Citation
The Tribune.

Material Information

Title:
The Tribune.
Uniform Title:
Tribune. (Nassau, Bahamas).
Added title page title:
Nassau tribune
Place of Publication:
Nassau, Bahamas
Publisher:
Tribune
Publication Date:
Language:
English
Physical Description:
v. : ill. ; 58 cm.

Subjects

Genre:
newspaper ( sobekcm )
newspaper ( marcgt )
Spatial Coverage:
Bahamas

Notes

General Note:
Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.

Record Information

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

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(i The Tribune |

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HIGH 82F LATEST ihe et NEWS ON WWW.TRIBUNE242.COM
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Volume: 107 No.1 MONDAY, NOVEMBER 22, 2010 PRICE —75¢ (Abaco and Grand Bahama $1.25)

OT

M@ Grief and fury after teenager shot by police
M Three people murdered in weekend violence








































































By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net



GRIFF turned to fury in
Bain Town following the
fatal shooting of an 18-year-
old youth by a reserve offi-
cer on patrol in the area.

Police reinforcements,
members of the media and
residents were pelted with
stones, a squad car was burnt
to a shell, and a ZNS vehicle
was severely damaged by
people protesting the shoot-
ing.

Sharmoco Newbold, of
King Street, was reportedly
shot in the head while flee-
ing from police in the Hos-
pital Lane and Meadow
Street area at about midday
on Saturday, according to
eyewitnesses.

Family members reported
that Mr Newbold and a
group of other men were
gambling in the area when
they were approached by
police. In their attempt to
flee the scene, Mr Newbold
was killed.

However when speaking
to members of the press in
Bain Town, Commissioner
of Police Ellison Greenslade
said officers were on patrol
in the area of Hospital Lane
and Meadow Street when
they saw a young adult male :
with what “appeared tobe a alarmed and very distressed ABOVE: A family mem-
weapon in his possession.” as a result of a shooting. ber is comforted by Com-

In his initial report, Mr | Mr Greenslade did not missioner of Police Elli-
Greenslade said when the identify the shooting victim _ son Greenslade minutes
armed officers approached Whom he admitted was _ before the second wave of
the young man “shots rang member of his family. violence erupts.
out from both sides and a Police confirmed that Mr
short while thereafter it was | Newbold, whose father is a RIGHT: Rev C B Moss
confirmed that a young adult police sergeant, was out on (centre) attempts to
male resident in the area was _ bail on charges of possession _gstablish order as stones
deceased.” of an unlicensed firearm and are thrown by unknown



The Commissioner said ammunition. culprits. At left, the body
he was called to the scene Eyewitnesses say the of Mr Newbold is shielded
shortly after the shooting by Unrest that followed the py officers and residents
officials who indicated that as they attempt to trans-
the community was “quite SEE page 14 port the deceased out of

the area.

Felipé Major/
Tribune staff

Betlohiclay THREE MURDERS, COMMISSIONER'S BROTHER INJURED IN SHOOTING

SB Giltps By NOELLE NICOLLS of Police Commissioner Ellison She was robbed and shot in her
Tribune Staff Reporter Greenslade. abdomen in the parking lot of her

eX ie nnicolls@tribunemedia.net Mr Greenslade’s brother was hitin workplace, the Montagu Inn, Shirley



the leg after ashooting incident ata Street. She died of her injuries a
VIOLENCE rocked other parts Charmichael Road Junkanoo shack. short time after arriving at the hos-
of Nassau over the weekend, with — His injuries were not life-threatening. __ pital.
three murders and a number of A 37-year-old Chinese woman is Police reports state the woman
shootings that left several victims believed to be the latest murder vic-
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NASSAU AND BAHAMA ISLANDS? LEADING NEWSPAPER



PAGE 2, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE
LOCAL NEWS

IMT, 2

Pictured below.is:the patrol car which was burnt to a shell on Saturday following ihe fatal
shooting of an 18-year-old youth by a reserve officer on patrol in the area.

Felipé Major/Tribune staff

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THE TRIBUNE



LOCAL NEWS
wy EE

Bain Town could
see ‘repeat events’
if structural issues
‘are not addressed’

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

THERE could be “repeat
events” such as the Bain Town
unrest if “structural issues” are
not addressed in communities,
said a local community leader.

Rev CB Moss, pastor at
Mount Olive Baptist Church
and president of the Bain and
Grants Town Advancement
Association, was speaking out
after 18-year-old King Street
resident Sharmoco Newbold
was shot by police.

“There have been a number
of shootings involving members
of the law enforcement agency
that the residents have ques-
tioned,” said Mr Moss.

“The incident touched off the
venting of their feelings. It was
unfortunate, but as I said, it was
bound to happen because we
have some structural problems
in this and many other commu-
nities. Unless these problems
are addressed there will be
repeats not only in Bain Town,
but other areas of New Provi-
dence.

“It is beyond the police. We
are talking about addressing the
social deficiencies like unem-
ployment; things like youth
development. There is no
national youth plan to advance
the development of young peo-
ple in these communities;
resources need to be invested,
and there has to be more inclu-
sion by the various sectors. The
government needs to include
more of the stakeholders in the
planning and implementation
of programmes.”

Police Commissioner Ellison
Greenslade, while speaking at
the scene, commended Mr Moss
for his role in diffusing commu-
nity tension.

Seeking his assistance, the
police gave Mr Moss a bull
horn, from which he gave his
commitment to “stay engaged
to ensure proper investigations
are done.”

Mr Moss said he was not
injured in the rock throwing,
despite media reports to the
contrary.

He commended the police for
exercising “excellent restraint”
in handling the matter. “It could
have escalated into a very, very
serious situation,” he said.

As for the teenager who died,
Rev Moss said he was a well
known person in the communi-
ty.

“He comes from a very large,
upstanding family. He was a stu-
dent in our summer youth pro-
gramme for years, as he grew
up in the community. I know
the entire family. A finer young
man you would not want to
meet. I say that from personal
experience. His record was
known by everyone in the com-
munity. I think that is what cre-
ated the depth of feelings,
because they know him,” said
Mr Moss.

“Obviously that ignited long-
standing feelings that the people
in the community were not
being treated with the kind of
respect and dignity they felt
they deserved,” he said.

The official opening of the
West Street Festival, staged a
few blocks away from the police
shooting, was delayed as a result
of the incident.

According to Mr Moss, the
annual community festival is
designed to strengthen families
and strengthen relationships.

“The festival served also to
divert the minds and attention
of residents from that ugly scene

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EMOTIONS RUN HIGH: Officers attempt to assist grieving family
members and protect the crime scene.









COMMUNITY LEADER Rev CB
Moss at the scene on Saturday.

Registration Deadline November 30, 2010

early in the day. We have no
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PAGE 4, MONDAY, NOVEMBER 22, 2010

THE TRIBUNE





EDITORIAL/LETTERS TO THE EDITOR

BIFF and its festival

The Tribune Limited

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

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

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

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

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

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

TELEPHONES
Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager - (242) 502-2352

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

Can Nassau support two large casinos?

ON SATURDAY evening a former
Atlantis employee took a walk down memory
lane. He recalled his days with Kerzner Inter-
national. He hoped, as has been suggested,
that Sir Sol would never sell his resort. Sir Sol
recently dismissed the rumour by announcing
he had no intention of selling.

He might be peeved in his belief that
Baha Mar has received extra concessions
and that his “most favoured nation” status
has not been protected, but “he will never
sell,” declared another staff member.

The former employee conceded that if
sold Atlantis would continue to operate, but
would never be the same. The Kerzners, he
said — referring to Sir Sol and his much love
son, Butch, who tragically died in a heli-
copter crash — were unique employers —
they cared for their staff. A senior staff mem-
ber later confirmed that the very essence of
father and son was that they were always
“cognisant of doing the right thing.”

The former staff member, now in his own
business, recalled November 2008 when the
Kerzners reluctantly announced that they
had to layoff 800 employees because of
falling room rates, the results of a worsening
global economy. This was 10 per cent of the
work force. The same was happening in all
Kerzner International’s offices around the
world. George Markantonis, president and
managing director of Kerzner International,
noted that Americans were just not focusing
on travel at that time. He hoped there would
be a relatively quick turnaround in the glob-
al market, specifically in the US economy
which would result in an upswing in visitor
arrivals. That, he said, would enable them
to recreate some of the employment oppor-
tunities they were then eliminating.

But staff were not just given pay slips and
waved goodbye. They received enhanced
severance pay — in other words higher sev-
erance than required by law. They were pro-
vided with a résumé and briefed on inter-
view skills. All those covered under the com-
pany’s health programme were given a six-
month extension, where necessary a call was
made to their bank to explain the situation so
that something could be worked out for
them. And when it was discovered that a
husband and wife worked in different depart-
ments of the resort, which meant that both
breadwinners of that family would have lost
their jobs, one was rehired.

“What company today would be so con-
cerned about their staff?” asked the former
employee.

In fact today a number of persons let go
during the downsizing have been rehired,
and the resort has created more jobs so that
eventually the net impact on the economy

was not seriously affected.

Speaking in the House on the Resolution
on the Baha Mar project, Prime Minister
Ingraham recorded “with satisfaction that
among two of the three hotel operators who
are to partner with Baha Mar resort are two
top luxury operators of small hotels —Rose-
wood and Morgan’s.” We do not contest
that, but we are concerned with the latest
financial report on Hard Rock Café in Vegas
— the town recognised as the queen of the
gambling market. Morgan’s has 12.8 per cent
ownership in, and a management agreement
with Hard Rock, which is now in financial dif-
ficulty because the gamblers are not com-
ing.
Pit was said that “it was difficult to predict
what will happen for the remainder of the
year at the Hard Rock given the short term
booking patterns and transient nature of the
hotel business, especially in the fourth quar-
ter of Morgan Hotel Group’s major mar-
kets.”

It was reported: “Due to the continued
difficulties in the Las Vegas market, Hard
Rock's operating cash flows have not been
sufficient to cover the aggregate debt ser-
vice this year. There have been some months
where the ownership joint venture was
required to use funds from reserves to service
the debt. Unless the market improves
markedly, or the joint venture generates
additional liquidity, there is a risk to Morgan
Hotel Group's equity position and manage-
ment agreement, which may be terminated
by the lenders in the event of foreclosure or
under certain other circumstances.”

Here in the Bahamas Atlantis has a 60,000
square foot casino. Baha Mar plans to build
a 100,000 square foot casino. By the time
Baha Mar’s casino comes on stream, Florida’s
casinos will be in full swing, there will be
casinos in Jamaica, the Dominican Republic,
New York and Pennsylvania — some of them
the Bahamas’ primary markets. Today an
American gambler only has to get in his car
to go to the neighourhood casino. With the
gaming house virtually at his back door, he
no longer has to join the gambling junkets to
fly to the nearest gaming house — the
Bahamas. If Las Vegas’ Hard Rock can’t
fill its casino and now faces forceclosure,
how can Nassau successfully fill two large
casinos? Does Baha Mar plan to cannibalise
the gambling hot spots of Macau and Shang-
hai — if not, then from where else, other
than the dwindling American market, will
they lure their players?

We hope for the sake of all involved that
the Baha Mar principals have crunched their
numbers and have not gambled their future
on gaming stakes that are too high.



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programming for
locally made films

EDITOR, The Tribune.

Please published the follow-
ing letter which is addressed
to:

Fellow Bahamians,

In writing this letter, The
Bahamas International Film
Festival (BIFF) hopes to clar-
ify the subject of festival pro-
gramming for locally made
films, which has been recent-
ly raised in the form of an
open letter to The Tribune.

Like all other film festivals
around the world, BIFF exists
to provide the local commu-
nity with a diverse presenta-
tion of films, be these local or
from around the world. In
addition to offering films that
might not otherwise be
released theatrically in the
Bahamas, BIFF provides a
unique cultural experience,
educational programmes, and
forums for exploring the
future of cinema.

BIFF fully embraces, cele-
brates and promotes Bahami-
an films and it is happy to be
showcasing 12 of them this
year. The festival track record
speaks for itself. No local
event does more to champion
home grown talent and enter-
tainment product than BIFF
and this dedication will only
grow stronger as the years
pass. This is truly the People’s
festival, as its growth and suc-
cess is determined solely by
the passionate, energetic citi-
zens who bring it to life each
year and experience some-
thing new and unique.

As due process dictates,
the film in question was sub-

LETTERS

letters@tribunemedia.net



mitted to the Festival for con-
sideration and after review-
ing it (along with hundreds of
other films submitted) BIFF
was very happy to include it in
this year’s programme. This
speaks volumes for the sup-
port of the film, given that a
more restricted number of
films will be programmed this
year, making the selection
process more challenging and
difficult.

Rather than celebrating
what would have been an
amazing screening at BIFF, it
seems that some individuals
associated with the film were
unhappy that it would not be
shown at the opening or the
closing night of the festival.
The Festival’s is sure that any-
one associated with a film
would want it to be an open-
ing night gala or closing night
gala. That would amount to
over 64 requests for just 2
slots and as much as the Fes-
tival would love to provide
every film the biggest plat-
form and the brightest stage,
this simply cannot be
achieved. This reality is true
for every major film festival
around the world.

The producers of the film
therefore chose to screen it
independently before the Fes-
tival, which is unfortunately
not abiding to the rule of the
Festival (and of many other
prime Festivals around the

World) that states that films
presented must be at least
National Premieres, hence
creating the impossibility for
BIFF to screen it.

At the Festival each film
is carefully evaluated on its
own merit in a long and ardu-
ous process and then difficult
programming decisions must
be made. When all is said and
done, every film is promoted
to the fullest extent in the
hopes that each and every
film is a sell out and leaves
an indelible mark on those
who saw it. But in order to
maintain the structure and
honest integrity of the Festi-
val, certain guidelines must
be adhered to year in and
year out.

Whilst we would wish to
support as many Bahamian
films as possible, the Festival
cannot afford that the break-
ing of a rule jeopardizes its
international recognition.

In closing, the Festival
believes that with the support
of the public every film will
be a major success! And this
is what the Festival strives to
achieve as a non-profit orga-
nization.

We hope that you will also
participate to a celebration of
film and a special cultural
event from December 1 to 5
at Atlantis and Galleria Cin-
emas JFK.

Most sincerely,

MS. LESLIE
VANDERPOOL
Founder & Executive
Director, Bahamas
International Film Festival
November 18, 2010.

BIFF opening films are
aimed mainly at adults

EDITOR, The Tribune.

This is in response to Chris
Lois’s letter, in the Novem-
ber 18th edition, berating the
Bahamas International Film
Festival for sending the “clear
message” that it does not sup-
port Bahamian film.

I worked for BIFF for two
years and I worked on the set
of Windjammers for a few
days when they were shoot-
ing additional footage early
this year. Let me be clear, I
have not watched Windjam-
mers, and have not spoken to
Ric Van Maur (Writer/Direc-
tor/Producer of the film) or
Leslie Vanderpool (Executive
Director of BIFF) about this
matter. am not a reporter.

When considering a film
to open the festival, you have
to understand that the screen-




ing leads right into a party, at
which alcohol is served, that
often goes on into the wee
hours of the morning. To that
end, Leslie always looks for
content aimed mainly at
adults.

For the past two years,
BIFF has been opened by
Rain and Children of God;
both films written and direct-
ed by talented Bahamian film-
makers, Maria Govan and
Kareem Mortimer, respec-
tively.

The films were not only
deserving, the content was
also appropriate for the open-
ing night atmosphere. From
what I have seen and heard,
Windjammers is a Disney
styled film aimed mainly at
children. If the festival were
to be rearranged just to
accommodate a single film

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that has some Bahamian cast
and crew, wouldn’t that be
supporting the kind of self
entitled nepotism many of us
complain about?

Besides, if Mr. Lois’s argu-
ment really is that a Bahami-
an Festival should be opened
by a Bahamian film, then he
should be arguing for Crazy
Love, written and directed by
Bahamian Filmmaker
Clarence Rolle, using a
Bahamian cast and crew. But
he isn’t. He’s arguing for the
film his daughter has a small
part in.

Also Mr. Lois does not
mention that Windjammers
was scheduled to screen later
in the festival. As for that
scheduled screening being
cancelled, Leslie has a rule
(misguided or not) that the
festival does not show films
that have already premiered
in the Bahamas.

This is a rule that a lot of
major festivals around the
world have, it just isn’t talked
about.

Ric’s “private” screening
at the Atlantis theatre could
be construed as violating this
tule, especially when you con-
sider that the theatre seats
over 500.

For Ric to screen his film
at the same venue as BIFF’s
opening night film, on the
very night before it opens,
seems to send the “clear mes-
sage” of “I am going to open
the Festival whether you want
me to or not” (I can only
imagine Leslie’s reaction).
However, I’m sure Ric has a
justification for this.

T also notice that The Eye
of The Dolphin was recently
screened in Freeport but is
still on this year’s schedule.
I’m sure Leslie has a justifi-
cation for this.

I am not arguing who has
the right or wrong in this.
Frankly, I don’t believe either
party is on the side of the
Angels here.

Bahamian film should be
supporting itself, not tearing
itself down every time some-
one feels slighted.

I just think that to publicly
blast BIFF without even men-
tioning the conditions of the
situation means that Mr. Lois
is either irresponsibly igno-
rant for someone condemn-
ing so openly, or does not
consider the truth important.

JASON DARCY
Nassau,
November 19, 2010.



THE TRIBUNE MONDAY, NOVEMBER 22, 2010, PAGE 5
LOCAL NEWS

BAIN TOWN CHAOS









TOP LEFT: Armed police officers at the scene
in Bain Town.

TOP RIGHT: Reinforcements are called in to
assist crime scene investigators, who were
pelted with rocks while trying to assess the
shooting scene.

ABOVE: Firefighters tackle the vehicle which
was set ablaze.

LEFT: An armed police officer stands guard in
an effort to maintain control following the
fatal shooting of 18-year-old Sharmoco New-
bold of King Street.




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Scripture Thought
TITUS Chpt. 3: 12-14

Final Messages

12 When | send Artemas to you, or Tychicus, be dili-
gent to come to me at Nicopolis, for | have decided to
spend the winter there.

13 Send Zenas the lawyer and Apollos on their journey
with haste, that they may lack nothing. 14 And let our
people also learn to maintain good works, to meet ur-
gent needs, that they may not be unfruitful.

ALTHOUGH originally
scheduled to retire at the end
of the month, Mrs Elma Gar-
raway, Permanent Secretary
at the Ministry of Education,
has agreed to stay on in her
post for an additional six
months, Education Minister
Desmond Bannister con-
firmed yesterday.

Praising his permanent sec-

Farewell

15 All who are with me greet you. Greet those who love
us in the faith.
Grace be with you all. Amen.



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PAGE 6, MONDAY, NOVEMBER 22, 2010

Ministry’s Permanent Secretary
to stay on in post for six months

retary for her extensive
career in the education field,
Mr Bannister said they were
“delighted” to have Mrs Gar-
raway agree to stay on in her
post.

Mrs Garraway was first
appointed as a Permanent
Secretary in the Ministry of
Health in February 2000, fol-
lowing her appointment as

CHAOS IN
BAIN TOWN |,



Under Secretary in the Min-
istry of Education in May
1997.

According to the govern-
ment’s profile of Mrs Gar-
raway, she also served as the
Deputy Director of Educa-
tion from January 1993 to
May 1999.

A veteran teacher and edu-
cator, she brings 49 years of



THE TRIBUNE

experience in the field of
education to her present
position; having served as
chairperson, assistant chair-
person and lecturer in the
Teachers Education Division
of The College of the
Bahamas and as senior mis-
tress, team leader and

teacher at the primary school
level.

CRIME SCENE INVESTIGATORS are shown, alongside
Police Commissioner Ellison Greenslade, bringing Mr New-
bold’s body out to the hearse.

Felipé Major/Tribune staff

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THE TRIBUNE

EXUMA realtors are call-
ing on the Government to
intervene in what they term is
the over-valuation of prop-
erties by the Treasury depart-
ment on that island, causing
home and land owners to pay
property taxes of upwards to
three times what they are
legally entitled to pay.

Collingwood Turnquest, a
realtor in Exuma with Cold-
well Banker Lightbourn
Realty, told The Tribune yes-
terday that winter residents
in particular have even con-
sidered leaving the island
because of this.

“These people have
breathed life into Exuma for
six months of every year,
especially since the recession.
The only other money-maker
on the Island is Sandals
Resort at Emerald Bay.

“I find myself asking the
question of how does this
killing of the goose with gold-
en egg benefit us, the Exu-
mians? If the winter residents
leave and tell everyone the
Bahamas is no longer tax-
friendly, where will the gov-
ernment collect their taxes?
Will they then start taxing us
who are already struggling to
pay the high cost of BEC,
BTC and all of the other
raised taxes?” he asked.

In one example, Mr Turn-
quest explained that an indi-
vidual had purchased a home
for $950,000, and a year later
the same building was
appraised by agents of the
Treasury’s tax department at
$1.5million.

“T don’t see how in this
type of economy anything
would dictate that kind of
increase,” he exclaimed.

“Does the Bahamas gov-
ernment no longer want us
here? One resident said they
have considered hiring a trac-
tor to push off their house
and leaving the property to

Home, land owners paying
up to three times what
they are legally entitled

the government and walking
away. I ask the powers-that-
be to think about the long-
term effect of this policy they
are using to try and get mon-
ey in the Treasury that never
comes back to us the Exumi-
ans anyway,” he said.

Floyd Ambrister, another
realtor on the island, told The
Tribune that this developing
situation is damaging an
already fragile economy.

“The difficulty has arisen
over the way new Real Prop-
erty Tax legislation is being
applied in Exuma. Many
home owners have paid their
property tax for years and
believed they were in com-
pliance with the law. Recent-
ly their property has been
reassessed and they have
been presented with new
bills.

“The problems that arise

from this are several. Many
of the bills reflect the current
year’s bill plus several years
of arrears. In some cases the
total amount owed is in the
hundreds of thousands of dol-
lars. People feel it is unfair
to charge the arrears when
payments were accepted by
the Ministry of Finance with-
out any question over sever-
al years. They argue that the
acceptance of the payment
and the issue of a receipt indi-
cated that the bill has been
satisfactorily paid.

“Further, the new assess-
ments are apparently based
on what prices were in Exu-
ma four or five years ago.
Property prices have dropped
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MONDAY, NOVEMBER 22, 2010, PAGE 7

Call for government to intervene

over property taxes on Exuma

in recent years reflecting the
fact that the very high prices
were seriously inflated.
Home owners argue that the
market value is what they can
reasonably expect to get for
their property today,” he
said.

Mr Ambrister said several
people have expressed doubt
that the officers making the
assessments are even “com-
petent” to do so.

“There are cases where
home owners who have sim-
ilar property have compared
their assessments and found
them wildly different. Cer-
tainly they have a very dif-
ferent view of values than the
six qualified appraisers on the
island.”



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THE TRIBUNE

MONDAY, NOVEMBER 22, 2010, PAGE 9



BNT ‘has no interest

in militant campaign’
against developments

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

THE Bahamas National
Trust said yesterday it has no
interest in “destabalising pri-
vate property rights” by
engaging in a “militant cam-
paign” against managed pri-
vate developments in nation-
al parks.

“The issue of minimal
localised development pro-
posals that will be conducted
under strict environmental
protocols using best manage-
ment practices” is not worth
the fight, said a statement
issued by the Bahamas
National Trust (BNT), the
body charged with the pro-
tection and management of
more than 700,000 acres of
land and sea territory.

Property

“Reasonable access to, and
use of, private property is a
right that is guaranteed by
the Bahamian constitution,
and that right extends to
property in the Exuma park,”
stated the BNT.

The matter of regulating
development on private land
in national parks has been a
sticky issue for the BNT, as
there are several instances
where national parks strad-
dle private land.

The issue came to a boil
over approvals given to
Prince Karim Aga Khan IV
for dredging and excavation
of his 349-acre Bell Island in
the protected Exuma Cays
Land and Sea Park.

When the government
leased the 176 square miles
of Exuma land and sea terri-
tory to the BNT in 1958,
about one third was already

It’s more than engineering.

privately owned and not
included in the lease agree-
ment.

There are still at least three
private islands, including Bell
Island and Halls Pond Cay,
which is owned by Viktor
Kozeny, a national of the
Czech Republic, who is want-
ed in the United States to
face corruption charges.

Home

The situation is not unique
to Exuma. In Andros West
Side National Park, about
40,000 acres of prime real
estate is owned by the
Bethell family, of the late
CWF Bethell. The property,
known as the Flamingo or
Turner Islands, is home to a
commercial bone fishing
camp.

With the government fail-
ing to exercise its right to
compulsory acquisition of
private land in the formation
of protected areas, the BNT
has to juggle competing inter-
ests.

In the case of Bell Island,
the BNT says the develop-
ment is not commercial and
“there will be limited and
short-term disturbance of the
seabed for the provision of
navigable access to the own-
er’s inland yacht basin and
service dock”.

“If properly executed,
using best management prac-
tices, dredging imposes a tol-
erable and temporary impact
on the marine environment.
In order to travel from island
to island, boaters need safe
harbours and navigable chan-
nels. As a nation we must
learn how to dredge without
it becoming an incendiary
issue every time the word is
mentioned,” stated the BNT.

“The owner’s original plan
for Bell Island would have
involved the dredging of
more than 43,000 cubic yards
of spoil. As a result of the
BNT’s efforts, the project’s
impact has now been further
reduced so that less than
13,000 cubic yards will now
be dredged,” stated the BNT.



MINIMAL IMPACT:
Hubert Ingraham

Prime Minister Hubert
Ingraham recently weighed
in on the debate, insisting the
public should not be con-
cerned.

He said: “First of all I am
very happy indeed that the
Bahamas was able to attract
the Aga Khan to take up res-
idence in the Bahamas, it's a
wonderful thing.

“Tt will help us to attract
even more people of his ilk
to the Bahamas.

“Secondly, I am satisfied
that the dredging that is pro-
posed can be done safely
with minimal impact on the
environment and that the
material dredging can be dis-
posed of in the appropriate
way.

“And I think that the noise
in the market is really just
that, noise.”

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THE TRIBUNE

MONDAY, NOVEMBER 22, 2010, PAGE 11



[
Royal Bahamas Police Force



By CONSTABLE
3011 MAKELLE PINDER

919 is a nationally recog-
nised, easy to remember, no-
cost method of contacting the
police, fire and emergency
medical service agencies. Since
919 is for emergencies, it’s
common to wonder if making
the call is the right thing to do.

Emergencies are any situa-
tion where the police, fire
fighters or medical help is
needed.

If you are unsure, call 919
and a call taker will talk you
through your situation and get
the appropriate help.

Calling 911 is stressful but
call-takers are trained to help
you. Knowing what to expect
can make calling go smoothly
and get you any needed help.

When Calling 919

1. REMAIN CALM...
Speak slowly and clearly.

2. EXPLAIN WHY YOU
ARE CALLING...

Explain what you are
reporting. Describe if the situ-
ation is still happening or not.

919 operators will ask ques-
tions about the Who, What,
Where, When, Why & How of
the incident.

3. GIVE THE
ADDRESS...
Give

the exact



location/address of the situa-
tion. Include street or House
or apartment numbers, and
any information that will help
emergency responders find the
correct location.

4. GIVE YOUR NAME
AND YOUR CURRENT
LOCATION...

While not required, giving
your name helps with any
investigations that occur.

5. GIVE THE TELE-
PHONE NUMBER FROM
WHERE YOU ARE CALL-
ING...

Provide this information in
case more information is later
needed.

6. STAY ON THE LINE.
DO NOT HANG UP...

., National Crime Prevention Office

’ Calling 919 Emergency

Do not hang up until the
919 operator releases your call.
Provide all the information
you have.

Situations change constant-
ly and updated information
may be needed.

Emergency Calls:

-Crimes in progress

-Offender at the scene of
the crime

-Witnesses at the scene of
the crime

-Any incident involving
injuries

TIPS
¢ Remain CALM!
¢ Explain your situation.
¢ Answer all questions and fol-
low directions as instructed.

Should you be a victim of
crime, please do not resist but
take note of the description of
the culprit e.g. his appearance,
clothing, height, physical
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Call the police as soon as it
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If you come across any sus-
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any crime, please do not hesi-
tate to contact call the police
emergency at ‘919° or Crime
Stoppers at 328-tips (New
Providence), 1-300-8476 (Fam-
ily Islands)



eye Vey Vea



Rowena "Mena"
Antoinette Greene

of East Shirley Street
died at her residence on
Tuesday, November 16, 2010

BQO

She is survived by her daughters:
Marcelle Farrington
and Barbara Greene;
sister Mary Cleare
and a host of family
and friends.

Funeral services will be
held on Friday, November 26
at 10:45am
at Sacred Heart Roman
Catholic Church.

Interment will be
in the Eastern Cemetery

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PAGE 12, MONDAY, NOVEMBER 22, 2010

THE TRIBUNE



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By SIR RONALD SANDERS

(The writer is a Consultant and
former Caribbean diplomat)

PROBLEMS have emerged
in the Bahamas over the number
of Chinese workers on a project
funded in part by the Export-
Import (Ex-Im) Bank of the
People’s Republic of China.

The original number of Chi-
nese workers appears extraor-
dinarily high — 8,150 even though
there is an undertaking from the
owners of the project that the
peak number of foreign work-
ers, at any given time, will not
exceed 5,000 non Bahamians.

Rightly, Bahamas’ Prime
Minister, Hubert Ingraham, has
raised concerns about the large
number of Chinese workers. His
concerns are particularly rele-
vant against the background
that, according to the Interna-
tional Monetary Fund “tourist
arrivals declined by 10 per cent
and foreign direct investment
fell by over 30 per cent, leading
to asharp contraction in domes-
tic activity and a large rise in
unemployment” in the Bahamas
in 2009.

Construction is a critical
engine of growth in any econo-
my, but especially so in small
economies where payments to
local workers and suppliers keep
money in circulation over a wide
area including supermarkets,
transport providers, clothing and
footwear stores, real estate

rentals and banks.

If 8,150 Bahamians — or close
to it as possible — could be
employed in this project, it
would definitely be a fillip to the
Bahamian economy and help to
expand domestic activity and
create jobs directly and indirect-
ly.

The issue troubled Ingraham
enough for him to travel to Chi-
na to raise the matter with the
Chinese government and return
to the Bahamas with the news
that he had succeeded in secur-
ing $200 million dollars more for
construction workers and for
Bahamian sub-contractors, rais-
ing the total that would be allo-
cated to them to $400 million.

How this translates into jobs
for Bahamians and a reduction
in the number of Chinese work-
ers is unclear, but note should
be taken that, not surprisingly,
the opposition Progressive
Labour Party (PLP) has charac-
terised Ingraham’s journey to
China as “‘a failure.” To be fair,
it should also be pointed out that
it was the PLP that introduced
this project, known as Baha Mar,
when it served as the govern-
ment.

Baha Mar, projected to cost
$2.5 billion, is a very large tourist
project. On completion it is
expected to rival the Bahamas’
biggest tourist plant, Atlantis,
which was developed by Kerzn-
er International. The operators
behind Baha Mar include Sarkis
Izmirlian, its Chief Executive

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Officer, whose published profile
says “he currently manages most
of the Izmirlian family business-
es from offices in The Bahamas.
These businesses include com-
modities trading and processing,
manufacturing, real estate, and
public market investments.” Mr.
Izmirlian is said to have over-
seen the negotiations with the
Government of The Bahamas
and the acquisition of the Baha
Mar project site.

Like every commercial busi-
ness, Baha Mar puts its prof-
itability first, and, clearly, in
seeking financing from Ex-Im
Bank of China, the company
apparently accepted that the
work force, in effect, would be
71 per cent Chinese and 29 per
cent Bahamian — a bitter pill for
Bahamians to swallow in the
best of economic times and cer-
tainly indigestible in the present
economic climate.

No one in the Bahamas or
elsewhere doubts the contribu-
tion that Baha Mar will make to
the Bahamas economy in the
short and long term, but the con-
ditions of the Chinese loan ran-
kles on the requirement for such
a large number of Chinese work-
ers. After all, this is not aid. It is
not even emergency or disaster
aid when a high component of
Chinese material and people
would be acceptable. It is purely
and simply a commercial con-
tract, lending money that will
have to be repaid.

The only reason one can sur-
mise for the insistence on such a
large number of Chinese work-
ers, vastly outnumbering
Bahamian ones, is that the Chi-
nese will work for less and trade
union conditions, and rights,
would not apply in their case
thus reducing the cost of the pro-
ject.

This commentary is less con-
cerned about the local politics
of the Bahamas that are involved
in this issue; more qualified peo-
ple can comment on them. It is
more concerned with the pre-
sent and future relations
between Caribbean Community
(CARICOM) countries and Chi-
na.

The experience of African
countries, notably Angola
recently, in relation to China’s
use of an overwhelming number
of Chinese workers, shows a
strain in their relations with Chi-
na. In 2006, the former Presi-
dent of South Africa Thabo
Mbeki famously remarked:
Africa must guard against falling
into a "colonial relationship"
with China.

I have long argued that
CARICOM countries should
negotiate with China at least a
long-term framework treaty that
covers aid, trade and investment.
It should be a treaty along the
lines of the Lomé and Cotonou
Agreements that existed with
the European Union.

As in all their bargaining with
third countries, the CARICOM
states would secure better terms
if they negotiated with China as
a collective than if each of them
tried to bargain alone.

And, if they succeeded in set-
tling a treaty with China, issues
such as the paramountcy of local
labour in commercial projects
and in loan-funded projects
could be settled upfront, as
would issues such as the
supremacy of labour laws and
respect for human rights in the
countries where such projects
are undertaken.

To negotiate such a Treaty
with China, however, CARI-
COM countries have to do one
of two things: those who now
recognise Taiwan over China
will have to drop that stance so
that there is a united CARI-
COM recognition of China only;
or those that recognise China
should proceed to negotiate the
Treaty with China leaving the
others to join when they can.

There is a small window of
opportunity left to negotiate a
meaningful treaty with China.
As China grows more powerful
economically crowding out
CARICOWM’s traditional aid
donors and investment partners,
it will become very difficult for
small Caribbean countries to
bargain for the best terms even
on commercial projects.

Beggar thy neighbour poli-
cies will get CARICOM coun-
tries nowhere in the long term
and the time is right for all
CARICOM countries to
strengthen their relations with
China on the basis of a struc-
tured and predictable treaty.

My friend and fellow writer,
Anthony Hall, wrote recently
that Hubert Ingraham’s “chal-
lenge to China” on the issue of
the 8,150 Chinese workers “is
precedent setting... and it
behoves all leaders in our region
to support, and be prepared to
emulate, the stand he’s taking:
for together we stand, divided
we fall.”

China has itself faced the
challenges of division; it might
—just might — respect Caribbean
unity.

Responses and previous
commentaries at:
www.sirronaldsanders.com



PAGE 16, MONDAY, NOVEMBER 22, 2010





Bahamian student to represent her school in Washington, DC

TALENTED 11-year-old
Tyja Braynen, a Bahamian
student at Saints Peter and
Paul School in Miami, has
been selected to represent her
school and the state of Florida
at the junior national young
leaders conference (JrNYLC)

in the spring of 2011 in Wash- $uished honour will afford the — the American capitol, and — Peace Prize Winner AlGore; _ leaders conference is dedicat-
ington, DC. seventh grader the opportu- meet with some of the coun- __ retired General Colin Powell, ed to honouring the most
Tyj 4 wacnominaled byher ity to become a junior _ try’s congressional leaders. former Secretary of State and — promising sixth and seventh

11-year-old receives certificate signed by President Obama

teacher Vicky Alvarez for
being an outstanding individ-
ual, displaying academic
excellence and strong leader-
ship potential. This distin-

LOCAL NEWS

national scholar and join a
select group of middle school
students from throughout the
United States on a tour of his-
torical sites and museums in

Past participants of the
JrNYCLC have had the priv-
ilege of being addressed by
world leaders such as former
US Vice President and Noble

THE TRIBUNE

founder of America’s Promise
Alliance, and Newt Gingrich,
former Speaker of the US
House of Representatives.
The junior national young



grade students and preparing
them for the world of leader-
ship and opportunities which














a Cc lic ahead of them.
MINISTRY OF WORKS & TRANSPORT In addition to her trip to
oe Washington, DC, Tyja

received a certificate signed
by President Barack Obama
and the United States Secre-
tary for Education, Arne
Duncan, in recognition of her
outstanding academic
achievement.

NOTICE
CORRIDOR 136
PRINCE CHARLES HIGHWAY
New 24" Watermain Pipe Installation



Tyja Braynen

AeA

An established Nassau based company seeks
to fill the position of Assistant Administrator
in the Procurement and Asset Management/
Logistics Dept. All applicants MUST possess
the following:

Jose Cartellone Construcciones Civiles S.A wishes to advise the motoring public that road works will
continue along sections of ROBINSON ROAD/PRINCE CHARLES DRIVE from Monday
November 22â„¢, 2010.

The intersection of Sayle Avenue & Old Trail Road will be affected as the works proceed along
Robinson Road to Prince Charles Drive.

PHASE I!

Motorist travelling in the following directions should divert to the specified route as indicated on the
map or seck an alternate route to their destination.

OLD TRAIL ROAD:
SAYLE AVENUE:

route.

College degree in Business.

IT knowledge.

The ability to learn quickly.

Excellent communication and team work
skills.

Moatornst should use Soldier Road as an alternate route.

Motorist should use Marathon Road and Samana Drive as an alternate

PHASE ill

Phase 3 to commence upon completion of the newly installed twenty four inch (24"") watermain pipe at
the intersection of Sayle Ave. and Old Trail Road.

Motorist travelling eastbound on Robinson Road towards Prince Charles Highway should divert on Old
Trail Road & Soldier Road and continue to their destination.

Only committed, hard working and self
motivated persons need apply.

Resumes should be submitted to:

jobvacancybs@hotmail.com
Please bear in mind that while the works are ongoing, access will be granted to residents and local

businesses that may be affected during these construction phases. All resumes must be received by

December 1*,2010

c

Employment Opportunity

Assistant Branch Manager, Abaco

We again advise the motoring public to drive with caution as they approach the work zone, kindly obey
the fagmen and observe the signage outlining the work area.

We sincerely apologize for any inconvenience that may be caused and look forward to the full co-
operation of the motoring public throughout this project.

For further information please contact:

oee Cartellone Construcciones Civiles 5A Ministry of Public Works & Transport

Commonwealth Bank is the premier Bahamian Bank with branches
located in Mew Providence, Abaco and Grind Bahama. We are

committed to deliver if SU Pe cpa ey service, 0 iraineng aml

Offke Howrss Mon-Fri &:(Mlaen to 6:00 Project Execution Unie

(Mice: (242) SEI-RM 322-261 Hetling: (242) 2-9 71M

oo. . developung oar cmpayecs, bo creatine vali: for our shirchoders
Email bahamasneichbors cartelloeecomar

’ ; P : 7 } if Ae Assistant Brinch Manager. Abaco. This is an important and critical
: a Tanapement positicn within the Aamk

Email: publig¢-workss bahamas ger hs ; / ‘ ? :
anil bo promoting economic erewth and stability in the community.

Commonwealth Bank @ presently considering applicaions Fos

CORE RESPONSIBILITIES INCLUDE:

* Assisting the ranch Manager in mannging the sales activities
of the Branch bo cribs protetabeliny

* Effectively leading, supporting and coaching personnel io
acheewe CPOE opechves

® Eflechively ianageng a porthole of conser, marheaee anid
commercial hymns.

* Acdjudicating anil managing credit lines within de fe pated
aimhornty and within pale
Managing the Branch's collection activilies and the protection
of collateral

* Ensuring that cisiomer arc proved with Cem pLary customer

service ul all lames.

QUALIFICATIONS SKILLS & EXPERIENCE:
* Bachelor's degree or higher in Business Administration, Banking
& Finance or a related discipline fram an accredited University

Wok Fe an asset

Minimum af five years commercial banking experience walh a
Mminkmun of 3 years supervisory | managenal experence.

E AEST ICTHA U TEATHATT e a diverse loan peuticn ID di See
bevam quality.

Detailed knowledge of Retail ! Commercial ! Mortgage lending
Genetics And credit analysis Bo ensure poetlod He Qpeali’y
Excellent leaderstip and coaching skills

Excellent communication, analytical and reasoning skills.
hacellent orpanizational aid time management skills

Proficient in tie use of he full range of Macrosolt applicalpans

REMUNERATION PACKAGE:

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exciting work enviroment with the opportunity for growth amd
development, We alto offer a Gonpehtive companion packnpe
reflecting the successful applicant's experience and qualification
including a performance based incentive plan, health, vision.

dental and lite insuinices and & pension plan

Qualified individuals should submit complete resumes before
December 6, S10 tne

Homan Resources Departoeent
Re: Assistant Branch Viamager, Abaco
PAO, Bos S8-6264
Nasa [Bulusns
Telefax: (242) 23-8073
E-nail adress: hr combanklid com

Commonwealth Rank slocerey thanks all applicants for their
interest in becoming o purt of oor Tank, however, only those
under consiberation will be contacted,

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



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710 tem > conrad wel ecm) ql Ai ELE aT GOs ery

Pie ratinen Glenn (o4 pectoipe) rut bo coriploted for roceie: dtr bo be wigks

Rocopt t Tt? bo plated mn alors ontey bows pair bo the wookly dian

1 ‘Winners will be motHied via phone ancor email

Premotinn on ai al ning Wiemay's locations incivaing lurand Bahar

Pitgikeyece a Weare’ s, Cone Cola atte) them frendiabe Lirtily aecnticen are
mot Hig bla to paticipats
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NTIS EZEBEOLS OF S25-S21/5
aVionsBriy.00amn=4:00p1n

PAGE 20, MONDAY, NOVEMBER 22, 2010

THE TRIBUNE



INTERNATIONAL NEWS

Po _INTERNATIONALNEWS
Fliers’ anger at
TSA boils over

ADAM GELLER,
AP National Writer

How did an agency created
to protect the public become
the target of so much public
scorn?

After nine years of funnel-
ing travelers into ever longer
lines with orders to have shoes
off, sippy cups empty and lap-
tops out for inspection, the
most surprising thing about
increasingly heated frustration
with the federal Transportation
Security Administration may
be that it took so long to boil
over.

Even Secretary of State
Hillary Rodham Clinton, who is
not subjected to security pat-
downs when she travels, under-
stands the public's irritation.
She, for one, wouldn't want to
go through such scrutiny.

"Not if I could avoid it. No. I
mean, who would?" Clinton
told CBS' "Face the Nation" in
an interview broadcast Sunday.

The agency, a marvel of
nearly instant government
when it was launched in the
fearful months following the
9/11 terror attacks, started out
with a strong measure of public
goodwill. Americans wanted
the assurance of safety when
they boarded planes and
entrusted the government with
the responsibility.

But in episode after episode
since then, the TSA has demon-
strated a knack for ignoring the
basics of customer relations,
while struggling with what
experts say is an all but impos-
sible task. It must stand as the
last line against unknown ter-
ror, yet somehow do so with-
out treating everyone from fre-
quent business travelers to the
family heading home to visit
grandma as a potential terrorist.

The TSA "is not a flier-cen-
tered system. It's a terrorist-
centered system and the trav-
elers get caught in it,” said Paul
Light, a professor of public ser-
vice at New York University
who has tracked the agency's
effectiveness since its creation.

That built-in conflict is at the
heart of a growing backlash
against the TSA for ordering



(AP Photo/ The Denver Post, Craig F. Walker, File)
PAT-DOWN: In this Nov. 17, 2010 photo, a Transportation Security
Administration agent performs an enhanced pat-down on a traveler at
a security area at Denver International Airport in Denver. The TSA has
demonstrated a knack for ignoring the basics of customer relations,
while struggling with what experts say is an all but impossible task.
It must stand as the last line against unknown terror, yet somehow do
so without treating everyone from frequent business travelers to the
family heading home to visit grandma as a potential terrorist.

travelers to step before a full-
body scanner that sees through
their clothing, undergo a poten-
tially invasive pat-down or not
fly at all. "After 9/11 people
were scared and when people
are scared they'll do anything
for someone who will make
them less scared," said Bruce
Schneier, a Minneapolis secu-
rity technology expert who has
long been critical of the TSA.
"But ... this is particularly inva-
sive. It's strip-searching. It's
body groping. As abhorrent
goes, this pegs it.”

A traveler in San Diego,
John Tyner, has become an
Internet hero after resisting
both the scan and the pat-down,
telling a TSA screener: "If you
touch my junk, I'm gonna have
you arrested." That has helped
ignite a campaign urging people
to refuse such searches on Nov.
24, which immediately precedes
Thanksgiving and is one of the
year's busiest travel days.

The outcry, though, “is symp-
tomatic of a bigger issue," said
Geoff Freeman, executive vice
president of the U.S. Travel
Association, an industry group
that says it has received nearly
1,000 calls and e-mails from
consumers about the new poli-
cy in the last week.

"It's almost as if it's a tipping
point,” Freeman said. "What
we've heard from travelers time

and again is that there must be
a better way."

Indeed, TSA has a history of
stirring public irritation. There
was the time in 2004 when Sen.
Ted Kennedy complained after
being stopped five times while
trying to board planes because
a name similar to his appeared
on the agency's no-fly list. And
the time in 2006 when a Maine
woman went public with her
tale of being ordered by a TSA
agent to dump the gel packs
she was using to cool bags of
breast milk. And the time in
2007, when a Washington, D.C.,
woman charged that another
TSA agent threatened to have
her arrested for spilling water
out of her child's sippy cup.

TSA denied the last, releas-
ing security camera footage to
try and prove its point. But that
did little to offset the agency's
longtime struggle to explain
itself and win traveler coopera-
tion. It wasn't supposed to be
this way. After Congress
approved creation of the
agency in late 2001, the TSA
grew quickly from just 13
employees in January 2002 to
65,000 a year later. In the first
year, agency workers confis-
cated more than 4.8 million
firearms, knives and other pro-
hibited items, according to a
report by the U.S. Government
Accountability Office.

Ui

ei”



. (elrrciNimaeletm ; '

y,

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





business

AML FOODS EYES
25% NEW STORE

ENERGY COST FALL

? 75% of 15,000 sq ft Phase I retail space, accompanying 37,000
Solomon’s Fresh Market store
: Mi Ground broken for Old Fort Bay Town Centre, which will act
: as ‘new commercial centre’ for west of island and also as

: ‘anchor’ for developer's remaining 2,200-acre real estate

* Some $2.7m already set aside to fund }
£ ME Full project to cost $25m, and developer aims for

: ‘unprecedented shopping experience’ that will help turn
western New Providence into ‘more than bedroom community’
: Ml Targeting first phase completion in 10-11 months

fa _. | By NEIL HARTNELL
immediate vicinity, says chief executive | ‘Tribune Business Editor

* Blsx-listed food group says
Solomon’s Fresh Market to be ‘leap
into 21st century’ and ‘not only shine
in the Bahamas, but Caribbean’

$4.5m pre-opening costs, with
$130,000 in monthly cash flow also
dedicated to project

* Some 2,200 developed and
undeveloped apartments /lots in

By NEIL HARTNELL
Tribune Business Editor

Energy costs incurred by its
new Solomon’s Fresh Market

25 per cent below those at

the Caribbean”.

Gavin Watchorn, who is also :
president of the BISX-listed }
food retailing group, said sup- }

| Chief negotiator

- sounds wake-up call
| for Bahamas over

| WIO membership

_ implications

? By ALISON LOWE

? Business Reporter
? alowe@tribunemedia.net

SEE page 8B



| from the daily report.

MONDAY,

NOVEMBER 22,

HW New Providence Development receives Letters of Intent for

inventory

New Providence Develop-

i ment Company has broken
i ground on the $18 million first
: phase construction of its Old
store are expected to be at least : Fort Bay Town Centre, a pro-
AML Foods’ existing outlets p Ject al gees a
the group’s chief executive ; Construction sector jobs and
telling Tribune Business that }
the concept would be “a leap }
into the 21st century” and “not }
only shine in the Bahamas, but }

SOME BAHAMIAN
INDUSTRIES WILL

: The Bahamas’ chief negotia- :
: tor for World Trade Organisa-
? tion (WTO) membership has }
outlined how he will seek to }
: reduce the “pain” associated }
: with the multitude of changes }
: this nation’s business climate }
: will be forced to undergo, }
? describing strategies he has to }
protect Bahamian industries, ;
? but warning that some will
: inevitably “die a slow death” }
i The information contained is from a third) :

party and The Tribune can not be held]
responsible for errors and/or omission]

SEE page 9B

Hii S =
There's newer been oa beter time to buy real estate.
Sales | Reniak | Apprakals | Results

C |

242-677-8255

infosimoarocomyeoky.com

act as the “anchor” for the
fully-Masterplanned devel-
opment of its remaining 2,200-
acre landholdings in the west-
ern end of the island.

T. Rhys Duggan, New
Providence Development

SEE page 6B

Tax avoidance a ‘national pastim

By NEIL HARTNELL
: Tribune Business Editor

‘DIE SLOW DEATH’ |

i understand that the high lev-
i el of government services they
i desire depends on them pay-
i ing their due taxes, a former

Most Bahamians fail to

SEE page 5B
















ice Tae Le

2010



* Ex-finance minister says
fundamental disconnect, as
Bahamians want big
government but don’t want

to pay for it

* Bahamas ranked 50th in
world for ease of paying taxes

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BREITLING

200 construction jobs in $18m Town Centre Phs 1

PICTURED FROM
LEFT TO RIGHT:
Archbishop Patrick

C. Pinder; T. Rhys
Duggan — Presi-
dent & CEO —- The
New Providence
Development
Company Limited
(NPDCo); Darren
Ginns — President
& CEO — SMG Con-
struction; Gavin F.
Watchorn — Presi-
dent — AML Foods
Limited.

Chamber chief in recovery plan call

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

Forecasting more business

i closures and a worsening
i predicament for previously
i laid-off workers, the Bahamas

SEE page 4B

* Says Chamber survey
showed most firms have
suffered 20-30% top-line
falls

* Adds that local impact of
$100m government roads
project may only be $30m

BREITLING

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PAGE 2B, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE



By ROYALFIDELITY
CAPITAL MARKETS

. Week ending 19.11.10
It was an active week of

trading in the Bahamian stock BISX CLOSING WKLY PRICE VOLUME YTD PRICE

be market. Investors traded in SYMBOL PRICE CHANGE CHANGE
he four out of the 24 listed secu-
: rities with four decliners. AML $ 1.01 $- 0 -13.68%
E The Links, Ine BBL $ 0.18 $- 0 -71.43%
Niassa Chapter oF 1" EQUITY MARKET BOB = $ 4.90 $- 0 -16.95%
Thea ally [vies You lo A total of 107,017 shares BPF $ 10.63 $- 0 -1.02%
Cordially changed hands, representing BSL $5.01 a 0 -50.20%
ALS ; an increase of 98,067 shares BWL $ 2.70 -$0.14 4000 -14,29%
TIKA TS! a VY Li compared to the previous CAB $ 10.46 a 0 4.81%
LIVLLS week's trading volume of — ¢BL $ 6.85 $0.35 86,370 -2.14%
SS 8,950 shares. CHL $ 2.40 $- 10,095 -11.76%
NG Ol Commonwealth Bank — ¢jB $9.74 -$0.35 3,250 —_-2.50%
(CBL) was the volume leader CWCB $1.87 -$0.01 0 -34.39%
in the week, trading a volume DHS $ 1.60 0 -37 25%
, of 86,660 shares to see its FAM 6.07 : 0 -6.47%
Facturung stock close up $0.35 at $6.85. FBB : 217 e 0 -8.44%
= Gowpel Praise Tear _FirstCaribbean Interna- FCL $5.46 $- 1,250 14.47%
a AAAunt Tabor Fun 2047 tional (FCIB) was the biggest FCLB $ 1.00 $. 0 0.00%
agi Marlin Awan 4 decliner last week, trading a FIN $ 7.26 $- 0 21.44%
The 2010 om auth Chit volume of 2,250 shares to see ICD $ 5.59 $- 0 0.00%
the Bahama! National Youth its stock fall $0.35, closing at JSJ $ 9.99 -$0.10 1,750 -0.30%
. $9.39. PRE $ 10.00 - 0 0.00%
aj) Bahamian Music BOND MARKET
Pot Rahming = Fidelity Bank Bahamas
Mi Series C Notes (FBBSC) trad-
ee els ~ The Best Broadway ed a volume of $2,000 notesat ISX DESCRIPTION VOLUME PAR VALUE
sina Welloce & Mo Nikita We DaEvaNn, SYMBOL
har, Anboune oa
Algo showcos!"G eye FBB13 FBBSeriesC 2 $1,000
Earnings Releases: _ Notes Due 2013
nied There were no earnings [ize FBB SeriesD 0 $1,000
Gavin tyne Prima 1 report released last week. Notes Due 2015
1 w, Young J. High Scho! FBB17 FBB Series A 0 $1,000
wy Bathal St. High Schoo Notes Due 2017
eee > of music FBB22 FBB Series B 0 $1,000
ry an exuberant ever” or me Notes Due 2022
; ! ais |
Please orn ¥
INTERNATIONAL MARKETS
FOREX Rates Weekly % Change
EN Currency
—eyeTs: $28.00 ADULTS! CAD 1.0180 2.70
Hee eda 0) (CHILDREN! GBP 1.5990 -0.94
© INFORMAL _ EUR 1.3678 -0.14
rRess: INFOR!
ae (The Links, Ine The Tribune wants to hear C diti Weekl “Ch
va. taste of The Nansau Chapler © from people who are Te ony sean
Proceeds in Aid of Projects ° making news in their Crude Oil Silo -4.68
i neighbourhoods. Perhaps Gold 1342.50 3.34
you are raising funds for a
peel good cause, campaigning International Stock Market Indexes
ee eel for improvements in the
: se \ area or have won an Index Weekly % Change
“ee GY | ‘S mat DJIA 11,203.50 0.10
‘ S&P 500 1,199.73 0.04
If ll 322-1986 ,
* ' a ahare your st NASDAQ 2518.12 0.00
, ee Nikkei 10,022.40 3.06



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THE TRIBUNE

MONDAY, NOVEMBER 22, 2010, PAGE 3B



AML Foods

top line fall

Retailer ‘confident’ of good Christmas,

By NEIL HARTNELL
Tribune Business Editor

AML Foods is “confident”
that it will enjoy a good
Christmas, the key sales peri-
od in the calendar of most
retailers, its top man telling

Tribune Business that over
the last two to three months it
has reversed a sales decline
that began in its 2009-2010
third quarter.

Gavin Watchorn, the
BISX-listed food retail
group’s president and chief
executive, told Tribune Busi-
ness that the company now
had between 80-90 per cent
of its Christmas inventory in
the Bahamas, and was also on
track to complete the addi-
tion of 5,000 square feet of
shopping space at its
Solomon’s SuperCentre outlet
in Freeport.

“We’ve had a pretty satis-
factory last two to three
months,” Mr Watchorn told
Tribune Business. “Our sales
decline, which we had from
about the third quarter of last
year, has been reversed.

“We’re now just knuckling



GAVIN WATCHORN

down, getting ready for
Christmas. Most of ours is
here. Some 80-90 per cent of
Christmas stock is on the
island. Christmas seems to be
getting earlier and earlier
every year. We’re confident
we will have a good Christ-
mas experience.”

As for Solomon’s Super-
Centre in Freeport, Mr
Watchorn added: “Solomon’s
Freeport is moving on sched-

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and expecting to employ 65-75 at new
store scheduled to open in 2011 Q3

ule, and we’re close to finalis-
ing and finishing that. We
were adding about 5,000
square feet of increased shop-
ping space, floor area.”

When asked whether this
would be completed in time
for Christmas, Mr Watchorn
replied: “Most definitely.”

Meanwhile, the AML
Foods chief said the compa-
ny’s latest store, Solomon’s
Fresh Market, would employ
between 65-75 staff once it
was open, which he anticipat-
ed being some time in the
2011 third quarter.

“We’ve already recruited,”
he said of that store’s work-
force. “We have a number of
people already put into the
system now, so we could start
bedding them into our system
and culture.

“Overall, we will have 65-75
employees in total there, and
from here on we will be
adding as we go along. We
have a manager in mind that
we’re speaking to, and I think
you will see heavy recruiting
three months before we open
to get the staff trained. It will
be a mix of old and new
staff.”

When asked when
Solomon’s Fresh Market, the
anchor tenant for New Provi-
dence Development Compa-
ny’s Old Fort Bay Town Cen-
tre, was set to open, Mr
Watchorn told Tribune Busi-
ness: “J think the third quarter
of next year is a very realistic
target.”

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PAGE 4B, MONDAY, NOVEMBER 22, 2010

THE TRIBUNE





Chamber chief in recovery plan call

FROM page 1B

Chamber of Commerce’s
president said his “greatest
fear” is that this nation lacks a
“clear and decisive” recovery
plan.

Khaalis Rolle, also chief
marketing officer for
Bahamas Ferries, charged on
Friday that while many of the

larger companies in the
Bahamas were able to stave
off closures and major lay-offs
during the earlier part of the
recession by restructuring
their debt, and going to their
shareholders for extra capi-
tal, “we are seeing the impact
of this ability vanishing”.
“Closure, rightsizing, peo-
ple consolidating...It’s a like-

©

Temple Christian High School
Shirley Street
TEACHING VACANCY

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

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

A. Bea practicing born-again Christian who is
willing to subscribe to the Statement of Faith of

Temple Christian School.

Have a bachelor’s Degree in Education or higher
from a recognized College or University in the area

of Specialization.

Have a valid Teacher’s Certificate or Diploma.
Have at least two years teaching experience in the
relevant subject area with excellent communication

skills.

Applicants must have the ability to prepare students
for all examinations to the BJC/BGCSE levels.
Be willing to participate in the high school’s extra

curricular programmes.

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

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

PCOMING COURSES - UPCOMING COURSES -



ly strategy you'll see taking
place, and when you don’t
have any viable options the
next step is closure,” said Mr
Rolle.

He added that a “quick sur-
vey” the Chamber undertook
recently revealed many busi-
nesses have seen 20 to 30 per
cent of their top-line gross
sales revenue “vanish”.

“That’s the brink of failure.
If you don’t have access to
cash to ride this storm you’re
in some serious issues,” he
said.

Meanwhile, Mr Rolle pre-
dicted that for individuals
laid-off during the initial part
of the recession, things may
be about to get much worse
for them and, consequently,
for anyone to whom they may
have a financial responsibility
over the next six to 12
months.

“When the crisis initially hit
and we went through the lay-
off period, most of the peo-
ple laid off had a package that
went with them that allowed
them money to ride through
that period. I think we are
coming to the end of that
period, and that money that
they had, which allowed them
to pay the bare minimum of
their necessities - food, light,
water - I think we’re coming
to the end of that. So that is
something that needs to be
considered when we factor in
what the likely impact is going
to be over the next six to 12
months,” said Mr Rolle.

He was speaking at the
Bahamas Institute of Char-
tered Accountants (BICA)
‘Accountant’s Week’ seminar
on Friday, as part of a panel
discussion on ‘Economic
Opportunities in the
Bahamas’, along with K. Peter
Turnquest, president of the
Grand Bahama Chamber of
Commerce.

Mr Rolle described current
business conditions in the
Bahamas as “tenuous at
best”, with many companies
“just beginning to understand
that this (recession) is an
extremely serious thing”.

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KHAALIS ROLLE

He said that while there has
been a lot of talk about the
impact of the recession in the
Bahamas, he is concerned not
enough emphasis has been
placed on the development of
a recovery plan.

“Tt’s critical. The recovery
effort has to be driven by a
clear and decisive public sec-
tor intervention domestical-
ly,” said Mr Rolle, adding that
he feels the “public sector has
been lagging behind in the
stablisation process”.

Suggesting that the policy
intervention strategy by the
Government “outside of the
capital works project is not
clear”, Mr Rolle charged that
even the economic impact of
these initiatives is question-
able.

“The projects are quality of
life projects. You upgrade the
roads so your car won’t be
damaged and you get home
quicker... they are long range
and don’t provide the imme-
diate benefits to the overall
economy,” he added.

“Domestic spending is lim-
ited in those projects to about
30 per cent of the total value
of those projects, so you’ve
got an $100 million project
and only $30 million of that
remains here. And I still ques-
tion whether or not that num-
ber is completely valid,” said
Mr Rolle.

The Chamber president
suggested a “direct private
sector stimulus program” as
an initiative on the part of the
Government that could still
be implemented and help aid
recovery.

“Those businesses that are
on the brink, let’s go in and
see what the exposure is, and
see how best we can assist
them. How best can we
reduce the cost of doing busi-
nesses for them. That’s one
of things we need to consid-
er,” he added.

“Many businesses are on
the brink of failure. They are
asking ‘How do I remain
viable and keep my doors
open?’ and that’s a challenge.
If we don’t emerge from this
process very quickly and sta-
bilise we will have a crisis that
will last for a long time.”

The Chamber President
also identified agriculture,
alternative energy and out-
sourcing of technical assis-
tance that will be required as
the Bahamas transitions to
the more liberal trading
regime associated with acces-
sion to the World Trade
Organisation and implemen-
tation of the Economic Part-
nership Agreement as areas
where potential business
opportunities lie going for-
ward.

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



THE TRIBUNE

MONDAY, NOVEMBER 22, 2010, PAGE 5B





Tax avoidance a
‘National pastime’

FROM page 1B

minister of state for finance
telling Tribune Business that
tax evasion and avoidance
had become “a national pas-
time”.

James Smith, who headed
the Ministry of Finance dur-
ing the 2002-2007 Christie
administration, highlighted
the fundamental disconnect
afflicting many Bahamians -
the fact that they wanted ‘big
government’ and a high level
of public sector service pro-
vision, yet did not want to pay
for it.

“In the Bahamas, we have a
history of avoiding taxes.
We've learned to do that
quite well, and even the
authorities who ought to be
following up do so in lack-
adaisical fashion,” the former
finance minister told Tribune
Business.

“We don’t understand the
full nexus between this and
the Government’s ability to
provides services such as
health, education and welfare.
The only way to do that is
through the proper payment
of due taxes, and I don’t see
the connection.

“We want the services but
don’t accept we have to pay
for these things, so our pas-
time is finding ways and
means to avoid the tax guys.”

Mr Smith was speaking
after a joint World
bank/PricewaterhouseCoop-
ers (PwC) survey ranked the



JAMES SMITH

nies spent complying with due
taxes, finding that on average
they spent just 58 hours per
year preparing, filing and pay-
ing three types of taxes - cor-
porate income tax, VAT or
sales taxes, and labour (pay-
roll) taxes.

Of course, as Mr Smith
pointed out, the Bahamas’
high ranking in this category -
and the general survey - is due
to the fact it has no income,
capital, corporation, VAT or
sales taxes, meaning that the
only area it is rated is on pay-
roll taxes such as NIB, or
Business Licence fees.

The World Bank/PwC sur-
vey also ranked the Bahamas
60th out of 183 when it came
to tax payments, finding that
Bahamian companies on
average had to make some 18
separate tax payments during
the course of the year.

The category the Bahamas

bune Business that the World
Bank/PwC survey did “not
measure our efficiency of tax
collection”, and did not
account for the fact that the
Bahamas collected the bulk
of its revenues at the border
through import/Excise duties.

Pointing out that Business
Licence fees were the closest
thing the Bahamas had to a
corporate income tax system,
Mr Smith said this nation
relied largely on an inefficient
system of indirect taxes, and
direct taxes - such as income
tax or sales tax - would
require different skills from
the private sector, as they
would involve the filling out
of much paperwork.

“We might be better off
with a lower ranking if we had
a more efficient system of
direct taxation like a sales
tax,” Mr Smith told Tribune
Business. “What we’re seeing
now with the depletion of
government revenues is that
our tax base is not quite resis-
tant enough because of its
dependency on external
forces.

“Tt taxes very little activity
generated locally, and taxes
instead the consumption of
imports and tourists. It shows
up in very poor revenue col-
lections.”

More direct taxation, he
argued, could generate extra
revenue buoyancy through
targeting Bahamas-based
activity and by expanding the
tax base to include the lightly-

Serving Great Bahamian Food



Thanksg


























ae ‘mei
Lanmnciael md

fared worst in was on the — burdened services sector.

nations in the world when it Total Tax Rate, which mea- “We really need to sev 361-240"
came to the ease of business- SUred the amount of taxes and —_ our system, not only from the anes
es paying their taxes, placing mandatory contributions born —_ point of view of improved col- 393-7714
this nation some 12 spots by a company in its second lection, but also attacking the Fox Hill
above the US. year of operation as a per- deficit and debt, Mr Smith 364 7020

Indeed. the Bahamas was °ettage of commercial profits, said. hie me ee ae hai :

° SPL : ranking the Bahamas 121st more taxes out of the system Ponisi id.

icin ono without disrupting it too 356-5820

the time Bahamian compa-

Mr Smith, though, told Tri-

much.”

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PAGE 6B, MONDAY, NOVEMBER 22, 2010



THE TRIBUNE

FPREME Cine) Feo. cH ie
Loman in laa andl Eaguite Dive lerry .
IN THE MATTER of The (huietieg Thies
Arr, 1pgm

COMMON WEALTI CH THE BABAMAS aoe LE ee

THE SUPREME COURT i

APL
FROM page 1B

Is THE MATTER of ALL THAT piece parcel
Co CoPebala) on barvall containing, 77.0) cons beeing a
Pertion of Crews Grant i» Wr dita & in the Company’s chief executive,
Settlemenc of McKaans te the beled of Long : :
Kelana cous cof'the Bulanila cof the: Comemenemoretithh told Tribune Business that
off The Naksamas apart from AML Foods’

ann 37,000 square foot Solomon’s

Fresh Market store, which will
SA 'TSEN MATTER adie Fetaten of act as the first phase anchor,
CARL ALLAN BRICK the developer had received
Letters of Intent (LOI) for
about 75 per cent of the other
15,000 square feet of retail
space that will be constructed
at this time.

Telling this newspaper that
the four-phase development
ve Sepreme taverc an have his tithe #0 dhe: following invesrigased unilee Section 9 of of the Town Centre would

doting, This ict, ancl uhe nequre and cavers thescef determined andi decleeed involve a total investment of
$25 million, Mr Duggan
explained that it was designed
iors. of the: sakl Act to provide “an unprecedented
shopping experience” that
would attract residents not
just from western New Provi-

SOTICE

NOTICE is hereby pieen the CARL ALLAN BDC

“ALL THAT certain poece parcel lor of land o1e : :
oe ara es eeie sae dence, but across the island.
by adimciieecment appeooimancy Sevenn these anu Thirteen He added that the Town
bnthe ry) Acees being a partion of Crown Grant Depo siraare is Centre, located on Windsor
the Serbemenc of Me Kadi oa the some! Idand of Long Idand, Field Road Just opposite the
Sehames* Charlotteville subdivision,
/ would provide retail ameni-
(opics of the Plans may bo inspected ducing moni adflor hoa at che ties to match the quality of
folbesing places upcoming real estate devel-

opments in western New
Providence, and be a key

Che Regitery of the Sepreme Court, East Sineet

Mooth in che (iry of Siriaaa, MUP, Bahamas or component in making the
‘The Chambers of Knowles, McBlry de Calrece area more than just a “bed-
Leteiherst Hivess, yj Hkeabeth Avene, Marsau, room community”.

“T think it does a couple of

iets ae things,” Mr Duggan said of
i he local Adminirasoc’s OMfice at Simee’y, Long the Old Fort Bay Town Cen-
bland, Baber tre, adding that he was tar-

geting first phase completion
in about 10-11 months.

(lr pene whe objects 10 che granting of ther ao! Cermifcare of Tile

Is Peqpired 0 fie tf the Seprems Court and serve om the Petitioner or its Agnormes a “Tt provides an unprece-

dented shopping experience
Soatemment ot bes, ber er its claim im che prescoiber) form, wetified by an AGebrer and for residents not only in the
onher reload requiremeats eo be filed and served cherewirk by the joth December, west but, we hope, a larger

percentage of the island. It is,
ano, Failure of any such perwan bo Sle and serve a Staremear of hii, her or ite first and foremost, taking an
antiquated shopping centre at
Lyford Cay and replacing it
with something state-of-the-
art.
“It’s not a cheap proposi-
a) MU Gbittas (utes, tion. It’s a big investment for
WMC LES McRAY & CLILMER us and AML. That’s why we
4qporacys ioe ¢he Preittioncr need to make sure we get it
right.”
Mr Duggan said environ-

Claim bey the vorh day af December, AD, aor wil openie a a har tn wach Chem

Under the theme "Telling The Story of Christmas"

ae eae Rem ria ity

Oise alt

The 37th Annual
Night of
Christmas Music

At The Rain Forest Theatre,
Crystal Palace

Sunday December 5th 2010
at 8pm.

Tickets $25.00

Box Offices

Watson Construction = Wulff Road
The Juke Box - Marathon Mall
Esso On The Run - Baillou Hill Roundabout
Shell Service Station at Marathon
Centre for Specialized Dentistry - Collins Ave.

Entertainment Provided By:

The National Youth Choir
The National Children's Choir
Royal Bahamas Police Force Band
The World Famous Glee Club
Freddie Munnings Jr.
aNd OTHETS....ceseen



[Shiai

ket

A RENDERING of the Solomon’s Fresh Market.

mental and eco-friendly con-
cerns weighed heavily in the
design and construction A

process, and the development
“signals a shift of the centre of Be Bi A

commerce” in western New OP rE ta ae nead
Providence from its tradi-

tional base at Lyford Cay to a
location at Old Fort Bay.

He added that the Town
Centre, when constructed,
would also be “situated at the
top of the balance of our real
estate holdings, some 2,200
acres. It becomes an anchor
for that acreage, and will
become an anchor for the
building out of that acreage”.

New Providence Develop-
ment Company was investing
$1 million in associated infra-
structure improvements,
including a roundabout that
would serve both the Town
Centre and Charlotteville
entrances, plus roads. Mr

Duggan told Tribune Busi- Visit us at either of our two locations for the
ness that this planned spend best in

had already attracted a devel-

oper ieee the cad Authentic Bahamian Gifts & Crafts
immediately to the Town Customized just for you!!
Centre’s south, adding: “It
just opens up all these lands”.

SEE page 7B Cyadesn Pireallineg far'T Adppors Meeting Sarcet, “avira
(2a2)-3 77-0877 (24 2)-226-5 TET

* Palawan nts sake eo ier



c Hise,
“au ie

Sd

«

PUBLIC HOSPITALS AUTHORITY
ADVERTISEMENT

ONE (1) VACANCY FOR
AMBULANCE DRIVER (ABACO)

The Public Hospitals Authority invites suitably qualified individuals
for the post Ambulance Driver, Abaco Station, Public Hospitals
Authority.

Applicants must possess the following qualifications: -
Clean Police Record
¢ Avvalid Driver’s License and a minimum of five (5) years
driving experience.
¢ Must have excellent interpersonal communication skills.

JOB SUMMARY

Responsible for transporting patients and staff who require
emergency medical assistance; Secures scene and maintains
safety. Ability to operate Type 1or 11 emergency vehicles.

DUTIES INCLUDED BUT NOT LIMITED TO:

-Responds immediately to emergency calls;

-Secures the scene of an emergency situation and maintains
safety;

-Assists in the administration of First Aid as directed by the team
leader,

-Assists Team Leader in transporting patient;

-Operates the vehicle safely and efficiently;

-Maintain communication between the scene, Dispatcher and -
Accident and Emergency Department in compliance with Emergency
-Medical Services Driving Protocols;

Salary scale HAMP6 ($12,650x400-$20, 700).

Letter of application and curricula vitae should be submitted through
your Head of department to the Director of Human Resources,
Corporate Office, Public Hospitals Authority, 3 Terrace West,
Centreville, or P O. Box N-8200 Nassau, Bahamas no later than
30 November, 2010.



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



THE TRIBUNE

MONDAY, NOVEMBER 22, 2010, PAGE 7B



18 million Town Gentre Phs

FROM page 6B

“We've phased it,” the New
Providence Development
Company chief executive
added of the Town Centre.
“Most of our energies have
been directed to the
Solomon’s Fresh Market
store, making sure we’re
designing that as efficiently
as we can.

“We have a number of Let-
ters of Intent with other retail
tenants. We’ve got Letters of
Intent on about 75 per cent
of first phase retail space,
which is 15,000 square feet.
We see the demand for office
space out west becoming very
strong, too.”

Mr Duggan said New Prov-
idence Development Compa-
ny had “not gone to market
yet” on the 15,000 square feet
of office space also included
in the Old Fort Bay’s first
phase, although this would
happen “shortly”.

“We're going to do four
main phases,” he added. “The
first phase is going to kick-off
with the Fresh Market and
15,000 square feet of retail
and 15,000 square feet of
office space. The second
phase will be demand driven,
and which we expect to roll
into very shortly, another
15,000 square feet of retail
and 15,000 square feet of
office space. Then we will go
into our second anchor, which
will be at the eastern end of
the site. We see that as being
a general merchandise store.”

Acknowledging that “the
market is still fairly green and
growing” in western New
Providence, hence the con-
trolled phasing of the Old
Fort Bay Town Centre’s
development, Mr Duggan
said the developers were tar-
geting several consumer mar-
kets.

“We see the existing shop-
per, who shops at the Lyford
Cay stores, and we see the
shopper that used to shop at

the Lyford Cay Centre and
has been frustrated with the
deteriorating quality of that
centre. So we hope to recap-
ture that customer,” Mr Dug-
gan told Tribune Business.

“We have the new growth
from housing developments
such as Serenity, Lyford Hills,
Old Fort Bay, Albany and
Charlotteville. With what
Gavin [Watchorn, AML
Foods’ president and chief
executive] and his team have
designed for their store, we
see a customer wanting a
quality shopping experience
they can’t get elsewhere on
the island, and will want to
drive to get there.”

Mr Duggan said he expect-
ed the Old Fort Bay Town
Centre would contain about
20 retail outlets once the four
phases were fully completed,
and about six retailers at New
Providence Development
Company’s existing Lyford
Cay Shopping Centre had
already agreed to move to the
new development.

The Solomon’s Fresh Mar-
Ket store will cost the devel-
oper some $5 million alone to
construct, but Mr Duggan
said New Providence Devel-
opment Company’s 50-year
history, with extensive invest-
ments and being the largest
private landholder on the
island, meant it could take a
long-term development view.

Asked why the company
was taking such a project on
in the midst of a deep reces-
sion, Mr Duggan told Tribune
Business: “If you look at the
history of New Providence
Development Company, it’s
a company over 50 years-old
in the Bahamas, and that
enables us to take a longer
term view than newer devel-
opers, who want to be in and
out.

“This is an anchor for 2,200
acres, So we can take a long-
term view. For the west to
build out, we need to have
long-term amenities.”

That build-out was already

LOT LF STALLS A000
ROP? wore nooo
LOTS 67 TALL a0@0

March 8, 2010

Riise

A SITE PLAN of the centre.

happening, Mr Duggan said,
adding: “If you drive through
Old Fort Bay, you have 20
houses in development at an
given time. That has been
pretty consistent for the past
four to five years, and has not
slowed down.

“Albany is coming on big
time, and also Charlotteville
and Serenity. I don’t want to
overstate the importance of
this, but at the end of the day
we are replacing a retail cen-
tre that already exists, and
upon which deferred mainte-
nance has built up.

“It’s retail keeping pace
with the quality of roof tops
being built out here, and gives
residents another reason to
live out west. It provides them
with a reason to stay out here
and spend their retail dollars
out west.”

Mr Duggan said many resi-
dents in western New Provi-
dence went into Nassau as lit-

CFA SOCIETY OF THE BAHAMAS

MONTHLY SPEAKER LUNCHEON EVENT

“INFRASTRUCTURE

INVESTMENT -

FINANCING

NEEDS AND SOLUTIONS IN THE BAHAMAS AND
CARIBBEAN”

Tuesday, 23" November, 2010

12:00 p.m. General Meeting
2:30 p.m. Speaker's Address
Please arrive promptly!

Arawak Room

Sheraton Beach Resort, Cable Beach

SPEAKER

Simon Townend

Partner, KPMG, Bahamas

Members
Non-members
(Cheques payable to: CFA Society of The Bahamas)

RESERVATIONS:

aa
222010

David Ramirez, CFA

dramirez 7ia/bloomberg.net / 30
*Prepavment required through one of the Board Members

79

i de

PRE-REGISTRATION REQUIRED by Monday, November

7

Simon Townend is a Partner with KPMG based in The Bohomes, Monoging Director of KPMG
Corporate Finance and head of KPMG": Troasections and Restructuring activities in the
Caribbean region, Bermuda, fle of Man, Chanel fsionay, and Marita He besa BA (Hons) Degree
from the University of Bristol, England, is a Fellow of the Institwte of Chartered Accountants in
England & Wales (“ICAEW”), holds the Corporate Finance (CF) Qualification (ICAEW, SIT &
CICA) and is am Ascocite Member of the Chartered Institute of Ariitroters. He is also KPMG
Accredited Valwations Specialist, Simon hay 19 years af avait and corporate advisory experience
gained with APG memther fires in the Chase! Islands, The United Kingaew ona the Caribe,
He has ied and worked on a significant aumber of infrastructure projects across the Caribbean
including public private partnerships, finmacing, valation, acqiivition, disposal and procurement
advice fer comainer and cruise sea ports, airports, water and wastewater assets, healthcare and
energy ana CMIRURICONS oer,

Simeon will divewss the link between fnfrastrncture and foreign direct ineestmwent and the alternative
Financing otethoas being usec for infrastructure projects around the region.



findsor Field Town Centre

tle as once per month, dislik-
ing the drive and commute -
especially the heavy traffic.

This is what the Old Fort
Bay Town Centre is designed
to play to - both the retail and
office space - and give western
New Providence dwellers the
ability to live and work their
full-time, creating a strong
sense of community and elim-
inating the Nassau commute.

“T think you'll see the west
become less of a bedroom
community,” Mr Duggan told
Tribune Business.

SMG Construction has
been hired as the general con-
tractor for the Old Fort Bay
Town Centre’s construction,
and the firm will be hiring
numerous sub-contractors to
perform specialist tasks.

Leasing inquiries for the
new development should be
directed to Sara Callender at
362-4177 or scallender@old-
fortbay.com



WANTED

Financial Company seeks
Administrative Assistant
A ~ small, leading, local financial

institution seeks an entry-level administrative
assistant to assist with daily operations. This

opportunity will provide the successful

applicant with training and a
oversight into operations of financial
business. Candidates with computer,
accounting and securities background are

preferred.

great

Please email resume to:
financialposition2010@gmail.com

yo HOSE,
a ty

“sector Hoe

PUBLIC HOSPITALS AUTHORITY

ADVERTISEMENT

TWO (2) VACANCIES FOR
EMERGENCY MEDICAL TECHNICIAN (EMT) BASIC

The Public Hospitals Authority invites suitably qualified individuals
for the post Emergency Medical Technician - Basic, National
Emergency Medical Services, Public Hospitals Authority.

Applicants must possess the following qualifications:-
*Aminimum of two (2) subjects at the B.G.C.S.E level at
grade “C” or above
* Certification as an Emergency Medical Technician-Basic,
with three (3) years relevant experience
¢ Must have excellent Interpersonal skills.

LICENSE CERTIFICATION
¢« Registered and licensed with the Health Profession
Council

JOB SUMMARY
-Provides basic life support to patients who require emergency
medical assistance; Secures scene and maintains safety.

DUTIES INCLUDED BUT ARE NOT LIMITED TO:

-Responds immediately to emergency calls;

-Secures the scene of an emergency situation and maintains
safety;

-Performs basic life support and other medical assistance until the
patient arrives at the hospital;

-Completes required reports related to patient care and provides
electronic, verbal and written report to medical staff:
-Communicates with hospitals and dispatch center using various
radio / telephone equipments;

-Ensures that all emergency equipment are in the ambulance at all
times;

-Prepares and submits an inventory of supplies at the end of each
shift.

Salary scale HAHP9 ($21,750 x 600-$30,150).

Letters of Application, resume, and documentary evidence of
qualifications, clean Police Record and three (3) references should
be submitted, no later than Tuesday, 30‘ November 2010, to
the Human Resources Director, Public Hospitals Authority, PO.
Box N-8200 or Corporate Office Building ‘B’, 3° & West Terraces,
Centreville.

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



COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT
Common Law and Equity Division

2010/CLE/qui/01008

IN THE MATTER OF ALL THAT several parcel or land
containing 98.41 Acres being portions of original grant
to John Dowland (D-10) situate in the settlement of
Hamilton’s Long Island one of the Commonwealth of the
Bahamas and bounded on the NORTH by the sea and
running thereon one thousand Three hundred Thirty-Two
and Eighty- three hundredths (1,332.82) feet on the East
by land originally granted to Archibald Cartwright now
the property of Raphial Cartwright and running thereon
Four thousand and Forty-seven hundredths (4,000.47)
feet and on the SOUTH by the Main Public Road and
running thereon One thousand Sixty-nine and Ninety-
four hundredths (1.069.94) feet and on the West by the
other portion of land originally granted to John Dowland
and running thereon Four thousand One hundred
Ninety-six and Ninety-five hundredths (4,196.95) feet
which said several parcels of land has such position
shape boundaries marks and dimensions as are shown
on a plan filed herein and thereon coloured pink; AND
IN THE MATTER OF ALL THAT two parcels of land
containing 140.08 Acres being part of original grant
to John Dowland (D-10) situate in the settlement of
Hamilton's Long Island one of the Commonwealth of The
Bahamas and bounded on the NORTH by the Main Public
Road and running thereon One thousand Three hundred
Nineteen and Thirty-seven hundredths (1,319.37) feet
and on the EAST party by land originally granted to
Cleghorn Archibold Cartwright and partly by Crown
Land and running thereon Five thousand Four hundred
Twenty-nine and Eighty-two hundredths (5,429.82) feet
and on the SOUTH by land originally granted to Archilbald
Cartwright and running thereon Five hundred Sixteen
and Seventy-eight hundredths (516.78) feet and on the
EAST by land originally granted to Archibold Cartwright
and running thereon Two hundred Eighty-three and
Eighty hundredths (283.80) feet and on the SOUTH by
Crown Land and running thereon Six hundred Fifty-five
and Fifty-three hundredths (655.53) feet and the WEST
by the other portion of land originally granted to John
Dowland running thereon Five thousand Eight hundred
Sixty-nine and Fifty-six hundredths (5,869.56) feet by
which said several parcels of land has such position
shape boundaries marks and dimensions as are shown
on a plan filed herein and thereon coloured yellow.

AND IN THE MATTER of the Quieting Titles Act, 1959

AND IN THE MATTER of the Petition of Linda V. Brown
NOTICE
The Quieting Titles Act 1959

The Petition of Linda V. Brown of the Eastern District in
the Island of New Providence one of the Islands of the
Commonwealth of The Bahamas in respect of: - ALL
THAT several parcel or land containing 98.41 Acres
being portions of original grant to John Dowland (D-10)
situate in the settlement of Hamilton’s Long Island one
of the Commonwealth of the Bahamas and bounded on
the NORTH by the sea and running thereon one thousand
Three hundred Thirty-Two and Eighty- three hundredths
(1,332.82) feet on the East by land originally granted
to Archibald Cartwright now the property of Raphial
Cartwright and running thereon Four thousand and Forty-
seven hundredths (4,000.47) feet and on the SOUTH by
the Main Public Road and running thereon One thousand
Sixty-nine and Ninety-four hundredths (1.069.94) feet and
on the West by the other portion of land originally granted
to John Dowland and running thereon Four thousand
One hundred Ninety-six and Ninety-five hundredths
(4,196.95) feet which said several parcels of land has
such position shape boundaries marks and dimensions
as are shown on a plan filed herein and thereon coloured
pink; AND IN THE MATTER OF ALL THAT two parcels
of land containing 140.08 Acres being part of original
grant to John Dowland (D-10) situate in the settlement of
Hamilton's Long Island one of the Commonwealth of The
Bahamas and bounded on the NORTH by the Main Public
Road and running thereon One thousand Three hundred
Nineteen and Thirty-seven hundredths (1,319.37) feet
and on the EAST party by land originally granted to
Cleghorn Archibold Cartwright and partly by Crown
Land and running thereon Five thousand Four hundred
Twenty-nine and Eighty-two hundredths (5,429.82) feet
and on the SOUTH by land originally granted to Archilbald
Cartwright and running thereon Five hundred Sixteen
and Seventy-eight hundredths (516.78) feet and on the
EAST by land originally granted to Archibold Cartwright
and running thereon Two hundred Eighty-three and
Eighty hundredths (283.80) feet and on the SOUTH by
Crown Land and running thereon Six hundred Fifty-five
and Fifty-three hundredths (655.53) feet and the WEST
by the other portion of land originally granted to John
Dowland running thereon Five thousand Eight hundred
Sixty-nine and Fifty-six hundredths (5,869.56) feet by
which said several parcels of land has such position
shape boundaries marks and dimensions as are shown
on a plan filed herein and thereon coloured yellow.
Linda V. Brown claim to be the owner of the
fee simple estate in possession of the tracts of land
hereinbefore described free from encumbrances.
AND the Petitioner has made application to the
Supreme Court of the Commonwealth of The Bahamas
under Section 3 of The Quieting Titles Act 1959 to
have her title to the said tracts of land investigated
and the nature and extent thereof determined and
declared in a Certificate of Title to be granted by the
Court in accordance with the provisions of the said Act.
NOTICE IS HEREBY GIVEN that any persons
having Dower or a Right to Dower or an Adverse Claim or
aclaim not recognized in the petition shall on or before the
22â„¢ of December A.D., 2010 file in the Supreme Court and
serve on the Petitioners or the undersigned a statement
of his claim in the prescribed form verified by an Affidavit
to be filed therewith. Failure of any such person to file
and serve a statement of his claim on or before the 22" of
December A.D., 2010 will operate as a bar to such claim.
Copies of the Filed Plan may be inspected at:
The Registry of the Supreme Court;
The office of the Administrator in Clarence Town, Long

PAGE 8B, MONDAY, NOVEMBER 22, 2010



FROM page 1B

pliers were “jostling” to be
involved with the development
of Solomon’s Fresh Market,
which will act as the anchor
retail tenant for New Provi-
dence Development Compa-
ny’s Old Fort Bay Town Cen-
tre, with one supplier’s owner
planning to visit the Bahamas
personally to work on the for-
mat. AML Foods was still bud-
geting to invest $4-$4.5 million
In covering pre-opening costs
for Solomon’s Fresh Market,
which Mr Watchorn estimated
would open its doors to con-
sumers in the 2010 third quar-
ter.

He added that there would
“certainly be minimal debt
required for that”, as AML
Foods had already accumulated
some $2.7 million on fixed
deposit to cover the Solomon’s
Fresh Market investment. The
BISX-listed retail group is set-
ting aside a further $130,000 in
cash flow per month to also
finance the pre-opening costs.

“T think it’s got great poten-




AML FOODS EYES
25% NEW STORE
ENERGY COST FALL

tial for our company, and we’re
very pleased to partner with
New Providence Development
Company on this,” Mr
Watchorn told Tribune Busi-
ness. “We’re going to create a
store that not only shines in the
Bahamas, but the Caribbean.

“A number of people we’re
going to work with, seeing the
designs, expressed pleasure to
be part of this concept because
it was going to be special. One
supplier’s owner is coming
down to work on this, because
he wants it to be part of his
resume. It’s good when you
have suppliers jostling to be
part of a project.”

When AML Foods

researched the consumer demo-
graphics and market reach for
its new outlet, Mr Watchorn
said it determined that there

THE TRIBUNE

were about 2,200 lots and apart-
ments - both developed and
undeveloped - between Blake
Road and Albany/the Lynden
Pindling International Airport.

The AML Foods chief exec-
utive added that once
Solomon’s Fresh Market
became established and suc-
cessful, the group would look
at expanding the concept to
other locations in the Bahamas
- possibly even the wider
Caribbean.

“We have our eye on that
long-term, but need to build
this first, develop it and make it
successful. With the planning
that has gone into this, the pro-
totype can roll out very quickly
to another location if we so
choose. It opens new markets,
revenue streams for us,” Mr
Watchorn told Tribune Busi-
ness. Once this beds down and
becomes successful, it will, I
think, serve as a prototype for
stores of this nature.

“Our aim is to provide a
store to the community that
serves all the needs of the com-
munity out here. It will have a
significant focus on healthier
living, and fresh produce will
be available to the consumer
that is not necessarily here right

Centre and general Bahamian
themes, as well as having an
environmentally friendly focus
as well.

“T think it’s going to be some-
thing that people will be very
excited to see, and I frankly

tion shopping experience. I
think we’re going to see a leap
into the 21st century.”

Rhys Duggan, New Provi-
dence Development Compa-
ny’s chief executive, developer

tre, said the Solomon’s Fresh

some 54 skylights, making it “a
much brighter and airy shop-
ping experience”.
Mr Watchorn said all equip-
ment employed by Solomon’s
Fresh Market would be import-
ed from the US and energy-rat-
ed, while the store would also
collect and recycle rainwater.
“We've put a lot of work and
research into this, and pretty
much everything that goes in
there will be energy-rated,” the
AML Foods chief said.
When asked by Tribune
Business how much he expect-

will fit in with both the Town

believe our store and the Town
Centre will become a destina-

and landlord at the Town Cen-

Market store would contain

ed this investment to reduce




NOTICE

IN THE ESTATE OF JOHN DALE







now.”

Solomon’s Fresh Market will
cover some 37,000 square feet
in space, some 30,000 square
feet of that being earmarked as
selling space for consumers.

Mr Watchorn said AML

Solomon’s Fresh Market’s
energy costs, Mr Watchorn said
that when initial projections
were done, it expected the light
bill to be between 30-40 per
cent lower than its existing out-
lets. However, recent cost rises








domiciled and late of 1lb Carefree
Apartments, Cable Beach, New
Providence The Bahamas, deceased.

NOTICE is hereby given that all persons having
any claim or demand against or interest in the
above Estate should send same duly certified
in writing to the undersigned on or before 6th
December, 2010 after which date the Executor
will proceed to distribute the assets of the Estate
having regard only to the claims, demands or
interests of which he shall then have had notice
AND all persons indebted to the above Estate
are asked to settle such debts on or before 6th
December, 2010.

FREDERIK F. GOTTLIEB & CO.
Attorneys for the Executor
Chambers
Bay Street,

P.O. Box AB-20405
Marsh Harbour Abaco,

The Bahamas

NOTICE

JAG SERVICES LIMITED

Creditors having debts or claims against the above-
named Company are required to send particulars
thereofto the undersigned c/o P.O. Box N-624, Nassau,
Bahamas on or before 20th day of December, A.D.,
2010. In default thereof they will be excluded from
the benefit of any distribution made by the Liquidator.

Dated the 19'" day of November, A.D., 2010.

Floyd Patterson
Liquidator
Sergeant-Jack Drive,
Arnos Vale, Kingston,
St. Vincent and The Grenadines VC 0100

ROYAL @FIDELITY

Morey at Werk

Foods had been working with a
California-based designer for
12 months on its Solomon’s
Fresh Market design, and
added: “Every inch of this store
is planned. The interior decor

NOTICE
JAG SERVI

had caused some adjustment to
these projections, and AML
Foods was now looking at “a
minimum 25 per cent reduction
in costs compared to existing
stores”.

ES LIMITED
NOTICE IS HEREBY GIVEN as follows:

(a) JAG SERVICES LIMITED is in
dissolution under the provisions of the
International Business Companies Act
2000.

The dissolution of the said Company
commenced on the 18th day of November,
2010 when its Articles of Dissolution were
submitted to and registered by the Registrar
General.

The Liquidator of the said Company is Floyd
Patterson of Sergeant-Jack Drive,

Arnos Vale, Kingston, St. Vincent and The
Grenadines VC 0100

Dated the 19th day of November, 2010.

HARRY B. SANDS,
LOBOSKY MANAGEMENTCO. LTD.
Attorneys for the above-named Company

LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

SOUTHERN CEMENT
HOLDING INC.

Notice is hereby given in accordance with Section 138
(8) of the International Business Companies Act, No.45
of 2000, the Dissolution of SOUTHERN CEMENT
HOLDING INC. has been completed, a Certificate
of Dissolution has been issued and the Company
has therefore been struck off the Register. The date
of completion of the dissolution was the 17 day of

November, 2010.

Alrena Moxey
Liquidator

[TAL MARKETS
BROKERAGE & ADVISORY SERVICES

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

52wk-Low, Securit_y
1.00 AML Foods Limited 1.01
9.67 Bahamas Property Fund 10.63
4.50 Bank of Bahamas 4.90
0.18 Benchmark 0.18
2.70 Bahamas Waste 2.70
2.14 Fidelity Bank 2.17
9.62 Cable Bahamas 10.46
2.36 Colina Holdings 2.40
5.40 Commonwealth Bank (S1) 6.85
1.63 Consolidated Water BDRs 1.84
1.60 Doctor's Hospital 1.60
5.94 Famguard 6.07
7.26 Finco 7.26
8.77 FirstCaribbean Bank 9.74
3.75 Focol (S) 5.46
1.00 Focol Class B Preference 1.00
5.00 ICD Utilities 5.59
9.82 J. S. Johnson 9.90
10.00 Premier Real Estate 10.00

Previous Close _Today's Close

Change Daily Vol. EPS$ Div $
0.150
10.63 0.00 0.013
4.90 0.00 0.598
0.18 0.00 -0.877
2.70 0.00 0.168
2.17 0.00 0.016
10.46 0.00 1.050
2.40 0.00 0.781
6.85 0.00 0.422
1.87 0.03 0.114
1.60 0.00 0.199 :
6.07 0.00 -0.003 N/M
7.26 0.00 0.287 25.3
9.39 -0.35 3,250 0.645 14.6
5.46 0.00 1,000 0.366 14.9
1.00 0.00 0.000 N/M
5.59 0.00 0.012 465.8
9.82 -0.08 1,650 0.971 10.1
10.00 0.00 0.991 10.1

BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing basis)

S52wk-Hi__S2wk-Low, Security
Bahamas Note 6.95 (2029)

Fidelity Bank Note 17 (Series A) +
Fidelity Bank Note 22 (Series B) +
Fidelity Bank Note 13 (Series C) + FBB13
Fidelity Bank Note 15 (Series D) + FBB15

Symbol
BAH29
FBB17
FBB22

Last Sale

Interest
99.46 0.00 6.95%

100.00 0.00 7%

100.00 0.00 Prime + 1.75%

100.00 0.00 7%

100.00 0.00 Prime + 1.75%

Change Daily Vol. Maturity
20 November 2029
19 October 2017
19 October 2022
30 May 2013

29 May 2015

RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)
Symbol Bid % Ask % Last Prime Daily al.
Bahamas Supermarkets 5.01 6.01 14.00 -2.945 0.000
RND Holdings 0.35 0.40 0.55 0.001 0.000
CFAL Securities Ltd. (Over-The-Counter Securities)
ABDAB 30.13 31.59 29.00 4.540 0.000
RND Holdings 0.45 0.55 0.55 0.002 0.000
BISX Listed Mutual Funds
Fund Name NAV
CFAL Bond Fund 1.5122
2.8300 CFAL MSI Preferred Fund 2.9187
1.4954 CFAL Money Market Fund 1.5655
2.8522 Royal Fidelity Bahamas G & | Fund 2.8624
13.0484 Royal Fidelity Prime Income Fund 13.5642
101.6693 CFAL Global Bond Fund
99.4177 CFAL Global Equity Fund
1.0000 FG Financial Preferred Income Fund
FG Financial Growth Fund
FG Financial Diversified Fund
Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Ser 4
10.0000 Royal Fidelity Bah Intl Investment Fund Principal
Protected TIGRS, Series 2
Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 3
Royal Fidelity Int! Fund - Equities Sub Fund

Island;

The Notice Board of the Local Constable at Hamilton's,
Long Island

The Chambers of Graham, Thompson & Co. attorneys for
the Petitioner, Sassoon House, Shirley Street & Victoria
Avenue, Nassau, N.P., Bahamas;

EPS $ Div % P/E Yield

YTD%
5.11%
1.10%

NAV 3MTH
1.490421
2.919946
1.545071

NAV 6MTH
1.467397
2.911877
1.530224

Last 12 Months %
6.79%
3.13%
4.48%
-7.49%
2.95%
12.49%
7.18%
5.21%

1.4076 31-Oct-10
30-Sep-10
12-Nov-10
31-Aug-10
30-Sep-10

3.87%
-8.16%
1.47%
114.3684
106.5528
1.1367

9.98%
4.75%
4.30%
2.75%
4.18%

109.392860
100.779540

107.570619
105.776543

Dated the 27" day of October A.D., 2010 1 aby Broc-10

1.0974
1.1363

6.87%
5.78%

31-Oct-10
31-Oct-10

9.7458 4.35% 5.22% 31-Oct-10

10.6000 -1.59% 4.26% 31-Oct-10

9.1708

GRAHAM, THOMPSON & CO.,
Chambers,
Sassoon House,
Shirley Street & Victoria Avenue,
Nassau, Bahamas.
Attorneys for the Petitioner

9.5037 -4.96%
8.1643 5.79%
MARKET TERMS
YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Colina and Fidelity
ASk $ - Selling of Colina and fidelity
Last Price - La: er-the-counter price
Weekly Vol. - TI me of the prior week
EPS $-Aci any's reported earnings per share for the last 12 mths
NAV - Net Asset val
N/M - Not Meaningful
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

-4.96%
9.42%

31-Oct-10
4.8105 31-Oct-10
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
52wk-Hi - Highest closing price in last 52 weeks

t

weighted price for daily volume
ighted price for daily volume
m day to day
aded today

P/E - Closing price divided by the last 12 month earnings
KS) - 4-for-1 Stock Split - Effective Date 8/8/2007
(S41) - S-for-1 Stock Split - Effective Date 7/11/2007

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525







THE TRIBUNE



usiness
SOME BAHAMIAN INDUSTRIES WILL ‘DIE SLOW DEATH’

FROM page 1B

through trade liberalisation.

Responding to a concerned
industry stakeholder on Friday,
Raymond Winder, Deloitte &
Touche (Bahamas) managing
partner, said he is hoping a two-
pronged approach will bear
fruit for the Bahamas in the
WTO accession negotiation
process.

This will see Bahamian nego-
tiators seek to maintain pro-
tective tariffs on imports on
goods that Bahamian manufac-
turers also produce and, where
this does not work, to call for an
extended adjustment period
before elimination of those tar-
iffs.

But he warned that the fact
some light industries in The
Bahamas “do not generate a
lot of jobs” and, in some cases,
have very few companies par-
ticipating in them, could
increase the challenge he will
face as he negotiates with coun-
tries such as the US or Canada
over why these Bahamian sec-
tors should remain protected
to the extent they are now from
foreign competition.

Speaking on the Bahamas’
proposed WTO membership at
the Bahamas Institute of Char-
tered Accountants (BICA)
week-long seminar on Friday,
Mr Winder said: “One of the
challenges with light industry
is that it’s not really an industry
per se, because we don’t have
more than one, maybe two,
companies involved in that
industry. For example, with
Blanco Bleach. So when I sit at
the table to talk about that, it
doesn’t look like a scenario
where we are a country talking
about an industry. That looks
like I am trying to give my
friend Pinder a good deal.”

Nonetheless, Mr Winder
described his plan of attack to
protect certain Bahamian man-
ufacturers, in particular, which
seems to involve putting for-
ward a position on behalf of
this nation that would allow
space for it to concede tariff
eliminations/reductions with-
out moving substantially from
where matters stand in practice
at present.

“We are going to attempt to
bind our tariffs for light indus-
try much higher than where
they are now. In other words,
for example, the rate on bleach
is 40 per cent, so we are going
to give them our binding rate at
60 per cent,” Mr Winder said.

rl

“And to the extent that we
can’t get what we want to get,
our next level of commitment
would be to stretch out for as
long as we possibly can the
transitional period as to when
those reductions will happen.”

Mr Winder noted that most
countries acceding to WTO
membership had an average
import tariff rate of between 9
to 20 per cent, while the aver-
age tariff for the Bahamas is 33
per cent. He and a team from
the Ministry of Finance have
already begun meeting with
industry representatives from
sectors such as beverage man-
ufacturing, packaging, publish-
ing and furniture operations to
appraise them of the accession
process and seek their input on
the changes that will have to
be made affecting their indus-
tries. Other meetings with key
groups are planned.

“We have to go through a
painful process of identifying
where we are going to make
changes to accomplish a lower
average tariff. We all know that
will have an impact on revenue,
so government will have to do
that in line with whatever
changes they plan to make to
where they get their revenue
from,” said Mr Winder.

He added that there are 12
service areas that the WTO has
asked the Bahamas to “debate,
discuss and determine what
kind of commitment and level
of involvement we are going to
allow for non-resident compa-
nies and individuals to partici-

iBahamas|

OWLEDGE «



Photo by Tim Clarke/Tribune staff
WARNING: Raymond Winder, Deloitte & Touche (Bahamas) manag-
ing partner.

pate in our economy in those
areas”.

Mr Winder said there were
inevitably “winners and losers”
in the trade liberalisation
process that the WTO
demands, and suggested that
negotiators for the Bahamas
will probably focus most of
their efforts on ensuring this
nation is able to remain most
competitive in the goods and
services industries that have
most “potential for future
growth”.

“Tf your enterprises lack the
ability to compete then they’re
going to go out of business.
Some industries in the Bahamas
will die a slow death. The real-
ity is unless light industry can
move from simply manufac-
turing to being able to compete
on a global basis, it becomes
stagnated and with very limited
growth. Financial services and
tourism are clearly areas where
the Bahamas has great strength,
so we need to harness our
strength in that regard,” he
added. Mr Winder said that the
negotiating team will try not to
liberalise the Bahamas’ posi-
tion regarding its trade with the
US, Canada and other large
markets more than it was
opened up under the terms of
the agreement recently signed
regarding trade in goods and
services between The Bahamas
and Europe under the Eco-
nomic Partnership Agreement
(EPA).

“T know we are negotiating
backwards in a sense. In other

Krys RAHMING & ASSOCIATES

Krys Rahming & Associates (Bahamas) Ltd is a provider of
corporate recovery, insolvency, forensic accounting and business
advisory services in the Caribbean. The firm is affiliated with
Krys & Associates (Cayman) Ltd., a premier provider of corporate
recovery, insolvency, and forensic accounting services in the
Caribbean. We are seeking applications to fill a vacancy for the
below listed job description.

SENIOR ACCOUNTANT

The Senior Accountant will support management and be
responsible for performing the day-to-day investigations and
analysis for corporate recovery, forensic, or liquidation
assignments. The successful applicant is expected to be client
focused, perform their duties with appropriate confidentiality
and professionalism, demonstrate an appropriate level of initiative
and organization, and be able to operate in a demanding
environment. Exceptional writing, computer literacy, analytical
and interpersonal skills are important.

The ideal candidate will have an accounting background and
have completed a qualification in the field from a recognized
institution or professional body. The successful applicant will
typically have had at least two to five years recent auditing
experience with a Big 4 Accounting firm. Prior experience in the
forensic accounting or corporate recovery field is a plus.

The range of salary for this post is dependent on qualifications
and experience. A comprehensive benefits package is offered
to include health insurance, discretionary bonus and 20 days

vacation.

No solicitations from recruitment firms please.

To apply please email your application to
personnel@krysandassoc.com.

Interested persons should apply no later than

November 26, 2010.

Krys Rahming& Associates (Bahamas) Ltd.

MONDAY, NOVEMBER 22, 2010, PAGE 9B

words it’s better to be part of
WTO then do an EPA. But in
our research we have seen that
other countries have been able
to accomplish that. In other
words, they went into bilateral
agreements first, then went into
WTO and agreed to terms that
were not as liberal as those
agreements. So that’s the plan.
Big countries like the US are
likely to test us on that, but
that’s the plan,” Mr Winder
said.

Asked how long it may be
before the tariff reductions and
other easing of access to the
Bahamian market for foreign
entities becomes a reality for
Bahamian companies, Mr
Winder suggested this depends
on the particular sector.

“There’s not going to be one
item in totality. I think different
services will require different
periods of liberalisation. There
are certain things we will fight
harder on depending on the
impact to our country,” he said.

Mr Winder noted that the
“sad” reality is that the
Bahamas is the only country in
the western hemisphere that is
not a part of the 153-member
WTO, which aims to ease trade
globally through lessening bar-
riers and resolving disputes that
arise between countries.

This leaves The Bahamas
open to being discriminated
against in global trade without
recourse, he suggested, and has
allowed the continuation of
out-of-date practices that may
not be in the best interests of
Bahamians - such as decision-
making based on policies sub-
ject to ministerial discretion,
rather than hard and fast rules -
to be prolonged.

He encouraged accountants
to become more knowledge-
able on the WTO accession
process and its implications,
noting that the changes that it
will involve have implications
for “every facet of life in the
Bahamas”, and therefore the
capacity for Bahamians to have
“a real debate on the pros and
cons” of its various aspects
would be beneficial.

“T do believe this particular
group has responsibility and
opportunity to become more
engaged in understanding this
process. Too many don’t under-
stand the process, “ said Mr
Winder.

NOTICE

THE PUBLIC WORKERS’
CO-OPERATIVE CREDIT
UNION LIMITED

announces the reintroduction of

FIXED DEPOSITS

Effective November Ist, 2010 as follows

1 Years at 5%
2 Years at 5.25%
3 Years 5.5%
4 Years at 5.75% for the first 3 years;
(7% for 4th year)

MINIMUM DEPOSIT: $1,000.00
MAXIMUM DEPOSIT: $50,000.00
EARLY WITHDRAWAL PENALTIES APPLY

All members, non-members, are invited to come
into our offices, in Nassau (323-6594) and Freeport
(351-7129), to take advantage of this opportunity

Also, check out our competitive rates on
Deposit and Christmas Club accounts

THE PUBLIC WORKERS’
CO-OPERATIVE CREDIT UNION LIMITED

“The Family Credit Union”



*H) PICTET

PICTET BANK TRUST LIMITED

Invites qualified applicants for the following position:-

SENIOR FOREIGN EXCHANGE
TRADER

EDUCATION AND EXPERIENCE:-

-Excellent knowledge of foreign currency trading.
-At least ten years experience.
-In-depth knowledge in trading:-

Spot and Forward currency transactions

Currency swaps

Precious metals

Currency and precious metal options
-Ability to speak/write French would be an asset.
-Bachelor’s Degree in Finance or related subject.
-Proficiency in a variety of software applications including Microsoft
Office Suite.

REQUIRED SKILLS:-

-Ability to work independently.

-Strong organisational skills.

-Commitment to excellent customer service.

-Must be a team player.

-Excellent oral and written communication skills.

-Excellent problem solving skills.

-Ability to work under pressure and to meet strict deadlines.

APPLICATIONS MUST BE RECEIVED BY
TUESDAY, NOVEMBER 30, 2010

Please hand deliver Resume and two (2) references to:-
The Human Resources Manager
Bayside Executive Park
Building No. 1
Nassau, Bahamas

ABSOLUTELY NO TELEPHONE CALLS
WILL BE ACCEPTED

Offices in
Lausanne, Geneva, Zurich, Luxembourg, London, Montreal, Nassau, ip abe Tokyo, Hong Kong,
Frankfurt, Florence, Milan, Madrid, Paris, Rome and Tu



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



PAGE 10B, MONDAY, NOVEMBER 22, 2010

THE TRIBUNE





INSIGHT

Ireland says EU,
IMF agree to fund

emergency aid @

DUBLIN

DEBT-STRUCK Ireland
formally applied Sunday for a
massive EU-IMF loan to
stem the flight of capital from
its banks, joining Greece in a
step unthinkable only a few
years ago when Ireland was a
booming Celtic Tiger and the
economic envy of Europe,
according to Associated
Press.

European Union finance
ministers quickly agreed to
the bailout, saying it "is war-
ranted to safeguard financial
stability in the EU and euro
area."

The European Central
Bank, which oversees mon-
etary policy for the 16-nation
eurozone, welcomed the
agreement and confirmed
that the International Mone-
tary Fund would contribute
financing, while Sweden and
Britain — not members of
the euro currency — said
they were willing to provide
bilateral loans to Ireland, too.

Irish Finance Minister Bri-
an Lenihan spent much of
the night talking to other
eurozone financial chiefs
about the complex terms and
conditions of the emergency




























Country brought to
brink of bankruptcy

aid package taking shape.

Lenihan said Ireland need-
ed less than euro100 billion
($140 billion) to use as a
credit line for its state-backed
banks, which are losing
deposits and struggling to
borrow funds on open mar-
kets. The money will come
from the EU's executive
commission and a financial
backstop set up by eurozone
nations earlier this year.
There may also be additional
bilateral loans from countries
outside the eurozone.

Ireland has been brought
to the brink of bankruptcy
by its fateful 2008 decision to
insure its banks against all
losses — a bill that is swelling
beyond euro50 billion ($69
billion) and driving Ireland's
deficit into uncharted terri-
tory.

This country of 4.5 million
now faces at least four more
years of deep budget cuts and
tax hikes totaling at least

For breaking news alerts

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Grains Of Ted

i " iy
Pe ee ee ¥
fi are ri aes

a

Fine meer ear

eurol5 billion ($20.5 billion)
just to get its deficit — bloat-
ed this year to a European
record of 32 percent of GDP
— back to the eurozone's
limit of 3 percent by 2014.

The European Central
Bank and other eurozone
members had been pressing
behind the scenes for Ireland
— long struggling to come to
grips with the true scale of
its banking losses — to
accept a bailout that would
reassure investors the coun-
try won't, and can't, go bank-
rupt. Those fears have been
driving up the already inflat-
ed borrowing costs of several
eurozone members, particu-
larly Portugal and Spain, on
bond markets.

Pace

Still, the rapid pace of Sun-
day's humiliating Irish U-turn
surprised many analysts.
More than 30 banking
experts from the IMF, ECB
and European Commission
had arrived in Dublin only
three days before to begin
poring over the books and
projections of the govern-
ment, treasury and banks, a
mammoth task expected to
take weeks.

But Lenihan said it was
now painfully clear that Ire-
land couldn't go it alone any
longer, and its cutthroat plans
for recovery would require a
major shot of "financial fire-
power" immediately.

Lenihan said Ireland was
asking eurozone and IMF
donors to loan money to a
"contingency" fund from
which Irish banks could bor-
row. He said the funds would
"not necessarily” be used. He
emphasized that the govern-
ment's own operations are
fully funded through mid-
2011.

"Not all the money will go
in (to the banks) at all. It's a
standby fund,” Lenihan told
Irish state broadcasters RTE.

Ireland's move comes just
six months after the EU and
IMF organized a eurol 10 bil-
lion ($150 billion) bailout of
Greece and declared a

} i ti my
TA

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1 pkg Mahatma® Red Beans and Rice mix

1 cup smoked sausage, sliced
green bell peppers, celery, cilantro, parsley, tomatoes,
cheese (optional)

In a medium skillet, combine rice
mix and sausage and prepare
according to rice mix directions.
Heat thoroughly. For additional fla-
vor, add the optional ingredients.
Also, instead of sausage, try substi-
tuting 1 cup of cooked chicken or

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visit website www.mahatmarice.com/bahamas






IRISH PRIME MINISTER Brian Cowen, left, and The Minister for Finance, Brian Lenihan leave a press

conference at government buildings, Dublin, Ireland, Sunday, Nov. 21, 2010. Debt-struck Ireland on
Sunday formally appealed for a massive EU-IMF loan to stem the flight of capital from its banks, join-
ing Greece in a step unthinkable only a few years ago when Ireland was a booming ‘Celtic tiger’ and the

economic envy of Europe. (AP)

euro750 billion ($1.05 tril-
lion) safety net for any other
eurozone members facing the
risk of imminent loan
defaults.

It demonstrates that creat-
ing the three-layered fund
didn't, by itself, reassure
global investors that it would
be safe, or smart, to keep
lending to the eurozone's
weakest members.

Ireland's precipitous fall
has been tied to the fate of its
overgrown banks, which
received access to mountains
of cheap money once Ireland
joined the eurozone in 1999.
The Dublin banks bet the
bulk of its borrowed funds
on rampant property markets
in Ireland, Britain and the
United States, a strategy that
paid rich dividends until
2008, when investors began
to see the Irish banking sys-
tem as a house of cards.

When the most reckless
speculator, Anglo Irish Bank,
faced bankruptcy in Septem-
ber 2008, it and other Irish
banks persuaded Lenihan
and aides that they faced
only short-term cash prob-
lems, not a terminal collapse
of their loan books.

Lenihan announced that
Ireland would insure all
deposits — and, much more
critically, the banks’ massive
borrowing from overseas
investors — against any
default, an unprecedented
move.

At the time, Lenihan billed
his fateful decision as "the
cheapest bailout in history"
and claimed it wouldn't cost
the Irish taxpayer a penny.
The presumption was that
confidence would return and
Ireland's lending would
resume its runaway trend.

But two years later, Leni-
han had already nationalized
Anglo and two other small
banks and taken major stakes
in the country's two domi-
nant banks, Allied Irish and
Bank of Ireland. The flight

of foreign capital was accel-
erating again amid renewed
doubts that the government
understood the full scale of
its losses.

Lenihan and the Irish Cen-
tral Bank responded by esti-
mating the final bill at euro45
billion to euro50 billion ($62
billion to $69 billion). But
investors resumed their with-
drawal from Irish banks and
bond markets in mid-Octo-
ber, driving up the borrow-
ing costs for Portugal and
Spain, which face their own
deficit and debt crises.

Economists increasingly
doubt that the economies of
Treland, Portugal, Spain and
Greece will grow sufficiently
to build their tax bases and
permit them to keep financ-
ing, never mind paying down,
their debts.

Money

The first portion of Ire-
land's loan might come from
the European Commission,
the EU's executive. After
that, the Washington-based
IMF and a facility funded by
eurozone nations could raise
money in bond markets.

When Irish Prime Minis-
ter Brian Cowen gathered his
15-member Cabinet togeth-
er for a rare Sunday meet-
ing, his aides briefed
reporters that the main topic
would be approval of Ire-
land's four-year austerity
plan.

It has been in the works
since September and seeks
to close the gap between Ire-
land's spending, currently
running at euroS0 billion, and
depressed tax revenues of
just euro31 billion.

It proposes the toughest
steps in the 2011 budget,
when euro4.5 billion will be
cut from spending and
eurol.5 billion in new taxes
imposed — steps that threat-
en to drive Ireland's mori-

bund economy into recession
and civil unrest.

Both Cowen and Lenihan
have stressed that Ireland's
12.5 percent rate of tax on
business profits — its most
powerful lure for attracting
and keeping 600 U.S. com-
panies based here — would
not be touched no matter
what happened.

France, Germany and oth-
er eurozone members have
repeatedly criticized the rate
as unfair and say it should be
raised now given the depth
of Ireland's red ink.

The 2011 budget faces a
difficult passage through par-
liament when it is unveiled
Dec. 7. Cowen has an unde-
pendable three-vote majority
that is expected to disappear
by the spring as byelections,
or special elections, are held
to fill seats.

Cowen and his long-domi-
nant Fianna Fail party are
languishing at record lows in
opinion polls.

The latest survey published
in the Sunday Business Post
newspaper said Fianna Fail
has just 17 percent support,
whereas the two main oppo-
sition parties, Fine Gael and
Labour, command 33 percent
and 27 percent respectively.

Those two parties are
widely expected to form a
center-left government after
Cowen loses his majority,
which would force an early
election.

Reflecting the national
mood, the Sunday Indepen-
dent newspaper displayed the
photos of Ireland's 15 Cabi-
net ministers on its front
page, expressed hope that the
IMF would order the Irish
political class to take huge
cuts in positions, pay and
benefits — and called for
Fianna Fail's destruction at
the next election.

"Slaughter them after
Christmas," the Sunday Inde-
pendent's lead editorial
urged.

The National Insurance Board
of the Commonwealth of The Bahamas





Request for Contractors Pre-Qualification

The National Insurance Board (NIB) is seeking to pre-qualify contractors to bid on

works te provide furniture (fit out) for the Government Complex, Freeport, Grand

Bahama; the project is a joint venture of NIB and The Bahamas Government.

Contractors must be in compliance with the National Insurance Act (social Security

programe), ACE Oh Src standing with the relevant Government APeTICUES.

Pre-qualification documents may be collected from the Security Booth at NIB’s Clifford
Darling Complex, Blue Hill Road and NIB’s Freeport Local Office, East Mall Dove

dunng the period November 22-2

at wanwnl-bahamas.com.

Â¥I 3h

S010, or downloaded from the Board's website

Pre-Qualification documents should be signed, sealed and returned to the Security
Booth, Clittord Darling Complex, Blue Hill Road or NIB’s Freeport Local Office,
Fast Mall Drive in an envelope addressed to The Director, The National Insurance

Board, with the caption Pre-Qualification Document - Furniture for Government

Complex, Freeport, Grand Bahama, on or before 12:00) Noon on November 29,

[010



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THE TRIBUNE

MONDAY, NOVEMBER 22, 2010, PAGE 11B



INSIGHT



Survivor struggled
to breathe after New
Zealand coal blast

GREYMOUTH,
New Zealand

THE explosion that left 29
miners missing in New
Zealand resembled "a shotgun
blast, but much, much louder
and more powerful," said a
coal miner who was smashed
into the mine wall before col-
lapsing amid the smoky,
swirling gas and dust, accord-
ing to Associated Press.

When he came to, Daniel
Rockhouse, 24, dragged him-
self upright and staggered to a
nearby compressed air line to
breathe in fresh air and gain
some strength.

"I got up and there was thick
white smoke everywhere —
worse than a fire. I knew
straight away that it was car-
bon monoxide," Rockhouse,
whose brother Ben remains
underground, told the New
Zealand Herald newspaper in
its Monday edition.

"I couldn't see anything, and
it was dead quiet," he said. "I
yelled, 'Help, somebody help
me!’ But no one came. There
was no one there."

Toxic gases after Friday's
explosion were still keeping
rescuers from entering the
mine near Atarau on South
Island Monday, and evidence
of heat underground was con-
cerning officials, who feared
there could be another blast.

Fresh air was being pumped
down an open air line, but gas
levels were still fluctuating
wildly, authorities said.

A six-inch (15-centimeter) -
wide hole is being drilled from
the mountain above down 500
feet (150 meters) to the mine
to assess air quality and to low-
er listening devices. The miss-
ing miners have not been
heard from since the blast but
officials insist the search for
them is a rescue operation.
The drill was expected to reach

r



A ri
THE ENTRANCE to the Pike River coal mine is seen in Greymouth, New
Zealand, Sunday. (AP)

the mine wall overnight.

An open phone line to the
bottom of the pit rings unan-
swered after nearly three days.

New Zealand's mining sec-
tor is generally safe. In China
—which has the world's dead-
liest mines — water flooded a
small coal mine Sunday, trap-
ping 28 workers, officials said.
Thirteen workers escaped and
rescue work continued for the
missing men.

The only other survivor in
the New Zealand blast so far,
Russell Smith told New
Zealand's TV3 news that he
was driving a loader into the



mine when he saw a flash in
front of him.

"It wasn't just a bang, fin-
ish, it just kept coming, kept
coming, kept coming, so I
crouched down as low as I
could in the seat and tried to
get behind this metal door, to
stop getting pelted with all this
debris," Smith said.

"I remember struggling for
breath. I thought at the time
it was gas, but ... it was dust,
stone dust, I just couldn't
breathe. And that's the last I
remember," he said.

Shortly after, Rockhouse
who was himself "drunk" from

"1

Mr. Anton A. Saunders, Chairman of the Board of Directors,
Water and Sewerage Corporation, is pleased to announce
that MR. GLEN LAVILLE has been confirmed as GENERAL
MANAGER of the Water and Sewerage Corporation,
effective November 16, 2070.

The Board of Directors, Executive Management and staf,
congratulate Mr. Laville on his appointment as General

Manager.

&



i

AGONY: Relatives of one of the 29 miners and contractors trapped in the Pike River Mine leave a meet-



ing after being briefed by mine management, in Greymouth, New Zealand, Saturday. (AP)

carbon monoxide poisoning
and on weak legs came across
another miner lying on the
ground.

"I grabbed his hair and
pulled his head back, and real-
ized it was Russell Smith," he
told the New Zealand Herald.

Unable to rouse him, Rock-
house grabbed Smith under
the armpits and dragged him
550 yards (500 meters) to the
fresh-air base. But it was filled
with carbon monoxide.

They stumbled on, using the
compressed air line for fresh
air, and after an agonizing two-
hour struggle, they finally
emerged from the mine.

Both were treated at a hos-
pital for minor injuries.

"T could have easily been
blown to bits," Smith said,
acknowledging he was lucky
to have survived.

Smith said he couldn't help
worrying about his colleagues
still underground.

"There's a lot of young guys
down there. A lot of people
waiting,” he said. "Whether
they're still alive or dead or ...
in an air pocket, you just don't
know, because we're not too
sure where the explosion was."

Anguished relatives of the
missing miners were given a
tour of the site Sunday in order
to better understand the situa-
tion, but the emotional trip did
little to allay their concerns.

"It was good to see the lay-
out of the place, but it's still
hard," said Laurie Drew,
whose 21-year-old son, Zen, is
missing. "We just want to be
there when they walk out."

Police have said the miners,
aged 17 to 62, are believed to
be about 1.2 miles (two kilo-
meters) down the main tun-
nel.

"Teams are on standby and
at the first opportunity, day or
night, they're going to go down
in there,” police superinten-
dent Gary Knowles, the res-
cue controller, told Sky News
television.

He could not say how long a
rescue operation would take,
given the unstable gas levels.

Officials believe the blast
was most likely caused by coal
gas igniting. An electricity fail-
ure shortly before the explo-
sion may have caused ventila-
tion problems that let gas build
up.

The miners’ union said Sun-
day there had been no previ-
ous safety issues at the mine.

" As far as I know, there had
been pretty standard proce-
dures in place and nothing ...
that would have pointed to a
potential risk was raised by
workers," Andrew Little,
spokesman for the Engineer-
ing, Printing and Manufactur-
ing Union, told reporters.

Australian and British citi-

zens were among the missing
men, and Australia sent a team
of mine rescue experts to assist
the operation.

The coal seam at the mine is
reached through a 1.4-mile
(2.3-kilometer) horizontal tun-
nel into the mountain.

The seam lies about 650 feet
(200 meters) beneath the sur-
face. The vertical ventilation
shaft rises 354 feet (108
meters) from the tunnel to the
surface.

Each miner carried 30 min-
utes of oxygen, and more
stored in the mine could allow
several days of survival.

The 2-year-old Pike River
mine is working the largest-
known deposit of hard coking
coal in New Zealand, about
58.5 million tons.

A total of 181 people have
been killed in New Zealand's
mines in 114 years. The worst
disaster was in March 1896,
when 65 died in a gas explo-

sion. Friday's explosion
occurred in the same coal
seam.

The Pike River coal mine
differs from the Chilean gold
and copper mine where 33
men were rescued after being
trapped 69 days.

Methane gas was not a con-
cern at the Chilean mine, but
its only access shaft was
blocked, while the Pike River
mine has two exits.

The National Insurance Board
of the Commonwealth of The Bahamas

PROPOSALS FOR

MAINTENANCE & OTHER SERVICES

The National Insurance Board [NTR] aveines proposals Grom suitably qualified comiactors to preeeide
fabiano: and other sceviees for the National Insurance Read Offices in Mew Providence and
Grad Biaharna,
SERVICES POR TENDER:
Electrical Generator Maintenance
Female: samitary Wnt Services
Fire Extinguisher & Equipment Maintenance
Heat, Ventilation and Air Conditioning [HVAC] Maintenance
Janitorial Services
Landseaping & Ground Maintenance
Pese Comntreal
CCTY [Closed Circuit Television]
Elevator Mainrenanee
Indoor Plants
Storm Drain Maintenance
Garbage Collection
lntenor & Exterior Building Glass Cleaning
secunty Alem Montenng
Fire Alarms Systems

(haalifiedd Cesntraectors art reqguired to collect a prope sal from the Cusnsmer Service Desk, kecared
at the Nankonal Insurance Board, Clifford Darting (x imagers, Baillkew Hill Road, Nassau, Rahamas,
trom ‘onalay to Tinday, berween the hours of OAK) am & 4:50 pm, aed from the Freepesrt
(Hitice ( complex on the fall | 3rre, Preeys wt, Grand Bahama, from Mionday through Friday, beraeen

the hours of 9:00) poo, and dc30 pum.

Bor further information, please contact Mr Dave Neyooour, Facilines,/Puldings Department at

telephone number 502-1833,

All preposals should be properly sealed, marked “Tender For Services," and must be

DELIVERED BY HAND no later than 4200 pom., on Friday, December 10, 2000, to:

Mr, Algernon Cargill
Office of the Director
THE NATIONAL INSURANCE BOARD
eel Floor, Clifford Darling Complex
Baillou Hill Road
Nassau, Hahamas

The National Insurance Board reserves the nght to aCCEPC OF eject any cr all proposals



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MONDAY, NOVEMBER 22, 2010

bk



[a





The stories behind the news

1 i a 1



Kerzner's concerns
on Baha Mar project

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

A NEW day is dawning in
the Bahamas. An entity that
was once only talked about
will soon become a reality on
Cable Beach — Baha Mar.

At an estimated value of
over $2.6 billion, it is consid-
ered by all estimates to be a
monolithic project. To some it
is considered a monstrosity
that will consume all that was
here before it. To others it is a
golden egg.

To the chairman and CEO
of Kerzner International, Sir
Sol Kernel, it is something
else altogether.

Last week, Sir Sol made a
rare appearance in the local
press by issuing a statement
to the media on the impend-
ing approval of Bah Mar.

In his statement, Sir Sol
said that while they welcomed
any project that would
enhance and improve the
tourism sector in The
Bahamas, “the proposed
terms of the Baha Mar project
violates the Kerzner Heads
of Agreement with The
Bahamas.” He promised that
Kerzner International would
discuss with the Government
how to address this “breach”
in their “most favoured
nation” clause.

Principle

Since this statement there
has been much talk in the
press about what exactly a
most favoured nation clause
is. According to the Minister
of State for Finance, Zhivargo
Laing, a MFN classification is
an internationally established
economic principle, centrally
recognized by the World
Trade Organization (WTO),
which seeks to establish a lev-
el playing field between mutu-

al parties.

"The term is counter intu-
itive,” Minister Laing
explained.

“The name suggests that
you treat the entity with MFN
status more favourably than
others, but what it really
means is that you treat every-
one alike; you don't treat any-
one more favourably,” he
said.

Based on the MEN princi-
ple, if one MFN entity is
granted special Customs rates,
for example, then all MFN
entities should be granted
special Customs rates. The
specific rates would be estab-
lished by government policy
or law.

In the case of the
Bahamas, the Hotels Encour-





BAHA MAR DEBATE: Minister of State for Finance Zhivargo Laing, CEO of Kerzner International Sir Sol Kerzner and Prime Minister Hubert Ingraham

agement Act addresses the
issue of concessions, while
allowances for labour are
specified in government poli-
cy, he said.

In order to establish
whether a breach of MFN
privilege exists, Mr Laing sug-
gested one would have to
assess a competing agreement
"in its totality” and not com-
pare a single line item. He
said the question of a breach
is "not so simple from the
government's point of view."

In fact during the Prime
Minister’s wrap up on the
Baha Mar debate he said, "I
do not concede that we would
be in breach of the deal with
Kerzner. The relationship
between the Bahamas and
Kerzner has been mutually
beneficial,” Prime Minister
Ingraham said.

Sir Sol, however, has taken
the conversation to another
level when he revealed dur-
ing a teleconference with the
press last week that if Baha
Mar were to be approved in
its current state the jobs of
over 8,000 employees at
Atlantis could be put at risk.

“It seems to me pretty
ridiculous in this current envi-
ronment, even if the econom-
ic environment were a lot bet-

ter to look to come in and
double the current number of
rooms overnight. It seems to
me pretty irresponsible. I also
believe that one should take
into account that we have
8,000 people working with us,
and if this were to move for-
ward the likelihood is that
people's jobs would have to
be threatened. It is just impos-
sible, practically impossible
to double the size of the mar-
ket.

Pressure

“As we said in our state-
ment, last year was a tough
year and occupancy was
under pressure. Well guess
what, this year is even
tougher. So it seems pretty
ridiculous to me that these
folks are wanting to move for-
ward,” he said.

And move forward they
have. The Baha Mar labour
resolution was passed unani-
mously before the House of
Assembly (36 voting for, with
four absent), which allows for
8,150 foreign workers, but no
more than 5,000 at one time
to be employed on the Baha
Mar Cable Beach project.

Following this unanimous

vote in the House of Assem-
bly last week, Baha Mar’s
senior vice-president of exter-
nal affairs, Robert “Sandy”
Sands said that construction
for the single-phase $2.6 bil-
lion Baha Mar development
project could break ground
as early as January, pending
the close of the Export
Import (EXIM) Bank of Chi-
na loan.

Contractors have already
been chosen for the first six
construction packages, total-
ing $60 million, which will
include the new Commercial
Village contracts and the new
West Bay Street.

According to Mr Sands,
the initial payout will cover
construction contracts and
also includes numerous
Bahamian architects, engi-
neers, quantity surveyors, sup-
pliers and many other related
parties who will participate in
these first six contract pack-
ages.

Prior to the approval of
this massive project, Sir Sol
said that he did not want to
speculate on what he would
do if Baha Mar was approved
without at least the develop-
ment being “phased” in as his
Atlantis properties were. Now
that the project has been

34 mpe (EPA highway rating

pushed through the prover-
bial pipeline, the question
remains: What will Atlantis
do in response?

Addressing these concerns,
Prime Minister Hubert Ingra-
ham informed the nation that
he was confident that Sir Sol’s
concerns about Baha Mar
could be resolved satisfacto-
rily.

He also publicly pro-
claimed his respect and grati-
tude for Sir Sol's contribu-
tions to the country, adding
that he will do anything in his
power to ensure the Atlantis
product remains successful on
Paradise Island. However this
commitment, he said, does
not mean he will not be fair to
other developers.

"We were always con-
cerned, when we came to
office that there was nothing
in the Baha Mar deal that
would have given them a bet-
ter deal than Kerzner. I think
I can say that the thing that
ticked Kerzner (off) more
than anything else is a state-
ment by Perry Christie to the
effect that Baha Mar only
wants to get what Kerzner
got,” said Mr Ingraham on
the radio show Issues of the
Day.

"There is no question in

my mind of my high regard
for Sol Kerzner and what he
has done for the Bahamas. I
was berated by many when
he came in 1994 and what he
has done for the Bahamas has
transformed our tourism
industry.

“He has provided us with
2,000 more jobs than he com-
mitted to, he has a very suc-
cessful project on Paradise
Island and I will do all I can,
for as long as I can, to ensure
that his project is successful.”

“That has nothing to do
with whether I will be fair to
anybody else. (But) I will not
knowingly give anybody else a
better deal than Kerzner got,”
stated the nation’s chief.

During his live radio inter-
view, Mr Ingraham also
accused the former Christie
administration of engaging in
secret deals with Baha Mar
by promising them conces-
sions not included in their
contract.

He said these secret con-
cessions are part of what gov-
ernment is trying to renegoti-
ate.

"The PLP government
gave Baha Mar a deal over
and above what they signed
in the contract. So on the
same day that they signed the
contract they issued what was
called side letters offering
Baha Mar more.

"We tried to pull those
things back. We are now
doing an analysis to see the
extent to which we have been
successful, we think we have
been somewhat successful in
ensuring that there is equity
and balance between the
two."

Hopefully this “equity”
and “balance” between the
two resorts will eventually
allow the two properties to
complement each other, with-
out there being any cannibal-
ism in the marketplace, he
said.

However, this appears
highly unlikely if both hotels
will be aiming for the same
dwindling number of “high-
end” visitors.

At this stage it is not easy
to dismiss Atlantis’ concerns
as a mere fear of competition
when one considers that our
air arrivals have not actually
been booming over the past
few years. With a global
recession still wreaking havoc
on our tourism industry, no
“expert” is willing to guess on
when things are expected to
turn around in that sector.

Maybe, like the haunting
voice in the Hollywood film
“A Field of Dreams,” if Baha
Mar builds it, the tourists will
come.

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Full Text



PAGE 1

By AVA TURNQUEST Tribune Staff Reporter aturnquest@tribunemedia.net GRIEF turned to fury in B ain Town following the fatal shooting of an 18-yearold youth by a reserve offi-c er on patrol in the area. Police reinforcements, m embers of the media and residents were pelted with stones, a squad car was burnt t o a shell, and a ZNS vehicle was severely damaged by people protesting the shoot ing. S harmoco Newbold, of K ing Street, was reportedly shot in the head while flee ing from police in the Hospital Lane and Meadow Street area at about middayon Saturday, according to eyewitnesses. F amily members reported that Mr Newbold and a group of other men were gambling in the area whent hey were approached by police. In their attempt to flee the scene, Mr Newbold was killed. However when speaking to members of the press in Bain Town, Commissioner o f Police Ellison Greenslade s aid officers were on patrol in the area of Hospital Lane and Meadow Street when they saw a young adult malewith what appeared to be a weapon in his possession. In his initial report, Mr Greenslade said when the armed officers approached the young man shots rang out from both sides and a short while thereafter it was confirmed that a young adult male resident in the area was deceased. The Commissioner said he was called to the scene shortly after the shooting by officials who indicated that the community was quite alarmed and very distressed as a result of a shooting. Mr Greenslade did not identify the shooting victim whom he admitted was member of his family. Police confirmed that Mr Newbold, whose father is a police sergeant, was out on bail on charges of possession of an unlicensed firearm and ammunition. Eyewitnesses say the unrest that followed the 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 Bain Town rage C M Y K C M Y K V olume: 107 No.1MONDAY, NOVEMBER 22, 2010 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER PARTLYSUNNY, A SHOWER HIGH 82F LOW 70F n Grief and fury after teenager shot by police n Three people murdered in weekend violence McCOMBO OF THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM By NOELLE NICOLLS Tribune Staff Reporter nnicolls@tribunemedia.net VIOLENCE rocked other parts of Nassau over the weekend, with three murders and a number of shootings that left several victims badly injured, including the brother of Police Commissioner Ellison Greenslade. Mr Greenslades brother was hit in the leg after a shooting incident at a Charmichael Road Junkanoo shack. His injuries were not life-threatening. A 37-year-old Chinese woman is believed to be the latest murder victim. She was robbed and shot in her abdomen in the parking lot of her workplace, the Montagu Inn, Shirley Street. She died of her injuries a short time after arriving at the hospital. Police reports state the woman B AINTOWNPICTURESPECIAL:PAGESTWO, THREE, FIVE AND SIX SEE page 14 ABOVE: A family member is comforted by Com missioner of Police Ellison Greenslade minutes before the second wave of violence erupts. RIGHT: Rev C B Moss (centre establish order as stones are thrown by unknown culprits. At left, the body of Mr Newbold is shielded by officers and residents as they attempt to transport the deceased out of the area. Felip Major/ Tribune staff THREE MURDERS, COMMISSIONERS BROTHER INJURED IN SHOOTING SEE page 14

PAGE 2

C M Y K C M Y K LOCAL NEWS PAGE 2, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM t b DOOWKHZD\RQERDUG 'LVFRYHU\&UXLVH/LQH BAINTOWNCHAOS Pictured below is the patrol car which was burnt to a shell on Saturday following the fatal shooting of an 18-year-old youth by a reserve officer on patrol in the area. Felip Major /Tribune staff CHAOS: Commissioner of Police Ellison Greenslade attempts to hold back grieving family members. D OGSONTHESCENE: O fficers from the K-9 unit were also deployed to assist with control measures.

PAGE 3

By NOELLE NICOLLS Tribune Staff Reporter nnicolls@tribunemedia.net THERE could be repeat events such as the Bain Town unrest if structural issues arenot addressed in communities, said a local community leader. Rev CB Moss, pastor at Mount Olive Baptist Church and president of the Bain and Grants Town Advancement Association, was speaking out after 18-year-old King Street resident Sharmoco Newbold was shot by police. There have been a number of shootings involving members of the law enforcement agency that the residents have questioned, said Mr Moss. The incident touched off the venting of their feelings. It was unfortunate, but as I said, it was bound to happen because we have some structural problems in this and many other communities. Unless these problemsare addressed there will be repeats not only in Bain Town, but other areas of New Providence. It is beyond the police. We are talking about addressing the social deficiencies like unem-ployment; things like youth development. There is no national youth plan to advance the development of young people in these communities; resources need to be invested,and there has to be more inclusion by the various sectors. The government needs to include more of the stakeholders in the planning and implementationof programmes. Police Commissioner Ellison Greenslade, while speaking at the scene, commended Mr Moss for his role in diffusing commu nity tension. Seeking his assistance, the police gave Mr Moss a bull horn, from which he gave his commitment to stay engagedto ensure proper investigations are done. Mr Moss said he was not injured in the rock throwing, despite media reports to the contrary. He commended the police for exercising excellent restraintin handling the matter. It could have escalated into a very, very serious situation, he said. As for the teenager who died, Rev Moss said he was a well known person in the communi ty. He comes from a very large, upstanding family. He was a stu dent in our summer youth programme for years, as he grew up in the community. I know the entire family. A finer young man you would not want to meet. I say that from personal experience. His record was known by everyone in the com munity. I think that is what cre ated the depth of feelings, because they know him, said Mr Moss. Obviously that ignited longstanding feelings that the people in the community were not being treated with the kind of respect and dignity they felt they deserved, he said. The official opening of the West Street Festival, staged a few blocks away from the police shooting, was delayed as a result of the incident. According to Mr Moss, the annual community festival is designed to strengthen families and strengthen relationships. The festival served also to divert the minds and attention of residents from that ugly scene early in the day. We have no doubt that community strengthening is the way to go to address the social issues we have that sometimes result in crime and criminality, he said. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE MONDAY, NOVEMBER 22, 2010, PAGE 3 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM x xChairs Chairsx xTables Tablesx xBenches Benchesx xUmbrellas Umbrellasx xLoungers Loungersx xDrinks Trolleys Drinks Trolleysx xCoffee Tables Coffee Tablesx xEnd Tables End Tablesx xCushions CushionsT T h h e e J J a a v v a a G G a a l l l l e e r r y y T T h h e e J Ja a v v a a G G a a l ll l e e r r y yWongs Plaza Madeira St. Wongs Plaza Madeira St. Tel: (242 Tel: (242)326 2335 2335Outdoor Elegance Outdoor Elegance %*&6( 5HJLVWUDWLRQ'HDGOLQHRYHPEHU, 167,787()%86,1(66$1'&200(5&(7 Bain Town could see repeat events if structural issues are not addressed COMMUNITYLEADER Rev CB M oss at the scene on Saturday. EMOTIONSRUNHIGH: Officers attempt to assist grieving family members and protect the crime scene.

PAGE 4

EDITOR, The Tribune This is in response to Chris Loiss letter, in the November 18th edition, berating the Bahamas International Film Festival for sending the clear message that it does not support Bahamian film. I worked for BIFF for two years and I worked on the set of Windjammers for a few days when they were shooting additional footage early this year. Let me be clear, I have not watched Windjam mers, and have not spoken to Ric Van Maur (Writer/Direc-t or/Producer of the film) or Leslie Vanderpool (Executive Director of BIFF) about this matter. I am not a reporter. When considering a film to open the festival, you have to understand that the screening leads right into a party, at which alcohol is served, that often goes on into the wee hours of the morning.To that end, Leslie always looks for content aimed mainly at adults. For the past two years, BIFF has been opened by R ain and Children of God; both films written and direct ed by talented Bahamian filmmakers, Maria Govan and Kareem Mortimer, respectively. The films were not only deserving, the content was also appropriate for the open-i ng night atmosphere.From what I have seen and heard, Windjammers is a Disney styled film aimed mainly at children. If the festival were to be rearranged just to accommodate a single film that has some Bahamian cast and crew, wouldnt that be supporting the kind of self entitled nepotism many of us complain about? Besides, if Mr. Loiss argu ment really is that a Bahami an Festival should be opened by a Bahamian film, then he should be arguing for CrazyL ove, written and directed by Bahamian Filmmaker Clarence Rolle, using a B ahamian cast and crew. But he isnt. Hes arguing for the film his daughter has a small part in. Also Mr. Lois does not mention that Windjammers was scheduled to screen later in the festival. As for that scheduled screening being cancelled, Leslie has a rule (misguided or not festival does not show films that have already premiered in the Bahamas. This is a rule that a lot of major festivals around the world have, it just isnt talked about. Rics private screening at the Atlantis theatre could be construed as violating this rule, especially when you con sider that the theatre seats over 500. For Ric to screen his film at the same venue as BIFFs opening night film, on the very night before it opens, seems to send the clear message of I am going to open the Festival whether you want me to or not (I can only imagine Leslies reaction). However, Im sure Ric has a justification for this. I also notice that The Eye of The Dolphin was recently screened in Freeport but is still on this years schedule. Im sure Leslie has a justification for this. I am not arguing who has the right or wrong in this. Frankly, I dont believe either party is on the side of the Angels here. Bahamian film should be supporting itself, not tearing itself down every time someone feels slighted. I just think that to publicly blast BIFF without even mentioning the conditions of the situation means that Mr. Lois is either irresponsibly ignorant for someone condemn ing so openly, or does not consider the truth important. JASON DARCY Nassau, November 19, 2010. EDITOR, The Tribune. Please published the following letter which is addressed to: Fellow Bahamians, In writing this letter, The Bahamas International Film Festival (BIFF ify the subject of festival programming for locally made films, which has been recently raised in the form of an open letter to The Tribune. Like all other film festivals around the world, BIFF exists to provide the local community with a diverse presentation of films, be these local or from around the world.In addition to offering films that might not otherwise be released theatrically in the Bahamas, BIFF provides a unique cultural experience,e ducational programmes, and forums for exploring the future of cinema. BIFF fully embraces, celebrates and promotes Bahamian films and it is happy to be showcasing 12 of them this year. The festival track record speaks for itself. No local event does more to champion home grown talent and entertainment product than BIFF and this dedication will only grow stronger as the years pass. This is truly the Peoples festival, as its growth and suc cess is determined solely by the passionate, energetic citizens who bring it to life each year and experience something new and unique. As due process dictates, the film in question was submitted to the Festival for consideration and after reviewing it (along with hundreds of other films submitted) BIFF was very happy to include it in this years programme. This speaks volumes for the support of the film, given that a more restricted number of films will be programmed this year, making the selection process more challenging and difficult. Rather than celebrating what would have been an amazing screening at BIFF, it seems that some individuals associated with the film were unhappy that it would not be shown at the opening or the closing night of the festival. The Festivals is sure that anyone associated with a filmw ould want it to be an opening night gala or closing night gala. That would amount to over 64 requests for just 2 slots and as much as the Festival would love to provide every film the biggest platform and the brightest stage, this simply cannot be achieved. This reality is true for every major film festival around the world. The producers of the film therefore chose to screen it independently before the Fes tival, which is unfortunately not abiding to the rule of the Festival (and of many other prime Festivals around the World) that states that films presented must be at least National Premieres, hence creating the impossibility for BIFF to screen it. At the Festival each film is carefully evaluated on its own merit in a long and arduous process and then difficult programming decisions must be made. When all is said and done, every film is promoted to the fullest extent in the hopes that each and every film is a sell out and leaves an indelible mark on those who saw it. But in order to maintain the structure and honest integrity of the Festival, certain guidelines must be adhered to year in and year out. Whilst we would wish to s upport as many Bahamian films as possible, the Festival cannot afford that the breaking of a rule jeopardizes its i nternational recognition. In closing, the Festival believes that with the support of the public every film willb e a major success! And this is what the Festival strives to achieve as a non-profit organization. W e hope that you will also participate to a celebration of film and a special cultural event from December 1 to 5 a t Atlantis and Galleria Cinemas JFK. Most sincerely, MS. LESLIE V ANDERPOOL Founder & Executive Director, Bahamas International Film Festival November 18, 2010. C M Y K C M Y K EDITORIAL/LETTERS TO THE EDITOR PAGE 4, MONDAY, NOVEMBER 22, 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 T ELEPHONES Switchboard (News, Circulation and Advertising Advertising Manager (242 W EBSITE www.tribune242.com updated daily at 2pm ON SATURDAY evening a former Atlantis employee took a walk down memory lane. He recalled his days with Kerzner International. He hoped, as has been suggested,t hat Sir Sol would never sell his resort. Sir Sol recently dismissed the rumour by announcingh e had no intention of selling. He might be peeved in his belief that B aha Mar has received extra concessions and that his most favoured nation status has not been protected, but he will never sell, declared another staff member. The former employee conceded that if s old Atlantis would continue to operate, but would never be the same. The Kerzners, hes aid referring to Sir Sol and his much love son, Butch, who tragically died in a helic opter crash were unique employers they cared for their staff. A senior staff memb er later confirmed that the very essence of father and son was that they were always cognisant of doing the right thing. The former staff member, now in his own business, recalled November 2008 when the K erzners reluctantly announced that they had to layoff 800 employees because of f alling room rates, the results of a worsening global economy. This was 10 per cent of thew ork force. The same was happening in all Kerzner Internationals offices around the w orld. George Markantonis, president and managing director of Kerzner International, noted that Americans were just not focusing on travel at that time. He hoped there would be a relatively quick turnaround in the globa l market, specifically in the US economy which would result in an upswing in visitora rrivals. That, he said, would enable them to recreate some of the employment oppor t unities they were then eliminating. But staff were not just given pay slips and waved goodbye. They received enhanced severance pay in other words higher sev erance than required by law. They were prov ided with a rsum and briefed on inter view skills. All those covered under the com p anys health programme were given a sixmonth extension, where necessary a call was m ade to their bank to explain the situation so that something could be worked out for them. And when it was discovered that a h usband and wife worked in different departments of the resort, which meant that both b readwinners of that family would have lost their jobs, one was rehired. What company today would be so concerned about their staff? asked the former employee. In fact today a number of persons let go during the downsizing have been rehired, and the resort has created more jobs so that eventually the net impact on the economy was not seriously affected. Speaking in the House on the Resolution on the Baha Mar project, Prime Minister Ingraham recorded with satisfaction thata mong two of the three hotel operators who are to partner with Baha Mar resort are twot op luxury operators of small hotels Rosewood and Morgans. We do not contest t hat, but we are concerned with the latest financial report on Hard Rock Caf in Vegas the town recognised as the queen of the gambling market. Morgans has 12.8 per cent ownership in, and a management agreementw ith Hard Rock, which is now in financial difficulty because the gamblers are not com-i ng. It was said that it was difficult to predict w hat will happen for the remainder of the year at the Hard Rock given the short term b ooking patterns and transient nature of the hotel business, especially in the fourth quar ter of Morgan Hotel Groups major markets. It was reported: Due to the continued d ifficulties in the Las Vegas market, Hard Rock's operating cash flows have not been s ufficient to cover the aggregate debt service this year. There have been some monthsw here the ownership joint venture was required to use funds from reserves to service t he debt. Unless the market improves markedly, or the joint venture generates additional liquidity, there is a risk to Morgan Hotel Group's equity position and manage ment agreement, which may be terminated b y the lenders in the event of foreclosure or under certain other circumstances. H ere in the Bahamas Atlantis has a 60,000 square foot casino. Baha Mar plans to build a 100,000 square foot casino. By the time Baha Mars casino comes on stream, Floridas casinos will be in full swing, there will be casinos in Jamaica, the Dominican Republic, New York and Pennsylvania some of them t he Bahamas primary markets. Today an American gambler only has to get in his cart o go to the neighourhood casino. With the gaming house virtually at his back door, he n o longer has to join the gambling junkets to fly to the nearest gaming house the Bahamas. If Las Vegas Hard Rock cant f ill its casino and now faces forceclosure, how can Nassau successfully fill two large c asinos? Does Baha Mar plan to cannibalise the gambling hot spots of Macau and Shangh ai if not, then from where else, other than the dwindling American market, will they lure their players? We hope for the sake of all involved that the Baha Mar principals have crunched their numbers and have not gambled their future on gaming stakes that are too high. BIFF and its festival programming for locally made films LETTERS letters@tribunemedia.net Can Nassau support two large casinos? BIFF opening films are aimed mainly at adults

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C M Y K C M Y K LOCAL NEWS T HE TRIBUNE MONDAY, NOVEMBER 22, 2010, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM BAINTOWNCHAOS T OPLEFT: A rmed police officers at the scene in Bain Town. TOPRIGHT: Reinforcements are called in to assist crime scene investigators, who were pelted with rocks while trying to assess the shooting scene. ABOVE: Firefighters tackle the vehicle which was set ablaze. LEFT: An armed police officer stands guard in an effort to maintain control following thef atal shooting of 18-year-old Sharmoco New bold of King Street. ALL PHOTOS: Felip Major / Tribune staff

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C M Y K C M Y K PAGE 6, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM %4+2674'*17)*6 LOCALNEWS ALTHOUGH originally scheduled to retire at the end of the month, Mrs Elma Garraway, Permanent Secretarya t the Ministry of Education, h as agreed to stay on in her post for an additional six months, Education Minister Desmond Bannister confirmed yesterday. P raising his permanent secretary for her extensive career in the education field, Mr Bannister said they were delighted to have Mrs Gar-r away agree to stay on in her p ost. Mrs Garraway was first appointed as a Permanent Secretary in the Ministry of Health in February 2000, foll owing her appointment as Under Secretary in the Ministry of Education in May 1997. According to the governm ents profile of Mrs Garr away, she also served as the Deputy Director of Education from January 1993 to May 1999. A veteran teacher and educ ator, she brings 49 years of experience in the field of education to her present position; having served as chairperson, assistant chair-p erson and lecturer in the T eachers Education Division of The College of the Bahamas and as senior mistress, team leader and teacher at the primary school l evel. Ministrys Permanent Secretary to stay on in post for six months CHAOSIN BAINTOWN CRIME SCENE INVESTIGATORS are shown, alongside Police Commissioner Ellison Greenslade, bringing Mr Newb olds body out to the hearse. FIRE SERVICES accompanied by armed officers, enter the area to extinguish the blaze. P OLICEATTEMPT t o control the area F e l i p M a j o r / T r i b u n e s t a f f

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EXUMA realtors are calling on the Government to intervene in what they term is the over-valuation of properties by the Treasury departm ent on that island, causing home and land owners to pay property taxes of upwards to three times what they are legally entitled to pay. Collingwood Turnquest, a r ealtor in Exuma with Coldw ell Banker Lightbourn R ealty, told T he Tribune y esterday that winter residentsi n particular have even cons idered leaving the island b ecause of this. These people have b reathed life into Exuma for six months of every year, especially since the recession.T he only other money-maker on the Island is Sandals Resort at Emerald Bay. I find myself asking the q uestion of how does this killing of the goose with golden egg benefit us, the Exum ians? If the winter residents l eave and tell everyone the B ahamas is no longer taxfriendly, where will the gov-e rnment collect their taxes? W ill they then start taxing us who are already struggling to pay the high cost of BEC, BTC and all of the other raised taxes? he asked. In one example, Mr Turn quest explained that an indi-v idual had purchased a home f or $950,000, and a year later the same building was a ppraised by agents of the T reasurys tax department at $ 1.5million. I dont see how in this type of economy anythingw ould dictate that kind of increase, he exclaimed. Does the Bahamas gove rnment no longer want us here? One resident said they have considered hiring a tractor to push off their housea nd leaving the property to the government and walking away. I ask the powers-thatbe to think about the longterm effect of this policy they a re using to try and get mone y in the Treasury that never comes back to us the Exumians anyway, he said. Floyd Ambrister, another realtor on the island, told The T ribune t hat this developing situation is damaging an already fragile economy. The difficulty has arisen over the way new Real Property Tax legislation is being applied in Exuma. Many h ome owners have paid their p roperty tax for years and believed they were in compliance with the law. Recently their property has been reassessed and they have b een presented with new bills. The problems that arise from this are several. Many of the bills reflect the current years bill plus several years of arrears. In some cases the total amount owed is in the h undreds of thousands of dollars. People feel it is unfair to charge the arrears when payments were accepted by the Ministry of Finance without any question over severa l years. They argue that the a cceptance of the payment a nd the issue of a receipt indicated that the bill has beens atisfactorily paid. Further, the new assessm ents are apparently based o n what prices were in Exum a four or five years ago. Property prices have dropped here by 50 per cent and more in recent years reflecting the fact that the very high prices were seriously inflated. Home owners argue that the market value is what they can r easonably expect to get for their property today, he said. Mr Ambrister said several people have expressed doubt that the officers making the a ssessments are even comp etent to do so. There are cases where home owners who have sim-i lar property have compared t heir assessments and found t hem wildly different. Cert ainly they have a very diff erent view of values than the six qualified appraisers on the island. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE MONDAY, NOVEMBER 22, 2010, PAGE 7 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Call for government to intervene over property taxes on Exuma THE Soaring Eagles of C ommonwealth Baptist C hurch celebrate Bishop A rnold and Elder Vernita Joseys twenty-third pastoral annivesary this evening at 7.30pm. The celebration takes place at the church in Elizabeth Estates. Soaring Eagles of Commonwealth Baptist Church set for celebration Home, land owners paying up to three times what they are legally entitled

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C M Y K C M Y K LOCAL NEWS T HE TRIBUNE MONDAY, NOVEMBER 22, 2010, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Its more than engineering. Its performance art.The Mercedes-Benz C-Class is equipped with many innovative technical features which delivers a driving experience that is unique in this class. Think beautiful design, elegant ease and stately confidence. Among the highlights is the AgilityControl Package which automatically adjusts the suspension set-up according to the conditions of the road. Along with exemplary fuel use, faster gear changes, exceptional interiors and increased cabin space, you will see the C-Class is the perfect embodiment of the Mercedes-Benz philosophy.Tyreflex Star MotorsWulff Road, P. O. Box N 9123, Nassau, The Bahamas, Tel 242.325.4961 Fax 242.323.4667OUR PARTS DEPARTMENT IS FULLY STOCKED WITH EVERY COMPONENT NECESSARY TO ENSURE THAT YOUR MERCEDES RUNS TROUBLE FREE. TRAINED TECHNICIANS ON DUTY. By NOELLE NICOLLS Tribune Staff Reporter n nicolls@tribunemedia.net THE Bahamas National Trust said yesterday it has no interest in destabalising private property rights by engaging in a militant cam-p aign against managed priv ate developments in national parks. The issue of minimal localised development proposals that will be conducted under strict environmental protocols using best manage-ment practices is not worth t he fight, said a statement issued by the Bahamas National Trust (BNT body charged with the protection and management of more than 700,000 acres of land and sea territory. Pr operty Reasonable access to, and use of, private property is a right that is guaranteed by the Bahamian constitution, a nd that right extends to p roperty in the Exuma park, s tated the BNT. The matter of regulating development on private landi n national parks has been a sticky issue for the BNT, ast here are several instances w here national parks stradd le private land. The issue came to a boil over approvals given to P rince Karim Aga Khan IV for dredging and excavation of his 349-acre Bell Island in the protected Exuma Cays L and and Sea Park. When the government leased the 176 square mileso f Exuma land and sea territory to the BNT in 1958, about one third was already privately owned and not included in the lease agreement. There are still at least three p rivate islands, including Bell Island and Halls Pond Cay,w hich is owned by Viktor Kozeny, a national of the Czech Republic, who is wanted in the United States to face corruption charges. Home The situation is not unique t o Exuma. In Andros West Side National Park, about 40,000 acres of prime real e state is owned by the Bethell family, of the late C WF Bethell. The property, k nown as the Flamingo or Turner Islands, is home to a commercial bone fishing c amp. W ith the government failing to exercise its right to compulsory acquisition ofp rivate land in the formation of protected areas, the BNT has to juggle competing intere sts. I n the case of Bell Island, t he BNT says the development is not commercial and there will be limited and short-term disturbance of the seabed for the provision ofn avigable access to the owne rs inland yacht basin and s ervice dock. If properly executed, using best management practices, dredging imposes a tolerable and temporary impacto n the marine environment. In order to travel from island to island, boaters need safe h arbours and navigable chan nels. As a nation we must learn how to dredge withouti t becoming an incendiary i ssue every time the word is mentioned, stated the BNT. The owners original plan for Bell Island would have involved the dredging of more than 43,000 cubic yardso f spoil. As a result of the BNTs efforts, the projectsi mpact has now been further reduced so that less than 13,000 cubic yards will now be dredged, stated the BNT. P rime Minister Hubert I ngraham recently weighed in on the debate, insisting the public should not be conc erned. He said: First of all I am very happy indeed that theB ahamas was able to attract t he Aga Khan to take up residence in the Bahamas, it's a wonderful thing. It will help us to attract even more people of his ilk to the Bahamas. Secondly, I am satisfied that the dredging that is proposed can be done safely with minimal impact on thee nvironment and that the material dredging can be disposed of in the appropriate w ay. And I think that the noise in the market is really justt hat, noise. BNThas no interest in militant campaign against developments MINIMALIMPACT: H ubert Ingraham

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C M Y K C M Y K T HE TRIBUNE MONDAY, NOVEMBER 22, 2010, PAGE 11 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM By CONSTABLE 3011 MAKELLE PINDER 919 is a nationally recognised, easy to remember, nocost method of contacting the p olice, fire and emergency medical service agencies. Since919 is for emergencies, its common to wonder if making the call is the right thing to do. Emergencies are any situation where the police, fire fighters or medical help is needed. I f you are unsure, call 919 and a call taker will talk you through your situation and get the appropriate help. Calling 911 is stressful but call-takers are trained to help you. Knowing what to expect can make calling go smoothly and get you any needed help. When Calling 919 1. REMAIN CALM Speak slowly and clearly. 2. EXPLAIN WHY YOU ARE CALLING Explain what you are reporting. Describe if the situa tion is still happening or not. 919 operators will ask questions about the Who, What, Where, When, Why & How of the incident. 3. GIVE THE ADDRESS Give the exact location/address of the situation. Include street or House or apartment numbers, and any information that will help emergency responders find the correct location. 4. GIVE YOUR NAME AND YOUR CURRENT LOCATION While not required, giving your name helps with any investigations that occur. 5. GIVE THE TELEPHONE NUMBER FROM WHERE YOU ARE CALLING Provide this information in case more information is later needed. 6. STAY ON THE LINE. DO NOT HANG UP Do not hang up until the 919 operator releases your call. Provide all the information you have. Situations change constantly and updated information may be needed. Emergency Calls: -Crimes in progress -Offender at the scene of the crime -Witnesses at the scene of the crime -Any incident involving injuries TIPS Remain CALM! Explain your situation. Answer all questions and follow directions as instructed. Should you be a victim of crime, please do not resist but take note of the description of the culprit e.g. his appearance, clothing, height, physical details and the direction or mode of escape. Call the police as soon as it is safe to do so. If you come across any suspicious person(s around your business or have any information pertaining to any crime, please do not hesitate to contact call the police emergency at or Crime Stoppers at 328-tips (New Providence), 1-300-8476 (Family Islands) Royal Bahamas Police Force National Crime Prevention Office Calling 919 Emergency

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By SIR RONALD SANDERS (The writer is a Consultant and former Caribbean diplomat) PROBLEMS have emerged in the Bahamas over the number of Chinese workers on a project funded in part by the ExportImport (Ex-Im Peoples Republic of China. The original number of Chinese workers appears extraordinarily high 8,150 even though there is an undertaking from the owners of the project that the peak number of foreign workers, at any given time, will not exceed 5,000 non Bahamians. Rightly, Bahamas Prime Minister, Hubert Ingraham, has raised concerns about the large number of Chinese workers. His concerns are particularly relevant against the background that, according to the International Monetary Fund tourist arrivals declined by 10 per cent and foreign direct investment fell by over 30 per cent, leading to a sharp contraction in domestic activity and a large rise in unemployment in the Bahamas in 2009. Construction is a critical engine of growth in any economy, but especially so in small economies where payments to local workers and suppliers keep money in circulation over a wide area including supermarkets, transport providers, clothing and footwear stores, real estate rentals and banks. If 8,150 Bahamians or close to it as possible could be employed in this project, it would definitely be a fillip to the Bahamian economy and help to expand domestic activity and create jobs directly and indirectly. The issue troubled Ingraham enough for him to travel to China to raise the matter with the Chinese government and return to the Bahamas with the news that he had succeeded in securing $200 million dollars more for construction workers and for Bahamian sub-contractors, raising the total that would be allocated to them to $400 million. How this translates into jobs for Bahamians and a reduction in the number of Chinese workers is unclear, but note should be taken that, not surprisingly, the opposition Progressive Labour Party (PLP terised Ingrahams journey to China as a failure. To be fair, it should also be pointed out that it was the PLP that introduced this project, known as Baha Mar, when it served as the government. Baha Mar, projected to cost $2.5 billion, is a very large tourist project. On completion it is expected to rival the Bahamas biggest tourist plant, Atlantis, which was developed by Kerzner International. The operators behind Baha Mar include Sarkis Izmirlian, its Chief Executive Officer, whose published profile says he currently manages most of the Izmirlian family businesses from offices in The Bahamas. These businesses include commodities trading and processing, manufacturing, real estate, and public market investments. Mr. Izmirlian is said to have overseen the negotiations with the Government of The Bahamas and the acquisition of the Baha Mar project site. Like every commercial business, Baha Mar puts its profitability first, and, clearly, in seeking financing from Ex-Im Bank of China, the company apparently accepted that the work force, in effect, would be 71 per cent Chinese and 29 per cent Bahamian a bitter pill for Bahamians to swallow in the best of economic times and certainly indigestible in the present economic climate. No one in the Bahamas or elsewhere doubts the contribution that Baha Mar will make to the Bahamas economy in the short and long term, but the conditions of the Chinese loan rankles on the requirement for such a large number of Chinese workers. After all, this is not aid. It is not even emergency or disaster aid when a high component of Chinese material and people would be acceptable. It is purely and simply a commercial contract, lending money that will have to be repaid. The only reason one can surmise for the insistence on such a large number of Chinese workers, vastly outnumbering Bahamian ones, is that the Chinese will work for less and trade union conditions, and rights, would not apply in their case thus reducing the cost of the project. This commentary is less concerned about the local politics of the Bahamas that are involved in this issue; more qualified people can comment on them. It is more concerned with the present and future relations between Caribbean Community (CARICOM na. The experience of African countries, notably Angolar ecently, in relation to Chinas use of an overwhelming number of Chinese workers, shows a strain in their relations with China. In 2006, the former Presi dent of South Africa Thabo Mbeki famously remarked: Africa must guard against falling into a "colonial relationship"w ith China. I have long argued that CARICOM countries should negotiate with China at least a long-term framework treaty that covers aid, trade and investment. It should be a treaty along the lines of the Lom and Cotonou Agreements that existed with the European Union. As in all their bargaining with third countries, the CARICOM states would secure better terms if they negotiated with China as a collective than if each of them tried to bargain alone. And, if they succeeded in set tling a treaty with China, issues such as the paramountcy of local labour in commercial projects and in loan-funded projects could be settled upfront, as would issues such as the supremacy of labour laws and respect for human rights in the countries where such projects are undertaken. To negotiate such a Treaty with China, however, CARICOM countries have to do one of two things: those who now recognise Taiwan over China will have to drop that stance so that there is a united CARICOM recognition of China only; or those that recognise China should proceed to negotiate the Treaty with China leaving the others to join when they can. There is a small window of opportunity left to negotiate a meaningful treaty with China. As China grows more powerful economically crowding out CARICOMs traditional aid donors and investment partners, it will become very difficult for small Caribbean countries to bargain for the best terms even on commercial projects. Beggar thy neighbour poli cies will get CARICOM countries nowhere in the long term and the time is right for all CARICOM countries to strengthen their relations with China on the basis of a structured and predictable treaty. My friend and fellow writer, Anthony Hall, wrote recently that Hubert Ingrahams challenge to China on the issue of the 8,150 Chinese workers is precedent setting... and it behoves all leaders in our region to support, and be prepared to emulate, the stand hes taking: for together we stand, divided we fall. China has itself faced the challenges of division; it might just might respect Caribbean unity. Responses and previous commentaries at: www.sirronaldsanders.com C M Y K C M Y K LOCAL NEWS PAGE 12, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Chinese take away? WORLDVIEW

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T ALENTED 11-year-old T yja Braynen, a Bahamian student at Saints Peter and Paul School in Miami, has been selected to represent her school and the state of Florida a t the junior national young l eaders conference (JrNYLC in the spring of 2011 in Washington, DC. Tyja was nominated by her teacher Vicky Alvarez for being an outstanding individual, displaying academic excellence and strong leaders hip potential. This disting uished honour will afford the s eventh grader the opportunity to become a junior national scholar and join a select group of middle school students from throughout the United States on a tour of hist orical sites and museums in t he American capitol, and m eet with some of the countrys congressional leaders. Past participants of the JrNYCLC have had the privilege of being addressed by world leaders such as former U S Vice President and Noble P eace Prize Winner Al Gore; r etired General Colin Powell, former Secretary of State and founder of Americas Promise Alliance, and Newt Gingrich, former Speaker of the US House of Representatives. T he junior national young l eaders conference is dedicate d to honouring the most promising sixth and seventh grade students and preparing them for the world of leadership and opportunities which lie ahead of them. In addition to her trip to W ashington, DC, Tyja received a certificate signed by President Barack Obama and the United States Secretary for Education, Arne Duncan, in recognition of her outstanding academic achievement. C M Y K C M Y K LOCAL NEWS PAGE 16, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM -RE 9DFDQF\ $ Q HVWDEOLVKHG1DVVDXEDVHGFRPSDQ\VHHNV WRWKHSRVLWLRQRI $VVLVWDQW$GPLQLVWUDWRU LQWKH3URFXUHPHQWDQG$VVHW0DQDJHPHQW / RJLVWLFV'HSW $OODSSOLFDQWV0867SRVVHVV WKHIROORZLQJ &ROOHJHGHJUHHLQ%XVLQHVV ,7NQRZOHGJH 7KH DELOLW\WROHDUQTXLFNO\ ([FHOOHQWFRPPXQLFDWLRQDQGWHDPZRUN V NLOOV 2 QO\FRPPLWWHGKDUGZRUNLQJDQGVHOI \ J P RWLYDWHGSHUVRQVQHHGDSSO\ S SSO\ 5 HVXPHVVKRXOGEHVXEPLWWHGWR M REYDFDQF\EV#KRWPDLOFRP $ OOUHVXPHVPXVWEHUHFHLYHGE\ 'HFHPEHU VW Bahamian student to represent her school in Washington, DC T yja Braynen 11-year-old receives certificate signed by President Obama

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C M Y K C M Y K INTERNATIONAL NEWS PAGE 20, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM We W e , ve Got v e G o t What You Need W h a t Y o u N e e d Junkanoo Rods J u nk a no o R o ds Junkanoo Tubes J u n k a n o o T ub es (Available in all sizes) ( A v a i la b le i n a l l s ize s ) Paint for Costumes Pai nt f o r C o s t um e s & So Much More! 188 Wulff Road 1 88 W ul f f Roa d Phone: 323-3973 or 325-3976 Pho ne: 32 3 39 7 3 or 3 25-3 976 Open Mon-Fri 7:00am-4:00pm O pen Mon -F r i 7 :00 am-4:0 0pm Saturdays 7:00am-3:00pm Sat ur d ays 7:0 0 a m-3:00pm www.buildersmallbahamas.com w ww .builder sma llbaha ma s. com 2 0 1 0 C r e a t i v e E d g e 2 0 1 0 C r e a t i v e E d g e follow us f o l l o w u s A DAM GELLER, A P National Writer How did an agency created to protect the public become t he target of so much public scorn? After nine years of funneling travelers into ever longer l ines with orders to have shoes o ff, sippy cups empty and laptops out for inspection, the most surprising thing about increasingly heated frustration w ith the federal Transportation Security Administration may be that it took so long to boil over. E ven Secretary of State Hillary Rodham Clinton, who is not subjected to security patdowns when she travels, unders tands the public's irritation. She, for one, wouldn't want to go through such scrutiny. "Not if I could avoid it. No. I mean, who would?" Clintont old CBS' "Face the Nation" in an interview broadcast Sunday. The agency, a marvel of nearly instant government when it was launched in the fearful months following the9 /11 terror attacks, started out with a strong measure of publicg oodwill. Americans wanted the assurance of safety when t hey boarded planes and entrusted the government with the responsibility. But in episode after episode since then, the TSA has demon s trated a knack for ignoring the basics of customer relations,w hile struggling with what experts say is an all but imposs ible task. It must stand as the last line against unknown terror, yet somehow do so without treating everyone from frequent business travelers to the f amily heading home to visit grandma as a potential terrorist. T he TSA "is not a flier-cen tered system. It's a terroristc entered system and the travelers get caught in it," said Paul Light, a professor of public service at New York University who has tracked the agency's e ffectiveness since its creation. That built-in conflict is at the h eart of a growing backlash against the TSA for ordering travelers to step before a fullb ody scanner that sees through their clothing, undergo a potentially invasive pat-down or not fly at all. "After 9/11 people were scared and when people are scared they'll do anything for someone who will maket hem less scared," said Bruce S chneier, a Minneapolis security technology expert who has long been critical of the TSA. "But ... this is particularly invas ive. It's strip-searching. It's body groping. As abhorrent goes, this pegs it." A traveler in San Diego, J ohn Tyner, has become an I nternet hero after resisting both the scan and the pat-down, telling a TSA screener: "If you touch my junk, I'm gonna have y ou arrested." That has helped ignite a campaign urging people t o refuse such searches on Nov. 24, which immediately precedes T hanksgiving and is one of the year's busiest travel days. The outcry, though, "is symptomatic of a bigger issue," said Geoff Freeman, executive vice p resident of the U.S. Travel Association, an industry groupt hat says it has received nearly 1,000 calls and e-mails from c onsumers about the new policy in the last week. "It's almost as if it's a tipping point," Freeman said. "What we've heard from travelers time and again is that there must be a better way." Indeed, TSA has a history of stirring public irritation. There was the time in 2004 when Sen. Ted Kennedy complained after being stopped five times while trying to board planes becausea name similar to his appeared o n the agency's no-fly list. And the time in 2006 when a Maine woman went public with her tale of being ordered by a TSA a gent to dump the gel packs she was using to cool bags of breast milk. And the time in 2007, when a Washington, D.C.,w oman charged that another T SA agent threatened to have her arrested for spilling water out of her child's sippy cup. TSA denied the last, releasi ng security camera footage to try and prove its point. But that d id little to offset the agency's longtime struggle to explain i tself and win traveler cooperation. It wasn't supposed to be this way. After Congress approved creation of the agency in late 2001, the TSA g rew quickly from just 13 employees in January 2002 to6 5,000 a year later. In the first year, agency workers confisc ated more than 4.8 million firearms, knives and other prohibited items, according to a report by the U.S. Government Accountability Office. Fliers anger at TSAboils over ( AP Photo/ The Denver Post, Craig F. Walker, File) PAT-DOWN: In this Nov. 17, 2010 photo, a Transportation Security Administration agent performs an enhanced pat-down on a traveler at a security area at Denver International Airport in Denver. The TSA has demonstrated a knack for ignoring the basics of customer relations, while struggling with what experts say is an all but impossible task. It must stand as the last line against unknown terror, yet somehow do so without treating everyone from frequent business travelers to the family heading home to visit grandma as a potential terrorist.

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C M Y K C M Y K SECTIONB business@tribunemedia.net MONDAY, NOVEMBER 22, 2010 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.36 $4.42 $4.26 PICTURED FROM LEFT TO RIGHT: Archbishop Patrick C. Pinder; T. Rhys Duggan Presid ent & CEO The N ew Providence Development Company Limited (NPDCo Ginns President & CEO SMG Construction; Gavin F. Watchorn President AML Foods Limited. By NEIL HARTNELL Tribune Business Editor New Providence Development Company has broken ground on the $18 million first phase construction of its Old Fort Bay Town Centre, a project that will generate 200 construction sector jobs and act as the anchor for the fully-Masterplanned development of its remaining 2,200acre landholdings in the western end of the island. T. Rhys Duggan, New Providence Development 200 construction jobs in $18m Town Centre Phs 1 n New Providence Development receives Letters of Intent for 75% of 15,000 sq ft Phase I retail space, accompanying 37,000 Solomons Fresh Market store n Ground broken for Old Fort Bay Town Centre, which will act as new commercial centre for west of island and also as anchor for developers remaining 2,200-acre real estate inventory n Full project to cost $25m, and developer aims for unprecedented shopping experience that will help turn western New Providence into more than bedroom community n Targeting first phase completion in 10-11 months S EE page 6B By NEIL HARTNELL T ribune Business Editor E nergy costs incurred by its new Solomons Fresh Market s tore are expected to be at least 2 5 per cent below those at AML Foods existing outlets, the groups chief executive telling Tribune Business that t he concept would be a leap into the 21st century and not o nly shine in the Bahamas, but the Caribbean. G avin Watchorn, who is also president of the BISX-listed food retailing group, said supAML FOODS EYES 25% NEW STORE ENERGY COST FALL BISX-listed food group says S olomons Fresh Market to be leap i nto 21st century and not only shine in the Bahamas, but Caribbean Some $2.7m already set aside to fund $4.5m pre-opening costs, with $130,000 in monthly cash flow also dedicated to project Some 2,200 developed and undeveloped apartments /lots in immediate vicinity, says chief executive S EE page 8B By ALISON LOWE Business Reporter alowe@tribunemedia.net T he Bahamas chief negotiator for World Trade Organisa t ion (WTO outlined how he will seek to r educe the pain associated with the multitude of changes this nations business climate will be forced to undergo, describing strategies he has to p rotect Bahamian industries, but warning that some willi nevitably die a slow death SOME BAHAMIAN INDUSTRIES WILL DIE SLOW DEATH Chief negotiator sounds wake-up call for Bahamas over WTO membership implications SEE page 9B By NEIL HARTNELL Tribune Business Editor Most Bahamians fail to understand that the high level of government services they desire depends on them pay ing their due taxes, a former Tax avoidance a national pastime Ex-finance minister says fundamental disconnect, asB ahamians want big g overnment but dont want t o pay for it Bahamas ranked 50th in w orld for ease of paying taxes SEE page 5B By ALISON LOWE Business Reporter alowe@tribunemedia.net Forecasting more business closures and a worsening predicament for previously laid-off workers, the Bahamas Chamber chief in recovery plan call Says Chamber survey s howed most firms have s uffered 20-30% top-line f alls Adds that local impact of $ 100m government roads p roject may only be $30m SEE page 4B

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C M Y K C M Y K BUSINESS PAGE 2B, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM By ROYALFIDELITY CAPITAL MARKETS It was an active week of trading in the Bahamian stock market. Investors traded in four out of the 24 listed securities with four decliners. EQUITY MARKET A total of 107,017 shares changed hands, representing an increase of 98,067 shares compared to the previous week's trading volume of 8,950 shares. Commonwealth Bank (CBL in the week, trading a volume of 86,660 shares to see its stock close up $0.35 at $6.85. FirstCaribbean International (FCIB decliner last week, trading a volume of 2,250 shares to see its stock fall $0.35, closing at $9.39. BOND MARKET Fidelity Bank Bahamas Series C Notes (FBBSC e d a volume of $2,000 notes at p ar value. COMPANY NEWS Earnings Releases: There were no earnings report released last week. RoyalFidelity Market Wrap E QUITY MARKET TRADING STATISTICS Week ending 19.11.10 BISX CLOSINGWKLYPRICE VOLUMEYTD PRICE SYMBOL PRICE CHANGECHANGE AML$ 1.01$-0-13.68% BBL$ 0.18$-0-71.43% BOB$ 4.90$-0-16.95% BPF$ 10.63$-0-1.02% BSL$ 5.01$-0-50.20% BWL$ 2.70-$0.144,000-14.29% CAB$ 10.46$-04.81% CBL$ 6.85$0.3586,370-2.14% CHL$ 2.40$-10,095-11.76% CIB$ 9.74-$0.353,250-2.50% CWCB $1.87-$0.010-34.39% DHS$ 1.60$-0-37.25% FAM$ 6.07$-0-6.47% FBB$ 2.17$-0-8.44% FCL$ 5.46$-1,25014.47% FCLB$ 1.00$-00.00% FIN$ 7.26$-0-21.44% ICD$ 5.59$-00.00% JSJ$ 9.82-$0.101,750-0.30% PRE$ 10.00$-00.00% BOND MARKET TRADING STATISTICS BISXDESCRIPTION VOLUMEPARVALUE SYMBOL FBB13FBB Series C2$1,000 Notes Due 2013 FBB15FBB Series D0$1,000 Notes Due 2015 FBB17FBB Series A0$1,000 Notes Due 2017 FBB22FBB Series B0$1,000 Notes Due 2022 INTERNATIONAL MARKETS FOREX Rates Weekly %Change Currency CAD1.01802.70 GBP1.5990-0.94 EUR1.3678-0.14 Commodities Weekly %Change Commodity Crude Oil81.99-4.68 Gold1,342.50-3.31 International Stock Market Indexes IndexWeekly% Change DJIA11,203.500.10 S&P 5001,199.730.04 NASDAQ 2,518.120.00 Nikkei10,022.403.06 Share your news The T r ibune wants to hear f rom people who are making news in their neighbour hoods. Per haps you are raising funds for a g ood cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

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By NEIL HARTNELL Tribune Business Editor AML Foods is confident that it will enjoy a good Christmas, the key sales period in the calendar of most retailers, its top man telling Tribune Business that over the last two to three months it has reversed a sales decline that began in its 2009-2010 third quarter. Gavin Watchorn, the BISX-listed food retail groups president and chief executive, told Tribune Business that the company now had between 80-90 per cent of its Christmas inventory in the Bahamas, and was also on track to complete the addition of 5,000 square feet of s hopping space at its Solomons SuperCentre outlet i n Freeport. Weve had a pretty satisf actory last two to three months, Mr Watchorn told Tribune Business. Our sales decline, which we had from about the third quarter of last y ear, has been reversed. Were now just knuckling down, getting ready for Christmas. Most of ours is here. Some 80-90 per cent of Christmas stock is on the island. Christmas seems to be getting earlier and earlier every year. Were confident we will have a good Christ mas experience. As for Solomons SuperCentre in Freeport, Mr Watchorn added: Solomons Freeport is moving on schedule, and were close to finalising and finishing that. We were adding about 5,000 square feet of increased shopping space, floor area. When asked whether this would be completed in time for Christmas, Mr Watchorn replied: Most definitely. M eanwhile, the AML F oods chief said the compan ys latest store, Solomons Fresh Market, would employ between 65-75 staff once it was open, which he anticipated being some time in the 2011 third quarter. Weve already recruited, he said of that stores workforce. We have a number of people already put into the system now, so we could start bedding them into our system and culture. Overall, we will have 65-75 employees in total there, and from here on we will be adding as we go along. We have a manager in mind that were speaking to, and I think you will see heavy recruiting three months before we open to get the staff trained. It will be a mix of old and new staff. When asked when Solomons Fresh Market, the anchor tenant for New Providence Development Compa nys Old Fort Bay Town Centre, was set to open, Mr Watchorn told Tribune Busi ness: I think the third quarter of next year is a very realistic target. C M Y K C M Y K BUSINESS THE TRIBUNE MONDAY, NOVEMBER 22, 2010, PAGE 3B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM &RPIRUWDEOHRRPVDW&RPIRUWDEOHDWHV5HVWDXUDXQWDQG%DURROHFUHDWLRQRRPHHWLQJRRP$OEDQV'ULYH AML Foods reverses its top line fall Retailer confident of good Christmas, and expecting to employ 65-75 at new store scheduled to open in 2011 Q3 GAVINWATCHORN

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Chamber of Commerces president said his greatest fear is that this nation lacks a clear and decisive recovery plan. Khaalis Rolle, also chief marketing officer for Bahamas Ferries, charged on Friday that while many of the larger companies in the Bahamas were able to stave off closures and major lay-offs during the earlier part of the recession by restructuring their debt, and going to their shareholders for extra capital, we are seeing the impact of this ability vanishing. Closure, rightsizing, people consolidatingIts a likely strategy youll see taking place, and when you dont have any viable options the next step is closure, said Mr Rolle. He added that a quick survey the Chamber undertook recently revealed many businesses have seen 20 to 30 per cent of their top-line gross sales revenue vanish. Thats the brink of failure. If you dont have access to cash to ride this storm youre in some serious issues, he said. Meanwhile, Mr Rolle predicted that for individuals laid-off during the initial part of the recession, things may be about to get much worse for them and, consequently, for anyone to whom they may have a financial responsibility over the next six to 12 months. When the crisis initially hit and we went through the layoff period, most of the people laid off had a package that went with them that allowed them money to ride through that period. I think we are coming to the end of that period, and that money that they had, which allowed them to pay the bare minimum of their necessities food, light, water I think were coming t o the end of that. So that is s omething that needs to be c onsidered when we factor in what the likely impact is going to be over the next six to 12 months, said Mr Rolle. He was speaking at the Bahamas Institute of Chartered Accountants (BICA Accountants Week seminar on Friday, as part of a panel discussion on Economic Opportunities in the Bahamas, along with K. Peter Turnquest, president of the Grand Bahama Chamber of Commerce. Mr Rolle described current business conditions in the Bahamas as tenuous at best, with many companies just beginning to understand that this (recession extremely serious thing. He said that while there has been a lot of talk about the impact of the recession in the Bahamas, he is concerned not enough emphasis has been placed on the development of a recovery plan. Its critical. The recovery e ffort has to be driven by a clear and decisive public sector intervention domestically, said Mr Rolle, adding that he feels the public sector has been lagging behind in the stablisation process. Suggesting that the policy intervention strategy by the Government outside of the capital works project is not clear, Mr Rolle charged that even the economic impact of these initiatives is questionable. The projects are quality of life projects. You upgrade the roads so your car wont be damaged and you get home quicker they are long range and dont provide the immediate benefits to the overall economy, he added. Domestic spending is limited in those projects to about 30 per cent of the total value of those projects, so youve got an $100 million project and only $30 million of that remains here. And I still question whether or not that number is completely valid, said Mr Rolle. The Chamber president suggested a direct private sector stimulus program as an initiative on the part of the Government that could still be implemented and help aid recovery. Those businesses that are on the brink, lets go in and see what the exposure is, and see how best we can assist them. How best can we reduce the cost of doing businesses for them. Thats one of things we need to consider, he added. Many businesses are on the brink of failure. They are asking How do I remain viable and keep my doors open? and thats a challenge. If we dont emerge from this process very quickly and stabilise we will have a crisis that will last for a long time. The Chamber President also identified agriculture, alternative energy and outsourcing of technical assistance that will be required as the Bahamas transitions to the more liberal trading regime associated with accession to the World Trade Organisation and implementation of the Economic Partnership Agreement as areas where potential business opportunities lie going for ward. C M Y K C M Y K BUSINESS PAGE 4B, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Chamber chief in recovery plan call F ROM page 1B KHAALIS ROLLE

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C M Y K C M Y K BUSINESS THE TRIBUNE MONDAY, NOVEMBER 22, 2010, PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 38%/,&+263,7$/6$87+25,7< $'9(57,6(0(17 $&$1&<)25 $0%8/$1&('5,9(5(:,'(1&(f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minister of state for finance telling Tribune Business that tax evasion and avoidance had become a national pastime. James Smith, who headed the Ministry of Finance during the 2002-2007 Christie administration, highlighted the fundamental disconnect afflicting many Bahamians the fact that they wanted big government and a high level of public sector service provision, yet did not want to pay for it. In the Bahamas, we have a history of avoiding taxes. Weve learned to do that quite well, and even the authorities who ought to be f ollowing up do so in lacka daisical fashion, the former f inance minister told Tribune Business. We dont understand the full nexus between this and the Governments ability to provides services such as health, education and welfare. The only way to do that is through the proper paymentof due taxes, and I dont see the connection. We want the services but dont accept we have to pay for these things, so our pastime is finding ways and means to avoid the tax guys. Mr Smith was speaking after a joint World bank/PricewaterhouseCoop ers (PwC Bahamas 50th out of 183 nations in the world when it came to the ease of business es paying their taxes, placing this nation some 12 spots above the US. Indeed, the Bahamas was ranked as the fifth-best nation in the world when it came to the time Bahamian companies spent complying with due taxes, finding that on average they spent just 58 hours per year preparing, filing and paying three types of taxes cor porate income tax, VAT or sales taxes, and labour (payroll) taxes. Of course, as Mr Smith pointed out, the Bahamas high ranking in this category and the general survey is due to the fact it has no income, capital, corporation, VAT or sales taxes, meaning that the only area it is rated is on payroll taxes such as NIB, or Business Licence fees. The World Bank/PwC survey also ranked the Bahamas 60th out of 183 when it came to tax payments, finding that Bahamian companies on average had to make some 18 separate tax payments during the course of the year. The category the Bahamas fared worst in was on the Total Tax Rate, which measured the amount of taxes and mandatory contributions born by a company in its second year of operation as a per centage of commercial profits, ranking the Bahamas 121st out of 183. Mr Smith, though, told Tribune Business that the World Bank/PwC survey did not measure our efficiency of tax collection, and did not account for the fact that the Bahamas collected the bulk of its revenues at the border through import/Excise duties. Pointing out that Business Licence fees were the closest thing the Bahamas had to a corporate income tax system, Mr Smith said this nation relied largely on an inefficient system of indirect taxes, and direct taxes such as income tax or sales tax would require different skills from the private sector, as they would involve the filling out of much paperwork. We might be better off with a lower ranking if we had a more efficient system of direct taxation like a sales tax, Mr Smith told Tribune Business. What were seeing now with the depletion of government revenues is that our tax base is not quite resistant enough because of its dependency on external forces. It taxes very little activity generated locally, and taxes instead the consumption of imports and tourists. It shows up in very poor revenue coll ections. M ore direct taxation, he argued, could generate extra revenue buoyancy through targeting Bahamas-based activity and by expanding the tax base to include the lightlyburdened services sector. We really need to revisit our system, not only from the point of view of improved col lection, but also attacking the deficit and debt, Mr Smith said. We simply need to get more taxes out of the systemw ithout disrupting it too much. Tax avoidance a national pastime FROM page 1B JAMES SMITH

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Companys chief executive, told Tribune Business that apart from AML Foods 37,000 square foot Solomons Fresh Market store, which will act as the first phase anchor, the developer had received Letters of Intent (LOI about 75 per cent of the other 15,000 square feet of retail space that will be constructed at this time. Telling this newspaper that the four-phase development of the Town Centre would involve a total investment of $25 million, Mr Duggan explained that it was designed to provide an unprecedented shopping experience that would attract residents not just from western New Providence, but across the island. He added that the Town Centre, located on Windsor Field Road just opposite the Charlotteville subdivision, would provide retail amenities to match the quality of upcoming real estate developments in western New Providence, and be a key component in making the area more than just a bedroom community. I think it does a couple of things, Mr Duggan said of the Old Fort Bay Town Centre, adding that he was targeting first phase completion in about 10-11 months. It provides an unprecedented shopping experience for residents not only in thew est but, we hope, a larger percentage of the island. It is, first and foremost, taking an antiquated shopping centre at Lyford Cay and replacing it with something state-of-theart. Its not a cheap proposit ion. Its a big investment for us and AML. Thats why we need to make sure we get it right. Mr Duggan said environmental and eco-friendly concerns weighed heavily in the design and construction process, and the development signals a shift of the centre of commerce in western New Providence from its traditional base at Lyford Cay to a location at Old Fort Bay. He added that the Town Centre, when constructed, would also be situated at the top of the balance of our real estate holdings, some 2,200 acres. It becomes an anchor for that acreage, and will become an anchor for the building out of that acreage. New Providence Development Company was investing $1 million in associated infrastructure improvements, including a roundabout that would serve both the Town Centre and Charlotteville entrances, plus roads. Mr Duggan told Tribune Busi ness that this planned spend had already attracted a devel oper interested in the land immediately to the Town Centres south, adding: It just opens up all these lands. C M Y K C M Y K BUSINESS PAGE 6B, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 38%/,&+263,7$/6$87+25,7< $'9(57,6(0(17 $&$1&<)25 $0%8/$1&('5,9(5$%$&2f 7KH3XEOLF+RVSLWDOV$XWKRULW\LQYLWHVVXLWDEO\TXDOLHGLQGLYLGXDOV IRUWKHSRVW$PEXODQFH'ULYHU$EDFR6WDWLRQ3XEOLF+RVSLWDOV $XWKRULW\ $SSOLFDQWVPXVWSRVVHVVWKHIROORZLQJTXDOLFDWLRQV &OHDQROLFHHFRUG $ YDOLG'ULYHUV/LFHQVHDQGDPLQLPXPRI GULYLQJH[SHULHQFH 0XVWKDYHH[FHOOHQWLQWHUSHUVRQDOFRPPXQLFDWLRQVNLOOV -2%$5< 5HVSRQVLEOHIRUWUDQVSRUWLQJSDWLHQWVDQGVWDIZKRUHTXLUH HPHUJHQF\PHGLFDODVVLVWDQFH6HFXUHVVFHQHDQGPDLQWDLQV VDIHW\$ELOLW\WRRSHUDWH7HPHUJHQF\YHKLFOHV '87,(6,1&/8'('%87/,0,7(' HVSRQGVLPPHGLDWHO\WRHPHUJHQF\FDOOV HFXUHVWKHVFHQHRIDQHPHUJHQF\VLWXDWLRQDQGPDLQWDLQV VDIHW\ $VVLVWVLQWKHDGPLQLVWUDWLRQRI)LUVW$LGDVGLUHFWHGWKHWHDP OHDGHU $VVLVWV7HDP/HDGHULQWUDQVSRUWLQJSDWLHQW SHUDWHVWKHYHKLFOHVDIHO\DQGHIFLHQWO\ DLQWDLQFRPPXQLFDWLRQEHWZHHQWKHVFHQH'LVSDWFKHUDQG $FFLGHQWDQG(PHUJHQF\'HSDUWPHQWLQFRPSOLDQFHZLWK(PHUJHQF\ HGLFDOHUYLFHV'ULYLQJURWRFROV /HWWHURIDSSOLFDWLRQDQGFXUULFXODYLWDHVKRXOGEHVXEPLWWHGWKURXJK \RXU+HDGRIGHSDUWPHQWWRWKH'LUHFWRURI+XPDQ5HVRXUFHV &RUSRUDWH3XEOLF+RVSLWDOV$XWKRULW\UG7HUUDFH: &HQWUHYLOOHRU3%R[1DVVDX%DKDPDVQRODWHUWKDQ WK 1RYHPEHU 200 construction jobs in $18 million Town Centre Phs 1 F ROM page 1B A RENDERING of the Solomons Fresh Market. SEE page 7B

PAGE 19

Weve phased it, the New Providence Development Company chief executive added of the Town Centre. Most of our energies have been directed to the Solomons Fresh Market store, making sure were designing that as efficiently as we can. We have a number of Letters of Intent with other retail tenants. Weve got Letters of Intent on about 75 per cent of first phase retail space, which is 15,000 square feet. We see the demand for office space out west becoming very strong, too. Mr Duggan said New Providence Development Compa-ny had not gone to market yet on the 15,000 square feet of office space also included in the Old Fort Bays first phase, although this would happen shortly. Were going to do four main phases, he added. The first phase is going to kick-off with the Fresh Market and 15,000 square feet of retail and 15,000 square feet of office space. The second phase will be demand driven, and which we expect to roll into very shortly, another 15,000 square feet of retail and 15,000 square feet of office space. Then we will go into our second anchor, which will be at the eastern end of the site. We see that as beinga general merchandise store. A cknowledging that the market is still fairly green and growing in western New Providence, hence the controlled phasing of the Old Fort Bay Town Centres development, Mr Duggans aid the developers were targ eting several consumer mar kets. We see the existing shopper, who shops at the LyfordCay stores, and we see the shopper that used to shop at the Lyford Cay Centre and has been frustrated with the deteriorating quality of that centre. So we hope to recapture that customer, Mr Duggan told Tribune Business. We have the new growth from housing developments such as Serenity, Lyford Hills, Old Fort Bay, Albany and Charlotteville. With what Gavin [Watchorn, AML Foods president and chief executive] and his team have designed for their store, we see a customer wanting a quality shopping experience they cant get elsewhere on the island, and will want to drive to get there. Mr Duggan said he expected the Old Fort Bay Town Centre would contain about 20 retail outlets once the four phases were fully completed, and about six retailers at New Providence Development Companys existing Lyford Cay Shopping Centre had already agreed to move to the new development. The Solomons Fresh Market store will cost the developer some $5 million alone to construct, but Mr Duggan said New Providence Development Companys 50-year history, with extensive investments and being the largest private landholder on the island, meant it could take a long-term development view. Asked why the company was taking such a project on in the midst of a deep recession, Mr Duggan told Tribune Business: If you look at the history of New Providence Development Company, itsa company over 50 years-old in the Bahamas, and that enables us to take a longer term view than newer developers, who want to be in and out. This is an anchor for 2,200 acres, so we can take a longterm view. For the west tob uild out, we need to have l ong-term amenities. That build-out was already happening, Mr Duggan said, adding: If you drive through Old Fort Bay, you have 20 houses in development at an given time. That has been pretty consistent for the past four to five years, and has not slowed down. Albany is coming on big time, and also Charlotteville and Serenity. I dont want to overstate the importance of t his, but at the end of the day we are replacing a retail centre that already exists, and upon which deferred mainte nance has built up. Its retail keeping pace with the quality of roof topsb eing built out here, and gives r esidents another reason to live out west. It provides them with a reason to stay out here and spend their retail dollars out west. Mr Duggan said many resi dents in western New Provi-d ence went into Nassau as little as once per month, disliking the drive and commute especially the heavy traffic. This is what the Old Fort Bay Town Centre is designed to play to both the retail and office space and give western New Providence dwellers the ability to live and work their full-time, creating a strong sense of community and eliminating the Nassau commute. I think youll see the west become less of a bedroom community, Mr Duggan told Tribune Business. SMG Construction has been hired as the general contractor for the Old Fort BayT own Centres construction, a nd the firm will be hiring numerous sub-contractors to perform specialist tasks. Leasing inquiries for the new development should be directed to Sara Callender at 362-4177 or scallender@old-f ortbay.com C M Y K C M Y K BUSINESS THE TRIBUNE MONDAY, NOVEMBER 22, 2010, PAGE 7B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM :$17(' 38%/,&+263,7$/6$87+25,7< $'9(57,6(0(17 $&$1&,(6 (0(5*(1&<(',&$/(&+1,&,$1(07f%$6,& 7KH3XEOLF+RVSLWDOV$XWKRULW\LQYLWHVVXLWDEO\TXDOLHGLQGLYLGXDOV IRUWKHSRVW(PHUJHQF\0HGLFDO7HFKQLFLDQ%DVLF1DWLRQDO (PHUJHQF\HGLFDOHUYLFHVXEOLF+RVSLWDOV$XWKRULW\ $SSOLFDQWVPXVWSRVVHVVWKHIROORZLQJTXDOLFDWLRQV $PLQLPXPRIWZRfVXEMHFWVDWWKH%*&(OHYHODW &HUWLFDWLRQDVDQ(PHUJHQF\HGLFDO7HFKQLFLDQ%DVLF ZLWKWKUHHf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bs in $18 million Town Centre Phs 1 A SITE PLAN of the centre. F ROM page 6B

PAGE 20

pliers were jostling to be involved with the development of Solomons Fresh Market, which will act as the anchor retail tenant for New Provid ence Development Companys Old Fort Bay Town Centre, with one suppliers owner planning to visit the Bahamas personally to work on the format. AML Foods was still budgeting to invest $4-$4.5 million in covering pre-opening costs for Solomons Fresh Market, w hich Mr Watchorn estimated would open its doors to consumers in the 2010 third quarter. He added that there would certainly be minimal debt required for that, as AML Foods had already accumulated some $2.7 million on fixed d eposit to cover the Solomons Fresh Market investment. The BISX-listed retail group is setting aside a further $130,000 in cash flow per month to also finance the pre-opening costs. I think its got great potent ial for our company, and were very pleased to partner with New Providence Development Company on this, Mr W atchorn told Tribune Business. Were going to create a store that not only shines in the Bahamas, but the Caribbean. A number of people were g oing to work with, seeing the designs, expressed pleasure to be part of this concept because it was going to be special. One s uppliers owner is coming down to work on this, because he wants it to be part of his resume. Its good when you have suppliers jostling to bep art of a project. When AML Foods researched the consumer demographics and market reach for i ts new outlet, Mr Watchorn said it determined that there were about 2,200 lots and apartm ents both developed and undeveloped between Blake Road and Albany/the Lynden Pindling International Airport. The AML Foods chief execu tive added that once Solomons Fresh Market became established and successful, the group would look a t expanding the concept to other locations in the Bahamas possibly even the wider Caribbean. We have our eye on that l ong-term, but need to build this first, develop it and make it successful. With the planning that has gone into this, the prot otype can roll out very quickly to another location if we so choose. It opens new markets, revenue streams for us, Mr Watchorn told Tribune Busi-n ess. Once this beds down and becomes successful, it will, I think, serve as a prototype for stores of this nature. Our aim is to provide a store to the community that serves all the needs of the community out here. It will have a significant focus on healthierl iving, and fresh produce will be available to the consumer that is not necessarily here right now. S olomons Fresh Market will cover some 37,000 square feet in space, some 30,000 square feet of that being earmarked as s elling space for consumers. Mr Watchorn said AML F oods had been working with a California-based designer for 1 2 months on its Solomons Fresh Market design, anda dded: Every inch of this store is planned. The interior decor will fit in with both the Town C entre and general Bahamian themes, as well as having an environmentally friendly focus as well. I think its going to be somet hing that people will be very excited to see, and I frankly believe our store and the Town Centre will become a destinat ion shopping experience. I think were going to see a leap into the 21st century. Rhys Duggan, New Providence Development Compa-n ys chief executive, developer and landlord at the Town Centre, said the Solomons Fresh Market store would contain s ome 54 skylights, making it a much brighter and airy shopping experience. Mr Watchorn said all equipment employed by SolomonsF resh Market would be imported from the US and energy-rated, while the store would also collect and recycle rainwater. Weve put a lot of work and research into this, and pretty much everything that goes in there will be energy-rated, the AML Foods chief said. W hen asked by Tribune Business how much he expected this investment to reduce Solomons Fresh Markets e nergy costs, Mr Watchorn said that when initial projections were done, it expected the light bill to be between 30-40 per c ent lower than its existing outlets. However, recent cost rises h ad caused some adjustment to these projections, and AML F oods was now looking at a minimum 25 per cent reductioni n costs compared to existing stores. C M Y K C M Y K BUSINESS PAGE 8B, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.261.00AML Foods Limited1.011.010.000.1500.0406.73.96% 10.759.67Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6.184.50Bank of Bahamas4.904.900.000.5980.2608.25.31% 0.580.18Benchmark0.180.180.00-0.8770.000N/M0.00% 3.492.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.152.14Fidelity Bank2.172.170.000.0160.040135.61.84% 12.509.62Cable Bahamas10.4610.460.001.0500.31010.02.96% 2.842.36Colina Holdings2.402.400.003,5950.7810.0403.11.67% 7.005.40Commonwealth Bank (S1)6.856.850.002,2090.4220.26016.23.80% 3.651.63Consolidated Water BDRs1.841.870.030.1110.04516.82.41% 2.551.60Doctor's Hospital1.601.600.000.1990.1108.06.88% 6 .995.94Famguard6.076.070.00-0.0030.240N/M3.95% 10.207.26Finco7.267.260.000.2870.52025.37.16% 11.408.77FirstCaribbean Bank9.749.39-0.353,2500.6450.35014.63.73%5 .513.75Focol (S)5.465.460.001,0000.3660.21014.93.85% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 5.595.00ICD Utilities5.595.590.000.0120.240465.84.29% 1 0.509.82J. S. Johnson9.909.82-0.081,6500.9710.64010.16.52% 10.0010.00Premier Real Estate10.0010.000.000.9910.80010.18.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.002100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk Hi 52wk Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield BISX LISTED & TRADED SECURITIES AS OF:7% Interest 7%RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)29 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6.95%20 November 2029THURSDAY, 18 NOVEMBER 2010BISX ALL SHARE INDEX: CLOSE 1,483.22 | CHG -21.94 | %CHG -1.46 | YTD -82.16 | YTD % -5.25BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%30 May 2013 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas Supermarkets5.016.0114.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.51221.4076CFAL Bond Fund1.51225.11%6.79%1.490421 2.92652.8300CFAL MSI Preferred Fund2.91871.10%3.13%2.919946 1.56551.4954CFAL Money Market Fund1.56553.87%4.48%1.545071 3.20252.8522Royal Fidelity Bahamas G & I Fund2.8624-8.16%-7.49% 13.638813.0484Royal Fidelity Prime Income Fund13.56421.47%2.95% 114.3684101.6693CFAL Global Bond Fund114.36849.98%12.49%109.392860 106.552899.4177CFAL Global Equity Fund106.55284.75%7.18%100.779540 1.13671.0000FG Financial Preferred Income Fund1.13674.30%5.21% 1.09741.0000FG Financial Growth Fund1.09742.75%6.87% 1.13631.0000FG Financial Diversified Fund1.13634.18%5.78% 9.74859.1005Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.74584.35%5.22% 11.236110.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.6000-1.59%4.26% 10.00009.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 39.5037-4.96%-4.96% 8.16434.8105Royal Fidelity Int'l Fund Equities Sub Fund8.16435.79%9.42% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeksBid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeksAsk $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volumeLast Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volumeWeekly Vol. Trading volume of the prior week Change Change in closing price from day to dayEPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded todayNAV Net Asset Value DIV $ Dividends per share paid in the last 12 monthsN/MNot Meaningful P/E Closing price divided by the last 12 month earningsFINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200731-Oct-10BISX Listed Mutual FundsNAV Date 31-Oct-10 31-Oct-10 30-Sep-10CFAL Securities Ltd. 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C M Y K C M Y K BUSINESS THE TRIBUNE MONDAY, NOVEMBER 22, 2010, PAGE 9B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM through trade liberalisation. R esponding to a concerned industry stakeholder on Friday, Raymond Winder, Deloitte & T ouche (Bahamas partner, said he is hoping a twopronged approach will bear fruit for the Bahamas in the WTO accession negotiation process. This will see Bahamian negot iators seek to maintain protective tariffs on imports on goods that Bahamian manufacturers also produce and, where this does not work, to call for an extended adjustment period before elimination of those tari ffs. But he warned that the fact s ome light industries in The Bahamas do not generate a lot of jobs and, in some cases, have very few companies participating in them, could increase the challenge he will face as he negotiates with coun-t ries such as the US or Canada over why these Bahamian sectors should remain protected to the extent they are now from foreign competition. S peaking on the Bahamas proposed WTO membership at the Bahamas Institute of Chartered Accountants (BICA week-long seminar on Friday,M r Winder said: One of the c hallenges with light industry is that its not really an industry per se, because we dont have more than one, maybe two, companies involved in that i ndustry. For example, with B lanco Bleach. So when I sit at t he table to talk about that, it doesnt look like a scenario where we are a country talking about an industry. That looks like I am trying to give myf riend Pinder a good deal. N onetheless, Mr Winder described his plan of attack to protect certain Bahamian manufacturers, in particular, which seems to involve putting forw ard a position on behalf of t his nation that would allow s pace for it to concede tariff eliminations/reductions without moving substantially from where matters stand in practice at present. We are going to attempt to b ind our tariffs for light indust ry much higher than where they are now. In other words, for example, the rate on bleach is 40 per cent, so we are going to give them our binding rate at 6 0 per cent, Mr Winder said. And to the extent that we cant get what we want to get, our next level of commitment would be to stretch out for as long as we possibly can the transitional period as to whent hose reductions will happen. Mr Winder noted that most countries acceding to WTO membership had an average import tariff rate of between 9 t o 20 per cent, while the average tariff for the Bahamas is 33p er cent. He and a team from the Ministry of Finance have a lready begun meeting with industry representatives from sectors such as beverage manufacturing, packaging, publishing and furniture operations toa ppraise them of the accession process and seek their input ont he changes that will have to be made affecting their indust ries. Other meetings with key groups are planned. We have to go through a painful process of identifying where we are going to make c hanges to accomplish a lower average tariff. We all know that w ill have an impact on revenue, so government will have to do that in line with whatever changes they plan to make to where they get their revenue f rom, said Mr Winder. He added that there are 12 s ervice areas that the WTO has asked the Bahamas to debate, d iscuss and determine what kind of commitment and level of involvement we are going to allow for non-resident companies and individuals to partici pate in our economy in those areas. Mr Winder said there were inevitably winners and losers in the trade liberalisation process that the WTOd emands, and suggested that negotiators for the Bahamas will probably focus most of their efforts on ensuring this nation is able to remain most c ompetitive in the goods and services industries that havem ost potential for future growth. If your enterprises lack the ability to compete then theyre going to go out of business. Some industries in the Bahamas will die a slow death. The real-i ty is unless light industry can move from simply manufac-t uring to being able to compete on a global basis, it becomes s tagnated and with very limited growth. Financial services and tourism are clearly areas where the Bahamas has great strength, so we need to harness our s trength in that regard, he added. Mr Winder said that the n egotiating team will try not to liberalise the Bahamas posi tion regarding its trade with the US, Canada and other large markets more than it was o pened up under the terms of the agreement recently signed r egarding trade in goods and services between The Bahamas a nd Europe under the Eco nomic Partnership Agreement (EPA I know we are negotiating backwards in a sense. In other words its better to be part of WTO then do an EPA. But in our research we have seen thato ther countries have been able to accomplish that. In other words, they went into bilateral agreements first, then went intoW TO and agreed to terms that w ere not as liberal as those agreements. So thats the plan. Big countries like the US are likely to test us on that, butt hats the plan, Mr Winder said. Asked how long it may be before the tariff reductions and other easing of access to the B ahamian market for foreign entities becomes a reality for Bahamian companies, Mr Winder suggested this dependso n the particular sector. Theres not going to be one item in totality. I think different services will require different periods of liberalisation. There a re certain things we will fight harder on depending on the impact to our country, he said. Mr Winder noted that the sad reality is that the B ahamas is the only country in the western hemisphere that is not a part of the 153-member WTO, which aims to ease trade globally through lessening barr iers and resolving disputes that a rise between countries. T his leaves The Bahamas o pen to being discriminated against in global trade without recourse, he suggested, and has allowed the continuation of out-of-date practices that may not be in the best interests of Bahamians such as decisionm aking based on policies subject to ministerial discretion, r ather than hard and fast rules to be prolonged. H e encouraged accountants to become more knowledgeable on the WTO accession p rocess and its implications, noting that the changes that it w ill involve have implications for every facet of life in theB ahamas, and therefore the capacity for Bahamians to have a real debate on the pros andc ons of its various aspects would be beneficial. I do believe this particular group has responsibility and opportunity to become more engaged in understanding thisp rocess. Too many dont understand the process, said Mr Winder. F ROM page 1B SOME BAHAMIAN INDUSTRIES WILL DIE SLOW DEATH Photo by Tim Clarke/Tribune staff WARNING: Raymond Winder, Deloitte & Touche (Bahamas ing partner.

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DUBLIN D EBT-STRUCK Ireland formally applied Sunday for a massive EU-IMF loan to stem the flight of capital from its banks, joining Greece in a step unthinkable only a few years ago when Ireland was ab ooming Celtic Tiger and the economic envy of Europe, according to Associated Press. European Union finance ministers quickly agreed to t he bailout, saying it "is warranted to safeguard financial stability in the EU and euroa rea." The European Central Bank, which oversees monetary policy for the 16-nation eurozone, welcomed the agreement and confirmed t hat the International Monet ary Fund would contribute financing, while Sweden and Britain not members oft he euro currency said they were willing to provide bilateral loans to Ireland, too. I rish Finance Minister Bria n Lenihan spent much of the night talking to other eurozone financial chiefs a bout the complex terms and conditions of the emergency aid package taking shape. Lenihan said Ireland needed less than euro100 billion ($140 billionc redit line for its state-backed banks, which are losing deposits and struggling tob orrow funds on open mark ets. The money will come from the EU's executive c ommission and a financial backstop set up by eurozonen ations earlier this year. There may also be additional b ilateral loans from countries o utside the eurozone. Ireland has been brought t o the brink of bankruptcy b y its fateful 2008 decision to i nsure its banks against all l osses a bill that is swelling beyond euro50 billion ($69 b illion) and driving Ireland's deficit into uncharted territory. T his country of 4.5 million now faces at least four more y ears of deep budget cuts and tax hikes totaling at least euro15 billion ($20.5 billion just to get its deficit bloated this year to a European record of 32 percent of GDP back to the eurozone's limit of 3 percent by 2014. The European Central B ank and other eurozone m embers had been pressing behind the scenes for Ireland long struggling to come to grips with the true scale ofi ts banking losses to accept a bailout that would r eassure investors the count ry won't, and can't, go bankrupt. Those fears have been d riving up the already inflate d borrowing costs of several e urozone members, particul arly Portugal and Spain, on bond markets. Pace S till, the rapid pace of Sunday's humiliating Irish U-turn surprised many analysts.M ore than 30 banking e xperts from the IMF, ECB and European Commission had arrived in Dublin only t hree days before to begin poring over the books and projections of the govern-m ent, treasury and banks, a mammoth task expected to take weeks. But Lenihan said it was n ow painfully clear that Ireland couldn't go it alone any longer, and its cutthroat plans f or recovery would require a major shot of "financial firepower" immediately. L enihan said Ireland was a sking eurozone and IMF donors to loan money to a "contingency" fund fromw hich Irish banks could borrow. He said the funds would "not necessarily" be used. Hee mphasized that the govern ment's own operations are fully funded through mid-2 011. "Not all the money will go in (to the banks standby fund," Lenihan told Irish state broadcasters RTE. Ireland's move comes just six months after the EU andI MF organized a euro110 billion ($150 billion Greece and declared a e uro750 billion ($1.05 trillion) safety net for any other eurozone members facing the risk of imminent loan defaults. I t demonstrates that creati ng the three-layered fund d idn't, by itself, reassure g lobal investors that it would be safe, or smart, to keep l ending to the eurozone's w eakest members. I reland's precipitous fall h as been tied to the fate of its overgrown banks, which received access to mountains of cheap money once Ireland joined the eurozone in 1999.T he Dublin banks bet the bulk of its borrowed funds o n rampant property markets in Ireland, Britain and the United States, a strategy that paid rich dividends until 2008, when investors begant o see the Irish banking system as a house of cards. When the most reckless s peculator, Anglo Irish Bank, faced bankruptcy in September 2008, it and other Irishb anks persuaded Lenihan and aides that they faced only short-term cash prob lems, not a terminal collapse o f their loan books. Lenihan announced that Ireland would insure all d eposits and, much more critically, the banks' massive borrowing from overseasi nvestors against any d efault, an unprecedented move. At the time, Lenihan billed h is fateful decision as "the cheapest bailout in history" and claimed it wouldn't cost the Irish taxpayer a penny. T he presumption was that confidence would return and Ireland's lending wouldr esume its runaway trend. But two years later, Lenihan had already nationalized Anglo and two other smallb anks and taken major stakes in the country's two domi nant banks, Allied Irish and Bank of Ireland. The flight o f foreign capital was accelerating again amid renewed doubts that the government understood the full scale of its losses. L enihan and the Irish Cent ral Bank responded by estim ating the final bill at euro45 b illion to euro50 billion ($62 billion to $69 billion). But i nvestors resumed their withd rawal from Irish banks and b ond markets in mid-Octob er, driving up the borrowing costs for Portugal and Spain, which face their own deficit and debt crises. Economists increasingly d oubt that the economies of Ireland, Portugal, Spain and G reece will grow sufficiently to build their tax bases and permit them to keep financing, never mind paying down, their debts. Mone y T he first portion of Ire land's loan might come from t he European Commission, t he EU's executive. After that, the Washington-based IMF and a facility funded bye urozone nations could raise m oney in bond markets. When Irish Prime Minis ter Brian Cowen gathered his 15-member Cabinet together for a rare Sunday meet ing, his aides briefed r eporters that the main topic would be approval of Ireland's four-year austerityp lan. It has been in the works since September and seeks to close the gap between Ire-l and's spending, currently running at euro50 billion, and depressed tax revenues ofj ust euro31 billion. It proposes the toughest steps in the 2011 budget,w hen euro4.5 billion will be cut from spending and euro1.5 billion in new taxes imposed steps that threaten to drive Ireland's morib und economy into recession and civil unrest. Both Cowen and Lenihan have stressed that Ireland's 12.5 percent rate of tax on b usiness profits its most p owerful lure for attracting a nd keeping 600 U.S. comp anies based here would not be touched no matter w hat happened. F rance, Germany and othe r eurozone members have r epeatedly criticized the rate as unfair and say it should be raised now given the depth of Ireland's red ink. The 2011 budget faces a d ifficult passage through parliament when it is unveiled D ec. 7. Cowen has an undependable three-vote majority that is expected to disappear by the spring as byelections, or special elections, are heldt o fill seats. Cowen and his long-domi nant Fianna Fail party are l anguishing at record lows in opinion polls. The latest survey published i n the Sunday Business Post newspaper said Fianna Fail has just 17 percent support, whereas the two main oppo s ition parties, Fine Gael and Labour, command 33 percent and 27 percent respectively. T hose two parties are widely expected to form a center-left government afterC owen loses his majority, w hich would force an early election. Reflecting the national m ood, the Sunday Independent newspaper displayed the photos of Ireland's 15 Cabinet ministers on its front p age, expressed hope that the IMF would order the Irish political class to take hugec uts in positions, pay and benefits and called for Fianna Fail's destruction at the next election. Slaughter them after Christmas," the Sunday Inde pendent's lead editorial urged. C M Y K C M Y K INSIGHT PAGE 10B, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Ireland says EU, IMF agree to fund emergency aid IRISH PRIME MINISTER Brian Cowen, left, and The Minister for Finance, Brian Lenihan leave a press conference at government buildings, Dublin, Ireland, Sunday, Nov. 21, 2010. Debt-struck Ireland on Sunday formally appealed for a massive EU-IMF loan to stem the flight of capital from its banks, joining Greece in a step unthinkable only a few years ago when Ireland was a booming Celtic tiger and the economic envy of Europe. (AP Country brought to brink of bankruptcy

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C M Y K C M Y K INSIGHT T HE TRIBUNE MONDAY, NOVEMBER 22, 2010, PAGE 11B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM GREYMOUTH, New Zealand THEexplosion that left 29 miners missing in New Zealand resembled "a shotgun blast, but much, much louder and more powerful," said a coal miner who was smashed into the mine wall before collapsing amid the smoky, swirling gas and dust, according to Associated Press. When he came to, Daniel Rockhouse, 24, dragged himself upright and staggered to a nearby compressed air line to breathe in fresh air and gain some strength. "I got up and there was thick white smoke everywhere worse than a fire. I knew straight away that it was car-bon monoxide," Rockhouse, whose brother Ben remains underground, told the New Zealand Herald newspaper in its Monday edition. "I couldn't see anything, and it was dead quiet," he said. "I yelled, 'Help, somebody help me!' But no one came. There was no one there." Toxic gases after Friday's explosion were still keeping rescuers from entering the mine near Atarau on South Island Monday, and evidence of heat underground was concerning officials, who feared there could be another blast. Fresh air was being pumped down an open air line, but gas levels were still fluctuating wildly, authorities said. A six-inch (15-centimeter wide hole is being drilled from the mountain above down 500 feet (150 meters to assess air quality and to low-er listening devices. The missing miners have not been heard from since the blast but o fficials insist the search for them is a rescue operation. The drill was expected to reach the mine wall overnight. A n open phone line to the bottom of the pit rings unan swered after nearly three days. New Zealand's mining sector is generally safe. In China which has the world's deadliest mines water flooded a small coal mine Sunday, trap ping 28 workers, officials said.T hirteen workers escaped and rescue work continued for the missing men. The only other survivor in the New Zealand blast so far, Russell Smith told New Zealand's TV3 news that he was driving a loader into the mine when he saw a flash in f ront of him. "It wasn't just a bang, fin ish, it just kept coming, kept coming, kept coming, so I crouched down as low as I could in the seat and tried to get behind this metal door, to stop getting pelted with all this debris," Smith said. I remember struggling for breath. I thought at the time it was gas, but ... it was dust, stone dust, I just couldn't breathe. And that's the last I remember," he said. Shortly after, Rockhouse who was himself "drunk" from c arbon monoxide poisoning and on weak legs came across another miner lying on the ground. "I grabbed his hair and pulled his head back, and realized it was Russell Smith," he told the New Zealand Herald. U nable to rouse him, Rockhouse grabbed Smith under the armpits and dragged him 550 yards (500 meters fresh-air base. But it was filled with carbon monoxide. They stumbled on, using the compressed air line for fresh air, and after an agonizing twohour struggle, they finally emerged from the mine. Both were treated at a hospital for minor injuries. "I could have easily been blown to bits," Smith said, acknowledging he was lucky to have survived. Smith said he couldn't help worrying about his colleagues still underground. "There's a lot of young guys down there. A lot of people waiting," he said. "Whether they're still alive or dead or ... in an air pocket, you just don't know, because we're not too sure where the explosion was." Anguished relatives of the missing miners were given a tour of the site Sunday in order to better understand the situation, but the emotional trip did little to allay their concerns. It was good to see the layout of the place, but it's still hard," said Laurie Drew, whose 21-year-old son, Zen, is missing. "We just want to be there when they walk out." Police have said the miners, aged 17 to 62, are believed to b e about 1.2 miles (two kilometers) down the main tunnel. "Teams are on standby and at the first opportunity, day or night, they're going to go down in there," police superintendent Gary Knowles, the rescue controller, told Sky News television. He could not say how long a rescue operation would take, given the unstable gas levels. Officials believe the blast was most likely caused by coal gas igniting. An electricity failure shortly before the explosion may have caused ventilation problems that let gas build up. The miners' union said Sunday there had been no previous safety issues at the mine. "As far as I know, there had been pretty standard procedures in place and nothing ... that would have pointed to a potential risk was raised by workers," Andrew Little, spokesman for the Engineering, Printing and Manufacturing Union, told reporters. Australian and British citiz ens were among the missing men, and Australia sent a team of mine rescue experts to assist the operation. The coal seam at the mine is reached through a 1.4-mile (2.3-kilometer nel into the mountain. T he seam lies about 650 feet (200 meters face. The vertical ventilation shaft rises 354 feet (108 meters) from the tunnel to the surface. Each miner carried 30 minutes of oxygen, and more stored in the mine could allow several days of survival. The 2-year-old Pike River mine is working the largestknown deposit of hard coking coal in New Zealand, about 58.5 million tons. A total of 181 people have been killed in New Zealand's mines in 114 years. The worst disaster was in March 1896, when 65 died in a gas explosion. Friday's explosion occurred in the same coal seam. The Pike River coal mine differs from the Chilean gold and copper mine where 33 men were rescued after being trapped 69 days. Methane gas was not a con cern at the Chilean mine, but its only access shaft was blocked, while the Pike River mine has two exits. Survivor struggled to breathe after New Zealand coal blast AGONY: Relatives of one of the 29 miners and contractors trapped in the Pike River Mine leave a meeting after being briefed by mine management, in Greymouth, New Zealand, Saturday. (AP THE ENTRANCE to the Pike River coal mine is seen in Greymouth, New Zealand, Sunday. (AP

PAGE 24

INSIGHT C M Y K C M Y K The Tribune INSIGHT M ONDAY, NOVEMBER 22, 2010 The stories behind the news By PAUL G TURNQUEST Tribune Staff Reporter pturnquest@tribunemedia.net A NEW day is dawning in the Bahamas. An entity that w as once only talked about will soon become a reality on Cable Beach Baha Mar. A t an estimated value of over $2.6 billion, it is conside red by all estimates to be a m onolithic project. To some it is considered a monstrosity that will consume all that was here before it. To others it is a golden egg. To the chairman and CEO of Kerzner International, Sir Sol Kernel, it is somethinge lse altogether. Last week, Sir Sol made a rare appearance in the local press by issuing a statement to the media on the impendi ng approval of Bah Mar. In his statement, Sir Sol said that while they welcomed a ny project that would enhance and improve the tourism sector in The Bahamas, the proposed terms of the Baha Mar project violates the Kerzner Headso f Agreement with The Bahamas. He promised that Kerzner International would d iscuss with the Government h ow to address this breach i n their most favoured nation clause. Principle Since this statement there has been much talk in the press about what exactly a most favoured nation clause is. According to the Minister of State for Finance, Zhivargo Laing, a MFN classification is an internationally established economic principle, centrally recognized by the World Trade Organization (WTO which seeks to establish a lev el playing field between mutu al parties. "The term is counter intuitive, Minister Laing explained. The name suggests that you treat the entity with MFN status more favourably than others, but what it really means is that you treat everyone alike; you don't treat anyone more favourably," he said. Based on the MFN principle, if one MFN entity is granted special Customs rates, for example, then all MFN entities should be granted special Customs rates. The specific rates would be established by government policy or law. In the case of the Bahamas, the Hotels Encour a gement Act addresses the issue of concessions, while a llowances for labour are specified in government policy, he said. In order to establish whether a breach of MFN privilege exists, Mr Laing suggested one would have to assess a competing agreement "in its totality" and not compare a single line item. He said the question of a breach is "not so simple from the government's point of view." In fact during the Prime Ministers wrap up on the Baha Mar debate he said, "I do not concede that we would be in breach of the deal with Kerzner. The relationship between the Bahamas and Kerzner has been mutually beneficial, Prime Minister Ingraham said. Sir Sol, however, has taken the conversation to another level when he revealed during a teleconference with the press last week that if Baha Mar were to be approved in its current state the jobs of over 8,000 employees at Atlantis could be put at risk. It seems to me pretty ridiculous in this current envi ronment, even if the economic environment were a lot bett er to look to come in and double the current number of r ooms overnight. It seems to me pretty irresponsible. I also believe that one should take into account that we have 8,000 people working with us, and if this were to move forward the likelihood is that people's jobs would have to be threatened. It is just impossible, practically impossible to double the size of the market. Pressure As we said in our statement, last year was a tough year and occupancy was under pressure. Well guess what, this year is even tougher. So it seems pretty ridiculous to me that these folks are wanting to move for ward, he said. And move forward they have. The Baha Mar labour resolution was passed unani mously before the House of Assembly (36 voting for, with four absent), which allows for 8,150 foreign workers, but no more than 5,000 at one time to be employed on the Baha Mar Cable Beach project. Following this unanimous v ote in the House of Assembly last week, Baha Mars s enior vice-president of external affairs, Robert Sandy Sands said that construction for the single-phase $2.6 bil lion Baha Mar development project could break ground as early as January, pending the close of the Export Import (EXIM na loan. Contractors have already been chosen for the first six construction packages, total ing $60 million, which will include the new Commercial Village contracts and the new West Bay Street. According to Mr Sands, the initial payout will cover construction contracts and also includes numerous Bahamian architects, engineers, quantity surveyors, sup pliers and many other related parties who will participate in these first six contract packages. Prior to the approval of this massive project, Sir Sol said that he did not want to speculate on what he would do if Baha Mar was approved without at least the development being phased in as his Atlantis properties were. Now that the project has been p ushed through the proverbial pipeline, the question r emains: What will Atlantis do in response? Addressing these concerns, Prime Minister Hubert Ingra ham informed the nation that he was confident that Sir Sols concerns about Baha Mar could be resolved satisfacto rily. He also publicly proclaimed his respect and gratitude for Sir Sol's contribu tions to the country, adding that he will do anything in his power to ensure the Atlantis product remains successful on Paradise Island. However this commitment, he said, does not mean he will not be fair to other developers. "We were always con cerned, when we came to office that there was nothing in the Baha Mar deal that would have given them a better deal than Kerzner. I think I can say that the thing that ticked Kerzner (off than anything else is a state ment by Perry Christie to the effect that Baha Mar only wants to get what Kerzner got," said Mr Ingraham on the radio show Issues of the Day. "There is no question in m y mind of my high regard f or Sol Kerzner and what he has done for the Bahamas. I w as berated by many when he came in 1994 and what he has done for the Bahamas has transformed our tourism i ndustry. He has provided us with 2,000 more jobs than he committed to, he has a very suc-c essful project on Paradise I sland and I will do all I can, for as long as I can, to ensure that his project is successful. That has nothing to do with whether I will be fair to anybody else. (Butk nowingly give anybody else a b etter deal than Kerzner got, s tated the nations chief. During his live radio interview, Mr Ingraham alsoa ccused the former Christie administration of engaging in secret deals with Baha Marb y promising them conces sions not included in their contract. H e said these secret concessions are part of what gov ernment is trying to renegoti a te. The PLP government gave Baha Mar a deal over and above what they signed in the contract. So on thes ame day that they signed the contract they issued what was called side letters offering Baha Mar more. "We tried to pull those things back. We are now doing an analysis to see the extent to which we have been successful, we think we have been somewhat successful in ensuring that there is equity and balance between the two." Hopefully this equity and balance between the two resorts will eventually allow the two properties to complement each other, without there being any cannibalism in the marketplace, he said. However, this appears highly unlikely if both hotels will be aiming for the same dwindling number of highend visitors. At this stage it is not easy to dismiss Atlantis concerns as a mere fear of competition when one considers that our air arrivals have not actually been booming over the past few years. With a global recession still wreaking havoc on our tourism industry, no expert is willing to guess on when things are expected to turn around in that sector. Maybe, like the haunting voice in the Hollywood film A Field of Dreams, if Baha Mar builds it, the tourists will come. Kerzners concerns on Baha Mar project BAHAMAR DEBATE: Minister of State for Finance Zhivargo Laing, CEO of Kerzner International Sir Sol Kerzner and Prime Minister Hubert Ingraham


(i The Tribune |

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OT

M@ Grief and fury after teenager shot by police
M Three people murdered in weekend violence








































































By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net



GRIFF turned to fury in
Bain Town following the
fatal shooting of an 18-year-
old youth by a reserve offi-
cer on patrol in the area.

Police reinforcements,
members of the media and
residents were pelted with
stones, a squad car was burnt
to a shell, and a ZNS vehicle
was severely damaged by
people protesting the shoot-
ing.

Sharmoco Newbold, of
King Street, was reportedly
shot in the head while flee-
ing from police in the Hos-
pital Lane and Meadow
Street area at about midday
on Saturday, according to
eyewitnesses.

Family members reported
that Mr Newbold and a
group of other men were
gambling in the area when
they were approached by
police. In their attempt to
flee the scene, Mr Newbold
was killed.

However when speaking
to members of the press in
Bain Town, Commissioner
of Police Ellison Greenslade
said officers were on patrol
in the area of Hospital Lane
and Meadow Street when
they saw a young adult male :
with what “appeared tobe a alarmed and very distressed ABOVE: A family mem-
weapon in his possession.” as a result of a shooting. ber is comforted by Com-

In his initial report, Mr | Mr Greenslade did not missioner of Police Elli-
Greenslade said when the identify the shooting victim _ son Greenslade minutes
armed officers approached Whom he admitted was _ before the second wave of
the young man “shots rang member of his family. violence erupts.
out from both sides and a Police confirmed that Mr
short while thereafter it was | Newbold, whose father is a RIGHT: Rev C B Moss
confirmed that a young adult police sergeant, was out on (centre) attempts to
male resident in the area was _ bail on charges of possession _gstablish order as stones
deceased.” of an unlicensed firearm and are thrown by unknown



The Commissioner said ammunition. culprits. At left, the body
he was called to the scene Eyewitnesses say the of Mr Newbold is shielded
shortly after the shooting by Unrest that followed the py officers and residents
officials who indicated that as they attempt to trans-
the community was “quite SEE page 14 port the deceased out of

the area.

Felipé Major/
Tribune staff

Betlohiclay THREE MURDERS, COMMISSIONER'S BROTHER INJURED IN SHOOTING

SB Giltps By NOELLE NICOLLS of Police Commissioner Ellison She was robbed and shot in her
Tribune Staff Reporter Greenslade. abdomen in the parking lot of her

eX ie nnicolls@tribunemedia.net Mr Greenslade’s brother was hitin workplace, the Montagu Inn, Shirley



the leg after ashooting incident ata Street. She died of her injuries a
VIOLENCE rocked other parts Charmichael Road Junkanoo shack. short time after arriving at the hos-
of Nassau over the weekend, with — His injuries were not life-threatening. __ pital.
three murders and a number of A 37-year-old Chinese woman is Police reports state the woman
shootings that left several victims believed to be the latest murder vic-
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NASSAU AND BAHAMA ISLANDS? LEADING NEWSPAPER
PAGE 2, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE
LOCAL NEWS

IMT, 2

Pictured below.is:the patrol car which was burnt to a shell on Saturday following ihe fatal
shooting of an 18-year-old youth by a reserve officer on patrol in the area.

Felipé Major/Tribune staff

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THE TRIBUNE



LOCAL NEWS
wy EE

Bain Town could
see ‘repeat events’
if structural issues
‘are not addressed’

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

THERE could be “repeat
events” such as the Bain Town
unrest if “structural issues” are
not addressed in communities,
said a local community leader.

Rev CB Moss, pastor at
Mount Olive Baptist Church
and president of the Bain and
Grants Town Advancement
Association, was speaking out
after 18-year-old King Street
resident Sharmoco Newbold
was shot by police.

“There have been a number
of shootings involving members
of the law enforcement agency
that the residents have ques-
tioned,” said Mr Moss.

“The incident touched off the
venting of their feelings. It was
unfortunate, but as I said, it was
bound to happen because we
have some structural problems
in this and many other commu-
nities. Unless these problems
are addressed there will be
repeats not only in Bain Town,
but other areas of New Provi-
dence.

“It is beyond the police. We
are talking about addressing the
social deficiencies like unem-
ployment; things like youth
development. There is no
national youth plan to advance
the development of young peo-
ple in these communities;
resources need to be invested,
and there has to be more inclu-
sion by the various sectors. The
government needs to include
more of the stakeholders in the
planning and implementation
of programmes.”

Police Commissioner Ellison
Greenslade, while speaking at
the scene, commended Mr Moss
for his role in diffusing commu-
nity tension.

Seeking his assistance, the
police gave Mr Moss a bull
horn, from which he gave his
commitment to “stay engaged
to ensure proper investigations
are done.”

Mr Moss said he was not
injured in the rock throwing,
despite media reports to the
contrary.

He commended the police for
exercising “excellent restraint”
in handling the matter. “It could
have escalated into a very, very
serious situation,” he said.

As for the teenager who died,
Rev Moss said he was a well
known person in the communi-
ty.

“He comes from a very large,
upstanding family. He was a stu-
dent in our summer youth pro-
gramme for years, as he grew
up in the community. I know
the entire family. A finer young
man you would not want to
meet. I say that from personal
experience. His record was
known by everyone in the com-
munity. I think that is what cre-
ated the depth of feelings,
because they know him,” said
Mr Moss.

“Obviously that ignited long-
standing feelings that the people
in the community were not
being treated with the kind of
respect and dignity they felt
they deserved,” he said.

The official opening of the
West Street Festival, staged a
few blocks away from the police
shooting, was delayed as a result
of the incident.

According to Mr Moss, the
annual community festival is
designed to strengthen families
and strengthen relationships.

“The festival served also to
divert the minds and attention
of residents from that ugly scene

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EMOTIONS RUN HIGH: Officers attempt to assist grieving family
members and protect the crime scene.









COMMUNITY LEADER Rev CB
Moss at the scene on Saturday.

Registration Deadline November 30, 2010

early in the day. We have no
doubt that community strength-
ening is the way to go to address
the social issues we have that
sometimes result in crime and
criminality,” he said.

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PAGE 4, MONDAY, NOVEMBER 22, 2010

THE TRIBUNE





EDITORIAL/LETTERS TO THE EDITOR

BIFF and its festival

The Tribune Limited

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

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

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

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

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

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

TELEPHONES
Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager - (242) 502-2352

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

Can Nassau support two large casinos?

ON SATURDAY evening a former
Atlantis employee took a walk down memory
lane. He recalled his days with Kerzner Inter-
national. He hoped, as has been suggested,
that Sir Sol would never sell his resort. Sir Sol
recently dismissed the rumour by announcing
he had no intention of selling.

He might be peeved in his belief that
Baha Mar has received extra concessions
and that his “most favoured nation” status
has not been protected, but “he will never
sell,” declared another staff member.

The former employee conceded that if
sold Atlantis would continue to operate, but
would never be the same. The Kerzners, he
said — referring to Sir Sol and his much love
son, Butch, who tragically died in a heli-
copter crash — were unique employers —
they cared for their staff. A senior staff mem-
ber later confirmed that the very essence of
father and son was that they were always
“cognisant of doing the right thing.”

The former staff member, now in his own
business, recalled November 2008 when the
Kerzners reluctantly announced that they
had to layoff 800 employees because of
falling room rates, the results of a worsening
global economy. This was 10 per cent of the
work force. The same was happening in all
Kerzner International’s offices around the
world. George Markantonis, president and
managing director of Kerzner International,
noted that Americans were just not focusing
on travel at that time. He hoped there would
be a relatively quick turnaround in the glob-
al market, specifically in the US economy
which would result in an upswing in visitor
arrivals. That, he said, would enable them
to recreate some of the employment oppor-
tunities they were then eliminating.

But staff were not just given pay slips and
waved goodbye. They received enhanced
severance pay — in other words higher sev-
erance than required by law. They were pro-
vided with a résumé and briefed on inter-
view skills. All those covered under the com-
pany’s health programme were given a six-
month extension, where necessary a call was
made to their bank to explain the situation so
that something could be worked out for
them. And when it was discovered that a
husband and wife worked in different depart-
ments of the resort, which meant that both
breadwinners of that family would have lost
their jobs, one was rehired.

“What company today would be so con-
cerned about their staff?” asked the former
employee.

In fact today a number of persons let go
during the downsizing have been rehired,
and the resort has created more jobs so that
eventually the net impact on the economy

was not seriously affected.

Speaking in the House on the Resolution
on the Baha Mar project, Prime Minister
Ingraham recorded “with satisfaction that
among two of the three hotel operators who
are to partner with Baha Mar resort are two
top luxury operators of small hotels —Rose-
wood and Morgan’s.” We do not contest
that, but we are concerned with the latest
financial report on Hard Rock Café in Vegas
— the town recognised as the queen of the
gambling market. Morgan’s has 12.8 per cent
ownership in, and a management agreement
with Hard Rock, which is now in financial dif-
ficulty because the gamblers are not com-
ing.
Pit was said that “it was difficult to predict
what will happen for the remainder of the
year at the Hard Rock given the short term
booking patterns and transient nature of the
hotel business, especially in the fourth quar-
ter of Morgan Hotel Group’s major mar-
kets.”

It was reported: “Due to the continued
difficulties in the Las Vegas market, Hard
Rock's operating cash flows have not been
sufficient to cover the aggregate debt ser-
vice this year. There have been some months
where the ownership joint venture was
required to use funds from reserves to service
the debt. Unless the market improves
markedly, or the joint venture generates
additional liquidity, there is a risk to Morgan
Hotel Group's equity position and manage-
ment agreement, which may be terminated
by the lenders in the event of foreclosure or
under certain other circumstances.”

Here in the Bahamas Atlantis has a 60,000
square foot casino. Baha Mar plans to build
a 100,000 square foot casino. By the time
Baha Mar’s casino comes on stream, Florida’s
casinos will be in full swing, there will be
casinos in Jamaica, the Dominican Republic,
New York and Pennsylvania — some of them
the Bahamas’ primary markets. Today an
American gambler only has to get in his car
to go to the neighourhood casino. With the
gaming house virtually at his back door, he
no longer has to join the gambling junkets to
fly to the nearest gaming house — the
Bahamas. If Las Vegas’ Hard Rock can’t
fill its casino and now faces forceclosure,
how can Nassau successfully fill two large
casinos? Does Baha Mar plan to cannibalise
the gambling hot spots of Macau and Shang-
hai — if not, then from where else, other
than the dwindling American market, will
they lure their players?

We hope for the sake of all involved that
the Baha Mar principals have crunched their
numbers and have not gambled their future
on gaming stakes that are too high.



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programming for
locally made films

EDITOR, The Tribune.

Please published the follow-
ing letter which is addressed
to:

Fellow Bahamians,

In writing this letter, The
Bahamas International Film
Festival (BIFF) hopes to clar-
ify the subject of festival pro-
gramming for locally made
films, which has been recent-
ly raised in the form of an
open letter to The Tribune.

Like all other film festivals
around the world, BIFF exists
to provide the local commu-
nity with a diverse presenta-
tion of films, be these local or
from around the world. In
addition to offering films that
might not otherwise be
released theatrically in the
Bahamas, BIFF provides a
unique cultural experience,
educational programmes, and
forums for exploring the
future of cinema.

BIFF fully embraces, cele-
brates and promotes Bahami-
an films and it is happy to be
showcasing 12 of them this
year. The festival track record
speaks for itself. No local
event does more to champion
home grown talent and enter-
tainment product than BIFF
and this dedication will only
grow stronger as the years
pass. This is truly the People’s
festival, as its growth and suc-
cess is determined solely by
the passionate, energetic citi-
zens who bring it to life each
year and experience some-
thing new and unique.

As due process dictates,
the film in question was sub-

LETTERS

letters@tribunemedia.net



mitted to the Festival for con-
sideration and after review-
ing it (along with hundreds of
other films submitted) BIFF
was very happy to include it in
this year’s programme. This
speaks volumes for the sup-
port of the film, given that a
more restricted number of
films will be programmed this
year, making the selection
process more challenging and
difficult.

Rather than celebrating
what would have been an
amazing screening at BIFF, it
seems that some individuals
associated with the film were
unhappy that it would not be
shown at the opening or the
closing night of the festival.
The Festival’s is sure that any-
one associated with a film
would want it to be an open-
ing night gala or closing night
gala. That would amount to
over 64 requests for just 2
slots and as much as the Fes-
tival would love to provide
every film the biggest plat-
form and the brightest stage,
this simply cannot be
achieved. This reality is true
for every major film festival
around the world.

The producers of the film
therefore chose to screen it
independently before the Fes-
tival, which is unfortunately
not abiding to the rule of the
Festival (and of many other
prime Festivals around the

World) that states that films
presented must be at least
National Premieres, hence
creating the impossibility for
BIFF to screen it.

At the Festival each film
is carefully evaluated on its
own merit in a long and ardu-
ous process and then difficult
programming decisions must
be made. When all is said and
done, every film is promoted
to the fullest extent in the
hopes that each and every
film is a sell out and leaves
an indelible mark on those
who saw it. But in order to
maintain the structure and
honest integrity of the Festi-
val, certain guidelines must
be adhered to year in and
year out.

Whilst we would wish to
support as many Bahamian
films as possible, the Festival
cannot afford that the break-
ing of a rule jeopardizes its
international recognition.

In closing, the Festival
believes that with the support
of the public every film will
be a major success! And this
is what the Festival strives to
achieve as a non-profit orga-
nization.

We hope that you will also
participate to a celebration of
film and a special cultural
event from December 1 to 5
at Atlantis and Galleria Cin-
emas JFK.

Most sincerely,

MS. LESLIE
VANDERPOOL
Founder & Executive
Director, Bahamas
International Film Festival
November 18, 2010.

BIFF opening films are
aimed mainly at adults

EDITOR, The Tribune.

This is in response to Chris
Lois’s letter, in the Novem-
ber 18th edition, berating the
Bahamas International Film
Festival for sending the “clear
message” that it does not sup-
port Bahamian film.

I worked for BIFF for two
years and I worked on the set
of Windjammers for a few
days when they were shoot-
ing additional footage early
this year. Let me be clear, I
have not watched Windjam-
mers, and have not spoken to
Ric Van Maur (Writer/Direc-
tor/Producer of the film) or
Leslie Vanderpool (Executive
Director of BIFF) about this
matter. am not a reporter.

When considering a film
to open the festival, you have
to understand that the screen-




ing leads right into a party, at
which alcohol is served, that
often goes on into the wee
hours of the morning. To that
end, Leslie always looks for
content aimed mainly at
adults.

For the past two years,
BIFF has been opened by
Rain and Children of God;
both films written and direct-
ed by talented Bahamian film-
makers, Maria Govan and
Kareem Mortimer, respec-
tively.

The films were not only
deserving, the content was
also appropriate for the open-
ing night atmosphere. From
what I have seen and heard,
Windjammers is a Disney
styled film aimed mainly at
children. If the festival were
to be rearranged just to
accommodate a single film

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that has some Bahamian cast
and crew, wouldn’t that be
supporting the kind of self
entitled nepotism many of us
complain about?

Besides, if Mr. Lois’s argu-
ment really is that a Bahami-
an Festival should be opened
by a Bahamian film, then he
should be arguing for Crazy
Love, written and directed by
Bahamian Filmmaker
Clarence Rolle, using a
Bahamian cast and crew. But
he isn’t. He’s arguing for the
film his daughter has a small
part in.

Also Mr. Lois does not
mention that Windjammers
was scheduled to screen later
in the festival. As for that
scheduled screening being
cancelled, Leslie has a rule
(misguided or not) that the
festival does not show films
that have already premiered
in the Bahamas.

This is a rule that a lot of
major festivals around the
world have, it just isn’t talked
about.

Ric’s “private” screening
at the Atlantis theatre could
be construed as violating this
tule, especially when you con-
sider that the theatre seats
over 500.

For Ric to screen his film
at the same venue as BIFF’s
opening night film, on the
very night before it opens,
seems to send the “clear mes-
sage” of “I am going to open
the Festival whether you want
me to or not” (I can only
imagine Leslie’s reaction).
However, I’m sure Ric has a
justification for this.

T also notice that The Eye
of The Dolphin was recently
screened in Freeport but is
still on this year’s schedule.
I’m sure Leslie has a justifi-
cation for this.

I am not arguing who has
the right or wrong in this.
Frankly, I don’t believe either
party is on the side of the
Angels here.

Bahamian film should be
supporting itself, not tearing
itself down every time some-
one feels slighted.

I just think that to publicly
blast BIFF without even men-
tioning the conditions of the
situation means that Mr. Lois
is either irresponsibly igno-
rant for someone condemn-
ing so openly, or does not
consider the truth important.

JASON DARCY
Nassau,
November 19, 2010.
THE TRIBUNE MONDAY, NOVEMBER 22, 2010, PAGE 5
LOCAL NEWS

BAIN TOWN CHAOS









TOP LEFT: Armed police officers at the scene
in Bain Town.

TOP RIGHT: Reinforcements are called in to
assist crime scene investigators, who were
pelted with rocks while trying to assess the
shooting scene.

ABOVE: Firefighters tackle the vehicle which
was set ablaze.

LEFT: An armed police officer stands guard in
an effort to maintain control following the
fatal shooting of 18-year-old Sharmoco New-
bold of King Street.




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Scripture Thought
TITUS Chpt. 3: 12-14

Final Messages

12 When | send Artemas to you, or Tychicus, be dili-
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spend the winter there.

13 Send Zenas the lawyer and Apollos on their journey
with haste, that they may lack nothing. 14 And let our
people also learn to maintain good works, to meet ur-
gent needs, that they may not be unfruitful.

ALTHOUGH originally
scheduled to retire at the end
of the month, Mrs Elma Gar-
raway, Permanent Secretary
at the Ministry of Education,
has agreed to stay on in her
post for an additional six
months, Education Minister
Desmond Bannister con-
firmed yesterday.

Praising his permanent sec-

Farewell

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PAGE 6, MONDAY, NOVEMBER 22, 2010

Ministry’s Permanent Secretary
to stay on in post for six months

retary for her extensive
career in the education field,
Mr Bannister said they were
“delighted” to have Mrs Gar-
raway agree to stay on in her
post.

Mrs Garraway was first
appointed as a Permanent
Secretary in the Ministry of
Health in February 2000, fol-
lowing her appointment as

CHAOS IN
BAIN TOWN |,



Under Secretary in the Min-
istry of Education in May
1997.

According to the govern-
ment’s profile of Mrs Gar-
raway, she also served as the
Deputy Director of Educa-
tion from January 1993 to
May 1999.

A veteran teacher and edu-
cator, she brings 49 years of



THE TRIBUNE

experience in the field of
education to her present
position; having served as
chairperson, assistant chair-
person and lecturer in the
Teachers Education Division
of The College of the
Bahamas and as senior mis-
tress, team leader and

teacher at the primary school
level.

CRIME SCENE INVESTIGATORS are shown, alongside
Police Commissioner Ellison Greenslade, bringing Mr New-
bold’s body out to the hearse.

Felipé Major/Tribune staff

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THE TRIBUNE

EXUMA realtors are call-
ing on the Government to
intervene in what they term is
the over-valuation of prop-
erties by the Treasury depart-
ment on that island, causing
home and land owners to pay
property taxes of upwards to
three times what they are
legally entitled to pay.

Collingwood Turnquest, a
realtor in Exuma with Cold-
well Banker Lightbourn
Realty, told The Tribune yes-
terday that winter residents
in particular have even con-
sidered leaving the island
because of this.

“These people have
breathed life into Exuma for
six months of every year,
especially since the recession.
The only other money-maker
on the Island is Sandals
Resort at Emerald Bay.

“I find myself asking the
question of how does this
killing of the goose with gold-
en egg benefit us, the Exu-
mians? If the winter residents
leave and tell everyone the
Bahamas is no longer tax-
friendly, where will the gov-
ernment collect their taxes?
Will they then start taxing us
who are already struggling to
pay the high cost of BEC,
BTC and all of the other
raised taxes?” he asked.

In one example, Mr Turn-
quest explained that an indi-
vidual had purchased a home
for $950,000, and a year later
the same building was
appraised by agents of the
Treasury’s tax department at
$1.5million.

“T don’t see how in this
type of economy anything
would dictate that kind of
increase,” he exclaimed.

“Does the Bahamas gov-
ernment no longer want us
here? One resident said they
have considered hiring a trac-
tor to push off their house
and leaving the property to

Home, land owners paying
up to three times what
they are legally entitled

the government and walking
away. I ask the powers-that-
be to think about the long-
term effect of this policy they
are using to try and get mon-
ey in the Treasury that never
comes back to us the Exumi-
ans anyway,” he said.

Floyd Ambrister, another
realtor on the island, told The
Tribune that this developing
situation is damaging an
already fragile economy.

“The difficulty has arisen
over the way new Real Prop-
erty Tax legislation is being
applied in Exuma. Many
home owners have paid their
property tax for years and
believed they were in com-
pliance with the law. Recent-
ly their property has been
reassessed and they have
been presented with new
bills.

“The problems that arise

from this are several. Many
of the bills reflect the current
year’s bill plus several years
of arrears. In some cases the
total amount owed is in the
hundreds of thousands of dol-
lars. People feel it is unfair
to charge the arrears when
payments were accepted by
the Ministry of Finance with-
out any question over sever-
al years. They argue that the
acceptance of the payment
and the issue of a receipt indi-
cated that the bill has been
satisfactorily paid.

“Further, the new assess-
ments are apparently based
on what prices were in Exu-
ma four or five years ago.
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MONDAY, NOVEMBER 22, 2010, PAGE 7

Call for government to intervene

over property taxes on Exuma

in recent years reflecting the
fact that the very high prices
were seriously inflated.
Home owners argue that the
market value is what they can
reasonably expect to get for
their property today,” he
said.

Mr Ambrister said several
people have expressed doubt
that the officers making the
assessments are even “com-
petent” to do so.

“There are cases where
home owners who have sim-
ilar property have compared
their assessments and found
them wildly different. Cer-
tainly they have a very dif-
ferent view of values than the
six qualified appraisers on the
island.”



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THE TRIBUNE

MONDAY, NOVEMBER 22, 2010, PAGE 9



BNT ‘has no interest

in militant campaign’
against developments

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

THE Bahamas National
Trust said yesterday it has no
interest in “destabalising pri-
vate property rights” by
engaging in a “militant cam-
paign” against managed pri-
vate developments in nation-
al parks.

“The issue of minimal
localised development pro-
posals that will be conducted
under strict environmental
protocols using best manage-
ment practices” is not worth
the fight, said a statement
issued by the Bahamas
National Trust (BNT), the
body charged with the pro-
tection and management of
more than 700,000 acres of
land and sea territory.

Property

“Reasonable access to, and
use of, private property is a
right that is guaranteed by
the Bahamian constitution,
and that right extends to
property in the Exuma park,”
stated the BNT.

The matter of regulating
development on private land
in national parks has been a
sticky issue for the BNT, as
there are several instances
where national parks strad-
dle private land.

The issue came to a boil
over approvals given to
Prince Karim Aga Khan IV
for dredging and excavation
of his 349-acre Bell Island in
the protected Exuma Cays
Land and Sea Park.

When the government
leased the 176 square miles
of Exuma land and sea terri-
tory to the BNT in 1958,
about one third was already

It’s more than engineering.

privately owned and not
included in the lease agree-
ment.

There are still at least three
private islands, including Bell
Island and Halls Pond Cay,
which is owned by Viktor
Kozeny, a national of the
Czech Republic, who is want-
ed in the United States to
face corruption charges.

Home

The situation is not unique
to Exuma. In Andros West
Side National Park, about
40,000 acres of prime real
estate is owned by the
Bethell family, of the late
CWF Bethell. The property,
known as the Flamingo or
Turner Islands, is home to a
commercial bone fishing
camp.

With the government fail-
ing to exercise its right to
compulsory acquisition of
private land in the formation
of protected areas, the BNT
has to juggle competing inter-
ests.

In the case of Bell Island,
the BNT says the develop-
ment is not commercial and
“there will be limited and
short-term disturbance of the
seabed for the provision of
navigable access to the own-
er’s inland yacht basin and
service dock”.

“If properly executed,
using best management prac-
tices, dredging imposes a tol-
erable and temporary impact
on the marine environment.
In order to travel from island
to island, boaters need safe
harbours and navigable chan-
nels. As a nation we must
learn how to dredge without
it becoming an incendiary
issue every time the word is
mentioned,” stated the BNT.

“The owner’s original plan
for Bell Island would have
involved the dredging of
more than 43,000 cubic yards
of spoil. As a result of the
BNT’s efforts, the project’s
impact has now been further
reduced so that less than
13,000 cubic yards will now
be dredged,” stated the BNT.



MINIMAL IMPACT:
Hubert Ingraham

Prime Minister Hubert
Ingraham recently weighed
in on the debate, insisting the
public should not be con-
cerned.

He said: “First of all I am
very happy indeed that the
Bahamas was able to attract
the Aga Khan to take up res-
idence in the Bahamas, it's a
wonderful thing.

“Tt will help us to attract
even more people of his ilk
to the Bahamas.

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posed can be done safely
with minimal impact on the
environment and that the
material dredging can be dis-
posed of in the appropriate
way.

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in the market is really just
that, noise.”

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THE TRIBUNE

MONDAY, NOVEMBER 22, 2010, PAGE 11



[
Royal Bahamas Police Force



By CONSTABLE
3011 MAKELLE PINDER

919 is a nationally recog-
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ly and updated information
may be needed.

Emergency Calls:

-Crimes in progress

-Offender at the scene of
the crime

-Witnesses at the scene of
the crime

-Any incident involving
injuries

TIPS
¢ Remain CALM!
¢ Explain your situation.
¢ Answer all questions and fol-
low directions as instructed.

Should you be a victim of
crime, please do not resist but
take note of the description of
the culprit e.g. his appearance,
clothing, height, physical
details and the direction or
mode of escape.

Call the police as soon as it
is safe to do so.

If you come across any sus-
picious person(s) loitering
around your business or have
any information pertaining to
any crime, please do not hesi-
tate to contact call the police
emergency at ‘919° or Crime
Stoppers at 328-tips (New
Providence), 1-300-8476 (Fam-
ily Islands)



eye Vey Vea



Rowena "Mena"
Antoinette Greene

of East Shirley Street
died at her residence on
Tuesday, November 16, 2010

BQO

She is survived by her daughters:
Marcelle Farrington
and Barbara Greene;
sister Mary Cleare
and a host of family
and friends.

Funeral services will be
held on Friday, November 26
at 10:45am
at Sacred Heart Roman
Catholic Church.

Interment will be
in the Eastern Cemetery

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PAGE 12, MONDAY, NOVEMBER 22, 2010

THE TRIBUNE



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Switcha

By SIR RONALD SANDERS

(The writer is a Consultant and
former Caribbean diplomat)

PROBLEMS have emerged
in the Bahamas over the number
of Chinese workers on a project
funded in part by the Export-
Import (Ex-Im) Bank of the
People’s Republic of China.

The original number of Chi-
nese workers appears extraor-
dinarily high — 8,150 even though
there is an undertaking from the
owners of the project that the
peak number of foreign work-
ers, at any given time, will not
exceed 5,000 non Bahamians.

Rightly, Bahamas’ Prime
Minister, Hubert Ingraham, has
raised concerns about the large
number of Chinese workers. His
concerns are particularly rele-
vant against the background
that, according to the Interna-
tional Monetary Fund “tourist
arrivals declined by 10 per cent
and foreign direct investment
fell by over 30 per cent, leading
to asharp contraction in domes-
tic activity and a large rise in
unemployment” in the Bahamas
in 2009.

Construction is a critical
engine of growth in any econo-
my, but especially so in small
economies where payments to
local workers and suppliers keep
money in circulation over a wide
area including supermarkets,
transport providers, clothing and
footwear stores, real estate

rentals and banks.

If 8,150 Bahamians — or close
to it as possible — could be
employed in this project, it
would definitely be a fillip to the
Bahamian economy and help to
expand domestic activity and
create jobs directly and indirect-
ly.

The issue troubled Ingraham
enough for him to travel to Chi-
na to raise the matter with the
Chinese government and return
to the Bahamas with the news
that he had succeeded in secur-
ing $200 million dollars more for
construction workers and for
Bahamian sub-contractors, rais-
ing the total that would be allo-
cated to them to $400 million.

How this translates into jobs
for Bahamians and a reduction
in the number of Chinese work-
ers is unclear, but note should
be taken that, not surprisingly,
the opposition Progressive
Labour Party (PLP) has charac-
terised Ingraham’s journey to
China as “‘a failure.” To be fair,
it should also be pointed out that
it was the PLP that introduced
this project, known as Baha Mar,
when it served as the govern-
ment.

Baha Mar, projected to cost
$2.5 billion, is a very large tourist
project. On completion it is
expected to rival the Bahamas’
biggest tourist plant, Atlantis,
which was developed by Kerzn-
er International. The operators
behind Baha Mar include Sarkis
Izmirlian, its Chief Executive

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Officer, whose published profile
says “he currently manages most
of the Izmirlian family business-
es from offices in The Bahamas.
These businesses include com-
modities trading and processing,
manufacturing, real estate, and
public market investments.” Mr.
Izmirlian is said to have over-
seen the negotiations with the
Government of The Bahamas
and the acquisition of the Baha
Mar project site.

Like every commercial busi-
ness, Baha Mar puts its prof-
itability first, and, clearly, in
seeking financing from Ex-Im
Bank of China, the company
apparently accepted that the
work force, in effect, would be
71 per cent Chinese and 29 per
cent Bahamian — a bitter pill for
Bahamians to swallow in the
best of economic times and cer-
tainly indigestible in the present
economic climate.

No one in the Bahamas or
elsewhere doubts the contribu-
tion that Baha Mar will make to
the Bahamas economy in the
short and long term, but the con-
ditions of the Chinese loan ran-
kles on the requirement for such
a large number of Chinese work-
ers. After all, this is not aid. It is
not even emergency or disaster
aid when a high component of
Chinese material and people
would be acceptable. It is purely
and simply a commercial con-
tract, lending money that will
have to be repaid.

The only reason one can sur-
mise for the insistence on such a
large number of Chinese work-
ers, vastly outnumbering
Bahamian ones, is that the Chi-
nese will work for less and trade
union conditions, and rights,
would not apply in their case
thus reducing the cost of the pro-
ject.

This commentary is less con-
cerned about the local politics
of the Bahamas that are involved
in this issue; more qualified peo-
ple can comment on them. It is
more concerned with the pre-
sent and future relations
between Caribbean Community
(CARICOM) countries and Chi-
na.

The experience of African
countries, notably Angola
recently, in relation to China’s
use of an overwhelming number
of Chinese workers, shows a
strain in their relations with Chi-
na. In 2006, the former Presi-
dent of South Africa Thabo
Mbeki famously remarked:
Africa must guard against falling
into a "colonial relationship"
with China.

I have long argued that
CARICOM countries should
negotiate with China at least a
long-term framework treaty that
covers aid, trade and investment.
It should be a treaty along the
lines of the Lomé and Cotonou
Agreements that existed with
the European Union.

As in all their bargaining with
third countries, the CARICOM
states would secure better terms
if they negotiated with China as
a collective than if each of them
tried to bargain alone.

And, if they succeeded in set-
tling a treaty with China, issues
such as the paramountcy of local
labour in commercial projects
and in loan-funded projects
could be settled upfront, as
would issues such as the
supremacy of labour laws and
respect for human rights in the
countries where such projects
are undertaken.

To negotiate such a Treaty
with China, however, CARI-
COM countries have to do one
of two things: those who now
recognise Taiwan over China
will have to drop that stance so
that there is a united CARI-
COM recognition of China only;
or those that recognise China
should proceed to negotiate the
Treaty with China leaving the
others to join when they can.

There is a small window of
opportunity left to negotiate a
meaningful treaty with China.
As China grows more powerful
economically crowding out
CARICOWM’s traditional aid
donors and investment partners,
it will become very difficult for
small Caribbean countries to
bargain for the best terms even
on commercial projects.

Beggar thy neighbour poli-
cies will get CARICOM coun-
tries nowhere in the long term
and the time is right for all
CARICOM countries to
strengthen their relations with
China on the basis of a struc-
tured and predictable treaty.

My friend and fellow writer,
Anthony Hall, wrote recently
that Hubert Ingraham’s “chal-
lenge to China” on the issue of
the 8,150 Chinese workers “is
precedent setting... and it
behoves all leaders in our region
to support, and be prepared to
emulate, the stand he’s taking:
for together we stand, divided
we fall.”

China has itself faced the
challenges of division; it might
—just might — respect Caribbean
unity.

Responses and previous
commentaries at:
www.sirronaldsanders.com
PAGE 16, MONDAY, NOVEMBER 22, 2010





Bahamian student to represent her school in Washington, DC

TALENTED 11-year-old
Tyja Braynen, a Bahamian
student at Saints Peter and
Paul School in Miami, has
been selected to represent her
school and the state of Florida
at the junior national young
leaders conference (JrNYLC)

in the spring of 2011 in Wash- $uished honour will afford the — the American capitol, and — Peace Prize Winner AlGore; _ leaders conference is dedicat-
ington, DC. seventh grader the opportu- meet with some of the coun- __ retired General Colin Powell, ed to honouring the most
Tyj 4 wacnominaled byher ity to become a junior _ try’s congressional leaders. former Secretary of State and — promising sixth and seventh

11-year-old receives certificate signed by President Obama

teacher Vicky Alvarez for
being an outstanding individ-
ual, displaying academic
excellence and strong leader-
ship potential. This distin-

LOCAL NEWS

national scholar and join a
select group of middle school
students from throughout the
United States on a tour of his-
torical sites and museums in

Past participants of the
JrNYCLC have had the priv-
ilege of being addressed by
world leaders such as former
US Vice President and Noble

THE TRIBUNE

founder of America’s Promise
Alliance, and Newt Gingrich,
former Speaker of the US
House of Representatives.
The junior national young



grade students and preparing
them for the world of leader-
ship and opportunities which














a Cc lic ahead of them.
MINISTRY OF WORKS & TRANSPORT In addition to her trip to
oe Washington, DC, Tyja

received a certificate signed
by President Barack Obama
and the United States Secre-
tary for Education, Arne
Duncan, in recognition of her
outstanding academic
achievement.

NOTICE
CORRIDOR 136
PRINCE CHARLES HIGHWAY
New 24" Watermain Pipe Installation



Tyja Braynen

AeA

An established Nassau based company seeks
to fill the position of Assistant Administrator
in the Procurement and Asset Management/
Logistics Dept. All applicants MUST possess
the following:

Jose Cartellone Construcciones Civiles S.A wishes to advise the motoring public that road works will
continue along sections of ROBINSON ROAD/PRINCE CHARLES DRIVE from Monday
November 22â„¢, 2010.

The intersection of Sayle Avenue & Old Trail Road will be affected as the works proceed along
Robinson Road to Prince Charles Drive.

PHASE I!

Motorist travelling in the following directions should divert to the specified route as indicated on the
map or seck an alternate route to their destination.

OLD TRAIL ROAD:
SAYLE AVENUE:

route.

College degree in Business.

IT knowledge.

The ability to learn quickly.

Excellent communication and team work
skills.

Moatornst should use Soldier Road as an alternate route.

Motorist should use Marathon Road and Samana Drive as an alternate

PHASE ill

Phase 3 to commence upon completion of the newly installed twenty four inch (24"") watermain pipe at
the intersection of Sayle Ave. and Old Trail Road.

Motorist travelling eastbound on Robinson Road towards Prince Charles Highway should divert on Old
Trail Road & Soldier Road and continue to their destination.

Only committed, hard working and self
motivated persons need apply.

Resumes should be submitted to:

jobvacancybs@hotmail.com
Please bear in mind that while the works are ongoing, access will be granted to residents and local

businesses that may be affected during these construction phases. All resumes must be received by

December 1*,2010

c

Employment Opportunity

Assistant Branch Manager, Abaco

We again advise the motoring public to drive with caution as they approach the work zone, kindly obey
the fagmen and observe the signage outlining the work area.

We sincerely apologize for any inconvenience that may be caused and look forward to the full co-
operation of the motoring public throughout this project.

For further information please contact:

oee Cartellone Construcciones Civiles 5A Ministry of Public Works & Transport

Commonwealth Bank is the premier Bahamian Bank with branches
located in Mew Providence, Abaco and Grind Bahama. We are

committed to deliver if SU Pe cpa ey service, 0 iraineng aml

Offke Howrss Mon-Fri &:(Mlaen to 6:00 Project Execution Unie

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oo. . developung oar cmpayecs, bo creatine vali: for our shirchoders
Email bahamasneichbors cartelloeecomar

’ ; P : 7 } if Ae Assistant Brinch Manager. Abaco. This is an important and critical
: a Tanapement positicn within the Aamk

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anil bo promoting economic erewth and stability in the community.

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acheewe CPOE opechves

® Eflechively ianageng a porthole of conser, marheaee anid
commercial hymns.

* Acdjudicating anil managing credit lines within de fe pated
aimhornty and within pale
Managing the Branch's collection activilies and the protection
of collateral

* Ensuring that cisiomer arc proved with Cem pLary customer

service ul all lames.

QUALIFICATIONS SKILLS & EXPERIENCE:
* Bachelor's degree or higher in Business Administration, Banking
& Finance or a related discipline fram an accredited University

Wok Fe an asset

Minimum af five years commercial banking experience walh a
Mminkmun of 3 years supervisory | managenal experence.

E AEST ICTHA U TEATHATT e a diverse loan peuticn ID di See
bevam quality.

Detailed knowledge of Retail ! Commercial ! Mortgage lending
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Excellent leaderstip and coaching skills

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REMUNERATION PACKAGE:

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exciting work enviroment with the opportunity for growth amd
development, We alto offer a Gonpehtive companion packnpe
reflecting the successful applicant's experience and qualification
including a performance based incentive plan, health, vision.

dental and lite insuinices and & pension plan

Qualified individuals should submit complete resumes before
December 6, S10 tne

Homan Resources Departoeent
Re: Assistant Branch Viamager, Abaco
PAO, Bos S8-6264
Nasa [Bulusns
Telefax: (242) 23-8073
E-nail adress: hr combanklid com

Commonwealth Rank slocerey thanks all applicants for their
interest in becoming o purt of oor Tank, however, only those
under consiberation will be contacted,

TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
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710 tem > conrad wel ecm) ql Ai ELE aT GOs ery

Pie ratinen Glenn (o4 pectoipe) rut bo coriploted for roceie: dtr bo be wigks

Rocopt t Tt? bo plated mn alors ontey bows pair bo the wookly dian

1 ‘Winners will be motHied via phone ancor email

Premotinn on ai al ning Wiemay's locations incivaing lurand Bahar

Pitgikeyece a Weare’ s, Cone Cola atte) them frendiabe Lirtily aecnticen are
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aVionsBriy.00amn=4:00p1n

PAGE 20, MONDAY, NOVEMBER 22, 2010

THE TRIBUNE



INTERNATIONAL NEWS

Po _INTERNATIONALNEWS
Fliers’ anger at
TSA boils over

ADAM GELLER,
AP National Writer

How did an agency created
to protect the public become
the target of so much public
scorn?

After nine years of funnel-
ing travelers into ever longer
lines with orders to have shoes
off, sippy cups empty and lap-
tops out for inspection, the
most surprising thing about
increasingly heated frustration
with the federal Transportation
Security Administration may
be that it took so long to boil
over.

Even Secretary of State
Hillary Rodham Clinton, who is
not subjected to security pat-
downs when she travels, under-
stands the public's irritation.
She, for one, wouldn't want to
go through such scrutiny.

"Not if I could avoid it. No. I
mean, who would?" Clinton
told CBS' "Face the Nation" in
an interview broadcast Sunday.

The agency, a marvel of
nearly instant government
when it was launched in the
fearful months following the
9/11 terror attacks, started out
with a strong measure of public
goodwill. Americans wanted
the assurance of safety when
they boarded planes and
entrusted the government with
the responsibility.

But in episode after episode
since then, the TSA has demon-
strated a knack for ignoring the
basics of customer relations,
while struggling with what
experts say is an all but impos-
sible task. It must stand as the
last line against unknown ter-
ror, yet somehow do so with-
out treating everyone from fre-
quent business travelers to the
family heading home to visit
grandma as a potential terrorist.

The TSA "is not a flier-cen-
tered system. It's a terrorist-
centered system and the trav-
elers get caught in it,” said Paul
Light, a professor of public ser-
vice at New York University
who has tracked the agency's
effectiveness since its creation.

That built-in conflict is at the
heart of a growing backlash
against the TSA for ordering



(AP Photo/ The Denver Post, Craig F. Walker, File)
PAT-DOWN: In this Nov. 17, 2010 photo, a Transportation Security
Administration agent performs an enhanced pat-down on a traveler at
a security area at Denver International Airport in Denver. The TSA has
demonstrated a knack for ignoring the basics of customer relations,
while struggling with what experts say is an all but impossible task.
It must stand as the last line against unknown terror, yet somehow do
so without treating everyone from frequent business travelers to the
family heading home to visit grandma as a potential terrorist.

travelers to step before a full-
body scanner that sees through
their clothing, undergo a poten-
tially invasive pat-down or not
fly at all. "After 9/11 people
were scared and when people
are scared they'll do anything
for someone who will make
them less scared," said Bruce
Schneier, a Minneapolis secu-
rity technology expert who has
long been critical of the TSA.
"But ... this is particularly inva-
sive. It's strip-searching. It's
body groping. As abhorrent
goes, this pegs it.”

A traveler in San Diego,
John Tyner, has become an
Internet hero after resisting
both the scan and the pat-down,
telling a TSA screener: "If you
touch my junk, I'm gonna have
you arrested." That has helped
ignite a campaign urging people
to refuse such searches on Nov.
24, which immediately precedes
Thanksgiving and is one of the
year's busiest travel days.

The outcry, though, “is symp-
tomatic of a bigger issue," said
Geoff Freeman, executive vice
president of the U.S. Travel
Association, an industry group
that says it has received nearly
1,000 calls and e-mails from
consumers about the new poli-
cy in the last week.

"It's almost as if it's a tipping
point,” Freeman said. "What
we've heard from travelers time

and again is that there must be
a better way."

Indeed, TSA has a history of
stirring public irritation. There
was the time in 2004 when Sen.
Ted Kennedy complained after
being stopped five times while
trying to board planes because
a name similar to his appeared
on the agency's no-fly list. And
the time in 2006 when a Maine
woman went public with her
tale of being ordered by a TSA
agent to dump the gel packs
she was using to cool bags of
breast milk. And the time in
2007, when a Washington, D.C.,
woman charged that another
TSA agent threatened to have
her arrested for spilling water
out of her child's sippy cup.

TSA denied the last, releas-
ing security camera footage to
try and prove its point. But that
did little to offset the agency's
longtime struggle to explain
itself and win traveler coopera-
tion. It wasn't supposed to be
this way. After Congress
approved creation of the
agency in late 2001, the TSA
grew quickly from just 13
employees in January 2002 to
65,000 a year later. In the first
year, agency workers confis-
cated more than 4.8 million
firearms, knives and other pro-
hibited items, according to a
report by the U.S. Government
Accountability Office.

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business

AML FOODS EYES
25% NEW STORE

ENERGY COST FALL

? 75% of 15,000 sq ft Phase I retail space, accompanying 37,000
Solomon’s Fresh Market store
: Mi Ground broken for Old Fort Bay Town Centre, which will act
: as ‘new commercial centre’ for west of island and also as

: ‘anchor’ for developer's remaining 2,200-acre real estate

* Some $2.7m already set aside to fund }
£ ME Full project to cost $25m, and developer aims for

: ‘unprecedented shopping experience’ that will help turn
western New Providence into ‘more than bedroom community’
: Ml Targeting first phase completion in 10-11 months

fa _. | By NEIL HARTNELL
immediate vicinity, says chief executive | ‘Tribune Business Editor

* Blsx-listed food group says
Solomon’s Fresh Market to be ‘leap
into 21st century’ and ‘not only shine
in the Bahamas, but Caribbean’

$4.5m pre-opening costs, with
$130,000 in monthly cash flow also
dedicated to project

* Some 2,200 developed and
undeveloped apartments /lots in

By NEIL HARTNELL
Tribune Business Editor

Energy costs incurred by its
new Solomon’s Fresh Market

25 per cent below those at

the Caribbean”.

Gavin Watchorn, who is also :
president of the BISX-listed }
food retailing group, said sup- }

| Chief negotiator

- sounds wake-up call
| for Bahamas over

| WIO membership

_ implications

? By ALISON LOWE

? Business Reporter
? alowe@tribunemedia.net

SEE page 8B



| from the daily report.

MONDAY,

NOVEMBER 22,

HW New Providence Development receives Letters of Intent for

inventory

New Providence Develop-

i ment Company has broken
i ground on the $18 million first
: phase construction of its Old
store are expected to be at least : Fort Bay Town Centre, a pro-
AML Foods’ existing outlets p Ject al gees a
the group’s chief executive ; Construction sector jobs and
telling Tribune Business that }
the concept would be “a leap }
into the 21st century” and “not }
only shine in the Bahamas, but }

SOME BAHAMIAN
INDUSTRIES WILL

: The Bahamas’ chief negotia- :
: tor for World Trade Organisa-
? tion (WTO) membership has }
outlined how he will seek to }
: reduce the “pain” associated }
: with the multitude of changes }
: this nation’s business climate }
: will be forced to undergo, }
? describing strategies he has to }
protect Bahamian industries, ;
? but warning that some will
: inevitably “die a slow death” }
i The information contained is from a third) :

party and The Tribune can not be held]
responsible for errors and/or omission]

SEE page 9B

Hii S =
There's newer been oa beter time to buy real estate.
Sales | Reniak | Apprakals | Results

C |

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act as the “anchor” for the
fully-Masterplanned devel-
opment of its remaining 2,200-
acre landholdings in the west-
ern end of the island.

T. Rhys Duggan, New
Providence Development

SEE page 6B

Tax avoidance a ‘national pastim

By NEIL HARTNELL
: Tribune Business Editor

‘DIE SLOW DEATH’ |

i understand that the high lev-
i el of government services they
i desire depends on them pay-
i ing their due taxes, a former

Most Bahamians fail to

SEE page 5B
















ice Tae Le

2010



* Ex-finance minister says
fundamental disconnect, as
Bahamians want big
government but don’t want

to pay for it

* Bahamas ranked 50th in
world for ease of paying taxes

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200 construction jobs in $18m Town Centre Phs 1

PICTURED FROM
LEFT TO RIGHT:
Archbishop Patrick

C. Pinder; T. Rhys
Duggan — Presi-
dent & CEO —- The
New Providence
Development
Company Limited
(NPDCo); Darren
Ginns — President
& CEO — SMG Con-
struction; Gavin F.
Watchorn — Presi-
dent — AML Foods
Limited.

Chamber chief in recovery plan call

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

Forecasting more business

i closures and a worsening
i predicament for previously
i laid-off workers, the Bahamas

SEE page 4B

* Says Chamber survey
showed most firms have
suffered 20-30% top-line
falls

* Adds that local impact of
$100m government roads
project may only be $30m

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PAGE 2B, MONDAY, NOVEMBER 22, 2010 THE TRIBUNE



By ROYALFIDELITY
CAPITAL MARKETS

. Week ending 19.11.10
It was an active week of

trading in the Bahamian stock BISX CLOSING WKLY PRICE VOLUME YTD PRICE

be market. Investors traded in SYMBOL PRICE CHANGE CHANGE
he four out of the 24 listed secu-
: rities with four decliners. AML $ 1.01 $- 0 -13.68%
E The Links, Ine BBL $ 0.18 $- 0 -71.43%
Niassa Chapter oF 1" EQUITY MARKET BOB = $ 4.90 $- 0 -16.95%
Thea ally [vies You lo A total of 107,017 shares BPF $ 10.63 $- 0 -1.02%
Cordially changed hands, representing BSL $5.01 a 0 -50.20%
ALS ; an increase of 98,067 shares BWL $ 2.70 -$0.14 4000 -14,29%
TIKA TS! a VY Li compared to the previous CAB $ 10.46 a 0 4.81%
LIVLLS week's trading volume of — ¢BL $ 6.85 $0.35 86,370 -2.14%
SS 8,950 shares. CHL $ 2.40 $- 10,095 -11.76%
NG Ol Commonwealth Bank — ¢jB $9.74 -$0.35 3,250 —_-2.50%
(CBL) was the volume leader CWCB $1.87 -$0.01 0 -34.39%
in the week, trading a volume DHS $ 1.60 0 -37 25%
, of 86,660 shares to see its FAM 6.07 : 0 -6.47%
Facturung stock close up $0.35 at $6.85. FBB : 217 e 0 -8.44%
= Gowpel Praise Tear _FirstCaribbean Interna- FCL $5.46 $- 1,250 14.47%
a AAAunt Tabor Fun 2047 tional (FCIB) was the biggest FCLB $ 1.00 $. 0 0.00%
agi Marlin Awan 4 decliner last week, trading a FIN $ 7.26 $- 0 21.44%
The 2010 om auth Chit volume of 2,250 shares to see ICD $ 5.59 $- 0 0.00%
the Bahama! National Youth its stock fall $0.35, closing at JSJ $ 9.99 -$0.10 1,750 -0.30%
. $9.39. PRE $ 10.00 - 0 0.00%
aj) Bahamian Music BOND MARKET
Pot Rahming = Fidelity Bank Bahamas
Mi Series C Notes (FBBSC) trad-
ee els ~ The Best Broadway ed a volume of $2,000 notesat ISX DESCRIPTION VOLUME PAR VALUE
sina Welloce & Mo Nikita We DaEvaNn, SYMBOL
har, Anboune oa
Algo showcos!"G eye FBB13 FBBSeriesC 2 $1,000
Earnings Releases: _ Notes Due 2013
nied There were no earnings [ize FBB SeriesD 0 $1,000
Gavin tyne Prima 1 report released last week. Notes Due 2015
1 w, Young J. High Scho! FBB17 FBB Series A 0 $1,000
wy Bathal St. High Schoo Notes Due 2017
eee > of music FBB22 FBB Series B 0 $1,000
ry an exuberant ever” or me Notes Due 2022
; ! ais |
Please orn ¥
INTERNATIONAL MARKETS
FOREX Rates Weekly % Change
EN Currency
—eyeTs: $28.00 ADULTS! CAD 1.0180 2.70
Hee eda 0) (CHILDREN! GBP 1.5990 -0.94
© INFORMAL _ EUR 1.3678 -0.14
rRess: INFOR!
ae (The Links, Ine The Tribune wants to hear C diti Weekl “Ch
va. taste of The Nansau Chapler © from people who are Te ony sean
Proceeds in Aid of Projects ° making news in their Crude Oil Silo -4.68
i neighbourhoods. Perhaps Gold 1342.50 3.34
you are raising funds for a
peel good cause, campaigning International Stock Market Indexes
ee eel for improvements in the
: se \ area or have won an Index Weekly % Change
“ee GY | ‘S mat DJIA 11,203.50 0.10
‘ S&P 500 1,199.73 0.04
If ll 322-1986 ,
* ' a ahare your st NASDAQ 2518.12 0.00
, ee Nikkei 10,022.40 3.06



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THE TRIBUNE

MONDAY, NOVEMBER 22, 2010, PAGE 3B



AML Foods

top line fall

Retailer ‘confident’ of good Christmas,

By NEIL HARTNELL
Tribune Business Editor

AML Foods is “confident”
that it will enjoy a good
Christmas, the key sales peri-
od in the calendar of most
retailers, its top man telling

Tribune Business that over
the last two to three months it
has reversed a sales decline
that began in its 2009-2010
third quarter.

Gavin Watchorn, the
BISX-listed food retail
group’s president and chief
executive, told Tribune Busi-
ness that the company now
had between 80-90 per cent
of its Christmas inventory in
the Bahamas, and was also on
track to complete the addi-
tion of 5,000 square feet of
shopping space at its
Solomon’s SuperCentre outlet
in Freeport.

“We’ve had a pretty satis-
factory last two to three
months,” Mr Watchorn told
Tribune Business. “Our sales
decline, which we had from
about the third quarter of last
year, has been reversed.

“We’re now just knuckling



GAVIN WATCHORN

down, getting ready for
Christmas. Most of ours is
here. Some 80-90 per cent of
Christmas stock is on the
island. Christmas seems to be
getting earlier and earlier
every year. We’re confident
we will have a good Christ-
mas experience.”

As for Solomon’s Super-
Centre in Freeport, Mr
Watchorn added: “Solomon’s
Freeport is moving on sched-

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and expecting to employ 65-75 at new
store scheduled to open in 2011 Q3

ule, and we’re close to finalis-
ing and finishing that. We
were adding about 5,000
square feet of increased shop-
ping space, floor area.”

When asked whether this
would be completed in time
for Christmas, Mr Watchorn
replied: “Most definitely.”

Meanwhile, the AML
Foods chief said the compa-
ny’s latest store, Solomon’s
Fresh Market, would employ
between 65-75 staff once it
was open, which he anticipat-
ed being some time in the
2011 third quarter.

“We’ve already recruited,”
he said of that store’s work-
force. “We have a number of
people already put into the
system now, so we could start
bedding them into our system
and culture.

“Overall, we will have 65-75
employees in total there, and
from here on we will be
adding as we go along. We
have a manager in mind that
we’re speaking to, and I think
you will see heavy recruiting
three months before we open
to get the staff trained. It will
be a mix of old and new
staff.”

When asked when
Solomon’s Fresh Market, the
anchor tenant for New Provi-
dence Development Compa-
ny’s Old Fort Bay Town Cen-
tre, was set to open, Mr
Watchorn told Tribune Busi-
ness: “J think the third quarter
of next year is a very realistic
target.”

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PAGE 4B, MONDAY, NOVEMBER 22, 2010

THE TRIBUNE





Chamber chief in recovery plan call

FROM page 1B

Chamber of Commerce’s
president said his “greatest
fear” is that this nation lacks a
“clear and decisive” recovery
plan.

Khaalis Rolle, also chief
marketing officer for
Bahamas Ferries, charged on
Friday that while many of the

larger companies in the
Bahamas were able to stave
off closures and major lay-offs
during the earlier part of the
recession by restructuring
their debt, and going to their
shareholders for extra capi-
tal, “we are seeing the impact
of this ability vanishing”.
“Closure, rightsizing, peo-
ple consolidating...It’s a like-

©

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Shirley Street
TEACHING VACANCY

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Applicants must:

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Have a bachelor’s Degree in Education or higher
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Applications must be picked up at the High School Office on
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recent coloured photograph and three references to:

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

PCOMING COURSES - UPCOMING COURSES -



ly strategy you'll see taking
place, and when you don’t
have any viable options the
next step is closure,” said Mr
Rolle.

He added that a “quick sur-
vey” the Chamber undertook
recently revealed many busi-
nesses have seen 20 to 30 per
cent of their top-line gross
sales revenue “vanish”.

“That’s the brink of failure.
If you don’t have access to
cash to ride this storm you’re
in some serious issues,” he
said.

Meanwhile, Mr Rolle pre-
dicted that for individuals
laid-off during the initial part
of the recession, things may
be about to get much worse
for them and, consequently,
for anyone to whom they may
have a financial responsibility
over the next six to 12
months.

“When the crisis initially hit
and we went through the lay-
off period, most of the peo-
ple laid off had a package that
went with them that allowed
them money to ride through
that period. I think we are
coming to the end of that
period, and that money that
they had, which allowed them
to pay the bare minimum of
their necessities - food, light,
water - I think we’re coming
to the end of that. So that is
something that needs to be
considered when we factor in
what the likely impact is going
to be over the next six to 12
months,” said Mr Rolle.

He was speaking at the
Bahamas Institute of Char-
tered Accountants (BICA)
‘Accountant’s Week’ seminar
on Friday, as part of a panel
discussion on ‘Economic
Opportunities in the
Bahamas’, along with K. Peter
Turnquest, president of the
Grand Bahama Chamber of
Commerce.

Mr Rolle described current
business conditions in the
Bahamas as “tenuous at
best”, with many companies
“just beginning to understand
that this (recession) is an
extremely serious thing”.

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KHAALIS ROLLE

He said that while there has
been a lot of talk about the
impact of the recession in the
Bahamas, he is concerned not
enough emphasis has been
placed on the development of
a recovery plan.

“Tt’s critical. The recovery
effort has to be driven by a
clear and decisive public sec-
tor intervention domestical-
ly,” said Mr Rolle, adding that
he feels the “public sector has
been lagging behind in the
stablisation process”.

Suggesting that the policy
intervention strategy by the
Government “outside of the
capital works project is not
clear”, Mr Rolle charged that
even the economic impact of
these initiatives is question-
able.

“The projects are quality of
life projects. You upgrade the
roads so your car won’t be
damaged and you get home
quicker... they are long range
and don’t provide the imme-
diate benefits to the overall
economy,” he added.

“Domestic spending is lim-
ited in those projects to about
30 per cent of the total value
of those projects, so you’ve
got an $100 million project
and only $30 million of that
remains here. And I still ques-
tion whether or not that num-
ber is completely valid,” said
Mr Rolle.

The Chamber president
suggested a “direct private
sector stimulus program” as
an initiative on the part of the
Government that could still
be implemented and help aid
recovery.

“Those businesses that are
on the brink, let’s go in and
see what the exposure is, and
see how best we can assist
them. How best can we
reduce the cost of doing busi-
nesses for them. That’s one
of things we need to consid-
er,” he added.

“Many businesses are on
the brink of failure. They are
asking ‘How do I remain
viable and keep my doors
open?’ and that’s a challenge.
If we don’t emerge from this
process very quickly and sta-
bilise we will have a crisis that
will last for a long time.”

The Chamber President
also identified agriculture,
alternative energy and out-
sourcing of technical assis-
tance that will be required as
the Bahamas transitions to
the more liberal trading
regime associated with acces-
sion to the World Trade
Organisation and implemen-
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nership Agreement as areas
where potential business
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ward.

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

MONDAY, NOVEMBER 22, 2010, PAGE 5B





Tax avoidance a
‘National pastime’

FROM page 1B

minister of state for finance
telling Tribune Business that
tax evasion and avoidance
had become “a national pas-
time”.

James Smith, who headed
the Ministry of Finance dur-
ing the 2002-2007 Christie
administration, highlighted
the fundamental disconnect
afflicting many Bahamians -
the fact that they wanted ‘big
government’ and a high level
of public sector service pro-
vision, yet did not want to pay
for it.

“In the Bahamas, we have a
history of avoiding taxes.
We've learned to do that
quite well, and even the
authorities who ought to be
following up do so in lack-
adaisical fashion,” the former
finance minister told Tribune
Business.

“We don’t understand the
full nexus between this and
the Government’s ability to
provides services such as
health, education and welfare.
The only way to do that is
through the proper payment
of due taxes, and I don’t see
the connection.

“We want the services but
don’t accept we have to pay
for these things, so our pas-
time is finding ways and
means to avoid the tax guys.”

Mr Smith was speaking
after a joint World
bank/PricewaterhouseCoop-
ers (PwC) survey ranked the



JAMES SMITH

nies spent complying with due
taxes, finding that on average
they spent just 58 hours per
year preparing, filing and pay-
ing three types of taxes - cor-
porate income tax, VAT or
sales taxes, and labour (pay-
roll) taxes.

Of course, as Mr Smith
pointed out, the Bahamas’
high ranking in this category -
and the general survey - is due
to the fact it has no income,
capital, corporation, VAT or
sales taxes, meaning that the
only area it is rated is on pay-
roll taxes such as NIB, or
Business Licence fees.

The World Bank/PwC sur-
vey also ranked the Bahamas
60th out of 183 when it came
to tax payments, finding that
Bahamian companies on
average had to make some 18
separate tax payments during
the course of the year.

The category the Bahamas

bune Business that the World
Bank/PwC survey did “not
measure our efficiency of tax
collection”, and did not
account for the fact that the
Bahamas collected the bulk
of its revenues at the border
through import/Excise duties.

Pointing out that Business
Licence fees were the closest
thing the Bahamas had to a
corporate income tax system,
Mr Smith said this nation
relied largely on an inefficient
system of indirect taxes, and
direct taxes - such as income
tax or sales tax - would
require different skills from
the private sector, as they
would involve the filling out
of much paperwork.

“We might be better off
with a lower ranking if we had
a more efficient system of
direct taxation like a sales
tax,” Mr Smith told Tribune
Business. “What we’re seeing
now with the depletion of
government revenues is that
our tax base is not quite resis-
tant enough because of its
dependency on external
forces.

“Tt taxes very little activity
generated locally, and taxes
instead the consumption of
imports and tourists. It shows
up in very poor revenue col-
lections.”

More direct taxation, he
argued, could generate extra
revenue buoyancy through
targeting Bahamas-based
activity and by expanding the
tax base to include the lightly-

Serving Great Bahamian Food



Thanksg


























ae ‘mei
Lanmnciael md

fared worst in was on the — burdened services sector.

nations in the world when it Total Tax Rate, which mea- “We really need to sev 361-240"
came to the ease of business- SUred the amount of taxes and —_ our system, not only from the anes
es paying their taxes, placing mandatory contributions born —_ point of view of improved col- 393-7714
this nation some 12 spots by a company in its second lection, but also attacking the Fox Hill
above the US. year of operation as a per- deficit and debt, Mr Smith 364 7020

Indeed. the Bahamas was °ettage of commercial profits, said. hie me ee ae hai :

° SPL : ranking the Bahamas 121st more taxes out of the system Ponisi id.

icin ono without disrupting it too 356-5820

the time Bahamian compa-

Mr Smith, though, told Tri-

much.”

PUBLIC HOSPITALS AUTHORITY

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DUTIES INCLUDED BUT NOT LIMITED TO:

-Responds immediately to emergency calls;

-Secures the scene of an emergency situation and maintains
safety;

-Assists in the administration of First Aid as directed by the team
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TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM


PAGE 6B, MONDAY, NOVEMBER 22, 2010



THE TRIBUNE

FPREME Cine) Feo. cH ie
Loman in laa andl Eaguite Dive lerry .
IN THE MATTER of The (huietieg Thies
Arr, 1pgm

COMMON WEALTI CH THE BABAMAS aoe LE ee

THE SUPREME COURT i

APL
FROM page 1B

Is THE MATTER of ALL THAT piece parcel
Co CoPebala) on barvall containing, 77.0) cons beeing a
Pertion of Crews Grant i» Wr dita & in the Company’s chief executive,
Settlemenc of McKaans te the beled of Long : :
Kelana cous cof'the Bulanila cof the: Comemenemoretithh told Tribune Business that
off The Naksamas apart from AML Foods’

ann 37,000 square foot Solomon’s

Fresh Market store, which will
SA 'TSEN MATTER adie Fetaten of act as the first phase anchor,
CARL ALLAN BRICK the developer had received
Letters of Intent (LOI) for
about 75 per cent of the other
15,000 square feet of retail
space that will be constructed
at this time.

Telling this newspaper that
the four-phase development
ve Sepreme taverc an have his tithe #0 dhe: following invesrigased unilee Section 9 of of the Town Centre would

doting, This ict, ancl uhe nequre and cavers thescef determined andi decleeed involve a total investment of
$25 million, Mr Duggan
explained that it was designed
iors. of the: sakl Act to provide “an unprecedented
shopping experience” that
would attract residents not
just from western New Provi-

SOTICE

NOTICE is hereby pieen the CARL ALLAN BDC

“ALL THAT certain poece parcel lor of land o1e : :
oe ara es eeie sae dence, but across the island.
by adimciieecment appeooimancy Sevenn these anu Thirteen He added that the Town
bnthe ry) Acees being a partion of Crown Grant Depo siraare is Centre, located on Windsor
the Serbemenc of Me Kadi oa the some! Idand of Long Idand, Field Road Just opposite the
Sehames* Charlotteville subdivision,
/ would provide retail ameni-
(opics of the Plans may bo inspected ducing moni adflor hoa at che ties to match the quality of
folbesing places upcoming real estate devel-

opments in western New
Providence, and be a key

Che Regitery of the Sepreme Court, East Sineet

Mooth in che (iry of Siriaaa, MUP, Bahamas or component in making the
‘The Chambers of Knowles, McBlry de Calrece area more than just a “bed-
Leteiherst Hivess, yj Hkeabeth Avene, Marsau, room community”.

“T think it does a couple of

iets ae things,” Mr Duggan said of
i he local Adminirasoc’s OMfice at Simee’y, Long the Old Fort Bay Town Cen-
bland, Baber tre, adding that he was tar-

geting first phase completion
in about 10-11 months.

(lr pene whe objects 10 che granting of ther ao! Cermifcare of Tile

Is Peqpired 0 fie tf the Seprems Court and serve om the Petitioner or its Agnormes a “Tt provides an unprece-

dented shopping experience
Soatemment ot bes, ber er its claim im che prescoiber) form, wetified by an AGebrer and for residents not only in the
onher reload requiremeats eo be filed and served cherewirk by the joth December, west but, we hope, a larger

percentage of the island. It is,
ano, Failure of any such perwan bo Sle and serve a Staremear of hii, her or ite first and foremost, taking an
antiquated shopping centre at
Lyford Cay and replacing it
with something state-of-the-
art.
“It’s not a cheap proposi-
a) MU Gbittas (utes, tion. It’s a big investment for
WMC LES McRAY & CLILMER us and AML. That’s why we
4qporacys ioe ¢he Preittioncr need to make sure we get it
right.”
Mr Duggan said environ-

Claim bey the vorh day af December, AD, aor wil openie a a har tn wach Chem

Under the theme "Telling The Story of Christmas"

ae eae Rem ria ity

Oise alt

The 37th Annual
Night of
Christmas Music

At The Rain Forest Theatre,
Crystal Palace

Sunday December 5th 2010
at 8pm.

Tickets $25.00

Box Offices

Watson Construction = Wulff Road
The Juke Box - Marathon Mall
Esso On The Run - Baillou Hill Roundabout
Shell Service Station at Marathon
Centre for Specialized Dentistry - Collins Ave.

Entertainment Provided By:

The National Youth Choir
The National Children's Choir
Royal Bahamas Police Force Band
The World Famous Glee Club
Freddie Munnings Jr.
aNd OTHETS....ceseen



[Shiai

ket

A RENDERING of the Solomon’s Fresh Market.

mental and eco-friendly con-
cerns weighed heavily in the
design and construction A

process, and the development
“signals a shift of the centre of Be Bi A

commerce” in western New OP rE ta ae nead
Providence from its tradi-

tional base at Lyford Cay to a
location at Old Fort Bay.

He added that the Town
Centre, when constructed,
would also be “situated at the
top of the balance of our real
estate holdings, some 2,200
acres. It becomes an anchor
for that acreage, and will
become an anchor for the
building out of that acreage”.

New Providence Develop-
ment Company was investing
$1 million in associated infra-
structure improvements,
including a roundabout that
would serve both the Town
Centre and Charlotteville
entrances, plus roads. Mr

Duggan told Tribune Busi- Visit us at either of our two locations for the
ness that this planned spend best in

had already attracted a devel-

oper ieee the cad Authentic Bahamian Gifts & Crafts
immediately to the Town Customized just for you!!
Centre’s south, adding: “It
just opens up all these lands”.

SEE page 7B Cyadesn Pireallineg far'T Adppors Meeting Sarcet, “avira
(2a2)-3 77-0877 (24 2)-226-5 TET

* Palawan nts sake eo ier



c Hise,
“au ie

Sd

«

PUBLIC HOSPITALS AUTHORITY
ADVERTISEMENT

ONE (1) VACANCY FOR
AMBULANCE DRIVER (ABACO)

The Public Hospitals Authority invites suitably qualified individuals
for the post Ambulance Driver, Abaco Station, Public Hospitals
Authority.

Applicants must possess the following qualifications: -
Clean Police Record
¢ Avvalid Driver’s License and a minimum of five (5) years
driving experience.
¢ Must have excellent interpersonal communication skills.

JOB SUMMARY

Responsible for transporting patients and staff who require
emergency medical assistance; Secures scene and maintains
safety. Ability to operate Type 1or 11 emergency vehicles.

DUTIES INCLUDED BUT NOT LIMITED TO:

-Responds immediately to emergency calls;

-Secures the scene of an emergency situation and maintains
safety;

-Assists in the administration of First Aid as directed by the team
leader,

-Assists Team Leader in transporting patient;

-Operates the vehicle safely and efficiently;

-Maintain communication between the scene, Dispatcher and -
Accident and Emergency Department in compliance with Emergency
-Medical Services Driving Protocols;

Salary scale HAMP6 ($12,650x400-$20, 700).

Letter of application and curricula vitae should be submitted through
your Head of department to the Director of Human Resources,
Corporate Office, Public Hospitals Authority, 3 Terrace West,
Centreville, or P O. Box N-8200 Nassau, Bahamas no later than
30 November, 2010.



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

MONDAY, NOVEMBER 22, 2010, PAGE 7B



18 million Town Gentre Phs

FROM page 6B

“We've phased it,” the New
Providence Development
Company chief executive
added of the Town Centre.
“Most of our energies have
been directed to the
Solomon’s Fresh Market
store, making sure we’re
designing that as efficiently
as we can.

“We have a number of Let-
ters of Intent with other retail
tenants. We’ve got Letters of
Intent on about 75 per cent
of first phase retail space,
which is 15,000 square feet.
We see the demand for office
space out west becoming very
strong, too.”

Mr Duggan said New Prov-
idence Development Compa-
ny had “not gone to market
yet” on the 15,000 square feet
of office space also included
in the Old Fort Bay’s first
phase, although this would
happen “shortly”.

“We're going to do four
main phases,” he added. “The
first phase is going to kick-off
with the Fresh Market and
15,000 square feet of retail
and 15,000 square feet of
office space. The second
phase will be demand driven,
and which we expect to roll
into very shortly, another
15,000 square feet of retail
and 15,000 square feet of
office space. Then we will go
into our second anchor, which
will be at the eastern end of
the site. We see that as being
a general merchandise store.”

Acknowledging that “the
market is still fairly green and
growing” in western New
Providence, hence the con-
trolled phasing of the Old
Fort Bay Town Centre’s
development, Mr Duggan
said the developers were tar-
geting several consumer mar-
kets.

“We see the existing shop-
per, who shops at the Lyford
Cay stores, and we see the
shopper that used to shop at

the Lyford Cay Centre and
has been frustrated with the
deteriorating quality of that
centre. So we hope to recap-
ture that customer,” Mr Dug-
gan told Tribune Business.

“We have the new growth
from housing developments
such as Serenity, Lyford Hills,
Old Fort Bay, Albany and
Charlotteville. With what
Gavin [Watchorn, AML
Foods’ president and chief
executive] and his team have
designed for their store, we
see a customer wanting a
quality shopping experience
they can’t get elsewhere on
the island, and will want to
drive to get there.”

Mr Duggan said he expect-
ed the Old Fort Bay Town
Centre would contain about
20 retail outlets once the four
phases were fully completed,
and about six retailers at New
Providence Development
Company’s existing Lyford
Cay Shopping Centre had
already agreed to move to the
new development.

The Solomon’s Fresh Mar-
Ket store will cost the devel-
oper some $5 million alone to
construct, but Mr Duggan
said New Providence Devel-
opment Company’s 50-year
history, with extensive invest-
ments and being the largest
private landholder on the
island, meant it could take a
long-term development view.

Asked why the company
was taking such a project on
in the midst of a deep reces-
sion, Mr Duggan told Tribune
Business: “If you look at the
history of New Providence
Development Company, it’s
a company over 50 years-old
in the Bahamas, and that
enables us to take a longer
term view than newer devel-
opers, who want to be in and
out.

“This is an anchor for 2,200
acres, So we can take a long-
term view. For the west to
build out, we need to have
long-term amenities.”

That build-out was already

LOT LF STALLS A000
ROP? wore nooo
LOTS 67 TALL a0@0

March 8, 2010

Riise

A SITE PLAN of the centre.

happening, Mr Duggan said,
adding: “If you drive through
Old Fort Bay, you have 20
houses in development at an
given time. That has been
pretty consistent for the past
four to five years, and has not
slowed down.

“Albany is coming on big
time, and also Charlotteville
and Serenity. I don’t want to
overstate the importance of
this, but at the end of the day
we are replacing a retail cen-
tre that already exists, and
upon which deferred mainte-
nance has built up.

“It’s retail keeping pace
with the quality of roof tops
being built out here, and gives
residents another reason to
live out west. It provides them
with a reason to stay out here
and spend their retail dollars
out west.”

Mr Duggan said many resi-
dents in western New Provi-
dence went into Nassau as lit-

CFA SOCIETY OF THE BAHAMAS

MONTHLY SPEAKER LUNCHEON EVENT

“INFRASTRUCTURE

INVESTMENT -

FINANCING

NEEDS AND SOLUTIONS IN THE BAHAMAS AND
CARIBBEAN”

Tuesday, 23" November, 2010

12:00 p.m. General Meeting
2:30 p.m. Speaker's Address
Please arrive promptly!

Arawak Room

Sheraton Beach Resort, Cable Beach

SPEAKER

Simon Townend

Partner, KPMG, Bahamas

Members
Non-members
(Cheques payable to: CFA Society of The Bahamas)

RESERVATIONS:

aa
222010

David Ramirez, CFA

dramirez 7ia/bloomberg.net / 30
*Prepavment required through one of the Board Members

79

i de

PRE-REGISTRATION REQUIRED by Monday, November

7

Simon Townend is a Partner with KPMG based in The Bohomes, Monoging Director of KPMG
Corporate Finance and head of KPMG": Troasections and Restructuring activities in the
Caribbean region, Bermuda, fle of Man, Chanel fsionay, and Marita He besa BA (Hons) Degree
from the University of Bristol, England, is a Fellow of the Institwte of Chartered Accountants in
England & Wales (“ICAEW”), holds the Corporate Finance (CF) Qualification (ICAEW, SIT &
CICA) and is am Ascocite Member of the Chartered Institute of Ariitroters. He is also KPMG
Accredited Valwations Specialist, Simon hay 19 years af avait and corporate advisory experience
gained with APG memther fires in the Chase! Islands, The United Kingaew ona the Caribe,
He has ied and worked on a significant aumber of infrastructure projects across the Caribbean
including public private partnerships, finmacing, valation, acqiivition, disposal and procurement
advice fer comainer and cruise sea ports, airports, water and wastewater assets, healthcare and
energy ana CMIRURICONS oer,

Simeon will divewss the link between fnfrastrncture and foreign direct ineestmwent and the alternative
Financing otethoas being usec for infrastructure projects around the region.



findsor Field Town Centre

tle as once per month, dislik-
ing the drive and commute -
especially the heavy traffic.

This is what the Old Fort
Bay Town Centre is designed
to play to - both the retail and
office space - and give western
New Providence dwellers the
ability to live and work their
full-time, creating a strong
sense of community and elim-
inating the Nassau commute.

“T think you'll see the west
become less of a bedroom
community,” Mr Duggan told
Tribune Business.

SMG Construction has
been hired as the general con-
tractor for the Old Fort Bay
Town Centre’s construction,
and the firm will be hiring
numerous sub-contractors to
perform specialist tasks.

Leasing inquiries for the
new development should be
directed to Sara Callender at
362-4177 or scallender@old-
fortbay.com



WANTED

Financial Company seeks
Administrative Assistant
A ~ small, leading, local financial

institution seeks an entry-level administrative
assistant to assist with daily operations. This

opportunity will provide the successful

applicant with training and a
oversight into operations of financial
business. Candidates with computer,
accounting and securities background are

preferred.

great

Please email resume to:
financialposition2010@gmail.com

yo HOSE,
a ty

“sector Hoe

PUBLIC HOSPITALS AUTHORITY

ADVERTISEMENT

TWO (2) VACANCIES FOR
EMERGENCY MEDICAL TECHNICIAN (EMT) BASIC

The Public Hospitals Authority invites suitably qualified individuals
for the post Emergency Medical Technician - Basic, National
Emergency Medical Services, Public Hospitals Authority.

Applicants must possess the following qualifications:-
*Aminimum of two (2) subjects at the B.G.C.S.E level at
grade “C” or above
* Certification as an Emergency Medical Technician-Basic,
with three (3) years relevant experience
¢ Must have excellent Interpersonal skills.

LICENSE CERTIFICATION
¢« Registered and licensed with the Health Profession
Council

JOB SUMMARY
-Provides basic life support to patients who require emergency
medical assistance; Secures scene and maintains safety.

DUTIES INCLUDED BUT ARE NOT LIMITED TO:

-Responds immediately to emergency calls;

-Secures the scene of an emergency situation and maintains
safety;

-Performs basic life support and other medical assistance until the
patient arrives at the hospital;

-Completes required reports related to patient care and provides
electronic, verbal and written report to medical staff:
-Communicates with hospitals and dispatch center using various
radio / telephone equipments;

-Ensures that all emergency equipment are in the ambulance at all
times;

-Prepares and submits an inventory of supplies at the end of each
shift.

Salary scale HAHP9 ($21,750 x 600-$30,150).

Letters of Application, resume, and documentary evidence of
qualifications, clean Police Record and three (3) references should
be submitted, no later than Tuesday, 30‘ November 2010, to
the Human Resources Director, Public Hospitals Authority, PO.
Box N-8200 or Corporate Office Building ‘B’, 3° & West Terraces,
Centreville.

TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT
Common Law and Equity Division

2010/CLE/qui/01008

IN THE MATTER OF ALL THAT several parcel or land
containing 98.41 Acres being portions of original grant
to John Dowland (D-10) situate in the settlement of
Hamilton’s Long Island one of the Commonwealth of the
Bahamas and bounded on the NORTH by the sea and
running thereon one thousand Three hundred Thirty-Two
and Eighty- three hundredths (1,332.82) feet on the East
by land originally granted to Archibald Cartwright now
the property of Raphial Cartwright and running thereon
Four thousand and Forty-seven hundredths (4,000.47)
feet and on the SOUTH by the Main Public Road and
running thereon One thousand Sixty-nine and Ninety-
four hundredths (1.069.94) feet and on the West by the
other portion of land originally granted to John Dowland
and running thereon Four thousand One hundred
Ninety-six and Ninety-five hundredths (4,196.95) feet
which said several parcels of land has such position
shape boundaries marks and dimensions as are shown
on a plan filed herein and thereon coloured pink; AND
IN THE MATTER OF ALL THAT two parcels of land
containing 140.08 Acres being part of original grant
to John Dowland (D-10) situate in the settlement of
Hamilton's Long Island one of the Commonwealth of The
Bahamas and bounded on the NORTH by the Main Public
Road and running thereon One thousand Three hundred
Nineteen and Thirty-seven hundredths (1,319.37) feet
and on the EAST party by land originally granted to
Cleghorn Archibold Cartwright and partly by Crown
Land and running thereon Five thousand Four hundred
Twenty-nine and Eighty-two hundredths (5,429.82) feet
and on the SOUTH by land originally granted to Archilbald
Cartwright and running thereon Five hundred Sixteen
and Seventy-eight hundredths (516.78) feet and on the
EAST by land originally granted to Archibold Cartwright
and running thereon Two hundred Eighty-three and
Eighty hundredths (283.80) feet and on the SOUTH by
Crown Land and running thereon Six hundred Fifty-five
and Fifty-three hundredths (655.53) feet and the WEST
by the other portion of land originally granted to John
Dowland running thereon Five thousand Eight hundred
Sixty-nine and Fifty-six hundredths (5,869.56) feet by
which said several parcels of land has such position
shape boundaries marks and dimensions as are shown
on a plan filed herein and thereon coloured yellow.

AND IN THE MATTER of the Quieting Titles Act, 1959

AND IN THE MATTER of the Petition of Linda V. Brown
NOTICE
The Quieting Titles Act 1959

The Petition of Linda V. Brown of the Eastern District in
the Island of New Providence one of the Islands of the
Commonwealth of The Bahamas in respect of: - ALL
THAT several parcel or land containing 98.41 Acres
being portions of original grant to John Dowland (D-10)
situate in the settlement of Hamilton’s Long Island one
of the Commonwealth of the Bahamas and bounded on
the NORTH by the sea and running thereon one thousand
Three hundred Thirty-Two and Eighty- three hundredths
(1,332.82) feet on the East by land originally granted
to Archibald Cartwright now the property of Raphial
Cartwright and running thereon Four thousand and Forty-
seven hundredths (4,000.47) feet and on the SOUTH by
the Main Public Road and running thereon One thousand
Sixty-nine and Ninety-four hundredths (1.069.94) feet and
on the West by the other portion of land originally granted
to John Dowland and running thereon Four thousand
One hundred Ninety-six and Ninety-five hundredths
(4,196.95) feet which said several parcels of land has
such position shape boundaries marks and dimensions
as are shown on a plan filed herein and thereon coloured
pink; AND IN THE MATTER OF ALL THAT two parcels
of land containing 140.08 Acres being part of original
grant to John Dowland (D-10) situate in the settlement of
Hamilton's Long Island one of the Commonwealth of The
Bahamas and bounded on the NORTH by the Main Public
Road and running thereon One thousand Three hundred
Nineteen and Thirty-seven hundredths (1,319.37) feet
and on the EAST party by land originally granted to
Cleghorn Archibold Cartwright and partly by Crown
Land and running thereon Five thousand Four hundred
Twenty-nine and Eighty-two hundredths (5,429.82) feet
and on the SOUTH by land originally granted to Archilbald
Cartwright and running thereon Five hundred Sixteen
and Seventy-eight hundredths (516.78) feet and on the
EAST by land originally granted to Archibold Cartwright
and running thereon Two hundred Eighty-three and
Eighty hundredths (283.80) feet and on the SOUTH by
Crown Land and running thereon Six hundred Fifty-five
and Fifty-three hundredths (655.53) feet and the WEST
by the other portion of land originally granted to John
Dowland running thereon Five thousand Eight hundred
Sixty-nine and Fifty-six hundredths (5,869.56) feet by
which said several parcels of land has such position
shape boundaries marks and dimensions as are shown
on a plan filed herein and thereon coloured yellow.
Linda V. Brown claim to be the owner of the
fee simple estate in possession of the tracts of land
hereinbefore described free from encumbrances.
AND the Petitioner has made application to the
Supreme Court of the Commonwealth of The Bahamas
under Section 3 of The Quieting Titles Act 1959 to
have her title to the said tracts of land investigated
and the nature and extent thereof determined and
declared in a Certificate of Title to be granted by the
Court in accordance with the provisions of the said Act.
NOTICE IS HEREBY GIVEN that any persons
having Dower or a Right to Dower or an Adverse Claim or
aclaim not recognized in the petition shall on or before the
22â„¢ of December A.D., 2010 file in the Supreme Court and
serve on the Petitioners or the undersigned a statement
of his claim in the prescribed form verified by an Affidavit
to be filed therewith. Failure of any such person to file
and serve a statement of his claim on or before the 22" of
December A.D., 2010 will operate as a bar to such claim.
Copies of the Filed Plan may be inspected at:
The Registry of the Supreme Court;
The office of the Administrator in Clarence Town, Long

PAGE 8B, MONDAY, NOVEMBER 22, 2010



FROM page 1B

pliers were “jostling” to be
involved with the development
of Solomon’s Fresh Market,
which will act as the anchor
retail tenant for New Provi-
dence Development Compa-
ny’s Old Fort Bay Town Cen-
tre, with one supplier’s owner
planning to visit the Bahamas
personally to work on the for-
mat. AML Foods was still bud-
geting to invest $4-$4.5 million
In covering pre-opening costs
for Solomon’s Fresh Market,
which Mr Watchorn estimated
would open its doors to con-
sumers in the 2010 third quar-
ter.

He added that there would
“certainly be minimal debt
required for that”, as AML
Foods had already accumulated
some $2.7 million on fixed
deposit to cover the Solomon’s
Fresh Market investment. The
BISX-listed retail group is set-
ting aside a further $130,000 in
cash flow per month to also
finance the pre-opening costs.

“T think it’s got great poten-




AML FOODS EYES
25% NEW STORE
ENERGY COST FALL

tial for our company, and we’re
very pleased to partner with
New Providence Development
Company on this,” Mr
Watchorn told Tribune Busi-
ness. “We’re going to create a
store that not only shines in the
Bahamas, but the Caribbean.

“A number of people we’re
going to work with, seeing the
designs, expressed pleasure to
be part of this concept because
it was going to be special. One
supplier’s owner is coming
down to work on this, because
he wants it to be part of his
resume. It’s good when you
have suppliers jostling to be
part of a project.”

When AML Foods

researched the consumer demo-
graphics and market reach for
its new outlet, Mr Watchorn
said it determined that there

THE TRIBUNE

were about 2,200 lots and apart-
ments - both developed and
undeveloped - between Blake
Road and Albany/the Lynden
Pindling International Airport.

The AML Foods chief exec-
utive added that once
Solomon’s Fresh Market
became established and suc-
cessful, the group would look
at expanding the concept to
other locations in the Bahamas
- possibly even the wider
Caribbean.

“We have our eye on that
long-term, but need to build
this first, develop it and make it
successful. With the planning
that has gone into this, the pro-
totype can roll out very quickly
to another location if we so
choose. It opens new markets,
revenue streams for us,” Mr
Watchorn told Tribune Busi-
ness. Once this beds down and
becomes successful, it will, I
think, serve as a prototype for
stores of this nature.

“Our aim is to provide a
store to the community that
serves all the needs of the com-
munity out here. It will have a
significant focus on healthier
living, and fresh produce will
be available to the consumer
that is not necessarily here right

Centre and general Bahamian
themes, as well as having an
environmentally friendly focus
as well.

“T think it’s going to be some-
thing that people will be very
excited to see, and I frankly

tion shopping experience. I
think we’re going to see a leap
into the 21st century.”

Rhys Duggan, New Provi-
dence Development Compa-
ny’s chief executive, developer

tre, said the Solomon’s Fresh

some 54 skylights, making it “a
much brighter and airy shop-
ping experience”.
Mr Watchorn said all equip-
ment employed by Solomon’s
Fresh Market would be import-
ed from the US and energy-rat-
ed, while the store would also
collect and recycle rainwater.
“We've put a lot of work and
research into this, and pretty
much everything that goes in
there will be energy-rated,” the
AML Foods chief said.
When asked by Tribune
Business how much he expect-

will fit in with both the Town

believe our store and the Town
Centre will become a destina-

and landlord at the Town Cen-

Market store would contain

ed this investment to reduce




NOTICE

IN THE ESTATE OF JOHN DALE







now.”

Solomon’s Fresh Market will
cover some 37,000 square feet
in space, some 30,000 square
feet of that being earmarked as
selling space for consumers.

Mr Watchorn said AML

Solomon’s Fresh Market’s
energy costs, Mr Watchorn said
that when initial projections
were done, it expected the light
bill to be between 30-40 per
cent lower than its existing out-
lets. However, recent cost rises








domiciled and late of 1lb Carefree
Apartments, Cable Beach, New
Providence The Bahamas, deceased.

NOTICE is hereby given that all persons having
any claim or demand against or interest in the
above Estate should send same duly certified
in writing to the undersigned on or before 6th
December, 2010 after which date the Executor
will proceed to distribute the assets of the Estate
having regard only to the claims, demands or
interests of which he shall then have had notice
AND all persons indebted to the above Estate
are asked to settle such debts on or before 6th
December, 2010.

FREDERIK F. GOTTLIEB & CO.
Attorneys for the Executor
Chambers
Bay Street,

P.O. Box AB-20405
Marsh Harbour Abaco,

The Bahamas

NOTICE

JAG SERVICES LIMITED

Creditors having debts or claims against the above-
named Company are required to send particulars
thereofto the undersigned c/o P.O. Box N-624, Nassau,
Bahamas on or before 20th day of December, A.D.,
2010. In default thereof they will be excluded from
the benefit of any distribution made by the Liquidator.

Dated the 19'" day of November, A.D., 2010.

Floyd Patterson
Liquidator
Sergeant-Jack Drive,
Arnos Vale, Kingston,
St. Vincent and The Grenadines VC 0100

ROYAL @FIDELITY

Morey at Werk

Foods had been working with a
California-based designer for
12 months on its Solomon’s
Fresh Market design, and
added: “Every inch of this store
is planned. The interior decor

NOTICE
JAG SERVI

had caused some adjustment to
these projections, and AML
Foods was now looking at “a
minimum 25 per cent reduction
in costs compared to existing
stores”.

ES LIMITED
NOTICE IS HEREBY GIVEN as follows:

(a) JAG SERVICES LIMITED is in
dissolution under the provisions of the
International Business Companies Act
2000.

The dissolution of the said Company
commenced on the 18th day of November,
2010 when its Articles of Dissolution were
submitted to and registered by the Registrar
General.

The Liquidator of the said Company is Floyd
Patterson of Sergeant-Jack Drive,

Arnos Vale, Kingston, St. Vincent and The
Grenadines VC 0100

Dated the 19th day of November, 2010.

HARRY B. SANDS,
LOBOSKY MANAGEMENTCO. LTD.
Attorneys for the above-named Company

LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

SOUTHERN CEMENT
HOLDING INC.

Notice is hereby given in accordance with Section 138
(8) of the International Business Companies Act, No.45
of 2000, the Dissolution of SOUTHERN CEMENT
HOLDING INC. has been completed, a Certificate
of Dissolution has been issued and the Company
has therefore been struck off the Register. The date
of completion of the dissolution was the 17 day of

November, 2010.

Alrena Moxey
Liquidator

[TAL MARKETS
BROKERAGE & ADVISORY SERVICES

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

52wk-Low, Securit_y
1.00 AML Foods Limited 1.01
9.67 Bahamas Property Fund 10.63
4.50 Bank of Bahamas 4.90
0.18 Benchmark 0.18
2.70 Bahamas Waste 2.70
2.14 Fidelity Bank 2.17
9.62 Cable Bahamas 10.46
2.36 Colina Holdings 2.40
5.40 Commonwealth Bank (S1) 6.85
1.63 Consolidated Water BDRs 1.84
1.60 Doctor's Hospital 1.60
5.94 Famguard 6.07
7.26 Finco 7.26
8.77 FirstCaribbean Bank 9.74
3.75 Focol (S) 5.46
1.00 Focol Class B Preference 1.00
5.00 ICD Utilities 5.59
9.82 J. S. Johnson 9.90
10.00 Premier Real Estate 10.00

Previous Close _Today's Close

Change Daily Vol. EPS$ Div $
0.150
10.63 0.00 0.013
4.90 0.00 0.598
0.18 0.00 -0.877
2.70 0.00 0.168
2.17 0.00 0.016
10.46 0.00 1.050
2.40 0.00 0.781
6.85 0.00 0.422
1.87 0.03 0.114
1.60 0.00 0.199 :
6.07 0.00 -0.003 N/M
7.26 0.00 0.287 25.3
9.39 -0.35 3,250 0.645 14.6
5.46 0.00 1,000 0.366 14.9
1.00 0.00 0.000 N/M
5.59 0.00 0.012 465.8
9.82 -0.08 1,650 0.971 10.1
10.00 0.00 0.991 10.1

BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing basis)

S52wk-Hi__S2wk-Low, Security
Bahamas Note 6.95 (2029)

Fidelity Bank Note 17 (Series A) +
Fidelity Bank Note 22 (Series B) +
Fidelity Bank Note 13 (Series C) + FBB13
Fidelity Bank Note 15 (Series D) + FBB15

Symbol
BAH29
FBB17
FBB22

Last Sale

Interest
99.46 0.00 6.95%

100.00 0.00 7%

100.00 0.00 Prime + 1.75%

100.00 0.00 7%

100.00 0.00 Prime + 1.75%

Change Daily Vol. Maturity
20 November 2029
19 October 2017
19 October 2022
30 May 2013

29 May 2015

RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)
Symbol Bid % Ask % Last Prime Daily al.
Bahamas Supermarkets 5.01 6.01 14.00 -2.945 0.000
RND Holdings 0.35 0.40 0.55 0.001 0.000
CFAL Securities Ltd. (Over-The-Counter Securities)
ABDAB 30.13 31.59 29.00 4.540 0.000
RND Holdings 0.45 0.55 0.55 0.002 0.000
BISX Listed Mutual Funds
Fund Name NAV
CFAL Bond Fund 1.5122
2.8300 CFAL MSI Preferred Fund 2.9187
1.4954 CFAL Money Market Fund 1.5655
2.8522 Royal Fidelity Bahamas G & | Fund 2.8624
13.0484 Royal Fidelity Prime Income Fund 13.5642
101.6693 CFAL Global Bond Fund
99.4177 CFAL Global Equity Fund
1.0000 FG Financial Preferred Income Fund
FG Financial Growth Fund
FG Financial Diversified Fund
Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Ser 4
10.0000 Royal Fidelity Bah Intl Investment Fund Principal
Protected TIGRS, Series 2
Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 3
Royal Fidelity Int! Fund - Equities Sub Fund

Island;

The Notice Board of the Local Constable at Hamilton's,
Long Island

The Chambers of Graham, Thompson & Co. attorneys for
the Petitioner, Sassoon House, Shirley Street & Victoria
Avenue, Nassau, N.P., Bahamas;

EPS $ Div % P/E Yield

YTD%
5.11%
1.10%

NAV 3MTH
1.490421
2.919946
1.545071

NAV 6MTH
1.467397
2.911877
1.530224

Last 12 Months %
6.79%
3.13%
4.48%
-7.49%
2.95%
12.49%
7.18%
5.21%

1.4076 31-Oct-10
30-Sep-10
12-Nov-10
31-Aug-10
30-Sep-10

3.87%
-8.16%
1.47%
114.3684
106.5528
1.1367

9.98%
4.75%
4.30%
2.75%
4.18%

109.392860
100.779540

107.570619
105.776543

Dated the 27" day of October A.D., 2010 1 aby Broc-10

1.0974
1.1363

6.87%
5.78%

31-Oct-10
31-Oct-10

9.7458 4.35% 5.22% 31-Oct-10

10.6000 -1.59% 4.26% 31-Oct-10

9.1708

GRAHAM, THOMPSON & CO.,
Chambers,
Sassoon House,
Shirley Street & Victoria Avenue,
Nassau, Bahamas.
Attorneys for the Petitioner

9.5037 -4.96%
8.1643 5.79%
MARKET TERMS
YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Colina and Fidelity
ASk $ - Selling of Colina and fidelity
Last Price - La: er-the-counter price
Weekly Vol. - TI me of the prior week
EPS $-Aci any's reported earnings per share for the last 12 mths
NAV - Net Asset val
N/M - Not Meaningful
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

-4.96%
9.42%

31-Oct-10
4.8105 31-Oct-10
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
52wk-Hi - Highest closing price in last 52 weeks

t

weighted price for daily volume
ighted price for daily volume
m day to day
aded today

P/E - Closing price divided by the last 12 month earnings
KS) - 4-for-1 Stock Split - Effective Date 8/8/2007
(S41) - S-for-1 Stock Split - Effective Date 7/11/2007

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525




THE TRIBUNE



usiness
SOME BAHAMIAN INDUSTRIES WILL ‘DIE SLOW DEATH’

FROM page 1B

through trade liberalisation.

Responding to a concerned
industry stakeholder on Friday,
Raymond Winder, Deloitte &
Touche (Bahamas) managing
partner, said he is hoping a two-
pronged approach will bear
fruit for the Bahamas in the
WTO accession negotiation
process.

This will see Bahamian nego-
tiators seek to maintain pro-
tective tariffs on imports on
goods that Bahamian manufac-
turers also produce and, where
this does not work, to call for an
extended adjustment period
before elimination of those tar-
iffs.

But he warned that the fact
some light industries in The
Bahamas “do not generate a
lot of jobs” and, in some cases,
have very few companies par-
ticipating in them, could
increase the challenge he will
face as he negotiates with coun-
tries such as the US or Canada
over why these Bahamian sec-
tors should remain protected
to the extent they are now from
foreign competition.

Speaking on the Bahamas’
proposed WTO membership at
the Bahamas Institute of Char-
tered Accountants (BICA)
week-long seminar on Friday,
Mr Winder said: “One of the
challenges with light industry
is that it’s not really an industry
per se, because we don’t have
more than one, maybe two,
companies involved in that
industry. For example, with
Blanco Bleach. So when I sit at
the table to talk about that, it
doesn’t look like a scenario
where we are a country talking
about an industry. That looks
like I am trying to give my
friend Pinder a good deal.”

Nonetheless, Mr Winder
described his plan of attack to
protect certain Bahamian man-
ufacturers, in particular, which
seems to involve putting for-
ward a position on behalf of
this nation that would allow
space for it to concede tariff
eliminations/reductions with-
out moving substantially from
where matters stand in practice
at present.

“We are going to attempt to
bind our tariffs for light indus-
try much higher than where
they are now. In other words,
for example, the rate on bleach
is 40 per cent, so we are going
to give them our binding rate at
60 per cent,” Mr Winder said.

rl

“And to the extent that we
can’t get what we want to get,
our next level of commitment
would be to stretch out for as
long as we possibly can the
transitional period as to when
those reductions will happen.”

Mr Winder noted that most
countries acceding to WTO
membership had an average
import tariff rate of between 9
to 20 per cent, while the aver-
age tariff for the Bahamas is 33
per cent. He and a team from
the Ministry of Finance have
already begun meeting with
industry representatives from
sectors such as beverage man-
ufacturing, packaging, publish-
ing and furniture operations to
appraise them of the accession
process and seek their input on
the changes that will have to
be made affecting their indus-
tries. Other meetings with key
groups are planned.

“We have to go through a
painful process of identifying
where we are going to make
changes to accomplish a lower
average tariff. We all know that
will have an impact on revenue,
so government will have to do
that in line with whatever
changes they plan to make to
where they get their revenue
from,” said Mr Winder.

He added that there are 12
service areas that the WTO has
asked the Bahamas to “debate,
discuss and determine what
kind of commitment and level
of involvement we are going to
allow for non-resident compa-
nies and individuals to partici-

iBahamas|

OWLEDGE «



Photo by Tim Clarke/Tribune staff
WARNING: Raymond Winder, Deloitte & Touche (Bahamas) manag-
ing partner.

pate in our economy in those
areas”.

Mr Winder said there were
inevitably “winners and losers”
in the trade liberalisation
process that the WTO
demands, and suggested that
negotiators for the Bahamas
will probably focus most of
their efforts on ensuring this
nation is able to remain most
competitive in the goods and
services industries that have
most “potential for future
growth”.

“Tf your enterprises lack the
ability to compete then they’re
going to go out of business.
Some industries in the Bahamas
will die a slow death. The real-
ity is unless light industry can
move from simply manufac-
turing to being able to compete
on a global basis, it becomes
stagnated and with very limited
growth. Financial services and
tourism are clearly areas where
the Bahamas has great strength,
so we need to harness our
strength in that regard,” he
added. Mr Winder said that the
negotiating team will try not to
liberalise the Bahamas’ posi-
tion regarding its trade with the
US, Canada and other large
markets more than it was
opened up under the terms of
the agreement recently signed
regarding trade in goods and
services between The Bahamas
and Europe under the Eco-
nomic Partnership Agreement
(EPA).

“T know we are negotiating
backwards in a sense. In other

Krys RAHMING & ASSOCIATES

Krys Rahming & Associates (Bahamas) Ltd is a provider of
corporate recovery, insolvency, forensic accounting and business
advisory services in the Caribbean. The firm is affiliated with
Krys & Associates (Cayman) Ltd., a premier provider of corporate
recovery, insolvency, and forensic accounting services in the
Caribbean. We are seeking applications to fill a vacancy for the
below listed job description.

SENIOR ACCOUNTANT

The Senior Accountant will support management and be
responsible for performing the day-to-day investigations and
analysis for corporate recovery, forensic, or liquidation
assignments. The successful applicant is expected to be client
focused, perform their duties with appropriate confidentiality
and professionalism, demonstrate an appropriate level of initiative
and organization, and be able to operate in a demanding
environment. Exceptional writing, computer literacy, analytical
and interpersonal skills are important.

The ideal candidate will have an accounting background and
have completed a qualification in the field from a recognized
institution or professional body. The successful applicant will
typically have had at least two to five years recent auditing
experience with a Big 4 Accounting firm. Prior experience in the
forensic accounting or corporate recovery field is a plus.

The range of salary for this post is dependent on qualifications
and experience. A comprehensive benefits package is offered
to include health insurance, discretionary bonus and 20 days

vacation.

No solicitations from recruitment firms please.

To apply please email your application to
personnel@krysandassoc.com.

Interested persons should apply no later than

November 26, 2010.

Krys Rahming& Associates (Bahamas) Ltd.

MONDAY, NOVEMBER 22, 2010, PAGE 9B

words it’s better to be part of
WTO then do an EPA. But in
our research we have seen that
other countries have been able
to accomplish that. In other
words, they went into bilateral
agreements first, then went into
WTO and agreed to terms that
were not as liberal as those
agreements. So that’s the plan.
Big countries like the US are
likely to test us on that, but
that’s the plan,” Mr Winder
said.

Asked how long it may be
before the tariff reductions and
other easing of access to the
Bahamian market for foreign
entities becomes a reality for
Bahamian companies, Mr
Winder suggested this depends
on the particular sector.

“There’s not going to be one
item in totality. I think different
services will require different
periods of liberalisation. There
are certain things we will fight
harder on depending on the
impact to our country,” he said.

Mr Winder noted that the
“sad” reality is that the
Bahamas is the only country in
the western hemisphere that is
not a part of the 153-member
WTO, which aims to ease trade
globally through lessening bar-
riers and resolving disputes that
arise between countries.

This leaves The Bahamas
open to being discriminated
against in global trade without
recourse, he suggested, and has
allowed the continuation of
out-of-date practices that may
not be in the best interests of
Bahamians - such as decision-
making based on policies sub-
ject to ministerial discretion,
rather than hard and fast rules -
to be prolonged.

He encouraged accountants
to become more knowledge-
able on the WTO accession
process and its implications,
noting that the changes that it
will involve have implications
for “every facet of life in the
Bahamas”, and therefore the
capacity for Bahamians to have
“a real debate on the pros and
cons” of its various aspects
would be beneficial.

“T do believe this particular
group has responsibility and
opportunity to become more
engaged in understanding this
process. Too many don’t under-
stand the process, “ said Mr
Winder.

NOTICE

THE PUBLIC WORKERS’
CO-OPERATIVE CREDIT
UNION LIMITED

announces the reintroduction of

FIXED DEPOSITS

Effective November Ist, 2010 as follows

1 Years at 5%
2 Years at 5.25%
3 Years 5.5%
4 Years at 5.75% for the first 3 years;
(7% for 4th year)

MINIMUM DEPOSIT: $1,000.00
MAXIMUM DEPOSIT: $50,000.00
EARLY WITHDRAWAL PENALTIES APPLY

All members, non-members, are invited to come
into our offices, in Nassau (323-6594) and Freeport
(351-7129), to take advantage of this opportunity

Also, check out our competitive rates on
Deposit and Christmas Club accounts

THE PUBLIC WORKERS’
CO-OPERATIVE CREDIT UNION LIMITED

“The Family Credit Union”



*H) PICTET

PICTET BANK TRUST LIMITED

Invites qualified applicants for the following position:-

SENIOR FOREIGN EXCHANGE
TRADER

EDUCATION AND EXPERIENCE:-

-Excellent knowledge of foreign currency trading.
-At least ten years experience.
-In-depth knowledge in trading:-

Spot and Forward currency transactions

Currency swaps

Precious metals

Currency and precious metal options
-Ability to speak/write French would be an asset.
-Bachelor’s Degree in Finance or related subject.
-Proficiency in a variety of software applications including Microsoft
Office Suite.

REQUIRED SKILLS:-

-Ability to work independently.

-Strong organisational skills.

-Commitment to excellent customer service.

-Must be a team player.

-Excellent oral and written communication skills.

-Excellent problem solving skills.

-Ability to work under pressure and to meet strict deadlines.

APPLICATIONS MUST BE RECEIVED BY
TUESDAY, NOVEMBER 30, 2010

Please hand deliver Resume and two (2) references to:-
The Human Resources Manager
Bayside Executive Park
Building No. 1
Nassau, Bahamas

ABSOLUTELY NO TELEPHONE CALLS
WILL BE ACCEPTED

Offices in
Lausanne, Geneva, Zurich, Luxembourg, London, Montreal, Nassau, ip abe Tokyo, Hong Kong,
Frankfurt, Florence, Milan, Madrid, Paris, Rome and Tu



TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
PAGE 10B, MONDAY, NOVEMBER 22, 2010

THE TRIBUNE





INSIGHT

Ireland says EU,
IMF agree to fund

emergency aid @

DUBLIN

DEBT-STRUCK Ireland
formally applied Sunday for a
massive EU-IMF loan to
stem the flight of capital from
its banks, joining Greece in a
step unthinkable only a few
years ago when Ireland was a
booming Celtic Tiger and the
economic envy of Europe,
according to Associated
Press.

European Union finance
ministers quickly agreed to
the bailout, saying it "is war-
ranted to safeguard financial
stability in the EU and euro
area."

The European Central
Bank, which oversees mon-
etary policy for the 16-nation
eurozone, welcomed the
agreement and confirmed
that the International Mone-
tary Fund would contribute
financing, while Sweden and
Britain — not members of
the euro currency — said
they were willing to provide
bilateral loans to Ireland, too.

Irish Finance Minister Bri-
an Lenihan spent much of
the night talking to other
eurozone financial chiefs
about the complex terms and
conditions of the emergency




























Country brought to
brink of bankruptcy

aid package taking shape.

Lenihan said Ireland need-
ed less than euro100 billion
($140 billion) to use as a
credit line for its state-backed
banks, which are losing
deposits and struggling to
borrow funds on open mar-
kets. The money will come
from the EU's executive
commission and a financial
backstop set up by eurozone
nations earlier this year.
There may also be additional
bilateral loans from countries
outside the eurozone.

Ireland has been brought
to the brink of bankruptcy
by its fateful 2008 decision to
insure its banks against all
losses — a bill that is swelling
beyond euro50 billion ($69
billion) and driving Ireland's
deficit into uncharted terri-
tory.

This country of 4.5 million
now faces at least four more
years of deep budget cuts and
tax hikes totaling at least

For breaking news alerts

Follow us on Facebook
www.facebook.com/Tribune242












Grains Of Ted

i " iy
Pe ee ee ¥
fi are ri aes

a

Fine meer ear

eurol5 billion ($20.5 billion)
just to get its deficit — bloat-
ed this year to a European
record of 32 percent of GDP
— back to the eurozone's
limit of 3 percent by 2014.

The European Central
Bank and other eurozone
members had been pressing
behind the scenes for Ireland
— long struggling to come to
grips with the true scale of
its banking losses — to
accept a bailout that would
reassure investors the coun-
try won't, and can't, go bank-
rupt. Those fears have been
driving up the already inflat-
ed borrowing costs of several
eurozone members, particu-
larly Portugal and Spain, on
bond markets.

Pace

Still, the rapid pace of Sun-
day's humiliating Irish U-turn
surprised many analysts.
More than 30 banking
experts from the IMF, ECB
and European Commission
had arrived in Dublin only
three days before to begin
poring over the books and
projections of the govern-
ment, treasury and banks, a
mammoth task expected to
take weeks.

But Lenihan said it was
now painfully clear that Ire-
land couldn't go it alone any
longer, and its cutthroat plans
for recovery would require a
major shot of "financial fire-
power" immediately.

Lenihan said Ireland was
asking eurozone and IMF
donors to loan money to a
"contingency" fund from
which Irish banks could bor-
row. He said the funds would
"not necessarily” be used. He
emphasized that the govern-
ment's own operations are
fully funded through mid-
2011.

"Not all the money will go
in (to the banks) at all. It's a
standby fund,” Lenihan told
Irish state broadcasters RTE.

Ireland's move comes just
six months after the EU and
IMF organized a eurol 10 bil-
lion ($150 billion) bailout of
Greece and declared a

} i ti my
TA

Quick Red Beans

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Sarees 4

Start with our Red Beans and Rice mix; add
emoked saueage and pour favorite toppings.
1 pkg Mahatma® Red Beans and Rice mix

1 cup smoked sausage, sliced
green bell peppers, celery, cilantro, parsley, tomatoes,
cheese (optional)

In a medium skillet, combine rice
mix and sausage and prepare
according to rice mix directions.
Heat thoroughly. For additional fla-
vor, add the optional ingredients.
Also, instead of sausage, try substi-
tuting 1 cup of cooked chicken or

ham,

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For further recommendations and recipes using Mahatma rice
visit website www.mahatmarice.com/bahamas






IRISH PRIME MINISTER Brian Cowen, left, and The Minister for Finance, Brian Lenihan leave a press

conference at government buildings, Dublin, Ireland, Sunday, Nov. 21, 2010. Debt-struck Ireland on
Sunday formally appealed for a massive EU-IMF loan to stem the flight of capital from its banks, join-
ing Greece in a step unthinkable only a few years ago when Ireland was a booming ‘Celtic tiger’ and the

economic envy of Europe. (AP)

euro750 billion ($1.05 tril-
lion) safety net for any other
eurozone members facing the
risk of imminent loan
defaults.

It demonstrates that creat-
ing the three-layered fund
didn't, by itself, reassure
global investors that it would
be safe, or smart, to keep
lending to the eurozone's
weakest members.

Ireland's precipitous fall
has been tied to the fate of its
overgrown banks, which
received access to mountains
of cheap money once Ireland
joined the eurozone in 1999.
The Dublin banks bet the
bulk of its borrowed funds
on rampant property markets
in Ireland, Britain and the
United States, a strategy that
paid rich dividends until
2008, when investors began
to see the Irish banking sys-
tem as a house of cards.

When the most reckless
speculator, Anglo Irish Bank,
faced bankruptcy in Septem-
ber 2008, it and other Irish
banks persuaded Lenihan
and aides that they faced
only short-term cash prob-
lems, not a terminal collapse
of their loan books.

Lenihan announced that
Ireland would insure all
deposits — and, much more
critically, the banks’ massive
borrowing from overseas
investors — against any
default, an unprecedented
move.

At the time, Lenihan billed
his fateful decision as "the
cheapest bailout in history"
and claimed it wouldn't cost
the Irish taxpayer a penny.
The presumption was that
confidence would return and
Ireland's lending would
resume its runaway trend.

But two years later, Leni-
han had already nationalized
Anglo and two other small
banks and taken major stakes
in the country's two domi-
nant banks, Allied Irish and
Bank of Ireland. The flight

of foreign capital was accel-
erating again amid renewed
doubts that the government
understood the full scale of
its losses.

Lenihan and the Irish Cen-
tral Bank responded by esti-
mating the final bill at euro45
billion to euro50 billion ($62
billion to $69 billion). But
investors resumed their with-
drawal from Irish banks and
bond markets in mid-Octo-
ber, driving up the borrow-
ing costs for Portugal and
Spain, which face their own
deficit and debt crises.

Economists increasingly
doubt that the economies of
Treland, Portugal, Spain and
Greece will grow sufficiently
to build their tax bases and
permit them to keep financ-
ing, never mind paying down,
their debts.

Money

The first portion of Ire-
land's loan might come from
the European Commission,
the EU's executive. After
that, the Washington-based
IMF and a facility funded by
eurozone nations could raise
money in bond markets.

When Irish Prime Minis-
ter Brian Cowen gathered his
15-member Cabinet togeth-
er for a rare Sunday meet-
ing, his aides briefed
reporters that the main topic
would be approval of Ire-
land's four-year austerity
plan.

It has been in the works
since September and seeks
to close the gap between Ire-
land's spending, currently
running at euroS0 billion, and
depressed tax revenues of
just euro31 billion.

It proposes the toughest
steps in the 2011 budget,
when euro4.5 billion will be
cut from spending and
eurol.5 billion in new taxes
imposed — steps that threat-
en to drive Ireland's mori-

bund economy into recession
and civil unrest.

Both Cowen and Lenihan
have stressed that Ireland's
12.5 percent rate of tax on
business profits — its most
powerful lure for attracting
and keeping 600 U.S. com-
panies based here — would
not be touched no matter
what happened.

France, Germany and oth-
er eurozone members have
repeatedly criticized the rate
as unfair and say it should be
raised now given the depth
of Ireland's red ink.

The 2011 budget faces a
difficult passage through par-
liament when it is unveiled
Dec. 7. Cowen has an unde-
pendable three-vote majority
that is expected to disappear
by the spring as byelections,
or special elections, are held
to fill seats.

Cowen and his long-domi-
nant Fianna Fail party are
languishing at record lows in
opinion polls.

The latest survey published
in the Sunday Business Post
newspaper said Fianna Fail
has just 17 percent support,
whereas the two main oppo-
sition parties, Fine Gael and
Labour, command 33 percent
and 27 percent respectively.

Those two parties are
widely expected to form a
center-left government after
Cowen loses his majority,
which would force an early
election.

Reflecting the national
mood, the Sunday Indepen-
dent newspaper displayed the
photos of Ireland's 15 Cabi-
net ministers on its front
page, expressed hope that the
IMF would order the Irish
political class to take huge
cuts in positions, pay and
benefits — and called for
Fianna Fail's destruction at
the next election.

"Slaughter them after
Christmas," the Sunday Inde-
pendent's lead editorial
urged.

The National Insurance Board
of the Commonwealth of The Bahamas





Request for Contractors Pre-Qualification

The National Insurance Board (NIB) is seeking to pre-qualify contractors to bid on

works te provide furniture (fit out) for the Government Complex, Freeport, Grand

Bahama; the project is a joint venture of NIB and The Bahamas Government.

Contractors must be in compliance with the National Insurance Act (social Security

programe), ACE Oh Src standing with the relevant Government APeTICUES.

Pre-qualification documents may be collected from the Security Booth at NIB’s Clifford
Darling Complex, Blue Hill Road and NIB’s Freeport Local Office, East Mall Dove

dunng the period November 22-2

at wanwnl-bahamas.com.

Â¥I 3h

S010, or downloaded from the Board's website

Pre-Qualification documents should be signed, sealed and returned to the Security
Booth, Clittord Darling Complex, Blue Hill Road or NIB’s Freeport Local Office,
Fast Mall Drive in an envelope addressed to The Director, The National Insurance

Board, with the caption Pre-Qualification Document - Furniture for Government

Complex, Freeport, Grand Bahama, on or before 12:00) Noon on November 29,

[010



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

MONDAY, NOVEMBER 22, 2010, PAGE 11B



INSIGHT



Survivor struggled
to breathe after New
Zealand coal blast

GREYMOUTH,
New Zealand

THE explosion that left 29
miners missing in New
Zealand resembled "a shotgun
blast, but much, much louder
and more powerful," said a
coal miner who was smashed
into the mine wall before col-
lapsing amid the smoky,
swirling gas and dust, accord-
ing to Associated Press.

When he came to, Daniel
Rockhouse, 24, dragged him-
self upright and staggered to a
nearby compressed air line to
breathe in fresh air and gain
some strength.

"I got up and there was thick
white smoke everywhere —
worse than a fire. I knew
straight away that it was car-
bon monoxide," Rockhouse,
whose brother Ben remains
underground, told the New
Zealand Herald newspaper in
its Monday edition.

"I couldn't see anything, and
it was dead quiet," he said. "I
yelled, 'Help, somebody help
me!’ But no one came. There
was no one there."

Toxic gases after Friday's
explosion were still keeping
rescuers from entering the
mine near Atarau on South
Island Monday, and evidence
of heat underground was con-
cerning officials, who feared
there could be another blast.

Fresh air was being pumped
down an open air line, but gas
levels were still fluctuating
wildly, authorities said.

A six-inch (15-centimeter) -
wide hole is being drilled from
the mountain above down 500
feet (150 meters) to the mine
to assess air quality and to low-
er listening devices. The miss-
ing miners have not been
heard from since the blast but
officials insist the search for
them is a rescue operation.
The drill was expected to reach

r



A ri
THE ENTRANCE to the Pike River coal mine is seen in Greymouth, New
Zealand, Sunday. (AP)

the mine wall overnight.

An open phone line to the
bottom of the pit rings unan-
swered after nearly three days.

New Zealand's mining sec-
tor is generally safe. In China
—which has the world's dead-
liest mines — water flooded a
small coal mine Sunday, trap-
ping 28 workers, officials said.
Thirteen workers escaped and
rescue work continued for the
missing men.

The only other survivor in
the New Zealand blast so far,
Russell Smith told New
Zealand's TV3 news that he
was driving a loader into the



mine when he saw a flash in
front of him.

"It wasn't just a bang, fin-
ish, it just kept coming, kept
coming, kept coming, so I
crouched down as low as I
could in the seat and tried to
get behind this metal door, to
stop getting pelted with all this
debris," Smith said.

"I remember struggling for
breath. I thought at the time
it was gas, but ... it was dust,
stone dust, I just couldn't
breathe. And that's the last I
remember," he said.

Shortly after, Rockhouse
who was himself "drunk" from

"1

Mr. Anton A. Saunders, Chairman of the Board of Directors,
Water and Sewerage Corporation, is pleased to announce
that MR. GLEN LAVILLE has been confirmed as GENERAL
MANAGER of the Water and Sewerage Corporation,
effective November 16, 2070.

The Board of Directors, Executive Management and staf,
congratulate Mr. Laville on his appointment as General

Manager.

&



i

AGONY: Relatives of one of the 29 miners and contractors trapped in the Pike River Mine leave a meet-



ing after being briefed by mine management, in Greymouth, New Zealand, Saturday. (AP)

carbon monoxide poisoning
and on weak legs came across
another miner lying on the
ground.

"I grabbed his hair and
pulled his head back, and real-
ized it was Russell Smith," he
told the New Zealand Herald.

Unable to rouse him, Rock-
house grabbed Smith under
the armpits and dragged him
550 yards (500 meters) to the
fresh-air base. But it was filled
with carbon monoxide.

They stumbled on, using the
compressed air line for fresh
air, and after an agonizing two-
hour struggle, they finally
emerged from the mine.

Both were treated at a hos-
pital for minor injuries.

"T could have easily been
blown to bits," Smith said,
acknowledging he was lucky
to have survived.

Smith said he couldn't help
worrying about his colleagues
still underground.

"There's a lot of young guys
down there. A lot of people
waiting,” he said. "Whether
they're still alive or dead or ...
in an air pocket, you just don't
know, because we're not too
sure where the explosion was."

Anguished relatives of the
missing miners were given a
tour of the site Sunday in order
to better understand the situa-
tion, but the emotional trip did
little to allay their concerns.

"It was good to see the lay-
out of the place, but it's still
hard," said Laurie Drew,
whose 21-year-old son, Zen, is
missing. "We just want to be
there when they walk out."

Police have said the miners,
aged 17 to 62, are believed to
be about 1.2 miles (two kilo-
meters) down the main tun-
nel.

"Teams are on standby and
at the first opportunity, day or
night, they're going to go down
in there,” police superinten-
dent Gary Knowles, the res-
cue controller, told Sky News
television.

He could not say how long a
rescue operation would take,
given the unstable gas levels.

Officials believe the blast
was most likely caused by coal
gas igniting. An electricity fail-
ure shortly before the explo-
sion may have caused ventila-
tion problems that let gas build
up.

The miners’ union said Sun-
day there had been no previ-
ous safety issues at the mine.

" As far as I know, there had
been pretty standard proce-
dures in place and nothing ...
that would have pointed to a
potential risk was raised by
workers," Andrew Little,
spokesman for the Engineer-
ing, Printing and Manufactur-
ing Union, told reporters.

Australian and British citi-

zens were among the missing
men, and Australia sent a team
of mine rescue experts to assist
the operation.

The coal seam at the mine is
reached through a 1.4-mile
(2.3-kilometer) horizontal tun-
nel into the mountain.

The seam lies about 650 feet
(200 meters) beneath the sur-
face. The vertical ventilation
shaft rises 354 feet (108
meters) from the tunnel to the
surface.

Each miner carried 30 min-
utes of oxygen, and more
stored in the mine could allow
several days of survival.

The 2-year-old Pike River
mine is working the largest-
known deposit of hard coking
coal in New Zealand, about
58.5 million tons.

A total of 181 people have
been killed in New Zealand's
mines in 114 years. The worst
disaster was in March 1896,
when 65 died in a gas explo-

sion. Friday's explosion
occurred in the same coal
seam.

The Pike River coal mine
differs from the Chilean gold
and copper mine where 33
men were rescued after being
trapped 69 days.

Methane gas was not a con-
cern at the Chilean mine, but
its only access shaft was
blocked, while the Pike River
mine has two exits.

The National Insurance Board
of the Commonwealth of The Bahamas

PROPOSALS FOR

MAINTENANCE & OTHER SERVICES

The National Insurance Board [NTR] aveines proposals Grom suitably qualified comiactors to preeeide
fabiano: and other sceviees for the National Insurance Read Offices in Mew Providence and
Grad Biaharna,
SERVICES POR TENDER:
Electrical Generator Maintenance
Female: samitary Wnt Services
Fire Extinguisher & Equipment Maintenance
Heat, Ventilation and Air Conditioning [HVAC] Maintenance
Janitorial Services
Landseaping & Ground Maintenance
Pese Comntreal
CCTY [Closed Circuit Television]
Elevator Mainrenanee
Indoor Plants
Storm Drain Maintenance
Garbage Collection
lntenor & Exterior Building Glass Cleaning
secunty Alem Montenng
Fire Alarms Systems

(haalifiedd Cesntraectors art reqguired to collect a prope sal from the Cusnsmer Service Desk, kecared
at the Nankonal Insurance Board, Clifford Darting (x imagers, Baillkew Hill Road, Nassau, Rahamas,
trom ‘onalay to Tinday, berween the hours of OAK) am & 4:50 pm, aed from the Freepesrt
(Hitice ( complex on the fall | 3rre, Preeys wt, Grand Bahama, from Mionday through Friday, beraeen

the hours of 9:00) poo, and dc30 pum.

Bor further information, please contact Mr Dave Neyooour, Facilines,/Puldings Department at

telephone number 502-1833,

All preposals should be properly sealed, marked “Tender For Services," and must be

DELIVERED BY HAND no later than 4200 pom., on Friday, December 10, 2000, to:

Mr, Algernon Cargill
Office of the Director
THE NATIONAL INSURANCE BOARD
eel Floor, Clifford Darling Complex
Baillou Hill Road
Nassau, Hahamas

The National Insurance Board reserves the nght to aCCEPC OF eject any cr all proposals



TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
MONDAY, NOVEMBER 22, 2010

bk



[a





The stories behind the news

1 i a 1



Kerzner's concerns
on Baha Mar project

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

A NEW day is dawning in
the Bahamas. An entity that
was once only talked about
will soon become a reality on
Cable Beach — Baha Mar.

At an estimated value of
over $2.6 billion, it is consid-
ered by all estimates to be a
monolithic project. To some it
is considered a monstrosity
that will consume all that was
here before it. To others it is a
golden egg.

To the chairman and CEO
of Kerzner International, Sir
Sol Kernel, it is something
else altogether.

Last week, Sir Sol made a
rare appearance in the local
press by issuing a statement
to the media on the impend-
ing approval of Bah Mar.

In his statement, Sir Sol
said that while they welcomed
any project that would
enhance and improve the
tourism sector in The
Bahamas, “the proposed
terms of the Baha Mar project
violates the Kerzner Heads
of Agreement with The
Bahamas.” He promised that
Kerzner International would
discuss with the Government
how to address this “breach”
in their “most favoured
nation” clause.

Principle

Since this statement there
has been much talk in the
press about what exactly a
most favoured nation clause
is. According to the Minister
of State for Finance, Zhivargo
Laing, a MFN classification is
an internationally established
economic principle, centrally
recognized by the World
Trade Organization (WTO),
which seeks to establish a lev-
el playing field between mutu-

al parties.

"The term is counter intu-
itive,” Minister Laing
explained.

“The name suggests that
you treat the entity with MFN
status more favourably than
others, but what it really
means is that you treat every-
one alike; you don't treat any-
one more favourably,” he
said.

Based on the MEN princi-
ple, if one MFN entity is
granted special Customs rates,
for example, then all MFN
entities should be granted
special Customs rates. The
specific rates would be estab-
lished by government policy
or law.

In the case of the
Bahamas, the Hotels Encour-





BAHA MAR DEBATE: Minister of State for Finance Zhivargo Laing, CEO of Kerzner International Sir Sol Kerzner and Prime Minister Hubert Ingraham

agement Act addresses the
issue of concessions, while
allowances for labour are
specified in government poli-
cy, he said.

In order to establish
whether a breach of MFN
privilege exists, Mr Laing sug-
gested one would have to
assess a competing agreement
"in its totality” and not com-
pare a single line item. He
said the question of a breach
is "not so simple from the
government's point of view."

In fact during the Prime
Minister’s wrap up on the
Baha Mar debate he said, "I
do not concede that we would
be in breach of the deal with
Kerzner. The relationship
between the Bahamas and
Kerzner has been mutually
beneficial,” Prime Minister
Ingraham said.

Sir Sol, however, has taken
the conversation to another
level when he revealed dur-
ing a teleconference with the
press last week that if Baha
Mar were to be approved in
its current state the jobs of
over 8,000 employees at
Atlantis could be put at risk.

“It seems to me pretty
ridiculous in this current envi-
ronment, even if the econom-
ic environment were a lot bet-

ter to look to come in and
double the current number of
rooms overnight. It seems to
me pretty irresponsible. I also
believe that one should take
into account that we have
8,000 people working with us,
and if this were to move for-
ward the likelihood is that
people's jobs would have to
be threatened. It is just impos-
sible, practically impossible
to double the size of the mar-
ket.

Pressure

“As we said in our state-
ment, last year was a tough
year and occupancy was
under pressure. Well guess
what, this year is even
tougher. So it seems pretty
ridiculous to me that these
folks are wanting to move for-
ward,” he said.

And move forward they
have. The Baha Mar labour
resolution was passed unani-
mously before the House of
Assembly (36 voting for, with
four absent), which allows for
8,150 foreign workers, but no
more than 5,000 at one time
to be employed on the Baha
Mar Cable Beach project.

Following this unanimous

vote in the House of Assem-
bly last week, Baha Mar’s
senior vice-president of exter-
nal affairs, Robert “Sandy”
Sands said that construction
for the single-phase $2.6 bil-
lion Baha Mar development
project could break ground
as early as January, pending
the close of the Export
Import (EXIM) Bank of Chi-
na loan.

Contractors have already
been chosen for the first six
construction packages, total-
ing $60 million, which will
include the new Commercial
Village contracts and the new
West Bay Street.

According to Mr Sands,
the initial payout will cover
construction contracts and
also includes numerous
Bahamian architects, engi-
neers, quantity surveyors, sup-
pliers and many other related
parties who will participate in
these first six contract pack-
ages.

Prior to the approval of
this massive project, Sir Sol
said that he did not want to
speculate on what he would
do if Baha Mar was approved
without at least the develop-
ment being “phased” in as his
Atlantis properties were. Now
that the project has been

34 mpe (EPA highway rating

pushed through the prover-
bial pipeline, the question
remains: What will Atlantis
do in response?

Addressing these concerns,
Prime Minister Hubert Ingra-
ham informed the nation that
he was confident that Sir Sol’s
concerns about Baha Mar
could be resolved satisfacto-
rily.

He also publicly pro-
claimed his respect and grati-
tude for Sir Sol's contribu-
tions to the country, adding
that he will do anything in his
power to ensure the Atlantis
product remains successful on
Paradise Island. However this
commitment, he said, does
not mean he will not be fair to
other developers.

"We were always con-
cerned, when we came to
office that there was nothing
in the Baha Mar deal that
would have given them a bet-
ter deal than Kerzner. I think
I can say that the thing that
ticked Kerzner (off) more
than anything else is a state-
ment by Perry Christie to the
effect that Baha Mar only
wants to get what Kerzner
got,” said Mr Ingraham on
the radio show Issues of the
Day.

"There is no question in

my mind of my high regard
for Sol Kerzner and what he
has done for the Bahamas. I
was berated by many when
he came in 1994 and what he
has done for the Bahamas has
transformed our tourism
industry.

“He has provided us with
2,000 more jobs than he com-
mitted to, he has a very suc-
cessful project on Paradise
Island and I will do all I can,
for as long as I can, to ensure
that his project is successful.”

“That has nothing to do
with whether I will be fair to
anybody else. (But) I will not
knowingly give anybody else a
better deal than Kerzner got,”
stated the nation’s chief.

During his live radio inter-
view, Mr Ingraham also
accused the former Christie
administration of engaging in
secret deals with Baha Mar
by promising them conces-
sions not included in their
contract.

He said these secret con-
cessions are part of what gov-
ernment is trying to renegoti-
ate.

"The PLP government
gave Baha Mar a deal over
and above what they signed
in the contract. So on the
same day that they signed the
contract they issued what was
called side letters offering
Baha Mar more.

"We tried to pull those
things back. We are now
doing an analysis to see the
extent to which we have been
successful, we think we have
been somewhat successful in
ensuring that there is equity
and balance between the
two."

Hopefully this “equity”
and “balance” between the
two resorts will eventually
allow the two properties to
complement each other, with-
out there being any cannibal-
ism in the marketplace, he
said.

However, this appears
highly unlikely if both hotels
will be aiming for the same
dwindling number of “high-
end” visitors.

At this stage it is not easy
to dismiss Atlantis’ concerns
as a mere fear of competition
when one considers that our
air arrivals have not actually
been booming over the past
few years. With a global
recession still wreaking havoc
on our tourism industry, no
“expert” is willing to guess on
when things are expected to
turn around in that sector.

Maybe, like the haunting
voice in the Hollywood film
“A Field of Dreams,” if Baha
Mar builds it, the tourists will
come.

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