game” expression
when it was told to him by
Tribune Business yesterday,
added: “One that turns into
chicken, when someone has
to blink.”

Mr D’ Aguilar, referring to
Kerzner International’s con-
cerns that the 8,150 Chinese
work permits, and 60/40
labour split in favour of the
Chinese, meant that the Baha
Mar project was getting better
terms, thus violating the
clause that the Atlantis devel-
oper be treated “no less

Kermer's $2.6 billion Baha

Mar high stakes ‘poker game’

; ber president told Tribune Business. “We need to start looking at
? these areas. Agriculture has been dormant for so long, and we need
? amore modern approach to help us get more out of this economy.

Meanwhile, Mr D’Aguilar }
said Kerzner International }
was likely to come up with }
financial terms and figures }
that it wanted to receive as }
compensation for the MFN }
clause ‘violation’, and to bring }
it into line with Baha Mar. } be Geet ayers
The Government would then }
Taye tO. essass wheter tieee ! tiative, but none had been held for two months, as bad weather -

were valid, and the two sides together with seasonal growing cycles - impacted crop supplies.

would have to negotiate a }

favourably than other
investors”, said simply:
“Kerzner’s right.

“T don’t know the validity
of his concerns, but if he was
given the MEN status when
he struck his deal, then obvi-
ously whatever concessions
have been granted to Baha
Mar most be retroactively
granted to him. I have no
problem with what he’s say-
ing. He’s obviously right.

Matter

“He has every right to bring

up the issue and push the mat-
ter forward. While we’re all
excited about getting Baha
Mar started, the goose that
laid the golden egg is Atlantis,
and we have to ensure Mr
Kerzner remains confident in
the Bahamas. The Bahamas
has done very well by him,
and he’s done very well by
us.”
Other Bahamian private
sector contacts yesterday sug-
gested similar to Mr
D’Aguilar, agreeing that
Kerzner International’s
Wednesday public statement
appeared to be an effort to
set the ground for the com-
pany to obtain a massively
improved deal on future Par-
adise Island investments -
such as a possible Phase IV
or Hurricane Hole develop-
ment - or better tax incen-
tives, such as a further reduc-
tion in casino taxes.

NOTICE

PANVILLE HOLDINGS INC.

N OTIC EIS HEREBY GIVEN as follows:

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

The dissolution of the said company commenced
on the 10" November, 2010 when the Articles of
Dissolution were submitted to and registered by

the Registrar General.

The Liquidator of the said company is Peter
Leppard of c/o 1 Raffles Link #05-02 Singapore

039393.

Dated this 12" day of November A. D. 2010



Peter Leppard
Liquidator

NOTICE

OCEAN HILL PTE LTD.

NOTICEIS HEREBY GIVEN as follows:

a) OCEAN HILL PTE LTD. is in voluntary dissolution
under the provisions of Section 137 (4) of the
International Business Companies Act 2000.

b) The dissolution of the said company commenced on
the 15" November, 2010 when the Articles of
Dissolution were submitted to and registered by the

Registrar General.

The Liquidator of the said company is Peter Leppard
of c/o 1 Raffles Link #05-02 Singapore 039393.

Dated this 17" day of November A. D. 2010



Peter Leppard
Liquidator

Legal Notice

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

LARNEL S.A.

In Voluntary Liquidation

“Notice is hereby given that in accordance with
Section 137 (4) of the International Business
Companies Act (No. 45 of 2000), LARNEL S.A. is in

Dissolution.”

The date of commencement of dissolution is the
17th day of November 2010.

Epsilon Management Ltd.

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



However, Sir Sol appeared
to harden his stance yester-
day in an intensified public
relations campaign, telling
Bahamian journalists that
Kerzner International would
not proceed with a Phase IV
on Paradise Island as previ-
ously envisaged, due to Baha
Mar’s development plans.

Some observers yesterday
suggested to Tribune Busi-
ness that Kerzner Interna-
tional’s 11th hour public rela-
tions campaign was designed
to put pressure on Prime Min-
ister Hubert Ingraham to ‘rein
in’ the Baha Mar project, with
the timing indicating that the
Atlantis and One & Only
Ocean Club owner had never
expected the $2.6 billion
Cable Beach redevelopment
to come this close to the ‘start
line’.

Sir Sol and his executives
spoke to the Prime Minister
prior to his Sunday press con-
ference at which he
announced the revised terms
for the Baha Mar project that
were negotiated in China,
thus giving Kerzner Interna-
tional advance knowledge of
what was coming. And, like-
wise, Sir Sol is likely to have
informed the Prime Minister

of his public relations plans.

deal.

Paradise Island as two sepa-
rate transactions, Mr

former was approved, with

Baha Mar.

“He’s got a two-year win- }
dow to prepare for it, and ’'m }
sure he’ll market the hell out }
of the Atlantis property and }
make it difficult for Baha Mar }

to be heard.

“He’s definitely a skilled
operator, and won’t role over }

and play dead.”

NOTICE is hereby given that RESIA JOSEPH-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 19" day of
November, 2010 to the Minister responsible for nationality
and Citizenship, PO. Box N-7147, Nassau, Bahamas.

Legal Notice
NOTICE

NOTICE IS HEREBY GIVEN as follows:

(a) SAUVIGNON INTERNATIONAL LTD. is in dissolution under
the provisions of the International Business Companies Act 2000.

(b) The Dissolution of said Company commenced on November 18,
2010 when its Articles of Dissolution were submitted and registered

by the Registrar General.

(c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd
Terrace West, Centreville, Nassau, Bahamas.

(d) All persons having Claims against the above-named Company are
required on or before day of December 27, 2010 to send their names
and addresses and particulars of their debts or claims to the Liquida-
tor of the company or, in default thereof, they may be excluded from
the benefit of any distribution made before such debts are proved.

November 19, 2010

ZAKRIT SERVICES LTD.
LIQUIDATOR OF THE ABOVE-NAMED COMPANY

‘Downside risk’ decision making

harms Bahamas over innovation
FROM page 1B

economy to a growth trajectory, Mr Rolle said identifying and
exploiting new industries would “help a lot”.
“We need to find a way to innovate in agriculture,” the Cham-

“These are the most expandable areas. I was never a big fan of
it [agriculture], but now I see there’s tremendous opportunities if
we do it right.”

Bahamas Ferries, for whom Mr Rolle is the chief marketing
officer, has enjoyed “some success” with its Potter’s Cay Farmers’
Markets, its vessels transporting agricultural produce from Andros
and Eleuthera to New Providence, where it was subsequently sold

The Chamber president confirmed that some six to seven Farm-
ers’ Markets had been staged since Bahamas Ferries started the ini-

“We've had some pockets of success with it,” Mr Rolle told

ae ? Tribune Business. “The farmers had a setback with some bad
Describing Baha Mar and }

weather we’ve been having, and a lot of crops are seasonal. There

; again, there’s no reason why we could not have a year-round sup-
? ply of crops.”
D’ Aguilar said he hoped the }

“While they were doing it, it was successful,” the Chamber

i president said of previous Farmer’s Markets. “People started to line
Mr Kerzner’s concerns also }
addressed “as best they can }
be, whether retroactively or }
when they do their next deal”. ;

“It’s not going to affect him }
[Mr Kerzner] for another two }
years,” Mr D’ Aguilar said of }

up at Potter’s Cay at 7am in the morning. We shipped it for them
at a greatly reduced cost. They would sell the product here, and we
helped them with their advertising and marketing.

“Most of the farmers, of whom there were five or six, who
brought their stuff here sold everything. Phil’s Food Services was
one of the biggest consumers of their products.”

CREA

Finadlhy Atfordaé/e

4p CAarver Service

NOVEMBER SPECIAL

Nassau to Miami/Ft Lauderdale













ey 99 eeltitel il ee etm eter]

Fae md)

Abaco to Miami/Ft Lauderdale
Pa) roundtrip per person.

eee mili iy)

Air Cargo & Freight Forwarding
Services and more...

Call 429-3836 or

email us at: treasureair@gmail.com

FAA ond CAA approved Part 135 Air Charter AOC #9CTAZ47M

Multinational Company is looking for Talented Candidates
who seek Exceptional Career Development

TRAINEE PROGRAM

Role Statement

Responsible for the execution of special projects or assignments in different Business areas in order
to obtain Training and exposure to our company’s processes and values for a period of 12 months,
having the possibility at the end of the program of becoming part of the organization

Possible Responsibilities
* Monitor and perform business data analysis

* Short term assignments in Operations Staff Functions Sales or Convenience Retail

* Develop projects, business plans and strategies

* Assist with logistics and implementation of project programs

Necessary Skills:

* Bachelor degree in Business Administration, Engineering, Marketing or Related Fields
3-4 years of experience in areas of study
Great interpersonal effectiveness and communication skills
Strong decision making, problem solving, computer and analytical skills
Has commitment to high standards
Has drive, perseverance and initiative

If you are interested in participating in this program, please send your resume by email to:
recruitmentbahamas@yahoo.com

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


PAGE 6B, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE



Natural gas prices fall,
oil breaks losing streak

SANDY SHORE,
AP Business Writer

Oil prices rose Thursday for the first
time in a week while a rally in natural gas
was curtailed by a report of record sup-
plies.

Natural gas fell more than 3 percent
before erasing most of the decline late in
the session. The price of the December
futures contract, which rose more than 5
percent Wednesday, settled at $4.007,
down 2.3 cents.

Investors resumed buying oil after four
days of selling that knocked the price
down by 8 percent. PFGBest analyst Phil
Flynn said the improvement came as
more traders grew confident that Ire-
land's debt problems will be resolved
without spreading to other countries in
Europe and potentially affecting demand.

Benchmark oil for December delivery
rose $1.41 to $81.85 a barrel on the
Nymex. Since the contract expires Friday,
many investors shifted to the January
contract, which rose $1.38 to $82.42 a
barrel.

The Energy Department said natural
gas supplies rose by 3 billion cubic feet to
a record 3.843 trillion cubic feet last
week. That's 9.3 percent above the five-

NOTICE








Ae

(AP Photo/Damian Dovarganes)
FILLING UP: In this Nov. 4, 2010 photo,
Johnathan Gamez fills up his vehicle, at a gas
station, in Los Angeles.

year average. Gas supplies have been
building as drillers use improved methods
to extract large amounts of natural gas
from formations of shale rock in Texas,
Pennsylvania and other states.

At the same time, there are few signs

DEVON ENERGY CROATIA, LTD.








NOTICE IS HEREBY GIVEN as follows:

of improving industrial demand or even
sustained cold weather, which will be
keys to higher prices, said Tradition
Energy analyst Gene McGillian.

"Basically, we're reflecting the weak
fundamental picture again,” he said.

The price of gas has drifted between
about $3.75 per 1,000 cubic feet and $4.21
per 1,000 cubic feet since Labor Day,
around the time Americans stopped
cranked up the air conditioning.

The supply-demand picture could
prove to benefit consumers who get elec-
tricity generated by natural gas. Some
analysts believe their winter heating bills
will be about the same as a year ago or
slightly higher.

However, consumers who rely on heat-
ing oil to keep their homes warm likely
will face higher costs, the analysts said.
That product is closely linked to oil,
which is traded globally and has fetched
higher prices due to stronger demand in
Asia and emerging countries.

In other Nymex trading in December
contracts, heating oil rose 1.77 cents to
$2.2951 a gallon and gasoline added 7.04
cents to $2.2283 a gallon.

In London, Brent crude gained $1.77
to $85.05 a barrel on the ICE Futures
exchange.

NOTICE

DEVON ENERGY CROATIA, LTD.
(In Voluntary Liquidation)

DEVON ENERGY CROATIA, LTD. is in dissolution under the
provisions of the International Business Companies Act 2000.






The dissolution of the said Company commenced on the 17%
November 2010 when its Articles of Dissolution were submitted
to and registered by the Registrar General.

The Liquidator of the said Company is Delano Aranha of Ocean
Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247,
Nassau, Bahamas.

Dated the 18" day of November, 2010.
H & J Corporate Services Ltd.

Registered Agent
for the above-named Company

NOTICE
Oranje-Nassau Gryphon, Ltd.

NOTICE IS HEREBY GIVEN as follows:

Oranje-Nassau Gryphon, Ltd. is in dissolution under the
provisions of the International Business Companies Act 2000.

The dissolution of the said Company commenced on the 10
November 2010 when its Articles of Dissolution were submitted
to and registered by the Registrar General.
The Liquidator of the said Company is Delano Arahna of Ocean
Centre, Montagu Foreshore, East Bay Street, RO. Box N-3247,
Nassau, Bahamas.
Dated the 11° day of November, 2010.

H & J Corporate Services Ltd.

Registered Agent
for the above-named Company

ROYAL J FIDELITY a ~

Moray at Winerk

Creditors having debts or claims against the above-
named Company are required to send particulars
thereof to the undersigned at Ocean Centre, Montagu
Foreshore, East Bay Street, PO. Box N-324/7,
Nassau, Bahamas as sole Liquidator on or before the
3 day of December, 2010. In default thereof they
will be excluded from the benefit of any distribution
made by the Liquidator.

Dated the 18" day of November, 2010.

DELANO ARANHA
LIQUIDATOR

NOTICE

Oranje-Nassau Gryphon, Ltd.
(In Voluntary Liquidation)

Creditors having debts or claims against the above-
named Company are required to send particulars
thereof to the undersigned at Ocean Centre, Montagu
Foreshore, East Bay Street, PO. Box N-324/,
Nassau, Bahamas as sole Liquidator on or before the
29" day of November, 2010. In default thereof they
will be excluded from the benefit of any distribution
made by the Liquidator.

Dated the 11" day of November, 2010.
DELANO ARAHNA
LIQUIDATOR

= FG CAP

ITAL MARKETS
BROKERAGE & ADVISORY SERVICES

BISX LISTED & TRADED SECURITIES AS OF:
THURSDAY, 18 NOVEMBER 2010
BISX ALL SHARE INDEX: CLOSE 1,483.22 | CHG -21.94 | %CHG -1.46 | YTD -82.16 | YTD % -5.25
FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%
WWW. BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-2320

S2wk-Low Security

Previous Close Today's Close

Change Daily Vol. EPS $ Div $

1.00 AML Foods Limited
9.67 Bahamas Property Fund
4.50 Bank of Bahamas

0.18 Benchmark

2.70 Bahamas Waste

2.14 Fidelity Bank

9.62 Cable Bahamas

1.01 i 0.00.
10.63 10.63 0.00.
4.90. 4.90 0.00
0.18 0.18 0.00
2.70 2.70 0.00
2.1F ao1F 0.00
10.46 10.46 0.00

0.150
0.013
0.598
-O.877
0.168
0,016
1.050

‘Several thousand’ extra Baha Mar jobs

FROM page 1B

greater share of the construction pie - some 20 per cent of the total
amount - Mr Wrinkle emphasised that Bahamian contractors and
tradesmen had to “get it right” on a project of this magnitude, as
“failing to handle the job” would turn off both China State Con-
struction and future major developers.

Asked about how many extra contractors and construction
workers could be employed on the Baha Mar project, due to the
increase in contracts from $200 million to $400 million, a sum the
Prime Minister yesterday described as the largest for a single
Bahamas-based resort project, Mr Wrinkle replied: “I would say in
the hundreds.

“We were talking about this at [BCA] Council yesterday, and it
could be an additional 200-300 contractors and 5-15 crew for each
contractor. There are five contractors for the Commercial Vil-
lage, and we could maybe end up with 300. We’re talking about a
couple thousand workers.”

According to Tribune Business calculations, based on Mr Wrin-
kle’s estimates the number of Bahamian construction workers
employed on the Baha Mar project could increase from anywhere
between 1,000-4,500 personnel.

“Our biggest problem now is the labour force to handle this pro-
ject,” Mr Wrinkle told Tribune Business, explaining that “if we send
a slew of contractors out there and they fail to handle the job”, the
Bahamian construction industry and its participants could suffer
more long-term harm than good.

Asked whether the Bahamian construction industry had the
capacity currently to handle all that would be demanded of it by the
Baha Mar project, Mr Wrinkle replied: “I’m not sure we do, and we
need to carry out a registration process to find out how many
people are available for this project.”

Adding that it was “important to get this right first time”, Mr
Wrinkle said that achieving this depended on Baha Mar, China
State Construction, the Bahamas Technical and Vocational School
(BTV]), the BCA, Ministry of Works and the Office of the Prime
Minister all working in unison as one.

“All the horses have got to pull the wagon, and if any one drops
off, the wagon will not go anywhere,” the BCA president said.

The BCA, Mr Wrinkle added, was charged “with ensuring con-
tractors are prepared to do the work in a professional manner”. He
said: “That’s the key issue - to involve as many small and medium-
sized contractors as possible.

“That’s going to be the challenge: to prepare that core of con-
tractors to meet the criteria imposed on them by China State
Construction and their financial partners, such as bonding, insur-
ance and safety requirements.”

Mr Wrinkle described the increase in value of Baha Mar con-
struction contracts from $200-$400 million as “the best part of
the package” that Mr Ingraham brought back from Beijing, and
said the industry was “extremely appreciative of his leadership and
negotiating skills”.

“He drove a hard bargain, and they respected that,” the BCA
president said. “The Chinese respected the Prime Minister for
his tenacious negotiating and position, trying to make the right deci-
sion for the Bahamas.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, KENLY FERGUSON
of PO. Box SS-19282, 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.

NOTICE

NOTICE is hereby given that KETLER VERNISE of PRINCE
CHARLES DRIVE, ZIRCONIA COURT, NASSAU,
BAHAMAS is applying to the Minister responsible for Nationality
and Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why registration/
naturalization should not be granted, should send a written and signed
statement of the facts within twenty-eight days from the 19'" day of
November, 2010 to the Minister responsible for nationality and
Citizenship, P.O. Box N-7147, Nassau, Bahamas.

LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)
In Voluntary Liquidation

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

i} =
ep tadr hetatentat ‘ol -_
Tht B. Fear
Fer: Continaaul Liqastaers, bee
Ligquadanor

2.36 Colina Holdings 2.40 2.40 0.00
5.40 Commonwealth Bank (S1) 6.85 6.85 0.00
1.63 Consolidated Water BDRs 1.84 1.87 0.03
1.60. Doctor's Hospital 1.60 1.60 0.00
5.94 Famguard 6.07 6.07 0.00
7.26 Finca 7.26 7.26 0.00
8.77 FirstCaribbean Bank 9.74 9.39 -0.35
B75 Focol (S) 5.46 5.46 0.00
1.00. Focol Class B Preference 1.00 1.00 0.00
5.00, ICD Utilities 5.59 5.59 0.00
9.82 J. S. Johnson 9.90 9.82 -0.08
10.00 Premier Real Estate 10.00 10.00 0.00
BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing basis)
Security Symbol Last Sale Change Daily Vol.
Bahamas Note 6.95 (2029) BAH29
Fidelity Bank Note 17 (Series A) + FBB17
Fidelity Bank Note 22 (Series B) + FBB22
Fidelity Bank Note 13 (Series C) + FBB13 100.00 0.00, 7%
Fidelity Bank Note 15 (Series D) + FBB15 100.00 0.00 Prime + 1.75%
RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)
Symbol Bid & AsK % Last Prirce Daily al.
Bahamas Supermarkets 5.01 6.01 14.00
RND Holdings 0.35 0.40 0.55
CFAL Securities Ltd. (Over-The-Counter Securities)

0.781
0,422
oO.111
0.199
-0.003
O,.26F
3,250 0.645
1,000

Legal Notice

NOTICE
PIPPO INVESTMENT GROUP LTD.

(In Voluntary Liquidation)

0.366
0.000
0,012 465.8
1,650 0.971 10.1
O85 10.1
S2wk-Hi S2wk-Low Interest
99.46 0.00. 6.95%
100.00, 0.00. 7%

100.00 0.00. Prime + 1.75%

Maturity
20 November 2029
19 October 2017
19 October 2022
30 May 2013
29 May 2015

EPS $
-2.945
0.001

Div Pe
0.000,
0.000

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of October 2009. The Liquidator

is Argosa Corp. Inc., P. 0. Box N-7757 Nassau,

0.000
0.000

ABDAB 30.13 31.59 29.00
RND Holdings 0.45 0.55 0.55
BISX Listed Mutual Funds
Fund Name NAV
CPFAL Bond Fund 1.5122
CFAL MSI Preferred Fund 2.9187
1.4954 CFAL Money Market Fund 1.5655
2.8522 Royal Fidelity Bahamas G & | Fund 2.8624
13.0484 Royal Fidelity Prime Income Fund 13.5642
101.6693 CFAL Global Bond Fund 114.3684
99.4177 CFAL Global Equity Fund
1.0000 FG Financial Preferred Income Fund
FG Financial Growth Fund
FG Financial Diversified Fund
Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 1
Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 2
Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 3
Royal Fidelity Int Fund - Equities Sub Fund

4.540
0.002

YTD%
5.11%
1.10%

NAV 3MTH
1.490421
2.919946
1.545071

NAV 6GMTH
1.467397
2811577
1.530224

Last 12 Months %
6.79%
3.13%
4.48%
-7.49%
2.95%
12.49%
7.18%
5.21%
6.87%
5.78%

1.4076
2.8300 30-Sep-10
12-Nov-10
31-Aug-10
30-Sep-10

3.87%
-8.16%

1.47%
30-Jun-10
30-Sep-10
31-Oct-10

9.98%
4.75%
4.30%

109.392860
100.779540

107.570619
106.5528 105.776543
DSOr Bahamas

S1-Oct-10
31-Oct-10

1.0000
1.0000
9.1005

1.0974
1.1363

2.75%
4.18%
9.7458 4.35% 5.22% 31-Oct-10
10.0000
10.6000 -1.59% 4.26% 31-Oct-10
9.1708
31-Oct-10

31-Oct-10

9.5037 -4.96%
8.1643 5.79%
MARKET TERMS
YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Colina and Fidelity
Ask $ - Selling price of Colina and fidelity
Last Price - Last traded over-the-counter price
Weekly Vol. - Trading volume of the prior week
EPS $ - A company's reported earnings per share for the last 12 mths
NAV - Net Asset Value
N/M - Not Meaningful
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

-4.96%
4.8105 9.42%
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
52wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks
Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price trom day to day
Daily Vol. - Number of total shares traded today
DIV $ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month earnings
KS) - 4-for-1 Stock Split - Effective Date 8/8/2007
S14) - 3-for-1 Stock Split - Effective Date 7/11/2007

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525

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

ARGOSA CORP. INC.

(Liquidator)


PAGE 6B, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE



Natural gas prices fall,
oil breaks losing streak

SANDY SHORE,
AP Business Writer

Oil prices rose Thursday for the first
time in a week while a rally in natural gas
was curtailed by a report of record sup-
plies.

Natural gas fell more than 3 percent
before erasing most of the decline late in
the session. The price of the December
futures contract, which rose more than 5
percent Wednesday, settled at $4.007,
down 2.3 cents.

Investors resumed buying oil after four
days of selling that knocked the price
down by 8 percent. PFGBest analyst Phil
Flynn said the improvement came as
more traders grew confident that Ire-
land's debt problems will be resolved
without spreading to other countries in
Europe and potentially affecting demand.

Benchmark oil for December delivery
rose $1.41 to $81.85 a barrel on the
Nymex. Since the contract expires Friday,
many investors shifted to the January
contract, which rose $1.38 to $82.42 a
barrel.

The Energy Department said natural
gas supplies rose by 3 billion cubic feet to
a record 3.843 trillion cubic feet last
week. That's 9.3 percent above the five-

NOTICE








Ae

(AP Photo/Damian Dovarganes)
FILLING UP: In this Nov. 4, 2010 photo,
Johnathan Gamez fills up his vehicle, at a gas
station, in Los Angeles.

year average. Gas supplies have been
building as drillers use improved methods
to extract large amounts of natural gas
from formations of shale rock in Texas,
Pennsylvania and other states.

At the same time, there are few signs

DEVON ENERGY CROATIA, LTD.








NOTICE IS HEREBY GIVEN as follows:

of improving industrial demand or even
sustained cold weather, which will be
keys to higher prices, said Tradition
Energy analyst Gene McGillian.

"Basically, we're reflecting the weak
fundamental picture again,” he said.

The price of gas has drifted between
about $3.75 per 1,000 cubic feet and $4.21
per 1,000 cubic feet since Labor Day,
around the time Americans stopped
cranked up the air conditioning.

The supply-demand picture could
prove to benefit consumers who get elec-
tricity generated by natural gas. Some
analysts believe their winter heating bills
will be about the same as a year ago or
slightly higher.

However, consumers who rely on heat-
ing oil to keep their homes warm likely
will face higher costs, the analysts said.
That product is closely linked to oil,
which is traded globally and has fetched
higher prices due to stronger demand in
Asia and emerging countries.

In other Nymex trading in December
contracts, heating oil rose 1.77 cents to
$2.2951 a gallon and gasoline added 7.04
cents to $2.2283 a gallon.

In London, Brent crude gained $1.77
to $85.05 a barrel on the ICE Futures
exchange.

NOTICE

DEVON ENERGY CROATIA, LTD.
(In Voluntary Liquidation)

DEVON ENERGY CROATIA, LTD. is in dissolution under the
provisions of the International Business Companies Act 2000.






The dissolution of the said Company commenced on the 17%
November 2010 when its Articles of Dissolution were submitted
to and registered by the Registrar General.

The Liquidator of the said Company is Delano Aranha of Ocean
Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247,
Nassau, Bahamas.

Dated the 18" day of November, 2010.
H & J Corporate Services Ltd.

Registered Agent
for the above-named Company

NOTICE
Oranje-Nassau Gryphon, Ltd.

NOTICE IS HEREBY GIVEN as follows:

Oranje-Nassau Gryphon, Ltd. is in dissolution under the
provisions of the International Business Companies Act 2000.

The dissolution of the said Company commenced on the 10
November 2010 when its Articles of Dissolution were submitted
to and registered by the Registrar General.
The Liquidator of the said Company is Delano Arahna of Ocean
Centre, Montagu Foreshore, East Bay Street, RO. Box N-3247,
Nassau, Bahamas.
Dated the 11° day of November, 2010.

H & J Corporate Services Ltd.

Registered Agent
for the above-named Company

ROYAL J FIDELITY a ~

Moray at Winerk

Creditors having debts or claims against the above-
named Company are required to send particulars
thereof to the undersigned at Ocean Centre, Montagu
Foreshore, East Bay Street, PO. Box N-324/7,
Nassau, Bahamas as sole Liquidator on or before the
3 day of December, 2010. In default thereof they
will be excluded from the benefit of any distribution
made by the Liquidator.

Dated the 18" day of November, 2010.

DELANO ARANHA
LIQUIDATOR

NOTICE

Oranje-Nassau Gryphon, Ltd.
(In Voluntary Liquidation)

Creditors having debts or claims against the above-
named Company are required to send particulars
thereof to the undersigned at Ocean Centre, Montagu
Foreshore, East Bay Street, PO. Box N-324/,
Nassau, Bahamas as sole Liquidator on or before the
29" day of November, 2010. In default thereof they
will be excluded from the benefit of any distribution
made by the Liquidator.

Dated the 11" day of November, 2010.
DELANO ARAHNA
LIQUIDATOR

= FG CAP

ITAL MARKETS
BROKERAGE & ADVISORY SERVICES

BISX LISTED & TRADED SECURITIES AS OF:
THURSDAY, 18 NOVEMBER 2010
BISX ALL SHARE INDEX: CLOSE 1,483.22 | CHG -21.94 | %CHG -1.46 | YTD -82.16 | YTD % -5.25
FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%
WWW. BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-2320

S2wk-Low Security

Previous Close Today's Close

Change Daily Vol. EPS $ Div $

1.00 AML Foods Limited
9.67 Bahamas Property Fund
4.50 Bank of Bahamas

0.18 Benchmark

2.70 Bahamas Waste

2.14 Fidelity Bank

9.62 Cable Bahamas

1.01 i 0.00.
10.63 10.63 0.00.
4.90. 4.90 0.00
0.18 0.18 0.00
2.70 2.70 0.00
2.1F ao1F 0.00
10.46 10.46 0.00

0.150
0.013
0.598
-O.877
0.168
0,016
1.050

‘Several thousand’ extra Baha Mar jobs

FROM page 1B

greater share of the construction pie - some 20 per cent of the total
amount - Mr Wrinkle emphasised that Bahamian contractors and
tradesmen had to “get it right” on a project of this magnitude, as
“failing to handle the job” would turn off both China State Con-
struction and future major developers.

Asked about how many extra contractors and construction
workers could be employed on the Baha Mar project, due to the
increase in contracts from $200 million to $400 million, a sum the
Prime Minister yesterday described as the largest for a single
Bahamas-based resort project, Mr Wrinkle replied: “I would say in
the hundreds.

“We were talking about this at [BCA] Council yesterday, and it
could be an additional 200-300 contractors and 5-15 crew for each
contractor. There are five contractors for the Commercial Vil-
lage, and we could maybe end up with 300. We’re talking about a
couple thousand workers.”

According to Tribune Business calculations, based on Mr Wrin-
kle’s estimates the number of Bahamian construction workers
employed on the Baha Mar project could increase from anywhere
between 1,000-4,500 personnel.

“Our biggest problem now is the labour force to handle this pro-
ject,” Mr Wrinkle told Tribune Business, explaining that “if we send
a slew of contractors out there and they fail to handle the job”, the
Bahamian construction industry and its participants could suffer
more long-term harm than good.

Asked whether the Bahamian construction industry had the
capacity currently to handle all that would be demanded of it by the
Baha Mar project, Mr Wrinkle replied: “I’m not sure we do, and we
need to carry out a registration process to find out how many
people are available for this project.”

Adding that it was “important to get this right first time”, Mr
Wrinkle said that achieving this depended on Baha Mar, China
State Construction, the Bahamas Technical and Vocational School
(BTV]), the BCA, Ministry of Works and the Office of the Prime
Minister all working in unison as one.

“All the horses have got to pull the wagon, and if any one drops
off, the wagon will not go anywhere,” the BCA president said.

The BCA, Mr Wrinkle added, was charged “with ensuring con-
tractors are prepared to do the work in a professional manner”. He
said: “That’s the key issue - to involve as many small and medium-
sized contractors as possible.

“That’s going to be the challenge: to prepare that core of con-
tractors to meet the criteria imposed on them by China State
Construction and their financial partners, such as bonding, insur-
ance and safety requirements.”

Mr Wrinkle described the increase in value of Baha Mar con-
struction contracts from $200-$400 million as “the best part of
the package” that Mr Ingraham brought back from Beijing, and
said the industry was “extremely appreciative of his leadership and
negotiating skills”.

“He drove a hard bargain, and they respected that,” the BCA
president said. “The Chinese respected the Prime Minister for
his tenacious negotiating and position, trying to make the right deci-
sion for the Bahamas.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, KENLY FERGUSON
of PO. Box SS-19282, 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.

NOTICE

NOTICE is hereby given that KETLER VERNISE of PRINCE
CHARLES DRIVE, ZIRCONIA COURT, NASSAU,
BAHAMAS is applying to the Minister responsible for Nationality
and Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why registration/
naturalization should not be granted, should send a written and signed
statement of the facts within twenty-eight days from the 19'" day of
November, 2010 to the Minister responsible for nationality and
Citizenship, P.O. Box N-7147, Nassau, Bahamas.

LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)
In Voluntary Liquidation

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

i} =
ep tadr hetatentat ‘ol -_
Tht B. Fear
Fer: Continaaul Liqastaers, bee
Ligquadanor

2.36 Colina Holdings 2.40 2.40 0.00
5.40 Commonwealth Bank (S1) 6.85 6.85 0.00
1.63 Consolidated Water BDRs 1.84 1.87 0.03
1.60. Doctor's Hospital 1.60 1.60 0.00
5.94 Famguard 6.07 6.07 0.00
7.26 Finca 7.26 7.26 0.00
8.77 FirstCaribbean Bank 9.74 9.39 -0.35
B75 Focol (S) 5.46 5.46 0.00
1.00. Focol Class B Preference 1.00 1.00 0.00
5.00, ICD Utilities 5.59 5.59 0.00
9.82 J. S. Johnson 9.90 9.82 -0.08
10.00 Premier Real Estate 10.00 10.00 0.00
BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing basis)
Security Symbol Last Sale Change Daily Vol.
Bahamas Note 6.95 (2029) BAH29
Fidelity Bank Note 17 (Series A) + FBB17
Fidelity Bank Note 22 (Series B) + FBB22
Fidelity Bank Note 13 (Series C) + FBB13 100.00 0.00, 7%
Fidelity Bank Note 15 (Series D) + FBB15 100.00 0.00 Prime + 1.75%
RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)
Symbol Bid & AsK % Last Prirce Daily al.
Bahamas Supermarkets 5.01 6.01 14.00
RND Holdings 0.35 0.40 0.55
CFAL Securities Ltd. (Over-The-Counter Securities)

0.781
0,422
oO.111
0.199
-0.003
O,.26F
3,250 0.645
1,000

Legal Notice

NOTICE
PIPPO INVESTMENT GROUP LTD.

(In Voluntary Liquidation)

0.366
0.000
0,012 465.8
1,650 0.971 10.1
O85 10.1
S2wk-Hi S2wk-Low Interest
99.46 0.00. 6.95%
100.00, 0.00. 7%

100.00 0.00. Prime + 1.75%

Maturity
20 November 2029
19 October 2017
19 October 2022
30 May 2013
29 May 2015

EPS $
-2.945
0.001

Div Pe
0.000,
0.000

Notice is hereby given that the above-named
Company is in dissolution, which commenced
on the 27th day of October 2009. The Liquidator

is Argosa Corp. Inc., P. 0. Box N-7757 Nassau,

0.000
0.000

ABDAB 30.13 31.59 29.00
RND Holdings 0.45 0.55 0.55
BISX Listed Mutual Funds
Fund Name NAV
CPFAL Bond Fund 1.5122
CFAL MSI Preferred Fund 2.9187
1.4954 CFAL Money Market Fund 1.5655
2.8522 Royal Fidelity Bahamas G & | Fund 2.8624
13.0484 Royal Fidelity Prime Income Fund 13.5642
101.6693 CFAL Global Bond Fund 114.3684
99.4177 CFAL Global Equity Fund
1.0000 FG Financial Preferred Income Fund
FG Financial Growth Fund
FG Financial Diversified Fund
Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 1
Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 2
Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 3
Royal Fidelity Int Fund - Equities Sub Fund

4.540
0.002

YTD%
5.11%
1.10%

NAV 3MTH
1.490421
2.919946
1.545071

NAV 6GMTH
1.467397
2811577
1.530224

Last 12 Months %
6.79%
3.13%
4.48%
-7.49%
2.95%
12.49%
7.18%
5.21%
6.87%
5.78%

1.4076
2.8300 30-Sep-10
12-Nov-10
31-Aug-10
30-Sep-10

3.87%
-8.16%

1.47%
30-Jun-10
30-Sep-10
31-Oct-10

9.98%
4.75%
4.30%

109.392860
100.779540

107.570619
106.5528 105.776543
DSOr Bahamas

S1-Oct-10
31-Oct-10

1.0000
1.0000
9.1005

1.0974
1.1363

2.75%
4.18%
9.7458 4.35% 5.22% 31-Oct-10
10.0000
10.6000 -1.59% 4.26% 31-Oct-10
9.1708
31-Oct-10

31-Oct-10

9.5037 -4.96%
8.1643 5.79%
MARKET TERMS
YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Colina and Fidelity
Ask $ - Selling price of Colina and fidelity
Last Price - Last traded over-the-counter price
Weekly Vol. - Trading volume of the prior week
EPS $ - A company's reported earnings per share for the last 12 mths
NAV - Net Asset Value
N/M - Not Meaningful
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

-4.96%
4.8105 9.42%
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
52wk-Hi - Highest closing price in last 52 weeks
52wk-Low - Lowest closing price in last 52 weeks
Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price trom day to day
Daily Vol. - Number of total shares traded today
DIV $ - Dividends per share paid in the last 12 months
P/E - Closing price divided by the last 12 month earnings
KS) - 4-for-1 Stock Split - Effective Date 8/8/2007
S14) - 3-for-1 Stock Split - Effective Date 7/11/2007

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525

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

ARGOSA CORP. INC.

(Liquidator)


THE TRIBUNE

FRIDAY, NOVEMBER 19, 2010, PAGE 7B



General Motors shares
jump on Wall Sireet return

NEW YORK

GENERAL MOTORS
stock began trading on Wall
Street again Thursday, signal-
ing the rebirth of an Ameri-
can corporate icon that col-
lapsed into bankruptcy and
was rescued with a $50 billion
infusion from taxpayers.

The stock rose sharply in its
first minutes of buying and
selling, going for nearly $36
per share — almost $3 more
than the price GM set for the
initial public offering. The
stock pulled back slightly by
early afternoon. It had traded
for less than a dollar when the
old company filed for bank-
ruptcy last year.

On the floor of the New
York Stock Exchange, a
crowd eight deep jostled
around the company's trading
post, adorned with its familiar
blue-square logo with an
underlined "GM." CEO Dan
Akerson rang the opening bell
as raucous cheers went up and
the sound of a Chevrolet
Camaro's revving engine
echoed through the room.

The government hopes that
the stock offering will be the
first step toward ultimately
breaking even on the bailout.
For that to happen, the gov-
ernment needs to sell its
remaining GM holdings for an
average of roughly $50 a share
over the next several years.

Ron Bloom, the Obama
administration's senior adviser
for the auto industry, refused
to predict whether taxpayers
would get all the money back.

"We're obviously eager to
get the rest of it back as much
as we can,” he said Thursday.

The GM IPO could wind up
as the largest in history. Earli-
er this week, GM raised the
high end of its initial price
range from $29 to $33 and
increased the number of
shares it was offering from 365
million to 478 million common
shares because investor
demand was so high. Count-
ing preferred stock issued by
the company, the deal's value
could top $23 billion.

At midday, 264 million GM
shares had been traded, more
than half the number sold in
the IPO.

Such volume is not unusual
following a high-profile offer-
ing. It’s a sign that big institu-
tional investors such as mutu-
al and hedge funds are taking
profits and smaller investors
who were shut out of the [PO
are now buying, said David
Whiston, an auto equity ana-
lyst with Morningstar Inc.

"Often the way the world
is, the Wall Street institutions
get in at the lower price and
the Main Street investor gets
in at the higher price,” he said.

The increased selling price,
though, means the market is
judging the GM rescue as a
success, Bloom said.

"Almost $20 billion in pri-
vate capital voted that they
wanted to be part of General
Motors. So we do think this is
a good day," he said.

In the initial offering, the
government reduced its own-
ership stake from 61 percent to
about 36 percent. The federal
treasury sold 358 million
shares of the resurrected GM
— which is smaller, profitable
and cleansed of most of its
debt. If bankers exercise
options to buy and resell more
shares, the government will
wind up selling more than 400
million shares, reducing the
stake to 33 percent of GM.

"There's a lot of work to do,
but today is the beginning of
the new company,” said Mark
Reuss, GM's North American
president.

The reduced government
stake should help repair the
company's image, which had
been tarnished by accepting
the bailout money, Akerson
told reporters.

"They have taken their
ownership down by roughly
half,” he said. "I would say
that the average taxpayer in
the United States would look
at this particular transaction
as very positive."

The stock offering is the lat-
est in a series of head-spinning
developments over the past
two years for the American
corporate icon.

In September 2008, to mark
its 100th birthday, GM cele-
brated in the grand three-sto-
ry atrium on the ground floor
of its Detroit headquarters.

Two months later, then-
CEO Rick Wagoner found
himself in front of members

of Congress, begging for mon-
ey to keep GM alive. Four
months after that, he was oust-
ed by President Barack Oba-
ma.

By June 2009, GM had filed
for bankruptcy. It emerged
with 92 percent of its debt
erased, but the company was
mostly owned by the govern-
ment and saddled with a dam-
aging nickname: "Government
Motors." The value of its old
stock was wiped out, along
with $27 billion in bond val-
ue.
Now GM is a publicly trad-
ed company again with the
familiar stock symbol "GM."
Obama on Wednesday said
GM's IPO marks a major
milestone not only in the turn-
around of the company, but
of the U.S. auto industry.

Most of the new stock will
go to institutional investors,
not to everyday investors, fol-
lowing a Wall Street system
that rewards investment
banks’ big customers. GM set
aside 5 percent of its new stock
for employees, retirees and car
dealers to buy at the offering
price. The company has not
revealed how many people
took the offer.

Early Thursday, GM's main
joint venture partner in Chi-
na, SAIC Motor Corp., said it
has bought a nearly 1 percent
stake in GM, buying shares
being offered in the IPO at a
cost of nearly $500 million.
SAIC, based in Shanghai and
run by the state, said the share
purchase is meant to enhance
its cooperation with GM in
China, the world's biggest auto
market.

Chief Financial Officer
Chris Liddell said there was
high interest from sovereign
wealth funds, which are pools
of money from reserves of for-
eign governments. In the end,
90 percent or more of the
shares were sold in North
America, he said.

Investors

About $4 billion worth of
shares went to smaller retail
investors, the most of any IPO
in history, Liddell said. But
many retail investors are high
net worth clients of Wall Street
brokerage houses.

Hedge and mutual funds
are now among the compa-
ny's larger shareholders, GM
said.

Senior Obama administra-
tion officials said Wednesday
that the Treasury Department
sought a balance between get-
ting a return for taxpayers and
exiting government ownership
as soon as practical.

The government has agreed
that it will not sell shares out-
side the IPO for six months
after the sale.

The officials, who spoke on
condition of anonymity, said
they would assess their options
for selling the government's
stake further.

In the stock offering, the
government made $11.8 bil-
lion by selling 358 million
shares at $33 apiece. It stands
to make $13.6 billion if
bankers exercise options for
54 million more.

The government would still
have about 500 million shares,
a one-third stake. It would
have to sell those shares over
the next two to three years at
about $53 a share for taxpay-
ers to come out even.

The government's strategy
in retaining shares is to wait
for GM's finances to improve
and push the stock price up
the next couple of years.

The total bailout was $50
billion. GM has already paid
or agreed to pay back $9.5 bil-
lion. That comes from cash
and preferred stock held by
the government.

Reuss said he knows there's
pressure to keep performing
well and boost the stock price.

"I can't control share
prices,” he said. "I'll just go
right back to designing and
building and selling the world's
best vehicles. That's what we
can control."

The GM debut comes when
auto stocks are performing
well generally. The stock of
GM's crosstown rival, Ford,
has risen steadily this year,
from about $10 in January to
about $16.50 as the GM IPO
approached. The stock traded
for a dollar in November 2008.
Ford never took bailout mon-
ey.

As for GM, whether bank-
ruptcy fixed the company

far healthier in its new form.
The company closed 14 of its
47 plants, shuttered or sold its
Hummer, Saturn, Saab and
Pontiac brands, and slashed its
debt from about $46 billion to
about $8 billion.

Union retiree health care
costs are now the United Auto
Workers’ responsibility, and a
controversial jobs program
that paid idled workers almost
a full salary has been scaled
back dramatically.

GM employs 209,000 peo-
ple in the United States today,
down from 324,000 in 2004.
Before bankruptcy, GM lost
about $4,000 per car.

Now it makes about $2,000

each.




















remains a question, but it is 1 Gs Ml
, era

NYSE = &

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
Rotarian Herbert J. Taylor. This
24-word Test has been
translated into more than a
hundred languages and
published in thousands of ways.
It asks the following four
questions:

Rules:

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.

. 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.

. 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.

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

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

. Only essays accompanied by original entry forms clipped

from the newspaper will be accepted. Photocopy, fax,
carbon or other copies will not be accepted.

. One winner will be chosen from each age category. The

decision of the judges is final.

. Winner must agree to a photo presentation which will

be published in the newspaper.

. 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

My Vere, Ply Howzpapor!
f

WAI F



A RE
ENERAL

io —
MO

GENERAL MOTORS headquarters is shown in Detroit, Thursday, Nov. 18, 2010. GM is returning to life
as a public company Thursday with an initial public offering of stock. (AP)

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?

4. Will it be beneficial to
all concerned?”

OFFICIAL ENTRY FORM
Child’s Name:
Age: _
School:
Address:
P.O. Box:
Email Address:

Parent’s Name:



Parent’s Signature:

Telephone contact: (H) (W)

All entries become property of the Rotary Club of East Nassau and can be used
and reproduced for any purpose without compensation.

Rotary Club of

EAST \\

NASSAU

BAHAMAS, Distriel 7020



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

FRIDAY, NOVEMBER 19, 2010, PAGE 7B



General Motors shares
jump on Wall Sireet return

NEW YORK

GENERAL MOTORS
stock began trading on Wall
Street again Thursday, signal-
ing the rebirth of an Ameri-
can corporate icon that col-
lapsed into bankruptcy and
was rescued with a $50 billion
infusion from taxpayers.

The stock rose sharply in its
first minutes of buying and
selling, going for nearly $36
per share — almost $3 more
than the price GM set for the
initial public offering. The
stock pulled back slightly by
early afternoon. It had traded
for less than a dollar when the
old company filed for bank-
ruptcy last year.

On the floor of the New
York Stock Exchange, a
crowd eight deep jostled
around the company's trading
post, adorned with its familiar
blue-square logo with an
underlined "GM." CEO Dan
Akerson rang the opening bell
as raucous cheers went up and
the sound of a Chevrolet
Camaro's revving engine
echoed through the room.

The government hopes that
the stock offering will be the
first step toward ultimately
breaking even on the bailout.
For that to happen, the gov-
ernment needs to sell its
remaining GM holdings for an
average of roughly $50 a share
over the next several years.

Ron Bloom, the Obama
administration's senior adviser
for the auto industry, refused
to predict whether taxpayers
would get all the money back.

"We're obviously eager to
get the rest of it back as much
as we can,” he said Thursday.

The GM IPO could wind up
as the largest in history. Earli-
er this week, GM raised the
high end of its initial price
range from $29 to $33 and
increased the number of
shares it was offering from 365
million to 478 million common
shares because investor
demand was so high. Count-
ing preferred stock issued by
the company, the deal's value
could top $23 billion.

At midday, 264 million GM
shares had been traded, more
than half the number sold in
the IPO.

Such volume is not unusual
following a high-profile offer-
ing. It’s a sign that big institu-
tional investors such as mutu-
al and hedge funds are taking
profits and smaller investors
who were shut out of the [PO
are now buying, said David
Whiston, an auto equity ana-
lyst with Morningstar Inc.

"Often the way the world
is, the Wall Street institutions
get in at the lower price and
the Main Street investor gets
in at the higher price,” he said.

The increased selling price,
though, means the market is
judging the GM rescue as a
success, Bloom said.

"Almost $20 billion in pri-
vate capital voted that they
wanted to be part of General
Motors. So we do think this is
a good day," he said.

In the initial offering, the
government reduced its own-
ership stake from 61 percent to
about 36 percent. The federal
treasury sold 358 million
shares of the resurrected GM
— which is smaller, profitable
and cleansed of most of its
debt. If bankers exercise
options to buy and resell more
shares, the government will
wind up selling more than 400
million shares, reducing the
stake to 33 percent of GM.

"There's a lot of work to do,
but today is the beginning of
the new company,” said Mark
Reuss, GM's North American
president.

The reduced government
stake should help repair the
company's image, which had
been tarnished by accepting
the bailout money, Akerson
told reporters.

"They have taken their
ownership down by roughly
half,” he said. "I would say
that the average taxpayer in
the United States would look
at this particular transaction
as very positive."

The stock offering is the lat-
est in a series of head-spinning
developments over the past
two years for the American
corporate icon.

In September 2008, to mark
its 100th birthday, GM cele-
brated in the grand three-sto-
ry atrium on the ground floor
of its Detroit headquarters.

Two months later, then-
CEO Rick Wagoner found
himself in front of members

of Congress, begging for mon-
ey to keep GM alive. Four
months after that, he was oust-
ed by President Barack Oba-
ma.

By June 2009, GM had filed
for bankruptcy. It emerged
with 92 percent of its debt
erased, but the company was
mostly owned by the govern-
ment and saddled with a dam-
aging nickname: "Government
Motors." The value of its old
stock was wiped out, along
with $27 billion in bond val-
ue.
Now GM is a publicly trad-
ed company again with the
familiar stock symbol "GM."
Obama on Wednesday said
GM's IPO marks a major
milestone not only in the turn-
around of the company, but
of the U.S. auto industry.

Most of the new stock will
go to institutional investors,
not to everyday investors, fol-
lowing a Wall Street system
that rewards investment
banks’ big customers. GM set
aside 5 percent of its new stock
for employees, retirees and car
dealers to buy at the offering
price. The company has not
revealed how many people
took the offer.

Early Thursday, GM's main
joint venture partner in Chi-
na, SAIC Motor Corp., said it
has bought a nearly 1 percent
stake in GM, buying shares
being offered in the IPO at a
cost of nearly $500 million.
SAIC, based in Shanghai and
run by the state, said the share
purchase is meant to enhance
its cooperation with GM in
China, the world's biggest auto
market.

Chief Financial Officer
Chris Liddell said there was
high interest from sovereign
wealth funds, which are pools
of money from reserves of for-
eign governments. In the end,
90 percent or more of the
shares were sold in North
America, he said.

Investors

About $4 billion worth of
shares went to smaller retail
investors, the most of any IPO
in history, Liddell said. But
many retail investors are high
net worth clients of Wall Street
brokerage houses.

Hedge and mutual funds
are now among the compa-
ny's larger shareholders, GM
said.

Senior Obama administra-
tion officials said Wednesday
that the Treasury Department
sought a balance between get-
ting a return for taxpayers and
exiting government ownership
as soon as practical.

The government has agreed
that it will not sell shares out-
side the IPO for six months
after the sale.

The officials, who spoke on
condition of anonymity, said
they would assess their options
for selling the government's
stake further.

In the stock offering, the
government made $11.8 bil-
lion by selling 358 million
shares at $33 apiece. It stands
to make $13.6 billion if
bankers exercise options for
54 million more.

The government would still
have about 500 million shares,
a one-third stake. It would
have to sell those shares over
the next two to three years at
about $53 a share for taxpay-
ers to come out even.

The government's strategy
in retaining shares is to wait
for GM's finances to improve
and push the stock price up
the next couple of years.

The total bailout was $50
billion. GM has already paid
or agreed to pay back $9.5 bil-
lion. That comes from cash
and preferred stock held by
the government.

Reuss said he knows there's
pressure to keep performing
well and boost the stock price.

"I can't control share
prices,” he said. "I'll just go
right back to designing and
building and selling the world's
best vehicles. That's what we
can control."

The GM debut comes when
auto stocks are performing
well generally. The stock of
GM's crosstown rival, Ford,
has risen steadily this year,
from about $10 in January to
about $16.50 as the GM IPO
approached. The stock traded
for a dollar in November 2008.
Ford never took bailout mon-
ey.

As for GM, whether bank-
ruptcy fixed the company

far healthier in its new form.
The company closed 14 of its
47 plants, shuttered or sold its
Hummer, Saturn, Saab and
Pontiac brands, and slashed its
debt from about $46 billion to
about $8 billion.

Union retiree health care
costs are now the United Auto
Workers’ responsibility, and a
controversial jobs program
that paid idled workers almost
a full salary has been scaled
back dramatically.

GM employs 209,000 peo-
ple in the United States today,
down from 324,000 in 2004.
Before bankruptcy, GM lost
about $4,000 per car.

Now it makes about $2,000

each.




















remains a question, but it is 1 Gs Ml
, era

NYSE = &

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
Rotarian Herbert J. Taylor. This
24-word Test has been
translated into more than a
hundred languages and
published in thousands of ways.
It asks the following four
questions:

Rules:

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.

. 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.

. 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.

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

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

. Only essays accompanied by original entry forms clipped

from the newspaper will be accepted. Photocopy, fax,
carbon or other copies will not be accepted.

. One winner will be chosen from each age category. The

decision of the judges is final.

. Winner must agree to a photo presentation which will

be published in the newspaper.

. 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

My Vere, Ply Howzpapor!
f

WAI F



A RE
ENERAL

io —
MO

GENERAL MOTORS headquarters is shown in Detroit, Thursday, Nov. 18, 2010. GM is returning to life
as a public company Thursday with an initial public offering of stock. (AP)

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?

4. Will it be beneficial to
all concerned?”

OFFICIAL ENTRY FORM
Child’s Name:
Age: _
School:
Address:
P.O. Box:
Email Address:

Parent’s Name:



Parent’s Signature:

Telephone contact: (H) (W)

All entries become property of the Rotary Club of East Nassau and can be used
and reproduced for any purpose without compensation.

Rotary Club of

EAST \\

NASSAU

BAHAMAS, Distriel 7020



TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
PAGE 8B, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE





THIS FILE photo taken Feb. 22, 2010 shows a Sears retail store in Burbank, Calif. Sears Holdings
Corp.'s third-quarter loss widened more than expected Thursday, Nov. 18, 2010, dragged down

by continued weak revenue at its long-suffering Sears chain. (AP)

=

California
Paints

“Give your house

nothing but the best”
Everyday low price
—

Feo Resacod
ein

#1 rated paint in America





Sears’ third-quarter
loss widens; appliances
and clothing weaken

NEW YORK

SEARS HOLDINGS
CORP.'S third-quarter loss
nearly doubled, dragged
down by weak revenue at its
long-suffering Sears chain,
hurt by poor sales of appli-
ances and clothing, accord-
ing to Associated Press.

Business at its Kmart dis-
count stores held up better,
but they still saw a key rev-
enue measure edge down-
ward. The chain is expected
to face even more pressure
in the holiday quarter amid
stiffer competition from
rivals like Target and Wal-
Mart. The miserable results
renewed discussion on Wall
Street on why the two chains
combined in 2005 in the first
place.

"They have to do some-
thing to stem this,” said
Michael Dart, retail strate-
gist at Kurt Salmon Associ-
ates. "You do get to a tip-
ping point."

Drive into participating Esso stations for the chance to win a brand new 2011
Ford Fiesta. For every $20 spent on fuels you will get an entry-form. Drop it into
the box provided and you could be a lucky winner at the grand prize draw on

January 14, 2011.

Your entry-form also qualifies you for biweekly
draws starting December 3rd for an iPad.
3 Winners every other week.

BIWEEKLY DRAWS : DEC. 3, 17 & 30
GRAND PRIZE DRAW : JAN. 14, 2011

ord

FRIENDLY MOTORS LTD.

Shares fell $2.79, or 4.2
percent, to $63.41 in after-
noon trading.

Sears Holdings, led by bil-
lionaire Eddward Lampert,
posted a loss of $218 million,
or $1.98 per share.

That compares with a loss
of $127 million, or $1.09 per
share, in the same period last
year.

Analysts surveyed by
Thomson Reuters expected
$1.08 per share.

Expectations

Revenue fell 5 percent to
$9.68 billion, short of analyst
expectations of $9.89 billion.

Revenue at stores open at
least a year dropped 4.8 per-
cent in the quarter, driven
mostly by an 8.2 percent
decline at Sears.

The figure fell 0.7 percent
at Kmart stores. It's consid-
ered an important measure
of a retailer's performance



because it excludes the
effects of stores that open or
close during the year.

"While Kmart improved
profitability, our third-quar-
ter results were disappoint-
ing, in large part due to low-
er sales of apparel and appli-
ances at Sears," said interim
CEO W. Bruce Johnson,
who replaced Aylwin B.
Lewis when he was ousted in
January 2008.

There has been no word
since then as to when Sears
would find a permanent
replacement.

The company said Sears’
weakness in home appliances
resulted from weak demand,
lower prices and a delay in
rolling out new Kenmore
products during the quarter.
Overall, demand for appli-
ances has declined as home-
buyer tax credits have
expired, but Sears said in the
release that the weakness was
concentrated in October,
when rivals Home Depot Inc.
and Lowe's Cos. had their
best performance in revenue
at stores opened at least a
year.

Home Depot's key rev-
enue measure was up 3.5 per-
cent, while Lowe's rose 2 per-
cent during October, accord-
ing to Gary Balter, a retail
analyst at Credit Suisse.

Sears attributed the cloth-
ing declines to unseasonably
warm weather that had shop-
pers holding off on cold-
weather purchases.

Decline

Kmart's quarterly decline
in revenue in stores open at
least one year was due to
weaker pharmacy and food
sales.

The chain is facing stiffer
competition from Target,
which is expanding into fresh
food in its general merchan-
dise stores. Wal-Mart is also
scrambling to add back thou-
sands of grocery items it cut
back last year as part of a
campaign to de-clutter its
stores.

Thursday's results were the
fifth quarterly loss for Sears
Holdings in the past two
years, and analysts have
blamed management for cut-
ting costs at the expense of
investing in its stores.

"These results again raise
the question of why Kmart
merged with Sears," wrote
Balter in a report published
Thursday.

"Tt is not that Kmart is the
standard in discount store
retailing.

“However, it is a some-
what consistent retailer with
very little capital investment
and some great leases among
its stores."

He continued, "Converse-
ly, Sears competes with
Home Depot, Lowe's, Best
Buy and apparel players and
seems to lose share every
quarter.

As well, past a few trophy
properties, it has a dismal
real estate portfolio.

The idea of combining the
best of the two chains brands
into one and selling off
excess real estate has been a
failure, and while Kmart will
continue to hobble along,
Sears is saddled by its loca-
tions and by stronger com-
petition in its space."

The chain isn't in dire
financial straits yet as it has
enough cash on hand. Sears
reported it had cash balances
of $806 million as of Oct. 30,
compared with balances of
$1.5 billion in Oct. 31. But it
also has $1.9 billion in unused
credit lines.

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


PAGE 8B, FRIDAY, NOVEMBER 19, 2010

THE TRIBUNE





THIS FILE photo taken Feb. 22, 2010 shows a Sears retail store in Burbank, Calif. Sears Holdings
Corp.'s third-quarter loss widened more than expected Thursday, Nov. 18, 2010, dragged down

by continued weak revenue at its long-suffering Sears chain. (AP)

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Sears’ third-quarter
loss widens; appliances
and clothing weaken

NEW YORK

SEARS HOLDINGS
CORP.'S third-quarter loss
nearly doubled, dragged
down by weak revenue at its
long-suffering Sears chain,
hurt by poor sales of appli-
ances and clothing, accord-
ing to Associated Press.

Business at its Kmart dis-
count stores held up better,
but they still saw a key rev-
enue measure edge down-
ward. The chain is expected
to face even more pressure
in the holiday quarter amid
stiffer competition from
rivals like Target and Wal-
Mart. The miserable results
renewed discussion on Wall
Street on why the two chains
combined in 2005 in the first
place.

"They have to do some-
thing to stem this,” said
Michael Dart, retail strate-
gist at Kurt Salmon Associ-
ates. "You do get to a tip-
ping point."

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Shares fell $2.79, or 4.2
percent, to $63.41 in after-
noon trading.

Sears Holdings, led by bil-
lionaire Eddward Lampert,
posted a loss of $218 million,
or $1.98 per share.

That compares with a loss
of $127 million, or $1.09 per
share, in the same period last
year.

Analysts surveyed by
Thomson Reuters expected
$1.08 per share.

Expectations

Revenue fell 5 percent to
$9.68 billion, short of analyst
expectations of $9.89 billion.

Revenue at stores open at
least a year dropped 4.8 per-
cent in the quarter, driven
mostly by an 8.2 percent
decline at Sears.

The figure fell 0.7 percent
at Kmart stores. It's consid-
ered an important measure
of a retailer's performance



because it excludes the
effects of stores that open or
close during the year.

"While Kmart improved
profitability, our third-quar-
ter results were disappoint-
ing, in large part due to low-
er sales of apparel and appli-
ances at Sears," said interim
CEO W. Bruce Johnson,
who replaced Aylwin B.
Lewis when he was ousted in
January 2008.

There has been no word
since then as to when Sears
would find a permanent
replacement.

The company said Sears’
weakness in home appliances
resulted from weak demand,
lower prices and a delay in
rolling out new Kenmore
products during the quarter.
Overall, demand for appli-
ances has declined as home-
buyer tax credits have
expired, but Sears said in the
release that the weakness was
concentrated in October,
when rivals Home Depot Inc.
and Lowe's Cos. had their
best performance in revenue
at stores opened at least a
year.

Home Depot's key rev-
enue measure was up 3.5 per-
cent, while Lowe's rose 2 per-
cent during October, accord-
ing to Gary Balter, a retail
analyst at Credit Suisse.

Sears attributed the cloth-
ing declines to unseasonably
warm weather that had shop-
pers holding off on cold-
weather purchases.

Decline

Kmart's quarterly decline
in revenue in stores open at
least one year was due to
weaker pharmacy and food
sales.

The chain is facing stiffer
competition from Target,
which is expanding into fresh
food in its general merchan-
dise stores. Wal-Mart is also
scrambling to add back thou-
sands of grocery items it cut
back last year as part of a
campaign to de-clutter its
stores.

Thursday's results were the
fifth quarterly loss for Sears
Holdings in the past two
years, and analysts have
blamed management for cut-
ting costs at the expense of
investing in its stores.

"These results again raise
the question of why Kmart
merged with Sears," wrote
Balter in a report published
Thursday.

"Tt is not that Kmart is the
standard in discount store
retailing.

“However, it is a some-
what consistent retailer with
very little capital investment
and some great leases among
its stores."

He continued, "Converse-
ly, Sears competes with
Home Depot, Lowe's, Best
Buy and apparel players and
seems to lose share every
quarter.

As well, past a few trophy
properties, it has a dismal
real estate portfolio.

The idea of combining the
best of the two chains brands
into one and selling off
excess real estate has been a
failure, and while Kmart will
continue to hobble along,
Sears is saddled by its loca-
tions and by stronger com-
petition in its space."

The chain isn't in dire
financial straits yet as it has
enough cash on hand. Sears
reported it had cash balances
of $806 million as of Oct. 30,
compared with balances of
$1.5 billion in Oct. 31. But it
also has $1.9 billion in unused
credit lines.

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


SECTION E

THe TF RERUN E Sun sets

record at

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RIDAY, NOVEMBER 19,

2010

PAGES 2-8 ¢ International sports news



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ali

VOLLEYBALL

NPVA ACTION

THE New Providence Vol-
leyball Association (NPVA)
continued its regular season with
a double header at the D W
Davis Gymnasium Wednesday
night.

The Johnson Lady Truckers,
behind Davia Moss and
Keniesha Thompson, took four
sets to defeat the Champions
Club. The Champions were led
by Samantha Forbes.

In men’s action, the Scotia
Defenders disposed of DaBase-
ment Crimestoppers in another
four setter. Shedrick Forbes and
Tony Simon were the leading
scorers for the Defenders. In the
loss, Muller Petit and Rony Lex-
idor led the Crimestoppers.



VOLLEYBALL

DEFENDERS TRAVEL

THE Scotiabank Defenders
are off for a return trip to
Jamaica to compete in the Uni-
versity of the West Indies, Mona
Campus, volleyball tournament.

Last year, the Defenders fin-
ished as the runners-up and
coach DeVince Smith is confi-
dent that they will return home
as the champions after the tour-
nament is completed this week-
end. Smith left town yesterday
along with Tony Simon, Ian Pin-
der, Chauncey Cooper, Anto-
nio Laverity, Byron Ferguson,
Shedrick Forbes, Jamaal Fergu-
son, Enderiech Rahming and
Muller Petit.

BASKETBALL

NPWBA RESULTS

THE New Providence Wom-
en’s Basketball Association
(NPWBA) completed its second
day of the regular season Tues-
day at the DW Davis Gymnasi-
um.

The Four J’s Cheetahs evened
their season record to 1-1 with a
77-56 victory over the Johnson
Lady Truckers as Alyse Dean
led the way with 14 points. Jan-
ice Williams also scored 14 in
the loss. The other game saw the
Angels improve to 2-0 with a 68-
30 rout over the Sentinel Jr All-
Stars. Suzette McKenzie scored
16 in the win and Jakia Brown
had 16 in the loss for the 0-2 All-
Stars. The NP WBA is slated to
be back in action on Saturday
night.

BASKETBALL

HIGH SCHOOL SEMINAR

FREDDIE Brown, the rules
interpreter for the BBF, is
scheduled to conduct a rules
clinic for all high school coaches
at St Augustine’s College on Sat-
urday. The clinic is set to get
underway at 9:30am and will
give an update on the new
changes in reference to basket-
ball.

SOCCER
BFA YOUTH LEAGUE
THE Bahamas Football Asso-
ciation is slated to continue its
Youth League with the follow-
ing matches on tap:
Today’s schedule
7pm — Cavalier vs Dynamos
(U-17)
8:40pm — Bahamas Junior vs
FC Nassau (U-17)
Saturday’s schedule
U-14 Girls
9am — Cavalier FC vs
Lyford Cay FC
11:40am — Dynamos FC
vs IM Bears FC
U-17 Girls
10:20am — Baha Juniors FC
vs Cavalier FC
U-14 Boys
9am —IM Bears 2 vs
Cavalier FC
10:20am — Baha
Juniors FC vs Dynamos FC
11:40am — Western Warriors
vs United FC
DW Davis - Cavalier FC vs
IM Bears FC
St John’s College - Dynamos
FC vs United FC
St Paul’s Fleld - Lyford Cay
vs Meridien
Tambearly - Tambearley vs
FC Nassau
Winton - Baha Juniors vs
Vandyke Bethel Soccer
Academy
Winton - Baha Juniors vs
Gambier Hotmix

See page SE



BSF names junior women’s national team

By RENALDO DORSETT
Sports Reporter
rdorsett@tribunemedia.net

ALTHOUGH its local
season ended weeks ago, the
Bahamas Softball Federation
(BSF) is still busy as it pre-
pares to field the first of sev-
eral national teams to repre-
sent the country in the near
future.

The BSF has named its 18-
member junior women’s
national team which will

18-member body to compete in ISF Youth World Cup

compete in the 2010 Interna-
tional Softball Federation
Youth World Cup.

The international event,
featuring a myriad of coun-
tries, is all set for December
29 to January 8, 2011. The
tournament will feature each
team participating in at least
six games during pool play
with medals awarded from

each team from first to fourth
place.

The tournament seeks to
serve as a cultural exchange
for much of its players and
provides opportunities for
players to showcase their
individual skills.

The tournament will
embark on a solidarity initia-
tive which states that each

team should bring a token of
solidarity for gift exchange
before every game against an
opponent you will face for
the first time.

Examples of solidarity gifts
include pins, keychains, or
another small item from your
country, state or province.

There will also be a skills
competition, where each

team will have an opportu-
nity to nominate one mem-
ber per skill to face off
against others in the tourna-
ment.

BSF president Burket
Dorsett said the team assem-
bled is a talented one. And
they have a number of lofty
expectations to live up to.

"This team is an extremely

Champion Waves!

RBDF Waves defeat the Finance
Health Invaders for BGDSA title

he Royal Bahamas

Defence Force Waves

finally accomplished

what their male coun-

terparts have been
doing for many years.

They now have the right to be
called the 2010 women’s champi-
ons in the Bahamas Government
Departmental Softball Association
(BGDSA) after defeating the
Finance Health Invaders in a hard-
fought series at the Blue Hills
Sporting Complex.

Tn last year’s championship series,
the Invaders dominated and swept
the Waves in four straight games.

This year however, the Lady
Waves returned with a vengeance
and were not about to be taken
lightly.

The Waves took a commanding
2-0 lead in the championship series
only to see the Health Invaders
surge back with three consecutive
victories to take control of the series
with a 3-2 lead.

Needing only a victory to wrap
up the series, the Invaders could
not muster another win, as the
Defence Force Waves took the
series in seven games with a final
score of 14-6.

Rhonda Kelly led the Waves’
offensive attack with a three for
five performance, scoring three
runs.

Laurell Farrington, Apryl Moul-
trie and Karen Darville-Bastian all
went three for four and each scored
two runs apiece, as the Defence
Force women ended the uphill
series on a high note.

Maryann Fowler was the winning
pitcher and Marvelle Miller took
the loss.

“We were more focused this year.
We were able to make the playoffs,
and get some measure of revenge
after being swept last year,” said

WINNING PITCHER: RBDF Waves’ Maryann Fowler in action.

Waves coach Terrance Culmer.
“We overcame lots of injuries,

scratched and crawled from the

beginning, played like we wanted

to win and the girls finally came
through after being in the champi-
onship game three of the last four
years.”

HAPPY DAY: The RBDF Waves are 2010 women’s champions in Bahamas Government Departmental Softball Association
(BGDSA) after defeating the Finance Health Invaders in a hard-fought series at the Blue Hills Sporting Complex.



A PAIR of the Bahamas’ prep
stars on the hardwood have commit-
ted to joining the University of
Louisiana, Lafayette basketball pro-
gramme next fall.

Kentwan Smith and Kadeem Cole-
by both signed letters of intent to join
the Ragin’ Cajuns for the 2011-12
season. Both players will join a roster
that currently includes Bahamian
Scottie Farrington who joined the
team this season after playing at sev-
eral schools, and most recently at

Odessa College in Texas.

Smith, the former St George’s
Jaguars star, currently attends Piney
Woods High School in Mississippi.

Louisiana Lafayette beat out rival
offers from Missouri State, Chat-
tanooga and Florida International
University for the rights to Smith.

The 185-pound Grand Bahamian
native stands at 6'8" and is regarded
as one of the top swingmen in the
state. Smith averaged a double dou-
ble last season with 15.9 points and

10.1 rebounds per game.

In four games thus far this season,
Smith has posted averages of 16.8
points and eight rebounds per game.
He is rated as the No.12 recruit in
the state for the class of 2011.

In 2009-10, the versatile Smith led
the Tornadoes to a 19-7 record and
reached double-digit rebounds in
every contest.

Coleby, a power forward/center,
stands at 6' 10", 235 pounds, and took
a route similar to Farrington's. He

talented one and is the best
we could assemble based on
what we have seen from the
players over the past few
months in their school
leagues and also on the local
level in the various night
leagues throughout the coun-
try,” he said.

"We have high expecta-
tions for this team and we
expect them to do well and
furthermore, to act as a
building block for senior
teams in the future."

The BSF has been operat-
ing under the theme, “Youth
Development - The Way
Forward,” with a myriad of
tournaments on the horizon
for its junior players.

The Federation is prepar-
ing to field players for other
tournaments in the near
future, which include the
senior men's national team
at the Pan American Softball
Championships, and the
national junior men's nation-
al team (19-and-under) at the
International Softball Feder-
ation's Jr Men's World
Championships in 2012.

One of the most promis-
ing developments, however,
is the establishment of an
under-20 regional tourna-
ment developed at the Carif-
ta level, which could rapidly
assist the growth of the game
at its most basic level.

The new manager of the
women’s junior national
team is Spurgeon Johnson.
And the new group of
national team coaches and
managers are expected to
serve two-year terms at the
helm of the Bahamas’ teams
in international competition.

Sidney "Baylor" Fernan-
der, director of softball pro-
grammes for the BSF, said
the organisation seeks to
improve the programme with
greater accountability from
the coaches and better team
chemistry.

Each coach is expected to
deliver a full, detailed report
to the BSF two weeks after
their respective national
team returns home.

To further assist in the
youth movement, Stephen
‘Bishop’ Beneby has been
appointed as the assistant
director of programmes for
junior women.

Jeffrey Henfield BSF -

Executive & Head of Del-
egation

Stephen Beneby — BSF -
Deputy Director

for the Ladies National
Development

Spurgeon Johnson - Man-
ager

Yvonne Lockhart — Coach

Kelly Smith — Coach

PLAYERS

Amanda Bain, Ambra
Johnson, Ashanti Darville,
Brashante Darius, Brinesha
Foulkes, Britney Clarke,
Charity Rolle, Dawayna
Pratt, Kenyoka Ingraham,
Notoria Knowles, Patra
Johnson, Raschel Cooper,
Rena Mortimer, Rocheta
Morley, Shaquel Smith,
Shaquelle Bain, Shonte
Cargill and Travez Bridge-
water.

Smith, Coleby intend to join Ragin’ Cajuns

spent time at Odessa College and
most recently last season at Daytona
State.

Coleby originally signed with
Louisiana Tech in 2008 before head-
ing to Odessa and spending time in
Junior College.

The Ragin’ Cajuns beat out Cincin-
nati, Memphis, Iowa, South Florida
and Wichita State for the rights to
Coleby. This year at Daytona State,
he is currently posting averages of
9.6 points and 6.0 rebounds per game.

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PAGE 1

Phase IV not in our lifetime... 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 8,000 Atlantis jobs at risk C M Y K C M Y K V olume: 106 No.301FRIDAY, NOVEMBER 19, 2010 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER SUNNY AND WINDY HIGH 82F LOW 71F By PAUL G TURNQUESTT ribune Staff Reporter pturnquest@ tribunemedia.net EIGHT thousand jobs at Atlantis could bep ut at risk if Baha Mar is approved in its current state, K erzner Internat ionals chairman and CEO stressed yesterday. Voicing his confidence that Prime Minister Hubert Ingraham will not pass the deal in its current form, Sir Sol Kerzner said that he was extremely disappointed in the former PLP government for their overwhelming support of Baha Mar, which he said will be violating the most favoured nation clause of their 1993 and 2003 Heads of Agreement. Sir Sol informed the media yesterday in a teleconference with senior management of his Atlantis property on Par a dise Island that he was very disappointed that the same PLP govern m ent that he s igned his last heads of agreement with in 2003i s the same party that is overwhelm ingly in support of breaking it now. It sees to me pretty ridiculous in this current environment, even if the economic environment were a lot better to look to come in and double the current num ber of rooms overnight. It seems to me pretty irresponsible. I also believe that one should take into account that we have 8,000 people working with us, and if this were to move forward the likelihood is that peoples jobs would have to be threatened. It is just impossible, practically impossible to double the size of the market. Sir Sol Kerzner gives warning over Bah Mar project McCOMBO OF THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM BAHAMARPROJECT SEEPAGETHREEFOR: MOST FAVOURED NATION CLAUSE IS NOT UNIQUE TO ATLANTIS INEVITABLE THAT SOME CHINESE WORKERS WILL TRY TO STAY IN BAHAMAS TOURISM INDUSTRY CAN EXPECT SHORT-TERM CANNIBALISM B y PAUL G TURNQUEST T ribune Staff Reporter pturnquest@tribunemedia.net A S Aresult of the impending d eal with Baha Mar, a senior K erzner International official informed The Tribune that a Phase IV of Atlantis will mostly likely not be seen within our SEE page nine PRIME Minister Hubert Ingraham said last night that $400 million in construction work on the Baha Mar project will go to Bahamian contractors, marking what he called the largest sum ever awarded to Bahami ans on a project in the Bahamas. Mr Ingraham spoke before the House of Assembly unanimously (36 with four absent) passed the Baha Mar labour resolution that allows for 8,150 workers, but no more than 5,000 at one time to be employed on the Baha Mar Cable Beach project. The Prime Minister also noted the concerns expressed by Kerzner Inter nationals CEO Sol Kerzner over a breach of the investment agreement signed with Atlantis. I do not concede that we would be in breach of the deal with Kerzner. The relationship between the Bahamas and Kerzner has been mutually beneficial, the Prime Minister said. He also noted that Mr Kerzner has been late in expressing his concerns over the Baha Mar project but that the government would review his concerns. PM:BAHA MAR $400M IS LARGEST EVER SUM FOR BAHAMIANS BAHAMARDEBATE: Prime Minister Hubert Ingraham (left Opposition leader Perry C hristie in the House of Assembly yesterday. SEE page eight F e l i p M a j o r / T r i b u n e s t a f f SEE page eight ATLANTISCHIEF: Sir Sol Kerzner By AVA TURNQUEST Tribune Staff Reporter aturnquest@tribunemedia.net ALLEGATIONS of sexual abuse at a primary school has led to government fears of incest and molestation on a wider scale in a local community. The alarm bells rang after a security guard at Gambier Village Primary School was arrested over claims of sexual abuse by several students. He is now being questioned by police. Education and social ser vices officials fear there may be a wider problem of child abuse within the Gam bier Village community after the investigation unearthed further claims of incest and sexual exploita tion. State minister for Social Development Loretta But ler-Turner said: I have received a few reports in particular from the Ministry of Education raising the question as to activities that were going on regarding children. Whether its incest or whether its sexual exploita tion of children by others, I SCHOOL SECURITY GUARD ARRESTED OVER STUDENT SEX ABUSE CLAIMS By NATARIO McKENZIE Tribune Staff Reporter nmckenzie@tribunemedia.net ARAWAK Homes yes terday pledged it would not demolish a duplex located on land that the courts have ruled it owns. Attorney Carl Bethel appeared in the Court of Appeal yesterday to seek a stay of a possession order granted to the real estate development company in a land dispute with contractor Dennis Dean. Arawak Homes attorney Neville Smith informed Justice George Newman that the company had no intention of demolishing the duplex built by Mr Dean in Sir Lynden Pindling Estates, nor evict its tenants from whom the company now collects rent. He also gave an undertaking to the court that no such steps would be taken, without due process. Mr Smith said Mr Deans case stems from a matter that has already been decid ed by the courts. He informed the judge that Mr Dean had no title to the land at all and noted that SEE page nine ARAWAK HOMES PLEDGES NOT TO DEMOLISH DUPLEX ON IT S L AND SEE page nine BAHAMARRELEASESSTATEMENT SEE PAGE EIGHT

PAGE 2

By TANEKA THOMPSON T ribune Staff Reporter tthompson@tribunemedia.net ENGLERSTON MP Glenys Hanna-Martin lambasted an "irritating" Minister of Culture for spending more time mock i ng members of parliament than moving policies that would cre a te a better environment for local artists. S he found fault with Golden Isles MP Charles Maynard after h e spoke about Baha Mar and did not mention the many opportunities artists and arti sans could take advantage of d ue to the $2.6 billion development. Ive got to admit he irritates me," she said, eliciting laughter f rom the chamber during her contribution to the Baha Mar l abour resolution. "He does, you know, because he is minis ter of culture and I haven't heard any articulation on policy relevant to such a critical issue when the country is descending into chaos, young people are so challenged, and I get frustrat ed when he has such a wonderf ul and important portfolio and I don''t hear his articulation on t hat issue and he want talk 'bout the PLP and FNM? In particular there are many people in our country right now w ho know that in a hotel of this magnitude there will be so m any opportunities for artists in this country. The member didn't speak once to it, not once". Her criticisms drew the min ister back into the Upper Chamber, where he told Mrs Hanna-Martin to "stop likin' man" before taking his seat. M r Maynard's public state ments on former Prime Minister P erry Christie's record and his comments on the upgrade tot he Lynden Pindling International Airport also drew Mrs H anna-Martin's ire. On the issue of Baha Mar, t he former transport and avia tion minister said even in the middle of a turbulent economy with the promise of jobs from the new resort, Bahamians have understandable concerns about the project. "Baha Mar has raised so many issues and has touched t he consciousness, the sensitivi ties of our people in particular Mr Speaker, the question of land as a national resource. These are issues that have now come to the fore when we speak about Baha Mar," she said, adding that training for Bahami an labour is also an issue of conc ern. "We're now in the middle of the worst economy that any of us has ever seen, we know there is tremendous suffering, we know there is tremendous psy chological distress and physical suffering in the country. But even in the middle of that Mr Speaker, in the middle of what I would call a sweltering recession, and even with the promise of the relief of tremendous jobs our people are still asking questions. "For me, it puts me in a good place, because it enhances the fact that we have ideals". C M Y K C M Y K LOCAL NEWS PAGE 2, FRIDAY, NOVEMBER 19, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Crafted from the nest quality precious metals and stones, Chamilia Jewelry offers endless variations and combinations for a one-of-a-kind look as unique as the woman who wears it. Giving never looked so beautiful.Your tasteful purchase brings Hands for Hunger closer to its vision of a Bahamas where everyone has access to three fortifying meals a day. In addition to contributing to this worthwhile cause, here are some additional Guccini Jewellers goodies to look forward to on that special day.The rst 20 customers will receive a free silver snap bracelet. A free silver bead of your choice with a $100 Chamilia purchase. Choice of a free silver or Murano Glass bead with a $150 Chamilia purchase. Choice of a free silver or Murano Glass bead, plus the chance to win a new Chamilia necklace with a $300 Chamilia purchase. (Drawing at 5:00 pm)We know youre a gem and look forward to seeing you at Guccini Jewellers on Wednesday,November 24th. Prince George Plaza, Bay St. Nassau, Bahamas 242-325-7774In So Many Ways.A Purchase Youll Treasure On Wednesday, November 24th, Guccini Jewellers will donate a portion of proceeds from Chamilia Jewelry sales to Hands for Hunger. SEA Breeze MP Carl Bethel asked Speaker of the House Alvin Smith for protection of his privilege after claiming he was threatened by another member of parliament. Mr Bethel claimed the threat was delivered on behalf of a third party on the grounds of the House of Assembly, and was in relation to his representation of parties embroiled in a dispute w ith Arawak Homes. T he Speaker indicated that a breach of privilege can occur when a member is anywhere on the grounds whether in the bathroom or smokers room or on the way to parliament. He noted the request, despite protest from Obie Wilchcombe, West End MP. Squabble Mr Wilchcombe said the matter was simply a squabble between brothers, colleagues, parliamentarians. He said it was a common type of occurrence, and essentially a non-issue. Mr Bethel also sought to raise the matter of his intimidation in the Court of Appeal yesterday, but Justice George Newman refused to entertain his claims. Justice Newman indicated the court proceeding in session was not the forum to address those concerns. Mr Bethel is representing Dennis Dean, president of the Property Owners Association, in the Court of Appeal. They were seeking a stay of execution with regard to recent rulings made against Mr Dean in his dispute with Arawak Homes. The stay was not granted, although Arawak Homes made certain undertakings to the court that were satisfactory to the plaintiffs. See story, page 1 Bethel claims he was threatened by another MP Irritating Charles Maynard comes under fire FAIRWEGO! Hundreds of Government and Private school students took part in a College fair that was held at the Wyndham Hotel. STUDENTSTAKEPARTINCOLLEGEFAIR Asks Speaker of House for protection of his privileg CARLBETHEL T i m C l a r k e / T r i b u n e s t a f f

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By PAUL G TURNQUEST Tribune Staff Reporter pturnquest@tribunemedia.net THE tourism industry can expect some short-term can nibalism in the hotel market with the introduction of Baha Mar, former Governor of the Central Bank James Smith told The Tribune yesterday. Mr Smith pointed out that Kerzner International contributes $2.3 billion to the econ omy, which constitutes almost one third of the nations gross domestic product (GDP But I think the concern here is probably at what point do you introduce competition and at what level? Because we have seen the history of this before, when the Crystal Palace was built in the 1970s it pretty much drew away a lot of the activity from downtown. So a lot of the hotels on West Bay Street andin the middle of downtown closed down because visitors went out west. When Kerzner moved into Paradise Island it created a lot of pressure of Cable Beach with the subsequent sale of the Wyndham to the Baha Mar group, he said. As a former Minis ter of State for Finance under the previous Christie administration, Mr Smith said that there is some interesting tourism data that reveals that visitors to the Bahamas have not substantially increased from the 1980s up to the present date. The visitors who come to the Bahamas by air, the ones who stay at the hotels, and since the 1980s right up till now there has not been any real increase in that from 1.5 million maybe to just below two million or thereabouts. So unless there is some huge marketing effort or we begin to get more citizens from other parts of the United States I think in the near term, Im talking over the next five years or so, if you have two very large groups with a large amount of rooms pulling from the same area there is going to be some trade-off. And I suspect that is what the concern might be here, he said. Mr Smith said that definitely in the short term he would suspect that there would be dramatic cannibalism in the hotel mar ket with the introduction of Baha Mar. And then there are so many ifs about this, because there is also a question about the estimates that Baha Mar were using. They were back in 2005 when the global economy and the local economy were booming. There has been a definite change in the consumption pat terns in the US and elsewhere and yet we are using the same figures or projections, and I am not sure that those multipliers have remained constant over time during this recession. Even the benefits to be derived from a project of that size, they need to be revisited and reworked. They may have been predicated on a growth of lets say maybe four or five per cent per year in tourist arrivals, and the question is would that kind of assumption still hold in a post-recession, he said. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, NOVEMBER 19, 2010, PAGE 3 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM ACCORDING to police an abduction of a foreign woman outside a West Bay Street strip-club on the night of Monday, November 1, never took place. After an intensive search police located the Icelandic woman not an American as first reported who was visiting friends in New Providence. It is understood that it was not her first visit. Also, contrary to reports, no one ever filed a com plaint with the police about the alleged abduction. How ever, the rumour started when eyewitnesses claimed they saw three henchmen of convicted drug dealer Lyn den Dodo Bethel Sr grab the woman outside a West Bay Street strip club and bundle her into a car, leaving her boyfriend behind. It was claimed that nothing had been heard of either of them since. Yesterday police said there was no truth to this rumour. When the police located the woman she denied that she was abducted or that such an incident ever took place. Again, according to alle gations at the time, it was claimed that the incident was reported by the womans boyfriend, whose story was later corroborated by other witnesses. The police, who have thoroughly investigated the matter, said that no one not even an alleged boyfriend ever made a report to the police. By NOELLE NICOLLS Tribune Staff Reporter nnicolls@ tribunemedia.net THE much talked about Most Favoured Nation (MFN is not unique to Atlantisand a similar clause is in fact included in the more recent Baha Mar Heads of Agreement, Minister of State for Finance Zhivargo Laing told The Tribune yesterday. The disclosure comes a day after executives from Kerzner International accused the government of a contract breach based on the MFN clause in the Atlantis Heads of Agreement. Mr Laing explained that the MFN classification is an internationally established economic principle, centrally recognised by the World Trade Organisation (WTO which seeks to establish a level playing field between mutual parties. The term is counter intuitive. The name suggests that you treat the entity with MFN status more favourably than others, but what it really means is that you treat every-one alike; you dont treat anyone more favourably, said Mr Laing. Based on the MFN principle, if one MFN entity is granted special Customs rates, for example, then all MFN entities should be granted special Customs rates. The specific rates would be established by government policy or law. In the case of the Bahamas, the Hotels Encouragement Act addresses the issue of concessions, while allowances for labourare specified in government policy, he said. In order to establish whether a breach of MFN privilege exists, Mr Laing suggested one would have to assess a competing a greement in its totality and not compare a single line item. He said the question of a breach is not so simple from the governments point of view. Citing the conflict developing between Atlantis and the government over MFN privileges, Mr Smith said it should serve as a warning for the government to be careful of signing any future MFN clauses with i nternational or local investors. Going forward I think governments ought to be very careful about signing MFN clauses, because you are tying your hands of future investors including local investors, said Mr Smith. An MFN clause is contained in the Hawksbill Creek Agreement and the Baha Mar Heads of Agreement. Sources inside B aha Mar confirmed the latter. K erzner International on Wednesday in a statement to the press accused the government of a contract breach as it concerns the MFN clause in its Heads of Agreement. As was the case with the two previous agreements with government, our 2003 agreement included a MFN provision that assured Kerzner that our investments would be protected from subsequent i nvestors receiving more favourable terms. These agreements represented a solemn promise by the Bahamas to us that any subsequent investor would only compete against us on a level playing field, said Sol Kerzner, chairman and chief executive officer of Kerzner International, in a statement. By TANEKA THOMPSON Tribune Staff Reporter tthompson@ tribunemedia.net IT is inevitable that some of the 8,150 Chinese workers needed for the Baha Mar project will try and a find a way to remain in the Bahamas, former State Immigration Minister Branville McCartney told the House of Assembly yesterday. The Bamboo MP said this as he estimated that work permit fees if collected for the Chinese workers could net government some $8 million in revenue. National insurance contributions from the workers also will boost the public purse, he said. To counteract an influx of illegal Chinese immigrants, government needs a strict method in place to oversee the entry and exit of the workers, said Mr McCartney. From the immigration standpoint, the reality is that all foreign workers who come to work this project will not go home. Some will get married to Bahamians and others will somehow find a way to be here, so its the government's responsibility to ensure that mechanisms are in place so that we are able to properly monitor persons coming and persons leaving, said the former Cabinet minister. It is expected that government will collect taxes on the work permits which could put millions into the public coffers, he said. I've heard nothing about work permit fees but the fact is if fees are to be paid by the 8,000 plus persons at approximately $1,000 per permit that would be about $8 million for the government. And of course national insurance will have to be paid to the government's cof fers. His comments came during the second day of parliamentary debate on the Baha Mar labour resolution. Over the past two days of debate, members on both sides have accused each other of sell ing precious public land to foreigners while ordinary Bahamians have a hard time acquiring property. Kennedy MP Kenyatta Gibson, who moved the government's Baha Mar labour resolution, claimed the Christie administration was so overwhelmed by the resort's billion dollar price tag that they were willing to sell the "birthright" of future generations for peanuts. Some 264 acres of land in Cable Beach are being sold to facilitate the $2.6 billion Baha Mar development. Opposition members have argued that the Ingraham administration should have reneged on the sale of the land when it negotiated a supplementary Heads of Agreement with Baha Mar in 2007 if it disagreed with the sale. Yesterday, Mr McCartney admonished his parliamentary colleagues for the back and forth sparring, stating that the focus should be on future development agreements. "What is important is what are we going to do from here on out? What are we going to do to save our land in the future for Bahamians and Bahamians only? "What are we going to do for the future of this country and how are we going to ensure that we don't sell any more land? Let's lease the land, not sell it. Let's stop talking, let's do something to make sure it doesn't happen again, he said. He also encouraged Bahami ans to exploit the economic opportunities the thousands of Chinese workers will bring by identifying ways to provide goods and services the foreigners will want. "For the public at large you k now that 8,000 Chinese are coming to the Bahamas. We ought to then consider ways we can be of service in terms of goods and service to them. Use this opportunity to your advantage, simply put, consider ways you can make money on the arrival of 8,000 persons," said M r McCartney as he support ed the resolution. ABDUCTION OF FOREIGN WOMAN NEVER TOOK PLACE By NOELLE NICOLLS Tribune Staff Reporter nnicolls@tribunemedia.net KERZNER may have no real claim to argue a breach of contract stemming from the governments new agreement with Baha Mar, according to a PLP Member of Parliament. If the agreement has expired then the argument would be simply academic, said the MP who wished to remain anonymous, so the argument may be more theoretical than anything else. He said it is questionable whether a current Heads of Agreement exists between the government and Kerzner International. However, Tribune sources claim there is no expiration date on the Kerzner Heads of Agreement. Government officials would not confirm this. One member of the Cabinet said unless the agreement specifically contemplates an expiration it is considered to endure. He also said some agreements contain provisions for certain elements to last for a defined period of time beyond the expiration of the main contract. Furthermore, the PLP MP said Kerzner would have to sue the FNM government based on the operative 2008 Baha Mar Heads of Agreement in order to prove a breach of contract. He speculated that this was unlikely to happen, based on the relationship between Kerzner and Prime Minister Hubert Ingraham. The MP said in his opinion Mr Kerzners outrage was likely a pretext for decisions that may emerge in the future. MP:KERZNER MAY HAVE NO CLAIM TO BREACH OF CONTRACT TOURISM INDUSTRY CAN EXPECT SHORT-TERM CANNIBALISM CLAUSE: Zhivargo Laing HOTEL MARKET: J ames Smith WORKERS: Branville McCartney SEE page eight Most Favoured Nation clause is not unique to Atlantis INEVITABLE THAT SOME OF THE CHINESE WORKERS WILL TRY TO STAY IN BAHAMAS LATESTNEWSONBAHAMARPROJECT +++ LATESTNEWSONBAHAMARPROJECT +++ LATESTNEWSONBAHAMARPROJECT

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C M Y K C M Y K LOCAL NEWS THE TRIBUNE FRIDAY, NOVEMBER 19, 2010, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM D AME Joan Sawyer will officially retire as President of the Court ofA ppeal on Friday, November 26, the Cabinet Office announced yesterday. A s previously reported, Senior Just ice Anita Allen will be appointed as t he next President of the Court of Appeal. Senior Justice Allen will retire as a Justice of the Supreme Court effective Friday, November 26; also on that day,s he will be sworn in as President of t he Court of Appeal. Dame Joan Sawyer has had a distinguished career on the bench of both the Supreme Court and Court of Appeal, including having served from 1996 as Chief Justice of the Supreme Court before appointment as president of the Court of Appeal in 2001. Dame Joan has done much to make a n enduring mark on the development of the Court of Appeal and her contrib ution is greatly appreciated, the Cab inet Office said in a statement yesterday. Senior Justice Allen has rendered valuable service in the delivery of jus tice by the Supreme Court since her appointment as a justice in 1996. She w as elevated to the title of Senior Justice in 2005. It is a real benefit to the c ountry that she will shortly assume the responsibility of heading the appellate court, the statement read. D ame Joan was appointed Presi d ent of the Court of Appeal on September 5, 2001. First She is the first woman to serve as Chief Justice and President of the B ahamas Court of Appeal. Senior Justice Allen, the wife of former Cabinet Minister Algernon Allen, w as appointed Senior Justice in October, 2005. S he was appointed justice of the Supreme Court in 1996. Before then she was managing partner of Allen, Allen and Company. Presently Dame Joan Sawyer, Justices Christopher Blackman, Stanley J ohn and George Newman serve as Justices of the appellate court. Dame Joan Sawyer set to retire as President of Court of Appeal FOR the second time in just two days, the Super Wash on Nassau Street was held up by a gunman. The most recent armed robbery of the establishment occurred shortly before 7am on Wednesday. Police reported that a dark, short man wearing a Tommy Hilfiger shirt and short jeans entered the Super Wash allegedly armed with a handgun. The culprit robbed the self-service laundromat of an undetermined amount of cash and an employee of her handbag containing her cellular phone, money and personal effects, before fleeing the area on foot into Bain Town. This latest incident comes on the heels of Mondays armed robbery of the Nassau Street Super Wash location. During that incident, a man wearing a white T-shirt and dark coloured pants entered the laundromat at 9.15pm, allegedly armed with a handgun, and demanded cash. Fled The man robbed the Super Wash of an undetermined amount of money and fled on foot heading east on Bain Street. Police are also investigating several armed robbery cas es where phone card vendors were the victims. The latest such incident took place at around 2pm on Wednesday when a vendor was held up at gunpoint on Old Trail Road. According to police reports, the vendor was approached by a bright male wearing a white T-shirt, blue sweat pants with white stripes and tan boots, allegedly armed with a handgun demanding cash. The culprit robbed the vendor of an undetermined amount of money, her cell phone and an assortment of cell phone cards and fled the area on foot in a southern direction on Old Trail Road. Super Wash held up by a gunman again HIS name is Willardhis brother is dead. Willard was the victim of three eightyear-old boys who, for entertainment, stoned his puppy brother to death, leaving him broken and bleeding they then turned on Willard. What a terrible wayt o die, all because you are born a potcake! He is only eight weeks old now...He was just a baby when they attacked him. A mindful and kind member of the Royal Bahamas Police force Police Office McPhee stopped the c hildren from hurting Willard any more and thoughtfully took him to the Bahamas Humane Society shelter in Chippingham. He has been at the shelter for two weeks now. Poor Willard, when he first arrived he was simply terrified of everybody and everything. He has gradually learnt how to wag his tail, how to lick and roll over for love, but is still very cautious indeed. He is one of 25 puppies and 25 adult dogs down at the Bahamas Humane Society looking for ag ood home. Willard's home needs to be extra special, and extra loving, because he still becomes easily afraid and with good cause, I'm sure you will agree. These three boys will receive counselling by social services, and Fiona M oodie and Insp. Percy Grant will visit their school, accompanied by Willard and his uniformed saviour, Officer McPhee to try to help the children before it's too late. It has been proven time and time again that violence against small animals grows into violence against humans, spousal abuse a nd child abuse. The Bahamas Humane Society will try to help these boys respect and love animals by inviting them to carefully monitored visits to the shelter. The Bahamas Humane Society salutes Officer McPhee for being alert and observant and saving Willard's life and doing the right thing by bringing him to the BHS for treatment and care. Are you the right person to adopt Willard and help him regain faith in the human race? I f you are interested please phone the Bahamas Humane Society (3235 138) for information and ask to speak to Fiona. CAN YOU HELP WILLARD REGAIN FAITH IN THE HUMAN RACE? TERRIBLEORDEAL: Willard. P OLICE are searching for 45-year-old Kenny Roberts (abovet ion with a matter of fraud by false pretences. R oberts is last known to have resided in Grand Bahama. H e is of brown complexion, weighing about 220lbs and 5 tall. The Central Detective Unit (CDUs ons with any information regarding Roberts whereabouts to contact thep olice emergency line at 919/911; CDU at 5029 930/9991; the police control room at 322-3333; Crime Stoppers at 328-8 477, or the nearest police station. HAVEYOU SEENHIM? FREEPORT Police have released a composite sketch of a man who is wanted for questioning in connection with a stealing incident at Explorers Way on October 14. Anyone with information concerning the individual is asked to contact 911 or 3529774/5. Wanted for questioning about stealing incident THE Central Detective Unit is seeking the publics assistance in locating Ian Miller (above as Ian Reckley or Yellow, who is wanted for questioning in connection with a rape case. The 37-year-old man is described as being of slim build, weighing about 165 lbs and 6 tall. He is of light complexion. Millers last known address is Yamacraw Hill Road and/or Malowi Way in New Providence. He is considered armed and dangerous. Persons with any information regarding the suspects whereabouts are asked to contact the police emergency line at 919/911; CDU at 502-9930/9991; the police control room at 3223333; Crime Stoppers at 328-8477, or the nearest police station. MAN, 37, SOUGHT IN C ONNECTION WITH RAPE C ASE DAME JOAN SAWYER PRIME Minister and Minister of Finance Hubert Ingraham and Mrs Ingraham pictured entering St Pauls Roman Catholic Church in Lyford Cay Tuesday, November 16, to attend the funeral of William (Bill Holowesko was the husband of Senate President Lynn Holowesko. INGRAHAMSATTENDBILL HOLOWESKOFUNERAL B I S P h o t o : D e r e k S m i t h Senior Justice Anita Allen to be appointed as replacement CRIME NEWS Cash and employees handbag taken

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By LLONELLA GILBERT THE main focus of the Annual Rehabilitation Week this year is training, said Marva R ussell-Minns, deputy director of the Department of Rehabilitative/Welfare Services, on Wednesday at the opening of a support workers training workshop with the objective of enhancing the performance of the staff. Mrs Russell-Minns said many o bservers of the labour market recognise that employees today need to continue training beyond the qualifications or knowledge which they would have brought to the job. This additional training is referred to as professional development. In this vein, we are encouragedt o train continuously because we want to improve our per formance, capabilities and capacity and so today, I encourage you to absorb everything that our two ably qualified facilitators will present to you, she said. Management thought it was f itting to include those memb ers of staff who work in the sections of the Department w hich are behind the scenes and who do not always get the full attention they sometimes need in order to perform their tasks to the best of their abilities or to advance in the workplace, Mrs Russell-Minns said. S he also recognised that the Department has helped many f ormer offenders or persons who had trouble fitting into society. They have helped these individuals go on to be active members of society and who are now doctors, nurses and police offi c ers, she said. We know that there are many others who will continue to require our encouragement because of their persistence in doing wrong. Do we forget about them? No, we are expected to provide them with as much support as we can so that they, too, will one day look at themselves and discontinue their bad practices, Mrs Russell-Minns said. Facilitating the workshop were Carolyn Roberts, chief p sychologist of the Sandilands Rehabilitation Centre, who f ocused on communication skills and conflict resolution, and Florinda Johnson, training officer at the Willie Mae Pratt Centre for Girls who concentrated on work ethics, office etiquette/deportment, productivi-t y, report writing and official secrets acts. C M Y K C M Y K LOCAL NEWS PAGE 6, FRIDAY, NOVEMBER 19, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM LOCAL elementary school teacher Sharlene Thompson has been recognised for her voluntary work with at-risk students b y the Horizons National P rogramme in Connecticut. M s Thompson, who is presently employed at Kingsway Academy and w orks summers at the R umson Country Day S chool in New Jersey, has b een named as one of the f our winners of the Horizons National Lyn M cNaught Teaching Award. Named after a educator and 25-year executive director of the original H orizons Programme in N ew Canaan in Connectic ut, the award celebrates the dedication, ingenuity and character o f Horizons teachers across the country w hose work best exemplifies leadership, commitment, educational excellence, combined with love and compassion, Hori zons representatives said. The Horizons Programme at the Rumson Country Day School is one of 19 student enrichment programmes across the US. T he programme, which was launched in 1964, is designed to promote the potential of public school children from economic ally disadvantaged families. Im extremely honoured to receive the a ward, said Ms Thompson. Horizons make profound impacts on the lives of children in their programme. When I seeg rowth from swimming, reading and serial skills by the students, I feel rewarded and fully paid for all my voluntary services. We have high expectations and we encourage our students and inaugurate that they can overcome anything and a re able to succeed. M s Thompson was nominated by Jane D onny, community service director at Rumson Country Day School, w hich hosts the Horiz ons Programme each s ummer. Sharlene reaches out t o all of her children in a highly effective way, m aking the fast learners and those who struggle feel affirmed and successful in her class. Her energy and e nthusiasm are infect ious, said Ms Donny. M s Thompson, who w as born in Nassau, but moved to New J ersey with her family in 1979, said she p lans to continue teaching at Rumson for the foreseeable future. I am so happy to spend my summer with an amazing group of people who are there because we all have the same goal: to help students realise their full potential. M s Thompson, who is a member of the New Dimension Ministries on Joe Farrington Road, and this years other w inners received their awards on Octob er 22 at Horizons Nationals annual d inner in Norwalk, Connecticut. Some 100 at-risk students from kindergarten through eighth gradea ttended this years summer pro gramme at Rumson Country Day School. Local teacher recognised for voluntary work S UPPORT STAFF f rom the Department of Rehabilitative/Welfare Services attended a one-day t raining workshop with objective to enhance their performance. They listen as Salomie Gibson, a cting superintendent of Willie Mae Pratt Centre for Girls, acts as moderator. Training for staff the main focus of Annual Rehabilitation Week WITH the aim of boosting tourism in the Bahamas while at the same time raising awareness for healthy living, Sunshine Insurance has announced the second Marathon Bahamas event for January 15-16, 2011 in New Providence. Spirit Airlines, sponsoring the event for the second consecutive year, said it considers Marathon Bahamas an ideal venue to promote tourism to the Bahamas. In addition, the sporting event is a way to raise awareness for health and wellness among residents of the Bahamas. Marathon Bahamas is invit ing athletes and tourists from around the world to experience a unique marathon where the route is surrounded by panoramic views of the ocean, flora and island life. In addition to being the official airline for the second consecutive year, Spirit Airlines president and CEO Ben Baldanza was also among the first to register to participate as a runner in the upcoming event. Spirit is looking forward to o nce again supporting Marathon Bahamas and their efforts to pro mote tourism and athletics in the Bahamas, and I am personally looking forward to running in the 2011 race, said Mr Baldanza. As the official carrier of M arathon Bahamas, Spirit Airlines is offering an additional discount on flights for friends and family visiting Nassau for the race. This year, the Marathon Bahamas marketing campaign is targeting thousands of local and international participants of all ages and levels of interest during the coming months. We are proud to have the Spirit Airlines brand to drive Marathon Bahamas and it is much anticipated that this event will become the major event in the tourism sector, said Pamela Richardson of the international marketing department for Marathon Bahamas. In 2010, Marathon Bahamas became the first marathon on New Providence since the turn of the century, bringing together hundreds of local and international runners in support of local charities. Marathon Bahamas is a certi fied course and Boston qualifier that is organised into three cate gories. Participants may choose to run in the full marathon (26.2 miles run or walk in the half marathon (13.1 miles (six-person team This year, the event also features the first-ever Susan G Komen Bahamas Race for the Cure 5K race (run/walk 3.1 miles on Paradise Island on January 15, 2011. Marathon Bahamas starts at 6am with runners leaving Junkanoo Beach, running east through downtown and over both Paradise Island bridges, to the Fort Montagu area before heading west along the shoreline to the western end of the island, then looping around to end at world famous Arawak Cay. The half marathon turn around is in the Cable Beach area. THE SECOND ANNUAL MARATHON BAHAMAS RECOGNISED: Sharlene Thompson

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By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net F REEPORT After 45 years in business, Waugh Construction (Bahamas continues to be a leader in the construction industry here on Grand Bahama and the Bahamas. T he company, founded by H arold Sonny Waugh for the purpose of land clearing a nd road construction, today provides a full range of civil construction services. M r Waugh and his family w ill celebrate its 45th a nniversary with an official o pening of its new corporate o ffice on Saturday at Q ueens Highway. Prime Minister Hubert A Ingraham is expected to a ttend the opening. Waugh Construction is a family owned and operated company that has contributed to the infrastructural development on Grand Bahama and many of the F amily Islands. S ome of the many projects i nclude The Treasure Cay Airstrip in Abaco; Water Main Installation in Grand Bahama; Potable Water M ains in Exuma; Road R econstruction projects in E xuma, Grand Bahama, T hree large Concrete Tower B ases for BTC in Abaco; F ire Mains, Catch Basins/Water Disposal System at Polymers in Grand Bahama. T he company has performed numerous large and moderate size projects over t he years for the Bahamas government corporations, and the Grand Bahama Port Authority, Ginn sur Mer (Bahamas Co Ltd. The company employs a s taff of 83. It specialises in a irport construction, canal e xcavation, underground utility infrastructure, multipurpose concrete foundations, potable and waste w ater tank systems, vacuum s ewer systems, and many o ther types of civil construct ion. W augh Construction is the d istributor of Permastore Tanks and Silos potable and wastewater solution systems for the Bahamas, and partso f the Caribbean, including Aruba, Curaao, Bonaire, C ayman Islands, Belize, US V irgin Islands, Turks and Caicos and Jamaica. The company has worked on large projects, including Vopak Terminal Bahamas, formerly BORCO, which is u ndertaking a multi-million expansion. T he scope of the project i nvolved building containment walls and tank bases for huge tanks where crude oil, fuel oil and clean petroleum products are stored. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, NOVEMBER 19, 2010, PAGE 7 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM PM to attend Waugh Construction opening SUSTAINABLE fisheries, archaeology and shark species will be some of t he topics addressed at an upcoming r esearch symposium at the Island S chool in Cape Eleuthera. T he school is inviting Bahamians to a ttend its Research and Community O utreach Symposium which will be held on December 4 from 9am-1pm. The symposium will feature research presentations, a tour of the campus and facilities. Research topics include: Lemon Sharks; deep water sharks; archeology;p atch reefs; aquaculture; aquaponics; sustainable fisheries; bonefish and flats ecology. Organisers said the symposium pro v ides a forum for young leaders at the I sland School to present findings based on research conducted with the Cape Eleuthera Institute. T he keynote address will be given by Dr Dean Grubbs, a marine ecologist from Florida State University's Coastal and Marine Laboratory. Other special guests include Paul Humann, co-author of the leading C aribbean reef fish, creatures, and c oral identification books, as well as r epresentatives from REEF, the D epartment of Marine Resources lionf ish collection and removal prog ramme, and BREEF. Students from the Deep Creek Middle School and the Island School also will be showcasing their work from the Fall 2010 semester. Their topics include: Student poetry themed Where I am From. A homemade aquaponics system. constructed from salvaged materials A presentation on how students l ed an initiative to become the first Green Flag Certified School in the Caribbean. Research symposium set to focus on sustainable fisheries, archaeology, sharks FOUNDER: Harold Sonny Waugh

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During his contribution over the labour resolution for t he Baha Mar project, the Prime Minister stated, We w ere pleased that we were able to negotiate an increase in work to be done by Bahamian construction companies from $200 million to $ 400 million. That is, 20 per c ent of the contract sum is g oing to go to Bahamian cont ractors. No one has ever matched that or ever come n ear that, Mr Ingraham said. The Prime Minister furthern oted the construction cont ract will not only be awarded to major Bahamian firms. Mr Ingraham said that his government was forced to m ake lemonade of the l emonade that the Christie administration left in the initial deal. They could not put t his baby to bed, they could not make the lemonade, he said. We came to a deal witha developer to increase from $ 1 billion to $2.6 billion, the P rime Minister said. We were interested in maximizing the benefit for the project, he said. The labour resolut ion for the Baha Mar pro ject was agreed unanimously last night. P LP leader Perry Christie in his contribution to the debate last night defended his administrations record. Mya pproach to this subject was always based on receiving the best advice that my govern m ent could access with home or abroad; that when my colleagues were put to the tests of having to answer, respond o r decided, those decisions were always made in the best interest of the Common-w ealth of the Bahamas. At the outset let me say, the truth of our contribution to the Bahamas was as pow-e rful as it will be lasting. In my one term in governance, truth and history will confirm t hat we had an extraordinary i mpact on the lives of thousands of Bahamians and a p ositive and lasting affect in governmental efforts over the y ears towards controlling our c ountrys future, Mr Christie s aid. M r Christie further stated, I know that the Bahamas must now see and feel that my government served faithfully with permission to acti n their best interest and even when we have had to a cknowledge the mistakes that were made we do so with the same sincerity of purpose by which we governed. Once we were dealing with Baha M ar we were always motivated by serving the best interest of the people, he said. I was the leader who received the Baha Mar pro posal and to the extent that a greements were allowed in that process I accept responsibility for all such agreements and understandings. T o the extent that the gov ernment did not on a proactive basis bring documents in t he House of Assembly I take responsibility for that, he said. C M Y K C M Y K LOCAL NEWS PAGE 8, FRIDAY, NOVEMBER 19, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Mr Kerzner said the agreements for Phase I, II and III imposed strict rules that at least 70 per cent of the total construction labour force would be Bahamian. In the case of Baha Mar, the proposed ratio is reversed, with 3,000 projected Bahamian construction workers and 8,150 projected foreign workers. George Markantonis, Atlantis managing director, said: Certainly as Mr Kerzner has said, and reviewing it with our board, the reason we have Heads of Agreement is to protect the investor. And frankly an agreement as indicated in our statement represents a solemn promise by the country for not only us but it lays out the rules for any subsequent investor. Our observation of this would be that the terms in our agreement are not being met, and as we said we intend to discuss this further with the government as to how this can be corrected. As we said in our state ment, last year was a tough year and occupancy was under pressure. Well guess what, this year is even tougher. So it seems pretty ridiculous to me that these folks are wanting to move forward. And obviously the Chinese are motivated because they see them selves pushing 8,000 jobs through this development. There is no way in the world that if there wasnt that motivation that this project could be financed in this current environ ment, Sir Sol said. Noting that his company would never have invested over $2 billion in the Bahamas if they did not have faith in the govern ment, Sir Sol said that he did not want to speculate on what Kerzner International will do if Baha Mars deal was not tweaked. This concern for Sir Sol was so strong that the investor revealed that he flew to the Bahamas to meet with Prime Minister Ingraham who he said fully understands what Atlantis position is. I am still hopeful that the current administration will not bend to the PLPs wishes, that the agreement they signed with us being broken. I am hopeful that Prime Minister Ingraham will not succumb to the pressures that the PLP seems to be putting on him. Sir Sol added: I think its shocking quite honest ly that agreements with government are violated. In all of our agreements, including our final agree ment with the PLP was the most favoured nation clause which ensures, or is supposed to insure that no one, no investor, is to be granted terms more favourable and would have the same constraints. And I have to be clear, we had constraints which we complied with which government made us ensure that no more than 30 per cent of our construction work force was expat. This is very, very disappointing what is being contemplated, or recommended by the PLP is contrary to what we signed with them in 2003, Sir Sol said. IN A statement released last night, Baha Mar stated that it is v ery grateful to Prime Minister I ngraham, the Bahamas Parliam ent and the Bahamian people for Parliaments passage of the necessary resolution to enable Bahamian Government approval for the Baha Mar world class destination resort project. The statement added, Followi ng receipt of the final, formal Government approvals, Baha Mar will commence the project, awarding contracts immediately to B ahamian contractors and creating t housands of much needed B ahamian jobs. Sarkis Izmirlian, Chairman and Chief Executive Officer of Baha Mar, said, The Baha Mar team is delighted with todays unanimous vote by Parliament. We are dedicated to delivering to the Bahamas t his world class destination resort and the immediate and long term economic benefits both from its construction and operation. The Government and the B ahamian people are placing their t rust in us, not just to have Baha Mar succeed as a business enterprise, but as importantly for Baha Mar to be a productive and exemplary member of the Bahamian community. Succeeding for The Bahamas i s the key to Baha Mars success. This is what Baha Mar is about, and this is the guiding principle with respect to how we will run o ur business. We look forward to t he tremendous positive benefits t hat Baha Mar will bring to The Bahamas. Baha Mar added that it is ready to quickly proceed with the final formal governmental approvals. Following that, it plans to begin awarding early infrastructure packa ges to Bahamian contractors as soon as possible. Baha Mar welcomes unanimous Parliamentary approval and government support for project DELIGHTED: Sarkis Izmirlian PM:$400m is largest ever sum for Bahamians LARGESTEVER SUM: Hubert Ingraham F ROM page one Most Favoured Nation clause is not unique to Atlantis FROM page three 8,000 Atlantis jobs at risk FROM page one

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C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, NOVEMBER 19, 2010, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM cannot say knowledgeably a t this time, but it is something that we are definitely looking into. A ccording to a statement f rom the Ministry of Educ ation, administration at the p rimary school initiated a s eries of workshops and f orums on inappropriate behaviour after concerns were raised towards theb ehaviour of some students. The statement read: Shortly thereafter the ses sion, a teacher brought tot he attention of the principal an accusation involving a female student and a male s ecurity officer which led to f urther allegations against t he officer. The Ministry of Education was advised oft he matters and the security o fficer removed from the school. The statement went on to confirm that another student came forward to report a matter of incest after further forums were e stablished by the Special S ervices Unit of the MoE. Education Minister D esmond Bannister said: The ministry continues to be proactive in seeking to protect children from all predators. We are extreme l y concerned about any allegations of abuse of innocent children. The fact that sucha llegations continue to be made, both in relation to family members and nonr elated persons indicates a need for all Bahamians to be vigilant and to report s uspicious conduct. It is a duty that we all owe to child ren in our community, and it is the responsibility of e ach one of us. A ccording to child prot ection advocates, the reports unearthed are evidence of a vicious cycle that is prevalent in Bahamian s ociety and, until recent t imes, had been allowed to t hrive due to secrecy. G il Maycock, a senior p astor at Abundant Life a nd chairman of the National Child Protection C ouncil, said: We need to take our heads out of the sand. We need to address i t, if not this is going to turn into a gangrene and it will d estroy us. It is already destroying us in many ways its good that persons are s tarting to say enough is enough. Im hoping and praying that more persons report these cases, so that we can e radicate it and provide healing for the persons who are victims. M rs Butler-Turner a dded: I think sometimes w hen you look at what is going on in our society today much of it has been going on for many years, a nd kept under wraps, k ept under covers, because i t was taboo to talk about i t. Now people are realisi ng that this is something that is absolutely wrong. So I dont want to say that this is a growing problem, I want to say that there are s ome incidents that have been brought to our attent ion that are being actively pursued. Young victims are said to b e receiving medical and psychological assistance f rom the Ministry of Health and the Ministry of Education, whose departments a re also monitoring the situation. he had sought to obtain conveyance from a person with no title. Mr Bethel told the court Mr Dean want e d the order of possession by Senior Justice Anita Allen stayed pending the out come of his appeal hearing. Mr Bethel claimed Arawak Homes had argued previ o usly that Mr Deans duplex obstructed them from developing the land and expressed concern that the company wouldd emolish the duplex. Mr Smith, however, gave an undertaking to the court that that would not be the case. SEEPAGETHREE lifetime. S peaking with the newspaper yesterday, officials at the Paradise Island hotel property, confirmed that plans will not be developed as previously envisaged. Addressing members of the media at a teleconference in the Coral Towers yesterday, Kerzner Intern ationals chairman Sir Sol Kerzner said that they had never announced that they w ere moving forward with P hase IV, although he had always contemplated it and p erhaps more phases. When we acquired Atlantis at the time, what I r eally loved about the property was its potential. We had some of the most beautiful beaches in the world, and we still have t hem. We had 500 acres of u ndeveloped real estate, a nd when you look at what h as happened since weve b een there and what has t aken place, and the redevelopment of the Ocean Club and the golf course, I think it is pretty spectacular. And it seems to me a great pity to see what is being contemplated here a nd now (with Baha Mar And as I say, at least if it was phased or economic ally well thought through, b ecause one understands t hat the industry has to grow, but it is one thing to grow reasonably, it isa nother thing to go at a ridiculous pace. And I think the Chinese folks are just motivated by the num b er of jobs and not that concerned about the viability. I think looking at the 8,000 Chinese jobs, it makes me very upset to believe that all three developments at Paradise island we lived with the 70 per c ent minimum Bahamian w ork force, and we trained the folks, and in fact the t wo phases, phases II and I II of Atlantis were built in record time because we h ad trained folks and they w ere competent, he said. W ith Sir Sol adding that they had never imaginedt hat Baha Mar would be t argeting the same touristic market that Atlantis currently enjoys, the hotel operator said that they are concerned about the introduction of these new 3,000 rooms by the Cable Beach p roject. There is no way that t his project would move f orward without the agreem ent that 8,000 Chinese f olks would be employed and that is exactly what is motivating this. It is a deal that makes no sense. It is a deal that could be harmful to the people of the Bahamas, and certainly to f uture investors and indeed ourselves. But I am still hopeful, a nd I truly believe that this w ill not happen the way s ome folks are contemplating. And in fact we will h ave an orderly industry, an industry that will grow successfully for the bene f it for the industry but particularly for the benefit of the people of the Bahamas, he said. School security guard arrested over student sex abuse claims FROM page one Arawak Homes pledges not to demolish duplex on its land FROM page one M INISTEROFEDUCATION: Desmond Bannister Phase IV not in our lifetime... FROM page one

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LARRY NEUMEISTER, Associated PressT OM HAYS, Associated Press NEW YORK T he near-acquittal of the first G uantanamo detainee tried in federal court is reigniting the debate over whether to bring terrorism suspects to justice int he civilian legal system. The Obama administration made it c lear Thursday that its position has not changed. Justice Department spokesman Matthew Miller said i n Washington that the admini stration will continue to rely on a combination of civilian courts and military tribunals to handle terrorism cases. H is comments came a day after Ahmed Ghailani was acquitted in federal court in New York on all but one of m ore than 280 charges that he took part in the al-Qaida bombings of two U.S. embassies in Africa. The twin attacks in 1998 k illed 224 people, including a d ozen Americans. Miller described the conspiracy conviction as "another in a long line of verdicts where fede ral civilian courts have shown the ability to deliver fair trials and long sentences." And White House spokesman R obert Gibbs pointed out that Ghailani still faces a heavy penalty that will ensure he "isn't going to threaten Ameri can lives" a minimum of 20 y ears in prison and a maximum of life. Still, the outcome turned up the volume on the chorus of Republicans and other oppon ents of civilian trials for terrorism suspects picked up on the battlefield and sent to Guantanamo after the Sept. 11,2 001, attacks. Among those awaiting trial is the professed mastermind, Khalid Sheikh Mohammed. Some legal experts warned t hat Wednesday's verdict damaged the argument for trying detainees in civilian courts. They said the case could maket he Obama administration more selective in deciding which suspects to put on trial, because of the risk that someone branded dangerous by the g overnment could be acquitted. "They really needed this case to go off without a hitch, to be a showcase. Instead, you have theo pposite," said Aitan Goelman, a former federal prosecutor in New York now in private practice in Washington. "Civilian juries do screwy things," he said. "There's horse trading in j ury verdicts." Michigan Rep. Pete Hoekstra, the top Republican on the House Intelligence Committee,s aid the verdict confirms that t he Obama administration's decision to try Guantanamo detainees in civilian courts "was a mistake and will not work." This case was supposed to be the easy one, and the Obama administration failed the Gitmo cases from here on outw ill only get more difficult," he s aid in a statement. Civil rights groups and D emocrats countered that the prosecution proves the civilian l egal system works, even for Guantanamo detainees. L aura Pitter, a counterterrorism adviser for Human R ights Watch who monitored the Ghailani trial, said the ver dict "will have finality and be viewed as credible and legiti mate by observers and the resto f the world." David Kelley, who served as U .S. attorney under President George W. Bush after successf ully prosecuting 1993 World Trade Center bombing master mind Ramzi Yousef, called s ome of the initial reaction to the verdict misguided. "This was a win by the government," said Kelley, who now i s in private practice. He said h e supports civilian trials for Guantanamo detainees and believes the Ghailani case proved such trials could take p lace without disrupting the community. A year ago, Attorney General Eric Holder announced a plan to tryM ohammed and four others in New York, only to put the idea on hold after some in Congress and New York said the security requirements and other probl ems were unsurmountable. Those five remain at the U.S. military prison at Guantanamo Bay in Cuba while the admin-i stration ponders its next move. Barry Mawn, who led New York's FBI office on the day of the attacks, said bringing someone like Mohammed to t rial in Manhattan would require much tighter security than the Ghailani case. "When I heard it, I thought it w as nuts to bring him there," he said of Mohammed. "KSM is a much bigger fish than this guy. This guy's not a knownothing, that's for sure. But KSM, in the face of their hiera rchy, he's huge." Both President Barack Obama and Holder steered clear of discussing detainee trials ast hey made brief appearances T hursday devoted to other topics. Sen. Lindsey Graham, a South Carolina Republican who is seen as key to any deal o ver Obama's plan to close Guantanamo, said Thursday that top-level al-Qaida suspects should not be tried in civilianc ourts, but trying lower-level o peratives in the civilian legal system "makes sense to me." T he Republican senator said "I'm going to have my hands f ull holding back" some fellow Republicans who want to rule o ut the use of civilian courts altogether to try terrorist susp ects. Ghailani's prosecution demonstrated some of the legal hurdles the government would face at civilian trials. Last m onth, the judge barred the government from calling a key w itness, saying prosecutors learned of his identity through h arsh CIA interrogation of Ghailani at a secret overseas prison. C M Y K C M Y K INTERNATIONAL NEWS PAGE 10, FRIDAY, NOVEMBER 19, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM NY Gitmo trial spurs fresh debate over detainees AHMED KHALFAN GHAILANI.

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JONATHAN M. KATZ, Associated Press P ORT-AU-PRINCE, Haiti Anti-U.N. violence spread to Haiti's capital Thursday as protesters blocked roads and attacked foreigners' cars over suspicions that peacekeepers introduced a cholera epidemic that has killed more than 1,100 p eople, a ccording to Associated Press The unrest followed three days of similar violence inn orthern Haiti. The protests come a little more than a week before national elections, and the U.N. has characterized them as political. Some demon-s trators threw rocks at an office of President Rene Preval's Unity party and tore down campaign posters. B ut the protests are fueled by suspicions, shared by some U.S. disease experts, that a contingent of Nepalese soldiersb rought cholera with them to H aiti and spread the disease from their rural base into the Artibonite River system, where the initial outbreak was cent ered. W ater The disease is new to Haiti a nd was not expected to strike this year despite rampant bad sanitation and poor access to drinking water. The 12,000-member U.N. S tabilization Mission in Haiti, or MINUSTAH, which has b een the dominant security force in Haiti for six years, d enies responsibility for the epi demic. Standing before the thick black smoke of blazing tires Thursday, protesters yelled "We say no to MINUSTAH and no to cholera" and carried s igns reading "MINUSTAH and cholera are twins." The w indows of several cars belong ing to the U.N. and humanitarian groups were broken. Haitian police fired tear gas at the protesters on the central Champ de Mars plaza, and clouds of choking irritants blew i nto nearby tent shelters of thousands made homeless by the Jan. 12 earthquake. "I survived the quake but the police are going to kill me with gas," Marie Paul Moses said as she fled the white cloud. Aid workers, including U.N. humanitarian agencies that are s tructurally separate from the peacekeeping force, called for c alm, saying the violence is hampering efforts to treat the t ens of thousands of people stricken with cholera. The disease is spread by contaminated fecal matter. Health experts say it can be easily t reated with rehydration or prevented outright by ensuring g ood sanitation and getting people to drink only purified w ater. But after years of instability, a nd despite decades of devel opment projects, many Haitians have little access to clean water, toilets or health care. C M Y K C M Y K INTERNATIONAL NEWS THE TRIBUNE FRIDAY, NOVEMBER 19, 2010, PAGE 11 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM ROBERT WIELAARD, Associated Press BRUSSELS European nations should send Haiti a whole range of medical supplies, not just money, to fight the cholera out b reak, the European Commission urged Thursday. The Commission said there is a great need for medical skills, beds, epidemiologicale xpertise, antibiotics, intravenous catheters, body bags,w ater purification tablets, rehy dration salts and ambulances. E U Humanitarian Relief Commissioner Kristalina Georgieva said helping Haiti "was not just a matter of mon-e y" but of material help. She s aid Haiti's health system has been overwhelmed by the cholera outbreak and outside help was "urgently needed to c over growing gaps in health, water, sanitation, hygiene and logistics." She said 1,110 people have already died of cholera in Haiti and 18,380 had been hospitalized. Residents in northern andc entral Haiti rioted this week over suspicions that a montho ld cholera epidemic was brought to Haiti by U.N. peace keepers from Nepal. Cholera protesters attack cars in Haiti capital (AP Photo/Emilio MorenattiAP Photo/Ramon Espinosa CRYINGSHAME: Refugees react to the effects of tear gas fired by police and UN soldiers during a protest in an area where displaced earthquake survivors live in Port-au-Prince, Haiti, Thursday, Nov. 18, 2010. (AP Photo/Emilio Morenatti SUFFERING: A boy reacts to the effects of tear gas fired by police and UN soldiers during a protest in an area where displaced earthquake survivors live in Port-au-Prince, Haiti, Thursday, Nov. 18, 2010. EU: Send Haiti material aid, not j ust money FACEOFANGER: A UN peacekeeper from Brazil falls from a truck in front of demonstrators during a protest in Port-au-Prince, Haiti, Thursday, Nov. 18, 2010. Following days of rioting in northern Haiti over suspicions that U.N. soldiers introduced a cholera epidemic that has killed more than 1,000 people, protesters in Haitis capital clashed with police Thursday lashing out at U.N. peacekeepers and the government, blocking roads and attacking for eigners vehicles. A P P h o t o / R a m o n E s p i n o s a

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C M Y K C M Y K LOCAL NEWS PAGE 12, FRIDAY, NOVEMBER 19, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM C ELEBRATING its 10th anniversary, the Sting Junkanoo group hosted a gala ball last month under the dual patronageof Minister of Youth, Sports and Culture Charles Maynard and Senator Allyson Maynard-Gibson. T he group, which is known for its original songs about Bahamian culture, hasw on two Cacique awards. I n addition to the groups performances during the Boxing Day and New Years D ay parades, Sting also hosts events for less fortunate children at the various homes in both New Providence and Freeport. During the ball, Sting honoured those individuals and companies which have sup-p orted the group over the years, among them K B, Samuel Heastie, group leaderB ernard Hanna, the groups song writers a nd composers, sponsors and other wellwishers. Celebrating 10 years of the Sting Junkanoo group CELEBRATION: Senator Allyson Maynard-Gibson and members of Sting. GALAATTENDEES: Mr and Mrs Neville Wisdom and Mr and Mrs Styles. A WARDS: U nited Sanitation, Arawak Homes, Thompson Trading and Mr Gibson receiving awards from the Junkanoo group Sting. MINISTER of Youth, Sports and Culture Charles Maynard with Mr Gibson and a friend. BASSETERRE, St. Kitts AUTHORITIESin the Caribbean nation of St. Kitts say they have charged three men with ambushing a tour bus and robbing a group of cruise ship passengers at gunpoint, according to Associated Press. Police spokesman Vaughn Henderson said Thursday evening that the three suspects are charged with armed robbery and face up to 20 years in prison if convicted. Henderson says two more people may be arrested in connection with the Sunday rob bery, which prompted two cruise ship companies to can cel Wednesday port calls to St. Kitts. Police say masked gunmen robbed 16 tourists from the liner Celebrity Mercury as the group headed to Brimstone Hill Fortress, a park popular with visitors. The suspects are all in their 20s. S T KITT S CHARGES MEN WITH STICKUP OF TOURISTS Shar e your news The T ribune wants to hear fr om people who are making news in their neighbour hoods. Per haps you ar e raising funds for a good cause, campaigning for impr ovements in the area or have won an award. If so, call us on 322-1986 and share your story.

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C M Y K C M Y K SECTIONB business@tribunemedia.net FRIDAY, NOVEMBER 19, 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 worry freegroup pensions sound investment management independent corporate trustee oversight independent corporate custodian diversied investment portfolioall of the abovecall us today at 396-4000FAMILY GUARDIAN CORPORATE CENTRE: AT THE JUNCTION OF VILLAGE ROAD, SHIRLEY STREET & EAST BAY STREET I www.famguardbahamas.com A SUBSIDIARY OF By NEIL HARTNELL Tribune Business Editor The Bahamas ability to i nnovate and modernise this economy is being held back t hrough a tendency to make decisions based on downside r isk, not upside potential, the Bahamas Chamber of Commerces president warned yes terday, urging this nation to revisit industries such as agri culture and LNG to get com merce moving. K haalis Rolle told Tribune Business that the Bahamas n eeded to stop playing and toying with industries such as liquefied natural gas (LNG which could provide totally new avenues of economic opportu-n ities, and focus just as much on the potential benefits they might bring as opposed to the negatives. Identifying LNG as being among some of the things weve shied away from, Mr Rolle added: Thats something weve played around with, toyed with, and need to go back and review that, and see if there are opportunities associated with it. We make decisions based on potential downside risk, not the potential upside benefits, and thats what constrains our ability to innovate and modernise this economy. During the debate over the proposed multi-million dollar AES Ocean Express LNG plant, which was slated for Ocean Cay, a man-made island near Bimini, and other plants/pipelines proposed by Tractebel (Suez in Grand Bahama, much was made about the risks of an explosion or negative environmental impacts issues that appeared to delay, then force these projects into cold storage so far as government approvals were concerned. There are risks associated with LNG, but those risks, particularly in this area, are mini mal, Mr Rolle told Tribune Business. We need to stop playing politics with these things, and make some hard decisions. Far too often, Bahamians, policymakers and decision makers were looking at the downside risks and saying: You know what, its too risky. But we dont have the same amount of evidence in support of the downside risks as we do in support of the upside risks. Acknowledging that we need to get moving in terms of restoring the Bahamian Downside risk decision making har ms Bahamas over innovation KHAALIS ROLLE Chamber chief says failure to focus on upside potential costing Bahamas economic opportunities and chance to modernise economy Suggests revisiting areas such as LNG and agriculture SEE page 5B B y ALISON LOWE Business Reporter alowe@tribunemedia.net With the Central Bank of the Bahamas describing a ctivity in the construction sector as anemic and decelerating, Bahamian building supply stores yesterday reported flat or declining sales, with one supplier revealing he may temporarily close his doors next year until conditions improve. T he major supplier,who did not wish to be named, said he has had to let go dozens of employees, leaving only a skeleton crew of workers since last year. He has d etermined that within the next month he will have to decide whether closure next year will be necessary to Building supplies firms suf fer from flat environment SEE page 4B By NEIL HARTNELL T ribune Business Editor Kerzner International and its chairman are engaged in a high-stakes poker game, a former Bahamas Chamber of Commercep resident told Tribune Business yesterday, a dding that he understood Sol Kerzners position over his Most Favoured Nation clause. And he warned: Dont kill the goose that laid the golden egg. KERZNERS $2.6 BILLION BAHA MAR HIGH STAKES POKER GAME TOURISM LANDMARK: Atlantis in Paradise Island. D IONISIO DAGUILAR SEE page 5B By ALISON LOWE B usiness Reporter alowe@tribunemedia.net T here has been a manifest difference in business levels at the Town CentreM all due to road works on Robinson Road and Blue H ill Road, its general manager yesterday lamenting that requests for help inf inding ways to reduce this impact have allegedly met w ith resistance from the Government and main contractor. F rank McGwire told Tribune Business that trying t o mitigate the problems during the time of the work is awfully important,a nd we dont seem to be getting whole lot of assistance in this area, adding that making it easier for customers to navigate ther oadworks will be crucial for business at Town Centre Mall over the next fivew eeks to leading up to Christmas. My understanding from the engineering people is that were looking at this[ roadworks] continuing through October or so of n ext year. Weve got staff to pay and real property tax to pay, and all that kindo f stuff, so if we can work together to mitigate the problems I think wed be better off, but so far we havent found a real coop-e rative way to do that, said Mr McGuire. The General Manager s aid one of the points at issue is a recommendation that the Government/con t ractor find alternatives to the barricades which have been placed down the cen tre of Robinson Road from Blue Hill to Second Street, which stop cars turning across the street, creatings ignificant detours to access businesses. You really have to go round your elbow to get to your thumb now in that area, and its just a very cumbersome thing, said Mr McGwire. If youre sitting at Collins Avenue and Wulff Road, and think youre going to go to Town Centre Mall, you have to really think how youre going to do that. There are other ways to do that. Weve kicked around some ideas but we were met with resistance. The General Manager said he will have to bear the roadworks in mind as he makes decisions this weekend on extending opening hours at the Mall going into the Christmas season, with this set to impact store inventory order placements and staff overtime payments. Thats something I am Mall says traffic mitigation plan hits resistance SEE page 4B By ALISON LOWE Business Reporter alowe@tribunemedia.net New Providence hotels are eyeing a mixed bag of results for the upcoming Thanksgiving holiday, with occupancies set to range from lows of 65 per cent to 80 per cent, the Bahamas Hotel A ssociations (BHA d ent said yesterday. Overall improvements in the tourism sector have been somewhat slower than we expected, Robert Sands said yesterday, adding that although indicators are head-i ng in the right direction, we Mixed bag of 65-80% Thanksgiving occupancies Sector still not satisfied that we are showing the gains the industry really wants to see at this time October and Novemberd id not attain prerecession business levels S EE page 3B By NEIL HARTNELL Tribune Business Editor B etween 200-300 additional Bahamian contractors and up to 4,500 extra construction workers could be employed on the $2.6 billion Baha Mar pro ject as a result of Prime Minister Hubert Ingraham winning an extra $200 million in con-t racts from the developers Chinese partners, the BahamianC ontractors Associations (BCA B usiness yesterday. Speaking to this newspaper after it informed him that the I nter-American Development B ank (IDB $150,000 grant to finance a $ 225,000 project designed to strengthen the BCAs internal processes, Stephen Wrinkle s aid that despite the good news, h e was uncertain whether the Bahamian construction industry h ad the depth of skills talent to handle the Baha Mar project. While praising Prime Minist er Hubert Ingrahams tough n egotiating stance in winning a Several thousand extra Baha Mar jobs n BCA chief says $200m increase in contracts for Bahamian contractors could employ extra 200-300 contractors, 1,000-4,500 workers, on $2.6bn Cable Beach project n But uncertain if industry yet up to challenge, warning important to get it right first time to engender confidence in Bahamian construction industry S EE page 6B

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C M Y K C M Y K SECTIONB business@tribunemedia.net FRIDAY, NOVEMBER 19, 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 worry freegroup pensions sound investment management independent corporate trustee oversight independent corporate custodian diversied investment portfolioall of the abovecall us today at 396-4000FAMILY GUARDIAN CORPORATE CENTRE: AT THE JUNCTION OF VILLAGE ROAD, SHIRLEY STREET & EAST BAY STREET I www.famguardbahamas.com A SUBSIDIARY OF By NEIL HARTNELL Tribune Business Editor The Bahamas ability to i nnovate and modernise this economy is being held back t hrough a tendency to make decisions based on downside r isk, not upside potential, the Bahamas Chamber of Commerces president warned yes terday, urging this nation to revisit industries such as agri culture and LNG to get com merce moving. K haalis Rolle told Tribune Business that the Bahamas n eeded to stop playing and toying with industries such as liquefied natural gas (LNG which could provide totally new avenues of economic opportu-n ities, and focus just as much on the potential benefits they might bring as opposed to the negatives. Identifying LNG as being among some of the things weve shied away from, Mr Rolle added: Thats something weve played around with, toyed with, and need to go back and review that, and see if there are opportunities associated with it. We make decisions based on potential downside risk, not the potential upside benefits, and thats what constrains our ability to innovate and modernise this economy. During the debate over the proposed multi-million dollar AES Ocean Express LNG plant, which was slated for Ocean Cay, a man-made island near Bimini, and other plants/pipelines proposed by Tractebel (Suez in Grand Bahama, much was made about the risks of an explosion or negative environmental impacts issues that appeared to delay, then force these projects into cold storage so far as government approvals were concerned. There are risks associated with LNG, but those risks, particularly in this area, are mini mal, Mr Rolle told Tribune Business. We need to stop playing politics with these things, and make some hard decisions. Far too often, Bahamians, policymakers and decision makers were looking at the downside risks and saying: You know what, its too risky. But we dont have the same amount of evidence in support of the downside risks as we do in support of the upside risks. Acknowledging that we need to get moving in terms of restoring the Bahamian Downside risk decision making har ms Bahamas over innovation KHAALIS ROLLE Chamber chief says failure to focus on upside potential costing Bahamas economic opportunities and chance to modernise economy Suggests revisiting areas such as LNG and agriculture SEE page 5B B y ALISON LOWE Business Reporter alowe@tribunemedia.net With the Central Bank of the Bahamas describing a ctivity in the construction sector as anemic and decelerating, Bahamian building supply stores yesterday reported flat or declining sales, with one supplier revealing he may temporarily close his doors next year until conditions improve. T he major supplier,who did not wish to be named, said he has had to let go dozens of employees, leaving only a skeleton crew of workers since last year. He has d etermined that within the next month he will have to decide whether closure next year will be necessary to Building supplies firms suf fer from flat environment SEE page 4B By NEIL HARTNELL T ribune Business Editor Kerzner International and its chairman are engaged in a high-stakes poker game, a former Bahamas Chamber of Commercep resident told Tribune Business yesterday, a dding that he understood Sol Kerzners position over his Most Favoured Nation clause. And he warned: Dont kill the goose that laid the golden egg. KERZNERS $2.6 BILLION BAHA MAR HIGH STAKES POKER GAME TOURISM LANDMARK: Atlantis in Paradise Island. D IONISIO DAGUILAR SEE page 5B By ALISON LOWE B usiness Reporter alowe@tribunemedia.net T here has been a manifest difference in business levels at the Town CentreM all due to road works on Robinson Road and Blue H ill Road, its general manager yesterday lamenting that requests for help inf inding ways to reduce this impact have allegedly met w ith resistance from the Government and main contractor. F rank McGwire told Tribune Business that trying t o mitigate the problems during the time of the work is awfully important,a nd we dont seem to be getting whole lot of assistance in this area, adding that making it easier for customers to navigate ther oadworks will be crucial for business at Town Centre Mall over the next fivew eeks to leading up to Christmas. My understanding from the engineering people is that were looking at this[ roadworks] continuing through October or so of n ext year. Weve got staff to pay and real property tax to pay, and all that kindo f stuff, so if we can work together to mitigate the problems I think wed be better off, but so far we havent found a real coop-e rative way to do that, said Mr McGuire. The General Manager s aid one of the points at issue is a recommendation that the Government/con t ractor find alternatives to the barricades which have been placed down the cen tre of Robinson Road from Blue Hill to Second Street, which stop cars turning across the street, creatings ignificant detours to access businesses. You really have to go round your elbow to get to your thumb now in that area, and its just a very cumbersome thing, said Mr McGwire. If youre sitting at Collins Avenue and Wulff Road, and think youre going to go to Town Centre Mall, you have to really think how youre going to do that. There are other ways to do that. Weve kicked around some ideas but we were met with resistance. The General Manager said he will have to bear the roadworks in mind as he makes decisions this weekend on extending opening hours at the Mall going into the Christmas season, with this set to impact store inventory order placements and staff overtime payments. Thats something I am Mall says traffic mitigation plan hits resistance SEE page 4B By ALISON LOWE Business Reporter alowe@tribunemedia.net New Providence hotels are eyeing a mixed bag of results for the upcoming Thanksgiving holiday, with occupancies set to range from lows of 65 per cent to 80 per cent, the Bahamas Hotel A ssociations (BHA d ent said yesterday. Overall improvements in the tourism sector have been somewhat slower than we expected, Robert Sands said yesterday, adding that although indicators are head-i ng in the right direction, we Mixed bag of 65-80% Thanksgiving occupancies Sector still not satisfied that we are showing the gains the industry really wants to see at this time October and Novemberd id not attain prerecession business levels S EE page 3B By NEIL HARTNELL Tribune Business Editor B etween 200-300 additional Bahamian contractors and up to 4,500 extra construction workers could be employed on the $2.6 billion Baha Mar pro ject as a result of Prime Minister Hubert Ingraham winning an extra $200 million in con-t racts from the developers Chinese partners, the BahamianC ontractors Associations (BCA B usiness yesterday. Speaking to this newspaper after it informed him that the I nter-American Development B ank (IDB $150,000 grant to finance a $ 225,000 project designed to strengthen the BCAs internal processes, Stephen Wrinkle s aid that despite the good news, h e was uncertain whether the Bahamian construction industry h ad the depth of skills talent to handle the Baha Mar project. While praising Prime Minist er Hubert Ingrahams tough n egotiating stance in winning a Several thousand extra Baha Mar jobs n BCA chief says $200m increase in contracts for Bahamian contractors could employ extra 200-300 contractors, 1,000-4,500 workers, on $2.6bn Cable Beach project n But uncertain if industry yet up to challenge, warning important to get it right first time to engender confidence in Bahamian construction industry S EE page 6B

PAGE 14

The Bahamas Financial Services Board (BFSBa nnounced that the second annual International Busi ness & Finance Summit( IBFS) will take place on January 21-23, 2011, at the Radisson Our LucayaR esort in Freeport. The BFSB is hoping that m ore than 40 international business leaders will join 150-plus stakeholders from the financial services indus try in the Bahamas for the t hree-day event. Enhancing you SCRIPT for Growth is the theme forI BFS 2011, building on the 2010 event, which focused on preparing businesses to Thrive in the New Normal, the theme for the inaugural I BFS. For The Bahamas, IBFS 2010 led to adoption of SCRIPT This means a Strategy for cross-sectorC oordination in a proactive and pragmatic Regulatory environment that recognisest hat Infrastructure and a Proactive and targeted busi ness development strategya re vital and emphasises the attraction and growth of a w orld-class Talent Pool. The inevitable pull to the east is having a demonstra ble impact on geopolitics and trade, said Wendy W arren, BFSBs chief exec u tive and executive director. Concurrently, trade and w ealth are booming in the region. Countries in Latin A merican continue to be ranked in the top emerginge conomies and add to the significant pool of wealth t hat resides in North Amer ica. IBFS 2011 will explore t he impact on wealth man a gement and international business, and the response r equired from the financial s ervices industry. Further, it will examine h ow the national policies of the Bahamas should be deployed to fully engage the o wners of capital and entrepreneurs for national develo pment. IBFS participants will be involved in wide ranging dis cussions led by international and Bahamian experts. Agenda items include: Regulation and Transparency: Their impact on financial institutions from the perspective of prof itability, risk management and plans for expansion. Taxation: The key principles driving new policies on tax and related agreements; the benefits for small international financial centres of matters such as Double Tax a tion Agreements; the prospects for the next 10 y ears; and actions that should be taken by international financial centres today. Global Cooperation: What progress has been achieved through the EU Savings Tax Directive and the Liechtenstein Disclosure Facility? What are the implications of recent agreements between Switzerland and EU Member Countries? Know Your Customer Essentials: What are the sources of funds, business successes and related trendsa nd transitions for owners of capital in Latin America and Greater China? How do they approach estate planning? What are the culturaln uances that make or break a relationship with an external relationship manager?W hat planning structures are being deployed? How d oes the application vary between markets such as Canada and Latin Ameri-c a? Business Insights: A round table discussion of emerging opportunities, asp anellists consider what ser vices should dominate over the next 10 years. SCRIPT 2010: A report o n BFSBs SCRIPT project, its impact on development of international business and finance and next steps. Breakout Sessions: Individual small group sessions focusing on regions and sectors such as insurance, trusts and securities. Capitalising on Comparative Advantages: A roundtable discussion with international and domestic professionals joining Bahamian policy makers. C M Y K C M Y K BUSINESS PAGE 2B, FRIDAY, NOVEMBER 19, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM The National Insurance Board wishes to advise the public that pension payments for the month of November will not begin on Thursday,November 18, 2010, as previously scheduled. Instead, payments for both November and December will begin simultaneously from November 26 at the usual times and places. Increases and adjustments arising out of the July 2010 amendments to the Benefits Regulations will also be reflected in the November 26 pension payment period. The National Insurance Board apologizes for any inconvenience caused by the delay in payments.The National Insurance Boardof the Commonwealth of The Bahamas ~ Important Notice to Pensioners ~ The Governments National Prescription Drug Plan is processing on average 400 claims per day, the National Insurance Boards (NIB d irector has confirmed, with payments to pharmacies which have averaged $16,000 per week jumping to $24,000 per week. Algernon Cargill told members of the Rotary Club of Nassau this week that NIB believes it will be able to launch the Plans Phase II earlier than expected next year due to the progress made with Phase I, some 13,000 people now already registered. In terms of the first six weeks of the Plan, weve registered more than 13,000 people, so we have 40 per cent of our target members already registered, Mr Cargill said. We have 36 private pharmacies now. Quite a few pharmacies who were originally hesitant are now signing on because the good news about the plan is spreading. Thats 70 per cent of our target pharmacies, and certainly these 36 private pharmacies are enough to run the plan. We will accept new pharmacies coming on, but we dont need any new pharmacies to make the plan successful. Mr Cargill said payments to the private pharmacies have averaged around $16,000 p er week, and last week jumped to about $24,000. He added that the private pharmacies were being consistently paid on time. The National Insurance Board agreed and contracted that we would pay weekly, and since the Plan was launched in September Im happy to say every week weve paid on time. As a matter of fact, a day early. Weve paid all of the private pharmacies for providing the medication to the patients on our behalf, and the way we pay is we direct deposit the funds into their account electronically, he said. Mr Cargill said the Plan was electronically processing about 400 claims per day witha 20 per cent rejection rate. This compared to rejection rates of over 50 per cent in Jamaica during the same introductory period, and Jamaicas current rate of about 50 per cent rejections. If you have a prescription for a drug that is not on the formulary, then the prescription claim will automatically be rejected. It wont be honoured or, if you, for example,h ave diabetes and your doctor did not confirm that you have diabetes, and he writes a prescription for diabetes, we cannot provide drugs to treat diabetes, Mr Cargill said. The doctor has to confirm all of the diseases you have, and once he or she has confirmed a disease youre automatically covered for any of the drugs the plan provides for treating that ailment. Challenges Identifying some of the challenges experienced by the Plan in the first six weeks, Mr Cargill said many participants had been slow to collect their cards, while the public phar macies had not been very active in sending in claims. Some members had attempted to fill prescriptions for conditions for which they were not registered, and some doctors did not write or stamp their names on prescriptions. The first point of authoris ation is to confirm that the doctor is registered with the Medical Council of the Bahamas, Mr Cargill said. We have to have the doctors name. For example, if you went to the hospital or the clinic, and sometimes the prescriptions are written, Dr PMH or Dr South Beach Clinic, thats not a registered doctor, so we need to know, for example, t hat Dr Bowe at the Princess Margaret Hospital is the doctor who signed the prescrip tion. So we have to encourage the hospital to have their doctors to stamp their names or write their names on all of the prescriptions they write. And so the Plan is here. Its a permanent Plan. Its a permanent benefit. Were in the first Phase of the Plan, and we hope to move to P hase II sometime next year. I think well be ready earlier than we projected for Phase II because Phase I is really going very well, Mr Cargill said. He indicated that NIB will soon roll out the pilot project for its Healthy People Programme, the second component of the National Prescription Drug Plan that seeks to prevent disease and promote healthy lifestyles. Drug plan processes 400 claims per day Photo by Collin Galanos DRUG PLAN ROTARY ADDRESS: Algernon Cargill, director of the National Insurance Board, addressed the Rotary Club of Nassau on the details and progress of the National Prescription Drug Plan. Mr Cargill (centreleftsau, and Racquel Wallace (right BFSB unveils second top financial summit WENDY WARREN

PAGE 15

The Bahamas Financial Services Board (BFSBa nnounced that the second annual International Busi ness & Finance Summit( IBFS) will take place on January 21-23, 2011, at the Radisson Our LucayaR esort in Freeport. The BFSB is hoping that m ore than 40 international business leaders will join 150-plus stakeholders from the financial services indus try in the Bahamas for the t hree-day event. Enhancing you SCRIPT for Growth is the theme forI BFS 2011, building on the 2010 event, which focused on preparing businesses to Thrive in the New Normal, the theme for the inaugural I BFS. For The Bahamas, IBFS 2010 led to adoption of SCRIPT This means a Strategy for cross-sectorC oordination in a proactive and pragmatic Regulatory environment that recognisest hat Infrastructure and a Proactive and targeted busi ness development strategya re vital and emphasises the attraction and growth of a w orld-class Talent Pool. The inevitable pull to the east is having a demonstra ble impact on geopolitics and trade, said Wendy W arren, BFSBs chief exec u tive and executive director. Concurrently, trade and w ealth are booming in the region. Countries in Latin A merican continue to be ranked in the top emerginge conomies and add to the significant pool of wealth t hat resides in North Amer ica. IBFS 2011 will explore t he impact on wealth man a gement and international business, and the response r equired from the financial s ervices industry. Further, it will examine h ow the national policies of the Bahamas should be deployed to fully engage the o wners of capital and entrepreneurs for national develo pment. IBFS participants will be involved in wide ranging dis cussions led by international and Bahamian experts. Agenda items include: Regulation and Transparency: Their impact on financial institutions from the perspective of prof itability, risk management and plans for expansion. Taxation: The key principles driving new policies on tax and related agreements; the benefits for small international financial centres of matters such as Double Tax a tion Agreements; the prospects for the next 10 y ears; and actions that should be taken by international financial centres today. Global Cooperation: What progress has been achieved through the EU Savings Tax Directive and the Liechtenstein Disclosure Facility? What are the implications of recent agreements between Switzerland and EU Member Countries? Know Your Customer Essentials: What are the sources of funds, business successes and related trendsa nd transitions for owners of capital in Latin America and Greater China? How do they approach estate planning? What are the culturaln uances that make or break a relationship with an external relationship manager?W hat planning structures are being deployed? How d oes the application vary between markets such as Canada and Latin Ameri-c a? Business Insights: A round table discussion of emerging opportunities, asp anellists consider what ser vices should dominate over the next 10 years. SCRIPT 2010: A report o n BFSBs SCRIPT project, its impact on development of international business and finance and next steps. Breakout Sessions: Individual small group sessions focusing on regions and sectors such as insurance, trusts and securities. Capitalising on Comparative Advantages: A roundtable discussion with international and domestic professionals joining Bahamian policy makers. C M Y K C M Y K BUSINESS PAGE 2B, FRIDAY, NOVEMBER 19, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM The National Insurance Board wishes to advise the public that pension payments for the month of November will not begin on Thursday,November 18, 2010, as previously scheduled. Instead, payments for both November and December will begin simultaneously from November 26 at the usual times and places. Increases and adjustments arising out of the July 2010 amendments to the Benefits Regulations will also be reflected in the November 26 pension payment period. The National Insurance Board apologizes for any inconvenience caused by the delay in payments.The National Insurance Boardof the Commonwealth of The Bahamas ~ Important Notice to Pensioners ~ The Governments National Prescription Drug Plan is processing on average 400 claims per day, the National Insurance Boards (NIB d irector has confirmed, with payments to pharmacies which have averaged $16,000 per week jumping to $24,000 per week. Algernon Cargill told members of the Rotary Club of Nassau this week that NIB believes it will be able to launch the Plans Phase II earlier than expected next year due to the progress made with Phase I, some 13,000 people now already registered. In terms of the first six weeks of the Plan, weve registered more than 13,000 people, so we have 40 per cent of our target members already registered, Mr Cargill said. We have 36 private pharmacies now. Quite a few pharmacies who were originally hesitant are now signing on because the good news about the plan is spreading. Thats 70 per cent of our target pharmacies, and certainly these 36 private pharmacies are enough to run the plan. We will accept new pharmacies coming on, but we dont need any new pharmacies to make the plan successful. Mr Cargill said payments to the private pharmacies have averaged around $16,000 p er week, and last week jumped to about $24,000. He added that the private pharmacies were being consistently paid on time. The National Insurance Board agreed and contracted that we would pay weekly, and since the Plan was launched in September Im happy to say every week weve paid on time. As a matter of fact, a day early. Weve paid all of the private pharmacies for providing the medication to the patients on our behalf, and the way we pay is we direct deposit the funds into their account electronically, he said. Mr Cargill said the Plan was electronically processing about 400 claims per day witha 20 per cent rejection rate. This compared to rejection rates of over 50 per cent in Jamaica during the same introductory period, and Jamaicas current rate of about 50 per cent rejections. If you have a prescription for a drug that is not on the formulary, then the prescription claim will automatically be rejected. It wont be honoured or, if you, for example,h ave diabetes and your doctor did not confirm that you have diabetes, and he writes a prescription for diabetes, we cannot provide drugs to treat diabetes, Mr Cargill said. The doctor has to confirm all of the diseases you have, and once he or she has confirmed a disease youre automatically covered for any of the drugs the plan provides for treating that ailment. Challenges Identifying some of the challenges experienced by the Plan in the first six weeks, Mr Cargill said many participants had been slow to collect their cards, while the public phar macies had not been very active in sending in claims. Some members had attempted to fill prescriptions for conditions for which they were not registered, and some doctors did not write or stamp their names on prescriptions. The first point of authoris ation is to confirm that the doctor is registered with the Medical Council of the Bahamas, Mr Cargill said. We have to have the doctors name. For example, if you went to the hospital or the clinic, and sometimes the prescriptions are written, Dr PMH or Dr South Beach Clinic, thats not a registered doctor, so we need to know, for example, t hat Dr Bowe at the Princess Margaret Hospital is the doctor who signed the prescrip tion. So we have to encourage the hospital to have their doctors to stamp their names or write their names on all of the prescriptions they write. And so the Plan is here. Its a permanent Plan. Its a permanent benefit. Were in the first Phase of the Plan, and we hope to move to P hase II sometime next year. I think well be ready earlier than we projected for Phase II because Phase I is really going very well, Mr Cargill said. He indicated that NIB will soon roll out the pilot project for its Healthy People Programme, the second component of the National Prescription Drug Plan that seeks to prevent disease and promote healthy lifestyles. Drug plan processes 400 claims per day Photo by Collin Galanos DRUG PLAN ROTARY ADDRESS: Algernon Cargill, director of the National Insurance Board, addressed the Rotary Club of Nassau on the details and progress of the National Prescription Drug Plan. Mr Cargill (centreleftsau, and Racquel Wallace (right BFSB unveils second top financial summit WENDY WARREN

PAGE 16

C M Y K C M Y K BUSINESS THE TRIBUNE FRIDAY, NOVEMBER 19, 2010, PAGE 3B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM By ALISON LOWE Business Reporter a lowe@tribunemedia.net Bahamian creditors, debtors, liquidators and trustees can use very powerful tools available to them under US law when seeking to gather information on, freeze and recover assets in the US, accountants were advised yesterday. Edmund Rahming, managi ng director of Krys, Rahming and Associates, specialists in corporate recovery and insolvency, revealed that recent US court judgments and sensitivity on the part of US banks regarding issues such as terrorism have made it easier for those seeking information on assets from abroad to gain institutions compliance in the US. Asset recovery isa very important process in the whole process of an asset investigation, a fraud investigation, family law litigation, dispute consulting, insolvency etc. It is very important we have the tools here in the Bahamas on what assets are available. What assets a debtor may have that we can pursue. Key to that is how do we go about finding this information, said Mr Rahming, who was speaking as a pre senter at the Bahamas Institute of Chartered Accountants (BICA Week seminar yesterday. Mr Rahming outlined private and judicial avenues available to help those seek ing information on assets in the US gain access to it. T hese, he said, include the use of databases such as LexusNexus and Pacer, or hiring private investigators. Judicial avenues include utilising section 1782 of Title 28 of the United States Code, also known as a Discovery, to obtain evidence Its a very powerful tool. If you are a foreign debtor or creditor and you need information specific to your case, and you can narrow that information down to exactly what you need, you can apply to the US courts in obtaining that information. Its very popular in Cayman, BVI and Bermuda. We live in an interconnected world, and quiteo ften these entities outside the US have some relation to the US and theres some jurisdiction that can be imposed on them in the US, Mr Rahming said. Another judicial tool includes Rule 2004 of the Federal Rules of Bankruptcy Procedure, said Mr Rahming. This is another very powerful tool used mainly by liquidators. Once you obtain Chapter 15 youre allowed to approach the court for a motion of examination. This will allow to to obtain infor mation not just on a debtor but on parties who may have done business with this particular debtor. It allows you to use a broad brush to look at what the debtors own and its supposed to be a fishing expedition, he added. Among the options open to those seeking to freeze assets, Mr Rahming said, were the use of the Mareva Order as a popular method which usually results in settlement. Inevitably, once someones accounts are frozen peo ple usually sit down and talk about how they can settle s omething, said Mr Rah ming. He noted that it has become increasingly common for those seeking the freezing of assets to issue a Mareva by letter, which does not involve the court. Some banks ignore it, but in the current climate with the anti-money laundering regulations we are now finding that if you send a Mareva by letter to a banking institution almost anywhere in the world, and the letter is very detailed and you talk about the action you are about to initiate or are in the midst of, and give really good evidence, in most cases banks will actuallyf reeze those accounts and wait to hear from you. Its becoming very popular not to go to the court but to send out a letter which is much quicker, he stated. With regard to asset recovery, Mr Rahming explained that it has become verye asy for foreign creditors to have judgments or arbitral awards, which may have been awarded elsewhere, such as the Bahamas, enforced in the US against a defendant. The US has become extremely responsive in recent times. If you have a judgment against a party in the Bahamas or elsewhere outside the US, taking that judgment to the US to have that recognised in the US has become very easy.You find it happening on a regular basis n ow, he said. Mr Rahming referred also to a recent court judgment the Koehler opinion which set a precedent for a claimant to ask the US courts for assets being held by an institution outside of the US handed over to them if the entity has an affiliate entity in the US. So thats a huge case, and now you are finding more and more attorneys are going after entities in New York rather than in the offshore market, said Mr Rahming. US law gives Bahamians tough asset freeze tools are still not satisfied that we are showing the gains the industry really wants to see at this time. Speaking of the upcoming Thanksgiving holiday specifically, Mr Sands said of bookings: Some hotels are reporting marginal increases, some are showing flat to last year, and some are showing a decline to last year, so its an overall mixed bag. Certainly, for October and November we still have not attained the results we achieved in 2008 (pre-recession). As for Christmas, Mr Sands said it is still too far off to be certain of how business will pan out. Last week, Atlantiss senior vice-president of public affairs, Ed Fields, revealed that the booking pace for rooms at Atlantis was "significantly higher" for November and December this year, although with "marginally lower" room rates. In his capacity as vice president for government and external affairs at Baha Mar, which owns the Sheraton Nassau Beach Resort and Wyndham Nassau Resort and Crystal Palace Casino, Mr Sands said bookings at one of these two hotels were flat tol ast year for Thanksgiving, while the other is showing slight gains. He declined to identify which of these descriptions applied to which hotel. Outside of New Providence, the Our Lucaya resort in Freeport told Tribune Business it was optimistic for the 2010 holiday. Having been asked about bookings and room rate expectations for Thanksgiving and Christmas, Nikia Wells, public relations coordinator for the resort, said group and event bookings for the Christmas period are up, but declined to refer to individual leisure traveler bookings. The hotel attributed the increase in group business, in part, to the introduction of new packages, reduced room rates and a new website. Ms Wells said: Our Lucaya will also be offering a number of new promotions for the 2010 Holiday Season that will combine their unique dining experiences with accommodations. With the success of the resorts Friday Night Bahamian Buffet, several other holiday-themed buffets will be packaged with rooms at the resort, providing travelers with affordable options that highlight the entire property. The new holiday packages will provide value added options for guests who are price conscious, but also looking for the complete holiday experience. Back on Paradise Island, Laura Malone, director of communications for RIU hotels and resorts, told Tribune Business that the company is quite satisfied with the occupancy levels and reservation rhythms we are registering for Christmas at the RIU Palace, another of the islands major resorts. The numbers are quite similar to the ones we had last year, when we had just re-opened after the complete refurbishment of the hotel and we were promoting its upscale to the Riu Palace category, said Ms Malone. Mixed bag of 65-80% Thanksgiving occupancies F ROM page 1B ROBERT SANDS

PAGE 17

C M Y K C M Y K BUSINESS THE TRIBUNE FRIDAY, NOVEMBER 19, 2010, PAGE 3B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM By ALISON LOWE Business Reporter a lowe@tribunemedia.net Bahamian creditors, debtors, liquidators and trustees can use very powerful tools available to them under US law when seeking to gather information on, freeze and recover assets in the US, accountants were advised yesterday. Edmund Rahming, managi ng director of Krys, Rahming and Associates, specialists in corporate recovery and insolvency, revealed that recent US court judgments and sensitivity on the part of US banks regarding issues such as terrorism have made it easier for those seeking information on assets from abroad to gain institutions compliance in the US. Asset recovery isa very important process in the whole process of an asset investigation, a fraud investigation, family law litigation, dispute consulting, insolvency etc. It is very important we have the tools here in the Bahamas on what assets are available. What assets a debtor may have that we can pursue. Key to that is how do we go about finding this information, said Mr Rahming, who was speaking as a pre senter at the Bahamas Institute of Chartered Accountants (BICA Week seminar yesterday. Mr Rahming outlined private and judicial avenues available to help those seek ing information on assets in the US gain access to it. T hese, he said, include the use of databases such as LexusNexus and Pacer, or hiring private investigators. Judicial avenues include utilising section 1782 of Title 28 of the United States Code, also known as a Discovery, to obtain evidence Its a very powerful tool. If you are a foreign debtor or creditor and you need information specific to your case, and you can narrow that information down to exactly what you need, you can apply to the US courts in obtaining that information. Its very popular in Cayman, BVI and Bermuda. We live in an interconnected world, and quiteo ften these entities outside the US have some relation to the US and theres some jurisdiction that can be imposed on them in the US, Mr Rahming said. Another judicial tool includes Rule 2004 of the Federal Rules of Bankruptcy Procedure, said Mr Rahming. This is another very powerful tool used mainly by liquidators. Once you obtain Chapter 15 youre allowed to approach the court for a motion of examination. This will allow to to obtain infor mation not just on a debtor but on parties who may have done business with this particular debtor. It allows you to use a broad brush to look at what the debtors own and its supposed to be a fishing expedition, he added. Among the options open to those seeking to freeze assets, Mr Rahming said, were the use of the Mareva Order as a popular method which usually results in settlement. Inevitably, once someones accounts are frozen peo ple usually sit down and talk about how they can settle s omething, said Mr Rah ming. He noted that it has become increasingly common for those seeking the freezing of assets to issue a Mareva by letter, which does not involve the court. Some banks ignore it, but in the current climate with the anti-money laundering regulations we are now finding that if you send a Mareva by letter to a banking institution almost anywhere in the world, and the letter is very detailed and you talk about the action you are about to initiate or are in the midst of, and give really good evidence, in most cases banks will actuallyf reeze those accounts and wait to hear from you. Its becoming very popular not to go to the court but to send out a letter which is much quicker, he stated. With regard to asset recovery, Mr Rahming explained that it has become verye asy for foreign creditors to have judgments or arbitral awards, which may have been awarded elsewhere, such as the Bahamas, enforced in the US against a defendant. The US has become extremely responsive in recent times. If you have a judgment against a party in the Bahamas or elsewhere outside the US, taking that judgment to the US to have that recognised in the US has become very easy.You find it happening on a regular basis n ow, he said. Mr Rahming referred also to a recent court judgment the Koehler opinion which set a precedent for a claimant to ask the US courts for assets being held by an institution outside of the US handed over to them if the entity has an affiliate entity in the US. So thats a huge case, and now you are finding more and more attorneys are going after entities in New York rather than in the offshore market, said Mr Rahming. US law gives Bahamians tough asset freeze tools are still not satisfied that we are showing the gains the industry really wants to see at this time. Speaking of the upcoming Thanksgiving holiday specifically, Mr Sands said of bookings: Some hotels are reporting marginal increases, some are showing flat to last year, and some are showing a decline to last year, so its an overall mixed bag. Certainly, for October and November we still have not attained the results we achieved in 2008 (pre-recession). As for Christmas, Mr Sands said it is still too far off to be certain of how business will pan out. Last week, Atlantiss senior vice-president of public affairs, Ed Fields, revealed that the booking pace for rooms at Atlantis was "significantly higher" for November and December this year, although with "marginally lower" room rates. In his capacity as vice president for government and external affairs at Baha Mar, which owns the Sheraton Nassau Beach Resort and Wyndham Nassau Resort and Crystal Palace Casino, Mr Sands said bookings at one of these two hotels were flat tol ast year for Thanksgiving, while the other is showing slight gains. He declined to identify which of these descriptions applied to which hotel. Outside of New Providence, the Our Lucaya resort in Freeport told Tribune Business it was optimistic for the 2010 holiday. Having been asked about bookings and room rate expectations for Thanksgiving and Christmas, Nikia Wells, public relations coordinator for the resort, said group and event bookings for the Christmas period are up, but declined to refer to individual leisure traveler bookings. The hotel attributed the increase in group business, in part, to the introduction of new packages, reduced room rates and a new website. Ms Wells said: Our Lucaya will also be offering a number of new promotions for the 2010 Holiday Season that will combine their unique dining experiences with accommodations. With the success of the resorts Friday Night Bahamian Buffet, several other holiday-themed buffets will be packaged with rooms at the resort, providing travelers with affordable options that highlight the entire property. The new holiday packages will provide value added options for guests who are price conscious, but also looking for the complete holiday experience. Back on Paradise Island, Laura Malone, director of communications for RIU hotels and resorts, told Tribune Business that the company is quite satisfied with the occupancy levels and reservation rhythms we are registering for Christmas at the RIU Palace, another of the islands major resorts. The numbers are quite similar to the ones we had last year, when we had just re-opened after the complete refurbishment of the hotel and we were promoting its upscale to the Riu Palace category, said Ms Malone. Mixed bag of 65-80% Thanksgiving occupancies F ROM page 1B ROBERT SANDS

PAGE 18

keep the business alive in t he long run. Another major building supplies store, who also asked for anonymity, said business did a kind of grad-u al slow down for two years, then kind of dropped off. I think people had jobs they were finishing off, and n ow there is nothing new per se on the market. People are just now really doingr epairs, and no money around for people to add on. E ven with painting, people used to paint their whole house, now they are justt ouching up, the store manager said. In this regard, while there was an increase in sales forr epair work, this in no way compensated for the fall off in sales overall, said the stores manager. I dont know if Baha Mar i s the answer, he added. Its the little guy thats suffering. The little guy who builds one house at a time.O ne of the guys told me recently its the worst it has b een since 1962. The store manager pledged, however, that thes tore would not be letting go staff. Mark Roberts, o wner/president of the Builders Mall, which i ncludes FYP, Tile King and the Paint Centre, told Tribune Business he is not much for doom and gloom,b ut business is slow. Its flat. Were not growing but were not shrinking, he said. We are surviving. We cut a few hours for staffa bout three months ago, but they are all back to regular shifts. Gary Burrows, manager a t Tops Lumber Yards hardware store, said busin ess throughout the company, including both the lumber and hardware side of itso perations, is holding steady at the moment. Its pretty much the same a s last year, a slight bit better but nothing to shout a bout. I dont think its getting any worse. Theres no significant improvementy et, he added. Earlier this week, Cent ral Bank Governor, Wendy Craigg, described the continuing dampening affectt he global economic crisis is having on foreign direct i nvestment inflows into the Bahamas, which constitute the major component ofc onstruction project financing. She added that the pace of domestic building activity has also decelerated this year. According to data from banks, mortgage disbursements for new constructiona nd repairs are down nearly 50 per cent from last year, a nd mortgage commitments a forward looking indicator decreased in number and v alue by some 15 and 35 per cent respectively, said the G overnor. C M Y K C M Y K BUSINESS PAGE 4B, FRIDAY, NOVEMBER 19, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM NOTICE BARRYW. HERMAN LIQUIDATORENCEMBLE, LTD.( In Voluntary Liquidation) NOTICE is hereby given that the above-named Company i s in dissolution, commencing on the 16th day of November, 2 010. Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Barry W. Herman, P.O. Box N-10818, Nassau, The Bahamas. A ll persons having claims against the above-names Company are required, on or before the 18th day of December,2010 to send their names and addresses and particulars of t heir debts or claims to the Liquidator of the Company or, in default thereof, they may be excluded from the benefit or any distribution made before such debts are proved.LEGAL NOTICE Dated this 18th day of November, 2010. g oing to wrestle with over this weekend, he said. D ionisio D'Aguilar, chairman of BISXlisted AML Foods, told Tribune Business this week that its Cost Right subsidiary's Town Centre Mall outlet had also seen a 20-30 per cent fall-off in sales revenues, asc ustomers sought to avoid the whole Blue Hill Road/Robinson Road area in its entirety. Mr McGwire said that without giving exact figures, a blind man could see thatt he roadworks had hurt business at the Mall. H would like an undertaking from the Government and Argentinian construction com-p any that the roadworks will be left in a tidy state over Christmas, assisting potential c ustomers in accessing businesses in the area. The work is going to stop anyway ( around mid-December until early January) so hopefully the holes will be patched up where people can drive on the roads and (the contractor/their equipment out of the way, said Mr McGwire. M eanwhile, roadworks began this week around another of the islands main busin ess hubs the Mall at Marathon. The Jose Cartellone Civil Construction company iss et to install new drainage facilities, upgrade utlities, sidewalks, street lighting and traffic signals. Pleased Robert Stevenson, general manager of the Mall at Marathon, told Tribune Businessy esterday that he is pleased the longdelayed road improvements have finally started, but urged shoppers to take theirt ime and be patient during the process. We have been advised by the Ministry of W orks that their initial works up to Christ mas will be on the roads shoulder, putting in drainage and then putting in their 24-inchw ater main. All this will stop, according to the Ministry, on December 17 or so, before Christmas, so the interruption before then will be minimal, Mr Stevenson said. They told the property owners in the a rea theyve projected a five-month period providing theres no complication, so were cautiously optimistic. It will all be quite exciting when its done. Building supplies firms suffer from flat environment FROM page 1B F ROM page 1B Mall says traffic mitigation plan hits resistance R OBINSON ROADWORK: T here has reportedly been a manifest difference in business levels at the Town Centre Mall due to road works on Robinson Road and Blue Hill Road.

PAGE 19

keep the business alive in t he long run. Another major building supplies store, who also asked for anonymity, said business did a kind of grad-u al slow down for two years, then kind of dropped off. I think people had jobs they were finishing off, and n ow there is nothing new per se on the market. People are just now really doingr epairs, and no money around for people to add on. E ven with painting, people used to paint their whole house, now they are justt ouching up, the store manager said. In this regard, while there was an increase in sales forr epair work, this in no way compensated for the fall off in sales overall, said the stores manager. I dont know if Baha Mar i s the answer, he added. Its the little guy thats suffering. The little guy who builds one house at a time.O ne of the guys told me recently its the worst it has b een since 1962. The store manager pledged, however, that thes tore would not be letting go staff. Mark Roberts, o wner/president of the Builders Mall, which i ncludes FYP, Tile King and the Paint Centre, told Tribune Business he is not much for doom and gloom,b ut business is slow. Its flat. Were not growing but were not shrinking, he said. We are surviving. We cut a few hours for staffa bout three months ago, but they are all back to regular shifts. Gary Burrows, manager a t Tops Lumber Yards hardware store, said busin ess throughout the company, including both the lumber and hardware side of itso perations, is holding steady at the moment. Its pretty much the same a s last year, a slight bit better but nothing to shout a bout. I dont think its getting any worse. Theres no significant improvementy et, he added. Earlier this week, Cent ral Bank Governor, Wendy Craigg, described the continuing dampening affectt he global economic crisis is having on foreign direct i nvestment inflows into the Bahamas, which constitute the major component ofc onstruction project financing. She added that the pace of domestic building activity has also decelerated this year. According to data from banks, mortgage disbursements for new constructiona nd repairs are down nearly 50 per cent from last year, a nd mortgage commitments a forward looking indicator decreased in number and v alue by some 15 and 35 per cent respectively, said the G overnor. C M Y K C M Y K BUSINESS PAGE 4B, FRIDAY, NOVEMBER 19, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM NOTICE BARRYW. HERMAN LIQUIDATORENCEMBLE, LTD.( In Voluntary Liquidation) NOTICE is hereby given that the above-named Company i s in dissolution, commencing on the 16th day of November, 2 010. Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Barry W. Herman, P.O. Box N-10818, Nassau, The Bahamas. A ll persons having claims against the above-names Company are required, on or before the 18th day of December,2010 to send their names and addresses and particulars of t heir debts or claims to the Liquidator of the Company or, in default thereof, they may be excluded from the benefit or any distribution made before such debts are proved.LEGAL NOTICE Dated this 18th day of November, 2010. g oing to wrestle with over this weekend, he said. D ionisio D'Aguilar, chairman of BISXlisted AML Foods, told Tribune Business this week that its Cost Right subsidiary's Town Centre Mall outlet had also seen a 20-30 per cent fall-off in sales revenues, asc ustomers sought to avoid the whole Blue Hill Road/Robinson Road area in its entirety. Mr McGwire said that without giving exact figures, a blind man could see thatt he roadworks had hurt business at the Mall. H would like an undertaking from the Government and Argentinian construction com-p any that the roadworks will be left in a tidy state over Christmas, assisting potential c ustomers in accessing businesses in the area. The work is going to stop anyway ( around mid-December until early January) so hopefully the holes will be patched up where people can drive on the roads and (the contractor/their equipment out of the way, said Mr McGwire. M eanwhile, roadworks began this week around another of the islands main busin ess hubs the Mall at Marathon. The Jose Cartellone Civil Construction company iss et to install new drainage facilities, upgrade utlities, sidewalks, street lighting and traffic signals. Pleased Robert Stevenson, general manager of the Mall at Marathon, told Tribune Businessy esterday that he is pleased the longdelayed road improvements have finally started, but urged shoppers to take theirt ime and be patient during the process. We have been advised by the Ministry of W orks that their initial works up to Christ mas will be on the roads shoulder, putting in drainage and then putting in their 24-inchw ater main. All this will stop, according to the Ministry, on December 17 or so, before Christmas, so the interruption before then will be minimal, Mr Stevenson said. They told the property owners in the a rea theyve projected a five-month period providing theres no complication, so were cautiously optimistic. It will all be quite exciting when its done. Building supplies firms suffer from flat environment FROM page 1B F ROM page 1B Mall says traffic mitigation plan hits resistance R OBINSON ROADWORK: T here has reportedly been a manifest difference in business levels at the Town Centre Mall due to road works on Robinson Road and Blue Hill Road.

PAGE 20

Commenting on Kerzner Internationals concerns over the $2.6 billion Baha Mar project getting more favourable terms and incentives from the Government than it had received for its three-phase development of Paradise Island, Dionisio DAguilar suggested the Atlantis owner was seeking to use the MFN clause violation as leverage to obtain similar concessions that would place it on the same footing. Referring to Mr Kerzner, and the companys, publicly expressed concerns over violation of its agreement with the Government, and that some 3,000 new hotel rooms coming online at once at Cable Beach would over-satu rate and depress the B ahamian resort market, Mr D Aguilar told Tribune Business: This is all part of the poker game. Its a game of poker. Baha Mar has thrown down three kings, Sol has two kings in his hand now and wants to be equal. He wants the Government to deal him another king. And one tourism industry source, commenting on the poker game expression when it was told to him by Tribune Business yesterday, added: One that turns into chicken, when someone hasto blink. Mr DAguilar, referring to Kerzner Internationals concerns that the 8,150 Chinese work permits, and 60/40 labour split in favour of the Chinese, meant that the Baha Mar project was getting better terms, thus violating the clause that the Atlantis devel oper be treated no less favourably than other investors, said simply: Kerzners right. I dont know the validity of his concerns, but if he was given the MFN status when he struck his deal, then obviously whatever concessions h ave been granted to Baha M ar most be retroactively g ranted to him. I have no problem with what hes saying. Hes obviously right. Matter He has every right to bring up the issue and push the matter forward. While were all excited about getting Baha Mar started, the goose that laid the golden egg is Atlantis, and we have to ensure Mr Kerzner remains confident in the Bahamas. The Bahamas has done very well by him, and hes done very well by us. Other Bahamian private sector contacts yesterday suggested similar to Mr DAguilar, agreeing that Kerzner Internationals Wednesday public statement appeared to be an effort to set the ground for the company to obtain a massively improved deal on future Para dise Island investments such as a possible Phase IV o r Hurricane Hole development or better tax incentives, such as a further reduction in casino taxes. However, Sir Sol appeared to harden his stance yesterday in an intensified public relations campaign, telling Bahamian journalists that Kerzner International would not proceed with a Phase IV on Paradise Island as previo usly envisaged, due to Baha M ars development plans. S ome observers yesterday suggested to Tribune Business that Kerzner Internationals 11th hour public relations campaign was designed to put pressure on Prime Minister Hubert Ingraham to rein in the Baha Mar project, with the timing indicating that the Atlantis and One & Only Ocean Club owner had never expected the $2.6 billion Cable Beach redevelopment to come this close to the start line. Sir Sol and his executives spoke to the Prime Minister prior to his Sunday press conference at which he announced the revised terms for the Baha Mar project that were negotiated in China, thus giving Kerzner International advance knowledge of what was coming. And, likewise, Sir Sol is likely to have informed the Prime Minister of his public relations plans. Meanwhile, Mr DAguilar said Kerzner International was likely to come up with financial terms and figures that it wanted to receive as compensation for the MFN clause violation, and to bring i t into line with Baha Mar. T he Government would then h ave to assess whether these were valid, and the two sides would have to negotiate a deal. Describing Baha Mar and Paradise Island as two separate transactions, Mr DAguilar said he hoped the former was approved, with Mr Kerzners concerns also addressed as best they can be, whether retroactively or when they do their next deal. Its not going to affect him [Mr Kerzner] for another two years, Mr DAguilar said of Baha Mar. Hes got a two-year window to prepare for it, and Im sure hell market the hell out of the Atlantis property and make it difficult for Baha Mar to be heard. Hes definitely a skilled operator, and wont role over and play dead. C M Y K C M Y K BUSINESS THE TRIBUNE FRIDAY, NOVEMBER 19, 2010, PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 0XOWLQDWLRQDO&RPSDQ\ LVORRNLQJIRU 7DOHQWHG&DQGLGDWHV ZKRVHHN ([FHSWLRQDO&DUHHU'HYHORSPHQW75$,1((*5$0 /$51(/$ ,QROXQWDU\/LTXLGDWLRQ RWLFHLVKHUHE\JLYHQWKDWLQDFFRUGDQFHZLWK 6HFWLRQRIWKH,QWHUQDWLRQDO%XVLQHVV &RPSDQLHV$FWRI /$51(/ LVLQ 'LVVROXWLRQ 7KHGDWHRIFRPPHQFHPHQWRIGLVVROXWLRQLVWKH (SVLORQDQDJHPHQW/WG 6XLWH)LUVW)ORRUOLDMLUDGH&HQWUH )UDQFLVDFKHOWUHHWLFWRULDDKH 5HSXEOLFRIH\FKHOOHV /LTXLGDWRU 5(6,$-26(3+(8*(1( RI0DUVK+DUERXU$EDFR 1DVVDX%DKDPDV3%R[ economy to a growth trajectory, Mr Rolle said identifying and exploiting new industries would help a lot. We need to find a way to innovate in agriculture, the Chamber president told Tribune Business. We need to start looking at these areas. Agriculture has been dormant for so long, and we need a more modern approach to help us get more out of this economy. These are the most expandable areas. I was never a big fan of it [agriculture], but now I see theres tremendous opportunities if we do it right. Bahamas Ferries, for whom Mr Rolle is the chief marketing officer, has enjoyed some success with its Potters Cay FarmersM arkets, its vessels transporting agricultural produce from Andros and Eleuthera to New Providence, where it was subsequently sold to eager buyers. The Chamber president confirmed that some six to seven Farme rs Markets had been staged since Bahamas Ferries started the initiative, but none had been held for two months, as bad weather together with seasonal growing cycles impacted crop supplies. Weve had some pockets of success with it, Mr Rolle told Tribune Business. The farmers had a setback with some badw eather weve been having, and a lot of crops are seasonal. There again, theres no reason why we could not have a year-round supply of crops. While they were doing it, it was successful, the Chamber p resident said of previous Farmers Markets. People started to line up at Potters Cay at 7am in the morning. We shipped it for them at a greatly reduced cost. They would sell the product here, and we helped them with their advertising and marketing. Most of the farmers, of whom there were five or six, who b rought their stuff here sold everything. Phils Food Services was one of the biggest consumers of their products. Downside risk decision making harms Bahamas over innovation F ROM page 1B Kerzners $2.6 billion Baha Mar high stakes poker game F ROM page 1B

PAGE 21

Commenting on Kerzner Internationals concerns over the $2.6 billion Baha Mar project getting more favourable terms and incentives from the Government than it had received for its three-phase development of Paradise Island, Dionisio DAguilar suggested the Atlantis owner was seeking to use the MFN clause violation as leverage to obtain similar concessions that would place it on the same footing. Referring to Mr Kerzner, and the companys, publicly expressed concerns over violation of its agreement with the Government, and that some 3,000 new hotel rooms coming online at once at Cable Beach would over-satu rate and depress the B ahamian resort market, Mr D Aguilar told Tribune Business: This is all part of the poker game. Its a game of poker. Baha Mar has thrown down three kings, Sol has two kings in his hand now and wants to be equal. He wants the Government to deal him another king. And one tourism industry source, commenting on the poker game expression when it was told to him by Tribune Business yesterday, added: One that turns into chicken, when someone hasto blink. Mr DAguilar, referring to Kerzner Internationals concerns that the 8,150 Chinese work permits, and 60/40 labour split in favour of the Chinese, meant that the Baha Mar project was getting better terms, thus violating the clause that the Atlantis devel oper be treated no less favourably than other investors, said simply: Kerzners right. I dont know the validity of his concerns, but if he was given the MFN status when he struck his deal, then obviously whatever concessions h ave been granted to Baha M ar most be retroactively g ranted to him. I have no problem with what hes saying. Hes obviously right. Matter He has every right to bring up the issue and push the matter forward. While were all excited about getting Baha Mar started, the goose that laid the golden egg is Atlantis, and we have to ensure Mr Kerzner remains confident in the Bahamas. The Bahamas has done very well by him, and hes done very well by us. Other Bahamian private sector contacts yesterday suggested similar to Mr DAguilar, agreeing that Kerzner Internationals Wednesday public statement appeared to be an effort to set the ground for the company to obtain a massively improved deal on future Para dise Island investments such as a possible Phase IV o r Hurricane Hole development or better tax incentives, such as a further reduction in casino taxes. However, Sir Sol appeared to harden his stance yesterday in an intensified public relations campaign, telling Bahamian journalists that Kerzner International would not proceed with a Phase IV on Paradise Island as previo usly envisaged, due to Baha M ars development plans. S ome observers yesterday suggested to Tribune Business that Kerzner Internationals 11th hour public relations campaign was designed to put pressure on Prime Minister Hubert Ingraham to rein in the Baha Mar project, with the timing indicating that the Atlantis and One & Only Ocean Club owner had never expected the $2.6 billion Cable Beach redevelopment to come this close to the start line. Sir Sol and his executives spoke to the Prime Minister prior to his Sunday press conference at which he announced the revised terms for the Baha Mar project that were negotiated in China, thus giving Kerzner International advance knowledge of what was coming. And, likewise, Sir Sol is likely to have informed the Prime Minister of his public relations plans. Meanwhile, Mr DAguilar said Kerzner International was likely to come up with financial terms and figures that it wanted to receive as compensation for the MFN clause violation, and to bring i t into line with Baha Mar. T he Government would then h ave to assess whether these were valid, and the two sides would have to negotiate a deal. Describing Baha Mar and Paradise Island as two separate transactions, Mr DAguilar said he hoped the former was approved, with Mr Kerzners concerns also addressed as best they can be, whether retroactively or when they do their next deal. Its not going to affect him [Mr Kerzner] for another two years, Mr DAguilar said of Baha Mar. Hes got a two-year window to prepare for it, and Im sure hell market the hell out of the Atlantis property and make it difficult for Baha Mar to be heard. Hes definitely a skilled operator, and wont role over and play dead. C M Y K C M Y K BUSINESS THE TRIBUNE FRIDAY, NOVEMBER 19, 2010, PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 0XOWLQDWLRQDO&RPSDQ\ LVORRNLQJIRU 7DOHQWHG&DQGLGDWHV ZKRVHHN ([FHSWLRQDO&DUHHU'HYHORSPHQW75$,1((*5$0 /$51(/$ ,QROXQWDU\/LTXLGDWLRQ RWLFHLVKHUHE\JLYHQWKDWLQDFFRUGDQFHZLWK 6HFWLRQRIWKH,QWHUQDWLRQDO%XVLQHVV &RPSDQLHV$FWRI /$51(/ LVLQ 'LVVROXWLRQ 7KHGDWHRIFRPPHQFHPHQWRIGLVVROXWLRQLVWKH (SVLORQDQDJHPHQW/WG 6XLWH)LUVW)ORRUOLDMLUDGH&HQWUH )UDQFLVDFKHOWUHHWLFWRULDDKH 5HSXEOLFRIH\FKHOOHV /LTXLGDWRU 5(6,$-26(3+(8*(1( RI0DUVK+DUERXU$EDFR 1DVVDX%DKDPDV3%R[ economy to a growth trajectory, Mr Rolle said identifying and exploiting new industries would help a lot. We need to find a way to innovate in agriculture, the Chamber president told Tribune Business. We need to start looking at these areas. Agriculture has been dormant for so long, and we need a more modern approach to help us get more out of this economy. These are the most expandable areas. I was never a big fan of it [agriculture], but now I see theres tremendous opportunities if we do it right. Bahamas Ferries, for whom Mr Rolle is the chief marketing officer, has enjoyed some success with its Potters Cay FarmersM arkets, its vessels transporting agricultural produce from Andros and Eleuthera to New Providence, where it was subsequently sold to eager buyers. The Chamber president confirmed that some six to seven Farme rs Markets had been staged since Bahamas Ferries started the initiative, but none had been held for two months, as bad weather together with seasonal growing cycles impacted crop supplies. Weve had some pockets of success with it, Mr Rolle told Tribune Business. The farmers had a setback with some badw eather weve been having, and a lot of crops are seasonal. There again, theres no reason why we could not have a year-round supply of crops. While they were doing it, it was successful, the Chamber p resident said of previous Farmers Markets. People started to line up at Potters Cay at 7am in the morning. We shipped it for them at a greatly reduced cost. They would sell the product here, and we helped them with their advertising and marketing. Most of the farmers, of whom there were five or six, who b rought their stuff here sold everything. Phils Food Services was one of the biggest consumers of their products. Downside risk decision making harms Bahamas over innovation F ROM page 1B Kerzners $2.6 billion Baha Mar high stakes poker game F ROM page 1B

PAGE 22

C M Y K C M Y K BUSINESS PAGE 6B, FRIDAY, NOVEMBER 19, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 5 2wk-Hi52wk-LowSecurit y P revious CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.261.00AML Foods Limited1.011.010.000.1500.0406.73.96% 10.759.67Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6.184.50Bank of Bahamas4.904.900.000.5980.2608.25.31% 0.580.18Benchmark0.180.180.00-0.8770.000N/M0.00%3 .492.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.152.14Fidelity Bank2.172.170.000.0160.040135.61.84% 1 2.509.62Cable Bahamas10.4610.460.001.0500.31010.02.96% 2.842.36Colina Holdings2.402.400.003,5950.7810.0403.11.67% 7 .005.40Commonwealth Bank (S1)6.856.850.002,2090.4220.26016.23.80% 3.651.63Consolidated Water BDRs1.841.870.030.1110.04516.82.41% 2.551.60Doctor's Hospital1.601.600.000.1990.1108.06.88% 6.995.94Famguard6.076.070.00-0.0030.240N/M3.95% 10.207.26Finco7.267.260.000.2870.52025.37.16% 11.408.77FirstCaribbean Bank9.749.39-0.353,2500.6450.35014.63.73% 5.513.75Focol (S)5.465.460.001,0000.3660.21014.93.85% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 5.595.00ICD Utilities5.595.590.000.0120.240465.84.29%1 0.509.82J. S. Johnson9.909.82-0.081,6500.9710.64010.16.52% 10.0010.00Premier Real Estate10.0010.000.000.9910.80010.18.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.002100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk Hi 52wk Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield BISX LISTED & TRADED SECURITIES AS OF:7% Interest 7%RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)29 May 2015 W W W.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6.95%20 November 2029THURSDAY, 18 NOVEMBER 2010BISX ALL SHARE INDEX: CLOSE 1,483.22 | CHG -21.94 | %CHG -1.46 | YTD -82.16 | YTD % -5.25BISX 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 1.13671.0000FG Financial Preferred Income Fund1.13674.30%5.21% 1.09741.0000FG Financial Growth Fund1.09742.75%6.87% 1.13631.0000FG Financial Diversified Fund1.13634.18%5.78% 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 = 1,000.00YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeksBid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeksAsk $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volumeLast Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volumeWeekly Vol. Trading volume of the prior week Change Change in closing price from day to dayEPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded todayNAV Net Asset Value DIV $ Dividends per share paid in the last 12 monthsN/MNot Meaningful P/E Closing price divided by the last 12 month earningsFINDEX 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 31-Oct-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 TERMS31-Oct-10 NAV 6MTH 1.467397 2.911577 1.530224 107.570619 105.776543 30-Jun-10 31-Oct-10 31-Oct-10 31-Oct-10 .(7/(59(51,6(RI35,1&( &+$5/(6'5,9(=,5&21,$&28571$66$8 %$+$0$6 127,&( 2UDQMHDVVDX*U\SKRQ/WG 1 27,&(,6+(5(%<*,9(1DVIROORZV 2UDQMHDVVDX*U\SKRQ/WG LVLQGLVVROXWLRQXQGHUWKH SURYLVLRQVRIWKH,QWHUQDWLRQDO%XVLQHVV&RPSDQLHV 7 KHGLVVROXWLRQRIWKHVDLG&RPSDQ\FRPPHQFHGRQWKH 1RYHPEHU ZKHQLWV$UWLFOHVRI'LVVROXWLRQZHUHVXEPLWWHG WRDQGUHJLVWHUHGE\WKHHJLVWUDU*HQHUDO 7KH/LTXLGDWRURIWKHVDLG&RPSDQ\LV'HODQR$UDKQDRI2FHDQ &HQWUH0RQWDJX)RUHVKRUH(DVW%D\6WUHHW3%R[ 1DVVDX%DKDPDV 'DWHGWKH W K GD\RIRYHPEHU + t &RUSRUDWHHUYLFHV/WG 5HJLVWHUHG$JHQW IRUWKHDERYHQDPHG&RPSDQ\ 127,&( 2UDQMHDVVDX*U\SKRQ/WG ROXQWDU\/LTXLGDWLRQf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t &RUSRUDWHHUYLFHV/WG 5HJLVWHUHG$JHQW I RUWKHDERYHQDPHG&RPSDQ\ 127,&( '(921(1(5*<&52$7,$/7' ROXQWDU\/LTXLGDWLRQf &UHGLWRUVKDYLQJGHEWVRUFODLPVDJDLQVWWKHDERYH QDPHG&RPSDQ\DUHUHTXLUHGWRVHQGSDUWLFXODUV WKHUHRIWRWKHXQGHUVLJQHGDW2FHDQ&HQWUH0RQWDJX )RUHVKRUH(DVW%D\6WUHHW3%R[ 1DVVDX%DKDPDVDVVROH/LTXLGDWRURQRUEHIRUHWKH UG GD\RI 'HFHPEHU ,QGHIDXOWWKHUHRIWKH\ ZLOOEHH[FOXGHGIURPWKHEHQHILWRIDQ\GLVWULEXWLRQ PDGHE\WKH/LTXLGDWRU 'DWHGWKH WK GD\RIRYHPEHU '(/$12$5$1+$ /,48,'$725 .(1/<)(5*8621 SANDY SHORE, AP Business Writer Oil prices rose Thursday for the first time in a week while a rally in natural gas was curtailed by a report of record supplies. Natural gas fell more than 3 percent before erasing most of the decline late in the session. The price of the December futures contract, which rose more than 5 percent Wednesday, settled at $4.007, down 2.3 cents. Investors resumed buying oil after four days of selling that knocked the price down by 8 percent. PFGBest analyst Phil Flynn said the improvement came as more traders grew confident that Ireland's debt problems will be resolved without spreading to other countries in Europe and potentially affecting demand. Benchmark oil for December delivery rose $1.41 to $81.85 a barrel on the Nymex. Since the contract expires Friday, many investors shifted to the January contract, which rose $1.38 to $82.42 a barrel. The Energy Department said natural gas supplies rose by 3 billion cubic feet to a record 3.843 trillion cubic feet last week. That's 9.3 percent above the fiveyear average. Gas supplies have been building as drillers use improved methods to extract large amounts of natural gas from formations of shale rock in Texas, Pennsylvania and other states. At the same time, there are few signs of improving industrial demand or even sustained cold weather, which will be keys to higher prices, said Tradition Energy analyst Gene McGillian. "Basically, we're reflecting the weak fundamental picture again," he said. The price of gas has drifted between about $3.75 per 1,000 cubic feet and $4.21 per 1,000 cubic feet since Labor Day, around the time Americans stopped cranked up the air conditioning. The supply-demand picture could prove to benefit consumers who get electricity generated by natural gas. Some analysts believe their winter heating bills will be about the same as a year ago or slightly higher. However, consumers who rely on heating oil to keep their homes warm likely will face higher costs, the analysts said. That product is closely linked to oil, which is traded globally and has fetched higher prices due to stronger demand in Asia and emerging countries. In other Nymex trading in December contracts, heating oil rose 1.77 cents to $2.2951 a gallon and gasoline added 7.04 cents to $2.2283 a gallon. I n London, Brent crude gained $1.77 t o $85.05 a barrel on the ICE Futures e xchange. Natural gas prices fall, oil breaks losing streak (AP Photo/Damian Dovarganes FILLING UP: In this Nov. 4, 2010 photo, Johnathan Gamez fills up his vehicle, at a gas station, in Los Angeles. greater share of the construction pie some 20 per cent of the total amount Mr Wrinkle emphasised that Bahamian contractors and tradesmen had to get it right on a project of this magnitude, as failing to handle the job would turn off both China State Cons truction and future major developers. Asked about how many extra contractors and construction workers could be employed on the Baha Mar project, due to the increase in contracts from $200 million to $400 million, a sum the Prime Minister yesterday described as the largest for a single Bahamas-based resort project, Mr Wrinkle replied: I would say in the hundreds. We were talking about this at [BCA] Council yesterday, and it could be an additional 200-300 contractors and 5-15 crew for each c ontractor. There are five contractors for the Commercial Village, and we could maybe end up with 300. Were talking about a couple thousand workers. According to Tribune Business calculations, based on Mr Wrinkles estimates the number of Bahamian construction workers employed on the Baha Mar project could increase from anywhere between 1,000-4,500 personnel. Our biggest problem now is the labour force to handle this project, Mr Wrinkle told Tribune Business, explaining that if we send a slew of contractors out there and they fail to handle the job, the Bahamian construction industry and its participants could suffer more long-term harm than good. Asked whether the Bahamian construction industry had the capacity currently to handle all that would be demanded of it by the Baha Mar project, Mr Wrinkle replied: Im not sure we do, and we need to carry out a registration process to find out how many people are available for this project. Adding that it was important to get this right first time, Mr W rinkle said that achieving this depended on Baha Mar, China State Construction, the Bahamas Technical and Vocational School (BTVI Minister all working in unison as one. All the horses have got to pull the wagon, and if any one drops o ff, the wagon will not go anywhere, the BCA president said. T he BCA, Mr Wrinkle added, was charged with ensuring contractors are prepared to do the work in a professional manner. He s aid: Thats the key issue to involve as many small and mediumsized contractors as possible. Thats going to be the challenge: to prepare that core of contractors to meet the criteria imposed on them by China StateC onstruction and their financial partners, such as bonding, insurance and safety requirements. M r Wrinkle described the increase in value of Baha Mar construction contracts from $200-$400 million as the best part of the package that Mr Ingraham brought back from Beijing, and said the industry was extremely appreciative of his leadership and negotiating skills. He drove a hard bargain, and they respected that, the BCA president said. The Chinese respected the Prime Minister forh is tenacious negotiating and position, trying to make the right decision for the Bahamas. Several thousand extra Baha Mar jobs FROM page 1B

PAGE 23

C M Y K C M Y K BUSINESS PAGE 6B, FRIDAY, NOVEMBER 19, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 5 2wk-Hi52wk-LowSecurit y P revious CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.261.00AML Foods Limited1.011.010.000.1500.0406.73.96% 10.759.67Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6.184.50Bank of Bahamas4.904.900.000.5980.2608.25.31% 0.580.18Benchmark0.180.180.00-0.8770.000N/M0.00%3 .492.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.152.14Fidelity Bank2.172.170.000.0160.040135.61.84% 1 2.509.62Cable Bahamas10.4610.460.001.0500.31010.02.96% 2.842.36Colina Holdings2.402.400.003,5950.7810.0403.11.67% 7 .005.40Commonwealth Bank (S1)6.856.850.002,2090.4220.26016.23.80% 3.651.63Consolidated Water BDRs1.841.870.030.1110.04516.82.41% 2.551.60Doctor's Hospital1.601.600.000.1990.1108.06.88% 6.995.94Famguard6.076.070.00-0.0030.240N/M3.95% 10.207.26Finco7.267.260.000.2870.52025.37.16% 11.408.77FirstCaribbean Bank9.749.39-0.353,2500.6450.35014.63.73% 5.513.75Focol (S)5.465.460.001,0000.3660.21014.93.85% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 5.595.00ICD Utilities5.595.590.000.0120.240465.84.29%1 0.509.82J. S. Johnson9.909.82-0.081,6500.9710.64010.16.52% 10.0010.00Premier Real Estate10.0010.000.000.9910.80010.18.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.002100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk Hi 52wk Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield BISX LISTED & TRADED SECURITIES AS OF:7% Interest 7%RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)29 May 2015 W W W.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6.95%20 November 2029THURSDAY, 18 NOVEMBER 2010BISX ALL SHARE INDEX: CLOSE 1,483.22 | CHG -21.94 | %CHG -1.46 | YTD -82.16 | YTD % -5.25BISX 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 1.13671.0000FG Financial Preferred Income Fund1.13674.30%5.21% 1.09741.0000FG Financial Growth Fund1.09742.75%6.87% 1.13631.0000FG Financial Diversified Fund1.13634.18%5.78% 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 = 1,000.00YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeksBid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeksAsk $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volumeLast Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volumeWeekly Vol. Trading volume of the prior week Change Change in closing price from day to dayEPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded todayNAV Net Asset Value DIV $ Dividends per share paid in the last 12 monthsN/MNot Meaningful P/E Closing price divided by the last 12 month earningsFINDEX 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 31-Oct-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 TERMS31-Oct-10 NAV 6MTH 1.467397 2.911577 1.530224 107.570619 105.776543 30-Jun-10 31-Oct-10 31-Oct-10 31-Oct-10 .(7/(59(51,6(RI35,1&( &+$5/(6'5,9(=,5&21,$&28571$66$8 %$+$0$6 127,&( 2UDQMHDVVDX*U\SKRQ/WG 1 27,&(,6+(5(%<*,9(1DVIROORZV 2UDQMHDVVDX*U\SKRQ/WG LVLQGLVVROXWLRQXQGHUWKH SURYLVLRQVRIWKH,QWHUQDWLRQDO%XVLQHVV&RPSDQLHV 7 KHGLVVROXWLRQRIWKHVDLG&RPSDQ\FRPPHQFHGRQWKH 1RYHPEHU ZKHQLWV$UWLFOHVRI'LVVROXWLRQZHUHVXEPLWWHG WRDQGUHJLVWHUHGE\WKHHJLVWUDU*HQHUDO 7KH/LTXLGDWRURIWKHVDLG&RPSDQ\LV'HODQR$UDKQDRI2FHDQ &HQWUH0RQWDJX)RUHVKRUH(DVW%D\6WUHHW3%R[ 1DVVDX%DKDPDV 'DWHGWKH W K GD\RIRYHPEHU + t &RUSRUDWHHUYLFHV/WG 5HJLVWHUHG$JHQW IRUWKHDERYHQDPHG&RPSDQ\ 127,&( 2UDQMHDVVDX*U\SKRQ/WG ROXQWDU\/LTXLGDWLRQf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t &RUSRUDWHHUYLFHV/WG 5HJLVWHUHG$JHQW I RUWKHDERYHQDPHG&RPSDQ\ 127,&( '(921(1(5*<&52$7,$/7' ROXQWDU\/LTXLGDWLRQf &UHGLWRUVKDYLQJGHEWVRUFODLPVDJDLQVWWKHDERYH QDPHG&RPSDQ\DUHUHTXLUHGWRVHQGSDUWLFXODUV WKHUHRIWRWKHXQGHUVLJQHGDW2FHDQ&HQWUH0RQWDJX )RUHVKRUH(DVW%D\6WUHHW3%R[ 1DVVDX%DKDPDVDVVROH/LTXLGDWRURQRUEHIRUHWKH UG GD\RI 'HFHPEHU ,QGHIDXOWWKHUHRIWKH\ ZLOOEHH[FOXGHGIURPWKHEHQHILWRIDQ\GLVWULEXWLRQ PDGHE\WKH/LTXLGDWRU 'DWHGWKH WK GD\RIRYHPEHU '(/$12$5$1+$ /,48,'$725 .(1/<)(5*8621 SANDY SHORE, AP Business Writer Oil prices rose Thursday for the first time in a week while a rally in natural gas was curtailed by a report of record supplies. Natural gas fell more than 3 percent before erasing most of the decline late in the session. The price of the December futures contract, which rose more than 5 percent Wednesday, settled at $4.007, down 2.3 cents. Investors resumed buying oil after four days of selling that knocked the price down by 8 percent. PFGBest analyst Phil Flynn said the improvement came as more traders grew confident that Ireland's debt problems will be resolved without spreading to other countries in Europe and potentially affecting demand. Benchmark oil for December delivery rose $1.41 to $81.85 a barrel on the Nymex. Since the contract expires Friday, many investors shifted to the January contract, which rose $1.38 to $82.42 a barrel. The Energy Department said natural gas supplies rose by 3 billion cubic feet to a record 3.843 trillion cubic feet last week. That's 9.3 percent above the fiveyear average. Gas supplies have been building as drillers use improved methods to extract large amounts of natural gas from formations of shale rock in Texas, Pennsylvania and other states. At the same time, there are few signs of improving industrial demand or even sustained cold weather, which will be keys to higher prices, said Tradition Energy analyst Gene McGillian. "Basically, we're reflecting the weak fundamental picture again," he said. The price of gas has drifted between about $3.75 per 1,000 cubic feet and $4.21 per 1,000 cubic feet since Labor Day, around the time Americans stopped cranked up the air conditioning. The supply-demand picture could prove to benefit consumers who get electricity generated by natural gas. Some analysts believe their winter heating bills will be about the same as a year ago or slightly higher. However, consumers who rely on heating oil to keep their homes warm likely will face higher costs, the analysts said. That product is closely linked to oil, which is traded globally and has fetched higher prices due to stronger demand in Asia and emerging countries. In other Nymex trading in December contracts, heating oil rose 1.77 cents to $2.2951 a gallon and gasoline added 7.04 cents to $2.2283 a gallon. I n London, Brent crude gained $1.77 t o $85.05 a barrel on the ICE Futures e xchange. Natural gas prices fall, oil breaks losing streak (AP Photo/Damian Dovarganes FILLING UP: In this Nov. 4, 2010 photo, Johnathan Gamez fills up his vehicle, at a gas station, in Los Angeles. greater share of the construction pie some 20 per cent of the total amount Mr Wrinkle emphasised that Bahamian contractors and tradesmen had to get it right on a project of this magnitude, as failing to handle the job would turn off both China State Cons truction and future major developers. Asked about how many extra contractors and construction workers could be employed on the Baha Mar project, due to the increase in contracts from $200 million to $400 million, a sum the Prime Minister yesterday described as the largest for a single Bahamas-based resort project, Mr Wrinkle replied: I would say in the hundreds. We were talking about this at [BCA] Council yesterday, and it could be an additional 200-300 contractors and 5-15 crew for each c ontractor. There are five contractors for the Commercial Village, and we could maybe end up with 300. Were talking about a couple thousand workers. According to Tribune Business calculations, based on Mr Wrinkles estimates the number of Bahamian construction workers employed on the Baha Mar project could increase from anywhere between 1,000-4,500 personnel. Our biggest problem now is the labour force to handle this project, Mr Wrinkle told Tribune Business, explaining that if we send a slew of contractors out there and they fail to handle the job, the Bahamian construction industry and its participants could suffer more long-term harm than good. Asked whether the Bahamian construction industry had the capacity currently to handle all that would be demanded of it by the Baha Mar project, Mr Wrinkle replied: Im not sure we do, and we need to carry out a registration process to find out how many people are available for this project. Adding that it was important to get this right first time, Mr W rinkle said that achieving this depended on Baha Mar, China State Construction, the Bahamas Technical and Vocational School (BTVI Minister all working in unison as one. All the horses have got to pull the wagon, and if any one drops o ff, the wagon will not go anywhere, the BCA president said. T he BCA, Mr Wrinkle added, was charged with ensuring contractors are prepared to do the work in a professional manner. He s aid: Thats the key issue to involve as many small and mediumsized contractors as possible. Thats going to be the challenge: to prepare that core of contractors to meet the criteria imposed on them by China StateC onstruction and their financial partners, such as bonding, insurance and safety requirements. M r Wrinkle described the increase in value of Baha Mar construction contracts from $200-$400 million as the best part of the package that Mr Ingraham brought back from Beijing, and said the industry was extremely appreciative of his leadership and negotiating skills. He drove a hard bargain, and they respected that, the BCA president said. The Chinese respected the Prime Minister forh is tenacious negotiating and position, trying to make the right decision for the Bahamas. Several thousand extra Baha Mar jobs FROM page 1B

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NEW YORK GENERAL MOTORS stock began trading on Wall Street again Thursday, signaling the rebirth of an American corporate icon that collapsed into bankruptcy and was rescued with a $50 billion infusion from taxpayers. The stock rose sharply in its first minutes of buying and selling, going for nearly $36 per share almost $3 more than the price GM set for the initial public offering. The stock pulled back slightly by early afternoon. It had traded for less than a dollar when the old company filed for bankruptcy last year. On the floor of the New York Stock Exchange, a crowd eight deep jostled around the company's trading post, adorned with its familiar blue-square logo with an u nderlined "GM." CEO Dan A kerson rang the opening bell as raucous cheers went up and the sound of a Chevrolet Camaro's revving engine echoed through the room. The government hopes that the stock offering will be the first step toward ultimately breaking even on the bailout. For that to happen, the government needs to sell its remaining GM holdings for an average of roughly $50 a share over the next several years. Ron Bloom, the Obama administration's senior adviser for the auto industry, refused to predict whether taxpayers would get all the money back. "We're obviously eager to get the rest of it back as muchas we can," he said Thursday. The GM IPO could wind up as the largest in history. Earlier this week, GM raised thehigh end of its initial price range from $29 to $33 and increased the number of shares it was offering from 365 million to 478 million common shares because investor demand was so high. Counting preferred stock issued by the company, the deal's value could top $23 billion. At midday, 264 million GM shares had been traded, more than half the number sold in the IPO. Such volume is not unusual following a high-profile offering. It's a sign that big institutional investors such as mutu al and hedge funds are taking profits and smaller investors who were shut out of the IPOare now buying, said David Whiston, an auto equity analyst with Morningstar Inc. "Often the way the world is, the Wall Street institutions get in at the lower price andt he Main Street investor gets in at the higher price," he said. The increased selling price, though, means the market is judging the GM rescue as a success, Bloom said. "Almost $20 billion in pri vate capital voted that they wanted to be part of General Motors. So we do think this is a good day," he said. In the initial offering, the government reduced its own ership stake from 61 percent to about 36 percent. The federal treasury sold 358 million shares of the resurrected GM which is smaller, profitable and cleansed of most of its debt. If bankers exercise options to buy and resell more shares, the government will wind up selling more than 400 million shares, reducing the stake to 33 percent of GM. "There's a lot of work to do, but today is the beginning of the new company," said Mark Reuss, GM's North American president. The reduced government stake should help repair the company's image, which had been tarnished by accepting the bailout money, Akerson told reporters. "They have taken their ownership down by roughly half," he said. "I would say that the average taxpayer in the United States would look at this particular transactionas very positive." The stock offering is the latest in a series of head-spinning developments over the past two years for the American corporate icon. In September 2008, to mark its 100th birthday, GM celebrated in the grand three-story atrium on the ground floor of its Detroit headquarters. Two months later, thenCEO Rick Wagoner found himself in front of members of Congress, begging for money to keep GM alive. Four months after that, he was ousted by President Barack Obama. By June 2009, GM had filed for bankruptcy. It emerged with 92 percent of its debt erased, but the company was mostly owned by the government and saddled with a damaging nickname: "Government Motors." The value of its old stock was wiped out, along with $27 billion in bond value. Now GM is a publicly traded company again with the familiar stock symbol "GM." Obama on Wednesday said GM's IPO marks a major milestone not only in the turnaround of the company, but of the U.S. auto industry. Most of the new stock will go to institutional investors, not to everyday investors, following a Wall Street system that rewards investment banks' big customers. GM set aside 5 percent of its new stock for employees, retirees and car dealers to buy at the offering p rice. The company has not revealed how many people t ook the offer. Early Thursday, GM's main joint venture partner in China, SAIC Motor Corp., said it has bought a nearly 1 percent stake in GM, buying shares being offered in the IPO at a cost of nearly $500 million. SAIC, based in Shanghai and run by the state, said the share purchase is meant to enhance its cooperation with GM in China, the world's biggest autom arket. Chief Financial Officer Chris Liddell said there was high interest from sovereign wealth funds, which are pools of money from reserves of foreign governments. In the end, 90 percent or more of the shares were sold in North America, he said. Investors About $4 billion worth of shares went to smaller retail investors, the most of any IPO in history, Liddell said. But many retail investors are high net worth clients of Wall Street brokerage houses. Hedge and mutual funds are now among the company's larger shareholders, GMs aid. S enior Obama administra tion officials said Wednesday that the Treasury Department sought a balance between getting a return for taxpayers and exiting government ownership as soon as practical. The government has agreed that it will not sell shares outside the IPO for six months after the sale. The officials, who spoke on condition of anonymity, said they would assess their options for selling the government's stake further. In the stock offering, the government made $11.8 billion by selling 358 million shares at $33 apiece. It stands to make $13.6 billion if bankers exercise options for 54 million more. The government would still have about 500 million shares, a one-third stake. It would have to sell those shares over the next two to three years at about $53 a share for taxpay ers to come out even. The government's strategy in retaining shares is to wait for GM's finances to improve and push the stock price up the next couple of years. The total bailout was $50 billion. GM has already paid or agreed to pay back $9.5 bil lion. That comes from cash and preferred stock held by the government. Reuss said he knows there's pressure to keep performing well and boost the stock price. "I can't control share prices," he said. "I'll just go right back to designing and building and selling the world's best vehicles. That's what we can control." The GM debut comes when auto stocks are performing well generally. The stock of GM's crosstown rival, Ford, has risen steadily this year, from about $10 in January to about $16.50 as the GM IPO approached. The stock traded for a dollar in November 2008. Ford never took bailout money. As for GM, whether bankruptcy fixed the company remains a question, but it is far healthier in its new form. The company closed 14 of its 47 plants, shuttered or sold its Hummer, Saturn, Saab and Pontiac brands, and slashed its debt from about $46 billion to about $8 billion. Union retiree health care costs are now the United Auto Workers' responsibility, and a controversial jobs program that paid idled workers almost a full salary has been scaled back dramatically. GM employs 209,000 people in the United States today, down from 324,000 in 2004. Before bankruptcy, GM lost about $4,000 per car. Now it makes about $2,000 each. C M Y K C M Y K BUSINESS THE TRIBUNE FRIDAY, NOVEMBER 19, 2010, PAGE 7B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM General Motors shares jump on Wall Street return GENERAL MOTORS headquarters is shown in Detroit, Thursday, Nov. 18, 2010. GM is returning to life as a public company Thursday with an initial public offering of stock. (AP

PAGE 25

NEW YORK GENERAL MOTORS stock began trading on Wall Street again Thursday, signaling the rebirth of an American corporate icon that collapsed into bankruptcy and was rescued with a $50 billion infusion from taxpayers. The stock rose sharply in its first minutes of buying and selling, going for nearly $36 per share almost $3 more than the price GM set for the initial public offering. The stock pulled back slightly by early afternoon. It had traded for less than a dollar when the old company filed for bankruptcy last year. On the floor of the New York Stock Exchange, a crowd eight deep jostled around the company's trading post, adorned with its familiar blue-square logo with an u nderlined "GM." CEO Dan A kerson rang the opening bell as raucous cheers went up and the sound of a Chevrolet Camaro's revving engine echoed through the room. The government hopes that the stock offering will be the first step toward ultimately breaking even on the bailout. For that to happen, the government needs to sell its remaining GM holdings for an average of roughly $50 a share over the next several years. Ron Bloom, the Obama administration's senior adviser for the auto industry, refused to predict whether taxpayers would get all the money back. "We're obviously eager to get the rest of it back as muchas we can," he said Thursday. The GM IPO could wind up as the largest in history. Earlier this week, GM raised thehigh end of its initial price range from $29 to $33 and increased the number of shares it was offering from 365 million to 478 million common shares because investor demand was so high. Counting preferred stock issued by the company, the deal's value could top $23 billion. At midday, 264 million GM shares had been traded, more than half the number sold in the IPO. Such volume is not unusual following a high-profile offering. It's a sign that big institutional investors such as mutu al and hedge funds are taking profits and smaller investors who were shut out of the IPOare now buying, said David Whiston, an auto equity analyst with Morningstar Inc. "Often the way the world is, the Wall Street institutions get in at the lower price andt he Main Street investor gets in at the higher price," he said. The increased selling price, though, means the market is judging the GM rescue as a success, Bloom said. "Almost $20 billion in pri vate capital voted that they wanted to be part of General Motors. So we do think this is a good day," he said. In the initial offering, the government reduced its own ership stake from 61 percent to about 36 percent. The federal treasury sold 358 million shares of the resurrected GM which is smaller, profitable and cleansed of most of its debt. If bankers exercise options to buy and resell more shares, the government will wind up selling more than 400 million shares, reducing the stake to 33 percent of GM. "There's a lot of work to do, but today is the beginning of the new company," said Mark Reuss, GM's North American president. The reduced government stake should help repair the company's image, which had been tarnished by accepting the bailout money, Akerson told reporters. "They have taken their ownership down by roughly half," he said. "I would say that the average taxpayer in the United States would look at this particular transactionas very positive." The stock offering is the latest in a series of head-spinning developments over the past two years for the American corporate icon. In September 2008, to mark its 100th birthday, GM celebrated in the grand three-story atrium on the ground floor of its Detroit headquarters. Two months later, thenCEO Rick Wagoner found himself in front of members of Congress, begging for money to keep GM alive. Four months after that, he was ousted by President Barack Obama. By June 2009, GM had filed for bankruptcy. It emerged with 92 percent of its debt erased, but the company was mostly owned by the government and saddled with a damaging nickname: "Government Motors." The value of its old stock was wiped out, along with $27 billion in bond value. Now GM is a publicly traded company again with the familiar stock symbol "GM." Obama on Wednesday said GM's IPO marks a major milestone not only in the turnaround of the company, but of the U.S. auto industry. Most of the new stock will go to institutional investors, not to everyday investors, following a Wall Street system that rewards investment banks' big customers. GM set aside 5 percent of its new stock for employees, retirees and car dealers to buy at the offering p rice. The company has not revealed how many people t ook the offer. Early Thursday, GM's main joint venture partner in China, SAIC Motor Corp., said it has bought a nearly 1 percent stake in GM, buying shares being offered in the IPO at a cost of nearly $500 million. SAIC, based in Shanghai and run by the state, said the share purchase is meant to enhance its cooperation with GM in China, the world's biggest autom arket. Chief Financial Officer Chris Liddell said there was high interest from sovereign wealth funds, which are pools of money from reserves of foreign governments. In the end, 90 percent or more of the shares were sold in North America, he said. Investors About $4 billion worth of shares went to smaller retail investors, the most of any IPO in history, Liddell said. But many retail investors are high net worth clients of Wall Street brokerage houses. Hedge and mutual funds are now among the company's larger shareholders, GMs aid. S enior Obama administra tion officials said Wednesday that the Treasury Department sought a balance between getting a return for taxpayers and exiting government ownership as soon as practical. The government has agreed that it will not sell shares outside the IPO for six months after the sale. The officials, who spoke on condition of anonymity, said they would assess their options for selling the government's stake further. In the stock offering, the government made $11.8 billion by selling 358 million shares at $33 apiece. It stands to make $13.6 billion if bankers exercise options for 54 million more. The government would still have about 500 million shares, a one-third stake. It would have to sell those shares over the next two to three years at about $53 a share for taxpay ers to come out even. The government's strategy in retaining shares is to wait for GM's finances to improve and push the stock price up the next couple of years. The total bailout was $50 billion. GM has already paid or agreed to pay back $9.5 bil lion. That comes from cash and preferred stock held by the government. Reuss said he knows there's pressure to keep performing well and boost the stock price. "I can't control share prices," he said. "I'll just go right back to designing and building and selling the world's best vehicles. That's what we can control." The GM debut comes when auto stocks are performing well generally. The stock of GM's crosstown rival, Ford, has risen steadily this year, from about $10 in January to about $16.50 as the GM IPO approached. The stock traded for a dollar in November 2008. Ford never took bailout money. As for GM, whether bankruptcy fixed the company remains a question, but it is far healthier in its new form. The company closed 14 of its 47 plants, shuttered or sold its Hummer, Saturn, Saab and Pontiac brands, and slashed its debt from about $46 billion to about $8 billion. Union retiree health care costs are now the United Auto Workers' responsibility, and a controversial jobs program that paid idled workers almost a full salary has been scaled back dramatically. GM employs 209,000 people in the United States today, down from 324,000 in 2004. Before bankruptcy, GM lost about $4,000 per car. Now it makes about $2,000 each. C M Y K C M Y K BUSINESS THE TRIBUNE FRIDAY, NOVEMBER 19, 2010, PAGE 7B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM General Motors shares jump on Wall Street return GENERAL MOTORS headquarters is shown in Detroit, Thursday, Nov. 18, 2010. GM is returning to life as a public company Thursday with an initial public offering of stock. (AP

PAGE 26

N EW YORK S EARS HOLDINGS CORP.'Sthird-quarter loss nearly doubled, dragged down by weak revenue at its long-suffering Sears chain, hurt by poor sales of appli ances and clothing, according to Associated Press. Business at its Kmart discount stores held up better, but they still saw a key revenue measure edge downward. The chain is expected t o face even more pressure in the holiday quarter amid stiffer competition from rivals like Target and WalMart. The miserable results renewed discussion on Wall Street on why the two chains combined in 2005 in the first place. "They have to do something to stem this," said Michael Dart, retail strategist at Kurt Salmon Associates. "You do get to a tip ping point." Shares fell $2.79, or 4.2 percent, to $63.41 in after noon trading. Sears Holdings, led by billionaire Eddward Lampert, posted a loss of $218 million, or $1.98 per share. That compares with a loss of $127 million, or $1.09 per share, in the same period last year. Analysts surveyed by Thomson Reuters expected $1.08 per share. Expectations Revenue fell 5 percent to $9.68 billion, short of analyst expectations of $9.89 billion. Revenue at stores open at least a year dropped 4.8 percent in the quarter, driven mostly by an 8.2 percent decline at Sears. The figure fell 0.7 percent at Kmart stores. It's considered an important measure of a retailer's performance because it excludes the effects of stores that open or close during the year. "While Kmart improved profitability, our third-quarter results were disappointing, in large part due to lower sales of apparel and appliances at Sears," said interim CEO W. Bruce Johnson, who replaced Aylwin B. Lewis when he was ousted in January 2008. There has been no word since then as to when Sears would find a permanent replacement. The company said Sears' weakness in home appliances resulted from weak demand, lower prices and a delay in rolling out new Kenmorep roducts during the quarter. O verall, demand for appliances has declined as homebuyer tax credits have expired, but Sears said in the release that the weakness was concentrated in October, when rivals Home Depot Inc.a nd Lowe's Cos. had their best performance in revenue at stores opened at least a year. Home Depot's key revenue measure was up 3.5 percent, while Lowe's rose 2 per-c ent during October, according to Gary Balter, a retail analyst at Credit Suisse. Sears attributed the clothing declines to unseasonably warm weather that had shoppers holding off on coldweather purchases. Decline Kmart's quarterly decline i n revenue in stores open at least one year was due to weaker pharmacy and food sales. The chain is facing stiffer competition from Target, which is expanding into fresh food in its general merchandise stores. Wal-Mart is also scrambling to add back thousands of grocery items it cut back last year as part of a campaign to de-clutter its stores. Thursday's results were the fifth quarterly loss for Sears Holdings in the past two years, and analysts have blamed management for cutting costs at the expense of investing in its stores. "These results again raise the question of why Kmart merged with Sears," wrote Balter in a report published Thursday. "It is not that Kmart is the standard in discount store retailing. However, it is a somewhat consistent retailer with very little capital investment and some great leases among its stores." He continued, "Conversely, Sears competes with Home Depot, Lowe's, Best Buy and apparel players and seems to lose share every quarter. As well, past a few trophy properties, it has a dismal real estate portfolio. The idea of combining the best of the two chains brands into one and selling off excess real estate has been a failure, and while Kmart will continue to hobble along, Sears is saddled by its locations and by stronger com petition in its space." The chain isn't in dire financial straits yet as it has enough cash on hand. Sears reported it had cash balances of $806 million as of Oct. 30, compared with balances of $1.5 billion in Oct. 31. But it also has $1.9 billion in unused credit lines. C M Y K C M Y K BUSINESS PAGE 8B, FRIDAY, NOVEMBER 19, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM T HIS FILE p hoto taken Feb. 22, 2010 shows a Sears retail store in Burbank, Calif. Sears Holdings Corp.'s third-quarter loss widened more than expected Thursday, Nov. 18, 2010, dragged down by continued weak revenue at its long-suffering Sears chain. (AP Sears third-quarter loss widens; appliances and clothing weaken

PAGE 27

N EW YORK S EARS HOLDINGS CORP.'Sthird-quarter loss nearly doubled, dragged down by weak revenue at its long-suffering Sears chain, hurt by poor sales of appli ances and clothing, according to Associated Press. Business at its Kmart discount stores held up better, but they still saw a key revenue measure edge downward. The chain is expected t o face even more pressure in the holiday quarter amid stiffer competition from rivals like Target and WalMart. The miserable results renewed discussion on Wall Street on why the two chains combined in 2005 in the first place. "They have to do something to stem this," said Michael Dart, retail strategist at Kurt Salmon Associates. "You do get to a tip ping point." Shares fell $2.79, or 4.2 percent, to $63.41 in after noon trading. Sears Holdings, led by billionaire Eddward Lampert, posted a loss of $218 million, or $1.98 per share. That compares with a loss of $127 million, or $1.09 per share, in the same period last year. Analysts surveyed by Thomson Reuters expected $1.08 per share. Expectations Revenue fell 5 percent to $9.68 billion, short of analyst expectations of $9.89 billion. Revenue at stores open at least a year dropped 4.8 percent in the quarter, driven mostly by an 8.2 percent decline at Sears. The figure fell 0.7 percent at Kmart stores. It's considered an important measure of a retailer's performance because it excludes the effects of stores that open or close during the year. "While Kmart improved profitability, our third-quarter results were disappointing, in large part due to lower sales of apparel and appliances at Sears," said interim CEO W. Bruce Johnson, who replaced Aylwin B. Lewis when he was ousted in January 2008. There has been no word since then as to when Sears would find a permanent replacement. The company said Sears' weakness in home appliances resulted from weak demand, lower prices and a delay in rolling out new Kenmorep roducts during the quarter. O verall, demand for appliances has declined as homebuyer tax credits have expired, but Sears said in the release that the weakness was concentrated in October, when rivals Home Depot Inc.a nd Lowe's Cos. had their best performance in revenue at stores opened at least a year. Home Depot's key revenue measure was up 3.5 percent, while Lowe's rose 2 per-c ent during October, according to Gary Balter, a retail analyst at Credit Suisse. Sears attributed the clothing declines to unseasonably warm weather that had shoppers holding off on coldweather purchases. Decline Kmart's quarterly decline i n revenue in stores open at least one year was due to weaker pharmacy and food sales. The chain is facing stiffer competition from Target, which is expanding into fresh food in its general merchandise stores. Wal-Mart is also scrambling to add back thousands of grocery items it cut back last year as part of a campaign to de-clutter its stores. Thursday's results were the fifth quarterly loss for Sears Holdings in the past two years, and analysts have blamed management for cutting costs at the expense of investing in its stores. "These results again raise the question of why Kmart merged with Sears," wrote Balter in a report published Thursday. "It is not that Kmart is the standard in discount store retailing. However, it is a somewhat consistent retailer with very little capital investment and some great leases among its stores." He continued, "Conversely, Sears competes with Home Depot, Lowe's, Best Buy and apparel players and seems to lose share every quarter. As well, past a few trophy properties, it has a dismal real estate portfolio. The idea of combining the best of the two chains brands into one and selling off excess real estate has been a failure, and while Kmart will continue to hobble along, Sears is saddled by its locations and by stronger com petition in its space." The chain isn't in dire financial straits yet as it has enough cash on hand. Sears reported it had cash balances of $806 million as of Oct. 30, compared with balances of $1.5 billion in Oct. 31. But it also has $1.9 billion in unused credit lines. C M Y K C M Y K BUSINESS PAGE 8B, FRIDAY, NOVEMBER 19, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM T HIS FILE p hoto taken Feb. 22, 2010 shows a Sears retail store in Burbank, Calif. Sears Holdings Corp.'s third-quarter loss widened more than expected Thursday, Nov. 18, 2010, dragged down by continued weak revenue at its long-suffering Sears chain. (AP Sears third-quarter loss widens; appliances and clothing weaken

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By RENALDO DORSETT Sports Reporter rdorsett@tribunemedia.net ALTHOUGH its local season ended weeks ago, theB ahamas Softball Federation (BSF pares to field the first of several national teams to represent the country in the near future. The BSF has named its 18member junior womens national team which will compete in the 2010 Internat ional Softball Federation Youth World Cup. The international event, featuring a myriad of countries, is all set for December 29 to January 8, 2011. The tournament will feature each t eam participating in at least six games during pool play with medals awarded from each team from first to fourth p lace. The tournament seeks to serve as a cultural exchange for much of its players and provides opportunities for players to showcase their individual skills. T he tournament will embark on a solidarity initiative which states that each team should bring a token of s olidarity for gift exchange before every game against an opponent you will face for the first time. Examples of solidarity gifts include pins, keychains, or another small item from your c ountry, state or province. There will also be a skills competition, where each team will have an opportun ity to nominate one member per skill to face off against others in the tournament. BSF president Burket Dorsett said the team assembled is a talented one. And t hey have a number of lofty expectations to live up to. "This team is an extremely talented one and is the best we could assemble based onw hat we have seen from the players over the past few months in their school leagues and also on the local level in the various night leagues throughout the country," he said. We have high expectations for this team and we expect them to do well andf urthermore, to act as a building block for senior teams in the future." The BSF has been operating under the theme, Youth Development The Way Forward, with a myriad of t ournaments on the horizon for its junior players. The Federation is preparing to field players for other tournaments in the near future, which include the senior men's national teama t the Pan American Softball Championships, and the national junior men's nation al team (19-and-under International Softball Federation's Jr Men's World Championships in 2012. O ne of the most promising developments, however, is the establishment of an under-20 regional tourna ment developed at the Carif ta level, which could rapidly assist the growth of the game at its most basic level. The new manager of the womens junior national team is Spurgeon Johnson. And the new group of national team coaches and managers are expected to serve two-year terms at the helm of the Bahamas teams in international competition. S idney "Baylor" Fernan der, director of softball pro grammes for the BSF, said the organisation seeks to improve the programme with greater accountability from the coaches and better team c hemistry. Each coach is expected to deliver a full, detailed report to the BSF two weeks after their respective national team returns home. To further assist in the youth movement, Stephen 'Bishop' Beneby has been appointed as the assistant director of programmes for junior women. Jeffrey Henfield BSF Executive & Head of Delegation Stephen Beneby BSF Deputy Director for the Ladies National Development Spurgeon Johnson Man ager Yvonne Lockhart Coach Kelly Smith Coach P P L L A A Y Y E E R R S S Amanda Bain, Ambra Johnson, Ashanti Darville, Brashante Darius, Brinesha Foulkes, Britney Clarke, Charity Rolle, Dawayna Pratt, Kenyoka Ingraham, Notoria Knowles, Patra Johnson, Raschel Cooper, Rena Mortimer, Rocheta Morley, Shaquel Smith, Shaquelle Bain, Shonte Cargill and Travez Bridgewater. C M Y K C M Y K FRIDAY, NOVEMBER 19, 2010 T HETRIBUNE SECTION E PAGES 2-8 International sports news TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM S un sets record at t he Asian Games... See page 8E V V O O L L L L E E Y Y B B A A L L L L N N P P V V A A A A C C T T I I O O N N THE New Providence Volleyball Association (NPVA continued its regular season with a double header at the D WD avis Gymnasium Wednesday night. The Johnson Lady Truckers, behind Davia Moss and Keniesha Thompson, took four sets to defeat the Champions Club. The Champions were led b y Samantha Forbes. In mens action, the Scotia Defenders disposed of DaBase ment Crimestoppers in another four setter. Shedrick Forbes and Tony Simon were the leading scorers for the Defenders. In the l oss, Muller Petit and Rony Lex idor led the Crimestoppers. V V O O L L L L E E Y Y B B A A L L L L D D E E F F E E N N D D E E R R S S T T R R A A V V E E L L THE Scotiabank Defenders are off for a return trip to J amaica to compete in the University of the West Indies, Mona Campus, volleyball tournament. Last year, the Defenders finished as the runners-up and coach DeVince Smith is confi dent that they will return home as the champions after the tournament is completed this weekend. Smith left town yesterday along with Tony Simon, Ian Pin der, Chauncey Cooper, Anto nio Laverity, Byron Ferguson, Shedrick Forbes, Jamaal Fergu son, Enderiech Rahming and Muller Petit. B B A A S S K K E E T T B B A A L L L L N N P P W W B B A A R R E E S S U U L L T T S S THE New Providence Wom ens Basketball Association (NPWBA day of the regular season Tuesday at the DW Davis Gymnasi-u m. The Four Js Cheetahs evened their season record to 1-1 with a 77-56 victory over the Johnson Lady Truckers as Alyse Dean led the way with 14 points. Jan ice Williams also scored 14 in t he loss. The other game saw the Angels improve to 2-0 with a 6830 rout over the Sentinel Jr AllStars. Suzette McKenzie scored 16 in the win and Jakia Brown had 16 in the loss for the 0-2 AllStars. The NPWBA is slated to be back in action on Saturday night. B B A A S S K K E E T T B B A A L L L L H H I I G G H H S S C C H H O O O O L L S S E E M M I I N N A A R R FREDDIE Brown, the rules interpreter for the BBF, is scheduled to conduct a rules clinic for all high school coaches at St Augustines College on Saturday. The clinic is set to get underway at 9:30am and will give an update on the new changes in reference to basketball. S S O O C C C C E E R R B B F F A A Y Y O O U U T T H H L L E E A A G G U U E E THE Bahamas Football Association is slated to continue its Youth League with the following matches on tap: T T o o d d a a y y s s s s c c h h e e d d u u l l e e 7pm Cavalier vs Dynamos (U-17 8:40pm Bahamas Junior vs FC Nassau (U-17 S S a a t t u u r r d d a a y y s s s s c c h h e e d d u u l l e e U U 1 1 4 4 G G i i r r l l s s 9am Cavalier FC vs Lyford Cay FC 11:40am Dynamos FC vs IM Bears FC U U 1 1 7 7 G G i i r r l l s s 10:20am Baha Juniors FC vs Cavalier FC U U 1 1 4 4 B B o o y y s s 9am IM Bears 2 vs Cavalier FC 10:20am Baha Juniors FC vs Dynamos FC 11:40am Western Warriors vs United FC DW Davis Cavalier FC vs IM Bears FC St Johns College Dynamos FC vs United FC St Pauls FIeld Lyford Cay vs Meridien Tambearly Tambearley vs FC Nassau Winton Baha Juniors vs Vandyke Bethel Soccer Academy Winton Baha Juniors vs Gambier Hotmix SPORTS IN BRIEF A PAIR of the Bahamas prep stars on the hardwood have committed to joining the University of Louisiana, Lafayette basketball pro gramme next fall. Kentwan Smith and Kadeem Cole by both signed letters of intent to join the Ragin Cajuns for the 2011-12 season. Both players will join a roster that currently includes Bahamian Scottie Farrington who joined the team this season after playing at several schools, and most recently at Odessa College in Texas. Smith, the former St Georges Jaguars star, currently attends Piney Woods High School in Mississippi. Louisiana Lafayette beat out rival offers from Missouri State, Chat tanooga and Florida International University for the rights to Smith. The 185-pound Grand Bahamian native stands at 6'8" and is regarded as one of the top swingmen in the state. Smith averaged a double double last season with 15.9 points and 10.1 rebounds per game. In four games thus far this season, Smith has posted averages of 16.8 points and eight rebounds per game. He is rated as the No.12 recruit in the state for the class of 2011. In 2009-10, the versatile Smith led the Tornadoes to a 19-7 record and reached double-digit rebounds in every contest. Coleby, a power forward/center, stands at 6' 10", 235 pounds, and took a route similar to Farrington's. He spent time at Odessa College and most recently last season at Daytona State. Coleby originally signed with Louisiana Tech in 2008 before heading to Odessa and spending time in Junior College. The Ragin Cajuns beat out Cincin nati, Memphis, Iowa, South Florida and Wichita State for the rights to Coleby. This year at Daytona State, he is currently posting averages of 9.6 points and 6.0 rebounds per game. Smith, Coleby intend to join Ragin Cajuns BSF names junior womens national team 18-member body to compete in ISF Youth World Cup T he Royal Bahamas Defence Force Waves finally accomplished what their male counterparts have been doing for many years. They now have the right to be called the 2010 womens champions in the Bahamas Government D epartmental Softball Association ( BGDSA) after defeating the Finance Health Invaders in a hardfought series at the Blue Hills Sporting Complex. In last years championship series, the Invaders dominated and swept the Waves in four straight games. This year however, the Lady Waves returned with a vengeance and were not about to be taken lightly. The Waves took a commanding 2-0 lead in the championship series only to see the Health Invaderss urge back with three consecutive v ictories to take control of the series with a 3-2 lead. Needing only a victory to wrap up the series, the Invaders could not muster another win, as the Defence Force Waves took the series in seven games with a final score of 14-6. Rhonda Kelly led the Waves offensive attack with a three for five performance, scoring three runs. Laurell Farrington, Apryl Moul trie and Karen Darville-Bastian all w ent three for four and each scored two runs apiece, as the Defence Force women ended the uphill series on a high note. Maryann Fowler was the winning pitcher and Marvelle Miller took the loss. We were more focused this year. We were able to make the playoffs, and get some measure of revenge after being swept last year, said Waves coach Terrance Culmer. We overcame lots of injuries, scratched and crawled from the beginning, played like we wanted to win and the girls finally came through after being in the championship game three of the last four years. Champion Waves! HAPPY DAY: The RBDF Waves are 2010 womens champions in Bahamas Government Departmental Softball Association (BGDSA WINNING PITCHER: RBDF Waves Maryann Fowler in action. RBDF W aves defeat the Finance Health Invaders for BGDSA title