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.

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

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Full Text
McCOMBO
OF THE DAY im tovin’ it

HIGH
LOW

Rapid Strike’ nets
fourteen suspects

83F
68F

SHOWERS IN
“<< AFTERNOON

Volume: 107 No.49



Praise as police
operation goes
‘extremely well’

By CELESTE
NIXON
Tribune Staff
Reporter
cnixon@
tribunemedia.net

OPERATION
Rapid Strike has
been hailed a first
night success with |)
police making 14
arrests.

According to
Commissioner of
Police Ellison
Greenslade the
operation “went
extremely well.”

Rapid Strike was launched
on Wednesday evening in a
continued effort by the police
to reduce the escalating num-
ber of serious crimes occur-
ring throughout the Bahamas.

Heavily-armed units were
deployed to patrol “hot spot”
areas throughout New Provi-
dence resulting in the arrests
of 14 suspects.

Commissioner Greenslade



‘RAPID STRIKE’:
Police Commissioner
Ellison Greenslade

said people have
been calling the
operation “a breath
of fresh air,” saying
they are happy the
police are “taking
back the streets.”

Of the 14 arrests,
one person was
arrested for illegal
gun possession and
] a large quantity of
dangerous drugs;
four were in pos-
session of danger-
ous drugs, two of
which with the
intent to supply;
eight outstanding
warrants for arrests were exe-
cuted and one person sus-
pected of stealing a vehicle
was detained.

The Commissioner said 114
names were checked for per-
sons suspected of being
involved in criminal activity.

The Half Bar, on Blue Hill
Road South, was also closed

SEE page eight

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The Tribune



LATEST NEWS ON WWW.TRIBUNE242.COM

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ANTIQUITIES MONUMENTS AND
MUSEUMS CORPORATION PUTS
MAJOR PROJECTS ON HOLD

By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net

MAJOR projects at the Antiquities
Monuments and Museums Corporation
(AMMC) have been put on hold as the
agency works to regularise its manage-
ment.

Applications for the position of direc-
tor at the corporation were said to be
near completion following the resigna-
tion of Dr Keith Tinker mid-last year.

Orry J Sands, chairman of the
AMMCG, explained that work on restora-

SEE page eight

sit
PoE

Wulff Road Opposite Mackey Street
Tel: 393-0512, 393-8006, 393-3513

yd rtm oe Re a ib a eg

: CABLE AND WIRELESS PARENT

COMPANY HITS BACK OVER
CARIFTA ALLEGATIONS

THE parent company of Cable and }
i Wireless hit back at Neville Wisdom yes- }
i terday, rejecting the former PLP MP’s }
i suggestion that it will cease to support the
? CARIFTA Games if its proposed acqui- }
i sition of BTC does not go ahead. i
i LIME said it was “surprised” by reports }
: in the local press yesterday concerning the :
? continuing negotiations for the staging of }
i CARIFTA 2011. :
i As the presenting sponsor of CARIFTA }
: 2010 in Grand Cayman, LIME said it has :
i already publicly committed to continue }
i supporting the games in this capacity }
i through to 2012. :
The company noted that it expressed }

SEE page eight

Pe ae |

Mire eee ere

5 _ i ie a :
Market Street yesterday. Secondary drains called ‘gully ports’ are under

AG SAYS THERE IS ROOM
FOR IMPROVEMENT IN
CRIMINAL JUSTICE SYSTEM

By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net

ATTORNEY General John
Delaney said he is not at all satisfied
about the extent to which prelimi-
nary inquiries are used today in
criminal matters.

Unless there is a real need to test
the evidence, Mr Delaney said pre-
liminary investigations can prolong
the legal process, adding years to
criminal cases in the court system.

While speaking to the media in
Grand Bahama, he noted that the
Office of the Attorney General con-
ducted an analysis of the criminal
justice system over the past 12
months.

SEE page eight

me Cae eg





CORONER ACCUSED OF
‘UNPROFESSIONAL CONDUCT’

CORONER Linda Virgill is being
accused of “unprofessional conduct” over
claims that she borrowed money from a
local attorney.

Bar Association President Ruth Bowe-
Darville made the allegation yesterday
after reports surfaced in a local daily that
the newly appointed Coroner was being
sued for $2,000 by attorney Cecil Hilton.
Reports state that the sum constituted an
unpaid loan. Mrs Bowe-Darville said that
she was not personally made aware of the
matter and noted that it would not be an
issue that would come before the Bar
Association unless Mrs Virgill was being
sued in her capacity as an attorney.

“The lending is inappropriate, someone
from the bench borrowing money from

SEE page eight

Sree eee ee eee Rea

WE HAVE EVERYTHING YOU NEED TO BUILD IT RIGHT!
eee ieee oe ee ee lel ele eee ee mele



NASSAU AND BAHAMA

ISEANDS* LEADING NEWSPAPER





PAGE 2, FRIDAY, JANUARY 21, 2011

THE TRIBUNE



LOCAL NEWS



Urban Renewal Programme

‘to create jobs in Kemp Road’

EMPOWERMENT pro-
grammes run by the Kemp
Road Urban Renewal Liv-
able Neighbourhood Cen-
tre will translate into
increased employment
opportunities for area res-
idents, officials say.

These programmes were
the topic of discussion this
week when Urban Renew-
al stakeholders and charity
groups met to iron out
future plans for the centre.

While specific details
were not released, stake-
holders are confident they
will find gainful employ-
ment for a number of idle
persons in the inner city
area this year.

“The Urban Renewal
programme is a very
important programme. It’s
a catalyst. We actually
mean nothing without
you,” Ella Lewis, Urban
Renewal co-ordinator in
the Ministry of Labour and
Social Development, told
the representatives of var-
ious charities in atten-
dance.

“We can only find out
what the needs are in the
society and bring them to
your attention so those
needs can be addressed.
We facilitate and go into
the community and see
who is falling through the
cracks.

“It is an excellent pro-
gramme but we really have
no budget to say ‘John
Brown’s house on East
Street needs to be
repaired. Here’s $5,000 to
go and repair John
Brown’s house.’

“We do not have that.
But, we do know where
the $5,000 can be found to
do the repairs,” said Ms
Lewis.

“We have a responsibili-
ty to go to the homes of
these people and show
compassion, love and con-
cern. We are the humanity
in the society. In addition
to that, we have a respon-
sibility to the elderly and
to the youth. We have a
responsibility to the chil-
dren, who come after
school and we try to assist
them as best as we can in
giving them a safe envi-
ronment between the
hours of 3.30 and 5 in the
afternoon. They can do
their homework, their pro-
jects and interact with oth-



URBAN RENEWAL COORDINA-
TOR Ella Lewis reminded part-
ners of the important task they
have in bringing the humanity,
compassion, love, and concern
to the community.

er children and be safe
until their parents come
home. We can’t do it
alone. We need your
help.”

In addition to employ-
ment opportunities, par-
ticipants discussed strate-
gies for teaching the area’s
youth about entrepreneur-
ship, particularly with
regard to many in-demand
technical skills such as
masonry, landscaping, and

THE

ASHLEY LEPINE, executive
director of Hands for Hunger,
spoke about building support
for community and charitable
programmes that combat
poverty.

home maintenance.

They also discussed cre-
ating new classes for young
women to learn cottage
industry skills such as hair
braiding and craft-making.

There are a total of nine
Urban Renewal Centres in
New Providence, located
in: Englerston, Fox Hill,
Pinewood, Nassau Village,
Bain and Grants Town,
Farm Road, Fort Char-
lotte, St Cecilia, and Kemp

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LAURA TAYLOR JOHNSON is the
lead pastor and organiser of
Eljhay’s Hilltop Cottage Ministries
and has been a member of the
Kemp Road Urban Renewal
Community partners group for
the past two years. She has been
trying to raise money and volun-
teer support to sustain a break-
fast programme to feed those
who cannot afford to feed them-
selves in the Kemp Road area.

Road.

Each centre offers assis-
tance to those in need,
works to strengthen and
support the family unit,
and provides constructive
programmes for young
people.

Hearing for BTC unions’ sale
block bid set for end of month

UNIONS representing BTC workers are expected back in
court for a hearing in their bid to block the sale of 51 per cent
of the telecommunications company to Cable and Wireless
(CWC) at the end of this month.

The unions — the Bahamas Communications and Public
Officers Union (BCPOU) and the Bahamas Public Man-
agers Union (BCPMU) — filed the joint action in the Supreme

Court earlier this month.

The date for a hearing before Justice Neville Adderley has

now been set for January 31.

The Bahamas Telecommunications Corporation, BTC
executive chairman Julian Francis and Attorney General
John Delaney are named as defendants in the writ. The
unions contend that the government does not have a right to

sell BTC.

BEC hits back at PLP
‘load shedding’ claims

THE Bahamas Electricity
Corporation (BEC) has hit
back at PLP chairman
Bradley Roberts, insisting
that recent power cuts were
the result of equipment
challenges and not pre-
planned load shedding
exercises.

Earlier this week, Mr
Roberts criticised BEC for
conducting planned power
cuts without notifying the
public in advance.

However, a statement
released by BEC yesterday
said that the outages expe-
rienced by some customers
during the last few weeks
were the result of “system
instabilities” during off-
peak hours. These issues
are being addressed and
should be rectified by the
weekend, the corporation
said.

“The outage experienced
(on Wednesday) was asso-
ciated with generation at
the Baillou Hills Power Sta-
tion which began around 12
noon, however, power was
restored to the majority of
customers by 2.30pm,” the
statement read.

Earlier in the day, a gen-
erator was taken off-line to
facilitate planned mainte-
nance. In this instance,
there was enough capacity
to sustain operations until
the generator was returned
to service.

“Unfortunately, there
was a challenge bringing the
generator back on-line. This
resulted in temporary ser-
vice disruptions. As is cus-
tomary, during the winter
months when there is low
demand, generators at both
stations are taken off-line
to facilitate necessary main-
tenance. But at all times,
we ensure that there is suf-
ficient generating capacity

to accommodate the entire
island,” BEC said.

Mr Roberts also claimed
that the cost of running the
gas turbines at the Baillou
Hill Power Plant (which
uses Diesel verses Bunker
C gas) is contributing sig-
nificantly to the escalating
fuel costs experienced by
BEC.

"The Progressive Liber-
al Party demands that the
government come clean on
the current status of BEC.

"The PLP also demands
that the government, with-
out delay, lay on the table
the report prepared by (the
energy company) Emera on
the current status of BEC,"
he said.

He added that only two
generators — numbers 12
and 13 - are operational at
the Clifton Power Station
which was designed to carry
the base load for New Prov-
idence.

BEC acknowledged that
there are a number of gen-
erators out of service at the
Clifton Pier Power Station.
Several of these units are
out for planned mainte-
nance activities while others
are experiencing unplanned
outages, the corporation
said.

“Maintenance on one of
the generators is expect-
ed to be completed
(today), while mainte-
nance on another is
expected to be completed
and returned to service by
the weekend.

“Steps are being taken to
repair the remaining gener-
ators. BEC apologises for
any inconvenience caused
by the disruption and is
committed to providing a
consistent supply of elec-
tricity to its customers,” the
corporation said.

BIC Market
Research Study

The Bahamas Telecommunications Company Lid. (BIC) will
be conducting a Market Research Study to get your feed-
back on opportunities fo improve our products and services.
Commencing January 24th, 2011 you may be contacted by
a BIC representative via phone to get your advice. The

survey is expected to end on February 28th.

Please contact BIC's Call Center at 225-5282 should you
have any questions or concerns. BIC thanks you for your an-

ticipated assistance.

connected ANIA... ANINETE...

THE ARDASTRA GARDENS, 200
AND CONSERVATION CENTRE
CHIPPINGHAM
VENDORS WELCOME!

CALL 323-5806 FOR MORE INFO

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

| BROADBAND | VOICE | DIRECTOR





PAGE 4, FRIDAY, JANUARY 21, 2011

THE TRIBUNE





EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited

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

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

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

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

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

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

US-China tensions may grow again

WASHINGTON —Despite the pomp,
pageantry and vows of cooperation, tensions
between the United States and China are like-
ly to grow, not shrink, after President Barack
Obama's summit meeting with Chinese Presi-
dent Hu Jintao.

While the United States struggles with near-
chronic unemployment and a continuing hous-
ing crisis, China was the first major economy to
power out of the global downturn and recent-
ly passed Japan as the world's second-largest
economy. As China gets closer to overtaking
the United States economically in a decade or
two, trade and currency disputes seem likely to
intensify. A joint news conference Wednes-
day by Obama and Hu produced a rare con-
cession for a Chinese leader. Hu openly
acknowledged "a lot still needs to be done in
China on human rights," although he said
progress had been made.

Both leaders called for a renewed effort of
cooperation on a flock of other big issues
besides human rights, including trade and cur-
rency irritants, fighting global terrorism and
tackling the international financial crisis.

While it was in the interest of both countries
for Hu and Obama to project a confidence-
building image of mended ties after a trou-
bled year for U.S.-Chinese relations, the thaw
may be short lived.

With neither side giving much ground,
"There were some singles and doubles, but no
home runs," said Michael Green, a White
House adviser during the Bush administration
and now an analyst at the Washington-based
Centre for Strategic and International Studies,
using a baseball analogy to indicate the news
conference produced no sensational results.

Green said the two leaders may have helped
take the heat off some economic disputes,
including some involving trade and investment.

"But the currency issue is going to continue
to flare up. On the military side, on North
Korea and on human rights this summit maybe
put a floor under what has been a very rough
year. But it didn't solve the structural problems
that are going to continue to complicate the
relationship for the next few years at least," he
said. Polls show most Americans still view
China's economy as more of a threat to US.
jobs than an opening for new investments, a
conception Obama sought to alter on Tues-
day as he trumpeted a series of new business
deals. He said the agreements would increase
US. exports to China by more than $45 billion
and support some 235,000 American jobs.

Not all were as enthusiastic as the president
about the developments. While U.S. military
superiority seems likely to last far longer than
its economic leadership, wariness continues to
grow in the United States over handling ten-
sions on the Korean peninsula, confronting
Iran over its nuclear programme, Beijing's
increasingly aggressive stance in the western

Pacific and accountability questions of the Peo-
ple's Liberation Army.

Sometimes there appears to be a disconnect
between the military and civilian leaders in
the one-party government.

During U.S. Defense Secretary Robert
Gates' visit to China this month, China's mili-
tary conducted a test fight of its first aircraft
designed to evade radar, the J-20 stealth fight-
er, apparently catching Hu and other Chinese
civilian leaders off guard.

Also of worry to the Pentagon: China's
development of anti-ship missiles that could
make it harder for American aircraft carriers to
operate in the western Pacific.

And in another area, the world's two largest
energy users and polluters remain at odds on
how best to deal with reducing worldwide
greenhouse gas emissions that contribute to
climate change. Obama again pressed China to
ease the government's grip on the economy,
lower barriers to imports from the U'S., crack
down on the theft of U.S. technology and to
stop holding down the value of its currency, the
yuan, also known as the renminbi.

Since last June, when China said it was end-
ing what amounted to a two-year peg of its
currency to the dollar, the yuan has appreciat-
ed just 3 per cent against the greenback. And
while the dollar has fallen to its weakest point
against the Chinese currency since 1994, the
yuan "remains undervalued" and "there needs
to be further adjustment in the exchange rate,"
Obama said. When Obama took office, he
voiced an upbeat view of US-Chinese cooper-
ation in tackling many of the world's troubles,
but his administration more recently has taken
a harder-edged position, confronting China
directly on currency manipulation, on trade
and on human rights. Even Hu's attention-
grabbing concession that China still has much
to do on human rights was accompanied by a
caveat. "China is a developing country with a
huge population and also a developing country
in a crucial stage of reform," he said. And he
said China was willing to talk with the United
States about the issue, but on a "basis of mutu-
al respect and the principle of noninterference
in each other's internal affairs."

And Hu is not the only one who has to play
to a difficult home audience.

Shortly after Obama formally welcomed
Hu at the White House, several members of
the new Republican-led House Foreign Affairs
Committee blasted Beijing's record on human
rights, military expansionism and weapons
sales at a hearing.

The panel's top Democrat, Rep. Howard
Berman, offered a different view. "China is
neither an ally nor an enemy. It is both a com-
petitor and a partner, in foreign affairs, security
and economics," he said.

(This article was written by Tom Raum of the
Associated Press).

The Nassau
Guardian
and conflicts
of interest

EDITOR, The Tribune.

The last time I wrote you
was about our Prime Minis-
ter taking over National
Security. I still believe he
should assume full responsi-
bility. But if not him maybe
the Deputy Prime Minister,
Mr. Brent Symonette. We
were very pleased about the
manner in which Mr.
Symonette handled this
Ministry when the current
Minister was away.

But that is not why I am
writing you now.

I agree with our Prime
Minister when he said that
the owners of The Nassau
Guardian were unreason-
able in their position on the
privatization of BTC.

LETTERS

letters@tribunemedia.net



By way of their coverage
and editorial content they
have encouraged the two
BTC unions to oppose the
Government plans to priva-
tize.

What I did not know is
that Mr. Anthony Ferguson
and Mr. Emanuel Alexiou
had a personal interest in
the sale of BTC.

I did not know that they
were one of the initial bid-
ders and more surprisingly
that they recently submitted
a bid to the Prime Minister.

If The Nassau Guardian

is to have any credibility it
must declare its conflict of
interests in matters upon
which they are expressing
their editorial opinions.

Tam disappointed in the
publisher of The Nassau
Guardian, Mr. Anthony Fer-
guson, a person who I held
in high regard.

For me and my family we
will not be buying The Nas-
sau Guardian until it clears
this matter up and is more
transparent.

FLOYD HANNA
Fox Hill,

Nassau,

January, 2011.

15 January 2011

The public wants these questions
answered, Mr Prime Minister

EDITOR, The Tribune.

Some were shocked at the
off the script comment of
the Rt Hon Prime Minister
when he went off script and
commented on the owners
of Colina/Nassau Guardian.

No one seems to have
been listening to the com-
ments from Cable & Wire-
less CEO, Mr Shaw -— twice,
once to NB12 News and
then to ZNS News — he con-
firmed that Cable & Wire-
less got through the back
door.

The issue is purely this —
Did Cable & Wireless qual-
ify by responding to the
original RFP?

Isn’t it a fact they did not
respond? Seemingly when
they thought the negotia-
tions between Government
and Bluewater were head-
ing on the rocks either they,
Cable & Wireless, were
approached by someone on
behalf of the Privatisation

Committee or they person-
ally made the approach, an
approach which was
favourably received
although possibly Govern-
ment had as yet not disen-
gaged from Bluewater?
The public wants these
questions answered Mr
Prime Minister — we were
told in 2007 election cam-
paign that we could trust

you and your party well
prove it, please.

Yes Cable & Wireless
probably will operate BTC
well and we will have TV on
our cells, for what that is
worth, but this is a deeper
issue, Sif.

W THOMPSON
Nassau,
January 16, 2011.

CURT CATE ey
WaT er

EDITOR, The Tribune.



NOTICE

NOTICE is hereby given that GIOVANNI ZANETTA of PORT
NEW PROVIDENCE, P.O. BOX SS-5347, NASSAU,
BAHAMAS, is applying to the Minister responsible for Nationality
and Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why registration/
naturalization should not be granted, should send a written and signed
statement of the facts within twenty-eight days from the 21° DAY
of JANUARY 2011 to the Minister responsible for nationality and
Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Bie OH Eo Merson
aU

BLOW OUT SALE

All Plants 20% off
from 25th - 29th January

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

Call 322 - 3857 or 422-4701
8am - 4pm

Best Prices in Town!

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, BARBARA LOUISE RIGBY
(nee) SCOTT-HANNA, of P.O. BOX N-1355, NASSAU,
BAHAMAS, intend to change my name to BARBARA
LOUISE SCOTT. If there are any objections to this change of
name by Deed Poll, you may write such objections to the
Chief Passport Officer, RO.Box N-742, Nassau, Bahamas
no later than thirty (30) days after the date of publication of
this notice.

In the Estate of the Late
Thomas Cletus Hunter

Notice is hereby given that all persons
having any claims or demands against the
above-named Estate are requested to send
the same duly certified to the undersigned
on or before the 14th day of February A.D.
2011,

Notice is hereby also given that at the
expiration of the time above mentioned the
assets of the deceased will be distributed
among the persons entitled thereto having
regard only to the claims of which the
Executors shall then have had notice.

Holowesko Pyfrom Fletcher
Attorneys for the Executors
Chambers
Templeton Building, Lyford Cay
Nassau, Bahamas



IF THE January 2010 earthquake in Haiti reminded us
of our vulnerability, then perhaps the current situation in
our sister country, one year later, reminds us of how
even the best intentions can go wrong.

Despite all the international attention, thousands of vol-
unteers, hundreds of millions in aid and plans to rebuild,
the situation in Haiti remains dire with no appreciable
improvements. Perhaps a different approach is neces-
sary.

Of course immediately after a disaster of the scale that
we witnessed last year, it is necessary to respond with
basic aid like food, medical supplies and water to mini-
mize the loss of life and to ensure an appreciable level of
human comfort obtains.

However, there has to come a point where the goal of
local Haitian and especially international support turn
from mere aid to self sustenance.

The current lack of such focus appears to be among the
fundamental problems with the approach in Haiti thus far.
The effort has been to provide charity when a hand up is
what is really needed.

For instance, today I think it is a mistake to airlift food
into Haiti and distribute it to men and women who are
healthy enough to work, but simply do not because
opportunities for work do not exist.

The focus of international organisations should be to
create micro businesses in communities that are sup-
ported by bartering in the short term.

For instance, in a single community, one person might
be provided with the resources to grow vegetables, anoth-
er person might rear chickens and perhaps another might
start a security services company, while still another
might start a yard clearing company and so on.

After awhile persons are working, trading amongst
themselves and even looking for opportunities to trade
outside their small communities.

It hardly makes sense to provide aid to millions of
persons that will be consumed today and must be pro-
vided again the next day. Aid that is not targeted in a
manner to promote work and sustainable results soon cre-
ate a growing level of dependence and creates an even
worse situation.

Furthermore, as community level aid is provided ina
deliberate manner to encourage entrepreneurship and
create work, aid to rebuild Haiti’s national and commu-
nity level institutions should be provided.

As little aid should be funneled directly through the
central government as possible.

For instance, construction contracts should be award-
ed to private businesses.

The bottom line is that the aid to Haiti should be giv-
en in a manner that encourages work and creativity that
leads to sustainable development.

LYNDEN NAIRN
Nassau,
January 14, 2011.





PAGE 6, FRIDAY, JANUARY 21, 2011

THE TRIBUNE





Now is the time to

privatise Bahamasair
YOUNG MAN'S ATA

By ADRIAN GIBSON
ajbahama@hotmail.com

IN NEARLY 38 years,
Bahamasair has been grossly
mismanaged and has astound-
ingly had 20 general managers
in that time. These days, due to
the proliferation of private air-
craft servicing the islands, the
argument that Bahamasair pro-
vides essential services to the
islands is no longer germane
and shows that the further usage
of taxpayers’ monies to under-
write a failed enterprise is no
longer warranted. Undoubtedly,
along with BTC, Bahamasair
must also be privatized.

Bahamasair is not a self-sus-
taining entity. Over the last 37-
plus years, Bahamasair has
proven to be a financial alba-
tross around the necks of
Bahamian taxpayers and noth-
ing more than a failed govern-
ment experiment.

Without question, the pri-
vatisation of Bahamasair will
lead to more unnecessary union
drama!

According to Minister of
Public Works and Transport
Neko Grant, in his contribution
to the 2010/2011 Budget
Debate:

“In the 2009/2010 budget,
Bahamasair requested and
received $17 million. However,
a request was made this year
for additional funding as a result
of a reforecast of the airline’s
subvention requirements. In
response, the Government pro-
vided additional funding in the
amount of $3.5 million. This
year’s subvention will be $16
million.”

In the past, the national air-
line has been embroiled in scan-
dal about the discrepancies
with, and/or the unavailability of
financial reports that suggests
the carrier has been pillaged by
some thieving — some
unscrupulous employees pock-

A DRI

eting airfares and freight fees
and arranging free trips for
friends and family members.

The national flag carrier has
become synonymous with tar-
diness, delays, lost luggage, per-
sons being “bumped” off flights
to accommodate the relatives
and associates of aircraft
employees and horrendous cus-
tomer service.

Visitors and locals alike, who
have experienced and com-
plained about the crummy ser-
vice provided, have modified
the airline’s logo to reflect its
reputation of belatedness to
state—‘“if you have time to
spare, fly Bahamasair.” How-
ever, to be quite honest, today
one must note that there has
been some improvement rela-
tive to the airline’s on-time per-
formance in recent years.

Because of the oil crisis in
the 1970s, when British Airways
and other major airlines dis-
continued flights, the then gov-
ernment decided to establish
Bahamasair on June 18, 1973,
following its acquisition of Out
Island Airways and Flamingo
Airlines. From the onset, the
airline was faced by financial
woes, second-rate maintenance
services and a feebly configured
setup that continues to plague it
to this day. During the 1980s,
Bahamasair unsuccessfully
attempted to expand its routes
to include Philadelphia, Wash-
ington, DC, and Newark. By
1989, their experiment with
flights to these north-eastern
US routes were unprofitable
and futile, even though they
have developed a niche market

| Ie Ss @ IN



at several Florida-based routes
and have incorporated regional
routes (eg, Havana).

According to audited finan-
cial statements of Bahamasair
Holdings Limited—year ending
June 30, 2006—the company
incurred a net loss of
$19,919,242 and has had signif-
icant recurring losses that, up
to the aforementioned date, had
left the airline with a mounting
deficit of $397,989,377. Fur-
thermore, as of June 30, 2006,
the airline’s liabilities were in
excess of its total assets by
$70,006,867.

In the 2007/2008 Budget,
Bahamasair was once more sub-
sidised by taxpayers’ and in
2008 the government allocated
$11.3 million in supplementary
funds to the carrier during its
mid-year budgetary exercise.
Bahamasair has always been an
over dependent burden that
relies on its government sub-
sidy to cover expenses—rang-
ing from hanger repairs, ground
handling charges, engine main-
tenance, landing gear repairs
and medical insurance—and
looks to continue being that
way.

In his contribution to the
2010/2011 Budget, Mr Grant
said that relative to Bahama-
sair: “All industrial contracts
have expired and negotiations
for new contracts have com-
menced. Under the current cir-
cumstances, we are compelled
to persuade the union leader-
ship that the time is here to live
frugally until we ‘turn’ the air-
line around.”

It is past due that Bahama-

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sair entirely outsource less prof-
itable routes to smaller, local
carriers and instead refocus its
attention on more profitable
domestic and international
routes. How is it profitable to
continue sending DASH 8 air-
craft from Nassau to Crooked
Island or Freeport to Fort
Lauderdale with 15 people?
What happened to the proposed
purchase of smaller aircraft?
Wouldn’t smaller airplanes—
say 19 seaters—better suit cer-
tain routes? And, why not com-
bine some of the less profitable
routes?

During a few of my travels
by Bahamasair, ’ve encoun-
tered scowling, discourteous
ticket agents who seem too
comfortable in their govern-
ment jobs to care for customers.
Ihave rarely encountered such
behaviour at the private airlines.

In a supposedly service-ori-
ented company, why should it
take certain bungling employ-
ees nearly an hour to sell tickets
or check-in a handful of pas-
sengers? Why are certain
employees always on the phone
or chattering away without any
recognition of waiting cus-
tomers? What's more, when
flights are delayed, I have found
that a number of Bahamasair
employees would rather con-
gregate and gossip at ticket
counters instead of catering to
the concerns of frustrated trav-
ellers.

Currently, the national air-
line is over-saturated with
employees and is probably used
as a cesspool for political
cronies. In order to reduce
Bahamasair’s operating costs
and prepare the airline for pri-
vatization, a serious downsizing
exercise must be undertaken.
As of April 30, 2010 the airline
had 610 employees, which is
unconscionable and inexplica-
ble considering that the fleet is
so small. What’s more, this

number is even harder to imag-
ine considering the skeletal
front desk staff that is usually
seen at the airport’s poorly
manned, check-in counter.

In his communication, Mr
Grant further noted that:

“As Bahamasair’s operating
expenses (particularly
labour/personal emoluments
followed by fuel maintenance)
are very high in comparison to
other carriers of similar size, I
am pleased to note that reduc-
tions in terms of head count
have been realized through
attrition. This number has
declined from 709 in January,
2009 to 667 as of 30 April, 2010.
The industrial agreements must
be negotiated to reflect signifi-
cant reductions in labour costs
which will be the only control-
lable. Fuel and maintenance on
the other hand, will continue to
be determined by the equip-
ment in operation.”

Admittedly, although
Bahamasair is plagued by sev-
eral setbacks, it has a near per-
fect safety record, highly-tramed
pilots and a first-class website.
Honestly, due to its nearly
impeccable safety record, I am
one of those Bahamians who
are most comfortable when fly-
ing on-board Bahamasair. That
said, it’s time we cash in on
whatever little capital the air-
line has left and follow Guyana,
Jamaica and Trinidad’s lead and
sell our government's failed avi-
ation experiment to local or
international investors, whilst
also considering becoming a
part of a regional airline ser-
vice.

Privatisation of Bahamasair
will undoubtedly reduce the
public service and our national
debt, free up monies for gov-
ernment services, improve the
airline’s efficiency, foster fair
competition (without Public
Treasury bailouts) and lead to a
general sense of dependability

FV EL Et

and satisfaction among trav-
ellers.

BRING THE UNION

FAT CATS TO HEEL!

It is apparent that more
mechanisms must be introduced
to govern industrial action by
unions, especially for compa-
nies and government depart-
ments that are essential services
and/or are essential to the eco-
nomic sustainability of the
Bahamas. While unions have
their value, they must not be
permitted to unduly highjack
any course of action.

These days, it appears that
union leadership has become
seen as a means for fast-tracking
a political career, using a union
and its members to fulfil one’s
political ambitions and propel
them onto the political stage.
The days of Sir Randol Fawkes,
a true national hero and man
of the people, when union lead-
ers strived for better pay and
working conditions for their
members—without that pen-
chant for political gamesman-
ship—seem to be long gone.

Today, a handful of unions
have merely degenerated into
greedy, cash hunters seemingly
intent on fattening the coffers of
executives of the leadership
while creating a public platform
for executives to lobby them-
selves into the political sphere.

Frankly, P’ve long held the
view that it shouldn’t be manda-
tory for persons to join unions,
as several are simply known for
deducting monies, while offer-
ing no true representation
and/or mediocre, dismal service.

It is always perplexing how
the leaders and top executives
of unions are earning far
more—at least one union leader
purportedly makes a salary of
$150,000 per annum— than
some placard-carrying,
exploitable members who, in
many instances, earn relatively
modest salaries!

Daradite laland

Tel:

322-9248 / 363-3633

(1) Roundtrip Airfare

Nassau to Miami

Fax: 328-8381
E-mail: info@greenparrotbar.com
www.greenparrotbar.com

1 day Hotel

When booking your next trip to Florida, choose
Bahamasair, Dollar/Thrifty and The Best Western

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

1 day car rental





THE TRIBUNE



FRIDAY, JANUARY 21, 2011, PAGE 7

LOCAL NEWS



Commonwealth Bank
gives support to the
Bahamas Red Cross

Fire Relief Fund

COMMONWEALTH
Bank is lending a helping
hand to those in need by
making a donation to the

Bahamas Red _ Cross
towards its Fire Relief
Fund.

The Bahamas Red Cross
recently provided aid to
the victims of the Boxing
Day fire at Alan Drive -
commonly known as the
Mackey Yard Haitian com-
munity.

“Commonwealth Bank is
privileged to assist organi-
sations like the Bahamas
Red Cross in their mission
to help people and com-
munities impacted by nat-
ural disasters and other
social crises,” said Ian Jen-

nings, the newly appoint-

CU RGR Reels ave

ed bank president.

“During these hard eco-
nomic times we believe
that more than ever it is
our duty as a good corpo-
rate citizen to help them in
their respective mission to
bring relief and provide a
helping hand to the
increased number of indi-
viduals seeking assistance.
We encourage all Bahami-
ans to join together in 2011
and make a tangible con-
tribution to a charitable
organisation.”

Accepting the cheque on
behalf of the Bahamas Red
Cross was Caroline Turn-
quest, director general.

The organisation said its
officials continue to make
plans and coordinate with

other stakeholders to
determine the best course
of action to provide tem-
porary and long-term assis-
tance to residents of Mack-
ey Yard where 120 struc-
tures went up in flames
leaving hundreds homeless.

The Bahamas Red Cross
has already distributed
food, clothing, shoes, blan-
kets, pots, plates and
hygiene kits to the resi-
dents who have suffered
much loss as a result of the
fire.

The bank’s community
building programme has
also pledged Gold Spon-
sorship to the 39th Annual
Red Cross Ball, scheduled
to be held on Saturday,
January 29.



THE ROYAL CANADIAN LEGION WORLD WAR LL (RCL) executive committee representatives paid a cour-
tesy call on Governor-General Sir Arthur Foulkes at Government House on Wednesday, January 19. Pic-
tured from left: Melvin Seymour, secretary to the Governor-General; Lorne Varga, Dominion president RCL;
Patricia Varga; Sir Arthur; Rev Matthias Munroe; Therese Canuel and Brad White, Dominion secretary RCL.

GOVERNOR-GENERAL Sir Arthur Foulkes is pictured (third from right) with members of Focused

Women International during a courtesy call at Government House on Wednesday, January 19, 2011.
From left to right: Melvin Seymour, secretary to the Governor General; Marissa Smith, president FWI;
Cyprianna Bethel; Sir Arthur; Cassandra Nottage and Rosella Armbrister.

Raymond A. Bethel/BIS

Abu Dhabi's Taqa sells
stake in Caribbean business

DUBAI, United Arab Emirates

Associated Press

THE STATE-BACKED Abu Dhabi
National Energy Company says it has sold its
stake in a Caribbean power venture for $320

million.

The company, which goes by the name
Taqa, said in a regulatory filing Wednesday
the sale to its business partner Marubeni of
Japan resulted in no gain or loss.

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



Taga bought a 50 per cent stake in

Marubeni's existing Caribbean operations
just under two years ago. The portfolio

included majority stakes in power companies
in the Bahamas and Jamaica and smaller
interests on other islands.

Taga is majority owned by the oil-rich

the public.

government of Abu Dhabi, the capital of
the United Arab Emirates, though more
than a quarter of its shares are available to

(L-R) PATRICK MCFALL, Common-
wealth Bank vice-president and chief
financial officer, and Caroline Turnquest,
Bahamas Red Cross director general.



SENATOR Dion Foulkes, Minister of Labour and Social Development, and his son Malcolm hosted
a New Year’s party for the children of Mathew Town, Inagua on Friday, January 14.



GLADIATORS

FUCHSIA SUEDE, YELLOW, WHTIE ny
BROWN SUEDE, oe
PURPLE SUEDE

SILVER, WHITE,
GOLD, BLACK SUEDE

pirat hati bib bd tnd Ml tn Ut at cn dy
altel etal le ale Bi

deal ]
ead acd MP ch Ma Kh Aah A a tt Me

GOLD,
SILVER,
TAN, WHITE

ase pe ee eh hy

eae

MALL at MARATHON
Next to the Food Court
HOR STIORE BY4-O096





PAGE 8, FRIDAY, JANUARY 21, 2011

THE TRIBUNE



Antiquities Monuments and
Museums corporation puts
Major projects on hold

FROM page one

tion projects such as the trans-
formation of Centreville
House — also known as
Collins House — has slowed
down significantly since then.

Mrs Sands said: “We’re
still doing little things but it’s
not the big jobs, the major
projects.

“We can’t really concen-
trate on that at the moment
but we do have a contractor
and he is doing things slowly
as funds allow.”

Once restructuring efforts
at the corporation have been
completed, the next challenge
will be to secure funding for
the transformation of Cen-
treville House into a muse-
um.

The mansion, which was
built by Ralph C Collins, was
destroyed during the hurri-
cane in 1929.

Transformation of the his-
toric estate, which sprawled
from Shirley Street to Wulff
Road, began in 2008.

At that time, the govern-
ment, through the Antiqui-
ties, Monuments and Muse-
ums Corporation (AMMC),
partnered with consultants
from the Newport Collabora-
tive Architects (NCA), Inc.
to assess the viability of its
adaptive reuse.

Total restoration was
expected to take about two
years.

Mrs Sands said: “We’re
moving very slowly — some of
the supporting structures have
been completed, but we still
need plenty money to finish
it.”

Landscaping at the site was
completed by Bahamian envi-
ronmental artist Antonius
Roberts with consultation
from Tanya Ferguson of the
Bahamas National Trust.

POLICE officers prepare for Operation Rapid Strike on Wednesday.

FROM page one

on suspicion of failing to be properly

licensed.

Commissioner Greenslade said: “The
operation is currently ongoing and
active, we have divided New Provi-

dence. One Superintendent with a large
team has been dispatched to the eastern
part of the island, while a second Super-
intendent with a large team of officers
will patrol the western part, all areas

will be covered.”

The unit will be concentrating on
trouble spots and targeted profiles,

¢rop

CENTREVILLE HOUSE — also known as Collins House

Native flower and fruit
trees such as madeira, horse-
flesh, coco plum, joujou, sea
grape, coconut, and sour sop
were utilized to create what
was described as "an oasis

‘RAPID SO a gat

ae —



within a mad setting” by the
former director.

A replica of a Lucayan
chief's hut was also con-
structed on the grounds, along
with a pond, and playground

which include people suspected of
engaging in unlawful activity such as
murder, armed robbery, illegal firearm
possession, house break-ins, stealing
and stabbings.

The Commissioner said he has been

pleased with the public’s positive
response to the operation.

ical

HIPPING



Photo/Lamech Johnson

facilities.

Mrs Sands added: “The
goal is to make it into a muse-
um, so we could have a prop-
er museum with exhibits of

but that is going to take a
while because we have to
complete the restructuring
exercise for the management
of the corporation and then

our history. That is the plan _we’l move forward.”

CORONER ACCUSED OF ‘UNPROFESSIONAL CONDUCT’
FROM page one

someone from the Bar who could have to appear before her, that
is not professional conduct at all. She compromised the relationship
between the bench and the Bar. I don’t see why she would com-
promise that relationship between bench and Bar,” Mrs Bowe-
Darville stated.

She noted that to further exacerbate the situation it is alleged that
she failed to repay Mr Hilton. “That is also unprofessional,” she
said.

“This is something that the Chief Justice should be concerned
about. I don’t know if the Chief Justice is aware of this matter. I was
not made aware of it personally as it is not something that would
come before the Bar Association. I have seen no complaint against
her as a lawyer, it seems to be a personal thing.”

Attorney General John Delaney when contacted by The Tribune
stated that he was “not personally aware of the matter,” and
declined to comment on the issue.

At the opening of the legal year Chief Justice Sir Michael Bar-
nett announced that Magistrate Linda Virgill will be assigned to the
Coroner's Court to replace Magistrate William Campbell.

AG SAYS THERE IS ROOM FOR IMPROVEMENT
IN THE CRIMINAL JUSTICE SYSTEM

FROM page one

“We feel there is room for
improvement. We wish to
review our processes and see
things that plainly are not work-
ing,” he said.

He noted that preliminary
inquiries, for example, should
only be conducted if there is
need to test the evidence before
the person is indicted for trial in
the Supreme Court.

“When you use preliminary
inquiries, unless you really need
to test the evidence and make
sure it is there before the per-
son is indicted for trial in the
Supreme Court, then you are
adding what could be years to
the process.

“And so if that is not neces-
sary, unless there is clearly a
case for the preliminary inves-
tigation, then the matter should
be moved by a Voluntary Bill
of Indictment.

“Tf a true case can clearly be
made up on the evidence...then

we should seek to move it expe-
ditiously to the Supreme Court
for trial.

“Those are some of the
things we are trying to do,” Mr
Delaney said.

“T can tell you there is a
Supreme Court trial going on
right now which concern events
that transpired in your com-
munity (on Grand Bahama).

“That matter was brought to
trial quickly. We are not going
out and blowing our horn about
this, but I was very pleased in
October last year when a mem-
ber of the public noticed.

“We are determined to take
every opportunity to get bet-
ter. We are exploiting every
opportunity to do things differ-
ently.

“We are liaising with the
judiciary and magistracy to see
how they might do things dif-
ferently, and we wish to exploit
the advantages of technology
to become more efficient,” Mr
Delaney said.

CABLE AND WIRELESS PARENT COMPANY
FROM page one

this commitment to the North American and Central American
Confederation (NACAC), the umbrella organisation for the
Games, and emphasised that its position has not changed.

This comes after Mr Wisdom, the minister of youth, sports and
culture in the former PLP government, was quoted in the press on
Thursday as saying while the local sports association, the BAAA,
is capable of hosting the Games in the Bahamas after the first two
host countries dropped out, he wonders whether LIME’s contin-
ued sponsorship of CARIFTA depends upon whether the sale of
BTC to Cable and Wireless goes forward.

Despite being told by his interviewer that a BAAA executive had
already said there is no truth to this rumour, Mr Wisdom repeat-
ed his question.

He asked: “The fundamental question would be: Is the hold-up
of a major sponsor for the CARIFTA games contingent on the sale
of BTC to C&W? Is that what’s preventing the sponsorship by
LIME? And that is what needs to be answered by C&W.”

Mr Wisdom called on the government to allow BTC to sponsor
CARIFTA in the Bahamas if LIME will not do so with “no strings
attached.”

But in its response, LIME noted that the protocol involved
with the sponsorship of the Games “‘is that the sponsor (in this case
LIME as presenting sponsor) negotiates terms with the rights
owners (NACAC) and agrees to the amount that will be paid to the
rights holders.

“All other agreements for support to the host country are then
a matter for discussion and agreement between NACAC and the
host country. While LIME would be extremely pleased if the
games were held in the Bahamas that decision rests solely with
NACAC and the bidding host countries.

“Our commitment to sponsor these games remains in effect
regardless of where the games are staged.”

LIME said it would also like to place on record its continued
desire to do “all possible” to work with NACAC, the Bahamas, or
any other selected host country to ensure a successful execution of
the games.

“LIME continues to support Caribbean athletics at all levels and
sees the CARIFTA games as an excellent vehicle to showcase
and develop the next generation of athletes,” it said.

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SALES MANAGER

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ports is seeking a highly experienced individual to fill the position of Sales Manager at its
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base and identifying profitable opportunities for new business.

REQUIREMENTS:
Bachelor's Degree in Sales and Marketing or in a related field
Min. 5 years’ management experience in Sales or Marketing, preferably in the service sector
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The successful candidate will have excellent scope for career development and growth including
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Or Apply online on the CAREER link at www.tropical.com

Only applicants selected for interviews will receive an acknowledgement







THE TRIBUNE

Uu



ine

FRIDAY,

SS

20-1 1



TANUWUARY 21.

SECTION B « business@tribunemedia.net

FAMILY GUARDIAN

INSURANCE COMPANY LIMITED



Tourism awaits
Europe, Canada
airlift increases

By ALISON LOWE
Business Reporter

alowe@tribunemedia.net

Tourism officials and a
major tour operator are
looking forward to the
arrival of more airlift to
Nassau and Grand
Bahama this year from
Canada and Europe, Tri-

Ellison “Tommy”
Thompson, deputy direc-
tor-general and head of the
Bahamas Ministry of
Tourism’s UK office,
revealed that new airlift
will begin flying to the
Bahamas direct from
Milan this year, while

itors from France will exist
with the start of a new
direct service provided by
Corsair from Paris to Mia-

235 passengers on board a
767 jet weekly to Grand
Bahama, and is being coor-
dinated by major Italian
tour operator, Alpi Tours,
following lobbying from
the Ministry of Tourism’s
UK office.

The Paris service will
begin in mid-February and
see a 747 jet fly twice
weekly into Miami during
the summer months, and
three times weekly during
winter.

The Ministry of Tourism

: By ALISON LOWE

i Business Reporter

? Alowe@tribunemedia.net

is working with Sabre, the
global distribution system
that feeds into travel book-

SEE page 3B

loss turns into
‘plus’ for Board

By ALISON LOWE
Business Reporter

alowe@tribunemedia.net

The bankruptcy of Gulf-
stream International Air-
lines, which took with it
$500,000 of the Out Island
Promotion Board’s money,
resulted in a positive, said
the latter’s president, in
the form of continued and
“easier” service to the Out
Islands from more major
US hubs.

Stephen Kappeler, presi-
? over 2009, and we are antic-
? ipating growth over 2010
i this year.

dent of the Out Islands
Promotions Board (OIPB),
said that in this sense a
“very bad thing has turned
into a very good thing for
the Out Islands”.

Mr Kappeler spoke with
Tribune Business from the
floor of the Caribbean
Marketplace, the region’s

biggest tourism trade show, :
i promotional strategies will
? be pursued this year to push
? Atlantis in the tourism mar-
i ket, Ms Cruitt said that cus-
: tomers are demanding “val-

which took place in Mon-
tego Bay, Jamaica. He was
there representing the
OIPB.

Tribune Business had
previously reported how
the OIPB and the
Bahamas Department of

Immigration were revealed }
? motions to try to ensure they
? get as much value as possi-

as two of the largest unse-
cured creditors in a bank-

ruptcy filing by Gulfstream }
i and get our share of the
; business,”

International Airlines, a
subsidiary of Continental
Airlines, which provides
service into the Bahamas
under the name "Conti-
nental Connection."

In an interview with this
newspaper, Mr Kappeler
noted that the ability to
come back “healthy”

through a re-ordering of its }

finances has allowed Gulf-

SEE page 2B

Middle East investors | NAD’s $53m
spend with

‘in Port purchase talks

Former Freeport Container Port chief said to be spearheading
buyer’s efforts, with offer made to Hayward and St George families

: By NEIL HARTNELL
: Tribune Business Editor

Middle Eastern investors,

: believed to be from Dubai
f : or Abu Dhabi, were yester-
bune Business has learned. } day said to have made a
? multi-million dollar offer to
: acquire the Grand Bahama
i Port Authority (GBPA),
i their effort being spear-
i headed by the Freeport
: Container Port’s chief exec-
i utive.

Highly-placed sources

_ + familiar with developments
enhanced prospects for vis- } confirmed to Tribune Busi-
i ness that an investor group,
? which has as its ‘point man’
i Chris Gray, the former
: Hutchison Whampoa exec-
. . . i utive who previously headed
The Milan service can fly : its Grand Bahama-based
: Freeport Container Port and
: Freeport Harbour Compa-
i ny, had submitted a bid to
i the St George and Hayward
i families earlier this month.

The negotiations are

being handled in the United



Kingdom,
making it
difficult to
obtain lat-
est details
on the
talks,
especially
since
none of
their advi-
sors 1S
talking,
but Tri-
bune
Business
woaéss
informed that the offer had
to be in by January 10, 2011,
a deadline that was met.
One contact suggested
that the potential buyer was
Dubai Ports World, the enti-
ty seeking to construct a
$300 million deepwater port
at Mariel, Cuba, which
would rival Freeport. It was
also the company whose bid
to acquire several key US
ports, including the Port of

HUBERT
INGRAHAM

ATLANTIS SEES ‘DOUBLE
DIGIT’ GROWTH IN ‘11

Atlantis is expecting “dou-

ble digit” growth this year,
? one of its top sales execu-

$500k Gulfstream

i happy” with the higher level
? of interest the resort - and
i others - saw from tour oper-

tives has revealed, adding
that the company was “very

i ators at this year’s
i? Caribbean Marketplace

: trade show.

Another Paradise Island

i hotel property, Comfort
i Suites, also reported a solid-
i ly booked appointment
i diary for the two-day event.

Jamal Glover, of Comfort

i Suites, said that despite a
? trend towards all-inclusives
i having hit their business
: somewhat, the hotel was
i happy with its 2010 arrivals
i and revenue figures.

Karen Cruitt, executive

i director of leisure sales for
i Kerzner International, based
? at the company’s Plantation,
? Florida, office, said: “In 2010

we were up double digits

“We're trending that way

i now, and we expect that
: growth trend to continue
i barring any unforeseen cir-
: cumstances,” said Ms Cruitt,
? noting that “double digit”
i growth has been forecast.

Asked whether any new

ue” from their vacations,

and the company will seek
? to ensure it can deliver this.

“We will evaluate our pro-

ble to remain competitive

she said.
Ms Cruitt said the

i Caribbean Marketplace and
: Atlantis were “definitely
i busier” at this year’s event
? than last, which was a good
i sign for what the year may
: hold for tourism. “We’ve
i been very happy with it,”

she said.
Mr Glover said Comfort

: Suites was similarly busy.
i “We were totally booked up
i as far as appointments go.

We’ve had almost 50
appointments over two days,
and I think that’s the gen-
eral consensus for everyone
in the Bahamian lane. Last
year it wasn’t as booked out,
but we’re feeling a resur-
gence this year,” he said.
He added that the event
and other indicators give
cause for optimism to Com-
fort Suites that 2011 will see
improved arrivals over 2010,

SEE page 3B

Miami, was squashed sever-
al years ago by US regula-
tors on national security
grounds.

“An offer’s in. It’s been
confirmed to me that it’s in
and they’re looking at it,”
one source told Tribune
Business. “Apparently, the
Haywards and St Georges
consider the offer low, but
that’s normal.”

Indeed. In acquisitions of
this nature, bidders normal-
ly start with a relatively low
offer in a bid to set the bar,
before creeping higher as
talks between the two sides
progress, until a price is
agreed. Sir Jack Hayward
said in a recent interview
with the London’s Daily
Mail that he valued his
GBPA stake at $80 million,
meaning that the entire con-
cern - according to his esti-
mate - is worth $160 million.

SEE page 5B

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







Bahamian
companies

* $46.5m of that construction contracts, with LPIA
expansion to grow terminal space 21%
* Passenger capacity to ‘almost double’ to 5.2m

annually

* Airport to become ‘strategic asset’ encouraging
Bahamian economic growth

By NEIL HART-
NELL

Tribune Business Edi-
tor

The Nassau Airport
Development Company
(NAD) has spent $53
million with Bahamian
service providers, inclu-
sive of $46.5 million in
construction contracts
for the first phase of the
Lynden Pindling Inter-
national Airport (LPIA)

SEE page 5B



A MEDIA TOUR of the Airport late
last year.

AIRPORT HOTEL TALKS ONGOING

By NEIL HARTNELL
Tribune Business Editor

The Nassau Airport Devel-
opment Company (NAD) is
talking to potential investors
still exploring the feasibility
of constructing a hotel at the
Lynden Pindling Internation-
al Airport (LPIA), Tribune
Business can reveal.

In an exclusive interview
this week, Stewart Steeves,
NAD’s president and chief
executive, confirmed that
while there was “nothing con-
crete” yet, the LPIA opera-
tor was having “conversa-
tions” with potential investors
interested in constructing and
operating a hotel at the air-

FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

Hi,

call us today at (242) 396-1300

NAD chief says ‘nothing
concrete’, but talking to
‘interested parties’ of
investors conducting due
diligence on proposal

port. “There’s nothing formal
at this point,” Mr Steeves
said, when asked by Tribune
Business whether the hotel
idea previously floated by
NAD was still on the table.
“We are in discussions with

SEE page 5B

, Anning
eal ithe ro ret

invest in an annuity

[_) a stable income stream post-retirement
[= guaranteed investment returns
1 flexible payout terms

A all of the above

A SUBSIDIARY OF

FAMGUARD

CORPORATION LIMITED

Ue Ra MOM OR LB Oe lene eae all





PAGE 2B, FRIDAY, JANUARY 21, 2011

THE TRIBUNE























. ees
J . ae
——— : ae eS

S500K Gulfstream loss

Board chair visits

Bahamas analysts

Ramirez.

As part of its 20th anniversary celebrations, the CFA Society of the
Bahamas (CFASB) was visited this month by the chair of the Board of
Governors of the CFA Institute (CFAI), Margaret Franklin. She was
accompanied by Ralph Lehman, council representative for the South-
East and Caribbean region.

While in Nassau, Ms Franklin updated Bahamian CFASB mem-
bers on CFAI’s goals and strategy for the year. She is a past president
of the Toronto CFA Society, and was recently named as one of
Canada’s Top 100 Most Powerful Women.

Ms Franklin is a regular speaker to the media, and at conferences in
the areas of investing, behavioural finance and private wealth. Mr
Lehman is also a past president of the Tennessee society.

The CFASB also honoured past presidents, who shared their expe-
riences of serving on the society’s board. The photo shows (from L to
R) past presidents Kristina Fox, David Slatter, and James Nottage;
Board of Governors chair Margaret Franklin; past presidents Dorian
Foyiil and Christopher Dorsett; president council representative Ralph
Lehman; current president, Sonia Beneby; and past president David






turns into ‘plus’ for Board Summit targets new

FROM page 1B

stream to continue to provide much-needed airlift into
the Out Islands.

Add to this a recent merger between United Airlines
and Continental, and this now means that there will be
more extensive, “seamless” airlift into the Out Islands from
an expanded list of US travel hubs throughout the country.

“That very bad thing, in which we lost the money, has

by the same company.

“So imagine," said Mr Kappeler. "Before what you need- }
ed to do was book, maybe US Airways from Chicago, and }
that might get you to Fort Lauderdale, but I then had to }
board another plane to get on Continental Gulfstream, a lit- |
tle subsidiary of Continental. So if I had a problem with my :
ticket, or I get there late, those people aren’t helping me }
because it’s a different airline. If I miss my flight here, well,

that’s tough Charlie...

“Now it’s one carrier it will be perceived by the travelling
public that one carrier is going to get you all the way to the ;

Out Islands.

“It will increase people’s ability to find their way to our }
location, affordably, easily, efficiently,” said the OIPB pres- :
ident, also general manager of the Cape Eleuthera resort and }
newly-elected vice-president of the Bahamas Hotel Asso- }

ciation.

Continental Gulfstream currently provides service from
Florida into Abaco, Andros, Bimini, Cat Island, Eleuthera

and Exuma.

NOTICE

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

Mr DeVaughn M. Gow













TIM TREHARNE

The adage “there is a big
difference between a busi-

i ness idea and a business
i opportunity” is the basis for
: the Business Insights session
? at the Bahamas Financial
: Services Board’s (BFSB)
i 2011 International Business
; & Finance Summit (IBFS).

The session will allow par-

? ticipants to discuss ideas for
: business segments that the
: industry could pursue over
: the next 10 years.

At the same time, it will



ELEANOR PHILLIPS

provide the forum for a
panel to highlight specific
cross-sectoral business
opportunities

BFSB chief executive
Wendy Warren said the case
studies to be profiled show
that successful business ven-
tures are possible by adding
value to existing products
and services, and by identi-
fying linkages with other
sectors.

Panellists will include Tim
Treharne of KPMG Global

A OMOEA aL

Jemi Health & Wellness
Company Ltd.

Therefore, HE IS NOT AUTHORIZED to
conduct any business or to act in any way for
Aes cA TRO ae eB

Position
Available

An established law firm is seeking to employ
an attorney who specializes in litigation with
a minimum of five(5) years practical and
professional experience.

Applicants should be organized, diligent, a
team player and have the ability to work with
minimum supervision.

Salary will commensurate with experience.

Interested applicants should send _ their

curriculum vitae to:

Da 101559
c/o The Tribune
P.O. Box N3207
Nassau, Bahamas

NOTICE

NOTICE is hereby given that EDNEY DELVA of South
Palmetto Point, Eleuthera, Bahamas is applying to
the Minister responsible for Nationality and Citizenship,
for registration/naturalization as a _ citizen of The
Bahamas, and that any person who knows any reason
why registration/naturalization should not be granted,
should send a written and signed statement of the facts
within twenty-eight days from the 21% day of January,
2011 to the Minister responsible for nationality and
Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that KELVIN OKAFOR MCDOWELLS
of HIGH VEST, P.O. BOX N-8531, NASSAU, BAHAMAS,
is applying to the Minister responsible for Nationality and Citizenship,
for registration/naturalization as a citizen of The Bahamas, and that any
person who knows any reason why registration/naturalization should
not be granted, should send a written and signed statement of the facts
within twenty-eight days from the 21*' DAY of JANUARY 2011 to
the Minister responsible for nationality and Citizenship, P.O. Box N-
7147, Nassau, Bahamas.

JOB OPPORTUNITY

Established company seeking to employ a

ee er ery

To operate Reverse Osmosis Facility
Knowledge of electrical and mechanical
plumbing a must

Serious inquiries only
Apply at:

www.gecareers.com
Job Search#:1279165



WERNER GRUNER

Infrastructure; Eleanor
Phillips of the Nature Con-
servancy; Werner Gruner of
Julius Baer Bank & Trust
(Bahamas); and Ivan Hoop-
er, of Winterbotham Trust
Services.

They will present on
Opportunities in infrastruc-
ture investment, environ-
mental initiatives, South
Africa and aircraft leasing.

IBFS will be held at
Radisson At Our Lucaya,
Freeport, on January 21-23.
It has attracted participation
from a wide cross-section of
BFSB member firms, the
Government and regulators,
and international experts as
presenters and guests.

Advantages

Ms Warren said the BFSB
believes advantages are on
tap for early movers, includ-
ing brand recognition that
can be converted to signifi-
cant and sustained market
share.

Tim Treharne is manag-
ing director, Latin America
and the Caribbean, and vice-
chairman, KPMG Global
Infrastructure.

He advises on project
finance, private finance ini-
tiatives, private-public part-
nerships and privatisations.
He has spent over 25 years
in banking and finance, join-
ing KPMG seven years ago
from Bank of America,
where he was head of global
infrastructure with respon-
sibility for the bank’s infra-
structure project business
around the world.

Eleanor Phillips is the
northern Caribbean pro-
gram director for the Nature
Conservancy Caribbean
Program.

She has lead a multi-dis-
ciplinary team since 2003,
working in partnership with
government and non-gov-
ernmental organisations in
the Bahamas and Turks &
Caicos to achieve effective
conservation of natural
resources for those coun-
tries.

Werner Gruner is a pri-
vate banker with 10 years of

business segments

turned into a very good thing for the Out Islands,” Mr Kap- }
peler said. “We used to have service with very few legs :
from Continental into the Out Islands. Now the distribution |
to get to us is crazy. We’re getting all these other markets.” }

While passengers still have to change planes in Florida to }
board the Gulfstream aircraft, the merger of United and }
Continental means that their air service will now be provided }



IVAN HOOPER

experience in the sector. He
joined Julius Baer Bank &
Trust (Bahamas) as a direc-
tor in 2010, after nine years
at Credit Suisse.

During his career at Cred-
it Suisse, Mr Gruner
assumed functions in Zurich
and Nassau for the private
banking division, where he
was a relationship manager
providing comprehensive
financial advice to high net
worth individuals.

Ivan Hooper is deputy
chief executive and senior
vice-president - head of busi-
ness development for the
Winterbotham Trust Com-
pany.

He acted as an indepen-
dent consultant for the Win-
terbotham Trust Company
(Uruguay) S.A, developing
business in Peru, before
joining the group full time
in July 2001 as head of busi-
ness development for the
west coast of South Ameri-
ca.

From August 2004, he
heads up business develop-
ment for Winterbotham,
and from January 2006 also
the foreign exchange and
securities division, Winter-
botham International Secu-
rities.

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

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



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



THE TRIBUNE

FRIDAY, JANUARY 21, 2011, PAGE 3B





Licence tax move ‘positive LI
for growth and reinvesting fi are

By NEIL HARTNELL
Tribune Business Editor

The Bahamian Contractors
Association’s (BCA) presi-
dent has praised the Govern-
ment’s decision to “hold the
line” on Business Licence tax-
es for the industry as “sending
positive signs for growth and
reinvestment”, while also pre-
venting an increase in build-
ing prices that would have to
be passed on to business and
residential clients.

Stephen Wrinkle, head of
Wrinkle Development Com-
pany, said that maintaining
the existing 0.5 per cent Busi-
ness Licence tax rate for the
construction sector was espe-
cially important for larger
Bahamian companies bidding
on major projects, and could
also help to stimulate the sec-
tor and housing market -
something “every bit as
important as government rev-
enue”.

Praising the Government
for responding to the indus-
try’s concerns over the pro-
posed 50 per cent increase in
Business Licence tax rates to
0.75 per cent, Mr Wrinkle told
Tribune Business: “I think
that’s a very positive sign, and
it will allow those contractors
bidding on larger projects to
work with current numbers.

“Tt would have put a cloud
over those projects for the



STEPHEN
WRINKLE

next year, because the con-
struction sector, and the hous-
ing sector in particular, is flat.
The larger companies bidding
those larger projects would
have had to make provisions
for increases in that price and,
by extension, that would have
been passed on to the con-
sumer.

“By holding the tax line at
0.5 per cent, it enables us to
hold the line on price increas-
es in construction, which at
this time should be consid-
ered a saving.”

Mr Wrinkle said the Gov-
ernment’s move could also
provide contractors with
funds to reinvest in new
equipment and machinery.

“Tt sends a positive sign for
growth and reinvestment, and
at this time that’s every bit as
important as revenue to the
Government,” the BCA pres-
ident added, saying contrac-

tors were still attempting to
“jump start” the sector.

Cavalier Construction had
previously told Tribune Busi-
ness that the 0.25 per cent rate
increased it faced was equiv-
alent to 25 per cent of its prof-
it.

Steven D’Alewyn, Cava-
lier’s chief financial officer,
said the Business Licence Bill
changes failed to accurately
reflect the Bahamian con-
struction industry’s realities,
which were that it was a high
turnover, low volume and low
margin industry.

Under the previous Busi-
ness Licence system, Cavalier
paid a rate equivalent to 0.5
per cent of turnover, because
its gross profit margin was less
than 25 per cent. “I don’t
know of any contractor mak-
ing 25 per cent,” Mr
D’Alewyn added. “We don’t
get anywhere close to it.”

Pointing out that under the
previous structure Cavalier
paid a Business Licence fee
of $229,000 in 2009, a sum
equivalent to “over 25 per
cent of the bottom line”, Mr
D’Alewyn said the reforms
would see Cavalier pay
$114,500 more for a total of
$343,500.

Margins of 7-10 per cent
were more reflective of the
construction industry’s reali-
ties, he explained, telling Tri-
bune Business that the con-

ATLANTIS SEES “DOUBLE
DIGIT’ GROWTH IN “11

naa)

~~
‘+
i
wv
r
t |

ete
Std fete

Gp
Vv



TOURISM LANDMARK: Atlantis in Paradise Island.

FROM page 1B

a “good year” but one in
which the hotel had to
“work hard for every dol-
lar” it pulled in.

Projections

“The projections seem to
be good for 2011 for us.
We’ve seen some shift
towards the all-inclusives,
but the numbers are still
looking good,” said Mr
Glover, suggesting that
offering an “all-inclusive”
package at the hotel may be
“something we will have to
consider” given the
increased demand for this
type of vacation.

Andrew Neubauer, direc-
tor of sales and marketing at
the Sheraton Nassau Beach

INSIGHT

For the stories behind
STEMS Pmt ELIOT
Coy MICO) Ae FEA}



Resort, told Tribune Busi-
ness on Monday that Star-
wood Hotels, the manage-
ment company which oper-
ates the resort, was also
looking at implementing an
all-inclusive vacation option,

having seen a similar pack-
age work well at its Canadi-
an properties.

He forecast "marginal
growth" in business at the
Cable Beach property this
year.

LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

In Voluntary Liquidation

Notice is hereby given in accordance with Section 138 (8) of
the International Business Companies Act, (No.45 of 2000),
the Dissolution of ECLIPSE BLOODSTOCK LTD. has
been completed, a Certificate of Dissolution has been is-
sued and the Company has therefore been struck off the
Register. The date of completion of the dissolution was _ the

28th day of December 2010

Michella Callendar
Liquidator



struction industry had several i
objections to how the new }
Business Licence was being }
calculated - the definition of
turnover as applied to the }
construction industry, as well :

as the rate.

Mr D’Alewyn pointed out
that while major Bahamian }
contractors might receive $50 } those wishing to fly on to the Bahamas from Miami, in the
million from a client to com- }
plete a major construction }

project, the firm in this i market.

instance was effectively act- } Seu
y i market,” said Mr Thompson.

ing as project manager.

As a result, this sum was ‘
being held in escrow, with the i eerie : : nor
majority paid out to sub-con- of Tourism is planning a workshop in Paris in March for
tractors, tradesmen and sup- }
pliers, with very little - possi- }
bly 6-7 per cent - being
retained as the major con- }
tractor’s fee. Gross profits on }
such a contract were often at :
| ioe aniuat ines ira i expressed his satisfaction with news from Canadian tour
Se aren eee lift into Nassau from Toronto, starting February 3.
is getting laid and is not enjoy- :
ing it,” Mr D’Alewyn said. } re fe :
Aue can’t pass the Lee on ; afrive into the Bahamas full, said Mr Saunders, whose com-
to consumers, because they :
will go and build somewhere }
else. The attached risks are i ;
i the total passenger capacity per week to 700.

very high, and the margins are

very low. There needs to be a
proper reflection of where we
stand in terms of profits, ;
turnover and margin. I think ;

we're getting a major shaft,
only because we’re perceived
as big money makers.”




MMe er bys

FROM page 1B

ing websites such as Expedia and Travelocity, to ensure
Bahamasair appears as a “feed through” air service for

hope of boosting bookings to this nation from the French
“Then we will have that product we can sell in the French

Mr Thompson said French tour operators have shown
great interest in selling the Corsair service, and the Ministry

Bahamian hotels, attractions and other tourism service
providers to meet French tour operators.

Satisfaction
Majestic Tours chief executive, William Saunders,
operator, Sunquest, that the tour operator is increasing air-

Currently, the tour operators charter flights in to Nassau
from Toronto on Thursday and Sundays, most of which

pany is contracted to provide transportation services for
the passengers.
In February, the flights per week will be doubled, taking

Mr Saunders said he expects this to give a big boost to not
only the transportation side of his business, but attrac-
tion/tour sales, which he is able to offer to passengers on
behalf of his company and others - such as Stuart Coves’ dive

i excursions and Island World Adventures, which offers a
; powerboat ride to Exuma for visitors.

SECURITIES COMMISSION OF THE BAHAMAS

PUBLIC NOTICE

No. 2 of 2011

20th January, 2011

Re: CROSSLANDS.CGMA BROKERS

This NOTICE is issued by the Securities Commission of The Bahamas (“the
Commission”) pursuant to Section 4(2) of the Securities Industry Act, 1999 (the
Act).

It has been brought to the attention of the Commission that CROSSLANDS/CGMA
BROKERS (Crosslands) may be carrying out activities that are registrable under
the Acts.

The general public is HEREBY ADVISED that neither Crosslands/CGMA
Brokers, its agents nor its consultants are registrants of the Securities Commission
nor have they made application for registration with the Commission. Therefore,
any conduct of registrable securities business by this company, its agents or
consultants in or from this jurisdiction is a violation of the Act. Further, if this
company in any way holds itself out as fully compliant and bona fides operating
in the securities industry from this jurisdiction, it has committed an offence and
is liable for criminal prosecution and/or regulatory sanctions under the relevant
laws of The Bahamas.

BACKGROUND

Crosslands/CGMA Brokers appears to be a company engaged in providing
investment advice and services to the public. The company is said to be offering
an investment program called SMART GRID USA and is claiming to be offering
this service from The Bahamas and trading on the over the counter market in the
United States of America.

The Commission has been unable to determine an address for this entity in this
jurisdiction. Further, the name Crosslands has been determined to be associated
with an insurance company in London, England. Further, the name CGMA has
been determined to be an acronym for Casino Management of America, a company
that is traded on the over the counter market in the United States of America.

Further, the Commission is advised that Crosslands has produced a prospectus.
The prospectus is said to speak to a program named SMART GRID USA for
licensing in this jurisdiction. The Commission states that it has not received a
prospectus from anyone that speaks to a program named SMART GRID USA for
licensing in this jurisdiction. In the circumstances, the Commission cannot verify
the authenticity of an entity named Crosslands/CGMA Brokers as existing in this
jurisdiction.

Anyone desirous of conducting securities business with Crosslands / CGMA
Brokers its agents, or its consultants, should be cognizant that they are doing
so with an unregulated entity and individuals. You are therefore strongly
urged to conduct full and proper due diligence and exercise the utmost caution
before engaging in transactions with the above named company, its agents
or its consultants.

Anyone who is already involved in transactions with the above named company,
its agents or its consultants and is concerned about these transactions should
contact Mr. Gawaine Ward,

Deputy Legal Counsel at the Securities Commission of The Bahamas
at telephone number 356-6291/2

or in writing to

P.O. Box N-8347,
Nassau, The Bahamas
or via e-mail: info@scb.gov.bs



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PAGE 4B, FRIDAY, JANUARY 21, 2011

THE TRIBUNE





FOCUS ON CHI





China's hot economy
urges 10.3% in 2010



(AP Photo/Ng Han Guan)
ALTERNATIVE ENERGY: In this April 24, 2010 photo, the electric car
EK-2 from Chinese automaker Geely is displayed at the Beijing Auto
China 2010 show held in Beijing. Geely unveiled six alternative ener-
gy vehicles, some of which it said it plans to release by next year. Geely
shot to prominence abroad in March when it agreed to buy Volvo Cars
from Ford Motor Co. for $1.8 billion. The first Chinese-made car to hit
the U.S. market might be an all-electric minivan that skips over gaso-
line technology and gets a head start on the auto industry’s next era.

NOTICE

International Business Companies Act, 2000
No. 45 of 2000

TIGER LILY HOLDINGS LIMITED

Notice is hereby given in accordance with Section
138 (8) of the International Business Companies
Act, No. 45 of 2000, the Dissolution of TIGER
LILY HOLDINGS LIMITED has been completed,
a Certificate of Dissolution has been issued and the
Company has therefore been struck off the Register.
The date of completion of the dissolution was the 28"
day of December, 2010.

LEGAL NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT 2000
No.45 of 2000

BATZOR INVESTMENTS INC.

Notice is hereby given that in accordance with Section 137
(4) of the International Business Companies Act, (No. 45 of
2000), BATZOR INVESTMENTS INC., is in dissolution.
CONTINENTAL LIQUIDATORS INC. is the Liquidator and
can be contacted at 60 Market Square, P.O. Box 1906, Belize
City, Belize. 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 be-
fore 25th January, 2011

John B. Foster
Liquidator

LEGAL NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT 2000
No.45 of 2000

INBORG HOLDINGS LIMITED

Notice is hereby given that in accordance with Section 137
(4) of the International Business Companies Act, (No. 45 of
2000), INBORG HOLDINGS LIMITED, is in dissolution.
CONTINENTAL LIQUIDATORS INC. is the Liquidator and
can be contacted at 60 Market Square, P.O. Box 1906, Belize
City, Belize. 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 be-
fore 25th January, 2011

John B. Foster
Liquidator



ELAINE
KURTENBACH,

AP Business Writer
SHANGHAI

China's economy acceler-
ated in the last quarter of
2010 to expand a blockbuster
10.3 percent for the year as
its communist leaders strug-
gle to keep growth on an even
keel while cooling surging
prices.

Figures released Thursday
showed growth picking up in
the fourth quarter, to 9.8 per-
cent from 9.6 percent in July-
September, as the world’s sec-
ond-largest economy gained
momentum despite moves to
curb a torrent of investment
that is fanning politically risky
inflation.

The inflation rate was 4.6
percent in December com-
pared with a 28-month high
of 5.1 percent the month
before. That put inflation for
the full year at 3.3 percent.

The news rattled investors
who fear further moves to
dampen credit. Markets
across Asia fell, with Shang-
hai's benchmark Composite
Index sliding 2.9 percent to
2,677.65.

"The only slight decline in
inflation in December shows
just how grim the situation is
for cooling inflation,” said
Peng Yunliang, an analyst at
Shanghai Securities. "In my
view, inflation will remain a
headache for the government
in 2011."

Those pressures may force
Beijing to slow the economy
more aggressively, potentially
crimping growth in a world
increasingly dependent on
Chinese demand.

The news, coming as Chi-
nese President Hu Jintao cel-
ebrated what was viewed
back home as a triumphant
state visit to the United
States, accentuated the wide
divide between China, which
has vigorously rebounded
from the global crisis, and the
still fragile U.S. and European



a a
(AP Photo/Ng Han Guan)

SCOURING THE GARBAGE: A handicapped man scavange for resellable materials amongst garbage
accumulated along a road in Beijing, China, Thursday, Jan. 20, 2011. China’s economy accelerated in the
last quarter of 2010 to expand a blockbuster 10.3 percent for the year as its communist leaders struggle
to keep growth on an even keel while cooling surging prices.



"Should rampant liquidity drive
inflationary pressure still higher,
the policy dilemma facing the gov-
ernment will merely intensify."



economies. Echoing earlier
complaints by Beijing, the
National Statistics Bureau
commissioner, Ma Jiantang,
blamed rising prices on lax
monetary policies among
"developed economies,”
which have fanned specula-
tive demand and driven com-
modity prices higher.

But he acknowledged that
increased costs for wages,
land and other factors in Chi-
na were also pushing prices
higher.

Ma said the government
had achieved "remarkable

NOTICE

International Business Companies Act
No.45 of 2000

Pavillion Fund Limited (the “Company”)

Notice is hereby given that, in accordance with Section
138 (8) of the International Business Companies Act,
No.45 of 2000, the Dissolution of Pavillion Fund
Limited (IBC N°. 157557 B) has been completed,
a Certificate of Dissolution has been issued and the
Company has therefore been struck off the Register.
The date of completion of the dissolution was the 30°

day of December, 2010.

Alrena Moxey
Liquidator

LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

BRAMPTON SERVICES LIMITED

Notice is hereby given in accordance with Section 137 (8) of
the International Business Companies Act, (No.45 of 2000),
the Dissolution of BRAMPTON SERVICES LIMITED
has been completed, a Certificate of Dissolution has been
issued and the Company has therefore been struck off the
Register. The date of completion of the dissolution was _ the

3rd day of December 2010

Michael R Rogers
Liquidator



results" in its effort to cool
inflation, adding: "But the
price trends in 2011 cannot
be taken lightly.”

Many economists believe
China's economy remains
dangerously dependent on
investment in real estate and
construction. Such spending
shot up 23.8 percent over a
year earlier in 2010.

Stimulus

That was a big drop from
the 30.1 percent increase
fueled by stimulus spending
to counter the global crisis in
2009. But renewed lavish
lending by state-run banks
may be inflating a potentially
dangerous financial bubble
and hindering moves to bring
price increases under control,
said IHS analyst Alistair
Thornton.

"Should rampant liquidity
drive inflationary pressure still
higher, the policy dilemma
facing the government will
merely intensify,” he said,
characterizing moves to rein
in credit so far as "timid."

China's leaders, mindful of
the political turmoil brought
on by previous bouts of infla-
tion, have declared curbing
price increases a top priority.
They have hiked interest rates
twice in the past four months
and repeatedly tightened
investment curbs to keep
inflation from spreading
throughout the economy.

So far, the price hikes
appear not to have hit overall
demand for consumer goods
too hard: retail sales rose 18.4
percent in 2010 over a year
earlier, jumping 14.8 percent
when adjusted for inflation,
Ma said.

Averages incomes for city-
dwellers rose 11.5 percent in
2010 to 21,033 yuan (about

$3,200). Rural per capita
income surged nearly 15 per-
cent, but at 5,919 yuan ($900)
it lags far behind.

Recent surges in costs for
food and other basic necessi-
ties are hitting many families,
especially those living on low-
er incomes.

"My pension is just 1,700
yuan ($260) a month, and
even if it has been raised a
bit, it cannot catch up with
rising prices," said Ji Minlin, a
62-year-old retired bicycle fac-
tory worker who said she and
her friends were combing
supermarket for bargains.

"I do hope prices, especial-
ly food prices, won't rise any-
more," she said.

Many analysts say authori-
ties need to act more deci-
sively to cool surging prices,
especially as such pressures
rise around the globe.

Following news earlier this
week that the country's
biggest state-run commercial
banks splashed out nearly 240
billion yuan ($36.4 billion) in
new loans in the first 10 days
of the new year, the banking
regulator again ordered banks
to tighten risk controls and
reportedly is considering ways
to penalize banks for flouting
orders to cut back lending.

With so much money slosh-
ing around the economy,
authorities have been hard
put to get banks to rein in.

Borrowing for real estate
development and other pro-
jects is the lifeblood for the
sales by local governments of
land use rights that provide a
huge share of their revenues.
Such sales rose 70 percent in
2010, helping push property
prices 6.4 percent higher com-
pared with a year earlier.

A huge pool of nonbank
financing nearly doubled the
amount of money available
for investment last year, much
of it "off balance sheet" lend-
ing whose exact scale is
unknown. "Because of the
property bubble, risk exists
almost everywhere in China's
fragile financial system,” said
Yi Xianrong, an economist at
the Chinese Academy of
Social Sciences’ Finance
Research Center.



(AP Photo/Ng Han Guan)

TAKING A REST: Shoppers rest after shopping at a supermarket in
Beijing, China, Thursday, Jan. 20, 2011.

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



THE TRIBUNE

FRIDAY, JANUARY 21, 2011, PAGE 5B





NAD’s $53m spend with

: some interested parties that might be interested to do that,
? and they are doing some due diligence at this point to see if it’s
? an idea they'd like to pursue,” the NAD chief executive added.
? “There is a conversation happening, but nothing’s concluded at

Bahamian companies

FROM page 1B

redevelopment, the Airport Authori-
ty’s chairman saying yesterday that the
facility would become a “strategic
asset” for generating economic growth.

Frank Watson, the former deputy
prime minister, told the Rotary Club of
West Nassau that when the three-phase
LPIA redevelopment was completed
by end-2013, the airport would “be
able to accommodate 5.2 million pas-
sengers, almost double the current pas-
senger capacity” on an annual basis.

Adding that the redevelopment
would increase total terminal space at
LPIA by just over 21 per cent, from
the current 482,000 square feet to
585,000 square feet, Mr Watson said
phase one - construction of the new
US departures terminal - would
account for 246,500 square feet or 42
per cent “of the total footprint”. The
retail and restaurant concessions, he
added, would cover 15,000 square feet
in the new terminal.

"We've kept the design to the most
stringent standards,” Mr Watson said,
“to make sure the airport runs effi-
ciently. The airport will have the most
advanced baggage system of any US
pre-clearance facility in the world.”

The system, Mr Watson added, cost
$10 million and will be able to process
some 2,000 passenger bags per hour,
including screening them for security
purposes. Some three conveyor belts
would serve incoming flights, he said.

The Airport Authority chairman said
LPIA would possess 10 aircraft loading
bridges and four swing gates once the
expansion project was concluded, with
the international terminal seeing a 200
per cent increase in aircraft entry
points, and loading positions for
domestic flights “almost doubling” to
23.

“We will be among the most cus-
tomer friendly facilities in the hemi-
sphere. It will be one of the most

Middle East investors
in Port purchase talks

FROM page 1B



FRANK WATSON

advanced facilities in the region,” Mr
Watson pledged. “We are expanding
parking facilities to accommodate the
expected increase in traffic at the air-
port to 3,000 parking spaces, inclusive
of overflow.”

The Airport Authority chairman
added that LPIA would be “fully ener-
gy efficient” and friendly from an envi-
ronmental standpoint, employing sun
screening and roof overhangs. The
external walls will be a 50/50 mixture of
glass and solid, he said, in a bid to
reduce heat, while internal cooling
would not go above passenger height to
conserve energy.

And, given the Bahamas’ position
in the hurricane belt, the buildings at
LPIA had all been designed - and test-
ed - to withstand winds up to 150 miles
per hour.

“The redevelopment project pro-
vides us with an opportunity to create
a local sense of place,” Mr Watson
said. “We want visitors to feel they are
in the Bahamas from the moment they



disembark.” This meant ensuring an :
authentic Bahamian design, with every- :
thing to the tiles, carpets and ceiling :
inlays incorporated into this vision, }
while NAD had commissioned some }
? brand, Marriott, had expressed an interest in the project and

Free wi-fi Internet access will also : talked to NAD, but Mr Steeves said he was unable to recall who

be provided at LPIA, Mr Watson said,
adding that an average of 400 Bahami- :

an construction workers had been on

site at any time during the phase one ? become involved, since they would likely enter the picture lat-
expansion, this figure rising to 550 at er when operating partners were discussed.

$2.2 million worth of Bahamian art.

the peak.

able to sustain economic growth.”

infrastructure improvement.

plans for management of LPIA’s char-
likely to be interested in taking over

ports should the Government choose
to outsource this function, with Marsh
Harbour likely to be the first.
Acknowledging that developing
LPIA was “a work in progress”, Mr
Watson hinted that Copa Airlines was

this nation.

airspace.

Prime Minister Hubert
Ingraham is understood to
have been kept fully
informed of developments,
and one source suggested he
had been planning to speak
on events at the GBPA as
early as this week. However,
nothing has been heard
from him as yet.

Mr Gray’s involvement is
likely to be key, since he is
highly respected by all sides
and has intimate knowledge
of Grand Bahama, Hutchi-
son Whampoa, the GBPA
and its relationship with the
Government. He is on good
terms with the Haywards
and St Georges, and also
with the Prime Minister.

The latter connection is
especially important, given
the tense relationship
between the Government
and GBPA on a whole host
of issues - Hannes Babak’s
work permit; telecoms regu-
lation in Freeport; bonded
letters; and the renewal of
the business licence and real
property tax exemptions
expiring in 2015.

Neither Sir Jack, nor his
son Rick, could be contacted
for comment yesterday
despite messages being left
for the former, while Fred
Smith QC, the Callenders &
Co QC and partner, who
acts as the Bahamian attor-
ney for the St George estate,
refused to comment when
contacted by Tribune Busi-
ness.

Meanwhile, another well-
placed Freeport contact told
Tribune Business he under-
stood a Letter of Intent had
been signed between the
Haywards/St Georges and a
Dubai-based investor group,
although this newspaper has
been informed that matters
have yet to reach this stage.

“T heard a couple of nights
ago that it was a group out

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“I heard a couple of nights ago that it was a
group out of Dubai that had signed an agree-
ment with the St Georges and Haywards to
buy them out, and the Prime Minister and

Hutchison had smiled on the deal. I heard
Chris Gray was spearheading it.”

of Dubai that had signed an
agreement with the St
Georges and Haywards to
buy them out, and the Prime
Minister and Hutchison had
smiled on the deal,” the
source said. “I heard Chris
Gray was spearheading it.”
The source, though, was
uncertain about the prospec-
tive purchaser’s identity, and
whether it was Dubai Ports
World or another Middle
Eastern group backed by
financing from one of the
many royal families, princes
and sheikhs in the region.

Stakes

Tribune Business reported
last year that the Haywards
and St Georges had appoint-
ed JP Morgan to search for
a buyer for their respective
50 per cent stakes, although
Sir Jack at the same said
that efforts to sell the GBPA
would be akin to “flogging a
dead horse”.

"It's not going to be an
easy sell,” Sir Jack said then,
of his and the St George's
search for a buyer for their
respective 50 per cent stakes
in the GBPA and Port
Group Ltd.

Asked whether both
shareholders had appointed
an investment bank to seek
out the right purchaser and
filter out all the unsuitable
prospects, he added: "We
haven't at the moment.
We're considering it, but I
think they're flogging a dead
horse."

Pressed about J P Mor-

(the Act).

gan, Sir Jack then conced-
ed: "They're the front run-
ners. You're quite right.
They've already helped the
St Georges sell their power
company shares for $41 mil-
lion. In the brief they had,
they visited Freeport, did a
lot of work and got a head
start by visiting here and
looking at the place. They're
an excellent firm with a
good reputation."

Pointing out that J P Mor-
gan would want a finder's
fee and retainer to kickstart
any buyer search, Sir Jack
again reiterated his belief
they would have “a very dif-
ficult time” to find the right
purchaser. When asked
whether he felt this way
because of the global reces-
sion, he added that it was
because of "everything that
is not going on".

The GBPA is something
of an unusual asset to
acquire, because apart from
its equity stakes in numer-
ous infrastructure-related
assets such as the Grand
Bahama Development
Company and Freeport
Harbour Company (and a
host of other entities, such as
Bourbon Street Ltd, owner
of Lucaya Marketplace), it
also retains quasi-govern-
mental powers as Freeport's
regulatory and governmen-
tal authority.

Any buyer will thus have
to be of the highest repute
and integrity, especially giv-
en that they will have to
meet with the Bahamian
government's approval

the Acts.

BACKGROUND

Department.



AIRPORT HOTEL TALKS ONGOING

FROM page 1B

i this point.”

Emphasising that the talks were exploratory in nature, with
no financial or operational plans for such a hotel yet produced,
Mr Steeves indicated that NAD was still open to the idea if an
investor group wanted to pursue it.

Tribune Business had been informed by contacts familiar with
developments that a group featuring world-renowned hotel

the potential investors were.
In any case, he said the discussions were at a stage far
removed from when any major hotel brand would likely

“We’re well short of the brand involvement; we’re just talk-

“The new LPIA is not just an air- : ing to potential investors at this point,” Mr Steeves told Tribune
port,” Mr Watson said. “It is a strategic | Business.
asset for the country, enabling eco- }
nomic growth through tourism, finan- :
cial services and other forms of trade. :

“We are ina period of unprecedent- }
ed capital development for our coun- }
try. The airport, together with the four- ;
lane highway, road improvement pro- }

ject, redevelopment of the city of Nas- :

sau and relocation of the cargo port } ‘lay over’ properties, where passengers rest before catching

to Arawak Cay, is repositioning New connecting flights the following day.
Providence for success and it will be : : as ;
: en that there is no substantial * lay over’ market. Most passen-

Mr Watson added that the $409.5 i gers in transit to the Family Islands are able to catch their
million airport redevelopment proj oct ? connecting flights on the same day they arrive in Nassau, while
was the “first link in the chain” of this ? departing New Providence hotel guests can stay at their prop-
? erties prior to departure, being only a relatively short taxi ride

Confirming that Odyssey Aviation away.
was “in the process of developing” its : likely focus on targeting the meetings business generated by the
: : ? private aviation market, who may fly into Odyssey Aviation on
ee ae aien short-stay trips to Nassau, plus seek to include a substantial

: “t } retail and restaurant component.
management of other Bahamian air- }

Operating

The idea of constructing and operating a hotel at LPIA was
first floated by NAD several years ago, when plans for the
airport’s $409.5 million transformation were first presented to
the Bahamian public.

Most airport-based hotels throughout the world are typical

However, this model would be unlikely to work at LPIA, giv-

Tribune Business understands any LPIA hotel proposal will

Meanwhile, Mr Steeves said the Shell gas station being built

by BISX-listed FOCOL Holdings on the airport’s perimeter was
? due to open in early summer.

“Tt’s well under construction, and I believe the planned

: opening for that is late Spring/early summer, the May June
? timeframe. It will be quite a gas station as well, judging by the
i level of construction,” he told Tribune Business.

likely to begin flying to the Bahamas :
shortly, opening up Latin America to }

Mr Steeves said that when the $409.5 million redevelop-
ment project was completed, LPIA would be positioned to

? act asa “hub” for travellers heading to both the US and other

He added that the Government was }
also in talks with the US over estab- }
lishing a Flight Information Region }
(FIR) and taking control over its own }
? and departing travellers with a complementary first and last
? impression of this nation.

international destinations, plus the remainder of the Caribbean.

He added that, when all three redevelopment stages were
completed in late 2013, LPIA would be “on par” with the
“first class” resort product in the Bahamas, providing arriving

SECURITIES COMMISSION OF THE BAHAMAS
PUBLIC NOTICE

No. 1 of 2011

20th January, 2011

Re: ENERGY GROUP INTERNATIONAL

This NOTICE is issued by the Securities Commission of The Bahamas (“the
Commission”) pursuant to Section 4(2) of the Securities Industry Act, 1999

It has been brought to the attention of the Commission that ENERGY GROUP
INTERNATIONAL may be carrying out activities that are registrable under

The general public is HEREBY ADVISED that neither Energy Group
International, its agents nor its consultants are registrants of the Securities
Commission nor have they made application for registration with the
Commission. Therefore, any conduct of registrable securities business by this
company, its agents or consultants in or from this jurisdiction is a violation of
the Act. Further, if this company in any way holds itself out as fully compliant
and bona fides operating in the securities industry from this jurisdiction, it has
committed an offence and is liable for criminal prosecution and/or regulatory
sanctions under the relevant laws of The Bahamas.

Energy Group International appears to be a company engaged in providing
investment advice and services to the public. The company operates a website
at www.energygroupinternational.com. The website claims that the company
is located in The Bahamas at:

16 Hibiscus Way, Cable Beach
P.O. Box CB 13737
Nassau, The Bahamas

The Commission advises that there is no record of a company named Energy
Group International at the Companies Registry in the Registrar General

Anyone desirous of conducting securities business with Energy Group
International its agents, or its consultants, should be cognizant that they
are doing so with an unregulated entity and individuals. You are therefore
strongly urged to conduct full and proper due diligence and exercise the
utmost caution before engaging in transactions with the above named
company, its agents or its consultants.

Anyone who is already involved in transactions with the above named company,
its agents or its consultants and is concerned about these transactions should
contact Mr. Gawaine Ward, Deputy Legal Counsel at the Securities
Commission of The Bahamas at telephone number 397 - 4100 or in writing
to P.O. Box N-8347, Nassau, The Bahamas or via e-mail: info@scb.gov.bs





THE TRIBUNE

FRIDAY, JANUARY 21, 2011, PAGE 7B





\
N

Rescue fund head: enough |

money for Portugal, Spain





INTERNATIONAL
BUSINESS

GEIR MOULSON,
Associated Press
BERLIN

Europe's bailout fund has
enough money to cover
potential rescues of both
Portugal and much larger
Spain, while Greece doesn't
need a debt restructuring as
some investors fear, the
head of the fund insisted
Thursday.

European officials are
contemplating whether and
how to overhaul the euro750
billion ($1 trillion) fund,
which currently is able to
lend out less than the full
headline amount because of
the need to secure a top
credit rating.

Talk of an overhaul has
been prompted by fears that
possible rescues for Portu-
gal and, particularly, Spain
might overstretch the fund.

"IT don't want to predict
now whether these countries
will need money; that is not
the case at the moment, they
are in a position to refinance
themselves on the market at
the moment," Regling told
Germany's Deutschland-
funk radio.

"But if they were to come,
then there is enough mon-
ey. So there is no acute need
to increase the EFSF," or
European Financial Stabili-
ty Facility, he added.

Bailout

Eurozone governments
make their euro440 billion
contribution to the bailout
fund by guarantecing bonds
issued by Regling's EFSF.
The remaining curo310 bil-
lion come from the Euro-
pean Commission and the
International Monetary
Fund.

However, to get a triple-A
credit rating for EFSF bonds
—and make them attractive
to investors — governments
had to guarantee 120 per-

bon.



(AP Photo/Armando Franca)

EUROPE IN CRISIS: A woman walks past a sign on a supermarket window, Monday, Jan. 17 2011 in Lis-

NUNCA Rees Gm Meee tat

ATHENS, Greece

Greek doctors and dentists are holding a
24-hour walkout against proposed health
sector reforms, as pharmacists, lawyers
and state rail workers remain on strike for

a second day.

The protests are against planned changes
by the government that will end decades of
strict regulation of certain professions.

Scores of professions, including civil
engineers, architects and notaries, will be
affected by the draft law which the goy-

cent of their value, while res-
cued countries have to
deposit a certain portion of
the loans they receive "as a
cash buffer."

That takes the EFSF's
lending capacity down to
only about euro250 billion,
which many analysts say is
insufficient to deal with a
bailout of Spain.

"There may be possibili-
ties to close this gap ...
through other new mecha-
nisms, and it certainly makes
sense to consider that,"
Regling said.

Greece received a sepa-
rate rescue loan package
worth a total euro110 billion
($148 billion) before the
EFSF was established last
year.

Regling rejected sugges-
tions that Greece is headed
for a debt restructuring
despite the bailout.

"The markets do indeed
assume in their evaluation
that Greece needs a restruc-

Google co-founder Page
will he CEO in shake-up

MICHAEL LIEDTKE,
AP Technology Writer
SAN FRANCISCO

Google Inc. co-founder Larry Page
is taking over as CEO in an unex-
pected shake-up that upstaged the
Internet search leader's fourth-quarter

earnings.

Page, 37, is reclaiming the top job
from Eric Schmidt, who had been
brought in as CEO a decade ago
because Google's investors believed
the company needed a more mature

leader.

Schmidt, 55, will remain an adviser
to Page and Google's other co-
founder, Sergey Brin, as Google's

executive chairman.

vA?

NEW CEO: Goole’s Larry
Page arrives to a morning
session at the annual Allen &
Co. Media summit in Sun
Valley, Idaho, Thursday, July

The changes will be effective April 8, 2010.

4.

"In my clear opinion, Larry is ready to lead and I'm excited
about working with both him and Sergey for a long time to come,"

Schmidt said.

Page praised Schmidt, too. "There is no other CEO in the world
that could have kept such headstrong founders so deeply involved
and still run the business so brilliantly," Page said.

"Eric is a tremendous leader and I have learned innumerable

lessons from him."

The change in command overshadowed Google's fourth-quar-
ter earnings, which soared past analysts’ estimates as the compa-
ny cranked up its Internet marketing machine during the holiday

shopping season.

Google earned $2.5 billion, or $7.81 per share, during the final
three months of 2010. That's a 29 percent increase from net income
of $2 billion, or $6.13 per share, in the prior year.

Excluding stock-compensation expenses, Google says it earned
$8.75 per share. That figure topped the average analyst estimate of
$8.06 per share, according to FactSet.

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ernment says will lower fees and help
young professionals.

turing, but that is not backed
by developments — because
the program in Greece is
going well, the economic
policy conditions connected
with this credit," he said.

Reforms being pushed
through to heal Greece's
finances in the longer term
will make the economy
more dynamic, so the IMF,
European Commission and
European Central Bank
believe "that Greece doesn't
need a restructuring, that
markets are overestimating
this risk," Regling said.

Debt

Amid the simmering debt
crisis, the European Sys-
temic Risk Board — a body
created by European Union
governments last year to
look out for threats to finan-
cial stability on the conti-
nent — held its inaugural
meeting Thursday in Frank-

S2wk-Low
O.87F
8.87
4.50,
te
2.70
2.14
9,62
2.36
5.40
1.63,
1.60
5.94
7.23
CSF
S.75
1.00
5.00
9,82
10.00

Benchmark
Bahamas Waste
Fidelity Bank
Cable Bahamas
Colina Holdings

Doctor's Hospital
Famguard
Finco

Focol (S)
ICD Utilities

J. S. Johnson

S2wk-Hi S2wk-Low

Securit_y
AML Foods Limited
Bahamas Property Fund
Bank of Bahamas

Commonwealth Bank (S1)
Consolidated Water BDRs

FirstCaribbean Bank

Focol Class B Preference

Premier Real Estate
BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing basis)
Security Last Sale

Bahamas Note 6.95 (2029)
Fidelity Bank Note 17 (Series A) +
Fidelity Bank Note 22 (Series B) +
Fidelity Bank Note 13 (Series C) +
Fidelity Bank Note 15 (Series D) +
RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)

The pharmacists and lawyers are striking
for a total of three days.

Meanwhile, some 2,000 people are
demonstrating outside the Supreme Court
in Athens to back a suit by state contract
workers seeking full civil servant status.
The hearing started Thursday and a deci-
sion is expected in several months.

Debt-ridden Greece depends on foreign
loans to avoid bankruptcy.



furt. The body will be able :
to issue recommendations }
or warnings when it sees }
threats, but its chairman, }
European Central Bank }
President Jean-Claude :
Trichet, faced questions as ;
to whether they will lack }

teeth.

Trichet said institutions :



deemed to pose a risk will :
be expected to "comply or }

explain."
"We are absolutely deter-

mined to make our warnings —

and recommendations with
the maximum level of moral
authority,” he told reporters.
"But we cannot go over and
above what the legislator
has asked us to do."

The board brings together
central bankers from the
EU's 27 member nations
with market and industry
regulators.

It plans at least four meet-
ings per year, with the next
due in mid-March.

ROVAL FIDELITY

Morey an Werk

pf si

=
WHT Pn



; (AP Photo/Steven Senne)
: ON THE MARKET: A for sale sign in Millis, Mass., Monday, Jan. 10,
? 2011.

Fewer Americans buy
previously owned homes

MARTIN CRUTSINGER,
: AP Economics Writer
: WASHINGTON

: The number of Americans who bought previously owned
: homes last year fell to the lowest level in 13 years.
: But home sales in December jumped to fastest pace in sev-
; en months.
i The National Association of Realtors says sales dropped
: 4.8 percent to 4.91 million units in 2010. That was slightly low-
: er than 2008, which had been the weakest level since 1997.
Home prices have been depressed by a record number of
? foreclosures and high unemployment. Many potential buyers
? held off on purchases last year, fearful that prices hadn't bot-
: tomed out yet.
: The poor year for sales ended strong in December. Buyers
: snapped up homes at a seasonally adjusted annual rate of 5.28
: million units, an increase of 12.8 percent from November and
? the strongest sales pace since last May.
i Still, many economists believe it will take years for sales to
? rise to a normal level of around 6 million units a year. And some
? say 2011 will be even weaker than last year because more fore-
: closures are expected and home prices are likely to keep falling
: through the first six months of the year.

Foreclosure

: The foreclosure crisis has left a glut of unsold houses on the
: market. That has played a major role in lowering home prices.
i For December, the inventory of unsold homes stood at an 8.1
? months supply, down from 9.5 months supply in November.
: That represents the amount of time it would take to sell the
? remaining supply of homes on the market at the December sales
: pace. A normal inventory supply is six months.

? Even historically low mortgage rates have done little to
? boost the sales.

i The average rate on a 30-year fixed mortgage rose to 4.74 per-
cent this week from 4.71 percent the previous week, Freddie
Mac said Thursday. The average rate on the 15-year loan, a pop-
? ular refinance option, slipped to 4.05 percent from 4.08 percent.
The 30-year loan rate reached a 40-year low of 4.17 percent
? in November, and the 15-year mortgage rate fell to 3.57 percent,
? the lowest level on records dating back to 1991.

? For December, sales were up in all parts of the U.S. with the
: strongest gain a 16.7 percent increase in the West. Sales rose 13
? percent in the Northeast, 10.1 percent in the South and 11
? percent in the Midwest.

The median price for a home sold in December was $168,800,
: down 1 percent from a year ago.

NOTICE

NOTICE is hereby given that MICHAEL PIERRE of 440 N.E.
142ND STREET, NORTH MIAMI, FL 33161 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 senda written and signed statement of the facts within twenty-eight
days from the 21° day of January, 2011 to the Minister responsible
for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.



TTAL MARKETS
BROKERAGE & ADVISORY SERVICES

Clete ANT AT

THURSDAY, 20 JANUARY 2011
BISX ALL SHARE INDEX: CLOSE 1,480.08 | CHG 0.15 | %CHG 0.01 | YTD -19.43 | YTD % -1.30
FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%

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

10.63
4.90
0.18
2.70
21F

10.21
2.40
6.85
1.97
1.60
6.07
6.51
9,39
5.47
1.00
7.40
9,82

10.00

Symbol
BAH29
FBB17
FBB22
FBB13
FBB15

Symbol Bid @

Bahamas Supermarkets

RND Holdings

ABDAB
RND Holdings

Fund Name
CPFAL Bond Fund
CPFAL MSI Preferred Fund
CPFAL Money Market Fund
Royal Fidelity Bahamas G & | Fund

1.4076
2.8300
1.4954
2.8522
13.0484

99.4177
1.0000
1.0000.
1.0000
9.1005

10.0000
9.1708
4.8105
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

52wicHi - 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
(S1) - 3-for-1 Stock Split - Effective Date 7/11/2007

Royal Fidelity Prime Income Fund
101.6693 CFAL Global Bond Fund

CPFAL Global Equity Fund

FSG Financial Preferred Income Fund
FG Financial Growth Fund

FG Financial Diversified Fund

5.01
0.35

Previous Close Today's Close

Change Daily Vol. EPS S$ Div $ P/E
0.150
0.013
0.153

-0.877
0,168
0,016
1.050.
0.781
0,422
O.111
0.107

10.63
4.90
0.18
2.79
2.17

12t
2.40
6.85
1.94
1.60
6.07
6.51
9.39
5.48
1.00
7.40
8,82

10.00

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
0.01
0.00
0,00.

0.357
0.287
0.494
0,366
0,000
0,012
0.859
0.991

0.00.
0.00

Interest
99.46 6.95%

100.00 I. 7%

100.00 Prime + 1.75%

100.00 4 7%

100.00 Prime + 1.75%

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

29 May 2015

Ask
6.01
0.40

Last Pair Daily oc. EPSS$ Yield

-2.945
0,001

Div & PS
0.000

0.55 0,000

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

30.13.
0.45

31,59
0.55

29.00
0.55

4.540
0.002

0,000
0.000

BISX Listed Mutual Funds

NAY
1.5179
2.9474
1.5740
2.7202

13.2625
114.3684
106.5528

1.1415
1.1101
1.1428

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

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

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

Royal Fidelity Int'l Fund - Equities Sub Fund

9.7950

10.6417

9.6635
8.3979

YTD%

12.72%
-0.63%

-1.20%

-3.37%

NAV 3MTH
1.498004
2.918697
1.555464

NAV 6GMTH
1.475244
2.919946
1.538692

Last 12 Months %
6.90%
2.09%
4.44%
4.63%
-0.14%
12.49%
7.18%
5.21%
7.60%
5.90%

5.51%
2.10%
4.44%

9.98%
4.75%
4.74%
3.94%
4.78%

109,392860
100.779540

107.570619.
105.776543

4.85% 5.45%

0.50%

3.37%

8.82% 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 Meaningful
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100



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





PAGE 8B, FRIDAY, JANUARY 21, 2011

THE TRIBUNE





WASHINGTON — Chi-
na's explosive growth has
strengthened President Hu
Jintao's bargaining hand
since he last visited Wash-
ington five years ago.

China's economy has
become the world’s second-
largest, its auto market is now
the biggest and its ranks of
Internet users exceed the
entire U.S. population. Over
the same time, the U.S. has
shed 5 million jobs, suffered a
grave financial crisis and seen
its unemployment rate dou-
ble.

No wonder an emboldened
Hu shows little inclination to
bow to the U.S. on issues
from China's currency to its
support of North Korea.

SHANGHAIT — China's
economy accelerated in the
last quarter of 2010 to expand
a blockbuster 10.3 percent
for the year. But its leaders
are struggling to keep growth
on an even keel while cooling
surging prices. The inflation
rate was 4.6 percent in
December compared with a
28-month high of 5.1 percent
the month before.

The news rattled investors
who fear further moves to
dampen credit. Markets
across Asia fell, with Shang-
hai's benchmark Composite
Index sliding 2.9 percent.

Japan's Nikkei 225 stock
average closed down 1.1 per-
cent and Hong Kong's Hang
Seng index shed 1.7 percent.
South Korea's Kospi lost 0.4
percent a day after finishing
at a new record high.

LONDON — Fears that
China will tighten its mone-

THE WEATHER REPORTIi

aL] LLL nn

(GLOBAL ECONOMIC NEWS

As s 0

(el Eb, eae eres] i) ae fe

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

(AP Photo/Carolyn Kaster)

TOP TALKS: China’s President Hu Jintao shakes hands with the Senate Foreign Relations committee
ranking Republican Sen. Richard Lugar, R-Ind., as committee chairman Sen. John Kerry, D-Mass., cen-
ter, and Senate Majority Leader Harry Reid of Nev. look on, Thursday, Jan. 20, 2011, on Capitol Hill in

Washington.

tary policy also hit stocks
hard. The FTSE 100 index of
leading British share closed
down 1.8 percent, Germany's
DAX fell 0.8 percent and the
CAC-40 in France ended
down 0.3 percent.

BERLIN — Europe's
bailout fund has enough
money to cover potential res-
cues of both Portugal and
much larger Spain, while
Greece doesn't need a debt
restructuring as some
investors fear, the head of the
fund insisted.

European officials are con-
templating whether and how
to overhaul the 750 billion
euro ($1 trillion) fund, which
currently is able to lend out
less than the full headline
amount because of the need
to secure a top credit rating.

LONDON — Consumer
confidence in the 17 coun-
tries that use the euro fell for
the second month running in
January. Households remain
reluctant to spend amid price
increases, high unemploy-
ment and austerity measures.

MADRID — Spanish
authorities will examine the
health of the troubled saving
banks in a report due by the
end of the month before
deciding how much capital to
inject in the banks, the
finance ministry said.

ATHENS, Greece —
Greek doctors and dentists
are holding a 24-hour walk-
out against proposed health
sector reforms. Pharmacists,
lawyers and state rail workers
remain on strike for a second
day.

NEW DELHI — They're
wealthy, well-traveled, cos-
mopolitan — and thirsty.
India's growing upper class
wants high-end liquors and
fine wines that define "the
good life” they've seen on
European vacations and in
Hollywood films.

BANGKOK — The value
of proposed foreign invest-
ment in Thailand dropped by
almost one-third last year
because of concerns about
political instability.



Oil falls on supplies and
concerns about China

NEW YORK

Oil prices sank Thursday on
fresh concerns that demand
could weaken if China takes
more steps to control its eco-
nomic growth.

Benchmark oil for March
delivery lost $2.22 to settle at
$89.59 a barrel on the New
York Mercantile Exchange.

New data showed China's
economy grew 9.8 percent in
the fourth quarter despite sev-
eral steps that the government
has taken to try to slow
growth and curb surging
prices. The news sent most
commodities lower as traders
speculated that China's gov-
ernment may try further mea-
sures to control inflation. Chi-
na has had a robust appetite
for commodities such as oil,
copper and soybeans as its
economy has boomed this
year while the U.S. and
Europe have seen slower
growth. "The market realizes
that they're at kind of a cross-
roads here and that they bet-
ter take steps to slow infla-
tion.because if they don't,
they're going to have real
problems," PFGBest analyst
Phil Flynn said of China.

The extent of any new
moves by the government will
be a "critical factor" for the
oil market this year, Cameron
Hanover said in a report. An
interest rate hike or increase
in reserve requirements is the
type of move that has been
"the overarching fear holding
a number of asset prices
back," the energy consultants
said. Oil prices were also
pushed down by the Energy
Department's weekly report
that showed growing US.
stockpiles of oil, gasoline and
distillates, which include heat-
ing oil and diesel fuel.

INSURANCE MANAGEMENT
(BAHAMAS) LIMITED

INSURANCE BROKERS & AGENTS

5-Day FoREcAST UV INDEX Topay

as

Spotty showers in the

afternoon
High: 83° Low: 68°

CEE me Lun ete AccuWeather RealFeel AccuWeather RealFeel AccuWeather RealFeel Pe CEC muter Luna EN CHa r Lume

83° F 67° F 80°-61° F 77°-65° F 79°-70° F 89°-75° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure,
and elevation on the human body—everything that effects how warm or cold a person feels. Temperatures reflect the high and the low for the day.
8:59 p.m.

al ! Soa . A Saturday 9:21 a.m.

9:50 p.m.

10:10 a.m.
‘ ~~
_ 8-16 knots

2
2
3
3
4
10:44 p.m. 4
11:01 a.m. e 4:59 a.m.
: 5
pT @ WEST PALM BEACH 7
* eres High: 80° F/27°C 8
a 4
am
8
mn :

as
oe

Partly sunny, a
shower; breezy
High: 78°
Low: 63°

Vv |
o| 1/2)3|4|5|6|7|

Low MODERATE | HIGH

8|9/1
V. HIGH

is

Mostly sunny, breezy
and pleasant
High: 77°
Low: 67°

Te | ee

Partly sunny, breezy
and pleasant

High: 81°
ewe 71°

—_——
we

Partly cloudy with a
shower

The higher the AccuWeather UV Indexâ„¢ number, the

Partly sunny
greater the need for eye and skin protection

= ORLANDO —

High:70°F/21°C =
Low: 48° F/9°C ; mate High: 82°

Low: 71° TIDES FoR NASSAU

Seg High Ht(it.) Low

Low: 49° F/e°c

Ht (it.

Today 8:34 a.m. -0.9

-0.9

:18 a.m.
:59 p.m.

:09 a.m.
:45 p.m.

:03 a.m.
:33 p.m.

oS
wo



Statistics are for Nassau through 1 p.m. yesterday
Temperature

Sunday

So

ABACO A
High: 77° F/25° C
<1 >
Vv

Low: 66° F/19°C
10-20 knots





. 84° F/29° C
. 68° F/20° C
. 77° F/25° C
. 65° F/18° C
. 82° F/28° C

70° F/21° C

Monday

oo

a
J
Rr
FREEPORT

High: 77° F/25°C
Low: 63° F/17°C



Normal low ..

Last year's high

Last year's low
Precipitation

As of 1 p.m. yesterday
Year to date

Normal year to date ..

Tuesday 11:55 a.m. 58 a.m.

116 p.m.

So



as

11:40 p.m. :23 p.m.
Low: 59° F/15°C Wednesdayi 2:40 a.m.

12:54 p.m.

1:44 a.m.
1:59 p.m.

:02 a.m.
:14 p.m.

o



MO Nw lom lon lo

1
9

FT. LAUDERDALE
High: 81° F/27°C @
Low: 61°F/16°C

sues’ 0.00"



So

11 a.m.
:16 p.m.

Thursda'
eevee 1.14" 7

9

aa %
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* ~



AccuWeather.com

Forecasts and graphics provided by
AccuWeather, Inc. ©2011

SU Ut

A
<1 >
Vv

8-16 knots

@

MIAMI
High: 82° F/28° C
Low: 63° F/17°C

ELEUTHERA
High: 82° F/28° C

NASSAU Low: 72° F/22°C

High: 83° F/28°C

, oi °
Low: 68° F/20°C Last New First
cer" Ss ;
a

CAT ISLAND to
High: 81° F/27°C =
Low: 69° F/21°C :.

Jan. 26

os SAN SALVADOR
GREAT EXUMA

High: 83° F/28° C
High: 84° F/29°C Low: 71° F/22°C
Low: 70° F/21°C

CROOKED ISLAND / ACKLINS

High: 87° F/31°C
RAGGEDISLAND ‘ow:72°F/22°C
High: 84° F/29° C

Low: 68° F/20°C

Moonrise .... 8:
Moonset..... 8:

Sunrise...... 6:56 a.m.
Sunset....... 5:46 p.m.

KEY WEST
High: 78° F/26°C

A
Low: 65° F/18°C

8-16 knots ibe é
ae

aa
8-16 knots

ANDROS —
High: 83° F/28°C
Low: 71° F/22°C

Feb.2 Feb. 11.“ Feb. 18

Shown is today's weather. Temperatures are today's
highs and tonights's lows.

A
<1 Wt >
Vv
8-16 knots

MAYAGUANA
High: 84° F/29° C
Low:69° F/21°C

LONGISLAND
High: 83° F/28°C
Low: 70° F/21°C

SULT ial ETS aye CL tm PU

‘35, __®«

| Atlanta ° NG
| Highs:\46°F/8°C ~

Pensacola{
Highs: 54°F/12°C _

Cape. > Hatteras?

e
=
“YNN

Shown is today's
weather. Temperatures
are today's highs and

tonight's lows.

e
~~ “Charlotte
Highs: 44°F IT2S
is Charleston,
‘ Highs: g Q4PE
oS avannah NNN

+,

High3\572F/142C

“NNNNH
“NWNNN

Bermuda
Highs: 70°F/21°C

370.
VNNNNNNA
VNNNNN A

YNNNNH

—%

-
GREAT INAGUA “SX

High: 87° F/31°C A
<1 & >
Vv

Low:71° F/22°C
6-12 knots

&
¢ HoA=
Oy nO 7

A
<1 >
Vv

4-8 knots

Le Recon
2 Highs: 83°F/28°C

SING 11S SS
SENS 4/1/11

MARINE FORECAST

Santiago de Cuba _; ail

Highs: 82°F /28°C winds

SW at 10-20 Knots
W_at_ 12-25 Knots
SW at 8-16 Knots
W at 8-16 Knots

S$ at 7-14 Knots

$

VES VISIBILITY WATER TEMPS.
Fee 6 Miles 73° F
Fee! 10 Miles 73°
Fee’ 10 Mi 75°
Fee! 10 Mi ioe
Fee’ Toe

8 SW at 8-16 Knots Fee i 76°
CROOKED ISLAND Today: SSE at 6-12 Knots Feel i 78°

Sa jay: WSW at 4-8 Knots -3 Fee iles 78°
ELEUTHERA : SSW at 8-16 Knots Fee' i 74°

ABACO

Port- -au-Prince
Highs: OES 2 Cc

e e
° Santa
‘> Kingston Domingo
om NNNN . ° °
OPCS SSS Highs: 85°F/2 Highs: 87°F/31°C

NN
\NNNNNNN
soe AAS

San Juan
e Highs: 83°F/28°C
Antigua
_ Highs: 84°F/29°C

ANDROS

Highs:85°F/29°C
CAT ISLAND

| © Belize i NN
Highs: 86°F/3

Barbados
Highs: 85°F/29°C

» Trinidad
Fe

FREEPORT WSW at 8-16 Knots
WNW at 10-20 Knots
SW at 8-16 Knots
SW at 8-16 Knots
SSE at 6-12 Knots
SW at 3-6 Knots

$ at 6-12 Knots

SW at 6-12 Knots
SSE at 8-16 Knots
SW at 6-12 Knots
SSW at 8-16 Knots
WSW at 10-20 Knots
SE at 4-8 Knots
WSW at 4-8 Knots
SW at 8-16 Knots
WSW at 8-16 Knots

INSURANCE MANAGEMENT

mil (BAHAMAS) LIMITED. INSURANCE BROKERS & AGENTS

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

To"
75°
74°
74°
78°
78°
76°
76°
77°
ti
74°
74°
77°
10 Mi Tae
10 Mi tor
7 Miles 19°

9
N
N
N
N
N



“Managua .x\~:
ze Highs: 92°F/33°C

a S XN a

GREAT EXUMA



GREAT INAGUA



LONG ISLAND

Limon Y
Highs: 83°F /28° Cc



e Panama City

‘Highs: 91 °F/33°C | | MAYAGUANA



NASSAU



SS
x5

Stationary

SAN SALVADOR







S$
RAGGED ISLAND

ttle cafe cleo fae fe fe GP SOIR 60 108 COS IN NOL Bice Be le el &















Full Text


McCOMBO
OF THE DAY im tovin’ it

HIGH
LOW

Rapid Strike’ nets
fourteen suspects

83F
68F

SHOWERS IN
“<< AFTERNOON

Volume: 107 No.49



Praise as police
operation goes
‘extremely well’

By CELESTE
NIXON
Tribune Staff
Reporter
cnixon@
tribunemedia.net

OPERATION
Rapid Strike has
been hailed a first
night success with |)
police making 14
arrests.

According to
Commissioner of
Police Ellison
Greenslade the
operation “went
extremely well.”

Rapid Strike was launched
on Wednesday evening in a
continued effort by the police
to reduce the escalating num-
ber of serious crimes occur-
ring throughout the Bahamas.

Heavily-armed units were
deployed to patrol “hot spot”
areas throughout New Provi-
dence resulting in the arrests
of 14 suspects.

Commissioner Greenslade



‘RAPID STRIKE’:
Police Commissioner
Ellison Greenslade

said people have
been calling the
operation “a breath
of fresh air,” saying
they are happy the
police are “taking
back the streets.”

Of the 14 arrests,
one person was
arrested for illegal
gun possession and
] a large quantity of
dangerous drugs;
four were in pos-
session of danger-
ous drugs, two of
which with the
intent to supply;
eight outstanding
warrants for arrests were exe-
cuted and one person sus-
pected of stealing a vehicle
was detained.

The Commissioner said 114
names were checked for per-
sons suspected of being
involved in criminal activity.

The Half Bar, on Blue Hill
Road South, was also closed

SEE page eight

TAU as

THE SMART CHOICE

when you are hungry for a value

ty ap

- SmackerDeal ~
\ 2 Small Chicken Sandwiches =
Sy wi Lettuce & Mayo al

retaa

~ ramos Bowl ~~
or. Binal, Mashed Potatoes, |
. Gravy, Com, Bile-sized =
Hy. Crispy Chicken & Cherst_ of

* Chicken Box
1 Pe, Chicken, J
Fries & Biscuit iit





The Tribune



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FRIDAY, JANUARY 21, 2011

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ANTIQUITIES MONUMENTS AND
MUSEUMS CORPORATION PUTS
MAJOR PROJECTS ON HOLD

By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net

MAJOR projects at the Antiquities
Monuments and Museums Corporation
(AMMC) have been put on hold as the
agency works to regularise its manage-
ment.

Applications for the position of direc-
tor at the corporation were said to be
near completion following the resigna-
tion of Dr Keith Tinker mid-last year.

Orry J Sands, chairman of the
AMMCG, explained that work on restora-

SEE page eight

sit
PoE

Wulff Road Opposite Mackey Street
Tel: 393-0512, 393-8006, 393-3513

yd rtm oe Re a ib a eg

: CABLE AND WIRELESS PARENT

COMPANY HITS BACK OVER
CARIFTA ALLEGATIONS

THE parent company of Cable and }
i Wireless hit back at Neville Wisdom yes- }
i terday, rejecting the former PLP MP’s }
i suggestion that it will cease to support the
? CARIFTA Games if its proposed acqui- }
i sition of BTC does not go ahead. i
i LIME said it was “surprised” by reports }
: in the local press yesterday concerning the :
? continuing negotiations for the staging of }
i CARIFTA 2011. :
i As the presenting sponsor of CARIFTA }
: 2010 in Grand Cayman, LIME said it has :
i already publicly committed to continue }
i supporting the games in this capacity }
i through to 2012. :
The company noted that it expressed }

SEE page eight

Pe ae |

Mire eee ere

5 _ i ie a :
Market Street yesterday. Secondary drains called ‘gully ports’ are under

AG SAYS THERE IS ROOM
FOR IMPROVEMENT IN
CRIMINAL JUSTICE SYSTEM

By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net

ATTORNEY General John
Delaney said he is not at all satisfied
about the extent to which prelimi-
nary inquiries are used today in
criminal matters.

Unless there is a real need to test
the evidence, Mr Delaney said pre-
liminary investigations can prolong
the legal process, adding years to
criminal cases in the court system.

While speaking to the media in
Grand Bahama, he noted that the
Office of the Attorney General con-
ducted an analysis of the criminal
justice system over the past 12
months.

SEE page eight

me Cae eg





CORONER ACCUSED OF
‘UNPROFESSIONAL CONDUCT’

CORONER Linda Virgill is being
accused of “unprofessional conduct” over
claims that she borrowed money from a
local attorney.

Bar Association President Ruth Bowe-
Darville made the allegation yesterday
after reports surfaced in a local daily that
the newly appointed Coroner was being
sued for $2,000 by attorney Cecil Hilton.
Reports state that the sum constituted an
unpaid loan. Mrs Bowe-Darville said that
she was not personally made aware of the
matter and noted that it would not be an
issue that would come before the Bar
Association unless Mrs Virgill was being
sued in her capacity as an attorney.

“The lending is inappropriate, someone
from the bench borrowing money from

SEE page eight

Sree eee ee eee Rea

WE HAVE EVERYTHING YOU NEED TO BUILD IT RIGHT!
eee ieee oe ee ee lel ele eee ee mele



NASSAU AND BAHAMA

ISEANDS* LEADING NEWSPAPER


PAGE 2, FRIDAY, JANUARY 21, 2011

THE TRIBUNE



LOCAL NEWS



Urban Renewal Programme

‘to create jobs in Kemp Road’

EMPOWERMENT pro-
grammes run by the Kemp
Road Urban Renewal Liv-
able Neighbourhood Cen-
tre will translate into
increased employment
opportunities for area res-
idents, officials say.

These programmes were
the topic of discussion this
week when Urban Renew-
al stakeholders and charity
groups met to iron out
future plans for the centre.

While specific details
were not released, stake-
holders are confident they
will find gainful employ-
ment for a number of idle
persons in the inner city
area this year.

“The Urban Renewal
programme is a very
important programme. It’s
a catalyst. We actually
mean nothing without
you,” Ella Lewis, Urban
Renewal co-ordinator in
the Ministry of Labour and
Social Development, told
the representatives of var-
ious charities in atten-
dance.

“We can only find out
what the needs are in the
society and bring them to
your attention so those
needs can be addressed.
We facilitate and go into
the community and see
who is falling through the
cracks.

“It is an excellent pro-
gramme but we really have
no budget to say ‘John
Brown’s house on East
Street needs to be
repaired. Here’s $5,000 to
go and repair John
Brown’s house.’

“We do not have that.
But, we do know where
the $5,000 can be found to
do the repairs,” said Ms
Lewis.

“We have a responsibili-
ty to go to the homes of
these people and show
compassion, love and con-
cern. We are the humanity
in the society. In addition
to that, we have a respon-
sibility to the elderly and
to the youth. We have a
responsibility to the chil-
dren, who come after
school and we try to assist
them as best as we can in
giving them a safe envi-
ronment between the
hours of 3.30 and 5 in the
afternoon. They can do
their homework, their pro-
jects and interact with oth-



URBAN RENEWAL COORDINA-
TOR Ella Lewis reminded part-
ners of the important task they
have in bringing the humanity,
compassion, love, and concern
to the community.

er children and be safe
until their parents come
home. We can’t do it
alone. We need your
help.”

In addition to employ-
ment opportunities, par-
ticipants discussed strate-
gies for teaching the area’s
youth about entrepreneur-
ship, particularly with
regard to many in-demand
technical skills such as
masonry, landscaping, and

THE

ASHLEY LEPINE, executive
director of Hands for Hunger,
spoke about building support
for community and charitable
programmes that combat
poverty.

home maintenance.

They also discussed cre-
ating new classes for young
women to learn cottage
industry skills such as hair
braiding and craft-making.

There are a total of nine
Urban Renewal Centres in
New Providence, located
in: Englerston, Fox Hill,
Pinewood, Nassau Village,
Bain and Grants Town,
Farm Road, Fort Char-
lotte, St Cecilia, and Kemp

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LAURA TAYLOR JOHNSON is the
lead pastor and organiser of
Eljhay’s Hilltop Cottage Ministries
and has been a member of the
Kemp Road Urban Renewal
Community partners group for
the past two years. She has been
trying to raise money and volun-
teer support to sustain a break-
fast programme to feed those
who cannot afford to feed them-
selves in the Kemp Road area.

Road.

Each centre offers assis-
tance to those in need,
works to strengthen and
support the family unit,
and provides constructive
programmes for young
people.

Hearing for BTC unions’ sale
block bid set for end of month

UNIONS representing BTC workers are expected back in
court for a hearing in their bid to block the sale of 51 per cent
of the telecommunications company to Cable and Wireless
(CWC) at the end of this month.

The unions — the Bahamas Communications and Public
Officers Union (BCPOU) and the Bahamas Public Man-
agers Union (BCPMU) — filed the joint action in the Supreme

Court earlier this month.

The date for a hearing before Justice Neville Adderley has

now been set for January 31.

The Bahamas Telecommunications Corporation, BTC
executive chairman Julian Francis and Attorney General
John Delaney are named as defendants in the writ. The
unions contend that the government does not have a right to

sell BTC.

BEC hits back at PLP
‘load shedding’ claims

THE Bahamas Electricity
Corporation (BEC) has hit
back at PLP chairman
Bradley Roberts, insisting
that recent power cuts were
the result of equipment
challenges and not pre-
planned load shedding
exercises.

Earlier this week, Mr
Roberts criticised BEC for
conducting planned power
cuts without notifying the
public in advance.

However, a statement
released by BEC yesterday
said that the outages expe-
rienced by some customers
during the last few weeks
were the result of “system
instabilities” during off-
peak hours. These issues
are being addressed and
should be rectified by the
weekend, the corporation
said.

“The outage experienced
(on Wednesday) was asso-
ciated with generation at
the Baillou Hills Power Sta-
tion which began around 12
noon, however, power was
restored to the majority of
customers by 2.30pm,” the
statement read.

Earlier in the day, a gen-
erator was taken off-line to
facilitate planned mainte-
nance. In this instance,
there was enough capacity
to sustain operations until
the generator was returned
to service.

“Unfortunately, there
was a challenge bringing the
generator back on-line. This
resulted in temporary ser-
vice disruptions. As is cus-
tomary, during the winter
months when there is low
demand, generators at both
stations are taken off-line
to facilitate necessary main-
tenance. But at all times,
we ensure that there is suf-
ficient generating capacity

to accommodate the entire
island,” BEC said.

Mr Roberts also claimed
that the cost of running the
gas turbines at the Baillou
Hill Power Plant (which
uses Diesel verses Bunker
C gas) is contributing sig-
nificantly to the escalating
fuel costs experienced by
BEC.

"The Progressive Liber-
al Party demands that the
government come clean on
the current status of BEC.

"The PLP also demands
that the government, with-
out delay, lay on the table
the report prepared by (the
energy company) Emera on
the current status of BEC,"
he said.

He added that only two
generators — numbers 12
and 13 - are operational at
the Clifton Power Station
which was designed to carry
the base load for New Prov-
idence.

BEC acknowledged that
there are a number of gen-
erators out of service at the
Clifton Pier Power Station.
Several of these units are
out for planned mainte-
nance activities while others
are experiencing unplanned
outages, the corporation
said.

“Maintenance on one of
the generators is expect-
ed to be completed
(today), while mainte-
nance on another is
expected to be completed
and returned to service by
the weekend.

“Steps are being taken to
repair the remaining gener-
ators. BEC apologises for
any inconvenience caused
by the disruption and is
committed to providing a
consistent supply of elec-
tricity to its customers,” the
corporation said.

BIC Market
Research Study

The Bahamas Telecommunications Company Lid. (BIC) will
be conducting a Market Research Study to get your feed-
back on opportunities fo improve our products and services.
Commencing January 24th, 2011 you may be contacted by
a BIC representative via phone to get your advice. The

survey is expected to end on February 28th.

Please contact BIC's Call Center at 225-5282 should you
have any questions or concerns. BIC thanks you for your an-

ticipated assistance.

connected ANIA... ANINETE...

THE ARDASTRA GARDENS, 200
AND CONSERVATION CENTRE
CHIPPINGHAM
VENDORS WELCOME!

CALL 323-5806 FOR MORE INFO

GORE

EMTERPRESE | WIRELESS

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

| BROADBAND | VOICE | DIRECTOR


PAGE 4, FRIDAY, JANUARY 21, 2011

THE TRIBUNE





EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited

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

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

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

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

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

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

US-China tensions may grow again

WASHINGTON —Despite the pomp,
pageantry and vows of cooperation, tensions
between the United States and China are like-
ly to grow, not shrink, after President Barack
Obama's summit meeting with Chinese Presi-
dent Hu Jintao.

While the United States struggles with near-
chronic unemployment and a continuing hous-
ing crisis, China was the first major economy to
power out of the global downturn and recent-
ly passed Japan as the world's second-largest
economy. As China gets closer to overtaking
the United States economically in a decade or
two, trade and currency disputes seem likely to
intensify. A joint news conference Wednes-
day by Obama and Hu produced a rare con-
cession for a Chinese leader. Hu openly
acknowledged "a lot still needs to be done in
China on human rights," although he said
progress had been made.

Both leaders called for a renewed effort of
cooperation on a flock of other big issues
besides human rights, including trade and cur-
rency irritants, fighting global terrorism and
tackling the international financial crisis.

While it was in the interest of both countries
for Hu and Obama to project a confidence-
building image of mended ties after a trou-
bled year for U.S.-Chinese relations, the thaw
may be short lived.

With neither side giving much ground,
"There were some singles and doubles, but no
home runs," said Michael Green, a White
House adviser during the Bush administration
and now an analyst at the Washington-based
Centre for Strategic and International Studies,
using a baseball analogy to indicate the news
conference produced no sensational results.

Green said the two leaders may have helped
take the heat off some economic disputes,
including some involving trade and investment.

"But the currency issue is going to continue
to flare up. On the military side, on North
Korea and on human rights this summit maybe
put a floor under what has been a very rough
year. But it didn't solve the structural problems
that are going to continue to complicate the
relationship for the next few years at least," he
said. Polls show most Americans still view
China's economy as more of a threat to US.
jobs than an opening for new investments, a
conception Obama sought to alter on Tues-
day as he trumpeted a series of new business
deals. He said the agreements would increase
US. exports to China by more than $45 billion
and support some 235,000 American jobs.

Not all were as enthusiastic as the president
about the developments. While U.S. military
superiority seems likely to last far longer than
its economic leadership, wariness continues to
grow in the United States over handling ten-
sions on the Korean peninsula, confronting
Iran over its nuclear programme, Beijing's
increasingly aggressive stance in the western

Pacific and accountability questions of the Peo-
ple's Liberation Army.

Sometimes there appears to be a disconnect
between the military and civilian leaders in
the one-party government.

During U.S. Defense Secretary Robert
Gates' visit to China this month, China's mili-
tary conducted a test fight of its first aircraft
designed to evade radar, the J-20 stealth fight-
er, apparently catching Hu and other Chinese
civilian leaders off guard.

Also of worry to the Pentagon: China's
development of anti-ship missiles that could
make it harder for American aircraft carriers to
operate in the western Pacific.

And in another area, the world's two largest
energy users and polluters remain at odds on
how best to deal with reducing worldwide
greenhouse gas emissions that contribute to
climate change. Obama again pressed China to
ease the government's grip on the economy,
lower barriers to imports from the U'S., crack
down on the theft of U.S. technology and to
stop holding down the value of its currency, the
yuan, also known as the renminbi.

Since last June, when China said it was end-
ing what amounted to a two-year peg of its
currency to the dollar, the yuan has appreciat-
ed just 3 per cent against the greenback. And
while the dollar has fallen to its weakest point
against the Chinese currency since 1994, the
yuan "remains undervalued" and "there needs
to be further adjustment in the exchange rate,"
Obama said. When Obama took office, he
voiced an upbeat view of US-Chinese cooper-
ation in tackling many of the world's troubles,
but his administration more recently has taken
a harder-edged position, confronting China
directly on currency manipulation, on trade
and on human rights. Even Hu's attention-
grabbing concession that China still has much
to do on human rights was accompanied by a
caveat. "China is a developing country with a
huge population and also a developing country
in a crucial stage of reform," he said. And he
said China was willing to talk with the United
States about the issue, but on a "basis of mutu-
al respect and the principle of noninterference
in each other's internal affairs."

And Hu is not the only one who has to play
to a difficult home audience.

Shortly after Obama formally welcomed
Hu at the White House, several members of
the new Republican-led House Foreign Affairs
Committee blasted Beijing's record on human
rights, military expansionism and weapons
sales at a hearing.

The panel's top Democrat, Rep. Howard
Berman, offered a different view. "China is
neither an ally nor an enemy. It is both a com-
petitor and a partner, in foreign affairs, security
and economics," he said.

(This article was written by Tom Raum of the
Associated Press).

The Nassau
Guardian
and conflicts
of interest

EDITOR, The Tribune.

The last time I wrote you
was about our Prime Minis-
ter taking over National
Security. I still believe he
should assume full responsi-
bility. But if not him maybe
the Deputy Prime Minister,
Mr. Brent Symonette. We
were very pleased about the
manner in which Mr.
Symonette handled this
Ministry when the current
Minister was away.

But that is not why I am
writing you now.

I agree with our Prime
Minister when he said that
the owners of The Nassau
Guardian were unreason-
able in their position on the
privatization of BTC.

LETTERS

letters@tribunemedia.net



By way of their coverage
and editorial content they
have encouraged the two
BTC unions to oppose the
Government plans to priva-
tize.

What I did not know is
that Mr. Anthony Ferguson
and Mr. Emanuel Alexiou
had a personal interest in
the sale of BTC.

I did not know that they
were one of the initial bid-
ders and more surprisingly
that they recently submitted
a bid to the Prime Minister.

If The Nassau Guardian

is to have any credibility it
must declare its conflict of
interests in matters upon
which they are expressing
their editorial opinions.

Tam disappointed in the
publisher of The Nassau
Guardian, Mr. Anthony Fer-
guson, a person who I held
in high regard.

For me and my family we
will not be buying The Nas-
sau Guardian until it clears
this matter up and is more
transparent.

FLOYD HANNA
Fox Hill,

Nassau,

January, 2011.

15 January 2011

The public wants these questions
answered, Mr Prime Minister

EDITOR, The Tribune.

Some were shocked at the
off the script comment of
the Rt Hon Prime Minister
when he went off script and
commented on the owners
of Colina/Nassau Guardian.

No one seems to have
been listening to the com-
ments from Cable & Wire-
less CEO, Mr Shaw -— twice,
once to NB12 News and
then to ZNS News — he con-
firmed that Cable & Wire-
less got through the back
door.

The issue is purely this —
Did Cable & Wireless qual-
ify by responding to the
original RFP?

Isn’t it a fact they did not
respond? Seemingly when
they thought the negotia-
tions between Government
and Bluewater were head-
ing on the rocks either they,
Cable & Wireless, were
approached by someone on
behalf of the Privatisation

Committee or they person-
ally made the approach, an
approach which was
favourably received
although possibly Govern-
ment had as yet not disen-
gaged from Bluewater?
The public wants these
questions answered Mr
Prime Minister — we were
told in 2007 election cam-
paign that we could trust

you and your party well
prove it, please.

Yes Cable & Wireless
probably will operate BTC
well and we will have TV on
our cells, for what that is
worth, but this is a deeper
issue, Sif.

W THOMPSON
Nassau,
January 16, 2011.

CURT CATE ey
WaT er

EDITOR, The Tribune.



NOTICE

NOTICE is hereby given that GIOVANNI ZANETTA of PORT
NEW PROVIDENCE, P.O. BOX SS-5347, NASSAU,
BAHAMAS, is applying to the Minister responsible for Nationality
and Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why registration/
naturalization should not be granted, should send a written and signed
statement of the facts within twenty-eight days from the 21° DAY
of JANUARY 2011 to the Minister responsible for nationality and
Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Bie OH Eo Merson
aU

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from 25th - 29th January

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(between Sears Rd. and Hawkins Hill)

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PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, BARBARA LOUISE RIGBY
(nee) SCOTT-HANNA, of P.O. BOX N-1355, NASSAU,
BAHAMAS, intend to change my name to BARBARA
LOUISE SCOTT. If there are any objections to this change of
name by Deed Poll, you may write such objections to the
Chief Passport Officer, RO.Box N-742, Nassau, Bahamas
no later than thirty (30) days after the date of publication of
this notice.

In the Estate of the Late
Thomas Cletus Hunter

Notice is hereby given that all persons
having any claims or demands against the
above-named Estate are requested to send
the same duly certified to the undersigned
on or before the 14th day of February A.D.
2011,

Notice is hereby also given that at the
expiration of the time above mentioned the
assets of the deceased will be distributed
among the persons entitled thereto having
regard only to the claims of which the
Executors shall then have had notice.

Holowesko Pyfrom Fletcher
Attorneys for the Executors
Chambers
Templeton Building, Lyford Cay
Nassau, Bahamas



IF THE January 2010 earthquake in Haiti reminded us
of our vulnerability, then perhaps the current situation in
our sister country, one year later, reminds us of how
even the best intentions can go wrong.

Despite all the international attention, thousands of vol-
unteers, hundreds of millions in aid and plans to rebuild,
the situation in Haiti remains dire with no appreciable
improvements. Perhaps a different approach is neces-
sary.

Of course immediately after a disaster of the scale that
we witnessed last year, it is necessary to respond with
basic aid like food, medical supplies and water to mini-
mize the loss of life and to ensure an appreciable level of
human comfort obtains.

However, there has to come a point where the goal of
local Haitian and especially international support turn
from mere aid to self sustenance.

The current lack of such focus appears to be among the
fundamental problems with the approach in Haiti thus far.
The effort has been to provide charity when a hand up is
what is really needed.

For instance, today I think it is a mistake to airlift food
into Haiti and distribute it to men and women who are
healthy enough to work, but simply do not because
opportunities for work do not exist.

The focus of international organisations should be to
create micro businesses in communities that are sup-
ported by bartering in the short term.

For instance, in a single community, one person might
be provided with the resources to grow vegetables, anoth-
er person might rear chickens and perhaps another might
start a security services company, while still another
might start a yard clearing company and so on.

After awhile persons are working, trading amongst
themselves and even looking for opportunities to trade
outside their small communities.

It hardly makes sense to provide aid to millions of
persons that will be consumed today and must be pro-
vided again the next day. Aid that is not targeted in a
manner to promote work and sustainable results soon cre-
ate a growing level of dependence and creates an even
worse situation.

Furthermore, as community level aid is provided ina
deliberate manner to encourage entrepreneurship and
create work, aid to rebuild Haiti’s national and commu-
nity level institutions should be provided.

As little aid should be funneled directly through the
central government as possible.

For instance, construction contracts should be award-
ed to private businesses.

The bottom line is that the aid to Haiti should be giv-
en in a manner that encourages work and creativity that
leads to sustainable development.

LYNDEN NAIRN
Nassau,
January 14, 2011.


PAGE 6, FRIDAY, JANUARY 21, 2011

THE TRIBUNE





Now is the time to

privatise Bahamasair
YOUNG MAN'S ATA

By ADRIAN GIBSON
ajbahama@hotmail.com

IN NEARLY 38 years,
Bahamasair has been grossly
mismanaged and has astound-
ingly had 20 general managers
in that time. These days, due to
the proliferation of private air-
craft servicing the islands, the
argument that Bahamasair pro-
vides essential services to the
islands is no longer germane
and shows that the further usage
of taxpayers’ monies to under-
write a failed enterprise is no
longer warranted. Undoubtedly,
along with BTC, Bahamasair
must also be privatized.

Bahamasair is not a self-sus-
taining entity. Over the last 37-
plus years, Bahamasair has
proven to be a financial alba-
tross around the necks of
Bahamian taxpayers and noth-
ing more than a failed govern-
ment experiment.

Without question, the pri-
vatisation of Bahamasair will
lead to more unnecessary union
drama!

According to Minister of
Public Works and Transport
Neko Grant, in his contribution
to the 2010/2011 Budget
Debate:

“In the 2009/2010 budget,
Bahamasair requested and
received $17 million. However,
a request was made this year
for additional funding as a result
of a reforecast of the airline’s
subvention requirements. In
response, the Government pro-
vided additional funding in the
amount of $3.5 million. This
year’s subvention will be $16
million.”

In the past, the national air-
line has been embroiled in scan-
dal about the discrepancies
with, and/or the unavailability of
financial reports that suggests
the carrier has been pillaged by
some thieving — some
unscrupulous employees pock-

A DRI

eting airfares and freight fees
and arranging free trips for
friends and family members.

The national flag carrier has
become synonymous with tar-
diness, delays, lost luggage, per-
sons being “bumped” off flights
to accommodate the relatives
and associates of aircraft
employees and horrendous cus-
tomer service.

Visitors and locals alike, who
have experienced and com-
plained about the crummy ser-
vice provided, have modified
the airline’s logo to reflect its
reputation of belatedness to
state—‘“if you have time to
spare, fly Bahamasair.” How-
ever, to be quite honest, today
one must note that there has
been some improvement rela-
tive to the airline’s on-time per-
formance in recent years.

Because of the oil crisis in
the 1970s, when British Airways
and other major airlines dis-
continued flights, the then gov-
ernment decided to establish
Bahamasair on June 18, 1973,
following its acquisition of Out
Island Airways and Flamingo
Airlines. From the onset, the
airline was faced by financial
woes, second-rate maintenance
services and a feebly configured
setup that continues to plague it
to this day. During the 1980s,
Bahamasair unsuccessfully
attempted to expand its routes
to include Philadelphia, Wash-
ington, DC, and Newark. By
1989, their experiment with
flights to these north-eastern
US routes were unprofitable
and futile, even though they
have developed a niche market

| Ie Ss @ IN



at several Florida-based routes
and have incorporated regional
routes (eg, Havana).

According to audited finan-
cial statements of Bahamasair
Holdings Limited—year ending
June 30, 2006—the company
incurred a net loss of
$19,919,242 and has had signif-
icant recurring losses that, up
to the aforementioned date, had
left the airline with a mounting
deficit of $397,989,377. Fur-
thermore, as of June 30, 2006,
the airline’s liabilities were in
excess of its total assets by
$70,006,867.

In the 2007/2008 Budget,
Bahamasair was once more sub-
sidised by taxpayers’ and in
2008 the government allocated
$11.3 million in supplementary
funds to the carrier during its
mid-year budgetary exercise.
Bahamasair has always been an
over dependent burden that
relies on its government sub-
sidy to cover expenses—rang-
ing from hanger repairs, ground
handling charges, engine main-
tenance, landing gear repairs
and medical insurance—and
looks to continue being that
way.

In his contribution to the
2010/2011 Budget, Mr Grant
said that relative to Bahama-
sair: “All industrial contracts
have expired and negotiations
for new contracts have com-
menced. Under the current cir-
cumstances, we are compelled
to persuade the union leader-
ship that the time is here to live
frugally until we ‘turn’ the air-
line around.”

It is past due that Bahama-

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sair entirely outsource less prof-
itable routes to smaller, local
carriers and instead refocus its
attention on more profitable
domestic and international
routes. How is it profitable to
continue sending DASH 8 air-
craft from Nassau to Crooked
Island or Freeport to Fort
Lauderdale with 15 people?
What happened to the proposed
purchase of smaller aircraft?
Wouldn’t smaller airplanes—
say 19 seaters—better suit cer-
tain routes? And, why not com-
bine some of the less profitable
routes?

During a few of my travels
by Bahamasair, ’ve encoun-
tered scowling, discourteous
ticket agents who seem too
comfortable in their govern-
ment jobs to care for customers.
Ihave rarely encountered such
behaviour at the private airlines.

In a supposedly service-ori-
ented company, why should it
take certain bungling employ-
ees nearly an hour to sell tickets
or check-in a handful of pas-
sengers? Why are certain
employees always on the phone
or chattering away without any
recognition of waiting cus-
tomers? What's more, when
flights are delayed, I have found
that a number of Bahamasair
employees would rather con-
gregate and gossip at ticket
counters instead of catering to
the concerns of frustrated trav-
ellers.

Currently, the national air-
line is over-saturated with
employees and is probably used
as a cesspool for political
cronies. In order to reduce
Bahamasair’s operating costs
and prepare the airline for pri-
vatization, a serious downsizing
exercise must be undertaken.
As of April 30, 2010 the airline
had 610 employees, which is
unconscionable and inexplica-
ble considering that the fleet is
so small. What’s more, this

number is even harder to imag-
ine considering the skeletal
front desk staff that is usually
seen at the airport’s poorly
manned, check-in counter.

In his communication, Mr
Grant further noted that:

“As Bahamasair’s operating
expenses (particularly
labour/personal emoluments
followed by fuel maintenance)
are very high in comparison to
other carriers of similar size, I
am pleased to note that reduc-
tions in terms of head count
have been realized through
attrition. This number has
declined from 709 in January,
2009 to 667 as of 30 April, 2010.
The industrial agreements must
be negotiated to reflect signifi-
cant reductions in labour costs
which will be the only control-
lable. Fuel and maintenance on
the other hand, will continue to
be determined by the equip-
ment in operation.”

Admittedly, although
Bahamasair is plagued by sev-
eral setbacks, it has a near per-
fect safety record, highly-tramed
pilots and a first-class website.
Honestly, due to its nearly
impeccable safety record, I am
one of those Bahamians who
are most comfortable when fly-
ing on-board Bahamasair. That
said, it’s time we cash in on
whatever little capital the air-
line has left and follow Guyana,
Jamaica and Trinidad’s lead and
sell our government's failed avi-
ation experiment to local or
international investors, whilst
also considering becoming a
part of a regional airline ser-
vice.

Privatisation of Bahamasair
will undoubtedly reduce the
public service and our national
debt, free up monies for gov-
ernment services, improve the
airline’s efficiency, foster fair
competition (without Public
Treasury bailouts) and lead to a
general sense of dependability

FV EL Et

and satisfaction among trav-
ellers.

BRING THE UNION

FAT CATS TO HEEL!

It is apparent that more
mechanisms must be introduced
to govern industrial action by
unions, especially for compa-
nies and government depart-
ments that are essential services
and/or are essential to the eco-
nomic sustainability of the
Bahamas. While unions have
their value, they must not be
permitted to unduly highjack
any course of action.

These days, it appears that
union leadership has become
seen as a means for fast-tracking
a political career, using a union
and its members to fulfil one’s
political ambitions and propel
them onto the political stage.
The days of Sir Randol Fawkes,
a true national hero and man
of the people, when union lead-
ers strived for better pay and
working conditions for their
members—without that pen-
chant for political gamesman-
ship—seem to be long gone.

Today, a handful of unions
have merely degenerated into
greedy, cash hunters seemingly
intent on fattening the coffers of
executives of the leadership
while creating a public platform
for executives to lobby them-
selves into the political sphere.

Frankly, P’ve long held the
view that it shouldn’t be manda-
tory for persons to join unions,
as several are simply known for
deducting monies, while offer-
ing no true representation
and/or mediocre, dismal service.

It is always perplexing how
the leaders and top executives
of unions are earning far
more—at least one union leader
purportedly makes a salary of
$150,000 per annum— than
some placard-carrying,
exploitable members who, in
many instances, earn relatively
modest salaries!

Daradite laland

Tel:

322-9248 / 363-3633

(1) Roundtrip Airfare

Nassau to Miami

Fax: 328-8381
E-mail: info@greenparrotbar.com
www.greenparrotbar.com

1 day Hotel

When booking your next trip to Florida, choose
Bahamasair, Dollar/Thrifty and The Best Western

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

1 day car rental


THE TRIBUNE



FRIDAY, JANUARY 21, 2011, PAGE 7

LOCAL NEWS



Commonwealth Bank
gives support to the
Bahamas Red Cross

Fire Relief Fund

COMMONWEALTH
Bank is lending a helping
hand to those in need by
making a donation to the

Bahamas Red _ Cross
towards its Fire Relief
Fund.

The Bahamas Red Cross
recently provided aid to
the victims of the Boxing
Day fire at Alan Drive -
commonly known as the
Mackey Yard Haitian com-
munity.

“Commonwealth Bank is
privileged to assist organi-
sations like the Bahamas
Red Cross in their mission
to help people and com-
munities impacted by nat-
ural disasters and other
social crises,” said Ian Jen-

nings, the newly appoint-

CU RGR Reels ave

ed bank president.

“During these hard eco-
nomic times we believe
that more than ever it is
our duty as a good corpo-
rate citizen to help them in
their respective mission to
bring relief and provide a
helping hand to the
increased number of indi-
viduals seeking assistance.
We encourage all Bahami-
ans to join together in 2011
and make a tangible con-
tribution to a charitable
organisation.”

Accepting the cheque on
behalf of the Bahamas Red
Cross was Caroline Turn-
quest, director general.

The organisation said its
officials continue to make
plans and coordinate with

other stakeholders to
determine the best course
of action to provide tem-
porary and long-term assis-
tance to residents of Mack-
ey Yard where 120 struc-
tures went up in flames
leaving hundreds homeless.

The Bahamas Red Cross
has already distributed
food, clothing, shoes, blan-
kets, pots, plates and
hygiene kits to the resi-
dents who have suffered
much loss as a result of the
fire.

The bank’s community
building programme has
also pledged Gold Spon-
sorship to the 39th Annual
Red Cross Ball, scheduled
to be held on Saturday,
January 29.



THE ROYAL CANADIAN LEGION WORLD WAR LL (RCL) executive committee representatives paid a cour-
tesy call on Governor-General Sir Arthur Foulkes at Government House on Wednesday, January 19. Pic-
tured from left: Melvin Seymour, secretary to the Governor-General; Lorne Varga, Dominion president RCL;
Patricia Varga; Sir Arthur; Rev Matthias Munroe; Therese Canuel and Brad White, Dominion secretary RCL.

GOVERNOR-GENERAL Sir Arthur Foulkes is pictured (third from right) with members of Focused

Women International during a courtesy call at Government House on Wednesday, January 19, 2011.
From left to right: Melvin Seymour, secretary to the Governor General; Marissa Smith, president FWI;
Cyprianna Bethel; Sir Arthur; Cassandra Nottage and Rosella Armbrister.

Raymond A. Bethel/BIS

Abu Dhabi's Taqa sells
stake in Caribbean business

DUBAI, United Arab Emirates

Associated Press

THE STATE-BACKED Abu Dhabi
National Energy Company says it has sold its
stake in a Caribbean power venture for $320

million.

The company, which goes by the name
Taqa, said in a regulatory filing Wednesday
the sale to its business partner Marubeni of
Japan resulted in no gain or loss.

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



Taga bought a 50 per cent stake in

Marubeni's existing Caribbean operations
just under two years ago. The portfolio

included majority stakes in power companies
in the Bahamas and Jamaica and smaller
interests on other islands.

Taga is majority owned by the oil-rich

the public.

government of Abu Dhabi, the capital of
the United Arab Emirates, though more
than a quarter of its shares are available to

(L-R) PATRICK MCFALL, Common-
wealth Bank vice-president and chief
financial officer, and Caroline Turnquest,
Bahamas Red Cross director general.



SENATOR Dion Foulkes, Minister of Labour and Social Development, and his son Malcolm hosted
a New Year’s party for the children of Mathew Town, Inagua on Friday, January 14.



GLADIATORS

FUCHSIA SUEDE, YELLOW, WHTIE ny
BROWN SUEDE, oe
PURPLE SUEDE

SILVER, WHITE,
GOLD, BLACK SUEDE

pirat hati bib bd tnd Ml tn Ut at cn dy
altel etal le ale Bi

deal ]
ead acd MP ch Ma Kh Aah A a tt Me

GOLD,
SILVER,
TAN, WHITE

ase pe ee eh hy

eae

MALL at MARATHON
Next to the Food Court
HOR STIORE BY4-O096


PAGE 8, FRIDAY, JANUARY 21, 2011

THE TRIBUNE



Antiquities Monuments and
Museums corporation puts
Major projects on hold

FROM page one

tion projects such as the trans-
formation of Centreville
House — also known as
Collins House — has slowed
down significantly since then.

Mrs Sands said: “We’re
still doing little things but it’s
not the big jobs, the major
projects.

“We can’t really concen-
trate on that at the moment
but we do have a contractor
and he is doing things slowly
as funds allow.”

Once restructuring efforts
at the corporation have been
completed, the next challenge
will be to secure funding for
the transformation of Cen-
treville House into a muse-
um.

The mansion, which was
built by Ralph C Collins, was
destroyed during the hurri-
cane in 1929.

Transformation of the his-
toric estate, which sprawled
from Shirley Street to Wulff
Road, began in 2008.

At that time, the govern-
ment, through the Antiqui-
ties, Monuments and Muse-
ums Corporation (AMMC),
partnered with consultants
from the Newport Collabora-
tive Architects (NCA), Inc.
to assess the viability of its
adaptive reuse.

Total restoration was
expected to take about two
years.

Mrs Sands said: “We’re
moving very slowly — some of
the supporting structures have
been completed, but we still
need plenty money to finish
it.”

Landscaping at the site was
completed by Bahamian envi-
ronmental artist Antonius
Roberts with consultation
from Tanya Ferguson of the
Bahamas National Trust.

POLICE officers prepare for Operation Rapid Strike on Wednesday.

FROM page one

on suspicion of failing to be properly

licensed.

Commissioner Greenslade said: “The
operation is currently ongoing and
active, we have divided New Provi-

dence. One Superintendent with a large
team has been dispatched to the eastern
part of the island, while a second Super-
intendent with a large team of officers
will patrol the western part, all areas

will be covered.”

The unit will be concentrating on
trouble spots and targeted profiles,

¢rop

CENTREVILLE HOUSE — also known as Collins House

Native flower and fruit
trees such as madeira, horse-
flesh, coco plum, joujou, sea
grape, coconut, and sour sop
were utilized to create what
was described as "an oasis

‘RAPID SO a gat

ae —



within a mad setting” by the
former director.

A replica of a Lucayan
chief's hut was also con-
structed on the grounds, along
with a pond, and playground

which include people suspected of
engaging in unlawful activity such as
murder, armed robbery, illegal firearm
possession, house break-ins, stealing
and stabbings.

The Commissioner said he has been

pleased with the public’s positive
response to the operation.

ical

HIPPING



Photo/Lamech Johnson

facilities.

Mrs Sands added: “The
goal is to make it into a muse-
um, so we could have a prop-
er museum with exhibits of

but that is going to take a
while because we have to
complete the restructuring
exercise for the management
of the corporation and then

our history. That is the plan _we’l move forward.”

CORONER ACCUSED OF ‘UNPROFESSIONAL CONDUCT’
FROM page one

someone from the Bar who could have to appear before her, that
is not professional conduct at all. She compromised the relationship
between the bench and the Bar. I don’t see why she would com-
promise that relationship between bench and Bar,” Mrs Bowe-
Darville stated.

She noted that to further exacerbate the situation it is alleged that
she failed to repay Mr Hilton. “That is also unprofessional,” she
said.

“This is something that the Chief Justice should be concerned
about. I don’t know if the Chief Justice is aware of this matter. I was
not made aware of it personally as it is not something that would
come before the Bar Association. I have seen no complaint against
her as a lawyer, it seems to be a personal thing.”

Attorney General John Delaney when contacted by The Tribune
stated that he was “not personally aware of the matter,” and
declined to comment on the issue.

At the opening of the legal year Chief Justice Sir Michael Bar-
nett announced that Magistrate Linda Virgill will be assigned to the
Coroner's Court to replace Magistrate William Campbell.

AG SAYS THERE IS ROOM FOR IMPROVEMENT
IN THE CRIMINAL JUSTICE SYSTEM

FROM page one

“We feel there is room for
improvement. We wish to
review our processes and see
things that plainly are not work-
ing,” he said.

He noted that preliminary
inquiries, for example, should
only be conducted if there is
need to test the evidence before
the person is indicted for trial in
the Supreme Court.

“When you use preliminary
inquiries, unless you really need
to test the evidence and make
sure it is there before the per-
son is indicted for trial in the
Supreme Court, then you are
adding what could be years to
the process.

“And so if that is not neces-
sary, unless there is clearly a
case for the preliminary inves-
tigation, then the matter should
be moved by a Voluntary Bill
of Indictment.

“Tf a true case can clearly be
made up on the evidence...then

we should seek to move it expe-
ditiously to the Supreme Court
for trial.

“Those are some of the
things we are trying to do,” Mr
Delaney said.

“T can tell you there is a
Supreme Court trial going on
right now which concern events
that transpired in your com-
munity (on Grand Bahama).

“That matter was brought to
trial quickly. We are not going
out and blowing our horn about
this, but I was very pleased in
October last year when a mem-
ber of the public noticed.

“We are determined to take
every opportunity to get bet-
ter. We are exploiting every
opportunity to do things differ-
ently.

“We are liaising with the
judiciary and magistracy to see
how they might do things dif-
ferently, and we wish to exploit
the advantages of technology
to become more efficient,” Mr
Delaney said.

CABLE AND WIRELESS PARENT COMPANY
FROM page one

this commitment to the North American and Central American
Confederation (NACAC), the umbrella organisation for the
Games, and emphasised that its position has not changed.

This comes after Mr Wisdom, the minister of youth, sports and
culture in the former PLP government, was quoted in the press on
Thursday as saying while the local sports association, the BAAA,
is capable of hosting the Games in the Bahamas after the first two
host countries dropped out, he wonders whether LIME’s contin-
ued sponsorship of CARIFTA depends upon whether the sale of
BTC to Cable and Wireless goes forward.

Despite being told by his interviewer that a BAAA executive had
already said there is no truth to this rumour, Mr Wisdom repeat-
ed his question.

He asked: “The fundamental question would be: Is the hold-up
of a major sponsor for the CARIFTA games contingent on the sale
of BTC to C&W? Is that what’s preventing the sponsorship by
LIME? And that is what needs to be answered by C&W.”

Mr Wisdom called on the government to allow BTC to sponsor
CARIFTA in the Bahamas if LIME will not do so with “no strings
attached.”

But in its response, LIME noted that the protocol involved
with the sponsorship of the Games “‘is that the sponsor (in this case
LIME as presenting sponsor) negotiates terms with the rights
owners (NACAC) and agrees to the amount that will be paid to the
rights holders.

“All other agreements for support to the host country are then
a matter for discussion and agreement between NACAC and the
host country. While LIME would be extremely pleased if the
games were held in the Bahamas that decision rests solely with
NACAC and the bidding host countries.

“Our commitment to sponsor these games remains in effect
regardless of where the games are staged.”

LIME said it would also like to place on record its continued
desire to do “all possible” to work with NACAC, the Bahamas, or
any other selected host country to ensure a successful execution of
the games.

“LIME continues to support Caribbean athletics at all levels and
sees the CARIFTA games as an excellent vehicle to showcase
and develop the next generation of athletes,” it said.

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

SALES MANAGER

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ports is seeking a highly experienced individual to fill the position of Sales Manager at its
Nassau office. The successful candidate will be responsible for servicing the existing customer
base and identifying profitable opportunities for new business.

REQUIREMENTS:
Bachelor's Degree in Sales and Marketing or in a related field
Min. 5 years’ management experience in Sales or Marketing, preferably in the service sector
Proven track record of generating sales, meeting or exceeding company targets
Experience at managing large customer portfolios
Experience at negotiating variable service agreements
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The successful candidate will have excellent scope for career development and growth including
exposure to the international business environment. Written applications together with updated CV
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Or Apply online on the CAREER link at www.tropical.com

Only applicants selected for interviews will receive an acknowledgement




THE TRIBUNE

Uu



ine

FRIDAY,

SS

20-1 1



TANUWUARY 21.

SECTION B « business@tribunemedia.net

FAMILY GUARDIAN

INSURANCE COMPANY LIMITED



Tourism awaits
Europe, Canada
airlift increases

By ALISON LOWE
Business Reporter

alowe@tribunemedia.net

Tourism officials and a
major tour operator are
looking forward to the
arrival of more airlift to
Nassau and Grand
Bahama this year from
Canada and Europe, Tri-

Ellison “Tommy”
Thompson, deputy direc-
tor-general and head of the
Bahamas Ministry of
Tourism’s UK office,
revealed that new airlift
will begin flying to the
Bahamas direct from
Milan this year, while

itors from France will exist
with the start of a new
direct service provided by
Corsair from Paris to Mia-

235 passengers on board a
767 jet weekly to Grand
Bahama, and is being coor-
dinated by major Italian
tour operator, Alpi Tours,
following lobbying from
the Ministry of Tourism’s
UK office.

The Paris service will
begin in mid-February and
see a 747 jet fly twice
weekly into Miami during
the summer months, and
three times weekly during
winter.

The Ministry of Tourism

: By ALISON LOWE

i Business Reporter

? Alowe@tribunemedia.net

is working with Sabre, the
global distribution system
that feeds into travel book-

SEE page 3B

loss turns into
‘plus’ for Board

By ALISON LOWE
Business Reporter

alowe@tribunemedia.net

The bankruptcy of Gulf-
stream International Air-
lines, which took with it
$500,000 of the Out Island
Promotion Board’s money,
resulted in a positive, said
the latter’s president, in
the form of continued and
“easier” service to the Out
Islands from more major
US hubs.

Stephen Kappeler, presi-
? over 2009, and we are antic-
? ipating growth over 2010
i this year.

dent of the Out Islands
Promotions Board (OIPB),
said that in this sense a
“very bad thing has turned
into a very good thing for
the Out Islands”.

Mr Kappeler spoke with
Tribune Business from the
floor of the Caribbean
Marketplace, the region’s

biggest tourism trade show, :
i promotional strategies will
? be pursued this year to push
? Atlantis in the tourism mar-
i ket, Ms Cruitt said that cus-
: tomers are demanding “val-

which took place in Mon-
tego Bay, Jamaica. He was
there representing the
OIPB.

Tribune Business had
previously reported how
the OIPB and the
Bahamas Department of

Immigration were revealed }
? motions to try to ensure they
? get as much value as possi-

as two of the largest unse-
cured creditors in a bank-

ruptcy filing by Gulfstream }
i and get our share of the
; business,”

International Airlines, a
subsidiary of Continental
Airlines, which provides
service into the Bahamas
under the name "Conti-
nental Connection."

In an interview with this
newspaper, Mr Kappeler
noted that the ability to
come back “healthy”

through a re-ordering of its }

finances has allowed Gulf-

SEE page 2B

Middle East investors | NAD’s $53m
spend with

‘in Port purchase talks

Former Freeport Container Port chief said to be spearheading
buyer’s efforts, with offer made to Hayward and St George families

: By NEIL HARTNELL
: Tribune Business Editor

Middle Eastern investors,

: believed to be from Dubai
f : or Abu Dhabi, were yester-
bune Business has learned. } day said to have made a
? multi-million dollar offer to
: acquire the Grand Bahama
i Port Authority (GBPA),
i their effort being spear-
i headed by the Freeport
: Container Port’s chief exec-
i utive.

Highly-placed sources

_ + familiar with developments
enhanced prospects for vis- } confirmed to Tribune Busi-
i ness that an investor group,
? which has as its ‘point man’
i Chris Gray, the former
: Hutchison Whampoa exec-
. . . i utive who previously headed
The Milan service can fly : its Grand Bahama-based
: Freeport Container Port and
: Freeport Harbour Compa-
i ny, had submitted a bid to
i the St George and Hayward
i families earlier this month.

The negotiations are

being handled in the United



Kingdom,
making it
difficult to
obtain lat-
est details
on the
talks,
especially
since
none of
their advi-
sors 1S
talking,
but Tri-
bune
Business
woaéss
informed that the offer had
to be in by January 10, 2011,
a deadline that was met.
One contact suggested
that the potential buyer was
Dubai Ports World, the enti-
ty seeking to construct a
$300 million deepwater port
at Mariel, Cuba, which
would rival Freeport. It was
also the company whose bid
to acquire several key US
ports, including the Port of

HUBERT
INGRAHAM

ATLANTIS SEES ‘DOUBLE
DIGIT’ GROWTH IN ‘11

Atlantis is expecting “dou-

ble digit” growth this year,
? one of its top sales execu-

$500k Gulfstream

i happy” with the higher level
? of interest the resort - and
i others - saw from tour oper-

tives has revealed, adding
that the company was “very

i ators at this year’s
i? Caribbean Marketplace

: trade show.

Another Paradise Island

i hotel property, Comfort
i Suites, also reported a solid-
i ly booked appointment
i diary for the two-day event.

Jamal Glover, of Comfort

i Suites, said that despite a
? trend towards all-inclusives
i having hit their business
: somewhat, the hotel was
i happy with its 2010 arrivals
i and revenue figures.

Karen Cruitt, executive

i director of leisure sales for
i Kerzner International, based
? at the company’s Plantation,
? Florida, office, said: “In 2010

we were up double digits

“We're trending that way

i now, and we expect that
: growth trend to continue
i barring any unforeseen cir-
: cumstances,” said Ms Cruitt,
? noting that “double digit”
i growth has been forecast.

Asked whether any new

ue” from their vacations,

and the company will seek
? to ensure it can deliver this.

“We will evaluate our pro-

ble to remain competitive

she said.
Ms Cruitt said the

i Caribbean Marketplace and
: Atlantis were “definitely
i busier” at this year’s event
? than last, which was a good
i sign for what the year may
: hold for tourism. “We’ve
i been very happy with it,”

she said.
Mr Glover said Comfort

: Suites was similarly busy.
i “We were totally booked up
i as far as appointments go.

We’ve had almost 50
appointments over two days,
and I think that’s the gen-
eral consensus for everyone
in the Bahamian lane. Last
year it wasn’t as booked out,
but we’re feeling a resur-
gence this year,” he said.
He added that the event
and other indicators give
cause for optimism to Com-
fort Suites that 2011 will see
improved arrivals over 2010,

SEE page 3B

Miami, was squashed sever-
al years ago by US regula-
tors on national security
grounds.

“An offer’s in. It’s been
confirmed to me that it’s in
and they’re looking at it,”
one source told Tribune
Business. “Apparently, the
Haywards and St Georges
consider the offer low, but
that’s normal.”

Indeed. In acquisitions of
this nature, bidders normal-
ly start with a relatively low
offer in a bid to set the bar,
before creeping higher as
talks between the two sides
progress, until a price is
agreed. Sir Jack Hayward
said in a recent interview
with the London’s Daily
Mail that he valued his
GBPA stake at $80 million,
meaning that the entire con-
cern - according to his esti-
mate - is worth $160 million.

SEE page 5B

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







Bahamian
companies

* $46.5m of that construction contracts, with LPIA
expansion to grow terminal space 21%
* Passenger capacity to ‘almost double’ to 5.2m

annually

* Airport to become ‘strategic asset’ encouraging
Bahamian economic growth

By NEIL HART-
NELL

Tribune Business Edi-
tor

The Nassau Airport
Development Company
(NAD) has spent $53
million with Bahamian
service providers, inclu-
sive of $46.5 million in
construction contracts
for the first phase of the
Lynden Pindling Inter-
national Airport (LPIA)

SEE page 5B



A MEDIA TOUR of the Airport late
last year.

AIRPORT HOTEL TALKS ONGOING

By NEIL HARTNELL
Tribune Business Editor

The Nassau Airport Devel-
opment Company (NAD) is
talking to potential investors
still exploring the feasibility
of constructing a hotel at the
Lynden Pindling Internation-
al Airport (LPIA), Tribune
Business can reveal.

In an exclusive interview
this week, Stewart Steeves,
NAD’s president and chief
executive, confirmed that
while there was “nothing con-
crete” yet, the LPIA opera-
tor was having “conversa-
tions” with potential investors
interested in constructing and
operating a hotel at the air-

FAMILY GUARDIAN

INSURANCE COMPANY LIMITED

Hi,

call us today at (242) 396-1300

NAD chief says ‘nothing
concrete’, but talking to
‘interested parties’ of
investors conducting due
diligence on proposal

port. “There’s nothing formal
at this point,” Mr Steeves
said, when asked by Tribune
Business whether the hotel
idea previously floated by
NAD was still on the table.
“We are in discussions with

SEE page 5B

, Anning
eal ithe ro ret

invest in an annuity

[_) a stable income stream post-retirement
[= guaranteed investment returns
1 flexible payout terms

A all of the above

A SUBSIDIARY OF

FAMGUARD

CORPORATION LIMITED

Ue Ra MOM OR LB Oe lene eae all


PAGE 2B, FRIDAY, JANUARY 21, 2011

THE TRIBUNE























. ees
J . ae
——— : ae eS

S500K Gulfstream loss

Board chair visits

Bahamas analysts

Ramirez.

As part of its 20th anniversary celebrations, the CFA Society of the
Bahamas (CFASB) was visited this month by the chair of the Board of
Governors of the CFA Institute (CFAI), Margaret Franklin. She was
accompanied by Ralph Lehman, council representative for the South-
East and Caribbean region.

While in Nassau, Ms Franklin updated Bahamian CFASB mem-
bers on CFAI’s goals and strategy for the year. She is a past president
of the Toronto CFA Society, and was recently named as one of
Canada’s Top 100 Most Powerful Women.

Ms Franklin is a regular speaker to the media, and at conferences in
the areas of investing, behavioural finance and private wealth. Mr
Lehman is also a past president of the Tennessee society.

The CFASB also honoured past presidents, who shared their expe-
riences of serving on the society’s board. The photo shows (from L to
R) past presidents Kristina Fox, David Slatter, and James Nottage;
Board of Governors chair Margaret Franklin; past presidents Dorian
Foyiil and Christopher Dorsett; president council representative Ralph
Lehman; current president, Sonia Beneby; and past president David






turns into ‘plus’ for Board Summit targets new

FROM page 1B

stream to continue to provide much-needed airlift into
the Out Islands.

Add to this a recent merger between United Airlines
and Continental, and this now means that there will be
more extensive, “seamless” airlift into the Out Islands from
an expanded list of US travel hubs throughout the country.

“That very bad thing, in which we lost the money, has

by the same company.

“So imagine," said Mr Kappeler. "Before what you need- }
ed to do was book, maybe US Airways from Chicago, and }
that might get you to Fort Lauderdale, but I then had to }
board another plane to get on Continental Gulfstream, a lit- |
tle subsidiary of Continental. So if I had a problem with my :
ticket, or I get there late, those people aren’t helping me }
because it’s a different airline. If I miss my flight here, well,

that’s tough Charlie...

“Now it’s one carrier it will be perceived by the travelling
public that one carrier is going to get you all the way to the ;

Out Islands.

“It will increase people’s ability to find their way to our }
location, affordably, easily, efficiently,” said the OIPB pres- :
ident, also general manager of the Cape Eleuthera resort and }
newly-elected vice-president of the Bahamas Hotel Asso- }

ciation.

Continental Gulfstream currently provides service from
Florida into Abaco, Andros, Bimini, Cat Island, Eleuthera

and Exuma.

NOTICE

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

Mr DeVaughn M. Gow













TIM TREHARNE

The adage “there is a big
difference between a busi-

i ness idea and a business
i opportunity” is the basis for
: the Business Insights session
? at the Bahamas Financial
: Services Board’s (BFSB)
i 2011 International Business
; & Finance Summit (IBFS).

The session will allow par-

? ticipants to discuss ideas for
: business segments that the
: industry could pursue over
: the next 10 years.

At the same time, it will



ELEANOR PHILLIPS

provide the forum for a
panel to highlight specific
cross-sectoral business
opportunities

BFSB chief executive
Wendy Warren said the case
studies to be profiled show
that successful business ven-
tures are possible by adding
value to existing products
and services, and by identi-
fying linkages with other
sectors.

Panellists will include Tim
Treharne of KPMG Global

A OMOEA aL

Jemi Health & Wellness
Company Ltd.

Therefore, HE IS NOT AUTHORIZED to
conduct any business or to act in any way for
Aes cA TRO ae eB

Position
Available

An established law firm is seeking to employ
an attorney who specializes in litigation with
a minimum of five(5) years practical and
professional experience.

Applicants should be organized, diligent, a
team player and have the ability to work with
minimum supervision.

Salary will commensurate with experience.

Interested applicants should send _ their

curriculum vitae to:

Da 101559
c/o The Tribune
P.O. Box N3207
Nassau, Bahamas

NOTICE

NOTICE is hereby given that EDNEY DELVA of South
Palmetto Point, Eleuthera, Bahamas is applying to
the Minister responsible for Nationality and Citizenship,
for registration/naturalization as a _ citizen of The
Bahamas, and that any person who knows any reason
why registration/naturalization should not be granted,
should send a written and signed statement of the facts
within twenty-eight days from the 21% day of January,
2011 to the Minister responsible for nationality and
Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that KELVIN OKAFOR MCDOWELLS
of HIGH VEST, P.O. BOX N-8531, NASSAU, BAHAMAS,
is applying to the Minister responsible for Nationality and Citizenship,
for registration/naturalization as a citizen of The Bahamas, and that any
person who knows any reason why registration/naturalization should
not be granted, should send a written and signed statement of the facts
within twenty-eight days from the 21*' DAY of JANUARY 2011 to
the Minister responsible for nationality and Citizenship, P.O. Box N-
7147, Nassau, Bahamas.

JOB OPPORTUNITY

Established company seeking to employ a

ee er ery

To operate Reverse Osmosis Facility
Knowledge of electrical and mechanical
plumbing a must

Serious inquiries only
Apply at:

www.gecareers.com
Job Search#:1279165



WERNER GRUNER

Infrastructure; Eleanor
Phillips of the Nature Con-
servancy; Werner Gruner of
Julius Baer Bank & Trust
(Bahamas); and Ivan Hoop-
er, of Winterbotham Trust
Services.

They will present on
Opportunities in infrastruc-
ture investment, environ-
mental initiatives, South
Africa and aircraft leasing.

IBFS will be held at
Radisson At Our Lucaya,
Freeport, on January 21-23.
It has attracted participation
from a wide cross-section of
BFSB member firms, the
Government and regulators,
and international experts as
presenters and guests.

Advantages

Ms Warren said the BFSB
believes advantages are on
tap for early movers, includ-
ing brand recognition that
can be converted to signifi-
cant and sustained market
share.

Tim Treharne is manag-
ing director, Latin America
and the Caribbean, and vice-
chairman, KPMG Global
Infrastructure.

He advises on project
finance, private finance ini-
tiatives, private-public part-
nerships and privatisations.
He has spent over 25 years
in banking and finance, join-
ing KPMG seven years ago
from Bank of America,
where he was head of global
infrastructure with respon-
sibility for the bank’s infra-
structure project business
around the world.

Eleanor Phillips is the
northern Caribbean pro-
gram director for the Nature
Conservancy Caribbean
Program.

She has lead a multi-dis-
ciplinary team since 2003,
working in partnership with
government and non-gov-
ernmental organisations in
the Bahamas and Turks &
Caicos to achieve effective
conservation of natural
resources for those coun-
tries.

Werner Gruner is a pri-
vate banker with 10 years of

business segments

turned into a very good thing for the Out Islands,” Mr Kap- }
peler said. “We used to have service with very few legs :
from Continental into the Out Islands. Now the distribution |
to get to us is crazy. We’re getting all these other markets.” }

While passengers still have to change planes in Florida to }
board the Gulfstream aircraft, the merger of United and }
Continental means that their air service will now be provided }



IVAN HOOPER

experience in the sector. He
joined Julius Baer Bank &
Trust (Bahamas) as a direc-
tor in 2010, after nine years
at Credit Suisse.

During his career at Cred-
it Suisse, Mr Gruner
assumed functions in Zurich
and Nassau for the private
banking division, where he
was a relationship manager
providing comprehensive
financial advice to high net
worth individuals.

Ivan Hooper is deputy
chief executive and senior
vice-president - head of busi-
ness development for the
Winterbotham Trust Com-
pany.

He acted as an indepen-
dent consultant for the Win-
terbotham Trust Company
(Uruguay) S.A, developing
business in Peru, before
joining the group full time
in July 2001 as head of busi-
ness development for the
west coast of South Ameri-
ca.

From August 2004, he
heads up business develop-
ment for Winterbotham,
and from January 2006 also
the foreign exchange and
securities division, Winter-
botham International Secu-
rities.

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

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



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

FRIDAY, JANUARY 21, 2011, PAGE 3B





Licence tax move ‘positive LI
for growth and reinvesting fi are

By NEIL HARTNELL
Tribune Business Editor

The Bahamian Contractors
Association’s (BCA) presi-
dent has praised the Govern-
ment’s decision to “hold the
line” on Business Licence tax-
es for the industry as “sending
positive signs for growth and
reinvestment”, while also pre-
venting an increase in build-
ing prices that would have to
be passed on to business and
residential clients.

Stephen Wrinkle, head of
Wrinkle Development Com-
pany, said that maintaining
the existing 0.5 per cent Busi-
ness Licence tax rate for the
construction sector was espe-
cially important for larger
Bahamian companies bidding
on major projects, and could
also help to stimulate the sec-
tor and housing market -
something “every bit as
important as government rev-
enue”.

Praising the Government
for responding to the indus-
try’s concerns over the pro-
posed 50 per cent increase in
Business Licence tax rates to
0.75 per cent, Mr Wrinkle told
Tribune Business: “I think
that’s a very positive sign, and
it will allow those contractors
bidding on larger projects to
work with current numbers.

“Tt would have put a cloud
over those projects for the



STEPHEN
WRINKLE

next year, because the con-
struction sector, and the hous-
ing sector in particular, is flat.
The larger companies bidding
those larger projects would
have had to make provisions
for increases in that price and,
by extension, that would have
been passed on to the con-
sumer.

“By holding the tax line at
0.5 per cent, it enables us to
hold the line on price increas-
es in construction, which at
this time should be consid-
ered a saving.”

Mr Wrinkle said the Gov-
ernment’s move could also
provide contractors with
funds to reinvest in new
equipment and machinery.

“Tt sends a positive sign for
growth and reinvestment, and
at this time that’s every bit as
important as revenue to the
Government,” the BCA pres-
ident added, saying contrac-

tors were still attempting to
“jump start” the sector.

Cavalier Construction had
previously told Tribune Busi-
ness that the 0.25 per cent rate
increased it faced was equiv-
alent to 25 per cent of its prof-
it.

Steven D’Alewyn, Cava-
lier’s chief financial officer,
said the Business Licence Bill
changes failed to accurately
reflect the Bahamian con-
struction industry’s realities,
which were that it was a high
turnover, low volume and low
margin industry.

Under the previous Busi-
ness Licence system, Cavalier
paid a rate equivalent to 0.5
per cent of turnover, because
its gross profit margin was less
than 25 per cent. “I don’t
know of any contractor mak-
ing 25 per cent,” Mr
D’Alewyn added. “We don’t
get anywhere close to it.”

Pointing out that under the
previous structure Cavalier
paid a Business Licence fee
of $229,000 in 2009, a sum
equivalent to “over 25 per
cent of the bottom line”, Mr
D’Alewyn said the reforms
would see Cavalier pay
$114,500 more for a total of
$343,500.

Margins of 7-10 per cent
were more reflective of the
construction industry’s reali-
ties, he explained, telling Tri-
bune Business that the con-

ATLANTIS SEES “DOUBLE
DIGIT’ GROWTH IN “11

naa)

~~
‘+
i
wv
r
t |

ete
Std fete

Gp
Vv



TOURISM LANDMARK: Atlantis in Paradise Island.

FROM page 1B

a “good year” but one in
which the hotel had to
“work hard for every dol-
lar” it pulled in.

Projections

“The projections seem to
be good for 2011 for us.
We’ve seen some shift
towards the all-inclusives,
but the numbers are still
looking good,” said Mr
Glover, suggesting that
offering an “all-inclusive”
package at the hotel may be
“something we will have to
consider” given the
increased demand for this
type of vacation.

Andrew Neubauer, direc-
tor of sales and marketing at
the Sheraton Nassau Beach

INSIGHT

For the stories behind
STEMS Pmt ELIOT
Coy MICO) Ae FEA}



Resort, told Tribune Busi-
ness on Monday that Star-
wood Hotels, the manage-
ment company which oper-
ates the resort, was also
looking at implementing an
all-inclusive vacation option,

having seen a similar pack-
age work well at its Canadi-
an properties.

He forecast "marginal
growth" in business at the
Cable Beach property this
year.

LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

In Voluntary Liquidation

Notice is hereby given in accordance with Section 138 (8) of
the International Business Companies Act, (No.45 of 2000),
the Dissolution of ECLIPSE BLOODSTOCK LTD. has
been completed, a Certificate of Dissolution has been is-
sued and the Company has therefore been struck off the
Register. The date of completion of the dissolution was _ the

28th day of December 2010

Michella Callendar
Liquidator



struction industry had several i
objections to how the new }
Business Licence was being }
calculated - the definition of
turnover as applied to the }
construction industry, as well :

as the rate.

Mr D’Alewyn pointed out
that while major Bahamian }
contractors might receive $50 } those wishing to fly on to the Bahamas from Miami, in the
million from a client to com- }
plete a major construction }

project, the firm in this i market.

instance was effectively act- } Seu
y i market,” said Mr Thompson.

ing as project manager.

As a result, this sum was ‘
being held in escrow, with the i eerie : : nor
majority paid out to sub-con- of Tourism is planning a workshop in Paris in March for
tractors, tradesmen and sup- }
pliers, with very little - possi- }
bly 6-7 per cent - being
retained as the major con- }
tractor’s fee. Gross profits on }
such a contract were often at :
| ioe aniuat ines ira i expressed his satisfaction with news from Canadian tour
Se aren eee lift into Nassau from Toronto, starting February 3.
is getting laid and is not enjoy- :
ing it,” Mr D’Alewyn said. } re fe :
Aue can’t pass the Lee on ; afrive into the Bahamas full, said Mr Saunders, whose com-
to consumers, because they :
will go and build somewhere }
else. The attached risks are i ;
i the total passenger capacity per week to 700.

very high, and the margins are

very low. There needs to be a
proper reflection of where we
stand in terms of profits, ;
turnover and margin. I think ;

we're getting a major shaft,
only because we’re perceived
as big money makers.”




MMe er bys

FROM page 1B

ing websites such as Expedia and Travelocity, to ensure
Bahamasair appears as a “feed through” air service for

hope of boosting bookings to this nation from the French
“Then we will have that product we can sell in the French

Mr Thompson said French tour operators have shown
great interest in selling the Corsair service, and the Ministry

Bahamian hotels, attractions and other tourism service
providers to meet French tour operators.

Satisfaction
Majestic Tours chief executive, William Saunders,
operator, Sunquest, that the tour operator is increasing air-

Currently, the tour operators charter flights in to Nassau
from Toronto on Thursday and Sundays, most of which

pany is contracted to provide transportation services for
the passengers.
In February, the flights per week will be doubled, taking

Mr Saunders said he expects this to give a big boost to not
only the transportation side of his business, but attrac-
tion/tour sales, which he is able to offer to passengers on
behalf of his company and others - such as Stuart Coves’ dive

i excursions and Island World Adventures, which offers a
; powerboat ride to Exuma for visitors.

SECURITIES COMMISSION OF THE BAHAMAS

PUBLIC NOTICE

No. 2 of 2011

20th January, 2011

Re: CROSSLANDS.CGMA BROKERS

This NOTICE is issued by the Securities Commission of The Bahamas (“the
Commission”) pursuant to Section 4(2) of the Securities Industry Act, 1999 (the
Act).

It has been brought to the attention of the Commission that CROSSLANDS/CGMA
BROKERS (Crosslands) may be carrying out activities that are registrable under
the Acts.

The general public is HEREBY ADVISED that neither Crosslands/CGMA
Brokers, its agents nor its consultants are registrants of the Securities Commission
nor have they made application for registration with the Commission. Therefore,
any conduct of registrable securities business by this company, its agents or
consultants in or from this jurisdiction is a violation of the Act. Further, if this
company in any way holds itself out as fully compliant and bona fides operating
in the securities industry from this jurisdiction, it has committed an offence and
is liable for criminal prosecution and/or regulatory sanctions under the relevant
laws of The Bahamas.

BACKGROUND

Crosslands/CGMA Brokers appears to be a company engaged in providing
investment advice and services to the public. The company is said to be offering
an investment program called SMART GRID USA and is claiming to be offering
this service from The Bahamas and trading on the over the counter market in the
United States of America.

The Commission has been unable to determine an address for this entity in this
jurisdiction. Further, the name Crosslands has been determined to be associated
with an insurance company in London, England. Further, the name CGMA has
been determined to be an acronym for Casino Management of America, a company
that is traded on the over the counter market in the United States of America.

Further, the Commission is advised that Crosslands has produced a prospectus.
The prospectus is said to speak to a program named SMART GRID USA for
licensing in this jurisdiction. The Commission states that it has not received a
prospectus from anyone that speaks to a program named SMART GRID USA for
licensing in this jurisdiction. In the circumstances, the Commission cannot verify
the authenticity of an entity named Crosslands/CGMA Brokers as existing in this
jurisdiction.

Anyone desirous of conducting securities business with Crosslands / CGMA
Brokers its agents, or its consultants, should be cognizant that they are doing
so with an unregulated entity and individuals. You are therefore strongly
urged to conduct full and proper due diligence and exercise the utmost caution
before engaging in transactions with the above named company, its agents
or its consultants.

Anyone who is already involved in transactions with the above named company,
its agents or its consultants and is concerned about these transactions should
contact Mr. Gawaine Ward,

Deputy Legal Counsel at the Securities Commission of The Bahamas
at telephone number 356-6291/2

or in writing to

P.O. Box N-8347,
Nassau, The Bahamas
or via e-mail: info@scb.gov.bs



TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM
PAGE 4B, FRIDAY, JANUARY 21, 2011

THE TRIBUNE





FOCUS ON CHI





China's hot economy
urges 10.3% in 2010



(AP Photo/Ng Han Guan)
ALTERNATIVE ENERGY: In this April 24, 2010 photo, the electric car
EK-2 from Chinese automaker Geely is displayed at the Beijing Auto
China 2010 show held in Beijing. Geely unveiled six alternative ener-
gy vehicles, some of which it said it plans to release by next year. Geely
shot to prominence abroad in March when it agreed to buy Volvo Cars
from Ford Motor Co. for $1.8 billion. The first Chinese-made car to hit
the U.S. market might be an all-electric minivan that skips over gaso-
line technology and gets a head start on the auto industry’s next era.

NOTICE

International Business Companies Act, 2000
No. 45 of 2000

TIGER LILY HOLDINGS LIMITED

Notice is hereby given in accordance with Section
138 (8) of the International Business Companies
Act, No. 45 of 2000, the Dissolution of TIGER
LILY HOLDINGS LIMITED has been completed,
a Certificate of Dissolution has been issued and the
Company has therefore been struck off the Register.
The date of completion of the dissolution was the 28"
day of December, 2010.

LEGAL NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT 2000
No.45 of 2000

BATZOR INVESTMENTS INC.

Notice is hereby given that in accordance with Section 137
(4) of the International Business Companies Act, (No. 45 of
2000), BATZOR INVESTMENTS INC., is in dissolution.
CONTINENTAL LIQUIDATORS INC. is the Liquidator and
can be contacted at 60 Market Square, P.O. Box 1906, Belize
City, Belize. 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 be-
fore 25th January, 2011

John B. Foster
Liquidator

LEGAL NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT 2000
No.45 of 2000

INBORG HOLDINGS LIMITED

Notice is hereby given that in accordance with Section 137
(4) of the International Business Companies Act, (No. 45 of
2000), INBORG HOLDINGS LIMITED, is in dissolution.
CONTINENTAL LIQUIDATORS INC. is the Liquidator and
can be contacted at 60 Market Square, P.O. Box 1906, Belize
City, Belize. 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 be-
fore 25th January, 2011

John B. Foster
Liquidator



ELAINE
KURTENBACH,

AP Business Writer
SHANGHAI

China's economy acceler-
ated in the last quarter of
2010 to expand a blockbuster
10.3 percent for the year as
its communist leaders strug-
gle to keep growth on an even
keel while cooling surging
prices.

Figures released Thursday
showed growth picking up in
the fourth quarter, to 9.8 per-
cent from 9.6 percent in July-
September, as the world’s sec-
ond-largest economy gained
momentum despite moves to
curb a torrent of investment
that is fanning politically risky
inflation.

The inflation rate was 4.6
percent in December com-
pared with a 28-month high
of 5.1 percent the month
before. That put inflation for
the full year at 3.3 percent.

The news rattled investors
who fear further moves to
dampen credit. Markets
across Asia fell, with Shang-
hai's benchmark Composite
Index sliding 2.9 percent to
2,677.65.

"The only slight decline in
inflation in December shows
just how grim the situation is
for cooling inflation,” said
Peng Yunliang, an analyst at
Shanghai Securities. "In my
view, inflation will remain a
headache for the government
in 2011."

Those pressures may force
Beijing to slow the economy
more aggressively, potentially
crimping growth in a world
increasingly dependent on
Chinese demand.

The news, coming as Chi-
nese President Hu Jintao cel-
ebrated what was viewed
back home as a triumphant
state visit to the United
States, accentuated the wide
divide between China, which
has vigorously rebounded
from the global crisis, and the
still fragile U.S. and European



a a
(AP Photo/Ng Han Guan)

SCOURING THE GARBAGE: A handicapped man scavange for resellable materials amongst garbage
accumulated along a road in Beijing, China, Thursday, Jan. 20, 2011. China’s economy accelerated in the
last quarter of 2010 to expand a blockbuster 10.3 percent for the year as its communist leaders struggle
to keep growth on an even keel while cooling surging prices.



"Should rampant liquidity drive
inflationary pressure still higher,
the policy dilemma facing the gov-
ernment will merely intensify."



economies. Echoing earlier
complaints by Beijing, the
National Statistics Bureau
commissioner, Ma Jiantang,
blamed rising prices on lax
monetary policies among
"developed economies,”
which have fanned specula-
tive demand and driven com-
modity prices higher.

But he acknowledged that
increased costs for wages,
land and other factors in Chi-
na were also pushing prices
higher.

Ma said the government
had achieved "remarkable

NOTICE

International Business Companies Act
No.45 of 2000

Pavillion Fund Limited (the “Company”)

Notice is hereby given that, in accordance with Section
138 (8) of the International Business Companies Act,
No.45 of 2000, the Dissolution of Pavillion Fund
Limited (IBC N°. 157557 B) has been completed,
a Certificate of Dissolution has been issued and the
Company has therefore been struck off the Register.
The date of completion of the dissolution was the 30°

day of December, 2010.

Alrena Moxey
Liquidator

LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

BRAMPTON SERVICES LIMITED

Notice is hereby given in accordance with Section 137 (8) of
the International Business Companies Act, (No.45 of 2000),
the Dissolution of BRAMPTON SERVICES LIMITED
has been completed, a Certificate of Dissolution has been
issued and the Company has therefore been struck off the
Register. The date of completion of the dissolution was _ the

3rd day of December 2010

Michael R Rogers
Liquidator



results" in its effort to cool
inflation, adding: "But the
price trends in 2011 cannot
be taken lightly.”

Many economists believe
China's economy remains
dangerously dependent on
investment in real estate and
construction. Such spending
shot up 23.8 percent over a
year earlier in 2010.

Stimulus

That was a big drop from
the 30.1 percent increase
fueled by stimulus spending
to counter the global crisis in
2009. But renewed lavish
lending by state-run banks
may be inflating a potentially
dangerous financial bubble
and hindering moves to bring
price increases under control,
said IHS analyst Alistair
Thornton.

"Should rampant liquidity
drive inflationary pressure still
higher, the policy dilemma
facing the government will
merely intensify,” he said,
characterizing moves to rein
in credit so far as "timid."

China's leaders, mindful of
the political turmoil brought
on by previous bouts of infla-
tion, have declared curbing
price increases a top priority.
They have hiked interest rates
twice in the past four months
and repeatedly tightened
investment curbs to keep
inflation from spreading
throughout the economy.

So far, the price hikes
appear not to have hit overall
demand for consumer goods
too hard: retail sales rose 18.4
percent in 2010 over a year
earlier, jumping 14.8 percent
when adjusted for inflation,
Ma said.

Averages incomes for city-
dwellers rose 11.5 percent in
2010 to 21,033 yuan (about

$3,200). Rural per capita
income surged nearly 15 per-
cent, but at 5,919 yuan ($900)
it lags far behind.

Recent surges in costs for
food and other basic necessi-
ties are hitting many families,
especially those living on low-
er incomes.

"My pension is just 1,700
yuan ($260) a month, and
even if it has been raised a
bit, it cannot catch up with
rising prices," said Ji Minlin, a
62-year-old retired bicycle fac-
tory worker who said she and
her friends were combing
supermarket for bargains.

"I do hope prices, especial-
ly food prices, won't rise any-
more," she said.

Many analysts say authori-
ties need to act more deci-
sively to cool surging prices,
especially as such pressures
rise around the globe.

Following news earlier this
week that the country's
biggest state-run commercial
banks splashed out nearly 240
billion yuan ($36.4 billion) in
new loans in the first 10 days
of the new year, the banking
regulator again ordered banks
to tighten risk controls and
reportedly is considering ways
to penalize banks for flouting
orders to cut back lending.

With so much money slosh-
ing around the economy,
authorities have been hard
put to get banks to rein in.

Borrowing for real estate
development and other pro-
jects is the lifeblood for the
sales by local governments of
land use rights that provide a
huge share of their revenues.
Such sales rose 70 percent in
2010, helping push property
prices 6.4 percent higher com-
pared with a year earlier.

A huge pool of nonbank
financing nearly doubled the
amount of money available
for investment last year, much
of it "off balance sheet" lend-
ing whose exact scale is
unknown. "Because of the
property bubble, risk exists
almost everywhere in China's
fragile financial system,” said
Yi Xianrong, an economist at
the Chinese Academy of
Social Sciences’ Finance
Research Center.



(AP Photo/Ng Han Guan)

TAKING A REST: Shoppers rest after shopping at a supermarket in
Beijing, China, Thursday, Jan. 20, 2011.

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

FRIDAY, JANUARY 21, 2011, PAGE 5B





NAD’s $53m spend with

: some interested parties that might be interested to do that,
? and they are doing some due diligence at this point to see if it’s
? an idea they'd like to pursue,” the NAD chief executive added.
? “There is a conversation happening, but nothing’s concluded at

Bahamian companies

FROM page 1B

redevelopment, the Airport Authori-
ty’s chairman saying yesterday that the
facility would become a “strategic
asset” for generating economic growth.

Frank Watson, the former deputy
prime minister, told the Rotary Club of
West Nassau that when the three-phase
LPIA redevelopment was completed
by end-2013, the airport would “be
able to accommodate 5.2 million pas-
sengers, almost double the current pas-
senger capacity” on an annual basis.

Adding that the redevelopment
would increase total terminal space at
LPIA by just over 21 per cent, from
the current 482,000 square feet to
585,000 square feet, Mr Watson said
phase one - construction of the new
US departures terminal - would
account for 246,500 square feet or 42
per cent “of the total footprint”. The
retail and restaurant concessions, he
added, would cover 15,000 square feet
in the new terminal.

"We've kept the design to the most
stringent standards,” Mr Watson said,
“to make sure the airport runs effi-
ciently. The airport will have the most
advanced baggage system of any US
pre-clearance facility in the world.”

The system, Mr Watson added, cost
$10 million and will be able to process
some 2,000 passenger bags per hour,
including screening them for security
purposes. Some three conveyor belts
would serve incoming flights, he said.

The Airport Authority chairman said
LPIA would possess 10 aircraft loading
bridges and four swing gates once the
expansion project was concluded, with
the international terminal seeing a 200
per cent increase in aircraft entry
points, and loading positions for
domestic flights “almost doubling” to
23.

“We will be among the most cus-
tomer friendly facilities in the hemi-
sphere. It will be one of the most

Middle East investors
in Port purchase talks

FROM page 1B



FRANK WATSON

advanced facilities in the region,” Mr
Watson pledged. “We are expanding
parking facilities to accommodate the
expected increase in traffic at the air-
port to 3,000 parking spaces, inclusive
of overflow.”

The Airport Authority chairman
added that LPIA would be “fully ener-
gy efficient” and friendly from an envi-
ronmental standpoint, employing sun
screening and roof overhangs. The
external walls will be a 50/50 mixture of
glass and solid, he said, in a bid to
reduce heat, while internal cooling
would not go above passenger height to
conserve energy.

And, given the Bahamas’ position
in the hurricane belt, the buildings at
LPIA had all been designed - and test-
ed - to withstand winds up to 150 miles
per hour.

“The redevelopment project pro-
vides us with an opportunity to create
a local sense of place,” Mr Watson
said. “We want visitors to feel they are
in the Bahamas from the moment they



disembark.” This meant ensuring an :
authentic Bahamian design, with every- :
thing to the tiles, carpets and ceiling :
inlays incorporated into this vision, }
while NAD had commissioned some }
? brand, Marriott, had expressed an interest in the project and

Free wi-fi Internet access will also : talked to NAD, but Mr Steeves said he was unable to recall who

be provided at LPIA, Mr Watson said,
adding that an average of 400 Bahami- :

an construction workers had been on

site at any time during the phase one ? become involved, since they would likely enter the picture lat-
expansion, this figure rising to 550 at er when operating partners were discussed.

$2.2 million worth of Bahamian art.

the peak.

able to sustain economic growth.”

infrastructure improvement.

plans for management of LPIA’s char-
likely to be interested in taking over

ports should the Government choose
to outsource this function, with Marsh
Harbour likely to be the first.
Acknowledging that developing
LPIA was “a work in progress”, Mr
Watson hinted that Copa Airlines was

this nation.

airspace.

Prime Minister Hubert
Ingraham is understood to
have been kept fully
informed of developments,
and one source suggested he
had been planning to speak
on events at the GBPA as
early as this week. However,
nothing has been heard
from him as yet.

Mr Gray’s involvement is
likely to be key, since he is
highly respected by all sides
and has intimate knowledge
of Grand Bahama, Hutchi-
son Whampoa, the GBPA
and its relationship with the
Government. He is on good
terms with the Haywards
and St Georges, and also
with the Prime Minister.

The latter connection is
especially important, given
the tense relationship
between the Government
and GBPA on a whole host
of issues - Hannes Babak’s
work permit; telecoms regu-
lation in Freeport; bonded
letters; and the renewal of
the business licence and real
property tax exemptions
expiring in 2015.

Neither Sir Jack, nor his
son Rick, could be contacted
for comment yesterday
despite messages being left
for the former, while Fred
Smith QC, the Callenders &
Co QC and partner, who
acts as the Bahamian attor-
ney for the St George estate,
refused to comment when
contacted by Tribune Busi-
ness.

Meanwhile, another well-
placed Freeport contact told
Tribune Business he under-
stood a Letter of Intent had
been signed between the
Haywards/St Georges and a
Dubai-based investor group,
although this newspaper has
been informed that matters
have yet to reach this stage.

“T heard a couple of nights
ago that it was a group out

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“I heard a couple of nights ago that it was a
group out of Dubai that had signed an agree-
ment with the St Georges and Haywards to
buy them out, and the Prime Minister and

Hutchison had smiled on the deal. I heard
Chris Gray was spearheading it.”

of Dubai that had signed an
agreement with the St
Georges and Haywards to
buy them out, and the Prime
Minister and Hutchison had
smiled on the deal,” the
source said. “I heard Chris
Gray was spearheading it.”
The source, though, was
uncertain about the prospec-
tive purchaser’s identity, and
whether it was Dubai Ports
World or another Middle
Eastern group backed by
financing from one of the
many royal families, princes
and sheikhs in the region.

Stakes

Tribune Business reported
last year that the Haywards
and St Georges had appoint-
ed JP Morgan to search for
a buyer for their respective
50 per cent stakes, although
Sir Jack at the same said
that efforts to sell the GBPA
would be akin to “flogging a
dead horse”.

"It's not going to be an
easy sell,” Sir Jack said then,
of his and the St George's
search for a buyer for their
respective 50 per cent stakes
in the GBPA and Port
Group Ltd.

Asked whether both
shareholders had appointed
an investment bank to seek
out the right purchaser and
filter out all the unsuitable
prospects, he added: "We
haven't at the moment.
We're considering it, but I
think they're flogging a dead
horse."

Pressed about J P Mor-

(the Act).

gan, Sir Jack then conced-
ed: "They're the front run-
ners. You're quite right.
They've already helped the
St Georges sell their power
company shares for $41 mil-
lion. In the brief they had,
they visited Freeport, did a
lot of work and got a head
start by visiting here and
looking at the place. They're
an excellent firm with a
good reputation."

Pointing out that J P Mor-
gan would want a finder's
fee and retainer to kickstart
any buyer search, Sir Jack
again reiterated his belief
they would have “a very dif-
ficult time” to find the right
purchaser. When asked
whether he felt this way
because of the global reces-
sion, he added that it was
because of "everything that
is not going on".

The GBPA is something
of an unusual asset to
acquire, because apart from
its equity stakes in numer-
ous infrastructure-related
assets such as the Grand
Bahama Development
Company and Freeport
Harbour Company (and a
host of other entities, such as
Bourbon Street Ltd, owner
of Lucaya Marketplace), it
also retains quasi-govern-
mental powers as Freeport's
regulatory and governmen-
tal authority.

Any buyer will thus have
to be of the highest repute
and integrity, especially giv-
en that they will have to
meet with the Bahamian
government's approval

the Acts.

BACKGROUND

Department.



AIRPORT HOTEL TALKS ONGOING

FROM page 1B

i this point.”

Emphasising that the talks were exploratory in nature, with
no financial or operational plans for such a hotel yet produced,
Mr Steeves indicated that NAD was still open to the idea if an
investor group wanted to pursue it.

Tribune Business had been informed by contacts familiar with
developments that a group featuring world-renowned hotel

the potential investors were.
In any case, he said the discussions were at a stage far
removed from when any major hotel brand would likely

“We’re well short of the brand involvement; we’re just talk-

“The new LPIA is not just an air- : ing to potential investors at this point,” Mr Steeves told Tribune
port,” Mr Watson said. “It is a strategic | Business.
asset for the country, enabling eco- }
nomic growth through tourism, finan- :
cial services and other forms of trade. :

“We are ina period of unprecedent- }
ed capital development for our coun- }
try. The airport, together with the four- ;
lane highway, road improvement pro- }

ject, redevelopment of the city of Nas- :

sau and relocation of the cargo port } ‘lay over’ properties, where passengers rest before catching

to Arawak Cay, is repositioning New connecting flights the following day.
Providence for success and it will be : : as ;
: en that there is no substantial * lay over’ market. Most passen-

Mr Watson added that the $409.5 i gers in transit to the Family Islands are able to catch their
million airport redevelopment proj oct ? connecting flights on the same day they arrive in Nassau, while
was the “first link in the chain” of this ? departing New Providence hotel guests can stay at their prop-
? erties prior to departure, being only a relatively short taxi ride

Confirming that Odyssey Aviation away.
was “in the process of developing” its : likely focus on targeting the meetings business generated by the
: : ? private aviation market, who may fly into Odyssey Aviation on
ee ae aien short-stay trips to Nassau, plus seek to include a substantial

: “t } retail and restaurant component.
management of other Bahamian air- }

Operating

The idea of constructing and operating a hotel at LPIA was
first floated by NAD several years ago, when plans for the
airport’s $409.5 million transformation were first presented to
the Bahamian public.

Most airport-based hotels throughout the world are typical

However, this model would be unlikely to work at LPIA, giv-

Tribune Business understands any LPIA hotel proposal will

Meanwhile, Mr Steeves said the Shell gas station being built

by BISX-listed FOCOL Holdings on the airport’s perimeter was
? due to open in early summer.

“Tt’s well under construction, and I believe the planned

: opening for that is late Spring/early summer, the May June
? timeframe. It will be quite a gas station as well, judging by the
i level of construction,” he told Tribune Business.

likely to begin flying to the Bahamas :
shortly, opening up Latin America to }

Mr Steeves said that when the $409.5 million redevelop-
ment project was completed, LPIA would be positioned to

? act asa “hub” for travellers heading to both the US and other

He added that the Government was }
also in talks with the US over estab- }
lishing a Flight Information Region }
(FIR) and taking control over its own }
? and departing travellers with a complementary first and last
? impression of this nation.

international destinations, plus the remainder of the Caribbean.

He added that, when all three redevelopment stages were
completed in late 2013, LPIA would be “on par” with the
“first class” resort product in the Bahamas, providing arriving

SECURITIES COMMISSION OF THE BAHAMAS
PUBLIC NOTICE

No. 1 of 2011

20th January, 2011

Re: ENERGY GROUP INTERNATIONAL

This NOTICE is issued by the Securities Commission of The Bahamas (“the
Commission”) pursuant to Section 4(2) of the Securities Industry Act, 1999

It has been brought to the attention of the Commission that ENERGY GROUP
INTERNATIONAL may be carrying out activities that are registrable under

The general public is HEREBY ADVISED that neither Energy Group
International, its agents nor its consultants are registrants of the Securities
Commission nor have they made application for registration with the
Commission. Therefore, any conduct of registrable securities business by this
company, its agents or consultants in or from this jurisdiction is a violation of
the Act. Further, if this company in any way holds itself out as fully compliant
and bona fides operating in the securities industry from this jurisdiction, it has
committed an offence and is liable for criminal prosecution and/or regulatory
sanctions under the relevant laws of The Bahamas.

Energy Group International appears to be a company engaged in providing
investment advice and services to the public. The company operates a website
at www.energygroupinternational.com. The website claims that the company
is located in The Bahamas at:

16 Hibiscus Way, Cable Beach
P.O. Box CB 13737
Nassau, The Bahamas

The Commission advises that there is no record of a company named Energy
Group International at the Companies Registry in the Registrar General

Anyone desirous of conducting securities business with Energy Group
International its agents, or its consultants, should be cognizant that they
are doing so with an unregulated entity and individuals. You are therefore
strongly urged to conduct full and proper due diligence and exercise the
utmost caution before engaging in transactions with the above named
company, its agents or its consultants.

Anyone who is already involved in transactions with the above named company,
its agents or its consultants and is concerned about these transactions should
contact Mr. Gawaine Ward, Deputy Legal Counsel at the Securities
Commission of The Bahamas at telephone number 397 - 4100 or in writing
to P.O. Box N-8347, Nassau, The Bahamas or via e-mail: info@scb.gov.bs


THE TRIBUNE

FRIDAY, JANUARY 21, 2011, PAGE 7B





\
N

Rescue fund head: enough |

money for Portugal, Spain





INTERNATIONAL
BUSINESS

GEIR MOULSON,
Associated Press
BERLIN

Europe's bailout fund has
enough money to cover
potential rescues of both
Portugal and much larger
Spain, while Greece doesn't
need a debt restructuring as
some investors fear, the
head of the fund insisted
Thursday.

European officials are
contemplating whether and
how to overhaul the euro750
billion ($1 trillion) fund,
which currently is able to
lend out less than the full
headline amount because of
the need to secure a top
credit rating.

Talk of an overhaul has
been prompted by fears that
possible rescues for Portu-
gal and, particularly, Spain
might overstretch the fund.

"IT don't want to predict
now whether these countries
will need money; that is not
the case at the moment, they
are in a position to refinance
themselves on the market at
the moment," Regling told
Germany's Deutschland-
funk radio.

"But if they were to come,
then there is enough mon-
ey. So there is no acute need
to increase the EFSF," or
European Financial Stabili-
ty Facility, he added.

Bailout

Eurozone governments
make their euro440 billion
contribution to the bailout
fund by guarantecing bonds
issued by Regling's EFSF.
The remaining curo310 bil-
lion come from the Euro-
pean Commission and the
International Monetary
Fund.

However, to get a triple-A
credit rating for EFSF bonds
—and make them attractive
to investors — governments
had to guarantee 120 per-

bon.



(AP Photo/Armando Franca)

EUROPE IN CRISIS: A woman walks past a sign on a supermarket window, Monday, Jan. 17 2011 in Lis-

NUNCA Rees Gm Meee tat

ATHENS, Greece

Greek doctors and dentists are holding a
24-hour walkout against proposed health
sector reforms, as pharmacists, lawyers
and state rail workers remain on strike for

a second day.

The protests are against planned changes
by the government that will end decades of
strict regulation of certain professions.

Scores of professions, including civil
engineers, architects and notaries, will be
affected by the draft law which the goy-

cent of their value, while res-
cued countries have to
deposit a certain portion of
the loans they receive "as a
cash buffer."

That takes the EFSF's
lending capacity down to
only about euro250 billion,
which many analysts say is
insufficient to deal with a
bailout of Spain.

"There may be possibili-
ties to close this gap ...
through other new mecha-
nisms, and it certainly makes
sense to consider that,"
Regling said.

Greece received a sepa-
rate rescue loan package
worth a total euro110 billion
($148 billion) before the
EFSF was established last
year.

Regling rejected sugges-
tions that Greece is headed
for a debt restructuring
despite the bailout.

"The markets do indeed
assume in their evaluation
that Greece needs a restruc-

Google co-founder Page
will he CEO in shake-up

MICHAEL LIEDTKE,
AP Technology Writer
SAN FRANCISCO

Google Inc. co-founder Larry Page
is taking over as CEO in an unex-
pected shake-up that upstaged the
Internet search leader's fourth-quarter

earnings.

Page, 37, is reclaiming the top job
from Eric Schmidt, who had been
brought in as CEO a decade ago
because Google's investors believed
the company needed a more mature

leader.

Schmidt, 55, will remain an adviser
to Page and Google's other co-
founder, Sergey Brin, as Google's

executive chairman.

vA?

NEW CEO: Goole’s Larry
Page arrives to a morning
session at the annual Allen &
Co. Media summit in Sun
Valley, Idaho, Thursday, July

The changes will be effective April 8, 2010.

4.

"In my clear opinion, Larry is ready to lead and I'm excited
about working with both him and Sergey for a long time to come,"

Schmidt said.

Page praised Schmidt, too. "There is no other CEO in the world
that could have kept such headstrong founders so deeply involved
and still run the business so brilliantly," Page said.

"Eric is a tremendous leader and I have learned innumerable

lessons from him."

The change in command overshadowed Google's fourth-quar-
ter earnings, which soared past analysts’ estimates as the compa-
ny cranked up its Internet marketing machine during the holiday

shopping season.

Google earned $2.5 billion, or $7.81 per share, during the final
three months of 2010. That's a 29 percent increase from net income
of $2 billion, or $6.13 per share, in the prior year.

Excluding stock-compensation expenses, Google says it earned
$8.75 per share. That figure topped the average analyst estimate of
$8.06 per share, according to FactSet.

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ernment says will lower fees and help
young professionals.

turing, but that is not backed
by developments — because
the program in Greece is
going well, the economic
policy conditions connected
with this credit," he said.

Reforms being pushed
through to heal Greece's
finances in the longer term
will make the economy
more dynamic, so the IMF,
European Commission and
European Central Bank
believe "that Greece doesn't
need a restructuring, that
markets are overestimating
this risk," Regling said.

Debt

Amid the simmering debt
crisis, the European Sys-
temic Risk Board — a body
created by European Union
governments last year to
look out for threats to finan-
cial stability on the conti-
nent — held its inaugural
meeting Thursday in Frank-

S2wk-Low
O.87F
8.87
4.50,
te
2.70
2.14
9,62
2.36
5.40
1.63,
1.60
5.94
7.23
CSF
S.75
1.00
5.00
9,82
10.00

Benchmark
Bahamas Waste
Fidelity Bank
Cable Bahamas
Colina Holdings

Doctor's Hospital
Famguard
Finco

Focol (S)
ICD Utilities

J. S. Johnson

S2wk-Hi S2wk-Low

Securit_y
AML Foods Limited
Bahamas Property Fund
Bank of Bahamas

Commonwealth Bank (S1)
Consolidated Water BDRs

FirstCaribbean Bank

Focol Class B Preference

Premier Real Estate
BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing basis)
Security Last Sale

Bahamas Note 6.95 (2029)
Fidelity Bank Note 17 (Series A) +
Fidelity Bank Note 22 (Series B) +
Fidelity Bank Note 13 (Series C) +
Fidelity Bank Note 15 (Series D) +
RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)

The pharmacists and lawyers are striking
for a total of three days.

Meanwhile, some 2,000 people are
demonstrating outside the Supreme Court
in Athens to back a suit by state contract
workers seeking full civil servant status.
The hearing started Thursday and a deci-
sion is expected in several months.

Debt-ridden Greece depends on foreign
loans to avoid bankruptcy.



furt. The body will be able :
to issue recommendations }
or warnings when it sees }
threats, but its chairman, }
European Central Bank }
President Jean-Claude :
Trichet, faced questions as ;
to whether they will lack }

teeth.

Trichet said institutions :



deemed to pose a risk will :
be expected to "comply or }

explain."
"We are absolutely deter-

mined to make our warnings —

and recommendations with
the maximum level of moral
authority,” he told reporters.
"But we cannot go over and
above what the legislator
has asked us to do."

The board brings together
central bankers from the
EU's 27 member nations
with market and industry
regulators.

It plans at least four meet-
ings per year, with the next
due in mid-March.

ROVAL FIDELITY

Morey an Werk

pf si

=
WHT Pn



; (AP Photo/Steven Senne)
: ON THE MARKET: A for sale sign in Millis, Mass., Monday, Jan. 10,
? 2011.

Fewer Americans buy
previously owned homes

MARTIN CRUTSINGER,
: AP Economics Writer
: WASHINGTON

: The number of Americans who bought previously owned
: homes last year fell to the lowest level in 13 years.
: But home sales in December jumped to fastest pace in sev-
; en months.
i The National Association of Realtors says sales dropped
: 4.8 percent to 4.91 million units in 2010. That was slightly low-
: er than 2008, which had been the weakest level since 1997.
Home prices have been depressed by a record number of
? foreclosures and high unemployment. Many potential buyers
? held off on purchases last year, fearful that prices hadn't bot-
: tomed out yet.
: The poor year for sales ended strong in December. Buyers
: snapped up homes at a seasonally adjusted annual rate of 5.28
: million units, an increase of 12.8 percent from November and
? the strongest sales pace since last May.
i Still, many economists believe it will take years for sales to
? rise to a normal level of around 6 million units a year. And some
? say 2011 will be even weaker than last year because more fore-
: closures are expected and home prices are likely to keep falling
: through the first six months of the year.

Foreclosure

: The foreclosure crisis has left a glut of unsold houses on the
: market. That has played a major role in lowering home prices.
i For December, the inventory of unsold homes stood at an 8.1
? months supply, down from 9.5 months supply in November.
: That represents the amount of time it would take to sell the
? remaining supply of homes on the market at the December sales
: pace. A normal inventory supply is six months.

? Even historically low mortgage rates have done little to
? boost the sales.

i The average rate on a 30-year fixed mortgage rose to 4.74 per-
cent this week from 4.71 percent the previous week, Freddie
Mac said Thursday. The average rate on the 15-year loan, a pop-
? ular refinance option, slipped to 4.05 percent from 4.08 percent.
The 30-year loan rate reached a 40-year low of 4.17 percent
? in November, and the 15-year mortgage rate fell to 3.57 percent,
? the lowest level on records dating back to 1991.

? For December, sales were up in all parts of the U.S. with the
: strongest gain a 16.7 percent increase in the West. Sales rose 13
? percent in the Northeast, 10.1 percent in the South and 11
? percent in the Midwest.

The median price for a home sold in December was $168,800,
: down 1 percent from a year ago.

NOTICE

NOTICE is hereby given that MICHAEL PIERRE of 440 N.E.
142ND STREET, NORTH MIAMI, FL 33161 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 senda written and signed statement of the facts within twenty-eight
days from the 21° day of January, 2011 to the Minister responsible
for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.



TTAL MARKETS
BROKERAGE & ADVISORY SERVICES

Clete ANT AT

THURSDAY, 20 JANUARY 2011
BISX ALL SHARE INDEX: CLOSE 1,480.08 | CHG 0.15 | %CHG 0.01 | YTD -19.43 | YTD % -1.30
FINDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%

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

10.63
4.90
0.18
2.70
21F

10.21
2.40
6.85
1.97
1.60
6.07
6.51
9,39
5.47
1.00
7.40
9,82

10.00

Symbol
BAH29
FBB17
FBB22
FBB13
FBB15

Symbol Bid @

Bahamas Supermarkets

RND Holdings

ABDAB
RND Holdings

Fund Name
CPFAL Bond Fund
CPFAL MSI Preferred Fund
CPFAL Money Market Fund
Royal Fidelity Bahamas G & | Fund

1.4076
2.8300
1.4954
2.8522
13.0484

99.4177
1.0000
1.0000.
1.0000
9.1005

10.0000
9.1708
4.8105
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

52wicHi - 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
(S1) - 3-for-1 Stock Split - Effective Date 7/11/2007

Royal Fidelity Prime Income Fund
101.6693 CFAL Global Bond Fund

CPFAL Global Equity Fund

FSG Financial Preferred Income Fund
FG Financial Growth Fund

FG Financial Diversified Fund

5.01
0.35

Previous Close Today's Close

Change Daily Vol. EPS S$ Div $ P/E
0.150
0.013
0.153

-0.877
0,168
0,016
1.050.
0.781
0,422
O.111
0.107

10.63
4.90
0.18
2.79
2.17

12t
2.40
6.85
1.94
1.60
6.07
6.51
9.39
5.48
1.00
7.40
8,82

10.00

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
0.01
0.00
0,00.

0.357
0.287
0.494
0,366
0,000
0,012
0.859
0.991

0.00.
0.00

Interest
99.46 6.95%

100.00 I. 7%

100.00 Prime + 1.75%

100.00 4 7%

100.00 Prime + 1.75%

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

29 May 2015

Ask
6.01
0.40

Last Pair Daily oc. EPSS$ Yield

-2.945
0,001

Div & PS
0.000

0.55 0,000

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

30.13.
0.45

31,59
0.55

29.00
0.55

4.540
0.002

0,000
0.000

BISX Listed Mutual Funds

NAY
1.5179
2.9474
1.5740
2.7202

13.2625
114.3684
106.5528

1.1415
1.1101
1.1428

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

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

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

Royal Fidelity Int'l Fund - Equities Sub Fund

9.7950

10.6417

9.6635
8.3979

YTD%

12.72%
-0.63%

-1.20%

-3.37%

NAV 3MTH
1.498004
2.918697
1.555464

NAV 6GMTH
1.475244
2.919946
1.538692

Last 12 Months %
6.90%
2.09%
4.44%
4.63%
-0.14%
12.49%
7.18%
5.21%
7.60%
5.90%

5.51%
2.10%
4.44%

9.98%
4.75%
4.74%
3.94%
4.78%

109,392860
100.779540

107.570619.
105.776543

4.85% 5.45%

0.50%

3.37%

8.82% 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 Meaningful
FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100



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


PAGE 8B, FRIDAY, JANUARY 21, 2011

THE TRIBUNE





WASHINGTON — Chi-
na's explosive growth has
strengthened President Hu
Jintao's bargaining hand
since he last visited Wash-
ington five years ago.

China's economy has
become the world’s second-
largest, its auto market is now
the biggest and its ranks of
Internet users exceed the
entire U.S. population. Over
the same time, the U.S. has
shed 5 million jobs, suffered a
grave financial crisis and seen
its unemployment rate dou-
ble.

No wonder an emboldened
Hu shows little inclination to
bow to the U.S. on issues
from China's currency to its
support of North Korea.

SHANGHAIT — China's
economy accelerated in the
last quarter of 2010 to expand
a blockbuster 10.3 percent
for the year. But its leaders
are struggling to keep growth
on an even keel while cooling
surging prices. The inflation
rate was 4.6 percent in
December compared with a
28-month high of 5.1 percent
the month before.

The news rattled investors
who fear further moves to
dampen credit. Markets
across Asia fell, with Shang-
hai's benchmark Composite
Index sliding 2.9 percent.

Japan's Nikkei 225 stock
average closed down 1.1 per-
cent and Hong Kong's Hang
Seng index shed 1.7 percent.
South Korea's Kospi lost 0.4
percent a day after finishing
at a new record high.

LONDON — Fears that
China will tighten its mone-

THE WEATHER REPORTIi

aL] LLL nn

(GLOBAL ECONOMIC NEWS

As s 0

(el Eb, eae eres] i) ae fe

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

(AP Photo/Carolyn Kaster)

TOP TALKS: China’s President Hu Jintao shakes hands with the Senate Foreign Relations committee
ranking Republican Sen. Richard Lugar, R-Ind., as committee chairman Sen. John Kerry, D-Mass., cen-
ter, and Senate Majority Leader Harry Reid of Nev. look on, Thursday, Jan. 20, 2011, on Capitol Hill in

Washington.

tary policy also hit stocks
hard. The FTSE 100 index of
leading British share closed
down 1.8 percent, Germany's
DAX fell 0.8 percent and the
CAC-40 in France ended
down 0.3 percent.

BERLIN — Europe's
bailout fund has enough
money to cover potential res-
cues of both Portugal and
much larger Spain, while
Greece doesn't need a debt
restructuring as some
investors fear, the head of the
fund insisted.

European officials are con-
templating whether and how
to overhaul the 750 billion
euro ($1 trillion) fund, which
currently is able to lend out
less than the full headline
amount because of the need
to secure a top credit rating.

LONDON — Consumer
confidence in the 17 coun-
tries that use the euro fell for
the second month running in
January. Households remain
reluctant to spend amid price
increases, high unemploy-
ment and austerity measures.

MADRID — Spanish
authorities will examine the
health of the troubled saving
banks in a report due by the
end of the month before
deciding how much capital to
inject in the banks, the
finance ministry said.

ATHENS, Greece —
Greek doctors and dentists
are holding a 24-hour walk-
out against proposed health
sector reforms. Pharmacists,
lawyers and state rail workers
remain on strike for a second
day.

NEW DELHI — They're
wealthy, well-traveled, cos-
mopolitan — and thirsty.
India's growing upper class
wants high-end liquors and
fine wines that define "the
good life” they've seen on
European vacations and in
Hollywood films.

BANGKOK — The value
of proposed foreign invest-
ment in Thailand dropped by
almost one-third last year
because of concerns about
political instability.



Oil falls on supplies and
concerns about China

NEW YORK

Oil prices sank Thursday on
fresh concerns that demand
could weaken if China takes
more steps to control its eco-
nomic growth.

Benchmark oil for March
delivery lost $2.22 to settle at
$89.59 a barrel on the New
York Mercantile Exchange.

New data showed China's
economy grew 9.8 percent in
the fourth quarter despite sev-
eral steps that the government
has taken to try to slow
growth and curb surging
prices. The news sent most
commodities lower as traders
speculated that China's gov-
ernment may try further mea-
sures to control inflation. Chi-
na has had a robust appetite
for commodities such as oil,
copper and soybeans as its
economy has boomed this
year while the U.S. and
Europe have seen slower
growth. "The market realizes
that they're at kind of a cross-
roads here and that they bet-
ter take steps to slow infla-
tion.because if they don't,
they're going to have real
problems," PFGBest analyst
Phil Flynn said of China.

The extent of any new
moves by the government will
be a "critical factor" for the
oil market this year, Cameron
Hanover said in a report. An
interest rate hike or increase
in reserve requirements is the
type of move that has been
"the overarching fear holding
a number of asset prices
back," the energy consultants
said. Oil prices were also
pushed down by the Energy
Department's weekly report
that showed growing US.
stockpiles of oil, gasoline and
distillates, which include heat-
ing oil and diesel fuel.

INSURANCE MANAGEMENT
(BAHAMAS) LIMITED

INSURANCE BROKERS & AGENTS

5-Day FoREcAST UV INDEX Topay

as

Spotty showers in the

afternoon
High: 83° Low: 68°

CEE me Lun ete AccuWeather RealFeel AccuWeather RealFeel AccuWeather RealFeel Pe CEC muter Luna EN CHa r Lume

83° F 67° F 80°-61° F 77°-65° F 79°-70° F 89°-75° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure,
and elevation on the human body—everything that effects how warm or cold a person feels. Temperatures reflect the high and the low for the day.
8:59 p.m.

al ! Soa . A Saturday 9:21 a.m.

9:50 p.m.

10:10 a.m.
‘ ~~
_ 8-16 knots

2
2
3
3
4
10:44 p.m. 4
11:01 a.m. e 4:59 a.m.
: 5
pT @ WEST PALM BEACH 7
* eres High: 80° F/27°C 8
a 4
am
8
mn :

as
oe

Partly sunny, a
shower; breezy
High: 78°
Low: 63°

Vv |
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Low MODERATE | HIGH

8|9/1
V. HIGH

is

Mostly sunny, breezy
and pleasant
High: 77°
Low: 67°

Te | ee

Partly sunny, breezy
and pleasant

High: 81°
ewe 71°

—_——
we

Partly cloudy with a
shower

The higher the AccuWeather UV Indexâ„¢ number, the

Partly sunny
greater the need for eye and skin protection

= ORLANDO —

High:70°F/21°C =
Low: 48° F/9°C ; mate High: 82°

Low: 71° TIDES FoR NASSAU

Seg High Ht(it.) Low

Low: 49° F/e°c

Ht (it.

Today 8:34 a.m. -0.9

-0.9

:18 a.m.
:59 p.m.

:09 a.m.
:45 p.m.

:03 a.m.
:33 p.m.

oS
wo



Statistics are for Nassau through 1 p.m. yesterday
Temperature

Sunday

So

ABACO A
High: 77° F/25° C
<1 >
Vv

Low: 66° F/19°C
10-20 knots





. 84° F/29° C
. 68° F/20° C
. 77° F/25° C
. 65° F/18° C
. 82° F/28° C

70° F/21° C

Monday

oo

a
J
Rr
FREEPORT

High: 77° F/25°C
Low: 63° F/17°C



Normal low ..

Last year's high

Last year's low
Precipitation

As of 1 p.m. yesterday
Year to date

Normal year to date ..

Tuesday 11:55 a.m. 58 a.m.

116 p.m.

So



as

11:40 p.m. :23 p.m.
Low: 59° F/15°C Wednesdayi 2:40 a.m.

12:54 p.m.

1:44 a.m.
1:59 p.m.

:02 a.m.
:14 p.m.

o



MO Nw lom lon lo

1
9

FT. LAUDERDALE
High: 81° F/27°C @
Low: 61°F/16°C

sues’ 0.00"



So

11 a.m.
:16 p.m.

Thursda'
eevee 1.14" 7

9

aa %
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AccuWeather.com

Forecasts and graphics provided by
AccuWeather, Inc. ©2011

SU Ut

A
<1 >
Vv

8-16 knots

@

MIAMI
High: 82° F/28° C
Low: 63° F/17°C

ELEUTHERA
High: 82° F/28° C

NASSAU Low: 72° F/22°C

High: 83° F/28°C

, oi °
Low: 68° F/20°C Last New First
cer" Ss ;
a

CAT ISLAND to
High: 81° F/27°C =
Low: 69° F/21°C :.

Jan. 26

os SAN SALVADOR
GREAT EXUMA

High: 83° F/28° C
High: 84° F/29°C Low: 71° F/22°C
Low: 70° F/21°C

CROOKED ISLAND / ACKLINS

High: 87° F/31°C
RAGGEDISLAND ‘ow:72°F/22°C
High: 84° F/29° C

Low: 68° F/20°C

Moonrise .... 8:
Moonset..... 8:

Sunrise...... 6:56 a.m.
Sunset....... 5:46 p.m.

KEY WEST
High: 78° F/26°C

A
Low: 65° F/18°C

8-16 knots ibe é
ae

aa
8-16 knots

ANDROS —
High: 83° F/28°C
Low: 71° F/22°C

Feb.2 Feb. 11.“ Feb. 18

Shown is today's weather. Temperatures are today's
highs and tonights's lows.

A
<1 Wt >
Vv
8-16 knots

MAYAGUANA
High: 84° F/29° C
Low:69° F/21°C

LONGISLAND
High: 83° F/28°C
Low: 70° F/21°C

SULT ial ETS aye CL tm PU

‘35, __®«

| Atlanta ° NG
| Highs:\46°F/8°C ~

Pensacola{
Highs: 54°F/12°C _

Cape. > Hatteras?

e
=
“YNN

Shown is today's
weather. Temperatures
are today's highs and

tonight's lows.

e
~~ “Charlotte
Highs: 44°F IT2S
is Charleston,
‘ Highs: g Q4PE
oS avannah NNN

+,

High3\572F/142C

“NNNNH
“NWNNN

Bermuda
Highs: 70°F/21°C

370.
VNNNNNNA
VNNNNN A

YNNNNH

—%

-
GREAT INAGUA “SX

High: 87° F/31°C A
<1 & >
Vv

Low:71° F/22°C
6-12 knots

&
¢ HoA=
Oy nO 7

A
<1 >
Vv

4-8 knots

Le Recon
2 Highs: 83°F/28°C

SING 11S SS
SENS 4/1/11

MARINE FORECAST

Santiago de Cuba _; ail

Highs: 82°F /28°C winds

SW at 10-20 Knots
W_at_ 12-25 Knots
SW at 8-16 Knots
W at 8-16 Knots

S$ at 7-14 Knots

$

VES VISIBILITY WATER TEMPS.
Fee 6 Miles 73° F
Fee! 10 Miles 73°
Fee’ 10 Mi 75°
Fee! 10 Mi ioe
Fee’ Toe

8 SW at 8-16 Knots Fee i 76°
CROOKED ISLAND Today: SSE at 6-12 Knots Feel i 78°

Sa jay: WSW at 4-8 Knots -3 Fee iles 78°
ELEUTHERA : SSW at 8-16 Knots Fee' i 74°

ABACO

Port- -au-Prince
Highs: OES 2 Cc

e e
° Santa
‘> Kingston Domingo
om NNNN . ° °
OPCS SSS Highs: 85°F/2 Highs: 87°F/31°C

NN
\NNNNNNN
soe AAS

San Juan
e Highs: 83°F/28°C
Antigua
_ Highs: 84°F/29°C

ANDROS

Highs:85°F/29°C
CAT ISLAND

| © Belize i NN
Highs: 86°F/3

Barbados
Highs: 85°F/29°C

» Trinidad
Fe

FREEPORT WSW at 8-16 Knots
WNW at 10-20 Knots
SW at 8-16 Knots
SW at 8-16 Knots
SSE at 6-12 Knots
SW at 3-6 Knots

$ at 6-12 Knots

SW at 6-12 Knots
SSE at 8-16 Knots
SW at 6-12 Knots
SSW at 8-16 Knots
WSW at 10-20 Knots
SE at 4-8 Knots
WSW at 4-8 Knots
SW at 8-16 Knots
WSW at 8-16 Knots

INSURANCE MANAGEMENT

mil (BAHAMAS) LIMITED. INSURANCE BROKERS & AGENTS

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

To"
75°
74°
74°
78°
78°
76°
76°
77°
ti
74°
74°
77°
10 Mi Tae
10 Mi tor
7 Miles 19°

9
N
N
N
N
N



“Managua .x\~:
ze Highs: 92°F/33°C

a S XN a

GREAT EXUMA



GREAT INAGUA



LONG ISLAND

Limon Y
Highs: 83°F /28° Cc



e Panama City

‘Highs: 91 °F/33°C | | MAYAGUANA



NASSAU



SS
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Stationary

SAN SALVADOR







S$
RAGGED ISLAND

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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 Rapid Strike nets fourteen suspects V olume: 107 No.49FRIDAY, JANUARY 21, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 W EATHER SHOWERSIN AFTERNOON HIGH 83F LOW 68F B y CELESTE NIXON Tribune Staff Reporter cnixon@ tribunemedia.net O PERATION Rapid Strike has been hailed a first night success with p olice making 14 arrests. According to Commissioner of Police Ellison Greenslade the operation went extremely well. Rapid Strike was launched on Wednesday evening in a continued effort by the police to reduce the escalating number of serious crimes occur ring throughout the Bahamas. Heavily-armed units were deployed to patrol hot spot areas throughout New Provi dence resulting in the arrests of 14 suspects. Commissioner Greenslade said people have been calling theo peration a breath o f fresh air, saying they are happy the police are taking back the streets. Of the 14 arrests, one person wasa rrested for illegal g un possession and a large quantity of dangerous drugs; four were in possession of dangerous drugs, two of which with the intent to supply; eight outstanding warrants for arrests were executed and one person suspected of stealing a vehicle was detained. The Commissioner said 114 names were checked for persons suspected of being involved in criminal activity. The Half Bar, on Blue Hill Road South, was also closed Pr aise as police oper ation g oes xtremely well M cCOMBO O F THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM INTODAYTRIBUNE: YOURFREE SPORTSWEEKLYSUPPLEMENT SEE page eight By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net ATTORNEY General John Delaney said he is not at all satisfied about the extent to which preliminary inquiries are used today in criminal matters. Unless there is a real need to test the evidence, Mr Delaney said preliminary investigations can prolong the legal process, adding years to criminal cases in the court system. While speaking to the media in Grand Bahama, he noted that the Office of the Attorney General conducted an analysis of the criminal justice system over the past 12 months. SEE page eight AG SAYS THERE IS ROOM F OR IMPROVEMENT IN C RIMINAL JUSTICE SYSTEM By AVA TURNQUEST Tribune Staff Reporter aturnquest@tribunemedia.net MAJOR projects at the Antiquities Monuments and Museums Corporation (AMMC agency works to regularise its manage ment. Applications for the position of director at the corporation were said to be near completion following the resigna tion of Dr Keith Tinker mid-last year. Orry J Sands, chairman of the AMMC, explained that work on restoraTHE parent company of Cable and Wireless hit back at Neville Wisdom yes terday, rejecting the former PLP MPs suggestion that it will cease to support the CARIFTA Games if its proposed acquisition of BTC does not go ahead. LIME said it was surprised by reports in the local press yesterday concerning the continuing negotiations for the staging of CARIFTA 2011. As the presenting sponsor of CARIFTA 2010 in Grand Cayman, LIME said it has already publicly committed to continue supporting the games in this capacity through to 2012. The company noted that it expressed CORONER Linda Virgill is being accused of unprofessional conduct over claims that she borrowed money from a local attorney. Bar Association President Ruth BoweDarville made the allegation yesterday after reports surfaced in a local daily that the newly appointed Coroner was being sued for $2,000 by attorney Cecil Hilton. Reports state that the sum constituted an unpaid loan. Mrs Bowe-Darville said that she was not personally made aware of the matter and noted that it would not be an issue that would come before the Bar Association unless Mrs Virgill was being sued in her capacity as an attorney. The lending is inappropriate, someone from the bench borrowing money from SEE page eight ANTIQUITIES MONUMENT S AND MUSEUMS CORPORATION PUTS MAJOR PROJECTS ON HOLD CABLE AND WIRELESS PARENT C OMPANY HITS BACK OVER CARIFTA ALLEGATIONS SEE page eight SEE page eight C ORONER ACCUSED OF UNPROFESSIONAL CONDUCT RAPID S TRIKE: Police Commissioner Ellison Greenslade MARKETSTREETROADWORKS INTHETRENCHES: Work takes place on a drainage system on Market Street yesterday. Secondary drains called gully ports are under construction to ensure drainage problems in flood prone areas are alleviated. TIMCLARKE/TRIBUNESTAFF

PAGE 2

L OCAL NEWS P AGE 2, FRIDAY, JANUARY 21, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM E MPOWERMENTprogrammes run by the Kemp Road Urban Renewal Livable Neighbourhood Centre will translate intoi ncreased employment o pportunities for area residents, officials say. These programmes were the topic of discussion this week when Urban Renewal stakeholders and charity groups met to iron outf uture plans for the centre. While specific details were not released, stakeholders are confident they will find gainful employm ent for a number of idle persons in the inner city area this year. The Urban Renewal p rogramme is a very important programme. Its a catalyst. We actually mean nothing withouty ou, Ella Lewis, Urban R enewal co-ordinator in t he Ministry of Labour and S ocial Development, told the representatives of vari ous charities in atten d ance. We can only find out w hat the needs are in the society and bring them to y our attention so those needs can be addressed. W e facilitate and go into t he community and see w ho is falling through the c racks. It is an excellent programme but we really have no budget to say John Browns house on EastS treet needs to be repaired. Heres $5,000 to go and repair John B rowns house. We do not have that. But, we do know wheret he $5,000 can be found to d o the repairs, said Ms Lewis. We have a responsibilit y to go to the homes of these people and show compassion, love and con c ern. We are the humanity in the society. In addition to that, we have a responsibility to the elderly and t o the youth. We have a responsibility to the children, who come afters chool and we try to assist them as best as we can in giving them a safe envi r onment between the hours of 3.30 and 5 in the afternoon. They can do their homework, their pro j ects and interact with other children and be safe until their parents come home. We cant do it alone. We need your help. In addition to employ m ent opportunities, par ticipants discussed strate gies for teaching the areas y outh about entrepreneur ship, particularly with regard to many in-demand technical skills such as masonry, landscaping, and home maintenance. They also discussed cre a ting new classes for young women to learn cottage industry skills such as hair braiding and craft-making. T here are a total of nine Urban Renewal Centres in New Providence, located in: Englerston, Fox Hill, Pinewood, Nassau Village, Bain and Grants Town,F arm Road, Fort Char lotte, St Cecilia, and Kemp Road. Each centre offers assis tance to those in need,w orks to strengthen and support the family unit, and provides constructivep rogrammes for young people. Urban Renewal Programme to create jobs in Kemp Road A MEETING was held to discuss plans for empowering the Kemp Road community.Represented were government departments, non-governmental organisations and local churches. LAURA TAYLOR JOHNSON is the lead pastor and organiser of Eljhays Hilltop Cottage Ministries and has been a member of the Kemp Road Urban Renewal Community partners group for the past two years.She has been trying to raise money and volunteer support to sustain a breakfast programme to feed those who cannot afford to feed them selves in the Kemp Road area. A SHLEY LEPINE executive director of Hands for Hunger, spoke about building supportf or community and charitable p rogrammes that combat poverty. U RBAN RENEWAL COORDINATOR Ella Lewis reminded partners of the important task they h ave in bringing the humanity, compassion, love, and concern to the community. T HE Bahamas Electricity Corporation (BECb ack at PLP chairman Bradley Roberts, insisting that recent power cuts were t he result of equipment c hallenges and not preplanned load shedding e xercises. Earlier this week, Mr Roberts criticised BEC for conducting planned power cuts without notifying the p ublic in advance. However, a statement r eleased by BEC yesterday said that the outages experienced by some customers during the last few weeks were the result of system i nstabilities during offpeak hours. These issues are being addressed ands hould be rectified by the weekend, the corporation said. The outage experienced ( on Wednesday) was assoc iated with generation at the Baillou Hills Power Stat ion which began around 12 noon, however, power was restored to the majority of c ustomers by 2.30pm, the statement read. Earlier in the day, a gen e rator was taken off-line to facilitate planned maintenance. In this instance, there was enough capacityt o sustain operations until the generator was returned to service. Unfortunately, there was a challenge bringing the generator back on-line. Thisr esulted in temporary serv ice disruptions. As is cus tomary, during the winter months when there is lowd emand, generators at both stations are taken off-line to facilitate necessary main t enance. But at all times, we ensure that there is sufficient generating capacity t o accommodate the entire island, BEC said. M r Roberts also claimed that the cost of running the gas turbines at the Baillou H ill Power Plant (which u ses Diesel verses Bunker C gas) is contributing sign ificantly to the escalating fuel costs experienced by BEC. "The Progressive Liberal Party demands that the g overnment come clean on the current status of BEC. The PLP also demands that the government, without delay, lay on the table the report prepared by (the energy company) Emera on t he current status of BEC," he said. He added that only two g enerators numbers 12 and 13 are operational at the Clifton Power Station which was designed to carry t he base load for New Provi dence. BEC acknowledged that t here are a number of gen erators out of service at the Clifton Pier Power Station. S everal of these units are out for planned mainte nance activities while others a re experiencing unplanned outages, the corporation said. Maintenance on one of t he generators is expected to be completed (today n ance on another is expected to be completed and returned to service byt he weekend. Steps are being taken to repair the remaining gener ators. BEC apologises for a ny inconvenience caused by the disruption and is committed to providing ac onsistent supply of elec tricity to its customers, the corporation said. BEC hits back at PLP load shedding claims UNIONS representing BTC workers are expected back in court for a hearing in their bid to block the sale of 51 per cento f the telecommunications company to Cable and Wireless ( CWC) at the end of this month. The unions the Bahamas Communications and Public Officers Union (BCPOU agers Union (BCPMU Court earlier this month. T he date for a hearing before Justice Neville Adderley has now been set for January 31. T he Bahamas Telecommunications Corporation, BTC executive chairman Julian Francis and Attorney General John Delaney are named as defendants in the writ. The unions contend that the government does not have a right to sell BTC. Hearing for BTC unions sale block bid set for end of month

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EDITOR, The Tribune. S ome were shocked at the off the script comment of t he Rt Hon Prime Minister when he went off script and commented on the ownerso f Colina/Nassau Guardian. No one seems to have been listening to the com ments from Cable & Wire less CEO, Mr Shaw twice, o nce to NB12 News and then to ZNS News he con firmed that Cable & Wire less got through the back door. T he issue is purely this Did Cable & Wireless qual ify by responding to the original RFP? Isnt it a fact they did not r espond? Seemingly when they thought the negotiations between Government and Bluewater were head ing on the rocks either they, Cable & Wireless, were approached by someone on behalf of the Privatisation Committee or they person ally made the approach, an a pproach which was favourably received a lthough possibly Govern ment had as yet not disen gaged from Bluewater? T he public wants these questions answered Mr Prime Minister we were told in 2007 election cam paign that we could trust you and your party well prove it, please. Y es Cable & Wireless probably will operate BTC w ell and we will have TV on our cells, for what that is worth, but this is a deeperi ssue, sir. W THOMPSON Nassau, January 16, 2011. EDITOR, The Tribune. I F THE January 2010 earthquake in Haiti reminded us of our vulnerability, then perhaps the current situation in our sister country, one year later, reminds us of how even the best intentions can go wrong. Despite all the international attention, thousands of vol unteers, hundreds of millions in aid and plans to rebuild, the situation in Haiti remains dire with no appreciable improvements. Perhaps a different approach is necessary. Of course immediately after a disaster of the scale that we witnessed last year, it is necessary to respond with basic aid like food, medical supplies and water to minimize the loss of life and to ensure an appreciable level of human comfort obtains. However, there has to come a point where the goal of local Haitian and especially international support turn from mere aid to self sustenance. The current lack of such focus appears to be among the fundamental problems with the approach in Haiti thus far. The effort has been to provide charity when a hand up is what is really needed. For instance, today I think it is a mistake to airlift food into Haiti and distribute it to men and women who are healthy enough to work, but simply do not because opportunities for work do not exist. The focus of international organisations should be to create micro businesses in communities that are supported by bartering in the short term. For instance, in a single community, one person might be provided with the resources to grow vegetables, anoth er person might rear chickens and perhaps another might start a security services company, while still another might start a yard clearing company and so on. After awhile persons are working, trading amongst themselves and even looking for opportunities to trade outside their small communities. It hardly makes sense to provide aid to millions of persons that will be consumed today and must be pro vided again the next day. Aid that is not targeted in a manner to promote work and sustainable results soon create a growing level of dependence and creates an even worse situation. Furthermore, as community level aid is provided in a deliberate manner to encourage entrepreneurship and create work, aid to rebuild Haitis national and commu nity level institutions should be provided. As little aid should be funneled directly through the central government as possible. For instance, construction contracts should be awarded to private businesses. The bottom line is that the aid to Haiti should be giv en in a manner that encourages work and creativity that leads to sustainable development. LYNDEN NAIRN Nassau, January 14, 2011. EDITOR, The Tribune T he last time I wrote you was about our Prime Minister taking over National S ecurity. I still believe he should assume full responsibility. But if not him maybe the Deputy Prime Minister, M r. Brent Symonette. We were very pleased about the manner in which Mr. Symonette handled this Ministry when the current Minister was away. But that is not why I am w riting you now. I agree with our Prime Minister when he said that t he owners of The Nassau G uardian were unreason able in their position on thep rivatization of BTC. By way of their coverage and editorial content they h ave encouraged the two BTC unions to oppose the Government plans to privatize. What I did not know is that Mr. Anthony Ferguson and Mr. Emanuel Alexiou had a personal interest in the sale of BTC. I did not know that they w ere one of the initial bidd ers and more surprisingly t hat they recently submitted a bid to the Prime Minister. I f The Nassau Guardian is to have any credibility it must declare its conflict of i nterests in matters upon w hich they are expressing their editorial opinions. I am disappointed in the publisher of The Nassau Guardian, Mr. Anthony Ferg uson, a person who I held i n high regard. For me and my family we will not be buying The Nass au Guardian until it clears this matter up and is more transparent. FLOYD HANNA Fox Hill, N assau, J anuary, 2011. 1 5 January 2011 EDITORIAL/LETTERS TO THE EDITOR PAGE 4, FRIDAY, JANUARY 21, 2011 THE TRIBUNE The Tribune Limited N ULLIUS ADDICTUS JURARE IN VERBA MAGISTRI B eing Bound to Swear to The Dogmas of No Master LEON E. H. DUPUCH, Publisher/Editor 1903-1914 SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon. P ublisher/Editor 1919-1972 Contributing Editor 1972-1991 E ILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. Publisher/Editor 1972P ublished Daily Monday to Saturday S hirley Street, P.O. Box N-3207, Nassau, Bahamas Insurance Management Building., P.O. F-485, Freeport, Grand Bahama W EBSITE www.tribune242.com updated daily at 2pm WASHINGTON Despite the pomp, p ageantry and vows of cooperation, tensions between the United States and China are like-l y to grow, not shrink, after President Barack Obama's summit meeting with Chinese President Hu Jintao. W hile the United States struggles with nearc hronic unemployment and a continuing hous i ng crisis, China was the first major economy to power out of the global downturn and recently passed Japan as the world's second-largest e conomy. As China gets closer to overtaking the United States economically in a decade or two, trade and currency disputes seem likely to intensify. A joint news conference Wednesday by Obama and Hu produced a rare con-c ession for a Chinese leader. Hu openly acknowledged "a lot still needs to be done in China on human rights," although he said progress had been made. B oth leaders called for a renewed effort of c ooperation on a flock of other big issues besides human rights, including trade and cur rency irritants, fighting global terrorism and tackling the international financial crisis. W hile it was in the interest of both countries for Hu and Obama to project a confidencebuilding image of mended ties after a trou-b led year for U.S.-Chinese relations, the thaw m ay be short lived. W ith neither side giving much ground, "There were some singles and doubles, but no home runs," said Michael Green, a White House adviser during the Bush administrationa nd now an analyst at the Washington-based Centre for Strategic and International Studies, using a baseball analogy to indicate the news conference produced no sensational results. G reen said the two leaders may have helped take the heat off some economic disputes, including some involving trade and investment. "But the currency issue is going to continue to flare up. On the military side, on North K orea and on human rights this summit maybe put a floor under what has been a very rough year. But it didn't solve the structural problems that are going to continue to complicate the r elationship for the next few years at least," he said. Polls show most Americans still view China's economy as more of a threat to U.S. jobs than an opening for new investments, a conception Obama sought to alter on Tuesday as he trumpeted a series of new business deals. He said the agreements would increase U.S. exports to China by more than $45 billion and support some 235,000 American jobs. N ot all were as enthusiastic as the president about the developments. While U.S. military superiority seems likely to last far longer than its economic leadership, wariness continues tog row in the United States over handling tensions on the Korean peninsula, confronting Iran over its nuclear programme, Beijing's increasingly aggressive stance in the western Pacific and accountability questions of the Peop le's Liberation Army. Sometimes there appears to be a disconnect b etween the military and civilian leaders in the one-party government. During U.S. Defense Secretary Robert G ates' visit to China this month, China's milit ary conducted a test fight of its first aircraft d esigned to evade radar, the J-20 stealth fighter, apparently catching Hu and other Chinese civilian leaders off guard. A lso of worry to the Pentagon: China's development of anti-ship missiles that could make it harder for American aircraft carriers to operate in the western Pacific. And in another area, the world's two largest e nergy users and polluters remain at odds on how best to deal with reducing worldwide greenhouse gas emissions that contribute to climate change. Obama again pressed China to e ase the government's grip on the economy, l ower barriers to imports from the U.S., crack down on the theft of U.S. technology and to stop holding down the value of its currency, the yuan, also known as the renminbi. S ince last June, when China said it was end ing what amounted to a two-year peg of its currency to the dollar, the yuan has appreciat-e d just 3 per cent against the greenback. And w hile the dollar has fallen to its weakest point a gainst the Chinese currency since 1994, the yuan "remains undervalued" and "there needs to be further adjustment in the exchange rate," Obama said. When Obama took office, hev oiced an upbeat view of US-Chinese cooperation in tackling many of the world's troubles, but his administration more recently has taken a harder-edged position, confronting China d irectly on currency manipulation, on trade and on human rights. Even Hu's attentiongrabbing concession that China still has much to do on human rights was accompanied by a caveat. "China is a developing country with a h uge population and also a developing country in a crucial stage of reform," he said. And he said China was willing to talk with the United States about the issue, but on a "basis of mutua l respect and the principle of noninterference in each other's internal affairs." And Hu is not the only one who has to play to a difficult home audience. Shortly after Obama formally welcomed Hu at the White House, several members of the new Republican-led House Foreign Affairs Committee blasted Beijing's record on human rights, military expansionism and weapons s ales at a hearing. The panel's top Democrat, Rep. Howard Berman, offered a different view. "China is neither an ally nor an enemy. It is both a com-p etitor and a partner, in foreign affairs, security and economics," he said. (This article was written by Tom Raum of the Associated Press). The Nassau Guardian and conflicts of interest LETTERS letters@tribunemedia.net US-China tensions may grow again ?D? $OOODQWVbRI :LQFKHVWHUWUHHWDOPGDOHEHWZHHQHDUVGDQG+DZNLQV+LOOf *,29$11,=$1(77$RI3257 1(:3529,'(1&(3%2;1$66$8 %$+$0$6 The public wants these questions answered, Mr Prime Minister Aid to Haiti should be given in a manner that encourages work and creativity

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P AGE 6, FRIDAY, JANUARY 21, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM By ADRIAN GIBSON ajbahama@hotmail.com IN NEARLY 38 years, Bahamasair has been grossly mismanaged and has astoundingly had 20 general managers in that time. These days, due to the proliferation of private aircraft servicing the islands, the argument that Bahamasair provides essential services to the islands is no longer germane and shows that the further usage of taxpayers monies to underwrite a failed enterprise is no longer warranted. Undoubtedly, along with BTC, Bahamasair must also be privatized. Bahamasair is not a self-sustaining entity. Over the last 37plus years, Bahamasair has proven to be a financial albatross around the necks of Bahamian taxpayers and nothing more than a failed govern ment experiment. Without question, the privatisation of Bahamasair will lead to more unnecessary union d rama! According to Minister of Public Works and Transport Neko Grant, in his contributionto the 2010/2011 Budget Debate: In the 2009/2010 budget, Bahamasair requested and received $17 million. However, a request was made this year for additional funding as a result of a reforecast of the airlines subvention requirements. In response, the Government provided additional funding in the amount of $3.5 million. This years subvention will be $16 million. I n the past, the national airline has been embroiled in scandal about the discrepancies with, and/or the unavailability of financial reports that suggests the carrier has been pillaged by some thieving some unscrupulous employees pocketing airfares and freight fees and arranging free trips for friends and family members. The national flag carrier has become synonymous with tardiness, delays, lost luggage, persons being bumped off flights to accommodate the relatives and associates of aircraft employees and horrendous customer service. Visitors and locals alike, who have experienced and complained about the crummy service provided, have modified the airlines logo to reflect its reputation of belatedness to stateif you have time to spare, fly Bahamasair. However, to be quite honest, today one must note that there has been some improvement relative to the airlines on-time performance in recent years. Because of the oil crisis in the 1970s, when British Airways and other major airlines discontinued flights, the then government decided to establish Bahamasair on June 18, 1973, following its acquisition of Out Island Airways and Flamingo Airlines. From the onset, the airline was faced by financial woes, second-rate maintenance services and a feebly configured setup that continues to plague it to this day. During the 1980s, Bahamasair unsuccessfully attempted to expand its routes to include Philadelphia, Washington, DC, and Newark. By 1989, their experiment with flights to these north-eastern US routes were unprofitable and futile, even though they have developed a niche market at several Florida-based routes and have incorporated regional routes (eg, Havana According to audited financial statements of Bahamasair Holdings Limitedyear ending June 30, 2006the company incurred a net loss of $19,919,242 and has had significant recurring losses that, up to the aforementioned date, had left the airline with a mounting deficit of $397,989,377. Furthermore, as of June 30, 2006, the airlines liabilities were in excess of its total assets by $70,006,867. In the 2007/2008 Budget, Bahamasair was once more subsidised by taxpayers and in 2008 the government allocated $11.3 million in supplementary funds to the carrier during its mid-year budgetary exercise. Bahamasair has always been an over dependent burden that relies on its government subsidy to cover expensesranging from hanger repairs, ground handling charges, engine maintenance, landing gear repairs and medical insuranceand looks to continue being that way. In his contribution to the 2010/2011 Budget, Mr Grant said that relative to Bahamasair: All industrial contracts have expired and negotiations for new contracts have commenced. Under the current circumstances, we are compelled to persuade the union leader ship that the time is here to live frugally until we turn the air line around. It is past due that Bahamasair entirely outsource less profitable routes to smaller, local carriers and instead refocus its attention on more profitable domestic and international routes. How is it profitable to continue sending DASH 8 aircraft from Nassau to CrookedI sland or Freeport to Fort Lauderdale with 15 people? What happened to the proposed purchase of smaller aircraft? Wouldnt smaller airplanes say 19 seatersbetter suit certain routes? And, why not combine some of the less profitable routes? D uring a few of my travels by Bahamasair, Ive encountered scowling, discourteous ticket agents who seem too comfortable in their government jobs to care for customers. I have rarely encountered such behaviour at the private airlines. I n a supposedly service-oriented company, why should it t ake certain bungling employees nearly an hour to sell tickets or check-in a handful of passengers? Why are certain employees always on the phone or chattering away without any recognition of waiting cust omers? What's more, when flights are delayed, I have found t hat a number of Bahamasair employees would rather con gregate and gossip at ticket counters instead of catering to the concerns of frustrated travellers. Currently, the national airl ine is over-saturated with employees and is probably used a s a cesspool for political cronies. In order to reduce Bahamasairs operating costs and prepare the airline for pri vatization, a serious downsizing exercise must be undertaken. As of April 30, 2010 the airline had 610 employees, which is unconscionable and inexplica ble considering that the fleet is so small. Whats more, this number is even harder to imagine considering the skeletal front desk staff that is usually seen at the airports poorly manned, check-in counter. In his communication, Mr Grant further noted that: As Bahamasairs operating e xpenses (particularly labour/personal emoluments followed by fuel maintenance) are very high in comparison to other carriers of similar size, I am pleased to note that reductions in terms of head count have been realized through attrition. This number has d eclined from 709 in January, 2009 to 667 as of 30 April, 2010. The industrial agreements must be negotiated to reflect significant reductions in labour costs which will be the only controllable. Fuel and maintenance on the other hand, will continue to b e determined by the equipment in operation. A dmittedly, although Bahamasair is plagued by several setbacks, it has a near perfect safety record, highly-trained pilots and a first-class website. Honestly, due to its nearly impeccable safety record, I am o ne of those Bahamians who are most comfortable when flyi ng on-board Bahamasair. That said, its time we cash in on whatever little capital the airline has left and follow Guyana, Jamaica and Trinidads lead and sell our governments failed aviation experiment to local or i nternational investors, whilst also considering becoming a p art of a regional airline service. Privatisation of Bahamasair will undoubtedly reduce the public service and our national debt, free up monies for government services, improve the airlines efficiency, foster fair competition (without Public Treasury bailouts) and lead to a general sense of dependability and satisfaction among travellers. BRING THE UNION FAT CATS TO HEEL! It is apparent that more mechanisms must be introduced to govern industrial action by unions, especially for compa-n ies and government departments that are essential services and/or are essential to the economic sustainability of the Bahamas. While unions have their value, they must not be permitted to unduly highjack any course of action. These days, it appears that u nion leadership has become seen as a means for fast-tracking a political career, using a union and its members to fulfil ones political ambitions and propel them onto the political stage. The days of Sir Randol Fawkes, a true national hero and man o f the people, when union leaders strived for better pay and w orking conditions for their memberswithout that penchant for political gamesmanshipseem to be long gone. Today, a handful of unions have merely degenerated into greedy, cash hunters seemingly i ntent on fattening the coffers of executives of the leadership w hile creating a public platform for executives to lobby them selves into the political sphere. Frankly, Ive long held the view that it shouldnt be mandatory for persons to join unions, as several are simply known for d educting monies, while offering no true representation a nd/or mediocre, dismal service. It is always perplexing how the leaders and top executives of unions are earning far moreat least one union leader purportedly makes a salary of $150,000 per annum than some placard-carrying, exploitable members who, in many instances, earn relatively modest salaries! Now is the time to privatise Bahamasair Y OUNG M AN S V IEW ADRIANGIBSON

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LOCAL NEWS THE TRIBUNE FRIDAY, JANUARY 21, 2011, PAGE 7 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM DUBAI, United Arab Emirates Associated Press THE STATE-BACKED Abu Dhabi National Energy Company says it has sold its stake in a Caribbean power venture for $320 million. The company, which goes by the name Taqa, said in a regulatory filing Wednesday the sale to its business partner Marubeni of Japan resulted in no gain or loss. Taqa bought a 50 per cent stake in Marubeni's existing Caribbean operations just under two years ago. The portfolio included majority stakes in power companies in the Bahamas and Jamaica and smaller interests on other islands. Taqa is majority owned by the oil-rich government of Abu Dhabi, the capital of the United Arab Emirates, though more than a quarter of its shares are available to the public. COMMONWEALTH Bank is lending a helpingh and to those in need by making a donation to theB ahamas Red Cross t owards its Fire Relief Fund. The Bahamas Red Cross recently provided aid to the victims of the Boxing Day fire at Alan Drive commonly known as the M ackey Yard Haitian comm unity. Commonwealth Bank is p rivileged to assist organis ations like the Bahamas R ed Cross in their mission to help people and communities impacted by nat-ural disasters and other social crises, said Ian Jennings, the newly appointed bank president. During these hard econ omic times we believe that more than ever it iso ur duty as a good corpor ate citizen to help them in their respective mission to bring relief and provide a helping hand to the increased number of individuals seeking assistance. We encourage all Bahamia ns to join together in 2011 a nd make a tangible cont ribution to a charitable o rganisation. A ccepting the cheque on b ehalf of the Bahamas Red Cross was Caroline Turnquest, director general. The organisation said its officials continue to make plans and coordinate with other stakeholders to determine the best courseo f action to provide temporary and long-term assis-t ance to residents of Macke y Yard where 120 structures went up in flames leaving hundreds homeless. The Bahamas Red Cross has already distributed food, clothing, shoes, blankets, pots, plates and h ygiene kits to the resid ents who have suffered m uch loss as a result of the f ire. T he banks community b uilding programme has also pledged Gold Sponsorship to the 39th Annual Red Cross Ball, scheduled to be held on Saturday, January 29. GOVERNOR-GENERAL Sir Arthur Foulkes is pictured (third from right Women International during a courtesy call at Government House on Wednesday, January 19, 2011. From left to right: Melvin Seymour, secretary to the Governor General; Marissa Smith, president FWI; Cyprianna Bethel; Sir Arthur; Cassandra Nottage and Rosella Armbrister. Raymond A. Bethel /BIS Commonwealth Bank gives support to the Bahamas Red Cross Fire Relief Fund Abu Dhabi's Taqa sells stake in Caribbean business COURTESYCALLSONGOVERNORGENERAL T HE ROYAL CANADIAN LEGION WORLD WAR LL ( RCL) executive committee representatives paid a cour tesy call on Governor-General Sir Arthur Foulkes at Government House on Wednesday, January 19. Pic tured from left: Melvin Seymour, secretary to the Governor-General; Lorne Varga, Dominion president RCL; P atricia Varga; Sir Arthur; Rev Matthias Munroe; Therese Canuel and Brad White, Dominion secretary RCL. ( L-R) PATRICK MCFALL Commonwealth Bank vice-president and chief financial officer, and Caroline Turnquest, Bahamas Red Cross director general. S ENATOR Dion Foulkes, Minister of Labour and Social Development, and his son Malcolm hosted a New Years party for the children of Mathew Town, Inagua on Friday, January 14. MINISTERHOSTSCHILDRENSPARTY

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tion projects such as the transformation of Centreville House also known asC ollins House has slowed down significantly since then. Mrs Sands said: Were still doing little things but its not the big jobs, the major projects. We cant really concent rate on that at the moment b ut we do have a contractor and he is doing things slowly as funds allow. Once restructuring efforts at the corporation have been completed, the next challenge will be to secure funding for t he transformation of Cent reville House into a museum. The mansion, which was b uilt by Ralph C Collins, was destroyed during the hurricane in 1929. T ransformation of the historic estate, which sprawled from Shirley Street to Wulff Road, began in 2008. At that time, the government, through the Antiquities, Monuments and Muse-u ms Corporation (AMMC partnered with consultants from the Newport Collaborative Architects (NCA to assess the viability of its adaptive reuse. T otal restoration was e xpected to take about two years. Mrs Sands said: Were moving very slowly some of the supporting structures haveb een completed, but we still need plenty money to finish it. Landscaping at the site was c ompleted by Bahamian environmental artist Antonius R oberts with consultation f rom Tanya Ferguson of the Bahamas National Trust. Native flower and fruit t rees such as madeira, horsef lesh, coco plum, joujou, sea g rape, coconut, and sour sop w ere utilized to create what was described as "an oasis within a mad setting" by the f ormer director. A replica of a Lucayan c hief's hut was also cons tructed on the grounds, along with a pond, and playground facilities. M rs Sands added: The g oal is to make it into a museu m, so we could have a prope r museum with exhibits of our history. That is the plan but that is going to take a w hile because we have to c omplete the restructuring e xercise for the management o f the corporation and then well move forward. L OCAL NEWS P AGE 8, FRIDAY, JANUARY 21, 2011 THE TRIBUNE T O DISCUSS ST ORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM on suspicion of failing to be properly licensed. Commissioner Greenslade said: The operation is currently ongoing anda ctive, we have divided New Provi d ence. One Superintendent with a large t eam has been dispatched to the eastern part of the island, while a second Super intendent with a large team of officers w ill patrol the western part, all areas will be covered. The unit will be concentrating on t rouble spots and targeted profiles, w hich include people suspected of e ngaging in unlawful activity such as murder, armed robbery, illegal firearm possession, house break-ins, stealinga nd stabbings. The Commissioner said he has been pleased with the publics positive r esponse to the operation. this commitment to the North American and Central American Confederation (NACAC Games, and emphasised that its position has not changed. This comes after Mr Wisdom, the minister of youth, sports and culture in the former PLP government, was quoted in the press on Thursday as saying while the local sports association, the BAAA, is capable of hosting the Games in the Bahamas after the first two host countries dropped out, he wonders whether LIMEs contin ued sponsorship of CARIFTA depends upon whether the sale of BTC to Cable and Wireless goes forward. Despite being told by his interviewer that a BAAA executive had already said there is no truth to this rumour, Mr Wisdom repeat ed his question. He asked: The fundamental question would be: Is the hold-up of a major sponsor for the CARIFTA games contingent on the sale of BTC to C&W? Is that whats preventing the sponsorship by LIME? And that is what needs to be answered by C&W. Mr Wisdom called on the government to allow BTC to sponsor CARIFTA in the Bahamas if LIME will not do so with no strings attached. But in its response, LIME noted that the protocol involved with the sponsorship of the Games is that the sponsor (in this case LIME as presenting sponsor) negotiates terms with the rights owners (NACAC rights holders. All other agreements for support to the host country are then a matter for discussion and agreement between NACAC and the host country. While LIME would be extremely pleased if the games were held in the Bahamas that decision rests solely with NACAC and the bidding host countries. Our commitment to sponsor these games remains in effect regardless of where the games are staged. LIME said it would also like to place on record its continued desire to do all possible to work with NACAC, the Bahamas, or any other selected host country to ensure a successful execution of the games. LIME continues to support Caribbean athletics at all levels and sees the CARIFTA games as an excellent vehicle to showcase and develop the next generation of athletes, it said. someone from the Bar who could have to appear before her, that is not professional conduct at all. She compromised the relationship between the bench and the Bar. I dont see why she would compromise that relationship between bench and Bar, Mrs BoweDarville stated. She noted that to further exacerbate the situation it is alleged that she failed to repay Mr Hilton. That is also unprofessional, she said. This is something that the Chief Justice should be concerned about. I dont know if the Chief Justice is aware of this matter. I was not made aware of it personally as it is not something that would come before the Bar Association. I have seen no complaint against her as a lawyer, it seems to be a personal thing. Attorney General John Delaney when contacted by The Tribune stated that he was not personally aware of the matter, and declined to comment on the issue. At the opening of the legal year Chief Justice Sir Michael Bar nett announced that Magistrate Linda Virgill will be assigned to the Coroner's Court to replace Magistrate William Campbell. We feel there is room for improvement. We wish to review our processes and see things that plainly are not work ing, he said. He noted that preliminary inquiries, for example, should only be conducted if there isn eed to test the evidence before the person is indicted for trial in the Supreme Court. When you use preliminary inquiries, unless you really need to test the evidence and make sure it is there before the per son is indicted for trial in the Supreme Court, then you are adding what could be years to the process. And so if that is not necessary, unless there is clearly a case for the preliminary investigation, then the matter should be moved by a Voluntary Bill of Indictment. If a true case can clearly be made up on the evidencethen we should seek to move it expe ditiously to the Supreme Court for trial. Those are some of the things we are trying to do, Mr Delaney said. I can tell you there is a Supreme Court trial going on right now which concern events that transpired in your community (on Grand Bahama That matter was brought to trial quickly. We are not going out and blowing our horn about this, but I was very pleased in October last year when a mem ber of the public noticed. We are determined to take every opportunity to get bet ter. We are exploiting every opportunity to do things differently. We are liaising with the judiciary and magistracy to see how they might do things dif ferently, and we wish to exploit the advantages of technology to become more efficient, Mr Delaney said. CENTREVILLE HOUSE also known as Collins HousePhoto/ Lamech Johnson Antiquities Monuments and Museums corporation puts major projects on hold FROM page one FROM page one FROM page one CABLE AND WIRELESS PARENT COMPANY AG SAYS THERE IS ROOM FOR IMPROVEMENT IN THE CRIMIN AL JUSTICE SYSTEM CORONER ACCUSED OF UNPROFESSIONAL CONDUCT F ROM page one FROM page one RAPID STRIKE NETS FOURTEEN SUSPECTS POLICEofficers prepare for Operation Rapid Strike on Wednesday.

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By ALISON LOWE Business Reporter A lowe@tribunemedia.net Atlantis is expecting double digit growth this year, one of its top sales execu t ives has revealed, adding that the company was very happy with the higher level of interest the resort and others saw from tour oper-a tors at this years Caribbean Marketplace trade show. Another Paradise Island hotel property, Comfort Suites, also reported a solid ly booked appointment diary for the two-day event. Jamal Glover, of Comfort Suites, said that despite a trend towards all-inclusives having hit their business somewhat, the hotel was happy with its 2010 arrivals and revenue figures. Karen Cruitt, executive director of leisure sales for Kerzner International, based at the companys Plantation, Florida, office, said: In 2010 we were up double digits over 2009, and we are anticipating growth over 2010 this year. Were trending that way now, and we expect that growth trend to continue barring any unforeseen circumstances, said Ms Cruitt, noting that double digit growth has been forecast. Asked whether any new promotional strategies will be pursued this year to push Atlantis in the tourism market, Ms Cruitt said that cus tomers are demanding value from their vacations, and the company will seek to ensure it can deliver this. We will evaluate our promotions to try to ensure they get as much value as possible to remain competitive and get our share of the business, she said. Ms Cruitt said the Caribbean Marketplace and Atlantis were definitely busier at this years event than last, which was a good sign for what the year may hold for tourism. Weve been very happy with it, she said. Mr Glover said Comfort Suites was similarly busy. We were totally booked up as far as appointments go. Weve had almost 50 appointments over two days,a nd I think thats the general consensus for everyone in the Bahamian lane. Last year it wasnt as booked out, but were feeling a resur g ence this year, he said. He added that the event and other indicators give cause for optimism to Comfort Suites that 2011 will seei mproved arrivals over 2010, SECTIONB business@tribunemedia.net FRIDAY, JANUARY 21, 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 By NEIL HARTNELL Tribune Business Editor The Nassau Airport Devel opment Company (NAD talking to potential investors still exploring the feasibility of constructing a hotel at the Lynden Pindling Internation al Airport (LPIA Business can reveal. In an exclusive interview this week, Stewart Steeves, NADs president and chief executive, confirmed that while there was nothing concrete yet, the LPIA operator was having conversa tions with potential investors interested in constructing and operating a hotel at the air port. Theres nothing formal at this point, Mr Steeves said, when asked by Tribune Business whether the hotel idea previously floated by NAD was still on the table. We are in discussions with AIRPORT HOTEL TALKS ONGOING NAD chief says nothing concrete, but talking to interested parties of investors conducting due diligence on proposal SEE page 5B By NEIL HARTN ELL Tribune Business Editor The Nassau Airport D evelopment Company (NAD million with Bahamian service providers, inclusive of $46.5 million inc onstruction contracts for the first phase of the L ynden Pindling International Airport (LPIA NADs $53m spend with Bahamian companies $46.5m of that construction contracts, with LPIA expansion to grow terminal space 21% Passenger capacity to almost double to 5.2m annually Airport to become strategic asset encouraging Bahamian economic growth S EE page 5B A MEDIA TOUR of the Airport late last year. By NEIL HARTNELL T ribune Business Editor Middle Eastern investors, b elieved to be from Dubai or Abu Dhabi, were yesterd ay said to have made a multi-million dollar offer to acquire the Grand BahamaP ort Authority (GBPA their effort being spearheaded by the FreeportC ontainer Ports chief executive. H ighly-placed sources familiar with developments confirmed to Tribune Busi-n ess that an investor group, which has as its point man C hris Gray, the former Hutchison Whampoa executive who previously headed its Grand Bahama-based Freeport Container Port and Freeport Harbour Compa-n y, had submitted a bid to the St George and Hayward families earlier this month. The negotiations are being handled in the United Kingdom, m aking it difficult to obtain lat-e st details on the t alks, especially sincen one of their advisors ist alking, but Trib une Business was i nformed that the offer had to be in by January 10, 2011, a deadline that was met. One contact suggested that the potential buyer was Dubai Ports World, the enti ty seeking to construct a $300 million deepwater porta t Mariel, Cuba, which would rival Freeport. It was also the company whose bid to acquire several key US ports, including the Port of Miami, was squashed severa l years ago by US regulators on national security grounds. An offers in. Its been confirmed to me that its in a nd theyre looking at it, one source told Tribune Business. Apparently, theH aywards and St Georges consider the offer low, but thats normal. I ndeed. In acquisitions of this nature, bidders normall y start with a relatively low offer in a bid to set the bar, before creeping higher ast alks between the two sides progress, until a price is a greed. Sir Jack Hayward said in a recent interview with the Londons Daily Mail that he valued his GBPA stake at $80 million, meaning that the entire con-c ern according to his esti mate is worth $160 million. Middle East investors in Port purchase talks Former Freeport Container Port chief said to be spearheading buyers efforts, with offer made to Hayward and St George families SEE page 5B HUBERT INGRAHAM ATLANTIS SEES DOUBLE DIGIT GROWTH IN 1 SEE page 3B By ALISON LOWE Business Reporter alowe@tribunemedia.net The bankruptcy of Gulfstream International Airlines, which took with it $500,000 of the Out Island Promotion Boards money, resulted in a positive, said the latters president, in the form of continued and easier service to the Out Islands from more major US hubs. Stephen Kappeler, president of the Out Islands Promotions Board (OIPB said that in this sense a very bad thing has turned into a very good thing for the Out Islands. Mr Kappeler spoke with Tribune Business from the floor of the Caribbean Marketplace, the regions biggest tourism trade show, which took place in Montego Bay, Jamaica. He was there representing the OIPB. Tribune Business had previously reported how the OIPB and the Bahamas Department of Immigration were revealed as two of the largest unse cured creditors in a bank ruptcy filing by Gulfstream International Airlines, a subsidiary of Continental Airlines, which provides service into the Bahamas under the name "Conti nental Connection." In an interview with this newspaper, Mr Kappeler noted that the ability to come back healthy through a re-ordering of its finances has allowed Gulf $500k Gulfstr eam loss tur ns into plus for Boar d SEE page 2B By ALISON LOWE Business Reporter a lowe@tribunemedia.net T ourism officials and a major tour operator are looking forward to thea rrival of more airlift to Nassau and Grand B ahama this year from Canada and Europe, Tribune Business has learned. E llison Tommy Thompson, deputy direct or-general and head of the Bahamas Ministry of Tourisms UK office,r evealed that new airlift will begin flying to the Bahamas direct from Milan this year, while enhanced prospects for vis-i tors from France will exist with the start of a new direct service provided byC orsair from Paris to Miami. The Milan service can fly 2 35 passengers on board a 767 jet weekly to Grand B ahama, and is being coor dinated by major Italian tour operator, Alpi Tours,f ollowing lobbying from the Ministry of Tourisms UK office. The Paris service will begin in mid-February ands ee a 747 jet fly twice weekly into Miami during the summer months, and three times weekly during winter. T he Ministry of Tourism is working with Sabre, the global distribution systemt hat feeds into travel book Tourism awaits Europe, Canada airlift increases SEE page 3B

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The adage there is a big difference between a business idea and a business o pportunity is the basis for the Business Insights session at the Bahamas Financial Services Boards (BFSB 2011 International Business& Finance Summit (IBFS The session will allow par ticipants to discuss ideas for business segments that the industry could pursue overt he next 10 years. At the same time, it will provide the forum for a panel to highlight specific cross-sectoral business o pportunities BFSB chief executive Wendy Warren said the case studies to be profiled show that successful business ven-t ures are possible by adding value to existing products and services, and by identifying linkages with other sectors. P anellists will include Tim Treharne of KPMG Global Infrastructure; Eleanor Phillips of the Nature Conservancy; Werner Gruner of J ulius Baer Bank & Trust (Bahamas er, of Winterbotham Trust Services. They will present on o pportunities in infrastruc ture investment, environ mental initiatives, South Africa and aircraft leasing. IBFS will be held at R adisson At Our Lucaya, Freeport, on January 21-23. It has attracted participation from a wide cross-section of BFSB member firms, the Government and regulators, and international experts as presenters and guests. Advantages Ms Warren said the BFSB believes advantages are on tap for early movers, including brand recognition that can be converted to significant and sustained market share. Tim Treharne is managing director, Latin America and the Caribbean, and vicechairman, KPMG Global Infrastructure. He advises on project finance, private finance initiatives, private-public partnerships and privatisations. He has spent over 25 years in banking and finance, joining KPMG seven years ago from Bank of America, where he was head of global infrastructure with responsibility for the banks infrastructure project business around the world. Eleanor Phillips is the northern Caribbean program director for the Nature Conservancy Caribbean Program. She has lead a multi-disciplinary team since 2003, working in partnership with government and non-governmental organisations in the Bahamas and Turks & Caicos to achieve effective conservation of natural resources for those countries. Werner Gruner is a pri vate banker with 10 years of experience in the sector. He joined Julius Baer Bank & Trust (Bahamas t or in 2010, after nine years at Credit Suisse. During his career at Cred it Suisse, Mr Gruner assumed functions in Zuricha nd Nassau for the private banking division, where he was a relationship manager providing comprehensive financial advice to high netw orth individuals. Ivan Hooper is deputy chief executive and senior vice-president head of business development for the Winterbotham Trust Company. He acted as an independent consultant for the Winterbotham Trust Company (Uruguay business in Peru, before joining the group full time in July 2001 as head of business development for the west coast of South Ameri ca. From August 2004, he heads up business develop ment for Winterbotham, and from January 2006 also the foreign exchange and securities division, Winterbotham International Securities. BUSINESS PAGE 2B, FRIDAY, JANUARY 21, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 3/$17(&+1,&,$1 7KH7ULEXQH 3 1DVVDX%DKDPDV ('1(<'(/9$RI6RXWK 3DOPHWWR3RLQW(OHXWKHUD%DKDPDV .(/9,12.$)250&'2:(//6 RI+,*+9(673%2;1$66$8%$+$0$6 Summit targets new business segments As part of its 20th anniversary celebrations, the CFA Society of the Bahamas (CFASB Governors of the CFA Institute (CFAI accompanied by Ralph Lehman, council representative for the SouthEast and Caribbean region. While in Nassau, Ms Franklin updated Bahamian CFASB members on CFAIs goals and strategy for the year. She is a past president of the Toronto CFA Society, and was recently named as one of Canadas Top 100 Most Powerful Women. Ms Franklin is a regular speaker to the media, and at conferences in the areas of investing, behavioural finance and private wealth. Mr Lehman is also a past president of the Tennessee society. The CFASB also honoured past presidents, who shared their experiences of serving on the societys board. The photo shows (from L to R) past presidents Kristina Fox, David Slatter, and James Nottage; Board of Governors chair Margaret Franklin; past presidents Dorian Foyiil and Christopher Dorsett; president council representative Ralph Lehman; current president, Sonia Beneby; and past president David Ramirez. Board chair visits Bahamas analysts TIM TREHARNE ELEANOR PHILLIPS WERNER GRUNER IVAN HOOPER stream to continue to provide much-needed airlift into t he Out Islands. Add to this a recent merger between United Airlines and Continental, and this now means that there will bem ore extensive, seamless airlift into the Out Islands from an expanded list of US travel hubs throughout the country. That very bad thing, in which we lost the money, has turned into a very good thing for the Out Islands, Mr Kappeler said. We used to have service with very few legsf rom Continental into the Out Islands. Now the distribution to get to us is crazy. Were getting all these other markets. W hile passengers still have to change planes in Florida to board the Gulfstream aircraft, the merger of United and Continental means that their air service will now be provided by the same company. So imagine," said Mr Kappeler. "Before what you needed to do was book, maybe US Airways from Chicago, andt hat might get you to Fort Lauderdale, but I then had to board another plane to get on Continental Gulfstream, a little subsidiary of Continental. So if I had a problem with myt icket, or I get there late, those people arent helping me because its a different airline. If I miss my flight here, well, t hats tough Charlie Now its one carrier it will be perceived by the travelling public that one carrier is going to get you all the way to theO ut Islands. It will increase peoples ability to find their way to our location, affordably, easily, efficiently, said the OIPB president, also general manager of the Cape Eleuthera resort and newly-elected vice-president of the Bahamas Hotel Asso-c iation. Continental Gulfstream currently provides service from Florida into Abaco, Andros, Bimini, Cat Island, Eleuthera and Exuma. $500k Gulfstream loss turns into plus for Board FROM page 1B Share your news The T ribune wants to hear from people who are making news in their neighbour hoods. Per haps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

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a good year but one in which the hotel had to work hard for every dollar it pulled in. Projections The projections seem to be good for 2011 for us. Weve seen some shift towards the all-inclusives,but the numbers are still looking good, said Mr Glover, suggesting that offering an all-inclusive package at the hotel may be something we will have to consider given the increased demand for this type of vacation. Andrew Neubauer, director of sales and marketing at the Sheraton Nassau Beach Resort, told Tribune Business on Monday that Starwood Hotels, the management company which operates the resort, was also looking at implementing an all-inclusive vacation option, having seen a similar package work well at its Canadian properties. He forecast "marginal growth" in business at the Cable Beach property this year. BUSINESS THE TRIBUNE FRIDAY, JANUARY 21, 2011, PAGE 3B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM ATLANTIS SEES DOUBLE DIGIT GROWTH IN 1 FROM page 1B i ng websites such as Expedia and Travelocity, to ensure Bahamasair appears as a feed through air service for those wishing to fly on to the Bahamas from Miami, in the hope of boosting bookings to this nation from the Frenchm arket. Then we will have that product we can sell in the French market, said Mr Thompson. M r Thompson said French tour operators have shown great interest in selling the Corsair service, and the Ministry o f Tourism is planning a workshop in Paris in March for Bahamian hotels, attractions and other tourism service providers to meet French tour operators. Satisfaction M ajestic Tours chief executive, William Saunders, expressed his satisfaction with news from Canadian tour operator, Sunquest, that the tour operator is increasing airlift into Nassau from Toronto, starting February 3. C urrently, the tour operators charter flights in to Nassau from Toronto on Thursday and Sundays, most of which arrive into the Bahamas full, said Mr Saunders, whose com-p any is contracted to provide transportation services for the passengers. In February, the flights per week will be doubled, taking the total passenger capacity per week to 700. Mr Saunders said he expects this to give a big boost to not o nly the transportation side of his business, but attraction/tour sales, which he is able to offer to passengers on behalf of his company and others such as Stuart Coves dive e xcursions and Island World Adventures, which offers a powerboat ride to Exuma for visitors. Tourism awaits Europe, Canada airlift increases F ROM page 1B TOURISMLANDMARK: Atlantis in Paradise Island. By NEIL HARTNELL Tribune Business Editor The Bahamian Contractors Associations (BCA dent has praised the Governments decision to hold the line on Business Licence taxes for the industry as sending positive signs for growth and reinvestment, while also preventing an increase in building prices that would have to be passed on to business and residential clients. Stephen Wrinkle, head of Wrinkle Development Company, said that maintaining the existing 0.5 per cent Business Licence tax rate for the construction sector was especially important for larger Bahamian companies bidding on major projects, and could also help to stimulate the sector and housing market something every bit as important as government revenue. Praising the Government for responding to the industrys concerns over the proposed 50 per cent increase in Business Licence tax rates to 0.75 per cent, Mr Wrinkle told Tribune Business: I think thats a very positive sign, and it will allow those contractors bidding on larger projects to work with current numbers. It would have put a cloud over those projects for the next year, because the construction sector, and the housing sector in particular, is flat. The larger companies bidding those larger projects would have had to make provisions for increases in that price and, by extension, that would have been passed on to the consumer. By holding the tax line at 0.5 per cent, it enables us to hold the line on price increases in construction, which at this time should be considered a saving. Mr Wrinkle said the Governments move could also p rovide contractors with f unds to reinvest in new e quipment and machinery. It sends a positive sign for growth and reinvestment, and at this time thats every bit as important as revenue to the Government, the BCA president added, saying contractors were still attempting to jump start the sector. Cavalier Construction had previously told Tribune Business that the 0.25 per cent rate increased it faced was equivalent to 25 per cent of its profit. Steven DAlewyn, Cavaliers chief financial officer, said the Business Licence Bill changes failed to accurately reflect the Bahamian construction industrys realities, which were that it was a high turnover, low volume and low margin industry. Under the previous Business Licence system, Cavalier paid a rate equivalent to 0.5 per cent of turnover, because its gross profit margin was less than 25 per cent. I dont know of any contractor making 25 per cent, Mr DAlewyn added. We dont get anywhere close to it. Pointing out that under the previous structure Cavalier paid a Business Licence fee of $229,000 in 2009, a sum equivalent to over 25 per cent of the bottom line, Mr DAlewyn said the reforms would see Cavalier pay $114,500 more for a total of $343,500. Margins of 7-10 per cent were more reflective of the construction industrys realities, he explained, telling Tribune Business that the construction industry had several objections to how the new Business Licence was being calculated the definition of turnover as applied to the construction industry, as well as the rate. Mr DAlewyn pointed out that while major Bahamian contractors might receive $50 million from a client to complete a major construction project, the firm in this instance was effectively acting as project manager. As a result, this sum was being held in escrow, with the majority paid out to sub-contractors, tradesmen and suppliers, with very little possibly 6-7 per cent being retained as the major contractors fee. Gross profits on such a contract were often at $2-$3 million. Some people need to be reminded of the proverb of the goose with the golden egg, because the goose is getting laid and is not enjoying it, Mr DAlewyn said. We cant pass the costs on to consumers, because they will go and build somewhere else. The attached risks are very high, and the margins are very low. There needs to be a proper reflection of where we stand in terms of profits, turnover and margin. I think were getting a major shaft, only because were perceived as big money makers. Licence tax move positive for growth and reinvesting STEPHEN W RINKLE INSIGHT For the stories behind the news, read Insight on Mondays

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ELAINE KURTENBACH, AP Business Writer SHANGHAI China's economy accelerated in the last quarter of 2010 to expand a blockbuster 10.3 percent for the year as its communist leaders struggle to keep growth on an even keel while cooling surging prices. Figures released Thursday showed growth picking up in t he fourth quarter, to 9.8 percent from 9.6 percent in JulySeptember, as the world's second-largest economy gained momentum despite moves to curb a torrent of investment that is fanning politically risky inflation. The inflation rate was 4.6 percent in December compared with a 28-month high of 5.1 percent the monthb efore. That put inflation for the full year at 3.3 percent. The news rattled investors who fear further moves to dampen credit. Markets across Asia fell, with Shanghai's benchmark Composite Index sliding 2.9 percent to 2,677.65. "The only slight decline in inflation in December shows just how grim the situation is for cooling inflation," said Peng Yunliang, an analyst at Shanghai Securities. "In my view, inflation will remain a headache for the government in 2011." Those pressures may force Beijing to slow the economy more aggressively, potentially crimping growth in a world increasingly dependent on Chinese demand. The news, coming as Chinese President Hu Jintao celebrated what was viewed back home as a triumphant state visit to the United States, accentuated the wide divide between China, which has vigorously rebounded from the global crisis, and the still fragile U.S. and European economies. Echoing earlier complaints by Beijing, the National Statistics Bureau commissioner, Ma Jiantang, blamed rising prices on lax monetary policies among "developed economies," which have fanned specula tive demand and driven commodity prices higher. But he acknowledged that increased costs for wages, land and other factors in Chi na were also pushing prices higher. Ma said the government had achieved "remarkable results" in its effort to cool inflation, adding: "But the price trends in 2011 cannot be taken lightly." Many economists believe China's economy remains dangerously dependent on investment in real estate and construction. Such spending shot up 23.8 percent over a year earlier in 2010. Stim ulus That was a big drop from the 30.1 percent increase fueled by stimulus spending to counter the global crisis in 2009. But renewed lavish lending by state-run banks may be inflating a potentially dangerous financial bubble and hindering moves to bring price increases under control, said IHS analyst Alistair Thornton. "Should rampant liquidity drive inflationary pressure still higher, the policy dilemma facing the government will merely intensify," he said, characterizing moves to rein in credit so far as "timid." China's leaders, mindful of the political turmoil brought on by previous bouts of inflation, have declared curbing price increases a top priority. They have hiked interest rates twice in the past four months and repeatedly tightened investment curbs to keep inflation from spreading throughout the economy. So far, the price hikes appear not to have hit overall demand for consumer goods too hard: retail sales rose 18.4 percent in 2010 over a year earlier, jumping 14.8 percent when adjusted for inflation, Ma said. Averages incomes for citydwellers rose 11.5 percent in 2010 to 21,033 yuan (about $3,200). Rural per capita income surged nearly 15 percent, but at 5,919 yuan ($900i t lags far behind. Recent surges in costs for food and other basic necessities are hitting many families, especially those living on lower incomes. "My pension is just 1,700 y uan ($260 even if it has been raised a bit, it cannot catch up with rising prices," said Ji Minlin, a 62-year-old retired bicycle factory worker who said she and her friends were combings upermarket for bargains. "I do hope prices, especially food prices, won't rise anymore," she said. Many analysts say authori ties need to act more deci sively to cool surging prices, especially as such pressures rise around the globe. Following news earlier this week that the country's biggest state-run commercial banks splashed out nearly 240 billion yuan ($36.4 billionn ew loans in the first 10 days of the new year, the banking regulator again ordered banks to tighten risk controls and reportedly is considering ways to penalize banks for flouting orders to cut back lending. With so much money sloshing around the economy, authorities have been hard put to get banks to rein in. Borrowing for real estate development and other pro jects is the lifeblood for the sales by local governments of land use rights that provide a huge share of their revenues. Such sales rose 70 percent in 2010, helping push property prices 6.4 percent higher compared with a year earlier. A huge pool of nonbank financing nearly doubled the amount of money available for investment last year, much of it "off balance sheet" lending whose exact scale is unknown. "Because of the property bubble, risk exists almost everywhere in China's fragile financial system," said Yi Xianrong, an economist at the Chinese Academy of Social Sciences' Finance Research Center. BUSINESS PAGE 4B, FRIDAY, JANUARY 21, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 127,&( ,QWHUQDWLRQDO%XVLQHVV&RPSDQLHV$FW 3DYLOOLRQ)XQG/LPLWHG WKH &RPSDQ\f 1RWLFHLVKHUHE\JLYHQWKDWLQDFFRUGDQFHZLWK6HFWLRQ RIWKH,QWHUQDWLRQDO%XVLQHVV&RPSDQLHV RIWKH'LVVROXWLRQRI 3DYLOOLRQ)XQG /LPLWHG ,%&1 R KDV EHHQ FRPSOHWHG D &HUWLFDWHRI'LVVROXWLRQKDVEHHQLVVXHGDQGWKH &RPSDQ\KDVWKHUHIRUHEHHQVWUXFNRIWKH5HJLVWHU 7KHGDWHRIFRPSOHWLRQRIWKHGLVVROXWLRQZDVWKHWKGD\RI'HFHPEHU $OUHQDR[H\ /LTXLGDWRU 127,&(,QWHUQDWLRQDO%XVLQHVV&RPSDQLHV 1 7,*(5/,/<+2/',1*6/,0,7('1RWLFHLVKHUHE\JLYHQLQDFFRUGDQFHZLWK6HFWLRQ RIWKH,QWHUQDWLRQDO%XVLQHVV&RPSDQLHV RIWKH'LVVROXWLRQRI 7,*(5 / ,/<+2/',1*6/,0,7(' KDV EHHQFRPSOHWHG D &HUWLFDWHRI'LVVROXWLRQKDVEHHQLVVXHGDQGWKH & RPSDQ\KDVWKHUHIRUHEHHQVWUXFNRIWKH5HJLVWHU 7KHGDWHRIFRPSOHWLRQRIWKHGLVVROXWLRQZDVWKHWKG D\ RI'HFHPEHU FOCUSONCHINA China's hot economy surges 10.3% in 2010 (AP Photo/Ng Han Guan ALTERNATIVE ENERGY: In this April 24, 2010 photo, the electric car EK-2 from Chinese automaker Geely is displayed at the Beijing Auto China 2010 show held in Beijing. Geely unveiled six alternative energy vehicles, some of which it said it plans to release by next year. Geely shot to prominence abroad in March when it agreed to buy Volvo Cars from Ford Motor Co. for $1.8 billion. The first Chinese-made car to hit the U.S. market might be an all-electric minivan that skips over gasoline technology and gets a head start on the auto industrys next era. (AP Photo/Ng Han Guan SCOURINGTHEGARBAGE: A handicapped man scavange for resellable materials amongst garbage accumulated along a road in Beijing, China, Thursday, Jan. 20, 2011. Chinas economy accelerated in the last quarter of 2010 to expand a blockbuster 10.3 percent for the year as its communist leaders strugglet o keep growth on an even keel while cooling surging prices. (AP Photo/Ng Han Guan TAKINGAREST : Shoppers rest after shopping at a supermarket in Beijing, China, Thursday, Jan. 20, 2011. "Should rampant liquidity drive inflationary pressure still higher, the policy dilemma facing the gov ernment will merely intensify."

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BUSINESS THE TRIBUNE FRIDAY, JANUARY 21, 2011, PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM some interested parties that might be interested to do that, and they are doing some due diligence at this point to see if its an idea theyd like to pursue, the NAD chief executive added. There is a conversation happening, but nothings concluded at this point. Emphasising that the talks were exploratory in nature, with no financial or operational plans for such a hotel yet produced, Mr Steeves indicated that NAD was still open to the idea if an investor group wanted to pursue it. Tribune Business had been informed by contacts familiar with d evelopments that a group featuring world-renowned hotel brand, Marriott, had expressed an interest in the project and talked to NAD, but Mr Steeves said he was unable to recall who the potential investors were. In any case, he said the discussions were at a stage far removed from when any major hotel brand would likelyb ecome involved, since they would likely enter the picture later when operating partners were discussed. Were well short of the brand involvement; were just talking to potential investors at this point, Mr Steeves told Tribune Business. O perating The idea of constructing and operating a hotel at LPIA was first floated by NAD several years ago, when plans for the airports $409.5 million transformation were first presented to the Bahamian public. Most airport-based hotels throughout the world are typical lay over properties, where passengers rest before catching connecting flights the following day. However, this model would be unlikely to work at LPIA, given that there is no substantial lay over market. Most passengers in transit to the Family Islands are able to catch their connecting flights on the same day they arrive in Nassau, while departing New Providence hotel guests can stay at their prop-e rties prior to departure, being only a relatively short taxi ride away. Tribune Business understands any LPIA hotel proposal will likely focus on targeting the meetings business generated by the private aviation market, who may fly into Odyssey Aviation on short-stay trips to Nassau, plus seek to include a substantial retail and restaurant component. Meanwhile, Mr Steeves said the Shell gas station being built by BISX-listed FOCOL Holdings on the airports perimeter was due to open in early summer. Its well under construction, and I believe the planned opening for that is late Spring/early summer, the May June timeframe. It will be quite a gas station as well, judging by the level of construction, he told Tribune Business. Mr Steeves said that when the $409.5 million redevelop ment project was completed, LPIA would be positioned to act as a hub for travellers heading to both the US and other international destinations, plus the remainder of the Caribbean. He added that, when all three redevelopment stages were completed in late 2013, LPIA would be on par with the first class resort product in the Bahamas, providing arriving and departing travellers with a complementary first and last impression of this nation. AIRPORT HOTEL TALKS ONGOING F ROM page 1B NADs $53m spend with Bahamian companies redevelopment, the Airport Authoritys chairman saying yesterday that thef acility would become a strategic asset for generating economic growth. Frank Watson, the former deputy prime minister, told the Rotary Club of West Nassau that when the three-phaseL PIA redevelopment was completed b y end-2013, the airport would be able to accommodate 5.2 million passengers, almost double the current pas-s enger capacity on an annual basis. Adding that the redevelopment would increase total terminal space atL PIA by just over 21 per cent, from the current 482,000 square feet to 5 85,000 square feet, Mr Watson said phase one construction of the new US departures terminal woulda ccount for 246,500 square feet or 42 per cent of the total footprint. The r etail and restaurant concessions, he added, would cover 15,000 square feet in the new terminal. Weve kept the design to the most stringent standards, Mr Watson said, to make sure the airport runs efficiently. The airport will have the most advanced baggage system of any USp re-clearance facility in the world. The system, Mr Watson added, cost $10 million and will be able to process some 2,000 passenger bags per hour, including screening them for securityp urposes. Some three conveyor belts would serve incoming flights, he said. The Airport Authority chairman said L PIA would possess 10 aircraft loading bridges and four swing gates once the e xpansion project was concluded, with the international terminal seeing a 200 per cent increase in aircraft entryp oints, and loading positions for domestic flights almost doubling to 2 3. We will be among the most customer friendly facilities in the hemi-s phere. It will be one of the most a dvanced facilities in the region, Mr Watson pledged. We are expanding p arking facilities to accommodate the e xpected increase in traffic at the air port to 3,000 parking spaces, inclusive o f overflow. The Airport Authority chairman added that LPIA would be fully ener-g y efficient and friendly from an envi ronmental standpoint, employing sun screening and roof overhangs. The external walls will be a 50/50 mixture of glass and solid, he said, in a bid tor educe heat, while internal cooling would not go above passenger height to conserve energy. A nd, given the Bahamas position in the hurricane belt, the buildings at L PIA had all been designed and test ed to withstand winds up to 150 miles per hour. The redevelopment project pro vides us with an opportunity to create a local sense of place, Mr Watson said. We want visitors to feel they are in the Bahamas from the moment they disembark. This meant ensuring an authentic Bahamian design, with every-t hing to the tiles, carpets and ceiling i nlays incorporated into this vision, while NAD had commissioned some $2.2 million worth of Bahamian art. Free wi-fi Internet access will also be provided at LPIA, Mr Watson said,a dding that an average of 400 Bahamian construction workers had been on site at any time during the phase onee xpansion, this figure rising to 550 at the peak. The new LPIA is not just an airp ort, Mr Watson said. It is a strategic asset for the country, enabling economic growth through tourism, finan-c ial services and other forms of trade. We are in a period of unprecedente d capital development for our country. The airport, together with the fourlane highway, road improvement pro-j ect, redevelopment of the city of Nassau and relocation of the cargo port t o Arawak Cay, is repositioning New Providence for success and it will be able to sustain economic growth. M r Watson added that the $409.5 million airport redevelopment project w as the first link in the chain of this infrastructure improvement. Confirming that Odyssey Aviation w as in the process of developing its plans for management of LPIAs charter section, Mr Watson said NAD was likely to be interested in taking over management of other Bahamian air-p orts should the Government choose to outsource this function, with Marsh Harbour likely to be the first. A cknowledging that developing LPIA was a work in progress, Mr W atson hinted that Copa Airlines was likely to begin flying to the Bahamas shortly, opening up Latin America tot his nation. He added that the Government was a lso in talks with the US over estab lishing a Flight Information Region (FIRa irspace. FROM page 1B FRANK WATSON Prime Minister Hubert Ingraham is understood to h ave been kept fully i nformed of developments, and one source suggested he had been planning to speak on events at the GBPA as early as this week. However, nothing has been heard from him as yet. Mr Grays involvement is likely to be key, since he is highly respected by all sides and has intimate knowledge of Grand Bahama, Hutchison Whampoa, the GBPA and its relationship with the Government. He is on good terms with the Haywards and St Georges, and also with the Prime Minister. The latter connection is especially important, given the tense relationship between the Government and GBPA on a whole host of issues Hannes Babaks work permit; telecoms regu lation in Freeport; bonded letters; and the renewal of the business licence and real property tax exemptions expiring in 2015. Neither Sir Jack, nor his son Rick, could be contacted for comment yesterday despite messages being left for the former, while Fred Smith QC, the Callenders & Co QC and partner, who acts as the Bahamian attor ney for the St George estate, refused to comment when contacted by Tribune Business. Meanwhile, another wellplaced Freeport contact told Tribune Business he understood a Letter of Intent had been signed between the Haywards/St Georges and a Dubai-based investor group, although this newspaper has been informed that matters have yet to reach this stage. I heard a couple of nights ago that it was a group out of Dubai that had signed an agreement with the St Georges and Haywards to buy them out, and the Prime Minister and Hutchison had smiled on the deal, the source said. I heard Chris Gray was spearheading it. The source, though, was uncertain about the prospec tive purchasers identity, and whether it was Dubai Ports World or another Middle Eastern group backed by financing from one of the many royal families, princes and sheikhs in the region. Stakes Tribune Business reported last year that the Haywards and St Georges had appointed JP Morgan to search for a buyer for their respective 50 per cent stakes, although Sir Jack at the same said that efforts to sell the GBPA would be akin to flogging a dead horse. "It's not going to be an easy sell," Sir Jack said then, of his and the St George's search for a buyer for their respective 50 per cent stakes in the GBPA and Port Group Ltd. Asked whether both shareholders had appointed an investment bank to seek out the right purchaser and filter out all the unsuitable prospects, he added: "We haven't at the moment. We're considering it, but I think they're flogging a dead horse." Pressed about J P Morgan, Sir Jack then conceded: "They're the front runners. You're quite right. They've already helped the St Georges sell their power company shares for $41 mil lion. In the brief they had, they visited Freeport, did a lot of work and got a head start by visiting here and looking at the place. They're an excellent firm with a good reputation." Pointing out that J P Morgan would want a finder's fee and retainer to kickstart any buyer search, Sir Jack again reiterated his belief they would have "a very difficult time" to find the right purchaser. When asked whether he felt this way because of the global reces sion, he added that it was because of "everything that is not going on". The GBPA is something of an unusual asset to acquire, because apart from its equity stakes in numerous infrastructure-related assets such as the Grand Bahama Development Company and Freeport Harbour Company (and a host of other entities, such as Bourbon Street Ltd, owner of Lucaya Marketplace), it also retains quasi-governmental powers as Freeport's regulatory and governmental authority. Any buyer will thus have to be of the highest repute and integrity, especially giv en that they will have to meet with the Bahamian government's approval Middle East investors in Port purchase talks FROM page 1B I heard a couple of nights ago that it was a group out of Dubai that had signed an agreement with the St Georges and Haywards to buy them out, and the Prime Minister and Hutchison had smiled on the deal. I heard Chris Gray was spear heading it.

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GEIR MOULSON, A ssociated Press BERLIN E urope's bailout fund has enough money to cover p otential rescues of both Portugal and much larger Spain, while Greece doesn'tn eed a debt restructuring as some investors fear, the h ead of the fund insisted Thursday. European officials are c ontemplating whether and how to overhaul the euro750 b illion ($1 trillion w hich currently is able to lend out less than the full headline amount because of the need to secure a top credit rating. T alk of an overhaul has been prompted by fears that possible rescues for Portu-g al and, particularly, Spain might overstretch the fund. I don't want to predict now whether these countries will need money; that is nott he case at the moment, they are in a position to refinance themselves on the market at the moment," Regling told Germany's Deutschland f unk radio. "But if they were to come, then there is enough mon ey. So there is no acute need to increase the EFSF," orE uropean Financial Stabili ty Facility, he added. Bailout Eurozone governments m ake their euro440 billion contribution to the bailout fund by guaranteeing bonds issued by Regling's EFSF. The remaining euro310 billion come from the Euro pean Commission and the International Monetary Fund. However, to get a triple-A credit rating for EFSF bonds and make them attractive to investors governments had to guarantee 120 per c ent of their value, while rescued countries have to deposit a certain portion oft he loans they receive "as a cash buffer." T hat takes the EFSF's lending capacity down to only about euro250 billion,w hich many analysts say is insufficient to deal with a bailout of Spain. "There may be possibilities to close this gap ...t hrough other new mechanisms, and it certainly makes sense to consider that," Regling said. Greece received a separ ate rescue loan package worth a total euro110 billion ($148 billion EFSF was established last year. Regling rejected suggestions that Greece is headed for a debt restructuring despite the bailout. "The markets do indeed assume in their evaluation that Greece needs a restruct uring, but that is not backed by developments because the program in Greece isg oing well, the economic policy conditions connected w ith this credit," he said. R eforms being pushed through to heal Greece's f inances in the longer term will make the economy more dynamic, so the IMF, European Commission and European Central Bank believe "that Greece doesn't need a restructuring, that markets are overestimating this risk," Regling said. Debt Amid the simmering debt crisis, the European Systemic Risk Board a body created by European Union governments last year to look out for threats to financial stability on the conti nent held its inaugural meeting Thursday in Frankf urt. The body will be able t o issue recommendations or warnings when it sees threats, but its chairman, European Central Bank President Jean-Claude Trichet, faced questions as to whether they will lack teeth. Trichet said institutions deemed to pose a risk will be expected to "comply or explain." We are absolutely determined to make our warnings and recommendations with the maximum level of moral a uthority," he told reporters. "But we cannot go over and above what the legislator has asked us to do." The board brings together central bankers from the EU's 27 member nations with market and industry regulators. It plans at least four meetings per year, with the next due in mid-March. BUSINESS THE TRIBUNE FRIDAY, JANUARY 21, 2011, PAGE 7B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.260.97AML Foods Limited1.011.010.000.1500.0406.73.96% 10.759.67Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 6 .184.50Bank of Bahamas4.904.900.000.1530.10032.02.04% 0.580.18Benchmark0.180.180.00-0.8770.000N/M0.00% 3.492.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.152.14Fidelity Bank2.172.170.000.0160.040135.61.84% 1 2.509.62Cable Bahamas10.2110.210.001.0500.3109.73.04% 2.842.36Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.40Commonwealth Bank (S1)6.856.850.000.4220.26016.23.80% 3.651.63Consolidated Water BDRs1.971.94-0.030.1110.04517.52.32% 2 .551.60Doctor's Hospital1.601.600.000.1070.11015.06.88% 6.995.94Famguard6.076.070.000.3570.24017.03.95% 1 0.207.23Finco6.516.510.008000.2870.52022.77.99% 11.408.77FirstCaribbean Bank9.399.390.000.4940.35019.03.73%5 .513.75Focol (S)5.475.480.011,0000.3660.21015.03.83% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 7 .405.00ICD Utilities7.407.400.000.0120.240616.73.24% 10.509.82J. S. Johnson9.829.820.000.8590.64011.46.52% 10.0010.00Premier Real Estate10.0010.000.000.9910.80010.18.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 9 9.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk-Hi 52wk-Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield F INDEX: CLOSE 000.00 | YTD 00.00% | 2009 -12.31%3 0 May 2013 20 November 2029THURSDAY, 20 JANUARY 2011BISX ALL SHARE INDEX: CLOSE 1,480.08 | CHG 0.15 | %CHG 0.01 | YTD -19.43 | YTD % -1.30B ISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017 7 %RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)2 9 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-23201 9 October 2022 P rime + 1.75% P rime + 1.75% 6.95%BISX LISTED & TRADED SECURITIES AS OF:7% Interest 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas Supermarkets5.016.0114.00-2.9450.000N/M0.00% 0 .550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.51221.4076CFAL Bond Fund1.51795.51%6.90%1.498004 2.94742.8300CFAL 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-10 31-Dec-10 107.570619 105.776543 30-Jun-10 30-Nov-10 NAV 6MTH 1.475244 2.919946 1.538692TO 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 30-Nov-10CFAL Securities Ltd. (Over-The-Counter Securities)30-Nov-10BISX Listed Mutual FundsNAV Date 30-Nov-10 30-Nov-10 0,&+$(/3,(55(RI 675((71257+0,$0,)/ MARTIN CRUTSINGER, AP Economics Writer WASHINGTON The number of Americans who bought previously owned homes last year fell to the lowest level in 13 years. But home sales in December jumped to fastest pace in seven months. The National Association of Realtors says sales dropped 4.8 percent to 4.91 million units in 2010. That was slightly lower than 2008, which had been the weakest level since 1997. Home prices have been depressed by a record number of foreclosures and high unemployment. Many potential buyers held off on purchases last year, fearful that prices hadn't bottomed out yet. The poor year for sales ended strong in December. Buyers snapped up homes at a seasonally adjusted annual rate of 5.28 million units, an increase of 12.8 percent from November and the strongest sales pace since last May. Still, many economists believe it will take years for sales to rise to a normal level of around 6 million units a year. And some say 2011 will be even weaker than last year because more foreclosures are expected and home prices are likely to keep falling through the first six months of the year. F or ec losur e The foreclosure crisis has left a glut of unsold houses on the market. That has played a major role in lowering home prices. For December, the inventory of unsold homes stood at an 8.1 months supply, down from 9.5 months supply in November. That represents the amount of time it would take to sell the remaining supply of homes on the market at the December sales pace. A normal inventory supply is six months. Even historically low mortgage rates have done little to boost the sales. The average rate on a 30-year fixed mortgage rose to 4.74 percent this week from 4.71 percent the previous week, Freddie Mac said Thursday. The average rate on the 15-year loan, a popular refinance option, slipped to 4.05 percent from 4.08 percent. The 30-year loan rate reached a 40-year low of 4.17 percent in November, and the 15-year mortgage rate fell to 3.57 percent, the lowest level on records dating back to 1991. F or December, sales were up in all parts of the U.S. with the strongest gain a 16.7 percent increase in the West. Sales rose 13 percent in the Northeast, 10.1 percent in the South and 11 percent in the Midwest. The median price for a home sold in December was $168,800, down 1 percent from a year ago. ATHENS, Greece G reek doctors and dentists are holding a 24-hour walkout against proposed health sector reforms, as pharmacists, lawyers a nd state rail workers remain on strike for a second day. The protests are against planned changes b y the government that will end decades of strict regulation of certain professions. Scores of professions, including civil e ngineers, architects and notaries, will be a ffected by the draft law which the government says will lower fees and help y oung professionals. The pharmacists and lawyers are striking for a total of three days. Meanwhile, some 2,000 people are demonstrating outside the Supreme Court in Athens to back a suit by state contract workers seeking full civil servant status. T he hearing started Thursday and a decis ion is expected in several months. Debt-ridden Greece depends on foreign l oans to avoid bankruptcy. MICHAEL LIEDTKE, AP Technology Writer SAN FRANCISCO Google Inc. co-founder Larry Page is taking over as CEO in an unexpected shake-up that upstaged the Internet search leader's fourth-quarter earnings. Page, 37, is reclaiming the top job from Eric Schmidt, who had been brought in as CEO a decade ago because Google's investors believed the company needed a more mature leader. Schmidt, 55, will remain an adviser to Page and Google's other cofounder, Sergey Brin, as Google's executive chairman. The changes will be effective April 4. "In my clear opinion, Larry is ready to lead and I'm excited about working with both him and Sergey for a long time to come," Schmidt said. Page praised Schmidt, too. "There is no other CEO in the world that could have kept such headstrong founders so deeply involvedand still run the business so brilliantly," Page said. "Eric is a tremendous leader and I have learned innumerable lessons from him." The change in command overshadowed Google's fourth-quarter earnings, which soared past analysts' estimates as the compa ny cranked up its Internet marketing machine during the holiday shopping season. Google earned $2.5 billion, or $7.81 per share, during the final three months of 2010. That's a 29 percent increase from net incomeof $2 billion, or $6.13 per share, in the prior year. Excluding stock-compensation expenses, Google says it earned $8.75 per share. That figure topped the average analyst estimate of $8.06 per share, according to FactSet. US AND EUROPE NEWS (AP Photo/Armando Franca EUROPEINCRISIS: A woman walks past a sign on a supermarket window, Monday, Jan. 17 2011 in Lisbon. Rescue fund head: enough money for Portugal, Spain (AP Photo/Steven Senne ONTHEMARKET: A for sale sign in Millis, Mass., Monday, Jan. 10, 2011. NEW STRIKES IN GREECE OVER LABOR REFORMS Google co-founder Page will be CEO in shake-up INTERNATIONAL BUSINESS NEWCEO: Gooles Larry Page arrives to a morning session at the annual Allen & Co. Media summit in Sun Valley, Idaho, Thursday, July 8, 2010. Fewer Americans buy previously owned homes

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BUSINESS PAGE 8B, FRIDAY, JANUARY 21, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM A NDROS CAT ISLAND ELEUTHERA MAYAGUANA S AN SALVADOR GREAT INAGUA G REAT EXUMA CROOKED ISLAND / ACKLINS LONG ISLAND ABACO Shown is today's weather. Temperatures are today's h ighs and tonights's lows. KEY WEST WEST PALM BEACH F T. LAUDERDALE TAMPA ORLANDOLow: 48F/9C Low: 49F/9C L ow: 59F/15C Low: 61F/16C Low: 63F/17C Low: 65F/18C Low: 68F/20C Low: 63F/17C High: 70F/21C High: 68F/20C High: 80F/27C High: 81F/27C High: 82F/28C High: 78F/26C High: 83F/28C Low: 66F/19C High: 77F/25C Low: 72F/22C High: 82F/28CRAGGED ISLANDLow: 68F/20C High: 84F/29C L ow: 70F/21C High: 84F/29C L ow: 69F/21C High: 81F/27C Low: 71F/22C H igh: 83F/28C Low: 72F/22C High: 87F/31C Low: 70F/21C High: 83F/28C Low: 69F/21C High: 84F/29C Low: 71F/22C H igh: 87F/31C Low: 71F/22C High: 83F/28C H igh: 77F/25CFREEPORT NASSAU MIAMI THE WEATHER REPORT 5-DA YFO RECASTSpotty showers in the afternoon Partly cloudy with a shower Partly sunny, a shower; breezy Mostly sunny, breezy and pleasant P artly sunny, breezy a nd pleasant High:8 Low:6 High:78High:77High:81 A ccuWeather RealFeel AccuWeather RealFeel AccuWeather RealFeel AccuWeather RealFeel AccuWeather RealFeelP artly sunny H igh:82L ow:63L ow:67L ow:71 A ccuWeather RealFeel 83F T he exclusive AccuWeather RealFeel Temperaturei s an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure, a nd elevation on the human bodyeverything that effects how warm or cold a person feels. Temperatures reflect the high and the low for the day. 67F 80-61F 77-65F 79-70F 89-75F L ow:71TODAYTONIGHTSATURDAYSUNDAYMONDAYTUESDAY ALMANACHigh ..................................................84F/29C L ow ....................................................68F/20C Normal high ......................................77F/25C Normal low ........................................65F/18C Last year's high ..................................82F/28CL ast year's low ..................................70F/21C As of 1 p.m. yesterday ..................................0.00" Year to date ..................................................0.46"N ormal year to date ......................................1.14" Statistics are for Nassau through 1 p.m. yesterday Temperature Precipitation SU NANDMO ON TI DESFORNA SSAU Last NewFirst F ull J an. 26Feb. 2Feb. 11Feb. 18S unrise . . . 6:56 a.m. Sunset . . . 5:46 p.m. M oonrise . . 8:00 p.m. Moonset . . 8:05 a.m. Today Saturday Sunday Monday HighHt.(ft.LowHt.(ft. 8:34 a.m.3.22:18 a.m.-0.9 8:59 p.m.2.82:59 p.m.-0.9 9:21 a.m.3.23:09 a.m.-0.9 9:50 p.m.2.93:45 p.m.-0.9 10:10 a.m.3.04:03 a.m.-0.7 10:44 p.m.2.94:33 p.m.-0.9 11:01 a.m.2.84:59 a.m.-0.6 11:40 p.m.2.85:23 p.m.-0.9 Tuesday W ednesday T hursday 11:55 a.m.2.55:58 a.m.-0.3 -----6:16 p.m.-0.7 12:40 a.m.2.87:02 a.m.0.0 12:54 p.m.2.47:14 p.m.-0.6 1 :44 a.m.2.78:11 a.m.0.1 1:59 p.m.2.28:16 p.m.-0.4 MARINEFORECAST WINDSWAVESVISIBILITYWATER TEMPS. ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU SAN SALVADOR RAGGED ISLAND Today:SW at 10-20 Knots3-6 Feet6 Miles73F Saturday:W at 12-25 Knots4-7 Feet10 Miles73F Today:SW at 8-16 Knots1-3 Feet10 Miles75F Saturday:W at 8-16 Knots1-3 Feet10 Miles75F Today:S at 7-14 Knots2-4 Feet10 Miles75F Saturday:SW at 8-16 Knots2-4 Feet7 Miles76F Today:SSE at 6-12 Knots2-4 Feet10 Miles78F Saturday:WSW at 4-8 Knots1-3 Feet7 Miles78F Today:SSW at 8-16 Knots3-5 Feet10 Miles74F Saturday:WSW at 10-20 Knots2-4 Feet10 Miles74F Today:WSW at 8-16 Knots2-4 Feet7 Miles75F Saturday:WNW at 10-20 Knots2-4 Feet7 Miles75F Today:SW at 8-16 Knots1-2 Feet10 Miles74F Saturday:SW at 8-16 Knots1-2 Feet7 Miles74F Today:SSE at 6-12 Knots1-3 Feet10 Miles78F Saturday:SW at 3-6 Knots1-2 Feet10 Miles78F Today:S at 6-12 Knots1-2 Feet10 Miles76F Saturday:SW at 6-12 Knots1-2 Feet6 Miles76F Today:SSE at 8-16 Knots4-7 Feet10 Miles77F Saturday:SW at 6-12 Knots3-6 Feet10 Miles77F Today:SSW at 8-16 Knots1-3 Feet10 Miles74F Saturday:WSW at 10-20 Knots1-3 Feet10 Miles74F Today:SE at 4-8 Knots1-3 Feet10 Miles77F Saturday:WSW at 4-8 Knots1-2 Feet10 Miles77F Today:SW at 8-16 Knots1-3 Feet10 Miles75F Saturday:WSW at 8-16 Knots1-3 Feet7 Miles75F UV INDEXTODAYThe higher the AccuWeather UV IndexTMnumber, the greater the need for eye and skin protection.Forecasts and graphics provided by A ccuWeather, Inc. AccuWeather.com H A tlanta A t l a n t a Highs: 46F/8C H i g h s : 4 6 F / 8 C Kingston K i n g s t o n Highs: 85F/29C H i g h s : 8 5 F / 2 9 C Caracas C a r a c a s Highs: 89F/32C H i g h s : 8 9 F / 3 2 C Panama City P a n a m a C i t y Highs: 91F/33C H i g h s : 9 1 F / 3 3 C Limon L i m o n Highs: 83F/28C H i g h s : 8 3 F / 2 8 C Managua Ma n a g u a Highs: 92F/33C H i g h s : 9 2 F / 3 3 C Cozumel C o z u m e l Highs: 85F/29C H i g h s : 8 5 F / 2 9 C Belize B e l i z e Highs: 86F/30C H i g h s : 8 6 F / 3 0 C C harlotte C h a r l o t t e H ighs: 44F/7C H i g h s : 4 4 F / 7 C Charleston C h a r l e s t o n Highs: 54F/12C H i g h s : 5 4 F / 1 2 C Savannah S a v a n n a h Highs: 57F/14C H i g h s : 5 7 F / 1 4 C Pensacola P e n s a c o l a Highs: 54F/12C H i g h s : 5 4 F / 1 2 C Daytona Beach D a y t o n a B e a c h Highs: 64F/18C H i g h s : 6 4 F / 1 8 C Tampa T a m p a Highs: 68F/20C H i g h s : 6 8 F / 2 0 C Freeport F r e e p o r t Highs: 77F/25C H i g h s : 7 7 F / 2 5 C Miami M i a m i Highs: 82F/28C H i g h s : 8 2 F / 2 8 C Nassau N a s s a u Highs: 83F/28C H i g h s : 8 3 F / 2 8 C Havana H a v a n a Highs: 80F/27C H i g h s : 8 0 F / 2 7 C Santiago de Cuba S a n t i a g o d e C u b a Highs: 82F/28C H i g h s : 8 2 F / 2 8 C San Juan S a n J u a n Highs: 83F/28C H i g h s : 8 3 F / 2 8 C Santa S a n t a Domingo D o m i n g o Highs: 87F/31C H i g h s : 8 7 F / 3 1 C Trinidad T r i n i d a d Tobago T o b a g o Highs: 89F/32C H i g h s : 8 9 F / 3 2 C Port-au-Prince P o r t a u P r i n c e Highs: 90F/32C H i g h s : 9 0 F / 3 2 C C ape Hatteras C a p e H a t t e r a s Highs: 48F/9C H i g h s : 4 8 F / 9 C Aruba Curacao A r u b a C u r a c a o Highs: 86F/30C H i g h s : 8 6 F / 3 0 C Antigua A n t i g u a Highs: 84F/29C H i g h s : 8 4 F / 2 9 C Barbados B a r b a d o s Highs: 85F/29C H i g h s : 8 5 F / 2 9 C B ermuda B e r m u d a Highs: 70F/21C H i g h s : 7 0 F / 2 1 C A tlanta Highs: 46F/8C Kingston Highs: 85F/29C Caracas Highs: 89F/32C Panama City Highs: 91F/33C Limon Highs: 83F/28C Managua Highs: 92F/33C Cozumel Highs: 85F/29C Belize Highs: 86F/30C C harlotte Highs: 44F/7C C harleston Highs: 54F/12C Savannah Highs: 57F/14C Pensacola Highs: 54F/12C Daytona Beach Highs: 64F/18C Tampa Highs: 68F/20C Freeport Highs: 77F/25C Miami Highs: 82F/28C Nassau Highs: 83F/28C Havana Highs: 80F/27C Santiago de Cuba Highs: 82F/28C San Juan Highs: 83F/28C Santa Domingo Highs: 87F/31C Trinidad Tobago Highs: 89F/32C Port-au-Prince Highs: 90F/32C Cape Hatteras Highs: 48F/9C Aruba Curacao Highs: 86F/30C Antigua Highs: 84F/29C Barbados Highs: 85F/29C B ermuda Highs: 70F/21C INSURANCEMANAGEMENTTRACKINGMAP Showers Warm Cold Stationary Rain T-storms Flurries Snow IceShown is today's weather. Temperatures are today's highs and t onight's lows. N S EW S E 8-16 knots N S EW S E 10-20 knots N S EW S E 8-16 knots N S EW S E 8-16 knots N S EW S E 8-16 knots N S EW S E 6-12 knots N S EW S E 4-8 knots N S EW S E 8-16 knots WASHINGTON China's explosive growth has strengthened President Hu Jintao's bargaining hand since he last visited Washington five years ago. China's economy has become the world's secondlargest, its auto market is now the biggest and its ranks of Internet users exceed the entire U.S. population. Over the same time, the U.S. has shed 5 million jobs, suffered a grave financial crisis and seen its unemployment rate double. No wonder an emboldened Hu shows little inclination to bow to the U.S. on issues from China's currency to its support of North Korea. ___ SHANGHAI China's economy accelerated in the last quarter of 2010 to expand a blockbuster 10.3 percent for the year. But its leaders are struggling to keep growth on an even keel while cooling surging prices. The inflation rate was 4.6 percent in December compared with a 28-month high of 5.1 percent the month before. The news rattled investors who fear further moves to dampen credit. Markets across Asia fell, with Shanghai's benchmark Composite Index sliding 2.9 percent. J apan's Nikkei 225 stock average closed down 1.1 percent and Hong Kong's Hang Seng index shed 1.7 percent. S outh Korea's Kospi lost 0.4 percent a day after finishing at a new record high. ___ LONDON Fears that China will tighten its mone tary policy also hit stocks hard. The FTSE 100 index of leading British share closed down 1.8 percent, Germany's DAX fell 0.8 percent and the CAC-40 in France ended down 0.3 percent. ___ BERLIN Europe's bailout fund has enough money to cover potential rescues of both Portugal and much larger Spain, while Greece doesn't need a debt restructuring as some investors fear, the head of the fund insisted. European officials are contemplating whether and how to overhaul the 750 billion euro ($1 trillion currently is able to lend out less than the full headline amount because of the need to secure a top credit rating. ___ LONDON Consumer confidence in the 17 countries that use the euro fell for the second month running in January. Households remain reluctant to spend amid price increases, high unemployment and austerity measures. ___ MADRID Spanish authorities will examine theh ealth of the troubled saving banks in a report due by the end of the month before deciding how much capital to inject in the banks, the finance ministry said. ___ ATHENS, Greece Greek doctors and dentists are holding a 24-hour walkout against proposed health sector reforms. Pharmacists, lawyers and state rail workers remain on strike for a second day. ___ NEW DELHI They're wealthy, well-traveled, cosmopolitan and thirsty. India's growing upper class wants high-end liquors and fine wines that define "the good life" they've seen on European vacations and in Hollywood films. ___ BANGKOK The value of proposed foreign investment in Thailand dropped by almost one-third last year because of concerns about political instability. N EW YORK Oil prices sank Thursday on fresh concerns that demand c ould weaken if China takes more steps to control its economic growth. Benchmark oil for March delivery lost $2.22 to settle at$ 89.59 a barrel on the New York Mercantile Exchange. New data showed China's economy grew 9.8 percent in t he fourth quarter despite several steps that the government has taken to try to slow growth and curb surging prices. The news sent most commodities lower as traders speculated that China's government may try further measures to control inflation. Chin a has had a robust appetite for commodities such as oil, copper and soybeans as its economy has boomed this year while the U.S. and Europe have seen slower growth. "The market realizes that they're at kind of a crossroads here and that they bett er take steps to slow inflation.because if they don't, they're going to have real p roblems," PFGBest analyst P hil Flynn said of China. The extent of any new m oves by the government will be a "critical factor" for the o il market this year, Cameron Hanover said in a report. An i nterest rate hike or increase in reserve requirements is thet ype of move that has been the overarching fear holding a number of asset pricesb ack," the energy consultants said. Oil prices were also p ushed down by the Energy Department's weekly report t hat showed growing U.S. stockpiles of oil, gasoline andd istillates, which include heating oil and diesel fuel. G LOBAL E CONOMIC N EWS A SSOCIATED P RESS A look at economic developments and activity in major stock m arkets around the world Thursday: (AP Photo/Carolyn Kaster TOP TALKS: Chinas President Hu Jintao shakes hands with the Senate Foreign Relations committee ranking Republican Sen. Richard Lugar, R-Ind., as committee chairman Sen. John Kerry, D-Mass., center, and Senate Majority Leader Harry Reid of Nev. look on, Thursday, Jan. 20, 2011, on Capitol Hill in Washington. Oil falls on supplies and concerns about China