Citation
The Tribune.

Material Information

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

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

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

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University of Florida
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University of Florida
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Full Text
PAGE 8B, FRIDAY, JANUARY 28, 2011

THE TRIBUNE



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TR ET ;



(AP Photo/Rick Bowmer)

2010, in Portland, Ore. Oil prices slipped toward $82 a barrel Thurs-
day, pausing from a rally that lifted the commodity to a three-month

ings.
NEW YORK

Oil prices fell Thursday on a batch of disappointing economic
news.

a barrel on the New York Mercantile Exchange.
The Commerce Department said durable goods orders, exclud-

ances.

In addition, the Labor Department said the number of Ameri-
cans applying for unemployment benefits rose last week.

The possibility China may raise interest rates or take other
tightening measures before Lunar New Year holidays begin next
week also kept a lid on oil prices.

"There is still a strong probability that China's central bank
will raise interest rates or increase reserve requirements again to
cool economic growth there," energy consultants Cameron
Hanover said in a report.

piles of oil and gasoline rose more than expected last week.

Crude supplies expanded by 4.8 million barrels to 340.6 million posted its first deficit since the

? program was last overhauled

cent. Supplies of distillate fuel, which includes diesel and heating in the 1980s. The CBO said
} at the time that Social Securi-
"Prices will likely remain within a $80-$95 trading range ... with : ty Would post surpluses for a

the downside bias becoming more noticeable during the beginning i few more years before per-

? manently slipping into deficits

period," said senior commodity analyst Edward Meir at MF Glob- : in 2016.

barrels. Gasoline supplies rose by 2.4 million barrels to 230.1 mil-
lion barrels, while demand in the past four weeks increased 1.1 per-

oil, declined by 100,000 barrels to 165.7 million barrels.

of the second quarter when crude enters it seasonally weaker

al in New York.

In other Nymex contracts for February contracts, heating oil lost i
: the Social Security trust funds
? are exhausted in 2037.

Natural gas futures for March gave up 18.2 cents, or 4 percent, :

1.62 cents to settle at $2.6551 a gallon and gasoline gave up 4.34
cents to settle at $2.4132 a gallon.

to settle at $4.319 per 1,000 cubic feet. Natural gas prices fell as win-
ter headed into its final months with plenty of gas still on hand

parts of the U.S., but some forecasts see temperatures moderating
around mid-February. That has created some uncertainty about
how much more natural gas will be used before spring and warmer
weather arrive.

on the ICE Futures exchange.

STOCKS EDGE HIGHER AFTER
MIXED EARNINGS REPORTS

NEW YORK
A surprise jump in applications for unemployment benefits

a short leash Thursday. Indexes ended slightly higher, with
the Standard & Poor's 500 closing a half point below 1,300.

The Dow Jones industrial average traded above 12,000 for
most of the day but failed to close above that level for the
second day in a row. The Dow hasn't closed above 12,000
since June 19, 2008, just as the financial crisis was worsening.

Procter & Gamble Co., the maker of consumer products
like Tide detergent, fell 2.9 percent, the largest drop among the
30 companies that make up the Dow Jones average. P&G said
rising commodity prices are pinching its profits.

AT&T Inc. fell 2 percent after saying that new wireless con-
tracts fell to the lowest level in more than five years. Caterpil-
lar Inc. rose 0.9 percent after its fourth-quarter profit quadru-

equipment.

The S&P 500 rose 2.91 points, or 0.2 percent, to close at
1,299.54. The last time the index closed above 1,300 was Aug.
28, 2008.

The Dow inched up 4.39 points, or 0.1 percent, to close at

first time since June 2008 but slipped in the late afternoon.

ewels

the

ee Cd

Social Security to

Social Security will post

nearly $600 billion in deficits
? over the next decade as the
? economy struggles to recov-
: : ier and millions of baby
Benchmark oil for March delivery lost $1.69 to settle at $85.64 : boomers stand at the brink of
? retirement, according to new

ing transportation, rose just 0.5 percent last month following a i congressional projections.

much stronger 4.5 percent November increase. Yet overall demand

for durables fell for a second straight month. Durable goods are fac- : Security is projected to col-

tory products expected to be used for at least three years, like appli-_: lect $45 billion less in payroll
? taxes than it pays out in retire-
? ment, disability and survivor
? benefits, the nonpartisan Con-
? gressional Budget Office said
i Wednesday. That figure
? swells to $130 billion when a
? new one-year cut in payroll
i taxes is included, though Con-
? gress has promised to repay
? any lost revenue from the tax

Adding to the caution, the Energy Department said U.S. stock- } oy},

This year alone, Social

Last year, Social Security

But the new projections
show nothing but red ink until

The outlook has grown

? bleaker as the nation strug-
! ) i gles to recover from its worst
across the country. The winter has been colder than normalinmany { économic crisis since Social
? Security was enacted during
? the Great Depression. In the
? short term, Social Security is
In London, Brent crude lost 52 cents to settle at $97.39 a barrel i SUE ne rent a Weakeee aie
? my that has payroll taxes lag-
ging and applications for ben-
? efits rising. In the long term,
? Social Security will be
? strained by the growing num-
i ber of baby boomers retiring
i and applying for benefits.

More than 54 million peo-

ple receive retirement, dis-
? ability or survivor benefits
? from Social Security. Month-
? ly payments average $1,076.

and mixed earnings from large U.S. companies kept stocks on }

The deficits add a sense of

? urgency to efforts to improve
? Social Security's finances. For
? much of the past 30 years,
? Social Security has run big
? surpluses, which the govern-
? ment has borrowed to spend
? on other programs. Now that
i the program is running
? deficits, the federal govern-
? ment will have to find money
? elsewhere to pay back Social
? Security, so it continue to
i issue benefits.

pled on strong global demand for mining and construction }

"T've received the lash from

i those who say, ‘Well, you
? shouldn't have to cut Social
? Security because there are
: trillions of dollars of assets,
? said Sen. Kent Conrad, D-
11,989.83. The index broke through 12,000 Wednesday for the | N.D., chairman of the Senate
? Budget Committee. "It is true
? there are trillions of dollars

tt

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post $600 billion |
deficit over 10 years:

PRICES FALL: A gas pump nozzle is shown in Wednesday, Aug. 4,
? STEPHEN OHLEMACHER,
? Associated Press

high this week amid a weakening dollar and positive corporate earn- WASHINGTON



(AP Photo/Charles Dharapak) :
MEDIA MEETING: Sen. Sherrod Brown, D-Ohio, second right, speaks :

to reporters on Capitol Hill in Washington, Thursday, Jan. 27, 2011,

after a closed meeting of the Social Security caucus. From left are, Sen. S :
i pany said Thursday that it

Barbara Boxer, D-Calif.; Sen. Charles Schumer, D-N.Y.; Sen. Bernie

i SOARING SALES: The Caterpillar
? logo is seen on heavy earth mov-
: ing equipment in Springfield, Ill.,
i Tuesday, Oct. 19, 2010.

Sanders, I-Vt.; Brown, and Sen. Sheldon Whitehouse, D-R.1.

of assets. It is true that they're
backed by the full faith and
credit of the United States. It
is also true that the only way
those bonds get redeemed is
out of the current income of
the United States."

Other lawmakers said
Social Security's financial
problems are not that urgent.

"In the last 75 years, in
good times and in bad times,
Social Security has paid out
every nickel owed to every
eligible beneficiary at a rela-
tively modest administrative
cost," said Sen. Bernie
Sanders, who organized the
first meeting of the Senate
Social Security caucus Thurs-
day.

Tired

"We are getting very tired
about hearing our Republi-
can and right wing friends
telling us about how Social
Security is collapsing when
the reality is, Social Security
today has a surplus of $2.6
trillion,” Sanders said. "Social
Security can pay out every
benefit owed to every eligi-
ble American, for the next 27
years."

Social Security has built up
a $2.5 trillion surplus since the
retirement program was last
overhauled in the 1980s. Ben-
efits will be safe until that
money runs out. That is pro-
jected to happen in 2037 —
unless Congress acts in the
meantime. At that point,
Social Security would collect
enough in payroll taxes to pay
out about 78 percent of bene-
fits, according to the Social
Security Administration.

The $2.5 trillion surplus,
however, has been borrowed
over the years by the federal
government and spent on oth-
er programs. In return, the
Treasury Department has
issued bonds to Social Securi-
ty, guaranteeing repayment
with interest.

It's a bad time for the
nation to be hit with more
financial obligations. The fed-
eral budget deficit will surge

to a record $1.5 trillion flood
of red ink this year, congres-
sional budget experts esti-
mated Wednesday, blaming
the slow economic recovery
and a tax cut law enacted in
December.

Lawmakers from both par-
ties have vowed to address
the nation's financial prob-
lems, including such con-
tentious issues as Social Secu-
rity and Medicare. The polit-
ical climate, however, has
made it difficult. Some

plans to cut Social Security

consider tax increases.

with this issue, making the
hard decisions that have to be
made,” Sen. Mike Crapo, R-
Idaho, said Thursday at a Sen-

deficit. "As we move forward
in that context, I personally
believe strongly that all
aspects of the spending and

revenue side of the equation ; |
? income rose to 77 cents per

must be on the table."

Sen. Chuck Schumer, D- ;

N.Y., accused congressional :
i: Street expected. Analysts sur-

? veyed by FactSet forecast net
? income of 69 cents per share

end," Schumer said Thursday for the fiscal second quarter.

after the meeting of the Sen- :

Republicans of wanting to
end Social Security by priva-
tizing it. "Privatize means

ate Social Security Caucus.
Schumer was referring to a

Rep. Paul Ryan, R-Wis.,
would offer workers under 55
the option of investing over
Security taxes into personal

retirement accounts.
Social Security has been

supported by a 6.2 percent }

payroll tax paid by both work- :
i the fourth quarter of 2009

ber, Congress passed a one- } amid a rebounding global

year tax cut for workers, to

4.2 percent. The lost revenue

is to be repaid to Social Secu- : million, or $1.63 per share, for

i the quarter ending Dec. 31 on
funds, meaning it will add to } sales of $3.7 billion, up 17 per-
: cent.

ers and employers. In Decem-

rity from general revenue

the growing national debt.



Caterpiliar's 40 profit

(juadruples as sales soar

: JOSH FUNK,
: AP Business Writer

Caterpillar more than

: quadrupled its fourth-quarter
i profit over the previous year's
i weak results as stronger
? demand, especially in devel-
i? oping nations, helped increase

global sales of mining and

? construction equipment.

The Peoria, III., based com-

i generated $968 million net
i income, or $1.47 per share.
i That's much higher than the
} previous year's $232 million
i net income, or 36 cents per
i share, but 2009's fourth quar-
? ter was also hurt by layoff
? costs that consumed 5 cents
i per share of profit. Caterpillar
i? said its revenue jumped 62
i percent to $12.8 billion in the
: quarter over last year's $7.9
? billion. The company said
? machinery sales improved
i both because customer
: demand strengthened and
? Caterpillar dealers replen-
i ished their inventories.
Democrats have criticized i | .
benefits as secret plots to } Microsoft al profit bilges
destroy the program. Many :
Republicans have refused to REDMOND, Washington
"We need to get past the }

police Sune pest-auil deal i said its net income for the latest

i quarter edged down from a
? year ago, beating Wall Street's
i expectations despite the weak

‘ i personal computer market.
ate hearing on the budget }

own on slow PC sales

Microsoft Corp. on Thursday

Microsoft's net income for

? the quarter that ended in
i December was $6.63 billion,
i compared with $6.66 billion in
? the same period last year.

Thanks to stock buybacks, net

share from 74 cents.
That's better than Wall

Eaton profit jumps 33

| percent in fourth quarter

widely distributed plan by :
i CLEVELAND
chairman of the House Bud- }
get Committee. Ryan's plan :
i surged 33 percent on higher
i sales, and the diversified
a third of their current Social { industrial
i claimed strong momentum as
i it boosted its dividend and
? announced a 2-for-1 stock

Eaton Corp.'s net income

manufacturer

split Thursday.
Sales rose 17 percent over

economy.
The company earned $280

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2011 to Position Available, P.O. Box N-3937





UK BANKS RAIL AT
CAPITAL PROPOSALS



* SEE PAGE 13B

WB The Government



and private sector must
work together to fight
off stagnation and set
the Bahamas on a path
to renewed prosperity







vices Board (BFSB), who digressed during an interview on

T was Ian Fair, then-chairman of the Bahamas Financial Ser-

the Bahamas International Securities Exchange's (BISX)
growing pains to tell Tribune Business of his opinion that the
Bahamas was a “nation at a crossroads”. That was 2001-2002.
Trouble is, nothing much has changed in the intervening decade.

Any cool, hard-headed
analysis would have to concede
that the Bahamas is still at that
crossroads, both economically
and socially, having done lit-
tle to implement key structur-
al reforms - which all in the
know, regardless of political
affiliation - would agree (prob-
ably privately) are essential to
empowering its people and
preparing them for the
demands that globalisation, the
magic ‘buzz word, will make
of them.

The Bahamas Telecommu-
nications Company (BTC) and
its long, tortuous privatisation
are a perfect example of the
Bahamas’ economic stagnation
and its unwillingness to make
the necessary reforms and
manage change. The Govern-
ment has now been attempt-
ingtosell BTC for between 12
to 13 (unlucky forsome) years,
and while, thankfully, the
process may come to an end
via Cable & Wireless Commu-
nications (CWC) in a matter
of weeks, the fact of the matter
is it should have been com-
pleted years ago.

At the latest, BTC should
have been in private sector
hands five-six years ago. The
first FNM administration was
absolutely correct in getting
the Government out of the
hotel business, but the dilly-
dallying that both itself and its
PLP successor engaged in
when it came to BTC has, in
the short-term, imposed an
incalculable economic burden
on Bahamian commerce and
society.

Had BTC been privatised
by 2004-2005, the Government
might by now have been able
to close the Bahamas Blectric-
ity Corporation’s (BEC) pri-
vatisation, and at the very least
be considering what to do with
the loss-making turkeys that
bleed the taxpayer of some
$50-$60 million annually,
namely the Water & Sewer-
age Corporation, Bahamasair
and the Broadcasting Corpo-
ration of the Bahamas.

Speedier progress on pri-
vatisation could have helped
the Bahamas to maintain the
economicmomentum built up
during the 1990s, spreading
wealth and economic owner-
ship, especially among the
Bahamian middie class, rather
than the same cast of charac-
ters who appear to do all the
deals and acquisitions in this
nation

A brief look at other areas
of the economy also shows

where the Bahamas is falling
short, particularly when it
comes to putting in place the
building blocks, the founda-
tion, for its people and busi-
nesses to grow and prosper.
This is by no means compre-
hensive.







GOVERNMENT'S
FISCAL POSITION

Despite warnings reaching
as far back as Tribune Busi-
ness can remember, there
appears to have been no seri
ous attempt by governments
of either hue - PLP or FNM -
to balance the recurrent Bud-
get, eliminate the fiscal deficit
and reduce the burgeoning
national debt. Those warnings
started when the national debt
was around §3 billion; it is now
$4.1 billion and still growing.

Granted, the Government’s
fiscal stimulus may have helped
to create some jobs and pre-
yent a further decline in the
economy post-2008, amid one
of the worst recessions in living
memory. Yet the true impact is
not clear. And the end result,
as the IMF pointed out, was
that central government debt
as at end-Tune 2010 hit 47 per
cent of GDP, 10 percentage
points higher than pre-crisis
Tatios.

The Government needs to
mun fiscal surpluses amounting
toacollective 13.5 per cent of
gross domestic product (GDP)
over the next six years if itisto
slash the Bahamas' debt-to-
GDP ratio to the target 40 per
cent by 2015-2016, the IMF
pointed out. And, to drive the
point home further, it said:
“The mission discussed sce-
narios that showed that lower-
ing the debt-to-GDP ratio to
40 percent by 2015-2016 would
require a primary surplus of
1.4 per cent of GDP, on aver-
age, and a cumulative fiscal
effort of about 13.5 per cent of
GDP (23 per cent of GDP per
year) over the next six years."

The Government’s response
appears to be to seek ever-
increasing tax tevenues,
notwithstanding that revenue
estimates in the annual Bud-
get are consistently too high
There appears a complete
unwillingness to acknowledge
that the real problem is a
spending one.

TOURISM

It is not just the Govern-
ment that is found wanting, It
was a former Central Bank
researcher, Gabrielle Fraser,



who in a paper written six-sev-
en years ago suggested that
the tourism product had not
moved much beyond being
purely a resort industry.

That is not to suggest there
is anything wrong with the
products offered by Atlantis,
Sandals, Breezes and the soon-
to-be Baha Mar and others,
who have contributed much
tothe Bahamian economy and
employment. Yet, as has been
widely acknowledged by suc-
cessive ministers of tourism,
there is a huge gap between
on and off-property experi-
ence, and little seems to have
been done to bridge this.

There is also not enough
interaction between ordinary
Bahamians and their guests,
and the so-called ‘anchor prop-
erty’ strategy of placing a
major resort on each island,
while well-meaning, was ill
thought-out and poorly exe-
cuted Emerald Bay and Bimi-
ni Bay are prime examples of
developments that changed
the entire character of their
host islands, altering the very
attributes that attracted visi-
tors in the first place. Hope-
fully, the strategy outlined by
Michael Scott, the Hotel Cor-
poration chairman, of seeking
niche, boutique resort devel-
opments forthe Family Islands
will bear fruit.

And the Bahamas has yet
to get to grips with the fact
that the vast majority of its vis-
itors are cruise passengers,
rather than higher yielding
stopover visitors. K. P. Turn-
quest, the Grand Bahama
Chamber of Commerce presi-
dent, outlined the conse-
quences in his Business Out-
look address, when he said the
main beneficiaries of this were
the cruise lines, who essential-
ly got a product for free, and
the Government in the form of
departure taxes. It certainly
did not benefit the hotels, the
major source of Bahamian
employment, and he added:
“Our tourism model is old and
in serious need of adjustment.”

Gaming reform, too, is
another area where the
Bahamas needs to get a move
on.





FINANCIAL
SERVICES

Buffeted by the ‘blacklist-
ing’ fallout, and various
Financial Action Task Force
(FATF) and OECD-led ini-
tiatives, not to mention the
slew of tax loophole-tighten-

US DEFICIT SPENDING TO
STRIKE $1.5 TRILLION

ing measures that seem to
come out of Washington
annually, the Bahamian finan-
cial services sector - while
holding its own since 2001-
2002 - has not been growing.

It has been at a seemingly
perpetual crossroads since
3000, as it struggles to develop
a niche amid the new global
regulatory playing field.
Resilience is admirable, but
growth is necessary if it is to
continue providing protes-
sionally satisfying, lucrative
jobs for the best Bahamians.
Yet product development
remains well behind many
rivals, both onshore and oft-
shore.

While both the Govern-
ment and private sector know
what needs to be done, talks
on strategy and implementa-
tion appear to have no end in
sight. The Bahamas must
walk the walk, not talk the
talk, to secure its rightful
place in financial services
going forward.

EDUCATION

This is arguably the
Bahamas’ most serious short-
coming. Whik there are hun-
dreds, if not thousands of
Bahamians, who could com-
pete for top jobs in New York,
London and Hong Kong and
win, as a services-based econ-
omy every Bahamian must be
able to step up to the plate.
The brutal truth, of course, is
that many have not been
equipped to doso.

Ralph Massey’s brilliant
works, started under the Coali-
tion for Education Reform
and carried on by himself,
highlights the extent of the
problem, using the BGCSE
maths and English grades for
New Providence public school
students in 2006.

In English, 44 per cent of



¢ SEE PAGE 14B

New Providence public high
school students passed, with
56 per cent failing. A total of
17 per cent “both failed and
were functionally illiterate",
meaning they could not read
or hear, then communicate
thoughts coherently.

And it was worse for maths,
where some 46 per cent -
almost half of all New Provi-
dence public high school stu-
dents who sat the 2006
BGCSE exam - were found to
be “functionally illiterate",
meaning they did not know
the difference between addi-
tion and multiplication.

Mr Massey said the conse-
quences for Bahamian
employers and the widerecon-
omy were summed up in the
European Union's (EU) strat
egy paper for the Bahamas
between 2008-2013, which
observed that high unemploy-
ment levels had persisted in
this nation despite increased
foreign direct investment ley-
els,

‘While there was a need for
skilled labour, these posts were
not being filled by Bahamians,
creating a ‘skills gap' where-
by Bahamas-based employers
were forced to import work-
ers "to meet a shortage of
qualified Bahamians at all skill
levels",

“The uncomfortable truth
is that the country's academic
failure prevented it from
achieving fully its welfare
objectives for its own citizens,"
Mr Massey wrote.

“The BGCSE reports have
never discussed the long-term
impact of such academic fail-
ure. They never discussed the
impact on the supply of basic
skills as seen in Bahamian
The problem with
failure is that it
adversely affects economic
growth by limiting the growth







in the nation's supply of
human capital - its human
skills."

Advocating for an urgent
national response to address
the skills and learning crisis,
Mr Massey said: “In a highly
competitive world, and with
rapidly changing technology,
the high failure and illiteracy
rates in Bahamian public edu-
cation are a severe national
handicap and an embarrass-
ment.

“These realities - global
competition and changing
technology - are particularly
daunting in the case of the
Bahamas, because it is a small
country with a limited array
of physical resources."

Tribune Business lays this
out once again because, while
everyone knows of this situa-
tion’and the dangers it pre-
sents, the response has been
abysmal. While the Goyern-
ment’s policy response has
been lacking, improving edu-
cation is not just its responsi-
bility. Teachers, parents and
the whole society have a role
to play. Untilthe intellectual is
given prominence over the
material, one feels the
Bahamas will continue to
struggle on education.

Inertia, standstill, stuck in
the status quo. These are just
some of the verbs and adjec-
tives that can be used to
describe the Bahamas and its
economy over the past decade.
This country cannot afford to
stay in the same place, for
eventually it will find itself run-
ning backwards as others over-
take it. It will take bold kead-
ership and creative ideas to
unlock the full potential of the
Bahamas and Bahamians, for
the gap between what is and
what could - and should - be is
growing by the day.



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BUSINESSREVIEW

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PAGE 12B, FRIDAY, JANUARY 28, 2011 THE TRIBUNE

BUSINESSREVIEW

















| / \ N Cy \ | ey | cE V | iE WW I By ALISON LOWE - Business Reporter - alowe@tribunemedia.net

OIL PRICE CLOUD

* Oilprices, which trended upwards
for much of 2010, were recognised by
key business, government and eco-
nomic figures in early January as tep-
resenting a considerable threat to a
Bahamian economic recovery this
year. Further predicted price rises
could offset gains in growth through
impacting the price of goods, power
and transport.

Prime Minister Hubert Ingraham
called oil price increases a possible
“cloud on the horizon” for the
Bahamian economy on January 14,
while former minister of state for
finance, James Smith, described them
as the “800 pound gorilla in the
room”. On January 5, Chamber of
Commerce president, Khaalis Rolle,
warned businesses to “prepare for the
inevitable.”



TOUTING TOURISM

+ The Prime Minister and the Min-
ister of Tourism defended the
Bahamas’ economic model against
calls from some quarters for more
“diversification” towards less reliance
on tourism as the economy's main
engine.

Speaking at the Bahamas Business
Outlook 2011 on January 13, Hubert
Ingraham said the “resilient” indus-
try has served the country well and,
rather than trying to diminish our eco-
nomic reliance upon it, efforts should
be made to “diversify” the sector itself.

Mr Ingraham said opportunities to
grow returns to Bahamians from
tourism are “staring us right in the
face”, mentioning fine dining, craft
work and entertainment services as
areas which feed into the tourism
industry, and in which Bahamian par-
ticipation could be expanded.
FREEPORT FLAP

+ Freeport business interests
became increasingly irate over a num-
ber of government impositions on
commercial operations, which were
variously labelled “illegal”, “unac-
ceptable” and “unfair”, and blamed
for a further depression of the post-
Christmas business environment in
the economically challenged second
city,

The two main issues involved the
demand from Customs that the 3,500
licensees submit to it on a monthly
basis reports on all goods they have
sold bonded, or duty-free, to other
licensees for use in the latter's busi-
ness, and the requirement that busi-
nesses provide letters of good standing
from the National Insurance Board
before having their ‘over-the-counter’
bond letters renewed.

“Absolutely not acceptable and not
fair” were the words used by K.P.
Tumguest, Grand Bahama Chamber
of Commerce president, to describe





Legal Notice

NOTICE



the tying-in of the NIB good standing
letter with the bonded letter. “Regu-
latory strangulation” at the worst time
possible for Freeport was Callender’s
and Co attorney, Fred Smith QC’s,
assessment of the situation, which he
said had no basis in law.

Without bonded letters businesses
are unable to purchase goods duty-
free from other GBPA licensees for
use in their own businesses, thus fore-
ing them to pay duty - something that
increases their costs and erodes prof-
itability.

GBPA president, Ian Rolle,
“implored” the Prime Minister to
review the situation, suggesting the
Customs chief may have “over-
reached” his authority. Customs
Comptroller, Glenn Gomez defended
the requests, saying the Department
was merely trying to keep track of
what transactions were taking place to
ensure legitimate revenue does not
slip through the cracks.

BAHAMASAIR
IN CARIBBEAN





GEORGE
MARKANTONIS



ZHIVARGO LAING





KP TURNQUEST

INTERMATIONAL BUSINESS COMPAMIES ACT

(No. 45 of 2000)

WINQUE ST INVESTMENTS LInlITED

In Volurrteuy hcuickition:



Motiee is hereby given that in aceortiance with
Section 157 (4) of the Intemational Business
Companes Act (Mo. 45 of 2000), WINQUEST
WVESTHENTS URIMED has been cissolver! and
stiude of the Register ascanling to the Certificate
of Dissduticn issuer! by the Registrar General on
the 26th clay of Decernber, 2010.

simon islets
oO P.O. Bou 76, Pests Cente
St. Heller, Jersey
JEPSPG
Lgquictatar

Legal Notice

NOTICE

Pursuant to the provisions of Section 138
(8) of the International Business Com-
panies Act, 2000 notice is hereby given
that Hunters Moon Limited has been
dissolved and struck off the Register of
Companies as of the 19th day of Novent
ber 2010.

Mr. Mark E. Mimmings
Liquidator



CONGLOMERATE?

+ A Caribbean airline company
announced its interest in forming a
potential conglomerate with Bahama-
sair and Antigua-based Liat airlines,
in. amoye which Air Jamaica’s chief of
sales, Will Rogers, said would lead to
more “economical” regional travel.
His January 18 comments came after
all but 16 per cent of the Jamaican
government’s stake in Air Jamaica
was sold to Trinidadian Caribbean
Airlines,

The chief of sales for Air Jamaica,
which will continue to be operated
by Caribbean Airlines as a separate
brand, said he expected talks to com-
mence in the next “three to four
months” between the company and
Bahamasair. No word yet from
Bahamasair executives on the pro-
posal.

HIGH STAKES FOR
CASINO INDUSTRY

+ Atlantis president and managing
director, George Markantonis, sound-
ed a warning for Bahamian tourism
when he called plans announced by
the Jamaican government to issue
three casino licenses this year, and
consider others, a “big problem” for
the Bahamas.

He wamed that the Bahamas is
constantly “losing ground” in the casi-
no industry, and urged the Govern-
ment to hurry ahead with its deliber-



JAMES SMTTH



PM HUBERT INGRAHAM.



Legal Notice

NOTICE

IMTERNATIONAL BUSIMESS COMPAMIES ACT
(No.4 of 2000)
TRIANDRA LIMITED

In Wolurdeuiy Nequickvtion,

Notice is hereby giver that in accordance with
Section 137 (4) of the Intemational Business
Companies Act (Me. 45 of 2000), TRIANDRA
LIKITED has been clissolved! ancl studs: off the
Register acoarling to the Certificate of Dissolution
‘Bauer by the Registrar General on the 24th clay of
Decernber, 2010.

Toblas Relnimann
18 Fue le Corbuster
1208 Geneva
SUATZe" ACL
Lig} uitcl ator

ations over proposals to reform this
nation’s gaming regulations and



PORT PROPOSAL

+ A multi-million dollar offer was
reportedly made to the Haywards/St
Georges by Middle Eastern investors
keen on purchasing the Grand
Bahama Port Authority, reliable Tri-
bune Business sources said on January
21, Sources suggested the bidder may
be Dubai Ports World, an entity seek-
ing to construct a rival port in Mariel,
Cuba, and whose earlier bids to
acquire a number of US ports - includ-
ing the Port of Miami - were quashed
on US national security grounds.

‘The Haywards and St Georges were
said to be considering the offer, which

hat |



TAX HAPPY

+ On January 25, the Government
confirmed it would receive a much-
needed $63 million tax windfall from
the December purchase of First
Reserve Corporation’s stake in the
Grand Bahama-based BORCO oil
storage and transshipment facility by
New York Stock Exchange-listed,
Buckeye Partners.

The funds, described as “good
news” by minister of state for finance,
Zhivargo Laing, are a much needed
boost to its troublesome 2011/2012
revenue and debt position.

Legal Notice

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.5 of 2000!
TAVI LIMITE

In Yolunteuy Niquicetion

Motice is hereby ghen that in accorlanee with
Section 157 (4) of the Intemational Business

Companies Act (Mo. 45 of 2000), TAYI LIKITED
has been clasolverl anc struck off the Register
according to the Certificate of Desdutien issued!
by the Register Genel on the 24th day of
December, 20710.

Tobias Relnimai
18 Fue le Corpus! er
1208 Geneva
Syutzerl ancl
Uequicl ator



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e: 107 No.55 FRIDAY, JANUARY 28, 2011 PRICE —75¢ (Abaco and Grand Bahama $1.25)

eee DE TODA ay ANNA NICOLE:
ss? SRT tea

ea













NEW CORONER

c ale , ] ,

SETTLES LAWSUIT
QUT OF COURT
NEWLY-appointed Coro-
: ner Linda Virgill avoided a
i court appearance yesterday
: by settling a lawsuit out of
i court, her attorney said.
Mrs Virgill was reported-

ly being sued by local attor-
ney Cecil Hilton for a $2,000
loan she received from him
two years ago. She was
expected to appear ina

i Magistrate’s Court yester-
i day.

i However, she did not
? appear in court. Her attor-
? ney, Davard Francis, who
i appeared on her behalf, told
: SEE page nine

AG SUPPORTS
Seasoned politician FUTON nico.
‘has already made 70 THE BAHAMAS
his contribution’

SUPREME COURT

ATTORNEY General
Tribune Staff Reporter

tthompson@tribunemedia.net

A LONG-SERVING Free
National Movement Member
of Parliament has told party
insiders he will not offer him-
self for re-election next year,
The Tribune has learned.

While tight-lipped on the
identity of the person, they
say the seasoned politician
feels it is time to step aside.

Frank Watson, former
deputy Prime Minister in the
previous Ingraham adminis-
tration, told The Tribune that
one veteran politician had
revealed his intent not to pur-
sue re-election, noting the
person feels he has already
"made their contribution” to
frontline politics.

Yesterday, FNM Chairman
Carl Bethel said it is

inevitable some long-serving
party members will make way
for new blood in 2012.

"Not everybody who ran
the last time will want to run
this time, and not necessarily
everybody who is in Parlia-
ment will want to contest
again,” said Mr Bethel.

It has been rumoured that
North Eluethera MP Alvin
Smith was set to retire, how-
ever yesterday he refuted this
suggestion saying he
"expects" to contest his seat
in 2012.

Although the FNM has not
officially selected candidates
for the next general election,
Mr Bethel said the absence
of early contenders does not
mean the party is not strate-
gising for the return to the
polls.

SEE page nine



Senator John Delaney yes-
terday supported the appoint-
ment of Jamaican judge Roy
Jones to serve on the
Bahamas’ Supreme Court
Bench.

Although Mr Jones’
appointment was already con-
firmed by Chief Justice Sir
Michael Barnett earlier this
year, some concern over his
appointment has been
expressed in a section of the
press.

Answering this criticism,

SEE page nine

DIRECTOR OF PUBLIC
PROSECUTIONS IS
CALLED 10 THE
BAHAMAS BAR

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

THE Director of Public
Prosecutions Vinette Gra-
ham-Allen was called to the
Bahamas Bar late last night,
drawing to an end a protract-
ed process that has taken
nearly five months to com-
plete.

On the steps of the Chief

WASHED ASHORE: A ship
marooned off Blackbeard’s
Cay has strewn the coast of
the island with clothes, shoes
and supplies. Port officials are
baffled over the ship’s origins.

Justice’s office last night,
Attorney General Senator
John Delaney said he was
very pleased to inform the
public that Mrs Graham-
Allen’s application had final-
ly been approved by the



Felipé Major/Tribune staff|, gay



SEE page nine

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PAGE 2, FRIDAY, JANUARY 28, 2011

THE TRIBUNE
































LOCAL NEWS

STRANDED: Witnesses say the Capt Victor crashed just before Christ-
mas. The shore has become littered with items from the ship.

Felipé Major/Tribune staff

393-2

Vilage Rd

Environmental CONCERN

By CELESTE NIXON
Tribune Staff Reporter
cnixon@tribunemedia. net

$ Over marooned ship

PORT officials are baffled
over the origins of a ship
marooned just off Blackbeard’s
Cay — which has left the
island’s coast strewn with
clothes, shoes and other sup-
plies.

As environmental concerns
mount amid claims the vessel
is leaking oil, Port Controller
Commander Patrick McNeil,
who was on leave when the
boat ran aground, said an inves-
tigation is underway to find the
ship’s owners and form a plan
to dislodge it from the reef.

Meanwhile, when questioned
about the large vessel strand-
ed just off their workplace,
Blackbeard’s Cay employees
claim they are unaware it even
exists — despite the shore being
littered with goods from the
ship.

Witnesses say the ‘Capt Vic-



tor’ has been stranded for more
than a month, crashing just
before to Christmas.

It has been rumored that the
boat may have been on route to
Haiti carrying relief supplies
when it was marooned, and
angry callers claimed to have
witnessed small Bahamian
boats looting the goods.

However, Commander
McNeil emphasised that it is
too early to say anything for
certain.

“The boat will not be there
any longer than it needs to be;
we do not want it destroying
the reef,” he added.

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THE TRIBUNE

FRIDAY, JANUARY 28, 2011, PAGE 3



LOCAL NEWS



GOVT ‘LAYING
FOUNDATION’
FOR JUSTICE
SYSTEM
IMPROVEMENTS

By TANEKA
THOMPSON

Tribune Staff Reporter
tthompson@
tribunemedia.net

THE government is lay-
ing the foundation for con-
crete improvements in the
justice system that will be
seen by the next general
election, said Free National
Movement Chairman Carl
Bethel.

He noted the ongoing
repairs and restoration to
the Hansard and Ansbach-
er buildings, the procure-
ment of an additional
Supreme Court judge and
the near completion of the
Magistrates Court complex

on South Street as evidence

the government is serious

about addressing the break-

down of justice that allows
those accused of serious
offenses not to undergo tri-
al within a reasonable time
frame.

“All of these things are
being put in place and will
be visibly there by the time

of the election and we hope

will give a level of comfort
to the Bahamian people

that the structural causes of

the apparent breakdown in
the system of justice have
been addressed and we are
now back on the right track
and the wheels of justice
will be turning smoothly,"
he said during an interview
with The Tribune.

When asked if worries
over rising crime would
hurt the FNM in the next
election, Mr Bethel said:
"Crime is always a very
important social and eco-
nomic issue and will factor
in the elections. Most
Bahamians are entirely

frustrated with the situation

so far as it relates to violent
crime. The government is
able to point to the
advancements being made
to improve the administra-
tion of justice, the comple-
tion of the Magistrate's
Court complex on Nassau
Street that we started in
2001 and the PLP couldn't
complete in five years. It’s

now moving towards its fin-

ish under the FNM. We
think that will assist in the
administration of justice".

As for the backlog of
criminal cases before the
courts, the former attorney
general surmised that it
could take as little as two
years to bring them to a
close, once the court
repairs are finished.

"We think it will be a
question of years, not
decades, perhaps as short
as a year, a year and a half,
two years. I doubt, having
regard of the pace of
repairs, that's going to be
something that we can say
we made measurable
progress on by the election,
but the point is we are lay-
ing the foundation for it,”
said Mr Bethel.

The Ansbacher building
in Bank Lane was pur-



- Anna Nicole’s ‘flamboyant’
life to feature in new opera

THE escapades of Ameri-
can model and reality TV
star Anna Nicole Smith are
the subject of a new opera
set to open next month at
the Royal Opera House in
London.

The opera will focus on
Anna Nicole’s "flamboyant
and fatally flawed life,"
according to the producers.

They are keeping tight-
lipped about the details of
the production — refusing to
be drawn on how promi-
nently the Bahamas will fea-
ture and whether locals who
were close to her, such as
former Immigration Minis-
ter Shane Gibson, will
appear as characters.

Outrageous

In a_ press release
announcing the opera, the
producers said: “It’s colour-
ful and dark. It’s nefarious
and hilarious. It’s outrageous
and courageous. It’s also a
bit blue. But it’s true. It’s the
opera Anna Nicole and it’s
one of the hottest tickets on
the 2011 arts calendar.”

They said the opera was
created by “two of the



MODEL AND REALITY TV STAR:
Anna Nicole Smith made the
news during her stay in the
Bahamas.

brightest talents in modern
opera,” acclaimed compos-
er Mark-Anthony Turnage
and controversial librettist
Richard Thomas, the co-
writer of Jerry Springer: The
Opera.

Anna Nicole Smith died
aged 39 from a drugs over-
dose in 2007. She gained
notoriety when she married
an 89-year-old Texan oil bil-

Attomeys hit
out at Ingraham

lionaire she met while lap-
dancing, taking her fight to
secure his fortune all the way
to the US Supreme following
his death.

The producers said:
“Smith’s notorious rise and
undignified descent was
devoured by the global
media and serves as an
uncomfortable morality tale
for the modern day obses-
sion with fame and all its

Worker’s Party seeks coalition with
the Bahamas Democratic Movement

By CELESTE NIXON
Tribune Staff Reporter
cnixon@tribunemedia.net

THE WORKERS’ Party
hopes to persuade Bahamas
Democratic Movement
leader Cassius Stuart to join
in a “third way” coalition
that aims to challenge the
leading political parties in
the next general election.

Rodney Moncur, leader
of the Workers’ Party, told
The Tribune yesterday that
his organisation and the
National Development Par-
ty (NDP) have engaged in
aseries of talks with Mr Stu-
art in hopes of bringing the
BDM into their national
alliance.

“Cassius Stuart is an out-
standing person and has a
true love of the Bahamas — I
believe that Cassius and
Renward Wells would make
excellent prime ministers,”

We
aes

FOR PEST PROBLEMS
PHONE: 322-2157

said Mr Moncur.

The Workers’ Party and
the NDP signed a Memo-
randum of Understanding
in early November of last
year, forming a national
alliance between the two
parties.

According to Mr Moncur,
following the Elizabeth by-
election last year, there was
a call by the Bahamian peo-
ple for the smaller parties to
join together to form a real
challenge to the two domi-
nant parties.

“IT am convinced that
thousands of Bahamians
want to get rid of the FNM
government but are waiting
for the smaller parties to
come together,” said Mr
Moncur.






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The national alliance has
already been deployed in an
effort to tackle the impor-
tant issue of crime, but also
needs to prepare for the
fast-approaching general
elections, said Mr Moncur.

“The Workers’ Party is
pushing the NDP to consol-
idate and execute the
MOU,” he said.

Mr Moncur added that he
has been in discussions with
Ali McIntosh from the
Bahamas Constitution Party
with a view to bringing that
party into the coalition as
well.

He said: “Each political
party would be a part of the
umbrella group that will
take us into the next elec-
tions.”

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trappings.

“Audiences at the Royal
Opera House will be taken
on a rambunctious romp
through Smith’s ultimately
tragic tale in one of the most
startling new operas ever to
grace the main stage at
Covent Garden.

Dutch soprano Eva-Maria
Westbroek plays Anna
Nicole and leading director
Richard Jones stages the
production with music direc-
tor of the Royal Opera,
Antonio Pappano conduct-
ing.

Elaine Padmore, director
of opera, said: “When Mark-
Anthony and Richard pre-
sented the idea of an opera
about Anna Nicole Smith
the sparks started to fly
because we could all see that
her life was not only a sen-
sational story, it also reads
like a modern day parable
about the culture of celebri-
ty.

“There have been many

such tragic heroines in clas-
sical opera, so why shouldn’t
there be one that is a con-
temporary real person like
Anna Nicole?”

Richard Thomas is no
stranger to theatrical con-
troversy and is certain that
Anna Nicole will cause a stir.
He said:

“T won’t be surprised if
Anna Nicole divides people,
but that is part of the excite-
ment of creating something
new.

“Certainly, I don’t think
the main stage of the Opera
House has seen something
quite like this before.

“Anna Nicole’s life was
about her raping the Ameri-
can dream. She wanted more
of everything — more success,
more money, more expo-
sure. She did everything
right to make the dream
come true, but look at the
consequences.

Nightmare

“It became a nightmare
and, in a wider context, her
story reflects so much about
the values people hold in
America today.

“Some critics might be a
bit sniffy and say, “Why on
earth does a tabloid creation
like Anna Nicole Smith
deserve an opera?’ If we
called it Countess de Anna
Nicole and set it in the 19th
century, then it wouldn’t
even be questioned, but it is
clear that Anna Nicole’s life
is incredibly operatic. She
was a woman trapped in cir-
cumstances of her own mak-
ing and it has all the ele-
ments of a great story: mon-
ey, sex, legal feuds, fame,
tragedy.”

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Magistrates Court complex
on South Street is expected
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quarter of 2011 with esti-
mated renovations costing
upwards of $6 million.

The building will be a
state-of-art facility housing
all 12 magistrates courts for
the island of New Provi-
dence. The complex will
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internal police station, a
treasury and registry, and
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Home ae

Madeira St. [242] 325-8233 © Robinson Rd.[242] 322-3080 * Fax:[242] 322-5251







PAGE 4, FRIDAY, JANUARY 28, 2011

EDITORIAL/LETTERS TO THE EDITOR

THE TRIBUNE





The Tribune Limited

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

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

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

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

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

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

TELEPHONES
Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager - (242) 502-2352
Circulation Department - (242) 502-2387
Nassau Fax: - (242) 328-2398
Freeport, Grand Bahama: 1-(242)-352-6608
Freeport fax: (242) 352-9348

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

New findings on the origin of humans

WASHINGTON — Modern humans
may have left Africa thousands of years
earlier than previously thought, turning
right and heading across the Red Sea into
Arabia rather than following the Nile to a
northern exit, an international team of
researchers says.

Stone tools discovered in the United
Arab Emirates indicate the presence of
modern humans between 100,000 and
125,000 years ago, the researchers report
in Friday's edition of the journal Science.

While science has generally accepted an
African origin for humans, anthropolo-
gists have long sought to understand the
route taken as these populations spread
into Asia, the Far East and Europe.

Previously, most evidence has suggest-
ed humans spread along the Nile River
valley and into the Middle East about
60,000 years ago.

"There are not many exits from Africa.
You can either exit" through Sinai north
of the Red Sea or across the straits at the
south end of the Red Sea, explained Hans-
Peter Uerpmann of the Centre for Scien-
tific Archaeology of Eberhard-Karls Uni-
versity in Tuebingen, Germany.

"Our findings open a second way
which, in my opinion, is more plausible
for a massive movement than the northern
route,” he said in a telephone briefing.

Because of the different climate at the
time, Arabia was moister and would have
been a grassland with plenty of animals for
prey, he added.

And the lower sea levels at that time
meant that the narrow point at the south-
ern end of the Red Sea would have sepa-
rated Africa and Arabia by between one-
half and 2 1/2 miles, said Adrian G. Park-
er of Oxford Brookes University in Eng-
land.

That should not have been a difficult
crossing for people used to dealing with
east African lakes and rivers where they
used rafts or boats, Uerpmann said.

The techniques used to make the hand
axes, scrapers and other tools found at

Jebel Faya in Sharjah Emirate suggest
they were produced by people coming
from somewhere else, said Anthony E.
Marks of Southern Methodist Universi-
ty, adding that there are similar tools made
about that time in East Africa.

"If these tools were not made by mod-
ern man, who might have made them?"
Marks asked.

"Could Neanderthals have made
them?"

Neanderthals were mainly in Europe
and migrated into Russia but "there is no
evidence for any Neanderthals south of
that” zone at that time, he said.

"To suggest one group of Neanderthals
took a turn south and went several thou-
sand kilometers ... seems to me a very dif-
ficult explanation and one that doesn't
follow any reasonable logic."

The tools were dated using optically
stimulated luminescence, which is able to
date the sand grains on top of the tools
and determine when they were last
exposed to light, explained Simon J.
Armitage of the University of London.

The discovery "points convincingly to
an early dispersal of (anatomically modern
humans) along a southern route, from
eastern Africa into South Arabia," said
G. Philip Rightmire of Harvard Universi-
ty, who was not part of the research team.

Rightmire said "it is reasonable to
hypothesize that Arabia represents a sep-
arate centre for population expansion, in
addition to the northern Levantine corri-
dor.

This hypothesis remains to be tested,
as new evidence is compiled.”

The research was supported by the gov-
ernment of Sharjah, Heidelberg Academy
of Sciences, Humboldt Foundation,
Oxford Brookes University and the Ger-
man Science Foundation.

(This article was written by Randolph E:.
Schmid, AP Science Writer).



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A failure to
appreciate
natural beauty
of Bay Street

LETTERS

EDITOR, The Tribune.

Downtown Art as a part of
the so-called “Love My
Bahamas Downtown Art
Experience” clearly indicates
certain people in-charge have
zero appreciation of the beau-
ty of Downtown Olde Nas-
sau.

The photographs published
today by Tim Clarke on the
back page, Saturday, January
21, showing the mural on the
facia of the old Methodist
church next to Number One,
Bay Street and actually the
murals on the Ministry of
Tourism Building, Church
Street in the immediate
precincts of the historic Christ
Church Anglican Cathedral
makes me again wonder — do
those in charge have a true
appreciation of the natural
beauty and respect for the
natural beauty of Bay Street?

letters@tribunemedia.net



There is absolutely no pos-
sible way, I hope, that this
exhibition of these murals
were approved by the Special
Architectural Committee for
The City of Nassau, Town
Panning if they were, Prime
Minister, please ask for their
immediate resignations and
appoint some people with
architectural sense of what is
appropriate.

If this scale of ugliness is
approved and would seem to
be the accepted theme then
let’s stop now even thinking
about refurbishing, renovat-
ing Bay Street because we
cannot afford this waste of
scarce funds.

The once enforced strict

Constituents of Pinewood had

to be shocked by comments

EDITOR, The Tribune.

Did Minister of State, MP for Pinewood really mean what he



said in his contribution on the Amendments to the Business

License Act?

right for anyone to enter business?

business although right now around The Bahamas it would
seem there are more non-legitimate businesses who are the only

ones doing business!

Minister: Who gave any government the right to refuse a cit- to find that a large section of

izen of The Bahamas a Business Licence?
Minister: I only wish many years ago some attorney would

ness areas reserved for Bahamians — surely that breaches the

Constitution?

I laugh at the Real Estate people — they insisted on restrict-

ing only Bahamians and then every single Real Estate outfit is | Tubble next to the main dri-

? veway and walkway leading

associated with a foreign entity! They got to be stupid. Some
with four-five International Real Estate Agencies.

I am sure the constituents of Pinewood if they heard the }
? tered throughout the south-

MPs’ comment had to be shocked. No Minister, it is not by a
chance I can get a Business Licence it is surely guaranteed if I
complete the requirements the licence is mine.

J A KNOWLES
Nassau,
January 21, 2011.

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Regulations seem to have
been thrown down the drain
or no one caring any more.
Look at all the advertisements
billboards, shop shingles all
down Bay and on the Streets
within the City?

Surely it is time that the
Ministry of Tourism would
remove the sheets of plywood
which hide the ground floor
of their building on Church
Street — I believe it was under
Minister Wilchcombe the
building was acquired and it
has been in that state for over
four years right next to one
of our true treasures, Christ
Church Cathedral, but it
seems we don’t care. Surely
the Ministry should be giving
the example not the opposite
—shame on you, Mr Minister.

W THOMPSON
Nassau,
January 21, 2011.

_ Area surrounding

grave is ina
terrible condition

: EDITOR, The Tribune.

On the last weekend of

i February, a large group of

es : : oo, ? visitors will gather in Nassau
Minister: When are we trying to restrict a constitutional : fo 4 Damianos family
an ; ; : i reunion.

Minister: It is not having a “chance” as if government has }

some divine right to stop anyone entering any legitimate legal ern Cemetery graves of the

i Damianos brothers, who set-
i tled here around 1897.

They will visit the West-

I was pleasantly surprised

: the historic cemetery was

have challenged the PLP business policy which is continued ’til recently tidied.
today where one you impose the ridiculous 60-40 ownership and

illegally exclude foreign parties to a long list of exclusive busi- ; rounding my grandfather,

i Aristide’s grave, is in a terri-
: ble condition.

However, the area sur-

There is a large pile of

i to the southern boundary.

Debris and rubbish are scat-

? ern section, where Aristide’s
? grave is located, and there
i are open graves.

In light of the meticulous

: condition in which cemeter-
? ies in the United States and
? other developed countries

: are kept, I wonder what the
: visitors travelling here from
i the U.S. will think.

Each one is a potential

? repeat visitor who will

? return home and tell family
? and friends about their

i experience in Nassau.

While writing, I'd like to

; publicly thank Ms. Pamela

? Mullings and Mr. Larry

i Thompson at the Ministry of
? Works for helping me locate
? a number of old graves.

i Both were very kind and

i helpful, and are a credit to

i the Ministry.

ATHENA DAMIANOS
Nassau,
January 26, 2011.

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.





THE TRIBUNE

FRIDAY, JANUARY 28, 2011, PAGE 5



Bahamas signs prevention of tax

evasion agreement with Japan

THE Bahamas yesterday
signed an agreement with Japan
for the exchange of information
for the purpose of the preven-
tion of tax evasion.

The signing was described as
“epoch-making” by Japanese
diplomats.

The agreement marks the
23rd Tax Information Exchange
Agreement (TIEA) signed by
the Bahamas and the second
with a major Asian economy.

“(The) occasion is testament
to both our governments’
resolve to engage our interna-
tional partners in the fight
against fiscal irresponsibility and
illicit tax flows which still under-
mine the integrity of the global
financial system,” said non-res-
ident Ambassador of Japan to
the Bahamas Hiroshi Yam-
aguchi at the signing yesterday.

With this latest agreement,
the Bahamas now has TIEAs
with 17 Organisation of Eco-
nomic Co-operation and Devel-
opment (OECD) members and
nine members of the G-20 — the
group of 20 international
finance ministers and central
bank governors.

The Bahamas now far
exceeds the internationally
agreed requirement of 12
TIEAs —- a condition for any
country to be removed from the
OECD ‘grey list’ of countries
not yet compliant with the
organisation’s tax cooperation
rules.

The agreement also provides
for the allocation of rights of
taxation with respect to income
of individuals.

Speaking at the signing at the
Goodman’s Bay Corporate
Centre, Deputy Prime Minister
and Minister of Foreign Affairs
Brent Symonette said the TIEA



JAPAN’S AMBASSADOR to the Bahamas Hiroshi Yamaguchi holds the
signed agreement with Deputy Prime Minister Brent Symonette.

with Japan not only provides
for cooperation in tax matters to
the internationally accepted
standards, “but also for the allo-
cation to each party certain
exclusive taxing rights in respect
of income from sources in the
other contracting party which
is received by designated groups
of students, pensioners and gov-
ernment employees.”

Ambassador Yamaguchi said
the signing represented the cul-
mination of years of ongoing
negotiations and preparations
based on an initiative proposed
by Prime Minister Hubert
Ingraham.

Ambassador Yamaguchi said
the agreement was “indeed
epoch-making, because this is
the first agreement which
requires ratification procedures
at Japan’s national diet.”

“For my country, it has taken
the efforts of 11 past non-resi-

BULLET PROOF VEST AND HANDGUN FOUND

A CONCERNED citizen handed a bullet proof vest and a hand-
gun containing ammunition over to police on Wednesday.
It is reported that the items were found in bushes on Wellington

Street off Baillou Hill Road.

Police said they are grateful for the assistance and encourage all
Bahamians to play their part in making the Bahamas “a safer place

to live, work, visit and play”.



dent ambassadors to reach this
stage and I am therefore so
very honoured and privileged
to sign this historic agreement
on behalf of my country,” he
said.

Ambassador Yamaguchi said
Japan remains deeply commit-
ted to the various initiatives
being carried out by the G8,
G20 and the OECD in a series
of efforts to democratically pro-
mote the exchange of informa-
tion on economic matters
including financial and tax mat-
ters.

“T am extremely pleased that
the Bahamas has made signifi-
cant strides in becoming fully
compliant with international tax
standards,” he said.

Ambassador Yamaguchi
added that this signing also
marks almost 36 years of
Japan’s diplomatic relations
with the Bahamas.

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SIGNING: Japan’s Ambassador to the Bahamas Hiroshi Yamaguchi
speaks to the press yesterday at the signing of the Tax Information
Exchange Agreement (TIEA) between the two countries. Brent Symonette,
Deputy Prime Minister and Minister of Foreign Affairs, looks on.
Felipé Major/Tribune staff

_ MAN STABBED IN
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A 22-YEAR-OLD man

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THE TRIBUNE

FRIDAY, JANUARY 28, 2011, PAGE 7



LOCAL NEWS



Bahamian students to
discuss plastic waste at
California conference

back,” said Treshae Clarke, a
grade eight student.

Upon their return from the
conference, the DCMS stu-
dents said they will seek to
reduce plastic waste by focus-
ing on eliminating plastic
Gatorade bottles from their

A Bahamian delegation of
four students from the Deep
Creek Middle School in
Eleuthera (DCMS) will trav-
el to California to attend the
Plastics Are Forever Inter-
national Youth Summit in
March.

The four students selected
are Jovanna Sands of Rock
Sound, Moesha Leary of
Waterford, Treshae Clarke
of Tarpum Bay and Anna
McCartney of Tarpum Bay.

The conference will be
held in Los Angeles with rep-
resentatives from 14 coun-
tries.

A total of 74 teams from
18 countries vied for spots at
the summit by submitting
action-oriented solutions to
reduce plastic waste in their
home communities.

The DCMS team was one
of 24 schools selected to
attend and will work with
filmmakers and television
stars to learn how to create
films on environmental issues
in their community.

“It will be great to learn
more about how plastics
affect our environment and
to see what we can do to
make it better when we come

school.

Ha Cre Ce
WPM BTU gE



THE Bahamas Electricity Corpora-
tion (BEC) has partnered with Bahamas
Technical and Vocational Institute
(BTVI) in the corporation’s techni-
cal/mechanical apprenticeship pro-
gramme. Recently a class of 13 all-male
apprentices from BEC participated in
an orientation session at BT'VI where
they learned “safety comes first.”

The apprenticeship programme, a
City and Guilds-approved programme,
recruits and inducts young adults (ages
18-25) into the Corporation.

The programme makes full use of the
City and Guilds curriculum comprising
both academic and practical compo-
nents, BEC said.

The theoretical part of the course is
taught at BEC and apprentices go to
BTVI for the practical.

For the next ten weeks — every Friday
— Alexander Darville, BT'VI’s Dean of
Construction and his team will teach the
young men various aspects of electricity
such as principles, applications and safe-
ty. The apprentices will also sit an assess-
ment exam at BTVI.

“We are very happy with our part-
nership with BEC,” said Mr Darville.

“T must commend our managing con-
sultant, Dr Iva Dahl, for this partner-
ship. We will explore electrical engi-
neering principles and, once successful,
the apprentices will receive certification
with the stamp of approval from City
and Guilds, BEC and BT VI.”

During the orientation, Mr Darville
showed videos on safety, helping the
apprentices to understand the serious
nature of electricity and how to avoid
accidents.

They were also told what BTVI
expects from them in terms of appear-
ance and attitude while on campus and
informed of the institute’s mission state-
ment, “To provide learning opportuni-
ties that enable individuals to be globally
competitive and economically indepen-
dent”.

BEC’s electrical trainer, Colin McFar-
lane, was on hand at the orientation and
said he was very happy with the level
of participation from the apprentices.
“T am very pleased with our appren-

"Let us "

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They are planning to ask
for reusable water bottles as
part of their school supplies
for next year; fine students
and teachers for bringing dis-
posable plastic bottles to
school, and offer Gatorade
made from powdered mixes
for sale in reusable glasses at




lunch.

The awareness and educa-
tion component of their plan
entails visiting other area
schools to discuss with other
students the impact of plastic
waste and the results of their

CONFERENCE BOUND: Jovanna Sands and Moesha Leary show off their reusable water bottles

campaign to reduce it.

“Tam very excited about
their efforts.

“Plastics waste has a huge
impact on our local environ-
ment and our island’s appear-
ance to tourists. We use too

ORIENTATION — Thirteen apprentices from BEC’s apprenticeship programme at orientation
for classes at BTVI. At far left is Dean of Construction Alexander Darville. At far right is elec-
trical trainer Colin McFarlane. Second from last at far right is Colin Johnson, lecturer at BTVI;
to Mr. Johnson’s right is Lester Thurston, also lecturer at BTVI.

tices and happy to see that they have
arrived at the practical level,” said Mr
McFarlane. “We teach the academic
portion at BEC and then turn them over
to BTVI for the practical. It’s a great
partnership. The apprentices are at
BTVI every Friday for the next ten
weeks and Monday to Thursday they

r Valent
xtre

will be at our Clifton Pier and Big Pond
Plants where they will receive mechan-
ical training.”

In about a year, after completing this
course, the apprentices will be eligible to
sit a trades test and, if successful, they
will be promoted to the rank of crafts-
man.

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much plastic without think-
ing and it ends up polluting
our roadsides and beaches,
releasing toxic chemicals in
dumps when burned, and
destroying our marine eco-
system,” said Joanna Paul,
principal at DCMS.

“Pm proud of the students
for taking steps to change
purchasing and consumption
habits that contribute to plas-
tics waste here in Eleuthera.”

The DCMS is an indepen-
dent school for Bahamian
students in grades seven
through nine.

It is the only private mid-
dle school in the Bahamas.

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Funeral Notice

Robert Paul Charles Bower

Robert Paul Charles Bower was born in Kent, England, on 2nd
November 1924, the son of Commander Robert Tatton Bower, RN
MP and Hon Henrietta Bower, Nee Strickland. Paul, as he was
known, was the only son in a family of eight children.

Paul is survived by his wife Ericka, sons Bobby Bower and
Nigel Bower, daughter Victoria Blackman-Aumonier, son-in-law
Alcy Aumonier, daughters-in-law Kay Bower and Lora Bower,
grandsons Dominic Bower, Axiom Blackman and Nicholas Bower,
granddaughters Daniella Bower, Aimee Blackman and
Morgan Bower, sisters Anne Doyne-Ditmus, Margaret Kelly,
Marianna Viscountess Monckton of Brenchley, Elizabeth
Wainwright, Veronica Slocock, Mary Cox, Monica de Salis,
brothers-in-law Jan Cox, Bernard de Salis and Michael
Wainwright; many nephews and nieces and faithful friends here
and abroad.

A funeral service will be held on the 31st January 2011, 4:00PM
at the Sacred Heart Roman Catholic Church.



PAGE 8, FRIDAY, JANUARY 28, 2011

THE TRIBUNE



LOCAL NEWS





THE TRIO CON BRIO concert at the Church of Ascension on January 22 presented by the Grand Bahama

Performing Arts Society. The GBPAS will next present.

Photo courtesy of the GBPAS

Trio con Brio performs
for a sold-out audience

THE special ‘Trio con Brio’ concert pre-
sented by the Grand Bahama Performing Arts
Society (GBPAS) at the Church of Ascension
last weekend was deemed a success by organ-
isers.

According to the organisers, over 180 peo-
ple, including 45 students, enjoyed the con-
cert with the sounds of Christy Lee (piano),
Christine Gangelhoff (flute), both from Nas-
sau, and Ken Law (cello) from South Carolina.

Trio con Brio performed piano and cello
duets, as well as trios with flute and violin fea-
turing local musician to Afrika Karamo-Miller.

Concert

Dalia Feldman, president of the GBPAS
said this about the concert: “We were so
thrilled with the audience turn-out on Satur-
day, and equally thrilled to see how much the
audience thoroughly enjoyed themselves,
young and old alike. Every piece was won-
derful, one after the other. My personal
favourite was the piano, flute and cello trio,
and I'm sure it was an audience favourite too
because I heard some ‘bravo’s’ among the
crowd after that particular number. The musi-
cians received a house-wide standing ovation
in the end.”

Barbara Chester, a GBPAS member, shared

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this about the event: “Christy Lee is of course
an exceptional pianist and Saturday night's
playing was beautiful.

“And Kenneth Law, this charming, sensi-
tive gentleman caressed his cello with an
exquisite tenderness producing the most per-
fectly loving musical vibrations; his playing is
truly ‘an affair of the heart’. The entire concert
was magical. So very special that I was not
surprised that on my way out the Church of the
Ascension to hear the remark, ‘we could have
been at Carnegie Hall.”

The next day (Sunday) all three visiting
musicians gave a triple master class at the
Church of the Ascension.

Over 20 violin, cello, woodwind and piano
students had the opportunity to perform and
work with the three musical experts.

“Our master class gave students the oppor-
tunity to work with Drs Lee, Law and Gan-
gelhoff, and fine tune their musical skills and
performance. It's events like this that validate
what we do and drive us to want to continue to
bring these wonderful programs to our local
audiences and help local performing arts stu-
dents in any way that we can,” said Ms Feld-
man.

Next on the GBPAS calendar is the third
annual Comedy Club Show scheduled for
March 12.

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THE TRIBUNE

FRIDAY, JANUARY 28, 2011, PAGE 9



LOCAL NEWS

NEW CORONER

SETTLES LAWSUIT

OUT OF COURT

FROM page one |

Magistrate Derrence
Rolle-Davis she had
agreed to settle the mat-
ter out of court and
asked the Magistrate not
to allow the affidavit of
service be served.

Outside of court, Mr
Francis said a settle-
ment of $3,000 was
reached and paid yes-
terday in pennies.

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

Bar Association Pres-
ident Ruth Bowe-
Darville had accused
Coroner Virgill of
"unprofessional con-
duct", stating it is inap-
propriate for someone
on the bench to borrow
money from a member
of the Bar who may
have to appear before
them.

Director of Public Prosecutions

is called to the Bahamas Bar

FROM page one

Bahamas Bar Council.

The significance of having
Mrs Graham-Allen called to
the Bar is that now there is
no impediment to her exer-
cising the full range of her
responsibilities as Director
of Public Prosecutions.

Senator Delaney further
explained that Mrs Graham-
Allen now has a right of
audience before the courts
of the Bahamas, which will
allow her to personally han-
dle some of the more com-
plex cases that will come
before her office.

“So while she was Direc-
tor of Public Prosecutions
and executing her adminis-
trative functions within the
officer of the Attorney Gen-
eral, the one element that
was not there was her
appearing in court in the
more complex cases that
someone of her seniority or
expertise might choose to
appear in court to conduct
directly.

AG SUPPORTS APPOINTMENT
OF JAMAICAN JUDGE TO THE
BAHAMAS SUPREME COURT

FROM page one

Senator Delaney said that he had every confidence that the
Judicial and Legal Services Commission of the Bahamas would
have pursued all relevant lines of inquiry before making their
decision.

“T can also say to you that Iam aware that he has an impec-
cable reputation as a judge of the high court of Jamaica and as
a Justice of Appeal acting, which he presently is in Jamaica,” he

SO
Si

0°? @,

i

“So one will expect for
example that the more com-
plicated cases, or maybe the
appellate cases that would
go to the Court of Appeal
or the Privy Council that she
may elect to be the lead
council herself,” he said.

Earlier this week, the
office of the Attorney Gen-
eral had threatened to have
a court compel the Bar
Council to make a decision
one way or the other on Mrs
Graham-Allen’s application.

The Director of Legal
Affairs, Deborah Fraser, it
is reported, said the office
of the Attorney General
intended to commence legal
action by the close of busi-
ness on Wednesday 26, 2011.

Addressing this contro-
versy yesterday, Senator
Delaney said it appears the
long delay in Mrs Graham-
Allen approval was just a
part of the Bar Council
going through its own
“processes.”

“From the prospective of
the office of the Attorney



SUPPORT: Attorney General
John Delaney

OE

General, it is very important
that we make a full frontal
thrust on the prosecution of
cases, and we were limited
in our ability to do that if
our chief prosecutor was
unable to go into court her-
self,” he said.

This time last year, there
were only two criminal trial
courts functioning in New
Providence.

However, the Chief Jus-
tice, Sir Michael Barnett was
able to add another trial
court in February of last
year. With a fourth slated to
be opened sometime next
month, Senator Delaney said
now is the time for “all
hands” to be on deck.

“And so, it became very
urgent for the office of the
Attorney General to ensure
that our lead prosecutor, our
most senior prosecutor, our
Director of Public Prosecu-

tion had the ability to appear
for the more complex mat-
ters, and particularly for the
appellate matters,” he said.

Last night Fred Mitchell,
the Opposition’s spokesman
on the Public Service, said
it was “sad” and “disgrace-
ful” that one day after a
threat by the Office of the
Attorney General Mrs Gra-
ham-Allen was called to the
Bar.

“This decision saddens me
because Bahamians are
looking all around for one
situation somewhere in their
country someone will stand
up for them. They look
around and they cannot find
one public institution that
will stand up for them. That
is the larger import of the
decision by the Bar Coun-
cil,” he said.

“T compared our country’s
Situation yesterday to a

scene fit for a Gilbert and
Sullivan comic opera. I am
now more convinced than
ever. Not one month has
gone by since the lawyers all
bewigged and enrobed stood
up to laud the rule of law,
the independence of the
Judiciary. It shows that talk
in this country is cheap
because when it came time
to demonstrate that inde-
pendence, the Bar Council
failed the test.

“Institutions operate with-
in a wider framework. The
Council is not a mere cipher
which pushes paper. It is a
deliberative body and should
act in the wider public inter-
est. It is my view that the
wider public interest is not
served by this decision. I am
in discussions about the pos-
sibility of judicial review of
this decision by the Coun-
cil.”

Veteran FNM to step down

FROM page one

He added that the party machinery is
being careful not to whip the country into a
premature election frenzy while the FNM is
still focusing on national issues.

"The government is not yet at the point
where it would be judicious or prudent to
signal to the population that we are about
to go into an election mode. There is still so
much to do," said Mr Bethel.

"We are on the verge now of the realisa-
tion of so much that was promised in the
Speech from the Throne, that was promised
in successive budgets after the 2007 election
— people are now beginning to see and feel
(what the FNM is doing).

"A government has to be prudent as to
when it signals that it is going back to the
people because once you signal that, it
becomes very difficult to govern. With that

in mind, the government has to be judi-
cious in how it goes about its business in
terms of candidates but I don't want any-
body to feel that the government isn't, and
the party at its highest level, isn't looking at
these issues.

"Of course we are, we are looking at our
slate of candidates and we are making some
judgments.

“The higher levels of the leadership are in
constant discussions, informally, looking at
where we are.

“We would be a foolish political organi-
sation if we were to take what happened
in 2007 as a guarantee going forward so the
process of self-criticism, reflection, and
thought is ongoing. It's been going on from
day one — of course it now is more for-
malised and a little more intense at those
levels but certainly the party is critically
looking at its line-up and there's a natural
order in the universe.

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THE TRIBUNE

usine

FRIDAY, JANUARY 28, 2011

SECTION B ¢ business@tribunemedia.net

$250,000 Teen Centre Freeport firms suffer
expansion at Mario’s 30-60% sales declines

* Top attorney warns that central government



FAMILY GUARDIAN

INSURANCE COMPANY LIMITED
















MH March opening planned for facility targeted at Bahamians af | pressure has resulted in * rule of law and
8 Bowl eadhadioirmiliace aa bie governance under Hawksbill Creek

) Bow. ng centre on the right path now , wit business "FP Agreement collapsing
pick-up at Christmas )) * Says Ingraham administration ‘denying

Hi Hosted 500 parties during first year in existence existence of Port Authority regulatory
By ALISON LOWE of a 3,500 square foot “teen club”. power

Business Reporter Leslie Miller, proprietor of the bowl- * Adds that situation ‘could easily kill’
alowe@tribunemedia.net ing and entertainment centre off

Tonique Williams-Darling Highway, yes- Freeport
Mario’s Bowling and Entertainment _ terday said he expects the new club - FRED SMITH

Palace is set to launch a $250,000 expan- : a :

sion to its recreation offerings for “core SEE page 4B By NEIL HARTNELL in danger of “throwing the baby out

customers” in March, with the opening Tribune Business Editor with the bath water” and “could eas-

aoindau sa asta ndanvsdvessn usbatoucsecabhosapscntaughsiebsttnandusesseaneetasbsnsedshsbar usu cuatsava edsitaasadsaush tnceabeavosssastannsenatan vagal sadbas ucsuisasi’assancoi seater sanssa aastaustsitvaibiasansstsas tate ily kill” commerce in Freeport.

9 With major Freeport businesses Reiterating that he understood the
Marc 1 far ef Or ( VW ( S BIC {a eover and wholesalers having suffered need for the Government to max-
year-over-year top-line sales reduc- _imise legitimate tax revenues from

tions of between 30-60 per cent for Freeport, especially given the heavy



By NEIL HARTNELL * ‘ sg ¢ ’ January, a leading attorney told Tri- strain its fiscal position was under,
Tribune Business Editor Both sides working 24 hours a day to comp lete deal bune Business that central govern- Mr Smith said the Ingraham admin-
* ‘Rigid procedures’ of Cabinet, Parliament and URCA make ment pressure meant that “the rule istration appeared to “be denying

The Government is targeting sa . . of law and governance under the _ the existence of the Hawksbill Creek
March 1 as the official date when target date ambitious, but all working for it Hawksbill Creek Agreement has Agreement and the regulatory pow-

Cable & Wireless Communications * iati : : i i indicati nearly complete collapsed”. er of the Port Authority”.

(CWC) will take over management NES OuauOns: ee much’ behind panics, indicating sale Fred Smith QC, the Callenders & Agreeing with K. P. Turnquest,
control at the Bahamas Telecom- terms largely finalised Co attorney and partner, warned the Grand Bahama Chamber of
munications Company (BTC), Tri- ; ; ; that various government initiatives, . Commerce’s president, that he and
bune Business can reveal, as offi- | Process confirmed that the Gov- timescale, something that would such as Customs’ demand for a other Grand Bahama Port Authori-

cials from both sides work fever- ©rnment and its privatisation com- “not be easy” given the numerous National Insurance Board (NIB)

ishly to complete the $210 million Mittee on one side, and CWC exec- procedures and processes that Letter of Good Standing before SEE page 4B
deal within the next few days. utives on the other, were working SEE page 4B bonded letters were renewed, were
Multiple sources close to the “24 hours a day” to meet this

TC SHIPYARD EARNINGS
seme S9-S1OOM PER YEAR

em a

By NEIL HARTNELL * Says Order in SRG

Tribune Business Editor ;
dispute over cost-based

The Bahamas Telecom- charges provides ‘fair and
munications Company



Beating rivals with work scheduled to June

By DENISE MAYCOCK Peruvians, 88 Romanians,

oo LOWE : Tribune Freeport Reporter — and 15-17 Indians, currently. (BTC) yesterday praised the equitable’ precedent for
SINS SS eporter ; dmaycock@tribunemedia.net He added that the com- sector regulator for resolv- ' k
alowe@tribunemedia.net $e O a eee : entire market
AAS | pany has started training ing its international callter-
FREEPORT - The some 65 Bahamians over the mination dispute with Sys- * BIC alleged no

Questions were yester-
day raised about the
Bahamas Electricity Cor-
poration’s (BEC) decision
to stay away from fuel

: Grand Bahama Shipyard past five months as riggers
? earns between $9-$100 mil- and scaffolders, and it is cur-
? lion per year, a Senior exec- rently training blasters and
? utive revealed yesterday, as painters through their sub-
: it completes repairs to one contractors.

tems Resource Group charges provided for in
(SRG) in a manner that charges provided fo

gave it “a reasonable rate of interconnect agreement,

return”, suggesting it pro- f ;
vided a “fair and equitable” while SRG claimed

from the daily report.

hedging - fixing oil costs in: of the lar : 5 et The information contained is om a third i li
og gest cruise ships in nee eat incumbent tore up deal in
advance to avoid future ris- ? the world 2 Royal SEE page 5B SEES or amon ie (| SEE page 5B :

es or volatility - as a strate- | Caribbean's Liberty of the bid to impose higher rates
gy to protect its bottom ;
line going into 2011. ! uary 23.

Khaalis Rolle, president i ~ RyebenB Benes

, i yrd, senior vice-
of the Bahamas Chamber president of operations, said
of a Employ- : the mega vessel was the
ee. : largest cruise ship up until .
(BCCEC), told Tribune : 2010, when it became sec- PENSIONS & INVESTMENTS
Business he was concerned } onq to Oasis of the Sea.
that BEC was “managing =: «Tt is important because
politics rather than manag- : it ig the first docking of it,”
ing economics”, in light of : Mr Byrd said. “It is the
chairman Michael Moss’s } jaroest cruise ship ever
comments to this Be Wepe : docked in the Bahamas, and
Side Gareth ; it has been here for six days
because of the potential for } sci iets Sumas ante

: ania ? nance and a few upgrades.”
a public backlash if it “got The vessel is aie to

it wrong”. : he Shi : . ,

Mr Rolle, also chief mar- } ete : ae ‘i = i >
keting officer for Bahamas : currently four vessels , t ; cm .
Ferries, said fuel hedging = docked at the Shipyard, | LP — 4 ,

was not a strategy which is} while last week seven were

“overly risky” if itinvolved =: qocked for repairs. . ; a _ s
buying volumes of oilas — } “Business is doing great. - i

large as that which BEC} We are experiencing some- i a:

would require. “At the vol- thing that no other Shipyard ' ey \

umes they are using, they ig experiencing at this time: j oe ’

should be looking atit,” we ot work scheduled into

: Sea - which docked on Jan-

said the BCCEC president. : June,” said Mr Byrd. |

4 In - eae Mon- : “No other ship repair x [| sound investment management
ae : i oe he : facility has that at this time ind dent te trust
plows hedging the prac yt opie, and we 1 Cindependent corporate trustee
fuel provider to fix the cost ae noun ae oversight 7
of oil purchased for aset | ‘The Shipyard opened in 1 ay [J independent corporate custodian
period, with a view to : 1999. It has three docks and

securing a cheaper price

than that which it may ulti- : employs close to 600 per- (1 diversified investment portfolio
mately pay on the interna- yet ai aca pAall of the above

tional market- is not the Mr Byrd said the repair

way for BEC to go for the? facility continues to perform
time being. i 7 : well, satisfying its customers.
It's good to hedge i : He revealed that the com-

you are in a regulated envi- ; any earns anywhere from
ronment, where you can go :

h 1 f ? $9 to 100 million a year. He
to the regulator and defend : noted that a large portion of
your position. I wouldsay

: ? the revenue goes into the
in the largely unregulated : 7 S

environment in which we 2 °COLomy as a result of hotel A SUBSIDIARY OF

ea ? stays for sub-contractors and =
exist it is best you charge rentals for permanent expa- “4 FAMGUARD
alpen i triates. call us today at (242) 396-4076 gf CORPORATION LIMITED
hedge," he explained. i Mr4 Byrd said there are

"The problem is when : 946 full-time Bahamians,

: 160 permanent expatriates,
SEE page 5B : and 176 casual workers —71 CORPORATE CENTRE: EAST BAY & SHIRLEY STREET & EAST BAY STREET | www-famguardbahamas.com





THE TRIBUNE

FRIDAY, JANUARY 28, 2011, PAGE 3B





Work permit litigation challenge ‘staved off

Key organiser of meeting between DPM and Freeport industry says
occasion ‘productive’, and confident government will tackle issues

By NEIL HARTNELL
Tribune Business Editor

A key organiser of the meeting
between the Deputy Prime Min-
ister and major Freeport-based
industrial companies over Immi-
gration issues said he was “confi-
dent” the Government would tack-
le the problems outlined, and told
Tribune Business a potential legal
challenge was likely to have been
“staved off”.

Jeff Butler, owner of Butler’s
Food World and the Butler Group
of Companies, described the meet-
ing between Brent Symonette and
Freeport’s large industrial entities
as “very productive”, adding that
litigation over Immigration’s prac-
tice of tying work permit approvals
for temporary specialist expatri-
ates, such as engineers, to them
obtaining licences from the rele-
vant professional organisations,
had previously been mulled.

“It was a very productive meet-
ing between government and
industry, and we look forward to
starting from here,” Mr Butler told
Tribune Business. “We have no

Bank unveils its
largest dividend

issue with Immigration policy; we
take issue with Immigration pro-
cedures.”

Immigration has been linking
work permit approvals for tempo-
rary specialists, such as engineers
and architects, to them obtaining
the relevant licences from the likes
of the Professional Engineers
Board. Without these, permits
were not being issued.

Mr Butler said the whole issue of
linking work permit approvals to
possession of the relevant profes-
sional licences “was about to be
challenged in the courts, but we’ve
staved that off”.

He added: “I think we just need
to communicate and to start under-
standing the procedures and how it
works, and we’re doing that as we
speak.

“It’s all very positive. Now the
Government is aware of it, they
will deal with it. ’m confident
they'll deal with it. We

KARL RITTER,
Associated Press
MATT MOORE,
Associated Press

need more industry coming here.
Grand Bahama has to be the
industrial capital of the Bahamas.”
Mr Symonette held a meeting
last Friday with executives from
13 of Grand Bahama’s major, pri-
marily industrial, companies.
Grand Bahama Power Compa-
ny, the Grand Bahama Shipyard,
Pharmachem, Our Lucaya Resort,
Polymers International, the
Freeport Container Port, BORCO
and South Riding Point were all
said to have had representatives
at the meeting with the Minister.
Among the issues which Tribune
Business was told executives at
some of the major companies are
“deeply concerned” about is the
process involved in obtaining per-
mission for specialist engineers to
enter the Bahamas temporarily to
work. Since the implementation of
the Professional Engineers Act last
year, an additional layer of bureau-
cracy has been introduced which

requires the incoming engineer to
obtain a licence from the Profes-
sional Engineers Board.

The Board says a foreign engi-
neer can be authorised to practice
professional engineering within the
Bahamas if approved for registra-
tion upon application to it as a
“temporary engineer”.

They “must be associated with
and work through a Bahamas-reg-
istered Professional Engineer”,
and their application for tempo-
rary registration must “be associ-
ated with a specific project, and
may be approved for a maximum
term of six months,” according to
the Board’s website.

Such new stipulations, in con-
junction with the need to gain
approval from the Department of
Immigration for the engineer to
enter, have contributed to delays
which have troubled some compa-
nies, Tribune Business under-
stands.

Meanwhile, international com-
panies with operations in Freeport
have also been frustrated by
demands that foreign executives
flying in to attend same-day meet-
ings or participate in other short-
term temporary work in the
Bahamas obtain permits from the
Department of Immigration to do
so.

Mr Symonette confirmed that
both of these points were raised
as matters of concern at the meet-
ing, and noted that it has been a
long-standing issue with compa-
nies both in Freeport and Nassau,
and throughout the Caribbean.

Mr Symonette said: “We talked
mainly about doing business in
Grand Bahama and immigration
issues. We are going to be dis-
cussing it further as to the way for-
ward. I think we’ve come to an
understanding as to the way for-
ward. The whole idea is that we
want at Immigration to make sure
it’s aS easy as possible for busi-
nesses in Grand Bahama to bring
in the people they need on a regu-
lar basis, bearing in mind type of
work they are doing.”

OVERSEAS NEWS

UN climate talks in focus at Davos forum

greenhouse gas emissions that
wasn't even formally adopted
by the conference.

At Cancun, nations brought

DAVOS, Switzerland

Businesses, especially U.S.
ones, must get more involved
in the global effort to slow cli-
mate change and help pressure
politicians to enact policies that
promote green growth, inter-
national leaders said Thursday.

"They are part of the prob-
lem and they must be part of
the solution," South African
President Jacob Zuma said at

doing it just because they want
to save the planet. They are
doing it because it's good for
the economy.”

The discussion comes after
global talks on a new climate
pact escaped failure last month
in the Mexican resort town of
Cancun, where nations agreed
on a modest set of decisions
that put climate change negoti-
ations back on track after the
bitterly divisive summit in 2009

in Copenhagen.

The Copenhagen talks
exposed the rift between rich
and poor nations on the funda-
mental question of how to
share the responsibility of tack-
ling climate change — chiefly
curbing the emissions of heat-
trapping gases from the burning
of fossil fuels.

Copenhagen produced only a
nonbinding accord with volun-
tary climate targets to cut

those voluntary pledges into the
ULN. negotiating process and
established a green fund to
manage the $100 billion a year
by 2020 that developed coun-
tries have pledged to help poor
nations cope with global warm-
ing.

But the ultimate goal of
crafting a new global climate
pact was put off till the next cli-
mate conference in Durban or
beyond.

the World Economic Forum.

In a panel discussion at
Davos, where some 2,500 busi-
ness leaders and politicians are
gathered, he vowed to press for
a greater corporate role in the
U.N. climate talks that his
country will host in the coastal
city of Durban later this year.

"IT think that's one of the
areas we are going to work very
hard leading to Durban to con-
vince business to be party so
that it's not just governments
alone," Zuma said, sharing the
stage with Mexico President
Felipe Calderon, European
Union Climate Commissioner
Connie Hedegaard and U.N.
climate chief Christiana
Figueres.

There is serious concern
about how to keep the global
economy moving forward
while, at the same time, ensur-
ing that people in the develop-
ing world are not denied a
chance to better their lives with-
out contributing to factors that
have caused global warming.

Hedegaard said that govern-
ments can provide the right
conditions for green growth,
but "the solutions have to come
from business."

"That is why setting the polit-
ical targets are so crucial
because then we can set a price
on carbon," she said. "If it costs
a lot to pollute a lot, then busi-
ness has an incentive to pollute
less."

She noted that President
Barack Obama didn't mention
climate change or global warm-
ing in his State of the Union
address "because of the politi-
cal situation.” But she implored
USS. businesses to be bolder in
embracing more energy-effi-
cient economies.

"It's bad business to not be
among the front-runners," she
said. "I hope that even more
American business people
would understand that they
need to put the pressure on
their politicians.”

Calderon said very little can
be achieved without U:S.
involvement, and he called for a
change in American public
opinion on global warming.

"My perception is most of
the people in the United States cae
are afraid about the economic NMC customers donated toys and then took test
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“William B. Sands Jr

Commonwealth Bank’s 6,500 shareholders are set to
benefit from an extraordinary dividend that the BISX-
listed institution yesterday called the largest in its history.

The dividend of $0.06 per share comes after the bank
saw “record earnings” in 2010, according to a release
issued yesterday.

The Board of Directors attributed the bank’s “extreme-
ly strong balance sheet” to a “focus on the effective man-
agement of its credit risk portfolio”.

“While asset growth was contained, the Bank was able
to report a further expansion of its total assets to a record
of $1.4 billion,” Commonwealth Bank said.

“Comprehensive income for 2010 increased 27 per cent
from $42.2 million to $53.8 million. The level of loan
impairment expense was able to be reduced significantly
in 2010.”

Executive chairman William Sands Jr said the dividend
fits with the bank’s desire to “share its success with its
shareholders, while sustaining the safety and soundness of
the bank”.

The extraordinary dividend is payable on February 28,
2011, to shareholders of record on February 15, 2011.

Mr Sands said: “The bank finished 2010 with an
extremely strong balance sheet. The Bank also has sturdy
capital and liquidity positions, both greatly exceeding
statutory reserve requirements.

“Tam very pleased with Commonwealth Bank’s perfor-
mance in 2010. The bank is well positioned as we move
forward into 2011, which we anticipate will bring new
challenges and beneficial opportunities as the economy
begins to recover. With our dedicated staff, we will suc-
cessfully face these challenges and grow with the expected
opportunities.”

Commonwealth Bank operates 11 full service branches
in New Providence, Grand Bahama and Abaco, and
employs more than 560 persons.

Bahamians who were in the market for a new car this past Christmas, were invited
to"share the joy" at Nassau Motor Company on Shirley Street, by contributing to the
Chevrolet toy drive for children at the Nazareth Centre, a home for abused, neglected
and abandoned children. It is partly funded by the government, but managed by the
Catholic Church. Children live at the Centre until they are reunited with their
families, or move into foster or adopted homes. Pictured from left: Matthew Carey,
salesman at NMC and Esther Wood, secretary for the Nazareth Centre.

Share your news

The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps

change that perception.”
WASSAl MOTOR OO Tos

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.



China, which has overtaken
the U.S. as the biggest green-
house gas emitter, has now real-
ized it makes economic sense
for it to become more energy
efficient, Figueres said.

"China is committed to win-
ning the green race," she said.
"And honestly they are not

drawing was an Apple iPad, and third prize was
an Apple iPod Touch. Chevrolet sales manager
Forrestall Dorsett, left, is pictured with the first
prize winner, Carlos Colebrooke, second prize
winner, Lastandra Leavy and Brian Burrows,
third place winner.

OUR STANDARDS ARE HIGHER

Shirley Street * 302-0130
info@nassaumotor.com
www.chevroletbahamas.com



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





PAGE 4B, FRIDAY, JANUARY 28, 2011

THE TRIBUNE



$250,000 Teen Centre

FROM page 1B

aimed at teenagers aged
between 13 to 18 - to be a major
draw this year, and locally-
accessible, unlike the much-
hyped ‘Teens’ club” at the
Atlantis resort.

The $11 million Atlantis club,
called Crush, is only available
to hotel guests at present.

Mr Miller said: “T give full
credit to my team, who did a
survey of hundreds of the
young people who patronise
Mario’s. The survey indicates
clearly they want their own
Teen Club, so we are con-
structing the club for young
Bahamians with a view to pro-
viding them with a new venue
to enable them to have good
time in a place that they know
is in line with what their par-
ents would wish, a place heavi-
ly protected with non-alcoholic
drinks, good surveillance and
no fights or disruptions.”

The businessman said the
club will be “as elegant as the
one we have upstairs (for
adults)” and, like Crush, which
is set to serve ‘Mocktails’
instead of cocktails, it will have
a bar serving specialty non-alco-
holic drinks.

The club will also be staffed

expansion at Mario’s [Rt fue BAI y

by young people, with six new
employees expected to be hired
for this purpose. To be open
on Fridays and Saturdays, Mr
Miller said that 250 to 400 teens
can party in the venue at any
one time.

Construction began last week
on the new addition, which will
be an extension to Mario’s
Bowling and Entertainment
Palace.

Odette Carey, marketing
manager for Mario’s, said:
“Over the past year we realised
our key customers are the
‘tweens’ and teens, and so we
want to invest more of our time
and energy in that area. That’s
what brought about this new
concept.”

She said the club will include
the “latest games”, such as the
Xbox 360 and Playstation 3
gaming consoles, a large area
where up to 400 teens at a time
can dance, as well as the bar

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area, with “kiddie cocktails”
and a large movie theatre
screen.

“We want to make sure this
one is definitely for the locals
and that everyone can take part
in it,” she said.

In October 2010, Mr Miller
reported a “steep” decline in
business volumes of around 30
to 40 per cent, compared to
interest earlier in 2010. How-
ever, he said he felt Mario’s had
not “even scratched the surface
of its potential market” and
added that he looked forward
to a “super December” filled
with Christmas party bookings,
and wider and more consistent
interest from bowlers in 2011.

The centre celebrated its
one-year anniversary this
month, and yesterday Mr Miller
said the business is “making a
good comeback”.

“T think we are on the right
path now,” he said.

Christmas panned out as well

as expected, said Mr Miller,

with “over 20 major Christmas i

parties”.

“We had a very good Christ-
mas at Mario’s, we were really
satisfied. Many of the major }
business establishments patro- }
nised us and we were very }
proud and grateful for the }
response we received. All the i

; ty (GBPA) licencees “feel under siege” by Nassau, Mr Smith

: ? told Tribune Business: “Wherever the opportunity arises, there
Ms Carey said 2010 saw a } seems to be a tendency by the central government to try and
Talal OF around 1 patty bool: ? take over regulatory control, especially where the purpose of
ings at the entertainment centre } —. :
for children’s parties and adult : raising revenue is concerned.

staff did a wonderful job,” said

the businessman.

group events.

event for the Super Bowl,
which it expects to draw “thou-
sands” of patrons. “We will

“tailgate cook-off”.

March 1 target for
CWC’s BIC takeover

FROM page 1B

remain to be completed.
These processes, Tribune
Business understands, include
in the first instance the pre-
sentation of the final sale
terms and details to Cabinet.
Once Cabinet approves, it will
be taken to Parliament, where
all relevant documents relat-
ing to the sale of the 51 per
cent BTC stake will be tabled.
Some two weeks will be
allowed for the documents to
be analysed, then Parliament
will debate - and likely
approve, given the Govern-
ment majority - the sale.
Apart from the Parliamen-
tary/political process, Tribune

Storewide

Pre-inventory clearance

ale

20?

savin

*except on net items

Sale dates:

Jan 28th - Feb 5th,

2011

Kelly’

save
Up
To

QS
0

Selected

Panel items

SS
metas)

Mall at Marathon
Monday-Friday 7:00am-8:00pm
Saturday
ATT are (0ia closed
PAC ecko

7:00am-9:00pm



Business also confirmed that }

the sale to CWC has to be } decade-long attempts to get the Port Authority to relinquish

approved by the Utilities Reg- } responsibility for telecommunications regulation and, by exten-

Competition : sion, all utilities in Freeport, but it and URCA’s case pleadings
Authority (URCA) as the }

communications sector’s inde- i

ulation &

pendent regulator.

This process will involve a ;
public consultation, with the i
views of Bahamian compa- ings in the Cable Bahamas case, are attacking all the rulings won

nies, consumers and the wider } against Customs via the Hawksbill Creek Agreement, seeking

public being solicited. Such } {6 overturn them and relegate the Agreement to ‘second class’

procedures are mandated by } status behind statute law, such as the Customs Management

the Communications Act and Act, and policy, Tribune Business has been told.

could take time, thus making }
ete 1 oe ade i until April 4, 2011, thus providing a breathing space for Cable

aven Mas 1argely “io uw’ | Bahamas and other interested parties to respond.
Business was told that the aim
is for the Government and

CWC dacconelide the deal = held on whether a group of GBPA licencees should join togeth-

within the next few days, cer- ? er and intervene in proceedings.
tainly by month’s end next }

week. Cabinet approval will URCA demand of Cable Bahamas for the payment of licence

be rapidly sought, with all sale : fees by Cable Freeport is a direct challenge to the Hawksbill

documents tabled in Parlia- | Creek Agreement. So are the various disputes that have arisen

ment thereafter, so that } With Customs, particularly with the over-the-counter bond let-

debate and approval of the ; ters and the National Insurance Board.

deal can take place in mid- } ; ; ! ; !
: plying with the Architects Act, the Professional Engineers Act

? or the Real Estate Brokers and Salesman’s Act. Immigration
: has taken the position that these various Acts, which are out-
? side of Freeport, need to apply, and persons must obtain a

“The target is March 1 to i licence before they will approve a work permit.”
sauce told nbn age ee to-day operation of business in Freeport. Not only has Freeport
of the day when CWC was i

likely to take management } pute within the Port Authority, but the confusion about whether

“Cwc ; the Port Authority and the Hawksbill Creek Agreement is in
should get the keys to the car i; charge, as opposed to all these government agencies, makes it

by the end of February, if all i almost impossible to do business in Freeport.
goes according to script, and }
that will be the end of that. } : .
Those are the timelines for : letter from NIB, saying they are up to date with NIB taxes

: before they can purchase bonded goods in Freeport from oth-

February.

Turnover

start the turnover,”

control at BTC.

what happens.”

Another source familiar }
with the status of BTC pri-
: Freeport.
the March 1 deadline: “That’s :
the objective, and everyone }
? by affecting local employment and the local economy.”
get there, but it’s not going to :
? Business understands that major Freeport retailers/whole-
: salers, such as Kelly’s (Freeport), Bellevue Business Depot,
? Dolly Madison and others have seen year-over-year sales
They are being careful not to }

tie everything to that date, but i per cent.

vatisation negotiations said of

is working 24 hours a day to
be easy because they have a

number of rigid procedures
that have to be completed.

that’s the objective.”
The
referred to are the Cabinet,

shows no sign of doing so,

‘i’s’ and ‘t’s

behind us.”

indicates that the Govern-
major obstacle to the privati-
sation’s conclusion.

“We’re so lucky we have a

certain reforms,”
said. “They are willing to see

avery important thing.”

rigid procedures with licencees not possessing one holding off on purchasing any
? goods, not wanting to be forced into the duty-paid category.

Parliamentary and URCA i And, if the situation does not improve come February, Tribune

processes, with one source } Business understands that some Freeport companies may be

suggesting that even if it want- } looking at serious staff lay-offs.

ed to, the Government had
oe ti ioe re id ae i ter’ move had not gone according to the Government’s plan,
Ee pe eee aes ? which was to force numerous GBPA licencees into duty-paid
© >"? } sales and purchases, thereby increasing Customs revenue.
though, and appears willing :
ieee a eet ne ? in Freeport to a grinding halt. “The impact has obviously been
bitter end. Tribune Business i —. nas oie

vee ? quite drastic,” the source said, “and has had more the effect of
was also told that negotiations } halt ie herd aia aut ‘Gal
between government officials } Halting commerce than shoving commerce into duty-paid sales.
and CWC were now largely }

complete, with the proverbial streams for the Government itself, and the companies that

> dotted and : Provide it. It’s a very hard January compared to the prior year.

crossed, one contact adding: } Although the month is traditionally slow, it is not fatal. That has

“We've now gotten them [the ; Ot proven to be the case this time around.”

negotiations] pretty much } é
? who would be the first to shed employees, as they were all
None of Tribune Business’s } looking to follow suit. “If February is looking anything like Jan-
contacts referred to the writ }
filed by BTC’s two unionsina }
bid to block the sale. That :
matter is set to be heard by }
the Supreme Court next }
week, and the silence on this :
i locally.”
ment side does not see it asa }



Freeport firms

FROM page 1B

“T quite understand the Government’s need for revenue in

Looking ahead, Mario’s is i this day and age, at this time, given the state of the economy, but

now preparing to host a major } the Government should be careful that in their quest for rev-
? enue in Freeport, they don’t throw the baby out with the bath
? water, because they could easily kill what could be the golden
? goose in the Bahamas.

have the biggest screen in Nas- i
sau,” said Ms Carey, adding ;

that other features will be a ulatory power of the Port Authority.”

“Tn all respects, the Government almost seems to be denying
the existence of the Hawksbill Creek Agreement and the reg-

The latter is a direct reference to the latest developments in

i Cable Bahamas’ Judicial Review application to the Supreme
? Court regarding demands by the Utilities Regulation & Com-
? petition Authority (URCA) that its Freeport subsidiary pay
i Internet licence fees to the Nassau-based regulator.

Cable Bahamas is objecting to this on the grounds that the

Port Authority has regulatory responsibility for communications
? in Freeport, and that if it paid licence fees to URCA as well it
? would be subject to double taxation.

The case goes to the heart of the Government’s more than

are said to have gone far beyond this.
Rulings

In essence, URCA and the Government, through their plead-

This newspaper understands that the case has been adjourned
Tribune Business understands that discussions are being

Meanwhile, Mr Smith told this newspaper yesterday: “The

“In addition, it’s difficult to get work permits without com-

He added: “There is complete disruption in the orderly day-

been buffeted by the prevailing winds of that shareholder dis-

“An example of the perversity of the Customs and NIB
position, where there is an insistence that a licencee produce a

er licencees, is that the same licencee can go to Florida and
spend the money that would otherwise be spent locally in

“This thereby deprives businesses in Freeport of income
and makes the purchase of goods even more expensive, there-

While no one wanted to comment on the record, Tribune

declines for January ranging from anywhere between 30-60

This is largely being attributed to the “bonded letter’ situation,

One retailer, who requested anonymity, said the ‘bonded let-
The actual effect, they said, had been to slow all commerce

“What it has succeeded in doing is undermining revenue

The source said many major businesses were waiting to see

uary, there will be substantial lay-offs, and everyone is waiting
for the first shoe to drop,” the source said.

Meanwhile, Mr Smith told Tribune Business yesterday: “This
is badly affecting construction businesses that may have bid on
a duty-free basis, and whose business has been brought to a
grinding halt because they cannot purchase duty-free goods

The attorney added that it was “abusive” of the Government

? to “use collateral taxes and pressure on the taxpayer, as opposed
? to using the remedies under the NIB Act” to deal with its rev-
? enue needs and non-compliance issues.

government willing to make

one source ; Hawksbill Creek Agreement and Customs Management Act to

? deal with abuses of the bond by GBPA licencees, Mr Smith

a little bit ahead, and make : added: “Right now, the rule of law and governance under the

some efforts to prepare some Hawksbill Creek Agreement has nearly completely collapsed,

areas of the economy. ‘That's : as unprecedented savagery is being visited on Freeport by this
? central government and, frankly, many businesses may not

? survive for very much longer.”

Pointing out that Customs had available remedies under the

TO DISCUSS STORIES ON THIS PAGE LOG ON TO ST eye O07 |





THE TRIBUNE

FRIDAY, JANUARY 28, 2011, PAGE 5B





BIC backs ‘reasonable |
rate of return’ solution

FROM page 1B

solution for all current and future market participants.

The Utilities Regulation & Competition Authority :
(URCA) yesterday published a January 20, 2011, order :
requiring both BTC and SRG to agree “cost-based” rates for
compensating each other for terminating incoming inter- :
national calls, destined for the other’s system, on their }

respective networks.

threatened action until it had investigated the matter.

Calls

BTC had alleged that its existing Interconnection Agree- expressed his concerns about the abil-

ment with SRG did not include a rate or charge for termi- ; jty for rising oil prices to threaten eco-

nating inbound international calls originating on the lat- } nomic growth, said it was important

? that BEC “look at some instrument

“Because of the omission to include....... in the Intercon- : that will keep energy prices as low as

nection Agreement a rate or charge for SRG-originated : possible” this year.
inbound international traffic, BTC was not contractually :

obligated to terminate such traffic, but did so in light of its by late summer oil is going to be up to

legal and licence obligations, including but not limited toits $110 dollars per barrel and it possibly

Significant Market Power designation regarding fixed voice : could get higher depending on every-

. i thing that’s taking place,” he added.
SRG, though, countered that the two parties had agreed :

a charge for such services through their Interconnection } tacted this newspaper to express his

Agreement, and alleged that BTC had effectively torn this ; disagreement with Mr Moss’s position

up after the new Communications Act took effect, attempt- } on hedging, told Tribune Business that
; ) i he feels failing to hedge would be irre-
“The parties had agreed charges to be paid to BTC for } gnonsible.
SRG-originated inbound international traffic destined for }
BTC’s customers, under the previous legal regime for :

telecommunications in the Bahamas through the Intercon- }

ter’s network.

and mobile voice and date services,” URCA said.

ing to impose higher rates it refused to accept.

nection Agreement they now have,” URCA said.

“However, in the light of the new legal and regulatory
regime, BTC, through its letters to SRG dated June 18 and ;
23, 2010, attempted to amend the agreement so as to propose ;

or impose rates which SRG refused to accept.”

Commenting on URCA’s final decision, Marlon John-
son, BTC’s vice-president of sales and marketing, told Tri- }

bune Business yesterday: “Certainly we support the ruling, } PETER SVENSSON

gee 2, : AP Technology Writer

“Our contention is that persons utilising our network }
compensate BTC at reasonable costs, and provide a rea- }
sonable rate of return. That was our contention all along, and :
we did not want any carrier to circumvent the process of pro- i
? start "very aggressively” mar-
? keting smart phones based on

“We are pleased URCA agreed with us on this matter, }

and that ruling is set to guide termination as we move for- ; Google Inc.'s Android software
? now that it will no longer be

: the exclusive carrier for Apple

Mr Johnson said URCA’s final decision was consistent bee Phoue athe ta

with international best practices and precedents set in the :

and think it reflects the current thinking.

viding a reasonable rate of compensation to BTC.
ward.”

telecommunications market, both regionally and interna-
tionally.

Fair

board.”

comment when contacted by Tribune Business.
URCA’s ruling requires the rate agreed by BTC and

erence Access and Interconnection Offer (RAIO).

URCA also made the cost-based charges retroactive to }
June 18, 2010, the date the dispute first arose. Within 28 days :
of the Order, the two sides have to “exchange and agree all }
billing records and/or call details of all inbound interna- :
tional calls originating on each party’s network and termi- }

nating on the other party’s network”.

“Each party shall, from June 18, 2010, ensure that all }
international traffic delivered to the other party for termi- }
nation to the other party’s customers contains the appro- }
priate Calling Line Identification information, and that }
each party shall terminate such traffic to its customers sub- }
ject to the payment by the other party of the appropriate }

interconnection charge,” URCA said.

Until the issues between them are resolved, both BTC and
SRG have to provide written updates to URCA at 28-day }

intervals.

SHIPYARD EARNINGS
S9-S100M PER YEAR

FROM page 1B

“The whole idea behind this is to not bring in as many }
Romanians and Peruvians; to teach local Bahamians more :
about what we do here and how to do it, and give them train- }
ing so we can start filtering them in when we need peo- }

ple,” Mr Byrd said.

“It has good effects, but at the same time it has certain
drawbacks because although it increases the economy here ;
for persons making money, it brings down the revenue for }

people who rent apartments.

“A lot of people don’t realise the entire island benefits }
from it when we bring expats in. They are temporary skilled }
labour who buy gas, food at the grocery stores, occupy }
apartments, and spend money at local bars and restau- }

rants.”

Mr Byrd said the Shipyard wants to train more Bahami- :
ans so they can replace the permanent expatriates on island. }
The company official said there are no plans for expansion }
at the moment, but more business is expected to come to the :

island with the opening up of the Panama Canal.

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

? AT&T's chief competitor, has

BEC ‘MANAGING POLITICS’
WRT

FROM page 1B

URCA said it had been forced to act to “protect con- | YOU, ce ‘ea fae aie —
sumers and competition in the electronics communications ; en ra a a It we oe ve oe
market” after BTC, via letters to SRG on June 18 and June } ate! theteal pice ends Up alae e
23, 2010, “threatened to discontinue the termination of ; barrel, then customers will be saying:
SRG’s inbound international calls to BTC’s network unless } | ethane seen wily ae
SRG paid a charge for such traffic”. It issued an interim ; © ne o ee id and yS100 .
order on June 23, 2010, to prevent BTC from taking its } We thought it wou a to $100 a bar-
: rel so we hedged at $80".

"Sometimes the public is not famil-

iar and they expect that every time you
: will win...that doesn't happen.”

Mr Rolle, who earlier this month

“If you look at all the projections,

Another business source, who con-

The source said that BEC has a

“fiduciary responsibility” to the public
to “hedge against that risk”.

“As a consumer, you and I are at
the mercies of persons who don't
understand risk. The only risk is that
me and you will be screaming about
how high our light bill gets later this
year because in January the chairman
didn't understand the risk.”

He proposed that given the trends in
oil prices throughout 2010, and which
have been projected for this year,
“there’s no way (BEC) could lose” by
fixing the price it buys its oil for power
generation.

“There’s no way you could lose. The
last time I checked the price of oil has
not gone down for months.” The
source referred to the case of South
West Airlines, which has tended to
hedge greater proportions of its fuel
purchases than any other airline in the
US, and is reported to have saved $3.5
billion as a result in the decade leading
up to 2008.

“That’s how they have been prof-
itable as an airline,” noted the source.

Mr Moss, however, said yesterday
that there are many cases in which enti-
ties have suffered “incredible losses”
through failed hedging.

He said sees price hedging as a
"strategy for the future" for BEC, once









it comes under the regulatory control
of the Utilities Regulation and Com-
petition Authority (URCA), as the
Government intends it to.

"T believe it's best implemented
when you have someone like URCA
taking responsibility. You can go to
them and say: 'This is our strategy, this
is what we believe it will yield’, and
you get a 'yay' or ‘nay’ beforehand,” he
explained.

The Chairman said that with regula-
tory oversight, there would be less
room for questions to arise as to
whether customers may be “getting
taken advantage of” in a hedging envi-
ronment.

Mr Moss has been seeking to bring
the Corporation back into a position of
financial health following more than
five years of losses, including a $32 mil-
lion loss in 2009.

On Monday he said there is the
potential for BEC to have made a
small profit in 2010 of up to $5 mil-
lion, once audited accounts are in, and
of $8 million to $10 million this year.

Mr Moss expressed confidence in
the ability of the Corporation to shield
customers from paying more this year
for their power through enhancing the
efficiency of electricity generation.



NEW YORK

The CEO of AT&T Ine. on
Thursday said the company will

So far, Verizon Wireless,

a

«iPhone 4

nythiryy. Again



las

s

million — the iconic phone has
lost much of its power to attract
customers from other carriers.
Since it launched in 2007, the
iPhone has been driving mil-
lions of high-paying subscribers
to AT&T, and it now earns
more per subscriber than any
other carrier. If its per-sub-
scriber revenue was in line with
Verizon's, AT&T would pull in
$7.7 billion less every year.
Subscribers who sign two-
year contracts are the most
lucrative for wireless carriers



? been the biggest supporter of
? Android. But it will start selling
: the iPhone on Feb. 10, and is
: likely to shift resources away

Dee . . Stic te : from Android.
Describing the URCA ruling and its ramifications as ;

“absolutely fair and equitable”, having established something :
that can “work for all carriers” entering the Bahamian mar- }
ket, Mr Johnson said: “The important point is that we have }
a principle we have agreed on that can work for all carriers, :
whatever the quantum is. It will be equitable across the }

Motorola on Wednesday said
it's already seeing a drop-off in
sales of its Android phones in
Verizon stores, as customers
are holding off, waiting for the
iPhone.

In effect, AT&T and Veri-

Paul Hutton-Ashkenny, SRG’s president, declined to } 702 Wireless are set to swap

? strategies in the high-stakes
? smart phone market, with
: ‘ oa : : AT&T turning to Android and
SRG to be incorporated into the existing Interconnection } Verizon to the iPhone.
Agreement. However, if they cannot agree the cost-based }
rate for international call termination, the regulator said it :

would ultimately be the one approved by itself in BTC’s Ref-

"We're going to be a heavy
participant in the Android mar-
ket this year, so you're going

NEW VERSION: Tuesday, Jan. 11, 2011. Verizon Wireless made
the long-awaited announcement Tuesday that it will start selling a ver-
sion of the iPhone 4 on Feb. 10, giving U.S. iPhone buyers a choice
of carriers for the first time. Since its 2007 debut, Apple Inc.’s phone

has been sold exclusively for AT&T’s network in the U.S.

to see a significant shift in mix"
of the phones sold by AT&T,
CEO Randall Stephenson told
analysts on a conference call.
Apart from Motorola Mobili-
ty Holdings Inc., major makers
of Android phones are Sam-
sung Electronics Corp. and
HTC Corp.

AT&T, the nation's largest
telecommunications company,
also provided an earnings fore-
cast for the year that disap-
pointed analysts, and said it

signed up a net of just 400,000
new customers on contract-
based wireless plans in the last
three months of last year. It was
the lowest quarterly number in
at least five years.

Shares of AT&T, which are
part of the Dow Jones indus-
trial average, fell 77 cents, or
2.7 percent, to $27.96 in after-
noon trading. The low number
of new contracts demonstrated
that even though AT&T acti-
vated a lot of iPhones — 4.1

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tract. However, the difference is
exaggerated by the fact that
Verizon sells tablets with con-
tracts, while AT&T doesn't.

Stephenson said the compa-
ny expects to continue to add
contract-based subscribers this
year, partly thanks to signifi-
cant network upgrades last
year. Complaints about
dropped calls and other net-
work problems have haunted
the company for years.

Open
Saturdays

10.00am-
2.00pm







PAGE 6B, FRIDAY, JANUARY 28, 2011

THE TRIBUNE







ANGELA CHARLTON,
Associated Press
FRANK JORDANS,
Associated Press
DAVOS, Switzerland

France's president tried
Thursday to save the reputa-
tion of Europe and its currency,
battered by debt crises and wor-
ries about whether the conti-
nent is being steamrolled by
speedier eastern economies.

The presidents of South
Africa and Mexico, meanwhile,
worked to save the planet, shar-
ing notes on hosting climate
talks and how to get the US.
and China — and the business
community — to invest in
cleaner energy.

The overall mood at the
World Economic Forum this
year is more upbeat than the
past two, but by no means cel-
ebratory. Thursday was no
exception, as leaders, bankers
and investors struggled for
ideas to get Europe growing
again. As they spoke, a small
explosion in a Davos hotel
briefly disrupted the Alpine
winter calm, unusual for this
Swiss resort, blanketed in secu-
rity during the annual forum.
Windows were broken but
there were no injuries, Swiss
police said.

French President Nicolas
Sarkozy sought to shake the
euro worriers awake, vowing
that he and European partners
will "never turn our backs on
the euro" and calling it a linch-
pin of peace and prosperity.
That gave an extra boost to the
rebounding currency on world
markets.

"The disappearance of the
euro would be so cataclysmic
that we can't even possibly



INTERNATIONAL
BUSINESS

entertain the idea,” Sarkozy
said.

Despite fears about the 17-
nation currency's survival since
the European Union and Inter-
national Monetary Fund had to
bail out debt-laden Greece and
then Ireland last year, "the euro
is still there," he said.

"Europe has had 60 years of
peace and therefore we will
never let the euro go or be
destroyed. ... I speak as much
for my German friends as I do
for the French," he said.

European Central Bank chief
Jean-Claude Trichet, appar-
ently trying to smooth concerns
about above-target inflation,
praised the euro's long-term
prospects at another Davos ses-
sion. "The euro delivered what
had been asked from it, name-
ly price stability,” he said.

Increasingly, the talk among
European leaders is of closer
economic union — instead of
just monetary union. Trichet
said he is pushing for bolder
moves from EU leaders.
"There is no time for compla-

WORLD ECONOMIC FORUM
Davos leaders: Save the

euro, and the planet

cency," he said. The 2,500 par-
ticipants at Davos can see the
currency shock in their pock-
ets, as hotels, restaurants and
bars in the Swiss ski resort of
Davos do business in francs,
whose value has surged against
the euro in recent months.

Swedish investor Jacob Wal-
lenberg warned that Europe
needs to act faster to stay com-
petitive.

"We all see countries such as
China, India, rapidly becoming
much more competitive,” he
said. "It's not a matter of
they're going to bypass us.
They're going to run us over."

Environmental issues also
came to the fore, with talk of
electric cars and solar energy
and China — again — "win-
ning the green race."

In a panel discussion hosted
by The Associated Press, U.N.
climate chief Christiana
Figueres said China "is going
to leave us all in the dust" in
the transition toward a more
energy-efficient global econo-
my.
The Chinese, she said, "are
not doing it just because they
want to save the planet. They
are doing it because it's good
for the economy."

Mexican President Felipe
Calderon, who hosted the last
U.N. climate talks in Cancun,
said, "I want to see the action"
from the U.S. on reducing emis-
sions. South African President
Jacob Zuma, who hosts the
next climate talks in Durban,
said Washington cannot be left
out of the clean energy game.

Ernest Moniz, director of the
MIT Energy Initiative and a
member of President Barack
Obama's Council of Advisors
on Science and Technology,

eee re ete ete
PUBLIC NOTICE

Defence Force Recruitment Exercise

Coral Harbour Base 26 Jan. (RBDF) The Royal
Bahamas Defence Force is presently conducting a
Recruitment Exercise for interested persons at the
Royal Bahamas Defence Force Base, Coral Harbour

Interested candidates must be a Bahamian Citizen
between the ages of 18 to 25 and must have a
minimum of five (5) B.J.C.’s including Maths and
English, allatgrade C or above. Candidates are asked
to bring their original documents for verification to the
Recruitment Section of The Royal Bahamas De-

fence Force.

Applicants should produce the following docu-

ments:

¢ Two (2) application forms

¢ Birth Certificate

¢ Passport

¢ Three (3) passport photos

¢ National Insurance Card

e Any other certificates in are of expertise or
training

Emphasis for recruitment. will

be placed on

candidates with willingness to spend time at sea and
willingness to conduct tour of duty at satellite base ona

Family Island.

Applications can be obtained from Defence Force
Base, Coral Harbour or at the Harbour Patrol Unit, East

Bay Street.

For further information, interested persons can

contact the

Royal Bahamas Defence Force Recruitment Center
362-1818 ext. 2017/2159



said Thursday that solar power
is, ultimately, the real game
changer. Eventually, he said,
the sun should be used to make
not just electricity but also fuels.

Shai Agassi says one answer
is electric cars. Agassi predicted
to The Associated Press that
before 2020, more people
everywhere will be buying elec-
tric cars than those powered by
gasoline. "It doesn't mean that
oil is not necessary, but we're
starting the way out," said
Agassi, a former top executive
for information giant SAP AG
who launched his Better Place
venture several years ago.

Oil isn't going away yet, how-
ever. Exxon Mobil Corp. signed
a deal at Davos with Russia's
biggest oil company, Rosneft,
to develop oil and gas resources
in the Black Sea, a new boost
for Russia's lucrative energy
sector despite concerns about
the challenges of investing
there.

Elsewhere at Davos on
Thursday:

— Africa emerged as the hot
new continent for trade and
investment. U.N. Secretary-
General Ban Ki-moon was
optimistic. So were Ethiopia's
president, Zimbabwe's prime
minister, former British Prime
Minister Tony Blair, and busi-
ness executives from South
Africa, Egypt, India and many
other countries.

—The head of the World
Trade Organization, Pascal
Lamy, said he hopes key com-
merce ministers meeting in
Switzerland this week will com-
mit to accelerating talks on a
new global trade deal.

ary 26 to 30.



(KEYSTONE/Laurent Gillieron)

EURO VOW: Nicolas Sarkozy, President of France, speaks during a ple-
nary session at the 41st Annual Meeting of the World Economic
Forum, WEF, in Davos, Switzerland, Thursday, January 27, 2011. The
overarching theme of the World Economic Forum, WEF, annual meet-
ing is “Shared Norms for the New Reality”. It takes place from Janu-

AP Interview: Electric car
boss sees global change

DAN PERRY,
Associated Press
DAVOS, Switzerland

Electric car pioneer Shai Agassi is a man with
a startling prediction: Before 2020, he says, more
people everywhere will be buying electric cars
than those powered by gasoline.

"It doesn't mean that oil is not necessary, but
we're starting the way out," said Agassi, a former
top executive for information giant SAP AG
who launched his Better Place venture several
years ago.

Existing electric cars have a limited range,
after which owners have to stop and wait for
hours while their car's battery recharges. Owners
of Agassi's cars would be able to remove the
used battery and replace it with a fully charged
one, allowing them to get back on the road almost
immediately. The first country slated to go live
with a network of “battery-switching” stations
run by Better Place is his native Israel, where
he plans a launch — with 56 stations and an
expected 5,000 cars — before the end of 2011. In
2012, Denmark and Australia are expected to
join, along with trials in Hawaii and in the San
Francisco Bay area. Brimming with infectious
optimism, Agassi has been a regular at the World
Economic Forum, where he was interviewed by
The Associated Press.

Agassi said he has raised about $700 billion and
spent about a third of it, mostly on setting up
the stations. That leaves enough cash to absorb
losses while he builds up to break-even, which
Agassi asserts will not take long.

"In Israel, in 2016, plus or minus a year, more
electric cars will be sold than gasoline cars. When
that happens in Country One, within two years
you will see it in every country," he said.

That claim may seem preposterous for the car-
crazy United States — but not for Israel. The
country's electric company also expects electric
cars to achieve a significant market share in the
near future and is preparing its grid to meet the
demand, according to the Haaretz newspaper.

Former U.S. President Bill Clinton has
emerged a believer as well.

"Israel will become the first country in the
world to put 100,000 all-electric cars on the road,"
he said Thursday. "Not the US. Not China. Not
countries much bigger — Israel!"

Agassi has found a niche created by a wide-
spread sense that the world is not doing half
enough to deal with the eventual end of oil —a
prospect hastened by the explosive recent growth
in the developing world.

"From 2000 to 2010, China added 120 million
cars on the road (and) next year, 25 to 30 mil-
lion," Agassi said. "It's no longer the U'S. that
sets the price (of oil). Now it's a question of how
many cars were added in China, how many were
added in Brazil, how many were added in India."

He admits that the market for gas is some-
what inelastic, meaning that despite rising costs at
the pump, people grumble and drive on. But
they save elsewhere, he says, harming the econ-
omy in cascading ways.

Agassi plans to sell cars being developed by
Renault SA and equipped with removable bat-



(AP Photo/Shizuo Kambayashi)
PIONEER: California-based electric-vehicle services
provider Better Place Chief Executive Shai Agassi gets
off an electric vehicle taxi during the opening ceremony
of a battery switch station in Tokyo, Japan, Monday,
April 26, 2010.

teries — which are currently quite heavy and
have a range of 100 miles (160 kilometers). Dri-
vers would be promised four battery swapping
stations along any route the length of the range.

Although prices have not yet been set, Agassi
said the idea would be that the consumer would
not pay more to drive a given distance than its
current cost using oil.

Like any venture that could threaten a mam-
moth industry, Better Place has generated its
share of critics. Some charge the company is try-
ing to establish a new type of monopoly, while
environmental groups objected to the laying of
new power cables. It is also not clear that Israel's
electricity grid can sustain the heightened demand
posed by the electric cars.

Some say battery-swapping is impractical and
customers will prefer a fixed-battery car. In
Davos, Nissan Motor Co. was demonstrating its
new Leaf, a fixed-battery electric car that you
can charge at home.

Agassi is not worried. He says over time, bat-
teries will grow smaller and their ranges will
grow longer, making the swap less odious.

He is most animated as he refutes criticism
that the electricity needed to charge the battery
has its own carbon footprint and the net result
might be worse for the environment than the
internal combustion engine.

The electricity could come from coal but also
from natural gas or wind or other sources, he
said, adding that the Israeli government has
approved a 600-megawatt solar project in the
country's southern desert that can power a half-
million cars a year. Is the main thing idealism
or profit? Agassi's message combines the two.

"The end of the oil era will not come because
we ran out of oil — it will come become we don't
want to use oil any more to drive," he said. "I can
guarantee you that we will finish the need for oil
as an energy source for cars before we run out of
oil in the ground."

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THE TRIBUNE

FRIDAY, JANUARY 28, 2011, PAGE 7B



TOKYO — Standard &
Poor's cut Japan's credit
rating for the first time in
almost nine years, issuing a
harsh critique of the gov-
ernment's ability to control
its massive debt.

The downgrade weighed
on the yen but had no
impact on Asian stocks as
it was released after mar-
Kets closed.

Japan's Nikkei 225 stock
average closed 0.7 percent
higher.

Elsewhere in Asia, South Korea's
Kospi added 0.2 percent, Hong
Kong's Hang Seng fell 0.3 percent and
the Shanghai Composite Index
climbed 1.5 percent.

day:

LONDON — Later in Europe,
shares had a fairly lackluster session.
Germany's DAX rose 0.4 percent, the
CAC-40 in France added 0.3 percent
and the FTSE 100 index of leading
British shares ended 0.1 percent low-
er.

DAVOS, Switzerland — French
President Nicolas Sarkozy says he and
European partners will "never turn
our backs on the euro" despite the
crisis over too much government debt.

BEIJING — China will impose
property taxes in some cities to help

Ass 0 C1

AT 8 WD

A look at economic developments and activity
in major stock markets around the world Thurs-

curb surging prices, the finance min-
istry said, part of a broader effort to
control high inflation.

TOKYO — Japan's export growth
accelerated for the second straight
month in December, indicating a
revival of overseas demand critical to
the country's recovery.

LONDON — Business and con-
sumer sentiment in the 17 countries
that use the euro dipped slightly dur-
ing January but remained high despite
tensions over Europe's debt crisis.

CANBERRA, Australia — Aus-
tralia wants to tax those not affected
by massive flooding and cut spending
to pay the more than $5 billion bill it
is anticipating after weeks of rain
swamped the country's third-largest
city and forced thousands from their

| ae ae eS

RATINGS CUT: In this
Jan. 16, 2009, file photo
Mount Fuji, Japan's
highest peak at 3,776
meters (12,388 ft.),
looms over high-rise
buildings of Tokyo's
Shinjuku district. Stan-
dard & Poor's cut
Japan's credit rating for
the first time in almost
nine years Thursday Jan.
27, 2010 , issuing a
harsh critique of the
government's ability to
control its ballooning
debt.

(AP Photo/Kyodo
News, File)

DAVOS, Switzerland —
Exxon Mobil Corp. signed a
deal with Russia's Rosneft
to develop oil and gas
resources in the Black Sea,
a new boost for the coun-
try's lucrative energy sector
despite concerns about the
challenges of investing
there.

BEIJING — China plans to step
up efforts to develop clean energy
and other technology industries this
year, government officials said, a strat-
egy that has strained trade ties with
Washington and other governments.

MADRID — The Spanish govern-
ment said it is on the point of reaching
a deal with unions on pension reforms
including raising the retirement age, a
deal that could avert a general strike
that threatens to hamper efforts to
ease the debt crisis.

DUBAI, United Arab Emirates —
The builder of the world's tallest sky-
scraper said it has raised $500 million
through an international bond, offer-
ing hope that debt-crippled Dubai
companies also can raise fresh capital
on world markets.



Spanish government,
unions approach an
accord on pensions



AP Photo/Alvaro Barrientos

STRIKE CALL: A demonstrator holds up a banner reading:
“Enough Reasons for General Strike” during a general strike
called by the Basque Nationalist trade union in Bilbao, northern
Spain Thursday Jan. 27, 2011 against the Spanish Government
approving a new Pensions Law.

CIARAN GILES,
Associated Press
MADRID

The Spanish government said Thursday it is on the point of
reaching a deal with unions on pension reforms including raising the
retirement age, a deal that could avert a general strike that threat-
ens to hamper efforts to ease the debt crisis.

A spokesman for Prime Minister Jose Luis Rodriguez Zapatero's
office told The Associated Press negotiators were very close to seal-
ing the agreement. He described it as solid and balanced. The
official spoke on condition of anonymity in keeping with govern-
ment policy.

Earlier the Labor Ministry said a preliminary agreement had
been reached overnight but declined to give details.

Leading daily El Pais and other media outlets said the agreement
included the government's highly contested plan to raise the retire-
ment age gradually from 65 to 67 under certain conditions.

The government has pledged to approve a pension reform bill
Friday. The bill is seen as crucial to its attempts to shore up pub-
lic finances and make structural reforms as it struggles to emerge
from recession.

Unions have long opposed any changes in the retirement age and
had threatened a general strike.

Spain is battling to reduce a euro-zone high near 20 percent
unemployment and a swollen deficit. The country has also come
under fierce pressure from bond investors in recent months over
fears it may be unable to handle its debt and will need a bailout like
Ireland and Greece.

El Pais said the two main unions have agreed to accept the age
change but demand that people who have worked for 38.5 years can
retire at 65 with full benefits. The government had insisted on
people working 41 years if they wanted to receive full pension at
65. Under current law, you have to pay into the system for 35
years to get retire at 65 with a full pension.

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Full Text



PAGE 1

N N A A S S S S A A U U A A N N D D B B A A H H A A M M A A I I S S L L A A N N D D S S L L E E A A D D I I N N G G N N E E W W S S P P A A P P E E R R V olume: 107 No.55FRIDAY, JANUARY 28, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 W EATHER PARTLY SUNNY HIGH 75F LOW 62F Seasoned politician has alr eady made his contribution M cCOMBO O F THE DAY N E W The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM Veteran FNM to step down B y TANEKA THOMPSON Tribune Staff Reporter tthompson@tribunemedia.net A LONG-SERVING Free National Movement Member of Parliament has told party insiders he will not offer himself for re-election next year, The Tribune has learned. W hile tight-lipped on the identity of the person, they say the seasoned politician feels it is time to step aside. Frank Watson, former deputy Prime Minister in the previous Ingraham adminis tration, told The Tribune that one veteran politician had revealed his intent not to pursue re-election, noting the person feels he has already "made their contribution" to frontline politics. Yesterday, FNM Chairman Carl Bethel said it is inevitable some long-serving p arty members will make way for new blood in 2012. "Not everybody who ran t he last time will want to run this time, and not necessarily everybody who is in Parliament will want to contesta gain," said Mr Bethel. It has been rumoured that North Eluethera MP Alvin Smith was set to retire, however yesterday he refuted this suggestion saying he "expects" to contest his seat in 2012. Although the FNM has not officially selected candidates for the next general election, Mr Bethel said the absence of early contenders does not mean the party is not strategising for the return to the polls. INSIDETODAY: YOURFREE SPORTSWEEKLY SUPPLEMENT ANNANICOLE: THEMUSICAL FULLAMAZINGDETAILS ONPAGETHREE SEE page nine NEWLY-appointed Coron er Linda Virgill avoided a court appearance yesterday by settling a lawsuit out of court, her attorney said. Mrs Virgill was reportedly being sued by local attorney Cecil Hilton for a $2,000 l oan she received from him t wo years ago. She was e xpected to appear in a Magistrates Court yester-d ay. H owever, she did not appear in court. Her attor ney, Davard Francis, who appeared on her behalf, told NEW CORONER SETTLES LAWSUIT OUT OF COURT By PAUL G TURNQUEST Tribune Staff Reporter pturnquest@tribunemedia.net THE Director of Public Prosecutions Vinette Graham-Allen was called to the Bahamas Bar late last night, drawing to an end a protracted process that has taken nearly five months to complete. On the steps of the Chief Justices office last night, Attorney General Senator John Delaney said he was very pleased to inform the public that Mrs GrahamAllens application had final ly been approved by the DIRECTOR OF PUBLIC PROSECUTIONS IS CALLED TO THE B AHAMAS BAR SEE page nine SEE page nine ATTORNEY General Senator John Delaney yesterday supported the appoint ment of Jamaican judge Roy Jones to serve on the Bahamas Supreme Court Bench. Although Mr Jones a ppointment was already confirmed by Chief Justice Sir M ichael Barnett earlier this year, some concern over his appointment has been expressed in a section of the press. Answering this criticism, A G SUPPORTS APPOINTMENT OF JAMAICAN JUDGE TO THE BAHAMAS SUPREME C OURT SEE page nine SHORE LITTEREDWITHITEMSFROMMAROONEDSHIP WASHED ASHORE: A ship marooned off Blackbeards Cay has strewn the coast of the island with clothes, shoes and supplies. Port officials are baffled over the ships origins. SEEPAGETWO F e l i p M a j o r / T r i b u n e s t a f f

PAGE 2

LOCAL NEWS PAGE 2, FRIDAY, JANUARY 28, 2011 THE TRIBUNE By CELESTE NIXON T ribune Staff Reporter cnixon@tribunemedia.net PORT officials are baffled over the origins of a shipm arooned just off Blackbeards Cay which has left the islands coast strewn with clothes, shoes and other supp lies. As environmental concerns mount amid claims the vessel is leaking oil, Port Controller Commander Patrick McNeil, who was on leave when the boat ran aground, said an investigation is underway to find the ships owners and form a plan t o dislodge it from the reef. Meanwhile, when questioned about the large vessel stranded just off their workplace, Blackbeards Cay employees claim they are unaware it even exists despite the shore being littered with goods from the ship. W itnesses say the Capt Victor has been stranded for more than a month, crashing just before to Christmas. It has been rumored that the b oat may have been on route to Haiti carrying relief supplies when it was marooned, and angry callers claimed to have witnessed small Bahamian boats looting the goods. However, Commander McNeil emphasised that it is too early to say anything for c ertain. The boat will not be there any longer than it needs to be; we do not want it destroying the reef, he added. Environmental concerns over marooned ship STRANDED: Witnesses say the Capt Victor crashed just before Christmas. The shore has become littered with items from the ship. Felip Major /Tribune staff

PAGE 3

THE escapades of American model and reality TV s tar Anna Nicole Smith are t he subject of a new opera s et to open next month at the Royal Opera House in London. The opera will focus on Anna Nicoles "flamboyant a nd fatally flawed life," a ccording to the producers. They are keeping tightlipped about the details oft he production refusing to be drawn on how prominently the Bahamas will feature and whether locals who w ere close to her, such as former Immigration Minister Shane Gibson, will a ppear as characters. Outrageous I n a press release announcing the opera, the producers said: Its colourf ul and dark. Its nefarious and hilarious. Its outrageous and courageous. Its also a bit blue. But its true. Its the opera Anna Nicole and its one of the hottest tickets on the 2011 arts calendar. T hey said the opera was c reated by two of the brightest talents in modern o pera, acclaimed compose r Mark-Anthony Turnage and controversial librettist R ichard Thomas, the cowriter of Jerry Springer: The Opera. A nna Nicole Smith died aged 39 from a drugs overd ose in 2007. She gained notoriety when she married an 89-year-old Texan oil bill ionaire she met while lapdancing, taking her fight to secure his fortune all the way t o the US Supreme following his death. T he producers said: Smiths notorious rise and undignified descent was d evoured by the global m edia and serves as an u ncomfortable morality tale for the modern day obsession with fame and all its t rappings. Audiences at the Royal Opera House will be taken o n a rambunctious romp through Smiths ultimately t ragic tale in one of the most s tartling new operas ever to grace the main stage at C ovent Garden. D utch soprano Eva-Maria W estbroek plays Anna Nicole and leading director Richard Jones stages thep roduction with music director of the Royal Opera, Antonio Pappano conducting. Elaine Padmore, director of opera, said: When MarkAnthony and Richard pre sented the idea of an opera a bout Anna Nicole Smith t he sparks started to fly because we could all see thath er life was not only a sen s ational story, it also reads like a modern day parable about the culture of celebrity. There have been many such tragic heroines in classical opera, so why shouldnt t here be one that is a cont emporary real person like A nna Nicole? Richard Thomas is no stranger to theatrical controversy and is certain that Anna Nicole will cause a stir. H e said: I wont be surprised if Anna Nicole divides people, but that is part of the excite-m ent of creating something new. Certainly, I dont think the main stage of the Opera H ouse has seen something quite like this before. Anna Nicoles life was a bout her raping the Americ an dream. She wanted more o f everything more success, more money, more expo-s ure. She did everything r ight to make the dream come true, but look at the consequences. Nightmare It became a nightmare and, in a wider context, her story reflects so much about t he values people hold in A merica today. Some critics might be a bit sniffy and say, Why one arth does a tabloid creation l ike Anna Nicole Smith deserve an opera? If we called it Countess de AnnaN icole and set it in the 19th c entury, then it wouldnt even be questioned, but it is clear that Anna Nicoles lifei s incredibly operatic. She was a woman trapped in cir cumstances of her own making and it has all the ele m ents of a great story: mon ey, sex, legal feuds, fame, tragedy. By CELESTE NIXON Tribune Staff Reporter c nixon@tribunemedia.net THE WORKERS Party hopes to persuade Bahamas Democratic Movementl eader Cassius Stuart to join in a third way coalition that aims to challenge thel eading political parties in the next general election. Rodney Moncur, leader of the Workers Party, told T he Tribune y esterday that h is organisation and the National Development Party (NDPa series of talks with Mr Stu art in hopes of bringing the BDM into their national alliance. Cassius Stuart is an outs tanding person and has a true love of the Bahamas I believe that Cassius and Renward Wells would make excellent prime ministers, said Mr Moncur. The Workers Party and t he NDP signed a Memorandum of Understanding in early November of last year, forming a national alliance between the two parties. According to Mr Moncur, f ollowing the Elizabeth bye lection last year, there was a call by the Bahamian peo ple for the smaller parties to join together to form a real challenge to the two domi nant parties. I am convinced that t housands of Bahamians w ant to get rid of the FNM government but are waiting for the smaller parties to come together, said Mr Moncur. The national alliance has already been deployed in ane ffort to tackle the important issue of crime, but also needs to prepare for the fast-approaching general elections, said Mr Moncur. The Workers Party is pushing the NDP to consol-i date and execute the M OU, he said. Mr Moncur added that he has been in discussions with Ali McIntosh from the Bahamas Constitution Party with a view to bringing that party into the coalition asw ell. H e said: Each political party would be a part of the umbrella group that will take us into the next elections. LOCAL NEWS THE TRIBUNE FRIDAY, JANUARY 28, 2011, PAGE 3 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM By TANEKA THOMPSON T ribune Staff Reporter t thompson@ tribunemedia.net THE government is laying the foundation for concrete improvements in the justice system that will be s een by the next general election, said Free National Movement Chairman Carl Bethel. He noted the ongoing repairs and restoration to t he Hansard and Ansbache r buildings, the procurem ent of an additional S upreme Court judge and t he near completion of the M agistrates Court complex on South Street as evidence the government is serious about addressing the breakdown of justice that allows those accused of serious offenses not to undergo tria l within a reasonable time frame. "All of these things are b eing put in place and will b e visibly there by the time o f the election and we hope will give a level of comfortt o the Bahamian people t hat the structural causes of the apparent breakdown in the system of justice have been addressed and we are now back on the right track and the wheels of justice will be turning smoothly," h e said during an interview w ith T he Tribune. When asked if worries over rising crime would h urt the FNM in the next election, Mr Bethel said: "Crime is always a very important social and eco n omic issue and will factor i n the elections. Most Bahamians are entirely frustrated with the situations o far as it relates to violent crime. The government is able to point to the advancements being madet o improve the administration of justice, the completion of the Magistrate's Court complex on Nassau Street that we started in 2001 and the PLP couldn't complete in five years. It'sn ow moving towards its fini sh under the FNM. We think that will assist in the administration of justice". A s for the backlog of criminal cases before the courts, the former attorney general surmised that it could take as little as two years to bring them to a close, once the court repairs are finished. "We think it will be a question of years, not decades, perhaps as short as a year, a year and a half, two years. I doubt, having regard of the pace of repairs, that's going to be something that we can saywe made measurable progress on by the election, but the point is we are laying the foundation for it," said Mr Bethel. The Ansbacher building in Bank Lane was pur chased for $8.5 million in July 2010 and renovations are estimated to cost $2.5 million. The building will be refitted to include two criminal trial rooms on the ground floor and four civil trial rooms on the higher floors. The building will continue to house many of the registries of the Supreme Court and include robing rooms for attorneys, judges chambers and selfsufficient jury rooms. The Magistrates Court complex on South Street is expected to be completed by the first quarter of 2011 with esti mated renovations costing upwards of $6 million. The building will be a state-of-art facility housing all 12 magistrates courts for the island of New Provi dence. The complex will include holding cells, an internal police station, a treasury and registry, and CCTV monitoring. Workers Party seeks coalition with the Bahamas Democratic Movement Anna Nicoles flamboyant life to feature in new opera GOVT LAYING FOUNDATION FOR JUSTICE SYSTEM IMPROVEMENTS S h a n e a n d A n n a N i c o d r a m a t i c n e w p h o t o s T I O N E V E N T C O U L D B E M O S TP r eI N A T A I W A N A N D T H E C A R I B B E A N U N E W R I T E R R A T I O N m i n i s t e r o n a l w a y s s a i d h e h a d n d s h i p w i t h c o v e r g i r l S m i t h w h o d r o p p e d o t e l r o o m l a s t w e e k n e w p h o t o g r a p h s e T r i b u n e l a s t n i g h t w c l o s e t h e i r r e l a e r a n d t h e r e a l i t y s e e n h e r e i n c l o s e n n a N i c o l e s h o m e o n E a s t e r n R o a d N a s s a u T h e p i c t u r e s w e r e t a k e n i n h e r b e d r o o m w h i c h w a s d e c k e d i n f l o w e r s a n d r i b b o n s f o r a b i g e v e n t T h e o c c a s i o n w a s h e r 3 9 t h b i r t h d a y l a s t N o v e m b e r 2 8 j u s t o v e r t w o m o n t h s a f t e r t h e t r a g i c d e a t h o f h e r 2 0 y e a r o l d s o n D a n i e l M r G i b s o n d r e s s e d i n b a s e b a l l c a p j e a n s a n d s n e a k e r s i s s h o w n g i v i n g a h u g t o t h e w o m a n w h o w o u l d e v e n t u a l l y p u t h i s p o l i t i c a l i s t e r p i c t u r e d i n c l o s e b r a c e w i t h t h e l a t e s t a r S E E p a g e s t w o a n d t h r e e N L O W E a f f R e p o r t e r y o u n g m e n s o f g u n v i o w e e k e n g f m a n d i e s h o o t i n g n B y A L I S O N L O W E T r i b u n e S t a f f R e p o r t e r O P P O S I T I O N l e a d e r M H u b e r t I n g r a h a m s h o u l n t h A t t o r n e y s h i t o u t a t I n g r a h a m p e n s i o n p a y m e n t s n B y K A R I N T r i b u n e S t D E S P I T E E d u c a t i o n M S e a r s f o r G r t e a c h e r s t o r e t u r r o o m s t o d a y T e a c h e r s U n i o t e r d a y c o u l d n o t t h e r e w o u l d b e f w i t h t h a t p l e a P r e s i d e n t o f P o i t i e r T u r n q u e s b u n e y e s t e r d a y t n o t s a y h o w m a n G r a n d B a h a m a w m i n i s t e r s r e q u e i s s u e s s t i l l h a d t o b L a s t T h u r s d a y N o g u f r o m a l l t e a c r e t u r n t T E R o f I m m i g r a t i o n S h a n e G i b s o n i s p i c t u r e d w i t h N i c o l e S m i t h a t h e r h o m e o n E a s t e r n R o a d N a s s a u E p a g e MODELANDREALITYTVSTAR: Anna Nicole Smith made the news during her stay in the Bahamas.

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E DITOR, The Tribune. Downtown Art as a part of the so-called Love My Bahamas Downtown Art Experience clearly indicates certain people in-charge have zero appreciation of the beauty of Downtown Olde Nassau. The photographs published today by Tim Clarke on the back page, Saturday, January 21, showing the mural on the f acia of the old Methodist church next to Number One, Bay Street and actually the murals on the Ministry of Tourism Building, Church Street in the immediate precincts of the historic Christ C hurch Anglican Cathedral makes me again wonder do those in charge have a true appreciation of the natural beauty and respect for the natural beauty of Bay Street? There is absolutely no possible way, I hope, that this e xhibition of these murals were approved by the Special Architectural Committee for The City of Nassau, Town Panning if they were, Prime Minister, please ask for their immediate resignations and appoint some people with architectural sense of what is appropriate. If this scale of ugliness is approved and would seem to be the accepted theme then lets stop now even thinking about refurbishing, renovating Bay Street because we cannot afford this waste of scarce funds. The once enforced strict R egulations seem to have been thrown down the drain or no one caring any more. Look at all the advertisements billboards, shop shingles all down Bay and on the Streets within the City? Surely it is time that the Ministry of Tourism would remove the sheets of plywood which hide the ground floor of their building on Church Street I believe it was under Minister Wilchcombe the b uilding was acquired and it has been in that state for over four years right next to one of our true treasures, Christ Church Cathedral, but it seems we dont care. Surely the Ministry should be giving t he example not the opposite shame on you, Mr Minister. W THOMPSON Nassau, January 21, 2011. EDITORIAL/LETTERS TO THE EDITOR PAGE 4, FRIDAY, JANUARY 28, 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 T ELEPHONES Switchboard (News, Circulation and Advertising A dvertising Manager (242 C irculation Department (242 Nassau Fax: (242 F reeport, Grand Bahama: 1-(242 F reeport fax: (242 W EBSITE www.tribune242.com updated daily at 2pm WASHINGTON Modern humans may have left Africa thousands of years earlier than previously thought, turning right and heading across the Red Sea into Arabia rather than following the Nile to a northern exit, an international team of researchers says. S tone tools discovered in the United Arab Emirates indicate the presence of modern humans between 100,000 and 125,000 years ago, the researchers report in Friday's edition of the journal Science. While science has generally accepted an African origin for humans, anthropolo gists have long sought to understand the route taken as these populations spread into Asia, the Far East and Europe. Previously, most evidence has suggest ed humans spread along the Nile River valley and into the Middle East about 60,000 years ago. There are not many exits from Africa. You can either exit" through Sinai north of the Red Sea or across the straits at the south end of the Red Sea, explained HansPeter Uerpmann of the Centre for Scien tific Archaeology of Eberhard-Karls Uni versity in Tuebingen, Germany. "Our findings open a second way which, in my opinion, is more plausible for a massive movement than the northern route," he said in a telephone briefing. Because of the different climate at the time, Arabia was moister and would have been a grassland with plenty of animals for prey, he added. A nd the lower sea levels at that time meant that the narrow point at the southern end of the Red Sea would have separated Africa and Arabia by between onehalf and 2 1/2 miles, said Adrian G. Park er of Oxford Brookes University in England. That should not have been a difficult crossing for people used to dealing with east African lakes and rivers where they used rafts or boats, Uerpmann said. The techniques used to make the hand axes, scrapers and other tools found at Jebel Faya in Sharjah Emirate suggest they were produced by people coming from somewhere else, said Anthony E. Marks of Southern Methodist University, adding that there are similar tools made about that time in East Africa. "If these tools were not made by modern man, who might have made them?" Marks asked. "Could Neanderthals have made them?" Neanderthals were mainly in Europe a nd migrated into Russia but "there is no evidence for any Neanderthals south of that" zone at that time, he said. To suggest one group of Neanderthals took a turn south and went several thousand kilometers ... seems to me a very dif ficult explanation and one that doesn't follow any reasonable logic." The tools were dated using optically s timulated luminescence, which is able to date the sand grains on top of the tools and determine when they were last exposed to light, explained Simon J. Armitage of the University of London. The discovery "points convincingly to an early dispersal of (anatomically modern humans) along a southern route, from eastern Africa into South Arabia," said G. Philip Rightmire of Harvard University, who was not part of the research team. Rightmire said "it is reasonable to hypothesize that Arabia represents a separate centre for population expansion, in addition to the northern Levantine corridor. This hypothesis remains to be tested, as new evidence is compiled." The research was supported by the gov ernment of Sharjah, Heidelberg Academy of Sciences, Humboldt Foundation, Oxford Brookes University and the German Science Foundation. (This article was written by Randolph E. Schmid, AP Science Writer). A failure to appreciate natural beauty of Bay Street LETTERS letters@tribunemedia.net New findings on the origin of humans EDITOR, The Tribune. Did Minister of State, MP for Pinewood really mean what he said in his contribution on the Amendments to the Business License Act? Minister: When are we trying to restrict a constitutional right for anyone to enter business? Minister: It is not having a chance as if government has some divine right to stop anyone entering any legitimate legal business although right now around The Bahamas it would seem there are more non-legitimate businesses who are the only ones doing business! Minister: Who gave any government the right to refuse a citizen of The Bahamas a Business Licence? Minister: I only wish many years ago some attorney would have challenged the PLP business policy which is continued til today where one you impose the ridiculous 60-40 ownership and illegally exclude foreign parties to a long list of exclusive business areas reserved for Bahamians surely that breaches the Constitution? I laugh at the Real Estate people they insisted on restricting only Bahamians and then every single Real Estate outfit is associated with a foreign entity! They got to be stupid. Some with four-five International Real Estate Agencies. I am sure the constituents of Pinewood if they heard the MPs comment had to be shocked. No Minister, it is not by a chance I can get a Business Licence it is surely guaranteed if I complete the requirements the licence is mine. J A KNOWLES Nassau, January 21, 2011. Constituents of Pinewood had to be shocked by comments EDITOR, The Tribune. On the last weekend of February, a large group of visitors will gather in Nassau for a Damianos family reunion. They will visit the Western Cemetery graves of the Damianos brothers, who settled here around 1897. I was pleasantly surprised to find that a large section of the historic cemetery was recently tidied. However, the area sur rounding my grandfather, Aristides grave, is in a terri ble condition. There is a large pile of rubble next to the main dri veway and walkway leading to the southern boundary. Debris and rubbish are scattered throughout the southern section, where Aristides grave is located, and there are open graves. In light of the meticulous condition in which cemeter ies in the United States and other developed countries are kept, I wonder what the visitors travelling here from the U.S. will think. Each one is a potential repeat visitor who will return home and tell family and friends about their experience in Nassau. While writing, Id like to publicly thank Ms. Pamela Mullings and Mr. Larry Thompson at the Ministry of Works for helping me locate a number of old graves. Both were very kind and helpful, and are a credit to the Ministry. ATHENA DAMIANOS Nassau, January 26, 2011. Area surrounding grave is in a terrible condition Share your news The T ribune wants to hear fr om people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for impr ovements in the ar ea or have won an award. If so, call us on 322-1986 and shar e your stor y

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THE Bahamas yesterday signed an agreement with Japan for the exchange of information for the purpose of the prevention of tax evasion. The signing was described as epoch-making by Japanese diplomats. The agreement marks the 23rd Tax Information Exchange Agreement (TIEA the Bahamas and the second with a major Asian economy. (The to both our governments resolve to engage our international partners in the fight against fiscal irresponsibility and illicit tax flows which still undermine the integrity of the global financial system, said non-resident Ambassador of Japan to the Bahamas Hiroshi Yamaguchi at the signing yesterday. With this latest agreement, the Bahamas now has TIEAs with 17 Organisation of Economic Co-operation and Development (OECD nine members of the G-20 the group of 20 international f inance ministers and central bank governors. The Bahamas now far exceeds the internationally agreed requirement of 12TIEAs a condition for any country to be removed from the OECD grey list of countriesnot yet compliant with the o rganisations tax cooperation rules. The agreement also provides for the allocation of rights of taxation with respect to incomeof individuals. Speaking at the signing at the Goodmans Bay Corporate Centre, Deputy Prime Minister a nd Minister of Foreign Affairs Brent Symonette said the TIEA with Japan not only provides for cooperation in tax matters to the internationally accepted standards, but also for the allocation to each party certain exclusive taxing rights in respect of income from sources in the other contracting party which is received by designated groupso f students, pensioners and government employees. Ambassador Yamaguchi said the signing represented the culmination of years of ongoing negotiations and preparations based on an initiative proposed by Prime Minister Hubert Ingraham. A mbassador Yamaguchi said the agreement was indeed epoch-making, because this is the first agreement which requires ratification procedures at Japans national diet. For my country, it has taken the efforts of 11 past non-resident ambassadors to reach this stage and I am therefore so very honoured and privileged to sign this historic agreement on behalf of my country, he said. Ambassador Yamaguchi said Japan remains deeply committed to the various initiativesb eing carried out by the G8, G20 and the OECD in a series of efforts to democratically promote the exchange of information on economic matters including financial and tax mat ters. I am extremely pleased that the Bahamas has made signifi-c ant strides in becoming fully compliant with international tax standards, he said. Ambassador Yamaguchi added that this signing also marks almost 36 years of Japans diplomatic relations with the Bahamas. LOCAL NEWS THE TRIBUNE FRIDAY, JANUARY 28, 2011, PAGE 5 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM A CONCERNED citizen handed a bullet proof vest and a hand gun containing ammunition over to police on Wednesday. It is reported that the items were found in bushes on Wellington Street off Baillou Hill Road. P olice said they are grateful for the assistance and encourage all Bahamians to play their part in making the Bahamas a safer place to live, work, visit and play. A 22-YEAR-OLDman was attacked by two armed men and stabbed in his arm and thigh during the assault. The victim was walking to his car on Miami Streeta nd Balfour Avenue when he was approached by two men one armed with a knife, the other with a gun. The two culprits demanded cash. T he victim told the a rmed men that he had no m oney and was subsequently stabbed twice. He was taken to hospital via private vehicle. Police are investigating. MAN STABBED IN ARMED ROBBERY BULLET PROOF VEST AND HANDGUN FOUND Bahamas signs prevention of tax evasion agreement with Japan SIGNING: Japans Ambassador to the Bahamas Hiroshi Yamaguchi speaks to the press yesterday at the signing of the Tax Information Exchange Agreement (TIEA Deputy Prime Minister and Minister of Foreign Affairs, looks on. Felip Major /Tribune staff JAPANS AMBASSADOR to the Bahamas Hiroshi Yamaguchi holds the signed agreement with Deputy Prime Minister Brent Symonette.

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A Bahamian delegation of four students from the DeepC reek Middle School in Eleuthera (DCMSe l to California to attend the Plastics Are Forever International Youth Summit in March. The four students selected a re Jovanna Sands of Rock Sound, Moesha Leary ofW aterford, Treshae Clarke of Tarpum Bay and Anna McCartney of Tarpum Bay. The conference will be held in Los Angeles with representatives from 14 countries. A total of 74 teams from 18 countries vied for spots att he summit by submitting action-oriented solutions tor educe plastic waste in their home communities. The DCMS team was one of 24 schools selected to attend and will work withf ilmmakers and television stars to learn how to createf ilms on environmental issues in their community. It will be great to learn more about how plastics affect our environment andto see what we can do to make it better when we come back, said Treshae Clarke, a grade eight student. U pon their return from the conference, the DCMS stu-d ents said they will seek to reduce plastic waste by focusing on eliminating plastic Gatorade bottles from their school. T hey are planning to ask for reusable water bottles asp art of their school supplies for next year; fine students and teachers for bringing disposable plastic bottles to school, and offer Gatorade made from powdered mixes for sale in reusable glasses at l unch. T he awareness and educat ion component of their plan entails visiting other area schools to discuss with other students the impact of plasticw aste and the results of their c ampaign to reduce it. I am very excited about t heir efforts. Plastics waste has a huge impact on our local environment and our islands appear-a nce to tourists. We use too m uch plastic without thinki ng and it ends up polluting o ur roadsides and beaches, releasing toxic chemicals in dumps when burned, and destroying our marine eco-s ystem, said Joanna Paul, principal at DCMS. Im proud of the students f or taking steps to change purchasing and consumptionh abits that contribute to plastics waste here in Eleuthera. T he DCMS is an independent school for Bahamian students in grades sevent hrough nine. It is the only private midd le school in the Bahamas. LOCAL NEWS THE TRIBUNE FRIDAY, JANUARY 28, 2011, PAGE 7 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM THE Bahamas Electricity Corporation (BEC Technical and Vocational Institute (BTVI cal/mechanical apprenticeship programme. Recently a class of 13 all-male apprentices from BEC participated inan orientation session at BTVI where they learned safety comes first. The apprenticeship programme, a City and Guilds-approved programme, recruits and inducts young adults (ages 18-25) into the Corporation. The programme makes full use of the City and Guilds curriculum comprising both academic and practical components, BEC said. The theoretical part of the course is taught at BEC and apprentices go to BTVI for the practical. F or the next ten weeks every Friday Alexander Darville, BTVIs Dean of Construction and his team will teach the young men various aspects of electricity such as principles, applications and safety. The apprentices will also sit an assess ment exam at BTVI. We are very happy with our partnership with BEC, said Mr Darville. I must commend our managing consultant, Dr Iva Dahl, for this partnership. We will explore electrical engineering principles and, once successful, the apprentices will receive certification with the stamp of approval from City and Guilds, BEC and BTVI. During the orientation, Mr Darville showed videos on safety, helping the apprentices to understand the serious nature of electricity and how to avoid accidents. They were also told what BTVI expects from them in terms of appearance and attitude while on campus and informed of the institutes mission statement, To provide learning opportunities that enable individuals to be globally c ompetitive and economically indepen dent. BECs electrical trainer, Colin McFarlane, was on hand at the orientation and said he was very happy with the level of participation from the apprentices. I am very pleased with our appren tices and happy to see that they have arrived at the practical level, said Mr McFarlane. We teach the academic portion at BEC and then turn them over to BTVI for the practical. Its a great partnership. The apprentices are at BTVI every Friday for the next ten weeks and Monday to Thursday they will be at our Clifton Pier and Big Pond Plants where they will receive mechan ical training. In about a year, after completing this course, the apprentices will be eligible to sit a trades test and, if successful, they will be promoted to the rank of crafts man. CONFERENCEBOUND: Jovanna Sands and Moesha Leary show off their reusable water bottles Bahamian students to discuss plastic waste at California conference BEC partners with BTVI in Technical/ Mechanical Apprentice Programme ORIENTATION Thirteen apprentices from BECs apprenticeship programme at orientation f or classes at BTVI. At far left is Dean of Construction Alexander Darville. At far right is electrical trainer Colin McFarlane. Second from last at far right is Colin Johnson, lecturer at BTVI; to Mr. Johnsons right is Lester Thurston, also lecturer at BTVI.

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L OCAL NEWS P AGE 8, FRIDAY, JANUARY 28, 2011 THE TRIBUNE Trio con Brio performs for a sold-out audience T HE special Trio con Brio concert pres ented by the Grand Bahama Performing Arts S ociety (GBPAS last weekend was deemed a success by organ-i sers. According to the organisers, over 180 peop le, including 45 students, enjoyed the conc ert with the sounds of Christy Lee (piano Christine Gangelhoff (flute sau, and Ken Law (cello Trio con Brio performed piano and cello duets, as well as trios with flute and violin featuring local musician to Afrika Karamo-Miller. Concert Dalia Feldman, president of the GBPAS s aid this about the concert: We were so thrilled with the audience turn-out on Saturd ay, and equally thrilled to see how much the audience thoroughly enjoyed themselves, young and old alike. Every piece was wonderful, one after the other. My personal favourite was the piano, flute and cello trio, and I'm sure it was an audience favourite too because I heard some bravos among the crowd after that particular number. The musi cians received a house-wide standing ovation in the end. B arbara Chester, a GBPAS member, shared t his about the event: Christy Lee is of course an exceptional pianist and Saturday night's playing was beautiful. And Kenneth Law, this charming, sensit ive gentleman caressed his cello with an e xquisite tenderness producing the most perfectly loving musical vibrations; his playing is truly 'an affair of the heart'. The entire concert was magical. So very special that I was not s urprised that on my way out the Church of the A scension to hear the remark, we could have been at Carnegie Hall. The next day (Sunday musicians gave a triple master class at the C hurch of the Ascension. Over 20 violin, cello, woodwind and piano students had the opportunity to perform and work with the three musical experts. Our master class gave students the opportunity to work with Drs Lee, Law and Gangelhoff, and fine tune their musical skills and performance. It's events like this that validate w hat we do and drive us to want to continue to bring these wonderful programs to our local a udiences and help local performing arts stu dents in any way that we can, said Ms Feld man. N ext on the GBPAS calendar is the third a nnual Comedy Club Show scheduled for March 12. THE TRIO CON BRIO concert at the Church of Ascension on January 22 presented by the Grand Bahama P erforming Arts Society. The GBPAS will next present.Photo courtesy of the G BPAS

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LOCAL NEWS THE TRIBUNE FRIDAY, JANUARY 28, 2011, PAGE 9 TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Magistrate Derrence Rolle-Davis she had agreed to settle the mat-t er out of court and asked the Magistrate not to allow the affidavit of service be served. Outside of court, Mr Francis said a settlement of $3,000 was r eached and paid yest erday in pennies. A t the opening of the l egal year, Chief Justice Sir Michael Barnett announced that Magist rate Linda Virgill will b e assigned to the C oroner's Court to r eplace Magistrate W illiam Campbell. B ar Association President Ruth BoweDarville had accused Coroner Virgill of "unprofessional conduct", stating it is inappropriate for someone o n the bench to borrow m oney from a member of the Bar who may h ave to appear before them. Senator Delaney said that he had every confidence that the J udicial and Legal Services Commission of the Bahamas would have pursued all relevant lines of inquiry before making their decision. I can also say to you that I am aware that he has an impecc able reputation as a judge of the high court of Jamaica and as a Justice of Appeal acting, which he presently is in Jamaica, he said. Bahamas Bar Council. The significance of having Mrs Graham-Allen called to the Bar is that now there isn o impediment to her exercising the full range of her responsibilities as Director of Public Prosecutions. Senator Delaney further explained that Mrs Graham-A llen now has a right of a udience before the courts o f the Bahamas, which will allow her to personally handle some of the more complex cases that will comeb efore her office. So while she was Direct or of Public Prosecutions a nd executing her administ rative functions within the officer of the Attorney General, the one element thatw as not there was her appearing in court in the more complex cases thats omeone of her seniority or e xpertise might choose to a ppear in court to conduct directly. So one will expect for example that the more complicated cases, or maybe the appellate cases that would go to the Court of Appeal or the Privy Council that she may elect to be the leadc ouncil herself, he said. E arlier this week, the office of the Attorney General had threatened to have a court compel the Bar Council to make a decision one way or the other on MrsG raham-Allens application. T he Director of Legal Affairs, Deborah Fraser, it is reported, said the officeof the Attorney General intended to commence legal action by the close of business on Wednesday 26, 2011. Addressing this controv ersy yesterday, Senator Delaney said it appears the long delay in Mrs GrahamAllen approval was just a part of the Bar Council g oing through its own processes. From the prospective of the office of the Attorney G eneral, it is very important that we make a full frontal thrust on the prosecution of cases, and we were limited in our ability to do that if our chief prosecutor was unable to go into court her-s elf, he said. T his time last year, there were only two criminal trial courts functioning in New Providence. However, the Chief Justice, Sir Michael Barnett wasa ble to add another trial c ourt in February of last year. With a fourth slated to be opened sometime next month, Senator Delaney said now is the time for all hands to be on deck. And so, it became very urgent for the office of theA ttorney General to ensure that our lead prosecutor, our most senior prosecutor, our Director of Public Prosecut ion had the ability to appear for the more complex matters, and particularly for the appellate matters, he said. Last night Fred Mitchell, the Oppositions spokesman on the Public Service, saidi t was sad and disgracef ul that one day after a threat by the Office of the Attorney General Mrs Graham-Allen was called to the Bar. This decision saddens me b ecause Bahamians are l ooking all around for one situation somewhere in their country someone will stand up for them. They look around and they cannot find one public institution that will stand up for them. That is the larger import of thed ecision by the Bar Council, he said. I compared our countrys situation yesterday to a s cene fit for a Gilbert and Sullivan comic opera. I am now more convinced than ever. Not one month has gone by since the lawyers all bewigged and enrobed stood up to laud the rule of law,t he independence of the J udiciary. It shows that talk in this country is cheap because when it came time to demonstrate that independence, the Bar Council failed the test. Institutions operate withi n a wider framework. The Council is not a mere cipher which pushes paper. It is a deliberative body and should act in the wider public interest. It is my view that the wider public interest is not served by this decision. I ami n discussions about the possibility of judicial review of this decision by the Council. NEW CORONER SETTLES LAWSUIT OUT OF COURT FROM page one Director of Public Prosecutions is called to the Bahamas Bar AG SUPPORTS APPOINTMENT OF JAMAICAN JUDGE TO THE BAHAMAS SUPREME COURT FROM page one He added that the party machinery is b eing careful not to whip the country into a premature election frenzy while the FNM is still focusing on national issues. The government is not yet at the point w here it would be judicious or prudent to signal to the population that we are about to go into an election mode. There is still so much to do," said Mr Bethel. "We are on the verge now of the realisation of so much that was promised in theS peech from the Throne, that was promised in successive budgets after the 2007 election people are now beginning to see and feel (what the FNM is doing A government has to be prudent as to when it signals that it is going back to the people because once you signal that, it b ecomes very difficult to govern. With that i n mind, the government has to be judi cious in how it goes about its business in terms of candidates but I don't want any-b ody to feel that the government isn't, and t he party at its highest level, isn't looking at these issues. "Of course we are, we are looking at our slate of candidates and we are making some judgments. The higher levels of the leadership are in c onstant discussions, informally, looking at where we are. We would be a foolish political organisation if we were to take what happened i n 2007 as a guarantee going forward so the process of self-criticism, reflection, and thought is ongoing. It's been going on from d ay one of course it now is more for malised and a little more intense at those levels but certainly the party is criticallyl ooking at its line-up and there's a natural o rder in the universe. Veteran FNM to step down FROM page one F ROM page one SUPPORT: Attorney General John Delaney

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B y DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net FREEPORT The Grand Bahama Shipyard earns between $9-$100 million per year, a senior exec-u tive revealed yesterday, as it completes repairs to one of the largest cruise ships in the world Royal Caribbeans Liberty of the Sea which docked on Jan uary 23. Rueben Byrd, senior vicepresident of operations, said the mega vessel was the largest cruise ship up until 2010, when it became second to Oasis of the Sea. It is important because it is the first docking of it, Mr Byrd said. It is the largest cruise ship ever docked in the Bahamas, and it has been here for six days undergoing routine mainte nance and a few upgrades. The vessel is scheduled to depart the Shipyard on Sat urday, January 29. There are currently four vessels docked at the Shipyard, while last week seven were docked for repairs. Business is doing great. We are experiencing something that no other Shipyard is experiencing at this time; we got work scheduled into June, said Mr Byrd. No other ship repair facility has that at this time on the repair side, and we are very fortunate to have that. The Shipyard opened in 1999. It has three docks and employs close to 600 persons, including nearly 250 Bahamians. Mr Byrd said the repair facility continues to perform well, satisfying its customers. He revealed that the company earns anywhere from $9 to 100 million a year. He noted that a large portion of the revenue goes into the economy as a result of hotel stays for sub-contractors and rentals for permanent expa triates. Mr4 Byrd said there are 246 full-time Bahamians, 160 permanent expatriates, and 176 casual workers 71 P eruvians, 88 Romanians, and 15-17 Indians, currently. He added that the com p any has started training some 65 Bahamians over the past five months as riggers and scaffolders, and it is currently training blasters andp ainters through their subcontractors. SECTIONB business@tribunemedia.net FRIDAY, JANUARY 28, 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 With major Freeport businesses and wholesalers having suffered year-over-year top-line sales reductions of between 30-60 per cent for January, a leading attorney told Tribune Business that central government pressure meant that the rule of law and governance under the Hawksbill Creek Agreement has nearly complete collapsed. Fred Smith QC, the Callenders & Co attorney and partner, warned that various government initiatives, such as Customs demand for a National Insurance Board (NIB Letter of Good Standing before bonded letters were renewed, were in danger of throwing the baby out with the bath water and could easily kill commerce in Freeport. Reiterating that he understood the need for the Government to max imise legitimate tax revenues from Freeport, especially given the heavy strain its fiscal position was under, Mr Smith said the Ingraham administration appeared to be denying the existence of the Hawksbill Creek Agreement and the regulatory power of the Port Authority. Agreeing with K. P. Turnquest, the Grand Bahama Chamber of Commerces president, that he and other Grand Bahama Port AuthoriFreeport firms suffer 30-60% sales declines Top attorney warns that central government p ressure has resulted in rule of law and g overnance under Hawksbill Creek Agreement collapsing Says Ingraham administration denying e xistence of Port Authority regulatory p ower Adds that situation could easily kill Freeport FRED SMITH SEE page 4B By NEIL HARTNELL Tribune Business Editor The Government is targeting March 1 as the official date whenC able & Wireless Communications (CWC control at the Bahamas Telecom munications Company (BTC bune Business can reveal, as officials from both sides work fever ishly to complete the $210 million deal within the next few days. Multiple sources close to the process confirmed that the Government and its privatisation committee on one side, and CWC executives on the other, were working hours a day to meet this timescale, something that would not be easy given the numerous procedures and processes that March 1 target for CWC s BTC takeover Both sides working hours a day to complete deal Rigid procedures of Cabinet, Parliament and URCA make t arget date ambitious, but all working for it Negotiations pretty much behind parties, indicating sale terms largely finalised SEE page 4B By NEIL HARTNELL Tribune Business Editor T he Bahamas Telecom munications Company (BTC sector regulator for resolv ing its international call ter m ination dispute with Sys tems Resource Group (SRGg ave it a reasonable rate of return, suggesting it pro vided a fair and equitable BTC BACKS REASONABLE RA TE OF RETURN SOLUTION Says Order in SRG dispute over cost-based charges provides fair and equitable precedent for entire market BTC alleged no charges provided for in interconnect agreement, while SRG claimed incumbent tore up deal in bid to impose higher rates SEE page 5B By ALISON LOWE Business Reporter a lowe@tribunemedia.net M arios Bowling and Entertainment Palace is set to launch a $250,000 expansion to its recreation offerings for core customers in March, with the opening of a 3,500 square foot teen club. Leslie Miller, proprietor of the bowli ng and entertainment centre off Tonique Williams-Darling Highway, yest erday said he expects the new club $250,000 Teen Centre expansion at Marios n M arch opening planned for facility targeted at Bahamians n Bowling centre on the right path now, with business pick-up at Christmas n Hosted 500 parties during first year in existence S EE page 4B SHIPY ARD EARNINGS $9-$100M PER YEAR Beating rivals with work scheduled to June SEE page 5B LESLIE MILLER By ALISON LOWE B usiness Reporter alowe@tribunemedia.net Questions were yesterday raised about theB ahamas Electricity Corporations (BEC to stay away from fuelh edging fixing oil costs in advance to avoid future rises or volatility as a strategy to protect its bottom line going into 2011. Khaalis Rolle, president of the Bahamas Chamber of Commerce and Employers Confederation (BCCEC Business he was concerned that BEC was managing politics rather than managing economics, in light of chairman Michael Mosss comments to this newspaper that the Corporation would avoid fuel hedging because of the potential for a public backlash if it got it wrong. Mr Rolle, also chief mar keting officer for Bahamas Ferries, said fuel hedging was not a strategy which is overly risky if it involved buying volumes of oil as large as that which BEC would require. At the volumes they are using, they should be looking at it, said the BCCEC president. In an interview on Mon day, Mr Moss said he believes hedging the practice of contracting with a fuel provider to fix the cost of oil purchased for a set period, with a view to securing a cheaper price than that which it may ultimately pay on the international marketis not the way for BEC to go for the time being. "It's good to hedge if you are in a regulated environment, where you can go to the regulator and defend your position. I would say in the largely unregulated environment in which we exist it is best you charge actual prices than to hedge," he explained. "The problem is when BEC MANAGING POLITICS OVER FUEL HEDGING SEE page 5B

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K ARL RITTER, Associated Press M ATT MOORE, Associated Press DAVOS, Switzerland Businesses, especially U.S. o nes, must get more involved in the global effort to slow clim ate change and help pressure politicians to enact policies that p romote green growth, international leaders said Thursday. "They are part of the problem and they must be part of the solution," South African P resident Jacob Zuma said at the World Economic Forum. I n a panel discussion at Davos, where some 2,500 busi n ess leaders and politicians are gathered, he vowed to press for a greater corporate role in the U.N. climate talks that his country will host in the coastal city of Durban later this year. "I think that's one of the a reas we are going to work very hard leading to Durban to con v ince business to be party so that it's not just governments a lone," Zuma said, sharing the stage with Mexico President Felipe Calderon, European Union Climate Commissioner Connie Hedegaard and U.N. c limate chief Christiana Figueres. T here is serious concern about how to keep the global e conomy moving forward while, at the same time, ensuring that people in the develop-i ng world are not denied a chance to better their lives with out contributing to factors that have caused global warming. Hedegaard said that governments can provide the right conditions for green growth, but "the solutions have to come from business." "That is why setting the political targets are so crucial because then we can set a price on carbon," she said. "If it costs a lot to pollute a lot, then business has an incentive to pollute less." She noted that President Barack Obama didn't mention climate change or global warming in his State of the Union address "because of the political situation." But she implored U.S. businesses to be bolder in embracing more energy-effi cient economies. "It's bad business to not be among the front-runners," she said. "I hope that even more American business people would understand that they need to put the pressure on their politicians." Calderon said very little can be achieved without U.S. involvement, and he called for a change in American public opinion on global warming. "My perception is most of the people in the United States are afraid about the economic situation," he said. "They perceive this issue of climate change like an obstacle for their own progress. And we need to change that perception." China, which has overtaken the U.S. as the biggest green house gas emitter, has now realized it makes economic sense for it to become more energy efficient, Figueres said. "China is committed to winning the green race," she said. "And honestly they are not d oing it just because they want to save the planet. They are doing it because it's good for the economy." The discussion comes after g lobal talks on a new climate pact escaped failure last monthi n the Mexican resort town of Cancun, where nations agreed o n a modest set of decisions that put climate change negotiations back on track after the bitterly divisive summit in 2009 i n Copenhagen. The Copenhagen talks exposed the rift between rich and poor nations on the fundamental question of how to s hare the responsibility of tackling climate change chieflyc urbing the emissions of heattrapping gases from the burning o f fossil fuels. Copenhagen produced only a nonbinding accord with voluntary climate targets to cut g reenhouse gas emissions that wasn't even formally adopted by the conference. At Cancun, nations brought those voluntary pledges into the U .N. negotiating process and established a green fund tom anage the $100 billion a year by 2020 that developed coun t ries have pledged to help poor nations cope with global warming. But the ultimate goal of crafting a new global climate p act was put off till the next climate conference in Durban orb eyond. BUSINESS THE TRIBUNE FRIDAY, JANUARY 28, 2011, PAGE 3B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM By NEIL HARTNELL T ribune Business Editor A key organiser of the meeting between the Deputy Prime Minister and major Freeport-basedi ndustrial companies over Immigration issues said he was confident the Government would tack-le the problems outlined, and told Tribune Business a potential legalc hallenge was likely to have been staved off. Jeff Butler, owner of Butlers Food World and the Butler Groupo f Companies, described the meeting between Brent Symonette and F reeports large industrial entities as very productive, adding that litigation over Immigrations prac-t ice of tying work permit approvals for temporary specialist expatria tes, such as engineers, to them o btaining licences from the relevant professional organisations, h ad previously been mulled. It was a very productive meeting between government andi ndustry, and we look forward to starting from here, Mr Butler told Tribune Business. We have no issue with Immigration policy; we take issue with Immigration pro-c edures. Immigration has been linking work permit approvals for temporary specialists, such as engineers and architects, to them obtainingt he relevant licences from the likes o f the Professional Engineers Board. Without these, permits were not being issued. M r Butler said the whole issue of linking work permit approvals to p ossession of the relevant profess ional licences was about to be challenged in the courts, but weve s taved that off. He added: I think we just need to communicate and to start under-s tanding the procedures and how it w orks, and were doing that as we speak. Its all very positive. Now the Government is aware of it, theyw ill deal with it. Im confident theyll deal with it. We need more industry coming here. Grand Bahama has to be thei ndustrial capital of the Bahamas. Mr Symonette held a meeting last Friday with executives from 13 of Grand Bahamas major, primarily industrial, companies. G rand Bahama Power Compan y, the Grand Bahama Shipyard, Pharmachem, Our Lucaya Resort, Polymers International, theF reeport Container Port, BORCO and South Riding Point were all s aid to have had representatives a t the meeting with the Minister. Among the issues which Tribune B usiness was told executives at some of the major companies are deeply concerned about is thep rocess involved in obtaining perm ission for specialist engineers to enter the Bahamas temporarily to w ork. Since the implementation of the Professional Engineers Act lasty ear, an additional layer of bureaucracy has been introduced which requires the incoming engineer to obtain a licence from the Profes-s ional Engineers Board. The Board says a foreign engineer can be authorised to practice professional engineering within the Bahamas if approved for registra-t ion upon application to it as a temporary engineer. They must be associated with and work through a Bahamas-reg-i stered Professional Engineer, and their application for tempor ary registration must be associa ted with a specific project, and may be approved for a maximum t erm of six months, according to the Boards website. Such new stipulations, in conj unction with the need to gain a pproval from the Department of Immigration for the engineer to e nter, have contributed to delays which have troubled some compa-n ies, Tribune Business understands. Meanwhile, international comp anies with operations in Freeport have also been frustrated by demands that foreign executives flying in to attend same-day meetings or participate in other short-t erm temporary work in the Bahamas obtain permits from the Department of Immigration to do so. Mr Symonette confirmed that b oth of these points were raised as matters of concern at the meeting, and noted that it has been a long-standing issue with compa-n ies both in Freeport and Nassau, and throughout the Caribbean. M r Symonette said: We talked mainly about doing business in Grand Bahama and immigrationi ssues. We are going to be discussing it further as to the way forw ard. I think weve come to an u nderstanding as to the way forward. The whole idea is that we w ant at Immigration to make sure its as easy as possible for businesses in Grand Bahama to bringi n the people they need on a regular basis, bearing in mind type of work they are doing. Work permit litigation challenge staved off Key organiser of meeting between DPM and Freeport industry says occasion productive, and confident government will tackle issues Commonwealth Banks 6,500 shareholders are set to benefit from an extraordinary dividend that the BISXlisted institution yesterday called the largest in its history. The dividend of $0.06 per share comes after the bank saw record earnings in 2010, according to a release issued yesterday. The Board of Directors attributed the banks extremely strong balance sheet to a focus on the effective man agement of its credit risk portfolio. While asset growth was contained, the Bank was able to report a further expansion of its total assets to a record of $1.4 billion, Commonwealth Bank said. Comprehensive income for 2010 increased 27 per cent from $42.2 million to $53.8 million. The level of loan impairment expense was able to be reduced significantly in 2010. Executive chairman William Sands Jr said the dividend fits with the banks desire to share its success with its shareholders, while sustaining the safety and soundness of the bank. The extraordinary dividend is payable on February 28, 2011, to shareholders of record on February 15, 2011. Mr Sands said: The bank finished 2010 with an extremely strong balance sheet. The Bank also has sturdy capital and liquidity positions, both greatly exceeding statutory reserve requirements. I am very pleased with Commonwealth Banks perfor mance in 2010. The bank is well positioned as we move forward into 2011, which we anticipate will bring new challenges and beneficial opportunities as the economy begins to recover. With our dedicated staff, we will successfully face these challenges and grow with the expected opportunities. Commonwealth Bank operates 11 full service branches in New Providence, Grand Bahama and Abaco, and employs more than 560 persons. Bank unveils its largest dividend William B. Sands Jr 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 ar ea or have won an award. If so, call us on 322-1986 and share your story. UN climate talks in focus at Davos forum OVERSEASNEWS MOREONFORUM, PAGESIX

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remain to be completed. These processes, Tribune Business understands, include in the first instance the presentation of the final sale terms and details to Cabinet. Once Cabinet approves, it will be taken to Parliament, where all relevant documents relating to the sale of the 51 per cent BTC stake will be tabled. Some two weeks will be allowed for the documents to be analysed, then Parliament will debate and likely approve, given the Government majority the sale. Apart from the Parliamentary/political process, Tribune Business also confirmed that the sale to CWC has to be approved by the Utilities Regulation & Competition Authority (URCA communications sectors independent regulator. T his process will involve a public consultation, with the views of Bahamian compa nies, consumers and the wider public being solicited. Such procedures are mandated by the Communications Act andc ould take time, thus making M arch 1 somewhat ambitious. Given this target, Tribune Business was told that the aim is for the Government and CWC to conclude the deal within the next few days, certainly by months end next week. Cabinet approval will be rapidly sought, with all sale documents tabled in Parliament thereafter, so that debate and approval of the deal can take place in midFebruary. Turnover The target is March 1 to start the turnover, one source told Tribune Business of the day when CWC was likely to take management control at BTC. CWC should get the keys to the car by the end of February, if all goes according to script, and that will be the end of that. Those are the timelines for what happens. Another source familiar with the status of BTC privatisation negotiations said of the March 1 deadline: Thats the objective, and everyone is working 24 hours a day to get there, but its not going to be easy because they have a number of rigid procedures that have to be completed. They are being careful not to tie everything to that date, but thats the objective. The rigid procedures referred to are the Cabinet, Parliamentary and URCA processes, with one source suggesting that even if it wanted to, the Government had gone too far to row back on the privatisation now. It shows no sign of doing so, though, and appears willing to see the deal through to the bitter end. Tribune Business was also told that negotiations between government officials and CWC were now largely complete, with the proverbial is and ts dotted and crossed, one contact adding: Weve now gotten them [the negotiations] pretty much behind us. None of Tribune Businesss contacts referred to the writ filed by BTCs two unions in a bid to block the sale. That matter is set to be heard by the Supreme Court next week, and the silence on this indicates that the Government side does not see it as a major obstacle to the privati sations conclusion. Were so lucky we have a government willing to make certain reforms, one source said. They are willing to seea little bit ahead, and make some efforts to prepare some areas of the economy. Thatsa very important thing. BUSINESS PAGE 4B, FRIDAY, JANUARY 28, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM Freeport firms suffer 30-60% sales declines t y (GBPA told Tribune Business: Wherever the opportunity arises, there seems to be a tendency by the central government to try and take over regulatory control, especially where the purpose of raising revenue is concerned. I quite understand the Governments need for revenue in this day and age, at this time, given the state of the economy, but the Government should be careful that in their quest for revenue in Freeport, they dont throw the baby out with the bath water, because they could easily kill what could be the golden goose in the Bahamas. In all respects, the Government almost seems to be denying the existence of the Hawksbill Creek Agreement and the regulatory power of the Port Authority. The latter is a direct reference to the latest developments in Cable Bahamas Judicial Review application to the Supreme Court regarding demands by the Utilities Regulation & Competition Authority (URCA Internet licence fees to the Nassau-based regulator. Cable Bahamas is objecting to this on the grounds that the Port Authority has regulatory responsibility for communications in Freeport, and that if it paid licence fees to URCA as well it would be subject to double taxation. T he case goes to the heart of the Governments more than decade-long attempts to get the Port Authority to relinquish responsibility for telecommunications regulation and, by extension, all utilities in Freeport, but it and URCAs case pleadings are said to have gone far beyond this. Rulings In essence, URCA and the Government, through their pleadings in the Cable Bahamas case, are attacking all the rulings won against Customs via the Hawksbill Creek Agreement, seeking to overturn them and relegate the Agreement to second class status behind statute law, such as the Customs Management Act, and policy, Tribune Business has been told. This newspaper understands that the case has been adjourned until April 4, 2011, thus providing a breathing space for Cable Bahamas and other interested parties to respond. Tribune Business understands that discussions are being held on whether a group of GBPA licencees should join togeth er and intervene in proceedings. Meanwhile, Mr Smith told this newspaper yesterday: The URCA demand of Cable Bahamas for the payment of licence fees by Cable Freeport is a direct challenge to the Hawksbill Creek Agreement. So are the various disputes that have arisen with Customs, particularly with the over-the-counter bond letters and the National Insurance Board. In addition, its difficult to get work permits without com plying with the Architects Act, the Professional Engineers Act or the Real Estate Brokers and Salesmans Act. Immigration has taken the position that these various Acts, which are out side of Freeport, need to apply, and persons must obtain a licence before they will approve a work permit. He added: There is complete disruption in the orderly dayto-day operation of business in Freeport. Not only has Freeport been buffeted by the prevailing winds of that shareholder dis pute within the Port Authority, but the confusion about whether the Port Authority and the Hawksbill Creek Agreement is in charge, as opposed to all these government agencies, makes it almost impossible to do business in Freeport. An example of the perversity of the Customs and NIB position, where there is an insistence that a licencee produce a letter from NIB, saying they are up to date with NIB taxes before they can purchase bonded goods in Freeport from other licencees, is that the same licencee can go to Florida and spend the money that would otherwise be spent locally in Freeport. This thereby deprives businesses in Freeport of income and makes the purchase of goods even more expensive, there by affecting local employment and the local economy. While no one wanted to comment on the record, Tribune Business understands that major Freeport retailers/whole salers, such as Kellys (Freeport Dolly Madison and others have seen year-over-year sales declines for January ranging from anywhere between 30-60 per cent. This is largely being attributed to the bonded letter situation, with licencees not possessing one holding off on purchasing any goods, not wanting to be forced into the duty-paid category. And, if the situation does not improve come February, Tribune Business understands that some Freeport companies may be looking at serious staff lay-offs. One retailer, who requested anonymity, said the bonded let ter move had not gone according to the Governments plan, which was to force numerous GBPA licencees into duty-paid sales and purchases, thereby increasing Customs revenue. The actual effect, they said, had been to slow all commerce in Freeport to a grinding halt. The impact has obviously been quite drastic, the source said, and has had more the effect of halting commerce than shoving commerce into duty-paid sales. What it has succeeded in doing is undermining revenue streams for the Government itself, and the companies that provide it. Its a very hard January compared to the prior year. Although the month is traditionally slow, it is not fatal. That has not proven to be the case this time around. The source said many major businesses were waiting to see who would be the first to shed employees, as they were all looking to follow suit. If February is looking anything like January, there will be substantial lay-offs, and everyone is waiting for the first shoe to drop, the source said. Meanwhile, Mr Smith told Tribune Business yesterday: This is badly affecting construction businesses that may have bid on a duty-free basis, and whose business has been brought to a grinding halt because they cannot purchase duty-free goods locally. The attorney added that it was abusive of the Government to use collateral taxes and pressure on the taxpayer, as opposed to using the remedies under the NIB Act to deal with its revenue needs and non-compliance issues. Pointing out that Customs had available remedies under the Hawksbill Creek Agreement and Customs Management Act to deal with abuses of the bond by GBPA licencees, Mr Smith added: Right now, the rule of law and governance under the Hawksbill Creek Agreement has nearly completely collapsed, as unprecedented savagery is being visited on Freeport by this central government and, frankly, many businesses may not survive for very much longer. F ROM page 1B March 1 target for CWCs BTC takeover F ROM page 1B aimed at teenagers aged between 13 to 18 to be a major draw this year, and locallyaccessible, unlike the much-h yped Teens club at the Atlantis resort. The $11 million Atlantis club, called Crush, is only available t o hotel guests at present. Mr Miller said: I give full credit to my team, who did a survey of hundreds of the young people who patroniseM arios. The survey indicates clearly they want their own Teen Club, so we are constructing the club for young B ahamians with a view to providing them with a new venue to enable them to have good time in a place that they know is in line with what their par-e nts would wish, a place heavily protected with non-alcoholic drinks, good surveillance and no fights or disruptions. T he businessman said the club will be as elegant as the one we have upstairs (for adults) and, like Crush, which is set to serve Mocktailsi nstead of cocktails, it will have a bar serving specialty non-alcoholic drinks. The club will also be staffed by young people, with six new e mployees expected to be hired for this purpose. To be open on Fridays and Saturdays, Mr Miller said that 250 to 400 teens c an party in the venue at any one time. Construction began last week on the new addition, which will be an extension to MariosB owling and Entertainment Palace. Odette Carey, marketing manager for Marios, said: Over the past year we realised our key customers are the tweens and teens, and so we want to invest more of our time and energy in that area. Thatsw hat brought about this new concept. She said the club will include the latest games, such as the X box 360 and Playstation 3 gaming consoles, a large area where up to 400 teens at a time can dance, as well as the bar area, with kiddie cocktails a nd a large movie theatre screen. We want to make sure this one is definitely for the locals a nd that everyone can take part in it, she said. In October 2010, Mr Miller reported a steep decline in business volumes of around 30t o 40 per cent, compared to interest earlier in 2010. However, he said he felt Marios had not even scratched the surface o f its potential market and added that he looked forward to a super December filled with Christmas party bookings, and wider and more consistenti nterest from bowlers in 2011. The centre celebrated its one-year anniversary this month, and yesterday Mr Miller s aid the business is making a good comeback. I think we are on the right path now, he said. Christmas panned out as well a s expected, said Mr Miller, with over 20 major Christmas parties. We had a very good Christm as at Marios, we were really satisfied. Many of the major business establishments patronised us and we were very proud and grateful for ther esponse we received. All the staff did a wonderful job, said the businessman. Ms Carey said 2010 saw a t otal of around 500 party bookings at the entertainment centre for childrens parties and adult group events. Looking ahead, Marios is n ow preparing to host a major event for the Super Bowl, which it expects to draw thousands of patrons. We will h ave the biggest screen in Nassau, said Ms Carey, adding that other features will be a tailgate cook-off. $250,000 Teen Centre expansion at Marios F ROM page 1B

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BUSINESS THE TRIBUNE FRIDAY, JANUARY 28, 2011, PAGE 5B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM PETER SVENSSON, AP Technology Writer NEW YORK The CEO of AT&T Inc. on Thursday said the company will start "very aggressively" mark eting smart phones based on Google Inc.'s Android software now that it will no longer be the exclusive carrier for Apple Inc.'s iPhone in the U.S. So far, Verizon Wireless, AT&T's chief competitor, has been the biggest supporter of Android. But it will start selling t he iPhone on Feb. 10, and is likely to shift resources away from Android. Motorola on Wednesday said it's already seeing a drop-off in sales of its Android phones in Verizon stores, as customers are holding off, waiting for the iPhone. I n effect, AT&T and Verizon Wireless are set to swap strategies in the high-stakes smart phone market, with AT&T turning to Android and Verizon to the iPhone. "We're going to be a heavy participant in the Android market this year, so you're going to see a significant shift in mix" of the phones sold by AT&T, CEO Randall Stephenson told a nalysts on a conference call. Apart from Motorola Mobilit y Holdings Inc., major makers of Android phones are Samsung Electronics Corp. and HTC Corp. AT&T, the nation's largest telecommunications company, also provided an earnings forecast for the year that disappointed analysts, and said it signed up a net of just 400,000 new customers on contractbased wireless plans in the last t hree months of last year. It was the lowest quarterly number in a t least five years. Shares of AT&T, which are part of the Dow Jones industrial average, fell 77 cents, or 2.7 percent, to $27.96 in after noon trading. The low number of new contracts demonstrated that even though AT&T activated a lot of iPhones 4.1 million the iconic phone has lost much of its power to attract customers from other carriers. Since it launched in 2007, the iPhone has been driving mil lions of high-paying subscribers to AT&T, and it now earns m ore per subscriber than any other carrier. If its per-subscriber revenue was in line with Verizon's, AT&T would pull in $7.7 billion less every year. Subscribers who sign twoyear contracts are the most lucrative for wireless carriers and are an important measure o f their performance. Verizon Wireless, AT&T's chief competitor, on Tuesday reported adding more than twice as many subscribers under con tract. However, the difference is exaggerated by the fact that Verizon sells tablets with con tracts, while AT&T doesn't. S tephenson said the company expects to continue to add contract-based subscribers this year, partly thanks to significant network upgrades last year. Complaints about dropped calls and other net w ork problems have haunted the company for years. s olution for all current and future market participants. T he Utilities Regulation & Competition Authority ( URCA) yesterday published a January 20, 2011, order requiring both BTC and SRG to agree cost-based rates for compensating each other for terminating incoming intern ational calls, destined for the others system, on their r espective networks. URCA said it had been forced to act to protect consumers and competition in the electronics communications market after BTC, via letters to SRG on June 18 and June 23, 2010, threatened to discontinue the termination ofS RGs inbound international calls to BTCs network unless S RG paid a charge for such traffic. It issued an interim order on June 23, 2010, to prevent BTC from taking its t hreatened action until it had investigated the matter. Calls B TC had alleged that its existing Interconnection Agreement with SRG did not include a rate or charge for terminating inbound international calls originating on the latt ers network. Because of the omission to include....... in the Interconn ection Agreement a rate or charge for SRG-originated inbound international traffic, BTC was not contractually obligated to terminate such traffic, but did so in light of itsl egal and licence obligations, including but not limited to its Significant Market Power designation regarding fixed voice and mobile voice and date services, URCA said. SRG, though, countered that the two parties had agreed a charge for such services through their Interconnection Agreement, and alleged that BTC had effectively torn this u p after the new Communications Act took effect, attempting to impose higher rates it refused to accept. The parties had agreed charges to be paid to BTC for S RG-originated inbound international traffic destined for BTCs customers, under the previous legal regime for t elecommunications in the Bahamas through the Interconnection Agreement they now have, URCA said. However, in the light of the new legal and regulatory regime, BTC, through its letters to SRG dated June 18 and 23, 2010, attempted to amend the agreement so as to proposeo r impose rates which SRG refused to accept. Commenting on URCAs final decision, Marlon Johnson, BTCs vice-president of sales and marketing, told Tri bune Business yesterday: Certainly we support the ruling, and think it reflects the current thinking. Our contention is that persons utilising our network compensate BTC at reasonable costs, and provide a rea sonable rate of return. That was our contention all along, and we did not want any carrier to circumvent the process of pro viding a reasonable rate of compensation to BTC. We are pleased URCA agreed with us on this matter, and that ruling is set to guide termination as we move for ward. M r Johnson said URCAs final decision was consistent with international best practices and precedents set in the t elecommunications market, both regionally and interna tionally. Fair Describing the URCA ruling and its ramifications as absolutely fair and equitable, having established something that can work for all carriers entering the Bahamian mar ket, Mr Johnson said: The important point is that we have a principle we have agreed on that can work for all carriers, whatever the quantum is. It will be equitable across theb oard. Paul Hutton-Ashkenny, SRGs president, declined to comment when contacted by Tribune Business. URCAs ruling requires the rate agreed by BTC and SRG to be incorporated into the existing Interconnection Agreement. However, if they cannot agree the cost-based rate for international call termination, the regulator said it would ultimately be the one approved by itself in BTCs Reference Access and Interconnection Offer (RAIO URCA also made the cost-based charges retroactive to June 18, 2010, the date the dispute first arose. Within 28 days of the Order, the two sides have to exchange and agree all billing records and/or call details of all inbound international calls originating on each partys network and terminating on the other partys network. Each party shall, from June 18, 2010, ensure that all international traffic delivered to the other party for termination to the other partys customers contains the appropriate Calling Line Identification information, and that each party shall terminate such traffic to its customers subject to the payment by the other party of the appropriate interconnection charge, URCA said. Until the issues between them are resolved, both BTC and SRG have to provide written updates to URCA at 28-day intervals. BTC backs reasonable rate of return solution F ROM page 1B SHIPYARD EARNINGS $9-$1 00M PER YEAR The whole idea behind this is to not bring in as many Romanians and Peruvians; to teach local Bahamians more about what we do here and how to do it, and give them train ing so we can start filtering them in when we need people, Mr Byrd said. It has good effects, but at the same time it has certain drawbacks because although it increases the economy here for persons making money, it brings down the revenue for people who rent apartments. A lot of people dont realise the entire island benefits from it when we bring expats in. They are temporary skilled labour who buy gas, food at the grocery stores, occupy apartments, and spend money at local bars and restaurants. Mr Byrd said the Shipyard wants to train more Bahami ans so they can replace the permanent expatriates on island. The company official said there are no plans for expansion at the moment, but more business is expected to come to the island with the opening up of the Panama Canal. FROM page 1B you hedge you sometimes lose; you d on't always win. If we say we hedge at $80 and the real price ends up at $60 a barrel, then customers will be saying: 'Oil prices went down, why are youc harging me more?', and we will say: 'We thought it would go to $100 a barrel so we hedged at $80'. Sometimes the public is not familiar and they expect that every time you w ill win...that doesn't happen. Mr Rolle, who earlier this month expressed his concerns about the abil-i ty for rising oil prices to threaten economic growth, said it was important t hat BEC look at some instrument that will keep energy prices as low as possible this year. If you look at all the projections, by late summer oil is going to be up to $ 110 dollars per barrel and it possibly could get higher depending on everything thats taking place, he added. A nother business source, who contacted this newspaper to express his disagreement with Mr Mosss position on hedging, told Tribune Business that he feels failing to hedge would be irre-s ponsible. The source said that BEC has a fiduciary responsibility to the public t o hedge against that risk. As a consumer, you and I are at the mercies of persons who don't understand risk. The only risk is that me and you will be screaming about how high our light bill gets later thisy ear because in January the chairman d idn't understand the risk. He proposed that given the trends in o il prices throughout 2010, and which h ave been projected for this year, theres no way (BEC f ixing the price it buys its oil for power generation. Theres no way you could lose. The l ast time I checked the price of oil has not gone down for months. The s ource referred to the case of South West Airlines, which has tended to hedge greater proportions of its fuelp urchases than any other airline in the US, and is reported to have saved $3.5 b illion as a result in the decade leading up to 2008. Thats how they have been profi table as an airline, noted the source. Mr Moss, however, said yesterday t hat there are many cases in which entities have suffered incredible losses through failed hedging. H e said sees price hedging as a "strategy for the future" for BEC, once it comes under the regulatory control o f the Utilities Regulation and Comp etition Authority (URCA Government intends it to. "I believe it's best implemented when you have someone like URCA taking responsibility. You can go tot hem and say: 'This is our strategy, this i s what we believe it will yield', and you get a 'yay' or 'nay' beforehand," he e xplained. T he Chairman said that with regulatory oversight, there would be less r oom for questions to arise as to whether customers may be getting taken advantage of in a hedging envi-r onment. Mr Moss has been seeking to bring t he Corporation back into a position of financial health following more than five years of losses, including a $32 mil-l ion loss in 2009. On Monday he said there is the p otential for BEC to have made a small profit in 2010 of up to $5 million, once audited accounts are in, ando f $8 million to $10 million this year. Mr Moss expressed confidence in t he ability of the Corporation to shield customers from paying more this year for their power through enhancing thee fficiency of electricity generation. BEC MANAGING POLITICS OVER FUEL HEDGING FROM page 1B AT&T CEO: We'll push Android phones OVERSEASNEWS NEW VERSION: Tuesday, Jan. 11, 2011. Verizon Wireless made the long-awaited announcement Tuesday that it will start selling a ver sion of the iPhone 4 on Feb. 10, giving U.S. iPhone buyers a choice of carriers for the first time. Since its 2007 debut, Apple Inc.s phone has been sold exclusively for AT&Ts network in the U.S.

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BUSINESS PAGE 6B, FRIDAY, JANUARY 28, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM 38%/,&,&('HIHQFH)RUFHHFUXLWPHQW([HUFLVH&RUDO+DUERXU%DVH%')f 7KH 5R\DO %DKDPDV'HIHQFH)RUFHLVSUHVHQWO\FRQGXFWLQJ 5HFUXLWPHQW([HUFLVHIRULQWHUHVWHGSHUVRQVDWWKH 5R\DO%DKDPDV'HIHQFH)RUFH%DVH&RUDO+DUERXU ,QWHUHVWHGFDQGLGDWHVPXVWEH%DKDPLDQ&LWL]HQ EHWZHHQWKHDJHVRIWRDQGPXVWKDYH PLQLPXPRILQFOXGLQJ0DWKVDQG (QJOLVKDOODWJUDGHRUDERYH&DQGLGDWHVDUHDVNHG WREULQJWKHLURULJLQDOGRFXPHQWVIRUYHULFDWLRQWRWKH 5HFUXLWPHQW6HFWLRQRI7KH5R\DO%DKDPDV'H IHQFH)RUFH$SSOLFDQWVVKRXOGSURGXFHWKHIROORZLQJGRFX PHQWV 7ZRfDSSOLFDWLRQIRUPV %LUWK&HUWLFDWH 3DVVSRUW 7KUHHfSDVVSRUWSKRWRV 1DWLRQDO,QVXUDQFH&DUG $Q\RWKHUFHUWLFDWHVLQDUHRIH[SHUWLVHRU WUDLQLQJ (PSKDVLVIRUUHFUXLWPHQWZLOOEHSODFHGRQ FDQGLGDWHVZLWKZLOOLQJQHVVWRVSHQGWLPHDWVHDDQG ZLOOLQJQHVVWRFRQGXFWWRXURIGXW\DWVDWHOOLWHEDVHRQ )DPLO\,VODQG $SSOLFDWLRQVFDQEHREWDLQHGIURP'HIHQFH)RUFH %DVH&RUDO+DUERXURUDWWKH+DUERXUDWUROQLW(DVW %D\WUHHW )RUIXUWKHULQIRUPDWLRQLQWHUHVWHGSHUVRQVFDQ FRQWDFWWKH 5R\DO%DKDPDV'HIHQFH)RUFHHFUXLWPHQW&HQWHU ANGELA CHARLTON, A ssociated Press FRANK JORDANS, Associated Press DAVOS, Switzerland France's president tried Thursday to save the reputa-t ion of Europe and its currency, b attered by debt crises and worries about whether the continent is being steamrolled bys peedier eastern economies. The presidents of South Africa and Mexico, meanwhile, w orked to save the planet, sharing notes on hosting climate talks and how to get the U.S. a nd China and the business c ommunity to invest in c leaner energy. T he overall mood at the World Economic Forum this y ear is more upbeat than the past two, but by no means celebratory. Thursday was no e xception, as leaders, bankers and investors struggled for i deas to get Europe growing again. As they spoke, a small explosion in a Davos hotel briefly disrupted the Alpine winter calm, unusual for this S wiss resort, blanketed in secu rity during the annual forum. W indows were broken but there were no injuries, Swiss police said. F rench President Nicolas Sarkozy sought to shake the e uro worriers awake, vowing that he and European partners will "never turn our backs on the euro" and calling it a linch pin of peace and prosperity. That gave an extra boost to the rebounding currency on world markets. "The disappearance of the euro would be so cataclysmic t hat we can't even possibly e ntertain the idea," Sarkozy said. D espite fears about the 17nation currency's survival since t he European Union and International Monetary Fund had to b ail out debt-laden Greece and then Ireland last year, "the euro is still there," he said. Europe has had 60 years of peace and therefore we willn ever let the euro go or be destroyed. ... I speak as much f or my German friends as I do for the French," he said. E uropean Central Bank chief Jean-Claude Trichet, apparently trying to smooth concerns about above-target inflation, praised the euro's long-term p rospects at another Davos session. "The euro delivered what h ad been asked from it, name ly price stability," he said. I ncreasingly, the talk among European leaders is of closer economic union instead of just monetary union. Trichet said he is pushing for bolder moves from EU leaders. "There is no time for complac ency," he said. The 2,500 participants at Davos can see the currency shock in their pockets, as hotels, restaurants and bars in the Swiss ski resort of Davos do business in francs, whose value has surged against the euro in recent months. Swedish investor Jacob Wall enberg warned that Europe needs to act faster to stay competitive. "We all see countries such as China, India, rapidly becoming much more competitive," he said. "It's not a matter of they're going to bypass us. They're going to run us over." E nvironmental issues also came to the fore, with talk of electric cars and solar energya nd China again "winning the green race." In a panel discussion hosted by The Associated Press, U.N. c limate chief Christiana Figueres said China "is going t o leave us all in the dust" in the transition toward a more e nergy-efficient global econom y. T he Chinese, she said, "are not doing it just because they want to save the planet. They are doing it because it's goodf or the economy." Mexican President Felipe Calderon, who hosted the last U.N. climate talks in Cancun, said, "I want to see the action" f rom the U.S. on reducing emiss ions. South African President Jacob Zuma, who hosts the next climate talks in Durban, said Washington cannot be lefto ut of the clean energy game. E rnest Moniz, director of the MIT Energy Initiative and a member of President Barack Obama's Council of Advisorso n Science and Technology, s aid Thursday that solar power i s, ultimately, the real game changer. Eventually, he said, the sun should be used to make not just electricity but also fuels. Shai Agassi says one answer is electric cars. Agassi predicted to The Associated Press that before 2020, more people everywhere will be buying electric cars than those powered by gasoline. "It doesn't mean that oil is not necessary, but we're starting the way out," said Agassi, a former top executive for information giant SAP AG who launched his Better Place venture several years ago. O il isn't going away yet, howe ver. Exxon Mobil Corp. signed a deal at Davos with Russia's b iggest oil company, Rosneft, to develop oil and gas resources in the Black Sea, a new boost for Russia's lucrative energy sector despite concerns about the challenges of investing there. Elsewhere at Davos on Thursday: Africa emerged as the hot n ew continent for trade and i nvestment. U.N. SecretaryG eneral Ban Ki-moon was o ptimistic. So were Ethiopia's president, Zimbabwe's primem inister, former British Prime Minister Tony Blair, and busi ness executives from South Africa, Egypt, India and many other countries. The head of the World Trade Organization, Pascal Lamy, said he hopes key com merce ministers meeting in Switzerland this week will com mit to accelerating talks on a n ew global trade deal. (KEYSTONE/Laurent Gillieron EURO VOW: Nicolas Sarkozy, President of France, speaks during a ple nary session at the 41st Annual Meeting of the World Economic Forum, WEF, in Davos, Switzerland, Thursday, January 27, 2011. The overarching theme of the World Economic Forum, WEF, annual meet ing is Shared Norms for the New Reality. It takes place from January 26 to 30. Davos leaders: Save the euro, and the planet WORLDECONOMICFORUM INTERNATIONAL BUSINESS D AN PERRY, Associated Press DAVOS, Switzerland Electric car pioneer Shai Agassi is a man with a startling prediction: Before 2020, he says, more people everywhere will be buying electric cars t han those powered by gasoline. "It doesn't mean that oil is not necessary, but w e're starting the way out," said Agassi, a former top executive for information giant SAP AG who launched his Better Place venture several years ago. Existing electric cars have a limited range, after which owners have to stop and wait for hours while their car's battery recharges. Ownerso f Agassi's cars would be able to remove the used battery and replace it with a fully charged one, allowing them to get back on the road almost immediately. The first country slated to go live with a network of "battery-switching" stations run by Better Place is his native Israel, where he plans a launch with 56 stations and an expected 5,000 cars before the end of 2011. In 2012, Denmark and Australia are expected to join, along with trials in Hawaii and in the San Francisco Bay area. Brimming with infectious optimism, Agassi has been a regular at the World Economic Forum, where he was interviewed by The Associated Press. Agassi said he has raised about $700 billion and spent about a third of it, mostly on setting up the stations. That leaves enough cash to absorb losses while he builds up to break-even, which Agassi asserts will not take long. "In Israel, in 2016, plus or minus a year, more electric cars will be sold than gasoline cars. When that happens in Country One, within two years you will see it in every country," he said. That claim may seem preposterous for the carcrazy United States but not for Israel. The country's electric company also expects electric cars to achieve a significant market share in the near future and is preparing its grid to meet the demand, according to the Haaretz newspaper. Former U.S. President Bill Clinton has emerged a believer as well. "Israel will become the first country in the world to put 100,000 all-electric cars on the road," he said Thursday. "Not the US. Not China. Not countries much bigger Israel!" Agassi has found a niche created by a widespread sense that the world is not doing half enough to deal with the eventual end of oil a prospect hastened by the explosive recent growth in the developing world. "From 2000 to 2010, China added 120 million cars on the road (and lion," Agassi said. "It's no longer the U.S. that sets the price (of oil many cars were added in China, how many were added in Brazil, how many were added in India." He admits that the market for gas is somewhat inelastic, meaning that despite rising costs at the pump, people grumble and drive on. But they save elsewhere, he says, harming the economy in cascading ways. Agassi plans to sell cars being developed by Renault SA and equipped with removable batteries which are currently quite heavy and have a range of 100 miles (160 kilometers vers would be promised four battery swapping stations along any route the length of the range. Although prices have not yet been set, Agassi said the idea would be that the consumer would not pay more to drive a given distance than its current cost using oil. Like any venture that could threaten a mammoth industry, Better Place has generated its share of critics. Some charge the company is try ing to establish a new type of monopoly, while environmental groups objected to the laying of new power cables. It is also not clear that Israel's electricity grid can sustain the heightened demand posed by the electric cars. Some say battery-swapping is impractical and customers will prefer a fixed-battery car. In Davos, Nissan Motor Co. was demonstrating its new Leaf, a fixed-battery electric car that you can charge at home. Agassi is not worried. He says over time, batteries will grow smaller and their ranges will grow longer, making the swap less odious. He is most animated as he refutes criticism that the electricity needed to charge the battery has its own carbon footprint and the net result might be worse for the environment than the internal combustion engine. The electricity could come from coal but also from natural gas or wind or other sources, he said, adding that the Israeli government has approved a 600-megawatt solar project in the country's southern desert that can power a halfmillion cars a year. Is the main thing idealism or profit? Agassi's message combines the two. "The end of the oil era will not come because we ran out of oil it will come become we don't want to use oil any more to drive," he said. "I can guarantee you that we will finish the need for oil as an energy source for cars before we run out of oil in the ground." AP Interview: Electric car boss sees global change (AP Photo/Shizuo Kambayashi PIONEER : California-based electric-vehicle services provider Better Place Chief Executive Shai Agassi gets off an electric vehicle taxi during the opening ceremony of a battery switch station in Tokyo, Japan, Monday, April 26, 2010.

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BUSINESS THE TRIBUNE FRIDAY, JANUARY 28, 2011, PAGE 7B TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM TOKYO Standard & P oor's cut Japan's credit rating for the first time in almost nine years, issuing ah arsh critique of the government's ability to control i ts massive debt. The downgrade weighed on the yen but had no i mpact on Asian stocks as it was released after mark ets closed. Japan's Nikkei 225 stock average closed 0.7 percenth igher. Elsewhere in Asia, South Korea's K ospi added 0.2 percent, Hong Kong's Hang Seng fell 0.3 percent and the Shanghai Composite Indexc limbed 1.5 percent. LONDON Later in Europe, shares had a fairly lackluster session. Germany's DAX rose 0.4 percent, theC AC-40 in France added 0.3 percent and the FTSE 100 index of leading British shares ended 0.1 percent lower. ___ DAVOS, Switzerland French P resident Nicolas Sarkozy says he and European partners will "never turn our backs on the euro" despite thec risis over too much government debt. ___ BEIJING China will impose property taxes in some cities to help curb surging prices, the finance mini stry said, part of a broader effort to control high inflation. __ TOKYO Japan's export growth a ccelerated for the second straight month in December, indicating a r evival of overseas demand critical to t he country's recovery. ___ LONDON Business and consumer sentiment in the 17 countries that use the euro dipped slightly dur i ng January but remained high despite tensions over Europe's debt crisis. __ CANBERRA, Australia Aus t ralia wants to tax those not affected by massive flooding and cut spending t o pay the more than $5 billion bill it is anticipating after weeks of rain swamped the country's third-largest c ity and forced thousands from their homes. __ DAVOS, Switzerland E xxon Mobil Corp. signed a deal with Russia's Rosneft t o develop oil and gas resources in the Black Sea, a new boost for the count ry's lucrative energy sector despite concerns about the c hallenges of investing there. ___ BEIJING China plans to step u p efforts to develop clean energy and other technology industries this year, government officials said, a strat-e gy that has strained trade ties with Washington and other governments. ___ MADRID The Spanish governm ent said it is on the point of reaching a deal with unions on pension reforms including raising the retirement age, a deal that could avert a general strike that threatens to hamper efforts toe ase the debt crisis. ___ DUBAI, United Arab Emirates The builder of the world's tallest sky-s craper said it has raised $500 million through an international bond, offeri ng hope that debt-crippled Dubai companies also can raise fresh capital on world markets. RATINGSCUT : In this Jan. 16, 2009, file photo Mount Fuji, Japan's highest peak at 3,776 meters (12,388 ft. looms over high-rise buildings of Tokyo's Shinjuku district. Standard & Poor's cut Japan's credit rating for the first time in almost nine years Thursday Jan. 27, 2010 issuing a harsh critique of the government's ability to control its ballooning debt. (AP Photo/Kyodo News, File) CIARAN GILES, Associated Press MADRID T he Spanish government said Thursday it is on the point of reaching a deal with unions on pension reforms including raising ther etirement age, a deal that could avert a general strike that threat ens to hamper efforts to ease the debt crisis. A spokesman for Prime Minister Jose Luis Rodriguez Zapatero's office told The Associated Press negotiators were very close to sealing the agreement. He described it as solid and balanced. The official spoke on condition of anonymity in keeping with government policy. E arlier the Labor Ministry said a preliminary agreement had been reached overnight but declined to give details. L eading daily El Pais and other media outlets said the agreement included the government's highly contested plan to raise the retirem ent age gradually from 65 to 67 under certain conditions. The government has pledged to approve a pension reform bill Friday. The bill is seen as crucial to its attempts to shore up public finances and make structural reforms as it struggles to emerge from recession. Unions have long opposed any changes in the retirement age and had threatened a general strike. S pain is battling to reduce a euro-zone high near 20 percent unemployment and a swollen deficit. The country has also comeu nder fierce pressure from bond investors in recent months over fears it may be unable to handle its debt and will need a bailout like I reland and Greece. El Pais said the two main unions have agreed to accept the age change but demand that people who have worked for 38.5 years can retire at 65 with full benefits. The government had insisted on people working 41 years if they wanted to receive full pension at 6 5. Under current law, you have to pay into the system for 35 years to get retire at 65 with a full pension. G LOBAL E CONOMIC N EWS A SSOCIATED P RESS A look at economic developments and activity in major stock markets around the world Thursday: Spanish government, unions approach an accord on pensions STRIKECALL: A demonstrator holds up a banner reading: Enough Reasons for General Strike during a general strike c alled by the Basque Nationalist trade union in Bilbao, northern S pain Thursday Jan. 27, 2011 against the Spanish Government approving a new Pensions Law. A P P h o t o / A l v a r o B a r r i e n t o s

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STEPHEN OHLEMACHER, Associated Press WASHINGTON Social Security will post nearly $600 billion in deficits over the next decade as the economy struggles to recover and millions of baby boomers stand at the brink of retirement, according to new congressional projections. This year alone, Social Security is projected to collect $45 billion less in payroll taxes than it pays out in retirement, disability and survivor benefits, the nonpartisan Congressional Budget Office said Wednesday. That figure swells to $130 billion when a n ew one-year cut in payroll taxes is included, though Congress has promised to repay any lost revenue from the tax cut. Last year, Social Security p osted its first deficit since the program was last overhauled in the 1980s. The CBO said at the time that Social Security would post surpluses for a few more years before per manently slipping into deficits in 2016. But the new projections show nothing but red ink until the Social Security trust funds are exhausted in 2037. The outlook has grown b leaker as the nation strug gles to recover from its worst economic crisis since Social Security was enacted during the Great Depression. In the short term, Social Security is suffering from a weak economy that has payroll taxes lag ging and applications for benefits rising. In the long term, Social Security will be strained by the growing num ber of baby boomers retiring and applying for benefits. More than 54 million peo ple receive retirement, disability or survivor benefitsf rom Social Security. Monthly payments average $1,076. The deficits add a sense of urgency to efforts to improve Social Security's finances. For much of the past 30 years, Social Security has run big surpluses, which the government has borrowed to spendon other programs. Now that the program is running deficits, the federal government will have to find money elsewhere to pay back Social Security, so it continue to issue benefits. "I've received the lash from those who say, 'Well, you shouldn't have to cut Social Security because there are trillions of dollars of assets,'" said Sen. Kent Conrad, DN.D., chairman of the Senate Budget Committee. "It is true there are trillions of dollars of assets. It is true that they're backed by the full faith and credit of the United States. It is also true that the only way those bonds get redeemed is out of the current income of the United States." Other lawmakers said Social Security's financial problems are not that urgent. "In the last 75 years, in good times and in bad times, Social Security has paid out every nickel owed to every eligible beneficiary at a relatively modest administrativec ost," said Sen. Bernie Sanders, who organized the first meeting of the Senate Social Security caucus Thursday. Tired "We are getting very tired a bout hearing our Republic an and right wing friends telling us about how Social Security is collapsing when the reality is, Social Security today has a surplus of $2.6 trillion," Sanders said. "Social Security can pay out everyb enefit owed to every eligible American, for the next 27 years." Social Security has built up a $2.5 trillion surplus since the retirement program was last overhauled in the 1980s. Benefits will be safe until that money runs out. That is projected to happen in 2037 unless Congress acts in the meantime. At that point, Social Security would collect enough in payroll taxes to pay out about 78 percent of benefits, according to the Social Security Administration. The $2.5 trillion surplus, however, has been borrowed over the years by the federal government and spent on oth er programs. In return, the Treasury Department has issued bonds to Social Security, guaranteeing repayment with interest. It's a bad time for the nation to be hit with more financial obligations. The federal budget deficit will surge to a record $1.5 trillion flood of red ink this year, congressional budget experts estimated Wednesday, blaming the slow economic recovery and a tax cut law enacted in December. Lawmakers from both parties have vowed to address the nation's financial problems, including such con tentious issues as Social Security and Medicare. The political climate, however, has made it difficult. Some Democrats have criticized plans to cut Social Security benefits as secret plots to destroy the program. Many Republicans have refused to consider tax increases. "We need to get past the politics of the past and deal with this issue, making the hard decisions that have to be made," Sen. Mike Crapo, RIdaho, said Thursday at a Senate hearing on the budget deficit. "As we move forward in that context, I personally believe strongly that all aspects of the spending and revenue side of the equation must be on the table." Sen. Chuck Schumer, DN.Y., accused congressional Republicans of wanting to end Social Security by privatizing it. "Privatize means end," Schumer said Thursday after the meeting of the Senate Social Security Caucus. Schumer was referring to a widely distributed plan by Rep. Paul Ryan, R-Wis., chairman of the House Bud get Committee. Ryan's plan would offer workers under 55 the option of investing over a third of their current Social Security taxes into personal retirement accounts. Social Security has been supported by a 6.2 percent payroll tax paid by both workers and employers. In December, Congress passed a oneyear tax cut for workers, to 4.2 percent. The lost revenue is to be repaid to Social Secu rity from general revenue funds, meaning it will add to the growing national debt. BUSINESS PAGE 8B, FRIDAY, JANUARY 28, 2011 THE TRIBUNE TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM NEW YORK Oil prices fell Thursday on a batch of disappointing economic n ews. B enchmark oil for March delivery lost $1.69 to settle at $85.64 a barrel on the New York Mercantile Exchange. The Commerce Department said durable goods orders, excluding transportation, rose just 0.5 percent last month following a m uch stronger 4.5 percent November increase. Yet overall demand for durables fell for a second straight month. Durable goods are factory products expected to be used for at least three years, like appliances. I n addition, the Labor Department said the number of Americ ans applying for unemployment benefits rose last week. The possibility China may raise interest rates or take other tightening measures before Lunar New Year holidays begin nextw eek also kept a lid on oil prices. "There is still a strong probability that China's central bank w ill raise interest rates or increase reserve requirements again to cool economic growth there," energy consultants Cameron H anover said in a report. Adding to the caution, the Energy Department said U.S. stockpiles of oil and gasoline rose more than expected last week. Crude supplies expanded by 4.8 million barrels to 340.6 million barrels. Gasoline supplies rose by 2.4 million barrels to 230.1 mil-l ion barrels, while demand in the past four weeks increased 1.1 percent. Supplies of distillate fuel, which includes diesel and heatingo il, declined by 100,000 barrels to 165.7 million barrels. "Prices will likely remain within a $80-$95 trading range ... with t he downside bias becoming more noticeable during the beginning of the second quarter when crude enters it seasonally weaker period," said senior commodity analyst Edward Meir at MF Global in New York. In other Nymex contracts for February contracts, heating oil lost 1.62 cents to settle at $2.6551 a gallon and gasoline gave up 4.34 cents to settle at $2.4132 a gallon. N atural gas futures for March gave up 18.2 cents, or 4 percent, to settle at $4.319 per 1,000 cubic feet. Natural gas prices fell as wint er headed into its final months with plenty of gas still on hand across the country. The winter has been colder than normal in many p arts of the U.S., but some forecasts see temperatures moderating around mid-February. That has created some uncertainty about how much more natural gas will be used before spring and warmer weather arrive. In London, Brent crude lost 52 cents to settle at $97.39 a barrel o n the ICE Futures exchange. JOSH FUNK, AP Business Writer Caterpillar more than quadrupled its fourth-quarter profit over the previous year's weak results as stronger demand, especially in developing nations, helped increase global sales of mining and c onstruction equipment. T he Peoria, Ill., based comp any said Thursday that it generated $968 million net income, or $1.47 per share. That's much higher than the previous year's $232 million net income, or 36 cents per share, but 2009's fourth quarter was also hurt by layoff costs that consumed 5 cents per share of profit. Caterpillar said its revenue jumped 62 percent to $12.8 billion in the quarter over last year's $7.9 billion. The company said machinery sales improved both because customer demand strengthened and Caterpillar dealers replenished their inventories. R EDMOND, Washington M icrosoft Corp. on Thursday said its net income for the latest q uarter edged down from a year ago, beating Wall Street's e xpectations despite the weak personal computer market. Microsoft's net income for the quarter that ended in December was $6.63 billion, c ompared with $6.66 billion in the same period last year.T hanks to stock buybacks, net income rose to 77 cents per s hare from 74 cents. That's better than Wall Street expected. Analysts surveyed by FactSet forecast net income of 69 cents per share f or the fiscal second quarter. CLEVELAND Eaton Corp.'s net income surged 33 percent on higher sales, and the diversified industrial manufacturer claimed strong momentum as it boosted its dividend and announced a 2-for-1 stock split Thursday. Sales rose 17 percent over the fourth quarter of 2009 amid a rebounding global economy. The company earned $280 million, or $1.63 per share, for the quarter ending Dec. 31 on sales of $3.7 billion, up 17 percent. OIL FALLS BELOW $86 (AP Photo/Rick Bowmer PRICESFALL: A gas pump nozzle is shown in Wednesday, Aug. 4, 2010, in Portland, Ore. Oil prices slipped toward $82 a barrel Thursday, pausing from a rally that lifted the commodity to a three-month high this week amid a weakening dollar and positive corporate earnings. Social Security to post $600 billion deficit over 10 years earnings REPORTS (AP Photo/Charles Dharapak MEDIAMEETING: Sen. Sherrod Brown, D-Ohio, second right, speaks to reporters on Capitol Hill in Washington, Thursday, Jan. 27, 2011, after a closed meeting of the Social Security caucus. From left are, Sen. Barbara Boxer, D-Calif.; Sen. Charles Schumer, D-N.Y.; Sen. Bernie Sanders, I-Vt.; Brown, and Sen. Sheldon Whitehouse, D-R.I. SOARINGSALES: The Caterpillar logo is seen on heavy earth moving equipment in Springfield, Ill., Tuesday, Oct. 19, 2010. Caterpillar's 4Q profit quadruples as sales soar Microsoft 2Q profit edges down on slow PC sales Eaton profit jumps 33 per cent in fourth quarter NEW YORK A surprise jump in applications for unemployment benefits and mixed earnings from large U.S. companies kept stocks on a short leash Thursday. Indexes ended slightly higher, with the Standard & Poor's 500 closing a half point below 1,300. The Dow Jones industrial average traded above 12,000 for most of the day but failed to close above that level for the second day in a row. The Dow hasn't closed above 12,000 since June 19, 2008, just as the financial crisis was worsening. Procter & Gamble Co., the maker of consumer products like Tide detergent, fell 2.9 percent, the largest drop among the 30 companies that make up the Dow Jones average. P&G said rising commodity prices are pinching its profits. AT&T Inc. fell 2 percent after saying that new wireless con tracts fell to the lowest level in more than five years. Caterpillar Inc. rose 0.9 percent after its fourth-quarter profit quadrupled on strong global demand for mining and construction equipment. The S&P 500 rose 2.91 points, or 0.2 percent, to close at 1,299.54. The last time the index closed above 1,300 was Aug. 28, 2008. The Dow inched up 4.39 points, or 0.1 percent, to close at 11,989.83. The index broke through 12,000 Wednesday for the first time since June 2008 but slipped in the late afternoon. STOCKS EDGE HIGHER AFTER MIXED EARNINGS REPOR T S

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A n y c o o l h a r d h e a d e d a n a l y s i s w o u l d h a v e t o c o n c e d e t h a t t h e B a h a m a s i s s t i l l a t t h a t c r os sro a d s, b ot h e c on o mi c a l l y a nd soc ia l ly ha v in g do ne li tt le to i m pl e me n t ke y st ru c tu ra l refor ms whic h a l l in the know rega r dless of po litic al a f f i l i a t i o n w o u l d a g re e ( p r o b a b ly p ri v a te ly ) a re e sse n ti al t o em p o w er i n g it s p e o p l e an d p r e p a r i n g t h e m f o r t h e d e m a n d s t h a t g l o b a l i s a t i o n t h e m a g ic bu z z w ord w i ll ma k e o f th e m Th e B a ha m as Te l ec o m mu n i c a t i o n s C o m p a n y (B T C ) a n d i ts l o ng to rtu ou s p ri va t isa t io n a re a p erfe ct e xa mpl e of th e B a h a m a s e c o n o m i c st a g n a t i o n a n d it s un w il l in g ne ss to ma k e t h e n e c e s s a r y r e f o r m s a n d m a na g e c ha n ge Th e G o ve rn m e nt h as n ow be en at te mp ti n g to s e l l B T C f o r b e t w e e n 1 2 t o 1 3 ( u n l u c k y f o r s o m e ) y e a r s a n d w h i l e t h a n k f u l l y t h e p roc e ss ma y c om e t o an en d v i a C a b l e & W i r e l e ss C o m m u n ic a ti ons (C W C ) in a ma tte r o f w e e k s, t h e f a c t o f t h e m a t t e r is i t s h oul d have bee n co mp l et e d y ea rs a g o At the latest, BTC should ha ve b e en i n p r iv a te s e ct o r h a nd s f iv e -si x y e ar s a go Th e f ir st FN M a d mi n ist ra ti on w a s abso lutely c or r ec t in g et ting t he G o v er n m e nt o ut of t he ho t e l bus i ness but the dil lyd a l ly i n g th a t bo t h it se l f a n d i ts P L P s u c c e s s o r e n g a g e d i n w h e n it c a me to B TC ha s, i n t h e s ho r t t er m i m p o s e d an i n c al c u la b le e c on o mi c b urd e n o n B a ha mi an c o mm erc e an d s o c i e t y Had BTC been pr ivati sed b y 2 0 0 4 2 0 0 5 t h e G o v e r n m e n t m i gh t b y no w ha v e b e en ab l e t o c l o se th e B a h a m a s E le c tr i c i ty C orp ora tio n's (B E C) p riv a t i s a t i o n a n d a t t h e v e r y l e a s t b e c o n si d e ri n g w h a t t o d o w i t h the l os s-maki ng tur k eys that bl ee d t he t ax p ay er o f s o me $ 5 0 $ 6 0 m i l l i o n a n n u a l l y na mely the W ater & Se wera g e C o rp or at io n B a ha m a sa ir a n d th e B ro a dc a st in g C o rpo r at io n o f th e B a h a ma s. S pe ed ie r p r og r es s o n pr i v ati sati on c ould h av e he lpe d t he B a ha m as t o m ai nt a in th e e c on o m ic m om e n tu m b u il t u p du r in g t he 19 90s s p r ea di ng w e a lt h a nd e c on om ic o w ne rs h i p e s p e c i a l l y a m o n g t h e B a ha m i a n m i d dl e c la s s, r a th e r t ha n t he s am e c a st o f c h a ra c t e rs w h o a p pe a r t o d o a l l th e d ea ls a nd a c qu isit ion s in th is n a t i o n A bri e f l o ok a t ot he r ar ea s o f t h e e c o n o m y a l s o s h o w s w h e re th e B ah a ma s i s fa l li n g s h o r t p a r t i c u l a r l y w h e n i t c o m es to pu tt in g in pl a c e th e buildin g blocks, the f oundat ion for its pe op le a nd bu siness es to grow an d pr os per. T hi s i s b y n o me a n s c o mp re h e n s i v e GOVERNMENT'S FISCAL POSITION De spite w a r n ing s re ac hin g a s fa r b ac k as T rib une B usin e s s c a n r e m e m b e r t h e r e a p pe a rs t o h av e be e n n o se ri o us a ttemp t b y gov ernm ents o f e i th e r h ue P LP or F N M t o b al a nc e th e r ec u rre n t B ud g e t, el i mi na t e th e fi sc a l d ef ic i t an d r e d u c e t h e b u r ge o n i n g n a t io n a l de b t. Th os e w a rn i ng s s t a rt e d w h e n t h e n a t i o n a l d e b t w a s a r o u n d $ 3 b i l l i o n ; i t i s n o w $ 4 1 b il l io n a nd sti l l g row i n g. G ra n te d th e G o v er n me n t' s f i s c a l s t i m u l u s m a y h a v e h e l p e d t o c re at e so me jo bs a nd pre v ent a furt h er de clin e in t h e e c o no m y po st -2 0 08 a m id o n e o f t h e w o r s t r e c e ss i o n s i n l i v i n g m e m o r y Y e t t h e t r u e i m p a c t i s n o t c le a r. A nd th e e n d re su lt a s t he IMF poin ted o ut, w as t ha t c en tr al g ov e rn me n t d eb t a s a t e n dJ un e 2 01 0 hi t 4 7 pe r c ent of G DP, 10 per c ent ag e point s h igher than prec r is is r a t i o s The Gov ern me nt ne e ds to r u n fi s c a l su rp l u se s a m o un t i n g t o a c ol le c t iv e 1 3 .5 p e r c e n t o f g r o ss d o m e s t i c p r o d u c t ( G D P ) o v e r t h e n e x t s i x y e a r s i f i t i s t o sl ash th e Bahama s' debt -t oG D P ra ti o t o th e t a rg e t 4 0 pe r cen t b y 201 52016 t h e I M F p o in te d o u t. An d, to dri v e th e po i n t h o me f u r t h e r i t s a i d: "T he m is s ion di scu s se d s cen a r i os t h a t sh o w e d t h a t l o w e ri n g t he d eb tto -G D P ra ti o t o 4 0 p e r c e n t b y 2 0 1 5 2 0 1 6 w o u l d require a primary sur plus of 1 4 p e r c en t o f GD P, on a v e rage, and a cu mul ati ve f is cal e ff o rt o f a b o u t 1 3 5 p e r c e n t o f G D P ( 2 3 p e r c e n t o f G D P p e r y e a r) o ve r th e ne x t si x y e a rs. T h e G o v e rn m e n t s r e sp o n s e ap pe ar s t o b e t o s ee k ev er i n c r e a s i n g t a x r e v e n u e s n o tw i th sta n di ng th a t re v en u e e st im at e s i n t he an nu a l B ud g e t a re c o ns ist en tl y t oo h ig h T h e r e a p p e a r s a c o m p l e t e u n w il li n gn e ss t o a c k no w le d g e t h a t t h e r e a l p r o b l e m i s a s pe n di ng on e TOURISM I t i s n o t ju s t t h e G o ver n m en t tha t is fo und w a nti ng It was a f or m er Ce nt r a l Ba nk re searc he r G abrie lle Fra s e r, w h o i n a p a p e r w r i t te n si x s e v en year s ag o su gges t ed th at th e tourism produc t ha d not m o ve d m u ch b ey o n d b ei n g p ure ly a re sort i ndu stry Tha t is no t to su gg est t he re i s a n y t h i n g w r o n g w i t h t h e p rod uc ts offe re d by At la nti s, S a n d a l s, B r e e z e s a n d t h e s o o n to-b e Baha M ar and other s, w ho have c o ntr ibut e d much t o t h e B a h a m i a n e c o n o m y a n d e m p lo y m e nt Y e t a s ha s b e e n w i de ly ac kn ow le dg e d by suc c ess ive minister s of tour ism, th ere is a hug e gap be twee n on an d o ff pr o pe rt y ex pe ri e nc e an d l itt le se em s to ha v e b ee n do ne to b rid ge th is. T h e r e is a l s o no t e n o ug h i nte ra c tio n be tw e en o rdi na ry B ahamians and their g ues ts, a n d t h e s o c a l l e d a n c h o r p r o p e r t y s t r a t e g y o f p l a c i n g a ma jo r r esor t on eac h island, wh i l e w e l lm ea n i n g w as i l l thoug htout and poor ly e xec u t e d E m e ra l d B a y a n d B i m i n i B ay are prim e e xa mp le s of de ve l op m en t s t h a t ch an g ed the entir e char acter of th eir h ost i sla nds, al teri ng t he v e ry a ttribute s tha t at tr a cte d v isit ors i n the f irst pla c e. H ope f ull y, th e stra teg y ou tli ne d b y M ic ha el Sc ot t, t he Ho tel C orp o ra tio n c ha ir ma n o f se e ki n g n ic he b ou tiq ue re sort d ev e lo p m e n t s f o r t h e F a m i l y I s l a n d s w i ll be a r fru it. And the Ba hamas has yet to get t o gr ip s wit h th e f act t h a t th e v a s t m a j o r i t y o f i t s v i s i t o r s a r e cr u i s e p a s s e n g er s r a t h e r t h a n h i g h e r yi e l d i n g st opo ve r vi sito rs. K P. Tu rnq u e s t t h e G r a n d B a h a m a C h a mb e r o f C o mm e rc e pre si d e n t o u t l i n e d t h e c o n s e q ue nc e s i n his B usin ess Ou tl o o k a dd r e s s, w h e n h e s a i d t h e m a in b e n e fi c i a ri e s o f t h i s w e r e t h e c ru is e li n e s, w ho e ss e nt ia l l y g ot a pro du ct f or fre e, an d t h e G o v e r n m e n t i n t h e f o r m o f depar tu re taxe s. I t cer ta inly d id no t be ne fi t th e h ote ls, th e m a j o r s o u r c e o f B a h a m i a n emplo yment an d h e ad ded: O u r to u ri s m m o d e l i s o l d a n d i n s e ri o u s n e e d o f a d j u s t m e n t G a m i n g r e f o r m t o o i s a n o t h e r a r e a w h e r e t h e B a ha ma s n ee ds t o g et a m ov e o n FINANCIAL SERVICES Buffeted by the blacklist i n g f a l l o u t a n d v a r i o u s Financial Action Task Force (FA TF) and OEC Dled initi at iv es n o t t o m en t io n t he slew of tax loophole-tighten I t was Ian Fair, then-chairman of the Bahamas Financial Ser vices Board (BFSB), who digressed during an interview on the Bahamas International Securities Exchange's (BISX) growing pains to tell Tribune Business of his opinion that the Bahamas was a "nation at a crossroads". That was 2001-2002. Trouble is, nothing much has changed in the intervening decade. T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM B U S I N E S S R E V I E W P AGE 9B FRIDA Y JANUAR Y 28, 2011 UK BANKS RAIL A T CAPIT AL PROPOSALS SEE P AGE 13B US DEFICIT SPENDING TO STRIKE $1.5 TRILLION SEE P AGE 14B i n g m e a s u r e s t h a t s e e m t o c o m e o u t o f W a s h i n g t o n a nn u a l l y th e B a h a m i a n fi n a n c i a l s e r v i c e s s e c t o r w h i l e h o l di n g i t s o wn s in ce 20 01 2002 has not been growing. It has been at a seemingly p e r p e t u a l c r o s s r o a d s s i n c e 2 0 0 0 a s i t st r ug g l e s to d e v e l o p a niche amid the new global r e g u l a t o r y p l a y i n g f i e l d R esil ience is admir able, b ut growth is necessary if it is to c o n t i n u e p r o v i d i n g p r o f e s s i on al ly s a ti s f yin g, l uc ra t ive jobs for the best Bahamians. Y e t p r o d u c t d e v e l o p m e n t r e m a i n s w e l l b e h i n d m a n y rivals, both onshore and off shore. W h i l e b o t h t h e G o v e r n me nt a n d pri v a te se c t or kn ow what needs to be done, talks on strategy and implementa tion ap pea r to ha ve no e nd in s i g h t T h e B a h a m a s m u s t w al k t he wa lk no t t al k t he t a l k t o s e c u r e i t s r i g h t f u l p l a c e i n f i n a n c i a l s e r v i c e s going forward. EDUCATION T h i s i s a r g u a b l y t h e Ba ha ma s' m ost se rio us sho rtco mi ng Wh il e the re a re hu nd r e d s i f n o t t h o u s a n d s o f Baha mians, who co uld c omp e t e f o r t o p j o b s i n N e w Y o r k L o nd on an d Ho ng Ko ng an d wi n, a s a se rvi c es-b ase d ec o nom y e v er y B a h am ia n mu st b e able to s tep up to the plate. T h e brut al truth o f c ou rse, is t h a t m a n y h a v e n o t b e e n equ ip pe d to do so. R a l p h M a s s e y s b r i l l i a n t w o rk s s t a r t e d u n d e r t h e C o a l i t i o n f o r E d u ca t i o n R e f o r m a n d c a r r i e d o n b y h i m s e l f h i g hl i g ht s t h e ex t en t o f t he p r o bl em us i ng t he BG CS E ma ths an d E ng li sh gra de s for N e w Pr o v i de n c e p u b l i c sc h o o l stud en ts i n 20 06 I n Engl ish 44 per cent of New Providenc e pub lic high s c hoo l st ude nt s pas sed, with 56 pe r c e nt f ai lin g. A tota l of 17 pe r c ent both fai led a nd wer e fun c t ionally illit erate", me an ing the y c ou ld no t rea d o r h e a r t h e n co m m u n i ca t e tho ug hts co he ren tly A nd i t w a s w or se f o r m a t hs w h e r e s o m e 4 6 p e r c e n t al most ha lf of a ll N ew P rov ide nc e pu bli c h ig h sch oo l st ud e n t s w h o s a t t h e 2 0 0 6 B G C S E e x a m w e r e fo u n d t o b e "f u n ct i o n a l l y i l l i t e r at e" m ean in g t he y d id n ot k now the d iff ere nc e b etw e en a dd itio n a nd m ul tip lic a tio n. Mr Ma ssey sai d the c onse q u e n c e s f o r B a h a m i a n e m p l o y e rs a n d t h e w i d e r e c o n omy w e re sum me d up in th e E u ro p e a n U n i o n s ( E U ) s t ra t e g y pa p er f o r t h e Ba h am a s b e t w e e n 2 0 0 8 2 0 1 3 w h i c h ob se rv e d t h at hi g h un e mp l oy m e n t levels had pers ist e d in this n ation de spite inc rea sed fore ig n di rec t in ve stm en t l ev e l s W hi le the re wa s a ne ed for sk i l l e d l a b o u r t h e s e p o s t s w e r e no t b e i n g f i l l e d b y B a h a m i a n s cre at ing a skil ls ga p' w he reby B a ha m asba se d em p lo ye rs we re fo rc ed to i mpo rt wo rke r s t o m e e t a s h o r t a g e o f q u a l i f i e d B a h a m i a n s a t a l l s k i l l l e v e l s "Th e uncomfor table tr uth is tha t the c oun try 's ac a de mic f a i l u r e p r e v e n t e d i t f r o m a c h i e v i n g f u l l y i t s w e l f a r e o b j e c t i v e s f o r i t s o w n c i t i z e n s, Mr Ma ssey w ro te. The B GC SE re po rts h av e ne v er d is cu sse d t he l on gte rm imp ac t o f suc h ac a de mi c f ai lure The y ne ve r disc u ssed th e imp ac t o n the sup ply of ba sic s k i l l s a s s e e n i n B a h a m i a n lab our. ... .. The p roble m w ith a c a d e m i c f a i l u r e i s t h a t i t a d v e r s e l y a f f e c t s e c o n o m i c gro w th b y l im it in g th e gro w th i n t h e n a t i o n s s u p p l y o f h u m a n c a p i t a l i t s h u m a n s k i l l s A dvo cat in g fo r an u r gen t natio nal respo nse to a ddre s s the s ki lls and le arning crisis, Mr Ma ssey sa id : In a hig hl y compet itive wor ld, and with r a pi dly c ha ngi ng te ch nol ogy the h ig h fa il ure a nd il li tera c y ra te s i n B ah a m ia n pu b li c e d ucat ion ar e a s ever e na tio nal handi c ap a nd an embar rass m e n t T h e s e r e a l i t i e s g l o b a l c o m p e t i t i o n a n d c h a n g i n g tech nology are particul arly d a u n t i n g i n t h e c a s e o f t h e B ah a ma s, b e c au se i t i s a sm al l countr y w it h a limit e d array of phy sic a l reso urc e s." Tr ibun e B us i nes s lays this out onc e a ga in be ca u se, w hil e ev ery on e kn ow s of thi s situ at io n a nd th e d anger s i t pr es e nts, the resp onse has be en abysmal. W hile the Governm en t s p o l i c y r es p o n s e h a s be en la c kin g, im pro vi ng ed uca ti on is no t j ust i ts re spon sibility. Teac hers, parents and the w ho le soc i et y h av e a rol e to p l a y U n ti l th e i n t e l l e c t u a l i s g i v e n p r o m i n e n c e o v e r t h e m a t e r i a l o n e f e e l s t h e B a h a m a s w i l l c o n t i n u e t o strug gl e on e du ca ti on. Iner tia, s tandst ill, s tuc k in the sta tus qu o. The se a re j ust some o f the v erb s an d a dj ec t i v e s t h a t c a n b e u s e d t o de scri be the B a ha ma s an d its e c o n o m y o v e r t h e p a s t d e c a d e This c ou ntry ca nn ot a ffo rd to s t a y i n t h e s a m e p l a c e f o r e v e n t u a l l y i t w i l l f i n d i t s e l f r u n n i n g b a c k w a r d s a s o t h e rs o v e r tak e it It w il l ta ke bo ld l ea de rs h ip and cr eat ive id eas t o un l o c k t h e fu l l p o te n t i a l o f t h e Ba ha ma s a nd B a ha mia ns, for the g ap be tw e en w ha t i s a nd w h a t c o u l d a n d sh o u ld b e is gro wi ng b y the da y. The Government and private sector must work together to fight off stagnation and set the Bahamas on a path to renewed prosperity

PAGE 18

P AGE 12B, FRIDA Y JANUAR Y 28, 201 1 THE TRIBUNE T O DISCUSS ST ORIES ON THIS P A GE LOG ON T O WWW .TRIBUNE242.COM By ALISON LOWE Business Reporter alowe@tribunemedia.net JANUAR Y REVIEW OIL PRICE CLOUD O il pri c e s, w h ic h tre n de d u pw a rd s for much of 2 010 w ere r e cogn is e d by ke y b us i ne s s go ve r n men t an d e con omic fig ures in e arly J anua ry as rep res entin g a cons ider able th reat t o a B a h a m i a n e c o n o m i c r e c o v e r y t h i s y ea r F u r t h e r p r e d i ct e d p r i c e r i s e s could offset gains in growth through impacting the price of goods, power and transport. P r ime M i nis t er Hu ber t I n gr aha m call ed o il pr ice incr e as es a po s si bl e c l o u d o n t h e h o r i z o n f o r t h e Baha mi an e con om y on J anu ar y 14 w h i l e f o r m e r m i n i s t e r o f s t a t e f o r fi nan ce J ame s S mith desc ribe d them a s t h e 8 0 0 p o u n d g o r i l l a i n t h e r o o m" On Ja n u ar y 5 C h am b er of Commerce president, Khaalis Rolle, w a rne d bu sin ess es to pre pa re fo r the inevitable." TOUTING TOURISM The Prime Minister and the Min i s t e r o f T o u r i s m d e f e n d e d t h e Ba h a m as ec o n o m i c m o d e l ag a i n s t ca l l s f r o m s o m e q u a r t e r s f o r m o r e di ve rsifi ca tio n" to w ards le ss re li anc e o n t o u r i s m a s t h e ec o n o m y s m a i n engine. Speaking at the Bahamas Business Outlook 2011 on January 13, Hubert Ingraham said the "resilient" industry has served the country well and, r at h er t ha n t ry i ng to di m in is h o ur e c o no mic relia nce upon it, efforts should b e m a d e t o d i v e rs i f y th e s e c t o r i t se l f. Mr Ingraham said opportunities to g r o w r e t u r n s t o B a h a m i a n s f r o m to ur i s m ar e s ta ri ng us r ig ht in th e fa ce", men t io ni ng f i ne d in in g, cr a ft wor k and en ter t ainm ent s er vices as a r e a s w h i c h f e e d i n t o t h e t o u r i s m i ndustry and i n w hi ch B ah ami an pa rticipation could be expanded. FREEPORT FLAP F r e e p o r t b u s i n e s s i n t e r e s t s b e c am e i nc re a sin gl y i ra te o ve r a n um b e r o f g o v e r n m e n t i m p o s i t i o n s o n comm er cial op er ati on s, which wer e va r i o u s ly l a b el l e d "i l l e g al "u n a cc eptable" and "unfair", and blamed for a further depression of the postCh r is t m as b u s in e s s en vi r o nm en t i n the economically challenged s ec on d city. T he two ma i n iss ues invol v ed t he demand from Customs that the 3,500 licen s ees su bmi t t o it on a m ont hl y basis reports on all goods they have s ol d b on de d, or d ut yf r ee, to ot h er licensees for use in the latter's busi ness, and the requirement that busi n e s se s p ro v i d e l e t te r s o f g o o d st a n d in g fr om t he Nat io nal I ns ur an c e Bo ar d b ef ore h av in g th ei r ov e r-th e-c o un ter' bond letters renewed. "A bsol ute ly not a cc e pta bl e a nd no t f a i r w e r e t h e wo r d s u s e d b y K. P Turnquest, Grand Bahama Chamber of C omm e r c e pr esident, to des c r ibe the tyi ng -in of th e NIB goo d stan din g letter with the bonded letter. "Regu l a to ry st ra n g u la t i on a t th e w o rst ti m e possi ble fo r Fre epo r t w as C all end er's and Co att or ney, Fr ed Smith Q C s, assessment of the situation, which he said had no basis in law. Without bonded letters businesses are unable to p urchase goods dutyfree from other GBPA licensees for use in th ei r o w n bu sine sse s, th us forc in g the m to p ay d uty so me thin g th at inc r e ases the ir co s ts a nd erodes profitability. G B P A p r e s i d e n t I a n R o l l e i m p l o r e d t h e P r i m e M i n i s t e r t o r eview the s it uati on, s ugges tin g the C u s t o m s c h i e f m a y h a v e o v e r r e a c h e d h i s a u t h o r i t y C u s t o m s C om p tro ll e r, G le nn Go me z de fe n de d the requests, saying the Department wa s m er el y t r yi ng t o k ee p t r ack o f w h a t t ra n sa c t i o ns w e re ta k i ng p l a c e t o ens ur e le giti mat e r even ue do es n ot slip through the cracks. BAHAMASAIR IN CARIBBEAN CONGLOMERATE? A C a r i b b e a n a i r l i n e c o m p a n y ann ounced i ts i nter es t in f or ming a p ot en t ia l c o ng l o me ra t e w i th B a h a ma sair and Antigua-based Liat airlines, i n a m o v e w h i c h A i r J a m a i c a s c h i e f o f sale s, W ill R oge r s, said w ould le ad to mo re "e c o nom ical" r egio nal t r avel. His J anuary 18 comme nt s came after all b ut 16 per c e nt of t he Jamaican go ve r nm en t' s s ta ke i n A ir Ja ma ica wa s s ol d t o T r in id a di an Car i b be an Airlines. The chief of sales for Air Jamaica, whi ch wi ll co nt inu e to be o per at ed by Caribbean Airlines as a separate brand sai d h e expe cte d ta lks to c omm e n c e i n t h e n e x t t h r e e t o f o u r mont hs" betwee n t he company and B a h a m a s a i r N o w o r d y e t f r o m Ba ham as a ir ex ecu ti ve s o n t h e pr o posal. HIGH STAKES FOR CASINO INDUSTRY Atlantis president and managing d ir ec to r, G e o rg e M ar ka n t on i s, so u nd ed a warning for Bahamian tourism when he called plans announced by t h e J a m ai c a n g o v e r n m e n t t o i s s u e t hr ee cas in o l icen s es t hi s y ear a nd consider others, a "big problem" for the Bahamas. H e w a r n e d t h a t t h e B a h a m a s i s c o ns ta n tl y "l o si n g g ro u nd i n t h e c a si no industry, and urged the Govern ment to hurry ahead with its deliber ations over proposals to reform this n a t i o n s g a m i n g r e g u l a t i o n s a n d increase competitiveness. PORT PROPOSAL A multi-million dollar offer was reportedly made to the Haywards/St Ge orge s by Mid dle E astern in vesto r s k e e n o n p u r c h a s i n g t h e G r a n d Ba hama Port Authority, reliab le T rib u n e B u si n e s s s o u rc e s sa i d o n J a n u a r y 21 Sou rce s sug ge sted th e bid der ma y b e D ub a i Po rts W o rl d, a n e n ti ty se e kin g to co nstruc t a riv al po r t in Ma rie l, C u b a a n d w h o s e e a r l i e r b i d s t o a c q u i r e a n u m b e r o f U S p o r t s i n c l u d ing th e Port o f Mia mi we re quash ed on US national security grounds. T h e H a y w a rd s a nd S t G e o rg e s w e r e sa i d to be c on si de ri n g t he of fe r, w hi c h was thought to be somewhat low. TAX HAPPY On January 25, the Government confirmed it would receive a muchneeded $63 million tax windfall from t h e D e c e m b e r p u r c h a s e o f F i r s t Res er ve Co rp or at ion 's s tak e in t he G r a nd Ba h am a b as e d BO RC O o i l st orage and tr a ns shipment f a cility by N e w Y o r k S t o c k Ex c h a n g e l i s t e d Buckeye Partners. T h e f u n d s d e s c r i b e d a s g o o d ne w s" by mi ni ste r o f sta te fo r f in a nc e Zhivargo Laing, are a much needed b oo s t t o i ts t r ou bl es o me 2 011 /2 012 revenue and debt position. PM HUBERT INGRAHAM JAMES SMTIH GEORGE MARKANTONIS ATLANTIS PARADISE ISLAND ZHIVARGO LAING B U S I N E S S R E V I E W K P TURNQUEST


PAGE 8B, FRIDAY, JANUARY 28, 2011

THE TRIBUNE



=.=) <-> Sn
TR ET ;



(AP Photo/Rick Bowmer)

2010, in Portland, Ore. Oil prices slipped toward $82 a barrel Thurs-
day, pausing from a rally that lifted the commodity to a three-month

ings.
NEW YORK

Oil prices fell Thursday on a batch of disappointing economic
news.

a barrel on the New York Mercantile Exchange.
The Commerce Department said durable goods orders, exclud-

ances.

In addition, the Labor Department said the number of Ameri-
cans applying for unemployment benefits rose last week.

The possibility China may raise interest rates or take other
tightening measures before Lunar New Year holidays begin next
week also kept a lid on oil prices.

"There is still a strong probability that China's central bank
will raise interest rates or increase reserve requirements again to
cool economic growth there," energy consultants Cameron
Hanover said in a report.

piles of oil and gasoline rose more than expected last week.

Crude supplies expanded by 4.8 million barrels to 340.6 million posted its first deficit since the

? program was last overhauled

cent. Supplies of distillate fuel, which includes diesel and heating in the 1980s. The CBO said
} at the time that Social Securi-
"Prices will likely remain within a $80-$95 trading range ... with : ty Would post surpluses for a

the downside bias becoming more noticeable during the beginning i few more years before per-

? manently slipping into deficits

period," said senior commodity analyst Edward Meir at MF Glob- : in 2016.

barrels. Gasoline supplies rose by 2.4 million barrels to 230.1 mil-
lion barrels, while demand in the past four weeks increased 1.1 per-

oil, declined by 100,000 barrels to 165.7 million barrels.

of the second quarter when crude enters it seasonally weaker

al in New York.

In other Nymex contracts for February contracts, heating oil lost i
: the Social Security trust funds
? are exhausted in 2037.

Natural gas futures for March gave up 18.2 cents, or 4 percent, :

1.62 cents to settle at $2.6551 a gallon and gasoline gave up 4.34
cents to settle at $2.4132 a gallon.

to settle at $4.319 per 1,000 cubic feet. Natural gas prices fell as win-
ter headed into its final months with plenty of gas still on hand

parts of the U.S., but some forecasts see temperatures moderating
around mid-February. That has created some uncertainty about
how much more natural gas will be used before spring and warmer
weather arrive.

on the ICE Futures exchange.

STOCKS EDGE HIGHER AFTER
MIXED EARNINGS REPORTS

NEW YORK
A surprise jump in applications for unemployment benefits

a short leash Thursday. Indexes ended slightly higher, with
the Standard & Poor's 500 closing a half point below 1,300.

The Dow Jones industrial average traded above 12,000 for
most of the day but failed to close above that level for the
second day in a row. The Dow hasn't closed above 12,000
since June 19, 2008, just as the financial crisis was worsening.

Procter & Gamble Co., the maker of consumer products
like Tide detergent, fell 2.9 percent, the largest drop among the
30 companies that make up the Dow Jones average. P&G said
rising commodity prices are pinching its profits.

AT&T Inc. fell 2 percent after saying that new wireless con-
tracts fell to the lowest level in more than five years. Caterpil-
lar Inc. rose 0.9 percent after its fourth-quarter profit quadru-

equipment.

The S&P 500 rose 2.91 points, or 0.2 percent, to close at
1,299.54. The last time the index closed above 1,300 was Aug.
28, 2008.

The Dow inched up 4.39 points, or 0.1 percent, to close at

first time since June 2008 but slipped in the late afternoon.

ewels

the

ee Cd

Social Security to

Social Security will post

nearly $600 billion in deficits
? over the next decade as the
? economy struggles to recov-
: : ier and millions of baby
Benchmark oil for March delivery lost $1.69 to settle at $85.64 : boomers stand at the brink of
? retirement, according to new

ing transportation, rose just 0.5 percent last month following a i congressional projections.

much stronger 4.5 percent November increase. Yet overall demand

for durables fell for a second straight month. Durable goods are fac- : Security is projected to col-

tory products expected to be used for at least three years, like appli-_: lect $45 billion less in payroll
? taxes than it pays out in retire-
? ment, disability and survivor
? benefits, the nonpartisan Con-
? gressional Budget Office said
i Wednesday. That figure
? swells to $130 billion when a
? new one-year cut in payroll
i taxes is included, though Con-
? gress has promised to repay
? any lost revenue from the tax

Adding to the caution, the Energy Department said U.S. stock- } oy},

This year alone, Social

Last year, Social Security

But the new projections
show nothing but red ink until

The outlook has grown

? bleaker as the nation strug-
! ) i gles to recover from its worst
across the country. The winter has been colder than normalinmany { économic crisis since Social
? Security was enacted during
? the Great Depression. In the
? short term, Social Security is
In London, Brent crude lost 52 cents to settle at $97.39 a barrel i SUE ne rent a Weakeee aie
? my that has payroll taxes lag-
ging and applications for ben-
? efits rising. In the long term,
? Social Security will be
? strained by the growing num-
i ber of baby boomers retiring
i and applying for benefits.

More than 54 million peo-

ple receive retirement, dis-
? ability or survivor benefits
? from Social Security. Month-
? ly payments average $1,076.

and mixed earnings from large U.S. companies kept stocks on }

The deficits add a sense of

? urgency to efforts to improve
? Social Security's finances. For
? much of the past 30 years,
? Social Security has run big
? surpluses, which the govern-
? ment has borrowed to spend
? on other programs. Now that
i the program is running
? deficits, the federal govern-
? ment will have to find money
? elsewhere to pay back Social
? Security, so it continue to
i issue benefits.

pled on strong global demand for mining and construction }

"T've received the lash from

i those who say, ‘Well, you
? shouldn't have to cut Social
? Security because there are
: trillions of dollars of assets,
? said Sen. Kent Conrad, D-
11,989.83. The index broke through 12,000 Wednesday for the | N.D., chairman of the Senate
? Budget Committee. "It is true
? there are trillions of dollars

tt

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post $600 billion |
deficit over 10 years:

PRICES FALL: A gas pump nozzle is shown in Wednesday, Aug. 4,
? STEPHEN OHLEMACHER,
? Associated Press

high this week amid a weakening dollar and positive corporate earn- WASHINGTON



(AP Photo/Charles Dharapak) :
MEDIA MEETING: Sen. Sherrod Brown, D-Ohio, second right, speaks :

to reporters on Capitol Hill in Washington, Thursday, Jan. 27, 2011,

after a closed meeting of the Social Security caucus. From left are, Sen. S :
i pany said Thursday that it

Barbara Boxer, D-Calif.; Sen. Charles Schumer, D-N.Y.; Sen. Bernie

i SOARING SALES: The Caterpillar
? logo is seen on heavy earth mov-
: ing equipment in Springfield, Ill.,
i Tuesday, Oct. 19, 2010.

Sanders, I-Vt.; Brown, and Sen. Sheldon Whitehouse, D-R.1.

of assets. It is true that they're
backed by the full faith and
credit of the United States. It
is also true that the only way
those bonds get redeemed is
out of the current income of
the United States."

Other lawmakers said
Social Security's financial
problems are not that urgent.

"In the last 75 years, in
good times and in bad times,
Social Security has paid out
every nickel owed to every
eligible beneficiary at a rela-
tively modest administrative
cost," said Sen. Bernie
Sanders, who organized the
first meeting of the Senate
Social Security caucus Thurs-
day.

Tired

"We are getting very tired
about hearing our Republi-
can and right wing friends
telling us about how Social
Security is collapsing when
the reality is, Social Security
today has a surplus of $2.6
trillion,” Sanders said. "Social
Security can pay out every
benefit owed to every eligi-
ble American, for the next 27
years."

Social Security has built up
a $2.5 trillion surplus since the
retirement program was last
overhauled in the 1980s. Ben-
efits will be safe until that
money runs out. That is pro-
jected to happen in 2037 —
unless Congress acts in the
meantime. At that point,
Social Security would collect
enough in payroll taxes to pay
out about 78 percent of bene-
fits, according to the Social
Security Administration.

The $2.5 trillion surplus,
however, has been borrowed
over the years by the federal
government and spent on oth-
er programs. In return, the
Treasury Department has
issued bonds to Social Securi-
ty, guaranteeing repayment
with interest.

It's a bad time for the
nation to be hit with more
financial obligations. The fed-
eral budget deficit will surge

to a record $1.5 trillion flood
of red ink this year, congres-
sional budget experts esti-
mated Wednesday, blaming
the slow economic recovery
and a tax cut law enacted in
December.

Lawmakers from both par-
ties have vowed to address
the nation's financial prob-
lems, including such con-
tentious issues as Social Secu-
rity and Medicare. The polit-
ical climate, however, has
made it difficult. Some

plans to cut Social Security

consider tax increases.

with this issue, making the
hard decisions that have to be
made,” Sen. Mike Crapo, R-
Idaho, said Thursday at a Sen-

deficit. "As we move forward
in that context, I personally
believe strongly that all
aspects of the spending and

revenue side of the equation ; |
? income rose to 77 cents per

must be on the table."

Sen. Chuck Schumer, D- ;

N.Y., accused congressional :
i: Street expected. Analysts sur-

? veyed by FactSet forecast net
? income of 69 cents per share

end," Schumer said Thursday for the fiscal second quarter.

after the meeting of the Sen- :

Republicans of wanting to
end Social Security by priva-
tizing it. "Privatize means

ate Social Security Caucus.
Schumer was referring to a

Rep. Paul Ryan, R-Wis.,
would offer workers under 55
the option of investing over
Security taxes into personal

retirement accounts.
Social Security has been

supported by a 6.2 percent }

payroll tax paid by both work- :
i the fourth quarter of 2009

ber, Congress passed a one- } amid a rebounding global

year tax cut for workers, to

4.2 percent. The lost revenue

is to be repaid to Social Secu- : million, or $1.63 per share, for

i the quarter ending Dec. 31 on
funds, meaning it will add to } sales of $3.7 billion, up 17 per-
: cent.

ers and employers. In Decem-

rity from general revenue

the growing national debt.



Caterpiliar's 40 profit

(juadruples as sales soar

: JOSH FUNK,
: AP Business Writer

Caterpillar more than

: quadrupled its fourth-quarter
i profit over the previous year's
i weak results as stronger
? demand, especially in devel-
i? oping nations, helped increase

global sales of mining and

? construction equipment.

The Peoria, III., based com-

i generated $968 million net
i income, or $1.47 per share.
i That's much higher than the
} previous year's $232 million
i net income, or 36 cents per
i share, but 2009's fourth quar-
? ter was also hurt by layoff
? costs that consumed 5 cents
i per share of profit. Caterpillar
i? said its revenue jumped 62
i percent to $12.8 billion in the
: quarter over last year's $7.9
? billion. The company said
? machinery sales improved
i both because customer
: demand strengthened and
? Caterpillar dealers replen-
i ished their inventories.
Democrats have criticized i | .
benefits as secret plots to } Microsoft al profit bilges
destroy the program. Many :
Republicans have refused to REDMOND, Washington
"We need to get past the }

police Sune pest-auil deal i said its net income for the latest

i quarter edged down from a
? year ago, beating Wall Street's
i expectations despite the weak

‘ i personal computer market.
ate hearing on the budget }

own on slow PC sales

Microsoft Corp. on Thursday

Microsoft's net income for

? the quarter that ended in
i December was $6.63 billion,
i compared with $6.66 billion in
? the same period last year.

Thanks to stock buybacks, net

share from 74 cents.
That's better than Wall

Eaton profit jumps 33

| percent in fourth quarter

widely distributed plan by :
i CLEVELAND
chairman of the House Bud- }
get Committee. Ryan's plan :
i surged 33 percent on higher
i sales, and the diversified
a third of their current Social { industrial
i claimed strong momentum as
i it boosted its dividend and
? announced a 2-for-1 stock

Eaton Corp.'s net income

manufacturer

split Thursday.
Sales rose 17 percent over

economy.
The company earned $280

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Applications should be sent to arrive on or before the 11th February
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UK BANKS RAIL AT
CAPITAL PROPOSALS



* SEE PAGE 13B

WB The Government



and private sector must
work together to fight
off stagnation and set
the Bahamas on a path
to renewed prosperity







vices Board (BFSB), who digressed during an interview on

T was Ian Fair, then-chairman of the Bahamas Financial Ser-

the Bahamas International Securities Exchange's (BISX)
growing pains to tell Tribune Business of his opinion that the
Bahamas was a “nation at a crossroads”. That was 2001-2002.
Trouble is, nothing much has changed in the intervening decade.

Any cool, hard-headed
analysis would have to concede
that the Bahamas is still at that
crossroads, both economically
and socially, having done lit-
tle to implement key structur-
al reforms - which all in the
know, regardless of political
affiliation - would agree (prob-
ably privately) are essential to
empowering its people and
preparing them for the
demands that globalisation, the
magic ‘buzz word, will make
of them.

The Bahamas Telecommu-
nications Company (BTC) and
its long, tortuous privatisation
are a perfect example of the
Bahamas’ economic stagnation
and its unwillingness to make
the necessary reforms and
manage change. The Govern-
ment has now been attempt-
ingtosell BTC for between 12
to 13 (unlucky forsome) years,
and while, thankfully, the
process may come to an end
via Cable & Wireless Commu-
nications (CWC) in a matter
of weeks, the fact of the matter
is it should have been com-
pleted years ago.

At the latest, BTC should
have been in private sector
hands five-six years ago. The
first FNM administration was
absolutely correct in getting
the Government out of the
hotel business, but the dilly-
dallying that both itself and its
PLP successor engaged in
when it came to BTC has, in
the short-term, imposed an
incalculable economic burden
on Bahamian commerce and
society.

Had BTC been privatised
by 2004-2005, the Government
might by now have been able
to close the Bahamas Blectric-
ity Corporation’s (BEC) pri-
vatisation, and at the very least
be considering what to do with
the loss-making turkeys that
bleed the taxpayer of some
$50-$60 million annually,
namely the Water & Sewer-
age Corporation, Bahamasair
and the Broadcasting Corpo-
ration of the Bahamas.

Speedier progress on pri-
vatisation could have helped
the Bahamas to maintain the
economicmomentum built up
during the 1990s, spreading
wealth and economic owner-
ship, especially among the
Bahamian middie class, rather
than the same cast of charac-
ters who appear to do all the
deals and acquisitions in this
nation

A brief look at other areas
of the economy also shows

where the Bahamas is falling
short, particularly when it
comes to putting in place the
building blocks, the founda-
tion, for its people and busi-
nesses to grow and prosper.
This is by no means compre-
hensive.







GOVERNMENT'S
FISCAL POSITION

Despite warnings reaching
as far back as Tribune Busi-
ness can remember, there
appears to have been no seri
ous attempt by governments
of either hue - PLP or FNM -
to balance the recurrent Bud-
get, eliminate the fiscal deficit
and reduce the burgeoning
national debt. Those warnings
started when the national debt
was around §3 billion; it is now
$4.1 billion and still growing.

Granted, the Government’s
fiscal stimulus may have helped
to create some jobs and pre-
yent a further decline in the
economy post-2008, amid one
of the worst recessions in living
memory. Yet the true impact is
not clear. And the end result,
as the IMF pointed out, was
that central government debt
as at end-Tune 2010 hit 47 per
cent of GDP, 10 percentage
points higher than pre-crisis
Tatios.

The Government needs to
mun fiscal surpluses amounting
toacollective 13.5 per cent of
gross domestic product (GDP)
over the next six years if itisto
slash the Bahamas' debt-to-
GDP ratio to the target 40 per
cent by 2015-2016, the IMF
pointed out. And, to drive the
point home further, it said:
“The mission discussed sce-
narios that showed that lower-
ing the debt-to-GDP ratio to
40 percent by 2015-2016 would
require a primary surplus of
1.4 per cent of GDP, on aver-
age, and a cumulative fiscal
effort of about 13.5 per cent of
GDP (23 per cent of GDP per
year) over the next six years."

The Government’s response
appears to be to seek ever-
increasing tax tevenues,
notwithstanding that revenue
estimates in the annual Bud-
get are consistently too high
There appears a complete
unwillingness to acknowledge
that the real problem is a
spending one.

TOURISM

It is not just the Govern-
ment that is found wanting, It
was a former Central Bank
researcher, Gabrielle Fraser,



who in a paper written six-sev-
en years ago suggested that
the tourism product had not
moved much beyond being
purely a resort industry.

That is not to suggest there
is anything wrong with the
products offered by Atlantis,
Sandals, Breezes and the soon-
to-be Baha Mar and others,
who have contributed much
tothe Bahamian economy and
employment. Yet, as has been
widely acknowledged by suc-
cessive ministers of tourism,
there is a huge gap between
on and off-property experi-
ence, and little seems to have
been done to bridge this.

There is also not enough
interaction between ordinary
Bahamians and their guests,
and the so-called ‘anchor prop-
erty’ strategy of placing a
major resort on each island,
while well-meaning, was ill
thought-out and poorly exe-
cuted Emerald Bay and Bimi-
ni Bay are prime examples of
developments that changed
the entire character of their
host islands, altering the very
attributes that attracted visi-
tors in the first place. Hope-
fully, the strategy outlined by
Michael Scott, the Hotel Cor-
poration chairman, of seeking
niche, boutique resort devel-
opments forthe Family Islands
will bear fruit.

And the Bahamas has yet
to get to grips with the fact
that the vast majority of its vis-
itors are cruise passengers,
rather than higher yielding
stopover visitors. K. P. Turn-
quest, the Grand Bahama
Chamber of Commerce presi-
dent, outlined the conse-
quences in his Business Out-
look address, when he said the
main beneficiaries of this were
the cruise lines, who essential-
ly got a product for free, and
the Government in the form of
departure taxes. It certainly
did not benefit the hotels, the
major source of Bahamian
employment, and he added:
“Our tourism model is old and
in serious need of adjustment.”

Gaming reform, too, is
another area where the
Bahamas needs to get a move
on.





FINANCIAL
SERVICES

Buffeted by the ‘blacklist-
ing’ fallout, and various
Financial Action Task Force
(FATF) and OECD-led ini-
tiatives, not to mention the
slew of tax loophole-tighten-

US DEFICIT SPENDING TO
STRIKE $1.5 TRILLION

ing measures that seem to
come out of Washington
annually, the Bahamian finan-
cial services sector - while
holding its own since 2001-
2002 - has not been growing.

It has been at a seemingly
perpetual crossroads since
3000, as it struggles to develop
a niche amid the new global
regulatory playing field.
Resilience is admirable, but
growth is necessary if it is to
continue providing protes-
sionally satisfying, lucrative
jobs for the best Bahamians.
Yet product development
remains well behind many
rivals, both onshore and oft-
shore.

While both the Govern-
ment and private sector know
what needs to be done, talks
on strategy and implementa-
tion appear to have no end in
sight. The Bahamas must
walk the walk, not talk the
talk, to secure its rightful
place in financial services
going forward.

EDUCATION

This is arguably the
Bahamas’ most serious short-
coming. Whik there are hun-
dreds, if not thousands of
Bahamians, who could com-
pete for top jobs in New York,
London and Hong Kong and
win, as a services-based econ-
omy every Bahamian must be
able to step up to the plate.
The brutal truth, of course, is
that many have not been
equipped to doso.

Ralph Massey’s brilliant
works, started under the Coali-
tion for Education Reform
and carried on by himself,
highlights the extent of the
problem, using the BGCSE
maths and English grades for
New Providence public school
students in 2006.

In English, 44 per cent of



¢ SEE PAGE 14B

New Providence public high
school students passed, with
56 per cent failing. A total of
17 per cent “both failed and
were functionally illiterate",
meaning they could not read
or hear, then communicate
thoughts coherently.

And it was worse for maths,
where some 46 per cent -
almost half of all New Provi-
dence public high school stu-
dents who sat the 2006
BGCSE exam - were found to
be “functionally illiterate",
meaning they did not know
the difference between addi-
tion and multiplication.

Mr Massey said the conse-
quences for Bahamian
employers and the widerecon-
omy were summed up in the
European Union's (EU) strat
egy paper for the Bahamas
between 2008-2013, which
observed that high unemploy-
ment levels had persisted in
this nation despite increased
foreign direct investment ley-
els,

‘While there was a need for
skilled labour, these posts were
not being filled by Bahamians,
creating a ‘skills gap' where-
by Bahamas-based employers
were forced to import work-
ers "to meet a shortage of
qualified Bahamians at all skill
levels",

“The uncomfortable truth
is that the country's academic
failure prevented it from
achieving fully its welfare
objectives for its own citizens,"
Mr Massey wrote.

“The BGCSE reports have
never discussed the long-term
impact of such academic fail-
ure. They never discussed the
impact on the supply of basic
skills as seen in Bahamian
The problem with
failure is that it
adversely affects economic
growth by limiting the growth







in the nation's supply of
human capital - its human
skills."

Advocating for an urgent
national response to address
the skills and learning crisis,
Mr Massey said: “In a highly
competitive world, and with
rapidly changing technology,
the high failure and illiteracy
rates in Bahamian public edu-
cation are a severe national
handicap and an embarrass-
ment.

“These realities - global
competition and changing
technology - are particularly
daunting in the case of the
Bahamas, because it is a small
country with a limited array
of physical resources."

Tribune Business lays this
out once again because, while
everyone knows of this situa-
tion’and the dangers it pre-
sents, the response has been
abysmal. While the Goyern-
ment’s policy response has
been lacking, improving edu-
cation is not just its responsi-
bility. Teachers, parents and
the whole society have a role
to play. Untilthe intellectual is
given prominence over the
material, one feels the
Bahamas will continue to
struggle on education.

Inertia, standstill, stuck in
the status quo. These are just
some of the verbs and adjec-
tives that can be used to
describe the Bahamas and its
economy over the past decade.
This country cannot afford to
stay in the same place, for
eventually it will find itself run-
ning backwards as others over-
take it. It will take bold kead-
ership and creative ideas to
unlock the full potential of the
Bahamas and Bahamians, for
the gap between what is and
what could - and should - be is
growing by the day.



UAL utah Ze)

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Cie ee |
PAGE 12B, FRIDAY, JANUARY 28, 2011 THE TRIBUNE

BUSINESSREVIEW

















| / \ N Cy \ | ey | cE V | iE WW I By ALISON LOWE - Business Reporter - alowe@tribunemedia.net

OIL PRICE CLOUD

* Oilprices, which trended upwards
for much of 2010, were recognised by
key business, government and eco-
nomic figures in early January as tep-
resenting a considerable threat to a
Bahamian economic recovery this
year. Further predicted price rises
could offset gains in growth through
impacting the price of goods, power
and transport.

Prime Minister Hubert Ingraham
called oil price increases a possible
“cloud on the horizon” for the
Bahamian economy on January 14,
while former minister of state for
finance, James Smith, described them
as the “800 pound gorilla in the
room”. On January 5, Chamber of
Commerce president, Khaalis Rolle,
warned businesses to “prepare for the
inevitable.”



TOUTING TOURISM

+ The Prime Minister and the Min-
ister of Tourism defended the
Bahamas’ economic model against
calls from some quarters for more
“diversification” towards less reliance
on tourism as the economy's main
engine.

Speaking at the Bahamas Business
Outlook 2011 on January 13, Hubert
Ingraham said the “resilient” indus-
try has served the country well and,
rather than trying to diminish our eco-
nomic reliance upon it, efforts should
be made to “diversify” the sector itself.

Mr Ingraham said opportunities to
grow returns to Bahamians from
tourism are “staring us right in the
face”, mentioning fine dining, craft
work and entertainment services as
areas which feed into the tourism
industry, and in which Bahamian par-
ticipation could be expanded.
FREEPORT FLAP

+ Freeport business interests
became increasingly irate over a num-
ber of government impositions on
commercial operations, which were
variously labelled “illegal”, “unac-
ceptable” and “unfair”, and blamed
for a further depression of the post-
Christmas business environment in
the economically challenged second
city,

The two main issues involved the
demand from Customs that the 3,500
licensees submit to it on a monthly
basis reports on all goods they have
sold bonded, or duty-free, to other
licensees for use in the latter's busi-
ness, and the requirement that busi-
nesses provide letters of good standing
from the National Insurance Board
before having their ‘over-the-counter’
bond letters renewed.

“Absolutely not acceptable and not
fair” were the words used by K.P.
Tumguest, Grand Bahama Chamber
of Commerce president, to describe





Legal Notice

NOTICE



the tying-in of the NIB good standing
letter with the bonded letter. “Regu-
latory strangulation” at the worst time
possible for Freeport was Callender’s
and Co attorney, Fred Smith QC’s,
assessment of the situation, which he
said had no basis in law.

Without bonded letters businesses
are unable to purchase goods duty-
free from other GBPA licensees for
use in their own businesses, thus fore-
ing them to pay duty - something that
increases their costs and erodes prof-
itability.

GBPA president, Ian Rolle,
“implored” the Prime Minister to
review the situation, suggesting the
Customs chief may have “over-
reached” his authority. Customs
Comptroller, Glenn Gomez defended
the requests, saying the Department
was merely trying to keep track of
what transactions were taking place to
ensure legitimate revenue does not
slip through the cracks.

BAHAMASAIR
IN CARIBBEAN





GEORGE
MARKANTONIS



ZHIVARGO LAING





KP TURNQUEST

INTERMATIONAL BUSINESS COMPAMIES ACT

(No. 45 of 2000)

WINQUE ST INVESTMENTS LInlITED

In Volurrteuy hcuickition:



Motiee is hereby given that in aceortiance with
Section 157 (4) of the Intemational Business
Companes Act (Mo. 45 of 2000), WINQUEST
WVESTHENTS URIMED has been cissolver! and
stiude of the Register ascanling to the Certificate
of Dissduticn issuer! by the Registrar General on
the 26th clay of Decernber, 2010.

simon islets
oO P.O. Bou 76, Pests Cente
St. Heller, Jersey
JEPSPG
Lgquictatar

Legal Notice

NOTICE

Pursuant to the provisions of Section 138
(8) of the International Business Com-
panies Act, 2000 notice is hereby given
that Hunters Moon Limited has been
dissolved and struck off the Register of
Companies as of the 19th day of Novent
ber 2010.

Mr. Mark E. Mimmings
Liquidator



CONGLOMERATE?

+ A Caribbean airline company
announced its interest in forming a
potential conglomerate with Bahama-
sair and Antigua-based Liat airlines,
in. amoye which Air Jamaica’s chief of
sales, Will Rogers, said would lead to
more “economical” regional travel.
His January 18 comments came after
all but 16 per cent of the Jamaican
government’s stake in Air Jamaica
was sold to Trinidadian Caribbean
Airlines,

The chief of sales for Air Jamaica,
which will continue to be operated
by Caribbean Airlines as a separate
brand, said he expected talks to com-
mence in the next “three to four
months” between the company and
Bahamasair. No word yet from
Bahamasair executives on the pro-
posal.

HIGH STAKES FOR
CASINO INDUSTRY

+ Atlantis president and managing
director, George Markantonis, sound-
ed a warning for Bahamian tourism
when he called plans announced by
the Jamaican government to issue
three casino licenses this year, and
consider others, a “big problem” for
the Bahamas.

He wamed that the Bahamas is
constantly “losing ground” in the casi-
no industry, and urged the Govern-
ment to hurry ahead with its deliber-



JAMES SMTTH



PM HUBERT INGRAHAM.



Legal Notice

NOTICE

IMTERNATIONAL BUSIMESS COMPAMIES ACT
(No.4 of 2000)
TRIANDRA LIMITED

In Wolurdeuiy Nequickvtion,

Notice is hereby giver that in accordance with
Section 137 (4) of the Intemational Business
Companies Act (Me. 45 of 2000), TRIANDRA
LIKITED has been clissolved! ancl studs: off the
Register acoarling to the Certificate of Dissolution
‘Bauer by the Registrar General on the 24th clay of
Decernber, 2010.

Toblas Relnimann
18 Fue le Corbuster
1208 Geneva
SUATZe" ACL
Lig} uitcl ator

ations over proposals to reform this
nation’s gaming regulations and



PORT PROPOSAL

+ A multi-million dollar offer was
reportedly made to the Haywards/St
Georges by Middle Eastern investors
keen on purchasing the Grand
Bahama Port Authority, reliable Tri-
bune Business sources said on January
21, Sources suggested the bidder may
be Dubai Ports World, an entity seek-
ing to construct a rival port in Mariel,
Cuba, and whose earlier bids to
acquire a number of US ports - includ-
ing the Port of Miami - were quashed
on US national security grounds.

‘The Haywards and St Georges were
said to be considering the offer, which

hat |



TAX HAPPY

+ On January 25, the Government
confirmed it would receive a much-
needed $63 million tax windfall from
the December purchase of First
Reserve Corporation’s stake in the
Grand Bahama-based BORCO oil
storage and transshipment facility by
New York Stock Exchange-listed,
Buckeye Partners.

The funds, described as “good
news” by minister of state for finance,
Zhivargo Laing, are a much needed
boost to its troublesome 2011/2012
revenue and debt position.

Legal Notice

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.5 of 2000!
TAVI LIMITE

In Yolunteuy Niquicetion

Motice is hereby ghen that in accorlanee with
Section 157 (4) of the Intemational Business

Companies Act (Mo. 45 of 2000), TAYI LIKITED
has been clasolverl anc struck off the Register
according to the Certificate of Desdutien issued!
by the Register Genel on the 24th day of
December, 20710.

Tobias Relnimai
18 Fue le Corpus! er
1208 Geneva
Syutzerl ancl
Uequicl ator



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NEW CORONER

c ale , ] ,

SETTLES LAWSUIT
QUT OF COURT
NEWLY-appointed Coro-
: ner Linda Virgill avoided a
i court appearance yesterday
: by settling a lawsuit out of
i court, her attorney said.
Mrs Virgill was reported-

ly being sued by local attor-
ney Cecil Hilton for a $2,000
loan she received from him
two years ago. She was
expected to appear ina

i Magistrate’s Court yester-
i day.

i However, she did not
? appear in court. Her attor-
? ney, Davard Francis, who
i appeared on her behalf, told
: SEE page nine

AG SUPPORTS
Seasoned politician FUTON nico.
‘has already made 70 THE BAHAMAS
his contribution’

SUPREME COURT

ATTORNEY General
Tribune Staff Reporter

tthompson@tribunemedia.net

A LONG-SERVING Free
National Movement Member
of Parliament has told party
insiders he will not offer him-
self for re-election next year,
The Tribune has learned.

While tight-lipped on the
identity of the person, they
say the seasoned politician
feels it is time to step aside.

Frank Watson, former
deputy Prime Minister in the
previous Ingraham adminis-
tration, told The Tribune that
one veteran politician had
revealed his intent not to pur-
sue re-election, noting the
person feels he has already
"made their contribution” to
frontline politics.

Yesterday, FNM Chairman
Carl Bethel said it is

inevitable some long-serving
party members will make way
for new blood in 2012.

"Not everybody who ran
the last time will want to run
this time, and not necessarily
everybody who is in Parlia-
ment will want to contest
again,” said Mr Bethel.

It has been rumoured that
North Eluethera MP Alvin
Smith was set to retire, how-
ever yesterday he refuted this
suggestion saying he
"expects" to contest his seat
in 2012.

Although the FNM has not
officially selected candidates
for the next general election,
Mr Bethel said the absence
of early contenders does not
mean the party is not strate-
gising for the return to the
polls.

SEE page nine



Senator John Delaney yes-
terday supported the appoint-
ment of Jamaican judge Roy
Jones to serve on the
Bahamas’ Supreme Court
Bench.

Although Mr Jones’
appointment was already con-
firmed by Chief Justice Sir
Michael Barnett earlier this
year, some concern over his
appointment has been
expressed in a section of the
press.

Answering this criticism,

SEE page nine

DIRECTOR OF PUBLIC
PROSECUTIONS IS
CALLED 10 THE
BAHAMAS BAR

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

THE Director of Public
Prosecutions Vinette Gra-
ham-Allen was called to the
Bahamas Bar late last night,
drawing to an end a protract-
ed process that has taken
nearly five months to com-
plete.

On the steps of the Chief

WASHED ASHORE: A ship
marooned off Blackbeard’s
Cay has strewn the coast of
the island with clothes, shoes
and supplies. Port officials are
baffled over the ship’s origins.

Justice’s office last night,
Attorney General Senator
John Delaney said he was
very pleased to inform the
public that Mrs Graham-
Allen’s application had final-
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NASSAU AND BAHAMATISVANDS” LEADING NEWSPAPER
PAGE 2, FRIDAY, JANUARY 28, 2011

THE TRIBUNE
































LOCAL NEWS

STRANDED: Witnesses say the Capt Victor crashed just before Christ-
mas. The shore has become littered with items from the ship.

Felipé Major/Tribune staff

393-2

Vilage Rd

Environmental CONCERN

By CELESTE NIXON
Tribune Staff Reporter
cnixon@tribunemedia. net

$ Over marooned ship

PORT officials are baffled
over the origins of a ship
marooned just off Blackbeard’s
Cay — which has left the
island’s coast strewn with
clothes, shoes and other sup-
plies.

As environmental concerns
mount amid claims the vessel
is leaking oil, Port Controller
Commander Patrick McNeil,
who was on leave when the
boat ran aground, said an inves-
tigation is underway to find the
ship’s owners and form a plan
to dislodge it from the reef.

Meanwhile, when questioned
about the large vessel strand-
ed just off their workplace,
Blackbeard’s Cay employees
claim they are unaware it even
exists — despite the shore being
littered with goods from the
ship.

Witnesses say the ‘Capt Vic-



tor’ has been stranded for more
than a month, crashing just
before to Christmas.

It has been rumored that the
boat may have been on route to
Haiti carrying relief supplies
when it was marooned, and
angry callers claimed to have
witnessed small Bahamian
boats looting the goods.

However, Commander
McNeil emphasised that it is
too early to say anything for
certain.

“The boat will not be there
any longer than it needs to be;
we do not want it destroying
the reef,” he added.

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THE TRIBUNE

FRIDAY, JANUARY 28, 2011, PAGE 3



LOCAL NEWS



GOVT ‘LAYING
FOUNDATION’
FOR JUSTICE
SYSTEM
IMPROVEMENTS

By TANEKA
THOMPSON

Tribune Staff Reporter
tthompson@
tribunemedia.net

THE government is lay-
ing the foundation for con-
crete improvements in the
justice system that will be
seen by the next general
election, said Free National
Movement Chairman Carl
Bethel.

He noted the ongoing
repairs and restoration to
the Hansard and Ansbach-
er buildings, the procure-
ment of an additional
Supreme Court judge and
the near completion of the
Magistrates Court complex

on South Street as evidence

the government is serious

about addressing the break-

down of justice that allows
those accused of serious
offenses not to undergo tri-
al within a reasonable time
frame.

“All of these things are
being put in place and will
be visibly there by the time

of the election and we hope

will give a level of comfort
to the Bahamian people

that the structural causes of

the apparent breakdown in
the system of justice have
been addressed and we are
now back on the right track
and the wheels of justice
will be turning smoothly,"
he said during an interview
with The Tribune.

When asked if worries
over rising crime would
hurt the FNM in the next
election, Mr Bethel said:
"Crime is always a very
important social and eco-
nomic issue and will factor
in the elections. Most
Bahamians are entirely

frustrated with the situation

so far as it relates to violent
crime. The government is
able to point to the
advancements being made
to improve the administra-
tion of justice, the comple-
tion of the Magistrate's
Court complex on Nassau
Street that we started in
2001 and the PLP couldn't
complete in five years. It’s

now moving towards its fin-

ish under the FNM. We
think that will assist in the
administration of justice".

As for the backlog of
criminal cases before the
courts, the former attorney
general surmised that it
could take as little as two
years to bring them to a
close, once the court
repairs are finished.

"We think it will be a
question of years, not
decades, perhaps as short
as a year, a year and a half,
two years. I doubt, having
regard of the pace of
repairs, that's going to be
something that we can say
we made measurable
progress on by the election,
but the point is we are lay-
ing the foundation for it,”
said Mr Bethel.

The Ansbacher building
in Bank Lane was pur-



- Anna Nicole’s ‘flamboyant’
life to feature in new opera

THE escapades of Ameri-
can model and reality TV
star Anna Nicole Smith are
the subject of a new opera
set to open next month at
the Royal Opera House in
London.

The opera will focus on
Anna Nicole’s "flamboyant
and fatally flawed life,"
according to the producers.

They are keeping tight-
lipped about the details of
the production — refusing to
be drawn on how promi-
nently the Bahamas will fea-
ture and whether locals who
were close to her, such as
former Immigration Minis-
ter Shane Gibson, will
appear as characters.

Outrageous

In a_ press release
announcing the opera, the
producers said: “It’s colour-
ful and dark. It’s nefarious
and hilarious. It’s outrageous
and courageous. It’s also a
bit blue. But it’s true. It’s the
opera Anna Nicole and it’s
one of the hottest tickets on
the 2011 arts calendar.”

They said the opera was
created by “two of the



MODEL AND REALITY TV STAR:
Anna Nicole Smith made the
news during her stay in the
Bahamas.

brightest talents in modern
opera,” acclaimed compos-
er Mark-Anthony Turnage
and controversial librettist
Richard Thomas, the co-
writer of Jerry Springer: The
Opera.

Anna Nicole Smith died
aged 39 from a drugs over-
dose in 2007. She gained
notoriety when she married
an 89-year-old Texan oil bil-

Attomeys hit
out at Ingraham

lionaire she met while lap-
dancing, taking her fight to
secure his fortune all the way
to the US Supreme following
his death.

The producers said:
“Smith’s notorious rise and
undignified descent was
devoured by the global
media and serves as an
uncomfortable morality tale
for the modern day obses-
sion with fame and all its

Worker’s Party seeks coalition with
the Bahamas Democratic Movement

By CELESTE NIXON
Tribune Staff Reporter
cnixon@tribunemedia.net

THE WORKERS’ Party
hopes to persuade Bahamas
Democratic Movement
leader Cassius Stuart to join
in a “third way” coalition
that aims to challenge the
leading political parties in
the next general election.

Rodney Moncur, leader
of the Workers’ Party, told
The Tribune yesterday that
his organisation and the
National Development Par-
ty (NDP) have engaged in
aseries of talks with Mr Stu-
art in hopes of bringing the
BDM into their national
alliance.

“Cassius Stuart is an out-
standing person and has a
true love of the Bahamas — I
believe that Cassius and
Renward Wells would make
excellent prime ministers,”

We
aes

FOR PEST PROBLEMS
PHONE: 322-2157

said Mr Moncur.

The Workers’ Party and
the NDP signed a Memo-
randum of Understanding
in early November of last
year, forming a national
alliance between the two
parties.

According to Mr Moncur,
following the Elizabeth by-
election last year, there was
a call by the Bahamian peo-
ple for the smaller parties to
join together to form a real
challenge to the two domi-
nant parties.

“IT am convinced that
thousands of Bahamians
want to get rid of the FNM
government but are waiting
for the smaller parties to
come together,” said Mr
Moncur.






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The national alliance has
already been deployed in an
effort to tackle the impor-
tant issue of crime, but also
needs to prepare for the
fast-approaching general
elections, said Mr Moncur.

“The Workers’ Party is
pushing the NDP to consol-
idate and execute the
MOU,” he said.

Mr Moncur added that he
has been in discussions with
Ali McIntosh from the
Bahamas Constitution Party
with a view to bringing that
party into the coalition as
well.

He said: “Each political
party would be a part of the
umbrella group that will
take us into the next elec-
tions.”

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trappings.

“Audiences at the Royal
Opera House will be taken
on a rambunctious romp
through Smith’s ultimately
tragic tale in one of the most
startling new operas ever to
grace the main stage at
Covent Garden.

Dutch soprano Eva-Maria
Westbroek plays Anna
Nicole and leading director
Richard Jones stages the
production with music direc-
tor of the Royal Opera,
Antonio Pappano conduct-
ing.

Elaine Padmore, director
of opera, said: “When Mark-
Anthony and Richard pre-
sented the idea of an opera
about Anna Nicole Smith
the sparks started to fly
because we could all see that
her life was not only a sen-
sational story, it also reads
like a modern day parable
about the culture of celebri-
ty.

“There have been many

such tragic heroines in clas-
sical opera, so why shouldn’t
there be one that is a con-
temporary real person like
Anna Nicole?”

Richard Thomas is no
stranger to theatrical con-
troversy and is certain that
Anna Nicole will cause a stir.
He said:

“T won’t be surprised if
Anna Nicole divides people,
but that is part of the excite-
ment of creating something
new.

“Certainly, I don’t think
the main stage of the Opera
House has seen something
quite like this before.

“Anna Nicole’s life was
about her raping the Ameri-
can dream. She wanted more
of everything — more success,
more money, more expo-
sure. She did everything
right to make the dream
come true, but look at the
consequences.

Nightmare

“It became a nightmare
and, in a wider context, her
story reflects so much about
the values people hold in
America today.

“Some critics might be a
bit sniffy and say, “Why on
earth does a tabloid creation
like Anna Nicole Smith
deserve an opera?’ If we
called it Countess de Anna
Nicole and set it in the 19th
century, then it wouldn’t
even be questioned, but it is
clear that Anna Nicole’s life
is incredibly operatic. She
was a woman trapped in cir-
cumstances of her own mak-
ing and it has all the ele-
ments of a great story: mon-
ey, sex, legal feuds, fame,
tragedy.”

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quarter of 2011 with esti-
mated renovations costing
upwards of $6 million.

The building will be a
state-of-art facility housing
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PAGE 4, FRIDAY, JANUARY 28, 2011

EDITORIAL/LETTERS TO THE EDITOR

THE TRIBUNE





The Tribune Limited

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

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

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

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

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

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

TELEPHONES
Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager - (242) 502-2352
Circulation Department - (242) 502-2387
Nassau Fax: - (242) 328-2398
Freeport, Grand Bahama: 1-(242)-352-6608
Freeport fax: (242) 352-9348

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

New findings on the origin of humans

WASHINGTON — Modern humans
may have left Africa thousands of years
earlier than previously thought, turning
right and heading across the Red Sea into
Arabia rather than following the Nile to a
northern exit, an international team of
researchers says.

Stone tools discovered in the United
Arab Emirates indicate the presence of
modern humans between 100,000 and
125,000 years ago, the researchers report
in Friday's edition of the journal Science.

While science has generally accepted an
African origin for humans, anthropolo-
gists have long sought to understand the
route taken as these populations spread
into Asia, the Far East and Europe.

Previously, most evidence has suggest-
ed humans spread along the Nile River
valley and into the Middle East about
60,000 years ago.

"There are not many exits from Africa.
You can either exit" through Sinai north
of the Red Sea or across the straits at the
south end of the Red Sea, explained Hans-
Peter Uerpmann of the Centre for Scien-
tific Archaeology of Eberhard-Karls Uni-
versity in Tuebingen, Germany.

"Our findings open a second way
which, in my opinion, is more plausible
for a massive movement than the northern
route,” he said in a telephone briefing.

Because of the different climate at the
time, Arabia was moister and would have
been a grassland with plenty of animals for
prey, he added.

And the lower sea levels at that time
meant that the narrow point at the south-
ern end of the Red Sea would have sepa-
rated Africa and Arabia by between one-
half and 2 1/2 miles, said Adrian G. Park-
er of Oxford Brookes University in Eng-
land.

That should not have been a difficult
crossing for people used to dealing with
east African lakes and rivers where they
used rafts or boats, Uerpmann said.

The techniques used to make the hand
axes, scrapers and other tools found at

Jebel Faya in Sharjah Emirate suggest
they were produced by people coming
from somewhere else, said Anthony E.
Marks of Southern Methodist Universi-
ty, adding that there are similar tools made
about that time in East Africa.

"If these tools were not made by mod-
ern man, who might have made them?"
Marks asked.

"Could Neanderthals have made
them?"

Neanderthals were mainly in Europe
and migrated into Russia but "there is no
evidence for any Neanderthals south of
that” zone at that time, he said.

"To suggest one group of Neanderthals
took a turn south and went several thou-
sand kilometers ... seems to me a very dif-
ficult explanation and one that doesn't
follow any reasonable logic."

The tools were dated using optically
stimulated luminescence, which is able to
date the sand grains on top of the tools
and determine when they were last
exposed to light, explained Simon J.
Armitage of the University of London.

The discovery "points convincingly to
an early dispersal of (anatomically modern
humans) along a southern route, from
eastern Africa into South Arabia," said
G. Philip Rightmire of Harvard Universi-
ty, who was not part of the research team.

Rightmire said "it is reasonable to
hypothesize that Arabia represents a sep-
arate centre for population expansion, in
addition to the northern Levantine corri-
dor.

This hypothesis remains to be tested,
as new evidence is compiled.”

The research was supported by the gov-
ernment of Sharjah, Heidelberg Academy
of Sciences, Humboldt Foundation,
Oxford Brookes University and the Ger-
man Science Foundation.

(This article was written by Randolph E:.
Schmid, AP Science Writer).



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A failure to
appreciate
natural beauty
of Bay Street

LETTERS

EDITOR, The Tribune.

Downtown Art as a part of
the so-called “Love My
Bahamas Downtown Art
Experience” clearly indicates
certain people in-charge have
zero appreciation of the beau-
ty of Downtown Olde Nas-
sau.

The photographs published
today by Tim Clarke on the
back page, Saturday, January
21, showing the mural on the
facia of the old Methodist
church next to Number One,
Bay Street and actually the
murals on the Ministry of
Tourism Building, Church
Street in the immediate
precincts of the historic Christ
Church Anglican Cathedral
makes me again wonder — do
those in charge have a true
appreciation of the natural
beauty and respect for the
natural beauty of Bay Street?

letters@tribunemedia.net



There is absolutely no pos-
sible way, I hope, that this
exhibition of these murals
were approved by the Special
Architectural Committee for
The City of Nassau, Town
Panning if they were, Prime
Minister, please ask for their
immediate resignations and
appoint some people with
architectural sense of what is
appropriate.

If this scale of ugliness is
approved and would seem to
be the accepted theme then
let’s stop now even thinking
about refurbishing, renovat-
ing Bay Street because we
cannot afford this waste of
scarce funds.

The once enforced strict

Constituents of Pinewood had

to be shocked by comments

EDITOR, The Tribune.

Did Minister of State, MP for Pinewood really mean what he



said in his contribution on the Amendments to the Business

License Act?

right for anyone to enter business?

business although right now around The Bahamas it would
seem there are more non-legitimate businesses who are the only

ones doing business!

Minister: Who gave any government the right to refuse a cit- to find that a large section of

izen of The Bahamas a Business Licence?
Minister: I only wish many years ago some attorney would

ness areas reserved for Bahamians — surely that breaches the

Constitution?

I laugh at the Real Estate people — they insisted on restrict-

ing only Bahamians and then every single Real Estate outfit is | Tubble next to the main dri-

? veway and walkway leading

associated with a foreign entity! They got to be stupid. Some
with four-five International Real Estate Agencies.

I am sure the constituents of Pinewood if they heard the }
? tered throughout the south-

MPs’ comment had to be shocked. No Minister, it is not by a
chance I can get a Business Licence it is surely guaranteed if I
complete the requirements the licence is mine.

J A KNOWLES
Nassau,
January 21, 2011.

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Regulations seem to have
been thrown down the drain
or no one caring any more.
Look at all the advertisements
billboards, shop shingles all
down Bay and on the Streets
within the City?

Surely it is time that the
Ministry of Tourism would
remove the sheets of plywood
which hide the ground floor
of their building on Church
Street — I believe it was under
Minister Wilchcombe the
building was acquired and it
has been in that state for over
four years right next to one
of our true treasures, Christ
Church Cathedral, but it
seems we don’t care. Surely
the Ministry should be giving
the example not the opposite
—shame on you, Mr Minister.

W THOMPSON
Nassau,
January 21, 2011.

_ Area surrounding

grave is ina
terrible condition

: EDITOR, The Tribune.

On the last weekend of

i February, a large group of

es : : oo, ? visitors will gather in Nassau
Minister: When are we trying to restrict a constitutional : fo 4 Damianos family
an ; ; : i reunion.

Minister: It is not having a “chance” as if government has }

some divine right to stop anyone entering any legitimate legal ern Cemetery graves of the

i Damianos brothers, who set-
i tled here around 1897.

They will visit the West-

I was pleasantly surprised

: the historic cemetery was

have challenged the PLP business policy which is continued ’til recently tidied.
today where one you impose the ridiculous 60-40 ownership and

illegally exclude foreign parties to a long list of exclusive busi- ; rounding my grandfather,

i Aristide’s grave, is in a terri-
: ble condition.

However, the area sur-

There is a large pile of

i to the southern boundary.

Debris and rubbish are scat-

? ern section, where Aristide’s
? grave is located, and there
i are open graves.

In light of the meticulous

: condition in which cemeter-
? ies in the United States and
? other developed countries

: are kept, I wonder what the
: visitors travelling here from
i the U.S. will think.

Each one is a potential

? repeat visitor who will

? return home and tell family
? and friends about their

i experience in Nassau.

While writing, I'd like to

; publicly thank Ms. Pamela

? Mullings and Mr. Larry

i Thompson at the Ministry of
? Works for helping me locate
? a number of old graves.

i Both were very kind and

i helpful, and are a credit to

i the Ministry.

ATHENA DAMIANOS
Nassau,
January 26, 2011.

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.


THE TRIBUNE

FRIDAY, JANUARY 28, 2011, PAGE 5



Bahamas signs prevention of tax

evasion agreement with Japan

THE Bahamas yesterday
signed an agreement with Japan
for the exchange of information
for the purpose of the preven-
tion of tax evasion.

The signing was described as
“epoch-making” by Japanese
diplomats.

The agreement marks the
23rd Tax Information Exchange
Agreement (TIEA) signed by
the Bahamas and the second
with a major Asian economy.

“(The) occasion is testament
to both our governments’
resolve to engage our interna-
tional partners in the fight
against fiscal irresponsibility and
illicit tax flows which still under-
mine the integrity of the global
financial system,” said non-res-
ident Ambassador of Japan to
the Bahamas Hiroshi Yam-
aguchi at the signing yesterday.

With this latest agreement,
the Bahamas now has TIEAs
with 17 Organisation of Eco-
nomic Co-operation and Devel-
opment (OECD) members and
nine members of the G-20 — the
group of 20 international
finance ministers and central
bank governors.

The Bahamas now far
exceeds the internationally
agreed requirement of 12
TIEAs —- a condition for any
country to be removed from the
OECD ‘grey list’ of countries
not yet compliant with the
organisation’s tax cooperation
rules.

The agreement also provides
for the allocation of rights of
taxation with respect to income
of individuals.

Speaking at the signing at the
Goodman’s Bay Corporate
Centre, Deputy Prime Minister
and Minister of Foreign Affairs
Brent Symonette said the TIEA



JAPAN’S AMBASSADOR to the Bahamas Hiroshi Yamaguchi holds the
signed agreement with Deputy Prime Minister Brent Symonette.

with Japan not only provides
for cooperation in tax matters to
the internationally accepted
standards, “but also for the allo-
cation to each party certain
exclusive taxing rights in respect
of income from sources in the
other contracting party which
is received by designated groups
of students, pensioners and gov-
ernment employees.”

Ambassador Yamaguchi said
the signing represented the cul-
mination of years of ongoing
negotiations and preparations
based on an initiative proposed
by Prime Minister Hubert
Ingraham.

Ambassador Yamaguchi said
the agreement was “indeed
epoch-making, because this is
the first agreement which
requires ratification procedures
at Japan’s national diet.”

“For my country, it has taken
the efforts of 11 past non-resi-

BULLET PROOF VEST AND HANDGUN FOUND

A CONCERNED citizen handed a bullet proof vest and a hand-
gun containing ammunition over to police on Wednesday.
It is reported that the items were found in bushes on Wellington

Street off Baillou Hill Road.

Police said they are grateful for the assistance and encourage all
Bahamians to play their part in making the Bahamas “a safer place

to live, work, visit and play”.



dent ambassadors to reach this
stage and I am therefore so
very honoured and privileged
to sign this historic agreement
on behalf of my country,” he
said.

Ambassador Yamaguchi said
Japan remains deeply commit-
ted to the various initiatives
being carried out by the G8,
G20 and the OECD in a series
of efforts to democratically pro-
mote the exchange of informa-
tion on economic matters
including financial and tax mat-
ters.

“T am extremely pleased that
the Bahamas has made signifi-
cant strides in becoming fully
compliant with international tax
standards,” he said.

Ambassador Yamaguchi
added that this signing also
marks almost 36 years of
Japan’s diplomatic relations
with the Bahamas.

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SIGNING: Japan’s Ambassador to the Bahamas Hiroshi Yamaguchi
speaks to the press yesterday at the signing of the Tax Information
Exchange Agreement (TIEA) between the two countries. Brent Symonette,
Deputy Prime Minister and Minister of Foreign Affairs, looks on.
Felipé Major/Tribune staff

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THE TRIBUNE

FRIDAY, JANUARY 28, 2011, PAGE 7



LOCAL NEWS



Bahamian students to
discuss plastic waste at
California conference

back,” said Treshae Clarke, a
grade eight student.

Upon their return from the
conference, the DCMS stu-
dents said they will seek to
reduce plastic waste by focus-
ing on eliminating plastic
Gatorade bottles from their

A Bahamian delegation of
four students from the Deep
Creek Middle School in
Eleuthera (DCMS) will trav-
el to California to attend the
Plastics Are Forever Inter-
national Youth Summit in
March.

The four students selected
are Jovanna Sands of Rock
Sound, Moesha Leary of
Waterford, Treshae Clarke
of Tarpum Bay and Anna
McCartney of Tarpum Bay.

The conference will be
held in Los Angeles with rep-
resentatives from 14 coun-
tries.

A total of 74 teams from
18 countries vied for spots at
the summit by submitting
action-oriented solutions to
reduce plastic waste in their
home communities.

The DCMS team was one
of 24 schools selected to
attend and will work with
filmmakers and television
stars to learn how to create
films on environmental issues
in their community.

“It will be great to learn
more about how plastics
affect our environment and
to see what we can do to
make it better when we come

school.

Ha Cre Ce
WPM BTU gE



THE Bahamas Electricity Corpora-
tion (BEC) has partnered with Bahamas
Technical and Vocational Institute
(BTVI) in the corporation’s techni-
cal/mechanical apprenticeship pro-
gramme. Recently a class of 13 all-male
apprentices from BEC participated in
an orientation session at BT'VI where
they learned “safety comes first.”

The apprenticeship programme, a
City and Guilds-approved programme,
recruits and inducts young adults (ages
18-25) into the Corporation.

The programme makes full use of the
City and Guilds curriculum comprising
both academic and practical compo-
nents, BEC said.

The theoretical part of the course is
taught at BEC and apprentices go to
BTVI for the practical.

For the next ten weeks — every Friday
— Alexander Darville, BT'VI’s Dean of
Construction and his team will teach the
young men various aspects of electricity
such as principles, applications and safe-
ty. The apprentices will also sit an assess-
ment exam at BTVI.

“We are very happy with our part-
nership with BEC,” said Mr Darville.

“T must commend our managing con-
sultant, Dr Iva Dahl, for this partner-
ship. We will explore electrical engi-
neering principles and, once successful,
the apprentices will receive certification
with the stamp of approval from City
and Guilds, BEC and BT VI.”

During the orientation, Mr Darville
showed videos on safety, helping the
apprentices to understand the serious
nature of electricity and how to avoid
accidents.

They were also told what BTVI
expects from them in terms of appear-
ance and attitude while on campus and
informed of the institute’s mission state-
ment, “To provide learning opportuni-
ties that enable individuals to be globally
competitive and economically indepen-
dent”.

BEC’s electrical trainer, Colin McFar-
lane, was on hand at the orientation and
said he was very happy with the level
of participation from the apprentices.
“T am very pleased with our appren-

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They are planning to ask
for reusable water bottles as
part of their school supplies
for next year; fine students
and teachers for bringing dis-
posable plastic bottles to
school, and offer Gatorade
made from powdered mixes
for sale in reusable glasses at




lunch.

The awareness and educa-
tion component of their plan
entails visiting other area
schools to discuss with other
students the impact of plastic
waste and the results of their

CONFERENCE BOUND: Jovanna Sands and Moesha Leary show off their reusable water bottles

campaign to reduce it.

“Tam very excited about
their efforts.

“Plastics waste has a huge
impact on our local environ-
ment and our island’s appear-
ance to tourists. We use too

ORIENTATION — Thirteen apprentices from BEC’s apprenticeship programme at orientation
for classes at BTVI. At far left is Dean of Construction Alexander Darville. At far right is elec-
trical trainer Colin McFarlane. Second from last at far right is Colin Johnson, lecturer at BTVI;
to Mr. Johnson’s right is Lester Thurston, also lecturer at BTVI.

tices and happy to see that they have
arrived at the practical level,” said Mr
McFarlane. “We teach the academic
portion at BEC and then turn them over
to BTVI for the practical. It’s a great
partnership. The apprentices are at
BTVI every Friday for the next ten
weeks and Monday to Thursday they

r Valent
xtre

will be at our Clifton Pier and Big Pond
Plants where they will receive mechan-
ical training.”

In about a year, after completing this
course, the apprentices will be eligible to
sit a trades test and, if successful, they
will be promoted to the rank of crafts-
man.

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much plastic without think-
ing and it ends up polluting
our roadsides and beaches,
releasing toxic chemicals in
dumps when burned, and
destroying our marine eco-
system,” said Joanna Paul,
principal at DCMS.

“Pm proud of the students
for taking steps to change
purchasing and consumption
habits that contribute to plas-
tics waste here in Eleuthera.”

The DCMS is an indepen-
dent school for Bahamian
students in grades seven
through nine.

It is the only private mid-
dle school in the Bahamas.

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Funeral Notice

Robert Paul Charles Bower

Robert Paul Charles Bower was born in Kent, England, on 2nd
November 1924, the son of Commander Robert Tatton Bower, RN
MP and Hon Henrietta Bower, Nee Strickland. Paul, as he was
known, was the only son in a family of eight children.

Paul is survived by his wife Ericka, sons Bobby Bower and
Nigel Bower, daughter Victoria Blackman-Aumonier, son-in-law
Alcy Aumonier, daughters-in-law Kay Bower and Lora Bower,
grandsons Dominic Bower, Axiom Blackman and Nicholas Bower,
granddaughters Daniella Bower, Aimee Blackman and
Morgan Bower, sisters Anne Doyne-Ditmus, Margaret Kelly,
Marianna Viscountess Monckton of Brenchley, Elizabeth
Wainwright, Veronica Slocock, Mary Cox, Monica de Salis,
brothers-in-law Jan Cox, Bernard de Salis and Michael
Wainwright; many nephews and nieces and faithful friends here
and abroad.

A funeral service will be held on the 31st January 2011, 4:00PM
at the Sacred Heart Roman Catholic Church.



PAGE 8, FRIDAY, JANUARY 28, 2011

THE TRIBUNE



LOCAL NEWS





THE TRIO CON BRIO concert at the Church of Ascension on January 22 presented by the Grand Bahama

Performing Arts Society. The GBPAS will next present.

Photo courtesy of the GBPAS

Trio con Brio performs
for a sold-out audience

THE special ‘Trio con Brio’ concert pre-
sented by the Grand Bahama Performing Arts
Society (GBPAS) at the Church of Ascension
last weekend was deemed a success by organ-
isers.

According to the organisers, over 180 peo-
ple, including 45 students, enjoyed the con-
cert with the sounds of Christy Lee (piano),
Christine Gangelhoff (flute), both from Nas-
sau, and Ken Law (cello) from South Carolina.

Trio con Brio performed piano and cello
duets, as well as trios with flute and violin fea-
turing local musician to Afrika Karamo-Miller.

Concert

Dalia Feldman, president of the GBPAS
said this about the concert: “We were so
thrilled with the audience turn-out on Satur-
day, and equally thrilled to see how much the
audience thoroughly enjoyed themselves,
young and old alike. Every piece was won-
derful, one after the other. My personal
favourite was the piano, flute and cello trio,
and I'm sure it was an audience favourite too
because I heard some ‘bravo’s’ among the
crowd after that particular number. The musi-
cians received a house-wide standing ovation
in the end.”

Barbara Chester, a GBPAS member, shared

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an exceptional pianist and Saturday night's
playing was beautiful.

“And Kenneth Law, this charming, sensi-
tive gentleman caressed his cello with an
exquisite tenderness producing the most per-
fectly loving musical vibrations; his playing is
truly ‘an affair of the heart’. The entire concert
was magical. So very special that I was not
surprised that on my way out the Church of the
Ascension to hear the remark, ‘we could have
been at Carnegie Hall.”

The next day (Sunday) all three visiting
musicians gave a triple master class at the
Church of the Ascension.

Over 20 violin, cello, woodwind and piano
students had the opportunity to perform and
work with the three musical experts.

“Our master class gave students the oppor-
tunity to work with Drs Lee, Law and Gan-
gelhoff, and fine tune their musical skills and
performance. It's events like this that validate
what we do and drive us to want to continue to
bring these wonderful programs to our local
audiences and help local performing arts stu-
dents in any way that we can,” said Ms Feld-
man.

Next on the GBPAS calendar is the third
annual Comedy Club Show scheduled for
March 12.

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THE TRIBUNE

FRIDAY, JANUARY 28, 2011, PAGE 9



LOCAL NEWS

NEW CORONER

SETTLES LAWSUIT

OUT OF COURT

FROM page one |

Magistrate Derrence
Rolle-Davis she had
agreed to settle the mat-
ter out of court and
asked the Magistrate not
to allow the affidavit of
service be served.

Outside of court, Mr
Francis said a settle-
ment of $3,000 was
reached and paid yes-
terday in pennies.

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

Bar Association Pres-
ident Ruth Bowe-
Darville had accused
Coroner Virgill of
"unprofessional con-
duct", stating it is inap-
propriate for someone
on the bench to borrow
money from a member
of the Bar who may
have to appear before
them.

Director of Public Prosecutions

is called to the Bahamas Bar

FROM page one

Bahamas Bar Council.

The significance of having
Mrs Graham-Allen called to
the Bar is that now there is
no impediment to her exer-
cising the full range of her
responsibilities as Director
of Public Prosecutions.

Senator Delaney further
explained that Mrs Graham-
Allen now has a right of
audience before the courts
of the Bahamas, which will
allow her to personally han-
dle some of the more com-
plex cases that will come
before her office.

“So while she was Direc-
tor of Public Prosecutions
and executing her adminis-
trative functions within the
officer of the Attorney Gen-
eral, the one element that
was not there was her
appearing in court in the
more complex cases that
someone of her seniority or
expertise might choose to
appear in court to conduct
directly.

AG SUPPORTS APPOINTMENT
OF JAMAICAN JUDGE TO THE
BAHAMAS SUPREME COURT

FROM page one

Senator Delaney said that he had every confidence that the
Judicial and Legal Services Commission of the Bahamas would
have pursued all relevant lines of inquiry before making their
decision.

“T can also say to you that Iam aware that he has an impec-
cable reputation as a judge of the high court of Jamaica and as
a Justice of Appeal acting, which he presently is in Jamaica,” he

SO
Si

0°? @,

i

“So one will expect for
example that the more com-
plicated cases, or maybe the
appellate cases that would
go to the Court of Appeal
or the Privy Council that she
may elect to be the lead
council herself,” he said.

Earlier this week, the
office of the Attorney Gen-
eral had threatened to have
a court compel the Bar
Council to make a decision
one way or the other on Mrs
Graham-Allen’s application.

The Director of Legal
Affairs, Deborah Fraser, it
is reported, said the office
of the Attorney General
intended to commence legal
action by the close of busi-
ness on Wednesday 26, 2011.

Addressing this contro-
versy yesterday, Senator
Delaney said it appears the
long delay in Mrs Graham-
Allen approval was just a
part of the Bar Council
going through its own
“processes.”

“From the prospective of
the office of the Attorney



SUPPORT: Attorney General
John Delaney

OE

General, it is very important
that we make a full frontal
thrust on the prosecution of
cases, and we were limited
in our ability to do that if
our chief prosecutor was
unable to go into court her-
self,” he said.

This time last year, there
were only two criminal trial
courts functioning in New
Providence.

However, the Chief Jus-
tice, Sir Michael Barnett was
able to add another trial
court in February of last
year. With a fourth slated to
be opened sometime next
month, Senator Delaney said
now is the time for “all
hands” to be on deck.

“And so, it became very
urgent for the office of the
Attorney General to ensure
that our lead prosecutor, our
most senior prosecutor, our
Director of Public Prosecu-

tion had the ability to appear
for the more complex mat-
ters, and particularly for the
appellate matters,” he said.

Last night Fred Mitchell,
the Opposition’s spokesman
on the Public Service, said
it was “sad” and “disgrace-
ful” that one day after a
threat by the Office of the
Attorney General Mrs Gra-
ham-Allen was called to the
Bar.

“This decision saddens me
because Bahamians are
looking all around for one
situation somewhere in their
country someone will stand
up for them. They look
around and they cannot find
one public institution that
will stand up for them. That
is the larger import of the
decision by the Bar Coun-
cil,” he said.

“T compared our country’s
Situation yesterday to a

scene fit for a Gilbert and
Sullivan comic opera. I am
now more convinced than
ever. Not one month has
gone by since the lawyers all
bewigged and enrobed stood
up to laud the rule of law,
the independence of the
Judiciary. It shows that talk
in this country is cheap
because when it came time
to demonstrate that inde-
pendence, the Bar Council
failed the test.

“Institutions operate with-
in a wider framework. The
Council is not a mere cipher
which pushes paper. It is a
deliberative body and should
act in the wider public inter-
est. It is my view that the
wider public interest is not
served by this decision. I am
in discussions about the pos-
sibility of judicial review of
this decision by the Coun-
cil.”

Veteran FNM to step down

FROM page one

He added that the party machinery is
being careful not to whip the country into a
premature election frenzy while the FNM is
still focusing on national issues.

"The government is not yet at the point
where it would be judicious or prudent to
signal to the population that we are about
to go into an election mode. There is still so
much to do," said Mr Bethel.

"We are on the verge now of the realisa-
tion of so much that was promised in the
Speech from the Throne, that was promised
in successive budgets after the 2007 election
— people are now beginning to see and feel
(what the FNM is doing).

"A government has to be prudent as to
when it signals that it is going back to the
people because once you signal that, it
becomes very difficult to govern. With that

in mind, the government has to be judi-
cious in how it goes about its business in
terms of candidates but I don't want any-
body to feel that the government isn't, and
the party at its highest level, isn't looking at
these issues.

"Of course we are, we are looking at our
slate of candidates and we are making some
judgments.

“The higher levels of the leadership are in
constant discussions, informally, looking at
where we are.

“We would be a foolish political organi-
sation if we were to take what happened
in 2007 as a guarantee going forward so the
process of self-criticism, reflection, and
thought is ongoing. It's been going on from
day one — of course it now is more for-
malised and a little more intense at those
levels but certainly the party is critically
looking at its line-up and there's a natural
order in the universe.

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THE TRIBUNE

usine

FRIDAY, JANUARY 28, 2011

SECTION B ¢ business@tribunemedia.net

$250,000 Teen Centre Freeport firms suffer
expansion at Mario’s 30-60% sales declines

* Top attorney warns that central government



FAMILY GUARDIAN

INSURANCE COMPANY LIMITED
















MH March opening planned for facility targeted at Bahamians af | pressure has resulted in * rule of law and
8 Bowl eadhadioirmiliace aa bie governance under Hawksbill Creek

) Bow. ng centre on the right path now , wit business "FP Agreement collapsing
pick-up at Christmas )) * Says Ingraham administration ‘denying

Hi Hosted 500 parties during first year in existence existence of Port Authority regulatory
By ALISON LOWE of a 3,500 square foot “teen club”. power

Business Reporter Leslie Miller, proprietor of the bowl- * Adds that situation ‘could easily kill’
alowe@tribunemedia.net ing and entertainment centre off

Tonique Williams-Darling Highway, yes- Freeport
Mario’s Bowling and Entertainment _ terday said he expects the new club - FRED SMITH

Palace is set to launch a $250,000 expan- : a :

sion to its recreation offerings for “core SEE page 4B By NEIL HARTNELL in danger of “throwing the baby out

customers” in March, with the opening Tribune Business Editor with the bath water” and “could eas-

aoindau sa asta ndanvsdvessn usbatoucsecabhosapscntaughsiebsttnandusesseaneetasbsnsedshsbar usu cuatsava edsitaasadsaush tnceabeavosssastannsenatan vagal sadbas ucsuisasi’assancoi seater sanssa aastaustsitvaibiasansstsas tate ily kill” commerce in Freeport.

9 With major Freeport businesses Reiterating that he understood the
Marc 1 far ef Or ( VW ( S BIC {a eover and wholesalers having suffered need for the Government to max-
year-over-year top-line sales reduc- _imise legitimate tax revenues from

tions of between 30-60 per cent for Freeport, especially given the heavy



By NEIL HARTNELL * ‘ sg ¢ ’ January, a leading attorney told Tri- strain its fiscal position was under,
Tribune Business Editor Both sides working 24 hours a day to comp lete deal bune Business that central govern- Mr Smith said the Ingraham admin-
* ‘Rigid procedures’ of Cabinet, Parliament and URCA make ment pressure meant that “the rule istration appeared to “be denying

The Government is targeting sa . . of law and governance under the _ the existence of the Hawksbill Creek
March 1 as the official date when target date ambitious, but all working for it Hawksbill Creek Agreement has Agreement and the regulatory pow-

Cable & Wireless Communications * iati : : i i indicati nearly complete collapsed”. er of the Port Authority”.

(CWC) will take over management NES OuauOns: ee much’ behind panics, indicating sale Fred Smith QC, the Callenders & Agreeing with K. P. Turnquest,
control at the Bahamas Telecom- terms largely finalised Co attorney and partner, warned the Grand Bahama Chamber of
munications Company (BTC), Tri- ; ; ; that various government initiatives, . Commerce’s president, that he and
bune Business can reveal, as offi- | Process confirmed that the Gov- timescale, something that would such as Customs’ demand for a other Grand Bahama Port Authori-

cials from both sides work fever- ©rnment and its privatisation com- “not be easy” given the numerous National Insurance Board (NIB)

ishly to complete the $210 million Mittee on one side, and CWC exec- procedures and processes that Letter of Good Standing before SEE page 4B
deal within the next few days. utives on the other, were working SEE page 4B bonded letters were renewed, were
Multiple sources close to the “24 hours a day” to meet this

TC SHIPYARD EARNINGS
seme S9-S1OOM PER YEAR

em a

By NEIL HARTNELL * Says Order in SRG

Tribune Business Editor ;
dispute over cost-based

The Bahamas Telecom- charges provides ‘fair and
munications Company



Beating rivals with work scheduled to June

By DENISE MAYCOCK Peruvians, 88 Romanians,

oo LOWE : Tribune Freeport Reporter — and 15-17 Indians, currently. (BTC) yesterday praised the equitable’ precedent for
SINS SS eporter ; dmaycock@tribunemedia.net He added that the com- sector regulator for resolv- ' k
alowe@tribunemedia.net $e O a eee : entire market
AAS | pany has started training ing its international callter-
FREEPORT - The some 65 Bahamians over the mination dispute with Sys- * BIC alleged no

Questions were yester-
day raised about the
Bahamas Electricity Cor-
poration’s (BEC) decision
to stay away from fuel

: Grand Bahama Shipyard past five months as riggers
? earns between $9-$100 mil- and scaffolders, and it is cur-
? lion per year, a Senior exec- rently training blasters and
? utive revealed yesterday, as painters through their sub-
: it completes repairs to one contractors.

tems Resource Group charges provided for in
(SRG) in a manner that charges provided fo

gave it “a reasonable rate of interconnect agreement,

return”, suggesting it pro- f ;
vided a “fair and equitable” while SRG claimed

from the daily report.

hedging - fixing oil costs in: of the lar : 5 et The information contained is om a third i li
og gest cruise ships in nee eat incumbent tore up deal in
advance to avoid future ris- ? the world 2 Royal SEE page 5B SEES or amon ie (| SEE page 5B :

es or volatility - as a strate- | Caribbean's Liberty of the bid to impose higher rates
gy to protect its bottom ;
line going into 2011. ! uary 23.

Khaalis Rolle, president i ~ RyebenB Benes

, i yrd, senior vice-
of the Bahamas Chamber president of operations, said
of a Employ- : the mega vessel was the
ee. : largest cruise ship up until .
(BCCEC), told Tribune : 2010, when it became sec- PENSIONS & INVESTMENTS
Business he was concerned } onq to Oasis of the Sea.
that BEC was “managing =: «Tt is important because
politics rather than manag- : it ig the first docking of it,”
ing economics”, in light of : Mr Byrd said. “It is the
chairman Michael Moss’s } jaroest cruise ship ever
comments to this Be Wepe : docked in the Bahamas, and
Side Gareth ; it has been here for six days
because of the potential for } sci iets Sumas ante

: ania ? nance and a few upgrades.”
a public backlash if it “got The vessel is aie to

it wrong”. : he Shi : . ,

Mr Rolle, also chief mar- } ete : ae ‘i = i >
keting officer for Bahamas : currently four vessels , t ; cm .
Ferries, said fuel hedging = docked at the Shipyard, | LP — 4 ,

was not a strategy which is} while last week seven were

“overly risky” if itinvolved =: qocked for repairs. . ; a _ s
buying volumes of oilas — } “Business is doing great. - i

large as that which BEC} We are experiencing some- i a:

would require. “At the vol- thing that no other Shipyard ' ey \

umes they are using, they ig experiencing at this time: j oe ’

should be looking atit,” we ot work scheduled into

: Sea - which docked on Jan-

said the BCCEC president. : June,” said Mr Byrd. |

4 In - eae Mon- : “No other ship repair x [| sound investment management
ae : i oe he : facility has that at this time ind dent te trust
plows hedging the prac yt opie, and we 1 Cindependent corporate trustee
fuel provider to fix the cost ae noun ae oversight 7
of oil purchased for aset | ‘The Shipyard opened in 1 ay [J independent corporate custodian
period, with a view to : 1999. It has three docks and

securing a cheaper price

than that which it may ulti- : employs close to 600 per- (1 diversified investment portfolio
mately pay on the interna- yet ai aca pAall of the above

tional market- is not the Mr Byrd said the repair

way for BEC to go for the? facility continues to perform
time being. i 7 : well, satisfying its customers.
It's good to hedge i : He revealed that the com-

you are in a regulated envi- ; any earns anywhere from
ronment, where you can go :

h 1 f ? $9 to 100 million a year. He
to the regulator and defend : noted that a large portion of
your position. I wouldsay

: ? the revenue goes into the
in the largely unregulated : 7 S

environment in which we 2 °COLomy as a result of hotel A SUBSIDIARY OF

ea ? stays for sub-contractors and =
exist it is best you charge rentals for permanent expa- “4 FAMGUARD
alpen i triates. call us today at (242) 396-4076 gf CORPORATION LIMITED
hedge," he explained. i Mr4 Byrd said there are

"The problem is when : 946 full-time Bahamians,

: 160 permanent expatriates,
SEE page 5B : and 176 casual workers —71 CORPORATE CENTRE: EAST BAY & SHIRLEY STREET & EAST BAY STREET | www-famguardbahamas.com


THE TRIBUNE

FRIDAY, JANUARY 28, 2011, PAGE 3B





Work permit litigation challenge ‘staved off

Key organiser of meeting between DPM and Freeport industry says
occasion ‘productive’, and confident government will tackle issues

By NEIL HARTNELL
Tribune Business Editor

A key organiser of the meeting
between the Deputy Prime Min-
ister and major Freeport-based
industrial companies over Immi-
gration issues said he was “confi-
dent” the Government would tack-
le the problems outlined, and told
Tribune Business a potential legal
challenge was likely to have been
“staved off”.

Jeff Butler, owner of Butler’s
Food World and the Butler Group
of Companies, described the meet-
ing between Brent Symonette and
Freeport’s large industrial entities
as “very productive”, adding that
litigation over Immigration’s prac-
tice of tying work permit approvals
for temporary specialist expatri-
ates, such as engineers, to them
obtaining licences from the rele-
vant professional organisations,
had previously been mulled.

“It was a very productive meet-
ing between government and
industry, and we look forward to
starting from here,” Mr Butler told
Tribune Business. “We have no

Bank unveils its
largest dividend

issue with Immigration policy; we
take issue with Immigration pro-
cedures.”

Immigration has been linking
work permit approvals for tempo-
rary specialists, such as engineers
and architects, to them obtaining
the relevant licences from the likes
of the Professional Engineers
Board. Without these, permits
were not being issued.

Mr Butler said the whole issue of
linking work permit approvals to
possession of the relevant profes-
sional licences “was about to be
challenged in the courts, but we’ve
staved that off”.

He added: “I think we just need
to communicate and to start under-
standing the procedures and how it
works, and we’re doing that as we
speak.

“It’s all very positive. Now the
Government is aware of it, they
will deal with it. ’m confident
they'll deal with it. We

KARL RITTER,
Associated Press
MATT MOORE,
Associated Press

need more industry coming here.
Grand Bahama has to be the
industrial capital of the Bahamas.”
Mr Symonette held a meeting
last Friday with executives from
13 of Grand Bahama’s major, pri-
marily industrial, companies.
Grand Bahama Power Compa-
ny, the Grand Bahama Shipyard,
Pharmachem, Our Lucaya Resort,
Polymers International, the
Freeport Container Port, BORCO
and South Riding Point were all
said to have had representatives
at the meeting with the Minister.
Among the issues which Tribune
Business was told executives at
some of the major companies are
“deeply concerned” about is the
process involved in obtaining per-
mission for specialist engineers to
enter the Bahamas temporarily to
work. Since the implementation of
the Professional Engineers Act last
year, an additional layer of bureau-
cracy has been introduced which

requires the incoming engineer to
obtain a licence from the Profes-
sional Engineers Board.

The Board says a foreign engi-
neer can be authorised to practice
professional engineering within the
Bahamas if approved for registra-
tion upon application to it as a
“temporary engineer”.

They “must be associated with
and work through a Bahamas-reg-
istered Professional Engineer”,
and their application for tempo-
rary registration must “be associ-
ated with a specific project, and
may be approved for a maximum
term of six months,” according to
the Board’s website.

Such new stipulations, in con-
junction with the need to gain
approval from the Department of
Immigration for the engineer to
enter, have contributed to delays
which have troubled some compa-
nies, Tribune Business under-
stands.

Meanwhile, international com-
panies with operations in Freeport
have also been frustrated by
demands that foreign executives
flying in to attend same-day meet-
ings or participate in other short-
term temporary work in the
Bahamas obtain permits from the
Department of Immigration to do
so.

Mr Symonette confirmed that
both of these points were raised
as matters of concern at the meet-
ing, and noted that it has been a
long-standing issue with compa-
nies both in Freeport and Nassau,
and throughout the Caribbean.

Mr Symonette said: “We talked
mainly about doing business in
Grand Bahama and immigration
issues. We are going to be dis-
cussing it further as to the way for-
ward. I think we’ve come to an
understanding as to the way for-
ward. The whole idea is that we
want at Immigration to make sure
it’s aS easy as possible for busi-
nesses in Grand Bahama to bring
in the people they need on a regu-
lar basis, bearing in mind type of
work they are doing.”

OVERSEAS NEWS

UN climate talks in focus at Davos forum

greenhouse gas emissions that
wasn't even formally adopted
by the conference.

At Cancun, nations brought

DAVOS, Switzerland

Businesses, especially U.S.
ones, must get more involved
in the global effort to slow cli-
mate change and help pressure
politicians to enact policies that
promote green growth, inter-
national leaders said Thursday.

"They are part of the prob-
lem and they must be part of
the solution," South African
President Jacob Zuma said at

doing it just because they want
to save the planet. They are
doing it because it's good for
the economy.”

The discussion comes after
global talks on a new climate
pact escaped failure last month
in the Mexican resort town of
Cancun, where nations agreed
on a modest set of decisions
that put climate change negoti-
ations back on track after the
bitterly divisive summit in 2009

in Copenhagen.

The Copenhagen talks
exposed the rift between rich
and poor nations on the funda-
mental question of how to
share the responsibility of tack-
ling climate change — chiefly
curbing the emissions of heat-
trapping gases from the burning
of fossil fuels.

Copenhagen produced only a
nonbinding accord with volun-
tary climate targets to cut

those voluntary pledges into the
ULN. negotiating process and
established a green fund to
manage the $100 billion a year
by 2020 that developed coun-
tries have pledged to help poor
nations cope with global warm-
ing.

But the ultimate goal of
crafting a new global climate
pact was put off till the next cli-
mate conference in Durban or
beyond.

the World Economic Forum.

In a panel discussion at
Davos, where some 2,500 busi-
ness leaders and politicians are
gathered, he vowed to press for
a greater corporate role in the
U.N. climate talks that his
country will host in the coastal
city of Durban later this year.

"IT think that's one of the
areas we are going to work very
hard leading to Durban to con-
vince business to be party so
that it's not just governments
alone," Zuma said, sharing the
stage with Mexico President
Felipe Calderon, European
Union Climate Commissioner
Connie Hedegaard and U.N.
climate chief Christiana
Figueres.

There is serious concern
about how to keep the global
economy moving forward
while, at the same time, ensur-
ing that people in the develop-
ing world are not denied a
chance to better their lives with-
out contributing to factors that
have caused global warming.

Hedegaard said that govern-
ments can provide the right
conditions for green growth,
but "the solutions have to come
from business."

"That is why setting the polit-
ical targets are so crucial
because then we can set a price
on carbon," she said. "If it costs
a lot to pollute a lot, then busi-
ness has an incentive to pollute
less."

She noted that President
Barack Obama didn't mention
climate change or global warm-
ing in his State of the Union
address "because of the politi-
cal situation.” But she implored
USS. businesses to be bolder in
embracing more energy-effi-
cient economies.

"It's bad business to not be
among the front-runners," she
said. "I hope that even more
American business people
would understand that they
need to put the pressure on
their politicians.”

Calderon said very little can
be achieved without U:S.
involvement, and he called for a
change in American public
opinion on global warming.

"My perception is most of
the people in the United States cae
are afraid about the economic NMC customers donated toys and then took test
situation,” he said. "They per- drives in a new Chevy truck, SUV or sedan.
ceive this issue of climate : 3
change like an obstacle for their Those who donated also qualified for a special

drawing to win a trip for two to Orlando plus

own progress. And we need to
$500 spending money. The second prize in the

THE. NAZARETH CENTRE

P Sharesithe



“William B. Sands Jr

Commonwealth Bank’s 6,500 shareholders are set to
benefit from an extraordinary dividend that the BISX-
listed institution yesterday called the largest in its history.

The dividend of $0.06 per share comes after the bank
saw “record earnings” in 2010, according to a release
issued yesterday.

The Board of Directors attributed the bank’s “extreme-
ly strong balance sheet” to a “focus on the effective man-
agement of its credit risk portfolio”.

“While asset growth was contained, the Bank was able
to report a further expansion of its total assets to a record
of $1.4 billion,” Commonwealth Bank said.

“Comprehensive income for 2010 increased 27 per cent
from $42.2 million to $53.8 million. The level of loan
impairment expense was able to be reduced significantly
in 2010.”

Executive chairman William Sands Jr said the dividend
fits with the bank’s desire to “share its success with its
shareholders, while sustaining the safety and soundness of
the bank”.

The extraordinary dividend is payable on February 28,
2011, to shareholders of record on February 15, 2011.

Mr Sands said: “The bank finished 2010 with an
extremely strong balance sheet. The Bank also has sturdy
capital and liquidity positions, both greatly exceeding
statutory reserve requirements.

“Tam very pleased with Commonwealth Bank’s perfor-
mance in 2010. The bank is well positioned as we move
forward into 2011, which we anticipate will bring new
challenges and beneficial opportunities as the economy
begins to recover. With our dedicated staff, we will suc-
cessfully face these challenges and grow with the expected
opportunities.”

Commonwealth Bank operates 11 full service branches
in New Providence, Grand Bahama and Abaco, and
employs more than 560 persons.

Bahamians who were in the market for a new car this past Christmas, were invited
to"share the joy" at Nassau Motor Company on Shirley Street, by contributing to the
Chevrolet toy drive for children at the Nazareth Centre, a home for abused, neglected
and abandoned children. It is partly funded by the government, but managed by the
Catholic Church. Children live at the Centre until they are reunited with their
families, or move into foster or adopted homes. Pictured from left: Matthew Carey,
salesman at NMC and Esther Wood, secretary for the Nazareth Centre.

Share your news

The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps

change that perception.”
WASSAl MOTOR OO Tos

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.



China, which has overtaken
the U.S. as the biggest green-
house gas emitter, has now real-
ized it makes economic sense
for it to become more energy
efficient, Figueres said.

"China is committed to win-
ning the green race," she said.
"And honestly they are not

drawing was an Apple iPad, and third prize was
an Apple iPod Touch. Chevrolet sales manager
Forrestall Dorsett, left, is pictured with the first
prize winner, Carlos Colebrooke, second prize
winner, Lastandra Leavy and Brian Burrows,
third place winner.

OUR STANDARDS ARE HIGHER

Shirley Street * 302-0130
info@nassaumotor.com
www.chevroletbahamas.com



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


PAGE 4B, FRIDAY, JANUARY 28, 2011

THE TRIBUNE



$250,000 Teen Centre

FROM page 1B

aimed at teenagers aged
between 13 to 18 - to be a major
draw this year, and locally-
accessible, unlike the much-
hyped ‘Teens’ club” at the
Atlantis resort.

The $11 million Atlantis club,
called Crush, is only available
to hotel guests at present.

Mr Miller said: “T give full
credit to my team, who did a
survey of hundreds of the
young people who patronise
Mario’s. The survey indicates
clearly they want their own
Teen Club, so we are con-
structing the club for young
Bahamians with a view to pro-
viding them with a new venue
to enable them to have good
time in a place that they know
is in line with what their par-
ents would wish, a place heavi-
ly protected with non-alcoholic
drinks, good surveillance and
no fights or disruptions.”

The businessman said the
club will be “as elegant as the
one we have upstairs (for
adults)” and, like Crush, which
is set to serve ‘Mocktails’
instead of cocktails, it will have
a bar serving specialty non-alco-
holic drinks.

The club will also be staffed

expansion at Mario’s [Rt fue BAI y

by young people, with six new
employees expected to be hired
for this purpose. To be open
on Fridays and Saturdays, Mr
Miller said that 250 to 400 teens
can party in the venue at any
one time.

Construction began last week
on the new addition, which will
be an extension to Mario’s
Bowling and Entertainment
Palace.

Odette Carey, marketing
manager for Mario’s, said:
“Over the past year we realised
our key customers are the
‘tweens’ and teens, and so we
want to invest more of our time
and energy in that area. That’s
what brought about this new
concept.”

She said the club will include
the “latest games”, such as the
Xbox 360 and Playstation 3
gaming consoles, a large area
where up to 400 teens at a time
can dance, as well as the bar

PRIME GATED COMMUNITY
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MANAGER

Successful applicant should possess proven record
of property management.

Attributes must include accounting,

administrative

and personnel management.

Compensation will be based upon expertise and

experience.

Please forward resume to P.O. Box CB 13456
or Fax to 362-6721



area, with “kiddie cocktails”
and a large movie theatre
screen.

“We want to make sure this
one is definitely for the locals
and that everyone can take part
in it,” she said.

In October 2010, Mr Miller
reported a “steep” decline in
business volumes of around 30
to 40 per cent, compared to
interest earlier in 2010. How-
ever, he said he felt Mario’s had
not “even scratched the surface
of its potential market” and
added that he looked forward
to a “super December” filled
with Christmas party bookings,
and wider and more consistent
interest from bowlers in 2011.

The centre celebrated its
one-year anniversary this
month, and yesterday Mr Miller
said the business is “making a
good comeback”.

“T think we are on the right
path now,” he said.

Christmas panned out as well

as expected, said Mr Miller,

with “over 20 major Christmas i

parties”.

“We had a very good Christ-
mas at Mario’s, we were really
satisfied. Many of the major }
business establishments patro- }
nised us and we were very }
proud and grateful for the }
response we received. All the i

; ty (GBPA) licencees “feel under siege” by Nassau, Mr Smith

: ? told Tribune Business: “Wherever the opportunity arises, there
Ms Carey said 2010 saw a } seems to be a tendency by the central government to try and
Talal OF around 1 patty bool: ? take over regulatory control, especially where the purpose of
ings at the entertainment centre } —. :
for children’s parties and adult : raising revenue is concerned.

staff did a wonderful job,” said

the businessman.

group events.

event for the Super Bowl,
which it expects to draw “thou-
sands” of patrons. “We will

“tailgate cook-off”.

March 1 target for
CWC’s BIC takeover

FROM page 1B

remain to be completed.
These processes, Tribune
Business understands, include
in the first instance the pre-
sentation of the final sale
terms and details to Cabinet.
Once Cabinet approves, it will
be taken to Parliament, where
all relevant documents relat-
ing to the sale of the 51 per
cent BTC stake will be tabled.
Some two weeks will be
allowed for the documents to
be analysed, then Parliament
will debate - and likely
approve, given the Govern-
ment majority - the sale.
Apart from the Parliamen-
tary/political process, Tribune

Storewide

Pre-inventory clearance

ale

20?

savin

*except on net items

Sale dates:

Jan 28th - Feb 5th,

2011

Kelly’

save
Up
To

QS
0

Selected

Panel items

SS
metas)

Mall at Marathon
Monday-Friday 7:00am-8:00pm
Saturday
ATT are (0ia closed
PAC ecko

7:00am-9:00pm



Business also confirmed that }

the sale to CWC has to be } decade-long attempts to get the Port Authority to relinquish

approved by the Utilities Reg- } responsibility for telecommunications regulation and, by exten-

Competition : sion, all utilities in Freeport, but it and URCA’s case pleadings
Authority (URCA) as the }

communications sector’s inde- i

ulation &

pendent regulator.

This process will involve a ;
public consultation, with the i
views of Bahamian compa- ings in the Cable Bahamas case, are attacking all the rulings won

nies, consumers and the wider } against Customs via the Hawksbill Creek Agreement, seeking

public being solicited. Such } {6 overturn them and relegate the Agreement to ‘second class’

procedures are mandated by } status behind statute law, such as the Customs Management

the Communications Act and Act, and policy, Tribune Business has been told.

could take time, thus making }
ete 1 oe ade i until April 4, 2011, thus providing a breathing space for Cable

aven Mas 1argely “io uw’ | Bahamas and other interested parties to respond.
Business was told that the aim
is for the Government and

CWC dacconelide the deal = held on whether a group of GBPA licencees should join togeth-

within the next few days, cer- ? er and intervene in proceedings.
tainly by month’s end next }

week. Cabinet approval will URCA demand of Cable Bahamas for the payment of licence

be rapidly sought, with all sale : fees by Cable Freeport is a direct challenge to the Hawksbill

documents tabled in Parlia- | Creek Agreement. So are the various disputes that have arisen

ment thereafter, so that } With Customs, particularly with the over-the-counter bond let-

debate and approval of the ; ters and the National Insurance Board.

deal can take place in mid- } ; ; ! ; !
: plying with the Architects Act, the Professional Engineers Act

? or the Real Estate Brokers and Salesman’s Act. Immigration
: has taken the position that these various Acts, which are out-
? side of Freeport, need to apply, and persons must obtain a

“The target is March 1 to i licence before they will approve a work permit.”
sauce told nbn age ee to-day operation of business in Freeport. Not only has Freeport
of the day when CWC was i

likely to take management } pute within the Port Authority, but the confusion about whether

“Cwc ; the Port Authority and the Hawksbill Creek Agreement is in
should get the keys to the car i; charge, as opposed to all these government agencies, makes it

by the end of February, if all i almost impossible to do business in Freeport.
goes according to script, and }
that will be the end of that. } : .
Those are the timelines for : letter from NIB, saying they are up to date with NIB taxes

: before they can purchase bonded goods in Freeport from oth-

February.

Turnover

start the turnover,”

control at BTC.

what happens.”

Another source familiar }
with the status of BTC pri-
: Freeport.
the March 1 deadline: “That’s :
the objective, and everyone }
? by affecting local employment and the local economy.”
get there, but it’s not going to :
? Business understands that major Freeport retailers/whole-
: salers, such as Kelly’s (Freeport), Bellevue Business Depot,
? Dolly Madison and others have seen year-over-year sales
They are being careful not to }

tie everything to that date, but i per cent.

vatisation negotiations said of

is working 24 hours a day to
be easy because they have a

number of rigid procedures
that have to be completed.

that’s the objective.”
The
referred to are the Cabinet,

shows no sign of doing so,

‘i’s’ and ‘t’s

behind us.”

indicates that the Govern-
major obstacle to the privati-
sation’s conclusion.

“We’re so lucky we have a

certain reforms,”
said. “They are willing to see

avery important thing.”

rigid procedures with licencees not possessing one holding off on purchasing any
? goods, not wanting to be forced into the duty-paid category.

Parliamentary and URCA i And, if the situation does not improve come February, Tribune

processes, with one source } Business understands that some Freeport companies may be

suggesting that even if it want- } looking at serious staff lay-offs.

ed to, the Government had
oe ti ioe re id ae i ter’ move had not gone according to the Government’s plan,
Ee pe eee aes ? which was to force numerous GBPA licencees into duty-paid
© >"? } sales and purchases, thereby increasing Customs revenue.
though, and appears willing :
ieee a eet ne ? in Freeport to a grinding halt. “The impact has obviously been
bitter end. Tribune Business i —. nas oie

vee ? quite drastic,” the source said, “and has had more the effect of
was also told that negotiations } halt ie herd aia aut ‘Gal
between government officials } Halting commerce than shoving commerce into duty-paid sales.
and CWC were now largely }

complete, with the proverbial streams for the Government itself, and the companies that

> dotted and : Provide it. It’s a very hard January compared to the prior year.

crossed, one contact adding: } Although the month is traditionally slow, it is not fatal. That has

“We've now gotten them [the ; Ot proven to be the case this time around.”

negotiations] pretty much } é
? who would be the first to shed employees, as they were all
None of Tribune Business’s } looking to follow suit. “If February is looking anything like Jan-
contacts referred to the writ }
filed by BTC’s two unionsina }
bid to block the sale. That :
matter is set to be heard by }
the Supreme Court next }
week, and the silence on this :
i locally.”
ment side does not see it asa }



Freeport firms

FROM page 1B

“T quite understand the Government’s need for revenue in

Looking ahead, Mario’s is i this day and age, at this time, given the state of the economy, but

now preparing to host a major } the Government should be careful that in their quest for rev-
? enue in Freeport, they don’t throw the baby out with the bath
? water, because they could easily kill what could be the golden
? goose in the Bahamas.

have the biggest screen in Nas- i
sau,” said Ms Carey, adding ;

that other features will be a ulatory power of the Port Authority.”

“Tn all respects, the Government almost seems to be denying
the existence of the Hawksbill Creek Agreement and the reg-

The latter is a direct reference to the latest developments in

i Cable Bahamas’ Judicial Review application to the Supreme
? Court regarding demands by the Utilities Regulation & Com-
? petition Authority (URCA) that its Freeport subsidiary pay
i Internet licence fees to the Nassau-based regulator.

Cable Bahamas is objecting to this on the grounds that the

Port Authority has regulatory responsibility for communications
? in Freeport, and that if it paid licence fees to URCA as well it
? would be subject to double taxation.

The case goes to the heart of the Government’s more than

are said to have gone far beyond this.
Rulings

In essence, URCA and the Government, through their plead-

This newspaper understands that the case has been adjourned
Tribune Business understands that discussions are being

Meanwhile, Mr Smith told this newspaper yesterday: “The

“In addition, it’s difficult to get work permits without com-

He added: “There is complete disruption in the orderly day-

been buffeted by the prevailing winds of that shareholder dis-

“An example of the perversity of the Customs and NIB
position, where there is an insistence that a licencee produce a

er licencees, is that the same licencee can go to Florida and
spend the money that would otherwise be spent locally in

“This thereby deprives businesses in Freeport of income
and makes the purchase of goods even more expensive, there-

While no one wanted to comment on the record, Tribune

declines for January ranging from anywhere between 30-60

This is largely being attributed to the “bonded letter’ situation,

One retailer, who requested anonymity, said the ‘bonded let-
The actual effect, they said, had been to slow all commerce

“What it has succeeded in doing is undermining revenue

The source said many major businesses were waiting to see

uary, there will be substantial lay-offs, and everyone is waiting
for the first shoe to drop,” the source said.

Meanwhile, Mr Smith told Tribune Business yesterday: “This
is badly affecting construction businesses that may have bid on
a duty-free basis, and whose business has been brought to a
grinding halt because they cannot purchase duty-free goods

The attorney added that it was “abusive” of the Government

? to “use collateral taxes and pressure on the taxpayer, as opposed
? to using the remedies under the NIB Act” to deal with its rev-
? enue needs and non-compliance issues.

government willing to make

one source ; Hawksbill Creek Agreement and Customs Management Act to

? deal with abuses of the bond by GBPA licencees, Mr Smith

a little bit ahead, and make : added: “Right now, the rule of law and governance under the

some efforts to prepare some Hawksbill Creek Agreement has nearly completely collapsed,

areas of the economy. ‘That's : as unprecedented savagery is being visited on Freeport by this
? central government and, frankly, many businesses may not

? survive for very much longer.”

Pointing out that Customs had available remedies under the

TO DISCUSS STORIES ON THIS PAGE LOG ON TO ST eye O07 |


THE TRIBUNE

FRIDAY, JANUARY 28, 2011, PAGE 5B





BIC backs ‘reasonable |
rate of return’ solution

FROM page 1B

solution for all current and future market participants.

The Utilities Regulation & Competition Authority :
(URCA) yesterday published a January 20, 2011, order :
requiring both BTC and SRG to agree “cost-based” rates for
compensating each other for terminating incoming inter- :
national calls, destined for the other’s system, on their }

respective networks.

threatened action until it had investigated the matter.

Calls

BTC had alleged that its existing Interconnection Agree- expressed his concerns about the abil-

ment with SRG did not include a rate or charge for termi- ; jty for rising oil prices to threaten eco-

nating inbound international calls originating on the lat- } nomic growth, said it was important

? that BEC “look at some instrument

“Because of the omission to include....... in the Intercon- : that will keep energy prices as low as

nection Agreement a rate or charge for SRG-originated : possible” this year.
inbound international traffic, BTC was not contractually :

obligated to terminate such traffic, but did so in light of its by late summer oil is going to be up to

legal and licence obligations, including but not limited toits $110 dollars per barrel and it possibly

Significant Market Power designation regarding fixed voice : could get higher depending on every-

. i thing that’s taking place,” he added.
SRG, though, countered that the two parties had agreed :

a charge for such services through their Interconnection } tacted this newspaper to express his

Agreement, and alleged that BTC had effectively torn this ; disagreement with Mr Moss’s position

up after the new Communications Act took effect, attempt- } on hedging, told Tribune Business that
; ) i he feels failing to hedge would be irre-
“The parties had agreed charges to be paid to BTC for } gnonsible.
SRG-originated inbound international traffic destined for }
BTC’s customers, under the previous legal regime for :

telecommunications in the Bahamas through the Intercon- }

ter’s network.

and mobile voice and date services,” URCA said.

ing to impose higher rates it refused to accept.

nection Agreement they now have,” URCA said.

“However, in the light of the new legal and regulatory
regime, BTC, through its letters to SRG dated June 18 and ;
23, 2010, attempted to amend the agreement so as to propose ;

or impose rates which SRG refused to accept.”

Commenting on URCA’s final decision, Marlon John-
son, BTC’s vice-president of sales and marketing, told Tri- }

bune Business yesterday: “Certainly we support the ruling, } PETER SVENSSON

gee 2, : AP Technology Writer

“Our contention is that persons utilising our network }
compensate BTC at reasonable costs, and provide a rea- }
sonable rate of return. That was our contention all along, and :
we did not want any carrier to circumvent the process of pro- i
? start "very aggressively” mar-
? keting smart phones based on

“We are pleased URCA agreed with us on this matter, }

and that ruling is set to guide termination as we move for- ; Google Inc.'s Android software
? now that it will no longer be

: the exclusive carrier for Apple

Mr Johnson said URCA’s final decision was consistent bee Phoue athe ta

with international best practices and precedents set in the :

and think it reflects the current thinking.

viding a reasonable rate of compensation to BTC.
ward.”

telecommunications market, both regionally and interna-
tionally.

Fair

board.”

comment when contacted by Tribune Business.
URCA’s ruling requires the rate agreed by BTC and

erence Access and Interconnection Offer (RAIO).

URCA also made the cost-based charges retroactive to }
June 18, 2010, the date the dispute first arose. Within 28 days :
of the Order, the two sides have to “exchange and agree all }
billing records and/or call details of all inbound interna- :
tional calls originating on each party’s network and termi- }

nating on the other party’s network”.

“Each party shall, from June 18, 2010, ensure that all }
international traffic delivered to the other party for termi- }
nation to the other party’s customers contains the appro- }
priate Calling Line Identification information, and that }
each party shall terminate such traffic to its customers sub- }
ject to the payment by the other party of the appropriate }

interconnection charge,” URCA said.

Until the issues between them are resolved, both BTC and
SRG have to provide written updates to URCA at 28-day }

intervals.

SHIPYARD EARNINGS
S9-S100M PER YEAR

FROM page 1B

“The whole idea behind this is to not bring in as many }
Romanians and Peruvians; to teach local Bahamians more :
about what we do here and how to do it, and give them train- }
ing so we can start filtering them in when we need peo- }

ple,” Mr Byrd said.

“It has good effects, but at the same time it has certain
drawbacks because although it increases the economy here ;
for persons making money, it brings down the revenue for }

people who rent apartments.

“A lot of people don’t realise the entire island benefits }
from it when we bring expats in. They are temporary skilled }
labour who buy gas, food at the grocery stores, occupy }
apartments, and spend money at local bars and restau- }

rants.”

Mr Byrd said the Shipyard wants to train more Bahami- :
ans so they can replace the permanent expatriates on island. }
The company official said there are no plans for expansion }
at the moment, but more business is expected to come to the :

island with the opening up of the Panama Canal.

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

? AT&T's chief competitor, has

BEC ‘MANAGING POLITICS’
WRT

FROM page 1B

URCA said it had been forced to act to “protect con- | YOU, ce ‘ea fae aie —
sumers and competition in the electronics communications ; en ra a a It we oe ve oe
market” after BTC, via letters to SRG on June 18 and June } ate! theteal pice ends Up alae e
23, 2010, “threatened to discontinue the termination of ; barrel, then customers will be saying:
SRG’s inbound international calls to BTC’s network unless } | ethane seen wily ae
SRG paid a charge for such traffic”. It issued an interim ; © ne o ee id and yS100 .
order on June 23, 2010, to prevent BTC from taking its } We thought it wou a to $100 a bar-
: rel so we hedged at $80".

"Sometimes the public is not famil-

iar and they expect that every time you
: will win...that doesn't happen.”

Mr Rolle, who earlier this month

“If you look at all the projections,

Another business source, who con-

The source said that BEC has a

“fiduciary responsibility” to the public
to “hedge against that risk”.

“As a consumer, you and I are at
the mercies of persons who don't
understand risk. The only risk is that
me and you will be screaming about
how high our light bill gets later this
year because in January the chairman
didn't understand the risk.”

He proposed that given the trends in
oil prices throughout 2010, and which
have been projected for this year,
“there’s no way (BEC) could lose” by
fixing the price it buys its oil for power
generation.

“There’s no way you could lose. The
last time I checked the price of oil has
not gone down for months.” The
source referred to the case of South
West Airlines, which has tended to
hedge greater proportions of its fuel
purchases than any other airline in the
US, and is reported to have saved $3.5
billion as a result in the decade leading
up to 2008.

“That’s how they have been prof-
itable as an airline,” noted the source.

Mr Moss, however, said yesterday
that there are many cases in which enti-
ties have suffered “incredible losses”
through failed hedging.

He said sees price hedging as a
"strategy for the future" for BEC, once









it comes under the regulatory control
of the Utilities Regulation and Com-
petition Authority (URCA), as the
Government intends it to.

"T believe it's best implemented
when you have someone like URCA
taking responsibility. You can go to
them and say: 'This is our strategy, this
is what we believe it will yield’, and
you get a 'yay' or ‘nay’ beforehand,” he
explained.

The Chairman said that with regula-
tory oversight, there would be less
room for questions to arise as to
whether customers may be “getting
taken advantage of” in a hedging envi-
ronment.

Mr Moss has been seeking to bring
the Corporation back into a position of
financial health following more than
five years of losses, including a $32 mil-
lion loss in 2009.

On Monday he said there is the
potential for BEC to have made a
small profit in 2010 of up to $5 mil-
lion, once audited accounts are in, and
of $8 million to $10 million this year.

Mr Moss expressed confidence in
the ability of the Corporation to shield
customers from paying more this year
for their power through enhancing the
efficiency of electricity generation.



NEW YORK

The CEO of AT&T Ine. on
Thursday said the company will

So far, Verizon Wireless,

a

«iPhone 4

nythiryy. Again



las

s

million — the iconic phone has
lost much of its power to attract
customers from other carriers.
Since it launched in 2007, the
iPhone has been driving mil-
lions of high-paying subscribers
to AT&T, and it now earns
more per subscriber than any
other carrier. If its per-sub-
scriber revenue was in line with
Verizon's, AT&T would pull in
$7.7 billion less every year.
Subscribers who sign two-
year contracts are the most
lucrative for wireless carriers



? been the biggest supporter of
? Android. But it will start selling
: the iPhone on Feb. 10, and is
: likely to shift resources away

Dee . . Stic te : from Android.
Describing the URCA ruling and its ramifications as ;

“absolutely fair and equitable”, having established something :
that can “work for all carriers” entering the Bahamian mar- }
ket, Mr Johnson said: “The important point is that we have }
a principle we have agreed on that can work for all carriers, :
whatever the quantum is. It will be equitable across the }

Motorola on Wednesday said
it's already seeing a drop-off in
sales of its Android phones in
Verizon stores, as customers
are holding off, waiting for the
iPhone.

In effect, AT&T and Veri-

Paul Hutton-Ashkenny, SRG’s president, declined to } 702 Wireless are set to swap

? strategies in the high-stakes
? smart phone market, with
: ‘ oa : : AT&T turning to Android and
SRG to be incorporated into the existing Interconnection } Verizon to the iPhone.
Agreement. However, if they cannot agree the cost-based }
rate for international call termination, the regulator said it :

would ultimately be the one approved by itself in BTC’s Ref-

"We're going to be a heavy
participant in the Android mar-
ket this year, so you're going

NEW VERSION: Tuesday, Jan. 11, 2011. Verizon Wireless made
the long-awaited announcement Tuesday that it will start selling a ver-
sion of the iPhone 4 on Feb. 10, giving U.S. iPhone buyers a choice
of carriers for the first time. Since its 2007 debut, Apple Inc.’s phone

has been sold exclusively for AT&T’s network in the U.S.

to see a significant shift in mix"
of the phones sold by AT&T,
CEO Randall Stephenson told
analysts on a conference call.
Apart from Motorola Mobili-
ty Holdings Inc., major makers
of Android phones are Sam-
sung Electronics Corp. and
HTC Corp.

AT&T, the nation's largest
telecommunications company,
also provided an earnings fore-
cast for the year that disap-
pointed analysts, and said it

signed up a net of just 400,000
new customers on contract-
based wireless plans in the last
three months of last year. It was
the lowest quarterly number in
at least five years.

Shares of AT&T, which are
part of the Dow Jones indus-
trial average, fell 77 cents, or
2.7 percent, to $27.96 in after-
noon trading. The low number
of new contracts demonstrated
that even though AT&T acti-
vated a lot of iPhones — 4.1

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and are an important measure
of their performance. Verizon
Wireless, AT&T's chief com-
petitor, on Tuesday reported
adding more than twice as
many subscribers under con-
tract. However, the difference is
exaggerated by the fact that
Verizon sells tablets with con-
tracts, while AT&T doesn't.

Stephenson said the compa-
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Open
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PAGE 6B, FRIDAY, JANUARY 28, 2011

THE TRIBUNE







ANGELA CHARLTON,
Associated Press
FRANK JORDANS,
Associated Press
DAVOS, Switzerland

France's president tried
Thursday to save the reputa-
tion of Europe and its currency,
battered by debt crises and wor-
ries about whether the conti-
nent is being steamrolled by
speedier eastern economies.

The presidents of South
Africa and Mexico, meanwhile,
worked to save the planet, shar-
ing notes on hosting climate
talks and how to get the US.
and China — and the business
community — to invest in
cleaner energy.

The overall mood at the
World Economic Forum this
year is more upbeat than the
past two, but by no means cel-
ebratory. Thursday was no
exception, as leaders, bankers
and investors struggled for
ideas to get Europe growing
again. As they spoke, a small
explosion in a Davos hotel
briefly disrupted the Alpine
winter calm, unusual for this
Swiss resort, blanketed in secu-
rity during the annual forum.
Windows were broken but
there were no injuries, Swiss
police said.

French President Nicolas
Sarkozy sought to shake the
euro worriers awake, vowing
that he and European partners
will "never turn our backs on
the euro" and calling it a linch-
pin of peace and prosperity.
That gave an extra boost to the
rebounding currency on world
markets.

"The disappearance of the
euro would be so cataclysmic
that we can't even possibly



INTERNATIONAL
BUSINESS

entertain the idea,” Sarkozy
said.

Despite fears about the 17-
nation currency's survival since
the European Union and Inter-
national Monetary Fund had to
bail out debt-laden Greece and
then Ireland last year, "the euro
is still there," he said.

"Europe has had 60 years of
peace and therefore we will
never let the euro go or be
destroyed. ... I speak as much
for my German friends as I do
for the French," he said.

European Central Bank chief
Jean-Claude Trichet, appar-
ently trying to smooth concerns
about above-target inflation,
praised the euro's long-term
prospects at another Davos ses-
sion. "The euro delivered what
had been asked from it, name-
ly price stability,” he said.

Increasingly, the talk among
European leaders is of closer
economic union — instead of
just monetary union. Trichet
said he is pushing for bolder
moves from EU leaders.
"There is no time for compla-

WORLD ECONOMIC FORUM
Davos leaders: Save the

euro, and the planet

cency," he said. The 2,500 par-
ticipants at Davos can see the
currency shock in their pock-
ets, as hotels, restaurants and
bars in the Swiss ski resort of
Davos do business in francs,
whose value has surged against
the euro in recent months.

Swedish investor Jacob Wal-
lenberg warned that Europe
needs to act faster to stay com-
petitive.

"We all see countries such as
China, India, rapidly becoming
much more competitive,” he
said. "It's not a matter of
they're going to bypass us.
They're going to run us over."

Environmental issues also
came to the fore, with talk of
electric cars and solar energy
and China — again — "win-
ning the green race."

In a panel discussion hosted
by The Associated Press, U.N.
climate chief Christiana
Figueres said China "is going
to leave us all in the dust" in
the transition toward a more
energy-efficient global econo-
my.
The Chinese, she said, "are
not doing it just because they
want to save the planet. They
are doing it because it's good
for the economy."

Mexican President Felipe
Calderon, who hosted the last
U.N. climate talks in Cancun,
said, "I want to see the action"
from the U.S. on reducing emis-
sions. South African President
Jacob Zuma, who hosts the
next climate talks in Durban,
said Washington cannot be left
out of the clean energy game.

Ernest Moniz, director of the
MIT Energy Initiative and a
member of President Barack
Obama's Council of Advisors
on Science and Technology,

eee re ete ete
PUBLIC NOTICE

Defence Force Recruitment Exercise

Coral Harbour Base 26 Jan. (RBDF) The Royal
Bahamas Defence Force is presently conducting a
Recruitment Exercise for interested persons at the
Royal Bahamas Defence Force Base, Coral Harbour

Interested candidates must be a Bahamian Citizen
between the ages of 18 to 25 and must have a
minimum of five (5) B.J.C.’s including Maths and
English, allatgrade C or above. Candidates are asked
to bring their original documents for verification to the
Recruitment Section of The Royal Bahamas De-

fence Force.

Applicants should produce the following docu-

ments:

¢ Two (2) application forms

¢ Birth Certificate

¢ Passport

¢ Three (3) passport photos

¢ National Insurance Card

e Any other certificates in are of expertise or
training

Emphasis for recruitment. will

be placed on

candidates with willingness to spend time at sea and
willingness to conduct tour of duty at satellite base ona

Family Island.

Applications can be obtained from Defence Force
Base, Coral Harbour or at the Harbour Patrol Unit, East

Bay Street.

For further information, interested persons can

contact the

Royal Bahamas Defence Force Recruitment Center
362-1818 ext. 2017/2159



said Thursday that solar power
is, ultimately, the real game
changer. Eventually, he said,
the sun should be used to make
not just electricity but also fuels.

Shai Agassi says one answer
is electric cars. Agassi predicted
to The Associated Press that
before 2020, more people
everywhere will be buying elec-
tric cars than those powered by
gasoline. "It doesn't mean that
oil is not necessary, but we're
starting the way out," said
Agassi, a former top executive
for information giant SAP AG
who launched his Better Place
venture several years ago.

Oil isn't going away yet, how-
ever. Exxon Mobil Corp. signed
a deal at Davos with Russia's
biggest oil company, Rosneft,
to develop oil and gas resources
in the Black Sea, a new boost
for Russia's lucrative energy
sector despite concerns about
the challenges of investing
there.

Elsewhere at Davos on
Thursday:

— Africa emerged as the hot
new continent for trade and
investment. U.N. Secretary-
General Ban Ki-moon was
optimistic. So were Ethiopia's
president, Zimbabwe's prime
minister, former British Prime
Minister Tony Blair, and busi-
ness executives from South
Africa, Egypt, India and many
other countries.

—The head of the World
Trade Organization, Pascal
Lamy, said he hopes key com-
merce ministers meeting in
Switzerland this week will com-
mit to accelerating talks on a
new global trade deal.

ary 26 to 30.



(KEYSTONE/Laurent Gillieron)

EURO VOW: Nicolas Sarkozy, President of France, speaks during a ple-
nary session at the 41st Annual Meeting of the World Economic
Forum, WEF, in Davos, Switzerland, Thursday, January 27, 2011. The
overarching theme of the World Economic Forum, WEF, annual meet-
ing is “Shared Norms for the New Reality”. It takes place from Janu-

AP Interview: Electric car
boss sees global change

DAN PERRY,
Associated Press
DAVOS, Switzerland

Electric car pioneer Shai Agassi is a man with
a startling prediction: Before 2020, he says, more
people everywhere will be buying electric cars
than those powered by gasoline.

"It doesn't mean that oil is not necessary, but
we're starting the way out," said Agassi, a former
top executive for information giant SAP AG
who launched his Better Place venture several
years ago.

Existing electric cars have a limited range,
after which owners have to stop and wait for
hours while their car's battery recharges. Owners
of Agassi's cars would be able to remove the
used battery and replace it with a fully charged
one, allowing them to get back on the road almost
immediately. The first country slated to go live
with a network of “battery-switching” stations
run by Better Place is his native Israel, where
he plans a launch — with 56 stations and an
expected 5,000 cars — before the end of 2011. In
2012, Denmark and Australia are expected to
join, along with trials in Hawaii and in the San
Francisco Bay area. Brimming with infectious
optimism, Agassi has been a regular at the World
Economic Forum, where he was interviewed by
The Associated Press.

Agassi said he has raised about $700 billion and
spent about a third of it, mostly on setting up
the stations. That leaves enough cash to absorb
losses while he builds up to break-even, which
Agassi asserts will not take long.

"In Israel, in 2016, plus or minus a year, more
electric cars will be sold than gasoline cars. When
that happens in Country One, within two years
you will see it in every country," he said.

That claim may seem preposterous for the car-
crazy United States — but not for Israel. The
country's electric company also expects electric
cars to achieve a significant market share in the
near future and is preparing its grid to meet the
demand, according to the Haaretz newspaper.

Former U.S. President Bill Clinton has
emerged a believer as well.

"Israel will become the first country in the
world to put 100,000 all-electric cars on the road,"
he said Thursday. "Not the US. Not China. Not
countries much bigger — Israel!"

Agassi has found a niche created by a wide-
spread sense that the world is not doing half
enough to deal with the eventual end of oil —a
prospect hastened by the explosive recent growth
in the developing world.

"From 2000 to 2010, China added 120 million
cars on the road (and) next year, 25 to 30 mil-
lion," Agassi said. "It's no longer the U'S. that
sets the price (of oil). Now it's a question of how
many cars were added in China, how many were
added in Brazil, how many were added in India."

He admits that the market for gas is some-
what inelastic, meaning that despite rising costs at
the pump, people grumble and drive on. But
they save elsewhere, he says, harming the econ-
omy in cascading ways.

Agassi plans to sell cars being developed by
Renault SA and equipped with removable bat-



(AP Photo/Shizuo Kambayashi)
PIONEER: California-based electric-vehicle services
provider Better Place Chief Executive Shai Agassi gets
off an electric vehicle taxi during the opening ceremony
of a battery switch station in Tokyo, Japan, Monday,
April 26, 2010.

teries — which are currently quite heavy and
have a range of 100 miles (160 kilometers). Dri-
vers would be promised four battery swapping
stations along any route the length of the range.

Although prices have not yet been set, Agassi
said the idea would be that the consumer would
not pay more to drive a given distance than its
current cost using oil.

Like any venture that could threaten a mam-
moth industry, Better Place has generated its
share of critics. Some charge the company is try-
ing to establish a new type of monopoly, while
environmental groups objected to the laying of
new power cables. It is also not clear that Israel's
electricity grid can sustain the heightened demand
posed by the electric cars.

Some say battery-swapping is impractical and
customers will prefer a fixed-battery car. In
Davos, Nissan Motor Co. was demonstrating its
new Leaf, a fixed-battery electric car that you
can charge at home.

Agassi is not worried. He says over time, bat-
teries will grow smaller and their ranges will
grow longer, making the swap less odious.

He is most animated as he refutes criticism
that the electricity needed to charge the battery
has its own carbon footprint and the net result
might be worse for the environment than the
internal combustion engine.

The electricity could come from coal but also
from natural gas or wind or other sources, he
said, adding that the Israeli government has
approved a 600-megawatt solar project in the
country's southern desert that can power a half-
million cars a year. Is the main thing idealism
or profit? Agassi's message combines the two.

"The end of the oil era will not come because
we ran out of oil — it will come become we don't
want to use oil any more to drive," he said. "I can
guarantee you that we will finish the need for oil
as an energy source for cars before we run out of
oil in the ground."

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

FRIDAY, JANUARY 28, 2011, PAGE 7B



TOKYO — Standard &
Poor's cut Japan's credit
rating for the first time in
almost nine years, issuing a
harsh critique of the gov-
ernment's ability to control
its massive debt.

The downgrade weighed
on the yen but had no
impact on Asian stocks as
it was released after mar-
Kets closed.

Japan's Nikkei 225 stock
average closed 0.7 percent
higher.

Elsewhere in Asia, South Korea's
Kospi added 0.2 percent, Hong
Kong's Hang Seng fell 0.3 percent and
the Shanghai Composite Index
climbed 1.5 percent.

day:

LONDON — Later in Europe,
shares had a fairly lackluster session.
Germany's DAX rose 0.4 percent, the
CAC-40 in France added 0.3 percent
and the FTSE 100 index of leading
British shares ended 0.1 percent low-
er.

DAVOS, Switzerland — French
President Nicolas Sarkozy says he and
European partners will "never turn
our backs on the euro" despite the
crisis over too much government debt.

BEIJING — China will impose
property taxes in some cities to help

Ass 0 C1

AT 8 WD

A look at economic developments and activity
in major stock markets around the world Thurs-

curb surging prices, the finance min-
istry said, part of a broader effort to
control high inflation.

TOKYO — Japan's export growth
accelerated for the second straight
month in December, indicating a
revival of overseas demand critical to
the country's recovery.

LONDON — Business and con-
sumer sentiment in the 17 countries
that use the euro dipped slightly dur-
ing January but remained high despite
tensions over Europe's debt crisis.

CANBERRA, Australia — Aus-
tralia wants to tax those not affected
by massive flooding and cut spending
to pay the more than $5 billion bill it
is anticipating after weeks of rain
swamped the country's third-largest
city and forced thousands from their

| ae ae eS

RATINGS CUT: In this
Jan. 16, 2009, file photo
Mount Fuji, Japan's
highest peak at 3,776
meters (12,388 ft.),
looms over high-rise
buildings of Tokyo's
Shinjuku district. Stan-
dard & Poor's cut
Japan's credit rating for
the first time in almost
nine years Thursday Jan.
27, 2010 , issuing a
harsh critique of the
government's ability to
control its ballooning
debt.

(AP Photo/Kyodo
News, File)

DAVOS, Switzerland —
Exxon Mobil Corp. signed a
deal with Russia's Rosneft
to develop oil and gas
resources in the Black Sea,
a new boost for the coun-
try's lucrative energy sector
despite concerns about the
challenges of investing
there.

BEIJING — China plans to step
up efforts to develop clean energy
and other technology industries this
year, government officials said, a strat-
egy that has strained trade ties with
Washington and other governments.

MADRID — The Spanish govern-
ment said it is on the point of reaching
a deal with unions on pension reforms
including raising the retirement age, a
deal that could avert a general strike
that threatens to hamper efforts to
ease the debt crisis.

DUBAI, United Arab Emirates —
The builder of the world's tallest sky-
scraper said it has raised $500 million
through an international bond, offer-
ing hope that debt-crippled Dubai
companies also can raise fresh capital
on world markets.



Spanish government,
unions approach an
accord on pensions



AP Photo/Alvaro Barrientos

STRIKE CALL: A demonstrator holds up a banner reading:
“Enough Reasons for General Strike” during a general strike
called by the Basque Nationalist trade union in Bilbao, northern
Spain Thursday Jan. 27, 2011 against the Spanish Government
approving a new Pensions Law.

CIARAN GILES,
Associated Press
MADRID

The Spanish government said Thursday it is on the point of
reaching a deal with unions on pension reforms including raising the
retirement age, a deal that could avert a general strike that threat-
ens to hamper efforts to ease the debt crisis.

A spokesman for Prime Minister Jose Luis Rodriguez Zapatero's
office told The Associated Press negotiators were very close to seal-
ing the agreement. He described it as solid and balanced. The
official spoke on condition of anonymity in keeping with govern-
ment policy.

Earlier the Labor Ministry said a preliminary agreement had
been reached overnight but declined to give details.

Leading daily El Pais and other media outlets said the agreement
included the government's highly contested plan to raise the retire-
ment age gradually from 65 to 67 under certain conditions.

The government has pledged to approve a pension reform bill
Friday. The bill is seen as crucial to its attempts to shore up pub-
lic finances and make structural reforms as it struggles to emerge
from recession.

Unions have long opposed any changes in the retirement age and
had threatened a general strike.

Spain is battling to reduce a euro-zone high near 20 percent
unemployment and a swollen deficit. The country has also come
under fierce pressure from bond investors in recent months over
fears it may be unable to handle its debt and will need a bailout like
Ireland and Greece.

El Pais said the two main unions have agreed to accept the age
change but demand that people who have worked for 38.5 years can
retire at 65 with full benefits. The government had insisted on
people working 41 years if they wanted to receive full pension at
65. Under current law, you have to pay into the system for 35
years to get retire at 65 with a full pension.

PERFORMANCE,

Scotiabank (Bahamas) Ltd.
Is currently seeking applications for the following position:

Senior Manager, Client Relationships
Corporate & Commercial Banking Centre

Position Summary:

The Seruor Maree, Client Relationships must possess a bend ereawledge of
financial products and senices and wall focus on the ceoss-Sell, up-sell, and reierion
of enisting cammernal customers. Hefshe is responsitle for identifying prospects in
ta roe markets Gevaloping aS Fs pauisition | strategies, mai nts taning pee mPa

ani calls, qualific alan ¢ at anpertundth ies based an custarn ef pal raslian ar red high
lewel of due diligence. The incumbent & on the coverage team wath the Credit
Solutions Gmup on deal shrictunng, negotiation and pnong tor new and exsaing
customers with hey ampnicse placed on protitandity to the Bank

Key Accountabilities for this Role:

® Promotes the dewelooment and peotmable grat of the commercial banking portfolin
n the assigned market ares

® Pursues an aggnashe business devehooment program within the assigned mariet ara
according 10 agered upon geoveth objections
Bailds ated mgeniain ah Pra thoat prot ike i tha ashore miarkoet ana with berth
fitertial and eochenal cor
Erraures all aoe ts of a
TTI Lair, ITTIpeAAE, Seow ares rel airs

pied relaberhins sates Een aTleniioe, as requised 1p
Se celalicnslnp
Salequanis the Barc) 40h and babel

Eapqubes the Branch Compliance respons bobties 25
Procedure: Manual

refected in the Branch Seneces and

Educational Requirements:

External education andio licensing prerequisites: Gratiagte degeae in business oF
eronomics oF work equeaiency Other training sequiraments 2s debennined ty the Bank
from ime to time.

Functional Competences:

The incumbent must hawe at least 5 years. of comercial banking spenence

Strong knowledge of the commercial banking malas and 3 detailed knoaiadige of
The anmigned mrekel anda’s hey PORDeCS, Mayor Con pant and CoMmpelnive powtoning
avilhiny The aikired warkel aed

The icuinibanl fuel abe hae a areng uedertanding of the Commercial Bank's
chypectwes, Strahegess, 4 ucts, as wel atin ding are r bron = and eh and sernaices,
Wery strong inieqreronel diols and communication sik are eersal to the. poameon
The incumbent must be able in effective) articulate wean both wtthin the Bank ard
eahermadly ini Sus market

Strong (PC stoi gre necessary, including a working Enowiedge of RAS Véond, Excel,
Poe Point, and all commercial sates. and patton.
Abiity to conduct duc diigenct on strength of customer financik

Geoltrey Jones offers the fine line of General
Electric appliances designed to suit every
need with performance quality and style. Our

GEOFFREY The & 2 2n OOLWL OD POT IN I Ana aed Wem

Parties. We thank yoo tor your interes, hoevewer, onky those cancidabes selected for an unieresw val

cotlpbank Group appicatons from a inensed
ran , : be conmlacted

competitive prices and full service department,

Quaited candicetes onty should whit applicators wis email fc: Palenager, Ress

or before January 31, 3011

Surces Planning 3

ee

make us your ultimate appliance centre,

iootabant bvlibootahank oom om

imagination at work — ———
JONES &CO

PR es Cie bd Ur Ut sal | 322-2 1 tthe)

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