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 )

Downloads

This item has the following downloads:


Full Text
WAKE UP!

Try our
Big Breakfast Sandwich

Pim blowin’ it

(i) The Tribune



LATEST NEWS ON WWW.TRIBUNE242.COM

HIGH
LOW

82F
68F

FULL DAY OF
SUNSHINE



Volume: 107 No.23

Customs to

Be
Ee

BAHAMAS BIGGEST

shame’ firms
SEE PAGE 1B



SEE SECTION E



BIC sale ‘violates
convention rules

Unions take fight to
international body

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

BAHAMIAN _ trade
unions went international
with their fight against the
sale of BTC to Cable and
Wireless, making good on
threats to intensify their
opposition.

In a formal complaint
made to the International
Labour Organisation (ILO),

“Employers and workers
shall be represented on an
equal footing on any bodies
through which consultations
are undertaken,” states a
section of the convention on
tripartite consultation
between representatives of
the government, employers
and workers.

Bernard Evans, president
of the Bahamas Communi-
cations and Public Officers
Union (BCPOU), confirmed



union leaders claim the gov-
ernment is in violation of
Section 144 of the ILO Con-
vention.

the move after an all-day
meeting with the National

SEE page eight

BTC union leaders seek
to have injunction lifted

BTC union leaders are expected back in court today as their
attorneys will seek to have an injunction restricting any unlawful
industrial action against the company lifted.

On Wednesday, union leaders led a demonstration on Bay
Street in protest of the government’s plan to sell 51 per cent of the
state-owned company to Cable and Wireless Communications
(CWC).

Last week, BTC obtained a court injunction which restricted the
unions involved - the Bahamas Communications and Public Offi-
cers Union (BCPOU), and Public Managers Union (BCPMU) —
from "inducing employees of BTC to break their respective con-
tracts of employment by taking part in any unlawful industrial
action against BTC".

Union leaders maintain they did nothing illegal.

Bernard Evans, president of the BCPOU, and William Carroll,
president of the BCPMU, are listed as defendants in the matter.

Festive





EMOTIONAL SCENE: Theresa Gibson with
Baha Mar executive Richard English, from
Winter Park, Florida.

By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net

A GRIEVING single mother forced out
of her home when she was unable to pay the
rent was moved to tears by the generosity of
a Tribune reader who has pledged to help
her and her daughter find a new home for
Christmas.

Baha Mar executive Richard English,
from Winter Park, Florida, was so moved by
The Tribune’s article about Theresa Gibson
and her daughter being forced out of their
rented apartment, he offered to pay for
them to move into a new home and cover
her rent for the first three months.

They shared a tearful embrace as they

SEE page 10














3

Felipé Major/Tribune staff

















TWO WEEKS T0
CHECK BIC SALE
‘A SLAP IN FACE’

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

TWO weeks to scrutinise
“all the facts and documen-
tation” relating to the sale of
BTC to Cable and Wireless
is a “slap in the face”, oppo-
nents claimed last night

“Two weeks notice is after
the fact. For a document you
have already signed, several
weeks ago, you are going to
set the date for its release two
weeks prior to its debate in
the House of Assembly,” said
Terry Miller, president of Civ-
il Society Bahamas, an
umbrella body for civic organ-
isations.

“In the absence of all the
facts, what we can clearly say

SEE page eight

‘PIRATE TREASURE’
LAND TURF WAR
IS STEPPED UP

THE turf war for land
which is thought to be the
final resting place of billions
of dollars worth of pirate trea-
sure stepped up a gear last
night.

As government officials
updated residents in San Sal-
vador on the clear title to land
in Fortune Hill, another land
owner has come forward
claiming ownership of the dis-
puted property.

With a plethora of maps,
survey plans, and aerial pho-
tographs in hand, Dennis
Bethel sat down with The Tri-
bune yesterday and claimed
the government was making a
critical mistake and should
stop forthwith before legal
action is taken.

“They have a surveying

SEE page eight

CCTV CAMERAS 10
MONITOR NASSAU
STREETS NEXT YEAR

By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net

AN INTEGRATED net-
work of CCTV cameras will
start to monitor the streets of
Nassau next year in the first
wave of a new initiative to
assist police in the fight
against crime.

Plans formulated by the
National CCTV Steering
Committee with guidance
from American consultants
Hudson Sterling LLC are
expected to be implemented
in six to nine months time as
85 cameras across New Prov-
idence are linked by a nation-

SEE page 10

TOPS

DUMBER & PLUMBING





NASSAU AND BAHAM/

ISLANDS LEADING NEWSPAPER



PAGE 2, FRIDAY, DECEMBER 17, 2010

THE TRIBUNE



LOCAL NEWS

By Celeste Nixon
Tribune Staff Reporter
cnixon@tribunemedia.net

SANTA Claus and St Andrew’s students
demonstrated the true meaning of Christmas by
donating gifts to underprivileged children in
New Providence.

Santa visited St Andrew’s Primary School
yesterday morning, bringing all the best of the
holiday season with him.

Santa, Ms Claus and their helpers were given
a merry welcome when they made their grand
entrance riding the Builder’s Mall fire truck.
Excited students from grades one through six
brought gifts for Santa to give to less fortunate
children throughout the island, in an effort to
ensure that everyone has something to open
on Christmas morning.

The “Reverse Santa” programme encour-
ages children to think about the happiness of
others, and teaches about the importance of
charity and selfless giving — especially during this
time of year.



Y

,

GANA- «

‘Tis the season to help
less fortunate children

Each class visited the North Pole to present
their gifts to Santa, sang carols, and were told
about the true meaning of Christmas.

"Christmas is a time for giving and it’s impor-
tant to help those less fortunate in our country,"
said Santa. "It feels really good to give gifts to
those who do not have anything,” said a sixth
grade student. St Andrew’s board chairman
Robin Brownrigg, a Santa veteran of 37 years,
sang Christmas carols with the students, col-
lected presents and gave out candy canes.

Playing Santa has become a tradition for Mr
Brownrigg, who has been dressing up for St
Andrew’s students for the last 10 years, each
year arriving by means of a different mode of
transportation — but always in style.

Re

East Bay Street, Just East of Luciano’s
Telephone: (242) 323-6711 - 323-6715
Email Appointments/Inquiries to: info@baharetreat.com

__ Visit our website at: wwW.baharetreat.com

tarred

Previous visits featured a red mustang con-
vertible, red Volkswagen, red motorcycle and a
helicopter. This year, children shouted and
cheered ecstatically as Santa pulled up in a 40-
foot red fire truck driven by Mark Roberts,
owner of FYP Ltd and Builder’s Mall, and a
survivor of a near fatal plane crash on Whale
Cay on October 6.

Santa’s helpers included Charlie Beall — who
is single-handedly supporting 800 orphans in
Haiti — and Andrew Bain, a national rugby
team member. The gifts will be delivered to
the Bilney Lane Children's Home, the Elizabeth
Estates Home for Children, the Ranfurly Home
and other shelters for children throughout New
Providence.

Spa

Hair Services for Men and Women, Massages, Facials, Waxing, Eyebrow Threading,
Body Sugaring Hair Removal, Manicures, Pedicures, Solar Nails
(Safer Alternative to Acrylic), Spa Parties and Much More.

2 SPA PACKAGES



Tim Clarke/Tribune staff

A TIME FOR GIVING: ‘Reverse Santa’ students from St.
Andrew’s school give Santa gifts to distribute to less for-
tunate children.

PRO-HANGING
ACTIVISTS T0
TAKE TO THE
STREETS AGAIN

PRO-CAPITAL punishment
activists will again take to the
streets on Saturday, urging the
government to “start hanging”
convicted murderers.

The relatives of murder vic-
tims will be supported by the
Workers Party, the NDP, the
Coconut Grove Business
League, the Carmichael Road
Business League and Super Val-
ue Food Stores. The march and
motorcade will begin at 9am in
the parking lot of City Market
on the corner of Village and
Wulff Roads.

In a statement issued yester-
day, the activists said: “The
murder count to date is 93. This
is a national scandal!

“The murder rate in the
Bahamas has to be reduced and
there is only one way to achieve
this objective — by hanging the
murderer.”

The group also want the gov-
ernment to support their call for
all accused murderers to be
denied bail.

“The Bahamian people are
urged to join this march and
motorcade as the level of crime
and murders is increasing almost
on a daily basis and destabilsing
our society,” the statement said.

E oni
ds Accepted Onlin,

Purchase any Spa Package during

Utopia...cccreccecseeee DADS ccssssecsessecsecereeOoSHIS
© Aromatherapy Body Polish

e Nourishing Body Wrap

© 90 minutes signature massage

(includes aromatherapy and hot stone)

© Chocolate Extravagance Antioxidant Facial
© Signature Manicure and Pedicure

(includes paraffin wax treatment)

Gourmet Lunch and Dinner included

(from Lucianos Restaurant)

Rejuvenate.........s0-170....0c000 SHES
Experience your well deserved rejuvenation with
Baha-Retreat Signature Massage or Facial. Then
enjoy a spa pedicure. Conclude with Shampoo and

Style.

Refresh.....s.socee G1 95 .ccccoseseeseeseeee4HES

Deep Cleansing Facial or Swedish Massage, Classic
Manicure and Spa Pedicure, Shampoo, Treatment
and Style.

Getaway.....ccssceeee S28 5ecsecesceeeseeeeeS AES

Begin with a luxurious European Cleansing Facial
Treatment, de-stress with a 50 minute Swedish
Massage, and enjoy delectable Spa Cuisine. Then
indulge in our Spa Pedicure and Manicure, and
leave us looking your best with Shampoo and Style.

The only package that keeps “giving” throughout the year. Once a
month you can come in with your choice of 50 min. Swedish Massage,

the month of December to be eligible.

© Executive Male Escape... S320 sesso 4irs. 30min,
An invigorating aromatherapy salt scrub that polishes the skin
and a 60 minutes deep tissue or signature massage. A spa
manicure and pedicure makes him a complete package.

e Executive Male De-Stress...$195...2hrs. 30min.
Deep tissue/signature massage, express facial, basic manicure
and classic pedicure.

© ESCape...ccroncsccnsssesnssseb 220 ocssesssenesessereees SHES. SOMIN.
Aromatherapy massage and vitamin c facial, a spa
pedicure and classic manicure.

© De-Stress...ocsersorscsoeee L5Seccssoeecseseeeeenee 2H. 15min.
Express massage, facial, manicure and pedicure, just what you
need to get you on your toes.

Leceretrorevsssessvndeesssrovoensreoec HEN,

IN WV TIN eae sseceraceneessvonersscmmmnsen
Body polish, Swedish massage, and a classic facial or basic
anti-aging facial.

© Daydream....ssesscsesssee PIs orreeceereeeeeree4hrs. 30min.
Takes you off into another world, includes the body polish, hot
stone massage, an anti-aging facial, signature pedicure, signature
manicure and lunch included.

or Basic European Facial, or Spa Pedicure and Manicure.

OPEN: Monday 10am- 4pm ¢ Tuesday - Saturday Sam - 6pm
Sundays 12 noon = 5pm (extended Hours During The Holiday Season)



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





PAGE 4, FRIDAY, DECEMBER 17, 2010

THE TRIBUNE





EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited

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

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

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

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

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

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

When did the unions purchase BTC?

TODAY MANY Bahamians are con-
fused. They would like to know when the
unions purchased the public’s telecommu-
nications company, which would give them
the right to say whether the company can be
sold and to whom.

As far as the public is aware those making
the noise in the public square are employees
of a publicly owned company with a con-
tract of service that can be terminated by
either side to that contract. In other words a
union’s only argument should be about the
employment of its members and the terms of
that employment, certainly not about the
ownership of the company. However, if
unionists believe they have an entitlement —
over an above their contract of service —
then they should bring their papers and pub-
licly prove their point. Otherwise, it is the
government — not the unions— that was
elected to represent the Bahamian people.
And it is the people, represented by their
MPs in parliament, who will have the final
say on the sale of BTC.

Bernard Evans, president of the Bahamas
Communications and Public Officers Union,
who has taken the union’s fight to the Inter-
national Labour Organisation (ILO), has
claimed the government was in violation of
an ILO convention which calls for the gov-
ernment to engage workers in a “transparent
manner to discuss issues of life-changing
effect.”

How can the union leader support this
complaint when he was on the BTC privati-
sation committee where the matter was dis-
cussed and recommendations made to gov-
ernment, and when the Prime Minister him-
self met with union executives and invited
them to meet for discussions with the pro-
posed new owner’s chief executive officer? It
is understood that at the meeting with the
Prime Minister, although the union leaders
expressed their displeasure at Cable and
Wireless as the new owners, they at least
agreed to meet with the company’s CEO
for a discussion.

David Shaw, CEO of Cable and Wireless,
flew in specially for that discussion. The
union sent its regrets.

They complain that no one will talk with
them, that they do not know what is going
on, that what is being done to them is
“wicked and intentional” because govern-
ment never truly wanted them to be “a par-
ticipant in that discussion.” How can there be
a discussion if one side to that discussion
refuses come to the table? How can doubts
and fears be discussed and removed if a rea-
sonable discussion cannot take place? Bul-
lying tactics will not succeed. The louder
they shout in the public square, the more
support they lose by a large segment of the
population, already dissatisfied with BTC’s
service.

= :
yw JSeason Sv

during the Christmas Holidays:

Friday, December 24, 2010 -

Christmas Eve - Closed at 1:00 p.m.

> . ;
‘ Greetings

Please be advised that Executive Motors Ltd. and
Quality Auto Sales Ltd. will be closed as follows

Mr Evans has accused the government of
trying to “muddy” the waters by compar-
ing the PLP’s terms of agreement to sell
BTC to Bluewater with the terms offered
to Cable & Wireless. He claims it is a “non-
issue” for the unions and hardly worthy of
comment.

Unfortunately, it is not a non-issue and is
most worthy of comment, because with the
Christie government, it was the union that
also agreed the Bluewater deal. Apparently,
the union had no problem with this untried
and untested foreigner named Bluewater,
nor did it protest the terms of that agree-
ment. Whenever it is referred to by Mr
Christie he is careful to make it clear that the
union was on board, and until now the union
has not protested.

The main dispute is that the PLP offered
Bluewater 49 per cent of the company, while
the FNM offered Cable and Wireless 51 per
cent. Now let’s examine the meaning of the
two offers in practical terms.

In the Bluewater agreement, manage-
ment and control of BTC was to be given to
Bluewater without it having paid for the
majority interest. Bluewater was also given
control of the board because it had a greater
number of directors on it. It also had com-
plete control of the day-to-day management
because it had sole authority to select the
company’s Chief Executive Officer (CEO).
In other words Bluewater with its 49 per
cent would have effectively secured majori-
ty control of BTC without having paid for it.

On the other hand Cable and Wireless
(CWC) paid for its 51 per cent majority. On
closing the net cash benefit to the govern-
ment from the CWC deal will be at least
$202 million, whereas the net value of the
Bluewater transaction on closing would have
been $150 million, and not the $260 million
as claimed by the politicians.

Bluewater was granted an exclusivity peri-
od of six years for both mobile and fixed
line services while CWC’s exclusivity period
for mobile service is three years, and the
fixed line no longer applies as it has already
been liberalised.

And so when the facts are examined, not
only is government financially better off sell-
ing to CWC, but CWC has had to pay for its
control of the company, whereas the Blue-
water deal — agreed by the Christie gov-
ernment, and one can assume by the union
because of its silence at the ttme — received
exactly the same control of the company for
which it would have paid no extra — and for
which it would have been paying in instal-
ments over a six-year period, instead of cash.
The bottom line was that Bluewater with
its 49 per cent got complete control of the
company without paying any extra, while
CWC with its 51 per cent also got complete
control of the company, but at a price.
















W.L.G.M. CO LTD.

Atiention Home Chmners!!

a1}

| oe ae a
J eldite ae see dhe Ice

ber

it OO eel

433-3484

Are we being

forced to
sell BTC?

EDITOR, The Tribune.

Interesting. When I
played Monopoly with my
parents years ago, we all
wanted to buy up the utility
companies as they were sol-
id as a rock.

It seems that when coun-
tries borrow from the IMF
one of the bargaining chips
is the insistence that we sell
off some utilities. It makes
me wonder who on the IMF
has ties to Cable and Wire-
less and other take over
companies? If BTC needed
a cash input the government
only had to sell bonds.

The bridge bonds sold out
in a day or so, and there are
plenty of Bahamians who
are looking for a sound
investment to better their
lives.

We could have helped

LETTERS

letters@tribunemedia.net



Bahamian individuals and
our community by keeping
our product Bahamian.

We should have done this
for the hotels on Cable
Beach too, instead of sell-
ing them and our land,
beach and thoroughfares for
a paltry $80 million —- Bah!

From observation, third
world countries often sell off
their utilities to their detri-
ment.

Loss of a utility can crip-
ple a country. It is a form of
organised terrorism. Cur-
rently Greece is in total
unrest and near financial
ruin due to the mismanage-

ment of public companies
by the government, and yes,
they borrowed from the
IMF too. (I smell a bad fish).
When large foreign corpo-
rations buy up utilities they
do so for one reason — prof-
it. They are not from here
and have no commitment to
us or our future.

So what’s next? Water?
There are a list of societies
both modern and ancient
who have failed because of
lack of water or restriction
of it. Keep our utilities
Bahamian. If we need mon-
ey to improve or develop
them, let Bahamians and
Bahamian residents benefit
from shareholding.

SA
Nassau,
December 9, 2010.

Christie and the marvellous
opportunity of the Straw Market

EDITOR, The Tribune.

I would have stayed out
of the argument, but a close
friend of mine took excep-
tion to something I wrote
and told me that I was an
FNM.

He has known me for
years and he knows that the
stand that I take does not
allow me to be PLP or
FNM, but the fact that I did
not have anything good to
say about his party in some
of my recent letters was a
problem for him.

The next statement may
sound strange, but philo-
sophically the majority of
Bahamians want what the
PLP has envisioned for
Bahamians over the past 60
years, but there is a prob-
lem with the amount of
space they allow between
what they say and what they
do.

For a couple of decades
many Bahamians have been
contented with the talk of
visions and plans, but if you
check the building sched-
ules, it is the other Party that
has been doing most of the
work.

I will agree with my friend
that his Party has made a
significant contribution to
this nation, but both he and
Ihave to face the reality that
when we leave here and
those who come after seek
answers for what has been
done with the legacies
bequeathed to us in 1968
and 1973, there will be some
wanting.

The ideological circum-
stances are such in this coun-
try that the man who was
kicked out of the PLP was

able to become leader of the
Opposition and use the
vision that he embraced in
that organisation and lead
the nation out of a very dark
place in 1992.

The current leader of the
Opposition often reminds us
of the numerous visions that
his organisation has/had for
the Bahamas and the
numerous plans that were
left in place by his adminis-
tration.

He also speaks as if that is
enough to give him a plat-
form to garner the public’s
attention, but he is disre-
garding the intellectual
capacity of the audience he
is seeking to sway by such
rhetoric.

He makes no mention of
what his administration
actually did during his time
in office.

The events that led up to
the 2002 Election were tailor
made for the Opposition;
9/11, financial crisis, straw
market fire, an ill-timed ref-
erendum.

A laundry list of events
that would cause difficulties
for any incumbent grouping.
However, in the midst of all
that turmoil the Christie
administration had a mar-
velous opportunity — the
Straw Market.

This was a grand oppor-
tunity to make up for a lot of
missteps with a bedrock con-
stituency of die-hard sup-
porters who had always
been the backbone of the
PLP.

If I was the leader of the
party at that time, if I did
anything during my term in
office, that market was going
to be built, by hook or by

crook. As mentioned previ-
ously, it is not enough to talk
of what you left in place or
what you had planned to do,
especially if you want the
electorate to speak well of
your party, and when the
track record does not sup-
port what you are proclaim-
ing, someone is going to be
disappointed — and it is not
going to be the people who
are listening, because they
have heard the story before.

The Straw-Market oppor-
tunity should not have been
squandered — was another
term envisioned?

I will admit that I took this
failure personally, especially
when the government min-
ister tabled the plans for the
“Straw Market” and we
found out that it was not tru-
ly a Straw-Market; it was too
much of something else.

He then nailed the case
closed when he remarked
that the plans had been
reviewed and there was not
enough space for the straw-
vendors, and there was no
reply from the other side —
no one said a word!

I am wondering if the
leader of the Opposition has
a plan to inspect the
progress of the straw mar-
Ket’s construction?

If he is planning to make
that visit I want my friend
to come for me on that day
so that I can be there - I
would not miss that; espe-
cially if some of the straw-
vendors are included.

EDWARD
HUTCHESON
Nassau,
December 1, 2010.

JUNKANOO WON - JESUS NONE

EDITOR, The Tribune.

Saturday, December 25, 2010 -
Christmas Day-Closed

Monday, December 27, 2010 -
Boxing Day Observed - CLOSED

Friday, December 31, 2010 -
New Year's Eve - Closed at 1:00 p.m.

Saturday, January 1, 2011 -
CLOSED

Monday, January 3, 2011 -
CLOSED

EXECUTIVE

Auatey Pele). Sibear bey Si ra | eee BB fel ell bere 'y our

Open Mon in Fn ham - $:lliem cpg
Sal dam - | incon rhe
MOTORS LTD | 5... 397.1700 ei

AUTHORISED DATLATRY) | Email aeecmarcegtbaralies hs
ANT TOYOTA DEALER | Parti ond service guaranteed

ated in Gerard Garage Qty Scab ae (Preece) # ar Hing, 250-0109) «Aen doe ie, Dee ihaciy ie, eT

S QUALITYi#: &

#1 AUTO DEALER IN THE BAHAMAS
EAST SHIRLEY STREET * 322-375 * 325-3079 * 397-1700

Veet oe sheeroge of Getty dete Sale [Freeper Led tor eer decd, Gey Hep, 252-4 Te
or abo Motor Rall Cig Aloe y Bled, 7-28 14

as









For breaking news alerts

Follow us on Facebook
www.facebook.com/Tribune242



Last year we had the debacle of the stripping out of the
Judeo Menorah Candles from Rawson Square and this year that
universal Christian symbol of Christ’s coming (Christmas tree)
has likewise been stripped from the city centre and relegated to
an obscure corner at the western perimeter of town. But the
Junkanoo bleachers have centre stage in this once Christian
community called Nassau.

And for any of you other sapsuckers that feel a drive through
town, to look at the lights and decorations, might uplift your
spirits at this time of year — well think again! As you enter Bay
Street from Marlborough Street, you are immediately blinded
by the GIGA watt Junkanoo lights that face the traffic and run
constantly, day and night, and obliterate absolutely any lights
and decorations that shopkeepers may have put up, and coin-
cidentally, also the decorations that the same government
agency, that seems incapable of putting a switch on the
Junkanoo lights, also erected.

One can only wonder who runs this country and moreso
perhaps — who runs them. Junkanoo?

To paraphrase from that great song by Band Aid — “Nassau”
might easily be substituted for Africa in the lyrics methinks.

And there won’t be snow in Africa this Christmas time

The greatest gift they'll get this year is life

Where nothing ever grows

No rain or rivers flow

Do they know it’s Christmas time at all?

Merry Christmas in spite of the powers that be.

BRUCE G RAINE
Nassau,
December, 2010.



THE TRIBUNE

FRIDAY, DECEMBER 17, 2010, PAGE 5



LOCAL NEWS

Airport planned to be one of the
‘sreenest Caribbean developments

AS THE completion of the new
US Departures Terminal at Lynden
Pindling International Airport
(LPIA) approaches, officials point
to the use of energy efficient sys-
tems and resource conservation
which will make the facility compli-
ant with international best practices
of environmental and social man-
agement.

The new terminal will employ
deep water cooling, the use of deep
water wells for geothermal cooling.
The process involves taking cool
water found 400 feet in the earth,
passing the water through heat
exchangers to capture the heat
rejected from the chillers and dis-
charging the heated water 300 feet
back into the earth.

Stewart Steeves, president and
CEO of the Nassau Airport Devel-
opment Company (NAD) said:
“When designing the airport we
were very careful to take advantage
of the natural resources with which
the islands of the Bahamas are
blessed. This system is used in lieu of
installing cooling towers which
would consume about 10 million gal-
lons of potable make-up water annu-
ally. The cooler ground water helps

-

PS ae eS

“ONE OF THE GREENEST’: Work has been taking place at Lynden Pindling International Airport.

the chiller to run more efficiently
than conventional cooling towers.”

The building design provides large
roof overhangs that provide shade
thereby reducing heat-gain. The roof
also collects rainwater for re-use in
the low-flush automatic plumbing
fixtures (water closets and urinals),
he said.

The building design includes a mix
of 50 per cent glass and 50 per cent
solid walls to maximise light but to
minimise heat intrusion. The build-
ing will be cooled by low velocity
air diffusers, cooling only the space
that is of human height, for maxi-
mum energy-efficiency. Materials
for interior finishes are selected for

their low volatile organic compound
(VOC) emissions.

NAD’s vice-president of opera-
tions John Terpstra said he is par-
ticularly focused on systems that will
improve the airport’s operations
while saving money.

“One major cost to airports, which
are 24/7 facilities, is that of energy —
electricity. All the washroom and
office lighting is controlled by occu-
pancy sensors that will shut off light-
ing in the space automatically when
not in use.”

The automatic building manage-
ment system centrally controls the
cooling and lighting systems by
reducing variances in temperatures.

In addition, the management system
monitors for CO2 and VOC levels to
control outside air volumes, setback
temperature controls during unoc-
cupied hours of operation, high effi-
ciency chillers, direct digital controls,
and multiple variable air volume
boxes for individual zone tempera-
ture control.

The development of gardens, pro-
viding green space for airport users
to enjoy the outdoors, will also add
to the “greening” of the facility, air-
port officials said.

Two gardens will be located at
either end of the completed termi-
nals and two gardens will be inserted
between the three terminals.



Pumped ground water will be used
for irrigation in all the landscaped
areas.

NAD officials said that when com-
pleted, the entire airport will be
unique in the region for its atten-
tion to cost-saving and energy-effi-
cient systems, its comfort and safety
for users, and its minimisation of
impact on the environment.

“There is a lot being said about
the need for airlines to reduce car-
bon footprint. At LPIA, we are actu-
ally doing something to minimise
our impact, and at the same time
add to the overall passenger experi-
ence — the best of all worlds,” said
NAD CEO Mr Steeves.

BIGGEST

$150,000 revenue shortfall at GB Humane Society | pBiGSEST..

By DENISE MAYCOCK
Tribune Freeport
Reporter

dmaycock@
tribunemedia.net

FREEPORT -— The
Humane Society of Grand
Bahama is facing a finan-
cial crisis as a result ofa
$150,000 shortfall in its
annual revenue.

This comes at an
extremely difficult time
when the facility is experi-
encing an increased intake
of unwanted animals at the
shelter on Coral Road.

The Humane Society
said it has lost the finan-
cial support of a major
sponsor, and executives
and volunteers are now try-
ing to find ways to raise
funds to keep the shelter
functioning.

The money received by
the Humane Society pays
for the rounding up of
strays, the care of hundreds
of dogs and cats, the neu-
tering and spay service and
the euthanasia of animals
that are not adopted.

This year, the shelter
took in 1,143 dogs and 237
cats by the end of October,

BAHAMIAN
MAN PLEADS
GUILTY T0
MIGRANT
SMUGGLING

MIAMI

A BAHAMIAN man
faces up to 20 years in
prison after pleading
guilty in Florida to two
counts of migrant smug-
gling, according to Asso-
ciated Press.

The U.S. Attorney's
Office in Miami says 31-
year-old Rick Davis
pleaded guilty Friday.
Sentencing is scheduled
for February 18.

Federal authorities
identified Davis as the
captain of a vessel spot-
ted off Deerfield Beach
by Custom and Border
Protection aircraft on
November 3. Agents
fired at the vessel's
engines to disable it after
it allegedly attempted to
flee.

Investigators said
Davis was attempting to
smuggle six Haitians and
one Jamaican into the
US.

In his plea agreement,
Davis said two of the
Haitians paid him
$12,000 and provided the
boat and a GPS to pick
up the passengers in
Abaco, the Bahamas, and
take them to Florida.

an 11 per cent increase
over the same period in
2009.

It is felt that with the
tough economic times and
more people abandoning
their pets, the challenge for
the shelter is going to get
greater.

“Society executives and
volunteers are desperately
trying to find ways of
drumming up more fund-
ing at a time when their
work is more important
than ever,” the Humane
Society said.

“One idea is to invite
people who are stumped
for ideas for a holiday gift
for close family to donate
$50 in their name — the cost
of shipping a dog to the US
or to keep it in the home
on Coral Road for a
month.”

An announcement will
be made shortly about the
various initiatives that the
Humane Society hopes will
help.

The shelter’s annual
operating expenses run
about $204,000, which
includes $40,000 for pow-
er, about $80,000 for food,
almost $50,000 for treat-

First corner laft of

Store Hours:



/ essa a
gf Step Back in Time”

ars Rd.first building on the right
#8 Murphyville Road,

on- Sat 10am - 6pm
Telephone: 322-8493

(Security will escort you to your car)

ment of sick or infected
animals, and around
$34,000 for materials to
keep the animal shelter
clean. The society has a
staff of 20. The shelter in
Freeport does not receive
any financial support from
the government as does the
shelter in Nassau.

Even though there has
been a 30 per cent increase
in the number of dogs
adopted by Grand Bahami-
ans as well as similar trend
for cats, the shelter has had
to put down 732 dogs and
130 cats this year.

To avoid euthanasia,
some animals have been
shipped to the US for
adoption. So far this year,
257 animals were flown
out.

“One of the big chal-
lenges is the perception
that the Society wastes
money,” said Ms Burrows.

“Many misconceptions
exist in the community
about our expenses and
what people see as perpet-
ual pleas for funding.

“Some in the community
evidently even think we
shouldn’t have built a new
shelter if we didn’t have

jarden

GIFT ITEMS FROM ODESSA GARDEN

Jams, ett),

Music.
Countryside,

Classic 1306,
“Giant Treasury of Beatrix Potter,

and pen sketches. c1906.



‘Vintage Sterling Handle Battle Opener
“Antique Sterling Mustard spoon
4 Vintage Mother of Pearl fruit knives with sterling ferrules.
Sterling Handle ice Scoops
‘Vintage Sterling Handle Carving set (knife, fork and sharpening tal).
Six Antique Grapefruit Sterling Spoons.

Antique Sterling Condiment Spoon (suitable for chutnies, preserves,

"The Children of Dickens" - ¢1906, Stories of Children he wrote About,
“Beethoven Sonaten” clé0v's. 400 pages of this Great Composer's

"The Curly Tops at Cherry Farm c1918. Childrens’ Summer in the
"Snow White and Rose Red - A Small book about this Childrens’

“What Little Girls are made of, suger and spice and everything nice.
Ideal gift for that appealing little daughter. Lovely Paintings.

"Nancy Drew “The Nutcracker Ballet Mystery" Softhack,

“Charming Children of Dickens’ Stories by his grandaughter,

Mary Angela Dickens. Contains the life stories of the 20 child heros
and heroines of the world's greatest friend of children, Charles
Dickens. Also contains another book, Bays’ and Girls’ Lite of Jesus,
by a diferent Author, recording this wonderful story. This book has it's
gem cover. Two books in one. Both books have lovely colour plates



the funds to run it. We’ve
all heard various people
who criticise us for not
putting more animals
down. The long and short
is, the majority of the pub-
lic have no idea.”

Ms Burrows said the
shelter was built with mon-
ey that was donated locally
by persons who saw the
scale of the stray and aban-
doned animal problem on
Grand Bahama.

She said the Society’s
previous premises were
totally inadequate.

“The fact that the new
facility is already stretched

to capacity shows the true
extent of the need,” she
said.

Corporate citizens, resi-
dents, and businesses are
encouraged to support the
Humane Society as it
struggles to raise funds to
perform a vital public ser-
vice.

Tropical
Exterminators
Pest Control

322-2157

SHOE STORE

121 EAST ST. PH 322-5276




















BAHAMAS HANDBOOK

TELLS IT ALL

AWMLABLE AT MEWSSTANDS,

fC 71" Etienne Depuch Jc Publications
| me | fol: 22-3865, Mawees, Behar

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





THE TRIBUNE



AFTER serving 10 years as
executive director of Junior
Achievement (JA) Bahamas
and over 26 years of service in
the organisation at every level,
the Ministry of Youth Sports
and Culture and Junior
Achievement recognised Lionel
Elliott, Sr, at a special luncheon
at the British Colonial Hilton.

Among the accolades
expressed for Mr Elliott was a
self-written message from Gov-
ernor-General Sir Arthur
Foulkes, who praised him for
devoting his knowledge and tal-
ents to managing and training
young people.

Mr Elliott returns to the Min-
istry of Tourism after a 10-year
secondment.

“Throughout his JA involve-
ment, Mr Elliott inspired oth-
ers to unlock their potential and
enriched not only the Bahamian
community, but also that of
Jamaica and the Turks and
Caicos Islands,” Sir Arthur said
in a message read at the cere-
mony and presented in a frame
to Mr Elliott.

Sir Arthur added that as the
only Bahamian to serve at every

A PACKED ROOM of well-wishers attend the recognition luncheon at



a

the British Colonial Hilton for outgoing executive director of Junior
Achievement Bahamas Lionel Elliott on December 14.

mitted his resources to execut-
ing the organisation’s vision to
impact students throughout the
islands of the Bahamas.

“He is a legend in a field that
is fundamental to the economic
and social development of our
youth,” Sir Arthur said.

“I commend Mr Elliott for
his stellar performance and trust
that he will continue inspiring
generations of young people

level in JA, Mr Elliott has com-

DOCTORS HOSPITAL ANNOUNCES FREE
MAMMOGRAMS FOR LIFE CONTEST WINNERS

am,

(L-R): FIANKA MAJOR, imaging technician; Dr Dinesh Yadav, radi-
ologist; contest winner Dorothy Robinson; Charles Sealy, Doctors
Hospital CEQ; contest winner Shena Ferguson; Cynthia Sawyers,
vice-president of clinical services; Michele Rassin, vice-president of
operations, Doctors Hospital.

WITH mammograms recognised as one of the most impor-
tant tools in the fight against breast cancer, Doctors Hospital is
continuing its promotion of the ‘Free Mammograms for Life’
campaign it instituted five years ago.

The ‘Mammograms for Life’ competition encourages women
to have their yearly mammograms.

Those having a mammogram for the first time received 50 per
cent off of the cost of a mammogram through December 1,
2010.

Hundreds of women completed the entry forms, and two par-
ticipants, Shena Ferguson and Dorothy Robinson, won free
mammograms for life.

The recommended age for women to begin their mammo-
gram screenings is 40. Doctors are now suggesting that women
get tested earlier, as breast cancer is growing rapidly in younger
women, especially in the Bahamas.

A 20-year-old who discovers cancer cells can expect her
cancer to double or triple within a six month period, while the
same cancer in a 40-year-old takes a year to a year and a half to
reach the similar size.

Doctors encourage women with a history of breast cancer in
their families to begin screening earlier than age 40. Breast MRI
scans are used in addition to mammography.

Doctors Hospital is encouraging all those who have not been
screened yet and have a family history for breast cancer to
schedule a screening as soon as possible.

Don't Miss Santa's Sleigh!
Items Needed by .

Christmas {a

must be at our Ft. Lauderdale office —
by 3:30pm, December 17th.

We will be unable to offer delivery
services in Nassau after Wednesday,
December 23rd.

You may collect packages at our
Odyssey Aviation Office up until
closing on December 24th.

(Holiday “Hours

ZipX NAS
Closed Dec 24, 2:00pm, through Dec 28, 8:00am

Closed Dec 31, 4:00pm, through Jan 4, 8:00am

ZipX FXE
Closed Dee 24, 3:30pm, through Dec 27, 7:30am
Closed Dec 31, 3:30pm, through Jan 3, 7:30am

HH
Hol itis o

omall .
He
at

i





and lending his vision and acu-
men to molding the lives of this
nation’s youth.”

Minister of Youth, Sports and
Culture Charles Maynard
repeated Sir Arthur’s senti-
ments in his statement that
spoke of the “outstanding con-
tributions of an honourable
public officer”.

“Mr Lionel Roosevelt Sears-
Elliott, Sr, was seconded to my
ministry in 2000 with the distin-
guished responsibility to cater
to the executive directorate of
Junior Achievement,” Minister
Maynard said.

“Since then, he has been a

Pen hen bin rine

FRIDAY, DECEMBER 17, 2010, PAGE 7

Accolades abound as youth

leader completes tour of duty

OUTGOING EXECUTIVE DIRECTOR of Junior Achievement Bahamas
Lionel Elliott, Sr, poses with his wife and children on December 14 at
a recognition luncheon at the British Colonial Hilton.

key component to the youth
development agenda of my min-
istry and has always been
respected as a key consultant
to the development of new and
innovative programme and pro-
jects.”

Minister Maynard added that
Mr Elliott leaves his ministry
“honourably with his head held
high, as he did when he entered
our doors”.

“It is obvious that these
tokens (given at the recognition
ceremony) cannot compare to
the contributions he has made
and, additionally, the joys expe-
rienced while working for and
with the gems of our nation,”
Minister Maynard said.

“Sir, on behalf of my min-
istry, the Government of the
Bahamas and the people of the

Commonwealth of the
Bahamas, I thank you and wish
you every blessing and success
in your new responsibilities.”

During his tenure at JA
Bahamas, Mr Elliott spear-
headed the development of new
Family Island programmes, new
international academic scholar-
ships partnerships, improved
programme delivery, new cor-
porate sponsorships, increased
nationwide student participa-
tion and improved internation-
al relationships with JA World-
wide, the ministry said.

Mr Elliott also worked in
raising substantial funding for
national operations, paid off
long-outstanding debts and
helped to develop world-class
national conferences with inter-
national guest speakers.

Y fi TechnoMarine

Pe Ath eee LI

8 aS

CRUISE ORIGINAL.
STAR COLLECTION

a tsopeat lie )s eer |s epee Beeb

"

piel e fe ee

Eyre

Poaceae eee eee ea rer eee ee ee ee Pe ed kesh |
Marina Village at Paradise Island + Mall at Marathon * Harbour Bay + Palmdale « Bimini Bay, Bimini
OF Mat ee me MM ile cm gM dele mel eR Tue eR chy met gi

Port Lucaya Marketplace, Freeport, Grand Bahama



BIGGEST

BEST SELLER

BAHAMAS HANDBOOK

TELLS IT ALL

AWMLABLE AT MEWSSTANDS,

@

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

, Elenne Depuch de Puttcabions
| Tel: SES, Mumnee, Behar









PAGE 8, FRIDAY, DECEMBER 17, 2010

THE TRIBUNE



BIC sale ‘violates convent

FROM page one

Congress of Trade Unions
(NCTU) and the Trade
Union Congress (TUC).

He said the convention
called for the government to
engage workers in a “trans-
parent manner to discuss
issues of life-changing
effect.”

“The employees are the
main asset of BTC, not the
technology, and they are not
talking to us. It was wicked
and intentional because they
never truly wanted us to be a
participant in that discus-
sion,” said Mr Evans, accus-
ing the government and the
privatisation committees of
acting in a “calculated” man-
ner.

Had the unions been gen-
uinely engaged from the
start, Mr Evans said, “maybe
all of this would not have
been an issue.”

At least ten unions, includ-
ing the umbrella organisa-
tions, have publicly thrown
their voice behind the oppo-
sition movement that seeks
to have the government
reverse its decision on the
sale of a 51 per cent stake in

BIGGEST
BEST SELLER

BAHAMAS HANDBOOK

TELLS IT ALL

AMAULAB LE AT WS TAS

‘on Gienns Guguch Jr Publications
\ gy | Tet: 23-5004, Nansen, Bahamas



The BIGGEST SHOPPING Event of the Year

COLOMBIAN EMERALDS

BTC to Cable and Wireless.

A letter is now on its way
to the ILO director general,
Juan Somavia, requesting
the ILO investigate the
Bahamian government for a
possible violation.

“For the first time ever in
avery long time, this Parlia-
ment has galvanised the
NCTU and the TUC. They
came together this morning,
and for the first time I could
hear the passion. There are
so many things we have
planned and with this uni-
fied effort,” said Mr Evans.

In planning the next move,
the unions say they “have
not taken anything off the
table,” including a general
strike. They are even dis-
cussing bringing in
Caribbean and international
affiliates, said Mr Evans.

Industrial action is expect-
ed “leading straight up to
January 19,” when the
House is scheduled to recon-
vene.

Mr Evans criticised the
government for muddying
the water with a discussion

LOCAL NEWS

of Bluewater, claiming that is
a “non-issue” for the unions
and hardly worth of com-
ment.

“Tt only could be that they
are trying to swing the pen-
dulum away from what our
main issue is. We are not
interested in a comparison
between who (between the
Progressive Liberal Party
and the Free National Move-
ment) had a better deal.
Both deals were terrible in
my view. I don’t even know
why they brought up Blue-
water,” said Mr Evans.

The government released
a statement late Wednesday
night claiming to “bring an
end to the deceit” over the
current deal with C&W. The
statement contained a
detailed comparison
between the former govern-
ment’s deal with Bluewater
and the current C&W pro-
posal.

The issue of Bluewater is
irrelevant, according to
union bosses, who have
hedged their complaint on
the issue of ‘Bahamianisa-

on rules’



~~ pts i F 7 Pie i!
BERNARD EVANS, president of the Bahamas Communications
and Public Officers Union

tion’.

The issue of Bluewater
may have arisen from com-
plaints by opposition mem-
bers of Parliament. Howev-
er, Mr Evans said he was not
fooled by the support of
opposition members,
because “the politicians
always jump on the union

bandwagon, as though we
are political prostitutes.”

“We know that if the shoe
was on the other foot, the
FNM would be out here,”
said Mr Evans, speaking
about the presence of PLP
officials at the scene of the
union protest on Wednes-
day.

TWO WEEKS TO CHECK BTC SALE ‘A SLAP IN FACE’

FROM page one

is that memorandums of understanding
made on behalf of the people of The
Bahamas should not only be made pub-
lic after the signing, but must be gazetted
prior to their signing so that the share-
holders of Bahamas incorporated would
have the opportunity to view and make
reasonable input, and again to avoid what
we have seen happen in the Baha Mar
deal,” said Mr Miller.

The organisation presented its second
annual “State of Civil Society” address at
Windsor Park. Mr Miller said the for-
mer Progressive Liberal Party govern-
ment also erred in withholding details
of the Baha Mar MOU.

“T have followed, to the best of my
ability the arguments for and against,
and while there are still a number of grey
areas, the Civil Society issue that stands
out to me is the fact that a Memoran-
dum of Understanding was signed and

INTERNATIONAL

For Every $100 you spend with

only the signators know the contents of
this critical document,” said Mr Miller.

“We have seen this done by the former
government and the results have been
that the present government had to make
significant changes to the Baha Mar
debacle. We cannot afford to allow this to
happen again,” he said.

Bernard Evans, president of the
Bahamas Communications and Public
Officers Union (BCPOU), said: “I think
the Bahamian people should take that
to be a slap in the face. You own BTC.
Did you give them authorisation to sell
your shares and to withhold the infor-
mation.”

Two weeks to “digest the information”
is too short, said Mr Evans.

In light of the impending parliamen-
tary debate, Mr Miller said he hoped the
discussion would not simply be “cere-
monial.” He admitted that recent history
would suggest that parliamentary debates
have become ceremonial, because gov-
ernments typically bring a bill to parlia-

O ain

ment with a mind already made up to
pass it.

He said there are examples from the
1960s of the opposition and “pressure
from the people” having a “meaningful
impact” in a parliamentary debate.

“T think what I am seeing with the sit-
uation here is that a sentiment is brewing.
There is a groundswell of opposition sep-
arate from the “official opposition.” I
think a sensible government and one that
respects the principles of democracy
would have to take stock and rethink
certain aspects of an agreement like this,”
said Mr Miller.

The current MOU, although signed,
is still in a “proposed state”, said Mr
Miller. He said “a government that is
sensitive” would be prepared to make
changes if necessary.

It is unclear how the privatisation issue
will turn out in the end, said Mr Miller,
but he believes there would not be so
much “discontent and discord” if gov-
ernment acted with more transparency.

ee
i ae
SAVE*SAVE*SAVE *SAVE*SAVE

()

Appliance Sale

Take An
Additional

0%

‘PIRATE TREASURE’
LAND TURF WAR
IS STEPPED UP

FROM page one

problem here. The govern-
ment has not done its due
diligence in this matter, and
they are determining who
the true owner of this prop-
erty is based on surveys that
were incorrectly prepared,”
Mr Bethel claimed.

Superimposing his prop-
erty’s boundaries on an aer-
ial photograph of the dis-
puted land in Fortune Hill,
Mr Bethel said it was clear
his family’s land, the New-
ton tract of some 47 acres,
encompasses the area under
which the pirate treasure is
believed to be buried.

The property directly
behind it, which he said
belongs to Dorothy Black-
Deal, was erroneously
mapped over a portion of
his land to encompass the
cave in which the treasures
are believed to be buried.

With this in mind, Mr
Bethel called on the gov-
ernment to review its sur-
vey plans and properly
ascertain the correct loca-
tion of the Newton land and
all other properties in For-
tune Hill before any rights
are issued at this time.

In addition, he also asked
for the Department of
Lands and Surveys to
remove all survey markers
that were “wrongfully” set
and communicate their find-
ings of a corrected survey
either to him or his attor-
ney.

Zhivargo Laing, Minister
of State for Finance,
informed The Tribune yes-
terday ahead of his flight to
San Salvador that the gov-
ernment had ascertained
legal title through its attor-
neys and that any concerns
of Mr Bethel would have to
be carried out in the courts.

Mr Bethel said he intends
to call a press conference
today to address the matter
further, pending the results
of last night’s meeting
between Mr Laing and the
residents of San Salvador.

ib dt
TO GOp

OMAKOAVQADQUHRKE

C

Our Already 30%
Discounted Prices

Total Discount Now 40%

These are some of our Net Prices:

All Sizes of Refrigerators

4.1 Cube Aetrigerator One Door by Black & Decker...
7.1 cube Aetrigerater Top Freezer by Daewern.o.... cc...
14 Cube Refrigerator Top Freewer by Maba.....0..ccc0: i

Refrigerators by Frigidaire
15 Cube Energy Star Refrigerator Top Freezer

17 Cubes Energy Star Refrigerator Top Freezer........-.....
18 Gube Energy Star Relrigerator Top Freezer...........-.
26 Cube Energy Star Refrigerator Top Freerer...........

Freezers

3 Cube Chest Freezer by Franklin Cnet ccccscscscsesesesese

* Cube Chest Freezer by Dann...

12 Cube Upright Freezer by Frigidaina.......c.ccccccceun.
#1 Cube Upright Freezer by Frigidaire, ........crrerererereres

Super Capacity Washer... _

ae cla
ay a eee

$2156.00
3429.00
$674.00

of635,00
séa7.00 |
$755.00
$1,540.00

$350.00 0.

$736.00
$1,068,00

Check out these other — -e ww ee ene

. 600

- $628.00
Bred Od
vo $8400

Don’t Forget To Visit
MULTI DISCOUNT HOME &
BRIDAL CENTRE

For all of your special occassion gift
needs especially this Christmas

ee Eom
betta De MSIE Tol
PPE tt a
ise |
Feet begat] Eta)

Colombian Emeralds International
in our Nassau & Freeport stores,
you will receive and entry card for our daily
FT Ea

drawings of up to $10,000 ! $750.00 Also MULTI SUPER PARTY CENTRE
aoa
SEE STORES FOR MORE DETAILS ! forall of your Christmas Party Suplies

7

Montrose Avenue Opposite Multi Discount Furniture
Phone: 356-7924/5/6

Register io WIN 32” Flat Screen LOD Television with any purchase.
Drawing Every Saturday & Thursday until December 241h

MULTI sinptircmaie ? etabiddbbeinals Pd |e) vpctictlamnntaty pe

COLOMBIAN EMERALDS

INTERNATIONAL

Jel) Bray Street « Rawson jt] are
Reach Towers at Atlantis» Raval Tewers at Atlantes « Marina Villape at Aclaneis

Fort | Lay Mlarkerplace, Frecpeart Pa a ie

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





THE TRIBUNE

FRIDAY, DECEMBER 17, 2010, PAGE 11

LOCAL NEWS

7 3
Se

Janaees Toy'Lanid

Chesapeake Road Opposite Trattic Police Station

SShowout ale
up 20% Off BOLIEEOS

Weider Pro 254 Combe Bene aa
* 80 lb. Vind Weight Set
* Multi-Peettion Weight Bench

* (Chest Ply Anns
+3 see 6 Developer —
+ Preacher Pod






Weslo Cardicstride

Pius Treadmill

* Step-by-Siep Control Panel
* Extra-Large LCE Display

SpaceSawer Desien
* ser Wein Copaciry: 2M! hs

Exercise machines starting al $3 00
Easy Bake ovens $48
Kitchen rugs 2 tor $8

Linoleum $8 peniyd
And Lots, Lots more!!! pene

La ’ 9}
Janaees WILL BE CLOSED from 25th December - 4th J

SE







eR Oe
and it’s now.

Whatever your age is,

Le Caltrate |

for Bone & Colon mv ‘

yt
—,

dbile serving oF ar hula a “irk a he a [a i wel Oe ue eee eet
to podluice the ree nd clin a'r br che eer ee ed ood fe ute ee
i

Westside Souse House
Cowpen Road

Souse! Souse! Souse!

Chicken Souse « Sheep Tongue
Mutton Souse « Pig Feet Souse

We also have other BREAKFAST
Specials Like:-

¢ Grits and Tuna, Corn beef,
Sardine or Sausage

SNACKS

Chicken, Ribs, Hamburger,
Cheeseburger,
Conch, Mini- Wing

DINNER

Fish, Chicken, Ribs and Conch

-All dinners served with two side orders



For Delivery Call- 431-0391

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





THE TRIBUNE &

—



_
’ a

FRIDAY,

FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

DECEMBER 17,

SECTION B « business @tribunemedia.net
BISX chief

watiy, CUStOIS to ‘name

five possible

2010



eR Ieee ira
eyeing sale of

revisins ANG Shame’ firms

By NEIL HARTNELL
Tribune Business Editor

The Bahamas International :
Securities Exchange’s (BISX)
chief executive yesterday said }
the stock exchange was look-
i be publicly “named and
2011, with the $60 million }
Heineken/Burns House ini- }
tial public offering (IPO) and ;
potential sale of Bahamas }
Telecommunications Compa- }
ny (BTC) shares by the Gov- ;
ernment on the horizon, along
with “three other potential
? commission to hear com-

Keith Davies told Tribune }
Business: “By the looks of
things, we have a better year }
than this year operationally :
in terms of market activity, }
new listings. The big one is ;
the Heineken deal, but the }
Government is talking about }
BTC also. Those have been
publicised. Then there are ;
about three others you don’t :
: bune Business yesterday, Mr
? Gomez described smuggling

ing forward to a “better”

listings”.

know about. Next year might
have some benefits for us.”

Declining to specify who }
: concern” for the Department
: of Customs.

SEE page 3B

Higher impact’
than anticipated
from first Baha
Mar contracts

* $15m Commercial
Village contracts do not
stipulate Chinese
material usage, opening
avenues for Bahamian
building suppliers

* Pre-qualifying process
with Baha Mar ‘first

to ease small firm
concerns

By NEIL HARTNELL

Tribune Business Editor : : :
—__ + also president of Summit Insur-

The $15 million worth of ance Commission of the
Commercial Village con ? Bahamas published proposed

struction contracts issued i amendments to the Act’s regu-

wy : : lations, said the two sides had
have a “significantly higher :

last week by Baha Mar will

trickle down impact” on the

materials.
Confirm-

ing that the

four con-

the
stage of the



STEPHEN
WRINKLE

construction
were standard “build and
install” packages, not cov-
ered by Hotels Encourage-

ment Act tax incentives, }
the :

Bahamian Contractors } bal ce i
Association’s (BCA) pr. esi- alance between correct regu-
dent, explained that this ? on one side, and having a work-

freed up the contractors to ? able supervisory system for the

from : industry on the other, Mr Ingra-

including ;

Stephen Wrinkle,

source material
whomever -

Bahamian suppliers.

more avenues for local par-
ticipation than anticipated.
The bits and pieces and
smaller items that contrac-

SEE page 4B

tracts hand- :
ed out for }
initial :
: modate us on some of the
? issues,” Mr Ingraham said of

$2.6 billion :

: ;. ¢ the Commission, “and on oth-
project's ? ers discussions are still ongo-
? ing. Some of the key issues we
? were able to resolve to both of
? our satisfactions. We’re mov-

i ing in the right direction.”

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

A new Customs Manage-
ment Act will allow Bahami-
an companies found guilty of
smuggling and tax evasion to

shamed”, and charged
increased fines, the Comp-
troller of Customs warned
yesterday.

Meanwhile, a “code of con-
duct” specifically tailored to
Customs officers will be intro-
duced in the Act, along with a

plaints, in an effort to more
effectively enforce discipline
within the revenue collection
agency.

The revised Customs Man-
agement Act is expected to
go before Parliament in 2011.
It is presently in draft form,
under review by the Govern-
ment.

In an interview with Tri-

as continuing to be of “grave

While individuals may

attempt to avoid paying tax

New Act to allow for public naming of guilty smugglers
and tax evaders — and increase the fines they face



GLENN GOMEZ

on items they bring with them
in their suitcases from trips
abroad, Mr Gomez said it was
Bahamian businesses that are
engaging in smuggling on a
“large scale basis”, either
through attempts to evade-
Customs entirely or by the
undervaluing of goods and
“tampering with documents”,
such as invoices, in an effort
to pay less tax than they
should. The Customs Depart-

INSURANCE REFORMS

The Bahamas General Insur-

? ance Association’s (BGIA)
: chairman yesterday said talks
? over much-needed reforms to
? the Domestic Insurance Act’s
? regulations were “moving in the
sha ical : right direction” after the regu-
priority for BCA, aming : lator “accommodated” the
? industry on several key issues,
? as he expressed hope that both
? sides would “know where we
? stand” on all matters by end-
? January 2011.

Timothy Ingraham, who is

ance, speaking after the Insur-

been able to resolve several

: issues to “both of our satisfac-
Bahamian economy than ;
anticipated, particularly for :
local building materials sup- :

pliers, because they do not that Bahamian general insur-
stipulate the use of Chinese- ? ance carriers must use to cal-
BP i A ? culate solvency margins, and
ees i the ‘risk ratings’ - the amount

? by which they must be dis-
: counted - attached to various
? assets. Both areas had previ-
? ously been identified by the

tions”.
The bulk of the amendments
related to “admissible assets”

BGIA as particular concerns to
its members.
“They were able to accom-

Emphasising that the BGIA
and the Insurance Commission
were aiming to strike the right

lation and consumer protection

ham said the two sides had

? already scheduled meetings for
“Tt will have a significant- :
ly higher trickle down :

impact,” Mr Wrinkle said of -y ae
the consequences. “It } eae era a Mea
? work with us, and they’ve lis-
appears that there may be i tened to any issues we’ve

the New Year to go over the
outstanding issues.
“They’ve [the Insurance

? brought forward,” Mr Ingra-
? ham told Tribune Business.
? “We've had very positive dis-
? cussions with them. There’s just
? one or two issues from the
? Insurance Association’s per-

"GOING THE RIGHT WAY’

* Regulator ‘accommodates’ sector on key assets
' to be used in solvency calculations and associated
: discounts
| * BGIA chair hoping to ‘know where we stand’ on
: all remaining issues by end-January 2011

By NEIL HARTNELL
? Tribune Business Editor

spective that we need to talk
about. The vast majority of
them have been resolved one
way or the other.”

Asked how much longer the
discussions between regulator

SEE page 5B

ment is presently continuing
investigations into the dis-
covery of hundreds of unde-
clared items, including cases
of beer, ice cream and back-
wood tobacco, in a vessel at
Potter’s Cay Dock earlier this
month during a 4am raid.
“Every week we find com-
mercial operations that are
doing these things,” said Mr
Gomez. Asked whether it
could be said that smuggling is
on the increase, the Customs
chief said: “Smuggling has
been going on for a number
of years and it is still going
on. Perhaps as you address it
you start to find out it’s quite
widespread. Once you start
digging, you find that it’s
much more widespread than
you may have thought initial-
ly.”
Mr Gomez said that 98 per
cent of smuggling cases are
dealt with by the Customs
Department “in house”, as is

SEE page 5B

The information contained is from a third
party and The Tribune can not be held
responsible for errors and/or omission |
from the daily report, ;



Royal Oasis?

By ALISON LOWE
Business Reporter
alowe@tribunemedia.net

Harcourt Developments, the
Irish-based property develop-
ment company that bought the
Royal Oasis hotel in Freeport
in 2007, may be in talks to sell
the property, the Minister of
Tourism and Aviation said
yesterday.

Having announced in late
2008 that the economic climate
meant it would have to post-
pone its redevelopment plans
for the damaged hotel and for-
mer major Grand Bahama
employer, Vincent Vander-
pool Wallace told Tribune Business yesterday that Har-
court continues to maintain it is not in a position to move
ahead with the resort.

“The last time (the Government) heard directly from
them was probably about two or three months ago. They said
that they really weren't in position to move forward on
anything,” said Mr Vanderpool Wallace. He noted the par-
ticularly dire economic climate in Ireland, which was recent-
ly forced to ask the International Monetary Fund (IM F) for
a multi-billion dollar bailout to weather a massive banking
crisis.

SEE page 4B

CUSTOMS REVENUES
UP S8M OVER 2009

By ALISON LOWE
Business Reporter
alowe@tribunemedia.net

VINCENT
VANDERPOOL-WALLACE



The value of Stamp Tax and import duties collected by the
Department of Customs since the beginning of the 2010-2011
fiscal year in July to November is “ahead of the same period last
year” by $8 million, Customs Comptroller Glen Gomez said
yesterday.

This comes even as the Central Bank revealed that, overall,
tax revenues for the Government during the first quarter of the
2010-2011 budget year dropped by 1.4 per cent to $241.3 million,
in comparison to 2009-2010 figures.

Mr Gomez attributed the increase in collections by his

SEE page 5B

FG FINANCIAL

PENSIONS & INVESTMENTS

This Christmas give the gift Of Savings

Toys break and fashion fades, but a mutual fund certificate can be the gift of a etme!
Give the special people in your life the gift of opportunity - for education,
travel, a worry-free retirement. Set them on the path to savings and wise
investing to secure their future.

Visit or call our financial advisors at 396-4076 to learn more about investing

ina mutual fund*.

THIS CERTIFICATE IS PRESENTED TO

< NAME >

MINTMUM ANMMIUNT OF S10
FOR [NWESTMENT IM FG FINANCIAL MATUAL FUNDS

Seue Wheuger, Wealth Maragcaeri

one EJ Pu: FINANCIAL
FIMHOHS 6 ESWESTIINTH

*Belore you mreset inary Fund, be ure ip ceed the (Ha ria p Menprandgn io eke cern fe cesinen obecieess, ek and cetuene of the Pura ae
nine wih your personal nvestneni gels

become a part of the family

Call us today at (242) 396-4076

BSIDIARY

FAMGUARD

CORPORATION LIMITED

PRO UE a eed ld UL mere RTL Tureen





PAGE 2B, FRIDAY, DECEMBER 17, 2010

THE TRIBUNE



att INES eee
UN body warns on fiscal deficit target

By NEIL HARTNELL
Tribune Business Editor

* ECLAC says Bahamas’ 2010-2011 deficit
may exceed 3% due to infrastructure
spending and fact tax increases ‘not yet had
an impact’

* Warns that 2011 growth projections for
Bahamian economy may be ‘undermined’
by US performance

The Government may not
achieve its 3 per cent of GDP
fiscal deficit target for the 2010-
2011 Budget year, a United
Nations-related body has
warned, with the Bahamian
economy’s projected 2.3 per
cent growth next year in jeop-
ardy from an uncertain US out-
look.

The UN’s Economic Com-




































Spend $50 ov Move

ENTER TO WIN!

(Prizes 40" LCD HDTV * LG SHINE PHONE * BLACKBERRY PEARL © BICYCLE

$500 TOY STOCKINGS »* $150 SUPER VALUE GIFT CERTIFICATES
$40 GAS VOUCHERS + $250 LOWE'S PHARMACY GIFT CERTIFICATE

Grand (Prizes $1000 VISA GIFT CARDS
LOWE’S



E-MAIL ADDRESS



SKILL QUESTION
What is “The Family Dharmacy”?

RULES SPEND 350 08 MORE, ATTACH ORIGIMAL RECEIPT TO ENTRY FORM, FILL OUT SKILL QUESTION,
& PLACE OM DROP BOL ERTRIES WITHOUT RECEIPTS CANMOT BE COURTED.

PROMOTION ENDS DECEMBER 24, 2010

HAPLOVEES OF LOWE'S HIMLESALE £ LOWE'S PHARMACY AND THEIR OWWEDIATE FAMILY ARE WOT
BLOGIELE FOR ENTRY.

Celebrate the Season at Lowe's... the Family (Pharmacy

WARMTH « JOY + TRADITION

» @

Time for a well-eart

ba

‘insurance, health, pensions, life

|| ATLANTIC
==" MEDICAL

[vq COLONIAL A

Colonial Pension Services
(Bahamas) Ltd.

Tel. 502-7526

Aclantic Medical Insurance
Tel. 326-8191
Tel, 351-3960

mission for Latin America and
the Caribbean (ECLAC), in a
report on the Bahamian econ-
omy released earlier this week,
said the $112 million deficit that
the Government racked up in
the 2010-2011 first quarter
showed that the tax increases
unveiled in the May Budget
“have not yet started to have
an impact”.

Adding that the Govern-
ment’s continued capital spend-
ing on infrastructure projects
might blow its 2010-2011 fiscal
deficit target, ECLAC said
“only modest consolidation” to
date had been achieved when it
came to setting both the deficit
and National Debt back on a
sustainable path.

And, reflecting the uncertain
outlook for the global econo-
my, in particular the US, which
is the key driver for the
Bahamas, ECLAC said: “The
[Bahamian] economy is expect-
ed to grow by 2.3 per cent in
2011, but this prediction may
be undermined by lower
growth in the US.”

While the Bahamas was
“slowly edging out” of the 2008-
2009 recession, with modest
economic growth of 0.5 per cent
projected for 2010, data pub-
lished by ECLAC revealed that
per capita income in this nation
had taken an even more severe
beating than the overall econo-
my. While the Bahamian econ-
omy overall contracted by 1.7
per cent in 2008, per capita
income in this nation (the aver-
age income a Bahamian
earned) fell by 2.8 per cent. The
pace of this decline increased
in 2009, with Bahamian per

SECURITY
& GENERAL

Security & General

Insurance

Tel, 326-7100

www.ceigroup.bm
Athnti¢ House 2nd Terrace & Collins Avenue Nassau

SB COLONIAL GROUP
INTERNATIONA

§ Jasmine Corporate Center, East Sunrise Highway, Freeport
Insurance, Health, Pensions, Life

capita income dropping by 5.4
per cent year-over-year, com-
pared to a 4.3 per cent eco-
nomic contraction, and for 2010
- despite minimal growth pro-
jections - per capita income is
set to fall by another 0.7 per
cent. Noting that the Govern-
ment’s fiscal policy measures
had sought to balance the need
to maintain employment levels
and counter weakened private
sector investment with “con-
solidating” the national debt,
ECLAC suggested that the 11
per cent expansion in the 2010-
2011 first quarter fiscal deficit
showed that only modest
progress had been made.

Referring to the three
months to end-September 2010,
ECLAC said: “Total revenue
plus grants declined by 1 per
cent, as the revenue-generating
measures outlined in the latest
budget have not yet started to
have an impact.

“Following a 6 per cent rise
in current spending, linked to
higher outlays on goods and
services and interest payments,
total expenditure expanded by
4 per cent, leading to sharp
growth in the debt.”

And, more pertinently,
ECLAC warned: “A fiscal
deficit of 3 per cent of GDP is
projected for 2010-2011, but
this target may not be achieved
owing to continued outlays on
infrastructure projects. Stimulus
measures adopted by the Gov-
ernment to counter weak pri-
vate demand have pushed up
central government debt from
44 per cent of GDP in Septem-
ber 2009 to 47.4 per cent of
GDP in September 2010.”

Elsewhere, ECLAC attrib-
uted the 13.6 per cent increase
in foreign direct investment
inflows to the Bahamas largely
to the $120 million Heineken
purchase of the Associated
Bahamian Distillers and Brew-
ers (ABDAB) st ake in Burns
House/Commonwealth Brew-
ery. It noted that the Bahamas’
balance of payments current
account deficit narrowed from
8.5 per cent of GDP in Janu-
ary-June 2009 to 7.7 per cent
during the same period this
year, aided by a 2.9 per cent
reduction in imports as private
sector demand continued to
scale back. Exports of goods
and services rose slightly, while
travel receipts increased by 5.6
per cent.

For the year to September
2010, ECLAC said the
Bahamas’ inflation rate fell
from 3.6 per cent in 2009 to 1
per cent this time around,
despite increases in the
Bahamas Electricity Corpora-
tion’s (BEC) basic tariff rate.

“Price reductions were expe-
rienced in food and beverages,
in stark contrast to the sub-
stantial increases in the rest of
the region,” ECLAC said.
“Costs for housing, and trans-
port and communications, were
also down. However, in spite
of lower oil prices, fuel and
electricity costs escalated.”

And while the Bahamian
international financial services
industry was “stable”, ECLAC
said its cost base would start to
increase due to the need to
comply with the tax informa-
tion exchange demands of for-
eign countries.

Sorthday

m your family and friends. —

Holiday office hours

The holiday season

“0 lL “ “4 a 7 " wie fF ret
spend with your family and friencd

The management and colleagues at
Ih

ie Bahamas, extend Sincere seas

sling kris
Bling kr.

HOUDAY OFFICE HOURS

Fr:

day 24th December
dosed

* 2th Decermbe

, 2Bth

Sa special ime and it

Sa areat

ne yOu have time to yourself and time t

Cl companies in

ans best wishes. Merny

snas ard a hap healthy Mew earl

Cosed iron nan

all day

ices >

Cotona! Group imenmodoand it

rated A-jExcetlere| by AM) Beat



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



THE TRIBUNE

Customs ‘moving forward’
on aircraft tax collections

FRIDAY, DECEMBER 17, 2010, PAGE 3B



By ALISON LOWE
Business Reporter
alowe@tribunemedia.net

The Department of Cus-
toms will “move forward
right after the holidays” to
collect the tax and import
duties it says a significant
number of Bahamian com-
mercial airlines and private
aircraft owners are owing.

“We will be moving then
to contact them to let them
know we’ve given them
time, and we now need to
settle these matters. So we
will be calling and advising
them of the amount of duty
we expect them to pay, and
we expect them to comply
or we will follow through
with the law,” said Mr
Gomez, reiterating that the
Department is able to seize
aircraft from companies or
individuals who do not pay
their debts.

While admitting that Sky-
Bahamas chief executive
Captain Randy Butler was
correct when he said that
under the Tariff Act aircraft
were “duty free” prior to
2008, in the sense that the
10 per cent import duty did
not apply, Mr Gomez said
Stamp Tax still did.

“Even though they may
say there wasn't any Cus-
toms duty there was still a
tax that we collect. So don't
be so concerned about 2008:
There was a tax even though
it was a different tax,” said
Mr Gomez. The Stamp Tax
applied to aircraft is 7.5 per
cent.

The Department of Cus-
toms sent letters to Bahami-
an aviation operators and,

Mr Gomez said, to private
aircraft owners last month,
informing them they had
two weeks to contact the
department about allegedly
outstanding tax owed to the
Department on aircraft
brought in to the Bahamas.

Many operators objected,
saying that although there
was a tax of which they were
mostly aware, it was gener-
ally known that the Depart-
ment was not minded to col-
lect it for many years and
therefore it would be unfair
to now retroactively collect
it.

Some said it would put
them out of business if they
were made to hand over the
funds, which added up to
$700,000 in at least one case,
and several hundred thou-
sand dollars in others.

Duty

Meanwhile, Captain But-
ler said he subsequently dis-
covered that the 10 per cent
import duty was not
imposed until 2008, and
therefore questioned on
what basis operators were
to be taxed.

He and other Bahamian
operators also expressed
concern that they alone,
rather than private aircraft
owners or illegal charter
operators, were being tar-
geted.

Captain Butler added that
in his airline’s case, some of
his aircraft were leased from
another company, and
therefore it should not be
his obligation but the own-
er’s to pay the funds.

The Bahamas Aviation

Association and individual
operators wrote to the Min-
ister of Finance, the Prime
Minister, to ask that they be
considered for an exemption
from the tax - citing conces-
sions granted to other “pub-
lic transportation” sectors
such as taxi drivers.

Mr Gomez said: “All
commercial and non-com-
mercial planes on which
duty was not paid will be
liable. We also have a num-
ber of planes we've noticed
at the airport that do what
they call illegal chartering,
and those people are going
to be asked to pay as well.

“Those who have gotten
the letters don't know about
what other persons got the
letters. We don't want them
to feel they’re being picked
on. All who have planes in
the Bahamas, who are resi-
dent here, will be asked to
pay.”

Mr Gomez said his
Department had allowed
additional time before tak-
ing the next step to collect
the money, having been
informed that the aviation
operators wrote to the
Prime Minister to request
an exemption.

“They asked if we would
give them a little time for
the letter to be received and
be communicated to. We
have allowed them a couple
of weeks, but we think it's
time to move forward,” said
Mr Gomez.

He said the Department
will be amenable to enter-
ing into payment plans with
those who owe money to
reduce the financial burden
in the short term.

BISX chief awaiting
five possible new listings

FROM page 1B

those potential listings were,
Mr Davies said that with the
recession having “somewhat
levelled off”, Bahamas-based
companies were once again
eyeing future strategies and
how to position themselves
going forward, rebuilding and
attracting financing to move
to the next level.

Adding that RoyalFidelity
Merchant Bank & Trust’s
TIGRS 4 international mutu-
al fund, which recently closed
its offering to Bahamian and
Barbadian investors, was set
to soon join BISX’s fund list-
ings tier, Mr Davies hinted
that he also hoped ongoing
talks about the Government
listing all its debt securities
on the exchange would come
to a successful conclusion in
2011.

He also noted the irony of
the fact that two key bedrocks
on which BISX had based its



KEITH DAVIES

business plan when it
launched in 2000, the listing
and trading of government
debt securities plus BTC’s pri-
vatisation, were now firmly in
play more than a decade later.

Mr Davies told Tribune
Business: “I foresee all these
things happening throughout

INTERNATIONAL BUSINESS COMPANIES
ACT,2000
(No.45 of 2000)

MANSA HILLS INC.

(In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 137 (4)
of the International Business Companies Act,2000, No. 45 of
2000, MANSA HILLS INC. commenced Dissolution on the

19th day of August, A.D., 2007.

Mr. Nathaniel Cooper, Nassau Bahamas has been appointed
the Sole Liquidator of the Company.

Mr. Nathaniel Cooper

Liquidator



next year. am positive about
2011, and think we will be
able to demonstrate, based on
our achievements throughout
next year, our ability to grow
this marketplace, because it
will continue to grow. The
market will grow despite us. It
will grow organically.”

IMAGING A r GRO

aie

DIAGNOSTIC CENTRE

SVENOR

Announce out spectal Holiday Houts:

Friday, December 24, 2010

Saturday, December 25, 2010

(Christmas Day)

Monday, December 27, 2010
(Boxing Day Observed)

Friday, December 31, 2010

Saturday, January 1, 2011

(New Year's Day)

Monday, January 3, 2011
(New Year's Day Observed)

CLOSED

CLOSED

CLOSED

CLOSED

CLOSED

CLOSED

Ou behalf of the Management and Staff of Fourth Terrace Diagnastte Centre and
Imaging At Grosenor we wish you a Safe Hobday and Prosperous New Year!

Westinghouse

You can be
sure... if it's
Westinghouse! je 5

4
f

=



Anothemsatistiedicustomer

iim Mas ss |

WP ee eee en umd

we carry a complete line of Westinghouse whole-home comfort soluhons . balance

Ue eMac

Gre ee ee mk eee Mee

eee aie)
Teese eg ie

Ue OR peso ie
Government Corporation
aati
Pegr ocetig gore ee



1 TON UNITS = METAL CASING . _
WCHKM-A2KCR1 Condenser $437.97 - WIWKM-I2KNIVT Fit Coil SPB M.occscsccssenccenn tt O4O.25 MET =e — al
1-1/2 TON UNITS = METAL CASING ;

WCHXM-TEKCR Condenser $5627 « WIWKM-EKNW Fan Coil $29246..0 $699.43 net

2 TON UNITS —- METAL CASING

WCHXM-24K(CR3 Condenser $7249 - WIWKMZUKNIVG Fan Coil $297.44 $1,158.60 wet

Vertical Discharge 10 Seer R22 Gas

3 TON UNITS

DS5RA-036K Condenser $1,045.00 - WIXC-OSGSN2 Fan Gail (High Wall) $460.00._—""

Horizontal Discharge 10 Seer R22 Gas

4-1/2 TON UNITS - PLASTIC CASING

WILLER = PSD -0 CRY Candersar $982 88 Wot - WESTIMGHOUSE . WWEL-1EKNT Fan Coil $178.42...

maT VR ss



$1,723.00

$728.00 ner



SN
ie ee el cae ee ec

een ee eh el



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



PAGE 4B, FRIDAY, DECEMBER 17, 2010

THE TRIBUNE





Harcourt eyeing | ‘Higher impact’ than
Royal Oasis sale? |

FROM page 1B

Meanwhile, Mr Vander-
pool Wallace said he had
heard informally that Har-
court Developments may be
looking to sell or partner with
another company to redevel-
op the Royal Oasis.

“T heard there was some
interest from another compa-
ny in coming in and buying
out Harcourt, or working
along with them to get some-
thing going. Our staff in
Grand Bahama had got wind
of someone coming to Grand
Bahama to look at the prop-
erty, but we’ve received noth-
ing in writing,” said the Min-
ister.

A property management,
development and investment
company, Harcourt Develop-
ments acquired the Royal
Oasis in 2007. Its sale came
three years after the resort
was closed, having been dam-
aged by Hurricanes Jeanne

and Francis. The company
announced a $400 million
redevelopment plan to turn
the defunct hotel, located on
425 acres of property, into a
“high quality tourism desti-
nation”.

However, at the end of
2008, as the global financial
crisis bore down, tightning
flows of credit, Harcourt
Developments told the Gov-
ernment it would not be able
to proceed with its plans to
bring the hotel back on
stream for the time being.

Drawings

Prime Minister Hubert
Ingraham stated that the com-
pany “sent my office a num-
ber of drawings and render-
ings as to what they are
proposing to do when they
are in a position financially to

Three years on, the compa-
ny has continued to develop a

NOTICE

SAFE HAVEN HOLDINGS LIMITED

NOTICE IS HEREBY GIVEN as follows:

SAFE HAVEN HOLDINGS LIMITED is in dissolution under the
provisions of the International Business Companies Act 2000.

The dissolution of the said Company commenced on the 15
December 2010 when its Articles of Dissolution were submitted
to and registered by the Registrar General.

The Liquidator of the said Company is Edward John Sweet of 11-
12 Esplanade, St. Helier, Jersey, Channel Islands.

Dated the 15" day of December, 2010

H & J Corporate Services Ltd.

Registered Agent
for the above-named Company



number of properties in its
portfolio around the world,

but appears no closer to hau i
able to fulfill the commitment }
it made regarding the Royal }
Oasis in 2007, shortly before ;

the general election.
Peter Turnquest, president

of the Grand Bahama Cham- }
ber of Commerce, said the }
continued inoperational sta- }
tus of the hotel six years after } . .
it closed is “a very unfortu- } tors need on a daily basis, I
nate circumstance” for Grand }
i see them come from local

Bahama.

“Tt’s a very significant loss i
for us. Even more so than the :
jobs lost, it was a symbol of i
? quantities of construction
? material could be sourced
i from Bahamian suppliers for
: the Baha Mar project, Mr
: Wrinkle said the BCA had
? been told by the developer’s

“Tt is unfortunate, too, that management team “that not

oS fae eee rasa i all the material is going to
ye 2 be procured tom China”,

the overall economy of Grand
Bahama, it being one of the
major draws on the island his-
torically, so it does stand out
as a sore thumb,” Mt Tun-
rquest said.

than redeveloping the hotel,

which could have provided :
cash flow for other projects. i acknowledged that oe
I’m sure they had their rea- : aa ae erie

sons, but it means we’re stuck | Med@ium-size conser

with an asset that is deterio- that they had been excluded

: from bidding on the Com-

rating by the day.

“Tt is a significant effect on } i L S
the economy. It employed } but said the BCA’s “first pri-
3,000 people at the peak of }
i ment approval for the Baha
: Mar project had been given
Our overall :

its operations, and we have
not been able to recover from
that effect.
tourism product suffers as a
result,” said Mr Turnquest.
When Tribune Business
spoke with Donald Archer,
operations manager for Har-

week regarding plans for the

returned this week and
attempts to reach him via
phone were not successful.

‘Anticipated from first
Bala Mar contracts

FROM page 1B

would not be surprised to

suppliers.”
Adding that the BCA was
“hopeful” that significant

Elsewhere, Mr Wrinkle

mercial Village contracts,

ority” - once formal govern-

- was to develop a pre-qual-

} ification process that would
? maximise the involvement
? of smaller Bahamian com-
i panies in the $400 million
? worth of work allocated to

court Developments’ head } them.

office in Grand Bahama last :

Hinting that the Com-

hotel, Mr Archer directed this ee : we eee
Hewapepey WC speak withe: 4 Mr Wrinkle told Tribune
company’s head office in } Bus :
Dublin, Ireland. Two e-mails | USInes>:
seeking comment this week

from Harcourt Develop- ; 49d medium contractor

ments’ chief marketing man- } Community with regard to
ager, John Doherty, regard- }
ing the Royal Oasis were not }
: to remember is that this ten-
: dering process started

i months ago.

“T know there’s
some concern in the small

exclusion from this bidding
process, but what they have



KPMG

cutting through complexity â„¢

To our valued clients

Please be advised that our office will be closed on the following dates:
« Friday, December 17, 2010, re-opening on Monday, December 20, 2010
« Friday, December 24, 2010, re-opening on Tuesday, December 28, 2010
« Friday, December 31, 2010 at 1:00 p.m., re-opening on Tuesday, January 4, 2011

We apologize for any inconvenienced caused.

AUDIT = TAX = ADVISORY

0 2070 PMG, a Bahamas partnership, and a member firm af the KPMG neteaork of indegendent member firms affiliated with KPMG International

Cooperative (“KPMG International’ |, a Swiss entity. All nights reserved.

20/302:

Puee

imagination at work | CASH SALES ONLY!

V.24â„¢-DEC. 3P'

Sales & Full Service Department

Rosetta & Montgomery Streets

322-2188/9

www.geoffreyjonesandco.com



“Those tenders went out
in March/April, long before
an agreement was made for
a $400 million package for
Bahamian contractors.
That’s only four buildings
and 15-16 companies bid-
ding for that.

“I would encourage con-
tractors not to get too upset
about not being included in
this bidding round, as it was
established way back.”

Four contractors had bid
on each project, the BCA
president added, and they
had to submit three to four
different bids due to the pro-
tracted nature of the
process. He added that
when the $400 million worth
of contracts for Bahamians
was split up, it would be
“distributed to a far wider
pool of contractors”, if not
in the three figures then cer-
tainly “several dozen”.

Process

Pledging that the BCA
would be “working hard”
with Baha Mar on a pre-
qualification process that
accommodated small and
medium-sized Bahamian
contractors as soon as final
go-ahead was received, Mr
Wrinkle said: “That is the
first priority for the BCA,
resolving a pre-qualification
process with Baha Mar that
maximises the number of
small and medium-sized
contractors who can meet
the criteria to bid the work.
Baha Mar has to give some
ground on this, and the con-
tractors have to move up.”

Explaining that the situa-
tion was a two-way street,
where Baha Mar was
accommodating and
Bahamian contractors raised
their game, Mr Wrinkle said:

“It’s a mutual endeavour. It
can’t be one side either
way.”

In the meantime, the
BCA would focus on pro-
viding the training that con-
tractors needed to partici-
pate in the Baha Mar pro-
ject, Mr Wrinkle stating that
they did not find the work
difficult as opposed to sort-
ing out the contract and
administrative aspects.
Pointing out that some
would have to adjust their
“work ethics” when it came
to arriving on time and get-
ting the work done in rela-
tion to Baha Mar, the BCA
president added: “It’s a dif-
ferent kettle of fish to build-
ing a home in Pinewood
Gardens. If we don’t per-
form, we’re not going to
Stay.

“We have a substantial
responsibility where we have
to deliver the product, and
it’s no easy task at all.
There’s a lot to done to
ensure we execute the work
as it’s supposed to be done.”

Getting the Baha Mar
project started would “start
the ball rolling” for the
Bahamian construction
industry both physically and
psychologically, Mr Wrinkle
said, sparking renewed sec-
tor activity and encouraging
smaller projects to also start
moving forward.

Sela

For the stories behind the
Meare Meso fs
on Mondays



NOTICE

ESTATE OF JOHN ORAGE KENNING,
(deceased)

Notice is hereby given pursuant to Section 29
of the Law of Property Act that any person having
a claim against or an interest in the Estate of John
Orage Kenning, deceased, late of Cable Beach in
the Western District of the Island of New Providence
in the Commonwealth of the Bahamas and who died
on the 2nd July, 2010 is hereby required to send
particulars in writing of his or her claim or interest to
Higgs & Kelly, Attorneys for the Executor, of P.O. Box
N-4818, 384 Bay Street, Nassau, and to send such
particulars not later than the 7th January, 2011, after
which date the Executor will distribute the Estate
among the persons entitled thereto having regard
only to the claims and interests of which they have
had notice, and will not, as respects the property so
distributed, be liable to any person of whose claim
he shall not then have had notice.

HIGGS & KELLY
Attorneys for the Executors

EXXONMOBIL EXPLORATION AND
PRODUCTION PORTUGAL LIMITED

NOTICE

Pursuant to the provisions of Section 137 (8)
of the International Business Companies Act
2000, notice is hereby given that the above-
named Company has been dissolved and
struck off the Register pursuant to a Certificate
of Dissolution issued by The Registrar General
on the 5" day of November, A.D., 2010.

Dated the 15th day of December, A.D., 2010.

Carol G. Gray
Liquidator of
EXXONMOBIL EXPLORATION AND
PRODUCTION PORTUGAL LIMITED



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





THE TRIBUNE

FRIDAY, DECEMBER 17, 2010, PAGE 5B



Customs to ‘name! INSURANCE REFORMS
GOING THE RIGHT WAY’

and shame’ firms

FROM page 1B

provided for under the cur-
rent Customs Management
Act. Taking matters to court
requires “a lot more investi-
gation”, and challenges can
exist in some cases in getting
key foreign witnesses to testi-
fy.
“They may be prepared to
give information but they may
not be as forthcoming to
come to the Bahamas and
stand before a court of law,”
said Mr Gomez.

However, with maximum
“in house” penalties of $5,000
under the Act, and no provi-
sion for the public to be made
aware when firms are found
guilty under current legisla-
tion, there is in some cases lit-
tle incentive for businesses
not to re-offend.

Asked how much the fine
may be increased by under
the new legislation, Mr
Gomez said: “We have rec-
ommended that it be
improved quite a lot. There

would also be certain other
penalties that will apply that
may not now apply to act asa
deterrent. We will also make
it public. You’re not coming
here and walking out as if
nothing happened. People will
know Customs caught you
doing this and that. Bahami-
ans always want to give the
impression they are above
board, but if I know you are
charging me high prices for
goods but evading Customs, I
might think twice about
patronising your business.”

Corruption

As for corruption in Cus-
toms, which might in some
cases facilitate businesses who
may wish to evade paying
duty, Mr Gomez said he
believes it has been “cur-
tailed” to a degree.

“We wouldn’t want to be
an ostrich with its head in the
sand and say it’s stopped; it’s
still there to some level, but
it’s not what it used to be
when I came in 2009. We

let's do a professional job,” }

he added.

Mr Gomez said that under
the new Code of Conduct to
be introduced in the Customs
Management Act, the

ciplinary issues.

FROM page 1B

? and industry were set to take, Mr Ingraham said:

want to do more to try to get i “I suspect that by the end of January we will be
people to focus on the fact ¢ ina position where we pretty much know where

! 1 : . :
that we're professionals, SO } we are on all issues going forward.”

Emphasising that both were keen to resolve the

: situation well before the remaining Insurance
: Act regulations took effect in September next
i year, the BGIA chair told Tribune Business:
i “Both sides are keen to get a definitive position,
i so that concerned companies can work towards
Department will be able to }
more successfully address dis- }
? for all concerned,” Mr Ingraham added.

“Right now, you find that if :
we warn an officer about :

quences,” Mr Gomez said.

not just from Customs, and if :
there are complaints an offi- i
cer has to answer, he will go ;
before the committee and }

CUSTOMS REVENUES
UP S8M OVER 2009

FROM page 1B

Department for the five-month period over
2009 figures to “in most part, the vigilance of
customs officers”.

“We are very pleased that the officers are
doing their jobs in a much more professional
way. They are more enthused about what they
are doing despite withdrawal of overtime.
They are detecting more things, and we are
quite pleased with their performance so far,”
said Mr Gomez.

However, he admitted that the collections
are still below the Government’s expectations.
Meanwhile, the Department is seeking to
address a “grave” smuggling problem in the
country, he said.

“The Ministry of Finance makes certain esti-
mates for the Department, and a lot of times
there's a variance between what we do and




wpe

Tene

the Customs chief.

that definitive position come September 2011.
“The sooner we get that sorted out, the better

Under the proposed reforms, debt securities,
preference shares and mutual fund shares listed

something you have to use } ona recognised stock exchange are included

General Orders and it does ; among ‘admissible assets’, as are unlisted pref-

Bon » = : ‘“ :
not always fit in with a uni- } erence shares or “other debt instruments or

formed entity. We are struc- investments approved by the Commission”.

turing it to Customs: What a } : : ho :
customs officer does. what is : bY Bahamian general insurers “will be permitted
expected for him to door not ; 284 qualifying asset” provided it is used to sup-
do. and what are the conse- ; Port policyholder habilities in that nation.

In addition, cash held outside the Bahamas

The Insurance Commission also gave itself

“Tt will al i : freedom to approve other qualifying asset cate-
thi TE ee ee i gories, while non-listed mutual funds would qual-

ee s aaa 7 i ify on a pro rata basis determined on their under-
committee to be made up 0 i lying assets.
about five persons who are

Discounts

When it came to asset discounts, the Insur-

their penalty will be decided.” ? ance Commission reduced the one on private
“+ company ordinary shares “up to a maximum of 5

i per cent of admissible assets, exclusive of invest-
i ments in private companies” from the initial 100
i per cent to 25 per cent.

Rather than impose a 75 per cent ‘across-the-

i board’ discount on all debit balances due from
? agents, brokers and sub-agents, the Insurance
? Commission has adopted for a more nuanced
i approach.

Balances between 0-30 days outstanding will

i incur a 20 per cent discount for purposes of sol-
i vency margin calculation; those 31-90 days out-
i standing a 50 per cent discount; and those more
i than 90 days outstanding a 100 per cent discount.
what the Ministry of Finance has estimated :
that we do, so that's always the dialogue,” said i
i modal past due”.

Meanwhile, Mr Gomez told Tribune Busi- }
ness he “knows nothing about” an Inter-Amer- i
ican Development Bank-funded technical i
cooperation project involving the Bahamas :

Customs Department.

ed on the IDB’s website yesterday.

The same approach is also being taken with
regard to “outstanding premiums more than one

Those premiums 0-30 days past due will not be
discounted, but those 31-60 days and over 60
days past due will suffer 50 per cent and 100 per
cent discounts, respectively.

The Insurance Commission has also included

Preliminary details of the project were post- i debt and preference share securities, plus mutu-

i al funds, in its definition of securities, subjecting

Department in the Bahamas”, the IDB said the i
initiative is intended to assist the Customs }
Department with the “implementation/cus- }
tomisation of customs training modules” and
the “restructuring of the training function with- :

in the Customs Department”.

Minister of State for Finance, Zhivargo
Laing, who has ministerial responsibility for ;
Customs, also said he was unaware of the pro- }

ject yesterday.



Christmas Sale
3 Te Only (Thur/Fri/Sat)

m QO r
wat

% by ae
“Christmas Tree”
off ~ by Spode

special thru Dec 31st, 2010

1 eee

Mall at Marathon

Monday-Friday 7:00am-8:00pm
PAU Te Atte)
RTT p + oa foes

Mee Acute eRe

Saturday

Oh re Ree ey1
Fax: (242) 393-4096

except on
Amy

elite,
ea el
Giftware
eS e

-Ornaments
- Flowers/Wreaths
& Garland

- Housewares
& Giftware

sale dates
Dec 16/17/18

0

Open
7am-9pm



Under the title “Strengthening the Customs } them to a 20 per cent discount.

Cash held outside the Bahamas will not have to

be discounted at all. In an earlier August 13,
2010, letter sent to Insurance Commissioner
Lennox McCartney, the BGIA had argued that
the initial discounts were "extremely punitive" in
comparison to other regulatory regimes and rat-
ing agency requirements.

"In particular, corporate bonds, mutual fund
and preference shares are inappropriately lumped
into ‘other assets', and receive a 100 per cent
discount unless approved for a lower discount
by the Commission,” the BGIA letter said.

"The industry is of the view that a 100 per
cent discount is inappropriate for the over-
whelming majority of such investments..."

The BGIA instead proposed discounts more in
line with Canadian regulatory requirements, and
warned of the Insurance Commission's proposed
asset discounts: "The excessive level of the exist-
ing capital requirements will restrict the ability of
local insurers to compete in the region and will
lead to higher consumer prices.

"The requirement to seek approval for the
use of a more appropriate discount factor for
many of these ‘other assets’ will be a huge busi-
ness interruption for the industry, will consume
significant resources of the Commission, with-
out yielding significant benefits."

The BGIA letter instead proposed that rather
than a 100 per cent discount, mutual fund shares
receive only a 15 per cent discount if they were in
a fund recognised by the Securities Commission.
Otherwise, a 25 per cent discount should be
applied.

Corporate bonds were recommended for an 8
per cent discount if they were held in a company
listed on a recognised exchange, 12 per cent oth-
erwise; with the same requirement for prefer-
ence shares - a 15 per cent discount if held in a
listed company on a recognised exchange, 20 per
cent if not.

The BGIA letter also warned that a 100 per
cent discount on investments in ordinary shares
of private companies was "excessive in the vast
majority of circumstances", and should be
reduced to 25 per cent.

Elsewhere, the Insurance Commission gave
companies permission to borrow sums not to
exceed more than 5 per cent of assets if, in the
case of a catastrophe hazard, it had not respond-
ed to a request for approval within two business
days.

To ease the burden on sub-agents, the Insur-
ance Commission has raised the threshold at
which they have to be registered (incorporated)
from $100,000 to $250,000 in annual commis-
sions.

In addition, sub-agents will not be permitted to
sell insurance for more than one company - life or
general - to avoid potential conflicts of interest.

THE CLEARING BANKS ASSOCIATION

i

Announces

Christmas Holiday Banking Hours

Thursday, December 23, 2010
9:30am — 4:30pm

Friday, December 24, 2010
9:30am — 1:00pm

SATURDAY, DECEMBER 25, 2010
CLOSED

MONDAY, DECEMBER 27, 2010
CLOSED

Normal Banking Hours will resume on
Tuesday, December 28, 2010
(9:30am — 3:00pm)

Bank of The Bahamas Limited
Citibank, NA.
Commonwealth Bank Limited
Fidelity Bank (Bahamas) Limited
FirstCaribbean International Bank (Bahamas) Limited
RBC Royal Bank (Bahamas) Limited
Scotiabank (Bahamas) Limited



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





PAGE 6, FRIDAY, DECEMBER 17, 2010 THE TRIBUNE

LOCAL NEWS



BIGGEST
BEST SELLER




THE
NEW

2011

BAHAMAS HANDBOOK

TELLS IT ALL

AVAILABLE AT HEWSSTANDS

‘; 7 Ghenne Dupuch Jr Peblcaticns
| Tat T3004, Massa, Dahan









: Depre DBahamas |

“Fohumiies Gif aie @ difieac

lneites you to our Christnoes
2010
Customer Apprectetion
Weekend!!!

For the bast to teautital Aethentle Brhenlyo
atts & crafts

a
: as: f
Discounts for Ep ery dated! ff
i ~
Priday 1? December 2000 = 11K) AM = Srlhb PAM
Saterday 18 December P0100 — 11-00A00 — 5:00 PAD
Weetiag Streeé, Nassau

ee oe POT PF

&- mart oF Heitor ‘yer foo.com

‘ » Bethel Brothers Morticians

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

Funeral Service For

RAMON JEAN BROWN, 52

of Delaporte Point, will
be held Wednesday,
December 22nd, 10am
at St. Agnes Anglican
Church, Baillou Hill
Road. Archdeacon I.
Ranfurly Brown,
assisted by Rev. Fr. Neil
Nairn and Rev. Canon
Warren Rolle will
officiate. Interment will
follow in Lakeview
Memorial Gardens,
John F. Kennedy Drive.

He is survived by his parents, Reno Jean Brown
and Mary Katherine (ee Johnson) Brown; son,
Rico Ray Brown; grandchildren, Cion Rayann
Brown and Taray Brown; siblings, Julian R.
Brown and Renee D.M. Saunders-Forsythe; in-
laws, Erika Brown and John Saunders-Forsythe;
nieces & nephews, Natasha Brown, Reno Brown
II, Julian Brown Jr., Janaye Saunders-Forsythe
and Jayna Saunders-Forsythe; aunts, Ann Cooke,
Jacqueline Silva, Pauline Outten, Constance
Smith, Persis Lawerence, Vienna Johnson,
Marsha Johnson, Yvonne Johnson, Rhonda
Chipman-Johnson, Inez Fernandes (Freeport)
and Patrica Sweeting (Freeport); uncles, David
Johnson, Blaze Johnson, Don Cooke, Mike Silva,
Keith Outten, Charles Sweeting (Freeport);
cousins, Desiree, Lynne and Tracey Johnson,
Shelley Cooke-Seymour, Sterling (Erica) Cooke,
Bobbi Cooke-Mclver, Anthony (Tamika) Cooke,
Elaine and Monique Beckles, Darlene
(Herschell) Small, Jasmine Moxey and Miguel
Silva, Marvin (Jennifer) Johnson and Parhon
Johnson, Vaughn (Jennifer) Burrows and Kirsten
Outten, Dominique Johnson and Davina (Toure)
Johnson-Holder, Charles Blaze Jr., Vonnance
and Makaya Johnson; Ian Smith, Jolyon (Dionne)
Smith, Nicole Smith, Jan-Yves (Swadeian) Smith,
Andre Lawrence, Yvette (Barry) Bethea, Suzette
(Ken) Lewis and Juilette (Tim) Ross, godchild,
Samantha Russell; other relatives & families,
The family of the late Sidney, Stephen, James,
Ronald, David, Richard, Joseph, Mary and
Lovely Johnson-Wilkinson of Fresh Creek,
Andros, The family of Charles and Patrica
Sweeting, The family of the late Lloyd and
Newton Bain, The family of Ethlyn Major,
Marguerite Jackson and family, Maggie Moncur
and family, Christine Francis and family, Mr. &
Mrs. Charlie Swan, Mr. & Mrs. Sammy Russell,
Sidney Bain, Cecil Moncur, Adrian Bowe,
Gregory Strachan and many more too numerous
to mention.

NO PUBLIC VIEWING.

Butler’s Funeral Homes

& Crematorium

Telephone: 393-2822, York & Ernest Sts.
P.O. Box N-712, Nassau, Bahamas

Memorial Announcement

Peter Frederick
Stevenson, 65

of Shirley Street will be
held on Monday 20th
December 2010 at 10:00
a.m. at St. Francis
Xavier Cathedral, West
Street. Officiating will
be Rev. Fr. Glen C.
Nixon.

Left to cherish his

memories are his

mother: Hazel Moore;
two sons: Damon and Dereck Stevenson; one
brother: Robert Stevenson; two sisters: Anne
Curtis and Grace Moore; two aunts: Tenny Isaacs
and Norma Allen; nieces and nephews
including: Donahue Stevenson, Stanton Sullivan,
Monique Treco, Felice Saunders, Linly Stevenson,
Jodi Curtis, Tanai and Maya Stevenson, Ken
Saunders and Patrick Treco; grand nieces and
nephews including: Christina Saunders, Megan,
Fidel and Alistier Stevenson, Patrick Jr.,
Christopher, Steven and Nicholas Treco, Brian
Knowles and Cramon Smith; two brothers-in-
law: George Curtis and William Sullivan; and a
host of other relatives and friends too numerous
to mention.

Funeral Arrangements are being handled by
Butlers’ Funeral Homes & Crematorium,
Ernest & York Streets.

KEMP'S FUNERAL HOME LIMITED

22 Palmdale Avenue, Palmdale
Nassau, N.P., The Bahamas

A Memorial Service for

Mrs. Helen Mary Phillips
née Sears

of Blair Estates, Nassau,
The Bahamas will be held

eq at St. Andrew's Presbyterian
Kirk, Princes Street, Nassau
on Saturday, 18th
December, 2010 at 2:00
p.m.

Rev. Bryn MacPhail will
officiate.

'| Mrs. Phillips was

predeceased by her

husband, Mr. Lewis Charles Phillips; her parents, Lt.
Col. Edward D. Sears and Mrs. Gladys S. Sears.

She is survived by her sons, Lawrence Charles Phillips
and Richard John Phillips and her daughter, Barbara
Anne Bruce; grandaughters, Kirsten Seebald, Alexandra
Callender, Tanya Molnar, Kelly Dodge and Brooke
Phillips; her sister, Daphne Lee; her son-in-law, Graham
Bruce; her daughters-in-law, Dorothy Phillips and Diane
Phillips; grandsons-in-law, Matthew Seebald, Louis
(Skip) Molnar, Todd Callender and Nathanael Dodge;
great-grandchildren, Ashley and Richard Seebald,
Katelyn and Cameron Callender and Emma Dodge;
other relatives and friends, including Grace Tendilla,
Ruth Knowles and Dr. Jan Kelly.

In lieu of flowers, donations may be made to R.E.A.C.H.,
P.O.Box N.9272, Nassau or the Cancer Society of The
Bahamas, P.O.Box SS 6539, Nassau in Memory of Mrs.
Helen M. Phillips.

Arrangements by Kemp's Funeral Home Limited, 22
Palmdale Avenue, Nassau, N.P., The Bahamas.

CM, COS

“A Step Back in Time”

First corner left off Sears Rd.,first building on the right
#6 Murphyville Road,
Store Hours: Mon - Sat 10am - 6pm
Telephone: 322-6493

(Security will escort you to your car]

DON'T FORGET OUR CHRISTMAS SALE
GOING ON EVERY DAY UNTIL CHRISTMAS EVE!
UPTO 50% OFFI

Shower Curtains by Vanity, with sequins and glitter Reg, $90.00 now

$45.00
Battenburg Valance white, 60" x24" Reg. $23.40 naw $15.68, for one.
Nice for bathroom $ 23 well

"Olivia" Lace Swag fone pairl 72x36" white reg. $14.50 now $70.85
PL SAV. prs. avavable.

Vintage Glass Chvisimas Tree Omaments $25.00 box

Antique Pink Pitcher and Glass Beverage Set Reg. $120.00 now $72.00
Fostoria Crystal Pink Goblets 4 pes, reg S64 now $35.20 - 8 available,
Fostoria Crystal Smokey Grey Goblets 4ocs. reg $49.40 now $29.64
more available,

Fostoria Crystal Lt, Blue Ai Ball 4 pcs, rag, $46.20 now $30.94 more
available

Fostoria Crysta’ Lt Green iced Tea Glass 4 pes. Reg, $64.00 now
$35.97 more a available

Carnival Glass Wine/Gablet Green Reg, HE 50ea now $10.00 ea. only
J avawanle.

Girls Velvet Smocked Dresses Red and Green Velvet and Hand
Smocked Floral Cotton §25,00 and up,
Teens’ vintage panty dresses $30 and up.



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



THE TRIBUNE

FRIDAY, DECEMBER 17, 2010, PAGE 7B







AP Photo/Alex Brandon)

TESTIMONY: Treasury Secretary Timothy Geithner testifies on Capi-
tol Hill in Washington Thursday, Dec. 16, 2010, before the Congres-
sional Oversight Panel hearing on TARP.

BANKS SMARTEN UP BRANCHES T0 woo CUSTOMERS

© In brief

Oil falls on
euro Zone
dehit crisis

NEW YORK

Oil prices slid Thursday
below $88 a barrel on con-
cerns about the euro zone
debt woes which overshad-
owed another batch of posi-
tive economic news in the
United States.

While European leaders
debated how to counter the
region's painful debt crisis,
US. government agencies
said fewer Americans applied
for jobless benefits and hous-
ing starts rose slightly in
November. That followed ear-
lier reports that factory pro-

duction and retail sales posted } st at eas
: major life decisions in person.

gains in November.
Benchmark oil for January
delivery fell 92 cents to settle
at $87.70 a barrel on the New
York Mercantile Exchange.

Michael Lynch, president of }
? New York City's Union Square
? neighborhood.

Strategic Energy & Economic
Research, said traders are
cautious because signs of the
improving economy have
been offset recently by occa-
sional warnings about infla-
tion as well as unemployment
that remains at 9.8 percent.
Also, the dollar got a little

stronger on Thursday, making }
? lobby. At a ribbon-cutting cer-
; emony, CEO Vikram Pandit

oil more expensive for buyers
with foreign currency.

Most global crude demand
growth this year came from
emerging economies, led by
China. Some analysts expect
Chinese demand for com-
modities will likely fade in
coming years as the economy
shifts toward services.

FedEx sees strongen more :

halanced global recovery

SAMANTHA BOMKANP,
AP Transportation Writer
NEW YORK

FedEx Corp. thinks the
global economic recovery is
becoming more balanced, as
growth improves in Europe
and the U.S. while it moder-
ates in Asia.

After the company on
Thursday reported lower
quarterly earnings but raised
its outlook for the fiscal year,
CEO Fred Smith said that
shipping demand from both
consumers and businesses is
picking up. And he expects
stronger manufacturing and
industrial production to push
shipping volume higher in the
coming months. Smith said
Asian economic expansion
has slowed, but it's still grow-
ing faster there than else-
where. European economies
are performing better-than-
expected, he said, while the
US. economy is gaining
steam.

"I don't think we're ever
going to catch Asia, and I
don't think anyone expects us
too," said Jeff Kauffman, an
analyst with research firm
Sterne Agee. "But I believe
FedEx is saying ‘the world is
looking better than we
thought three months ago."

FedEx, based in Memphis,
Tenn., is the world's second-
largest package delivery com-
pany. It is a bellwether of
global economic health
among analysts and econo-
mists because it ships a wide
variety of goods, which
reflects the ups and downs of

business and consumer spend- }

ing.

: CANDICE CHOI,

? AP Personal Finance Writer
: NEW YORK

The personal touch is mak-

? ing a comeback.

That old-fashioned habit of

} stopping in at your local branch
? is being encouraged again as
? the banking industry looks to
put the spark back in service.

The push to cozy up to cus-

? tomers is part of a strategy to
? compete in a radically chang-
? ing marketplace. Most notably,
: a battery of regulations signed
? into law this year will sharply
limit the credit and debit card
i revenue that fattened industry
? profits in recent years.

To recoup some of those lost

? billions, banks want to squeeze
? more from each customer. That
? means convincing them to sign
? up for a wider range of services,
: including mortgages and wealth
i management. And customers

are still more at ease making

It explains recent moves by

the industry's biggest players:

—Citi: On Thursday, the

bank opened its first flagship

location on a busy corner in

With sleek leather couches

? and soft lighting, the airy space
? resembles a modern hotel lob-
: by and has a private seating
? area for premium customers. It
? also offers free WiFi and 24-
? hour customer service assis-

tance via video in the ATM

Geithner says bailout will
cost less than $25 billion

MARCY GORDON,
AP Business Writer
WASHINGTON

Treasury Secretary Timo-
thy Geithner said Thursday
that the $700 billion financial
bailout will end up costing
taxpayers less than congres-
sional analysts have estimat-
ed.

The Congressional Budget
Office has estimated that tax-
payers will lose $25 billion on
the rescue of banks, other
financial institutions and
automakers that came in at
the peak of the crisis in the
fall of 2008.

Geithner told a hearing by
a congressionally appointed
panel that it will cost less than
that.

"Those estimates are now
around $25 billion," Geithner
said. "They are too high, in
my judgment. Ultimately,



PERSONAL TOUCH: Citi CEO Vikram Pandit at the new high-tech



INTERNATIONAL
BUSINESS

they'll be lower.”

Geithner didn't provide
another cost estimate.

Measured in cost, he said,
the bailout "will rank as one
of the most effective crisis-
reponse programs ever imple-
mented."

AP Photo/Mary Altaffer

banking center in New York Thursday, Dec. 16, 2010.

said Citi plans to open similar
locations around the country.

To inspire warmer service,
the bank also shut down
branches early one Saturday in
September to stage revival-like
training sessions for employees.
They were encouraged to jump
up and shout suggestions on
how to win over customers.

Additionally, hours at select
locations were expanded in the
past year; and pay for branch
managers is now tied to cus-
tomer satisfaction surveys.

—Bank of America: The
nation's largest bank is adding
mortgage, small business and
investment specialists to select
branches early next year. The
aim is to gauge how they can
help attract more customers.

Personal bankers are also
being trained to spend more
time with customers.

"I'm not just trying to move
customers in and out," said
Felipe Pradas, who works at a
Bank of America in New York
City. Now he asks new cus-
tomers more personal questions

BAINBRIDGE SECURITIES LIMITED
(In Voluntary Liquidation)

Pursuant to the provisions of Section 137 (4) of the
International Companies Act 2000 notice is hereby
given that the above-named company is in voluntary

dissolution, commencing 3".

November 2010 Articles

of Dissolution have been duly registered by the Registrar.
Miss Jill McKenzie, Brittany Investment Company Limited,
Bahamas Financial Centre, Shirley and Charlotte Streets,
P.O. Box N9346, Nassau, Bahamas is the Liquidator.

All persons having claims against the above named
company are required on or before the 3â„¢. December 2010
to send all their names, addresses and particulars of their
debts and 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 2â„¢. November, 2010

Jill McKenzie
Liquidator



SHELDON SECURITIES LIMITED
(Un Voluntary Liquidation)

Pursuant to the provisions of Section 137 (4) of the
International Companies Act 2000 notice is hereby
given that the above-named company is in voluntary
dissolution, commencing 3. November 2010. Articles of
Dissolution have been duly registered by the Registrar.
Miss Jill McKenzie, Brittany Investment Company Limited,
Bahamas Financial Centre, Shirley and Charlotte Streets,
P.O. Box N9346, Nassau, Bahamas is the Liquidator.

All persons having claims against the above named
company are required on or before the 3â„¢. December 2010
to send all their names, addresses and particulars of their
debts and 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 2â„¢. November, 2010

Jill McKenzie
Liquidator



so he can suggest the optimal
products. He even introduces
them to the branch manager as
a finishing touch. Bank of
America wants to diminish the
frustrations that can stem from
its size.

Customers who have prob-
lems that can't be resolved
immediately in the branch are
now issued a tracking number
so they know the matter won't
be lost.

The most important fact, he
said, is that the governmen-
t's combined investments in
banks, financial institutions,
automakers and credit mar-
kets "will show a positive
return,” he said.

"The losses will be limited
to the amount we spend on
our housing programs."

Stronger

Geithner said the U.S.
financial system today "is in a
much stronger position than it
was before the crisis."

Still, he acknowledged, with
unemployment hovering at an
average 10 percent, "Our
work is not done. ... The dam-
age is still profound and trag-

He also said the housing
market remains weak.
Geithner said the govern-

ment is trying to keep as
many struggling borrowers as
possible in their homes in sev-
eral programs and is putting
downward pressure on mort-
gage rates through agree-
ments with finance companies
Fannie Mae and Freddie Mac.
The government has been
buying securities backed by
mortgages that are issued by
Fannie and Freddie.

Sen. Ted Kaufman, the
panel's chairman, said the
economy “is in a tremen-
dously better place today than
it was" before the financial
rescue came in.

"But we must not forget the
pain that continues to plague
so many Americans," he said.
"Fifteen million Americans
still cannot find a job.

“As many as 13 million
families will lose their homes
to foreclosure in the next few

t

Legal Notice

NOTICE
CANCER INVESTMENT
OVERSEAS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced

on the 1st day of February 2010. The Liquidator
is Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)



Cib=1 14th

Ministry Of National Security

Police Department

TRAFFIC PRESS RELEASE NOTICE

THE ROVAL BAHAMAS POLICE FORCE

INFORMATION

“BEAT RETREAT"
SUN :

ER, 2010

The Royal Bahamas Police Force Bard will stage a “Beat Retreat” an Bay Street between
(Charlotte and East Streets on Sanday, 19 December, 2000 commencing al 4:00 p.m.

ROAD CLOSURE

From 2900 pum until after the Beat Retreat, the folkewing streets will be closed to vehicular

traffic:

BAY STREET BETWEES CHARLOTTE STREET AND EAST STREET

PARLIAMENT STREET BETWEEN WOODES RODGERS WHARF AND SHIRLEY

STREET

BANK LANE BETWEEN BAY AND SHIRLEY STREETS

EAST STREET BETWEEN BAY AND SHIRLEY STREETS

TRAFFIC DIVERSION

From 2:00 p.m. vehicular traffic east along Bay Street will be diverted north along Charlotie
Sireel to Woodes Rodgers Wharf, east to East Street, south on Enst Street io Bay Street amd east

onlo Hay Street.

Vehscular Traffic treveling north on Exst Street will be diverted weat omto Shirley Street.

BO PARBING

BAY STREET BETWEEN EAST ANT
CHARLOTTE STREETS

PARLIAMENT STREET BETWEEN
WOODES RODGERS WHARF ANT

SHIRLEY STREETS

BANK LANE BETWEEN BAY AND
SHIRLEY STREETS

EAST STREET BETWEEN SHIRLEY
AND BAY STREETS

BANK LANE BETWEEN SHIRLEY AND

BAY STREET

BOTH SIDES

BOTH SIDES

BOTH SIDES

BOTH SIDES

BOTH SIDES

Ellison E. Greenslade
Commissioner of Police.



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



Full Text


WAKE UP!

Try our
Big Breakfast Sandwich

Pim blowin’ it

(i) The Tribune



LATEST NEWS ON WWW.TRIBUNE242.COM

HIGH
LOW

82F
68F

FULL DAY OF
SUNSHINE



Volume: 107 No.23

Customs to

Be
Ee

BAHAMAS BIGGEST

shame’ firms
SEE PAGE 1B



SEE SECTION E



BIC sale ‘violates
convention rules

Unions take fight to
international body

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

BAHAMIAN _ trade
unions went international
with their fight against the
sale of BTC to Cable and
Wireless, making good on
threats to intensify their
opposition.

In a formal complaint
made to the International
Labour Organisation (ILO),

“Employers and workers
shall be represented on an
equal footing on any bodies
through which consultations
are undertaken,” states a
section of the convention on
tripartite consultation
between representatives of
the government, employers
and workers.

Bernard Evans, president
of the Bahamas Communi-
cations and Public Officers
Union (BCPOU), confirmed



union leaders claim the gov-
ernment is in violation of
Section 144 of the ILO Con-
vention.

the move after an all-day
meeting with the National

SEE page eight

BTC union leaders seek
to have injunction lifted

BTC union leaders are expected back in court today as their
attorneys will seek to have an injunction restricting any unlawful
industrial action against the company lifted.

On Wednesday, union leaders led a demonstration on Bay
Street in protest of the government’s plan to sell 51 per cent of the
state-owned company to Cable and Wireless Communications
(CWC).

Last week, BTC obtained a court injunction which restricted the
unions involved - the Bahamas Communications and Public Offi-
cers Union (BCPOU), and Public Managers Union (BCPMU) —
from "inducing employees of BTC to break their respective con-
tracts of employment by taking part in any unlawful industrial
action against BTC".

Union leaders maintain they did nothing illegal.

Bernard Evans, president of the BCPOU, and William Carroll,
president of the BCPMU, are listed as defendants in the matter.

Festive





EMOTIONAL SCENE: Theresa Gibson with
Baha Mar executive Richard English, from
Winter Park, Florida.

By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net

A GRIEVING single mother forced out
of her home when she was unable to pay the
rent was moved to tears by the generosity of
a Tribune reader who has pledged to help
her and her daughter find a new home for
Christmas.

Baha Mar executive Richard English,
from Winter Park, Florida, was so moved by
The Tribune’s article about Theresa Gibson
and her daughter being forced out of their
rented apartment, he offered to pay for
them to move into a new home and cover
her rent for the first three months.

They shared a tearful embrace as they

SEE page 10














3

Felipé Major/Tribune staff

















TWO WEEKS T0
CHECK BIC SALE
‘A SLAP IN FACE’

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

TWO weeks to scrutinise
“all the facts and documen-
tation” relating to the sale of
BTC to Cable and Wireless
is a “slap in the face”, oppo-
nents claimed last night

“Two weeks notice is after
the fact. For a document you
have already signed, several
weeks ago, you are going to
set the date for its release two
weeks prior to its debate in
the House of Assembly,” said
Terry Miller, president of Civ-
il Society Bahamas, an
umbrella body for civic organ-
isations.

“In the absence of all the
facts, what we can clearly say

SEE page eight

‘PIRATE TREASURE’
LAND TURF WAR
IS STEPPED UP

THE turf war for land
which is thought to be the
final resting place of billions
of dollars worth of pirate trea-
sure stepped up a gear last
night.

As government officials
updated residents in San Sal-
vador on the clear title to land
in Fortune Hill, another land
owner has come forward
claiming ownership of the dis-
puted property.

With a plethora of maps,
survey plans, and aerial pho-
tographs in hand, Dennis
Bethel sat down with The Tri-
bune yesterday and claimed
the government was making a
critical mistake and should
stop forthwith before legal
action is taken.

“They have a surveying

SEE page eight

CCTV CAMERAS 10
MONITOR NASSAU
STREETS NEXT YEAR

By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net

AN INTEGRATED net-
work of CCTV cameras will
start to monitor the streets of
Nassau next year in the first
wave of a new initiative to
assist police in the fight
against crime.

Plans formulated by the
National CCTV Steering
Committee with guidance
from American consultants
Hudson Sterling LLC are
expected to be implemented
in six to nine months time as
85 cameras across New Prov-
idence are linked by a nation-

SEE page 10

TOPS

DUMBER & PLUMBING





NASSAU AND BAHAM/

ISLANDS LEADING NEWSPAPER
PAGE 2, FRIDAY, DECEMBER 17, 2010

THE TRIBUNE



LOCAL NEWS

By Celeste Nixon
Tribune Staff Reporter
cnixon@tribunemedia.net

SANTA Claus and St Andrew’s students
demonstrated the true meaning of Christmas by
donating gifts to underprivileged children in
New Providence.

Santa visited St Andrew’s Primary School
yesterday morning, bringing all the best of the
holiday season with him.

Santa, Ms Claus and their helpers were given
a merry welcome when they made their grand
entrance riding the Builder’s Mall fire truck.
Excited students from grades one through six
brought gifts for Santa to give to less fortunate
children throughout the island, in an effort to
ensure that everyone has something to open
on Christmas morning.

The “Reverse Santa” programme encour-
ages children to think about the happiness of
others, and teaches about the importance of
charity and selfless giving — especially during this
time of year.



Y

,

GANA- «

‘Tis the season to help
less fortunate children

Each class visited the North Pole to present
their gifts to Santa, sang carols, and were told
about the true meaning of Christmas.

"Christmas is a time for giving and it’s impor-
tant to help those less fortunate in our country,"
said Santa. "It feels really good to give gifts to
those who do not have anything,” said a sixth
grade student. St Andrew’s board chairman
Robin Brownrigg, a Santa veteran of 37 years,
sang Christmas carols with the students, col-
lected presents and gave out candy canes.

Playing Santa has become a tradition for Mr
Brownrigg, who has been dressing up for St
Andrew’s students for the last 10 years, each
year arriving by means of a different mode of
transportation — but always in style.

Re

East Bay Street, Just East of Luciano’s
Telephone: (242) 323-6711 - 323-6715
Email Appointments/Inquiries to: info@baharetreat.com

__ Visit our website at: wwW.baharetreat.com

tarred

Previous visits featured a red mustang con-
vertible, red Volkswagen, red motorcycle and a
helicopter. This year, children shouted and
cheered ecstatically as Santa pulled up in a 40-
foot red fire truck driven by Mark Roberts,
owner of FYP Ltd and Builder’s Mall, and a
survivor of a near fatal plane crash on Whale
Cay on October 6.

Santa’s helpers included Charlie Beall — who
is single-handedly supporting 800 orphans in
Haiti — and Andrew Bain, a national rugby
team member. The gifts will be delivered to
the Bilney Lane Children's Home, the Elizabeth
Estates Home for Children, the Ranfurly Home
and other shelters for children throughout New
Providence.

Spa

Hair Services for Men and Women, Massages, Facials, Waxing, Eyebrow Threading,
Body Sugaring Hair Removal, Manicures, Pedicures, Solar Nails
(Safer Alternative to Acrylic), Spa Parties and Much More.

2 SPA PACKAGES



Tim Clarke/Tribune staff

A TIME FOR GIVING: ‘Reverse Santa’ students from St.
Andrew’s school give Santa gifts to distribute to less for-
tunate children.

PRO-HANGING
ACTIVISTS T0
TAKE TO THE
STREETS AGAIN

PRO-CAPITAL punishment
activists will again take to the
streets on Saturday, urging the
government to “start hanging”
convicted murderers.

The relatives of murder vic-
tims will be supported by the
Workers Party, the NDP, the
Coconut Grove Business
League, the Carmichael Road
Business League and Super Val-
ue Food Stores. The march and
motorcade will begin at 9am in
the parking lot of City Market
on the corner of Village and
Wulff Roads.

In a statement issued yester-
day, the activists said: “The
murder count to date is 93. This
is a national scandal!

“The murder rate in the
Bahamas has to be reduced and
there is only one way to achieve
this objective — by hanging the
murderer.”

The group also want the gov-
ernment to support their call for
all accused murderers to be
denied bail.

“The Bahamian people are
urged to join this march and
motorcade as the level of crime
and murders is increasing almost
on a daily basis and destabilsing
our society,” the statement said.

E oni
ds Accepted Onlin,

Purchase any Spa Package during

Utopia...cccreccecseeee DADS ccssssecsessecsecereeOoSHIS
© Aromatherapy Body Polish

e Nourishing Body Wrap

© 90 minutes signature massage

(includes aromatherapy and hot stone)

© Chocolate Extravagance Antioxidant Facial
© Signature Manicure and Pedicure

(includes paraffin wax treatment)

Gourmet Lunch and Dinner included

(from Lucianos Restaurant)

Rejuvenate.........s0-170....0c000 SHES
Experience your well deserved rejuvenation with
Baha-Retreat Signature Massage or Facial. Then
enjoy a spa pedicure. Conclude with Shampoo and

Style.

Refresh.....s.socee G1 95 .ccccoseseeseeseeee4HES

Deep Cleansing Facial or Swedish Massage, Classic
Manicure and Spa Pedicure, Shampoo, Treatment
and Style.

Getaway.....ccssceeee S28 5ecsecesceeeseeeeeS AES

Begin with a luxurious European Cleansing Facial
Treatment, de-stress with a 50 minute Swedish
Massage, and enjoy delectable Spa Cuisine. Then
indulge in our Spa Pedicure and Manicure, and
leave us looking your best with Shampoo and Style.

The only package that keeps “giving” throughout the year. Once a
month you can come in with your choice of 50 min. Swedish Massage,

the month of December to be eligible.

© Executive Male Escape... S320 sesso 4irs. 30min,
An invigorating aromatherapy salt scrub that polishes the skin
and a 60 minutes deep tissue or signature massage. A spa
manicure and pedicure makes him a complete package.

e Executive Male De-Stress...$195...2hrs. 30min.
Deep tissue/signature massage, express facial, basic manicure
and classic pedicure.

© ESCape...ccroncsccnsssesnssseb 220 ocssesssenesessereees SHES. SOMIN.
Aromatherapy massage and vitamin c facial, a spa
pedicure and classic manicure.

© De-Stress...ocsersorscsoeee L5Seccssoeecseseeeeenee 2H. 15min.
Express massage, facial, manicure and pedicure, just what you
need to get you on your toes.

Leceretrorevsssessvndeesssrovoensreoec HEN,

IN WV TIN eae sseceraceneessvonersscmmmnsen
Body polish, Swedish massage, and a classic facial or basic
anti-aging facial.

© Daydream....ssesscsesssee PIs orreeceereeeeeree4hrs. 30min.
Takes you off into another world, includes the body polish, hot
stone massage, an anti-aging facial, signature pedicure, signature
manicure and lunch included.

or Basic European Facial, or Spa Pedicure and Manicure.

OPEN: Monday 10am- 4pm ¢ Tuesday - Saturday Sam - 6pm
Sundays 12 noon = 5pm (extended Hours During The Holiday Season)



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


PAGE 4, FRIDAY, DECEMBER 17, 2010

THE TRIBUNE





EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited

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

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

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

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

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

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

When did the unions purchase BTC?

TODAY MANY Bahamians are con-
fused. They would like to know when the
unions purchased the public’s telecommu-
nications company, which would give them
the right to say whether the company can be
sold and to whom.

As far as the public is aware those making
the noise in the public square are employees
of a publicly owned company with a con-
tract of service that can be terminated by
either side to that contract. In other words a
union’s only argument should be about the
employment of its members and the terms of
that employment, certainly not about the
ownership of the company. However, if
unionists believe they have an entitlement —
over an above their contract of service —
then they should bring their papers and pub-
licly prove their point. Otherwise, it is the
government — not the unions— that was
elected to represent the Bahamian people.
And it is the people, represented by their
MPs in parliament, who will have the final
say on the sale of BTC.

Bernard Evans, president of the Bahamas
Communications and Public Officers Union,
who has taken the union’s fight to the Inter-
national Labour Organisation (ILO), has
claimed the government was in violation of
an ILO convention which calls for the gov-
ernment to engage workers in a “transparent
manner to discuss issues of life-changing
effect.”

How can the union leader support this
complaint when he was on the BTC privati-
sation committee where the matter was dis-
cussed and recommendations made to gov-
ernment, and when the Prime Minister him-
self met with union executives and invited
them to meet for discussions with the pro-
posed new owner’s chief executive officer? It
is understood that at the meeting with the
Prime Minister, although the union leaders
expressed their displeasure at Cable and
Wireless as the new owners, they at least
agreed to meet with the company’s CEO
for a discussion.

David Shaw, CEO of Cable and Wireless,
flew in specially for that discussion. The
union sent its regrets.

They complain that no one will talk with
them, that they do not know what is going
on, that what is being done to them is
“wicked and intentional” because govern-
ment never truly wanted them to be “a par-
ticipant in that discussion.” How can there be
a discussion if one side to that discussion
refuses come to the table? How can doubts
and fears be discussed and removed if a rea-
sonable discussion cannot take place? Bul-
lying tactics will not succeed. The louder
they shout in the public square, the more
support they lose by a large segment of the
population, already dissatisfied with BTC’s
service.

= :
yw JSeason Sv

during the Christmas Holidays:

Friday, December 24, 2010 -

Christmas Eve - Closed at 1:00 p.m.

> . ;
‘ Greetings

Please be advised that Executive Motors Ltd. and
Quality Auto Sales Ltd. will be closed as follows

Mr Evans has accused the government of
trying to “muddy” the waters by compar-
ing the PLP’s terms of agreement to sell
BTC to Bluewater with the terms offered
to Cable & Wireless. He claims it is a “non-
issue” for the unions and hardly worthy of
comment.

Unfortunately, it is not a non-issue and is
most worthy of comment, because with the
Christie government, it was the union that
also agreed the Bluewater deal. Apparently,
the union had no problem with this untried
and untested foreigner named Bluewater,
nor did it protest the terms of that agree-
ment. Whenever it is referred to by Mr
Christie he is careful to make it clear that the
union was on board, and until now the union
has not protested.

The main dispute is that the PLP offered
Bluewater 49 per cent of the company, while
the FNM offered Cable and Wireless 51 per
cent. Now let’s examine the meaning of the
two offers in practical terms.

In the Bluewater agreement, manage-
ment and control of BTC was to be given to
Bluewater without it having paid for the
majority interest. Bluewater was also given
control of the board because it had a greater
number of directors on it. It also had com-
plete control of the day-to-day management
because it had sole authority to select the
company’s Chief Executive Officer (CEO).
In other words Bluewater with its 49 per
cent would have effectively secured majori-
ty control of BTC without having paid for it.

On the other hand Cable and Wireless
(CWC) paid for its 51 per cent majority. On
closing the net cash benefit to the govern-
ment from the CWC deal will be at least
$202 million, whereas the net value of the
Bluewater transaction on closing would have
been $150 million, and not the $260 million
as claimed by the politicians.

Bluewater was granted an exclusivity peri-
od of six years for both mobile and fixed
line services while CWC’s exclusivity period
for mobile service is three years, and the
fixed line no longer applies as it has already
been liberalised.

And so when the facts are examined, not
only is government financially better off sell-
ing to CWC, but CWC has had to pay for its
control of the company, whereas the Blue-
water deal — agreed by the Christie gov-
ernment, and one can assume by the union
because of its silence at the ttme — received
exactly the same control of the company for
which it would have paid no extra — and for
which it would have been paying in instal-
ments over a six-year period, instead of cash.
The bottom line was that Bluewater with
its 49 per cent got complete control of the
company without paying any extra, while
CWC with its 51 per cent also got complete
control of the company, but at a price.
















W.L.G.M. CO LTD.

Atiention Home Chmners!!

a1}

| oe ae a
J eldite ae see dhe Ice

ber

it OO eel

433-3484

Are we being

forced to
sell BTC?

EDITOR, The Tribune.

Interesting. When I
played Monopoly with my
parents years ago, we all
wanted to buy up the utility
companies as they were sol-
id as a rock.

It seems that when coun-
tries borrow from the IMF
one of the bargaining chips
is the insistence that we sell
off some utilities. It makes
me wonder who on the IMF
has ties to Cable and Wire-
less and other take over
companies? If BTC needed
a cash input the government
only had to sell bonds.

The bridge bonds sold out
in a day or so, and there are
plenty of Bahamians who
are looking for a sound
investment to better their
lives.

We could have helped

LETTERS

letters@tribunemedia.net



Bahamian individuals and
our community by keeping
our product Bahamian.

We should have done this
for the hotels on Cable
Beach too, instead of sell-
ing them and our land,
beach and thoroughfares for
a paltry $80 million —- Bah!

From observation, third
world countries often sell off
their utilities to their detri-
ment.

Loss of a utility can crip-
ple a country. It is a form of
organised terrorism. Cur-
rently Greece is in total
unrest and near financial
ruin due to the mismanage-

ment of public companies
by the government, and yes,
they borrowed from the
IMF too. (I smell a bad fish).
When large foreign corpo-
rations buy up utilities they
do so for one reason — prof-
it. They are not from here
and have no commitment to
us or our future.

So what’s next? Water?
There are a list of societies
both modern and ancient
who have failed because of
lack of water or restriction
of it. Keep our utilities
Bahamian. If we need mon-
ey to improve or develop
them, let Bahamians and
Bahamian residents benefit
from shareholding.

SA
Nassau,
December 9, 2010.

Christie and the marvellous
opportunity of the Straw Market

EDITOR, The Tribune.

I would have stayed out
of the argument, but a close
friend of mine took excep-
tion to something I wrote
and told me that I was an
FNM.

He has known me for
years and he knows that the
stand that I take does not
allow me to be PLP or
FNM, but the fact that I did
not have anything good to
say about his party in some
of my recent letters was a
problem for him.

The next statement may
sound strange, but philo-
sophically the majority of
Bahamians want what the
PLP has envisioned for
Bahamians over the past 60
years, but there is a prob-
lem with the amount of
space they allow between
what they say and what they
do.

For a couple of decades
many Bahamians have been
contented with the talk of
visions and plans, but if you
check the building sched-
ules, it is the other Party that
has been doing most of the
work.

I will agree with my friend
that his Party has made a
significant contribution to
this nation, but both he and
Ihave to face the reality that
when we leave here and
those who come after seek
answers for what has been
done with the legacies
bequeathed to us in 1968
and 1973, there will be some
wanting.

The ideological circum-
stances are such in this coun-
try that the man who was
kicked out of the PLP was

able to become leader of the
Opposition and use the
vision that he embraced in
that organisation and lead
the nation out of a very dark
place in 1992.

The current leader of the
Opposition often reminds us
of the numerous visions that
his organisation has/had for
the Bahamas and the
numerous plans that were
left in place by his adminis-
tration.

He also speaks as if that is
enough to give him a plat-
form to garner the public’s
attention, but he is disre-
garding the intellectual
capacity of the audience he
is seeking to sway by such
rhetoric.

He makes no mention of
what his administration
actually did during his time
in office.

The events that led up to
the 2002 Election were tailor
made for the Opposition;
9/11, financial crisis, straw
market fire, an ill-timed ref-
erendum.

A laundry list of events
that would cause difficulties
for any incumbent grouping.
However, in the midst of all
that turmoil the Christie
administration had a mar-
velous opportunity — the
Straw Market.

This was a grand oppor-
tunity to make up for a lot of
missteps with a bedrock con-
stituency of die-hard sup-
porters who had always
been the backbone of the
PLP.

If I was the leader of the
party at that time, if I did
anything during my term in
office, that market was going
to be built, by hook or by

crook. As mentioned previ-
ously, it is not enough to talk
of what you left in place or
what you had planned to do,
especially if you want the
electorate to speak well of
your party, and when the
track record does not sup-
port what you are proclaim-
ing, someone is going to be
disappointed — and it is not
going to be the people who
are listening, because they
have heard the story before.

The Straw-Market oppor-
tunity should not have been
squandered — was another
term envisioned?

I will admit that I took this
failure personally, especially
when the government min-
ister tabled the plans for the
“Straw Market” and we
found out that it was not tru-
ly a Straw-Market; it was too
much of something else.

He then nailed the case
closed when he remarked
that the plans had been
reviewed and there was not
enough space for the straw-
vendors, and there was no
reply from the other side —
no one said a word!

I am wondering if the
leader of the Opposition has
a plan to inspect the
progress of the straw mar-
Ket’s construction?

If he is planning to make
that visit I want my friend
to come for me on that day
so that I can be there - I
would not miss that; espe-
cially if some of the straw-
vendors are included.

EDWARD
HUTCHESON
Nassau,
December 1, 2010.

JUNKANOO WON - JESUS NONE

EDITOR, The Tribune.

Saturday, December 25, 2010 -
Christmas Day-Closed

Monday, December 27, 2010 -
Boxing Day Observed - CLOSED

Friday, December 31, 2010 -
New Year's Eve - Closed at 1:00 p.m.

Saturday, January 1, 2011 -
CLOSED

Monday, January 3, 2011 -
CLOSED

EXECUTIVE

Auatey Pele). Sibear bey Si ra | eee BB fel ell bere 'y our

Open Mon in Fn ham - $:lliem cpg
Sal dam - | incon rhe
MOTORS LTD | 5... 397.1700 ei

AUTHORISED DATLATRY) | Email aeecmarcegtbaralies hs
ANT TOYOTA DEALER | Parti ond service guaranteed

ated in Gerard Garage Qty Scab ae (Preece) # ar Hing, 250-0109) «Aen doe ie, Dee ihaciy ie, eT

S QUALITYi#: &

#1 AUTO DEALER IN THE BAHAMAS
EAST SHIRLEY STREET * 322-375 * 325-3079 * 397-1700

Veet oe sheeroge of Getty dete Sale [Freeper Led tor eer decd, Gey Hep, 252-4 Te
or abo Motor Rall Cig Aloe y Bled, 7-28 14

as









For breaking news alerts

Follow us on Facebook
www.facebook.com/Tribune242



Last year we had the debacle of the stripping out of the
Judeo Menorah Candles from Rawson Square and this year that
universal Christian symbol of Christ’s coming (Christmas tree)
has likewise been stripped from the city centre and relegated to
an obscure corner at the western perimeter of town. But the
Junkanoo bleachers have centre stage in this once Christian
community called Nassau.

And for any of you other sapsuckers that feel a drive through
town, to look at the lights and decorations, might uplift your
spirits at this time of year — well think again! As you enter Bay
Street from Marlborough Street, you are immediately blinded
by the GIGA watt Junkanoo lights that face the traffic and run
constantly, day and night, and obliterate absolutely any lights
and decorations that shopkeepers may have put up, and coin-
cidentally, also the decorations that the same government
agency, that seems incapable of putting a switch on the
Junkanoo lights, also erected.

One can only wonder who runs this country and moreso
perhaps — who runs them. Junkanoo?

To paraphrase from that great song by Band Aid — “Nassau”
might easily be substituted for Africa in the lyrics methinks.

And there won’t be snow in Africa this Christmas time

The greatest gift they'll get this year is life

Where nothing ever grows

No rain or rivers flow

Do they know it’s Christmas time at all?

Merry Christmas in spite of the powers that be.

BRUCE G RAINE
Nassau,
December, 2010.
THE TRIBUNE

FRIDAY, DECEMBER 17, 2010, PAGE 5



LOCAL NEWS

Airport planned to be one of the
‘sreenest Caribbean developments

AS THE completion of the new
US Departures Terminal at Lynden
Pindling International Airport
(LPIA) approaches, officials point
to the use of energy efficient sys-
tems and resource conservation
which will make the facility compli-
ant with international best practices
of environmental and social man-
agement.

The new terminal will employ
deep water cooling, the use of deep
water wells for geothermal cooling.
The process involves taking cool
water found 400 feet in the earth,
passing the water through heat
exchangers to capture the heat
rejected from the chillers and dis-
charging the heated water 300 feet
back into the earth.

Stewart Steeves, president and
CEO of the Nassau Airport Devel-
opment Company (NAD) said:
“When designing the airport we
were very careful to take advantage
of the natural resources with which
the islands of the Bahamas are
blessed. This system is used in lieu of
installing cooling towers which
would consume about 10 million gal-
lons of potable make-up water annu-
ally. The cooler ground water helps

-

PS ae eS

“ONE OF THE GREENEST’: Work has been taking place at Lynden Pindling International Airport.

the chiller to run more efficiently
than conventional cooling towers.”

The building design provides large
roof overhangs that provide shade
thereby reducing heat-gain. The roof
also collects rainwater for re-use in
the low-flush automatic plumbing
fixtures (water closets and urinals),
he said.

The building design includes a mix
of 50 per cent glass and 50 per cent
solid walls to maximise light but to
minimise heat intrusion. The build-
ing will be cooled by low velocity
air diffusers, cooling only the space
that is of human height, for maxi-
mum energy-efficiency. Materials
for interior finishes are selected for

their low volatile organic compound
(VOC) emissions.

NAD’s vice-president of opera-
tions John Terpstra said he is par-
ticularly focused on systems that will
improve the airport’s operations
while saving money.

“One major cost to airports, which
are 24/7 facilities, is that of energy —
electricity. All the washroom and
office lighting is controlled by occu-
pancy sensors that will shut off light-
ing in the space automatically when
not in use.”

The automatic building manage-
ment system centrally controls the
cooling and lighting systems by
reducing variances in temperatures.

In addition, the management system
monitors for CO2 and VOC levels to
control outside air volumes, setback
temperature controls during unoc-
cupied hours of operation, high effi-
ciency chillers, direct digital controls,
and multiple variable air volume
boxes for individual zone tempera-
ture control.

The development of gardens, pro-
viding green space for airport users
to enjoy the outdoors, will also add
to the “greening” of the facility, air-
port officials said.

Two gardens will be located at
either end of the completed termi-
nals and two gardens will be inserted
between the three terminals.



Pumped ground water will be used
for irrigation in all the landscaped
areas.

NAD officials said that when com-
pleted, the entire airport will be
unique in the region for its atten-
tion to cost-saving and energy-effi-
cient systems, its comfort and safety
for users, and its minimisation of
impact on the environment.

“There is a lot being said about
the need for airlines to reduce car-
bon footprint. At LPIA, we are actu-
ally doing something to minimise
our impact, and at the same time
add to the overall passenger experi-
ence — the best of all worlds,” said
NAD CEO Mr Steeves.

BIGGEST

$150,000 revenue shortfall at GB Humane Society | pBiGSEST..

By DENISE MAYCOCK
Tribune Freeport
Reporter

dmaycock@
tribunemedia.net

FREEPORT -— The
Humane Society of Grand
Bahama is facing a finan-
cial crisis as a result ofa
$150,000 shortfall in its
annual revenue.

This comes at an
extremely difficult time
when the facility is experi-
encing an increased intake
of unwanted animals at the
shelter on Coral Road.

The Humane Society
said it has lost the finan-
cial support of a major
sponsor, and executives
and volunteers are now try-
ing to find ways to raise
funds to keep the shelter
functioning.

The money received by
the Humane Society pays
for the rounding up of
strays, the care of hundreds
of dogs and cats, the neu-
tering and spay service and
the euthanasia of animals
that are not adopted.

This year, the shelter
took in 1,143 dogs and 237
cats by the end of October,

BAHAMIAN
MAN PLEADS
GUILTY T0
MIGRANT
SMUGGLING

MIAMI

A BAHAMIAN man
faces up to 20 years in
prison after pleading
guilty in Florida to two
counts of migrant smug-
gling, according to Asso-
ciated Press.

The U.S. Attorney's
Office in Miami says 31-
year-old Rick Davis
pleaded guilty Friday.
Sentencing is scheduled
for February 18.

Federal authorities
identified Davis as the
captain of a vessel spot-
ted off Deerfield Beach
by Custom and Border
Protection aircraft on
November 3. Agents
fired at the vessel's
engines to disable it after
it allegedly attempted to
flee.

Investigators said
Davis was attempting to
smuggle six Haitians and
one Jamaican into the
US.

In his plea agreement,
Davis said two of the
Haitians paid him
$12,000 and provided the
boat and a GPS to pick
up the passengers in
Abaco, the Bahamas, and
take them to Florida.

an 11 per cent increase
over the same period in
2009.

It is felt that with the
tough economic times and
more people abandoning
their pets, the challenge for
the shelter is going to get
greater.

“Society executives and
volunteers are desperately
trying to find ways of
drumming up more fund-
ing at a time when their
work is more important
than ever,” the Humane
Society said.

“One idea is to invite
people who are stumped
for ideas for a holiday gift
for close family to donate
$50 in their name — the cost
of shipping a dog to the US
or to keep it in the home
on Coral Road for a
month.”

An announcement will
be made shortly about the
various initiatives that the
Humane Society hopes will
help.

The shelter’s annual
operating expenses run
about $204,000, which
includes $40,000 for pow-
er, about $80,000 for food,
almost $50,000 for treat-

First corner laft of

Store Hours:



/ essa a
gf Step Back in Time”

ars Rd.first building on the right
#8 Murphyville Road,

on- Sat 10am - 6pm
Telephone: 322-8493

(Security will escort you to your car)

ment of sick or infected
animals, and around
$34,000 for materials to
keep the animal shelter
clean. The society has a
staff of 20. The shelter in
Freeport does not receive
any financial support from
the government as does the
shelter in Nassau.

Even though there has
been a 30 per cent increase
in the number of dogs
adopted by Grand Bahami-
ans as well as similar trend
for cats, the shelter has had
to put down 732 dogs and
130 cats this year.

To avoid euthanasia,
some animals have been
shipped to the US for
adoption. So far this year,
257 animals were flown
out.

“One of the big chal-
lenges is the perception
that the Society wastes
money,” said Ms Burrows.

“Many misconceptions
exist in the community
about our expenses and
what people see as perpet-
ual pleas for funding.

“Some in the community
evidently even think we
shouldn’t have built a new
shelter if we didn’t have

jarden

GIFT ITEMS FROM ODESSA GARDEN

Jams, ett),

Music.
Countryside,

Classic 1306,
“Giant Treasury of Beatrix Potter,

and pen sketches. c1906.



‘Vintage Sterling Handle Battle Opener
“Antique Sterling Mustard spoon
4 Vintage Mother of Pearl fruit knives with sterling ferrules.
Sterling Handle ice Scoops
‘Vintage Sterling Handle Carving set (knife, fork and sharpening tal).
Six Antique Grapefruit Sterling Spoons.

Antique Sterling Condiment Spoon (suitable for chutnies, preserves,

"The Children of Dickens" - ¢1906, Stories of Children he wrote About,
“Beethoven Sonaten” clé0v's. 400 pages of this Great Composer's

"The Curly Tops at Cherry Farm c1918. Childrens’ Summer in the
"Snow White and Rose Red - A Small book about this Childrens’

“What Little Girls are made of, suger and spice and everything nice.
Ideal gift for that appealing little daughter. Lovely Paintings.

"Nancy Drew “The Nutcracker Ballet Mystery" Softhack,

“Charming Children of Dickens’ Stories by his grandaughter,

Mary Angela Dickens. Contains the life stories of the 20 child heros
and heroines of the world's greatest friend of children, Charles
Dickens. Also contains another book, Bays’ and Girls’ Lite of Jesus,
by a diferent Author, recording this wonderful story. This book has it's
gem cover. Two books in one. Both books have lovely colour plates



the funds to run it. We’ve
all heard various people
who criticise us for not
putting more animals
down. The long and short
is, the majority of the pub-
lic have no idea.”

Ms Burrows said the
shelter was built with mon-
ey that was donated locally
by persons who saw the
scale of the stray and aban-
doned animal problem on
Grand Bahama.

She said the Society’s
previous premises were
totally inadequate.

“The fact that the new
facility is already stretched

to capacity shows the true
extent of the need,” she
said.

Corporate citizens, resi-
dents, and businesses are
encouraged to support the
Humane Society as it
struggles to raise funds to
perform a vital public ser-
vice.

Tropical
Exterminators
Pest Control

322-2157

SHOE STORE

121 EAST ST. PH 322-5276




















BAHAMAS HANDBOOK

TELLS IT ALL

AWMLABLE AT MEWSSTANDS,

fC 71" Etienne Depuch Jc Publications
| me | fol: 22-3865, Mawees, Behar

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


THE TRIBUNE



AFTER serving 10 years as
executive director of Junior
Achievement (JA) Bahamas
and over 26 years of service in
the organisation at every level,
the Ministry of Youth Sports
and Culture and Junior
Achievement recognised Lionel
Elliott, Sr, at a special luncheon
at the British Colonial Hilton.

Among the accolades
expressed for Mr Elliott was a
self-written message from Gov-
ernor-General Sir Arthur
Foulkes, who praised him for
devoting his knowledge and tal-
ents to managing and training
young people.

Mr Elliott returns to the Min-
istry of Tourism after a 10-year
secondment.

“Throughout his JA involve-
ment, Mr Elliott inspired oth-
ers to unlock their potential and
enriched not only the Bahamian
community, but also that of
Jamaica and the Turks and
Caicos Islands,” Sir Arthur said
in a message read at the cere-
mony and presented in a frame
to Mr Elliott.

Sir Arthur added that as the
only Bahamian to serve at every

A PACKED ROOM of well-wishers attend the recognition luncheon at



a

the British Colonial Hilton for outgoing executive director of Junior
Achievement Bahamas Lionel Elliott on December 14.

mitted his resources to execut-
ing the organisation’s vision to
impact students throughout the
islands of the Bahamas.

“He is a legend in a field that
is fundamental to the economic
and social development of our
youth,” Sir Arthur said.

“I commend Mr Elliott for
his stellar performance and trust
that he will continue inspiring
generations of young people

level in JA, Mr Elliott has com-

DOCTORS HOSPITAL ANNOUNCES FREE
MAMMOGRAMS FOR LIFE CONTEST WINNERS

am,

(L-R): FIANKA MAJOR, imaging technician; Dr Dinesh Yadav, radi-
ologist; contest winner Dorothy Robinson; Charles Sealy, Doctors
Hospital CEQ; contest winner Shena Ferguson; Cynthia Sawyers,
vice-president of clinical services; Michele Rassin, vice-president of
operations, Doctors Hospital.

WITH mammograms recognised as one of the most impor-
tant tools in the fight against breast cancer, Doctors Hospital is
continuing its promotion of the ‘Free Mammograms for Life’
campaign it instituted five years ago.

The ‘Mammograms for Life’ competition encourages women
to have their yearly mammograms.

Those having a mammogram for the first time received 50 per
cent off of the cost of a mammogram through December 1,
2010.

Hundreds of women completed the entry forms, and two par-
ticipants, Shena Ferguson and Dorothy Robinson, won free
mammograms for life.

The recommended age for women to begin their mammo-
gram screenings is 40. Doctors are now suggesting that women
get tested earlier, as breast cancer is growing rapidly in younger
women, especially in the Bahamas.

A 20-year-old who discovers cancer cells can expect her
cancer to double or triple within a six month period, while the
same cancer in a 40-year-old takes a year to a year and a half to
reach the similar size.

Doctors encourage women with a history of breast cancer in
their families to begin screening earlier than age 40. Breast MRI
scans are used in addition to mammography.

Doctors Hospital is encouraging all those who have not been
screened yet and have a family history for breast cancer to
schedule a screening as soon as possible.

Don't Miss Santa's Sleigh!
Items Needed by .

Christmas {a

must be at our Ft. Lauderdale office —
by 3:30pm, December 17th.

We will be unable to offer delivery
services in Nassau after Wednesday,
December 23rd.

You may collect packages at our
Odyssey Aviation Office up until
closing on December 24th.

(Holiday “Hours

ZipX NAS
Closed Dec 24, 2:00pm, through Dec 28, 8:00am

Closed Dec 31, 4:00pm, through Jan 4, 8:00am

ZipX FXE
Closed Dee 24, 3:30pm, through Dec 27, 7:30am
Closed Dec 31, 3:30pm, through Jan 3, 7:30am

HH
Hol itis o

omall .
He
at

i





and lending his vision and acu-
men to molding the lives of this
nation’s youth.”

Minister of Youth, Sports and
Culture Charles Maynard
repeated Sir Arthur’s senti-
ments in his statement that
spoke of the “outstanding con-
tributions of an honourable
public officer”.

“Mr Lionel Roosevelt Sears-
Elliott, Sr, was seconded to my
ministry in 2000 with the distin-
guished responsibility to cater
to the executive directorate of
Junior Achievement,” Minister
Maynard said.

“Since then, he has been a

Pen hen bin rine

FRIDAY, DECEMBER 17, 2010, PAGE 7

Accolades abound as youth

leader completes tour of duty

OUTGOING EXECUTIVE DIRECTOR of Junior Achievement Bahamas
Lionel Elliott, Sr, poses with his wife and children on December 14 at
a recognition luncheon at the British Colonial Hilton.

key component to the youth
development agenda of my min-
istry and has always been
respected as a key consultant
to the development of new and
innovative programme and pro-
jects.”

Minister Maynard added that
Mr Elliott leaves his ministry
“honourably with his head held
high, as he did when he entered
our doors”.

“It is obvious that these
tokens (given at the recognition
ceremony) cannot compare to
the contributions he has made
and, additionally, the joys expe-
rienced while working for and
with the gems of our nation,”
Minister Maynard said.

“Sir, on behalf of my min-
istry, the Government of the
Bahamas and the people of the

Commonwealth of the
Bahamas, I thank you and wish
you every blessing and success
in your new responsibilities.”

During his tenure at JA
Bahamas, Mr Elliott spear-
headed the development of new
Family Island programmes, new
international academic scholar-
ships partnerships, improved
programme delivery, new cor-
porate sponsorships, increased
nationwide student participa-
tion and improved internation-
al relationships with JA World-
wide, the ministry said.

Mr Elliott also worked in
raising substantial funding for
national operations, paid off
long-outstanding debts and
helped to develop world-class
national conferences with inter-
national guest speakers.

Y fi TechnoMarine

Pe Ath eee LI

8 aS

CRUISE ORIGINAL.
STAR COLLECTION

a tsopeat lie )s eer |s epee Beeb

"

piel e fe ee

Eyre

Poaceae eee eee ea rer eee ee ee ee Pe ed kesh |
Marina Village at Paradise Island + Mall at Marathon * Harbour Bay + Palmdale « Bimini Bay, Bimini
OF Mat ee me MM ile cm gM dele mel eR Tue eR chy met gi

Port Lucaya Marketplace, Freeport, Grand Bahama



BIGGEST

BEST SELLER

BAHAMAS HANDBOOK

TELLS IT ALL

AWMLABLE AT MEWSSTANDS,

@

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

, Elenne Depuch de Puttcabions
| Tel: SES, Mumnee, Behar






PAGE 8, FRIDAY, DECEMBER 17, 2010

THE TRIBUNE



BIC sale ‘violates convent

FROM page one

Congress of Trade Unions
(NCTU) and the Trade
Union Congress (TUC).

He said the convention
called for the government to
engage workers in a “trans-
parent manner to discuss
issues of life-changing
effect.”

“The employees are the
main asset of BTC, not the
technology, and they are not
talking to us. It was wicked
and intentional because they
never truly wanted us to be a
participant in that discus-
sion,” said Mr Evans, accus-
ing the government and the
privatisation committees of
acting in a “calculated” man-
ner.

Had the unions been gen-
uinely engaged from the
start, Mr Evans said, “maybe
all of this would not have
been an issue.”

At least ten unions, includ-
ing the umbrella organisa-
tions, have publicly thrown
their voice behind the oppo-
sition movement that seeks
to have the government
reverse its decision on the
sale of a 51 per cent stake in

BIGGEST
BEST SELLER

BAHAMAS HANDBOOK

TELLS IT ALL

AMAULAB LE AT WS TAS

‘on Gienns Guguch Jr Publications
\ gy | Tet: 23-5004, Nansen, Bahamas



The BIGGEST SHOPPING Event of the Year

COLOMBIAN EMERALDS

BTC to Cable and Wireless.

A letter is now on its way
to the ILO director general,
Juan Somavia, requesting
the ILO investigate the
Bahamian government for a
possible violation.

“For the first time ever in
avery long time, this Parlia-
ment has galvanised the
NCTU and the TUC. They
came together this morning,
and for the first time I could
hear the passion. There are
so many things we have
planned and with this uni-
fied effort,” said Mr Evans.

In planning the next move,
the unions say they “have
not taken anything off the
table,” including a general
strike. They are even dis-
cussing bringing in
Caribbean and international
affiliates, said Mr Evans.

Industrial action is expect-
ed “leading straight up to
January 19,” when the
House is scheduled to recon-
vene.

Mr Evans criticised the
government for muddying
the water with a discussion

LOCAL NEWS

of Bluewater, claiming that is
a “non-issue” for the unions
and hardly worth of com-
ment.

“Tt only could be that they
are trying to swing the pen-
dulum away from what our
main issue is. We are not
interested in a comparison
between who (between the
Progressive Liberal Party
and the Free National Move-
ment) had a better deal.
Both deals were terrible in
my view. I don’t even know
why they brought up Blue-
water,” said Mr Evans.

The government released
a statement late Wednesday
night claiming to “bring an
end to the deceit” over the
current deal with C&W. The
statement contained a
detailed comparison
between the former govern-
ment’s deal with Bluewater
and the current C&W pro-
posal.

The issue of Bluewater is
irrelevant, according to
union bosses, who have
hedged their complaint on
the issue of ‘Bahamianisa-

on rules’



~~ pts i F 7 Pie i!
BERNARD EVANS, president of the Bahamas Communications
and Public Officers Union

tion’.

The issue of Bluewater
may have arisen from com-
plaints by opposition mem-
bers of Parliament. Howev-
er, Mr Evans said he was not
fooled by the support of
opposition members,
because “the politicians
always jump on the union

bandwagon, as though we
are political prostitutes.”

“We know that if the shoe
was on the other foot, the
FNM would be out here,”
said Mr Evans, speaking
about the presence of PLP
officials at the scene of the
union protest on Wednes-
day.

TWO WEEKS TO CHECK BTC SALE ‘A SLAP IN FACE’

FROM page one

is that memorandums of understanding
made on behalf of the people of The
Bahamas should not only be made pub-
lic after the signing, but must be gazetted
prior to their signing so that the share-
holders of Bahamas incorporated would
have the opportunity to view and make
reasonable input, and again to avoid what
we have seen happen in the Baha Mar
deal,” said Mr Miller.

The organisation presented its second
annual “State of Civil Society” address at
Windsor Park. Mr Miller said the for-
mer Progressive Liberal Party govern-
ment also erred in withholding details
of the Baha Mar MOU.

“T have followed, to the best of my
ability the arguments for and against,
and while there are still a number of grey
areas, the Civil Society issue that stands
out to me is the fact that a Memoran-
dum of Understanding was signed and

INTERNATIONAL

For Every $100 you spend with

only the signators know the contents of
this critical document,” said Mr Miller.

“We have seen this done by the former
government and the results have been
that the present government had to make
significant changes to the Baha Mar
debacle. We cannot afford to allow this to
happen again,” he said.

Bernard Evans, president of the
Bahamas Communications and Public
Officers Union (BCPOU), said: “I think
the Bahamian people should take that
to be a slap in the face. You own BTC.
Did you give them authorisation to sell
your shares and to withhold the infor-
mation.”

Two weeks to “digest the information”
is too short, said Mr Evans.

In light of the impending parliamen-
tary debate, Mr Miller said he hoped the
discussion would not simply be “cere-
monial.” He admitted that recent history
would suggest that parliamentary debates
have become ceremonial, because gov-
ernments typically bring a bill to parlia-

O ain

ment with a mind already made up to
pass it.

He said there are examples from the
1960s of the opposition and “pressure
from the people” having a “meaningful
impact” in a parliamentary debate.

“T think what I am seeing with the sit-
uation here is that a sentiment is brewing.
There is a groundswell of opposition sep-
arate from the “official opposition.” I
think a sensible government and one that
respects the principles of democracy
would have to take stock and rethink
certain aspects of an agreement like this,”
said Mr Miller.

The current MOU, although signed,
is still in a “proposed state”, said Mr
Miller. He said “a government that is
sensitive” would be prepared to make
changes if necessary.

It is unclear how the privatisation issue
will turn out in the end, said Mr Miller,
but he believes there would not be so
much “discontent and discord” if gov-
ernment acted with more transparency.

ee
i ae
SAVE*SAVE*SAVE *SAVE*SAVE

()

Appliance Sale

Take An
Additional

0%

‘PIRATE TREASURE’
LAND TURF WAR
IS STEPPED UP

FROM page one

problem here. The govern-
ment has not done its due
diligence in this matter, and
they are determining who
the true owner of this prop-
erty is based on surveys that
were incorrectly prepared,”
Mr Bethel claimed.

Superimposing his prop-
erty’s boundaries on an aer-
ial photograph of the dis-
puted land in Fortune Hill,
Mr Bethel said it was clear
his family’s land, the New-
ton tract of some 47 acres,
encompasses the area under
which the pirate treasure is
believed to be buried.

The property directly
behind it, which he said
belongs to Dorothy Black-
Deal, was erroneously
mapped over a portion of
his land to encompass the
cave in which the treasures
are believed to be buried.

With this in mind, Mr
Bethel called on the gov-
ernment to review its sur-
vey plans and properly
ascertain the correct loca-
tion of the Newton land and
all other properties in For-
tune Hill before any rights
are issued at this time.

In addition, he also asked
for the Department of
Lands and Surveys to
remove all survey markers
that were “wrongfully” set
and communicate their find-
ings of a corrected survey
either to him or his attor-
ney.

Zhivargo Laing, Minister
of State for Finance,
informed The Tribune yes-
terday ahead of his flight to
San Salvador that the gov-
ernment had ascertained
legal title through its attor-
neys and that any concerns
of Mr Bethel would have to
be carried out in the courts.

Mr Bethel said he intends
to call a press conference
today to address the matter
further, pending the results
of last night’s meeting
between Mr Laing and the
residents of San Salvador.

ib dt
TO GOp

OMAKOAVQADQUHRKE

C

Our Already 30%
Discounted Prices

Total Discount Now 40%

These are some of our Net Prices:

All Sizes of Refrigerators

4.1 Cube Aetrigerator One Door by Black & Decker...
7.1 cube Aetrigerater Top Freezer by Daewern.o.... cc...
14 Cube Refrigerator Top Freewer by Maba.....0..ccc0: i

Refrigerators by Frigidaire
15 Cube Energy Star Refrigerator Top Freezer

17 Cubes Energy Star Refrigerator Top Freezer........-.....
18 Gube Energy Star Relrigerator Top Freezer...........-.
26 Cube Energy Star Refrigerator Top Freerer...........

Freezers

3 Cube Chest Freezer by Franklin Cnet ccccscscscsesesesese

* Cube Chest Freezer by Dann...

12 Cube Upright Freezer by Frigidaina.......c.ccccccceun.
#1 Cube Upright Freezer by Frigidaire, ........crrerererereres

Super Capacity Washer... _

ae cla
ay a eee

$2156.00
3429.00
$674.00

of635,00
séa7.00 |
$755.00
$1,540.00

$350.00 0.

$736.00
$1,068,00

Check out these other — -e ww ee ene

. 600

- $628.00
Bred Od
vo $8400

Don’t Forget To Visit
MULTI DISCOUNT HOME &
BRIDAL CENTRE

For all of your special occassion gift
needs especially this Christmas

ee Eom
betta De MSIE Tol
PPE tt a
ise |
Feet begat] Eta)

Colombian Emeralds International
in our Nassau & Freeport stores,
you will receive and entry card for our daily
FT Ea

drawings of up to $10,000 ! $750.00 Also MULTI SUPER PARTY CENTRE
aoa
SEE STORES FOR MORE DETAILS ! forall of your Christmas Party Suplies

7

Montrose Avenue Opposite Multi Discount Furniture
Phone: 356-7924/5/6

Register io WIN 32” Flat Screen LOD Television with any purchase.
Drawing Every Saturday & Thursday until December 241h

MULTI sinptircmaie ? etabiddbbeinals Pd |e) vpctictlamnntaty pe

COLOMBIAN EMERALDS

INTERNATIONAL

Jel) Bray Street « Rawson jt] are
Reach Towers at Atlantis» Raval Tewers at Atlantes « Marina Villape at Aclaneis

Fort | Lay Mlarkerplace, Frecpeart Pa a ie

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


THE TRIBUNE

FRIDAY, DECEMBER 17, 2010, PAGE 11

LOCAL NEWS

7 3
Se

Janaees Toy'Lanid

Chesapeake Road Opposite Trattic Police Station

SShowout ale
up 20% Off BOLIEEOS

Weider Pro 254 Combe Bene aa
* 80 lb. Vind Weight Set
* Multi-Peettion Weight Bench

* (Chest Ply Anns
+3 see 6 Developer —
+ Preacher Pod






Weslo Cardicstride

Pius Treadmill

* Step-by-Siep Control Panel
* Extra-Large LCE Display

SpaceSawer Desien
* ser Wein Copaciry: 2M! hs

Exercise machines starting al $3 00
Easy Bake ovens $48
Kitchen rugs 2 tor $8

Linoleum $8 peniyd
And Lots, Lots more!!! pene

La ’ 9}
Janaees WILL BE CLOSED from 25th December - 4th J

SE







eR Oe
and it’s now.

Whatever your age is,

Le Caltrate |

for Bone & Colon mv ‘

yt
—,

dbile serving oF ar hula a “irk a he a [a i wel Oe ue eee eet
to podluice the ree nd clin a'r br che eer ee ed ood fe ute ee
i

Westside Souse House
Cowpen Road

Souse! Souse! Souse!

Chicken Souse « Sheep Tongue
Mutton Souse « Pig Feet Souse

We also have other BREAKFAST
Specials Like:-

¢ Grits and Tuna, Corn beef,
Sardine or Sausage

SNACKS

Chicken, Ribs, Hamburger,
Cheeseburger,
Conch, Mini- Wing

DINNER

Fish, Chicken, Ribs and Conch

-All dinners served with two side orders



For Delivery Call- 431-0391

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


THE TRIBUNE &

—



_
’ a

FRIDAY,

FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

DECEMBER 17,

SECTION B « business @tribunemedia.net
BISX chief

watiy, CUStOIS to ‘name

five possible

2010



eR Ieee ira
eyeing sale of

revisins ANG Shame’ firms

By NEIL HARTNELL
Tribune Business Editor

The Bahamas International :
Securities Exchange’s (BISX)
chief executive yesterday said }
the stock exchange was look-
i be publicly “named and
2011, with the $60 million }
Heineken/Burns House ini- }
tial public offering (IPO) and ;
potential sale of Bahamas }
Telecommunications Compa- }
ny (BTC) shares by the Gov- ;
ernment on the horizon, along
with “three other potential
? commission to hear com-

Keith Davies told Tribune }
Business: “By the looks of
things, we have a better year }
than this year operationally :
in terms of market activity, }
new listings. The big one is ;
the Heineken deal, but the }
Government is talking about }
BTC also. Those have been
publicised. Then there are ;
about three others you don’t :
: bune Business yesterday, Mr
? Gomez described smuggling

ing forward to a “better”

listings”.

know about. Next year might
have some benefits for us.”

Declining to specify who }
: concern” for the Department
: of Customs.

SEE page 3B

Higher impact’
than anticipated
from first Baha
Mar contracts

* $15m Commercial
Village contracts do not
stipulate Chinese
material usage, opening
avenues for Bahamian
building suppliers

* Pre-qualifying process
with Baha Mar ‘first

to ease small firm
concerns

By NEIL HARTNELL

Tribune Business Editor : : :
—__ + also president of Summit Insur-

The $15 million worth of ance Commission of the
Commercial Village con ? Bahamas published proposed

struction contracts issued i amendments to the Act’s regu-

wy : : lations, said the two sides had
have a “significantly higher :

last week by Baha Mar will

trickle down impact” on the

materials.
Confirm-

ing that the

four con-

the
stage of the



STEPHEN
WRINKLE

construction
were standard “build and
install” packages, not cov-
ered by Hotels Encourage-

ment Act tax incentives, }
the :

Bahamian Contractors } bal ce i
Association’s (BCA) pr. esi- alance between correct regu-
dent, explained that this ? on one side, and having a work-

freed up the contractors to ? able supervisory system for the

from : industry on the other, Mr Ingra-

including ;

Stephen Wrinkle,

source material
whomever -

Bahamian suppliers.

more avenues for local par-
ticipation than anticipated.
The bits and pieces and
smaller items that contrac-

SEE page 4B

tracts hand- :
ed out for }
initial :
: modate us on some of the
? issues,” Mr Ingraham said of

$2.6 billion :

: ;. ¢ the Commission, “and on oth-
project's ? ers discussions are still ongo-
? ing. Some of the key issues we
? were able to resolve to both of
? our satisfactions. We’re mov-

i ing in the right direction.”

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

A new Customs Manage-
ment Act will allow Bahami-
an companies found guilty of
smuggling and tax evasion to

shamed”, and charged
increased fines, the Comp-
troller of Customs warned
yesterday.

Meanwhile, a “code of con-
duct” specifically tailored to
Customs officers will be intro-
duced in the Act, along with a

plaints, in an effort to more
effectively enforce discipline
within the revenue collection
agency.

The revised Customs Man-
agement Act is expected to
go before Parliament in 2011.
It is presently in draft form,
under review by the Govern-
ment.

In an interview with Tri-

as continuing to be of “grave

While individuals may

attempt to avoid paying tax

New Act to allow for public naming of guilty smugglers
and tax evaders — and increase the fines they face



GLENN GOMEZ

on items they bring with them
in their suitcases from trips
abroad, Mr Gomez said it was
Bahamian businesses that are
engaging in smuggling on a
“large scale basis”, either
through attempts to evade-
Customs entirely or by the
undervaluing of goods and
“tampering with documents”,
such as invoices, in an effort
to pay less tax than they
should. The Customs Depart-

INSURANCE REFORMS

The Bahamas General Insur-

? ance Association’s (BGIA)
: chairman yesterday said talks
? over much-needed reforms to
? the Domestic Insurance Act’s
? regulations were “moving in the
sha ical : right direction” after the regu-
priority for BCA, aming : lator “accommodated” the
? industry on several key issues,
? as he expressed hope that both
? sides would “know where we
? stand” on all matters by end-
? January 2011.

Timothy Ingraham, who is

ance, speaking after the Insur-

been able to resolve several

: issues to “both of our satisfac-
Bahamian economy than ;
anticipated, particularly for :
local building materials sup- :

pliers, because they do not that Bahamian general insur-
stipulate the use of Chinese- ? ance carriers must use to cal-
BP i A ? culate solvency margins, and
ees i the ‘risk ratings’ - the amount

? by which they must be dis-
: counted - attached to various
? assets. Both areas had previ-
? ously been identified by the

tions”.
The bulk of the amendments
related to “admissible assets”

BGIA as particular concerns to
its members.
“They were able to accom-

Emphasising that the BGIA
and the Insurance Commission
were aiming to strike the right

lation and consumer protection

ham said the two sides had

? already scheduled meetings for
“Tt will have a significant- :
ly higher trickle down :

impact,” Mr Wrinkle said of -y ae
the consequences. “It } eae era a Mea
? work with us, and they’ve lis-
appears that there may be i tened to any issues we’ve

the New Year to go over the
outstanding issues.
“They’ve [the Insurance

? brought forward,” Mr Ingra-
? ham told Tribune Business.
? “We've had very positive dis-
? cussions with them. There’s just
? one or two issues from the
? Insurance Association’s per-

"GOING THE RIGHT WAY’

* Regulator ‘accommodates’ sector on key assets
' to be used in solvency calculations and associated
: discounts
| * BGIA chair hoping to ‘know where we stand’ on
: all remaining issues by end-January 2011

By NEIL HARTNELL
? Tribune Business Editor

spective that we need to talk
about. The vast majority of
them have been resolved one
way or the other.”

Asked how much longer the
discussions between regulator

SEE page 5B

ment is presently continuing
investigations into the dis-
covery of hundreds of unde-
clared items, including cases
of beer, ice cream and back-
wood tobacco, in a vessel at
Potter’s Cay Dock earlier this
month during a 4am raid.
“Every week we find com-
mercial operations that are
doing these things,” said Mr
Gomez. Asked whether it
could be said that smuggling is
on the increase, the Customs
chief said: “Smuggling has
been going on for a number
of years and it is still going
on. Perhaps as you address it
you start to find out it’s quite
widespread. Once you start
digging, you find that it’s
much more widespread than
you may have thought initial-
ly.”
Mr Gomez said that 98 per
cent of smuggling cases are
dealt with by the Customs
Department “in house”, as is

SEE page 5B

The information contained is from a third
party and The Tribune can not be held
responsible for errors and/or omission |
from the daily report, ;



Royal Oasis?

By ALISON LOWE
Business Reporter
alowe@tribunemedia.net

Harcourt Developments, the
Irish-based property develop-
ment company that bought the
Royal Oasis hotel in Freeport
in 2007, may be in talks to sell
the property, the Minister of
Tourism and Aviation said
yesterday.

Having announced in late
2008 that the economic climate
meant it would have to post-
pone its redevelopment plans
for the damaged hotel and for-
mer major Grand Bahama
employer, Vincent Vander-
pool Wallace told Tribune Business yesterday that Har-
court continues to maintain it is not in a position to move
ahead with the resort.

“The last time (the Government) heard directly from
them was probably about two or three months ago. They said
that they really weren't in position to move forward on
anything,” said Mr Vanderpool Wallace. He noted the par-
ticularly dire economic climate in Ireland, which was recent-
ly forced to ask the International Monetary Fund (IM F) for
a multi-billion dollar bailout to weather a massive banking
crisis.

SEE page 4B

CUSTOMS REVENUES
UP S8M OVER 2009

By ALISON LOWE
Business Reporter
alowe@tribunemedia.net

VINCENT
VANDERPOOL-WALLACE



The value of Stamp Tax and import duties collected by the
Department of Customs since the beginning of the 2010-2011
fiscal year in July to November is “ahead of the same period last
year” by $8 million, Customs Comptroller Glen Gomez said
yesterday.

This comes even as the Central Bank revealed that, overall,
tax revenues for the Government during the first quarter of the
2010-2011 budget year dropped by 1.4 per cent to $241.3 million,
in comparison to 2009-2010 figures.

Mr Gomez attributed the increase in collections by his

SEE page 5B

FG FINANCIAL

PENSIONS & INVESTMENTS

This Christmas give the gift Of Savings

Toys break and fashion fades, but a mutual fund certificate can be the gift of a etme!
Give the special people in your life the gift of opportunity - for education,
travel, a worry-free retirement. Set them on the path to savings and wise
investing to secure their future.

Visit or call our financial advisors at 396-4076 to learn more about investing

ina mutual fund*.

THIS CERTIFICATE IS PRESENTED TO

< NAME >

MINTMUM ANMMIUNT OF S10
FOR [NWESTMENT IM FG FINANCIAL MATUAL FUNDS

Seue Wheuger, Wealth Maragcaeri

one EJ Pu: FINANCIAL
FIMHOHS 6 ESWESTIINTH

*Belore you mreset inary Fund, be ure ip ceed the (Ha ria p Menprandgn io eke cern fe cesinen obecieess, ek and cetuene of the Pura ae
nine wih your personal nvestneni gels

become a part of the family

Call us today at (242) 396-4076

BSIDIARY

FAMGUARD

CORPORATION LIMITED

PRO UE a eed ld UL mere RTL Tureen


PAGE 2B, FRIDAY, DECEMBER 17, 2010

THE TRIBUNE



att INES eee
UN body warns on fiscal deficit target

By NEIL HARTNELL
Tribune Business Editor

* ECLAC says Bahamas’ 2010-2011 deficit
may exceed 3% due to infrastructure
spending and fact tax increases ‘not yet had
an impact’

* Warns that 2011 growth projections for
Bahamian economy may be ‘undermined’
by US performance

The Government may not
achieve its 3 per cent of GDP
fiscal deficit target for the 2010-
2011 Budget year, a United
Nations-related body has
warned, with the Bahamian
economy’s projected 2.3 per
cent growth next year in jeop-
ardy from an uncertain US out-
look.

The UN’s Economic Com-




































Spend $50 ov Move

ENTER TO WIN!

(Prizes 40" LCD HDTV * LG SHINE PHONE * BLACKBERRY PEARL © BICYCLE

$500 TOY STOCKINGS »* $150 SUPER VALUE GIFT CERTIFICATES
$40 GAS VOUCHERS + $250 LOWE'S PHARMACY GIFT CERTIFICATE

Grand (Prizes $1000 VISA GIFT CARDS
LOWE’S



E-MAIL ADDRESS



SKILL QUESTION
What is “The Family Dharmacy”?

RULES SPEND 350 08 MORE, ATTACH ORIGIMAL RECEIPT TO ENTRY FORM, FILL OUT SKILL QUESTION,
& PLACE OM DROP BOL ERTRIES WITHOUT RECEIPTS CANMOT BE COURTED.

PROMOTION ENDS DECEMBER 24, 2010

HAPLOVEES OF LOWE'S HIMLESALE £ LOWE'S PHARMACY AND THEIR OWWEDIATE FAMILY ARE WOT
BLOGIELE FOR ENTRY.

Celebrate the Season at Lowe's... the Family (Pharmacy

WARMTH « JOY + TRADITION

» @

Time for a well-eart

ba

‘insurance, health, pensions, life

|| ATLANTIC
==" MEDICAL

[vq COLONIAL A

Colonial Pension Services
(Bahamas) Ltd.

Tel. 502-7526

Aclantic Medical Insurance
Tel. 326-8191
Tel, 351-3960

mission for Latin America and
the Caribbean (ECLAC), in a
report on the Bahamian econ-
omy released earlier this week,
said the $112 million deficit that
the Government racked up in
the 2010-2011 first quarter
showed that the tax increases
unveiled in the May Budget
“have not yet started to have
an impact”.

Adding that the Govern-
ment’s continued capital spend-
ing on infrastructure projects
might blow its 2010-2011 fiscal
deficit target, ECLAC said
“only modest consolidation” to
date had been achieved when it
came to setting both the deficit
and National Debt back on a
sustainable path.

And, reflecting the uncertain
outlook for the global econo-
my, in particular the US, which
is the key driver for the
Bahamas, ECLAC said: “The
[Bahamian] economy is expect-
ed to grow by 2.3 per cent in
2011, but this prediction may
be undermined by lower
growth in the US.”

While the Bahamas was
“slowly edging out” of the 2008-
2009 recession, with modest
economic growth of 0.5 per cent
projected for 2010, data pub-
lished by ECLAC revealed that
per capita income in this nation
had taken an even more severe
beating than the overall econo-
my. While the Bahamian econ-
omy overall contracted by 1.7
per cent in 2008, per capita
income in this nation (the aver-
age income a Bahamian
earned) fell by 2.8 per cent. The
pace of this decline increased
in 2009, with Bahamian per

SECURITY
& GENERAL

Security & General

Insurance

Tel, 326-7100

www.ceigroup.bm
Athnti¢ House 2nd Terrace & Collins Avenue Nassau

SB COLONIAL GROUP
INTERNATIONA

§ Jasmine Corporate Center, East Sunrise Highway, Freeport
Insurance, Health, Pensions, Life

capita income dropping by 5.4
per cent year-over-year, com-
pared to a 4.3 per cent eco-
nomic contraction, and for 2010
- despite minimal growth pro-
jections - per capita income is
set to fall by another 0.7 per
cent. Noting that the Govern-
ment’s fiscal policy measures
had sought to balance the need
to maintain employment levels
and counter weakened private
sector investment with “con-
solidating” the national debt,
ECLAC suggested that the 11
per cent expansion in the 2010-
2011 first quarter fiscal deficit
showed that only modest
progress had been made.

Referring to the three
months to end-September 2010,
ECLAC said: “Total revenue
plus grants declined by 1 per
cent, as the revenue-generating
measures outlined in the latest
budget have not yet started to
have an impact.

“Following a 6 per cent rise
in current spending, linked to
higher outlays on goods and
services and interest payments,
total expenditure expanded by
4 per cent, leading to sharp
growth in the debt.”

And, more pertinently,
ECLAC warned: “A fiscal
deficit of 3 per cent of GDP is
projected for 2010-2011, but
this target may not be achieved
owing to continued outlays on
infrastructure projects. Stimulus
measures adopted by the Gov-
ernment to counter weak pri-
vate demand have pushed up
central government debt from
44 per cent of GDP in Septem-
ber 2009 to 47.4 per cent of
GDP in September 2010.”

Elsewhere, ECLAC attrib-
uted the 13.6 per cent increase
in foreign direct investment
inflows to the Bahamas largely
to the $120 million Heineken
purchase of the Associated
Bahamian Distillers and Brew-
ers (ABDAB) st ake in Burns
House/Commonwealth Brew-
ery. It noted that the Bahamas’
balance of payments current
account deficit narrowed from
8.5 per cent of GDP in Janu-
ary-June 2009 to 7.7 per cent
during the same period this
year, aided by a 2.9 per cent
reduction in imports as private
sector demand continued to
scale back. Exports of goods
and services rose slightly, while
travel receipts increased by 5.6
per cent.

For the year to September
2010, ECLAC said the
Bahamas’ inflation rate fell
from 3.6 per cent in 2009 to 1
per cent this time around,
despite increases in the
Bahamas Electricity Corpora-
tion’s (BEC) basic tariff rate.

“Price reductions were expe-
rienced in food and beverages,
in stark contrast to the sub-
stantial increases in the rest of
the region,” ECLAC said.
“Costs for housing, and trans-
port and communications, were
also down. However, in spite
of lower oil prices, fuel and
electricity costs escalated.”

And while the Bahamian
international financial services
industry was “stable”, ECLAC
said its cost base would start to
increase due to the need to
comply with the tax informa-
tion exchange demands of for-
eign countries.

Sorthday

m your family and friends. —

Holiday office hours

The holiday season

“0 lL “ “4 a 7 " wie fF ret
spend with your family and friencd

The management and colleagues at
Ih

ie Bahamas, extend Sincere seas

sling kris
Bling kr.

HOUDAY OFFICE HOURS

Fr:

day 24th December
dosed

* 2th Decermbe

, 2Bth

Sa special ime and it

Sa areat

ne yOu have time to yourself and time t

Cl companies in

ans best wishes. Merny

snas ard a hap healthy Mew earl

Cosed iron nan

all day

ices >

Cotona! Group imenmodoand it

rated A-jExcetlere| by AM) Beat



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

Customs ‘moving forward’
on aircraft tax collections

FRIDAY, DECEMBER 17, 2010, PAGE 3B



By ALISON LOWE
Business Reporter
alowe@tribunemedia.net

The Department of Cus-
toms will “move forward
right after the holidays” to
collect the tax and import
duties it says a significant
number of Bahamian com-
mercial airlines and private
aircraft owners are owing.

“We will be moving then
to contact them to let them
know we’ve given them
time, and we now need to
settle these matters. So we
will be calling and advising
them of the amount of duty
we expect them to pay, and
we expect them to comply
or we will follow through
with the law,” said Mr
Gomez, reiterating that the
Department is able to seize
aircraft from companies or
individuals who do not pay
their debts.

While admitting that Sky-
Bahamas chief executive
Captain Randy Butler was
correct when he said that
under the Tariff Act aircraft
were “duty free” prior to
2008, in the sense that the
10 per cent import duty did
not apply, Mr Gomez said
Stamp Tax still did.

“Even though they may
say there wasn't any Cus-
toms duty there was still a
tax that we collect. So don't
be so concerned about 2008:
There was a tax even though
it was a different tax,” said
Mr Gomez. The Stamp Tax
applied to aircraft is 7.5 per
cent.

The Department of Cus-
toms sent letters to Bahami-
an aviation operators and,

Mr Gomez said, to private
aircraft owners last month,
informing them they had
two weeks to contact the
department about allegedly
outstanding tax owed to the
Department on aircraft
brought in to the Bahamas.

Many operators objected,
saying that although there
was a tax of which they were
mostly aware, it was gener-
ally known that the Depart-
ment was not minded to col-
lect it for many years and
therefore it would be unfair
to now retroactively collect
it.

Some said it would put
them out of business if they
were made to hand over the
funds, which added up to
$700,000 in at least one case,
and several hundred thou-
sand dollars in others.

Duty

Meanwhile, Captain But-
ler said he subsequently dis-
covered that the 10 per cent
import duty was not
imposed until 2008, and
therefore questioned on
what basis operators were
to be taxed.

He and other Bahamian
operators also expressed
concern that they alone,
rather than private aircraft
owners or illegal charter
operators, were being tar-
geted.

Captain Butler added that
in his airline’s case, some of
his aircraft were leased from
another company, and
therefore it should not be
his obligation but the own-
er’s to pay the funds.

The Bahamas Aviation

Association and individual
operators wrote to the Min-
ister of Finance, the Prime
Minister, to ask that they be
considered for an exemption
from the tax - citing conces-
sions granted to other “pub-
lic transportation” sectors
such as taxi drivers.

Mr Gomez said: “All
commercial and non-com-
mercial planes on which
duty was not paid will be
liable. We also have a num-
ber of planes we've noticed
at the airport that do what
they call illegal chartering,
and those people are going
to be asked to pay as well.

“Those who have gotten
the letters don't know about
what other persons got the
letters. We don't want them
to feel they’re being picked
on. All who have planes in
the Bahamas, who are resi-
dent here, will be asked to
pay.”

Mr Gomez said his
Department had allowed
additional time before tak-
ing the next step to collect
the money, having been
informed that the aviation
operators wrote to the
Prime Minister to request
an exemption.

“They asked if we would
give them a little time for
the letter to be received and
be communicated to. We
have allowed them a couple
of weeks, but we think it's
time to move forward,” said
Mr Gomez.

He said the Department
will be amenable to enter-
ing into payment plans with
those who owe money to
reduce the financial burden
in the short term.

BISX chief awaiting
five possible new listings

FROM page 1B

those potential listings were,
Mr Davies said that with the
recession having “somewhat
levelled off”, Bahamas-based
companies were once again
eyeing future strategies and
how to position themselves
going forward, rebuilding and
attracting financing to move
to the next level.

Adding that RoyalFidelity
Merchant Bank & Trust’s
TIGRS 4 international mutu-
al fund, which recently closed
its offering to Bahamian and
Barbadian investors, was set
to soon join BISX’s fund list-
ings tier, Mr Davies hinted
that he also hoped ongoing
talks about the Government
listing all its debt securities
on the exchange would come
to a successful conclusion in
2011.

He also noted the irony of
the fact that two key bedrocks
on which BISX had based its



KEITH DAVIES

business plan when it
launched in 2000, the listing
and trading of government
debt securities plus BTC’s pri-
vatisation, were now firmly in
play more than a decade later.

Mr Davies told Tribune
Business: “I foresee all these
things happening throughout

INTERNATIONAL BUSINESS COMPANIES
ACT,2000
(No.45 of 2000)

MANSA HILLS INC.

(In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 137 (4)
of the International Business Companies Act,2000, No. 45 of
2000, MANSA HILLS INC. commenced Dissolution on the

19th day of August, A.D., 2007.

Mr. Nathaniel Cooper, Nassau Bahamas has been appointed
the Sole Liquidator of the Company.

Mr. Nathaniel Cooper

Liquidator



next year. am positive about
2011, and think we will be
able to demonstrate, based on
our achievements throughout
next year, our ability to grow
this marketplace, because it
will continue to grow. The
market will grow despite us. It
will grow organically.”

IMAGING A r GRO

aie

DIAGNOSTIC CENTRE

SVENOR

Announce out spectal Holiday Houts:

Friday, December 24, 2010

Saturday, December 25, 2010

(Christmas Day)

Monday, December 27, 2010
(Boxing Day Observed)

Friday, December 31, 2010

Saturday, January 1, 2011

(New Year's Day)

Monday, January 3, 2011
(New Year's Day Observed)

CLOSED

CLOSED

CLOSED

CLOSED

CLOSED

CLOSED

Ou behalf of the Management and Staff of Fourth Terrace Diagnastte Centre and
Imaging At Grosenor we wish you a Safe Hobday and Prosperous New Year!

Westinghouse

You can be
sure... if it's
Westinghouse! je 5

4
f

=



Anothemsatistiedicustomer

iim Mas ss |

WP ee eee en umd

we carry a complete line of Westinghouse whole-home comfort soluhons . balance

Ue eMac

Gre ee ee mk eee Mee

eee aie)
Teese eg ie

Ue OR peso ie
Government Corporation
aati
Pegr ocetig gore ee



1 TON UNITS = METAL CASING . _
WCHKM-A2KCR1 Condenser $437.97 - WIWKM-I2KNIVT Fit Coil SPB M.occscsccssenccenn tt O4O.25 MET =e — al
1-1/2 TON UNITS = METAL CASING ;

WCHXM-TEKCR Condenser $5627 « WIWKM-EKNW Fan Coil $29246..0 $699.43 net

2 TON UNITS —- METAL CASING

WCHXM-24K(CR3 Condenser $7249 - WIWKMZUKNIVG Fan Coil $297.44 $1,158.60 wet

Vertical Discharge 10 Seer R22 Gas

3 TON UNITS

DS5RA-036K Condenser $1,045.00 - WIXC-OSGSN2 Fan Gail (High Wall) $460.00._—""

Horizontal Discharge 10 Seer R22 Gas

4-1/2 TON UNITS - PLASTIC CASING

WILLER = PSD -0 CRY Candersar $982 88 Wot - WESTIMGHOUSE . WWEL-1EKNT Fan Coil $178.42...

maT VR ss



$1,723.00

$728.00 ner



SN
ie ee el cae ee ec

een ee eh el



TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
PAGE 4B, FRIDAY, DECEMBER 17, 2010

THE TRIBUNE





Harcourt eyeing | ‘Higher impact’ than
Royal Oasis sale? |

FROM page 1B

Meanwhile, Mr Vander-
pool Wallace said he had
heard informally that Har-
court Developments may be
looking to sell or partner with
another company to redevel-
op the Royal Oasis.

“T heard there was some
interest from another compa-
ny in coming in and buying
out Harcourt, or working
along with them to get some-
thing going. Our staff in
Grand Bahama had got wind
of someone coming to Grand
Bahama to look at the prop-
erty, but we’ve received noth-
ing in writing,” said the Min-
ister.

A property management,
development and investment
company, Harcourt Develop-
ments acquired the Royal
Oasis in 2007. Its sale came
three years after the resort
was closed, having been dam-
aged by Hurricanes Jeanne

and Francis. The company
announced a $400 million
redevelopment plan to turn
the defunct hotel, located on
425 acres of property, into a
“high quality tourism desti-
nation”.

However, at the end of
2008, as the global financial
crisis bore down, tightning
flows of credit, Harcourt
Developments told the Gov-
ernment it would not be able
to proceed with its plans to
bring the hotel back on
stream for the time being.

Drawings

Prime Minister Hubert
Ingraham stated that the com-
pany “sent my office a num-
ber of drawings and render-
ings as to what they are
proposing to do when they
are in a position financially to

Three years on, the compa-
ny has continued to develop a

NOTICE

SAFE HAVEN HOLDINGS LIMITED

NOTICE IS HEREBY GIVEN as follows:

SAFE HAVEN HOLDINGS LIMITED is in dissolution under the
provisions of the International Business Companies Act 2000.

The dissolution of the said Company commenced on the 15
December 2010 when its Articles of Dissolution were submitted
to and registered by the Registrar General.

The Liquidator of the said Company is Edward John Sweet of 11-
12 Esplanade, St. Helier, Jersey, Channel Islands.

Dated the 15" day of December, 2010

H & J Corporate Services Ltd.

Registered Agent
for the above-named Company



number of properties in its
portfolio around the world,

but appears no closer to hau i
able to fulfill the commitment }
it made regarding the Royal }
Oasis in 2007, shortly before ;

the general election.
Peter Turnquest, president

of the Grand Bahama Cham- }
ber of Commerce, said the }
continued inoperational sta- }
tus of the hotel six years after } . .
it closed is “a very unfortu- } tors need on a daily basis, I
nate circumstance” for Grand }
i see them come from local

Bahama.

“Tt’s a very significant loss i
for us. Even more so than the :
jobs lost, it was a symbol of i
? quantities of construction
? material could be sourced
i from Bahamian suppliers for
: the Baha Mar project, Mr
: Wrinkle said the BCA had
? been told by the developer’s

“Tt is unfortunate, too, that management team “that not

oS fae eee rasa i all the material is going to
ye 2 be procured tom China”,

the overall economy of Grand
Bahama, it being one of the
major draws on the island his-
torically, so it does stand out
as a sore thumb,” Mt Tun-
rquest said.

than redeveloping the hotel,

which could have provided :
cash flow for other projects. i acknowledged that oe
I’m sure they had their rea- : aa ae erie

sons, but it means we’re stuck | Med@ium-size conser

with an asset that is deterio- that they had been excluded

: from bidding on the Com-

rating by the day.

“Tt is a significant effect on } i L S
the economy. It employed } but said the BCA’s “first pri-
3,000 people at the peak of }
i ment approval for the Baha
: Mar project had been given
Our overall :

its operations, and we have
not been able to recover from
that effect.
tourism product suffers as a
result,” said Mr Turnquest.
When Tribune Business
spoke with Donald Archer,
operations manager for Har-

week regarding plans for the

returned this week and
attempts to reach him via
phone were not successful.

‘Anticipated from first
Bala Mar contracts

FROM page 1B

would not be surprised to

suppliers.”
Adding that the BCA was
“hopeful” that significant

Elsewhere, Mr Wrinkle

mercial Village contracts,

ority” - once formal govern-

- was to develop a pre-qual-

} ification process that would
? maximise the involvement
? of smaller Bahamian com-
i panies in the $400 million
? worth of work allocated to

court Developments’ head } them.

office in Grand Bahama last :

Hinting that the Com-

hotel, Mr Archer directed this ee : we eee
Hewapepey WC speak withe: 4 Mr Wrinkle told Tribune
company’s head office in } Bus :
Dublin, Ireland. Two e-mails | USInes>:
seeking comment this week

from Harcourt Develop- ; 49d medium contractor

ments’ chief marketing man- } Community with regard to
ager, John Doherty, regard- }
ing the Royal Oasis were not }
: to remember is that this ten-
: dering process started

i months ago.

“T know there’s
some concern in the small

exclusion from this bidding
process, but what they have



KPMG

cutting through complexity â„¢

To our valued clients

Please be advised that our office will be closed on the following dates:
« Friday, December 17, 2010, re-opening on Monday, December 20, 2010
« Friday, December 24, 2010, re-opening on Tuesday, December 28, 2010
« Friday, December 31, 2010 at 1:00 p.m., re-opening on Tuesday, January 4, 2011

We apologize for any inconvenienced caused.

AUDIT = TAX = ADVISORY

0 2070 PMG, a Bahamas partnership, and a member firm af the KPMG neteaork of indegendent member firms affiliated with KPMG International

Cooperative (“KPMG International’ |, a Swiss entity. All nights reserved.

20/302:

Puee

imagination at work | CASH SALES ONLY!

V.24â„¢-DEC. 3P'

Sales & Full Service Department

Rosetta & Montgomery Streets

322-2188/9

www.geoffreyjonesandco.com



“Those tenders went out
in March/April, long before
an agreement was made for
a $400 million package for
Bahamian contractors.
That’s only four buildings
and 15-16 companies bid-
ding for that.

“I would encourage con-
tractors not to get too upset
about not being included in
this bidding round, as it was
established way back.”

Four contractors had bid
on each project, the BCA
president added, and they
had to submit three to four
different bids due to the pro-
tracted nature of the
process. He added that
when the $400 million worth
of contracts for Bahamians
was split up, it would be
“distributed to a far wider
pool of contractors”, if not
in the three figures then cer-
tainly “several dozen”.

Process

Pledging that the BCA
would be “working hard”
with Baha Mar on a pre-
qualification process that
accommodated small and
medium-sized Bahamian
contractors as soon as final
go-ahead was received, Mr
Wrinkle said: “That is the
first priority for the BCA,
resolving a pre-qualification
process with Baha Mar that
maximises the number of
small and medium-sized
contractors who can meet
the criteria to bid the work.
Baha Mar has to give some
ground on this, and the con-
tractors have to move up.”

Explaining that the situa-
tion was a two-way street,
where Baha Mar was
accommodating and
Bahamian contractors raised
their game, Mr Wrinkle said:

“It’s a mutual endeavour. It
can’t be one side either
way.”

In the meantime, the
BCA would focus on pro-
viding the training that con-
tractors needed to partici-
pate in the Baha Mar pro-
ject, Mr Wrinkle stating that
they did not find the work
difficult as opposed to sort-
ing out the contract and
administrative aspects.
Pointing out that some
would have to adjust their
“work ethics” when it came
to arriving on time and get-
ting the work done in rela-
tion to Baha Mar, the BCA
president added: “It’s a dif-
ferent kettle of fish to build-
ing a home in Pinewood
Gardens. If we don’t per-
form, we’re not going to
Stay.

“We have a substantial
responsibility where we have
to deliver the product, and
it’s no easy task at all.
There’s a lot to done to
ensure we execute the work
as it’s supposed to be done.”

Getting the Baha Mar
project started would “start
the ball rolling” for the
Bahamian construction
industry both physically and
psychologically, Mr Wrinkle
said, sparking renewed sec-
tor activity and encouraging
smaller projects to also start
moving forward.

Sela

For the stories behind the
Meare Meso fs
on Mondays



NOTICE

ESTATE OF JOHN ORAGE KENNING,
(deceased)

Notice is hereby given pursuant to Section 29
of the Law of Property Act that any person having
a claim against or an interest in the Estate of John
Orage Kenning, deceased, late of Cable Beach in
the Western District of the Island of New Providence
in the Commonwealth of the Bahamas and who died
on the 2nd July, 2010 is hereby required to send
particulars in writing of his or her claim or interest to
Higgs & Kelly, Attorneys for the Executor, of P.O. Box
N-4818, 384 Bay Street, Nassau, and to send such
particulars not later than the 7th January, 2011, after
which date the Executor will distribute the Estate
among the persons entitled thereto having regard
only to the claims and interests of which they have
had notice, and will not, as respects the property so
distributed, be liable to any person of whose claim
he shall not then have had notice.

HIGGS & KELLY
Attorneys for the Executors

EXXONMOBIL EXPLORATION AND
PRODUCTION PORTUGAL LIMITED

NOTICE

Pursuant to the provisions of Section 137 (8)
of the International Business Companies Act
2000, notice is hereby given that the above-
named Company has been dissolved and
struck off the Register pursuant to a Certificate
of Dissolution issued by The Registrar General
on the 5" day of November, A.D., 2010.

Dated the 15th day of December, A.D., 2010.

Carol G. Gray
Liquidator of
EXXONMOBIL EXPLORATION AND
PRODUCTION PORTUGAL LIMITED



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


THE TRIBUNE

FRIDAY, DECEMBER 17, 2010, PAGE 5B



Customs to ‘name! INSURANCE REFORMS
GOING THE RIGHT WAY’

and shame’ firms

FROM page 1B

provided for under the cur-
rent Customs Management
Act. Taking matters to court
requires “a lot more investi-
gation”, and challenges can
exist in some cases in getting
key foreign witnesses to testi-
fy.
“They may be prepared to
give information but they may
not be as forthcoming to
come to the Bahamas and
stand before a court of law,”
said Mr Gomez.

However, with maximum
“in house” penalties of $5,000
under the Act, and no provi-
sion for the public to be made
aware when firms are found
guilty under current legisla-
tion, there is in some cases lit-
tle incentive for businesses
not to re-offend.

Asked how much the fine
may be increased by under
the new legislation, Mr
Gomez said: “We have rec-
ommended that it be
improved quite a lot. There

would also be certain other
penalties that will apply that
may not now apply to act asa
deterrent. We will also make
it public. You’re not coming
here and walking out as if
nothing happened. People will
know Customs caught you
doing this and that. Bahami-
ans always want to give the
impression they are above
board, but if I know you are
charging me high prices for
goods but evading Customs, I
might think twice about
patronising your business.”

Corruption

As for corruption in Cus-
toms, which might in some
cases facilitate businesses who
may wish to evade paying
duty, Mr Gomez said he
believes it has been “cur-
tailed” to a degree.

“We wouldn’t want to be
an ostrich with its head in the
sand and say it’s stopped; it’s
still there to some level, but
it’s not what it used to be
when I came in 2009. We

let's do a professional job,” }

he added.

Mr Gomez said that under
the new Code of Conduct to
be introduced in the Customs
Management Act, the

ciplinary issues.

FROM page 1B

? and industry were set to take, Mr Ingraham said:

want to do more to try to get i “I suspect that by the end of January we will be
people to focus on the fact ¢ ina position where we pretty much know where

! 1 : . :
that we're professionals, SO } we are on all issues going forward.”

Emphasising that both were keen to resolve the

: situation well before the remaining Insurance
: Act regulations took effect in September next
i year, the BGIA chair told Tribune Business:
i “Both sides are keen to get a definitive position,
i so that concerned companies can work towards
Department will be able to }
more successfully address dis- }
? for all concerned,” Mr Ingraham added.

“Right now, you find that if :
we warn an officer about :

quences,” Mr Gomez said.

not just from Customs, and if :
there are complaints an offi- i
cer has to answer, he will go ;
before the committee and }

CUSTOMS REVENUES
UP S8M OVER 2009

FROM page 1B

Department for the five-month period over
2009 figures to “in most part, the vigilance of
customs officers”.

“We are very pleased that the officers are
doing their jobs in a much more professional
way. They are more enthused about what they
are doing despite withdrawal of overtime.
They are detecting more things, and we are
quite pleased with their performance so far,”
said Mr Gomez.

However, he admitted that the collections
are still below the Government’s expectations.
Meanwhile, the Department is seeking to
address a “grave” smuggling problem in the
country, he said.

“The Ministry of Finance makes certain esti-
mates for the Department, and a lot of times
there's a variance between what we do and




wpe

Tene

the Customs chief.

that definitive position come September 2011.
“The sooner we get that sorted out, the better

Under the proposed reforms, debt securities,
preference shares and mutual fund shares listed

something you have to use } ona recognised stock exchange are included

General Orders and it does ; among ‘admissible assets’, as are unlisted pref-

Bon » = : ‘“ :
not always fit in with a uni- } erence shares or “other debt instruments or

formed entity. We are struc- investments approved by the Commission”.

turing it to Customs: What a } : : ho :
customs officer does. what is : bY Bahamian general insurers “will be permitted
expected for him to door not ; 284 qualifying asset” provided it is used to sup-
do. and what are the conse- ; Port policyholder habilities in that nation.

In addition, cash held outside the Bahamas

The Insurance Commission also gave itself

“Tt will al i : freedom to approve other qualifying asset cate-
thi TE ee ee i gories, while non-listed mutual funds would qual-

ee s aaa 7 i ify on a pro rata basis determined on their under-
committee to be made up 0 i lying assets.
about five persons who are

Discounts

When it came to asset discounts, the Insur-

their penalty will be decided.” ? ance Commission reduced the one on private
“+ company ordinary shares “up to a maximum of 5

i per cent of admissible assets, exclusive of invest-
i ments in private companies” from the initial 100
i per cent to 25 per cent.

Rather than impose a 75 per cent ‘across-the-

i board’ discount on all debit balances due from
? agents, brokers and sub-agents, the Insurance
? Commission has adopted for a more nuanced
i approach.

Balances between 0-30 days outstanding will

i incur a 20 per cent discount for purposes of sol-
i vency margin calculation; those 31-90 days out-
i standing a 50 per cent discount; and those more
i than 90 days outstanding a 100 per cent discount.
what the Ministry of Finance has estimated :
that we do, so that's always the dialogue,” said i
i modal past due”.

Meanwhile, Mr Gomez told Tribune Busi- }
ness he “knows nothing about” an Inter-Amer- i
ican Development Bank-funded technical i
cooperation project involving the Bahamas :

Customs Department.

ed on the IDB’s website yesterday.

The same approach is also being taken with
regard to “outstanding premiums more than one

Those premiums 0-30 days past due will not be
discounted, but those 31-60 days and over 60
days past due will suffer 50 per cent and 100 per
cent discounts, respectively.

The Insurance Commission has also included

Preliminary details of the project were post- i debt and preference share securities, plus mutu-

i al funds, in its definition of securities, subjecting

Department in the Bahamas”, the IDB said the i
initiative is intended to assist the Customs }
Department with the “implementation/cus- }
tomisation of customs training modules” and
the “restructuring of the training function with- :

in the Customs Department”.

Minister of State for Finance, Zhivargo
Laing, who has ministerial responsibility for ;
Customs, also said he was unaware of the pro- }

ject yesterday.



Christmas Sale
3 Te Only (Thur/Fri/Sat)

m QO r
wat

% by ae
“Christmas Tree”
off ~ by Spode

special thru Dec 31st, 2010

1 eee

Mall at Marathon

Monday-Friday 7:00am-8:00pm
PAU Te Atte)
RTT p + oa foes

Mee Acute eRe

Saturday

Oh re Ree ey1
Fax: (242) 393-4096

except on
Amy

elite,
ea el
Giftware
eS e

-Ornaments
- Flowers/Wreaths
& Garland

- Housewares
& Giftware

sale dates
Dec 16/17/18

0

Open
7am-9pm



Under the title “Strengthening the Customs } them to a 20 per cent discount.

Cash held outside the Bahamas will not have to

be discounted at all. In an earlier August 13,
2010, letter sent to Insurance Commissioner
Lennox McCartney, the BGIA had argued that
the initial discounts were "extremely punitive" in
comparison to other regulatory regimes and rat-
ing agency requirements.

"In particular, corporate bonds, mutual fund
and preference shares are inappropriately lumped
into ‘other assets', and receive a 100 per cent
discount unless approved for a lower discount
by the Commission,” the BGIA letter said.

"The industry is of the view that a 100 per
cent discount is inappropriate for the over-
whelming majority of such investments..."

The BGIA instead proposed discounts more in
line with Canadian regulatory requirements, and
warned of the Insurance Commission's proposed
asset discounts: "The excessive level of the exist-
ing capital requirements will restrict the ability of
local insurers to compete in the region and will
lead to higher consumer prices.

"The requirement to seek approval for the
use of a more appropriate discount factor for
many of these ‘other assets’ will be a huge busi-
ness interruption for the industry, will consume
significant resources of the Commission, with-
out yielding significant benefits."

The BGIA letter instead proposed that rather
than a 100 per cent discount, mutual fund shares
receive only a 15 per cent discount if they were in
a fund recognised by the Securities Commission.
Otherwise, a 25 per cent discount should be
applied.

Corporate bonds were recommended for an 8
per cent discount if they were held in a company
listed on a recognised exchange, 12 per cent oth-
erwise; with the same requirement for prefer-
ence shares - a 15 per cent discount if held in a
listed company on a recognised exchange, 20 per
cent if not.

The BGIA letter also warned that a 100 per
cent discount on investments in ordinary shares
of private companies was "excessive in the vast
majority of circumstances", and should be
reduced to 25 per cent.

Elsewhere, the Insurance Commission gave
companies permission to borrow sums not to
exceed more than 5 per cent of assets if, in the
case of a catastrophe hazard, it had not respond-
ed to a request for approval within two business
days.

To ease the burden on sub-agents, the Insur-
ance Commission has raised the threshold at
which they have to be registered (incorporated)
from $100,000 to $250,000 in annual commis-
sions.

In addition, sub-agents will not be permitted to
sell insurance for more than one company - life or
general - to avoid potential conflicts of interest.

THE CLEARING BANKS ASSOCIATION

i

Announces

Christmas Holiday Banking Hours

Thursday, December 23, 2010
9:30am — 4:30pm

Friday, December 24, 2010
9:30am — 1:00pm

SATURDAY, DECEMBER 25, 2010
CLOSED

MONDAY, DECEMBER 27, 2010
CLOSED

Normal Banking Hours will resume on
Tuesday, December 28, 2010
(9:30am — 3:00pm)

Bank of The Bahamas Limited
Citibank, NA.
Commonwealth Bank Limited
Fidelity Bank (Bahamas) Limited
FirstCaribbean International Bank (Bahamas) Limited
RBC Royal Bank (Bahamas) Limited
Scotiabank (Bahamas) Limited



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


PAGE 6, FRIDAY, DECEMBER 17, 2010 THE TRIBUNE

LOCAL NEWS



BIGGEST
BEST SELLER




THE
NEW

2011

BAHAMAS HANDBOOK

TELLS IT ALL

AVAILABLE AT HEWSSTANDS

‘; 7 Ghenne Dupuch Jr Peblcaticns
| Tat T3004, Massa, Dahan









: Depre DBahamas |

“Fohumiies Gif aie @ difieac

lneites you to our Christnoes
2010
Customer Apprectetion
Weekend!!!

For the bast to teautital Aethentle Brhenlyo
atts & crafts

a
: as: f
Discounts for Ep ery dated! ff
i ~
Priday 1? December 2000 = 11K) AM = Srlhb PAM
Saterday 18 December P0100 — 11-00A00 — 5:00 PAD
Weetiag Streeé, Nassau

ee oe POT PF

&- mart oF Heitor ‘yer foo.com

‘ » Bethel Brothers Morticians

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

Funeral Service For

RAMON JEAN BROWN, 52

of Delaporte Point, will
be held Wednesday,
December 22nd, 10am
at St. Agnes Anglican
Church, Baillou Hill
Road. Archdeacon I.
Ranfurly Brown,
assisted by Rev. Fr. Neil
Nairn and Rev. Canon
Warren Rolle will
officiate. Interment will
follow in Lakeview
Memorial Gardens,
John F. Kennedy Drive.

He is survived by his parents, Reno Jean Brown
and Mary Katherine (ee Johnson) Brown; son,
Rico Ray Brown; grandchildren, Cion Rayann
Brown and Taray Brown; siblings, Julian R.
Brown and Renee D.M. Saunders-Forsythe; in-
laws, Erika Brown and John Saunders-Forsythe;
nieces & nephews, Natasha Brown, Reno Brown
II, Julian Brown Jr., Janaye Saunders-Forsythe
and Jayna Saunders-Forsythe; aunts, Ann Cooke,
Jacqueline Silva, Pauline Outten, Constance
Smith, Persis Lawerence, Vienna Johnson,
Marsha Johnson, Yvonne Johnson, Rhonda
Chipman-Johnson, Inez Fernandes (Freeport)
and Patrica Sweeting (Freeport); uncles, David
Johnson, Blaze Johnson, Don Cooke, Mike Silva,
Keith Outten, Charles Sweeting (Freeport);
cousins, Desiree, Lynne and Tracey Johnson,
Shelley Cooke-Seymour, Sterling (Erica) Cooke,
Bobbi Cooke-Mclver, Anthony (Tamika) Cooke,
Elaine and Monique Beckles, Darlene
(Herschell) Small, Jasmine Moxey and Miguel
Silva, Marvin (Jennifer) Johnson and Parhon
Johnson, Vaughn (Jennifer) Burrows and Kirsten
Outten, Dominique Johnson and Davina (Toure)
Johnson-Holder, Charles Blaze Jr., Vonnance
and Makaya Johnson; Ian Smith, Jolyon (Dionne)
Smith, Nicole Smith, Jan-Yves (Swadeian) Smith,
Andre Lawrence, Yvette (Barry) Bethea, Suzette
(Ken) Lewis and Juilette (Tim) Ross, godchild,
Samantha Russell; other relatives & families,
The family of the late Sidney, Stephen, James,
Ronald, David, Richard, Joseph, Mary and
Lovely Johnson-Wilkinson of Fresh Creek,
Andros, The family of Charles and Patrica
Sweeting, The family of the late Lloyd and
Newton Bain, The family of Ethlyn Major,
Marguerite Jackson and family, Maggie Moncur
and family, Christine Francis and family, Mr. &
Mrs. Charlie Swan, Mr. & Mrs. Sammy Russell,
Sidney Bain, Cecil Moncur, Adrian Bowe,
Gregory Strachan and many more too numerous
to mention.

NO PUBLIC VIEWING.

Butler’s Funeral Homes

& Crematorium

Telephone: 393-2822, York & Ernest Sts.
P.O. Box N-712, Nassau, Bahamas

Memorial Announcement

Peter Frederick
Stevenson, 65

of Shirley Street will be
held on Monday 20th
December 2010 at 10:00
a.m. at St. Francis
Xavier Cathedral, West
Street. Officiating will
be Rev. Fr. Glen C.
Nixon.

Left to cherish his

memories are his

mother: Hazel Moore;
two sons: Damon and Dereck Stevenson; one
brother: Robert Stevenson; two sisters: Anne
Curtis and Grace Moore; two aunts: Tenny Isaacs
and Norma Allen; nieces and nephews
including: Donahue Stevenson, Stanton Sullivan,
Monique Treco, Felice Saunders, Linly Stevenson,
Jodi Curtis, Tanai and Maya Stevenson, Ken
Saunders and Patrick Treco; grand nieces and
nephews including: Christina Saunders, Megan,
Fidel and Alistier Stevenson, Patrick Jr.,
Christopher, Steven and Nicholas Treco, Brian
Knowles and Cramon Smith; two brothers-in-
law: George Curtis and William Sullivan; and a
host of other relatives and friends too numerous
to mention.

Funeral Arrangements are being handled by
Butlers’ Funeral Homes & Crematorium,
Ernest & York Streets.

KEMP'S FUNERAL HOME LIMITED

22 Palmdale Avenue, Palmdale
Nassau, N.P., The Bahamas

A Memorial Service for

Mrs. Helen Mary Phillips
née Sears

of Blair Estates, Nassau,
The Bahamas will be held

eq at St. Andrew's Presbyterian
Kirk, Princes Street, Nassau
on Saturday, 18th
December, 2010 at 2:00
p.m.

Rev. Bryn MacPhail will
officiate.

'| Mrs. Phillips was

predeceased by her

husband, Mr. Lewis Charles Phillips; her parents, Lt.
Col. Edward D. Sears and Mrs. Gladys S. Sears.

She is survived by her sons, Lawrence Charles Phillips
and Richard John Phillips and her daughter, Barbara
Anne Bruce; grandaughters, Kirsten Seebald, Alexandra
Callender, Tanya Molnar, Kelly Dodge and Brooke
Phillips; her sister, Daphne Lee; her son-in-law, Graham
Bruce; her daughters-in-law, Dorothy Phillips and Diane
Phillips; grandsons-in-law, Matthew Seebald, Louis
(Skip) Molnar, Todd Callender and Nathanael Dodge;
great-grandchildren, Ashley and Richard Seebald,
Katelyn and Cameron Callender and Emma Dodge;
other relatives and friends, including Grace Tendilla,
Ruth Knowles and Dr. Jan Kelly.

In lieu of flowers, donations may be made to R.E.A.C.H.,
P.O.Box N.9272, Nassau or the Cancer Society of The
Bahamas, P.O.Box SS 6539, Nassau in Memory of Mrs.
Helen M. Phillips.

Arrangements by Kemp's Funeral Home Limited, 22
Palmdale Avenue, Nassau, N.P., The Bahamas.

CM, COS

“A Step Back in Time”

First corner left off Sears Rd.,first building on the right
#6 Murphyville Road,
Store Hours: Mon - Sat 10am - 6pm
Telephone: 322-6493

(Security will escort you to your car]

DON'T FORGET OUR CHRISTMAS SALE
GOING ON EVERY DAY UNTIL CHRISTMAS EVE!
UPTO 50% OFFI

Shower Curtains by Vanity, with sequins and glitter Reg, $90.00 now

$45.00
Battenburg Valance white, 60" x24" Reg. $23.40 naw $15.68, for one.
Nice for bathroom $ 23 well

"Olivia" Lace Swag fone pairl 72x36" white reg. $14.50 now $70.85
PL SAV. prs. avavable.

Vintage Glass Chvisimas Tree Omaments $25.00 box

Antique Pink Pitcher and Glass Beverage Set Reg. $120.00 now $72.00
Fostoria Crystal Pink Goblets 4 pes, reg S64 now $35.20 - 8 available,
Fostoria Crystal Smokey Grey Goblets 4ocs. reg $49.40 now $29.64
more available,

Fostoria Crystal Lt, Blue Ai Ball 4 pcs, rag, $46.20 now $30.94 more
available

Fostoria Crysta’ Lt Green iced Tea Glass 4 pes. Reg, $64.00 now
$35.97 more a available

Carnival Glass Wine/Gablet Green Reg, HE 50ea now $10.00 ea. only
J avawanle.

Girls Velvet Smocked Dresses Red and Green Velvet and Hand
Smocked Floral Cotton §25,00 and up,
Teens’ vintage panty dresses $30 and up.



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

FRIDAY, DECEMBER 17, 2010, PAGE 7B







AP Photo/Alex Brandon)

TESTIMONY: Treasury Secretary Timothy Geithner testifies on Capi-
tol Hill in Washington Thursday, Dec. 16, 2010, before the Congres-
sional Oversight Panel hearing on TARP.

BANKS SMARTEN UP BRANCHES T0 woo CUSTOMERS

© In brief

Oil falls on
euro Zone
dehit crisis

NEW YORK

Oil prices slid Thursday
below $88 a barrel on con-
cerns about the euro zone
debt woes which overshad-
owed another batch of posi-
tive economic news in the
United States.

While European leaders
debated how to counter the
region's painful debt crisis,
US. government agencies
said fewer Americans applied
for jobless benefits and hous-
ing starts rose slightly in
November. That followed ear-
lier reports that factory pro-

duction and retail sales posted } st at eas
: major life decisions in person.

gains in November.
Benchmark oil for January
delivery fell 92 cents to settle
at $87.70 a barrel on the New
York Mercantile Exchange.

Michael Lynch, president of }
? New York City's Union Square
? neighborhood.

Strategic Energy & Economic
Research, said traders are
cautious because signs of the
improving economy have
been offset recently by occa-
sional warnings about infla-
tion as well as unemployment
that remains at 9.8 percent.
Also, the dollar got a little

stronger on Thursday, making }
? lobby. At a ribbon-cutting cer-
; emony, CEO Vikram Pandit

oil more expensive for buyers
with foreign currency.

Most global crude demand
growth this year came from
emerging economies, led by
China. Some analysts expect
Chinese demand for com-
modities will likely fade in
coming years as the economy
shifts toward services.

FedEx sees strongen more :

halanced global recovery

SAMANTHA BOMKANP,
AP Transportation Writer
NEW YORK

FedEx Corp. thinks the
global economic recovery is
becoming more balanced, as
growth improves in Europe
and the U.S. while it moder-
ates in Asia.

After the company on
Thursday reported lower
quarterly earnings but raised
its outlook for the fiscal year,
CEO Fred Smith said that
shipping demand from both
consumers and businesses is
picking up. And he expects
stronger manufacturing and
industrial production to push
shipping volume higher in the
coming months. Smith said
Asian economic expansion
has slowed, but it's still grow-
ing faster there than else-
where. European economies
are performing better-than-
expected, he said, while the
US. economy is gaining
steam.

"I don't think we're ever
going to catch Asia, and I
don't think anyone expects us
too," said Jeff Kauffman, an
analyst with research firm
Sterne Agee. "But I believe
FedEx is saying ‘the world is
looking better than we
thought three months ago."

FedEx, based in Memphis,
Tenn., is the world's second-
largest package delivery com-
pany. It is a bellwether of
global economic health
among analysts and econo-
mists because it ships a wide
variety of goods, which
reflects the ups and downs of

business and consumer spend- }

ing.

: CANDICE CHOI,

? AP Personal Finance Writer
: NEW YORK

The personal touch is mak-

? ing a comeback.

That old-fashioned habit of

} stopping in at your local branch
? is being encouraged again as
? the banking industry looks to
put the spark back in service.

The push to cozy up to cus-

? tomers is part of a strategy to
? compete in a radically chang-
? ing marketplace. Most notably,
: a battery of regulations signed
? into law this year will sharply
limit the credit and debit card
i revenue that fattened industry
? profits in recent years.

To recoup some of those lost

? billions, banks want to squeeze
? more from each customer. That
? means convincing them to sign
? up for a wider range of services,
: including mortgages and wealth
i management. And customers

are still more at ease making

It explains recent moves by

the industry's biggest players:

—Citi: On Thursday, the

bank opened its first flagship

location on a busy corner in

With sleek leather couches

? and soft lighting, the airy space
? resembles a modern hotel lob-
: by and has a private seating
? area for premium customers. It
? also offers free WiFi and 24-
? hour customer service assis-

tance via video in the ATM

Geithner says bailout will
cost less than $25 billion

MARCY GORDON,
AP Business Writer
WASHINGTON

Treasury Secretary Timo-
thy Geithner said Thursday
that the $700 billion financial
bailout will end up costing
taxpayers less than congres-
sional analysts have estimat-
ed.

The Congressional Budget
Office has estimated that tax-
payers will lose $25 billion on
the rescue of banks, other
financial institutions and
automakers that came in at
the peak of the crisis in the
fall of 2008.

Geithner told a hearing by
a congressionally appointed
panel that it will cost less than
that.

"Those estimates are now
around $25 billion," Geithner
said. "They are too high, in
my judgment. Ultimately,



PERSONAL TOUCH: Citi CEO Vikram Pandit at the new high-tech



INTERNATIONAL
BUSINESS

they'll be lower.”

Geithner didn't provide
another cost estimate.

Measured in cost, he said,
the bailout "will rank as one
of the most effective crisis-
reponse programs ever imple-
mented."

AP Photo/Mary Altaffer

banking center in New York Thursday, Dec. 16, 2010.

said Citi plans to open similar
locations around the country.

To inspire warmer service,
the bank also shut down
branches early one Saturday in
September to stage revival-like
training sessions for employees.
They were encouraged to jump
up and shout suggestions on
how to win over customers.

Additionally, hours at select
locations were expanded in the
past year; and pay for branch
managers is now tied to cus-
tomer satisfaction surveys.

—Bank of America: The
nation's largest bank is adding
mortgage, small business and
investment specialists to select
branches early next year. The
aim is to gauge how they can
help attract more customers.

Personal bankers are also
being trained to spend more
time with customers.

"I'm not just trying to move
customers in and out," said
Felipe Pradas, who works at a
Bank of America in New York
City. Now he asks new cus-
tomers more personal questions

BAINBRIDGE SECURITIES LIMITED
(In Voluntary Liquidation)

Pursuant to the provisions of Section 137 (4) of the
International Companies Act 2000 notice is hereby
given that the above-named company is in voluntary

dissolution, commencing 3".

November 2010 Articles

of Dissolution have been duly registered by the Registrar.
Miss Jill McKenzie, Brittany Investment Company Limited,
Bahamas Financial Centre, Shirley and Charlotte Streets,
P.O. Box N9346, Nassau, Bahamas is the Liquidator.

All persons having claims against the above named
company are required on or before the 3â„¢. December 2010
to send all their names, addresses and particulars of their
debts and 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 2â„¢. November, 2010

Jill McKenzie
Liquidator



SHELDON SECURITIES LIMITED
(Un Voluntary Liquidation)

Pursuant to the provisions of Section 137 (4) of the
International Companies Act 2000 notice is hereby
given that the above-named company is in voluntary
dissolution, commencing 3. November 2010. Articles of
Dissolution have been duly registered by the Registrar.
Miss Jill McKenzie, Brittany Investment Company Limited,
Bahamas Financial Centre, Shirley and Charlotte Streets,
P.O. Box N9346, Nassau, Bahamas is the Liquidator.

All persons having claims against the above named
company are required on or before the 3â„¢. December 2010
to send all their names, addresses and particulars of their
debts and 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 2â„¢. November, 2010

Jill McKenzie
Liquidator



so he can suggest the optimal
products. He even introduces
them to the branch manager as
a finishing touch. Bank of
America wants to diminish the
frustrations that can stem from
its size.

Customers who have prob-
lems that can't be resolved
immediately in the branch are
now issued a tracking number
so they know the matter won't
be lost.

The most important fact, he
said, is that the governmen-
t's combined investments in
banks, financial institutions,
automakers and credit mar-
kets "will show a positive
return,” he said.

"The losses will be limited
to the amount we spend on
our housing programs."

Stronger

Geithner said the U.S.
financial system today "is in a
much stronger position than it
was before the crisis."

Still, he acknowledged, with
unemployment hovering at an
average 10 percent, "Our
work is not done. ... The dam-
age is still profound and trag-

He also said the housing
market remains weak.
Geithner said the govern-

ment is trying to keep as
many struggling borrowers as
possible in their homes in sev-
eral programs and is putting
downward pressure on mort-
gage rates through agree-
ments with finance companies
Fannie Mae and Freddie Mac.
The government has been
buying securities backed by
mortgages that are issued by
Fannie and Freddie.

Sen. Ted Kaufman, the
panel's chairman, said the
economy “is in a tremen-
dously better place today than
it was" before the financial
rescue came in.

"But we must not forget the
pain that continues to plague
so many Americans," he said.
"Fifteen million Americans
still cannot find a job.

“As many as 13 million
families will lose their homes
to foreclosure in the next few

t

Legal Notice

NOTICE
CANCER INVESTMENT
OVERSEAS LTD.

(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced

on the 1st day of February 2010. The Liquidator
is Argosa Corp. Inc., P.O. Box N-7757 Nassau,

Bahamas.

ARGOSA CORP. INC.
(Liquidator)



Cib=1 14th

Ministry Of National Security

Police Department

TRAFFIC PRESS RELEASE NOTICE

THE ROVAL BAHAMAS POLICE FORCE

INFORMATION

“BEAT RETREAT"
SUN :

ER, 2010

The Royal Bahamas Police Force Bard will stage a “Beat Retreat” an Bay Street between
(Charlotte and East Streets on Sanday, 19 December, 2000 commencing al 4:00 p.m.

ROAD CLOSURE

From 2900 pum until after the Beat Retreat, the folkewing streets will be closed to vehicular

traffic:

BAY STREET BETWEES CHARLOTTE STREET AND EAST STREET

PARLIAMENT STREET BETWEEN WOODES RODGERS WHARF AND SHIRLEY

STREET

BANK LANE BETWEEN BAY AND SHIRLEY STREETS

EAST STREET BETWEEN BAY AND SHIRLEY STREETS

TRAFFIC DIVERSION

From 2:00 p.m. vehicular traffic east along Bay Street will be diverted north along Charlotie
Sireel to Woodes Rodgers Wharf, east to East Street, south on Enst Street io Bay Street amd east

onlo Hay Street.

Vehscular Traffic treveling north on Exst Street will be diverted weat omto Shirley Street.

BO PARBING

BAY STREET BETWEEN EAST ANT
CHARLOTTE STREETS

PARLIAMENT STREET BETWEEN
WOODES RODGERS WHARF ANT

SHIRLEY STREETS

BANK LANE BETWEEN BAY AND
SHIRLEY STREETS

EAST STREET BETWEEN SHIRLEY
AND BAY STREETS

BANK LANE BETWEEN SHIRLEY AND

BAY STREET

BOTH SIDES

BOTH SIDES

BOTH SIDES

BOTH SIDES

BOTH SIDES

Ellison E. Greenslade
Commissioner of Police.



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




PAGE 1

N N A A S S S S A A U U A A N N D D B B A A H H A A M M A A I I S S L L A A N N D D S S L L E E A A D D I I N N G G N N E E W W S S P P A A P P E E R R BTC sale violates convention rules C M Y K C M Y K V olume: 107 No.23FRIDAY, DECEMBER 17, 2010 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER FULLDAYOF SUNSHINE HIGH 82F LOW 68F B U S I N E S S SEEPAGE1B S P O R T S Customs to name and shame firms SEESECTIONE Arianna falls short in 100 free semifinals By NOELLE NICOLLS Tribune Staff Reporter nnicolls@tribunemedia.net BAHAMIAN trade unions went international with their fight against the sale of BTC to Cable and Wireless, making good on threats to intensify theiro pposition. I n a formal complaint m ade to the International Labour Organisation (ILO union leaders claim the gov-e rnment is in violation of Section 144 of the ILO Convention. Employers and workers shall be represented on an equal footing on any bodies through which consultations are undertaken, states a section of the convention ont ripartite consultation between representatives of the government, employers and workers. B ernard Evans, president of the Bahamas Communications and Public Officers Union (BCPOU the move after an all-day meeting with the National Unions take fight to international body McCOMBO OF THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM BAHAMASBIGGEST CARSFORSALE, HELPWANTED ANDREALESTATE I N S I D E By MEGAN REYNOLDS Tribune Staff Reporter mreynolds@tribunemedia.net A GRIEVING single mother forced out of her home when she was unable to pay the rent was moved to tears by the generosity of a Tribune reader who has pledged to help her and her daughter find a new home for Christmas. Baha Mar executive Richard English, from Winter Park, Florida, was so moved by The Tribunes article about Theresa Gibson and her daughter being forced out of their rented apartment, he offered to pay for them to move into a new home and cover her rent for the first three months. They shared a tearful embrace as they SEE page 10 Felip Major /Tribune staff EMOTIONALSCENE: Theresa Gibson with Baha Mar executive Richard English, from Winter Park, Florida. TRIBUNE READER PLEDGES T O HELP MO THER AND D AUGHTER FIND HOME FOR CHRISTMAS By MEGAN REYNOLDS Tribune Staff Reporter mreynolds@tribunemedia.net AN INTEGRATED net work of CCTV cameras will start to monitor the streets of Nassau next year in the first wave of a new initiative to assist police in the fight against crime. Plans formulated by the National CCTV Steering Committee with guidance from American consultants Hudson Sterling LLC are expected to be implemented in six to nine months time as 85 cameras across New Providence are linked by a nation CCT V C AMERAS TO MONIT OR N ASS AU STREETS NEXT YEAR BTC union leaders are expected back in court today as their attorneys will seek to have an injunction restricting any unlawful industrial action against the company lifted. On Wednesday, union leaders led a demonstration on Bay Street in protest of the governments plan to sell 51 per cent of the state-owned company to Cable and Wireless Communications (CWC Last week, BTC obtained a court injunction which restricted the unions involved the Bahamas Communications and Public Offi cers Union (BCPOUBCPMU from "inducing employees of BTC to break their respective con tracts of employment by taking part in any unlawful industrial action against BTC". Union leaders maintain they did nothing illegal. Bernard Evans, president of the BCPOU, and William Carroll, president of the BCPMU, are listed as defendants in the matter. BTC union leaders seek to ha ve injunction lifted THE turf war for land which is thought to be thef inal resting place of billions o f dollars worth of pirate trea sure stepped up a gear last night. A s government officials updated residents in San Salvador on the clear title to landi n Fortune Hill, another land o wner has come forward claiming ownership of the dis puted property. W ith a plethora of maps, survey plans, and aerial pho tographs in hand, Dennis Bethel sat down with The Tri bune yesterday and claimed the government was making a critical mistake and should stop forthwith before legal action is taken. They have a surveying SEE page 10 SEE page eight B y NOELLE NICOLLS T ribune Staff Reporter n nicolls@tribunemedia.net TWO weeks to scrutinise all the facts and documentation relating to the sale ofB TC to Cable and Wireless is a slap in the face, opponents claimed last night Two weeks notice is after the fact. For a document you have already signed, several w eeks ago, you are going to s et the date for its release two weeks prior to its debate in the House of Assembly, saidT erry Miller, president of Civil Society Bahamas, an umbrella body for civic organ i sations. In the absence of all the facts, what we can clearly say T WO WEEKS TO CHECK BTC SALE A SLAP IN FACE SEE page eight PIRATE TREASURE L AND TURF WAR IS STEPPED UP SEE page eight

PAGE 2

C M Y K C M Y K LOCAL NEWS PAGE 2, FRIDAY, DECEMBER 17, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM PRO-CAPITAL punishment activists will again take to thes treets on Saturday, urging the government to start hanging c onvicted murderers. T he relatives of murder victims will be supported by the Workers Party, the NDP, the Coconut Grove Business L eague, the Carmichael Road Business League and Super Valu e Food Stores. The march and motorcade will begin at 9am in t he parking lot of City Market o n the corner of Village and Wulff Roads. In a statement issued yesterday, the activists said: Them urder count to date is 93. This is a national scandal! The murder rate in the Bahamas has to be reduced and t here is only one way to achieve this objective by hanging the murderer. The group also want the government to support their call for all accused murderers to be denied bail. The Bahamian people are urged to join this march and m otorcade as the level of crime and murders is increasing almost on a daily basis and destabilsing our society, the statement said. PRO-HANGING ACTIVISTS TO TAKE TO THE STREETS AGAIN By Celeste Nixon Tribune Staff Reporter cnixon@tribunemedia.net SANTA Claus and St Andrews students demonstrated the true meaning of Christmas by donating gifts to underprivileged children in N ew Providence. S anta visited St Andrews Primary School yesterday morning, bringing all the best of the holiday season with him. Santa, Ms Claus and their helpers were given a merry welcome when they made their grand entrance riding the Builders Mall fire truck. Excited students from grades one through six brought gifts for Santa to give to less fortunate c hildren throughout the island, in an effort to e nsure that everyone has something to open on Christmas morning. The Reverse Santa programme encourages children to think about the happiness of o thers, and teaches about the importance of charity and selfless giving especially during this time of year. Each class visited the North Pole to present t heir gifts to Santa, sang carols, and were told about the true meaning of Christmas. "Christmas is a time for giving and its important to help those less fortunate in our country," s aid Santa. "It feels really good to give gifts to those who do not have anything," said a sixth grade student. St Andrews board chairman Robin Brownrigg, a Santa veteran of 37 years, sang Christmas carols with the students, col-l ected presents and gave out candy canes. Playing Santa has become a tradition for Mr Brownrigg, who has been dressing up for St Andrews students for the last 10 years, each y ear arriving by means of a different mode of transportation but always in style. Previous visits featured a red mustang conv ertible, red Volkswagen, red motorcycle and a helicopter. This year, children shouted and cheered ecstatically as Santa pulled up in a 40foot red fire truck driven by Mark Roberts, o wner of FYP Ltd and Builders Mall, and a survivor of a near fatal plane crash on Whale Cay on October 6. Santas helpers included Charlie Beall who is single-handedly supporting 800 orphans inH aiti and Andrew Bain, a national rugby team member. The gifts will be delivered to the Bilney Lane Children's Home, the Elizabeth Estates Home for Children, the Ranfurly Home a nd other shelters for children throughout New Providence. is the season to help less fortunate children Tim Clarke/Tribune staff ATIMEFORGIVING: Reverse Santa students from St. Andrews school give Santa gifts to distribute to less fortunate children. SANTAANDST. ANDREWSSTUDENTSSHOWTRUE MEANINGOFCHRISTMAS

PAGE 3

EDITOR, The Tribune. Interesting. When I p layed Monopoly with my parents years ago, we all w anted to buy up the utility companies as they were solid as a rock. It seems that when count ries borrow from the IMF o ne of the bargaining chips is the insistence that we sell off some utilities. It makes me wonder who on the IMF has ties to Cable and Wireless and other take over c ompanies? If BTC needed a cash input the government only had to sell bonds. The bridge bonds sold out in a day or so, and there are p lenty of Bahamians who are looking for a sound investment to better their lives. We could have helped Bahamian individuals and o ur community by keeping o ur product Bahamian. W e should have done this for the hotels on Cable B each too, instead of selli ng them and our land, beach and thoroughfares for a paltry $80 million Bah! From observation, third world countries often sell offt heir utilities to their detriment. Loss of a utility can cripp le a country. It is a form of organised terrorism. Curr ently Greece is in total unrest and near financial r uin due to the mismanagement of public companies by the government, and yes, they borrowed from the IMF too. (I smell a bad fish When large foreign corporations buy up utilities theyd o so for one reason profit. They are not from here a nd have no commitment to us or our future. So whats next? Water? There are a list of societies both modern and ancient who have failed because of lack of water or restrictiono f it. Keep our utilities Bahamian. If we need money to improve or develop them, let Bahamians and Bahamian residents benefit from shareholding. S A Nassau, December 9, 2010. C M Y K C M Y K EDITORIAL/LETTERS TO THE EDITOR PAGE 4, FRIDAY, DECEMBER 17, 2010 THE TRIBUNE The Tribune Limited NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master L EON E. H. DUPUCH, Publisher/Editor 1903-1914 S IR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon. P ublisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. P ublisher/Editor 1972Published Daily Monday to Saturday S hirley Street, P.O. Box N-3207, Nassau, Bahamas Insurance Management Building., P.O. F-485, Freeport, Grand Bahama W EBSITE www.tribune242.com updated daily at 2pm TODAY MANY Bahamians are conf used. They would like to know when the unions purchased the publics telecommunications company, which would give them t he right to say whether the company can be sold and to whom. A s far as the public is aware those making the noise in the public square are employees of a publicly owned company with a contract of service that can be terminated by either side to that contract. In other words a u nions only argument should be about the employment of its members and the terms of that employment, certainly not about the ownership of the company. However, if unionists believe they have an entitlement over an above their contract of service then they should bring their papers and publicly prove their point. Otherwise, it is the government not the unions that was e lected to represent the Bahamian people. And it is the people, represented by their M Ps in parliament, who will have the final say on the sale of BTC. B ernard Evans, president of the Bahamas Communications and Public Officers Union, who has taken the unions fight to the International Labour Organisation (ILO claimed the government was in violation of a n ILO convention which calls for the government to engage workers in a transparentm anner to discuss issues of life-changing effect. H ow can the union leader support this complaint when he was on the BTC privatisation committee where the matter was dis cussed and recommendations made to gov ernment, and when the Prime Minister him s elf met with union executives and invited them to meet for discussions with the pro p osed new owners chief executive officer? It is understood that at the meeting with theP rime Minister, although the union leaders expressed their displeasure at Cable and Wireless as the new owners, they at least agreed to meet with the companys CEO for a discussion. David Shaw, CEO of Cable and Wireless, flew in specially for that discussion. The union sent its regrets. They complain that no one will talk with t hem, that they do not know what is going on, that what is being done to them is wicked and intentional because government never truly wanted them to be a participant in that discussion. How can there bea discussion if one side to that discussion refuses come to the table? How can doubts and fears be discussed and removed if a reasonable discussion cannot take place? Bullying tactics will not succeed. The louder t hey shout in the public square, the more support they lose by a large segment of the p opulation, already dissatisfied with BTCs service. Mr Evans has accused the government of t rying to muddy the waters by comparing the PLPs terms of agreement to sell BTC to Bluewater with the terms offered t o Cable & Wireless. He claims it is a nonissue for the unions and hardly worthy of c omment. Unfortunately, it is not a non-issue and is most worthy of comment, because with the Christie government, it was the union that also agreed the Bluewater deal. Apparently, t he union had no problem with this untried and untested foreigner named Bluewater, nor did it protest the terms of that agreement. Whenever it is referred to by Mr Christie he is careful to make it clear that the union was on board, and until now the union has not protested. The main dispute is that the PLP offered Bluewater 49 per cent of the company, while t he FNM offered Cable and Wireless 51 per cent. Now lets examine the meaning of the t wo offers in practical terms. In the Bluewater agreement, manage m ent and control of BTC was to be given to Bluewater without it having paid for the majority interest. Bluewater was also given control of the board because it had a greater number of directors on it. It also had com p lete control of the day-to-day management because it had sole authority to select thec ompanys Chief Executive Officer (CEO In other words Bluewater with its 49 per c ent would have effectively secured majority control of BTC without having paid for it. On the other hand Cable and Wireless (CWC closing the net cash benefit to the govern m ent from the CWC deal will be at least $202 million, whereas the net value of theB luewater transaction on closing would have been $150 million, and not the $260 milliona s claimed by the politicians. Bluewater was granted an exclusivity peri od of six years for both mobile and fixed line services while CWCs exclusivity period for mobile service is three years, and the fixed line no longer applies as it has already been liberalised. And so when the facts are examined, not only is government financially better off selli ng to CWC, but CWC has had to pay for its control of the company, whereas the Bluewater deal agreed by the Christie government, and one can assume by the union because of its silence at the time received exactly the same control of the company for which it would have paid no extra and for which it would have been paying in instalments over a six-year period, instead of cash. The bottom line was that Bluewater with i ts 49 per cent got complete control of the company without paying any extra, while C WC with its 51 per cent also got complete control of the company, but at a price. Are we being forced to sell BTC? LETTERS letters@tribunemedia.net When did the unions purchase BTC? E DITOR, The Tribune. I would have stayed out of the argument, but a closef riend of mine took excep tion to something I wrote and told me that I was an F NM. He has known me for y ears and he knows that the stand that I take does not allow me to be PLP or FNM, but the fact that I did not have anything good to say about his party in someo f my recent letters was a problem for him. The next statement may sound strange, but philosophically the majority of Bahamians want what the PLP has envisioned for Bahamians over the past 60y ears, but there is a prob lem with the amount ofs pace they allow between what they say and what they do. For a couple of decades many Bahamians have been contented with the talk of visions and plans, but if you check the building schedules, it is the other Party that has been doing most of the work. I will agree with my friend that his Party has made a significant contribution to this nation, but both he and I have to face the reality that when we leave here and those who come after seek answers for what has been done with the legacies bequeathed to us in 1968 and 1973, there will be some wanting. The ideological circumstances are such in this country that the man who was kicked out of the PLP was a ble to become leader of the O pposition and use the vision that he embraced in that organisation and leadt he nation out of a very dark place in 1992. The current leader of the O pposition often reminds us of the numerous visions that h is organisation has/had for the Bahamas and the numerous plans that were left in place by his adminis tration. He also speaks as if that is e nough to give him a platform to garner the publics attention, but he is disre garding the intellectual capacity of the audience he is seeking to sway by such rhetoric. He makes no mention of w hat his administration actually did during his timei n office. The events that led up to the 2002 Election were tailor made for the Opposition; 9/11, financial crisis, straw market fire, an ill-timed referendum. A laundry list of events that would cause difficulties for any incumbent grouping. However, in the midst of all that turmoil the Christie administration had a mar velous opportunity the Straw Market. This was a grand opportunity to make up for a lot of missteps with a bedrock con stituency of die-hard supporters who had always been the backbone of the PLP. If I was the leader of the party at that time, if I did anything during my term in office, that market was going to be built, by hook or by c rook. As mentioned previously, it is not enough to talk of what you left in place or what you had planned to do,e specially if you want the electorate to speak well of your party, and when the track record does not supp ort what you are proclaiming, someone is going to be disappointed and it is not going to be the people who are listening, because they have heard the story before. The Straw-Market opportunity should not have been squandered was another term envisioned? I will admit that I took this failure personally, especially when the government minister tabled the plans for the Straw Market and we f ound out that it was not truly a Straw-Market; it was too much of something else. He then nailed the case closed when he remarked that the plans had been reviewed and there was not enough space for the strawvendors, and there was no reply from the other side no one said a word! I am wondering if the leader of the Opposition has a plan to inspect the progress of the straw markets construction? If he is planning to make that visit I want my friend to come for me on that day so that I can be there I would not miss that; especially if some of the strawvendors are included. EDWARD HUTCHESON Nassau, December 1, 2010. Christie and the marvellous opportunity of the Straw Market EDITOR, The Tribune. Last year we had the debacle of the stripping out of the Judeo Menorah Candles from Rawson Square and this year that universal Christian symbol of Christs coming (Christmas tree has likewise been stripped from the city centre and relegated to an obscure corner at the western perimeter of town. But the Junkanoo bleachers have centre stage in this once Christian community called Nassau. And for any of you other sapsuckers that feel a drive through town, to look at the lights and decorations, might uplift your spirits at this time of year well think again! As you enter Bay Street from Marlborough Street, you are immediately blinded by the GIGA watt Junkanoo lights that face the traffic and run constantly, day and night, and obliterate absolutely any lights and decorations that shopkeepers may have put up, and coincidentally, also the decorations that the same government agency, that seems incapable of putting a switch on the Junkanoo lights, also erected. One can only wonder who runs this country and moreso perhaps who runs them. Junkanoo? To paraphrase from that great song by Band Aid Nassau might easily be substituted for Africa in the lyrics methinks. And there wont be snow in Africa this Christmas time The greatest gift theyll get this year is life Where nothing ever grows No rain or rivers flow Do they know its Christmas time at all? Merry Christmas in spite of the powers that be. BRUCE G RAINE Nassau, December, 2010. JUNKANOOWON JESUSNONE

PAGE 4

B y DENISE MAYCOCK Tribune Freeport Reporter d maycock@ tribunemedia.net FREEPORT The Humane Society of Grand Bahama is facing a financial crisis as a result of a $150,000 shortfall in itsa nnual revenue. This comes at an extremely difficult timew hen the facility is experie ncing an increased intake of unwanted animals at the shelter on Coral Road. The Humane Society s aid it has lost the financial support of a major sponsor, and executivesa nd volunteers are now trying to find ways to raise funds to keep the shelter functioning. T he money received by t he Humane Society pays for the rounding up of strays, the care of hundredso f dogs and cats, the neut ering and spay service and the euthanasia of animals that are not adopted. This year, the shelter took in 1,143 dogs and 237 cats by the end of October, an 11 per cent increase over the same period in 2 009. It is felt that with the tough economic times and m ore people abandoning t heir pets, the challenge for t he shelter is going to get greater. Society executives and v olunteers are desperately trying to find ways of drumming up more funding at a time when theirw ork is more important than ever, the Humane Society said. One idea is to invite p eople who are stumped for ideas for a holiday gift for close family to donate $50 in their name the costo f shipping a dog to the US or to keep it in the home on Coral Road for a month. A n announcement will be made shortly about the various initiatives that theH umane Society hopes will help. The shelters annual operating expenses run a bout $204,000, which includes $40,000 for pow er, about $80,000 for food, almost $50,000 for treatment of sick or infected animals, and around $ 34,000 for materials to keep the animal shelter clean. The society has a s taff of 20. The shelter in F reeport does not receive a ny financial support from the government as does thes helter in Nassau. E ven though there has been a 30 per cent increase in the number of dogs adopted by Grand Bahami a ns as well as similar trend for cats, the shelter has had to put down 732 dogs and 130 cats this year. T o avoid euthanasia, some animals have been shipped to the US for adoption. So far this year,2 57 animals were flown out. One of the big chal lenges is the perception t hat the Society wastes money, said Ms Burrows. Many misconceptions e xist in the community about our expenses and what people see as perpetual pleas for funding. Some in the community evidently even think we shouldnt have built a new shelter if we didnt have the funds to run it. Weve all heard various people w ho criticise us for not putting more animals down. The long and short i s, the majority of the publ ic have no idea. M s Burrows said the shelter was built with mon-e y that was donated locally b y persons who saw the scale of the stray and abandoned animal problem on Grand Bahama. S he said the Societys previous premises were totally inadequate. The fact that the new f acility is already stretched to capacity shows the true extent of the need, she s aid. Corporate citizens, residents, and businesses are e ncouraged to support the H umane Society as it s truggles to raise funds to perform a vital public ser-v ice. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, DECEMBER 17, 2010, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM MIAMI A BAHAMIAN man faces up to 20 years in prison after pleading guilty in Florida to two counts of migrant smuggling, according to Associated Press. The U.S. Attorney's Office in Miami says 31year-old Rick Davis pleaded guilty Friday. Sentencing is scheduled for February 18. Federal authorities identified Davis as the captain of a vessel spot ted off Deerfield Beach by Custom and Border Protection aircraft on November 3. Agents fired at the vessel's engines to disable it after it allegedly attempted to flee. Investigators said Davis was attempting to smuggle six Haitians and one Jamaican into the U.S. In his plea agreement, Davis said two of the Haitians paid him $12,000 and provided the boat and a GPS to pick up the passengers in Abaco, the Bahamas, and take them to Florida. A S THEcompletion of the new US Departures Terminal at Lynden Pindling International Airport (LPIA to the use of energy efficient sys-t ems and resource conservation w hich will make the facility complia nt with international best practices of environmental and social management. The new terminal will employ deep water cooling, the use of deepw ater wells for geothermal cooling. The process involves taking cool water found 400 feet in the earth, passing the water through heat exchangers to capture the heat rejected from the chillers and discharging the heated water 300 feetb ack into the earth. Stewart Steeves, president and C EO of the Nassau Airport Develo pment Company (NAD When designing the airport we were very careful to take advantage of the natural resources with which the islands of the Bahamas are blessed. This system is used in lieu ofi nstalling cooling towers which would consume about 10 million gallons of potable make-up water annually. The cooler ground water helps the chiller to run more efficiently t han conventional cooling towers. T he building design provides large roof overhangs that provide shade thereby reducing heat-gain. The roof also collects rainwater for re-use in the low-flush automatic plumbingf ixtures (water closets and urinals he said. The building design includes a mix o f 50 per cent glass and 50 per cent s olid walls to maximise light but to minimise heat intrusion. The building will be cooled by low velocity a ir diffusers, cooling only the space that is of human height, for maximum energy-efficiency. Materialsf or interior finishes are selected for their low volatile organic compound ( VOC) emissions. N ADs vice-president of operations John Terpstra said he is particularly focused on systems that will improve the airports operations while saving money. One major cost to airports, which are 24/7 facilities, is that of energy electricity. All the washroom and o ffice lighting is controlled by occup ancy sensors that will shut off lighting in the space automatically when not in use. T he automatic building manage ment system centrally controls the cooling and lighting systems byr educing variances in temperatures. In addition, the management system m onitors for CO2 and VOC levels to c ontrol outside air volumes, setback temperature controls during unoccupied hours of operation, high efficiency chillers, direct digital controls, and multiple variable air volumeb oxes for individual zone temperature control. The development of gardens, prov iding green space for airport users t o enjoy the outdoors, will also add to the greening of the facility, airport officials said. T wo gardens will be located at either end of the completed terminals and two gardens will be insertedb etween the three terminals. Pumped ground water will be used f or irrigation in all the landscaped a reas. NAD officials said that when completed, the entire airport will be unique in the region for its atten tion to cost-saving and energy-effic ient systems, its comfort and safety for users, and its minimisation of impact on the environment. There is a lot being said about t he need for airlines to reduce carbon footprint. At LPIA, we are actually doing something to minimise o ur impact, and at the same time add to the overall passenger experience the best of all worlds, saidN AD CEO Mr Steeves. BAHAMIAN MAN PLEADS GUIL TY TO MIGRANT SMUGGLING $150,000 revenue shortfall at GBHumane Society Airport planned to be one of the greenest Caribbean developments ONEOFTHEGREENEST: W ork has been taking place at Lynden Pindling International Airport.

PAGE 5

AFTER serving 10 years as executive director of Junior Achievement (JA and over 26 years of service in the organisation at every level, the Ministry of Youth Sports and Culture and Junior Achievement recognised Lionel Elliott, Sr, at a special luncheon at the British Colonial Hilton. Among the accolades expressed for Mr Elliott was a self-written message from Governor-General Sir Arthur Foulkes, who praised him for devoting his knowledge and talents to managing and training young people. Mr Elliott returns to the Ministry of Tourism after a 10-year secondment. Throughout his JA involvement, Mr Elliott inspired others to unlock their potential and enriched not only the Bahamian community, but also that of Jamaica and the Turks and Caicos Islands, Sir Arthur said in a message read at the ceremony and presented in a frameto Mr Elliott. Sir Arthur added that as the only Bahamian to serve at every level in JA, Mr Elliott has committed his resources to executing the organisations vision to impact students throughout the islands of the Bahamas. He is a legend in a field that is fundamental to the economic and social development of our youth, Sir Arthur said. I commend Mr Elliott for his stellar performance and trust that he will continue inspiring generations of young people and lending his vision and acumen to molding the lives of this nations youth. Minister of Youth, Sports and Culture Charles Maynard repeated Sir Arthurs sentiments in his statement that spoke of the outstanding contributions of an honourable public officer. Mr Lionel Roosevelt SearsElliott, Sr, was seconded to my ministry in 2000 with the distinguished responsibility to cater to the executive directorate of Junior Achievement, Minister Maynard said. Since then, he has been a k ey component to the youth development agenda of my ministry and has always been respected as a key consultant to the development of new and innovative programme and projects. Minister Maynard added that Mr Elliott leaves his ministry honourably with his head held high, as he did when he entered our doors. It is obvious that these tokens (given at the recognition ceremony) cannot compare to the contributions he has made and, additionally, the joys exper ienced while working for and with the gems of our nation, Minister Maynard said. Sir, on behalf of my min istry, the Government of the Bahamas and the people of the C ommonwealth of the Bahamas, I thank you and wish you every blessing and success in your new responsibilities. During his tenure at JA Bahamas, Mr Elliott spearheaded the development of new Family Island programmes, new international academic scholar-s hips partnerships, improved programme delivery, new corporate sponsorships, increased nationwide student participation and improved international relationships with JA Worldwide, the ministry said. Mr Elliott also worked in r aising substantial funding for national operations, paid off long-outstanding debts and helped to develop world-class national conferences with international guest speakers. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, DECEMBER 17, 2010, PAGE 7 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM WITH mammograms recognised as one of the most import ant tools in the fight against breast cancer, Doctors Hospital is c ontinuing its promotion of the Free Mammograms for Life campaign it instituted five years ago. The Mammograms for Life competition encourages women t o have their yearly mammograms. Those having a mammogram for the first time received 50 per cent off of the cost of a mammogram through December 1,2 010. Hundreds of women completed the entry forms, and two participants, Shena Ferguson and Dorothy Robinson, won free mammograms for life. T he recommended age for women to begin their mammo gram screenings is 40. Doctors are now suggesting that women get tested earlier, as breast cancer is growing rapidly in younger women, especially in the Bahamas. A 20-year-old who discovers cancer cells can expect her cancer to double or triple within a six month period, while thes ame cancer in a 40-year-old takes a year to a year and a half to reach the similar size. Doctors encourage women with a history of breast cancer in t heir families to begin screening earlier than age 40. Breast MRI scans are used in addition to mammography. Doctors Hospital is encouraging all those who have not been screened yet and have a family history for breast cancer to schedule a screening as soon as possible. Accolades abound as youth leader completes tour of duty OUTGOING EXECUTIVE DIRECTOR of Junior Achievement Bahamas Lionel Elliott, Sr, poses with his wife and children on December 14 at a recognition luncheon at the British Colonial Hilton. DOCTORS HOSPITAL ANNOUNCES FREE MAMMOGRAMS FOR LIFE CONTEST WINNERS (L-R imaging technician; Dr Dinesh Yadav, radiologist; contest winner Dorothy Robinson; Charles Sealy, Doctors H ospital CEO; contest winner Shena Ferguson; Cynthia Sawyers, vice-president of clinical services; Michele Rassin, vice-president of operations, Doctors Hospital. A PACKED ROOM o f well-wishers attend the recognition luncheon at the British Colonial Hilton for outgoing executive director of Junior Achievement Bahamas Lionel Elliott on December 14.

PAGE 6

C M Y K C M Y K LOCAL NEWS PAGE 8, FRIDAY, DECEMBER 17, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM C ongress of Trade Unions (NCTU Union Congress (TUC He said the convention called for the government to engage workers in a transp arent manner to discuss i ssues of life-changing e ffect. The employees are the main asset of BTC, not the technology, and they are not talking to us. It was wicked and intentional because they never truly wanted us to be a p articipant in that discuss ion, said Mr Evans, accusi ng the government and the privatisation committees of acting in a calculated man-ner. H ad the unions been genuinely engaged from the start, Mr Evans said, maybe a ll of this would not have b een an issue. A t least ten unions, includi ng the umbrella organisat ions, have publicly thrown their voice behind the opposition movement that seeks t o have the government reverse its decision on the sale of a 51 per cent stake in B TC to Cable and Wireless. A letter is now on its way to the ILO director general, Juan Somavia, requesting the ILO investigate the Bahamian government for a possible violation. For the first time ever in a very long time, this Parliam ent has galvanised the NCTU and the TUC. They came together this morning, and for the first time I could hear the passion. There are so many things we have p lanned and with this unif ied effort, said Mr Evans. In planning the next move, the unions say they haven ot taken anything off the t able, including a general s trike. They are even disc ussing bringing in Caribbean and international affiliates, said Mr Evans. Industrial action is expected leading straight up to January 19, when the House is scheduled to reconv ene. M r Evans criticised the government for muddying t he water with a discussion o f Bluewater, claiming that is a non-issue for the unions and hardly worth of comment. It only could be that they are trying to swing the pendulum away from what our main issue is. We are not i nterested in a comparison b etween who (between the Progressive Liberal Party and the Free National Movement) had a better deal. Both deals were terrible in my view. I dont even know w hy they brought up Bluew ater, said Mr Evans. The government released a statement late Wednesday n ight claiming to bring an e nd to the deceit over the c urrent deal with C&W. The s tatement contained a detailed comparison between the former governments deal with Bluewater and the current C&W proposal. The issue of Bluewater is i rrelevant, according to u nion bosses, who have hedged their complaint on t he issue of Bahamianisation. T he issue of Bluewater may have arisen from complaints by opposition memb ers of Parliament. However, Mr Evans said he was not fooled by the support ofo pposition members, because the politicians a lways jump on the union bandwagon, as though we a re political prostitutes. We know that if the shoe was on the other foot, the F NM would be out here, said Mr Evans, speaking about the presence of PLPo fficials at the scene of the union protest on Wednesd ay. i s that memorandums of understanding made on behalf of the people of The Bahamas should not only be made pub-l ic after the signing, but must be gazetted p rior to their signing so that the shareholders of Bahamas incorporated would have the opportunity to view and make r easonable input, and again to avoid what we have seen happen in the Baha Mar deal, said Mr Miller. T he organisation presented its second annual State of Civil Society address at Windsor Park. Mr Miller said the former Progressive Liberal Party govern m ent also erred in withholding details of the Baha Mar MOU. I have followed, to the best of my a bility the arguments for and against, and while there are still a number of grey areas, the Civil Society issue that standso ut to me is the fact that a Memorand um of Understanding was signed and only the signators know the contents of this critical document, said Mr Miller. We have seen this done by the former government and the results have beent hat the present government had to make significant changes to the Baha Mar debacle. We cannot afford to allow this to happen again, he said. Bernard Evans, president of the Bahamas Communications and Public O fficers Union (BCPOU t he Bahamian people should take that to be a slap in the face. You own BTC. Did you give them authorisation to selly our shares and to withhold the inform ation. Two weeks to digest the information is too short, said Mr Evans. I n light of the impending parliamentary debate, Mr Miller said he hoped the discussion would not simply be cere m onial. He admitted that recent history would suggest that parliamentary debates have become ceremonial, because governments typically bring a bill to parlia ment with a mind already made up to pass it. He said there are examples from the 1960s of the opposition and pressuref rom the people having a meaningful impact in a parliamentary debate. I think what I am seeing with the situation here is that a sentiment is brewing. There is a groundswell of opposition separate from the official opposition. I t hink a sensible government and one that r espects the principles of democracy would have to take stock and rethink certain aspects of an agreement like this,s aid Mr Miller. T he current MOU, although signed, is still in a proposed state, said Mr Miller. He said a government that iss ensitive would be prepared to make changes if necessary. It is unclear how the privatisation issue w ill turn out in the end, said Mr Miller, but he believes there would not be so much discontent and discord if government acted with more transparency. p roblem here. The governm ent has not done its due diligence in this matter, and they are determining who the true owner of this property is based on surveys that were incorrectly prepared, Mr Bethel claimed. S uperimposing his propertys boundaries on an aerial photograph of the disputed land in Fortune Hill, Mr Bethel said it was clear his familys land, the Newt on tract of some 47 acres, e ncompasses the area under which the pirate treasure is believed to be buried. The property directly behind it, which he said belongs to Dorothy Black-D eal, was erroneously m apped over a portion of his land to encompass the c ave in which the treasures are believed to be buried. W ith this in mind, Mr B ethel called on the government to review its surv ey plans and properly ascertain the correct loca-t ion of the Newton land and a ll other properties in Fort une Hill before any rights a re issued at this time. In addition, he also asked f or the Department of L ands and Surveys to r emove all survey markers t hat were wrongfully set and communicate their findings of a corrected survey either to him or his attorn ey. Z hivargo Laing, Minister of State for Finance, i nformed T he Tribune y esterday ahead of his flight to San Salvador that the government had ascertained legal title through its attorneys and that any concerns of Mr Bethel would have to be carried out in the courts. M r Bethel said he intends to call a press conference today to address the matter f urther, pending the results of last nights meeting between Mr Laing and the residents of San Salvador. PIRATE TREASURE LAND TURF WAR IS STEPPED UP FROM page one BTC sale violates convention rules TWO WEEKS TO CHECK BTC SALE A SLAP IN FACE FROM page one F ROM page one B ERNARD EVANS president of the Bahamas Communications and Public Officers Union

PAGE 7

C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, DECEMBER 17, 2010, PAGE 11 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM

PAGE 8

By ALISON LOWE Business Reporter alowe@tribunemedia.net Harcourt Developments, the Irish-based property development company that bought the Royal Oasis hotel in Freeport in 2007, may be in talks to sellt he property, the Minister of Tourism and Aviation said y esterday. Having announced in late 2008 that the economic climate meant it would have to postpone its redevelopment plans for the damaged hotel and former major Grand Bahama employer, Vincent Vanderpool Wallace told Tribune Business yesterday that Harcourt continues to maintain it is not in a position to move ahead with the resort. The last time (the Government them was probably about two or three months ago. They said that they really weren't in position to move forward on anything, said Mr Vanderpool Wallace. He noted the par ticularly dire economic climate in Ireland, which was recent ly forced to ask the International Monetary Fund (IM Fa multi-billion dollar bailout to weather a massive banking crisis. By NEIL HARTNELL Tribune Business Editor The $15 million worth of Commercial Village construction contracts issued last week by Baha Mar will have a significantly higher trickle down impact on the Bahamian economy than anticipated, particularly for local building materials suppliers, because they do not stipulate the use of Chinesesourced materials. Confirm ing that the four con tracts hand ed out for the initial stage of the $2.6 billion projects construction were standard build and install packages, not cov ered by Hotels Encourage ment Act tax incentives, Stephen Wrinkle, the Bahamian Contractors Associations (BCA dent, explained that this freed up the contractors to source material from whomever including Bahamian suppliers. It will have a significant ly higher trickle down impact, Mr Wrinkle said of the consequences. It appears that there may be more avenues for local par ticipation than anticipated. The bits and pieces and smaller items that contrac B y NEIL HARTNELL Tribune Business Editor The Bahamas General Insurance Associations (BGIA chairman yesterday said talks over much-needed reforms tot he Domestic Insurance Acts regulations were moving in the r ight direction after the regu lator accommodated the i ndustry on several key issues, as he expressed hope that both sides would know where we stand on all matters by endJanuary 2011. Timothy Ingraham, who is also president of Summit Insur ance, speaking after the Insurance Commission of the Bahamas published proposed amendments to the Acts regulations, said the two sides had been able to resolve several issues to both of our satisfactions. The bulk of the amendments related to admissible assets that Bahamian general insurance carriers must use to calculate solvency margins, and the risk ratings the amount by which they must be dis counted attached to various assets. Both areas had previously been identified by the BGIA as particular concerns to its members. They were able to accommodate us on some of the issues, Mr Ingraham said of the Commission, and on oth ers discussions are still ongoing. Some of the key issues we were able to resolve to both of our satisfactions. Were moving in the right direction. Emphasising that the BGIA and the Insurance Commission were aiming to strike the right balance between correct regu lation and consumer protection on one side, and having a workable supervisory system for the industry on the other, Mr Ingraham said the two sides had already scheduled meetings for the New Year to go over the outstanding issues. Theyve [the Insurance Commission] been willing to work with us, and theyve listened to any issues weve brought forward, Mr Ingraham told Tribune Business. Weve had very positive discussions with them. Theres just one or two issues from the Insurance Associations per s pective that we need to talk about. The vast majority oft hem have been resolved one way or the other. Asked how much longer the discussions between regulator C M Y K C M Y K SECTIONB business@tribunemedia.net FRIDAY, DECEMBER 17, 2010 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.30 $4.45 $4.34 INSURAN CE REF ORMS GOING THE RIGHT W A Y Regulator accommodates sector on key assets to be used in solvency calculations and associated discounts* BGIA chair hoping to know where we stand on all remaining issues by end-January 2011 SEE page 5B VINCENT V ANDERPOOL-WALLACE STEPHEN WRINKLE Higher impact than anticipated fr om first Baha Mar contracts $15m Commercial V illage contracts do not stipulate Chinese material usage, opening avenues for Bahamian building suppliers Pre-qualifying process with Baha Mar first priority for BCA, aiming to ease small firm concerns SEE page 4B By ALISON LOWE Business Reporter alowe@tribunemedia.net A new Customs Management Act will allow Bahamian companies found guilty of smuggling and tax evasion to be publicly named and shamed, and charged increased fines, the Comptroller of Customs warned yesterday. Meanwhile, a code of conduct specifically tailored to Customs officers will be introduced in the Act, along with a commission to hear complaints, in an effort to more effectively enforce discipline within the revenue collection agency. The revised Customs Management Act is expected to go before Parliament in 2011. It is presently in draft form, under review by the Govern ment. In an interview with Tri bune Business yesterday, Mr Gomez described smuggling as continuing to be of grave concern for the Department of Customs. While individuals may attempt to avoid paying tax on items they bring with them in their suitcases from trips a broad, Mr Gomez said it was Bahamian businesses that are engaging in smuggling on a large scale basis, either through attempts to evadeCustoms entirely or by the undervaluing of goods and tampering with documents, s uch as invoices, in an effort to pay less tax than they should. The Customs Department is presently continuing investigations into the discovery of hundreds of undeclared items, including cases of beer, ice cream and backwood tobacco, in a vessel at Potters Cay Dock earlier this month during a 4am raid. Every week we find commercial operations that are doing these things, said Mr Gomez. Asked whether it could be said that smuggling is on the increase, the Customs chief said: Smuggling has been going on for a number of years and it is still going on. Perhaps as you address it you start to find out its quite widespread. Once you start digging, you find that it's much more widespread than you may have thought initially. Mr Gomez said that 98 per cent of smuggling cases are dealt with by the Customs Department in house, as is Customs to name and shame firms New Act to allow for public naming of guilty smugglers and tax evaders and increase the fines they face GLENN GOMEZ SEE page 5B Harcourt eyeing sale of Royal Oasis? SEE page 4B By ALISON LOWE Business Reporter alowe@tribunemedia.net The value of Stamp Tax and import duties collected by the Department of Customs since the beginning of the 2010-2011 fiscal year in July to November is ahead of the same period last year by $8 million, Customs Comptroller Glen Gomez said yesterday. This comes even as the Central Bank revealed that, overall, tax revenues for the Government during the first quarter of the 2010-2011 budget year dropped by 1.4 per cent to $241.3 million, in comparison to 2009-2010 figures. Mr Gomez attributed the increase in collections by his CUSTOMS REVENUES UP $8M OVER 2009 SEE page 5B By NEIL HARTNELL Tribune Business Editor The Bahamas International Securities Exchanges (BISX chief executive yesterday said the stock exchange was looking forward to a better 2011, with the $60 million Heineken/Burns House initial public offering (IPO p otential sale of Bahamas T elecommunications Compa ny (BTC ernment on the horizon, along with three other potential listings. Keith Davies told Tribune Business: By the looks of things, we have a better year than this year operationally in terms of market activity, new listings. The big one is the Heineken deal, but the Government is talking about BTC also. Those have been publicised. Then there are about three others you dont know about. Next year might have some benefits for us. Declining to specify who BISX chief awaiting five possible new listings SEE page 3B

PAGE 9

By NEIL HARTNELL Tribune Business Editor The Government may not achieve its 3 per cent of GDP fiscal deficit target for the 20102 011 Budget year, a United Nations-related body has warned, with the Bahamian economys projected 2.3 per c ent growth next year in jeopardy from an uncertain US outlook. The UNs Economic Commission for Latin America and t he Caribbean (ECLAC report on the Bahamian economy released earlier this week, said the $112 million deficit that the Government racked up in the 2010-2011 first quarter showed that the tax increases unveiled in the May Budget have not yet started to have a n impact. Adding that the Governments continued capital spending on infrastructure projects might blow its 2010-2011 fiscald eficit target, ECLAC said only modest consolidation to date had been achieved when it came to setting both the deficit a nd National Debt back on a sustainable path. And, reflecting the uncertain outlook for the global economy, in particular the US, whichi s the key driver for the Bahamas, ECLAC said: The [Bahamian] economy is expected to grow by 2.3 per cent in 2 011, but this prediction may be undermined by lower growth in the US. While the Bahamas was slowly edging out of the 2008-2 009 recession, with modest economic growth of 0.5 per cent projected for 2010, data publ ished by ECLAC revealed that per capita income in this nation h ad taken an even more severe beating than the overall econo m y. While the Bahamian economy overall contracted by 1.7p er cent in 2008, per capita income in this nation (the avera ge income a Bahamian earned) fell by 2.8 per cent. The pace of this decline increased in 2009, with Bahamian per capita income dropping by 5.4 p er cent year-over-year, compared to a 4.3 per cent economic contraction, and for 2010 despite minimal growth projections per capita income is set to fall by another 0.7 per cent. Noting that the Governments fiscal policy measures had sought to balance the need t o maintain employment levels and counter weakened private sector investment with consolidating the national debt, ECLAC suggested that the 11p er cent expansion in the 20102011 first quarter fiscal deficit showed that only modest progress had been made. R eferring to the three months to end-September 2010, ECLAC said: Total revenue plus grants declined by 1 per cent, as the revenue-generatingm easures outlined in the latest budget have not yet started to have an impact. Following a 6 per cent rise i n current spending, linked to higher outlays on goods and services and interest payments, total expenditure expanded by 4 per cent, leading to sharp g rowth in the debt. And, more pertinently, ECLAC warned: A fiscal d eficit of 3 per cent of GDP is projected for 2010-2011, but t his target may not be achieved owing to continued outlays on i nfrastructure projects. Stimulus measures adopted by the Gov-e rnment to counter weak pri vate demand have pushed up c entral government debt from 44 per cent of GDP in September 2009 to 47.4 per cent of GDP in September 2010. Elsewhere, ECLAC attribu ted the 13.6 per cent increase in foreign direct investment inflows to the Bahamas largely to the $120 million Heineken purchase of the Associated Bahamian Distillers and Brewers (ABDAB House/Commonwealth Brewery. It noted that the Bahamas b alance of payments current account deficit narrowed from 8.5 per cent of GDP in January-June 2009 to 7.7 per cent during the same period thisy ear, aided by a 2.9 per cent reduction in imports as private sector demand continued to scale back. Exports of goods a nd services rose slightly, while travel receipts increased by 5.6 per cent. For the year to September 2010, ECLAC said theB ahamas inflation rate fell from 3.6 per cent in 2009 to 1 per cent this time around, despite increases in the B ahamas Electricity Corporations (BEC Price reductions were experienced in food and beverages, in stark contrast to the sub-s tantial increases in the rest of the region, ECLAC said. Costs for housing, and transp ort and communications, were also down. However, in spite o f lower oil prices, fuel and electricity costs escalated. A nd while the Bahamian international financial servicesi ndustry was stable, ECLAC said its cost base would start to i ncrease due to the need to comply with the tax information exchange demands of foreign countries. C M Y K C M Y K BUSINESS PAGE 2B, FRIDAY, DECEMBER 17, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM UN body warns on fiscal deficit target ECLAC says Bahamas 2010-2011 deficit may exceed 3% due to infrastructure spending and fact tax increases not yet had an impact Warns that 2011 growth projections for Bahamian economy may be undermined b y US performance

PAGE 10

those potential listings were, Mr Davies said that with the recession having somewhat levelled off, Bahamas-based companies were once again eyeing future strategies andhow to position themselves going forward, rebuilding and attracting financing to move to the next level. Adding that RoyalFidelity Merchant Bank & Trusts TIGRS 4 international mutual fund, which recently closed its offering to Bahamian and Barbadian investors, was set to soon join BISXs fund listings tier, Mr Davies hinted that he also hoped ongoing talks about the Government listing all its debt securities on the exchange would come to a successful conclusion in 2011. He also noted the irony of the fact that two key bedrocks on which BISX had based its business plan when it launched in 2000, the listing and trading of government debt securities plus BTCs privatisation, were now firmly in play more than a decade later. Mr Davies told Tribune Business: I foresee all these things happening throughout next year. I am positive about 2011, and think we will be able to demonstrate, based on our achievements throughout next year, our ability to grow this marketplace, because it will continue to grow. The market will grow despite us. It will grow organically. C M Y K C M Y K BUSINESS THE TRIBUNE FRIDAY, DECEMBER 17, 2010, PAGE 3B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM KEITH DAVIES B y ALISON LOWE Business Reporter alowe@tribunemedia.net The Department of Cust oms will move forward right after the holidays to collect the tax and importd uties it says a significant number of Bahamian commercial airlines and private aircraft owners are owing. We will be moving then to contact them to let them know weve given themt ime, and we now need to settle these matters. So wew ill be calling and advising them of the amount of duty we expect them to pay, andw e expect them to comply or we will follow through with the law, said Mr Gomez, reiterating that theD epartment is able to seize aircraft from companies or i ndividuals who do not pay their debts. W hile admitting that SkyB ahamas chief executive Captain Randy Butler was correct when he said that u nder the Tariff Act aircraft w ere duty free prior to 2008, in the sense that the 1 0 per cent import duty did not apply, Mr Gomez said Stamp Tax still did. Even though they may say there wasn't any Cust oms duty there was still a tax that we collect. So don't be so concerned about 2008: There was a tax even though it was a different tax, said Mr Gomez. The Stamp Tax a pplied to aircraft is 7.5 per cent. The Department of Customs sent letters to Bahami an aviation operators and, M r Gomez said, to private aircraft owners last month, informing them they had two weeks to contact the d epartment about allegedly outstanding tax owed to the D epartment on aircraft brought in to the Bahamas. Many operators objected, saying that although there was a tax of which they were mostly aware, it was generally known that the Department was not minded to collect it for many years and t herefore it would be unfair to now retroactively collect i t. Some said it would put them out of business if they were made to hand over the funds, which added up to $ 700,000 in at least one case, a nd several hundred thousand dollars in others. Duty M eanwhile, Captain Butler said he subsequently discovered that the 10 per cent import duty was not imposed until 2008, and t herefore questioned on what basis operators were to be taxed. H e and other Bahamian operators also expressed concern that they alone, rather than private aircraft owners or illegal charter operators, were being tar geted. C aptain Butler added that in his airlines case, some of his aircraft were leased from another company, and therefore it should not be his obligation but the own ers to pay the funds. The Bahamas Aviation A ssociation and individual operators wrote to the Minister of Finance, the Prime Minister, to ask that they be considered for an exemption f rom the tax citing concessions granted to other public transportation sectorss uch as taxi drivers. Mr Gomez said: All commercial and non-commercial planes on which duty was not paid will be liable. We also have a number of planes we've noticeda t the airport that do what they call illegal chartering,a nd those people are going to be asked to pay as well. Those who have gotten t he letters don't know about what other persons got the letters. We don't want them to feel theyre being pickedo n. All who have planes in the Bahamas, who are resid ent here, will be asked to pay. M r Gomez said his D epartment had allowed additional time before taking the next step to collect t he money, having been i nformed that the aviation operators wrote to the P rime Minister to request an exemption. They asked if we would give them a little time for the letter to be received andb e communicated to. We have allowed them a couple of weeks, but we think it's time to move forward, said Mr Gomez. He said the Department w ill be amenable to entering into payment plans with those who owe money to reduce the financial burden in the short term. Customs moving forward on aircraft tax collections BISX chief awaiting five possible new listings FROM page 1B

PAGE 11

tors need on a daily basis, I would not be surprised to see them come from locals uppliers. Adding that the BCA was hopeful that significant quantities of construction material could be sourcedf rom Bahamian suppliers for the Baha Mar project, Mr Wrinkle said the BCA hadb een told by the developers management team that not a ll the material is going to be procured from China. Elsewhere, Mr Wrinkle a cknowledged that there was unease among small and m edium-sized contractors that they had been excluded from bidding on the Com-m ercial Village contracts, but said the BCAs first prio rity once formal government approval for the Baha Mar project had been givenwas to develop a pre-qualification process that would maximise the involvement of smaller Bahamian companies in the $400 millionw orth of work allocated to them. Hinting that the Comm ercial Village contracts concern may be misplaced, M r Wrinkle told Tribune Business: I know theres some concern in the smalla nd medium contractor community with regard to e xclusion from this bidding process, but what they have to remember is that this ten d ering process started months ago. Those tenders went out in March/April, long before an agreement was made fora $400 million package for B ahamian contractors. Thats only four buildings and 15-16 companies bid-d ing for that. I would encourage contractors not to get too upseta bout not being included in this bidding round, as it was e stablished way back. Four contractors had bid on each project, the BCAp resident added, and they had to submit three to four d ifferent bids due to the pro tracted nature of the process. He added thatw hen the $400 million worth of contracts for Bahamians w as split up, it would be distributed to a far wider pool of contractors, if noti n the three figures then cer tainly several dozen. Process Pledging that the BCA w ould be working hard with Baha Mar on a preq ualification process that accommodated small and medium-sized Bahamianc ontractors as soon as final go-ahead was received, Mr W rinkle said: That is the first priority for the BCA, resolving a pre-qualificationp rocess with Baha Mar that maximises the number of small and medium-sized contractors who can meet the criteria to bid the work.B aha Mar has to give some ground on this, and the contractors have to move up. Explaining that the situa tion was a two-way street, w here Baha Mar was accommodating and Bahamian contractors raised their game, Mr Wrinkle said: Its a mutual endeavour. It cant be one side either way. I n the meantime, the B CA would focus on providing the training that contractors needed to partici-p ate in the Baha Mar project, Mr Wrinkle stating that they did not find the workd ifficult as opposed to sorting out the contract and a dministrative aspects. Pointing out that some would have to adjust their work ethics when it came to arriving on time and get t ing the work done in rela tion to Baha Mar, the BCA president added: Its a dif f erent kettle of fish to build ing a home in Pinewood G ardens. If we dont per form, were not going to stay. We have a substantial responsibility where we have to deliver the product, and its no easy task at all. Theres a lot to done toe nsure we execute the work as its supposed to be done. Getting the Baha Mar p roject started would start the ball rolling for the B ahamian construction industry both physically and psychologically, Mr Wrinkles aid, sparking renewed sector activity and encouraging s maller projects to also start moving forward. Meanwhile, Mr Vanderpool Wallace said he had heard informally that Harcourt Developments may be looking to sell or partner with another company to redevelop the Royal Oasis. I heard there was some i nterest from another company in coming in and buyingout Harcourt, or working along with them to get something going. Our staff in Grand Bahama had got wind of someone coming to Grand Bahama to look at the property, but weve received nothing in writing, said the Minister. A property management, development and investment company, Harcourt Developments acquired the Royal Oasis in 2007. Its sale came three years after the resort was closed, having been damaged by Hurricanes Jeanne and Francis. The company announced a $400 million redevelopment plan to turn the defunct hotel, located on 425 acres of property, into a high quality tourism destination. However, at the end of 2008, as the global financial crisis bore down, tightning flows of credit, Harcourt Developments told the Government it would not be able to proceed with its plans to bring the hotel back on stream for the time being. Drawings Prime Minister Hubert Ingraham stated that the company sent my office a number of drawings and renderings as to what they are proposing to do when they are in a position financially to do so. Three years on, the company has continued to develop a number of properties in its portfolio around the world, but appears no closer to being able to fulfill the commitment it made regarding the Royal Oasis in 2007, shortly before the general election. Peter Turnquest, president of the Grand Bahama Chamber of Commerce, said the continued inoperational status of the hotel six years after it closed is a very unfortunate circumstance for Grand Bahama. Its a very significant loss for us. Even more so than the jobs lost, it was a symbol of the overall economy of Grand Bahama, it being one of the major draws on the island historically, so it does stand out as a sore thumb, Mt Tunrquest said. It is unfortunate, too, that the developer has decided to go on with other plans rather than redeveloping the hotel, which could have provided cash flow for other projects. Im sure they had their reasons, but it means were stuck with an asset that is deteriorating by the day. It is a significant effect on the economy. It employed 3,000 people at the peak of its operations, and we have not been able to recover from that effect. Our overall tourism product suffers as a result, said Mr Turnquest. When Tribune Business spoke with Donald Archer, operations manager for Harcourt Developments head office in Grand Bahama lastw eek regarding plans for the h otel, Mr Archer directed this newspaper to speak with the companys head office in Dublin, Ireland. Two e-mails seeking comment this week from Harcourt Developments chief marketing man-a ger, John Doherty, regarding the Royal Oasis were not returned this week and attempts to reach him via phone were not successful. C M Y K C M Y K BUSINESS PAGE 4B, FRIDAY, DECEMBER 17, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM tb 127,&( 127,&( 6$)(+$9(1+2/',1*6/,0,7(' 127,&(,6+(5(%<*,9(1DVIROORZV 6 +$9(1+2/',1*6/,0,7(' LVLQGLVVROXWLRQXQGHUWKH SURYLVLRQVRIWKH,QWHUQDWLRQDO%XVLQHVV&RPSDQLHV 7 KHGLVVROXWLRQRIWKHVDLG&RPSDQ\FRPPHQFHGRQWKH 'HFHPEHU ZKHQLWV$UWLFOHVRI'LVVROXWLRQZHUHVXEPLWWHG WRDQGUHJLVWHUHGE\WKHHJLVWUDU*HQHUDO 7KH/LTXLGDWRURIWKHVDLG&RPSDQ\LV(GZDUG-RKQ6ZHHWRI (VSODQDGHW+HOLHU-HUVH\&KDQQHO,VODQGV 'DWHGWKHW KGD\RI'HFHPEHU +t-&RUSRUDWHHUYLFHV/WG5HJLVWHUHG$JHQW IRUWKHDERYHQDPHG&RPSDQ\ (;;2102%,/(;3/25$7,21$1' 352'8&7,21*$//,0,7(' 127,&( 3XUVXDQWWRWKHSURYLVLRQVRI6HFWLRQ RIWKH,QWHUQDWLRQDO%XVLQHVV&RPSDQLHV$FW QRWLFHLVKHUHE\JLYHQWKDWWKHDERYH QDPHG&RPSDQ\KDVEHHQGLVVROYHGDQG VWUXFNRIWKH5HJLVWHUSXUVXDQWWR&HUWLFDWH RI'LVVROXWLRQLVVXHG7KH5HJLVWUDU*HQHUDO RQWKHWKGD\RI1RYHPEHU 'DWHGWKHWKGD\RI'HFHPEHU &DURO**UD\ /LTXLGDWRURI (;;2102%,/(;3/25$7,21$1' 352'8&7,21*$//,0,7(' Harcourt eyeing Royal Oasis sale? F ROM page 1B F ROM page 1B Higher impact than anticipated from first Baha Mar contracts INSIGHT For the stories behind the news, read Insight on Mondays

PAGE 12

C M Y K C M Y K BUSINESS THE TRIBUNE FRIDAY, DECEMBER 17, 2010, PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM and industry were set to take, Mr Ingraham said: I suspect that by the end of January we will be in a position where we pretty much know where we are on all issues going forward. Emphasising that both were keen to resolve the situation well before the remaining Insurance Act regulations took effect in September next year, the BGIA chair told Tribune Business: Both sides are keen to get a definitive position, so that concerned companies can work towards t hat definitive position come September 2011. The sooner we get that sorted out, the better f or all concerned, Mr Ingraham added. U nder the proposed reforms, debt securities, p reference shares and mutual fund shares listed on a recognised stock exchange are included among admissible assets, as are unlisted pref-e rence shares or other debt instruments or i nvestments approved by the Commission. In addition, cash held outside the Bahamas by Bahamian general insurers will be permitted as a qualifying asset provided it is used to support policyholder liabilities in that nation. The Insurance Commission also gave itself freedom to approve other qualifying asset categories, while non-listed mutual funds would quali fy on a pro rata basis determined on their underlying assets. Discounts W hen it came to asset discounts, the Insura nce Commission reduced the one on private company ordinary shares up to a maximum of 5 p er cent of admissible assets, exclusive of investm ents in private companies from the initial 100 per cent to 25 per cent. Rather than impose a 75 per cent across-theboard discount on all debit balances due from agents, brokers and sub-agents, the Insurance Commission has adopted for a more nuanced approach. Balances between 0-30 days outstanding will incur a 20 per cent discount for purposes of sol vency margin calculation; those 31-90 days outs tanding a 50 per cent discount; and those more t han 90 days outstanding a 100 per cent discount. The same approach is also being taken with r egard to outstanding premiums more than one m odal past due. T hose premiums 0-30 days past due will not be d iscounted, but those 31-60 days and over 60 days past due will suffer 50 per cent and 100 perc ent discounts, respectively. The Insurance Commission has also included debt and preference share securities, plus mutual funds, in its definition of securities, subjecting them to a 20 per cent discount. Cash held outside the Bahamas will not have to b e discounted at all. In an earlier August 13, 2 010, letter sent to Insurance Commissioner L ennox McCartney, the BGIA had argued that the initial discounts were "extremely punitive" in comparison to other regulatory regimes and rating agency requirements. "In particular, corporate bonds, mutual fund and preference shares are inappropriately lumped into 'other assets', and receive a 100 per cent discount unless approved for a lower discount by the Commission," the BGIA letter said. The industry is of the view that a 100 per c ent discount is inappropriate for the overwhelming majority of such investments....." The BGIA instead proposed discounts more in line with Canadian regulatory requirements, and warned of the Insurance Commission's proposed asset discounts: "The excessive level of the existing capital requirements will restrict the ability of local insurers to compete in the region and will lead to higher consumer prices. The requirement to seek approval for the u se of a more appropriate discount factor for many of these 'other assets' will be a huge business interruption for the industry, will consume significant resources of the Commission, without yielding significant benefits." The BGIA letter instead proposed that rather t han a 100 per cent discount, mutual fund shares r eceive only a 15 per cent discount if they were in a fund recognised by the Securities Commission. Otherwise, a 25 per cent discount should be applied. C orporate bonds were recommended for an 8 per cent discount if they were held in a company listed on a recognised exchange, 12 per cent othe rwise; with the same requirement for preference shares a 15 per cent discount if held in a listed company on a recognised exchange, 20 per c ent if not. T he BGIA letter also warned that a 100 per cent discount on investments in ordinary shares of private companies was "excessive in the vast majority of circumstances", and should ber educed to 25 per cent. Elsewhere, the Insurance Commission gave companies permission to borrow sums not to exceed more than 5 per cent of assets if, in the case of a catastrophe hazard, it had not responde d to a request for approval within two business days. To ease the burden on sub-agents, the Insurance Commission has raised the threshold at which they have to be registered (incorporatedf rom $100,000 to $250,000 in annual commissions. In addition, sub-agents will not be permitted to sell insurance for more than one company life org eneral to avoid potential conflicts of interest. F ROM page 1B INSURANCE REFORMS GOING THE RIGHT WAY provided for under the current Customs Management Act. Taking matters to court requires a lot more investigation, and challenges can exist in some cases in getting key foreign witnesses to testify. They may be prepared to give information but they may not be as forthcoming to come to the Bahamas and stand before a court of law, said Mr Gomez. However, with maximum in house penalties of $5,000 under the Act, and no provision for the public to be made aware when firms are found guilty under current legislation, there is in some cases lit tle incentive for businesses not to re-offend. Asked how much the fine may be increased by under the new legislation, Mr Gomez said: We have recommended that it be improved quite a lot. There would also be certain other penalties that will apply that may not now apply to act as a deterrent. We will also make it public. Youre not coming here and walking out as if nothing happened. People will know Customs caught you doing this and that. Bahamians always want to give the impression they are above board, but if I know you are charging me high prices for goods but evading Customs, I might think twice about patronising your business. Corruption As for corruption in Customs, which might in some cases facilitate businesses who may wish to evade paying duty, Mr Gomez said he believes it has been curtailed to a degree. We wouldnt want to be an ostrich with its head in the sand and say its stopped; its s till there to some level, but i ts not what it used to be w hen I came in 2009. We want to do more to try to get people to focus on the fact that we're professionals, so let's do a professional job, he added. Mr Gomez said that under the new Code of Conduct to be introduced in the Customs Management Act, the Department will be able to more successfully address disciplinary issues. Right now, you find that if we warn an officer about something you have to use General Orders and it does not always fit in with a uniformed entity. We are structuring it to Customs: What a customs officer does, what is expected for him to do or not d o, and what are the conseq uences, Mr Gomez said. It will also set up something like a commission or committee to be made up of about five persons who are not just from Customs, and if there are complaints an offi cer has to answer, he will go before the committee and their penalty will be decided. Customs to name and shame firms F ROM page 1B Department for the five-month period over 2009 figures to in most part, the vigilance of customs officers. We are very pleased that the officers are doing their jobs in a much more professional way. They are more enthused about what they are doing despite withdrawal of overtime. They are detecting more things, and we are quite pleased with their performance so far, said Mr Gomez. However, he admitted that the collections are still below the Governments expectations. Meanwhile, the Department is seeking to address a grave smuggling problem in the country, he said. The Ministry of Finance makes certain esti mates for the Department, and a lot of times there's a variance between what we do and what the Ministry of Finance has estimated that we do, so that's always the dialogue, said the Customs chief. Meanwhile, Mr Gomez told Tribune Business he knows nothing about an Inter-Amer ican Development Bank-funded technical cooperation project involving the Bahamas Customs Department. Preliminary details of the project were posted on the IDBs website yesterday. Under the title Strengthening the Customs Department in the Bahamas, the IDB said thei nitiative is intended to assist the Customs D epartment with the implementation/cus tomisation of customs training modules and the restructuring of the training function within the Customs Department. Minister of State for Finance, Zhivargo Laing, who has ministerial responsibility for Customs, also said he was unaware of the pro-j ect yesterday. FROM page 1B CUSTOMS REVENUES UP $8M OVER 2009

PAGE 13

C M Y K C M Y K LOCAL NEWS PAGE 6, FRIDAY, DECEMBER 17, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM

PAGE 14

C ANDICE CHOI, AP Personal Finance Writer N EW YORK The personal touch is making a comeback. That old-fashioned habit of s topping in at your local branch is being encouraged again ast he banking industry looks to put the spark back in service. T he push to cozy up to customers is part of a strategy to c ompete in a radically chang ing marketplace. Most notably, a battery of regulations signed into law this year will sharply limit the credit and debit card r evenue that fattened industry profits in recent years. T o recoup some of those lost billions, banks want to squeeze m ore from each customer. That means convincing them to sign up for a wider range of services, including mortgages and wealth management. And customers are still more at ease making major life decisions in person. I t explains recent moves by the industry's biggest players: Citi: On Thursday, the bank opened its first flagship location on a busy corner in New York City's Union Square neighborhood. With sleek leather couches and soft lighting, the airy space r esembles a modern hotel lobby and has a private seating a rea for premium customers. It also offers free WiFi and 24hour customer service assis tance via video in the ATM lobby. At a ribbon-cutting cer emony, CEO Vikram Pandit said Citi plans to open similar locations around the country. To inspire warmer service, the bank also shut down b ranches early one Saturday in September to stage revival-like t raining sessions for employees. They were encouraged to jump u p and shout suggestions on how to win over customers. Additionally, hours at select locations were expanded in the past year; and pay for branch m anagers is now tied to customer satisfaction surveys. Bank of America: The nation's largest bank is adding m ortgage, small business and investment specialists to select branches early next year. The aim is to gauge how they can help attract more customers. Personal bankers are also being trained to spend more t ime with customers. "I'm not just trying to move c ustomers in and out," said Felipe Pradas, who works at a B ank of America in New York City. Now he asks new cus tomers more personal questions so he can suggest the optimal products. He even introduces them to the branch manager asa finishing touch. Bank of A merica wants to diminish the frustrations that can stem from i ts size. Customers who have probl ems that can't be resolved immediately in the branch are now issued a tracking number so they know the matter won't be lost. C M Y K C M Y K BUSINESS THE TRIBUNE FRIDAY, DECEMBER 17, 2010, PAGE 7B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 6+(/'21(&85,7,(6/,0,7('9ROXQWDU\/LTXLGDWLRQf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f 3XUVXDQWWRWKHSURYLVLRQVRI6HFWLRQRIWKH ,QWHUQDWLRQDO&RPSDQLHV$FWQRWLFHLVKHUHE\ JLYHQWKDWWKHDERYHQDPHGFRPSDQ\LVLQYROXQWDU\ GLVVROXWLRQFRPPHQFLQJU G 1RYHPEHU$UWLFOHV RI 'LVVROXWLRQKDYHEHHQGXO\UHJLVWHUHGWKH5HJLVWUDU 0LVV-LOO0F.HQ]LH%ULWWDQ\,QYHVWPHQW&RPSDQ\/LPLWHG %DKDPDV)LQDQFLDO&HQWUH6KLUOH\DQG&KDUORWWH6WUHHWV 3%R[1DVVDX%DKDPDVLVWKH/LTXLGDWRU $OOSHUVRQVKDYLQJFODLPVDJDLQVWWKHDERYHQDPHG FRPSDQ\DUHUHTXLUHGRQRUEHIRUHWKHUG 'HFHPEHU WRVHQGDOOWKHLUQDPHVDGGUHVVHVDQGSDUWLFXODUVRIWKHLU GHEWVDQGFODLPVWRWKH/LTXLGDWRURIWKH&RPSDQ\RULQ GHIDXOWWKHUHRIWKH\PD\EHH[FOXGHGIURPWKHEHQHWRU DQ\GLVWULEXWLRQPDGHEHIRUHVXFKGHEWVDUHSURYHG 'DWHGWKLVQ G 1RYHPEHU -LOOF.HQ]LH /LTXLGDWRU / HJDORWLFH1 27,&( ROXQWDU\/LTXLGDWLRQf1RWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHG &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHG RQGD\RI)HEUXDU\7KH/LTXLGDWRU $UJRVD&RUS1DVVDX %DKDPDV $5*26$&253/LTXLGDWRUf MARCY GORDON, AP Business Writer WASHINGTON Treasury Secretary Timothy Geithner said Thursday that the $700 billion financial bailout will end up costing taxpayers less than congressional analysts have estimated. The Congressional Budget Office has estimated that taxpayers will lose $25 billion on the rescue of banks, other financial institutions and automakers that came in at the peak of the crisis in the fall of 2008. Geithner told a hearing by a congressionally appointed panel that it will cost less than that. "Those estimates are now around $25 billion," Geithner said. "They are too high, in my judgment. Ultimately, they'll be lower." Geithner didn't provide another cost estimate. Measured in cost, he said, the bailout "will rank as one of the most effective crisisreponse programs ever implemented." The most important fact, he said, is that the government's combined investments in banks, financial institutions, automakers and credit markets "will show a positive return," he said. "The losses will be limited to the amount we spend on our housing programs." Stronger Geithner said the U.S. financial system today "is in a much stronger position than it was before the crisis." Still, he acknowledged, with unemployment hovering at an average 10 percent, "Our work is not done. ... The damage is still profound and tragi c." He also said the housing market remains weak. Geithner said the govern ment is trying to keep as many struggling borrowers as possible in their homes in several programs and is putting downward pressure on mortgage rates through agreements with finance companies Fannie Mae and Freddie Mac. The government has been buying securities backed by mortgages that are issued by Fannie and Freddie. Sen. Ted Kaufman, the panel's chairman, said the economy "is in a tremendously better place today than it was" before the financial rescue came in. "But we must not forget the pain that continues to plague s o many Americans," he said. "Fifteen million Americans still cannot find a job. As many as 13 million families will lose their homes to foreclosure in the next few years." NEW YORK Oil prices slid Thursday below $88 a barrel on concerns about the euro zone debt woes which overshado wed another batch of posi tive economic news in theU nited States. While European leaders d ebated how to counter the region's painful debt crisis, U.S. government agencies said fewer Americans applied for jobless benefits and housi ng starts rose slightly in November. That followed ear-l ier reports that factory production and retail sales posted g ains in November. Benchmark oil for January delivery fell 92 cents to settle at $87.70 a barrel on the New York Mercantile Exchange. M ichael Lynch, president of Strategic Energy & EconomicR esearch, said traders are cautious because signs of the i mproving economy have been offset recently by occasional warnings about infla tion as well as unemployment that remains at 9.8 percent. Also, the dollar got a little stronger on Thursday, makingoil more expensive for buyers with foreign currency. Most global crude demand growth this year came from emerging economies, led by China. Some analysts expect Chinese demand for commodities will likely fade in coming years as the economy shifts toward services. Geithner says bailout will cost less than $25 billion AP Photo/Alex Brandon) TESTIMONY: Treasury Secretary Timothy Geithner testifies on Capi tol Hill in Washington Thursday, Dec. 16, 2010, before the Congressional Oversight Panel hearing on TARP. INTERNATIONAL BUSINESS SAMANTHA BOMKAMP, AP Transportation Writer NEW YORK FedEx Corp. thinks the global economic recovery is becoming more balanced, as growth improves in Europe and the U.S. while it moder ates in Asia. After the company on Thursday reported lower quarterly earnings but raised its outlook for the fiscal year, CEO Fred Smith said that shipping demand from both consumers and businesses is picking up. And he expects stronger manufacturing and industrial production to push shipping volume higher in the coming months. Smith said Asian economic expansion has slowed, but it's still growing faster there than elsewhere. European economies are performing better-thanexpected, he said, while the U.S. economy is gaining steam. "I don't think we're ever going to catch Asia, and I don't think anyone expects us too," said Jeff Kauffman, an analyst with research firm Sterne Agee. "But I believe FedEx is saying 'the world is looking better than we thought three months ago." FedEx, based in Memphis, Tenn., is the world's secondlargest package delivery company. It is a bellwether of global economic health among analysts and econo mists because it ships a wide variety of goods, which reflects the ups and downs of business and consumer spending. BANKS SMARTEN UP BRANCHES TO WOO CUSTOMERS PERSONAL TOUCH: Citi CEO Vikram Pandit at the new high-tech banking center in New York Thursday, Dec. 16, 2010. A P P h o t o / M a r y A l t a f f e r Oil falls on euro zone debt crisis In brief FedEx sees str onger mor e balanced global r ecover y