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
PAGE 8B, WEDNESDAY, JANUARY 19, 2011

THE TRIBUNE





Obama wants to shed

rules that





INTERNATIONAL
BUSINESS

JULIE PACE,
Associated Press
WASHINGTON

President Barack Obama on
Tuesday ordered a review of
federal regulations with an eye
toward getting rid of those that
stifle job creation and hurt eco-
nomic growth, a move aimed
at both soothing anger over the
government's reach and mend-
ing Obama's relationship with
the business community.

The president signed an
executive order telling federal
agencies to look for rules that
place an unreasonable burden
on businesses.

Specifically, Obama said any
regulations must reduce uncer-
tainty, be written in plain lan-
guage, be built upon public par-
ticipation, and identify the
"least burdensome tools" for
achieving the goals of the new



hurt job

(AP Photo/J. Scott Applewhite, File)
EXECUTIVE ORDER: US President Barack Obama.

government rules. In an opin-
1on column in The Wall Street
Journal, the president also said
he wants agencies to look for
outdated regulations that make
the U.S. economy less compet-
itive.

"It's a review that will help
bring order to regulations that
have become a patchwork of
overlapping rules, the result of
tinkering by administrations
and legislators of both parties
and the influence of special
interests in Washington over
decades," Obama wrote.

The order comes as Repub-
lican lawmakers, emboldened
by broad victories in the
midterm elections, move to
scrap many of the administra-
tion's programs and regulations,

from the Environmental Pro-
tection Agency's regulations on
greenhouse gases to regulation
of the Internet.

Rep. Darrell Issa (R-Calif.),
chairman of the House Over-
sight and Government Reform
Committee, wrote 150 trade
associations, companies and
think tanks last month seeking
to identify regulations that busi-
nesses believe hurt job creation.
He also named GOP Rep. Jim
Jordan of Ohio to chair a new
subcommittee that will investi-
gate wasteful spending and fed-
eral regulations.

White House spokesman
Robert Gibbs said Tuesday's
executive order was not tied to
GOP action on Capitol Hill,
and said the review had been



srowth

: NEW YORK

in the works for several months. ;
Agencies have 120 days to i

submit a plan for how they

intend to review existing regu- } concerns about global supplies.

lations, and officials said it was }

too soon to say how their } how much damage occurred to the wheat crop, which was being

reviews could impact regula- } harvested when the waters hit. The Australian crop had been

tions already on the books, } &xpected to fill global needs but now inventories are starting to look

including the contentious } tighter, Telvent DTN analyst Darin Newsom said.

greenhouse gas restrictions.

lations and tax policies.

private sector.

He held a five-hour meeting $91.38 a barrel on the New York Mercantile Exchange.
with CEOs in December; he

named William Daley, a busi- i 0.07 cent to settle at $2.6459 a gallon, gasoline lost 1.54 cents to

? $2.4792 a gallon and natural gas lost 4.4 cents to settle at $4.446 per

} 1,000 cubic feet. Metals all settled higher.
speak at the Chamber of Com- }

ness executive, as his new chief
of staff; and next month, he'll

merce, a trade group that has

on health care and financial
regulation.

Tuesday they were still studying





sy YI -
D» } \ =



SANDY SHORE,
AP Business Writer

Americans are starting to watch their
spending more carefully as gasoline prices
reach levels not seen since October 2008.

Diane Swonk, chief economist at
Mesirow Financial, says Thursday's gov-
ernment report on retail sales indicates
that consumers are skipping a restaurant
meal or a movie because they have to spend
more to drive.

Swonk estimates gasoline prices are
affecting the spending habits of more than
half of U.S. drivers. The national average
for a gallon of regular hit $3.10 on Monday,
according to AAA, Wright Express and
the Oil Price Information Service. That's
about 12 cents more than a month ago and
42 cents more than on Labor Day.

Motorists in some states — including
Oregon, California, Washington and New
York — are paying from $3.20 to $3.71 a





PUBLIC NOTICE

gallon or more. The average price in those
states could top $4 a gallon by spring. For
every penny the price at the pump increas-
es, it costs consumers overall an additional
$4 million, according to Cameron Hanover
analyst Peter Beutel. If the price goes up a
dime, it means consumers pay $40 million
more each day that 10-cent hike is in place.

Swonk noticed consumers starting to
make trade-offs in November and Decem-
ber. "As we moved into December, even
some of their gift purchases were curtailed
as prices at the pump continued to esca-
late," she said.

Swonk says economists at Mesirow
"think of higher commodities prices as
more of a threat to demand than inflation at
this stage of the game.

On Friday, the Labor Department said
that excluding gas and food prices, there is
little growth in inflation at the consumer
level.

Americans are seeing more take-home

INTENT TO CHANGE NAME BY DEED POLL












The Public is hereby advised that |, ALFRED HUTCHINSON
of Soldier Road(opp Store-it-All), PO.Box CR-55419,
Nassau, Bahamas, intend to change my name to ALFRED
GEORGE KERR. 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.

ROYAL J FIDELITY

pay, thanks to the 2 percent payroll tax i
cuts that took effect at the start of the year. :
The hope is consumers will help the econ- }
omy by spending more, but higher gas }

prices could torpedo that plan.

The last thing we really want" is to use }
the savings "to fill up our tanks," Swonk i
said. Other analysts wonder how Ameri-
cans will make spending choices in the i

months ahead.

Gasoline is closely linked to the price of i
crude oil, which is at its highest level in 26 :
months, driven mainly by stronger demand }
in other countries, particularly emerging }
markets such as China. Benchmark crude }
for February delivery was little changed
on the New York Mercantile Exchange, :

down 16 cents to settle at $91.38 a barrel.

The International Energy Agency pre- :
dicted that worldwide economic growth

| Treasury prices fall ahead of earnings reports

sphere will support higher-than-expected
i eae: pecs“ + NEW YORK

and a cold winter in the northern hemi-

oil demand this year.

NOTICE

NOTICE is hereby given that ALEX JOSEPH of CARMICHEAL

naturalization should

ROAD, MCKINNEY DRIVE, NASSAU, BAHAMAS, is
applying to the Minister responsible for Nationality and Citizenship,
for registration/naturalization as a citizen of The Bahamas,
and that any person who knows any reason why registration/

not be granted, should send a written and

signed statement of the facts within twenty-eight days from the
12" day of January, 2011 to the Minister responsible for

nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

€

BISX LISTED & TRADED SECURITIES AS OF:
TUESDAY, 18 JANUARY 2011

Paeereny ak Week

= EG CAPITAL MARKETS
Sq BROKERAGE & ADVISORY SERVICES

ze:

c 7c ca WT AT.

BISX ALL SHARE INDEX: CLOSE 1,480.04 | CHG -0.03 | %CHG 0.00 | YTD -19.47 | YTD % -1.30

FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%

WWWwW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-2320

S2wk-Low
O.87F
9.67
4.50
0.18
2.70
2.14
9.62
2.36
5.40
1.63

Security
AML Foods Limited
Bahamas Property Fund
Bank of Bahamas
Benchmark
Bahamas Waste
Fidelity Bank
Cable Bahamas
Colina Holdings
Commonwealth Bank ($1)
Consolidated Water BDRs
1.60
5.94
7.23
S.7F
3.75
1.00

Doctor's Hospital
Famguard

Finco

FirstCaribbean Bank
Focol (S)

Focol Class B Preference
5.00
9.82
10.00

ICD Utilities
J. S, Johnson
Premier Real Estate

Previous Close Today's Close
1.01 1.01
10.63 10.63
4.90 4.90
0.18 0.18
4.7 2.7
SF 2.17
10.21 10.21
2.40
6.85
2.10

Change
0.00
0,00.
0.00
0,00
0.00
0.00
0.00
0.00
0,00
-0.,03
0,00
0,00
0.00
0.00.
0.00
0,00.
0.00
0.00
0.00.

2.40
6.85
2.07
1.60
6.07
6.51
9.39
5.47
1,00

1.60
6.07
6.51
9.38
5.47
1.00
7.40
9.82
10.00

7.40
9,82
10.00

Daily Vol.

EPS $ Div $
0.150
0,013,
0.153
-O.877
0.168
0.016
1.050
0.781
0.422
0.111
0.107
G357
0.287
0.645
0.366
0,000
0.012
0.859.
0.991

14.9
N/M
616.7
11.4
10.1

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

S2wk-Hi S2wk-Low Security

Bahamas Note 6.95 (2029)

Last Sale

99.46
100.00

Symbol
BAH29
FBB17

Change
0.00
0.00

Daily Vol.

Interest

6.95%
7%

Maturity
20 November 2029
19 October 2017

7.4) 9 eee lise) tess
heat, corn prices gain
on weather worries

Wheat and corn prices rose Tuesday as bad weather renewed

Devastating floods in Australia have raised questions about

There also are concerns that the U.S. winter wheat crop could be

The administration is hoping affected by dry weather in the Great Plains states.

that the review, with its empha- } : :
sis on eliminating regulations } sion that grows that crop. There was rain last weekend but
that limit the competitiveness ? some analysts believe it wasn't enough to avert crop damage.

of USS. businesses, is another } Analysts say that could exacerbate a global shortage of the grain.

sector Coron kaa is ? percent, to $6.595 a bushel and soybeans lost 9.25 cents to $14.1325
sitting on $2 trillion in assets, } * bushel.

but has been reluctant tomake : : : .
: incre aac : national Energy Agency predicted worldwide economic growth and
ne aa : . ae aa Lely ? a cold winter in the northern hemisphere will support higher-
ee : ie kee panel ? than-expected oil demand this year. The Paris-based agency expects
arly over government Tesu- + demand will rise to 89.1 million barrels a day, up from 87.7 million

Obama has acknowledged Darrel eday 201)
that he needed to better man- } ic recovery, and oil producers, investors and consumers will suffer

age his relationship with the if prices stay around $100 a barrel.

Argentina, a big exporter of corn, has endured a dry spell in the

In contracts for March delivery, wheat added 20 cents, or 2.6 per-

In energy trading, oil prices were little changed after the Inter-

The IEA warned that high crude oil prices could slow econom-

Benchmark crude for February delivery fell 16 cents to settle at

In other Nymex trading in February contracts, heating oil added

Gold for February delivery gained $7.70 to settle at $1,368.20 an

‘ oup that - i ounce. April platinum added $12.30 to settle at $1,828.30 an ounce.
battled his top policy initiatives }

In March contracts, silver rose 59.2 cents to $28.912 an ounce,

: palladium increased $19.95 to $810.45 an ounce and copper settled

? up 1.6 cents to $4.428 an ounce.
Officials at the Chamber said

the president's executive order. i Ford 10 heen 3,/00 jols al plant near Kansas City

Aric Newhouse, senior vice }
president at the National Asso- :
ciation of Manufacturers, said }
the regulatory review was a
positive step toward job growth. ;

Rising gas prices bring spending trade-offs

HEATHER HOLLINGSWORTH,
Associated Press
KANSAS CITY, Mo.

Ford announced Tuesday it will retain nearly 3,750 jobs and
spend about $400 million to upgrade a Missouri plant that had been
in danger of closing. Ziad Ojakli, Ford Motor Co.'s group vice pres-
ident for government affairs, provided no details about which
new product will be produced at the Claycomo plant near Kansas
City or when an announcement will be made.

Ford is ending production of the Escape sport utility vehicle lat-
er this year at the plant. It will make the new Escape in Louisville,
Kentucky. The plant will continue to make the Ford F-150 on a
separate line. Ojakli also declined to say when the company would
begin investing money in the Claycomo plant and whether there
would be job losses during the transition.

Despite the unanswered questions, cheering workers packed a
Ford dealership to listen to the announcement from Ojakli and
Missouri Gov. Jay Nixon. The Claycomo plant was in danger of
closing before lawmakers approved a tax break last fall aimed at
enticing Ford to continue making vehicles at the plant.

The bill will let manufacturers keep employee withholding tax-
es they normally would pay Missouri if they improve their facto-
ries for new or expanded product lines.

Ojakli said the incentives played a "very important role" in
the company's decision to invest further in the plant. Nixon said the
tax breaks were saving jobs and helping suppliers in every corner
of the state.

Treasury prices are dipping in late trading ahead of two key

? earnings reports.

The price on the 10-year Treasury bond fell 28.13 cents per

$100 invested. Its yield, which moves in the opposite direc-
i tion, rose to 3.36 percent from 3.32 late Friday. U.S. markets
: were closed Monday for the Martin Luther King Jr. holiday.

Treasurys fell early in the day but pared some of their loss-

i es later. A New York manufacturing index showed improved
? business conditions, higher new orders and higher shipments for
? January.

Traders are also watching for Apple Inc.'s and IBM Corp.'s

i fourth-quarter earnings reports due out after the stock market
? closes.

NOTICE is hereby given that MUNA EL-FITURI of
561 Broadway #9A New York 10012, United States
of America is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 19'" day of
January, 2011 to the Minister responsible for nationality
and Citizenship, PO. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that |, JOVAHN PIERRE
of P.O. Box SB-52761, intend to change my name

Fidelity Bank Note 17 (Series A) +
Fidelity Bank Note 22 (Series B) +
Fidelity Bank Note 13 (Series C) + PBB13S 100.00 0.00
Fidelity Bank Note 15 (Series D) + FBB15 100.00 0.00,
RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)
Symbol Bid & Ask % Last Price Daily \éal..
Bahamas Supermarkets 5.01 6.01 14.00
RND Holdings 0.35 0.40 0.55
CFAL Securities Ltd. (OQver-The-Counter Securities)
30.13 31.59 29.00
0.45 0.55 0.55
BISX Listed Mutual Funds
NAW YTD% Last 12 Months %
6.90%
2.09%
4.44%
4.63%
-0.14%
12.49%

to JOVAHN MOSS. If there are any objections to this
change of name by Deed Poll, you may write such
objections to the Chief Passport Officer, PO.Box
N-742, Nassau, Bahamas no later than thirty (30)
days after the date of publication of this notice.

MUU

NOTICE is hereby given that ELMINA ETIENNE of
Marshall Road is applying to the Minister responsible
for Nationality and Citizenship, for registration/
naturalization as a citizen of The Bahamas, and that
any person who knows any reason why registration/
naturalization should not be granted, should send
a written and signed statement of the facts within
twenty-eight days from the 19 day of January,
2011 to the Minister responsible for nationality and
Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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

0.00, Prime + 1.75%
7%

Prime + 1.75%

19 October 2022
30 May 2013
29 May 2015

FBB22 100.00

EPS $ Rie
-2.945

0.001

Div %
0,000.
0.000

ABDAB
RND Holdings

4.540
0.002

0.000
0.000

NAV 3MTH
1.498004
2.918697
1.555464

NAV 6GMTH
1.475244
2.919946
1.538692

Fund Name
CPFAL Bond Fund
CPFAL MSI Preferred Fund
CPFAL Money Market Fund

1.4076
2.8300
1.4954

15178
2.9474
1.5740

5.51%
2.10%
4.44%
12.72%
-0.63%
9.98%

31-Dec-10
31-Dec-10
31-Dec-10
30-Nov-10.
30-Jun-10

2.6522
13.0484
101.6693
99.4177
1.0000
1.0000
1.0000
9.1005

Royal Fidelity Bahamas G & | Fund
Royal Fidelity Prime Income Fund
CFAL Global Bond Fund

CPFAL Global Equity Fund

FSG Financial Preferred Income Fund
FG Financial Growth Fund

2.7202
13.2825
114.3684
106.5528
1.1415
1.1101
1.1428

109.392860
100.779540

107.570619
7.18% 105.776543
5.21%
7.60%

5,90%

4.75%
4.74%
3.94%
4.78%

30-Sep-10
30-Nov-10
30-Nov-10
FG Financial Diversified Fund 30-Nov-10
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 4.85% 5.45% 30-Nov-10

10.0000,

10.6417 -1.20% 0.50% 30-Nov-10

9.1708
3.37%

8.82%

30-Nov-10
31-Dec-10

9.6635 -3.37%
8.3979 8.82%
MARKET TERMS
YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Colina and Fidelity
ASk $ - Selling price of Colina and fidelity
Last Price - Last traded over-the-counter price.
Weekly Vol. - Trading volume of the prior week
EPS $ - A company's reported earnings per share for the last 12 mths
NAV - Net Asset value
N/M - Not Meaningtul
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

4.8105

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 from 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

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

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

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





THE TRIBUNE





ENTERTAINMENT

A family farm

ud swear you were
in Barbados or
Trinidad instead of

The Bahamas. The
entrance to the farm was a
track road with twelve-foot
high sugar cane growing on
both sides, an echo of the
past splendor of a failed

venture.

We are at the Lightbourn Family
Farm in Abaco, a few miles south of
Marsh Harbour. Members of the
Abaco branch of the Horticultural
Society of The Bahamas, led by Pres-
ident Anita Knowles, were on a field
trip to visit the Lightbourn farm and
were particularly interested in inten-
sive vegetable farming techniques.

Our hosts are Michael and Jennifer
Lightbourn, young, idealistic and com-
mitted. Michael left The Bahamas
with his father when he was six years
old to live in New York but his love of
growing plants was engendered by
summer visits to his grandmother,
Barbara Lightbourn-Brennan, who
had a 5.5-acre spread in British
Columbia.

Michael had seven years in the
Information Technology business that
took him to Florida. There he met
and worked with Dean Dekker of
Dekker Farms, Fort Pierce, and
learned all about intensive farming
techniques. It was also there he met
and fell in love with his wife Jennifer,
who hails from New Jersey.

They started the Lightbourn Fam-
ily Farm in June 2009 with assistance
from Michael’s father and uncle, and
already four of their ten acres are pro-
ducing from seven fields. Part of the
farm is laid out with vegetable towers
but there are conventional tilled areas
where the soil looked rich and black
in the raised beds.

The towers are metal posts thread-
ing a series of white containers with a
square cross section. The technique is
called vertical hydroponics. Each con-
tainer is set at 45 degrees laterally to
the one below so the corners are
exposed, and this is where the growing
takes place. A row of towers produces
a wall of vegetables: Collard greens,
broccoli, arugula and other salad
greens, lettuce, cucumbers and toma-
toes.

Michael explained that his grow-
ing medium is a commercial form of

coir that he mixes with Perlite. At
some time in the future he would
invest in a small chipper and see if he
could produce his own coir medium as
there were plenty of coconuts in Aba-
co. Michael uses coir because it has a
pH value of 7.0, a perfect balance
between acid and alkaline. “This is
very important,” Michael said, “as
the pH determines how productive
the soil can be.”

The pots in the towers are watered
by a central gravity-fed drip system
that has liquid fertiliser added in the
correct amounts. “The beauty of this
system,” Michael said of the towers,
“is that with five containers stacked
vertically and each bearing four
plants, we are growing 20 plants
where conventionally you could grow
only one.”

Jennifer is in charge of a shade
house that is used to propagate
seedlings. The market garden area
also provides herbs and there were
plenty on their way, along with sweet
peppers. I noticed a dozen or so pots
with guinep seedlings, so the Light-
bourns may be orchard farming in
the future.

It has long been noted that farming
is more likely to be successful if value-
added items are produced. Jennifer
had on sale jars of cucumber pickles
labeled with the farm’s name and has
also made (and sold) salsa, spaghetti
sauce, hot pepper sauce and pesto.

The Lightbourn Family Farm obvi-
ously has some of the richest soil in
Abaco, if not in all of The Bahamas. It
is part of what used to be the Owens-
Illinois concern that produced sugar
cane in the late 1960s to the early
1970s before going bust when the bot-
tom of the sugar market fell out. This
is the same area that the Chinese gov-
ernment is interested in developing.

Farming is a precarious undertak-
ing. Conventional crops such as
bananas, watermelons, cucumbers,
peppers, tomatoes and onions often
glut the market and bring low returns.
Those who dare to be different stand



Above the Rest:

A row of collard greens (above) at
Lightbourn Family Farm is far more
productive than in a regular garden.

Green Thumb:

Michael and Jennifer Lightbourn (right)
with their faithful dogs Bailey and Cain
amidst some conventionally-grown broc-
coli.

the best chance of success. Market
gardening is far more intense a project
than conventional farming because
every day is a sowing and reaping day,
and one breakdown could endanger
several weeks’ labour. That said, the
vertical hydroponics system means
Michael and Jennifer are not behold-
en to the vagaries of the weather and
have a great degree of control over
their crops.

It was indeed a pleasure to share
the dreams and efforts of a young
couple determined to work hard and
make a success of their undertaking. I
wish them well.

WEDNESDAY, JANUARY 19, 2011, PAGE 9B



ust a few images of what we the
Bahamas looked like 40...50...60...
years in the past

BY ROLAND ROSE

This is the exact location of the new straw market and
the Ministry of Tourism building as it was in 1950.



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PAGE 10B, WEDNESDAY, JANUARY 19, 2011

THE TRIBUNE



SS



The Tribune





i,

if



Just your typical wedding video... right?

*R







IRWAR





The cast of From This Day Forward’
prepares for the official film debut

HE CAST and crew of
"Te: Bahamian film,
From This Day For-

ward are excited as the days

become closer to the debut
of the unforgettable film.

The event will be at The Hub,
East Bay St with show times begin-
ning at 1,5 and 7pm on Saturday
January 22, 2011.

In the past few years, The
Bahamas has played host to what
can be deemed as a renaissance
period of local film making with
the release of recent Bahamian
films such as Rain and Children of

JANUARY 22 - SATURDAY
BIZET-TO-BROADWAY:
NIGHT AT THE

OPERA AT OLD

FORT BAY CLUB

e In association with Elizabeth
Covington and Cornelia Nihon,
The Nassau Music Society presents
anight at the Opera at Old Fort
Bay with a black tie dinner fol-
lowed by an enchanting evening of
music by well-known Canadian
opera singers. Under the distin-
guished patronage of His Excellen-
cy Sir Arthur D Foulkes, this spe-
cial event is to raise funds for a
scholarship programme to help
young Bahamian singers train
either at home or abroad. The
show features: Gianna Corbisiero,
Soprano; Alexander Dobson, Bari-
tone; Keith Klassen, Tenor;

God just to name a few.

On Saturday, the team of No
Budget production in association
with Track Road theater will be
releasing their comedic film “From
This Day Forward.” The movie is
a funny tale of two star crossed
lovers Kenneth and Cherise, whom
both are from different sides of
the track or different sides of the
Hill, they become drawn together
due to their lust for each other.

According to the Vendetta
Group, the movie is shot in a
mixed style of documentary and
standard movie style which flows

Michael Mcmahon, Pianist; and
Beverly Mcarthur, Mezzo Soprano.
Cocktails at 6.30 pm, dinner at 7.30
pm and concert at 8.45 pm. The
event is by reservation only. Con-
tact Nassau Music Society at:
www.nassaumusicsociety.org.

JANUARY 22 - SATURDAY
‘DO IT BIG’
BLACK AND
YELLOW/GOLD

e Warrior Sounds and Rydim
Events present “Do It Big” Black
and Yellow/Gold, a VIP Blackber-
ry affair at Club 112. Music provid-
ed by Nassau's hottest DJs. Free
food, drink specials and surprises
all night!

JANUARY 22 - SATURDAY
YMCMB’s ‘AQUARIUS’

together seamlessly as family and
friends of the young couple pre-
pare for their wedding day.
Going further, a film crew inter-
views and documents them as they
get closer to the actual date, the
ceremony and all else in between.
Sparks then fly and social status
collide as the wedding draws near.
Just the mere preparation brings
out the true essence of each char-
acter. Both Kenneth and Cherise
are known to be very impulsive.
Will there even be a marriage?
Although all of the characters in
this film are fictional the cast truly

¢ Young Money Cash Money
Billionaire's presents “Aquarius”,
a birthday celebration for the
entire YMCMB family. Music pro-
vided by Xtra Large International,
DJ Payne, Father Marquis and
Earthquake Sounds. Doors open
9pm.

JANUARY 23 - JANUARY 26
(ELEUTHERA)

CAPE ELEUTHERA

WAHOO TOURNAMENT
e Cape Eleuthera hosts the 2011
Wahoo Tournament that offers
three days of fun and excitement
for fisherman both in the Bahamas
and the states. Fee: $550/per boat,
covers four participants, tourna-
ment t-shirts, opening night dinner,
and awards banquet. Telephone:
888-270-9642 or 470-8242.

committed to the role making the
whole feel like truly bizarre
Bahamian wedding.

The film is directed by first time
director Tara “Tecca” Woodside
who also wrote the story. She
explains that “the film was a short
one because of the complete lack
of a budget but the cast and crew
all made it work like a big budget
film.” The film also stars Matthew
Wildgoose and Salina Archer.
Tickets for the debut will be on
sale at a cost of five dollars, for
more information please call 676-
7075, 424-5378 or 677-9616.

JANUARY 27 - THURSDAY
“THE HANSARD
DEMOLITION’ OPENING

RECEPTION

¢ The exhibition “The Hansard
Demolition”, an intervention by
Antonius Roberts, officially opens
with an opening reception, 6pm-
9pm at the Central Bank of the
Bahamas Art Gallery. Exhibition
runs until February 18.

JANUARY 27 - THURSDAY
ANNUAL EPIPHANY
RECITAL FOR
SOLO ORGAN

e Dr Sparkman Ferguson hosts
the annual Epiphany Recital for
solo organ, 7.45pm at Christ
Church Cathedral. Come and hear

‘Hornet’ heats
Hollywood's weekenti
with $40 million

LOS ANGELES
Associated Press

SETH Rogen’'s action tale "The
Green Hornet” led the box office over
the Martin Luther King Jr. Day week-
end with $40 million.

The top 20 movies at U.S. and
Canadian theaters Friday through
Monday, followed by distribution stu-
dio, gross, number of theater loca-
tions, average receipts per location,
total gross and number of weeks in
release, as compiled Tuesday by Hol-
lywood.com are:

1. "The Green Hornet," Sony,
$40,012,543, 3,584 locations, $11,164
average, $40,012,543, one week.

2. "The Dilemma," Universal,
$20,521,030, 2,940 locations, $6,980
average, $20,521,030, one week.

3. "True Grit," Paramount, $13,127,459,
3,459 locations, $3,795 average,
$128,339,354, four weeks.

4. "The King's Speech," Weinstein Co.,
$11,271,166, 1,543 locations, $7,305
average, $46,795,025, eight weeks.

5. "Black Swan," Fox Searchlight,
$10,151,762, 2,328 locations, $4,361
average, $75,020,120, seven weeks.

6. "Little Fockers," Universal, $8,535,495,
3,394 locations, $2,515 average,
$135,621 ,520, four weeks.

7. "Yogi Bear," Warner Bros., $7,447,344,
2,702 locations, $2,756 average,
$84,197,416, five weeks.

8. "Tron: Legacy," Disney, $7,258,954,
2,439 locations, $2,976 average,
$158,497,550, five weeks.

9. "The Fighter," Paramount, $6,382,097,
2,414 locations, $2,644 average,
$67,026,761, six weeks.

10. "Tangled," Disney, $5,638,656, 2,048
locations, $2,753 average, $182,666,695,
eight weeks.

11. "Season of the Witch," Relativity
Media, $5,416,042, 2,827 locations,
$1,916 average, $18,913,782, two weeks.

12. "Country Strong," Sony Screen Gems,
$4,381,249, 1,424 locations, $3,077 aver-
age, $13,986,383, four weeks.

13. "The Chronicles of Narnia: The Voy-
age of the Dawn Treader," Fox,
$3,121,186, 1,704 locations, $1,832 aver-
age, $98,863,922, six weeks.

14. "Gulliver's Travels," Fox, $3,062,300,
1,666 locations, $1,838 average,
$38,590,723, four weeks.

15. "The Tourist," Sony, $1,983,709,
1,420 locations, $1,397 average,
$64,562,655, six weeks.

16. "Harry Potter and the Deathly Hal-
lows: Part 1," Warner Bros., $1,749,077,
941 locations, $1,859 average,
$290,153,345, nine weeks.

17. "Blue Valentine," Weinstein Co.,
$1,701,750, 230 locations, $7,399 aver-
age, $3,162,235, three weeks.

18. "Megamind," Paramount, $905,655,
341 locations, $2,656 average,
$145,660,740, 11 weeks.

19. "The Heart Specialist," Freestyle,
$581,516, 422 locations, $1,378 average,
$581,516, one week.

20. "Yamla Pagla Deewana,” Eros Inter-
national, $563,042, 84 locations, $6,703
average, $504,116, one week.

famous renditions from Bah,
Mendelssohn, Virgil Fox, Diane
Bish, Franklin Ashdown, Vierne,
Ball and Rogers and Hammerstein.
Free admission. Donations accept-
ed in aid for music library for St
John's College. Telephone: 323-
2755.

JANUARY 29 - SATURDAY

MS FULL FIGURED
BAHAMAS LAUNCH
AND COCKTAIL
RECEPTION

¢ Join the contestants of the 5th
annual Ms Full Figured Bahamas
Pageant as they present themselves
for the first time to the wider com-
munity, 7pm-9pm at the Cultural
Gallery and Studio. Enjoy a night
of great music, wine and hors d'ou-
vres. Cost: $20.

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



THE TAILUNE



AANUARY 18, 2011,





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WEDNESDAY, JANUARY 19, 2011

CARS FOR SALE,
a



AND REAL a
BAHAMAS BIGGEST &

TSS aS

BIC gers
to go public’

Government will release all
details of sale once finalised

By NOELLE NICOLLS
Tribune Staff Reporter

nnicolls@tribunemedia.net

ALL documentation relat-
ed to the privatisation of BTC
from 1999 to the present will
be tabled in Parliament for
scrutiny by the public, said
Minister of National Securi-
ty Tommy Turnquest, leader
of government business.

As soon as the terms of the
BTC sale agreement are
finalised, Mr Turnquest said
the government will release
all the details and documents
related to the sale process
from its inception.



VETERAN PROSECUTOR:
Cheryl Grant-Bethell

The government will place
the latest agreement of sale
for 51 per cent of BTC to
Cable and Wireless Commu-
nication (CWC) in the public
domain and allow two weeks
before debate is scheduled,
said Mr Turnquest.

Details of the Bluewater
deal, negotiated under the
former Progressive Liberal
Party (PLP) government, also
will be revealed, he said.

Zhivargo Laing, Minister of
State for Finance, said he
could not say whether or not
the names of the Bluewater

SEE page nine

GRANT-BETHELL ‘HAD NO
CHANCE TO DEFEND HERSELF’
AGAINST LAW JOB REPORT

By NATARIO McKENZIE
Tribune Staff Reporter
nmckenzie@tribunemedia.net

ATTORNEYS for Cheryl Grant-
Bethell yesterday claimed the veteran
prosecutor had not been afforded the
opportunity to defend herself against
information presented to the Judicial
and Legal Services Commission while
considering her application for the post

SEE page nine

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PU
nas

PARAMEDICS in Grand Bahama claim
they are still incapable of responding to any
major industrial or natural disaster on the
island. The frustrated workers say an insuffi-
cient and poorly-maintained ambulance fleet,
and the lack of a proper dispatch centre, has

prevented them from effectively providing

eA \

|
*

: |
# -

Fl

-*

HAITI'S EX-DICTATOR Jean-Claude Duvalier known as ‘Baby Doc’, centre, is taken out of his hotel by police
in Port-au-Prince, Haiti, yesterday. A judge will decide whether Duvalier will be tried on charges that include
corruption and embezzlement for allegedly pilfering the treasury before his 1986 ouster, a lawyer for the

ex-strongman said Tuesday. (AP)

¢ SEE PAGE 11

MAJOR HOTELIER BACKS BIC SALE TO CABLE & WIRELESS

ONE of the country’s major
hoteliers has thrown his sup-
port behind the Government's
selection of Cable & Wireless
Communications as the buyer
of a $210 million majority
stake in BTC.

Sandals resort chief Adam
Stewart yesterday endorsed
the sale to CWC, describing

Lehi ory Enea! Be Mochi Birds
242.994.4111

the international company as
“a valuable partner” expected
to bring “good things” to the
state-run telecommunications
provider.

Bahamas Communications
and Public Officers Union
(BCPOU) leader Bernard
Evans, who strongly opposes
the sale to CWC, said the

Open Mon-Fri |Gam-dpm, Sat

endorsement is not unexpect-
ed but cannot change the
labour movement's opinion
that the impending privatisa-
tion is a “bad deal.”
However, Mr Stewart said:
"The hospitality industry
expects and deserves the best

SEE page nine

10om-2 pm
wa ahoamahoandorints.com



NASSAU AND BAHAMA

ISEANDS*” LEADING NEWSPAPER

emergency care to the nearly 52,000 residents
on the island. Today, The Tribune’s Ava
Turnquest explores the concerns raised by
the Emergency Medical Services (EMS) team
who believe their department is not given the
necessary priority as the nation’s second city.

e SEE PAGE SIX

SECOND STUDENT
TESTIFIES IN
TEACHER SEX CASE

By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net



FREEPORT: A second
male student took the stand
yesterday in the Andre Bir-
bal sex trial, telling the
Supreme Court jury his art
teacher took nude pho-
tographs of him in the class-
room at school.

The young man, who is
now 21 and lives in the US,
attended the Eight Mile Rock
High School from 2001 to
2007. He said Birbal was his
art teacher during that time.

The former student said the
photograph sessions took
place in Mr Birbal’s art class-
room in 2001 when he was in
the seventh grade.

All the windows in Birbal’s
classroom were covered and
there were latches on the
door inside, the witness
recalled.

He was alone in the class-
room using the computer
when Birbal came in and
locked the door. The young
man said Birbal put up a
white sheet and asked him to
pose for pictures.

“He asked me to take off
my uniform. I was in my box-
ers and he made me put on a
hard hat, tool belt, and gave
me a hammer to hold in my
hand. He then took off my
boxers and continued taking
photos,” the witness recalled.

The young man said the
teacher then gave him $20.

On the second occasion,
after posing for photographs
in the classroom, Birbal per-
formed a sex act on the stu-
dent.

The witness said the sexual

SEE page nine










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THE TRIBUNE

LOCAL NEWS

Grand Bahama District o

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FEBRUARY — APRIL, 2011

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THE TRIBUNE

WEDNESDAY, JANUARY 19, 2011, PAGE 5



LOCAL NEWS

Hands for Hunger prepares for annual Paradise Plates

Event to showcase wide array of gourmet food

HANDS For Hunger is gearing
up for its third annual fundraiser,
Paradise Plates, scheduled to take
place on May 21 at the Atlantis
Crown Ballroom.

The event, which aims to raise
money for the fight against hunger
in the Bahamas, will showcase a
wide array of gourmet food pre-
pared by chefs from Nassau’s pre-
mier restaurants, fine wine and
spirits as well as live entertainment,
organisers said.

The coming event will also fea-
ture a silent auction and a raffle.

All proceeds will benefit Hands
For Hunger, a non-profit, human-

itarian organisation committed to
the elimination of hunger and the
reduction of food waste in the
Bahamas.

Last year, Paradise Plates served
more than 450 hundred guests who
came out in support of the cause.

“Hands for Hunger is extremely
pleased and humbled by the con-
tinued success of Paradise Plates,”
said Ashley Lepine, the organisa-
tion’s executive director.

“Based on the event’s populari-
ty and the positive feedback we

continue to receive, we plan on
making this year’s fundraiser even
larger.

“Many of our participants are
planning to join us again and we
will also be featuring new restau-
rants, chefs and their signatures
dishes. It promises to be another
wonderful evening.”

All proceeds from Paradise
Plates will go to the food rescue
programme.

“Each day, Hands For Hunger
picks up fresh, high quality food

that would otherwise go to waste
and delivers it to community cen-
tre shelters, churches and soup
kitchens throughout New Provi-
dence,” the organisation said.
Since operations began in March
of 2009, Hands for Hunger has dis-
tributed over 230,000 Ibs of food to
those in need (approximately
equal to 230,000 meals served).
According to the organisation’s
representatives, Hands for Hunger
also prevented more than 400
tonnes of carbon emissions from

entering the atmosphere

“Hunger is a solvable problem.
It is a fact that there is more than
enough food on this island to
amply feed every single woman,
man and child. Hands For Hunger
functions to connect this excess
supply with the unmet, ever grow-
ing need through the more equi-
table and efficient distribution of
resources, “said Alanna Rodgers,
founder and programme coordi-
nator of Hands For Hunger.

“The proceeds raised from Par-
adise Plates will go directly to help-
ing us feed the hungry in our com-
munity.”

DOWNTOWN MERCHANTS SHOW
‘A NEW WAVE OF EXCITEMENT’

IN early December,
downtown retailers put final
touches on their festive dis-
plays for the Downtown
Nassau Partnership’s Annu-
al Holiday Window Com-
petition.

Lights, gift boxes and oth-
er elements were positioned
in windows of the partici-

reateaiver cone euvauteanary SONOELANUELG GUALANUEHGNOG

pating stores to celebrate
the Christmas season and
win over the judges of this
annual event.

“The competition was
more than a celebration of
Christmas. It demonstrated
a new wave of excitement
and innovation among the
retailers — a clear signal of
some momentum with the
revitalisation,” said Vaughn
Roberts, DNP managing
director.

The participants in the
competition were judged on

originality, creativity and
the overall appeal.

The judges did not only
consider the beauty of the
window displays, but the
amount of thought and
time that went into them as
well.



The businesses were
placed into one of three cat-
egories based on the num-
ber of employees. The
judges included artist Kis-
han Munroe, Kendal Major,
senior manager with the
Ministry of Tourism and

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Aviation, Tyler Miller and
Khiry Adderley, art stu-
dents at the College of the
Bahamas.

Participating stores in
Category A included Coin
of the Realm, Coles of Nas-
sau, Delucci, King’s Dis-
count, Maison Décor, the
Linen Shop and the Per-
fume Shop.

The winner of this cate-
gory was Maison Décor
with its display by Nioca
Miller.

Second place went to
King’s Discount for its orig-
inal theme “A Bahamian
Christmas” displaying hand-
made straw items on a live
model.

The Perfume Shop came
in third place.

Stores in Category B were
Solomon’s Mines and John
Bull. Solomon’s Mines took
first place with its theme of
“My Favourite Things”.
John Bull was a close sec-
ond.

Category C consisted of
three banks: Scotiabank,
Bank of the Bahamas and
FirstCaribbean Internation-
al Bank.

The winner of this cate-
gory was Scotiabank on
Rawson Square.

“Scotiabank displayed
true holiday cheer with rein-
deer-eared tellers and
greeters dressed in elf cos-
tumes,” the DNP said.

The DNP also initiated
the People’s Choice Award
using Facebook to collect
votes from the public on
their favourite display.

The first People’s Choice






Award went to King’s Dis-
count Store.

Errolee Conliffe, project
manager with the DNP,
said: “It was a tough yet fun
competition designed to get
retailers to participate in
making the town come alive
during the holidays.

“It is so important that

residents and visitors come
to enjoy themselves in
downtown.”

The DNP is an interim
organisation formed in 2008
as a joint venture of the pri-
vate and public sectors to
achieve a progressive rede-
velopment of the city of
Nassau.



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PAGE 6, WEDNESDAY, JANUARY 19, 2011

THE TRIBUNE



LOCAL NEWS



GB Emergency
Medical Services
‘still without
vital resources’

By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net

NEARLY four years since a mass
sick-out brought their concerns to
national attention, paramedics say
the Emergency Medical Services
department on Grand Bahama is still
without vital resources or adequate
security.

In a lengthy dossier detailing cur-
rent faults within the pre-hospital
care system, paramedics claim severe
neglect of their department continues
to affect unnecessary, and in some
cases fatal, challenges to the entire
health care system.

The statement read: “We are fight-
ing for the lives of our patients and it
shouldn’t come to this.

“We are begging and pleading for
annual training and proper-func-
tioning equipment that will give our
patients a fighting chance at life.”

The statement went on: “Preven-
tion is better than cure and we
strongly feel that if pre-hospital care
was enhanced, there would be fewer
patients in the morgue and on the
wards causing overcrowding.”

Speaking anonymously for fear of
victimisation, the collective state-
ment sought to clarify previous
announcements made to the media
which they felt detracted from major
concerns.

Long-standing inadequacies, which
were said to have fatal consequences,
were an insufficient and poorly-main-
tained ambulance fleet, and the lack
of a proper dispatch centre.





DOSSIER: Pictured above is the letter sent by frustrated paramedics in Grand
Bahama who feel that their department does not get the necessary resources it

needs.

It is alleged that due to the work-
load and the scarcity of vehicles,
ambulances frequently break down
during emergency transport.

Mechanical faults routinely expe-
rienced were said to include abrupt
power loss, locked steering wheel,
and gas leaks.

Late last year, Minister of Health
Hubert Minnis confirmed plans for
several improvements to the depart-
ment in Grand Bahama as part of
major upgrades to public healthcare
nationwide.

Five new ambulances are expected
to arrive this month, two of which
have been designated for Grand
Bahama.

However, the crews’ statement
read: “With every minute that pass-
es, the patient or patients’ condition
is getting worse. By the time we
arrive on the scene, the patient that
was once conscious, is now uncon-
scious.”

Past emergencies said to be nega-
tively affected by transport chal-
lenges were:

1. The July 2006 tornado which
injured 21 people and seriously
injured 3 people in West End.

2. The November 2007 traffic fatal-
ity in the Seven Hills area which
claimed the life of one person and
seriously injured 13.

3. The November 5 traffic fatality



last year, in which one person died
and five persons were seriously
injured in McClean’s Town.

The statement claimed: “We got
tired of writing letters and incident
reports and nothing being done
about them. We are sick and tired
of being blamed for lengthy response
times to emergencies that were not
our fault.”

In 2007, only two managers
showed up for work at the EMS
Department on February 12. Con-
cerns raised at that time were
acknowledged by hospital officials
as legitimate and said to include:
wages, proper accommodations (rest
quarters and bathroom facilities),
proper dispatch centre, pest control,
security, insufficient uniforms and
proper equipment (thicker gloves).

In the statement, it was alleged
that only two of the seven major con-
cerns had been resolved following
the relocation of the department.

The statement read: “Our 911 dis-
patch centre is still not operational in
Grand Bahama, as it has been in
New Providence since 1999 - all 911
calls are answered at the police sta-
tion, which has to turn around and
call us at our station, causing yet
another delay in our response time.
We are deeply saddened by the many
delays we encounter daily.”

Unlike the department attached

NT Vell)

to the Princess Margaret Hospital in
New Providence, the statement
claims there were no specific provi-
sions for EMS in the Grand Bahama
hospital budget.

The statement read: “If a budget
isn’t specifically assigned for Grand
Bahama EMS to facilitate new
equipment, training, vehicle repairs,
etc., how can the general public ben-
efit from effective and advanced pre-
hospital care?”

The frustrated paramedics also hit
out at the lack of training opportu-
nities in comparison to Nassau-based
services.

It was alleged there had been no
formal training for employees in the
department since 2004, and current
certifications held by staff were
financed privately and never reim-
bursed.

Calls placed to Grand Bahama
Heath Services were not returned
up to press time as administrator of
the department, Sharon Williams,
was said to be on leave.

Inquiries made to the Public Hos-
pitals Authority on the matter were
also unsuccessful.

EMS Director Dr Avery Hanna
confirmed that proper gloves for the
department were scheduled to arrive
this week, however she said she could
not speak directly to the concerns of
Grand Bahama personnel.

ATIONAL PAR

William
Charles
(Willie)
Meyers

ct
a,
ae

es

eS
ci

Ss oo | =

THE CHINESE
AMBASSADOR
VISITS INAGUA

CHINESE AMBASSADOR
to the Bahamas Hu
Dingxian visited Inagua
over the weekend with
Senator Dion Foulkes and
Minister of Youth, Sports
and Culture Charles May-
nard.

IRAN WANTS
WORLD POWERS TO
COOPERATE AS EQUALS

UNITED NATIONS
Associated Press






Willie Meyers passed

away peacefully on

Wednesday, 12th of

ra January 2011, in Ft.
PAN > Lauderdale Florida.

Willie was the first born of William C. Meyers and Margaret
Perrin Mayers Ward, in Philadelphia, Pennsylvania. He joined
the United States Navy at an early age and served for 12 years,
spending quite some time in Japan. While in the navy he be-
came a Hard Hat Diver on the underwater Demolition Team.
After the navy he moved to California and started a business,
working underwater doing jobs in various ports of call. He
ended up in The Bahamas as Captain of "the Aquanaut", film-
ing for TV and movies, such as "Sea Hunt”, "Flipper" and
“Thunderball”. Willie met and married Heather nee Bethell
and they had a daughter, Amanda. Willie's passion for boats
led him to the world of Offshore Powerboat Racing. He raced
in such events as "The Miami Nassau Race’, "The Bahamas
500', Cowes to Torque’ and many more. He never lost his love
for The Bahamas.

(a7 eon
aU

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IRAN'S U.N. envoy said
Tuesday the most important
thing that world powers can do
at upcoming talks in Istanbul
is recognize his country as
major player with "nuclear
capability" that is ready to
cooperate on major issues
including nonproliferation.

Ambassador Mohammad
Khazaee warned Iran will nev-
er respond to sanctions, threats
or political or economic pres-
sure — and will "never negoti-
ate on our inalienable right to
use nuclear energy for ... peace-
ful purposes.”

"It doesn't mean that Irani-
ans are looking for confronta-
tion,” he said. "But at the same
time ... it's not going to work
to put a knife in the neck of
somebody, or your sword, and
at the same time asking him to
negotiate with you."

Khazaee spoke ahead of new
talks on Jan. 21-22 with the
US., Britain, France, Germany,
Russia and China.

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

Winchester Street Palmdale,
(between Sears Rd. and Hawkins Hill)

Willie is survived by his daughter, Amanda Meyers; sisters,
Joan Fagan, Marie Kennedy, Judy Flaherty and Sandra Ward,
brothers James Ward and Larry Ward, and his pre-deceased by
two brothers, Robert Meyers and Richard Meyers. Nieces and
Nephews Thomas, Timothy, Jospeh, Patrick, Michael, Sha-
ron, Karen, Joanne, Robert, Kelly, Lois, Willie, Rick, Robin,
Meghan, Jim, Jerry, Sean and Joseph.

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THE TRIBUNE

WEDNESDAY, JANUARY 19, 2011, PAGE 7



LOCAL NEWS





ENVIRONMENT MINISTER Dr Earl Deveaux walks door to door and speaks with concerned residents
of the Marathon constituency.

Decision on waste
management system
‘three months away’

THE Ministry of Envi-
ronment is three months
away from making a deter-
mination on how to move
forward with the country’s
waste management system,
exploring various avenues
to turn the sector into a
thriving industry, officials
said.

Appearing on the 14th
annual radio programme
called “Operation Love
Your Country”, which was
aired live from Marathon on
Love 97 radio on the week-
end, Dr Deveaux said the
Government’s plans for
expanding opportunities
within Department of Envi-
ronmental Health Services
(DEHS) will not compro-
mise current jobs, but rather
will create new jobs for oth-
ers in the waste manage-
ment sector.

“What I (described) in
terms of collection, man-
agement and waste to ener-

CUBA SAYS US TRAVEL
CHANGES NOT ENOUGH

HAVANA
Associated Press

CUBA said Sunday that the
Obama Administration's deci-
sion to lift some travel restric-
tions on students, academics and
religious groups and make it eas-
ier for Americans to send money
were positive steps, but not near-
ly enough while Washington
maintains its 48-year trade
embargo on the island.

The changes announced last
week mean that students seek-
ing academic credit and churches
and synagogues traveling for reli-
gious purposes will be able to go
to Cuba. Any USS. international
airport with proper customs and
immigration facilities will be able
to offer charter services to the
island.

The plan will also let any
American send as much as $2,000
a year to Cuban citizens who are
not part of the Castro adminis-
tration and are not members of
the Communist Party. Previously,
only relatives could send money.

"Though the measures are pos-
itive," Cuba's Foreign Ministry
said in a statement Sunday, "they
are well below what was hoped
for, have a limited reach and do
not change (U.S.) policy against
Cuba.”

The ministry said most of the
changes simply bring US. policy
back to where it was during the
Clinton Administration, before
President George W. Bush
toughened restrictions. They do
not alter Washington's trade
embargo, which Cuba refers to
as a "blockade."

on Wednesdays

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




gy will create infinitely more
jobs, better paying jobs, and
have a cleaner environment
than what we have today.
But if you have that discus-
sion today, it will become,
‘well, whose job will be
lost?’ than rather ‘whose job
will be gained, whose health
would be improved and

whose life will be
improved?’,” said Dr
Deveaux.

Taxes

The minister said every
household currently pays an
average of $10 per month
through taxes for garbage
collection and waste man-
agement services.

“It wasn’t our intent at
this time to introduce a
direct fee paying for resi-
dential collection. What we
wanted to do, without
increasing the cost of
garbage collection, was to

Gena Gibbs/BIS

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i THE Utilities Regulation and Com-
: petition Authority (URCA) paid a cour-
? tesy call on Minister of the Environ-
? ment Dr Earl Deveaux and Minister of
i State for the Environment Phenton Ney-
? mour on Monday, January 17.
: They discussed the future of utili-
: ties privatisation and systems to be
i put in place to simplify the process of
? collecting revenue for utilities services
and providing services to the public.

? ABOVE: Pictured from left to right
? are URCA senior case officer Stephen
? Bereaux; URCA CEO Usman Saadat;
? Minister of State for the Environment
? Phenton Neymour; Minister Deveaux;
? Environment permanent secretary
: Ronald Thompson; and Diana Light-
? bourne, under -secretary.
? RIGHT: Pictured from left to right
are: Usman Saadat, CEO of URCA; Min-
i: ister Deveaux; Minister of State Ney-
? mour and Stephen Bereaux, URCA
: senior case officer.

improve the efficiency of
collection. So we have a
number of proposals we had
solicited and that had come
to us independently,” he
said.

Minister Deveaux said the
Government’s solution to
reducing the cost of garbage
collection for Bahamian
households will include the
introduction of a pro-
gramme that requires cach
house to have a covered
trash receptacle from a com-
mercial garbage collection
service, to semi-privatise
DEHS garbage collection.

“We are about three
months away from a deter-
mination, but a determina-
tion will be made,” said Dr
Deveaux.

“It puts a big face to this
very serious environmental
issue, Management issue,
and finally this huge oppor-
tunity to convert this grow-
ing problem into an industry

F
hp “Camspaion: pekd qucwan raust ba nwiting Sofa on ties woaa cde:



ENVIRONMENT MINISTER Dr Earl Deveaux pointed out an abandoned fences pie parked in aie
son Way, which has been a major eyesore for Marathon residents who have complained to the Min-
istry of the Environment that derelict vehicles in the area are devaluing their private property.

could the

that
Bahamas and ensure a bet-
ter management of our solid
waste.”

serve

Collection

Minister Deveaux
explained how the garbage
collection is organised with-
in the government system in
New Providence and in the
Family Islands. He also
explained the challenges
DEHS faces to collect the
nation’s waste and manage
its disposal in accordance to
health requirements.

“All of our waste in the
Bahamas that is of a com-
mercial nature is handled by
the private sector and it rep-
resents approximately 40 per

cent of the total waste,” he
said.

“In the islands to varying
degrees, the local govern-
ment is responsible for the
residential collection. Here,
in New Providence, it’s the
Department of Environ-
mental Health.

“We have three chal-
lenges in a broad sense. The
collection of garbage by
DEHS is constrained by the
availability of vehicles, the
frequency of collection, and
traffic.

“Then, we have the site.
We today need to construct
anew cell.

“We need to rehabilitate
an older cell and we need to
cap a cell, so we can have a
place to dispose of the
waste. That will give us

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Down

‘i bee) SL
Ee



approximately 10 years.
What happens after 10
years?”

Dr Deveaux listed the
long-term goals of the Min-
istry of the Environment
which are necessary to sus-
tain the nation’s continual
management of increasing
waste disposal in the face of
urbanisation.

“Our goal is to recycle as
much of our waste as we
could.

“Re-use as much of it as
we could, but eventually to
convert the waste to a useful
form of energy.

“In order to get there, we
have to improve the collec-
tion, the management of the
site, and the technical abili-
ty at the site to reuse, recy-
cle, and dispose,” he said.

eT









PAGE 8, WEDNESDAY, JANUARY 19, 2011

THE TRIBUNE





Contrasting views on
our sens model

"As I watch these students
and their families, all so
proud of their accomplish-
ments, I cannot help but feel
sorry for them...How will they
feel about themselves in this
tourist industry, playing the
role of servant so clearly con-
structed as being part of the
nature of Bahamian culture."

— Dellareese Higgs, 2008
doctoral dissertation.

“Tt is clearly the case that, as

a result of tourism, the

Bahamas is chronically
dependent.”

— Felix Bethel, College of

the Bahamas lecturer.

“Tourism is a form of
‘leisure imperialisr’ and rep-
resents ‘the hedonistic’ face
of neocolonialism. "

- Malcolm Crick, British
anthropologist

"While direct travel services
generated $1.8 billion in
export earnings, the econo-
my spent $1.9 billion on the
purchase of merchandise
imports. It could be suggested
that in the (Stafford Sands)
model, the state of foreign
reserves is in fact the econo-
my’s ultimate monetary tar-
get."

— Gabriella Fraser,
researcher at the Central
Bank of the Bahamas, 2001

"Because of our addictive
reliance on foreign investment
our appreciation for Bahami-
an genius is negligible and in
so doing we are oppressing
Bahamians....

Our economic model per-
petuates an economic
apartheid."

— Olivia Saunders, Col-
lege of the Bahamas lectur-
er.

"One can argue that
Bahamian national pride is
to a degree a product of
brochure discourse, of touris-
tic marketing; that much of
what Bahamians love about
their country is what travellers
and the tourist industry claim
is worth loving."

— an Strachan, College of

the Bahamas lecturer

"The world seems to be
divided between people who
predict rain and people who
build arks. We know which
one is easier. Let them con-
tinue to predict rain in the
face of these opportunities.
We will work with those who
are in the business of building
arks."

— Vincent Vanderpool-
Wallace, Minister of
Tourism.

By LARRY SMITH

THE preceding series of
quotes (except for the last
one) is fairly representative
of the intellectual discourse
over tourism, economics and
identity that rages from time
to time in the academic and
cultural world, both here and
abroad.

Interestingly, this normal-
ly esoteric debate was
thrown into sharp relief last
week when Tourism Minister
Vincent Vanderpool- Wallace
and College of the Bahamas
lecturer Olivia Saunders
delivered diametrically
opposing views at the
Bahamas Business Outlook
conference on Cable Beach.
The theme of the conference
was economic diversification.

This discussion began with
a description of our current
economic model. What is
often described as the
"Stafford Sands model" for
ease of reference, is really
just an updated version of
the oppressive 19th century
colonial system, critics say.
It is a typical dependency
model, which was fashioned
long before Sands was born.
And it needs to be over-
thrown.

Olivia Saunders said the
creation of the Development

Board in 1914 formalised
earlier promotional efforts
by paying foreigners to bring
tourists into the colony and
to develop hotels. In the
1930s, promoters like Harold
Christie started selling
Bahamian land to wealthy
foreigners for second homes
and other investments. The
influx of foreign capital was
driven by the absence of tax-
es on earnings. And all this
set the country largely on the
course it travels today.
Although Sands was not
the originator of this eco-
nomic model, he did take
advantage of the global eco-
nomic recovery after the Sec-
ond World War to dramati-
cally expand tourism and
financial services. Rapid eco-



“As we all
know, the
Bahamas is right
next door to the
United States,
which constitutes
25 per cent of the
global economy —
a proportion
that is likely to
remain relatively
stable for the
foreseeable
future despite
the growth of
emerging
economies like
Brazil, Russia,
India and China.”



nomic growth in the 1950s
and 60s was partly due to
unprecedented promotional
spending to position The
Bahamas as a year-round
tourist destination.

Saunders summed it up
like this: "The Bahamian
economic model is designed
for the country to relinquish
responsibility for its
resources and the com-
manding heights of its econ-
omy. It is one where the role
of the residents is to provide
labour and to be consumers
while the owners of the econ-
omy, foreign nationals and a
small minority of locals
amass great wealth.

This was a model that
ensured underdevelopment
of our human resources, she
said. "We maintain a tax and
incentive regime that not
only favours the foreign
investor but oppresses
Bahamians...An economy so
designed does not have much
need for a local intelli-
gentsia...It is disastrous for
us to continue using the pre-
sent economic model of
dependence and economic
apartheid."

Saunders offered a vague
three-point plan to address
these deficiencies. First,
leverage the abilities of
Bahamians who have the
aptitude and expertise to
own and operate anything
that is vital to nation-build-
ing. Second, ensure that
Bahamian capital and
resources benefit Bahamians
rather than foreigners. And
third, accept that our current
economic model is dysfunc-
tional and incapable of pro-
ducing the results we need.

"Human beings are more
than workers and consumers,
and policy makers should not
measure how well the nation
is doing by how many jobs
arise from this or that pro-
ject or how many cars are
purchased," she said to



standing ovations from some
in the audience. "My advo-
cacy is for a new economy
so fashioned that it portrays
and liberates Bahamian bril-
liance; an economy that is
congruent with healthy and
sustainable communities, and
an economy that extends
wealth to Bahamian citi-
zens."

Vincent Vanderpool-Wal-
lace offered a different
approach. While acknowl-
edging that tourism was fac-
ing "stiff headwinds" due to
a longer than expected reces-
sion, "what is often forgot-
ten is that the most diversi-
fied economies on earth are
not only going through the
same troubles we are, these
highly diversified economies
are in fact the source of our
troubles. And several Amer-
ican states and European
countries are now in deeper
trouble than The Bahamas
has ever seen in recent
times."

According to the minis-
ter, "any initiatives to grow
our economy in the short and
long term must be ground-
ed in activities that arise from
making existing and accepted
strengths stronger, because
we know that any effort that
requires massive training and
retraining of our population,
while noble, is for the medi-
um and longer term and is
less certain. So yes, I believe
in diversification, but not
necessarily diversification in
the way that consumes so
much debate."

He went on to cite statis-
tics that may surprise some
readers. For example, if Nas-
sau and Paradise Island were
a separate country, it would
rank fifth in the number of
stopover visitors, second in
the number of total visitors
and first in the number of
cruise passengers in the
entire Caribbean. Yet these
two connected islands are
less than 2 per cent of the
total Bahamian land mass.

"Today, this 2 per cent
‘country’ would be the third
wealthiest independent
nation in the hemisphere,"
he said. "If fully developing
only 2 per cent of our islands
yields these results, imagine
what could happen if we
began to utilize more of our
natural assets. If we want to
diversify, why not diversify
like Toyota did in extending
their brands of cars? Why
not diversify within one’s
areas of strength and com-
parative advantage?"

As we all know, the
Bahamas is right next door to
the United States, which con-
stitutes 25 per cent of the
global economy — a propor-
tion that is likely to remain
relatively stable for the fore-
seeable future despite the
growth of emerging
economies like Brazil, Rus-
sia, India and China. Collec-
tively, these nations account
for less than 12 per cent of
global GDP today.

Vanderpool-Wallace
pointed out that despite our
proximity to the world's
largest economy, "it is much
less expensive and takes less
time to travel from most
places in the US to most
competing destinations in the
Caribbean than it does to
travel to any of our Family
Islands. Reducing the cost
and time for travel to our
islands will most assuredly
lead to explosive growth and
can turn our economy from
the wind in our face to the
wind at our backs."

This will also make
domestic travel for Bahami-
ans much more appealing
compared to the current cost
advantages of a trip to south



TOURISM MINISTER Vincent Vanderpool-Wallace (above) and College of the Bahamas lecturer
Olivia Saunders delivered diametrically opposing views.

Florida, he said. "The power
of low-cost, high-quality air
and sea transportation is no
longer a debate in our indus-
try. Our Companion Fly Free
programme has been the
most successful promotion in
history, selling nearly 300,000
room nights, and the growth
of our cruise business by
more than 18 per cent last
year is adequate testimony
to the value of low-cost
access to a Bahamas vaca-
tion."

While Nassau and Par-
adise Island teeter on
overdevelopment, Vander-
pool-Wallace noted that we
have failed to provide ade-
quate inter-island trans-
portation, and argued that
"Infrastructure development
in an archipelago depends as
much on connections
between islands as it does on
infrastructure on islands."

He advanced a "mission
to the moon" vision in which
Bahamians living on nearby
islands like Eleuthera or
Andros would commute to
work in Nassau as we begin
to develop the other 98 per
cent of the Bahamas more
completely.

"Such commutes are done
every day around the world.
Why not The Bahamas? Our
overall mission must be to
go back to the islands
through the expansion of
inter-island transportation
and communications ser-
vices."

He envisioned a future
where containers arriving at
the new port on Arawak Cay
can roll off vessels and roll
onto trucks for transporta-
tion to other islands to deliv-
er goods to the resident pop-
ulation, returning to Nassau
with farm produce. And pas-
sengers would be able to take
their personal vehicles with
them to travel through the
archipelago. This will accel-
erate the use of first and sec-
ond homes in the islands and
"make that globally desired
idea of living and loving the
island life immensely more
accessible and attractive."

Efforts are already under-
way, he said, to establish an
electronic booking system for
all of the air and sea trans-
portation within The
Bahamas so that residents
and visitors can book and
pay for their transportation
from anywhere on the planet
to anywhere in The
Bahamas. Currently, visitors
have to go to airports and
seaports to make those
arrangements in most cases.

"Imagine all of the land
sea and air transportation
throughout The Bahamas
owned and operated by
Bahamians. Imagine the size
of aircraft and volume of
seats coming into Lynden
Pindling International Air-
port if substantial numbers
of those passengers are also

connecting to other islands
of The Bahamas."

He said the government's
online initiatives and a robust
telecommunications sector
were essential ingredients of
this “Back to the Islands”
vision. And all that is
required for Bahamians to
be successful in tourism are
“bed & breakfast” facilities
that can be viewed and
booked online from any-
where in the world along
with the necessary air and
sea transportation.

"When those difficulties
are overcome, we can enable
hundreds to enter the
tourism business immediate-
ly all over the country. And
incentives could be offered
to Bahamians now living
overseas or on New Provi-
dence to move to the Family
Islands. The largest incentive
thus far is the government’s
declaration that it will tackle
the problem of generation
and commonage land," he
said. "That will be the great-
est distribution of wealth in
our history."

While broader diversifi-
cation of the economy is a
wonderful mantra, Vander-
pool-Wallace said the
exploitation of our existing
tourism assets will be more
beneficial over the short
term.

"Tourism cannot grow
without other sectors con-
tributing to that growth and
growing themselves. It needs
agricultural, legal, account-
ing, medical, engineering and
software services. The more
useful mantra is that one
must compete in one's area
of comparative and compet-
itive advantage. We have not
come close to making maxi-

mum use of tourism."

Quoting motivational
trainer Steven Covey's com-
ment that “the main thing is
to keep the main thing the
main thing," Vanderpool-
Wallace said our main thing
was "100,000 square miles of
the most salubrious waters
in the world. If we continue
to guard and protect that
resource, it does not diminish
in size or value over the
course of time, unlike the
natural resources of many
other nations. We have more
islands and more beaches
than the rest of the
Caribbean combined.

"We are now at the begin-
ning of the biggest educa-
tional, transportation and
electronic infrastructure
development in our history,"
he said. "This is the begin-
ning of the wave to move us
all forward, upward and
onward together. For the
sake of our children and
grandchildren, now is the
time to give focused atten-
tion to the development of
our islands."

The contrast between
Vanderpool- Wallace's com-
mon sense vision of empow-
erment and the bitter, near
Marxist, approach of acade-
mics like Saunders could not
be more marked. We would
urge policy makers to extrap-
olate this vision and incor-
porate other sectors to pro-
duce a coherent national
development strategy with
opportunities for public input
and debate.

What do you think?
Send comments to
larry@tribunemedia.net
Or visit
www.bahamapundit.com



PONE IAL NOTICE

7 i Funeral service for

ROBERT
(Crobie) TRECO
WELLS, 49

of Miami, Florida, will be
held on Friday, January
21st, 2011, 11:00 am at St.
Anselm’s Catholic
Church, Bernard Road.
Officiating will be
Reverend Monsignor
Preston Moss, assisted by

Deacon Raymond Forbes. Interment will follow in
the Catholic Cemetery, Infant View Road.

Robert is survived by his mother, Delores Treco
Wells; five sisters, Sonja Darville, Stella Randall,
Debra Carey, Cheryl and Theresa Wells; two brothers,
Hugo and John Wells and a host of other relatives

and friends.

In lieu of flowers, donations may be sent to “The
Nazareth Center” (home for children), P.O. Box N-
8187, Nassau, Bahamas.



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



THE TRIBUNE

WEDNESDAY, JANUARY 19, 2011, PAGE 9



LOCAL NEWS



Major hotelier backs BTC
sale to Cable & Wireless

FROM page one

in communication services — our
guests look forward to communicat-
ing back home to share their expe-
riences and demand speed, reliabil-
ity and stability.

"It’s an important part of the guest
experience. LIME (Cable and Wire-
less) has been a valuable partner to
Sandals across the Caribbean — we
have been able to improve the effi-
ciencies of the Sandals group and
provide greater service to our guests
because of LIME. I expect to see
LIME do great things for BTC and
especially for the hospitality industry
in the Bahamas and believe they
have the right track record for the
job."

Mr Stewart is head of the Sandals
brand that operates 20 hotels in the

region, including three in the
Bahamas — one on Cable Beach and
two in Exuma.

When contacted for comment on
the announcement, Mr Evans said
a corporate backing did not change
the reasons for opposing the sale to
CWC.

"T have no doubt that you may
find some good stories in the
Caribbean about any particular busi-
ness relationship but that's neither
here nor there.

“We don't need anyone telling us
what Cable & Wireless is. We have
done our own investigations, we
have affiliates in the region who have
nothing to gain, no motive involved
who tell us how they have done busi-
ness," said the unionist.

"Look at what they have done in
Barbados to the Barbados Workers’
Union," added Mr Evans, referring

to LIME's decision to let go more
than 100 workers in Barbados in
mid-2009 to cut costs. The move was
met with resistance by Barbados’
labour movement. According to
published international reports, it
was claimed that LIME did not
engage with the union before send-
ing out letters of dismissal and later
rescinded the offers under public
pressure.

Meantime, Frank Comito, execu-
tive vice president of the Bahamas
Hotel Association, said the hotel
industry welcomed the improve-
ments in telecommunications that
are expected after BTC is privatised.

"Affordable, reliable Internet and
phone service is essential to our
industry’s competitiveness, and our
ability to generate business and ser-
vice our customers,” said Mr Comi-
to.

"On the business side, it under-
pins our financial transactions and
our communications with buyers and
suppliers. Our customers, whether
they are travelling on business or
pleasure, expect to stay connected
at a reasonable price. It’s no longer
an option, it's required to be com-
petitive," he added.

On December 2, 2010, the Gov-
ernment announced it had signed a
Memorandum of Understanding
with Cable & Wireless Communi-
cations for the proposed sale of 51
per cent of the shares of BTC.

Since the announcement, the
impending privatisation has been
criticised by the labour movement
and the opposition.

However, the Government has
not caved into the protests and
expect to conclude the sale some-
time next month.



SUPPORT: Adam Stewart

Cheryl Grant-Bethell ‘had no chance to
defend herself’ against law job report

FROM page one

of Director of Public Prose-
cutions.

Thomas Evans QC, who
represents the Judicial Legal
Service Commission (JLSC),
submitted however that it
would not have mattered
what Mrs Grant-Bethell had
said as the information was, as
he stated, “out there.”

Senior Justice Jon Isaacs,

however, said it was a “most
unsatisfactory basis on which
to act.”

Attorney Wayne Munroe,
who represents Mrs Grant-
Bethell, said it was “proce-
durally improper” and “irra-
tional” for the commission to
receive a report from the
Security Intelligence Branch,
make a determination on
that report and not make Mrs
Grant-Bethell privy to that
information so she could

defend herself against any
disparaging claims.

Mr Munroe further ques-
tioned how, if the committee
accepted that report, could
it then recommend her
months later for another post
that had never been adver-
tised.

He also noted that because
the commission had not kept
records of its meetings
regarding the selection of a
new director of public prose-

Second student
testifies in
teacher sex case

FROM page one

encounters continued while he was in the
eighth grade, in the classroom during school
hours

The witness told jurors that Birbal also had
sex with him in his son’s bedroom at his home
in East Grand Bahama, and at his apartment in
Silver Sands.

On both occasions, he said Birbal picked
him up in his cars — a small grey car and a
blue Toyota.

He said Birbal showed him around the
house. He took him to his son’s bedroom,
where he had sex with him on the bed.

The young man said he never told anyone
about what Birbal did to him because he was
an active student in school and was afraid that
people would look at him differently.

He said Birbal would give him money, and
sometimes he would also ask the teacher for
money.

Birbal also brought a stove and furniture to
his family’s house in Eight Mile Rock. He said
Birbal got the items from his church for hur-
ricane relief.

Prosecutor Erica Kemp asked the young
man to identify his teacher, he pointed out
the accused sitting in the courtroom.

Carlson Shurland, defending, asked the for-

mer student when he filed a complaint to the
police about what happened to him. The wit-
ness said he reported it in 2008 after leaving
school.

Mr Shurland asked the witness if he enjoyed
getting money “and things” from Birbal.

“Yes; every kid want money in their pock-
et,” he replied.

Mr Shurland asked: “When you were 13-
years-old in the eighth grade, you knew what
you were doing was wrong?”

The witness replied: “At that age, I did not
know it was wrong because Mr Birbal was my
teacher and I respected him as a teacher. Any-
thing he asked me, I would do it.”

The witness said the sexual relationship with
Birbal ended in 2008 when he was 19.

When asked if Birbal was the only man he
had had sex with, the witness said “No”.

Mr Shurland then asked if he had embarked
on a homosexual relationship before Birbal,
again the witness said “No.”

“You approached Mr Birbal?” Mr Shurland
continued. “You said ‘I love yow’ and he said
‘I don’t love you like that’.”

The witness denied Mr Shurland’s asser-
tions.

Birbal, 48, from Trinidad, is charged with
unnatural sexual intercourse with two minors
under age 18. The trial continues today.

cutions, Mrs Grant-Bethell
had no way of knowing what
actually transpired. Mr
Munroe said Mrs Grant-
Bethell had refused the
deputy law reform commis-
sioner post and it was not
open to the commission to
remove her from her posi-
tion. He said she should have
been allowed to remain as
Deputy Director of Public
Prosecutions.

Mr Evans accepted the

JLSC had not kept a record
of its proceedings. He ques-
tioned the consequences of
such an action and noted that
when persons come to JLSC,
the body is under the
assumption that the person,
having been recommended,
is deemed a fit and proper
person for the post.

He told the court that the
criticism levied against the
JLSC by Mrs Grant-Bethell’s
attorneys was unjustified. Mr

Evans said Mrs Grant-
Bethell had been invited to a
meeting to make a represen-
tation on her behalf.

Mrs Grant-Bethell filed an
application for judicial review
after being passed over for
the post of Director of Public
Prosecutions, and instead
being appointed Deputy Law
Reform Commissioner.

Jamaican attorney Vinette
Graham-Allen was appoint-
ed DPP instead.

AU uA)

Yesterdays Question

At the Caribbean Marketplace in Montego Bay Jamaica, the
Bahamas was announced as the next host for the region's
largest tourism trade show. How many delegates registered
for this year's event?

Yesterdays Answer

1,300

Yesterdays Winners

senemae Kelly
Jillian Mullings
Justina Rolle

Click the ‘Like’ button on the Tribune News
Network Facebook page to play

Tribune Trivia

i

*Nassau Residents Only

opts
2pts
1pt

BTC papers ‘to go public’

FROM page one

owners would be revealed in
the documentation.

Parliament resumes today
from its Christmas recess
amid much speculation over
the anticipated agenda.
Debate is set to focus on
amendments to the Business
License Act tabled at the
close of the last session.

Until an agreement is
reached over the terms of the
sale, the government will not
present any BTC documents,
said Mr Turnquest.

While there is already a
signed Memorandum of
Understanding, Mr Turnquest
said the MoU is a document,

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

perhaps 10 pages long, to say
“we agree to move in this
regard and these are the main
tenants.”

What is presently being
finalised is the agreement of
sale, which contains the
“fleshed out” details of the
sale, he said.

The possibility existed that
an agreement would have
materialised yesterday, but up
to press time there was no
news of a deal.

Other possible documents
forthcoming include a share-
holders’ agreement, a vol-
untary workforce restruc-
turing plan and a pension
feeder trust, according to the
PLP.

Regarding debate on the
BTC sale, Mr Turnquest said
segments of the media are
perpetuating a “misunder-
standing” of comments made
by Prime Minister Hubert
Ingraham.

Clarifying the point, Mr
Turnquest said the documents
will not be released to any
third party prior to them
being tabled in the House of
Assembly, and debate on the
sale will not happen the same
time the documents are
tabled.

Based on common practice
and the “voluminous” nature
of the documents, there will
be at least two weeks before
the debate is set, he said.

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THE TRIBUNE

ROYAL = FIDELITY

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PM eR ee Br





Tighter reporting
‘Opens US market
un’ for Bahamas

* Accountant says new US
compliance demands create
chance to ‘go after US clients’
again via lower per client costs
* Requirements to have
‘reasonably large impact’ on
Bahamian financial services

* Two-year window in which to
comply

LAWRENCE LEWIS

By NEIL HARTNELL

Tribune Business Editor i

Enhanced reporting
requirements could give the
Bahamian financial services
industry the opportunity “to
go after US clients” once
again, a leading accountant
said yesterday, pointing out
that marginal, per client com-
pliance costs would be “sub-
stantially reduced” by upfront
systems investment.

Lawrence Lewis, the
Deloitte & Touche
(Bahamas) partner, speaking
to Tribune Business after
addressing a Bahamas Finan-
cial Services Board (BFSB)
seminar on the issue, said the
US Foreign Account Tax
Compliance Act (FATCA)
provisions would create a reg-
ulatory ‘level playing field’
since all jurisdictions would
be required to adhere to its
stipulations.

Warning that FATCA,
which is set to be imple-
mented from January 2013,
would have “a reasonably
large impact” on Bahamas-
based financial institution
from a compliance and
‘Know Your Customer’ per-
spective, Mr Lewis pointed
out that in every ‘storm’ an
opportunity beckoned for
this nation’s financial ser-
vices industry.

“One of the things I did : ee : :
raise with the [seminar] group } C¢‘Hing in ensuring the right
: retail, restaurant and product
? mix was present at Elizabeth
i on Bay, Mr Klonaris told Tri-
i bune Business: “We have four
? spaces left. We always get calls,
? but we have to be very selec-
i tive.

is that I personally think there

SEE page 4B

Cable Beach resorts
eye ‘marginal’ growth

By ALISON LOWE
Business Reporter

alowe@tribunemedia.net
TT FE abeth on Bay include a phar-

? macy with a clinic, Lacoste,
? Urban Myth and La Molina.
i Others set to be ready within
i a month include the likes of
? Lickety Split, Haagen Dasz and
i Seacret Design, while an eight-

Executives at both the
Sheraton Nassau Beach
Resort and the Wyndham
Nassau Resort and Crystal
Palace Casino yesterday
said they were looking for-

ward to "marginal" growth

in 2011, a senior executive
at the former reporting
that the management com-
pany does not fear visitors
being turned off by con-
struction activity associat-
ed with the Baha Mar
development.

Andrew Neubauer,
director of sales and mar-
keting for the Sheraton
Nassau Beach Resort, said
Starwood Hotels, which

manages the hotel, believes

the Baha Mar develop-
ment - the $2.6 billion
redevelopment of the
Cable Beach area which is
set to turn transform the



WEDNESDAY,

TAsD US Rey

usiness

2011

SECTION B ¢ business@tribunemedia.net

Regional airline talks

‘with Bahamasair’ eyed | ®

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

A newly-merged

i Caribbean Airlines and Air
? Jamaica will seek to form a
i pan-Caribbean airline con-
i glomerate with Bahamasair
i and others, an Air Jamaica
? executive said yesterday,
i suggesting the move would
: lead to more "economical"
i travel for people in the
i region.

Will Rogers, Air

i Jamaica's chief of sales, said
? that he expects the merged
: company, now valued at
i $500 million, will begin
i negotiations
? three to four months” with
? Bahamasair and Liat in the
i Caribbean in the “hope of
: forming a conglomerate”

"in the next

"We realise the success of

: the airline will depend on

those sorts of alliances," Mr
Rogers said. He was speak-
ing at a press conference
held by Air Jamaica at the
Hilton's Rose Hall Resort
in Montego Bay yesterday.

Such a move would "have
mutual benefit for Bahama-
sair and Air Jamaica", sug-
gested Mr Rogers. "I think
the movement of passengers
between the islands will be
made a lot easier and a lot
more economical."

The announcement comes
as Caribbean Airlines takes
over the operation of the
Air Jamaica brand, having
bought all but 16 per cent
of the former Jamaican
national carrier from the
Jamaican government last
year. In the wake of the
deal, the company has deter-
mined that it will expand the
routes both airlines service -
including extending Air

Jamaica's service into Lon-
don, UK, with three weekly
flights starting in July of this
year.

Air Jamaica will continue
to fly routes into and out of
Montego Bay and Kingston,
Jamaica, to New York,
Philadelphia, Toronto, Fort
Lauderdale and Miami in
the US, and Nassau.
Caribbean Airlines. with its
hub in Port of Spain,
Trinidad, flies to New York,
Philadelphia, Toronto, Fort
Lauderdale and Miami in
North America; St Maarten,
Antigua, Barbados, Grena-
da, Tobago and Kingston in
the Caribbean; Guyana,
Suriname and Venezuela in
South America

The suggestion of a con-
glomerate being formed that

SEE page 3B

$14m retail ‘anchor’ for
acco Bay Street area

By NEIL HARTNELL
: Tribune Business Editor

Despite total investment

: costs having risen from a pro-
? jected $12 million to $14 mil-
i lion, one of the principals
? behind the Elizabeth on Bay
? development yesterday said it
? would be “an anchor for a part
i of Bay Street that’s been
i derelict”, with a grand opening
i tentatively scheduled for mid-
: March.

Charles Klonaris, who

? together with his two brothers
: has renovated and transformed
? the former Moses Plaza on Bay
? Street, told Tribune Business
i? that only four retail spaces in
? Elizabeth on Bay remained
? available, some 10 stores and a
i Mediterranean restaurant hav-
i ing already secured their spot.

With four of the 10 retailer

i still fitting out their interiors,
? Mr Klonaris said he had pen-
i cilled in a mid-March date fora
: grand opening, looking to this
? into when the 200-seat Mediter-
i tanean-style restaurant, Blu,
i overlooking Nassau Harbour
: would be in operation.

Explaining that he and his
brothers had been very dis-

“There is a lot of interest in

? stores coming in, but what
? we’re looking for is diversity in
i product lines. We will not pick
i anything; we want to get
i diverse stores for the plaza.”

Apart from the Courtyard
Cafe, existing tenants for Eliz-

SEE page 2B



DECEMBER SOFT-OPENING: The Elizabeth on Bay Marketplace &

Marina.

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emits iy eel)

S39m to cover

By NEIL HARTNELL
Tribune Business Editor

TC’s pension
fund deficit



The Government will inject $39 million into a Feeder
Trust to cover the deficit in the existing Bahamas Telecom-
munications Company (BTC) employee pension plan, a
draft copy of the Memorandum of Understanding (MoU) for
the company’s sale reveals, with the $210 million purchase
price also subject to potential change.

Sources close to the Government-appointed privatisa-
tion committee yesterday confirmed to Tribune Business that
the MoU leaked to the opposition Progressive Liberal Par-
ty (PLP) was “very close to or the final version” of what was
signed with Cable & Wireless Communications (CWC) for
the sale of the 51 per cent BTC stake.

Although the MoU is non-binding, and the Government,
privatisation committee and CWC remain locked in nego-
tiations over the final details of the sale, Tribune Business
was told that the document deals with the main issues sur-

rounding BTC’s sale.

The PLP yesterday attacked the MoU, criticising it for bar-
ring Bahamian ownership opportunities, linking this to the
‘Bahamas for Bahamians’ campaign, and the ongoing debate
about economic empowerment and ownership opportunities

for Bahamians.

Yet sources close to the BTC privatisation committee
told Tribune Business that the MoU was “a very protective

document for the Government”

, containing a host of “veto

rights” for it. CWC declined to comment.

SEE page 4B



CITY MARKETS CUTS PRICES
10% IN “MOST AREAS’

By NEIL HARTNELL

Tribune Business Editor

City Markets’ principal yes-
terday said the 10 per cent
price reductions implement-
ed in “most product cate-
gories” since its new 78 per
cent majority owner took con-
trol last November should
help to mitigate the anticipat-
ed rise in food prices this year.

Mark Finlayson, also head
of Bahamas Supermarkets’
largest shareholder, Trans-

SEE page 4B

* Chain hopes reductions
will mitigate impact of
rising food, fuel prices

* Adds that ‘no proper
rhyme or reason’ or
margin consistency
under previous owner,
which may have been
applying Trinidad-style
prices

LOOM SAM OL lL

| Learn more at royalfidelity.com |

Competitive fees

Efficient administration

strip into a vacation
"metropolis", according to
its developer - is "nothing

SEE page 3B

Ey UE)
PPB mel iy
242.351.3010

BARBADOS
meet

ROYAL FIDELITY

Money at Work

Nassau: WEL c

Freeport:

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





PAGE 2B, WEDNESDAY, JANUARY 19, 2011

THE TRIBUNE



FINANCIAL SUMMIT’S
DUE DILIGENCE FOCUS

WILLIAM HEUSELER

The ‘Know Your Customer
Essentials’ session at the Inter-
national Business & Finance
Summit (IBFS) in Freeport
next week will look at the
sources of funds for owners of
capital, and review their busi-
ness success and trends/transi-
tions across targeted markets.

Panelists will also discuss
how choices are made with
regard to the international
financial services industry and,
in particular, the factors
involved in choosing interna-
tional versus domestic products
and services. Some of the ques-
tions that will be answered
include:

* How do owners of capital
approach estate planning, and
what are the popular planning
structures being deployed?

* What has been, and will be,
challenged?

* What are the cultural
nuances that make or break a
relationship with an external
relationship manager?

Presenters will include
William Heuseler, chief wealth
planning officer and head of
wealth planning international
at Itai Private Bank Interna-
tional; Pedro Ramirez, found-

PEDRO RAMIREZ

ing partner of Turanzas, Bra-
vo & Ambrosi; and Joseph A.
Field, senior international part-
ner and senior resident partner
- Asia at Withers Bergman
LLP. They will examine cus-
tomer essentials by region:
Asia, Latin America, and Cana-
da.

Bahamas Financial Services
Board chief executive and exec-
utive director, Wendy C. War-
ren, said IBFS’s business devel-
opment focus makes it impera-
tive that industry stakeholders
"know" who the customers are
- across regions and sectors.

"Understanding what our
customers want and how that
impacts how we do business is
critical", she said. "Basically,
this plays a huge role in our
strategy development and mar-
keting initiatives."

IBFS 2011 takes place at the
Radisson, Our Lucaya, from
January 21-23.

Mr Heuseler is a tax, trust
and estate planning attorney
with over 15 years of experi-
ence dealing with high-net
worth clients. Prior to Itati, he
worked at UBS AG as country
coordinator - Brazil offshore
platform; at Smith Barney-Cit-
igroup as a wealth planner; at
Safra Group as the head of the

80 PICTET

1805

PICTET BANK & TRUST LIMITED

Invites qualified applicants for the following position:

TRADER



t

JOE FIELD

legal and trust affairs division; :
and Citco Group as a trust offi-

cer.

planning.

Based in Hong Kong, Mr :
? back and laughed.

families on structuring their }
affairs and estate planning, and : me," she said.
advises financial institutions :

concerning the establishment } berGne th petit aviconimeat lik
of international trust compa- } ene OES Sale e G

nies and a wide variety of finan- real estate in a year that was anything but

cial services, particularly with | record-setting was, well, about as foreign as

: the thought of missing one of her son's base-
i ball games.

Wealth Management, a direc- }
tory for the Private Banking :
industry; editor of Investing }

Saarinen see a : tle touch and steady dedication that make
cing Asoeation (ITPA), editor Silvina such a winner, said Mr Roberts.
of Planning and Administration } “She's hard-working, but soft and sincere.
of Offshore and Onshore Trusts ; [hose who deal with her don't want to go to

(with Simon Jennings and : anyone else. They trust her."
Anthony Travers), a book for }

STEP; and co-author of Asset i

Field represents international

respect to life insurance.
He is editor of Private

Protection Trusts with Milton
Grundy and John Briggs.

Mr Ramirez hails from one }
of the top tax law firms in Mex- }
ico. During his professional }
career he has developed sub- }
stantial expertise in the repre- ;
sentation of ultra high net }
worth individuals and multina- :
tional entities. He is highly } NCE
involved in estate and wealth | Larry Roberts told Silvina Andrews she was
i the real estate company's top performer for

‘Trust’ is critical for



TOP PERFORMER: Silvina Andrews.

When Bahamas Realty chief executive

a second time, Ms Andrews threw her head
"I thought he was either kidding or teasing

To Ms Andrews, the reality of being num-

And that, says Mr Roberts, could just be
the secret to her success.
"It might be the unassuming nature, gen-

Ms Andrews, who has been with Bahamas
Realty for all her 14 years in the industry,

: was the top performer in 2007, just before
? the US housing bubble burst, triggering
i falling prices and harder-to-access financ-
: ing.

Upside

The downturn, she said, had an upside,

i leading to the construction of gated com-
? munities that were no longer just for the
i wealthy and offering greater accessibility to
? water view properties for middle income
: families.

"It's still about personal relationships,"

i said Ms Andrews. A few years ago, she
? found the perfect home for a client who
i arrived to head a major international bank.
: She has obtained the bank's work ever since,
? building on the relationship and making the
? process of relocation for new staffers as
i seamless as possible, often going beyond



"It might be the unassum-
ing nature, gentle touch and
steady dedication that make
Silvina such a winner. She's
hard-working, but soft and
sincere. Those who deal with
her don't want to go to any-
one else. They trust her."



Larry Roberts

locating a suitable rental to handling utilities
and advising on the best schools, doctors
and fastest pizza delivery. Providing infor-
mation is not a problem. The challenge aris-
es when a little online research has made
others from abroad instant experts.

But that same online appeal has blurred
the lines between real estate companies.

"It's not like it was when there were five
big companies,” Ms Andrews said. "There
are hundreds of agents and associates offer-
ing virtual tours of property and every year,
expectations increase, browsing becomes
more sophisticated. Just when you think
you've got some fantastic new feature, you
start blogging, and then when you start blog-
ging, it turns out everyone is and you have to
find the key words to make an impact. It
empowers the buyer and keeps us on our
toes."

Technology is so critical to real estate that
the one course Ms Andrews took recently to
keep abreast of trends was online marketing,
an 80-hour course she took online.

Her firm, Bahamas Realty, recently cele-
brated 60 years and merged with Paradise
Sales & Rentals.

EDUCATION AND EXPERIENCE:-

~At least five (3) years trading experience.
-In-depth knowledge m trading:-

World-wide Shares

Third party funds

Bonds

Options

Futures
-Ability to speak/'write French would be an asset.
«Bachelor's Degree in Finance or related subject.
-Series 7 certification.
“Proficiency in a vanety of software applications including Microsoft Office Suite.

REQUIRED SKILLS:-

-Ability to work independently.

-Strong organisational skills.

“Commitment to excellent customer service.
~Must be a team player.

«Excellent oral and written communication skills.
-Excellent problem solving skills.

Accounting firm
names manager

KRyS Global, the account-

i ing firm specialising in corpo-
i rate asset recovery, insolven-
? cy, forensic accounting and
i? business advisory services, has
i named Tangela Russell as
i manager of its Bahamas
i office.

She joins the firm with

i more than 10 years’ of
? accounting experience, most
? recently holding the positions
? of regional head of accounting
? at a Bahamas-based private
? bank and manager at a major
i accounting firm. She is a
i licensed Certified Public
? Accountant, and holds a Trust

Diploma from the Bahamas
Institute of Financial Services.

Mrs Russell’s employment
comes at a time when the firm
has undergone a rebranding
exercise that included a name
change, from Krys Rahming
& Associates to KRyS Glob-
al. The new name indicates
the firm’s recent growth and
expansion to additional inter-
national markets, and the
need for a single identity
across its offices.

“We are extremely pleased
to welcome Tangela to the
KRyS Global team. She
brings a broad base of

accounting experience to the
firm, as well as financial
expertise combined with a sol-
id reputation,” said Edmund
Rahming, managing director.

KRyS Global has 40 staff
who work from offices in four
jurisdictions: the Cayman
Islands, the British Virgin
Islands, the Bahamas and
Bermuda. They specialise in
providing corporate recovery,
fraud investigation and foren-
sic accounting, money laun-
dering investigations, business
advisory services, consulting
and regulatory compliance
services.

$14m retail ‘anchor’ for ‘derelict’ Bay Street area

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

Please hand deliver Resume and two (2) references to:-

APPLICATIONS MUST BE RECEIVED BY FRIDAY

The Human Resources Manager

Bayside Executive Park
Building No. |
Nassau, Bahamas

JANUARY 28, 2011

ABSOLUTELY NO TELEPHONE CALLS WILL BE ACCEPTED

Offices in

Lausanne, Genes, Zurich, Licembnwrg, London, Montreal, Mawson, Singanore, Token, Howe Kong,
Froakfort, Florence, Milan, Madrid, Parts, Rome ond Torin



FROM page 1B

: strong Bahamian group is “taking one of the
i larger stores” to create different Bahamian arti-
i facts and authentic products, ranging from
? upscale straw bags to jewellery and shell designs.

Mr Klonaris said he was still organising Eliza-

beth on Bay’s marina, which will have a major
i tour operator presence, helping to drive more
i foot traffic to the upscale shopping plaza.

“By next month we’ll have that in order,” he

i added. “Although it depends on the size of the
? boats, we’re looking for around 10 spaces.”
i? Among those committed to taking berths are
? Sunshine Tours, with its catamaran, and the 104-
: foot Illusion, the luxury yacht that goes on char-
i ters to the Exumas.

While it was still early, Mr Klonaris said more

? consumer traffic was coming to the downtown
? Bay Street area where Elizabeth on Bay was
? located. Asked about the end product, he said: “I
? am very Satisfied. It took a little longer than

anticipated, but so far we are very happy with the
quality of the stores, the product mix, and night
time in the Courtyard Cafe is very beautiful, very
relaxing. ‘I think what you’re going to see is a
really spectacular plaza that anchors a part of
Bay Street that’s been derelict.”

Boost

Mr Klonaris said a further boost would come
with the relocation of the container shipping
facilities from downtown Nassau to Arawak Cay,
something that was anticipated to happen in
March/April 2011. This would remove much traf-
fic from Bay Street, aiding revitalisation efforts,
and freeing up 30-40 acres on the waterfront for
redevelopment.

Apart from the restaurant, retail, hotel and
entertainment facilities, Mr Klonaris said a key
requirement was the provision of condos to entice
Bahamians to come back and live in downtown
Nassau, making it a “24-hour city”.

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



THE TRIBUNE

WEDNESDAY, JANUARY 19, 2011, PAGE 3B





Sandals chief back
CWC to acquire BIC.

: we'll be insulated from (the construction activity). We're
: right on the beach, all the guestrooms face the beach or have

for competition, executive vice-presi- { | ae . ee so we feel very positive about it,” said
dent of the Bahamas Hotel Associa- } ;
tion, Frank Comito, said the hotel }
industry welcomed improvements in : Montego Bay, Jamaica, this week. Hoteliers, attraction
? Operators, restaurants, transporation companies and tourist
"Affordable, reliable internet and }
phone service is essential to our indus- }
try’s competitiveness, and our ability to }
Sa es aaa : underwent a $90 million renovation in 2007, "did well year-
"On the business side, it underpins ; over-year" in 2010, although the final outcome remained
: : ah ? "slightly below expectations".
our financial transactions and our com-

munications with buyers and suppli- : expects there to be "marginal growth" in revenue coming

: from the hotel, with weddings, honeymoons and family

? business a key driver.

expect to stay connected at a reason- }

able price. It’s no longer an option, it's :

required to be competitive,” he added. }
BTC is one of the last government- }

owned telecom monopolies in the }
: are going to re-launch Love Your Family in 2011. We have

Sandals chief executive has backed
the Government’s selection of Cable &
Wireless Communications (CWC) and
its regional subsidiary, LIME, to
acquire a 51 per cent stake in the state-
owned telecommunications company,
saying it could be expected "to do great
things for BTC."

Adam Stewart, head of the resort
brand that operates 20 hotels in the
region, including three in The Bahamas
- one on Cable Beach and two in Exu-
ma - called LIME "a valuable part-
ner".

"The hospitality industry expects and
deserves the best in communication
services - our guests look forward to
communicating back home to share
their experiences and demand speed,
reliability and stability," said Mr Stew-
art.

"It’s an important part of the guest
experience. LIME has been a valuable

partner to Sandals across the
Caribbean — we have been able to
improve the efficiencies of the Sandals
group and provide greater service to
our guests because of LIME. I expect
to see LIME do great things for BTC,
and especially for the hospitality indus-
try in the Bahamas, and believe they
have the right track record for the job."

The Government announced on
December 2 that it had entered into a
Memorandum of Understanding with
Cable & Wireless Communications for
the proposed sale of 51 per cent of
BTC’s shares.

Both parties are in the due diligence
stage now and a business plan is being
developed. A closing date for the deal
has not been announced but is expect-
ed in the first quarter of the year.

Meantime, while stopping short of
endorsing the Government's selection
of a strategic partner to prepare BTC

telecommunications.

tomers," said Mr Comito.

ers. Our customers, whether they are
travelling on business or pleasure,

world.













3 NATIONAL AIRLINE: A Bahamasair plane
on the tarmac.

FROM page 1B

may include Bahamasair
was previously raised in
2009 by former Trinidad and
Tobago Prime Minister
Patrick Manning, who said
his government would be
looking at entering negotia-
tions with LIAT after the
deal between the Trinidadi-
an Caribbean Airlines
(CAL) and Air Jamaica was

Regional airline talks
‘with Bahamasair eyed

consummated, in an effort
to setting the stage for the
creation of one regional car-
rier comprising CAL, Air
Jamaica, LIAT and possibly
Bahamasair.

However, prior to Mr
Roger's comments yester-
day, such discussions had
gone quiet after the change
of government in Trinidad
and Tobago in 2010, in
which Mr Manning's party
lost to Kamla Persad-Bisses-

US STOCKS

Stocks shrug off bad
earnings reports

sar's People's Partnership
coalition.

Asked about the time
frame in which CAL/Air
Jamaica would like to see a
conglomeration with Liat
and Bahamasair, Mr Rogers
said: "Discussions will start
this year. Certainly this year
you will see a different air-
line which will be far reach-
ing as far as development is
concerned in the Caribbean
and beyond."

CHIP CUTTER,

AP Business Writers
MATTHEW CRAFT,
AP Business Writers
NEW YORK

Boeing Co. and Caterpillar Inc. led stocks
higher on Tuesday, pushing the Dow Jones
industrial average to its highest close since
June 2008.

Boeing rose 3.4 percent after reporting
that it expects to deliver its long-awaited
787 jet in the third quarter. Caterpillar
gained 2.8 percent. The two companies con-
tributed more than half of the Dow's 50
point rise.

Indexes swung between gains and losses
earlier in the day. Apple Inc. weighed on the
Nasdaq composite index after the company
announced that its CEO, Steve Jobs, was
taking another medical leave. Apple fell 2.2
percent to $340.65.

After the market closed, Apple said its
net income soared 78 percent in the holiday
quarter. The company sold 16 million
iPhones, an 86 percent increase from the
year before, and about a million more iPads
than analysts expected.

Banks dropped after Citigroup Inc. report-

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

ed earnings that fell short of analysts’ fore-
casts. Citigroup fell 6.4 percent. Bank of
America lost 1.6 percent. Delta dropped 8.2
percent after winter storms caused its earn-
ings to come in lower than investors had
expected.

The Dow rose 50.55 points, or 0.4 per-
cent, to close at 11,837.93. The Dow has
already gained 2.2 percent this year as opti-
mism builds about the economy. The index
rose 11 percent last year, or 14 percent
including dividends.

The Standard & Poor's 500 index edged
up 1.78, or 0.1 percent, to close at 1,295.02.
The Nasdaq rose 10.55, or 0.4 percent, to
2,765.85. European markets rose after
Greece raised $865 million in another suc-
cessful bond auction. That allayed concerns
about Europe's financial system, which have
been a drag on U.S. markets.

Bond prices fell, pushing their yields high-
er. The yield on the 10-year Treasury note
rose to 3.37 percent from 3.32 percent late
Friday. U.S. markets were closed Monday
for the Martin Luther King Jr. holiday.

Rising stocks outpaced falling ones by a
small margin on the New York Stock
Exchange. Consolidated volume was 5.2 bil-
lion shares.

Mir. Delvon Barton

Cable Beach resorts
eye ‘marginal’ growth

FROM page 1B

but a positive”.
"We don't see it really impacting the Sheraton. We think

He spoke with Tribune Business at the Caribbean Mar-
ketplace 2011, a massive tourism trade show taking place in

boards meet with each other and tour operators to do indus-
try deals at the event, as well as with the media, to highlight
new developments with regard to their products.

Mr Neubauer said the Sheraton Nassau Beach, which

The Starwood executive said that in 2011, the company

Honeymoons

"Our destination honeymoons and weddings continue to
be strong, family getaways, family travel. That's why we

: an aquaventure package that's just been introduced at the
i resort to give you an upgraded experience. Children 12 and
: under can dine free, and there's a $50 food and beverage
? credit. We also guarantee connecting rooms for families, if
? they bring grandparents, children's friends etc, so that's a
i really big plus for them," said Mr Neubauer.

Meanwhile, Mary DiPasquale, director of leisure sales

? for the Wyndham Nassau Resort and Crystal Palace Casino,
: the property neighbouring the Sheraton on Cable Beach,
i said the company "achieved (its') numbers" at the hotel in
: 2010. As for the coming year, Ms DiPasquale said: "It's
i still a little hard because the pacing is (towards) such short
: last minute bookings at the property now, but so far from
| } what I can tell we are pacing ahead at this point, over 2010."

INSIGHT

For the stories behind the news,
read Insight on Mondays

BWr

BAHAMAS WELDING & FIRE

NOTICE

Please be advised that the following persons



are no longer employed by Bahamas Welding
& Fire Co. Ltd. and is not authorized to conduct

any business on behalf of the company.

Mr.William Thompson

Ms. Kenva Thurston



PAGE 4B, WEDNESDAY, JANUARY 19, 2011

THE TRIBUNE





Tighter reporting ‘opens US
market un’ for Bahamas

FROM page 1B

could be an opportunity for the Bahamian financial services

ness.

way.

much greater for US clients, that incremental cost of compliance

investment in systems/processes, thus reducing marginal costs.
“So now you have got an opportunity to go after the US mar-

a level playing field.”

the accompanying regulations and guidelines have yet to be

issued. The reporting period and requirements are now expect-

ed to take effect in January 2013, thus giving the Bahamian

onerous compliance demands.

existing Qualified Intermediary/Qualified Jurisdiction initiative,
this would “sit on top” of that.

income.

on US account holders.”

He added that FATCA also “captures information on cash oj
flows transiting the US on what are deemed withholdable pay- | par ee eran
ments”, such as interest, dividends and the gross proceeds of any } jeans bere at The earliest

Warning that the two years to FATCA compliance would “go Dieting oa a soeoms Ce alee
: = ‘ : Gace aay ? licence will not start until Feb-
by pretty quickly” for many Bahamian financial institutions } Rinte CORR: And. sven tat it
unless they were prepared, Mr Lewis said of the likely effects : All ea tales t 5 eeegie les
on this nation: “Some people may differ in their assessment, but } y. y
} award the licence and for the

sales. The penalties for non-compliance were “pretty hefty”.

I think it’s going to have a reasonably large impact.”

While the Bahamas “largely shied away from US clients”,

CITY MARKETS CUTS PRICES 10% IN “MOST AREAS’

and risk associated with taking them on”, Mr Lewis said FAT- :
CA would thrust increased compliance, reporting and new }

many private banks and trust companies saying they were “not
interested in US clients because of the high compliance efforts

systems on them “in any event”.

“T think there’s going to be a reasonably high impact from this
in the sense that any organisation in the FATCA regime is going }
to have to revisit KYC information across all existing clients, }

determine whether they’re US persons or not.

“Tf they are US persons, you have to gather additional infor- }
mation around them. Depending on the type of entity, you :
may have to peel the onion back to who are the underlying ben-

eficial owners, and that can be a complex effort.

“Tf you look at our KYC, that took 10 years, and some insti- :
tutions still have accounts not determined [ownership] from the }
KYC perspective.” Now, FATCA was asking Bahamian insti- }

tutions to do more, but in a two-year window, not 10.

While many clients may say they had no need to interact with ;
the US markets and financial system, Mr Lewis said this did not
hold from a practical standpoint, since 50 per cent of the }

world’s securities and payments originated from there.

FATCA, he added, was all about extending the IRS reach }
and ensuring tax compliance by all US citizens. “The way itis }
structured impacts everyone in all jurisdictions,” Mr Lewis }
said, saying it made it less attractive to hold non-compliant ;

accounts and facilities.

The US was determined to identify US-owned accounts and }
ensure it was getting the correct tax payments on them, achiev- }

ing total transparency.

JOB OPPORTUNITY

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Serious inquiries only
Apply at:

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Job Search#: 1279165

NOTICE

This is to inform the public that as of
January 10th, 2011

Mr DeVaughn M. Gow

UMS 2 Mma

Jemi Health & Wellness
Company Ltd.

Therefore, HE IS NOT AUTHORIZED to
conduct any business or to act in any way for
Jemi Health & Wellness Company Ltd.

“Tf yow’re in the FATCA regime and invest in all the regu- :
latory architecture - compliance, infrastructure, people and }
processes - while that will not take you all the way in terms of }
reporting for US clients, it will take you substantially along the }
} price was dependent on the
“Whereas before we’ve said the cost of compliance is so }

S39m to cover BIC’s

FROM page 1B

Apart from revealing that
the $210 million purchase

“cost of the [BTC] workforce

? restructuring, and these
for US persons will be substantially reduced” by the initial }
? by CWC in its due diligence,
: other interesting aspects in
ket,” Mr Lewis explained to Tribune Business. “I think this one, }
to me, starts to open the US market back up for us. We’re on }

assumptions will be checked

the MoU were:
* The plan for BTC’s ‘vol-

? untary workforce restructur-

President Obama signed FATCA into law in March 2010, but : ing’, which is likely to involve

i a 30 per cent or 400 person
? reduction in BTC’s staffing

: levels, was supposed to have

financial services industry two years to prepare for even more } been completed on January

: 7, 2011,
Warning that “the devil is always in the detail”, Mr Lewis, :

who serves as Deloitte & Touche’s FATCA programme head : “as soon as practicable” fol-

for the Bahamas, said that while it was complementary to the } lowing completion of the sale

: to CWC, and be completed

? by the “first anniversary” of

FATCA, he explained, focused on reporting all accounts ; privatisation. “No further for-

held by US-connected persons to the Internal Revenue Service } ja] downsizing” will happen

(IRS) wherever they were located, requiring foreign financial } during the first two years after

institutions to identify and disclose US beneficial facility own- } privatisation.

ers. Failure to do so will result in sanctions, such as the appli- :
cation of 30 per cent and up withholding taxes on US-sourced }

The restructuring will start

* The bidding process for

? a second cellular licence in

“It casts a pretty wide net,” Mr Lewis explained, “and makes : the Bahamas will not be

almost every financial institution a de facto arm of the IRS, cer- i |sunched before the third
tainly in terms of the information gathering process. It forces ; anniversary of the privatisa-
them into being part of the regime and providing information } ji44°s conclusion

That is unlikely to please

FROM page 1B

winner to set-up, proper com-
petition in this key market
may not arrive until February
2016 at earliest - five years
away.

And a third cellular licence
will not be issued until five
years post-privatisation. If the
Government breaches these
undertakings, it will be sub-
ject to a sliding scale of fines.
These are $100 million for a
breach in the first year of pri-
vatisation, dropping to $80
million in the second year, $40
million in the third, and $20
million in the fourth and fifth
years.

* BTC’s Board post-pri-
vatisation will have seven
directors, four nominated by
CWC and three by the Gov-
ernment. CWC will appoint
the chair, and the Govern-
ment, the deputy chairman.

The MoU says: “Each
shareholder in the company
will have the right to appoint
one director for every 15 per
cent of the shares held by it.”

However, notwithstanding
this, the Government will
have the right to appoint two
directors when it stake is
between 24-30 per cent, and
CWC can nominate up to
four directors if its holding is
between 50-75 per cent.

CWC will have the majori-
ty on all Board committees,
and be responsible for find-
ing the chief executive, chief
operating officer and finance
director, all subject to Board

ratification.

* The MoU - said:
“Although the day-to-day
administration, operation and
management of the company
will remain substantially in
the Bahamas, the parties
acknowledge that certain
aspects” will be provided
through CWC’s regional
offices.

When it came to CWC’s
LIME subsidiary providing
regional support services, fees
incurred will be passed on to
BTC “at cost”, with a 9.5 per
cent margin charged on
LIME employees’ wage and
salary costs.

The same applied to ser-
vices provided by LIME for
special projects, with a 6 per
cent margin placed on its
employees wages and salaries.
And “brand, intellectual
property, know-how and
entrepreneurial services” pro-
vided by LIME would incur a
fixed fee equal to 2 per cent of
BTC’s gross revenues.

* On pensions, the existing
BTC defined benefit plan will
be closed to new entrants
post-privatisation, with a new
defined contribution scheme
set up within six months. BTC
will pay contributions equiv-
alent to 10 per cent of staff
salaries into the new scheme.

With the existing scheme,
BTC will pay 10 per cent con-
tributions for members, pay
its administrative costs and

pension fund deficit

industry to go after US clients,” Mr Lewis told Tribune Busi- }

compensate the scheme for
any funding strain caused by
the workforce restructuring.

The Government will pay
$39 million into a feeder trust
to cover the existing BTC
pension scheme’s lability,
something the PLP charged
meant that the net price the
Government will receive for
the 51 per cent stake amounts
to $178 million - $210 million
plus $7 million in Stamp Tax-
es, minus the purchase price.

* CWC will only be able to
transfer its BTC shares with-
out the Government’s prior
consent to a company that is
either “an established
telecommunications compa-
ny with substantial opera-
tions”, or is a consortium that
has a major telecoms operator
as a leading shareholder with
at least 20 per cent.

A leading telecoms opera-
tor was defined as one with
three international licences,
one million total customers,
or a market capitalisation of
at least $750 million.

The PLP said such thresh-
olds prevented Bahamian
entities from owning BTC,
but a source close to the pri-
vatisation committee told Tri-
bune Business it did not.

The MoU, they said, sim-
ply meant that Bahamians, in
partnership with a telecoms
operator, would have to seek
government approval to buy.

because it keeps prices stable.”
Former Burns House executive Ed



: Island Traders, told Tribune Business
? that he had found “no proper rhyme or
? reason” in the nine-store supermarket
? chain’s pricing policy upon taking over.
He added that there was “no consis-
? tency in the margins” applied to many
? products, and suggested that previous
} majority owner, BSL Holdings, may have
? applied Trinidad-style margins familiar to
: its operating partner, Neal & Massy, that
? were “foreign” to the Bahamas.
Analysing the impact increased trans-
? portation costs, plus rises in the cost of
? key food staples, would have on City
: Markets’ business and consumer prices,
? Mr Finlayson said the supermarket
? chain’s major US suppliers were already
? “hedging” in a bid to hold costs stable.

: Acknowledging that he expected a
? “slight increase” in City Markets’ prices
? as a result, with costs for corn and soy-
: bean - key inputs to feeds used in the
? dairy, poultry, meat and eggs industries -
: hitting 30-month highs last week, Mr Fin-
} layson said: “We were just talking to our
: chief supplier today, and they’re hedging
i a little bit.

: “In this kind of market, it will be a
: few weeks to a month at this time in
? terms of them keeping the prices stable.
} I think there will be some increase.”

: Agreeing with an interview given by
? City Markets’ chief competitor, Super-
: Value owner and president Rupert
? Roberts, within the past week, Mr Fin-
? layson added: “I am concerned, like him,
? about the price of fuel going up, but I
} don’t think the prices are going to go up
: as high as they did a few years ago.”

? In August 2008, global oil prices
: peaked at $147 per barrel, but the City
: Markets principal told Tribune Business:
? “I think we’re seeing a blip on the hori-

MARK FINLAYSON

zon. I don’t think that’s going to happen
again. I think what we’re seeing right
now is a blip on the radar, and it’s not
going to cause as big a problem as it did
in 2008.”

Noting that there were things both
inside and outside the company’s con-
trol, Mr Finlayson said City Markets
would continue to focus on “better cus-
tomer service” and a “better shopping
experience”.

“T think if we keep doing what we’re
doing, I think we will gain more market
share as time goes on, no matter what
food prices will be,” he added. “We are
talking to our suppliers. We don’t have
any information on what prices are going
to be, but they have hedged a bit,



Wilchinski had been hired as City Mar-
kets’ chief administrative officer over the
Christmas holiday to ensure the super-
market chain maintained proper pricing.

“There was no rhyme or reason to
pricing at City Markets,” Mr Finlayson
said. “Prices have actually come down
over the last month or so, and we still
have a bit of work to do. In some cate-
gories, they came down at least 10 per
cent.”

Using the example of cornflakes, Mr
Finlayson said both Kellogg’s and the
in-store brand variety were priced at
about $5.19 when Trans-Island Traders
took over, something that “made
absolutely no sense”.

“There was no consistency in the mar-
gins; no proper rhyme or reason,” Mr
Finlayson said. Kellogg’s Cornflakes had
a margin that was “too high in the first
place, if judged by US standards”. The in-
house brand’s price, meanwhile, had
been reduced to $3.20, both brands
enjoying the same margin.

Mr Finlayson said the same issue was
discovered with the McArthur’s orange
juice brand, which was priced much high-
er than all other brands at $7.99 per five
gallon bottle. It was now at $5.99 after
the “proper margin” had been applied.

“We have brought our prices down to
what they should be. Our predecessors
may have been applying margins in
Trinidad that were foreign to our market.

“T think you’re going to see prices
overall come down, so the impact of the
price rises will not be as bad as you think.
I think, overall, the consumer will see a
rise, but a slight rise. What we’re doing is
lowering the prices in the market in the
first place, which can only be good for the
consumer.”



Agenda for visit hy Hu includes trade and security



: JIM KUHNHENN,
: Associated Press
: WASHINGTON

Chinese President Hu Jintao

? arrived Tuesday as President
: Barack Obama prepared to
? welcome him with a careful mix
? of firmness and warmth befit-
: ting the leader of a nation that
? is at once the largest U.S. rival
? and most important potential
} partner.

Tensions over currency and

} trade policies, a search for com-
? mon ground on national secu-
? rity and US. finger wagging
: over Chinese internal gover-
? nance and human rights will
} dominate the visit.

But any edge in the talks will

? be softened by an unusual pri-
} vate White House dinner Tues-
: day night between Hu and
? Obama, and a high-pomp state
: dinner Wednesday with all the
? trappings afforded to a world
} power.

For Hu, that would be an

accomplishment in itself. The

United States has stiffened its
position against China after ini-
tial entreaties from the Obama
administration, and any images
of a friendly welcome in the
United States could serve to
polish Hu's image at home and
to soften the American public's
suspicions about China.

Hu received red carpet treat-
ment upon landing Tuesday
afternoon at a wet Andrews Air
Force Base, where he was
greeted by Vice President Joe
Biden and a military color
guard. For Obama, the visit
represents an opportunity to
carry out the engagement he
promised would be a trademark
of his foreign policy. But Oba-
ma also is under pressure to
show resolve as a range of
interest groups, from business
leaders to human rights advo-
cates, press the administration
to stand up to Beijing. The
White House on Tuesday
stressed that Obama did not
intend to avoid difficult sub-
jects. "Whether we're dealing

with economic discussions;
whether we're dealing with
those in the security realm; or
whether we're doing those with
human rights, I think this is an
argument that we have and
we'll continue to make to the
Chinese and push them to do
better," White House
spokesman Robert Gibbs said.

A key moment will come
Wednesday when Obama and
Hu appear at a brief news con-
ference. The two will take four
questions, two from USS. jour-
nalists and two from Chinese
reporters. The White House
insisted that the two leaders
face reporters.

In China, Hu's public appear-
ances always are under con-
trolled circumstances that do
not lend themselves to spon-
taneity. Hu took questions at a
2005 news conference with
President George W. Bush in
Beijing, but he refused to do so
when Obama visited in 2009.
When it comes to economic dis-
cussions, U.S. companies have

been longtime critics of Chi-
nese policies that kept its cur-
rency low relative to the dol-
lar. A low-priced yuan makes
Chinese products cheaper in
the United States and U.S.
products more expensive in
China. Two senators, Democrat
Sherrod Brown of Ohio and
Republican Olympia Snowe of
Maine, sent a letter Tuesday to
Treasury Secretary Timothy
Geithner informing him that
they plan to introduce legisla-
tion that would penalize China
if it should continues to manip-
ulate its currency.

With the yuan rising 3.5 per-
cent against the dollar since
June, the currency dispute has
in part given way to U.S. com-
plaints about theft of intellec-
tual property and barriers to
Chinese contracts for U.S.
firms. In a letter to Obama on
Tuesday, a coalition of finan-
cial organizations urged the
president to prod the Chinese
to open their financial services
sector to greater competition.

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



THE TRIBUNE

WEDNESDAY, JANUARY 19, 2011, PAGE 5B



SSS
STITT TM SMU Co

Citigroup dips into |
reserves to record |

PALLAVI GOGOI,
AP Business Writer
NEW YORK

Citigroup Inc. was prof-
itable in the fourth quarter,
but only after reaching into
reserves that it no longer
needed for loan losses. Rev-
enues from trading stocks and
bonds fell sharply.

The New York bank
reported fourth-quarter
income of $1.3 billion Tues-
day, or 4 cents a share, falling
short of the 7 cents expected
by analysts surveyed by Fact-
Set. Citi's stock fell 6 percent
to $4.82 in heavy trading.

The results were an
improvement from the loss of
$7.6 billion, or 33 cents a
share, reported for the same
quarter of last year. Revenue
was $18.4 billion compared to
$5.4 billion a year earlier. Last
year's revenue took a hit
when the company paid back
part of the bailout money it
received from the govern-
ment.

For the year, Citigroup
earned $10.6 billion on rev-
enue of $86.6 billion. It was
the first full year of profits for
the bank since 2007, when
CEO Vikram Pandit took
over the top job.

The bank's losses from
lending fell 11 percent from



INTERNATIONAL
BUSINESS

lending grew 3 percent, and

the previous quarter to $6.9
billion as more of its cus-
tomers became able to keep
up with their payments.

It was the sixth straight
quarter of declining losses
from lending. The lower loss-
es allowed the bank to release
$2.3 billion from reserves it
set aside for bad loans.

Bond trading revenues fell
32 percent to $2.3 billion.
Bond prices fell sharply in the
fourth quarter and fixed
income trading was volatile
as Ireland asked its European
neighbors for a bailout. Citi-
group's revenues from stock
trading fell 24 percent to $808
million.

Citi, which does far more
business overseas than other
large U.S. banks, benefited
from growth in its interna-
tional divisions.

International consumer



Delta Air Lines reports $19 million 40 profit

corporate lending rose 4 per-
cent. Revenues related to
investment banking advisory
services rose 25 percent to
$1.2 billion on higher under-
writing revenues, mainly from
new stock issues in Asia.

Hurting

Citi's U.S. credit card cus-
tomers were still hurting, but
less than before. Losses from
credit card lending fell 10 per-
cent from the previous quar-
ter to $1.8 billion.

Accounts that were 90 days
delinquent or more fell to
$1.67 billion from $1.88 bil-
lion.

Fewer mortgage customers
were late in their monthly
payments.

The portion of Citi's home
loans that were 90 days over-

(AP Photo/Ted S. Warren)



due fell to 2.10 percent to 2.70 ee
: arrive is July.

percent.

The bank set aside $4.8 bil- i _.
liea tar ture lossse the loa | OO would begin next month, nearly three years
+ lovelies ine a late, but an electrical fire on a plane in November
ee eee halled flight testing and another delay has been
? widely anticipated.
The bank was able to set ; si hee a

aside less money in reserve

since the economy has been } July and the end of September. The new sched-

ro i ule has been padded in the event that anything
Citigroup was one of the ;
largest recipients of bailout

quarter of 2007.

improving.

funds during the financial cri-
sis of 2008.

The government sold the
last of its stake in the bank in }
December for a profit of $12

billion.

the turnaround of this insti- }

Fewer credit card accounts slip into default

EILEEN AJ CONNELLY,

work ahead of him. At the } AP Personal Finance Writer

end of the 2010, Citi had set
aside $40.7 billion or 6.3 per-
cent of its total loans, for }
i slipped into default in Decem-

By comparison, its larger
rival JP Morgan Chase & Co. }
set aside $32 billion, or 4.5 }

percent of its total loans, last

i issuers Tuesday posted their
That means Citi has more } lowest rates for charge-offs, or
troubled loans than some of ; 2¢Counts written off as uncol-
? lectible. Citibank, which has

JPMorgan and Goldman i had some of the highest charge-
? off rates over the past two
eee expected fp start i years, posted the biggest

g their dividends to } Gecline. It wrote off 8.34 per-
slate aes 6) eee ne cent of its card balances in
second quarter, but Pandit } December, down from 9.4 per-

said that Citi will likely ? cent in November and well
i below the high of 11.55 percent

? posted in March.

tution," CEO Vikram Pandit
said in a statement.
Pandit still has plenty of

future losses.

year.

its peers.

resume paying higher divi-
dends in 2012.

i SEATTLE

Boeing pushed back deliveries of its new 787
again on Tuesday, meaning that the soonest it will

The company had most recently said that deliv-

Boeing said it expects to deliver the plane dur-

ing the third quarter, which would be between

else goes wrong, the company said.
Investors cheered the news, sending shares up

? more than 3 percent.

But Kenneth Herbert, an analyst for Wed-
bush, said he's "skeptical given the company's
poor track record on delivering on milestone
dates."

The analyst said he believes engine problems

"2010 was a year full of will be the biggest hurdle in making the newest

milestones and was critical for | delivery date. He maintained his prediction that

PATS a

—- mee
aes ah



(AP Photo/Elaine Thompson)

: DELIVERY DELAY: The sixth Boeing 787 test plane moves past other Boeing aircraft while moving into
: position for take off on its first flight Monday, Oct. 4, 2010, from Paine Field, in Everett, Wash. The plane,
: the final in the test plane group and the second using General Electric engines, was piloted by Capt. Chris-
: tine K. Walsh and first officer Bill Roberson. The other four flight test 787’s have Rolls-Royce Trent 1000

: engines. The plane was expected to fly to Moses Lake, Wash, and then to Boeing Field in Seattle.
(AP Photo/Mary Altaffer) :

04 PROFIT: Citi CEO Vikram Pandit at the new high-tech banking cen-
ter in in New York Thursday, Dec. 16, 2010.

Boeing will make 24 of the planes this year and
deliver 14 of them.

Boeing resumed flight testing in December
after making an interim software fix to address
the Nov. 9 fire that forced an emergency landing
in Laredo, Texas, but those tests were not for the
mandatory Federal Aviation Administration cer-
tification.

On Monday, Boeing resumed 787 flight tests
that are aimed at getting FAA certification. The
federal agency must certify aircraft before they
can enter service, a milestone Boeing must
achieve before deliveries can begin.

Even before the fire, however, production
problems have led to repeated disruptions for
jet, which made its first flight in December 2009.

The company said it will provide more infor-
mation on its financial forecast and deliveries
during its earnings conference call on Jan. 26.
The revised delivery date is not expected to have
a material impact on Boeing's financial results for
2010, the company said.

Shares of Boeing Co. rose $2.21, or 3.2 percent,
to $72.28 in afternoon trading.

NEW YORK
Fewer credit card accounts

ber than in any other month of
2010, and signs point to further
improvement ahead.

All six of the biggest card

Discover, Chase and Capital
One also reported substantial
declines.

While the rates of balances
companies wrote off declined
consistently throughout the
year, they remain high by his-
torical standards.

"There are some good
improvements,” said Mike
Dean, a managing director with
Fitch Ratings. Fitch's charge-
off index, which tracks the
industry, remains near record
levels, he said. "We've seen
some better numbers there, but
nothing to say, 'Wow!'"

Dean said he expects charge-
off rates to continue improv-
ing, but noted that the defaults
are "highly correlated" to the
unemployment rate.

With the jobless rate is fore-

cast to remain high throughout
the year, it is difficult to pre-
dict when charge-offs will
return to normal levels, said
Jeff Hibbs, an analyst with
Moody's Investors Service.

Industry wide, the charge-off
rate peaked in the second quar-
ter of last year at 10.37 percent
of balances, according to the
latest data from the Federal
Reserve. In the two years prior
to the recession, it averaged
3.82 percent, Fed records show.

Credit card debt has been
dropping the last two years,
reflecting a combination of fac-
tors, including individuals pay-
ing down balances and credit
card companies cutting the
amount of available credit and
writing off what they can't col-
lect.

Senior Client Relationship Manager

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The position offers an attractive salary and

benefits package including, pension anc

bonus schemes.

CHECKING IN: Travelers check-in at a Delta Air Lines counter at
Seattle-Tacoma International Airport, Monday, Dec. 27, 2010, in
Seattle. Delta and other airlines had flights to and from the New
York area cancelled or otherwise affected by winter weather.

JOSHUA FREED,
AP Airlines Writer
MINNEAPOLIS

Delta and the other major airlines are paying more for jet
fuel, which means travelers will soon pay more to fly.

When it reported a fourth-quarter profit of $19 million on
Tuesday, Delta said its fuel bill could rise by $1 billion this year,
if oil prices stay where they are at about $92 a barrel. Delta's
fuel bill rose 13 percent to $1.93 billion in the fourth quarter.

Delta and other airlines have already raised fares as jet fuel
prices have climbed, and Delta said it could dial back its growth
plans as well, if necessary.

Travelers will notice the fare increases first. Delta and Unit-
ed raised fares on Monday, with other airlines matching at
least some of the increase, said Rick Seaney, CEO of Fare-
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December. He said the increases appeared to be $10 to $20
round trip, depending on the airline. Southwest, which often
declines to match broad-based fare increases, has matched
portions of the recent fare increases, and on Tuesday matched
most of the latest increase by other airlines, Seaney said. South-
west carries more domestic passengers than any other airline,
so its response to fare hikes by other airlines can determine
whether those price increases stick.

"T don't recall seeing Southwest, even in the height of run-
away oil prices in 2008 match or initiate domestic airfare hikes
in two successive weeks,” Seaney said.

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ensure adherence to legal, regulatory and
industry standards.

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Bahamas







PAGE 6B, WEDNESDAY, JANUARY 19, 2011



NL



Greece denies seekin
repayment extension

(AP Photo/ Petros Giannakouris)

PROTESTING: Protesters hold a banner which reads “overturn” in Greek as they demonstrate outside the
Greek Parliament in Athens Tuesday, Jan 18, 2011. About 200 protesters backed by the ADEDY civil ser-
vants union took part in a rally in support protesting public transport workers who oppose plans by the
Socialist government to radically restructure the loss-making state companies.

NICHOLAS PAPHITIS,
Associated Press
ATHENS, Greece

Greece's Socialist govern-
ment insisted Tuesday it was
not seeking a repayment exten-
sion of its overall debt, hours
after the country's deputy
prime minister expressed sur-
prise support for the idea.

The government — which
held a successful treasury bill
auction Tuesday — played
down the televised remarks by
Theodoros Pangalos, who
backed an extension beyond
the euro110 billion ($146 bil-
lion) in international rescue





INTERNATIONAL
BUSINESS

week bills were sold at a yield
of 4.10 percent, holding the rate
stable since November, the
public debt management
agency said.

In an interview broadcast
early Tuesday, Pangalos said
he favored a broad extension
instead of opting for a possible
haircut — or a reduction in the
amount of money owed. He
told private Skai television:
"You might ask me: ‘isn't that
restructuring?’ It is, technically,
but in the sense that there is
never any doubt of our obliga-
tion to pay back the debt, and
to pay back everything we
owe."

loans that are keeping the coun-
try afloat.

"Naturally, there is no issue
of extending the repayment of
Greece's overall debt,” gov-
ernment spokesman George
Petalotis said.

"There is a decision in prin-
ciple on extension of the repay-
ment of the euro110 billion, and
the government is not dis-
cussing anything beyond that,"
Petalotis said, insisting that
Pangalos had voiced "a per-

sonal opinion."

Greece remains frozen out
of bond markets by high inter-
est rates, and is struggling to
regain market credibility
despite having its debt now
assigned non-investment — or
junk — status by all three major
ratings agencies.

On Tuesday, Greece raised
euro650 million ($865 million)
through a heavily oversub-
scribed treasury bill auction —
its second this month. The 13-

Greek political analyst and
publisher Giorgos Kyrtsos said
Pangalos was simply stating a
position that other politicians
were reluctant to say in public.

"T think the extension of the
overall debt is mathematically
certain ... Mr. Pangalos is a
politician who takes the risk of
expressing his opinion,” Kyrtsos
told the AP. "It's in the gov-
ernment's interest to imply this
position, but not state it as its
official position,” Kyrtsos said.

Apple shares fall 2 pct with Jobs on medical leave

JESSICA MINTZ,
AP Technology Writer

Shares of Apple Inc. fell modestly Tuesday
following the company's disclosure that Steve
Jobs, the CEO who transformed the niche com-
puter maker into the most-envied consumer-
electronics brand today, is taking another medical
leave of absence.

Analysts believe the company Jobs shepherd-
ed from garage startup to a $65 billion technolo-
gy trendsetter is in good hands with the current
slate of talented executives — even as Apple,
now the Silicon Valley player to beat, faces
increasing competition from Google Inc. and
others.

Investors appeared to agree. Although shares
fell nearly 7 percent in Frankfurt Monday, when
markets in the U.S. were closed, Apple lost only
$7.17, or 2 percent, to $341.31 in midday trading
Tuesday. Earlier Tuesday, stock traded as low as
$326. In the last decade, Jobs, 55, has survived a
rare but curable form of pancreatic cancer and

undergone a liver transplant. The news that he
will again step back from his day-to-day role
raises serious questions about the CEO's health.

Investors have pinned much of their faith in the
company on Jobs himself, sending shares tum-
bling on every bit of news or rumor of his ailing
health. That's because Jobs is an industry oracle
of sorts, inventing new products he knows con-
sumers will want even before they realize it. He
is also known as a demanding and hands-on
leader who is involved in even the smallest details
of product development.

In a note to employees, Jobs said he will con-
tinue as CEO and will be involved in major deci-
sions. Chief Operating Officer Tim Cook will be
responsible for all day-to-day operations.

For now, very little is known about Jobs’ cur-
rent condition. Apple did not provide any infor-
mation beyond the six-sentence note announcing
his leave, leaving unanswered questions about
whether the CEO is acutely ill, whether the leave
is related to his 2009 liver transplant or whether
he is at home or in a hospital.

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

THE TRIBUNE

(GLOBAL ECONOMIC NEWS

A T ED i

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

LONDON — The euro rose
to a one-month high against
the dollar and European stocks
rallied on hopes that eurozone
nations are planning to
strengthen and broaden their
measures to fight the debt cri-
sis.
Britain's FTSE 100 closed
up 1.2 percent, while Ger-
many's DAX and the CAC-40
in Paris both rose 0.9 percent.

BRUSSELS — Europe is
taking advice from the U.S. on
how to improve its bank stress
tests, officials said, as the
region tries to shore up its
defenses against the debt crisis
that has crippled the euro cur-
rency zone over the past year.

The talks are part of an over-
haul of the EU's crisis man-
agement strategy to prevent
more expensive bailouts and
avoid losing years of economic
growth.

Uncertainty over the well-
being of Europe's banks has
been central to the debt crisis.
Expensive bank bailouts have
stretched some states’ budgets to breaking point, while governments’ high debt loads have
raised concern over the quality of their bonds, in turn held as capital buffers by big financial
institutions.

AP Photo/Keystone/Georgios Kefalas)
MAKING A POINT: The Jan. 10, 2011 file photo shows Jean-
Claude Trichet, president of the European Central Bank, at a
press conference in Basel, Switzerland.

WASHINGTON — China, the biggest buyer of U.S. Treasury securities, reduced its
holdings in November after four months of gains.

China's holdings of Treasury debt dropped 1.2 percent to $895.6 billion, the Treasury
Department said. The report comes just before a state visit to the U.S. by Chinese President
Hu Jintao. Overall, foreign holdings of Treasury securities rose 0.9 percent to $4.35 trillion.
That indicates that other nations still have an appetite for Treasury debt even as the U.S. gov-
ernment is running $1 trillion-plus annual budget deficits.

WASHINGTON — USS. companies have long demanded that China let its currency rise
to make U.S. exports cheaper. But as President Hu Jintao visits Washington this week,
U.S. companies are stressing other goals: Stopping the theft of intellectual property and get-
ting a fair chance to win government contracts. No one expects any big breakthroughs.
Instead, many U.S. companies hold out hope that the meetings between Hu and President
Barack Obama will make it easier to reach long-term solutions to the major trade disputes
dividing the world's two largest economies.

TOKYO — Asian trading was mixed. Japan's Nikkei 225 stock average closed up 0.2 per-
cent, South Korea's Kospi dropped 0.2 percent, Australia's S&P/ASX 200 rose 0.8 percent and
China's Shanghai Composite Index added 0.1 percent. Hong Kong's Hang Seng closed
nearly unchanged.

PARIS — The International Energy Agency said buoyant global economic growth and a
cold winter in the Northern Hemisphere will underpin higher-than-expected oil demand this
year.

BERLIN — German investor confidence rose sharply amid hopes that global growth
will remain healthy, while investment and private spending in Europe's biggest economy
gained momentum, a survey showed.

TOKYO — A record one-third of Japanese university students graduating this spring have
not found jobs, underscoring dwindling career opportunities for young people even as com-
panies post robust profits.

BEIJING — A Chinese trade mission signed $600 million in deals with U.S. companies
ahead of President Hu Jintao's visit to Washington this week and a separate delegation will
look into other opportunities.

ATHENS, Greece — Greece's Socialist government insisted it was not seeking a repayment
extension of its overall debt, hours after the country's deputy prime minister expressed sur-
prise support for the idea.

Greece remains frozen out of bond markets by high interest rates, and is struggling to regain
market credibility despite having its debt now assigned non-investment — or junk — status
by all three major ratings agencies.

Earlier, the country passed a new market test in its struggle to overcome its debt crisis, rais-
ing 650 million euros ($865 million) through a heavily oversubscribed treasury bill auction,
its second this month.

LONDON — British inflation spiked higher than expected in December, to an annual 3.7
percent rate, due to rising consumer prices for food, fuels and air travel.

BEIJING — Foreign direct investment in China weakened slightly in December but end-
ed 2010 up strongly after falling the previous year amid the global crisis.

TORONTO — Canada's central bank left its key interest rate unchanged at 1 percent. The
Bank of Canada said the global economic recovery is proceeding at a somewhat faster pace
than it had anticipated.

BEIJING — China's rare earths exports grew 14.5 percent in the first 11 months of last year
despite Beijing's decision to reduce sales of the exotic metals needed by makers of high-tech
products.

LONDON — Barclays bank was hit with a record fine of 7.7 million pounds ($12.3 million)
for giving poor advice to investors in a pair of funds, Britain's Financial Services Authority
said.

CAIRO — Arab leaders are pledging $2 billion to revamp the faltering economies across
the region amid fears of protests over high unemployment, rising prices and rampant cor-
ruption, such as those that just brought down Tunisia's government.





THE TRIBUNE

WEDNESDAY, JANUARY 19, 2011, PAGE 7B

PERSONAL FINANCE: TAX AND MUTUAL FUNDS



declared over.



could trip up taxpayers

CAROLE FELDMAN,
Associated Press
WASHINGTON

Did you buy energy-efficient windows for
your home last year? You can only take the ener-
gy efficiency credit if they were installed by Dec.
31.

That's just one of the details that could trip up
taxpayers filing 2010 returns.

Want to take the first-time home buyer credit
on your taxes? If you bought your house after
April 30, or didn't have a binding contract by
that time, you're probably out of luck. Was clos-
ing delayed? Depending on how long, you might
not be eligible.

But some taxpayers have an extra year to buy
a home. Those serving outside the United States
as members of the Foreign Service, the uniformed
services, including the military, or the intelli-
gence community have until April 30, 2011, to
buy a new house and qualify for the credit.

One more thing: The first generation of the
new home buyer's credit was actually an interest-
free loan. If you claimed that credit on your 2008
taxes, you have to start paying it back this year. If
you took the full value of the credit, you'll owe
$500 this year.

"It might catch people unaware,” said Bar-
bara Weltman, author of tax guides for J.K. Lass-
er,

If you deducted the first $2,400 of your unem-
ployment benefits last year, be aware that you
can't do it again this time around. Congress did-
n't extend that tax benefit.

Some experts advise taxpayers to seek help
preparing their returns, either from a profes-
sional tax preparer or by using tax preparation
software, especially with the late changes Con-
gress made to the tax law. Some benefits were
extended; others were allowed to lapse.

One source of information is the Internal Rev-
enue Service's tax guide for individuals, Publi-
cation 17. Running over 200 pages, it's filled with
information on credits and deductions, and how
to figure your tax and file your return.

"There's so much going on this year and it's
confusing,” said Kathy Pickering, executive direc-
tor of H&R Block's Tax Institute. "It really isn't
the year to go it alone.”

Take the energy credit.

Taxpayers may qualify for a credit of 30 per-
cent, or a maximum $1,500, for energy improve-
ments made to their homes. They can include
new windows, doors, insulation, and certain air
conditioning, heating or hot water systems. The
improvements must be expected to remain in
use for at least five years and meet certain ener-
gy efficiency requirements. How do you know if
they meet the requirements? In most cases, you
have to rely on the contractor or the manufac-
turer to tell you.

There's another catch. The energy efficient
product must have been installed before the end
of the year to qualify for the credit. "Purchasing
something at the hardware store and putting it in
the garage for installation later won't do it,” said
Mark Luscombe, principal tax analyst at CCH, a
provider of tax, accounting and audit information.

The home buyer credit had different incarna-
tions. The first, taken as a credit, was the loan for
first-time home buyers. That was later changed to
make it a true credit, and a provision was added

"



to Richard Hucks, and Demetrius Rumph, left, install

bia, S.C.

not claim either credit.

loan or the true credit?

know which you took.
Other things that could trip folks up:

and attach it to your return.

from kindergarten through high school.

—Conversion of traditional IRAs to Roth }

IRAs. You'll have to decide whether to include { Stocks are becoming more

the value of the conversion as income for 2010, or } StUCACEVE 10 mutual fund
: investors. For one week last

? month, domestic stock funds

One more thing: For this year only, forget that i took in more money than
April 15 is synonymous with tax day. Because of } LEE SLOTS pulled out. The last
the Emancipation Day holiday in the District of } time that had happened was in
Columbia, the deadline for submitting tax returns April. And the pace of with-
is April 18 for everyone, including those who } drawals is slowing.

split it over two years, 2011 and 2012.

don't live in the nation's capital.

CAROLE FELDMAN,
Associated Press
WASHINGTON

Is your tax bill too high? You
may be able to cut it and save
for your retirement at the same
time.

You can make a contribution
to an IRA until April 18, this
year's filing deadline, and
deduct the amount on your
2010 taxes. The maximum
deduction is $5,000 or $6,000
for those 50 and older. Those
70? and older are not eligible to
make contributions. There are
also limits, based on adjusted
gross income, on how much you
can deduct from your taxes if
you are covered by a retirement
plan at work.

But income limits that had
prevented some taxpayers from
rolling over a traditional IRA
to a Roth IRA were removed
starting in 2010.

Contributions to a tradition-
al IRA are generally tax-free,
but the distributions are taxed.

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

In a Roth IRA, the contribu-
tions may not be deducted from
your taxable income, but the
distributions, principal and
income, generally are not tax-
able when you withdraw the
money. For both, there are
penalties for early withdrawal.

If you converted to a Roth
IRA last year, the amount of
the conversion must be report-
ed on your 2010 return using
Form 8606.

The resulting income is sub-
ject to tax, but you have a
choice on when to declare it for
income tax purposes. You can
include all of it as income on
your 2010 return or defer it,
declaring half in 2011 and the
other half in 2012.

Mark Luscombe, principal
tax analyst at CCH, a provider
of tax, accounting and audit
information, said the choice was
more of an issue before Con-
gress extended the Bush tax
cuts for another two years.
"With rates being equal, you're
probably better off postpon-

ing," he said.
However, for some it might

combe said.

People who withdrew money }
from retirement accounts last }
year could find themselves with :
bigger tax bills. Any money { from Edmond, Okla.
withdrawn from a non-Roth
IRA or 401(k) plan must be :
? around $2 when it appeared

declared as income.

If people withdrew that mon- }
ey before they turned 59?, they ;
also have to pay an additional }
10 percent penalty, except for ;
? Ford's management and a

certain circumstances.

"It rarely makes sense to do }
that, especially for normal non- }
emergency situations," said Bill :
Smith, managing director in the }
CBIZ MHM National Tax }

Office.

Investors are finally inching

back into the stock market. But
? are they too late?

While millions sought refuge

: in traditionally stable bonds

? over the past two years, they

? missed a more than 90 percent

afd : ? rally in stocks. Suddenly bonds
(AP Photo/Seth Perlman, File) i

TAXING TIME: In this Aug. 23, 2010 file photo a home is seen for sale in Springfield, Ill. This year’s tax ;

season will look a lot like last year’s, but with a few sweeteners added. Most of the tax changes put in place :

in 2009 to spur the economy remained in effect in 2010, even though the recession was officially : shifting back to stocks.

don't look so safe, and some of
the $11 trillion that Americans
have parked in mutual funds is

After putting more than $570

billion into bonds over the past
: two years,

Some credits, deductions

:? of rising interest rates and the
? growing deficits of state and
? local governments were bring-
? ing bond prices down.

mutual fund
investors reversed course last
fall, worried that the prospect

In the last two months of

? 2010, investors withdrew a net
? $23 billion from bond funds,
? according to industry consul-
; tant Strategic Insight.

At the same time, corporate

? bottom lines are improving. So
? investors are finally starting to
| : take another look at stocks
i after being burned in the 2008
? financial crisis and scared by
} the market's "flash crash" sin-
i gle-day plunge in May.

"Most investors have been

? in a capital-preservation men-
? tality, because they saw so
i? much of their net worth
? destroyed in the bear market,"
i says Chris Jones, chief invest-
? ment officer with J.P. Morgan
: Asset Management.

Few have fully recovered

? since the stock market began
i sliding from its historic peak in
? October 2007. The Standard &
? Poor's 500 index is 17 percent
i shy of that level, despite recent
i gains.
(AP Photo/Mary Ann Chastain, File) : and now, with a couple of years
ENERGY EFFICIENT: In this Oct. 29, 2008, file pho- :
? many risk-averse investors may
energy efficient windows in a home in West Colum- :
? there are cautionary voices.

The momentum has shifted,
of solid market performance,
be ready to get back in. But

The economic recovery is still

for long-time home owners. But the maximum i fragile in the eyes of Tom

credit differed for first-time home buyers and } Roseen, an analyst with fund-

people who already had owned a home, a maxi- } tracker Lipper Inc.

mum $8,000 for the former, $6,500 for the latter. :

If the purchase price exceeds $800,000, you can- | W® have a little bit of a pull-

? back over the next couple

So how do you know whether you had the : months, as people re-evaluate

} their portfolios and take a look

Most people know the year in which they at how much the market has

bought their home and can figure it out that way, } gained," he says.
said Terry Lemons, chief spokesman for the IRS. }

If you used tax preparation software and rolled } decent return from their play-it-

over your data from year to year, it also lets you } safe strategy. Diversified bond

: funds gained an average of 10.8
; percent last year, beating their
—Charitable deductions. You'll need a bank } @Vetage annual gain of 6.2 per-

record, such as a cancelled check or a receipt, | C&Mt over the past five years,

even for the smallest donation. That means that } according to Morningstar.

if you gave $1 in cash to the Salvation Army bell

ringer over the Christmas holidays, you can't } lost money in the fourth quar-

claim a deduction without a receipt. For dona- } ter, with government bonds tak-

tions of motor vehicles, get a completed Form } ing the biggest hit.
1098-C or similar statement from the organization : Jo"
: shift into stocks — most notably

? abroad. Mutual funds buying
? overseas stocks took in a net

—Out-of-pocket expenses for teachers. Con- :

gress restored the deduction of up to $250 for : $72 billion last year, while

teachers. It applies only to full-time teachers } investors pulled a net $49 bil-

? lion out of funds buying Amer-
: ican stocks.

"T wouldn't be surprised if

Until recently, investors got a

Still, nearly all types of bonds

This downturn helped fuel a

There are signs that U.S.

Market optimism is also

improving. For 19 consecutive
li a t { ih t t IRA t ? weeks, surveys by the Ameri-

IME PEMAINS 10 CONIPIDULE (0 IA, SAVE ON TAXES 52 scopstee eae
? than-average belief that stock
i prices will rise. The last time
be better to declare all the }
income from the conversion in }
2010. For example, "if they } in late 2004.
know that their income is going }
to go up and that might put :
them in a higher bracket. Even
though officially the rates are }
the same, your individual cir- ;
cumstances might not be," Lus- :
? aside the emotion and believe

can Association of Individual

the surveys had such a long
streak of bullish sentiment was

Yet the movement of money
because of troubles with munic-
ipal bonds offers a reminder of
how important it is for investors
to remain even-keeled.

"You simply have got to put

in what you are taught, to buy
low and sell high,” says Carol
Clemens, a 64-year-old retiree

She scored big when she
snapped up shares of Ford for

U.S. automakers might go
under a couple of years ago.
The stock now trades above
$18, thanks to smart moves by

strengthening economy.
Clemens’ portfolio is about
two-thirds stocks and one-third
bonds, and she's recently been
trimming her stake in bonds.
"If you put money into



Investors’ return to US
stocks could be too late

; MARK JEWELL,
? AP Personal Finance Writer
i BOSTON

(AP Photo/Richard Drew, file)

GUT-WRENCHING: In this May 25, 2010 file photo, specialist Michael
Pistillo, left, and traders work on the floor of the New York Stock
Exchange. At first glance, it looks like the stock market had a good
year. The Dow Jones industrials are up 10 percent, and the Standard
& Poor’s 500 index, 12 percent. But the numbers mask the fact that
2010 was at times gut-wrenching. And individual investors only
started showing signs of returning to stock at year’s end.

bonds, there is a nice cushion
when the stock market goes
down," Clemens says. "But I'm
retired, and we're looking for
an income stream. We're not
getting it from bonds," she says,
calling current yields
"abysmal."

Belief that the economic
recovery is on track has recent-
ly driven up long-term interest
rates from record lows. This has
led investors to pull out of low-
yielding Treasurys. Rising rates
also are making it costlier for
state and local governments to
borrow. Fear of further rate
increases also is causing prices
for many previously issued
bonds to drop. That's because
investors will be able to buy
newly issued bonds paying
higher interest.

So as bond prices decline,
investors like Clemens will be
looking for income from stocks
that pay solid dividends. And
as other investors step back into
stocks, they may be questioning
whether they're making the
classic mistake of buying in at
the market's peak.

The S&P 500 is up 23 per-
cent since Sept. 1, and at its
highest point since August
2008. It finished 2010 with a
return of 15 percent including
dividends, more than twice the
gain for a comparable bond
index. J.P. Morgan's Jones
expects further stock gains in
2011, with a breakout year for
growth stocks of companies
whose earnings rapidly appre-
ciate — think Amazon.com,
whose stock price has tripled

since March 2009. But Jones
doesn't think many investors
are willing to get back into
those richly priced stocks.
"Investors are incredibly
shell-shocked," Jones says,
"and they're not willing to pay
for growth until they see it.”
Yet many market pros are
predicting another year of dou-
ble-digit gains. They point to
an abundance of positive eco-
nomic indicators: factories
cranking up production, hiring
activity picking up, growing cor-
porate investment in technolo-
gy. Consumers also are more
confident, thanks in part to the
recent extension of the Bush-
era tax cuts and a new cut in
the Social Security payroll tax.
Sooner or later, investors will
put their money where it's gain-
ing the most, predicts Bob Doll,
chief stock strategist at Black-
Rock, the world's biggest mon-
ey management company.
Investors tend to chase rather
than anticipate returns. He
expects investors will embrace
stock funds over bonds, ending
what he calls an era of fear.
Stocks may post their third
year of double-digit percentage
gains in a row, Doll says. That
hasn't happened since the late
1990s. And if the market
behaves like it has coming out
of previous recessions, the S&P
500 could rise nearly 12 percent
this year. That's the average
gain the index made in the one
year immediately following this
point in the economic cycle, a
year and a half after the end of
a recession.

NOTICE

BJS INVESTMENTS INC.

Notice is hereby given that liquidation of the above
company on the 17th day of January, 2011. Triangle
Adminstration Limited of Bahamas Financial Cen-
tre, Shirley & Charlotte Streets, Nassau, The Bahamas
has been appointed Liquidator of the Company.

Triangle Administration Limited
Liquidator

LEGAL NOTICE
NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

In Voluntary Liquidation

Notice is hereby given in accordance with Section 138 (4)
of the International Business Companies Act, (No.45

of 2000), MINTFAIR S.A.

is in dissolution. Ms.

Alrena Moxey is the Liquidator and can be con-
tacted at Winterbotham Place, Marlborough & Queen
Streets, Nassau, Bahamas. All persons having claims
against the above-named company are required to send
their names addresses and particulars of their debts
or claims to the Liquidator before February 1, 2011.

Alrena Moxey
Liquidator







Full Text

PAGE 1

N N A A S S S S A A U U A A N N D D B B A A H H A A M M A A I I S S L L A A N N D D S S L L E E A A D D I I N N G G N N E E W W S S P P A A P P E E R R BTC papers to go public V olume: 107 No.47WEDNESDAY, JANUARY 19, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 W EATHER CLOUDSAND SUNSHINE HIGH 82F LOW 71F F E A T U R E S SEETHEARTSSECTION S P O R T S A breath of fresh paint SEESECTIONE Knights rout T-Wolves B y NOELLE NICOLLS Tribune Staff Reporter nnicolls@tribunemedia.net A LL documentation relat ed to the privatisation of BTC from 1999 to the present will b e tabled in Parliament for scrutiny by the public, said Minister of National Securi-t y Tommy Turnquest, leader o f government business. As soon as the terms of the BTC sale agreement aref inalised, Mr Turnquest said the government will release all the details and documents related to the sale process f rom its inception. T he government will place the latest agreement of sale for 51 per cent of BTC to C able and Wireless Commu nication (CWC domain and allow two weeksb efore debate is scheduled, said Mr Turnquest. Details of the Bluewater deal, negotiated under thef ormer Progressive Liberal Party (PLP will be revealed, he said. Z hivargo Laing, Minister of State for Finance, said he could not say whether or not the names of the Bluewater Government will release all details of sale once finalised M cCOMBO O F THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM DOSSIER REVEALS FEARS OVER ST ATE OF AMBULANCES P ARAMEDICS in Grand Bahama claim they are still incapable of responding to any major industrial or natural disaster on the island. The frustrated workers say an insufficient and poorly-maintained ambulance fleet, and the lack of a proper dispatch centre, has prevented them from effectively providing e mergency care to the nearly 52,000 residents on the island. Today, The Tribunes Ava Turnquest explores the concerns raised by the Emergency Medical Services (EMS who believe their department is not given the necessary priority as the nations second city. SEE PAGE SIX HAITI'S EX-DICTATOR Jean-Claude Duvalier known as Baby Doc, centre, is taken out of his hotel by police in Port-au-Prince, Haiti, yesterday. A judge will decide whether Duvalier will be tried on charges that include corruption and embezzlement for allegedly pilfering the treasury before his 1986 ouster, a lawyer for the ex-strongman said Tuesday. (AP SEEPAGE11 HAITI MOVES T OWARDS CORRUPTION TRIAL FOR DUVALIER B AHAMASBIGGEST CARSFORSALE, HELPWANTED ANDREALESTATE I N S I D E SEE page nine By NATARIO McKENZIE Tribune Staff Reporter nmckenzie@tribunemedia.net ATTORNEYS for Cheryl GrantBethell yesterday claimed the veteran prosecutor had not been afforded the opportunity to defend herself against information presented to the Judicial and Legal Services Commission while considering her application for the post SEE page nine GRANT-BETHELL HAD NO CHANCE TO DEFEND HERSELF AGAINST LAW JOB REPORT VETERAN PROSECUTOR: Cheryl Grant-Bethell By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net F REEPORT: A second male student took the stand yesterday in the Andre Bir b al sex trial, telling the Supreme Court jury his art teacher took nude photographs of him in the class room at school. The young man, who is n ow 21 and lives in the US, attended the Eight Mile RockH igh School from 2001 to 2007. He said Birbal was his art teacher during that time. The former student said the photograph sessions took place in Mr Birbals art classroom in 2001 when he was in the seventh grade. All the windows in Birbals classroom were covered and there were latches on the door inside, the witness recalled. He was alone in the class room using the computer when Birbal came in and locked the door. The young man said Birbal put up a white sheet and asked him to pose for pictures. He asked me to take off my uniform. I was in my boxers and he made me put on a hard hat, tool belt, and gave me a hammer to hold in my hand. He then took off my boxers and continued taking photos, the witness recalled. The young man said the teacher then gave him $20. On the second occasion, after posing for photographs in the classroom, Birbal per formed a sex act on the stu dent. The witness said the sexual SEE page nine ONE of the countrys major hoteliers has thrown his support behind the Government's selection of Cable & Wireless Communications as the buyer of a $210 million majority stake in BTC. Sandals resort chief Adam Stewart yesterday endorsed the sale to CWC, describing the international company as a valuable partner expected to bring good things to the state-run telecommunications provider. Bahamas Communications and Public Officers Union (BCPOU Evans, who strongly opposes the sale to CWC, said the endorsement is not unexpect ed but cannot change the labour movement's opinion that the impending privatisation is a bad deal. However, Mr Stewart said: "The hospitality industry expects and deserves the best SEE page nine MAJOR HOTELIER BACKS BTC SALE TO CABLE & WIRELESS SEC OND S TUDENT TES TIFIES IN TEA CHER SEX CASE

PAGE 2

LOCAL NEWS PAGE 2, WEDNESDAY, JANUARY 19, 2011 THE TRIBUNE S ERVICE: T he Grand Bahama District of the Royal Bahamas Police Force held its annual Church Service and Parade on Sunday at the Central Church of God on Coral Road. The event began with a march from Christ the King Pro-Cathedral. Senior Pastor Rev Dr Fred Newchurch delivered the sermon. Also in attendance were Minister of National S ecurity Tommy Turnquest, Commissioner of Police Ellison Greenslade, parliamentary representatives for Grand Bahama and high r anking officers from the Customs Department, Immigration Depart ments, the Road Traffic Department and the Royal Bahamas Defence F orce. Grand Bahama District of the Royal Bahamas Police Force holds CHURCH SERVICE AND PARADE

PAGE 3

I N early December, d owntown retailers put final touches on their festive displays for the Downtown Nassau Partnerships Annual Holiday Window Competition. Lights, gift boxes and othe r elements were positioned i n windows of the participating stores to celebrate t he Christmas season and w in over the judges of this a nnual event. The competition was more than a celebration ofC hristmas. It demonstrated a new wave of excitement and innovation among the retailers a clear signal of some momentum with the revitalisation, said Vaughn Roberts, DNP managing director. T he participants in the c ompetition were judged on originality, creativity and t he overall appeal. The judges did not only consider the beauty of the w indow displays, but the amount of thought and time that went into them as well. The businesses were p laced into one of three categories based on the number of employees. The j udges included artist Kishan Munroe, Kendal Major, senior manager with the Ministry of Tourism and A viation, Tyler Miller and Khiry Adderley, art students at the College of theB ahamas. Participating stores in Category A included Coin of the Realm, Coles of Nassau, Delucci, Kings Discount, Maison Dcor, the Linen Shop and the Perf ume Shop. T he winner of this category was Maison Dcor with its display by NiocaM iller. Second place went to Kings Discount for its orig inal theme A Bahamian C hristmas displaying handm ade straw items on a live model. The Perfume Shop came in third place. Stores in Category B were Solomons Mines and John Bull. Solomons Mines tookf irst place with its theme of My Favourite Things. John Bull was a close sec ond. C ategory C consisted of three banks: Scotiabank, Bank of the Bahamas andF irstCaribbean Internation a l Bank. The winner of this category was Scotiabank on R awson Square. Scotiabank displayed true holiday cheer with reindeer-eared tellers and greeters dressed in elf costumes, the DNP said. The DNP also initiated the Peoples Choice Award using Facebook to collect votes from the public on their favourite display. The first Peoples Choice Awardwent to Kings Discount Store. Errolee Conliffe, project m anager with the DNP, said: It was a tough yet fun competition designed to getr etailers to participate in m aking the town come alive during the holidays. It is so important that residents and visitors come to enjoy themselves in downtown. T he DNP is an interim organisation formed in 2008 as a joint venture of the pri v ate and public sectors to a chieve a progressive rede velopment of the city of Nassau. LOCAL NEWS T HE TRIBUNE WEDNESDAY, JANUARY 19, 2011, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM HANDS For Hunger is gearing up for its third annual fundraiser, Paradise Plates, scheduled to take place on May 21 at the Atlantis Crown Ballroom. The event, which aims to raise money for the fight against hunger i n the Bahamas, will showcase a w ide array of gourmet food prep ared by chefs from Nassaus premier restaurants, fine wine and spirits as well as live entertainment, organisers said. The coming event will also feature a silent auction and a raffle. All proceeds will benefit Hands For Hunger, a non-profit, humani tarian organisation committed to t he elimination of hunger and the reduction of food waste in the Bahamas. Last year, Paradise Plates served more than 450 hundred guests who came out in support of the cause. Hands for Hunger is extremely p leased and humbled by the cont inued success of Paradise Plates, said Ashley Lepine, the organisations executive director. Based on the events popularit y and the positive feedback we c ontinue to receive, we plan on m aking this years fundraiser even larger. Many of our participants are planning to join us again and we will also be featuring new restaurants, chefs and their signatures d ishes. It promises to be another w onderful evening. A ll proceeds from Paradise Plates will go to the food rescue programme. Each day, Hands For Hunger p icks up fresh, high quality food t hat would otherwise go to waste a nd delivers it to community centre shelters, churches and soup kitchens throughout New Providence, the organisation said. Since operations began in March of 2009, Hands for Hunger has dist ributed over 230,000 lbs of food to t hose in need (approximately e qual to 230,000 meals served). According to the organisations representatives, Hands for Hunger also prevented more than 400 t onnes of carbon emissions from entering the atmosphere Hunger is a solvable problem. It is a fact that there is more than enough food on this island to amply feed every single woman, man and child. Hands For Hunger functions to connect this excess s upply with the unmet, ever growi ng need through the more equit able and efficient distribution of resources, said Alanna Rodgers, founder and programme coordinator of Hands For Hunger. The proceeds raised from Paradise Plates will go directly to helping us feed the hungry in our community. THE BAHAMAS VER YOWNSTREETPHILOSOPHER Hands for Hunger prepares for annual Paradise Plates Event to showcase wide array of gourmet food DOWNTOWN MERCHANTS SHOW A NEW WAVE OF EXCITEMENT

PAGE 4

L OCAL NEWS P AGE 6, WEDNESDAY, JANUARY 19, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM ?D? $OOODQWVbRI :LQFKHVWHUWUHHWDOPGDOHEHWZHHQHDUVGDQG+DZNLQV+LOOf By AVA TURNQUEST T ribune Staff Reporter a turnquest@tribunemedia.net NEARLY four years since a mass s ick-out brought their concerns to national attention, paramedics say t he Emergency Medical Services department on Grand Bahama is still without vital resources or adequates ecurity. In a lengthy dossier detailing curr ent faults within the pre-hospital c are system, paramedics claim severe n eglect of their department continues t o affect unnecessary, and in some cases fatal, challenges to the entire h ealth care system. The statement read: We are fighting for the lives of our patients and its houldnt come to this. We are begging and pleading for annual training and proper-functioning equipment that will give our patients a fighting chance at life. The statement went on: Prevention is better than cure and wes trongly feel that if pre-hospital care was enhanced, there would be fewer patients in the morgue and on the wards causing overcrowding. Speaking anonymously for fear of v ictimisation, the collective statem ent sought to clarify previous a nnouncements made to the media which they felt detracted from major concerns. L ong-standing inadequacies, which were said to have fatal consequences, were an insufficient and poorly-main tained ambulance fleet, and the lack o f a proper dispatch centre. It is alleged that due to the workl oad and the scarcity of vehicles, ambulances frequently break down during emergency transport. M echanical faults routinely exper ienced were said to include abrupt power loss, locked steering wheel, and gas leaks. Late last year, Minister of Health Hubert Minnis confirmed plans for several improvements to the depart m ent in Grand Bahama as part of major upgrades to public healthcare nationwide. Five new ambulances are expected t o arrive this month, two of which have been designated for Grand Bahama. However, the crews statement r ead: With every minute that pass es, the patient or patients condition is getting worse. By the time wea rrive on the scene, the patient that w as once conscious, is now unconscious. Past emergencies said to be negatively affected by transport challenges were: 1. The July 2006 tornado which i njured 21 people and seriously injured 3 people in West End. 2. The November 2007 traffic fatal ity in the Seven Hills area which c laimed the life of one person and seriously injured 13. 3. The November 5 traffic fatality last year, in which one person died and five persons were seriously i njured in McCleans Town. T he statement claimed: We got tired of writing letters and incident r eports and nothing being done a bout them. We are sick and tired of being blamed for lengthy response times to emergencies that were not our fault. I n 2007, only two managers s howed up for work at the EMS D epartment on February 12. Concerns raised at that time were acknowledged by hospital officials a s legitimate and said to include: wages, proper accommodations (rest quarters and bathroom facilities),p roper dispatch centre, pest control, security, insufficient uniforms and proper equipment (thicker gloves In the statement, it was alleged that only two of the seven major conc erns had been resolved following the relocation of the department. T he statement read: Our 911 dispatch centre is still not operational in Grand Bahama, as it has been in New Providence since 1999 all 911 c alls are answered at the police sta tion, which has to turn around and call us at our station, causing yet another delay in our response time. We are deeply saddened by the many delays we encounter daily. U nlike the department attached to the Princess Margaret Hospital in New Providence, the statement c laims there were no specific provis ions for EMS in the Grand Bahama hospital budget. T he statement read: If a budget i snt specifically assigned for Grand Bahama EMS to facilitate new equipment, training, vehicle repairs, etc., how can the general public bene fit from effective and advanced preh ospital care? T he frustrated paramedics also hit out at the lack of training opportunities in comparison to Nassau-based s ervices. It was alleged there had been no formal training for employees in thed epartment since 2004, and current certifications held by staff were financed privately and never reimbursed. Calls placed to Grand Bahama H eath Services were not returned up to press time as administrator of t he department, Sharon Williams, was said to be on leave. Inquiries made to the Public Hospitals Authority on the matter were a lso unsuccessful. EMS Director Dr Avery Hanna confirmed that proper gloves for the department were scheduled to arrive this week, however she said she could not speak directly to the concerns ofG rand Bahama personnel. GB Emergency Medical Services still without vital resources CHINESE AMBASSADOR to the Bahamas Hu Dingxian visited Inagua over the weekend with Senator Dion Foulkes and Minister of Youth, Sports and Culture Charles Maynard. THE CHINESE AMB ASSADOR VISITS INAGUA UNITED NATIONS Associated Press IRAN'S U.N. envoy said Tuesday the most important thing that world powers can do at upcoming talks in Istanbul is recognize his country as major player with "nuclear capability" that is ready to cooperate on major issues including nonproliferation. Ambassador Mohammad Khazaee warned Iran will nev er respond to sanctions, threats or political or economic pres sure and will "never negotiate on our inalienable right to use nuclear energy for ... peaceful purposes." "It doesn't mean that Iranians are looking for confrontation," he said. "But at the same time ... it's not going to work to put a knife in the neck of somebody, or your sword, and at the same time asking him to negotiate with you." Khazaee spoke ahead of new talks on Jan. 21-22 with the U.S., Britain, France, Germany, Russia and China. DOSSIER: Pictured above is the letter sent by frustrated paramedics in Grand B ahama who feel that their department does not get the necessary resources it needs. IRAN W ANTS WORLD POWERS TO C OOPERA TE AS EQU ALS

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LOCAL NEWS THE TRIBUNE WEDNESDAY, JANUARY 19, 2011, PAGE 7 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM THE Ministry of Environment is three months away from making a determination on how to move forward with the countrys waste management system, e xploring various avenues t o turn the sector into a thriving industry, officials s aid. A ppearing on the 14th a nnual radio programme called Operation LoveYour Country, which was aired live from Marathon onL ove 97 radio on the weekend, Dr Deveaux said the Governments plans fore xpanding opportunities within Department of Envi ronmental Health Services (DEHSm ise current jobs, but rather w ill create new jobs for oth ers in the waste management sector. What I (described terms of collection, man agement and waste to ener gy will create infinitely more jobs, better paying jobs, and have a cleaner environment than what we have today. But if you have that discussion today, it will become, well, whose job will be l ost? than rather whose job will be gained, whose health w ould be improved and w hose life will be i mproved?, said Dr Deveaux. T ax es T he minister said every h ousehold currently pays an average of $10 per month through taxes for garbagec ollection and waste man agement services. It wasnt our intent at this time to introduce ad irect fee paying for resi dential collection. What we wanted to do, without increasing the cost ofg arbage collection, was to improve the efficiency of collection. So we have a number of proposals we had solicited and that had come to us independently, he said. M inister Deveaux said the G overnments solution to reducing the cost of garbage c ollection for Bahamian h ouseholds will include the i ntroduction of a pro gramme that requires each house to have a covered trash receptacle from a com m ercial garbage collection service, to semi-privatise DEHS garbage collection. We are about three months away from a deter mination, but a determina tion will be made, said Dr D eveaux. It puts a big face to this very serious environmental issue, management issue,a nd finally this huge oppor tunity to convert this grow ing problem into an industry that could serve the B ahamas and ensure a bett er management of our solid w aste. Collection M inister Deveaux e xplained how the garbage collection is organised with in the government system in New Providence and in theF amily Islands. He also explained the challenges DEHS faces to collect then ations waste and manage its disposal in accordance to health requirements. All of our waste in the B ahamas that is of a comm ercial nature is handled by the private sector and it represents approximately 40 per cent of the total waste, he s aid. In the islands to varying d egrees, the local government is responsible for the residential collection. Here,i n New Providence, its the Department of Environmental Health. We have three challenges in a broad sense. The collection of garbage by DEHS is constrained by thea vailability of vehicles, the f requency of collection, and traffic. Then, we have the site. W e today need to construct a new cell. We need to rehabilitate an older cell and we need toc ap a cell, so we can have a place to dispose of the waste. That will give us approximately 10 years. W hat happens after 10 y ears? D r Deveaux listed the long-term goals of the Ministry of the Environmentw hich are necessary to sustain the nations continual management of increasingw aste disposal in the face of urbanisation. Our goal is to recycle as much of our waste as wec ould. Re-use as much of it as we could, but eventually to convert the waste to a usefulf orm of energy. In order to get there, we have to improve the collection, the management of thes ite, and the technical abili ty at the site to reuse, recy cle, and dispose, he said. Decision on waste management system three months away ENVIRONMENT MINISTER Dr Earl Deveaux walks door to door and speaks with concerned residents of the Marathon constituency. ENVIRONMENT MINISTER Dr Earl Deveaux pointed out an abandoned delivery truck parked in Fergus on Way, which has been a major eyesore for Marathon residents who have complained to the Ministry of the Environment that derelict vehicles in the area are devaluing their private property. URCA, MINISTER OF THE ENVIRONMENT DISCUSS FUTURE PRIVATISATION OF UTILITIES SERVICES THE Utilities Regulation and Com petition Authority (URCA tesy call on Minister of the Environment Dr Earl Deveaux and Minister of State for the Environment Phenton Neymour on Monday, January 17. They discussed the future of utili ties privatisation and systems to be put in place to simplify the process of collecting revenue for utilities services and providing services to the public. ABOVE:Pictured from left to right are URCA senior case officer Stephen Bereaux; URCA CEO Usman Saadat; Minister of State for the Environment Phenton Neymour; Minister Deveaux; Environment permanent secretary Ronald Thompson; and Diana Light bourne, under -secretary. RIGHT:Pictured from left to right are: Usman Saadat, CEO of URCA; Minister Deveaux; Minister of State Ney mour and Stephen Bereaux, URCA senior case officer. Gena Gibbs /BIS HAVANA Associated Press C UBAsaid Sunday that the Obama Administration's decision to lift some travel restrictions on students, academics and religious groups and make it easier for Americans to send money were positive steps, but not near ly enough while Washington maintains its 48-year trade embargo on the island. The changes announced last week mean that students seeking academic credit and churches and synagogues traveling for religious purposes will be able to go to Cuba. Any U.S. international airport with proper customs and immigration facilities will be able to offer charter services to the island. The plan will also let any American send as much as $2,000 a year to Cuban citizens who are not part of the Castro administration and are not members of the Communist Party. Previously, only relatives could send money. "Though the measures are positive," Cuba's Foreign Ministry said in a statement Sunday, "they are well below what was hoped for, have a limited reach and do not change (U.S. Cuba." The ministry said most of the changes simply bring U.S. policy back to where it was during the Clinton Administration, before President George W. Bush toughened restrictions. They do not alter Washington's trade embargo, which Cuba refers to as a "blockade." CUB A SAYS US TRAVEL CHANGES NOT ENOUGH

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P AGE 8, WEDNESDAY, JANUARY 19, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM "As I watch these students and their families, all so proud of their accomplishments, I cannot help but feel sorry for them...How will they feel about themselves in this tourist industry, playing the role of servant so clearly constructed as being part of the nature of Bahamian culture." Dellareese Higgs, 2008 doctoral dissertation. It is clearly the case that, as a result of tourism, the Bahamas is chronically d ependent. Felix Bethel, College of t he Bahamas lecturer. Tourism is a form of leisure imperialism and represents the hedonistic face of neocolonialism." Malcolm Crick, British a nthropologist "While direct travel services g enerated $1.8 billion in e xport earnings, the econom y spent $1.9 billion on the purchase of merchandisei mports. It could be suggested t hat in the (Stafford Sands model, the state of foreign reserves is in fact the economys ultimate monetary target." Gabriella Fraser, researcher at the Central B ank of the Bahamas, 2001 "Because of our addictive reliance on foreign investmento ur appreciation for Bahamia n genius is negligible and in so doing we are oppressing Bahamians.... Our economic model per petuates an economic apartheid." Olivia Saunders, Col l ege of the Bahamas lectur er. "One can argue that B ahamian national pride is to a degree a product of brochure discourse, of touris-t ic marketing; that much of w hat Bahamians love about their country is what travellers and the tourist industry claimis worth loving." Ian Strachan, College of the Bahamas lecturer The world seems to be divided between people who predict rain and people who build arks. We know which one is easier. Let them con tinue to predict rain in the face of these opportunities. We will work with those who are in the business of building arks." Vincent VanderpoolWallace, Minister of Tourism. By LARRYSMITH THE preceding series of quotes (except for the last one) is fairly representative of the intellectual discourse over tourism, economics and identity that rages from time to time in the academic and cultural world, both here and abroad. Interestingly, this normally esoteric debate was thrown into sharp relief last week when Tourism Minister Vincent Vanderpool-Wallace and College of the Bahamas lecturer Olivia Saunders delivered diametrically opposing views at the Bahamas Business Outlook conference on Cable Beach. The theme of the conference was economic diversification. This discussion began with a description of our current economic model. What is often described as the "Stafford Sands model" for ease of reference, is really just an updated version of the oppressive 19th century colonial system, critics say. It is a typical dependency model, which was fashioned long before Sands was born. And it needs to be over thrown. Olivia Saunders said the creation of the Development Board in 1914 formalised earlier promotional efforts b y paying foreigners to bring t ourists into the colony and to develop hotels. In the 1 930s, promoters like Harold C hristie started selling B ahamian land to wealthy foreigners for second homesa nd other investments. The i nflux of foreign capital was driven by the absence of tax-es on earnings. And all this set the country largely on the course it travels today. Although Sands was not the originator of this econ omic model, he did take advantage of the global econ omic recovery after the Seco nd World War to dramatically expand tourism and f inancial services. Rapid economic growth in the 1950s and 60s was partly due to unprecedented promotional spending to position The B ahamas as a year-round t ourist destination. Saunders summed it up like this: "The Bahamian economic model is designed for the country to relinquish responsibility for its resources and the com manding heights of its econ omy. It is one where the role of the residents is to provide labour and to be consumers while the owners of the economy, foreign nationals and a small minority of locals amass great wealth. This was a model that ensured underdevelopment of our human resources, she said. "We maintain a tax and incentive regime that not only favours the foreign investor but oppresses Bahamians...An economy so designed does not have much need for a local intelligentsia...It is disastrous for us to continue using the present economic model of dependence and economic apartheid." Saunders offered a vague three-point plan to address these deficiencies. First, leverage the abilities of Bahamians who have the aptitude and expertise to own and operate anything that is vital to nation-building. Second, ensure that Bahamian capital and resources benefit Bahamians rather than foreigners. And third, accept that our current economic model is dysfunctional and incapable of producing the results we need. "Human beings are more than workers and consumers, and policy makers should not measure how well the nation is doing by how many jobs arise from this or that project or how many cars are purchased," she said to standing ovations from some in the audience. "My advoc acy is for a new economy s o fashioned that it portrays and liberates Bahamian brill iance; an economy that is c ongruent with healthy and s ustainable communities, and an economy that extendsw ealth to Bahamian citiz ens." Vincent Vanderpool-Wallace offered a different approach. While acknowledging that tourism was facing "stiff headwinds" due toa longer than expected recess ion, "what is often forgotten is that the most diversif ied economies on earth are n ot only going through the same troubles we are, these h ighly diversified economies are in fact the source of our troubles. And several American states and European countries are now in deepert rouble than The Bahamas has ever seen in recent t imes." According to the minister, "any initiatives to grow o ur economy in the short and long term must be grounded in activities that arise from making existing and accepteds trengths stronger, because w e know that any effort that requires massive training andr etraining of our population, w hile noble, is for the medi um and longer term and is less certain. So yes, I believe in diversification, but notn ecessarily diversification in the way that consumes so much debate." He went on to cite statis tics that may surprise some readers. For example, if Nas sau and Paradise Island were a separate country, it would r ank fifth in the number of stopover visitors, second in the number of total visitors and first in the number of cruise passengers in the entire Caribbean. Yet these t wo connected islands are l ess than 2 per cent of the total Bahamian land mass. "Today, this 2 per cent 'country' would be the third wealthiest independent nation in the hemisphere," he said. "If fully developing only 2 per cent of our islands yields these results, imagine what could happen if we began to utilize more of our natural assets. If we want to diversify, why not diversify like Toyota did in extending their brands of cars? Why not diversify within ones areas of strength and comparative advantage?" As we all know, the Bahamas is right next door to the United States, which constitutes 25 per cent of the global economy a propor tion that is likely to remain relatively stable for the foreseeable future despite the growth of emerging economies like Brazil, Rus sia, India and China. Collec tively, these nations account for less than 12 per cent of global GDP today. Vanderpool-Wallace pointed out that despite our proximity to the world's largest economy, "it is much less expensive and takes less time to travel from most places in the US to most competing destinations in the Caribbean than it does to travel to any of our Family Islands. Reducing the cost and time for travel to our islands will most assuredly lead to explosive growth and can turn our economy from the wind in our face to the wind at our backs." This will also make domestic travel for Bahami ans much more appealing compared to the current cost advantages of a trip to south Florida, he said. "The power of low-cost, high-quality air and sea transportation is no l onger a debate in our indust ry. Our Companion Fly Free p rogramme has been the most successful promotion inh istory, selling nearly 300,000 room nights, and the growth of our cruise business by more than 18 per cent lasty ear is adequate testimony t o the value of low-cost access to a Bahamas vacation." W hile Nassau and Par adise Island teeter on overdevelopment, Vanderpool-Wallace noted that weh ave failed to provide ade quate inter-island transportation, and argued that "Infrastructure developmenti n an archipelago depends as much on connections between islands as it does oni nfrastructure on islands." H e advanced a "mission to the moon" vision in which Bahamians living on nearby islands like Eleuthera orA ndros would commute to work in Nassau as we begin to develop the other 98 per c ent of the Bahamas more completely. "Such commutes are done every day around the world. Why not The Bahamas? Our overall mission must be to go back to the islands through the expansion of inter-island transportation and communications ser vices." He envisioned a future where containers arriving at the new port on Arawak Cay can roll off vessels and roll onto trucks for transporta tion to other islands to deliv er goods to the resident population, returning to Nassau with farm produce. And pas sengers would be able to take their personal vehicles with them to travel through the archipelago. This will accelerate the use of first and second homes in the islands and "make that globally desired idea of living and loving the island life immensely more accessible and attractive." Efforts are already under way, he said, to establish an electronic booking system for all of the air and sea transportation within The Bahamas so that residents and visitors can book and pay for their transportation from anywhere on the planet to anywhere in The Bahamas. Currently, visitors have to go to airports and seaports to make those arrangements in most cases. "Imagine all of the land sea and air transportation throughout The Bahamas owned and operated by Bahamians. Imagine the size of aircraft and volume of seats coming into Lynden Pindling International Airport if substantial numbers of those passengers are also connecting to other islands of The Bahamas." He said the government's o nline initiatives and a robust t elecommunications sector w ere essential ingredients of this Back to the Islandsv ision. And all that is required for Bahamians to be successful in tourism are bed & breakfast facilitiest hat can be viewed and b ooked online from any where in the world along with the necessary air ands ea transportation. "When those difficulties are overcome, we can enable hundreds to enter thet ourism business immediate ly all over the country. And incentives could be offered to Bahamians now livingo verseas or on New Providence to move to the Family Islands. The largest incentivet hus far is the governments d eclaration that it will tackle the problem of generation and commonage land," he said. "That will be the great e st distribution of wealth in our history." While broader diversific ation of the economy is a wonderful mantra, Vanderpool-Wallace said the exploitation of our existing tourism assets will be more beneficial over the short term. "Tourism cannot grow without other sectors contributing to that growth and growing themselves. It needs agricultural, legal, accounting, medical, engineering and software services. The more useful mantra is that one must compete in one's area of comparative and compet itive advantage. We have not come close to making maximum use of tourism." Quoting motivational trainer Steven Covey's comm ent that the main thing is t o keep the main thing the m ain thing," VanderpoolWallace said our main thingw as "100,000 square miles of the most salubrious waters in the world. If we continue to guard and protect thatr esource, it does not diminish i n size or value over the course of time, unlike the natural resources of manyo ther nations. We have more islands and more beaches than the rest of the Caribbean combined. We are now at the begin ning of the biggest educational, transportation and electronic infrastructured evelopment in our history," he said. "This is the begin ning of the wave to move us a ll forward, upward and o nward together. For the sake of our children and grandchildren, now is the time to give focused atten t ion to the development of our islands." The contrast between V anderpool-Wallace's common sense vision of empowerment and the bitter, near Marxist, approach of acade mics like Saunders could not be more marked. We would urge policy makers to extrapolate this vision and incorporate other sectors to produce a coherent national development strategy with opportunities for public input and debate. What do you think? Send comments to larry@tribunemedia.net Or visit www.bahamapundit.com Contrasting views on our economic model TOURISM MINISTER Vincent Vanderpool-Wallace (above O livia Saunders delivered diametrically opposing views. A A s s w w e e a a l l l l k k n n o o w w , t t h h e e B B a a h h a a m m a a s s i i s s r r i i g g h h t t n n e e x x t t d d o o o o r r t t o o t t h h e e U U n n i i t t e e d d S S t t a a t t e e s s , w w h h i i c c h h c c o o n n s s t t i i t t u u t t e e s s 2 2 5 5 p p e e r r c c e e n n t t o o f f t t h h e e g g l l o o b b a a l l e e c c o o n n o o m m y y a a p p r r o o p p o o r r t t i i o o n n t t h h a a t t i i s s l l i i k k e e l l y y t t o o r r e e m m a a i i n n r r e e l l a a t t i i v v e e l l y y s s t t a a b b l l e e f f o o r r t t h h e e f f o o r r e e s s e e e e a a b b l l e e f f u u t t u u r r e e d d e e s s p p i i t t e e t t h h e e g g r r o o w w t t h h o o f f e e m m e e r r g g i i n n g g e e c c o o n n o o m m i i e e s s l l i i k k e e B B r r a a z z i i l l , R R u u s s s s i i a a , I I n n d d i i a a a a n n d d C C h h i i n n a a .

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LOCAL NEWS THE TRIBUNE WEDNESDAY, JANUARY 19, 2011, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM owners would be revealed in the documentation. Parliament resumes today from its Christmas recess amid much speculation over the anticipated agenda. Debate is set to focus on amendments to the Business License Act tabled at the close of the last session. Until an agreement is reached over the terms of the sale, the government will not present any BTC documents, said Mr Turnquest. While there is already a signed Memorandum of Understanding, Mr Turnquest said the MoU is a document, perhaps 10 pages long, to say we agree to move in this regard and these are the main tenants. What is presently being finalised is the agreement of sale, which contains the fleshed out details of the sale, he said. The possibility existed that an agreement would have materialised yesterday, but up to press time there was no news of a deal. Other possible documents forthcoming include a share holders agreement, a vol untary workforce restruc turing plan and a pension feeder trust, according to the PLP. Regarding debate on the BTC sale, Mr Turnquest said segments of the media are perpetuating a misunderstanding of comments made by Prime Minister Hubert Ingraham. Clarifying the point, Mr Turnquest said the documents will not be released to any third party prior to them being tabled in the House of Assembly, and debate on the sale will not happen the same time the documents are tabled. Based on common practice and the voluminous nature of the documents, there will be at least two weeks before the debate is set, he said. of Director of Public Prosecutions. Thomas Evans QC, who represents the Judicial Legal S ervice Commission (JLSC submitted however that it would not have matteredw hat Mrs Grant-Bethell had said as the information was, ashe stated, out there. S enior Justice Jon Isaacs, however, said it was a most u nsatisfactory basis on which t o act. Attorney Wayne Munroe, who represents Mrs Grant-B ethell, said it was procedurally improper and irrational for the commission to r eceive a report from the Security Intelligence Branch, make a determination on that report and not make Mrs G rant-Bethell privy to that information so she could defend herself against any d isparaging claims. M r Munroe further questioned how, if the committee accepted that report, couldi t then recommend her months later for another post that had never been advert ised. He also noted that because the commission had not kept records of its meetings r egarding the selection of a new director of public prose cutions, Mrs Grant-Bethell h ad no way of knowing what a ctually transpired. Mr Munroe said Mrs GrantBethell had refused thed eputy law reform commissioner post and it was not open to the commission to r emove her from her position. He said she should have been allowed to remain as Deputy Director of Public P rosecutions. Mr Evans accepted the JLSC had not kept a record o f its proceedings. He quest ioned the consequences of such an action and noted that when persons come to JLSC,t he body is under the assumption that the person, having been recommended, i s deemed a fit and proper person for the post. He told the court that the criticism levied against the J LSC by Mrs Grant-Bethells attorneys was unjustified. Mr Evans said Mrs GrantB ethell had been invited to a m eeting to make a representation on her behalf. Mrs Grant-Bethell filed an a pplication for judicial review after being passed over for the post of Director of Public P rosecutions, and instead being appointed Deputy Law Reform Commissioner. Jamaican attorney Vinette G raham-Allen was appointed DPP instead. i n communication services our guests look forward to communicating back home to share their experiences and demand speed, reliabil-ity and stability. Its an important part of the guest e xperience. LIME (Cable and Wireless) has been a valuable partner to Sandals across the Caribbean we have been able to improve the efficiencies of the Sandals group and provide greater service to our guests b ecause of LIME. I expect to see LIME do great things for BTC and e specially for the hospitality industry in the Bahamas and believe they have the right track record for thej ob." M r Stewart is head of the Sandals brand that operates 20 hotels in the region, including three in the Bahamas one on Cable Beach andt wo in Exuma. W hen contacted for comment on the announcement, Mr Evans saida corporate backing did not change the reasons for opposing the sale to CWC. "I have no doubt that you may find some good stories in theC aribbean about any particular business relationship but that's neither here nor there. We don't need anyone telling us what Cable & Wireless is. We have done our own investigations, weh ave affiliates in the region who have nothing to gain, no motive involved w ho tell us how they have done busin ess," said the unionist. "Look at what they have done in Barbados to the Barbados Workers' Union," added Mr Evans, referring to LIME's decision to let go more than 100 workers in Barbados inm id-2009 to cut costs. The move was m et with resistance by Barbados' labour movement. According to published international reports, it was claimed that LIME did not engage with the union before sending out letters of dismissal and later rescinded the offers under publicp ressure. Meantime, Frank Comito, executive vice president of the Bahamas Hotel Association, said the hotel industry welcomed the improvements in telecommunications thata re expected after BTC is privatised. "Affordable, reliable Internet and p hone service is essential to our i ndustrys competitiveness, and our ability to generate business and service our customers," said Mr Comito. "On the business side, it underpins our financial transactions ando ur communications with buyers and s uppliers. Our customers, whether they are travelling on business or pleasure, expect to stay connected at a reasonable price. Its no longer an option, it's required to be competitive," he added. On December 2, 2010, the Gove rnment announced it had signed a Memorandum of Understanding with Cable & Wireless Communications for the proposed sale of 51 per cent of the shares of BTC. Since the announcement, the i mpending privatisation has been criticised by the labour movement a nd the opposition. H owever, the Government has not caved into the protests and expect to conclude the sale sometime next month. encounters continued while he was in the eighth grade, in the classroom during schoolh ours The witness told jurors that Birbal also had sex with him in his sons bedroom at his home in East Grand Bahama, and at his apartment in Silver Sands. On both occasions, he said Birbal picked him up in his cars a small grey car and a blue Toyota. He said Birbal showed him around the house. He took him to his sons bedroom, where he had sex with him on the bed. The young man said he never told anyone about what Birbal did to him because he was an active student in school and was afraid that people would look at him differently. He said Birbal would give him money, and sometimes he would also ask the teacher for money. Birbal also brought a stove and furniture to his familys house in Eight Mile Rock. He said Birbal got the items from his church for hurricane relief. Prosecutor Erica Kemp asked the young man to identify his teacher, he pointed out the accused sitting in the courtroom. Carlson Shurland, defending, asked the form er student when he filed a complaint to the p olice about what happened to him. The wit ness said he reported it in 2008 after leaving school. M r Shurland asked the witness if he enjoyed getting money and things from Birbal. Yes; every kid want money in their pock et, he replied. Mr Shurland asked: When you were 13years-old in the eighth grade, you knew what you were doing was wrong? The witness replied: At that age, I did not know it was wrong because Mr Birbal was my teacher and I respected him as a teacher. Anything he asked me, I would do it. The witness said the sexual relationship with Birbal ended in 2008 when he was 19. When asked if Birbal was the only man he had had sex with, the witness said No. Mr Shurland then asked if he had embarked on a homosexual relationship before Birbal, again the witness said No. You approached Mr Birbal? Mr Shurland continued. You said I love you and he said I dont love you like that. The witness denied Mr Shurlands asser tions. Birbal, 48, from Trinidad, is charged with unnatural sexual intercourse with two minors under age 18. The trial continues today. Major hotelier backs BTC sale to Cable & Wireless FROM page one S UPPORT: A dam Stewart Cheryl Grant-Bethell had no chance to defend herself against law job report FROM page one FROM page one BTC papers to go public Second student testifies in teacher sex case FROM page one

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SECTIONB business@tribunemedia.net WEDNESDAY, JANUARY 19, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.70 $4.72 $4.61 [Learn more at royaldelity.com] BAHAMASNassau:242.356.9801 Freeport:242.351.3010BARBADOSSt.Michael:246.435.1955 PersonalPensionPlanStrong investment performanceFlexible StructureCompetitive feesEfcient administration By NEIL HARTNELL Tribune Business Editor E nhanced reporting requirements could give the B ahamian financial services industry the opportunity to g o after US clients once again, a leading accountant said yesterday, pointing out that marginal, per client com pliance costs would be sub s tantially reduced by upfront systems investment. L awrence Lewis, the Deloitte & Touche ( Bahamas) partner, speaking to Tribune Business after addressing a Bahamas Financial Services Board (BFSB seminar on the issue, said the US Foreign Account Tax Compliance Act (FATCA provisions would create a regulatory level playing field s ince all jurisdictions would be required to adhere to its stipulations. Warning that FATCA, which is set to be implemented from January 2013, would have a reasonably large impact on Bahamasbased financial institution from a compliance and Know Your Customer perspective, Mr Lewis pointed out that in every storm an opportunity beckoned for this nations financial ser vices industry. One of the things I did raise with the [seminar] group is that I personally think there Tighter reporting opens US market up for Bahamas Accountant says new US compliance demands create chance to go after US clients again via lower per client costs* Requirements to have reasonably large impact on Bahamian financial services* Two-year window in which to comply LAWRENCELEWIS SEE page 4B By NEIL HARTNELL Tribune Business Editor City Markets principal yes terday said the 10 per cent price reductions implemented in most product categories since its new 78 per cent majority owner took control last November should help to mitigate the anticipat-e d rise in food prices this year. M ark Finlayson, also head of Bahamas Supermarkets largest shareholder, TransCITY MARKETS CUTS PRICES 10% IN MOST AREAS Chain hopes reductions will mitigate impact of rising food, fuel prices* Adds that no proper rhyme or reason or margin consistency under previous owner which may have been applying Trinidad-style prices SEE page 4B By NEIL HARTNELL Tribune Business Editor The Government will inject $39 million into a Feeder Trust to cover the deficit in the existing Bahamas Telecommunications Company (BTC draft copy of the Memorandum of Understanding (MoU the companys sale reveals, with the $210 million purchase price also subject to potential change. Sources close to the Government-appointed privatisation committee yesterday confirmed to Tribune Business that the MoU leaked to the opposition Progressive Liberal Party (PLP signed with Cable & Wireless Communications (CWC the sale of the 51 per cent BTC stake. Although the MoU is non-binding, and the Government, privatisation committee and CWC remain locked in negotiations over the final details of the sale, Tribune Business was told that the document deals with the main issues surrounding BTCs sale. The PLP yesterday attacked the MoU, criticising it for barring Bahamian ownership opportunities, linking this to the Bahamas for Bahamians campaign, and the ongoing debate about economic empowerment and ownership opportunities for Bahamians. Yet sources close to the BTC privatisation committee told Tribune Business that the MoU was a very protective document for the Government, containing a host of veto rights for it. CWC declined to comment. $39m to cover BTCs pension fund deficit SEE page 4B DECEMBER SOFT-OPENING: The Elizabeth on Bay Marketplace & Marina. By NEIL HARTNELL T ribune Business Editor Despite total investment costs having risen from a projected $12 million to $14 mil l ion, one of the principals behind the Elizabeth on Bay d evelopment yesterday said it would be an anchor for a part o f Bay Street thats been derelict, with a grand opening tentatively scheduled for midMarch. Charles Klonaris, who together with his two brothers has renovated and transformed the former Moses Plaza on Bay Street, told Tribune Business t hat only four retail spaces in Elizabeth on Bay remained available, some 10 stores and a Mediterranean restaurant having already secured their spot. With four of the 10 retailer still fitting out their interiors, Mr Klonaris said he had pen cilled in a mid-March date for a grand opening, looking to this into when the 200-seat Mediterranean-style restaurant, Blu, overlooking Nassau Harbour would be in operation. Explaining that he and his brothers had been very dis cerning in ensuring the right retail, restaurant and product mix was present at Elizabeth on Bay, Mr Klonaris told Tri bune Business: We have four spaces left. We always get calls, but we have to be very selective. There is a lot of interest in stores coming in, but what were looking for is diversity in product lines. We will not pick anything; we want to get diverse stores for the plaza. Apart from the Courtyard Cafe, existing tenants for Elizabeth on Bay include a pharmacy with a clinic, Lacoste, Urban Myth and La Molina. Others set to be ready within a month include the likes of Lickety Split, Haagen Dasz and Seacret Design, while an eight$14m retail anchor for derelict Bay Street area SEE page 2B By ALISON LOWE B usiness Reporter alowe@tribunemedia.net A newly-merged Caribbean Airlines and Air J amaica will seek to form a pan-Caribbean airline conglomerate with Bahamasaira nd others, an Air Jamaica executive said yesterday, suggesting the move wouldl ead to more "economical" travel for people in the r egion. Will Rogers, Air Jamaica's chief of sales, saidt hat he expects the merged company, now valued at $ 500 million, will begin negotiations "in the next three to four months" withB ahamasair and Liat in the Caribbean in the "hope of forming a conglomerate "We realise the success of the airline will depend on those sorts of alliances," Mr R ogers said. He was speaking at a press conference held by Air Jamaica at theH ilton's Rose Hall Resort in Montego Bay yesterday. S uch a move would "have mutual benefit for Bahamasair and Air Jamaica", sug-g ested Mr Rogers. "I think the movement of passengers between the islands will bem ade a lot easier and a lot more economical." T he announcement comes as Caribbean Airlines takes over the operation of theA ir Jamaica brand, having bought all but 16 per cent o f the former Jamaican national carrier from the Jamaican government lasty ear. In the wake of the deal, the company has determined that it will expand the routes both airlines service including extending Air Jamaica's service into Lond on, UK, with three weekly flights starting in July of this year. A ir Jamaica will continue to fly routes into and out of M ontego Bay and Kingston, Jamaica, to New York, Philadelphia, Toronto, FortL auderdale and Miami in the US, and Nassau. Caribbean Airlines. with itsh ub in Port of Spain, Trinidad, flies to New York, P hiladelphia, Toronto, Fort Lauderdale and Miami in North America; St Maarten,A ntigua, Barbados, Grenada, Tobago and Kingston in t he Caribbean; Guyana, Suriname and Venezuela in South America T he suggestion of a conglomerate being formed that Regional airline talks with Bahamasair eyed SEE page 3B By ALISON LOWE Business Reporter alowe@tribunemedia.net Executives at both the Sheraton Nassau Beach Resort and the Wyndham Nassau Resort and Crystal Palace Casino yesterday said they were looking for ward to "marginal" growth in 2011, a senior executive at the former reporting that the management company does not fear visitors being turned off by con struction activity associated with the Baha Mar development. Andrew Neubauer, director of sales and mar keting for the Sheraton Nassau Beach Resort, said Starwood Hotels, which manages the hotel, believes the Baha Mar development the $2.6 billion redevelopment of the Cable Beach area which is set to turn transform the strip into a vacation "metropolis", according to its developer is "nothing Cable Beach resorts eye mar ginal growth SEE page 3B

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BUSINESS PAGE 2B, WEDNESDAY, JANUARY 19, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM When Bahamas Realty chief executive L arry Roberts told Silvina Andrews she was the real estate company's top performer for a second time, Ms Andrews threw her head back and laughed. "I thought he was either kidding or teasing m e," she said. To Ms Andrews, the reality of being number one in a competitive environment liker eal estate in a year that was anything but record-setting was, well, about as foreign as t he thought of missing one of her son's baseball games. A nd that, says Mr Roberts, could just be the secret to her success. "It might be the unassuming nature, gent le touch and steady dedication that make Silvina such a winner," said Mr Roberts. She's hard-working, but soft and sincere. Those who deal with her don't want to go to anyone else. They trust her." M s Andrews, who has been with Bahamas Realty for all her 14 years in the industry, was the top performer in 2007, just before the US housing bubble burst, triggering falling prices and harder-to-access financ-i ng. Upside T he downturn, she said, had an upside, leading to the construction of gated com munities that were no longer just for the w ealthy and offering greater accessibility to water view properties for middle income families. "It's still about personal relationships," said Ms Andrews. A few years ago, shef ound the perfect home for a client who arrived to head a major international bank. She has obtained the bank's work ever since, building on the relationship and making the process of relocation for new staffers ass eamless as possible, often going beyond locating a suitable rental to handling utilities and advising on the best schools, doctors and fastest pizza delivery. Providing infor-m ation is not a problem. The challenge arises when a little online research has made others from abroad instant experts. But that same online appeal has blurred the lines between real estate companies. It's not like it was when there were five big companies," Ms Andrews said. "There are hundreds of agents and associates offer-i ng virtual tours of property and every year, expectations increase, browsing becomes m ore sophisticated. Just when you think you've got some fantastic new feature, you start blogging, and then when you start blog-g ing, it turns out everyone is and you have to find the key words to make an impact. It empowers the buyer and keeps us on our toes." Technology is so critical to real estate that t he one course Ms Andrews took recently to keep abreast of trends was online marketing, an 80-hour course she took online. Her firm, Bahamas Realty, recently celebrated 60 years and merged with ParadiseS ales & Rentals. rust is critical for top realty performer KRyS Global, the accounting firm specialising in corpo rate asset recovery, insolven cy, forensic accounting and business advisory services, has named Tangela Russell as manager of its Bahamas office. She joins the firm with more than 10 years of accounting experience, most recently holding the positions of regional head of accounting at a Bahamas-based private bank and manager at a major accounting firm. She is a licensed Certified Public Accountant, and holds a Trust Diploma from the Bahamas Institute of Financial Services. Mrs Russells employment comes at a time when the firm has undergone a rebranding exercise that included a name change, from Krys Rahming & Associates to KRyS Global. The new name indicates the firms recent growth and expansion to additional inter national markets, and the need for a single identity across its offices. We are extremely pleased to welcome Tangela to the KRyS Global team. She brings a broad base of accounting experience to the firm, as well as financial expertise combined with a sol id reputation, said Edmund Rahming, managing director. KRyS Global has 40 staff who work from offices in four jurisdictions: the Cayman Islands, the British Virgin Islands, the Bahamas and Bermuda. They specialise in providing corporate recovery, fraud investigation and forensic accounting, money laundering investigations, business advisory services, consulting and regulatory compliance services. Accounting firm names manager The Know Your Customer Essentials session at the Intern ational Business & Finance Summit (IBFS next week will look at the s ources of funds for owners of c apital, and review their busin ess success and trends/transit ions across targeted markets. Panelists will also discuss h ow choices are made with regard to the internationalf inancial services industry and, in particular, the factors i nvolved in choosing international versus domestic products a nd services. Some of the questions that will be answeredi nclude: How do owners of capital a pproach estate planning, and what are the popular planning s tructures being deployed? What has been, and will be, c hallenged? What are the cultural n uances that make or break a relationship with an external relationship manager? Presenters will include W illiam Heuseler, chief wealth planning officer and head of w ealth planning international at Ita Private Bank Internat ional; Pedro Ramrez, found ing partner of Turanzas, Bravo & Ambrosi; and Joseph A. F ield, senior international partner and senior resident partner Asia at Withers Bergman L LP. They will examine cust omer essentials by region: A sia, Latin America, and Canad a. Bahamas Financial Services B oard chief executive and executive director, Wendy C. War-r en, said IBFSs business devel opment focus makes it imperat ive that industry stakeholders "know" who the customers are across regions and sectors. "Understanding what our c ustomers want and how that i mpacts how we do business is critical", she said. "Basically,t his plays a huge role in our strategy development and mark eting initiatives." IBFS 2011 takes place at the R adisson, Our Lucaya, from January 21-23. M r Heuseler is a tax, trust and estate planning attorney with over 15 years of experience dealing with high-net worth clients. Prior to Ita, he w orked at UBS AG as country coordinator Brazil offshore p latform; at Smith Barney-Cit igroup as a wealth planner; at S afra Group as the head of the legal and trust affairs division; and Citco Group as a trust offic er. Mr Ramrez hails from one of the top tax law firms in Mexi co. During his professional c areer he has developed subs tantial expertise in the repres entation of ultra high net worth individuals and multinat ional entities. He is highly involved in estate and wealthp lanning. Based in Hong Kong, Mr F ield represents international families on structuring their a ffairs and estate planning, and advises financial institutionsc oncerning the establishment o f international trust companies and a wide variety of finan-c ial services, particularly with respect to life insurance. H e is editor of Private Wealth Management, a direc-t ory for the Private Banking industry; editor of Investing t hrough Life Insurance, a book for the International Tax Planning Association (ITPA of Planning and Administration of Offshore and Onshore Trusts ( with Simon Jennings and Anthony Travers), a book for S TEP; and co-author of Asset Protection Trusts with Milton G rundy and John Briggs. WILLIAMHEUSELER JOEFIELD PEDRORAMIREZ FINANCIAL SUMMIT DUE DILIGENCE FOCUS TOPPERFORMER: Silvina Andrews. It might be the unassum i ng nature, gentle touch and steady dedication that makeS ilvina such a winner She's hard-working, but soft and sincere. Those who deal with h er don't want to go to anyone else. They trust her." Larry Roberts strong Bahamian group is taking one of the larger stores to create different Bahamian artifacts and authentic products, ranging from upscale straw bags to jewellery and shell designs. Mr Klonaris said he was still organising Elizabeth on Bays marina, which will have a major tour operator presence, helping to drive more foot traffic to the upscale shopping plaza. By next month well have that in order, he added. Although it depends on the size of the boats, were looking for around 10 spaces. Among those committed to taking berths are Sunshine Tours, with its catamaran, and the 104foot Illusion, the luxury yacht that goes on charters to the Exumas. While it was still early, Mr Klonaris said more consumer traffic was coming to the downtown Bay Street area where Elizabeth on Bay was located. Asked about the end product, he said: I am very satisfied. It took a little longer than anticipated, but so far we are very happy with the quality of the stores, the product mix, and night time in the Courtyard Cafe is very beautiful, very relaxing. I think what youre going to see is a really spectacular plaza that anchors a part of Bay Street thats been derelict. Boost Mr Klonaris said a further boost would come with the relocation of the container shipping facilities from downtown Nassau to Arawak Cay, something that was anticipated to happen in March/April 2011. This would remove much traf fic from Bay Street, aiding revitalisation efforts, and freeing up 30-40 acres on the waterfront for redevelopment. Apart from the restaurant, retail, hotel and entertainment facilities, Mr Klonaris said a key requirement was the provision of condos to entice Bahamians to come back and live in downtown Nassau, making it a -hour city. $14m retail anchor for derelict Bay Street area FROM page 1B

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BUSINESS THE TRIBUNE WEDNESDAY, JANUARY 19, 2011, PAGE 3B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM may include Bahamasair was previously raised in 2009 by former Trinidad and Tobago Prime Minister Patrick Manning, who said his government would be looking at entering negotiations with LIAT after the deal between the Trinidadian Caribbean Airlines (CAL consummated, in an effort to setting the stage for the creation of one regional car rier comprising CAL, Air J amaica, LIAT and possibly Bahamasair. However, prior to Mr Roger's comments yesterday, such discussions had gone quiet after the change of government in Trinidad and Tobago in 2010, in which Mr Manning's party lost to Kamla Persad-Bissessar's People's Partnership coalition. Asked about the time frame in which CAL/AirJ amaica would like to see a conglomeration with Liat and Bahamasair, Mr Rogers said: "Discussions will start this year. Certainly this year you will see a different airline which will be far reaching as far as development is concerned in the Caribbean and beyond." Regional airline talks with Bahamasair eyed FROM page 1B but a positive. "We don't see it really impacting the Sheraton. We think we'll be insulated from (the construction activity right on the beach, all the guestrooms face the beach or havea view of the water, so we feel very positive about it," said Mr Neubauer. He spoke with Tribune Business at the Caribbean Marketplace 2011, a massive tourism trade show taking place in Montego Bay, Jamaica, this week. Hoteliers, attraction operators, restaurants, transporation companies and touristb oards meet with each other and tour operators to do industry deals at the event, as well as with the media, to highlight new developments with regard to their products. M r Neubauer said the Sheraton Nassau Beach, which underwent a $90 million renovation in 2007, "did well yearover-year" in 2010, although the final outcome remained" slightly below expectations". The Starwood executive said that in 2011, the company e xpects there to be "marginal growth" in revenue coming from the hotel, with weddings, honeymoons and family business a key driver. Honeymoons "Our destination honeymoons and weddings continue to be strong, family getaways, family travel. That's why wea re going to re-launch Love Your Family in 2011. We have an aquaventure package that's just been introduced at the r esort to give you an upgraded experience. Children 12 and under can dine free, and there's a $50 food and beverage credit. We also guarantee connecting rooms for families, ift hey bring grandparents, children's friends etc, so that's a really big plus for them," said Mr Neubauer. M eanwhile, Mary DiPasquale, director of leisure sales for the Wyndham Nassau Resort and Crystal Palace Casino, the property neighbouring the Sheraton on Cable Beach,s aid the company "achieved (its' 2010. As for the coming year, Ms DiPasquale said: "It's still a little hard because the pacing is (towardsl ast minute bookings at the property now, but so far from what I can tell we are pacing ahead at this point, over 2010." Cable Beach resorts eye marginal growth F ROM page 1B Sandals chief executive has backed the Governments selection of Cable & Wireless Communications (CWC its regional subsidiary, LIME, to acquire a 51 per cent stake in the state-o wned telecommunications company, s aying it could be expected "to do great things for BTC." A dam Stewart, head of the resort b rand that operates 20 hotels in the region, including three in The Bahamas one on Cable Beach and two in Exum a called LIME "a valuable partner". "The hospitality industry expects and deserves the best in communication services our guests look forward to communicating back home to share t heir experiences and demand speed, r eliability and stability," said Mr Stewart. Its an important part of the guest experience. LIME has been a valuable partner to Sandals across the Caribbean we have been able to improve the efficiencies of the Sandals group and provide greater service to our guests because of LIME.I expectt o see LIME do great things for BTC, a nd especially for the hospitality industry in the Bahamas, and believe they h ave the right track record for the job." T he Government announced on December 2 that it had entered into a Memorandum of Understanding with C able & Wireless Communications for the proposed sale of 51 per cent of BTCs shares. Both parties are in the due diligence stage now and a business plan is being developed. A closing date for the deal h as not been announced but is expecte d in the first quarter of the year. Meantime, while stopping short of e ndorsing the Government's selection of a strategic partner to prepare BTC for competition, executive vice-president of the Bahamas Hotel Association, Frank Comito, said the hotel industry welcomed improvements int elecommunications. Affordable, reliable internet and phone service is essential to our indus-t rys competitiveness, and our ability to g enerate business and service our customers," said Mr Comito. "On the business side, it underpins our financial transactions and our comm unications with buyers and supplie rs.Our customers, whether they are travelling on business or pleasure, expect to stay connected at a reasona ble price.Its no longer an option, it's r equired to be competitive," he added. BTC is one of the last governmento wned telecom monopolies in the world. Sandals chief backs CWC to acquire BTC NATIONAL AIRLINE: A Bahamasair plane on the tarmac. INSIGHT F or the stories behind the news, read Insight on Mondays CHIP CUTTER, AP Business Writers MATTHEW CRAFT, AP Business Writers NEW YORK Boeing Co. and Caterpillar Inc. led stocks higher on Tuesday, pushing the Dow Jones industrial average to its highest close since June 2008. Boeing rose 3.4 percent after reporting that it expects to deliver its long-awaited 787 jet in the third quarter. Caterpillar gained 2.8 percent. The two companies contributed more than half of the Dow's 50 point rise. Indexes swung between gains and losses earlier in the day. Apple Inc. weighed on the Nasdaq composite index after the company announced that its CEO, Steve Jobs, was taking another medical leave. Apple fell 2.2 percent to $340.65. After the market closed, Apple said its net income soared 78 percent in the holiday quarter. The company sold 16 million iPhones, an 86 percent increase from the year before, and about a million more iPads than analysts expected. Banks dropped after Citigroup Inc. reported earnings that fell short of analysts' fore casts. Citigroup fell 6.4 percent. Bank of America lost 1.6 percent. Delta dropped 8.2 percent after winter storms caused its earn ings to come in lower than investors had expected. The Dow rose 50.55 points, or 0.4 per cent, to close at 11,837.93. The Dow has already gained 2.2 percent this year as optimism builds about the economy. The index rose 11 percent last year, or 14 percent including dividends. The Standard & Poor's 500 index edged up 1.78, or 0.1 percent, to close at 1,295.02. The Nasdaq rose 10.55, or 0.4 percent, to 2,765.85. European markets rose after Greece raised $865 million in another suc cessful bond auction. That allayed concerns about Europe's financial system, which have been a drag on U.S. markets. Bond prices fell, pushing their yields higher. The yield on the 10-year Treasury note rose to 3.37 percent from 3.32 percent late Friday. U.S. markets were closed Monday for the Martin Luther King Jr. holiday. Rising stocks outpaced falling ones by a small margin on the New York Stock Exchange. Consolidated volume was 5.2 bil lion shares. USSTOCKS Stocks shrug off bad earnings reports

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BUSINESS PAGE 4B, WEDNESDAY, JANUARY 19, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 3/$17(&+1,&,$1 could be an opportunity for the Bahamian financial services industry to go after US clients, Mr Lewis told Tribune Business. If youre in the FATCA regime and invest in all the regulatory architecture compliance, infrastructure, people and processes while that will not take you all the way in terms of reporting for US clients, it will take you substantially along thew ay. Whereas before weve said the cost of compliance is so much greater for US clients, that incremental cost of compliance for US persons will be substantially reduced by the initial investment in systems/processes, thus reducing marginal costs. So now you have got an opportunity to go after the US market, Mr Lewis explained to Tribune Business. I think this one, to me, starts to open the US market back up for us. Were on a level playing field. President Obama signed FATCA into law in March 2010, but the accompanying regulations and guidelines have yet to be issued. The reporting period and requirements are now expected to take effect in January 2013, thus giving the Bahamian financial services industry two years to prepare for even more onerous compliance demands. Warning that the devil is always in the detail, Mr Lewis, who serves as Deloitte & Touches FATCA programme head for the Bahamas, said that while it was complementary to the existing Qualified Intermediary/Qualified Jurisdiction initiative, this would sit on top of that. FATCA, he explained, focused on reporting all accounts held by US-connected persons to the Internal Revenue Service (IRS institutions to identify and disclose US beneficial facility owners. Failure to do so will result in sanctions, such as the application of 30 per cent and up withholding taxes on US-sourced income. It casts a pretty wide net, Mr Lewis explained, and makes almost every financial institution a de facto arm of the IRS, certainly in terms of the information gathering process. It forces them into being part of the regime and providing information on US account holders. He added that FATCA also captures information on cash flows transiting the US on what are deemed withholdable payments, such as interest, dividends and the gross proceeds of any sales. The penalties for non-compliance were pretty hefty. Warning that the two years to FATCA compliance would go by pretty quickly for many Bahamian financial institutions unless they were prepared, Mr Lewis said of the likely effects on this nation: Some people may differ in their assessment, butI think its going to have a reasonably large impact. While the Bahamas largely shied away from US clients, many private banks and trust companies saying they were not interested in US clients because of the high compliance efforts and risk associated with taking them on, Mr Lewis said FAT-CA would thrust increased compliance, reporting and new systems on them in any event. I think theres going to be a reasonably high impact from this in the sense that any organisation in the FATCA regime is going to have to revisit KYC information across all existing clients, determine whether theyre US persons or not. If they are US persons, you have to gather additional information around them. Depending on the type of entity, you may have to peel the onion back to who are the underlying ben-e ficial owners, and that can be a complex effort. If you look at our KYC, that took 10 years, and some insti tutions still have accounts not determined [ownership] from the KYC perspective. Now, FATCA was asking Bahamian institutions to do more, but in a two-year window, not 10. While many clients may say they had no need to interact with the US markets and financial system, Mr Lewis said this did not hold from a practical standpoint, since 50 per cent of the worlds securities and payments originated from there. FATCA, he added, was all about extending the IRS reach and ensuring tax compliance by all US citizens. The way it is structured impacts everyone in all jurisdictions, Mr Lewis said, saying it made it less attractive to hold non-compliant accounts and facilities. The US was determined to identify US-owned accounts and ensure it was getting the correct tax payments on them, achieving total transparency. Tighter reporting opens US market up for Bahamas F ROM page 1B Island Traders, told Tribune Business that he had found no proper rhyme or reason in the nine-store supermarket chains pricing policy upon taking over. He added that there was no consistency in the margins applied to many products, and suggested that previous majority owner, BSL Holdings, may have applied Trinidad-style margins familiar to its operating partner, Neal & Massy, that were foreign to the Bahamas. Analysing the impact increased trans portation costs, plus rises in the cost of key food staples, would have on City Markets business and consumer prices, Mr Finlayson said the supermarket chains major US suppliers were already hedging in a bid to hold costs stable. Acknowledging that he expected a slight increase in City Markets prices as a result, with costs for corn and soybean key inputs to feeds used in the dairy, poultry, meat and eggs industries hitting 30-month highs last week, Mr Finlayson said: We were just talking to our chief supplier today, and theyre hedging a little bit. In this kind of market, it will be a few weeks to a month at this time in terms of them keeping the prices stable. I think there will be some increase. Agreeing with an interview given by City Markets chief competitor, SuperValue owner and president Rupert Roberts, within the past week, Mr Fin layson added: I am concerned, like him, about the price of fuel going up, but I dont think the prices are going to go up as high as they did a few years ago. In August 2008, global oil prices peaked at $147 per barrel, but the City Markets principal told Tribune Business: I think were seeing a blip on the horizon. I dont think thats going to happen again. I think what were seeing right now is a blip on the radar, and its not going to cause as big a problem as it did in 2008. Noting that there were things both inside and outside the companys control, Mr Finlayson said City Markets would continue to focus on better customer service and a better shopping experience. I think if we keep doing what were doing, I think we will gain more market share as time goes on, no matter what food prices will be, he added. We are talking to our suppliers. We dont have any information on what prices are going to be, but they have hedged a bit, because it keeps prices stable. Former Burns House executive Ed Wilchinski had been hired as City Markets chief administrative officer over theC hristmas holiday to ensure the supermarket chain maintained proper pricing. There was no rhyme or reason to pricing at City Markets, Mr Finlayson said. Prices have actually come down over the last month or so, and we still have a bit of work to do. In some categories, they came down at least 10 per cent. Using the example of cornflakes, Mr Finlayson said both Kelloggs and the in-store brand variety were priced at about $5.19 when Trans-Island Traders took over, something that made absolutely no sense. There was no consistency in the mar gins; no proper rhyme or reason, Mr Finlayson said. Kelloggs Cornflakes hada margin that was too high in the first place, if judged by US standards. The inhouse brands price, meanwhile, had been reduced to $3.20, both brands enjoying the same margin. Mr Finlayson said the same issue was discovered with the McArthurs orange juice brand, which was priced much high er than all other brands at $7.99 per five gallon bottle. It was now at $5.99 after the proper margin had been applied. We have brought our prices down to what they should be. Our predecessors may have been applying margins in Trinidad that were foreign to our market. I think youre going to see prices overall come down, so the impact of the price rises will not be as bad as you think.I think, overall, the consumer will see a rise, but a slight rise. What were doing is lowering the prices in the market in the first place, which can only be good for the consumer. CIT Y MARKETS CUTS PRICES 10% IN MOST AREAS FROM page 1B MARK FINLAYSON $39m to cover BTCs pension fund deficit Apart from revealing that the $210 million purchase price was dependent on the cost of the [BTC] workforce restructuring, and these assumptions will be checked by CWC in its due diligence, o ther interesting aspects in the MoU were: The plan for BTCs voluntary workforce restructuring, which is likely to involve a 30 per cent or 400 person reduction in BTCs staffing levels, was supposed to have been completed on January7 2011. The restructuring will start as soon as practicable following completion of the sale to CWC, and be completed by the first anniversary of privatisation. No further formal downsizing will happen during the first two years after privatisation. The bidding process for a second cellular licence in the Bahamas will not be launched before the third anniversary of the privatisations conclusion. That is unlikely to please D igicel, Cable Bahamas and other aspirants, because it means that, at the earliest, bidding on a second cellular licence will not start until February 2014. And, given that it will likely take two years to award the licence and for the winner to set-up, proper competition in this key market may not arrive until February 2016 at earliest five years away. And a third cellular licence will not be issued until five years post-privatisation. If the Government breaches these undertakings, it will be subject to a sliding scale of fines. These are $100 million for a breach in the first year of privatisation, dropping to $80 million in the second year, $40 million in the third, and $20 million in the fourth and fifth years. BTCs Board post-privatisation will have seven directors, four nominated by CWC and three by the Government. CWC will appoint the chair, and the Government, the deputy chairman. The MoU says: Each shareholder in the company will have the right to appoint one director for every 15 perc ent of the shares held by it. H owever, notwithstanding this, the Government will have the right to appoint two directors when it stake is between 24-30 per cent, and CWC can nominate up to four directors if its holding is between 50-75 per cent. CWC will have the majority on all Board committees, and be responsible for finding the chief executive, chief operating officer and finance director, all subject to Board ratification. The MoU said: Although the day-to-day administration, operation and management of the company will remain substantially in the Bahamas, the parties acknowledge that certain aspects will be provided through CWCs regional offices. When it came to CWCs LIME subsidiary providing regional support services, fees incurred will be passed on to BTC at cost, with a 9.5 per cent margin charged on LIME employees wage and salary costs. The same applied to services provided by LIME for special projects, with a 6 per cent margin placed on its employees wages and salaries. And brand, intellectual property, know-how and entrepreneurial services provided by LIME would incur a fixed fee equal to 2 per cent ofB TCs gross revenues. On pensions, the existing BTC defined benefit plan will be closed to new entrants post-privatisation, with a new defined contribution scheme set up within six months. BTC will pay contributions equivalent to 10 per cent of staff salaries into the new scheme. With the existing scheme, BTC will pay 10 per cent contributions for members, pay its administrative costs and compensate the scheme for any funding strain caused by the workforce restructuring. The Government will pay $39 million into a feeder trust to cover the existing BTC pension schemes liability, something the PLP charged meant that the net price the G overnment will receive for the 51 per cent stake amounts to $178 million $210 million plus $7 million in Stamp Taxes, minus the purchase price. CWC will only be able to transfer its BTC shares without the Governments prior consent to a company that is either an established telecommunications company with substantial operations, or is a consortium that has a major telecoms operator as a leading shareholder with at least 20 per cent. A leading telecoms operator was defined as one with three international licences,o ne million total customers, or a market capitalisation of at least $750 million. The PLP said such thresholds prevented Bahamian entities from owning BTC, but a source close to the privatisation committee told Tribune Business it did not. The MoU, they said, simply meant that Bahamians, in partnership with a telecoms o perator, would have to seek government approval to buy. FROM page 1B JIM KUHNHENN, Associated Press WASHINGTON Chinese President Hu Jintao arrived Tuesday as President Barack Obama prepared to welcome him with a careful mix of firmness and warmth befitting the leader of a nation that is at once the largest U.S. rival and most important potential partner. Tensions over currency and trade policies, a search for common ground on national secu rity and U.S. finger wagging over Chinese internal governance and human rights will dominate the visit. But any edge in the talks will be softened by an unusual private White House dinner Tues day night between Hu and Obama, and a high-pomp state dinner Wednesday with all the trappings afforded to a world power. For Hu, that would be an accomplishment in itself. The United States has stiffened its position against China after initial entreaties from the Obama administration, and any images of a friendly welcome in the United States could serve to polish Hu's image at home and to soften the American public's suspicions about China. Hu received red carpet treatment upon landing Tuesday afternoon at a wet Andrews Air Force Base, where he was greeted by Vice President Joe Biden and a military color guard. For Obama, the visit represents an opportunity to carry out the engagement he promised would be a trademark of his foreign policy. But Obama also is under pressure to show resolve as a range of interest groups, from business leaders to human rights advocates, press the administration to stand up to Beijing. The White House on Tuesday stressed that Obama did not intend to avoid difficult subjects. "Whether we're dealing with economic discussions; whether we're dealing with those in the security realm; or whether we're doing those with human rights, I think this is an argument that we have and we'll continue to make to the Chinese and push them to do better," White House spokesman Robert Gibbs said. A key moment will come Wednesday when Obama and Hu appear at a brief news conference. The two will take four questions, two from U.S. journalists and two from Chinese reporters. The White House insisted that the two leaders face reporters. In China, Hu's public appearances always are under con trolled circumstances that do not lend themselves to spontaneity. Hu took questions at a 2005 news conference with President George W. Bush in Beijing, but he refused to do so when Obama visited in 2009. When it comes to economic discussions, U.S. companies have been longtime critics of Chinese policies that kept its currency low relative to the dollar. A low-priced yuan makes Chinese products cheaper in the United States and U.S. products more expensive in China. Two senators, Democrat Sherrod Brown of Ohio and Republican Olympia Snowe of Maine, sent a letter Tuesday to Treasury Secretary Timothy Geithner informing him that they plan to introduce legislation that would penalize China if it should continues to manipulate its currency. With the yuan rising 3.5 per cent against the dollar since June, the currency dispute has in part given way to U.S. com plaints about theft of intellectual property and barriers to Chinese contracts for U.S. firms. In a letter to Obama on Tuesday, a coalition of financial organizations urged the president to prod the Chinese to open their financial services sector to greater competition. Agenda for visit by Hu includes trade and security

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BUSINESS THE TRIBUNE WEDNESDAY, JANUARY 19, 2011, PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM PALLAVI GOGOI, AP Business Writer NEW YORK Citigroup Inc. was profitable in the fourth quarter, but only after reaching into reserves that it no longer needed for loan losses. Revenues from trading stocks and bonds fell sharply. The New York bank reported fourth-quarter income of $1.3 billion Tuesday, or 4 cents a share, falling s hort of the 7 cents expected by analysts surveyed by FactSet. Citi's stock fell 6 percent to $4.82 in heavy trading. The results were an improvement from the loss of $7.6 billion, or 33 cents a share, reported for the same quarter of last year. Revenue was $18.4 billion compared to $5.4 billion a year earlier. Last year's revenue took a hit when the company paid backpart of the bailout money it received from the government. F or the year, Citigroup earned $10.6 billion on revenue of $86.6 billion. It was the first full year of profits for the bank since 2007, when CEO Vikram Pandit took over the top job. T he bank's losses from lending fell 11 percent from the previous quarter to $6.9 billion as more of its customers became able to keepup with their payments. It was the sixth straight quarter of declining lossesf rom lending. The lower loss es allowed the bank to release $2.3 billion from reserves it set aside for bad loans. Bond trading revenues fell 32 percent to $2.3 billion. Bond prices fell sharply in the fourth quarter and fixed i ncome trading was volatile as Ireland asked its European neighbors for a bailout. Citigroup's revenues from stock trading fell 24 percent to $808 million. Citi, which does far more business overseas than other large U.S. banks, benefited from growth in its international divisions. International consumer lending grew 3 percent, and corporate lending rose 4 per cent. Revenues related to investment banking advisory services rose 25 percent to $1.2 billion on higher under writing revenues, mainly from new stock issues in Asia. Hurting Citi's U.S. credit card cus tomers were still hurting, but less than before. Losses from credit card lending fell 10 per cent from the previous quarter to $1.8 billion. Accounts that were 90 days delinquent or more fell to $1.67 billion from $1.88 bil lion. Fewer mortgage customers were late in their monthly payments. The portion of Citi's home loans that were 90 days over due fell to 2.10 percent to 2.70 percent. The bank set aside $4.8 billion for future losses, the lowest level since the second quarter of 2007. The bank was able to set aside less money in reserve since the economy has been improving. Citigroup was one of the largest recipients of bailout funds during the financial crisis of 2008. The government sold the last of its stake in the bank in December for a profit of $12 billion. "2010 was a year full of milestones and was critical for the turnaround of this institution," CEO Vikram Pandit said in a statement. Pandit still has plenty of work ahead of him. At the end of the 2010, Citi had set aside $40.7 billion or 6.3 percent of its total loans, for future losses. By comparison, its larger rival JP Morgan Chase & Co. set aside $32 billion, or 4.5 percent of its total loans, last year. That means Citi has more troubled loans than some of its peers. JPMorgan and Goldman Sachs are expected to start increasing their dividends to shareholders starting in the second quarter, but Pandit said that Citi will likely resume paying higher dividends in 2012. S EATTLE B oeing pushed back deliveries of its new 787 a gain on Tuesday, meaning that the soonest it will arrive is July. T he company had most recently said that deliveries would begin next month, nearly three years l ate, but an electrical fire on a plane in November halted flight testing and another delay has been w idely anticipated. Boeing said it expects to deliver the plane duri ng the third quarter, which would be between J uly and the end of September. The new schedule has been padded in the event that anythinge lse goes wrong, the company said. Investors cheered the news, sending shares up m ore than 3 percent. But Kenneth Herbert, an analyst for Wed b ush, said he's "skeptical given the company's poor track record on delivering on milestone d ates." The analyst said he believes engine problems will be the biggest hurdle in making the newest delivery date. He maintained his prediction that B oeing will make 24 of the planes this year and deliver 14 of them. Boeing resumed flight testing in December after making an interim software fix to address the Nov. 9 fire that forced an emergency landingi n Laredo, Texas, but those tests were not for the mandatory Federal Aviation Administration certification. On Monday, Boeing resumed 787 flight tests that are aimed at getting FAA certification. Thef ederal agency must certify aircraft before they can enter service, a milestone Boeing musta chieve before deliveries can begin. Even before the fire, however, production p roblems have led to repeated disruptions for jet, which made its first flight in December 2009. The company said it will provide more information on its financial forecast and deliveries during its earnings conference call on Jan. 26. The revised delivery date is not expected to havea material impact on Boeing's financial results for 2 010, the company said. Shares of Boeing Co. rose $2.21, or 3.2 percent, t o $72.28 in afternoon trading. JOSHUA FREED, AP Airlines Writer MINNEAPOLIS Delta and the other major airlines are paying more for jet fuel, which means travelers will soon pay more to fly. When it reported a fourth-quarter profit of $19 million on Tuesday, Delta said its fuel bill could rise by $1 billion this year, if oil prices stay where they are at about $92 a barrel. Delta's fuel bill rose 13 percent to $1.93 billion in the fourth quarter. Delta and other airlines have already raised fares as jet fuel prices have climbed, and Delta said it could dial back its growth plans as well, if necessary. Travelers will notice the fare increases first. Delta and United raised fares on Monday, with other airlines matching at least some of the increase, said Rick Seaney, CEO of FareCompare.com. By his count it's the fourth increase since December. He said the increases appeared to be $10 to $20 round trip, depending on the airline. Southwest, which often declines to match broad-based fare increases, has matched portions of the recent fare increases, and on Tuesday matched most of the latest increase by other airlines, Seaney said. South west carries more domestic passengers than any other airline, so its response to fare hikes by other airlines can determine whether those price increases stick. "I don't recall seeing Southwest, even in the height of runaway oil prices in 2008 match or initiate domestic airfare hikes in two successive weeks," Seaney said. (AP Photo/Elaine Thompson DELIVERYDELAY: The sixth Boeing 787 test plane moves past other Boeing aircraft while moving into position for take off on its first flight Monday, Oct. 4, 2010, from Paine Field, in Everett, Wash. The plane, the final in the test plane group and the second using General Electric engines, was piloted by Capt. Christine K. Walsh and first officer Bill Roberson. The other four flight test 787s have Rolls-Royce Trent 1000 engines. The plane was expected to fly to Moses Lake, Wash, and then to Boeing Field in Seattle. Citigroup dips into reserves to record fourth quarter profit (AP Photo/Mary Altaffer Q4 PROFIT: Citi CEO Vikram Pandit at the new high-tech banking center in in New York Thursday, Dec. 16, 2010. Boeing delays delivery of new 787 until at least July INTERNATIONAL BUSINESS (AP Photo/Ted S. Warren CHECKING IN: Travelers check-in at a Delta Air Lines counter at Seattle-Tacoma International Airport, Monday, Dec. 27, 2010, in Seattle. Delta and other airlines had flights to and from the New York area cancelled or otherwise affected by winter weather. Delta Air Lines r eports $19 million 4Q profit E ILEEN AJ CONNELLY, AP Personal Finance Writer N EW YORK Fewer credit card accounts slipped into default in Decem ber than in any other month of 2010, and signs point to further improvement ahead. A ll six of the biggest card issuers Tuesday posted their l owest rates for charge-offs, or accounts written off as uncollectible. Citibank, which has had some of the highest chargeoff rates over the past two years, posted the biggest decline. It wrote off 8.34 per c ent of its card balances in December, down from 9.4 perc ent in November and well below the high of 11.55 percent posted in March. D iscover, Chase and Capital One also reported substantial d eclines. While the rates of balances companies wrote off declined consistently throughout the year, they remain high by historical standards. "There are some good i mprovements," said Mike Dean, a managing director with F itch Ratings. Fitch's chargeoff index, which tracks the industry, remains near record levels, he said. "We've seen some better numbers there, but nothing to say, 'Wow!'" Dean said he expects chargeo ff rates to continue improving, but noted that the defaults a re "highly correlated" to the unemployment rate. With the jobless rate is forec ast to remain high throughout the year, it is difficult to pred ict when charge-offs will return to normal levels, said Jeff Hibbs, an analyst with Moody's Investors Service. Industry wide, the charge-off rate peaked in the second quar ter of last year at 10.37 percento f balances, according to the latest data from the Federal R eserve. In the two years prior to the recession, it averaged 3.82 percent, Fed records show. Credit card debt has been dropping the last two years, reflecting a combination of fac tors, including individuals pay i ng down balances and credit card companies cutting the a mount of available credit and writing off what they can't collect. Fewer credit card accounts slip into default

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BUSINESS PAGE 6B, WEDNESDAY, JANUARY 19, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM JESSICA MINTZ, AP Technology Writer Shares of Apple Inc. fell modestly Tuesday f ollowing the company's disclosure that Steve Jobs, the CEO who transformed the niche com p uter maker into the most-envied consumerelectronics brand today, is taking another medical leave of absence. Analysts believe the company Jobs shepherd ed from garage startup to a $65 billion technolog y trendsetter is in good hands with the current slate of talented executives even as Apple, n ow the Silicon Valley player to beat, faces increasing competition from Google Inc. and others. Investors appeared to agree. Although shares fell nearly 7 percent in Frankfurt Monday, when markets in the U.S. were closed, Apple lost only $7.17, or 2 percent, to $341.31 in midday trading Tuesday. Earlier Tuesday, stock traded as low as $326. In the last decade, Jobs, 55, has survived a rare but curable form of pancreatic cancer and u ndergone a liver transplant. The news that he will again step back from his day-to-day role r aises serious questions about the CEO's health. Investors have pinned much of their faith in the company on Jobs himself, sending shares tumbling on every bit of news or rumor of his ailing health. That's because Jobs is an industry oracle o f sorts, inventing new products he knows consumers will want even before they realize it. He i s also known as a demanding and hands-on leader who is involved in even the smallest details o f product development. In a note to employees, Jobs said he will cont inue as CEO and will be involved in major deci sions. Chief Operating Officer Tim Cook will be responsible for all day-to-day operations. For now, very little is known about Jobs' current condition. Apple did not provide any information beyond the six-sentence note announcing his leave, leaving unanswered questions about whether the CEO is acutely ill, whether the leave is related to his 2009 liver transplant or whether he is at home or in a hospital. N ICHOLAS PAPHITIS, Associated Press ATHENS, Greece Greece's Socialist government insisted Tuesday it was not seeking a repayment exten sion of its overall debt, hours after the country's deputy prime minister expressed surprise support for the idea. The government which held a successful treasury bill auction Tuesday played d own the televised remarks by T heodoros Pangalos, who b acked an extension beyond t he euro110 billion ($146 bil l ion) in international rescue l oans that are keeping the coun t ry afloat. "Naturally, there is no issue o f extending the repayment of G reece's overall debt," gove rnment spokesman George Petalotis said. "There is a decision in prin ciple on extension of the repayment of the euro110 billion, and the government is not dis cussing anything beyond that," Petalotis said, insisting that Pangalos had voiced "a pers onal opinion." Greece remains frozen out o f bond markets by high inter est rates, and is struggling to regain market credibility despite having its debt now assigned non-investment or j unk status by all three major ratings agencies. O n Tuesday, Greece raised euro650 million ($865 million t hrough a heavily oversub scribed treasury bill auction its second this month. The 13w eek bills were sold at a yield o f 4.10 percent, holding the rate s table since November, the public debt management agency said. In an interview broadcast early Tuesday, Pangalos said he favored a broad extension i nstead of opting for a possible h aircut or a reduction in the a mount of money owed. He t old private Skai television: You might ask me: 'isn't that r estructuring?' It is, technically, but in the sense that there is never any doubt of our obliga tion to pay back the debt, and to pay back everything we owe." Greek political analyst and publisher Giorgos Kyrtsos said Pangalos was simply stating ap osition that other politicians w ere reluctant to say in public. I think the extension of the o verall debt is mathematically c ertain ... Mr. Pangalos is a p olitician who takes the risk of expressing his opinion," Kyrtsos told the AP. "It's in the government's interest to imply this position, but not state it as its official position," Kyrtsos said. LONDON The euro rose to a one-month high against the dollar and European stocks rallied on hopes that eurozone nations are planning to strengthen and broaden their measures to fight the debt crisis. Britain's FTSE 100 closed up 1.2 percent, while Germany's DAX and the CAC-40 in Paris both rose 0.9 percent. ___ BRUSSELS Europe is taking advice from the U.S. on how to improve its bank stress tests, officials said, as the region tries to shore up its defenses against the debt crisis that has crippled the euro currency zone over the past year. The talks are part of an overhaul of the EU's crisis man agement strategy to prevent more expensive bailouts and avoid losing years of economic growth. Uncertainty over the wellbeing of Europe's banks has been central to the debt crisis. Expensive bank bailouts have stretched some states' budgets to breaking point, while governments' high debt loads have raised concern over the quality of their bonds, in turn held as capital buffers by big financial institutions. ___ WASHINGTON China, the biggest buyer of U.S. Treasury securities, reduced its holdings in November after four months of gains. China's holdings of Treasury debt dropped 1.2 percent to $895.6 billion, the Treasury Department said. The report comes just before a state visit to the U.S. by Chinese President Hu Jintao. Overall, foreign holdings of Treasury securities rose 0.9 percent to $4.35 trillion.T hat indicates that other nations still have an appetite for Treasury debt even as the U.S. government is running $1 trillion-plus annual budget deficits. ___ WASHINGTON U.S. companies have long demanded that China let its currency rise to make U.S. exports cheaper. But as President Hu Jintao visits Washington this week, U.S. companies are stressing other goals: Stopping the theft of intellectual property and get t ing a fair chance to win government contracts. No one expects any big breakthroughs. I nstead, many U.S. companies hold out hope that the meetings between Hu and President Barack Obama will make it easier to reach long-term solutions to the major trade disputes dividing the world's two largest economies. ___ TOKYO Asian trading was mixed. Japan's Nikkei 225 stock average closed up 0.2 percent, South Korea's Kospi dropped 0.2 percent, Australia's S&P/ASX 200 rose 0.8 percent and China's Shanghai Composite Index added 0.1 percent. Hong Kong's Hang Seng closed nearly unchanged. ___ PARIS The International Energy Agency said buoyant global economic growth and a cold winter in the Northern Hemisphere will underpin higher-than-expected oil demand this year. ___ BERLIN German investor confidence rose sharply amid hopes that global growth will remain healthy, while investment and private spending in Europe's biggest economy gained momentum, a survey showed. ___ TOKYO A record one-third of Japanese university students graduating this spring have not found jobs, underscoring dwindling career opportunities for young people even as com panies post robust profits. ___ BEIJING A Chinese trade mission signed $600 million in deals with U.S. companies ahead of President Hu Jintao's visit to Washington this week and a separate delegation will look into other opportunities. ___ ATHENS, Greece Greece's Socialist government insisted it was not seeking a repayment extension of its overall debt, hours after the country's deputy prime minister expressed surprise support for the idea. Greece remains frozen out of bond markets by high interest rates, and is struggling to regain market credibility despite having its debt now assigned non-investment or junk status by all three major ratings agencies. Earlier, the country passed a new market test in its struggle to overcome its debt crisis, raising 650 million euros ($865 million its second this month. ___ LONDON British inflation spiked higher than expected in December, to an annual 3.7 percent rate, due to rising consumer prices for food, fuels and air travel. ___ BEIJING Foreign direct investment in China weakened slightly in December but ended 2010 up strongly after falling the previous year amid the global crisis. ___ TORONTO Canada's central bank left its key interest rate unchanged at 1 percent. The Bank of Canada said the global economic recovery is proceeding at a somewhat faster pace than it had anticipated. ___ BEIJING China's rare earths exports grew 14.5 percent in the first 11 months of last year despite Beijing's decision to reduce sales of the exotic metals needed by makers of high-tech products. ___ LONDON Barclays bank was hit with a record fine of 7.7 million pounds ($12.3 million for giving poor advice to investors in a pair of funds, Britain's Financial Services Authority said. ___ CAIRO Arab leaders are pledging $2 billion to revamp the faltering economies across the region amid fears of protests over high unemployment, rising prices and rampant corruption, such as those that just brought down Tunisia's government. G LOBAL E CONOMIC N EWS A S SOCIATED P R ESS A look at economic developments and activity in major s tock markets around the world Tuesday: (AP Photo/ Petros Giannakouris PROTESTING: Protesters hold a banner which reads overturn in Greek as they demonstrate outside the Greek Parliament in Athens Tuesday, Jan 18, 2011. About 200 protesters backed by the ADEDY civil servants union took part in a rally in support protesting public transport workers who oppose plans by the Socialist government to radically restructure the loss-making state companies. AP Photo/Keystone/Georgios Kefalas) MAKINGAPOINT: The Jan. 10, 2011 file photo shows JeanClaude Trichet, president of the European Central Bank, at a press conference in Basel, Switzerland. Greece denies seeking repayment extension NEWSFROMAROUNDWORLD Apple shar es fall 2 pct with Jobs on medical leave INTERNATIONAL BUSINESS

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MARK JEWELL, AP Personal Finance Writer B OSTON Investors are finally inching back into the stock market. But are they too late? W hile millions sought refuge in traditionally stable bonds over the past two years, they missed a more than 90 percent r ally in stocks. Suddenly bonds d on't look so safe, and some of the $11 trillion that Americans have parked in mutual funds is shifting back to stocks. A fter putting more than $570 billion into bonds over the past two years, mutual fund investors reversed course last f all, worried that the prospect o f rising interest rates and the growing deficits of state and local governments were bring-i ng bond prices down. In the last two months of 2 010, investors withdrew a net $23 billion from bond funds, a ccording to industry consult ant Strategic Insight. At the same time, corporate b ottom lines are improving. So investors are finally starting to t ake another look at stocks after being burned in the 2008 financial crisis and scared by the market's "flash crash" single-day plunge in May. Most investors have been in a capital-preservation men-t ality, because they saw so much of their net worth d estroyed in the bear market," says Chris Jones, chief investm ent officer with J.P. Morgan Asset Management. Few have fully recovered since the stock market began sliding from its historic peak in O ctober 2007. The Standard & Poor's 500 index is 17 percent s hy of that level, despite recent gains. T he momentum has shifted, and now, with a couple of years of solid market performance, many risk-averse investors may be ready to get back in. But there are cautionary voices. The economic recovery is still f ragile in the eyes of Tom Roseen, an analyst with fund-t racker Lipper Inc. "I wouldn't be surprised if w e have a little bit of a pull back over the next couple months, as people re-evaluate their portfolios and take a look at how much the market has g ained," he says. Until recently, investors got a d ecent return from their play-itsafe strategy. Diversified bond f unds gained an average of 10.8 percent last year, beating their average annual gain of 6.2 per cent over the past five years, according to Morningstar. S till, nearly all types of bonds lost money in the fourth quart er, with government bonds taking the biggest hit. This downturn helped fuel a shift into stocks most notably abroad. Mutual funds buying overseas stocks took in a net $72 billion last year, while investors pulled a net $49 bil lion out of funds buying American stocks. There are signs that U.S. stocks are becoming more attractive to mutual fund investors. For one week last month, domestic stock funds took in more money than investors pulled out. The last time that had happened was in April. And the pace of withdrawals is slowing. Market optimism is also improving. For 19 consecutive weeks, surveys by the American Association of Individual Investors have shown a greaterthan-average belief that stock prices will rise. The last time the surveys had such a long streak of bullish sentiment was in late 2004. Yet the movement of money because of troubles with municipal bonds offers a reminder of how important it is for investors to remain even-keeled. "You simply have got to put aside the emotion and believe in what you are taught, to buy low and sell high," says Carol Clemens, a 64-year-old retiree from Edmond, Okla. She scored big when she snapped up shares of Ford for around $2 when it appeared U.S. automakers might go under a couple of years ago. The stock now trades above $18, thanks to smart moves by Ford's management and a strengthening economy. Clemens' portfolio is about two-thirds stocks and one-third bonds, and she's recently been trimming her stake in bonds. "If you put money into b onds, there is a nice cushion when the stock market goes down," Clemens says. "But I'm retired, and we're looking fora n income stream. We're not g etting it from bonds," she says, calling current yields "abysmal." Belief that the economic r ecovery is on track has recently driven up long-term interestr ates from record lows. This has led investors to pull out of lowy ielding Treasurys. Rising rates also are making it costlier for state and local governments to b orrow. Fear of further rate increases also is causing pricesf or many previously issued bonds to drop. That's because i nvestors will be able to buy newly issued bonds paying higher interest. So as bond prices decline, investors like Clemens will be l ooking for income from stocks that pay solid dividends. Anda s other investors step back into stocks, they may be questioning w hether they're making the classic mistake of buying in at the market's peak. The S&P 500 is up 23 percent since Sept. 1, and at its highest point since August 2008. It finished 2010 with a r eturn of 15 percent including dividends, more than twice the g ain for a comparable bond index. J.P. Morgan's Jones expects further stock gains in 2011, with a breakout year for growth stocks of companies whose earnings rapidly appreciate think Amazon.com, w hose stock price has tripled s ince March 2009. But Jones doesn't think many investors are willing to get back into those richly priced stocks. Investors are incredibly s hell-shocked," Jones says, "and they're not willing to pay for growth until they see it." Yet many market pros are p redicting another year of double-digit gains. They point toa n abundance of positive eco nomic indicators: factories c ranking up production, hiring activity picking up, growing cor porate investment in technolog y. Consumers also are more confident, thanks in part to ther ecent extension of the Bushera tax cuts and a new cut in t he Social Security payroll tax. Sooner or later, investors will put their money where it's gain ing the most, predicts Bob Doll, chief stock strategist at BlackR ock, the world's biggest money management company.I nvestors tend to chase rather than anticipate returns. He e xpects investors will embrace stock funds over bonds, ending what he calls an era of fear. Stocks may post their third year of double-digit percentage gains in a row, Doll says. That hasn't happened since the late 1 990s. And if the market behaves like it has coming out o f previous recessions, the S&P 500 could rise nearly 12 percent this year. That's the average gain the index made in the one year immediately following this point in the economic cycle, a year and a half after the end of a recession. BUSINESS THE TRIBUNE WEDNESDAY, JANUARY 19, 2011, PAGE 7B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM CAROLE FELDMAN, Associated Press WASHINGTON Is your tax bill too high? You may be able to cut it and save for your retirement at the same time. You can make a contribution to an IRA until April 18, this year's filing deadline, and deduct the amount on your 2010 taxes. The maximum deduction is $5,000 or $6,000 for those 50 and older. Those 70? and older are not eligible to make contributions. There are also limits, based on adjusted gross income, on how much you can deduct from your taxes ifyou are covered by a retirement plan at work. But income limits that had prevented some taxpayers from rolling over a traditional IRA to a Roth IRA were removed starting in 2010. Contributions to a tradition al IRA are generally tax-free, but the distributions are taxed. In a Roth IRA, the contributions may not be deducted from your taxable income, but the distributions, principal and income, generally are not taxable when you withdraw the money. For both, there are penalties for early withdrawal. If you converted to a Roth IRA last year, the amount of the conversion must be reported on your 2010 return using Form 8606. The resulting income is subject to tax, but you have a choice on when to declare it for income tax purposes. You can include all of it as income on your 2010 return or defer it, declaring half in 2011 and the other half in 2012. Mark Luscombe, principal tax analyst at CCH, a provider of tax, accounting and audit information, said the choice was more of an issue before Congress extended the Bush tax cuts for another two years. "With rates being equal, you're probably better off postpon ing," he said. However, for some it might be better to declare all the income from the conversion in 2010. For example, "if they know that their income is going to go up and that might put them in a higher bracket. Even though officially the rates are the same, your individual circumstances might not be," Luscombe said. People who withdrew money from retirement accounts last year could find themselves with bigger tax bills. Any money withdrawn from a non-Roth IRA or 401(k declared as income. If people withdrew that money before they turned 59?, they also have to pay an additional 10 percent penalty, except for certain circumstances. "It rarely makes sense to do that, especially for normal nonemergency situations," said Bill Smith, managing director in the CBIZ MHM National Tax Office. Investors' return to US stocks could be too late PERSONALFINANCE: TAX AND MUTUAL FUNDS C AROLE FELDMAN, Associated Press W ASHINGTON Did you buy energy-efficient windows for your home last year? You can only take the energy efficiency credit if they were installed by Dec.3 1. That's just one of the details that could trip up t axpayers filing 2010 returns. Want to take the first-time home buyer credit o n your taxes? If you bought your house after April 30, or didn't have a binding contract by t hat time, you're probably out of luck. Was closing delayed? Depending on how long, you might not be eligible. But some taxpayers have an extra year to buy a home. Those serving outside the United States a s members of the Foreign Service, the uniformed services, including the military, or the intellig ence community have until April 30, 2011, to buy a new house and qualify for the credit. O ne more thing: The first generation of the new home buyer's credit was actually an interestfree loan. If you claimed that credit on your 2008 taxes, you have to start paying it back this year. If you took the full value of the credit, you'll owe $ 500 this year. "It might catch people unaware," said Barb ara Weltman, author of tax guides for J.K. Lasser. I f you deducted the first $2,400 of your unemployment benefits last year, be aware that you c an't do it again this time around. Congress did n't extend that tax benefit. Some experts advise taxpayers to seek help preparing their returns, either from a profes sional tax preparer or by using tax preparation s oftware, especially with the late changes Con gress made to the tax law. Some benefits weree xtended; others were allowed to lapse. One source of information is the Internal Rev e nue Service's tax guide for individuals, Publi cation 17. Running over 200 pages, it's filled with information on credits and deductions, and how to figure your tax and file your return. "There's so much going on this year and it's c onfusing," said Kathy Pickering, executive direc tor of H&R Block's Tax Institute. "It really isn'tt he year to go it alone." Take the energy credit. Taxpayers may qualify for a credit of 30 percent, or a maximum $1,500, for energy improvements made to their homes. They can include new windows, doors, insulation, and certain air conditioning, heating or hot water systems. The improvements must be expected to remain in use for at least five years and meet certain energy efficiency requirements. How do you know if they meet the requirements? In most cases, you have to rely on the contractor or the manufacturer to tell you. There's another catch. The energy efficient product must have been installed before the end of the year to qualify for the credit. "Purchasing something at the hardware store and putting it in the garage for installation later won't do it," said Mark Luscombe, principal tax analyst at CCH, a provider of tax, accounting and audit information. The home buyer credit had different incarnations. The first, taken as a credit, was the loan for first-time home buyers. That was later changed to make it a true credit, and a provision was added for long-time home owners. But the maximum c redit differed for first-time home buyers and people who already had owned a home, a maxi m um $8,000 for the former, $6,500 for the latter. If the purchase price exceeds $800,000, you can n ot claim either credit. So how do you know whether you had the loan or the true credit? Most people know the year in which they bought their home and can figure it out that way, said Terry Lemons, chief spokesman for the IRS. If you used tax preparation software and rolled o ver your data from year to year, it also lets you know which you took. O ther things that could trip folks up: Charitable deductions. You'll need a bank record, such as a cancelled check or a receipt, even for the smallest donation. That means that if you gave $1 in cash to the Salvation Army bell ringer over the Christmas holidays, you can't claim a deduction without a receipt. For donations of motor vehicles, get a completed Form 1098-C or similar statement from the organization and attach it to your return. Out-of-pocket expenses for teachers. Congress restored the deduction of up to $250 for teachers. It applies only to full-time teachers from kindergarten through high school. Conversion of traditional IRAs to Roth IRAs. You'll have to decide whether to include the value of the conversion as income for 2010, or split it over two years, 2011 and 2012. One more thing: For this year only, forget that April 15 is synonymous with tax day. Because of the Emancipation Day holiday in the District of Columbia, the deadline for submitting tax returns is April 18 for everyone, including those who don't live in the nation's capital. (AP Photo/Seth Perlman, File TAXINGTIME: In this Aug. 23, 2010 file photo a home is seen for sale in Springfield, Ill. This years tax season will look a lot like last years, but with a few sweeteners added. Most of the tax changes put in place in 2009 to spur the economy remained in effect in 2010, even though the recession was officially declared over. (AP Photo/Richard Drew, file GUT-WRENCHING: In this May 25, 2010 file photo, specialist Michael Pistillo, left, and traders work on the floor of the New York Stock Exchange. At first glance, it looks like the stock market had a good year. The Dow Jones industrials are up 10 percent, and the Standard & Poors 500 index, 12 percent. But the numbers mask the fact that 2010 was at times gut-wrenching. And individual investors only started showing signs of returning to stock at years end. Some credits, deductions could trip up taxpayers (AP Photo/Mary Ann Chastain, File ENERGY EFFICIENT: In this Oct. 29, 2008, file pho to Richard Hucks, and Demetrius Rumph, left, install energy efficient windows in a home in West Columbia, S.C. Time remains to contribute to IRA, save on taxes

PAGE 15

BUSINESS PAGE 8B, WEDNESDAY, JANUARY 19, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 5 2wk-Hi52wk-LowSecurit y P revious CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.260.97AML Foods Limited1.011.010.000.1500.0406.73.96% 10.759.67Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6 .184.50Bank of Bahamas4.904.900.000.1530.10032.02.04% 0.580.18Benchmark0.180.180.00-0.8770.000N/M0.00% 3.492.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.152.14Fidelity Bank2.172.170.000.0160.040135.61.84% 12.509.62Cable Bahamas10.2110.210.00801.0500.3109.73.04% 2.842.36Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.40Commonwealth Bank (S1)6.856.850.000.4220.26016.23.80% 3 .651.63Consolidated Water BDRs2.102.07-0.030.1110.04518.62.17% 2.551.60Doctor's Hospital1.601.600.000.1070.11015.06.88% 6 .995.94Famguard6.076.070.000.3570.24017.03.95% 10.207.23Finco6.516.510.000.2870.52022.77.99% 11.408.77FirstCaribbean Bank9.399.390.000.6450.35014.63.73% 5.513.75Focol (S)5.475.470.000.3660.21014.93.84% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 7 .405.00ICD Utilities7.407.400.000.0120.240616.73.24% 10.509.82J. S. Johnson9.829.820.000.8590.64011.46.52% 10.0010.00Premier Real Estate10.0010.000.000.9910.80010.18.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.001 00.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk Hi 52wk Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield B ISX LISTED & TRADED SECURITIES AS OF:7% Interest 7 %RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)29 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6.95%20 November 2029TUESDAY, 18 JANUARY 2011BISX ALL SHARE INDEX: CLOSE 1,480.04 | CHG -0.03 | %CHG 0.00 | YTD -19.47 | YTD % -1.30BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%3 0 May 2013 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas Supermarkets5.016.0114.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.51221.4076CFAL Bond Fund1.51795.51%6.90%1.498004 2.94742.8300CFAL MSI Preferred Fund2.94742.10%2.09%2.918697 1.57431.4954CFAL Money Market Fund1.57404.44%4.44%1.555464 3.20252.8522Royal Fidelity Bahamas G & I Fund2.720212.72%4.63% 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 Fund8.39798.82%8.82% 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-10BISX Listed Mutual FundsNAV Date 30-Nov-10 30-Nov-10 30-Nov-10CFAL Securities Ltd. (Over-The-Counter Securities)TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752530-Nov-10 30-Sep-10 31-Dec-10 31-Dec-10 31-Dec-10MARKET TERMS30-Nov-10 NAV 6MTH 1.475244 2.919946 1.538692 107.570619 105.776543 30-Jun-10 30-Nov-10 30-Nov-10 31-Dec-10 $/(;-26(3+RI&$50,&+($/ 52$'0&.,11(<'5,9(1$66$8%$+$0$6 081$(/RI %URDGZD\1HZ
PAGE 16

ENTERTAINMENT THE TRIBUNE WEDNESDAY, JANUARY 19, 2011, PAGE 9B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM A family farm Y oud swear you were in Barbados or Trinidad instead of The Bahamas. The entrance to the farm was a track road with twelve-footh igh sugar cane growing on both sides, an echo of the p ast splendor of a failed venture. We are at the Lightbourn Family Farm in Abaco, a few miles south ofM arsh Harbour. Members of the A baco branch of the Horticultural Society of The Bahamas, led by President Anita Knowles, were on a field trip to visit the Lightbourn farm and were particularly interested in inten-sive vegetable farming techniques. O ur hosts are Michael and Jennifer L ightbourn, young, idealistic and comm itted. Michael left The Bahamas w ith his father when he was six years o ld to live in New York but his love of g rowing plants was engendered by s ummer visits to his grandmother, Barbara Lightbourn-Brennan, who h ad a 5.5-acre spread in British C olumbia. M ichael had seven years in the I nformation Technology business that took him to Florida. There he met and worked with Dean Dekker of Dekker Farms, Fort Pierce, and learned all about intensive farming t echniques. It was also there he met and fell in love with his wife Jennifer, w ho hails from New Jersey. T hey started the Lightbourn Fam ily Farm in June 2009 with assistance from Michaels father and uncle, and already four of their ten acres are prod ucing from seven fields. Part of the f arm is laid out with vegetable towers but there are conventional tilled areas w here the soil looked rich and black in the raised beds. T he towers are metal posts thread ing a series of white containers with a square cross section. The technique is called vertical hydroponics. Each con t ainer is set at 45 degrees laterally to the one below so the corners are exposed, and this is where the growing takes place. A row of towers produces a wall of vegetables: Collard greens, broccoli, arugula and other salad greens, lettuce, cucumbers and tomat oes. Michael explained that his grow ing medium is a commercial form of coir that he mixes with Perlite. At s ome time in the future he would invest in a small chipper and see if he could produce his own coir medium as there were plenty of coconuts in Abaco. Michael uses coir because it has a pH value of 7.0, a perfect balance between acid and alkaline. This isv ery important, Michael said, as t he pH determines how productive the soil can be. The pots in the towers are watered by a central gravity-fed drip system that has liquid fertiliser added in the correct amounts. The beauty of this system, Michael said of the towers, is that with five containers stackedv ertically and each bearing four plants, we are growing 20 plants where conventionally you could grow only one. Jennifer is in charge of a shade house that is used to propagate s eedlings. The market garden area a lso provides herbs and there were p lenty on their way, along with sweet peppers. I noticed a dozen or so pots w ith guinep seedlings, so the Light bourns may be orchard farming in the future. I t has long been noted that farming is more likely to be successful if valueadded items are produced. Jennifer had on sale jars of cucumber pickles labeled with the farms name and has also made (and sold sauce, hot pepper sauce and pesto. T he Lightbourn Family Farm obviously has some of the richest soil in Abaco, if not in all of The Bahamas. It i s part of what used to be the OwensI llinois concern that produced sugar cane in the late 1960s to the early 1 970s before going bust when the bottom of the sugar market fell out. This is the same area that the Chinese government is interested in developing. F arming is a precarious undertak ing. Conventional crops such as bananas, watermelons, cucumbers, peppers, tomatoes and onions often glut the market and bring low returns. Those who dare to be different stand t he best chance of success. Market g ardening is far more intense a project t han conventional farming because every day is a sowing and reaping day, a nd one breakdown could endanger several weeks labour. That said, the vertical hydroponics system means Michael and Jennifer are not behold-e n to the vagaries of the weather and h ave a great degree of control over their crops. I t was indeed a pleasure to share the dreams and efforts of a young couple determined to work hard and make a success of their undertaking. I w ish them well. gardenerjack@coralwave.com J ust a few images of what we the Bahamas looked like 40...50...60... years in the past This is the exact location of the new straw market and the Ministry of Tourism building as it was in 1950. Flash B ack B Y ROLAND ROSE B y GARDENER JACK GREEN SCENE Above the Rest: A row of collard greens (above Lightbourn Family Farm is far morep roductive than in a regular garden. G r e en Thumb: Michael and Jennifer Lightbourn (right with their faithful dogs Bailey and Caina midst some conventionally-grown broccoli.

PAGE 17

E NTERTAINMENT P AGE 10B, WEDNESDAY, JANUARY 19, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM T h e T r i b u n e THINGS 2 DO JANUARY 22 SATURDAY BIZET-TO-BROADWAY: NIGHT AT THE OPERA AT OLD FORT BAY CLUB In association with Elizabeth Covington and Cornelia Nihon, The Nassau Music Society presentsa night at the Opera at Old Fort Bay with a black tie dinner fol lowed by an enchanting evening of music by well-known Canadian opera singers. Under the distinguished patronage of His Excellen-cy Sir Arthur D Foulkes, this spe cial event is to raise funds for a scholarship programme to help young Bahamian singers train either at home or abroad. The show features: Gianna Corbisiero, Soprano; Alexander Dobson, Baritone; Keith Klassen, Tenor; Michael Mcmahon, Pianist; and Beverly Mcarthur, Mezzo Soprano. Cocktails at 6.30 pm, dinner at 7.30 pm and concert at 8.45 pm. The event is by reservation only. Contact Nassau Music Society at: www.nassaumusicsociety.org. JANUARY 22 SATURDAY DO IT BIG BLACK AND YELLOW/GOLD Warrior Sounds and Rydim Events present Do It Big Black and Yellow/Gold, a VIP Blackberry affair at Club 112. Music provid ed by Nassau's hottest DJs. Free food, drink specials and surprises all night! JANUARY 22 SATURDAY YMCMBs AQUARIUS Young Money Cash Money Billionaire's presents Aquarius, a birthday celebration for the entire YMCMB family. Music pro vided by Xtra Large International, DJ Payne, Father Marquis and Earthquake Sounds. Doors open 9pm. JANUARY 23 JANUARY 26 (ELEUTHERA CAPE ELEUTHERA WAHOO TOURNAMENT Cape Eleuthera hosts the 2011 Wahoo Tournament that offers three days of fun and excitement for fisherman both in the Bahamas and the states. Fee: $550/per boat, covers four participants, tourna ment t-shirts, opening night dinner, and awards banquet. Telephone: 888-270-9642 or 470-8242. JANUARY 27 THURSDAY THE HANSARD DEMOLITION OPENING RECEPTION The exhibition The Hansard Demolition, an intervention by Antonius Roberts, officially opens with an opening reception, 6pm9pm at the Central Bank of the Bahamas Art Gallery. Exhibition runs until February 18. JANUARY 27 THURSDAY ANNUAL EPIPHANY RECITAL FOR SOLO ORGAN Dr Sparkman Ferguson hosts the annual Epiphany Recital for solo organ, 7.45pm at Christ Church Cathedral. Come and hear famous renditions from Bah, Mendelssohn, Virgil Fox, Diane Bish, Franklin Ashdown, Vierne, Ball and Rogers and Hammerstein. Free admission. Donations accepted in aid for music library for St John's College. Telephone: 3232755. JANUARY 29 SATURDAY MS FULL FIGURED BAHAMAS LAUNCH AND COCKTAIL RECEPTION Join the contestants of the 5th annual Ms Full Figured Bahamas Pageant as they present themselves for the first time to the wider community, 7pm-9pm at the Cultural Gallery and Studio. Enjoy a night of great music, wine and hors d'ouvres. Cost: $20. T HE CAST and crew of the Bahamian film, From This Day For ward are excited as the days become closer to the debut of the unforgettable film. The event will be at The Hub, East Bay St with show times beginning at 1,5 and 7pm on Saturday January 22, 2011. In the past few years, The Bahamas has played host to what can be deemed as a renaissance period of local film making with the release of recent Bahamian films such as Rain and Children of God just to name a few. On Saturday, the team of No Budget production in association with Track Road theater will be releasing their comedic film From This Day Forward. The movie is a funny tale of two star crossed lovers Kenneth and Cherise, whom both are from different sides of the track or different sides of the Hill, they become drawn together due to their lust for each other. According to the Vendetta Group, the movie is shot in a mixed style of documentary and standard movie style which flows together seamlessly as family and friends of the young couple prepare for their wedding day. Going further, a film crew interviews and documents them as they get closer to the actual date, the ceremony and all else in between. Sparks then fly and social status collide as the wedding draws near. Just the mere preparation brings out the true essence of each character. Both Kenneth and Cherise are known to be very impulsive. Will there even be a marriage? Although all of the characters in this film are fictional the cast truly committed to the role making the whole feel like truly bizarre Bahamian wedding. The film is directed by first time director Tara Tecca Woodside who also wrote the story. She explains that the film was a short one because of the complete lack of a budget but the cast and crew all made it work like a big budget film. The film also stars Matthew Wildgoose and Salina Archer. Tickets for the debut will be on sale at a cost of five dollars, for more information please call 6767075, 424-5378 or 677-9616. The cast of From This Day Forward prepares for the official film debut LOS ANGELES Associated Press SETH Rogen's action tale "The Green Hornet" led the box office over the Martin Luther King Jr. Day weekend with $40 million. The top 20 movies at U.S. and Canadian theaters Friday through Monday, followed by distribution studio, gross, number of theater locations, average receipts per location, total gross and number of weeks inr elease, as compiled Tuesday by Hollywood.com are: 1. "The Green Hornet," Sony, $ 40,012,543, 3,584 locations, $11,164 average, $40,012,543, one week. 2. "The Dilemma," Universal, $ 20,521,030, 2,940 locations, $6,980 average, $20,521,030, one week. 3. "True Grit," Paramount, $13,127,459, 3,459 locations, $3,795 average,$ 128,339,354, four weeks. 4. "The King's Speech," Weinstein Co., $11,271,166, 1,543 locations, $7,305 average, $46,795,025, eight weeks. 5. "Black Swan," Fox Searchlight, $10,151,762, 2,328 locations, $4,361 average, $75,020,120, seven weeks. 6. "Little Fockers," Universal, $8,535,495, 3 ,394 locations, $2,515 average, $135,621,520, four weeks. 7 "Yogi Bear," W arner Bros., $7,447,344, 2,702 locations, $2,756 average,$ 84,197,416, five weeks. 8. "Tron: Legacy," Disney, $7,258,954, 2,439 locations, $2,976 average, $158,497,550, five weeks. 9. "The Fighter," Paramount, $6,382,097, 2 ,414 locations, $2,644 average, $67,026,761, six weeks. 10. "Tangled, Disney, $5,638,656, 2,048 locations, $2,753 average, $182,666,695, eight weeks. 11. "Season of the Witch," Relativity Media, $5,416,042, 2,827 locations,$ 1,916 average, $18,913,782, two weeks. 12. "Country Strong," Sony Screen Gems, $4,381,249, 1,424 locations, $3,077 aver age, $13,986,383, four weeks. 13. "The Chronicles of Narnia: The Voy age of the Dawn Treader," Fox, $3,121,186, 1,704 locations, $1,832 aver a ge, $98,863,922, six weeks. 1 4. "Gulliver's Travels," F ox, $3,062,300, 1,666 locations, $1,838 average, $38,590,723, four weeks. 15. "The Tourist," Sony, $1,983,709, 1,420 locations, $1,397 average, $64,562,655, six weeks. 16. "Harry Potter and the Deathly Hallows: Part 1," Warner Bros., $1,749,077, 941 locations, $1,859 average, $290,153,345, nine weeks. 17. "Blue Valentine," Weinstein Co., $1,701,750, 230 locations, $7,399 average, $3,162,235, three weeks. 18. "Megamind," Paramount, $905,655, 341 locations, $2,656 average, $145,660,740, 11 weeks. 19. "The Heart Specialist," Freestyle, $581,516, 422 locations, $1,378 average, $581,516, one week. 20. "Yamla Pagla Deewana," Eros Inter national, $563,042, 84 locations, $6,703 average, $504,116, one week. 'Hornet' heads Hollywood's weekend with $40 million


PAGE 8B, WEDNESDAY, JANUARY 19, 2011

THE TRIBUNE





Obama wants to shed

rules that





INTERNATIONAL
BUSINESS

JULIE PACE,
Associated Press
WASHINGTON

President Barack Obama on
Tuesday ordered a review of
federal regulations with an eye
toward getting rid of those that
stifle job creation and hurt eco-
nomic growth, a move aimed
at both soothing anger over the
government's reach and mend-
ing Obama's relationship with
the business community.

The president signed an
executive order telling federal
agencies to look for rules that
place an unreasonable burden
on businesses.

Specifically, Obama said any
regulations must reduce uncer-
tainty, be written in plain lan-
guage, be built upon public par-
ticipation, and identify the
"least burdensome tools" for
achieving the goals of the new



hurt job

(AP Photo/J. Scott Applewhite, File)
EXECUTIVE ORDER: US President Barack Obama.

government rules. In an opin-
1on column in The Wall Street
Journal, the president also said
he wants agencies to look for
outdated regulations that make
the U.S. economy less compet-
itive.

"It's a review that will help
bring order to regulations that
have become a patchwork of
overlapping rules, the result of
tinkering by administrations
and legislators of both parties
and the influence of special
interests in Washington over
decades," Obama wrote.

The order comes as Repub-
lican lawmakers, emboldened
by broad victories in the
midterm elections, move to
scrap many of the administra-
tion's programs and regulations,

from the Environmental Pro-
tection Agency's regulations on
greenhouse gases to regulation
of the Internet.

Rep. Darrell Issa (R-Calif.),
chairman of the House Over-
sight and Government Reform
Committee, wrote 150 trade
associations, companies and
think tanks last month seeking
to identify regulations that busi-
nesses believe hurt job creation.
He also named GOP Rep. Jim
Jordan of Ohio to chair a new
subcommittee that will investi-
gate wasteful spending and fed-
eral regulations.

White House spokesman
Robert Gibbs said Tuesday's
executive order was not tied to
GOP action on Capitol Hill,
and said the review had been



srowth

: NEW YORK

in the works for several months. ;
Agencies have 120 days to i

submit a plan for how they

intend to review existing regu- } concerns about global supplies.

lations, and officials said it was }

too soon to say how their } how much damage occurred to the wheat crop, which was being

reviews could impact regula- } harvested when the waters hit. The Australian crop had been

tions already on the books, } &xpected to fill global needs but now inventories are starting to look

including the contentious } tighter, Telvent DTN analyst Darin Newsom said.

greenhouse gas restrictions.

lations and tax policies.

private sector.

He held a five-hour meeting $91.38 a barrel on the New York Mercantile Exchange.
with CEOs in December; he

named William Daley, a busi- i 0.07 cent to settle at $2.6459 a gallon, gasoline lost 1.54 cents to

? $2.4792 a gallon and natural gas lost 4.4 cents to settle at $4.446 per

} 1,000 cubic feet. Metals all settled higher.
speak at the Chamber of Com- }

ness executive, as his new chief
of staff; and next month, he'll

merce, a trade group that has

on health care and financial
regulation.

Tuesday they were still studying





sy YI -
D» } \ =



SANDY SHORE,
AP Business Writer

Americans are starting to watch their
spending more carefully as gasoline prices
reach levels not seen since October 2008.

Diane Swonk, chief economist at
Mesirow Financial, says Thursday's gov-
ernment report on retail sales indicates
that consumers are skipping a restaurant
meal or a movie because they have to spend
more to drive.

Swonk estimates gasoline prices are
affecting the spending habits of more than
half of U.S. drivers. The national average
for a gallon of regular hit $3.10 on Monday,
according to AAA, Wright Express and
the Oil Price Information Service. That's
about 12 cents more than a month ago and
42 cents more than on Labor Day.

Motorists in some states — including
Oregon, California, Washington and New
York — are paying from $3.20 to $3.71 a





PUBLIC NOTICE

gallon or more. The average price in those
states could top $4 a gallon by spring. For
every penny the price at the pump increas-
es, it costs consumers overall an additional
$4 million, according to Cameron Hanover
analyst Peter Beutel. If the price goes up a
dime, it means consumers pay $40 million
more each day that 10-cent hike is in place.

Swonk noticed consumers starting to
make trade-offs in November and Decem-
ber. "As we moved into December, even
some of their gift purchases were curtailed
as prices at the pump continued to esca-
late," she said.

Swonk says economists at Mesirow
"think of higher commodities prices as
more of a threat to demand than inflation at
this stage of the game.

On Friday, the Labor Department said
that excluding gas and food prices, there is
little growth in inflation at the consumer
level.

Americans are seeing more take-home

INTENT TO CHANGE NAME BY DEED POLL












The Public is hereby advised that |, ALFRED HUTCHINSON
of Soldier Road(opp Store-it-All), PO.Box CR-55419,
Nassau, Bahamas, intend to change my name to ALFRED
GEORGE KERR. 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.

ROYAL J FIDELITY

pay, thanks to the 2 percent payroll tax i
cuts that took effect at the start of the year. :
The hope is consumers will help the econ- }
omy by spending more, but higher gas }

prices could torpedo that plan.

The last thing we really want" is to use }
the savings "to fill up our tanks," Swonk i
said. Other analysts wonder how Ameri-
cans will make spending choices in the i

months ahead.

Gasoline is closely linked to the price of i
crude oil, which is at its highest level in 26 :
months, driven mainly by stronger demand }
in other countries, particularly emerging }
markets such as China. Benchmark crude }
for February delivery was little changed
on the New York Mercantile Exchange, :

down 16 cents to settle at $91.38 a barrel.

The International Energy Agency pre- :
dicted that worldwide economic growth

| Treasury prices fall ahead of earnings reports

sphere will support higher-than-expected
i eae: pecs“ + NEW YORK

and a cold winter in the northern hemi-

oil demand this year.

NOTICE

NOTICE is hereby given that ALEX JOSEPH of CARMICHEAL

naturalization should

ROAD, MCKINNEY DRIVE, NASSAU, BAHAMAS, is
applying to the Minister responsible for Nationality and Citizenship,
for registration/naturalization as a citizen of The Bahamas,
and that any person who knows any reason why registration/

not be granted, should send a written and

signed statement of the facts within twenty-eight days from the
12" day of January, 2011 to the Minister responsible for

nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

€

BISX LISTED & TRADED SECURITIES AS OF:
TUESDAY, 18 JANUARY 2011

Paeereny ak Week

= EG CAPITAL MARKETS
Sq BROKERAGE & ADVISORY SERVICES

ze:

c 7c ca WT AT.

BISX ALL SHARE INDEX: CLOSE 1,480.04 | CHG -0.03 | %CHG 0.00 | YTD -19.47 | YTD % -1.30

FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%

WWWwW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-2320

S2wk-Low
O.87F
9.67
4.50
0.18
2.70
2.14
9.62
2.36
5.40
1.63

Security
AML Foods Limited
Bahamas Property Fund
Bank of Bahamas
Benchmark
Bahamas Waste
Fidelity Bank
Cable Bahamas
Colina Holdings
Commonwealth Bank ($1)
Consolidated Water BDRs
1.60
5.94
7.23
S.7F
3.75
1.00

Doctor's Hospital
Famguard

Finco

FirstCaribbean Bank
Focol (S)

Focol Class B Preference
5.00
9.82
10.00

ICD Utilities
J. S, Johnson
Premier Real Estate

Previous Close Today's Close
1.01 1.01
10.63 10.63
4.90 4.90
0.18 0.18
4.7 2.7
SF 2.17
10.21 10.21
2.40
6.85
2.10

Change
0.00
0,00.
0.00
0,00
0.00
0.00
0.00
0.00
0,00
-0.,03
0,00
0,00
0.00
0.00.
0.00
0,00.
0.00
0.00
0.00.

2.40
6.85
2.07
1.60
6.07
6.51
9.39
5.47
1,00

1.60
6.07
6.51
9.38
5.47
1.00
7.40
9.82
10.00

7.40
9,82
10.00

Daily Vol.

EPS $ Div $
0.150
0,013,
0.153
-O.877
0.168
0.016
1.050
0.781
0.422
0.111
0.107
G357
0.287
0.645
0.366
0,000
0.012
0.859.
0.991

14.9
N/M
616.7
11.4
10.1

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

S2wk-Hi S2wk-Low Security

Bahamas Note 6.95 (2029)

Last Sale

99.46
100.00

Symbol
BAH29
FBB17

Change
0.00
0.00

Daily Vol.

Interest

6.95%
7%

Maturity
20 November 2029
19 October 2017

7.4) 9 eee lise) tess
heat, corn prices gain
on weather worries

Wheat and corn prices rose Tuesday as bad weather renewed

Devastating floods in Australia have raised questions about

There also are concerns that the U.S. winter wheat crop could be

The administration is hoping affected by dry weather in the Great Plains states.

that the review, with its empha- } : :
sis on eliminating regulations } sion that grows that crop. There was rain last weekend but
that limit the competitiveness ? some analysts believe it wasn't enough to avert crop damage.

of USS. businesses, is another } Analysts say that could exacerbate a global shortage of the grain.

sector Coron kaa is ? percent, to $6.595 a bushel and soybeans lost 9.25 cents to $14.1325
sitting on $2 trillion in assets, } * bushel.

but has been reluctant tomake : : : .
: incre aac : national Energy Agency predicted worldwide economic growth and
ne aa : . ae aa Lely ? a cold winter in the northern hemisphere will support higher-
ee : ie kee panel ? than-expected oil demand this year. The Paris-based agency expects
arly over government Tesu- + demand will rise to 89.1 million barrels a day, up from 87.7 million

Obama has acknowledged Darrel eday 201)
that he needed to better man- } ic recovery, and oil producers, investors and consumers will suffer

age his relationship with the if prices stay around $100 a barrel.

Argentina, a big exporter of corn, has endured a dry spell in the

In contracts for March delivery, wheat added 20 cents, or 2.6 per-

In energy trading, oil prices were little changed after the Inter-

The IEA warned that high crude oil prices could slow econom-

Benchmark crude for February delivery fell 16 cents to settle at

In other Nymex trading in February contracts, heating oil added

Gold for February delivery gained $7.70 to settle at $1,368.20 an

‘ oup that - i ounce. April platinum added $12.30 to settle at $1,828.30 an ounce.
battled his top policy initiatives }

In March contracts, silver rose 59.2 cents to $28.912 an ounce,

: palladium increased $19.95 to $810.45 an ounce and copper settled

? up 1.6 cents to $4.428 an ounce.
Officials at the Chamber said

the president's executive order. i Ford 10 heen 3,/00 jols al plant near Kansas City

Aric Newhouse, senior vice }
president at the National Asso- :
ciation of Manufacturers, said }
the regulatory review was a
positive step toward job growth. ;

Rising gas prices bring spending trade-offs

HEATHER HOLLINGSWORTH,
Associated Press
KANSAS CITY, Mo.

Ford announced Tuesday it will retain nearly 3,750 jobs and
spend about $400 million to upgrade a Missouri plant that had been
in danger of closing. Ziad Ojakli, Ford Motor Co.'s group vice pres-
ident for government affairs, provided no details about which
new product will be produced at the Claycomo plant near Kansas
City or when an announcement will be made.

Ford is ending production of the Escape sport utility vehicle lat-
er this year at the plant. It will make the new Escape in Louisville,
Kentucky. The plant will continue to make the Ford F-150 on a
separate line. Ojakli also declined to say when the company would
begin investing money in the Claycomo plant and whether there
would be job losses during the transition.

Despite the unanswered questions, cheering workers packed a
Ford dealership to listen to the announcement from Ojakli and
Missouri Gov. Jay Nixon. The Claycomo plant was in danger of
closing before lawmakers approved a tax break last fall aimed at
enticing Ford to continue making vehicles at the plant.

The bill will let manufacturers keep employee withholding tax-
es they normally would pay Missouri if they improve their facto-
ries for new or expanded product lines.

Ojakli said the incentives played a "very important role" in
the company's decision to invest further in the plant. Nixon said the
tax breaks were saving jobs and helping suppliers in every corner
of the state.

Treasury prices are dipping in late trading ahead of two key

? earnings reports.

The price on the 10-year Treasury bond fell 28.13 cents per

$100 invested. Its yield, which moves in the opposite direc-
i tion, rose to 3.36 percent from 3.32 late Friday. U.S. markets
: were closed Monday for the Martin Luther King Jr. holiday.

Treasurys fell early in the day but pared some of their loss-

i es later. A New York manufacturing index showed improved
? business conditions, higher new orders and higher shipments for
? January.

Traders are also watching for Apple Inc.'s and IBM Corp.'s

i fourth-quarter earnings reports due out after the stock market
? closes.

NOTICE is hereby given that MUNA EL-FITURI of
561 Broadway #9A New York 10012, United States
of America is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 19'" day of
January, 2011 to the Minister responsible for nationality
and Citizenship, PO. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that |, JOVAHN PIERRE
of P.O. Box SB-52761, intend to change my name

Fidelity Bank Note 17 (Series A) +
Fidelity Bank Note 22 (Series B) +
Fidelity Bank Note 13 (Series C) + PBB13S 100.00 0.00
Fidelity Bank Note 15 (Series D) + FBB15 100.00 0.00,
RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)
Symbol Bid & Ask % Last Price Daily \éal..
Bahamas Supermarkets 5.01 6.01 14.00
RND Holdings 0.35 0.40 0.55
CFAL Securities Ltd. (OQver-The-Counter Securities)
30.13 31.59 29.00
0.45 0.55 0.55
BISX Listed Mutual Funds
NAW YTD% Last 12 Months %
6.90%
2.09%
4.44%
4.63%
-0.14%
12.49%

to JOVAHN MOSS. If there are any objections to this
change of name by Deed Poll, you may write such
objections to the Chief Passport Officer, PO.Box
N-742, Nassau, Bahamas no later than thirty (30)
days after the date of publication of this notice.

MUU

NOTICE is hereby given that ELMINA ETIENNE of
Marshall Road is applying to the Minister responsible
for Nationality and Citizenship, for registration/
naturalization as a citizen of The Bahamas, and that
any person who knows any reason why registration/
naturalization should not be granted, should send
a written and signed statement of the facts within
twenty-eight days from the 19 day of January,
2011 to the Minister responsible for nationality and
Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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

0.00, Prime + 1.75%
7%

Prime + 1.75%

19 October 2022
30 May 2013
29 May 2015

FBB22 100.00

EPS $ Rie
-2.945

0.001

Div %
0,000.
0.000

ABDAB
RND Holdings

4.540
0.002

0.000
0.000

NAV 3MTH
1.498004
2.918697
1.555464

NAV 6GMTH
1.475244
2.919946
1.538692

Fund Name
CPFAL Bond Fund
CPFAL MSI Preferred Fund
CPFAL Money Market Fund

1.4076
2.8300
1.4954

15178
2.9474
1.5740

5.51%
2.10%
4.44%
12.72%
-0.63%
9.98%

31-Dec-10
31-Dec-10
31-Dec-10
30-Nov-10.
30-Jun-10

2.6522
13.0484
101.6693
99.4177
1.0000
1.0000
1.0000
9.1005

Royal Fidelity Bahamas G & | Fund
Royal Fidelity Prime Income Fund
CFAL Global Bond Fund

CPFAL Global Equity Fund

FSG Financial Preferred Income Fund
FG Financial Growth Fund

2.7202
13.2825
114.3684
106.5528
1.1415
1.1101
1.1428

109.392860
100.779540

107.570619
7.18% 105.776543
5.21%
7.60%

5,90%

4.75%
4.74%
3.94%
4.78%

30-Sep-10
30-Nov-10
30-Nov-10
FG Financial Diversified Fund 30-Nov-10
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 4.85% 5.45% 30-Nov-10

10.0000,

10.6417 -1.20% 0.50% 30-Nov-10

9.1708
3.37%

8.82%

30-Nov-10
31-Dec-10

9.6635 -3.37%
8.3979 8.82%
MARKET TERMS
YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Colina and Fidelity
ASk $ - Selling price of Colina and fidelity
Last Price - Last traded over-the-counter price.
Weekly Vol. - Trading volume of the prior week
EPS $ - A company's reported earnings per share for the last 12 mths
NAV - Net Asset value
N/M - Not Meaningtul
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100

4.8105

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 from 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

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

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

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


THE TRIBUNE





ENTERTAINMENT

A family farm

ud swear you were
in Barbados or
Trinidad instead of

The Bahamas. The
entrance to the farm was a
track road with twelve-foot
high sugar cane growing on
both sides, an echo of the
past splendor of a failed

venture.

We are at the Lightbourn Family
Farm in Abaco, a few miles south of
Marsh Harbour. Members of the
Abaco branch of the Horticultural
Society of The Bahamas, led by Pres-
ident Anita Knowles, were on a field
trip to visit the Lightbourn farm and
were particularly interested in inten-
sive vegetable farming techniques.

Our hosts are Michael and Jennifer
Lightbourn, young, idealistic and com-
mitted. Michael left The Bahamas
with his father when he was six years
old to live in New York but his love of
growing plants was engendered by
summer visits to his grandmother,
Barbara Lightbourn-Brennan, who
had a 5.5-acre spread in British
Columbia.

Michael had seven years in the
Information Technology business that
took him to Florida. There he met
and worked with Dean Dekker of
Dekker Farms, Fort Pierce, and
learned all about intensive farming
techniques. It was also there he met
and fell in love with his wife Jennifer,
who hails from New Jersey.

They started the Lightbourn Fam-
ily Farm in June 2009 with assistance
from Michael’s father and uncle, and
already four of their ten acres are pro-
ducing from seven fields. Part of the
farm is laid out with vegetable towers
but there are conventional tilled areas
where the soil looked rich and black
in the raised beds.

The towers are metal posts thread-
ing a series of white containers with a
square cross section. The technique is
called vertical hydroponics. Each con-
tainer is set at 45 degrees laterally to
the one below so the corners are
exposed, and this is where the growing
takes place. A row of towers produces
a wall of vegetables: Collard greens,
broccoli, arugula and other salad
greens, lettuce, cucumbers and toma-
toes.

Michael explained that his grow-
ing medium is a commercial form of

coir that he mixes with Perlite. At
some time in the future he would
invest in a small chipper and see if he
could produce his own coir medium as
there were plenty of coconuts in Aba-
co. Michael uses coir because it has a
pH value of 7.0, a perfect balance
between acid and alkaline. “This is
very important,” Michael said, “as
the pH determines how productive
the soil can be.”

The pots in the towers are watered
by a central gravity-fed drip system
that has liquid fertiliser added in the
correct amounts. “The beauty of this
system,” Michael said of the towers,
“is that with five containers stacked
vertically and each bearing four
plants, we are growing 20 plants
where conventionally you could grow
only one.”

Jennifer is in charge of a shade
house that is used to propagate
seedlings. The market garden area
also provides herbs and there were
plenty on their way, along with sweet
peppers. I noticed a dozen or so pots
with guinep seedlings, so the Light-
bourns may be orchard farming in
the future.

It has long been noted that farming
is more likely to be successful if value-
added items are produced. Jennifer
had on sale jars of cucumber pickles
labeled with the farm’s name and has
also made (and sold) salsa, spaghetti
sauce, hot pepper sauce and pesto.

The Lightbourn Family Farm obvi-
ously has some of the richest soil in
Abaco, if not in all of The Bahamas. It
is part of what used to be the Owens-
Illinois concern that produced sugar
cane in the late 1960s to the early
1970s before going bust when the bot-
tom of the sugar market fell out. This
is the same area that the Chinese gov-
ernment is interested in developing.

Farming is a precarious undertak-
ing. Conventional crops such as
bananas, watermelons, cucumbers,
peppers, tomatoes and onions often
glut the market and bring low returns.
Those who dare to be different stand



Above the Rest:

A row of collard greens (above) at
Lightbourn Family Farm is far more
productive than in a regular garden.

Green Thumb:

Michael and Jennifer Lightbourn (right)
with their faithful dogs Bailey and Cain
amidst some conventionally-grown broc-
coli.

the best chance of success. Market
gardening is far more intense a project
than conventional farming because
every day is a sowing and reaping day,
and one breakdown could endanger
several weeks’ labour. That said, the
vertical hydroponics system means
Michael and Jennifer are not behold-
en to the vagaries of the weather and
have a great degree of control over
their crops.

It was indeed a pleasure to share
the dreams and efforts of a young
couple determined to work hard and
make a success of their undertaking. I
wish them well.

WEDNESDAY, JANUARY 19, 2011, PAGE 9B



ust a few images of what we the
Bahamas looked like 40...50...60...
years in the past

BY ROLAND ROSE

This is the exact location of the new straw market and
the Ministry of Tourism building as it was in 1950.



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


PAGE 10B, WEDNESDAY, JANUARY 19, 2011

THE TRIBUNE



SS



The Tribune





i,

if



Just your typical wedding video... right?

*R







IRWAR





The cast of From This Day Forward’
prepares for the official film debut

HE CAST and crew of
"Te: Bahamian film,
From This Day For-

ward are excited as the days

become closer to the debut
of the unforgettable film.

The event will be at The Hub,
East Bay St with show times begin-
ning at 1,5 and 7pm on Saturday
January 22, 2011.

In the past few years, The
Bahamas has played host to what
can be deemed as a renaissance
period of local film making with
the release of recent Bahamian
films such as Rain and Children of

JANUARY 22 - SATURDAY
BIZET-TO-BROADWAY:
NIGHT AT THE

OPERA AT OLD

FORT BAY CLUB

e In association with Elizabeth
Covington and Cornelia Nihon,
The Nassau Music Society presents
anight at the Opera at Old Fort
Bay with a black tie dinner fol-
lowed by an enchanting evening of
music by well-known Canadian
opera singers. Under the distin-
guished patronage of His Excellen-
cy Sir Arthur D Foulkes, this spe-
cial event is to raise funds for a
scholarship programme to help
young Bahamian singers train
either at home or abroad. The
show features: Gianna Corbisiero,
Soprano; Alexander Dobson, Bari-
tone; Keith Klassen, Tenor;

God just to name a few.

On Saturday, the team of No
Budget production in association
with Track Road theater will be
releasing their comedic film “From
This Day Forward.” The movie is
a funny tale of two star crossed
lovers Kenneth and Cherise, whom
both are from different sides of
the track or different sides of the
Hill, they become drawn together
due to their lust for each other.

According to the Vendetta
Group, the movie is shot in a
mixed style of documentary and
standard movie style which flows

Michael Mcmahon, Pianist; and
Beverly Mcarthur, Mezzo Soprano.
Cocktails at 6.30 pm, dinner at 7.30
pm and concert at 8.45 pm. The
event is by reservation only. Con-
tact Nassau Music Society at:
www.nassaumusicsociety.org.

JANUARY 22 - SATURDAY
‘DO IT BIG’
BLACK AND
YELLOW/GOLD

e Warrior Sounds and Rydim
Events present “Do It Big” Black
and Yellow/Gold, a VIP Blackber-
ry affair at Club 112. Music provid-
ed by Nassau's hottest DJs. Free
food, drink specials and surprises
all night!

JANUARY 22 - SATURDAY
YMCMB’s ‘AQUARIUS’

together seamlessly as family and
friends of the young couple pre-
pare for their wedding day.
Going further, a film crew inter-
views and documents them as they
get closer to the actual date, the
ceremony and all else in between.
Sparks then fly and social status
collide as the wedding draws near.
Just the mere preparation brings
out the true essence of each char-
acter. Both Kenneth and Cherise
are known to be very impulsive.
Will there even be a marriage?
Although all of the characters in
this film are fictional the cast truly

¢ Young Money Cash Money
Billionaire's presents “Aquarius”,
a birthday celebration for the
entire YMCMB family. Music pro-
vided by Xtra Large International,
DJ Payne, Father Marquis and
Earthquake Sounds. Doors open
9pm.

JANUARY 23 - JANUARY 26
(ELEUTHERA)

CAPE ELEUTHERA

WAHOO TOURNAMENT
e Cape Eleuthera hosts the 2011
Wahoo Tournament that offers
three days of fun and excitement
for fisherman both in the Bahamas
and the states. Fee: $550/per boat,
covers four participants, tourna-
ment t-shirts, opening night dinner,
and awards banquet. Telephone:
888-270-9642 or 470-8242.

committed to the role making the
whole feel like truly bizarre
Bahamian wedding.

The film is directed by first time
director Tara “Tecca” Woodside
who also wrote the story. She
explains that “the film was a short
one because of the complete lack
of a budget but the cast and crew
all made it work like a big budget
film.” The film also stars Matthew
Wildgoose and Salina Archer.
Tickets for the debut will be on
sale at a cost of five dollars, for
more information please call 676-
7075, 424-5378 or 677-9616.

JANUARY 27 - THURSDAY
“THE HANSARD
DEMOLITION’ OPENING

RECEPTION

¢ The exhibition “The Hansard
Demolition”, an intervention by
Antonius Roberts, officially opens
with an opening reception, 6pm-
9pm at the Central Bank of the
Bahamas Art Gallery. Exhibition
runs until February 18.

JANUARY 27 - THURSDAY
ANNUAL EPIPHANY
RECITAL FOR
SOLO ORGAN

e Dr Sparkman Ferguson hosts
the annual Epiphany Recital for
solo organ, 7.45pm at Christ
Church Cathedral. Come and hear

‘Hornet’ heats
Hollywood's weekenti
with $40 million

LOS ANGELES
Associated Press

SETH Rogen’'s action tale "The
Green Hornet” led the box office over
the Martin Luther King Jr. Day week-
end with $40 million.

The top 20 movies at U.S. and
Canadian theaters Friday through
Monday, followed by distribution stu-
dio, gross, number of theater loca-
tions, average receipts per location,
total gross and number of weeks in
release, as compiled Tuesday by Hol-
lywood.com are:

1. "The Green Hornet," Sony,
$40,012,543, 3,584 locations, $11,164
average, $40,012,543, one week.

2. "The Dilemma," Universal,
$20,521,030, 2,940 locations, $6,980
average, $20,521,030, one week.

3. "True Grit," Paramount, $13,127,459,
3,459 locations, $3,795 average,
$128,339,354, four weeks.

4. "The King's Speech," Weinstein Co.,
$11,271,166, 1,543 locations, $7,305
average, $46,795,025, eight weeks.

5. "Black Swan," Fox Searchlight,
$10,151,762, 2,328 locations, $4,361
average, $75,020,120, seven weeks.

6. "Little Fockers," Universal, $8,535,495,
3,394 locations, $2,515 average,
$135,621 ,520, four weeks.

7. "Yogi Bear," Warner Bros., $7,447,344,
2,702 locations, $2,756 average,
$84,197,416, five weeks.

8. "Tron: Legacy," Disney, $7,258,954,
2,439 locations, $2,976 average,
$158,497,550, five weeks.

9. "The Fighter," Paramount, $6,382,097,
2,414 locations, $2,644 average,
$67,026,761, six weeks.

10. "Tangled," Disney, $5,638,656, 2,048
locations, $2,753 average, $182,666,695,
eight weeks.

11. "Season of the Witch," Relativity
Media, $5,416,042, 2,827 locations,
$1,916 average, $18,913,782, two weeks.

12. "Country Strong," Sony Screen Gems,
$4,381,249, 1,424 locations, $3,077 aver-
age, $13,986,383, four weeks.

13. "The Chronicles of Narnia: The Voy-
age of the Dawn Treader," Fox,
$3,121,186, 1,704 locations, $1,832 aver-
age, $98,863,922, six weeks.

14. "Gulliver's Travels," Fox, $3,062,300,
1,666 locations, $1,838 average,
$38,590,723, four weeks.

15. "The Tourist," Sony, $1,983,709,
1,420 locations, $1,397 average,
$64,562,655, six weeks.

16. "Harry Potter and the Deathly Hal-
lows: Part 1," Warner Bros., $1,749,077,
941 locations, $1,859 average,
$290,153,345, nine weeks.

17. "Blue Valentine," Weinstein Co.,
$1,701,750, 230 locations, $7,399 aver-
age, $3,162,235, three weeks.

18. "Megamind," Paramount, $905,655,
341 locations, $2,656 average,
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THE TAILUNE



AANUARY 18, 2011,





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WEDNESDAY, JANUARY 19, 2011

CARS FOR SALE,
a



AND REAL a
BAHAMAS BIGGEST &

TSS aS

BIC gers
to go public’

Government will release all
details of sale once finalised

By NOELLE NICOLLS
Tribune Staff Reporter

nnicolls@tribunemedia.net

ALL documentation relat-
ed to the privatisation of BTC
from 1999 to the present will
be tabled in Parliament for
scrutiny by the public, said
Minister of National Securi-
ty Tommy Turnquest, leader
of government business.

As soon as the terms of the
BTC sale agreement are
finalised, Mr Turnquest said
the government will release
all the details and documents
related to the sale process
from its inception.



VETERAN PROSECUTOR:
Cheryl Grant-Bethell

The government will place
the latest agreement of sale
for 51 per cent of BTC to
Cable and Wireless Commu-
nication (CWC) in the public
domain and allow two weeks
before debate is scheduled,
said Mr Turnquest.

Details of the Bluewater
deal, negotiated under the
former Progressive Liberal
Party (PLP) government, also
will be revealed, he said.

Zhivargo Laing, Minister of
State for Finance, said he
could not say whether or not
the names of the Bluewater

SEE page nine

GRANT-BETHELL ‘HAD NO
CHANCE TO DEFEND HERSELF’
AGAINST LAW JOB REPORT

By NATARIO McKENZIE
Tribune Staff Reporter
nmckenzie@tribunemedia.net

ATTORNEYS for Cheryl Grant-
Bethell yesterday claimed the veteran
prosecutor had not been afforded the
opportunity to defend herself against
information presented to the Judicial
and Legal Services Commission while
considering her application for the post

SEE page nine

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PARAMEDICS in Grand Bahama claim
they are still incapable of responding to any
major industrial or natural disaster on the
island. The frustrated workers say an insuffi-
cient and poorly-maintained ambulance fleet,
and the lack of a proper dispatch centre, has

prevented them from effectively providing

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HAITI'S EX-DICTATOR Jean-Claude Duvalier known as ‘Baby Doc’, centre, is taken out of his hotel by police
in Port-au-Prince, Haiti, yesterday. A judge will decide whether Duvalier will be tried on charges that include
corruption and embezzlement for allegedly pilfering the treasury before his 1986 ouster, a lawyer for the

ex-strongman said Tuesday. (AP)

¢ SEE PAGE 11

MAJOR HOTELIER BACKS BIC SALE TO CABLE & WIRELESS

ONE of the country’s major
hoteliers has thrown his sup-
port behind the Government's
selection of Cable & Wireless
Communications as the buyer
of a $210 million majority
stake in BTC.

Sandals resort chief Adam
Stewart yesterday endorsed
the sale to CWC, describing

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the international company as
“a valuable partner” expected
to bring “good things” to the
state-run telecommunications
provider.

Bahamas Communications
and Public Officers Union
(BCPOU) leader Bernard
Evans, who strongly opposes
the sale to CWC, said the

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endorsement is not unexpect-
ed but cannot change the
labour movement's opinion
that the impending privatisa-
tion is a “bad deal.”
However, Mr Stewart said:
"The hospitality industry
expects and deserves the best

SEE page nine

10om-2 pm
wa ahoamahoandorints.com



NASSAU AND BAHAMA

ISEANDS*” LEADING NEWSPAPER

emergency care to the nearly 52,000 residents
on the island. Today, The Tribune’s Ava
Turnquest explores the concerns raised by
the Emergency Medical Services (EMS) team
who believe their department is not given the
necessary priority as the nation’s second city.

e SEE PAGE SIX

SECOND STUDENT
TESTIFIES IN
TEACHER SEX CASE

By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net



FREEPORT: A second
male student took the stand
yesterday in the Andre Bir-
bal sex trial, telling the
Supreme Court jury his art
teacher took nude pho-
tographs of him in the class-
room at school.

The young man, who is
now 21 and lives in the US,
attended the Eight Mile Rock
High School from 2001 to
2007. He said Birbal was his
art teacher during that time.

The former student said the
photograph sessions took
place in Mr Birbal’s art class-
room in 2001 when he was in
the seventh grade.

All the windows in Birbal’s
classroom were covered and
there were latches on the
door inside, the witness
recalled.

He was alone in the class-
room using the computer
when Birbal came in and
locked the door. The young
man said Birbal put up a
white sheet and asked him to
pose for pictures.

“He asked me to take off
my uniform. I was in my box-
ers and he made me put on a
hard hat, tool belt, and gave
me a hammer to hold in my
hand. He then took off my
boxers and continued taking
photos,” the witness recalled.

The young man said the
teacher then gave him $20.

On the second occasion,
after posing for photographs
in the classroom, Birbal per-
formed a sex act on the stu-
dent.

The witness said the sexual

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THE TRIBUNE

LOCAL NEWS

Grand Bahama District o

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WEDNESDAY, JANUARY 19, 2011, PAGE 5



LOCAL NEWS

Hands for Hunger prepares for annual Paradise Plates

Event to showcase wide array of gourmet food

HANDS For Hunger is gearing
up for its third annual fundraiser,
Paradise Plates, scheduled to take
place on May 21 at the Atlantis
Crown Ballroom.

The event, which aims to raise
money for the fight against hunger
in the Bahamas, will showcase a
wide array of gourmet food pre-
pared by chefs from Nassau’s pre-
mier restaurants, fine wine and
spirits as well as live entertainment,
organisers said.

The coming event will also fea-
ture a silent auction and a raffle.

All proceeds will benefit Hands
For Hunger, a non-profit, human-

itarian organisation committed to
the elimination of hunger and the
reduction of food waste in the
Bahamas.

Last year, Paradise Plates served
more than 450 hundred guests who
came out in support of the cause.

“Hands for Hunger is extremely
pleased and humbled by the con-
tinued success of Paradise Plates,”
said Ashley Lepine, the organisa-
tion’s executive director.

“Based on the event’s populari-
ty and the positive feedback we

continue to receive, we plan on
making this year’s fundraiser even
larger.

“Many of our participants are
planning to join us again and we
will also be featuring new restau-
rants, chefs and their signatures
dishes. It promises to be another
wonderful evening.”

All proceeds from Paradise
Plates will go to the food rescue
programme.

“Each day, Hands For Hunger
picks up fresh, high quality food

that would otherwise go to waste
and delivers it to community cen-
tre shelters, churches and soup
kitchens throughout New Provi-
dence,” the organisation said.
Since operations began in March
of 2009, Hands for Hunger has dis-
tributed over 230,000 Ibs of food to
those in need (approximately
equal to 230,000 meals served).
According to the organisation’s
representatives, Hands for Hunger
also prevented more than 400
tonnes of carbon emissions from

entering the atmosphere

“Hunger is a solvable problem.
It is a fact that there is more than
enough food on this island to
amply feed every single woman,
man and child. Hands For Hunger
functions to connect this excess
supply with the unmet, ever grow-
ing need through the more equi-
table and efficient distribution of
resources, “said Alanna Rodgers,
founder and programme coordi-
nator of Hands For Hunger.

“The proceeds raised from Par-
adise Plates will go directly to help-
ing us feed the hungry in our com-
munity.”

DOWNTOWN MERCHANTS SHOW
‘A NEW WAVE OF EXCITEMENT’

IN early December,
downtown retailers put final
touches on their festive dis-
plays for the Downtown
Nassau Partnership’s Annu-
al Holiday Window Com-
petition.

Lights, gift boxes and oth-
er elements were positioned
in windows of the partici-

reateaiver cone euvauteanary SONOELANUELG GUALANUEHGNOG

pating stores to celebrate
the Christmas season and
win over the judges of this
annual event.

“The competition was
more than a celebration of
Christmas. It demonstrated
a new wave of excitement
and innovation among the
retailers — a clear signal of
some momentum with the
revitalisation,” said Vaughn
Roberts, DNP managing
director.

The participants in the
competition were judged on

originality, creativity and
the overall appeal.

The judges did not only
consider the beauty of the
window displays, but the
amount of thought and
time that went into them as
well.



The businesses were
placed into one of three cat-
egories based on the num-
ber of employees. The
judges included artist Kis-
han Munroe, Kendal Major,
senior manager with the
Ministry of Tourism and

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Aviation, Tyler Miller and
Khiry Adderley, art stu-
dents at the College of the
Bahamas.

Participating stores in
Category A included Coin
of the Realm, Coles of Nas-
sau, Delucci, King’s Dis-
count, Maison Décor, the
Linen Shop and the Per-
fume Shop.

The winner of this cate-
gory was Maison Décor
with its display by Nioca
Miller.

Second place went to
King’s Discount for its orig-
inal theme “A Bahamian
Christmas” displaying hand-
made straw items on a live
model.

The Perfume Shop came
in third place.

Stores in Category B were
Solomon’s Mines and John
Bull. Solomon’s Mines took
first place with its theme of
“My Favourite Things”.
John Bull was a close sec-
ond.

Category C consisted of
three banks: Scotiabank,
Bank of the Bahamas and
FirstCaribbean Internation-
al Bank.

The winner of this cate-
gory was Scotiabank on
Rawson Square.

“Scotiabank displayed
true holiday cheer with rein-
deer-eared tellers and
greeters dressed in elf cos-
tumes,” the DNP said.

The DNP also initiated
the People’s Choice Award
using Facebook to collect
votes from the public on
their favourite display.

The first People’s Choice






Award went to King’s Dis-
count Store.

Errolee Conliffe, project
manager with the DNP,
said: “It was a tough yet fun
competition designed to get
retailers to participate in
making the town come alive
during the holidays.

“It is so important that

residents and visitors come
to enjoy themselves in
downtown.”

The DNP is an interim
organisation formed in 2008
as a joint venture of the pri-
vate and public sectors to
achieve a progressive rede-
velopment of the city of
Nassau.



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PAGE 6, WEDNESDAY, JANUARY 19, 2011

THE TRIBUNE



LOCAL NEWS



GB Emergency
Medical Services
‘still without
vital resources’

By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net

NEARLY four years since a mass
sick-out brought their concerns to
national attention, paramedics say
the Emergency Medical Services
department on Grand Bahama is still
without vital resources or adequate
security.

In a lengthy dossier detailing cur-
rent faults within the pre-hospital
care system, paramedics claim severe
neglect of their department continues
to affect unnecessary, and in some
cases fatal, challenges to the entire
health care system.

The statement read: “We are fight-
ing for the lives of our patients and it
shouldn’t come to this.

“We are begging and pleading for
annual training and proper-func-
tioning equipment that will give our
patients a fighting chance at life.”

The statement went on: “Preven-
tion is better than cure and we
strongly feel that if pre-hospital care
was enhanced, there would be fewer
patients in the morgue and on the
wards causing overcrowding.”

Speaking anonymously for fear of
victimisation, the collective state-
ment sought to clarify previous
announcements made to the media
which they felt detracted from major
concerns.

Long-standing inadequacies, which
were said to have fatal consequences,
were an insufficient and poorly-main-
tained ambulance fleet, and the lack
of a proper dispatch centre.





DOSSIER: Pictured above is the letter sent by frustrated paramedics in Grand
Bahama who feel that their department does not get the necessary resources it

needs.

It is alleged that due to the work-
load and the scarcity of vehicles,
ambulances frequently break down
during emergency transport.

Mechanical faults routinely expe-
rienced were said to include abrupt
power loss, locked steering wheel,
and gas leaks.

Late last year, Minister of Health
Hubert Minnis confirmed plans for
several improvements to the depart-
ment in Grand Bahama as part of
major upgrades to public healthcare
nationwide.

Five new ambulances are expected
to arrive this month, two of which
have been designated for Grand
Bahama.

However, the crews’ statement
read: “With every minute that pass-
es, the patient or patients’ condition
is getting worse. By the time we
arrive on the scene, the patient that
was once conscious, is now uncon-
scious.”

Past emergencies said to be nega-
tively affected by transport chal-
lenges were:

1. The July 2006 tornado which
injured 21 people and seriously
injured 3 people in West End.

2. The November 2007 traffic fatal-
ity in the Seven Hills area which
claimed the life of one person and
seriously injured 13.

3. The November 5 traffic fatality



last year, in which one person died
and five persons were seriously
injured in McClean’s Town.

The statement claimed: “We got
tired of writing letters and incident
reports and nothing being done
about them. We are sick and tired
of being blamed for lengthy response
times to emergencies that were not
our fault.”

In 2007, only two managers
showed up for work at the EMS
Department on February 12. Con-
cerns raised at that time were
acknowledged by hospital officials
as legitimate and said to include:
wages, proper accommodations (rest
quarters and bathroom facilities),
proper dispatch centre, pest control,
security, insufficient uniforms and
proper equipment (thicker gloves).

In the statement, it was alleged
that only two of the seven major con-
cerns had been resolved following
the relocation of the department.

The statement read: “Our 911 dis-
patch centre is still not operational in
Grand Bahama, as it has been in
New Providence since 1999 - all 911
calls are answered at the police sta-
tion, which has to turn around and
call us at our station, causing yet
another delay in our response time.
We are deeply saddened by the many
delays we encounter daily.”

Unlike the department attached

NT Vell)

to the Princess Margaret Hospital in
New Providence, the statement
claims there were no specific provi-
sions for EMS in the Grand Bahama
hospital budget.

The statement read: “If a budget
isn’t specifically assigned for Grand
Bahama EMS to facilitate new
equipment, training, vehicle repairs,
etc., how can the general public ben-
efit from effective and advanced pre-
hospital care?”

The frustrated paramedics also hit
out at the lack of training opportu-
nities in comparison to Nassau-based
services.

It was alleged there had been no
formal training for employees in the
department since 2004, and current
certifications held by staff were
financed privately and never reim-
bursed.

Calls placed to Grand Bahama
Heath Services were not returned
up to press time as administrator of
the department, Sharon Williams,
was said to be on leave.

Inquiries made to the Public Hos-
pitals Authority on the matter were
also unsuccessful.

EMS Director Dr Avery Hanna
confirmed that proper gloves for the
department were scheduled to arrive
this week, however she said she could
not speak directly to the concerns of
Grand Bahama personnel.

ATIONAL PAR

William
Charles
(Willie)
Meyers

ct
a,
ae

es

eS
ci

Ss oo | =

THE CHINESE
AMBASSADOR
VISITS INAGUA

CHINESE AMBASSADOR
to the Bahamas Hu
Dingxian visited Inagua
over the weekend with
Senator Dion Foulkes and
Minister of Youth, Sports
and Culture Charles May-
nard.

IRAN WANTS
WORLD POWERS TO
COOPERATE AS EQUALS

UNITED NATIONS
Associated Press






Willie Meyers passed

away peacefully on

Wednesday, 12th of

ra January 2011, in Ft.
PAN > Lauderdale Florida.

Willie was the first born of William C. Meyers and Margaret
Perrin Mayers Ward, in Philadelphia, Pennsylvania. He joined
the United States Navy at an early age and served for 12 years,
spending quite some time in Japan. While in the navy he be-
came a Hard Hat Diver on the underwater Demolition Team.
After the navy he moved to California and started a business,
working underwater doing jobs in various ports of call. He
ended up in The Bahamas as Captain of "the Aquanaut", film-
ing for TV and movies, such as "Sea Hunt”, "Flipper" and
“Thunderball”. Willie met and married Heather nee Bethell
and they had a daughter, Amanda. Willie's passion for boats
led him to the world of Offshore Powerboat Racing. He raced
in such events as "The Miami Nassau Race’, "The Bahamas
500', Cowes to Torque’ and many more. He never lost his love
for The Bahamas.

(a7 eon
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IRAN'S U.N. envoy said
Tuesday the most important
thing that world powers can do
at upcoming talks in Istanbul
is recognize his country as
major player with "nuclear
capability" that is ready to
cooperate on major issues
including nonproliferation.

Ambassador Mohammad
Khazaee warned Iran will nev-
er respond to sanctions, threats
or political or economic pres-
sure — and will "never negoti-
ate on our inalienable right to
use nuclear energy for ... peace-
ful purposes.”

"It doesn't mean that Irani-
ans are looking for confronta-
tion,” he said. "But at the same
time ... it's not going to work
to put a knife in the neck of
somebody, or your sword, and
at the same time asking him to
negotiate with you."

Khazaee spoke ahead of new
talks on Jan. 21-22 with the
US., Britain, France, Germany,
Russia and China.

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

Winchester Street Palmdale,
(between Sears Rd. and Hawkins Hill)

Willie is survived by his daughter, Amanda Meyers; sisters,
Joan Fagan, Marie Kennedy, Judy Flaherty and Sandra Ward,
brothers James Ward and Larry Ward, and his pre-deceased by
two brothers, Robert Meyers and Richard Meyers. Nieces and
Nephews Thomas, Timothy, Jospeh, Patrick, Michael, Sha-
ron, Karen, Joanne, Robert, Kelly, Lois, Willie, Rick, Robin,
Meghan, Jim, Jerry, Sean and Joseph.

Call 322 - 3857 or 422-4701
8am - 4pm

Best Prices in Town!
THE TRIBUNE

WEDNESDAY, JANUARY 19, 2011, PAGE 7



LOCAL NEWS





ENVIRONMENT MINISTER Dr Earl Deveaux walks door to door and speaks with concerned residents
of the Marathon constituency.

Decision on waste
management system
‘three months away’

THE Ministry of Envi-
ronment is three months
away from making a deter-
mination on how to move
forward with the country’s
waste management system,
exploring various avenues
to turn the sector into a
thriving industry, officials
said.

Appearing on the 14th
annual radio programme
called “Operation Love
Your Country”, which was
aired live from Marathon on
Love 97 radio on the week-
end, Dr Deveaux said the
Government’s plans for
expanding opportunities
within Department of Envi-
ronmental Health Services
(DEHS) will not compro-
mise current jobs, but rather
will create new jobs for oth-
ers in the waste manage-
ment sector.

“What I (described) in
terms of collection, man-
agement and waste to ener-

CUBA SAYS US TRAVEL
CHANGES NOT ENOUGH

HAVANA
Associated Press

CUBA said Sunday that the
Obama Administration's deci-
sion to lift some travel restric-
tions on students, academics and
religious groups and make it eas-
ier for Americans to send money
were positive steps, but not near-
ly enough while Washington
maintains its 48-year trade
embargo on the island.

The changes announced last
week mean that students seek-
ing academic credit and churches
and synagogues traveling for reli-
gious purposes will be able to go
to Cuba. Any USS. international
airport with proper customs and
immigration facilities will be able
to offer charter services to the
island.

The plan will also let any
American send as much as $2,000
a year to Cuban citizens who are
not part of the Castro adminis-
tration and are not members of
the Communist Party. Previously,
only relatives could send money.

"Though the measures are pos-
itive," Cuba's Foreign Ministry
said in a statement Sunday, "they
are well below what was hoped
for, have a limited reach and do
not change (U.S.) policy against
Cuba.”

The ministry said most of the
changes simply bring US. policy
back to where it was during the
Clinton Administration, before
President George W. Bush
toughened restrictions. They do
not alter Washington's trade
embargo, which Cuba refers to
as a "blockade."

on Wednesdays

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




gy will create infinitely more
jobs, better paying jobs, and
have a cleaner environment
than what we have today.
But if you have that discus-
sion today, it will become,
‘well, whose job will be
lost?’ than rather ‘whose job
will be gained, whose health
would be improved and

whose life will be
improved?’,” said Dr
Deveaux.

Taxes

The minister said every
household currently pays an
average of $10 per month
through taxes for garbage
collection and waste man-
agement services.

“It wasn’t our intent at
this time to introduce a
direct fee paying for resi-
dential collection. What we
wanted to do, without
increasing the cost of
garbage collection, was to

Gena Gibbs/BIS

Gold, Silver, Le
Tools, Electronics

EE

& get an extra on your trade!

i THE Utilities Regulation and Com-
: petition Authority (URCA) paid a cour-
? tesy call on Minister of the Environ-
? ment Dr Earl Deveaux and Minister of
i State for the Environment Phenton Ney-
? mour on Monday, January 17.
: They discussed the future of utili-
: ties privatisation and systems to be
i put in place to simplify the process of
? collecting revenue for utilities services
and providing services to the public.

? ABOVE: Pictured from left to right
? are URCA senior case officer Stephen
? Bereaux; URCA CEO Usman Saadat;
? Minister of State for the Environment
? Phenton Neymour; Minister Deveaux;
? Environment permanent secretary
: Ronald Thompson; and Diana Light-
? bourne, under -secretary.
? RIGHT: Pictured from left to right
are: Usman Saadat, CEO of URCA; Min-
i: ister Deveaux; Minister of State Ney-
? mour and Stephen Bereaux, URCA
: senior case officer.

improve the efficiency of
collection. So we have a
number of proposals we had
solicited and that had come
to us independently,” he
said.

Minister Deveaux said the
Government’s solution to
reducing the cost of garbage
collection for Bahamian
households will include the
introduction of a pro-
gramme that requires cach
house to have a covered
trash receptacle from a com-
mercial garbage collection
service, to semi-privatise
DEHS garbage collection.

“We are about three
months away from a deter-
mination, but a determina-
tion will be made,” said Dr
Deveaux.

“It puts a big face to this
very serious environmental
issue, Management issue,
and finally this huge oppor-
tunity to convert this grow-
ing problem into an industry

F
hp “Camspaion: pekd qucwan raust ba nwiting Sofa on ties woaa cde:



ENVIRONMENT MINISTER Dr Earl Deveaux pointed out an abandoned fences pie parked in aie
son Way, which has been a major eyesore for Marathon residents who have complained to the Min-
istry of the Environment that derelict vehicles in the area are devaluing their private property.

could the

that
Bahamas and ensure a bet-
ter management of our solid
waste.”

serve

Collection

Minister Deveaux
explained how the garbage
collection is organised with-
in the government system in
New Providence and in the
Family Islands. He also
explained the challenges
DEHS faces to collect the
nation’s waste and manage
its disposal in accordance to
health requirements.

“All of our waste in the
Bahamas that is of a com-
mercial nature is handled by
the private sector and it rep-
resents approximately 40 per

cent of the total waste,” he
said.

“In the islands to varying
degrees, the local govern-
ment is responsible for the
residential collection. Here,
in New Providence, it’s the
Department of Environ-
mental Health.

“We have three chal-
lenges in a broad sense. The
collection of garbage by
DEHS is constrained by the
availability of vehicles, the
frequency of collection, and
traffic.

“Then, we have the site.
We today need to construct
anew cell.

“We need to rehabilitate
an older cell and we need to
cap a cell, so we can have a
place to dispose of the
waste. That will give us

eee ee ee ee ec ee rer ee er eR aides

call 322-2456

Down

‘i bee) SL
Ee



approximately 10 years.
What happens after 10
years?”

Dr Deveaux listed the
long-term goals of the Min-
istry of the Environment
which are necessary to sus-
tain the nation’s continual
management of increasing
waste disposal in the face of
urbanisation.

“Our goal is to recycle as
much of our waste as we
could.

“Re-use as much of it as
we could, but eventually to
convert the waste to a useful
form of energy.

“In order to get there, we
have to improve the collec-
tion, the management of the
site, and the technical abili-
ty at the site to reuse, recy-
cle, and dispose,” he said.

eT






PAGE 8, WEDNESDAY, JANUARY 19, 2011

THE TRIBUNE





Contrasting views on
our sens model

"As I watch these students
and their families, all so
proud of their accomplish-
ments, I cannot help but feel
sorry for them...How will they
feel about themselves in this
tourist industry, playing the
role of servant so clearly con-
structed as being part of the
nature of Bahamian culture."

— Dellareese Higgs, 2008
doctoral dissertation.

“Tt is clearly the case that, as

a result of tourism, the

Bahamas is chronically
dependent.”

— Felix Bethel, College of

the Bahamas lecturer.

“Tourism is a form of
‘leisure imperialisr’ and rep-
resents ‘the hedonistic’ face
of neocolonialism. "

- Malcolm Crick, British
anthropologist

"While direct travel services
generated $1.8 billion in
export earnings, the econo-
my spent $1.9 billion on the
purchase of merchandise
imports. It could be suggested
that in the (Stafford Sands)
model, the state of foreign
reserves is in fact the econo-
my’s ultimate monetary tar-
get."

— Gabriella Fraser,
researcher at the Central
Bank of the Bahamas, 2001

"Because of our addictive
reliance on foreign investment
our appreciation for Bahami-
an genius is negligible and in
so doing we are oppressing
Bahamians....

Our economic model per-
petuates an economic
apartheid."

— Olivia Saunders, Col-
lege of the Bahamas lectur-
er.

"One can argue that
Bahamian national pride is
to a degree a product of
brochure discourse, of touris-
tic marketing; that much of
what Bahamians love about
their country is what travellers
and the tourist industry claim
is worth loving."

— an Strachan, College of

the Bahamas lecturer

"The world seems to be
divided between people who
predict rain and people who
build arks. We know which
one is easier. Let them con-
tinue to predict rain in the
face of these opportunities.
We will work with those who
are in the business of building
arks."

— Vincent Vanderpool-
Wallace, Minister of
Tourism.

By LARRY SMITH

THE preceding series of
quotes (except for the last
one) is fairly representative
of the intellectual discourse
over tourism, economics and
identity that rages from time
to time in the academic and
cultural world, both here and
abroad.

Interestingly, this normal-
ly esoteric debate was
thrown into sharp relief last
week when Tourism Minister
Vincent Vanderpool- Wallace
and College of the Bahamas
lecturer Olivia Saunders
delivered diametrically
opposing views at the
Bahamas Business Outlook
conference on Cable Beach.
The theme of the conference
was economic diversification.

This discussion began with
a description of our current
economic model. What is
often described as the
"Stafford Sands model" for
ease of reference, is really
just an updated version of
the oppressive 19th century
colonial system, critics say.
It is a typical dependency
model, which was fashioned
long before Sands was born.
And it needs to be over-
thrown.

Olivia Saunders said the
creation of the Development

Board in 1914 formalised
earlier promotional efforts
by paying foreigners to bring
tourists into the colony and
to develop hotels. In the
1930s, promoters like Harold
Christie started selling
Bahamian land to wealthy
foreigners for second homes
and other investments. The
influx of foreign capital was
driven by the absence of tax-
es on earnings. And all this
set the country largely on the
course it travels today.
Although Sands was not
the originator of this eco-
nomic model, he did take
advantage of the global eco-
nomic recovery after the Sec-
ond World War to dramati-
cally expand tourism and
financial services. Rapid eco-



“As we all
know, the
Bahamas is right
next door to the
United States,
which constitutes
25 per cent of the
global economy —
a proportion
that is likely to
remain relatively
stable for the
foreseeable
future despite
the growth of
emerging
economies like
Brazil, Russia,
India and China.”



nomic growth in the 1950s
and 60s was partly due to
unprecedented promotional
spending to position The
Bahamas as a year-round
tourist destination.

Saunders summed it up
like this: "The Bahamian
economic model is designed
for the country to relinquish
responsibility for its
resources and the com-
manding heights of its econ-
omy. It is one where the role
of the residents is to provide
labour and to be consumers
while the owners of the econ-
omy, foreign nationals and a
small minority of locals
amass great wealth.

This was a model that
ensured underdevelopment
of our human resources, she
said. "We maintain a tax and
incentive regime that not
only favours the foreign
investor but oppresses
Bahamians...An economy so
designed does not have much
need for a local intelli-
gentsia...It is disastrous for
us to continue using the pre-
sent economic model of
dependence and economic
apartheid."

Saunders offered a vague
three-point plan to address
these deficiencies. First,
leverage the abilities of
Bahamians who have the
aptitude and expertise to
own and operate anything
that is vital to nation-build-
ing. Second, ensure that
Bahamian capital and
resources benefit Bahamians
rather than foreigners. And
third, accept that our current
economic model is dysfunc-
tional and incapable of pro-
ducing the results we need.

"Human beings are more
than workers and consumers,
and policy makers should not
measure how well the nation
is doing by how many jobs
arise from this or that pro-
ject or how many cars are
purchased," she said to



standing ovations from some
in the audience. "My advo-
cacy is for a new economy
so fashioned that it portrays
and liberates Bahamian bril-
liance; an economy that is
congruent with healthy and
sustainable communities, and
an economy that extends
wealth to Bahamian citi-
zens."

Vincent Vanderpool-Wal-
lace offered a different
approach. While acknowl-
edging that tourism was fac-
ing "stiff headwinds" due to
a longer than expected reces-
sion, "what is often forgot-
ten is that the most diversi-
fied economies on earth are
not only going through the
same troubles we are, these
highly diversified economies
are in fact the source of our
troubles. And several Amer-
ican states and European
countries are now in deeper
trouble than The Bahamas
has ever seen in recent
times."

According to the minis-
ter, "any initiatives to grow
our economy in the short and
long term must be ground-
ed in activities that arise from
making existing and accepted
strengths stronger, because
we know that any effort that
requires massive training and
retraining of our population,
while noble, is for the medi-
um and longer term and is
less certain. So yes, I believe
in diversification, but not
necessarily diversification in
the way that consumes so
much debate."

He went on to cite statis-
tics that may surprise some
readers. For example, if Nas-
sau and Paradise Island were
a separate country, it would
rank fifth in the number of
stopover visitors, second in
the number of total visitors
and first in the number of
cruise passengers in the
entire Caribbean. Yet these
two connected islands are
less than 2 per cent of the
total Bahamian land mass.

"Today, this 2 per cent
‘country’ would be the third
wealthiest independent
nation in the hemisphere,"
he said. "If fully developing
only 2 per cent of our islands
yields these results, imagine
what could happen if we
began to utilize more of our
natural assets. If we want to
diversify, why not diversify
like Toyota did in extending
their brands of cars? Why
not diversify within one’s
areas of strength and com-
parative advantage?"

As we all know, the
Bahamas is right next door to
the United States, which con-
stitutes 25 per cent of the
global economy — a propor-
tion that is likely to remain
relatively stable for the fore-
seeable future despite the
growth of emerging
economies like Brazil, Rus-
sia, India and China. Collec-
tively, these nations account
for less than 12 per cent of
global GDP today.

Vanderpool-Wallace
pointed out that despite our
proximity to the world's
largest economy, "it is much
less expensive and takes less
time to travel from most
places in the US to most
competing destinations in the
Caribbean than it does to
travel to any of our Family
Islands. Reducing the cost
and time for travel to our
islands will most assuredly
lead to explosive growth and
can turn our economy from
the wind in our face to the
wind at our backs."

This will also make
domestic travel for Bahami-
ans much more appealing
compared to the current cost
advantages of a trip to south



TOURISM MINISTER Vincent Vanderpool-Wallace (above) and College of the Bahamas lecturer
Olivia Saunders delivered diametrically opposing views.

Florida, he said. "The power
of low-cost, high-quality air
and sea transportation is no
longer a debate in our indus-
try. Our Companion Fly Free
programme has been the
most successful promotion in
history, selling nearly 300,000
room nights, and the growth
of our cruise business by
more than 18 per cent last
year is adequate testimony
to the value of low-cost
access to a Bahamas vaca-
tion."

While Nassau and Par-
adise Island teeter on
overdevelopment, Vander-
pool-Wallace noted that we
have failed to provide ade-
quate inter-island trans-
portation, and argued that
"Infrastructure development
in an archipelago depends as
much on connections
between islands as it does on
infrastructure on islands."

He advanced a "mission
to the moon" vision in which
Bahamians living on nearby
islands like Eleuthera or
Andros would commute to
work in Nassau as we begin
to develop the other 98 per
cent of the Bahamas more
completely.

"Such commutes are done
every day around the world.
Why not The Bahamas? Our
overall mission must be to
go back to the islands
through the expansion of
inter-island transportation
and communications ser-
vices."

He envisioned a future
where containers arriving at
the new port on Arawak Cay
can roll off vessels and roll
onto trucks for transporta-
tion to other islands to deliv-
er goods to the resident pop-
ulation, returning to Nassau
with farm produce. And pas-
sengers would be able to take
their personal vehicles with
them to travel through the
archipelago. This will accel-
erate the use of first and sec-
ond homes in the islands and
"make that globally desired
idea of living and loving the
island life immensely more
accessible and attractive."

Efforts are already under-
way, he said, to establish an
electronic booking system for
all of the air and sea trans-
portation within The
Bahamas so that residents
and visitors can book and
pay for their transportation
from anywhere on the planet
to anywhere in The
Bahamas. Currently, visitors
have to go to airports and
seaports to make those
arrangements in most cases.

"Imagine all of the land
sea and air transportation
throughout The Bahamas
owned and operated by
Bahamians. Imagine the size
of aircraft and volume of
seats coming into Lynden
Pindling International Air-
port if substantial numbers
of those passengers are also

connecting to other islands
of The Bahamas."

He said the government's
online initiatives and a robust
telecommunications sector
were essential ingredients of
this “Back to the Islands”
vision. And all that is
required for Bahamians to
be successful in tourism are
“bed & breakfast” facilities
that can be viewed and
booked online from any-
where in the world along
with the necessary air and
sea transportation.

"When those difficulties
are overcome, we can enable
hundreds to enter the
tourism business immediate-
ly all over the country. And
incentives could be offered
to Bahamians now living
overseas or on New Provi-
dence to move to the Family
Islands. The largest incentive
thus far is the government’s
declaration that it will tackle
the problem of generation
and commonage land," he
said. "That will be the great-
est distribution of wealth in
our history."

While broader diversifi-
cation of the economy is a
wonderful mantra, Vander-
pool-Wallace said the
exploitation of our existing
tourism assets will be more
beneficial over the short
term.

"Tourism cannot grow
without other sectors con-
tributing to that growth and
growing themselves. It needs
agricultural, legal, account-
ing, medical, engineering and
software services. The more
useful mantra is that one
must compete in one's area
of comparative and compet-
itive advantage. We have not
come close to making maxi-

mum use of tourism."

Quoting motivational
trainer Steven Covey's com-
ment that “the main thing is
to keep the main thing the
main thing," Vanderpool-
Wallace said our main thing
was "100,000 square miles of
the most salubrious waters
in the world. If we continue
to guard and protect that
resource, it does not diminish
in size or value over the
course of time, unlike the
natural resources of many
other nations. We have more
islands and more beaches
than the rest of the
Caribbean combined.

"We are now at the begin-
ning of the biggest educa-
tional, transportation and
electronic infrastructure
development in our history,"
he said. "This is the begin-
ning of the wave to move us
all forward, upward and
onward together. For the
sake of our children and
grandchildren, now is the
time to give focused atten-
tion to the development of
our islands."

The contrast between
Vanderpool- Wallace's com-
mon sense vision of empow-
erment and the bitter, near
Marxist, approach of acade-
mics like Saunders could not
be more marked. We would
urge policy makers to extrap-
olate this vision and incor-
porate other sectors to pro-
duce a coherent national
development strategy with
opportunities for public input
and debate.

What do you think?
Send comments to
larry@tribunemedia.net
Or visit
www.bahamapundit.com



PONE IAL NOTICE

7 i Funeral service for

ROBERT
(Crobie) TRECO
WELLS, 49

of Miami, Florida, will be
held on Friday, January
21st, 2011, 11:00 am at St.
Anselm’s Catholic
Church, Bernard Road.
Officiating will be
Reverend Monsignor
Preston Moss, assisted by

Deacon Raymond Forbes. Interment will follow in
the Catholic Cemetery, Infant View Road.

Robert is survived by his mother, Delores Treco
Wells; five sisters, Sonja Darville, Stella Randall,
Debra Carey, Cheryl and Theresa Wells; two brothers,
Hugo and John Wells and a host of other relatives

and friends.

In lieu of flowers, donations may be sent to “The
Nazareth Center” (home for children), P.O. Box N-
8187, Nassau, Bahamas.



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

WEDNESDAY, JANUARY 19, 2011, PAGE 9



LOCAL NEWS



Major hotelier backs BTC
sale to Cable & Wireless

FROM page one

in communication services — our
guests look forward to communicat-
ing back home to share their expe-
riences and demand speed, reliabil-
ity and stability.

"It’s an important part of the guest
experience. LIME (Cable and Wire-
less) has been a valuable partner to
Sandals across the Caribbean — we
have been able to improve the effi-
ciencies of the Sandals group and
provide greater service to our guests
because of LIME. I expect to see
LIME do great things for BTC and
especially for the hospitality industry
in the Bahamas and believe they
have the right track record for the
job."

Mr Stewart is head of the Sandals
brand that operates 20 hotels in the

region, including three in the
Bahamas — one on Cable Beach and
two in Exuma.

When contacted for comment on
the announcement, Mr Evans said
a corporate backing did not change
the reasons for opposing the sale to
CWC.

"T have no doubt that you may
find some good stories in the
Caribbean about any particular busi-
ness relationship but that's neither
here nor there.

“We don't need anyone telling us
what Cable & Wireless is. We have
done our own investigations, we
have affiliates in the region who have
nothing to gain, no motive involved
who tell us how they have done busi-
ness," said the unionist.

"Look at what they have done in
Barbados to the Barbados Workers’
Union," added Mr Evans, referring

to LIME's decision to let go more
than 100 workers in Barbados in
mid-2009 to cut costs. The move was
met with resistance by Barbados’
labour movement. According to
published international reports, it
was claimed that LIME did not
engage with the union before send-
ing out letters of dismissal and later
rescinded the offers under public
pressure.

Meantime, Frank Comito, execu-
tive vice president of the Bahamas
Hotel Association, said the hotel
industry welcomed the improve-
ments in telecommunications that
are expected after BTC is privatised.

"Affordable, reliable Internet and
phone service is essential to our
industry’s competitiveness, and our
ability to generate business and ser-
vice our customers,” said Mr Comi-
to.

"On the business side, it under-
pins our financial transactions and
our communications with buyers and
suppliers. Our customers, whether
they are travelling on business or
pleasure, expect to stay connected
at a reasonable price. It’s no longer
an option, it's required to be com-
petitive," he added.

On December 2, 2010, the Gov-
ernment announced it had signed a
Memorandum of Understanding
with Cable & Wireless Communi-
cations for the proposed sale of 51
per cent of the shares of BTC.

Since the announcement, the
impending privatisation has been
criticised by the labour movement
and the opposition.

However, the Government has
not caved into the protests and
expect to conclude the sale some-
time next month.



SUPPORT: Adam Stewart

Cheryl Grant-Bethell ‘had no chance to
defend herself’ against law job report

FROM page one

of Director of Public Prose-
cutions.

Thomas Evans QC, who
represents the Judicial Legal
Service Commission (JLSC),
submitted however that it
would not have mattered
what Mrs Grant-Bethell had
said as the information was, as
he stated, “out there.”

Senior Justice Jon Isaacs,

however, said it was a “most
unsatisfactory basis on which
to act.”

Attorney Wayne Munroe,
who represents Mrs Grant-
Bethell, said it was “proce-
durally improper” and “irra-
tional” for the commission to
receive a report from the
Security Intelligence Branch,
make a determination on
that report and not make Mrs
Grant-Bethell privy to that
information so she could

defend herself against any
disparaging claims.

Mr Munroe further ques-
tioned how, if the committee
accepted that report, could
it then recommend her
months later for another post
that had never been adver-
tised.

He also noted that because
the commission had not kept
records of its meetings
regarding the selection of a
new director of public prose-

Second student
testifies in
teacher sex case

FROM page one

encounters continued while he was in the
eighth grade, in the classroom during school
hours

The witness told jurors that Birbal also had
sex with him in his son’s bedroom at his home
in East Grand Bahama, and at his apartment in
Silver Sands.

On both occasions, he said Birbal picked
him up in his cars — a small grey car and a
blue Toyota.

He said Birbal showed him around the
house. He took him to his son’s bedroom,
where he had sex with him on the bed.

The young man said he never told anyone
about what Birbal did to him because he was
an active student in school and was afraid that
people would look at him differently.

He said Birbal would give him money, and
sometimes he would also ask the teacher for
money.

Birbal also brought a stove and furniture to
his family’s house in Eight Mile Rock. He said
Birbal got the items from his church for hur-
ricane relief.

Prosecutor Erica Kemp asked the young
man to identify his teacher, he pointed out
the accused sitting in the courtroom.

Carlson Shurland, defending, asked the for-

mer student when he filed a complaint to the
police about what happened to him. The wit-
ness said he reported it in 2008 after leaving
school.

Mr Shurland asked the witness if he enjoyed
getting money “and things” from Birbal.

“Yes; every kid want money in their pock-
et,” he replied.

Mr Shurland asked: “When you were 13-
years-old in the eighth grade, you knew what
you were doing was wrong?”

The witness replied: “At that age, I did not
know it was wrong because Mr Birbal was my
teacher and I respected him as a teacher. Any-
thing he asked me, I would do it.”

The witness said the sexual relationship with
Birbal ended in 2008 when he was 19.

When asked if Birbal was the only man he
had had sex with, the witness said “No”.

Mr Shurland then asked if he had embarked
on a homosexual relationship before Birbal,
again the witness said “No.”

“You approached Mr Birbal?” Mr Shurland
continued. “You said ‘I love yow’ and he said
‘I don’t love you like that’.”

The witness denied Mr Shurland’s asser-
tions.

Birbal, 48, from Trinidad, is charged with
unnatural sexual intercourse with two minors
under age 18. The trial continues today.

cutions, Mrs Grant-Bethell
had no way of knowing what
actually transpired. Mr
Munroe said Mrs Grant-
Bethell had refused the
deputy law reform commis-
sioner post and it was not
open to the commission to
remove her from her posi-
tion. He said she should have
been allowed to remain as
Deputy Director of Public
Prosecutions.

Mr Evans accepted the

JLSC had not kept a record
of its proceedings. He ques-
tioned the consequences of
such an action and noted that
when persons come to JLSC,
the body is under the
assumption that the person,
having been recommended,
is deemed a fit and proper
person for the post.

He told the court that the
criticism levied against the
JLSC by Mrs Grant-Bethell’s
attorneys was unjustified. Mr

Evans said Mrs Grant-
Bethell had been invited to a
meeting to make a represen-
tation on her behalf.

Mrs Grant-Bethell filed an
application for judicial review
after being passed over for
the post of Director of Public
Prosecutions, and instead
being appointed Deputy Law
Reform Commissioner.

Jamaican attorney Vinette
Graham-Allen was appoint-
ed DPP instead.

AU uA)

Yesterdays Question

At the Caribbean Marketplace in Montego Bay Jamaica, the
Bahamas was announced as the next host for the region's
largest tourism trade show. How many delegates registered
for this year's event?

Yesterdays Answer

1,300

Yesterdays Winners

senemae Kelly
Jillian Mullings
Justina Rolle

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1pt

BTC papers ‘to go public’

FROM page one

owners would be revealed in
the documentation.

Parliament resumes today
from its Christmas recess
amid much speculation over
the anticipated agenda.
Debate is set to focus on
amendments to the Business
License Act tabled at the
close of the last session.

Until an agreement is
reached over the terms of the
sale, the government will not
present any BTC documents,
said Mr Turnquest.

While there is already a
signed Memorandum of
Understanding, Mr Turnquest
said the MoU is a document,

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

perhaps 10 pages long, to say
“we agree to move in this
regard and these are the main
tenants.”

What is presently being
finalised is the agreement of
sale, which contains the
“fleshed out” details of the
sale, he said.

The possibility existed that
an agreement would have
materialised yesterday, but up
to press time there was no
news of a deal.

Other possible documents
forthcoming include a share-
holders’ agreement, a vol-
untary workforce restruc-
turing plan and a pension
feeder trust, according to the
PLP.

Regarding debate on the
BTC sale, Mr Turnquest said
segments of the media are
perpetuating a “misunder-
standing” of comments made
by Prime Minister Hubert
Ingraham.

Clarifying the point, Mr
Turnquest said the documents
will not be released to any
third party prior to them
being tabled in the House of
Assembly, and debate on the
sale will not happen the same
time the documents are
tabled.

Based on common practice
and the “voluminous” nature
of the documents, there will
be at least two weeks before
the debate is set, he said.

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PM eR ee Br





Tighter reporting
‘Opens US market
un’ for Bahamas

* Accountant says new US
compliance demands create
chance to ‘go after US clients’
again via lower per client costs
* Requirements to have
‘reasonably large impact’ on
Bahamian financial services

* Two-year window in which to
comply

LAWRENCE LEWIS

By NEIL HARTNELL

Tribune Business Editor i

Enhanced reporting
requirements could give the
Bahamian financial services
industry the opportunity “to
go after US clients” once
again, a leading accountant
said yesterday, pointing out
that marginal, per client com-
pliance costs would be “sub-
stantially reduced” by upfront
systems investment.

Lawrence Lewis, the
Deloitte & Touche
(Bahamas) partner, speaking
to Tribune Business after
addressing a Bahamas Finan-
cial Services Board (BFSB)
seminar on the issue, said the
US Foreign Account Tax
Compliance Act (FATCA)
provisions would create a reg-
ulatory ‘level playing field’
since all jurisdictions would
be required to adhere to its
stipulations.

Warning that FATCA,
which is set to be imple-
mented from January 2013,
would have “a reasonably
large impact” on Bahamas-
based financial institution
from a compliance and
‘Know Your Customer’ per-
spective, Mr Lewis pointed
out that in every ‘storm’ an
opportunity beckoned for
this nation’s financial ser-
vices industry.

“One of the things I did : ee : :
raise with the [seminar] group } C¢‘Hing in ensuring the right
: retail, restaurant and product
? mix was present at Elizabeth
i on Bay, Mr Klonaris told Tri-
i bune Business: “We have four
? spaces left. We always get calls,
? but we have to be very selec-
i tive.

is that I personally think there

SEE page 4B

Cable Beach resorts
eye ‘marginal’ growth

By ALISON LOWE
Business Reporter

alowe@tribunemedia.net
TT FE abeth on Bay include a phar-

? macy with a clinic, Lacoste,
? Urban Myth and La Molina.
i Others set to be ready within
i a month include the likes of
? Lickety Split, Haagen Dasz and
i Seacret Design, while an eight-

Executives at both the
Sheraton Nassau Beach
Resort and the Wyndham
Nassau Resort and Crystal
Palace Casino yesterday
said they were looking for-

ward to "marginal" growth

in 2011, a senior executive
at the former reporting
that the management com-
pany does not fear visitors
being turned off by con-
struction activity associat-
ed with the Baha Mar
development.

Andrew Neubauer,
director of sales and mar-
keting for the Sheraton
Nassau Beach Resort, said
Starwood Hotels, which

manages the hotel, believes

the Baha Mar develop-
ment - the $2.6 billion
redevelopment of the
Cable Beach area which is
set to turn transform the



WEDNESDAY,

TAsD US Rey

usiness

2011

SECTION B ¢ business@tribunemedia.net

Regional airline talks

‘with Bahamasair’ eyed | ®

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

A newly-merged

i Caribbean Airlines and Air
? Jamaica will seek to form a
i pan-Caribbean airline con-
i glomerate with Bahamasair
i and others, an Air Jamaica
? executive said yesterday,
i suggesting the move would
: lead to more "economical"
i travel for people in the
i region.

Will Rogers, Air

i Jamaica's chief of sales, said
? that he expects the merged
: company, now valued at
i $500 million, will begin
i negotiations
? three to four months” with
? Bahamasair and Liat in the
i Caribbean in the “hope of
: forming a conglomerate”

"in the next

"We realise the success of

: the airline will depend on

those sorts of alliances," Mr
Rogers said. He was speak-
ing at a press conference
held by Air Jamaica at the
Hilton's Rose Hall Resort
in Montego Bay yesterday.

Such a move would "have
mutual benefit for Bahama-
sair and Air Jamaica", sug-
gested Mr Rogers. "I think
the movement of passengers
between the islands will be
made a lot easier and a lot
more economical."

The announcement comes
as Caribbean Airlines takes
over the operation of the
Air Jamaica brand, having
bought all but 16 per cent
of the former Jamaican
national carrier from the
Jamaican government last
year. In the wake of the
deal, the company has deter-
mined that it will expand the
routes both airlines service -
including extending Air

Jamaica's service into Lon-
don, UK, with three weekly
flights starting in July of this
year.

Air Jamaica will continue
to fly routes into and out of
Montego Bay and Kingston,
Jamaica, to New York,
Philadelphia, Toronto, Fort
Lauderdale and Miami in
the US, and Nassau.
Caribbean Airlines. with its
hub in Port of Spain,
Trinidad, flies to New York,
Philadelphia, Toronto, Fort
Lauderdale and Miami in
North America; St Maarten,
Antigua, Barbados, Grena-
da, Tobago and Kingston in
the Caribbean; Guyana,
Suriname and Venezuela in
South America

The suggestion of a con-
glomerate being formed that

SEE page 3B

$14m retail ‘anchor’ for
acco Bay Street area

By NEIL HARTNELL
: Tribune Business Editor

Despite total investment

: costs having risen from a pro-
? jected $12 million to $14 mil-
i lion, one of the principals
? behind the Elizabeth on Bay
? development yesterday said it
? would be “an anchor for a part
i of Bay Street that’s been
i derelict”, with a grand opening
i tentatively scheduled for mid-
: March.

Charles Klonaris, who

? together with his two brothers
: has renovated and transformed
? the former Moses Plaza on Bay
? Street, told Tribune Business
i? that only four retail spaces in
? Elizabeth on Bay remained
? available, some 10 stores and a
i Mediterranean restaurant hav-
i ing already secured their spot.

With four of the 10 retailer

i still fitting out their interiors,
? Mr Klonaris said he had pen-
i cilled in a mid-March date fora
: grand opening, looking to this
? into when the 200-seat Mediter-
i tanean-style restaurant, Blu,
i overlooking Nassau Harbour
: would be in operation.

Explaining that he and his
brothers had been very dis-

“There is a lot of interest in

? stores coming in, but what
? we’re looking for is diversity in
i product lines. We will not pick
i anything; we want to get
i diverse stores for the plaza.”

Apart from the Courtyard
Cafe, existing tenants for Eliz-

SEE page 2B



DECEMBER SOFT-OPENING: The Elizabeth on Bay Marketplace &

Marina.

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emits iy eel)

S39m to cover

By NEIL HARTNELL
Tribune Business Editor

TC’s pension
fund deficit



The Government will inject $39 million into a Feeder
Trust to cover the deficit in the existing Bahamas Telecom-
munications Company (BTC) employee pension plan, a
draft copy of the Memorandum of Understanding (MoU) for
the company’s sale reveals, with the $210 million purchase
price also subject to potential change.

Sources close to the Government-appointed privatisa-
tion committee yesterday confirmed to Tribune Business that
the MoU leaked to the opposition Progressive Liberal Par-
ty (PLP) was “very close to or the final version” of what was
signed with Cable & Wireless Communications (CWC) for
the sale of the 51 per cent BTC stake.

Although the MoU is non-binding, and the Government,
privatisation committee and CWC remain locked in nego-
tiations over the final details of the sale, Tribune Business
was told that the document deals with the main issues sur-

rounding BTC’s sale.

The PLP yesterday attacked the MoU, criticising it for bar-
ring Bahamian ownership opportunities, linking this to the
‘Bahamas for Bahamians’ campaign, and the ongoing debate
about economic empowerment and ownership opportunities

for Bahamians.

Yet sources close to the BTC privatisation committee
told Tribune Business that the MoU was “a very protective

document for the Government”

, containing a host of “veto

rights” for it. CWC declined to comment.

SEE page 4B



CITY MARKETS CUTS PRICES
10% IN “MOST AREAS’

By NEIL HARTNELL

Tribune Business Editor

City Markets’ principal yes-
terday said the 10 per cent
price reductions implement-
ed in “most product cate-
gories” since its new 78 per
cent majority owner took con-
trol last November should
help to mitigate the anticipat-
ed rise in food prices this year.

Mark Finlayson, also head
of Bahamas Supermarkets’
largest shareholder, Trans-

SEE page 4B

* Chain hopes reductions
will mitigate impact of
rising food, fuel prices

* Adds that ‘no proper
rhyme or reason’ or
margin consistency
under previous owner,
which may have been
applying Trinidad-style
prices

LOOM SAM OL lL

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Competitive fees

Efficient administration

strip into a vacation
"metropolis", according to
its developer - is "nothing

SEE page 3B

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242.351.3010

BARBADOS
meet

ROYAL FIDELITY

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Nassau: WEL c

Freeport:

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


PAGE 2B, WEDNESDAY, JANUARY 19, 2011

THE TRIBUNE



FINANCIAL SUMMIT’S
DUE DILIGENCE FOCUS

WILLIAM HEUSELER

The ‘Know Your Customer
Essentials’ session at the Inter-
national Business & Finance
Summit (IBFS) in Freeport
next week will look at the
sources of funds for owners of
capital, and review their busi-
ness success and trends/transi-
tions across targeted markets.

Panelists will also discuss
how choices are made with
regard to the international
financial services industry and,
in particular, the factors
involved in choosing interna-
tional versus domestic products
and services. Some of the ques-
tions that will be answered
include:

* How do owners of capital
approach estate planning, and
what are the popular planning
structures being deployed?

* What has been, and will be,
challenged?

* What are the cultural
nuances that make or break a
relationship with an external
relationship manager?

Presenters will include
William Heuseler, chief wealth
planning officer and head of
wealth planning international
at Itai Private Bank Interna-
tional; Pedro Ramirez, found-

PEDRO RAMIREZ

ing partner of Turanzas, Bra-
vo & Ambrosi; and Joseph A.
Field, senior international part-
ner and senior resident partner
- Asia at Withers Bergman
LLP. They will examine cus-
tomer essentials by region:
Asia, Latin America, and Cana-
da.

Bahamas Financial Services
Board chief executive and exec-
utive director, Wendy C. War-
ren, said IBFS’s business devel-
opment focus makes it impera-
tive that industry stakeholders
"know" who the customers are
- across regions and sectors.

"Understanding what our
customers want and how that
impacts how we do business is
critical", she said. "Basically,
this plays a huge role in our
strategy development and mar-
keting initiatives."

IBFS 2011 takes place at the
Radisson, Our Lucaya, from
January 21-23.

Mr Heuseler is a tax, trust
and estate planning attorney
with over 15 years of experi-
ence dealing with high-net
worth clients. Prior to Itati, he
worked at UBS AG as country
coordinator - Brazil offshore
platform; at Smith Barney-Cit-
igroup as a wealth planner; at
Safra Group as the head of the

80 PICTET

1805

PICTET BANK & TRUST LIMITED

Invites qualified applicants for the following position:

TRADER



t

JOE FIELD

legal and trust affairs division; :
and Citco Group as a trust offi-

cer.

planning.

Based in Hong Kong, Mr :
? back and laughed.

families on structuring their }
affairs and estate planning, and : me," she said.
advises financial institutions :

concerning the establishment } berGne th petit aviconimeat lik
of international trust compa- } ene OES Sale e G

nies and a wide variety of finan- real estate in a year that was anything but

cial services, particularly with | record-setting was, well, about as foreign as

: the thought of missing one of her son's base-
i ball games.

Wealth Management, a direc- }
tory for the Private Banking :
industry; editor of Investing }

Saarinen see a : tle touch and steady dedication that make
cing Asoeation (ITPA), editor Silvina such a winner, said Mr Roberts.
of Planning and Administration } “She's hard-working, but soft and sincere.
of Offshore and Onshore Trusts ; [hose who deal with her don't want to go to

(with Simon Jennings and : anyone else. They trust her."
Anthony Travers), a book for }

STEP; and co-author of Asset i

Field represents international

respect to life insurance.
He is editor of Private

Protection Trusts with Milton
Grundy and John Briggs.

Mr Ramirez hails from one }
of the top tax law firms in Mex- }
ico. During his professional }
career he has developed sub- }
stantial expertise in the repre- ;
sentation of ultra high net }
worth individuals and multina- :
tional entities. He is highly } NCE
involved in estate and wealth | Larry Roberts told Silvina Andrews she was
i the real estate company's top performer for

‘Trust’ is critical for



TOP PERFORMER: Silvina Andrews.

When Bahamas Realty chief executive

a second time, Ms Andrews threw her head
"I thought he was either kidding or teasing

To Ms Andrews, the reality of being num-

And that, says Mr Roberts, could just be
the secret to her success.
"It might be the unassuming nature, gen-

Ms Andrews, who has been with Bahamas
Realty for all her 14 years in the industry,

: was the top performer in 2007, just before
? the US housing bubble burst, triggering
i falling prices and harder-to-access financ-
: ing.

Upside

The downturn, she said, had an upside,

i leading to the construction of gated com-
? munities that were no longer just for the
i wealthy and offering greater accessibility to
? water view properties for middle income
: families.

"It's still about personal relationships,"

i said Ms Andrews. A few years ago, she
? found the perfect home for a client who
i arrived to head a major international bank.
: She has obtained the bank's work ever since,
? building on the relationship and making the
? process of relocation for new staffers as
i seamless as possible, often going beyond



"It might be the unassum-
ing nature, gentle touch and
steady dedication that make
Silvina such a winner. She's
hard-working, but soft and
sincere. Those who deal with
her don't want to go to any-
one else. They trust her."



Larry Roberts

locating a suitable rental to handling utilities
and advising on the best schools, doctors
and fastest pizza delivery. Providing infor-
mation is not a problem. The challenge aris-
es when a little online research has made
others from abroad instant experts.

But that same online appeal has blurred
the lines between real estate companies.

"It's not like it was when there were five
big companies,” Ms Andrews said. "There
are hundreds of agents and associates offer-
ing virtual tours of property and every year,
expectations increase, browsing becomes
more sophisticated. Just when you think
you've got some fantastic new feature, you
start blogging, and then when you start blog-
ging, it turns out everyone is and you have to
find the key words to make an impact. It
empowers the buyer and keeps us on our
toes."

Technology is so critical to real estate that
the one course Ms Andrews took recently to
keep abreast of trends was online marketing,
an 80-hour course she took online.

Her firm, Bahamas Realty, recently cele-
brated 60 years and merged with Paradise
Sales & Rentals.

EDUCATION AND EXPERIENCE:-

~At least five (3) years trading experience.
-In-depth knowledge m trading:-

World-wide Shares

Third party funds

Bonds

Options

Futures
-Ability to speak/'write French would be an asset.
«Bachelor's Degree in Finance or related subject.
-Series 7 certification.
“Proficiency in a vanety of software applications including Microsoft Office Suite.

REQUIRED SKILLS:-

-Ability to work independently.

-Strong organisational skills.

“Commitment to excellent customer service.
~Must be a team player.

«Excellent oral and written communication skills.
-Excellent problem solving skills.

Accounting firm
names manager

KRyS Global, the account-

i ing firm specialising in corpo-
i rate asset recovery, insolven-
? cy, forensic accounting and
i? business advisory services, has
i named Tangela Russell as
i manager of its Bahamas
i office.

She joins the firm with

i more than 10 years’ of
? accounting experience, most
? recently holding the positions
? of regional head of accounting
? at a Bahamas-based private
? bank and manager at a major
i accounting firm. She is a
i licensed Certified Public
? Accountant, and holds a Trust

Diploma from the Bahamas
Institute of Financial Services.

Mrs Russell’s employment
comes at a time when the firm
has undergone a rebranding
exercise that included a name
change, from Krys Rahming
& Associates to KRyS Glob-
al. The new name indicates
the firm’s recent growth and
expansion to additional inter-
national markets, and the
need for a single identity
across its offices.

“We are extremely pleased
to welcome Tangela to the
KRyS Global team. She
brings a broad base of

accounting experience to the
firm, as well as financial
expertise combined with a sol-
id reputation,” said Edmund
Rahming, managing director.

KRyS Global has 40 staff
who work from offices in four
jurisdictions: the Cayman
Islands, the British Virgin
Islands, the Bahamas and
Bermuda. They specialise in
providing corporate recovery,
fraud investigation and foren-
sic accounting, money laun-
dering investigations, business
advisory services, consulting
and regulatory compliance
services.

$14m retail ‘anchor’ for ‘derelict’ Bay Street area

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

Please hand deliver Resume and two (2) references to:-

APPLICATIONS MUST BE RECEIVED BY FRIDAY

The Human Resources Manager

Bayside Executive Park
Building No. |
Nassau, Bahamas

JANUARY 28, 2011

ABSOLUTELY NO TELEPHONE CALLS WILL BE ACCEPTED

Offices in

Lausanne, Genes, Zurich, Licembnwrg, London, Montreal, Mawson, Singanore, Token, Howe Kong,
Froakfort, Florence, Milan, Madrid, Parts, Rome ond Torin



FROM page 1B

: strong Bahamian group is “taking one of the
i larger stores” to create different Bahamian arti-
i facts and authentic products, ranging from
? upscale straw bags to jewellery and shell designs.

Mr Klonaris said he was still organising Eliza-

beth on Bay’s marina, which will have a major
i tour operator presence, helping to drive more
i foot traffic to the upscale shopping plaza.

“By next month we’ll have that in order,” he

i added. “Although it depends on the size of the
? boats, we’re looking for around 10 spaces.”
i? Among those committed to taking berths are
? Sunshine Tours, with its catamaran, and the 104-
: foot Illusion, the luxury yacht that goes on char-
i ters to the Exumas.

While it was still early, Mr Klonaris said more

? consumer traffic was coming to the downtown
? Bay Street area where Elizabeth on Bay was
? located. Asked about the end product, he said: “I
? am very Satisfied. It took a little longer than

anticipated, but so far we are very happy with the
quality of the stores, the product mix, and night
time in the Courtyard Cafe is very beautiful, very
relaxing. ‘I think what you’re going to see is a
really spectacular plaza that anchors a part of
Bay Street that’s been derelict.”

Boost

Mr Klonaris said a further boost would come
with the relocation of the container shipping
facilities from downtown Nassau to Arawak Cay,
something that was anticipated to happen in
March/April 2011. This would remove much traf-
fic from Bay Street, aiding revitalisation efforts,
and freeing up 30-40 acres on the waterfront for
redevelopment.

Apart from the restaurant, retail, hotel and
entertainment facilities, Mr Klonaris said a key
requirement was the provision of condos to entice
Bahamians to come back and live in downtown
Nassau, making it a “24-hour city”.

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

WEDNESDAY, JANUARY 19, 2011, PAGE 3B





Sandals chief back
CWC to acquire BIC.

: we'll be insulated from (the construction activity). We're
: right on the beach, all the guestrooms face the beach or have

for competition, executive vice-presi- { | ae . ee so we feel very positive about it,” said
dent of the Bahamas Hotel Associa- } ;
tion, Frank Comito, said the hotel }
industry welcomed improvements in : Montego Bay, Jamaica, this week. Hoteliers, attraction
? Operators, restaurants, transporation companies and tourist
"Affordable, reliable internet and }
phone service is essential to our indus- }
try’s competitiveness, and our ability to }
Sa es aaa : underwent a $90 million renovation in 2007, "did well year-
"On the business side, it underpins ; over-year" in 2010, although the final outcome remained
: : ah ? "slightly below expectations".
our financial transactions and our com-

munications with buyers and suppli- : expects there to be "marginal growth" in revenue coming

: from the hotel, with weddings, honeymoons and family

? business a key driver.

expect to stay connected at a reason- }

able price. It’s no longer an option, it's :

required to be competitive,” he added. }
BTC is one of the last government- }

owned telecom monopolies in the }
: are going to re-launch Love Your Family in 2011. We have

Sandals chief executive has backed
the Government’s selection of Cable &
Wireless Communications (CWC) and
its regional subsidiary, LIME, to
acquire a 51 per cent stake in the state-
owned telecommunications company,
saying it could be expected "to do great
things for BTC."

Adam Stewart, head of the resort
brand that operates 20 hotels in the
region, including three in The Bahamas
- one on Cable Beach and two in Exu-
ma - called LIME "a valuable part-
ner".

"The hospitality industry expects and
deserves the best in communication
services - our guests look forward to
communicating back home to share
their experiences and demand speed,
reliability and stability," said Mr Stew-
art.

"It’s an important part of the guest
experience. LIME has been a valuable

partner to Sandals across the
Caribbean — we have been able to
improve the efficiencies of the Sandals
group and provide greater service to
our guests because of LIME. I expect
to see LIME do great things for BTC,
and especially for the hospitality indus-
try in the Bahamas, and believe they
have the right track record for the job."

The Government announced on
December 2 that it had entered into a
Memorandum of Understanding with
Cable & Wireless Communications for
the proposed sale of 51 per cent of
BTC’s shares.

Both parties are in the due diligence
stage now and a business plan is being
developed. A closing date for the deal
has not been announced but is expect-
ed in the first quarter of the year.

Meantime, while stopping short of
endorsing the Government's selection
of a strategic partner to prepare BTC

telecommunications.

tomers," said Mr Comito.

ers. Our customers, whether they are
travelling on business or pleasure,

world.













3 NATIONAL AIRLINE: A Bahamasair plane
on the tarmac.

FROM page 1B

may include Bahamasair
was previously raised in
2009 by former Trinidad and
Tobago Prime Minister
Patrick Manning, who said
his government would be
looking at entering negotia-
tions with LIAT after the
deal between the Trinidadi-
an Caribbean Airlines
(CAL) and Air Jamaica was

Regional airline talks
‘with Bahamasair eyed

consummated, in an effort
to setting the stage for the
creation of one regional car-
rier comprising CAL, Air
Jamaica, LIAT and possibly
Bahamasair.

However, prior to Mr
Roger's comments yester-
day, such discussions had
gone quiet after the change
of government in Trinidad
and Tobago in 2010, in
which Mr Manning's party
lost to Kamla Persad-Bisses-

US STOCKS

Stocks shrug off bad
earnings reports

sar's People's Partnership
coalition.

Asked about the time
frame in which CAL/Air
Jamaica would like to see a
conglomeration with Liat
and Bahamasair, Mr Rogers
said: "Discussions will start
this year. Certainly this year
you will see a different air-
line which will be far reach-
ing as far as development is
concerned in the Caribbean
and beyond."

CHIP CUTTER,

AP Business Writers
MATTHEW CRAFT,
AP Business Writers
NEW YORK

Boeing Co. and Caterpillar Inc. led stocks
higher on Tuesday, pushing the Dow Jones
industrial average to its highest close since
June 2008.

Boeing rose 3.4 percent after reporting
that it expects to deliver its long-awaited
787 jet in the third quarter. Caterpillar
gained 2.8 percent. The two companies con-
tributed more than half of the Dow's 50
point rise.

Indexes swung between gains and losses
earlier in the day. Apple Inc. weighed on the
Nasdaq composite index after the company
announced that its CEO, Steve Jobs, was
taking another medical leave. Apple fell 2.2
percent to $340.65.

After the market closed, Apple said its
net income soared 78 percent in the holiday
quarter. The company sold 16 million
iPhones, an 86 percent increase from the
year before, and about a million more iPads
than analysts expected.

Banks dropped after Citigroup Inc. report-

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

ed earnings that fell short of analysts’ fore-
casts. Citigroup fell 6.4 percent. Bank of
America lost 1.6 percent. Delta dropped 8.2
percent after winter storms caused its earn-
ings to come in lower than investors had
expected.

The Dow rose 50.55 points, or 0.4 per-
cent, to close at 11,837.93. The Dow has
already gained 2.2 percent this year as opti-
mism builds about the economy. The index
rose 11 percent last year, or 14 percent
including dividends.

The Standard & Poor's 500 index edged
up 1.78, or 0.1 percent, to close at 1,295.02.
The Nasdaq rose 10.55, or 0.4 percent, to
2,765.85. European markets rose after
Greece raised $865 million in another suc-
cessful bond auction. That allayed concerns
about Europe's financial system, which have
been a drag on U.S. markets.

Bond prices fell, pushing their yields high-
er. The yield on the 10-year Treasury note
rose to 3.37 percent from 3.32 percent late
Friday. U.S. markets were closed Monday
for the Martin Luther King Jr. holiday.

Rising stocks outpaced falling ones by a
small margin on the New York Stock
Exchange. Consolidated volume was 5.2 bil-
lion shares.

Mir. Delvon Barton

Cable Beach resorts
eye ‘marginal’ growth

FROM page 1B

but a positive”.
"We don't see it really impacting the Sheraton. We think

He spoke with Tribune Business at the Caribbean Mar-
ketplace 2011, a massive tourism trade show taking place in

boards meet with each other and tour operators to do indus-
try deals at the event, as well as with the media, to highlight
new developments with regard to their products.

Mr Neubauer said the Sheraton Nassau Beach, which

The Starwood executive said that in 2011, the company

Honeymoons

"Our destination honeymoons and weddings continue to
be strong, family getaways, family travel. That's why we

: an aquaventure package that's just been introduced at the
i resort to give you an upgraded experience. Children 12 and
: under can dine free, and there's a $50 food and beverage
? credit. We also guarantee connecting rooms for families, if
? they bring grandparents, children's friends etc, so that's a
i really big plus for them," said Mr Neubauer.

Meanwhile, Mary DiPasquale, director of leisure sales

? for the Wyndham Nassau Resort and Crystal Palace Casino,
: the property neighbouring the Sheraton on Cable Beach,
i said the company "achieved (its') numbers" at the hotel in
: 2010. As for the coming year, Ms DiPasquale said: "It's
i still a little hard because the pacing is (towards) such short
: last minute bookings at the property now, but so far from
| } what I can tell we are pacing ahead at this point, over 2010."

INSIGHT

For the stories behind the news,
read Insight on Mondays

BWr

BAHAMAS WELDING & FIRE

NOTICE

Please be advised that the following persons



are no longer employed by Bahamas Welding
& Fire Co. Ltd. and is not authorized to conduct

any business on behalf of the company.

Mr.William Thompson

Ms. Kenva Thurston
PAGE 4B, WEDNESDAY, JANUARY 19, 2011

THE TRIBUNE





Tighter reporting ‘opens US
market un’ for Bahamas

FROM page 1B

could be an opportunity for the Bahamian financial services

ness.

way.

much greater for US clients, that incremental cost of compliance

investment in systems/processes, thus reducing marginal costs.
“So now you have got an opportunity to go after the US mar-

a level playing field.”

the accompanying regulations and guidelines have yet to be

issued. The reporting period and requirements are now expect-

ed to take effect in January 2013, thus giving the Bahamian

onerous compliance demands.

existing Qualified Intermediary/Qualified Jurisdiction initiative,
this would “sit on top” of that.

income.

on US account holders.”

He added that FATCA also “captures information on cash oj
flows transiting the US on what are deemed withholdable pay- | par ee eran
ments”, such as interest, dividends and the gross proceeds of any } jeans bere at The earliest

Warning that the two years to FATCA compliance would “go Dieting oa a soeoms Ce alee
: = ‘ : Gace aay ? licence will not start until Feb-
by pretty quickly” for many Bahamian financial institutions } Rinte CORR: And. sven tat it
unless they were prepared, Mr Lewis said of the likely effects : All ea tales t 5 eeegie les
on this nation: “Some people may differ in their assessment, but } y. y
} award the licence and for the

sales. The penalties for non-compliance were “pretty hefty”.

I think it’s going to have a reasonably large impact.”

While the Bahamas “largely shied away from US clients”,

CITY MARKETS CUTS PRICES 10% IN “MOST AREAS’

and risk associated with taking them on”, Mr Lewis said FAT- :
CA would thrust increased compliance, reporting and new }

many private banks and trust companies saying they were “not
interested in US clients because of the high compliance efforts

systems on them “in any event”.

“T think there’s going to be a reasonably high impact from this
in the sense that any organisation in the FATCA regime is going }
to have to revisit KYC information across all existing clients, }

determine whether they’re US persons or not.

“Tf they are US persons, you have to gather additional infor- }
mation around them. Depending on the type of entity, you :
may have to peel the onion back to who are the underlying ben-

eficial owners, and that can be a complex effort.

“Tf you look at our KYC, that took 10 years, and some insti- :
tutions still have accounts not determined [ownership] from the }
KYC perspective.” Now, FATCA was asking Bahamian insti- }

tutions to do more, but in a two-year window, not 10.

While many clients may say they had no need to interact with ;
the US markets and financial system, Mr Lewis said this did not
hold from a practical standpoint, since 50 per cent of the }

world’s securities and payments originated from there.

FATCA, he added, was all about extending the IRS reach }
and ensuring tax compliance by all US citizens. “The way itis }
structured impacts everyone in all jurisdictions,” Mr Lewis }
said, saying it made it less attractive to hold non-compliant ;

accounts and facilities.

The US was determined to identify US-owned accounts and }
ensure it was getting the correct tax payments on them, achiev- }

ing total transparency.

JOB OPPORTUNITY

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Knowledge of electrical and mechanical
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Serious inquiries only
Apply at:

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NOTICE

This is to inform the public that as of
January 10th, 2011

Mr DeVaughn M. Gow

UMS 2 Mma

Jemi Health & Wellness
Company Ltd.

Therefore, HE IS NOT AUTHORIZED to
conduct any business or to act in any way for
Jemi Health & Wellness Company Ltd.

“Tf yow’re in the FATCA regime and invest in all the regu- :
latory architecture - compliance, infrastructure, people and }
processes - while that will not take you all the way in terms of }
reporting for US clients, it will take you substantially along the }
} price was dependent on the
“Whereas before we’ve said the cost of compliance is so }

S39m to cover BIC’s

FROM page 1B

Apart from revealing that
the $210 million purchase

“cost of the [BTC] workforce

? restructuring, and these
for US persons will be substantially reduced” by the initial }
? by CWC in its due diligence,
: other interesting aspects in
ket,” Mr Lewis explained to Tribune Business. “I think this one, }
to me, starts to open the US market back up for us. We’re on }

assumptions will be checked

the MoU were:
* The plan for BTC’s ‘vol-

? untary workforce restructur-

President Obama signed FATCA into law in March 2010, but : ing’, which is likely to involve

i a 30 per cent or 400 person
? reduction in BTC’s staffing

: levels, was supposed to have

financial services industry two years to prepare for even more } been completed on January

: 7, 2011,
Warning that “the devil is always in the detail”, Mr Lewis, :

who serves as Deloitte & Touche’s FATCA programme head : “as soon as practicable” fol-

for the Bahamas, said that while it was complementary to the } lowing completion of the sale

: to CWC, and be completed

? by the “first anniversary” of

FATCA, he explained, focused on reporting all accounts ; privatisation. “No further for-

held by US-connected persons to the Internal Revenue Service } ja] downsizing” will happen

(IRS) wherever they were located, requiring foreign financial } during the first two years after

institutions to identify and disclose US beneficial facility own- } privatisation.

ers. Failure to do so will result in sanctions, such as the appli- :
cation of 30 per cent and up withholding taxes on US-sourced }

The restructuring will start

* The bidding process for

? a second cellular licence in

“It casts a pretty wide net,” Mr Lewis explained, “and makes : the Bahamas will not be

almost every financial institution a de facto arm of the IRS, cer- i |sunched before the third
tainly in terms of the information gathering process. It forces ; anniversary of the privatisa-
them into being part of the regime and providing information } ji44°s conclusion

That is unlikely to please

FROM page 1B

winner to set-up, proper com-
petition in this key market
may not arrive until February
2016 at earliest - five years
away.

And a third cellular licence
will not be issued until five
years post-privatisation. If the
Government breaches these
undertakings, it will be sub-
ject to a sliding scale of fines.
These are $100 million for a
breach in the first year of pri-
vatisation, dropping to $80
million in the second year, $40
million in the third, and $20
million in the fourth and fifth
years.

* BTC’s Board post-pri-
vatisation will have seven
directors, four nominated by
CWC and three by the Gov-
ernment. CWC will appoint
the chair, and the Govern-
ment, the deputy chairman.

The MoU says: “Each
shareholder in the company
will have the right to appoint
one director for every 15 per
cent of the shares held by it.”

However, notwithstanding
this, the Government will
have the right to appoint two
directors when it stake is
between 24-30 per cent, and
CWC can nominate up to
four directors if its holding is
between 50-75 per cent.

CWC will have the majori-
ty on all Board committees,
and be responsible for find-
ing the chief executive, chief
operating officer and finance
director, all subject to Board

ratification.

* The MoU - said:
“Although the day-to-day
administration, operation and
management of the company
will remain substantially in
the Bahamas, the parties
acknowledge that certain
aspects” will be provided
through CWC’s regional
offices.

When it came to CWC’s
LIME subsidiary providing
regional support services, fees
incurred will be passed on to
BTC “at cost”, with a 9.5 per
cent margin charged on
LIME employees’ wage and
salary costs.

The same applied to ser-
vices provided by LIME for
special projects, with a 6 per
cent margin placed on its
employees wages and salaries.
And “brand, intellectual
property, know-how and
entrepreneurial services” pro-
vided by LIME would incur a
fixed fee equal to 2 per cent of
BTC’s gross revenues.

* On pensions, the existing
BTC defined benefit plan will
be closed to new entrants
post-privatisation, with a new
defined contribution scheme
set up within six months. BTC
will pay contributions equiv-
alent to 10 per cent of staff
salaries into the new scheme.

With the existing scheme,
BTC will pay 10 per cent con-
tributions for members, pay
its administrative costs and

pension fund deficit

industry to go after US clients,” Mr Lewis told Tribune Busi- }

compensate the scheme for
any funding strain caused by
the workforce restructuring.

The Government will pay
$39 million into a feeder trust
to cover the existing BTC
pension scheme’s lability,
something the PLP charged
meant that the net price the
Government will receive for
the 51 per cent stake amounts
to $178 million - $210 million
plus $7 million in Stamp Tax-
es, minus the purchase price.

* CWC will only be able to
transfer its BTC shares with-
out the Government’s prior
consent to a company that is
either “an established
telecommunications compa-
ny with substantial opera-
tions”, or is a consortium that
has a major telecoms operator
as a leading shareholder with
at least 20 per cent.

A leading telecoms opera-
tor was defined as one with
three international licences,
one million total customers,
or a market capitalisation of
at least $750 million.

The PLP said such thresh-
olds prevented Bahamian
entities from owning BTC,
but a source close to the pri-
vatisation committee told Tri-
bune Business it did not.

The MoU, they said, sim-
ply meant that Bahamians, in
partnership with a telecoms
operator, would have to seek
government approval to buy.

because it keeps prices stable.”
Former Burns House executive Ed



: Island Traders, told Tribune Business
? that he had found “no proper rhyme or
? reason” in the nine-store supermarket
? chain’s pricing policy upon taking over.
He added that there was “no consis-
? tency in the margins” applied to many
? products, and suggested that previous
} majority owner, BSL Holdings, may have
? applied Trinidad-style margins familiar to
: its operating partner, Neal & Massy, that
? were “foreign” to the Bahamas.
Analysing the impact increased trans-
? portation costs, plus rises in the cost of
? key food staples, would have on City
: Markets’ business and consumer prices,
? Mr Finlayson said the supermarket
? chain’s major US suppliers were already
? “hedging” in a bid to hold costs stable.

: Acknowledging that he expected a
? “slight increase” in City Markets’ prices
? as a result, with costs for corn and soy-
: bean - key inputs to feeds used in the
? dairy, poultry, meat and eggs industries -
: hitting 30-month highs last week, Mr Fin-
} layson said: “We were just talking to our
: chief supplier today, and they’re hedging
i a little bit.

: “In this kind of market, it will be a
: few weeks to a month at this time in
? terms of them keeping the prices stable.
} I think there will be some increase.”

: Agreeing with an interview given by
? City Markets’ chief competitor, Super-
: Value owner and president Rupert
? Roberts, within the past week, Mr Fin-
? layson added: “I am concerned, like him,
? about the price of fuel going up, but I
} don’t think the prices are going to go up
: as high as they did a few years ago.”

? In August 2008, global oil prices
: peaked at $147 per barrel, but the City
: Markets principal told Tribune Business:
? “I think we’re seeing a blip on the hori-

MARK FINLAYSON

zon. I don’t think that’s going to happen
again. I think what we’re seeing right
now is a blip on the radar, and it’s not
going to cause as big a problem as it did
in 2008.”

Noting that there were things both
inside and outside the company’s con-
trol, Mr Finlayson said City Markets
would continue to focus on “better cus-
tomer service” and a “better shopping
experience”.

“T think if we keep doing what we’re
doing, I think we will gain more market
share as time goes on, no matter what
food prices will be,” he added. “We are
talking to our suppliers. We don’t have
any information on what prices are going
to be, but they have hedged a bit,



Wilchinski had been hired as City Mar-
kets’ chief administrative officer over the
Christmas holiday to ensure the super-
market chain maintained proper pricing.

“There was no rhyme or reason to
pricing at City Markets,” Mr Finlayson
said. “Prices have actually come down
over the last month or so, and we still
have a bit of work to do. In some cate-
gories, they came down at least 10 per
cent.”

Using the example of cornflakes, Mr
Finlayson said both Kellogg’s and the
in-store brand variety were priced at
about $5.19 when Trans-Island Traders
took over, something that “made
absolutely no sense”.

“There was no consistency in the mar-
gins; no proper rhyme or reason,” Mr
Finlayson said. Kellogg’s Cornflakes had
a margin that was “too high in the first
place, if judged by US standards”. The in-
house brand’s price, meanwhile, had
been reduced to $3.20, both brands
enjoying the same margin.

Mr Finlayson said the same issue was
discovered with the McArthur’s orange
juice brand, which was priced much high-
er than all other brands at $7.99 per five
gallon bottle. It was now at $5.99 after
the “proper margin” had been applied.

“We have brought our prices down to
what they should be. Our predecessors
may have been applying margins in
Trinidad that were foreign to our market.

“T think you’re going to see prices
overall come down, so the impact of the
price rises will not be as bad as you think.
I think, overall, the consumer will see a
rise, but a slight rise. What we’re doing is
lowering the prices in the market in the
first place, which can only be good for the
consumer.”



Agenda for visit hy Hu includes trade and security



: JIM KUHNHENN,
: Associated Press
: WASHINGTON

Chinese President Hu Jintao

? arrived Tuesday as President
: Barack Obama prepared to
? welcome him with a careful mix
? of firmness and warmth befit-
: ting the leader of a nation that
? is at once the largest U.S. rival
? and most important potential
} partner.

Tensions over currency and

} trade policies, a search for com-
? mon ground on national secu-
? rity and US. finger wagging
: over Chinese internal gover-
? nance and human rights will
} dominate the visit.

But any edge in the talks will

? be softened by an unusual pri-
} vate White House dinner Tues-
: day night between Hu and
? Obama, and a high-pomp state
: dinner Wednesday with all the
? trappings afforded to a world
} power.

For Hu, that would be an

accomplishment in itself. The

United States has stiffened its
position against China after ini-
tial entreaties from the Obama
administration, and any images
of a friendly welcome in the
United States could serve to
polish Hu's image at home and
to soften the American public's
suspicions about China.

Hu received red carpet treat-
ment upon landing Tuesday
afternoon at a wet Andrews Air
Force Base, where he was
greeted by Vice President Joe
Biden and a military color
guard. For Obama, the visit
represents an opportunity to
carry out the engagement he
promised would be a trademark
of his foreign policy. But Oba-
ma also is under pressure to
show resolve as a range of
interest groups, from business
leaders to human rights advo-
cates, press the administration
to stand up to Beijing. The
White House on Tuesday
stressed that Obama did not
intend to avoid difficult sub-
jects. "Whether we're dealing

with economic discussions;
whether we're dealing with
those in the security realm; or
whether we're doing those with
human rights, I think this is an
argument that we have and
we'll continue to make to the
Chinese and push them to do
better," White House
spokesman Robert Gibbs said.

A key moment will come
Wednesday when Obama and
Hu appear at a brief news con-
ference. The two will take four
questions, two from USS. jour-
nalists and two from Chinese
reporters. The White House
insisted that the two leaders
face reporters.

In China, Hu's public appear-
ances always are under con-
trolled circumstances that do
not lend themselves to spon-
taneity. Hu took questions at a
2005 news conference with
President George W. Bush in
Beijing, but he refused to do so
when Obama visited in 2009.
When it comes to economic dis-
cussions, U.S. companies have

been longtime critics of Chi-
nese policies that kept its cur-
rency low relative to the dol-
lar. A low-priced yuan makes
Chinese products cheaper in
the United States and U.S.
products more expensive in
China. Two senators, Democrat
Sherrod Brown of Ohio and
Republican Olympia Snowe of
Maine, sent a letter Tuesday to
Treasury Secretary Timothy
Geithner informing him that
they plan to introduce legisla-
tion that would penalize China
if it should continues to manip-
ulate its currency.

With the yuan rising 3.5 per-
cent against the dollar since
June, the currency dispute has
in part given way to U.S. com-
plaints about theft of intellec-
tual property and barriers to
Chinese contracts for U.S.
firms. In a letter to Obama on
Tuesday, a coalition of finan-
cial organizations urged the
president to prod the Chinese
to open their financial services
sector to greater competition.

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

WEDNESDAY, JANUARY 19, 2011, PAGE 5B



SSS
STITT TM SMU Co

Citigroup dips into |
reserves to record |

PALLAVI GOGOI,
AP Business Writer
NEW YORK

Citigroup Inc. was prof-
itable in the fourth quarter,
but only after reaching into
reserves that it no longer
needed for loan losses. Rev-
enues from trading stocks and
bonds fell sharply.

The New York bank
reported fourth-quarter
income of $1.3 billion Tues-
day, or 4 cents a share, falling
short of the 7 cents expected
by analysts surveyed by Fact-
Set. Citi's stock fell 6 percent
to $4.82 in heavy trading.

The results were an
improvement from the loss of
$7.6 billion, or 33 cents a
share, reported for the same
quarter of last year. Revenue
was $18.4 billion compared to
$5.4 billion a year earlier. Last
year's revenue took a hit
when the company paid back
part of the bailout money it
received from the govern-
ment.

For the year, Citigroup
earned $10.6 billion on rev-
enue of $86.6 billion. It was
the first full year of profits for
the bank since 2007, when
CEO Vikram Pandit took
over the top job.

The bank's losses from
lending fell 11 percent from



INTERNATIONAL
BUSINESS

lending grew 3 percent, and

the previous quarter to $6.9
billion as more of its cus-
tomers became able to keep
up with their payments.

It was the sixth straight
quarter of declining losses
from lending. The lower loss-
es allowed the bank to release
$2.3 billion from reserves it
set aside for bad loans.

Bond trading revenues fell
32 percent to $2.3 billion.
Bond prices fell sharply in the
fourth quarter and fixed
income trading was volatile
as Ireland asked its European
neighbors for a bailout. Citi-
group's revenues from stock
trading fell 24 percent to $808
million.

Citi, which does far more
business overseas than other
large U.S. banks, benefited
from growth in its interna-
tional divisions.

International consumer



Delta Air Lines reports $19 million 40 profit

corporate lending rose 4 per-
cent. Revenues related to
investment banking advisory
services rose 25 percent to
$1.2 billion on higher under-
writing revenues, mainly from
new stock issues in Asia.

Hurting

Citi's U.S. credit card cus-
tomers were still hurting, but
less than before. Losses from
credit card lending fell 10 per-
cent from the previous quar-
ter to $1.8 billion.

Accounts that were 90 days
delinquent or more fell to
$1.67 billion from $1.88 bil-
lion.

Fewer mortgage customers
were late in their monthly
payments.

The portion of Citi's home
loans that were 90 days over-

(AP Photo/Ted S. Warren)



due fell to 2.10 percent to 2.70 ee
: arrive is July.

percent.

The bank set aside $4.8 bil- i _.
liea tar ture lossse the loa | OO would begin next month, nearly three years
+ lovelies ine a late, but an electrical fire on a plane in November
ee eee halled flight testing and another delay has been
? widely anticipated.
The bank was able to set ; si hee a

aside less money in reserve

since the economy has been } July and the end of September. The new sched-

ro i ule has been padded in the event that anything
Citigroup was one of the ;
largest recipients of bailout

quarter of 2007.

improving.

funds during the financial cri-
sis of 2008.

The government sold the
last of its stake in the bank in }
December for a profit of $12

billion.

the turnaround of this insti- }

Fewer credit card accounts slip into default

EILEEN AJ CONNELLY,

work ahead of him. At the } AP Personal Finance Writer

end of the 2010, Citi had set
aside $40.7 billion or 6.3 per-
cent of its total loans, for }
i slipped into default in Decem-

By comparison, its larger
rival JP Morgan Chase & Co. }
set aside $32 billion, or 4.5 }

percent of its total loans, last

i issuers Tuesday posted their
That means Citi has more } lowest rates for charge-offs, or
troubled loans than some of ; 2¢Counts written off as uncol-
? lectible. Citibank, which has

JPMorgan and Goldman i had some of the highest charge-
? off rates over the past two
eee expected fp start i years, posted the biggest

g their dividends to } Gecline. It wrote off 8.34 per-
slate aes 6) eee ne cent of its card balances in
second quarter, but Pandit } December, down from 9.4 per-

said that Citi will likely ? cent in November and well
i below the high of 11.55 percent

? posted in March.

tution," CEO Vikram Pandit
said in a statement.
Pandit still has plenty of

future losses.

year.

its peers.

resume paying higher divi-
dends in 2012.

i SEATTLE

Boeing pushed back deliveries of its new 787
again on Tuesday, meaning that the soonest it will

The company had most recently said that deliv-

Boeing said it expects to deliver the plane dur-

ing the third quarter, which would be between

else goes wrong, the company said.
Investors cheered the news, sending shares up

? more than 3 percent.

But Kenneth Herbert, an analyst for Wed-
bush, said he's "skeptical given the company's
poor track record on delivering on milestone
dates."

The analyst said he believes engine problems

"2010 was a year full of will be the biggest hurdle in making the newest

milestones and was critical for | delivery date. He maintained his prediction that

PATS a

—- mee
aes ah



(AP Photo/Elaine Thompson)

: DELIVERY DELAY: The sixth Boeing 787 test plane moves past other Boeing aircraft while moving into
: position for take off on its first flight Monday, Oct. 4, 2010, from Paine Field, in Everett, Wash. The plane,
: the final in the test plane group and the second using General Electric engines, was piloted by Capt. Chris-
: tine K. Walsh and first officer Bill Roberson. The other four flight test 787’s have Rolls-Royce Trent 1000

: engines. The plane was expected to fly to Moses Lake, Wash, and then to Boeing Field in Seattle.
(AP Photo/Mary Altaffer) :

04 PROFIT: Citi CEO Vikram Pandit at the new high-tech banking cen-
ter in in New York Thursday, Dec. 16, 2010.

Boeing will make 24 of the planes this year and
deliver 14 of them.

Boeing resumed flight testing in December
after making an interim software fix to address
the Nov. 9 fire that forced an emergency landing
in Laredo, Texas, but those tests were not for the
mandatory Federal Aviation Administration cer-
tification.

On Monday, Boeing resumed 787 flight tests
that are aimed at getting FAA certification. The
federal agency must certify aircraft before they
can enter service, a milestone Boeing must
achieve before deliveries can begin.

Even before the fire, however, production
problems have led to repeated disruptions for
jet, which made its first flight in December 2009.

The company said it will provide more infor-
mation on its financial forecast and deliveries
during its earnings conference call on Jan. 26.
The revised delivery date is not expected to have
a material impact on Boeing's financial results for
2010, the company said.

Shares of Boeing Co. rose $2.21, or 3.2 percent,
to $72.28 in afternoon trading.

NEW YORK
Fewer credit card accounts

ber than in any other month of
2010, and signs point to further
improvement ahead.

All six of the biggest card

Discover, Chase and Capital
One also reported substantial
declines.

While the rates of balances
companies wrote off declined
consistently throughout the
year, they remain high by his-
torical standards.

"There are some good
improvements,” said Mike
Dean, a managing director with
Fitch Ratings. Fitch's charge-
off index, which tracks the
industry, remains near record
levels, he said. "We've seen
some better numbers there, but
nothing to say, 'Wow!'"

Dean said he expects charge-
off rates to continue improv-
ing, but noted that the defaults
are "highly correlated" to the
unemployment rate.

With the jobless rate is fore-

cast to remain high throughout
the year, it is difficult to pre-
dict when charge-offs will
return to normal levels, said
Jeff Hibbs, an analyst with
Moody's Investors Service.

Industry wide, the charge-off
rate peaked in the second quar-
ter of last year at 10.37 percent
of balances, according to the
latest data from the Federal
Reserve. In the two years prior
to the recession, it averaged
3.82 percent, Fed records show.

Credit card debt has been
dropping the last two years,
reflecting a combination of fac-
tors, including individuals pay-
ing down balances and credit
card companies cutting the
amount of available credit and
writing off what they can't col-
lect.

Senior Client Relationship Manager

Societe Generale Private Banking (Bahamas!

Lid., part of the Société Générale Group, is a

private bank providing a comprehensive

wealth managemnent service.

Societe Generale Private Banking is currently

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and fluenency in Spanish is mandadaory .

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The position offers an attractive salary and

benefits package including, pension anc

bonus schemes.

CHECKING IN: Travelers check-in at a Delta Air Lines counter at
Seattle-Tacoma International Airport, Monday, Dec. 27, 2010, in
Seattle. Delta and other airlines had flights to and from the New
York area cancelled or otherwise affected by winter weather.

JOSHUA FREED,
AP Airlines Writer
MINNEAPOLIS

Delta and the other major airlines are paying more for jet
fuel, which means travelers will soon pay more to fly.

When it reported a fourth-quarter profit of $19 million on
Tuesday, Delta said its fuel bill could rise by $1 billion this year,
if oil prices stay where they are at about $92 a barrel. Delta's
fuel bill rose 13 percent to $1.93 billion in the fourth quarter.

Delta and other airlines have already raised fares as jet fuel
prices have climbed, and Delta said it could dial back its growth
plans as well, if necessary.

Travelers will notice the fare increases first. Delta and Unit-
ed raised fares on Monday, with other airlines matching at
least some of the increase, said Rick Seaney, CEO of Fare-
Compare.com. By his count it's the fourth increase since
December. He said the increases appeared to be $10 to $20
round trip, depending on the airline. Southwest, which often
declines to match broad-based fare increases, has matched
portions of the recent fare increases, and on Tuesday matched
most of the latest increase by other airlines, Seaney said. South-
west carries more domestic passengers than any other airline,
so its response to fare hikes by other airlines can determine
whether those price increases stick.

"T don't recall seeing Southwest, even in the height of run-
away oil prices in 2008 match or initiate domestic airfare hikes
in two successive weeks,” Seaney said.

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ensure adherence to legal, regulatory and
industry standards.

You should ideally hold the Chartered
Institute of Bankers Diploma or equivalent
professional qualifications, and have ar least
Bto 10 years’ international private banking!
marketing {sales experience. Strong
managerial and operational skills is

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You should have excellent client relationship
and selling skills, an in-depth knowledge

SOCIETE GENERALE
Private Banking

Stet het Lande Prevaie ankerey (Bahar LED. in

licen under Eh Eaenk & Trust Lompaniat Hegulabioes det

Applications should be submitted to the
following address, ta arrive on ar before 21

january 2011.

Head of Human Resources

Soclete Generale Private Banking (Baharnas)
Lod

PO Box N77E9

Nassau

Bahamas




PAGE 6B, WEDNESDAY, JANUARY 19, 2011



NL



Greece denies seekin
repayment extension

(AP Photo/ Petros Giannakouris)

PROTESTING: Protesters hold a banner which reads “overturn” in Greek as they demonstrate outside the
Greek Parliament in Athens Tuesday, Jan 18, 2011. About 200 protesters backed by the ADEDY civil ser-
vants union took part in a rally in support protesting public transport workers who oppose plans by the
Socialist government to radically restructure the loss-making state companies.

NICHOLAS PAPHITIS,
Associated Press
ATHENS, Greece

Greece's Socialist govern-
ment insisted Tuesday it was
not seeking a repayment exten-
sion of its overall debt, hours
after the country's deputy
prime minister expressed sur-
prise support for the idea.

The government — which
held a successful treasury bill
auction Tuesday — played
down the televised remarks by
Theodoros Pangalos, who
backed an extension beyond
the euro110 billion ($146 bil-
lion) in international rescue





INTERNATIONAL
BUSINESS

week bills were sold at a yield
of 4.10 percent, holding the rate
stable since November, the
public debt management
agency said.

In an interview broadcast
early Tuesday, Pangalos said
he favored a broad extension
instead of opting for a possible
haircut — or a reduction in the
amount of money owed. He
told private Skai television:
"You might ask me: ‘isn't that
restructuring?’ It is, technically,
but in the sense that there is
never any doubt of our obliga-
tion to pay back the debt, and
to pay back everything we
owe."

loans that are keeping the coun-
try afloat.

"Naturally, there is no issue
of extending the repayment of
Greece's overall debt,” gov-
ernment spokesman George
Petalotis said.

"There is a decision in prin-
ciple on extension of the repay-
ment of the euro110 billion, and
the government is not dis-
cussing anything beyond that,"
Petalotis said, insisting that
Pangalos had voiced "a per-

sonal opinion."

Greece remains frozen out
of bond markets by high inter-
est rates, and is struggling to
regain market credibility
despite having its debt now
assigned non-investment — or
junk — status by all three major
ratings agencies.

On Tuesday, Greece raised
euro650 million ($865 million)
through a heavily oversub-
scribed treasury bill auction —
its second this month. The 13-

Greek political analyst and
publisher Giorgos Kyrtsos said
Pangalos was simply stating a
position that other politicians
were reluctant to say in public.

"T think the extension of the
overall debt is mathematically
certain ... Mr. Pangalos is a
politician who takes the risk of
expressing his opinion,” Kyrtsos
told the AP. "It's in the gov-
ernment's interest to imply this
position, but not state it as its
official position,” Kyrtsos said.

Apple shares fall 2 pct with Jobs on medical leave

JESSICA MINTZ,
AP Technology Writer

Shares of Apple Inc. fell modestly Tuesday
following the company's disclosure that Steve
Jobs, the CEO who transformed the niche com-
puter maker into the most-envied consumer-
electronics brand today, is taking another medical
leave of absence.

Analysts believe the company Jobs shepherd-
ed from garage startup to a $65 billion technolo-
gy trendsetter is in good hands with the current
slate of talented executives — even as Apple,
now the Silicon Valley player to beat, faces
increasing competition from Google Inc. and
others.

Investors appeared to agree. Although shares
fell nearly 7 percent in Frankfurt Monday, when
markets in the U.S. were closed, Apple lost only
$7.17, or 2 percent, to $341.31 in midday trading
Tuesday. Earlier Tuesday, stock traded as low as
$326. In the last decade, Jobs, 55, has survived a
rare but curable form of pancreatic cancer and

undergone a liver transplant. The news that he
will again step back from his day-to-day role
raises serious questions about the CEO's health.

Investors have pinned much of their faith in the
company on Jobs himself, sending shares tum-
bling on every bit of news or rumor of his ailing
health. That's because Jobs is an industry oracle
of sorts, inventing new products he knows con-
sumers will want even before they realize it. He
is also known as a demanding and hands-on
leader who is involved in even the smallest details
of product development.

In a note to employees, Jobs said he will con-
tinue as CEO and will be involved in major deci-
sions. Chief Operating Officer Tim Cook will be
responsible for all day-to-day operations.

For now, very little is known about Jobs’ cur-
rent condition. Apple did not provide any infor-
mation beyond the six-sentence note announcing
his leave, leaving unanswered questions about
whether the CEO is acutely ill, whether the leave
is related to his 2009 liver transplant or whether
he is at home or in a hospital.

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THE TRIBUNE

(GLOBAL ECONOMIC NEWS

A T ED i

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

LONDON — The euro rose
to a one-month high against
the dollar and European stocks
rallied on hopes that eurozone
nations are planning to
strengthen and broaden their
measures to fight the debt cri-
sis.
Britain's FTSE 100 closed
up 1.2 percent, while Ger-
many's DAX and the CAC-40
in Paris both rose 0.9 percent.

BRUSSELS — Europe is
taking advice from the U.S. on
how to improve its bank stress
tests, officials said, as the
region tries to shore up its
defenses against the debt crisis
that has crippled the euro cur-
rency zone over the past year.

The talks are part of an over-
haul of the EU's crisis man-
agement strategy to prevent
more expensive bailouts and
avoid losing years of economic
growth.

Uncertainty over the well-
being of Europe's banks has
been central to the debt crisis.
Expensive bank bailouts have
stretched some states’ budgets to breaking point, while governments’ high debt loads have
raised concern over the quality of their bonds, in turn held as capital buffers by big financial
institutions.

AP Photo/Keystone/Georgios Kefalas)
MAKING A POINT: The Jan. 10, 2011 file photo shows Jean-
Claude Trichet, president of the European Central Bank, at a
press conference in Basel, Switzerland.

WASHINGTON — China, the biggest buyer of U.S. Treasury securities, reduced its
holdings in November after four months of gains.

China's holdings of Treasury debt dropped 1.2 percent to $895.6 billion, the Treasury
Department said. The report comes just before a state visit to the U.S. by Chinese President
Hu Jintao. Overall, foreign holdings of Treasury securities rose 0.9 percent to $4.35 trillion.
That indicates that other nations still have an appetite for Treasury debt even as the U.S. gov-
ernment is running $1 trillion-plus annual budget deficits.

WASHINGTON — USS. companies have long demanded that China let its currency rise
to make U.S. exports cheaper. But as President Hu Jintao visits Washington this week,
U.S. companies are stressing other goals: Stopping the theft of intellectual property and get-
ting a fair chance to win government contracts. No one expects any big breakthroughs.
Instead, many U.S. companies hold out hope that the meetings between Hu and President
Barack Obama will make it easier to reach long-term solutions to the major trade disputes
dividing the world's two largest economies.

TOKYO — Asian trading was mixed. Japan's Nikkei 225 stock average closed up 0.2 per-
cent, South Korea's Kospi dropped 0.2 percent, Australia's S&P/ASX 200 rose 0.8 percent and
China's Shanghai Composite Index added 0.1 percent. Hong Kong's Hang Seng closed
nearly unchanged.

PARIS — The International Energy Agency said buoyant global economic growth and a
cold winter in the Northern Hemisphere will underpin higher-than-expected oil demand this
year.

BERLIN — German investor confidence rose sharply amid hopes that global growth
will remain healthy, while investment and private spending in Europe's biggest economy
gained momentum, a survey showed.

TOKYO — A record one-third of Japanese university students graduating this spring have
not found jobs, underscoring dwindling career opportunities for young people even as com-
panies post robust profits.

BEIJING — A Chinese trade mission signed $600 million in deals with U.S. companies
ahead of President Hu Jintao's visit to Washington this week and a separate delegation will
look into other opportunities.

ATHENS, Greece — Greece's Socialist government insisted it was not seeking a repayment
extension of its overall debt, hours after the country's deputy prime minister expressed sur-
prise support for the idea.

Greece remains frozen out of bond markets by high interest rates, and is struggling to regain
market credibility despite having its debt now assigned non-investment — or junk — status
by all three major ratings agencies.

Earlier, the country passed a new market test in its struggle to overcome its debt crisis, rais-
ing 650 million euros ($865 million) through a heavily oversubscribed treasury bill auction,
its second this month.

LONDON — British inflation spiked higher than expected in December, to an annual 3.7
percent rate, due to rising consumer prices for food, fuels and air travel.

BEIJING — Foreign direct investment in China weakened slightly in December but end-
ed 2010 up strongly after falling the previous year amid the global crisis.

TORONTO — Canada's central bank left its key interest rate unchanged at 1 percent. The
Bank of Canada said the global economic recovery is proceeding at a somewhat faster pace
than it had anticipated.

BEIJING — China's rare earths exports grew 14.5 percent in the first 11 months of last year
despite Beijing's decision to reduce sales of the exotic metals needed by makers of high-tech
products.

LONDON — Barclays bank was hit with a record fine of 7.7 million pounds ($12.3 million)
for giving poor advice to investors in a pair of funds, Britain's Financial Services Authority
said.

CAIRO — Arab leaders are pledging $2 billion to revamp the faltering economies across
the region amid fears of protests over high unemployment, rising prices and rampant cor-
ruption, such as those that just brought down Tunisia's government.


THE TRIBUNE

WEDNESDAY, JANUARY 19, 2011, PAGE 7B

PERSONAL FINANCE: TAX AND MUTUAL FUNDS



declared over.



could trip up taxpayers

CAROLE FELDMAN,
Associated Press
WASHINGTON

Did you buy energy-efficient windows for
your home last year? You can only take the ener-
gy efficiency credit if they were installed by Dec.
31.

That's just one of the details that could trip up
taxpayers filing 2010 returns.

Want to take the first-time home buyer credit
on your taxes? If you bought your house after
April 30, or didn't have a binding contract by
that time, you're probably out of luck. Was clos-
ing delayed? Depending on how long, you might
not be eligible.

But some taxpayers have an extra year to buy
a home. Those serving outside the United States
as members of the Foreign Service, the uniformed
services, including the military, or the intelli-
gence community have until April 30, 2011, to
buy a new house and qualify for the credit.

One more thing: The first generation of the
new home buyer's credit was actually an interest-
free loan. If you claimed that credit on your 2008
taxes, you have to start paying it back this year. If
you took the full value of the credit, you'll owe
$500 this year.

"It might catch people unaware,” said Bar-
bara Weltman, author of tax guides for J.K. Lass-
er,

If you deducted the first $2,400 of your unem-
ployment benefits last year, be aware that you
can't do it again this time around. Congress did-
n't extend that tax benefit.

Some experts advise taxpayers to seek help
preparing their returns, either from a profes-
sional tax preparer or by using tax preparation
software, especially with the late changes Con-
gress made to the tax law. Some benefits were
extended; others were allowed to lapse.

One source of information is the Internal Rev-
enue Service's tax guide for individuals, Publi-
cation 17. Running over 200 pages, it's filled with
information on credits and deductions, and how
to figure your tax and file your return.

"There's so much going on this year and it's
confusing,” said Kathy Pickering, executive direc-
tor of H&R Block's Tax Institute. "It really isn't
the year to go it alone.”

Take the energy credit.

Taxpayers may qualify for a credit of 30 per-
cent, or a maximum $1,500, for energy improve-
ments made to their homes. They can include
new windows, doors, insulation, and certain air
conditioning, heating or hot water systems. The
improvements must be expected to remain in
use for at least five years and meet certain ener-
gy efficiency requirements. How do you know if
they meet the requirements? In most cases, you
have to rely on the contractor or the manufac-
turer to tell you.

There's another catch. The energy efficient
product must have been installed before the end
of the year to qualify for the credit. "Purchasing
something at the hardware store and putting it in
the garage for installation later won't do it,” said
Mark Luscombe, principal tax analyst at CCH, a
provider of tax, accounting and audit information.

The home buyer credit had different incarna-
tions. The first, taken as a credit, was the loan for
first-time home buyers. That was later changed to
make it a true credit, and a provision was added

"



to Richard Hucks, and Demetrius Rumph, left, install

bia, S.C.

not claim either credit.

loan or the true credit?

know which you took.
Other things that could trip folks up:

and attach it to your return.

from kindergarten through high school.

—Conversion of traditional IRAs to Roth }

IRAs. You'll have to decide whether to include { Stocks are becoming more

the value of the conversion as income for 2010, or } StUCACEVE 10 mutual fund
: investors. For one week last

? month, domestic stock funds

One more thing: For this year only, forget that i took in more money than
April 15 is synonymous with tax day. Because of } LEE SLOTS pulled out. The last
the Emancipation Day holiday in the District of } time that had happened was in
Columbia, the deadline for submitting tax returns April. And the pace of with-
is April 18 for everyone, including those who } drawals is slowing.

split it over two years, 2011 and 2012.

don't live in the nation's capital.

CAROLE FELDMAN,
Associated Press
WASHINGTON

Is your tax bill too high? You
may be able to cut it and save
for your retirement at the same
time.

You can make a contribution
to an IRA until April 18, this
year's filing deadline, and
deduct the amount on your
2010 taxes. The maximum
deduction is $5,000 or $6,000
for those 50 and older. Those
70? and older are not eligible to
make contributions. There are
also limits, based on adjusted
gross income, on how much you
can deduct from your taxes if
you are covered by a retirement
plan at work.

But income limits that had
prevented some taxpayers from
rolling over a traditional IRA
to a Roth IRA were removed
starting in 2010.

Contributions to a tradition-
al IRA are generally tax-free,
but the distributions are taxed.

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

In a Roth IRA, the contribu-
tions may not be deducted from
your taxable income, but the
distributions, principal and
income, generally are not tax-
able when you withdraw the
money. For both, there are
penalties for early withdrawal.

If you converted to a Roth
IRA last year, the amount of
the conversion must be report-
ed on your 2010 return using
Form 8606.

The resulting income is sub-
ject to tax, but you have a
choice on when to declare it for
income tax purposes. You can
include all of it as income on
your 2010 return or defer it,
declaring half in 2011 and the
other half in 2012.

Mark Luscombe, principal
tax analyst at CCH, a provider
of tax, accounting and audit
information, said the choice was
more of an issue before Con-
gress extended the Bush tax
cuts for another two years.
"With rates being equal, you're
probably better off postpon-

ing," he said.
However, for some it might

combe said.

People who withdrew money }
from retirement accounts last }
year could find themselves with :
bigger tax bills. Any money { from Edmond, Okla.
withdrawn from a non-Roth
IRA or 401(k) plan must be :
? around $2 when it appeared

declared as income.

If people withdrew that mon- }
ey before they turned 59?, they ;
also have to pay an additional }
10 percent penalty, except for ;
? Ford's management and a

certain circumstances.

"It rarely makes sense to do }
that, especially for normal non- }
emergency situations," said Bill :
Smith, managing director in the }
CBIZ MHM National Tax }

Office.

Investors are finally inching

back into the stock market. But
? are they too late?

While millions sought refuge

: in traditionally stable bonds

? over the past two years, they

? missed a more than 90 percent

afd : ? rally in stocks. Suddenly bonds
(AP Photo/Seth Perlman, File) i

TAXING TIME: In this Aug. 23, 2010 file photo a home is seen for sale in Springfield, Ill. This year’s tax ;

season will look a lot like last year’s, but with a few sweeteners added. Most of the tax changes put in place :

in 2009 to spur the economy remained in effect in 2010, even though the recession was officially : shifting back to stocks.

don't look so safe, and some of
the $11 trillion that Americans
have parked in mutual funds is

After putting more than $570

billion into bonds over the past
: two years,

Some credits, deductions

:? of rising interest rates and the
? growing deficits of state and
? local governments were bring-
? ing bond prices down.

mutual fund
investors reversed course last
fall, worried that the prospect

In the last two months of

? 2010, investors withdrew a net
? $23 billion from bond funds,
? according to industry consul-
; tant Strategic Insight.

At the same time, corporate

? bottom lines are improving. So
? investors are finally starting to
| : take another look at stocks
i after being burned in the 2008
? financial crisis and scared by
} the market's "flash crash" sin-
i gle-day plunge in May.

"Most investors have been

? in a capital-preservation men-
? tality, because they saw so
i? much of their net worth
? destroyed in the bear market,"
i says Chris Jones, chief invest-
? ment officer with J.P. Morgan
: Asset Management.

Few have fully recovered

? since the stock market began
i sliding from its historic peak in
? October 2007. The Standard &
? Poor's 500 index is 17 percent
i shy of that level, despite recent
i gains.
(AP Photo/Mary Ann Chastain, File) : and now, with a couple of years
ENERGY EFFICIENT: In this Oct. 29, 2008, file pho- :
? many risk-averse investors may
energy efficient windows in a home in West Colum- :
? there are cautionary voices.

The momentum has shifted,
of solid market performance,
be ready to get back in. But

The economic recovery is still

for long-time home owners. But the maximum i fragile in the eyes of Tom

credit differed for first-time home buyers and } Roseen, an analyst with fund-

people who already had owned a home, a maxi- } tracker Lipper Inc.

mum $8,000 for the former, $6,500 for the latter. :

If the purchase price exceeds $800,000, you can- | W® have a little bit of a pull-

? back over the next couple

So how do you know whether you had the : months, as people re-evaluate

} their portfolios and take a look

Most people know the year in which they at how much the market has

bought their home and can figure it out that way, } gained," he says.
said Terry Lemons, chief spokesman for the IRS. }

If you used tax preparation software and rolled } decent return from their play-it-

over your data from year to year, it also lets you } safe strategy. Diversified bond

: funds gained an average of 10.8
; percent last year, beating their
—Charitable deductions. You'll need a bank } @Vetage annual gain of 6.2 per-

record, such as a cancelled check or a receipt, | C&Mt over the past five years,

even for the smallest donation. That means that } according to Morningstar.

if you gave $1 in cash to the Salvation Army bell

ringer over the Christmas holidays, you can't } lost money in the fourth quar-

claim a deduction without a receipt. For dona- } ter, with government bonds tak-

tions of motor vehicles, get a completed Form } ing the biggest hit.
1098-C or similar statement from the organization : Jo"
: shift into stocks — most notably

? abroad. Mutual funds buying
? overseas stocks took in a net

—Out-of-pocket expenses for teachers. Con- :

gress restored the deduction of up to $250 for : $72 billion last year, while

teachers. It applies only to full-time teachers } investors pulled a net $49 bil-

? lion out of funds buying Amer-
: ican stocks.

"T wouldn't be surprised if

Until recently, investors got a

Still, nearly all types of bonds

This downturn helped fuel a

There are signs that U.S.

Market optimism is also

improving. For 19 consecutive
li a t { ih t t IRA t ? weeks, surveys by the Ameri-

IME PEMAINS 10 CONIPIDULE (0 IA, SAVE ON TAXES 52 scopstee eae
? than-average belief that stock
i prices will rise. The last time
be better to declare all the }
income from the conversion in }
2010. For example, "if they } in late 2004.
know that their income is going }
to go up and that might put :
them in a higher bracket. Even
though officially the rates are }
the same, your individual cir- ;
cumstances might not be," Lus- :
? aside the emotion and believe

can Association of Individual

the surveys had such a long
streak of bullish sentiment was

Yet the movement of money
because of troubles with munic-
ipal bonds offers a reminder of
how important it is for investors
to remain even-keeled.

"You simply have got to put

in what you are taught, to buy
low and sell high,” says Carol
Clemens, a 64-year-old retiree

She scored big when she
snapped up shares of Ford for

U.S. automakers might go
under a couple of years ago.
The stock now trades above
$18, thanks to smart moves by

strengthening economy.
Clemens’ portfolio is about
two-thirds stocks and one-third
bonds, and she's recently been
trimming her stake in bonds.
"If you put money into



Investors’ return to US
stocks could be too late

; MARK JEWELL,
? AP Personal Finance Writer
i BOSTON

(AP Photo/Richard Drew, file)

GUT-WRENCHING: In this May 25, 2010 file photo, specialist Michael
Pistillo, left, and traders work on the floor of the New York Stock
Exchange. At first glance, it looks like the stock market had a good
year. The Dow Jones industrials are up 10 percent, and the Standard
& Poor’s 500 index, 12 percent. But the numbers mask the fact that
2010 was at times gut-wrenching. And individual investors only
started showing signs of returning to stock at year’s end.

bonds, there is a nice cushion
when the stock market goes
down," Clemens says. "But I'm
retired, and we're looking for
an income stream. We're not
getting it from bonds," she says,
calling current yields
"abysmal."

Belief that the economic
recovery is on track has recent-
ly driven up long-term interest
rates from record lows. This has
led investors to pull out of low-
yielding Treasurys. Rising rates
also are making it costlier for
state and local governments to
borrow. Fear of further rate
increases also is causing prices
for many previously issued
bonds to drop. That's because
investors will be able to buy
newly issued bonds paying
higher interest.

So as bond prices decline,
investors like Clemens will be
looking for income from stocks
that pay solid dividends. And
as other investors step back into
stocks, they may be questioning
whether they're making the
classic mistake of buying in at
the market's peak.

The S&P 500 is up 23 per-
cent since Sept. 1, and at its
highest point since August
2008. It finished 2010 with a
return of 15 percent including
dividends, more than twice the
gain for a comparable bond
index. J.P. Morgan's Jones
expects further stock gains in
2011, with a breakout year for
growth stocks of companies
whose earnings rapidly appre-
ciate — think Amazon.com,
whose stock price has tripled

since March 2009. But Jones
doesn't think many investors
are willing to get back into
those richly priced stocks.
"Investors are incredibly
shell-shocked," Jones says,
"and they're not willing to pay
for growth until they see it.”
Yet many market pros are
predicting another year of dou-
ble-digit gains. They point to
an abundance of positive eco-
nomic indicators: factories
cranking up production, hiring
activity picking up, growing cor-
porate investment in technolo-
gy. Consumers also are more
confident, thanks in part to the
recent extension of the Bush-
era tax cuts and a new cut in
the Social Security payroll tax.
Sooner or later, investors will
put their money where it's gain-
ing the most, predicts Bob Doll,
chief stock strategist at Black-
Rock, the world's biggest mon-
ey management company.
Investors tend to chase rather
than anticipate returns. He
expects investors will embrace
stock funds over bonds, ending
what he calls an era of fear.
Stocks may post their third
year of double-digit percentage
gains in a row, Doll says. That
hasn't happened since the late
1990s. And if the market
behaves like it has coming out
of previous recessions, the S&P
500 could rise nearly 12 percent
this year. That's the average
gain the index made in the one
year immediately following this
point in the economic cycle, a
year and a half after the end of
a recession.

NOTICE

BJS INVESTMENTS INC.

Notice is hereby given that liquidation of the above
company on the 17th day of January, 2011. Triangle
Adminstration Limited of Bahamas Financial Cen-
tre, Shirley & Charlotte Streets, Nassau, The Bahamas
has been appointed Liquidator of the Company.

Triangle Administration Limited
Liquidator

LEGAL NOTICE
NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

In Voluntary Liquidation

Notice is hereby given in accordance with Section 138 (4)
of the International Business Companies Act, (No.45

of 2000), MINTFAIR S.A.

is in dissolution. Ms.

Alrena Moxey is the Liquidator and can be con-
tacted at Winterbotham Place, Marlborough & Queen
Streets, Nassau, Bahamas. All persons having claims
against the above-named company are required to send
their names addresses and particulars of their debts
or claims to the Liquidator before February 1, 2011.

Alrena Moxey
Liquidator