Citation

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








Stocks mixed ahead of Alcoa

earnings; Europe falls



INTERNATIONAL
BUSINESS

DAVID K. RANDALL,
AP Business Writer
NEW YORK

Stocks indexes were mixed
Monday ahead of the latest
round of corporate earnings
reports. Alcoa Inc. will release
its results after the market
closes.

The week started with news
of two big corporate deals.
DuPont, a major chemical
company, said it would buy a
Danish food maker for $5.8
billion. Duke Energy Corp.
said it would buy Progress



AP Photo/Richard Drew

DOW DOWN: Traders on the floor of the New York Stock Exchange Tuesday, Jan. 4, 2011.

Energy Inc. in a $13 billion
deal that will create one of
the nation's largest utilities.
Duke fell 1.5 percent to
$17.52.

The Dow Jones industrial
average dipped 38 points, or
0.3 percent, to 11,638 in after-
noon trading.

The Standard & Poor's 500
lost 2, or 0.2 percent, to 1,270.
The Nasdaq composite gained
1, or 0.1 percent, to 2,705.

Losses were spread across
the market. Industrial, mate-
rials and information tech-
nology companies were the
only members of the 10 indus-

try groups that make up the
S&P index to rise. 3M Co. led
the 30 stocks that make up
the Dow with a 1 percent
gain. DuPont had the largest
fall, giving up 2.7 percent to
$48.41.

The technology-heavy Nas-
daq index posted small gains
thanks in part to the shares
of Apple Inc., which gained
1.7 percent, and Netflix Inc.,
which jumped 3.3 percent.
Playboy Enterprises Inc.
soared 17 percent after agree-
ing to be taken private by a
group of investors led by the
company's founder, Hugh

NOTICE

NOTICEisherebygiventhatSTEPHENMALCOLMBAILEY
MD of P.O. Box EL27585, Spanish Wells, Eleuthera
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 11'" day of
January, 2011 to the Minister responsible for nationality
and Citizenship, P.O. Box N-7147, Nassau, Bahamas.



NOTICE is hereby given that HAROLD EUGENE
HUGHES, JR. of #9, Fortune Point Drive, Fortune Bay
Subdivision, Freeport, Grand Bahama, BAHAMAS, is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a_ citizen
of The Bahamas, and that any person who knows any
reason why registration/naturalization should not be
granted, should send a written and signed statement of
the facts within twenty-eight days from the 11' day of
January, 2011 to the Minister responsible for nationality
and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

ROYAL FIDELITY

Moray at Work

Hefner. European stocks fell
after a German newspaper
reported that France and Ger-
many are pressing Portugal
to accept outside aid to keep
Europe's financial crisis from
spreading.

Portugal has denied that it
needs to do so. If the coun-
try requires help, it will join
Greece and Ireland as the
third member of the Euro-
pean Union to tap its neigh-
bors for a bailout.

Bonds

Italy, Spain and Portugal
are each scheduled to sell
bonds this week. If they have
to pay higher interest rates,
the debt crisis could spread.

"Italy and Spain are the big
wildcards," said Paul Zemsky,
the head of asset allocation
at ING Investment Manage-
ment. "If they got into trouble
there's not enough money to
bail them out."

No major economic reports
are scheduled for Monday.
On Friday, the Labor Depart-
ment said that employers

added fewer jobs in Decem-
ber than analysts expected.
That report helped push the
S&P down 0.2 percent.

After the market closes,
Alcoa is expected to post a
fourth-quarter profit of 18
cents per share, according to
estimates compiled by Fact-
Set. The aluminum company
earned 9 cents a share in the
third quarter.

Oil companies fell after a
pipeline in Alaska was shut
Saturday after a leak was dis-
covered at a pump station.
Production of crude oil was
cut to 5 percent of its normal
output. Exxon Mobil Corp.,
BP and Chevron Corp. each
fell by more than 0.5 percent.

Bond prices rose slightly.
The yield on the 10-year
Treasury note, which moves
opposite its price, fell to 3.32
percent from 3.33 percent late
Friday.

The yield is used to set
interest rates on many kinds
of loans including mortgages.

The dollar lost 0.2 percent
against an index of six other
currencies.

NOTICE

NOTICE is hereby given that LAURA LEA BAILEY OF P.O. BOX
EL-27585, SPANISH WELLS, ELEUTHERA, 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 8" day of JANUARY
2011 to the Minister responsible for Nationality and Citizenship,
P.O. Box N-7147, Nassau, The Bahamas.

: FG CAP

[TAL MARKETS
BROKERAGE & ADVISORY SERVICES

[aes

TUESDAY, 4 JANUARY 2011
BISX ALL SHARE INDEX: CLOSE 1,499.57 | CHG 0.06 | %CHG 0.00 | YTD -65.81 | YTD % -4.20
FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%
WWW.BISXBAHAMAS.COM | TELEPHONE: 242-323-2330 | FACSIMILE: 242-323-2320

S2wk-Low
0.97
9.67
4.50,
0.18
2.70
2.14
8.62
2.36
5.40
1.63
1.60
5.94
Fee
8.77
B75

Securit_y
AML. Foods Limited
Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste

Fidelity Bank

Cable Bahamas

Colina Holdings
Commonwealth Bank (S1)
Consolidated Water BDRs
Doctor's Hospital
Famguard

Finco

FirstCaribbean Bank
Focol (S)

Focol Class B Preference
ICD Utilities

J. S. Johnson

Premier Real Estate

10.63
4.90.
0.18
2.70
2.17

10.46

2.40
7.00
1.83
1.60
6.07
7.23
2.38
5.46
1.00
5.00.
B.82

10,00

1.00
7.40
2.82
10.00

Previous Close Today's Close

Change Daily Vol. EPSS Div $ re
0.150 6.5

817.7

32.0

N/M

10.63
4.90.
0.18
2.70
2.17

10.46
2.40
7.00
1.89
1.60
6.07
F223
3.39
5.46
1.00
7.40
9.82

10.00

0.00.
0.00,
0.00.
0.00.
0.00,
0.00,
0.00,
0.00
0.06
0.00.
0.00,
0.00.
0.00.
0.00,
0.00,
0.00.
0.00
0.00.

0.013
0.153
-0.877
0.168 16.1
0,016 135.6
1.050 10.0

0.781 3.1

0.422 16.6
oO.111 17.0
0.107 15.0
0.357 17.0
0.287 25.2
0.645 14.6
0.366 14.9
0.000
0.012
0.859
0.991

N/M
616.7
11.4
10.1

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

52wk-Hi__52wk-Low Security
Bahamas Note 6.95 (2029)

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

Fidelity Bank Note 15 (Series D) +

Symbol
BAH29.
FBB17
FRB22
FBB13
FBB15

Last Sale

Change Interest
0.00. 6.95%
0.00. 7%
0.00, Prime + 1.75%
0.00. 7%
0.00. Prime + 1.75%

Daily Vol. Maturity
20 November 2029
19 October 2017
19 October 2022
30 May 2013
29 May 2015

99.46
100.00
100.00
100.00
100.00

RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)

Symbol
Bahamas Supermarkets
RND Holdings

Bid &
5.01
0.35

Ask
6.01
0.40

mei =4
N/M
256.6

Yield
0.00%
0.00%|

Last Price
14.00
0.55

Daily Wal. EPS $
-2.945

0,001

Div &
0.000
0.000

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

ABDAB
RND Holdings

30,13:
0.45

31,59
0.55

29,00
0.55.

4.540
0,002

0.000
0.000

9.03.
261.90

0.00%
0.00%

BISX Listed Mutual Funds

NAVY
1.58178
2.9187
1.5697

Fund Name
CPFAL Bond Fund
CPFAL MSI Preferred Fund
CPFAL Money Market Fund
Royal Fidelity Bahamas G & | Fund
Royal Fidelity Prime Income Fund
CFAL Global Bond Fund
CFAL Global Equity Fund

1.4076
2.8300
1.4954
2.8522
13.0484
101.6693
99.4177

2.7106.
13,2825
114.3684
106.5528
1.1415
1.1101
1.1428

11,0000
11,0000,
1.0000
9,1005

FG Financial Preferred Income Fund

FG Financial Growth Fund

FG Financial Diversified Fund

Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 1

Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 2

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

Royal Fidelity Int'l Fund - Equities Sub Fund

9.7950
10.0000
10.6417
9.1708
9.6635

4.8105 7.9442

YTD%

-13.03%
-0.63%

-1.20%

3.37%

NAV 3MTH
1.498004
2.919946
1.551550

NAV 6GMTH
1.475244
2.911577
1532712

Last 12 Months % NAV Date
6.90%
3.13%
4.18%
-4.96%
-0.14%
12.49%
7.18%

5.51%
1.10%
4.15%

9.98%
4.75%
4.74%
3.94%
4.78%

109.392860
100.779540

107.570619.
105.776543
5.21%
7.60%
5.90%
4.85% 5.45%
0.50%

-3.37%

2.94% 6.47%

MARKET TERMS

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

52wk-Low - Lowest closing price in last 52 weeks

Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price trom day to day

Daily Vol. - Number of total shares traded today

DIV $ - Dividends per share paid in the last 12 months

P/E - Closing price divided by the last 12 month earnings

KS) - 4-for-1 Stock Split - Effective Date 8/8/2007

S41) - S-for-1 Stock Split - Effective Date 7/11/2007

YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Colina and Fidelity

ASk $ - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price

Weekly Vol

- Trading volume of the prior week

EPS $ - A company's reported earnings per share for the last 12 mths
NAV -
N/M - Not Meaningful

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

Net Asset Value

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

THE TRIBUNE

(GLOBAL ECONOMIC NEWS

(ae eae 0 ae Ca ee, ee en PRES S$

A look at economic developments and activity in major stock
markets around the world Monday:

LISBON, Portugal — Portugal's borrowing rates briefly
spiked to euro-era highs. There were reports that Germany
and France were pushing Portugal to accept outside help to
avoid spreading Europe's debt crisis to still more countries.

The yield on Portuguese 10-year bonds — a key gauge of
investor sentiment — touched a potentially unsustainable 7.18
percent. It then fell back to 6.94 percent on speculation that the
European Central Bank was intervening by buying bonds.
Yields drop as prices rise.




















































ATHENS, Greece — Greek bond yields hit another record
high amid a broader flare-up in Europe's debt crisis. Borrowing
costs rose despite better than expected deficit reduction figures.

LONDON — Europe's debt crisis weighed on stocks, with
reports claiming Portugal is under mounting pressure to accept
an aid package to prevent contagion to other countries.

The FTSE 100 index of leading British shares closed down 0.5
percent, Germany's DAX fell 1.3 percent and the CAC-40 in
France ended 1.6 percent lower.

BRUSSELS — Belgium's King Albert II asked the care-
taker government to produce a tough 2011 budget amid market
worries that a seven-month political deadlock is hurting the
country's ability to cut its massive debt pile.

BEIJING — China's December exports rose by double dig-
its, possibly fueling tension with Washington ahead of Chi-
nese President Hu Jintao's US. visit next week.

Hu meets President Barack Obama on Jan. 19 and the White
House says Obama will press him over currency controls that
critics say are swelling China's trade surplus and wiping out jobs
abroad. Some American lawmakers want sanctions on Chi-
nese goods if Beijing fails to ease controls that they say keep its
yuan undervalued.

LONDON — Spending cuts, rising unemployment, dour
winter weather — it's not a good time to ask voters how happy
they are.But that's just what British Prime Minister David
Cameron is doing as part of a pledge to improve Britons’ lives
beyond pure financial gain in the wake of the global reces-
sion.

Government statisticians will this year begin measuring the
nation's well-being, and on Monday they released details from
initial consultations on what the new index should measure —
and how it should be measured.

TOKYO — In Asia, China's Shanghai Composite index fell
1.7 percent, Hong Kong's Hang Seng dropped 0.7 percent,
South Korea's benchmark Kospi fell 0.3 percent.

Financial markets in Japan were closed for a national holiday.
The Nikkei 225 stock average, Asia's largest, rose Friday to an
eight-month high.

BEDJING — The US. Consumer Product Safety Commission
announced that it will set up its first office outside the United
States in China in a bid to reduce the amount of dangerous
products reaching the American market.

BEIJING — China's auto sales rose by double digits in
December as buyers rushed to take advantage of expiring tax
breaks. But growth weakened after a stimulus-driven surge
early in the year, two industry groups reported.

LONDON — The leader of Britain's main opposition party
called for the government to extend a tax on bankers’ bonuses.

BRUSSELS — The European Central Bank slowed down its
purchases of government bonds even further in the week end-
ed Jan. 7, when pressure on debt-ridden countries like Ireland
and Portugal abated somewhat during the holidays.

The central bank bought government bonds worth 113 mil-
lion euros ($146 million), down from 164 million euros a week
earlier.

BERLIN — The number of German companies filing for
bankruptcy fell 12.8 percent in October compared with a year
earlier as Europe's biggest economy recovered strongly.

SINGAPORE — Singapore expects food price inflation to
quicken this year amid high demand from China and supply dis-
ruptions caused by severe weather, the top finance official
said.

LONDON — British Prime Minister David Cameron is
holding talks with Chinese Vice Premier Li Keqiang, seeking to
secure trade deals and cement improved relations with Beijing.

BANGKOK — Communist Laos is set to open a stock mar-
ket Tuesday, hoping it will attract capital to its largest enterprises
and thus boost the economy of one of the world's poorest
nations.

NOTICE

Pursuant to the provisions of Section 137 (4) (a), (b)
and (c) of the International Business Companies Act,
2000, notice is hereby given that: -

(a) CURLY FRIES LTD. is in dissolution;

(b) The date of commencement of the dissolution
is the 28th day of December, A.D., 2010 and

(c) the Liquidator is C.B. Strategy Ltd., of 308
East Bay St.

C.B. Strategy Ltd.
LIQUIDATOR



THE TRIBUNE

o
=
=)
=
iam
[me
o
=
7

By ALESHA CADET
Tribune Features Reporter

in the middle of an unforgettable night when she

Ts TURNING point in Janet Johnson’s life came

woke up to a feeling feeling dizzy and faint. After
being rushed to the hospital, doctors told her she had
had a minor stroke as a result of her excess weight.

“That was a terrible wake up
call for me, that is when I knew
I had to do something. The
doctors also advised me to get
involve in a fitness program
ASAP,” she told Tribune
Health in a recent interview.

“The only thing I could have
afford at the time was exercis-
ing and prayer. In the process,
I dropped a few pounds but I
also knew I needed more than
that. When the information
about the Love Yourself cam-
paign came to me, I jumped
on it right away and submitted
my story.”

She explained that she has
been battling with her weight
for the past four years and she
is just a mere five feet. “I know
Thad a unique story, but I also
knew people had it a lot worse
than I did so I was shocked
when I was selected.”

The 42- year- old told Tri-
bune Health that her story is
definitely her testimony so she
feels proud to share it with oth-
ers. “This is the first time I
took part in a campaign such as
this one but I know I am going
to be successful at it.”

Speaking on her goals that
were set for her, she said: “It is
not at all difficult meeting my
goals because it is something
I wanted. I want to be able to
use this as a stepping stone for
me, for what love yourself set
for me to do and even after,”
she said.

Janet was recently intro-
duced to the public at the Love
Yourself and Your Health
Campaign launched event at
Ardastra Gardens last week.

After a successful first year,
which highlighted the efforts
of Chrissy Love, host of the
ZNS call-in show Immediate
Response, organisers of Love
Yourself decided to make it an
annual awareness campaign. In
keeping with their own nation-
al healthy lifestyle initiatives,
the National Insurance Board
is one of many groups partner-
ing in this campaign.

Rhonda Wright, Director of
Seedings Place explained that
the members encouraged
everyone to send in and submit
their health stories. “People
are often embarrassed about
things, we don't talk about
things or we don't share what's
going on with us so we encour-
aged people to share their sto-
ries, talk about what's going
on with you, which is apart of
the healing process as well and
from the stories that were sent
in, a winner was selected and
introduced at the launch event

TO



-Janet Johnson.

"We selected somebody who
through the stories showed
that they have made some
efforts, they have done some
things on their own, still has
challenges, they want some
help.

Janet received The Love
Yourself Wellness Package,”
she said.

The Love Yourself Wellness
Package includes a health
assessment, one meal per day,
green smoothies, natural health
and beauty products and a host
of health services such as, mas-
sage therapy, physical training,
acupuncture, and chiropractic.

"From the inside out she will
get whatever she needs and the
guides that are planned to
ensure that we can get her on
and to teach her lifestyle
changes that she can carry on
beyond the campaign. That's
were we are encouraging,
changing behaviour and mak-
ing it a lifestyle."

Ms Wright went on to say so
often people are busy balanc-
ing so many things, especially
women and a lot of times
they’re doing things for peo-
ple, our family, our job, our
children, the community and
do not take time for them-
selves. We wear ourselves
down and the reality is we
need to love ourselves, not in a
selfish way but to ensure that
what you are doing for every-
body else, you are also doing
for you.

“ This is where love yourself
comes in, it's about loving
yourself, making time for your-
self and when you love yourself
that means that you will do
what you need to do in order
to ensure that you are healthy
and well," she said.

She continued: "When we
talk about health we are not
just talking about the food
either, wellness incorporates
the physical self, the mental
self, the emotional self, the
spiritual self and all of those
things must come into balance
in order for you to have true
wellness so we focus primarily
on the food component, we
promote and talk about and
have health forums on the oth-
er components as well."

The campaign - hosted by
Seedlings’ Place,
H.O.M.E.GROWN and Raw
On Da Porch - will continue
until April and include numer-
ous education and awareness
initiatives such as free health
forums, cooking classes, and a
fun run walk.

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



TUESDAY, JANUARY 11, 2011, PAGE 9B





1. FARMING TIPS:
Patrons stop at h.o.m.e.
grown's table to get
some backyard farming
tips from Mark Daniels.

2. LUCKY WINNER:
Pictured with a green
smoothie, last year it
was Chrissy Love, this
year it will be Janet M.
Johnson, winner of the
Love Yourself wellness
Package.

3.ISLAND FRESH:
Fresh produce from
Lucayan Tropical!

4. HAPPY FACES:
Rhonda Wright, Direc-
tor, SEEDlings' Place,
presents a happy patron
with a free t-shirt after
she answered a trivia
question correctly!

5. LINING UP FORA
SMOOTHIE: The
Green Smoothie creates
a buzz as patrons wait
in line to get one from
Raw On Da Porch.





PAGE 10B, TUESDAY, JANUARY 11, 2011

THE TRIBUNE





Oral Cancer

arly detection of
B= cancer can be
achieved by regu-

lar examinations of the
mouth by a health care
professional. Tissue
changes in the mouth
that might signal the
beginnings of cancer
often can be seen and
felt easily and appropri-
ate action can be taken.

The oral cavity and
oropharynx has many parts.
It consists of your lips; lining
of your cheeks; salivary
glands; roof of your mouth;
back of your mouth; floor of
your mouth; your gums and
teeth; and your tongue and
tonsils. Any of these parts can
be affected by Squamous cell
cancer, the second most com-
mon type of skin cancer.

Squamous cell tumors can
be cured if they are removed
promptly. The outlook
depends on a number of fac-
tors, including how quickly it
is diagnosed. The diagnosis
relies on patient presentation
and physical examination with



biopsy confirmation.

Studies have confirmed that
survival rates are linked to the
stage (spread) of the cancer,
timing of the diagnosis and
the treatment options avail-
able. Despite advances in sur-
gical techniques, radiation
therapy technology and the
combination of chemotherapy
and radiation therapy, the sur-
vival rates have not shown
appreciable changes in
decades.

On average, 60 per cent of
those with the disease will sur-
vive more than 5 years. Those
that do survive often endure
major functional, cosmetic,
and psychological burden due
to dysfunction of the ability
to speak, swallow, breathe,
and chew.

Seventy five per cent of all
head and neck cancers begin

in the oral cavity and accord-
ing to the United States’
National Cancer Institute’s
Surveillance, Epidemiology,
and Ends Results program,
30 per cent of oral cancers
originate in the tongue, 17 per
cent in the lip, and 14 per cent
in the floor of the mouth.
Tobacco and alcohol asso-
ciated lesions tend to favour
the front part of the tongue
and mouth and Human Papil-
loma Virus (HPV) positive
lesions tend to favor the back
of the oral cavity.
Historically, 75 per cent of
persons with oral cancer are
said to be smokers or alco-
holics above age 50, but
recent research indicates that
HPV positive disease is rapid-
ly changing these ratios. Now,
younger, non-smoking
patients under the age of 50
are the fastest growing seg-
ment of the oral cancer pop-
ulation. The infection of the
mouth with HPV occurs as a
result of a large number of
males and females perform-
ing oral sex acts. In reality,
any person using tobacco and
alcohol or has had head and

neck cancer before, or has
had more than 3 oral sex part-
ners, has a significant risk of
developing an oral, head and
neck cancer.

A thorough, systematic
examination of the mouth and
neck need only take a few
minutes and can detect these
cancers at an early and cur-
able stage. Alcoholics and
smokers without a doubt
require frequent examinations
to ensure that they are can-
cer free. In fact, everyone
should have frequent exami-
nation because 1 out of 4 oral,
head and neck cancers (espe-
cially in patients over the age
of 50) are detected in patients
who do not smoke or drink
alcohol. All patients, there-
fore, regardless of their his-
tory, need to be screened at
least once a year by their
physician or dentist.

Two mouth changes that
could be precursors to cancer
are leukoplakia (white
lesions) and erythroplakia
(red lesions). Leukoplakia is
commoner than erythro-
plakia, but erythroplakia and
lesions with erythroplakic

components have a much
greater chance for becoming
cancerous. Any white or red
lesion that does not resolve
itself in 2 weeks should be
examined by a heath care pro-
fessional and considered for
biopsy to obtain a definitive
diagnosis.

Patients may also complain
of a lump or thickening in the
oral soft tissues, soreness or a
feeling that something is
caught in the throat and diffi-
culty chewing or swallowing.
Other common complaints
are ear pain, difficulty moving
the jaw or tongue, hoarseness,
numbness of the tongue or
other areas of the mouth and
swelling of the jaw that could
cause dentures to fit poorly
or become uncomfortable. If
any of the above problems
persist for more than 2 weeks,
thorough clinical examination
and laboratory tests are nec-
essary and should be per-
formed to obtain a definitive
diagnosis. If a diagnosis can-
not be obtained, referral to
the appropriate specialist is
indicated.

The American Cancer Soci-

ety advises that dentists and
doctors examine the mouth
and throat as part of a rou-
tine oral cancer related exam-
ination. This is to ensure ear-
ly detection of any suspicious
changes. Please visit your den-
tist or doctor if you have one
or more of the risk factors
mentioned above or if you
desire to have a comprehen-
sive oral cancer screening.

“This article is for informa-
tional purposes only. It is not
intended and may not be treat-
ed as a substitute for profes-
sional medical/dental advice,
diagnosis, or treatment.
Always seek the advice of a
Physician or dental profes-
sional with any questions you
may have regarding a med-
ical/dental condition. Never
disregard professional med-
ical/dental advice or delay in
seeking it because of a purely
informational publication. "

¢ Dr André R Clarke
Specialised Medical Dentist



Give your medicine
cabinet a makeover

(ARA) - When you start to
sneeze or cough, the first
thing you probably do is head
to your medicine cabinet
looking for something that
can relieve your symptoms.
But side effect warnings, expi-
ration dates and possible drug
interactions can make you
think twice about what's in
that cabinet.

You may need a medicine
cabinet makeover. Here are
six ways you can make over
your medicine cabinet this
winter:

1. CHECK EXPIRATION
DATES on both over-the-
counter (OTC) and prescrip-
tion drugs. Medicines lose
their potency over time, so
remove them if expired.
Check to see if the medica-
tion has changed colour, con-
sistency or smell.

2. START PURCHASING
SINGLE-DOSE DROPS
whenever possible to avoid
contamination, or having the
preservatives break down in
the medication.

3. SCAN THE DRUGS for
warnings about potential risks
from certain ingredients. Vis-
it the Food and Drug Admin-
istration's website,
www.fda.gov/drugs, for spe-
cific drug information and
warnings. Remove any med-
ications that don't have labels
or are not stored in their orig-
inal containers.

4. RE-STOCK YOUR
MEDICINE CABINET with
essential homeopathic medi-
cines like Boiron's Oscillo-
coccinum for flu-like symp-
toms, Coldcalm for cold
symptoms and Chestal for
coughs. These medicines are
safe and don't cause side
effects like drowsiness. They
also won't interact with other

4
LOOK CAREFULLY: Side effect warnings, expiration dates and possible

medications or mask symp-
toms that might indicate a
more serious condition.

5. REORGANISE THE
MEDICATIONS in the cabi-
net so that those you use
more frequently are within
easy reach. Group together
similar medications, and keep
an emergency contact infor-
mation list naming the med-
ications, known drug allergies
and other important informa-
tion on the inside of the cabi-
net. Here it can be accessed
quickly by paramedics and
other emergency personnel.

6. WHEN DISPOSING
OF UNWANTED OR
EXPIRED MEDICA-
TIONS, DON'T DUMP
THEM DOWN THE TOI-
LET, unless the patient infor-
mation tells you to do so.
Instead, mix pills with unde-
sirable matter like kitty litter
or coffee grounds before plac-
ing in a sealed plastic bag for
the trash. Also, remove all
personal information from the
bottles. Contact your local
government to see if the com-
munity has a drug take-back
program.

"Since you never know
when the first sneeze or cough
will strike, it pays to be pre-
pared,” says Dr Bernardo A
Merizalde, former president
of the American Institute of
Homeopathy and attending
physician at the Myrna Brind
Center for Integrative Medi-
cine at Thomas Jefferson Uni-
versity Hospital in Philadel-
phia.

"Reviewing the contents of
your cabinet and restocking
it with safe homeopathic med-
icines can make it much easi-
er for you and your family
when cold and flu-like symp-
toms appear."



drug interactions can make you think twice about what's in that cabinet.

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



Coping with hearing loss when
you re in a social or business setting

(ARA) - Ignoring hearing
loss is easier when you're
alone. You can turn up the
volume on the TV or radio
as loud as you want, and you
don't have to ask anyone to
repeat what they just said.
But how do you cope with
hearing loss when you're in a
social or business setting?

The question is far from
academic; one out of every
six baby boomers has a hear-
ing problem, and one in 14
members of Generation X
has a hearing problem,
according to the Better
Hearing Institute (BHI).
Hearing loss affects about 10
per cent of the American
population.

The difficulties associated
with hearing loss can be
more pronounced and trou-
blesome when experienced
in a social or professional set-
ting. Whether you're attend-
ing a holiday party, listening
for your flight number to be
called in an airport, or par-
ticipating in a high-power
board meeting, not being
able to clearly hear what's
going on around you in a
public setting can have seri-
ous repercussions.

Untreated hearing loss has
been associated with a num-
ber of psychological and
sociological problems,
including depression, loneli-
ness, diminished job perfor-
mance and earning power,
isolation and withdrawal
from social situations, and
impaired memory, according
to BHI.

While assistive devices like
hearing aids can help
improve your hearing, noth-
ing can really restore your
hearing to its original,
undamaged state. Fortu-
nately, it is possible to cope
with hearing loss.

ACCEPTING THE CHALLENGE

It's not uncommon for
people to deny or ignore
their hearing loss. But the
first step toward coping with
the problem is to accept that
it exists. The hearing assis-
tance professionals at
Starkey, suggest that if you
suspect you have hearing loss



DEALING WITH HEARING LOSS: Whether you're attending a holiday party, listening for your flight num-
ber to be called in an airport, or participating in a high-power board meeting, not being able to clear-
ly hear what's going on around you in a public setting can have serious repercussions.

- or have been told by others
in your life that your hearing
is faulty - ask yourself these
questions:

e Do you find yourself
turning up the volume on
the TV or radio, especially
when no one else is around
to tell you it's too loud?

e Do you often miss hear-
ing the doorbell or tele-
phone ringing?

e Do you frequently need
to ask others to repeat what
they've said?

e Do you misunderstand or
"forget" conversations?

e Do you find yourself cup-
ping your hand behind your
ear to hear better?

These signs may indicate
a hearing loss. Your doctor
and/or an audiologist can
help determine the degree
of your hearing loss and
establish a course of treat-
ment.

USE ASSISTIVE DEVICES
Hearing aids can help
people with hearing loss
reconnect with other peo-
ple - and with everything
going on around them. In

the past, some people with
hearing losses might have
avoided hearing aids
because they associated the
devices with old age, or
because they felt hearing
aids were too bulky, visible
or even ineffective.

Advances in hearing aid
technology have made the
devices easier than ever to
use. Some, like Starkey's
new invisible-in-the-canal
hearing aid, are virtually
invisible to others because
they fit entirely within the
ear canal. The right hearing
aid may help wearers hear
better in a variety of set-
tings, from one-on-one con-
versations with a loved one,
to a teleconference with
professionals from around
the world.

Not every hearing aid will
be right for every person.
Your lifestyle and degree of
hearing loss will influence
what type of hearing aid will
be most helpful for you. A
hearing care professional
can help you determine the
right style and technology
level for your needs. Visit
www.starkey.com to learn
more about hearing aid
styles and options.

COPING STRATEGIES
In addition to finding the

right assistive device, you
can take some simple steps
to cope with your hearing
loss in public situations:

e In public setting such as
parties or business meet-
ings, move as close to the
speaker as possible.

e Choose your seating
location to maximise your
ability to hear. Try to sit
away from high-traffic
areas such as main door-
ways, kitchen doors or buf-
fet areas in restaurants,
and phone banks or elec-
tronic devices in business
settings.

¢ Don't be afraid to ask for
accommodations. For
example, ask for a seat
away from the stereo at
the dinner party and sug-
gest the host wait until
after the festivities to run
that noisy dishwasher. In
an office meeting, ask oth-
ers to postpone phone con-
versations until after the
meeting is over.

With the right assistive
device and coping strategies,
you can minimise the impact
your hearing loss has on
your personal and profes-
sional life.





an
NaS,

THE TRIBUNE

(en)
Na LY,

TUESDAY, JANUARY 11, 2011, PAGE 11B





Study reveals a cleaner, healthier
home leads to a happier mom

(ARA) - Taking care of the
family and home is a main pri-
ority for moms; however,
what they don't often admit is
that 68 per cent enjoy clean-
ing their homes. According to
the Scrubbing Bubbles Dirty
Work Index, a comprehen-
sive national study; more than
half of women (55 per cent)
also clean to control germs
and keep the home healthy.
In addition, it was discovered
that women today clean for
their own emotional well-
being and benefit.

The Dirty Work Index
found that women report feel-
ing accomplished (91 per
cent), relieved (87 per cent)
and proud (81 per cent) after
cleaning their homes, giving
them a sense of calm and hap-
piness.

"T connect with thousands
of women each day and con-
stantly hear that having a
clean home gives them con-
fidence and peace of mind.
Knowing their homes are
healthy and clean eases the
stress of preparing for last
minute guests,” says Colleen
Padilla, founder of Classy-
Mommy.com. "As a busy
mom of two, I want to help
women find solutions to get
the job done quickly and eas-
ily."

Padilla has partnered with
Scrubbing Bubbles to help
women form habits that can
keep their homes healthy and
happy this year. She offers
five tips to help keep the
home clean and clutter-free.

e Fifteen minutes a day or
less. Make cleaning a quick
and efficient part of your dai-
ly routine. Rather than letting
clutter build up, clean five
minutes each day so it is nev-
er a huge to-do. Products like
Scrubbing Bubbles Antibac-
terial Bathroom Wipes are a

must to keep the germs at bay
in a five-minute sweep of the
bathroom. Lastly, spend five
minutes putting away toys
and other knick-knacks.
Waking up to a clean home
helps start the day on the
right foot.

¢ Out with old, in with the
new. Now that the holidays
are over, get rid of old toys,
clothes and books that have

CLEANING THE BODY AND SOUL:



«™ “»

It was discovered that women today clean for their own emotional well-being and benefit.

accumulated over the past
year. When faced by a sea of
toys and clutter, it's some-
times hard to ever feel organ-
ised. Donate the outgrown
items, and you'll be surprised
how much space has cleared
up, in your home and your
head. Check with your local
school or Salvation Army for
locations and drop-off times.

e Pick products that work

for you. Why scrub away
when you don't need to?
According to the Dirty Work
Index, one third of women
clean their bathrooms daily.
Scrubbing Bubbles Automat-
ic Shower Cleaner does the
cleaning for you and elimi-
nates odours with just the
touch of a button, ensuring
that your shower stays clean
on your days off.

e Two for one. If you can't
get to the gym, there are
plenty of ways to burn calo-
ries and get your heart rate
up. For example, cleaning
your home for one hour can
burn roughly 200 calories or
more, depending on your
height, weight and level of
exertion. Cleaning never
sounded so good.

e Be spontaneous. Goals



and resolutions are important
to help stay on track and
form healthy habits. Howev-
er, nothing beats a last minute
trip to the skating rink with
the family or catching a
movie with your best friend.
Kicking back and letting
loose is important for keeping
stress low and spirits high.

For more time saving tips
and cleaning techniques, vis-
it ScrubbingBubbles.com.



Tips for fresh, clear
Skin even during the
harsh winter months

(ARA) - Cold temperatures and
dry air can make it difficult to keep
your skin clear, hydrated and look-
ing beautiful during the winter
months. After dealing with the pain
and embarrassment, the last thing
you want to do is to head into spring
with dry skin and breakouts.

With these easy winter skin care
tips, you'll feel more confident and
proud to show off your clear, beau-
tiful skin:

e Don't scrub dry, sensitive skin
during the winter months. Accord-
ing to the American Academy of
Dermatology (AAD), skin is drier
than normal during the cold months
and vigorous washing can irritate
skin, making issues like acne even
worse.

¢ For those who suffer from acne,
try the MaxClarity Acne Manage-
ment System to kill acne-causing
bacteria beneath the skin and exfo-
liate dead and damaged skin cells.
The system's combination of ben-
zoyl peroxide and salicylic acid will
promote new skin growth and let
your healthy, clear skin shine
through.

Made with VersaFoam technolo-
gy, MaxClarity is a three-step
process that includes:

- Deep cleanser that cleans and
treats acne on the face, chest and
back.

- Advanced acne treatment that
dries quickly and fights acne during
the day.

- Rejuvenating toner, a leave-on
foam that exfoliates dead skin cells
overnight to reveal a healthier, glow-
ing complexion.

e Don't assume you can trade the
swimming pool for a tanning bed
while it's cold just because the sun
isn't shining. Continue to keep your
skin healthy by avoiding UV radia-
tion - indoor tanning can lead to
premature skin aging according to
the AAD.

e Be sure to use moisturizers
when treating acne in winter
months. In order to effectively treat
your skin, dermatologists recom-
mend gently washing your face first,
applying acne medication and mois-
turizer and finally applying make-
up.

Approaching your skin with gen-
tle care during the cold, dry months
is sure to help tackle your break-
outs and allow you to happily
expose your fresh skin just in time
for warmer weather.

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




SAYING THANK YOU: If you are fortunate enough to have received a trove of goodies from friends, family

than with an old fashioned - or new fashioned - "thank you" note.

A little thanks" goes a long way

(ARA) - It's hard to believe the
holidays are over and 2011 is
already here. If you are fortunate
enough to have received a trove of
goodies from friends, family and
colleagues, there is no better way to
show appreciation than with an old
fashioned - or new fashioned -
"thank you" note. Before too much
time passes, take a few minutes to
thank those who remembered you.
Thanks can come in all shapes and
sizes, so here are a few tips to help
get you started.

TRADITIONAL THANK YOU NOTES
Even in the digital age, it's still
fun to receive a handwritten note.
When thanking friends and family
for gifts, include specifics about
what you received and how you
plan to use the gift. Including details
like these help make thank you
notes more personal. For example,
if you received a kitchen gadget, let
the giver know the first meal you

plan to make with it. If you received
a picture frame, let them know who
you'll be commemorating.

A thank you note may be espe-
cially appreciated if the gift giver
let you pick what you wanted. If
you received a gift card, shop soon
and be sure to let the giver know
what you used the card for. Cards
featuring a payment network logo,
like a Visa Gift card, that are
accepted at millions of locations can
be used in many different ways -
from the practical to the special
indulgence. In fact, according to a
recent Visa survey, when survey
respondents were asked how they
would use a Visa Gift card if they
were to receive one this holiday sea-
son, the top three responses were:

* To indulge in something they
might not normally be able to
afford, such as a special dinner, jew-
elry, clothing or personal electron-
ics

* To get what they didn't receive
from their holiday wish list

* To buy "life essentials” such as
groceries or household products, or
to pay bills

Whether you use your gift card to
stock up on groceries or to indulge
in a new pair of shoes, the giver will
be glad to know their gift is appre-
ciated.

DIGITAL THANKS

For the tech savvy, or if you sim-
ply don't have the time to sit down
and pen a handwritten note of
thanks, a digital thank you is anoth-
er option There are a variety of
online choices that allow you to
craft a free or low-cost thank you
note that can be digitally delivered.
Even an e-mail can be used to
express your thanks. Sending an
online thank you offers great poten-

ee

d colleagues, there is no better way to



ES

show appreciation



tial for personalization. Include a
digital image of yourself using or
wearing the gift to show just how
much it is appreciated. If you
received a gift card, show the gift
giver how you used the card.
Include a photo or even a video of
your purchase or shopping trip.

Don't forget to think beyond the
gifts you unwrapped as well. Many
people go above and beyond to host
the perfect holiday party or dinner.
Show your appreciation for the time
and effort spent on the special event
by sending a note of thanks to your
host. Include details such as your
favorite part of the meal or how
much you enjoyed visiting and
meeting the other guests at the par-
ty.

Whether it's a handmade card or
a digital greeting, a personal "thank
you" can go a long way in letting
your family and friends know you
are grateful for their thoughtfulness
and generosity.





LY WY






THE TRIBUNE

TUESDAY, JANUARY 11, 2011

A spotlight on the talented
women in our community

ee | al
+ ta 2 [ee © |
wT

Pa Dl el
Roa a



AMBER WHYLEY

By JEFFARAH GIBSON
Tribune Features Writer

HEN Amber Whyley
Wie home to attend

Saint Mary’s Universi-
ty in Halifax, Canada she had
every intention of completing a
Bachelor’s of Arts in Com-

merce.

Alongside her diploma, which she
obtained last year after successfully com-
pleting the marketing program will sit sil-
ver, bronze, and gold medals. The medals
did not come from her participation in
any sporting event, but rather are products
of an outstanding artistic representation of
traditional and modern Halifax.

Amber snagged the opportunity in April
2010 to design medals for the upcoming
Winter Games to be held in the province
next month, when her friend and colleague
Marlon Solis who hails from Malaysia,
heard of the competition through a coop-
erative program at the college.

Taking into consideration that most of
the time she found herself drawing sketch-
es of almost anything impressionable and
moving, she responded with a “let’s do

TASTY MEDALS: Cookies made in the form of the
medals designed by Amber Whyley and Marlon
Solis.

members of the Canadian press.

it” to the excited Solis, who also viewed
the competition as simply constructive
time for art.

“Marlon found out about the competi-
tion through a cooperative program at the
school and he came to me because he
Knew I love to draw and he knew that I
have a fine art background. When I am
not doing school work, I am always draw-
ing. So he asked me if I wanted to work
with him on the project and I accepted
the offer,” she told Tribune Woman.

Their skills acquired from the marketing
program provided them with the versatil-
ity they needed.

One key component outlined for the
competition was that designs should por-
tray modern as well as traditional aspects
of Halifax.

Given that the two of them were inter-
national students, it was a challenge incor-
porating these aspects on the medals. And
in order to capture the spirit of the
province and translate that spirit in a way
that it was understood and felt required
more work than the piles of sketches that
laid on the floor.

“We actually went walking around old
Halifax, the part of the province with old
colonial buildings similar to the ones
downtown. We took pictures of old stone

=

MAKING HEADLINES: Amber Whyley
discusses her idea for the designs with

buildings, and pictures of anything that
inspired us on our walk. Whatever we
were inspired by on our walk we allowed
it to inspire us during the designing
process,” she explained.

After applying an elimination method,
and intertwining both of their ideas they
came up with a wave sculpture which sym-
bolises the ocean heritage of the province,
the Celtic knot taken from the Celtic cross,
which paid homage to the original Irish
settlers, the Maple Leaf, mesh work that
depicted the spirit of the athletes, the prov-
idential flag and the main gate to the Vic-
torian styled Public Gardens.

Amber admitted that at the start of the
projects, clinching the gold was not on her
mind. However she used the project as
time to hone her skills. “It was funny
because at first we didn’t think we had a
serious piece. But after our piece started
coming together and we saw how it
looked, we thought ‘this is very decent’
and we thought that if we didn’t win we
would at least place with our designs,”
she said.

However, suspense diminished their
confidence. “After not hearing from the
committee members of the competition
we thought we didn’t win. And I said to
Marlon ‘man you think they couldn’t even

send us a letter just to say thanks for enter-
ing the competition’. And when I checked
my e-mail the next day I got a message
saying that we beat out over 90 entries. I
was excited,” Amber said.

“T really felt we collaborated well. We
did our homework, and we did our
research and that is how we came up to
win,” she said.

The dynamic duo will present the first
set of medals at the Winter Games which
is set to begin on February 11-27 in Hali-
fax. They will also get their own com-
memorative set of medals.

She said her entire experience goes to
show that while students may go off to
school for a degree they can bring back
much more.

“T hope my experience can show
Bahamians that they can go abroad for a
degree and bring back home much more.
They can put the Bahamas on the map.”

After the games she will be home in
March to continue practicing her art.

To Amber Whyley You Go Girl!

¢ Do you know another talented young lady
who deserves recognition? Send us an email
at features@tribunemedia.net and she may
just be our next “You Go Girl”

Discover the goodness
of Ovaitine.

Ovaltine’s unique recipe includes milk and cocoa powder, 15 essential vitamins
and minerals, and complex carbohydrates. One cup of hot milky Ovaltine contains
half the amount of sugar as a cup of ordinary hot chocolate.

Distributed by: BWA, East West Highway ¢ 394-1759





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Pm lovin’ it

82F
71F

SUN WITH

HIGH
LOW

Volume: 107 No.40

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The T

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ribune

LATEST NEWS ON WWW.TRIBUNE242.COM



Pupils’ shock after
teacher shot dead

Students and staff get
counselling after gun
death at gas station

By AVA
TURNQUEST
Tribune Staff
Reporter
aturnquest@
tribunemedia.net

LOVED ones,
co-workers and
young children
received grief coun-
selling yesterday fol-
lowing the fatal
shooting of a prima-
ry school teacher.



found by police
shortly after 9pm,
after witnesses —
who heard gunshots
coming from two
vehicles in the park-
ing lot — raised the
alarm.

Patrol officers
recovered a shotgun
after they appre-
hended the taxi bus
at Monastery Park.
The driver was said

LORETTA SMITH, act- to be a resident of

Denise Adder- ing-principal at Uriah Hillside Park.

ley, 39, was shot six McPhee, said counsel-

Family members

times while inside lors spoke during and — who say they were

her car at the Texa- after the assembly.

co Service Station at

Wulff and Kemp Roads on
Sunday evening. She became
the third homicide victim of
the new year.

Up to press time, police
were questioning the 37-year-
old driver of a white taxi bus
which had been seen speeding
off from the parking lot.

Detectives confirmed the
man in custody and Ms
Adderley were known to each
other.

Ms Adderley’s body was

ta

ordered by police
not to speak to the
press — were tightlipped yes-
terday. However, they were
visibly shaken by the tragedy.

Ms Adderley, a Chipping-
ham resident, lived with her
mother, sister and young
daughter, who is a pre-school
student.

News of Ms Adderley’s
death came as a shock to
administration and staff at the
Uriah McPhee Primary

SEE page eight

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SCHOOL IN SHOCK: Students look up to a wreath at Uriah McPhee Primary School in remembrance of



»

teacher Denise Adderley, who was shot dead on Sunday night.

Withdrawn domestic violence complaints
‘must be explained to a magistrate’

POLICE have announced that persons wish-
ing to withdraw domestic violence complaints
will now have to explain their decision to a
magistrate.

Due to consistently high levels of domestic
abuse, Assistant Commissioner Hulan Hanna
has advised that the police will no longer be

“inserting themselves” in the process.

Mr Hanna explained that it was common for
persons to initiate a complaint with the view of
pressing charges, only to withdraw the com-
plaint shortly after.

SEE page eight

SEE SECTION E







‘NO COLLUSION’
BETWEEN LABOUR
MOVEMENT AND
POLITICAL PARTIES
OVER BIC SALE

By NOELLE NICOLLS
Tribune Staff Reporter

nnicolls@tribunemedia.net

UNION leaders yesterday
claimed there is no “collu-
sion” between the labour
movement and political par-
ties opposed to the govern-
ment’s planned sale of BTC.

Jennifer Issacs-Dotson,
president of the National
Congress of Trade Unions
(NCTU), said there has
been “no pressure” or
“coaxing” of union officials
by political operatives.

She said the issue was not

SEE page eight

BIC DENIES CLAIMS
OF INTIMIDATION OF
STAFF OVER MARCH

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

THE Bahamas Telecom-
munications Company has
denied claims it intimidated
employees who were invited
to participate in a march and
voter registration drive yes-
terday.

Robert Farquharson, gen-
eral secretary of the National
Congress of Trade Unions,
said BTC employees received
a mass email from a senior

SEE page eight

SMALL AIRCRAFT
CRASH LANDS

By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net

FREEPORT - A small air-
craft crash landed at Grand Cay
on Sunday afternoon, police
reported on Monday.

According to police reports,
a twin engine Piper Aztec was
approaching the runway around
3.15pm when the left brakes
failed.

The pilot and four passen-
gers were onboard the aircraft
as it continued some 2,000ft
down the runway, stopping
near the beach.

“The pilot was able to con-
trol the aircraft and none of the
passengers was injured during
the ordeal,” said ASP Loretta
Mackey.

She said investigations are
continuing into the incident.

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an
Na,

THE TRIBUNE



LOCAL NEWS

(en)
Na LY,

TUESDAY, JANUARY 11, 2011, PAGE 5



Airport firm: Domestic carrier fee

increase ‘equals $0.17 per seat’

AS OF the start of 2011,
the fee increase on domestic
carriers equals $0.17 per seat,
the Nassau Airport Develop-
ment Company (NAD) said.

“NAD is a self-funding
entity, and revenue generated
is 100 per cent reinvested in
operating and redeveloping
(including financing) the air-
port facilities, for the benefit
of all carriers and the travel-
ling public. NAD’s rates are
applied uniformly across all
air carriers operating at
LPIA, thereby having no
impact on the competitive
landscape among air carri-
ers,” the company said in a
statement.

NAD further said that the
total costs to airlines and pas-
sengers at LPIA on interna-
tional routes remain very
competitive at eight per cent
lower than the Caribbean
average.

To lessen direct fee increas-
es on air carriers, NAD said it
agreed with carriers in 2007
that charges would be col-
lected by airlines directly
from passengers and remit-
ted to NAD, in lieu of direct
charges to the airlines.

“For the past three years
there has generally been good
compliance by tenants of the
airport with respect to lease
terms and conditions, rules
and standards, fees and other
considerations that support





Costs at LPIA ‘lower than Caribbean average’

the operation of a safe, secure
and user-friendly airport,”
said Paul Ward, NAD’s vice-
president of finance and chief
financial officer.

“Every reasonable effort is
made to work with operators
to enable them to be current
with their obligations to
NAD, however, we cannot
allow operators to conduct
business at LPIA indefinitely
without meeting their obliga-
tions.”

Project

The LPIA redevelopment
project begins stage two with-
in the next several weeks.
This stage will involve the
creation of a new Interna-
tional Arrivals Terminal
using the footprint of the
existing US Departures Ter-
minal.

This arrivals terminal will
house Bahamas Immigration
upstairs and baggage claim
and Bahamas Customs down-
stairs.

Immediately upon comple-
tion of stage two, work will
commence on stage three,
which will result in a new
Domestic Terminal. In the
meantime, obvious and nec-

ABOVE: Minister of Labour and Social Devel-
opment Dion Foulkes yesterday at BASH 20th
Anniversary Ceremony.

essary improvements have
already been made to the
three terminals that comprise
LPIA.

In the Domestic Terminal
alone, NAD said there have
been new food and beverage
outlets added, renovation of
all restroom facilities,
enhanced screening facilities
by the Airport Authority —
all supported by the fees and
charges paid by all users of
the airport.

Said Stewart Steeves,
NAD’s president and CEO:
“Upon completion of the
phased redevelopment in
2013 our rates will be in line
with the regional average
despite being an above aver-
age facility because we will
be brand new, we will be
serving three distinctive sec-
tors of traffic: US (including
US pre-clearance), interna-
tional and domestic, we will
be using state of the art tech-
nologies, and in fact LPIA
will be without compare in
the region, offering great
value to our airline part-
ners.”

Last September, the Inter-
national Air Transport Asso-
ciation (IATA), which repre-
sents 230 airlines accounting

LEFT: Executive Director Bahamas Associa-
tion for Social Heatlh (BASH) Terry Miller
speaks.

Tim Clarke/Tribune staff

THE Bahamas Association for Social
Health (BASH) yesterday celebrated its
20th anniversary.

BASH - an adult male residential drug
dependency treatment and rehabilitation
facility — said the ceremony commemo-
rating this milestone acknowledges the
support by local and international gov-
ernment agencies, businesses, vendors,
community groups, individuals, families
and friends, as well as the contributions
which over the years have made BASH a
more sustainable programme.

All this week, BASH will be celebrat-
ing its anniversary with a host of events
and invites members of the public to tour
the facility.

The non-profit organisation is located
in Earth Village off Columbus Drive.

Public reminded that voter
registration is still underway



PARLIAMENTARY Commissioner Errol
Bethel yesterday reminded the public that vot-
er registration continues on a daily basis in
New Providence and in the Family Islands.

Persons applying for registration must be
Bahamian citizens, 18 years and older, and
must have resided in a particular constituency
for three months or more.

Voter registration centres are open in New
Providence between the hours of 10am and
4pm at the following locations:

e The Parliamentary Registration Depart-
ment, Farrington Road

¢ The Town Centre and Marathon Malls

e The General Post Office, East Hill Street

e The Sub-Post Office, Carmichael Road

e The Sub-Post Office, Elizabeth Estates

e The National Insurance Board, Baillou
Hill Road

¢ Commonwealth Banks, Mackey Street
and Golden Gates branches.

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In Grand Bahama, centres are open between
the hours of 9.30am and 4.30pm at the follow-
ing locations:

e Parliamentary Registration Department,
Freeport

e Administrator’s Office, Eight Mile Rock

¢ Administrator’s Office, High Rock (Tues-
days and Thursdays)

In the Family Islands, registration takes
place at the Administrators’ Offices between
the hours of 9.30am to 4.30pm.

The Parliamentary Commissioner also wish-
es to advise that the Department has com-
menced its mobile services with effect yester-
day.

Businesses and organisations with at least 20
eligible employees or members may contact
the Department at telephone numbers 325-
2888/9 or 397-2000 to schedule an appoint-
ment.

for 93 per cent of the world’s
commercial aviation traffic,
warned that LPIA’s increased

fees could negatively impact
airlift and tourist arrivals to
the Bahamas.

Coe LUN SRL

= ee

PAUL HAVEN, vice-president of human resources at Doctors
Hospital (second from left), and Sara Appleton, nursing infor-
matics officer, make a presentation to Unity House on behalf
of Doctors Hospital’s social committee.

JUST before the holi-
days each year, the social
committee at Doctors Hos-
pital decides which local
charity will receive the pro-
ceeds of the committee’s
holiday fund-raising efforts.

For 2010, Unity House, a
non-profit organisation
that cares for the elderly,
were found the most
deserving.

Past fund-raising efforts
have seen donations to the
Children’s Emergency
Hostel, the Sister Sister
Breast Cancer Group, the
Bahamas Red Cross Dis-
aster Relief Fund and the
Bahamas Association for
the Physically Disabled.

Having found great
success with their organ-

ised Ice Cream Socials, the
committee decided to con-
tinue with the ever popular
fund-raising event and
judging from the amount
raised, the decision was the
right one.

Taste buds were set
delighted with the ever
popular flavors of straw-
berry, rum raisin, butter
pecan and vanilla com-
bined with an array of top-
pings.

The executive team at
Doctors Hospital made a
decision to match the
amount raised by the social
committee.

The funds will be used
to assist Unity House with
providing care for its elder-
ly residents.



EXTRADITION
HEARING OF
ALLEGED DRUG
KINGPIN SET T0
OPEN THURSDAY

THE extradition
hearing of alleged
drug kingpin Melvin
Maycock Sr is now
set to open on Thurs-
day.

The hearing will
take place before
Deputy Chief Magis-
trate Carolita
Bethell.

In 2004, US prose-
cutors requested
Maycock’s extradi-
tion on allegations
that he headed the
Caribbean arm of a
multi-national drug
gang.

US prosecutors also
requested the extra-
dition of 13 other
men, including his
son, Melvin Maycock
Jr.

Their extradition
hearings have already
commenced.

Maycock Sr was
arrested in February
2008 and made head-
lines after allegedly
escaping from a hold-
ing cell at the Eliza-
beth Estates Police
Station by switching
places with his son.

Maycock Sr was
recaptured on June
20 following a high-
speed police chase in
western New Provi-
dence.

UC) (He)
Exterminators
Pest Control

322-2157

SHOE STORE

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PAGE 6, TUESDAY, JANUARY 11, 2011

THE TRIBUNE



LOCAL NEWS



Bahamas Business Outlook to
be ‘worthy of 20th anniversary’

THE 20th Annual
Bahamas Business Outlook
is all set for this coming
Thursday, January 13, and
conference host, Joan
Albury, president of The
Counsellors Ltd, promises
a conference worthy of its
20-year anniversary.

“As this is a very signifi-
cant year for us, we intend
to make this a very signifi-
cant conference,” said Mrs.
Albury. “We are geared up
to touch on every aspect of
this country’s economy and
more. Our slate of speakers
will address a wide range of
topics that will bring an
awareness to conference
goers of what is happening
in our country in terms of
our economy and general-

This one day conference
will take place at the Wyn-
dham, Nassau Resort, Cable
Beach and begins at 8.30 am
sharp.

Paul Daniel Crevello
Ph.D, Director and Chief
Operating Officer of the
Bahamas Petroleum Com-
pany Plc., is one of the fea-
tured speakers at this year’s
Outlook. He considers him-
self an explorer with a keen

“Our slate of speakers will
address a wide range of
topics that will bring an
awareness to conference
goers of what is happening
in our country in terms of
our economy and generally.”



Joan Albury, president of
The Counsellors Ltd, conference host

regard for preservation of
the environment. He
received a Bachelor of Sci-
ence degree from the Uni-
versity of Miami, a Masters
of Science in Marine Geol-
ogy and Geophysics from
the Rosentiel School of
Marine and Atmospheric
Sciences (Miami) and a
Doctor of Philosophy in
Geology from the Colorado
School of Mines and has
over thirty-two years expe-
rience in global exploration.

Mr Crevello joined
Marathon Oil Company
fresh out of Rosentiel in

NOTICE

NOTICE is hereby given that ANTHONY MACARTHUR TATEM
OF 31 BAHAMA BOULEVARD, FLAMINGO GARDENS,
P.O. BOX CR-54018, NASSAU, BAHAMAS, 1s 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 8" day of JANUARY 2011 to the Minister
responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau,
The Bahamas.

CRUSADE2011



Ii's.A Tine Cif Saipatiion, Bteaifing, De Sees

Amd Spitinel Ratiediing Fram Tie Lenilll
THE ANNUAL NATIONAL EVANGELISTIC

ea

Se

“cos C (appr, eG ein Te


















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



ANOINTED SPEAKERS:
Bishop William

A. Lee, Jr.

Daytona Beach, Florida

16th - 21st

1978, where he directed
worldwide carbonate explo-
ration research, focusing on
ancient geological carbon-
ate banks similar to The
Bahamas.

In 1994, he started the
first university petroleum
studies in SE Asia, at the
University of Brunei, where
he was a Senior Lecturer in
petroleum geosciences and
directed the first global reef
assessment project of
Brunei and east Malaysia.

In 1997 he founded
Petrex Asia which devel-
oped into the leading explo-
ration consultancy firm in
SE Asia, with exploration
interests extending to the
Gulf of Mexico, Italy and
North Africa.

He has received numer-
ous awards and distinctions
from international societies
for authorship and invited
papers on carbonate and
sandstone geology, was the
past Huffington AAPG
(American Association of
Petroleum Geologist) Inter-
national Distinguished
Speaker (2001-02) and









| January

7:30 p.m.
nightly
East Street

Tabernacle

Bishop Leroy V. S.

f

\

Greenaway
Mid-Atlantic Region, USA

Be Blessed By:

Soloists- Sharon Chase,

Gerard Butler &

Janeene Rahming

*National Crusade Praise Team
«National Crusade Chow
*lVabeenacle Concert Choi

Crusade Co-Ordinators Are: -

Ministers Terrance Forbes, Darrel Fergusen |
a Shawnette Roye

Bishop Dr. Elgarnet B. Rahming
National Overseer
For further information call [Fed

-





322-3097
_—
Tete

A ~—< |

Chairman of JOIDES
Ocean Drilling Programme
Sea Level Working Group
charged with investigating
the response and record of
sediments to changing sea
level.

Crevello joined Bahamas
Petroleum Company in
November, 2006 when it
was a private corporation
founded by Alan Burns of
Perth, Australia.

The company was granted
five exploration licences by
The Bahamas in 2007, fol-
lowed with listing on the
London Alternative Invest-
ment Market (AIM) in
August 2008. Corporate
headquarters is in the Isle
of Man and
exploration/operation is
managed from Nassau.

Mr Crevello will address
the topic, “Petroleum
Exploration in The
Bahamas: Past, Present and
the Future.”

“Over sixty years of spo-
radic exploration has been
conducted in The Bahamas.
However, there has been
very little exploration and
drilling activity, with no
exploratory drilling in the
last 20 years, and much of
the seismic acquisition activ-
ity occurred more than 20
years ago.

“With the benefit of
modern knowledge and
technologies the company
is proud to have been able
to shed light on the very
great prospectivity of The
Bahamas for world scale oil
and gas discoveries.

“Now with the world ever
hungrier for new large oil
and gas provinces, particu-
larly in democracies close
to North America, our work
is set to achieve a large
increase in value for the
people of The Bahamas, our
shareholders and oil and gas
consumers in general.

“Our directorate is skilled
in finding and developing
new oil and gas fields in
overlooked, forgotten and
new areas and has an out-
standing track record of dis-
covery and development
and we look forward over
the next few years to bring-
ing discoveries into produc-
tion.”

Orthodontist, Dr. Lofton
Barry Russell (Barry) is
another featured speaker at
this year’s Outlook. Dr.
Russell was graduated from
Queen’s College and
attended Howard Universi-
ty in Washington, D.C.
where he received the edu-
cation and practical train-
ing required to pursue his
dream of providing first
class Orthodontic Treat-
ment to Bahamians of all
ages.

After receiving his BS
(microbiology) and Doctor
of Dental Surgery (D.DS.)
Dr. Russell spent a year at
Columbia University/
Harlem Hospital in New
York completing his gener-
al practice residency train-
ing.

The following year he
returned to Howard Uni-
versity and completed his
specialty requirements in
1991. As a dental student
his outstanding academic
and leadership achieve-
ments culminated with his
selection to “Who’s Who
Among American Colleges
& Universities.”

He returned home in
1991 as the first Bahamian
Orthodontist and estab-
lished a practice.

His vision was to develop
a practice that was first
world, providing the high-
est quality treatment and
customer service to patients.

This vision came into
fruition by way of a building
in Nassau designed and
built specifically to accom-
modate the necessary state-
of-the-art equipment and
staff.

In 1996 the practice was
officially given the name,
“The Bahamas Orthodon-
tic Centre.”

In order to maintain the
excellence Dr. Russell



BUSINESS OUTLOOK SPEAK-
ERS (clockwise from above): Dr.
Lofton Barry Russell, Wendy
Warren, Algernon Cargill

demands for patient care,
B.O.C. has grown from a
staff of two employees in
1991 to a current staff of 18.
Dr. Russell has established
practices in Nassau and
Freeport, Grand Bahama.
On June 25, 2010, The
Bahamas Chamber of Com-
merce gave an award to Dr.
Russell’s Bahamas Ortho-
dontic Centre, which was
named Business of the Year
for businesses with 50
employees or less.

Dr. Russell is a past board
member of the Bank of the
Bahamas.

He is a past Chairman of
The Bahamas Dental Coun-
cil and holds membership
in The Bahamas Dental
Association, The National
Dental Association, The
American Dental Associa-
tion, The American Asso-
ciation of Orthodontists,
The Caribbean Orthodon-
tic Society and the World
Federation of Orthodon-
tists.

Dr. Russell is an accom-
plished vocalist, winning
The Bahamas Musicians
Union Song of the Year for
his single “Without You.”
He is a founding member of
The Gentleman’s Club pro-
gramme for high school stu-
dents.

He enjoys sharing success
principles and helping oth-
ers to maximize their poten-
tial.

His topic for this Outlook
2011 is “Successful Entre-
preneurship in the Profes-
sional Service Sector: What
will it take in this season?”

Dr Russell feels Bahami-
an entrepreneurs in the pro-
fessional service sector must
possess a first world global
mindset if they wish to
thrive in this highly com-
petitive market place.

He will demonstrate that
correct thinking is critical to
one’s success because “hard
work alone will not suffice.”

An attitude of excellence,
he said, must be consistent
at all levels of organization
and ordinary leadership will
not get one far at all as it
will take extraordinary lead-
ership to overcome one’s
many challenges to rise
above the competition.
Unusual creativity, flexibil-
ity and specialized knowl-
edge and skills must be pre-
sent because markets are so
dynamic and fluid. Most
importantly, change should
not be feared, but rather
embraced.

He said to do this we
must be perpetual students
of our industry, always
searching for new and bet-
ter ways of doing things
(systems, technologies,
products, techniques, etc.)
by staying on top of the lat-
est research that evolves to
become the first in the mar-
ket with services.

Other speakers and top-
ics for Business Outlook are
as follows:

Prime Minister Hubert
Ingraham,

“Keynote Address — State
of the Bahamian Econo-
my.”

Senator Vincent Vander-
pool-Wallace, CMG, Min-
ister of Tourism & Aviation



— “Diversifying the Bahami-

an Economy” — Fact, Fic-
tion, the Real Alternative.”

Wendy Warren, Execu-
tive Director, Bahamas
Financial Services Board —
“Making the Bahamas a
More Compelling Interna-
tional Business and Finan-
cial Centre.”

Olivia Saunders, Ph.D.,
School of Business, College
of The Bahamas -
“Bahamian National Evo-
lution”

K. Peter Turnquest, Pres-
ident, Grand Bahama
Chamber of Commerce —
“Grand Bahama: The Real
Alternative”;

Dr Robin Roberts, Urol-
ogist, Director, UWI School
of Clinical Medicine &
Research - The Bahamas —
“The Economic Impact of
Health Tourism in The
Bahamas.”

Algernon Cargill, Direc-
tor, National Insurance
Board — “Preparing Your
NIB for the Future — Our
No.1 Priority.”

Edward Fields, Chair-
man/Founder, “We The
People — My Bahamas.”

Dr Marikis Alvarez, Rep-
resentative, Inter-American
Institute for Cooperation on
Agriculture (IICA) — “Revi-
talizing the Agricultural
Sector in The Bahamas and
its Potential for Economic
Diversification.”

David Shaw, CEO, Cable
& Wireless
Caribbean/LIME — “Diver-
sification: The LIME Expe-
rience.”

Conference gifts include
a massage from JEMI, a
scholarship from Bahamas
Institute of Financial Ser-
vices, Founding Fathers: Sir
Stafford Sands DVDs,
Atlantis experience for two
and much more.

These prizes will be
awarded to winners at the
end of the conference day.

Sponsors for the event
are: BAF Financial & Insur-
ance, Sun Oil Ltd., First
Caribbean International
Bank, Bahamas First,
Bahamas Petroleum Com-
pany, Cable &
Wireless/LIME, Scotiabank
Bahamas Ltd., The Central
Bank of The Bahamas,
KPMG, The National Insur-
ance Board, Bank of The
Bahamas International,
Generali Worldwide and
Krys Rahming & Associ-
ates.

For information on reg-
istration call Eileen Field-
er, The Counsellors Ltd at
(242) 322-1000 or visit
tclevents.com

¢ SEE BUSINESS
SECTION





THE TRIBUNE

TUESDAY, JANUARY 11, 2011, PAGE 7



LOCAL NEWS



Movement of COB northern campus criticised

Student union members
on Grand Bahama hit out

STUDENT union members are
publicly criticising the handling of
the relocation of the College of the
Bahamas’ northern campus on
Grand Bahama, warning that con-
tinued micro-management by New
Providence officials will result in
administrative problems in the
future.

The College of the Bahamas
Union of Student Northern
Bahamas Campus in Freeport
(COBUS NBC) advised that the
college has moved to its new
Grand Bahama Highway location
with the exception of the Continu-
ing Education and Extension Ser-

Bahamian judiciary attend annual Red Mass

MEMBERS of the Bahamian judiciary attended the annual Red Mass celebrated by the Catholic Church on Sunday at the St Francis Xavier

vices (college prep, basic and
mature upgrading) and the Culi-
nary and Hospitality Management
Institute (CHMI), which will
remain at the West Settlers Way
Campus.

However, classes did not begin
yesterday as previously scheduled;
they will instead start on Monday,
January 17.

In a statement yesterday, the stu-

\

Cathedral. The Mass requests guidance for all who seek justice.



DONATED COMPUTERS ARRIVE — Thanks to coordination and transportation efforts by GBPA, over 120
computers were successfully delivered to Grand Bahama schools. The initial delivery of 35 computers to
Freeport Primary School were (left to right): Professor Todd Palmer of St Bonaventure University; school
principal Barbara Thompson, Education Minister Desmond Bannister, vice-president of the Grand Bahama
Port Authority (GBPA) Ginger Moxey, GBPA president lan Rolle, GBPA director of community relations Gene-
va Rutherford, and Grand Bahama primary schools district superintendent Sandra Edgecombe.

dent union said: “We are not inter-
ested in playing the blame game
as to why classes cannot begin as
scheduled. Nevertheless, it must
be noted that these occurrences
will be perpetuated if important
decisions, such as the relocation of
an entire college campus, are
micro-managed from New Provi-
dence and proper consultation is
not carried out with the parties

G

FREEPORT, GRAND
BAHAMA - Thanks to the
tireless efforts of St.
Bonaventure students and
the commitment of The
Grand Bahama Port
Authority, Limited
(GBPA), more than 120
computers and books
donated by an American
university will be distributed
throughout primary schools
in Grand Bahama in time
for the new school term.

The vital educational
tools, including electronic
and reading equipment, was
donated as part of an ongo-
ing programme instituted by
St Bonaventure University
in New York.

And Education Minister
Desmond Bannister trav-
elled to Grand Bahama last
week to join key education-
al officials who received it at
the official ceremony at the
Freeport Primary School.

Mr Bannister thanked the
Grand Bahama Port
Authority (GBPA) for facil-
itating the transfer of goods,
and the university and its
donors for their generosity.

“St. Bonaventure Univer-
sity has indeed been good
to Grand Bahama and espe-
cially, Freeport Primary
School,” he said.

He also encouraged the
students to show their grat-

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itude by taking care of the
donated items.

GBPA president Ian
Rolle who publicly acknowl-
edged the role of GBPA’s
community relations depart-
ment, and other persons and
agencies on the island, who
assisted in bringing the exer-
cise to fruition.

“As a part of our ongo-
ing relationship with St
Bonaventure University, it
was a pleasure for the Port
to assist in coordinating the
transport and clearance of
such vital goods,” he said.

“Any part that we could
play in making sure that
numerous schools on the
island would receive these
computers and books was
well worth it, since the wel-
fare and development of
our children were
involved.”

St Bonaventure Universi-
ty has been working in the
Bahamas since 2003 under
its Students in Free Enter-
prise (SIFE) programme.
SIFE is a volunteer educa-
tional programme that
focuses on teaching the
basics of entrepreneurship,
tourism and the global
economy.

According to university
professor Todd Palmer they
recognized a “digital divide”
with many of the island’s

primary schools having few,
if any, computers.

“Therefore, members of
SIFE have created, what we
believe, is a revolutionary
concept in both installing
and training in the use of
technology in developing
countries,” he said.

SIFE installed 22 com-
puters in the Martin Town
Primary School in January
last year, and returned the
following March to teach a
week of in-service training
to the teachers of Martin
Town to improve the class-
room learning experience
for over 200 students at the
school.

Now in 2011, another
trailer load has arrived, with
more computers and soft-
ware earmarked for Martin
Town, Freeport, Bartlett
Hill, Holmes Rock, West
End and Freetown primary
schools.

And approximately six
pallets of Scott Foreman
readers were also shipped
for use by Grand Bahama
students.

Accompanying the goods
were four teaching profes-
sionals and a number of
education majors from St
Bonaventure University,
who will offer two weeks of
in-service teacher training
for these products.

most affected. The time has passed
for the college to begin operating
in the framework of the university
it is poised to become.

“It has been agreed by all parties
concerned that the new date for
the start of classes will allow for
necessary services to be available
for the start of school.”

COBUS said in its view all late
registration fees should be waived.

“We also wish to inform students
and the general public that several
companies have offered themselves
to provide bus transportation. This
service is independent of the Col-
lege of the Bahamas and the stu-



dent union. Additional informa-
tion will be disseminated by the
transportation company as to their
routes, times, and rates,” COBUS
said.

The union said it also wishes to
quell rumours that no provisions
have been made for food on the
new campus.

“While there is no cafeteria,
there is a state-of-the-art snack
shop, operated by COBUS which
will also provide cooked meals.”

The union apologised to the stu-
dent body for the lack of informa-
tion concerning the move and
related issues.

BLESSING — ROMAN Catholic Archbishop
Patrick Pinder says a prayer and gives a special
blessing to members of the legal profession on
Sunday, January 9 during the annual Red Mass
at St Francis Xavier Cathedral.

RED MASS — Prime Minister Hubert Ingraham
along with members of the Judiciary attend the
annual Red Mass at St Francis Xavier Cathedral
on Sunday, January 9.

Pictured outside the cathedral in the front row

demeanour wes outshined only iny his smile.

from left: Attorney General John Delaney, Prime
Minister Ingraham, Court of Appeal President
Anita Allen, Archbishop Patrick Pinder, and Chief
Justice Sir Michael Barnett.

GEOFFREY CHARLES (“SMITTY”) HIGGS

eaffrey Charles Higgs, known better as “Smitty”, passed away peacefully on
Sunday, 2â„¢ of January, 2011, af the age of sixty-three. He was diagnosed, almost
exactly eighteen months previously, with an ageresstee Drain tumor, bit refised to

submit fo if easily, carrying on, Instead, with marvelous joyeux de vivre.

Smitty was born the third son of the Hon. Godfrey W Higes and Suzanne Stoll

(formerly Higes!. He attended St. Amdrew's School in Nassau and St, Andrew's
College in Aurora, Ontarwo and graduated from the Untversity of Minami. He
always had a profound love for his home—The Bahamas. He was a master sailor,
legendary spear fishernum, accomplished neeschie/-muaker, and expert raconteur, If he
could not be fownd entertaining friends and family at home, he world certainly be
fownd at Rose Island “celebrating life’, as he would say. Ationys the gentleman, fis
spirit was unbounded, fs concern for others and fits enormous ability to lift others

up with never a second thought for Ineself endured until the end. His humble

Snritty lites ont through fis devoted wife Joyce and son Spencer, tis brother Peter,
his step-sister Anne Ritter, sisters-in-law Judy Higgs, Colette Higgs, and Lynn
Vincent, brother-in-law Mark Kleene, mother-in-law Corinne Kleene, nephews
Andrew, Chris, and Grouper Higgs, cousins Godfrey E Lightbourn, Roddy Sinelatr,
Derek Higgs, Christopher Lighthourn, Andrea Brownrigg, and Allison Ferber, and
nary wtore relatives, all of whom he loved dearly. He will be missed by many clase
and dear friends in Nassau and the world over. A funeral service will be held at
Christ Church Cathedral, Thursday, 13 Janwary 2011 at 3:1) pa. All are asked to

dress in bright and werm colours as this will be his grandest “Celebration of Life”.

If persons should wish to make donations in memory of Geoff, the family would be
thankful for your consideration of etther the Cancer Society of the Bahamas, P.O.
Box $5-6539 or the St. Andrew's College Foundation, 15800 Yonge Street, Aurora,
Ontario, LAG 3H4, Canada for the Geoffrey Higgs Fund, the use of which will be

chosen thy Joyce and Spencer.







PAGE 8, TUESDAY, JANUARY 11, 2011

THE TRIBUNE



LOCAL NEWS



Withdrawn
domestic
violence
complaints
‘must be
explained to
magistrate’

FROM page one 2

Mr Hanna said: “Tradi-
tionally it has been com-
mon for persons to make
complaint and initially say
they want action. Howev-
er, once the complaint is
taken it won’t be long
before they say they want
to withdraw the matter.”

He added: “In the past
we have obliged, because
generally it was felt what-
ever their situation was,
they were probably coerced
into withdrawing the mat-
ter.

“However, going for-
ward, we will no longer be
offering that consideration
and persons will have to
withdraw before the courts.
We will not insert ourselves

in this process.” BELINDA WILSON, president of the Bahamas Union of Teachers



FROM page one

School, where she had taught pre-school
pupils for nine years.

Classes were suspended yesterday, and
replaced by a general assembly to inform the
school body, and set up individual and group
counselling sessions.

Loretta Smith, acting-principal at Uriah
McPhee, said: “We had counsellors that
came and spoke during the assembly, then
after the assembly some of them went in to
the pre-school and spoke to those students.
Some came in the office and made them-
selves available to the pre-school teachers or
any other staff members.”

During her time at Uriah McPhee, Ms
Adderley primarily taught pre-school pupils,
however she has taught grade one and was
said to be involved with lower grades at the
school.

Ms Smith said: “We do have a team
teaching school, so even if she wasn’t direct-
ly responsible for teaching them, they would
have been in the centre with her.”

Ms Smith added: “It’s a lesson to all of us,
teachers particularly, that we plan things

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.



Pupils’ shock after
teacher shot dead

but we don’t know what the future holds so
you should always be ready — live the day
like it’s the last day.”

Ms Adderley worked closely with four
teachers in the pre-school centre, along with
several teacher’s aides, all of whom received
grief counselling yesterday.

Belinda Wilson, president of the
Bahamas Union of Teachers, was also pre-
sent at the school to offer support to griev-
ing members.

Ms Wilson said: “The entire Uriah
McPhee family is broken, because if there is
one thing we can boast about it is being
closely knitted.

“The teachers are close and we spend a
lot of time together, and you almost become
like family. So today Uriah McPhee is miss-
ing one of their family members. Ms Adder-
ley is going to be remembered for many
years to come.”

Ms Wilson added: “I’m really saddened
by this. Every time you saw her she was
always pleasant. Now there is another child
that is going to grow up without a mother.
It’s a senseless act and I just hope that indi-
viduals would learn how to resolve con-
flicts, because it is really sad today.”

‘No collusion’ between the labour
movement, political parties over BTC

FROM page one

about “party politics”, while
it might be a “political
issue”, when responding to
questions about whether the
labour movement had
become political in light of
the march and voter regis-
tration drive held yesterday.

More than 30 workers
marched from BCPOU hall
to the Parliamentary Regis-

tration Department, where
they could register to vote.

“T came here on my lunch
break to register to vote so I
could get the Free National
Movement (FNM) out,”
said a woman employee of
BTC, after registering to
vote.

“TI voted for the FNM in
the last election. This is not
just about the BTC sale, but
the way they are treating the
workers with total disre-

TRIBUNE TKIY

Yesterday's Question

spect,” she said.

Some union members
who have political ties are
trying to use the voter regis-
tration and the labour move-
ment in general as a partisan
political tool, it has been
claimed.

Speaking about the event,
Robert Farquharson, NCTU
general secretary, said: “We
as workers have the democ-
ratic right to impact policy,
and we do so by exercising
our right to vote.

“We are not discouraged
by the numbers. We have to
act in conformity with the
law. We anticipated every-
one would not be here at the
same time. It is an ongoing
process of voter registra-
tion.”

Union leaders are still
“adamant” the government
should change course on its
decision to sell BTC to
Cable and Wireless Com-
munications.



JENNIFER ISSACS-DOTSON, president of the National
Congress of Trade Unions.

How many seats did the PLP win in
the House of Assembly on January
10, 1967?

Yesterdays Answer
18
Yesterdays Winners

Jillian Mullings opts
Ashorntae McQueen 2nts
Randell Johnson Tpt

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Denise Wilson, general
secretary of the Bahamas
Communications and Pub-
lic Officers Union
(BCPOU), refuted claims
that the BTC opposition is
about party politics.

“We want to remind the
workers that we have the
power. The PLP should not
feel that they are victorious.
They, too, need to know, we
will determine who says
what. This is to show that
the people have the power,”
said Ms Wilson.

On a previous occasion,
Bernard Evans, BCPOU
president, admitted some
union members have per-
sonal political affiliations
with both major parties, but
the union movement itself
is unaligned.

Ms Issacs-Dotson cau-
tioned the Progressive Lib-
eral Party (PLP), who some
claim have “jumped on the
BTC bandwagon”, not to
get comfortable.

“The PLP need to reflect

on some things they do, on
whether their position would
be any different if they were
in government. If the gov-
ernment is wrong then it
does not matter which party
is in power,” said Ms Issacs-
Dotson.

Political observers say the
PLP’s support of the
NCTU’s Bahamas for
Bahamians drive seems at
odds with attempts during
their last administration to
sell BTC to Bluewater, an
entity whose principals have
never been revealed, but are
thought to be mostly for-
eigners.

Rodney Moncur, leader
of the Workers Party, said
unionists should not be
“apologetic” about the polit-
ical nature of their advocacy.

“Any issue dealing with
the state, discussing public
policy, by its very nature is
political. We have to edu-
cate people to be able to say,
this is political. There are
thousands of people

opposed to the sale of BTC
to Cable and Wireless. How
else do we convince the gov-
ernment not to sell if you do
not recognise as a citizen
you have a right to apply
political pressure on elect-
ed officials?” said Mr Mon-
cur.

“Each citizen has political
power. Each citizen is a
political party. Whether they
support the FNM, PLP,
NDP, or the Workers Party,
once citizens collectively use
that political power the gov-
ernment will either bend or
be broken. That is the
nature of politics.

“It does not matter what
your personal political pret-
erence is, we can unite as
citizens on a common issue
to apply political pressure
on whoever is in govern-
ment. But the pressure must
be consistent and sustained.
This is a political issue and
no one should run away
from it.”

e SEE PAGE TWO

BIC DENIES CLAIMS OF INTIMIDATION OF STAFF MARCH

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FROM page one

vice president asking them to state the time
they intended to take lunch.

Workers were asked by union leaders to use
their lunch hour to participate in a march from
the union headquarters on Farrington Road to
the Parliamentary Registration Department,
where they could register to vote.

Tribune sources claim the manager was Mar-
lon Johnson, BTC vice president, marketing,
sales and business development.

Mr Johnson said he would not comment on
“any internal administrative matters.”

He said the BTC administration in general
would only exercise management functions to
ensure the “efficient operation of the company
and nothing more.” He said any suggestion oth-
erwise would be “utter nonsense.”

“Any action related to any matter of internal
BTC administration would never be used in
any way to intimidate anyone. There will never

be any attempt to circumvent due process and/or
discourage anyone from taking part in any law-
ful action,” said Mr Johnson.

The concerns of intimidation come days
before workers expect to find out in their Janu-
ary 15 pay if any salary deductions have been
applied.

To date, union leaders say they have received
no complaints from employees of victimisation
as a result of participating in union activities.

Mario Curry, vice president of the Bahamas
Communications and Public Officers Union
(BCPOU), said he anticipates complaints after
January 15. He said he personally expects to
have two or three days deducted from his salary,
which is the cost of his involvement. Mr Curry
said he does not plan to protest.

Denise Wilson, general secretary, said she
once took home $11 for two weeks worth of
work based on her involvement in union activ-
ity in 1982. She said that is the “sacrifice” nec-
essary for the cause.





THE TRIBUNE

TUESDAY, JANUARY 11, 2011, PAGE 9



INTERNATIONAL NEWS



Eight dead in new flood as
Australia’s crisis worsens

BRISBANE, Australia

RESCUERS raced Tues-
day to reach people trapped
on roofs after a flash flood
sent a massive wall of water
through a valley in Australi-
a's waterlogged east, tossing
cars like toys, killing at least
eight people and leaving 72
missing, officials said, accord-
ing to Associated Press.

The sudden surge near the
town of Toowoomba after a
storm Monday lifted Aus-
tralia's 2-week-old flood cri-
sis in Queensland state to a
new level and brought the
overall death toll to 18. Until
then, the flooding had
unfolded slowly as swollen
rivers burst their banks and
inundated towns while mov-
ing downstream toward the
ocean.

Emergency services offi-
cers plucked more than 40
people from houses isolated
overnight by the torrent that
hit the Lockyer Valley on
Monday, thunderstorms and
more driving rain hampered
efforts to send helicopters to
help an unknown number of
other people still in danger
Tuesday.

Queensland state Premier
Anna Bligh said four chil-
dren were killed and there
were "grave concerns" for at
least 11 of the missing. Many
of those still stranded or
unaccounted for are families
and young children, she said.

"This has been a night of
extraordinary events,” Bligh
told reporters. "We've seen
acts of extreme bravery and
courage from our emergency
workers. We know they're
out on the front line desper-
ately trying to begin their
search and rescue efforts,

and we know we have people
stranded and people lost."

She said the death toll
stood at eight, but that “we
expect that figure to rise and
potentially quite dramatical-
ly. "

Queensland has been in
the grip of its worst flooding
for more than two weeks,
after tropical downpours
across a vast area of the state
covered an area the size of
France and Germany com-
bined. Entire towns have
been swamped, more than
200,000 people affected, and
coal and farming industries
virtually shut down.

Monday's flash flooding
struck without warning in
Toowoomba, a city of some
90,000 people nestled in

BAHAMAS
BUSINESS
OUTLOOK

99 2 -

mountains 2,300 feet (700
meters) above sea level.
Bligh said an intense deluge
fell over a concentrated area,
sending a 26-foot (eight-
meter), fast-moving torrent
crashing through Toowoom-
ba and smaller towns further
down the valley.

On Tuesday, the water was
still pushing its way down-
stream, flooding river sys-
tems as it moved toward the
coast. Thousands were being
evacuated from communities
in the water's predicted path
and residents in low-lying
regions of the state capital of
Brisbane — Australia's third-
largest city — were urged to
sandbag their homes.

"We have a grim and des-
perate situation,” Bligh said.

"This took everybody so
unawares that there was no
opportunity in most cases for
people to get to safety."

Rescue workers were bat-
tling more bad weather Tues-
day. Heavy rain and thun-
derstorms were forecast for
the region for most of the
day, which could lead to
more flash flooding, the
Bureau of Meteorology
warned.

Deputy Police Commis-
sioner Ian Stewart said res-
cue efforts were concentrat-
ed on towns downstream of
Toowoomba, including hard-
est-hit Murphy's Creek and
Grantham, where about 30
people sought shelter in a
school isolated by the flood-
waters. News video from late

Monday showed houses sub-
merged to the roof line in
raging muddy waters, with
people clambering on top. A
man, woman and child sat on
the roof of their car as waters
churned around them with
just inches (centimeters) to
Spare.

Among the dead were a
mother and her two children
whose car was swept away in
the floodwaters, Bligh said.
Two other children also were
killed, she said.

In Toowoomba, the waters
disappeared almost as fast as
they arrived, leaving debris
strewn throughout down-
town and cars piled atop one
another.

The flooding in recent
weeks has cut roads and rail

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PEOPLE SURVEY the damage after
a flash flood tossed vehicles down
a street in Toowoomba, Australia,
yesterday. (AP)



PEOPLE CLING to railings and
metal fences on a flooded
street in Toowoomba,
Australia, during a flash flood
Monday. (AP)

lines across Queensland, the
state's coal industry has been
virtually shut down, and cat-
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PAGE 12, TUESDAY, JANUARY 11, 2011

THE TRIBUNE



LOCAL NEWS



Organic farm
aking shape
in North Abaco

By GLADSTONE
THURSTON

AN organic farm, 1,500
acres in size, is taking shape in
North Abaco.

Situated on the former Key
and Sawyer citrus operation
in the Norman’s Castle area,
the project is headed by Tex-
an entrepreneur Paul Baker, a
resident of Marsh Harbour.

Bahamas Agricultural and
Industrial Corporation
(BAIC) officials, farmers
associations, co-operatives,
and health conscious con-
sumers were on hand last
weekend to view the new
equipment being brought in
for the project.

Mr Baker pledged to assist
farmers with workshops on
organic techniques, farm
preparation, stock acquisition
and marketing of produce.

The project will include
processing facilities and later
dairy and poultry operations.

He encouraged Bahamian
farmers and food processors
to tap into the estimated $500
million spent each year to
import food products for res-
idents and tourists.

“We’re going to be export-
ing some specialty type prod-
ucts,” said Mr Baker.

“But we are doing this
mainly for Bahamians.
Organics means that you are
not using harsh chemical fer-
tilisers and probably worse of
all, pesticides.







FAMILY GUARD IAN @



ABACO ADMINISTRATOR Theophilous Cox (left), co-operatives soci-
ety president Lennie Etienne (centre) and BAIC assistant general
manager (agriculture) Arnold Dorsett view equipment for the organ-
ic farm operation.

“Pesticides being used in
Mexico, a big food supplier
for the Bahamas, are
absorbed into the produce
which we consume, and that is
one of the biggest reasons we
are having so many cases of
cancers, for example.

“And so we are going back
to organics using material that
is natural in this country to
grow the food. It is a more
expensive process but at the
end of the day it is a lot
cheaper when you look at all

Gladstone Thurston/BIS

those chemicals we consume
and how they manifest them-
selves in our bodies.”

South Abaco Member of
Parliament and executive
chairman of BAIC Edison
Key said he looks forward to
the project with special inter-
est.

“This is a part of my life
out here and just to see it
come back into operation is
a tremendous thing for me,”
he said during a tour of the
facilities.

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INVESTOR PAUL BAKER (left), BAIC executive chairman Edison Key (centre) and Farmers Co-operative
Society president Lennie Etienne check equipment brought in for the organic farm development.

“T know what can be done.
We had established here one
of the largest cucumber farms
in the world. And then we
moved into citrus exporting,
more than 1.2 million bushels
to Florida each year.”

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transferred to BAIC.

They were divided into
five- and ten-acre plots and
leased for farming, particu-
larly to persons from North
Abaco.

“Tf we can develop them as
satellite farms in conjunction
with the organic operation, it
would be a very good thing
especially with the facilities
here to process foods,” Mr
Key said.

Mr Baker assured farmers
that they will have access to
tractors and other farm imple-
ments to assist with field
preparation.

As the operation becomes
established much of the pro-
duce that currently goes to
waste because it did not meet
the government’s packing
house grade will be processed
into other products, he said.

“For example, potatoes will
be used to make French fries
and tomatoes will be canned
or used to make ketchup,” he
explained.

BAIC EXECUTIVE CHAIRMAN
Edison Key (left) discusses the
organic project with (from
right) domestic investment offi-
cer Ayner Cornish, South Aba-
co Farmers Co-operative Soci-
ety president Lennie Etienne,
assistant general manager
(agriculture) Arnold Dorsett,
and South Abaco Farmers
Association president Stephen
Knowles.

North Abaco Farmers
Association president
Stafford Symonette said the
project is a boon for the flag-
ging agriculture industry.

“Tam pleased with what I
have heard about the project
and I believe it will benefit us
all,” he said.

“Once I saw the kind of
equipment he was bringing in,
I realised he was very serious
and that he is here for the
long haul.

“T do believe in the health
advantages of organic farm-
ing and this could be a learn-
ing experience for us. Maybe
we will have to stop using all
those chemicals and adopt
procedures more compatible
with his approach. We can
work together and go for-
ward.

“We have lots of people
who want to farm but farming
is very costly. Mr Baker said
he is going to help farmers
prepare their fields. That
alone would be significant.

“Already he is clearing
farm roads and farmers now
have no problem accessing
their property and so I expect
to see them out in the field
more. I am looking forward
to it,” Mr Symonette said.

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‘Rebuild’ investor

Confidence to
encourage IPOs

* Depressed stock prices
discouraging more Bahamian
firms from going public

* Analysts say share buy backs i
_ BIC sale, both deals could virtually wipe out projected $302m
: deficit for 2010-2011

must not be initiated just to
‘prop up’ share prices



MICHAEL ANDERSON

By NEIL HARTNELL
Tribune Business Editor

“rebuilt” before there is any }
“substantial interest” among
more companies in going pub-
lic, a leading investment }
banker said yesterday, many
having been discouraged by

SEE page 4B

Comptroller denies.
undertaking breach |

By ALISON LOWE
Business Reporter

alowe@tribunemedia.net

The Comptroller of Cus- }
toms yesterday denied claims
his Department was in breach
of an undertaking given by
the Attorney General’s Office ;
by asking companies to return }
forms detailing their sale of }

bonded goods.

Chris Lowe, operations }
Kelly’s }
(Freeport), told Tribune Busi- :
ness yesterday that Customs }
informed all 3,500 Grand :

Bahama Port Authority } By NEIL HARTNELL

i Tribune Business Editor

manager for

SEE page 5B

party and The Tribune can not be held



from the daily report

THE TRIBUNE oo

usine

TUES AY.

SECTION B ¢ business@tribunemedia.net

overnment’s $70m Entrepreneur
BORCO tax windfall

JANUARY

int



2011

Combined with $217m gross proceeds from impending

One-off inflows from both transactions could even leave

BORCO net debt is $279.3m

By NEIL HARTNELL
: Tribune Business Editor

The Government will earn

? a $70 million bumper tax
? windfall from Buckeye Part-
? ners’ $1.36 billion acquisition
: of a majority 80 per cent stake

Bahamian investor confi- }
dence in equities needs to be }

in the Bahamas Oil Refining

Company (BORCO), Tri-
bune Business can reveal,
which, when combined with
the $210 million proceeds
from the impending Bahamas
Telecommunications Compa-
ny (BTC) sale could wipe out
much of this year’s fiscal
deficit.

Ingraham administration with $60m surplus on GFS measure

The two one-off transac-
tions will be music to the ears
of a hard-pressed Public Trea-
sury, which has been forced
to borrow to meet civil ser-
vice payrolls after tax rev-

SEE page 4B

GOVERNMENT MUST GET ON

‘MESSAGE’ IN MEDICAL TOURISM

* Doctors Hospital chief says it must ‘fix’ failure to co-ordinate marketing with private
sector if Bahamas to make inroads into what can be ‘key industry’ for nation
* Renews call for duty and work permit incentives, something been calling for over

past 20 years



BARRY RASSIN

The Government must

i “fix” the failure to co-ordi-
i nate its “message” with the
i private
i Bahamas is to make inroads
i into the multi-billion dollar
i medical tourism industry,
? Doctors Hospital’s president
i has told Tribune Business.

sector if the

Barry Rassin, in an exclu-

i sive interview with this
i newspaper, said that too
i often the Government was
: communicating a different
i message to the one deliv-
: ered by the private sector
? when they went out to mar-
: ket what this nation had to
i offer in terms of medical and
i tourism facilities.

Hinting that this was a

: potential obstacle to efforts

The information contained is from a third}

: by Doctors Hospital and

responsible for errors and/or omission} :

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others to build a competi-
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need to co-ordinate. The
Bahamas should co-ordinate
the private and public sec-

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‘degrades’ use
of styrofoam

Eco-friendly promoter seeking duty reduction help

By ALISON LOWE
Business Reporter
alowe@tribunemedia.net

A young businesswoman intends to inspire Bahamian
businesses to “go green” and ditch Styrofoam food and
beverage containers in favour of an environmentally-friend-
ly alternative.

Tejada Sands, proprietor of Bioshell Bahamas, is also
hoping the Government may consider reducing the import
duty on the biodegradable containers - which is currently
higher than for regular plastic containers, at 45 per cent - as
ameans of stimulating extra interest in the products.

“The idea began with a trip to San Salvador with a friend
who studies the reef. The reefs are dying because of trash

SEE page 2B
$10m pumped into
farming operation

1500-acre project cold generate
‘150 to 200 Bahamian jobs’

: By ALISON LOWE
: Business Reporter
; alowe@tribunemedia.net

A Texan entrepreneur has poured $10 million to date

into a 1,500 acre farming operation in Abaco, touted as
: having the potential to create “150 to 200 Bahamian jobs”,
; Tribune Business has learned.

Four boat loads of heavy equipment reached the farm site

i over the Christmas season, and it is expected that American
: investor Paul Baker will now spend further millions bring-
? ing the farm into operation, with the hope of making a dent
; in the Bahamas’ almost $500 million annual food import bill.

Fruits and vegetables - such as potatoes, legumes and

rootcrops - as well as cattle for both beef and dairy products,
? will be farmed by the company, to be called Abaco Foods
i Limited.

Eventually, a food processing plant that could produce

i products such as ketchup and tomato sauce - and more
: jobs - is envisaged.

tor. “The Government is |
doing it’s thing, we’re doing :
our thing. So when we’re }
giving a message, we’re not }

The farm is located in the Norman’s Castle area of Aba-
co, on the former Key and Sawyer Citrus farm, owned by
current Bahamas Agricultural and Industrial Corporation

SEE page 2B

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PAGE 2B, TUESDAY, JANUARY 11, 2011

THE TRIBUNE

















‘degrades’ use
of styrofoam

FROM page 1B

down there, and there’s so much litter, with Styrofoam con-
tainers and plastic all over the road.

“My friend is from California, where they have banned
Styrofoam food containers, and between the two of us we
came up with the idea to introduce an environmentally-
friendly alternative into the Bahamas,” said Ms Sands, who
set up Bioshell Bahamas nine months ago.

To date, Bioshell has attracted consistent business from
two resorts in Long Island - Stella Maris and Cape Santa
Maria - as well as from Ardastra Gardens Zoo in New Prov-
idence and “a few other” companies.

Ms Sands hopes that in the coming year she will be suc-
cessful in increasing awareness of the benefits of switching
from Styrofoam - the brand name for polystyrene - and
plastic to the disposable biodegradable alternatives, which
can be made from sources such as corn, sugar cane and pota-
toes, and break down within months of disposal.

Styrofoam, the plastic foam which most Bahamian restau-
rants and cafes use in the form of “clamshell”-style con-
tainers to place food sold to their customers in, can take up
to 500 years to degrade, clog landfills and oceans, and can
cause harm to both humans and wildlife. It is made from
non-renewable petro-chemicals.

Toxic

The plastic foam gives off toxic fumes when burnt, and can

break down when heated in a microwave, espe-
cially if in contact with fatty foods
such as meats and cheeses, causing
chemicals to enter into the food we
eat and, by extension, ourselves. If
eaten by animals or sealife it will
block the digestive tract.

It has been banned for environ-
mental and health reasons in parts of
California and Canada, and Port-
land, Oregon. Meanwhile, discus-
sions are underway in other parts
of the US, such as Chicago and New
York, on the benefits of ditching
Styrofoam.

Ms Sands, a marketing major, said
she hopes her company will benefit the Bahamas in the
long term. “I want to contribute to my country,” she told Tri-
bune Business. “I’m definitely going to be working on mak-
ing more people aware (of the benefits of biodegradable
alternatives to styrofoam/plastic containers).”

In this regard, Bioshell intends to again be active in the
National Coastal Awareness campaign this year, and will be
raising its profile through involvement in the ‘Love Yourself
and Your Health’ health promotion campaign, which was
launched at the start of the year by DJ Chrissy Love and the
SEEDlings Place.

Meanwhile, having approached the Government last year
about a duty reduction on the eco-friendly products - the
Government has previously indicated it is in favour of sup-
porting the introduction of environmentally-friendly prod-
uct alternatives into the Bahamas through tax reductions or
elimination - Ms Sands said she hopes she can see progress
this year. Yesterday, Minister of the Environment, Earl
Deveaux, said he “supports the conceptual basis of the
product” being sold by Bioshell, and has asked Ms Sands to
“provide the Government with specific characteristics so
that it could get a specific category in the Tariff Act to dis-
tinguish and support it”.

Ms Sands also believes the cost of the Bioshell containers
can be diminished with increased demand for biodegradable
products. At present, a 10 oz cup made from Styrofoam
costs around seven cents to import into the Bahamas, while
one made from renewable sources carries a cost of around
10 cents.

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Entrepreneur Mobilise those who

make a difference

BY LARRY GIBSON

It’s been quite a while since
this column last appeared. I
am happy to say I am back,
and will hopefully continue
to write thought-provoking
articles for the enjoyment of
my readers. Let me begin by
wishing you all good health,
and a safe and successful
2011.

These have been challeng-
ing times, more difficult than
most of us would have ever
experienced previously in our
lives, or indeed imagine.
However, notwithstanding
our immediate circumstances,
it is important that we look
to the future with a degree of
optimism.

Worst is over

Economic indicators sug-
gest the deterioration in the
economy has bottomed, and
improvement is starting to
become apparent. The Inter-
national Monetary Fund
(IMF), in its latest assessment
of the Bahamas, suggests that
for 2010 we would have had
economic growth of 0.5 per
cent. For 2011 it is projecting
growth of 1.5 per cent, and
2.5 per cent per annum there-
after through 2015.

While it will be a while
before the average man on
the street feels the recovery, it
is absolutely essential that the
Government pursues policies
that engender confidence for
investors, businesses and indi-
viduals to once again invest
in the Bahamas. While most
individuals are struggling to
make ends meet on a day-to-
day basis, there are many suc-
cessful Bahamians who are
liquid and/or have access to
funding. They can make a dif-
ference. It is this group that
we need to harness in the first
phase if we are to get this
economy flowing again.

Truth be told, the Govern-
ment’s ability to provide addi-
tional stimulus, beyond what
has already been rendered, is
limited in the face of the huge
deficits that have already

FROM page 1B

(BAIC) chairman Edison
Key and his partner, Mor-
ton Sawyer. Mr Baker is
understood to be leasing the
land, although it is not clear
if this is from the Govern-
ment or a private individual.

Speaking with Tribune
Business yesterday, Minis-
ter of Agriculture, Larry
Cartwright said: “The last I
heard was that he had put
in his application for duty
concessions relating to the

i



been incurred. As at June
2010, government debt stood
at 47 per cent of GDP and
public corporations’ debt
(much of which is government
guaranteed) was an addition-
al 12 per cent of GDP. For
reference purposes, the IMF
recommends this ratio not
exceed 37 per cent. Contin-
ued government borrowing at
recent levels is unsustainable
in the short-term and long-
term. The consequence of
ignoring signs of over-bor-
rowing can be brutal and most
painful...just ask Greece, Por-
tugal and Ireland.

Instilling Confidence

There are probably two
dozen entities operating
throughout the Bahamas who
have the wherewithal to
mobilise significant levels of
investment via business
expansion or new projects
that can make a difference in
our economy. Who is reach-
ing out to these entities
(which can be companies,
groups or strategic individu-
als) in a systematic way?
What are their concerns?
What would encourage them
to invest? Are they in step
with current policies or are
they strongly opposed? Can
there be a middle ground so
that a win-win situation is cre-
ated? I humbly submit that
somebody needs to ask these
persons.

I also believe there is
another benefit to bringing
these folks together. These
groups, or representatives

Financial

By Larry Gibson

thereof, do not necessarily
naturally interact with each
other or travel in the same
circles. Therefore, facilitating
their interaction could pro-
duce additional mutual bene-
fits. In order for such an ini-
tiative to be successful, we
must be mature enough to
recognise that this group must
include those with FNM lean-
ings, PLP leanings and apo-
litical leanings (if such an ani-
mal exists in the Bahamas).
It is time we as a nation learn
to develop national goals and
policies, and approach them
with a national pragmatism
that would see them through
to completion.

Sale of BTC

The biggest topic of discus-
sion nationally at the moment
is the pending sale of the
Bahamas Telecommunica-
tions Company (BTC). I will
confine my comments at this
stage to general observations,
as I have not seen the Memo-
randum of Understanding
(MOU), which is supposed to
be released shortly. General-
ly speaking, I am a supporter
of privatisation and competi-
tion, and I believe the long-
term benefits will outweigh
any short-term negatives.

Tam amazed by the amount

of misinformation, mischief

and distrust that this process
continues to generate. It
would be most useful, and in
the public’s interest, if the full
details of the previously pro-
posed Bluewater transaction
and the current Cable &

Wireless transaction were
released - thus enabling objec-
tive analysis and honest com-
mentary.

Further, I am uncertain
whether there is a strong par-
allel between the conditions
that led to the 1958 General
Strike and the situation today
arising from the privatisation
of BTC. Would there be the
same level of support by
workers for a general strike
today? This is something that
only the workers of the
Bahamas can answer. How-
ever, it should be recognised
that organised labour has a
right to act in concert to have
their voices heard, provided
they do so within the para-
meters of the law.

Many persons’ have
expressed disappointment
over the number of personal
attacks and unsavoury com-
ments being made by individ-
uals from all sides in the pri-
vatsation process. In the final
analysis, personal character
attacks will have absolutely
no bearing on the ultimate
outcome. The sooner the
MOU is placed in the public
domain, the better. No doubt,
there will be multiple levels
of debate — the official one in
the House of Assembly, and
others in the court of public
opinion.

Until next week...

NB: Larry R. Gibson, a
Chartered Financial Analyst,
is vice-president - pensions,
Colonial Pensions Services
(Bahamas), a wholly-owned
subsidiary of Colonial Group
International, which owns
Atlantic Medical Insurance
and is a major shareholder of
Security & General Insurance
Company in the Bahamas.

The views expressed are
those of the author and do
not necessarily represent
those of Colonial Group
International or any of its sub-
sidiary and/or affiliated com-
panies. Please direct any
questions or comments to
Larry.Gibson@atlantic-
house.com.bs

$10m pumped into
farming operation

agricultural materials and
was setting up his operation.
I’ve gotten no indication
when it will be up and run-
ning.”

He noted that Mr Key














Open
Saturdays

10.00arm-
2.00pm




was most intimately
acquainted with the project,
which is located four to five
miles outside of Treasure
Cay. Mr Key visited the
Abaco Foods site this week-
end and could not be
reached up to press time as
he was said to still be on the
island.

Tribune Business under-
stands that Mr Baker first
signed a deal to develop the
farm in May 2010. Prior to
this he had for some years
been interested in investing
in lion fish research and the
development of equipment
that would have the poten-
tial to capture more of the
invasive species, which has
threatened Bahamian fish-
eries.

Farming

“Then Edison Key spoke
to me about doing some
farming and we talked and
talked, and now here we
are!” Mr Baker was quoted
as telling the Abaconian
newspaper earlier this
month during a site visit.

Tribune Business was
unable to reach Mr Baker
yesterday for comment.
However, in the interview
with the Abaconian news-
paper the investor revealed
he intends primarily to sell
products from Abaco Foods
within the Bahamas, with
the potential for a small
number of “specialty” goods
to be sold abroad.

“We have plans to create
employment for a lot of peo-
ple, and we are going to try
to employ as many Bahami-
ans as we can,” he said.

While it is not clear what
Mr Baker’s other ventures
may be, Mr Cartwright told
Tribune Business that “by

all reports he has been
involved in farming all of his
life”.

Sources in Abaco sug-
gested the entrepreneur is a
“private individual” who
flies into the islands onboard
his own luxurious jet, and
has a number of business
interests which he has been
tightlipped on discussing.

Nonetheless, Mr Baker
has been vocal about his
hope that the establishment
of Abaco Foods will benefit
not only his bottom line, but
the Bahamas and Bahami-
an farmers. Bahamian farm-
ers are to be given access to
plots on 500 acres of land
adjacent to Mr Baker’s
farm, which has been
cleared.

Apart from having access
to heavy machinery and,
eventually, food processing
facilities owned by Abaco
Foods for their own use, Mr
Baker has said he intends to
organise workshops on
organic techniques, farm
preparation, stock acquisi-
tion, and the marketing of
produce to assist Bahamian
producers. Mr Baker is also
investing in the reconstruc-
tion of a badly degraded
access road that will help
other nearby farmers trans-
port produce and equipment
to and from their farms.
North Abaco Farmers Asso-
ciation president, Stafford
Symonette, said the project
is a boon for the flagging
agriculture industry.

“T am pleased with what I
have heard about the pro-
ject and I believe it will ben-
efit us all,” he said.

"Once I saw the kind of
equipment he was bringing
in, I realised he was very
serious and that he is here
for the long haul.”





an
IY

THE TRIBUNE



(cn)
IY

TUESDAY, JANUARY 11, 2011, PAGE 3B



Attorney
hits back at
‘corruption’

claims

By ALISON LOWE
Business Reporter
alowe@tribunemedia.net

A leading financial services
stakeholder yesterday hit
back at claims published in a
top UK newspaper that the
Bahamas remains an offshore
jurisdiction “rife with secre-
cy, corruption and intimida-
tion”, where illicit money can
be deposited by anonymous
sources despite a tightening
of regulation over the last
decade.

McKinney, Bancroft and
Hughes senior partner, Brian
Moree QC, said it was “sim-
ply not fair” that such an
accusation could be made
considering steps taken to fur-
ther legislate and regulate the
sector in recent times.

“IT am surprised a
respectable newspaper in
London would just print that
because we have some of the
toughest laws of all countries.
You can open a bank account
in London or New York with
half the red tape and time you
have to go through in the
Bahamas,” Mr Moree said.

“In fact, many think the
pendulum has swung so far
the other way it is to some
extent retarding business, so
to suggest there is an open
sesame for illicit funds is
incorrect.”

The Guardian in London
published two extracts from
a book entitled “Treasure
Islands: Tax Havens and the
Men Who Stole the World’
by author Nicholas Shaxson
over the past weekend.

Drawing on allegations by a
former banker who claims to
have worked in the Bahamas
in several different financial
institutions, the author sug-
gested that secrecy and the
potential for money launder-
ing remains rife.

The banking source, who
told the author she worked as
a client relationship manager
for the private banking arm
of a well-known international
bank in this nation, and ulti-
mately for a “boutique pri-
vate Swiss bank”, suggested
that although “laws were
tightened a little” in the
Bahamas in response to a
“feeble global crackdown” in
the early part of the last
decade, this did not stop ques-
tionable banking practices.

“These days, offshore
bankers make a big show of
their Know-Your-Customer
rules to keep out the bad
money...That, at least, is the
theory. But there are many

ways around the restrictions,”
the article stated.

The extract claims the
banker, employed as a com-
piance officer at the time,
“was supposed to check for
suspicious movements
through the accounts” at one
private Bahamas-based bank.
She found many and “raised
many red flags”, but was giv-
en unsatisfactory responses
from her seniors.

“They (the managers)
would say: ‘This was a com-
mission’. Were these bribes?
Commissions on what? I went
back and never got an
answer’,” the banker alleged.

“One Swiss-based trust that
had a relationship with her
bank displayed almost noth-
ing on its website, bar some
photos of a nice fountain in
Geneva. ‘The crap they
brought to us was unbeliev-
able. There is no way a
responsible trustee should
take this on. You have no
idea who the trust settlors
were, what the assets were or
where they came from. I
objected strongly but the
bank took them on’,” the
banker told the author.

The book suggests that the
Bahamas environment is one
which tends to “stifle dissent”
and “suppress troublemak-
ers”, with international
financiers “reassured that
local establishments can be
trusted not to allow democ-
ratic politics to interfere in
the business of making mon-
ey”.

The banker, who has now
left The Bahamas, suggests
she is “trying to come to
terms with her past life”, and
the author himself charges
that he was told by a practi-
tioner in the Cayman islands
that if he was to probe such
allegations in the Bahamas he
would need to be careful of
his “personal safety”.

In writing the book, the
author purports that he had
been hoping to explore “a
question that had been nag-
ging me: How do bankers
who shelter the wealth of
gangsters and corrupt politi-
cians justify what they do?”

But Mr Moree said “the
fact of the matter” is that
banks “simply cannot conduct
business with non-compliant
money these days” in the
Bahamas.

“Anyone who took time to
become familiar with the cur-
rent legislative landscape in
the Bahamas with regard to
financial services would, I
think, agree that we have very

NCCU UT Teyana LEK)

Ge



Krys Rahming & Associates, the Bahamas-based corporate
recovery, insolvency, and forensic accounting specialist firm, is
changing its name to KRyS Global with effective from yester-

day.

The new name is intended to highlight the company’s recent
growth and expansion to additional international markets.

"With offices in four countries, we are in a strong position to
offer solutions in key offshore centres in the Caribbean,” said
company founder and chief executive, Kenneth M. Krys.

"Our continually expanding international and cross-border
experience now positions us to enter into strategic alliances with
firms worldwide. We hope our coming together as KRyS Glob-
al will demonstrate our growth and expansion, as well as the cul-
ture of an independent organisation that is not only forward
thinking but also international in breadth and highly person-

alised service."

The newly-named KRyS Global has offices in four jurisdic-
tions - the Cayman Islands, British Virgin Islands, the Bahamas

and Bermuda.

"Since opening Krys Rahming & Associates, we have lever-
aged the firm's international network to grow the firm and
add greater value to our clients. The global nature of the busi-
ness requires that we have a single identity across the region,
particularly as the firm grows," said Ed Rahming, managing
director of Krys Rahming & Associates.

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

strict anti-money laundering
rules and regulations, and
very robust oversight provi-
sions by regulators, and that
non-compliant money is no
longer welcome in the
Bahamas,” Mr Moree said.

“While one can never say
that our system can never be
abused by persons seeking to
do wrong doing, our system
now is tougher and more
robust than in most other
countries, and you simply can-
not really conduct business
with non-compliant money
these days.”

The top attorney said he
believes the Government,
through passing additional
and amended legislation and
“beefing up our regulatory
structure”, has “demonstrated
unequivocally its commitment
to ensuring the jurisdiction is
a well-regulated, premier
intentional financial centre
which conducts business in
accordance with the best
standards”.

“T think the regulators
themselves have also done
that through issuing guide-
lines to cover the various sec-
tors of the financial services
industry,” said Mr Moree.

Minister of State for
Finance with responsibility for
financial services, Zhivargo
Laing, did not return calls and
e-mails seeking comment up
to press time yesterday.

Bahamas’ ‘great

Dr. BARRY RUSSELL

The Bahamas continues to have “great
prospects for world scale” oil and gas dis-
coveries, a senior executive with an oil explo-
ration company believes.

Dr Paul Crevello, director and chief oper-
ating officer of the Bahamas Petroleum Com-
pany, who will address Thursday’s Business
Outlook conference on the past, present and
future of oil exploration in the Bahamas,
said: “Over 60 years of sporadic exploration
has been conducted in the Bahamas.

“However, there has been very little explo-
ration and drilling activity, with no explorato-
ry drilling in the last 20 years, and much of
the seismic acquisition activity occurred more
than 20 years ago.

“With the benefit of modern knowledge
and technologies, the company is proud to
have been able to shed light on the very great
prospectivity of the Bahamas for world-scale
oil and gas discoveries. With the world ever
hungrier for new large oil and gas provinces,
particularly in democracies close to North
America, our work is set to achieve a large
increase in value for the people of the
Bahamas, our shareholders and oil and gas
consumers in general.

“Our directorate is skilled in finding and
developing new oil and gas fields in over-
looked, forgotten and new areas, and has an
outstanding track record of discovery and
development. We look forward over the next
few years to bringing discoveries into pro-
duction.”

Dr Crevello joined Bahamas Petroleum
Company in November 2006, when it was a
private company founded by Alan Burns of

DR. PAUL CREVELLO

Perth, Australia. The company was granted
five exploration licences by the Bahamas in
2007, followed by a listing on the London
Alternative Investment Market (AIM) in
August 2008. Its corporate headquarters is in
the Isle of Man, and exploration/operations
are managed from Nassau.

Another Bahamas Business Outlook
speaker is orthodontist Dr Barry Russell,
founder of The Bahamas Orthodontic Cen-
tre, which has expanded from two staff in
1991 to its current level of 18, with operations
in both Nassau and Freeport. The company
was named as the Chamber of Commerce’s
2010 Business of the Year for firms with 50
employees or less.

Dr Russell will be speaking on the topic
Successful Entrepreneurship in the Profes-
sional Service Sector: What will it take in this
Season.

Arguing that “hard work alone will not
suffice”, Dr Russell will urge Bahamian
entrepreneurs in the professional services
sector to possess a first-world mindset if they
want to compete.

“As this is a very significant year for us, we
intend to make this a very significant con-
ference,” said Joan Albury, president of con-
ference organisers, The Counsellors.

“We are geared up to touch on every
aspect of this country’s economy and more.
Our slate of speakers will address a wide
range of topics that will bring an awareness to
conference goers of what is happening in our
country in terms of our economy and gener-
ally.”





-
pwe

Job Description

Requirements

three (3) years.

qualification.

and data.



POSITIONS AVAILABLE FOR
SPA SENIOR ASSOCIATES

Human Capital Leader

PricewaterhouseCoopers has vacancies for qualified Senior Associates within our Systems
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services related to controls around the financial reporting process, including business
process and information technology management controls.

Proven experience in identifying, evaluating and testing information technology and/or
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A strong academic record and has a professional accountancy qualification and/or the CISA

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COBIT) and testing strategies.

The positions offer challenging work in the financial services industry and other areas of
industry and commerce. The salary scale, which recognizes different levels of experience
and skill, is designed to reward high performance. In addition, the Firm provides excellent
medical insurance and provident fund benefits.

Please submit an application letter with your Curriculum Vitae to:

“SPA Senior Associate Position”

PricewaterhouseCoopers
P.O. Box N-3910
Nassau, The Bahamas







PAGE 4B, TUESDAY, JANUARY 11, 2011

THE TRIBUNE



Government's $70m
BORCO tax windfall

FROM page 1B

enues nosedived due to the recession, and was projected to
incur a total $302 million deficit for the 2010-2011 Budget
year.

The BORCO tax payment was revealed in the prospectus
issued to potential investors in New York Stock Exchange
(NYSE)-listed Buckeye Partners’ $650 million private place-
ment, which was issued to help finance BORCO’s purchase
from energy private equity fund, First Reserve Corporation.

The prospectus said Buckeye Partners was paying $1.36 bil-
lion, less First Reserve’s 80 per cent share of BORCO’s net debt
totalling $223.5 million, plus “estimated Bahamian transfer
taxes payable in connection with the transaction of $70 million”.

That $70 million, combined with the $217 million the Gov-
ernment says will be raised from selling a 51 per cent BTC stake
to Cable & Wireless Communications ($210 million in pur-
chase price, $7 million in Stamp Tax), means the Government
will enjoy a potential $287 million gross revenue windfall that
it did not account for in its 2010-2011 Budget.

The net return to the Treasury from both deals is uncertain
given, for example, the Government needing to cover the BTC
employee pension plan deficit, but there is little doubt that
the two deals will cover a substantial portion of the anticipat-
ed fiscal deficit for the year to June 30, 2011.

The Government projected last year in its Budget that it
would incur a total fiscal deficit of $302 million for fiscal 2010-
2011. Therefore, those collective $287 million proceeds could
narrow this to just $15 million.

And, given that the GFS fiscal deficit measurement stood at
$227 million, stripping out $75 million in debt principal redemp-
tion, the $287 million proceeds could leave the Government
looking at a $60 million surplus under this method.

That assumes a lot, of course, but could also create the fiscal
headroom for the Government to deliver an ‘election budget’
this May, as it will likely be the last one before the next general
election. James Smith, former minister of state for finance in the
2002-2007 Christie government, alluded to this in an interview
with Tribune Business last week, telling this newspaper that
unanticipated revenue flows from the BTC and BORCO trans-
actions could “artificially bump up” government revenues.

He warned, though, that this could disguise the weakness in
the “fundamental elements” of the Budget.

Meanwhile, revealing that it was seeking to close BORCO’s
purchase by April 18 this year, Buckeye Partners said it was
aiming to repay all the debt held by the Freeport-based oil stor-
age facility’s parent company.

“Tt is our intention that all of FRBCH’s [BORCO’s parent’s]
outstanding net indebtedness ($279.3 million as of Septem-
ber 30, 2010, comprised of $279.3 million of indebtedness for
borrowed money, plus $19.2 million of hedges, minus $39.8
million of cash) will be repaid, which payoff will be funded by
our contribution to the capital of FRBCH of an amount equal
to such net indebtedness,” Buckeye Partners disclosed.

“In connection with the closing, we intend to make a con-
tribution of capital to FRBCH in an amount sufficient for
FRBCH to repay its net indebtedness, and to make a pay-
ment to Vopak and certain members of BORCO manage-
ment that will be due five days following closing of the BOR-
CO acquisition.”

Vopak, BORCO’s operating partner, has until Friday to
decided whether it wants to cash out, too, and sell its 20 per cent
equity stake to Buckeye Partners. Its operating agreement is
until April 29, 2013, and if this is not renewed it can be termi-
nated on every two-year anniversary from that date.

“In connection with the pending BORCO acquisition, we
obtained a commitment from the underwriters to arrange cer-
tain senior unsecured bridge loans in an aggregate amount up
to $595 million (or up to $775 million in the event we also
purchase Vopak’s 20 per cent interest in FRBCH, and such pur-
chase occurs concurrently with the purchase from First
Reserve),” Buckeye Partners added.

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GOVERNMENT MUST GET ON
‘MESSAGE’ IN MEDICAL TOURISM

FROM page 1B

giving a co-ordinated one. That’s a mis-
take, and the Government should fix
that.”

The mixed marketing/promotional
message could thus confuse the large
US employers, facilitators and insur-
ance companies the Bahamas must
pitch to, in what Mr Rassin referred to
as “the fastest growing sector in health-
care in the US”.

Just how competitive the medical
tourism sector was, he added, was
brought home to him when he attend-
ed last September’s Medical Tourism
Congress in California, at event at
which 45 different countries exhibit-
ed.

“Our proximity and being English-
speaking are very big,” Mr Rassin told
Tribune Business. “It’s a known entity.
People know the Bahamas. It’s a nice
place to go, and we have a lot of bene-
fits that could make this a key industry
for the country.”

“Rather than jump in”, Mr Rassin
explained that Doctors Hospital had
planned its entrance into medical
tourism carefully, “putting all the
pieces in place”. The attaining of Joint
Commission International accredita-
tion last June - a standard that signals
to Americans that Doctors Hospital is
the equal of any US hospital in terms
of quality care and outcomes - was the

first piece in the jigsaw, and everything
else has flowed from that.

Mr Rassin said JCI accreditation
assessed whether Doctors Hospital not
only had the correct written policies
and procedures in place, but had imple-
mented them.

“Staff have to understand them, live
them, work with them every day,” he
explained. “We’re living in a culture
that is not used to that type of struc-
ture, so part of it was changing the cul-
ture, which I’m pleased to say we’ve
done.”

Support

Asked what the Government needed
to do to support Doctors Hospital’s
efforts, Mr Rassin replied: “The ease of
getting licensure in terms of surgeons
coming in. The liability protection is
important for us.

“For us to become more competi-
tive, and therefore increase market
share, we still need these concessions
that most medical facilities get in most
countries,” the Doctors Hospital pres-
ident added, referring to the BISX-
listed healthcare provider’s repeated
attempts to obtain customs duty
exemptions on imported medical
equipment and technology.

Currently, Doctors Hospital pays the
full duty amount, and it has also been
secking reduced work permit fees. Mr

Rassin said the company spent
“$300,000-$400,000 in work permit
fees” per annum.

“We need concessions to reduce
these costs further,” he explained to
Tribune Business. “We’ve tried to
explain this to government for 20 years.
If we can reduce our cost base, reduce
charges, it will make us more compet-
itive in the international market, and
with the savings it will help local insur-
ance companies.”

With major employers and insurers
in the US wanting to know the exact
costs incurred in sending someone
abroad for healthcare treatment, Mr
Rassin said Doctors Hospital was
working on developing “package pric-
ing” for all the treatments it would
offer.

Its High Intensity Focused Ultra-
sound (HIFU) prostate cancer treat-
ment centre was already gaining 15-20
patients per month, bringing them in at
weekend, doing the surgery in two
days, and then sending them home.

While the revenues from the HIFU
initiative had not been “large enough
to say they’ve made a gigantic impact”
on Doctors Hospital’s revenue streams
since it started in 2008, Mr Rassin
added: “It’s kept us going. It’s a pro-
gramme that’s been stable throughout,
which is always good in a recession to
have.”



‘Rebuild’ investor confidence to encourage IPOs

FROM page 1B

the failure of existing stocks to
reflect their true value.

Michael Anderson, Royal-
Fidelity Merchant Bank &
Trust’s president, told Tri-
bune Business that the 2001-
2004 and 2008-present reces-
sions had dampened investor
demand for stocks. And, with
potential buyers increasingly
“tisk averse”, Bahamian com-
panies were reluctant to come
to market because they were
uncertain whether they could
“come out at a reasonable
price”.

He was backed by Ken-
wood Kerr, Providence Advi-
sors’ chief executive, who
agreed that Bahamian com-
panies had been discouraged
from going to the equity mar-
kets as a result of existing
stocks failing to reflect their
underlying earnings and fun-
damentals, due largely to an
illiquid market featuring a
surplus of small retail sellers
depressing many share prices.

Speaking in the wake of
AML Foods unveiling a stock
repurchase programme that
could see the company buy
back up to 10 per cent of its
outstanding stock, some 1.5
million shares, over a three-
year period, Mr Kerr told Tri-
bune Business that companies
should not engage in such
activity merely to “prop up”
their stock price.

Meanwhile, both Mr
Anderson and Mr Kerr point-



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Nassau, The Bahamas

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



KEN KERR

ed out that the last true initial
public offering (IPO) in the
Bahamas was Freeport Con-
crete, a company that has
ceased trading, in 2001.

The RoyalFidelity presi-
dent said that following the
2001-2004 fall back in
Bahamian share prices, which
“really saw companies lose
value, it took a while for com-
panies’ share prices to get
back to reasonable values”.

Investors looked for cer-
tainty that the downturn was
over, Mr Anderson said, and
confidence ultimately
returned to produce three
good years for the Bahamian
stock market between 2005-
2007. However, the recession
saw prices - and investor
appetite and interest - take a
further nosedive from 2008
onwards.

Mr Anderson said the two
market recessions over the
past decade had “dampened”
institutional and retail

appetites for Bahamian equi-
ties, and the resulting fall-out
had been to discourage fur-
ther IPOs by companies who
were unsure whether they
would be able to float at a
price that reflected their cur-
rent - and future - earnings
and underlying fundamentals.
“We need to rebuild peo-
ple’s confidence in equities
before we see any substantial
interest in companies coming
to market,” Mr Anderson told
Tribune Business. “Hopefully,
Heineken will be the start of
bringing good, profitable
companies to market.”

Negative

Despite the seller surplus
and “kind of negative attitude
to equities”, the RoyalFideli-
ty president said it would be
“interesting to see how
Heineken does” whenever
the estimated $60-$65 million
Commonwealth
Brewery/Burns House IPO
comes to market.

Mr Anderson pointed out
that it was a company that
was well-understood by
Bahamians with good “upside
potential”. He added: “Peo-
ple buy liquor, it happens
every day, and it will go out
with a proven business case
for it.”

The 1994-2001 period had
seen “strong gains and inter-
est in the equity market
because of the upside”, and
Mr Anderson said that while
investors then had been buy-

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ing companies with strong
track records and increased
future profit potential, some
of the latter [POs may have
seen Bahamians buy into
companies “without the great
potential and track record”.

Providence Advisors’ Mr
Kerr agreed, telling Tribune
Business: “I think these kind
of results to date have impact-
ed a lot of companies’ deci-
sions not to go public, because
you can never realise the true
value of your earnings. Never
mind that you have consistent
revenue and earnings growth,
you never see it reflected in
the share price.”

Mr Kerr said this was true
of the likes of Commonwealth
Bank, which had enjoyed a
record year, plus Colina
Insurance, which had seen
record sales and earnings “for
two years ina row”.

“So what’s happening?
Why aren’t these fundamen-
tals being reflected?” Mr Kerr
asked. “There’s two elements.
The smart money is not enter-
ing to big up these funda-
mentals, even for companies
that have solid management
and revenue and earnings
growth. The retail people
have no confidence and are
not investing, and those peo-
ple who have more shares
lack the capital to buy more
and probably need to liqui-
date.”

With companies increas-
ingly cost-conscious as a result
of the recession, Mr Kerr said
the listing and registration
fees associated with BISX list-
ings could act as a further
impediment to companies
going public.

Yet, referring to AML
Foods’ share buy back plan,
Mr Kerr said: “You do not
want companies buying back
their shares for the sake of
buying back their shares, just
to prop up the share price,
where there’s no rationale for
doing so.”

In AML Foods’ case, with
the company set to declare
dividends, by acquiring
increasing amounts if its own
stock, it would reclaim
increasing dividend sums that
could be retained in the busi-
ness.

“That money can be used
to reinvest in the company,
thus getting a return by buy-
ing back shares,” Mr Kerr
explained. “Just to prop up a
company that has no or weak
fundamentals is not the right
thing to do. But, in this case,
the experience to date is that
minor share sales have
depressed market capitalisa-
tion and share values. It’s dis-
ruptive for portfolio man-
agers, as it creates price
volatility that impacts portfo-
lio values.”

Mr Anderson added that
while some Bahamian stocks
had been “beaten down”, and
a share buy back would make
sense, it was “not the right
reason” to launch one just to
prop up the share price.





an
IY

THE TRIBUNE

(cn)
IY

TUESDAY, JANUARY 11, 2011, PAGE 5B













Ford plans to |

hire 7,000
workers
hy 2012

DEE-ANN DURBIN,
AP Auto Writer
DETROIT

Ford Motor Co. says it
will add more than 7,000
workers in the U.S. over the
next two years, including
750 engineers with expertise
in batteries and other
advanced technology, as it
begins producing several
new vehicles.

The company plans to hire
4,000 manufacturing work-
ers this year. Almost half
those workers will be at the
Louisville Assembly Plant in
Kentucky that will make the
new Ford Escape starting
late this year. It expects to
add at least 2,500 new manu-
facturing jobs in 2012.

The 750 engineers that
Ford plans to hire will work
on hybrid and electric vehi-
cles.

The company said it is
beginning a recruiting effort
this week in Detroit and
either other cities, including
San Jose (California), and
Raleigh and Durham (North
Carolina).

Ford introduced three
future electric and hybrid
vehicles Monday at the
Detroit auto show, including
an electric version of the
Ford Focus which will go on
sale in the U.S. later this
year and hybrid and plug-in
hybrid versions of the C-
Max minivan which will go
on sale in 2012.

Ford said the plug-in
hybrid C-Max will be able to
go 500 miles (800 kilome-
ters) using a combination of
its battery and gas engine,
while the hybrid version will
get better fuel economy than
the hybrid Ford Fusion
sedan, which gets 41 miles
per gallon (17.5 kilometers
per liter). The plug-in hybrid
will be able to go longer dis-
tances on battery power
alone than the regular
hybrid, although Ford won't
release exact distances yet.

The electric Focus will be
Ford's first electric car on
the market, although it cur-
rently sells an electric ver-
sion of its Transit Connect
van.

Ford didn't say how much
the vehicles will cost, but
Chairman Bill Ford said
they will be "competitive"
with other electrics and
hybrids on the market. The
Nissan Leaf electric car,
which went on sale last
month, costs $32,780, but
buyers are eligible for a fed-
eral tax credit of $7,500.

"We're doing everything
we can to make these vehi-
cles as affordable as possi-
ble," President and CEO
Alan Mulally said. Adding
hybrid and electric systems
to established vehicles —
instead of selling separate
ones, like the Leaf — is one
way Ford expects to cut
costs.

Bill Ford wouldn't say
whether Ford can make a
profit on electrics and
hybrids, which are more
expensive to produce, but
said the expense will come
down as production increas-
es. Ford eventually expects
to sell 5,000 to 10,000 Focus
electrics annually.

"Ultimately this has to be
a business for us or we
wouldn't be in it," Bill Ford
said.

The company also said it
plans to hire 6,500 U.S. man-
ufacturing workers over the
next two years as it ramps
up production of new vehi-
cles. Ford had previously
announced some of the new
hires, including the 1,800
workers being hired to make
the new Ford Escape at
Kentucky's Louisville
Assembly Plant starting late
this year. Some of the work-
ers will be new to Ford,
although some will be come
from other U.S. plants
where Ford has laid off
workers.

Under a 2007 contract,
new hires will make around
$14, or half the wages of vet-
eran workers, which will
mean significant savings for
the company.

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

PAUL WISEMAN,
AP Economics Writer
WASHINGTON

Ninety percent of the work
force has a job, the same as a
year ago. But last year, people
were still worried about get-
ting laid off. Today, they
aren't.

The result is a renewed
confidence that's boosted
retail sales — just what's
needed to spark what econo-
mists call a "virtuous cycle":
Higher consumer spending
raises company profits, which
spurs hiring, which fuels more
spending and growth.

Consumer spending is crit-
ical because it powers about
70 percent of the economy.
It's risen without interruption
since July, and it powered the
strongest holiday shopping
season since 2006. Many
shoppers are showing enough
confidence to splurge on new
cars: Auto sales rebounded
11 percent in 2010, the first
increase since 2005.

"The strongest showing for
consumers since the peak
years of the last expansion sig-
nals that the broader econo-
my is near a threshold of self-
sustaining growth,” analysts
at Citi Investment Research
& Analysis wrote last week.

Federal Reserve Chairman
Ben Bernanke echoed that
point Friday. He told a Senate
panel he sees evidence that a
"self-sustaining" recovery is
taking hold because con-
sumers and businesses are
spending more.

Morgan Stanley economists
say 4 percent growth is "like-

Less worried about |
layoffs, jobholders |
start spending more

ly, perhaps even conserva-
tive” in 2011, up from an esti-
mated 3.1 percent last year.
Late this month, the govern-
ment will estimate economic
growth for the final quarter
of 2010.

Consumer spending is ris-
ing because the vast majority
of working-age Americans are
now breathing easier, despite
9.4 percent unemployment.
People who had jobs feared
being laid off during the
recession, which ended in
June 2009, and for months
after. Fewer worry now,
because most companies have
stopped cutting staff.

Workers who survived the
job cuts of the past three
years have begun to conclude:
"If they haven't fired me by
now, they're not going to,"
says Michael Koskuba, port-
folio manager with Victory
Capital Management.

In December, employers
added just 103,000 jobs — too
few even to keep up with pop-
ulation growth. But that was
mainly because they're still
reluctant to hire, not because
they're still cutting jobs. In
October, layoffs were the low-
est since August 2006.

The number of people
applying for unemployment
benefits — a proxy for the
pace of layoffs — plunged
about 15 percent in the final
four months of 2010. Only six
other times since 1967 have
applications dropped that
steeply in any four-month
period, according to Goldman
Sachs economists. And econ-
omists think employers will
finally ramp up hiring this

Comptroller denies
undertaking breach

FROM page 1B

licensees that with effect from this month they are required to
submit to it on a monthly basis reports on all goods they have
sold bonded, or duty free, to other licensees for use in the lat-
ter’s business.

Mr Lowe said that breached an undertaking given by the
Attorney General’s Office that Customs would not demand
such submissions until the substantive issues between it and his
company, which are the subject of a Judicial Review action chal-
lenging the legal standing of a ‘bonded goods sales report’,
are determined by the Supreme Court.

However, Comptroller Glenn Gomez described the sugges-
tion that Customs officers in Freeport were in breach of the
undertaking as “misinformation”.

“Tt is an incorrect story, because officers in Freeport are not
doing anything that is contrary to the arrangement we have with
the Attorney General’s office pursuant to that court matter,”
Mr Gomez said.

“What is really happening is that in 2009 there were two
forms passed by Parliament addressing the sale of bonded
goods. Last year, the officers did not introduce them until late
in the year, right after the matter had been taken to court
about over-the-counter sales and the production of details on
what is actually being sold in any month.”

“After meetings with licensees, the forms were sent out by
Customs advising that this was, in fact, the law; it was just
delayed in being sent out in terms of Customs being advised of
the sale of bonded goods in any one month and the duty due,”
Mr Gomez said. “Prior to this Kelly’s thing there’s been a
long-standing thing over the years where we were advised of
any sales at any month, and dues were collected.

“T must also advise that the ‘over-the-counter’ letter is not in
any Hawksbill Creek Agreement or Customs Law; it is simply
a form agreed and used some years ago by the Port Authority,
Customs and licensees.”

Mr Gomez said the ‘over-the-counter’ letter the Customs
department wants businesses to fill in is intended to be a “gen-
eral letter to allow businesses to sell bonded goods for that cal-
endar year”.

“Tt says in the Act that any time bonded goods are sold the
licensee has to take a purchase order of what is being sold, or
which they intend to sell, to Customs. Customs approves it
and they go on to sell it,” the Comptroller said.

“They felt it really was cumbersome and absorbing a lot of
time, so they came to Customs to ask for a general letter to
allow for a calendar year for them to sell bonded goods. But
somewhere along the line that’s really gotten fuzzy, and so we
have all of these things about ‘we’re wanting to do this and that’.

“The only thing we are really trying to do is ensure any con-
cession that is bonded goods, that come into the Freeport area,
are dealt with according to the Customs Management Act,
the Tariff Act and the Hawksbill Creek Agreement.

“We cannot have goods on which nothing is paid coming into
the country and being allowed to be used any which way, and
we don’t know what the disposition is at the end of the month,
quarter or year,” said Mr Gomez.

The Comptroller claimed that “only about two or three per-
sons are claiming (Customs) are doing something we are not
supposed to be doing”.

Meanwhile, he denied that Customs is “holding up” any
goods as a consequence of the dispute over the bonded goods
sales report.

year.

ing more secure about their
jobs.”

"The fear factor has sub-
sided,” Hart says.

That's evident among con-

new Malibu.

What's changed? She does-
n't worry so much about }
being let go. Her employer's ;
sales have improved, and }
she’s encouraged by reports ;
of slowing layoffs and more

hiring.

"In general, I feel like we're :
going in the right direction," ;
Aguilar says. "That makes me :
comfortable in my purchase."

Economists say consumers }
seem increasingly divided into :
"haves" and "have-nots." The }
haves feel secure in their jobs. :
Their finances are solid. So is :

their credit.

They dominate the highest-
earning 20 percent of Ameri- ;
cans, who contribute nearly ;
40 percent of consumer }

spending.

"You've got 10 percent :
unemployment, and you add }
another 5 or 10 percent" for }
discouraged workers or those }
stuck in part-time positions, }
because they can't find full- ;
time work, says Doug Hart, }
a retail specialist at the con- }
sulting firm BDO USA. But i |
the remaining 80 percent, hav- ; |
ing survived layoffs, "are feel- ;

: STOCKS DIP: In this April 7, 2006 file photo, large rolls of aluminum
: are cooled before they get cut to order size at the Alcoa Warrick
: Operations in Newburgh, Ind. Stocks dipped Monday ahead of the
: start of fourth quarter earnings season. Alcoa Inc. will release its

: results after the market closes. STOCKS REPORT, PAGE 8
sumers like Monique Aguilar, :

27, of Saugus, Mass. Aguilar :
put off a car purchase last }
year after the restaurant chain ;
where she's a manager }
announced layoffs. But there }
she was Friday at a Chevrolet }
dealership in neighboring }
Lynn, Mass., shopping for a }

ALCOA RESULTS EXPECTED



. = e
(AP Photo/ Daniel R. Patmore, File)

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, TARA DANIELLE
SAUNDERS of #10 Sears Road, Boyd Subdivision, P.O.
Box CB 11218, Nassau, Bahmas intend to change
my name to TARA DANIELLE BETHEL. If there are any
objections to this change of name by Deed Poll, you
may write such objections to the Chief Passport Officer,
P.O.Box N-742, Nassau, Bahamas no later than thirty (80)
days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that |, SANDRA ELIZABETH
EDGAR, of the Southern District, intend to change my
name to SANDRALEE ELIZABETH EDGAR. If there are
any objections to this change of name by Deed Poll, you
may write such objections to the Chief Passport Officer,
P.O.Box N-742, Nassau, Bahamas no later than thirty (80)
days after the date of publication of this notice.



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PAGE 6B, TUESDAY, JANUARY 11, 2011

THE TRIBUNE





Ba VAN eb

NACA. RMN 21



JEANNINE AVERSA,
AP Economics Writer
WASHINGTON

The Federal Reserve is paying a record $78.4 billion in earn- :
ings to the U.S. government, reflecting gains from the central }

bank's unconventional efforts to lift the economy.

The payment to the Treasury Department for 2010 is the :
largest since the Fed began operating in 1914. It surpasses the }
previous record $47.4 billion paid in 2009, the Fed said Monday. ;

The bigger payment mostly came from more income gener- }
ated by the Fed's massive portfolio of securities, which includes ;

Treasury debt and mortgage securities.

Critics in Congress have expressed concerns that the Fed's :
purchases could put taxpayers at risk by reducing the amount }
turned over to Treasury. The Fed is funded from interest }
earned on its portfolio of securities. It is not funded by Con- }
gress. After covering its expenses, the Fed gives what is left over }

to the Treasury Department.

Income from the Fed's portfolio of securities came to $76.2 :
billion last year, up from $48.8 billion in 2009, Federal Reserve }
officials said. Such income rose largely because the Fed bought }
a greater number of securities. Increases in the value of secu- }

rities also played a role.

In early November, the Fed launched a program to bolster
the economy by purchasing $600 billion worth of Treasury }
debt through June. The program aims to boost the economy by
lowering rates on mortgages and other loans and by lifting ;
stock prices. Republicans in Congress and others have criticized }
the program, saying the Fed is printing money to pay for the }

U.S. government's swollen deficits and debt.

To fight the financial crisis and lift the country out of reces- :
sion, the Fed bought $1.4 trillion of mortgage-backed securities }
and mortgage debt as well as up to $300 billion worth of gov- }
ernment debt. The Fed completed the mortgage purchases }

last year.

The purchase programs have helped boost the value of secu-

rities held by the Fed.

more normal size.

Federal Reserve Chairman Ben Bernanke has said the Fed's

goal is to eventually return the portfolio back to holdings of only } L
Treasury securities. The Fed's balance sheet now stands at } AT&T Inc. in the US.
$2.4 trillion, nearly triple its size from before the financial and ; , : ?
; iPhone's arrival to Verizon
The Fed's securities could lose value if low interest rates | WOuld be poorly timed, and

shoot up. That means the Fed would pay the government less } Verizon's gains won't be as
: clear-cut as one might believe.

economic crises.

money — or none under some circumstances.

It's possible that there might come a period where we don't } spy one would attract millions

remit anything to the Treasury for a couple of years," Bernanke ; o¢ buyers, and it would give the

told the Senate Budget Committee last week. "That would : couniry's largest wireless car-
i? rier a chance to catch up with
i AT&T in attracting high-paying
i smart phone customers. Since
? the iPhone's debut in 2007,

be, I think, the worst-case scenario."
Bernanke said in most cases the Fed will continue to return
to Treasury "significant amounts of money."

Verizon big winner from



(AP Photo/Julie Jacobson)

BIG WINNER? Verizon announced that it will start selling the iPhone and break Apple Inc.'s monogamous relationship with AT&T Inc. in the U.S.

PETER SVENSSON,

i AP Technology Writer
But the Fed could lose money if the central bank had to }

sell those securities and their prices were to fall. Once the :
economy is on firm footing, the Fed will need to mop up some }
of the money it pumped into the economy. The Fed could do }
that by selling some securities to reduce its balance sheet toa }
? day that it will start selling the

NEW YORK

Verizon Wireless would
seem to be a big winner after its
expected announcement Tues-

iPhone and break Apple Inc.'s
monogamous relationship with

But for several reasons, the

There's no doubt a Verizon

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AT&T has been its exclusive
distributor in the United States.
That means, for the most part,
that the iPhone doesn't work
with other carriers, and anyone
who wants an iPhone needs to
get service through AT&T.
Many people held back because
they already had service with
Verizon or another carrier they
liked or were apprehensive
about congestion on AT&T's
network, particularly in New
York and San Francisco.
Rumors about a version of an
iPhone for Verizon have
swirled for years, but they have
been rising in recent months.
The Wall Street Journal has
reported that an event Verizon
is holding Tuesday is indeed for
a Verizon iPhone, to go on sale
at the end of the month.

Verizon, Apple and AT&T
wouldn't confirm that.

Analysts’ estimates for Veri-
zon's iPhone sales this year vary
widely, from 5 million to 13 mil-
lion — and some of that would
come from what AT&T would
have sold. The iPhone is big
business for AT&T: The carri-
er activated 11.1 million
iPhones in the first nine months
of 2010, the latest figures avail-
able.

Many analysts estimate that
Verizon would be the largest
seller of iPhone in the USS. this
year, outdoing AT&T as it sat-
isfies pent-up demand. Verizon
has been doing its best keep up
with AT&T by selling smart
phones other than the iPhone,
but it's still been lagging.

Yet several factors may give
prospective Verizon iPhone
buyers pause. Verizon is mak-
ing a big deal out of its brand
new, blazing-fast "4G" net-
work. The carrier revealed the
first phones and tablets for the
network at the International
Consumer Electronics Show in
Las Vegas last week. But indi-
cations are that the first Veri-
zon iPhone would only work
on the older, "3G" network.
That network has wide cover-
age, excellent reliability and less
congestion than AT&T's, but
data speeds are much lower.
You also can't talk and surf at
the same time with Verizon 3G
phones. These factors give

AT&T openings for their mar-
Keting. Also, Apple has been
launching a new iPhone model
every summer, and presumably
an iPhone 5 is coming. But it's
not clear when Verizon would
get it. The carrier may be on
the same one-year upgrade
cycle, so Verizon may have to
wait until January and leave
AT&T with the advantage of a
fresher model in the fall.

Most importantly, cell phone
companies do their best to tie
subscribers up with contracts
and limit their mobility. AT&T
executives last year stressed to
investors that most of their
iPhone users are on family and
employer plans — more diffi-
cult for an individual to switch
from. "The consensus is that
AT&T is reasonably well-pre-
pared for Verizon's iPhone
onslaught ... for now," said San-
ford Bernstein analyst Craig
Moffett. For this reason, ana-
lysts expect most Verizon
iPhone buyers to be people
who already have Verizon ser-
vice. John Hodulik at UBS
expects that 77 percent of his
estimated 13 million Verizon
iPhones this year would go to
current Verizon subscribers.

That means Verizon would
be paying heavily to upgrade
its own subscribers to the
iPhone. Apple charges AT&T
about $600 for each iPhone 4.
The carrier subsidizes that
down to the $199 retail price,
figuring it will make money
back on service fees over the
run of a two-year contract. An
influx of iPhone buyers would
have Verizon putting up a sim-
ilar $400 for each one, more
than it would be subsidizing,
say, a BlackBerry Curve.

Hodulik figures that even
with the iPhone's boost to ser-
vice revenue, iPhone subsidies
would reduce Verizon earnings
this year by a net 15 cents per
share, or about $425 million.

Still, analysts don't expect
the Verizon iPhone to affect
stock prices much, reasoning
that investors have already fac-
tored in the news.

Verizon Wireless is a joint
venture of Verizon Communi-
cations Inc. of New York and
Vodafone Group PLC of

Britain. Since mid-July, Veri-
zon Communications’ stock has
gained 40 percent, while
AT&T's has gained 20 percent.
In afternoon trading Monday,
the stock was up just 7 cents,
or 0.2 percent, at $36.

For AT&T, long-term con-
tracts and other factors would
help it retain some iPhone cus-
tomers. But estimates vary on
how many would flee to Veri-
zon. Christopher King of Stifel
Nicolaus estimates as many as 6
million over two years. James
Ratcliffe at Barclay's expects
just 1 million this year. The true
number will be a measure of
how many people have soured
on AT&T's network and its
widely publicized problems.

Hodulik says AT&T would
actually benefit in the short
term from paying fewer subsi-
dies, saving about 10 cents per
share, or about $590 billion, this
year.

The No. 3 and No. 4 carriers
in the U.S., Sprint Nextel Corp.
and T-Mobile USA, may have
as much to lose from a Verizon
iPhone than AT&T. They
won't have iPhones of their
own and would face the added
competition from Verizon's
model. Sprint recently started
reversing a multi-year sub-
scriber loss, but its recovery is
still tentative, and T-Mobile's
subscriber figures are stagnat-
ing. Other potential losers are
Google Inc. and Motorola
Mobility Inc. To counter the
attraction of the AT&T iPhone,
Verizon has worked closely
with Google to promote its
Android phone operating sys-
tem. Motorola was one of the
main beneficiaries, having bet
on Android phones to turn
around a multi-year slide in its
sales. Verizon now accounts for
about 45 percent of Motorola's
smart phone sales, according to
analyst Tim Long at BMO Cap-
ital Markets. The Verizon
iPhone “will be the first true
test for Android," said Kauf-
man analyst Shaw Wu.

It would demonstrate
whether its share gains are real
or just temporary, because of
weak competition from other
iPhone rivals such as the Black-
Berry, he said.

_f& POSITIONS AVAILABLE FOR
pwe AUDIT MANAGERS

PricewaterhouseCoopers has vacancy in its Nassau Office for Audit Managers
whose qualifications make the individuals eligible for membership in the
Bahamas Institute of Chartered Accountants. Prospective candidates should
be recently employed in public accounting and have at least one (1) year of
experience at the Assistant Manager/Manager level in managing a portfolio
of diverse client engagements. Candidates are also required to have a high
level of computer literacy.

The position offers challenging work in the financial services industry and
other areas of industry and commerce. The salary scale, which recognizes
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Please submit your application letter with your Curriculum Vitae to:

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PricewaterhouseCoopers

P.O. Box N-3910
Nassau, Bahamas







an (cw)
IY IY

THE TRIBUNE

TUESDAY, JANUARY 11, 2011, PAGE 7B

NEVVS FROM AROUND EUROPE

amis Pressure on Portugal
rises amid debt fears

18 pet in 2010
WANTED

GEIR MOULSON,
Associated Press

Law firm invites applications for attorneys for
the following practice areas:



BERLIN

German automakers
Volkswagen AG and BMW
AG both said Monday that
their global sales rose by
more than 13 percent last
year led by strong demand
from China and elsewhere in }
Asia. i

Volkswagen said it deliv-
ered more than 7 million
vehicles for the first time,
while BMW said it expects
to sell a record number of
more than 1.5 million cars in
2011. i
Volkswagen's group deliv- }
eries totaled 7.14 million in
2010, up from 6.29 million a
year earlier, the company
said. It didn't give a specific
forecast for this year, but
board member Christian
Klingler said the 2010 fig-
ures showed Volkswagen is
"forging ahead with our
international growth.”

The group, which includes
brands such as Audi, Skoda
and Seat, reported an even
stronger rise in December.
Sales last month totaled
545,000 cars — up 22.8 per-
cent over December 2009.

Worldwide sales of BMW,
Mini and Rolls-Royce cars
totaled 1.46 million last year,

Litigation
Ideal candidate will be required to perform a full range
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Applicant must have minimum of 5 years experience and
be specialized in the areas of commercial, banking and
securities law



; (AP Photo/ Francisco Seco, File)
: BUDGET DEBATE: In this Nov. 2, 2010, file photo, Portuguese Prime Minister Jose Socrates, left, and Por-
i tuguese Finance Minister Fernando Teixeira dos Santos gesture during the 2011 state budget debate at
i the Portuguese parliament in Lisbon. Europe’s debt crisis looked increasingly likely to claim another vic-
i tim on Monday Jan. 10, 2011, as Portugal’s borrowing rates spiked to euro-era highs amid reports Ger-
: many and France are pushing it to accept outside help and prevent contagion to other countries.

Real Estate
Applicant must have minimum of 5 years experience
and be specialized in the area of Real Estate and
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up from nearly 1.29 million

in 2009. The group sold BARRY HATTON, the euro project itself in jeop- crisis. And like Portugal, Ire- i :
141,358 cars in December, i Associated Press ardy if governments don't put land at first denied that it need- anowledge ae teenie Sones ne alee
14.2 percent more than a ! PAN PYLAS, up more cash. ed help. mentioned and knowledge of MS Office, Westlaw and/or

year earlier.

BMW board member Jan
Robertson said he expects
sales to exceed 1.5 million in

i Associated Press
; LISBON, Portugal

Borrowing rates for Portugal

briefly spiked Monday after

Still, German Chancellor
Angela Merkel said Monday
during a visit to Malta that Por-
tugal has not asked for help,
"and it is not being pushed into

"First we have the specula-
tion that Portugal is being pres-
sured into taking funds in order
to save the crisis from spreading
to Spain,” said Derek Halpen-

Lexis Nexis.

Compensation: commensurate with qualifications and

experience.

2011 — "setting newrecord : : :
highs.” i reports over the weekend that it by Germany,” according to ny, an analyst at the Bank of Banh fid to-abasti hiadsion
i Germany and France are push- the DAPD news agency. Tokyo-Mitsubishi UFJ. "Then eply In contiaence to gbasuan@higgsjonnson.com

"While we closely watch
some ongoing economic
uncertainties throughout the

tinue benefiting from our
young model line-up,"
Robertson said in a state-
ment.

Volkswagen's full-year
sales in China rose 37.4 per-
cent to 1.92 million. It saw a
huge increase in demand in
India, where sales soared
181 percent to 53,500, and
deliveries across the Asia-
Pacific region rose by 38.5
percent to 2.14 million.

The company’s U.S. deliv-
eries rose 20.9 percent to
360,300.

In its German home mar-
ket, Volkswagen — like oth-
er mass-market manufactur-
ers — suffered from com-
parison with 2009, when a
popular government car-
scrapping bonus program
boosted sales.

Deliveries in Germany
were down 16.8 percent at
1.04 million cars, but sales
elsewhere in western
Europe were up 11.6 per-
cent at 1.85 million.

BMW said its group sales

ly all markets.”

In China, it said it benefit-
ed from strong demand for
its high-end models. BMW's
sales in China were up 59.5
percent in December, when
16,132 BMW and Mini cars
were sold. For the full year,
sales there were up a sharp-
er 86.7 percent to 168,998.

i ing it to accept outside help to
i keep the debt crisis in Europe
é : from spreading.

world, we are certain tocon- }

The yield on Portuguese 10-

i year bonds, a key gauge of
i investor sentiment, rose to 7.18
? percent at one point, its highest
i since the adoption of the euro
? anda potentially unsustainable
i level, before falling back to 6.94
i percent.

Portuguese officials have

i sought the help of China, which
i has already used its foreign cur-
? rency reserves to buy Greek
? and Spanish debt and help sta-
i bilize those nations.

The finance minister of Por-

i tugal went to China twice late
i last year, and Chinese Presi-
i dent Hu Jintao promised in
i November to help Portugal out
? of its financial crisis. Beyond
i that, discussions between the
i two nations have been secre-
i tive.

Openly accepting the help of

? the International Monetary
i Fund or other European
i nations, on the other hand, is
: a less politically palatable
i option for Portugal's leaders
i because it would be seen as an
i embarrassment and a failure.

The spike in yields followed a

i report in German newspaper
in 2010 increased in "virtual- | Det Spiegel that Paris and
? Berlin are both pressing Por-
: tugal to tap a European rescue
? fund to keep the crisis from
i spreading to Spain, which has a
i much bigger economy.

The prevailing view in the

i markets is that Europe may be
i able to support Portugal but
i that a bailout of Spain would
? test the limits of the existing
i bailout fund, potentially putting

A spokesman for the Euro-
pean Union's monetary affairs
commissioner also denied that
European officials were prepar-
ing a bailout.

Since the bailout of Greece
in May, the European Central
Bank has taken a more active
role in Europe's debt crisis by
buying the bonds of the most
imperiled eurozone countries.

As of last week it had bought
$96 billion in government
bonds, withdrawing the same
amount of money from the
economy to avoid inflation. The
USS. Federal Reserve, by con-
trast, can effectively create new
money, a step the ECB is loath
to take.

"T wouldn't be surprised if
the ECB is trying to stabilize
markets, but it's a Band-Aid
approach," said Neil Mackin-
non, global macro strategist at
VTB Capital. "All it does is
that it kicks the can down the
road. It doesn't resolve the
underlying issues.”

Analysts estimate that finan-
cial assistance for Portugal,
which has been dogged by low
growth and rising debt levels,
would cost $65 billion to $130
billion. Portugal insists it does
not need a rescue, but experts
note that events there echo
what happened in Ireland just
before it was forced to accept
an $87.5 billion bailout.

Before Ireland was forced to
accept a rescue from its part-
ners in the EU and the Inter-
national Monetary Fund, there
were numerous reports sug-
gesting that Germany, in par-
ticular, was pushing Dublin to
take the funds to contain the

we get the denials from Portu-
al."

: Spain accounts for around 10

percent of the eurozone econ-

omy, while Greece, Ireland and

Portugal account for only about

2 percent each.

The yield on Spanish 10-year
bonds rose to 5.5 percent Mon-
day, while benchmark German
bonds were steady at 2.9 per-
cent. Germany's economy is
healthy compared with Portu-
gal's and Spain's, but it could
suffer if it has to help shore up
another ailing eurozone coun-
try. Markets have brushed off
the Portuguese government's
repeated claims over the past
year that it doesn't need finan-
cial help. The minority govern-
ment has introduced an auster-
ity program of tax hikes and
pay cuts that it says will restore
fiscal health.

The key to when Portugal
might get a bailout could come
Wednesday, when the govern-
ment aims to raise $1.6 billion
by auctioning off 3-year and 9-
year bonds. Portugal must ask
investors for $26 billion this
year to finance public accounts.

It Portugal does not get
enough investor backing, or if
debt offerings later in the week
by Spain and Italy are affect-
ed, analysts think a bailout
could come soon after. All eyes
would turn to next week's
meeting of eurozone finance
ministers in Brussels.

The Spain and Italy debt auc-
tions “will be a truer test of
whether or not contagion is get-
ting a grip,” said Jane Foley,
an analyst at Rabobank Inter-
national.

IN THE MATTER BETWEEN

EGON FRIEDRICH ROSE
ANNELISE ROSE

AND

WILHWELM EMIL-DIETZ
INELL TAY LOR-DIETZ

Stella Maris, Long Island Bahamas.

UPON the application of the Plaintiffs made by

Summons filed 8th March A.D. 2010

AND UPON HEARING Mr. Darron Ellis of
Counsel for the Plaintiffs and Mr. Arthur Minnis of

the Counsel for the Defendants.

NOTICE OF RECEIVERSHIP

TAKE NOTICE that the Public is hereby advised
that the properties: Pilots Rest, Happy Landing
— House, Happy Landing — Garage, The Grotto,
Ocean Lot and The Gazebo are in Receivership.

Mr. John S. Bain of Suite E-1, Union Court, 107
Shirley Street, Nassau, Bahamas, has been appoint-
ed Receiver of the Properties.

Dated the 21st day of December A.D., 2010.

John S. Bain

Chartered Forensic Accountant

P.O. BOX SS-5609
Suite E-1, Union Court, 107 Shirley Street
NASSAU, THE BAHAMAS



Sales in the U.S. were 16.9 }

percent higher last month at
27,600 cars, with the compa-
ny crediting full availability
of its 5 series and strong
demand for X5 and X6 cars
produced in Spartanburg,
South Carolina. For all of
2010, sales were 9.9 percent
higher at 265,757 cars.

BMW's December sales
rose 16.6 percent at 23,550
in Germany, its biggest mar-
ket. For the full year they
were up 3.1 percent at
266,009 as luxury carmakers’
sales were relatively unaf-
fected by the car-scrapping
bonus.

The core BMW brand
sold more than 1.22 million
cars worldwide in 2010 — a
14.6 percent increase over
the previous year.

Mini sales rose 8.1 percent :

to 234,175 and the luxury
Rolls-Royce brand notched
its highest sales figures since
BMW took over the
automaker seven years ago,
selling 2,711 cars —a 171
percent increase.

However, that was still
short of the all-time record
of 3,357 cars in 1978, Rolls-
Royce spokesman Andrew
Ball said.

Greece borrowing
rates hit new record

DEREK GATOPOULOS,
i Associated Press
i ATHENS, Greece

i Greece's bond yields touched another record high and stocks
? were hammered on the Athens Stock Exchange Monday, amid
? a broader flare-up in Europe's debt crisis.

i The 10-year bond yield exceeded the equivalent German
i yield by 10 percentage points for the first time since Greece
i joined the euro.

i Crucially, the market jitters came only a day before a ?1.5 bil-
? lion ($1.96 billion) auction of 6-month treasury bills — con-
i sidered an important test of market sentiment. The previous
? auction of 26-week treasury bills, on Nov. 9, resulted in a yield
i of 4.82 percent. Greece has launched a major effort to cut
? borrowing costs — and on Monday reported better than expect-
i ed deficit reduction figures — in exchange for bailout loans
i worth 7110 billion from the IMF and other countries using
i the euro. The government says it wants to return to long-term
i bond markets sometime this year.

i But the interest gap, or spread, on 10-year bonds compared
? with the German issue reached a worrying 10.01 percentage
i points on Monday amid renewed worries that austerity efforts
i will backfire and cause a prolonged period of slow growth
? across Europe. The spread later receded slightly to 970 basis
i points, but the uncertainty weighed heavily on the Athens
i Stock Market, where the general share index dropped 2.6 per-
? cent to close at 1,354.63. Banking shares were hit hardest, los-
i ing about 6.5 percent of their value.





POSITIONS AVAILABLE FOR

pwe SENIOR ASSOCIATES

PricewaterhouseCoopers has vacancies for qualified accountants whose
qualifications make them eligible for membership in the Bahamas Institute of
Chartered Accountants. Prospective candidates should have at least three (3)
recent years of public accounting and auditing experience and be computer
literate.

The positions offer challenging work in the financial services industry and

other areas of industry and commerce. The salary scale, which recognizes
different levels of experience and skill, is designed to reward high
performance. In addition, the Firm provides excellent medical insurance and
provident fund benefits.

Please submit an application letter with your Curriculum Vitae to:

Human Capital Leader
“Senior Associate Position”
PricewaterhouseCoopers
P.O. Box N-3910
Nassau, The Bahamas



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



Full Text








Stocks mixed ahead of Alcoa

earnings; Europe falls



INTERNATIONAL
BUSINESS

DAVID K. RANDALL,
AP Business Writer
NEW YORK

Stocks indexes were mixed
Monday ahead of the latest
round of corporate earnings
reports. Alcoa Inc. will release
its results after the market
closes.

The week started with news
of two big corporate deals.
DuPont, a major chemical
company, said it would buy a
Danish food maker for $5.8
billion. Duke Energy Corp.
said it would buy Progress



AP Photo/Richard Drew

DOW DOWN: Traders on the floor of the New York Stock Exchange Tuesday, Jan. 4, 2011.

Energy Inc. in a $13 billion
deal that will create one of
the nation's largest utilities.
Duke fell 1.5 percent to
$17.52.

The Dow Jones industrial
average dipped 38 points, or
0.3 percent, to 11,638 in after-
noon trading.

The Standard & Poor's 500
lost 2, or 0.2 percent, to 1,270.
The Nasdaq composite gained
1, or 0.1 percent, to 2,705.

Losses were spread across
the market. Industrial, mate-
rials and information tech-
nology companies were the
only members of the 10 indus-

try groups that make up the
S&P index to rise. 3M Co. led
the 30 stocks that make up
the Dow with a 1 percent
gain. DuPont had the largest
fall, giving up 2.7 percent to
$48.41.

The technology-heavy Nas-
daq index posted small gains
thanks in part to the shares
of Apple Inc., which gained
1.7 percent, and Netflix Inc.,
which jumped 3.3 percent.
Playboy Enterprises Inc.
soared 17 percent after agree-
ing to be taken private by a
group of investors led by the
company's founder, Hugh

NOTICE

NOTICEisherebygiventhatSTEPHENMALCOLMBAILEY
MD of P.O. Box EL27585, Spanish Wells, Eleuthera
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 11'" day of
January, 2011 to the Minister responsible for nationality
and Citizenship, P.O. Box N-7147, Nassau, Bahamas.



NOTICE is hereby given that HAROLD EUGENE
HUGHES, JR. of #9, Fortune Point Drive, Fortune Bay
Subdivision, Freeport, Grand Bahama, BAHAMAS, is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a_ citizen
of The Bahamas, and that any person who knows any
reason why registration/naturalization should not be
granted, should send a written and signed statement of
the facts within twenty-eight days from the 11' day of
January, 2011 to the Minister responsible for nationality
and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

ROYAL FIDELITY

Moray at Work

Hefner. European stocks fell
after a German newspaper
reported that France and Ger-
many are pressing Portugal
to accept outside aid to keep
Europe's financial crisis from
spreading.

Portugal has denied that it
needs to do so. If the coun-
try requires help, it will join
Greece and Ireland as the
third member of the Euro-
pean Union to tap its neigh-
bors for a bailout.

Bonds

Italy, Spain and Portugal
are each scheduled to sell
bonds this week. If they have
to pay higher interest rates,
the debt crisis could spread.

"Italy and Spain are the big
wildcards," said Paul Zemsky,
the head of asset allocation
at ING Investment Manage-
ment. "If they got into trouble
there's not enough money to
bail them out."

No major economic reports
are scheduled for Monday.
On Friday, the Labor Depart-
ment said that employers

added fewer jobs in Decem-
ber than analysts expected.
That report helped push the
S&P down 0.2 percent.

After the market closes,
Alcoa is expected to post a
fourth-quarter profit of 18
cents per share, according to
estimates compiled by Fact-
Set. The aluminum company
earned 9 cents a share in the
third quarter.

Oil companies fell after a
pipeline in Alaska was shut
Saturday after a leak was dis-
covered at a pump station.
Production of crude oil was
cut to 5 percent of its normal
output. Exxon Mobil Corp.,
BP and Chevron Corp. each
fell by more than 0.5 percent.

Bond prices rose slightly.
The yield on the 10-year
Treasury note, which moves
opposite its price, fell to 3.32
percent from 3.33 percent late
Friday.

The yield is used to set
interest rates on many kinds
of loans including mortgages.

The dollar lost 0.2 percent
against an index of six other
currencies.

NOTICE

NOTICE is hereby given that LAURA LEA BAILEY OF P.O. BOX
EL-27585, SPANISH WELLS, ELEUTHERA, 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 8" day of JANUARY
2011 to the Minister responsible for Nationality and Citizenship,
P.O. Box N-7147, Nassau, The Bahamas.

: FG CAP

[TAL MARKETS
BROKERAGE & ADVISORY SERVICES

[aes

TUESDAY, 4 JANUARY 2011
BISX ALL SHARE INDEX: CLOSE 1,499.57 | CHG 0.06 | %CHG 0.00 | YTD -65.81 | YTD % -4.20
FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%
WWW.BISXBAHAMAS.COM | TELEPHONE: 242-323-2330 | FACSIMILE: 242-323-2320

S2wk-Low
0.97
9.67
4.50,
0.18
2.70
2.14
8.62
2.36
5.40
1.63
1.60
5.94
Fee
8.77
B75

Securit_y
AML. Foods Limited
Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste

Fidelity Bank

Cable Bahamas

Colina Holdings
Commonwealth Bank (S1)
Consolidated Water BDRs
Doctor's Hospital
Famguard

Finco

FirstCaribbean Bank
Focol (S)

Focol Class B Preference
ICD Utilities

J. S. Johnson

Premier Real Estate

10.63
4.90.
0.18
2.70
2.17

10.46

2.40
7.00
1.83
1.60
6.07
7.23
2.38
5.46
1.00
5.00.
B.82

10,00

1.00
7.40
2.82
10.00

Previous Close Today's Close

Change Daily Vol. EPSS Div $ re
0.150 6.5

817.7

32.0

N/M

10.63
4.90.
0.18
2.70
2.17

10.46
2.40
7.00
1.89
1.60
6.07
F223
3.39
5.46
1.00
7.40
9.82

10.00

0.00.
0.00,
0.00.
0.00.
0.00,
0.00,
0.00,
0.00
0.06
0.00.
0.00,
0.00.
0.00.
0.00,
0.00,
0.00.
0.00
0.00.

0.013
0.153
-0.877
0.168 16.1
0,016 135.6
1.050 10.0

0.781 3.1

0.422 16.6
oO.111 17.0
0.107 15.0
0.357 17.0
0.287 25.2
0.645 14.6
0.366 14.9
0.000
0.012
0.859
0.991

N/M
616.7
11.4
10.1

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

52wk-Hi__52wk-Low Security
Bahamas Note 6.95 (2029)

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

Fidelity Bank Note 15 (Series D) +

Symbol
BAH29.
FBB17
FRB22
FBB13
FBB15

Last Sale

Change Interest
0.00. 6.95%
0.00. 7%
0.00, Prime + 1.75%
0.00. 7%
0.00. Prime + 1.75%

Daily Vol. Maturity
20 November 2029
19 October 2017
19 October 2022
30 May 2013
29 May 2015

99.46
100.00
100.00
100.00
100.00

RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)

Symbol
Bahamas Supermarkets
RND Holdings

Bid &
5.01
0.35

Ask
6.01
0.40

mei =4
N/M
256.6

Yield
0.00%
0.00%|

Last Price
14.00
0.55

Daily Wal. EPS $
-2.945

0,001

Div &
0.000
0.000

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

ABDAB
RND Holdings

30,13:
0.45

31,59
0.55

29,00
0.55.

4.540
0,002

0.000
0.000

9.03.
261.90

0.00%
0.00%

BISX Listed Mutual Funds

NAVY
1.58178
2.9187
1.5697

Fund Name
CPFAL Bond Fund
CPFAL MSI Preferred Fund
CPFAL Money Market Fund
Royal Fidelity Bahamas G & | Fund
Royal Fidelity Prime Income Fund
CFAL Global Bond Fund
CFAL Global Equity Fund

1.4076
2.8300
1.4954
2.8522
13.0484
101.6693
99.4177

2.7106.
13,2825
114.3684
106.5528
1.1415
1.1101
1.1428

11,0000
11,0000,
1.0000
9,1005

FG Financial Preferred Income Fund

FG Financial Growth Fund

FG Financial Diversified Fund

Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 1

Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 2

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

Royal Fidelity Int'l Fund - Equities Sub Fund

9.7950
10.0000
10.6417
9.1708
9.6635

4.8105 7.9442

YTD%

-13.03%
-0.63%

-1.20%

3.37%

NAV 3MTH
1.498004
2.919946
1.551550

NAV 6GMTH
1.475244
2.911577
1532712

Last 12 Months % NAV Date
6.90%
3.13%
4.18%
-4.96%
-0.14%
12.49%
7.18%

5.51%
1.10%
4.15%

9.98%
4.75%
4.74%
3.94%
4.78%

109.392860
100.779540

107.570619.
105.776543
5.21%
7.60%
5.90%
4.85% 5.45%
0.50%

-3.37%

2.94% 6.47%

MARKET TERMS

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

52wk-Low - Lowest closing price in last 52 weeks

Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price trom day to day

Daily Vol. - Number of total shares traded today

DIV $ - Dividends per share paid in the last 12 months

P/E - Closing price divided by the last 12 month earnings

KS) - 4-for-1 Stock Split - Effective Date 8/8/2007

S41) - S-for-1 Stock Split - Effective Date 7/11/2007

YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Colina and Fidelity

ASk $ - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price

Weekly Vol

- Trading volume of the prior week

EPS $ - A company's reported earnings per share for the last 12 mths
NAV -
N/M - Not Meaningful

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

Net Asset Value

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

THE TRIBUNE

(GLOBAL ECONOMIC NEWS

(ae eae 0 ae Ca ee, ee en PRES S$

A look at economic developments and activity in major stock
markets around the world Monday:

LISBON, Portugal — Portugal's borrowing rates briefly
spiked to euro-era highs. There were reports that Germany
and France were pushing Portugal to accept outside help to
avoid spreading Europe's debt crisis to still more countries.

The yield on Portuguese 10-year bonds — a key gauge of
investor sentiment — touched a potentially unsustainable 7.18
percent. It then fell back to 6.94 percent on speculation that the
European Central Bank was intervening by buying bonds.
Yields drop as prices rise.




















































ATHENS, Greece — Greek bond yields hit another record
high amid a broader flare-up in Europe's debt crisis. Borrowing
costs rose despite better than expected deficit reduction figures.

LONDON — Europe's debt crisis weighed on stocks, with
reports claiming Portugal is under mounting pressure to accept
an aid package to prevent contagion to other countries.

The FTSE 100 index of leading British shares closed down 0.5
percent, Germany's DAX fell 1.3 percent and the CAC-40 in
France ended 1.6 percent lower.

BRUSSELS — Belgium's King Albert II asked the care-
taker government to produce a tough 2011 budget amid market
worries that a seven-month political deadlock is hurting the
country's ability to cut its massive debt pile.

BEIJING — China's December exports rose by double dig-
its, possibly fueling tension with Washington ahead of Chi-
nese President Hu Jintao's US. visit next week.

Hu meets President Barack Obama on Jan. 19 and the White
House says Obama will press him over currency controls that
critics say are swelling China's trade surplus and wiping out jobs
abroad. Some American lawmakers want sanctions on Chi-
nese goods if Beijing fails to ease controls that they say keep its
yuan undervalued.

LONDON — Spending cuts, rising unemployment, dour
winter weather — it's not a good time to ask voters how happy
they are.But that's just what British Prime Minister David
Cameron is doing as part of a pledge to improve Britons’ lives
beyond pure financial gain in the wake of the global reces-
sion.

Government statisticians will this year begin measuring the
nation's well-being, and on Monday they released details from
initial consultations on what the new index should measure —
and how it should be measured.

TOKYO — In Asia, China's Shanghai Composite index fell
1.7 percent, Hong Kong's Hang Seng dropped 0.7 percent,
South Korea's benchmark Kospi fell 0.3 percent.

Financial markets in Japan were closed for a national holiday.
The Nikkei 225 stock average, Asia's largest, rose Friday to an
eight-month high.

BEDJING — The US. Consumer Product Safety Commission
announced that it will set up its first office outside the United
States in China in a bid to reduce the amount of dangerous
products reaching the American market.

BEIJING — China's auto sales rose by double digits in
December as buyers rushed to take advantage of expiring tax
breaks. But growth weakened after a stimulus-driven surge
early in the year, two industry groups reported.

LONDON — The leader of Britain's main opposition party
called for the government to extend a tax on bankers’ bonuses.

BRUSSELS — The European Central Bank slowed down its
purchases of government bonds even further in the week end-
ed Jan. 7, when pressure on debt-ridden countries like Ireland
and Portugal abated somewhat during the holidays.

The central bank bought government bonds worth 113 mil-
lion euros ($146 million), down from 164 million euros a week
earlier.

BERLIN — The number of German companies filing for
bankruptcy fell 12.8 percent in October compared with a year
earlier as Europe's biggest economy recovered strongly.

SINGAPORE — Singapore expects food price inflation to
quicken this year amid high demand from China and supply dis-
ruptions caused by severe weather, the top finance official
said.

LONDON — British Prime Minister David Cameron is
holding talks with Chinese Vice Premier Li Keqiang, seeking to
secure trade deals and cement improved relations with Beijing.

BANGKOK — Communist Laos is set to open a stock mar-
ket Tuesday, hoping it will attract capital to its largest enterprises
and thus boost the economy of one of the world's poorest
nations.

NOTICE

Pursuant to the provisions of Section 137 (4) (a), (b)
and (c) of the International Business Companies Act,
2000, notice is hereby given that: -

(a) CURLY FRIES LTD. is in dissolution;

(b) The date of commencement of the dissolution
is the 28th day of December, A.D., 2010 and

(c) the Liquidator is C.B. Strategy Ltd., of 308
East Bay St.

C.B. Strategy Ltd.
LIQUIDATOR
THE TRIBUNE

o
=
=)
=
iam
[me
o
=
7

By ALESHA CADET
Tribune Features Reporter

in the middle of an unforgettable night when she

Ts TURNING point in Janet Johnson’s life came

woke up to a feeling feeling dizzy and faint. After
being rushed to the hospital, doctors told her she had
had a minor stroke as a result of her excess weight.

“That was a terrible wake up
call for me, that is when I knew
I had to do something. The
doctors also advised me to get
involve in a fitness program
ASAP,” she told Tribune
Health in a recent interview.

“The only thing I could have
afford at the time was exercis-
ing and prayer. In the process,
I dropped a few pounds but I
also knew I needed more than
that. When the information
about the Love Yourself cam-
paign came to me, I jumped
on it right away and submitted
my story.”

She explained that she has
been battling with her weight
for the past four years and she
is just a mere five feet. “I know
Thad a unique story, but I also
knew people had it a lot worse
than I did so I was shocked
when I was selected.”

The 42- year- old told Tri-
bune Health that her story is
definitely her testimony so she
feels proud to share it with oth-
ers. “This is the first time I
took part in a campaign such as
this one but I know I am going
to be successful at it.”

Speaking on her goals that
were set for her, she said: “It is
not at all difficult meeting my
goals because it is something
I wanted. I want to be able to
use this as a stepping stone for
me, for what love yourself set
for me to do and even after,”
she said.

Janet was recently intro-
duced to the public at the Love
Yourself and Your Health
Campaign launched event at
Ardastra Gardens last week.

After a successful first year,
which highlighted the efforts
of Chrissy Love, host of the
ZNS call-in show Immediate
Response, organisers of Love
Yourself decided to make it an
annual awareness campaign. In
keeping with their own nation-
al healthy lifestyle initiatives,
the National Insurance Board
is one of many groups partner-
ing in this campaign.

Rhonda Wright, Director of
Seedings Place explained that
the members encouraged
everyone to send in and submit
their health stories. “People
are often embarrassed about
things, we don't talk about
things or we don't share what's
going on with us so we encour-
aged people to share their sto-
ries, talk about what's going
on with you, which is apart of
the healing process as well and
from the stories that were sent
in, a winner was selected and
introduced at the launch event

TO



-Janet Johnson.

"We selected somebody who
through the stories showed
that they have made some
efforts, they have done some
things on their own, still has
challenges, they want some
help.

Janet received The Love
Yourself Wellness Package,”
she said.

The Love Yourself Wellness
Package includes a health
assessment, one meal per day,
green smoothies, natural health
and beauty products and a host
of health services such as, mas-
sage therapy, physical training,
acupuncture, and chiropractic.

"From the inside out she will
get whatever she needs and the
guides that are planned to
ensure that we can get her on
and to teach her lifestyle
changes that she can carry on
beyond the campaign. That's
were we are encouraging,
changing behaviour and mak-
ing it a lifestyle."

Ms Wright went on to say so
often people are busy balanc-
ing so many things, especially
women and a lot of times
they’re doing things for peo-
ple, our family, our job, our
children, the community and
do not take time for them-
selves. We wear ourselves
down and the reality is we
need to love ourselves, not in a
selfish way but to ensure that
what you are doing for every-
body else, you are also doing
for you.

“ This is where love yourself
comes in, it's about loving
yourself, making time for your-
self and when you love yourself
that means that you will do
what you need to do in order
to ensure that you are healthy
and well," she said.

She continued: "When we
talk about health we are not
just talking about the food
either, wellness incorporates
the physical self, the mental
self, the emotional self, the
spiritual self and all of those
things must come into balance
in order for you to have true
wellness so we focus primarily
on the food component, we
promote and talk about and
have health forums on the oth-
er components as well."

The campaign - hosted by
Seedlings’ Place,
H.O.M.E.GROWN and Raw
On Da Porch - will continue
until April and include numer-
ous education and awareness
initiatives such as free health
forums, cooking classes, and a
fun run walk.

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



TUESDAY, JANUARY 11, 2011, PAGE 9B





1. FARMING TIPS:
Patrons stop at h.o.m.e.
grown's table to get
some backyard farming
tips from Mark Daniels.

2. LUCKY WINNER:
Pictured with a green
smoothie, last year it
was Chrissy Love, this
year it will be Janet M.
Johnson, winner of the
Love Yourself wellness
Package.

3.ISLAND FRESH:
Fresh produce from
Lucayan Tropical!

4. HAPPY FACES:
Rhonda Wright, Direc-
tor, SEEDlings' Place,
presents a happy patron
with a free t-shirt after
she answered a trivia
question correctly!

5. LINING UP FORA
SMOOTHIE: The
Green Smoothie creates
a buzz as patrons wait
in line to get one from
Raw On Da Porch.


PAGE 10B, TUESDAY, JANUARY 11, 2011

THE TRIBUNE





Oral Cancer

arly detection of
B= cancer can be
achieved by regu-

lar examinations of the
mouth by a health care
professional. Tissue
changes in the mouth
that might signal the
beginnings of cancer
often can be seen and
felt easily and appropri-
ate action can be taken.

The oral cavity and
oropharynx has many parts.
It consists of your lips; lining
of your cheeks; salivary
glands; roof of your mouth;
back of your mouth; floor of
your mouth; your gums and
teeth; and your tongue and
tonsils. Any of these parts can
be affected by Squamous cell
cancer, the second most com-
mon type of skin cancer.

Squamous cell tumors can
be cured if they are removed
promptly. The outlook
depends on a number of fac-
tors, including how quickly it
is diagnosed. The diagnosis
relies on patient presentation
and physical examination with



biopsy confirmation.

Studies have confirmed that
survival rates are linked to the
stage (spread) of the cancer,
timing of the diagnosis and
the treatment options avail-
able. Despite advances in sur-
gical techniques, radiation
therapy technology and the
combination of chemotherapy
and radiation therapy, the sur-
vival rates have not shown
appreciable changes in
decades.

On average, 60 per cent of
those with the disease will sur-
vive more than 5 years. Those
that do survive often endure
major functional, cosmetic,
and psychological burden due
to dysfunction of the ability
to speak, swallow, breathe,
and chew.

Seventy five per cent of all
head and neck cancers begin

in the oral cavity and accord-
ing to the United States’
National Cancer Institute’s
Surveillance, Epidemiology,
and Ends Results program,
30 per cent of oral cancers
originate in the tongue, 17 per
cent in the lip, and 14 per cent
in the floor of the mouth.
Tobacco and alcohol asso-
ciated lesions tend to favour
the front part of the tongue
and mouth and Human Papil-
loma Virus (HPV) positive
lesions tend to favor the back
of the oral cavity.
Historically, 75 per cent of
persons with oral cancer are
said to be smokers or alco-
holics above age 50, but
recent research indicates that
HPV positive disease is rapid-
ly changing these ratios. Now,
younger, non-smoking
patients under the age of 50
are the fastest growing seg-
ment of the oral cancer pop-
ulation. The infection of the
mouth with HPV occurs as a
result of a large number of
males and females perform-
ing oral sex acts. In reality,
any person using tobacco and
alcohol or has had head and

neck cancer before, or has
had more than 3 oral sex part-
ners, has a significant risk of
developing an oral, head and
neck cancer.

A thorough, systematic
examination of the mouth and
neck need only take a few
minutes and can detect these
cancers at an early and cur-
able stage. Alcoholics and
smokers without a doubt
require frequent examinations
to ensure that they are can-
cer free. In fact, everyone
should have frequent exami-
nation because 1 out of 4 oral,
head and neck cancers (espe-
cially in patients over the age
of 50) are detected in patients
who do not smoke or drink
alcohol. All patients, there-
fore, regardless of their his-
tory, need to be screened at
least once a year by their
physician or dentist.

Two mouth changes that
could be precursors to cancer
are leukoplakia (white
lesions) and erythroplakia
(red lesions). Leukoplakia is
commoner than erythro-
plakia, but erythroplakia and
lesions with erythroplakic

components have a much
greater chance for becoming
cancerous. Any white or red
lesion that does not resolve
itself in 2 weeks should be
examined by a heath care pro-
fessional and considered for
biopsy to obtain a definitive
diagnosis.

Patients may also complain
of a lump or thickening in the
oral soft tissues, soreness or a
feeling that something is
caught in the throat and diffi-
culty chewing or swallowing.
Other common complaints
are ear pain, difficulty moving
the jaw or tongue, hoarseness,
numbness of the tongue or
other areas of the mouth and
swelling of the jaw that could
cause dentures to fit poorly
or become uncomfortable. If
any of the above problems
persist for more than 2 weeks,
thorough clinical examination
and laboratory tests are nec-
essary and should be per-
formed to obtain a definitive
diagnosis. If a diagnosis can-
not be obtained, referral to
the appropriate specialist is
indicated.

The American Cancer Soci-

ety advises that dentists and
doctors examine the mouth
and throat as part of a rou-
tine oral cancer related exam-
ination. This is to ensure ear-
ly detection of any suspicious
changes. Please visit your den-
tist or doctor if you have one
or more of the risk factors
mentioned above or if you
desire to have a comprehen-
sive oral cancer screening.

“This article is for informa-
tional purposes only. It is not
intended and may not be treat-
ed as a substitute for profes-
sional medical/dental advice,
diagnosis, or treatment.
Always seek the advice of a
Physician or dental profes-
sional with any questions you
may have regarding a med-
ical/dental condition. Never
disregard professional med-
ical/dental advice or delay in
seeking it because of a purely
informational publication. "

¢ Dr André R Clarke
Specialised Medical Dentist



Give your medicine
cabinet a makeover

(ARA) - When you start to
sneeze or cough, the first
thing you probably do is head
to your medicine cabinet
looking for something that
can relieve your symptoms.
But side effect warnings, expi-
ration dates and possible drug
interactions can make you
think twice about what's in
that cabinet.

You may need a medicine
cabinet makeover. Here are
six ways you can make over
your medicine cabinet this
winter:

1. CHECK EXPIRATION
DATES on both over-the-
counter (OTC) and prescrip-
tion drugs. Medicines lose
their potency over time, so
remove them if expired.
Check to see if the medica-
tion has changed colour, con-
sistency or smell.

2. START PURCHASING
SINGLE-DOSE DROPS
whenever possible to avoid
contamination, or having the
preservatives break down in
the medication.

3. SCAN THE DRUGS for
warnings about potential risks
from certain ingredients. Vis-
it the Food and Drug Admin-
istration's website,
www.fda.gov/drugs, for spe-
cific drug information and
warnings. Remove any med-
ications that don't have labels
or are not stored in their orig-
inal containers.

4. RE-STOCK YOUR
MEDICINE CABINET with
essential homeopathic medi-
cines like Boiron's Oscillo-
coccinum for flu-like symp-
toms, Coldcalm for cold
symptoms and Chestal for
coughs. These medicines are
safe and don't cause side
effects like drowsiness. They
also won't interact with other

4
LOOK CAREFULLY: Side effect warnings, expiration dates and possible

medications or mask symp-
toms that might indicate a
more serious condition.

5. REORGANISE THE
MEDICATIONS in the cabi-
net so that those you use
more frequently are within
easy reach. Group together
similar medications, and keep
an emergency contact infor-
mation list naming the med-
ications, known drug allergies
and other important informa-
tion on the inside of the cabi-
net. Here it can be accessed
quickly by paramedics and
other emergency personnel.

6. WHEN DISPOSING
OF UNWANTED OR
EXPIRED MEDICA-
TIONS, DON'T DUMP
THEM DOWN THE TOI-
LET, unless the patient infor-
mation tells you to do so.
Instead, mix pills with unde-
sirable matter like kitty litter
or coffee grounds before plac-
ing in a sealed plastic bag for
the trash. Also, remove all
personal information from the
bottles. Contact your local
government to see if the com-
munity has a drug take-back
program.

"Since you never know
when the first sneeze or cough
will strike, it pays to be pre-
pared,” says Dr Bernardo A
Merizalde, former president
of the American Institute of
Homeopathy and attending
physician at the Myrna Brind
Center for Integrative Medi-
cine at Thomas Jefferson Uni-
versity Hospital in Philadel-
phia.

"Reviewing the contents of
your cabinet and restocking
it with safe homeopathic med-
icines can make it much easi-
er for you and your family
when cold and flu-like symp-
toms appear."



drug interactions can make you think twice about what's in that cabinet.

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



Coping with hearing loss when
you re in a social or business setting

(ARA) - Ignoring hearing
loss is easier when you're
alone. You can turn up the
volume on the TV or radio
as loud as you want, and you
don't have to ask anyone to
repeat what they just said.
But how do you cope with
hearing loss when you're in a
social or business setting?

The question is far from
academic; one out of every
six baby boomers has a hear-
ing problem, and one in 14
members of Generation X
has a hearing problem,
according to the Better
Hearing Institute (BHI).
Hearing loss affects about 10
per cent of the American
population.

The difficulties associated
with hearing loss can be
more pronounced and trou-
blesome when experienced
in a social or professional set-
ting. Whether you're attend-
ing a holiday party, listening
for your flight number to be
called in an airport, or par-
ticipating in a high-power
board meeting, not being
able to clearly hear what's
going on around you in a
public setting can have seri-
ous repercussions.

Untreated hearing loss has
been associated with a num-
ber of psychological and
sociological problems,
including depression, loneli-
ness, diminished job perfor-
mance and earning power,
isolation and withdrawal
from social situations, and
impaired memory, according
to BHI.

While assistive devices like
hearing aids can help
improve your hearing, noth-
ing can really restore your
hearing to its original,
undamaged state. Fortu-
nately, it is possible to cope
with hearing loss.

ACCEPTING THE CHALLENGE

It's not uncommon for
people to deny or ignore
their hearing loss. But the
first step toward coping with
the problem is to accept that
it exists. The hearing assis-
tance professionals at
Starkey, suggest that if you
suspect you have hearing loss



DEALING WITH HEARING LOSS: Whether you're attending a holiday party, listening for your flight num-
ber to be called in an airport, or participating in a high-power board meeting, not being able to clear-
ly hear what's going on around you in a public setting can have serious repercussions.

- or have been told by others
in your life that your hearing
is faulty - ask yourself these
questions:

e Do you find yourself
turning up the volume on
the TV or radio, especially
when no one else is around
to tell you it's too loud?

e Do you often miss hear-
ing the doorbell or tele-
phone ringing?

e Do you frequently need
to ask others to repeat what
they've said?

e Do you misunderstand or
"forget" conversations?

e Do you find yourself cup-
ping your hand behind your
ear to hear better?

These signs may indicate
a hearing loss. Your doctor
and/or an audiologist can
help determine the degree
of your hearing loss and
establish a course of treat-
ment.

USE ASSISTIVE DEVICES
Hearing aids can help
people with hearing loss
reconnect with other peo-
ple - and with everything
going on around them. In

the past, some people with
hearing losses might have
avoided hearing aids
because they associated the
devices with old age, or
because they felt hearing
aids were too bulky, visible
or even ineffective.

Advances in hearing aid
technology have made the
devices easier than ever to
use. Some, like Starkey's
new invisible-in-the-canal
hearing aid, are virtually
invisible to others because
they fit entirely within the
ear canal. The right hearing
aid may help wearers hear
better in a variety of set-
tings, from one-on-one con-
versations with a loved one,
to a teleconference with
professionals from around
the world.

Not every hearing aid will
be right for every person.
Your lifestyle and degree of
hearing loss will influence
what type of hearing aid will
be most helpful for you. A
hearing care professional
can help you determine the
right style and technology
level for your needs. Visit
www.starkey.com to learn
more about hearing aid
styles and options.

COPING STRATEGIES
In addition to finding the

right assistive device, you
can take some simple steps
to cope with your hearing
loss in public situations:

e In public setting such as
parties or business meet-
ings, move as close to the
speaker as possible.

e Choose your seating
location to maximise your
ability to hear. Try to sit
away from high-traffic
areas such as main door-
ways, kitchen doors or buf-
fet areas in restaurants,
and phone banks or elec-
tronic devices in business
settings.

¢ Don't be afraid to ask for
accommodations. For
example, ask for a seat
away from the stereo at
the dinner party and sug-
gest the host wait until
after the festivities to run
that noisy dishwasher. In
an office meeting, ask oth-
ers to postpone phone con-
versations until after the
meeting is over.

With the right assistive
device and coping strategies,
you can minimise the impact
your hearing loss has on
your personal and profes-
sional life.


an
NaS,

THE TRIBUNE

(en)
Na LY,

TUESDAY, JANUARY 11, 2011, PAGE 11B





Study reveals a cleaner, healthier
home leads to a happier mom

(ARA) - Taking care of the
family and home is a main pri-
ority for moms; however,
what they don't often admit is
that 68 per cent enjoy clean-
ing their homes. According to
the Scrubbing Bubbles Dirty
Work Index, a comprehen-
sive national study; more than
half of women (55 per cent)
also clean to control germs
and keep the home healthy.
In addition, it was discovered
that women today clean for
their own emotional well-
being and benefit.

The Dirty Work Index
found that women report feel-
ing accomplished (91 per
cent), relieved (87 per cent)
and proud (81 per cent) after
cleaning their homes, giving
them a sense of calm and hap-
piness.

"T connect with thousands
of women each day and con-
stantly hear that having a
clean home gives them con-
fidence and peace of mind.
Knowing their homes are
healthy and clean eases the
stress of preparing for last
minute guests,” says Colleen
Padilla, founder of Classy-
Mommy.com. "As a busy
mom of two, I want to help
women find solutions to get
the job done quickly and eas-
ily."

Padilla has partnered with
Scrubbing Bubbles to help
women form habits that can
keep their homes healthy and
happy this year. She offers
five tips to help keep the
home clean and clutter-free.

e Fifteen minutes a day or
less. Make cleaning a quick
and efficient part of your dai-
ly routine. Rather than letting
clutter build up, clean five
minutes each day so it is nev-
er a huge to-do. Products like
Scrubbing Bubbles Antibac-
terial Bathroom Wipes are a

must to keep the germs at bay
in a five-minute sweep of the
bathroom. Lastly, spend five
minutes putting away toys
and other knick-knacks.
Waking up to a clean home
helps start the day on the
right foot.

¢ Out with old, in with the
new. Now that the holidays
are over, get rid of old toys,
clothes and books that have

CLEANING THE BODY AND SOUL:



«™ “»

It was discovered that women today clean for their own emotional well-being and benefit.

accumulated over the past
year. When faced by a sea of
toys and clutter, it's some-
times hard to ever feel organ-
ised. Donate the outgrown
items, and you'll be surprised
how much space has cleared
up, in your home and your
head. Check with your local
school or Salvation Army for
locations and drop-off times.

e Pick products that work

for you. Why scrub away
when you don't need to?
According to the Dirty Work
Index, one third of women
clean their bathrooms daily.
Scrubbing Bubbles Automat-
ic Shower Cleaner does the
cleaning for you and elimi-
nates odours with just the
touch of a button, ensuring
that your shower stays clean
on your days off.

e Two for one. If you can't
get to the gym, there are
plenty of ways to burn calo-
ries and get your heart rate
up. For example, cleaning
your home for one hour can
burn roughly 200 calories or
more, depending on your
height, weight and level of
exertion. Cleaning never
sounded so good.

e Be spontaneous. Goals



and resolutions are important
to help stay on track and
form healthy habits. Howev-
er, nothing beats a last minute
trip to the skating rink with
the family or catching a
movie with your best friend.
Kicking back and letting
loose is important for keeping
stress low and spirits high.

For more time saving tips
and cleaning techniques, vis-
it ScrubbingBubbles.com.



Tips for fresh, clear
Skin even during the
harsh winter months

(ARA) - Cold temperatures and
dry air can make it difficult to keep
your skin clear, hydrated and look-
ing beautiful during the winter
months. After dealing with the pain
and embarrassment, the last thing
you want to do is to head into spring
with dry skin and breakouts.

With these easy winter skin care
tips, you'll feel more confident and
proud to show off your clear, beau-
tiful skin:

e Don't scrub dry, sensitive skin
during the winter months. Accord-
ing to the American Academy of
Dermatology (AAD), skin is drier
than normal during the cold months
and vigorous washing can irritate
skin, making issues like acne even
worse.

¢ For those who suffer from acne,
try the MaxClarity Acne Manage-
ment System to kill acne-causing
bacteria beneath the skin and exfo-
liate dead and damaged skin cells.
The system's combination of ben-
zoyl peroxide and salicylic acid will
promote new skin growth and let
your healthy, clear skin shine
through.

Made with VersaFoam technolo-
gy, MaxClarity is a three-step
process that includes:

- Deep cleanser that cleans and
treats acne on the face, chest and
back.

- Advanced acne treatment that
dries quickly and fights acne during
the day.

- Rejuvenating toner, a leave-on
foam that exfoliates dead skin cells
overnight to reveal a healthier, glow-
ing complexion.

e Don't assume you can trade the
swimming pool for a tanning bed
while it's cold just because the sun
isn't shining. Continue to keep your
skin healthy by avoiding UV radia-
tion - indoor tanning can lead to
premature skin aging according to
the AAD.

e Be sure to use moisturizers
when treating acne in winter
months. In order to effectively treat
your skin, dermatologists recom-
mend gently washing your face first,
applying acne medication and mois-
turizer and finally applying make-
up.

Approaching your skin with gen-
tle care during the cold, dry months
is sure to help tackle your break-
outs and allow you to happily
expose your fresh skin just in time
for warmer weather.

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




SAYING THANK YOU: If you are fortunate enough to have received a trove of goodies from friends, family

than with an old fashioned - or new fashioned - "thank you" note.

A little thanks" goes a long way

(ARA) - It's hard to believe the
holidays are over and 2011 is
already here. If you are fortunate
enough to have received a trove of
goodies from friends, family and
colleagues, there is no better way to
show appreciation than with an old
fashioned - or new fashioned -
"thank you" note. Before too much
time passes, take a few minutes to
thank those who remembered you.
Thanks can come in all shapes and
sizes, so here are a few tips to help
get you started.

TRADITIONAL THANK YOU NOTES
Even in the digital age, it's still
fun to receive a handwritten note.
When thanking friends and family
for gifts, include specifics about
what you received and how you
plan to use the gift. Including details
like these help make thank you
notes more personal. For example,
if you received a kitchen gadget, let
the giver know the first meal you

plan to make with it. If you received
a picture frame, let them know who
you'll be commemorating.

A thank you note may be espe-
cially appreciated if the gift giver
let you pick what you wanted. If
you received a gift card, shop soon
and be sure to let the giver know
what you used the card for. Cards
featuring a payment network logo,
like a Visa Gift card, that are
accepted at millions of locations can
be used in many different ways -
from the practical to the special
indulgence. In fact, according to a
recent Visa survey, when survey
respondents were asked how they
would use a Visa Gift card if they
were to receive one this holiday sea-
son, the top three responses were:

* To indulge in something they
might not normally be able to
afford, such as a special dinner, jew-
elry, clothing or personal electron-
ics

* To get what they didn't receive
from their holiday wish list

* To buy "life essentials” such as
groceries or household products, or
to pay bills

Whether you use your gift card to
stock up on groceries or to indulge
in a new pair of shoes, the giver will
be glad to know their gift is appre-
ciated.

DIGITAL THANKS

For the tech savvy, or if you sim-
ply don't have the time to sit down
and pen a handwritten note of
thanks, a digital thank you is anoth-
er option There are a variety of
online choices that allow you to
craft a free or low-cost thank you
note that can be digitally delivered.
Even an e-mail can be used to
express your thanks. Sending an
online thank you offers great poten-

ee

d colleagues, there is no better way to



ES

show appreciation



tial for personalization. Include a
digital image of yourself using or
wearing the gift to show just how
much it is appreciated. If you
received a gift card, show the gift
giver how you used the card.
Include a photo or even a video of
your purchase or shopping trip.

Don't forget to think beyond the
gifts you unwrapped as well. Many
people go above and beyond to host
the perfect holiday party or dinner.
Show your appreciation for the time
and effort spent on the special event
by sending a note of thanks to your
host. Include details such as your
favorite part of the meal or how
much you enjoyed visiting and
meeting the other guests at the par-
ty.

Whether it's a handmade card or
a digital greeting, a personal "thank
you" can go a long way in letting
your family and friends know you
are grateful for their thoughtfulness
and generosity.


LY WY






THE TRIBUNE

TUESDAY, JANUARY 11, 2011

A spotlight on the talented
women in our community

ee | al
+ ta 2 [ee © |
wT

Pa Dl el
Roa a



AMBER WHYLEY

By JEFFARAH GIBSON
Tribune Features Writer

HEN Amber Whyley
Wie home to attend

Saint Mary’s Universi-
ty in Halifax, Canada she had
every intention of completing a
Bachelor’s of Arts in Com-

merce.

Alongside her diploma, which she
obtained last year after successfully com-
pleting the marketing program will sit sil-
ver, bronze, and gold medals. The medals
did not come from her participation in
any sporting event, but rather are products
of an outstanding artistic representation of
traditional and modern Halifax.

Amber snagged the opportunity in April
2010 to design medals for the upcoming
Winter Games to be held in the province
next month, when her friend and colleague
Marlon Solis who hails from Malaysia,
heard of the competition through a coop-
erative program at the college.

Taking into consideration that most of
the time she found herself drawing sketch-
es of almost anything impressionable and
moving, she responded with a “let’s do

TASTY MEDALS: Cookies made in the form of the
medals designed by Amber Whyley and Marlon
Solis.

members of the Canadian press.

it” to the excited Solis, who also viewed
the competition as simply constructive
time for art.

“Marlon found out about the competi-
tion through a cooperative program at the
school and he came to me because he
Knew I love to draw and he knew that I
have a fine art background. When I am
not doing school work, I am always draw-
ing. So he asked me if I wanted to work
with him on the project and I accepted
the offer,” she told Tribune Woman.

Their skills acquired from the marketing
program provided them with the versatil-
ity they needed.

One key component outlined for the
competition was that designs should por-
tray modern as well as traditional aspects
of Halifax.

Given that the two of them were inter-
national students, it was a challenge incor-
porating these aspects on the medals. And
in order to capture the spirit of the
province and translate that spirit in a way
that it was understood and felt required
more work than the piles of sketches that
laid on the floor.

“We actually went walking around old
Halifax, the part of the province with old
colonial buildings similar to the ones
downtown. We took pictures of old stone

=

MAKING HEADLINES: Amber Whyley
discusses her idea for the designs with

buildings, and pictures of anything that
inspired us on our walk. Whatever we
were inspired by on our walk we allowed
it to inspire us during the designing
process,” she explained.

After applying an elimination method,
and intertwining both of their ideas they
came up with a wave sculpture which sym-
bolises the ocean heritage of the province,
the Celtic knot taken from the Celtic cross,
which paid homage to the original Irish
settlers, the Maple Leaf, mesh work that
depicted the spirit of the athletes, the prov-
idential flag and the main gate to the Vic-
torian styled Public Gardens.

Amber admitted that at the start of the
projects, clinching the gold was not on her
mind. However she used the project as
time to hone her skills. “It was funny
because at first we didn’t think we had a
serious piece. But after our piece started
coming together and we saw how it
looked, we thought ‘this is very decent’
and we thought that if we didn’t win we
would at least place with our designs,”
she said.

However, suspense diminished their
confidence. “After not hearing from the
committee members of the competition
we thought we didn’t win. And I said to
Marlon ‘man you think they couldn’t even

send us a letter just to say thanks for enter-
ing the competition’. And when I checked
my e-mail the next day I got a message
saying that we beat out over 90 entries. I
was excited,” Amber said.

“T really felt we collaborated well. We
did our homework, and we did our
research and that is how we came up to
win,” she said.

The dynamic duo will present the first
set of medals at the Winter Games which
is set to begin on February 11-27 in Hali-
fax. They will also get their own com-
memorative set of medals.

She said her entire experience goes to
show that while students may go off to
school for a degree they can bring back
much more.

“T hope my experience can show
Bahamians that they can go abroad for a
degree and bring back home much more.
They can put the Bahamas on the map.”

After the games she will be home in
March to continue practicing her art.

To Amber Whyley You Go Girl!

¢ Do you know another talented young lady
who deserves recognition? Send us an email
at features@tribunemedia.net and she may
just be our next “You Go Girl”

Discover the goodness
of Ovaitine.

Ovaltine’s unique recipe includes milk and cocoa powder, 15 essential vitamins
and minerals, and complex carbohydrates. One cup of hot milky Ovaltine contains
half the amount of sugar as a cup of ordinary hot chocolate.

Distributed by: BWA, East West Highway ¢ 394-1759


{T\

Pm lovin’ it

82F
71F

SUN WITH

HIGH
LOW

Volume: 107 No.40

aU a



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The T

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ribune

LATEST NEWS ON WWW.TRIBUNE242.COM



Pupils’ shock after
teacher shot dead

Students and staff get
counselling after gun
death at gas station

By AVA
TURNQUEST
Tribune Staff
Reporter
aturnquest@
tribunemedia.net

LOVED ones,
co-workers and
young children
received grief coun-
selling yesterday fol-
lowing the fatal
shooting of a prima-
ry school teacher.



found by police
shortly after 9pm,
after witnesses —
who heard gunshots
coming from two
vehicles in the park-
ing lot — raised the
alarm.

Patrol officers
recovered a shotgun
after they appre-
hended the taxi bus
at Monastery Park.
The driver was said

LORETTA SMITH, act- to be a resident of

Denise Adder- ing-principal at Uriah Hillside Park.

ley, 39, was shot six McPhee, said counsel-

Family members

times while inside lors spoke during and — who say they were

her car at the Texa- after the assembly.

co Service Station at

Wulff and Kemp Roads on
Sunday evening. She became
the third homicide victim of
the new year.

Up to press time, police
were questioning the 37-year-
old driver of a white taxi bus
which had been seen speeding
off from the parking lot.

Detectives confirmed the
man in custody and Ms
Adderley were known to each
other.

Ms Adderley’s body was

ta

ordered by police
not to speak to the
press — were tightlipped yes-
terday. However, they were
visibly shaken by the tragedy.

Ms Adderley, a Chipping-
ham resident, lived with her
mother, sister and young
daughter, who is a pre-school
student.

News of Ms Adderley’s
death came as a shock to
administration and staff at the
Uriah McPhee Primary

SEE page eight

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SCHOOL IN SHOCK: Students look up to a wreath at Uriah McPhee Primary School in remembrance of



»

teacher Denise Adderley, who was shot dead on Sunday night.

Withdrawn domestic violence complaints
‘must be explained to a magistrate’

POLICE have announced that persons wish-
ing to withdraw domestic violence complaints
will now have to explain their decision to a
magistrate.

Due to consistently high levels of domestic
abuse, Assistant Commissioner Hulan Hanna
has advised that the police will no longer be

“inserting themselves” in the process.

Mr Hanna explained that it was common for
persons to initiate a complaint with the view of
pressing charges, only to withdraw the com-
plaint shortly after.

SEE page eight

SEE SECTION E







‘NO COLLUSION’
BETWEEN LABOUR
MOVEMENT AND
POLITICAL PARTIES
OVER BIC SALE

By NOELLE NICOLLS
Tribune Staff Reporter

nnicolls@tribunemedia.net

UNION leaders yesterday
claimed there is no “collu-
sion” between the labour
movement and political par-
ties opposed to the govern-
ment’s planned sale of BTC.

Jennifer Issacs-Dotson,
president of the National
Congress of Trade Unions
(NCTU), said there has
been “no pressure” or
“coaxing” of union officials
by political operatives.

She said the issue was not

SEE page eight

BIC DENIES CLAIMS
OF INTIMIDATION OF
STAFF OVER MARCH

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

THE Bahamas Telecom-
munications Company has
denied claims it intimidated
employees who were invited
to participate in a march and
voter registration drive yes-
terday.

Robert Farquharson, gen-
eral secretary of the National
Congress of Trade Unions,
said BTC employees received
a mass email from a senior

SEE page eight

SMALL AIRCRAFT
CRASH LANDS

By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net

FREEPORT - A small air-
craft crash landed at Grand Cay
on Sunday afternoon, police
reported on Monday.

According to police reports,
a twin engine Piper Aztec was
approaching the runway around
3.15pm when the left brakes
failed.

The pilot and four passen-
gers were onboard the aircraft
as it continued some 2,000ft
down the runway, stopping
near the beach.

“The pilot was able to con-
trol the aircraft and none of the
passengers was injured during
the ordeal,” said ASP Loretta
Mackey.

She said investigations are
continuing into the incident.

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an
Na,

THE TRIBUNE



LOCAL NEWS

(en)
Na LY,

TUESDAY, JANUARY 11, 2011, PAGE 5



Airport firm: Domestic carrier fee

increase ‘equals $0.17 per seat’

AS OF the start of 2011,
the fee increase on domestic
carriers equals $0.17 per seat,
the Nassau Airport Develop-
ment Company (NAD) said.

“NAD is a self-funding
entity, and revenue generated
is 100 per cent reinvested in
operating and redeveloping
(including financing) the air-
port facilities, for the benefit
of all carriers and the travel-
ling public. NAD’s rates are
applied uniformly across all
air carriers operating at
LPIA, thereby having no
impact on the competitive
landscape among air carri-
ers,” the company said in a
statement.

NAD further said that the
total costs to airlines and pas-
sengers at LPIA on interna-
tional routes remain very
competitive at eight per cent
lower than the Caribbean
average.

To lessen direct fee increas-
es on air carriers, NAD said it
agreed with carriers in 2007
that charges would be col-
lected by airlines directly
from passengers and remit-
ted to NAD, in lieu of direct
charges to the airlines.

“For the past three years
there has generally been good
compliance by tenants of the
airport with respect to lease
terms and conditions, rules
and standards, fees and other
considerations that support





Costs at LPIA ‘lower than Caribbean average’

the operation of a safe, secure
and user-friendly airport,”
said Paul Ward, NAD’s vice-
president of finance and chief
financial officer.

“Every reasonable effort is
made to work with operators
to enable them to be current
with their obligations to
NAD, however, we cannot
allow operators to conduct
business at LPIA indefinitely
without meeting their obliga-
tions.”

Project

The LPIA redevelopment
project begins stage two with-
in the next several weeks.
This stage will involve the
creation of a new Interna-
tional Arrivals Terminal
using the footprint of the
existing US Departures Ter-
minal.

This arrivals terminal will
house Bahamas Immigration
upstairs and baggage claim
and Bahamas Customs down-
stairs.

Immediately upon comple-
tion of stage two, work will
commence on stage three,
which will result in a new
Domestic Terminal. In the
meantime, obvious and nec-

ABOVE: Minister of Labour and Social Devel-
opment Dion Foulkes yesterday at BASH 20th
Anniversary Ceremony.

essary improvements have
already been made to the
three terminals that comprise
LPIA.

In the Domestic Terminal
alone, NAD said there have
been new food and beverage
outlets added, renovation of
all restroom facilities,
enhanced screening facilities
by the Airport Authority —
all supported by the fees and
charges paid by all users of
the airport.

Said Stewart Steeves,
NAD’s president and CEO:
“Upon completion of the
phased redevelopment in
2013 our rates will be in line
with the regional average
despite being an above aver-
age facility because we will
be brand new, we will be
serving three distinctive sec-
tors of traffic: US (including
US pre-clearance), interna-
tional and domestic, we will
be using state of the art tech-
nologies, and in fact LPIA
will be without compare in
the region, offering great
value to our airline part-
ners.”

Last September, the Inter-
national Air Transport Asso-
ciation (IATA), which repre-
sents 230 airlines accounting

LEFT: Executive Director Bahamas Associa-
tion for Social Heatlh (BASH) Terry Miller
speaks.

Tim Clarke/Tribune staff

THE Bahamas Association for Social
Health (BASH) yesterday celebrated its
20th anniversary.

BASH - an adult male residential drug
dependency treatment and rehabilitation
facility — said the ceremony commemo-
rating this milestone acknowledges the
support by local and international gov-
ernment agencies, businesses, vendors,
community groups, individuals, families
and friends, as well as the contributions
which over the years have made BASH a
more sustainable programme.

All this week, BASH will be celebrat-
ing its anniversary with a host of events
and invites members of the public to tour
the facility.

The non-profit organisation is located
in Earth Village off Columbus Drive.

Public reminded that voter
registration is still underway



PARLIAMENTARY Commissioner Errol
Bethel yesterday reminded the public that vot-
er registration continues on a daily basis in
New Providence and in the Family Islands.

Persons applying for registration must be
Bahamian citizens, 18 years and older, and
must have resided in a particular constituency
for three months or more.

Voter registration centres are open in New
Providence between the hours of 10am and
4pm at the following locations:

e The Parliamentary Registration Depart-
ment, Farrington Road

¢ The Town Centre and Marathon Malls

e The General Post Office, East Hill Street

e The Sub-Post Office, Carmichael Road

e The Sub-Post Office, Elizabeth Estates

e The National Insurance Board, Baillou
Hill Road

¢ Commonwealth Banks, Mackey Street
and Golden Gates branches.

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In Grand Bahama, centres are open between
the hours of 9.30am and 4.30pm at the follow-
ing locations:

e Parliamentary Registration Department,
Freeport

e Administrator’s Office, Eight Mile Rock

¢ Administrator’s Office, High Rock (Tues-
days and Thursdays)

In the Family Islands, registration takes
place at the Administrators’ Offices between
the hours of 9.30am to 4.30pm.

The Parliamentary Commissioner also wish-
es to advise that the Department has com-
menced its mobile services with effect yester-
day.

Businesses and organisations with at least 20
eligible employees or members may contact
the Department at telephone numbers 325-
2888/9 or 397-2000 to schedule an appoint-
ment.

for 93 per cent of the world’s
commercial aviation traffic,
warned that LPIA’s increased

fees could negatively impact
airlift and tourist arrivals to
the Bahamas.

Coe LUN SRL

= ee

PAUL HAVEN, vice-president of human resources at Doctors
Hospital (second from left), and Sara Appleton, nursing infor-
matics officer, make a presentation to Unity House on behalf
of Doctors Hospital’s social committee.

JUST before the holi-
days each year, the social
committee at Doctors Hos-
pital decides which local
charity will receive the pro-
ceeds of the committee’s
holiday fund-raising efforts.

For 2010, Unity House, a
non-profit organisation
that cares for the elderly,
were found the most
deserving.

Past fund-raising efforts
have seen donations to the
Children’s Emergency
Hostel, the Sister Sister
Breast Cancer Group, the
Bahamas Red Cross Dis-
aster Relief Fund and the
Bahamas Association for
the Physically Disabled.

Having found great
success with their organ-

ised Ice Cream Socials, the
committee decided to con-
tinue with the ever popular
fund-raising event and
judging from the amount
raised, the decision was the
right one.

Taste buds were set
delighted with the ever
popular flavors of straw-
berry, rum raisin, butter
pecan and vanilla com-
bined with an array of top-
pings.

The executive team at
Doctors Hospital made a
decision to match the
amount raised by the social
committee.

The funds will be used
to assist Unity House with
providing care for its elder-
ly residents.



EXTRADITION
HEARING OF
ALLEGED DRUG
KINGPIN SET T0
OPEN THURSDAY

THE extradition
hearing of alleged
drug kingpin Melvin
Maycock Sr is now
set to open on Thurs-
day.

The hearing will
take place before
Deputy Chief Magis-
trate Carolita
Bethell.

In 2004, US prose-
cutors requested
Maycock’s extradi-
tion on allegations
that he headed the
Caribbean arm of a
multi-national drug
gang.

US prosecutors also
requested the extra-
dition of 13 other
men, including his
son, Melvin Maycock
Jr.

Their extradition
hearings have already
commenced.

Maycock Sr was
arrested in February
2008 and made head-
lines after allegedly
escaping from a hold-
ing cell at the Eliza-
beth Estates Police
Station by switching
places with his son.

Maycock Sr was
recaptured on June
20 following a high-
speed police chase in
western New Provi-
dence.

UC) (He)
Exterminators
Pest Control

322-2157

SHOE STORE

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PAGE 6, TUESDAY, JANUARY 11, 2011

THE TRIBUNE



LOCAL NEWS



Bahamas Business Outlook to
be ‘worthy of 20th anniversary’

THE 20th Annual
Bahamas Business Outlook
is all set for this coming
Thursday, January 13, and
conference host, Joan
Albury, president of The
Counsellors Ltd, promises
a conference worthy of its
20-year anniversary.

“As this is a very signifi-
cant year for us, we intend
to make this a very signifi-
cant conference,” said Mrs.
Albury. “We are geared up
to touch on every aspect of
this country’s economy and
more. Our slate of speakers
will address a wide range of
topics that will bring an
awareness to conference
goers of what is happening
in our country in terms of
our economy and general-

This one day conference
will take place at the Wyn-
dham, Nassau Resort, Cable
Beach and begins at 8.30 am
sharp.

Paul Daniel Crevello
Ph.D, Director and Chief
Operating Officer of the
Bahamas Petroleum Com-
pany Plc., is one of the fea-
tured speakers at this year’s
Outlook. He considers him-
self an explorer with a keen

“Our slate of speakers will
address a wide range of
topics that will bring an
awareness to conference
goers of what is happening
in our country in terms of
our economy and generally.”



Joan Albury, president of
The Counsellors Ltd, conference host

regard for preservation of
the environment. He
received a Bachelor of Sci-
ence degree from the Uni-
versity of Miami, a Masters
of Science in Marine Geol-
ogy and Geophysics from
the Rosentiel School of
Marine and Atmospheric
Sciences (Miami) and a
Doctor of Philosophy in
Geology from the Colorado
School of Mines and has
over thirty-two years expe-
rience in global exploration.

Mr Crevello joined
Marathon Oil Company
fresh out of Rosentiel in

NOTICE

NOTICE is hereby given that ANTHONY MACARTHUR TATEM
OF 31 BAHAMA BOULEVARD, FLAMINGO GARDENS,
P.O. BOX CR-54018, NASSAU, BAHAMAS, 1s 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 8" day of JANUARY 2011 to the Minister
responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau,
The Bahamas.

CRUSADE2011



Ii's.A Tine Cif Saipatiion, Bteaifing, De Sees

Amd Spitinel Ratiediing Fram Tie Lenilll
THE ANNUAL NATIONAL EVANGELISTIC

ea

Se

“cos C (appr, eG ein Te


















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



ANOINTED SPEAKERS:
Bishop William

A. Lee, Jr.

Daytona Beach, Florida

16th - 21st

1978, where he directed
worldwide carbonate explo-
ration research, focusing on
ancient geological carbon-
ate banks similar to The
Bahamas.

In 1994, he started the
first university petroleum
studies in SE Asia, at the
University of Brunei, where
he was a Senior Lecturer in
petroleum geosciences and
directed the first global reef
assessment project of
Brunei and east Malaysia.

In 1997 he founded
Petrex Asia which devel-
oped into the leading explo-
ration consultancy firm in
SE Asia, with exploration
interests extending to the
Gulf of Mexico, Italy and
North Africa.

He has received numer-
ous awards and distinctions
from international societies
for authorship and invited
papers on carbonate and
sandstone geology, was the
past Huffington AAPG
(American Association of
Petroleum Geologist) Inter-
national Distinguished
Speaker (2001-02) and









| January

7:30 p.m.
nightly
East Street

Tabernacle

Bishop Leroy V. S.

f

\

Greenaway
Mid-Atlantic Region, USA

Be Blessed By:

Soloists- Sharon Chase,

Gerard Butler &

Janeene Rahming

*National Crusade Praise Team
«National Crusade Chow
*lVabeenacle Concert Choi

Crusade Co-Ordinators Are: -

Ministers Terrance Forbes, Darrel Fergusen |
a Shawnette Roye

Bishop Dr. Elgarnet B. Rahming
National Overseer
For further information call [Fed

-





322-3097
_—
Tete

A ~—< |

Chairman of JOIDES
Ocean Drilling Programme
Sea Level Working Group
charged with investigating
the response and record of
sediments to changing sea
level.

Crevello joined Bahamas
Petroleum Company in
November, 2006 when it
was a private corporation
founded by Alan Burns of
Perth, Australia.

The company was granted
five exploration licences by
The Bahamas in 2007, fol-
lowed with listing on the
London Alternative Invest-
ment Market (AIM) in
August 2008. Corporate
headquarters is in the Isle
of Man and
exploration/operation is
managed from Nassau.

Mr Crevello will address
the topic, “Petroleum
Exploration in The
Bahamas: Past, Present and
the Future.”

“Over sixty years of spo-
radic exploration has been
conducted in The Bahamas.
However, there has been
very little exploration and
drilling activity, with no
exploratory drilling in the
last 20 years, and much of
the seismic acquisition activ-
ity occurred more than 20
years ago.

“With the benefit of
modern knowledge and
technologies the company
is proud to have been able
to shed light on the very
great prospectivity of The
Bahamas for world scale oil
and gas discoveries.

“Now with the world ever
hungrier for new large oil
and gas provinces, particu-
larly in democracies close
to North America, our work
is set to achieve a large
increase in value for the
people of The Bahamas, our
shareholders and oil and gas
consumers in general.

“Our directorate is skilled
in finding and developing
new oil and gas fields in
overlooked, forgotten and
new areas and has an out-
standing track record of dis-
covery and development
and we look forward over
the next few years to bring-
ing discoveries into produc-
tion.”

Orthodontist, Dr. Lofton
Barry Russell (Barry) is
another featured speaker at
this year’s Outlook. Dr.
Russell was graduated from
Queen’s College and
attended Howard Universi-
ty in Washington, D.C.
where he received the edu-
cation and practical train-
ing required to pursue his
dream of providing first
class Orthodontic Treat-
ment to Bahamians of all
ages.

After receiving his BS
(microbiology) and Doctor
of Dental Surgery (D.DS.)
Dr. Russell spent a year at
Columbia University/
Harlem Hospital in New
York completing his gener-
al practice residency train-
ing.

The following year he
returned to Howard Uni-
versity and completed his
specialty requirements in
1991. As a dental student
his outstanding academic
and leadership achieve-
ments culminated with his
selection to “Who’s Who
Among American Colleges
& Universities.”

He returned home in
1991 as the first Bahamian
Orthodontist and estab-
lished a practice.

His vision was to develop
a practice that was first
world, providing the high-
est quality treatment and
customer service to patients.

This vision came into
fruition by way of a building
in Nassau designed and
built specifically to accom-
modate the necessary state-
of-the-art equipment and
staff.

In 1996 the practice was
officially given the name,
“The Bahamas Orthodon-
tic Centre.”

In order to maintain the
excellence Dr. Russell



BUSINESS OUTLOOK SPEAK-
ERS (clockwise from above): Dr.
Lofton Barry Russell, Wendy
Warren, Algernon Cargill

demands for patient care,
B.O.C. has grown from a
staff of two employees in
1991 to a current staff of 18.
Dr. Russell has established
practices in Nassau and
Freeport, Grand Bahama.
On June 25, 2010, The
Bahamas Chamber of Com-
merce gave an award to Dr.
Russell’s Bahamas Ortho-
dontic Centre, which was
named Business of the Year
for businesses with 50
employees or less.

Dr. Russell is a past board
member of the Bank of the
Bahamas.

He is a past Chairman of
The Bahamas Dental Coun-
cil and holds membership
in The Bahamas Dental
Association, The National
Dental Association, The
American Dental Associa-
tion, The American Asso-
ciation of Orthodontists,
The Caribbean Orthodon-
tic Society and the World
Federation of Orthodon-
tists.

Dr. Russell is an accom-
plished vocalist, winning
The Bahamas Musicians
Union Song of the Year for
his single “Without You.”
He is a founding member of
The Gentleman’s Club pro-
gramme for high school stu-
dents.

He enjoys sharing success
principles and helping oth-
ers to maximize their poten-
tial.

His topic for this Outlook
2011 is “Successful Entre-
preneurship in the Profes-
sional Service Sector: What
will it take in this season?”

Dr Russell feels Bahami-
an entrepreneurs in the pro-
fessional service sector must
possess a first world global
mindset if they wish to
thrive in this highly com-
petitive market place.

He will demonstrate that
correct thinking is critical to
one’s success because “hard
work alone will not suffice.”

An attitude of excellence,
he said, must be consistent
at all levels of organization
and ordinary leadership will
not get one far at all as it
will take extraordinary lead-
ership to overcome one’s
many challenges to rise
above the competition.
Unusual creativity, flexibil-
ity and specialized knowl-
edge and skills must be pre-
sent because markets are so
dynamic and fluid. Most
importantly, change should
not be feared, but rather
embraced.

He said to do this we
must be perpetual students
of our industry, always
searching for new and bet-
ter ways of doing things
(systems, technologies,
products, techniques, etc.)
by staying on top of the lat-
est research that evolves to
become the first in the mar-
ket with services.

Other speakers and top-
ics for Business Outlook are
as follows:

Prime Minister Hubert
Ingraham,

“Keynote Address — State
of the Bahamian Econo-
my.”

Senator Vincent Vander-
pool-Wallace, CMG, Min-
ister of Tourism & Aviation



— “Diversifying the Bahami-

an Economy” — Fact, Fic-
tion, the Real Alternative.”

Wendy Warren, Execu-
tive Director, Bahamas
Financial Services Board —
“Making the Bahamas a
More Compelling Interna-
tional Business and Finan-
cial Centre.”

Olivia Saunders, Ph.D.,
School of Business, College
of The Bahamas -
“Bahamian National Evo-
lution”

K. Peter Turnquest, Pres-
ident, Grand Bahama
Chamber of Commerce —
“Grand Bahama: The Real
Alternative”;

Dr Robin Roberts, Urol-
ogist, Director, UWI School
of Clinical Medicine &
Research - The Bahamas —
“The Economic Impact of
Health Tourism in The
Bahamas.”

Algernon Cargill, Direc-
tor, National Insurance
Board — “Preparing Your
NIB for the Future — Our
No.1 Priority.”

Edward Fields, Chair-
man/Founder, “We The
People — My Bahamas.”

Dr Marikis Alvarez, Rep-
resentative, Inter-American
Institute for Cooperation on
Agriculture (IICA) — “Revi-
talizing the Agricultural
Sector in The Bahamas and
its Potential for Economic
Diversification.”

David Shaw, CEO, Cable
& Wireless
Caribbean/LIME — “Diver-
sification: The LIME Expe-
rience.”

Conference gifts include
a massage from JEMI, a
scholarship from Bahamas
Institute of Financial Ser-
vices, Founding Fathers: Sir
Stafford Sands DVDs,
Atlantis experience for two
and much more.

These prizes will be
awarded to winners at the
end of the conference day.

Sponsors for the event
are: BAF Financial & Insur-
ance, Sun Oil Ltd., First
Caribbean International
Bank, Bahamas First,
Bahamas Petroleum Com-
pany, Cable &
Wireless/LIME, Scotiabank
Bahamas Ltd., The Central
Bank of The Bahamas,
KPMG, The National Insur-
ance Board, Bank of The
Bahamas International,
Generali Worldwide and
Krys Rahming & Associ-
ates.

For information on reg-
istration call Eileen Field-
er, The Counsellors Ltd at
(242) 322-1000 or visit
tclevents.com

¢ SEE BUSINESS
SECTION


THE TRIBUNE

TUESDAY, JANUARY 11, 2011, PAGE 7



LOCAL NEWS



Movement of COB northern campus criticised

Student union members
on Grand Bahama hit out

STUDENT union members are
publicly criticising the handling of
the relocation of the College of the
Bahamas’ northern campus on
Grand Bahama, warning that con-
tinued micro-management by New
Providence officials will result in
administrative problems in the
future.

The College of the Bahamas
Union of Student Northern
Bahamas Campus in Freeport
(COBUS NBC) advised that the
college has moved to its new
Grand Bahama Highway location
with the exception of the Continu-
ing Education and Extension Ser-

Bahamian judiciary attend annual Red Mass

MEMBERS of the Bahamian judiciary attended the annual Red Mass celebrated by the Catholic Church on Sunday at the St Francis Xavier

vices (college prep, basic and
mature upgrading) and the Culi-
nary and Hospitality Management
Institute (CHMI), which will
remain at the West Settlers Way
Campus.

However, classes did not begin
yesterday as previously scheduled;
they will instead start on Monday,
January 17.

In a statement yesterday, the stu-

\

Cathedral. The Mass requests guidance for all who seek justice.



DONATED COMPUTERS ARRIVE — Thanks to coordination and transportation efforts by GBPA, over 120
computers were successfully delivered to Grand Bahama schools. The initial delivery of 35 computers to
Freeport Primary School were (left to right): Professor Todd Palmer of St Bonaventure University; school
principal Barbara Thompson, Education Minister Desmond Bannister, vice-president of the Grand Bahama
Port Authority (GBPA) Ginger Moxey, GBPA president lan Rolle, GBPA director of community relations Gene-
va Rutherford, and Grand Bahama primary schools district superintendent Sandra Edgecombe.

dent union said: “We are not inter-
ested in playing the blame game
as to why classes cannot begin as
scheduled. Nevertheless, it must
be noted that these occurrences
will be perpetuated if important
decisions, such as the relocation of
an entire college campus, are
micro-managed from New Provi-
dence and proper consultation is
not carried out with the parties

G

FREEPORT, GRAND
BAHAMA - Thanks to the
tireless efforts of St.
Bonaventure students and
the commitment of The
Grand Bahama Port
Authority, Limited
(GBPA), more than 120
computers and books
donated by an American
university will be distributed
throughout primary schools
in Grand Bahama in time
for the new school term.

The vital educational
tools, including electronic
and reading equipment, was
donated as part of an ongo-
ing programme instituted by
St Bonaventure University
in New York.

And Education Minister
Desmond Bannister trav-
elled to Grand Bahama last
week to join key education-
al officials who received it at
the official ceremony at the
Freeport Primary School.

Mr Bannister thanked the
Grand Bahama Port
Authority (GBPA) for facil-
itating the transfer of goods,
and the university and its
donors for their generosity.

“St. Bonaventure Univer-
sity has indeed been good
to Grand Bahama and espe-
cially, Freeport Primary
School,” he said.

He also encouraged the
students to show their grat-

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itude by taking care of the
donated items.

GBPA president Ian
Rolle who publicly acknowl-
edged the role of GBPA’s
community relations depart-
ment, and other persons and
agencies on the island, who
assisted in bringing the exer-
cise to fruition.

“As a part of our ongo-
ing relationship with St
Bonaventure University, it
was a pleasure for the Port
to assist in coordinating the
transport and clearance of
such vital goods,” he said.

“Any part that we could
play in making sure that
numerous schools on the
island would receive these
computers and books was
well worth it, since the wel-
fare and development of
our children were
involved.”

St Bonaventure Universi-
ty has been working in the
Bahamas since 2003 under
its Students in Free Enter-
prise (SIFE) programme.
SIFE is a volunteer educa-
tional programme that
focuses on teaching the
basics of entrepreneurship,
tourism and the global
economy.

According to university
professor Todd Palmer they
recognized a “digital divide”
with many of the island’s

primary schools having few,
if any, computers.

“Therefore, members of
SIFE have created, what we
believe, is a revolutionary
concept in both installing
and training in the use of
technology in developing
countries,” he said.

SIFE installed 22 com-
puters in the Martin Town
Primary School in January
last year, and returned the
following March to teach a
week of in-service training
to the teachers of Martin
Town to improve the class-
room learning experience
for over 200 students at the
school.

Now in 2011, another
trailer load has arrived, with
more computers and soft-
ware earmarked for Martin
Town, Freeport, Bartlett
Hill, Holmes Rock, West
End and Freetown primary
schools.

And approximately six
pallets of Scott Foreman
readers were also shipped
for use by Grand Bahama
students.

Accompanying the goods
were four teaching profes-
sionals and a number of
education majors from St
Bonaventure University,
who will offer two weeks of
in-service teacher training
for these products.

most affected. The time has passed
for the college to begin operating
in the framework of the university
it is poised to become.

“It has been agreed by all parties
concerned that the new date for
the start of classes will allow for
necessary services to be available
for the start of school.”

COBUS said in its view all late
registration fees should be waived.

“We also wish to inform students
and the general public that several
companies have offered themselves
to provide bus transportation. This
service is independent of the Col-
lege of the Bahamas and the stu-



dent union. Additional informa-
tion will be disseminated by the
transportation company as to their
routes, times, and rates,” COBUS
said.

The union said it also wishes to
quell rumours that no provisions
have been made for food on the
new campus.

“While there is no cafeteria,
there is a state-of-the-art snack
shop, operated by COBUS which
will also provide cooked meals.”

The union apologised to the stu-
dent body for the lack of informa-
tion concerning the move and
related issues.

BLESSING — ROMAN Catholic Archbishop
Patrick Pinder says a prayer and gives a special
blessing to members of the legal profession on
Sunday, January 9 during the annual Red Mass
at St Francis Xavier Cathedral.

RED MASS — Prime Minister Hubert Ingraham
along with members of the Judiciary attend the
annual Red Mass at St Francis Xavier Cathedral
on Sunday, January 9.

Pictured outside the cathedral in the front row

demeanour wes outshined only iny his smile.

from left: Attorney General John Delaney, Prime
Minister Ingraham, Court of Appeal President
Anita Allen, Archbishop Patrick Pinder, and Chief
Justice Sir Michael Barnett.

GEOFFREY CHARLES (“SMITTY”) HIGGS

eaffrey Charles Higgs, known better as “Smitty”, passed away peacefully on
Sunday, 2â„¢ of January, 2011, af the age of sixty-three. He was diagnosed, almost
exactly eighteen months previously, with an ageresstee Drain tumor, bit refised to

submit fo if easily, carrying on, Instead, with marvelous joyeux de vivre.

Smitty was born the third son of the Hon. Godfrey W Higes and Suzanne Stoll

(formerly Higes!. He attended St. Amdrew's School in Nassau and St, Andrew's
College in Aurora, Ontarwo and graduated from the Untversity of Minami. He
always had a profound love for his home—The Bahamas. He was a master sailor,
legendary spear fishernum, accomplished neeschie/-muaker, and expert raconteur, If he
could not be fownd entertaining friends and family at home, he world certainly be
fownd at Rose Island “celebrating life’, as he would say. Ationys the gentleman, fis
spirit was unbounded, fs concern for others and fits enormous ability to lift others

up with never a second thought for Ineself endured until the end. His humble

Snritty lites ont through fis devoted wife Joyce and son Spencer, tis brother Peter,
his step-sister Anne Ritter, sisters-in-law Judy Higgs, Colette Higgs, and Lynn
Vincent, brother-in-law Mark Kleene, mother-in-law Corinne Kleene, nephews
Andrew, Chris, and Grouper Higgs, cousins Godfrey E Lightbourn, Roddy Sinelatr,
Derek Higgs, Christopher Lighthourn, Andrea Brownrigg, and Allison Ferber, and
nary wtore relatives, all of whom he loved dearly. He will be missed by many clase
and dear friends in Nassau and the world over. A funeral service will be held at
Christ Church Cathedral, Thursday, 13 Janwary 2011 at 3:1) pa. All are asked to

dress in bright and werm colours as this will be his grandest “Celebration of Life”.

If persons should wish to make donations in memory of Geoff, the family would be
thankful for your consideration of etther the Cancer Society of the Bahamas, P.O.
Box $5-6539 or the St. Andrew's College Foundation, 15800 Yonge Street, Aurora,
Ontario, LAG 3H4, Canada for the Geoffrey Higgs Fund, the use of which will be

chosen thy Joyce and Spencer.




PAGE 8, TUESDAY, JANUARY 11, 2011

THE TRIBUNE



LOCAL NEWS



Withdrawn
domestic
violence
complaints
‘must be
explained to
magistrate’

FROM page one 2

Mr Hanna said: “Tradi-
tionally it has been com-
mon for persons to make
complaint and initially say
they want action. Howev-
er, once the complaint is
taken it won’t be long
before they say they want
to withdraw the matter.”

He added: “In the past
we have obliged, because
generally it was felt what-
ever their situation was,
they were probably coerced
into withdrawing the mat-
ter.

“However, going for-
ward, we will no longer be
offering that consideration
and persons will have to
withdraw before the courts.
We will not insert ourselves

in this process.” BELINDA WILSON, president of the Bahamas Union of Teachers



FROM page one

School, where she had taught pre-school
pupils for nine years.

Classes were suspended yesterday, and
replaced by a general assembly to inform the
school body, and set up individual and group
counselling sessions.

Loretta Smith, acting-principal at Uriah
McPhee, said: “We had counsellors that
came and spoke during the assembly, then
after the assembly some of them went in to
the pre-school and spoke to those students.
Some came in the office and made them-
selves available to the pre-school teachers or
any other staff members.”

During her time at Uriah McPhee, Ms
Adderley primarily taught pre-school pupils,
however she has taught grade one and was
said to be involved with lower grades at the
school.

Ms Smith said: “We do have a team
teaching school, so even if she wasn’t direct-
ly responsible for teaching them, they would
have been in the centre with her.”

Ms Smith added: “It’s a lesson to all of us,
teachers particularly, that we plan things

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.



Pupils’ shock after
teacher shot dead

but we don’t know what the future holds so
you should always be ready — live the day
like it’s the last day.”

Ms Adderley worked closely with four
teachers in the pre-school centre, along with
several teacher’s aides, all of whom received
grief counselling yesterday.

Belinda Wilson, president of the
Bahamas Union of Teachers, was also pre-
sent at the school to offer support to griev-
ing members.

Ms Wilson said: “The entire Uriah
McPhee family is broken, because if there is
one thing we can boast about it is being
closely knitted.

“The teachers are close and we spend a
lot of time together, and you almost become
like family. So today Uriah McPhee is miss-
ing one of their family members. Ms Adder-
ley is going to be remembered for many
years to come.”

Ms Wilson added: “I’m really saddened
by this. Every time you saw her she was
always pleasant. Now there is another child
that is going to grow up without a mother.
It’s a senseless act and I just hope that indi-
viduals would learn how to resolve con-
flicts, because it is really sad today.”

‘No collusion’ between the labour
movement, political parties over BTC

FROM page one

about “party politics”, while
it might be a “political
issue”, when responding to
questions about whether the
labour movement had
become political in light of
the march and voter regis-
tration drive held yesterday.

More than 30 workers
marched from BCPOU hall
to the Parliamentary Regis-

tration Department, where
they could register to vote.

“T came here on my lunch
break to register to vote so I
could get the Free National
Movement (FNM) out,”
said a woman employee of
BTC, after registering to
vote.

“TI voted for the FNM in
the last election. This is not
just about the BTC sale, but
the way they are treating the
workers with total disre-

TRIBUNE TKIY

Yesterday's Question

spect,” she said.

Some union members
who have political ties are
trying to use the voter regis-
tration and the labour move-
ment in general as a partisan
political tool, it has been
claimed.

Speaking about the event,
Robert Farquharson, NCTU
general secretary, said: “We
as workers have the democ-
ratic right to impact policy,
and we do so by exercising
our right to vote.

“We are not discouraged
by the numbers. We have to
act in conformity with the
law. We anticipated every-
one would not be here at the
same time. It is an ongoing
process of voter registra-
tion.”

Union leaders are still
“adamant” the government
should change course on its
decision to sell BTC to
Cable and Wireless Com-
munications.



JENNIFER ISSACS-DOTSON, president of the National
Congress of Trade Unions.

How many seats did the PLP win in
the House of Assembly on January
10, 1967?

Yesterdays Answer
18
Yesterdays Winners

Jillian Mullings opts
Ashorntae McQueen 2nts
Randell Johnson Tpt

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Denise Wilson, general
secretary of the Bahamas
Communications and Pub-
lic Officers Union
(BCPOU), refuted claims
that the BTC opposition is
about party politics.

“We want to remind the
workers that we have the
power. The PLP should not
feel that they are victorious.
They, too, need to know, we
will determine who says
what. This is to show that
the people have the power,”
said Ms Wilson.

On a previous occasion,
Bernard Evans, BCPOU
president, admitted some
union members have per-
sonal political affiliations
with both major parties, but
the union movement itself
is unaligned.

Ms Issacs-Dotson cau-
tioned the Progressive Lib-
eral Party (PLP), who some
claim have “jumped on the
BTC bandwagon”, not to
get comfortable.

“The PLP need to reflect

on some things they do, on
whether their position would
be any different if they were
in government. If the gov-
ernment is wrong then it
does not matter which party
is in power,” said Ms Issacs-
Dotson.

Political observers say the
PLP’s support of the
NCTU’s Bahamas for
Bahamians drive seems at
odds with attempts during
their last administration to
sell BTC to Bluewater, an
entity whose principals have
never been revealed, but are
thought to be mostly for-
eigners.

Rodney Moncur, leader
of the Workers Party, said
unionists should not be
“apologetic” about the polit-
ical nature of their advocacy.

“Any issue dealing with
the state, discussing public
policy, by its very nature is
political. We have to edu-
cate people to be able to say,
this is political. There are
thousands of people

opposed to the sale of BTC
to Cable and Wireless. How
else do we convince the gov-
ernment not to sell if you do
not recognise as a citizen
you have a right to apply
political pressure on elect-
ed officials?” said Mr Mon-
cur.

“Each citizen has political
power. Each citizen is a
political party. Whether they
support the FNM, PLP,
NDP, or the Workers Party,
once citizens collectively use
that political power the gov-
ernment will either bend or
be broken. That is the
nature of politics.

“It does not matter what
your personal political pret-
erence is, we can unite as
citizens on a common issue
to apply political pressure
on whoever is in govern-
ment. But the pressure must
be consistent and sustained.
This is a political issue and
no one should run away
from it.”

e SEE PAGE TWO

BIC DENIES CLAIMS OF INTIMIDATION OF STAFF MARCH

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FROM page one

vice president asking them to state the time
they intended to take lunch.

Workers were asked by union leaders to use
their lunch hour to participate in a march from
the union headquarters on Farrington Road to
the Parliamentary Registration Department,
where they could register to vote.

Tribune sources claim the manager was Mar-
lon Johnson, BTC vice president, marketing,
sales and business development.

Mr Johnson said he would not comment on
“any internal administrative matters.”

He said the BTC administration in general
would only exercise management functions to
ensure the “efficient operation of the company
and nothing more.” He said any suggestion oth-
erwise would be “utter nonsense.”

“Any action related to any matter of internal
BTC administration would never be used in
any way to intimidate anyone. There will never

be any attempt to circumvent due process and/or
discourage anyone from taking part in any law-
ful action,” said Mr Johnson.

The concerns of intimidation come days
before workers expect to find out in their Janu-
ary 15 pay if any salary deductions have been
applied.

To date, union leaders say they have received
no complaints from employees of victimisation
as a result of participating in union activities.

Mario Curry, vice president of the Bahamas
Communications and Public Officers Union
(BCPOU), said he anticipates complaints after
January 15. He said he personally expects to
have two or three days deducted from his salary,
which is the cost of his involvement. Mr Curry
said he does not plan to protest.

Denise Wilson, general secretary, said she
once took home $11 for two weeks worth of
work based on her involvement in union activ-
ity in 1982. She said that is the “sacrifice” nec-
essary for the cause.


THE TRIBUNE

TUESDAY, JANUARY 11, 2011, PAGE 9



INTERNATIONAL NEWS



Eight dead in new flood as
Australia’s crisis worsens

BRISBANE, Australia

RESCUERS raced Tues-
day to reach people trapped
on roofs after a flash flood
sent a massive wall of water
through a valley in Australi-
a's waterlogged east, tossing
cars like toys, killing at least
eight people and leaving 72
missing, officials said, accord-
ing to Associated Press.

The sudden surge near the
town of Toowoomba after a
storm Monday lifted Aus-
tralia's 2-week-old flood cri-
sis in Queensland state to a
new level and brought the
overall death toll to 18. Until
then, the flooding had
unfolded slowly as swollen
rivers burst their banks and
inundated towns while mov-
ing downstream toward the
ocean.

Emergency services offi-
cers plucked more than 40
people from houses isolated
overnight by the torrent that
hit the Lockyer Valley on
Monday, thunderstorms and
more driving rain hampered
efforts to send helicopters to
help an unknown number of
other people still in danger
Tuesday.

Queensland state Premier
Anna Bligh said four chil-
dren were killed and there
were "grave concerns" for at
least 11 of the missing. Many
of those still stranded or
unaccounted for are families
and young children, she said.

"This has been a night of
extraordinary events,” Bligh
told reporters. "We've seen
acts of extreme bravery and
courage from our emergency
workers. We know they're
out on the front line desper-
ately trying to begin their
search and rescue efforts,

and we know we have people
stranded and people lost."

She said the death toll
stood at eight, but that “we
expect that figure to rise and
potentially quite dramatical-
ly. "

Queensland has been in
the grip of its worst flooding
for more than two weeks,
after tropical downpours
across a vast area of the state
covered an area the size of
France and Germany com-
bined. Entire towns have
been swamped, more than
200,000 people affected, and
coal and farming industries
virtually shut down.

Monday's flash flooding
struck without warning in
Toowoomba, a city of some
90,000 people nestled in

BAHAMAS
BUSINESS
OUTLOOK

99 2 -

mountains 2,300 feet (700
meters) above sea level.
Bligh said an intense deluge
fell over a concentrated area,
sending a 26-foot (eight-
meter), fast-moving torrent
crashing through Toowoom-
ba and smaller towns further
down the valley.

On Tuesday, the water was
still pushing its way down-
stream, flooding river sys-
tems as it moved toward the
coast. Thousands were being
evacuated from communities
in the water's predicted path
and residents in low-lying
regions of the state capital of
Brisbane — Australia's third-
largest city — were urged to
sandbag their homes.

"We have a grim and des-
perate situation,” Bligh said.

"This took everybody so
unawares that there was no
opportunity in most cases for
people to get to safety."

Rescue workers were bat-
tling more bad weather Tues-
day. Heavy rain and thun-
derstorms were forecast for
the region for most of the
day, which could lead to
more flash flooding, the
Bureau of Meteorology
warned.

Deputy Police Commis-
sioner Ian Stewart said res-
cue efforts were concentrat-
ed on towns downstream of
Toowoomba, including hard-
est-hit Murphy's Creek and
Grantham, where about 30
people sought shelter in a
school isolated by the flood-
waters. News video from late

Monday showed houses sub-
merged to the roof line in
raging muddy waters, with
people clambering on top. A
man, woman and child sat on
the roof of their car as waters
churned around them with
just inches (centimeters) to
Spare.

Among the dead were a
mother and her two children
whose car was swept away in
the floodwaters, Bligh said.
Two other children also were
killed, she said.

In Toowoomba, the waters
disappeared almost as fast as
they arrived, leaving debris
strewn throughout down-
town and cars piled atop one
another.

The flooding in recent
weeks has cut roads and rail

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PEOPLE SURVEY the damage after
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a street in Toowoomba, Australia,
yesterday. (AP)



PEOPLE CLING to railings and
metal fences on a flooded
street in Toowoomba,
Australia, during a flash flood
Monday. (AP)

lines across Queensland, the
state's coal industry has been
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PAGE 12, TUESDAY, JANUARY 11, 2011

THE TRIBUNE



LOCAL NEWS



Organic farm
aking shape
in North Abaco

By GLADSTONE
THURSTON

AN organic farm, 1,500
acres in size, is taking shape in
North Abaco.

Situated on the former Key
and Sawyer citrus operation
in the Norman’s Castle area,
the project is headed by Tex-
an entrepreneur Paul Baker, a
resident of Marsh Harbour.

Bahamas Agricultural and
Industrial Corporation
(BAIC) officials, farmers
associations, co-operatives,
and health conscious con-
sumers were on hand last
weekend to view the new
equipment being brought in
for the project.

Mr Baker pledged to assist
farmers with workshops on
organic techniques, farm
preparation, stock acquisition
and marketing of produce.

The project will include
processing facilities and later
dairy and poultry operations.

He encouraged Bahamian
farmers and food processors
to tap into the estimated $500
million spent each year to
import food products for res-
idents and tourists.

“We’re going to be export-
ing some specialty type prod-
ucts,” said Mr Baker.

“But we are doing this
mainly for Bahamians.
Organics means that you are
not using harsh chemical fer-
tilisers and probably worse of
all, pesticides.







FAMILY GUARD IAN @



ABACO ADMINISTRATOR Theophilous Cox (left), co-operatives soci-
ety president Lennie Etienne (centre) and BAIC assistant general
manager (agriculture) Arnold Dorsett view equipment for the organ-
ic farm operation.

“Pesticides being used in
Mexico, a big food supplier
for the Bahamas, are
absorbed into the produce
which we consume, and that is
one of the biggest reasons we
are having so many cases of
cancers, for example.

“And so we are going back
to organics using material that
is natural in this country to
grow the food. It is a more
expensive process but at the
end of the day it is a lot
cheaper when you look at all

Gladstone Thurston/BIS

those chemicals we consume
and how they manifest them-
selves in our bodies.”

South Abaco Member of
Parliament and executive
chairman of BAIC Edison
Key said he looks forward to
the project with special inter-
est.

“This is a part of my life
out here and just to see it
come back into operation is
a tremendous thing for me,”
he said during a tour of the
facilities.

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INVESTOR PAUL BAKER (left), BAIC executive chairman Edison Key (centre) and Farmers Co-operative
Society president Lennie Etienne check equipment brought in for the organic farm development.

“T know what can be done.
We had established here one
of the largest cucumber farms
in the world. And then we
moved into citrus exporting,
more than 1.2 million bushels
to Florida each year.”

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transferred to BAIC.

They were divided into
five- and ten-acre plots and
leased for farming, particu-
larly to persons from North
Abaco.

“Tf we can develop them as
satellite farms in conjunction
with the organic operation, it
would be a very good thing
especially with the facilities
here to process foods,” Mr
Key said.

Mr Baker assured farmers
that they will have access to
tractors and other farm imple-
ments to assist with field
preparation.

As the operation becomes
established much of the pro-
duce that currently goes to
waste because it did not meet
the government’s packing
house grade will be processed
into other products, he said.

“For example, potatoes will
be used to make French fries
and tomatoes will be canned
or used to make ketchup,” he
explained.

BAIC EXECUTIVE CHAIRMAN
Edison Key (left) discusses the
organic project with (from
right) domestic investment offi-
cer Ayner Cornish, South Aba-
co Farmers Co-operative Soci-
ety president Lennie Etienne,
assistant general manager
(agriculture) Arnold Dorsett,
and South Abaco Farmers
Association president Stephen
Knowles.

North Abaco Farmers
Association president
Stafford Symonette said the
project is a boon for the flag-
ging agriculture industry.

“Tam pleased with what I
have heard about the project
and I believe it will benefit us
all,” he said.

“Once I saw the kind of
equipment he was bringing in,
I realised he was very serious
and that he is here for the
long haul.

“T do believe in the health
advantages of organic farm-
ing and this could be a learn-
ing experience for us. Maybe
we will have to stop using all
those chemicals and adopt
procedures more compatible
with his approach. We can
work together and go for-
ward.

“We have lots of people
who want to farm but farming
is very costly. Mr Baker said
he is going to help farmers
prepare their fields. That
alone would be significant.

“Already he is clearing
farm roads and farmers now
have no problem accessing
their property and so I expect
to see them out in the field
more. I am looking forward
to it,” Mr Symonette said.

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‘Rebuild’ investor

Confidence to
encourage IPOs

* Depressed stock prices
discouraging more Bahamian
firms from going public

* Analysts say share buy backs i
_ BIC sale, both deals could virtually wipe out projected $302m
: deficit for 2010-2011

must not be initiated just to
‘prop up’ share prices



MICHAEL ANDERSON

By NEIL HARTNELL
Tribune Business Editor

“rebuilt” before there is any }
“substantial interest” among
more companies in going pub-
lic, a leading investment }
banker said yesterday, many
having been discouraged by

SEE page 4B

Comptroller denies.
undertaking breach |

By ALISON LOWE
Business Reporter

alowe@tribunemedia.net

The Comptroller of Cus- }
toms yesterday denied claims
his Department was in breach
of an undertaking given by
the Attorney General’s Office ;
by asking companies to return }
forms detailing their sale of }

bonded goods.

Chris Lowe, operations }
Kelly’s }
(Freeport), told Tribune Busi- :
ness yesterday that Customs }
informed all 3,500 Grand :

Bahama Port Authority } By NEIL HARTNELL

i Tribune Business Editor

manager for

SEE page 5B

party and The Tribune can not be held



from the daily report

THE TRIBUNE oo

usine

TUES AY.

SECTION B ¢ business@tribunemedia.net

overnment’s $70m Entrepreneur
BORCO tax windfall

JANUARY

int



2011

Combined with $217m gross proceeds from impending

One-off inflows from both transactions could even leave

BORCO net debt is $279.3m

By NEIL HARTNELL
: Tribune Business Editor

The Government will earn

? a $70 million bumper tax
? windfall from Buckeye Part-
? ners’ $1.36 billion acquisition
: of a majority 80 per cent stake

Bahamian investor confi- }
dence in equities needs to be }

in the Bahamas Oil Refining

Company (BORCO), Tri-
bune Business can reveal,
which, when combined with
the $210 million proceeds
from the impending Bahamas
Telecommunications Compa-
ny (BTC) sale could wipe out
much of this year’s fiscal
deficit.

Ingraham administration with $60m surplus on GFS measure

The two one-off transac-
tions will be music to the ears
of a hard-pressed Public Trea-
sury, which has been forced
to borrow to meet civil ser-
vice payrolls after tax rev-

SEE page 4B

GOVERNMENT MUST GET ON

‘MESSAGE’ IN MEDICAL TOURISM

* Doctors Hospital chief says it must ‘fix’ failure to co-ordinate marketing with private
sector if Bahamas to make inroads into what can be ‘key industry’ for nation
* Renews call for duty and work permit incentives, something been calling for over

past 20 years



BARRY RASSIN

The Government must

i “fix” the failure to co-ordi-
i nate its “message” with the
i private
i Bahamas is to make inroads
i into the multi-billion dollar
i medical tourism industry,
? Doctors Hospital’s president
i has told Tribune Business.

sector if the

Barry Rassin, in an exclu-

i sive interview with this
i newspaper, said that too
i often the Government was
: communicating a different
i message to the one deliv-
: ered by the private sector
? when they went out to mar-
: ket what this nation had to
i offer in terms of medical and
i tourism facilities.

Hinting that this was a

: potential obstacle to efforts

The information contained is from a third}

: by Doctors Hospital and

responsible for errors and/or omission} :

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others to build a competi-
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need to co-ordinate. The
Bahamas should co-ordinate
the private and public sec-

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‘degrades’ use
of styrofoam

Eco-friendly promoter seeking duty reduction help

By ALISON LOWE
Business Reporter
alowe@tribunemedia.net

A young businesswoman intends to inspire Bahamian
businesses to “go green” and ditch Styrofoam food and
beverage containers in favour of an environmentally-friend-
ly alternative.

Tejada Sands, proprietor of Bioshell Bahamas, is also
hoping the Government may consider reducing the import
duty on the biodegradable containers - which is currently
higher than for regular plastic containers, at 45 per cent - as
ameans of stimulating extra interest in the products.

“The idea began with a trip to San Salvador with a friend
who studies the reef. The reefs are dying because of trash

SEE page 2B
$10m pumped into
farming operation

1500-acre project cold generate
‘150 to 200 Bahamian jobs’

: By ALISON LOWE
: Business Reporter
; alowe@tribunemedia.net

A Texan entrepreneur has poured $10 million to date

into a 1,500 acre farming operation in Abaco, touted as
: having the potential to create “150 to 200 Bahamian jobs”,
; Tribune Business has learned.

Four boat loads of heavy equipment reached the farm site

i over the Christmas season, and it is expected that American
: investor Paul Baker will now spend further millions bring-
? ing the farm into operation, with the hope of making a dent
; in the Bahamas’ almost $500 million annual food import bill.

Fruits and vegetables - such as potatoes, legumes and

rootcrops - as well as cattle for both beef and dairy products,
? will be farmed by the company, to be called Abaco Foods
i Limited.

Eventually, a food processing plant that could produce

i products such as ketchup and tomato sauce - and more
: jobs - is envisaged.

tor. “The Government is |
doing it’s thing, we’re doing :
our thing. So when we’re }
giving a message, we’re not }

The farm is located in the Norman’s Castle area of Aba-
co, on the former Key and Sawyer Citrus farm, owned by
current Bahamas Agricultural and Industrial Corporation

SEE page 2B

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PAGE 2B, TUESDAY, JANUARY 11, 2011

THE TRIBUNE

















‘degrades’ use
of styrofoam

FROM page 1B

down there, and there’s so much litter, with Styrofoam con-
tainers and plastic all over the road.

“My friend is from California, where they have banned
Styrofoam food containers, and between the two of us we
came up with the idea to introduce an environmentally-
friendly alternative into the Bahamas,” said Ms Sands, who
set up Bioshell Bahamas nine months ago.

To date, Bioshell has attracted consistent business from
two resorts in Long Island - Stella Maris and Cape Santa
Maria - as well as from Ardastra Gardens Zoo in New Prov-
idence and “a few other” companies.

Ms Sands hopes that in the coming year she will be suc-
cessful in increasing awareness of the benefits of switching
from Styrofoam - the brand name for polystyrene - and
plastic to the disposable biodegradable alternatives, which
can be made from sources such as corn, sugar cane and pota-
toes, and break down within months of disposal.

Styrofoam, the plastic foam which most Bahamian restau-
rants and cafes use in the form of “clamshell”-style con-
tainers to place food sold to their customers in, can take up
to 500 years to degrade, clog landfills and oceans, and can
cause harm to both humans and wildlife. It is made from
non-renewable petro-chemicals.

Toxic

The plastic foam gives off toxic fumes when burnt, and can

break down when heated in a microwave, espe-
cially if in contact with fatty foods
such as meats and cheeses, causing
chemicals to enter into the food we
eat and, by extension, ourselves. If
eaten by animals or sealife it will
block the digestive tract.

It has been banned for environ-
mental and health reasons in parts of
California and Canada, and Port-
land, Oregon. Meanwhile, discus-
sions are underway in other parts
of the US, such as Chicago and New
York, on the benefits of ditching
Styrofoam.

Ms Sands, a marketing major, said
she hopes her company will benefit the Bahamas in the
long term. “I want to contribute to my country,” she told Tri-
bune Business. “I’m definitely going to be working on mak-
ing more people aware (of the benefits of biodegradable
alternatives to styrofoam/plastic containers).”

In this regard, Bioshell intends to again be active in the
National Coastal Awareness campaign this year, and will be
raising its profile through involvement in the ‘Love Yourself
and Your Health’ health promotion campaign, which was
launched at the start of the year by DJ Chrissy Love and the
SEEDlings Place.

Meanwhile, having approached the Government last year
about a duty reduction on the eco-friendly products - the
Government has previously indicated it is in favour of sup-
porting the introduction of environmentally-friendly prod-
uct alternatives into the Bahamas through tax reductions or
elimination - Ms Sands said she hopes she can see progress
this year. Yesterday, Minister of the Environment, Earl
Deveaux, said he “supports the conceptual basis of the
product” being sold by Bioshell, and has asked Ms Sands to
“provide the Government with specific characteristics so
that it could get a specific category in the Tariff Act to dis-
tinguish and support it”.

Ms Sands also believes the cost of the Bioshell containers
can be diminished with increased demand for biodegradable
products. At present, a 10 oz cup made from Styrofoam
costs around seven cents to import into the Bahamas, while
one made from renewable sources carries a cost of around
10 cents.

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Entrepreneur Mobilise those who

make a difference

BY LARRY GIBSON

It’s been quite a while since
this column last appeared. I
am happy to say I am back,
and will hopefully continue
to write thought-provoking
articles for the enjoyment of
my readers. Let me begin by
wishing you all good health,
and a safe and successful
2011.

These have been challeng-
ing times, more difficult than
most of us would have ever
experienced previously in our
lives, or indeed imagine.
However, notwithstanding
our immediate circumstances,
it is important that we look
to the future with a degree of
optimism.

Worst is over

Economic indicators sug-
gest the deterioration in the
economy has bottomed, and
improvement is starting to
become apparent. The Inter-
national Monetary Fund
(IMF), in its latest assessment
of the Bahamas, suggests that
for 2010 we would have had
economic growth of 0.5 per
cent. For 2011 it is projecting
growth of 1.5 per cent, and
2.5 per cent per annum there-
after through 2015.

While it will be a while
before the average man on
the street feels the recovery, it
is absolutely essential that the
Government pursues policies
that engender confidence for
investors, businesses and indi-
viduals to once again invest
in the Bahamas. While most
individuals are struggling to
make ends meet on a day-to-
day basis, there are many suc-
cessful Bahamians who are
liquid and/or have access to
funding. They can make a dif-
ference. It is this group that
we need to harness in the first
phase if we are to get this
economy flowing again.

Truth be told, the Govern-
ment’s ability to provide addi-
tional stimulus, beyond what
has already been rendered, is
limited in the face of the huge
deficits that have already

FROM page 1B

(BAIC) chairman Edison
Key and his partner, Mor-
ton Sawyer. Mr Baker is
understood to be leasing the
land, although it is not clear
if this is from the Govern-
ment or a private individual.

Speaking with Tribune
Business yesterday, Minis-
ter of Agriculture, Larry
Cartwright said: “The last I
heard was that he had put
in his application for duty
concessions relating to the

i



been incurred. As at June
2010, government debt stood
at 47 per cent of GDP and
public corporations’ debt
(much of which is government
guaranteed) was an addition-
al 12 per cent of GDP. For
reference purposes, the IMF
recommends this ratio not
exceed 37 per cent. Contin-
ued government borrowing at
recent levels is unsustainable
in the short-term and long-
term. The consequence of
ignoring signs of over-bor-
rowing can be brutal and most
painful...just ask Greece, Por-
tugal and Ireland.

Instilling Confidence

There are probably two
dozen entities operating
throughout the Bahamas who
have the wherewithal to
mobilise significant levels of
investment via business
expansion or new projects
that can make a difference in
our economy. Who is reach-
ing out to these entities
(which can be companies,
groups or strategic individu-
als) in a systematic way?
What are their concerns?
What would encourage them
to invest? Are they in step
with current policies or are
they strongly opposed? Can
there be a middle ground so
that a win-win situation is cre-
ated? I humbly submit that
somebody needs to ask these
persons.

I also believe there is
another benefit to bringing
these folks together. These
groups, or representatives

Financial

By Larry Gibson

thereof, do not necessarily
naturally interact with each
other or travel in the same
circles. Therefore, facilitating
their interaction could pro-
duce additional mutual bene-
fits. In order for such an ini-
tiative to be successful, we
must be mature enough to
recognise that this group must
include those with FNM lean-
ings, PLP leanings and apo-
litical leanings (if such an ani-
mal exists in the Bahamas).
It is time we as a nation learn
to develop national goals and
policies, and approach them
with a national pragmatism
that would see them through
to completion.

Sale of BTC

The biggest topic of discus-
sion nationally at the moment
is the pending sale of the
Bahamas Telecommunica-
tions Company (BTC). I will
confine my comments at this
stage to general observations,
as I have not seen the Memo-
randum of Understanding
(MOU), which is supposed to
be released shortly. General-
ly speaking, I am a supporter
of privatisation and competi-
tion, and I believe the long-
term benefits will outweigh
any short-term negatives.

Tam amazed by the amount

of misinformation, mischief

and distrust that this process
continues to generate. It
would be most useful, and in
the public’s interest, if the full
details of the previously pro-
posed Bluewater transaction
and the current Cable &

Wireless transaction were
released - thus enabling objec-
tive analysis and honest com-
mentary.

Further, I am uncertain
whether there is a strong par-
allel between the conditions
that led to the 1958 General
Strike and the situation today
arising from the privatisation
of BTC. Would there be the
same level of support by
workers for a general strike
today? This is something that
only the workers of the
Bahamas can answer. How-
ever, it should be recognised
that organised labour has a
right to act in concert to have
their voices heard, provided
they do so within the para-
meters of the law.

Many persons’ have
expressed disappointment
over the number of personal
attacks and unsavoury com-
ments being made by individ-
uals from all sides in the pri-
vatsation process. In the final
analysis, personal character
attacks will have absolutely
no bearing on the ultimate
outcome. The sooner the
MOU is placed in the public
domain, the better. No doubt,
there will be multiple levels
of debate — the official one in
the House of Assembly, and
others in the court of public
opinion.

Until next week...

NB: Larry R. Gibson, a
Chartered Financial Analyst,
is vice-president - pensions,
Colonial Pensions Services
(Bahamas), a wholly-owned
subsidiary of Colonial Group
International, which owns
Atlantic Medical Insurance
and is a major shareholder of
Security & General Insurance
Company in the Bahamas.

The views expressed are
those of the author and do
not necessarily represent
those of Colonial Group
International or any of its sub-
sidiary and/or affiliated com-
panies. Please direct any
questions or comments to
Larry.Gibson@atlantic-
house.com.bs

$10m pumped into
farming operation

agricultural materials and
was setting up his operation.
I’ve gotten no indication
when it will be up and run-
ning.”

He noted that Mr Key














Open
Saturdays

10.00arm-
2.00pm




was most intimately
acquainted with the project,
which is located four to five
miles outside of Treasure
Cay. Mr Key visited the
Abaco Foods site this week-
end and could not be
reached up to press time as
he was said to still be on the
island.

Tribune Business under-
stands that Mr Baker first
signed a deal to develop the
farm in May 2010. Prior to
this he had for some years
been interested in investing
in lion fish research and the
development of equipment
that would have the poten-
tial to capture more of the
invasive species, which has
threatened Bahamian fish-
eries.

Farming

“Then Edison Key spoke
to me about doing some
farming and we talked and
talked, and now here we
are!” Mr Baker was quoted
as telling the Abaconian
newspaper earlier this
month during a site visit.

Tribune Business was
unable to reach Mr Baker
yesterday for comment.
However, in the interview
with the Abaconian news-
paper the investor revealed
he intends primarily to sell
products from Abaco Foods
within the Bahamas, with
the potential for a small
number of “specialty” goods
to be sold abroad.

“We have plans to create
employment for a lot of peo-
ple, and we are going to try
to employ as many Bahami-
ans as we can,” he said.

While it is not clear what
Mr Baker’s other ventures
may be, Mr Cartwright told
Tribune Business that “by

all reports he has been
involved in farming all of his
life”.

Sources in Abaco sug-
gested the entrepreneur is a
“private individual” who
flies into the islands onboard
his own luxurious jet, and
has a number of business
interests which he has been
tightlipped on discussing.

Nonetheless, Mr Baker
has been vocal about his
hope that the establishment
of Abaco Foods will benefit
not only his bottom line, but
the Bahamas and Bahami-
an farmers. Bahamian farm-
ers are to be given access to
plots on 500 acres of land
adjacent to Mr Baker’s
farm, which has been
cleared.

Apart from having access
to heavy machinery and,
eventually, food processing
facilities owned by Abaco
Foods for their own use, Mr
Baker has said he intends to
organise workshops on
organic techniques, farm
preparation, stock acquisi-
tion, and the marketing of
produce to assist Bahamian
producers. Mr Baker is also
investing in the reconstruc-
tion of a badly degraded
access road that will help
other nearby farmers trans-
port produce and equipment
to and from their farms.
North Abaco Farmers Asso-
ciation president, Stafford
Symonette, said the project
is a boon for the flagging
agriculture industry.

“T am pleased with what I
have heard about the pro-
ject and I believe it will ben-
efit us all,” he said.

"Once I saw the kind of
equipment he was bringing
in, I realised he was very
serious and that he is here
for the long haul.”


an
IY

THE TRIBUNE



(cn)
IY

TUESDAY, JANUARY 11, 2011, PAGE 3B



Attorney
hits back at
‘corruption’

claims

By ALISON LOWE
Business Reporter
alowe@tribunemedia.net

A leading financial services
stakeholder yesterday hit
back at claims published in a
top UK newspaper that the
Bahamas remains an offshore
jurisdiction “rife with secre-
cy, corruption and intimida-
tion”, where illicit money can
be deposited by anonymous
sources despite a tightening
of regulation over the last
decade.

McKinney, Bancroft and
Hughes senior partner, Brian
Moree QC, said it was “sim-
ply not fair” that such an
accusation could be made
considering steps taken to fur-
ther legislate and regulate the
sector in recent times.

“IT am surprised a
respectable newspaper in
London would just print that
because we have some of the
toughest laws of all countries.
You can open a bank account
in London or New York with
half the red tape and time you
have to go through in the
Bahamas,” Mr Moree said.

“In fact, many think the
pendulum has swung so far
the other way it is to some
extent retarding business, so
to suggest there is an open
sesame for illicit funds is
incorrect.”

The Guardian in London
published two extracts from
a book entitled “Treasure
Islands: Tax Havens and the
Men Who Stole the World’
by author Nicholas Shaxson
over the past weekend.

Drawing on allegations by a
former banker who claims to
have worked in the Bahamas
in several different financial
institutions, the author sug-
gested that secrecy and the
potential for money launder-
ing remains rife.

The banking source, who
told the author she worked as
a client relationship manager
for the private banking arm
of a well-known international
bank in this nation, and ulti-
mately for a “boutique pri-
vate Swiss bank”, suggested
that although “laws were
tightened a little” in the
Bahamas in response to a
“feeble global crackdown” in
the early part of the last
decade, this did not stop ques-
tionable banking practices.

“These days, offshore
bankers make a big show of
their Know-Your-Customer
rules to keep out the bad
money...That, at least, is the
theory. But there are many

ways around the restrictions,”
the article stated.

The extract claims the
banker, employed as a com-
piance officer at the time,
“was supposed to check for
suspicious movements
through the accounts” at one
private Bahamas-based bank.
She found many and “raised
many red flags”, but was giv-
en unsatisfactory responses
from her seniors.

“They (the managers)
would say: ‘This was a com-
mission’. Were these bribes?
Commissions on what? I went
back and never got an
answer’,” the banker alleged.

“One Swiss-based trust that
had a relationship with her
bank displayed almost noth-
ing on its website, bar some
photos of a nice fountain in
Geneva. ‘The crap they
brought to us was unbeliev-
able. There is no way a
responsible trustee should
take this on. You have no
idea who the trust settlors
were, what the assets were or
where they came from. I
objected strongly but the
bank took them on’,” the
banker told the author.

The book suggests that the
Bahamas environment is one
which tends to “stifle dissent”
and “suppress troublemak-
ers”, with international
financiers “reassured that
local establishments can be
trusted not to allow democ-
ratic politics to interfere in
the business of making mon-
ey”.

The banker, who has now
left The Bahamas, suggests
she is “trying to come to
terms with her past life”, and
the author himself charges
that he was told by a practi-
tioner in the Cayman islands
that if he was to probe such
allegations in the Bahamas he
would need to be careful of
his “personal safety”.

In writing the book, the
author purports that he had
been hoping to explore “a
question that had been nag-
ging me: How do bankers
who shelter the wealth of
gangsters and corrupt politi-
cians justify what they do?”

But Mr Moree said “the
fact of the matter” is that
banks “simply cannot conduct
business with non-compliant
money these days” in the
Bahamas.

“Anyone who took time to
become familiar with the cur-
rent legislative landscape in
the Bahamas with regard to
financial services would, I
think, agree that we have very

NCCU UT Teyana LEK)

Ge



Krys Rahming & Associates, the Bahamas-based corporate
recovery, insolvency, and forensic accounting specialist firm, is
changing its name to KRyS Global with effective from yester-

day.

The new name is intended to highlight the company’s recent
growth and expansion to additional international markets.

"With offices in four countries, we are in a strong position to
offer solutions in key offshore centres in the Caribbean,” said
company founder and chief executive, Kenneth M. Krys.

"Our continually expanding international and cross-border
experience now positions us to enter into strategic alliances with
firms worldwide. We hope our coming together as KRyS Glob-
al will demonstrate our growth and expansion, as well as the cul-
ture of an independent organisation that is not only forward
thinking but also international in breadth and highly person-

alised service."

The newly-named KRyS Global has offices in four jurisdic-
tions - the Cayman Islands, British Virgin Islands, the Bahamas

and Bermuda.

"Since opening Krys Rahming & Associates, we have lever-
aged the firm's international network to grow the firm and
add greater value to our clients. The global nature of the busi-
ness requires that we have a single identity across the region,
particularly as the firm grows," said Ed Rahming, managing
director of Krys Rahming & Associates.

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

strict anti-money laundering
rules and regulations, and
very robust oversight provi-
sions by regulators, and that
non-compliant money is no
longer welcome in the
Bahamas,” Mr Moree said.

“While one can never say
that our system can never be
abused by persons seeking to
do wrong doing, our system
now is tougher and more
robust than in most other
countries, and you simply can-
not really conduct business
with non-compliant money
these days.”

The top attorney said he
believes the Government,
through passing additional
and amended legislation and
“beefing up our regulatory
structure”, has “demonstrated
unequivocally its commitment
to ensuring the jurisdiction is
a well-regulated, premier
intentional financial centre
which conducts business in
accordance with the best
standards”.

“T think the regulators
themselves have also done
that through issuing guide-
lines to cover the various sec-
tors of the financial services
industry,” said Mr Moree.

Minister of State for
Finance with responsibility for
financial services, Zhivargo
Laing, did not return calls and
e-mails seeking comment up
to press time yesterday.

Bahamas’ ‘great

Dr. BARRY RUSSELL

The Bahamas continues to have “great
prospects for world scale” oil and gas dis-
coveries, a senior executive with an oil explo-
ration company believes.

Dr Paul Crevello, director and chief oper-
ating officer of the Bahamas Petroleum Com-
pany, who will address Thursday’s Business
Outlook conference on the past, present and
future of oil exploration in the Bahamas,
said: “Over 60 years of sporadic exploration
has been conducted in the Bahamas.

“However, there has been very little explo-
ration and drilling activity, with no explorato-
ry drilling in the last 20 years, and much of
the seismic acquisition activity occurred more
than 20 years ago.

“With the benefit of modern knowledge
and technologies, the company is proud to
have been able to shed light on the very great
prospectivity of the Bahamas for world-scale
oil and gas discoveries. With the world ever
hungrier for new large oil and gas provinces,
particularly in democracies close to North
America, our work is set to achieve a large
increase in value for the people of the
Bahamas, our shareholders and oil and gas
consumers in general.

“Our directorate is skilled in finding and
developing new oil and gas fields in over-
looked, forgotten and new areas, and has an
outstanding track record of discovery and
development. We look forward over the next
few years to bringing discoveries into pro-
duction.”

Dr Crevello joined Bahamas Petroleum
Company in November 2006, when it was a
private company founded by Alan Burns of

DR. PAUL CREVELLO

Perth, Australia. The company was granted
five exploration licences by the Bahamas in
2007, followed by a listing on the London
Alternative Investment Market (AIM) in
August 2008. Its corporate headquarters is in
the Isle of Man, and exploration/operations
are managed from Nassau.

Another Bahamas Business Outlook
speaker is orthodontist Dr Barry Russell,
founder of The Bahamas Orthodontic Cen-
tre, which has expanded from two staff in
1991 to its current level of 18, with operations
in both Nassau and Freeport. The company
was named as the Chamber of Commerce’s
2010 Business of the Year for firms with 50
employees or less.

Dr Russell will be speaking on the topic
Successful Entrepreneurship in the Profes-
sional Service Sector: What will it take in this
Season.

Arguing that “hard work alone will not
suffice”, Dr Russell will urge Bahamian
entrepreneurs in the professional services
sector to possess a first-world mindset if they
want to compete.

“As this is a very significant year for us, we
intend to make this a very significant con-
ference,” said Joan Albury, president of con-
ference organisers, The Counsellors.

“We are geared up to touch on every
aspect of this country’s economy and more.
Our slate of speakers will address a wide
range of topics that will bring an awareness to
conference goers of what is happening in our
country in terms of our economy and gener-
ally.”





-
pwe

Job Description

Requirements

three (3) years.

qualification.

and data.



POSITIONS AVAILABLE FOR
SPA SENIOR ASSOCIATES

Human Capital Leader

PricewaterhouseCoopers has vacancies for qualified Senior Associates within our Systems
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services related to controls around the financial reporting process, including business
process and information technology management controls.

Proven experience in identifying, evaluating and testing information technology and/or
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A strong academic record and has a professional accountancy qualification and/or the CISA

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COBIT) and testing strategies.

The positions offer challenging work in the financial services industry and other areas of
industry and commerce. The salary scale, which recognizes different levels of experience
and skill, is designed to reward high performance. In addition, the Firm provides excellent
medical insurance and provident fund benefits.

Please submit an application letter with your Curriculum Vitae to:

“SPA Senior Associate Position”

PricewaterhouseCoopers
P.O. Box N-3910
Nassau, The Bahamas




PAGE 4B, TUESDAY, JANUARY 11, 2011

THE TRIBUNE



Government's $70m
BORCO tax windfall

FROM page 1B

enues nosedived due to the recession, and was projected to
incur a total $302 million deficit for the 2010-2011 Budget
year.

The BORCO tax payment was revealed in the prospectus
issued to potential investors in New York Stock Exchange
(NYSE)-listed Buckeye Partners’ $650 million private place-
ment, which was issued to help finance BORCO’s purchase
from energy private equity fund, First Reserve Corporation.

The prospectus said Buckeye Partners was paying $1.36 bil-
lion, less First Reserve’s 80 per cent share of BORCO’s net debt
totalling $223.5 million, plus “estimated Bahamian transfer
taxes payable in connection with the transaction of $70 million”.

That $70 million, combined with the $217 million the Gov-
ernment says will be raised from selling a 51 per cent BTC stake
to Cable & Wireless Communications ($210 million in pur-
chase price, $7 million in Stamp Tax), means the Government
will enjoy a potential $287 million gross revenue windfall that
it did not account for in its 2010-2011 Budget.

The net return to the Treasury from both deals is uncertain
given, for example, the Government needing to cover the BTC
employee pension plan deficit, but there is little doubt that
the two deals will cover a substantial portion of the anticipat-
ed fiscal deficit for the year to June 30, 2011.

The Government projected last year in its Budget that it
would incur a total fiscal deficit of $302 million for fiscal 2010-
2011. Therefore, those collective $287 million proceeds could
narrow this to just $15 million.

And, given that the GFS fiscal deficit measurement stood at
$227 million, stripping out $75 million in debt principal redemp-
tion, the $287 million proceeds could leave the Government
looking at a $60 million surplus under this method.

That assumes a lot, of course, but could also create the fiscal
headroom for the Government to deliver an ‘election budget’
this May, as it will likely be the last one before the next general
election. James Smith, former minister of state for finance in the
2002-2007 Christie government, alluded to this in an interview
with Tribune Business last week, telling this newspaper that
unanticipated revenue flows from the BTC and BORCO trans-
actions could “artificially bump up” government revenues.

He warned, though, that this could disguise the weakness in
the “fundamental elements” of the Budget.

Meanwhile, revealing that it was seeking to close BORCO’s
purchase by April 18 this year, Buckeye Partners said it was
aiming to repay all the debt held by the Freeport-based oil stor-
age facility’s parent company.

“Tt is our intention that all of FRBCH’s [BORCO’s parent’s]
outstanding net indebtedness ($279.3 million as of Septem-
ber 30, 2010, comprised of $279.3 million of indebtedness for
borrowed money, plus $19.2 million of hedges, minus $39.8
million of cash) will be repaid, which payoff will be funded by
our contribution to the capital of FRBCH of an amount equal
to such net indebtedness,” Buckeye Partners disclosed.

“In connection with the closing, we intend to make a con-
tribution of capital to FRBCH in an amount sufficient for
FRBCH to repay its net indebtedness, and to make a pay-
ment to Vopak and certain members of BORCO manage-
ment that will be due five days following closing of the BOR-
CO acquisition.”

Vopak, BORCO’s operating partner, has until Friday to
decided whether it wants to cash out, too, and sell its 20 per cent
equity stake to Buckeye Partners. Its operating agreement is
until April 29, 2013, and if this is not renewed it can be termi-
nated on every two-year anniversary from that date.

“In connection with the pending BORCO acquisition, we
obtained a commitment from the underwriters to arrange cer-
tain senior unsecured bridge loans in an aggregate amount up
to $595 million (or up to $775 million in the event we also
purchase Vopak’s 20 per cent interest in FRBCH, and such pur-
chase occurs concurrently with the purchase from First
Reserve),” Buckeye Partners added.

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GOVERNMENT MUST GET ON
‘MESSAGE’ IN MEDICAL TOURISM

FROM page 1B

giving a co-ordinated one. That’s a mis-
take, and the Government should fix
that.”

The mixed marketing/promotional
message could thus confuse the large
US employers, facilitators and insur-
ance companies the Bahamas must
pitch to, in what Mr Rassin referred to
as “the fastest growing sector in health-
care in the US”.

Just how competitive the medical
tourism sector was, he added, was
brought home to him when he attend-
ed last September’s Medical Tourism
Congress in California, at event at
which 45 different countries exhibit-
ed.

“Our proximity and being English-
speaking are very big,” Mr Rassin told
Tribune Business. “It’s a known entity.
People know the Bahamas. It’s a nice
place to go, and we have a lot of bene-
fits that could make this a key industry
for the country.”

“Rather than jump in”, Mr Rassin
explained that Doctors Hospital had
planned its entrance into medical
tourism carefully, “putting all the
pieces in place”. The attaining of Joint
Commission International accredita-
tion last June - a standard that signals
to Americans that Doctors Hospital is
the equal of any US hospital in terms
of quality care and outcomes - was the

first piece in the jigsaw, and everything
else has flowed from that.

Mr Rassin said JCI accreditation
assessed whether Doctors Hospital not
only had the correct written policies
and procedures in place, but had imple-
mented them.

“Staff have to understand them, live
them, work with them every day,” he
explained. “We’re living in a culture
that is not used to that type of struc-
ture, so part of it was changing the cul-
ture, which I’m pleased to say we’ve
done.”

Support

Asked what the Government needed
to do to support Doctors Hospital’s
efforts, Mr Rassin replied: “The ease of
getting licensure in terms of surgeons
coming in. The liability protection is
important for us.

“For us to become more competi-
tive, and therefore increase market
share, we still need these concessions
that most medical facilities get in most
countries,” the Doctors Hospital pres-
ident added, referring to the BISX-
listed healthcare provider’s repeated
attempts to obtain customs duty
exemptions on imported medical
equipment and technology.

Currently, Doctors Hospital pays the
full duty amount, and it has also been
secking reduced work permit fees. Mr

Rassin said the company spent
“$300,000-$400,000 in work permit
fees” per annum.

“We need concessions to reduce
these costs further,” he explained to
Tribune Business. “We’ve tried to
explain this to government for 20 years.
If we can reduce our cost base, reduce
charges, it will make us more compet-
itive in the international market, and
with the savings it will help local insur-
ance companies.”

With major employers and insurers
in the US wanting to know the exact
costs incurred in sending someone
abroad for healthcare treatment, Mr
Rassin said Doctors Hospital was
working on developing “package pric-
ing” for all the treatments it would
offer.

Its High Intensity Focused Ultra-
sound (HIFU) prostate cancer treat-
ment centre was already gaining 15-20
patients per month, bringing them in at
weekend, doing the surgery in two
days, and then sending them home.

While the revenues from the HIFU
initiative had not been “large enough
to say they’ve made a gigantic impact”
on Doctors Hospital’s revenue streams
since it started in 2008, Mr Rassin
added: “It’s kept us going. It’s a pro-
gramme that’s been stable throughout,
which is always good in a recession to
have.”



‘Rebuild’ investor confidence to encourage IPOs

FROM page 1B

the failure of existing stocks to
reflect their true value.

Michael Anderson, Royal-
Fidelity Merchant Bank &
Trust’s president, told Tri-
bune Business that the 2001-
2004 and 2008-present reces-
sions had dampened investor
demand for stocks. And, with
potential buyers increasingly
“tisk averse”, Bahamian com-
panies were reluctant to come
to market because they were
uncertain whether they could
“come out at a reasonable
price”.

He was backed by Ken-
wood Kerr, Providence Advi-
sors’ chief executive, who
agreed that Bahamian com-
panies had been discouraged
from going to the equity mar-
kets as a result of existing
stocks failing to reflect their
underlying earnings and fun-
damentals, due largely to an
illiquid market featuring a
surplus of small retail sellers
depressing many share prices.

Speaking in the wake of
AML Foods unveiling a stock
repurchase programme that
could see the company buy
back up to 10 per cent of its
outstanding stock, some 1.5
million shares, over a three-
year period, Mr Kerr told Tri-
bune Business that companies
should not engage in such
activity merely to “prop up”
their stock price.

Meanwhile, both Mr
Anderson and Mr Kerr point-



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Nassau, The Bahamas

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



KEN KERR

ed out that the last true initial
public offering (IPO) in the
Bahamas was Freeport Con-
crete, a company that has
ceased trading, in 2001.

The RoyalFidelity presi-
dent said that following the
2001-2004 fall back in
Bahamian share prices, which
“really saw companies lose
value, it took a while for com-
panies’ share prices to get
back to reasonable values”.

Investors looked for cer-
tainty that the downturn was
over, Mr Anderson said, and
confidence ultimately
returned to produce three
good years for the Bahamian
stock market between 2005-
2007. However, the recession
saw prices - and investor
appetite and interest - take a
further nosedive from 2008
onwards.

Mr Anderson said the two
market recessions over the
past decade had “dampened”
institutional and retail

appetites for Bahamian equi-
ties, and the resulting fall-out
had been to discourage fur-
ther IPOs by companies who
were unsure whether they
would be able to float at a
price that reflected their cur-
rent - and future - earnings
and underlying fundamentals.
“We need to rebuild peo-
ple’s confidence in equities
before we see any substantial
interest in companies coming
to market,” Mr Anderson told
Tribune Business. “Hopefully,
Heineken will be the start of
bringing good, profitable
companies to market.”

Negative

Despite the seller surplus
and “kind of negative attitude
to equities”, the RoyalFideli-
ty president said it would be
“interesting to see how
Heineken does” whenever
the estimated $60-$65 million
Commonwealth
Brewery/Burns House IPO
comes to market.

Mr Anderson pointed out
that it was a company that
was well-understood by
Bahamians with good “upside
potential”. He added: “Peo-
ple buy liquor, it happens
every day, and it will go out
with a proven business case
for it.”

The 1994-2001 period had
seen “strong gains and inter-
est in the equity market
because of the upside”, and
Mr Anderson said that while
investors then had been buy-

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ing companies with strong
track records and increased
future profit potential, some
of the latter [POs may have
seen Bahamians buy into
companies “without the great
potential and track record”.

Providence Advisors’ Mr
Kerr agreed, telling Tribune
Business: “I think these kind
of results to date have impact-
ed a lot of companies’ deci-
sions not to go public, because
you can never realise the true
value of your earnings. Never
mind that you have consistent
revenue and earnings growth,
you never see it reflected in
the share price.”

Mr Kerr said this was true
of the likes of Commonwealth
Bank, which had enjoyed a
record year, plus Colina
Insurance, which had seen
record sales and earnings “for
two years ina row”.

“So what’s happening?
Why aren’t these fundamen-
tals being reflected?” Mr Kerr
asked. “There’s two elements.
The smart money is not enter-
ing to big up these funda-
mentals, even for companies
that have solid management
and revenue and earnings
growth. The retail people
have no confidence and are
not investing, and those peo-
ple who have more shares
lack the capital to buy more
and probably need to liqui-
date.”

With companies increas-
ingly cost-conscious as a result
of the recession, Mr Kerr said
the listing and registration
fees associated with BISX list-
ings could act as a further
impediment to companies
going public.

Yet, referring to AML
Foods’ share buy back plan,
Mr Kerr said: “You do not
want companies buying back
their shares for the sake of
buying back their shares, just
to prop up the share price,
where there’s no rationale for
doing so.”

In AML Foods’ case, with
the company set to declare
dividends, by acquiring
increasing amounts if its own
stock, it would reclaim
increasing dividend sums that
could be retained in the busi-
ness.

“That money can be used
to reinvest in the company,
thus getting a return by buy-
ing back shares,” Mr Kerr
explained. “Just to prop up a
company that has no or weak
fundamentals is not the right
thing to do. But, in this case,
the experience to date is that
minor share sales have
depressed market capitalisa-
tion and share values. It’s dis-
ruptive for portfolio man-
agers, as it creates price
volatility that impacts portfo-
lio values.”

Mr Anderson added that
while some Bahamian stocks
had been “beaten down”, and
a share buy back would make
sense, it was “not the right
reason” to launch one just to
prop up the share price.


an
IY

THE TRIBUNE

(cn)
IY

TUESDAY, JANUARY 11, 2011, PAGE 5B













Ford plans to |

hire 7,000
workers
hy 2012

DEE-ANN DURBIN,
AP Auto Writer
DETROIT

Ford Motor Co. says it
will add more than 7,000
workers in the U.S. over the
next two years, including
750 engineers with expertise
in batteries and other
advanced technology, as it
begins producing several
new vehicles.

The company plans to hire
4,000 manufacturing work-
ers this year. Almost half
those workers will be at the
Louisville Assembly Plant in
Kentucky that will make the
new Ford Escape starting
late this year. It expects to
add at least 2,500 new manu-
facturing jobs in 2012.

The 750 engineers that
Ford plans to hire will work
on hybrid and electric vehi-
cles.

The company said it is
beginning a recruiting effort
this week in Detroit and
either other cities, including
San Jose (California), and
Raleigh and Durham (North
Carolina).

Ford introduced three
future electric and hybrid
vehicles Monday at the
Detroit auto show, including
an electric version of the
Ford Focus which will go on
sale in the U.S. later this
year and hybrid and plug-in
hybrid versions of the C-
Max minivan which will go
on sale in 2012.

Ford said the plug-in
hybrid C-Max will be able to
go 500 miles (800 kilome-
ters) using a combination of
its battery and gas engine,
while the hybrid version will
get better fuel economy than
the hybrid Ford Fusion
sedan, which gets 41 miles
per gallon (17.5 kilometers
per liter). The plug-in hybrid
will be able to go longer dis-
tances on battery power
alone than the regular
hybrid, although Ford won't
release exact distances yet.

The electric Focus will be
Ford's first electric car on
the market, although it cur-
rently sells an electric ver-
sion of its Transit Connect
van.

Ford didn't say how much
the vehicles will cost, but
Chairman Bill Ford said
they will be "competitive"
with other electrics and
hybrids on the market. The
Nissan Leaf electric car,
which went on sale last
month, costs $32,780, but
buyers are eligible for a fed-
eral tax credit of $7,500.

"We're doing everything
we can to make these vehi-
cles as affordable as possi-
ble," President and CEO
Alan Mulally said. Adding
hybrid and electric systems
to established vehicles —
instead of selling separate
ones, like the Leaf — is one
way Ford expects to cut
costs.

Bill Ford wouldn't say
whether Ford can make a
profit on electrics and
hybrids, which are more
expensive to produce, but
said the expense will come
down as production increas-
es. Ford eventually expects
to sell 5,000 to 10,000 Focus
electrics annually.

"Ultimately this has to be
a business for us or we
wouldn't be in it," Bill Ford
said.

The company also said it
plans to hire 6,500 U.S. man-
ufacturing workers over the
next two years as it ramps
up production of new vehi-
cles. Ford had previously
announced some of the new
hires, including the 1,800
workers being hired to make
the new Ford Escape at
Kentucky's Louisville
Assembly Plant starting late
this year. Some of the work-
ers will be new to Ford,
although some will be come
from other U.S. plants
where Ford has laid off
workers.

Under a 2007 contract,
new hires will make around
$14, or half the wages of vet-
eran workers, which will
mean significant savings for
the company.

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

PAUL WISEMAN,
AP Economics Writer
WASHINGTON

Ninety percent of the work
force has a job, the same as a
year ago. But last year, people
were still worried about get-
ting laid off. Today, they
aren't.

The result is a renewed
confidence that's boosted
retail sales — just what's
needed to spark what econo-
mists call a "virtuous cycle":
Higher consumer spending
raises company profits, which
spurs hiring, which fuels more
spending and growth.

Consumer spending is crit-
ical because it powers about
70 percent of the economy.
It's risen without interruption
since July, and it powered the
strongest holiday shopping
season since 2006. Many
shoppers are showing enough
confidence to splurge on new
cars: Auto sales rebounded
11 percent in 2010, the first
increase since 2005.

"The strongest showing for
consumers since the peak
years of the last expansion sig-
nals that the broader econo-
my is near a threshold of self-
sustaining growth,” analysts
at Citi Investment Research
& Analysis wrote last week.

Federal Reserve Chairman
Ben Bernanke echoed that
point Friday. He told a Senate
panel he sees evidence that a
"self-sustaining" recovery is
taking hold because con-
sumers and businesses are
spending more.

Morgan Stanley economists
say 4 percent growth is "like-

Less worried about |
layoffs, jobholders |
start spending more

ly, perhaps even conserva-
tive” in 2011, up from an esti-
mated 3.1 percent last year.
Late this month, the govern-
ment will estimate economic
growth for the final quarter
of 2010.

Consumer spending is ris-
ing because the vast majority
of working-age Americans are
now breathing easier, despite
9.4 percent unemployment.
People who had jobs feared
being laid off during the
recession, which ended in
June 2009, and for months
after. Fewer worry now,
because most companies have
stopped cutting staff.

Workers who survived the
job cuts of the past three
years have begun to conclude:
"If they haven't fired me by
now, they're not going to,"
says Michael Koskuba, port-
folio manager with Victory
Capital Management.

In December, employers
added just 103,000 jobs — too
few even to keep up with pop-
ulation growth. But that was
mainly because they're still
reluctant to hire, not because
they're still cutting jobs. In
October, layoffs were the low-
est since August 2006.

The number of people
applying for unemployment
benefits — a proxy for the
pace of layoffs — plunged
about 15 percent in the final
four months of 2010. Only six
other times since 1967 have
applications dropped that
steeply in any four-month
period, according to Goldman
Sachs economists. And econ-
omists think employers will
finally ramp up hiring this

Comptroller denies
undertaking breach

FROM page 1B

licensees that with effect from this month they are required to
submit to it on a monthly basis reports on all goods they have
sold bonded, or duty free, to other licensees for use in the lat-
ter’s business.

Mr Lowe said that breached an undertaking given by the
Attorney General’s Office that Customs would not demand
such submissions until the substantive issues between it and his
company, which are the subject of a Judicial Review action chal-
lenging the legal standing of a ‘bonded goods sales report’,
are determined by the Supreme Court.

However, Comptroller Glenn Gomez described the sugges-
tion that Customs officers in Freeport were in breach of the
undertaking as “misinformation”.

“Tt is an incorrect story, because officers in Freeport are not
doing anything that is contrary to the arrangement we have with
the Attorney General’s office pursuant to that court matter,”
Mr Gomez said.

“What is really happening is that in 2009 there were two
forms passed by Parliament addressing the sale of bonded
goods. Last year, the officers did not introduce them until late
in the year, right after the matter had been taken to court
about over-the-counter sales and the production of details on
what is actually being sold in any month.”

“After meetings with licensees, the forms were sent out by
Customs advising that this was, in fact, the law; it was just
delayed in being sent out in terms of Customs being advised of
the sale of bonded goods in any one month and the duty due,”
Mr Gomez said. “Prior to this Kelly’s thing there’s been a
long-standing thing over the years where we were advised of
any sales at any month, and dues were collected.

“T must also advise that the ‘over-the-counter’ letter is not in
any Hawksbill Creek Agreement or Customs Law; it is simply
a form agreed and used some years ago by the Port Authority,
Customs and licensees.”

Mr Gomez said the ‘over-the-counter’ letter the Customs
department wants businesses to fill in is intended to be a “gen-
eral letter to allow businesses to sell bonded goods for that cal-
endar year”.

“Tt says in the Act that any time bonded goods are sold the
licensee has to take a purchase order of what is being sold, or
which they intend to sell, to Customs. Customs approves it
and they go on to sell it,” the Comptroller said.

“They felt it really was cumbersome and absorbing a lot of
time, so they came to Customs to ask for a general letter to
allow for a calendar year for them to sell bonded goods. But
somewhere along the line that’s really gotten fuzzy, and so we
have all of these things about ‘we’re wanting to do this and that’.

“The only thing we are really trying to do is ensure any con-
cession that is bonded goods, that come into the Freeport area,
are dealt with according to the Customs Management Act,
the Tariff Act and the Hawksbill Creek Agreement.

“We cannot have goods on which nothing is paid coming into
the country and being allowed to be used any which way, and
we don’t know what the disposition is at the end of the month,
quarter or year,” said Mr Gomez.

The Comptroller claimed that “only about two or three per-
sons are claiming (Customs) are doing something we are not
supposed to be doing”.

Meanwhile, he denied that Customs is “holding up” any
goods as a consequence of the dispute over the bonded goods
sales report.

year.

ing more secure about their
jobs.”

"The fear factor has sub-
sided,” Hart says.

That's evident among con-

new Malibu.

What's changed? She does-
n't worry so much about }
being let go. Her employer's ;
sales have improved, and }
she’s encouraged by reports ;
of slowing layoffs and more

hiring.

"In general, I feel like we're :
going in the right direction," ;
Aguilar says. "That makes me :
comfortable in my purchase."

Economists say consumers }
seem increasingly divided into :
"haves" and "have-nots." The }
haves feel secure in their jobs. :
Their finances are solid. So is :

their credit.

They dominate the highest-
earning 20 percent of Ameri- ;
cans, who contribute nearly ;
40 percent of consumer }

spending.

"You've got 10 percent :
unemployment, and you add }
another 5 or 10 percent" for }
discouraged workers or those }
stuck in part-time positions, }
because they can't find full- ;
time work, says Doug Hart, }
a retail specialist at the con- }
sulting firm BDO USA. But i |
the remaining 80 percent, hav- ; |
ing survived layoffs, "are feel- ;

: STOCKS DIP: In this April 7, 2006 file photo, large rolls of aluminum
: are cooled before they get cut to order size at the Alcoa Warrick
: Operations in Newburgh, Ind. Stocks dipped Monday ahead of the
: start of fourth quarter earnings season. Alcoa Inc. will release its

: results after the market closes. STOCKS REPORT, PAGE 8
sumers like Monique Aguilar, :

27, of Saugus, Mass. Aguilar :
put off a car purchase last }
year after the restaurant chain ;
where she's a manager }
announced layoffs. But there }
she was Friday at a Chevrolet }
dealership in neighboring }
Lynn, Mass., shopping for a }

ALCOA RESULTS EXPECTED



. = e
(AP Photo/ Daniel R. Patmore, File)

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, TARA DANIELLE
SAUNDERS of #10 Sears Road, Boyd Subdivision, P.O.
Box CB 11218, Nassau, Bahmas intend to change
my name to TARA DANIELLE BETHEL. If there are any
objections to this change of name by Deed Poll, you
may write such objections to the Chief Passport Officer,
P.O.Box N-742, Nassau, Bahamas no later than thirty (80)
days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that |, SANDRA ELIZABETH
EDGAR, of the Southern District, intend to change my
name to SANDRALEE ELIZABETH EDGAR. If there are
any objections to this change of name by Deed Poll, you
may write such objections to the Chief Passport Officer,
P.O.Box N-742, Nassau, Bahamas no later than thirty (80)
days after the date of publication of this notice.



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PAGE 6B, TUESDAY, JANUARY 11, 2011

THE TRIBUNE





Ba VAN eb

NACA. RMN 21



JEANNINE AVERSA,
AP Economics Writer
WASHINGTON

The Federal Reserve is paying a record $78.4 billion in earn- :
ings to the U.S. government, reflecting gains from the central }

bank's unconventional efforts to lift the economy.

The payment to the Treasury Department for 2010 is the :
largest since the Fed began operating in 1914. It surpasses the }
previous record $47.4 billion paid in 2009, the Fed said Monday. ;

The bigger payment mostly came from more income gener- }
ated by the Fed's massive portfolio of securities, which includes ;

Treasury debt and mortgage securities.

Critics in Congress have expressed concerns that the Fed's :
purchases could put taxpayers at risk by reducing the amount }
turned over to Treasury. The Fed is funded from interest }
earned on its portfolio of securities. It is not funded by Con- }
gress. After covering its expenses, the Fed gives what is left over }

to the Treasury Department.

Income from the Fed's portfolio of securities came to $76.2 :
billion last year, up from $48.8 billion in 2009, Federal Reserve }
officials said. Such income rose largely because the Fed bought }
a greater number of securities. Increases in the value of secu- }

rities also played a role.

In early November, the Fed launched a program to bolster
the economy by purchasing $600 billion worth of Treasury }
debt through June. The program aims to boost the economy by
lowering rates on mortgages and other loans and by lifting ;
stock prices. Republicans in Congress and others have criticized }
the program, saying the Fed is printing money to pay for the }

U.S. government's swollen deficits and debt.

To fight the financial crisis and lift the country out of reces- :
sion, the Fed bought $1.4 trillion of mortgage-backed securities }
and mortgage debt as well as up to $300 billion worth of gov- }
ernment debt. The Fed completed the mortgage purchases }

last year.

The purchase programs have helped boost the value of secu-

rities held by the Fed.

more normal size.

Federal Reserve Chairman Ben Bernanke has said the Fed's

goal is to eventually return the portfolio back to holdings of only } L
Treasury securities. The Fed's balance sheet now stands at } AT&T Inc. in the US.
$2.4 trillion, nearly triple its size from before the financial and ; , : ?
; iPhone's arrival to Verizon
The Fed's securities could lose value if low interest rates | WOuld be poorly timed, and

shoot up. That means the Fed would pay the government less } Verizon's gains won't be as
: clear-cut as one might believe.

economic crises.

money — or none under some circumstances.

It's possible that there might come a period where we don't } spy one would attract millions

remit anything to the Treasury for a couple of years," Bernanke ; o¢ buyers, and it would give the

told the Senate Budget Committee last week. "That would : couniry's largest wireless car-
i? rier a chance to catch up with
i AT&T in attracting high-paying
i smart phone customers. Since
? the iPhone's debut in 2007,

be, I think, the worst-case scenario."
Bernanke said in most cases the Fed will continue to return
to Treasury "significant amounts of money."

Verizon big winner from



(AP Photo/Julie Jacobson)

BIG WINNER? Verizon announced that it will start selling the iPhone and break Apple Inc.'s monogamous relationship with AT&T Inc. in the U.S.

PETER SVENSSON,

i AP Technology Writer
But the Fed could lose money if the central bank had to }

sell those securities and their prices were to fall. Once the :
economy is on firm footing, the Fed will need to mop up some }
of the money it pumped into the economy. The Fed could do }
that by selling some securities to reduce its balance sheet toa }
? day that it will start selling the

NEW YORK

Verizon Wireless would
seem to be a big winner after its
expected announcement Tues-

iPhone and break Apple Inc.'s
monogamous relationship with

But for several reasons, the

There's no doubt a Verizon

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AT&T has been its exclusive
distributor in the United States.
That means, for the most part,
that the iPhone doesn't work
with other carriers, and anyone
who wants an iPhone needs to
get service through AT&T.
Many people held back because
they already had service with
Verizon or another carrier they
liked or were apprehensive
about congestion on AT&T's
network, particularly in New
York and San Francisco.
Rumors about a version of an
iPhone for Verizon have
swirled for years, but they have
been rising in recent months.
The Wall Street Journal has
reported that an event Verizon
is holding Tuesday is indeed for
a Verizon iPhone, to go on sale
at the end of the month.

Verizon, Apple and AT&T
wouldn't confirm that.

Analysts’ estimates for Veri-
zon's iPhone sales this year vary
widely, from 5 million to 13 mil-
lion — and some of that would
come from what AT&T would
have sold. The iPhone is big
business for AT&T: The carri-
er activated 11.1 million
iPhones in the first nine months
of 2010, the latest figures avail-
able.

Many analysts estimate that
Verizon would be the largest
seller of iPhone in the USS. this
year, outdoing AT&T as it sat-
isfies pent-up demand. Verizon
has been doing its best keep up
with AT&T by selling smart
phones other than the iPhone,
but it's still been lagging.

Yet several factors may give
prospective Verizon iPhone
buyers pause. Verizon is mak-
ing a big deal out of its brand
new, blazing-fast "4G" net-
work. The carrier revealed the
first phones and tablets for the
network at the International
Consumer Electronics Show in
Las Vegas last week. But indi-
cations are that the first Veri-
zon iPhone would only work
on the older, "3G" network.
That network has wide cover-
age, excellent reliability and less
congestion than AT&T's, but
data speeds are much lower.
You also can't talk and surf at
the same time with Verizon 3G
phones. These factors give

AT&T openings for their mar-
Keting. Also, Apple has been
launching a new iPhone model
every summer, and presumably
an iPhone 5 is coming. But it's
not clear when Verizon would
get it. The carrier may be on
the same one-year upgrade
cycle, so Verizon may have to
wait until January and leave
AT&T with the advantage of a
fresher model in the fall.

Most importantly, cell phone
companies do their best to tie
subscribers up with contracts
and limit their mobility. AT&T
executives last year stressed to
investors that most of their
iPhone users are on family and
employer plans — more diffi-
cult for an individual to switch
from. "The consensus is that
AT&T is reasonably well-pre-
pared for Verizon's iPhone
onslaught ... for now," said San-
ford Bernstein analyst Craig
Moffett. For this reason, ana-
lysts expect most Verizon
iPhone buyers to be people
who already have Verizon ser-
vice. John Hodulik at UBS
expects that 77 percent of his
estimated 13 million Verizon
iPhones this year would go to
current Verizon subscribers.

That means Verizon would
be paying heavily to upgrade
its own subscribers to the
iPhone. Apple charges AT&T
about $600 for each iPhone 4.
The carrier subsidizes that
down to the $199 retail price,
figuring it will make money
back on service fees over the
run of a two-year contract. An
influx of iPhone buyers would
have Verizon putting up a sim-
ilar $400 for each one, more
than it would be subsidizing,
say, a BlackBerry Curve.

Hodulik figures that even
with the iPhone's boost to ser-
vice revenue, iPhone subsidies
would reduce Verizon earnings
this year by a net 15 cents per
share, or about $425 million.

Still, analysts don't expect
the Verizon iPhone to affect
stock prices much, reasoning
that investors have already fac-
tored in the news.

Verizon Wireless is a joint
venture of Verizon Communi-
cations Inc. of New York and
Vodafone Group PLC of

Britain. Since mid-July, Veri-
zon Communications’ stock has
gained 40 percent, while
AT&T's has gained 20 percent.
In afternoon trading Monday,
the stock was up just 7 cents,
or 0.2 percent, at $36.

For AT&T, long-term con-
tracts and other factors would
help it retain some iPhone cus-
tomers. But estimates vary on
how many would flee to Veri-
zon. Christopher King of Stifel
Nicolaus estimates as many as 6
million over two years. James
Ratcliffe at Barclay's expects
just 1 million this year. The true
number will be a measure of
how many people have soured
on AT&T's network and its
widely publicized problems.

Hodulik says AT&T would
actually benefit in the short
term from paying fewer subsi-
dies, saving about 10 cents per
share, or about $590 billion, this
year.

The No. 3 and No. 4 carriers
in the U.S., Sprint Nextel Corp.
and T-Mobile USA, may have
as much to lose from a Verizon
iPhone than AT&T. They
won't have iPhones of their
own and would face the added
competition from Verizon's
model. Sprint recently started
reversing a multi-year sub-
scriber loss, but its recovery is
still tentative, and T-Mobile's
subscriber figures are stagnat-
ing. Other potential losers are
Google Inc. and Motorola
Mobility Inc. To counter the
attraction of the AT&T iPhone,
Verizon has worked closely
with Google to promote its
Android phone operating sys-
tem. Motorola was one of the
main beneficiaries, having bet
on Android phones to turn
around a multi-year slide in its
sales. Verizon now accounts for
about 45 percent of Motorola's
smart phone sales, according to
analyst Tim Long at BMO Cap-
ital Markets. The Verizon
iPhone “will be the first true
test for Android," said Kauf-
man analyst Shaw Wu.

It would demonstrate
whether its share gains are real
or just temporary, because of
weak competition from other
iPhone rivals such as the Black-
Berry, he said.

_f& POSITIONS AVAILABLE FOR
pwe AUDIT MANAGERS

PricewaterhouseCoopers has vacancy in its Nassau Office for Audit Managers
whose qualifications make the individuals eligible for membership in the
Bahamas Institute of Chartered Accountants. Prospective candidates should
be recently employed in public accounting and have at least one (1) year of
experience at the Assistant Manager/Manager level in managing a portfolio
of diverse client engagements. Candidates are also required to have a high
level of computer literacy.

The position offers challenging work in the financial services industry and
other areas of industry and commerce. The salary scale, which recognizes
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Please submit your application letter with your Curriculum Vitae to:

Human Capital Leader
“Audit Manager Position”
PricewaterhouseCoopers

P.O. Box N-3910
Nassau, Bahamas




an (cw)
IY IY

THE TRIBUNE

TUESDAY, JANUARY 11, 2011, PAGE 7B

NEVVS FROM AROUND EUROPE

amis Pressure on Portugal
rises amid debt fears

18 pet in 2010
WANTED

GEIR MOULSON,
Associated Press

Law firm invites applications for attorneys for
the following practice areas:



BERLIN

German automakers
Volkswagen AG and BMW
AG both said Monday that
their global sales rose by
more than 13 percent last
year led by strong demand
from China and elsewhere in }
Asia. i

Volkswagen said it deliv-
ered more than 7 million
vehicles for the first time,
while BMW said it expects
to sell a record number of
more than 1.5 million cars in
2011. i
Volkswagen's group deliv- }
eries totaled 7.14 million in
2010, up from 6.29 million a
year earlier, the company
said. It didn't give a specific
forecast for this year, but
board member Christian
Klingler said the 2010 fig-
ures showed Volkswagen is
"forging ahead with our
international growth.”

The group, which includes
brands such as Audi, Skoda
and Seat, reported an even
stronger rise in December.
Sales last month totaled
545,000 cars — up 22.8 per-
cent over December 2009.

Worldwide sales of BMW,
Mini and Rolls-Royce cars
totaled 1.46 million last year,

Litigation
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Applicant must have minimum of 5 years experience and
be specialized in the areas of commercial, banking and
securities law



; (AP Photo/ Francisco Seco, File)
: BUDGET DEBATE: In this Nov. 2, 2010, file photo, Portuguese Prime Minister Jose Socrates, left, and Por-
i tuguese Finance Minister Fernando Teixeira dos Santos gesture during the 2011 state budget debate at
i the Portuguese parliament in Lisbon. Europe’s debt crisis looked increasingly likely to claim another vic-
i tim on Monday Jan. 10, 2011, as Portugal’s borrowing rates spiked to euro-era highs amid reports Ger-
: many and France are pushing it to accept outside help and prevent contagion to other countries.

Real Estate
Applicant must have minimum of 5 years experience
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up from nearly 1.29 million

in 2009. The group sold BARRY HATTON, the euro project itself in jeop- crisis. And like Portugal, Ire- i :
141,358 cars in December, i Associated Press ardy if governments don't put land at first denied that it need- anowledge ae teenie Sones ne alee
14.2 percent more than a ! PAN PYLAS, up more cash. ed help. mentioned and knowledge of MS Office, Westlaw and/or

year earlier.

BMW board member Jan
Robertson said he expects
sales to exceed 1.5 million in

i Associated Press
; LISBON, Portugal

Borrowing rates for Portugal

briefly spiked Monday after

Still, German Chancellor
Angela Merkel said Monday
during a visit to Malta that Por-
tugal has not asked for help,
"and it is not being pushed into

"First we have the specula-
tion that Portugal is being pres-
sured into taking funds in order
to save the crisis from spreading
to Spain,” said Derek Halpen-

Lexis Nexis.

Compensation: commensurate with qualifications and

experience.

2011 — "setting newrecord : : :
highs.” i reports over the weekend that it by Germany,” according to ny, an analyst at the Bank of Banh fid to-abasti hiadsion
i Germany and France are push- the DAPD news agency. Tokyo-Mitsubishi UFJ. "Then eply In contiaence to gbasuan@higgsjonnson.com

"While we closely watch
some ongoing economic
uncertainties throughout the

tinue benefiting from our
young model line-up,"
Robertson said in a state-
ment.

Volkswagen's full-year
sales in China rose 37.4 per-
cent to 1.92 million. It saw a
huge increase in demand in
India, where sales soared
181 percent to 53,500, and
deliveries across the Asia-
Pacific region rose by 38.5
percent to 2.14 million.

The company’s U.S. deliv-
eries rose 20.9 percent to
360,300.

In its German home mar-
ket, Volkswagen — like oth-
er mass-market manufactur-
ers — suffered from com-
parison with 2009, when a
popular government car-
scrapping bonus program
boosted sales.

Deliveries in Germany
were down 16.8 percent at
1.04 million cars, but sales
elsewhere in western
Europe were up 11.6 per-
cent at 1.85 million.

BMW said its group sales

ly all markets.”

In China, it said it benefit-
ed from strong demand for
its high-end models. BMW's
sales in China were up 59.5
percent in December, when
16,132 BMW and Mini cars
were sold. For the full year,
sales there were up a sharp-
er 86.7 percent to 168,998.

i ing it to accept outside help to
i keep the debt crisis in Europe
é : from spreading.

world, we are certain tocon- }

The yield on Portuguese 10-

i year bonds, a key gauge of
i investor sentiment, rose to 7.18
? percent at one point, its highest
i since the adoption of the euro
? anda potentially unsustainable
i level, before falling back to 6.94
i percent.

Portuguese officials have

i sought the help of China, which
i has already used its foreign cur-
? rency reserves to buy Greek
? and Spanish debt and help sta-
i bilize those nations.

The finance minister of Por-

i tugal went to China twice late
i last year, and Chinese Presi-
i dent Hu Jintao promised in
i November to help Portugal out
? of its financial crisis. Beyond
i that, discussions between the
i two nations have been secre-
i tive.

Openly accepting the help of

? the International Monetary
i Fund or other European
i nations, on the other hand, is
: a less politically palatable
i option for Portugal's leaders
i because it would be seen as an
i embarrassment and a failure.

The spike in yields followed a

i report in German newspaper
in 2010 increased in "virtual- | Det Spiegel that Paris and
? Berlin are both pressing Por-
: tugal to tap a European rescue
? fund to keep the crisis from
i spreading to Spain, which has a
i much bigger economy.

The prevailing view in the

i markets is that Europe may be
i able to support Portugal but
i that a bailout of Spain would
? test the limits of the existing
i bailout fund, potentially putting

A spokesman for the Euro-
pean Union's monetary affairs
commissioner also denied that
European officials were prepar-
ing a bailout.

Since the bailout of Greece
in May, the European Central
Bank has taken a more active
role in Europe's debt crisis by
buying the bonds of the most
imperiled eurozone countries.

As of last week it had bought
$96 billion in government
bonds, withdrawing the same
amount of money from the
economy to avoid inflation. The
USS. Federal Reserve, by con-
trast, can effectively create new
money, a step the ECB is loath
to take.

"T wouldn't be surprised if
the ECB is trying to stabilize
markets, but it's a Band-Aid
approach," said Neil Mackin-
non, global macro strategist at
VTB Capital. "All it does is
that it kicks the can down the
road. It doesn't resolve the
underlying issues.”

Analysts estimate that finan-
cial assistance for Portugal,
which has been dogged by low
growth and rising debt levels,
would cost $65 billion to $130
billion. Portugal insists it does
not need a rescue, but experts
note that events there echo
what happened in Ireland just
before it was forced to accept
an $87.5 billion bailout.

Before Ireland was forced to
accept a rescue from its part-
ners in the EU and the Inter-
national Monetary Fund, there
were numerous reports sug-
gesting that Germany, in par-
ticular, was pushing Dublin to
take the funds to contain the

we get the denials from Portu-
al."

: Spain accounts for around 10

percent of the eurozone econ-

omy, while Greece, Ireland and

Portugal account for only about

2 percent each.

The yield on Spanish 10-year
bonds rose to 5.5 percent Mon-
day, while benchmark German
bonds were steady at 2.9 per-
cent. Germany's economy is
healthy compared with Portu-
gal's and Spain's, but it could
suffer if it has to help shore up
another ailing eurozone coun-
try. Markets have brushed off
the Portuguese government's
repeated claims over the past
year that it doesn't need finan-
cial help. The minority govern-
ment has introduced an auster-
ity program of tax hikes and
pay cuts that it says will restore
fiscal health.

The key to when Portugal
might get a bailout could come
Wednesday, when the govern-
ment aims to raise $1.6 billion
by auctioning off 3-year and 9-
year bonds. Portugal must ask
investors for $26 billion this
year to finance public accounts.

It Portugal does not get
enough investor backing, or if
debt offerings later in the week
by Spain and Italy are affect-
ed, analysts think a bailout
could come soon after. All eyes
would turn to next week's
meeting of eurozone finance
ministers in Brussels.

The Spain and Italy debt auc-
tions “will be a truer test of
whether or not contagion is get-
ting a grip,” said Jane Foley,
an analyst at Rabobank Inter-
national.

IN THE MATTER BETWEEN

EGON FRIEDRICH ROSE
ANNELISE ROSE

AND

WILHWELM EMIL-DIETZ
INELL TAY LOR-DIETZ

Stella Maris, Long Island Bahamas.

UPON the application of the Plaintiffs made by

Summons filed 8th March A.D. 2010

AND UPON HEARING Mr. Darron Ellis of
Counsel for the Plaintiffs and Mr. Arthur Minnis of

the Counsel for the Defendants.

NOTICE OF RECEIVERSHIP

TAKE NOTICE that the Public is hereby advised
that the properties: Pilots Rest, Happy Landing
— House, Happy Landing — Garage, The Grotto,
Ocean Lot and The Gazebo are in Receivership.

Mr. John S. Bain of Suite E-1, Union Court, 107
Shirley Street, Nassau, Bahamas, has been appoint-
ed Receiver of the Properties.

Dated the 21st day of December A.D., 2010.

John S. Bain

Chartered Forensic Accountant

P.O. BOX SS-5609
Suite E-1, Union Court, 107 Shirley Street
NASSAU, THE BAHAMAS



Sales in the U.S. were 16.9 }

percent higher last month at
27,600 cars, with the compa-
ny crediting full availability
of its 5 series and strong
demand for X5 and X6 cars
produced in Spartanburg,
South Carolina. For all of
2010, sales were 9.9 percent
higher at 265,757 cars.

BMW's December sales
rose 16.6 percent at 23,550
in Germany, its biggest mar-
ket. For the full year they
were up 3.1 percent at
266,009 as luxury carmakers’
sales were relatively unaf-
fected by the car-scrapping
bonus.

The core BMW brand
sold more than 1.22 million
cars worldwide in 2010 — a
14.6 percent increase over
the previous year.

Mini sales rose 8.1 percent :

to 234,175 and the luxury
Rolls-Royce brand notched
its highest sales figures since
BMW took over the
automaker seven years ago,
selling 2,711 cars —a 171
percent increase.

However, that was still
short of the all-time record
of 3,357 cars in 1978, Rolls-
Royce spokesman Andrew
Ball said.

Greece borrowing
rates hit new record

DEREK GATOPOULOS,
i Associated Press
i ATHENS, Greece

i Greece's bond yields touched another record high and stocks
? were hammered on the Athens Stock Exchange Monday, amid
? a broader flare-up in Europe's debt crisis.

i The 10-year bond yield exceeded the equivalent German
i yield by 10 percentage points for the first time since Greece
i joined the euro.

i Crucially, the market jitters came only a day before a ?1.5 bil-
? lion ($1.96 billion) auction of 6-month treasury bills — con-
i sidered an important test of market sentiment. The previous
? auction of 26-week treasury bills, on Nov. 9, resulted in a yield
i of 4.82 percent. Greece has launched a major effort to cut
? borrowing costs — and on Monday reported better than expect-
i ed deficit reduction figures — in exchange for bailout loans
i worth 7110 billion from the IMF and other countries using
i the euro. The government says it wants to return to long-term
i bond markets sometime this year.

i But the interest gap, or spread, on 10-year bonds compared
? with the German issue reached a worrying 10.01 percentage
i points on Monday amid renewed worries that austerity efforts
i will backfire and cause a prolonged period of slow growth
? across Europe. The spread later receded slightly to 970 basis
i points, but the uncertainty weighed heavily on the Athens
i Stock Market, where the general share index dropped 2.6 per-
? cent to close at 1,354.63. Banking shares were hit hardest, los-
i ing about 6.5 percent of their value.





POSITIONS AVAILABLE FOR

pwe SENIOR ASSOCIATES

PricewaterhouseCoopers has vacancies for qualified accountants whose
qualifications make them eligible for membership in the Bahamas Institute of
Chartered Accountants. Prospective candidates should have at least three (3)
recent years of public accounting and auditing experience and be computer
literate.

The positions offer challenging work in the financial services industry and

other areas of industry and commerce. The salary scale, which recognizes
different levels of experience and skill, is designed to reward high
performance. In addition, the Firm provides excellent medical insurance and
provident fund benefits.

Please submit an application letter with your Curriculum Vitae to:

Human Capital Leader
“Senior Associate Position”
PricewaterhouseCoopers
P.O. Box N-3910
Nassau, The Bahamas



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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 Pupils shock after teacher shot dead C M Y K C M Y K V olume: 107 No.40TUESDAY, JANUARY 11, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 WEATHER SUNWITH SHOWER HIGH 82F LOW 71F F E A T U R E S S EEWOMANSECTION S P O R T S You go SEESECTIONE Girl Knowles, new partner win opener By AVA T URNQUEST Tribune Staff Reporter aturnquest@ tribunemedia.net LOVED ones, c o-workers and young children received grief coun s elling yesterday following the fatal shooting of a primary school teacher. D enise Adder ley, 39, was shot six times while inside her car at the Texa co Service Station at Wulff and Kemp Roads on Sunday evening. She became the third homicide victim of the new year. Up to press time, police were questioning the 37-yearold driver of a white taxi bus which had been seen speeding off from the parking lot. Detectives confirmed the man in custody and Ms Adderley were known to each other. Ms Adderleys body was f ound by police shortly after 9pm, after witnesses w ho heard gunshots coming from two vehicles in the park ing lot raised thea larm. Patrol officers recovered a shotguna fter they appre hended the taxi bus at Monastery Park.T he driver was said to be a resident of Hillside Park. F amily members who say they were ordered by police not to speak to the press were tightlipped yes terday. However, they were visibly shaken by the tragedy. Ms Adderley, a Chipping ham resident, lived with her mother, sister and young daughter, who is a pre-school student. News of Ms Adderleys death came as a shock to administration and staff at the Uriah McPhee Primary Students and staff get counselling after gun death at gas station McCOMBO OF THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM By NOELLE NICOLLS Tribune Staff Reporter n nicolls@tribunemedia.net U NION leaders yesterday c laimed there is no collus ion between the labour m ovement and political parties opposed to the governments planned sale of BTC. Jennifer Issacs-Dotson, president of the National Congress of Trade Unions (NCTUb een no pressure or coaxing of union officials by political operatives. She said the issue was not By NOELLE NICOLLS Tribune Staff Reporter n nicolls@tribunemedia.net THE Bahamas Telecom munications Company has denied claims it intimidated employees who were invited to participate in a march andv oter registration drive yes terday. Robert Farquharson, gen e ral secretary of the National Congress of Trade Unions, said BTC employees received a mass email from a senior By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net FREEPORT A small aircraft crash landed at Grand Cay on Sunday afternoon, police reported on Monday. According to police reports, a twin engine Piper Aztec was approaching the runway around 3.15pm when the left brakes failed. The pilot and four passen gers were onboard the aircraft as it continued some 2,000ft down the runway, stopping near the beach. The pilot was able to control the aircraft and none of the passengers was injured during the ordeal, said ASP Loretta Mackey. She said investigations are continuing into the incident. POLICE have announced that persons wishing to withdraw domestic violence complaints will now have to explain their decision to a magistrate. Due to consistently high levels of domestic abuse, Assistant Commissioner Hulan Hanna has advised that the police will no longer be inserting themselves in the process. Mr Hanna explained that it was common for persons to initiate a complaint with the view of pressing charges, only to withdraw the com plaint shortly after. SEE page eight O COLLUSION BETWEEN LABOUR MOVEMENT AND POLITICAL PARTIES OVER BTC SALE SEE page eight BTC DENIES CLAIMS OF INTIMIDATION OF S T AFF OVER MARCH SEE page eight SMALL AIR CRAFT CRASH LANDS W ithdrawn domestic violence complaints ust be explained to a magistrate SEE page eight SCHOOL IN SHOCK: Students look up to a wreath at Uriah McPhee Primary School in remembrance of teacher Denise Adderley, who was shot dead on Sunday night. LORETTA SMITH act ing-principal at Uriah McPhee, said counsellors spoke during and after the assembly. BAHAMASBIGGEST CARSFORSALE, HELPWANTED ANDREALESTATE I N S I D E UPTO 500 ESTIMATED A T UNION RALL Y Police SEE PAGETWO

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C M Y K C M Y K LOCAL NEWS T HE TRIBUNE TUESDAY, JANUARY 11, 2011, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM AS OFthe start of 2011, the fee increase on domestic carriers equals $0.17 per seat,t he Nassau Airport Development Company (NAD NAD is a self-funding entity, and revenue generated is 100 per cent reinvested in operating and redeveloping (including financingp ort facilities, for the benefit of all carriers and the travelling public. NADs rates areapplied uniformly across all air carriers operating at LPIA, thereby having no i mpact on the competitive l andscape among air carriers, the company said in a s tatement. NAD further said that the t otal costs to airlines and passengers at LPIA on international routes remain very competitive at eight per cent lower than the Caribbean a verage. To lessen direct fee increase s on air carriers, NAD said it agreed with carriers in 2007 that charges would be collected by airlines directly from passengers and remitt ed to NAD, in lieu of direct charges to the airlines. For the past three years t here has generally been good compliance by tenants of the airport with respect to lease t erms and conditions, rules a nd standards, fees and other c onsiderations that support the operation of a safe, secure a nd user-friendly airport, said Paul Ward, NADs vicepresident of finance and chief financial officer. Every reasonable effort is m ade to work with operators to enable them to be current with their obligations to NAD, however, we cannot allow operators to conduct business at LPIA indefinitely without meeting their obligat ions. Project T he LPIA redevelopment project begins stage two within the next several weeks.T his stage will involve the c reation of a new International Arrivals Terminal using the footprint of thee xisting US Departures Terminal. This arrivals terminal will h ouse Bahamas Immigration u pstairs and baggage claim and Bahamas Customs downstairs. I mmediately upon comple tion of stage two, work will commence on stage three,w hich will result in a new D omestic Terminal. In the meantime, obvious and necessary improvements have a lready been made to the three terminals that comprise LPIA. In the Domestic Terminal alone, NAD said there haveb een new food and beverage outlets added, renovation of all restroom facilities, enhanced screening facilities by the Airport Authority all supported by the fees and charges paid by all users of t he airport. Said Stewart Steeves, N ADs president and CEO: Upon completion of the phased redevelopment in 2 013 our rates will be in line w ith the regional average d espite being an above average facility because we will be brand new, we will be serving three distinctive sectors of traffic: US (includingU S pre-clearance), international and domestic, we will b e using state of the art techn ologies, and in fact LPIA will be without compare in the region, offering great v alue to our airline partn ers. Last September, the Inter national Air Transport Assoc iation (IATA sents 230 airlines accounting for 93 per cent of the world's c ommercial aviation traffic, warned that LPIAs increased fees could negatively impact a irlift and tourist arrivals to the Bahamas. THE extradition h earing of alleged d rug kingpin Melvin Maycock Sr is now set to open on Thursday. The hearing will take place before D eputy Chief Magist rate Carolita Bethell. In 2004, US prosec utors requested M aycocks extradit ion on allegations t hat he headed the Caribbean arm of a multi-national drug gang. US prosecutors also requested the extradition of 13 other m en, including his s on, Melvin Maycock Jr. T heir extradition h earings have already c ommenced. Maycock Sr was arrested in February2 008 and made headlines after allegedly escaping from a holding cell at the Elizab eth Estates Police Station by switching places with his son. M aycock Sr was r ecaptured on June 2 0 following a highspeed police chase inw estern New Provid ence. THE Bahamas Association for Social Health (BASH 20th anniversary. BASH an adult male residential drug dependency treatment and rehabilitation facility said the ceremony commemorating this milestone acknowledges the support by local and international government agencies, businesses, vendors, community groups, individuals, families and friends, as well as the contributions which over the years have made BASH a more sustainable programme. All this week, BASH will be celebrating its anniversary with a host of events and invites members of the public to tour the facility. The non-profit organisation is located in Earth Village off Columbus Drive. PARLIAMENTARY Commissioner Errol Bethel yesterday reminded the public that vot er registration continues on a daily basis in New Providence and in the Family Islands. Persons applying for registration must be Bahamian citizens, 18 years and older, and must have resided in a particular constituency for three months or more. Voter registration centres are open in New Providence between the hours of 10am and 4pm at the following locations: The Parliamentary Registration Depart ment, Farrington Road The Town Centre and Marathon Malls The General Post Office, East Hill Street The Sub-Post Office, Carmichael Road The Sub-Post Office, Elizabeth Estates The National Insurance Board, Baillou Hill Road Commonwealth Banks, Mackey Street and Golden Gates branches. In Grand Bahama, centres are open between the hours of 9.30am and 4.30pm at the follow ing locations: Parliamentary Registration Department, Freeport Administrators Office, Eight Mile Rock Administrators Office, High Rock (Tues days and Thursdays) In the Family Islands, registration takes place at the Administrators Offices between the hours of 9.30am to 4.30pm. The Parliamentary Commissioner also wishes to advise that the Department has commenced its mobile services with effect yesterday. Businesses and organisations with at least 20 eligible employees or members may contact the Department at telephone numbers 3252888/9 or 397-2000 to schedule an appoint ment. Airport firm:Domestic carrier fee increase equals $0.17 per seat ABOVE: Minister of Labour and Social Development Dion Foulkes yesterday at BASH 20th Anniversary Ceremony. L EFT: E xecutive Director Bahamas Association for Social Heatlh (BASH speaks. Tim Clarke /Tribune staff 20 YEARS OF BAHAMAS ASSOCIATION FOR SOCIAL HEALTH EXTRADITION HEARING OF ALLEGED DRUG K INGPIN SET TO OPEN THURSDAY Pub lic r eminded that v oter registration is still underway DOCTORS HOSPITAL CHOOSES CHARITY JUST before the holidays each year, the social committee at Doctors Hospital decides which local charity will receive the pro ceeds of the committees holiday fund-raising efforts. For 2010, Unity House, a non-profit organisation that cares for the elderly, were found the most deserving. Past fund-raising efforts have seen donations to the Childrens Emergency Hostel, the Sister Sister Breast Cancer Group, the Bahamas Red Cross Dis aster Relief Fund and the Bahamas Association for the Physically Disabled. Having found great success with their organised Ice Cream Socials, the committee decided to continue with the ever popular fund-raising event and judging from the amount raised, the decision was the right one. Taste buds were set delighted with the ever popular flavors of strawberry, rum raisin, butter pecan and vanilla combined with an array of toppings. The executive team at Doctors Hospital made a decision to match the amount raised by the social committee. The funds will be used to assist Unity House with providing care for its elder ly residents. PAUL HAVEN vice-president of human resources at Doctors Hospital (second from left matics officer, make a presentation to Unity House on behalf o f Doctors Hospitals social committee. Costs at LPIA lower than Caribbean average

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THE 20th Annual Bahamas Business Outlook is all set for this coming Thursday, January 13, and conference host, Joan Albury, president of The Counsellors Ltd, promises a conference worthy of its 20-year anniversary. As this is a very signific ant year for us, we intend to make this a very significant conference, said Mrs. A lbury. We are geared up t o touch on every aspect of this countrys economy and m ore. Our slate of speakers w ill address a wide range of t opics that will bring an awareness to conferenceg oers of what is happening i n our country in terms of our economy and generally. This one day conference will take place at the Wyndham, Nassau Resort, Cable Beach and begins at 8.30 am s harp. P aul Daniel Crevello P h.D Director and Chief O perating Officer of the B ahamas Petroleum Com p any Plc., is one of the featured speakers at this years Outlook. He considers him self an explorer with a keen r egard for preservation of t he environment. He received a Bachelor of Scie nce degree from the Univ ersity of Miami, a Masters o f Science in Marine Geology and Geophysics from the Rosentiel School ofM arine and Atmospheric Sciences (Miami Doctor of Philosophy in Geology from the Colorado School of Mines and has over thirty-two years experience in global exploration. M r Crevello joined M arathon Oil Company f resh out of Rosentiel in 1 978, where he directed w orldwide carbonate explo ration research, focusing ona ncient geological carbona te banks similar to The B ahamas. In 1994, he started the first university petroleums tudies in SE Asia, at the University of Brunei, where he was a Senior Lecturer in petroleum geosciences and directed the first global reef assessment project of Brunei and east Malaysia. I n 1997 he founded P etrex Asia which develo ped into the leading exploration consultancy firm inS E Asia, with exploration i nterests extending to the Gulf of Mexico, Italy and North Africa. He has received numerous awards and distinctions from international societies for authorship and invitedp apers on carbonate and sandstone geology, was the past Huffington AAPG (American Association ofP etroleum Geologist) Inter n ational Distinguished Speaker (2001-02 Chairman of JOIDES Ocean Drilling Programme Sea Level Working Group charged with investigating the response and record of sediments to changing sea level. Crevello joined Bahamas Petroleum Company in November, 2006 when it w as a private corporation founded by Alan Burns of Perth, Australia. T he company was granted f ive exploration licences by The Bahamas in 2007, foll owed with listing on the L ondon Alternative Investm ent Market (AIM August 2008. Corporateh eadquarters is in the Isle o f Man and exploration/operation is managed from Nassau. Mr Crevello will address the topic, Petroleum Exploration in The Bahamas: Past, Present and t he Future. Over sixty years of spor adic exploration has been c onducted in The Bahamas. H owever, there has been v ery little exploration and drilling activity, with no exploratory drilling in the last 20 years, and much of the seismic acquisition activity occurred more than 20 years ago. With the benefit of modern knowledge and technologies the company i s proud to have been able t o shed light on the very g reat prospectivity of The Bahamas for world scale oil and gas discoveries. Now with the world ever hungrier for new large oil and gas provinces, particularly in democracies closet o North America, our work is set to achieve a large increase in value for the people of The Bahamas, ours hareholders and oil and gas consumers in general. Our directorate is skilled i n finding and developing n ew oil and gas fields in overlooked, forgotten and new areas and has an out standing track record of discovery and development and we look forward over the next few years to bring ing discoveries into production. Orthodontist, Dr. Lofton B arry Russel l (Barry a nother featured speaker at this years Outlook. Dr. Russell was graduated from Queens College and attended Howard Universi ty in Washington, D.C. where he received the education and practical training required to pursue his dream of providing first class Orthodontic Treat ment to Bahamians of all ages. After receiving his BS (microbiology of Dental Surgery (D.D.S. Dr. Russell spent a year at Columbia University/ Harlem Hospital in New York completing his general practice residency train ing. The following year he returned to Howard Uni versity and completed his specialty requirements in 1991. As a dental student his outstanding academic and leadership achievements culminated with his selection to Whos Who Among American Colleges & Universities. He returned home in 1991 as the first Bahamian Orthodontist and estab lished a practice. His vision was to develop a practice that was first world, providing the highest quality treatment and customer service to patients. This vision came into fruition by way of a building in Nassau designed and built specifically to accommodate the necessary stateof-the-art equipment and staff. In 1996 the practice was officially given the name, The Bahamas Orthodontic Centre. In order to maintain the excellence Dr. Russell d emands for patient care, B.O.C. has grown from a s taff of two employees in 1991 to a current staff of 18. Dr. Russell has established p ractices in Nassau and Freeport, Grand Bahama. O n June 25, 2010, The Bahamas Chamber of Commerce gave an award to Dr.R ussells Bahamas Orthodontic Centre, which was n amed Business of the Year for businesses with 50 e mployees or less. Dr. Russell is a past board member of the Bank of the Bahamas. He is a past Chairman of T he Bahamas Dental Counc il and holds membership in The Bahamas Dental Association, The National Dental Association, TheA merican Dental Associa tion, The American Association of Orthodontists,T he Caribbean Orthodontic Society and the World Federation of Orthodon tists. D r. Russell is an accomp lished vocalist, winning The Bahamas Musicians Union Song of the Year forh is single Without You. He is a founding member of The Gentlemans Club pro g ramme for high school stud ents. H e enjoys sharing success principles and helping others to maximize their poten-t ial. His topic for this Outlook 2011 is Successful Entrepreneurship in the Professional Service Sector: What will it take in this season? Dr Russell feels Bahami an entrepreneurs in the professional service sector must possess a first world global mindset if they wish to thrive in this highly competitive market place. He will demonstrate that correct thinking is critical to ones success because hard work alone will not suffice. An attitude of excellence, he said, must be consistent at all levels of organization and ordinary leadership will not get one far at all as it will take extraordinary leadership to overcome ones many challenges to rise above the competition. Unusual creativity, flexibil ity and specialized knowl edge and skills must be present because markets are so dynamic and fluid. Most importantly, change should not be feared, but rather embraced. He said to do this we must be perpetual students of our industry, always searching for new and better ways of doing things (systems, technologies, products, techniques, etc.) by staying on top of the latest research that evolves to become the first in the market with services. Other speakers and topics for Business Outlook are as follows: Prime Minister Hubert Ingraham, Keynote Address State of the Bahamian Economy. Senator Vincent Vander pool-Wallace, CMG, Min ister of Tourism & Aviation Diversifying the Bahamian Economy Fact, Fic t ion, the Real Alternative. W endy Warren Executive Director, Bahamas Financial Services Board Making the Bahamas aM ore Compelling Interna tional Business and Financial Centre. Olivia Saunders Ph.D., S chool of Business, College of The Bahamas Bahamian National Evolution K Peter Turnquest Pres ident, Grand Bahama Chamber of Commerce Grand Bahama: The RealA lternative; Dr Robin Roberts Urol ogist, Director, UWI School of Clinical Medicine & Research The Bahamas The Economic Impact of Health Tourism in The B ahamas. A lgernon Cargill Direc tor, National Insurance Board Preparing Your NIB for the Future Our No.1 Priority. Edward Fields Chairman/Founder, We The People My Bahamas. Dr Marikis Alvarez Representative, Inter-American Institute for Cooperation on Agriculture (IICA talizing the Agricultural Sector in The Bahamas and its Potential for Economic Diversification. David Shaw CEO, Cable &Wireless Caribbean/LIME Diver sification: The LIME Expe rience. Conference gifts include a massage from JEMI, a scholarship from Bahamas Institute of Financial Services, Founding Fathers: Sir Stafford Sands DVDs, Atlantis experience for two and much more. These prizes will be awarded to winners at the end of the conference day. Sponsors for the event are: BAF Financial & Insur ance, Sun Oil Ltd., First Caribbean International Bank, Bahamas First, Bahamas Petroleum Company, Cable & Wireless/LIME, Scotiabank Bahamas Ltd., The Central Bank of The Bahamas, KPMG, The National Insurance Board, Bank of The Bahamas International, Generali Worldwide and Krys Rahming & Associ ates. For information on registration call Eileen Field er, The Counsellors Ltd at (242 tclevents.com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ahamas Business Outlook to be worthy of 20th anniversary BUSINESSOUTLOOKSPEAKERS (clockwise from aboveDr. Lofton Barry Russell, Wendy W arren, Algernon Cargill O O u u r r s s l l a a t t e e o o f f s s p p e e a a k k e e r r s s w w i i l l l l a a d d d d r r e e s s s s a a w w i i d d e e r r a a n n g g e e o o f f t t o o p p i i c c s s t t h h a a t t w w i i l l l l b b r r i i n n g g a a n n a a w w a a r r e e n n e e s s s s t t o o c c o o n n f f e e r r e e n n c c e e g g o o e e r r s s o o f f w w h h a a t t i i s s h h a a p p p p e e n n i i n n g g i i n n o o u u r r c c o o u u n n t t r r y y i i n n t t e e r r m m s s o o f f o o u u r r e e c c o o n n o o m m y y a a n n d d g g e e n n e e r r a a l l l l y y . Joan Albury, president of The Counsellors Ltd, conference host

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C M Y K C M Y K LOCAL NEWS T HE TRIBUNE TUESDAY, JANUARY 11, 2011, PAGE 7 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM STUDENT union members are publicly criticising the handling of the relocation of the College of theB ahamas northern campus on Grand Bahama, warning that cont inued micro-management by New Providence officials will result in administrative problems in the future. The College of the Bahamas U nion of Student Northern Bahamas Campus in Freeport ( COBUS NBC) advised that the college has moved to its new Grand Bahama Highway location with the exception of the Continu-ing Education and Extension Services (college prep, basic and m ature upgrading) and the Culinary and Hospitality Management Institute (CHMI remain at the West Settlers Way Campus. H owever, classes did not begin yesterday as previously scheduled; they will instead start on Monday, January 17. In a statement yesterday, the student union said: We are not intere sted in playing the blame game as to why classes cannot begin as scheduled. Nevertheless, it must be noted that these occurrences will be perpetuated if importantd ecisions, such as the relocation of an entire college campus, are micro-managed from New Providence and proper consultation is not carried out with the parties most affected. The time has passed for the college to begin operating in the framework of the universityi t is poised to become. It has been agreed by all parties c oncerned that the new date for the start of classes will allow for necessary services to be available for the start of school. COBUS said in its view all late r egistration fees should be waived. We also wish to inform students a nd the general public that several companies have offered themselves to provide bus transportation. This service is independent of the College of the Bahamas and the student union. Additional information will be disseminated by the transportation company as to theirr outes, times, and rates, COBUS said. T he union said it also wishes to quell rumours that no provisions have been made for food on the new campus. While there is no cafeteria, t here is a state-of-the-art snack shop, operated by COBUS which w ill also provide cooked meals. The union apologised to the student body for the lack of information concerning the move and related issues. FREEPORT, GRAND BAHAMA Thanks to the tireless efforts of St. Bonaventure students and the commitment of The Grand Bahama Port Authority, Limited (GBPA computers and books donated by an American university will be distributed throughout primary schoolsin Grand Bahama in time for the new school term. The vital educational tools, including electronic and reading equipment, was donated as part of an ongoing programme instituted by St Bonaventure University in New York. And Education Minister Desmond Bannister trav elled to Grand Bahama last week to join key educational officials who received it at the official ceremony at the Freeport Primary School. Mr Bannister thanked the Grand Bahama Port Authority (GBPA itating the transfer of goods, and the university and its donors for their generosity. St. Bonaventure Univer sity has indeed been good to Grand Bahama and espe cially, Freeport Primary School, he said. He also encouraged the students to show their grat itude by taking care of the donated items. GBPA president Ian Rolle who publicly acknowledged the role of GBPAs community relations department, and other persons and agencies on the island, who assisted in bringing the exercise to fruition. As a part of our ongo ing relationship with St Bonaventure University, it was a pleasure for the Port to assist in coordinating the transport and clearance of such vital goods, he said. Any part that we could play in making sure that numerous schools on the island would receive these computers and books was well worth it, since the wel fare and development of our children were involved. St Bonaventure University has been working in the Bahamas since 2003 under its Students in Free Enterprise (SIFE SIFE is a volunteer educa tional programme that focuses on teaching the basics of entrepreneurship, tourism and the global economy. According to university professor Todd Palmer they recognized a digital divide with many of the islands primary schools having few, if any, computers. Therefore, members of SIFE have created, what we believe, is a revolutionary concept in both installing and training in the use of technology in developing countries, he said. SIFE installed 22 com puters in the Martin Town Primary School in January last year, and returned the following March to teach a week of in-service training to the teachers of Martin Town to improve the class room learning experience for over 200 students at the school. Now in 2011, another trailer load has arrived, with more computers and soft ware earmarked for Martin Town, Freeport, Bartlett Hill, Holmes Rock, West End and Freetown primary schools. And approximately six pallets of Scott Foreman readers were also shipped for use by Grand Bahama students. Accompanying the goods were four teaching profes sionals and a number of education majors from St Bonaventure University, who will offer two weeks of in-service teacher training for these products. Movement of COB northern campus criticised Student union members on Grand Bahama hit out MEMBERS of the Bahamian judiciary attended the annual Red Mass celebrated by the Catholic Church on Sunday at the St Francis Xavier C athedral. The Mass requests guidance for all who seek justice. Bahamian judiciary attend annual Red Mass BLESSING ROMAN Catholic Archbishop Patrick Pinder says a prayer and gives a special blessing to members of the legal profession on Sunday, January 9 during the annual Red Mass a t St Francis Xavier Cathedral. R ED MASS Prime Minister Hubert Ingraham a long with members of the Judiciary attend the annual Red Mass at St Francis Xavier Cathedral on Sunday, January 9. Pictured outside the cathedral in the front rowf rom left: Attorney General John Delaney, Prime M inister Ingraham, Court of Appeal President Anita Allen, Archbishop Patrick Pinder, and ChiefJ ustice Sir Michael Barnett. DONATED COMPUTERS ARRIVE Thanks to coordination and transportation efforts by GBPA, over 120 computers were successfully delivered to Grand Bahama schools. The initial delivery of 35 computers to Freeport Primary School were (left to right principal Barbara Thompson, Education Minister Desmond Bannister, vice-president of the Grand Bahama Port Authority (GBPA va Rutherford, and Grand Bahama primary schools district superintendent Sandra Edgecombe. GB SCHOOLS SET FOR COMPUTERS AND BOOKS DONATION

PAGE 5

about party politics, while it might be a political issue, when responding toq uestions about whether the labour movement had become political in light of the march and voter regis t ration drive held yesterday. More than 30 workers marched from BCPOU hall to the Parliamentary Regis t ration Department, where they could register to vote. I came here on my lunch b reak to register to vote so I could get the Free National M ovement (FNM said a woman employee of BTC, after registering to vote. I voted for the FNM in the last election. This is not just about the BTC sale, butt he way they are treating the w orkers with total disre s pect, she said. Some union members who have political ties aret rying to use the voter registration and the labour movem ent in general as a partisan political tool, it has been claimed. Speaking about the event, R obert Farquharson, NCTU general secretary, said: We as workers have the democ-r atic right to impact policy, a nd we do so by exercising our right to vote. We are not discouraged by the numbers. We have toa ct in conformity with the law. We anticipated everyone would not be here at thes ame time. It is an ongoing process of voter registra tion. Union leaders are still adamant the government should change course on its decision to sell BTC to Cable and Wireless Communications. Denise Wilson, general secretary of the Bahamas C ommunications and Pub lic Officers Union (BCPOU that the BTC opposition is about party politics. We want to remind the workers that we have the power. The PLP should not feel that they are victorious. They, too, need to know, we will determine who says what. This is to show that the people have the power, said Ms Wilson. On a previous occasion, Bernard Evans, BCPOU president, admitted some union members have personal political affiliations with both major parties, but the union movement itself is unaligned. Ms Issacs-Dotson cautioned the Progressive Lib eral Party (PLP claim have jumped on the BTC bandwagon, not to get comfortable. The PLP need to reflect on some things they do, on whether their position would be any different if they were in government. If the government is wrong then it does not matter which party is in power, said Ms IssacsDotson. Political observers say the PLPs support of the NCTUs Bahamas for Bahamians drive seems at odds with attempts during their last administration to sell BTC to Bluewater, an entity whose principals have never been revealed, but are thought to be mostly for eigners. Rodney Moncur, leader of the Workers Party, said unionists should not be apologetic about the political nature of their advocacy. Any issue dealing with the state, discussing public policy, by its very nature is political. We have to educate people to be able to say, this is political. There are thousands of people opposed to the sale of BTC to Cable and Wireless. How else do we convince the government not to sell if you do not recognise as a citizen you have a right to apply political pressure on elected officials? said Mr Moncur. Each citizen has political power. Each citizen is a political party. Whether they support the FNM, PLP, NDP, or the Workers Party, once citizens collectively use that political power the government will either bend or be broken. That is the nature of politics. It does not matter what your personal political pref erence is, we can unite as citizens on a common issue to apply political pressure on whoever is in government. But the pressure must be consistent and sustained. This is a political issue and no one should run away from it. SEEPAGETWO C M Y K C M Y K LOCAL NEWS PAGE 8, TUESDAY, JANUARY 11, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM S chool, where she had taught pre-school p upils for nine years. Classes were suspended yesterday, and replaced by a general assembly to inform the school body, and set up individual and group counselling sessions. L oretta Smith, acting-principal at Uriah McPhee, said: We had counsellors that came and spoke during the assembly, then after the assembly some of them went in to the pre-school and spoke to those students. Some came in the office and made themselves available to the pre-school teachers ora ny other staff members. During her time at Uriah McPhee, Ms A dderley primarily taught pre-school pupils, h owever she has taught grade one and was said to be involved with lower grades at the school. M s Smith said: We do have a team teaching school, so even if she wasnt direct-l y responsible for teaching them, they would h ave been in the centre with her. M s Smith added: Its a lesson to all of us, teachers particularly, that we plan things b ut we dont know what the future holds so y ou should always be ready live the day like its the last day. Ms Adderley worked closely with four teachers in the pre-school centre, along with several teachers aides, all of whom receivedg rief counselling yesterday. B elinda Wilson, president of the Bahamas Union of Teachers, was also present at the school to offer support to grieving members. Ms Wilson said: The entire Uriah McPhee family is broken, because if there is one thing we can boast about it is beingc losely knitted. The teachers are close and we spend a lot of time together, and you almost become like family. So today Uriah McPhee is miss-i ng one of their family members. Ms Adderl ey is going to be remembered for many years to come. Ms Wilson added: Im really saddened b y this. Every time you saw her she was a lways pleasant. Now there is another child that is going to grow up without a mother. I ts a senseless act and I just hope that individuals would learn how to resolve con flicts, because it is really sad today. vice president asking them to state the time they intended to take lunch. Workers were asked by union leaders to use their lunch hour to participate in a march from the union headquarters on Farrington Road to the Parliamentary Registration Department, where they could register to vote. Tribune sources claim the manager was Mar lon Johnson, BTC vice president, marketing, sales and business development. Mr Johnson said he would not comment on any internal administrative matters. He said the BTC administration in general would only exercise management functions to ensure the efficient operation of the company and nothing more. He said any suggestion oth erwise would be utter nonsense. Any action related to any matter of internal BTC administration would never be used in any way to intimidate anyone. There will never be any attempt to circumvent due process and/or discourage anyone from taking part in any lawful action, said Mr Johnson. The concerns of intimidation come days before workers expect to find out in their January 15 pay if any salary deductions have been applied. To date, union leaders say they have received no complaints from employees of victimisation as a result of participating in union activities. Mario Curry, vice president of the Bahamas Communications and Public Officers Union (BCPOU January 15. He said he personally expects to have two or three days deducted from his salary, which is the cost of his involvement. Mr Curry said he does not plan to protest. Denise Wilson, general secretary, said she once took home $11 for two weeks worth of work based on her involvement in union activ ity in 1982. She said that is the sacrifice necessary for the cause. Mr Hanna said: Traditionally it has been common for persons to makec omplaint and initially say they want action. However, once the complaint is taken it wont be long before they say they want to withdraw the matter. He added: In the past w e have obliged, because generally it was felt whatever their situation was, they were probably coercedi nto withdrawing the matt er. However, going forward, we will no longer be o ffering that consideration a nd persons will have to w ithdraw before the courts. W e will not insert ourselves in this process. Pupils shock after teacher shot dead B ELINDA WILSON president of the Bahamas Union of Teachers FROM page one No collusion between the labour movement, political parties over BTC FROM page one J ENNIFER ISSACS-DOTSON president of the National C ongress of Trade Unions. FROM page one BTC DENIES CL AIMS OF INTIMID ATION OF STAFF MARCH Withdrawn domestic violence complaints ust be explained to magistrate FROM page one Share your news The T ribune wants to hear from people who are 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 awar d If so, call us on 322-1986 and shar e your stor y.

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C M Y K C M Y K INTERNATIONAL NEWS T HE TRIBUNE TUESDAY, JANUARY 11, 2011, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM BRISBANE, Australia RESCUERSraced Tuesday to reach people trapped on roofs after a flash flood sent a massive wall of water through a valley in Australia 's waterlogged east, tossing c ars like toys, killing at least e ight people and leaving 72 missing, officials said, accordi ng to Associated Press. The sudden surge near the t own of Toowoomba after a s torm Monday lifted Aust ralia's 2-week-old flood crisis in Queensland state to a n ew level and brought the o verall death toll to 18. Until then, the flooding had unfolded slowly as swollen rivers burst their banks and inundated towns while moving downstream toward the ocean. E mergency services offic ers plucked more than 40 p eople from houses isolated o vernight by the torrent that h it the Lockyer Valley on M onday, thunderstorms and more driving rain hampered efforts to send helicopters to help an unknown number of other people still in danger Tuesday. Queensland state Premier A nna Bligh said four children were killed and there were "grave concerns" for at l east 11 of the missing. Many o f those still stranded or u naccounted for are families and young children, she said. "This has been a night of e xtraordinary events," Bligh told reporters. "We've seen acts of extreme bravery and courage from our emergencyw orkers. We know they're out on the front line desperately trying to begin their search and rescue efforts, a nd we know we have people stranded and people lost." She said the death toll stood at eight, but that "we expect that figure to rise and potentially quite dramatical ly." Q ueensland has been in t he grip of its worst flooding f or more than two weeks, after tropical downpoursa cross a vast area of the state c overed an area the size of France and Germany combined. Entire towns haveb een swamped, more than 2 00,000 people affected, and coal and farming industries virtually shut down. M onday's flash flooding struck without warning in Toowoomba, a city of some 90,000 people nestled in m ountains 2,300 feet (700 meters) above sea level. Bligh said an intense deluge fell over a concentrated area, sending a 26-foot (eightmeter), fast-moving torrent crashing through Toowoomb a and smaller towns further d own the valley. O n Tuesday, the water was still pushing its way down-s tream, flooding river syst ems as it moved toward the coast. Thousands were being evacuated from communitiesi n the water's predicted path a nd residents in low-lying regions of the state capital of Brisbane Australia's third-l argest city were urged to sandbag their homes. "We have a grim and des perate situation," Bligh said. This took everybody so unawares that there was no opportunity in most cases for people to get to safety." Rescue workers were battling more bad weather Tues day. Heavy rain and thun-d erstorms were forecast for t he region for most of the d ay, which could lead to more flash flooding, theB ureau of Meteorology w arned. Deputy Police Commissioner Ian Stewart said res-c ue efforts were concentrate d on towns downstream of Toowoomba, including hardest-hit Murphy's Creek andG rantham, where about 30 people sought shelter in a school isolated by the flood waters. News video from late M onday showed houses submerged to the roof line in raging muddy waters, with people clambering on top. A man, woman and child sat on the roof of their car as waters churned around them with j ust inches (centimeters s pare. A mong the dead were a mother and her two childrenw hose car was swept away in t he floodwaters, Bligh said. Two other children also were killed, she said. I n Toowoomba, the waters d isappeared almost as fast as they arrived, leaving debris strewn throughout down-t own and cars piled atop one another. The flooding in recent weeks has cut roads and rail l ines across Queensland, the s tate's coal industry has been virtually shut down, and cattle ranching and farming across a large part of the state are at a standstill. Queensland officials have said the price of rebuilding h omes, businesses and infras tructure, coupled with economic losses, could be as h igh as $5 billion. O n the other side of Aust ralia, hot, dry conditions have sparked a wildfire that has destroyed at least fourh omes. Around 150 firef ighters were battling a blaze about 70 miles (110 kilome-t ers) south of the Western A ustralia state capital of Perth on Tuesday. There have been no reported injuries. PEOPLE SURVEY the damage after a flash flood tossed vehicles down a street in Toowoomba, Australia, yesterday. (AP P EOPLE CLING t o railings and metal fences on a flooded s treet in Toowoomba, Australia, during a flash flood M onday. (AP Eight dead in new flood as Australias crisis worsens

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B yGLADSTONE THURSTON AN organic farm, 1,500 acres in size, is taking shape in North Abaco. Situated on the former Key a nd Sawyer citrus operation i n the Normans Castle area, the project is headed by Texan entrepreneur Paul Baker, a resident of Marsh Harbour. Bahamas Agricultural and I ndustrial Corporation ( BAIC) officials, farmers associations, co-operatives, a nd health conscious consumers were on hand last weekend to view the newe quipment being brought in for the project. M r Baker pledged to assist f armers with workshops on o rganic techniques, farm preparation, stock acquisition and marketing of produce. T he project will include processing facilities and later dairy and poultry operations. H e encouraged Bahamian f armers and food processors to tap into the estimated $500 million spent each year to import food products for residents and tourists. Were going to be export i ng some specialty type products, said Mr Baker. But we are doing this mainly for Bahamians. Organics means that you are not using harsh chemical fertilisers and probably worse of a ll, pesticides. Pesticides being used in Mexico, a big food supplier for the Bahamas, are a bsorbed into the produce which we consume, and that is one of the biggest reasons wea re having so many cases of c ancers, for example. And so we are going back to organics using material that is natural in this country to grow the food. It is a more expensive process but at thee nd of the day it is a lot cheaper when you look at all t hose chemicals we consume and how they manifest themselves in our bodies. S outh Abaco Member of Parliament and executive chairman of BAIC EdisonK ey said he looks forward to t he project with special interest. This is a part of my life out here and just to see it come back into operation is a tremendous thing for me, h e said during a tour of the facilities. I know what can be done. We had established here one o f the largest cucumber farms in the world. And then we moved into citrus exporting,m ore than 1.2 million bushels t o Florida each year. Adjacent to the Baker pro ject are 500 acres that were transferred to BAIC. They were divided into f iveand ten-acre plots and leased for farming, particularly to persons from NorthA baco. If we can develop them as satellite farms in conjunction with the organic operation, itw ould be a very good thing especially with the facilities here to process foods, Mr K ey said. Mr Baker assured farmers that they will have access to tractors and other farm imple m ents to assist with field preparation. As the operation becomes established much of the pro duce that currently goes to waste because it did not meett he governments packing house grade will be processed into other products, he said. For example, potatoes will be used to make French fries and tomatoes will be canned or used to make ketchup, he explained. N orth Abaco Farmers A ssociation president Stafford Symonette said the p roject is a boon for the flagging agriculture industry. I am pleased with what I have heard about the project and I believe it will benefit us a ll, he said. Once I saw the kind of e quipment he was bringing in, I realised he was very serious and that he is here for the long haul. I do believe in the health advantages of organic farming and this could be a learn-i ng experience for us. Maybe w e will have to stop using all those chemicals and adopt procedures more compatible with his approach. We can work together and go for ward. We have lots of people who want to farm but farming is very costly. Mr Baker said he is going to help farmers p repare their fields. That alone would be significant. Already he is clearing f arm roads and farmers now have no problem accessing their property and so I expect to see them out in the fieldm ore. I am looking forward to it, Mr Symonette said. C M Y K C M Y K LOCAL NEWS PAGE 12, TUESDAY, JANUARY 11, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM affordable terms swift response down payment as low as 5%*all of the above*with mortgage indemnity insuranceown the home of your dreams A MBESTA-ExcellentFinancialStrengthRating call our morgage department today at (242396-4040 (Nassau242Freeport A SUBSIDIARY OFNASSAU I FREEPORT I ABACO I ELEUTHERA I EXUMA I FINANCIAL CENTRE I CORPORATE CENTRE I www.famguardbahamas.com Organic farm taking shape in North Abaco INVESTOR PAUL BAKER (leftcentre S ociety president Lennie Etienne check equipment brought in for the organic farm development. ABACO ADMINISTRATOR Theophilous Cox (left ety president Lennie Etienne (centre manager (agriculture i c farm operation. Gladstone Thurston/ BIS BAIC EXECUTIVE CHAIRMAN E dison Key (left o rganic project with (from right) domestic investment offic er Ayner Cornish, South Abaco Farmers Co-operative Society president Lennie Etienne, assistant general manager (agriculturea nd South Abaco Farmers Association president Stephen K nowles.

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By NEIL HARTNELL Tribune Business Editor T he Government must fix the failure to co-ordinate its message with the private sector if the Bahamas is to make inroads into the multi-billion dollar medical tourism industry, Doctors Hospitals president has told Tribune Business. Barry Rassin, in an exclusive interview with this newspaper, said that too often the Government was communicating a different message to the one delivered by the private sector when they went out to market what this nation had to offer in terms of medical and tourism facilities. Hinting that this was a potential obstacle to efforts by Doctors Hospital and others to build a competitive medical tourism niche for the Bahamas, Mr Rassint old Tribune Business: We need to co-ordinate. The Bahamas should co-ordinate the private and public sector. The Government is doing its thing, were doing our thing. So when wereg iving a message, were not C M Y K C M Y K SECTIONB business@tribunemedia.net TUESDAY, JANUARY 11, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.60 $4.64 $4.61 B y NEIL HARTNELL Tribune Business Editor Bahamian investor confidence in equities needs to be rebuilt before there is any substantial interest among more companies in going public, a leading investment banker said yesterday, many having been discouraged by Rebuild investor confidence to encourage IPOs Depressed stock prices discouraging more Bahamian firms from going public* Analysts say share buy backs must not be initiated just to prop up share prices S EE page 4B M ICHAEL ANDERSON GOVERNMENT MUST GET ON MESSAGE IN MEDICAL TOURISM Doctors Hospital chief says it must fix failure to co-ordinate marketing with private sector if Bahamas to make inroads into what can be key industry for nation* Renews call for duty and work permit incentives, something been calling for over past 20 years SEE page 4B TOP MEDICALFACILITY: Doctors Hospital BARRYRASSIN By NEIL HARTNELL Tribune Business Editor The Government will earn a $70 million bumper tax windfall from Buckeye Partners $1.36 billion acquisition of a majority 80 per cent stake in the Bahamas Oil Refining Company (BORCO bune Business can reveal, which, when combined with the $210 million proceeds from the impending Bahamas Telecommunications Company (BTC much of this years fiscal deficit. The two one-off transactions will be music to the ears of a hard-pressed Public Treasury, which has been forced to borrow to meet civil service payrolls after tax revGovernments $70m BORCO tax windfall n Combined with $217m gross proceeds from impending B TC sale, both deals could virtually wipe out projected $302m d eficit for 2010-2011 n One-off inflows from both transactions could even leave Ingraham administration with $60m surplus on GFS measure n BORCO net debt is $279.3m SEE page 4B By ALISON LOWE Business Reporter alowe@tribunemedia.net A young businesswoman intends to inspire Bahamian businesses to go green and ditch Styrofoam food and beverage containers in favour of an environmentally-friendly alternative. Tejada Sands, proprietor of Bioshell Bahamas, is also hoping the Government may consider reducing the import duty on the biodegradable containers which is currently higher than for regular plastic containers, at 45 per cent as a means of stimulating extra interest in the products. The idea began with a trip to San Salvador with a friend who studies the reef. The reefs are dying because of trash Entrepreneur degrades use of styrofoam E co-friendly promoter seeking duty reduction help SEE page 2B B y ALISON LOWE Business Reporter alowe@tribunemedia.net The Comptroller of Customs yesterday denied claims his Department was in breacho f an undertaking given by the Attorney Generals Office by asking companies to return forms detailing their sale of bonded goods. Chris Lowe, operations manager for Kellys( Freeport), told Tribune Business yesterday that Customs informed all 3,500 Grand Bahama Port Authority Comptr oller denies undertaking breach SEE page 5B B y ALISON LOWE Business Reporter a lowe@tribunemedia.net A Texan entrepreneur has poured $10 million to date i nto a 1,500 acre farming operation in Abaco, touted as having the potential to create to 200 Bahamian jobs, Tribune Business has learned. Four boat loads of heavy equipment reached the farm site over the Christmas season, and it is expected that Americani nvestor Paul Baker will now spend further millions bringing the farm into operation, with the hope of making a dent in the Bahamas almost $500 million annual food import bill. Fruits and vegetables such as potatoes, legumes and rootcrops as well as cattle for both beef and dairy products,w ill be farmed by the company, to be called Abaco Foods Limited. Eventually, a food processing plant that could produce products such as ketchup and tomato sauce and more jobs is envisaged. T he farm is located in the Normans Castle area of Aba co, on the former Key and Sawyer Citrus farm, owned by current Bahamas Agricultural and Industrial Corporation $10m pumped into farming operation 1500-acre project cold generate to 200 Bahamian jobs SEE page 2B

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(BAIC Key and his partner, Mor ton Sawyer. Mr Baker is understood to be leasing thel and, although it is not clear if this is from the Governm ent or a private individual. Speaking with Tribune Business yesterday, Minister of Agriculture, Larry Cartwright said: The last I heard was that he had put in his application for duty concessions relating to the a gricultural materials and was setting up his operation. Ive gotten no indication when it will be up and running. He noted that Mr Key w as most intimately acquainted with the project, which is located four to five miles outside of Treasure Cay. Mr Key visited the Abaco Foods site this weekend and could not be reached up to press time as he was said to still be on the island. Tribune Business understands that Mr Baker first signed a deal to develop the farm in May 2010. Prior to this he had for some years been interested in investing in lion fish research and the development of equipment that would have the potential to capture more of the invasive species, which has threatened Bahamian fisheries. F ar ming Then Edison Key spoke to me about doing some farming and we talked and talked, and now here we are! Mr Baker was quoted as telling the Abaconian newspaper earlier this month during a site visit. Tribune Business was unable to reach Mr Baker yesterday for comment. However, in the interview with the Abaconian newspaper the investor revealed he intends primarily to sell products from Abaco Foods within the Bahamas, with the potential for a small number of specialty goods to be sold abroad. We have plans to create employment for a lot of people, and we are going to try to employ as many Bahamians as we can, he said. While it is not clear what Mr Bakers other ventures may be, Mr Cartwright told Tribune Business that by a ll reports he has been involved in farming all of his life. Sources in Abaco suggested the entrepreneur is a private individual who flies into the islands onboard his own luxurious jet, and has a number of business interests which he has been tightlipped on discussing. Nonetheless, Mr Baker has been vocal about his hope that the establishment of Abaco Foods will benefit not only his bottom line, but the Bahamas and Bahamian farmers. Bahamian farmers are to be given access to plots on 500 acres of land adjacent to Mr Bakers farm, which has been cleared. Apart from having access to heavy machinery and, eventually, food processing facilities owned by Abaco Foods for their own use, Mr Baker has said he intends to organise workshops on organic techniques, farm preparation, stock acquisition, and the marketing of produce to assist Bahamian producers. Mr Baker is also investing in the reconstruction of a badly degraded access road that will help other nearby farmers transport produce and equipment to and from their farms. North Abaco Farmers Association president, Stafford Symonette, said the project is a boon for the flagging agriculture industry. I am pleased with what I have heard about the project and I believe it will benefit us all, he said. "Once I saw the kind of equipment he was bringing in, I realised he was very serious and that he is here for the long haul. C M Y K C M Y K BUSINESS PAGE 2B, TUESDAY, JANUARY 11, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM BY LARRY GIBSON Its been quite a while since this column last appeared. I am happy to say I am back, and will hopefully continue to write thought-provoking articles for the enjoyment of my readers. Let me begin by w ishing you all good health, and a safe and successful 2011. These have been challengi ng times, more difficult than most of us would have ever experienced previously in our lives, or indeed imagine. However, notwithstanding our immediate circumstances, it is important that we look to the future with a degree of optimism. Worst is over Economic indicators sugg est the deterioration in the economy has bottomed, and i mprovement is starting to become apparent. The Intern ational Monetary Fund (IMF o f the Bahamas, suggests that for 2010 we would have had economic growth of 0.5 per cent. For 2011 it is projecting growth of 1.5 per cent, and 2.5 per cent per annum thereafter through 2015. While it will be a while before the average man on the street feels the recovery, it is absolutely essential that the Government pursues policies that engender confidence for i nvestors, businesses and individuals to once again invest in the Bahamas. While most individuals are struggling to make ends meet on a day-today basis, there are many successful Bahamians who are liquid and/or have access to funding. They can make a difference. It is this group that we need to harness in the first phase if we are to get this economy flowing again. Truth be told, the Governments ability to provide additional stimulus, beyond what has already been rendered, is limited in the face of the huge deficits that have already been incurred. As at June 2010, government debt stood at 47 per cent of GDP and public corporations debt (much of which is government guaranteed) was an additional 12 per cent of GDP. For reference purposes, the IMF recommends this ratio not exceed 37 per cent. Continued government borrowing at r ecent levels is unsustainable i n the short-term and longterm. The consequence of ignoring signs of over-borrowing can be brutal and most painfuljust ask Greece, Portugal and Ireland. Instilling Confidence There are probably two dozen entities operating throughout the Bahamas who have the wherewithal to mobilise significant levels of i nvestment via business e xpansion or new projects that can make a difference in our economy. Who is reaching out to these entities (which can be companies, groups or strategic individuals) in a systematic way? What are their concerns? What would encourage them to invest? Are they in step with current policies or are they strongly opposed? Can there be a middle ground so that a win-win situation is created? I humbly submit that somebody needs to ask these persons. I also believe there is another benefit to bringing these folks together. These groups, or representatives thereof, do not necessarily naturally interact with each other or travel in the same circles. Therefore, facilitating their interaction could produce additional mutual benefits. In order for such an initiative to be successful, we must be mature enough to recognise that this group must include those with FNM leanings, PLP leanings and apolitical leanings (if such an animal exists in the Bahamas). It is time we as a nation learn to develop national goals and policies, and approach them with a national pragmatism that would see them through to completion. Sale of BTC The biggest topic of discussion nationally at the moment is the pending sale of the Bahamas Telecommunications Company (BTC confine my comments at this stage to general observations, as I have not seen the Memorandum of Understanding (MOU be released shortly. Generally speaking, I am a supporter of privatisation and competition, and I believe the longterm benefits will outweigh any short-term negatives. I am amazed by the amount of misinformation, mischief and distrust that this process continues to generate. It would be most useful, and in the publics interest, if the fulld etails of the previously proposed Bluewater transaction and the current Cable & Wireless transaction were released thus enabling objective analysis and honest commentary. Further, I am uncertain whether there is a strong parallel between the conditions that led to the 1958 General Strike and the situation today arising from the privatisation of BTC. Would there be the same level of support by workers for a general strike today? This is something that only the workers of the Bahamas can answer. However, it should be recognised that organised labour has a right to act in concert to have their voices heard, provided they do so within the parameters of the law. Many persons have expressed disappointment over the number of personal attacks and unsavoury comments being made by individuals from all sides in the privatsation process. In the final analysis, personal character attacks will have absolutely no bearing on the ultimate outcome. The sooner the MOU is placed in the public domain, the better. No doubt, there will be multiple levels of debate the official one in the House of Assembly, and others in the court of public opinion. Until next week NB: Larry R. Gibson, a Chartered Financial Analyst, is vice-president pensions, Colonial Pensions Services (Bahamas subsidiary of Colonial Group International, which owns Atlantic Medical Insurancea nd is a major shareholder of Security & General Insurance Company in the Bahamas. The views expressed are those of the author and do not necessarily represent those of Colonial GroupI nternational or any of its sub sidiary and/or affiliated companies. Please direct any questions or comments to Larry.Gibson@atlantichouse.com.bs Mobilise those who make a difference Financial Focus By Larry Gibson down there, and theres so much litter, with Styrofoam cont ainers and plastic all over the road. My friend is from California, where they have banned S tyrofoam food containers, and between the two of us we came up with the idea to introduce an environmentallyfriendly alternative into the Bahamas, said Ms Sands, who set up Bioshell Bahamas nine months ago. To date, Bioshell has attracted consistent business from two resorts in Long Island Stella Maris and Cape Santa Maria as well as from Ardastra Gardens Zoo in New Providence and a few other companies. Ms Sands hopes that in the coming year she will be successful in increasing awareness of the benefits of switching from Styrofoam the brand name for polystyrene and plastic to the disposable biodegradable alternatives, which can be made from sources such as corn, sugar cane and potatoes, and break down within months of disposal. Styrofoam, the plastic foam which most Bahamian restaurants and cafes use in the form of clamshell-style containers to place food sold to their customers in, can take up t o 500 years to degrade, clog landfills and oceans, and can c ause harm to both humans and wildlife. It is made from non-renewable petro-chemicals. T oxic The plastic foam gives off toxic fumes when burnt, and can break down when heated in a microwave, especially if in contact with fatty foods s uch as meats and cheeses, causing c hemicals to enter into the food we e at and, by extension, ourselves. If eaten by animals or sealife it will block the digestive tract. It has been banned for environ mental and health reasons in parts of California and Canada, and Port-l and, Oregon. Meanwhile, discussions are underway in other parts of the US, such as Chicago and New York, on the benefits of ditching Styrofoam. Ms Sands, a marketing major, said she hopes her company will benefit the Bahamas in the long term. I want to contribute to my country, she told Tri bune Business. Im definitely going to be working on mak ing more people aware (of the benefits of biodegradable alternatives to styrofoam/plastic containers). In this regard, Bioshell intends to again be active in the National Coastal Awareness campaign this year, and will be raising its profile through involvement in the Love Yourself and Your Health health promotion campaign, which was launched at the start of the year by DJ Chrissy Love and the SEEDlings Place. Meanwhile, having approached the Government last year about a duty reduction on the eco-friendly products the Government has previously indicated it is in favour of supporting the introduction of environmentally-friendly product alternatives into the Bahamas through tax reductions or elimination Ms Sands said she hopes she can see progress this year. Yesterday, Minister of the Environment, Earl Deveaux, said he supports the conceptual basis of the product being sold by Bioshell, and has asked Ms Sands to provide the Government with specific characteristics so that it could get a specific category in the Tariff Act to dis tinguish and support it. Ms Sands also believes the cost of the Bioshell containers can be diminished with increased demand for biodegradable products. At present, a 10 oz cup made from Styrofoam costs around seven cents to import into the Bahamas, while one made from renewable sources carries a cost of around 10 cents. Entrepreneur degrades use of styrofoam F ROM page 1B EARLDEVEAUX $10m pumped into far ming operation FROM page 1B

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B y ALISON LOWE Business Reporter alowe@tribunemedia.net A leading financial services stakeholder yesterday hit back at claims published in a top UK newspaper that the Bahamas remains an offshore jurisdiction rife with secre cy, corruption and intimidation, where illicit money can be deposited by anonymous sources despite a tightening of regulation over the last decade. McKinney, Bancroft and Hughes senior partner, Brian Moree QC, said it was simply not fair that such an accusation could be made considering steps taken to further legislate and regulate the sector in recent times. am surprised a respectable newspaper inLondon would just print that because we have some of the toughest laws of all countries.You can open a bank account in London or New York with half the red tape and time you have to go through in the Bahamas, Mr Moree said. In fact, many think the pendulum has swung so far the other way it is to some extent retarding business, so to suggest there is an open sesame for illicit funds is incorrect. The Guardian in London published two extracts froma book entitled Treasure Islands: Tax Havens and the Men Who Stole the Worldby author Nicholas Shaxson over the past weekend. Drawing on allegations by a former banker who claims to have worked in the Bahamas in several different financial institutions, the author sug gested that secrecy and the potential for money laundering remains rife. The banking source, who told the author she worked asa client relationship manager for the private banking armof a well-known international bank in this nation, and ultimately for a boutique private Swiss bank, suggested that although laws were tightened a little in the Bahamas in response to a feeble global crackdown in the early part of the last decade, this did not stop ques tionable banking practices. These days, offshore bankers make a big show of their Know-Your-Customer rules to keep out the bad money...That, at least, is the theory. But there are many w ays around the restrictions, the article stated. The extract claims the banker, employed as a compiance officer at the time, was supposed to check for suspicious movements through the accounts at one private Bahamas-based bank. She found many and raised many red flags, but was given unsatisfactory responses from her seniors. They (the managers would say: This was a commission. Were these bribes? Commissions on what? I went back and never got an answer, the banker alleged. One Swiss-based trust that had a relationship with her bank displayed almost nothing on its website, bar some photos of a nice fountain in Geneva. The crap they brought to us was unbeliev able. There is no way a responsible trustee should take this on. You have no idea who the trust settlors were, what the assets were or where they came from. I objected strongly but the bank took them on, the banker told the author. The book suggests that the Bahamas environment is one which tends to stifle dissent and suppress troublemak ers, with international financiers reassured that local establishments can be trusted not to allow democratic politics to interfere in the business of making money. The banker, who has now left The Bahamas, suggests she is trying to come to terms with her past life, and the author himself charges that he was told by a practi tioner in the Cayman islands that if he was to probe such allegations in the Bahamas he would need to be careful of his personal safety. In writing the book, the author purports that he had been hoping to explore a question that had been nag ging me: How do bankers who shelter the wealth of gangsters and corrupt politi cians justify what they do? But Mr Moree said the fact of the matter is that banks simply cannot conduct business with non-compliant money these days in the Bahamas. Anyone who took time to become familiar with the cur rent legislative landscape in the Bahamas with regard to financial services would, I think, agree that we have very s trict anti-money laundering rules and regulations, and very robust oversight provisions by regulators, and that non-compliant money is no longer welcome in the Bahamas, Mr Moree said. While one can never say that our system can never be abused by persons seeking to do wrong doing, our system now is tougher and more robust than in most other countries, and you simply cannot really conduct business with non-compliant money these days. The top attorney said he believes the Government, through passing additional and amended legislation and beefing up our regulatory structure, has demonstrated unequivocally its commitment to ensuring the jurisdiction isa well-regulated, premier intentional financial centre which conducts business in accordance with the best standards. I think the regulators themselves have also done that through issuing guidelines to cover the various sectors of the financial services industry, said Mr Moree. Minister of State for Finance with responsibility for financial services, Zhivargo Laing, did not return calls and e-mails seeking comment up to press time yesterday. C M Y K C M Y K BUSINESS THE TRIBUNE TUESDAY, JANUARY 11, 2011, PAGE 3B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 326,7,216$9$,/$%/( 63$(1,25$662&,$7(6 -RE'HVFULSWLRQ 3ULFHZDWHUKRXVH&RRSHUVKDVYDFDQFLHVIRUTXDOLHG6HQLRU$VVRFLDWHVZLWKLQRXU6\VWHPV DQG3URFHVV$VVXUDQFHSUDFWLFH$VPHPEHURIWKH63$WHDP\RXZLOOSURYLGH VHUYLFHVUHODWHGWRFRQWUROVDURXQGWKHQDQFLDOUHSRUWLQJSURFHVVLQFOXGLQJEXVLQHVV SURFHVVDQGLQIRUPDWLRQWHFKQRORJ\PDQDJHPHQWFRQWUROV 5HTXLUHPHQWV 3URYHQH[SHULHQFHLQLGHQWLI\LQJHYDOXDWLQJDQGWHVWLQJLQIRUPDWLRQWHFKQRORJ\DQGRU EXVLQHVVSURFHVVFRQWUROVKDYLQJZRUNHGLQWKHDFFRXQWDQF\SURIHVVLRQIRUPLQLPXPRI $VWURQJDFDGHPLFUHFRUGDQGKDVSURIHVVLRQDODFFRXQWDQF\TXDOLFDWLRQDQGRUWKH&,6$ TXDOLFDWLRQ 6RXQGEXVLQHVVDZDUHQHVVH[FHOOHQWFRPPXQLFDWLRQVNLOOVDQGSHUVRQDOLQLWLDWLYH 7KHDELOLW\WRZRUNDVSDUWRIDWHDPDVZHOODVLQGHSHQGHQWO\ 7KHDELOLW\WREXLOGDQGPDQDJHLQWHUQDODQGH[WHUQDOUHODWLRQVKLSV 3URFLHQWXQGHUVWDQGLQJRIVHFXULW\DQGFRQWUROIRUVRPHRIWKHIROORZLQJWHFKQRORJLHVDQG RU HQWHUSULVHDSSOLFDWLRQV8QL[:LQGRZV6HUYHU:LQGRZV6HUYHU 64/HUYHUUDFOHGDWDEDVH$3HRSOHVRIWDQG-'(GZDUGV :RUNLQJNQRZOHGJHRILQIRUPDWLRQWHFKQRORJ\JHQHUDOFRQWUROVFRQFHSWVLQWKHDUHDVRI V\VWHPVGHYHORSPHQWFKDQJHPDQDJHPHQWFRPSXWHURSHUDWLRQVDQGDFFHVVWRSURJUDPV DQGGDWD :RUNLQJNQRZOHGJHRIFRQWUROVDQGFRQWUROVVWDQGDUGVDUEDQHV2[OH\&262DQG &2%,7fDQGWHVWLQJVWUDWHJLHV 7KHSRVLWLRQVRIIHUFKDOOHQJLQJZRUNLQWKHQDQFLDOVHUYLFHVLQGXVWU\DQGRWKHUDUHDVRI LQGXVWU\DQGFRPPHUFH7KHVDODU\VFDOHZKLFKUHFRJQL]HVGLIIHUHQWOHYHOVRIH[SHULHQFH DQGVNLOOLVGHVLJQHGWRUHZDUGKLJKSHUIRUPDQFH,QDGGLWLRQWKH)LUPSURYLGHVH[FHOOHQW PHGLFDOLQVXUDQFHDQGSURYLGHQWIXQGEHQH 3OHDVHVXEPLWDQDSSOLFDWLRQOHWWHUZLWK\RXU&XUULFXOXP9LWDHWR +XPDQ&DSLWDO/HDGHU $HQLRU$VVRFLDWHRVLWLRQ 3ULFHZDWHUKRXVH&RRSHUV 3 1DVVDX7KH%DKDPDV Krys Rahming & Associates, the Bahamas-based corporate recovery, insolvency, and forensic accounting specialist firm, is changing its name to KRyS Global with effective from yesterday. The new name is intended to highlight the company's recent growth and expansion to additional international markets. "With offices in four countries, we are in a strong position to offer solutions in key offshore centres in the Caribbean," said company founder and chief executive, Kenneth M. Krys. "Our continually expanding international and cross-border experience now positions us to enter into strategic alliances with firms worldwide. We hope our coming together as KRyS Global will demonstrate our growth and expansion, as well as the cul ture of an independent organisation that is not only forward thinking but also international in breadth and highly person alised service." The newly-named KRyS Global has offices in four jurisdictions the Cayman Islands, British Virgin Islands, the Bahamas and Bermuda. "Since opening Krys Rahming & Associates, we have leveraged the firm's international network to grow the firm and add greater value to our clients. The global nature of the busi ness requires that we have a single identity across the region, particularly as the firm grows," said Ed Rahming, managing director of Krys Rahming & Associates. ACCOUNTING SPECIALIST IN KEY N AME CHANGE The Bahamas continues to have great prospects for world scale oil and gas discoveries, a senior executive with an oil exploration company believes. Dr Paul Crevello, director and chief operating officer of the Bahamas Petroleum Company, who will address Thursdays Business O utlook conference on the past, present and future of oil exploration in the Bahamas, said: Over 60 years of sporadic exploration has been conducted in the Bahamas. However, there has been very little exploration and drilling activity, with no exploratory drilling in the last 20 years, and much of the seismic acquisition activity occurred more than 20 years ago. With the benefit of modern knowledge and technologies, the company is proud to have been able to shed light on the very great prospectivity of the Bahamas for world-scale oil and gas discoveries. With the world ever hungrier for new large oil and gas provinces, particularly in democracies close to North America, our work is set to achieve a large increase in value for the people of the Bahamas, our shareholders and oil and gasc onsumers in general. Our directorate is skilled in finding and developing new oil and gas fields in overlooked, forgotten and new areas, and has an outstanding track record of discovery and development. We look forward over the next few years to bringing discoveries into production. Dr Crevello joined Bahamas Petroleum Company in November 2006, when it was a private company founded by Alan Burns of Perth, Australia. The company was granted five exploration licences by the Bahamas in 2007, followed by a listing on the London Alternative Investment Market (AIM August 2008. Its corporate headquarters is in the Isle of Man, and exploration/operations are managed from Nassau. Another Bahamas Business Outlook speaker is orthodontist Dr Barry Russell, founder of The Bahamas Orthodontic Centre, which has expanded from two staff in 1991 to its current level of 18, with operations in both Nassau and Freeport. The company was named as the Chamber of Commerces 2010 Business of the Year for firms with 50 employees or less. Dr Russell will be speaking on the topic Successful Entrepreneurship in the Professional Service Sector: What will it take in this season. Arguing that hard work alone will not suffice, Dr Russell will urge Bahamian entrepreneurs in the professional services sector to possess a first-world mindset if they want to compete. As this is a very significant year for us, we intend to make this a very significant con ference, said Joan Albury, president of con ference organisers, The Counsellors. We are geared up to touch on every aspect of this countrys economy and more. Our slate of speakers will address a wide range of topics that will bring an awareness to conference goers of what is happening in our country in terms of our economy and generally. Bahamas great prospects for oil Dr. BARRYRUSSELL DR. PAULCREVELLO Attorney hits back at corruption claims

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the failure of existing stocks to reflect their true value. Michael Anderson, Royal Fidelity Merchant Bank & Trusts president, told Tribune Business that the 20012004 and 2008-present reces sions had dampened investor demand for stocks. And, with potential buyers increasingly risk averse, Bahamian companies were reluctant to come to market because they were uncertain whether they could come out at a reasonable price. He was backed by Kenwood Kerr, Providence Advi sors chief executive, who agreed that Bahamian companies had been discouraged from going to the equity markets as a result of existing stocks failing to reflect their underlying earnings and fun damentals, due largely to an illiquid market featuring a surplus of small retail sellers depressing many share prices. Speaking in the wake of AML Foods unveiling a stock repurchase programme that could see the company buy back up to 10 per cent of its outstanding stock, some 1.5 million shares, over a threeyear period, Mr Kerr told Tri bune Business that companies should not engage in such activity merely to prop up their stock price. Meanwhile, both Mr Anderson and Mr Kerr pointed out that the last true initial public offering (IPO Bahamas was Freeport Concrete, a company that has ceased trading, in 2001. The RoyalFidelity presi dent said that following the 2001-2004 fall back in Bahamian share prices, which really saw companies lose value, it took a while for companies share prices to get back to reasonable values. Investors looked for cer tainty that the downturn was over, Mr Anderson said, and confidence ultimately returned to produce three good years for the Bahamian stock market between 20052007. However, the recession saw prices and investor appetite and interest take a further nosedive from 2008 onwards. Mr Anderson said the two market recessions over the past decade had dampened institutional and retail appetites for Bahamian equities, and the resulting fall-out had been to discourage fur ther IPOs by companies who were unsure whether they would be able to float at a price that reflected their cur rent and future earnings and underlying fundamentals. We need to rebuild peoples confidence in equities before we see any substantial interest in companies coming to market, Mr Anderson told Tribune Business. Hopefully, Heineken will be the start ofb ringing good, profitable c ompanies to market. Negativ e D espite the seller surplus a nd kind of negative attitude to equities, the RoyalFidelity president said it would be interesting to see how Heineken does whenever the estimated $60-$65 million Commonwealth Brewery/Burns House IPO comes to market. Mr Anderson pointed out that it was a company that was well-understood by Bahamians with good upside potential. He added: People buy liquor, it happens every day, and it will go out with a proven business case for it. The 1994-2001 period had seen strong gains and inter est in the equity market because of the upside, and Mr Anderson said that while investors then had been buying companies with strong track records and increased future profit potential, some of the latter IPOs may have seen Bahamians buy into companies without the great potential and track record. Providence Advisors Mr Kerr agreed, telling Tribune Business: I think these kind of results to date have impacted a lot of companies deci sions not to go public, because you can never realise the true value of your earnings. Never mind that you have consistentr evenue and earnings growth, y ou never see it reflected in the share price. Mr Kerr said this was true of the likes of Commonwealth Bank, which had enjoyed a record year, plus Colina Insurance, which had seenr ecord sales and earnings for two years in a row. So whats happening? Why arent these fundamentals being reflected? Mr Kerr asked. Theres two elements. The smart money is not entering to big up these funda mentals, even for companies that have solid management and revenue and earnings growth. The retail people have no confidence and are not investing, and those people who have more shares lack the capital to buy more and probably need to liquidate. With companies increasingly cost-conscious as a result of the recession, Mr Kerr said the listing and registration fees associated with BISX listings could act as a further impediment to companies going public. Yet, referring to AML Foods share buy back plan, Mr Kerr said: You do not want companies buying back their shares for the sake of buying back their shares, just to prop up the share price, where theres no rationale for doing so. In AML Foods case, with the company set to declare dividends, by acquiring increasing amounts if its own stock, it would reclaim increasing dividend sums that could be retained in the busi ness. That money can be used to reinvest in the company, thus getting a return by buy ing back shares, Mr Kerr explained. Just to prop up a company that has no or weak fundamentals is not the right thing to do. But, in this case, the experience to date is that minor share sales have depressed market capitalisation and share values. Its dis ruptive for portfolio managers, as it creates price volatility that impacts portfo lio values. Mr Anderson added that while some Bahamian stocks had been beaten down, and a share buy back would make sense, it was not the right reason to launch one just to prop up the share price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ebuild investor confidence to encourage IPOs F ROM page 1B Ken KEN KERR giving a co-ordinated one. Thats a mist ake, and the Government should fix that. The mixed marketing/promotional message could thus confuse the large US employers, facilitators and insur-a nce companies the Bahamas must pitch to, in what Mr Rassin referred to as the fastest growing sector in healthcare in the US. J ust how competitive the medical tourism sector was, he added, was brought home to him when he attend-e d last Septembers Medical Tourism Congress in California, at event at w hich 45 different countries exhibited. Our proximity and being Englishs peaking are very big, Mr Rassin told Tribune Business. Its a known entity. P eople know the Bahamas. Its a nice place to go, and we have a lot of benefits that could make this a key industry for the country. Rather than jump in, Mr Rassin explained that Doctors Hospital had planned its entrance into medicalt ourism carefully, putting all the pieces in place. The attaining of Joint C ommission International accreditation last June a standard that signals to Americans that Doctors Hospital ist he equal of any US hospital in terms of quality care and outcomes was the f irst piece in the jigsaw, and everything e lse has flowed from that. M r Rassin said JCI accreditation a ssessed whether Doctors Hospital not o nly had the correct written policies and procedures in place, but had implem ented them. Staff have to understand them, live them, work with them every day, he explained. Were living in a culture that is not used to that type of structure, so part of it was changing the culture, which Im pleased to say weve done. S upport Asked what the Government needed to do to support Doctors Hospitals efforts, Mr Rassin replied: The ease of getting licensure in terms of surgeons coming in. The liability protection is important for us. For us to become more competit ive, and therefore increase market share, we still need these concessionst hat most medical facilities get in most countries, the Doctors Hospital president added, referring to the BISXl isted healthcare providers repeated a ttempts to obtain customs duty exemptions on imported medical equipment and technology. C urrently, Doctors Hospital pays the full duty amount, and it has also been s eeking reduced work permit fees. Mr R assin said the company spent $300,000-$400,000 in work permit fees per annum. We need concessions to reduce these costs further, he explained to Tribune Business. Weve tried to explain this to government for 20 years. If we can reduce our cost base, reduce charges, it will make us more competitive in the international market, and with the savings it will help local insurance companies. W ith major employers and insurers in the US wanting to know the exact c osts incurred in sending someone abroad for healthcare treatment, MrR assin said Doctors Hospital was working on developing package prici ng for all the treatments it would o ffer. Its High Intensity Focused Ultrasound (HIFU ment centre was already gaining 15-20 p atients per month, bringing them in at weekend, doing the surgery in two days, and then sending them home. W hile the revenues from the HIFU initiative had not been large enough to say theyve made a gigantic impact o n Doctors Hospitals revenue streams since it started in 2008, Mr Rassina dded: Its kept us going. Its a programme thats been stable throughout, w hich is always good in a recession to h ave. GOVERNMENT MUST GET ON MESSAGE IN MEDICAL TOURISM FROM page 1B enues nosedived due to the recession, and was projected to incur a total $302 million deficit for the 2010-2011 Budget year. The BORCO tax payment was revealed in the prospectus issued to potential investors in New York Stock Exchange (NYSE ment, which was issued to help finance BORCOs purchase from energy private equity fund, First Reserve Corporation. The prospectus said Buckeye Partners was paying $1.36 billion, less First Reserves 80 per cent share of BORCOs net debt totalling $223.5 million, plus estimated Bahamian transfer taxes payable in connection with the transaction of $70 million. That $70 million, combined with the $217 million the Government says will be raised from selling a 51 per cent BTC stake to Cable & Wireless Communications ($210 million in purchase price, $7 million in Stamp Tax), means the Government will enjoy a potential $287 million gross revenue windfall that it did not account for in its 2010-2011 Budget. The net return to the Treasury from both deals is uncertain given, for example, the Government needing to cover the BTC employee pension plan deficit, but there is little doubt that the two deals will cover a substantial portion of the anticipated fiscal deficit for the year to June 30, 2011. The Government projected last year in its Budget that it w ould incur a total fiscal deficit of $302 million for fiscal 20102011. Therefore, those collective $287 million proceeds could narrow this to just $15 million. And, given that the GFS fiscal deficit measurement stood at $227 million, stripping out $75 million in debt principal redemption, the $287 million proceeds could leave the Government looking at a $60 million surplus under this method. That assumes a lot, of course, but could also create the fiscal headroom for the Government to deliver an election budget this May, as it will likely be the last one before the next general election. James Smith, former minister of state for finance in the 2002-2007 Christie government, alluded to this in an interview with Tribune Business last week, telling this newspaper that unanticipated revenue flows from the BTC and BORCO transactions could artificially bump up government revenues. He warned, though, that this could disguise the weakness in the fundamental elements of the Budget. Meanwhile, revealing that it was seeking to close BORCOs purchase by April 18 this year, Buckeye Partners said it was aiming to repay all the debt held by the Freeport-based oil storage facilitys parent company. It is our intention that all of FRBCHs [BORCOs parents] outstanding net indebtedness ($279.3million as of September 30, 2010, comprised of $279.3 million of indebtedness for borrowed money, plus $19.2 million of hedges, minus $39.8 million of cash)will be repaid, which payoff will be funded by our contribution to the capital of FRBCH of an amount equal to such net indebtedness, Buckeye Partners disclosed. In connection with the closing, we intend to make a con tribution of capital to FRBCH in an amount sufficient for FRBCH to repay its net indebtedness, and to make a payment to Vopak and certain members of BORCO management that will be due five days following closing of the BOR CO acquisition. Vopak, BORCOs operating partner, has until Friday to decided whether it wants to cash out, too, and sell its 20 per cent equity stake to Buckeye Partners. Its operating agreement is until April 29, 2013, and if this is not renewed it can be terminated on every two-year anniversary from that date. In connection with the pending BORCO acquisition, we obtained a commitment from the underwriters to arrange certain senior unsecured bridge loans in an aggregate amount up to $595 million (or up to $775 million in the event we also purchase Vopaks 20 per cent interest in FRBCH, and such purchase occurs concurrently with the purchase from First Reserve), Buckeye Partners added. Governments $70m BORCO tax windfall FROM page 1B

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PAUL WISEMAN, AP Economics Writer WASHINGTON Ninety percent of the work force has a job, the same as a year ago. But last year, people were still worried about getting laid off. Today, they aren't. The result is a renewed confidence that's boosted retail sales just what's needed to spark what economists call a "virtuous cycle": Higher consumer spending raises company profits, which s purs hiring, which fuels more s pending and growth. Consumer spending is critical because it powers about 70 percent of the economy. It's risen without interruption since July, and it powered the strongest holiday shopping season since 2006. Many shoppers are showing enough confidence to splurge on new cars: Auto sales rebounded 11 percent in 2010, the first increase since 2005. "The strongest showing for consumers since the peak years of the last expansion sig nals that the broader econo my is near a threshold of selfsustaining growth," analysts at Citi Investment Research& Analysis wrote last week. Federal Reserve Chairman Ben Bernanke echoed that point Friday. He told a Senate panel he sees evidence that a "self-sustaining" recovery is taking hold because con sumers and businesses are spending more. Morgan Stanley economists say 4 percent growth is "likely, perhaps even conservative" in 2011, up from an estimated 3.1 percent last year. Late this month, the government will estimate economic growth for the final quarter o f 2010. C onsumer spending is rising because the vast majority of working-age Americans are now breathing easier, despite 9.4 percent unemployment. People who had jobs feared being laid off during the recession, which ended in June 2009, and for months after. Fewer worry now, because most companies have stopped cutting staff. Workers who survived the job cuts of the past three years have begun to conclude: "If they haven't fired me by now, they're not going to," says Michael Koskuba, portfolio manager with Victory C apital Management. I n December, employers a dded just 103,000 jobs too few even to keep up with population growth. But that was mainly because they're still reluctant to hire, not because they're still cutting jobs. InO ctober, layoffs were the lowest since August 2006. The number of people applying for unemployment benefits a proxy for the pace of layoffs plunged about 15 percent in the final four months of 2010. Only six other times since 1967 have applications dropped that steeply in any four-month period, according to Goldman Sachs economists. And economists think employers will finally ramp up hiring this year. "You've got 10 percent unemployment, and you add another 5 or 10 percent" for discouraged workers or those stuck in part-time positions, b ecause they can't find fullt ime work, says Doug Hart, a retail specialist at the consulting firm BDO USA. But the remaining 80 percent, having survived layoffs, "are feeling more secure about their jobs." "The fear factor has subsided," Hart says. That's evident among consumers like Monique Aguilar, 27, of Saugus, Mass. Aguilar put off a car purchase last year after the restaurant chain where she's a manager announced layoffs. But there she was Friday at a Chevrolet dealership in neighboring Lynn, Mass., shopping for a n ew Malibu. W hat's changed? She does n 't worry so much about being let go. Her employer's sales have improved, and she's encouraged by reports of slowing layoffs and more hiring. In general, I feel like we're going in the right direction," Aguilar says. "That makes me comfortable in my purchase." Economists say consumers seem increasingly divided into "haves" and "have-nots." The haves feel secure in their jobs. Their finances are solid. So is their credit. They dominate the highestearning 20 percent of Americans, who contribute nearly 40 percent of consumer spending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fWRPDQDJHDQGXSSRUW&HQWUDO'DWDEDVH\VWHPV $GYDQFHGNQRZOHGJHRI$,;QL[DQGYDULRXV:LQGRZV RSHUDWLQJV\VWHPVWRSURYLGHKHOSGHVNVXSSRUWDQGWRWURXEOHVKRRW HQGXVHUDQGEDFNRIFHV\VWHPV .QRZOHGJHRIQHWZRUNLQJHVSHFLDOO\SURWRFROVLQXVHE\FRPSDQ\ WRWURXEOHVKRRWDQGUHFWLI\WKHVRXUFHVfRIQHWZRUNSUREOHPV $QDO\WLFDODQGSUREOHPVROYLQJVNLOOVWRDVVHVVLVVXHVDQGWHFKQLFDO LQIRUPDWLRQH[DPLQHDOWHUQDWLYHVDQGXVHMXGJPHQWWRSURYLGH UHDVRQHGUHFRPPHQGDWLRQV 0XVWEHRSHQWRQHZWHFKQRORJ\DQGDELOLW\WRSUREOHPVROYHLQ VXSSRUWRIWKHQHWZRUNDQGFHQWUDOGDWDEDVHV\VWHPV %DFKHORURIFLHQFHGHJUHHLQDFRPSXWHUUHODWHGHOGLQGXVWU\ VWDQGDUGQHWZRUNFHUWLFDWLRQVUHTXLUHGSOXVWZRfRUPRUH\HDUV RI SURYHQQHWZRUNV\VWHPVH[SHULHQFH %HQHWVLQFOXGH &RPSHWLWLYHVDODU\FRPPHQVXUDWHZLWKH[SHULHQFH DQG TXDOLFDWLRQV*URXSHGLFDOLQFOXGHVGHQWDODQGYLVLRQfDQG OLIHLQVXUDQFHSHQVLRQVFKHPH ,QWHUHVWHGSHUVRQVVKRXOGDSSO\QRODWHUWKDQ 7KH7ULEXQH 3 1DVVDX%DKDPDV DEE-ANN DURBIN, AP Auto Writer DETROIT Ford Motor Co. says it w ill add more than 7,000 workers in the U.S. over the next two years, including 750 engineers with expertise in batteries and other advanced technology, as it begins producing several new vehicles. The company plans to hire 4,000 manufacturing workers this year. Almost half those workers will be at the Louisville Assembly Plant in Kentucky that will make the new Ford Escape starting late this year. It expects to add at least 2,500 new manufacturing jobs in 2012. The 750 engineers that F ord plans to hire will work on hybrid and electric vehicles. The company said it is beginning a recruiting effort this week in Detroit and either other cities, including San Jose (California Raleigh and Durham (North Carolina). Ford introduced three future electric and hybrid vehicles Monday at the Detroit auto show, including an electric version of the Ford Focus which will go onsale in the U.S. later this year and hybrid and plug-in hybrid versions of the CMax minivan which will go on sale in 2012. Ford said the plug-in hybrid C-Max will be able to go 500 miles (800 kilometers) using a combination ofits battery and gas engine, while the hybrid version will get better fuel economy than the hybrid Ford Fusion sedan, which gets 41 miles p er gallon (17.5 kilometers per liter). The plug-in hybrid will be able to go longer distances on battery powera lone than the regular hybrid, although Ford won't release exact distances yet. The electric Focus will be Ford's first electric car on the market, although it currently sells an electric version of its Transit Connect van. Ford didn't say how much the vehicles will cost, but Chairman Bill Ford said they will be "competitive" with other electrics and hybrids on the market. The Nissan Leaf electric car, which went on sale last month, costs $32,780, but buyers are eligible for a fed eral tax credit of $7,500. "We're doing everything we can to make these vehicles as affordable as possible," President and CEO Alan Mulally said. Adding hybrid and electric systems to established vehicles instead of selling separate ones, like the Leaf is one way Ford expects to cut costs. Bill Ford wouldn't say whether Ford can make a profit on electrics and hybrids, which are more expensive to produce, but said the expense will come down as production increases. Ford eventually expects to sell 5,000 to 10,000 Focus electrics annually. "Ultimately this has to be a business for us or we wouldn't be in it," Bill Ford said. The company also said it plans to hire 6,500 U.S. man ufacturing workers over the next two years as it ramps up production of new vehicles. Ford had previously announced some of the new hires, including the 1,800 workers being hired to make the new Ford Escape at Kentucky's Louisville Assembly Plant starting late this year. Some of the workers will be new to Ford, although some will be come from other U.S. plants where Ford has laid off workers. Under a 2007 contract, new hires will make around $14, or half the wages of veteran workers, which will mean significant savings for the company. Alcoa posts 4Q profit as sales jump PITTSBURGH (AP Alcoa Inc. says its fourthquarter earnings surged on higher sales of aluminum products as manufacturing increased across a broad range of businesses from automobiles to consumer products. Alcoa on Monday reported net income of $258 million, or 24 cents a share, for the October-December quarter. That compares with a net loss of $277 million, or 28 cents a share, on revenue of $5.43 billion. Revenue rose 4 percent to $5.65 billion from $5.43 billion a year ago. The results topped analysts' forecasts for earnings of 18 cents per share, according to FactSet. It was the third consecutive quarterly profit for the Pittsburgh manufacturing giant, and an indication of improv ing business conditions. (AP Photo/ Daniel R. Patmore, File STOCKSDIP: In this April 7, 2006 file photo, large rolls of aluminum are cooled before they get cut to order size at the Alcoa Warrick Operations in Newburgh, Ind. Stocks dipped Monday ahead of the start of fourth quarter earnings season. Alcoa Inc. will release its results after the market closes. STOCKS REPORT, PAGE 8 Less worried about layoffs, jobholders start spending more USNEWS Ford plans to hire 7,000 workers by 2012 licensees that with effect from this month they are required to submit to it on a monthly basis reports on all goods they have sold bonded, or duty free, to other licensees for use in the latters business. Mr Lowe said that breached an undertaking given by the Attorney Generals Office that Customs would not demand such submissions until the substantive issues between it and his company, which are the subject of a Judicial Review action chal lenging the legal standing of a bonded goods sales report, are determined by the Supreme Court. However, Comptroller Glenn Gomez described the suggestion that Customs officers in Freeport were in breach of the undertaking as misinformation. It is an incorrect story, because officers in Freeport are not doing anything that is contrary to the arrangement we have with the Attorney Generals office pursuant to that court matter, Mr Gomez said. What is really happening is that in 2009 there were two forms passed by Parliament addressing the sale of bonded goods. Last year, the officers did not introduce them until late in the year, right after the matter had been taken to court about over-the-counter sales and the production of details on what is actually being sold in any month. After meetings with licensees, the forms were sent out by Customs advising that this was, in fact, the law; it was just delayed in being sent out in terms of Customs being advised of the sale of bonded goods in any one month and the duty due, Mr Gomez said. Prior to this Kellys thing theres been a long-standing thing over the years where we were advised of any sales at any month, and dues were collected. I must also advise that the over-the-counter letter is not in any Hawksbill Creek Agreement or Customs Law; it is simply a form agreed and used some years ago by the Port Authority, Customs and licensees. Mr Gomez said the over-the-counter letter the Customs department wants businesses to fill in is intended to be a general letter to allow businesses to sell bonded goods for that calendar year. It says in the Act that any time bonded goods are sold the licensee has to take a purchase order of what is being sold, or which they intend to sell, to Customs. Customs approves it and they go on to sell it, the Comptroller said. They felt it really was cumbersome and absorbing a lot of time, so they came to Customs to ask for a general letter to allow for a calendar year for them to sell bonded goods. But somewhere along the line thats really gotten fuzzy, and so we have all of these things about were wanting to do this and that. The only thing we are really trying to do is ensure any con cession that is bonded goods, that come into the Freeport area, are dealt with according to the Customs Management Act, the Tariff Act and the Hawksbill Creek Agreement. We cannot have goods on which nothing is paid coming into the country and being allowed to be used any which way, and we dont know what the disposition is at the end of the month, quarter or year, said Mr Gomez. The Comptroller claimed that only about two or three per sons are claiming (Customs supposed to be doing. Meanwhile, he denied that Customs is holding up any goods as a consequence of the dispute over the bonded goods sales report. FROM page 1B Comptroller denies under taking br each ALCOARESULTSEXPECTED

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PETER SVENSSON, AP Technology WriterN EW YORK Verizon Wireless would seem to be a big winner after its expected announcement Tuesd ay that it will start selling the iPhone and break Apple Inc.'sm onogamous relationship with AT&T Inc. in the U.S. B ut for several reasons, the iPhone's arrival to Verizon would be poorly timed, and Verizon's gains won't be as clear-cut as one might believe. T here's no doubt a Verizon iPhone would attract millionso f buyers, and it would give the country's largest wireless carr ier a chance to catch up with AT&T in attracting high-paying smart phone customers. Since the iPhone's debut in 2007, A T&T has been its exclusive distributor in the United States. That means, for the most part, that the iPhone doesn't work with other carriers, and anyonew ho wants an iPhone needs to get service through AT&T.M any people held back because they already had service with Verizon or another carrier they liked or were apprehensive about congestion on AT&T's n etwork, particularly in New York and San Francisco. R umors about a version of an iPhone for Verizon have s wirled for years, but they have been rising in recent months. The Wall Street Journal has reported that an event Verizon is holding Tuesday is indeed for a Verizon iPhone, to go on sale at the end of the month. V erizon, Apple and AT&T wouldn't confirm that. A nalysts' estimates for Veri zon's iPhone sales this year vary widely, from 5 million to 13 million and some of that would come from what AT&T would h ave sold. The iPhone is big business for AT&T: The carrie r activated 11.1 million iPhones in the first nine monthso f 2010, the latest figures available. M any analysts estimate that Verizon would be the largest seller of iPhone in the U.S. this year, outdoing AT&T as it sat isfies pent-up demand. Verizon h as been doing its best keep up with AT&T by selling smart p hones other than the iPhone, but it's still been lagging. Y et several factors may give prospective Verizon iPhone buyers pause. Verizon is making a big deal out of its brand new, blazing-fast "4G" network. The carrier revealed the first phones and tablets for the network at the International Consumer Electronics Show in Las Vegas last week. But indications are that the first Verizon iPhone would only work on the older, "3G" network. That network has wide coverage, excellent reliability and less congestion than AT&T's, but data speeds are much lower. You also can't talk and surf at the same time with Verizon 3G phones. These factors give A T&T openings for their marketing. Also, Apple has been launching a new iPhone model every summer, and presumably an iPhone 5 is coming. But it'sn ot clear when Verizon would get it. The carrier may be ont he same one-year upgrade cycle, so Verizon may have to wait until January and leave AT&T with the advantage of a fresher model in the fall. M ost importantly, cell phone companies do their best to tie s ubscribers up with contracts and limit their mobility. AT&T e xecutives last year stressed to investors that most of their iPhone users are on family and employer plans more difficult for an individual to switch f rom. "The consensus is that AT&T is reasonably well-prep ared for Verizon's iPhone onslaught ... for now," said Sanf ord Bernstein analyst Craig Moffett. For this reason, analysts expect most Verizon iPhone buyers to be people who already have Verizon ser v ice. John Hodulik at UBS expects that 77 percent of his e stimated 13 million Verizon iPhones this year would go toc urrent Verizon subscribers. That means Verizon would b e paying heavily to upgrade its own subscribers to the iPhone. Apple charges AT&T about $600 for each iPhone 4. The carrier subsidizes thatd own to the $199 retail price, figuring it will make money b ack on service fees over the run of a two-year contract. An i nflux of iPhone buyers would have Verizon putting up a similar $400 for each one, more than it would be subsidizing, say, a BlackBerry Curve. Hodulik figures that even with the iPhone's boost to ser vice revenue, iPhone subsidies would reduce Verizon earnings this year by a net 15 cents per share, or about $425 million. Still, analysts don't expect the Verizon iPhone to affect stock prices much, reasoning that investors have already fac tored in the news. Verizon Wireless is a joint venture of Verizon Communi cations Inc. of New York and Vodafone Group PLC of B ritain. Since mid-July, Verizon Communications' stock has gained 40 percent, while AT&T's has gained 20 percent. In afternoon trading Monday,t he stock was up just 7 cents, or 0.2 percent, at $36. F or AT&T, long-term con tracts and other factors would help it retain some iPhone customers. But estimates vary on how many would flee to Veriz on. Christopher King of Stifel Nicolaus estimates as many as 6 m illion over two years. James Ratcliffe at Barclay's expects j ust 1 million this year. The true number will be a measure of how many people have soured on AT&T's network and its widely publicized problems. H odulik says AT&T would actually benefit in the short t erm from paying fewer subsi dies, saving about 10 cents per s hare, or about $590 billion, this year. The No. 3 and No. 4 carriers in the U.S., Sprint Nextel Corp. and T-Mobile USA, may have a s much to lose from a Verizon iPhone than AT&T. They w on't have iPhones of their own and would face the addedc ompetition from Verizon's model. Sprint recently started r eversing a multi-year subscriber loss, but its recovery is still tentative, and T-Mobile's subscriber figures are stagnat ing. Other potential losers are G oogle Inc. and Motorola Mobility Inc. To counter the a ttraction of the AT&T iPhone, Verizon has worked closely w ith Google to promote its Android phone operating system. Motorola was one of the main beneficiaries, having bet on Android phones to turn around a multi-year slide in its sales. Verizon now accounts for about 45 percent of Motorola's smart phone sales, according to analyst Tim Long at BMO Capital Markets. The Verizon iPhone "will be the first true test for Android," said Kaufman analyst Shaw Wu. It would demonstrate whether its share gains are real or just temporary, because of weak competition from other iPhone rivals such as the BlackBerry, he said. C M Y K C M Y K BUSINESS PAGE 6B, TUESDAY, JANUARY 11, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 326,7,216$9$,/$%/( $8',7$1$*(56 3ULFHZDWHUKRXVH&RRSHUVKDVYDFDQF\LQLWV1DVVDX2IFHIRU$XGLW0DQDJHUV ZKRVHTXDOLFDWLRQVPDNHWKHLQGLYLGXDOVHOLJLEOHIRUPHPEHUVKLSLQWKH %DKDPDV,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWV3URVSHFWLYHFDQGLGDWHVVKRXOG EHUHFHQWO\HPSOR\HGLQSXEOLFDFFRXQWLQJDQGKDYHDWOHDVWRQH\HDURI H[SHULHQFHDWWKH$VVLVWDQW0DQDJHUDQDJHUOHYHOLQPDQDJLQJSRUWIROLR RIGLYHUVHFOLHQWHQJDJHPHQWV&DQGLGDWHVDUHDOVRUHTXLUHGWRKDYHKLJK OHYHORIFRPSXWHUOLWHUDF\ 7KHSRVLWLRQRIIHUVFKDOOHQJLQJZRUNLQWKHQDQFLDOVHUYLFHVLQGXVWU\DQG RWKHUDUHDVRILQGXVWU\DQGFRPPHUFH7KHVDODU\VFDOHZKLFKUHFRJQL]HV GLIIHUHQWOHYHOVRIH[SHULHQFHDQGVNLOOLVGHVLJQHGWRUHZDUGKLJK SHUIRUPDQFH,QDGGLWLRQWKH)LUPSURYLGHVH[FHOOHQWPHGLFDOLQVXUDQFHDQG SURYLGHQWIXQGEHQH 3OHDVHVXEPLW\RXUDSSOLFDWLRQOHWWHUZLWK\RXU&XUULFXOXP9LWDHWR +XPDQ&DSLWDO/HDGHU $XGLWDQDJHURVLWLRQ 3ULFHZDWHUKRXVH&RRSHUV 3 1DVVDX%DKDPDV JEANNINE AVERSA, AP Economics Writer WASHINGTON The Federal Reserve is paying a record $78.4 billion in earnings to the U.S. government, reflecting gains from the central bank's unconventional efforts to lift the economy. The payment to the Treasury Department for 2010 is the largest since the Fed began operating in 1914. It surpasses the previous record $47.4 billion paid in 2009, the Fed said Monday. The bigger payment mostly came from more income generated by the Fed's massive portfolio of securities, which includes Treasury debt and mortgage securities. Critics in Congress have expressed concerns that the Fed's purchases could put taxpayers at risk by reducing the amount turned over to Treasury. The Fed is funded from interest earned on its portfolio of securities. It is not funded by Congress. After covering its expenses, the Fed gives what is left overto the Treasury Department. Income from the Fed's portfolio of securities came to $76.2 billion last year, up from $48.8 billion in 2009, Federal Reserve officials said. Such income rose largely because the Fed bought a greater number of securities. Increases in the value of secur ities also played a role. I n early November, the Fed launched a program to bolster the economy by purchasing $600 billion worth of Treasury debt through June. The program aims to boost the economy by lowering rates on mortgages and other loans and by lifting stock prices. Republicans in Congress and others have criticized the program, saying the Fed is printing money to pay for the U.S. government's swollen deficits and debt. To fight the financial crisis and lift the country out of recession, the Fed bought $1.4 trillion of mortgage-backed securities and mortgage debt as well as up to $300 billion worth of government debt. The Fed completed the mortgage purchases last year. The purchase programs have helped boost the value of securities held by the Fed. But the Fed could lose money if the central bank had to sell those securities and their prices were to fall. Once the economy is on firm footing, the Fed will need to mop up some of the money it pumped into the economy. The Fed could do that by selling some securities to reduce its balance sheet to a more normal size. Federal Reserve Chairman Ben Bernanke has said the Fed's goal is to eventually return the portfolio back to holdings of only Treasury securities. The Fed's balance sheet now stands at $2.4 trillion, nearly triple its size from before the financial and economic crises. The Fed's securities could lose value if low interest rates shoot up. That means the Fed would pay the government less money or none under some circumstances. "It's possible that there might come a period where we don't remit anything to the Treasury for a couple of years," Bernanke told the Senate Budget Committee last week. "That would be, I think, the worst-case scenario." Bernanke said in most cases the Fed will continue to return to Treasury "significant amounts of money." Verizon big winner from having iPhone? Not so fast (AP Photo/Julie Jacobson BIGWINNER? Verizon announced that it will start selling the iPhone and break Apple Inc.'s monogamous relationship with AT&T Inc. in the U.S. US NEWS FED PAYS US TREASURY RECORD $78.4B LAST YEAR

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C M Y K C M Y K BUSINESS THE TRIBUNE TUESDAY, JANUARY 11, 2011, PAGE 7B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM I N THE MATTER BETWEEN EGON FRIEDRICH ROSE A NNELISE ROSE AND WILHWELM EMIL-DIETZ INELLTAYLOR-DIETZ Stella Maris, Long Island Bahamas. U PON the application of the Plaintiffs made by AND UPON HEARING Mr. Darron Ellis of Counsel for the Plaintiffs and Mr. Arthur Minnis of the Counsel for the Defendants. NOTICE OF RECEIVERSHIP TAKE NOTICE that the Public is hereby advised that the properties: Pilots Rest, Happy Landing House, Happy Landing Garage, The Grotto, Ocean Lot and The Gazebo are in Receivership. Mr. John S. Bain Shirley Street, Nassau, Bahamas, has been appointed Receiver of the Properties. John S. Bain Chartered Forensic Accountant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ssociated Press BERLIN German automakers Volkswagen AG and BMW AG both said Monday that their global sales rose by more than 13 percent last year led by strong demand from China and elsewhere in A sia. V olkswagen said it delive red more than 7 million vehicles for the first time, while BMW said it expects to sell a record number of more than 1.5 million cars in 2011. Volkswagen's group deliveries totaled 7.14 million in 2010, up from 6.29 million a year earlier, the company said. It didn't give a specific forecast for this year, but board member Christian Klingler said the 2010 figures showed Volkswagen is "forging ahead with our international growth." The group, which includes brands such as Audi, Skoda and Seat, reported an even stronger rise in December. Sales last month totaled 545,000 cars up 22.8 percent over December 2009. Worldwide sales of BMW, Mini and Rolls-Royce cars totaled 1.46 million last year, up from nearly 1.29 million in 2009. The group sold 141,358 cars in December, 14.2 percent more than a year earlier. B MW board member Ian Robertson said he expects sales to exceed 1.5 million in 2011 "setting new record highs." "While we closely watch some ongoing economicu ncertainties throughout the w orld, we are certain to continue benefiting from our young model line-up," Robertson said in a state ment. Volkswagen's full-year sales in China rose 37.4 per cent to 1.92 million. It saw a huge increase in demand in India, where sales soared 181 percent to 53,500, and deliveries across the AsiaPacific region rose by 38.5 percent to 2.14 million. The company's U.S. deliveries rose 20.9 percent to 360,300. In its German home market, Volkswagen like oth er mass-market manufactur ers suffered from comparison with 2009, when a popular government carscrapping bonus program boosted sales. Deliveries in Germany were down 16.8 percent at 1.04 million cars, but sales elsewhere in western Europe were up 11.6 percent at 1.85 million. BMW said its group sales in 2010 increased in "virtual ly all markets." In China, it said it benefited from strong demand for its high-end models. BMW's sales in China were up 59.5 percent in December, when 16,132 BMW and Mini cars were sold. For the full year, sales there were up a sharp er 86.7 percent to 168,998. Sales in the U.S. were 16.9 percent higher last month at 27,600 cars, with the company crediting full availability of its 5 series and strong demand for X5 and X6 cars produced in Spartanburg, South Carolina. For all of 2010, sales were 9.9 percent higher at 265,757 cars. BMW's December sales rose 16.6 percent at 23,550 in Germany, its biggest market. For the full year they were up 3.1 percent at 266,009 as luxury carmakers' sales were relatively unaf fected by the car-scrapping bonus. The core BMW brand sold more than 1.22 million cars worldwide in 2010 a 14.6 percent increase over the previous year. Mini sales rose 8.1 percent to 234,175 and the luxury Rolls-Royce brand notched its highest sales figures since BMW took over the automaker seven years ago, selling 2,711 cars a 171 percent increase. However, that was still short of the all-time record of 3,357 cars in 1978, RollsRoyce spokesman Andrew Ball said. BARRY HATTON, Associated Press PAN PYLAS, A ssociated Press LISBON, Portugal Borrowing rates for Portugal b riefly spiked Monday after reports over the weekend that Germany and France are pushing it to accept outside help to keep the debt crisis in Europe f rom spreading. The yield on Portuguese 10y ear bonds, a key gauge of investor sentiment, rose to 7.18 p ercent at one point, its highest since the adoption of the euro and a potentially unsustainable level, before falling back to 6.94 percent. P ortuguese officials have sought the help of China, which h as already used its foreign cur rency reserves to buy Greeka nd Spanish debt and help sta bilize those nations. T he finance minister of Portugal went to China twice late last year, and Chinese President Hu Jintao promised in November to help Portugal out o f its financial crisis. Beyond that, discussions between thet wo nations have been secre tive. O penly accepting the help of the International Monetary Fund or other European nations, on the other hand, is a less politically palatableo ption for Portugal's leaders because it would be seen as an embarrassment and a failure. The spike in yields followed a report in German newspaper Der Spiegel that Paris and Berlin are both pressing Portugal to tap a European rescue fund to keep the crisis from spreading to Spain, which has a much bigger economy. The prevailing view in the markets is that Europe may be able to support Portugal but that a bailout of Spain would test the limits of the existing bailout fund, potentially putting the euro project itself in jeopa rdy if governments don't put up more cash. S till, German Chancellor Angela Merkel said Monday d uring a visit to Malta that Por tugal has not asked for help, "and it is not being pushed into it by Germany," according to the DAPD news agency. A spokesman for the European Union's monetary affairsc ommissioner also denied that European officials were prepar i ng a bailout. Since the bailout of Greece in May, the European Central Bank has taken a more active role in Europe's debt crisis by b uying the bonds of the most imperiled eurozone countries. A s of last week it had bought $96 billion in government b onds, withdrawing the same amount of money from the economy to avoid inflation. The U.S. Federal Reserve, by con trast, can effectively create new money, a step the ECB is loath to take. "I wouldn't be surprised if the ECB is trying to stabilize m arkets, but it's a Band-Aid approach," said Neil Mackinnon, global macro strategist at VTB Capital. "All it does is that it kicks the can down the road. It doesn't resolve the underlying issues." Analysts estimate that financial assistance for Portugal, which has been dogged by low growth and rising debt levels, would cost $65 billion to $130 billion. Portugal insists it does not need a rescue, but experts note that events there echo what happened in Ireland just before it was forced to accept an $87.5 billion bailout. Before Ireland was forced to accept a rescue from its partners in the EU and the International Monetary Fund, there were numerous reports suggesting that Germany, in par ticular, was pushing Dublin to take the funds to contain the crisis. And like Portugal, Irel and at first denied that it needed help. First we have the speculation that Portugal is being pres s ured into taking funds in order to save the crisis from spreading to Spain," said Derek Halpenny, an analyst at the Bank of Tokyo-Mitsubishi UFJ. "Then w e get the denials from Portugal." S pain accounts for around 10 percent of the eurozone econ o my, while Greece, Ireland and Portugal account for only about 2 percent each. The yield on Spanish 10-year bonds rose to 5.5 percent Mond ay, while benchmark German bonds were steady at 2.9 per c ent. Germany's economy is healthy compared with Portu g al's and Spain's, but it could suffer if it has to help shore up another ailing eurozone country. Markets have brushed off the Portuguese government's repeated claims over the past year that it doesn't need financial help. The minority govern ment has introduced an austeri ty program of tax hikes and pay cuts that it says will restore fiscal health. The key to when Portugal might get a bailout could come Wednesday, when the govern ment aims to raise $1.6 billion by auctioning off 3-year and 9year bonds. Portugal must ask investors for $26 billion this year to finance public accounts. It Portugal does not get enough investor backing, or if debt offerings later in the week by Spain and Italy are affect ed, analysts think a bailout could come soon after. All eyes would turn to next week's meeting of eurozone finance ministers in Brussels. The Spain and Italy debt auctions "will be a truer test of whether or not contagion is getting a grip," said Jane Foley, an analyst at Rabobank International. Pressure on Portugal rises amid debt fears DEREK GATOPOULOS, Associated Press ATHENS, Greece Greece's bond yields touched another record high and stocks were hammered on the Athens Stock Exchange Monday, amid a broader flare-up in Europe's debt crisis. The 10-year bond yield exceeded the equivalent German yield by 10 percentage points for the first time since Greece joined the euro. Crucially, the market jitters came only a day before a ?1.5 billion ($1.96 billion sidered an important test of market sentiment. The previous auction of 26-week treasury bills, on Nov. 9, resulted in a yield of 4.82 percent. Greece has launched a major effort to cut borrowing costs and on Monday reported better than expect ed deficit reduction figures in exchange for bailout loans worth ?110 billion from the IMF and other countries using the euro. The government says it wants to return to long-term bond markets sometime this year. But the interest gap, or spread, on 10-year bonds compared with the German issue reached a worrying 10.01 percentage points on Monday amid renewed worries that austerity efforts will backfire and cause a prolonged period of slow growth across Europe. The spread later receded slightly to 970 basis points, but the uncertainty weighed heavily on the Athens Stock Market, where the general share index dropped 2.6 percent to close at 1,354.63. Banking shares were hit hardest, losing about 6.5 percent of their value. NEWS FROMAROUNDEUROPE BMW, VW sales up more than 13 pct in 2010 (AP Photo/ Francisco Seco, File ) BUDGETDEBATE: In this Nov. 2, 2010, file photo, Portuguese Prime Minister Jose Socrates, left, and Portuguese Finance Minister Fernando Teixeira dos Santos gesture during the 2011 state budget debate at the Portuguese parliament in Lisbon. Europes debt crisis looked increasingly likely to claim another victim on Monday Jan. 10, 2011, as Portugals borrowing rates spiked to euro-era highs amid reports Germany and France are pushing it to accept outside help and prevent contagion to other countries. Greece borrowing rates hit new record

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DAVID K. RANDALL, AP Business Writer NEW YORK Stocks indexes were mixed Monday ahead of the latest round of corporate earnings reports. Alcoa Inc. will release its results after the market closes. The week started with news of two big corporate deals. DuPont, a major chemical company, said it would buy a Danish food maker for $5.8 billion. Duke Energy Corp. said it would buy Progress Energy Inc. in a $13 billiondeal that will create one of the nation's largest utilities. Duke fell 1.5 percent to $17.52. The Dow Jones industrial average dipped 38 points, or 0.3 percent, to 11,638 in afternoon trading. The Standard & Poor's 500 lost 2, or 0.2 percent, to 1,270. The Nasdaq composite gained 1, or 0.1 percent, to 2,705. Losses were spread across the market. Industrial, materials and information technology companies were the only members of the 10 indus try groups that make up the S&P index to rise. 3M Co. led the 30 stocks that make up the Dow with a 1 percent gain. DuPont had the largest fall, giving up 2.7 percent to $48.41. The technology-heavy Nasdaq index posted small gains thanks in part to the shares of Apple Inc., which gained 1.7 percent, and Netflix Inc., which jumped 3.3 percent. Playboy Enterprises Inc. soared 17 percent after agreeing to be taken private by a group of investors led by the company's founder, Hugh Hefner. European stocks fell after a German newspaper reported that France and Ger many are pressing Portugal to accept outside aid to keep Europe's financial crisis from spreading. Portugal has denied that it needs to do so. If the coun try requires help, it will join Greece and Ireland as the third member of the Euro pean Union to tap its neighbors for a bailout. Bonds Italy, Spain and Portugal are each scheduled to sell bonds this week. If they have to pay higher interest rates, the debt crisis could spread. "Italy and Spain are the big wildcards," said Paul Zemsky, the head of asset allocation at ING Investment Management. "If they got into troublet here's not enough money to b ail them out." No major economic reports are scheduled for Monday. On Friday, the Labor Department said that employers added fewer jobs in December than analysts expected. That report helped push the S&P down 0.2 percent. A fter the market closes, Alcoa is expected to post a fourth-quarter profit of 18 cents per share, according to estimates compiled by FactSet. The aluminum company earned 9 cents a share in the third quarter. Oil companies fell after a pipeline in Alaska was shut Saturday after a leak was dis covered at a pump station. Production of crude oil was cut to 5 percent of its normal output. Exxon Mobil Corp., BP and Chevron Corp. each fell by more than 0.5 percent. B ond prices rose slightly. The yield on the 10-year Treasury note, which moves opposite its price, fell to 3.32 percent from 3.33 percent late Friday. The yield is used to set interest rates on many kinds of loans including mortgages. The dollar lost 0.2 percent against an index of six other currencies. C M Y K C M Y K BUSINESS PAGE 8B, TUESDAY, JANUARY 11, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1 .260.97AML Foods Limited0.970.970.000.1500.0406.54.12% 1 0.759.67Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6.184.50Bank of Bahamas4.904.900.000.1530.10032.02.04% 0.580.18Benchmark0.180.180.00-0.8770.000N/M0.00% 3.492.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.152.14Fidelity Bank2.172.170.000.0160.040135.61.84% 1 2.509.62Cable Bahamas10.4610.460.001.0500.31010.02.96% 2.842.36Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.40Commonwealth Bank (S1)7.007.000.000.4220.26016.63.71% 3.651.63Consolidated Water BDRs1.831.890.060.1110.04517.02.38% 2.551.60Doctor's Hospital1.601.600.000.1070.11015.06.88%6 .995.94Famguard6.076.070.000.3570.24017.03.95% 1 0.207.23Finco7.237.230.000.2870.52025.27.19% 11.408.77FirstCaribbean Bank9.399.390.000.6450.35014.63.73% 5.513.75Focol (S)5.465.460.000.3660.21014.93.85% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 7.405.00ICD Utilities7.407.400.000.0120.240616.73.24%1 0.509.82J. S. Johnson9.829.820.000.8590.64011.46.52% 10.0010.00Premier Real Estate10.0010.000.000.9910.80010.18.00% 5 2wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 1 00.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 1 00.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 1 00.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 1 00.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk Hi 52wk Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%30 May 2013 20 November 2029T UESDAY, 4 JANUARY 2011BISX ALL SHARE INDEX: CLOSE 1,499.57 | CHG 0.06 | %CHG 0.00 | YTD -65.81 | YTD % -4.20BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017 7%RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)29 May 2015 W W W.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6.95%BISX 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 Fund1.51795.51%6.90%1.498004 2.92652.8300CFAL MSI Preferred Fund2.91871.10%3.13%2.919946 1.56681.4954CFAL Money Market Fund1.56974.15%4.18%1.551550 3.20252.8522Royal Fidelity Bahamas G & I Fund2.7108-13.03%-4.96% 13.638813.0484Royal Fidelity Prime Income Fund13.2825-0.63%-0.14% 114.3684101.6693CFAL Global Bond Fund114.36849.98%12.49%109.392860 106.552899.4177CFAL Global Equity Fund106.55284.75%7.18%100.779540 1.14151.0000FG Financial Preferred Income Fund1.14154.74%5.21% 1.11011.0000FG Financial Growth Fund1.11013.94%7.60% 1.14281.0000FG Financial Diversified Fund1.14284.78%5.90% 9.74859.1005Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.79504.85%5.45% 11.236110.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.6417-1.20%0.50% 10.00009.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 39.6635-3.37%-3.37% 8.16434.8105Royal Fidelity Int'l Fund Equities Sub Fund7.94422.94%6.47% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeksBid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeksAsk $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volumeLast Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volumeWeekly Vol. Trading volume of the prior week Change Change in closing price from day to dayEPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded todayNAV Net Asset Value DIV $ Dividends per share paid in the last 12 monthsN/MNot Meaningful P/E Closing price divided by the last 12 month earningsFINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200730-Nov-10 30-Nov-10 107.570619 105.776543 30-Jun-10 30-Nov-10 NAV 6MTH 1.475244 2.911577 1.532712TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752530-Nov-10 30-Sep-10 30-Sep-10 3-Dec-10 30-Nov-10MARKET TERMS30-Nov-10 30-Nov-10CFAL Securities Ltd. (Over-The-Counter Securities)30-Nov-10BISX Listed Mutual FundsNAV Date 30-Nov-10 30-Nov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look at economic developments and activity in major stock m arkets around the world Monday: ___ LISBON, Portugal Portugal's borrowing rates briefly spiked to euro-era highs. There were reports that Germany and France were pushing Portugal to accept outside help to avoid spreading Europe's debt crisis to still more countries. T he yield on Portuguese 10-year bonds a key gauge of investor sentiment touched a potentially unsustainable 7.18 percent. It then fell back to 6.94 percent on speculation that the European Central Bank was intervening by buying bonds. Yields drop as prices rise. ___ A THENS, Greece Greek bond yields hit another record high amid a broader flare-up in Europe's debt crisis. Borrowing costs rose despite better than expected deficit reduction figures. ___ LONDON Europe's debt crisis weighed on stocks, with reports claiming Portugal is under mounting pressure to accept a n aid package to prevent contagion to other countries. The FTSE 100 index of leading British shares closed down 0.5 percent, Germany's DAX fell 1.3 percent and the CAC-40 in France ended 1.6 percent lower. ___ BRUSSELS Belgium's King Albert II asked the caretaker government to produce a tough 2011 budget amid marketw orries that a seven-month political deadlock is hurting the c ountry's ability to cut its massive debt pile. __ BEIJING China's December exports rose by double digits, possibly fueling tension with Washington ahead of Chinese President Hu Jintao's U.S. visit next week. Hu meets President Barack Obama on Jan. 19 and the White House says Obama will press him over currency controls that c ritics say are swelling China's trade surplus and wiping out jobs abroad. Some American lawmakers want sanctions on Chinese goods if Beijing fails to ease controls that they say keep its yuan undervalued. ___ L ONDON Spending cuts, rising unemployment, dour w inter weather it's not a good time to ask voters how happy they are.But that's just what British Prime Minister David Cameron is doing as part of a pledge to improve Britons' lives b eyond pure financial gain in the wake of the global reces s ion. G overnment statisticians will this year begin measuring the nation's well-being, and on Monday they released details from initial consultations on what the new index should measure and how it should be measured. ___ T OKYO In Asia, China's Shanghai Composite index fell 1 .7 percent, Hong Kong's Hang Seng dropped 0.7 percent, South Korea's benchmark Kospi fell 0.3 percent. Financial markets in Japan were closed for a national holiday. The Nikkei 225 stock average, Asia's largest, rose Friday to an eight-month high. ___ BEIJING The U.S. Consumer Product Safety Commission announced that it will set up its first office outside the United States in China in a bid to reduce the amount of dangerous products reaching the American market. ___ B EIJING China's auto sales rose by double digits in December as buyers rushed to take advantage of expiring tax breaks. But growth weakened after a stimulus-driven surge early in the year, two industry groups reported. ___ L ONDON The leader of Britain's main opposition party called for the government to extend a tax on bankers' bonuses. ___ BRUSSELS The European Central Bank slowed down its purchases of government bonds even further in the week ended Jan. 7, when pressure on debt-ridden countries like Ireland a nd Portugal abated somewhat during the holidays. T he central bank bought government bonds worth 113 million euros ($146 million earlier. ___ BERLIN The number of German companies filing for bankruptcy fell 12.8 percent in October compared with a year earlier as Europe's biggest economy recovered strongly. ___ SINGAPORE Singapore expects food price inflation to quicken this year amid high demand from China and supply dis ruptions caused by severe weather, the top finance official said. ___ LONDON British Prime Minister David Cameron is holding talks with Chinese Vice Premier Li Keqiang, seeking to secure trade deals and cement improved relations with Beijing. ___ BANGKOK Communist Laos is set to open a stock market Tuesday, hoping it will attract capital to its largest enterprises and thus boost the economy of one of the world's poorest nations. G LOBAL E CONOMIC N EWS A SSOCIATED P RESS WORLDNEWS Stocks mixed ahead of Alcoa earnings; Europe falls AP Photo/Richard Drew DOW DOWN: Tr aders on the floor of the New York Stock Exchange Tuesday, Jan. 4, 2011. INTERNATIONAL BUSINESS

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C M Y K C M Y K WOMAN THE TRIBUNE TUESDAY, JANUARY 11, 2011, PAGE 9B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM health B ODYANDMIND T h e T r i b u n e By ALESHA CADET Tribune Features Reporter T H E TURNING point in Janet Johnsons life came i n the middle of an unforgettable night when she woke up to a feeling feeling dizzy and faint. After being rushed to the hospital, doctors told her she had had a minor stroke as a result of her excess weight. J J a a n n e e t t J J o o h h n n s s o o n n w w i i n n s s t t h h e e L L o o v v e e Y Y o o u u r r s s e e l l f f W W e e l l l l n n e e s s s s P P a a c c k k a a g g e e That was a terrible wake up call for me, that is when I knew I had to do something. The doctors also advised me to get involve in a fitness program ASAP, she told Tribune Health in a recent interview. The only thing I could have afford at the time was exercis ing and prayer. In the process, I dropped a few pounds but I also knew I needed more than that. When the information about the Love Yourself campaign came to me, I jumped on it right away and submitted my story. She explained that she has been battling with her weight for the past four years and she is just a mere five feet. I know I had a unique story, but I also knew people had it a lot worse than I did so I was shocked when I was selected. The 42yearold told Tribune Health that her story is definitely her testimony so she feels proud to share it with others. This is the first time I took part in a campaign such as this one but I know I am going to be successful at it. Speaking on her goals that were set for her, she said: It is not at all difficult meeting my goals because it is something I wanted. I want to be able to use this as a stepping stone for me, for what love yourself set for me to do and even after, she said. Janet was recently introduced to the public at the Love Yourself and Your Health Campaign launched event at Ardastra Gardens last week. After a successful first year, which highlighted the efforts of Chrissy Love, host of the ZNS call-in show Immediate Response, organisers of Love Yourself decided to make it an annual awareness campaign. In keeping with their own nation al healthy lifestyle initiatives, the National Insurance Board is one of many groups partner ing in this campaign. Rhonda Wright, Director of Seedings Place explained that the members encouraged everyone to send in and submit their health stories. People are often embarrassed about things, we don't talk about things or we don't share what's going on with us so we encouraged people to share their stories, talk about what's going on with you, which is apart of the healing process as well and from the stories that were sent in, a winner was selected and introduced at the launch event -Janet Johnson. "We selected somebody who through the stories showed that they have made some efforts, they have done some things on their own, still has challenges, they want some help. Janet received The Love Yourself Wellness Package," she said. The Love Yourself Wellness Package includes a health assessment, one meal per day, green smoothies, natural health and beauty products and a host of health services such as, mas sage therapy, physical training, acupuncture, and chiropractic. "From the inside out she will get whatever she needs and the guides that are planned to ensure that we can get her on and to teach her lifestyle changes that she can carry on beyond the campaign. That's were we are encouraging, changing behaviour and making it a lifestyle." Ms Wright went on to say so often people are busy balanc ing so many things, especially women and a lot of times theyre doing things for people, our family, our job, our children, the community and do not take time for themselves. We wear ourselves down and the reality is we need to love ourselves, not in a selfish way but to ensure that what you are doing for every body else, you are also doing for you. This is where love yourself comes in, it's about loving yourself, making time for yourself and when you love yourself that means that you will do what you need to do in order to ensure that you are healthy and well," she said. She continued: "When we talk about health we are not just talking about the food either, wellness incorporates the physical self, the mental self, the emotional self, the spiritual self and all of those things must come into balance in order for you to have true wellness so we focus primarily on the food component, we promote and talk about and have health forums on the other components as well." The campaign hosted by Seedlings' Place, H.O.M.E.GROWN and Raw On Da Porch will continue until April and include numerous education and awareness initiatives such as free health forums, cooking classes, and a fun run walk. 1. FARMING TIPS: Patrons stop at h.o.m.e. grown's table to get some backyard farming tips from Mark Daniels. 2. LUCKY WINNER: Pictured with a green smoothie, last year it was Chrissy Love, this year it will be Janet M. Johnson, winner of the Love Yourself wellness Package. 3.ISLAND FRESH: Fresh produce from Lucayan Tropical! 4. HAPPY FACES: Rhonda Wright, Direc tor, SEEDlings' Place, presents a happy patron with a free t-shirt after she answered a trivia question correctly! 5.LINING UP FOR A SMOOTHIE: The Green Smoothie creates a buzz as patrons wait in line to get one from Raw On Da Porch. 2 3 4 5 1

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(ARA Ignoring hearing loss is easier when you're alone. You can turn up the volume on the TV or radio as loud as you want, and you don't have to ask anyone to repeat what they just said. But how do you cope with hearing loss when you're in a social or business setting? The question is far from academic; one out of every six baby boomers has a hearing problem, and one in 14 members of Generation X has a hearing problem, according to the Better Hearing Institute (BHI Hearing loss affects about 10 per cent of the American population. The difficulties associated with hearing loss can be more pronounced and trou blesome when experienced in a social or professional set ting. Whether you're attend ing a holiday party, listening for your flight number to be called in an airport, or participating in a high-power board meeting, not being able to clearly hear what's going on around you in a public setting can have seri ous repercussions. Untreated hearing loss has been associated with a number of psychological and sociological problems, including depression, loneliness, diminished job perfor mance and earning power, isolation and withdrawal from social situations, and impaired memory, according to BHI. While assistive devices like hearing aids can help improve your hearing, nothing can really restore your hearing to its original, undamaged state. Fortu nately, it is possible to cope with hearing loss. ACCEPTING THE CHALLENGE It's not uncommon for people to deny or ignore their hearing loss. But the first step toward coping with the problem is to accept that it exists. The hearing assistance professionals at Starkey, suggest that if you suspect you have hearing loss or have been told by others in your life that your hearing is faulty ask yourself these questions: Do you find yourself turning up the volume on the TV or radio, especially when no one else is around to tell you it's too loud? Do you often miss hear ing the doorbell or telephone ringing? Do you frequently need to ask others to repeat what they've said? Do you misunderstand or "forget" conversations? Do you find yourself cup ping your hand behind your ear to hear better? These signs may indicate a hearing loss. Your doctor and/or an audiologist can help determine the degree of your hearing loss and establish a course of treat ment. USE ASSISTIVE DEVICES Hearing aids can help people with hearing loss reconnect with other peo ple and with everything going on around them. In the past, some people with hearing losses might have avoided hearing aids because they associated the devices with old age, or because they felt hearing aids were too bulky, visible or even ineffective. Advances in hearing aid technology have made the devices easier than ever to use. Some, like Starkey's new invisible-in-the-canal hearing aid, are virtually invisible to others because they fit entirely within the ear canal. The right hearing aid may help wearers hear better in a variety of settings, from one-on-one conversations with a loved one, to a teleconference with professionals from around the world. Not every hearing aid will be right for every person. Your lifestyle and degree of hearing loss will influence what type of hearing aid will be most helpful for you. A hearing care professional can help you determine the right style and technology level for your needs. Visit www.starkey.com to learn more about hearing aid styles and options. COPING STRATEGIES In addition to finding the right assistive device, you can take some simple steps to cope with your hearing loss in public situations: In public setting such as parties or business meetings, move as close to the speaker as possible. Choose your seating location to maximise your ability to hear. Try to sit away from high-traffic areas such as main door ways, kitchen doors or buf fet areas in restaurants, and phone banks or electronic devices in business settings. Don't be afraid to ask for accommodations. For example, ask for a seat away from the stereo at the dinner party and suggest the host wait until after the festivities to run that noisy dishwasher. In an office meeting, ask oth ers to postpone phone conversations until after the meeting is over. With the right assistive device and coping strategies, you can minimise the impact your hearing loss has on your personal and profes sional life. Coping with hearing loss when youre in a social or business setting E a rly detection of o ral cancer can be achieved by regul ar examinations of the mouth by a health care professional.Tissue c hanges in the mouth t hat might signal the b eginnings of cancer o ften can be seen and felt easily and appropria te action can be taken. The oral cavity and oropharynx has many parts. It consists of your lips; lining of your cheeks; salivary glands; roof of your mouth; back of your mouth; floor of your mouth; your gums and teeth; and your tongue and tonsils. Any of these parts can be affected by Squamous cell cancer, the second most common type of skin cancer. Squamous cell tumors can be cured if they are removed promptly. The outlook depends on a number of factors, including how quickly it is diagnosed. The diagnosis relies on patient presentation and physical examination with biopsy confirmation. Studies have confirmed that survival rates are linked to the stage (spread timing of the diagnosis and the treatment options available. Despite advances in surgical techniques, radiation therapy technology and the combination of chemotherapy and radiation therapy, the survival rates have not shown appreciable changes in decades. On average, 60 per cent of those with the disease will survive more than 5 years. Those that do survive often endure major functional, cosmetic, and psychological burden due to dysfunction of the ability t o speak, swallow, breathe, a nd chew. S eventy five per cent of all head and neck cancers begin in the oral cavity and according to the United States National Cancer Institutes Surveillance, Epidemiology, and Ends Results program, 30 per cent of oral cancers originate in the tongue, 17 per cent in the lip, and 14 per cent in the floor of the mouth. Tobacco and alcohol associated lesions tend to favour the front part of the tongue and mouth and Human Papilloma Virus (HPV lesions tend to favor the back of the oral cavity. Historically, 75 per cent of persons with oral cancer are said to be smokers or alcoholics above age 50, but recent research indicates that HPV positive disease is rapidly changing these ratios. Now, younger, non-smoking patients under the age of 50 are the fastest growing segment of the oral cancer population. The infection of the mouth with HPV occurs as a result of a large number of males and females performing oral sex acts. In reality, any person using tobacco and alcohol or has had head and neck cancer before, or has had more than 3 oral sex partners, has a significant risk of developing an oral, head and neck cancer. A thorough, systematic examination of the mouth and neck need only take a few minutes and can detect these cancers at an early and curable stage. Alcoholics and smokers without a doubt require frequent examinations to ensure that they are cancer free. In fact, everyone should have frequent examination because 1 out of 4 oral, head and neck cancers (especially in patients over the age of 50) are detected in patients who do not smoke or drink alcohol.All patients, therefore, regardless of their history, need to be screened at least once a year by their physician or dentist. Two mouth changes that could be precursors to cancer are leukoplakia (white lesions) and erythroplakia (red lesionsLeukoplakia is commoner than erythro plakia, but erythroplakia and lesions with erythroplakic components have a much greater chance for becoming cancerous. Any white or red lesion that does not resolve itself in 2 weeks should be examined by a heath care professional and considered for biopsy to obtain a definitive diagnosis. Patients may also complain of a lump or thickening in the oral soft tissues, soreness or a feeling that something is caught in the throat and difficulty chewing or swallowing. Other common complaints are ear pain, difficulty moving the jaw or tongue, hoarseness, numbness of the tongue or other areas of the mouth and swelling of the jaw that could cause dentures to fit poorly or become uncomfortable. If any of the above problems persist for more than 2 weeks, thorough clinical examination and laboratory tests are necessary and should be performed to obtain a definitive diagnosis. If a diagnosis cannot be obtained, referral to the appropriate specialist is indicated. The American Cancer Society advises that dentists and doctors examine the mouth and throat as part of a routine oral cancer related examination. This is to ensure early detection of any suspicious changes. Please visit your dentist or doctor if you have one or more of the risk factors mentioned above or if you desire to have a comprehensive oral cancer screening. This article is for informational purposes only. It is not intended and may not be treated as a substitute for professional medical/dental advice, diagnosis, or treatment. Always seek the advice of a physician or dental professional with any questions you may have regarding a medical/dental condition. Never disregard professional medical/dental advice or delay in seeking it because of a purely informational publication." Dr Andr R Clarke Specialised Medical Dentist C M Y K C M Y K WOMAN PAGE 10B, TUESDAY, JANUARY 11, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Oral Cancer B y ANDRE CLARKE KEEPING YOUR M OUTH ALIVE (ARA When you start to sneeze or cough, the first thing you probably do is head to your medicine cabinet looking for something that can relieve your symptoms. But side effect warnings, expi ration dates and possible drug interactions can make you think twice about what's in that cabinet. You may need a medicine cabinet makeover. Here are six ways you can make over your medicine cabinet this winter: 1. CHECK EXPIRATION DATES on both over-thecounter (OTC tion drugs. Medicines lose their potency over time, so remove them if expired. Check to see if the medication has changed colour, con sistency or smell. 2. START PURCHASING SINGLE-DOSE DROPS whenever possible to avoid contamination, or having the preservatives break down in the medication. 3. SCAN THE DRUGS for warnings about potential risks from certain ingredients. Vis it the Food and Drug Administration's website, www.fda.gov/drugs, for spe cific drug information and warnings. Remove any med-i cations that don't have labels or are not stored in their original containers. 4. RE-STOCK YOUR MEDICINE CABINET with essential homeopathic medicines like Boiron's Oscillo coccinum for flu-like symptoms, Coldcalm for cold symptoms and Chestal for coughs. These medicines are safe and don't cause side effects like drowsiness. They also won't interact with other medications or mask symptoms that might indicate a more serious condition. 5. REORGANISE THE MEDICATIONS in the cabinet so that those you use more frequently are within easy reach. Group together similar medications, and keep an emergency contact information list naming the medications, known drug allergies and other important information on the inside of the cabinet. Here it can be accessed quickly by paramedics and other emergency personnel. 6. WHEN DISPOSING OF UNWANTED OR EXPIRED MEDICATIONS, DON'T DUMP THEM DOWN THE TOILET, unless the patient information tells you to do so. Instead, mix pills with unde sirable matter like kitty litter or coffee grounds before plac ing in a sealed plastic bag for the trash. Also, remove all personal information from the bottles. Contact your local government to see if the com munity has a drug take-back program. "Since you never know when the first sneeze or cough will strike, it pays to be pre pared," says Dr Bernardo A Merizalde, former presidento f the American Institute of Homeopathy and attending physician at the Myrna Brind Center for Integrative Medicine at Thomas Jefferson University Hospital in Philadelphia. "Reviewing the contents of your cabinet and restocking it with safe homeopathic med icines can make it much easier for you and your family when cold and flu-like symptoms appear." Give your medicine cabinet a makeover LOOK CAREFULLY: Side effect warnings, expiration dates and possible drug interactions can make you think twice about what's in that cabinet. DEALING WITH HEARING LOSS: Whether you're attending a holiday party, listening for your flight number to be called in an airport, or participating in a high-power board meeting, not being able to clearly hear what's going on around you in a public setting can have serious repercussions.

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C M Y K C M Y K WOMAN THE TRIBUNE TUESDAY, JANUARY 11, 2011, PAGE 11B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM (ARA Taking care of the family and home is a main priority for moms; however, what they don't often admit is that 68 per cent enjoy cleaning their homes. According to the Scrubbing Bubbles Dirty Work Index, a comprehensive national study; more than half of women (55 per cent also clean to control germs and keep the home healthy.In addition, it was discovered that women today clean for their own emotional wellbeing and benefit. The Dirty Work Index found that women report feeling accomplished (91 per cent), relieved (87 per cent) and proud (81 per cent cleaning their homes, giving them a sense of calm and happiness. "I connect with thousands of women each day and constantly hear that having a clean home gives them confidence and peace of mind. Knowing their homes are healthy and clean eases the stress of preparing for last minute guests," says Colleen Padilla, founder of ClassyMommy.com. "As a busy mom of two, I want to help women find solutions to get the job done quickly and easily." Padilla has partnered with Scrubbing Bubbles to help women form habits that can keep their homes healthy and happy this year. She offers five tips to help keep the home clean and clutter-free. Fifteen minutes a day or less. Make cleaning a quick and efficient part of your dai ly routine. Rather than letting clutter build up, clean five minutes each day so it is nev er a huge to-do. Products like Scrubbing Bubbles Antibacterial Bathroom Wipes are a must to keep the germs at bay in a five-minute sweep of the bathroom. Lastly, spend five minutes putting away toys and other knick-knacks. Waking up to a clean home helps start the day on the right foot. Out with old, in with the new. Now that the holidays are over, get rid of old toys, clothes and books that have accumulated over the past year. When faced by a sea of toys and clutter, it's sometimes hard to ever feel organ ised. Donate the outgrown items, and you'll be surprised how much space has cleared up, in your home and your head. Check with your local school or Salvation Army for locations and drop-off times. Pick products that work for you. Why scrub away when you don't need to? According to the Dirty Work Index, one third of women clean their bathrooms daily. Scrubbing Bubbles Automatic Shower Cleaner does the cleaning for you and elimi nates odours with just the touch of a button, ensuring that your shower stays clean on your days off. Two for one. If you can't get to the gym, there are plenty of ways to burn calories and get your heart rate up. For example, cleaning your home for one hour can burn roughly 200 calories or more, depending on your height, weight and level of exertion. Cleaning never sounded so good. Be spontaneous. Goals and resolutions are important to help stay on track and form healthy habits. However, nothing beats a last minute trip to the skating rink with the family or catching a movie with your best friend. Kicking back and letting loose is important for keeping stress low and spirits high. For more time saving tips and cleaning techniques, visit ScrubbingBubbles.com. Study reveals a cleaner, healthier home leads to a happier mom C LEANING THE BODY AND SOUL: I t was discovered that women today clean for their own emotional well-being and benefit. (ARA Cold temperatures and dry air can make it difficult to keep your skin clear, hydrated and looking beautiful during the winterm onths. After dealing with the pain and embarrassment, the last thing you want to do is to head into spring with dry skin and breakouts. With these easy winter skin care tips, you'll feel more confident and proud to show off your clear, beautiful skin: Don't scrub dry, sensitive skin during the winter months. According to the American Academy of Dermatology (AAD than normal during the cold months and vigorous washing can irritate skin, making issues like acne even worse. For those who suffer from acne, try the MaxClarity Acne Management System to kill acne-causing bacteria beneath the skin and exfoliate dead and damaged skin cells. The system's combination of benzoyl peroxide and salicylic acid will promote new skin growth and let your healthy, clear skin shine through. Made with VersaFoam technology, MaxClarity is a three-step process that includes: Deep cleanser that cleans and treats acne on the face, chest and back. Advanced acne treatment that dries quickly and fights acne during the day. Rejuvenating toner, a leave-on foam that exfoliates dead skin cells overnight to reveal a healthier, glowing complexion. Don't assume you can trade the swimming pool for a tanning bed while it's cold just because the sun isn't shining. Continue to keep your skin healthy by avoiding UV radiation indoor tanning can lead to premature skin aging according to the AAD. Be sure to use moisturizers when treating acne in winter months. In order to effectively treat your skin, dermatologists recommend gently washing your face first, applying acne medication and moisturizer and finally applying make-up. Approaching your skin with gentle care during the cold, dry months is sure to help tackle your break outs and allow you to happily expose your fresh skin just in time for warmer weather. (ARA It's hard to believe the holidays are over and 2011 is already here. If you are fortunate enough to have received a trove of goodies from friends, family and colleagues, there is no better way to show appreciation than with an old fashioned or new fashioned "thank you" note. Before too much time passes, take a few minutes to thank those who remembered you. Thanks can come in all shapes and sizes, so here are a few tips to help get you started. TRADITIONAL THANK YOU NOTES Even in the digital age, it's still fun to receive a handwritten note. When thanking friends and family for gifts, include specifics about what you received and how you plan to use the gift. Including details like these help make thank you notes more personal. For example, if you received a kitchen gadget, let the giver know the first meal you plan to make with it. If you received a picture frame, let them know who you'll be commemorating. A thank you note may be especially appreciated if the gift giver let you pick what you wanted. If you received a gift card, shop soon and be sure to let the giver know what you used the card for. Cards featuring a payment network logo, like a Visa Gift card, that are accepted at millions of locations can be used in many different ways from the practical to the special indulgence. In fact, according to a recent Visa survey, when survey respondents were asked how they would use a Visa Gift card if they were to receive one this holiday sea son, the top three responses were: To indulge in something they might not normally be able to afford, such as a special dinner, jewelry, clothing or personal electron ics To get what they didn't receive from their holiday wish list To buy "life essentials" such as groceries or household products, or to pay bills Whether you use your gift card to stock up on groceries or to indulge in a new pair of shoes, the giver will be glad to know their gift is appreciated. DIGITAL THANKS For the tech savvy, or if you simply don't have the time to sit down and pen a handwritten note of thanks, a digital thank you is another option There are a variety of online choices that allow you to craft a free or low-cost thank you note that can be digitally delivered. Even an e-mail can be used to express your thanks. Sending an online thank you offers great potential for personalization. Include a digital image of yourself using or wearing the gift to show just how much it is appreciated. If you received a gift card, show the gift giver how you used the card. Include a photo or even a video of your purchase or shopping trip. Don't forget to think beyond the gifts you unwrapped as well. Many people go above and beyond to host the perfect holiday party or dinner. Show your appreciation for the time and effort spent on the special event by sending a note of thanks to your host. Include details such as your favorite part of the meal or how much you enjoyed visiting and meeting the other guests at the par ty. Whether it's a handmade card or a digital greeting, a personal "thank you" can go a long way in letting your family and friends know you are grateful for their thoughtfulness and generosity. A little 'thanks' goes a long way SAYING THANK YOU: If you are fortunate enough to have received a trove of goodies from friends, family and colleagues, there is no better way to show appreciation than with an old fashioned or new fashioned "thank you" note. Tips for fresh, clear skin even during the harsh winter months

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C M Y K C M Y K THETRIBUNE S S E E C C T T I I O O N N B B HEALTH: Body and mind T UESDAY, JANUARY 11, 2011 By JEFFARAH GIBSON T ribune Features Writer W HEN Amber Whyley left home to attend Saint Marys University in Halifax, Canada she had every intention of completing a Bachelors of Arts in Commerce. Alongside her diploma, which she obtained last year after successfully com pleting the marketing program will sit sil ver, bronze, and gold medals. The medals did not come from her participation in any sporting event, but rather are products of an outstanding artistic representation of traditional and modern Halifax. Amber snagged the opportunity in April 2010 to design medals for the upcoming Winter Games to be held in the province next month, when her friend and colleague Marlon Solis who hails from Malaysia, heard of the competition through a coop erative program at the college. Taking into consideration that most of the time she found herself drawing sketches of almost anything impressionable and moving, she responded with a lets do it to the excited Solis, who also viewed the competition as simply constructivet ime for art. Marlon found out about the competi tion through a cooperative program at the school and he came to me because he knew I love to draw and he knew that I have a fine art background. When I am not doing school work, I am always drawing. So he asked me if I wanted to workw ith him on the project and I accepted the offer, she told Tribune Woman Their skills acquired from the marketing program provided them with the versatility they needed. One key component outlined for the competition was that designs should por tray modern as well as traditional aspects of Halifax. Given that the two of them were inter national students, it was a challenge incorporating these aspects on the medals. And in order to capture the spirit of the province and translate that spirit in a way that it was understood and felt required more work than the piles of sketches that laid on the floor. We actually went walking around old Halifax, the part of the province with old colonial buildings similar to the ones downtown. We took pictures of old stone buildings, and pictures of anything that inspired us on our walk. Whatever wew ere inspired by on our walk we allowed i t to inspire us during the designing process, she explained. After applying an elimination method, and intertwining both of their ideas they came up with a wave sculpture which sym bolises the ocean heritage of the province, the Celtic knot taken from the Celtic cross,w hich paid homage to the original Irish settlers, the Maple Leaf, mesh work that depicted the spirit of the athletes, the providential flag and the main gate to the Victorian styled Public Gardens. Amber admitted that at the start of the projects, clinching the gold was not on her mind. However she used the project as time to hone her skills. It was funny because at first we didnt think we had a serious piece. But after our piece started coming together and we saw how it looked, we thought this is very decent and we thought that if we didnt win we would at least place with our designs, she said. However, suspense diminished their confidence. After not hearing from the committee members of the competition we thought we didnt win. And I said to Marlon man you think they couldnt even send us a letter just to say thanks for entering the competition. And when I checkedm y e-mail the next day I got a message s aying that we beat out over 90 entries. I was excited, Amber said. I really felt we collaborated well. We did our homework, and we did our research and that is how we came up to win, she said. The dynamic duo will present the first s et of medals at the Winter Games which is set to begin on February 11-27 in Halifax. They will also get their own commemorative set of medals. She said her entire experience goes to show that while students may go off to school for a degree they can bring back much more. I hope my experience can show Bahamians that they can go abroad for a degree and bring back home much more. They can put the Bahamas on the map. After the games she will be home in March to continue practicing her art. To Amber Whyley You Go Girl! Do you know another talented young lady who deserves recognition? Send us an email at features@tribunemedia.net and she may just be our next You Go Girl Amber Whyley A M B E R W H Y L E Y TASTY MEDALS: Cookies made in the form of the medals designed by Amber Whyley and Marlon Solis. MAKING HEADLINES: Amber Whyley discusses her idea for the designs with members of the Canadian press. ALL SMILES: Marlon Solis and Amber Whyley. TASTY: A sweet bite of gold.