Citation
The Tribune.

Material Information

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

Subjects

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

Notes

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

Record Information

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

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Full Text
McCOMBO

OF THE DAY i'm tovin’ it

HIGH
LOW

~~ WARM

Volume: 107 No.5





SOF
71F

ey SUNNY AND



Mother, former
boyfriend jailed

By NATARIO McKENZIE
Tribune Staff Reporter
nmckenzie@tribunemedia.net

A MOTHER was jailed
for 15 years for her part in
the beating death of her 19-
month-old son.

Makeisha Brown, now the
mother of a five-month-old
girl, left the courtroom in
tears yesterday while family
members shouted words of
encouragement.

Leroy Rolle, her former
live-in boyfriend who inflict-
ed the injuries on the child,
was jailed for 25 years yes-
terday.

Brown, 25, and Rolle, 20,
were both convicted of
manslaughter in the death
of Levano Brown in mid-
September. The child had
reportedly suffered blunt
force trauma to the head
and abdomen, lacerations
to the head and bruises
about the body on March 7,
2007.

Evidence suggested that
the injuries were inflicted
by a belt and tennis shoe.

Brown and Rolle, of East
Street South, were acquit-
ted of murder but convicted
on the alternative charge of

manslaughter, reflecting the
jury’s view that while Rolle
was the one who actually
inflicted the injuries, Brown
had encouraged him by
doing nothing to stop him
or even seeking help for the
child.

In her ruling, Senior Jus-
tice Anita Allen said: “This
child was slaughtered in the
presence of, and with the
acquiescence of, his moth-
er. The brutality of this
crime and the callous disre-
gard shown for human life
are aggravating factors.”

The judge, in sentencing
Rolle, stated that she took
into account the fact he was
a young person at the time
of the offence with no pre-
vious convictions and
“appeared to show some
contrition immediately after
the event in seeking help for
the child; albeit it was too
late”.

In respect to Brown,
Senior Justice Allen said she
took into account Brown’s
age, previous good charac-
ter and the remorse she had
expressed on more than one
occasion.

SEE page eight

The Mailboat Company Lid. Says



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MOTHER DENIES
ENDANGERING HER
CHILDREN’S LIVES

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

THE mother who was
found in an apparent
attempt to burn her two
children alive has denied
endangering their lives,
according to police
sources.

The 26-year-old mother
of Fire Trail Road was
arrested on charges of
attempted murder and
attempted arson on
Wednesday morning after
police found her infant
child had been rescued
from a burning car, and

SEE page eight

BUOY MOM Ue M i aa alee ‘GOES LIVE" IN MG

By AVA TURNQUEST
Tribune Staff Reporter

aturnquest@tribunemedia.net

REVOLUTIONARY in its design,
construction and services ,
stage of the $409.5 million redevelop-
ment project at the Lynden Pindling
International Airport (LPIA) is expect-
ed to “go live” by March 2 next year.

DON'T MISS YOUR FREE
NEW MAGAZINE IN
TOMORROW'S TRIBUNE

DON’T forget to get your
copy of The Tribune tomor-
row for a FREE new and
exciting monthly magazine.

Body & More is our health
and well-being publication
which is a must-read for
every family.

The first of its kind in The
Bahamas, Body & More
gives you the top trends and
latest news in medicine, fit-
ness and nutrition.

It’s everything the health-
conscious family needs to
live better lives.



Tim Clarke/Tribune staff

Executives at the Nassau Airport
Development Company (NAD)
announced that travellers and visitors
could expect to enjoy innovative fea-
tures like grade separation for incoming
passengers, barrier-free access, and a
state-of-the-art pre-clearance baggage
system early next year.

Stewart Steeves, president and CEO
of NAD said: “We really believe this

the first

= (at ) pee

Body & More i is FREE in
your Tribune tomorrow.

And look out next week
for something new and excit-
ing for the younger members
of the family.

The Tribune is the peo-
ple’s paper, the biggest and
the best.

ABOVE: The aoe 5 millich redevelopment project at the Lynden
Pindling International Airport

LEFT: The press are given are a tour of the building.

will be a best in class airport for the
number of passengers that we handle.
It’s a US departures facility, and when
we compare to other US departure
facilities, we will have leading technol-
ogy like the ability to drop your bags
right at check-in — that exists in no oth-
er US pre-clearance facility anywhere

SEE page nine



WOMAN'S FORMER BOYFRIEND
CHARGED WITH HER MURDER

By NATARIO McKENZIE
Tribune Staff Reporter
nmckenzie@tripunemedia.net

THE former boyfriend of
a mother who was stabbed
to death in Adelaide earlier
this week was arraigned
before a magistrate yester-
day.

Douglas Brian Pratt, 23,
of Jellyfish Lane, Yamacraw
Estates, is charged with the
murder of Shande
Cartwright, 22, of Johnson

Road.

According to court dock-
ets, Pratt intentionally
caused Ms Cartwright’s
death sometime during the
evening of Monday, Novem-
ber 22.

Represented by attorney
Krysta Smith during his
arraignment before Chief
Magistrate Roger Gomez ,
Pratt was not required to
enter a plea to the murder

SEE page eight

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Port Authority
Chairman
sued by family
Inembers

GRAND Bahama Port
Authority Chairman Sir Jack
Hayward is being sued by
members of his family, who
claim he illegally removed their
names from various trusts.

His son Rick Hayward,
daughter Susan Heath, her hus-
band Rodney, and eight grand-
children are suing the 87-year-
old head of the family. Sir Jack
has denied their claims.

Following a brief hearing on
Wednesday, Sir Jack’s attor-
neys and those representing the
complainants spent more than
an hour trying to reach a set-
tlement, but were unsuccessful.

Sir Jack is represented by
attorney Andre Feldman, QC.
Representing the complainants
are Terence Mowschenson, QC
and local attorney Ferron
Bethell.

A trial has been scheduled
for May 2, 2011 and is expected
to last 10 working days.

Two men rob Asue
Draw Web Shop

SOMETIME around 1.40
pm yesterday two armed men
entered Asue Draw Web
Shop, Boiler Avenue off Poin-
ciana Drive, and demanded
cash.

The culprits robbed the shop
and three patrons of an unde-
termined amount of cash and
cell phones and fled the area in
a silver coloured Mitsubishi in
an unknown direction. Police
are investigating.



PM: ‘No need to increase
parliamentary seats’

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

WHILE the Boundaries
Commission has yet to meet
ahead of the 2012 general
election, Prime Minster
Hubert Ingraham declared
yesterday that no additional
parliamentary seats will be
created,

As a special call-in guest
on the Exuma Breeze radio
station yesterday, Prime Min-
ister Ingraham said he sees
no need to increase the num-
ber of seats in the House of
Assembly.

In fact, when answering
concerns that the size and dis-
bursement of the islands in
the Exuma chain require an
additional seat to be created
there, Mr Ingraham said he
is actually of a mind to
decrease the number of seats.

He said: “In terms of the
configuration of seats, when
you take into account the
population of New Provi-
dence, the population of
Grand Bahama, the popula-
tion of Abaco, the population
of Eleuthera, and then Exu-
ma, one has to determine
how many of the 16 seats that
are not in New Providence
can be given to any one
island.

“When we came into office
we met Abaco with three
seats and determined that
Abaco could not justify three







PRIME MINISTER HUBERT INGRAHAM

seats in relation to the total.

“The same thing applied to
Long Island, Bimini and the
Berries, and so, no I do not
think it is reasonable for Exu-
ma to expect to get another
seat in the House of Assem-
bly. I think it is reasonable
for Exuma to make its local
government work, and where
it thinks it ought to be dele-
gated additional authority
from the central government
so that these matters can be
handled by local authorities
in Exuma, it ought to do that.

“But in terms of represen-
tation in parliament, no, one
seat is enough for Exuma in
terms of its population and
size — not withstanding its
geography,” he said.

The Boundaries Commis-
sion will be comprised of five
persons: two government rep-
resentatives, MPs Charles
Maynard and Tommy Turn-
quest; a PLP representative,
Philip Davis; a senior judge;
and Speaker of the House of
Assembly Alvin Smith, who
will chair the group.



Ingraham doesn’t ‘buy into’ arguments
against dredging at Bell Island

PRIME Minister Hubert
Ingraham said he does not
buy into the argument that
the approval for dredging at
Bell Island is a sign the Exu-
ma Land and Sea Park is
being poorly managed.

Addressing the audience
of the Exuma Breeze radio
station yesterday, Mr Ingra-
ham said that the govern-
ment has a team of profes-
sionals to advise on such
matters when necessary.

He said: “The government
has in place the BEST Com-
mission which is comprised
of a number of professionals
who from time to time are
advisers to the government.

“We have a Ministry of
the Environment which is
headed by a minister who |
have confidence in, Earl
Deveaux. We have a
National Trust, which is an
institution which I have
great confidence in, also
which is made up of a num-
ber of private sector and
other interested parties all
of whom would have had an
opportunity to review what
is being proposed and to be
able to make recommenda-
tions.

“And I understand that
amongst the things that they
have determined is the
quantity of dredging that
was proposed was in excess
of what they found accept-
able. They have now deter-
mined what is acceptable
from an environmental
point of view.

“T cannot support those
who without such analysis,
without knowing such facts,
just simply saying there
should be no dredging.

“How are people going to
get into the park? How have
they been getting in the
park all these years? What
else is there in the park?
Are there any airstrips in
the park? Any other dredg-
ing ever took place in the
park? Let us not make a
mountain out of a mole-
hill,” he said.

Mr Ingraham added that
the Bahamas is very pleased
to have attracted the Aga
Khan, the owner of Bell
Island, who would have been

TO DISCUSS STORIES ON THIS PAGE LOG ON TO

welcomed in many other
places around the world.
“So it is my hope that the
people in the Exuma cays
and elsewhere in the
Bahamas would take
account of the reality, which
is that we have professionals
who know how to manage
the park, and who have
managed the park all of
these years and have done
so ina very successful way.

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“And why then should
anybody think that all of a
sudden today, they no
longer have an interest in
maintaining this gem called
the Exuma Land and Sea
Park? It is not fair, it’s not

right, it is not acceptable,
and no, I do not buy into
those arguments. I accept
the advice that I have been
given and I am supportive
of what is being proposed,”
he said.



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THE TRIBUNE

LOCAL NEWS

FRIDAY, NOVEMBER 26, 2010, PAGE 5



Contractors chief |
congratulates PM
on Baha Mar work

Negotiations with Chinese principles ‘historic’

By PAUL G
TURNQUEST

Tribune Staff Reporter
pturnquest@
tribunemedia.net

PRESIDENT of the
Bahamas Contractors
Association Stephen Wrin-
kle yesterday congratulat-
ed Prime Minister Hubert
Ingraham and his team for
securing $400 million
worth of work for local
contractors on the $2.6 bil-
lion Baha Mar project.

Calling the negotiations
between the prime minis-
ter and the Chinese princi-
ples “historic”, Mr Wrin-
kle said that this gesture
proves the government’s
commitment to their
industry, local businesses,
and the Bahamian popula-
tion as a whole.

Victory

“This was no easy task;
the Chinese are shrewd
negotiators and our prime
minister is one of a very
select group to have come
away with such a signifi-
cant victory,” the BCA
president said yesterday at
a press conference.

With the government
having essentially done its
part to ensure that local



STEPHEN WRINKLE

contractors have their fair
share of work on the mas-
sive hotel project, Mr
Wrinkle said the onus is
now on all the relevant
stakeholders to ensure that
the Bahamas is successful
in this project.

“The stakes are high
and Bahamian contractors
will need to call on all their
collective experience and
skills to successfully com-
plete their responsibilities
and performance during
the build-out phase of
Baha Mar.

“Today we pledge that
the BCA will do every-
thing within its power to
realise the commitment
our prime minister has

made to the Baha Mar
team and the Bahamian
public. In our continued
leadership role, the BCA
will focus on the training
and support that form the
essential components of
our initiative.

“Through those endeav-
ours we seek to ensure the
success of the Baha Mar
project and firmly estab-
lish a national policy of sig-
nificant Bahamian con-
tractor participation in all
future capital construction
projects.”

Opportunity

However, Mr Wrinkle
also took the opportunity
to stress that the BCA’s
position is one of advocat-
ing for all Bahamian con-
struction contractors — and
that they are not lobbying
for one political party or
the next.

“To the best of my
knowledge, no member of
this, or any BCA council
has ever solicited,
received, or been party to
any solicitation, bribe, pay-
off or promise of work
from any contractor, devel-
oper, or government
department or minister
during my term as presi-
dent.



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“T, Stephen Wrinkle,
personally have never
solicited, received or been
asked to take anything
from anyone while acting
in the capacity of president
of the BCA. I hold this
office in the highest regard
and would never jeopar-
dise or permit to be com-
promised the integrity of
this office and the trust
placed in either myself, the
BCA council, or the BCA
itself.

“No member of this
BCA council has ever
alluded to or promised to
secure jobs for any con-
tractor, sub-contractor or
tradesman. What we do
pledge is that through the
educational and profes-
sional programmes the
BCA provides, our mem-
ber contractors will be in a
better position to compet-
itively bid and, if success-
ful, manage their con-
tracts,” he said.

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MAN CHARGED WITH MURDER

A 34-YEAR-OLD man charged in a murder which occurred
at Bacardi Road over the weekend was arraigned in a Magis-
trate’s Court yesterday.

Police have charged Pinedale resident Rony Joseph in the
murder of Jean Jeanty.

Mr Jeanty was reportedly gunned down in the Bacardi Road
area around 5am last Sunday.

Joseph, who was arraigned before Chief Magistrate Roger
Gomez, was not required to enter a plea to the murder charge.
He was remanded to Her Majesty’s Prison and his case was
adjourned to November 30.

MEXICO"S POPULATION GROWS

MEXICO CITY

MEXICO'S census shows the population has grown more
quickly than expected, in part due to a drop in the number of
people leaving to seek work, according to Associated Press.

Preliminary data released Thursday by the National Institute
for Statistics and Geography says Mexico had 112.3 million
inhabitants as of July. That was 3.6 million more than experts
had projected.

The head of the institute, Eduardo Sojo, says the bigger-than-
expected increase was likely due to a rise in births and a fall in
migrants leaving the country.

Sojo says Mexico had been losing about 500,000 people a
year to international migration but that number has likely
fallen by about half. The global economic crisis, particularly the
US. slump, has cut into the jobs available for migrants.

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





PAGE 6, FRIDAY, NOVEMBER 26, 2010

THE TRIBUNE






By US AMBASSADOR
TO THE BAHAMAS
NICOLE AVANT

AROUND the world
today, we are already seeing
the damaging effects of cli-
mate change, from increas-
ing temperatures and melt-
ing glaciers to rising sea lev-
els and lengthening



planet will only get worse if
the international communi-
ty does not strengthen its
efforts to address this prob-
lem. The upcoming United
Nations climate conference
in Mexico offers an oppor-

tunity to take an important
step forward — and we must
seize this moment together.

The United States is com-
mitted to working with The
Bahamas and our other
international partners to
meet this great global chal-
lenge.

At Cancun, we must work
to build on the progress

Opportunity to take step forward on climate change

OPINION

hagen and move forward on
all key elements of the nego-
tiations—mitigation of emis-
sions, transparency of
actions, financing, adapta-
tion, technology, and pro-
tection of our forests. As we
press ahead on these issues
and seek a balanced out-
come, we must also avoid
undermining what we

NICOLE AVANT



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made last year in Copen-

Exuma Cays Land and
Sea Park Development

The Bahamas National Trust welcomes any discussion of environmental issues. In fact, one of our chief
goals is to raise environmental awareness among Bahamians. Accordingly, in view of the many

misconceptions that have been repeatedly aired in the media and on the internet about development in
the Exuma Cays Land and Sea Park, the BNT has prepared this fact sheet to inform the debate.

Mi What has happened?

The owner of 349-acre Bell Island in
the Exuma Cays applied to the
government in August 2010 for
permission to expand an existing
service/utility area for his vacation
home, excavate an inland yacht basin,
and dredge a portion of the seabed
to provide navigable access for his
150-foot private yacht.

Mi Why is this an issue?

The island is located in the Exuma
Cays Land and Sea Park. One
hundred and seventy six square miles
of the Exuma chain of cays was set
aside in 1958 and leased by the
government to The Bahamas National
Trust. But about a third of the land
within the park was already privately
owned at that time and therefore
could not be included in the lease
that created the park. Those private
islands include Cistern Cay, Pirate's
Cay, Little Pigeon Cay, South Halls
Pond Cay, Soldier Cay, Dinna Cay,
White Bay Cay, Osprey Cay, Bell
Island and Little Bell Island. It should
be made clear that the sale of private
land anywhere in The Bahamas is
not a matter that is within the BNTs
purview. To our knowledge, no legal
restrictions have ever been placed
by any government on the transfer
of private land within the Exuma
park.

Wi Is this a proposal for
commercial development?

No. The BNT is strongly opposed to
any commercial development
anywhere within the park, and no
such development either exists or is
proposed. Over the years, there has
been limited development (including
land clearing for home and infrastruc-
ture construction, and dredging of
inland yacht basins and entrance
channels) on and around some private
islands for the owners’ personal use.
Examples include Soldier Cay, Cistern
Cay, Halls Pond Cay, and Bell Island.

@ What procedure did the
land owner follow?

In the current instance, the owner
of Bell Island applied to the Ministry
of the Environment in the normal
way for relevant permissions to
undertake the planned improve-
ments. The application was referred
to the BEST Commission and the
BNT for review and comment. An
environmental impact assessment
was undertaken at the owner's
expense, and strict environmental
conditions and protocols were stipu-
lated by both BEST and the BNT.
The EIA is available from the BEST
Commission.

What is the current status
of the project?

An important condition of the
government's approval is the develop-
ment of a comprehensive environ-
mental management plan at the
owner's expense. The BEST Commis-
sion and the BNT are waiting to
review and approve this plan, which

will govern the proposed develop-
ment activities under the supervision
of an independent environmental
manager. Some site preparation on
land has already begun, following
approval by Town Planning. The total
development footprint on the
349-acre island is less than five acres,
and mitigation includes removal of
invasive casuarina trees, restoration
of natural vegetation, and develop-
ment of a native plant nursery.

@ What will happen to the
dredge spoil?

The owner's original plan for Bell
Island would have involved the dredg-
ing of more than 43,000 cubic yards
of spoil. As a result of BNT’s efforts,
the project's impact has now been
further reduced so that less than
13,000 cubic yards will now be
dredged. This spoil will be taken at
the owner's expense to either an
identified need/ infrastructure project
in one of the nearby Exuma settle-
ments (such as Black Point), or to
New Providence. A determination
on how the spoil will be used will be
made by the BEST Commission. It
should be noted that there is no great
demand for fill at present because of
the huge mountain of spoil recently
dredged from Nassau harbour and
stored at Arawak Cay. It should also
be noted that the cost of transporting
the fill is considerable. The suggestion
that surreptitious rock mining is
being conducted at Bell Island is
patently absurd.

i Is dredging ever a good idea?

While the preferred option would
be to have no dredging in the park,
dredging is sometimes necessary to
provide navigable access to property
within the park. If properly executed,
using best management practices,
dredging imposes a tolerable and
temporary impact on the marine
environment. In order to travel from
island to island, boaters need safe
harbours and navigable channels. As
a nation, we must learn how to dredge
without it becoming an incendiary
issue every time the word is
mentioned. The way to do this is to
carefully assess the impact of each
project, then set and enforce strict
rules and policies to safeguard the
environment while allowing develop-
ment to proceed.

Mi Why didn't the BNT
oppose the development
on principle?

Reasonable access to, and use of,

private property is a right that is guar-

anteed by the Bahamian constitution,
and that right extends to property
in the Exuma park. The BNT will
not allow any development on park-

owned lands that is not in full and
clear alignment with our resource
protection and conservation manage-
ment goals. But there is a fundamental
difference between the unrestricted
exploitation of public resources
within a national park and the accep-
tance of reasonable access for existing
property owners. While we have

prevented commercial development
in the park, we have to acknowledge
the illegality of banning all private
development, particularly on land
that is highly taxed. The BNT has no
interest in engaging in a militant
campaign to destabilize private prop-
erty rights over the issue of minimal
localized development proposals that
will be conducted under strict
environmental protocols using best
management practices.

i What is the BNTs view of
the Bell Island development?

Most of the planned work at Bell
Island is on land. There will be limited
and short-term disturbance of the
seabed for the provision of navigable
access to the owner's inland yacht
basin and service dock. The BNT is
not arbitrarily opposed to environ-
mentally compatible, non-intrusive
and limited development on private
islands within the park. The plans
and the EIA were carefully reviewed.
by the BNT and considered reason-
able, subject to strict environmental
controls. On other occasions, the
BNT has advised against certain
developments proposed by property
owners in the park. However, we do
not have the authority to unilaterally
disallow private development in the
park. It is also worth noting that the
area that will be affected by the Bell
Island project is a tiny fraction (less
than .0035%) of the park's 112,000-
plus acres.

i Why does the BNT accept
private donations?

The BNT was created by parliament
in 1959 as a private membership
organisation funded by dues, grants,
investment income and contribu-
tions, both public and private.
Notwithstanding the fact that the
BNT manages extensive public areas
for the Bahamian people and
performs other essential services for
the country, less than a third of our
annual budget of $3 million is
provided by government, and that
level of subsidy has only been the
case recently. The BNT has always
accepted private donations, as do all
similar non-govern-mental organisa-
tions. But we will not accept any gift
that requires us to compromise our
values. Also, when we do accept
contributions, and the donor wishes
to remain anonymous, we are obliged
to respect those wishes.

Bi What is the BNT obligated
to do in return for its
public subsidy?

The BNT protects and manages over
700,000 acres of land and sea territory
throughout The Bahamas, in addition
to advising the government on
national heritage issues. The BNT
also conducts wide-ranging school
and public education programmes
on environmental subjects. We are
governed by a Council elected from
the general membership, together
with representatives appointed by
government agencies and interna-

tional scientific organisations. Each
year the BNT provides a detailed
report to the government on the use
of public funds. We also produce
audited financial statements that are
published annually.

@ Who will undertake the
planned development at
Bell Island?

We understand that Bahamas Marine
Construction Company has been
contracted by the owner to carry out
the works. The BNT is not involved
other than to ensure that a qualified
environmental officer is in place to
supervise the approved environmen-
tal management plan.

@ What environmental restric-

tions apply within the park?
The original intention of the scientists
and conservationists who first
surveyed the area was to protect the
biodiversity of all the land and sea
resources in the proposed park. How-
ever, the park was not designated a
no-take zone until 1986, in response
to dramatic increases in fishing
pressure and other undesirable uses.
This designation means that the
exploitation of public resources by
anyone within the park is prohibited
by law. The park protects only a small
portion of the Exuma Cays, and we
do not believe this has caused any
hardship to anyone. In fact, all the
evidence shows that the protection
of marine resources within the park
has led to healthier fisheries
elsewhere.

B What restrictions or guide
lines would the BNT like
to implement in the park?

The BNT will be working with the
government and local communities
and stakeholders - within the context
of the recently passed Planning and
Subdivisions Act - to develop a
carefully crafted land use plan for
the entire Exuma Cays, both inside
and outside the park. The BNT has
long promoted the value of such
legislation to support orderly national
development within a framework
that respects the high value of our
natural environment. The proposed
land use plan for the park will include
strict regulations on what develop-
ment can and cannot take place
within park boundaries.

i What is the purpose of a
national park?

The goal of a national park is to
protect significant natural assets and
biodiversity in support of a healthy
environment and for the enjoyment,
education and inspiration of future
generations. Proper management of
a network of protected areas requires
adequate financial resources. An out-
right ban on development is not a sine
qua non of national park management.
In many countries, public-private
partnerships generate income from
shops, lodges, restaurants and other
services within national parks.

For more information on this and development of private land in national parks,
please call 242-393-1317 or email bnt@bnt.bs

achieved in Copenhagen,



where leaders from around
the world took a meaningful
and unprecedented step in
our collective commitment
to meeting the climate
change challenge. Attempts
to back away from commit-
ments in the Copenhagen
Accord or to renegotiate its
underpinning would only
deepen the danger for our
planet, our people and our
future.

As part of the Copen-
hagen Accord —which is sup-
ported by approximately 140
countries, including The
Bahamas - for the first time
all major economies com-
mitted to take actions to lim-
it their emissions and to do
so in an internationally trans-
parent manner. The agree-
ment also includes landmark
provisions for financial assis-
tance to support clean tech-
nology development, adap-
tation, and forest protection
in those countries most in
need. These provisions con-
sist of a pledge for “fast
start” funding by developed
countries approaching $30
billion over the years 2010-
2012 and a commitment to a
goal of mobilizing $100 bil-
lion annually from public
and private sources by 2020
in the context of meaningful
mitigation and transparency.

The United States is deliv-
ering on our fast start com-
mitment to help developing
countries reduce emissions
and adapt to the adverse
effects of climate change.
This year alone, the United
States has significantly
increased its climate finance
to a total of $1.7 billion, $1.3
billion of Congressionally-
appropriated assistance and
$400 million of development
finance and export credit.

The United States is also
working hard to reduce its
own emissions and transition
to a clean energy econo-
my. President Obama’s
Recovery Act provided more
than $80 billion in invest-
ments, loans and incentives
to support a range of initia-
tives that are vital to this
goal. We have put in place
the most ambitious U.S. fuel
economy and tailpipe emis-
sion standards ever. We are
taking important steps to
reduce emissions from our
largest polluting sources.
And President Obama
remains committed to pass-
ing domestic energy and cli-
mate legislation.

As I travel throughout
The Bahamas I see broad
concern about the current
impacts and the potential
threats of changing climate
— concerns that Americans
share.

But I am encouraged by
the actions that are being
taken here and around the
world to work toward a clean
energy future that promotes
sustainable economic growth
for all.

Just as no nation can
escape the effects of climate
change, no nation alone can
solve this problem.

In support of the Energy
and Climate Partnership of
the Americas (ECPA), the
Organization of American
States will use a grant from
the U.S. Department of State
to launch a programme to
facilitate regional dialogue
and assist Caribbean gov-
ernments, including The
Bahamas, to promote and
implement sustainable ener-
gy policies and programmes.

Through this programme,
short term legal counsel and
technical assistance is pro-
vided to support commer-
cialization of government
endorsed energy projects
consistent with ECPA’s
focus areas of renewable
energy, energy efficiency,
energy poverty, and infra-
structure.

Furthermore, the pro-
gramme will facilitate region-
al dialogue on long-term sus-
tainable energy solutions.

The risks posed by climate
change and the difficulty of
containing it pose challenges
to every country, and we
must overcome those obsta-
cles.

Our global efforts to build
a sustainable, clean energy
economy will lift people out
of poverty, deliver energy
services throughout the
world, and preserve our most
precious environmental trea-
sures.

The Copenhagen Accord
is, and the upcoming climate
change meeting in Cancun
should be, an important step
in our collective commitment
to speed this transition, leav-
ing a cleaner, healthier plan-
et for all.

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



THE TRIBUNE

FRIDAY, NOVEMBER 26, 2010, PAGE 7

LOCAL NEWS

craft industry
into cyherspace

By GLADSTONE
THURSTON

THE Inter-American
Development Bank (IDB)
has executed a $500,000
grant to launch the Bahami-
an handicraft industry into
cyberspace.

Signed between the IDB
and Bahamas Chamber of
Commerce in partnership
with Bahamas Agricultural
and Industrial Corporation
(BAIC), it will allow arti-
sans to do business online.

“We see on a daily basis
the significant improvement
in the quality and variety of
products produced by the
Bahamas National Craft
Association members,” said
IDB country representative
Oscar Spencer.

“We therefore had to find
a way to channel resources
from the private sector arm
of the Bank through the
Chamber of Commerce and
BAIC to the membership
of the Association. We are

2

pleased that we have been
able to find that mecha-
nism.”

The strategy of the pro-
ject is to develop a pro-
gramme that complements
the Government’s effort to
rally the industry around a
structured approach to the
establishment of industry
standards, marketing, and
addressing the over-reliance
on imports.

Its primary focus will be
the development and
launch of a virtual platform
with functionalities to sup-
port and facilitate the mar-
keting, sales, and distribu-
tion of Bahamian manufac-
tured handcraft souvenirs
via the internet.

“This project is going to
modernise the way we sell
our products to the world,”
said Chamber president
Khaalis Rolle. “The ability
for us to sell our products
online is a significant coup
for the Bahamas.

“We thank the IDB for

—_ i Rae
CABLE BAHAMAS

a

OFFICIALS gather to witness the launch of the IDB’s $500,000 pro-
ject for the Bahamian handicraft industry. Pictured from left are

BAIC executive chairman Edison Key, Bahamas Chamber of Com-
merce president Khaalis Rolle, IDB country representative Oscar
Spencer, and IDB senior operations officer Sharon Miller.

being so generous with this
donation.”

Also attending the press
conference were BAIC
executive chairman Edison
Key, assistant general man-
ager in charge of the Hand-
icraft Development and
Marketing Department
Donnalee Bowe, BNCA
president Martha Smith,
South Andros Handicraft
Association president Emi-
ly Rahming, Ministry of
Tourism’s Visitor Experi-
ence director Geneva
Cooper, and project man-
ager Don Demeritte.

“These are exciting times
to be a part of the growing
Bahamian handicraft indus-

JOB VACANCY

Cable Bahamas Ltd is looking for
vibrant and energetic Sales Executives
for its Commercial Sales Segment

JOB OBJECTIVE:
Responsible for all sales activities, from lead generation through close in

an assigned territory.

RESPONSIBILITIES:

. Responsible for the sales of all Cable Bahamas’ Commercial
Offerings within assigned territory in New Providence.

Demonstrates the ability to carry on a business conversation with
business owners and decision makers.

Sells consultatively and makes recommendations to prospects
and clients of the various solutions the company offers to their
business issues.

Maintains accurate records of all sales and prospecting activities
including sales calls, presentations, closed sales, and follow-up
activities within their assigned territory, including the use of CRM
Tools to maintain accurate records to maximize territory

potential.

JOB SPECIFICATIONS:
2-5 years of experience in sales.

Strong understanding of customer and market dynamics and

requirements.

Proven ability to surpass sales quotas.

Proficiency in Microsoft Office Suite (Excel, Word, PowerPoint,

Outlook).

Please e-mail your resume to richard.adderley@cablebahamas.com
Only persons who meet the qualifications will be contacted.

Closing Date: Wednesday, December 1, 2010

Cable Bahamas Ltd. Nassau Bahamas

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ee ee

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LLUSEUUTIOALE

try,” said Mr Key.

“Many doors of oppor-
tunity are opening for us
to tap into those many
millions of dollars used
to import craft products
for our tourists and resi-
dents.

“It is our hope that in
short order the vast major-
ity of those millions of dol-
lars will be flowing directly
into the pockets of our arti-
sans instead of out of the
country.”

He underscored the time-
liness of the project coming
when the multi-million dol-
lar craft centre downtown
Nassau is nearing comple-
tion.

a

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for the position of Group Financial Controller.

The Group Financial Controller will coordinate and
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operating data analysis activities and recommend
Strategic initiatives to Increase profitability.

Interested candidates must have a Bachelor's
degree in accounting, finance or business
administration. CPA/CMA and/or MBA strongly
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Outstanding salary, benefits and incentives offered.
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PAGE 8, FRIDAY, NOVEMBER 26, 2010

THE TRIBUNE

LOCAL NEWS

eer






















Au

o> ANNUAL c=

HOLIDAY FAIR &
MINI FESTIVAL

Saturday 28th November 2010
12 NOON - 6:00 PM

A great time of fellowship, splendid gifts and
holiday decorations, with all the usual goodies:

BBO CHICKEN & STEAK DINNERS
CONCH FRITTERS & SALAD + HOMEMADE ICE CREAM
CAKES & SWEETS +HAMBURGERS & HOT DOGS
PLANTS: HOOP LA- GUESSING GAMES
BOORS, CDs & DVDe» BOUNCY CASTLE
CHILDREN'S GAMES & CRAFTS
LOCAL CHRISTMAS CRAFTS & ORNAMENTS

Philicia Armbrister
for achieving Holborn Collage
Academic Excellence Award
Best Qverall Performer 20110"!

From your parents Philip a”
Carla Ambnster; grandpar-
ents, Phillip & Mary Mictey,
Merril & Lucy Dorsett, Huey &
Shirley Armbrister, godpanes,
enis, Rev. Dr. Willis & Yvetlg
Johnson, and the whole crew
of uncles, aunts, cousing &
friends too numerous to men
tion!

Keep up the good work
"Boss Lacy” and good luck!

Godspeed al Northumbria !

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Baby killers
get 40 years

FROM page one

The judge said: “I have considered the
effect of any sentence on her young child
and although that may be considered a
mitigating factor, given the seriousness of
this offence and the nature of the crime, it
is difficult to give it full weight in as much
as young mothers must be given the mes-
sage that they have a duty to defend and
protect and not hurt the children entrusted
to their care.

“This is indeed a sad case, as another
child will suffer as a result of this tragedy.
I am troubled by the fact, however, that
Makeisha Brown has another infant so
soon after this tragedy.”

Senior Justice Allen noted that Brown
must be punished for the part she played in
her son’s horrific death.



The Bridge Authority

NOTICE

Paradise island Employers & Employees, Paradise Island Residents, Transportation
Companies and the General Public are hereby notified that The Bridge Authority will be
undertaking physical improvement works to the Toll Plaza with effect from the 79°
November to the 10" December, 2010. This exercise will include both overhead and
Bround bevel tagks

This work will be conducted during off-peak traffic times between the hours of 10:00 am
= 3:00 pm,

Due to the nature of the work, two (2) lanes shall be closed each time, resulting in
restricted traffic flow. Im our effort to minimize the impact of these lane closures, the
work will be performed sequentially, firstly in Lanes 1 and 2 and then Lanes 3 and 4.
Therefore, at no time will more than two (2) lanes be closed at once.

The Bridge Authority apologizes for any inconvenience caused, and assures it customers
and stakeholders, that all efforts will be made to have the works concluded as quickly as
possible,

Billy Seavelia
General! Wonager
The Bridge Authority






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MOTHER DENIES
ENDANGERING HER
CHILDREN’S LIVES

FROM page one

her older child seeking
refuge amongst neighbours.
Police are expected to
arraign her today.

The woman told police
she was not responsible
for putting the infant in
the car, according to Tri-
bune sources.

However, police
sources say they have
many leads and witnesses
who say they saw a
woman putting the 4-
year-old baby boy into
the burning vehicle.

A passing truck driver
saw the car ablaze on
Firetrail Road, used his
fire extinguisher to out
the fire, and rescued the
infant.

Inspector Warren John-
son said it appeared that a
piece of cloth was insert-
ed into the open gas tank
of the 1998 Toyota Vista
and set ablaze. There was
only fire damage to the
car’s interior.

When police arrived on
the scene, the infant was
safe in the arms of the
good Samaritan. After
receiving treatment for
minor injuries at the hos-
pital, the infant was
released into the custody
of the Department of
Social Services.

The mother was appre-
hended inside the home,
located directly in front of
the smouldering vehicle.
Inside, police found a pile
of clothes that was also
set ablaze.

The other child,
believed to be between
seven and nine years, was
not injured. Police report-
ed that the child ran
across the road into the
neighbouring Haitian Vil-
lage to seek refuge. The
older child is also in the
custody of child protec-
tive services.

WOMAN’S FORMER
BOYFRIEND
CHARGED WITH
HER MURDER

FROM page one

charge.

Ms Smith told the court
her client had been severe-
ly beaten by police and
forced to sign a statement,
the contents of which did
not reflect what he claimed
he had told police. She
asked that Pratt be taken
to a see a doctor. The chief
magistrate acceded to the
request.

Pratt was remanded to
Her Majesty’s Prison. His
case has been adjourned to
November 30 and trans-
ferred to Court 10, Nassau
Street.

Ms Cartwright, a bank
employee and mother of
two, was stabbed to death
near a beachfront property
called “The Farm.”

She had moved to Nas-
sau from Long Island just
over a year ago, and
worked as a teller at the
Palmdale branch of the
Royal Bank of Canada.

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





THE TRIBUNE

FRIDAY, NOVEMBER 26, 2010, PAGE 9
LOCAL NEWS



FIRST STAGE
OF AIRPORT
DEVELOPMENT
‘LIVE’ IN MARCH

FROM page one

in the world today.”

Eighty per cent of the pro-
ject has been completed, and
executives announced yester-
day that the redevelopment
efforts are ahead of schedule
and under budget.

Other noted upgrades to
the current airport facility
infrastructure included within
the $11.7 million capital
improvement phase are a 50
per cent increase in passen-
ger capacity, energy-efficient
building systems, an isolated
service loading dock, and a
food court with rooftop out-
door seating.

More than 15,000 sq ft of
space has been allocated for
retail and food concessions,
and all spaces have been allo-
cated to Bahamian operators.

At the final press tour
before its completion, execu-
tives highlighted the progres-
sion of airport facilities in the
Bahamas since the first ter-
minal was constructed 70
years ago.

The new terminal will
prove to be a huge asset to
the country’s tourism indus-
try, and also a source of
national pride for Bahamians,
according to Vernice
Walkine, NAD’s vice presi-
dent of marketing and com-
munications.

Mrs Walkine said: “I think
what is particularly important
for a lot of us is the fact that
this terminal will be very rep-
resentative of the Bahamas.
In terms of the colours that
are used, in carpet and tile,
that will be reminiscent of the
sand and the waters of the
Bahamas, the art installations
which are going to be very
large and therefore make a
bold statement about who we
are as a people — those kinds
of things I think are going to
be very important. I’m sure
that Bahamians are going to
be very proud of this facili-
ty.”

In the first stage, Bahami-
an contractors were awarded
$46.4 million in construction
contracts.

The entire project, which
will span over three stages
and was touted as the largest
single capital project under-
taken by the government, cur-
rently hosts 700 workers on
site —70 per cent of whom are
Bahamian.

Mr Steeves added: “As
soon as this is complete we
will begin stage two, which is
converting the existing US
departures terminal into a
new international arrivals ter-
minal with immigration
upstairs, and customs down-
stairs.”

The international arrivals
terminal and departures pier
is on target for a 2012 open-
ing, with the new domestic
and international departures
and domestic arrivals termi-
nals set to open in 2013, mark-
ing the completion of a
571,000 q ft airport complex
with one million square feet
of aircraft operating surface.

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

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



VERNICE WALKINE, NAD’s vice president of marketing and communications, speaks to reporters
yesterday at the airport development.

AT THE final press tour before its completion, executives high-
lighted the progression of airport facilities


























































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PAGE 10, FRIDAY, NOVEMBER 26, 2010

THE TRIBUNE





joles



NEWS

More than a dozen Bahamian films selected for
upcoming Bahamas International Film Festival

By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net

ORE than a dozen
films by Bahamian
filmmakers have

been selected from hundreds
of international submissions
to be screened before industry
professionals at the Bahamas
International Film Festival
(BIFF) next week.

Among the 14 films select-
ed from more than 20 local
submissions, and over 300 in
total, are features and short
stories set in the Bahamas
focussing on local issues such
as crime, the environment and
Junkanoo.

But in addition to Bahami-
an writer and director
Matthew McCoy’s 40-minute
feature ‘The Lionfish Inva-
sion’ about the threat posed
by the migration of lionfish
to the Bahamas, and Jordan
Darville’s ‘The Sperrit’, which
questions the future of
Bahamian culture in a docu-
mentary about Junkanoo, the
Bahamian filmmakers explore
universal subjects and stories
set outside of the watery
Bahamian borders.

Director Rebecca Valre-
jean’s short film ‘Tribute’
focuses on the Vietnam war
and its affect on the American.
people.

And Bahamian director
and screenwriter Gustavius
Smith’s short ‘Contact Zone’









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326-111

is set ina New York City art
gallery where the curator and
a janitor engage in a one-night
stand during the opening
reception for an exhibition.

‘The Kindly Ones’, made
by writer and director Rupert
Missick Jr, The Tribune's
chief reporter, echoes a Greek
tragedy in its presentation of a
candy-coated murder by three
women at a tea party.

‘Smoke Signals’ by Michael
Munnings, is about a young
man’s battle with drug addic-
tion, and Travon Patton’s
“Redial Sunshine’ is an
impressive film about the
mysterious redialing of a
young man’s past and future,
BIFF founder and executive
director Leslie Vanderpool
said.

In confirming the selection
of 66 films to be showcased
at the festival next week, Ms
Vanderpool said she was
impressed by the Bahamian
talent evident this year.

“Every year we have had
Bahamian films and as time
goes on we have had more
because they realise they are
not just making it for their
local community, they are
looking to branch out inter-
nationally,” Ms Vanderpool
said.

The festival also provides
emerging directors, writers,
actors and producers wishing
to break into the film indus-
try, the opportunity to meet
key industry players at a host

sfc

of events and panel discus-
sions.

‘You can learn how to pitch
film ideas in a panel discus-
sion at Galleria Cinemas in
JFK Drive on Saturday,
December 4, or question
industry financiers who will
be brought together for a dis-
cussion about how to finance
independent on Sunday,
December 5.

Master classes for actors,
screenwriters and directors
will held by Hollywood tal-
ents Raymond Forchion and
Wil Shriner at the College of
the Bahamas on Monday and
Tuesday at 5.30pm.

And those whose scripts
have been accepted by the
Filmmaker Residency Pro-
gramme may benefit from
connections to be made with
some of Hollywood’s leading
producers with the power to
make their films succeed.

Writer and director Maria
Govan submitted her script
for ‘Rain’ to the Filmmaker
Residency Programme before
it premiered at BIFF in 2008,
and Bahamian filmmaker
Kareem Mortimer has
enjoyed immense success with
‘Children of God’ since his
film opened BIFF last year.

With so many Bahamian
films being submitted and
screened this year, Ms Van-
derpool hopes others will see
their work and consider mak-
ing submissions for future fes-
tivals.

“Each film at the festival is
a star, and at just $8 a ticket
for screenings at the Galleria
in JFK Drive, they are so
accessible,” Ms Vanderpool
said.

“T hope everyone will come
out and support their fellow



Bahamian filmmakers, and
maybe find a gem, like ‘Juno’,
or ‘Precious’, films that we
will get the opportunity to see
before they are released in
theatres. And you get to meet
the filmmakers, the produc-
ers and the actors.

“This is Hollywood coming
to the Bahamas and that is
very rare.

“We are a young festival
that has got a lot of traction
around the world and the
local community needs to
teally embrace the opportu-
nities.”

BIFF will also be evaluated
by the Academy of Motion
Picture for accreditation this
year, which could give the fes-
tival even more kudos.

To find out more about the
festival and details of
screenings, events and pan-
els, log on to www. bintlfilm-
fest.com or call 356 5939.



¢ AT THE END OF THE
WORLD

Bahamas / 2010/5 mins

Director, Jan Bednarz.
The small island of Bimini
in the Bahamas, has attract-
ed explorers and travellers
from all over the world,
resulting in a rich history
and a unique tapestry of
tales that live on through its
inhabitants. This short doc-
umentary explores its most
famous and popular story,

The Saint Andrew Society

TU elem Omen eae)

On the historic occasion of the 200th Anniversary
of St. Andrew's Presbyterian Church, which the
Society, under the leadership of Mr. Michael
Malealm is credited with founding in 1810, Society
Member's are invited and encouraged to attend
the bicentennial celebration and thanksgiving at
Teel ae ace Pla eel ei ee Boa CLE
on Sunday, 28th November 2010. Service time is
10:30 a.m. All Society Members are encouraged to

Elite

Secretary, St. Andrew Society

re Carella

and

Dr Colin Bullard
CORDIALLY INVITES YOU
Te our:
Thanksgiving Open House
November 25"-27", 2010
Thursday, Friday, and Saturday.

Refreshments will be served! Tall a friend or bring a friend!

TO DISCUSS STORIES ON

of how Nobel Prize winning
author Ernest Hemingway
captured the hearts and
minds of the Bimini resi-
dents over 65 years ago.
Through interviews and
reconstruction, we’ll meet
96-year-old legend Piccolo
Pete and discover why Papa
Hemingway called Bimim
the End of the World.
Showtimes:
Saturday, December 4/1pm
Saturday, December 4/8pm
¢ BENEATH THE
BLUE
US / Bahamas / 2010 / 102
mins
Director, Michael D Sell-
ers; screenwriter, Wendell
Morris; producers, Paul
Wesley, Caitlin Wachs,
David Keith Dolphin
experts confront the US
Navy when its sonar pro-
gramme is suspected of
causing the animals' deaths.
Showtimes:
Sunday, December 5 / lpm
Galleria JFK Cinema The-
atre 1
¢ BREAKING NEWS
Bahamas / 2010/18 mins
Director, Sidney Rolle;
screenwriter, Darshanique
Miller; producer, Alexan-
drae Turnquest
Winner of the 2010 BIFF
Green Reel Documentary
Competition
The team at Breaking News
are investigating the inva-
sion of the Bahamas,
whether it be land or sea.
Casuarina, Potcake, Lion-
fish. What will they find
out?
Showtimes:
Saturday, December 4
/12.30pm
Galleria JFK Cinema The-
atre 3
¢ CONTACT ZONE
US / Bahamas / 2010 / 14
mins
Director, Gustavius Smith;
screenwriter, Gustavius
Smith
During an opening recep-
tion at a art gallery in New
York City the curator and
janitor have a one-night
stand,
Showtimes:
Friday, December 3/7pm
Galleria JFK Cinema The-
atre 3







¢ CRAZY LOVE
Bahamas / 2010/72 mins
Director, Clarence Rolle;
screenwriter, Clarence
Rolle; producer, Clarence
Rolle & Craig Lenihan
When her husband, Lionel,
seems to lose the romantic
spark, Charlene seeks ways
to revive their passion.
When this does not work,
however, her friends share
with her their view on dat-
ing, romance, and the oblig-
ations of men towards their
women. This sets Charlene
on a course for disaster.
Showtimes:
Sunday, December 5/3pm
Galleria JFK Cinema The-
atre 1

¢ GRANDPA’S QUEST

Acklins / Crooked Island,
Bahamas / 2010 / 6 mins

Director, Kevin Curtis

In this wonderful family
tale, ‘grandpa’ tells his
grandchildren the story of
how he was given favour to
begin dating their grand-
mother. It was no easy task!
Showtimes:
Friday, December 3/3pm
Galleria JFK Cinema The-
atre 3
Saturday, December 4/9pm
Galleria JFK Cinema The-
atre 3

¢ GUS OUTDOORS -
LIZARD TOWN

Bahamas / 2010 / 30 mins
Director, Sean Nightingale;
screenwriter, Sean Nightin-
gale; producer, Sean
Nightingale
Six-year-old naturalist and
host Gus Nightingale goes
on a quest to the Bahamas
to meet some of the coun-
try's many spectacular crea-
tures. Children will be capti-
vated as Gus explores the
islands of the Bahamas in
search of lizards, iguanas
and snakes. To cool off, Gus
plunges into the gem-like
water and snorkels with the
beautiful and bizarre look-
ing creatures of the sea. Gus
Outdoors is an adventurous





RIBUNE242.C

mix of animal identification
and personal encounters
that aim to deliver an enter-
taining, yet educational pre-
sentation that will give chil-
dren a respect for nature.
Showtimes:
Saturday, December 4/1lam
Galleria JFK Cinema The-
atre 3

* OPEN YOUR EYES

Bahamas / 2010 / 6 mins
Director, Robin Schmidt
Quenton isn’t really inter-
ested in history or culture
but when he falls asleep in
school he’s transported
through a magic door to the
land of the Island Genie.
The genie takes him on a
magical whistle-stop tour of
Long Island, opening his
eyes to a world he’d been
oblivious to before. Taking
its cue from the great come-
dy musical numbers of the
classic Disney animated
films, the short features an
original rake and scrape
song written during the 14
days the filmmaker spent
on the island.
Showtimes:
Sunday, December 5/Spm
Galleria JFK Cinema The-
atre 3

« REDIAL SUNSHINE

Bahamas / 2009 / 23 mins

Director, Travon Patton;

screenwriter, Travon Pat-
ton; producer, Travon Pat-
ton and William 'Mark'
Cartwright
Jan (Patrick Deveaux), a
withdrawn, fresh out of col-
lege technical assistant has
been down lately but gets
an unexpected call from his
ex-girlfriend Sasha (Tonya
Laramore), who hadn't
called him since they broke
up two weeks ago. This sur-
prising deviation from his
early morning routine unex-
pectedly redials his
past...and his future.
Showtimes:
Sunday, December 5/Spm
Galleria JFK Cinema The-
atre 1

¢ SMOKE SIGNALS

Bahamas / 2010/8 mins

Director, Michael A

Munnings and Roberto
Otero
A young man faces strug-
gles in life, and peer pres-
sure leads him to drug
addiction. He becomes iso-
lated from friends, loses his
job, goes to prison, loses his
girlfriend and lives a life of
despair. Eventually, God's
word gets his attention and
changes his life for the bet-
ter.
Showtimes:
Friday, December 3/5.30pm
Galleria JFK Cinema The-
atre 1
Saturday, December
4/3.30pm
Galleria JFK Cinema The-
atre 1





¢ THE KINDLY ONES
Bahamas / 2010/10 mins
Director, Rupert Missick
Jr; screenwriter, Rupert
Missick Jr
Producers, Margaret Gly-
natsis, Rupert Missick,
Taneka Thompson
Three women murder a
man during a tea party after
‘convicting’ him of matri-
cide.
Showtimes:
Friday, December 3/lpm
Galleria JFK Cinema The-
atre 3
Saturday, December
4/7.30pm
Galleria JFK Cinema The-
atre 3
¢ THE LIONFISH
INVASION
Bahamas / 2010 / 40 mins
Director, Matthew
McCoy; screenwriter,
Matthew McCoy; produc-
ers, Lindsey McCoy,
Kristin Williams, Craig Lay-
man
The Lionfish Invasion stars
Gary Richardson and
Thomas Bethel, two
Bahamians who are learn-
ing about lionfish and
demonstrating ways to take
action. Using underwater
footage, the film explores
what we know about these
non-native invaders, origi-
nally from the Indo-Pacific
region of the world, which
are now a major threat to
native juvenile fish and
invertebrates in the





THE TRIBUNE FRIDAY, NOVEMBER 26, 2010, PAGE 11

LOCAL NEWS



“gust IN TIME FOR

CHRISTMAS

Banamas
International

Film Festival



Bahamas. It also documents
some of the novel research j 3 :
being done in the islands to j A Every year we have

document its impact. had Baharnian films and

Showtimes: wa

Saturday, December N s ‘ as time goes on we

ofltam: ey = op) have had more because

Galleria JFK Cinema The- b |

atre 3 o | they realise they are not

STHESPERRIT just making it for their
Bahamas / Canada / 2009 / ; local community, they

16 mins 1 looki b h
Director, Jordan Darville, { ale looking to brane

Producer, Jordan Darville Af out intemationally. "

Few Bahamian cultural -
expressions have taken as — Leslie Vanderpool
many forms as Junkanoo
has. Throughout the coun-
try's history it has been a
vehicle for a slave's rebel-





lion, a celebration of local
businesses and an expres-
sion of cultural solidarity.
But as the country grows
and cultural development is
left behind, could that soli-
darity be waning?
The Sperrit chronicles a
month of struggles and
breakthroughs for Junkanoo
team “One Family" and asks
tough questions about the
future of Bahamian culture. %
Showtimes:
Sunday, December 5/3pm
Galleria JFK Cinema The-
atre 1
¢ TRIBUTE
Bahamas / US / 2010/9 =

mins

Director, Rebecca Valre-
jean

A disturbing and emotional For breaking news alerts



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PAGE 12, FRIDAY, NOVEMBER 26, 2010

THE TRIBUNE







INTERNATION

Epic battle over, Iraq PM
must form new government

BAGHDAD
Associated Press

INCUMBENT Prime Minister
Nouri al-Maliki cemented his grip
on power Thursday, bringing an end
to nearly nine months of political
deadlock after he was asked to form
the next government.

He now faces the daunting task
of bringing together Iraq's Shiite,
Sunni and Kurdish factions in a gov-
ernment that can overcome endur-
ing tensions as the country struggles
to develop its economy and prevent
a resurgence of violence as the last
American troops are due to leave
by the end of next year.

The long-awaited request from
President Jalal Talabani sets in
motion a 30-day timeline during
which al-Maliki must pick his Cabi-
net. Al-Maliki, a steely politician
known more for his ability to alien-
ate than unify, said he was aware of
the challenges ahead.

“T call upon the great Iraqi people
from all sects, religions and ethnici-
ties and I call upon my brothers the
politicians to work to overcome all
ifferences," the prime minister des-
ignate said during the ceremony at
the president's palace.

The new government is expected
to include all the major factions,
including the Kurds, Shiite political
parties aligned with Iran and a Sun-
ni-backed bloc that believes it
should have been the one leading
the next government.

In many ways it is likely to be sim-
ilar to the previous government. The
presidency again will be held by the
Kurds, the parliament speaker by
the Sunnis and the prime minister's
office went to the country's domi-
nant sect, the Shiites. The break-
lown is a reflection of the sectarian
interests that still divide this country,



sanctions.

The president's request Thursday
was largely a formality following
Talabami's re-election on Nov. 11.
Talabani, a Kurd, then had 15 days
in which to formally extend the offer
and start the 30-day clock.

The announcement underscores
what has been a stunning comeback
for al-Maliki, whose State of Law
coalition came in a close second in
the March 7 election to the Sunni-
backed bloc led by former Prime
Minister Ayad Allawi. But neither
bloc gained the 163-seat majority
necessary to govern, leading to an
intensive period of political jockey-
ing.

Al-Maliki, 60, then mended rifts
with his hard-line Shiite rivals to
consolidate his power base.

A key question will be who gets to
control the security ministries —
interior and defense. Haider al-Aba-
di, a Shiite lawmaker and an al-Mali-
ki ally, said those posts were expect-
ed to go to independent politicians
not affiliated with any of the main
political blocs. Such a move would
avoid any risk of using the powerful
mninistries to settle feuds.

The Kurds, meanwhile are push-
ing to hold onto the foreign min-
istry, while Allawi's Sunni-backed
Iraqiya list has demanded the oil
ministry.

Finding a role for Iraqiya is an
important challenge. Sunni discon-
tent with the Shiite domination that
arose from the American overthrow
of Saddam Hussein was a key reason
for the bloody insurgency that just a
few years ago resulted in hundreds
of people dead each day.

Violence has sharply declined but
attacks continue. A bomb went off
in a pet store Thursday in the north-
ern city of Tal Afar, killing at least
three people and wounding 16,













O In brief



‘Thanksgiving
sales bring
shoppers,
grumbles

NEW YORK
Associated Press

NOT all Americans tucked
into turkey with their fami-
lies on Thanksgiving. Some
were out shopping, hitting
sales ahead of the crowds
expected Friday.

After a year of cautious
spending and worry over an
uncertain economy and high
unemployment, more stores
this year extended hours into
Thanksgiving Day, a day
when stores are traditionally
closed.

Many grumble about the
relentless march of commer-
cialism creeping into the hol-
iday. But at least some shop-
pers took the bait.

While crowds appeared rel-
atively light compared with
the weekend ahead, the
extended hours drew in over-
seas visitors, those who have
to work Friday and some who
couldn't resist a good deal.

Sears, Kmart and some
Sports Authority, Gap, Old
Navy and Banana Republic
stores were among those
open Thursday.

At an Old Navy in
Lutherville, Md., Brenda
Tarver, 65, a retired postal
employee from Baltimore,
was dragged out of the house
by her daughters, but was
finding good deals on cloth-
ing.

“They've got good prices
and a variety of items. A lot
of things are 50 percent off,"
she said.

Willy Gerelbest, 45, a coun-

seven years after the U.S.-led inva- police and hospital officials said. Iraqi Government/AP Photo selor from Brooklyn, was
sion. Shae . Allawi, who did not attend the — |\ THIS photo released by the Iraqi Government, Iraqi President Jalal Talabani, right, shopping at Kmart in New
Al-Maliki will have to find other _ meeting, was expected to be named ang |raqi Prime Minister Nouri al-Maliki, left, are seen during a ceremony of asking al- York for sneakers on sale for
substantial roles for all of those fac- the head of a council that would — jalikito form the next government in Baghdad, Iraq, Thursday, Nov. 25, 2010. a-Mali- $9.99. ww
tions or risk having them leave his have ambiguous powers over major {j appealed to the country's warring political factions for unity after formally accept- : I saw the advertising and
government, a destabilizing blow for government decisions, according to ing on Thursday Nov. 25 2010 a request by the president to form the next government, just wanted to check it out,"
a country struggling to overcome —_ a power-sharing deal that paved the _ part of a deal to end an eight-month deadlock over who would lead the country the next he said. "Tomorrow I have
years of violence and economic way for al-Maliki to keep his job. four years. to work."

FREE IN TOMORROW'S TRIBUNE

-

THE TRIBUNE

SATURDA
DECEM
2010 | a 1

TO DISCUSS STORIES ON THIS PAGE L

RIBUNE242.C





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INTERNATIONAL NEWS

FRIDAY, NOVEMBER 26, 2010, PAGE 13





SOUTH KOREAN President Lee Myung-bak, center, arrives with Defense Minister Kim Tae-young, second
right, at the Joint Chiefs of Staff as the military was put on top alert after North Korea's artillery attack on
South Korean island of Yeonpyeong, in Seoul, South Korea, Tuesday, Nov. 23, 2010.

South Korea's defence
Chief resigns after
North Korea attack

YEONPYEONG ISLAND,
South Korea
Associated Press

SOUTH Korea's president
ordered more troops to a
front-line island and dumped
his defense minister Thursday
as the country grappled with
lapses in its response to a
deadly North Korean artillery
strike.

In scenes reminiscent of the
Korean War 60 years ago,
dazed residents of Yeon-
pyeong island foraged
through blackened rubble for
pieces of their lives and
lugged their possessions down
eerily deserted streets strewn
with bent metal after Tues-
day's hail of artillery. The bar-
rage darkened skies, set off
fierce blazes, killed four South
Koreans and raised fears of
an escalation that could lead
to full-scale war.

“Tt was a sea of fire," resi-
dent Lee In-ku said, recalling
the flames that rolled through
the streets of this island that is
home to military bases as well
as a fishing community
famous for its catches of crab.
The spit of land is just seven
miles (11 kilometers) from
North Korea, but had only six
pieces of artillery.

Despite warnings from
North Korea that any new
provocation would be met
with more attacks, Washing-
ton and Seoul pushed ahead
with plans for military drills
starting Sunday involving a
nuclear-powered U.S. aircraft
carrier in waters south of this
week's skirmish.

The exercises will likely
anger the North — the regime
cited South Korean drills this
week as the impetus behind
its attack — but the president
said the South could little
afford to abandon such prepa-
tation now.

“We should not ease our
sense of crisis in preparation
for the possibility of another
provocation by North Korea,"
spokesman Hong Sang-pyo
quoted President Lee Myung-
bak as saying. “A provoca-
tion like this can recur any
time."

Washington and Seoul also
tatcheted up pressure on Chi-
na, North Korea's main ally
and biggest benefactor, to
restrain Pyongyang.

Chinese Premier Wen
Jiabao responded by calling
on all sides to show “maxi-
mum restraint" and pushed
again to restart the six-nation
talks aimed at persuading
North Korea to dismantle its
nuclear programs in exchange
for aid. Foreign Minister
‘Yang Jiechi, meanwhile, can-
celed a trip to Seoul this
week.

The heightened inter-Kore-
an animosity is taking place
as North Korea undergoes a
delicate transition of power
from leader Kim Jong Il to
his son Kim Jong Un, who is
in his late 20s and is expected
to eventually succeed his ail-
ing father.

On Thursday, Lee accepted
his defense minister's offer to
resign after lawmakers lashed
out at the government, claim-
ing officials were unprepared
for Tuesday's attack and that
the military response was too
slow. Even those in Lee's rul-
ing party demanded the dis-
missal of Defense Minister
Kim Tae-young.

At an emergency meeting
in Seoul, Lee ordered rein-
forcements for about 4,000
troops on tense Yellow Sea
islands, top-level weaponry
and upgraded rules of engage-
ment that would create a new
category of response when
civilian areas are targeted.

Skirmishes between the
Korean militaries are not
uncommon, but North Kore-
a's heavy bombardment of
‘Yeonpyeong Island was the
first naval skirmish since the
Korean War to kill civilians.

South Korean troops
returned fire and scrambled
fighter jets in response, but
two South Korean marines
and two construction work-
ers were killed and at least 18
others wounded. South Korea
has said casualties on the
North Korean side were like-
ly significant, but none were
immediately reported by the
secretive regime.

Marine Lt. Col. Joo Jong-
wha acknowledged that the
island is acutely short of
artillery, saying it has only six
pieces: the howitzers used in
Tuesday's skirmish.

Yonhap/AP Photo











































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Glenn Pratt, AA

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GREAT TIME: Bouncing Castle where little ones enjoy the fun as
the festivities go on.

THE TRIBUNE









ALL SMILES: Celine Scott, 11, Ethan Scott, 1, and Rendeisha
Sands, 9, were the first to have their pictures taken with Santa and

Snowbear in Fantasy Forest.

and Home as Toyland was opened in grand

Cistiiones was in the air at Kelly’s House

style on November 13. Hundreds of children
and adults made their way to Kelly’s at noon for the
arrival of Santa and Snowbear.

Kelly’s started the festivi-
ties in the south parking lot
around 11 a.m. with a lively
performance by the Royal
Bahamas Defence Force
Band. While customers
enjoyed the performance and
waited for the arrival of San-
ta and Snowbear, there were
many other activities to keep
the little ones busy. Kelly’s
gave out free popcorn and
balloons. Children could also
get their faces painted by
face painters Tamara Don-
aldson and Tanique Capron.
There were also two bounc-
ing castles.

The line to visit Santa
inside the store started to
form around 11.15 a.m.
Celine Scott, 11, Ethan
Scott, 1 and Rendeisha
Sands, 9, were the first to
have their picture taken
with Santa and Snowbear in
Fantasy Forest, Kelly’s fully
animated forest and home
to Santa and Snowbear.

The parade started
around 11.50 a.m. with a
grand performance by the
C R Walker Marching
Band, directed by Mr Oscar
Dames. The band was fol-
lowed by Theodore Elyet-
t’s Miss Teen Bahamas,
Ashlee Bain.







GOOD STUFF: Santa’s Helpers prepare bags of free popcorn under
he tent as the crowd waits in anticipation.

Next came a truck with a
Deejay followed by Santa
and Snowbear. The chil-
dren were so excited to see
Santa and Snowbear that
many of them ran up to
them to hug them as they
made their way into Fanta-
sy Forest.

According to Denise
Darville, area manager for
the toy department, “the
opening of Toyland was a
huge success. The toy
department was extremely
busy and our customers
were really taking advan-
tage of the toy sale.”

When asked what the
major sellers were this year,
Mrs. Darville said, “the toys
that have really been sell-
ing are Hot Wheel Battle
Force 5, Dora, Power
Wheels, Baby Alive, educa-
tional toys like VTech lap-
top computers and, of
course, bikes.”

Santa and Snowbear will
be available on Saturdays
from noon to 5 p.m. at Kel-
ly’s Fantasy Forest until
December 4. Pictures can
be taken for only $5 and all
proceeds go to various local
charities. Kelly’s Fantasy
Forest is open every day
until December 4.



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





THE TRIBUNE

FRIDAY, NOVEMBER 26, 2010, PAGE 9B



BUSINESSREVIEW




By IAN JAMES
Associated Press

CARACAS, Venezuela
(AP) — Venezuela is touting a
vast natural gas discovery off
its coast, a project that Presi-
dent Hugo Chavez says will
help turn the oil-exporting
country into a major global gas
producer.

Venezuela's oil minister,
Rafael Ramirez, said the latest
exploratory drilling has con-
firmed "extraordinary results”,
with about 15 trillion cubic feet
of gas under the sea floor in a
place where experts once
thought there was only a frac-
tion of that amount. Italian
energy company Eni SpA,
which is a partner in the pro-
ject, announced the drilling

results last week, calling it the
biggest natural gas deposit in
Venezuela and one of the most
significant finds in recent years.

Energy analysts caution that
Venezuela, which already leads
Latin America in proven gas
reserves, remains far from
being able to sell its gas inter-
nationally and is still working
on trying to meet its domestic
demand.

Yet Eni chief executive Pao-
lo Scaroni expressed optimism
based on what his company saw
drilling at the well known as
Pearl 3 in 230 feet (70 metres)
of water off western Venezuela.

"In the past weeks, it has
proven more important than
we had thought," he said at an
event launching a separate $17
billion oil project involving Eni

and the state oil company,
Petroleos de Venezuela SA, or
PDVSA.

Mr Scaroni said the oil and
gas projects together mean that
Venezuela "is going to be a tru-
ly strategic country for our
development”.

Eni is involved in the off-
shore gas project along with
Spanish energy company Rep-
sol-YPF, and Mr Chavez has
been talking up the project for
some time. In March, he called
it a "super well" and said it
could hold up to 14 trillion
cubic feet. Celebrating the lat-
est results last week, Mr Chavez
declared: "We're turning into
a world gas power.”

Venezuela's proven gas
reserves have been growing. In
August, PDVSA said the coun-

try's proven reserves had
reached 185 trillion cubic feet,
making the country No. 9 in the
world and first in Latin Ameri-
ca.

Yet some of Venezuela's
neighbours have done more
with less.

Nearby Trinidad and Tobago
has 14.4 trillion cubic feet of
proven reserves of natural gas,
and its current production is 4

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A large portion of Venezue-
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of $25-$30 million abound),
decided to quit the game
within six months.

Seeing no prospect of a
return on such a colossal out-
lay, the Trinidadian conglom-
erate quietly began shopping
City Markets to potential buy-
ers this summer. The urgency
reached a peak in the fall, as
Neal & Massy pulled the plug
on any further financing and,
within days, the supermarket
chain was sold to Ben Frisch’s
Associated Grocers of the
Bahamas, only for the
Bahamas Food Services prin-
cipal to pull out, enabling the
“last man standing,” Mark
Finalyson, to accomplish the
dream snatched from his grasp
in 2006 and become City Mar-
kets’ apparent “saviour.”

Aided by the multi-million
dollar windfall the Finlayson
family received from the sale
of their Associated Bahamian
Distillers and Brewers
(ABDAB) stake in Common-
wealth Brewery/Burns House
to Heineken, Mr Finlayson at
first glance appears to have
the deep pockets to do what is
necessary to turn the ailing
pachyderm around.

But management expertise
will be critical, especially in a
business with so many moving
parts, and which is acknowl-
edged to be in the most diffi-
cult industry in the Bahamas.
In interviews with Tribune
Business, Messrs Chatrani and
Winford appeared to be
stunned, “rabbit in the head-
lights’ like”, by the level of pil-
ferage they had encountered
at City Markets, some three
times’ what they were used to
in the southern Caribbean.

While Mr Finlayson may
have bailed out both City Mar-
kets’ 700 employees and the
Government (which would
have had to deal with 700 mid-
dle class and “grassroots”
Bahamians being added to the
unemployment lines), many in
the retail industry have said
he is “merely delaying the
inevitable”, meaning the
demise of City Markets.

For the company will have
to do something special to win
back all the customers that



From $54m to $1

have deserted it in a food
retailing landscape that has
changed beyond all recogni-
tion since Messrs Finlayson
and Fitzgerald first plotted
their City Markets acquisition.
If they are relying on their
2006 business plan, that could
be a mistake, as the whole
world and his wife appear to
have entered grocery retail,
including upstarts Robin Hood
and Phil’s Food Services,
whose aggressive practices are
impacting prices and the tra-
ditional retailer/wholesaler
relationship.

Then there is the business
track record of the new own-
ers, which does not scream:
“Resounding success”. Mr Fin-
layson’s last foray into retail
was luxury goods, where he
presided over the dramatic
downsizing at Solomon’s
Mines, a process punctuated
with frequent complaints from
staff over salaries being late
or not paid. Tribune Business
also raised questions this year
over the lack of information
made available to ABDAB
minority shareholders over the
Heineken deal, and whether
they would receive a dividend,
prompting the company to
rush out newspaper advertise-
ments to show all was in order.

Long-suffering Bahamian
minority shareholders, who
collectively own a 22 per cent
stake in Bahamas Supermar-
kets, would be well advised to
closely monitor the company
in which they have invested,
as it endures its third owner
in five years. Not only have
their dividends dried up, but
the value of their investment
has shrunk to just $1 — the
price Mr Finlayson paid, in
addition to assuming all the
company’s liabilities.

They have also seen the
company censured by the
Securities Commission and
fined for its consistently late
financials, and had to put up
with, in many instances, an
information vacuum. Partici-
pants in the Bahamian hotel
industry pension funds, too,
should be demanding answers

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from one of the key BSL
Holdings investors, particular-
ly on how much money they
have had to write-off. Other
participants in the ill-fated
deal, including RoyalFidelity,
the Symonette Group (Craig
Symonette’s family vehicle)
and Milo B. Butler Invest-
ments will also be looking
closely at the drop of red ink
they will be forced to take on
their income statements and
balance sheets, as will Neal &
Massy. The saga does not say
much for the supposed
Trinidadian/Barbadian busi-
ness expertise.

Bahamian suppliers, too,
will want answers as to what
will happen to the more than
$9.5 million in accounts
payables owed to them. They
are unlikely to be happy if, as
sources suggest, the new City
Markets owners are offering
them a $0.50 of every $1 deal.

So, after writing-off more
than $42.5 million ($25 million
in equity and $5 million in
preference shares, plus $12.577
million in loans), BSL Hold-
ings has less-than-gracefully
handed the baton over to Mr
Finlayson and his team. Out
of the frying pan and into the
fire? For the sake of City Mar-
kets’ employees, suppliers and
wider society, Tribune Busi-
ness hopes not.

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



PAGE 10B, FRIDAY, NOVEMBER 26, 2010

THE TRIBUNE



BUSINESSREVIEW

GENERAL STRIKE

Portugal awaits its
Ireland moment

By BARRY HATTON
Associated Press

LISBON, Portugal (AP) —
Portugal is bracing for an
increase in speculative trades
against it, as some investors
expect it to be the next Euro-
pean nation to need a bailout
now that Ireland is taking a
massive loan to prop up its
banks.

During the past decade of
meagre economic growth of
around 1 per cent a year, the
Portuguese have been living
beyond their means, borrow-
ing money to finance sacred
welfare entitlements and pri-
vate spending while protect-
ing jobs through outdated
labour laws that ignored
changes in market conditions.

International investors,
spooked by the scale of
Greece's bailout requirements
in May and Ireland's banking
failures, are taking a closer
look at the finances of euro-
zone countries and they don't
like the look of Portugal's
accounts, says Emilie Gay, an
analyst at Capital Economics
in London.




Investors are "looking for
their next target” and Portu-
gal fits the bill, Gay said on
Monday. Capital Economics
predicts Portugal will have to
ask for help by early next
year, when it has to begin refi-
nancing billions of euros in
government bonds. Others
predict the crunch may come
sooner.

Deficit

Portugal's state budget
deficit - how much more the
government spent than it
received - reached 9.3 per
cent of gross domestic prod-
uct (GDP) last year. That was
far above the 3 per cent limit
for countries using the euro
currency, a rule repeatedly
broken even by the biggest
economies, and the fourth-
highest deficit in the euro-
zone after Greece, Ireland
and Spain.

The jump in deficits during
the crisis, however, is not the
whole story. Portugal's debt
load, amassed over years of
overspending, is high and
increasingly costly to sustain

KEMP'S FUNERAL HOME LIMITED

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

DEATH NOTICE FOR

Mrs. Patricia R. Greenacre















of Nassau, The Bahamas and formerly of Watford,
England, died at the home of Mrs. James
(Maureen) Liddell, Nassau on Tuesday, 23rd








November, 2010.

Mrs. Greenacre is survived by her son, David
Greenacre of Montreal, Canada and her dear
friend, Mrs. Maureen Liddell.







A Memorial Service will be announced.




In lieu of flowers , Mrs. Greenacre may be
remembered by making a donation to the Bahamas
Humane Society, P.O. Box N. 242, Nassau.







Arrangements by Kemp's Funeral Home





Limited.

Waker's Bap

LUE

Great Guana Cay, Abaco

The Bahamas

as borrowing rates have risen
during the recent months’
debt crisis.

Some analysts claim that
accumulated debt - money
owed by the state, by state-
owned companies, by private
corporations and households
- is way over the country's
annual GDP of 160 billion
euros ($218 billion). The gov-
ernment, by contrast, puts it
at 86 per cent of GDP this
year.

Pedro Passos Coelho,
leader of the centre-right
Social Democratic Party, the
main opposition party, has
accused the centre-left Social-
ist government of shifting
debt off the books. He said
"a good portion of our (offi-
cial) figures is fiction", and
estimated public debt at 112
per cent of GDP and the
deficit at 9.5 per cent.

Such allegations are serious
because they echo what hap-
pened in Greece, where the
revelation that it had hidden
the size of its debts caused
markets to rapidly lose confi-
dence in the government and
triggered a funding crisis.

Over the longer term, Por-
tugal’s core problem is how
to generate wealth that might
pay for its lifestyle - part of a
malaise hurting western
Europe, as countries cope
with an aging population and
competition from Asia and

other regions.

When Ford and Volkswa-
gen spent almost 2 billion
euros to set up a huge new
manufacturing plant near Lis-
bon in the early 1990s, it
appeared to be the prelude
for a mass arrival of high-
grade industry that would
power Portugal forward. It
also looked like an endorse-
ment of Portugal's ambition
to become a modern western
European nation after lan-
guishing under four decades
of dictatorship and political
turmoil following the 1974
Carnation Revolution.

But in many ways it was a
false dawn.

Unions

Portugal did not shed the
post-revolution labour laws
that made it hard to fire work-
ers as trade unions stood in
the way of attempts to mod-
ernise. Laying-off workers is a
bureaucratic entanglement,
and entails hefty compensa-
tion payments, while workers
can refuse proposed changes
to their working hours. That
turned foreign investors away
from Portugal.

Civil servants, meanwhile,
cannot be fired except in cas-
es of extreme misconduct,
leaving the public sector
bloated.

NOTICE

CHESTNUT HOUSE INVESTMENTS LTD.
NOTIC EIS HEREBY GIVEN as follows:
CHESTNUT HOUSE INVESTMENTS LTD. is in

voluntary dissolution under the provisions
of Section 137 (4) of the International Business

Companies Act 2000.

The dissolution of the said company
commenced on the 24th November, 2010
when the Articles of Dissolution were submitted
to and registered by the Registrar General.

The Liquidator of the said company is Blue Seas
Administration Ltd., The Bahamas Financial
Centre, Shirley & Charlotte Streets, Nassau,

Bahamas

Dated this 26th day of November, A. D. 2010



Blue Seas Administration Ltd.
Liquidator

EMPLOYMENT OPPORTUNITY

You are invited to apply for the following position currently

Key Responsibilities

available.

Executive Chef

¢ Ability to skillfully prepare international cuisine

¢ Plan, design and cost menus for a variety of outlets

¢ Recruit, manage, and train culinary team.

¢ Manage the culinary budget and food cost.

¢ Maintain an effective inventory and supplies vendor list of local
and international suppliers.

Qualifications

* Bachelor’s degree in Culinary Arts or related subject;
professional certifications
Minimum ten (10) years experience at a five-star club, resort or
restaurant with at least three (3) years international or off-shore

experience.

Previous experience with a start-up property a plus.
Must be innovative, demonstrate strong leadership and
culinary skills, must be able to train others and execute ideas

and standards.

The successful candidate will have the opportunity to work in a
growing and dynamic organization and must be a self-starter,
team player, work at the highest standards of performance, and

meet deadlines.

lf you are progressive and prepared to advance your career, submit
your resume to the attention of the VP Human Resources,

hr@bakersbayclub.com or by fax at 242-367-0613.

“Becoming the Employer of Choice in The Bahamas!”

We Welcome You



A PERSON walks past stickers reading "General Strike. | also do it’
outside the Portuguese Finance Ministry, in the background, Mon-
day, Nov. 22, 2010, in downtown Lisbon. Workers’ unions called
for a general strike on Nov. 24 protesting the government's aus-
terity measures aimed at controlling the country's current finan-

cial crisis. (AP)

Education levels among
Europe's lowest and a cultur-
al reluctance to taking risks
on new work methods have
kept productivity low - it
stands at around two-thirds
of that in neighbouring Spain.

Portugal stuck too long
with traditional industries
such as textiles and footwear,
which have been unable to
compete with Asian imports.
And, being locked into the
euro, Portugal can't devalue
its currency to make its
exports cheaper.

State-owned companies are
among the most inefficient,
and their total debts are esti-
mated at more than 15 billion
euros.

Part of the reason is politi-
ca: in a country where the
average monthly wage is
around 800 euros a month,
and where hundreds of thou-
sands earn the minimum wage
of 475 euros a month, the gov-
ernment forces public trans-
port companies to keep ticket
prices artificially low and pays
them compensation for their
losses.

Those low earners, mean-
while, have used the cheap
loans that came with euro
membership to finance pur-
chases of cars and houses.

Portugal, a country of 10.6
million people, remains one
of western Europe's poorest
nations, and the outlook is
gloomy.

The Bank of Portugal pre-
dicts growth of 0.9 per cent
this year, after a contraction
of 2.7 per cent last year, and
many analysts predict another
recession in 2011 due toa
government austerity pro-
gram devised to drive down
the country's debt.

Some Portuguese are
despairing of their country
ever attaining average Euro-

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pean standards of income.

Emigration to Portuguese-
speaking countries such as
Angola and Brazil, whose
economies are flourishing, has
soared in recent times.

Alvaro Santos Pereira, a
researcher at Canada’s Simon
Fraser University, estimated
in arecent study that between
1998 and 2008 some 700,000
Portuguese left their country.
From 2008 to 2009, he said,
Portuguese visas issued for
Angola more than doubled to
46,000.

Vasco Costa, a 48-year-old
father of three who owns a
chain of shops in Portugal,
says he's seriously consider-
ing moving his family to
Brazil, where economic
growth is expected to reach
7.5 per cent this year.

"We're going backwards
while Brazil is growing more
than 7 per cent a year,” he
said as he waited to catch a
Lisbon subway train. "I only
see a brutal period of stagna-
tion here."

MEXICO TO SHUT
HUGE LANDFILL

MEXICO CITY
Associated Press

ONE of the world's largest
landfills is to be closed next
year because of worries that the
more than 12,000 tons of
garbage deposited there daily
could contaminate the aquifer,
Mexico's Interior Department
said.

The closure of Mexico City's
massive Bordo Poniente landfill
aims to "to resolve for once and
for all the grave and latent
problem of contamination” of
water sources, an Interior
Department statement said.
The dump also represents a
flood threat, as it could poten-
tially interfere with the water
drainage out of Mexico City.

Still, despite the city and fed-
eral governments’ agreement
to close Bordo Poniente at the
end of 2011, the statement pro-
vided few details about plans
to replace the massive landfill.
It said only that waste treat-
ment centres “without harmful
effects on the environment and
the population" would be up
and running by January 1, 2012.

Officials from Mexico City's
Waste Commission have said
they are working to build four
state-of-the-art processing cen-
tres to recycle, compost or burn
for energy 85 per cent of Mex-
ico City's trash.

The city has required resi-
dents to sort trash since 2003,
but hasn't provided the infra-
structure to handle it, and just
about 6 per cent of waste here
is currently recycled. If the
Waste Commission's project is
a success, it would put this pol-
luted metropolis in a league
with San Francisco, The
Netherlands and other top recy-
clers.

Monday's statement hailed
the closure as an “excellent
opportunity for Mexico City to
join world efforts to reduce
greenhouse gas emissions”.
Open-air landfills are major
emitters of gases believed to
contribute to global warming.

Built on a dry lake bed on
the northeast edge of Mexico
City, in part to handle the rub-
ble from the devastating 1985
earthquake, Bordo Poniente
takes about 12,600 tons of trash
- or about 700 truckloads of
unsorted rubbish - a day. It now
contains more than 76 million
tons of trash, the statement
said.

It called Bordo Poniente the
world's largest landfill, but oth-
er publications have ranked it
as the second largest land-based
dump, behind Sudokwon,
which serves the South Korean
capital of Seoul.

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THE TRIBUNE



IRISH PROTESTS

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SINN FEIN SUPPORTERS protest outside Irish government buildings, in Dublin, Ireland, Wednesday. The Irish Pee hae unveiled
a range of tough austerity measures designed to help solve the country's debt crisis, among the spending cuts and tax rises are a reduc-
tion in the minimum wage, a new property tax and thousands of public sector job cuts. (AP)

Should bondholders
go to barber’s shop?

By LANDON

THOMAS JR.

c.2010 New York Times
News Service@

DUBLIN — Ireland has
finally taken its medicine,
accepting the financial res-
cue package European offi-
cials have been pushing for
several weeks.

But even as Europe
moved to avert this latest
debt crisis, economists and
policy experts are increas-
ingly debating whether it
would be better, and fairer,
for the Continent's weakest
economies to default on
payments to lenders.

Many experts now say
that bailouts only delay the
inevitable. Instead of further
wounding their economies
with drastic budget slashing,
the specialists assert, gov-
ernments should immedi-
ately start talks with bond-
holders and force them to
accept a loss on their invest-
ments.

The risk, of course, is an
investor panic that would
seize financial markets at a
time when the global econ-
omy remains on tenter-
hooks.

But an organised restruc-
turing of debt that would
reduce the amount of mon-
ey troubled countries owed,
especially in conjunction
with a financial aid package,
might provide a quicker
path to recovery and avoid
the trauma of a forced
default down the road, some
economists argue.

Decision

To be sure, it is easier to
propound solutions from the
comfort of a think-tank as
opposed to actually making
a decision when not just a
country's financial future is
at stake, but the broader
euro zone could be affected
as well.

"Policymakers face the
same dilemma as in any cri-
sis with respect to haircut-
ting bonds, and the real-life
decisions are always
extremely difficult," said
Robert E. Rubin, the for-
mer Treasury secretary, who
faced just such a quandary in
1994, when he helped
arrange a $47 billion rescue
package for the Mexican
government as it teetered
on the verge of default.

"Holding bondholders
harmless contributes to
moral hazard and increases
risks elsewhere," Mr Rubin
added. "But imposing bond
haircuts can make future
market access expensive or
impossible for an extended
time, and can create serious
contagion effects else-
where."

The term "haircuts" refers
to the loss an investor takes
when a borrower fails to pay
back its loans.

One signal that the policy
pendulum may be swinging
away from bondholders
came earlier this month
when the German chancel-



GERMAN CHANCELLOR
Angela Merkel (AP)

lor, Angela Merkel, sup-
ported by President Nicolas
Sarkozy of France, tried to
persuade other European
leaders that bondholders
needed to accept some of
the risk in future bailouts.

The move spurred a bond
market rout, and Mrs
Merkel had to retreat. But
her argument has taken hold
in the debate over how best
to handle debt crises as
Europe turns its attention
from Ireland - which will
receive $109 billion to $123
billion in loans as part of the
rescue package - to the
shaky economies of Portugal
and Spain.

Proponents of a default
say that Argentina and Rus-
sia, in 2002 and 1998, found
life after a debt restructur-
ing. Both reneged on their
foreign loans and, after
devaluing their currencies,
were able to recover.

Even so, any talk of
default - or a debt restruc-
turing, the term that bankers
and technocrats prefer -
remains anathema in capi-
tals like Athens and Dublin.
Their leaders fear that they
would be put in a financial
penalty box and denied
fresh access to funds.

Complicating matters is
that, unlike Argentina and
Russia, Ireland and other
troubled European coun-
tries that use the euro as a
common currency cannot
devalue their currencies.
Thus, they lack this tool to
help nurse their economies
back to good health by
improving their competitive
position and increasing
exports.

In Ireland, which has an
external debt 10 times the
size of the economy and
bank losses that jeopardised
the country's solvency, there
is little sympathy for those
who lent to the country's fal-
tering banks.

"The people who provid-
ed the funds to these banks
should take the conse-
quences," said Peter Math-
ews, a banking consultant in
Dublin. Mathews estimates
that making senior bond-
holders take an appropriate
loss on their bank holdings
of 18 billion euros would
save the country about 15
billion euros.

Those who favour restruc-
turing say it is only fair that

lenders absorb losses and
share the pain. A loss of this
amount for lenders would
be roughly the same as the
government is planning to
extract from its citizens over
the next four years in the
form of spending cuts and
tax increases, so as to bring
its deficit down from 32 per
cent of gross domestic prod-
uct to 3 per cent.

"There is just no escaping
debt restructuring for
Greece and Ireland," said
Kenneth S. Rogoff, a Har-
vard professor and expert
on sovereign debt crises.

But if it is inevitable - as
many financial analysts and
mainstream economists such
as Rogoff and Nouriel
Roubini are now saying -
why not do it now?

That is not easily done,
says Professor Rogoff, who
was a senior economist at
the International Monetary
Fund when Argentina
defaulted. He points out that
the IMF executive board,
which must approve all aid
disbursements, is controlled
by the main creditor bank-
ing nations like the US,
Britain, Germany and
France, whose investors
stand to lose the most in a
default.

"The IMF never comes in
and says: 'We will give you
money but you have to
restructure’,"” he continued.
"Restructuring only happens
at the end of a failed pro-
gram."

Earlier this year, the IMF
made clear its position on
default when it issued a staff
paper defiantly titled Default
in Today's Advanced
Economies: Unnecessary,
Undesirable and Unlikely.

Authors of the report say
the views are their own and
not the Fund's. Yet, in argu-
ing that indebted economies
like Greece and Ireland will
not follow in the path of
Argentina, they echo a view
that the IMF has long
embraced.

Debt

Unlike Argentina before
it went belly up, Greece and
Ireland have large primary
deficits, which means that
even without paying inter-
est on their debt they still
spend more than they col-
lect in taxes. The deficit is
about 10 per cent of GDP
in each case.

So abandoning their debt
obligations would not elim-
inate the need for cash,
which would become all the
more acute because their
default would deny them
access to international debt
markets.

The authors also take on
what they call the "soak-the-
rich argument”. In the case
of Argentina and Russia, for
example, the debtors were
largely US. banks.

In the euro zone, more
than 2 trillion euros in sov-
ereign debt belonging to
Greece, Ireland, Spain and
Portugal is held largely by

German, French and British
banks and, in the case of
Greece, local banks and
pension funds.

So the investor pain would
be felt throughout Europe
and could well ignite a sys-
temic panic as banks across
the Continent suddenly
found themselves with big
losses.

Here in Ireland, people
are doubtful that default is
the answer.

"'Treland is in the business
of paying back its debts,"
Prime Minister Brian
Cowen said as he cam-
paigned on tiny Arranmore
Island off Ireland's north
coast this weekend.

FRIDAY, NOVEMBER 26, 2010, PAGE 11B

BUSINESSREVIEW

A TAXI DRIVER protests as he drives past the offices of the Irish
Prime Minister Brian Cowen, Dublin, Ireland, Wednesday. (AP)

THE COLLEGE OF THE BAHAMAS

Visit our website at www.cob.edu. bs

NOTICE

PREQUALIFICATION OF CONTRACTORS
FOR THE CONSTRUCTION OF
THE COLLEGE OF THE BAHAMAS SMALL
ISLAND SUSTAINABILITY FACILITY
GLADSTONE ROAD, NASSAU, BAHAMAS



The College of the Bahamas is seeking applications of
interest from contractors for the proposed GTR Campbell
Small Island Sustainability Facility on Gladstone Road.

Total Square Footage of the facility is 15,245. The facility
will consists of 3 Main Buildings, 2 of Single storey con-
struction and one of 2 storey construction.

The proposed facility will be LEED certified.

The project will include associated parking and site
improvements.

Interested Contractors can collect Pre-Qualification
Documents from the Offices of Bruce LaFleur &
Associates at

2 Nassau Court,
P.O. Box EH. 14-435
Nassau, Bahamas
Tel: 1 (242) 328-7240
Fax: 1 (242) 325-7963
E: info@bla-arch.com.

Documents are to be submitted by 5:00 pm on Friday 10th
December.



*8/ 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, ipa aba Tokyo, Hong Kong,
Frankfurt, Florence, Milan, Madrid, Paris, Rome and Tu



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PAGE 12B, FRIDAY, NOVEMBER 26, 2010

THE TRIBUNE



BUSINESSREVIEW

IN THE DRIVING SEAT

IN THIS July 30, 2010 file photo, President Barack Obama, accompanied by Assembly Manager Teri Quigley, gets behind the wheel of the



new Chevy Volt, during his tour of the General Motors Auto Plant in Hamtramck, Mich. Playing defense on the economy, President Barack
Obama may have found a potent "| told you so" argument in the rescue of General Motors. But will he get any credit for it? (AP)

Auto bailouts drive
Obama’s recovery

By KEN THOMAS
Associated Press

WASHINGTON (AP) —
Playing defence on the US
economy, President Barack
Obama may have found a
potent "I told you so" argu-
ment in the rescue of Gen-
eral Motors. But will he get
any credit for it?

Obama visited a Chrysler
auto plant in Kokomo,
Indiana, on Tuesday with
vice-president Joe Biden,
reprising similar trips he
made last summer to GM,
Ford and Chrysler plants in
Michigan and [linois. His
stewardship of the auto
bailout - begun under Pres-
ident George W. Bush in
the waning days of his term
- could weigh heavily on
the minds of voters
throughout the industrial
Midwest. Obama picked up
key electoral votes there in

But move still unpopular
with many Americans

2008 but recently watched
states such as Michigan and
Ohio elect Republican gov-
ernors and members of
Congress.

General Motors launched
one of the largest initial
public offerings in US his-
tory last week, more than
a year after it was pushed
into bankruptcy by the
Obama administration at a
taxpayer cost of about $50
billion. The rescue of GM
and Chrysler was roundly
criticised by many Repub-
licans and conservative tea
party candidates who said
the government should not
have intervened to save the
carmakers.

"Does anyone really

believe that politicians and
bureaucrats in Washington
can successfully steer a
multinational corporation
to economic viability?"
asked House Republican
Leader John Boehner when
GM filed for bankruptcy in
June 2009.

Debate

GM might prove Mr
Boehner wrong, giving
Obama a stronger hand in
the debate over how the
government handled the
auto meltdown. The bailout
still remains unpopular
with many Americans - and
the futures of GM and
Chrysler are far from cer-

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: -
*A minimum 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

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JOB SUMMARY

-Provides basic life support to patients who require emergency
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DUTIES INCLUDED BUT ARE NOT LIMITED TO:
-Responds immediately to emergency calls;
-Secures the scene of an emergency situation and maintains

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-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, P.O.
Box N-8200 or Corporate Office Building ‘B’, 3° & West Terraces,

Centreville.

tain - but GM's return to
the New York Stock
Exchange and an expected
stock offering from
Chrysler in 2011 could give
Democrats a vivid example
of economic recovery.

"The critics said this
would never work. But the
critics were wrong," said
Austan Goolsbee, Obama's
top economist, in a video
released last week by the
White House. Ron Bloom,
one of the leaders of the
auto task force, said in an
interview that the rescue
averted "a swath of eco-
nomic devastation that
would have remained as a
scar on our nation for a
long, long time if the pres-
ident had not done what he
did”.

GM, which posted three
straight profitable quarters
before the stock offering,
has buffed up the auto



PRESIDENT BARACK OBAMA and Vice President Joe Biden focus
on the recovery of the U.S. auto industry as they tour Chrysler's
Indiana Transmission Plant Il in Kokomo, Ind., Tuesday. (AP)

bailout's exterior in several
ways:

* The government's own-
ership stake is expected to
decline from nearly 61 per
cent to about 33 per cent
(once all shares are sold by
investment banks under-
writing the deal). The shift
to a minority stakeholder
role helps bolster Obama's
case that he’s not interest-
ed in running car compa-
nies.

* The government could
collect about $13.6 billion

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, LESUMMAH GENEE
ROBERTS of the Eastern District of the Island of New
Providence, one of the Islands of the Commonwealth of
The Bahamas, intends to change my first and second name
to LESUMMAH GENEE to SUMMER GENAE. If there are any
objections to this change of name by Deed Poll, you may write
such objections to the Chief Passport Officer, PO.Box N-742,
Nassau, Bahamas no later than thirty (80) days after the date of
publication of this notice.

EMPLOYMENT
OPPORTUNITIES

Law Firm seeks Business Manager/
Comptroller and Compliance Officer

Business Manager:

Qualifications:

* BSc in Accounting/Finance or Business

* Management with minimum of 2 years
managerial experience.

* Leadership skills

Position Summary:
Business manager will be responsible for the
day-to-day management of the firm including
communicating with clients and vendors and the
preparation and maintenance of the firm’s
financial records.

Compliance Officer:
Qualifications:

* Internal/external audit experience of 5 years or
more.

* In-depth knowledge of applicable regulatory
requirements

Position Summary:

Compliance Officer will be responsible for obtaining
information from clients and maintaining records of
information collected for compliance purposes as
well as reviewing existing files to make sure they are
fully compliant. He or she will also be responsible
for liaising with regulatory bodies and agencies.

Salaries for both positions will be commensurate
with qualifications and experience.

Interested persons may send resumes by fax to:
322-5942 or by

Mail to:

Managing Partner

P.O. Box N-9298

Nassau, Bahamas



from the sale. GM had pre-
viously paid back $9.5 bil-
lion, so taxpayers will have
received nearly half of what
they provided to the com-
pany. GM received $13.4
billion from the outgoing
Bush administration and
$36.1 billion from Obama's
White House.

* The Center for Auto-
motive Research, an Ann
Arbor, Michigan, firm that
receives funding from
automakers, reported last
week that the auto bailouts
saved 1.1 million jobs in
2009. It estimated the Trea-
sury Department avoided
losing billions in pension
fund receipts and personal
income taxes. The report
supports Obama's argu-
ment that allowing the
companies to liquidate
would have devastated the
economy; since the bank-
ruptcies, automakers have
added more than 77,000
jobs.

Process

"Nobody could have seen
things playing out quite as
nicely as they did,” said
Jeremy Anwyl, chief exec-
utive of Edmunds.com, an
automotive website.
"There's lots to quibble
about but when you step
back and look at it overall,
you have to say the task
force, the bailout, the
bankruptcies, that whole
process has played out
pretty well."

Plenty of questions
remain, however.

Obama, discussing the
GM IPO last week, said
taxpayers were "now posi-
tioned to recover more
than my administration
invested in GM”. The oper-
ative term is "my adminis-
tration.” For taxpayers to
recoup all $50 billion of
their GM investment - the
total amount given under
both the administrations -
the Treasury Department
would need to sell its
remaining 500 million
shares at about $53 a share.

GM was trading at more
than $34 per share on Mon-
day. If the stock stayed in
that range next year and
the government sold its
shares at that price, the
proceeds would exceed the
amount that the Obama
administration sank into
the auto giant.

Some of the tensions
over the bailouts still sim-
mer. Many car dealers
protested efforts by GM
and Chrysler to shutter
dealerships and accused the
auto task force of meddling
in the closures, a charge the
Treasury Department
denies. Some conservatives
saw it as a sellout to the
United Auto Workers
union, and bondholders
and shareholders com-
plained that the bankruptcy
wiped out most of their
investments.

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THE TRIBUNE

FRIDAY, NOVEMBER 26, 2010, PAGE 13B



BUSINESSREVIEW

Baha Mar brings
brave new world

SOL KERZNER is right.
The man who put the
Bahamas back on the tourist
map has every reason to be
concerned about the wider
consequences the $2.6 bil-
lion Baha Mar project might
have for the market if it is
not handled and managed
correctly. Fear of competi-
tion does not come into it,
but why did he wait until the
11th hour to voice his con-
cerns?

“We wish them luck,” was
how George Markantonis,
Kerzner International
(Bahamas) president and
managing director, respond-
ed to press conference ques-
tions on the Atlantis own-
er’s view of Baha Mar. With
respect to Mr Markantonis,
Tribune Business had to sti-
fle a smile at the time,
because it knew Kerzner’s
position had not changed
since Paul O’Neill effective-
ly blew the gaffe at a
Bahamas Chamber of Com-
merce luncheon to admit the
company’s concerns over
what was proposed for
Cable Beach. Yet these con-
cerns have since been shield-
ed from public view until the
past week.

Loan

Why did Mr Kerzner and
his executives take so long?
Probably because they and
others, who possibly includ-
ed the Prime Minister, nev-
er thought Baha Mar would
get the financing in the first
place, nor resolve the $200
million Scotiabank loan
issue. While the 11th hour
press release, timed to coin-
cide with the debate on the
Chinese work permits, was a
smart move, followed by
veiled warnings of Paradise
Island job losses and “no”
Phase IV, this time Kerzner
appears to have left it too
late.

For Mr Ingraham has
already come back from
Beijing “a conquering hero,”
presenting an agreement to
the Bahamian public that
was touted as being better
than the PLP’s original
Heads of Agreement. No
matter that the terms of the



THE ALANTIS ROYAL TOWERS: Can the Bahamas absorb two

mega-resorts?

deal with China were prob-
ably largely worked out
before he left, there is no
way that Mr Ingraham can
reverse course now without
some serious egg being left
on his face.

The bit about the opening
of Baha Mar’s four new
hotels opening in phases was
probably an attempt by Mr
Ingraham to assuage Kerzn-
er’s fears. The devil, though,
remains in the details as to
exactly how this will hap-
pen. And it is here that Mr
Kerzner’s concerns resonate
most strongly. The alleged
breach of his “Most
Favoured Nation” clause
can probably be resolved
through negotiation with the
Government, and a bumper
deal on his next Bahamian
investment. He is also bang
on with his comments on the
Chinese involvement, point-
ing out that this is not simply
a pure loan/construction
contract for them, but more
a play to put their huge for-
eign currency reserves and
unemployed/underem-
ployed construction work-
ers to work. There are no
free lunches in this world.

Yet can the Bahamian
hotel industry and tourism
market absorb the 2,000-
3,000 new rooms that Baha
Mar plans to construct? If
brought on all at once, Tri-
bune Business would say no,
at least not until the demand
is proven to be there. This is
why Kerzner expanded
Atlantis in phases, each step
of the way being confident
that it would not be left
holding the bag of empty
inventory and forced to lay-
off workers.

Can the Bahamas absorb
two mega-resorts? Maybe,
and maybe not. Will Baha
Mar and Atlantis, going
head-to-head, cannibalise

TEA PARTY SHOWS
WAY TO INVIGORATE
THE BAHAMAS

FROM page 14B

Union, and decided to run a grass-roots campaign in the 2009
Republican primary against the official party candidate, the
Kentucky Secretary of State. He won, and went on to defeat his
Democratic opponent in 2010 and became probably the lead-
ing Tea Party spokesman in the new Senate, while sitting as a
Republican. If outsider Rand Paul could do it in Kentucky, why
not, say, the articulate Dr John Rodgers in his home con-
stituency in Nassau? He could choose the FNM, or probably the
PLP, which seems more open to renegade candidates.

If elected to the House of Assembly, the platform of a com-
mitted Tea Partier would hit the obvious, though long-evaded,
high points: speed up the endlessly delayed privatisation
process. Put not only BTC on the block, but BEC, Water &
Sewerage, ZNS, Bahamasair, Paradise Island Bridge Author-
ity, and any other public companies. Don’t agonise about get-
ting the best price: “Just Do It”, as Nike would say. The elim-
ination of Government subsidies would soon compensate for
any pricing shortfalls. Establish and enforce the principle that
merit, not longevity, will govern retention and promotion of
public employees, including teachers — and resist the howls of

complaint.

Compel efficiency, by dismissal if necessary, in the myriad
places where taxes and fees are collected, and often lost. Elim-
inate non-essential activities - why do we need a Prices Com-
mission to control prices? Or a business licensing department?
Specialised financial or health-related enterprises can be reg-
ulated by existing agencies that have the know-how. Other
businesses need not be licensed, simply registered and charged

a tax (not a hypocritical ‘fee’).

These are just starting points for an imaginative Tea Parti-
er. Not all of these proposals could be accomplished at once,
perhaps some never. But they would provide the basis for
shifting away from reliance on the welfare state and towards
individual responsibility, which is the bedrock Tea Party prin-
ciple. While not endorsing all the extreme Tea Party positions,
which would virtually abolish government, or its vitriolic attacks
on President Obama, I do believe that adopting its spirit would
invigorate our political and economic thinking.

the market for high-end, lux-
ury visitors, leaving each
with a smaller piece of the
pie rather than an expanded
pie? Don’t know. Will this
result in a “race to the bot-
tom” when it comes to room
rates, due to an oversupply
of Bahamian hotel rooms?
Could be.

Competition

Will the competition
result in neither property
being able to employ 8,000
Bahamian workers? Per-
haps.

There you have it. Baha
Mar is a journey into a brave
new world. Whether you
think it will grow or split the
Bahamian tourism market
may depend on which con-
sultancy study you read.
Should we protect the
“goose that laid the golden

ege” that is Atlantis or, as
the Bahamas Chamber of
Commerce’s president said,
focus on the upside, not
always the potential down-
side risks?

Hindsight’s wonderful, but
we do not have the luxury
of possessing it. Yes, the
Bahamas could become the
“Las Vegas of the
Caribbean,” but Tribune
Business remains troubled
by the seeming lack of prod-
uct differentiation between
Baha Mar and Atlantis. The
former appears to be mir-
roring the latter’s water-
based theme park attrac-
tions and going for the same
amenities, although this
newspaper was previously
told that Baha Mar was tar-
geting the “casino” and
“childless couples/singles”
market, as opposed to
Atlantis’s families.

The positive thing is that
Baha Mar will be built. The
Chinese will ensure that
happens, and that it does not
become a “white elephant.”
Mr Ingraham is right in that
the crucial period will be
post-construction. It will be
fascinating to watch and,
let’s hope, bring long-last-
ing economic and social ben-
efits to the Bahamian peo-
ple.



COMMONWEALTH OF THE BAHAMAS SWCLEquitiial3
IX THE SUPREME COURT
Common Law & Equity Side
IN THE MATTER OF all that piece parcel or lot of land
comprising 2.62 Acres situate Southwards of Andros Anglers
Club on the Island of Andros one of the Islands of the
Commenwealth of The Baharia,
AND
IN THE MATTER of The Quieting Titles Act, 1959
AND

IN THE MATTER of the Petition of Coconut Farm Limited

NOTICE OF PETITION

The Petition of COCONUT FARM LIMITED a company
incorporated under the laws of the Commonwealth of The
Bahamas in respect of:

“ALL that piece parcel or lot of land originally thought to
contain 2.618 acres and now shown to comprise 2.62 acres
situate Southwards of Andros Anglers Club on the Island of
Andros and bounded as follows: on ihe NORTHWEST by
land the property of James M_ Halron and running therein Four
hundred and Six (406) feet more or less om the NORTHEAST
by the sea at high water mark and running thereon Three
hundred and Nine (309) feet more of less on the SOUTHEAST
by Reeves Street and running thereon Three hundred and
Eleven (311) feet more or bess on the South by a junction of
Reeves Street and Swamp Street and running thereon in an an:
Sixty-two and Ninety-eight hundredts (62.98) feet and on the
SOUTHWEST by Swamp Street and running thereon Two
hundred and Seventy-five and Ninety-two hundredths (275.92)
feet and which said parcel of land has such position shape
marks boundaries and dimensions a3 shown on the plan filed
herein and thereon coloured Pink.”

COCONUT FARM LIMITED elains to be the owner in fee
simple in possession of the said land free from encumbrances
and has made application to the Supreme Court in the
Commonwealth of The Bahamas under Section 3 of The
Quieting Tithkes Act, 1959 to have its title to the said land
Investigated and the nature and extent thereof determined and
declared in a Centificate of Title to be granted by the Court in
accordance with the provisions of the said Act.

A plan of the said land may be inspected during normal office
hours in the following places:

ja) The Registry of the Supreme Court in the said City of
Nose;

The Chambers of McKinney, Bancroft & Hughes, Mareva
House, 4 George Street in the City of Nassau, Attomeys
for the Petitioner; and

ic) The Office of the Administrator at Nichall's Tira, Amdras,

Notice is hereby given thal any persons having dower or a right
of dower or an Adverse Claim or a claim not recognized in the
Petition shall on or before the 20th day of January, 2011 file
in the Supreme Court and serve on the Petitioner or the
undersigned a statement of their claim in the presenibed form, verified
by an Affidavit to be filed therewith. Failure of any such person
to file and serve a statement of bis claim on or before the said
20th day of January, A-D., 2011 will operate as a bar to such
claim.

Dated the 11th day of November, A.D, 2010

McKINAWEY, BANCROPT & AODGHES
Mareva House
George Street
Nassau, The Bahamas.
Attorneys for the Petitioner





KERZNER CONCERNS



SOL KERZNER IN ATLANTIS: The Kerzner CEO has every reason to
be concerned about the wider consequences the $2.6 billion Baha Mar
project might have.

(COMMONWEALTH (OF THE BAHAMAS JO/CLE(qui/1153

IN THE SUPREME COURT
Commen Law and Equity Dision

TN THE MATTER OF ALL THAT piece, parce! or lot of lind being
lat number Eight (8) in Block number Trentefive (25) in a
fubdiviaen called and known as “Cseonut Grove Subdivision”
containing an area of Five Thousand Two Hundred and Fiiy-twe
(5,252) square feet and situate on fhe Souther side of Bahama
Avenue ia the Ceatral Distinct of fre land of New Providence one
iat the [shards of the Comnocemeaith of Tee Bahamas

AND)

IN THE MATTER of the Petition of DELANO HAMELTON
ao

IN THE MATTER of the Quieting Teles Act, 1959 Chapter 93

DELANO HAMILTON fhe Petitioner claims to be the owner in fee dimple in Poasession
free fron encumbrances of ALL THAT pece, parcel or let of land beisg lot member
Eight (8) in Glock number Twenty-five (25) in a subdivision called and known as
“Coceeut Grove Subdivision” containing an area of Five Thousand Two Hendred and
Fifty-two (5,252) sqeare feet and situate on the Souther side of Bahan Avenee in the
Central Destnct of the Island of New Providence aloresaid and bounded 25 follows: on
the North by @ public road known a5 and called ‘Bahama Averee’ and renning thereon
One Hundred aed Five (105) Feet on the East by ae public road known as and called
“Sheth Street’ and running thereon Fity (50) Feet on the South by land now or formerly
the property of Alex Claridge and running there One Hundred and Five (1005) Feat and
on the West by land now or formerly the property of Thomas Howard and renning
thereon Fifty and Five Tents. (50.05) Feet and has mage application 0 the Supreme
Coert of the Commonwealfh of The Bahamas under Section 3 of the Quieting Titles. Act,
Chapter 93 of the Statwte Laws of the Commmonweatth wloresaid (as revised!) to have
fis ite bo the said land investigaied, determined and dedancd in a Certiicate of Tide to
be granted by the sald Supreme Court in accondance with the provésions of the said
Quieting Ties Act, Chapter 293,

Copies of fhe flied Pian of the said lot of land may be inspected dering normal office
hours at the following places:

(i) The Registry of the Supreme Court in the city of Massau on the Island of New
Providence afereseld and

(i) Coford Law Charsbers, Springfield Street, Fax Hil, Nassau, The Gahan,

Watice is hereby given that any person having Dower or a right to Dower or any
Adverse Qaim or a claim not recognized in the Petition shall by the 30” day of fina
peblicaton of this Motice file in She said Registry of the Supreme Court in the city ef
Nassau aforesaid and serve on the Pebtioner or his Atiomeys, Cheon (Law Chambers,
Springfield Street, Fox Hil, Wassau, The Baharues a Statement of such claim in the
prescibed fom, veriied by an Affidavit to be fled therewith. Feiure of amy such
persons to file and serve a Statement of such dine by the 0” day of final
pubbcation of this Notice will operate as:a bar to such dain,

nicer

Park: Plana Annes
Springhield Street, Foee Hil
Nassau, The Bharat

Atjormeys for the Petitioner

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PAGE 14B, FRIDAY, NOVEMBER 26, 2010

THE TRIBUNE



BUSINESSREVIEW

0 holding back

ODD FELLA, that King
Canute. You know, the leg-
endary king who, just to show
his subjects he was not all-
powerful, took everyone for a
trip to the beach to show them
that he could not hold back
the tide.

Tribune Business recites this
fable because it is reminded
of the Bahamas’ own King
Canute, PLP chairman,
Bradley Roberts, the King
Canute of Bahamian telecom-
munications, who as minister
of works and utilities between
2003-2007 (and ever since),
seemed to be engaged in a
one-man crusade (assisted
ably by Leon Williams) to
hold back the tide of industry
liberalisation, even though it
had washed over most global
shores — with the exception of
the Bahamas.

His recent pronouncements
on the FNM government’s
plans to sell a 51 per cent stake
in the Bahamas Telecommu-
nications Company (BTC) to
Cable & Wireless provided
further evidence of the
dinosaur-like approach some
who aspire to high office take
towards the communications
industry, an incredibly dynam-
ic, technology-driven sector
that has left them in its wake.

Much was made (in some
quarters) of the lack of media
coverage given to Mr Roberts’
November 10 address. Yet Tri-
bune Business could almost
have scripted the main themes



in advance:

¢ Bash Hubert Ingraham
and the FNM government;

¢ Bash Cable & Wireless
(LIME) and the foreign buy-
ers (no doubt your writer, too,
will be “bashed” as a foreign
interloper);

e Play to the deep-rooted
nationalist streak in many
Bahamians (an admirable
quality most of the time) by
suggesting BTC should remain
under 100 per cent Bahamian
ownership and control;

¢ Pander to the two BTC
unions for political gain;

¢ Take personal credit for
every ray of sunlight coming
from BTC’s backside while he
was the minister responsible.

In the interests of disclo-
sure, Tribune Business must
point out that an affiliate has a
minority stake in a BTC com-
petitor. Yet Mr Roberts’
address, in common with many
politicians, was notable more
for what it did not say than
what it did say. For he omitted
two key terms: “Competition”
and “cellular monopoly.”

While the Government
stands accused of “giving away
at a fire sale price the Crown
Jewel of the Caribbean,” as
Mr Roberts called BTC, this

COMMONWEALTH OF THE BAHAMAS 2010(CLEtqui1414
IN THE SUPREME COURT
Common Law & Equity Side

IN THE MATTER OF all that piece parcel or lot of land
comprising 2.62 Acres situate Southwards of Andros Anglers
Club on the [sland of Andros one of the Islands of the
Commonwealth of The Bahamas.

AND
IN THE MATTER of The Quicting Titles Act, 1959
AND
IN THE MATTER of the Petition of James M. Halron,
NOTICE OF PETITON

The Petition of JAMIES WL HALRON of L618 State Street
in Green Bay in the State of Wisconsin in respect of:-

ALLthat piece parcel or lot of land onginally thought to
contain 2.618 acres and now shown to comprise 2.62 acres
situate Southwards of Andros Anglers Club and running
thereon Four hundred and Thirty (430) feet more or less on
the NORTHEAST by the Sea at the High Water Mark and
running thereon Two hundred and Seventy-six (276) feet
motor less on the SOUTHEAST by the property of Coconut
Farm Limited and running thereon Pour hundred and Six
(406) feet more or less und on the SOUTHWEST by a Pitty
(30) foot wide road reservation known as Swamp Street and
running thereon Two homdred and Seventy-two and Forty-
two hundredths (272.42) feet and whieh said parcel of land
has such position shape marks boundaries and dimensions
as are shown on the plan filed berein and thereon coloured
Pink.

JAMES M. HALRON claims to be the owner in fee simple
In possession of the sud land free from encumbrances and
has made application to the Supreme Court in the
Commonwealth of the Buhamas under Section 3 of The
Quieting Titkes Act, 1959 to have his title to the said 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 Acct.

A plan of the said land may be inspected during normal
office hours in the following places:

(a) The Registry of the Supreme Court in the said City of
Nassau:

(b) The Chambers of McKinney, Bancroft & Hughes,
Mareva House, 4 George Street in the City of Nassau,
Attoreys for the Petitioner; and

(a) The Office of the Administrator at Nichoall’s Town,
Andros.

Notice is hereby given that any persons having dower or a
night of dower oran Adverse Claim or a cliim mot recognized
in the Petition shall on or before the 20th day of January,
2011 fle in the Supreme Court and serve on the Petitioner
or the undersigned a statement of their claim in the prescribed
form, verified by an Aidawvit bo be filed therewith. Future of
any such person to file and serve a statement of his claim
on or before the sand 20th day ofJanuary, A.D., 2011 wall
operate as a bar to such claim.

Dated the Lith day of Novernber, A.D,, 2010

McKINNEY, BANCROFT & HUGHES
Mareva House
George Street
Nassau, The Baliamas.
Attorneys for the Petitioner



description bears closer scruti-
ny. True, BTC is one of the
few government-owned agen-
cies to turn a consistent, multi-
million dollar profit, and
Messrs Roberts and Williams
have frequently sought to take
the plaudits for this during
their years in charge as minis-
ter and chief executive respec-
tively.

Yet what they inevitably
ignore, and never remind the
Bahamian people, is that more
than two-thirds of BTC’s rev-
enues come from its cellular
monopoly. Yes, that’s right,
monopoly. BTC has no com-
petition in this area, meaning
that it can mine the gold in the
pockets of more than 300,000
Bahamian consumers, who
have no choice and are forced
to put up with whatever prices
and service quality the monop-
oly charges.

It is therefore quite easy for
BTC to make a profit, given
the absence of “competition”
(yes, that other key word omit-
ted by Mr Roberts), on the
backs of the Bahamian peo-
ple. Mr Ingraham got it spot
on the other day when,
responding to claims that a
$220 million price for a 51 per
cent stake in BTC represented
a “fire sale” price, pointed out
that the opening up of the
market to competition from
the likes of Cable Bahamas,
Digicel et al would immedi-
ately cut into the company’s
revenues and profit streams.
In other words, it is impossible
for BTC to be as profitable in
a liberalised market.

There are many other issues
one could pick on from Mr
Roberts’ address: He cited
that 50 per cent of BTC was
worth $325 million; does that
mean the $260 million that the
PLP proposed selling a 49 per
cent stake to Bluewater for
was a “fire sale price”?

True, the status quo of 100
per cent Bahamian ownership
and control could be main-
tained. But while this is a laud-
able aim, BTC’s interests and
ability to compete going for-
ward in a brave new world are
likely to be better served by
being part of a major telecoms
operator, since this would give
it access to the latest technol-
ogy at the best possible prices.

Hopefully, the assertions by
the Prime Minister and BTC
privatisation committee that
Cable & Wireless has changed
are true, and that Bahamians
will continue to play a key role
in its management, holding the
majority of executive posts.
There seems a good chance
this may happen, given that
Cable & Wireless’s manage-
ment team in Panama, for
instance, is 100 per cent Pana-
manian.

The Government should
also seek to sell down a sig-

COMMONWEALTH OF THE BAHAMAS



PLP CHAIRMAN
Bradley Roberts

nificant portion of its remain-
ing 49 per cent stake in BTC
(perhaps half this amount) as
quickly as possible.

Again, noises on this are
encouraging, suggesting it
might happen in 18-24 months.
Opportunities to create wealth
for Bahamians, and make
them owners of their own eco-
nomic assets, should not be
passed up, and Tribune Busi-
ness hopes that besides BTC
management and staff, a por-
tion of such an offering is
reserved for middle class and
ordinary Bahamians (not just
the institutions).

The time is long past for
BTC to be privatised. The cost
to the economy and Bahamian
consumers from this protract-
ed effort has been incalcula-
ble. While Mr Ingraham at
least admitted that his failure
to privatise BTC was one of
the biggest knocks against his
first 10 years in office, no such
sentiment was heard from Mr
Christie.

As one investment banker
told Tribune Business in 2003:
“They’re (the PLP) not pas-
sionate believers in it (privati-
sation).”

If so, they need to wake up
and smell the coffee. Govern-
ment needs to get out of busi-
ness, and the Bahamas is late
catching the train, with a huge
amount of commerce left in
public sector hands. Just why
the Bahamas needs to get on
the outsourcing bandwagon
was highlighted by KPMG
(Bahamas) partner Simon
Townend earlier this week,
when he identified some $2.3
billion in infrastructure needs
that this country needs to
urgently address.

This sum, he said, was more
than a year’s revenue for the
Government, and 10 times the
capital expenditure budget for
2010-2011, which came in at
$228 million, meaning that it
would take 10 - rather than
five years — to fund all of these
areas based on the Govern-
ment’s current capacity.

Let’s hope the fiscal deficit
and national debt dynamics
prod the Government to make
the hard but necessary choices:
Eschew “big government,”
and finally get the hell out of
business!

2001

IN THE SUPREME COURT

COMMON LAW SIDE

BETWEEN

BANK OF THE BAHAMAS LIMITED

Plaintiff

AND

LLOYD MILTON SUTHERLAND

Defendant

NOTICE OF ADJOURNED HEARING

TAKE NOTICE thatthe Order for Examination

filed on the 4" day of December, A.D., 2009 and set
down to be heard on Thursday the 4" day of March,
A.D., 2010 at 12:00 o’clock in the afternoon will
now be heard before a Deputy Registrar, Marilyn
Meeres of the Supreme Court, Ansbacher Building,
Bank Lane, Nassau, The Bahamas on Monday the
24" day of January, A.D., 2011 at 11:30 o'clock in
the forenoon.

Dated this 20 day of September, A.D., 2010

REGISTRAR

This Notice was taken out by Messrs. Gibson,
Rigby & Co., Chambers, KlI-Malex House,
Dowdeswell Street, Nassau, The Bahamas,
Attorneys for the Plaintiff.



PRL

By RICHARD
COULSON

During the recent
US Congressional
elections, when the
Republicans threw
out the Democrats
from the majority
position in the
House of Represen-
tatives, much of the
talk was not about

the Republican Par- - RICHARD s5|
COULSON

ty or the Democrat-
ic Party but about |
the Tea Party.

This was unprecedented,
for the Tea Party is not a
political party at all in the
traditional sense, but simply
the name taken from the
famous 1773 heaving of
crates of tea into Boston har-
bour by colonists enraged at
new taxes imposed from dis-
tant London. It ran no can-
didates under its own name;
it had no official leaders, no
staff, no headquarters, no
structure, no budget. It took
shape simply as an amor-
phous group of politicians
(often brand new to the
game), pundits and follow-
ers around the country who
shared some — by no means
all — political and philosoph-
ical views and promoted
them vigorously. The main
spokesman was the irre-
pressible Sarah Palin, who
was a candidate for nothing,
except probably for election
as president in 2012.

Yet this unpromising
agglomeration had enor-
mous influence, far more
than any official Third Par-
ties, which have had little
success in American politics.
The most significant, Ross
Perot’s creation, won 19 per
cent of the popular vote in
1992, less in 1996, and then
vanished from the scene,
although its aging founder
still lives.



SENATE WIN: Rand Paul

The Tea Partiers followed
a different strategy: they
attached themselves like
leeches to the existing
Republican Party and forced
it to change its spots. They
ran tirelessly in Republican
primaries in state after state,
and usually won, often to the
discomfiture of party bosses
backing more conventional
candidates. Their individual
success was mixed: in Ken-
tucky, the attractive Rand
Paul went on to defeat his
Democratic Senatorial oppo-
nent; in Nevada, newcomer
Sharron Angle gave a strong
challenge to Senate Democ-
ratic leader Harry Reid,
while in Delaware the eccen-
tric Republican Tea Partier,
Christine O’Donnell, lost
decisively.

In general, the victorious
Republican candidates for
the House, the Senate or
Governorships were those
who followed Tea Party
principles. Amid the welter
of ideas put forwards, sever-
al strong common threads
emerged. Keep government
out of our hair! Private
enterprise knows best! End
deficit spending! Run a bal-
anced budget! Don’t bail out
big companies or banks!
These axioms were not new;
they had been the battle cry
of far-right conservatives for
over a century. Why did they
suddenly gain traction with
wide swathes of angry blue-
collar voters and middle-
class housewives, not simply
rich Wall Streeters, captains
of industry and a few egg-
head economists?

Clearly, it was not just the
recession, the worst since the
1930s, when the nation went
solidly Democratic.
Although the problem was
inherited, not created, by

OPINION



TO INVIGORATE BAHAMAS



Barack Obama, the
voters saw, rightly
or wrongly, his solu-
tions as inept and
misguided. US
unemployment
remains stubbornly
close to 10 per cent,
and mortgage fore-
closures increased as
billions of federal
“stimulus funds”
had no_ visible
impact except to
balloon the deficit
and the national
debt. Meanwhile,
Mr Obama tried to impose
barely understood health-
care legislation and other
“reforms” that appeared
close to socialism — the f-



‘THE IRREPRESSIBLE’
Sarah Palin

word in American politics.

We in the Bahamas, so
dependent on the US econ-
omy, are in much the same
boat. The question is: what
will be the political reaction
as we approach the 2012
election? Will voters trust
Hubert Ingraham’s FNM to
lead the country out of reces-
sion, or turn the job over to
Perry Christie’s PLP? We
already know that Mr Ingra-
ham has increased the public
debt and the Government
deficit while imposing new
taxes and fees — tough but
necessary steps, he claims.
While the PLP naturally
snipes at these measures, it’s
not clear that their approach
would be much different if
they came to power.

For it is part of the ele-
mental, in-grained thinking
of both parties to rely on
“statist” solutions for the
national welfare. Indeed,
with laudable exceptions, the
Bahamian public itself relies
on Government, not the pri-
vate sector, to ensure wealth
and security — as seen by the
view of public employment
as a life-time sinecure. But
in this recession, we may be
seeing a slow ground-swell
of opinion that opposes the
traditional assumptions. It is
by no means certain, but
there may be a growing body
of citizens who feel like the
Tea Partiers in the US — that
we cannot continue with
“business as usual.”

But any such movement
cannot go far without vigor-
ous spokesmen. How are
they to be found, and how
are they to gain any politi-
cal clout? At present, the
only vocal Tea Party force is
the well-meaning but spe-
cialised think-tank, the Nas-
sau Institute, whose mem-
bers do not aspire to any
elective position and are
largely ignored by the lead-
ers of the FNM and PLP. As
in the US, the founding of
an effective third party here
seems a lost cause. Serious
promoters of Tea Party prin-
ciples will have to insert
themselves into one of our
two main parties and “bore
from within.” Our parties
do not hold formal pri-
maries, but any determined
resident can work hard to
become known to the voters
within a constituency, and
be selected by the con-
stituency assembly for for-
mal recommendation to the
party’s candidate selection
committee. The task will not
be easy and will be subject to
plenty of competition from
more “established” names.

That is similar to the
course followed by newly-
elected Senator Rand Paul
in Kentucky. A successful
career ophthalmologist, he
became well known as head
of the Kentucky Taxpayers

SEE page 13B

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THE TRIBUNE

FRIDAY, NOVEMBER 26, 2010, PAGE 15B



BUSINESSREVIEW

Month in Review

Business Review recaps the events
making headlines over the past month

By ALISON LOWE
Tribune Business
Reporter

SANDALS chief execu-
tive Adam Stewart respond-
ed to claims the all-inclusive
resort may not be the right
fit for Exuma, releasing a
slew of figures representing
the impact that the re-open-
ing of the former Four Sea-
sons Emerald Bay hotel has
had — including a “whop-
ping" 83 per cent arrivals
increase since last year.

As evidence of the com-
pany's commitment to the
resort and, by extension,
Exuma, he said Sandals will
be devoting 30 per cent of
its entire promotional bud-
get (despite having 21 other
hotels worldwide) on mar-
keting Sandals Emerald
Bay.

And he touted Sandals’
role in arranging the arrival
of the first jet service to
Exuma (or the Bahamas for
that matter), which began
in mid-November and is
operated by American Air-
lines.

Prime Minister Hubert
Ingraham told Exumians
"not to look a gift horse in
the mouth" as far as San-
dals was concerned.

Meanwhile, Mr Stewart
revealed Sandals expects to
have to expand the proper-
ty to “generate a return on
our investment.” Mr Ingra-
ham went on to confirm Tri-
bune Business reports that
the Jamaican-owned resort
operator is interested in
purchasing the Grand Isle
Villas Resort near the
Emerald Bay property.

One of the country’s
major new entrants to the
food retail sector
announced plans to expand
its operations.

Phil Lightbourn, owner of
Phil’s Food Services, will
invest $2.5 million come
early 2011, creating an esti-
mated 50 new jobs and
growing his produce section,
in particular. Mr Lightbourn
denounced claims that he is
able to keep prices low
through customs duty eva-
sion or affiliation with Craig
Flowers’ FML Group, say-
ing he is a “man on a mis-
sion with a vision” to feed
the Bahamas.

When the Bahamas was
revealed on November 8 to
have fallen six places in an
annual World Bank/Inter-
national Finance Corpora-
tion (IFC) report on the
ease of doing business glob-
ally, president of the
Bahamas Chamber of Com-

merce, Khaalis Rolle,
warned that this country’s
slippage could “turn off”
investors in an increasingly
competitive foreign direct
investment market.

Receiving a ranking over-
all of 77 out of 183 nations
assessed, the Bahamas fell
in every category — among
them starting a business,
dealing with construction
permits and registering
property — apart from the
enforcement of contracts.

Minister of State for
Finance, Zhivargo Laing,
said that rather than it
becoming more difficult to
do business in the Bahamas,
the slippage may be more
due to reforms in other
countries making it easier
there. He expects reforms
taken by the Government
to speed up business in the
Bahamas, with changes in
areas such as the Business
License Act to be reflected
next year. But he added the
government is not “list
watching.”

The Institute of Bahami-
an Architects released a
report on November 24,
though, which said the
delays in obtaining con-
struction permits — the
Bahamas ranked a particu-
larly low 107 out of 183 in
this area — are costing the
Bahamian economy “mil-
lions of dollars” and jobs.



“MINISTER OF STATE
FOR FINANCE
Zhivargo Laing

Inspired by ultra-efficient
Singapore’s gains in this
field, Zhivargo Laing, Min-
ister of State for Finance,
announced on November 9
that the Government will
launch its first e-government
portal in July 2011, allow-
ing those living in the
Bahamas to begin applying

NOTICE is ne OED that STERLINE SERAPHIN

of BACARDI

AD, is applying

to the Minister

responsible for Nationality and Citizenship, for
registration/naturalization as a _ citizen of The
Bahamas, and that any person who knows any
reason why registration/naturalization should not be
granted, should send a written and signed statement
of the facts within peony ei days from the 26

day of November, 2010 to t

e Minister responsible

for nationality and Citizenship, P.O. Box N-7147,

Nassau, Bahamas.

NOTICE
CAMRY HOLDINGS LIMITED

Pursuant to the Provisions of Section 138 (8) of the

International Business Companies Act 2000 notice

is hereby given that the above-named Company has

been dissolved and struck off the Register pursuant

to a Certificate of Dissolution issued by the Registrar

General on the 3" day of November, 2010.

LYNDEN MAYCOCK
Liquidator

of

CAMRY HOLDINGS LIMITED

for and paying for a number
of key government services
— including business license
fees — online.

The move will mark a sig-
nificant step towards a
"fundamental" shift in "the
culture of doing business in
the Bahamas and providing
public services in our
nation”, suggested Mr
Laing, forecasting that this
is just the beginning of what
is to come, following recent
consultations with the Sin-
gaporean government’s
information technology
arm, IDA International.

Compromises

On November 14, Prime
Minister Hubert Ingraham
confirmed what well-placed
Tribune Business sources
had told this newspaper on
November 1 — that he was
able to negotiate compro-
mises with the Chinese on
Baha Mar during a trip to
China to meet with repre-
sentatives of Baha Mar
financiers, the China
Export-Import Bank, and
the general contractor, Chi-
na State Construction and
Engineering company.

He announced that an
extra $200 million in fund-
ing from the China Ex-Im
Bank would go to Bahami-
an contractors, creating
“thousands” of extra jobs
for Bahamians.

This prompted Bahamas
Contractor’s Association
president, Stephen Wrinkle,
to express his “elation” at
the news, along with a call
for the Government to pass
and implement the Con-
tractor’s Bill, which would








PRIME MINISTER Hubert Ingraham, Central Bank of the Bahamas Governor Wendy Craigg and

Kerzner International chairman Sol Kerzner

help Bahamian contractors
gain the recognition they
may need to win the con-
tracts,

Telecoms industry
sources confirmed in mid-
November just how close
the Government is to sign-
ing a memorandum of
understanding with Cable
& Wireless (LIME) to take
a $220 million, 51 per cent
stake in the Bahamas
Telecommunications Com-
pany (BTC), finally pri-
vatising the state-owned
incumbent.

Prime Minister Hubert
Ingraham suggested a “sub-
stantial roadblock” in the
negotiations, however, were
plans by LIME to fire 30
per cent of BTC’s workers
upon privatisation.

Highlighting the extent
of the challenges being
faced by a significant pro-
portion of businesses, Tri-
bune Business revealed on
November 17 that over 18
per cent of all bank credit
extended to the private sec-
tor was non-performing as
of September 30, 2010, a
situation one senior bank-
ing executive described as

NOTICE

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

NOTICE

NOTICE is hereby given that RESIA JOSEPH-EUGENE
of Marsh Harbour, Abaco,Nassau Bahamas P.O. Box
AB20291 is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 19" day of
November, 2010 to the Minister responsible for nationality
and Citizenship, PO. Box N-7147, Nassau, Bahamas.

























Securit
AML Foods Limited
Bahamas Property Fund
Bank of Bahamas

Benchmark

Bahamas Waste

Fidelity Bank
Cable Bahamas
Colina Holdings

Commonwealth Bank ($1)
Consolidated Water BDRs
Doctor's Hospital

Famguard
Finco

FirstCaribbean Bank

Focol (S)}

Focol Class B Preference

ICD Utilities
J. S. Johnson

ROYAL FIDELITY

Moray at Werk

“horrendous.” The value of
loans to Bahamas-based
businesses in this predica-
ment amounted to $188
million.

On the same day, Central
Bank of the Bahamas Gov-
ernor Wendy Craigg told
the Bahamas Institute of
Chartered Accountants’
conference that the nation-
al debt reached 55 per cent
of gross domestic product
by the end of September
2010.

Favourable

She said the Bahamas
debt-to-GDP ratio was still
favourable compared with
its Caribbean counterparts
and “not critical”, adding
that the International Mon-
etary Fund deems a ratio of
over 50 per cent “something
you want to watch very

closely.”
Mrs Craigg also
announced that the

Bahamas could see a cred-
it bureau established "with-
in 18 to 24 months." Start-
ing costs were likely to be



around $2 million, said Mrs
Craigg, adding that the
facility would mean "a
huge change" for Bahami-
an borrowers who had been
"less than forthright” about
their credit histories, and
should help reduce the rate
of loan delinquency or
defaults.

Kerzner International
chairman Sol Kerzner
accused the Government of
violating the company’s
agreement with the compa-
ny by giving "more
favourable" terms to Baha
Mar, specifically as it relates
to the much higher foreign
to Bahamian labour ratio
that is set to be involved.
He suggested 8,000 jobs at
Atlantis could be at stake
if Baha Mar was approved
in its current form, and said
Phase IV of Atlantis would
not go ahead if Baha Mar
does.

Former Bahamas Cham-
ber of Commerce president,
Dionisio D' Aguilar, sug-
gested Mr Kerzner is play-
ing a "high stakes poker
game.”



Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows:

(a) GOLDEN PALM OVERSEAS LTD. is in dissolution under the
provisions of the International Business Companies Act 2000.

(b) The Dissolution of said Company commenced on November 25,
2010 when its Articles of Dissolution were submitted and registered

by the Registrar General.

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

(d) All persons having Claims against the above-named Company are
required on or before day of December 24, 2010 to send their names
and addresses and particulars of their debts or claims to the Liguida-
tor of the company or, in default thereof, they may be excluded from
the benefit of any distribution made before such debts are proved.

November 26, 2010

ZAKRIT SERVICES LTD.
LIQUIDATOR OF THE ABOVE-NAMED COMPANY

cr AL

BISX LISTED & TRADED SECURITIES AS OF:
THURSDAY, 25 NOVEMBER 2010
BISX ALL SHARE INDEX: CLOSE 1,483.20 | CHG 0.00 | %CHG 0.00 | YTD -82.18 | YTD % -5.25
FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%
WwWw.BISXBAHAMAS.COM | TELEPHONE: 242-323-2330 | FACSIMILE: 242-323-2320

Previous Close
1.01
10.63
4.90
0.18
2.70
ZA
10.46
2.40
6.85
1.85
1.60
6.07
7.26
9.239
5.46
1.00
5.59
9.82

Today's Close

Change
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Daily Vol.
1.01
10.63
4.90
0.18
2.70
2.17
10.46
2.40
6.85
1.85
1.60
6.07
7.26
93.393
5.46
1.00
S.3a
9.82

EPS $

TTAL MARKETS
BROKERAGE & ADVISORY SERVICES

. Fo CAP
Ec

Pre:

flier F ca wT «AT.

Div $ P/E
0.150
0.013
0.598

-0.877
0.168
0.016
1.050
0.781
0.422
0.111
0.199

-0.003
0.287
0.645
0.366
0.000
0.012
O.97 1

1.4076
2.8300
1.4954
2.8522
13.0484
101.6693
99.4177
1.0000
1.0000
1.0000
9.1005

10.0000

9.1708

4.8105

Premier Real Estate

10.00

10.00

BISX LISTED DEBT SECURITIES - (Bonds trade

Securit
Bahamas Note 6.95 (2029)

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

Symbol
BAH29
FBB17
FBB22
FBB13
FBB15

Last Sale
99.46
100.00
100.00
100.00
100.00

0.00

0.991

on a Percentage Pricing basis)
Change

0.00
0.00
0.00
0.00
0.00

Daily Vol.

RoyalFidelity Merchant Bank & Trust Ltd. (OQver-The-Counter Securities)
Last Price

Symbol
Bahamas Supermarkets
RND Holdings

CFAL Securities Ltd. (Qver-The-Counter Securities)

ABDAB
RND Holdings

Fund Name
CFAL Bond Fund
CFAL MSI Preferred Fund
CFAL Money Market Fund
Royal Fidelity Bahamas G & | Fund
Royal Fidelity Prime Income Fund
CFAL Global Bond Fund
CFAL Global Equity Fund
FG Financial Preferred Income Fund
FG Financial Growth Fund
FG Financial Diversified Fund
Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 1
Royal Fidelity Bah vestment Fund Principal
Protected TIGRS, Series 2
Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 3
Royal Fidelity Int'l Fund - Equities Sub Fund

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

jast 52 weeks
jghted price for daily volume
fed price for daily volume

m day to day

aded today

hare paid in the last 12 months

P/E - Closing price

ded by the last 12 month earnings

(S) - 4-for-1 Stock Split - Effective Date 8/8/2007
($1) - 3-for-1 Stock Split - Effective Date 7/11/2007
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525

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

Bid $
5.01
0.35:

30.13
0.45

Ask $
6.01
0.40

31.59
0.55

14.00
0.55.

29.00
0.55

BISX Listed Mutual Funds

NAV
112
2.9187
1.5655
2.8624
13.5642
114.3684
106.5528
1.1367
1.0974
1.1363

9.7458

10.6000

9.5037
8.1643

YTD%
5.11%
1.10%
3.87%
-8.16%
1.47%
9.98%
4.75%
4.30%
2.78%
A.18%

A.35%
-1.59%

-4.96%
5.79%

MARKET TERMS

Weekly Vol. - Ti
EPS $-Ac

Last 12 Months %

6.79%
3.13%
A.AB%
-7.49%
2.95%
12.49%
7.18%
5.21%
6.87%
5.78%

5.22%
A.26%

-4.96%
9.A2%

N/M - Not Meaningful
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

Daily Vol.

NAV 3MTH
1.490421
2.919946
1.545071

109.392860
100.779540

Interest
6.95%
7%
Prime + 1.75%
7%
Prime + 1.75%
EPS $

-2.945
0.001

Div $
0.000
0.000

4.540
0.002

0.000
0.000

NAV 6MTH
1.467397
2O1157F
1.530224

107.570619
105.776543

any's reported earnings per share for the last 12 mths

20 November 2029
19 October 2017
19 October 2022

30 May 2013
29 May 2015

P/E Yield

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

31-Oct-10
31-Oct-10

31-Oct-10
31-Oct-10





PAGE 16B ® FRIDAY, NOVEMBER 26, 2010

BUSINESSREVIEW

TEA PARTY SHOWS WAY
TO INVIGORATE BAHAMAS

¢ SEE PAGE 14B



From $54m to $1

Tribune Business kicks-off its
Business Review section with an
inside, blow-by-blow account of
how the once-proud City Markets
food store chain was brought to
its knees, and the prospects for a
revival under new ownership

rom $54 million to $1.

There can have been
few more rapid descents in
value, over a four-year period,
than what Bahamas Super-
markets and its 11-store City
Markets chain suffered under
the disastrous majority own-
ership of the BSL Holdings
group. The saga, which has
resulted in the likely write-off
of more than $40 million, will
long feature in economics text
books as an example of how
not to execute a successful
acquisition. So what went
wrong? How did it go from
turning a steady $6-$8 million
annual profit, and regular div-
idends to shareholders, to
annual losses that matched,
and in one case exceeded,
those profits?

It all looked so good to
start with. The BSL Holdings
consortium, put together by
RoyalFidelity Merchant Bank
& Trust, beat out the BK
Foods group, headed, ironi-
cally, by City Markets’ new
owner, Mr Finlayson, and his
attorney, Senator Jerome
Fitzgerald, by trumping their
initial $50 million bid with a
$54 million offer. Legal, advi-
sory and closing fees took the
ultimate spend by BSL Hold-
ings to around $56 million,
and it was here that the prob-
lems seemed to begin. Tri-
bune Business will begin its
analysis from here.

1) It is hard to escape the
suspicion that BSL Holdings
massively overpaid for its 78

per cent stake in City Mar-
kets. Entry price is key on any
acquisition, since it will deter-
mine the subsequent rate of
return on investment.

BSL Holdings and Royal-
Fidelity’s valuation models,
evaluating City Markets on a
cash flow basis and multiple
of earnings, may have seemed
secure at the time, but ulti-
mately proved fatally flawed
because they were acquiring a
company that owned none of
its real estate. Its only real
assets, apart from cash in the
bank, were inventory and
store equipment.

Tribune Business recalls an
early 2006 conversation with
Supervalue president and
owner, Rupert Roberts Jnr,
in which he confided to this
newspaper that, yes, he had
submitted to bid to acquire
City Markets when US gro-
cery chain, Winn-Dixie, put
it on the market, but he con-
sidered it a ‘low ball’ offer
designed to pick up the pieces
if all others melted away. He
felt the rival supermarket
chain was worth $35 million at

the top-end, almost $20 mil-
lion below BSL Holdings’ bid,
precisely because it owned
none of its real estate.

Indeed, the real winner at
the time of the initial pur-
chase was Winn-Dixie, which
was laughing all the way to
the bank as a result of obtain-
ing a price that enabled it to
get out of Chapter 11 bank-
ruptcy in the United States.
BSL Holdings’ bankers, Roy-
al Bank of Canada, which lent
$24 million to finance the pur-
chase, were soon far from
laughing.

2) BSL Holdings underes-
timated the extent to which
Bahamas Supermarkets was
reliant on Winn-Dixie’s head
office in Jacksonville for
almost everything — from
products and a significant
number of brands sold in-
store, to back office IT and
accounting systems. “They
left nothing,” one BSL Hold-
ings insider said of Winn-Dix-
ie, after the one-year Transi-
tion Services Agreement with
the supermarket chain was

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| THE TRIBUNE BUSINESS
| MONTH IN REVIEW

RARID DIESCEINIT

¢ SEE PAGE 15B

SPARSE SHELVES at one of Nassau’s City Markets stores.

terminated, of which more lat-
er.

3) BSL Holdings also
underestimated the amount
of investment that was
required to upgrade City Mar-
kets’ 11 stores. The revamped,
flagship Cable Beach store
was finally opened under the
new owners’ watch, but many
outlets and the equipment in
them needed serious revitali-
sation and replacements, City
Markets having in the past
simply made money because
‘it was there’ and Bahamian
consumers had few alterna-
tives — apart from Supervalue
and the neighbourhood food
stores. That would soon
change.

4) Once the Transition Ser-
vices Agreement with Winn-
Dixie was terminated, no
marketing campaign — indeed,
no effort of any kind — was
undertaken to explain to
Bahamian consumers why the
US chain’s well-known
brands, which they had come
to like, suddenly disappeared
to be replaced with unknown
products favoured in the
southern Caribbean.

This development occurred
partly because BSL Holdings
had chosen to entrust man-
agement of City Markets’ dai-
ly operations to operating
partner, Barbados Shipping
& Trading, which had also
invested $10 million in the
Winn-Dixie buyout as an
unsecured loan.

It was, as the last chief exec-
utive under BSL Holdings’
ownership, Derek Winford,
confirmed to Tribune Busi-
ness earlier this year: “A huge
mistake.” It also confirmed
the doubts many Bahamians
harboured at the time as to
whether West Indians would
understand the nuances of the
Bahamian grocery market,
and consumers’ fondness for
US brands.

5) The decision to termi-
nate the Transition Services
Agreement with Winn-Dixie
six months early, in order to
save $500,000, without a
replacement back office, IT
and accounting system in
place.

Many insiders told Tribune
Business this was the key
event in setting the super-
market chain on the road to
ruin, one describing the deci-
sion as: “Penny wise, pound
foolish.” Anthony King, Bar-
bados Shipping & Trading’s
chief executive, defended the
move to Tribune Business at
the time, arguing that there
was a “substantial” risk that
Winn-Dixie’s legacy comput-
er system could be switched
off suddenly, and that there
was a high turnover of per-
sonnel in Jacksonville who
operated it.

Mr King described
Bahamas Supermarkets as
being deficient in IT systems
prior to the 2006 acquisition
by BSL Holdings, but he
acknowledged that in the
transition to new software and
accounting systems, “a lot of
controls went by the way-
side.”

“A lot of things seemed to
go by the wayside,” Mr King
conceded to Tribune Business
on September 19, 2008. On a



CITY MARKETS’
NEW OWNER: Mark Finlayson

more optimistic note, he
added: “There’s no reason
why the business, properly
run — and with proper con-
trols stopping money going
out the door — can’t make
decent money.” If only.

Stephen Boyle, the compa-
ny’s then-chief executive, was
more frank the same day over
the systems and controls
break down: “This company
completely broke down in
every area, and we have to
put it back together.”

They never did, and are still
struggling to, as evidenced by
the almost $27 million in net
losses incurred in the 2008-
2010 financial years.

Recriminations and finger-
pointing quickly followed.
Management sources claimed
they had warned the Board
about the total breakdown
that would result if the Winn-
Dixie Transition Services
Agreement was terminated
without a replacement back
office system being in place.
The Board, for its part,
alleged that it had been mis-
led by management’s “inac-
curate financial reporting”
which “masked” the compa-
ny’s true financial position.

Profit

Speaking at the company’s
annual general meeting for
2007 (held some 15 months
after year-end), and warning
that City Markets could suffer
a $10 million loss for fiscal
2008 — it actually ended up
being more than $13 million —
chairman Basil Sands said
that as recently as February
2008, the Board had been
assured that the financials for
year-end 2007 would show a
$4.7 million profit.

Far from it. City Markets’
2007 financial year to end-
June ultimately generated an
$8 million-plus swing from the
black into the red, with a
$189,000 loss.

“During 2007, and for much
of 2008, what did occur at City
Markets was a breakdown in
controls and procedures, par-
ticularly in the area of the
recording of goods received,”
Mr Sands told stunned share-
holders at that September
2008 annual general meeting
(AGM).

“In 2007, our gross margin
eroded by some $5 million
due to shrink and control-
related issues. In the absence





Tim Clarke/Tribune staff

of timely and accurate finan-
cial information, this situation
was not remedied for 2008.”

There was also, though,
something of a “mea culpa”
from Mr Sands, who acknowl-
edged that “with hindsight”,
the City Markets/Bahamas
Supermarkets Board could
have moved more rapidly and
“questioned management
more aggressively”, in addi-
tion to pushing operating
partner, Barbados Shipping
& Trading, for more resourcs
and greater involvement in
the Bahamian supermarket
chain’s affairs.

Of course, the recrimina-
tions were not just confined
to a Board versus manage-
ment spat. One BSL Hold-
ings member described Bar-
bados Shipping & Trading’s
behaviour as akin to “absen-
tee landlords”, implying they
were not fully —- and properly
— engaged in City Markets’
day-to-day operations to pre-
vent the meltdown.

Ownership

Management changes
became the norm. In about
five years, City Markets went
through five different chief
executives. After Bruce Soud-
er was removed by the for-
mer ownership, under BSL
Holdings the post went from
Ken Burns, a Winn-Dixie
holdover, to Stephen Boyle,
Sunil Chatrani and, finally,
Derek Winford, who was
holding the reins when Trans-
Island Traders moved in to
“save” the company. Such
constant churn is never good
for a company, especially one
in such deep trouble.

In fairness, Mr Chatrani,
ably assisted by Evangeline
Rahming, was able to stabilise
Bahamas Supermarkets, sort-
ing out the back office chaos
and putting systems in place.
The net result was that the
company’s $13.429 million
loss for 2008 was slashed by
some 55 per cent to $6.069
million in fiscal 2009, still a
long way short of profitability.

By now, Neal & Massy had
inherited the “hot seat” at
City Markets, via its acquisi-
tion of Barbados Shipping &
Trading. Preoccupied with
closing that deal, it seemed as
if the Trinidadian conglomer-
ate took some time to come
to terms with the nature and
extent of its new Bahamian
investment’s problems. Only
in late 2009 did BSL Hold-
ings’ multi-million dollar refi-
nancing of City Markets (and
its Royal Bank credit facili-
ties) close, and Neal & Massy
take control of the majority
shareholder.

Mr Winford replaced Mr
Chatrani, an accountant/trou-
bleshooter by background, his
retail experience seen as vital
to winning back customers
who, disappointed by lack of
inventory and the products
they wanted, had long desert-
ed City Markets in droves.
But it was too late. Neal &
Massy, realising that City
Markets had no assets to sell
for cash, and that it would
need a multi-million dollar
capital injection to turn the
company around (estimates

SEE page 9B

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Full Text

PAGE 1

B y NATARIO McKENZIE Tribune Staff Reporter nmckenzie@tribunemedia.net A MOTHER was jailed for 15 years for her part in the beating death of her 19-m onth-old son. Makeisha Brown, now the mother of a five-month-old g irl, left the courtroom in t ears yesterday while family members shouted words of encouragement. L eroy Rolle, her former l ive-in boyfriend who inflicted the injuries on the child, was jailed for 25 years yes terday. Brown, 25, and Rolle, 20, were both convicted of manslaughter in the death of Levano Brown in midSeptember. The child had reportedly suffered blunt force trauma to the head and abdomen, lacerations to the head and bruises about the body on March 7, 2007. Evidence suggested that the injuries were inflicted by a belt and tennis shoe. Brown and Rolle, of East Street South, were acquitted of murder but convicted on the alternative charge of manslaughter, reflecting the jurys view that while Rollew as the one who actually inflicted the injuries, Brown had encouraged him by doing nothing to stop himo r even seeking help for the c hild. In her ruling, Senior Justice Anita Allen said: Thisc hild was slaughtered in the p resence of, and with the acquiescence of, his mother. The brutality of this crime and the callous disre gard shown for human life are aggravating factors. The judge, in sentencing Rolle, stated that she took into account the fact he wasa young person at the time of the offence with no pre vious convictions and appeared to show some contrition immediately after the event in seeking help for the child; albeit it was too late. In respect to Brown, Senior Justice Allen said she took into account Browns age, previous good character and the remorse she had expressed on more than one occasion. 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 Baby killers get 40 years C M Y K C M Y K V olume: 107 No.5FRIDAY, NOVEMBER 26, 2010 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER SUNNY AND WARM HIGH 85F LOW 71F I N S I D E By NOELLE NICOLLS Tribune Staff Reporter n nicolls@tribunemedia.net THE mother who was f ound in an apparent a ttempt to burn her two c hildren alive has denied endangering their lives, according to polices ources. The 26-year-old mother of Fire Trail Road was arrested on charges of attempted murder and attempted arson on Wednesday morning after p olice found her infant c hild had been rescued from a burning car, and Mother f ormer boyfriend jailed McCOMBO OF THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM SEE page eight MOTHER DENIES ENDANGERING HER CHILDRENS LIVES SEE page eight By AVA TURNQUEST Tribune Staff Reporter aturnquest@tribunemedia.net REVOLUTIONARY in its design, construction and services the first stage of the $409.5 million redevelopment project at the Lynden Pindling International Airport (LPIA ed to go live by March 2 next year. Executives at the Nassau Airport Development Company (NAD announced that travellers and visitors could expect to enjoy innovative features like grade separation for incoming passengers, barrier-free access, and a state-of-the-art pre-clearance baggage system early next year. Stewart Steeves, president and CEO of NAD said: We really believe this will be a best in class airport for the number of passengers that we handle. Its a US departures facility, and when we compare to other US departure facilities, we will have leading technology like the ability to drop your bags right at check-in that exists in no other US pre-clearance facility anywhere SEE page nine FIRST STAGE OF AIRPORT DEVELOPMENT GOES LIVE IN MARCH ABOVE: The$409.5 million redevelopment project at the Lynden Pindling International Airport LEFT: The press are given are a tour of the building. By NATARIO McKENZIE Tribune Staff Reporter nmckenzie@tribunemedia.net THE former boyfriend of a mother who was stabbed to death in Adelaide earlier this week was arraigned before a magistrate yesterday. Douglas Brian Pratt, 23, of Jellyfish Lane, Yamacraw Estates, is charged with the murder of Shande Cartwright, 22, of Johnson Road. According to court dockets, Pratt intentionally caused Ms Cartwrights death sometime during the evening of Monday, Novem ber 22. Represented by attorney Krysta Smith during his arraignment before Chief Magistrate Roger Gomez Pratt was not required to enter a plea to the murder WOMANS FORMER BOYFRIEND CHAR GED WITH HER MURDER SEE page eight DONT forget to get your copy of The Tribune tomor row for a FREE new and exciting monthly magazine. Body & More is our health and well-being publication which is a must-read for every family. The first of its kind in The Bahamas, Body & More gives you the top trends and latest news in medicine, fitness and nutrition. Its everything the healthconscious family needs to live better lives. Body & More is FREE in your Tribune tomorrow. And look out next week for something new and exciting for the younger members of the family. The Tribune is the peo ples paper, the biggest and the best. DON T MISS Y OUR FREE NEW MA GAZINE IN T OMORROWS TRIBUNE BUSINESS REVIEW S TARTINGONPAGE16B: CITYMARKETS:FROM $54M TO $1 THEMONTHINREVIEW TEA PARTY SHOWS WAY TO INVIGORATE BAHAMAS T i m C l a r k e / T r i b u n e s t a f f

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P R I M E M i n i s t e r H u b e r t I n g r a h a m s a i d h e d o e s n o t b u y i n t o t h e a r g u m e n t t h a t t h e a p p r o va l f o r d r ed g i n g at B ell Is land is a sign t h e E xum a L a n d a n d S e a P a r k i s b e i n g p o o r l y m a n a g e d A d d r e s s i n g t h e a u d i e n c e o f t h e E x u m a B r e e z e r a d i o s t a t i o n y es t e r d a y Mr I n gr a h a m s a i d t h a t t h e g o v e r n m e n t h a s a t e a m o f p r o f e s s i o n a l s t o a d v i s e o n s u c h m a t t e r s w h e n n e c e s s a r y He sa i d: "The gov ernment h as i n p la ce t h e B ES T C o mm i s s i o n w h i c h i s c o m p r i s e d o f a n um ber o f p rof es sio nal s w h o f r o m t i m e t o t i m e a r e a d v i s e r s t o t h e g o v e r n m e n t W e h a v e a M i n i s t r y o f t h e E n v i r o n m e n t w h i c h i s h e a d e d b y a m i n i s t e r w h o I h a v e c o n f i d e n c e i n E a r l D e v e a u x W e h a v e a N a t i o n a l T r u s t w h i c h i s a n i n s t i t u t i o n w h i c h I h a v e g r e a t c o n f i d e n c e i n a l s o w h i c h i s m a d e u p o f a n u m b e r o f p r i v a t e s e c t o r a n d o t h e r i n t e r e s t e d p a r t i e s a l l o f w h o m w o u l d h a v e h a d a n o p p o r t u n i t y t o r e v i e w w h a t i s b e i n g p r o p o s e d a n d t o b e a b l e t o m a k e r e c o m m e n d a t i o n s A n d I u n d e r s t a n d t h a t a mo ng st t h e t hi n gs t h at t h ey h a v e d e t e r m i n e d i s t h e q u a n t i t y o f d r e d g i n g t h a t w a s p r o p o s e d w a s i n e x c e s s o f w h a t t h e y f o u n d a c c e p t a b l e T h e y h a v e n o w d e t e r m i n e d w h a t i s a c c e p t a b l e f r o m a n e n v i r o n m e n t a l p o i n t o f v i e w I c a n n o t s u p p o r t t h o s e w h o w i t h o u t s u c h a n a l y s i s w i t h o u t k n o w i n g s u c h f a c t s j u s t s i m p l y s a y i n g t h e r e s h o u l d b e n o d r e d g i n g H o w a r e p e o p l e g o i n g t o get int o t he par k? How have t h e y b e e n g e t t i n g i n t h e p a r k a l l t h e s e y e a r s ? W h a t e l s e i s t h e r e i n t h e p a r k ? A r e t h e r e a n y a i r s t r i p s i n t h e p a r k ? A n y o t h e r d r e d g i n g e v e r t o o k p l a c e i n t h e p a r k ? L e t u s n o t m a k e a m o u n t a i n o u t o f a m o l e h i l l h e s a i d M r I n g r a h a m a d d e d t h a t t h e B ah a m as i s v er y p l e as e d t o h a v e a t t r a c t e d t h e A g a K h a n t h e o w n e r o f B e l l Is la nd who wo uld h a ve be e n w e l c o m e d i n m a n y o t h e r p l a c e s a r o u n d t h e w o r l d S o i t i s m y h o p e t h a t t h e p e o p l e i n t h e E x u m a c a y s a n d e l s e w h e r e i n t h e B a h a m a s w o u l d t a k e ac c o u nt o f t h e re al it y, w h i ch i s th at we have p rof es sio nal s w h o k n o w h o w t o m a n a g e t h e p a r k a n d w h o h a v e m a n a g e d t h e p a r k a l l o f t h e s e y e a r s a n d h a v e d o n e s o i n a v e r y s u c c e s s f u l w a y A n d w h y t h e n s h o u l d a n y b o d y t h i n k t h a t a l l o f a s u d d e n t o d a y t h e y n o l o n g e r h a v e a n i n t e r e s t i n m a i n t a i n i n g t h i s g e m c a l l e d t h e E x u m a L a n d a n d S e a P a r k ? I t i s n o t f a i r i t s n o t r i g h t i t i s n o t a c c e p t a b l e a n d n o I d o n o t b u y i n t o t h o s e a r g u m e n t s I a c c e p t t h e a d v i c e t h a t I h a v e b e e n g i v e n a n d I a m s u p p o r t i v e o f w h a t i s b e i n g p r o p o s e d h e s a i d By PAUL G TURNQUEST Tribune Staff Reporter pturnquest@tribunemedia.net W H I L E t h e B o u n d a r i e s C omm iss ion h as yet t o meet a h e a d o f t h e 2 0 1 2 g e n e r a l e l e c t i o n P r i m e M i n s t e r H u b e r t I n g r a h a m d e c l a r e d yest erd ay t hat no ad di ti onal p a r l i a m e n t a r y s e a t s w i l l b e c r e a t e d A s a s p e c i a l c a l l i n g u e s t o n t he Exum a B reeze r adio s t a ti o n y e s te r d a y P r i m e M i n i s t e r I n g r a h a m s a i d h e s e e s no nee d to in crea se the numb er o f s eats i n th e Hou se of A s s e m b l y I n f a c t w h e n a n s w e r i n g c o n c e r n s t h a t t h e s i z e a n d d i s b u r s em e n t o f t h e i s l a n d s i n t he E xuma c hai n req uir e an ad dit io nal seat t o b e c reated t h ere, Mr In gra ham sai d h e i s a c t u a l l y o f a m i n d t o d e c r e a s e t h e nu m b e r o f s e a ts H e s a id : "I n t e rm s o f t h e c on fi gurat io n o f seat s, w hen y o u t a k e i n t o a c c o u n t t h e p o p u l a t i o n o f N e w P r o v i d e n c e t h e p o p u l a t i o n o f G rand Bah ama, th e po pu lat i o n o f A b a c o t h e p o p u l a t i o n o f Eleu t hera, an d t h en E xum a o n e h a s t o d e t e r m i n e h o w m a n y o f t h e 1 6 s e a t s t h a t a r e n o t i n N e w P r o v i d e n c e c a n b e g i v e n t o a n y o n e i s l a n d Wh e n we c a m e i n to of fi ce w e m e t A b a c o w i t h t h r e e s e a t s a n d d e t e r m i n e d t h a t Aba co cou ld n ot ju sti fy th re e seat s i n r e l at ion t o t he to t a l T he s a m e th i ng a p pl i e d t o Lo ng Is land B imi ni and th e B erries and so, no I d o n ot t h i n k i t i s r e a s o n a b l e f o r E x u ma t o expec t t o get anot h er seat i n t he Hou se o f As semb l y. I t h i n k i t i s r e a s o n a b l e f or E xum a t o m ake it s lo cal g o v e r nm e n t wo r k, a n d w he r e it t h ink s it o ugh t t o be d eleg a t e d a d d i t i o n a l a u t h o r i t y f rom t he c e n tral g o ve rn ment so th at t hes e mat ters can b e han dl ed by loc al aut ho rit i es i n E x u ma i t o u g ht to do th a t. "B ut in t erms of repres e n t ati on in parl iamen t, no on e seat is enou gh f or Exum a in t er m s o f i t s p o p u l a t i o n a n d s i z e n o t w i t h s t a n d i n g i t s geogr aphy," he sai d. Th e B o un d ari es C o mm i ssi on wil l be comp ris ed o f fi ve p e r s o n s : t w o g o v e r n m e n t r e p r e s e n t a t i v e s M P s C h a r l e s Maynar d and Tom my Turn qu est ; a P LP r epresen tat ive, P hi lip D avis; a sen io r j udge; and Speak er of th e H ou se o f A ssemb ly Al vin S mit h w ho w ill ch air th e grou p. C M Y K C M Y K LOCAL NEWS THE TRIBUNE FRIDA Y NOVEMBER 26, 2010, P AGE 3 T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM S O M E T I M E a r o u n d 1 4 0 p m y e s t e r d a y t w o a rm e d m e n e n t e r e d A s u e D r a w W e b Shop Boiler Av enue off Poinc i a n a D r i v e a n d d e m a n d e d c a s h T h e cu l p ri ts ro b b ed t h e s h o p a nd t hr e e pa t r o ns o f a n un de t e r m i ne d a m o un t o f c a s h a n d ce l l p h o n e s an d f l ed t h e a rea i n a si lv e r c ol our e d M its ubi sh i i n a n un kn ow n d ir e c ti on P o l i c e a re i nv e s ti g a t i ng G R A N D B a h a m a P o r t A ut h or i t y C h a i r m a n Si r J a c k H a y w a r d i s b e i n g s u e d b y m e m b e r s o f h i s f a m i l y w h o c l ai m h e i l l eg al l y r em o v e d t h ei r names from various trusts. H i s s o n R i c k H a y w a r d d a u gh t e r S u s a n H e a t h h e r h u s b an d Ro d n ey, an d ei gh t gra nd children are suing the 87-yearol d head o f t he famil y. Si r Jack has denied their claims. Fol lowin g a brief h e aring on W e d n e s d a y S i r J a c k s a t t o r n e y s a n d t h o s e r ep r e s e n t i n g t h e complainants spent more than an hour trying to reach a set t le men t b u t w er e u n s u c ces sf u l S i r J a c k i s r e p r e s e n t e d b y attorney Andre Feldman, QC. Rep r es en t i n g t h e co mp l a i n an t s a r e T e r e n c e M o w s c h e n s o n Q C a n d l o c a l a t t o r n e y F e r r o n Bethell. A t r ia l h a s be e n s c h e d ul e d f o r M ay 2 2 01 1 an d i s ex p e ct ed to last 10 working days. T wo men rob Asue Draw W eb Shop Port Authority Chairman sued by family members FRE E IN T OMO RR OW 'S TR I BUNE BODY & MORE, YOUR VER Y OWN MONTHL Y 24-P AGE GUIDE TO A HEAL THIER LIFESTYLE. BE SURE YOU GET YOUR COPY P M : N o n e e d t o i n c r e a s e p a r l i a m e n t a r y s e a t s I n g r a h a m d o e s n t b u y i n t o a r g u m e n t s against dredging at Bell Island I n t e r m s o f t h e c o n f i g u r a t i o n o f s e a t s . o n e h a s t o d e t e rm i n e h o w m a n y o f t h e 1 6 s e a t s t h a t a r e n o t i n N e w P r o v i d e n c e c a n b e g i v e n t o a n y o n e i s l a n d Hubert Ingraham PRIME MINISTER HUBERT INGRAHAM

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B y PAUL G TURNQUESTT ribune Staff Reporter p turnquest@ tribunemedia.net PRESIDENT of the Bahamas Contractors Association Stephen Wrinkle yesterday congratulate d Prime Minister Hubert I ngraham and his team for s ecuring $400 million w orth of work for local contractors on the $2.6 bill ion Baha Mar project. Calling the negotiations b etween the prime minister and the Chinese principles historic, Mr Wrink le said that this gesture proves the governments c ommitment to their industry, local businesses, and the Bahamian popula-t ion as a whole. Victory This was no easy task; the Chinese are shrewd negotiators and our prime minister is one of a verys elect group to have come away with such a significant victory, the BCAp resident said yesterday at a press conference. With the government having essentially done itsp art to ensure that local contractors have their fair share of work on the massive hotel project, Mr Wrinkle said the onus is now on all the relevant s takeholders to ensure that t he Bahamas is successful i n this project. The stakes are high a nd Bahamian contractors w ill need to call on all their collective experience and skills to successfully com-p lete their responsibilities a nd performance during the build-out phase of Baha Mar. Today we pledge that the BCA will do everything within its power to realise the commitmento ur prime minister has made to the Baha Mar team and the Bahamian p ublic. In our continued leadership role, the BCA will focus on the training a nd support that form the e ssential components of o ur initiative. Through those endeavo urs we seek to ensure the s uccess of the Baha Mar project and firmly establ ish a national policy of significant Bahamian contractor participation in allf uture capital construction projects. Opportunity H owever, Mr Wrinkle a lso took the opportunity to stress that the BCAsp osition is one of advocati ng for all Bahamian construction contractors and that they are not lobbying for one political party or the next. To the best of my knowledge, no member of t his, or any BCA council h as ever solicited, received, or been party to any solicitation, bribe, payoff or promise of workf rom any contractor, devel oper, or government department or minister during my term as presi dent. I, Stephen Wrinkle, personally have never s olicited, received or been asked to take anything from anyone while acting i n the capacity of president o f the BCA. I hold this o ffice in the highest regard and would never jeopar-d ise or permit to be comp romised the integrity of this office and the trust p laced in either myself, the BCA council, or the BCA itself. No member of this BCA council has ever alluded to or promised to secure jobs for any contractor, sub-contractor or tradesman. What we do pledge is that through the e ducational and profess ional programmes the B CA provides, our memb er contractors will be in a b etter position to compet i tively bid and, if successful, manage their contracts, he said. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, NOVEMBER 26, 2010, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM A 34-YEAR-OLDman charged in a murder which occurred at Bacardi Road over the weekend was arraigned in a Magistrates Court yesterday. Police have charged Pinedale resident Rony Joseph in the murder of Jean Jeanty. Mr Jeanty was reportedly gunned down in the Bacardi Road area around 5am last Sunday. Joseph, who was arraigned before Chief Magistrate Roger Gomez, was not required to enter a plea to the murder charge. He was remanded to Her Majestys Prison and his case was adjourned to November 30. MAN CHARGED WITH MURDER Contractors chief congratulates PM on Baha Mar work STEPHENWRINKLE Negotiations with Chinese principles historic MEXICO CITY MEXICO'Scensus shows the population has grown more quickly than expected, in part due to a drop in the number of people leaving to seek work, according to Associated Press Preliminary data released Thursday by the National Institute for Statistics and Geography says Mexico had 112.3 million i nhabitants as of July. That was 3.6 million more than experts had projected. The head of the institute, Eduardo Sojo, says the bigger-thanexpected increase was likely due to a rise in births and a fall in migrants leaving the country. Sojo says Mexico had been losing about 500,000 people a year to international migration but that number has likely fallen by about half. The global economic crisis, particularly the U.S. slump, has cut into the jobs available for migrants. MEXICOS POPULATION GROWS

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B y USAMBASSADOR T OTHEBAHAMAS NICOLEAVANT AROUND the world today, we are already seeingt he damaging effects of clim ate change, from increasi ng temperatures and melting glaciers to rising sea levels and lengthening droughts.The toll on our planet will only get worse if the international community does not strengthen its e fforts to address this probl em.The upcoming United Nations climate conference in Mexico offers an opportunity to take an important step forward and we musts eize this moment together. The United States is comm itted to working with The Bahamas and our other international partners to meet this great global challenge. A t Cancun, we must work to build on the progress made last year in Copenhagen and move forward on all key elements of the nego-t iationsmitigation of emissions, transparency of a ctions, financing, adaptation, technology, and protection of our forests.As we press ahead on these issues and seek a balanced out-c ome, we must also avoid undermining what we achieved in Copenhagen, where leaders from around the world took a meaningfula nd unprecedented step in our collective commitment t o meeting the climate change challenge.Attempts to back away from commitments in the Copenhagen Accord or to renegotiate itsu nderpinning would only deepen the danger for our planet, our people and our future. As part of the Copenhagen Accord which is supported by approximately 140 countries, including TheB ahamas for the first time all major economies committed to take actions to limit their emissions and to do so in an internationally transparent manner.The agreement also includes landmarkp rovisions for financial assistance to support clean technology development, adaptation, and forest protection in those countries most in need.These provisions cons ist of a pledge for fast start funding by developed c ountries approaching $30 b illion over the years 20102012 and a commitment to a g oal of mobilizing $100 bill ion annually from public and private sources by 2020 i n the context of meaningful mitigation and transparency. The United States is delivering on our fast start comm itment to help developing c ountries reduce emissions and adapt to the adverse e ffects of climate change. This year alone, the United States has significantly increased its climate finance to a total of $1.7 billion, $1.3 b illion of Congressionallyappropriated assistance and $ 400 million of development f inance and export credit. The United States is also working hard to reduce its own emissions and transition to a clean energy econo my.President Obamas R ecovery Act provided more t han $80 billion in investments, loans and incentives to support a range of initia tives that are vital to this goal. We have put in place the most ambitious U.S. fuele conomy and tailpipe emis sion standards ever. We are taking important steps to reduce emissions from our l argest polluting sources. And President Obama remains committed to pass i ng domestic energy and cli mate legislation. As I travel throughout T he Bahamas I see broad c oncern about the current impacts and the potential threats of changing climate concerns that Americans share. But I am encouraged by the actions that are being t aken here and around the world to work toward a clean energy future that promotess ustainable economic growth for all. Just as no nation can escape the effects of climate change, no nation alone can solve this problem. In support of the Energy and Climate Partnership of the Americas (ECPA Organization of American States will use a grant from the U.S. Department of State to launch a programme to facilitate regional dialogue and assist Caribbean governments, including The Bahamas, to promote and implement sustainable ener gy policies and programmes. Through this programme, short term legal counsel and technical assistance is provided to support commercialization of government endorsed energy projects consistent with ECPAs focus areas of renewable energy, energy efficiency, energy poverty, and infrastructure. Furthermore, the pro gramme will facilitate regional dialogue on long-term sus tainable energy solutions. The risks posed by climate change and the difficulty of containing it pose challenges to every country, and we must overcome those obstacles. Our global efforts to build a sustainable, clean energy economy will lift people out of poverty, deliver energy services throughout the world, and preserve our most precious environmental treasures. The Copenhagen Accord is, and the upcoming climate change meeting in Cancun should be, an important step in our collective commitment to speed this transition, leav ing a cleaner, healthier planet for all. C M Y K C M Y K PAGE 6, FRIDAY, NOVEMBER 26, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Opportunity to take step forward on climate change O PINION NICOLEAVANT

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By GLADSTONE THURSTON T HE Inter-American D evelopment Bank (IDB h as executed a $500,000 g rant to launch the Bahamian handicraft industry into cyberspace. S igned between the IDB and Bahamas Chamber of Commerce in partnership with Bahamas Agricultural a nd Industrial Corporation (BAIC sans to do business online. We see on a daily basis the significant improvement i n the quality and variety of products produced by the Bahamas National Craft A ssociation members, said IDB country representative O scar Spencer. We therefore had to find a way to channel resources f rom the private sector arm of the Bank through the C hamber of Commerce and BAIC to the membership of the Association. We are pleased that we have been able to find that mechanism. The strategy of the project is to develop a pro-g ramme that complements the Governments effort to rally the industry around a structured approach to the e stablishment of industry standards, marketing, and addressing the over-reliance on imports. I ts primary focus will be the development and l aunch of a virtual platform w ith functionalities to support and facilitate the mark eting, sales, and distribution of Bahamian manufactured handcraft souvenirs v ia the internet. This project is going to m odernise the way we sell our products to the world, s aid Chamber president K haalis Rolle. The ability for us to sell our products o nline is a significant coup for the Bahamas. We thank the IDB for b eing so generous with this d onation. A lso attending the press c onference were BAIC e xecutive chairman Edison Key, assistant general manager in charge of the Hand icraft Development and Marketing Department Donnalee Bowe, BNCA president Martha Smith, S outh Andros Handicraft Association president Emi ly Rahming, Ministry ofT ourisms Visitor Experie nce director Geneva C ooper, and project manager Don Demeritte. These are exciting times t o be a part of the growing Bahamian handicraft indust ry, said Mr Key. Many doors of opport unity are opening for us t o tap into those many m illions of dollars used to import craft products for our tourists and resi dents. It is our hope that in short order the vast major ity of those millions of dol-l ars will be flowing directly into the pockets of our arti sans instead of out of thec ountry. H e underscored the timel iness of the project coming when the multi-million dollar craft centre downtownN assau is nearing completion. C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, NOVEMBER 26, 2010, PAGE 7 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM JOB VACANCYCable Bahamas Ltd. Nassau Bahamas Robinson Rd. at Marathon www.cablebahamas.com Job Objective: Responsible for all sales activities, from lead generation through close in an assigned territory. Responsibilities: Oerings within assigned territory in New Providence business owners and decision makers. and clients of the various solutions the company oers to their business issues. including sales calls, presentations, closed sales, and follow-up Tools to maintain accurate records to maximize territory potential. Job Specifications: requirements. Outlook). Please e-mail your resume to richard.adderley@cablebahamas.com Closing Date: Cable Bahamas Ltd is looking for vibrant and energetic Sales Executives for its Commercial Sales Segment IDB grant to launch Bahamian craft industry into cyberspace OFFICIALS gather to witness the launch of the IDBs $500,000 project for the Bahamian handicraft industry. Pictured from left are BAIC executive chairman Edison Key, Bahamas Chamber of Commerce president Khaalis Rolle, IDB country representative Oscar Spencer, and IDB senior operations officer Sharon Miller.

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C M Y K C M Y K LOCAL NEWS PAGE 8, FRIDAY, NOVEMBER 26, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM her older child seeking refuge amongst neighbours. Police are expected to arraign her today. The woman told police s he was not responsible f or putting the infant in t he car, according to T rib une s ources. H owever, police s ources say they have many leads and witnesses who say they saw a woman putting the 4year-old baby boy into the burning vehicle. A passing truck driver s aw the car ablaze on Firetrail Road, used his fire extinguisher to out the fire, and rescued thei nfant. Inspector Warren John son said it appeared that a piece of cloth was insert-e d into the open gas tank of the 1998 Toyota Vista and set ablaze. There waso nly fire damage to the c ars interior. When police arrived on the scene, the infant was safe in the arms of theg ood Samaritan. After receiving treatment for minor injuries at the hos-p ital, the infant was released into the custody of the Department of Social Services. The mother was appre hended inside the home, located directly in front of the smouldering vehicle. Inside, police found a pile of clothes that was also set ablaze. The other child, believed to be between seven and nine years, was not injured. Police reported that the child ran across the road into the neighbouring Haitian Village to seek refuge. The older child is also in the custody of child protective services. The judge said: I have considered the effect of any sentence on her young child and although that may be considered a mitigating factor, given the seriousness oft his offence and the nature of the crime, it is difficult to give it full weight in as much as young mothers must be given the message that they have a duty to defend and protect and not hurt the children entrusted to their care. This is indeed a sad case, as another c hild will suffer as a result of this tragedy. I am troubled by the fact, however, that M akeisha Brown has another infant so soon after this tragedy. Senior Justice Allen noted that Brown must be punished for the part she played in h er sons horrific death. charge. Ms Smith told the court her client had been severely beaten by police and forced to sign a statement, the contents of which did not reflect what he claimed he had told police. She asked that Pratt be taken to a see a doctor. The chief magistrate acceded to the request. Pratt was remanded to Her Majestys Prison. His case has been adjourned to November 30 and transferred to Court 10, Nassau Street. Ms Cartwright, a bank employee and mother of two, was stabbed to death near a beachfront property called The Farm. She had moved to Nas sau from Long Island just over a year ago, and worked as a teller at the Palmdale branch of the Royal Bank of Canada. MOTHER DENIES ENDANGERING HER CHILDRENS LIVES F ROM page one WOMANS FORMER BOYFRIEND CHAR GED WITH HER MURDER FROM page one SENTENCED: Makisha Brown, 25, and Leroy Rolle, 20 Baby killers get 40 years FROM page one

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C M Y K C M Y K LOCAL NEWS T HE TRIBUNE FRIDAY, NOVEMBER 26, 2010, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM in the world today. Eighty per cent of the project has been completed, ande xecutives announced yesterday that the redevelopment efforts are ahead of schedule and under budget. Other noted upgrades to the current airport facility infrastructure included withint he $11.7 million capital improvement phase are a 50 per cent increase in passenger capacity, energy-efficient building systems, an isolated service loading dock, and a f ood court with rooftop outdoor seating. M ore than 15,000 sq ft of s pace has been allocated for retail and food concessions, a nd all spaces have been allocated to Bahamian operators. At the final press tour before its completion, executives highlighted the progress ion of airport facilities in the B ahamas since the first term inal was constructed 70 y ears ago. The new terminal will p rove to be a huge asset to t he countrys tourism indust ry, and also a source of n ational pride for Bahamians, according to Vernice Walkine, NADs vice president of marketing and communications. M rs Walkine said: I think what is particularly important f or a lot of us is the fact that this terminal will be very representative of the Bahamas. In terms of the colours that a re used, in carpet and tile, t hat will be reminiscent of the sand and the waters of the Bahamas, the art installationsw hich are going to be very large and therefore make a bold statement about who wea re as a people those kinds of things I think are going to be very important. Im sure that Bahamians are going to b e very proud of this facility. In the first stage, Bahamia n contractors were awarded $46.4 million in construction contracts. T he entire project, which will span over three stages and was touted as the largest single capital project under t aken by the government, currently hosts 700 workers on site 70 per cent of whom are Bahamian. M r Steeves added: As soon as this is complete we will begin stage two, which isc onverting the existing US departures terminal into a new international arrivals ter minal with immigration upstairs, and customs downstairs. The international arrivals terminal and departures pier is on target for a 2012 opening, with the new domestic and international departures and domestic arrivals termi nals set to open in 2013, marking the completion of a 571,000 q ft airport complex with one million square feet of aircraft operating surface. FROM page one FIRST STAGE OF AIRPORT DEVELOPMENT LIVE IN MARCH Share your news The T ribune wants to hear fr om people who ar e making news in their neighbour hoods. Per haps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story. VERNICE WALKINE NADs vice president of marketing and communications, speaks to reporters yesterday at the airport development. AT THE final press tour before its completion, executives highlighted the progression of airport facilities

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By MEGAN REYNOLDS Tribune Staff Reporter mreynolds@tribunemedia.net M O R E t h a n a d o z e n f i l m s b y B a h a m i a n f i l m m a k e r s h a v e been selected from hundreds o f in tern ati onal su bmis sion s t o b e s c r e e n e d b e f o r e i n d u s t r y pro fes si ona ls at th e Bah am as I n t e r n a t i o n a l F i l m F e s t i v a l (BIFF) next week. Among the 14 films select e d f r o m m o re t h a n 2 0 lo c a l submissions, and over 300 in t otal, are f e at ures and short s t o r i e s s e t i n t h e B a h a m a s focussi ng o n loca l iss ue s su ch a s c r i m e t h e e n v i r o n m e n t a n d Junkanoo. But in a dditio n to Ba ham ia n w r i t e r a n d d i r e c t o r Ma tthew McCo y's 4 0-m inute f e a t u r e T h e L i o n f i s h I n v a sion' about the threat posed b y t h e m i gr at io n o f li o n f i sh to the Bahamas, and Jordan D a r v i l l e s T h e S p e r r i t w h i c h q u e s t i o n s t h e f u t u r e o f Bahamian culture in a docu m e nt a r y a bo u t J u n ka n o o th e B a h a m i a n f i l m m a k e r s e x p l o r e unive rs al s ubjects a nd s t or ies s e t o u t s i d e o f t h e w a t e r y Bahamian borders. D i r e c t o r R e b e c c a V a l r e j e a n s s h o r t f i l m T r i b u t e focuses on the Vietnam war a n d i t s a f f e c t o n t h e A m e r i c a n people. A n d B a h a m i a n d i r e c t o r a n d s c r e e n w r i t e r G u s t a v i u s Smith's short Contact Zone' is set in a New York City art g a l le r y wh e r e t he c u r a to r a n d a j a n i t o r e n g a g e i n a o n e n i g h t s t a n d d u r i n g t h e o p e n i n g reception for an exhibition. T h e K i n d l y O n e s m a d e b y w r i te r a n d d i r e c to r R u p e r t M i s s i c k J r T h e T r i b u n e s c h i e f r e p o r t e r e c h o e s a G r e e k t r a g e d y i n i t s p r e s e n t a t i o n o f a c a n d y c o a t e d m u r d e r b y t h r e e women at a tea party. S m o k e S i g n a l s b y M i c h a e l Mu nni ngs, i s ab ou t a youn g ma n's ba ttle wi t h drug a ddict i o n a n d T r a v o n P a t t o n s R e d i a l S u n s h i n e i s a n i m p r e s s i v e f i l m a b o u t t h e m y s t e r i o u s r e d i a l i n g o f a young man's past and future, BIFF founder and executive d i r e c t o r L e s l i e V a n d e r p o o l said. In con f ir ming t h e s ele ct i on o f 66 f il ms t o be show cased at the festival next week, Ms V a n d e r p o o l s a i d s h e w a s i mpr essed b y th e B ah amian talent evident this year. E ver y ye ar w e ha ve h ad Bahamian f ilms a nd as t ime g o e s o n w e h a v e h a d m o r e because they realise they are n o t j u s t m a k i n g i t f o r t h e i r l o c a l c o m m u n i t y t h e y a r e looki ng to branch out int e rn ati on all y," Ms Vand erp ool said. T he f es t iva l al so p ro vi de s e m e r g i n g d i r e c t o r s w r i t e r s actors and produce rs wishing to break into the film indus try, the opportunity to meet ke y i ndus t r y pla ye rs at a ho st o f e v e n t s a n d p a n e l d i s c u s sions. Y ou ca n le a r n h ow to p itc h f ilm ide as in a panel discuss i o n a t G a l le r ia C in e m as i n J F K D r i v e o n S a t u r d a y D e c e m b e r 4 o r q u e s t i o n i n du s t ry f i n an c i er s w ho w i ll be br ou g h t to g e the r fo r a d is cussion about how to finance i n d e p e n d e n t o n S u n d a y December 5. Master classes for actors, s c r e e n w r i t e r s a n d d i r e c t o r s w i l l h e l d b y H o l l yw o o d t al ents Raymond Forchion and Wil Shriner at the College of th e Ba h a m a s on M o nd a y a n d Tuesday at 5.30pm. A n d t h o s e w h o s e s c r i p t s h a v e b e e n a c c e p t e d b y t h e F i l m m a k e r R e s i d e n c y P r o g r a m m e m a y b e n e f i t f r o m connections to be made with some of Hol lywood's lea ding producers with the power to make their films succeed. Writer and director Maria G o v an s u b m i t t ed h e r s c r i p t f or Rain' t o the Filmmaker R e s i d e n c y P r o g r a m m e b e f o r e it pre mie red at BIFF in 2 00 8, a n d B a h a m i a n f i l m m a k e r K a r e e m M o r t i m e r h a s e n j o y e d i m m e n s e s u c c e s s w i t h C h i l d r e n o f G o d s i n c e h i s film opened BIFF last year. W i t h s o m a n y B a h a m i a n f i l m s b e i n g s u b m i t t e d a n d screened this year, Ms Van de rpool hope s othe rs will s ee th e i r w or k a n d co n s id e r m a k i n g s u b m i s s i o n s f o r f u t u r e f e s tivals. Each f i lm a t the fes t i va l is a star, and at just $8 a ticket for screenings at the Galleria i n J F K D r i v e t h e y a r e s o ac c es si bl e, M s Van d erp o ol said. I h o p e e v e r y o n e w i l l c o m e out and support their fellow B a h a m i a n f i l m m a k e r s a n d m a y b e f i n d a g e m l i k e J u n o o r P r e c i o u s f i l m s t h a t w e w i l l g e t t h e o p p o r t u n i t y t o s e e b e f o r e t h e y a r e r e l e a s e d i n t h e a t r e s A n d y o u g e t t o m e e t t he fi lmmak e r s, t he pro duc ers and the actors. T h i s is Ho l l y wo o d co m i ng t o t h e B a h a m a s a n d t h a t i s very rare. W e a r e a y o u n g f e s t i v a l that has got a lot of traction a r o u n d t h e w o r l d a n d t h e l o c a l c o m m u n i t y n e e d s t o re ally embra c e the opportunities." B I F F w i l l a l s o b e e v a lu a te d b y t h e A c a d e m y o f M o t i o n Picture for accreditation this y e a r w h i c h c o u l d g i v e t h e f e s tival even more kudos. To find out more about the festival and details of screenings, events and pan els, log on to www.bintlfilmfest.com or call 356 5939. HERE IS THE SELECTION OF BAHAMIAN FILMS AT BIFF FOR 2010: AT TH E E ND OF TH E W O RL D B ah am a s / 20 10 / 5 mi n s D i rec t or J an B ed n ar z T he s m al l i s la n d o f B i m i ni i n t h e B ah a ma s, h a s at t r ac t ed ex pl o re rs an d t r av el l er s f r o m al l o v er t h e w o rl d r es ul t i n g i n a r ic h hi s t o ry an d a un i q u e t ap es t ry o f t a le s t h at l iv e o n t h ro u gh i t s i n ha b it a n t s. Th i s sh o r t d o c u m en t ar y exp l o re s i t s m o st f a mo u s an d po p u l ar s t o ry o f h o w No b el P r i z e w in n i n g au t h o r E r ne st H em i ng w ay c ap t u r ed t h e h ea rt s an d m in d s o f t h e B im i n i r es id en t s o ve r 65 y ear s ag o T hr o ug h i n t er vi ew s an d re c o ns t r uc t io n w e' l l m ee t 96 ye arol d le ge nd P i c co l o P et e an d d i sc o ve r w h y P ap a H em i ng w ay c al l ed B im i n i t h e E n d o f t he W o r ld S h o w t i m e s : S at u r da y, D ec e mb e r 4/ 1p m S at u r da y, D ec e mb e r 4/ 8p m B E N E A T H T H E B L U E U S / B a ha m as / 2 01 0 / 10 2 m i n s D i re ct or M ic h a el D Se l ler s; sc r een w r i t er W en d el l Mo r ri s ; p ro d u c er s, P a u l W es l ey, Ca i t l in W ac h s, D avi d Kei t h Do l p h in ex pe rt s c on f r o n t t h e U S Na vy w h en i t s so n ar p r ogr am m e is su s pe c t ed of c au s in g t h e an i m al s' d eat hs S h o w t i m e s : S u nd ay D ec em b er 5 / 1p m G al l er ia J F K C i n em a Th e at r e 1 B RE A KI NG N E W S B ah am as / 20 10 / 1 8 m in s D i re ct or S i d ne y Ro l le ; sc r ee n wr i t er D ar sh a ni q u e Mi l l er ; p ro d u c er A l exa n d ra e Tu r nq u es t W i nn e r o f t h e 2 010 B I F F G re en R eel D oc u m en t ar y C o m p e t i t i o n T he t e am a t Br ea k in g N ew s ar e i nv es t i gat in g t h e i n vasi o n o f t h e B ah am as w h et h er it b e l an d o r s ea. C as u ar in a P o t c ak e, L i o nf i sh W h a t w i l l t h ey f in d o u t ? S h o w t i m e s : S at u r da y, D ec e mb e r 4 / 1 2 3 0 p m G al l er ia J F K C i n em a Th e at r e 3 C ON TA C T Z O NE U S / B ah am as / 2 010 / 1 4 m in s D i re ct or G u st a vi u s S mi t h ; sc r ee n wr i t er G u st a vi u s S m i t h D ur i n g an o p en i n g re c ep t i o n at a ar t gal l er y i n N ew Yo r k C i t y t h e c ur at or an d j an i t o r h ave a o n en i gh t s t a n d S h o w t i m e s : F r id a y, D ec e mb er 3/ 7p m G al l er ia J F K C i n em a Th e at r e 3 C RA Z Y LO VE B ah am as / 20 10 / 7 2 m in s D ir ec t o r C l ar en c e Ro l le ; sc r ee n wr i t er C l ar en c e Ro l l e; p r od u c er C l ar en c e Ro l l e & C ra i g Le ni h an W h en h e r h us b an d Li o n el se em s t o lo s e t h e ro m an t i c sp a rk C h ar l en e se ek s w ay s t o r ev i ve t h ei r p as si o n W h en t hi s d o es n o t w o rk h o we ve r, h e r f ri e nd s s h ar e w i t h h er t he i r vi ew o n d at i ng r om a nc e an d t h e o b l ig at i o n s o f m e n t o w ar d s t h ei r w o m e n Th i s s et s C h ar l en e o n a c o u rs e f o r d is as t er S h o w t i m e s : S u nd ay D ec em b er 5 / 3p m G al l er ia J F K C i n em a Th e at r e 1 G RA ND PA S Q U E ST A ck lin s / C ro oked Isl and, Bah amas / 2010 / 6 mi ns D irec to r, Kevi n C urt i s In th is wo nder fu l f ami ly t ale, grand pa' tel ls his grand ch il dren th e st or y of ho w h e w as given f avour to begi n d ati ng t hei r gran dmo th er. I t w as n o easy tas k! S h o w t i m e s : F rid ay, Dec emb e r 3/3p m Gal leri a JF K C in e m a Th eat re 3 Sat ur day, D ecemb er 4/ 9pm Gal leri a JF K C in e m a Th eat re 3 G U S O U T D O O R S L IZ A RD T O W N Bah amas / 2010 / 30 mi ns Di rec to r, S ean Ni ght ingal e; sc reenw rit er, Sean Night in gale; pro duc er, S ean N i g h t i n g a l e Si x-year -o ld nat ural ist an d ho st Gu s Nigh ti ngal e goes on a qu est t o t he Bah amas t o m eet s ome of t he c ou nt ry's many s pec tac ul ar cr eat ures. Ch il dren wi ll be c apt ivat ed as Gus explo res t he isl and s of t h e Bah amas i n searc h o f liz ard s, i guanas and snak es. T o c oo l o ff G us pl un g es in to t he gem -l ike wat er and snor kels wi t h t he beau ti f ul and biz arre l oo kin g cr eatu res o f th e sea. G us Ou td oo rs i s an ad vent ur ous mi x of ani mal iden t if ic ati on and pers onal enc ou nt ers t hat aim to del iver an en tert aini ng, yet ed uc ati on al p resent at io n t hat w il l gi ve ch ildren a resp ect f or nat ur e. S h o w t i m e s : Sat ur day, D ecemb er 4/ 11 am Gal leria JF K C inem a Theat re 3 OP E N YO U R E YE S B ah am as / 20 10 / 6 m i n s D ir ec t o r Ro b i n S c h mi d t Q ue n t on i sn t rea l ly i n t er es t ed in h is t o r y o r c u l t u re b ut w h en he f al ls as le ep in sc h o o l h e' s t r an s po r t ed t h ro u gh a ma gi c d o o r t o t he l an d o f t h e Is l an d G en i e. T h e ge ni e t a ke s h im o n a m agi c al w hi s t l es t o p t o u r o f Lo n g I sl an d o p en i ng h i s ey es t o a w or l d h e' d b e en o bl i vi o u s t o b e f o re Ta ki n g i t s c u e f ro m t he g re at c om e d y mu s ic a l n u mb e rs o f t h e c l ass i c D i sn e y an i ma t ed f i l ms t h e sh o r t f eat u r es a n o ri gi n al ra ke a n d s cr ap e so n g w ri t t en d u ri n g t h e 14 d ays t he f il m m ak er s p en t o n t h e i sl an d S h o w t i m e s : S un d ay D ec em b er 5 / 5p m G al le ri a J F K C i n em a Th e at r e 3 RE D IA L S U NS H IN E B ah am as / 20 09 / 2 3 mi n s D ir ec t or T ra vo n P a t t o n ; sc r ee nw r i t er T ra vo n P a t t o n ; p ro d u ce r, Tr avo n P at t o n a nd W il l i am M ar k C a r t w r i g h t Ia n ( P at r i c k D ev eau x) a w i t hd r aw n f r es h o u t of c o l l ege t e c h ni c al as si s t an t h as b een d ow n la t el y b u t g et s an un e xp ec t e d c al l f ro m h i s ex gi rl f r i en d S as h a (T o n ya La ra mo r e) w h o h ad n t c al l ed h i m s i n ce t he y br o k e u p t w o w e ek s ag o Th i s s u rp ri s in g d ev ia t i o n f r om h is ea rl y m or n i ng r o u t in e u n ex p ec t ed l y r ed i al s h is p as t .. .a n d h i s f u t u re S h o w t i m e s : S un d ay D ec em b er 5 / 5p m G al le ri a J F K C i n em a Th e at r e 1 S MO KE SI G NA LS B ah am as / 20 10 / 8 m i n s D ir ec t or M ic h ae l A Mu n n i ng s an d R o be rt o O t e r o A yo u ng m an f ac e s st r u ggl es in li f e an d p e er p r es su r e l ead s h i m t o dr u g ad d i c t io n H e b ec o m es i so l at ed f r om f ri e nd s l o ses hi s j ob g o es t o pr i so n l o se s h is gi r lf r i en d a n d l i ves a l i f e o f d es pa i r. E v en t u al l y, G o d 's w o rd get s hi s a t t en t i o n a nd c h an ges hi s l i f e f o r t h e b et t e r S h o w t i m e s : F r id a y, D ec em b er 3/ 5. 30p m G al le ri a J F K C i n em a Th e at r e 1 S at u r da y, D ec e mb e r 4 / 3 3 0 p m G al le ri a J F K C i n em a Th e at r e 1 TH E KI ND LY O NE S B ah am as / 20 10 / 1 0 mi n s D ir ec t or Ru p er t Mi s si c k J r; s c r een w r it er Ru p er t Mi s si c k J r P r o du c er s Ma rg ar et Gl y n at s is R up e rt Mi s si c k Ta n ek a Th o m ps o n Th r ee w o m en m u rd e r a m an d u ri n g a t ea p a rt y a f t er c on v ic t i n g' hi m of m at r i c i d e S h o w t i m e s : F r id a y, D ec em b er 3/ 1p m G al le ri a J F K C i n em a Th e at r e 3 S at u r da y, D ec e mb e r 4 / 7 3 0 p m G al le ri a J F K C i n em a Th e at r e 3 T H E L I ON F IS H I N V A S I O N B ah am as / 20 10 / 4 0 mi n s D ir ec t or M at t h ew Mc C o y; sc r een w r it er Ma t t h ew Mc C o y ; p r o d u c er s, Li n d sey M c C o y, Kr i st i n W i l l i am s, C r ai g L aym a n Th e L i on f i s h I nv as i on st a rs G ary R i c ha rd s on an d Th o m as B e t h el t w o B ah am i an s w h o a re l ea rn i ng a b ou t l io n f i s h an d d em o ns t r at i n g w ays t o t a ke ac t i o n U si n g un d er w at e r f o o t age t h e f i l m ex pl o r es w h at w e kn o w a b ou t t h es e n on n a t iv e i nv ad er s, or i gi n al l y f ro m t h e I n do P ac i f i c re gi o n o f t h e wo r l d, w hi c h ar e n ow a m aj or t h re at t o n at i ve j u ve ni l e f i sh an d i nv er t eb r at e s in t h e C M Y K C M Y K LOCAL NEWS P AGE 10, FRIDA Y NOVEMBER 26, 2010 THE TRIBUNE T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM M o r e t h a n a d o z e n B a h a m i a n f i l m s s e l e c t e d f o r upcoming Bahamas Inter national Film Festival

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B a ha ma s. It al s o d o c um en t s s o me o f t h e n ov el r es ea rc h b ei n g d o ne i n t he i s l an d s t o d o c u me nt i t s i m p ac t S h o w t i m e s : S at ur d ay De c em b er 4 / 1 1 a m G al l er i a J F K C in e ma T h ea t re 3 T H E S P E RRI T Bahamas / Canada / 2009 / 16 mins Director, Jordan Darville, Producer, Jordan Darville Few Bahamian cultural expressions have taken as many forms as Junkanoo has. Throughout the country's history it has been a vehicle for a slave's rebellion, a celebration of local businesses and an expres sion of cultural solidarity. But as the country grows and cultural development is left behind, could that solidarity be waning? The Sperrit chronicles a month of struggles and breakthroughs for Junkanoo team "One Family" and asks tough questions about the future of Bahamian culture. Showtimes: Sunday, December 5/3pm Galleria JFK Cinema The atre 1 T RI B U TE B a h a m a s / U S / 2 0 1 0 / 9 m i n s D i r ec t o r, Reb ec c a V al re j ea n A d i st u r bi n g an d em ot io n al r ev ie w o f t h e Vi et n a m w ar a nd i t s ef f ec t on t h e po p u l at i o n o f t h e U ni t e d S t at e s. S h o w t i m e s : T h ur s da y, D ec e mb e r 2/ 2p m G al l er i a J F K C in e ma T h ea t re 3 F r i d ay, De c em be r 3/ 9p m G al l er i a J F K C in e ma T h ea t re 3 C M Y K C M Y K LOCAL NEWS THE TRIBUNE FRIDA Y NOVEMBER 26, 2010, P AGE 1 1 T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM E v e r y y ea r w e h a ve h a d Ba h a mia n fil ms a nd a s ti me g oe s on we h a ve ha d mor e b e c a us e t h ey r ea l is e t h ey a r e n ot j us t ma k in g it f or t he ir l oc a l c om mun ity t h ey a r e lo ok ing to b r a n c h o ut i nt e r n a t i o n a l l y Leslie Vanderpool

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C M Y K C M Y K INTERNA TIONAL NEWS P AGE 12, FRIDA Y NOVEMBER 26, 2010 THE TRIBUNE T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM BAGHDAD Associated Press I N C U M B E N T P r i m e M i n i s t e r N o u r i a l M a l i k i c e m e n t e d h i s g r i p on power Thur sday bring ing an e nd t o n e a r l y n i n e m o n t h s o f p o l i t i c a l deadloc k aft e r he was asked to form t h e n e xt g o v e rn m e n t H e n o w f a c e s t h e d a u n t i n g t a s k o f b r i n g i n g t o g e t h e r I r a q s S h i i t e Sunni and K urdish factions in a g ove r n m e n t t h a t c a n o v e r c o m e e n d u r i ng t ensio ns as t he c ou nt ry st ruggles t o d eve lo p it s ec o n om y a nd p rev en t a r e s u r ge n c e o f v i o l e n c e a s t h e l a s t A m e r i c a n t r o o p s a r e d u e t o l e a v e b y t h e en d o f n e xt y ea r T h e l o n g a w a i t e d r e q u e s t f r o m P r e s i d e n t J a l a l T a l a b a n i s e t s i n m o t i o n a 3 0 d a y t i m e l i n e d u r i n g w h i c h a l M al i k i m u s t p i c k h i s C ab i n e t A l M a l i k i a s t e e l y p o l i t i c i a n k n o w n m o r e f o r h i s a b i l i t y t o al i e n a t e t h an u n i f y sa i d h e w a s a w a re o f t h e c h a l l e n g e s a h e ad "I ca ll upon t he gr eat Ir aqi people f ro m a l l se c t s r el i g i o n s a n d et h n i c i t i es a n d I c al l u p o n m y b r o t h e rs t h e p o l i t i c i a n s t o w o r k t o o v e r c o m e a l l differ en ces ," the pr ime min iste r de si g n a t e s ai d d u ri n g t h e c e r em o n y a t t h e p r e s i d e n t s p a l a c e T h e n e w go v e r n m e n t i s e xp ec t e d t o i n c l u d e a l l t h e m a j o r f a c t i o n s i n c l u d i n g t h e K u r d s S h i i t e p o l i t i c a l p ar t i es al ig n ed w it h I ra n a nd a S u n n i b a c k e d b l o c t h a t b e l i e v e s i t s h o u l d h a v e b e e n t h e o n e l e a d i n g t h e n e xt g o v e rn m e n t In ma ny wa y s i t is lik el y to be si mil ar to the pr e v io us g ov e rn me n t. T he p r esi d en c y a gai n w il l b e h el d by t h e K u r d s t h e p a r l i a m e n t s p e a k e r b y t h e S u n n i s a n d t h e p r i m e m i n i s t er s o f f i c e w en t t o t h e c o u n t r y' s d o m i n a n t s e c t t h e S h i i t e s T h e b r e a k d o w n i s a r ef l e c t i o n of t h e s ec t ar i an in te r e s ts th a t s ti l l d i v id e th is c ou n tr y s e v e n y ea r s a f t e r t h e U S l ed i n v a s i o n A l Ma l i k i w i l l h a v e t o f i n d o t h er s ub s t an t ia l r ol es f o r al l of t h o se f ac t i o n s o r r i s k h av i n g t h e m l e a ve h i s go ve rnm ent, a d es t a bil izing blo w f o r a c o u n t r y s t r u g g l i n g t o o v e r c o m e y e a r s o f v i o l e n c e a n d e c o n o m i c s a n c t i o n s Th e p r esi d en t 's re qu e st T hu r sd ay w a s l a r g e l y a f o r m a l i t y f o l l o w i n g T a l a b a n i s r e e l e c t i o n o n N o v 1 1 T a l ab an i a K u r d t h e n h a d 1 5 d a y s i n wh ic h to for ma l ly e x ten d th e offe r a n d s t a r t t h e 3 0 d a y c l o c k T h e a n n o u n c e m e n t u n d e r s c o r e s wh at h as b een a st u nn in g c om eb ac k f o r a l M a l i k i w h o s e S t a t e o f L a w c o a l i t i o n c a m e i n a c l o s e s e c o n d i n t h e M a r c h 7 el ec t i o n t o t h e S u n n i b a c k e d b l o c l e d b y f o r m e r P r i m e M i n i s t e r A ya d A l l a w i B u t n e i t h e r b l o c g a i n e d t h e 1 6 3 s e a t m a j o r i t y n e c e s s a r y t o g o v e r n l e a d i n g t o a n i n t e n s i v e p er i o d o f p o l i t i c a l j o c k e yi n g A l M a l i k i 6 0, t h en m e n d e d r i f t s w i t h h i s h a r d l i n e S h i i t e r i v a l s t o c o n s o l i d a t e h i s p o w e r b a s e A k e y que s ti on w il l b e who g et s to c o n t r o l t h e s e c u r i t y m i n i s t r i e s i nte ri or an d de fe ns e H ai de r a l -Aba d i a Sh ii te la w m a ke r a n d a n a l -M a l i ki ally said those posts were e xpecte d t o go t o i n d e p e n d e n t p o l i t i c i a n s n o t a f f i l i a t e d w i t h an y o f t h e m ai n p o l i t i c al b l o c s S u c h a m o ve w o u l d avo id an y ri sk of u si n g t he po we rf u l m i n i s t r i e s t o s et t l e f e u d s T h e K u r d s m e a n w h i l e a r e p u s h i n g t o h o l d o n t o t h e f o r e i g n m i n i s t r y w h i l e A l l a w i s S u n n i b a c k e d I r a q i y a l i s t h a s d e m a n d e d t h e o i l m i n i s t r y F i n d i n g a r o l e f o r I r a q i y a i s a n i m p o r t a n t c h a l l e n g e. S u n n i d i s c o n t en t w it h t h e Sh i it e do m in at i o n t h at ar o se f rom t he A merican overthrow o f S a d da m H us s e i n wa s a k e y r e a s on fo r th e bloo dy in surgency t hat just a f e w y ea r s a g o r e s u l t e d i n h u n d r e d s o f p eo p l e d e a d ea c h d a y. Vio len ce h as sh arp ly d ecl in ed b ut a t t ac k s c o n t i n u e. A b o m b w e n t o f f in a pe t s t ore Thursday in the northe r n c i t y o f T a l A f a r k i l l i n g at l e as t t h r e e p e o p l e a n d w o u n d i n g 1 6 p o l i c e an d h o s p i t a l o f f i c i a l s s a i d A l l a w i w h o d i d n o t a t t e n d t h e m ee t i n g w as e xp e c t e d t o b e n am e d t h e h e a d o f a c o u n c i l t h a t w o u l d h av e a m b i gu o u s p o w e r s o v e r m a j o r g o v er n m en t d e c i s i o n s a c c o r d i n g t o a po w ersh ari ng d eal t hat p aved th e w a y f o r a l M al i k i t o k e e p h i s j o b Thanksgiving sales bring shoppers, grumbles I n b r i e f NEW YORK Associated Press N O T a ll Am e r ic a ns tu ck e d i nt o t u r k ey w i t h t h ei r f am i l i e s o n T h an k s g i v i n g. S o me w e r e o u t s h o p p i n g h i t t i n g s a l e s a h e a d o f t h e c r o w d s expec ted F rid ay. A f t e r a y e a r o f c a u t i o u s spen di ng and w or ry over an un cert ain ec on omy and h igh un emp loym ent m ore st ores this ye a r ex ten ded h ours into T h a n k s g i v i n g D a y a d a y wh en st ores are t radi t ion ally c l o s e d M a n y g r u m b l e a b o u t t h e relen tl ess m arch of c omm ercial ism cree ping into the holid ay. B ut at least so me s hop pers t ook t he b ait W h i l e c r o w d s a p p e a r e d r e l a t i v e l y l i gh t c o m p ar e d w i t h t h e w e e k e n d a h e a d t h e e x te n d e d h ou r s d r e w in ov e r seas visi to rs, t hos e w ho h av e t o w o r k F r i d a y a n d s o m e w h o co ul dn' t resis t a good deal S e a r s K m a r t a n d s o m e S po r t s A u t h o ri t y G ap Ol d Na vy an d B an a na Re p ub l i c s t o r e s w e r e a m o n g t h o s e op en Th urs day. A t a n O l d N a v y i n L u t h e r v i l l e M d B r e n d a T a r v e r 6 5 a r e t i r e d p o s t a l e m p l o y e e f r o m B a l t i m o r e wa s d ra g ge d ou t o f th e ho us e b y h e r d a u g h t e r s b u t w a s f ind in g go od d e al s on c lo th i n g T h e y v e g o t go o d p r i c e s and a variet y of i tem s. A lo t of t hi ngs are 50 p ercen t o f f," she said W i l l y G e r e l b e s t 4 5 a c o u n s e l o r f r o m B r o o k l y n w a s s h o p p i n g a t K m a r t i n N e w Y or k for s ne ak er s on sa le f o r $ 9 9 9 "I saw t he ad vert isi ng and ju st w ant ed t o chec k it ou t," h e s a i d T o m o r r o w I h a v e t o w ork ." Epic battle over Iraq PM must form new government IN THIS ph ot o rel eased by th e Iraq i G o vernm ent Iraq i P r esi d ent Jalal Ta lab ani ri gh t, an d Ira q i P ri m e M i n i s te r N o u ri a l -M a l i ki l e ft a re se en d u r i n g a ce rem o n y o f a sk i n g a l M a l i k i t o f o r m t h e n e x t g o v e rn m e n t i n B a g h d a d I r a q T h u r s d a y N o v 2 5 2 0 1 0 a l -M a l i ki appealed to the country's warring political factions for unity after formally accept i n g o n T h u r s d a y N o v 2 5 2 0 1 0 a r e q u e s t b y t h e p r e s i d e n t t o f o rm t h e n e x t g o v e r n m e n t p a r t o f a d e a l t o e n d a n e i g h t m o n t h d e a d l o c k o v e r w h o w o u l d l e a d t h e c o u n t r y t h e n e x t four years. Iraqi Government/ AP Photo

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Y E O N P Y E O N G I S L A N D South Korea Associated Press SOU TH Ko re a' s p re si de nt o r d e r e d m o r e t r o o p s t o a f r ontl ine is land and dumped h i s d e f e n s e m i n i s t e r T h u r s d a y as the country grappled with l a p s e s i n i t s r e s p o n s e t o a d e a d l y N o r t h K o r e a n a r t i l l e r y strike. I n s c e n e s r e m i n i s c e n t o f t h e K o r e a n W a r 6 0 y e a r s a g o d a z e d r e s i d e n t s o f Y e o n p y e o n g i s l a n d f o r a g e d th r ou g h bl a ck e n e d r ub bl e f or p i e c e s o f t h e i r l i v e s a n d l u g g e d t h e i r p o s s e s s i o n s d o w n ee ri ly de se rte d s tre ets str ewn w i t h b en t m et al af t er T u es d a y s h a i l o f a r t i l l e r y T h e b a r r age d a rk en ed sk i es, se t o f f f i e r c e b l a z e s k i l l e d f o u r S o u t h Ko rean s and r aised fear s of an escalation that could lead to full-scale war. "It was a sea of fire," resi de nt Le e I n-ku s ai d, r ec al li ng t h e fl a m e s th a t r o l l e d t h r o u g h t h e s t r e e t s o f t h i s i s l a n d t h a t i s h o m e to m i l i t a r y b a s e s a s w e l l a s a f i s h i n g c o m m u n i t y fa m o u s f o r i t s c a t c he s o f c r a b The spit of land is just seven m i l e s ( 1 1 k i l o m e t e r s ) f r o m N o r t h K o r e a b u t h a d o n l y s i x pieces of artillery. D e s p i t e w a r n i n g s f r o m N o r t h K o r e a t h a t a n y n e w p r o v o c a t i o n w o u l d b e m e t with more attacks, Washing ton and Seoul pushed ahead wi th plans f or milit a ry drills s t a r t i n g S u n d a y i n v o l v i n g a n u c l e a r p o w e r e d U S a i r cr a f t car rie r i n wa t e rs so uth of this week's skirmish. T h e e x e r c i s e s w i l l l i k e l y a n g e r t h e N o r t h t h e r e g i m e cite d S outh Ko re a n d ril ls this week a s the impe t us be hin d it s a t ta c k b u t t he pr e s id e n t s a i d t h e S o u t h c o u l d l i t t l e a f f o r d t o a b a n d o n s u c h p r e p a ration now. W e s h o u l d n o t e a s e o u r sense of crisis in preparation for the possibility of another p r o v o c a t i o n b y N o r t h K o r e a s p o k e s m a n H o n g S a n g p y o q u o t e d P r e s i d e n t L e e M y u n g b a k a s s a y i n g A p r o v o c a t i o n l i k e t h i s c a n r e c u r a n y time." Wa s hi ng t on a nd S e ou l a l s o r a tc h e te d u p p r e s s u r e o n C h i na, North Korea's main ally a n d b i g g e s t b e n e f a c t o r t o restrain Pyongyang. C h i n e s e P r e m i e r W e n J iab a o respo nd ed by cal lin g o n a l l s i d e s t o s h o w "m a x i m u m r es t r ai n t a n d p u s h ed a g ai n to r e s ta rt t he s ix -n a tio n t a l k s a i m e d a t p e r s u a d i n g North Korea to dismantle its n u c l e a r p r o g r a m s i n e x c h a n g e f o r a i d F o r e i g n M i n i s t e r Y ang Ji ec hi, me an whil e, ca nc e l e d a t r i p t o S e o u l t h i s week. T h e h e i g h t e n e d i n t e r K o r e an anim osit y i s t akin g pl a c e as North Korea undergoes a d el i c at e t r an si t i o n o f p ow e r f r o m l e a d e r Ki m J o n g I l t o his son Kim Jong Un, who is in hi s la te 2 0 s a n d i s e x p ec te d to eventually succeed his ail ing father. O n T h u r s d a y L e e a c c e p t e d hi s d e fe n s e mi n is te r' s o ffe r t o r e s ig n a f t e r l a wm a k e r s l a s h e d o ut a t th e g o v e r nm e n t cl a i m ing offi cia ls wer e unpr e par e d for T ues day 's a ttack a nd tha t the mi lita r y re sp ons e wa s to o s lo w. Ev e n th o se in L e e s r ul ing party demanded the dis m i s s a l o f D e f e n s e M i n i s t e r Kim Tae-young. A t a n e merg ency mee t ing i n S e o u l L e e o r d er e d r e i n f o r c e m e n t s f o r a b o u t 4 0 0 0 t r oo p s o n t en s e Yel l ow S ea i s l a n d s t o p l e v e l w e a p o n r y a n d u p g r a d e d r u l e s o f e n g a g e m e n t t h a t w o u ld c r e a t e a n e w c a t e g o r y o f r e s p o n s e w h e n civilian areas are targeted. S k i r m i s h e s b e t w e e n t h e K o r e a n m i l i t a r i e s a r e n o t uncommon, but North Kore a s h e a v y b o m b a r d m e n t o f Ye on p yeo ng I sl an d w as t h e first naval skirmish since the Korean War to kill civilians. S o u t h K o r e a n t r o o p s ret urned fire and scrambl e d f i g h t er j et s i n r es p o n se b u t t w o S o u t h K o r e a n m a r i n e s a nd t w o c on s t r uc t io n w o rk e r s we r e k il l e d a n d a t l e a s t 1 8 o t h e r s w o u n d e d S o u t h K o r e a h a s s a i d c a s u a l t i e s o n t h e N orth K or ea n sid e we re l ike ly significant, but none were immediately reported by the secretive regime. Marine Lt. Col. Joo Jongw h a ac k n o w l e d g ed t h a t t h e i s l a n d i s a c u t e l y s h o r t o f a r til l e ry s a y i ng i t h a s o nl y s ix pieces: the howitzers used in Tuesday's skirmish. C M Y K C M Y K INTERNA TIONAL NEWS THE TRIBUNE FRIDA Y NOVEMBER 26, 2010, P AGE 13 T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM South Kor ea' s defence chief resigns after North Korea attack SO UT H K OR E AN Pr es i d en t L e e M yu n g b ak ce n te r, a rri v es w i t h De fe n se M i n i s t er Ki m T ae -yo u n g se co n d rig h t, at th e Jo i n t C hi ef s o f S taf f as th e m i li t ary w as p u t o n to p al ert aft er No rth Ko rea' s a rti ll ery att ack o n South Korean island of Yeonpyeong, in Seoul, South Korea, Tuesday, Nov. 23, 2010.

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C M Y K C M Y K LOCAL NEWS P AGE 14, FRIDA Y NOVEMBER 26, 2010 THE TRIBUNE T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM C HRISTMAS was in the air at Kelly's House and Home as Toyland was opened in grand style on November 13. Hundreds of children and adults made their way to Kelly's at noon for the arrival of Santa and Snowbear. K e l l y 's st a r t e d t he f e st i v i t i e s i n t h e so ut h pa r ki ng l o t a r ou nd 1 1 a m. w i t h a l iv e l y p er fo r m an c e b y th e R o y al B a h a m a s D e f e n c e F o r c e B a n d W h i l e c u s t o m e r s e n j o y e d t h e p e r f o r m a n c e a n d w a i t e d f o r t h e a r r i v a l o f S a n t a a n d S n o w b e a r t h e r e w e r e m a n y o t h e r a c t i v i t i e s t o k e e p t he l it t l e o ne s bu sy Ke ll y 's gav e ou t fr e e po pco r n an d b a l l o o n s C h i l d r e n c o u l d a l s o g e t t h e i r f a c e s p a i n t e d b y f a ce pa in t er s T a ma ra Don a l d s o n a n d T a n i q u e C a p r o n T h e re we re a ls o t w o bo un c i ng c a s t l e s. T h e l i n e t o v i s i t S a n t a i n s i d e t h e s t o r e s t a r t e d t o f o r m a r o u n d 1 1 1 5 a m C e l i n e S c o t t 1 1 E t h a n S c o t t 1 a n d R e n d e i s h a S a n d s 9 w e r e t h e f i r s t t o h a v e t h e i r p i c t u r e t a k e n w it h S a nt a a n d Sn ow be a r in F a nt a sy F ore s t, K e ll y 's f u ll y an i m ate d f o r es t an d h om e to S an ta an d S no w be ar. T h e p a r a d e s t a r t e d a r o u n d 1 1 5 0 a m w i t h a g r a n d p er f o r m a n c e b y t h e C R W a l k e r M a r c h i n g B a nd, dir e ct e d by M r Os ca r D am es The b an d was fo ll o we d b y Th eo d o r e E l yett s M i s s T e e n B a h a m a s As h lee Bai n Next cam e a t ru c k wi th a D e e j a y f o l l o w e d b y S a n t a a n d S n o w b e a r T h e c h i l d ren wer e so exci ted to s ee S a n t a a n d S n o w b e a r t h a t m a n y o f t h e m r a n u p t o t h e m t o h u g t h e m a s t h e y m ade th eir w ay i n to Fan tas y Fo r es t. A c c o r d i n g t o D e n i s e D ar vil le, a rea m an ager fo r t h e t o y d e p a r t m e n t t h e o p e n i n g o f T o yl an d w a s a h u g e s u c c e s s T h e t o y d ep ar tm en t w as extr e me ly b u s y a n d o u r c u s t o m e r s w e r e r e a l l y t a k i n g a d v a n tage o f the to y s al e." W h e n a s k e d w h a t t h e ma j or se ll er s we re th is y e a r, M r s. Da rv i l le s a i d, t h e t oy s t h a t h a v e r e a l l y b ee n s e l l i n g a r e H o t W h e e l B a t t l e F o r c e 5 D o r a P o w e r Whe e ls, Ba by A li ve e duc a ti on al t oys l ik e VTech l apt o p c o m p u t e r s a n d o f co u r se, b ik es ." S ant a an d S n ow b ear w il l b e a v a i l a b l e o n S a t u r d a y s fr o m no o n to 5 p. m. at K ell y s F a n t a s y F o r e s t u n t i l D ecem b er 4. P ic tur es c an b e tak en fo r o nl y $5 a nd al l pro ce e ds go t o v a rious l oca l c h a r i t i e s K e l l y s F a n t a s y F o r e s t i s o p e n e v e r y d a y u nti l D ecem b er 4. Kelly's Toyland opens in GRAND STYLE GOOD STUFF: Santa's Helpers prepare bags of free popcorn under the tent as the crowd waits in anticipation. ALL SMILES: Celine Scott, 11, Ethan Scott, 1, and Rendeisha Sands, 9, were the first to have their pictures taken with Santa and Snowbear in Fantasy Forest. GREAT TIME: Bouncing Castle where little ones enjoy the fun as the festivities go on.

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By IAN JAMES Associated Press CARACAS, Venezuela (AP vast natural gas discovery off its coast, a project that President Hugo Chavez says will help turn the oil-exporting country into a major global gas producer. Venezuela's oil minister, Rafael Ramirez, said the latest exploratory drilling has confirmed "extraordinary results", with about 15 trillion cubic feetof gas under the sea floor in a place where experts once thought there was only a fraction of that amount. Italian energy company Eni SpA, which is a partner in the project, announced the drilling results last week, calling it the biggest natural gas deposit in Venezuela and one of the most significant finds in recent years. Energy analysts caution that Venezuela, which already leads Latin America in proven gas reserves, remains far from being able to sell its gas internationally and is still working on trying to meet its domestic demand. Yet Eni chief executive Paolo Scaroni expressed optimism based on what his company saw drilling at the well known as Pearl 3 in 230 feet (70 metres of water off western Venezuela. "In the past weeks, it has proven more important than we had thought," he said at an event launching a separate $17 billion oil project involving Eni and the state oil company, Petroleos de Venezuela SA, or PDVSA. Mr Scaroni said the oil and gas projects together mean that Venezuela "is going to be a truly strategic country for our development. Eni is involved in the offshore gas project along with Spanish energy company Repsol-YPF, and Mr Chavez has been talking up the project for some time. In March, he called it a "super well" and said it could hold up to 14 trillion cubic feet. Celebrating the latest results last week, Mr Chavez declared: "We're turning into a world gas power." Venezuela's proven gas reserves have been growing. In August, PDVSA said the country's proven reserves had reached 185 trillion cubic feet, making the country No. 9 in the world and first in Latin America. Yet some of Venezuela's neighbours have done more with less. Nearby Trinidad and Tobago has 14.4 trillion cubic feet of proven reserves of natural gas, and its current production is 4 billion cubic feet per day, according to the country's energy ministry. The two-island nation is the largest supplier of liquefied natural gas (LNG the US, accounting for 57 per cent of all cargos in September. A large portion of Venezuela's natural gas, in contrast, has traditionally been reinjected into oil wells to help produce crude. of $25-$30 million abound), decided to quit the game within six months. Seeing no prospect of a r eturn on such a colossal outlay, the Trinidadian conglomerate quietly began shopping City Markets to potential buyers this summer. The urgency reached a peak in the fall, as Neal & Massy pulled the plug o n any further financing and, within days, the supermarket chain was sold to Ben FrischsA ssociated Grocers of the Bahamas, only for the Bahamas Food Services prin c ipal to pull out, enabling the last man standing, Mark Finalyson, to accomplish the dream snatched from his graspi n 2006 and become City Mar kets apparent saviour. Aided by the multi-million dollar windfall the Finlayson family received from the sale of their Associated BahamianD istillers and Brewers ( ABDAB) stake in Commonwealth Brewery/Burns House to Heineken, Mr Finlayson at f irst glance appears to have the deep pockets to do what is necessary to turn the ailingp achyderm around. B ut management expertise will be critical, especially in a business with so many moving parts, and which is acknowledged to be in the most difficult industry in the Bahamas. In interviews with Tribune Business, Messrs Chatrani and Winford appeared to be stunned, rabbit in the headlights like, by the level of pilferage they had encountered at City Markets, some three times what they were used to in the southern Caribbean. While Mr Finlayson may have bailed out both City Mar kets 700 employees and the Government (which would have had to deal with 700 middle class and grassroots Bahamians being added to the unemployment lines), many in the retail industry have saidhe is merely delaying the inevitable, meaning the demise of City Markets. For the company will have to do something special to win back all the customers that have deserted it in a food retailing landscape that has changed beyond all recognition since Messrs Finlayson a nd Fitzgerald first plotted t heir City Markets acquisition. If they are relying on their 2006 business plan, that couldb e a mistake, as the whole world and his wife appear to have entered grocery retail, including upstarts Robin Hooda nd Phils Food Services, whose aggressive practices are impacting prices and the trad itional retailer/wholesaler relationship. Then there is the business t rack record of the new owne rs, which does not scream: Resounding success. Mr Finlaysons last foray into retailw as luxury goods, where he presided over the dramatic downsizing at SolomonsM ines, a process punctuated with frequent complaints from staff over salaries being lateo r not paid. Tribune Business also raised questions this year over the lack of information made available to ABDABm inority shareholders over the Heineken deal, and whether they would receive a dividend,p rompting the company to rush out newspaper advertise ments to show all was in order. Long-suffering Bahamian minority shareholders, who collectively own a 22 per cent stake in Bahamas Supermar kets, would be well advised to closely monitor the company in which they have invested, as it endures its third owner in five years. Not only have their dividends dried up, but the value of their investment has shrunk to just $1 the price Mr Finlayson paid, in addition to assuming all the companys liabilities. They have also seen the company censured by the Securities Commission and fined for its consistently late financials, and had to put up with, in many instances, an information vacuum. Partici pants in the Bahamian hotel industry pension funds, too, should be demanding answers from one of the key BSL Holdings investors, particularly on how much money they have had to write-off. Other p articipants in the ill-fated d eal, including RoyalFidelity, the Symonette Group (Craig Symonettes family vehicle)a nd Milo B. Butler Investments will also be looking closely at the drop of red ink they will be forced to take ont heir income statements and balance sheets, as will Neal & Massy. The saga does not say m uch for the supposed Trinidadian/Barbadian business expertise. B ahamian suppliers, too, w ill want answers as to what will happen to the more than $9.5 million in accountsp ayables owed to them. They are unlikely to be happy if, as sources suggest, the new CityM arkets owners are offering them a $0.50 of every $1 deal. So, after writing-off more t han $42.5 million ($25 million in equity and $5 million in preference shares, plus $12.577 million in loans), BSL Hold i ngs has less-than-gracefully handed the baton over to Mr Finlayson and his team. Outo f the frying pan and into the fire? For the sake of City Mar kets employees, suppliers and wider society, Tribune Business hopes not. C M Y K C M Y K T HE TRIBUNE FRIDAY, NOVEMBER 26, 2010, PAGE 9B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM :$17(' BUSINESS REVIEW F ROM page 16B From $54m to $1 VENEZUELA PRESIDENT Hugo Chavez Chavez hopes gas find not all hot air

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By BARRY HATTON Associated Press LISBON, Portugal (AP Portugal is bracing for an i ncrease in speculative trades a gainst it, as some investors expect it to be the next European nation to need a bailout now that Ireland is taking a massive loan to prop up its banks. During the past decade of m eagre economic growth of around 1 per cent a year, the Portuguese have been living beyond their means, borrow-i ng money to finance sacred w elfare entitlements and private spending while protecting jobs through outdated labour laws that ignored changes in market conditions. I nternational investors, s pooked by the scale of Greece's bailout requirements in May and Ireland's bankingf ailures, are taking a closer look at the finances of eurozone countries and they don'tl ike the look of Portugal's a ccounts, says Emilie Gay, an analyst at Capital Economics in London. Investors are "looking for t heir next target" and Portug al fits the bill, Gay said on Monday. Capital Economics predicts Portugal will have to ask for help by early next year, when it has to begin refinancing billions of euros in government bonds. Othersp redict the crunch may come sooner. Deficit Portugal's state budget deficit how much more the g overnment spent than it r eceived reached 9.3 per cent of gross domestic prod u ct (GDP f ar above the 3 per cent limit for countries using the euro currency, a rule repeatedly b roken even by the biggest e conomies, and the fourthh ighest deficit in the eurozone after Greece, Ireland and Spain. The jump in deficits during t he crisis, however, is not the w hole story. Portugal's debt load, amassed over years of o verspending, is high and increasingly costly to sustain as borrowing rates have risen d uring the recent months' d ebt crisis. Some analysts claim that accumulated debt money owed by the state, by stateowned companies, by private corporations and householdsis way over the country's a nnual GDP of 160 billion euros ($218 billion ernment, by contrast, puts it at 86 per cent of GDP this year. P edro Passos Coelho, leader of the centre-right Social Democratic Party, them ain opposition party, has a ccused the centre-left Socialist government of shifting d ebt off the books. He said "a good portion of our (offi-c ial) figures is fiction", and e stimated public debt at 112 p er cent of GDP and the d eficit at 9.5 per cent. Such allegations are serious b ecause they echo what happened in Greece, where the revelation that it had hiddent he size of its debts caused markets to rapidly lose confidence in the government and triggered a funding crisis. O ver the longer term, Por t ugal's core problem is how to generate wealth that might p ay for its lifestyle part of a malaise hurting western Europe, as countries cope with an aging population and competition from Asia and other regions. W hen Ford and Volkswag en spent almost 2 billion euros to set up a huge new manufacturing plant near Lisbon in the early 1990s, it appeared to be the prelude for a mass arrival of highgrade industry that wouldp ower Portugal forward. It also looked like an endorsement of Portugal's ambition to become a modern western European nation after lang uishing under four decades of dictatorship and political turmoil following the 1974C arnation Revolution. B ut in many ways it was a false dawn. Unions P ortugal did not shed the p ost-revolution labour laws t hat made it hard to fire workers as trade unions stood in the way of attempts to modernise. Laying-off workers is a b ureaucratic entanglement, a nd entails hefty compensation payments, while workers c an refuse proposed changes to their working hours. That turned foreign investors away from Portugal. Civil servants, meanwhile, c annot be fired except in cases of extreme misconduct, l eaving the public sector b loated. Education levels among Europe's lowest and a cultural reluctance to taking risks o n new work methods have k ept productivity low it stands at around two-thirds o f that in neighbouring Spain. P ortugal stuck too long with traditional industries such as textiles and footwear, which have been unable to c ompete with Asian imports. And, being locked into the e uro, Portugal can't devalue i ts currency to make its exports cheaper. S tate-owned companies are a mong the most inefficient, a nd their total debts are estim ated at more than 15 billion euros. P art of the reason is politi ca: in a country where the average monthly wage isa round 800 euros a month, and where hundreds of thous ands earn the minimum wage o f 475 euros a month, the gov ernment forces public transport companies to keep ticket prices artificially low and pays t hem compensation for their losses. Those low earners, meanw hile, have used the cheap loans that came with euro membership to finance pur c hases of cars and houses. Portugal, a country of 10.6 million people, remains one of western Europe's poorestn ations, and the outlook is gloomy. The Bank of Portugal pre d icts growth of 0.9 per cent this year, after a contraction of 2.7 per cent last year, andm any analysts predict another r ecession in 2011 due to a government austerity pro gram devised to drive down t he country's debt. Some Portuguese are despairing of their country ever attaining average European standards of income. Emigration to Portuguesespeaking countries such as A ngola and Brazil, whose e conomies are flourishing, has soared in recent times. A lvaro Santos Pereira, a r esearcher at Canada's Simon Fraser University, estimated in a recent study that between 1998 and 2008 some 700,000 P ortuguese left their country. From 2008 to 2009, he said, P ortuguese visas issued for A ngola more than doubled to 46,000. V asco Costa, a 48-year-old f ather of three who owns a c hain of shops in Portugal, s ays he's seriously considering moving his family to B razil, where economic growth is expected to reach 7.5 per cent this year. We're going backwards while Brazil is growing more t han 7 per cent a year," he s aid as he waited to catch a Lisbon subway train. "I only see a brutal period of stagnation here." C M Y K C M Y K PAGE 10B, FRIDAY, NOVEMBER 26, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM *UHDW*XDQD&D\$EDFR 7KH%DKDPDV(03/2<0(17,7<
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By LANDON THOMAS JR. c.2010 New York Times News Service@ D UBLIN Ireland has f inally taken its medicine, accepting the financial resc ue package European offic ials have been pushing for s everal weeks. But even as Europe moved to avert this latestd ebt crisis, economists and p olicy experts are increas ingly debating whether it would be better, and fairer,f or the Continent's weakest economies to default on payments to lenders. Many experts now say t hat bailouts only delay the inevitable. Instead of further wounding their economies with drastic budget slashing,t he specialists assert, gov ernments should immedi ately start talks with bondholders and force them toa ccept a loss on their investments. The risk, of course, is an i nvestor panic that would s eize financial markets at a time when the global econ omy remains on tenterh ooks. B ut an organised restructuring of debt that would reduce the amount of money troubled countries owed, especially in conjunction with a financial aid package, might provide a quicker path to recovery and avoidthe trauma of a forced default down the road, some economists argue. Decision To be sure, it is easier to propound solutions from the comfort of a think-tank as opposed to actually makinga decision when not just a country's financial future is at stake, but the broader euro zone could be affected as well. ''Policymakers face the same dilemma as in any cri sis with respect to haircutting bonds, and the real-life decisions are always extremely difficult," said Robert E. Rubin, the former Treasury secretary, who faced just such a quandary in 1994, when he helped arrange a $47 billion rescue package for the Mexican government as it teetered on the verge of default. "Holding bondholders harmless contributes to moral hazard and increases risks elsewhere," Mr Rubin added. "But imposing bond haircuts can make future market access expensive or impossible for an extended time, and can create serious contagion effects else where." The term "haircuts" refers to the loss an investor takes when a borrower fails to pay back its loans. One signal that the policy pendulum may be swinging away from bondholders came earlier this month when the German chancellor, Angela Merkel, supported by President Nicolas Sarkozy of France, tried top ersuade other European l eaders that bondholders needed to accept some of the risk in future bailouts. T he move spurred a bond market rout, and Mrs Merkel had to retreat. But her argument has taken hold in the debate over how best to handle debt crises as Europe turns its attention from Ireland which will r eceive $109 billion to $123 billion in loans as part of the rescue package to the shaky economies of Portugal and Spain. Proponents of a default say that Argentina and Russia, in 2002 and 1998, found life after a debt restructur ing. Both reneged on their foreign loans and, after devaluing their currencies, were able to recover. Even so, any talk of default or a debt restruc turing, the term that bankers and technocrats prefer remains anathema in capi tals like Athens and Dublin. Their leaders fear that they would be put in a financial penalty box and denied fresh access to funds. Complicating matters is that, unlike Argentina and Russia, Ireland and other troubled European countries that use the euro as a common currency cannot devalue their currencies. Thus, they lack this tool to help nurse their economies back to good health by improving their competitive position and increasing exports. In Ireland, which has an external debt 10 times the size of the economy and bank losses that jeopardised the country's solvency, there is little sympathy for those who lent to the country's faltering banks. "The people who provid ed the funds to these banks should take the consequences," said Peter Math ews, a banking consultant in Dublin. Mathews estimates that making senior bond holders take an appropriate loss on their bank holdings of 18 billion euros would save the country about 15 billion euros. Those who favour restruc turing say it is only fair that l enders absorb losses and s hare the pain. A loss of this a mount for lenders would be roughly the same as theg overnment is planning to e xtract from its citizens over the next four years in the form of spending cuts and tax increases, so as to bring its deficit down from 32 per cent of gross domestic product to 3 per cent. There is just no escaping d ebt restructuring for Greece and Ireland," said Kenneth S. Rogoff, a Har-v ard professor and expert o n sovereign debt crises. But if it is inevitable as many financial analysts and mainstream economists sucha s Rogoff and Nouriel Roubini are now saying why not do it now? T hat is not easily done, says Professor Rogoff, who was a senior economist at the International MonetaryF und when Argentina d efaulted. He points out that the IMF executive board, which must approve all aidd isbursements, is controlled b y the main creditor bank ing nations like the US, Britain, Germany and France, whose investors stand to lose the most in a default. ''The IMF never comes in and says: 'We will give you money but you have to restructure," he continued. "Restructuring only happens at the end of a failed program." Earlier this year, the IMF made clear its position on default when it issued a staff paper defiantly titled Default in Today's Advanced Economies: Unnecessary, Undesirable and Unlikely Authors of the report say the views are their own and not the Fund's. Yet, in arguing that indebted economies like Greece and Ireland will not follow in the path of Argentina, they echo a view that the IMF has long embraced. Debt Unlike Argentina before it went belly up, Greece and Ireland have large primary deficits, which means that even without paying inter est on their debt they still spend more than they col lect in taxes. The deficit is about 10 per cent of GDP in each case. So abandoning their debt obligations would not eliminate the need for cash, which would become all the more acute because their default would deny them access to international debt markets. The authors also take on what they call the "soak-therich argument. In the case of Argentina and Russia, for example, the debtors were largely US. banks. In the euro zone, more than 2 trillion euros in sov ereign debt belonging to Greece, Ireland, Spain and Portugal is held largely by G erman, French and British b anks and, in the case of G reece, local banks and pension funds. S o the investor pain would b e felt throughout Europe and could well ignite a systemic panic as banks across the Continent suddenly found themselves with big losses. Here in Ireland, people a re doubtful that default is t he answer. ''Ireland is in the business of paying back its debts,"P rime Minister Brian C owen said as he cam paigned on tiny Arranmore Island off Ireland's north coast this weekend. C M Y K C M Y K T HE TRIBUNE FRIDAY, NOVEMBER 26, 2010, PAGE 11B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM THE COLLEGE OF THE BAHAMASVisit our website at www.cob.edu.bsNOTICE PREQUALIFICATION OF CONTRACTORS FOR THE CONSTRUCTION OF THE COLLEGE OF THE BAHAMAS SMALL ISLAND SUSTAINABILITY FACILITY GLADSTONE ROAD, NASSAU, BAHAMASThe College of the Bahamas is seeking applications of interest from contractors for the proposed GTR Campbell Small Island Sustainability Facility on Gladstone Road. Total Square Footage of the facility is 15,245. The facility will consists of 3 Main Buildings, 2 of Single storey construction and one of 2 storey construction. The proposed facility will be LEED certified. The project will include associated parking and site improvements. Interested Contractors can collect Pre-Qualification Documents from the Offices of Bruce LaFleur & Associates at2 Nassau Court, P .O. Box F.H. 14-435 Nassau, Bahamas T el: 1 (242 F ax: 1 (242 325-7963 E: info@bla-arch.com. Documents areto be submitted by 5:00 pm on Friday 10th D ecember. BUSINESS REVIEW Should bondholders go to barbers shop? S INN FEIN SUPPORTERS p rotest outside Irish government buildings, in Dublin, Ireland, Wednesday. The Irish government has unveiled a range of tough austerity measures designed to help solve the country's debt crisis, among the spending cuts and tax rises are a reduction in the minimum wage, a new property tax and thousands of public sector job cuts. (AP I RISHPROTESTS A TAXI DRIVER protests as he drives past the offices of the Irish P rime Minister Brian Cowen, Dublin, Ireland, Wednesday. (AP G ERMAN CHANCELLOR Angela Merkel (AP

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By KEN THOMAS A ssociated Press WASHINGTON (AP P laying defence on the US e conomy, President Barack Obama may have found a potent "I told you so" argum ent in the rescue of Gen eral Motors. But will he get any credit for it? O bama visited a Chrysler auto plant in Kokomo, Indiana, on Tuesday with vice-president Joe Biden, reprising similar trips he m ade last summer to GM, Ford and Chrysler plants in M ichigan and Illinois. His stewardship of the auto bailout begun under Pres-i dent George W. Bush in t he waning days of his term could weigh heavily on the minds of voterst hroughout the industrial Midwest. Obama picked up key electoral votes there in 2 008 but recently watched s tates such as Michigan and Ohio elect Republican governors and members of C ongress. General Motors launched one of the largest initialp ublic offerings in US hist ory last week, more than a year after it was pushed into bankruptcy by the Obama administration at a taxpayer cost of about $50 billion. The rescue of GMa nd Chrysler was roundly criticised by many Republicans and conservative tea party candidates who saidt he government should not have intervened to save the c armakers. Does anyone really b elieve that politicians and b ureaucrats in Washington can successfully steer a multinational corporation t o economic viability?" asked House Republican Leader John Boehner whenG M filed for bankruptcy in J une 2009. Debate GM might prove Mr Boehner wrong, giving Obama a stronger hand int he debate over how the government handled the auto meltdown. The bailout s till remains unpopular with many Americans and the futures of GM andC hrysler are far from certain but GM's return to the New York Stock Exchange and an expecteds tock offering from Chrysler in 2011 could give Democrats a vivid example of economic recovery. "The critics said this would never work. But the critics were wrong," saidA ustan Goolsbee, Obama's top economist, in a video released last week by theW hite House. Ron Bloom, one of the leaders of thea uto task force, said in an i nterview that the rescue a verted "a swath of economic devastation that would have remained as as car on our nation for a long, long time if the pres ident had not done what he did. G M, which posted three straight profitable quarters before the stock offering, h as buffed up the auto bailout's exterior in several ways: The government's ownership stake is expected to decline from nearly 61 per cent to about 33 per cent ( once all shares are sold by investment banks underwriting the deal). The shift t o a minority stakeholder role helps bolster Obama's case that he's not interested in running car compa n ies. The government could collect about $13.6 billion from the sale. GM had previously paid back $9.5 bil-l ion, so taxpayers will have received nearly half of what they provided to the company. GM received $13.4 b illion from the outgoing Bush administration and $36.1 billion from Obama's W hite House. The Center for Automotive Research, an Ann Arbor, Michigan, firm that r eceives funding from automakers, reported last week that the auto bailoutss aved 1.1 million jobs in 2009. It estimated the Trea sury Department avoided l osing billions in pension fund receipts and personal income taxes. The report supports Obama's argu m ent that allowing the companies to liquidate would have devastated the economy; since the bank ruptcies, automakers have added more than 77,000 jobs. Process "Nobody could have seen t hings playing out quite as nicely as they did," said J eremy Anwyl, chief executive of Edmunds.com, an automotive website. "There's lots to quibble about but when you step back and look at it overall, you have to say the task force, the bailout, the bankruptcies, that whole process has played out pretty well." Plenty of questions remain, however. Obama, discussing the GM IPO last week, said taxpayers were "now positioned to recover more than my administration invested in GM. The operative term is "my administration." For taxpayers to recoup all $50 billion of their GM investment the total amount given under both the administrations the Treasury Department would need to sell its remaining 500 million shares at about $53 a share. GM was trading at more than $34 per share on Monday. If the stock stayed in that range next year and the government sold its shares at that price, the proceeds would exceed the amount that the Obama administration sank into the auto giant. Some of the tensions over the bailouts still sim mer. Many car dealers protested efforts by GM and Chrysler to shutter dealerships and accused the auto task force of meddling in the closures, a charge the Treasury Department denies. Some conservatives saw it as a sellout to the United Auto Workers union, and bondholders and shareholders complained that the bankruptcy wiped out most of their investments. C M Y K C M Y K PAGE 12B, FRIDAY, NOVEMBER 26, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 38%/,&+263,7$/6$87+25,7< $'9(57,6(0(17 $&$1&,(6 (0(5*(1&<(',&$/(&+1,&,$1(07f%$6,& 7KH3XEOLF+RVSLWDOV$XWKRULW\LQYLWHVVXLWDEO\TXDOLHGLQGLYLGXDOV IRUWKHSRVW(PHUJHQF\0HGLFDO7HFKQLFLDQ%DVLF1DWLRQDO (PHUJHQF\HGLFDOHUYLFHVXEOLF+RVSLWDOV$XWKRULW\ $SSOLFDQWVPXVWSRVVHVVWKHIROORZLQJTXDOLFDWLRQV $ PLQLPXPRIWZRfVXEMHFWVDWWKH%*&(OHYHODW JUDGH&RUDERYH &HUWLFDWLRQDVDQ(PHUJHQF\HGLFDO7HFKQLFLDQ%DVLF ZLWKWKUHHf\HDUVUHOHYDQWH[SHULHQFH 0XVWKDYHH[FHOOHQW,QWHUSHUVRQDOVNLOOV /,&(16(&(57,),&$7,21 5HJLVWHUHGDQGOLFHQVHGZLWKWKH+HDOWKURIHVVLRQ &RXQFLO -2%$5< URYLGHVEDVLFOLIHVXSSRUWWRSDWLHQWVZKRUHTXLUHHPHUJHQF\ PHGLFDODVVLVWDQFHHFXUHVVFHQHDQGPDLQWDLQVVDIHW\ '87,(6,1&/8'('%87$5(/,0,7(' HVSRQGVLPPHGLDWHO\WRHPHUJHQF\FDOOV HFXUHVWKHVFHQHRIDQHPHUJHQF\VLWXDWLRQDQGPDLQWDLQV VDIHW\ HUIRUPVEDVLFOLIHVXSSRUWDQGRWKHUPHGLFDODVVLVWDQFHXQWLOWKH SDWLHQWDUULYHVDWWKHKRVSLWDO &RPSOHWHVUHTXLUHGUHSRUWVUHODWHGWRSDWLHQWFDUHDQGSURYLGHV HOHFWURQLFYHUEDODQGZULWWHQUHSRUWWRPHGLFDOVWDI &RPPXQLFDWHVZLWKKRVSLWDOVDQGGLVSDWFKFHQWHUXVLQJYDULRXV UDGLRWHOHSKRQHHTXLSPHQWV (QVXUHVWKDWDOOHPHUJHQF\HTXLSPHQWDUHLQWKHDPEXODQFHDWDOO WLPHV UHSDUHVDQGVXEPLWVDQLQYHQWRU\RIVXSSOLHVDWWKHHQGRIHDFK VKLIW /HWWHUVRI$SSOLFDWLRQUHVXPHDQGGRFXPHQWDU\HYLGHQFHRI TXDOLFDWLRQVFOHDQ3ROLFH5HFRUGDQGWKUHHUHIHUHQFHVVKRXOG EHVXEPLWWHGQRODWHUWKDQ7XHVGD\ WK1RYHPEHU WR WKH+XPDQ5HVRXUFHV'LUHFWRU3XEOLF+RVSLWDOV$XWKRULW\3%R[ RU&RUSRUDWH2IFH%XLOGLQJUGt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uto bailouts drive Obamas recovery IN THIS July 30, 2010 file photo, President Barack Obama, accompanied by Assembly Manager Teri Quigley, gets behind the wheel of the new Chevy Volt, during his tour of the General Motors Auto Plant in Hamtramck, Mich. Playing defense on the economy, President Barack Obama may have found a potent "I told you so" argument in the rescue of General Motors. But will he get any credit for it? (AP INTHEDRIVINGSEAT? PRESIDENT BARACK OBAMA and Vice President Joe Biden focus on the recovery of the U.S. auto industry as they tour Chrysler'sI ndiana Transmission Plant II in Kokomo, Ind., Tuesday. (AP But move still unpopular with many Americans

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OPINION SOL KERZNERis right. The man who put the B ahamas back on the tourist m ap has every reason to be c oncerned about the wider consequences the $2.6 bil-l ion Baha Mar project might have for the market if it is n ot handled and managed c orrectly. Fear of competit ion does not come into it, but why did he wait until the1 1th hour to voice his conc erns? We wish them luck, was how George Markantonis, Kerzner International (Bahamas managing director, respond ed to press conference quest ions on the Atlantis owne rs view of Baha Mar. With r espect to Mr Markantonis, T ribune Business had to stif le a smile at the time, b ecause it knew Kerzners position had not changed since Paul ONeill effective-ly blew the gaffe at a Bahamas Chamber of Commerce luncheon to admit the companys concerns over w hat was proposed for Cable Beach. Yet these concerns have since been shielde d from public view until the p ast week. Loan W hy did Mr Kerzner and his executives take so long? Probably because they and others, who possibly includ-e d the Prime Minister, neve r thought Baha Mar would get the financing in the firstp lace, nor resolve the $200 m illion Scotiabank loan issue. While the 11th hour press release, timed to coincide with the debate on theC hinese work permits, was a smart move, followed by veiled warnings of Paradise Island job losses and no Phase IV, this time Kerzner appears to have left it too late. F or Mr Ingraham has a lready come back from B eijing a conquering hero, presenting an agreement to the Bahamian public thatw as touted as being better than the PLPs original Heads of Agreement. No matter that the terms of the d eal with China were proba bly largely worked out before he left, there is no w ay that Mr Ingraham can r everse course now without s ome serious egg being left on his face. T he bit about the opening o f Baha Mars four new hotels opening in phases was p robably an attempt by Mr Ingraham to assuage Kerzners fears. The devil, though,r emains in the details as to exactly how this will happ en. And it is here that Mr Kerzners concerns resonate m ost strongly. The alleged b reach of his Most Favoured Nation clause c an probably be resolved through negotiation with the Government, and a bumper deal on his next Bahamian investment. He is also bango n with his comments on the Chinese involvement, pointi ng out that this is not simply a pure loan/construction contract for them, but morea play to put their huge foreign currency reserves and unemployed/underem ployed construction worke rs to work. There are no f ree lunches in this world. Yet can the Bahamian h otel industry and tourism m arket absorb the 2,0003,000 new rooms that Baha Mar plans to construct? If brought on all at once, Tri-b une Business would say no, at least not until the demand is proven to be there. This is why Kerzner expanded Atlantis in phases, each step of the way being confident that it would not be left holding the bag of empty inventory and forced to layoff workers. Can the Bahamas absorb t wo mega-resorts? Maybe, and maybe not. Will Baha Mar and Atlantis, going head-to-head, cannibalise t he market for high-end, luxu ry visitors, leaving each with a smaller piece of the p ie rather than an expanded p ie? Dont know. Will this r esult in a race to the bottom when it comes to roomr ates, due to an oversupply o f Bahamian hotel rooms? Could be. Competition W ill the competition r esult in neither property b eing able to employ 8,000 B ahamian workers? Perh aps. There you have it. Baha Mar is a journey into a brave new world. Whether you think it will grow or split the Bahamian tourism market may depend on which cons ultancy study you read. Should we protect the goose that laid the golden egg that is Atlantis or, as the Bahamas Chamber of Commerces president said, f ocus on the upside, not always the potential downside risks? Hindsights wonderful, but we do not have the luxury of possessing it. Yes, the Bahamas could become the Las Vegas of the Caribbean, but Tribune B usiness remains troubled b y the seeming lack of produ ct differentiation between B aha Mar and Atlantis. The f ormer appears to be mirr oring the latters waterbased theme park attractions and going for the samea menities, although this newspaper was previously told that Baha Mar was targeting the casino and childless couples/singles market, as opposed to Atlantiss families. T he positive thing is that B aha Mar will be built. The C hinese will ensure that happens, and that it does notb ecome a white elephant. M r Ingraham is right in that the crucial period will be post-construction. It will be fascinating to watch and, lets hope, bring long-lasting economic and social benefits to the Bahamian peop le. Baha Mar brings brave new world C M Y K C M Y K T HE TRIBUNE FRIDAY, NOVEMBER 26, 2010, PAGE 13B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM BUSINESS REVIEW Union, and decided to run a grass-roots campaign in the 2009 Republican primary against the official party candidate, the Kentucky Secretary of State. He won, and went on to defeat his Democratic opponent in 2010 and became probably the lead ing Tea Party spokesman in the new Senate, while sitting as a Republican. If outsider Rand Paul could do it in Kentucky, why not, say, the articulate Dr John Rodgers in his home con stituency in Nassau? He could choose the FNM, or probably the PLP, which seems more open to renegade candidates. If elected to the House of Assembly, the platform of a committed Tea Partier would hit the obvious, though long-evaded, high points: speed up the endlessly delayed privatisation process. Put not only BTC on the block, but BEC, Water & Sewerage, ZNS, Bahamasair, Paradise Island Bridge Author ity, and any other public companies. Dont agonise about get ting the best price: Just Do It, as Nike would say. The elimination of Government subsidies would soon compensate for any pricing shortfalls. Establish and enforce the principle that merit, not longevity, will govern retention and promotion of public employees, including teachers and resist the howls of complaint. Compel efficiency, by dismissal if necessary, in the myriad places where taxes and fees are collected, and often lost. Elim inate non-essential activities why do we need a Prices Commission to control prices? Or a business licensing department? Specialised financial or health-related enterprises can be regulated by existing agencies that have the know-how. Other businesses need not be licensed, simply registered and charged a tax (not a hypocritical fee These are just starting points for an imaginative Tea Parti er. Not all of these proposals could be accomplished at once, perhaps some never. But they would provide the basis for shifting away from reliance on the welfare state and towards individual responsibility, which is the bedrock Tea Party principle. While not endorsing all the extreme Tea Party positions, which would virtually abolish government, or its vitriolic attacks on President Obama, I do believe that adopting its spirit would invigorate our political and economic thinking. KERZNERCONCERNS S OL KERZNER INATLANTIS: T he Kerzner CEO has every reason to be concerned about the wider consequences the $2.6 billion Baha Mar project might have. THEALANTIS ROYALTOWERS: Can the Bahamas absorb two mega-resorts? FROM page 14B TEA PARTY SHOWS W A Y T O INVIGORA TE THE BAHAMAS

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C M Y K C M Y K PAGE 14B, FRIDAY, NOVEMBER 26, 2010 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM BUSINESS REVIEW By RICHARD C OULSON During the recent US Congressional elections, when the Republicans threw o ut the Democrats f rom the majority p osition in the House of Representatives, much of the talk was not about the Republican Par-t y or the Democrati c Party but about the Tea Party. This was unprecedented, for the Tea Party is not a political party at all in the traditional sense, but simply the name taken from the famous 1773 heaving ofc rates of tea into Boston harb our by colonists enraged at n ew taxes imposed from distant London. It ran no cand idates under its own name; it had no official leaders, no staff, no headquarters, no s tructure, no budget. It took s hape simply as an amorphous group of politicians (often brand new to the g ame), pundits and followers around the country who shared some by no meansa ll political and philosophi cal views and promoted them vigorously. The main spokesman was the irrepressible Sarah Palin, who was a candidate for nothing, except probably for electiona s president in 2012. Yet this unpromising agglomeration had enormous influence, far more than any official Third Parties, which have had little s uccess in American politics. T he most significant, Ross Perots creation, won 19 per cent of the popular vote in1 992, less in 1996, and then v anished from the scene, although its aging founder still lives. T he Tea Partiers followed a different strategy: they attached themselves like leeches to the existing Republican Party and forced it to change its spots. They ran tirelessly in Republican primaries in state after state, and usually won, often to the discomfiture of party bosses backing more conventional candidates. Their individual success was mixed: in Ken tucky, the attractive Rand Paul went on to defeat his Democratic Senatorial opponent; in Nevada, newcomer Sharron Angle gave a strong challenge to Senate Democratic leader Harry Reid, while in Delaware the eccen tric Republican Tea Partier, Christine ODonnell, lost decisively. In general, the victorious Republican candidates for the House, the Senate or Governorships were those who followed Tea Party principles. Amid the welter of ideas put forwards, sever al strong common threads emerged. Keep government out of our hair! Private enterprise knows best! End deficit spending! Run a balanced budget! Dont bail out big companies or banks! These axioms were not new; they had been the battle cry of far-right conservatives for over a century. Why did they suddenly gain traction with wide swathes of angry bluecollar voters and middleclass housewives, not simply rich Wall Streeters, captains of industry and a few egghead economists? Clearly, it was not just the recession, the worst since the 1930s, when the nation went solidly Democratic. Although the problem was inherited, not created, by Barack Obama, the voters saw, rightly or wrongly, his solutions as inept andm isguided. US u nemployment r emains stubbornly close to 10 per cent, and mortgage foreclosures increased as billions of federal stimulus funds h ad no visible impact except to balloon the deficit and the national debt. Meanwhile, Mr Obama tried to impose barely understood health-c are legislation and other reforms that appeared close to socialism the fw ord in American politics. We in the Bahamas, so dependent on the US econ-o my, are in much the same b oat. The question is: what will be the political reaction as we approach the 2012e lection? Will voters trust Hubert Ingrahams FNM to lead the country out of reces s ion, or turn the job over to Perry Christies PLP? We already know that Mr Ingraham has increased the public d ebt and the Government deficit while imposing new taxes and fees tough but necessary steps, he claims. While the PLP naturally snipes at these measures, itsn ot clear that their approach would be much different if they came to power. F or it is part of the ele mental, in-grained thinking of both parties to rely on statist solutions for the national welfare. Indeed, with laudable exceptions, the Bahamian public itself relieso n Government, not the private sector, to ensure wealth and security as seen by the view of public employment as a life-time sinecure. But in this recession, we may be seeing a slow ground-swell of opinion that opposes the traditional assumptions. It is by no means certain, but there may be a growing body of citizens who feel like the Tea Partiers in the US that we cannot continue with business as usual. But any such movement cannot go far without vigor ous spokesmen. How are they to be found, and how are they to gain any political clout? At present, the only vocal Tea Party force is the well-meaning but spe cialised think-tank, the Nassau Institute, whose mem bers do not aspire to any elective position and are largely ignored by the leaders of the FNM and PLP. As in the US, the founding of an effective third party here seems a lost cause. Serious promoters of Tea Party prin ciples will have to insert themselves into one of our two main parties and bore from within. Our parties do not hold formal primaries, but any determined resident can work hard to become known to the voters within a constituency, and be selected by the con stituency assembly for for mal recommendation to the partys candidate selection committee. The task will not be easy and will be subject to plenty of competition from more established names. That is similar to the course followed by newlyelected Senator Rand Paul in Kentucky. A successful career ophthalmologist, he became well known as head of the Kentucky Taxpayers TEA PARTY SHOWS WAY TO INVIGORATE BAHAMAS O PINION RICHARD COULSON THEIRREPRESSIBLE Sarah Palin SEE page 13B OPINION ODD FELLA, that King Canute. You know, the legendary king who, just to show his subjects he was not allpowerful, took everyone for a trip to the beach to show them that he could not hold back the tide. Tribune Business recites this fable because it is reminded of the Bahamas own King Canute, PLP chairman, Bradley Roberts, the King Canute of Bahamian telecommunications, who as minister of works and utilities between 2003-2007 (and ever since seemed to be engaged in a one-man crusade (assisted ably by Leon Williams) to hold back the tide of industry liberalisation, even though it had washed over most global s hores with the exception of the Bahamas. His recent pronouncements on the FNM governments plans to sell a 51 per cent stake in the Bahamas Telecommu nications Company (BTC Cable & Wireless provided further evidence of the d inosaur-like approach some who aspire to high office take towards the communications industry, an incredibly dynamic, technology-driven sector that has left them in its wake. Much was made (in some quarters) of the lack of media coverage given to Mr Roberts N ovember 10 address. Yet Tribune Business could almost have scripted the main themes in advance: Bash Hubert Ingraham and the FNM government; Bash Cable & Wireless (LIME ers (no doubt your writer, too,w ill be bashed as a foreign interloper); Play to the deep-rooted nationalist streak in many Bahamians (an admirable quality most of the time) by suggesting BTC should remain under 100 per cent Bahamian ownership and control; Pander to the two BTC unions for political gain; Take personal credit for every ray of sunlight coming from BTCs backside while he was the minister responsible. In the interests of disclos ure, Tribune Business must point out that an affiliate has a minority stake in a BTC competitor. Yet Mr Roberts address, in common with many politicians, was notable more for what it did not say than what it did say. For he omitted two key terms: Competition a nd cellular monopoly. While the Government stands accused of giving away at a fire sale price the Crown Jewel of the Caribbean, as Mr Roberts called BTC, this description bears closer scrutiny. True, BTC is one of the few government-owned agencies to turn a consistent, multim illion dollar profit, and Messrs Roberts and Williams have frequently sought to take the plaudits for this during their years in charge as minister and chief executive respectively. Yet what they inevitably ignore, and never remind the B ahamian people, is that m ore than two-thirds of BTCs revenues come from its cellular monopoly Yes, thats right, monopoly. BTC has no competition in this area, meaning that it can mine the gold in the pockets of more than 300,000 Bahamian consumers, who h ave no choice and are forced to put up with whatever prices and service quality the monopoly charges. It is therefore quite easy for BTC to make a profit, given the absence of competition (yes, that other key word omitted by Mr Roberts), on the backs of the Bahamian people. Mr Ingraham got it spot on the other day when, responding to claims that a $220 million price for a 51 per cent stake in BTC representeda fire sale price, pointed out that the opening up of the market to competition from the likes of Cable Bahamas, Digicel et al would immediately cut into the companys revenues and profit streams. In other words, it is impossible for BTC to be as profitable ina liberalised market. There are many other issues one could pick on from Mr Roberts address: He cited that 50 per cent of BTC was worth $325 million; does that mean the $260 million that the PLP proposed selling a 49 per cent stake to Bluewater for was a fire sale price? True, the status quo of 100 per cent Bahamian ownership and control could be maintained. But while this is a laudable aim, BTCs interests and ability to compete going for ward in a brave new world are likely to be better served by being part of a major telecoms operator, since this would give it access to the latest technology at the best possible prices. Hopefully, the assertions by the Prime Minister and BTC privatisation committee that Cable & Wireless has changed are true, and that Bahamians will continue to play a key role in its management, holding the majority of executive posts. There seems a good chance this may happen, given that Cable & Wirelesss manage ment team in Panama, for instance, is 100 per cent Pana manian. The Government should also seek to sell down a sig nificant portion of its remaining 49 per cent stake in BTC (perhaps half this amount quickly as possible. Again, noises on this are encouraging, suggesting it might happen in 18-24 months. Opportunities to create wealth for Bahamians, and make them owners of their own economic assets, should not be passed up, and Tribune Business hopes that besides BTC management and staff, a portion of such an offering is reserved for middle class and ordinary Bahamians (not just the institutions). The time is long past for BTC to be privatised. The cost to the economy and Bahamian consumers from this protracted effort has been incalculable. While Mr Ingraham at least admitted that his failure to privatise BTC was one of the biggest knocks against his first 10 years in office, no such sentiment was heard from Mr Christie. As one investment banker told Tribune Business in 2003: Theyre (the PLP sionate believers in it (privati sation). If so, they need to wake up and smell the coffee. Govern ment needs to get out of busi-n ess, and the Bahamas is late catching the train, with a huge amount of commerce left in public sector hands. Just why the Bahamas needs to get on the outsourcing bandwagon was highlighted by KPMG (Bahamas Townend earlier this week,w hen he identified some $2.3 billion in infrastructure needs that this country needs to urgently address. This sum, he said, was more than a years revenue for the Government, and 10 times the capital expenditure budget for 2010-2011, which came in at $228 million, meaning that it would take 10 rather than five years to fund all of these areas based on the Governments current capacity. Lets hope the fiscal deficit and national debt dynamics prod the Government to make the hard but necessary choices: Eschew big government, and finally get the hell out of business! No holding back the telecoms tide &20021:($/ ,1+((0(&2857 &20021/$ %(7:((1 %$1.)+(%$+$0$6/,0,7(' 3ODLQWLII $1' //2<',/721+(5/$1' 'HIHQGDQW 127,&($'-2851('+($5,1* 7$.(127,&( WKDWWKH2UGHUIRU([DPLQDWLRQ RQWKHWKGD\RI'HFHPEHUDQGVHW GRZQWREHKHDUGRQ7KXUVGD\WKHWKGD\RI0DUFK DWRFORFNLQWKHDIWHUQRRQZLOO QRZEHKHDUGEHIRUH 'HSXW\5HJLVWUDU0DULO\Q 0HHUHV RIWKH6XSUHPH&RXUW$QVEDFKHU%XLOGLQJ %DQN/DQH1DVVDX7KH%DKDPDVRQ 0RQGD\ WKH WKGD\RI -DQXDU\ $' DW RFORFNLQ WKHIRUHQRRQ 'DWHGWKLVWKGD\RIHSWHPEHU 5(*,675$5 7KLV1RWLFHZDVWDNHQRXW0HVVUV*LEVRQ 5LJE\&KDPEHUV.,DOH[+RXVH 'RZGHVZHOO6WUHHW1DVVDX7KH%DKDPDV $WWRUQH\VIRUWKHODLQWLI PLPCHAIRMAN Bradley Roberts SENATE WIN: Rand Paul

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By ALISON LOWE Tribune Business Reporter SANDALSchief executive Adam Stewart respond-ed to claims the all-inclusive r esort may not be the right f it for Exuma, releasing a slew of figures representing t he impact that the re-opening of the former Four Seasons Emerald Bay hotel hashad including a "whop p ing" 83 per cent arrivals i ncrease since last year. A s evidence of the company's commitment to the r esort and, by extension, Exuma, he said Sandals will b e devoting 30 per cent of its entire promotional budget (despite having 21 otherh otels worldwide) on marketing Sandals Emerald Bay. And he touted Sandals' role in arranging the arrival of the first jet service to Exuma (or the Bahamas for t hat matter), which began i n mid-November and is o perated by American Airlines. P rime Minister Hubert I ngraham told Exumians "not to look a gift horse in the mouth" as far as San dals was concerned. Meanwhile, Mr Stewart revealed Sandals expects to have to expand the proper-t y to generate a return on our investment. Mr Ingra ham went on to confirm Tribune Business reports thatt he Jamaican-owned resort operator is interested in purchasing the Grand Isle Villas Resort near theE merald Bay property. One of the countrys major new entrants to thef ood retail sector a nnounced plans to expand its operations. Phil Lightbourn, owner of Phils Food Services, willi nvest $2.5 million come early 2011, creating an estimated 50 new jobs andg rowing his produce section, i n particular. Mr Lightbourn denounced claims that he is able to keep prices low through customs duty eva sion or affiliation with Craig Flowers FML Group, say ing he is a man on a mis-s ion with a vision to feed the Bahamas. When the Bahamas was revealed on November 8 to have fallen six places in an annual World Bank/International Finance Corporation (IFC ease of doing business globally, president of the Bahamas Chamber of Com merce, Khaalis Rolle, warned that this countrys slippage could turn off i nvestors in an increasingly c ompetitive foreign direct i nvestment market. Receiving a ranking overall of 77 out of 183 nations assessed, the Bahamas fell i n every category among t hem starting a business, d ealing with construction permits and registeringp roperty apart from the e nforcement of contracts. M inister of State for Finance, Zhivargo Laing, s aid that rather than it becoming more difficult to do business in the Bahamas,t he slippage may be more due to reforms in other c ountries making it easier there. He expects reforms taken by the Government t o speed up business in the B ahamas, with changes in a reas such as the Business License Act to be reflectedn ext year. But he added the g overnment is not list watching. The Institute of Bahamian Architects released a report on November 24, though, which said the delays in obtaining cons truction permits the B ahamas ranked a particularly low 107 out of 183 in t his area are costing the B ahamian economy millions of dollars and jobs. Inspired by ultra-efficient Singapores gains in this field, Zhivargo Laing, Minister of State for Finance, announced on November 9 that the Government will launch its first e-government portal in July 2011, allow ing those living in the Bahamas to begin applying for and paying for a number of key government services including business license f ees online. T he move will mark a sign ificant step towards a "fundamental" shift in "the culture of doing business in the Bahamas and providing p ublic services in our n ation, suggested Mr L aing, forecasting that this is just the beginning of whati s to come, following recent c onsultations with the Sing aporean governments information technology a rm, IDA International. Compromises On November 14, Prime Minister Hubert Ingraham confirmed what well-placed T ribune Business sources h ad told this newspaper on N ovember 1 that he was a ble to negotiate comprom ises with the Chinese on B aha Mar during a trip to China to meet with representatives of Baha Mar financiers, the China Export-Import Bank, and the general contractor, Chi na State Construction andE ngineering company. He announced that an extra $200 million in fundi ng from the China Ex-Im B ank would go to Bahami a n contractors, creating thousands of extra jobs for Bahamians. T his prompted Bahamas Contractors Association president, Stephen Wrinkle,t o express his elation at the news, along with a call for the Government to pass and implement the Con t ractors Bill, which would h elp Bahamian contractors gain the recognition they m ay need to win the cont racts. T elecoms industry sources confirmed in midNovember just how closet he Government is to signing a memorandum of understanding with Cable& Wireless (LIME a $220 million, 51 per cent stake in the Bahamas Telecommunications Comp any (BTC v atising the state-owned i ncumbent. Prime Minister Hubert I ngraham suggested a subs tantial roadblock in the negotiations, however, were plans by LIME to fire 30 per cent of BTCs workers upon privatisation. Highlighting the extent of the challenges being f aced by a significant proportion of businesses, Tri bune Business revealed on N ovember 17 that over 18 p er cent of all bank credit extended to the private sector was non-performing as of September 30, 2010, as ituation one senior banking executive described as horrendous. The value of loans to Bahamas-based b usinesses in this predicam ent amounted to $188 m illion. On the same day, Central Bank of the Bahamas Gov e rnor Wendy Craigg told the Bahamas Institute of Chartered Accountants conference that the national debt reached 55 per cent of gross domestic product by the end of September 2 010. Favourable S he said the Bahamas debt-to-GDP ratio was still favourable compared with i ts Caribbean counterparts and not critical, adding t hat the International Monetary Fund deems a ratio of over 50 per cent something you want to watch very closely. M rs Craigg also announced that the Bahamas could see a cred it bureau established "withi n 18 to 24 months." Starting costs were likely to be a round $2 million, said Mrs Craigg, adding that the f acility would mean "a h uge change" for Bahami a n borrowers who had been "less than forthright" about their credit histories, ands hould help reduce the rate of loan delinquency or defaults. Kerzner International chairman Sol Kerzner accused the Government of violating the companys a greement with the compan y by giving "more f avourable" terms to Baha Mar, specifically as it relatest o the much higher foreign t o Bahamian labour ratio that is set to be involved. He suggested 8,000 jobs at Atlantis could be at stake if Baha Mar was approved in its current form, and said Phase IV of Atlantis would n ot go ahead if Baha Mar does. Former Bahamas Chamb er of Commerce president, D ionisio D'Aguilar, sug gested Mr Kerzner is playing a "high stakes poker game. C M Y K C M Y K T HE TRIBUNE FRIDAY, NOVEMBER 26, 2010, PAGE 15B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.261.00AML Foods Limited1.011.010.000.1500.0406.73.96% 10.759.67Bahamas Property Fund10.6310.630.006700.0130.200817.71.88% 6.184.50Bank of Bahamas4.904.900.000.5980.2608.25.31% 0.580.18Benchmark0.180.180.00-0.8770.000N/M0.00% 3.492.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.152.14Fidelity Bank2.172.170.000.0160.040135.61.84% 12.509.62Cable Bahamas10.4610.460.001.0500.31010.02.96% 2.842.36Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.40Commonwealth Bank (S1 6.856.850.0050,0000.4220.26016.23.80% 3.651.63Consolidated Water BDRs1.851.850.000.1110.04516.72.43% 2.551.60Doctor's Hospital1.601.600.005000.1990.1108.06.88% 6.995.94Famguard6.076.070.00-0.0030.240N/M3.95% 10.207.26Finco7.267.260.000.2870.52025.37.16% 11.408.77FirstCaribbean Bank9.399.390.000.6450.35014.63.73% 5.513.75Focol (S 5.465.460.000.3660.21014.93.85% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 5.595.00ICD Utilities5.595.590.000.0120.240465.84.29% 10.509.82J. S. Johnson9.829.820.000.9710.64010.16.52% 10.0010.00Premier Real Estate10.0010.000.000.9910.80010.18.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk Hi 52wk Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%3 0 May 2013 20 November 2029T HURSDAY, 25 NOVEMBER 2010B ISX ALL SHARE INDEX: CLOSE 1,483.20 | CHG 0.00 | %CHG 0.00 | YTD -82.18 | YTD % -5.25BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 1 9 October 2017 7 %RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)29 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-23201 9 October 2022 Prime + 1.75% P rime + 1.75% 6.95%B ISX LISTED & TRADED SECURITIES AS OF:7 % Interest 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 = 1,000.00 YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeks Bid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week Change Change in closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded today NAV Net Asset Value DIV $ Dividends per share paid in the last 12 months N/M Not Meaningful P/E Closing price divided by the last 12 month earnings FINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200731-Oct-10 31-Oct-10 107.570619 105.776543 30-Jun-10 31-Oct-10 NAV 6MTH 1.467397 2.911577 1.530224TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752531-Oct-10 30-Sep-10 30-Sep-10 12-Nov-10 31-Aug-10MARKET TERMS31-Oct-10 30-Sep-10CFAL Securities Ltd. (Over-The-Counter Securities)31-Oct-10BISX Listed Mutual FundsNAV Date 31-Oct-10 31-Oct-10 .(7/(59(51,6(RI35,1&( &+$5/(6'5,9(=,5&21,$&28571$66$8 %$+$0$6 5(6,$-26(3+(8*(1( RI0DUVK+DUERXU$EDFR1DVVDX%DKDPDV3%R[ 67(5/,1(6(5$3+,1 RI%$&$5',52$' 127,&( &$05<+2/',1*6/,0,7(' 3XUVXDQWWRWKH3URYLVLRQVRI6HFWLRQRIWKH ,QWHUQDWLRQDO%XVLQHVV&RPSDQLHV$FWQRWLFH LVKHUHE\JLYHQWKDWWKHDERYHQDPHG&RPSDQ\KDV EHHQGLVVROYHGDQGVWUXFNRIWKH5HJLVWHUSXUVXDQW WR&HUWLILFDWHRI'LVVROXWLRQLVVXHGWKH5HJLVWUDU *HQHUDORQWKH UG GD\RIRYHPEHU /<1'(1$<&2&. /LTXLGDWRU RI &$05<+2/',1*6/,0,7(' BUSINESS REVIEW Month in Review Business Review recaps the events making headlines over the past month PRIME MINISTER Hubert Ingraham, Central Bank of the Bahamas Governor Wendy Craigg and Kerzner International chairman Sol Kerzner M INISTER OF STATE FOR FINANCE Zhivargo Laing

PAGE 20

F rom $54 million to $1. There can have been few more rapid descents in value, over a four-year period,t han what Bahamas Superm arkets and its 11-store City Markets chain suffered under the disastrous majority ownership of the BSL Holdings g roup. The saga, which has r esulted in the likely write-off of more than $40 million, will long feature in economics textb ooks as an example of how not to execute a successful acquisition. So what wentw rong? How did it go from turning a steady $6-$8 million annual profit, and regular dividends to shareholders, to annual losses that matched, and in one case exceeded, those profits? I t all looked so good to start with. The BSL Holdings consortium, put together byR oyalFidelity Merchant Bank & Trust, beat out the BK Foods group, headed, ironic ally, by City Markets new o wner, Mr Finlayson, and his attorney, Senator Jerome Fitzgerald, by trumping theiri nitial $50 million bid with a $54 million offer. Legal, advisory and closing fees took the ultimate spend by BSL Hold i ngs to around $56 million, and it was here that the prob l ems seemed to begin. Trib une Business will begin its analysis from here. 1 ) It is hard to escape the s uspicion that BSL Holdings massively overpaid for its 78 p er cent stake in City Mark ets. Entry price is key on any acquisition, since it will determine the subsequent rate of r eturn on investment. BSL Holdings and RoyalFidelitys valuation models,e valuating City Markets on a c ash flow basis and multiple of earnings, may have seemed secure at the time, but ultimately proved fatally flawed because they were acquiring a company that owned none ofi ts real estate. Its only real assets, apart from cash in the bank, were inventory and store equipment. Tribune Business recalls an early 2006 conversation with S upervalue president and o wner, Rupert Roberts Jnr, in which he confided to this newspaper that, yes, he hads ubmitted to bid to acquire City Markets when US grocery chain, Winn-Dixie, put it on the market, but he con s idered it a low ball offer designed to pick up the pieces if all others melted away. He f elt the rival supermarket chain was worth $35 million at t he top-end, almost $20 mill ion below BSL Holdings bid, precisely because it owned none of its real estate. I ndeed, the real winner at the time of the initial purchase was Winn-Dixie, whichw as laughing all the way to t he bank as a result of obtaining a price that enabled it to get out of Chapter 11 bankruptcy in the United States. BSL Holdings bankers, Royal Bank of Canada, which lent$ 24 million to finance the purchase, were soon far from laughing. 2) BSL Holdings underestimated the extent to which B ahamas Supermarkets was r eliant on Winn-Dixies head office in Jacksonville for almost everything fromp roducts and a significant number of brands sold instore, to back office IT and accounting systems. Theyl eft nothing, one BSL Hold ings insider said of Winn-Dixie, after the one-year Transi t ion Services Agreement with the supermarket chain was t erminated, of which more later. 3 ) BSL Holdings also underestimated the amount of investment that was r equired to upgrade City Mark ets 11 stores. The revamped, flagship Cable Beach store was finally opened under the n ew owners watch, but many outlets and the equipment in them needed serious revitali-s ation and replacements, City M arkets having in the past simply made money because it was there and Bahamianc onsumers had few alternatives apart from Supervalue and the neighbourhood foods tores. That would soon change. 4) Once the Transition Serv ices Agreement with WinnDixie was terminated, no marketing campaign indeed, n o effort of any kind was undertaken to explain to Bahamian consumers why theU S chains well-known b rands, which they had come to like, suddenly disappeared to be replaced with unknown p roducts favoured in the southern Caribbean. This development occurred p artly because BSL Holdings had chosen to entrust man agement of City Markets dail y operations to operating partner, Barbados Shipping& Trading, which had also invested $10 million in theW inn-Dixie buyout as an unsecured loan. It was, as the last chief exec utive under BSL Holdings ownership, Derek Winford, confirmed to Tribune Business earlier this year: A huge mistake. It also confirmed the doubts many Bahamians harboured at the time as to whether West Indians would understand the nuances of the Bahamian grocery market, and consumers fondness for US brands. 5) The decision to terminate the Transition Services Agreement with Winn-Dixie six months early, in order to save $500,000, without a replacement back office, IT and accounting system in place. Many insiders told Tribune Business this was the key event in setting the supermarket chain on the road to ruin, one describing the decision as: Penny wise, pound foolish. Anthony King, Bar bados Shipping & Tradings chief executive, defended the move to Tribune Business at the time, arguing that there was a substantial risk that Winn-Dixies legacy comput er system could be switched off suddenly, and that there was a high turnover of personnel in Jacksonville who operated it. Mr King described Bahamas Supermarkets as being deficient in IT systems prior to the 2006 acquisition by BSL Holdings, but he acknowledged that in the transition to new software and accounting systems, a lot of controls went by the wayside. A lot of things seemed to go by the wayside, Mr King conceded to Tribune Business on September 19, 2008. On a more optimistic note, he added: Theres no reason why the business, properlyr un and with proper cont rols stopping money going out the door cant make decent money. If only. S tephen Boyle, the companys then-chief executive, was more frank the same day over the systems and controls break down: This company completely broke down ine very area, and we have to put it back together. T hey never did, and are still struggling to, as evidenced by the almost $27 million in net losses incurred in the 20082 010 financial years. Recriminations and fingerpointing quickly followed. Management sources claimed they had warned the Board about the total breakdown that would result if the WinnDixie Transition Services Agreement was terminated without a replacement back office system being in place. The Board, for its part, alleged that it had been misled by managements inac curate financial reporting which masked the companys true financial position. Profit Speaking at the companys annual general meeting for 2007 (held some 15 months after year-end), and warning that City Markets could suffera $10 million loss for fiscal 2008 it actually ended up being more than $13 million chairman Basil Sands said that as recently as February 2008, the Board had been assured that the financials for year-end 2007 would show a $4.7 million profit. Far from it. City Markets 2007 financial year to endJune ultimately generated an $8 million-plus swing from the black into the red, with a $189,000 loss. During 2007, and for much of 2008, what did occur at City Markets was a breakdown in controls and procedures, par ticularly in the area of the recording of goods received, Mr Sands told stunned shareholders at that September 2008 annual general meeting (AGM In 2007, our gross margin eroded by some $5 million due to shrink and controlrelated issues. In the absence o f timely and accurate financial information, this situation was not remedied for 2008. T here was also, though, something of a mea culpa from Mr Sands, who acknowle dged that with hindsight, t he City Markets/Bahamas Supermarkets Board could have moved more rapidly and questioned management more aggressively, in addition to pushing operatingp artner, Barbados Shipping & Trading, for more resourcs and greater involvement in the Bahamian supermarketc hains affairs. Of course, the recrimina tions were not just confined t o a Board versus manage ment spat. One BSL Holdings member described Barbados Shipping & Tradings b ehaviour as akin to absen tee landlords, implying they were not fully and properly engaged in City Markets day-to-day operations to prevent the meltdown. Ownership Management changes b ecame the norm. In about five years, City Markets went through five different chief executives. After Bruce Soud er was removed by the former ownership, under BSL Holdings the post went from K en Burns, a Winn-Dixie holdover, to Stephen Boyle, Sunil Chatrani and, finally, Derek Winford, who was holding the reins when TransIsland Traders moved in to save the company. Such constant churn is never good for a company, especially one in such deep trouble. In fairness, Mr Chatrani, ably assisted by Evangeline Rahming, was able to stabilise Bahamas Supermarkets, sort ing out the back office chaos and putting systems in place. The net result was that the companys $13.429 million loss for 2008 was slashed by some 55 per cent to $6.069 million in fiscal 2009, still a long way short of profitability. By now, Neal & Massy had inherited the hot seat at City Markets, via its acquisi tion of Barbados Shipping & Trading. Preoccupied with closing that deal, it seemed as if the Trinidadian conglomerate took some time to come to terms with the nature and extent of its new Bahamian investments problems. Only in late 2009 did BSL Hold ings multi-million dollar refinancing of City Markets (and its Royal Bank credit facilities) close, and Neal & Massy take control of the majority shareholder. Mr Winford replaced Mr Chatrani, an accountant/troubleshooter by background, his retail experience seen as vital to winning back customers who, disappointed by lack of inventory and the products they wanted, had long deserted City Markets in droves. But it was too late. Neal & Massy, realising that City Markets had no assets to sell for cash, and that it would need a multi-million dollar capital injection to turn the company around (estimates C M Y K C M Y K TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Offer Period Nov 29 Dec 10 Invest in the countries expected to LEAD THE WORLD in growth over the next decade with TIGRS 4 LinkedtoEmergingMarkets,US, EuropeandFarEastIndices InvestB$butgetglobalexposure EMERGING MARKETS:the Worlds Fastest Growing Economies!$5MLIMITEDOFFERING BUSINESS REVIEW TEA PARTY SHOWS WAY TO INVIGORATE BAHAMAS SEEPAGE14B THETRIBUNEBUSINESS MONTHINREVIEW SEEPAGE15B PAGE16B FRIDAY, NOVEMBER26, 2010 From $54m to $1 Tribune Business kicks-off its Business Review section with ani nside, blow-by-blow account of h ow the once-proud City Markets f ood store chain was brought to its knees, and the prospects for a revival under new ownership S PARSESHELVES a t one of Nassaus City Markets stores. T im Clarke / Tribune staff RAPIDDESCENT SEE page 9B C ITY MARKETS NEW O WNER: Mark Finlayson




McCOMBO

OF THE DAY i'm tovin’ it

HIGH
LOW

~~ WARM

Volume: 107 No.5





SOF
71F

ey SUNNY AND



Mother, former
boyfriend jailed

By NATARIO McKENZIE
Tribune Staff Reporter
nmckenzie@tribunemedia.net

A MOTHER was jailed
for 15 years for her part in
the beating death of her 19-
month-old son.

Makeisha Brown, now the
mother of a five-month-old
girl, left the courtroom in
tears yesterday while family
members shouted words of
encouragement.

Leroy Rolle, her former
live-in boyfriend who inflict-
ed the injuries on the child,
was jailed for 25 years yes-
terday.

Brown, 25, and Rolle, 20,
were both convicted of
manslaughter in the death
of Levano Brown in mid-
September. The child had
reportedly suffered blunt
force trauma to the head
and abdomen, lacerations
to the head and bruises
about the body on March 7,
2007.

Evidence suggested that
the injuries were inflicted
by a belt and tennis shoe.

Brown and Rolle, of East
Street South, were acquit-
ted of murder but convicted
on the alternative charge of

manslaughter, reflecting the
jury’s view that while Rolle
was the one who actually
inflicted the injuries, Brown
had encouraged him by
doing nothing to stop him
or even seeking help for the
child.

In her ruling, Senior Jus-
tice Anita Allen said: “This
child was slaughtered in the
presence of, and with the
acquiescence of, his moth-
er. The brutality of this
crime and the callous disre-
gard shown for human life
are aggravating factors.”

The judge, in sentencing
Rolle, stated that she took
into account the fact he was
a young person at the time
of the offence with no pre-
vious convictions and
“appeared to show some
contrition immediately after
the event in seeking help for
the child; albeit it was too
late”.

In respect to Brown,
Senior Justice Allen said she
took into account Brown’s
age, previous good charac-
ter and the remorse she had
expressed on more than one
occasion.

SEE page eight

The Mailboat Company Lid. Says



. Lhe Inibune



LATEST NEWS ON WWW.TRIBUNE242.COM

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FRIDAY, NOVEMBER 26, 2010

BUSINESSREVIEVV

Baby killers
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STARTING ON PAGE 16B:

© CITY MARKETS: FROM $54M TO $1
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MOTHER DENIES
ENDANGERING HER
CHILDREN’S LIVES

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

THE mother who was
found in an apparent
attempt to burn her two
children alive has denied
endangering their lives,
according to police
sources.

The 26-year-old mother
of Fire Trail Road was
arrested on charges of
attempted murder and
attempted arson on
Wednesday morning after
police found her infant
child had been rescued
from a burning car, and

SEE page eight

BUOY MOM Ue M i aa alee ‘GOES LIVE" IN MG

By AVA TURNQUEST
Tribune Staff Reporter

aturnquest@tribunemedia.net

REVOLUTIONARY in its design,
construction and services ,
stage of the $409.5 million redevelop-
ment project at the Lynden Pindling
International Airport (LPIA) is expect-
ed to “go live” by March 2 next year.

DON'T MISS YOUR FREE
NEW MAGAZINE IN
TOMORROW'S TRIBUNE

DON’T forget to get your
copy of The Tribune tomor-
row for a FREE new and
exciting monthly magazine.

Body & More is our health
and well-being publication
which is a must-read for
every family.

The first of its kind in The
Bahamas, Body & More
gives you the top trends and
latest news in medicine, fit-
ness and nutrition.

It’s everything the health-
conscious family needs to
live better lives.



Tim Clarke/Tribune staff

Executives at the Nassau Airport
Development Company (NAD)
announced that travellers and visitors
could expect to enjoy innovative fea-
tures like grade separation for incoming
passengers, barrier-free access, and a
state-of-the-art pre-clearance baggage
system early next year.

Stewart Steeves, president and CEO
of NAD said: “We really believe this

the first

= (at ) pee

Body & More i is FREE in
your Tribune tomorrow.

And look out next week
for something new and excit-
ing for the younger members
of the family.

The Tribune is the peo-
ple’s paper, the biggest and
the best.

ABOVE: The aoe 5 millich redevelopment project at the Lynden
Pindling International Airport

LEFT: The press are given are a tour of the building.

will be a best in class airport for the
number of passengers that we handle.
It’s a US departures facility, and when
we compare to other US departure
facilities, we will have leading technol-
ogy like the ability to drop your bags
right at check-in — that exists in no oth-
er US pre-clearance facility anywhere

SEE page nine



WOMAN'S FORMER BOYFRIEND
CHARGED WITH HER MURDER

By NATARIO McKENZIE
Tribune Staff Reporter
nmckenzie@tripunemedia.net

THE former boyfriend of
a mother who was stabbed
to death in Adelaide earlier
this week was arraigned
before a magistrate yester-
day.

Douglas Brian Pratt, 23,
of Jellyfish Lane, Yamacraw
Estates, is charged with the
murder of Shande
Cartwright, 22, of Johnson

Road.

According to court dock-
ets, Pratt intentionally
caused Ms Cartwright’s
death sometime during the
evening of Monday, Novem-
ber 22.

Represented by attorney
Krysta Smith during his
arraignment before Chief
Magistrate Roger Gomez ,
Pratt was not required to
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Port Authority
Chairman
sued by family
Inembers

GRAND Bahama Port
Authority Chairman Sir Jack
Hayward is being sued by
members of his family, who
claim he illegally removed their
names from various trusts.

His son Rick Hayward,
daughter Susan Heath, her hus-
band Rodney, and eight grand-
children are suing the 87-year-
old head of the family. Sir Jack
has denied their claims.

Following a brief hearing on
Wednesday, Sir Jack’s attor-
neys and those representing the
complainants spent more than
an hour trying to reach a set-
tlement, but were unsuccessful.

Sir Jack is represented by
attorney Andre Feldman, QC.
Representing the complainants
are Terence Mowschenson, QC
and local attorney Ferron
Bethell.

A trial has been scheduled
for May 2, 2011 and is expected
to last 10 working days.

Two men rob Asue
Draw Web Shop

SOMETIME around 1.40
pm yesterday two armed men
entered Asue Draw Web
Shop, Boiler Avenue off Poin-
ciana Drive, and demanded
cash.

The culprits robbed the shop
and three patrons of an unde-
termined amount of cash and
cell phones and fled the area in
a silver coloured Mitsubishi in
an unknown direction. Police
are investigating.



PM: ‘No need to increase
parliamentary seats’

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

WHILE the Boundaries
Commission has yet to meet
ahead of the 2012 general
election, Prime Minster
Hubert Ingraham declared
yesterday that no additional
parliamentary seats will be
created,

As a special call-in guest
on the Exuma Breeze radio
station yesterday, Prime Min-
ister Ingraham said he sees
no need to increase the num-
ber of seats in the House of
Assembly.

In fact, when answering
concerns that the size and dis-
bursement of the islands in
the Exuma chain require an
additional seat to be created
there, Mr Ingraham said he
is actually of a mind to
decrease the number of seats.

He said: “In terms of the
configuration of seats, when
you take into account the
population of New Provi-
dence, the population of
Grand Bahama, the popula-
tion of Abaco, the population
of Eleuthera, and then Exu-
ma, one has to determine
how many of the 16 seats that
are not in New Providence
can be given to any one
island.

“When we came into office
we met Abaco with three
seats and determined that
Abaco could not justify three







PRIME MINISTER HUBERT INGRAHAM

seats in relation to the total.

“The same thing applied to
Long Island, Bimini and the
Berries, and so, no I do not
think it is reasonable for Exu-
ma to expect to get another
seat in the House of Assem-
bly. I think it is reasonable
for Exuma to make its local
government work, and where
it thinks it ought to be dele-
gated additional authority
from the central government
so that these matters can be
handled by local authorities
in Exuma, it ought to do that.

“But in terms of represen-
tation in parliament, no, one
seat is enough for Exuma in
terms of its population and
size — not withstanding its
geography,” he said.

The Boundaries Commis-
sion will be comprised of five
persons: two government rep-
resentatives, MPs Charles
Maynard and Tommy Turn-
quest; a PLP representative,
Philip Davis; a senior judge;
and Speaker of the House of
Assembly Alvin Smith, who
will chair the group.



Ingraham doesn’t ‘buy into’ arguments
against dredging at Bell Island

PRIME Minister Hubert
Ingraham said he does not
buy into the argument that
the approval for dredging at
Bell Island is a sign the Exu-
ma Land and Sea Park is
being poorly managed.

Addressing the audience
of the Exuma Breeze radio
station yesterday, Mr Ingra-
ham said that the govern-
ment has a team of profes-
sionals to advise on such
matters when necessary.

He said: “The government
has in place the BEST Com-
mission which is comprised
of a number of professionals
who from time to time are
advisers to the government.

“We have a Ministry of
the Environment which is
headed by a minister who |
have confidence in, Earl
Deveaux. We have a
National Trust, which is an
institution which I have
great confidence in, also
which is made up of a num-
ber of private sector and
other interested parties all
of whom would have had an
opportunity to review what
is being proposed and to be
able to make recommenda-
tions.

“And I understand that
amongst the things that they
have determined is the
quantity of dredging that
was proposed was in excess
of what they found accept-
able. They have now deter-
mined what is acceptable
from an environmental
point of view.

“T cannot support those
who without such analysis,
without knowing such facts,
just simply saying there
should be no dredging.

“How are people going to
get into the park? How have
they been getting in the
park all these years? What
else is there in the park?
Are there any airstrips in
the park? Any other dredg-
ing ever took place in the
park? Let us not make a
mountain out of a mole-
hill,” he said.

Mr Ingraham added that
the Bahamas is very pleased
to have attracted the Aga
Khan, the owner of Bell
Island, who would have been

TO DISCUSS STORIES ON THIS PAGE LOG ON TO

welcomed in many other
places around the world.
“So it is my hope that the
people in the Exuma cays
and elsewhere in the
Bahamas would take
account of the reality, which
is that we have professionals
who know how to manage
the park, and who have
managed the park all of
these years and have done
so ina very successful way.

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“And why then should
anybody think that all of a
sudden today, they no
longer have an interest in
maintaining this gem called
the Exuma Land and Sea
Park? It is not fair, it’s not

right, it is not acceptable,
and no, I do not buy into
those arguments. I accept
the advice that I have been
given and I am supportive
of what is being proposed,”
he said.



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THE TRIBUNE

LOCAL NEWS

FRIDAY, NOVEMBER 26, 2010, PAGE 5



Contractors chief |
congratulates PM
on Baha Mar work

Negotiations with Chinese principles ‘historic’

By PAUL G
TURNQUEST

Tribune Staff Reporter
pturnquest@
tribunemedia.net

PRESIDENT of the
Bahamas Contractors
Association Stephen Wrin-
kle yesterday congratulat-
ed Prime Minister Hubert
Ingraham and his team for
securing $400 million
worth of work for local
contractors on the $2.6 bil-
lion Baha Mar project.

Calling the negotiations
between the prime minis-
ter and the Chinese princi-
ples “historic”, Mr Wrin-
kle said that this gesture
proves the government’s
commitment to their
industry, local businesses,
and the Bahamian popula-
tion as a whole.

Victory

“This was no easy task;
the Chinese are shrewd
negotiators and our prime
minister is one of a very
select group to have come
away with such a signifi-
cant victory,” the BCA
president said yesterday at
a press conference.

With the government
having essentially done its
part to ensure that local



STEPHEN WRINKLE

contractors have their fair
share of work on the mas-
sive hotel project, Mr
Wrinkle said the onus is
now on all the relevant
stakeholders to ensure that
the Bahamas is successful
in this project.

“The stakes are high
and Bahamian contractors
will need to call on all their
collective experience and
skills to successfully com-
plete their responsibilities
and performance during
the build-out phase of
Baha Mar.

“Today we pledge that
the BCA will do every-
thing within its power to
realise the commitment
our prime minister has

made to the Baha Mar
team and the Bahamian
public. In our continued
leadership role, the BCA
will focus on the training
and support that form the
essential components of
our initiative.

“Through those endeav-
ours we seek to ensure the
success of the Baha Mar
project and firmly estab-
lish a national policy of sig-
nificant Bahamian con-
tractor participation in all
future capital construction
projects.”

Opportunity

However, Mr Wrinkle
also took the opportunity
to stress that the BCA’s
position is one of advocat-
ing for all Bahamian con-
struction contractors — and
that they are not lobbying
for one political party or
the next.

“To the best of my
knowledge, no member of
this, or any BCA council
has ever solicited,
received, or been party to
any solicitation, bribe, pay-
off or promise of work
from any contractor, devel-
oper, or government
department or minister
during my term as presi-
dent.



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“T, Stephen Wrinkle,
personally have never
solicited, received or been
asked to take anything
from anyone while acting
in the capacity of president
of the BCA. I hold this
office in the highest regard
and would never jeopar-
dise or permit to be com-
promised the integrity of
this office and the trust
placed in either myself, the
BCA council, or the BCA
itself.

“No member of this
BCA council has ever
alluded to or promised to
secure jobs for any con-
tractor, sub-contractor or
tradesman. What we do
pledge is that through the
educational and profes-
sional programmes the
BCA provides, our mem-
ber contractors will be in a
better position to compet-
itively bid and, if success-
ful, manage their con-
tracts,” he said.

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MAN CHARGED WITH MURDER

A 34-YEAR-OLD man charged in a murder which occurred
at Bacardi Road over the weekend was arraigned in a Magis-
trate’s Court yesterday.

Police have charged Pinedale resident Rony Joseph in the
murder of Jean Jeanty.

Mr Jeanty was reportedly gunned down in the Bacardi Road
area around 5am last Sunday.

Joseph, who was arraigned before Chief Magistrate Roger
Gomez, was not required to enter a plea to the murder charge.
He was remanded to Her Majesty’s Prison and his case was
adjourned to November 30.

MEXICO"S POPULATION GROWS

MEXICO CITY

MEXICO'S census shows the population has grown more
quickly than expected, in part due to a drop in the number of
people leaving to seek work, according to Associated Press.

Preliminary data released Thursday by the National Institute
for Statistics and Geography says Mexico had 112.3 million
inhabitants as of July. That was 3.6 million more than experts
had projected.

The head of the institute, Eduardo Sojo, says the bigger-than-
expected increase was likely due to a rise in births and a fall in
migrants leaving the country.

Sojo says Mexico had been losing about 500,000 people a
year to international migration but that number has likely
fallen by about half. The global economic crisis, particularly the
US. slump, has cut into the jobs available for migrants.

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


PAGE 6, FRIDAY, NOVEMBER 26, 2010

THE TRIBUNE






By US AMBASSADOR
TO THE BAHAMAS
NICOLE AVANT

AROUND the world
today, we are already seeing
the damaging effects of cli-
mate change, from increas-
ing temperatures and melt-
ing glaciers to rising sea lev-
els and lengthening



planet will only get worse if
the international communi-
ty does not strengthen its
efforts to address this prob-
lem. The upcoming United
Nations climate conference
in Mexico offers an oppor-

tunity to take an important
step forward — and we must
seize this moment together.

The United States is com-
mitted to working with The
Bahamas and our other
international partners to
meet this great global chal-
lenge.

At Cancun, we must work
to build on the progress

Opportunity to take step forward on climate change

OPINION

hagen and move forward on
all key elements of the nego-
tiations—mitigation of emis-
sions, transparency of
actions, financing, adapta-
tion, technology, and pro-
tection of our forests. As we
press ahead on these issues
and seek a balanced out-
come, we must also avoid
undermining what we

NICOLE AVANT



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made last year in Copen-

Exuma Cays Land and
Sea Park Development

The Bahamas National Trust welcomes any discussion of environmental issues. In fact, one of our chief
goals is to raise environmental awareness among Bahamians. Accordingly, in view of the many

misconceptions that have been repeatedly aired in the media and on the internet about development in
the Exuma Cays Land and Sea Park, the BNT has prepared this fact sheet to inform the debate.

Mi What has happened?

The owner of 349-acre Bell Island in
the Exuma Cays applied to the
government in August 2010 for
permission to expand an existing
service/utility area for his vacation
home, excavate an inland yacht basin,
and dredge a portion of the seabed
to provide navigable access for his
150-foot private yacht.

Mi Why is this an issue?

The island is located in the Exuma
Cays Land and Sea Park. One
hundred and seventy six square miles
of the Exuma chain of cays was set
aside in 1958 and leased by the
government to The Bahamas National
Trust. But about a third of the land
within the park was already privately
owned at that time and therefore
could not be included in the lease
that created the park. Those private
islands include Cistern Cay, Pirate's
Cay, Little Pigeon Cay, South Halls
Pond Cay, Soldier Cay, Dinna Cay,
White Bay Cay, Osprey Cay, Bell
Island and Little Bell Island. It should
be made clear that the sale of private
land anywhere in The Bahamas is
not a matter that is within the BNTs
purview. To our knowledge, no legal
restrictions have ever been placed
by any government on the transfer
of private land within the Exuma
park.

Wi Is this a proposal for
commercial development?

No. The BNT is strongly opposed to
any commercial development
anywhere within the park, and no
such development either exists or is
proposed. Over the years, there has
been limited development (including
land clearing for home and infrastruc-
ture construction, and dredging of
inland yacht basins and entrance
channels) on and around some private
islands for the owners’ personal use.
Examples include Soldier Cay, Cistern
Cay, Halls Pond Cay, and Bell Island.

@ What procedure did the
land owner follow?

In the current instance, the owner
of Bell Island applied to the Ministry
of the Environment in the normal
way for relevant permissions to
undertake the planned improve-
ments. The application was referred
to the BEST Commission and the
BNT for review and comment. An
environmental impact assessment
was undertaken at the owner's
expense, and strict environmental
conditions and protocols were stipu-
lated by both BEST and the BNT.
The EIA is available from the BEST
Commission.

What is the current status
of the project?

An important condition of the
government's approval is the develop-
ment of a comprehensive environ-
mental management plan at the
owner's expense. The BEST Commis-
sion and the BNT are waiting to
review and approve this plan, which

will govern the proposed develop-
ment activities under the supervision
of an independent environmental
manager. Some site preparation on
land has already begun, following
approval by Town Planning. The total
development footprint on the
349-acre island is less than five acres,
and mitigation includes removal of
invasive casuarina trees, restoration
of natural vegetation, and develop-
ment of a native plant nursery.

@ What will happen to the
dredge spoil?

The owner's original plan for Bell
Island would have involved the dredg-
ing of more than 43,000 cubic yards
of spoil. As a result of BNT’s efforts,
the project's impact has now been
further reduced so that less than
13,000 cubic yards will now be
dredged. This spoil will be taken at
the owner's expense to either an
identified need/ infrastructure project
in one of the nearby Exuma settle-
ments (such as Black Point), or to
New Providence. A determination
on how the spoil will be used will be
made by the BEST Commission. It
should be noted that there is no great
demand for fill at present because of
the huge mountain of spoil recently
dredged from Nassau harbour and
stored at Arawak Cay. It should also
be noted that the cost of transporting
the fill is considerable. The suggestion
that surreptitious rock mining is
being conducted at Bell Island is
patently absurd.

i Is dredging ever a good idea?

While the preferred option would
be to have no dredging in the park,
dredging is sometimes necessary to
provide navigable access to property
within the park. If properly executed,
using best management practices,
dredging imposes a tolerable and
temporary impact on the marine
environment. In order to travel from
island to island, boaters need safe
harbours and navigable channels. As
a nation, we must learn how to dredge
without it becoming an incendiary
issue every time the word is
mentioned. The way to do this is to
carefully assess the impact of each
project, then set and enforce strict
rules and policies to safeguard the
environment while allowing develop-
ment to proceed.

Mi Why didn't the BNT
oppose the development
on principle?

Reasonable access to, and use of,

private property is a right that is guar-

anteed by the Bahamian constitution,
and that right extends to property
in the Exuma park. The BNT will
not allow any development on park-

owned lands that is not in full and
clear alignment with our resource
protection and conservation manage-
ment goals. But there is a fundamental
difference between the unrestricted
exploitation of public resources
within a national park and the accep-
tance of reasonable access for existing
property owners. While we have

prevented commercial development
in the park, we have to acknowledge
the illegality of banning all private
development, particularly on land
that is highly taxed. The BNT has no
interest in engaging in a militant
campaign to destabilize private prop-
erty rights over the issue of minimal
localized development proposals that
will be conducted under strict
environmental protocols using best
management practices.

i What is the BNTs view of
the Bell Island development?

Most of the planned work at Bell
Island is on land. There will be limited
and short-term disturbance of the
seabed for the provision of navigable
access to the owner's inland yacht
basin and service dock. The BNT is
not arbitrarily opposed to environ-
mentally compatible, non-intrusive
and limited development on private
islands within the park. The plans
and the EIA were carefully reviewed.
by the BNT and considered reason-
able, subject to strict environmental
controls. On other occasions, the
BNT has advised against certain
developments proposed by property
owners in the park. However, we do
not have the authority to unilaterally
disallow private development in the
park. It is also worth noting that the
area that will be affected by the Bell
Island project is a tiny fraction (less
than .0035%) of the park's 112,000-
plus acres.

i Why does the BNT accept
private donations?

The BNT was created by parliament
in 1959 as a private membership
organisation funded by dues, grants,
investment income and contribu-
tions, both public and private.
Notwithstanding the fact that the
BNT manages extensive public areas
for the Bahamian people and
performs other essential services for
the country, less than a third of our
annual budget of $3 million is
provided by government, and that
level of subsidy has only been the
case recently. The BNT has always
accepted private donations, as do all
similar non-govern-mental organisa-
tions. But we will not accept any gift
that requires us to compromise our
values. Also, when we do accept
contributions, and the donor wishes
to remain anonymous, we are obliged
to respect those wishes.

Bi What is the BNT obligated
to do in return for its
public subsidy?

The BNT protects and manages over
700,000 acres of land and sea territory
throughout The Bahamas, in addition
to advising the government on
national heritage issues. The BNT
also conducts wide-ranging school
and public education programmes
on environmental subjects. We are
governed by a Council elected from
the general membership, together
with representatives appointed by
government agencies and interna-

tional scientific organisations. Each
year the BNT provides a detailed
report to the government on the use
of public funds. We also produce
audited financial statements that are
published annually.

@ Who will undertake the
planned development at
Bell Island?

We understand that Bahamas Marine
Construction Company has been
contracted by the owner to carry out
the works. The BNT is not involved
other than to ensure that a qualified
environmental officer is in place to
supervise the approved environmen-
tal management plan.

@ What environmental restric-

tions apply within the park?
The original intention of the scientists
and conservationists who first
surveyed the area was to protect the
biodiversity of all the land and sea
resources in the proposed park. How-
ever, the park was not designated a
no-take zone until 1986, in response
to dramatic increases in fishing
pressure and other undesirable uses.
This designation means that the
exploitation of public resources by
anyone within the park is prohibited
by law. The park protects only a small
portion of the Exuma Cays, and we
do not believe this has caused any
hardship to anyone. In fact, all the
evidence shows that the protection
of marine resources within the park
has led to healthier fisheries
elsewhere.

B What restrictions or guide
lines would the BNT like
to implement in the park?

The BNT will be working with the
government and local communities
and stakeholders - within the context
of the recently passed Planning and
Subdivisions Act - to develop a
carefully crafted land use plan for
the entire Exuma Cays, both inside
and outside the park. The BNT has
long promoted the value of such
legislation to support orderly national
development within a framework
that respects the high value of our
natural environment. The proposed
land use plan for the park will include
strict regulations on what develop-
ment can and cannot take place
within park boundaries.

i What is the purpose of a
national park?

The goal of a national park is to
protect significant natural assets and
biodiversity in support of a healthy
environment and for the enjoyment,
education and inspiration of future
generations. Proper management of
a network of protected areas requires
adequate financial resources. An out-
right ban on development is not a sine
qua non of national park management.
In many countries, public-private
partnerships generate income from
shops, lodges, restaurants and other
services within national parks.

For more information on this and development of private land in national parks,
please call 242-393-1317 or email bnt@bnt.bs

achieved in Copenhagen,



where leaders from around
the world took a meaningful
and unprecedented step in
our collective commitment
to meeting the climate
change challenge. Attempts
to back away from commit-
ments in the Copenhagen
Accord or to renegotiate its
underpinning would only
deepen the danger for our
planet, our people and our
future.

As part of the Copen-
hagen Accord —which is sup-
ported by approximately 140
countries, including The
Bahamas - for the first time
all major economies com-
mitted to take actions to lim-
it their emissions and to do
so in an internationally trans-
parent manner. The agree-
ment also includes landmark
provisions for financial assis-
tance to support clean tech-
nology development, adap-
tation, and forest protection
in those countries most in
need. These provisions con-
sist of a pledge for “fast
start” funding by developed
countries approaching $30
billion over the years 2010-
2012 and a commitment to a
goal of mobilizing $100 bil-
lion annually from public
and private sources by 2020
in the context of meaningful
mitigation and transparency.

The United States is deliv-
ering on our fast start com-
mitment to help developing
countries reduce emissions
and adapt to the adverse
effects of climate change.
This year alone, the United
States has significantly
increased its climate finance
to a total of $1.7 billion, $1.3
billion of Congressionally-
appropriated assistance and
$400 million of development
finance and export credit.

The United States is also
working hard to reduce its
own emissions and transition
to a clean energy econo-
my. President Obama’s
Recovery Act provided more
than $80 billion in invest-
ments, loans and incentives
to support a range of initia-
tives that are vital to this
goal. We have put in place
the most ambitious U.S. fuel
economy and tailpipe emis-
sion standards ever. We are
taking important steps to
reduce emissions from our
largest polluting sources.
And President Obama
remains committed to pass-
ing domestic energy and cli-
mate legislation.

As I travel throughout
The Bahamas I see broad
concern about the current
impacts and the potential
threats of changing climate
— concerns that Americans
share.

But I am encouraged by
the actions that are being
taken here and around the
world to work toward a clean
energy future that promotes
sustainable economic growth
for all.

Just as no nation can
escape the effects of climate
change, no nation alone can
solve this problem.

In support of the Energy
and Climate Partnership of
the Americas (ECPA), the
Organization of American
States will use a grant from
the U.S. Department of State
to launch a programme to
facilitate regional dialogue
and assist Caribbean gov-
ernments, including The
Bahamas, to promote and
implement sustainable ener-
gy policies and programmes.

Through this programme,
short term legal counsel and
technical assistance is pro-
vided to support commer-
cialization of government
endorsed energy projects
consistent with ECPA’s
focus areas of renewable
energy, energy efficiency,
energy poverty, and infra-
structure.

Furthermore, the pro-
gramme will facilitate region-
al dialogue on long-term sus-
tainable energy solutions.

The risks posed by climate
change and the difficulty of
containing it pose challenges
to every country, and we
must overcome those obsta-
cles.

Our global efforts to build
a sustainable, clean energy
economy will lift people out
of poverty, deliver energy
services throughout the
world, and preserve our most
precious environmental trea-
sures.

The Copenhagen Accord
is, and the upcoming climate
change meeting in Cancun
should be, an important step
in our collective commitment
to speed this transition, leav-
ing a cleaner, healthier plan-
et for all.

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

FRIDAY, NOVEMBER 26, 2010, PAGE 7

LOCAL NEWS

craft industry
into cyherspace

By GLADSTONE
THURSTON

THE Inter-American
Development Bank (IDB)
has executed a $500,000
grant to launch the Bahami-
an handicraft industry into
cyberspace.

Signed between the IDB
and Bahamas Chamber of
Commerce in partnership
with Bahamas Agricultural
and Industrial Corporation
(BAIC), it will allow arti-
sans to do business online.

“We see on a daily basis
the significant improvement
in the quality and variety of
products produced by the
Bahamas National Craft
Association members,” said
IDB country representative
Oscar Spencer.

“We therefore had to find
a way to channel resources
from the private sector arm
of the Bank through the
Chamber of Commerce and
BAIC to the membership
of the Association. We are

2

pleased that we have been
able to find that mecha-
nism.”

The strategy of the pro-
ject is to develop a pro-
gramme that complements
the Government’s effort to
rally the industry around a
structured approach to the
establishment of industry
standards, marketing, and
addressing the over-reliance
on imports.

Its primary focus will be
the development and
launch of a virtual platform
with functionalities to sup-
port and facilitate the mar-
keting, sales, and distribu-
tion of Bahamian manufac-
tured handcraft souvenirs
via the internet.

“This project is going to
modernise the way we sell
our products to the world,”
said Chamber president
Khaalis Rolle. “The ability
for us to sell our products
online is a significant coup
for the Bahamas.

“We thank the IDB for

—_ i Rae
CABLE BAHAMAS

a

OFFICIALS gather to witness the launch of the IDB’s $500,000 pro-
ject for the Bahamian handicraft industry. Pictured from left are

BAIC executive chairman Edison Key, Bahamas Chamber of Com-
merce president Khaalis Rolle, IDB country representative Oscar
Spencer, and IDB senior operations officer Sharon Miller.

being so generous with this
donation.”

Also attending the press
conference were BAIC
executive chairman Edison
Key, assistant general man-
ager in charge of the Hand-
icraft Development and
Marketing Department
Donnalee Bowe, BNCA
president Martha Smith,
South Andros Handicraft
Association president Emi-
ly Rahming, Ministry of
Tourism’s Visitor Experi-
ence director Geneva
Cooper, and project man-
ager Don Demeritte.

“These are exciting times
to be a part of the growing
Bahamian handicraft indus-

JOB VACANCY

Cable Bahamas Ltd is looking for
vibrant and energetic Sales Executives
for its Commercial Sales Segment

JOB OBJECTIVE:
Responsible for all sales activities, from lead generation through close in

an assigned territory.

RESPONSIBILITIES:

. Responsible for the sales of all Cable Bahamas’ Commercial
Offerings within assigned territory in New Providence.

Demonstrates the ability to carry on a business conversation with
business owners and decision makers.

Sells consultatively and makes recommendations to prospects
and clients of the various solutions the company offers to their
business issues.

Maintains accurate records of all sales and prospecting activities
including sales calls, presentations, closed sales, and follow-up
activities within their assigned territory, including the use of CRM
Tools to maintain accurate records to maximize territory

potential.

JOB SPECIFICATIONS:
2-5 years of experience in sales.

Strong understanding of customer and market dynamics and

requirements.

Proven ability to surpass sales quotas.

Proficiency in Microsoft Office Suite (Excel, Word, PowerPoint,

Outlook).

Please e-mail your resume to richard.adderley@cablebahamas.com
Only persons who meet the qualifications will be contacted.

Closing Date: Wednesday, December 1, 2010

Cable Bahamas Ltd. Nassau Bahamas

Robinson Rd. at Marathon

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(CABLE BAHAMAS
www.cablebahamas.com

Ahead



PORN LINEN CLOSET

LLUSEUUTIOALE

try,” said Mr Key.

“Many doors of oppor-
tunity are opening for us
to tap into those many
millions of dollars used
to import craft products
for our tourists and resi-
dents.

“It is our hope that in
short order the vast major-
ity of those millions of dol-
lars will be flowing directly
into the pockets of our arti-
sans instead of out of the
country.”

He underscored the time-
liness of the project coming
when the multi-million dol-
lar craft centre downtown
Nassau is nearing comple-
tion.

a

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Mon-Sat 9am - 5pm

Sun 10am - 2pm
Tel: 328 - 0934

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Men and Ladies Pajamas
and lots more!



FOODS LIMITED |

VACANCY

AML Foods Limited is currently seeking applications
for the position of Group Financial Controller.

The Group Financial Controller will coordinate and
oversee all accounting, financial reporting and
operating data analysis activities and recommend
Strategic initiatives to Increase profitability.

Interested candidates must have a Bachelor's
degree in accounting, finance or business
administration. CPA/CMA and/or MBA strongly
preferred with extensive accounting/finance
background,

Outstanding salary, benefits and incentives offered.
Interested candidates should forward their resumes
to hr@amlfoods.com no later than Friday,

December 3â„¢, 2010

No telephone calls please. Only short listed
candidates will be contacted

FURNITURE

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


PAGE 8, FRIDAY, NOVEMBER 26, 2010

THE TRIBUNE

LOCAL NEWS

eer






















Au

o> ANNUAL c=

HOLIDAY FAIR &
MINI FESTIVAL

Saturday 28th November 2010
12 NOON - 6:00 PM

A great time of fellowship, splendid gifts and
holiday decorations, with all the usual goodies:

BBO CHICKEN & STEAK DINNERS
CONCH FRITTERS & SALAD + HOMEMADE ICE CREAM
CAKES & SWEETS +HAMBURGERS & HOT DOGS
PLANTS: HOOP LA- GUESSING GAMES
BOORS, CDs & DVDe» BOUNCY CASTLE
CHILDREN'S GAMES & CRAFTS
LOCAL CHRISTMAS CRAFTS & ORNAMENTS

Philicia Armbrister
for achieving Holborn Collage
Academic Excellence Award
Best Qverall Performer 20110"!

From your parents Philip a”
Carla Ambnster; grandpar-
ents, Phillip & Mary Mictey,
Merril & Lucy Dorsett, Huey &
Shirley Armbrister, godpanes,
enis, Rev. Dr. Willis & Yvetlg
Johnson, and the whole crew
of uncles, aunts, cousing &
friends too numerous to men
tion!

Keep up the good work
"Boss Lacy” and good luck!

Godspeed al Northumbria !

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Baby killers
get 40 years

FROM page one

The judge said: “I have considered the
effect of any sentence on her young child
and although that may be considered a
mitigating factor, given the seriousness of
this offence and the nature of the crime, it
is difficult to give it full weight in as much
as young mothers must be given the mes-
sage that they have a duty to defend and
protect and not hurt the children entrusted
to their care.

“This is indeed a sad case, as another
child will suffer as a result of this tragedy.
I am troubled by the fact, however, that
Makeisha Brown has another infant so
soon after this tragedy.”

Senior Justice Allen noted that Brown
must be punished for the part she played in
her son’s horrific death.



The Bridge Authority

NOTICE

Paradise island Employers & Employees, Paradise Island Residents, Transportation
Companies and the General Public are hereby notified that The Bridge Authority will be
undertaking physical improvement works to the Toll Plaza with effect from the 79°
November to the 10" December, 2010. This exercise will include both overhead and
Bround bevel tagks

This work will be conducted during off-peak traffic times between the hours of 10:00 am
= 3:00 pm,

Due to the nature of the work, two (2) lanes shall be closed each time, resulting in
restricted traffic flow. Im our effort to minimize the impact of these lane closures, the
work will be performed sequentially, firstly in Lanes 1 and 2 and then Lanes 3 and 4.
Therefore, at no time will more than two (2) lanes be closed at once.

The Bridge Authority apologizes for any inconvenience caused, and assures it customers
and stakeholders, that all efforts will be made to have the works concluded as quickly as
possible,

Billy Seavelia
General! Wonager
The Bridge Authority






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SENTENCED: Makisha Brown, 25, and Leroy Rolle, 20








MOTHER DENIES
ENDANGERING HER
CHILDREN’S LIVES

FROM page one

her older child seeking
refuge amongst neighbours.
Police are expected to
arraign her today.

The woman told police
she was not responsible
for putting the infant in
the car, according to Tri-
bune sources.

However, police
sources say they have
many leads and witnesses
who say they saw a
woman putting the 4-
year-old baby boy into
the burning vehicle.

A passing truck driver
saw the car ablaze on
Firetrail Road, used his
fire extinguisher to out
the fire, and rescued the
infant.

Inspector Warren John-
son said it appeared that a
piece of cloth was insert-
ed into the open gas tank
of the 1998 Toyota Vista
and set ablaze. There was
only fire damage to the
car’s interior.

When police arrived on
the scene, the infant was
safe in the arms of the
good Samaritan. After
receiving treatment for
minor injuries at the hos-
pital, the infant was
released into the custody
of the Department of
Social Services.

The mother was appre-
hended inside the home,
located directly in front of
the smouldering vehicle.
Inside, police found a pile
of clothes that was also
set ablaze.

The other child,
believed to be between
seven and nine years, was
not injured. Police report-
ed that the child ran
across the road into the
neighbouring Haitian Vil-
lage to seek refuge. The
older child is also in the
custody of child protec-
tive services.

WOMAN’S FORMER
BOYFRIEND
CHARGED WITH
HER MURDER

FROM page one

charge.

Ms Smith told the court
her client had been severe-
ly beaten by police and
forced to sign a statement,
the contents of which did
not reflect what he claimed
he had told police. She
asked that Pratt be taken
to a see a doctor. The chief
magistrate acceded to the
request.

Pratt was remanded to
Her Majesty’s Prison. His
case has been adjourned to
November 30 and trans-
ferred to Court 10, Nassau
Street.

Ms Cartwright, a bank
employee and mother of
two, was stabbed to death
near a beachfront property
called “The Farm.”

She had moved to Nas-
sau from Long Island just
over a year ago, and
worked as a teller at the
Palmdale branch of the
Royal Bank of Canada.

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


THE TRIBUNE

FRIDAY, NOVEMBER 26, 2010, PAGE 9
LOCAL NEWS



FIRST STAGE
OF AIRPORT
DEVELOPMENT
‘LIVE’ IN MARCH

FROM page one

in the world today.”

Eighty per cent of the pro-
ject has been completed, and
executives announced yester-
day that the redevelopment
efforts are ahead of schedule
and under budget.

Other noted upgrades to
the current airport facility
infrastructure included within
the $11.7 million capital
improvement phase are a 50
per cent increase in passen-
ger capacity, energy-efficient
building systems, an isolated
service loading dock, and a
food court with rooftop out-
door seating.

More than 15,000 sq ft of
space has been allocated for
retail and food concessions,
and all spaces have been allo-
cated to Bahamian operators.

At the final press tour
before its completion, execu-
tives highlighted the progres-
sion of airport facilities in the
Bahamas since the first ter-
minal was constructed 70
years ago.

The new terminal will
prove to be a huge asset to
the country’s tourism indus-
try, and also a source of
national pride for Bahamians,
according to Vernice
Walkine, NAD’s vice presi-
dent of marketing and com-
munications.

Mrs Walkine said: “I think
what is particularly important
for a lot of us is the fact that
this terminal will be very rep-
resentative of the Bahamas.
In terms of the colours that
are used, in carpet and tile,
that will be reminiscent of the
sand and the waters of the
Bahamas, the art installations
which are going to be very
large and therefore make a
bold statement about who we
are as a people — those kinds
of things I think are going to
be very important. I’m sure
that Bahamians are going to
be very proud of this facili-
ty.”

In the first stage, Bahami-
an contractors were awarded
$46.4 million in construction
contracts.

The entire project, which
will span over three stages
and was touted as the largest
single capital project under-
taken by the government, cur-
rently hosts 700 workers on
site —70 per cent of whom are
Bahamian.

Mr Steeves added: “As
soon as this is complete we
will begin stage two, which is
converting the existing US
departures terminal into a
new international arrivals ter-
minal with immigration
upstairs, and customs down-
stairs.”

The international arrivals
terminal and departures pier
is on target for a 2012 open-
ing, with the new domestic
and international departures
and domestic arrivals termi-
nals set to open in 2013, mark-
ing the completion of a
571,000 q ft airport complex
with one million square feet
of aircraft operating surface.

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

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



VERNICE WALKINE, NAD’s vice president of marketing and communications, speaks to reporters
yesterday at the airport development.

AT THE final press tour before its completion, executives high-
lighted the progression of airport facilities


























































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TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
PAGE 10, FRIDAY, NOVEMBER 26, 2010

THE TRIBUNE





joles



NEWS

More than a dozen Bahamian films selected for
upcoming Bahamas International Film Festival

By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net

ORE than a dozen
films by Bahamian
filmmakers have

been selected from hundreds
of international submissions
to be screened before industry
professionals at the Bahamas
International Film Festival
(BIFF) next week.

Among the 14 films select-
ed from more than 20 local
submissions, and over 300 in
total, are features and short
stories set in the Bahamas
focussing on local issues such
as crime, the environment and
Junkanoo.

But in addition to Bahami-
an writer and director
Matthew McCoy’s 40-minute
feature ‘The Lionfish Inva-
sion’ about the threat posed
by the migration of lionfish
to the Bahamas, and Jordan
Darville’s ‘The Sperrit’, which
questions the future of
Bahamian culture in a docu-
mentary about Junkanoo, the
Bahamian filmmakers explore
universal subjects and stories
set outside of the watery
Bahamian borders.

Director Rebecca Valre-
jean’s short film ‘Tribute’
focuses on the Vietnam war
and its affect on the American.
people.

And Bahamian director
and screenwriter Gustavius
Smith’s short ‘Contact Zone’









| il
ee
ee ee

326-111

is set ina New York City art
gallery where the curator and
a janitor engage in a one-night
stand during the opening
reception for an exhibition.

‘The Kindly Ones’, made
by writer and director Rupert
Missick Jr, The Tribune's
chief reporter, echoes a Greek
tragedy in its presentation of a
candy-coated murder by three
women at a tea party.

‘Smoke Signals’ by Michael
Munnings, is about a young
man’s battle with drug addic-
tion, and Travon Patton’s
“Redial Sunshine’ is an
impressive film about the
mysterious redialing of a
young man’s past and future,
BIFF founder and executive
director Leslie Vanderpool
said.

In confirming the selection
of 66 films to be showcased
at the festival next week, Ms
Vanderpool said she was
impressed by the Bahamian
talent evident this year.

“Every year we have had
Bahamian films and as time
goes on we have had more
because they realise they are
not just making it for their
local community, they are
looking to branch out inter-
nationally,” Ms Vanderpool
said.

The festival also provides
emerging directors, writers,
actors and producers wishing
to break into the film indus-
try, the opportunity to meet
key industry players at a host

sfc

of events and panel discus-
sions.

‘You can learn how to pitch
film ideas in a panel discus-
sion at Galleria Cinemas in
JFK Drive on Saturday,
December 4, or question
industry financiers who will
be brought together for a dis-
cussion about how to finance
independent on Sunday,
December 5.

Master classes for actors,
screenwriters and directors
will held by Hollywood tal-
ents Raymond Forchion and
Wil Shriner at the College of
the Bahamas on Monday and
Tuesday at 5.30pm.

And those whose scripts
have been accepted by the
Filmmaker Residency Pro-
gramme may benefit from
connections to be made with
some of Hollywood’s leading
producers with the power to
make their films succeed.

Writer and director Maria
Govan submitted her script
for ‘Rain’ to the Filmmaker
Residency Programme before
it premiered at BIFF in 2008,
and Bahamian filmmaker
Kareem Mortimer has
enjoyed immense success with
‘Children of God’ since his
film opened BIFF last year.

With so many Bahamian
films being submitted and
screened this year, Ms Van-
derpool hopes others will see
their work and consider mak-
ing submissions for future fes-
tivals.

“Each film at the festival is
a star, and at just $8 a ticket
for screenings at the Galleria
in JFK Drive, they are so
accessible,” Ms Vanderpool
said.

“T hope everyone will come
out and support their fellow



Bahamian filmmakers, and
maybe find a gem, like ‘Juno’,
or ‘Precious’, films that we
will get the opportunity to see
before they are released in
theatres. And you get to meet
the filmmakers, the produc-
ers and the actors.

“This is Hollywood coming
to the Bahamas and that is
very rare.

“We are a young festival
that has got a lot of traction
around the world and the
local community needs to
teally embrace the opportu-
nities.”

BIFF will also be evaluated
by the Academy of Motion
Picture for accreditation this
year, which could give the fes-
tival even more kudos.

To find out more about the
festival and details of
screenings, events and pan-
els, log on to www. bintlfilm-
fest.com or call 356 5939.



¢ AT THE END OF THE
WORLD

Bahamas / 2010/5 mins

Director, Jan Bednarz.
The small island of Bimini
in the Bahamas, has attract-
ed explorers and travellers
from all over the world,
resulting in a rich history
and a unique tapestry of
tales that live on through its
inhabitants. This short doc-
umentary explores its most
famous and popular story,

The Saint Andrew Society

TU elem Omen eae)

On the historic occasion of the 200th Anniversary
of St. Andrew's Presbyterian Church, which the
Society, under the leadership of Mr. Michael
Malealm is credited with founding in 1810, Society
Member's are invited and encouraged to attend
the bicentennial celebration and thanksgiving at
Teel ae ace Pla eel ei ee Boa CLE
on Sunday, 28th November 2010. Service time is
10:30 a.m. All Society Members are encouraged to

Elite

Secretary, St. Andrew Society

re Carella

and

Dr Colin Bullard
CORDIALLY INVITES YOU
Te our:
Thanksgiving Open House
November 25"-27", 2010
Thursday, Friday, and Saturday.

Refreshments will be served! Tall a friend or bring a friend!

TO DISCUSS STORIES ON

of how Nobel Prize winning
author Ernest Hemingway
captured the hearts and
minds of the Bimini resi-
dents over 65 years ago.
Through interviews and
reconstruction, we’ll meet
96-year-old legend Piccolo
Pete and discover why Papa
Hemingway called Bimim
the End of the World.
Showtimes:
Saturday, December 4/1pm
Saturday, December 4/8pm
¢ BENEATH THE
BLUE
US / Bahamas / 2010 / 102
mins
Director, Michael D Sell-
ers; screenwriter, Wendell
Morris; producers, Paul
Wesley, Caitlin Wachs,
David Keith Dolphin
experts confront the US
Navy when its sonar pro-
gramme is suspected of
causing the animals' deaths.
Showtimes:
Sunday, December 5 / lpm
Galleria JFK Cinema The-
atre 1
¢ BREAKING NEWS
Bahamas / 2010/18 mins
Director, Sidney Rolle;
screenwriter, Darshanique
Miller; producer, Alexan-
drae Turnquest
Winner of the 2010 BIFF
Green Reel Documentary
Competition
The team at Breaking News
are investigating the inva-
sion of the Bahamas,
whether it be land or sea.
Casuarina, Potcake, Lion-
fish. What will they find
out?
Showtimes:
Saturday, December 4
/12.30pm
Galleria JFK Cinema The-
atre 3
¢ CONTACT ZONE
US / Bahamas / 2010 / 14
mins
Director, Gustavius Smith;
screenwriter, Gustavius
Smith
During an opening recep-
tion at a art gallery in New
York City the curator and
janitor have a one-night
stand,
Showtimes:
Friday, December 3/7pm
Galleria JFK Cinema The-
atre 3







¢ CRAZY LOVE
Bahamas / 2010/72 mins
Director, Clarence Rolle;
screenwriter, Clarence
Rolle; producer, Clarence
Rolle & Craig Lenihan
When her husband, Lionel,
seems to lose the romantic
spark, Charlene seeks ways
to revive their passion.
When this does not work,
however, her friends share
with her their view on dat-
ing, romance, and the oblig-
ations of men towards their
women. This sets Charlene
on a course for disaster.
Showtimes:
Sunday, December 5/3pm
Galleria JFK Cinema The-
atre 1

¢ GRANDPA’S QUEST

Acklins / Crooked Island,
Bahamas / 2010 / 6 mins

Director, Kevin Curtis

In this wonderful family
tale, ‘grandpa’ tells his
grandchildren the story of
how he was given favour to
begin dating their grand-
mother. It was no easy task!
Showtimes:
Friday, December 3/3pm
Galleria JFK Cinema The-
atre 3
Saturday, December 4/9pm
Galleria JFK Cinema The-
atre 3

¢ GUS OUTDOORS -
LIZARD TOWN

Bahamas / 2010 / 30 mins
Director, Sean Nightingale;
screenwriter, Sean Nightin-
gale; producer, Sean
Nightingale
Six-year-old naturalist and
host Gus Nightingale goes
on a quest to the Bahamas
to meet some of the coun-
try's many spectacular crea-
tures. Children will be capti-
vated as Gus explores the
islands of the Bahamas in
search of lizards, iguanas
and snakes. To cool off, Gus
plunges into the gem-like
water and snorkels with the
beautiful and bizarre look-
ing creatures of the sea. Gus
Outdoors is an adventurous





RIBUNE242.C

mix of animal identification
and personal encounters
that aim to deliver an enter-
taining, yet educational pre-
sentation that will give chil-
dren a respect for nature.
Showtimes:
Saturday, December 4/1lam
Galleria JFK Cinema The-
atre 3

* OPEN YOUR EYES

Bahamas / 2010 / 6 mins
Director, Robin Schmidt
Quenton isn’t really inter-
ested in history or culture
but when he falls asleep in
school he’s transported
through a magic door to the
land of the Island Genie.
The genie takes him on a
magical whistle-stop tour of
Long Island, opening his
eyes to a world he’d been
oblivious to before. Taking
its cue from the great come-
dy musical numbers of the
classic Disney animated
films, the short features an
original rake and scrape
song written during the 14
days the filmmaker spent
on the island.
Showtimes:
Sunday, December 5/Spm
Galleria JFK Cinema The-
atre 3

« REDIAL SUNSHINE

Bahamas / 2009 / 23 mins

Director, Travon Patton;

screenwriter, Travon Pat-
ton; producer, Travon Pat-
ton and William 'Mark'
Cartwright
Jan (Patrick Deveaux), a
withdrawn, fresh out of col-
lege technical assistant has
been down lately but gets
an unexpected call from his
ex-girlfriend Sasha (Tonya
Laramore), who hadn't
called him since they broke
up two weeks ago. This sur-
prising deviation from his
early morning routine unex-
pectedly redials his
past...and his future.
Showtimes:
Sunday, December 5/Spm
Galleria JFK Cinema The-
atre 1

¢ SMOKE SIGNALS

Bahamas / 2010/8 mins

Director, Michael A

Munnings and Roberto
Otero
A young man faces strug-
gles in life, and peer pres-
sure leads him to drug
addiction. He becomes iso-
lated from friends, loses his
job, goes to prison, loses his
girlfriend and lives a life of
despair. Eventually, God's
word gets his attention and
changes his life for the bet-
ter.
Showtimes:
Friday, December 3/5.30pm
Galleria JFK Cinema The-
atre 1
Saturday, December
4/3.30pm
Galleria JFK Cinema The-
atre 1





¢ THE KINDLY ONES
Bahamas / 2010/10 mins
Director, Rupert Missick
Jr; screenwriter, Rupert
Missick Jr
Producers, Margaret Gly-
natsis, Rupert Missick,
Taneka Thompson
Three women murder a
man during a tea party after
‘convicting’ him of matri-
cide.
Showtimes:
Friday, December 3/lpm
Galleria JFK Cinema The-
atre 3
Saturday, December
4/7.30pm
Galleria JFK Cinema The-
atre 3
¢ THE LIONFISH
INVASION
Bahamas / 2010 / 40 mins
Director, Matthew
McCoy; screenwriter,
Matthew McCoy; produc-
ers, Lindsey McCoy,
Kristin Williams, Craig Lay-
man
The Lionfish Invasion stars
Gary Richardson and
Thomas Bethel, two
Bahamians who are learn-
ing about lionfish and
demonstrating ways to take
action. Using underwater
footage, the film explores
what we know about these
non-native invaders, origi-
nally from the Indo-Pacific
region of the world, which
are now a major threat to
native juvenile fish and
invertebrates in the


THE TRIBUNE FRIDAY, NOVEMBER 26, 2010, PAGE 11

LOCAL NEWS



“gust IN TIME FOR

CHRISTMAS

Banamas
International

Film Festival



Bahamas. It also documents
some of the novel research j 3 :
being done in the islands to j A Every year we have

document its impact. had Baharnian films and

Showtimes: wa

Saturday, December N s ‘ as time goes on we

ofltam: ey = op) have had more because

Galleria JFK Cinema The- b |

atre 3 o | they realise they are not

STHESPERRIT just making it for their
Bahamas / Canada / 2009 / ; local community, they

16 mins 1 looki b h
Director, Jordan Darville, { ale looking to brane

Producer, Jordan Darville Af out intemationally. "

Few Bahamian cultural -
expressions have taken as — Leslie Vanderpool
many forms as Junkanoo
has. Throughout the coun-
try's history it has been a
vehicle for a slave's rebel-





lion, a celebration of local
businesses and an expres-
sion of cultural solidarity.
But as the country grows
and cultural development is
left behind, could that soli-
darity be waning?
The Sperrit chronicles a
month of struggles and
breakthroughs for Junkanoo
team “One Family" and asks
tough questions about the
future of Bahamian culture. %
Showtimes:
Sunday, December 5/3pm
Galleria JFK Cinema The-
atre 1
¢ TRIBUTE
Bahamas / US / 2010/9 =

mins

Director, Rebecca Valre-
jean

A disturbing and emotional For breaking news alerts



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PAGE 12, FRIDAY, NOVEMBER 26, 2010

THE TRIBUNE







INTERNATION

Epic battle over, Iraq PM
must form new government

BAGHDAD
Associated Press

INCUMBENT Prime Minister
Nouri al-Maliki cemented his grip
on power Thursday, bringing an end
to nearly nine months of political
deadlock after he was asked to form
the next government.

He now faces the daunting task
of bringing together Iraq's Shiite,
Sunni and Kurdish factions in a gov-
ernment that can overcome endur-
ing tensions as the country struggles
to develop its economy and prevent
a resurgence of violence as the last
American troops are due to leave
by the end of next year.

The long-awaited request from
President Jalal Talabani sets in
motion a 30-day timeline during
which al-Maliki must pick his Cabi-
net. Al-Maliki, a steely politician
known more for his ability to alien-
ate than unify, said he was aware of
the challenges ahead.

“T call upon the great Iraqi people
from all sects, religions and ethnici-
ties and I call upon my brothers the
politicians to work to overcome all
ifferences," the prime minister des-
ignate said during the ceremony at
the president's palace.

The new government is expected
to include all the major factions,
including the Kurds, Shiite political
parties aligned with Iran and a Sun-
ni-backed bloc that believes it
should have been the one leading
the next government.

In many ways it is likely to be sim-
ilar to the previous government. The
presidency again will be held by the
Kurds, the parliament speaker by
the Sunnis and the prime minister's
office went to the country's domi-
nant sect, the Shiites. The break-
lown is a reflection of the sectarian
interests that still divide this country,



sanctions.

The president's request Thursday
was largely a formality following
Talabami's re-election on Nov. 11.
Talabani, a Kurd, then had 15 days
in which to formally extend the offer
and start the 30-day clock.

The announcement underscores
what has been a stunning comeback
for al-Maliki, whose State of Law
coalition came in a close second in
the March 7 election to the Sunni-
backed bloc led by former Prime
Minister Ayad Allawi. But neither
bloc gained the 163-seat majority
necessary to govern, leading to an
intensive period of political jockey-
ing.

Al-Maliki, 60, then mended rifts
with his hard-line Shiite rivals to
consolidate his power base.

A key question will be who gets to
control the security ministries —
interior and defense. Haider al-Aba-
di, a Shiite lawmaker and an al-Mali-
ki ally, said those posts were expect-
ed to go to independent politicians
not affiliated with any of the main
political blocs. Such a move would
avoid any risk of using the powerful
mninistries to settle feuds.

The Kurds, meanwhile are push-
ing to hold onto the foreign min-
istry, while Allawi's Sunni-backed
Iraqiya list has demanded the oil
ministry.

Finding a role for Iraqiya is an
important challenge. Sunni discon-
tent with the Shiite domination that
arose from the American overthrow
of Saddam Hussein was a key reason
for the bloody insurgency that just a
few years ago resulted in hundreds
of people dead each day.

Violence has sharply declined but
attacks continue. A bomb went off
in a pet store Thursday in the north-
ern city of Tal Afar, killing at least
three people and wounding 16,













O In brief



‘Thanksgiving
sales bring
shoppers,
grumbles

NEW YORK
Associated Press

NOT all Americans tucked
into turkey with their fami-
lies on Thanksgiving. Some
were out shopping, hitting
sales ahead of the crowds
expected Friday.

After a year of cautious
spending and worry over an
uncertain economy and high
unemployment, more stores
this year extended hours into
Thanksgiving Day, a day
when stores are traditionally
closed.

Many grumble about the
relentless march of commer-
cialism creeping into the hol-
iday. But at least some shop-
pers took the bait.

While crowds appeared rel-
atively light compared with
the weekend ahead, the
extended hours drew in over-
seas visitors, those who have
to work Friday and some who
couldn't resist a good deal.

Sears, Kmart and some
Sports Authority, Gap, Old
Navy and Banana Republic
stores were among those
open Thursday.

At an Old Navy in
Lutherville, Md., Brenda
Tarver, 65, a retired postal
employee from Baltimore,
was dragged out of the house
by her daughters, but was
finding good deals on cloth-
ing.

“They've got good prices
and a variety of items. A lot
of things are 50 percent off,"
she said.

Willy Gerelbest, 45, a coun-

seven years after the U.S.-led inva- police and hospital officials said. Iraqi Government/AP Photo selor from Brooklyn, was
sion. Shae . Allawi, who did not attend the — |\ THIS photo released by the Iraqi Government, Iraqi President Jalal Talabani, right, shopping at Kmart in New
Al-Maliki will have to find other _ meeting, was expected to be named ang |raqi Prime Minister Nouri al-Maliki, left, are seen during a ceremony of asking al- York for sneakers on sale for
substantial roles for all of those fac- the head of a council that would — jalikito form the next government in Baghdad, Iraq, Thursday, Nov. 25, 2010. a-Mali- $9.99. ww
tions or risk having them leave his have ambiguous powers over major {j appealed to the country's warring political factions for unity after formally accept- : I saw the advertising and
government, a destabilizing blow for government decisions, according to ing on Thursday Nov. 25 2010 a request by the president to form the next government, just wanted to check it out,"
a country struggling to overcome —_ a power-sharing deal that paved the _ part of a deal to end an eight-month deadlock over who would lead the country the next he said. "Tomorrow I have
years of violence and economic way for al-Maliki to keep his job. four years. to work."

FREE IN TOMORROW'S TRIBUNE

-

THE TRIBUNE

SATURDA
DECEM
2010 | a 1

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RIBUNE242.C


THE TRIBUNE





INTERNATIONAL NEWS

FRIDAY, NOVEMBER 26, 2010, PAGE 13





SOUTH KOREAN President Lee Myung-bak, center, arrives with Defense Minister Kim Tae-young, second
right, at the Joint Chiefs of Staff as the military was put on top alert after North Korea's artillery attack on
South Korean island of Yeonpyeong, in Seoul, South Korea, Tuesday, Nov. 23, 2010.

South Korea's defence
Chief resigns after
North Korea attack

YEONPYEONG ISLAND,
South Korea
Associated Press

SOUTH Korea's president
ordered more troops to a
front-line island and dumped
his defense minister Thursday
as the country grappled with
lapses in its response to a
deadly North Korean artillery
strike.

In scenes reminiscent of the
Korean War 60 years ago,
dazed residents of Yeon-
pyeong island foraged
through blackened rubble for
pieces of their lives and
lugged their possessions down
eerily deserted streets strewn
with bent metal after Tues-
day's hail of artillery. The bar-
rage darkened skies, set off
fierce blazes, killed four South
Koreans and raised fears of
an escalation that could lead
to full-scale war.

“Tt was a sea of fire," resi-
dent Lee In-ku said, recalling
the flames that rolled through
the streets of this island that is
home to military bases as well
as a fishing community
famous for its catches of crab.
The spit of land is just seven
miles (11 kilometers) from
North Korea, but had only six
pieces of artillery.

Despite warnings from
North Korea that any new
provocation would be met
with more attacks, Washing-
ton and Seoul pushed ahead
with plans for military drills
starting Sunday involving a
nuclear-powered U.S. aircraft
carrier in waters south of this
week's skirmish.

The exercises will likely
anger the North — the regime
cited South Korean drills this
week as the impetus behind
its attack — but the president
said the South could little
afford to abandon such prepa-
tation now.

“We should not ease our
sense of crisis in preparation
for the possibility of another
provocation by North Korea,"
spokesman Hong Sang-pyo
quoted President Lee Myung-
bak as saying. “A provoca-
tion like this can recur any
time."

Washington and Seoul also
tatcheted up pressure on Chi-
na, North Korea's main ally
and biggest benefactor, to
restrain Pyongyang.

Chinese Premier Wen
Jiabao responded by calling
on all sides to show “maxi-
mum restraint" and pushed
again to restart the six-nation
talks aimed at persuading
North Korea to dismantle its
nuclear programs in exchange
for aid. Foreign Minister
‘Yang Jiechi, meanwhile, can-
celed a trip to Seoul this
week.

The heightened inter-Kore-
an animosity is taking place
as North Korea undergoes a
delicate transition of power
from leader Kim Jong Il to
his son Kim Jong Un, who is
in his late 20s and is expected
to eventually succeed his ail-
ing father.

On Thursday, Lee accepted
his defense minister's offer to
resign after lawmakers lashed
out at the government, claim-
ing officials were unprepared
for Tuesday's attack and that
the military response was too
slow. Even those in Lee's rul-
ing party demanded the dis-
missal of Defense Minister
Kim Tae-young.

At an emergency meeting
in Seoul, Lee ordered rein-
forcements for about 4,000
troops on tense Yellow Sea
islands, top-level weaponry
and upgraded rules of engage-
ment that would create a new
category of response when
civilian areas are targeted.

Skirmishes between the
Korean militaries are not
uncommon, but North Kore-
a's heavy bombardment of
‘Yeonpyeong Island was the
first naval skirmish since the
Korean War to kill civilians.

South Korean troops
returned fire and scrambled
fighter jets in response, but
two South Korean marines
and two construction work-
ers were killed and at least 18
others wounded. South Korea
has said casualties on the
North Korean side were like-
ly significant, but none were
immediately reported by the
secretive regime.

Marine Lt. Col. Joo Jong-
wha acknowledged that the
island is acutely short of
artillery, saying it has only six
pieces: the howitzers used in
Tuesday's skirmish.

Yonhap/AP Photo











































FAMILY GUARDIAN
INSURANCE COMPANY



management aqpintments

Patricia Hermanns, President & CEO of Family Guardian,
has announced the appointment of Glenn Pratt to the
position of Senior Manager, Information Services and
Wadene Charlton to the position of Manager, Human
Resources & Administration.

Glenn Pratt, AA

Senior Manager, info



Services







Having worked within the insurance and banking industries for
0 years, Mi. Pratt brir rience in application
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Mr. Pratt holds an Associate's degree in Natural Sciences and has
completed numerous courses in information technology,



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the festivities go on.

THE TRIBUNE









ALL SMILES: Celine Scott, 11, Ethan Scott, 1, and Rendeisha
Sands, 9, were the first to have their pictures taken with Santa and

Snowbear in Fantasy Forest.

and Home as Toyland was opened in grand

Cistiiones was in the air at Kelly’s House

style on November 13. Hundreds of children
and adults made their way to Kelly’s at noon for the
arrival of Santa and Snowbear.

Kelly’s started the festivi-
ties in the south parking lot
around 11 a.m. with a lively
performance by the Royal
Bahamas Defence Force
Band. While customers
enjoyed the performance and
waited for the arrival of San-
ta and Snowbear, there were
many other activities to keep
the little ones busy. Kelly’s
gave out free popcorn and
balloons. Children could also
get their faces painted by
face painters Tamara Don-
aldson and Tanique Capron.
There were also two bounc-
ing castles.

The line to visit Santa
inside the store started to
form around 11.15 a.m.
Celine Scott, 11, Ethan
Scott, 1 and Rendeisha
Sands, 9, were the first to
have their picture taken
with Santa and Snowbear in
Fantasy Forest, Kelly’s fully
animated forest and home
to Santa and Snowbear.

The parade started
around 11.50 a.m. with a
grand performance by the
C R Walker Marching
Band, directed by Mr Oscar
Dames. The band was fol-
lowed by Theodore Elyet-
t’s Miss Teen Bahamas,
Ashlee Bain.







GOOD STUFF: Santa’s Helpers prepare bags of free popcorn under
he tent as the crowd waits in anticipation.

Next came a truck with a
Deejay followed by Santa
and Snowbear. The chil-
dren were so excited to see
Santa and Snowbear that
many of them ran up to
them to hug them as they
made their way into Fanta-
sy Forest.

According to Denise
Darville, area manager for
the toy department, “the
opening of Toyland was a
huge success. The toy
department was extremely
busy and our customers
were really taking advan-
tage of the toy sale.”

When asked what the
major sellers were this year,
Mrs. Darville said, “the toys
that have really been sell-
ing are Hot Wheel Battle
Force 5, Dora, Power
Wheels, Baby Alive, educa-
tional toys like VTech lap-
top computers and, of
course, bikes.”

Santa and Snowbear will
be available on Saturdays
from noon to 5 p.m. at Kel-
ly’s Fantasy Forest until
December 4. Pictures can
be taken for only $5 and all
proceeds go to various local
charities. Kelly’s Fantasy
Forest is open every day
until December 4.



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THE TRIBUNE

FRIDAY, NOVEMBER 26, 2010, PAGE 9B



BUSINESSREVIEW




By IAN JAMES
Associated Press

CARACAS, Venezuela
(AP) — Venezuela is touting a
vast natural gas discovery off
its coast, a project that Presi-
dent Hugo Chavez says will
help turn the oil-exporting
country into a major global gas
producer.

Venezuela's oil minister,
Rafael Ramirez, said the latest
exploratory drilling has con-
firmed "extraordinary results”,
with about 15 trillion cubic feet
of gas under the sea floor in a
place where experts once
thought there was only a frac-
tion of that amount. Italian
energy company Eni SpA,
which is a partner in the pro-
ject, announced the drilling

results last week, calling it the
biggest natural gas deposit in
Venezuela and one of the most
significant finds in recent years.

Energy analysts caution that
Venezuela, which already leads
Latin America in proven gas
reserves, remains far from
being able to sell its gas inter-
nationally and is still working
on trying to meet its domestic
demand.

Yet Eni chief executive Pao-
lo Scaroni expressed optimism
based on what his company saw
drilling at the well known as
Pearl 3 in 230 feet (70 metres)
of water off western Venezuela.

"In the past weeks, it has
proven more important than
we had thought," he said at an
event launching a separate $17
billion oil project involving Eni

and the state oil company,
Petroleos de Venezuela SA, or
PDVSA.

Mr Scaroni said the oil and
gas projects together mean that
Venezuela "is going to be a tru-
ly strategic country for our
development”.

Eni is involved in the off-
shore gas project along with
Spanish energy company Rep-
sol-YPF, and Mr Chavez has
been talking up the project for
some time. In March, he called
it a "super well" and said it
could hold up to 14 trillion
cubic feet. Celebrating the lat-
est results last week, Mr Chavez
declared: "We're turning into
a world gas power.”

Venezuela's proven gas
reserves have been growing. In
August, PDVSA said the coun-

try's proven reserves had
reached 185 trillion cubic feet,
making the country No. 9 in the
world and first in Latin Ameri-
ca.

Yet some of Venezuela's
neighbours have done more
with less.

Nearby Trinidad and Tobago
has 14.4 trillion cubic feet of
proven reserves of natural gas,
and its current production is 4

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of $25-$30 million abound),
decided to quit the game
within six months.

Seeing no prospect of a
return on such a colossal out-
lay, the Trinidadian conglom-
erate quietly began shopping
City Markets to potential buy-
ers this summer. The urgency
reached a peak in the fall, as
Neal & Massy pulled the plug
on any further financing and,
within days, the supermarket
chain was sold to Ben Frisch’s
Associated Grocers of the
Bahamas, only for the
Bahamas Food Services prin-
cipal to pull out, enabling the
“last man standing,” Mark
Finalyson, to accomplish the
dream snatched from his grasp
in 2006 and become City Mar-
kets’ apparent “saviour.”

Aided by the multi-million
dollar windfall the Finlayson
family received from the sale
of their Associated Bahamian
Distillers and Brewers
(ABDAB) stake in Common-
wealth Brewery/Burns House
to Heineken, Mr Finlayson at
first glance appears to have
the deep pockets to do what is
necessary to turn the ailing
pachyderm around.

But management expertise
will be critical, especially in a
business with so many moving
parts, and which is acknowl-
edged to be in the most diffi-
cult industry in the Bahamas.
In interviews with Tribune
Business, Messrs Chatrani and
Winford appeared to be
stunned, “rabbit in the head-
lights’ like”, by the level of pil-
ferage they had encountered
at City Markets, some three
times’ what they were used to
in the southern Caribbean.

While Mr Finlayson may
have bailed out both City Mar-
kets’ 700 employees and the
Government (which would
have had to deal with 700 mid-
dle class and “grassroots”
Bahamians being added to the
unemployment lines), many in
the retail industry have said
he is “merely delaying the
inevitable”, meaning the
demise of City Markets.

For the company will have
to do something special to win
back all the customers that



From $54m to $1

have deserted it in a food
retailing landscape that has
changed beyond all recogni-
tion since Messrs Finlayson
and Fitzgerald first plotted
their City Markets acquisition.
If they are relying on their
2006 business plan, that could
be a mistake, as the whole
world and his wife appear to
have entered grocery retail,
including upstarts Robin Hood
and Phil’s Food Services,
whose aggressive practices are
impacting prices and the tra-
ditional retailer/wholesaler
relationship.

Then there is the business
track record of the new own-
ers, which does not scream:
“Resounding success”. Mr Fin-
layson’s last foray into retail
was luxury goods, where he
presided over the dramatic
downsizing at Solomon’s
Mines, a process punctuated
with frequent complaints from
staff over salaries being late
or not paid. Tribune Business
also raised questions this year
over the lack of information
made available to ABDAB
minority shareholders over the
Heineken deal, and whether
they would receive a dividend,
prompting the company to
rush out newspaper advertise-
ments to show all was in order.

Long-suffering Bahamian
minority shareholders, who
collectively own a 22 per cent
stake in Bahamas Supermar-
kets, would be well advised to
closely monitor the company
in which they have invested,
as it endures its third owner
in five years. Not only have
their dividends dried up, but
the value of their investment
has shrunk to just $1 — the
price Mr Finlayson paid, in
addition to assuming all the
company’s liabilities.

They have also seen the
company censured by the
Securities Commission and
fined for its consistently late
financials, and had to put up
with, in many instances, an
information vacuum. Partici-
pants in the Bahamian hotel
industry pension funds, too,
should be demanding answers

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

from one of the key BSL
Holdings investors, particular-
ly on how much money they
have had to write-off. Other
participants in the ill-fated
deal, including RoyalFidelity,
the Symonette Group (Craig
Symonette’s family vehicle)
and Milo B. Butler Invest-
ments will also be looking
closely at the drop of red ink
they will be forced to take on
their income statements and
balance sheets, as will Neal &
Massy. The saga does not say
much for the supposed
Trinidadian/Barbadian busi-
ness expertise.

Bahamian suppliers, too,
will want answers as to what
will happen to the more than
$9.5 million in accounts
payables owed to them. They
are unlikely to be happy if, as
sources suggest, the new City
Markets owners are offering
them a $0.50 of every $1 deal.

So, after writing-off more
than $42.5 million ($25 million
in equity and $5 million in
preference shares, plus $12.577
million in loans), BSL Hold-
ings has less-than-gracefully
handed the baton over to Mr
Finlayson and his team. Out
of the frying pan and into the
fire? For the sake of City Mar-
kets’ employees, suppliers and
wider society, Tribune Busi-
ness hopes not.

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TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
PAGE 10B, FRIDAY, NOVEMBER 26, 2010

THE TRIBUNE



BUSINESSREVIEW

GENERAL STRIKE

Portugal awaits its
Ireland moment

By BARRY HATTON
Associated Press

LISBON, Portugal (AP) —
Portugal is bracing for an
increase in speculative trades
against it, as some investors
expect it to be the next Euro-
pean nation to need a bailout
now that Ireland is taking a
massive loan to prop up its
banks.

During the past decade of
meagre economic growth of
around 1 per cent a year, the
Portuguese have been living
beyond their means, borrow-
ing money to finance sacred
welfare entitlements and pri-
vate spending while protect-
ing jobs through outdated
labour laws that ignored
changes in market conditions.

International investors,
spooked by the scale of
Greece's bailout requirements
in May and Ireland's banking
failures, are taking a closer
look at the finances of euro-
zone countries and they don't
like the look of Portugal's
accounts, says Emilie Gay, an
analyst at Capital Economics
in London.




Investors are "looking for
their next target” and Portu-
gal fits the bill, Gay said on
Monday. Capital Economics
predicts Portugal will have to
ask for help by early next
year, when it has to begin refi-
nancing billions of euros in
government bonds. Others
predict the crunch may come
sooner.

Deficit

Portugal's state budget
deficit - how much more the
government spent than it
received - reached 9.3 per
cent of gross domestic prod-
uct (GDP) last year. That was
far above the 3 per cent limit
for countries using the euro
currency, a rule repeatedly
broken even by the biggest
economies, and the fourth-
highest deficit in the euro-
zone after Greece, Ireland
and Spain.

The jump in deficits during
the crisis, however, is not the
whole story. Portugal's debt
load, amassed over years of
overspending, is high and
increasingly costly to sustain

KEMP'S FUNERAL HOME LIMITED

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

DEATH NOTICE FOR

Mrs. Patricia R. Greenacre















of Nassau, The Bahamas and formerly of Watford,
England, died at the home of Mrs. James
(Maureen) Liddell, Nassau on Tuesday, 23rd








November, 2010.

Mrs. Greenacre is survived by her son, David
Greenacre of Montreal, Canada and her dear
friend, Mrs. Maureen Liddell.







A Memorial Service will be announced.




In lieu of flowers , Mrs. Greenacre may be
remembered by making a donation to the Bahamas
Humane Society, P.O. Box N. 242, Nassau.







Arrangements by Kemp's Funeral Home





Limited.

Waker's Bap

LUE

Great Guana Cay, Abaco

The Bahamas

as borrowing rates have risen
during the recent months’
debt crisis.

Some analysts claim that
accumulated debt - money
owed by the state, by state-
owned companies, by private
corporations and households
- is way over the country's
annual GDP of 160 billion
euros ($218 billion). The gov-
ernment, by contrast, puts it
at 86 per cent of GDP this
year.

Pedro Passos Coelho,
leader of the centre-right
Social Democratic Party, the
main opposition party, has
accused the centre-left Social-
ist government of shifting
debt off the books. He said
"a good portion of our (offi-
cial) figures is fiction", and
estimated public debt at 112
per cent of GDP and the
deficit at 9.5 per cent.

Such allegations are serious
because they echo what hap-
pened in Greece, where the
revelation that it had hidden
the size of its debts caused
markets to rapidly lose confi-
dence in the government and
triggered a funding crisis.

Over the longer term, Por-
tugal’s core problem is how
to generate wealth that might
pay for its lifestyle - part of a
malaise hurting western
Europe, as countries cope
with an aging population and
competition from Asia and

other regions.

When Ford and Volkswa-
gen spent almost 2 billion
euros to set up a huge new
manufacturing plant near Lis-
bon in the early 1990s, it
appeared to be the prelude
for a mass arrival of high-
grade industry that would
power Portugal forward. It
also looked like an endorse-
ment of Portugal's ambition
to become a modern western
European nation after lan-
guishing under four decades
of dictatorship and political
turmoil following the 1974
Carnation Revolution.

But in many ways it was a
false dawn.

Unions

Portugal did not shed the
post-revolution labour laws
that made it hard to fire work-
ers as trade unions stood in
the way of attempts to mod-
ernise. Laying-off workers is a
bureaucratic entanglement,
and entails hefty compensa-
tion payments, while workers
can refuse proposed changes
to their working hours. That
turned foreign investors away
from Portugal.

Civil servants, meanwhile,
cannot be fired except in cas-
es of extreme misconduct,
leaving the public sector
bloated.

NOTICE

CHESTNUT HOUSE INVESTMENTS LTD.
NOTIC EIS HEREBY GIVEN as follows:
CHESTNUT HOUSE INVESTMENTS LTD. is in

voluntary dissolution under the provisions
of Section 137 (4) of the International Business

Companies Act 2000.

The dissolution of the said company
commenced on the 24th November, 2010
when the Articles of Dissolution were submitted
to and registered by the Registrar General.

The Liquidator of the said company is Blue Seas
Administration Ltd., The Bahamas Financial
Centre, Shirley & Charlotte Streets, Nassau,

Bahamas

Dated this 26th day of November, A. D. 2010



Blue Seas Administration Ltd.
Liquidator

EMPLOYMENT OPPORTUNITY

You are invited to apply for the following position currently

Key Responsibilities

available.

Executive Chef

¢ Ability to skillfully prepare international cuisine

¢ Plan, design and cost menus for a variety of outlets

¢ Recruit, manage, and train culinary team.

¢ Manage the culinary budget and food cost.

¢ Maintain an effective inventory and supplies vendor list of local
and international suppliers.

Qualifications

* Bachelor’s degree in Culinary Arts or related subject;
professional certifications
Minimum ten (10) years experience at a five-star club, resort or
restaurant with at least three (3) years international or off-shore

experience.

Previous experience with a start-up property a plus.
Must be innovative, demonstrate strong leadership and
culinary skills, must be able to train others and execute ideas

and standards.

The successful candidate will have the opportunity to work in a
growing and dynamic organization and must be a self-starter,
team player, work at the highest standards of performance, and

meet deadlines.

lf you are progressive and prepared to advance your career, submit
your resume to the attention of the VP Human Resources,

hr@bakersbayclub.com or by fax at 242-367-0613.

“Becoming the Employer of Choice in The Bahamas!”

We Welcome You



A PERSON walks past stickers reading "General Strike. | also do it’
outside the Portuguese Finance Ministry, in the background, Mon-
day, Nov. 22, 2010, in downtown Lisbon. Workers’ unions called
for a general strike on Nov. 24 protesting the government's aus-
terity measures aimed at controlling the country's current finan-

cial crisis. (AP)

Education levels among
Europe's lowest and a cultur-
al reluctance to taking risks
on new work methods have
kept productivity low - it
stands at around two-thirds
of that in neighbouring Spain.

Portugal stuck too long
with traditional industries
such as textiles and footwear,
which have been unable to
compete with Asian imports.
And, being locked into the
euro, Portugal can't devalue
its currency to make its
exports cheaper.

State-owned companies are
among the most inefficient,
and their total debts are esti-
mated at more than 15 billion
euros.

Part of the reason is politi-
ca: in a country where the
average monthly wage is
around 800 euros a month,
and where hundreds of thou-
sands earn the minimum wage
of 475 euros a month, the gov-
ernment forces public trans-
port companies to keep ticket
prices artificially low and pays
them compensation for their
losses.

Those low earners, mean-
while, have used the cheap
loans that came with euro
membership to finance pur-
chases of cars and houses.

Portugal, a country of 10.6
million people, remains one
of western Europe's poorest
nations, and the outlook is
gloomy.

The Bank of Portugal pre-
dicts growth of 0.9 per cent
this year, after a contraction
of 2.7 per cent last year, and
many analysts predict another
recession in 2011 due toa
government austerity pro-
gram devised to drive down
the country's debt.

Some Portuguese are
despairing of their country
ever attaining average Euro-

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pean standards of income.

Emigration to Portuguese-
speaking countries such as
Angola and Brazil, whose
economies are flourishing, has
soared in recent times.

Alvaro Santos Pereira, a
researcher at Canada’s Simon
Fraser University, estimated
in arecent study that between
1998 and 2008 some 700,000
Portuguese left their country.
From 2008 to 2009, he said,
Portuguese visas issued for
Angola more than doubled to
46,000.

Vasco Costa, a 48-year-old
father of three who owns a
chain of shops in Portugal,
says he's seriously consider-
ing moving his family to
Brazil, where economic
growth is expected to reach
7.5 per cent this year.

"We're going backwards
while Brazil is growing more
than 7 per cent a year,” he
said as he waited to catch a
Lisbon subway train. "I only
see a brutal period of stagna-
tion here."

MEXICO TO SHUT
HUGE LANDFILL

MEXICO CITY
Associated Press

ONE of the world's largest
landfills is to be closed next
year because of worries that the
more than 12,000 tons of
garbage deposited there daily
could contaminate the aquifer,
Mexico's Interior Department
said.

The closure of Mexico City's
massive Bordo Poniente landfill
aims to "to resolve for once and
for all the grave and latent
problem of contamination” of
water sources, an Interior
Department statement said.
The dump also represents a
flood threat, as it could poten-
tially interfere with the water
drainage out of Mexico City.

Still, despite the city and fed-
eral governments’ agreement
to close Bordo Poniente at the
end of 2011, the statement pro-
vided few details about plans
to replace the massive landfill.
It said only that waste treat-
ment centres “without harmful
effects on the environment and
the population" would be up
and running by January 1, 2012.

Officials from Mexico City's
Waste Commission have said
they are working to build four
state-of-the-art processing cen-
tres to recycle, compost or burn
for energy 85 per cent of Mex-
ico City's trash.

The city has required resi-
dents to sort trash since 2003,
but hasn't provided the infra-
structure to handle it, and just
about 6 per cent of waste here
is currently recycled. If the
Waste Commission's project is
a success, it would put this pol-
luted metropolis in a league
with San Francisco, The
Netherlands and other top recy-
clers.

Monday's statement hailed
the closure as an “excellent
opportunity for Mexico City to
join world efforts to reduce
greenhouse gas emissions”.
Open-air landfills are major
emitters of gases believed to
contribute to global warming.

Built on a dry lake bed on
the northeast edge of Mexico
City, in part to handle the rub-
ble from the devastating 1985
earthquake, Bordo Poniente
takes about 12,600 tons of trash
- or about 700 truckloads of
unsorted rubbish - a day. It now
contains more than 76 million
tons of trash, the statement
said.

It called Bordo Poniente the
world's largest landfill, but oth-
er publications have ranked it
as the second largest land-based
dump, behind Sudokwon,
which serves the South Korean
capital of Seoul.

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



IRISH PROTESTS

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SINN FEIN SUPPORTERS protest outside Irish government buildings, in Dublin, Ireland, Wednesday. The Irish Pee hae unveiled
a range of tough austerity measures designed to help solve the country's debt crisis, among the spending cuts and tax rises are a reduc-
tion in the minimum wage, a new property tax and thousands of public sector job cuts. (AP)

Should bondholders
go to barber’s shop?

By LANDON

THOMAS JR.

c.2010 New York Times
News Service@

DUBLIN — Ireland has
finally taken its medicine,
accepting the financial res-
cue package European offi-
cials have been pushing for
several weeks.

But even as Europe
moved to avert this latest
debt crisis, economists and
policy experts are increas-
ingly debating whether it
would be better, and fairer,
for the Continent's weakest
economies to default on
payments to lenders.

Many experts now say
that bailouts only delay the
inevitable. Instead of further
wounding their economies
with drastic budget slashing,
the specialists assert, gov-
ernments should immedi-
ately start talks with bond-
holders and force them to
accept a loss on their invest-
ments.

The risk, of course, is an
investor panic that would
seize financial markets at a
time when the global econ-
omy remains on tenter-
hooks.

But an organised restruc-
turing of debt that would
reduce the amount of mon-
ey troubled countries owed,
especially in conjunction
with a financial aid package,
might provide a quicker
path to recovery and avoid
the trauma of a forced
default down the road, some
economists argue.

Decision

To be sure, it is easier to
propound solutions from the
comfort of a think-tank as
opposed to actually making
a decision when not just a
country's financial future is
at stake, but the broader
euro zone could be affected
as well.

"Policymakers face the
same dilemma as in any cri-
sis with respect to haircut-
ting bonds, and the real-life
decisions are always
extremely difficult," said
Robert E. Rubin, the for-
mer Treasury secretary, who
faced just such a quandary in
1994, when he helped
arrange a $47 billion rescue
package for the Mexican
government as it teetered
on the verge of default.

"Holding bondholders
harmless contributes to
moral hazard and increases
risks elsewhere," Mr Rubin
added. "But imposing bond
haircuts can make future
market access expensive or
impossible for an extended
time, and can create serious
contagion effects else-
where."

The term "haircuts" refers
to the loss an investor takes
when a borrower fails to pay
back its loans.

One signal that the policy
pendulum may be swinging
away from bondholders
came earlier this month
when the German chancel-



GERMAN CHANCELLOR
Angela Merkel (AP)

lor, Angela Merkel, sup-
ported by President Nicolas
Sarkozy of France, tried to
persuade other European
leaders that bondholders
needed to accept some of
the risk in future bailouts.

The move spurred a bond
market rout, and Mrs
Merkel had to retreat. But
her argument has taken hold
in the debate over how best
to handle debt crises as
Europe turns its attention
from Ireland - which will
receive $109 billion to $123
billion in loans as part of the
rescue package - to the
shaky economies of Portugal
and Spain.

Proponents of a default
say that Argentina and Rus-
sia, in 2002 and 1998, found
life after a debt restructur-
ing. Both reneged on their
foreign loans and, after
devaluing their currencies,
were able to recover.

Even so, any talk of
default - or a debt restruc-
turing, the term that bankers
and technocrats prefer -
remains anathema in capi-
tals like Athens and Dublin.
Their leaders fear that they
would be put in a financial
penalty box and denied
fresh access to funds.

Complicating matters is
that, unlike Argentina and
Russia, Ireland and other
troubled European coun-
tries that use the euro as a
common currency cannot
devalue their currencies.
Thus, they lack this tool to
help nurse their economies
back to good health by
improving their competitive
position and increasing
exports.

In Ireland, which has an
external debt 10 times the
size of the economy and
bank losses that jeopardised
the country's solvency, there
is little sympathy for those
who lent to the country's fal-
tering banks.

"The people who provid-
ed the funds to these banks
should take the conse-
quences," said Peter Math-
ews, a banking consultant in
Dublin. Mathews estimates
that making senior bond-
holders take an appropriate
loss on their bank holdings
of 18 billion euros would
save the country about 15
billion euros.

Those who favour restruc-
turing say it is only fair that

lenders absorb losses and
share the pain. A loss of this
amount for lenders would
be roughly the same as the
government is planning to
extract from its citizens over
the next four years in the
form of spending cuts and
tax increases, so as to bring
its deficit down from 32 per
cent of gross domestic prod-
uct to 3 per cent.

"There is just no escaping
debt restructuring for
Greece and Ireland," said
Kenneth S. Rogoff, a Har-
vard professor and expert
on sovereign debt crises.

But if it is inevitable - as
many financial analysts and
mainstream economists such
as Rogoff and Nouriel
Roubini are now saying -
why not do it now?

That is not easily done,
says Professor Rogoff, who
was a senior economist at
the International Monetary
Fund when Argentina
defaulted. He points out that
the IMF executive board,
which must approve all aid
disbursements, is controlled
by the main creditor bank-
ing nations like the US,
Britain, Germany and
France, whose investors
stand to lose the most in a
default.

"The IMF never comes in
and says: 'We will give you
money but you have to
restructure’,"” he continued.
"Restructuring only happens
at the end of a failed pro-
gram."

Earlier this year, the IMF
made clear its position on
default when it issued a staff
paper defiantly titled Default
in Today's Advanced
Economies: Unnecessary,
Undesirable and Unlikely.

Authors of the report say
the views are their own and
not the Fund's. Yet, in argu-
ing that indebted economies
like Greece and Ireland will
not follow in the path of
Argentina, they echo a view
that the IMF has long
embraced.

Debt

Unlike Argentina before
it went belly up, Greece and
Ireland have large primary
deficits, which means that
even without paying inter-
est on their debt they still
spend more than they col-
lect in taxes. The deficit is
about 10 per cent of GDP
in each case.

So abandoning their debt
obligations would not elim-
inate the need for cash,
which would become all the
more acute because their
default would deny them
access to international debt
markets.

The authors also take on
what they call the "soak-the-
rich argument”. In the case
of Argentina and Russia, for
example, the debtors were
largely US. banks.

In the euro zone, more
than 2 trillion euros in sov-
ereign debt belonging to
Greece, Ireland, Spain and
Portugal is held largely by

German, French and British
banks and, in the case of
Greece, local banks and
pension funds.

So the investor pain would
be felt throughout Europe
and could well ignite a sys-
temic panic as banks across
the Continent suddenly
found themselves with big
losses.

Here in Ireland, people
are doubtful that default is
the answer.

"'Treland is in the business
of paying back its debts,"
Prime Minister Brian
Cowen said as he cam-
paigned on tiny Arranmore
Island off Ireland's north
coast this weekend.

FRIDAY, NOVEMBER 26, 2010, PAGE 11B

BUSINESSREVIEW

A TAXI DRIVER protests as he drives past the offices of the Irish
Prime Minister Brian Cowen, Dublin, Ireland, Wednesday. (AP)

THE COLLEGE OF THE BAHAMAS

Visit our website at www.cob.edu. bs

NOTICE

PREQUALIFICATION OF CONTRACTORS
FOR THE CONSTRUCTION OF
THE COLLEGE OF THE BAHAMAS SMALL
ISLAND SUSTAINABILITY FACILITY
GLADSTONE ROAD, NASSAU, BAHAMAS



The College of the Bahamas is seeking applications of
interest from contractors for the proposed GTR Campbell
Small Island Sustainability Facility on Gladstone Road.

Total Square Footage of the facility is 15,245. The facility
will consists of 3 Main Buildings, 2 of Single storey con-
struction and one of 2 storey construction.

The proposed facility will be LEED certified.

The project will include associated parking and site
improvements.

Interested Contractors can collect Pre-Qualification
Documents from the Offices of Bruce LaFleur &
Associates at

2 Nassau Court,
P.O. Box EH. 14-435
Nassau, Bahamas
Tel: 1 (242) 328-7240
Fax: 1 (242) 325-7963
E: info@bla-arch.com.

Documents are to be submitted by 5:00 pm on Friday 10th
December.



*8/ 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, ipa aba Tokyo, Hong Kong,
Frankfurt, Florence, Milan, Madrid, Paris, Rome and Tu



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PAGE 12B, FRIDAY, NOVEMBER 26, 2010

THE TRIBUNE



BUSINESSREVIEW

IN THE DRIVING SEAT

IN THIS July 30, 2010 file photo, President Barack Obama, accompanied by Assembly Manager Teri Quigley, gets behind the wheel of the



new Chevy Volt, during his tour of the General Motors Auto Plant in Hamtramck, Mich. Playing defense on the economy, President Barack
Obama may have found a potent "| told you so" argument in the rescue of General Motors. But will he get any credit for it? (AP)

Auto bailouts drive
Obama’s recovery

By KEN THOMAS
Associated Press

WASHINGTON (AP) —
Playing defence on the US
economy, President Barack
Obama may have found a
potent "I told you so" argu-
ment in the rescue of Gen-
eral Motors. But will he get
any credit for it?

Obama visited a Chrysler
auto plant in Kokomo,
Indiana, on Tuesday with
vice-president Joe Biden,
reprising similar trips he
made last summer to GM,
Ford and Chrysler plants in
Michigan and [linois. His
stewardship of the auto
bailout - begun under Pres-
ident George W. Bush in
the waning days of his term
- could weigh heavily on
the minds of voters
throughout the industrial
Midwest. Obama picked up
key electoral votes there in

But move still unpopular
with many Americans

2008 but recently watched
states such as Michigan and
Ohio elect Republican gov-
ernors and members of
Congress.

General Motors launched
one of the largest initial
public offerings in US his-
tory last week, more than
a year after it was pushed
into bankruptcy by the
Obama administration at a
taxpayer cost of about $50
billion. The rescue of GM
and Chrysler was roundly
criticised by many Repub-
licans and conservative tea
party candidates who said
the government should not
have intervened to save the
carmakers.

"Does anyone really

believe that politicians and
bureaucrats in Washington
can successfully steer a
multinational corporation
to economic viability?"
asked House Republican
Leader John Boehner when
GM filed for bankruptcy in
June 2009.

Debate

GM might prove Mr
Boehner wrong, giving
Obama a stronger hand in
the debate over how the
government handled the
auto meltdown. The bailout
still remains unpopular
with many Americans - and
the futures of GM and
Chrysler are far from cer-

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: -
*A minimum 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, P.O.
Box N-8200 or Corporate Office Building ‘B’, 3° & West Terraces,

Centreville.

tain - but GM's return to
the New York Stock
Exchange and an expected
stock offering from
Chrysler in 2011 could give
Democrats a vivid example
of economic recovery.

"The critics said this
would never work. But the
critics were wrong," said
Austan Goolsbee, Obama's
top economist, in a video
released last week by the
White House. Ron Bloom,
one of the leaders of the
auto task force, said in an
interview that the rescue
averted "a swath of eco-
nomic devastation that
would have remained as a
scar on our nation for a
long, long time if the pres-
ident had not done what he
did”.

GM, which posted three
straight profitable quarters
before the stock offering,
has buffed up the auto



PRESIDENT BARACK OBAMA and Vice President Joe Biden focus
on the recovery of the U.S. auto industry as they tour Chrysler's
Indiana Transmission Plant Il in Kokomo, Ind., Tuesday. (AP)

bailout's exterior in several
ways:

* The government's own-
ership stake is expected to
decline from nearly 61 per
cent to about 33 per cent
(once all shares are sold by
investment banks under-
writing the deal). The shift
to a minority stakeholder
role helps bolster Obama's
case that he’s not interest-
ed in running car compa-
nies.

* The government could
collect about $13.6 billion

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, LESUMMAH GENEE
ROBERTS of the Eastern District of the Island of New
Providence, one of the Islands of the Commonwealth of
The Bahamas, intends to change my first and second name
to LESUMMAH GENEE to SUMMER GENAE. If there are any
objections to this change of name by Deed Poll, you may write
such objections to the Chief Passport Officer, PO.Box N-742,
Nassau, Bahamas no later than thirty (80) days after the date of
publication of this notice.

EMPLOYMENT
OPPORTUNITIES

Law Firm seeks Business Manager/
Comptroller and Compliance Officer

Business Manager:

Qualifications:

* BSc in Accounting/Finance or Business

* Management with minimum of 2 years
managerial experience.

* Leadership skills

Position Summary:
Business manager will be responsible for the
day-to-day management of the firm including
communicating with clients and vendors and the
preparation and maintenance of the firm’s
financial records.

Compliance Officer:
Qualifications:

* Internal/external audit experience of 5 years or
more.

* In-depth knowledge of applicable regulatory
requirements

Position Summary:

Compliance Officer will be responsible for obtaining
information from clients and maintaining records of
information collected for compliance purposes as
well as reviewing existing files to make sure they are
fully compliant. He or she will also be responsible
for liaising with regulatory bodies and agencies.

Salaries for both positions will be commensurate
with qualifications and experience.

Interested persons may send resumes by fax to:
322-5942 or by

Mail to:

Managing Partner

P.O. Box N-9298

Nassau, Bahamas



from the sale. GM had pre-
viously paid back $9.5 bil-
lion, so taxpayers will have
received nearly half of what
they provided to the com-
pany. GM received $13.4
billion from the outgoing
Bush administration and
$36.1 billion from Obama's
White House.

* The Center for Auto-
motive Research, an Ann
Arbor, Michigan, firm that
receives funding from
automakers, reported last
week that the auto bailouts
saved 1.1 million jobs in
2009. It estimated the Trea-
sury Department avoided
losing billions in pension
fund receipts and personal
income taxes. The report
supports Obama's argu-
ment that allowing the
companies to liquidate
would have devastated the
economy; since the bank-
ruptcies, automakers have
added more than 77,000
jobs.

Process

"Nobody could have seen
things playing out quite as
nicely as they did,” said
Jeremy Anwyl, chief exec-
utive of Edmunds.com, an
automotive website.
"There's lots to quibble
about but when you step
back and look at it overall,
you have to say the task
force, the bailout, the
bankruptcies, that whole
process has played out
pretty well."

Plenty of questions
remain, however.

Obama, discussing the
GM IPO last week, said
taxpayers were "now posi-
tioned to recover more
than my administration
invested in GM”. The oper-
ative term is "my adminis-
tration.” For taxpayers to
recoup all $50 billion of
their GM investment - the
total amount given under
both the administrations -
the Treasury Department
would need to sell its
remaining 500 million
shares at about $53 a share.

GM was trading at more
than $34 per share on Mon-
day. If the stock stayed in
that range next year and
the government sold its
shares at that price, the
proceeds would exceed the
amount that the Obama
administration sank into
the auto giant.

Some of the tensions
over the bailouts still sim-
mer. Many car dealers
protested efforts by GM
and Chrysler to shutter
dealerships and accused the
auto task force of meddling
in the closures, a charge the
Treasury Department
denies. Some conservatives
saw it as a sellout to the
United Auto Workers
union, and bondholders
and shareholders com-
plained that the bankruptcy
wiped out most of their
investments.

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

FRIDAY, NOVEMBER 26, 2010, PAGE 13B



BUSINESSREVIEW

Baha Mar brings
brave new world

SOL KERZNER is right.
The man who put the
Bahamas back on the tourist
map has every reason to be
concerned about the wider
consequences the $2.6 bil-
lion Baha Mar project might
have for the market if it is
not handled and managed
correctly. Fear of competi-
tion does not come into it,
but why did he wait until the
11th hour to voice his con-
cerns?

“We wish them luck,” was
how George Markantonis,
Kerzner International
(Bahamas) president and
managing director, respond-
ed to press conference ques-
tions on the Atlantis own-
er’s view of Baha Mar. With
respect to Mr Markantonis,
Tribune Business had to sti-
fle a smile at the time,
because it knew Kerzner’s
position had not changed
since Paul O’Neill effective-
ly blew the gaffe at a
Bahamas Chamber of Com-
merce luncheon to admit the
company’s concerns over
what was proposed for
Cable Beach. Yet these con-
cerns have since been shield-
ed from public view until the
past week.

Loan

Why did Mr Kerzner and
his executives take so long?
Probably because they and
others, who possibly includ-
ed the Prime Minister, nev-
er thought Baha Mar would
get the financing in the first
place, nor resolve the $200
million Scotiabank loan
issue. While the 11th hour
press release, timed to coin-
cide with the debate on the
Chinese work permits, was a
smart move, followed by
veiled warnings of Paradise
Island job losses and “no”
Phase IV, this time Kerzner
appears to have left it too
late.

For Mr Ingraham has
already come back from
Beijing “a conquering hero,”
presenting an agreement to
the Bahamian public that
was touted as being better
than the PLP’s original
Heads of Agreement. No
matter that the terms of the



THE ALANTIS ROYAL TOWERS: Can the Bahamas absorb two

mega-resorts?

deal with China were prob-
ably largely worked out
before he left, there is no
way that Mr Ingraham can
reverse course now without
some serious egg being left
on his face.

The bit about the opening
of Baha Mar’s four new
hotels opening in phases was
probably an attempt by Mr
Ingraham to assuage Kerzn-
er’s fears. The devil, though,
remains in the details as to
exactly how this will hap-
pen. And it is here that Mr
Kerzner’s concerns resonate
most strongly. The alleged
breach of his “Most
Favoured Nation” clause
can probably be resolved
through negotiation with the
Government, and a bumper
deal on his next Bahamian
investment. He is also bang
on with his comments on the
Chinese involvement, point-
ing out that this is not simply
a pure loan/construction
contract for them, but more
a play to put their huge for-
eign currency reserves and
unemployed/underem-
ployed construction work-
ers to work. There are no
free lunches in this world.

Yet can the Bahamian
hotel industry and tourism
market absorb the 2,000-
3,000 new rooms that Baha
Mar plans to construct? If
brought on all at once, Tri-
bune Business would say no,
at least not until the demand
is proven to be there. This is
why Kerzner expanded
Atlantis in phases, each step
of the way being confident
that it would not be left
holding the bag of empty
inventory and forced to lay-
off workers.

Can the Bahamas absorb
two mega-resorts? Maybe,
and maybe not. Will Baha
Mar and Atlantis, going
head-to-head, cannibalise

TEA PARTY SHOWS
WAY TO INVIGORATE
THE BAHAMAS

FROM page 14B

Union, and decided to run a grass-roots campaign in the 2009
Republican primary against the official party candidate, the
Kentucky Secretary of State. He won, and went on to defeat his
Democratic opponent in 2010 and became probably the lead-
ing Tea Party spokesman in the new Senate, while sitting as a
Republican. If outsider Rand Paul could do it in Kentucky, why
not, say, the articulate Dr John Rodgers in his home con-
stituency in Nassau? He could choose the FNM, or probably the
PLP, which seems more open to renegade candidates.

If elected to the House of Assembly, the platform of a com-
mitted Tea Partier would hit the obvious, though long-evaded,
high points: speed up the endlessly delayed privatisation
process. Put not only BTC on the block, but BEC, Water &
Sewerage, ZNS, Bahamasair, Paradise Island Bridge Author-
ity, and any other public companies. Don’t agonise about get-
ting the best price: “Just Do It”, as Nike would say. The elim-
ination of Government subsidies would soon compensate for
any pricing shortfalls. Establish and enforce the principle that
merit, not longevity, will govern retention and promotion of
public employees, including teachers — and resist the howls of

complaint.

Compel efficiency, by dismissal if necessary, in the myriad
places where taxes and fees are collected, and often lost. Elim-
inate non-essential activities - why do we need a Prices Com-
mission to control prices? Or a business licensing department?
Specialised financial or health-related enterprises can be reg-
ulated by existing agencies that have the know-how. Other
businesses need not be licensed, simply registered and charged

a tax (not a hypocritical ‘fee’).

These are just starting points for an imaginative Tea Parti-
er. Not all of these proposals could be accomplished at once,
perhaps some never. But they would provide the basis for
shifting away from reliance on the welfare state and towards
individual responsibility, which is the bedrock Tea Party prin-
ciple. While not endorsing all the extreme Tea Party positions,
which would virtually abolish government, or its vitriolic attacks
on President Obama, I do believe that adopting its spirit would
invigorate our political and economic thinking.

the market for high-end, lux-
ury visitors, leaving each
with a smaller piece of the
pie rather than an expanded
pie? Don’t know. Will this
result in a “race to the bot-
tom” when it comes to room
rates, due to an oversupply
of Bahamian hotel rooms?
Could be.

Competition

Will the competition
result in neither property
being able to employ 8,000
Bahamian workers? Per-
haps.

There you have it. Baha
Mar is a journey into a brave
new world. Whether you
think it will grow or split the
Bahamian tourism market
may depend on which con-
sultancy study you read.
Should we protect the
“goose that laid the golden

ege” that is Atlantis or, as
the Bahamas Chamber of
Commerce’s president said,
focus on the upside, not
always the potential down-
side risks?

Hindsight’s wonderful, but
we do not have the luxury
of possessing it. Yes, the
Bahamas could become the
“Las Vegas of the
Caribbean,” but Tribune
Business remains troubled
by the seeming lack of prod-
uct differentiation between
Baha Mar and Atlantis. The
former appears to be mir-
roring the latter’s water-
based theme park attrac-
tions and going for the same
amenities, although this
newspaper was previously
told that Baha Mar was tar-
geting the “casino” and
“childless couples/singles”
market, as opposed to
Atlantis’s families.

The positive thing is that
Baha Mar will be built. The
Chinese will ensure that
happens, and that it does not
become a “white elephant.”
Mr Ingraham is right in that
the crucial period will be
post-construction. It will be
fascinating to watch and,
let’s hope, bring long-last-
ing economic and social ben-
efits to the Bahamian peo-
ple.



COMMONWEALTH OF THE BAHAMAS SWCLEquitiial3
IX THE SUPREME COURT
Common Law & Equity Side
IN THE MATTER OF all that piece parcel or lot of land
comprising 2.62 Acres situate Southwards of Andros Anglers
Club on the Island of Andros one of the Islands of the
Commenwealth of The Baharia,
AND
IN THE MATTER of The Quieting Titles Act, 1959
AND

IN THE MATTER of the Petition of Coconut Farm Limited

NOTICE OF PETITION

The Petition of COCONUT FARM LIMITED a company
incorporated under the laws of the Commonwealth of The
Bahamas in respect of:

“ALL that piece parcel or lot of land originally thought to
contain 2.618 acres and now shown to comprise 2.62 acres
situate Southwards of Andros Anglers Club on the Island of
Andros and bounded as follows: on ihe NORTHWEST by
land the property of James M_ Halron and running therein Four
hundred and Six (406) feet more or less om the NORTHEAST
by the sea at high water mark and running thereon Three
hundred and Nine (309) feet more of less on the SOUTHEAST
by Reeves Street and running thereon Three hundred and
Eleven (311) feet more or bess on the South by a junction of
Reeves Street and Swamp Street and running thereon in an an:
Sixty-two and Ninety-eight hundredts (62.98) feet and on the
SOUTHWEST by Swamp Street and running thereon Two
hundred and Seventy-five and Ninety-two hundredths (275.92)
feet and which said parcel of land has such position shape
marks boundaries and dimensions a3 shown on the plan filed
herein and thereon coloured Pink.”

COCONUT FARM LIMITED elains to be the owner in fee
simple in possession of the said land free from encumbrances
and has made application to the Supreme Court in the
Commonwealth of The Bahamas under Section 3 of The
Quieting Tithkes Act, 1959 to have its title to the said land
Investigated and the nature and extent thereof determined and
declared in a Centificate of Title to be granted by the Court in
accordance with the provisions of the said Act.

A plan of the said land may be inspected during normal office
hours in the following places:

ja) The Registry of the Supreme Court in the said City of
Nose;

The Chambers of McKinney, Bancroft & Hughes, Mareva
House, 4 George Street in the City of Nassau, Attomeys
for the Petitioner; and

ic) The Office of the Administrator at Nichall's Tira, Amdras,

Notice is hereby given thal any persons having dower or a right
of dower or an Adverse Claim or a claim not recognized in the
Petition shall on or before the 20th day of January, 2011 file
in the Supreme Court and serve on the Petitioner or the
undersigned a statement of their claim in the presenibed form, verified
by an Affidavit to be filed therewith. Failure of any such person
to file and serve a statement of bis claim on or before the said
20th day of January, A-D., 2011 will operate as a bar to such
claim.

Dated the 11th day of November, A.D, 2010

McKINAWEY, BANCROPT & AODGHES
Mareva House
George Street
Nassau, The Bahamas.
Attorneys for the Petitioner





KERZNER CONCERNS



SOL KERZNER IN ATLANTIS: The Kerzner CEO has every reason to
be concerned about the wider consequences the $2.6 billion Baha Mar
project might have.

(COMMONWEALTH (OF THE BAHAMAS JO/CLE(qui/1153

IN THE SUPREME COURT
Commen Law and Equity Dision

TN THE MATTER OF ALL THAT piece, parce! or lot of lind being
lat number Eight (8) in Block number Trentefive (25) in a
fubdiviaen called and known as “Cseonut Grove Subdivision”
containing an area of Five Thousand Two Hundred and Fiiy-twe
(5,252) square feet and situate on fhe Souther side of Bahama
Avenue ia the Ceatral Distinct of fre land of New Providence one
iat the [shards of the Comnocemeaith of Tee Bahamas

AND)

IN THE MATTER of the Petition of DELANO HAMELTON
ao

IN THE MATTER of the Quieting Teles Act, 1959 Chapter 93

DELANO HAMILTON fhe Petitioner claims to be the owner in fee dimple in Poasession
free fron encumbrances of ALL THAT pece, parcel or let of land beisg lot member
Eight (8) in Glock number Twenty-five (25) in a subdivision called and known as
“Coceeut Grove Subdivision” containing an area of Five Thousand Two Hendred and
Fifty-two (5,252) sqeare feet and situate on the Souther side of Bahan Avenee in the
Central Destnct of the Island of New Providence aloresaid and bounded 25 follows: on
the North by @ public road known a5 and called ‘Bahama Averee’ and renning thereon
One Hundred aed Five (105) Feet on the East by ae public road known as and called
“Sheth Street’ and running thereon Fity (50) Feet on the South by land now or formerly
the property of Alex Claridge and running there One Hundred and Five (1005) Feat and
on the West by land now or formerly the property of Thomas Howard and renning
thereon Fifty and Five Tents. (50.05) Feet and has mage application 0 the Supreme
Coert of the Commonwealfh of The Bahamas under Section 3 of the Quieting Titles. Act,
Chapter 93 of the Statwte Laws of the Commmonweatth wloresaid (as revised!) to have
fis ite bo the said land investigaied, determined and dedancd in a Certiicate of Tide to
be granted by the sald Supreme Court in accondance with the provésions of the said
Quieting Ties Act, Chapter 293,

Copies of fhe flied Pian of the said lot of land may be inspected dering normal office
hours at the following places:

(i) The Registry of the Supreme Court in the city of Massau on the Island of New
Providence afereseld and

(i) Coford Law Charsbers, Springfield Street, Fax Hil, Nassau, The Gahan,

Watice is hereby given that any person having Dower or a right to Dower or any
Adverse Qaim or a claim not recognized in the Petition shall by the 30” day of fina
peblicaton of this Motice file in She said Registry of the Supreme Court in the city ef
Nassau aforesaid and serve on the Pebtioner or his Atiomeys, Cheon (Law Chambers,
Springfield Street, Fox Hil, Wassau, The Baharues a Statement of such claim in the
prescibed fom, veriied by an Affidavit to be fled therewith. Feiure of amy such
persons to file and serve a Statement of such dine by the 0” day of final
pubbcation of this Notice will operate as:a bar to such dain,

nicer

Park: Plana Annes
Springhield Street, Foee Hil
Nassau, The Bharat

Atjormeys for the Petitioner

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PAGE 14B, FRIDAY, NOVEMBER 26, 2010

THE TRIBUNE



BUSINESSREVIEW

0 holding back

ODD FELLA, that King
Canute. You know, the leg-
endary king who, just to show
his subjects he was not all-
powerful, took everyone for a
trip to the beach to show them
that he could not hold back
the tide.

Tribune Business recites this
fable because it is reminded
of the Bahamas’ own King
Canute, PLP chairman,
Bradley Roberts, the King
Canute of Bahamian telecom-
munications, who as minister
of works and utilities between
2003-2007 (and ever since),
seemed to be engaged in a
one-man crusade (assisted
ably by Leon Williams) to
hold back the tide of industry
liberalisation, even though it
had washed over most global
shores — with the exception of
the Bahamas.

His recent pronouncements
on the FNM government’s
plans to sell a 51 per cent stake
in the Bahamas Telecommu-
nications Company (BTC) to
Cable & Wireless provided
further evidence of the
dinosaur-like approach some
who aspire to high office take
towards the communications
industry, an incredibly dynam-
ic, technology-driven sector
that has left them in its wake.

Much was made (in some
quarters) of the lack of media
coverage given to Mr Roberts’
November 10 address. Yet Tri-
bune Business could almost
have scripted the main themes



in advance:

¢ Bash Hubert Ingraham
and the FNM government;

¢ Bash Cable & Wireless
(LIME) and the foreign buy-
ers (no doubt your writer, too,
will be “bashed” as a foreign
interloper);

e Play to the deep-rooted
nationalist streak in many
Bahamians (an admirable
quality most of the time) by
suggesting BTC should remain
under 100 per cent Bahamian
ownership and control;

¢ Pander to the two BTC
unions for political gain;

¢ Take personal credit for
every ray of sunlight coming
from BTC’s backside while he
was the minister responsible.

In the interests of disclo-
sure, Tribune Business must
point out that an affiliate has a
minority stake in a BTC com-
petitor. Yet Mr Roberts’
address, in common with many
politicians, was notable more
for what it did not say than
what it did say. For he omitted
two key terms: “Competition”
and “cellular monopoly.”

While the Government
stands accused of “giving away
at a fire sale price the Crown
Jewel of the Caribbean,” as
Mr Roberts called BTC, this

COMMONWEALTH OF THE BAHAMAS 2010(CLEtqui1414
IN THE SUPREME COURT
Common Law & Equity Side

IN THE MATTER OF all that piece parcel or lot of land
comprising 2.62 Acres situate Southwards of Andros Anglers
Club on the [sland of Andros one of the Islands of the
Commonwealth of The Bahamas.

AND
IN THE MATTER of The Quicting Titles Act, 1959
AND
IN THE MATTER of the Petition of James M. Halron,
NOTICE OF PETITON

The Petition of JAMIES WL HALRON of L618 State Street
in Green Bay in the State of Wisconsin in respect of:-

ALLthat piece parcel or lot of land onginally thought to
contain 2.618 acres and now shown to comprise 2.62 acres
situate Southwards of Andros Anglers Club and running
thereon Four hundred and Thirty (430) feet more or less on
the NORTHEAST by the Sea at the High Water Mark and
running thereon Two hundred and Seventy-six (276) feet
motor less on the SOUTHEAST by the property of Coconut
Farm Limited and running thereon Pour hundred and Six
(406) feet more or less und on the SOUTHWEST by a Pitty
(30) foot wide road reservation known as Swamp Street and
running thereon Two homdred and Seventy-two and Forty-
two hundredths (272.42) feet and whieh said parcel of land
has such position shape marks boundaries and dimensions
as are shown on the plan filed berein and thereon coloured
Pink.

JAMES M. HALRON claims to be the owner in fee simple
In possession of the sud land free from encumbrances and
has made application to the Supreme Court in the
Commonwealth of the Buhamas under Section 3 of The
Quieting Titkes Act, 1959 to have his title to the said 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 Acct.

A plan of the said land may be inspected during normal
office hours in the following places:

(a) The Registry of the Supreme Court in the said City of
Nassau:

(b) The Chambers of McKinney, Bancroft & Hughes,
Mareva House, 4 George Street in the City of Nassau,
Attoreys for the Petitioner; and

(a) The Office of the Administrator at Nichoall’s Town,
Andros.

Notice is hereby given that any persons having dower or a
night of dower oran Adverse Claim or a cliim mot recognized
in the Petition shall on or before the 20th day of January,
2011 fle in the Supreme Court and serve on the Petitioner
or the undersigned a statement of their claim in the prescribed
form, verified by an Aidawvit bo be filed therewith. Future of
any such person to file and serve a statement of his claim
on or before the sand 20th day ofJanuary, A.D., 2011 wall
operate as a bar to such claim.

Dated the Lith day of Novernber, A.D,, 2010

McKINNEY, BANCROFT & HUGHES
Mareva House
George Street
Nassau, The Baliamas.
Attorneys for the Petitioner



description bears closer scruti-
ny. True, BTC is one of the
few government-owned agen-
cies to turn a consistent, multi-
million dollar profit, and
Messrs Roberts and Williams
have frequently sought to take
the plaudits for this during
their years in charge as minis-
ter and chief executive respec-
tively.

Yet what they inevitably
ignore, and never remind the
Bahamian people, is that more
than two-thirds of BTC’s rev-
enues come from its cellular
monopoly. Yes, that’s right,
monopoly. BTC has no com-
petition in this area, meaning
that it can mine the gold in the
pockets of more than 300,000
Bahamian consumers, who
have no choice and are forced
to put up with whatever prices
and service quality the monop-
oly charges.

It is therefore quite easy for
BTC to make a profit, given
the absence of “competition”
(yes, that other key word omit-
ted by Mr Roberts), on the
backs of the Bahamian peo-
ple. Mr Ingraham got it spot
on the other day when,
responding to claims that a
$220 million price for a 51 per
cent stake in BTC represented
a “fire sale” price, pointed out
that the opening up of the
market to competition from
the likes of Cable Bahamas,
Digicel et al would immedi-
ately cut into the company’s
revenues and profit streams.
In other words, it is impossible
for BTC to be as profitable in
a liberalised market.

There are many other issues
one could pick on from Mr
Roberts’ address: He cited
that 50 per cent of BTC was
worth $325 million; does that
mean the $260 million that the
PLP proposed selling a 49 per
cent stake to Bluewater for
was a “fire sale price”?

True, the status quo of 100
per cent Bahamian ownership
and control could be main-
tained. But while this is a laud-
able aim, BTC’s interests and
ability to compete going for-
ward in a brave new world are
likely to be better served by
being part of a major telecoms
operator, since this would give
it access to the latest technol-
ogy at the best possible prices.

Hopefully, the assertions by
the Prime Minister and BTC
privatisation committee that
Cable & Wireless has changed
are true, and that Bahamians
will continue to play a key role
in its management, holding the
majority of executive posts.
There seems a good chance
this may happen, given that
Cable & Wireless’s manage-
ment team in Panama, for
instance, is 100 per cent Pana-
manian.

The Government should
also seek to sell down a sig-

COMMONWEALTH OF THE BAHAMAS



PLP CHAIRMAN
Bradley Roberts

nificant portion of its remain-
ing 49 per cent stake in BTC
(perhaps half this amount) as
quickly as possible.

Again, noises on this are
encouraging, suggesting it
might happen in 18-24 months.
Opportunities to create wealth
for Bahamians, and make
them owners of their own eco-
nomic assets, should not be
passed up, and Tribune Busi-
ness hopes that besides BTC
management and staff, a por-
tion of such an offering is
reserved for middle class and
ordinary Bahamians (not just
the institutions).

The time is long past for
BTC to be privatised. The cost
to the economy and Bahamian
consumers from this protract-
ed effort has been incalcula-
ble. While Mr Ingraham at
least admitted that his failure
to privatise BTC was one of
the biggest knocks against his
first 10 years in office, no such
sentiment was heard from Mr
Christie.

As one investment banker
told Tribune Business in 2003:
“They’re (the PLP) not pas-
sionate believers in it (privati-
sation).”

If so, they need to wake up
and smell the coffee. Govern-
ment needs to get out of busi-
ness, and the Bahamas is late
catching the train, with a huge
amount of commerce left in
public sector hands. Just why
the Bahamas needs to get on
the outsourcing bandwagon
was highlighted by KPMG
(Bahamas) partner Simon
Townend earlier this week,
when he identified some $2.3
billion in infrastructure needs
that this country needs to
urgently address.

This sum, he said, was more
than a year’s revenue for the
Government, and 10 times the
capital expenditure budget for
2010-2011, which came in at
$228 million, meaning that it
would take 10 - rather than
five years — to fund all of these
areas based on the Govern-
ment’s current capacity.

Let’s hope the fiscal deficit
and national debt dynamics
prod the Government to make
the hard but necessary choices:
Eschew “big government,”
and finally get the hell out of
business!

2001

IN THE SUPREME COURT

COMMON LAW SIDE

BETWEEN

BANK OF THE BAHAMAS LIMITED

Plaintiff

AND

LLOYD MILTON SUTHERLAND

Defendant

NOTICE OF ADJOURNED HEARING

TAKE NOTICE thatthe Order for Examination

filed on the 4" day of December, A.D., 2009 and set
down to be heard on Thursday the 4" day of March,
A.D., 2010 at 12:00 o’clock in the afternoon will
now be heard before a Deputy Registrar, Marilyn
Meeres of the Supreme Court, Ansbacher Building,
Bank Lane, Nassau, The Bahamas on Monday the
24" day of January, A.D., 2011 at 11:30 o'clock in
the forenoon.

Dated this 20 day of September, A.D., 2010

REGISTRAR

This Notice was taken out by Messrs. Gibson,
Rigby & Co., Chambers, KlI-Malex House,
Dowdeswell Street, Nassau, The Bahamas,
Attorneys for the Plaintiff.



PRL

By RICHARD
COULSON

During the recent
US Congressional
elections, when the
Republicans threw
out the Democrats
from the majority
position in the
House of Represen-
tatives, much of the
talk was not about

the Republican Par- - RICHARD s5|
COULSON

ty or the Democrat-
ic Party but about |
the Tea Party.

This was unprecedented,
for the Tea Party is not a
political party at all in the
traditional sense, but simply
the name taken from the
famous 1773 heaving of
crates of tea into Boston har-
bour by colonists enraged at
new taxes imposed from dis-
tant London. It ran no can-
didates under its own name;
it had no official leaders, no
staff, no headquarters, no
structure, no budget. It took
shape simply as an amor-
phous group of politicians
(often brand new to the
game), pundits and follow-
ers around the country who
shared some — by no means
all — political and philosoph-
ical views and promoted
them vigorously. The main
spokesman was the irre-
pressible Sarah Palin, who
was a candidate for nothing,
except probably for election
as president in 2012.

Yet this unpromising
agglomeration had enor-
mous influence, far more
than any official Third Par-
ties, which have had little
success in American politics.
The most significant, Ross
Perot’s creation, won 19 per
cent of the popular vote in
1992, less in 1996, and then
vanished from the scene,
although its aging founder
still lives.



SENATE WIN: Rand Paul

The Tea Partiers followed
a different strategy: they
attached themselves like
leeches to the existing
Republican Party and forced
it to change its spots. They
ran tirelessly in Republican
primaries in state after state,
and usually won, often to the
discomfiture of party bosses
backing more conventional
candidates. Their individual
success was mixed: in Ken-
tucky, the attractive Rand
Paul went on to defeat his
Democratic Senatorial oppo-
nent; in Nevada, newcomer
Sharron Angle gave a strong
challenge to Senate Democ-
ratic leader Harry Reid,
while in Delaware the eccen-
tric Republican Tea Partier,
Christine O’Donnell, lost
decisively.

In general, the victorious
Republican candidates for
the House, the Senate or
Governorships were those
who followed Tea Party
principles. Amid the welter
of ideas put forwards, sever-
al strong common threads
emerged. Keep government
out of our hair! Private
enterprise knows best! End
deficit spending! Run a bal-
anced budget! Don’t bail out
big companies or banks!
These axioms were not new;
they had been the battle cry
of far-right conservatives for
over a century. Why did they
suddenly gain traction with
wide swathes of angry blue-
collar voters and middle-
class housewives, not simply
rich Wall Streeters, captains
of industry and a few egg-
head economists?

Clearly, it was not just the
recession, the worst since the
1930s, when the nation went
solidly Democratic.
Although the problem was
inherited, not created, by

OPINION



TO INVIGORATE BAHAMAS



Barack Obama, the
voters saw, rightly
or wrongly, his solu-
tions as inept and
misguided. US
unemployment
remains stubbornly
close to 10 per cent,
and mortgage fore-
closures increased as
billions of federal
“stimulus funds”
had no_ visible
impact except to
balloon the deficit
and the national
debt. Meanwhile,
Mr Obama tried to impose
barely understood health-
care legislation and other
“reforms” that appeared
close to socialism — the f-



‘THE IRREPRESSIBLE’
Sarah Palin

word in American politics.

We in the Bahamas, so
dependent on the US econ-
omy, are in much the same
boat. The question is: what
will be the political reaction
as we approach the 2012
election? Will voters trust
Hubert Ingraham’s FNM to
lead the country out of reces-
sion, or turn the job over to
Perry Christie’s PLP? We
already know that Mr Ingra-
ham has increased the public
debt and the Government
deficit while imposing new
taxes and fees — tough but
necessary steps, he claims.
While the PLP naturally
snipes at these measures, it’s
not clear that their approach
would be much different if
they came to power.

For it is part of the ele-
mental, in-grained thinking
of both parties to rely on
“statist” solutions for the
national welfare. Indeed,
with laudable exceptions, the
Bahamian public itself relies
on Government, not the pri-
vate sector, to ensure wealth
and security — as seen by the
view of public employment
as a life-time sinecure. But
in this recession, we may be
seeing a slow ground-swell
of opinion that opposes the
traditional assumptions. It is
by no means certain, but
there may be a growing body
of citizens who feel like the
Tea Partiers in the US — that
we cannot continue with
“business as usual.”

But any such movement
cannot go far without vigor-
ous spokesmen. How are
they to be found, and how
are they to gain any politi-
cal clout? At present, the
only vocal Tea Party force is
the well-meaning but spe-
cialised think-tank, the Nas-
sau Institute, whose mem-
bers do not aspire to any
elective position and are
largely ignored by the lead-
ers of the FNM and PLP. As
in the US, the founding of
an effective third party here
seems a lost cause. Serious
promoters of Tea Party prin-
ciples will have to insert
themselves into one of our
two main parties and “bore
from within.” Our parties
do not hold formal pri-
maries, but any determined
resident can work hard to
become known to the voters
within a constituency, and
be selected by the con-
stituency assembly for for-
mal recommendation to the
party’s candidate selection
committee. The task will not
be easy and will be subject to
plenty of competition from
more “established” names.

That is similar to the
course followed by newly-
elected Senator Rand Paul
in Kentucky. A successful
career ophthalmologist, he
became well known as head
of the Kentucky Taxpayers

SEE page 13B

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

FRIDAY, NOVEMBER 26, 2010, PAGE 15B



BUSINESSREVIEW

Month in Review

Business Review recaps the events
making headlines over the past month

By ALISON LOWE
Tribune Business
Reporter

SANDALS chief execu-
tive Adam Stewart respond-
ed to claims the all-inclusive
resort may not be the right
fit for Exuma, releasing a
slew of figures representing
the impact that the re-open-
ing of the former Four Sea-
sons Emerald Bay hotel has
had — including a “whop-
ping" 83 per cent arrivals
increase since last year.

As evidence of the com-
pany's commitment to the
resort and, by extension,
Exuma, he said Sandals will
be devoting 30 per cent of
its entire promotional bud-
get (despite having 21 other
hotels worldwide) on mar-
keting Sandals Emerald
Bay.

And he touted Sandals’
role in arranging the arrival
of the first jet service to
Exuma (or the Bahamas for
that matter), which began
in mid-November and is
operated by American Air-
lines.

Prime Minister Hubert
Ingraham told Exumians
"not to look a gift horse in
the mouth" as far as San-
dals was concerned.

Meanwhile, Mr Stewart
revealed Sandals expects to
have to expand the proper-
ty to “generate a return on
our investment.” Mr Ingra-
ham went on to confirm Tri-
bune Business reports that
the Jamaican-owned resort
operator is interested in
purchasing the Grand Isle
Villas Resort near the
Emerald Bay property.

One of the country’s
major new entrants to the
food retail sector
announced plans to expand
its operations.

Phil Lightbourn, owner of
Phil’s Food Services, will
invest $2.5 million come
early 2011, creating an esti-
mated 50 new jobs and
growing his produce section,
in particular. Mr Lightbourn
denounced claims that he is
able to keep prices low
through customs duty eva-
sion or affiliation with Craig
Flowers’ FML Group, say-
ing he is a “man on a mis-
sion with a vision” to feed
the Bahamas.

When the Bahamas was
revealed on November 8 to
have fallen six places in an
annual World Bank/Inter-
national Finance Corpora-
tion (IFC) report on the
ease of doing business glob-
ally, president of the
Bahamas Chamber of Com-

merce, Khaalis Rolle,
warned that this country’s
slippage could “turn off”
investors in an increasingly
competitive foreign direct
investment market.

Receiving a ranking over-
all of 77 out of 183 nations
assessed, the Bahamas fell
in every category — among
them starting a business,
dealing with construction
permits and registering
property — apart from the
enforcement of contracts.

Minister of State for
Finance, Zhivargo Laing,
said that rather than it
becoming more difficult to
do business in the Bahamas,
the slippage may be more
due to reforms in other
countries making it easier
there. He expects reforms
taken by the Government
to speed up business in the
Bahamas, with changes in
areas such as the Business
License Act to be reflected
next year. But he added the
government is not “list
watching.”

The Institute of Bahami-
an Architects released a
report on November 24,
though, which said the
delays in obtaining con-
struction permits — the
Bahamas ranked a particu-
larly low 107 out of 183 in
this area — are costing the
Bahamian economy “mil-
lions of dollars” and jobs.



“MINISTER OF STATE
FOR FINANCE
Zhivargo Laing

Inspired by ultra-efficient
Singapore’s gains in this
field, Zhivargo Laing, Min-
ister of State for Finance,
announced on November 9
that the Government will
launch its first e-government
portal in July 2011, allow-
ing those living in the
Bahamas to begin applying

NOTICE is ne OED that STERLINE SERAPHIN

of BACARDI

AD, is applying

to the Minister

responsible for Nationality and Citizenship, for
registration/naturalization as a _ citizen of The
Bahamas, and that any person who knows any
reason why registration/naturalization should not be
granted, should send a written and signed statement
of the facts within peony ei days from the 26

day of November, 2010 to t

e Minister responsible

for nationality and Citizenship, P.O. Box N-7147,

Nassau, Bahamas.

NOTICE
CAMRY HOLDINGS LIMITED

Pursuant to the Provisions of Section 138 (8) of the

International Business Companies Act 2000 notice

is hereby given that the above-named Company has

been dissolved and struck off the Register pursuant

to a Certificate of Dissolution issued by the Registrar

General on the 3" day of November, 2010.

LYNDEN MAYCOCK
Liquidator

of

CAMRY HOLDINGS LIMITED

for and paying for a number
of key government services
— including business license
fees — online.

The move will mark a sig-
nificant step towards a
"fundamental" shift in "the
culture of doing business in
the Bahamas and providing
public services in our
nation”, suggested Mr
Laing, forecasting that this
is just the beginning of what
is to come, following recent
consultations with the Sin-
gaporean government’s
information technology
arm, IDA International.

Compromises

On November 14, Prime
Minister Hubert Ingraham
confirmed what well-placed
Tribune Business sources
had told this newspaper on
November 1 — that he was
able to negotiate compro-
mises with the Chinese on
Baha Mar during a trip to
China to meet with repre-
sentatives of Baha Mar
financiers, the China
Export-Import Bank, and
the general contractor, Chi-
na State Construction and
Engineering company.

He announced that an
extra $200 million in fund-
ing from the China Ex-Im
Bank would go to Bahami-
an contractors, creating
“thousands” of extra jobs
for Bahamians.

This prompted Bahamas
Contractor’s Association
president, Stephen Wrinkle,
to express his “elation” at
the news, along with a call
for the Government to pass
and implement the Con-
tractor’s Bill, which would








PRIME MINISTER Hubert Ingraham, Central Bank of the Bahamas Governor Wendy Craigg and

Kerzner International chairman Sol Kerzner

help Bahamian contractors
gain the recognition they
may need to win the con-
tracts,

Telecoms industry
sources confirmed in mid-
November just how close
the Government is to sign-
ing a memorandum of
understanding with Cable
& Wireless (LIME) to take
a $220 million, 51 per cent
stake in the Bahamas
Telecommunications Com-
pany (BTC), finally pri-
vatising the state-owned
incumbent.

Prime Minister Hubert
Ingraham suggested a “sub-
stantial roadblock” in the
negotiations, however, were
plans by LIME to fire 30
per cent of BTC’s workers
upon privatisation.

Highlighting the extent
of the challenges being
faced by a significant pro-
portion of businesses, Tri-
bune Business revealed on
November 17 that over 18
per cent of all bank credit
extended to the private sec-
tor was non-performing as
of September 30, 2010, a
situation one senior bank-
ing executive described as

NOTICE

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

NOTICE

NOTICE is hereby given that RESIA JOSEPH-EUGENE
of Marsh Harbour, Abaco,Nassau Bahamas P.O. Box
AB20291 is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 19" day of
November, 2010 to the Minister responsible for nationality
and Citizenship, PO. Box N-7147, Nassau, Bahamas.

























Securit
AML Foods Limited
Bahamas Property Fund
Bank of Bahamas

Benchmark

Bahamas Waste

Fidelity Bank
Cable Bahamas
Colina Holdings

Commonwealth Bank ($1)
Consolidated Water BDRs
Doctor's Hospital

Famguard
Finco

FirstCaribbean Bank

Focol (S)}

Focol Class B Preference

ICD Utilities
J. S. Johnson

ROYAL FIDELITY

Moray at Werk

“horrendous.” The value of
loans to Bahamas-based
businesses in this predica-
ment amounted to $188
million.

On the same day, Central
Bank of the Bahamas Gov-
ernor Wendy Craigg told
the Bahamas Institute of
Chartered Accountants’
conference that the nation-
al debt reached 55 per cent
of gross domestic product
by the end of September
2010.

Favourable

She said the Bahamas
debt-to-GDP ratio was still
favourable compared with
its Caribbean counterparts
and “not critical”, adding
that the International Mon-
etary Fund deems a ratio of
over 50 per cent “something
you want to watch very

closely.”
Mrs Craigg also
announced that the

Bahamas could see a cred-
it bureau established "with-
in 18 to 24 months." Start-
ing costs were likely to be



around $2 million, said Mrs
Craigg, adding that the
facility would mean "a
huge change" for Bahami-
an borrowers who had been
"less than forthright” about
their credit histories, and
should help reduce the rate
of loan delinquency or
defaults.

Kerzner International
chairman Sol Kerzner
accused the Government of
violating the company’s
agreement with the compa-
ny by giving "more
favourable" terms to Baha
Mar, specifically as it relates
to the much higher foreign
to Bahamian labour ratio
that is set to be involved.
He suggested 8,000 jobs at
Atlantis could be at stake
if Baha Mar was approved
in its current form, and said
Phase IV of Atlantis would
not go ahead if Baha Mar
does.

Former Bahamas Cham-
ber of Commerce president,
Dionisio D' Aguilar, sug-
gested Mr Kerzner is play-
ing a "high stakes poker
game.”



Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows:

(a) GOLDEN PALM OVERSEAS LTD. is in dissolution under the
provisions of the International Business Companies Act 2000.

(b) The Dissolution of said Company commenced on November 25,
2010 when its Articles of Dissolution were submitted and registered

by the Registrar General.

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

(d) All persons having Claims against the above-named Company are
required on or before day of December 24, 2010 to send their names
and addresses and particulars of their debts or claims to the Liguida-
tor of the company or, in default thereof, they may be excluded from
the benefit of any distribution made before such debts are proved.

November 26, 2010

ZAKRIT SERVICES LTD.
LIQUIDATOR OF THE ABOVE-NAMED COMPANY

cr AL

BISX LISTED & TRADED SECURITIES AS OF:
THURSDAY, 25 NOVEMBER 2010
BISX ALL SHARE INDEX: CLOSE 1,483.20 | CHG 0.00 | %CHG 0.00 | YTD -82.18 | YTD % -5.25
FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%
WwWw.BISXBAHAMAS.COM | TELEPHONE: 242-323-2330 | FACSIMILE: 242-323-2320

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10.63
4.90
0.18
2.70
2.17
10.46
2.40
6.85
1.85
1.60
6.07
7.26
93.393
5.46
1.00
S.3a
9.82

EPS $

TTAL MARKETS
BROKERAGE & ADVISORY SERVICES

. Fo CAP
Ec

Pre:

flier F ca wT «AT.

Div $ P/E
0.150
0.013
0.598

-0.877
0.168
0.016
1.050
0.781
0.422
0.111
0.199

-0.003
0.287
0.645
0.366
0.000
0.012
O.97 1

1.4076
2.8300
1.4954
2.8522
13.0484
101.6693
99.4177
1.0000
1.0000
1.0000
9.1005

10.0000

9.1708

4.8105

Premier Real Estate

10.00

10.00

BISX LISTED DEBT SECURITIES - (Bonds trade

Securit
Bahamas Note 6.95 (2029)

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

Symbol
BAH29
FBB17
FBB22
FBB13
FBB15

Last Sale
99.46
100.00
100.00
100.00
100.00

0.00

0.991

on a Percentage Pricing basis)
Change

0.00
0.00
0.00
0.00
0.00

Daily Vol.

RoyalFidelity Merchant Bank & Trust Ltd. (OQver-The-Counter Securities)
Last Price

Symbol
Bahamas Supermarkets
RND Holdings

CFAL Securities Ltd. (Qver-The-Counter Securities)

ABDAB
RND Holdings

Fund Name
CFAL Bond Fund
CFAL MSI Preferred Fund
CFAL Money Market Fund
Royal Fidelity Bahamas G & | Fund
Royal Fidelity Prime Income Fund
CFAL Global Bond Fund
CFAL Global Equity Fund
FG Financial Preferred Income Fund
FG Financial Growth Fund
FG Financial Diversified Fund
Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 1
Royal Fidelity Bah vestment Fund Principal
Protected TIGRS, Series 2
Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 3
Royal Fidelity Int'l Fund - Equities Sub Fund

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

jast 52 weeks
jghted price for daily volume
fed price for daily volume

m day to day

aded today

hare paid in the last 12 months

P/E - Closing price

ded by the last 12 month earnings

(S) - 4-for-1 Stock Split - Effective Date 8/8/2007
($1) - 3-for-1 Stock Split - Effective Date 7/11/2007
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525

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

Bid $
5.01
0.35:

30.13
0.45

Ask $
6.01
0.40

31.59
0.55

14.00
0.55.

29.00
0.55

BISX Listed Mutual Funds

NAV
112
2.9187
1.5655
2.8624
13.5642
114.3684
106.5528
1.1367
1.0974
1.1363

9.7458

10.6000

9.5037
8.1643

YTD%
5.11%
1.10%
3.87%
-8.16%
1.47%
9.98%
4.75%
4.30%
2.78%
A.18%

A.35%
-1.59%

-4.96%
5.79%

MARKET TERMS

Weekly Vol. - Ti
EPS $-Ac

Last 12 Months %

6.79%
3.13%
A.AB%
-7.49%
2.95%
12.49%
7.18%
5.21%
6.87%
5.78%

5.22%
A.26%

-4.96%
9.A2%

N/M - Not Meaningful
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

Daily Vol.

NAV 3MTH
1.490421
2.919946
1.545071

109.392860
100.779540

Interest
6.95%
7%
Prime + 1.75%
7%
Prime + 1.75%
EPS $

-2.945
0.001

Div $
0.000
0.000

4.540
0.002

0.000
0.000

NAV 6MTH
1.467397
2O1157F
1.530224

107.570619
105.776543

any's reported earnings per share for the last 12 mths

20 November 2029
19 October 2017
19 October 2022

30 May 2013
29 May 2015

P/E Yield

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

31-Oct-10
31-Oct-10

31-Oct-10
31-Oct-10


PAGE 16B ® FRIDAY, NOVEMBER 26, 2010

BUSINESSREVIEW

TEA PARTY SHOWS WAY
TO INVIGORATE BAHAMAS

¢ SEE PAGE 14B



From $54m to $1

Tribune Business kicks-off its
Business Review section with an
inside, blow-by-blow account of
how the once-proud City Markets
food store chain was brought to
its knees, and the prospects for a
revival under new ownership

rom $54 million to $1.

There can have been
few more rapid descents in
value, over a four-year period,
than what Bahamas Super-
markets and its 11-store City
Markets chain suffered under
the disastrous majority own-
ership of the BSL Holdings
group. The saga, which has
resulted in the likely write-off
of more than $40 million, will
long feature in economics text
books as an example of how
not to execute a successful
acquisition. So what went
wrong? How did it go from
turning a steady $6-$8 million
annual profit, and regular div-
idends to shareholders, to
annual losses that matched,
and in one case exceeded,
those profits?

It all looked so good to
start with. The BSL Holdings
consortium, put together by
RoyalFidelity Merchant Bank
& Trust, beat out the BK
Foods group, headed, ironi-
cally, by City Markets’ new
owner, Mr Finlayson, and his
attorney, Senator Jerome
Fitzgerald, by trumping their
initial $50 million bid with a
$54 million offer. Legal, advi-
sory and closing fees took the
ultimate spend by BSL Hold-
ings to around $56 million,
and it was here that the prob-
lems seemed to begin. Tri-
bune Business will begin its
analysis from here.

1) It is hard to escape the
suspicion that BSL Holdings
massively overpaid for its 78

per cent stake in City Mar-
kets. Entry price is key on any
acquisition, since it will deter-
mine the subsequent rate of
return on investment.

BSL Holdings and Royal-
Fidelity’s valuation models,
evaluating City Markets on a
cash flow basis and multiple
of earnings, may have seemed
secure at the time, but ulti-
mately proved fatally flawed
because they were acquiring a
company that owned none of
its real estate. Its only real
assets, apart from cash in the
bank, were inventory and
store equipment.

Tribune Business recalls an
early 2006 conversation with
Supervalue president and
owner, Rupert Roberts Jnr,
in which he confided to this
newspaper that, yes, he had
submitted to bid to acquire
City Markets when US gro-
cery chain, Winn-Dixie, put
it on the market, but he con-
sidered it a ‘low ball’ offer
designed to pick up the pieces
if all others melted away. He
felt the rival supermarket
chain was worth $35 million at

the top-end, almost $20 mil-
lion below BSL Holdings’ bid,
precisely because it owned
none of its real estate.

Indeed, the real winner at
the time of the initial pur-
chase was Winn-Dixie, which
was laughing all the way to
the bank as a result of obtain-
ing a price that enabled it to
get out of Chapter 11 bank-
ruptcy in the United States.
BSL Holdings’ bankers, Roy-
al Bank of Canada, which lent
$24 million to finance the pur-
chase, were soon far from
laughing.

2) BSL Holdings underes-
timated the extent to which
Bahamas Supermarkets was
reliant on Winn-Dixie’s head
office in Jacksonville for
almost everything — from
products and a significant
number of brands sold in-
store, to back office IT and
accounting systems. “They
left nothing,” one BSL Hold-
ings insider said of Winn-Dix-
ie, after the one-year Transi-
tion Services Agreement with
the supermarket chain was

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| THE TRIBUNE BUSINESS
| MONTH IN REVIEW

RARID DIESCEINIT

¢ SEE PAGE 15B

SPARSE SHELVES at one of Nassau’s City Markets stores.

terminated, of which more lat-
er.

3) BSL Holdings also
underestimated the amount
of investment that was
required to upgrade City Mar-
kets’ 11 stores. The revamped,
flagship Cable Beach store
was finally opened under the
new owners’ watch, but many
outlets and the equipment in
them needed serious revitali-
sation and replacements, City
Markets having in the past
simply made money because
‘it was there’ and Bahamian
consumers had few alterna-
tives — apart from Supervalue
and the neighbourhood food
stores. That would soon
change.

4) Once the Transition Ser-
vices Agreement with Winn-
Dixie was terminated, no
marketing campaign — indeed,
no effort of any kind — was
undertaken to explain to
Bahamian consumers why the
US chain’s well-known
brands, which they had come
to like, suddenly disappeared
to be replaced with unknown
products favoured in the
southern Caribbean.

This development occurred
partly because BSL Holdings
had chosen to entrust man-
agement of City Markets’ dai-
ly operations to operating
partner, Barbados Shipping
& Trading, which had also
invested $10 million in the
Winn-Dixie buyout as an
unsecured loan.

It was, as the last chief exec-
utive under BSL Holdings’
ownership, Derek Winford,
confirmed to Tribune Busi-
ness earlier this year: “A huge
mistake.” It also confirmed
the doubts many Bahamians
harboured at the time as to
whether West Indians would
understand the nuances of the
Bahamian grocery market,
and consumers’ fondness for
US brands.

5) The decision to termi-
nate the Transition Services
Agreement with Winn-Dixie
six months early, in order to
save $500,000, without a
replacement back office, IT
and accounting system in
place.

Many insiders told Tribune
Business this was the key
event in setting the super-
market chain on the road to
ruin, one describing the deci-
sion as: “Penny wise, pound
foolish.” Anthony King, Bar-
bados Shipping & Trading’s
chief executive, defended the
move to Tribune Business at
the time, arguing that there
was a “substantial” risk that
Winn-Dixie’s legacy comput-
er system could be switched
off suddenly, and that there
was a high turnover of per-
sonnel in Jacksonville who
operated it.

Mr King described
Bahamas Supermarkets as
being deficient in IT systems
prior to the 2006 acquisition
by BSL Holdings, but he
acknowledged that in the
transition to new software and
accounting systems, “a lot of
controls went by the way-
side.”

“A lot of things seemed to
go by the wayside,” Mr King
conceded to Tribune Business
on September 19, 2008. On a



CITY MARKETS’
NEW OWNER: Mark Finlayson

more optimistic note, he
added: “There’s no reason
why the business, properly
run — and with proper con-
trols stopping money going
out the door — can’t make
decent money.” If only.

Stephen Boyle, the compa-
ny’s then-chief executive, was
more frank the same day over
the systems and controls
break down: “This company
completely broke down in
every area, and we have to
put it back together.”

They never did, and are still
struggling to, as evidenced by
the almost $27 million in net
losses incurred in the 2008-
2010 financial years.

Recriminations and finger-
pointing quickly followed.
Management sources claimed
they had warned the Board
about the total breakdown
that would result if the Winn-
Dixie Transition Services
Agreement was terminated
without a replacement back
office system being in place.
The Board, for its part,
alleged that it had been mis-
led by management’s “inac-
curate financial reporting”
which “masked” the compa-
ny’s true financial position.

Profit

Speaking at the company’s
annual general meeting for
2007 (held some 15 months
after year-end), and warning
that City Markets could suffer
a $10 million loss for fiscal
2008 — it actually ended up
being more than $13 million —
chairman Basil Sands said
that as recently as February
2008, the Board had been
assured that the financials for
year-end 2007 would show a
$4.7 million profit.

Far from it. City Markets’
2007 financial year to end-
June ultimately generated an
$8 million-plus swing from the
black into the red, with a
$189,000 loss.

“During 2007, and for much
of 2008, what did occur at City
Markets was a breakdown in
controls and procedures, par-
ticularly in the area of the
recording of goods received,”
Mr Sands told stunned share-
holders at that September
2008 annual general meeting
(AGM).

“In 2007, our gross margin
eroded by some $5 million
due to shrink and control-
related issues. In the absence





Tim Clarke/Tribune staff

of timely and accurate finan-
cial information, this situation
was not remedied for 2008.”

There was also, though,
something of a “mea culpa”
from Mr Sands, who acknowl-
edged that “with hindsight”,
the City Markets/Bahamas
Supermarkets Board could
have moved more rapidly and
“questioned management
more aggressively”, in addi-
tion to pushing operating
partner, Barbados Shipping
& Trading, for more resourcs
and greater involvement in
the Bahamian supermarket
chain’s affairs.

Of course, the recrimina-
tions were not just confined
to a Board versus manage-
ment spat. One BSL Hold-
ings member described Bar-
bados Shipping & Trading’s
behaviour as akin to “absen-
tee landlords”, implying they
were not fully —- and properly
— engaged in City Markets’
day-to-day operations to pre-
vent the meltdown.

Ownership

Management changes
became the norm. In about
five years, City Markets went
through five different chief
executives. After Bruce Soud-
er was removed by the for-
mer ownership, under BSL
Holdings the post went from
Ken Burns, a Winn-Dixie
holdover, to Stephen Boyle,
Sunil Chatrani and, finally,
Derek Winford, who was
holding the reins when Trans-
Island Traders moved in to
“save” the company. Such
constant churn is never good
for a company, especially one
in such deep trouble.

In fairness, Mr Chatrani,
ably assisted by Evangeline
Rahming, was able to stabilise
Bahamas Supermarkets, sort-
ing out the back office chaos
and putting systems in place.
The net result was that the
company’s $13.429 million
loss for 2008 was slashed by
some 55 per cent to $6.069
million in fiscal 2009, still a
long way short of profitability.

By now, Neal & Massy had
inherited the “hot seat” at
City Markets, via its acquisi-
tion of Barbados Shipping &
Trading. Preoccupied with
closing that deal, it seemed as
if the Trinidadian conglomer-
ate took some time to come
to terms with the nature and
extent of its new Bahamian
investment’s problems. Only
in late 2009 did BSL Hold-
ings’ multi-million dollar refi-
nancing of City Markets (and
its Royal Bank credit facili-
ties) close, and Neal & Massy
take control of the majority
shareholder.

Mr Winford replaced Mr
Chatrani, an accountant/trou-
bleshooter by background, his
retail experience seen as vital
to winning back customers
who, disappointed by lack of
inventory and the products
they wanted, had long desert-
ed City Markets in droves.
But it was too late. Neal &
Massy, realising that City
Markets had no assets to sell
for cash, and that it would
need a multi-million dollar
capital injection to turn the
company around (estimates

SEE page 9B

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