Citation
The Tribune.

Material Information

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

Subjects

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

Notes

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

Record Information

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

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Full Text
PAGE 2, THURSDAY, MARCH 17, 2011

LOCAL NEWS

THE TRIBUNE





New US departure terminal opens ‘without incident’

po

LEST CNET



» f
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THE US TERMINAL officially opened yesterday. The Bahamasair flight to Miami was the first

to depart the new facility.

THE new US departure
terminal opened to interna-
tional passengers yesterday
without incident, according to
Shonalee Johnson, communi-
cations manager at the Nassau
Airport Development Com-
pany.

Passengers booked on the
6.30am Bahamas Air flight to
Miami were the first to test
run the new facility.

There was a “constant flow
of passengers in and out of
the facility” over the course
of the day, starting from the
time checkin counters opened

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at 5am, said Ms Johnson.

Airport traffic reached the
projected volume of 2600.
Wednesday is ordinarily a low
traffic day for the airport,
which is why the “go live” day
was set for yesterday, said Ms
Johnson.

The first 100 passengers
received coupons for use at
some of the retail outlets, so
they could have a broad feel
of the new airport experience.

Exceptional

“The new US departures
terminal at Lynden Pindling
Airport provides travellers
with an exceptional Bahamian
experience as soon as they
step off the plane, which is
important in enhancing the
overall vacation experience,”
said Andrew Neubauer, direc-
tor of sales and marketing for
the Sheraton Nassau Beach
Resort.

“This is a significant step in
the right direction as we con-
tinue to position Nassau as

the premiere destination in
the Caribbean.”

Construction on the new
terminal began 18 months ago
for a price tag of about $191
million. All of the vendors
were open for business yes-
terday, including the 19 retail
food and beverage services.

Now that the new facility is
fully operational, the old facil-
ity has been “decommis-
sioned.” Workers are cur-
rently erecting a perimeter
fence.

The old facility is being
transformed into a new inter-
national arrivals terminal.
With a scheduled completion
date for the Fall of 2012, Ms
Johnson said work will begin
“right away.” The second
phase of the airport redevel-
opment project is estimated
at $138 million.

There will be selective
demolition on the old facility.
The two-story structure will
house immigration on the
upper level and Bahamas cus-
toms and baggage collection
on the bottom.

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THE TRIBUNE

THURSDAY, MARCH 17, 2011, PAGE 3



LOCAL NEWS

Bahamian rewarded for
Barefoot Bandit capture

Eleuthera security guard
Kenneth “Kenny” Strachan
received a share of the
$10,000 reward posted by the
Federal Bureau of Investiga-
tion for the capture of the
“Barefoot Bandit.”

The US folk hero fugitive,
born Colton Harris-Moore,
was captured in the Bahamas
last year and deported to the
United States.

Mr Strachan helped
Bahamian police nab the
Barefoot Bandit during his
Bahamas escapade.

The reward was split

teen was said to have sprinted
into the bush, before re-
appearing for a minute at the
edge of the dock and then
fleeing in a boat allegedly
stolen from nearby.

As police descended on the
scene and other marina guests
took off with authorities, Mr
Strachan joined in pursuit
with police.

Together, the boats cor-
nered Mr Harris-Moore.

His capture in the Bahamas
was a feather in the cap of the
Royal Bahamas Police Force,
which was credited with han-



BAREFOOT BANDIT

dling the case with extreme
professionalism after numer-
ous law enforcement agencies
in the US and Canada —
including federal agents —
were unsuccessful in their
attempts to apprehend the
Bandit.

The capture gave rise to a
number of trends in Harbour
Island and Eleuthera.

By the day after Harris-
Moore's capture, the Romora
Bay Resort and Marina was
selling a drink called the
Barefoot Bandit at its Sunsets
Bar and Grill.



among five persons, includ-
ing four men on visiting
yachts at the Romora Bay
Marina in Harbour Island,
where Mr Strachan works.
He plans to use his share
of the FBI reward — $2,000 —
to visit an older sister in
upstate New York and an
aunt who lives in Manhattan.
He has not seen his sister,
who is American, since 1988.
He received the reward at
the American Embassy in
Nassau without ceremony.
Another $13,000 raised by
private donors also will be
split among the five, who
were officially recognised as
directly assisting in the arrest.
Others who received a
share were Capt Ronald Bil-
liot, Captain Ben Johnson,
Captain Patrick Young and



Diane Phillips & Associates

REWARD: Kenneth Strachan

Jordan Sackett. The late-night
harbour chase that resulted
in Harris-Moore’s capture,
began on July 11 when Mr
Strachan spotted the teen
bandit running down the dock
at about lam.

Dialled

Mr Strachan was said to
have approached the man at
first, thinking he was in trou-
ble.

When he realised the man
was the wanted teen bandit,
he kept Mr Harris-Moore in
sight and talked to him from a
distance as he dialed for help.

Before help arrived, the

Whitney Bastian likely to contest election
— with or without McCartney support

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

FORMER Independent
MP for South Andros Whit-
ney Bastian confirmed that
he is likely to run in the next
general election as an Inde-
pendent candidate with or
without the support of FNM
MP Branville McCartney,
who he speculated could be
an Independent candidate as
well at that time.

“T have plans to run as an
independent candidate. I have
plans to run in the next elec-
tion. I have been working in
this constituency for some
time. I had applied to the PLP
for the nomination and they
have not even considered it. I
have withdrawn from them
and J have asked them if they
would want that in writing
and they said fine,” Mr Bast-
ian said.

Mr Bastian added that he
does not believe that “per-
sons outside of Andros”
should be telling people in
Andros who to elect.

“T believe I am well quali-
fied to represent the people. I
didn’t really want to run, but
people over the years have
been asking me to run,” he
said.

With reports reaching The
Tribune that Mr McCartney
could launch a new “Inde-
pendent party” in May of this
year with Mr Bastian as one
of the leading members, the
former South Andros MP said
that he has spoken to Mr
McCartney, but has no for-
mal information on what the
young FNM intends to do.

“T told him that if he does-
n’t have any faith in the PM,
and if he doesn’t have any
faith in Christie, then he
shouldn’t go there either.

“T have been listening, my
ears are to the ground and the
majority of the persons I have
talked with said they wish he
(Mr McCartney) would just
run. The majority of young
people I have spoken to said
they like Bran.

“People has asked me why
don’t Bran and I get together
and maybe after I get these
personal things done I will
consider it. But we can’t have
a ‘fammer’ like the current
MP who only comes to the
constituency and rides from
one end to the next and hops
back on the plane and heads
back to Nassau,” he said.

Mr Bastian said that in two
months he expects to be in a
better position to state cate-
gorically what he will do, and
stressed that if Mr McCart-
ney would want him to assist
him he believes they could be
a good team. However, he

emphasized that at this time
he has no idea if Mr McCart-
ney will leave the party or
what the young MP’s plans
were for his future in politics.

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THE TRIBUNE

THURSDAY, MARCH 17, 2011, PAGE 5

LOCAL NEWS



PM and Minister
tour new Public
Treasury building

By CELESTE NIXON
Tribune Staff Reporter
cnixon@tribunemedia.net

PRIME Minister Hubert Ingraham and
Finance Minister Zhivargo Laing toured the
new Public Treasury building yesterday morn-
ing located on East Street across from the
Police Headquarters.

The five-story, 30,000 square-foot building
became fully operational on February 24th
and will be home to the Treasury for many
years to come said Prime Minister Ingraham.

Mr Ingraham said the Public Treasury has
been dealing with inadequate and unaccept-
able accommodations for many years and
expressed gratitude to the treasury person-
nel who have tolerated this situation.

The government is leasing the building at a
cost of nearly $700,000 a year, while more
money is now being spent in terms of renting
the building. Mr Ingraham said “the money is
being well spent."

Mr Ingraham, commenting on the new

PRIME MINISTER Hubert Ingraham and Finance Min-
ister Zhivargo Laing tour the new building yesterday.
Tim Clarke/Tribune staff

a stand alone building — there is now ade-
quate space, parking, morale of staff is high
and they are comfortable and secure — it is
money well spent on a deserving group of
people."

The Prime Minister added that they are
expecting to soon open branches of the Trea-

building, said: "We wanted the treasury to be

sury in the family islands, in particular
Eleuthera and Exuma.

Grand Bahama Power Company CEO resigns

FREEPORT -—- Grand
Bahama Power Company CEO
R Alan Kelley has resigned
effective March 16 to pursue
other opportunities in the Unit-
ed States, the Power Company
announced yesterday.

Mr Kelley joined GBPC in
December of 2009 and led the

Marubeni of Japan.

Emera has pledged to
improve the reliability and con-
sistency of Grand Bahama
Power Company's electricity
supply through investing $35
million in constructing a new
power plant for the island, a 10-
12 month project that is slated

to create 80-100 jobs.

Grand Bahama Power Com-
pany Ltd is a totally integrat-
ed utility company serving the
island's 45,000 residents and
commercial establishments
from east to west. The company
employs more than 200
Bahamians.



company under the direction
of former majority owner
Marubeni/Taga.

In a statement released by
the company, it was announced
that Emera executive Ray
Robinson will continue to lead
the organisation in his role as
executive chairman of GBPC
and will begin the process of
recruiting a new CEO immedi-
ately.

“We thank Mr Kelley for the
contributions he has made to
the business over the last 15
months,” said Mr Robinson.

“T look forward to working
more closely with the GBPC
team to revitalise the utility for
the benefit of the citizens of
Grand Bahama and the
Bahamas.”

In December, Emera
announced that it had become
the majority shareholder in the
Power Company following an
$82 million acquisition of the
55.4 per cent stake held by

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PAGE 8, THURSDAY, MARCH 17, 2011
LOCAL NEWS

THE TRIBUNE

























































”
er“

ean IN a workshop held by the Ministry of Tourism and Avi-
ation and the Bahamas Hotel Association on Tuesday, March 15. The work-
shop was held to explain tools, tips and resources available to prepare busi-
nesses to tap into the Latin American market. Derek Smith/BIS



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Bahamas Information
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IN a bid to strengthen
the country’s position in
the Latin American mar-
ket, several initiatives are
being implemented to sup-
port service to Latin
American travellers.

Included in the initia-
tives are several cam-
paigns aimed at encourag-
ing hotels and Nassau Air-
port Development Com-
pany (NAD) to provide
signage in Spanish; a wel-
come arrival message; a
15-minute welcome to des-
tination CD for taxi dri-
vers; boosting of the web-
site — www.bahamasturis-
mo.com — partnerships for
Spanish courses at the
College of The Bahamas;
recruiting of a corps of
bilingual ambassadors for
the People-to-People pro-
gramme and placement of
bilingual roving ambas-
sadors stationed down-
town and at the Lynden
Pindling International Air-

ort.

Officials at the Ministry
of Tourism are currently
discussing with a major
publisher the publication
of a tourism guidebook in
Spanish. In addition, the
Ministry has already pro-
duced four public service
announcements (PSAs) in
the form of television ads
with the objective of push-
ing the learning of Span-
ish in the workplace.

The announcement was
made on Tuesday, March
15, during a workshop
sponsored by the Ministry
of Tourism and the

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Bahamas Hotel Associa-
tion for stakeholders in
the tourism industry.

Tourism Director Gen-
eral David Johnson, said
The Bahamas is “poised”
to capitalise from business
in the Latin American
region.

“For many decades now,
we have known that the
desire to travel to our
country from South and
Central America is quite
high and rising,” said Mr.
Johnson. “The means to
travel and the language
barrier, however, were a
hindrance for us, therefore
we were unable to capi-
talise on that demand.”

That recently changed,
however, with the recent
announcement that COPA
Airlines, a leading airline
in Latin America, will start
offering non-stop service
from Panama to Nassau
commencing on June 15.

Mr. Johnson said the
Latin American market is
avery “lucrative” one that
was not affected by the
recent worldwide reces-
sion. He explained that
even though Latin Ameri-
can people share many
similarities with Bahami-
ans, it is still important to
put the necessary invest-
ments in place to properly
accommodate this market.

“There are still some
basic things that we need
to be aware of, appreciate
when dealing with this
market,” said Mr. John-
son. “That’s why we have
to put ourselves in the
position to do this right
and take advantage of the
potential of Latin Ameri-
ca.”

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THE TRIBUNE THURSDAY, MARCH 17, 2011, PAGE 9

International Scout Exchange for Grand Bahama

MR. PETER KOSKOLOS OF SCOUTS CANADA, second from right, is flanked by members of the Grand Bahama
District of the Scout Association of The Bahamas, as they exchange gifts from their respective associations. He
was presented with a T-shirt, badges and a local training manual. Also pictured are: (I-r) Peter Storr, Brenda



THE Grand Bahama District
of the Scout Association of the
Bahamas recently hosted Peter

Koskolos of Scouts Canada for
an extended period.

Mr Koskolos, deputy council
commissioner of media and
public relations of Nova Sco-
tia, is considered a “lifer”,
someone who has been
involved in scouting for most
of their lives.

He has remained active ever
since joining the movement in
1967.

Since then, he has moved up
through the ranks, starting out
as a Cub Scout and now has
experience as both a Cub
Leader as well as a Scout
Leader.

While in Grand Bahama, Mr
Koskolos attended a regularly
scheduled training session for
group leaders where he shared
some of the activities and
adventures that scout groups
participate in back in his region
of Canada. The most fascinat-
ing and biggest difference, of
course, was winter camping
where the youth are taught
skills for surviving in the snow
and techniques that are useful
in the event they are caught in
blizzard conditions. Another
significant difference is that the
groups in Canada are “co-ed”
but in The Bahamas same-gen-
der troops and packs are still
maintained.

He also offered ideas on
membership growth and
recruitment, stating that in
Canada, they issue lapel pins
to the Scouts and Leaders that
promote the Movement as well
as badges that serve as incen-
tives for boys who sponsor their
friends. He also presented a
number of training manuals and
handbooks to the local associa-
tion as well as souvenir patches
and badges from his local coun-
cil. In a reciprocal gesture, he
was given badges from the
Bahamas Scout Association as
well as a T-shirt and a copy of
the Basic Information Training
Manual that is utilized locally.

Mr. Koskolos also visited a
local Scout Troop attached to
St. Jude’s Anglican Church in
Smith’s Point where he inter-
acted with the leaders and the
20 or so boys who attended.
He observed how troops/groups
here are a bit more regimented
than they are in Canada and
that, in order to be “politically
correct,” they are not allowed
to use military “drill” with their
members as much as they do
in the Bahamas. Again, he
shared scouting stories; taught a
number of skits; learned a
Bahamian “yell” himself and
offered tips on outdoor activi-
ties that involve environmen-
tal conservation.

Peacefully co-existing with
wild animals, while camping, is
a novelty for local scouts and
predators such as wild bears are



not a factor because they hiber-
nate in winter although the
boys were warned that squir-
rels can become a major con-
cern, as they are primarily in
search of food that can conve-
niently be found in the scouts’
tents.

Members of this troop were
also the recipients of souvenir
patches from the Nova Scotia
Council of Scouts, Canada.

Unlike their Canadian coun-
terparts, Founder’s Day is not
observed locally.

This date is February 22 and
commemorates the birth of the
founder of the Worldwide
Brotherhood of Scouts, Lord
Baden-Powell. The Patron
Saint of the Movement is St.
George and St. George’s Day
has somehow disappeared from
the local calendar as well but
the group of local leaders will
work to have these two major
observances included in their

schedule for next year.
Founder’s Day in Canada is a
major celebration when both
the Leaders and the Scouts par-
ticipate in a series of communi-
ty activities that create an excel-
lent opportunity to increase the
public visibility of the organi-
zation and serves as a conve-
nient recruiting tool to attract
both members and leaders.

On a trip to the Eight Mile
Rock community, Peter Kosko-
los met with a number of resi-
dents who were founding mem-
bers of the initial 1st Grand
Bahama Scout troop, which was
started by the late Bishop
Michael H. Eldon at St.
Stephen’s Anglican Church.

The concepts of leadership
and community service still pre-
vails in the lives of these men as
they were actively involved in
raising funds for a community
outreach programme at the
time.

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PAGE 10, THURSDAY, MARCH 17, 2011

THE TRIBUNE

LOCAL NEWS

PICU
repair Current isiand docks |

IN THE ESTATE OF Frank Kucera late

of White Harrington, Quebec, Canada.

NOTICE is hereby given that all persons
having any claim or demand against
the above Estate are required to send
the same duly certified in writing to the
undersigned on or before the 14" day of
April A.D., 2011, after which date the
Executors will proceed to distribute the
assets having regard only to the claims of
which they shall then have had notice.

AND NOTICE is hereby given that all
persons indebted to the said Estate of
Frank Kucera are requested to make
full settlement on or before the date

hereinbefore mentioned.

NADIA A. WRIGHT
Attorney for the Executors

Chancellors Chambers
P.O. Box N-4589




-—

ELEUTHERA - The
Government’s Infrastruc-
ture Crusade expanded to
Current Island with the
signing of a $214,959.30
contract for two docks
there.

Public Works and Trans-
port Minister Neko C
Grant made a stopover vis-
it to that island on March
14. His delegation included
Colin Higgs, permanent
secretary; Dion Munroe,
project engineer and
Shaun Lightbourn, assis-
tant engineer. Also in
attendance was House
Speaker Alvin Smith,
Member of Parliament for
North Eleuthera, and
Stephanie Rahming,
administrator.

A large representation
of the 50-member popula-

PUBLIC WORKS AND TRANSPORT MINISTER Neko Grant shares a light moment with those gathered at the ceremony to witness
the contract signing for docks in Current Island. Shown in background are students of North Eleuthera High School.







THE NORTH ELEUTHERA COMMUNITY YOUTH BAND, led by PC 2673 Carlton Smith, performs at

the contract signing ceremony for docks in Current Island on March 14.

tion, including students of
the Current Island All-
Age-School, witnessed the

MINISTRY OF WORKS & TRANSPORT | Jf
NOTICE

CORRIDOR LA
BAILLOU HILL ROAD
ROAD PAVEMENT WORKS















Co

Please be advised that final Road Pavement Works will be carried out on sections of Baillou
Hill Road between BAHAMA AVENUE and TUCKER ROAD from Saturday March 19th,









i March 20th, 2011.

Motorists travelling along this route are advised to follow the traffic management in place and
use Poinciana Avenue, East Street & Wulff Road as an alternate,






We sincerely apologize for any inconvenience that may be caused by the closure and look forward
to the co-operation of the motoring public throughout this project.





For further information please comiact :

(The Contractor)

Jose Cartellone Constrocciones Civiles 5.4
Office Hours Mon-Fri 80 am to 62) pon
Mice: 242 )522-8341/922-2610

Emaik bahomasneighbor@ cartellone.com.ar

(The Contract

Agency)

Ministry of Works & Transport

The Project Execution Unit
Hotline: (242) 302-9700

Email: publicworks@bahamas.govbs

event held under a cabana
at the site of the main dock
posed for reconstruction.
Police Constable 2673
Carlton Smith led the
North Eleuthera Commu-
nity Youth Band, which
provided music for the
event.

“The existing deteriorat-
ed docking facilities can-
not adequately meet the
needs of this community,”
said Minister Grant. “We
thank the people of Cur-
rent Island for their
patience.

“We anticipate that the
reconstruction of the dock-
ing facilities here will facil-
itate further development
of the existing fishing and
straw industries along with
other industries on this
island.”

In addition to recon-
struction of the main dock,
the contract also includes
repairs to the nearby
wooden ferry dock on that
island.

The concrete dock was
destroyed as a result of



Patrick Hanna/BIS

recent hurricanes. The pro-
ject is expected to be fin-
ished in four months.

“We are signing a con-
tract for a dock that is
absolutely necessary,” Mr
Smith said.

“The government has
never forgotten the people
of Current Island. You are
a people of strength and
faith.

“We believe,” he said,
“that with your population
of just 50 that you are to
be treated just like New
Providence with a (popu-
lation) of 200,000, Grand
Bahama of just under
100,000 or the rest of the
Family Islands.”

The contract was award-
ed to Robert Roberts of
Complete Marine Services
Co Ltd.

The Government is also
carrying out 3.2 miles of
roadworks in Current
Island that is set to be fin-
ished in six weeks.

e SEE PAGE 12



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THE TRIBUNE THURSDAY, MARCH 17, 2011, PAGE 11

LOCAL NEWS

POPULAR CHILDREN’S BOOKS donated to the event will be distributed to children ages 12 and under
who participate in the Reading Fair. The effort is to encourage children to practice reading for enjoy-
ment and leisure.



Gena Gibbs/BIS



Bid to get youth in Pinewood
practising reading for enjoyment

By GENA GIBBS
Bahamas Information
Services

PINEWOOD Urban
Renewal wants its youth to
practice reading for enjoy-
ment. The centre will be
hosting a Reading Fair at
Pinewood Park on
Pinewood Drive from
10am-1pm on March 26th
for children aged 12 and
under.

“As the Member of Par-
liament for the Pinewood
Constituency, I fully
endorse this event, giving it
my support,” said Byran
Woodside, Minister of State
for Lands and Local Gov-
ernment.

“To this end, I am
encouraging parents in the
Pinewood constituency to
deliver their children to the
park for the reading fair.”

On March 13th, Minister
Woodside held a press con-
ference at Dockendale
House, West Bay Street,
where he announced that
volunteers from the Kiwanis
Club of New Providence are
partnering with Pinewood
Urban Renewal to conduct
reading camps, which
includes free books and
lunch.

Pinewood,” said Mr Wood-
side.
“T am thankful for the

various donations of
books.”
Minister Woodside

reflected on how many pro-
ductive and influential peo-
ple were produced from
Government High School’s
educational programme in
the past that offered gov-

ernment school students an
opportunity to obtain a pri-
vate school education.

“Reading is still the key
to unlock doors for the
future,” said Mr. Wood-
side.

“This fair is in keeping
with the goal to excite,
inspire, and prepare the
next generation of upstand-
ing citizens in Pinewood.”

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PAGE 12, THURSDAY, MARCH 17, 2011 THE TRIBUNE



LOCAL NEWS



Sheraiioi
Pactra

The new 700 room Sheraton Nassau Beach Resort, Nassau, The
Bahamas 1s looking for

Chef De Cuisine

Support and assist the Executive Chef. Oversee the day-to-day culinary operations of
the hotel’s “fine dining” room. Train and supervise staff and monitor food quality.

Essential Functions

* Select, train and supervise kitchen staff in the proper preparation of menu items, equipment
and safety measures.

* Evaluate performance, give guidance and discipline as necessary to promote quality products.

* Visually inspect, select and use only the freshest fruits, vegetables, meats, fish, fowl and other
food products of the highest standard in the preparation of all menu items.

* Read and employ math skills for following recipes.

* Prepare requisitions for supplies and food items for production in workstation.

* Observe production flow and make adjustments in order to adhere to control procedures for
cost and quality.

Skills & Abilities

* Must be able to speak, read, write and understand the primary language(s)
used in the workplace.

* Must be able to read and write to facilitate the communication process.

* Requires good communication skills, both verbal and written.

* Must possess basic computational ability.

* Must possess basic computer skills.

* Thorough knowledge of food products, standard recipes and proper
preparation.

» Ability to analyze, forecast data, and make judgments to ensure proper
payroll and production control.

* Ability to supervise large staff and accomplish goals on a timely basis.

* Ability to conduct meetings, menu briefings and maintain communication
lines between line staff and Director, Food & Beverage.

Qualifications & Experience

* High School or equivalent education required, Bachelor’s Degree preferred.

* Minimum of two years experience as a Sous Chef in a high-end, high quality
operation.

Qualified applicants are invited to visit our website or email resumes to:
snbrjobs@sheraton.com

Note: All information will be held in strictest of confidence
Deadline for all applicants is April 8, 2011

ROSS
UNIVERSITY

Ross University was founded in 1978 and is a provider of medical and veterinary
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programs. Located in Dominica, West Indies, the School of Medicine places more
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Responsibilities

¢ Maintain the schedule of the learning labs

* Organize the physical set-up of the laboratories for scheduled class
sessions as well as independent student lab activities

* Organize the budget for the learning labs

¢ Supervise students working independently within the learning labs

¢ Supervise some additional laboratory personnel on campus

¢ Assist in the Learning Labs with scheduled student laboratory activities

¢ Maintain security within the labs

¢ Maintain up to date information on US and Dominican regulations on
laboratory safety including ordering, storing and disposal of chemicals
and assuring regulations are followed at Ross

¢ Perform any other duties commensurate with the position which may be
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¢ Minimum of a Bachelors degree in a scientific field

¢ Some general lab experience

¢ Proficiency with computers and scientific equipment including
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* Desire for self-improvement

Interested application should apply online Www.rossu.edu/careers

Please note that application must be made through our online website.



By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net

FREEPORT - Minister of
Works Neko Grant and engi-
neers from the China Harbour
Engineering Company visited
the Fishing Hole Road and
Smith’s Point on Wednesday,
with a view to resolving the
flooding and erosion in those
areas.

Mr Grant said that the
CHEC will examine the sites
and make recommendations to
the government of how best to
tackle these constant coastal-
related problems.

Fishing Hole Road is prone
to flooding from Hawksbill
Creek, especially during hurri-
canes and severe rainy weather.

The narrow causeway con-
nects West Grand Bahama and
Freeport and is travelled daily
by thousands of motorists.

The flooding situation has
been a sore one for residents
since 2002, and there have been
calls for a bridge to be built
there as a permanent solution.

Mr Grant and Alex Lee,
marketing officer of CHEC,
viewed the sites with officials at
the Ministry of Works.

At Smith’s Point, the beach
erosion has worsened over the
years and has caused great con-
cern among residents there.

The area is a popular Fish
Fry site for many visitors and
local residents on Grand

ee

Bahama.

Mr Clifford Edden, a local
government representative for
Smith’s Point, said a sea wall
is needed to prevent further
erosion in the area.

He noted that a lot of beach-
front properties have been lost
as a result of the erosion. He
stressed that the area is vul-
nerable, especially during hur-
ricanes.

“T am happy to see Minister
Grant here looking into it and
to help us get a seawall built
to protect the residents of
Smith’s Point.

“This is our number one
industry as we entertain a lot of
tourists and we would like to
get a sea wall built and clean up
the area,” he said.

Minister Grant said that the
Infrastructure Crusade imple-
mented by the government
seeks to better the lives of
Bahamians.

“We have received a num-
ber of complaints from resi-
dents of Smith’s Point about
continuous erosion of the
beach.

“T have come this morning
with Mr Lee from the China
Harbour Engineering Compa-
ny for them to have a look at
what we are challenged with
and make some recommenda-
tions on the way forward,” he
said.

Last Monday, the govern-
ment signed a Memorandum
of Understanding with CHEC

HARBOURSIDE (IARINE & YAMAHA
=a CETERA

|. Sl gusioio AMGLEe
4 es

that will involve projects in
Exuma and Abaco.

Minister Grant said a port,
bridge and bypass road will be
built in Abaco. In Exuma, a
port and bypass road will also
be built, he said.

He said an investigation and
evaluation will be conducted
at Fishing Hole Road to
address challenges similar to
those faced in Eleuthera.

“Every resident of Grand
Bahama would be aware of
challenges at Fishing Hole dur-
ing adverse weather conditions.
I did mention earlier that
CHEC will be submitting a
proposal to us to replace the
Glass Window Bridge in
Eleuthera,” he said.

Both the former PLP and
FNM governments had under-
taken studies of the Fishing
Hole Road after protests and
agitation by the civic organisa-
tion PUMP, but nothing had
been done to resolve the prob-
lem.

The FNM government was
looking at the possibility of
raising the road and installing
culverts underneath so that
water from Hawksbill Creek
could flow from the north to
south side.

In 2006, the PLP had con-
tracted a consulting firm W F
Baird and Associate Coastal
Engineers to undertake a
study, physical modeling and
design for solution at Fishing
Hole and Queen’s Cove.

Harbourside Marine

on

East Bay Street
is having a
storewide sale,

all items

discounted 20%.

Saturday March 19"
sam — Spm

“Stop on by and take advantage of
our best prices EVER.”





THE TRIBUNE

THURSDAY, MARCH 17, 2011, PAGE 13



LOCAL NEWS



PM: Early election if
BTC sale not passed

FROM page one

With 24 FNM MPs in the
House to the PLP’s 17, if
Mr McCartney votes
against the bill three more
FNMs would need to break
ranks along with him for
the government to lose the
vote.

Yesterday, Prime Minis-
ter Ingraham took the
opportunity to reiterate the
importance of this vote dur-
ing his tour of the new Min-
istry of Finance offices on
East Street, stressing that
his party cither has the
votes to carry it through or
not.

“If I do not, I will have
an election, because it is a
vote of no confidence in the
government. It is our policy.
I either have the votes or I
don’t. If they vote against
it then there will be an elec-
tion, and I have no concerns
about it,” he said.

Mr Ingraham explained
that in his party’s Manifesto
of 2007, the FNM listed the
privatization of BTC as one
of its election commitments.
With every FNM Member
of Parliament having run
and won on this Manifesto,
Mr Ingraham said that they
have likewise adopted and
committed themselves to
that policy.

“Those who won, they
won based on the policies
in our Manifesto. We,
therefore, expect that when
it is time to vote on it, all
FNM MPs will vote for it. If
FNM MPs wish to not vote
for it, and wish to repudi-
ate that, then we will say
that we have said to the
public of the Bahamas that
we will do something that

we are unable to do and we
will return to you, the pub-
lic of the Bahamas, the
power which you gave us so
that you can decide who
should govern you.
“Because if you have a
party that commits in its
Manifesto that it is going to
do something and then it is
unable to do so because of
the persons it selects, then
you have a right to have a
say in the matter. But not
by a referendum, it will be
by an election,” he said.
The sale of BTC’s major-
ity shares to Cable and
Wireless has been a bone
of contention for the gov-
ernment for months.
Demonstrations and
protests have erupted, with

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some in both the political
arena and out calling for the
government to “rethink” its
position on this matter. The
Opposition PLP has been
accused by the government
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ticipate in a demonstration
in Rawson Square against
the sale — a claim the PLP
vehemently denies.

The debate on the sale of
BTC is set to begin in the
House of Assembly on
Monday, March 21, at
10am.

BTC SALE:
Prime Minister
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Skills & Abilities

* Must be able to speak, read, write and understand the primary language(s) used in
the workplace.

* Must be able to read and write to facilitate the communication process.

* Requires good communication skills, both verbal and written.

* Must possess basic computational ability.

* Most tasks are performed in a team environment with the employee acting as a team
leader. There is minimal direct supervision.

* Must possess supervisory and management skills to communicate and express ideas
and directives clearly to employees.

* Knowledge of computer accounting programs, math skills as well as budgetary
analysis capabilities required.

* Advanced knowledge of the principles and practices within the rooms discipline and
hospitality profession, including experiential knowledge for management of people
and complex problems.

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www.snbrjobs@sheraton.com
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OF THE BAHAMAS

EMPLOYMENT OPPORTUNITY
PERINTENDENT OF INSURANCE

Applicants are invited from suitably qualified persons for the post of
superintendent, Insurance Commission of The Bahamas (ICB).

The ICB is the primary regulator of both the domestic and external
insurance industries and as such is responsible and accountable for
planning, organizing and administering the Insurance Act and the External
Insurance Act (Insurance Act").

The Superintendent of Insurance (“the Superintendent”) is the Chief
Executive Officer of the office of the Commission and has charge of the
day to day management and operation of the office.

The Superintendent reports to the Board of Commissioners, and is
responsible to the Board for implementing the mandate of the Commission.

Principal Accountabilities of the Commission are:

1. Plans, organizes and directs all regulatory oversight relating to the
administration of the Insurance Laws and the Regulations associated
therewith.

Directs a risk based eee ed of continuous supervision of all licensed
insurers to ensure that the institutions are conducting business ina

sound and prudent manner.

Ensures that insurance companies and insurance intermediaries are
licensed and registered in accordance with the provisions of the Law.

Directs the undertaking of early intervention action approved by the
Board of the Commission, in response to instances of imprudent
behaviour of non-compliance with statutes by licensees and registrants.

Manages and develops the supervisory agency in accordance with
international best practices.

6. Maintains a strong working relationship with the industry and other
financial services stakeholders.

Special Knowledge and Skills

Sound financial, accounting and analytical skills.

Excellent understanding of the risks inherent to the undertaking of
the business of insurance.

Excellent understanding of supervisory processes and responsibilities.
Excellent understanding of the Insurance Law and related statutes,
and the Regulations adopted pursuant to these acts.

Strong ability to solve problems and conclude issues in a practical
manner.

Strong oral and written communication skills.

Ability to deal effactively with contentious Issues and differing opinions.
. Ability to lead, motivate and develop staff to their highest potential.

Education

ano © +o fh

Position requires a university degree preferably at the graduate level in
Insurance, law, economics, business administration, accounting, actuarial
science or a professional designation that is equivalent.

Experience

Position requires a minimum of ten years expernence in the financial
services industry and at least 5 years supervisory experience, or a suitable
combination of business and financial institutions.

Remuneration Package

* Competitive compensation terms are being offered.
Interested persons should submit thelr resumes no later than 29th March,
2011 to:

Insurance Commission of The Bahamas
PO. Box N4abd4
3rd Floor Charlotte House
a & Shirley Streets
r

Email: info@icb.gov.bs



PAGE 14, THURSDAY, MARCH 17, 2011

PLP ‘not organising BIC demonstration’

FROM page one

the upper echelons of the
official opposition, they
added.

Workers’ Party Leader
Rodney Moncur has called
on PLP leader Perry Christie
to rally 6,000 supporters for a
planned protest against gov-
ernment's $210 million sale
of BTC to Cable & Wireless



Communications.

"Mr Moncur was pontifi-
cating, the PLP marches to
its own drum," said PLP
Chairman Bradley Roberts
when contacted for com-
ment yesterday.

He added that if party sup-

porters do turn up at the
protest it will not be at the
behest of the PLP.

"IT know a number of PLPs
have expressed the view that
they are gong to march but
this is not a PLP matter, but
a national matter. Even

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though they may be PLP
they are standing up for
what they believe in. PLPs
as Bahamians will be on the
march to demonstrate their
(distaste) of this stink deal,"
said Deputy Leader and Cat
Island MP Philip “Brave”

Davis.

He also lashed out at com-
ments from Labour Minis-
ter Senator Dion Foulkes
who accused PLP "opera-
tives" of paying people to
protest in a rowdy demon-
stration against BTC’s sale

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THE TRIBUNE

outside of Parliament last
month.

"T think Dion Foulkes and
the FNM are clearly under-
estimating the depth of the
feelings of the Bahamian
people on this issue and he
ought not to insult Bahami-
ans who are expressing a dif-
ferent view than they have
by suggesting that they are
mere mercenaries,” said Mr
Davis.

He said he is not aware of
any party officials or mem-
bers paying persons to
protest, but added that he
cannot control what is done
under the name of the PLP.

"It's very difficult to con-
trol what others may do and
what others may do in any
party's name. I do not know
that anyone was paid.

"(Mr Foulkes' comments)
are speculative. Are they
saying that everyone out
there was paid or some were
paid? All that aside you still
have to answer the question
that it cannot be denied that
there is a dissenting voice
about the sale because it
stinks.”

Mr Foulkes has also
claimed the PLP does not
want to admit they organ-
ised the demonstration
because it was a "flop" with
only around 500 attending.

Mr Davis said the number
of protesters does not dimin-
ish their rights to express dis-
sent from government poli-
cies.

"Is he suggesting that a
minority must not have a say
and express their views by
lawful means?"

Members of the House of
Assembly will begin debat-
ing the controversial trans-
action when the lower cham-
ber meets next Monday.
Critics of the sale, led by the
two unions representing
BTC workers, are expected
to protest the sale.

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THE TRIBUNE





FROM page one

place that will accommodate
all of us?”

Firefighters worked late
into the night to extinguish
the blaze, which consumed
four wooden homes and par-
tially damaged another in the
residential community off
Carmichael Road on Tues-
day. One large wooden struc-
ture was said to have housed
up to six families in separate
sections.

Some 45 persons were dis-
placed, including 16 children,
all of whom were said to have
been related.

Flora Bell Lewis, 53-year-
old family matriarch, said:
“For some it was the only
home they had ever known.
We own the land, we will

rebuild, but it is difficult.
Everything we worked so
hard for was destroyed.”

The fire was the fourth
bush blaze affecting New
Providence in less than a
week. Firefighters tackled
two simultaneous bush fires
at Soldier Road and Minnie
Street on Monday afternoon.
On Saturday, fire services
were said to be monitoring a
large bush fire near the
Industrial Park and Garden
Hills area.

Ms Lewis said: “The fire
just spread and spread, we
lost everything. We don’t
have anything but the clothes
on our backs. I can’t eat, ’m
so upset. I haven’t eaten since
the fire — a lot of us haven’t
eaten since the fire — there’s
just a pain in my chest.”

THURSDAY, MARCH 17, 2011, PAGE 15

LOCAL NEWS

Struggle of displaced fire victims

Various government and
non-governmental agencies
were present yesterday in
what was described as a
“multi-sectorial team
approach” to assess the needs
of individuals and provide
care. Some include the
departments of Social Ser-
vices and Public Health, the
Red Cross, Great Commis-
sion Ministries and also rep-
resentatives from the Nation-
al Emergency Management
Agency.

Ms Lewis said: “The entire
thing burned in less than two
hours, all our belongings just
burned to the ground. That
really hurt, we was just stand-
ing there watching.”

Persons wishing to contact
the family can do so at 467-
3384.

GOVT ‘CONSIDERS ELIMINATING ST ANNE'S
CONSTITUENCY, MAKING YAMACRAW LARGER’

ernment will have to take into account the

aed

The following persons are asked to contact
STOR-IT-ALL OF NASSAU, LIMITED

FROM page one

“This will obviously be a stronger FNM seat,
with Yamacraw now including all of St Anne’s.
We feel it will be an easier seat to win, and if
needs be we can still make two seats in
MICAL to keep the 41 seat number,” he said.

This proposal to split MICAL into two seats,
one including Inagua and Mayaguana, and the
other including Acklins and Crooked Island
has been tossed around by the government
before.

The Opposition’s MP for the area, V Alfred
Gray said that he is not concerned about what-
ever plans the government has for his area as
he will run for whichever constituency includes
Acklins and win it by a landslide.

“T can't control the Bahamas, but I can def-
initely say that in my constituency even Hubert
Ingraham can’t beat me,” Mr Gray said.

One of the major reasons behind any
changes in boundaries remains the shift in
population, with persons moving from one
area into the next. In the case of Family
Islands, Prime Minister Ingraham said the gov-

sparseness of the population and the need for
there to be representation.

During his tour of the new Treasury building
on East Street yesterday, Mr Ingraham
reminded the populace that the Constitution
mandates that there be a review of bound-
aries at least once every five years.

“We will cause a review to be undertaken
as the Constitution requires and the extent to
which there is need for there to be adjust-
ments in boundaries because people have
moved from one area to the next and there
are more people living here than live there,
ete.

“So as to ensure that there is relative equity
and equality in terms of the number of voters
in constituencies in a place like New Provi-
dence and/or Grand Bahama we will cause
that to be done. In the case of Family Islands
we will take account of the sparseness of the
population and the need for there to be rep-
resentation. And so the number of people who
live in a constituency or Family Island will not
be equal to a number given in say Nassau,” he
said.

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PAGE 16, THURSDAY, MARCH 17, 2011

THE TRIBUNE



Minister Vanderpool-Wallace

participates in tourism summit

BRUSSELS, Belgium
March 14 — Minister of
Tourism & Aviation Vin-
cent Vanderpool-Wallace

joined a delegation of
Caribbean tourism minis-
ters this week to advance
the first Caribbean tourism

summit in Brussels.
Caribbean tourism lead-

ers and European Union

(EU) officials ended the

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first Caribbean tourism
summit in the European
capital with a greater
understanding of each oth-
ers concerns regarding the
tourism sector.

The delegation of
regional tourism leaders —
led by the chairman of the
Caribbean Tourism Organ-
isation (CTO) Ricky Sker-
ritt, and including tourism
ministers from five other
Caribbean countries, came
to the heart of Europe’s
decision-making machin-
ery to stress the impor-
tance of a policy agenda
towards tourism.

Subjects

At meetings held at the
European parliament and
the African, Caribbean
and Pacific (ACP) group-
ing headquarters, the two
sides discussed key sub-
jects including ways to
bridge the gap between
policy intentions and prac-
tice; sources of funding for
tourism development;
tourism, aviation and tax-
ation; tourism, education
and social development;
tourism and climate
change; and how the
tourism sector can benefit
from the Economic Part-
nership Agreement (EPA)
between the Caribbean
and Europe.

At the end of the session
the CTO Chairman said
there were six key conclu-
sions from the talks:

¢ Tourism is a significant
sector for both the EU and
the Caribbean and both
regions have much to do
to advance the policy dis-

cussion to ensure that
tourism is given the atten-
tion and support that it
deserves;

¢ There are various
types of funding available
in the EU and the EPA to
support tourism-related
initiatives and there is a
need to establish modali-
ties to work together to
ensure that such funding is
channeled towards priority
areas, including tourism —
and that Caribbean public
and private sectors must
reach consensus on the pri-
ority areas;

¢ Aviation taxation and
Emission Trading Schemes
are real threats to
Caribbean tourism;

¢ Tourism is a major dri-
ver of economic and social
development in the
Caribbean and any nega-
tive impact on tourism will
have far reaching conse-
quences across the range
of services that might be
wholly unrelated to the
sector but that rely in part
on government funding
through income from
tourism;

¢ While the Caribbean
has not been a significant
contributor to greenhouse
gas emissions it will suffer
significantly from the
impact of climate change,
but the Caribbean can be a
world leader in conserva-
tion and climate change
initiatives.

¢ The Caribbean heard
that the EPA contains spe-
cific commitments to the
sustainable development
of tourism. It seems that
both CARIFORUM and
the EU have some distance

wT

Yesterday's Question

Which of the Bahamian political



DELEGATION:
Vincent Vanderpool-Wallace

to go before these provi-
sions can be finalised, but
the hope is that this forum
will have prompted a clos-
er, more effective partner-
ship that will achieve the
goal of sustainable devel-
opment of a thriving
tourism economy.

In addition to Chairman
Skerritt and Minister Van-
derpool-Wallace, the
Caribbean delegation
included, Manuel Heredia
of Belize, Ed Bartlett of
Jamaica, as well as the Sec-
retary of Tourism for
Tobago, Oswald Williams,
the junior Minister of
Tourism from Trinidad
and Tobago, Dr. Delmon
Baker, the CARICOM
Secretary General (Ag)
Ambassador Lolita Apple-
white, the CTO Secretary
General Hugh Riley, the
President of the Caribbean
Hotel Association Josef
Forstmayr, the CEO of the
CHTA Alec Sanguinetti,
Directors of Tourism and
Caribbean ambassadors
based in Brussels.

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THE TRIBUNE

THURSDAY, MARCH 17, 2011, PAGE 17



ROBIN HOOD OWNER ‘SHOCKED’ BY PRIME MINISTER’S COMMENTS

FROM page one

a good person for the
Bahamas."

The remark came while Mr
Ingraham was responding to
the complaints of Prince
Charles business owners in
general, saying that while the
government understands their
concerns and has pledged to
keep the inconvenience to a
minimum, the road work is
necessary.

“These works were planned
in 1999, the loan to undertake
the works was also obtained
then. The need for the works
are more urgent than it was
in 1999, it is a job that must be
done,” Mr Ingraham said.

He said once the project is
done, a new 24 inch water
main — the largest on the
island — will stretch from Sir
Lynden Pindling Internation-
al Airport, where a reverse
osmosis plant is located, to
Prince Charles Drive, elimi-
nating long-standing water
pressure and quality prob-
lems.

The prime minister also
noted that earlier road work
between East Street and Sol-
dier Road along Robinson
Road and Prince Charles Dri-
ve has been virtually com-
pleted, and that while there
were also complaints from

business owners in this area,
the opposition was nowhere
near as strong it has become
east of Soldier Road.

When contacted for com-
ment on Mr Ingraham’s state-
ment, Mr Schaefer said: “I
have the utmost respect for
the prime minister and as a
permanent resident of the
country I enjoy nearly all the
same rights as a Bahamian cit-
izen. When I or my company
is having difficulties I turn to
the highest authority, the gov-
ernment and prime minister.

“T am profoundly saddened

by what can only be charac-
terised as a personal attack on
myself and my family and
would prefer to assume that
in the heat of the moment Mr
Ingraham simply misspoke,”
said Mr Schaefer.

With regard to the road
work, Mr Schaefer pointed
out that he is the employer of
250 Bahamians and feels he
is obligated to speak out on
their behalf about the “injus-
tices that have occurred in
terms of consideration for all
of those Bahamian businesses
that are being negatively

impacted by the government’s
decision not to consider the
consequences of their actions.

“There are always alterna-
tives and other options.”

Mr Schaefer said regardless
of skin colour or nationality,
he is a business owner and
expects to be protected by the
government.

He added that he has “all
the respect in the world” for
Mr Ingraham and is certain
that if he had a chance to
review the facts he would
have never made that state-
ment.

UNIONS GRANTED LEAVE T0 APPEAL JUDGE'S BIC DECISION

FROM page one

ing a number of issues. An appeal hearing in
the Court of Appeal is set for Monday, March
21 — the same day as the House of Assembly
debate on the BTC sale.

The unions contend that the government
does not have the legal right to sell BTC.

Justice Neville Adderley in a ruling on the
matter last month stated, "This case appears to
be one of those actions that was totally mis-
conceived. The unions as plaintiffs were not a
good fit and even the sagacity, innovation and
commendable industry of counsel for the plain-
tiffs was not able to save it." He further stated,

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DUS

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THURSDAY,

Customs: ‘Abuse

consultant
spend ‘not
hecessary’

* ‘Drastic change’ needed

to stop Corporation's
deterioration

* Internal auditor ‘often
ignored’ by management
By NEIL HARTNELL

Tribune Business Editor :
: its ‘unauthorised’ transfer
: from the Bahamian to Pana-
? manian shipping registry -
i violated the credit terms.

The Bahamas Electricity
Corporation (BEC) is
unlikely to need the num-
ber of external consultants,
upon whom it spent $10
million during its 2008
financial year, it currently
hires, with “drastic
change” needed to prevent
already low employee
accountability from “dete-
riorating further”.

A report by the German
firm, Fichtner, part of an
Inter-American Develop-
ment Bank (IDB) funded
project to overhaul the
energy sector in the
Bahamas, warned that the
lack of rules and policies
for BEC employees to fol-

low, coupled with the mini-

mal risk of punishment for
indiscipline and other
infractions, was undermin-
ing the state-owned power
monopoly.

Noting the constant inter- :
vention in BEC’s internal |
affairs by the responsible :
minister :
through the Board chair- }
man, the Fichtner report }
said the Corporation was :
suffering from “a fuzzy man- :
agement framework” due to }
the absence of rules and reg- }
ulations setting out the rela- :

government

SEE page 10B
























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

iil

Tne PCa

i vices
? Nashville-based financier,
? has intervened in the action
i brought against Nassau-
: based Dean’s Shipping
? Company and its vessel, the
: M/V Legend II, by the Palm
i Beach Steamship Agency
: over an alleged $106,320
: debt.

Shipping firm hit by
$2.67m loan demand

By NEIL HARTNELL
on employee accountability :

Tribune Business Editor

A Bahamian shipping

i company’s woes have multi-
? plied as a US-based lender
? has sued it for breach of a
: $2.669 million loan agree-
i ment, claiming the seizure
? of the vessel on which its

financing was secured - and

Caterpillar Financial Ser-
Corporation, a

Alleging that it should be

the preferred creditor, in the
? action filed in the south

Florida district courts in ear-
ly March, Caterpillar said it
wanted the US court to
award it a “preferred mort-
gage lien” over the M/V
Legend H, which has been
seized and placed under
arrest in the care of the US
National Maritime Services,
due to the alleged sum owed
to the Palm Beach
Steamship Agency.

It is also demanding that
the vessel be sold to satisfy
the mortgage it holds over
it, with judgment entered
against both Dean’s Ship-
ping Company and its prin-
cipal, Ernest Dean, who
allegedly acted as a guaran-
tor for the loan.

Calls to Dean’s Shipping
Company seeking comment
were not returned, but in its
lawsuit Caterpillar alleged
that the company, which is
based in Columbus House
on East Bay and Williams
Streets, signed the $2.669

BANK’ S STOCK “TRADING
BELOW BOOK VALUE’



; PAUL MCWEENEY
. By NEIL HARTNELL

i Tribune Business Editor

Bank of the Bahamas Inter-

i national’s shares are trading
? below the institution’s book
? value, its managing director
: said yesterday, explaining that
? it had become the fifth public
? company to launch a share
: buy back plan in a bid to
? counter an
? market” and inadequate pric-
: ing structure.

“immature stock

Paul McWeeney told Tri-

? bune Business that the initia-
: tive, which starts today and
i will see the bank repurchase
? up to 100,000 of its common
} shares over a six-month peri-
? od, was intended to both sup-
? port its share price and pro-

SEE page 9B

BALMORA

* Bank of Bahamas unveils
six-month, 100,000 share buy
back to combat ‘immature stock
market’

* 04% of 4,000 shareholders
hold less than 2,000 shares, and
move aims to create

liquidity and ‘soak up’ small sales

* Bank ‘absolutely’ undervalued,
as chief bemoans ‘inappropriate’
price mechanism that does not
reflect true value

* Calls for primary dealers and
rating agencies

million loan agreement on
September 18, 2006.

The loan was allegedly
secured by a mortgage over
the M/V Legend II and “col-
lateral deeds of covenant”
in favour of Caterpillar,
which further claimed the
debt was recorded with the
Bahamas Maritime Author-
ity (BMA) the same day. Mr
Dean was alleged to have
acted as guarantor, and
monthly repayments were
obligated.

“The shipowner and guar-
antor defaulted on the loan
agreement, note, mortgage
amendment and/or guaranty
on several grounds, includ-
ing, without limitation, the
arrest of the vessel on or
about February 15, 2011;
allowing a lien to exist on
the vessel; changing the ves-
sel’s registry from the

SEE page 5B



6G

We're still in

the business

3 of lending mon-
: ey.”

TANYA MCCARTNEY

Opportunities
are increasing’

Seeking to throw out Kelly’s (Freeport)

Judicial Review challenge on bonded
goods report demand over technicality

By NEIL HARTNELL
Tribune Business Editor

The Government and Customs Department are seeking to
have Judicial Review proceedings brought by a leading
Freeport retailer/wholesaler over the latter’s demand for
monthly ‘bonded goods sales reports’ struck out on a tech-
nicality, alleging that the situation has created “an increased
opportunity for potential abuse” and duty evasion.

The Attorney General’s Office, which is representing
Customs and the Government, is attempting to have the
action brought by Kelly’s (Freeport) thrown out on the
grounds that its attorneys, Callender’s & Co, failed to file the
orginating Notice of Motion within the 14-day time period
granted by the Supreme Court once it gave the company

leave to file its action.

Until the Judicial Review action was determined, the
Attorney General’s Office had given an undertaking that
Customs would not detain, refuse to process goods or take
any form of enforcement action against Kelly’s (Freeport)

SEE page 4B



FINCO NET LOSS QUADRUPLES AS
NON-PERFORM LOANS HIT 12-13%

By NEIL HARTNELL

Tribune Business Editor

Finance Corporation of the
Bahamas (FINCO) saw
“about a one to two percent-
age point increase” in its non-
performing loan portfolio dur-
ing the 2011 first quarter, its
managing director said yes-
terday, as the bad economy
combined with the seasonal
spike in bad credit to produce
a 35 per cent provisioning rise
that quadrupled net losses to
$1.813 million.

Speaking to Tribune Busi-

SEE page 6B

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and start driving,"

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Low Monthly Payments.

* 35% increase in credit
provisions behind mortgage
lender’s slump further into
red during Q1

* Loans more than 90 days
past due grow by ‘one or
two percentage points’
during period, as net loss
widens to $1.8m

* Managing director
blames bad economy for
‘magnifying’ seasonal
post-Christmas spike in
credit arrears

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EXCITING AND CHALLENGING OPPORTUNITY FOR
YOUNG BAHAMIANS

Imagine a career which will take you to the world’s most fascinating ports
and far flung destinations. A Maritime career could take you there,

Do you have, or are likely to have, 5 BGCSE passes, including Math,
Physice/‘Combined Science and English Language at grade 'C’ or above?

Have you obtained ,or do you expect to achieve, a combined SAT score
of atleast 15007

Are you physically fit?
Are you between the ages of 16 and 20 years?
Hl you have answered “yes lo the questions above [hen read on.

The Bahamas Maritime Authority offers another attractive scholarship
to young academically sound Bahamians who are keen to train for an
exciting and challenging career in the Maritime Industry which is gaining
increasing national importance.

This scholarship is inclusive oftuition, fees, course material, accommodation
and transportation costs. Commencing in September 2011, the successtul
candidate will follow a 4 year degree programme at the State University of
New York (SUNY). Upon completion of the degree, the qualified officers
will be expected to serve on board a Bahamian flagged vessel for al least
2 years providing the solid foundation upon which to build his/her Maritime
career.

information and
application forms can be
obtained from Mr. Arthur
Barnett Jr Deputy Direcior,
Bahamas Maritime Authority,
Manx Gorporale Centre, West
Bay Street, P O Box N-4679
Nassau, Bahamas, email:
abamettjrat bahamasmaritiona.cam

tel: 356 5772, fax: 356 5889.

Further

Completed applications must
be submitted in person or by
post, with copies of academic
certificatestranscripts and
proof of Bahamian citizenship,
ho later than Thursday, 31
March, 2011. Interviews will
take place in Nassau first
week in May.



he world of

design can

sometimes be

an intriguing
one. Not only do you spend
most of your time ponder-
ing and tweaking minute
details most people find
insignificant, and most like-
ly won't even notice, you
also get lured into develop-
ing habits such as font-spot-
ting or source-code
analysing.

Code and technical know-
how, as well as combining
colour, symmetry and bal-
ance in using cutting edge
software, are some essen-
tials to becoming a great
web developer or graphic
designer.

But does this qualify you
for geek of the year?

The ability to communi-
cate while helping the view-
er navigate the website is the
end goal of every developer,
whether they are male or
female. Gender is not a fac-
tor at all.

While I appreciate and
embrace my feminine sus-
ceptibility to the design
world, being a woman in a
male environment is intrigu-
ing and extremely fascinat-
ing.
Most people don't know
what to think if ever called a
graphic or developer geek.
They might either embrace
it like Gallery of the Absur-
d's 14, who proudly says: "I
am a major geek and I wear
it as a badge of honour", or
mask it. Most of us, per-
haps, have some variationy
of a geck-hood streak one

PAGE 2B, THURSDAY, MARCH 17, 2011

Graphic signs of
design addiction

THE TRIBUNE



THE ART OF

GRAPHIX

DEIDRE M.BASTIAN




way or the other. Be it a mac
geek, PC geek, video gamer
geck, photography geck,
movie geek or the Dun-
geons and Dragons geek. It
is hidden somewhere. Do
you think you fit into the
traditional geck hierarchy?
Believe it or not, you know
you're a geek Graphic
Designer or Developer
when..........

* You have bags under
your eyes so big you'd have
to check them in at the Air-
port

* You watch the Super
Bowl just for the commer-
cials, of course

* You've used typography
as a texture.

* You don’t have a
favourite font, because
choosing a favourite font
would be like choosing a
favorite child

* You'd rather have a free
font than a free gallon of
gas.

* You feel like you’re ‘On
Call’ half of the time
because clients procrastinate
so much.



* You know keyboard
shortcuts that require four
fingers.

* You can spot bad typog-
raphy from 100 yards away

* You can name more
than 200 fonts in under five
minutes

* You are completely
immune to subliminal adver-
tising

* You look upon a well-
designed project with either:
Sympathy or extreme jeal-
ousy

* Your hand is perma-
nently stuck in the shape of
a mouse

* You practically take caf-
feine intravenously

* You have an apprecia-
tion for everything unique

* You've been spending
three days non-stop on a
project and it still looks like
crap.

* You buy a CD or DVD
for the artwork, even if you
have no idea what the actu-
al music or film is like

* You look at the clock
and it’s about midnight, and
you think: ‘I'll go to bed
now’... But you actually go
to bed about 2-3am

* You need someone else

SEE page 14B

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THE TRIBUNE

THURSDAY, MARCH 17, 2011, PAGE 3B



Govt now urged to separate realtor regulation

By NEIL HARTNELL
Tribune Business Editor

A former Bahamas Real Estate
Association (BREA) president yes-
terday urged the Government to
amend the profession’s governing
legislation to separate its self-regu-
latory and professional functions,
arguing that it was a potential “con-
flict of interest” for the Association
and Real Estate Board to effective-
ly be one and the same.

Pat Strachan, of Pat Strachan
Realty, said the Real Estate Bro-
kers and Salesman Act (1995) need-
ed to be amended, arguing that in all
other jurisdictions the Real Estate

Bank increases its
quarterly d

Commonwealth Bank’s
Board has approved an
increase in the ordinary
share quarterly dividend
from $0.05 to $0.06 per
share, effective March 2011.
This increase is the first in
the quarterly dividend since
the global economic crisis in
2008. The dividend payment
will be payable on March 31
to shareholders of record as
of March 21.

In January, the bank
revealed it had achieved sol-
id earnings, with net income
for 2010 of $53.8 million, up
from the $42.3 million
reported for 2009. Total
assets expanded marginally
in 2010 to exceed $1.4 bil-
lion, a new record.

“We are extremely
pleased with the bank’s
financial performance over
the past year. Common-
wealth Bank remains
focused on delivering out-
standing services and return
on investments to our cus-
tomers and shareholders,”

Board, which acted as the regula-
tor, was separate from the member-
ship organisation.

Pointing to Florida, Mr Strachan
said the body responsible for regu-
lating the profession was appointed
by the state government, while asso-
ciation officers were elected by the
membership.

“In the state of Florida, the
department of Professional Regu-
lation, a government entity, is
responsible for appointing officers to
that board.

“However, for an association in
the state of Florida, for example,
Fort Lauderdale, members in Fort
Lauderdale are responsible for elect-



ividend

‘EXTREMELY PLEASED’: William B. Sands Jr.

ing its officers in the Fort Laud-
erdale Association,” Mr Strachan
said.

“The proper process is for the
Government of the Bahamas to
appoint officers to the Real Estate
Board, and BREA members elect
their officers. As it presently exists,
the chairman of the Real Estate
Board and the president of the
Bahamas Real Estate Association
is one and the same. And therein
lies the conflict.”

Mr Strachan also argued that
BREA should not be forcing real
estate appraisers to take out Pro-
fessional Indemnity Insurance, argu-
ing that there was nothing in statute

said William B Sands, Jr,
executive chairman.

“This dividend increase
reflects, to date, the bank’s
strong financial position,
which was attained as a
result of conservative credit

Power firm
Chief resigns

risk management techniques
and practices; strong
expense management prac-
tices; and the bank’s overall
business model, which focus-
es on addressing all Bahami-
an personal banking needs.”

In addition to the
increase in quarterly divi-
dends, in February, Com-
monwealth Bank paid the
largest extraordinary divi-

dend in the Bank’s history
of $0.06 per share.
Commonwealth Bank is
the largest Bahamian bank
and the largest Bahamian-
owned company listed on
BISX. The bank is a market
leader in service and conve-
nience, operating 11 branch-
es in New Providence, Aba-
co and Grand Bahama and
employs over 500 staff.

Share your news

The Tribune wants to hear
from people who are

US AMABASSADOR,
NICOLE AVANT

or its own powers to mandate this.
Adding that the Multiple Listing
Service (MLS) should not be owned
and run by BREA, especially given
the alleged conflict with its regula-
tory functions that he cited, Mr Stra-
chan said that in all other jurisdic-
tions such facilities were privately
owned and operated.

He also expressed concern about
publishing in January of every year
the names of realtors who had yet to
pay their licence fees, pointing out
that they had until June to do so.
This, Mr Strachan said, attached an
unfair stigma to those realtors who
were not Gazzetted as having paid in
January.



“The proper
process is for
the Government
of the Bahamas
to appoint offi-
cers to the Real
Estate Board,
and BREA mem-
bers elect their
officers....”



Pat Strachan

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RAY ROBINSON

Grand Bahama Power
Company (GBPC) has
announced that R. Alan
Kelley resigned from his
post as the company’s chief
executive with effect from
yesterday to pursue other
opportunities in the US.

Mr Kelley joined the
utility monopoly in
December 2009, and led
the company under the
direction of former majori-
ty owner Marubeni/Taqa.

Emera executive Ray
Robinson will continue to
lead Grand Bahama Power
Company in his role as
executive chairman, and
will begin the process to
recruit a new chief execu-
tive immediately.

“We thank Mr Kelley for
the contributions he has
made to the business over
the last 15 months,” said
Mr Robinson. “I look for-
ward to working more
closely with the Grand
Bahama Power Company
team to revitalise the utili-
ty for the benefit of the cit-
izens of Grand Bahama
and the Bahamas.”

for improvements in the
area or have won an
award.

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



RSVP T 362 4910 or email businessforum@lyfordcayfoundation.org



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A presentation by Dr. David T. Conley

PROFESSOR OF EDUCATIONAL POLICY AND LEADERSHIP
FOUNDER, CENTER FOR EDUCATIONAL POLICY RESEARCH, UNIVERSITY OF OREGON

THE ROLE OF TERTIARY INSTITUTIONS

AND THE BUSINESS COMMUNITY IN PREPARING
STUDENTS FOR THE FUTURE
The unique history, culture, and economic needs of The Bahamas require
an equally unique and exceptional workforce and society. This session

will explore how partnerships between educational institutions, the business

community, and families can play a key role in creating comprehensive
educational programmes to prepare students for a broad range of future careers.

Thursday, March 24th, 2011
9:30am - 11:30am

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COLLEGE CONNECTIONS THE SPEAKER SERIES



PAGE 4B, THURSDAY, MARCH 17, 2011

THE TRIBUNE





FROM page 1B

and other Grand Bahama
Port Authority (GBPA)
licencees if they failed to pro-
vide a monthly bonded goods
sales report.

However, in a March 9,
2011, affidavit accompanying
the Government’s strike-out
applications, Assistant Comp-
troller of Customs, Lincoln
Strachan, alleged that the

Customs: ‘Abuse opportunities are increasing’

undertaking’s terms had “cre-
ated some confusion and con-
troversy”.

He claimed that Kelly’s
(Freeport) and a “minority”
of other GBPA licencees had
“misconstrued” the under-
taking “as a ‘blanket licence’

to, or as authorisation, to
refuse to comply with the law-
ful obligations under the pro-
visions of the 2009 Customs
Regulation - to provide bond-
ed sales reports”.

Customs, Mr Strachan
alleged, felt the undertaking

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SCHOLARSHIP & EDUCATIONAL LOAN DIVISION

IMPORTANT NOTICE

Application Forms are now available for the 2011

Scholarship cycle.

Please ensure that properly

completed application forms are received by
the Scholarship & Educational Loan Division,
Shirley Street, BEFORE the indicated deadline
dates listed below:

SCHOLARSHIP TYPE

ALL BAHAMAS MERIT SCHOLARSHIP
NATIONAL MERIT SCHOLARSHIP
NATIONAL ACADEMIC SCHOLARSHIP
NATIONAL TECHNICAL SCHOLARSHIP

NATIONAL GRANT

GERACE RESEARCH CENTRE SCHOLARSHIP
FINANCIAL COMMUNITY ADVANCED TECHNICAL

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APRIL 30, 2011
APRIL 30, 2011
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APRIL 30, 2011

MAY 31, 2011
MAY 31, 2011
MAY 31, 2011

APPLICATION FORMS RECEIVED AFTER

THE DEADLINE

MAY NOT BE CONSIDERED

PLEASE VISIT OR CONTACT:
SCHOLARSHIP & EDUCATIONAL LOAN DIVISION
MINISTRY OF EDUCATION

SHIRLEY STREET

FOR APPLICATION FORMS AND/OR ADDITIONAL INFORMATION.

APPLICATION FORMS ARE ALSO AVAILABLE AT
www.bahamaseducation.com



was designed merely to ease
Kelly’s Freeport) concerns
that enforcement actions
would delay the release of its
imported goods, and “to
avoid any further misunder-
standing as to the alleged
‘refusal’ (of Customs) to
accept returns for duty-paid
sales predicated solely on the
basis of non-receipt of the
duty exempt bonded sales
reports”.

“As far as I am aware, the
undertaking was agreed in the
context of the impending
Christmas season, other eco-
nomic considerations and on
the understanding that the
matter would be disposed of
promptly,” Mr Strachan
alleged.

“It was never [Customs]
intention or understanding
that there was an agreement
to obviate, endorse, encour-
age, induce or otherwise
become complicit in the
breach of any existing statu-
tory obligation imposed on
[Kelly’s] and/or other
licencees under the Customs
Management Act, and in par-
ticular the lawful require-
ments of the 2009 Customs
Regulation or any other law
of the Commonwealth of the
Bahamas.

“That as a result of the con-
tinued non-compliance with
the regulation, there has been
an increased opportunity for
potential abuse of the sale of
bonded goods arrangement,
which has been further exac-
erbated by the delay in
advancing this matter. That
in the premise, the undertak-
ing ought to be discharged.”

However, in opposition to
the Government and Cus-
toms’ move, Anthea Parris-
Whittaker, a Callenders & Co
attorney, said it would be
“unjust” to throw out Kelly’s
(Freeport’s) case given that it
had been granted leave to file
for Judicial Review. The fail-



“The determina-
tion of this issue
will apply to hun-
dreds of other
licencees.”



Anthea Parris-Whittaker

ure to file the Originating
Notice of Motion had only
just been realised, and she
alleged that Customs would
suffer “no prejudice”.

Ms Parris-Whittaker said:
“This matter is of general
public importance to the
Freeport economy and how
Customs, licencees and the
GBPA will conduct them-
selves in the management of
certain issues relating to the
Hawksbill Creek Agreement.

“The determination of this
issue will apply to hundreds
of other licencees.

“It is important to all of
them and to the general pub-
lic that this matter be
resolved.

“Tt is constantly recurring
and continues to require res-
olution and clarification for
the proper conduct of busi-
ness amongst licencees in
Freeport, and not only by the
applicant. It is a source of
great debate and consterna-
tion amongst the business
community in Freeport and
requires a determination.”

Kelly’s (Freeport) is seek-
ing Supreme Court declara-
tions that its ability to sell
duty-exempt, bonded goods
to other Grand Bahama Port
Authority (GBPA) licencees
for use solely in their own
businesses is not "condition-
al" on the submission of such
monthly reports.

It is also seeking declara-
tions that there was "no law-
ful basis" for Customs to have
either demanded a monthly
‘bonded goods sales report’

or detain Kelly's (Freeport's)
goods in an attempt to force
compliance with the same.

And, for good measure, it is
seeking an injunction to pre-
vent Customs from detaining
or refusing to process imports
belonging to GBPA licencees
on the grounds that no 'bond-
ed goods sales report’ has
been received.

Kelly’s (Freeport) also
wants damages for the
"wrongful detention and/or
conversion” of its imported
products, and the "refusal to
process" those imports, giv-
en that the Department's
detention of its eight trailers
impacted its $3 million inven-
tory levels.

Bonded goods sales is a
practice whereby Freeport-
based wholesalers, such as
Dolly Madison, Kelly's
(Freeport) and Bellevue Busi-
ness Depot, are able to sell
products to other GBPA
licencees for use in their
respective businesses only,
without any duty being paid
to Customs/Government on
their sale. It is a report on this
activity that Customs is seek-
ing, but Kelly's (Freeport)
and its attorneys are arguing
that this has never been
requested before, and is not
included in any statute law,
policy or agreement concern-
ing their relationship.

The current practice, they
argue, is that on the 15th of
every following month, Kel-
ly's and other licencees sub-
mit a report on sales where
duty is post paid - such as
sales to residents and non-
GBPA licencees - together
with the relevant duty sum.
And it was Kelly's refusal to
submit bonded goods sales
reports that saw Customs pre-
viously detain eight of their
imported trailers, in a bid to
force the company to bow to
its demands, although these
were eventually released.

e Bank of The Bahamas

EMPLOYMENT OPPORTUNITY

The Bank of The Bahamas International, the institution of first choice in the
provision of financial services, seeks to identify suitable candidates for the

position of.

Treasury Risk Analyst

Core Responsibilities:

* Comprehensive understanding of risks and their inter-relationships
especially as It relates to credit, interest rate and liquidity risks

* Performs various analysis to facilitate the management of liquidity risk,
asset liability management and cash flow

* Be able to calculate, analyze and comment on the various liquidity and
credit ratio implications, to facilitate ongoing strategy adjustments

* Assesses and analyze impact of forex risk and preparation of regulatory
reports for foreign exchange operations

¢ Undertakes high level economic assessment, scenario and stress testing
to facilitate ongoing risk management and regulatory reporting

* Assesses the Bank's ability to respond to varying economic conditions
and scenarios by performing credit, capital adequacy, interest rate and

liquidity stress testing

* Assists in monitoring and analyzing the current liquidity position through

GAP analysis reporting.

Job Requirements:

Bachelors Degree in Accounting, Finance, or Business Management

5 years supervisory/management experience

Specific knowledge of risk management processes especially
management of liquidity risk
Broad knowledge of treasury practices and procedures
Good computational skills

Strong oral and written communication skills

Proficient in Microsoft Office
Must be a team player
MBA would be advantageous, but not essential

Benefits include: Competitive salary and benefits package, commensurate
with work experience and qualifications. Interested persons should apply
no later than March 23, 2011 to:

Email: hr.apply@bankbahamas.com

Or fax to: 242-323-2637





THE TRIBUNE

THURSDAY, MARCH 17, 2011, PAGE 5B



Shipping firm hit by $2.67m loan demand

FROM page 1B

Bahamas to Panama with-
out the consent of Caterpil-
lar; and for non-payment of
the indebtedness,” Caterpil-
lar alleged.

In notifying Mr Dean and
Dean’s Shipping Company
of the alleged breach in a
February 25, 2011, letter,
Caterpillar’s corporate coun-
sel, Brett Parks, demanded
the immediate repayment of
the $2.075 million balance
allegedly owed on the loan.
This included some $2.049
million in principal.

He wrote: “Allowing a
lien to exist against the ves-
sel, and allowing the vessel
to be arrested, are events of
default under sections 6.03
and 7.01 of the loan agree-
ment.

“Additionally, sections
5.09 and 6.07 of the loan
agreement require that the
vessel be kept in the registry
of the Bahamas.

“It has come to our atten-
tion that the borrower and
guarantor have attempted
to change the registry of the
vessel from the Bahamas to
Panama without the consent
of the lender.

“This is an additional
event of default.

“Due to the existing and
continuing nature of the
defaults, and the inability of
the borrower and guarantor
to obtain the release of the
vessel, lender has elected to
declare the entire amount
of the loan to be immedi-
ately due and payable.
Demand is hereby made for
the immediate payment in
full of the indebtedness.”

The MV Legend was
seized, and placed in the

care of National Maritime
Services, due to a dispute
over alleged non-payment
of stevedoring, wharfage
and other fees between
October 18, 2010, to the pre-
sent.

Dean's Shipping has
served notice of its intent to
defend the matter and res-
cue its vessel, although court
documents obtained by Tri-
bune Business show it has
yet to do so.

Lawsuit

In its lawsuit, the Palm
Beach Steamship Agency
alleged: "Since October 18,
2010, plaintiff provided nec-
essaries to the [MV Leg-
end], to-wit: labour,
wharfage, advances and oth-
er Services pursuant to an
agreement between plaintiff

and vessel's owners, char-
terers, and/or authorised
agents on a fixed rate basis.

"The defendant vessel has
failed to pay for these ser-
vices at plaintiff's office in
the amount of $126,347.19
despite repeated demand for
payment submitted to the
defendant vessel, Legend II,
and/or her owner, charterer
or operator, defendant
Dean's." That sum has since
been reduced to just over
$106,000.

The Palm Beach
Steamship Agency is seek a
lien over the MV Legend II
so it can foreclose upon it
and sell the boat to recover
the sums owed to it.

The MV Legend plies
between West Palm Beach,
Marsh Harbour, Green Tur-
tle Cay, Spanish Wells and
Nassau.

NOTICE

WEST WINDS PROPERTY
OWNERS ASSOCIATION LIMITED

NOTICE IS HEREBY GIVEN THAT THE ANNUAL
GENERAL MEETING FOR THE WEST WINDS
PROPERTY OWNERS ASSOCIATION LIMITED WILL
BE HELD THURSDAY THE 31ST DAY OF MARCH,
A.D, 2011 AT 6:30 RM, AT THE PAVILION, WEST
WINDS SUBDIVISION, NEW PROVIDENCE,



The Government of The Rahanas has received Hnancing under the President's

Emergency Flan for

AIDS Relief (PEPFAR to manage

Information, Laboratory Testing and Prevention Programs

HIV AIDS Stralegic

The Ministry of Health invines apphecanon te fill pesitions of Strategic Laborarary
Sirengiiening Manager umd Intonation Management Business Analyst

POSTS FOR IMMEDIATE HIRING

STRATEGIC LABORATORY STRENGTHENING MANAGER

General Function

The successful candidare wall be responsible for the provision of laboratory quality

asunince advice and assistance to the various laboratories in country, bo support
surveillance for HV, STD, TA, OF, and emerging diseases. The candidate will
establish and implement Qui standards and operiing procedures, including

Specunen ard Inverbory Tare ment

Work closely with the PEPFAR Laboratory Implementing Partner (AFENET) to carry
oul labortory gap anilysis, resclve non-conkormances, assist in the
implementation of the [50 15189 Quality Management System (OMS) and
accreditation of the Integrated Public Health Laboracory.

Education and Experience
a) Masters or Doctoral degree in laboratory sciences, biomedical research, or

related fiekd:

bh) Experience in clinical laboratory practice:
c) Knowledge of intematiomal lborvtery standarcs; fous
diagnosis anc clinical monitering,

INFORMATION MANAGEMENT BUSINESS ANALYST

General Purpose
The Business Analvst is responsibke for supporting information managenvent

initiatives actoss the Miniiry of Health (MOH), ath a focus on developing custom
repeats tO enable HIVSAIDS management

on HIV, TB and STI

The Business Analyst all document clinical information system requirements for
the Nanonal AIDS Program, support the implementation of systems across clinics,

and develop and implement business and clinica

making.

Education and Experience
a) Bachelors degree im Public Heakh Administration, Information Management, of

related field:

reports to enable decision

b) Three to five (3 to 3) years of experience in a related position, preferably in the

teealth: tielel-

c] Softeare applicanon expertise in clinical information systems, spreadsheets, anc

dtahases:

qd Certiication,/expenence in Project Management is an asset.

Salary will be commensurate with degree and experience and includes standard

project benetits.

Interested persons are invited to submit a cover lemer, curent curriculum vile and
phote in Word or PDP format to paulubowler@bahamas.gov.bs, Applications must
be received by §pm on Thursday, March 17, 2011.



WAREHOUSE SALE

Dates: Thursday and Friday, March 17" and 18", 2011
Place: Security Storage Limited, Nassau Street
Opposite Western Cemetery Parking Lot

Time: 10:00am — 4:00pm

Office Furnitures and Machines
Computers and Computer Equipments
Filing Cabinets

Stationeries

Limited ammount of Home Furnitures
Other Supplies and Miscellaneous

ALL ITEMS WILL BE SOLD AS IS.

THE GENERAL PUBLIC
IS INVITED

GOVERNMENT NOTICE
MINISTRY OF EDUCATION
NOTICE
Procurement for School Furniture/Equipment for the T.G. Glover Lab School

The Minesiry of Edue atten, (hereafter called the “Purchaser’) now invites
sealed bids, procurement of School
Furniturvequipment for The 1... Glover Lab School

froms uppliers for the

Interested Bidders may ingpectfoollect the bidding documents from the
Purchasing/Supplies Section of the Ministry of Education, in The Teacher &
Salaried Workers Co-Operative Credit Union Bldg from Wednesday 23°
February, 2071, and obtain further information, at the second address given
below

Bids must be in English and shall be enclosed in duplicates in a sealed
envelope bearing no identity of the bidder and endorsed with the subject
bided on (Schodl Furniture/Equipment for The 7.6. Glover Lab Schaal")

Ends must be deposited in the tender box provided, at the first address, on or
before Monday, 21" March, 2011 by S00 p.m. (local time). it will nat be
necessary to submit bids in person since they may be sent by mail. Late
bids will be rejected and returned unopened

Bids will be opened at the public tender meeting, in the presence of those
Bidderie) or their Representative (6) whe choose to attend, at 10:00 a.m. on
Tuesday 22° March, 2011 at the first address below

(i) The Chairman Tender’
Mingstry of Finance
Cecl Wallace Whitfield
Cable Beach
P.O”. Bow N-3017
Nassau, The Bahamas
Tele: (242/327-1530

(2) Purchasing/Suppies Section
Minéstry of Education
P.O”. Box N-39134
Nassau, The Bahamas
Tale: (242) 5002-27112

The Ministry reserves the right to reject any or all Tenders





PAGE 6B, THURSDAY, MARCH 17, 2011

THE TRIBUNE



OO oeeaneUS INES eee
FINCO net loss quadruples as
non-perform loans hit 12-13%

FROM page 1B

ness after FINCO’s net loss
for the three months to end-
January increased sharply
from the $450,967 million
slide into the red suffered dur-
ing the year-before period,
Tanya McCartney said the
mortgage lender’s non-per-
forming loans (90 days or
more past due) now account-
ed for between 12-13 per cent
of its loan portfolio.

This spike in non-perform-
ing loans drove the 35 per
cent increase in credit loss
provisions, which rose from
$4.906 million to $6.652 mil-
lion year-over-year.

Ms McCartney identified
this as the sole factor that
quadrupled FINCO’s 2011
first quarter net loss.

“Tt went up at the end of
the first quarter. It’s in the
region of 12-13 per cent,” the
FINCO managing director
said of the non-performing
loan portfolio, credit upon
which the mortgage lender
has stopped accruing interest.

“That will account for that
35 per cent increase in provi-
sions for credit losses. It [the
non-performing loan per-
centage] went up about one
or two percentage points. It’s




the economy, coupled with
the spike we normally tend to
see at year-end and in Janu-
ary.”

That is a reference to the
fact that the Bahamian com-
mercial banking industry, as a
whole, traditionally sees a
jump in past due and non-per-
forming loans in the after-
math of the Christmas/New
Year season, a time when
Bahamians traditionally focus
on festivities and shopping,
rather than servicing loan
obligations.

The Central Bank of the
Bahamas report for January
noted that credit arrears rose
by $52.2 million or 4.6 per
cent to almost $1.2 billion dur-
ing that month, led by the
commercial sector where total
delinquencies rose by $31.7
million or 12.4 per cent to
$286.9 million.

As for mortgages, where
FINCO’s loan portfolio is
almost entirely concentrated,

BUY FRESH,
BUY BAHAMI





&

delinquencies increased by
$19.2 million or 3.1 per cent to
$637.1 million during Janu-
ary, with 31-90 day and non-
performing loans in this cate-
gory growing by $8.3 million
(2.6 per cent) and $10.9 mil-
lion (3.6 per cent), respec-
tively.

“Especially at the end of
the year, December and Jan-
uary, you tend to see the
delinquency numbers go up.
That’s across the board indus-
try wide,” Ms McCartney
said.

“That’s not the only factor
in play here, but it tends to
be the case that at the end of
the year/early January the
numbers do spike.

“That’s been in play for us
in the past two years with
respect to the first quarter.
It’s exacerbated by the impact
of the whole economic situa-
tion. In and of itself, we would
have seen a spike; that tends
to be the trend, but in the cur-
rent environment it tends to
be magnified.”

On the positive side, FIN-
CO is continuing to find lend-
ing opportunities, its mort-
gage portfolio expanding by

4 per cent during the three
months to end-January 2011.
Net loans grew over the same
period from $817.997 million
at the 2010 financial year-end
to $820.859 million.

Also, net interest income
grew by 6.6 per cent to $7.128
million compared to $6.686
million in the prior year com-
parative period. However, the
credit provision increase
dropped net interest income
from $1.78 million to
$475,746.

With essentially flat fee and
commission income of
$857,462 factored in, FIN-
CO’s total income reached
$1.333 million, a 49.3 per cent
reduction on the previous
year’s $2.632 million.

Emphasising that there had
been “no change” in FINCO’s
lending and credit policies,
Ms McCartney said: “We’re
still in the business of lend-
ing money. We’re very cau-
tious when it comes to
extending beyond the credit
policy, but we’re still lending.
There’s good risks to be had.”

While FINCO clients were
also set to benefit from the
development, by its Royal

Bank of Canada majority
shareholder, of a debit card
and new rewards/points cred-
it card during 2011, Ms
McCartney said: “The focus
is on the existing business and
really managing the delin-
quencies, reaching out to cus-
tomers and, where we can,
helping them to restructure
with a view to getting regu-
larised. We will continue to
do that.

“We are focusing on the
mortgage portfolio. We con-
tinue to reach out to the pro-
fessional market, and are real-
ly working on delinquent pay-
ments.”

FINCO has also held its
non-interest expenses rela-
tively flat, coming in at $3.146
million this quarter compared
to $3.082 million in the prior
year, and Ms McCartney said:
“We remain efficient.

“We’re keeping our spend-
ing under control, growing the
book, but the overall eco-
nomic environment is prov-
ing challenging as individuals
are finding it difficult to make
mortgage payments.

“We’ve really put a focus
on managing costs over the

last three years, with no
unnecessary spending. From
2008 we tightened our belts
as soon as the economy went
downhill. Expenses remain
flat, and that’s pretty much
where we want them to be.”

FINCO informed share-
holders that no dividend pay-
ment would be made due to
the first quarter results, and
Ms McCartney reiterated that
it was impossible to predict
the rest of the year.

“We’re cautiously opti-
mistic that if things turn
around in the overall econo-
my, we will see an improve-
ment,” she added. “It’s really
the provisioning, that 35 per
cent increase in provisions for
credit losses, that has impact-
ed these results.

“We would see an improve-
ment when the unemploy-
ment numbers are going
down, we would see an
improvement if confidence
suggests the recession has hit
the rock bottom....... Until we
see positive trends in the
economy on a consistent
basis, only then will we see
an impact on our perfor-
mance.”

The turnaround to date had
been slow and not broad-
based, and the FINCO man-
aging director added: “There
are some things happening in
the economy, but in terms of
the impact it has yet to be felt,
and the mortgage portfolio is
impacted by that lag.”

gto
Meet Mra. Bends Davis JPA we

& Mrs. Sara (_onstantine

Pineapple i
Coconut

T arthets

Nini { uava Rum
Cakes $3

Passion? Mango Fruit Drinks

Vegetables~ hot & goat pepper, beets, beans, greenpeas, ewcumber
uit = Papma, sugarcane, watermelon, coconut, oranges, bananas
Plants Lad ‘st, ll avacade, mariiecr, brewelbruck, governer plum
Poaked (j00ds~ homemade breads, con bread, assorted pastries
roserwes ~ apaorted jelly's & jams, honey, Pepper sauces

ise ~ plant beverages, adanited Fruit juices, island grits, deanerinige
een eT eee da
BUY FRESH, BUY BAHAMIAN'!'

eigen erage ce

A ¥ 1
STH et ee ey el

Retail Sales Managers
Nassau & Paradise Island

seeking full-time retail managers to work
in our boutiques in Nassau & Paradise
Island, Must have 5+ years experience
in luxury fashion apparel and/or high-
end jewelry & watches. Seeking
candidates that have chosen retail as their
career and would be willing to work long
term. Must have proven sales record and
excellent management skills. Position
requires strong background in
management, inventory, scheduling,
product training, human resources, and
loss prevention duties. Experience in
Retail Pro a plus. Must be fluent in
English. Knowledge of Spanish or
another foreign language a plus.
Candidate must live in Nassau or be
willing to relocate at own expense.

Please send a detailed resume and a cover
letter to careers@hillsidebahamas.com,
explaining your interest in the position,
availability, & salary requirements.
Please also include a photo if available.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, JACKSON JOSPEH of
Rolle Avenue off Wulff Road, Nassau, Bahamas, intend
to change my name to JACKSON DALMOND. If there are
any objections to this change of name by Deed Poll, you
may write such objections to the Chief Passport Officer,
P.O.Box N-742, Nassau, Bahamas no later than thirty (30)
days after the date of publication of this notice.

BUILDING FOR
SALE BY OWNER

Collins Avenue/Centreville:
Single storey office building for sale.

Extensively renovated; building: 1,565

square feet; property: 6,063 square
feet corner lot with paved parking lot.

PRICE $332,000 O.N.O.

Telephone: 424-8868 or
Fax: 323-4827

ATTENTION...

TO: ALL CIVIL SERVANTS!!!

(Not presently members of Public Workers’
Co-operative Credit Union Limited)

Just walk into the offices of the Public Workers’
Co-operative Credit Union Limited, in Nassau or
Freeport, with any amount of money, between
$100.00 and $5,000.00, and you could be approved
for DOUBLE that amount, pending receipt of:

(1) Job Letter

(2) Most recent salary slip

(3) Passport (to be copied)

(4) N.LB. card (to be copied)

(5) Approved salary deduction form
(6) $10.00, onetime, membership fee

DOUBLE YOUR FUNDS.....

That’s right, a Loan approved within 24 hours!!

Come, and take advantage of this offer,
which begins Monday, February 21, 2011,
for a limited time only.

PUBLIC WORKERS’ CO-OPERATIVE
CREDIT UNION LIMITED
Nassau (323-6594) Freeport (351-7129)
“The Family Credit Union”





NOTICE

NOTICE is hereby given that PETERSON DUPERVIL of
#10 IMPERIAL PARK, FREEPORT, GRAND BAHAMA,
BAHAMAS is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/ naturalization should

not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 17th day of
MARCH, 2011 to the Minister responsible for Nationality
and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

NOTICE

The telephone numbers for

WILLIAM WONG & ASSOCIATES
REALTY

are as follows:

Tel: 242.327.4271 f2 « Fax: 242.327 4273

email: william@wwongrealty.com
wwongrealty.com



Bahamas Electricity Corporation

Tender

The Bahamas Electricity Corporation invites
Tenders for the services described below:

Tender No. 747/11
Group Medical & Life Insurance Services

Bidders are required to collect packages from
the Corporation’s Administrative Office, Blue
Hill & Tucker Roads

Contact: Ms. Charlene Smith at telephone
302-1158

Submissions should be marked as follows:

Mr. Kevin Basden
General Manager
Bahamas Electricity Corporation
Executive Offices — Blue Hill & Tucker
Roads
Nassau, Bahamas

Tender No. 747/11

Group Medical &
Life Insurance Services

Deadline for delivery to BEC:
March 25, 2011
no later than 4:00 p.m.

The Corporation reserves the right to accept
or reject any or all proposals.

For all inquiries regarding the tenders please
contact Mrs. Antionette Turnquest

at telephone 302-1166







THE TRIBUNE





THURSDAY, MARCH 17, 2011, PAGE 9B



Bank’s stock ‘trading
below book value’

FROM page 1B

vide liquidity to small retail
investors seeking to exit their
investment for “social rea-
sons”.

Telling this newspaper that
the bank’s current $4.40 per
share price on BISX
“absolutely” undervalued the
company, Mr McWeeney said
the move would also cater to
Bank of the Bahamas Inter-
national’s diverse, retail
investor-dominated, share-
holder base. He explained
that around 94 per cent of
existing Bank of the Bahamas
International shareholders
owned 2,000 shares or less.

“We have to protect the
stakeholders of the bank, and
it’s where we have to do what
we have to to mitigate the pit-
falls of an immature financial
stock market,” Mr
McWeeney told Tribune
Business.

“We have approximately
4,000 shareholders, and about
94 per cent of those have less
than 2,000 shares. It’s very
clear that persons have been
liquidating shares for social
reasons, and the price mech-
anism employed by BISX
does not, in our view, take
into consideration the true
intrinsic value of a companiy....

“A company has to what is
proper to maintain the value
of its stock. It’s become evi-
dent now. In the last year, the
company was trading above
book value, but now the stock
is below book value. Right
now, our shares are a tremen-
dous buy for anybody.”

Bank of the Bahamas Inter-
national’s shares are current-
ly trading at a 52-week low of
$4.40 per share, their 52-week
high having been $5.72. Cur-
rently, only trades involving
1,000 shares or more can
change the price of a BISX-
listed company and, even

then, the stock’s price can
only increase/decrease by 10
per cent either side of the pre-
vious price.

“That is not an appropriate
way of pricing or reflecting
the true value of a company’s
shares. It’s based on the sale
price taking place from one
day to another. We don’t
think it’s an appropriate mod-
el,” Mr McWeeney added.
“We do understand that it’s
anew market and that it takes
time to mature, but feel the
trading price is not reflective
of the true value of the bank.

“We’re introducing a plan
to soak up and create a mar-
ket to absorb those persons
who may want to sell their
shares for social reasons.”
This refers to Bahamian retail
investors who want to liqui-
date their shareholdings for
non-financial/investment rea-
sons, such as raising cash to
meet loan obligations or
Back-to-School payments etc,
and are willing to disregard
stock fundamentals.

Telling Tribune Business
that there was “no two ways
about it” when it came to
questions over whether Bank
of the Bahamas Internation-
al’s stock was undervalued,
Mr McWeeney said that
“some of the trades that
caused the drop over the last
six months” had involved vol-
umes of just 1,500 and 1,600
shares.

“Those trades occurred
when the bank’s profits were
much greater,” Mr
McWeeney said, justifying the
view that listed stocks did not
trade on fundamentals. “The
performance from last year
was ahead of the previous
year by almost $2 million, and
the share price should reflect
the intrinsic and future value.
In our view, the share price
does not adequately reflect
that.”

Bank of the Bahamas Inter-

national is now joining a
“trend” of BISX-listed com-
panies introducing share buy
back plans. AML Foods, the
retail group, unveiled its buy
back programme earlier this
year for much the same rea-
sons, citing an undervalued
stock and low liquidity,
although some voiced suspi-
cions this was in response to
the ‘hostile’ takeover bid by
Mark Finlayson.

Cable Bahamas, FOCOL
Holdings and Commonwealth
Bank have also employed
share buy back plans in the
past, and Mr McWeeney
added: “Persons don’t feel the
current price model ade-
quately reflects the capital
markets.”

While Bank of the
Bahamas International had
not “directly” made its con-
cerns over the pricing struc-
ture known to BISX, Mr
McWeeney said: “We have
expressed our concerns about
the pricing model.

“We understand BISX is a
new entity, and will take time
to develop, and what we need
is an independent, responsi-
ble firm to do company eval-
uations.”

A rating agency, such as a
Bahamian version of Stan-
dard & Poor’s, Moody’s or
the Caribbean agency, Cari-
Cris, was needed in this
nation’s capital markets “to
create fair value” for listed
stocks, Mr McWeeney said,
along with primary dealers
who acted as market makers
in a company’s shares.

Pointing to developed
country capital markets, he
explained: “They also have
primary dealers in stocks. We
don’t have that. We have sec-
ondary dealers who hold
shares for various investments
they have. Primary dealers
actively trade in a company’s
shares and make markets for
them.”

BAHAMAS FIRST

FIRST IM INSURANCE. TODAY. TOMORROW,

Career opportunity for an ambitious career oriented individual



Motor Engineer

Major Responsibilities:
¢ Conduct inspections of damaged vehicles and compile and

review repair estimates
Conduct pre and post-inspections of vehicles at BFG
Inspection Centre to determine market value, road
worthiness and acceptability of risk
Conduct on-scene accident investigations, take statements
and measurements
Monitor and control repair work with Approved Garages
Prepare reports and input data in the system
Provide customer service
Travel to the Family Islands

Qualifications:

¢ High School Diploma

¢ 3 B.C.C.S.E.’s or equivalent with C passes or above,
including English and Mathematics
Minimum 2 years experience in auto mechanics
Experience in Automobile and Mechanical bodywork,
Traffic Collision Investigation, Repair, Refinishing,
Electrical and Engine Overhauling
Strong customer service, communication and interpersonal

skills



Proficiency in Microsoft Office Applications

Compensation commensurate with relevant experience and
qualifications. On the job training will be provided.

The Bahamas First Group is the largest property and casualty
insurance company in the Bahamas and has an A- (Excellent) Rating
from A. M. Best, reflecting the company’s financial stability and
sound risk management practices.

Please apply before March 18", 2011 to:
Group HR & Training Manager
Bahamas First Corporate Services
P.O. Box SS - 6268
Nassau, Bahamas

Or email to:

careers@ bahamasfirst.com





PAGE 10B, THURSDAY, MARCH 17, 2011

THE TRIBUNE



FROM page 10B

tionship/functions of gov-
ernment, Board and man-
agement.

“This pattern, practiced
on the oversight level,






BEC’s $10m consultant spend ‘not necessary’

inevitably extends down into
the enterprise and shapes
the way the enterprise’s

management and operations
are conducted,” the report
said.

“It creates an atmosphere
of uncertainty and lacking
perspective.

“The consequences
ATC... serious deficiencies
in the management meth-

clusive and effective report-
ing; instruction; performance
control and sanctioning
mechanisms in BEC which,
together with other factors,
substantially hampers the
enterprise in performing in a
way that existing resources
would permit.



NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the
following:

“All THAT” piece parcel or lot of land comprising Lot# 304,
Malaysia Way, Elizabeth Estates Subdivision, situated in the
Eastern District of New Providence one of the Islands of the
Commonwealth of the Bahamas. Situated thereon is a Single
Family Residence consisting of 3 Bedrooms and 2 Bathrooms.

Property Size: 5,000 sq ft
Building Size: 852 sq ft

This property is being sold under Power of Sale contained in a
Mortgage to FINANCE CORPORATION OF BAHAMAS
LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O.
Box N-7549, Nassau, Bahamas and marked “Tender 0016”. All
offers must be received by the close of business 4:00 p.m., Friday
1* April, 2011.

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the
following:

“All THAT” piece parcel or lot of land comprising Lot# 16,
Bricknoch Subdivision, situated in the Southern District of
New Providence one of the Islands of the Commonwealth of
the Bahamas. Situated thereon is a Single Family Residence
consisting of 3 Bedrooms and 2 Bathrooms.

Property Size: 6,075 sq ft
Building Size: 1,229 sq ft

This property is being sold under Power of Sale contained in a
Mortgage to FINANCE CORPORATION OF BAHAMAS
LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O.
Box N-7549, Nassau, Bahamas and marked “Tender 2135”. All
offers must be received by the close of business 4:00 p.m., Friday
1 April, 2011.

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the following:

“All THAT” piece parcel or lot of land comprising Lot #31, Rocky
Pine Road, situated in the Western District of New Providence,
one of the Islands of the Commonwealth of the Bahamas. Situated
thereon is a Single Family Residence consisting of 5 Bedrooms and
4 Bathrooms.

Property Size: 8,000 sq ft
Building Size: 3,542 sq ft

This property is being sold under Power of Sale contained in a
Mortgage to FINANCE CORPORATION OF BAHAMAS
LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O. Box
N-7549, Nassau, Bahamas and marked “Tender 2969”. All offers
must be received by the close of business 4:00 p.m., Friday 1 April,
2011.

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the
following:

“All THAT” piece parcel or lot of land comprising part
of Allotment 77, Sandilands Allotment, situated in the
Eastern District of New Providence one of the Isalnds of
the Commonwealth of the Bahamas. Situated thereon is an
undeveloped property.

Property Size: 6,000 sq ft

This property is being sold under Power of Sale contained in a
Mortgage to FINANCE CORPORATION OF BAHAMAS
LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O.
Box N-7549, Nassau, Bahamas and marked “Tender 4206”. All
offers must be received by the close of business 4:00 p.m., Friday
1 April, 2011.

ods, entailing lack of con-

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the following:

“All THAT” piece parcel or lot of land comprising Lot #46,
Claridgeadale Gardens Subdivision, situated in the Eastern Estates
District of New Providence, one of the Islands of the Commonwealth
of the Bahamas. Situated thereon is a Single Family Residence
consisting of 4Bedrooms and 2Bathrooms.

Property Size: 3,200 sq ft
Building Size: 1,492 sq ft

This property is being sold under Power of Sale contained in a
Mortgage to FINANCE CORPORATION OF BAHAMAS
LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O. Box
N-7549, Nassau, Bahamas and marked “Tender 1772”. All offers
must be received by the close of business 4:00 p.m., Friday 1* April,
2011.

NOTICE

ESSO NIGERIA-SAO TOME HOLDING
ONE (TWO) LIMITED



Creditors having debts or claims against the above-
named Company are required to send particulars
thereof to the undersigned c/o P.O. Box N-624,
Nassau, Bahamas on or before 8th day of April,
A.D., 2011. In default thereof they will be excluded
from the benefit of any distribution made by the
Liquidator.

Dated the 15th day of March, A.D., 2011.

Carol G. Gray
Liquidator
16825 Northchase Drive
Houston, Texas 77060
U.S.A.

NOTICE

ESSO NIGERIA-SAO TOME HOLDING
ONE (TWO) LIMITED

NOTIC EIS HEREBY GIVEN as follows:

ESSO NIGERIA-SAO TOME HOLDING ONE
(TWO) LIMITED is in dissolution under the
provisions of the International Business
Companies Act 2000.

The dissolution of the said Company
commenced on the 15th day of March, 2011
when its Articles of Dissolution were submitted to
and registered by the Registrar General.

The Liquidator of the said Company is Carol
G. Gray, of 16825 Northchase Drive
Houston, Texas 77060, U.S.A.

Dated the 15th day of March, 2011.

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD.
Attorneys for the above-named Company

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the
following:

“All THAT” piece parcel or lot of land comprising Lot# 127,
Sunshine Park Subdivision, situated in the Southern District of
New Providence, one of the Islands of the Commonwealth of
the Bahamas. Situated thereon is a Single Family Residence
consisting of 4 Bedrooms and 2 Bathrooms.

Property Size: 4,500 sq ft
Building Size: 1,400 sq ft

This property is being sold under Power of Sale contained in a
Mortgage to FINANCE CORPORATION OF BAHAMAS
LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O.
Box N-7549, Nassau, Bahamas and marked ‘““Tender 4393”. All
otfers must be received by the close of business 4:00 p.m., Friday
1* April, 2011.

“The applied ways and

procedures are rather infor-
mal. Circumvention of
agreed processes is frequent;
non-compliance does not
inevitably entail conse-
quences. The absence of
strict rules and directions, in
conjunction with low risk of
jeopardises
accountability of the
employees.”

The effect of what appears
to be a state of ‘near anar-
chy’ internally at BEC is
brought into stark relief by
Fichtner.

“Compared with state of
the art standards in the util-
ity sector, this situation is
concerning, and if no drastic
change is initiated, the enter-
prise is likely to further dete-
riorate,” it said.

sanctions

Controls

The Fichtner report said
management controls were
largely absent, with BEC
having no methods for col-
lecting and disseminating
information internally to
support management deci-
sions.

There was also a lack of
operational and departmen-
tal performance indicators.

Praising BEC’s internal
auditor and his staff for pro-
ducing regular and detailed
reports on system and per-

formance shortcomings, the
study noted: “The effective-
ness of this instrument is
reduced, however, by the
lack of respect for his assess-
ments on the part of the
responsible managers.”

Fichtner also highlighted
the “considerable volume of
consulting services”
employed by BEC, espe-
cially in the area of pro-
curement, where Crown
Agents from the UK were
“subscribed to a substantial
extent”.

“The volume of total con-
sulting costs incurred
amounts as much as $10 mil-
lion in fiscal year 2007-
2008,” the report revealed.
“Considerable additional
amounts are expected to be
hidden in other sundry posi-
tions.

“It is not convincing that
BEC needs to afford itself
consulting services in such
order of magnitude.”

It added that some BEC
staff were likely to be under-
used, “while at the same
time too many tasks are out-
sourced through the award
of third party contracts”.

It said that while develop-
ing project specifications
and major maintenance
works was often outsourced,
“internal staff could very
well do this work”.

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the following:

“All THAT” piece parcel or lot of land comprising Lot of land
Sandilands Village, situated in the Eastern District of New
Providence, one of the Islands of the Commonwealth of the Bahamas.
Situated thereon is a Multi Family Residence Duplex consisting of
2-2 Bedrooms and 1 Bathroom.

Property Size: 5,147 sq ft
Building Size: 1,624 sq ft

This property is being sold under Power of Sale contained in a
Mortgage to FINANCE CORPORATION OF BAHAMAS
LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O. Box
N-7549, Nassau, Bahamas and marked “Tender 2426”. All offers
must be received by the close of business 4:00 p.m., Friday 1* April,
2011.

NOTICE

ESSO NIGERIA-SAO TOME HOLDING
TWO (TWO) LIMITED



Creditors having debts or claims against the above-named
Company are required to send particulars thereof to the
undersigned c/o PO. Box N-624, Nassau, Bahamas on or
before 8th day of April, A.D., 2011. In default thereof they
will be excluded from the benefit of any distribution made
by the Liquidator.

Dated the 15th day of March, A.D., 2011.

Carol G. Gray
Liquidator
16825 Northchase Drive
Houston, Texas 77060
U.S.A.

NOTICE

ESSO NIGERIA-SAO TOME HOLDING TWO (TWO)
LIMITED

N OTIC EIS HEREBY GIVEN as follows:

ESSO NIGERIA-SAO TOME HOLDING TWO
(TWO) LIMITED is in dissolution under the
provisions of the International Business
Companies Act 2000.

The dissolution of the said Company
commenced on the 15th day of March,

2011 when its Articles of Dissolution were
submitted to and registered by the Registrar
General.

The Liquidator of the said Company is Carol
G. Gray, of 16825 Northchase Drive
Houston, Texas 77060, U.S.A.

Dated the 15th day of March, 2011.

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD.
Attorneys for the above-named Company





THE TRIBUNE

THURSDAY, MARCH 17, 2011, PAGE 11B



New-home construction plunges in February

WASHINGTON

Builders broke ground last
month on the fewest homes in
nearly two years and cut their
requests for permits to start
new projects to a five-decade
low. The decline in construc-
tion activity is the latest evi-
dence that the U.S. housing
industry is years away from a
recovery.

Home construction plunged
22.5 percent in February from
January to a seasonally adjust-
ed 479,000 homes, the Com-
merce Department said
Wednesday. It was the lowest
level since April 2009 and the
second-lowest on records dating
back more than a half-century.

The decline followed a surge
in highly volatile apartment
construction in January, which
pushed the overall construction
rate up to more than 600,000
units — the fastest rate in 20
months. Still, the building pace
has been far below the 1.2 mil-
lion units a year that econo-



(AP Photo/Keith Srakocic)

CONSTRUCTION DECLINE: In this photo made on Feb. 17, 2011, construction continues on a row of con-
dominiums in Cranberry, Pa., Butler County. Builders likely broke ground on fewer homes in February, a
reflection of declines in home prices and diminished demand that has made it difficult for them to com-

pete.

mists consider healthy. Single-
family homes, which make up
roughly 80 percent of home
construction, fell 11.8 percent
in February. Apartment and
condominium construction

WANTED

Associate Attorney
Real Estate

Applicant must have minimum of 3 years experience
and be specialized in the area of Real Estate
and Development; demonstrate an ability to work
independently and possess thorough working
knowledge and technical competence in the area

mentioned.

Compensation: commensurate with qualifications

and experience.

Reply in confidence to

attorneyvacancy@gmail.com



dropped 47 percent, reversing
much of January's gains.

Building permits, an indica-
tor of future construction, fell
8.1 percent last month to the
lowest level on records dating
back to 1960. Permit requests
for single-family homes saw the
biggest decline. Apartments
and condos remained flat.

Falling prices, sluggish sales
and the weak construction rate
all point to a housing market
that is “stuck at a bottom of a
steep hill," according to
Moody's Analytics Economic
Research. "There are really
large structural problems with
the housing market," said Dan
Greenhaus, chief economic
strategist with Miller Tabak +
Co. "This is not a run-up in oil
prices. This is a multiyear build
up in the housing market that is
going to take more than sever-
al months or several quarters
to get through.”

For a housing recovery to
take hold, the job market needs
to improve and builders need to
gain access to hard-to-get cred-
it. "Credit is flowing freely to
large companies but not so
much to the small builders,"
said Patrick Newport, U.S.
economist for IHS Global
Insight. "If builders cannot get
financing to build new homes,

JOB VACANCY

Equipment Manager

A leading fast food Franchise is inviting applications from suitably
qualified persons for the position of Equipment Manager.

Equipment Manager must have excellent communication skills and
strong interpersonal skills.

Qualifications and Experience:

A minimum of four years experience as a qualified Equipment
Technician or Equipment Manager, including knowledge of Reverse
Osmosis Systems is required. Taylor Certification would be a plus.

Main Duti R

nsibilities:

e Perform preventative and on-going maintenance and
corrective actions on all equipment and systems, inclusive
of HVAC systems, plumbing, refrigeration systems, kitchen

equipment, electrical and POS systems.

Provide emergency service and supply corrective maintenance
on assigned systems and equipment in order to reduce or
eliminate breakdowns, hazards, spoilage of products, or the
inability to meet customers’ requirements.

Manage the required service orders for all maintenance work
performed in each restaurant.

Liaise with Mutliplex supplier to coordinate routine
maintenance, preventative maintenance, and ordering of
replacement parts and equipment on Multiplex system.

Maintain an inventory of spare parts, tools, cleaning equipment
and miscellaneous hardware to minimize down time.

Prepare and maintain an equipment warranty file, and an
equipment depreciation file for each restaurant in order to
control repair costs, and “stagger” the cost of replacing
equipment over a period of time.

Maintenance of Exhaust fans and smoke stacks

Daily calibration of equipment.

Report to management any discrepancies observed in work
performed by outside service agents.

Please reply in writing to:

Human Resources Manager

E-mail:

P. O. Box SS-5925
Nassau, Bahamas
OR

humanresources@danbradlitd.com

housing will remain in the
dumps."

Analysts said year-end build-
ing code changes in California,
Pennsylvania and New York
caused an artificial spike for
permit requests in December
and housing starts in January.
Builders in those states rushed
to file new permits before those
changes went into effect.

Even with those gains, the
housing market has struggled.
Millions of foreclosures have
forced home prices down and
more are expected this year.
Tight credit has made mortgage
loans tough to come by. And
some potential buyers who
could qualify for loans are hes-
itant to enter the market, wor-
ried that prices will fall further.

The drop in home construc-
tion activity was felt coast to
coast. It fell 48.6 percent in the
Midwest, 37.5 percent in the
Northeast, 28 percent in the
West and 6.3 percent in the
South.

The volatile housing market
is weighing on the overall eco-
nomic recovery. Each new
home built creates, on average,
the equivalent of three jobs for
a year and generates about
$90,000 in taxes, according to
the National Association of
Home Builders.

Bahamas Electricity Corporation

Tender

The Bahamas Electricity Corporation invites
Tenders for the services described below:

Tender No. 742/11

Proposed Structural Repairs & Refurbishment at
Clifton Pler Power Station ‘A’ Building, Clifton Pier,
New Providence

Bidders are required to collect packages from
CSB Consultants Limited off Dolphin Drive
Contact: Mr. Carlton 5. Blair at telephone 325-7869

Submissions should ba marked as follows:

Mr. Kevin Basden
General Manager
Bahamas Electricity Corporation
Executive Offices = Blue Hill & Tucker Roads
Nassau, Bahamas

Deadline for delivery to BEC:
23rd May, 2011
no later than 10:00 a.m.

The Corporation reserves the right to accept
of reject any or all proposals.
For all inquires regarding the tenders and site visits, contact
Mr. Carlton §. Blair at telephone 325-7869



Receivea PF REE
Soup Can;tain

To get yours, buy G tin’s of
Campbell's Condensed Soup any
flavour. Circle Campbell's
Condensed Soup items on store
receipt dated March 14 or later.
Bring receipt to The d'Albenas
Agency Ltd. in Palmdale.

Distributed in the Bahamas by
#8 The dAlbenas Agency Ltd.
Palmdale, 677-1441





PAGE 12B, THURSDAY, MARCH 17, 2011

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT
COMMON LAW AND EQUITY DIVISION CLE/GEN/00178

2007

IN THE MATTER of the Property comprised in
a Deed of Mortgage dated the 31% day July,
A.D. 1992 between Edward N. Thompson
as a Borrower and FirstCaribbean Finance
Corporation (Bahamas) Limited (formerly,
Barclays Finance Corporation (Bahamas)
Limited)

AND IN THE MATTER of the Conveyancing
and Law of Property Act, Chapter 138 of the
Revised Statute Laws of the Commonwealth
of The Bahamas.

BETWEEN

FIRSTCARIBBEAN FINANCE
CORPORATION (BAHAMAS) LIMITED
(formerly, Barclays Finance Corporation
(Bahamas) Limited)

Plaintiff
AND

EDWARD N. THOMPSON

Defendant
NOTICE OF ADJOURNED HEARING

TAKE NOTICE that the Notice of Appointment
to Hear the Originating Summons filed on the
7" day of February, A.D. 2011 and set down
to be heard on Tuesday the 1° day of March,
A.D., 2011 at 11:00 o’clock in the forenoon will
now be heard before the Honourable Justice,
Stephen Isaacs, Justice of the Supreme Court,
Senate Building, Parliament Street, Nassau,
The Bahamas on Monday the 4* day of April,
A. D., 2011 at 10:30 o’clock in forenoon.

Dated this 7" day of March, A.D., 2011
REGISTRAR

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

COMMONWEALTH OF THE BAHAMAS 2007
IN THE SUPREME COURT
COMMON LAW AND EQUITY DIVISION CLE/GEN/00178

IN THE MATTER of the Property comprised in
a Deed of Mortgage dated the 31° day July,
A.D. 1992 between Edward N. Thompson
as a Borrower and FirstCaribbean Finance
Corporation (Bahamas) Limited (formerly,
Barclays Finance Corporation (Bahamas)
Limited)

AND IN THE MATTER of the Conveyancing
and Law of Property Act, Chapter 138 of the
Revised Statute Laws of the Commonwealth
of The Bahamas.

BETWEEN

FIRSTCARIBBEAN FINANCE
CORPORATION (BAHAMAS) LIMITED
(formerly, Barclays Finance Corporation
(Bahamas) Limited)
Plaintiff
AND

EDWARD N. THOMPSON
Defendant

NOTICE OF APPOINTMENT TO
HEAR THE ORIGINATING SUMMONS

TAKE NOTICE that the Originating Summons
filed herein will be set down to be heard on
Tuesday the 1** day of March, A.D., 2011 at
11:00 o'clock in the forenoon before Justice,
Stephen Isaacs, Justice of the Supreme Court,
Supreme Court Building, Bank Lane, Nassau,
The Bahamas.

Dated the 1% day of February, A.D., 2011

REGISTRAR

This Notice is issued by Gibson, Rigby
& Co., Chambers, Ki-Malex House,
Dowdeswell Street, Nassau, The Bahamas,
Attorneys for the Plaintiff.



THE TRIBUNE



USNS
Stocks fall on Japan crisis,
weak economic reports



UNCERTAIN TIMES: In this photo taken March 14, 2011, traders
work on the floor of the New York Stock Exchange.

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT

2001

COMMON LAW SIDE

BETWEEN
BANK OF THE BAHAMAS LIMTED
Plaintiff
AND

GEORGETTE KNOWLES

Defendant

NOTICE OF ADJOURNED HEARING

TAKE NOTICE that the Order for Examination filed on
the 29" day of June, A.D., 2010 and set down to be
heard on Wednesday the 10" day of November, A.D.,
2010 at 2:30 o’clock in the afternoon will now be heard
before, the Deputy Registrar, Ernie Wallace, of the
Supreme Court, Ansbacher Building, 3° Floor, Bank
Lane and East Street North, in the City of Nassau,
The Bahamas on Friday the 18" day of March, A.D.,
2011 at 11:30 o'clock in the forenoon.

Dated this 24'" day of November, A.D., 2010

REGISTRAR

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



NEW YORK

Worsening fears about the nuclear crisis in Japan shook finan-
cial markets Wednesday.

Stocks opened lower then dropped sharply in midmorning trad-
ing after the European Union's energy chief was quoted as saying
that Japan's nuclear crisis could get worse. Treasury prices jumped,
sending yields to their lowest levels this year as investors piled into
investments seen as being more stable.

The Dow Jones industrial average fell 265, or 2.3 percent, to
11,590. The Standard & Poor's 500 index fell 29, or 2.3 percent, to
1,253. All 10 company groups in the S&P 500 fell. The index has
dropped 3.5 percent this week and has now given up all its gains for
the year.

The CBOE Market Volatility Index jumped 18 percent, a sign
that investors expect more volatility in the stock market.

Japan temporarily suspended work at a stricken nuclear plant
after a surge in radiation made it too dangerous for workers to
remain there. That came a day after Japan's prime minister said
four crippled reactors at a nuclear power plant were leaking dan-
gerous amounts of radiation.

The Nasdaq composite index fell 57, or 2.2 percent, to 2,610.

The yield on the 10-year Treasury note fell as low as 3.15 percent,
the lowest level this year. In midafternoon trading the yield was 3.17
percent.

The dollar dropped to its lowest point in almost 16 years against
the Japanese yen, briefly falling under 80 yen. The dollar is now
close to its lowest point of the post-World War II era: 79.75 yen
reached in April 1995.

A stronger yen hurts Japan's exporters, potentially dealing
another blow to the economy already racked by an earthquake,
tsunami and evolving nuclear crisis.

Japan's economy, the third-largest in the world after the U.S. and
China, accounts for about 10 percent of U.S. exports.

The Commerce Department reported that new home construc-
tion fell to the second-lowest level on record in February, reflect-
ing weak demand. Homebuilders Lennar Corp. and D.R. Horton
Inc. each fell more than 2 percent.

Wholesale prices rose last month by the most in nearly two
years due to higher energy costs and the biggest increase in food
prices in 36 years. Shares of companies affected by higher food costs
fell. McDonald's Corp. and Starbucks Corp. both fell 2 percent.

DOLLAR TOUCHES BELOW 80
YEN, NEAR POSTWAR LOW

NEW YORK

The dollar dropped to its
lowest point in almost 16 years
Wednesday — briefly touching
below 80 yen — amid a per-
ilous nuclear crisis in Japan,
debt woes in Europe, tension
in the Middle East and weak
economic reports in the U.S.

The dollar is now close to its
lowest point of the post-World
War II era — 79.75 yen struck
in April 1995 — as leaks of
radioactivity from a stricken
Japanese nuclear plant have
deepened the Asian country's
woes following last week's mas-
sive earthquake and tsunami.

Many analysts have said they

GN-1185

GOVERNMENT NOTICE
CUSTOMS DEPARTMENT

Sale by Tender

It is hereby notified that the under-mentioned vessels have been confiscated
following breaches of the Laws of the Commonwealth of The Bahamas and

will be sold by tender:-



MAKE | MODEL ENGINE

SERIAL NO.



Chaparral 238.23 Ft.
Carvar 27Ft. Santego

Slick Craft | 31 FT

Angler 23Ft. 1978

1-350 Chevy (Inboard)
Twin-180 Mercruisers (Inboard)
Twincruisers (Inboard)

FGBCO2280888

CDRH62520888
SSU58053F889

TFwincruisers (Inboard) ANGC4905M78E





Chris Craft | 26Ft. 1981 | Twincruisers (Inboard) CCVAF174M81E
Angler 24Ft. 1996 | 1-225 HP Evinrude (Outboard) ANGF43378696

Fab. Boat
Well Craft

1-Volvo Penta (Inboard)
Twin-400 HP Ford (Inboard)

[04217224 | 7224

LAR724D388

These vessels may be inspected by contacting the Superintendent, Bahamas
Customs, Freeport Harbour, Freeport, Grand Bahama, Monday thru Friday

9:00 am to 4:00 p.m., at telephone # (242) 352-8500.

Tender forms are obtainable from the Office of the Comptroller of
Customs, Bahamas Customs, Thompson Boulevard, Nassau, Bahamas and
the Superintendent, Bahamas Customs, Freeport Harbour, Freeport, Grand
Bahama. Tenders should be submitted in SEALED ENVELOPES to the
Office of the Comptroller of Customs, Bahamas Customs, Customs House,

Thompson Boulevard, Nassau, Bahamas.

The face of the envelope should bear the words:-

“TENDER FOR VESSEL”

Tenders submitted with the foregoing should be received by 5:00 p.m. on

Friday, 1st April, 2011.

The right is reserved to reject any or all tenders. The vessels are being sold
“as is where is”.

The successful bidder will, on making full payment assume all risks for the
item (s) sold and for making arrangements for its removal within seven (7)

days after payment.

No guarantee is given as to the eligibility of these vessels for registration.

Glenn Gomez
Comptroller of Customs



Michael Woolfolk, senior cur-
rency strategist at Bank of New
York Mellon Corp. in New
York.

Meanwhile, the euro
dropped to $1.3922 from
$1.4000 and the British pound
fell to $1.6007 from $1.6092
amid tensions from elsewhere
around the globe.

Portugal raised $1.4 billion
in a debt auction Wednesday,
but the indebted country had
to pay higher interest rates to
investors a day after Moody's
downgraded its credit rating,
refocusing some attention on
Europe's debt crisis.

In the Middle East, soldiers
and police cracked down on
hundreds of protesters in
Bahrain, a neighbor of Saudi
Arabia, the world's biggest pro-
ducer of oil. If upheaval spills
into Saudi Arabia, oil produc-
tion could be greatly affected.
A Saudi-led force is already in
Bahrain, and analysts fear ten-
sions between Saudi Arabia
and its Shiite rival Iran, anoth-
er major oil producer. Iranian
President Mahmoud
Ahmadinejad on Wednesday
denounced the Bahraini gov-
ernment's moves and the Saudi-
led forces in Bahrain.

There were also negative sig-
nals for the U.S. economy
Wednesday in government
reports.

The Labor Department said
producer prices in the US.
posted the steepest rise last
month since June 2009 because
of climbing food and energy
prices. But apart from those,
inflation remained muted in
February, suggesting the Fed-
eral Reserve isn't likely to raise
interest rates any time soon.

Higher rates, used to fight
inflation, tend to support a cur-
rency.

Another government report
on housing indicated that the
real estate market was a long
way from a recovery, weighing
on the broader economy.
Home construction dropped
22.5 percent in February from
January to a seasonally adjust-
ed 479,000 homes last month.
That's the lowest level since
April 2009 and the second-low-
est on record. Permits to start
new projects fell to the lowest
level on records going back to
1960.

"With core (producer prices)
inflation still low and the eco-
nomic recovery constrained by
the continued weakness in
housing, the Fed is not going
to respond by tightening poli-
cy,” wrote Paul Ashworth, an
economist with research firm
Capital Economics, in a
research note.

The Fed on Tuesday
remained committed to seeing
its $600 billion bond-buying
program through June, which
is meant to lower long-term
interest rates, and reiterated
that it would hold the key US.
interest rate near zero for an
"extended period."





THE TRIBUNE

MONTPELIER, Vt.

When the federal Nuclear
Regulatory Commission
announced last week that it
would grant the Vermont Yan-
kee nuclear plant a 20-year
extension on its operating
license, the plant's supporters
won a fresh and strong talking
point toward improving the
reactor's political fortunes in
Vermont.

Only hours later, the devas-
tating earthquake and tsunami
in Japan set off a disaster at
reactors of the same design and
vintage as Vermont Yankee.
Politically, the trouble-plagued
plant's chances appeared
doomed.

"I don't think they had a
pulse last week, but we've



POWER PLANT: In this Dec. 12, 1997 file photo, the Vermont Yankee
nuclear power plant is shown in Vernon, Vt.

The Bridge Authority
NOTICE

All Paradise Island Employers & Employees, all Paradise Island Residents, all
Transportation Companies and the General Public are hereby notified that The
Bridge Authority will be undertaking inspection works to the NEW Paradise Island
Bridge with effect from the Monday March 21* to Friday Apnl 1* 2011. This exercise
will affect the Easter side of the westem Bridge and Lane 4 of the Toll Plaza

The inspection work will be conducted during off-peak traffic times between the
hours of 10:00am = 3:00pm, Monday to Friday. Work may resume after 3:30pm or
when traffic reduces, if needed, in onder to ensure that work is completed on
schedule.

Individuals, who access Paradise Island via Transponders in Lane 4, can now utilize
their Transponders in any one of the other lanes.

The Bridge Authority apologizes for any inconvenience caused, and assures if
Customers and Stakeholders, that all efforts will be made to have the inspection
works conduded as quickly as possible.

Billy Scavella
Genera! Manager
The Bridge Authanty

Gâ„¢ 11

GOVERNMENT NOICE

MINISTRY OF LABOUR &
SOCIAL DEVELOPMENT

NOTICE

5. NO. 26 OF 2008

PRICE CONTROL ACT
(CHAPTER 339)

PRICE CONTROL (GENERAL AMENDMENT) (NO. 5)
REGULATIONS, 2008

The public is advised of the following regulations made by the Minister in exercise of the powers
conferred by section 3 of the Price Control Act (Ch 339).

i. Citation.

These Regulations may be cited as the Price Control (general) Amendment)
(No. 5) Regulations, MWg,

Revocation and replacement of regulation 6 of 5.1. No, 18 af 1973,
A retailer shall display the retail price of an article:-

(a) by posting that price imumediately below or above the article; or
(b} by muirking, that price on the article so that it shall be clearly legible to the consumer.

No retailer shall display, post or mark than one retail price in relation to the same
article unbess he does. so for the purpose on lowering the retail price of that article,

Where more than one price is displayed or posted in relation to an article, or marked
on an article that article shall be sold at the lower price that is displayed, posted or marked.

In construing this regulation, a price marked on the article by the exporter or manufacturer shall
be disregarded

Signed

picked out the casket now,"
said Rep. Tony Klein, chairman
of the Vermont House com-
mittee that oversees Vermont
Yankee, said of the plant's
political prospects in the state.

Nuclear politics is unusually
raw in Vermont, the only state
with a law calling on its legisla-
ture to give the OK before reg-
ulators give the state's approval
for the license extension.

But across the country, the
nuclear industry is coming
under new scrutiny, with ques-

THURSDAY, MARCH 17, 2011, PAGE 13B

tions being raised about
whether a big dose of bad news
about the technology might
cool the ardor for a renaissance
in the industry.

"The timing could not be
worse,” said Richard Levick,
CEO of Levick Strategic Com-
munications, a Washington-
based firm that advises compa-
nies on how to handle public-
relations crises.

"We saw the American
nuclear industry really starting
to reposition itself for growth.

Japan crisis renews US debate over nuclear power

At best this is a short-term set-
back."

The government has already
offered $18.5 billion in loan
guarantees for new nuclear
plant construction, and Presi-
dent Barack Obama, a strong
supporter of building new reac-
tors, has asked in his recently
proposed budget for $36 billion
more. Of the money already
allocated, $8 billion is ear-
marked for a new plant in
Georgia, due for a ground-
breaking later this year.

GN-1186

GOVERNMENT NOTICE
NOTICE

The Royal Bahamas Defence Force invites bids to the Tender
Board for insurance coverage on the Royal Bahamas Defence Force’s
Patrol Craft, Musical Instruments and Warehouses. In addition, the
coverage must include the vessels transitioning the Caribbean and the
East Coast of the United States.

2. Specifications and schedules of assets can be obtained from the
Ministry of Finance Wallace~Whitfield Centre, P.O. Box N-3107, West
Bay Street Monday through Friday between 9:00a.m. to 5:00p.m.
The quotes must be itemized to show the following:

The Hull and Machinery

War Risk

Increased Value

Protection and Indemnity
3. In providing quotations in respect to all the above categories for
the Royal Bahamas Defence Force, the date for commencement of
coverage is 25 April 2011 and will run for one year through 24 April
2012. The final date of submission is Friday 25 March 2011.
4. All submissions are to reach the Ministry of Finance and addressed

to the Financial Secretary, Cecil Wallace-Whitfield Centre, P.O. Box N-
3107, West Bay Street by 12:00 noon on the above-mentioned date.

GN-1184

GOVERNMENT NOTICE

Ministry of Finance

Notice

Sale By Tender

It is hereby notified that the undermentioned items have been forfeited to the
Crown following breaches of the Laws of The Bahamas and will be sold by
tender:-
VESSEL
“Captain Alfredo”

“Myra Dawn”

TYPE & REGISTRATION NO.
Steel Hull — Reg # BP 562
Steel Hull — Reg # BP 678

These vessels may be inspected by contacting the Base Executive Officer,
Royal Bahamas Defence Force, Coral Harbour, between the hours of 2:00
p.m — 4:00 P.m, Monday to Friday.

Tender forms for submission are obtainable from the office of the Financial
Secretary, Ministry of Finance, 3 Floor, Cecil Wallace Whitfield Centre,
Cable Beach, Nassau and should be returned to that office in a SEALED
ENVELOPE

The face of the envelope should bear the words:-

“TENDER FOR CONFISCATED VESSEL”

Tenders submitted with the foregoing should be received by 12:00 noon,
Friday March 16", 2011.

The right is reserved to reject any or all tenders. The vessels are being sold
“as is where is”.

The successful bidder will, on making full payment assume all risk for the
item sold and for making arrangements for its removal with seven (7) days
after payment.

For vessels that are not registered in The Bahamas, no guarantee is given as
to their eligibility for registration.

Ehurd Cunningham
Financial Secretary (Actg)



PAGE 14B, THURSDAY, MARCH 17, 2011

Graphic signs of design addiction



FROM page 2B

to point out that you're sit-
ting in front of the computer
with all the lights off, and
haven't noticed

* You're in the sun and
you look around for a Drop
Shadow to sit under.

* You give your relatives
a lecture about colour
spaces and profiles when
you e-mail your vacation
photos.

* You maintain a grid sys-
tem for your refrigerator
magnets.

* You sit at work for eight
hours staring at your moni-
tor, waiting for a spark of

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT
COMMON LAW AND EQUITY DIVISION

2008

CLE/GEN/01665

IN THE MATTER of the Property comprised in an
Indenture of Mortgage dated the 31° day of October,
A.D. 2000 and made between Kevin Bethel and
Denise Bethel as Borrowers and FirstCaribbean
International Bank (Bahamas) Limited (formerly CIBC
Bahamas Limited)

AND IN THE MATTER of the Conveyancing and Law
of Property Act, Chapter 138 of the Revised Statute
Laws of the Commonwealth of The Bahamas.
BETWEEN

FIRSTCARIBBEAN INTERNATIONAL BANK
(BAHAMAS) LIMITED
(formerly CIBC Bahamas Limited)

Plaintiff
AND
KEVIN BETHEL

AND
DENISE BETHEL

Defendants

NOTICE OF APPOINTMENT TO
HEAR THE ORIGINATING SUMMONS

TAKE NOTICE that the Originating Summons filed
herein will be set down to be heard on Friday the
3 day of April, A.D., 2009 at 10:00 o’clock in the
forenoon before Justice, Stephen Isaacs, Justice of
the Supreme Court, Fourth Floor, Marlborough Street
Annex, British American House, Marlborough and
George Streets, Nassau, The Bahamas.

Dated the 8'" day of November, A.D., 2008

REGISTRAR

This Notice is issued by Gibson, Rigby & Co., Chambers,
Ki-Malex House, Dowdeswell Street, Nassau, The Bahamas,
Attorneys for the Plaintiff.

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT
COMMON LAW AND EQUITY DIVISION

2008

CLE/GEN/01665

IN THE MATTER of the Property comprised in an
Indenture of Mortgage dated the 31% day of October,
A.D. 2000 and made between Kevin Bethel and
Denise Bethel as Borrowers and FirstCaribbean
International Bank (Bahamas) Limited (formerly CIBC
Bahamas Limited)

AND IN THE MATTER of the Conveyancing and Law
of Property Act, Chapter 138 of the Revised Statute
Laws of the Commonwealth of The Bahamas.

BETWEEN

FIRSTCARIBBEAN INTERNATIONAL BANK
(BAHAMAS) LIMITED
(formerly CIBC Bahamas Limited)
Plaintiff
AND

KEVIN BETHEL
AND

DENISE BETHEL
Defendants

NOTICE OF ADJOURNED HEARING

TAKE NOTICE that the Notice of Appointment to
Hear the Originating Summons filed on the 8 day of
December, A.D. 2008 and set down to be heard on
Thursday the 17 day of February, A.D., 2011 at 10:
00 o’clock in the forenoon will now be heard before
the Honourable Justice, Stephen Isaacs, Justice of the
Supreme Court, Senate Building, Parliament Street,
Nassau, The Bahamas on Monday the 4* day of
April, A. D., 2011 at 10:00 o’clock in forenoon.

Dated this 21% day of February, A.D., 2011

REGISTRAR

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



inspiration that doesn't
come.

* You're up until 5am
because you came up with
the best idea ever while
brushing your teeth.

* Looking at a menu
makes you go "hmmm, ITC
Baskerville italic" rather
than "mmmm, lunch!"

* Your best friends are all
employees at the local print
shop

* The only people who
seem to know what you do
for a living are other graph-
ic artists.

* Several South American
economies suffer noticeably
whenever you attempt to
give up coffee, or even cut
your consumption by half.

* You know that "bleed-
ing” doesn't hurt.

* When you know the dif-
ference between fuchsia,
magenta and maroon.

* You've considered nam-
ing your children things like
‘Kern’, 'Pica’, 'Bézier', and
‘Serif’.

* When you can't remem-
ber the word ‘fog’, and
instead refer to it as the
‘Gaussian Blur’.

* When you write essays,
papers, and letters with
InDesign.

* You look forward to
seeing PMS

* Printing your wedding
invitations costs more than
the dress, engagement ring
and honeymoon combined.

* Your favourite scene in
American Psycho is where
they discussed business
cards

* When your mouse mat
is also your placemat

* You've named your fish
Gill Sans

* You consider meal time
as interruptions.

* You clean your key-
board more often than you
wash your car.

* You'd rather organise
your desktop than your sock
drawer.

* You bookmark a
resource more often than
you have a fun night out on
the town.

* You can’t go to a restau-
rant without secretly cri-
tiquing the menu design.

* You have an amazingly
huge font collection, and an
amazingly short temper.

* Tf you had a penny for
every mouse click, you
would have been a trillion-
aire three years ago.

* You will ONLY work
ona Mac.

* You can tell the differ-
ence between Helvetica and

Securit_y
AML Foods Limited
Bahamas Property Fund
Bank of Bahamas

9.05
4.40
O.17
2.70
1.96

Benchmark
Bahamas Waste
Fidelity Bank
Cable Bahamas
Colina Holdings

9.43.
ee
5.80
1.80
1.40
B25.
5.65.
8.77
4.57
1.00
5.50.
9.80
10.00

Doctor's Hospital
Famguard
Finco

Focol (S)

ICD Utilities
J. S. Johnson

S2wk-Hi__52wk-Low
99.46
100.00
100.00
100.00
100.00

52wk-ILow

RND Holdings

ABDAB
RND Holdings

Fund Name
CPAL Bond Fund
CPFAL MSI Preferred Fund
CPFAL Money Market Fund
Royal Fidelity Bahamas G & | Fund
Royal Fidelity Prime Income Fund
CFAL Global Bond Fund
CFAL Global Equity Fund
FSG Financial Preferred Income Fund
FG Financial Growth Fund
FG Financial Diversified Fund
Royal Fidelity Bah Int'l Investment Fund Principal

1.4076
2.8300
1.5141
2.8522
13.0484
101.6693
99.4177
1.0000
1.0000
1.0000
9.1005
10.0000
9.1708 _ Royal Fidelity Ban
4.8105

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

ghted price for daily volume
‘ed price for daily volume

Today's Close
Change - Chan:
Daily Vol. - Num

m day to day
aded today

hare paid in the last 12 months
ded by the last 12 month earnings

P/E - Closing pri
KS) - 4-for-1 Stock Split - Effective Date 8/8/2007
KS1) - S-for-1 Stock Split - Effective Date 7/11/2007

Commonwealth Bank (S1)
Consolidated Water BDRs

FirstCaribbean Bank

Focol Class B Preference

Premier Real Estate

Security
Bahamas Note 6.95 (2029)

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

Symbol
Bahamas Supermarkets

Arial immediately.

* You colour coordinate
everything (food in refrig-
erator, cds, dvds, etc.

* Command + Z (undo
keys) comes to mind when
you make a mistake in real
life situations.

* Every time you are
wrapping up leftovers you
are haunted by the filter
plastic wrap.

* When someone gives
you an invite or business
card, you are more excited
to see the design than the
content.

* You say ‘why didn’t I
think of that’ when you see
an awesome design.

* You don’t care what the
words say; you’re just con-
cerned with how many
words there are.

* You still enjoy buying
toys and have one sitting on
your desk now.

* You use your pantone
book instead of a paint chip
for remodelLing your bed-
room.

* Most of the work in
your portfolio is not the
work that the client actually
approved, but the design
you liked best.

* Lock up doesn’t mean
going to prison for you.

* Your friends and family
members on a regular basis
want your services for free
or extremely cheap.

* You request a vector
logo and you get a pixilated
72dpi jpeg from the web
(placed in a Word document
of course!).

* You buy a bottle of wine
purely on the design of the
label only

Finally, you know you are
definitely a graphic or devel-
oper geek when..... you can
understand EVERY-
THING placed on this list.
So until we meet again, have
fun, enjoy life and stay on
top of your game.

NB: Author welcomes feed-
back at deedee2111@hot-
mail.com

INSIGHT

For the stories

behind the

news, read
Insight

on Mondays



ROYAL FIDELITY

Moray at Winerk

THE TRIBUNE

COMMONWEALTH OF THE BAHAMAS 2009
IN THE SUPREME COURT

COMMON LAW AND EQUITY DIVISION CLE/GEN/00698

BETWEEN

FIRSTCARIBBEAN INTERNATIONAL BANK
(BAHAMAS) LIMITED

Plaintiff
AND

GAY CINDYANN GARDINER
Defendant
NOTICE

TO: GAY CINDYANN GARDINER of Rico
Street Citrus Meadows, Nassau, The Bahamas

TAKE NOTICE that an action has been
commenced against you in the Supreme
Court being Action CLE/gen/00698 of 2009
by FIRSTCARIBBEAN = INTERNATIONAL
BANK (BAHAMAS) LIMITED, its Collections/
Recovery Department situate at Independence
Highway, Nassau, The Bahamas, in which the
Plaintiff is claiming breach of a demand loan
dated the 21% day of May A.D., 2007 made
between you as Borrower and FirstCaribbean
International Bank (Bahamas) Limited as

Lender and the Bank claims against you the
sum of $6,471.05 as of the 27" day of April,

A.D., 2009 along with contractual interest at the
rate of 19% per annum and statutory interest
pursuant to Section 2 of Civil Procedure
(Award of Interest) Act, 1992 and costs.

TAKE FURTHER NOTICE that an Order was
granted on the 2â„¢ February, 2011 for the Writ
of Summons filed herein on the 30" day of
April, A.D. 2009 to be renewed for another
period of twelve (12) months from its expiry
date and shall now stand to expire on the 29"
April 2011.

TAKE FURTHER NOTICE that it was ordered
by the Supreme Court that service of the
aforesaid Writ of Summons in the said action
be effected on you by this advertisement.

AND FURTHER TAKE NOTICE that you
must within fourteen (14) days from the
publication of this advertisement inclusive
of the day of such publication, acknowledge
service of the said Writ of Summons by filing
a Notice of Appearance and a Memorandum
of Appearance, otherwise Judgment may be
entered against you.

DATED this 18" day of February, A.D., 2011

GIBSON, RIGBY & CO.
CHAMBERS
Ki-Malex House
Dowdeswell Street
Nassau, The Bahamas

Attorneys for the Plaintiff



= EG
>

CAPITAL MARKETS
BROKERAGE & ADVISORY SERVICES

BISX LISTED & TRADED SECURITIES AS OF:
TUESDAY, 15 MARCH 2011
BISX ALL SHARE INDEX: CLOSE 1,447.31 | CHG -10.59 | %CHG -0.73 | YTD -52.20 | YTD % -3.48
FINDEX: YEAR END 2008 -12.31%
WwWwWw.BISXBAHAMAS.COM | TELEPHONE: 242-323-2330 | FACSIMILE: 242-323-2320

1.09,
10.63
4.40
0.18
2.70
1.96
10.21
2.40
6.82
2.14
1.40
5,25
5.88
o.39
5.47
1.00
7.40
9.82
10.00

Symbol
BAH29
FBB17
FBB22
FBB13
FBB15

Previous Close Today's Close

Change Daily Vol. Div $

4,609
10.63
4.40

0.18
2.70
1.96

9.43.
2.40
6.82
2.10
1.40

5.25.

5.88
9.35
5.47
1.00
7.40
9.82
10.00
BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing basis)
Last Sale
99.46
100.00
100.00
100.00
100.00

8.6
18.9
12.1
N/M
616.7
11.4
8.3

-0.04
0.00
0.00
0.00
0.00
0.00
Change Interest
0.00
0.00
0.00
0.00
0.00

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

Prime + 1.75%
7%
Prime + 1.75%

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

Bid ®
NVA
0.35

Ask &
NVA
0.40

Last Price
14.00
0.55

EPS $
-2.945
0.001

Div &
0.000
0.000

P/E
N/M
256.6

Daily wea. Yield

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

30.13
0.45

31.598
0.55

29.00
o55:

4.540
0.002

0.000
0,000

9.03.
261.90

BISX Listed Mutual Funds

NAV
15178
2,9486
1.5837
2.7049

13.4392
114.3684
106.5528

1.1465
1.1185
1.1491

9.7950,

10.6417

1vestment Fund Principal
Protected TIGRS, Series 3
Royal Fidelity Intl Fund - Equities Sub Fund

10.1266
8.4510

YTD%

5.51%
0.04%
0.61%

-0.56%

0.61%
9.98%
4.75%
5.20%
4.73%
5.35%

4.85%

-1.20%

1.27%
0.72%

NAV 3MTH
1.498004
2.918256
1.564030

NAV GMTH
1.475244
2.910084
1.545071

NAV Date
30-Nov-10
28-Feb-11
11-Feb-11
31-Jan-11
31-Jan-11
30-Jun-10
30-Sep-10
31-Dec-10
31-Dec-10
31-Dec-10

Last 12 Months %
6.90%
1.45%
4.59%

-15.54%
-0.22%
12.49%

7.18%

109.392860
100.779540

107.570619
105.776543
5.20%
4.73%
5.35%
5.45% 30-Nov-10
0.50% 30-Nov-10

1.27%
9.95%

31-Jan-11
31-Jan-11

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

Ask $ - Selling price of Col
Last Price - Last traded over-the-counter price
Weekly Vol. - Tradi

and fidelity

me of the prior week

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

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

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





(i The Tribune

im lowin’ it

HIGH
LOW

BRIGHT

82F
70F

Volume: 107 No.96

THURSDAY, MARCH 17, 2011

YOUR SOURCE FOR OBITUARIES



PRICE — 75¢

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PM: Early election if
BIC sale not passed

Ingraham says no
sale would be a ‘vote
of no confidence’

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

IF THE government is
unable to pass the sale of
BTC in the House of
Assembly, Prime Minister
Hubert Ingraham said he
will be forced to call an ear-
ly election as such a move
will signal a vote of no con-
fidence in his administration.

On Tuesday night, Prime
Minister Ingraham chaired
a meeting with all FNM gen-
erals, MPs, Cabinet Minis-
ters, and party officers ona
variety of subjects, but main-
ly the party’s upcoming ral-

ly on Saturday night that will
deal specifically with the sale
of BTC.

According to sources at
this meeting, it was made
clear that the Parliamentary
vote to sell 51 per cent of
BTC to Cable and Wireless
will be a critical vote for the
party.

Reportedly, at this mect-
ing, all FNM MPs were pre-
sent except for the party’s
MP for Bamboo Town,
Branville McCartney, who
has already stated publicly
that he is unsure of how he
will vote on this sale.

SEE page 13

UNIONS GRANTED LEAVE TO
APPEAL JUDGE'S BTC DECISION

THE unions attempting to block the sale of 51 per cent of
BTC to Cable and Wireless were granted leave yesterday to
appeal a judge’s decision which stated that they lacked the

legal standing to bring a suit.

In January, the Bahamas Communications and Public Offi-
cers Union (BCPOU) and the Bahamas Public Managers
Union (BCPMU), filed a joint action in the Supreme Court rais-

SEE page 17

ORIGINAL $

SF

COMBOS =

Carer bom my

ORIGINAL WHOPPER
COMBO

ORIGINAL CHICKEN
SANDWICH COMBO



NASSAU AND BAHAMA ISLANDS’ LEADING NEWSPAPER





and Bahama $1.25)

e Wary

i

-
~
at

~ 7 ed (of







ae







ti























NEW REALITY: Some
of those affected by

Tuesday’s fire speak to
The Tribune yesterday.

Tim Clarke/Tribune staff

GOVT ‘CONSIDERS ELIMINATING
ST ANNE'S CONSTITUENCY,
MAKING YAMACRAW LARGER’

THE Government of the Bahamas is



a



BUN













By CELESTE NIXON
? Tribune Staff Reporter
cnixon@tribunemedia.net

reportedly giving consideration to eliminating }

the constituency of St Anne’s and creating a

eral election.

the matter, it is believed that Deputy Prime
Minister Brent Symonette would still be the :
party’s candidate for the then larger

SEE page 15

ep Marathon Mall - essa

i prime minister said:

SEE page 17

CDMS pu
Pe TREE

ROBIN HOOD OWNER ‘SHOCKED’
BY PRIME MINISTER’S COMMENTS

BUSINESSMAN Sandy Schaefer said he
_ ¢ was "shocked and taken aback” after Prime
ee eee i Minister Hubert Ingraham lashed out at the
. ? Robin Hood owner for his criticisms of the
pore tee eee eeu ? road work project on Prince Charles Drive.
Speaking of Mr Schaefer yesterday, the
“It is most regrettable

: : : ? that such a person has been allowed to have
Yamacraw constituency, running against the :

PL Ps ME Melanie Gettin: that type of business in the country. He is not







PAE MTU

THE PLP ‘IS NOT
ORGANISING BIC
DEMONSTRATION’

? By TANEKA

:? THOMPSON

i Tribune Staff Reporter

| Benmore reer

THE Progressive Liber-
i i Party is not organising
i protesters to flock to Par-
: liament next week for an
i anti-privatisation demon-
: stration, said party chiefs
i yesterday.

If PLPs do protest it will
i be because of their per-
: sonal beliefs not party affil-
: iation or on orders from

SEE page 14



By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net




DISPLACED fire vic-
tims struggle to cope with
their new reality in the
aftermath of the devastat-
ing bush fire that destroyed
their homes.

Taking up temporary
lodging at the Corner
Motel, Faith Avenue, the
former residents of Fergu- ["""
son Subdivision told The
Tribune their primary focus
was to secure future accom-
modations as they are
determined to keep their
immediate and extended
families together.

Jessica Kerr, a 21-year-
old hair stylist, said: “We’re
just taking one day at a
time. We will be staying
here for a week, but the
problem is finding a place
after that. They (Social Ser-
vices) said they will pay the
first and last month’s rent
but where can we find a

SEE page 15












- Harbour Bay - Palmdale >





Full Text



PAGE 1

N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER PM:Early election if BTCsale not passed V olume: 107 No.96THURSDAY, MARCH 17, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 W EATHER BRIGHT SUNSHINE HIGH 82F LOW 70F By PAUL G TURNQUEST T ribune Staff Reporter pturnquest@tribunemedia.net IF THE government is u nable to pass the sale of B TC in the House of Assembly, Prime Minister Hubert Ingraham said hew ill be forced to call an ear ly election as such a move will signal a vote of no confidence in his administration. O n Tuesday night, Prime M inister Ingraham chaired a meeting with all FNM generals, MPs, Cabinet Ministers, and party officers on a variety of subjects, but mainly the partys upcoming ral l y on Saturday night that will d eal specifically with the sale of BTC. According to sources at this meeting, it was made clear that the Parliamentary vote to sell 51 per cent of BTC to Cable and Wirelessw ill be a critical vote for the p arty. Reportedly, at this meet ing, all FNM MPs were present except for the partys MP for Bamboo Town, Branville McCartney, who has already stated publicly that he is unsure of how he will vote on this sale. Ing r aham sa ys no sale would be a vote of no confidence TRY OUR D OUBLE M cFISH The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM YOURSOURCEFOROBITUARIES N N O O B B O O D D Y Y B B U U T T N N O O B B O O D D Y Y B B E E A A T T S S T T H H E E T T R R I I B B U U N N E E I I N N S S I I D D E E T T O O D D A A Y Y C C A A R R S S ! C C A A R R S S ! C C A A R R S S ! L L O O A A D D S S O O F F J J O O B B S S A A N N D D H H E E L L P P W W A A N N T T E E D D ! T T H H E E T T R R I I B B U U N N E E S S C C L L A A S S S S I I F F I I E E D D S S T T R R A A D D E E R R SEE page 13 By TANEKA THOMPSON Tribune Staff Reporter t thompson@tribunemedia.net THE Progressive Libera l Party is not organising p rotesters to flock to Parl iament next week for an anti-privatisation demonstration, said party chiefsy esterday. If PLPs do protest it will be because of their per sonal beliefs not party affiliation or on orders from THE PLP IS NOT ORGANISING BTC DEMONSTRATION SEE page 14 By AVA TURNQUEST Tribune Staff Reporter aturnquest@tribunemedia.net DISPLACED fire victims struggle to cope with their new reality in the aftermath of the devastating bush fire that destroyed their homes. Taking up temporary lodging at the Corner Motel, Faith Avenue, the former residents of Fergu son Subdivision told The Tribune their primary focus was to secure future accom modations as they are determined to keep their immediate and extended families together. Jessica Kerr, a 21-yearold hair stylist, said: Were just taking one day at a time. We will be staying here for a week, but the problem is finding a place after that. They (Social Services) said they will pay the first and last months rent but where can we find a SEE page 15 S TR UGGLE OF DISPL ACED FIRE VICTIMS NEW REALITY: Some of those affected by Tuesdays fire speak to The Tribune yesterday. Tim Clarke /Tribune staff THE Government of the Bahamas is reportedly giving consideration to eliminating the constituency of St Annes and creating a larger Yamacraw seat ahead of the next general election. According to well-placed sources close to the matter, it is believed that Deputy Prime Minister Brent Symonette would still be the partys candidate for the then larger Yamacraw constituency, running against the PLPs MP Melanie Griffin. By CELESTE NIXON Tribune Staff Reporter cnixon@tribunemedia.net BUSINESSMAN Sandy Schaefer said he was "shocked and taken aback" after Prime Minister Hubert Ingraham lashed out at the Robin Hood owner for his criticisms of the road work project on Prince Charles Drive. Speaking of Mr Schaefer yesterday, the prime minister said: It is most regrettable that such a person has been allowed to have that type of business in the country. He is not THE unions attempting to block the sale of 51 per cent of BTC to Cable and Wireless were granted leave yesterday to appeal a judges decision which stated that they lacked the legal standing to bring a suit. In January, the Bahamas Communications and Public Offi cers Union (BCPOU Union (BCPMU UNIONS GRANTED LEAVE TO APPEAL JUDGES BTC DECISION SEE page 15 SEE page 17 GOVT CONSIDERS ELIMINATING ST ANNES CONSTITUENCY, MAKING YAMACRAW LARGER ROBIN HOOD OWNER SHOCKED BY PRIME MINISTERS COMMENTS SEE page 17

PAGE 2

THE new US departure t erminal opened to internat ional passengers yesterday without incident, according toS honalee Johnson, communic ations manager at the Nassau Airport Development Com pany. Passengers booked on the 6.30am Bahamas Air flight to Miami were the first to test r un the new facility. There was a constant flow o f passengers in and out of t he facility over the course of the day, starting from thet ime checkin counters opened at 5am, said Ms Johnson. Airport traffic reached the p rojected volume of 2600. W ednesday is ordinarily a low t raffic day for the airport, which is why the go live day w as set for yesterday, said Ms Johnson. The first 100 passengers received coupons for use at some of the retail outlets, so they could have a broad feel o f the new airport experience. Exceptional The new US departures t erminal at Lynden Pindling Airport provides travellers w ith an exceptional Bahamian experience as soon as they step off the plane, which isi mportant in enhancing the o verall vacation experience, said Andrew Neubauer, director of sales and marketing fort he Sheraton Nassau Beach Resort. This is a significant step in the right direction as we con-t inue to position Nassau as the premiere destination in the Caribbean. Construction on the new terminal began 18 months ago for a price tag of about $191 million. All of the vendors were open for business yest erday, including the 19 retail food and beverage services. Now that the new facility is f ully operational, the old facility has been decommissioned. Workers are curr ently erecting a perimeter fence. The old facility is being t ransformed into a new international arrivals terminal. With a scheduled completion date for the Fall of 2012, Ms Johnson said work will begin right away. The second phase of the airport redevelopment project is estimated at $138 million. There will be selective demolition on the old facility. The two-story structure will house immigration on the upper level and Bahamas cus t oms and baggage collection o n the bottom. L OCAL NEWS PAGE 2, THURSDAY, MARCH 17, 2011 THE TRIBUNE What can you do with a low rate loan? Just ask.Pay off bills, lower your monthly payments, spruce up the house, go to university, plan a wedding, or do whatever you need to get ahead. Interest rates are the lowest in years. Nows your opportunity to save with rates as low as 13.70%1! Consolidate all your borrowing into one lower monthly payment! 1Rate discount is applicable on loan term up to 36 months. Certain conditions apply. Loans are subject to credit approval. Offer is subject to change without notice. Offer valid from March 7, 2011 to April 30, 2011. *Trademark of The Bank of Nova Scotia, used under licence. APPLY FOR A LOW RATE SCOTIA PLAN LOAN TODAY. HURRY! DISCOUNT RATE1OFFER ENDS APRIL 30, 2011. bahamas.scotiabank.com/lowrateloans New US departure terminal opens without incident T HENEWUSTERMINAL o fficially opened yesterday. The Bahamasair flight to Miami was the first to depart the new facility.

PAGE 3

E leuthera security guard K enneth Kenny Strachan r eceived a share of the $10,000 reward posted by the Federal Bureau of Investigation for the capture of the Barefoot Bandit. The US folk hero fugitive, b orn Colton Harris-Moore, was captured in the Bahamas last year and deported to the United States. Mr Strachan helped Bahamian police nab the Barefoot Bandit during hisB ahamas escapade. T he reward was split a mong five persons, including four men on visiting y achts at the Romora Bay Marina in Harbour Island, w here Mr Strachan works. He plans to use his share o f the FBI reward $2,000 t o visit an older sister in upstate New York and an a unt who lives in Manhattan. He has not seen his sister, who is American, since 1988. He received the reward at the American Embassy in N assau without ceremony. Another $13,000 raised by p rivate donors also will be s plit among the five, who were officially recognised as directly assisting in the arrest. Others who received a s hare were Capt Ronald Bill iot, Captain Ben Johnson, Captain Patrick Young and Jordan Sackett. The late-night harbour chase that resultedi n Harris-Moores capture, b egan on July 11 when Mr Strachan spotted the teen bandit running down the dock a t about 1am. Dialled M r Strachan was said to h ave approached the man at f irst, thinking he was in trouble. When he realised the man was the wanted teen bandit, h e kept Mr Harris-Moore in s ight and talked to him from a distance as he dialed for help. B efore help arrived, the t een was said to have sprinted i nto the bush, before rea ppearing for a minute at the edge of the dock and then fleeing in a boat allegedly stolen from nearby. As police descended on the scene and other marina guestst ook off with authorities, Mr Strachan joined in pursuit with police. Together, the boats cornered Mr Harris-Moore. His capture in the Bahamas was a feather in the cap of theR oyal Bahamas Police Force, w hich was credited with hand ling the case with extreme p rofessionalism after numero us law enforcement agencies in the US and Canada including federal agents were unsuccessful in their attempts to apprehend the Bandit. T he capture gave rise to a number of trends in Harbour Island and Eleuthera. By the day after HarrisMoore's capture, the Romora Bay Resort and Marina was selling a drink called theB arefoot Bandit at its Sunsets B ar and Grill. By PAUL G TURNQUEST T ribune Staff Reporter pturnquest@tribunemedia.net F ORMER Independent MP for South Andros Whit ney Bastian confirmed that h e is likely to run in the next general election as an Independent candidate with or without the support of FNMM P Branville McCartney, who he speculated could bean Independent candidate as w ell at that time. have plans to run as an independent candidate. I havep lans to run in the next elect ion. I have been working in this constituency for some time. I had applied to the PLPf or the nomination and they have not even considered it. I have withdrawn from them and I have asked them if they w ould want that in writing and they said fine, Mr Bastian said. M r Bastian added that he does not believe that per sons outside of Andros should be telling people in Andros who to elect. I believe I am well qualified to represent the people. I didnt really want to run, but people over the years have been asking me to run, he said. With reports reaching The Tribune that Mr McCartney could launch a new Independent party in May of this year with Mr Bastian as one of the leading members, the former South Andros MP said that he has spoken to Mr McCartney, but has no formal information on what the young FNM intends to do. I told him that if he doesnt have any faith in the PM, and if he doesnt have any faith in Christie, then he shouldnt go there either. I have been listening, my ears are to the ground and the majority of the persons I have talked with said they wish he (Mr McCartney run. The majority of young people I have spoken to said they like Bran. People has asked me why dont Bran and I get together and maybe after I get these personal things done I will consider it. But we cant have a fammer like the current MP who only comes to the constituency and rides from one end to the next and hops back on the plane and heads back to Nassau, he said. Mr Bastian said that in two months he expects to be in a better position to state categorically what he will do, and stressed that if Mr McCart ney would want him to assist him he believes they could bea good team. However, he emphasized that at this time h e has no idea if Mr McCartney will leave the party or what the young MPs plans were for his future in politics. LOCAL NEWS T HE TRIBUNE THURSDAY, MARCH 17, 2011, PAGE 3 Bahamian rewarded for Barefoot Bandit capture Whitney Bastian likely to contest election with or without McCartney support BAREFOOTBANDITDRINK: Romora Bay Marina. REWARD: Kenneth Strachan B AREFOOT BANDIT D i a n e P h i l l i p s & A s s o c i a t e s D i a n e P h i l l i p s & A s s o c i a t e s

PAGE 4

FREEPORT Grand Bahama Power Company CEOR Alan Kelley has resigned effective March 16 to pursue other opportunities in the United States, the Power Company announced yesterday. Mr Kelley joined GBPC in December of 2009 and led the company under the direction of former majority owner Marubeni/Taqa. In a statement released by the company, it was announced that Emera executive Ray Robinson will continue to lead the organisation in his role as executive chairman of GBPC and will begin the process of recruiting a new CEO immediately. We thank Mr Kelley for the contributions he has made to the business over the last 15 months, said Mr Robinson. I look forward to working more closely with the GBPC team to revitalise the utility for the benefit of the citizens of Grand Bahama and the Bahamas. In December, Emera announced that it had become the majority shareholder in the Power Company following an $82 million acquisition of the 55.4 per cent stake held by Marubeni of Japan. Emera has pledged to improve the reliability and consistency of Grand Bahama Power Company's electricity supply through investing $35 million in constructing a new power plant for the island, a 1012 month project that is slated to create 80-100 jobs. Grand Bahama Power Company Ltd is a totally integrated utility company serving the island's 45,000 residents and commercial establishments from east to west. The company employs more than 200 Bahamians. By CELESTE NIXON Tribune Staff Reporter cnixon@tribunemedia.net PRIME Minister Hubert Ingraham and Finance Minister Zhivargo Laing toured the new Public Treasury building yesterday morning located on East Street across from the Police Headquarters. The five-story, 30,000 square-foot building became fully operational on February 24th and will be home to the Treasury for many years to come said Prime Minister Ingraham. Mr Ingraham said the Public Treasury has been dealing with inadequate and unacceptable accommodations for many years and expressed gratitude to the treasury personnel who have tolerated this situation. The government is leasing the building at a cost of nearly $700,000 a year, while more money is now being spent in terms of renting the building. Mr Ingraham said "the money is being well spent." Mr Ingraham, commenting on the new building, said: "We wanted the treasury to be a stand alone building there is now adequate space, parking, morale of staff is high and they are comfortable and secure it is money well spent on a deserving group of people." The Prime Minister added that they are expecting to soon open branches of the Treasury in the family islands, in particular Eleuthera and Exuma. LOCAL NEWS T HE TRIBUNE THURSDAY, MARCH 17, 2011, PAGE 5 7KHDYLRURIWKH:RUOG Grand Bahama Power CompanyCEO resigns PRIME MINISTER Hubert Ingraham and Finance Minister Zhivargo Laing tour the new building yesterday. Tim Clarke /Tribune staff PM and Minister tour new Public Treasury building

PAGE 5

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y BETTY VEDRINE Bahamas Information Services I N a bid to strengthen t he countrys position in the Latin American market, several initiatives are being implemented to support service to Latin American travellers. Included in the initiat ives are several camp aigns aimed at encouragi ng hotels and Nassau Airport Development Company (NADs ignage in Spanish; a welcome arrival message; a 15-minute welcome to destination CD for taxi driv ers; boosting of the website www.bahamasturis mo.com partnerships for S panish courses at the C ollege of The Bahamas; r ecruiting of a corps of bilingual ambassadors fort he People-to-People pro g ramme and placement of bilingual roving ambassadors stationed downtown and at the Lynden Pindling International Airport. Officials at the Ministry o f Tourism are currently d iscussing with a major publisher the publication o f a tourism guidebook in S panish. In addition, the M inistry has already produced four public service announcements (PSAs the form of television ads with the objective of pushing the learning of Span-i sh in the workplace. T he announcement was made on Tuesday, March 15, during a workshop sponsored by the Ministryo f Tourism and the B ahamas Hotel Association for stakeholders in the tourism industry. Tourism Director General David Johnson, said The Bahamas is poised to capitalise from business in the Latin American region. For many decades now, we have known that the desire to travel to our country from South and Central America is quite high and rising, said Mr. Johnson. The means to t ravel and the language b arrier, however, were a hindrance for us, therefore w e were unable to capit alise on that demand. T hat recently changed, however, with the recent announcement that COPAA irlines, a leading airline in Latin America, will start offering non-stop service from Panama to Nassau commencing on June 15. Mr. Johnson said the Latin American market is a very lucrative one that w as not affected by the r ecent worldwide recess ion. He explained that e ven though Latin Americ an people share many similarities with Bahamians, it is still important to put the necessary investments in place to properly accommodate this market. There are still some b asic things that we need to be aware of, appreciate when dealing with this market, said Mr. John-s on. Thats why we have t o put ourselves in the position to do this right and take advantage of thep otential of Latin Ameri ca. Ministry of Tourism gets ready for the Latin American market PARTICIPANTS IN a workshop held by the Ministry of Tourism and Aviation and the Bahamas Hotel Association on Tuesday, March 15.The workshop was held to explain tools, tips and resources available to prepare businesses to tap into the Latin American market. Derek Smith /BIS

PAGE 6

THE Grand Bahama District of the Scout Association of the Bahamas recently hosted Peter Koskolos of Scouts Canada for an extended period. Mr Koskolos, deputy council commissioner of media and public relations of Nova Scotia, is considered a lifer, someone who has been involved in scouting for most of their lives. He has remained active ever since joining the movement in 1967. Since then, he has moved up through the ranks, starting outa s a Cub Scout and now has experience as both a Cub Leader as well as a Scout Leader. While in Grand Bahama, Mr Koskolos attended a regularly scheduled training session for group leaders where he shared some of the activities anda dventures that scout groups participate in back in his region of Canada. The most fascinating and biggest difference, of course, was winter camping where the youth are taught skills for surviving in the snow and techniques that are useful in the event they are caught in blizzard conditions. Another significant difference is that the groups in Canada are co-ed but in The Bahamas same-gender troops and packs are still maintained. He also offered ideas on membership growth and recruitment, stating that in Canada, they issue lapel pins to the Scouts and Leaders that promote the Movement as well as badges that serve as incentives for boys who sponsor their friends. He also presented a number of training manuals and handbooks to the local association as well as souvenir patches and badges from his local council. In a reciprocal gesture, he was given badges from the Bahamas Scout Association as well as a T-shirt and a copy of the Basic Information Training Manual that is utilized locally. Mr. Koskolos also visited a local Scout Troop attached toSt. Judes Anglican Church in Smiths Point where he interacted with the leaders and the 20 or so boys who attended. He observed how troops/groups here are a bit more regimented than they are in Canada and that, in order to be politically correct, they are not allowed to use military drill with their members as much as they do in the Bahamas. Again, he shared scouting stories; taught a number of skits; learned a Bahamian yell himself and offered tips on outdoor activi ties that involve environmental conservation. Peacefully co-existing with wild animals, while camping, is a novelty for local scouts and predators such as wild bears are not a factor because they hibernate in winter although the boys were warned that squirrels can become a major concern, as they are primarily in search of food that can conveniently be found in the scouts tents. Members of this troop were also the recipients of souvenir patches from the Nova Scotia Council of Scouts, Canada. Unlike their Canadian counterparts, Founders Day is not observed locally. This date is February 22 and commemorates the birth of the founder of the Worldwide Brotherhood of Scouts, Lord Baden-Powell. The Patron Saint of the Movement is St. George and St. Georges Day has somehow disappeared from the local calendar as well but the group of local leaders will work to have these two major observances included in their schedule for next year. Founders Day in Canada is a major celebration when both the Leaders and the Scouts participate in a series of community activities that create an excellent opportunity to increase the public visibility of the organization and serves as a convenient recruiting tool to attract both members and leaders. On a trip to the Eight Mile Rock community, Peter Koskolos met with a number of residents who were founding members of the initial 1st Grand Bahama Scout troop, which was started by the late Bishop Michael H. Eldon at St. Stephens Anglican Church. The concepts of leadership and community service still pre vails in the lives of these men as they were actively involved in raising funds for a community outreach programme at the time. LOCAL NEWS T HE TRIBUNE THURSDAY, MARCH 17, 2011, PAGE 9 The Mercedes-Benz C-ClassYour most enjoyable drive ever.The Mercedes-Benz C-Class is a pleasure tobehold offering a new interpretation of driving pleasure. Its taut lines lend it an air of effortless superiority while the wide radiator grille and distinctive rear section announce a vehicle with a real presence a nd dynamic personality. F ew cars can compete with its ability to adjust so many facets of its character from the interior to the drive technology s o quickly and precisely in response toexternal conditions and your own p articular needs. The key to this flexible response is the standard-fit Agility Control Package which includes selective damping. The interior offers noticeably more space and a more distinctive atmosphere tosuit your taste. As you will see, the C-Class is the perfect embodiment of the Mercedes-Benz philosophy.Tyreflex Star MotorsWulff Road, P. O. Box N 9123, Nassau, The Bahamas, Tel 242.325.4961 Fax 242.323.4667OUR PARTS DEPARTMENT IS FULLY STOCKED WITH EVERY COMPONENT NECESSARY TO ENSURE THAT YOUR MERCEDES RUNS TROUBLE FREE. TRAINED TECHNICIANS ON DUTY. International Scout Exchange for Grand Bahama MR. PETER KOSKOLOS OF SCOUTS CANADA second from right, is flanked by members of the Grand Bahama District of the Scout Association of The Bahamas, as they exchange gifts from their respective associations. He was presented with a T-shirt, badges and a local training manual. Also pictured are: (l-r Plakaris and Maitland Cates.

PAGE 7

E LEUTHERA The G overnments Infrastruct ure Crusade expanded to Current Island with thes igning of a $214,959.30 c ontract for two docks there. Public Works and Transport Minister Neko C Grant made a stopover visit to that island on March 14. His delegation included C olin Higgs, permanent s ecretary; Dion Munroe, project engineer and S haun Lightbourn, assist ant engineer. Also in a ttendance was House Speaker Alvin Smith, Member of Parliament for North Eleuthera, and Stephanie Rahming, administrator. A large representation of the 50-member population, including students of t he Current Island AllAge-School, witnessed the event held under a cabana a t the site of the main dock posed for reconstruction. Police Constable 2673 C arlton Smith led the N orth Eleuthera Commun ity Youth Band, which provided music for the event. The existing deteriorat ed docking facilities cannot adequately meet the needs of this community,s aid Minister Grant. We thank the people of Cur rent Island for their patience. We anticipate that the reconstruction of the dock ing facilities here will facili tate further development o f the existing fishing and straw industries along with other industries on this island. I n addition to reconstruction of the main dock, the contract also includesr epairs to the nearby wooden ferry dock on that island. T he concrete dock was d estroyed as a result of recent hurricanes. The proj ect is expected to be finished in four months. We are signing a cont ract for a dock that is a bsolutely necessary, Mr S mith said. The government has never forgotten the peopleo f Current Island. You are a people of strength and faith. We believe, he said, that with your population of just 50 that you are to be treated just like New Providence with a (popu-l ation) of 200,000, Grand Bahama of just under 100,000 or the rest of theF amily Islands. T he contract was award ed to Robert Roberts of Complete Marine Services Co Ltd. T he Government is also carrying out 3.2 miles of roadworks in CurrentI sland that is set to be fin ished in six weeks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ontract signed to rebuild and repair Current Island docks PUBLIC WORKS AND TRANSPORT MINISTER Neko Grant shares a light moment with those gathered at the ceremony to witness the contract signing for docks in Current Island. Shown in background are students of North Eleuthera High School. T HE NORTH ELEUTHERA COMMUNITY YOUTH BAND led by PC 2673 Carlton Smith, performs at the contract signing ceremony for docks in Current Island on March 14. Patrick Hanna /BIS

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B y GENA GIBBS B ahamas Information S ervices P INEWOODUrban R enewal wants its youth to practice reading for enjoym ent. The centre will be hosting a Reading Fair at Pinewood Park onP inewood Drive from 10am-1pm on March 26th f or children aged 12 and u nder. As the Member of Parl iament for the Pinewood C onstituency, I fully e ndorse this event, giving it my support, said Byran Woodside, Minister of State for Lands and Local Government. To this end, I am encouraging parents in the Pinewood constituency to deliver their children to the park for the reading fair. O n March 13th, Minister W oodside held a press con ference at Dockendale House, West Bay Street,w here he announced that volunteers from the Kiwanis Club of New Providence are partnering with PinewoodU rban Renewal to conduct reading camps, which includes free books and lunch. I wish to thank the Kiwanis Club of New Prov idence for their considerat ion of Pinewood and t hanks to the Pinewood Urban Renewal Office for their consistency in deliver ing services, initiatives andp rogrammes that augur towards the development, enhancement and progress of the residents in P inewood, said Mr Woodside. I am thankful for the various donations of b ooks. Minister Woodside reflected on how many prod uctive and influential peop le were produced from G overnment High Schools e ducational programme in t he past that offered gov e rnment school students an opportunity to obtain a private school education. Reading is still the key t o unlock doors for the future, said Mr. Woodside. This fair is in keeping w ith the goal to excite, i nspire, and prepare the n ext generation of upstandi ng citizens in Pinewood. LOCAL NEWS T HE TRIBUNE THURSDAY, MARCH 17, 2011, PAGE 11 r POPULAR CHILDRENS BOOKS donated to the event will be distributed to children ages 12 and under w ho participate in the Reading Fair. The effort is to encourage children to practice reading for enjoym ent and leisure. Gena Gibbs /BIS Bid to get youth in Pinewood practising reading for enjoyment

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t$ELOLWLHV 0XVWEHDEOHWRVSHDNUHDGZULWHDQGXQGHUVWDQGWKHSULPDU\ODQJXDJHVf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t%HYHUDJH4XDOLFDWLRQVt([SHULHQFH +LJKFKRRORUHTXLYDOHQWHGXFDWLRQUHTXLUHG%DFKHORUV'HJUHHSUHIHUUHG 0LQLPXPRIWZR\HDUVH[SHULHQFHDVDRXV&KHILQDKLJKHQGKLJKTXDOLW\ RSHUDWLRQ4 XDOLHGDSSOLFDQWVDUHLQYLWHGWRYLVLWRXUZHEVLWHRUHPDLOUHVXPHVWRVQEUMREV#VKHUDWRQFRP1RWH$OOLQIRUPDWLRQZLOOEHKHOGLQVWULFWHVWRIFRQGHQFH'HDGOLQHIRUDOODSSOLFDQWVLV By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net FREEPORT Minister of Works Neko Grant and engineers from the China Harbour Engineering Company visited the Fishing Hole Road and Smiths Point on Wednesday, with a view to resolving the flooding and erosion in those areas. Mr Grant said that the CHEC will examine the sites and make recommendations to the government of how best to tackle these constant coastalrelated problems. Fishing Hole Road is prone to flooding from Hawksbill Creek, especially during hurricanes and severe rainy weather. The narrow causeway connects West Grand Bahama and Freeport and is travelled daily by thousands of motorists. The flooding situation has been a sore one for residents since 2002, and there have been calls for a bridge to be built there as a permanent solution. Mr Grant and Alex Lee, marketing officer of CHEC, viewed the sites with officials at the Ministry of Works. At Smiths Point, the beach erosion has worsened over the years and has caused great concern among residents there. The area is a popular Fish Fry site for many visitors and local residents on Grand Bahama. Mr Clifford Edden, a local government representative for Smiths Point, said a sea wall is needed to prevent further erosion in the area. He noted that a lot of beachf ront properties have been lost as a result of the erosion. He stressed that the area is vulnerable, especially during hurricanes. I am happy to see Minister Grant here looking into it and to help us get a seawall built to protect the residents of Smiths Point. This is our number one industry as we entertain a lot of t ourists and we would like to get a sea wall built and clean up the area, he said. Minister Grant said that the Infrastructure Crusade implemented by the government seeks to better the lives of B ahamians. We have received a numb er of complaints from residents of Smiths Point about continuous erosion of the beach. I have come this morning with Mr Lee from the China Harbour Engineering Compan y for them to have a look at what we are challenged with and make some recommenda tions on the way forward, he said. Last Monday, the govern ment signed a Memorandum of Understanding with CHEC that will involve projects in Exuma and Abaco. Minister Grant said a port, bridge and bypass road will be built in Abaco. In Exuma, a port and bypass road will also be built, he said. H e said an investigation and evaluation will be conducted at Fishing Hole Road to address challenges similar to those faced in Eleuthera. Every resident of Grand Bahama would be aware of challenges at Fishing Hole during adverse weather conditions.I did mention earlier that C HEC will be submitting a proposal to us to replace the G lass Window Bridge in Eleuthera, he said. Both the former PLP and FNM governments had undertaken studies of the Fishing Hole Road after protests and agitation by the civic organisat ion PUMP, but nothing had been done to resolve the probl em. The FNM government was looking at the possibility of raising the road and installing culverts underneath so that water from Hawksbill Creek could flow from the north to s outh side. In 2006, the PLP had con tracted a consulting firm W F Baird and Associate Coastal Engineers to undertake a study, physical modeling and design for solution at Fishing Hole and Queens Cove. Minister examines areas affected by flooding, erosion MINISTEROFWORKS Neko Grant (second from right

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With 24 FNM MPs in the House to the PLPs 17, if Mr McCartney votes a gainst the bill three more F NMs would need to break ranks along with him for the government to lose the vote. Yesterday, Prime Minister Ingraham took the opportunity to reiterate the i mportance of this vote duri ng his tour of the new Ministry of Finance offices on E ast Street, stressing that h is party either has the v otes to carry it through or not. If I do not, I will have a n election, because it is a vote of no confidence in the g overnment. It is our policy. I either have the votes or I d ont. If they vote against i t then there will be an election, and I have no concerns a bout it, he said. Mr Ingraham explained t hat in his partys Manifesto of 2007, the FNM listed the privatization of BTC as one o f its election commitments. With every FNM Member o f Parliament having run and won on this Manifesto, Mr Ingraham said that theyh ave likewise adopted and committed themselves to t hat policy. Those who won, they won based on the policiesi n our Manifesto. We, therefore, expect that whenit is time to vote on it, all FNM MPs will vote for it. If F NM MPs wish to not vote f or it, and wish to repudi ate that, then we will say that we have said to thep ublic of the Bahamas that we will do something that we are unable to do and we will return to you, the publ ic of the Bahamas, the power which you gave us so that you can decide who should govern you. Because if you have a party that commits in its Manifesto that it is going to do something and then it is unable to do so because of t he persons it selects, then y ou have a right to have a s ay in the matter. But not b y a referendum, it will be b y an election, he said. T he sale of BTCs majority shares to Cable and Wireless has been a bone of contention for the government for months. Demonstrations and protests have erupted, with some in both the political arena and out calling for the g overnment to rethink its position on this matter. The Opposition PLP has been accused by the government of hiring criminals to participate in a demonstration in Rawson Square against the sale a claim the PLP vehemently denies. T he debate on the sale of B TC is set to begin in the H ouse of Assembly on M onday, March 21, at 1 0am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t$ELOLWLHV 0XVWEHDEOHWRVSHDNUHDGZULWHDQGXQGHUVWDQGWKHSULPDU\ODQJXDJHVf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t([SHULHQFH +LJKFKRRORUHTXLYDOHQWHGXFDWLRQUHTXLUHG%DFKHORUV'HJUHHSUHIHUUHG )RXUWRVL[\HDUVH[SHULHQFHLQ)URQWIFH+RXVHNHHSLQJ*XHVWHUYLFHVLQFOXGLQJ DWOHDVWIRXU\HDUVVXSHUYLVRU\H[SHULHQFHUHTXLUHG 4XDOLHGDSSOLFDQWVDUHLQYLWHGWRYLVLWRXUZHEVLWHRUHPDLOUHVXPHVDWZZZVQEUMREV#VKHUDWRQFRP1RWH$OOLQIRUPDWLRQZLOOEHKHOGLQVWULFWHVWRIFRQGHQFH 'HDGOLQHIRUDOODSSOLFDQWVLV U pgradevalidfromcompacttostandardandfromintermediatetofull-sizecar,onrentalsof4daysormore.Offer ends 6/30/2011 andissubjecttoavailability.Peakperiodsurchargeapplies.Rates,termsandconditionssubject tochangewithoutnotice.CDW+taxes+fees+unlimitedmiles+freedoubleupgradeC ONGRATULATIONS!YOUJUSTGOTA DOUBLEUPGRADE!a lamo.comInFlorida whenusingtheupgradecoupon For reservations, please contact Going Places Travel at (242 or (786 or at 1.800.468.3334. Be sure to request rate code RC1 and coupon code AU4368BJZ.50StandardCar aslowas 202W EEKLY US$US$DAILY53FullCar aslowas 210W EEKLY US$U S$DAILY PM:Early election if BTCsale not passed FROM page one BTC SALE: P rime Minister H ubert Ingraham

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the upper echelons of the official opposition, they added. Workers' Party Leader Rodney Moncur has called on PLP leader Perry Christie to rally 6,000 supporters for a planned protest against government's $210 million sale of BTC to Cable & Wireless Communications. "Mr Moncur was pontificating, the PLP marches to its own drum," said PLP Chairman Bradley Roberts when contacted for comment yesterday. H e added that if party supporters do turn up at the protest it will not be at the behest of the PLP. "I know a number of PLPs have expressed the view that they are gong to march but this is not a PLP matter, but a national matter. Even though they may be PLP they are standing up for what they believe in. PLPs as Bahamians will be on the march to demonstrate their (distaste said Deputy Leader and Cat I sland MP Philip Brave Davis. He also lashed out at comments from Labour Minister Senator Dion Foulkes who accused PLP "operatives" of paying people to protest in a rowdy demons tration against BTC's sale outside of Parliament last month. "I think Dion Foulkes and the FNM are clearly underestimating the depth of the feelings of the Bahamian people on this issue and he o ught not to insult Bahamia ns who are expressing a diff erent view than they have by suggesting that they are mere mercenaries, said Mr Davis. He said he is not aware of any party officials or members paying persons to protest, but added that he c annot control what is done u nder the name of the PLP. "It's very difficult to control what others may do and what others may do in any p arty's name. I do not know that anyone was paid. "(Mr Foulkes' comments a re speculative. Are they s aying that everyone out t here was paid or some were p aid? All that aside you still h ave to answer the question t hat it cannot be denied that there is a dissenting voice about the sale because it stinks. Mr Foulkes has also claimed the PLP does not want to admit they organi sed the demonstration b ecause it was a "flop" with only around 500 attending. M r Davis said the number o f protesters does not dimini sh their rights to express dissent from government policies. Is he suggesting that a minority must not have a say and express their views by lawful means?" Members of the House of Assembly will begin debating the controversial trans action when the lower chamb er meets next Monday. Critics of the sale, led by the two unions representingB TC workers, are expected t o protest the sale. L OCAL NEWS P AGE 14, THURSDAY, MARCH 17, 2011 THE TRIBUNE &DULEEHDQ%RWWOLQJ&R%DKDPDVf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f/WG 3 1DVVDX%DKDPDV 2UE\HPDLOWR PDUNHWLQJ#FEFEDKDPDVFRP FROM page one PLP not organising BTC demonstration

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his will obviously be a stronger FNM seat, with Yamacraw now including all of St Annes. We feel it will be an easier seat to win, and if n eeds be we can still make two seats in M ICAL to keep the 41 seat number, he said. This proposal to split MICAL into two seats, one including Inagua and Mayaguana, and the o ther including Acklins and Crooked Island has been tossed around by the government before. T he Oppositions MP for the area, V Alfred G ray said that he is not concerned about whatever plans the government has for his area as he will run for whichever constituency includes A cklins and win it by a landslide. I can't control the Bahamas, but I can def initely say that in my constituency even Hubert I ngraham cant beat me, Mr Gray said. O ne of the major reasons behind any changes in boundaries remains the shift in population, with persons moving from onea rea into the next. In the case of Family Islands, Prime Minister Ingraham said the gov e rnment will have to take into account the sparseness of the population and the need for there to be representation. During his tour of the new Treasury building on East Street yesterday, Mr Ingraham r eminded the populace that the Constitution m andates that there be a review of bounda ries at least once every five years. We will cause a review to be undertaken as the Constitution requires and the extent to w hich there is need for there to be adjustments in boundaries because people havem oved from one area to the next and there a re more people living here than live there, etc. So as to ensure that there is relative equity and equality in terms of the number of voters i n constituencies in a place like New Provid ence and/or Grand Bahama we will cause that to be done. In the case of Family Islands we will take account of the sparseness of the p opulation and the need for there to be representation. And so the number of people who live in a constituency or Family Island will not be equal to a number given in say Nassau, he s aid. place that will accommodate all of us? Firefighters worked late into the night to extinguish the blaze, which consumed f our wooden homes and partially damaged another in the residential community off Carmichael Road on Tuesday. One large wooden structure was said to have housed up to six families in separate sections. S ome 45 persons were displaced, including 16 children, all of whom were said to havebeen related. Flora Bell Lewis, 53-yearo ld family matriarch, said: For some it was the only home they had ever known. We own the land, we will rebuild, but it is difficult. Everything we worked so hard for was destroyed. T he fire was the fourth b ush blaze affecting New Providence in less than a week. Firefighters tackled two simultaneous bush fires at Soldier Road and Minnie Street on Monday afternoon.O n Saturday, fire services w ere said to be monitoring a large bush fire near the Industrial Park and Garden Hills area. Ms Lewis said: The fire just spread and spread, wel ost everything. We dont have anything but the clothes on our backs. I cant eat, Im so upset. I havent eaten since the fire a lot of us havent eaten since the fire theres j ust a pain in my chest. Various government and non-governmental agencies were present yesterday inw hat was described as a multi-sectorial team approach to assess the needs of individuals and provide care. Some include the departments of Social Services and Public Health, theR ed Cross, Great Commiss ion Ministries and also representatives from the National Emergency Management Agency. Ms Lewis said: The entire thing burned in less than twoh ours, all our belongings just burned to the ground. That really hurt, we was just standing there watching. Persons wishing to contact the family can do so at 4673 384. FROM page one GOVT CONSIDERS ELIMINATING ST ANNES CONSTITUENCY, MAKING YAMACRAW LARGER Struggle of displaced fire victims F ROM page one FIREFIGHTERS tackle the blaze on Tuesday.

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BRUSSELS, Belgium March 14 Minister of Tourism & Aviation Vincent Vanderpool-Wallace joined a delegation of Caribbean tourism ministers this week to advance the first Caribbean tourism summit in Brussels. Caribbean tourism leaders and European Union (EU first Caribbean tourism summit in the European capital with a greater understanding of each others concerns regarding thet ourism sector. The delegation of regional tourism leaders led by the chairman of the Caribbean Tourism Organisation (CTO ritt, and including tourism ministers from five other Caribbean countries, came to the heart of Europes d ecision-making machinery to stress the importance of a policy agenda t owards tourism. Subjects A t meetings held at the European parliament andt he African, Caribbean a nd Pacific (ACP ing headquarters, the two sides discussed key sub jects including ways to bridge the gap between policy intentions and prac tice; sources of funding fort ourism development; t ourism, aviation and taxa tion; tourism, education a nd social development; t ourism and climate c hange; and how the tourism sector can benefit from the Economic Part nership Agreement (EPA between the Caribbean and Europe. At the end of the session t he CTO Chairman said there were six key conclu sions from the talks: Tourism is a significant s ector for both the EU and the Caribbean and both regions have much to do to advance the policy dis cussion to ensure that tourism is given the attention and support that it deserves; There are various t ypes of funding available in the EU and the EPA to support tourism-related initiatives and there is a need to establish modalities to work together to ensure that such funding is channeled towards priority areas, including tourism and that Caribbean public a nd private sectors must reach consensus on the priority areas; Aviation taxation and E mission Trading Schemes a re real threats to C aribbean tourism; Tourism is a major driv er of economic and social development in the Caribbean and any negative impact on tourism will have far reaching consequences across the range of services that might be w holly unrelated to the s ector but that rely in part on government funding t hrough income from t ourism; While the Caribbean has not been a significant contributor to greenhouseg as emissions it will suffer significantly from the impact of climate change, but the Caribbean can be a world leader in conservation and climate change initiatives. The Caribbean heard t hat the EPA contains specific commitments to the sustainable developmento f tourism. It seems that both CARIFORUM and the EU have some distance t o go before these provis ions can be finalised, but t he hope is that this forum w ill have prompted a close r, more effective partners hip that will achieve the goal of sustainable develo pment of a thriving tourism economy. In addition to Chairman Skerritt and Minister Vanderpool-Wallace, the C aribbean delegation i ncluded, Manuel Heredia of Belize, Ed Bartlett of J amaica, as well as the Secr etary of Tourism for T obago, Oswald Williams, the junior Minister of Tourism from Trinidada nd Tobago, Dr. Delmon Baker, the CARICOM Secretary General (Ag Ambassador Lolita Applewhite, the CTO Secretary General Hugh Riley, the President of the Caribbean Hotel Association JosefF orstmayr, the CEO of the CHTA Alec Sanguinetti, Directors of Tourism andC aribbean ambassadors based in Brussels. L OCAL NEWS P AGE 16, THURSDAY, MARCH 17, 2011 THE TRIBUNE Minister Vanderpool-Wallace participates in tourism summit DELEGATION: Vincent Vanderpool-Wallace

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LOCAL NEWS T HE TRIBUNE THURSDAY, MARCH 17, 2011, PAGE 17 Have you heard the good news? You CAN save money!If you need a lower premium,low deductibles,generous benefits and a fast claims service,pick up the phone and ask NIBA for a great insurance deal.Its time to pay less for insuring your car! Tel.677-6422 or visit www.nibaquote.com NASSAU INSURANCE BROKERS AND AGENTS LIMITED Atlantic House,2nd Terrace & Collins Avenue P.O.Box N-7764 Nassau Tel.677-6422 www.nibaquote.com Open Saturdays10.00am2.00pm a good person for the Bahamas." The remark came while Mr Ingraham was responding tot he complaints of Prince C harles business owners in general, saying that while the government understands their concerns and has pledged to keep the inconvenience to a minimum, the road work is necessary. These works were planned in 1999, the loan to undertake the works was also obtained then. The need for the works are more urgent than it wasin 1999, it is a job that must be done, Mr Ingraham said. He said once the project is done, a new 24 inch water main the largest on the island will stretch from Sir Lynden Pindling Internation-al Airport, where a reverse osmosis plant is located, to Prince Charles Drive, eliminating long-standing water pressure and quality prob-l ems. T he prime minister also noted that earlier road work between East Street and Soldier Road along Robinson Road and Prince Charles Drive has been virtually completed, and that while therew ere also complaints from business owners in this area, the opposition was nowhere near as strong it has become east of Soldier Road. W hen contacted for comment on Mr Ingrahams statement, Mr Schaefer said: Ih ave the utmost respect for t he prime minister and as a p ermanent resident of the c ountry I enjoy nearly all the same rights as a Bahamian citizen. When I or my company is having difficulties I turn to the highest authority, the government and prime minister. I am profoundly saddened by what can only be characterised as a personal attack on myself and my family and would prefer to assume thati n the heat of the moment Mr Ingraham simply misspoke, said Mr Schaefer. W ith regard to the road w ork, Mr Schaefer pointed o ut that he is the employer of 2 50 Bahamians and feels he is obligated to speak out on their behalf about the injustices that have occurred in terms of consideration for all of those Bahamian businesses that are being negatively impacted by the governments decision not to consider the consequences of their actions. There are always alternat ives and other options. Mr Schaefer said regardless of skin colour or nationality,h e is a business owner and e xpects to be protected by the g overnment. H e added that he has all the respect in the world for Mr Ingraham and is certain that if he had a chance to review the facts he would have never made that statement. ing a number of issues. An appeal hearing in the Court of Appeal is set for Monday, March 21 the same day as the House of Assembly d ebate on the BTC sale. T he unions contend that the government does not have the legal right to sell BTC. Justice Neville Adderley in a ruling on the m atter last month stated, "This case appears to be one of those actions that was totally misconceived. The unions as plaintiffs were not ag ood fit and even the sagacity, innovation and c ommendable industry of counsel for the plaintiffs was not able to save it." He further stated, "On the true reading of the Industrial Relations Act, the BCPOU, the BCPMU and the Trustees lack the legal capacity to institute and maintain the action in their own names fort he declarations sought. Hence the action is a nullity and so the granting of an injunction p ending its hearing does not arise. "Alternatively the evidence has not disc losed that any of their private legal rights are being infringed or threatened or need to be e nforced or declared as they have not established an interest recognized by law as being d irect and substantial enough in the subject m atter of the action to give them l ocus standi to commence the action or to claim the remed ies set forth in the writ." F ROM page one UNIONS GRANTED LEAVE TO APPEAL JUDGES BTC DECISION FROM page one ROBIN HOOD OWNER SHOCKED BY PRIME MINISTERS COMMENTS

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SECTIONB business@tribunemedia.net THURSDAY, MARCH 17, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69T he information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.78 $5.12 $4.72 B y NEIL HARTNELL Tribune Business Editor Finance Corporation of the B ahamas (FINCO about a one to two percentage point increase in its nonp erforming loan portfolio dur ing the 2011 first quarter, its managing director said yes-t erday, as the bad economy c ombined with the seasonal spike in bad credit to produce a 35 per cent provisioning rise that quadrupled net losses to $1.813 million. Speaking to Tribune Busi TANYA MCCARTNEY FIN C O NET LOSS QUADRUPLES AS NON-PERFORM LOANS HIT 12-13% 35% increase in credit p rovisions behind mortgage lenders slump further into red during Q1* Loans more than 90 days p ast due grow by one or t wo percentage points during period, as net loss widens to $1.8m* Managing director blames bad economy for magnifying seasonal post-Christmas spike in credit arrears SEE page 6B Were still in the business of lending money. By NEIL HARTNELL Tribune Business Editor Bank of the Bahamas Intern ationals shares are trading below the institutions book value, its managing directors aid yesterday, explaining that it had become the fifth public company to launch a share buy back plan in a bid to counter an immature stock market and inadequate pric ing structure. Paul McWeeney told Tribune Business that the initia tive, which starts today and will see the bank repurchase up to 100,000 of its common shares over a six-month period, was intended to both sup port its share price and pro B ANKS S TOCK TRADING BELOW BOOK VALUE Bank of Bahamas unveils six-month, 100,000 share buyb ack to combat immature stock market 94% of 4,000 shareholders hold less than 2,000 shares, and move aims to create liquidity and soak up small sales* Bank absolutely undervalued, as chief bemoans inappropriate price mechanism that does not reflect true value* Calls for primary dealers and rating agencies P AUL MCWEENEY SEE page 9B By NEIL HARTNELL Tribune Business Editor T he Government and Customs Department are seeking to have Judicial Review proceedings brought by a leading Freeport retailer/wholesaler over the latters demand for m onthly bonded goods sales reports struck out on a technicality, alleging that the situation has created an increased opportunity for potential abuse and duty evasion. T he Attorney Generals Office, which is representing C ustoms and the Government, is attempting to have the action brought by Kellys (Freeport grounds that its attorneys, Callenders & Co, failed to file the orginating Notice of Motion within the 14-day time period granted by the Supreme Court once it gave the company leave to file its action. U ntil the Judicial Review action was determined, the Attorney Generals Office had given an undertaking that Customs would not detain, refuse to process goods or take any form of enforcement action against Kellys (Freeport Customs: Abuse opportunities are increasing Seeking to throw out Kellys (Freeport Judicial Review challenge on bonded goods report demand over technicality SEE page 4B By NEIL HARTNELL Tribune Business Editor A Bahamian shipping c ompanys woes have multiplied as a US-based lender h as sued it for breach of a $ 2.669 million loan agreem ent, claiming the seizure of the vessel on which itsf inancing was secured and i ts unauthorised transfer from the Bahamian to Panamanian shipping registry violated the credit terms. Caterpillar Financial Services Corporation, a Nashville-based financier, h as intervened in the action b rought against Nassaub ased Deans Shipping C ompany and its vessel, the M /V Legend II, by the Palm B each Steamship Agency over an alleged $106,320 debt. Alleging that it should be the preferred creditor, in the action filed in the south Florida district courts in early March, Caterpillar said it wanted the US court to a ward it a preferred mortg age lien over the M/V Legend II, which has been s eized and placed under a rrest in the care of the US N ational Maritime Services, due to the alleged sum owedt o the Palm Beach S teamship Agency. It is also demanding that the vessel be sold to satisfy the mortgage it holds over it, with judgment entered against both Deans Shipping Company and its princ ipal, Ernest Dean, who a llegedly acted as a guarant or for the loan. C alls to Deans Shipping C ompany seeking comment w ere not returned, but in its lawsuit Caterpillar alleged that the company, which is based in Columbus House on East Bay and Williams Streets, signed the $2.669 million loan agreement on September 18, 2006. The loan was allegedly s ecured by a mortgage over t he M/V Legend II and collateral deeds of covenant i n favour of Caterpillar, w hich further claimed the d ebt was recorded with the Bahamas Maritime Author-i ty (BMA D ean was alleged to have acted as guarantor, and monthly repayments were obligated. The shipowner and guarantor defaulted on the loan agreement, note, mortgage a mendment and/or guaranty o n several grounds, includi ng, without limitation, the a rrest of the vessel on or a bout February 15, 2011; a llowing a lien to exist on the vessel; changing the vessels registry from the Shipping firm hit by $2.67m loan demand SEE page 5B B y NEIL HARTNELL T ribune Business Editor The Bahamas Electricity Corporation (BEC unlikely to need the number of external consultants,upon whom it spent $10 m illion during its 2008 f inancial year, it currently hires, with drastic c hange needed to prevent a lready low employee a ccountability from deteriorating further. A report by the German firm, Fichtner, part of an Inter-American Development Bank (IDB project to overhaul the e nergy sector in the Bahamas, warned that the lack of rules and policies for BEC employees to fol l ow, coupled with the minimal risk of punishment for indiscipline and other infractions, was undermin i ng the state-owned power monopoly. Noting the constant inter v ention in BECs internal a ffairs by the responsible government minister through the Board chair man, the Fichtner report s aid the Corporation was suffering from a fuzzy man agement framework due to t he absence of rules and regu lations setting out the relaBECs $10m consultant spend not necessary Drastic change needed on employee accountability to stop Corporations deterioration* Internal auditor often ignored by management SEE page 10B

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B USINESS PAGE 2B, THURSDAY, MARCH 17, 2011 THE TRIBUNE T he world of design can sometimes be an intriguing o ne. Not only do you spend most of your time pondering and tweaking minute d etails most people find i nsignificant, and most likel y won't even notice, you a lso get lured into developi ng habits such as font-spott ing or source-code analysing. Code and technical knowh ow, as well as combining colour, symmetry and balance in using cutting edge software, are some essent ials to becoming a great web developer or graphic designer. B ut does this qualify you f or geek of the year? T he ability to communicate while helping the view-e r navigate the website is the e nd goal of every developer, whether they are male or female. Gender is not a factor at all. While I appreciate and embrace my feminine susceptibility to the design w orld, being a woman in a m ale environment is intriguing and extremely fascinati ng. M ost people don't know w hat to think if ever called a graphic or developer geek. They might either embrace it like Gallery of the Absur d 's 14, who proudly says: "I am a major geek and I wear it as a badge of honour", orm ask it. Most of us, perhaps, have some variationy of a geek-hood streak one w ay or the other. Be it a mac g eek, PC geek, video gamer geek, photography geek,m ovie geek or the Dung eons and Dragons geek. It is hidden somewhere. Do you think you fit into the traditional geek hierarchy? Believe it or not, you know y ou're a geek Graphic Designer or Developer You have bags under your eyes so big you'd have to check them in at the Airp ort You watch the Super B owl just for the commercials, of course Youve used typography a s a texture. You dont have a favourite font, becausec hoosing a favourite font would be like choosing a favorite child Youd rather have a free font than a free gallon of gas. You feel like youre On C all half of the time because clients procrastinate so much. You know keyboard shortcuts that require four f ingers. You can spot bad typogr aphy from 100 yards away You can name more t han 200 fonts in under five minutes You are completely immune to subliminal advertising You look upon a welldesigned project with either: S ympathy or extreme jealousy Your hand is permanently stuck in the shape of a mouse You practically take caffeine intravenously You have an appreciation for everything unique You've been spending three days non-stop on a project and it still looks like crap. You buy a CD or DVD for the artwork, even if you have no idea what the actu al music or film is like You look at the clock a nd its about midnight, and you think: 'I'll go to bed now'... But you actually go to bed about 2-3am You need someone else Graphic signs of design addiction THE ART OF GRAPHIX DEIDRE M.BASTIAN SEE page 14B

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C ommonwealth Banks Board has approved ani ncrease in the ordinary s hare quarterly dividend from $0.05 to $0.06 per share, effective March 2011. This increase is the first in the quarterly dividend since the global economic crisis in 2008. The dividend payment w ill be payable on March 31 t o shareholders of record as of March 21. I n January, the bank r evealed it had achieved solid earnings, with net income for 2010 of $53.8 million, up from the $42.3 millionr eported for 2009. Total a ssets expanded marginally in 2010 to exceed $1.4 bil lion, a new record. We are extremely pleased with the banks financial performance over the past year. Common-w ealth Bank remains focused on delivering outstanding services and returnon investments to our cus t omers and shareholders, said William B Sands, Jr, executive chairman. This dividend increase r eflects, to date, the banks strong financial position, which was attained as a result of conservative credit r isk management techniques a nd practices; strong expense management practices; and the banks overall business model, which focus es on addressing all Bahami an personal banking needs. In addition to the i ncrease in quarterly divid ends, in February, Commonwealth Bank paid the largest extraordinary divi d end in the Banks history o f $0.06 per share. Commonwealth Bank is the largest Bahamian bank and the largest Bahamianowned company listed on BISX. The bank is a market leader in service and conve-n ience, operating 11 branche s in New Providence, Abaco and Grand Bahama and employs over 500 staff. BUSINESS T HE TRIBUNE THURSDAY, MARCH 17, 2011, PAGE 3B You are cordially invited to attend A presentation by Dr. David T. ConleyPROFESSOR OF EDUCATIONAL POLICY AND LEADERSHIP FOUNDER, CENTER FOR EDUCATIONAL POLICY RESEARCH, UNIVERSITY OF OREGONTHE ROLE OF TERTIARY INSTITUTIONS AND THE BUSINESS COMMUNITY IN PREPARING STUDENTS FOR THE FUTUREThe unique history, culture, and economic needs of The Bahamas require an equally unique and exceptional workforce and society. This session will explore how partnerships between educational institutions, the business community, and families can play a key role in creating comprehensive educational programmes to prepare students for a broad range of future careers.Thursday, March 24th, 2011 9:30am 11:30am INDEPENDENCE BALLROOM B SHERATON NASSAU BEACH RESORT, WEST BAY STREETAdmission is free of charge and there will be a question and answer session Seating is limitedRSVP T 362 4910 or email businessforum@lyfordcayfoundation.orgCOLLEGE CONNECTIONS THE SPEAKER SERIESBuildingBridges Grand Bahama Power Company (GBPC announced that R. Alan Kelley resigned from his post as the companys chief executive with effect from yesterday to pursue other opportunities in the US. Mr Kelley joined the utility monopoly in December 2009, and led the company under the direction of former majori ty owner Marubeni/Taqa. Emera executive Ray Robinson will continue to lead Grand Bahama Power Company in his role as executive chairman, and will begin the process to recruit a new chief execu tive immediately. We thank Mr Kelley for the contributions he has made to the business over the last 15 months, said Mr Robinson. I look for ward to working more closely with the Grand Bahama Power Company team to revitalise the utility for the benefit of the cit izens of Grand Bahama and the Bahamas. Power firm chief resigns Bank increases its quarterly dividend By NEIL HARTNELL Tribune Business Editor A former Bahamas Real Estate Association (BREA t erday urged the Government to amend the professions governing legislation to separate its self-regulatory and professional functions, arguing that it was a potential conflict of interest for the Association a nd Real Estate Board to effectivel y be one and the same. Pat Strachan, of Pat Strachan R ealty, said the Real Estate Brok ers and Salesman Act (1995 e d to be amended, arguing that in all o ther jurisdictions the Real Estate Board, which acted as the regulator, was separate from the membership organisation. Pointing to Florida, Mr Strachan said the body responsible for regul ating the profession was appointed by the state government, while association officers were elected by the membership. In the state of Florida, the department of Professional Regul ation, a government entity, is r esponsible for appointing officers to that board. However, for an association in t he state of Florida, for example, F ort Lauderdale, members in Fort L auderdale are responsible for electing its officers in the Fort Lauderdale Association, Mr Strachan said. The proper process is for the Government of the Bahamas to a ppoint officers to the Real Estate Board, and BREA members elect their officers. As it presently exists, the chairman of the Real Estate Board and the president of the Bahamas Real Estate Association i s one and the same. And therein l ies the conflict. Mr Strachan also argued that B REA should not be forcing real e state appraisers to take out Prof essional Indemnity Insurance, argui ng that there was nothing in statute or its own powers to mandate this. Adding that the Multiple Listing Service (MLS and run by BREA, especially given the alleged conflict with its regulat ory functions that he cited, Mr Strachan said that in all other jurisdictions such facilities were privately owned and operated. He also expressed concern about publishing in January of every year t he names of realtors who had yet to p ay their licence fees, pointing out that they had until June to do so. T his, Mr Strachan said, attached an u nfair stigma to those realtors who w ere not Gazzetted as having paid in J anuary. Govt now urged to separate realtor regulation EXTREMELY PLEASED: William B. Sands Jr. RAY ROBINSON Share your news The T ribune wants to hear fr om people who ar e making news in their neighbourhoods. Perhaps you ar e raising funds for a good cause, campaigning for impr ovements in the area or have won an awar d. If so, call us on 322-1986 and shar e your story. The proper process is fort he Government of the Bahamas to appoint offi-c ers to the Real Estate Board, and BREA mem-b ers elect their officers.... P at Strachan

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and other Grand Bahama Port Authority (GBPA licencees if they failed to provide a monthly bonded goods sales report. However, in a March 9, 2011, affidavit accompanying the Governments strike-out applications, Assistant Comptroller of Customs, Lincoln Strachan, alleged that the u ndertakings terms had crea ted some confusion and controversy. He claimed that Kellys (Freeport of other GBPA licencees had misconstrued the undertaking as a blanket licence t o, or as authorisation, to r efuse to comply with the lawful obligations under the provisions of the 2009 Customs Regulation to provide bonded sales reports. C ustoms, Mr Strachan alleged, felt the undertaking w as designed merely to ease Kellys Freeport) concerns that enforcement actions would delay the release of itsi mported goods, and to avoid any further misunderstanding as to the alleged refusal (of Customsa ccept returns for duty-paid s ales predicated solely on the basis of non-receipt of the duty exempt bonded sales reports. As far as I am aware, the undertaking was agreed in the context of the impending Christmas season, other eco-n omic considerations and on the understanding that the matter would be disposed of promptly, Mr Strachan a lleged. It was never [Customs] i ntention or understanding that there was an agreement t o obviate, endorse, encourage, induce or otherwise b ecome complicit in the breach of any existing statut ory obligation imposed on [Kellys] and/or other licencees under the Customs Management Act, and in particular the lawful requirements of the 2009 Customs Regulation or any other law of the Commonwealth of the Bahamas. That as a result of the continued non-compliance with t he regulation, there has been a n increased opportunity for p otential abuse of the sale of b onded goods arrangement, w hich has been further exacerbated by the delay in advancing this matter. That in the premise, the undertaking ought to be discharged. H owever, in opposition to the Government and Cus t oms move, Anthea ParrisWhittaker, a Callenders & Coa ttorney, said it would be unjust to throw out Kellys (Freeports h ad been granted leave to file for Judicial Review. The fail ure to file the Originating N otice of Motion had only just been realised, and she alleged that Customs would suffer no prejudice. Ms Parris-Whittaker said: This matter is of general public importance to the Freeport economy and how Customs, licencees and the GBPA will conduct thems elves in the management of c ertain issues relating to the Hawksbill Creek Agreement. The determination of this i ssue will apply to hundreds of other licencees. It is important to all of t hem and to the general publ ic that this matter be r esolved. It is constantly recurring a nd continues to require resolution and clarification for the proper conduct of busi-n ess amongst licencees in F reeport, and not only by the a pplicant. It is a source of great debate and consternation amongst the business community in Freeport and requires a determination. K ellys (Freeport ing Supreme Court declarations that its ability to sell duty-exempt, bonded goods to other Grand Bahama Port Authority (GBPA f or use solely in their own b usinesses is not "condition al" on the submission of such monthly reports. I t is also seeking declara tions that there was "no lawful basis" for Customs to have e ither demanded a monthly 'bonded goods sales report' o r detain Kelly's (Freeport's goods in an attempt to force compliance with the same. And, for good measure, it is seeking an injunction to prevent Customs from detaining or refusing to process importsb elonging to GBPA licencees on the grounds that no 'bonded goods sales report' has been received. Kellys (Freeport wants damages for the "wrongful detention and/orc onversion" of its imported products, and the "refusal to process" those imports, given that the Department's detention of its eight trailers impacted its $3 million inventory levels. Bonded goods sales is a practice whereby Freeport-b ased wholesalers, such as Dolly Madison, Kelly's (Freeport ness Depot, are able to sellp roducts to other GBPA licencees for use in their respective businesses only, without any duty being paid to Customs/Government ont heir sale. It is a report on this a ctivity that Customs is seeki ng, but Kelly's (Freeport a nd its attorneys are arguing that this has never beenr equested before, and is not i ncluded in any statute law, p olicy or agreement concerning their relationship. T he current practice, they argue, is that on the 15th of every following month, Kel ly's and other licencees submit a report on sales where duty is post paid such as sales to residents and nonGBPA licencees together with the relevant duty sum.A nd it was Kelly's refusal to submit bonded goods sales r eports that saw Customs pre viously detain eight of their imported trailers, in a bid to force the company to bow to its demands, although these were eventually released. B USINESS PAGE 4B, THURSDAY, MARCH 17, 2011 THE TRIBUNE 0LQLVWU\RI(GXFDWLRQ6&+2/$56+,3t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t('8&$7,21$//2$1',9,6,21 0,1,675<)('8&$7,21 6+,5/(<((7 ZZZEDKDPDVHGXFDWLRQFRP FROM page 1B Customs: Abuse opportunities are increasing The determination of this issuew ill apply to hundreds of otherl icencees. A nthea Parris-Whittaker

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Bahamas to Panama without the consent of Caterpillar; and for non-payment of the indebtedness, Caterpillar alleged. I n notifying Mr Dean and D eans Shipping Company o f the alleged breach in a February 25, 2011, letter, Caterpillars corporate counsel, Brett Parks, demanded t he immediate repayment of t he $2.075 million balance a llegedly owed on the loan. This included some $2.049m illion in principal. H e wrote: Allowing a lien to exist against the vessel, and allowing the vessel to be arrested, are events of default under sections 6.03 and 7.01 of the loan agreement. Additionally, sections 5 .09 and 6.07 of the loan a greement require that the v essel be kept in the registry o f the Bahamas. It has come to our attention that the borrower and guarantor have attempted to change the registry of the vessel from the Bahamas to Panama without the consent of the lender. This is an additional event of default. Due to the existing and c ontinuing nature of the d efaults, and the inability of t he borrower and guarantor to obtain the release of the vessel, lender has elected tod eclare the entire amount of the loan to be immediately due and payable.D emand is hereby made for the immediate payment in full of the indebtedness. The MV Legend was s eized, and placed in the care of National Maritime Services, due to a dispute over alleged non-payment of stevedoring, wharfage and other fees between October 18, 2010, to the pres ent. D ean's Shipping has s erved notice of its intent to defend the matter and rescue its vessel, although court documents obtained by Tribune Business show it has yet to do so. L awsuit I n its lawsuit, the Palm B each Steamship Agency alleged: "Since October 18, 2 010, plaintiff provided nece ssaries to the [MV Lege nd], to-wit: labour, wharfage, advances and other services pursuant to ana greement between plaintiff and vessel's owners, charterers, and/or authorised agents on a fixed rate basis. "The defendant vessel has failed to pay for these services at plaintiff's office in t he amount of $126,347.19 d espite repeated demand for p ayment submitted to the defendant vessel, Legend II, and/or her owner, charterer or operator, defendant Dean's." That sum has since been reduced to just over $106,000. T he Palm Beach S teamship Agency is seek a l ien over the MV Legend II so it can foreclose upon it and sell the boat to recovert he sums owed to it. The MV Legend plies between West Palm Beach, Marsh Harbour, Green Turt le Cay, Spanish Wells and Nassau. BUSINESS T HE TRIBUNE THURSDAY, MARCH 17, 2011, PAGE 5B Shipping firm hit by $2.67m loan demand F ROM page 1B

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ness after FINCOs net loss f or the three months to endJ anuary increased sharply f rom the $450,967 million slide into the red suffered during the year-before period, Tanya McCartney said the mortgage lenders non-per-f orming loans (90 days or more past due) now accounted for between 12-13 per cent of its loan portfolio. This spike in non-performing loans drove the 35 per cent increase in credit lossp rovisions, which rose from $ 4.906 million to $6.652 million year-over-year. Ms McCartney identified this as the sole factor that quadrupled FINCOs 2011 first quarter net loss. It went up at the end of t he first quarter. Its in the region of 12-13 per cent, the FINCO managing director said of the non-performingl oan portfolio, credit upon which the mortgage lender has stopped accruing interest. That will account for that 3 5 per cent increase in provisions for credit losses. It [the non-performing loan per-c entage] went up about one or two percentage points. Its the economy, coupled with the spike we normally tend to see at year-end and in January. That is a reference to the f act that the Bahamian commercial banking industry, as a whole, traditionally sees a jump in past due and non-performing loans in the aftermath of the Christmas/New Year season, a time whenB ahamians traditionally focus on festivities and shopping, rather than servicing loan obligations. The Central Bank of the Bahamas report for January noted that credit arrears rose by $52.2 million or 4.6 perc ent to almost $1.2 billion duri ng that month, led by the commercial sector where total d elinquencies rose by $31.7 m illion or 12.4 per cent to $ 286.9 million. A s for mortgages, where F INCOs loan portfolio is a lmost entirely concentrated, delinquencies increased by $19.2 million or 3.1 per cent to $637.1 million during January, with 31-90 day and nonperforming loans in this cate-g ory growing by $8.3 million (2.6 per cent lion (3.6 per cent tively. Especially at the end of the year, December and January, you tend to see thed elinquency numbers go up. Thats across the board industry wide, Ms McCartney said. Thats not the only factor in play here, but it tends to be the case that at the end of the year/early January then umbers do spike. Thats been in play for us in the past two years with r espect to the first quarter. I ts exacerbated by the impact o f the whole economic situat ion. In and of itself, we would h ave seen a spike; that tends t o be the trend, but in the current environment it tends to b e magnified. O n the positive side, FINC O is continuing to find lendi ng opportunities, its mortgage portfolio expanding by 4 per cent during the three months to end-January 2011. Net loans grew over the same period from $817.997 million at the 2010 financial year-endt o $820.859 million. Also, net interest income grew by 6.6 per cent to $7.128 million compared to $6.686 million in the prior year comparative period. However, the credit provision increased ropped net interest income from $1.78 million to $475,746. With essentially flat fee and commission income of $857,462 factored in, FINCOs total income reached $1.333 million, a 49.3 per centr eduction on the previous y ears $2.632 million. Emphasising that there had b een no change in FINCOs l ending and credit policies, M s McCartney said: Were s till in the business of lendi ng money. Were very caut ious when it comes to extending beyond the credit p olicy, but were still lending. T heres good risks to be had. W hile FINCO clients were a lso set to benefit from the development, by its Royal Bank of Canada majority shareholder, of a debit card and new rewards/points credit card during 2011, Ms McCartney said: The focusi s on the existing business and really managing the delinquencies, reaching out to customers and, where we can, helping them to restructure with a view to getting regularised. We will continue tod o that. We are focusing on the mortgage portfolio. We continue to reach out to the professional market, and are really working on delinquent payments. FINCO has also held its n on-interest expenses relat ively flat, coming in at $3.146 million this quarter compared t o $3.082 million in the prior y ear, and Ms McCartney said: We remain efficient. Were keeping our spendi ng under control, growing the b ook, but the overall economic environment is provi ng challenging as individuals a re finding it difficult to make m ortgage payments. Weve really put a focus on managing costs over the l ast three years, with no unnecessary spending. From 2008 we tightened our belts as soon as the economy went downhill. Expenses remain flat, and thats pretty much where we want them to be. F INCO informed shareholders that no dividend payment would be made due to the first quarter results, and Ms McCartney reiterated that it was impossible to predict the rest of the year. Were cautiously optimistic that if things turn around in the overall economy, we will see an improvement, she added. Its really the provisioning, that 35 perc ent increase in provisions for c redit losses, that has impacted these results. We would see an improvement when the unemployment numbers are going down, we would see ani mprovement if confidence s uggests the recession has hit t he rock bottom....... Until we s ee positive trends in the e conomy on a consistent b asis, only then will we see a n impact on our performance. T he turnaround to date had b een slow and not broadbased, and the FINCO mana ging director added: There are some things happening in t he economy, but in terms of the impact it has yet to be felt, and the mortgage portfolio isi mpacted by that lag. B USINESS PAGE 6B, THURSDAY, MARCH 17, 2011 THE TRIBUNE %DKDPDV(OHFWULFLW\&RUSRUDWLRQ7HQGHU7KH%DKDPDV(OHFWULFLW\&RUSRUDWLRQLQYLWHV 7HQGHUVIRUWKHVHUYLFHVGHVFULEHGEHORZ 7 *URXSHGLFDOt/LIH,QVXUDQFHHUYLFHV %LGGHUVDUHUHTXLUHGWRFROOHFWSDFNDJHVIURP WKH&RUSRUDWLRQ$GPLQLVWUDWLYHIFH%OXH +LOOt7XFNHURDGV &RQWDFW 0V&KDUOHQHPLWK DW WHOHSKRQH 6XEPLVVLRQVVKRXOGEHPDUNHGDVIROORZV 0U.HYLQ%DVGHQ *HQHUDODQDJHU %DKDPDV(OHFWULFLW\&RUSRUDWLRQ ([HFXWLYHIFHV%OXH+LOOtXFNHU 5RDGV 1DVVDX%DKDPDV 7 *URXSHGLFDOt /LIH,QVXUDQFHHUYLFHV 'HDGOLQHIRUGHOLYHU\WR%(& 7KH&RUSRUDWLRQUHVHUYHVWKHULJKWWRDFFHSW RUUHMHFWDQ\RUDOOSURSRVDOV )RUDOOLQTXLULHVUHJDUGLQJWKHWHQGHUVSOHDVH FRQWDFW $QWLRQHWWHXUQTXHVW DWWHOHSKRQH 72$//&,9,/(59$176 7KDWVULJKWD/RDQDSSURYHGZLWKLQKRXUV 38%/,&:25.(56&2(5$7,9( &5(',7,21/,0,7(' FROM page 1B FINCO net loss quadruples as non-perform loans hit 12-13%

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f5DWLQJ IURP%HVWUHHFWLQJWKHFRPSDQ\QDQFLDOVWDELOLW\DQG VRXQGULVNPDQDJHPHQWSUDFWLFHV 3OHDVHDSSO\EHIRUHDUWK *U7UDLQLQJDQDJHU %DKDPDV)LUVW&RUSRUDWHHUYLFHV 3 1DVVDX%DKDPDV 2UHPDLOWR FDUHHUV#EDKDPDVUVWFRP v ide liquidity to small retail i nvestors seeking to exit their i nvestment for social reasons. Telling this newspaper that the banks current $4.40 per share price on BISX absolutely undervalued the c ompany, Mr McWeeney said t he move would also cater to Bank of the Bahamas Internationals diverse, retail investor-dominated, shareholder base. He explainedt hat around 94 per cent of e xisting Bank of the Bahamas International shareholders owned 2,000 shares or less. We have to protect the s takeholders of the bank, and i ts where we have to do what we have to to mitigate the pitfalls of an immature financials tock market, Mr McWeeney told Tribune Business. We have approximately 4 ,000 shareholders, and about 94 per cent of those have less than 2,000 shares. Its very c lear that persons have been liquidating shares for social reasons, and the price mech a nism employed by BISX does not, in our view, take into consideration the true intrinsic value of a company.... A company has to what is proper to maintain the value of its stock. Its become evi d ent now. In the last year, the company was trading above book value, but now the stocki s below book value. Right now, our shares are a tremen-d ous buy for anybody. Bank of the Bahamas Intern ationals shares are currently trading at a 52-week low of $4.40 per share, their 52-weekh igh having been $5.72. Currently, only trades involving 1,000 shares or more can change the price of a BISX-l isted company and, even t hen, the stocks price can o nly increase/decrease by 10 per cent either side of the previous price. That is not an appropriate way of pricing or reflecting the true value of a companyss hares. Its based on the sale p rice taking place from one day to another. We dont think its an appropriate model, Mr McWeeney added. We do understand that its a new market and that it takes time to mature, but feel the t rading price is not reflective of the true value of the bank. Were introducing a plan to soak up and create a market to absorb those persons who may want to sell their s hares for social reasons. T his refers to Bahamian retail i nvestors who want to liquid ate their shareholdings for non-financial/investment reas ons, such as raising cash to meet loan obligations orB ack-to-School payments etc, a nd are willing to disregard s tock fundamentals. Telling Tribune Business that there was no two ways about it when it came to questions over whether Bank of the Bahamas Internation a ls stock was undervalued, Mr McWeeney said that some of the trades thatc aused the drop over the last six months had involved vol-u mes of just 1,500 and 1,600 s hares. Those trades occurred when the banks profits were much greater, MrM cWeeney said, justifying the view that listed stocks did nott rade on fundamentals. The performance from last year w as ahead of the previous year by almost $2 million, and the share price should reflect t he intrinsic and future value. In our view, the share price does not adequately reflectt hat. B ank of the Bahamas Inter n ational is now joining a trend of BISX-listed companies introducing share buy back plans. AML Foods, the retail group, unveiled its buy back programme earlier this year for much the same rea-s ons, citing an undervalued s tock and low liquidity, although some voiced suspicions this was in response to the hostile takeover bid by Mark Finlayson. C able Bahamas, FOCOL Holdings and Commonwealth B ank have also employed share buy back plans in the past, and Mr McWeeney added: Persons dont feel the current price model adequately reflects the capital m arkets. W hile Bank of the B ahamas International had n ot directly made its concerns over the pricing struct ure known to BISX, Mr McWeeney said: We havee xpressed our concerns about t he pricing model. We understand BISX is a new entity, and will take time to develop, and what we need is an independent, responsible firm to do company evaluations. A rating agency, such as a Bahamian version of Standard & Poors, Moodys ort he Caribbean agency, CariCris, was needed in thisn ations capital markets to c reate fair value for listed s tocks, Mr McWeeney said, along with primary dealers who acted as market makersi n a companys shares. Pointing to developed c ountry capital markets, he explained: They also have p rimary dealers in stocks. We dont have that. We have secondary dealers who hold s hares for various investments they have. Primary dealers actively trade in a companyss hares and make markets for t hem. Banks stock trading below book value FROM page 1B

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tionship/functions of government, Board and management. This pattern, practiced o n the oversight level, inevitably extends down into the enterprise and shapes the way the enterprises management and operations are conducted, the report said. It creates an atmosphere of uncertainty and lacking perspective. The consequences are........ serious deficiencies in the management methods, entailing lack of conclusive and effective reporting; instruction; performance control and sanctioning mechanisms in BEC which, together with other factors, substantially hampers the enterprise in performing in a way that existing resources would permit. The applied ways and procedures are rather informal. Circumvention ofa greed processes is frequent; non-compliance does not inevitably entail consequences. The absence of strict rules and directions, inc onjunction with low risk of sanctions jeopardises accountability of the e mployees. The effect of what appears to be a state of near anarchy internally at BEC is brought into stark relief by Fichtner. Compared with state of the art standards in the util-i ty sector, this situation is c oncerning, and if no drastic c hange is initiated, the enterprise is likely to further deteriorate, it said. Controls The Fichtner report said management controls werel argely absent, with BEC h aving no methods for coll ecting and disseminating information internally to support management deci-s ions. There was also a lack of operational and departmen-t al performance indicators. Praising BECs internal auditor and his staff for producing regular and detailed reports on system and performance shortcomings, the s tudy noted: The effectiveness of this instrument is reduced, however, by the lack of respect for his assessments on the part of ther esponsible managers. Fichtner also highlighted the considerable volume of consulting services employed by BEC, espec ially in the area of proc urement, where Crown Agents from the UK were subscribed to a substantiale xtent. The volume of total cons ulting costs incurred a mounts as much as $10 mill ion in fiscal year 20072 008, the report revealed. Considerable additional amounts are expected to be hidden in other sundry positions. It is not convincing that B EC needs to afford itself consulting services in such order of magnitude. I t added that some BEC s taff were likely to be underused, while at the same time too many tasks are out-s ourced through the award o f third party contracts. It said that while developing project specifications and major maintenance works was often outsourced, internal staff could very w ell do this work. 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&UHGLWRUVKDYLQJGHEWVRUFODLPVDJDLQVWWKHDERYHQDPHG &RPSDQ\DUHUHTXLUHGWRVHQGSDUWLFXODUVWKHUHRIWRWKH XQGHUVLJQHG3%R[1DVVDX%DKDPDVRQRU EHIRUHGD\RI$SULO,QGHIDXOWWKHUHRIWKH\ ZLOOEHH[FOXGHGIURPWKHEHQHRIDQ\GLVWULEXWLRQPDGH E\WKH/LTXLGDWRU 'DWHGWKHWKGD\RIDUFK&DURO**UD\ /LTXLGDWRU RUWKFKDVH'ULYH +RXVWRQ (662,*(5,$$220(+2/',1* 21(:2f/,0,7(' BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB& UHGLWRUVKDYLQJGHEWVRUFODLPVDJDLQVWWKHDERYH QDPHG&RPSDQ\DUHUHTXLUHGWRVHQGSDUWLFXODUV WKHUHRIWRWKHXQGHUVLJQHG3%R[1 DVVDX%DKDPDVRQRUEHIRUHGD\RI$SULO $ ,QGHIDXOWWKHUHRIWKH\ZLOOEHH[FOXGHG IURPWKHEHQHRIDQ\GLVWULEXWLRQPDGHWKH /LTXLGDWRU'DWHGWKHWKGD\RIDUFK &DURO**UD\ /LTXLGDWRU RUWKFKDVH'ULYH +RXVWRQ BECs $10m consultant spend not necessary FROM page 10B

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WASHINGTON Builders broke ground last month on the fewest homes in nearly two years and cut their r equests for permits to start new projects to a five-decade low. The decline in construction activity is the latest evidence that the U.S. housing industry is years away from a recovery. Home construction plunged 22.5 percent in February from J anuary to a seasonally adjusted 479,000 homes, the Commerce Department said Wednesday. It was the lowest level since April 2009 and the second-lowest on records dating back more than a half-century. The decline followed a surge in highly volatile apartment c onstruction in January, which pushed the overall construction rate up to more than 600,000units the fastest rate in 20 months. Still, the building pace has been far below the 1.2 million units a year that economists consider healthy. Singlefamily homes, which make up roughly 80 percent of home construction, fell 11.8 percent in February. Apartment and condominium construction dropped 47 percent, reversing much of January's gains. Building permits, an indicator of future construction, fell 8.1 percent last month to the lowest level on records dating back to 1960. Permit requests for single-family homes saw the biggest decline. Apartments and condos remained flat. Falling prices, sluggish sales and the weak construction rate all point to a housing market that is "stuck at a bottom of a steep hill," according to Moody's Analytics Economic Research. "There are really large structural problems with the housing market," said Dan Greenhaus, chief economic strategist with Miller Tabak + Co. "This is not a run-up in oil prices. This is a multiyear build up in the housing market that is going to take more than several months or several quarters to get through." For a housing recovery to take hold, the job market needs to improve and builders need to gain access to hard-to-get cred it. "Credit is flowing freely to large companies but not so much to the small builders," said Patrick Newport, U.S. economist for IHS Global Insight. "If builders cannot get financing to build new homes, housing will remain in the dumps." Analysts said year-end building code changes in California, Pennsylvania and New York caused an artificial spike for permit requests in December and housing starts in January. Builders in those states rushed to file new permits before those changes went into effect. Even with those gains, the housing market has struggled. Millions of foreclosures have forced home prices down and more are expected this year. Tight credit has made mortgage loans tough to come by. And some potential buyers who could qualify for loans are hesitant to enter the market, worried that prices will fall further. The drop in home construction activity was felt coast to coast. It fell 48.6 percent in the Midwest, 37.5 percent in the Northeast, 28 percent in the West and 6.3 percent in the South. The volatile housing market is weighing on the overall eco nomic recovery. Each new home built creates, on average, the equivalent of three jobs fora year and generates about $90,000 in taxes, according to the National Association of Home Builders. BUSINESS T HE TRIBUNE THURSDAY, MARCH 17, 2011, PAGE 11B :$17('$VVRFLDWH$WWRUQH\ HDO(VWDWH$SSOLFDQWPXVWKDYHPLQLPXPRI\HDUVH[SHULHQFH D QGEHVSHFLDOL]HGLQWKHDUHDRI5HDO(VWDWH DQG'HYHORSPHQWGHPRQVWUDWHDQDELOLW\WRZRUN L QGHSHQGHQWO\DQGSRVVHVVWKRURXJKZRUNLQJ N QRZOHGJHDQGWHFKQLFDOFRPSHWHQFHLQWKHDUHD PHQWLRQHG &RPSHQVDWLRQ FRPPHQVXUDWHZLWKTXDOLILFDWLRQV D QGH[SHULHQFH 5HSO\LQFRQILGHQFHWR D WWRUQH\YDFDQF\#JPDLOFRP New-home construction plunges in February (AP Photo/Keith Srakocic CONSTRUCTIONDECLINE: I n this photo made on Feb. 17, 2011, construction continues on a row of condominiums in Cranberry, Pa., Butler County. Builders likely broke ground on fewer homes in February, a reflection of declines in home prices and diminished demand that has made it difficult for them to com-p ete.

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NEW YORK The dollar dropped to its lowest point in almost 16 years Wednesday briefly touching below 80 yen amid a perilous nuclear crisis in Japan, debt woes in Europe, tension in the Middle East and weak economic reports in the U.S. The dollar is now close to its lowest point of the post-World War II era 79.75 yen struck in April 1995 as leaks of radioactivity from a stricken Japanese nuclear plant have deepened the Asian country's woes following last week's massive earthquake and tsunami. Many analysts have said they expect the Bank of Japan to try to weaken the yen if the dollar drops below 80 yen. A strong yen hurts the Asian country's exporters, potentially deepen ing any hit to the economy from the earthquake and lingering nuclear crisis. "It's safe to assume that no one in Japan wants to see dol lar-yen trade much below 80 and certainly not below 79.75," said David Gilmore of Foreign Exchange Analytics in Essex, Connecticut. In afternoon trading in New York Wednesday, the dollar was worth 80.16 Japanese yen, down from 80.83 yen late Tues day, after earlier sinking to as low as 79.96 yen. Despite the devastation and intensifying nuclear threat in Japan, the yen has been rising. That's in part because the yen is a traditional safe-haven currency, benefiting during periods of international turmoil. Also, market trackers expect Japanese investors to close down overseas bets and bring their money home, which has been driving the yen higher. The bounce higher Wednesday was not big enough to indicate that the Bank of Japan and the Japanese government had intervened in foreign exchange markets, however, said Marc Chandler, global head of currency strategy at Brown Brothers Harriman in New York. Japan, acting alone, inter vened to weaken the yen in September 2010. This time efforts to curb the yen's rise may be different. Chandler posited that a reported call for a meeting of finance ministers of the Group of 7 major economies could result in an international move to stabilize the yen. The Wall Street Journal reported Wednesday that French Finance Minister Christine Lagarde had called for a meeting of G-7 finance ministers and central bankers to determine how to "react on a financial level" to the crisis in Japan and its effect on world markets. "It's clear that the Bank of Japan stands ready and able to intervene in the market with the blessing of the G-7 and the international community," said Michael Woolfolk, senior cur rency strategist at Bank of New York Mellon Corp. in New York. Meanwhile, the euro dropped to $1.3922 from $1.4000 and the British pound fell to $1.6007 from $1.6092 amid tensions from elsewhere around the globe. Portugal raised $1.4 billion in a debt auction Wednesday, but the indebted country had to pay higher interest rates to investors a day after Moody's downgraded its credit rating, refocusing some attention on Europe's debt crisis. In the Middle East, soldiers and police cracked down on hundreds of protesters in Bahrain, a neighbor of Saudi A rabia, the world's biggest pro ducer of oil. If upheaval spills into Saudi Arabia, oil produc tion could be greatly affected.A Saudi-led force is already in Bahrain, and analysts fear ten sions between Saudi Arabia and its Shiite rival Iran, anoth er major oil producer. Iranian President Mahmoud Ahmadinejad on Wednesday denounced the Bahraini government's moves and the Saudiled forces in Bahrain. There were also negative sig nals for the U.S. economy Wednesday in government reports. The Labor Department said producer prices in the U.S. posted the steepest rise last month since June 2009 because of climbing food and energy prices. But apart from those, inflation remained muted in February, suggesting the Federal Reserve isn't likely to raise interest rates any time soon. Higher rates, used to fight inflation, tend to support a currency. Another government report on housing indicated that the real estate market was a long way from a recovery, weighing on the broader economy. Home construction dropped 22.5 percent in February from January to a seasonally adjusted 479,000 homes last month. That's the lowest level since April 2009 and the second-lowest on record. Permits to start new projects fell to the lowest level on records going back to 1960. "With core (producer prices inflation still low and the economic recovery constrained by the continued weakness in housing, the Fed is not going to respond by tightening poli cy," wrote Paul Ashworth, an economist with research firm Capital Economics, in a research note. The Fed on Tuesday remained committed to seeing its $600 billion bond-buying program through June, which is meant to lower long-term interest rates, and reiterated that it would hold the key U.S. interest rate near zero for an "extended period." NEW YORK Worsening fears about the nuclear crisis in Japan shook financial markets Wednesday. Stocks opened lower then dropped sharply in midmorning trading after the European Union's energy chief was quoted as saying that Japan's nuclear crisis could get worse. Treasury prices jumped, sending yields to their lowest levels this year as investors piled into investments seen as being more stable. The Dow Jones industrial average fell 265, or 2.3 percent, to 11,590. The Standard & Poor's 500 index fell 29, or 2.3 percent, to 1,253. All 10 company groups in the S&P 500 fell. The index has dropped 3.5 percent this week and has now given up all its gains for the year. The CBOE Market Volatility Index jumped 18 percent, a sign that investors expect more volatility in the stock market. Japan temporarily suspended work at a stricken nuclear plant after a surge in radiation made it too dangerous for workers to remain there. That came a day after Japan's prime minister said four crippled reactors at a nuclear power plant were leaking dangerous amounts of radiation. The Nasdaq composite index fell 57, or 2.2 percent, to 2,610. The yield on the 10-year Treasury note fell as low as 3.15 percent, the lowest level this year. In midafternoon trading the yield was 3.17 percent. The dollar dropped to its lowest point in almost 16 years against the Japanese yen, briefly falling under 80 yen. The dollar is now close to its lowest point of the post-World War II era: 79.75 yen reached in April 1995. A stronger yen hurts Japan's exporters, potentially dealing another blow to the economy already racked by an earthquake, tsunami and evolving nuclear crisis. Japan's economy, the third-largest in the world after the U.S. and China, accounts for about 10 percent of U.S. exports. The Commerce Department reported that new home construction fell to the second-lowest level on record in February, reflecting weak demand. Homebuilders Lennar Corp. and D.R. Horton Inc. each fell more than 2 percent. Wholesale prices rose last month by the most in nearly two years due to higher energy costs and the biggest increase in food prices in 36 years. Shares of companies affected by higher food costs fell. McDonald's Corp. and Starbucks Corp. both fell 2 percent. B USINESS PAGE 12B, THURSDAY, MARCH 17, 2011 THE TRIBUNE GOVERNMENT NOTICECUSTOMS DEPARTMENT Sale by T ender G N-1185 &20021:($/,1+((0(&2857&20021/$$1'(48,7<',9,6,21,17+(0$77(5 RI WKH 3URSHUW\FRPSULVHGLQ D 'HHGRI0RUWJDJHGDWHGWKHVWGD\-XO\ EHWZHHQ(GZDUG7KRPSVRQ DV%RUURZHUDQG)LUVW&DULEEHDQ)LQDQFH &RUSRUDWLRQ%DKDPDVf/LPLWHGIRUPHUO\ %DUFOD\V)LQDQFH&RUSRUDWLRQ%DKDPDVf /LPLWHGf $1',17+(0$77(5 RIWKH&RQYH\DQFLQJ DQG/DZRI3URSHUW\&KDSWHURIWKH 5HYLVHG6WDWXWH/DZVRIWKH&RPPRQZHDOWK RI7KH%DKDPDV %(7:((1 ),567&$5,%%($1),1$1&( &25325$7,21%$+$0$6f/,0,7(' IRUPHUO\%DUFOD\V)LQDQFH&RUSRUDWLRQ %DKDPDVf/LPLWHGf 3ODLQWLII $1' (':$5'+203621 'HIHQGDQW 127,&($332,170(172 +($5+(,*,1$7,1* 7$.(127,&( WKDWWKH2ULJLQDWLQJ6XPPRQV KHUHLQZLOOEHVHWGRZQWREHKHDUGRQ 7XHVGD\ WKH VWGD\RI 0DUFK DW RFORFNLQWKH IRUHQRRQ EHIRUH-XVWLFH 6WHSKHQ,VDDFV-XVWLFHRIWKH6XSUHPH&RXUW 6XSUHPH&RXUW%XLOGLQJ%DQN/DQH1DVVDX 7KH%DKDPDV 'DWHGWKHVWGD\RI)HEUXDU\ 5(*,675$5 7KLVRWLFHLVLVVXHGE\*LEVRQLJE\ t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f/LPLWHGIRUPHUO\ %DUFOD\V)LQDQFH&RUSRUDWLRQ%DKDPDVf /LPLWHGf $1',17+(0$77(5 RIWKH&RQYH\DQFLQJ DQG/DZRI3URSHUW\&KDSWHURIWKH 5HYLVHG6WDWXWH/DZVRIWKH&RPPRQZHDOWK RI7KH%DKDPDV %(7:((1 ),567&$5,%%($1),1$1&( &25325$7,21%$+$0$6f/,0,7(' IRUPHUO\%DUFOD\V)LQDQFH&RUSRUDWLRQ %DKDPDVf/LPLWHGf 3ODLQWLII $1' (':$5'+203621 'HIHQGDQW 127,&($'-2851('+($5,1* 7$.(127,&( WKDWWKH1RWLFHRI$SSRLQWPHQW WR+HDUWKH2ULJLQDWLQJ6XPPRQVRQWKH WKGD\RI)HEUXDU\DQGVHWGRZQ WREHKHDUGRQ7XHVGD\WKHV WGD\RI0DUFK DWRFORFNLQWKHIRUHQRRQZLOO QRZEHKHDUGEHIRUHWKH+RQRXUDEOH-XVWLFH 6WHSKHQ,VDDFV-XVWLFHRIWKH6XSUHPH&RXUW 6HQDWH%XLOGLQJ3DUOLDPHQW6WUHHW1DVVDX 7KH%DKDPDVRQ 0RQGD\ WKH W KGD\RI $SULO RFORFNLQ IRUHQRRQ 'DWHGWKLVWK 5(*,675$5 7KLV1RWLFHZDVWDNHQRXW0HVVUV *LEVRQ5LJE\&KDPEHUV.LDOH[ +RXVH'RZGHVZHOO6WUHHW1DVVDX7KH %DKDPDV$WWRUQH\VIRUWKHODLQWLI Stocks fall on Japan crisis, weak economic reports DOLLAR TOUCHES BELOW 80 YEN, NEAR POSTWAR LOW UNCERTAINTIMES: In this photo taken March 14, 2011, traders work on the floor of the New York Stock Exchange.

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MONTPELIER, Vt. When the federal Nuclear Regulatory Commission announced last week that it would grant the Vermont Yankee nuclear plant a 20-year extension on its operating license, the plant's supporters won a fresh and strong talking point toward improving the reactor's political fortunes in Vermont. Only hours later, the devastating earthquake and tsunami in Japan set off a disaster at reactors of the same design and vintage as Vermont Yankee. Politically, the trouble-plagued plant's chances appeared doomed. "I don't think they had a pulse last week, but we've picked out the casket now," said Rep. Tony Klein, chairman of the Vermont House committee that oversees Vermont Yankee, said of the plant's political prospects in the state. Nuclear politics is unusually raw in Vermont, the only state with a law calling on its legislature to give the OK before regulators give the state's approval for the license extension. But across the country, the nuclear industry is coming under new scrutiny, with questions being raised about whether a big dose of bad news about the technology might cool the ardor for a renaissance in the industry. "The timing could not be worse," said Richard Levick, CEO of Levick Strategic Communications, a Washingtonbased firm that advises companies on how to handle publicrelations crises. "We saw the American nuclear industry really starting to reposition itself for growth. At best this is a short-term setback." The government has already offered $18.5 billion in loan guarantees for new nuclear plant construction, and President Barack Obama, a strong supporter of building new reactors, has asked in his recently proposed budget for $36 billion more. Of the money already allocated, $8 billion is earmarked for a new plant in Georgia, due for a groundbreaking later this year. BUSINESS T HE TRIBUNE THURSDAY, MARCH 17, 2011, PAGE 13B GOVERNMENT NOTICEGN-1186 GOVERNMENT NOTICEG N-1184 Japan crisis renews US debate over nuclear power POWERPLANT: In this Dec. 12, 1997 file photo, the Vermont Yankee nuclear power plant is shown in Vernon, Vt.

PAGE 26

to point out that you're sitting in front of the computer w ith all the lights off, and haven't noticed Youre in the sun and you look around for a Drop Shadow to sit under. You give your relatives a lecture about colour spaces and profiles when you e-mail your vacation photos. You maintain a grid system for your refrigerator magnets. You sit at work for eight hours staring at your monitor, waiting for a spark of i nspiration that doesn't c ome. You're up until 5am b ecause you came up with the best idea ever while brushing your teeth. Looking at a menu makes you go "hmmm, ITC Baskerville italic" rather than "mmmm, lunch!" Your best friends are all employees at the local print shop The only people who seem to know what you do for a living are other graphic artists. Several South American economies suffer noticeably whenever you attempt to give up coffee, or even cut your consumption by half. You know that "bleedi ng" doesn't hurt. When you know the dif f erence between fuchsia, m agenta and maroon. You've considered nam ing your children things like 'Kern', 'Pica', 'Bzier', and 'Serif'. When you can't remember the word fog, and instead refer to it as the Gaussian Blur. When you write essays, papers, and letters with InDesign. You look forward to seeing PMS Printing your wedding invitations costs more than the dress, engagement ring and honeymoon combined. Your favourite scene in American Psycho is where t hey discussed business c ards When your mouse mat i s also your placemat Youve named your fish G ill Sans You consider meal time as interruptions. You clean your key board more often than you wash your car. Youd rather organise y our desktop than your sock d rawer. You bookmark a r esource more often than y ou have a fun night out on t he town. You cant go to a restau rant without secretly critiquing the menu design. You have an amazingly huge font collection, and an amazingly short temper. If you had a penny for every mouse click, you would have been a trillionaire three years ago. You will ONLY work on a Mac. You can tell the differ ence between Helvetica and A rial immediately. You colour coordinate everything (food in refrigerator, cds, dvds, etc. Command + Z (undo keys) comes to mind when y ou make a mistake in real l ife situations. Every time you are w rapping up leftovers you a re haunted by the filter p lastic wrap. When someone gives y ou an invite or business card, you are more excited to see the design than the content. You say why didnt I think of that when you see an awesome design. You dont care what the words say; youre just conc erned with how many w ords there are. You still enjoy buying toys and have one sitting on your desk now. You use your pantone book instead of a paint chip for remodelLing your bed room. Most of the work in your portfolio is not the work that the client actually a pproved, but the design y ou liked best. Lock up doesnt mean going to prison for you. Your friends and family members on a regular basis want your services for freeo r extremely cheap. You request a vector logo and you get a pixilated 72dpi jpeg from the web( placed in a Word document of course!). You buy a bottle of wine purely on the design of thel abel only Finally, you know you are definitely a graphic or devel o per geek when..... you can understand EVERY THING placed on this list. S o until we meet again, have f un, enjoy life and stay on top of your game. NB: Author welcomes feed b ack at d eedee2111@hotmail.com B USINESS PAGE 14B, THURSDAY, MARCH 17, 2011 THE TRIBUNE 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.130.95AML Foods Limited1.091.090.006,4300.1230.0408.93.67% 1 0.639.05Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 5.754.40Bank of Bahamas4.404.400.000.1530.10028.82.27% 0.530.17Benchmark0.180.180.00-0.8770.000N/M0.00% 2.842.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.201.96Fidelity Bank1.961.960.000.0160.040122.52.04% 12.409.43Cable Bahamas10.219.43-0.781,0001.0500.3109.03.29% 2.852.35Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.80Commonwealth Bank (S1)6.826.820.001650.4880.26014.03.81% 2.861.90Consolidated Water BDRs2.142.10-0.040.1110.04518.92.14% 2.541.40Doctor's Hospital1.401.400.000.1070.11013.17.86% 6.305.25Famguard5.255.250.001,0000.3570.24014.74.57% 9 .275.65Finco5.885.880.000.6820.0008.60.00% 11.408.77FirstCaribbean Bank9.399.35-0.041,0000.4940.35018.93.74% 6.004.57Focol (S)5.475.470.000.4520.16012.12.93% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 7.255.50ICD Utilities7.407.400.004500.0120.240616.73.24% 10.509.80J. S. Johnson9.829.820.000.8590.64011.46.52% 10.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk-Hi 52wk-Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield F INDEX: YEAR END 2008 -12.31%30 May 2013 20 November 2029TUESDAY, 15 MARCH 2011B ISX ALL SHARE INDEX: CLOSE 1,447.31 | CHG -10.59 | %CHG -0.73 | YTD -52.20 | YTD % -3.48BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017 7%RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)29 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6.95%B ISX LISTED & TRADED SECURITIES AS OF:7% Interest 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas SupermarketsN/AN/A14.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.51221.4076CFAL Bond Fund1.51795.51%6.90%1.498004 2.95272.8300CFAL MSI Preferred Fund2.94860.04%1.45%2.918256 1.58371.5141CFAL Money Market Fund1.58370.61%4.59%1.564030 3.20252.8522Royal Fidelity Bahamas G & I Fund2.7049-0.56%-15.54% 13.638813.0484Royal Fidelity Prime Income Fund13.43920.61%-0.22% 114.3684101.6693CFAL Global Bond Fund114.36849.98%12.49%109.392860 106.552899.4177CFAL Global Equity Fund106.55284.75%7.18%100.779540 1.14651.0000FG Financial Preferred Income Fund1.14655.20%5.20% 1.11851.0000FG Financial Growth Fund1.11854.73%4.73% 1.14911.0000FG Financial Diversified Fund1.14915.35%5.35% 9.74859.1005Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.79504.85%5.45% 11.236110.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.6417-1.20%0.50% 10.12669.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.12661.27%1.27% 8.45104.8105Royal Fidelity Int'l Fund Equities Sub Fund8.45100.72%9.95% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeksBid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeksAsk $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volumeLast Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volumeWeekly Vol. Trading volume of the prior week Change Change in closing price from day to dayEPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded todayNAV Net Asset Value DIV $ Dividends per share paid in the last 12 monthsN/MNot Meaningful P/E Closing price divided by the last 12 month earningsFINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200730-Nov-10 31-Jan-11 107.570619 105.776543 30-Jun-10 31-Dec-10 NAV 6MTH 1.475244 2.910084 1.545071TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752530-Nov-10 30-Sep-10 28-Feb-11 11-Feb-11 31-Jan-11MARKET TERMS31-Dec-10 31-Jan-11CFAL Securities Ltd. (Over-The-Counter Securities)31-Jan-11BISX Listed Mutual FundsNAV Date 30-Nov-10 31-Dec-10 &20021:($/ ,1+((0(&2857&20021/$$1'(48,7<,17+(0$77(5 RI WKH 3URSHUW\FRPSULVHGLQDQ ,QGHQWXUHRI0RUWJDJHGDWHGWKHVWGD\RI2FWREHU DQGPDGHEHWZHHQ.HYLQ%HWKHODQG 'HQLVH%HWKHODV%RUURZHUVDQG)LUVW&DULEEHDQ ,QWHUQDWLRQDO%DQN%DKDPDVf/LPLWHGIRUPHUO\&,%& %DKDPDV/LPLWHGf $1',17+(0$77(5 RI WKH&RQYH\DQFLQJDQG/DZ RI3URSHUW\&KDSWHURIWKH5HYLVHG6WDWXWH /DZVRIWKH&RPPRQZHDOWKRI7KH%DKDPDV %(7:((1 ),567&$5,%%($1,17(51$7,21$/%$1. %$+$0$6f/,0,7(' IRUPHUO\&,%&%DKDPDV/LPLWHGf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f/LPLWHGIRUPHUO\&,%& %DKDPDV/LPLWHGf $1',17+(0$77(5 RIWKH&RQYH\DQFLQJDQG/DZ RI3URSHUW\&KDSWHURIWKH5HYLVHG6WDWXWH /DZVRIWKH&RPPRQZHDOWKRI7KH%DKDPDV %(7:((1 ),567&$5,%%($1,17(51$7,21$/%$1. %$+$0$6f/,0,7(' IRUPHUO\&,%&%DKDPDV/LPLWHGf 3ODLQWLII $1' .(9,1%(7+(/ $1' '(1,6(%(7+(/ 'HIHQGDQWV 127,&($332,170(172 +($5+(,*,1$7,1* 7$.(127,&( WKDWWKH2ULJLQDWLQJ6XPPRQV KHUHLQZLOOEHVHWGRZQWREHKHDUGRQ )ULGD\ WKH UGGD\RI $SULO DW RFORFN LQ WKH IRUHQRRQ EHIRUH-XVWLFH6WHSKHQ,VDDFV-XVWLFHRI WKH6XSUHPH&RXUW)RXUWK)ORRU0DUOERURXJK6WUHHW $QQH[%ULWLVK$PHULFDQ+RXVH0DUOERURXJKDQG *HRUJHWUHHWVDVVDX7KH%DKDPDV 'DWHGWKHW KGD\RIRYHPEHU 5(*,675$57KLV1RWLFHLVLVVXHG*LEVRQ5LJE\&KDPEHUV .LDOH[+RXVH'RZGHVZHOO6WUHHW1DVVDX7KH%DKDPDV $WWRUQH\VIRUWKHODLQWLI &20021:($/&20021/$$1'(48,7<%(7:((1 ),567&$5,%%($1,17(51$7,21$/%$1. %$+$0$6f/,0,7(' 3ODLQWLII $1' *$<&,1'<$11*$5',1(5 'HIHQGDQW 7*$<&,1'<$11*$5',1(5 RI 5LFR 6 WUHHW&LWUXV0HDGRZV1DVVDX7KH%DKDPDV 7$.(127,&( WKDWDQDFWLRQKDVEHHQ FRPPHQFHGDJDLQVW\RXLQWKH6XSUHPH &RXUWEHLQJ$FWLRQRI ),567&$5,%%($1,17(51$7,21$/ %$1.%$+$0$6f/,0,7(' LWV&ROOHFWLRQV 5HFRYHU\'HSDUWPHQWVLWXDWHDW,QGHSHQGHQFH +LJKZD\1DVVDX7KH%DKDPDVLQZKLFKWKH3 ODLQWLILVFODLPLQJEUHDFKRIGHPDQGORDQ G DWHGWKHVWG RI0D\PDGH EHWZHHQ\RXDV%RUURZHUDQG)LUVW&DULEEHDQ ,QWHUQDWLRQDO%DQN%DKDPDVf/LPLWHGDV /HQGHUDQGWKH%DQNFODLPVDJDLQVW\RXWKH VXPRIDVRIWKHWKGD\RI$SULO DORQJZLWKFRQWUDFWXDOLQWHUHVWDWWKH UDWHRISHUDQQXPDQGVWDWXWRU\LQWHUHVW SXUVXDQWWR6HFWLRQRI&LYLO3URFHGXUH ZDUGRI,QWHUHVWf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page 2B Graphic signs of design addiction T HE ARTOFGRAPHIX INSIGHT For the stories behind the news, read Insight on Mondays


PAGE 2, THURSDAY, MARCH 17, 2011

LOCAL NEWS

THE TRIBUNE





New US departure terminal opens ‘without incident’

po

LEST CNET



» f
L.
|

r

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THE US TERMINAL officially opened yesterday. The Bahamasair flight to Miami was the first

to depart the new facility.

THE new US departure
terminal opened to interna-
tional passengers yesterday
without incident, according to
Shonalee Johnson, communi-
cations manager at the Nassau
Airport Development Com-
pany.

Passengers booked on the
6.30am Bahamas Air flight to
Miami were the first to test
run the new facility.

There was a “constant flow
of passengers in and out of
the facility” over the course
of the day, starting from the
time checkin counters opened

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at 5am, said Ms Johnson.

Airport traffic reached the
projected volume of 2600.
Wednesday is ordinarily a low
traffic day for the airport,
which is why the “go live” day
was set for yesterday, said Ms
Johnson.

The first 100 passengers
received coupons for use at
some of the retail outlets, so
they could have a broad feel
of the new airport experience.

Exceptional

“The new US departures
terminal at Lynden Pindling
Airport provides travellers
with an exceptional Bahamian
experience as soon as they
step off the plane, which is
important in enhancing the
overall vacation experience,”
said Andrew Neubauer, direc-
tor of sales and marketing for
the Sheraton Nassau Beach
Resort.

“This is a significant step in
the right direction as we con-
tinue to position Nassau as

the premiere destination in
the Caribbean.”

Construction on the new
terminal began 18 months ago
for a price tag of about $191
million. All of the vendors
were open for business yes-
terday, including the 19 retail
food and beverage services.

Now that the new facility is
fully operational, the old facil-
ity has been “decommis-
sioned.” Workers are cur-
rently erecting a perimeter
fence.

The old facility is being
transformed into a new inter-
national arrivals terminal.
With a scheduled completion
date for the Fall of 2012, Ms
Johnson said work will begin
“right away.” The second
phase of the airport redevel-
opment project is estimated
at $138 million.

There will be selective
demolition on the old facility.
The two-story structure will
house immigration on the
upper level and Bahamas cus-
toms and baggage collection
on the bottom.

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THE TRIBUNE

THURSDAY, MARCH 17, 2011, PAGE 3



LOCAL NEWS

Bahamian rewarded for
Barefoot Bandit capture

Eleuthera security guard
Kenneth “Kenny” Strachan
received a share of the
$10,000 reward posted by the
Federal Bureau of Investiga-
tion for the capture of the
“Barefoot Bandit.”

The US folk hero fugitive,
born Colton Harris-Moore,
was captured in the Bahamas
last year and deported to the
United States.

Mr Strachan helped
Bahamian police nab the
Barefoot Bandit during his
Bahamas escapade.

The reward was split

teen was said to have sprinted
into the bush, before re-
appearing for a minute at the
edge of the dock and then
fleeing in a boat allegedly
stolen from nearby.

As police descended on the
scene and other marina guests
took off with authorities, Mr
Strachan joined in pursuit
with police.

Together, the boats cor-
nered Mr Harris-Moore.

His capture in the Bahamas
was a feather in the cap of the
Royal Bahamas Police Force,
which was credited with han-



BAREFOOT BANDIT

dling the case with extreme
professionalism after numer-
ous law enforcement agencies
in the US and Canada —
including federal agents —
were unsuccessful in their
attempts to apprehend the
Bandit.

The capture gave rise to a
number of trends in Harbour
Island and Eleuthera.

By the day after Harris-
Moore's capture, the Romora
Bay Resort and Marina was
selling a drink called the
Barefoot Bandit at its Sunsets
Bar and Grill.



among five persons, includ-
ing four men on visiting
yachts at the Romora Bay
Marina in Harbour Island,
where Mr Strachan works.
He plans to use his share
of the FBI reward — $2,000 —
to visit an older sister in
upstate New York and an
aunt who lives in Manhattan.
He has not seen his sister,
who is American, since 1988.
He received the reward at
the American Embassy in
Nassau without ceremony.
Another $13,000 raised by
private donors also will be
split among the five, who
were officially recognised as
directly assisting in the arrest.
Others who received a
share were Capt Ronald Bil-
liot, Captain Ben Johnson,
Captain Patrick Young and



Diane Phillips & Associates

REWARD: Kenneth Strachan

Jordan Sackett. The late-night
harbour chase that resulted
in Harris-Moore’s capture,
began on July 11 when Mr
Strachan spotted the teen
bandit running down the dock
at about lam.

Dialled

Mr Strachan was said to
have approached the man at
first, thinking he was in trou-
ble.

When he realised the man
was the wanted teen bandit,
he kept Mr Harris-Moore in
sight and talked to him from a
distance as he dialed for help.

Before help arrived, the

Whitney Bastian likely to contest election
— with or without McCartney support

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

FORMER Independent
MP for South Andros Whit-
ney Bastian confirmed that
he is likely to run in the next
general election as an Inde-
pendent candidate with or
without the support of FNM
MP Branville McCartney,
who he speculated could be
an Independent candidate as
well at that time.

“T have plans to run as an
independent candidate. I have
plans to run in the next elec-
tion. I have been working in
this constituency for some
time. I had applied to the PLP
for the nomination and they
have not even considered it. I
have withdrawn from them
and J have asked them if they
would want that in writing
and they said fine,” Mr Bast-
ian said.

Mr Bastian added that he
does not believe that “per-
sons outside of Andros”
should be telling people in
Andros who to elect.

“T believe I am well quali-
fied to represent the people. I
didn’t really want to run, but
people over the years have
been asking me to run,” he
said.

With reports reaching The
Tribune that Mr McCartney
could launch a new “Inde-
pendent party” in May of this
year with Mr Bastian as one
of the leading members, the
former South Andros MP said
that he has spoken to Mr
McCartney, but has no for-
mal information on what the
young FNM intends to do.

“T told him that if he does-
n’t have any faith in the PM,
and if he doesn’t have any
faith in Christie, then he
shouldn’t go there either.

“T have been listening, my
ears are to the ground and the
majority of the persons I have
talked with said they wish he
(Mr McCartney) would just
run. The majority of young
people I have spoken to said
they like Bran.

“People has asked me why
don’t Bran and I get together
and maybe after I get these
personal things done I will
consider it. But we can’t have
a ‘fammer’ like the current
MP who only comes to the
constituency and rides from
one end to the next and hops
back on the plane and heads
back to Nassau,” he said.

Mr Bastian said that in two
months he expects to be in a
better position to state cate-
gorically what he will do, and
stressed that if Mr McCart-
ney would want him to assist
him he believes they could be
a good team. However, he

emphasized that at this time
he has no idea if Mr McCart-
ney will leave the party or
what the young MP’s plans
were for his future in politics.

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THE TRIBUNE

THURSDAY, MARCH 17, 2011, PAGE 5

LOCAL NEWS



PM and Minister
tour new Public
Treasury building

By CELESTE NIXON
Tribune Staff Reporter
cnixon@tribunemedia.net

PRIME Minister Hubert Ingraham and
Finance Minister Zhivargo Laing toured the
new Public Treasury building yesterday morn-
ing located on East Street across from the
Police Headquarters.

The five-story, 30,000 square-foot building
became fully operational on February 24th
and will be home to the Treasury for many
years to come said Prime Minister Ingraham.

Mr Ingraham said the Public Treasury has
been dealing with inadequate and unaccept-
able accommodations for many years and
expressed gratitude to the treasury person-
nel who have tolerated this situation.

The government is leasing the building at a
cost of nearly $700,000 a year, while more
money is now being spent in terms of renting
the building. Mr Ingraham said “the money is
being well spent."

Mr Ingraham, commenting on the new

PRIME MINISTER Hubert Ingraham and Finance Min-
ister Zhivargo Laing tour the new building yesterday.
Tim Clarke/Tribune staff

a stand alone building — there is now ade-
quate space, parking, morale of staff is high
and they are comfortable and secure — it is
money well spent on a deserving group of
people."

The Prime Minister added that they are
expecting to soon open branches of the Trea-

building, said: "We wanted the treasury to be

sury in the family islands, in particular
Eleuthera and Exuma.

Grand Bahama Power Company CEO resigns

FREEPORT -—- Grand
Bahama Power Company CEO
R Alan Kelley has resigned
effective March 16 to pursue
other opportunities in the Unit-
ed States, the Power Company
announced yesterday.

Mr Kelley joined GBPC in
December of 2009 and led the

Marubeni of Japan.

Emera has pledged to
improve the reliability and con-
sistency of Grand Bahama
Power Company's electricity
supply through investing $35
million in constructing a new
power plant for the island, a 10-
12 month project that is slated

to create 80-100 jobs.

Grand Bahama Power Com-
pany Ltd is a totally integrat-
ed utility company serving the
island's 45,000 residents and
commercial establishments
from east to west. The company
employs more than 200
Bahamians.



company under the direction
of former majority owner
Marubeni/Taga.

In a statement released by
the company, it was announced
that Emera executive Ray
Robinson will continue to lead
the organisation in his role as
executive chairman of GBPC
and will begin the process of
recruiting a new CEO immedi-
ately.

“We thank Mr Kelley for the
contributions he has made to
the business over the last 15
months,” said Mr Robinson.

“T look forward to working
more closely with the GBPC
team to revitalise the utility for
the benefit of the citizens of
Grand Bahama and the
Bahamas.”

In December, Emera
announced that it had become
the majority shareholder in the
Power Company following an
$82 million acquisition of the
55.4 per cent stake held by

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PAGE 8, THURSDAY, MARCH 17, 2011
LOCAL NEWS

THE TRIBUNE

























































”
er“

ean IN a workshop held by the Ministry of Tourism and Avi-
ation and the Bahamas Hotel Association on Tuesday, March 15. The work-
shop was held to explain tools, tips and resources available to prepare busi-
nesses to tap into the Latin American market. Derek Smith/BIS



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IN a bid to strengthen
the country’s position in
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ket, several initiatives are
being implemented to sup-
port service to Latin
American travellers.

Included in the initia-
tives are several cam-
paigns aimed at encourag-
ing hotels and Nassau Air-
port Development Com-
pany (NAD) to provide
signage in Spanish; a wel-
come arrival message; a
15-minute welcome to des-
tination CD for taxi dri-
vers; boosting of the web-
site — www.bahamasturis-
mo.com — partnerships for
Spanish courses at the
College of The Bahamas;
recruiting of a corps of
bilingual ambassadors for
the People-to-People pro-
gramme and placement of
bilingual roving ambas-
sadors stationed down-
town and at the Lynden
Pindling International Air-

ort.

Officials at the Ministry
of Tourism are currently
discussing with a major
publisher the publication
of a tourism guidebook in
Spanish. In addition, the
Ministry has already pro-
duced four public service
announcements (PSAs) in
the form of television ads
with the objective of push-
ing the learning of Span-
ish in the workplace.

The announcement was
made on Tuesday, March
15, during a workshop
sponsored by the Ministry
of Tourism and the

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Tourism Director Gen-
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Mr. Johnson said the
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sion. He explained that
even though Latin Ameri-
can people share many
similarities with Bahami-
ans, it is still important to
put the necessary invest-
ments in place to properly
accommodate this market.

“There are still some
basic things that we need
to be aware of, appreciate
when dealing with this
market,” said Mr. John-
son. “That’s why we have
to put ourselves in the
position to do this right
and take advantage of the
potential of Latin Ameri-
ca.”

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THE TRIBUNE THURSDAY, MARCH 17, 2011, PAGE 9

International Scout Exchange for Grand Bahama

MR. PETER KOSKOLOS OF SCOUTS CANADA, second from right, is flanked by members of the Grand Bahama
District of the Scout Association of The Bahamas, as they exchange gifts from their respective associations. He
was presented with a T-shirt, badges and a local training manual. Also pictured are: (I-r) Peter Storr, Brenda



THE Grand Bahama District
of the Scout Association of the
Bahamas recently hosted Peter

Koskolos of Scouts Canada for
an extended period.

Mr Koskolos, deputy council
commissioner of media and
public relations of Nova Sco-
tia, is considered a “lifer”,
someone who has been
involved in scouting for most
of their lives.

He has remained active ever
since joining the movement in
1967.

Since then, he has moved up
through the ranks, starting out
as a Cub Scout and now has
experience as both a Cub
Leader as well as a Scout
Leader.

While in Grand Bahama, Mr
Koskolos attended a regularly
scheduled training session for
group leaders where he shared
some of the activities and
adventures that scout groups
participate in back in his region
of Canada. The most fascinat-
ing and biggest difference, of
course, was winter camping
where the youth are taught
skills for surviving in the snow
and techniques that are useful
in the event they are caught in
blizzard conditions. Another
significant difference is that the
groups in Canada are “co-ed”
but in The Bahamas same-gen-
der troops and packs are still
maintained.

He also offered ideas on
membership growth and
recruitment, stating that in
Canada, they issue lapel pins
to the Scouts and Leaders that
promote the Movement as well
as badges that serve as incen-
tives for boys who sponsor their
friends. He also presented a
number of training manuals and
handbooks to the local associa-
tion as well as souvenir patches
and badges from his local coun-
cil. In a reciprocal gesture, he
was given badges from the
Bahamas Scout Association as
well as a T-shirt and a copy of
the Basic Information Training
Manual that is utilized locally.

Mr. Koskolos also visited a
local Scout Troop attached to
St. Jude’s Anglican Church in
Smith’s Point where he inter-
acted with the leaders and the
20 or so boys who attended.
He observed how troops/groups
here are a bit more regimented
than they are in Canada and
that, in order to be “politically
correct,” they are not allowed
to use military “drill” with their
members as much as they do
in the Bahamas. Again, he
shared scouting stories; taught a
number of skits; learned a
Bahamian “yell” himself and
offered tips on outdoor activi-
ties that involve environmen-
tal conservation.

Peacefully co-existing with
wild animals, while camping, is
a novelty for local scouts and
predators such as wild bears are



not a factor because they hiber-
nate in winter although the
boys were warned that squir-
rels can become a major con-
cern, as they are primarily in
search of food that can conve-
niently be found in the scouts’
tents.

Members of this troop were
also the recipients of souvenir
patches from the Nova Scotia
Council of Scouts, Canada.

Unlike their Canadian coun-
terparts, Founder’s Day is not
observed locally.

This date is February 22 and
commemorates the birth of the
founder of the Worldwide
Brotherhood of Scouts, Lord
Baden-Powell. The Patron
Saint of the Movement is St.
George and St. George’s Day
has somehow disappeared from
the local calendar as well but
the group of local leaders will
work to have these two major
observances included in their

schedule for next year.
Founder’s Day in Canada is a
major celebration when both
the Leaders and the Scouts par-
ticipate in a series of communi-
ty activities that create an excel-
lent opportunity to increase the
public visibility of the organi-
zation and serves as a conve-
nient recruiting tool to attract
both members and leaders.

On a trip to the Eight Mile
Rock community, Peter Kosko-
los met with a number of resi-
dents who were founding mem-
bers of the initial 1st Grand
Bahama Scout troop, which was
started by the late Bishop
Michael H. Eldon at St.
Stephen’s Anglican Church.

The concepts of leadership
and community service still pre-
vails in the lives of these men as
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raising funds for a community
outreach programme at the
time.

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PAGE 10, THURSDAY, MARCH 17, 2011

THE TRIBUNE

LOCAL NEWS

PICU
repair Current isiand docks |

IN THE ESTATE OF Frank Kucera late

of White Harrington, Quebec, Canada.

NOTICE is hereby given that all persons
having any claim or demand against
the above Estate are required to send
the same duly certified in writing to the
undersigned on or before the 14" day of
April A.D., 2011, after which date the
Executors will proceed to distribute the
assets having regard only to the claims of
which they shall then have had notice.

AND NOTICE is hereby given that all
persons indebted to the said Estate of
Frank Kucera are requested to make
full settlement on or before the date

hereinbefore mentioned.

NADIA A. WRIGHT
Attorney for the Executors

Chancellors Chambers
P.O. Box N-4589




-—

ELEUTHERA - The
Government’s Infrastruc-
ture Crusade expanded to
Current Island with the
signing of a $214,959.30
contract for two docks
there.

Public Works and Trans-
port Minister Neko C
Grant made a stopover vis-
it to that island on March
14. His delegation included
Colin Higgs, permanent
secretary; Dion Munroe,
project engineer and
Shaun Lightbourn, assis-
tant engineer. Also in
attendance was House
Speaker Alvin Smith,
Member of Parliament for
North Eleuthera, and
Stephanie Rahming,
administrator.

A large representation
of the 50-member popula-

PUBLIC WORKS AND TRANSPORT MINISTER Neko Grant shares a light moment with those gathered at the ceremony to witness
the contract signing for docks in Current Island. Shown in background are students of North Eleuthera High School.







THE NORTH ELEUTHERA COMMUNITY YOUTH BAND, led by PC 2673 Carlton Smith, performs at

the contract signing ceremony for docks in Current Island on March 14.

tion, including students of
the Current Island All-
Age-School, witnessed the

MINISTRY OF WORKS & TRANSPORT | Jf
NOTICE

CORRIDOR LA
BAILLOU HILL ROAD
ROAD PAVEMENT WORKS















Co

Please be advised that final Road Pavement Works will be carried out on sections of Baillou
Hill Road between BAHAMA AVENUE and TUCKER ROAD from Saturday March 19th,









i March 20th, 2011.

Motorists travelling along this route are advised to follow the traffic management in place and
use Poinciana Avenue, East Street & Wulff Road as an alternate,






We sincerely apologize for any inconvenience that may be caused by the closure and look forward
to the co-operation of the motoring public throughout this project.





For further information please comiact :

(The Contractor)

Jose Cartellone Constrocciones Civiles 5.4
Office Hours Mon-Fri 80 am to 62) pon
Mice: 242 )522-8341/922-2610

Emaik bahomasneighbor@ cartellone.com.ar

(The Contract

Agency)

Ministry of Works & Transport

The Project Execution Unit
Hotline: (242) 302-9700

Email: publicworks@bahamas.govbs

event held under a cabana
at the site of the main dock
posed for reconstruction.
Police Constable 2673
Carlton Smith led the
North Eleuthera Commu-
nity Youth Band, which
provided music for the
event.

“The existing deteriorat-
ed docking facilities can-
not adequately meet the
needs of this community,”
said Minister Grant. “We
thank the people of Cur-
rent Island for their
patience.

“We anticipate that the
reconstruction of the dock-
ing facilities here will facil-
itate further development
of the existing fishing and
straw industries along with
other industries on this
island.”

In addition to recon-
struction of the main dock,
the contract also includes
repairs to the nearby
wooden ferry dock on that
island.

The concrete dock was
destroyed as a result of



Patrick Hanna/BIS

recent hurricanes. The pro-
ject is expected to be fin-
ished in four months.

“We are signing a con-
tract for a dock that is
absolutely necessary,” Mr
Smith said.

“The government has
never forgotten the people
of Current Island. You are
a people of strength and
faith.

“We believe,” he said,
“that with your population
of just 50 that you are to
be treated just like New
Providence with a (popu-
lation) of 200,000, Grand
Bahama of just under
100,000 or the rest of the
Family Islands.”

The contract was award-
ed to Robert Roberts of
Complete Marine Services
Co Ltd.

The Government is also
carrying out 3.2 miles of
roadworks in Current
Island that is set to be fin-
ished in six weeks.

e SEE PAGE 12



DON STAINTON
PROTECTION Lid.

Tel: 322-8219 322-8160
TOP QUALITY TEMPERED
ALUMINUM SECURITY SCREENS

eon
Free Estimates

WE DO IT WHEN WE SAY WE WILL!

. Serving The Bahamian Community Since 1978 |
THE TRIBUNE THURSDAY, MARCH 17, 2011, PAGE 11

LOCAL NEWS

POPULAR CHILDREN’S BOOKS donated to the event will be distributed to children ages 12 and under
who participate in the Reading Fair. The effort is to encourage children to practice reading for enjoy-
ment and leisure.



Gena Gibbs/BIS



Bid to get youth in Pinewood
practising reading for enjoyment

By GENA GIBBS
Bahamas Information
Services

PINEWOOD Urban
Renewal wants its youth to
practice reading for enjoy-
ment. The centre will be
hosting a Reading Fair at
Pinewood Park on
Pinewood Drive from
10am-1pm on March 26th
for children aged 12 and
under.

“As the Member of Par-
liament for the Pinewood
Constituency, I fully
endorse this event, giving it
my support,” said Byran
Woodside, Minister of State
for Lands and Local Gov-
ernment.

“To this end, I am
encouraging parents in the
Pinewood constituency to
deliver their children to the
park for the reading fair.”

On March 13th, Minister
Woodside held a press con-
ference at Dockendale
House, West Bay Street,
where he announced that
volunteers from the Kiwanis
Club of New Providence are
partnering with Pinewood
Urban Renewal to conduct
reading camps, which
includes free books and
lunch.

Pinewood,” said Mr Wood-
side.
“T am thankful for the

various donations of
books.”
Minister Woodside

reflected on how many pro-
ductive and influential peo-
ple were produced from
Government High School’s
educational programme in
the past that offered gov-

ernment school students an
opportunity to obtain a pri-
vate school education.

“Reading is still the key
to unlock doors for the
future,” said Mr. Wood-
side.

“This fair is in keeping
with the goal to excite,
inspire, and prepare the
next generation of upstand-
ing citizens in Pinewood.”

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PAGE 12, THURSDAY, MARCH 17, 2011 THE TRIBUNE



LOCAL NEWS



Sheraiioi
Pactra

The new 700 room Sheraton Nassau Beach Resort, Nassau, The
Bahamas 1s looking for

Chef De Cuisine

Support and assist the Executive Chef. Oversee the day-to-day culinary operations of
the hotel’s “fine dining” room. Train and supervise staff and monitor food quality.

Essential Functions

* Select, train and supervise kitchen staff in the proper preparation of menu items, equipment
and safety measures.

* Evaluate performance, give guidance and discipline as necessary to promote quality products.

* Visually inspect, select and use only the freshest fruits, vegetables, meats, fish, fowl and other
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* Read and employ math skills for following recipes.

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* Observe production flow and make adjustments in order to adhere to control procedures for
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Skills & Abilities

* Must be able to speak, read, write and understand the primary language(s)
used in the workplace.

* Must be able to read and write to facilitate the communication process.

* Requires good communication skills, both verbal and written.

* Must possess basic computational ability.

* Must possess basic computer skills.

* Thorough knowledge of food products, standard recipes and proper
preparation.

» Ability to analyze, forecast data, and make judgments to ensure proper
payroll and production control.

* Ability to supervise large staff and accomplish goals on a timely basis.

* Ability to conduct meetings, menu briefings and maintain communication
lines between line staff and Director, Food & Beverage.

Qualifications & Experience

* High School or equivalent education required, Bachelor’s Degree preferred.

* Minimum of two years experience as a Sous Chef in a high-end, high quality
operation.

Qualified applicants are invited to visit our website or email resumes to:
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Note: All information will be held in strictest of confidence
Deadline for all applicants is April 8, 2011

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By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net

FREEPORT - Minister of
Works Neko Grant and engi-
neers from the China Harbour
Engineering Company visited
the Fishing Hole Road and
Smith’s Point on Wednesday,
with a view to resolving the
flooding and erosion in those
areas.

Mr Grant said that the
CHEC will examine the sites
and make recommendations to
the government of how best to
tackle these constant coastal-
related problems.

Fishing Hole Road is prone
to flooding from Hawksbill
Creek, especially during hurri-
canes and severe rainy weather.

The narrow causeway con-
nects West Grand Bahama and
Freeport and is travelled daily
by thousands of motorists.

The flooding situation has
been a sore one for residents
since 2002, and there have been
calls for a bridge to be built
there as a permanent solution.

Mr Grant and Alex Lee,
marketing officer of CHEC,
viewed the sites with officials at
the Ministry of Works.

At Smith’s Point, the beach
erosion has worsened over the
years and has caused great con-
cern among residents there.

The area is a popular Fish
Fry site for many visitors and
local residents on Grand

ee

Bahama.

Mr Clifford Edden, a local
government representative for
Smith’s Point, said a sea wall
is needed to prevent further
erosion in the area.

He noted that a lot of beach-
front properties have been lost
as a result of the erosion. He
stressed that the area is vul-
nerable, especially during hur-
ricanes.

“T am happy to see Minister
Grant here looking into it and
to help us get a seawall built
to protect the residents of
Smith’s Point.

“This is our number one
industry as we entertain a lot of
tourists and we would like to
get a sea wall built and clean up
the area,” he said.

Minister Grant said that the
Infrastructure Crusade imple-
mented by the government
seeks to better the lives of
Bahamians.

“We have received a num-
ber of complaints from resi-
dents of Smith’s Point about
continuous erosion of the
beach.

“T have come this morning
with Mr Lee from the China
Harbour Engineering Compa-
ny for them to have a look at
what we are challenged with
and make some recommenda-
tions on the way forward,” he
said.

Last Monday, the govern-
ment signed a Memorandum
of Understanding with CHEC

HARBOURSIDE (IARINE & YAMAHA
=a CETERA

|. Sl gusioio AMGLEe
4 es

that will involve projects in
Exuma and Abaco.

Minister Grant said a port,
bridge and bypass road will be
built in Abaco. In Exuma, a
port and bypass road will also
be built, he said.

He said an investigation and
evaluation will be conducted
at Fishing Hole Road to
address challenges similar to
those faced in Eleuthera.

“Every resident of Grand
Bahama would be aware of
challenges at Fishing Hole dur-
ing adverse weather conditions.
I did mention earlier that
CHEC will be submitting a
proposal to us to replace the
Glass Window Bridge in
Eleuthera,” he said.

Both the former PLP and
FNM governments had under-
taken studies of the Fishing
Hole Road after protests and
agitation by the civic organisa-
tion PUMP, but nothing had
been done to resolve the prob-
lem.

The FNM government was
looking at the possibility of
raising the road and installing
culverts underneath so that
water from Hawksbill Creek
could flow from the north to
south side.

In 2006, the PLP had con-
tracted a consulting firm W F
Baird and Associate Coastal
Engineers to undertake a
study, physical modeling and
design for solution at Fishing
Hole and Queen’s Cove.

Harbourside Marine

on

East Bay Street
is having a
storewide sale,

all items

discounted 20%.

Saturday March 19"
sam — Spm

“Stop on by and take advantage of
our best prices EVER.”


THE TRIBUNE

THURSDAY, MARCH 17, 2011, PAGE 13



LOCAL NEWS



PM: Early election if
BTC sale not passed

FROM page one

With 24 FNM MPs in the
House to the PLP’s 17, if
Mr McCartney votes
against the bill three more
FNMs would need to break
ranks along with him for
the government to lose the
vote.

Yesterday, Prime Minis-
ter Ingraham took the
opportunity to reiterate the
importance of this vote dur-
ing his tour of the new Min-
istry of Finance offices on
East Street, stressing that
his party cither has the
votes to carry it through or
not.

“If I do not, I will have
an election, because it is a
vote of no confidence in the
government. It is our policy.
I either have the votes or I
don’t. If they vote against
it then there will be an elec-
tion, and I have no concerns
about it,” he said.

Mr Ingraham explained
that in his party’s Manifesto
of 2007, the FNM listed the
privatization of BTC as one
of its election commitments.
With every FNM Member
of Parliament having run
and won on this Manifesto,
Mr Ingraham said that they
have likewise adopted and
committed themselves to
that policy.

“Those who won, they
won based on the policies
in our Manifesto. We,
therefore, expect that when
it is time to vote on it, all
FNM MPs will vote for it. If
FNM MPs wish to not vote
for it, and wish to repudi-
ate that, then we will say
that we have said to the
public of the Bahamas that
we will do something that

we are unable to do and we
will return to you, the pub-
lic of the Bahamas, the
power which you gave us so
that you can decide who
should govern you.
“Because if you have a
party that commits in its
Manifesto that it is going to
do something and then it is
unable to do so because of
the persons it selects, then
you have a right to have a
say in the matter. But not
by a referendum, it will be
by an election,” he said.
The sale of BTC’s major-
ity shares to Cable and
Wireless has been a bone
of contention for the gov-
ernment for months.
Demonstrations and
protests have erupted, with

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some in both the political
arena and out calling for the
government to “rethink” its
position on this matter. The
Opposition PLP has been
accused by the government
of hiring criminals to par-
ticipate in a demonstration
in Rawson Square against
the sale — a claim the PLP
vehemently denies.

The debate on the sale of
BTC is set to begin in the
House of Assembly on
Monday, March 21, at
10am.

BTC SALE:
Prime Minister
Hubert Ingraham

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Director of Rooms



Responsible for short and long term planning and day-to-day operations of the rooms and
related areas. Recommend budget and manage expenses within approved budget constraints.
Major areas of responsibility/management include: Front Office, Guest Services, Housekeeping,
Security, Gift Shop and Health Club. May have responsibility for Recreation and Tennis.
Participate in total hotel management as a member of the hotel Executive Committee.

Essential Functions

* Manage the human resources in the rooms division in order to attract, retain and
motivate the employees. Hire, train, develop, empower, coach and counsel, conduct
performance and salary reviews, resolve problems, provide open communication
vehicles, discipline and terminate, as appropriate. Oversee departmental matters as
they relate to collective bargaining agreements and the labour laws.

* Develop, recommend, implement and manage the rooms division’s annual budget,
business/marketing plan, forecasts and objectives to meet/exceed management
expectations.

* Implement company programs and manage the operations of the division in a
manner consistent with federal, state and local laws and regulations and Starwood
policies and procedures to ensure a high level of quality and customer satisfaction.

* Resolve customer complaints as appropriate to maintain a high level of customer
satisfaction and quality.

* Implement emergency organization procedures and training through the management
of the Security staff to ensure appropriate protection for hotel guests, staff and
company assets.

Skills & Abilities

* Must be able to speak, read, write and understand the primary language(s) used in
the workplace.

* Must be able to read and write to facilitate the communication process.

* Requires good communication skills, both verbal and written.

* Must possess basic computational ability.

* Most tasks are performed in a team environment with the employee acting as a team
leader. There is minimal direct supervision.

* Must possess supervisory and management skills to communicate and express ideas
and directives clearly to employees.

* Knowledge of computer accounting programs, math skills as well as budgetary
analysis capabilities required.

* Advanced knowledge of the principles and practices within the rooms discipline and
hospitality profession, including experiential knowledge for management of people
and complex problems.

* Ability to study, analyze and interpret complex activities and/or information in order
to improve new practices or develop new approaches.

* Ability to make decisions with only general policies and procedures available for
guidance.

* Must be able to negotiate, convince, sell and influence professionals and/or hotel

guests.

Qualifications & Experience

¢ High School or equivalent education required, Bachelor’s Degree preferred.

* Four to six years experience in Front Office/Housekeeping/Guest Services, including
at least four years supervisory experience, required.

Qualified applicants are invited to visit our website or email resumes at:
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THE INSURANCE COMMISSION
OF THE BAHAMAS

EMPLOYMENT OPPORTUNITY
PERINTENDENT OF INSURANCE

Applicants are invited from suitably qualified persons for the post of
superintendent, Insurance Commission of The Bahamas (ICB).

The ICB is the primary regulator of both the domestic and external
insurance industries and as such is responsible and accountable for
planning, organizing and administering the Insurance Act and the External
Insurance Act (Insurance Act").

The Superintendent of Insurance (“the Superintendent”) is the Chief
Executive Officer of the office of the Commission and has charge of the
day to day management and operation of the office.

The Superintendent reports to the Board of Commissioners, and is
responsible to the Board for implementing the mandate of the Commission.

Principal Accountabilities of the Commission are:

1. Plans, organizes and directs all regulatory oversight relating to the
administration of the Insurance Laws and the Regulations associated
therewith.

Directs a risk based eee ed of continuous supervision of all licensed
insurers to ensure that the institutions are conducting business ina

sound and prudent manner.

Ensures that insurance companies and insurance intermediaries are
licensed and registered in accordance with the provisions of the Law.

Directs the undertaking of early intervention action approved by the
Board of the Commission, in response to instances of imprudent
behaviour of non-compliance with statutes by licensees and registrants.

Manages and develops the supervisory agency in accordance with
international best practices.

6. Maintains a strong working relationship with the industry and other
financial services stakeholders.

Special Knowledge and Skills

Sound financial, accounting and analytical skills.

Excellent understanding of the risks inherent to the undertaking of
the business of insurance.

Excellent understanding of supervisory processes and responsibilities.
Excellent understanding of the Insurance Law and related statutes,
and the Regulations adopted pursuant to these acts.

Strong ability to solve problems and conclude issues in a practical
manner.

Strong oral and written communication skills.

Ability to deal effactively with contentious Issues and differing opinions.
. Ability to lead, motivate and develop staff to their highest potential.

Education

ano © +o fh

Position requires a university degree preferably at the graduate level in
Insurance, law, economics, business administration, accounting, actuarial
science or a professional designation that is equivalent.

Experience

Position requires a minimum of ten years expernence in the financial
services industry and at least 5 years supervisory experience, or a suitable
combination of business and financial institutions.

Remuneration Package

* Competitive compensation terms are being offered.
Interested persons should submit thelr resumes no later than 29th March,
2011 to:

Insurance Commission of The Bahamas
PO. Box N4abd4
3rd Floor Charlotte House
a & Shirley Streets
r

Email: info@icb.gov.bs
PAGE 14, THURSDAY, MARCH 17, 2011

PLP ‘not organising BIC demonstration’

FROM page one

the upper echelons of the
official opposition, they
added.

Workers’ Party Leader
Rodney Moncur has called
on PLP leader Perry Christie
to rally 6,000 supporters for a
planned protest against gov-
ernment's $210 million sale
of BTC to Cable & Wireless



Communications.

"Mr Moncur was pontifi-
cating, the PLP marches to
its own drum," said PLP
Chairman Bradley Roberts
when contacted for com-
ment yesterday.

He added that if party sup-

porters do turn up at the
protest it will not be at the
behest of the PLP.

"IT know a number of PLPs
have expressed the view that
they are gong to march but
this is not a PLP matter, but
a national matter. Even

m2) Sd What HR’s CEOs Want”
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is seeking candidates for the position of

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Responsibilities of the function include but are not limited to:

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though they may be PLP
they are standing up for
what they believe in. PLPs
as Bahamians will be on the
march to demonstrate their
(distaste) of this stink deal,"
said Deputy Leader and Cat
Island MP Philip “Brave”

Davis.

He also lashed out at com-
ments from Labour Minis-
ter Senator Dion Foulkes
who accused PLP "opera-
tives" of paying people to
protest in a rowdy demon-
stration against BTC’s sale

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THE TRIBUNE

outside of Parliament last
month.

"T think Dion Foulkes and
the FNM are clearly under-
estimating the depth of the
feelings of the Bahamian
people on this issue and he
ought not to insult Bahami-
ans who are expressing a dif-
ferent view than they have
by suggesting that they are
mere mercenaries,” said Mr
Davis.

He said he is not aware of
any party officials or mem-
bers paying persons to
protest, but added that he
cannot control what is done
under the name of the PLP.

"It's very difficult to con-
trol what others may do and
what others may do in any
party's name. I do not know
that anyone was paid.

"(Mr Foulkes' comments)
are speculative. Are they
saying that everyone out
there was paid or some were
paid? All that aside you still
have to answer the question
that it cannot be denied that
there is a dissenting voice
about the sale because it
stinks.”

Mr Foulkes has also
claimed the PLP does not
want to admit they organ-
ised the demonstration
because it was a "flop" with
only around 500 attending.

Mr Davis said the number
of protesters does not dimin-
ish their rights to express dis-
sent from government poli-
cies.

"Is he suggesting that a
minority must not have a say
and express their views by
lawful means?"

Members of the House of
Assembly will begin debat-
ing the controversial trans-
action when the lower cham-
ber meets next Monday.
Critics of the sale, led by the
two unions representing
BTC workers, are expected
to protest the sale.

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THE TRIBUNE





FROM page one

place that will accommodate
all of us?”

Firefighters worked late
into the night to extinguish
the blaze, which consumed
four wooden homes and par-
tially damaged another in the
residential community off
Carmichael Road on Tues-
day. One large wooden struc-
ture was said to have housed
up to six families in separate
sections.

Some 45 persons were dis-
placed, including 16 children,
all of whom were said to have
been related.

Flora Bell Lewis, 53-year-
old family matriarch, said:
“For some it was the only
home they had ever known.
We own the land, we will

rebuild, but it is difficult.
Everything we worked so
hard for was destroyed.”

The fire was the fourth
bush blaze affecting New
Providence in less than a
week. Firefighters tackled
two simultaneous bush fires
at Soldier Road and Minnie
Street on Monday afternoon.
On Saturday, fire services
were said to be monitoring a
large bush fire near the
Industrial Park and Garden
Hills area.

Ms Lewis said: “The fire
just spread and spread, we
lost everything. We don’t
have anything but the clothes
on our backs. I can’t eat, ’m
so upset. I haven’t eaten since
the fire — a lot of us haven’t
eaten since the fire — there’s
just a pain in my chest.”

THURSDAY, MARCH 17, 2011, PAGE 15

LOCAL NEWS

Struggle of displaced fire victims

Various government and
non-governmental agencies
were present yesterday in
what was described as a
“multi-sectorial team
approach” to assess the needs
of individuals and provide
care. Some include the
departments of Social Ser-
vices and Public Health, the
Red Cross, Great Commis-
sion Ministries and also rep-
resentatives from the Nation-
al Emergency Management
Agency.

Ms Lewis said: “The entire
thing burned in less than two
hours, all our belongings just
burned to the ground. That
really hurt, we was just stand-
ing there watching.”

Persons wishing to contact
the family can do so at 467-
3384.

GOVT ‘CONSIDERS ELIMINATING ST ANNE'S
CONSTITUENCY, MAKING YAMACRAW LARGER’

ernment will have to take into account the

aed

The following persons are asked to contact
STOR-IT-ALL OF NASSAU, LIMITED

FROM page one

“This will obviously be a stronger FNM seat,
with Yamacraw now including all of St Anne’s.
We feel it will be an easier seat to win, and if
needs be we can still make two seats in
MICAL to keep the 41 seat number,” he said.

This proposal to split MICAL into two seats,
one including Inagua and Mayaguana, and the
other including Acklins and Crooked Island
has been tossed around by the government
before.

The Opposition’s MP for the area, V Alfred
Gray said that he is not concerned about what-
ever plans the government has for his area as
he will run for whichever constituency includes
Acklins and win it by a landslide.

“T can't control the Bahamas, but I can def-
initely say that in my constituency even Hubert
Ingraham can’t beat me,” Mr Gray said.

One of the major reasons behind any
changes in boundaries remains the shift in
population, with persons moving from one
area into the next. In the case of Family
Islands, Prime Minister Ingraham said the gov-

sparseness of the population and the need for
there to be representation.

During his tour of the new Treasury building
on East Street yesterday, Mr Ingraham
reminded the populace that the Constitution
mandates that there be a review of bound-
aries at least once every five years.

“We will cause a review to be undertaken
as the Constitution requires and the extent to
which there is need for there to be adjust-
ments in boundaries because people have
moved from one area to the next and there
are more people living here than live there,
ete.

“So as to ensure that there is relative equity
and equality in terms of the number of voters
in constituencies in a place like New Provi-
dence and/or Grand Bahama we will cause
that to be done. In the case of Family Islands
we will take account of the sparseness of the
population and the need for there to be rep-
resentation. And so the number of people who
live in a constituency or Family Island will not
be equal to a number given in say Nassau,” he
said.

in connection with items left in storage:

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PAGE 16, THURSDAY, MARCH 17, 2011

THE TRIBUNE



Minister Vanderpool-Wallace

participates in tourism summit

BRUSSELS, Belgium
March 14 — Minister of
Tourism & Aviation Vin-
cent Vanderpool-Wallace

joined a delegation of
Caribbean tourism minis-
ters this week to advance
the first Caribbean tourism

summit in Brussels.
Caribbean tourism lead-

ers and European Union

(EU) officials ended the

SS

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first Caribbean tourism
summit in the European
capital with a greater
understanding of each oth-
ers concerns regarding the
tourism sector.

The delegation of
regional tourism leaders —
led by the chairman of the
Caribbean Tourism Organ-
isation (CTO) Ricky Sker-
ritt, and including tourism
ministers from five other
Caribbean countries, came
to the heart of Europe’s
decision-making machin-
ery to stress the impor-
tance of a policy agenda
towards tourism.

Subjects

At meetings held at the
European parliament and
the African, Caribbean
and Pacific (ACP) group-
ing headquarters, the two
sides discussed key sub-
jects including ways to
bridge the gap between
policy intentions and prac-
tice; sources of funding for
tourism development;
tourism, aviation and tax-
ation; tourism, education
and social development;
tourism and climate
change; and how the
tourism sector can benefit
from the Economic Part-
nership Agreement (EPA)
between the Caribbean
and Europe.

At the end of the session
the CTO Chairman said
there were six key conclu-
sions from the talks:

¢ Tourism is a significant
sector for both the EU and
the Caribbean and both
regions have much to do
to advance the policy dis-

cussion to ensure that
tourism is given the atten-
tion and support that it
deserves;

¢ There are various
types of funding available
in the EU and the EPA to
support tourism-related
initiatives and there is a
need to establish modali-
ties to work together to
ensure that such funding is
channeled towards priority
areas, including tourism —
and that Caribbean public
and private sectors must
reach consensus on the pri-
ority areas;

¢ Aviation taxation and
Emission Trading Schemes
are real threats to
Caribbean tourism;

¢ Tourism is a major dri-
ver of economic and social
development in the
Caribbean and any nega-
tive impact on tourism will
have far reaching conse-
quences across the range
of services that might be
wholly unrelated to the
sector but that rely in part
on government funding
through income from
tourism;

¢ While the Caribbean
has not been a significant
contributor to greenhouse
gas emissions it will suffer
significantly from the
impact of climate change,
but the Caribbean can be a
world leader in conserva-
tion and climate change
initiatives.

¢ The Caribbean heard
that the EPA contains spe-
cific commitments to the
sustainable development
of tourism. It seems that
both CARIFORUM and
the EU have some distance

wT

Yesterday's Question

Which of the Bahamian political



DELEGATION:
Vincent Vanderpool-Wallace

to go before these provi-
sions can be finalised, but
the hope is that this forum
will have prompted a clos-
er, more effective partner-
ship that will achieve the
goal of sustainable devel-
opment of a thriving
tourism economy.

In addition to Chairman
Skerritt and Minister Van-
derpool-Wallace, the
Caribbean delegation
included, Manuel Heredia
of Belize, Ed Bartlett of
Jamaica, as well as the Sec-
retary of Tourism for
Tobago, Oswald Williams,
the junior Minister of
Tourism from Trinidad
and Tobago, Dr. Delmon
Baker, the CARICOM
Secretary General (Ag)
Ambassador Lolita Apple-
white, the CTO Secretary
General Hugh Riley, the
President of the Caribbean
Hotel Association Josef
Forstmayr, the CEO of the
CHTA Alec Sanguinetti,
Directors of Tourism and
Caribbean ambassadors
based in Brussels.

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THE TRIBUNE

THURSDAY, MARCH 17, 2011, PAGE 17



ROBIN HOOD OWNER ‘SHOCKED’ BY PRIME MINISTER’S COMMENTS

FROM page one

a good person for the
Bahamas."

The remark came while Mr
Ingraham was responding to
the complaints of Prince
Charles business owners in
general, saying that while the
government understands their
concerns and has pledged to
keep the inconvenience to a
minimum, the road work is
necessary.

“These works were planned
in 1999, the loan to undertake
the works was also obtained
then. The need for the works
are more urgent than it was
in 1999, it is a job that must be
done,” Mr Ingraham said.

He said once the project is
done, a new 24 inch water
main — the largest on the
island — will stretch from Sir
Lynden Pindling Internation-
al Airport, where a reverse
osmosis plant is located, to
Prince Charles Drive, elimi-
nating long-standing water
pressure and quality prob-
lems.

The prime minister also
noted that earlier road work
between East Street and Sol-
dier Road along Robinson
Road and Prince Charles Dri-
ve has been virtually com-
pleted, and that while there
were also complaints from

business owners in this area,
the opposition was nowhere
near as strong it has become
east of Soldier Road.

When contacted for com-
ment on Mr Ingraham’s state-
ment, Mr Schaefer said: “I
have the utmost respect for
the prime minister and as a
permanent resident of the
country I enjoy nearly all the
same rights as a Bahamian cit-
izen. When I or my company
is having difficulties I turn to
the highest authority, the gov-
ernment and prime minister.

“T am profoundly saddened

by what can only be charac-
terised as a personal attack on
myself and my family and
would prefer to assume that
in the heat of the moment Mr
Ingraham simply misspoke,”
said Mr Schaefer.

With regard to the road
work, Mr Schaefer pointed
out that he is the employer of
250 Bahamians and feels he
is obligated to speak out on
their behalf about the “injus-
tices that have occurred in
terms of consideration for all
of those Bahamian businesses
that are being negatively

impacted by the government’s
decision not to consider the
consequences of their actions.

“There are always alterna-
tives and other options.”

Mr Schaefer said regardless
of skin colour or nationality,
he is a business owner and
expects to be protected by the
government.

He added that he has “all
the respect in the world” for
Mr Ingraham and is certain
that if he had a chance to
review the facts he would
have never made that state-
ment.

UNIONS GRANTED LEAVE T0 APPEAL JUDGE'S BIC DECISION

FROM page one

ing a number of issues. An appeal hearing in
the Court of Appeal is set for Monday, March
21 — the same day as the House of Assembly
debate on the BTC sale.

The unions contend that the government
does not have the legal right to sell BTC.

Justice Neville Adderley in a ruling on the
matter last month stated, "This case appears to
be one of those actions that was totally mis-
conceived. The unions as plaintiffs were not a
good fit and even the sagacity, innovation and
commendable industry of counsel for the plain-
tiffs was not able to save it." He further stated,

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THE TRIBUNE

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THURSDAY,

Customs: ‘Abuse

consultant
spend ‘not
hecessary’

* ‘Drastic change’ needed

to stop Corporation's
deterioration

* Internal auditor ‘often
ignored’ by management
By NEIL HARTNELL

Tribune Business Editor :
: its ‘unauthorised’ transfer
: from the Bahamian to Pana-
? manian shipping registry -
i violated the credit terms.

The Bahamas Electricity
Corporation (BEC) is
unlikely to need the num-
ber of external consultants,
upon whom it spent $10
million during its 2008
financial year, it currently
hires, with “drastic
change” needed to prevent
already low employee
accountability from “dete-
riorating further”.

A report by the German
firm, Fichtner, part of an
Inter-American Develop-
ment Bank (IDB) funded
project to overhaul the
energy sector in the
Bahamas, warned that the
lack of rules and policies
for BEC employees to fol-

low, coupled with the mini-

mal risk of punishment for
indiscipline and other
infractions, was undermin-
ing the state-owned power
monopoly.

Noting the constant inter- :
vention in BEC’s internal |
affairs by the responsible :
minister :
through the Board chair- }
man, the Fichtner report }
said the Corporation was :
suffering from “a fuzzy man- :
agement framework” due to }
the absence of rules and reg- }
ulations setting out the rela- :

government

SEE page 10B
























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

iil

Tne PCa

i vices
? Nashville-based financier,
? has intervened in the action
i brought against Nassau-
: based Dean’s Shipping
? Company and its vessel, the
: M/V Legend II, by the Palm
i Beach Steamship Agency
: over an alleged $106,320
: debt.

Shipping firm hit by
$2.67m loan demand

By NEIL HARTNELL
on employee accountability :

Tribune Business Editor

A Bahamian shipping

i company’s woes have multi-
? plied as a US-based lender
? has sued it for breach of a
: $2.669 million loan agree-
i ment, claiming the seizure
? of the vessel on which its

financing was secured - and

Caterpillar Financial Ser-
Corporation, a

Alleging that it should be

the preferred creditor, in the
? action filed in the south

Florida district courts in ear-
ly March, Caterpillar said it
wanted the US court to
award it a “preferred mort-
gage lien” over the M/V
Legend H, which has been
seized and placed under
arrest in the care of the US
National Maritime Services,
due to the alleged sum owed
to the Palm Beach
Steamship Agency.

It is also demanding that
the vessel be sold to satisfy
the mortgage it holds over
it, with judgment entered
against both Dean’s Ship-
ping Company and its prin-
cipal, Ernest Dean, who
allegedly acted as a guaran-
tor for the loan.

Calls to Dean’s Shipping
Company seeking comment
were not returned, but in its
lawsuit Caterpillar alleged
that the company, which is
based in Columbus House
on East Bay and Williams
Streets, signed the $2.669

BANK’ S STOCK “TRADING
BELOW BOOK VALUE’



; PAUL MCWEENEY
. By NEIL HARTNELL

i Tribune Business Editor

Bank of the Bahamas Inter-

i national’s shares are trading
? below the institution’s book
? value, its managing director
: said yesterday, explaining that
? it had become the fifth public
? company to launch a share
: buy back plan in a bid to
? counter an
? market” and inadequate pric-
: ing structure.

“immature stock

Paul McWeeney told Tri-

? bune Business that the initia-
: tive, which starts today and
i will see the bank repurchase
? up to 100,000 of its common
} shares over a six-month peri-
? od, was intended to both sup-
? port its share price and pro-

SEE page 9B

BALMORA

* Bank of Bahamas unveils
six-month, 100,000 share buy
back to combat ‘immature stock
market’

* 04% of 4,000 shareholders
hold less than 2,000 shares, and
move aims to create

liquidity and ‘soak up’ small sales

* Bank ‘absolutely’ undervalued,
as chief bemoans ‘inappropriate’
price mechanism that does not
reflect true value

* Calls for primary dealers and
rating agencies

million loan agreement on
September 18, 2006.

The loan was allegedly
secured by a mortgage over
the M/V Legend II and “col-
lateral deeds of covenant”
in favour of Caterpillar,
which further claimed the
debt was recorded with the
Bahamas Maritime Author-
ity (BMA) the same day. Mr
Dean was alleged to have
acted as guarantor, and
monthly repayments were
obligated.

“The shipowner and guar-
antor defaulted on the loan
agreement, note, mortgage
amendment and/or guaranty
on several grounds, includ-
ing, without limitation, the
arrest of the vessel on or
about February 15, 2011;
allowing a lien to exist on
the vessel; changing the ves-
sel’s registry from the

SEE page 5B



6G

We're still in

the business

3 of lending mon-
: ey.”

TANYA MCCARTNEY

Opportunities
are increasing’

Seeking to throw out Kelly’s (Freeport)

Judicial Review challenge on bonded
goods report demand over technicality

By NEIL HARTNELL
Tribune Business Editor

The Government and Customs Department are seeking to
have Judicial Review proceedings brought by a leading
Freeport retailer/wholesaler over the latter’s demand for
monthly ‘bonded goods sales reports’ struck out on a tech-
nicality, alleging that the situation has created “an increased
opportunity for potential abuse” and duty evasion.

The Attorney General’s Office, which is representing
Customs and the Government, is attempting to have the
action brought by Kelly’s (Freeport) thrown out on the
grounds that its attorneys, Callender’s & Co, failed to file the
orginating Notice of Motion within the 14-day time period
granted by the Supreme Court once it gave the company

leave to file its action.

Until the Judicial Review action was determined, the
Attorney General’s Office had given an undertaking that
Customs would not detain, refuse to process goods or take
any form of enforcement action against Kelly’s (Freeport)

SEE page 4B



FINCO NET LOSS QUADRUPLES AS
NON-PERFORM LOANS HIT 12-13%

By NEIL HARTNELL

Tribune Business Editor

Finance Corporation of the
Bahamas (FINCO) saw
“about a one to two percent-
age point increase” in its non-
performing loan portfolio dur-
ing the 2011 first quarter, its
managing director said yes-
terday, as the bad economy
combined with the seasonal
spike in bad credit to produce
a 35 per cent provisioning rise
that quadrupled net losses to
$1.813 million.

Speaking to Tribune Busi-

SEE page 6B

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lender’s slump further into
red during Q1

* Loans more than 90 days
past due grow by ‘one or
two percentage points’
during period, as net loss
widens to $1.8m

* Managing director
blames bad economy for
‘magnifying’ seasonal
post-Christmas spike in
credit arrears

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Do you have, or are likely to have, 5 BGCSE passes, including Math,
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Have you obtained ,or do you expect to achieve, a combined SAT score
of atleast 15007

Are you physically fit?
Are you between the ages of 16 and 20 years?
Hl you have answered “yes lo the questions above [hen read on.

The Bahamas Maritime Authority offers another attractive scholarship
to young academically sound Bahamians who are keen to train for an
exciting and challenging career in the Maritime Industry which is gaining
increasing national importance.

This scholarship is inclusive oftuition, fees, course material, accommodation
and transportation costs. Commencing in September 2011, the successtul
candidate will follow a 4 year degree programme at the State University of
New York (SUNY). Upon completion of the degree, the qualified officers
will be expected to serve on board a Bahamian flagged vessel for al least
2 years providing the solid foundation upon which to build his/her Maritime
career.

information and
application forms can be
obtained from Mr. Arthur
Barnett Jr Deputy Direcior,
Bahamas Maritime Authority,
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abamettjrat bahamasmaritiona.cam

tel: 356 5772, fax: 356 5889.

Further

Completed applications must
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certificatestranscripts and
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March, 2011. Interviews will
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week in May.



he world of

design can

sometimes be

an intriguing
one. Not only do you spend
most of your time ponder-
ing and tweaking minute
details most people find
insignificant, and most like-
ly won't even notice, you
also get lured into develop-
ing habits such as font-spot-
ting or source-code
analysing.

Code and technical know-
how, as well as combining
colour, symmetry and bal-
ance in using cutting edge
software, are some essen-
tials to becoming a great
web developer or graphic
designer.

But does this qualify you
for geek of the year?

The ability to communi-
cate while helping the view-
er navigate the website is the
end goal of every developer,
whether they are male or
female. Gender is not a fac-
tor at all.

While I appreciate and
embrace my feminine sus-
ceptibility to the design
world, being a woman in a
male environment is intrigu-
ing and extremely fascinat-
ing.
Most people don't know
what to think if ever called a
graphic or developer geek.
They might either embrace
it like Gallery of the Absur-
d's 14, who proudly says: "I
am a major geek and I wear
it as a badge of honour", or
mask it. Most of us, per-
haps, have some variationy
of a geck-hood streak one

PAGE 2B, THURSDAY, MARCH 17, 2011

Graphic signs of
design addiction

THE TRIBUNE



THE ART OF

GRAPHIX

DEIDRE M.BASTIAN




way or the other. Be it a mac
geek, PC geek, video gamer
geck, photography geck,
movie geek or the Dun-
geons and Dragons geek. It
is hidden somewhere. Do
you think you fit into the
traditional geck hierarchy?
Believe it or not, you know
you're a geek Graphic
Designer or Developer
when..........

* You have bags under
your eyes so big you'd have
to check them in at the Air-
port

* You watch the Super
Bowl just for the commer-
cials, of course

* You've used typography
as a texture.

* You don’t have a
favourite font, because
choosing a favourite font
would be like choosing a
favorite child

* You'd rather have a free
font than a free gallon of
gas.

* You feel like you’re ‘On
Call’ half of the time
because clients procrastinate
so much.



* You know keyboard
shortcuts that require four
fingers.

* You can spot bad typog-
raphy from 100 yards away

* You can name more
than 200 fonts in under five
minutes

* You are completely
immune to subliminal adver-
tising

* You look upon a well-
designed project with either:
Sympathy or extreme jeal-
ousy

* Your hand is perma-
nently stuck in the shape of
a mouse

* You practically take caf-
feine intravenously

* You have an apprecia-
tion for everything unique

* You've been spending
three days non-stop on a
project and it still looks like
crap.

* You buy a CD or DVD
for the artwork, even if you
have no idea what the actu-
al music or film is like

* You look at the clock
and it’s about midnight, and
you think: ‘I'll go to bed
now’... But you actually go
to bed about 2-3am

* You need someone else

SEE page 14B

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THE TRIBUNE

THURSDAY, MARCH 17, 2011, PAGE 3B



Govt now urged to separate realtor regulation

By NEIL HARTNELL
Tribune Business Editor

A former Bahamas Real Estate
Association (BREA) president yes-
terday urged the Government to
amend the profession’s governing
legislation to separate its self-regu-
latory and professional functions,
arguing that it was a potential “con-
flict of interest” for the Association
and Real Estate Board to effective-
ly be one and the same.

Pat Strachan, of Pat Strachan
Realty, said the Real Estate Bro-
kers and Salesman Act (1995) need-
ed to be amended, arguing that in all
other jurisdictions the Real Estate

Bank increases its
quarterly d

Commonwealth Bank’s
Board has approved an
increase in the ordinary
share quarterly dividend
from $0.05 to $0.06 per
share, effective March 2011.
This increase is the first in
the quarterly dividend since
the global economic crisis in
2008. The dividend payment
will be payable on March 31
to shareholders of record as
of March 21.

In January, the bank
revealed it had achieved sol-
id earnings, with net income
for 2010 of $53.8 million, up
from the $42.3 million
reported for 2009. Total
assets expanded marginally
in 2010 to exceed $1.4 bil-
lion, a new record.

“We are extremely
pleased with the bank’s
financial performance over
the past year. Common-
wealth Bank remains
focused on delivering out-
standing services and return
on investments to our cus-
tomers and shareholders,”

Board, which acted as the regula-
tor, was separate from the member-
ship organisation.

Pointing to Florida, Mr Strachan
said the body responsible for regu-
lating the profession was appointed
by the state government, while asso-
ciation officers were elected by the
membership.

“In the state of Florida, the
department of Professional Regu-
lation, a government entity, is
responsible for appointing officers to
that board.

“However, for an association in
the state of Florida, for example,
Fort Lauderdale, members in Fort
Lauderdale are responsible for elect-



ividend

‘EXTREMELY PLEASED’: William B. Sands Jr.

ing its officers in the Fort Laud-
erdale Association,” Mr Strachan
said.

“The proper process is for the
Government of the Bahamas to
appoint officers to the Real Estate
Board, and BREA members elect
their officers. As it presently exists,
the chairman of the Real Estate
Board and the president of the
Bahamas Real Estate Association
is one and the same. And therein
lies the conflict.”

Mr Strachan also argued that
BREA should not be forcing real
estate appraisers to take out Pro-
fessional Indemnity Insurance, argu-
ing that there was nothing in statute

said William B Sands, Jr,
executive chairman.

“This dividend increase
reflects, to date, the bank’s
strong financial position,
which was attained as a
result of conservative credit

Power firm
Chief resigns

risk management techniques
and practices; strong
expense management prac-
tices; and the bank’s overall
business model, which focus-
es on addressing all Bahami-
an personal banking needs.”

In addition to the
increase in quarterly divi-
dends, in February, Com-
monwealth Bank paid the
largest extraordinary divi-

dend in the Bank’s history
of $0.06 per share.
Commonwealth Bank is
the largest Bahamian bank
and the largest Bahamian-
owned company listed on
BISX. The bank is a market
leader in service and conve-
nience, operating 11 branch-
es in New Providence, Aba-
co and Grand Bahama and
employs over 500 staff.

Share your news

The Tribune wants to hear
from people who are

US AMABASSADOR,
NICOLE AVANT

or its own powers to mandate this.
Adding that the Multiple Listing
Service (MLS) should not be owned
and run by BREA, especially given
the alleged conflict with its regula-
tory functions that he cited, Mr Stra-
chan said that in all other jurisdic-
tions such facilities were privately
owned and operated.

He also expressed concern about
publishing in January of every year
the names of realtors who had yet to
pay their licence fees, pointing out
that they had until June to do so.
This, Mr Strachan said, attached an
unfair stigma to those realtors who
were not Gazzetted as having paid in
January.



“The proper
process is for
the Government
of the Bahamas
to appoint offi-
cers to the Real
Estate Board,
and BREA mem-
bers elect their
officers....”



Pat Strachan

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RAY ROBINSON

Grand Bahama Power
Company (GBPC) has
announced that R. Alan
Kelley resigned from his
post as the company’s chief
executive with effect from
yesterday to pursue other
opportunities in the US.

Mr Kelley joined the
utility monopoly in
December 2009, and led
the company under the
direction of former majori-
ty owner Marubeni/Taqa.

Emera executive Ray
Robinson will continue to
lead Grand Bahama Power
Company in his role as
executive chairman, and
will begin the process to
recruit a new chief execu-
tive immediately.

“We thank Mr Kelley for
the contributions he has
made to the business over
the last 15 months,” said
Mr Robinson. “I look for-
ward to working more
closely with the Grand
Bahama Power Company
team to revitalise the utili-
ty for the benefit of the cit-
izens of Grand Bahama
and the Bahamas.”

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The unique history, culture, and economic needs of The Bahamas require
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COLLEGE CONNECTIONS THE SPEAKER SERIES
PAGE 4B, THURSDAY, MARCH 17, 2011

THE TRIBUNE





FROM page 1B

and other Grand Bahama
Port Authority (GBPA)
licencees if they failed to pro-
vide a monthly bonded goods
sales report.

However, in a March 9,
2011, affidavit accompanying
the Government’s strike-out
applications, Assistant Comp-
troller of Customs, Lincoln
Strachan, alleged that the

Customs: ‘Abuse opportunities are increasing’

undertaking’s terms had “cre-
ated some confusion and con-
troversy”.

He claimed that Kelly’s
(Freeport) and a “minority”
of other GBPA licencees had
“misconstrued” the under-
taking “as a ‘blanket licence’

to, or as authorisation, to
refuse to comply with the law-
ful obligations under the pro-
visions of the 2009 Customs
Regulation - to provide bond-
ed sales reports”.

Customs, Mr Strachan
alleged, felt the undertaking

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SCHOLARSHIP & EDUCATIONAL LOAN DIVISION

IMPORTANT NOTICE

Application Forms are now available for the 2011

Scholarship cycle.

Please ensure that properly

completed application forms are received by
the Scholarship & Educational Loan Division,
Shirley Street, BEFORE the indicated deadline
dates listed below:

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MAY 31, 2011

APPLICATION FORMS RECEIVED AFTER

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MINISTRY OF EDUCATION

SHIRLEY STREET

FOR APPLICATION FORMS AND/OR ADDITIONAL INFORMATION.

APPLICATION FORMS ARE ALSO AVAILABLE AT
www.bahamaseducation.com



was designed merely to ease
Kelly’s Freeport) concerns
that enforcement actions
would delay the release of its
imported goods, and “to
avoid any further misunder-
standing as to the alleged
‘refusal’ (of Customs) to
accept returns for duty-paid
sales predicated solely on the
basis of non-receipt of the
duty exempt bonded sales
reports”.

“As far as I am aware, the
undertaking was agreed in the
context of the impending
Christmas season, other eco-
nomic considerations and on
the understanding that the
matter would be disposed of
promptly,” Mr Strachan
alleged.

“It was never [Customs]
intention or understanding
that there was an agreement
to obviate, endorse, encour-
age, induce or otherwise
become complicit in the
breach of any existing statu-
tory obligation imposed on
[Kelly’s] and/or other
licencees under the Customs
Management Act, and in par-
ticular the lawful require-
ments of the 2009 Customs
Regulation or any other law
of the Commonwealth of the
Bahamas.

“That as a result of the con-
tinued non-compliance with
the regulation, there has been
an increased opportunity for
potential abuse of the sale of
bonded goods arrangement,
which has been further exac-
erbated by the delay in
advancing this matter. That
in the premise, the undertak-
ing ought to be discharged.”

However, in opposition to
the Government and Cus-
toms’ move, Anthea Parris-
Whittaker, a Callenders & Co
attorney, said it would be
“unjust” to throw out Kelly’s
(Freeport’s) case given that it
had been granted leave to file
for Judicial Review. The fail-



“The determina-
tion of this issue
will apply to hun-
dreds of other
licencees.”



Anthea Parris-Whittaker

ure to file the Originating
Notice of Motion had only
just been realised, and she
alleged that Customs would
suffer “no prejudice”.

Ms Parris-Whittaker said:
“This matter is of general
public importance to the
Freeport economy and how
Customs, licencees and the
GBPA will conduct them-
selves in the management of
certain issues relating to the
Hawksbill Creek Agreement.

“The determination of this
issue will apply to hundreds
of other licencees.

“It is important to all of
them and to the general pub-
lic that this matter be
resolved.

“Tt is constantly recurring
and continues to require res-
olution and clarification for
the proper conduct of busi-
ness amongst licencees in
Freeport, and not only by the
applicant. It is a source of
great debate and consterna-
tion amongst the business
community in Freeport and
requires a determination.”

Kelly’s (Freeport) is seek-
ing Supreme Court declara-
tions that its ability to sell
duty-exempt, bonded goods
to other Grand Bahama Port
Authority (GBPA) licencees
for use solely in their own
businesses is not "condition-
al" on the submission of such
monthly reports.

It is also seeking declara-
tions that there was "no law-
ful basis" for Customs to have
either demanded a monthly
‘bonded goods sales report’

or detain Kelly's (Freeport's)
goods in an attempt to force
compliance with the same.

And, for good measure, it is
seeking an injunction to pre-
vent Customs from detaining
or refusing to process imports
belonging to GBPA licencees
on the grounds that no 'bond-
ed goods sales report’ has
been received.

Kelly’s (Freeport) also
wants damages for the
"wrongful detention and/or
conversion” of its imported
products, and the "refusal to
process" those imports, giv-
en that the Department's
detention of its eight trailers
impacted its $3 million inven-
tory levels.

Bonded goods sales is a
practice whereby Freeport-
based wholesalers, such as
Dolly Madison, Kelly's
(Freeport) and Bellevue Busi-
ness Depot, are able to sell
products to other GBPA
licencees for use in their
respective businesses only,
without any duty being paid
to Customs/Government on
their sale. It is a report on this
activity that Customs is seek-
ing, but Kelly's (Freeport)
and its attorneys are arguing
that this has never been
requested before, and is not
included in any statute law,
policy or agreement concern-
ing their relationship.

The current practice, they
argue, is that on the 15th of
every following month, Kel-
ly's and other licencees sub-
mit a report on sales where
duty is post paid - such as
sales to residents and non-
GBPA licencees - together
with the relevant duty sum.
And it was Kelly's refusal to
submit bonded goods sales
reports that saw Customs pre-
viously detain eight of their
imported trailers, in a bid to
force the company to bow to
its demands, although these
were eventually released.

e Bank of The Bahamas

EMPLOYMENT OPPORTUNITY

The Bank of The Bahamas International, the institution of first choice in the
provision of financial services, seeks to identify suitable candidates for the

position of.

Treasury Risk Analyst

Core Responsibilities:

* Comprehensive understanding of risks and their inter-relationships
especially as It relates to credit, interest rate and liquidity risks

* Performs various analysis to facilitate the management of liquidity risk,
asset liability management and cash flow

* Be able to calculate, analyze and comment on the various liquidity and
credit ratio implications, to facilitate ongoing strategy adjustments

* Assesses and analyze impact of forex risk and preparation of regulatory
reports for foreign exchange operations

¢ Undertakes high level economic assessment, scenario and stress testing
to facilitate ongoing risk management and regulatory reporting

* Assesses the Bank's ability to respond to varying economic conditions
and scenarios by performing credit, capital adequacy, interest rate and

liquidity stress testing

* Assists in monitoring and analyzing the current liquidity position through

GAP analysis reporting.

Job Requirements:

Bachelors Degree in Accounting, Finance, or Business Management

5 years supervisory/management experience

Specific knowledge of risk management processes especially
management of liquidity risk
Broad knowledge of treasury practices and procedures
Good computational skills

Strong oral and written communication skills

Proficient in Microsoft Office
Must be a team player
MBA would be advantageous, but not essential

Benefits include: Competitive salary and benefits package, commensurate
with work experience and qualifications. Interested persons should apply
no later than March 23, 2011 to:

Email: hr.apply@bankbahamas.com

Or fax to: 242-323-2637


THE TRIBUNE

THURSDAY, MARCH 17, 2011, PAGE 5B



Shipping firm hit by $2.67m loan demand

FROM page 1B

Bahamas to Panama with-
out the consent of Caterpil-
lar; and for non-payment of
the indebtedness,” Caterpil-
lar alleged.

In notifying Mr Dean and
Dean’s Shipping Company
of the alleged breach in a
February 25, 2011, letter,
Caterpillar’s corporate coun-
sel, Brett Parks, demanded
the immediate repayment of
the $2.075 million balance
allegedly owed on the loan.
This included some $2.049
million in principal.

He wrote: “Allowing a
lien to exist against the ves-
sel, and allowing the vessel
to be arrested, are events of
default under sections 6.03
and 7.01 of the loan agree-
ment.

“Additionally, sections
5.09 and 6.07 of the loan
agreement require that the
vessel be kept in the registry
of the Bahamas.

“It has come to our atten-
tion that the borrower and
guarantor have attempted
to change the registry of the
vessel from the Bahamas to
Panama without the consent
of the lender.

“This is an additional
event of default.

“Due to the existing and
continuing nature of the
defaults, and the inability of
the borrower and guarantor
to obtain the release of the
vessel, lender has elected to
declare the entire amount
of the loan to be immedi-
ately due and payable.
Demand is hereby made for
the immediate payment in
full of the indebtedness.”

The MV Legend was
seized, and placed in the

care of National Maritime
Services, due to a dispute
over alleged non-payment
of stevedoring, wharfage
and other fees between
October 18, 2010, to the pre-
sent.

Dean's Shipping has
served notice of its intent to
defend the matter and res-
cue its vessel, although court
documents obtained by Tri-
bune Business show it has
yet to do so.

Lawsuit

In its lawsuit, the Palm
Beach Steamship Agency
alleged: "Since October 18,
2010, plaintiff provided nec-
essaries to the [MV Leg-
end], to-wit: labour,
wharfage, advances and oth-
er Services pursuant to an
agreement between plaintiff

and vessel's owners, char-
terers, and/or authorised
agents on a fixed rate basis.

"The defendant vessel has
failed to pay for these ser-
vices at plaintiff's office in
the amount of $126,347.19
despite repeated demand for
payment submitted to the
defendant vessel, Legend II,
and/or her owner, charterer
or operator, defendant
Dean's." That sum has since
been reduced to just over
$106,000.

The Palm Beach
Steamship Agency is seek a
lien over the MV Legend II
so it can foreclose upon it
and sell the boat to recover
the sums owed to it.

The MV Legend plies
between West Palm Beach,
Marsh Harbour, Green Tur-
tle Cay, Spanish Wells and
Nassau.

NOTICE

WEST WINDS PROPERTY
OWNERS ASSOCIATION LIMITED

NOTICE IS HEREBY GIVEN THAT THE ANNUAL
GENERAL MEETING FOR THE WEST WINDS
PROPERTY OWNERS ASSOCIATION LIMITED WILL
BE HELD THURSDAY THE 31ST DAY OF MARCH,
A.D, 2011 AT 6:30 RM, AT THE PAVILION, WEST
WINDS SUBDIVISION, NEW PROVIDENCE,



The Government of The Rahanas has received Hnancing under the President's

Emergency Flan for

AIDS Relief (PEPFAR to manage

Information, Laboratory Testing and Prevention Programs

HIV AIDS Stralegic

The Ministry of Health invines apphecanon te fill pesitions of Strategic Laborarary
Sirengiiening Manager umd Intonation Management Business Analyst

POSTS FOR IMMEDIATE HIRING

STRATEGIC LABORATORY STRENGTHENING MANAGER

General Function

The successful candidare wall be responsible for the provision of laboratory quality

asunince advice and assistance to the various laboratories in country, bo support
surveillance for HV, STD, TA, OF, and emerging diseases. The candidate will
establish and implement Qui standards and operiing procedures, including

Specunen ard Inverbory Tare ment

Work closely with the PEPFAR Laboratory Implementing Partner (AFENET) to carry
oul labortory gap anilysis, resclve non-conkormances, assist in the
implementation of the [50 15189 Quality Management System (OMS) and
accreditation of the Integrated Public Health Laboracory.

Education and Experience
a) Masters or Doctoral degree in laboratory sciences, biomedical research, or

related fiekd:

bh) Experience in clinical laboratory practice:
c) Knowledge of intematiomal lborvtery standarcs; fous
diagnosis anc clinical monitering,

INFORMATION MANAGEMENT BUSINESS ANALYST

General Purpose
The Business Analvst is responsibke for supporting information managenvent

initiatives actoss the Miniiry of Health (MOH), ath a focus on developing custom
repeats tO enable HIVSAIDS management

on HIV, TB and STI

The Business Analyst all document clinical information system requirements for
the Nanonal AIDS Program, support the implementation of systems across clinics,

and develop and implement business and clinica

making.

Education and Experience
a) Bachelors degree im Public Heakh Administration, Information Management, of

related field:

reports to enable decision

b) Three to five (3 to 3) years of experience in a related position, preferably in the

teealth: tielel-

c] Softeare applicanon expertise in clinical information systems, spreadsheets, anc

dtahases:

qd Certiication,/expenence in Project Management is an asset.

Salary will be commensurate with degree and experience and includes standard

project benetits.

Interested persons are invited to submit a cover lemer, curent curriculum vile and
phote in Word or PDP format to paulubowler@bahamas.gov.bs, Applications must
be received by §pm on Thursday, March 17, 2011.



WAREHOUSE SALE

Dates: Thursday and Friday, March 17" and 18", 2011
Place: Security Storage Limited, Nassau Street
Opposite Western Cemetery Parking Lot

Time: 10:00am — 4:00pm

Office Furnitures and Machines
Computers and Computer Equipments
Filing Cabinets

Stationeries

Limited ammount of Home Furnitures
Other Supplies and Miscellaneous

ALL ITEMS WILL BE SOLD AS IS.

THE GENERAL PUBLIC
IS INVITED

GOVERNMENT NOTICE
MINISTRY OF EDUCATION
NOTICE
Procurement for School Furniture/Equipment for the T.G. Glover Lab School

The Minesiry of Edue atten, (hereafter called the “Purchaser’) now invites
sealed bids, procurement of School
Furniturvequipment for The 1... Glover Lab School

froms uppliers for the

Interested Bidders may ingpectfoollect the bidding documents from the
Purchasing/Supplies Section of the Ministry of Education, in The Teacher &
Salaried Workers Co-Operative Credit Union Bldg from Wednesday 23°
February, 2071, and obtain further information, at the second address given
below

Bids must be in English and shall be enclosed in duplicates in a sealed
envelope bearing no identity of the bidder and endorsed with the subject
bided on (Schodl Furniture/Equipment for The 7.6. Glover Lab Schaal")

Ends must be deposited in the tender box provided, at the first address, on or
before Monday, 21" March, 2011 by S00 p.m. (local time). it will nat be
necessary to submit bids in person since they may be sent by mail. Late
bids will be rejected and returned unopened

Bids will be opened at the public tender meeting, in the presence of those
Bidderie) or their Representative (6) whe choose to attend, at 10:00 a.m. on
Tuesday 22° March, 2011 at the first address below

(i) The Chairman Tender’
Mingstry of Finance
Cecl Wallace Whitfield
Cable Beach
P.O”. Bow N-3017
Nassau, The Bahamas
Tele: (242/327-1530

(2) Purchasing/Suppies Section
Minéstry of Education
P.O”. Box N-39134
Nassau, The Bahamas
Tale: (242) 5002-27112

The Ministry reserves the right to reject any or all Tenders


PAGE 6B, THURSDAY, MARCH 17, 2011

THE TRIBUNE



OO oeeaneUS INES eee
FINCO net loss quadruples as
non-perform loans hit 12-13%

FROM page 1B

ness after FINCO’s net loss
for the three months to end-
January increased sharply
from the $450,967 million
slide into the red suffered dur-
ing the year-before period,
Tanya McCartney said the
mortgage lender’s non-per-
forming loans (90 days or
more past due) now account-
ed for between 12-13 per cent
of its loan portfolio.

This spike in non-perform-
ing loans drove the 35 per
cent increase in credit loss
provisions, which rose from
$4.906 million to $6.652 mil-
lion year-over-year.

Ms McCartney identified
this as the sole factor that
quadrupled FINCO’s 2011
first quarter net loss.

“Tt went up at the end of
the first quarter. It’s in the
region of 12-13 per cent,” the
FINCO managing director
said of the non-performing
loan portfolio, credit upon
which the mortgage lender
has stopped accruing interest.

“That will account for that
35 per cent increase in provi-
sions for credit losses. It [the
non-performing loan per-
centage] went up about one
or two percentage points. It’s




the economy, coupled with
the spike we normally tend to
see at year-end and in Janu-
ary.”

That is a reference to the
fact that the Bahamian com-
mercial banking industry, as a
whole, traditionally sees a
jump in past due and non-per-
forming loans in the after-
math of the Christmas/New
Year season, a time when
Bahamians traditionally focus
on festivities and shopping,
rather than servicing loan
obligations.

The Central Bank of the
Bahamas report for January
noted that credit arrears rose
by $52.2 million or 4.6 per
cent to almost $1.2 billion dur-
ing that month, led by the
commercial sector where total
delinquencies rose by $31.7
million or 12.4 per cent to
$286.9 million.

As for mortgages, where
FINCO’s loan portfolio is
almost entirely concentrated,

BUY FRESH,
BUY BAHAMI





&

delinquencies increased by
$19.2 million or 3.1 per cent to
$637.1 million during Janu-
ary, with 31-90 day and non-
performing loans in this cate-
gory growing by $8.3 million
(2.6 per cent) and $10.9 mil-
lion (3.6 per cent), respec-
tively.

“Especially at the end of
the year, December and Jan-
uary, you tend to see the
delinquency numbers go up.
That’s across the board indus-
try wide,” Ms McCartney
said.

“That’s not the only factor
in play here, but it tends to
be the case that at the end of
the year/early January the
numbers do spike.

“That’s been in play for us
in the past two years with
respect to the first quarter.
It’s exacerbated by the impact
of the whole economic situa-
tion. In and of itself, we would
have seen a spike; that tends
to be the trend, but in the cur-
rent environment it tends to
be magnified.”

On the positive side, FIN-
CO is continuing to find lend-
ing opportunities, its mort-
gage portfolio expanding by

4 per cent during the three
months to end-January 2011.
Net loans grew over the same
period from $817.997 million
at the 2010 financial year-end
to $820.859 million.

Also, net interest income
grew by 6.6 per cent to $7.128
million compared to $6.686
million in the prior year com-
parative period. However, the
credit provision increase
dropped net interest income
from $1.78 million to
$475,746.

With essentially flat fee and
commission income of
$857,462 factored in, FIN-
CO’s total income reached
$1.333 million, a 49.3 per cent
reduction on the previous
year’s $2.632 million.

Emphasising that there had
been “no change” in FINCO’s
lending and credit policies,
Ms McCartney said: “We’re
still in the business of lend-
ing money. We’re very cau-
tious when it comes to
extending beyond the credit
policy, but we’re still lending.
There’s good risks to be had.”

While FINCO clients were
also set to benefit from the
development, by its Royal

Bank of Canada majority
shareholder, of a debit card
and new rewards/points cred-
it card during 2011, Ms
McCartney said: “The focus
is on the existing business and
really managing the delin-
quencies, reaching out to cus-
tomers and, where we can,
helping them to restructure
with a view to getting regu-
larised. We will continue to
do that.

“We are focusing on the
mortgage portfolio. We con-
tinue to reach out to the pro-
fessional market, and are real-
ly working on delinquent pay-
ments.”

FINCO has also held its
non-interest expenses rela-
tively flat, coming in at $3.146
million this quarter compared
to $3.082 million in the prior
year, and Ms McCartney said:
“We remain efficient.

“We’re keeping our spend-
ing under control, growing the
book, but the overall eco-
nomic environment is prov-
ing challenging as individuals
are finding it difficult to make
mortgage payments.

“We’ve really put a focus
on managing costs over the

last three years, with no
unnecessary spending. From
2008 we tightened our belts
as soon as the economy went
downhill. Expenses remain
flat, and that’s pretty much
where we want them to be.”

FINCO informed share-
holders that no dividend pay-
ment would be made due to
the first quarter results, and
Ms McCartney reiterated that
it was impossible to predict
the rest of the year.

“We’re cautiously opti-
mistic that if things turn
around in the overall econo-
my, we will see an improve-
ment,” she added. “It’s really
the provisioning, that 35 per
cent increase in provisions for
credit losses, that has impact-
ed these results.

“We would see an improve-
ment when the unemploy-
ment numbers are going
down, we would see an
improvement if confidence
suggests the recession has hit
the rock bottom....... Until we
see positive trends in the
economy on a consistent
basis, only then will we see
an impact on our perfor-
mance.”

The turnaround to date had
been slow and not broad-
based, and the FINCO man-
aging director added: “There
are some things happening in
the economy, but in terms of
the impact it has yet to be felt,
and the mortgage portfolio is
impacted by that lag.”

gto
Meet Mra. Bends Davis JPA we

& Mrs. Sara (_onstantine

Pineapple i
Coconut

T arthets

Nini { uava Rum
Cakes $3

Passion? Mango Fruit Drinks

Vegetables~ hot & goat pepper, beets, beans, greenpeas, ewcumber
uit = Papma, sugarcane, watermelon, coconut, oranges, bananas
Plants Lad ‘st, ll avacade, mariiecr, brewelbruck, governer plum
Poaked (j00ds~ homemade breads, con bread, assorted pastries
roserwes ~ apaorted jelly's & jams, honey, Pepper sauces

ise ~ plant beverages, adanited Fruit juices, island grits, deanerinige
een eT eee da
BUY FRESH, BUY BAHAMIAN'!'

eigen erage ce

A ¥ 1
STH et ee ey el

Retail Sales Managers
Nassau & Paradise Island

seeking full-time retail managers to work
in our boutiques in Nassau & Paradise
Island, Must have 5+ years experience
in luxury fashion apparel and/or high-
end jewelry & watches. Seeking
candidates that have chosen retail as their
career and would be willing to work long
term. Must have proven sales record and
excellent management skills. Position
requires strong background in
management, inventory, scheduling,
product training, human resources, and
loss prevention duties. Experience in
Retail Pro a plus. Must be fluent in
English. Knowledge of Spanish or
another foreign language a plus.
Candidate must live in Nassau or be
willing to relocate at own expense.

Please send a detailed resume and a cover
letter to careers@hillsidebahamas.com,
explaining your interest in the position,
availability, & salary requirements.
Please also include a photo if available.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that |, JACKSON JOSPEH of
Rolle Avenue off Wulff Road, Nassau, Bahamas, intend
to change my name to JACKSON DALMOND. If there are
any objections to this change of name by Deed Poll, you
may write such objections to the Chief Passport Officer,
P.O.Box N-742, Nassau, Bahamas no later than thirty (30)
days after the date of publication of this notice.

BUILDING FOR
SALE BY OWNER

Collins Avenue/Centreville:
Single storey office building for sale.

Extensively renovated; building: 1,565

square feet; property: 6,063 square
feet corner lot with paved parking lot.

PRICE $332,000 O.N.O.

Telephone: 424-8868 or
Fax: 323-4827

ATTENTION...

TO: ALL CIVIL SERVANTS!!!

(Not presently members of Public Workers’
Co-operative Credit Union Limited)

Just walk into the offices of the Public Workers’
Co-operative Credit Union Limited, in Nassau or
Freeport, with any amount of money, between
$100.00 and $5,000.00, and you could be approved
for DOUBLE that amount, pending receipt of:

(1) Job Letter

(2) Most recent salary slip

(3) Passport (to be copied)

(4) N.LB. card (to be copied)

(5) Approved salary deduction form
(6) $10.00, onetime, membership fee

DOUBLE YOUR FUNDS.....

That’s right, a Loan approved within 24 hours!!

Come, and take advantage of this offer,
which begins Monday, February 21, 2011,
for a limited time only.

PUBLIC WORKERS’ CO-OPERATIVE
CREDIT UNION LIMITED
Nassau (323-6594) Freeport (351-7129)
“The Family Credit Union”





NOTICE

NOTICE is hereby given that PETERSON DUPERVIL of
#10 IMPERIAL PARK, FREEPORT, GRAND BAHAMA,
BAHAMAS is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/ naturalization should

not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 17th day of
MARCH, 2011 to the Minister responsible for Nationality
and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

NOTICE

The telephone numbers for

WILLIAM WONG & ASSOCIATES
REALTY

are as follows:

Tel: 242.327.4271 f2 « Fax: 242.327 4273

email: william@wwongrealty.com
wwongrealty.com



Bahamas Electricity Corporation

Tender

The Bahamas Electricity Corporation invites
Tenders for the services described below:

Tender No. 747/11
Group Medical & Life Insurance Services

Bidders are required to collect packages from
the Corporation’s Administrative Office, Blue
Hill & Tucker Roads

Contact: Ms. Charlene Smith at telephone
302-1158

Submissions should be marked as follows:

Mr. Kevin Basden
General Manager
Bahamas Electricity Corporation
Executive Offices — Blue Hill & Tucker
Roads
Nassau, Bahamas

Tender No. 747/11

Group Medical &
Life Insurance Services

Deadline for delivery to BEC:
March 25, 2011
no later than 4:00 p.m.

The Corporation reserves the right to accept
or reject any or all proposals.

For all inquiries regarding the tenders please
contact Mrs. Antionette Turnquest

at telephone 302-1166




THE TRIBUNE





THURSDAY, MARCH 17, 2011, PAGE 9B



Bank’s stock ‘trading
below book value’

FROM page 1B

vide liquidity to small retail
investors seeking to exit their
investment for “social rea-
sons”.

Telling this newspaper that
the bank’s current $4.40 per
share price on BISX
“absolutely” undervalued the
company, Mr McWeeney said
the move would also cater to
Bank of the Bahamas Inter-
national’s diverse, retail
investor-dominated, share-
holder base. He explained
that around 94 per cent of
existing Bank of the Bahamas
International shareholders
owned 2,000 shares or less.

“We have to protect the
stakeholders of the bank, and
it’s where we have to do what
we have to to mitigate the pit-
falls of an immature financial
stock market,” Mr
McWeeney told Tribune
Business.

“We have approximately
4,000 shareholders, and about
94 per cent of those have less
than 2,000 shares. It’s very
clear that persons have been
liquidating shares for social
reasons, and the price mech-
anism employed by BISX
does not, in our view, take
into consideration the true
intrinsic value of a companiy....

“A company has to what is
proper to maintain the value
of its stock. It’s become evi-
dent now. In the last year, the
company was trading above
book value, but now the stock
is below book value. Right
now, our shares are a tremen-
dous buy for anybody.”

Bank of the Bahamas Inter-
national’s shares are current-
ly trading at a 52-week low of
$4.40 per share, their 52-week
high having been $5.72. Cur-
rently, only trades involving
1,000 shares or more can
change the price of a BISX-
listed company and, even

then, the stock’s price can
only increase/decrease by 10
per cent either side of the pre-
vious price.

“That is not an appropriate
way of pricing or reflecting
the true value of a company’s
shares. It’s based on the sale
price taking place from one
day to another. We don’t
think it’s an appropriate mod-
el,” Mr McWeeney added.
“We do understand that it’s
anew market and that it takes
time to mature, but feel the
trading price is not reflective
of the true value of the bank.

“We’re introducing a plan
to soak up and create a mar-
ket to absorb those persons
who may want to sell their
shares for social reasons.”
This refers to Bahamian retail
investors who want to liqui-
date their shareholdings for
non-financial/investment rea-
sons, such as raising cash to
meet loan obligations or
Back-to-School payments etc,
and are willing to disregard
stock fundamentals.

Telling Tribune Business
that there was “no two ways
about it” when it came to
questions over whether Bank
of the Bahamas Internation-
al’s stock was undervalued,
Mr McWeeney said that
“some of the trades that
caused the drop over the last
six months” had involved vol-
umes of just 1,500 and 1,600
shares.

“Those trades occurred
when the bank’s profits were
much greater,” Mr
McWeeney said, justifying the
view that listed stocks did not
trade on fundamentals. “The
performance from last year
was ahead of the previous
year by almost $2 million, and
the share price should reflect
the intrinsic and future value.
In our view, the share price
does not adequately reflect
that.”

Bank of the Bahamas Inter-

national is now joining a
“trend” of BISX-listed com-
panies introducing share buy
back plans. AML Foods, the
retail group, unveiled its buy
back programme earlier this
year for much the same rea-
sons, citing an undervalued
stock and low liquidity,
although some voiced suspi-
cions this was in response to
the ‘hostile’ takeover bid by
Mark Finlayson.

Cable Bahamas, FOCOL
Holdings and Commonwealth
Bank have also employed
share buy back plans in the
past, and Mr McWeeney
added: “Persons don’t feel the
current price model ade-
quately reflects the capital
markets.”

While Bank of the
Bahamas International had
not “directly” made its con-
cerns over the pricing struc-
ture known to BISX, Mr
McWeeney said: “We have
expressed our concerns about
the pricing model.

“We understand BISX is a
new entity, and will take time
to develop, and what we need
is an independent, responsi-
ble firm to do company eval-
uations.”

A rating agency, such as a
Bahamian version of Stan-
dard & Poor’s, Moody’s or
the Caribbean agency, Cari-
Cris, was needed in this
nation’s capital markets “to
create fair value” for listed
stocks, Mr McWeeney said,
along with primary dealers
who acted as market makers
in a company’s shares.

Pointing to developed
country capital markets, he
explained: “They also have
primary dealers in stocks. We
don’t have that. We have sec-
ondary dealers who hold
shares for various investments
they have. Primary dealers
actively trade in a company’s
shares and make markets for
them.”

BAHAMAS FIRST

FIRST IM INSURANCE. TODAY. TOMORROW,

Career opportunity for an ambitious career oriented individual



Motor Engineer

Major Responsibilities:
¢ Conduct inspections of damaged vehicles and compile and

review repair estimates
Conduct pre and post-inspections of vehicles at BFG
Inspection Centre to determine market value, road
worthiness and acceptability of risk
Conduct on-scene accident investigations, take statements
and measurements
Monitor and control repair work with Approved Garages
Prepare reports and input data in the system
Provide customer service
Travel to the Family Islands

Qualifications:

¢ High School Diploma

¢ 3 B.C.C.S.E.’s or equivalent with C passes or above,
including English and Mathematics
Minimum 2 years experience in auto mechanics
Experience in Automobile and Mechanical bodywork,
Traffic Collision Investigation, Repair, Refinishing,
Electrical and Engine Overhauling
Strong customer service, communication and interpersonal

skills



Proficiency in Microsoft Office Applications

Compensation commensurate with relevant experience and
qualifications. On the job training will be provided.

The Bahamas First Group is the largest property and casualty
insurance company in the Bahamas and has an A- (Excellent) Rating
from A. M. Best, reflecting the company’s financial stability and
sound risk management practices.

Please apply before March 18", 2011 to:
Group HR & Training Manager
Bahamas First Corporate Services
P.O. Box SS - 6268
Nassau, Bahamas

Or email to:

careers@ bahamasfirst.com


PAGE 10B, THURSDAY, MARCH 17, 2011

THE TRIBUNE



FROM page 10B

tionship/functions of gov-
ernment, Board and man-
agement.

“This pattern, practiced
on the oversight level,






BEC’s $10m consultant spend ‘not necessary’

inevitably extends down into
the enterprise and shapes
the way the enterprise’s

management and operations
are conducted,” the report
said.

“It creates an atmosphere
of uncertainty and lacking
perspective.

“The consequences
ATC... serious deficiencies
in the management meth-

clusive and effective report-
ing; instruction; performance
control and sanctioning
mechanisms in BEC which,
together with other factors,
substantially hampers the
enterprise in performing in a
way that existing resources
would permit.



NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the
following:

“All THAT” piece parcel or lot of land comprising Lot# 304,
Malaysia Way, Elizabeth Estates Subdivision, situated in the
Eastern District of New Providence one of the Islands of the
Commonwealth of the Bahamas. Situated thereon is a Single
Family Residence consisting of 3 Bedrooms and 2 Bathrooms.

Property Size: 5,000 sq ft
Building Size: 852 sq ft

This property is being sold under Power of Sale contained in a
Mortgage to FINANCE CORPORATION OF BAHAMAS
LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O.
Box N-7549, Nassau, Bahamas and marked “Tender 0016”. All
offers must be received by the close of business 4:00 p.m., Friday
1* April, 2011.

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the
following:

“All THAT” piece parcel or lot of land comprising Lot# 16,
Bricknoch Subdivision, situated in the Southern District of
New Providence one of the Islands of the Commonwealth of
the Bahamas. Situated thereon is a Single Family Residence
consisting of 3 Bedrooms and 2 Bathrooms.

Property Size: 6,075 sq ft
Building Size: 1,229 sq ft

This property is being sold under Power of Sale contained in a
Mortgage to FINANCE CORPORATION OF BAHAMAS
LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O.
Box N-7549, Nassau, Bahamas and marked “Tender 2135”. All
offers must be received by the close of business 4:00 p.m., Friday
1 April, 2011.

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the following:

“All THAT” piece parcel or lot of land comprising Lot #31, Rocky
Pine Road, situated in the Western District of New Providence,
one of the Islands of the Commonwealth of the Bahamas. Situated
thereon is a Single Family Residence consisting of 5 Bedrooms and
4 Bathrooms.

Property Size: 8,000 sq ft
Building Size: 3,542 sq ft

This property is being sold under Power of Sale contained in a
Mortgage to FINANCE CORPORATION OF BAHAMAS
LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O. Box
N-7549, Nassau, Bahamas and marked “Tender 2969”. All offers
must be received by the close of business 4:00 p.m., Friday 1 April,
2011.

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the
following:

“All THAT” piece parcel or lot of land comprising part
of Allotment 77, Sandilands Allotment, situated in the
Eastern District of New Providence one of the Isalnds of
the Commonwealth of the Bahamas. Situated thereon is an
undeveloped property.

Property Size: 6,000 sq ft

This property is being sold under Power of Sale contained in a
Mortgage to FINANCE CORPORATION OF BAHAMAS
LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O.
Box N-7549, Nassau, Bahamas and marked “Tender 4206”. All
offers must be received by the close of business 4:00 p.m., Friday
1 April, 2011.

ods, entailing lack of con-

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the following:

“All THAT” piece parcel or lot of land comprising Lot #46,
Claridgeadale Gardens Subdivision, situated in the Eastern Estates
District of New Providence, one of the Islands of the Commonwealth
of the Bahamas. Situated thereon is a Single Family Residence
consisting of 4Bedrooms and 2Bathrooms.

Property Size: 3,200 sq ft
Building Size: 1,492 sq ft

This property is being sold under Power of Sale contained in a
Mortgage to FINANCE CORPORATION OF BAHAMAS
LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O. Box
N-7549, Nassau, Bahamas and marked “Tender 1772”. All offers
must be received by the close of business 4:00 p.m., Friday 1* April,
2011.

NOTICE

ESSO NIGERIA-SAO TOME HOLDING
ONE (TWO) LIMITED



Creditors having debts or claims against the above-
named Company are required to send particulars
thereof to the undersigned c/o P.O. Box N-624,
Nassau, Bahamas on or before 8th day of April,
A.D., 2011. In default thereof they will be excluded
from the benefit of any distribution made by the
Liquidator.

Dated the 15th day of March, A.D., 2011.

Carol G. Gray
Liquidator
16825 Northchase Drive
Houston, Texas 77060
U.S.A.

NOTICE

ESSO NIGERIA-SAO TOME HOLDING
ONE (TWO) LIMITED

NOTIC EIS HEREBY GIVEN as follows:

ESSO NIGERIA-SAO TOME HOLDING ONE
(TWO) LIMITED is in dissolution under the
provisions of the International Business
Companies Act 2000.

The dissolution of the said Company
commenced on the 15th day of March, 2011
when its Articles of Dissolution were submitted to
and registered by the Registrar General.

The Liquidator of the said Company is Carol
G. Gray, of 16825 Northchase Drive
Houston, Texas 77060, U.S.A.

Dated the 15th day of March, 2011.

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD.
Attorneys for the above-named Company

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the
following:

“All THAT” piece parcel or lot of land comprising Lot# 127,
Sunshine Park Subdivision, situated in the Southern District of
New Providence, one of the Islands of the Commonwealth of
the Bahamas. Situated thereon is a Single Family Residence
consisting of 4 Bedrooms and 2 Bathrooms.

Property Size: 4,500 sq ft
Building Size: 1,400 sq ft

This property is being sold under Power of Sale contained in a
Mortgage to FINANCE CORPORATION OF BAHAMAS
LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O.
Box N-7549, Nassau, Bahamas and marked ‘““Tender 4393”. All
otfers must be received by the close of business 4:00 p.m., Friday
1* April, 2011.

“The applied ways and

procedures are rather infor-
mal. Circumvention of
agreed processes is frequent;
non-compliance does not
inevitably entail conse-
quences. The absence of
strict rules and directions, in
conjunction with low risk of
jeopardises
accountability of the
employees.”

The effect of what appears
to be a state of ‘near anar-
chy’ internally at BEC is
brought into stark relief by
Fichtner.

“Compared with state of
the art standards in the util-
ity sector, this situation is
concerning, and if no drastic
change is initiated, the enter-
prise is likely to further dete-
riorate,” it said.

sanctions

Controls

The Fichtner report said
management controls were
largely absent, with BEC
having no methods for col-
lecting and disseminating
information internally to
support management deci-
sions.

There was also a lack of
operational and departmen-
tal performance indicators.

Praising BEC’s internal
auditor and his staff for pro-
ducing regular and detailed
reports on system and per-

formance shortcomings, the
study noted: “The effective-
ness of this instrument is
reduced, however, by the
lack of respect for his assess-
ments on the part of the
responsible managers.”

Fichtner also highlighted
the “considerable volume of
consulting services”
employed by BEC, espe-
cially in the area of pro-
curement, where Crown
Agents from the UK were
“subscribed to a substantial
extent”.

“The volume of total con-
sulting costs incurred
amounts as much as $10 mil-
lion in fiscal year 2007-
2008,” the report revealed.
“Considerable additional
amounts are expected to be
hidden in other sundry posi-
tions.

“It is not convincing that
BEC needs to afford itself
consulting services in such
order of magnitude.”

It added that some BEC
staff were likely to be under-
used, “while at the same
time too many tasks are out-
sourced through the award
of third party contracts”.

It said that while develop-
ing project specifications
and major maintenance
works was often outsourced,
“internal staff could very
well do this work”.

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the following:

“All THAT” piece parcel or lot of land comprising Lot of land
Sandilands Village, situated in the Eastern District of New
Providence, one of the Islands of the Commonwealth of the Bahamas.
Situated thereon is a Multi Family Residence Duplex consisting of
2-2 Bedrooms and 1 Bathroom.

Property Size: 5,147 sq ft
Building Size: 1,624 sq ft

This property is being sold under Power of Sale contained in a
Mortgage to FINANCE CORPORATION OF BAHAMAS
LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O. Box
N-7549, Nassau, Bahamas and marked “Tender 2426”. All offers
must be received by the close of business 4:00 p.m., Friday 1* April,
2011.

NOTICE

ESSO NIGERIA-SAO TOME HOLDING
TWO (TWO) LIMITED



Creditors having debts or claims against the above-named
Company are required to send particulars thereof to the
undersigned c/o PO. Box N-624, Nassau, Bahamas on or
before 8th day of April, A.D., 2011. In default thereof they
will be excluded from the benefit of any distribution made
by the Liquidator.

Dated the 15th day of March, A.D., 2011.

Carol G. Gray
Liquidator
16825 Northchase Drive
Houston, Texas 77060
U.S.A.

NOTICE

ESSO NIGERIA-SAO TOME HOLDING TWO (TWO)
LIMITED

N OTIC EIS HEREBY GIVEN as follows:

ESSO NIGERIA-SAO TOME HOLDING TWO
(TWO) LIMITED is in dissolution under the
provisions of the International Business
Companies Act 2000.

The dissolution of the said Company
commenced on the 15th day of March,

2011 when its Articles of Dissolution were
submitted to and registered by the Registrar
General.

The Liquidator of the said Company is Carol
G. Gray, of 16825 Northchase Drive
Houston, Texas 77060, U.S.A.

Dated the 15th day of March, 2011.

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD.
Attorneys for the above-named Company


THE TRIBUNE

THURSDAY, MARCH 17, 2011, PAGE 11B



New-home construction plunges in February

WASHINGTON

Builders broke ground last
month on the fewest homes in
nearly two years and cut their
requests for permits to start
new projects to a five-decade
low. The decline in construc-
tion activity is the latest evi-
dence that the U.S. housing
industry is years away from a
recovery.

Home construction plunged
22.5 percent in February from
January to a seasonally adjust-
ed 479,000 homes, the Com-
merce Department said
Wednesday. It was the lowest
level since April 2009 and the
second-lowest on records dating
back more than a half-century.

The decline followed a surge
in highly volatile apartment
construction in January, which
pushed the overall construction
rate up to more than 600,000
units — the fastest rate in 20
months. Still, the building pace
has been far below the 1.2 mil-
lion units a year that econo-



(AP Photo/Keith Srakocic)

CONSTRUCTION DECLINE: In this photo made on Feb. 17, 2011, construction continues on a row of con-
dominiums in Cranberry, Pa., Butler County. Builders likely broke ground on fewer homes in February, a
reflection of declines in home prices and diminished demand that has made it difficult for them to com-

pete.

mists consider healthy. Single-
family homes, which make up
roughly 80 percent of home
construction, fell 11.8 percent
in February. Apartment and
condominium construction

WANTED

Associate Attorney
Real Estate

Applicant must have minimum of 3 years experience
and be specialized in the area of Real Estate
and Development; demonstrate an ability to work
independently and possess thorough working
knowledge and technical competence in the area

mentioned.

Compensation: commensurate with qualifications

and experience.

Reply in confidence to

attorneyvacancy@gmail.com



dropped 47 percent, reversing
much of January's gains.

Building permits, an indica-
tor of future construction, fell
8.1 percent last month to the
lowest level on records dating
back to 1960. Permit requests
for single-family homes saw the
biggest decline. Apartments
and condos remained flat.

Falling prices, sluggish sales
and the weak construction rate
all point to a housing market
that is “stuck at a bottom of a
steep hill," according to
Moody's Analytics Economic
Research. "There are really
large structural problems with
the housing market," said Dan
Greenhaus, chief economic
strategist with Miller Tabak +
Co. "This is not a run-up in oil
prices. This is a multiyear build
up in the housing market that is
going to take more than sever-
al months or several quarters
to get through.”

For a housing recovery to
take hold, the job market needs
to improve and builders need to
gain access to hard-to-get cred-
it. "Credit is flowing freely to
large companies but not so
much to the small builders,"
said Patrick Newport, U.S.
economist for IHS Global
Insight. "If builders cannot get
financing to build new homes,

JOB VACANCY

Equipment Manager

A leading fast food Franchise is inviting applications from suitably
qualified persons for the position of Equipment Manager.

Equipment Manager must have excellent communication skills and
strong interpersonal skills.

Qualifications and Experience:

A minimum of four years experience as a qualified Equipment
Technician or Equipment Manager, including knowledge of Reverse
Osmosis Systems is required. Taylor Certification would be a plus.

Main Duti R

nsibilities:

e Perform preventative and on-going maintenance and
corrective actions on all equipment and systems, inclusive
of HVAC systems, plumbing, refrigeration systems, kitchen

equipment, electrical and POS systems.

Provide emergency service and supply corrective maintenance
on assigned systems and equipment in order to reduce or
eliminate breakdowns, hazards, spoilage of products, or the
inability to meet customers’ requirements.

Manage the required service orders for all maintenance work
performed in each restaurant.

Liaise with Mutliplex supplier to coordinate routine
maintenance, preventative maintenance, and ordering of
replacement parts and equipment on Multiplex system.

Maintain an inventory of spare parts, tools, cleaning equipment
and miscellaneous hardware to minimize down time.

Prepare and maintain an equipment warranty file, and an
equipment depreciation file for each restaurant in order to
control repair costs, and “stagger” the cost of replacing
equipment over a period of time.

Maintenance of Exhaust fans and smoke stacks

Daily calibration of equipment.

Report to management any discrepancies observed in work
performed by outside service agents.

Please reply in writing to:

Human Resources Manager

E-mail:

P. O. Box SS-5925
Nassau, Bahamas
OR

humanresources@danbradlitd.com

housing will remain in the
dumps."

Analysts said year-end build-
ing code changes in California,
Pennsylvania and New York
caused an artificial spike for
permit requests in December
and housing starts in January.
Builders in those states rushed
to file new permits before those
changes went into effect.

Even with those gains, the
housing market has struggled.
Millions of foreclosures have
forced home prices down and
more are expected this year.
Tight credit has made mortgage
loans tough to come by. And
some potential buyers who
could qualify for loans are hes-
itant to enter the market, wor-
ried that prices will fall further.

The drop in home construc-
tion activity was felt coast to
coast. It fell 48.6 percent in the
Midwest, 37.5 percent in the
Northeast, 28 percent in the
West and 6.3 percent in the
South.

The volatile housing market
is weighing on the overall eco-
nomic recovery. Each new
home built creates, on average,
the equivalent of three jobs for
a year and generates about
$90,000 in taxes, according to
the National Association of
Home Builders.

Bahamas Electricity Corporation

Tender

The Bahamas Electricity Corporation invites
Tenders for the services described below:

Tender No. 742/11

Proposed Structural Repairs & Refurbishment at
Clifton Pler Power Station ‘A’ Building, Clifton Pier,
New Providence

Bidders are required to collect packages from
CSB Consultants Limited off Dolphin Drive
Contact: Mr. Carlton 5. Blair at telephone 325-7869

Submissions should ba marked as follows:

Mr. Kevin Basden
General Manager
Bahamas Electricity Corporation
Executive Offices = Blue Hill & Tucker Roads
Nassau, Bahamas

Deadline for delivery to BEC:
23rd May, 2011
no later than 10:00 a.m.

The Corporation reserves the right to accept
of reject any or all proposals.
For all inquires regarding the tenders and site visits, contact
Mr. Carlton §. Blair at telephone 325-7869



Receivea PF REE
Soup Can;tain

To get yours, buy G tin’s of
Campbell's Condensed Soup any
flavour. Circle Campbell's
Condensed Soup items on store
receipt dated March 14 or later.
Bring receipt to The d'Albenas
Agency Ltd. in Palmdale.

Distributed in the Bahamas by
#8 The dAlbenas Agency Ltd.
Palmdale, 677-1441


PAGE 12B, THURSDAY, MARCH 17, 2011

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT
COMMON LAW AND EQUITY DIVISION CLE/GEN/00178

2007

IN THE MATTER of the Property comprised in
a Deed of Mortgage dated the 31% day July,
A.D. 1992 between Edward N. Thompson
as a Borrower and FirstCaribbean Finance
Corporation (Bahamas) Limited (formerly,
Barclays Finance Corporation (Bahamas)
Limited)

AND IN THE MATTER of the Conveyancing
and Law of Property Act, Chapter 138 of the
Revised Statute Laws of the Commonwealth
of The Bahamas.

BETWEEN

FIRSTCARIBBEAN FINANCE
CORPORATION (BAHAMAS) LIMITED
(formerly, Barclays Finance Corporation
(Bahamas) Limited)

Plaintiff
AND

EDWARD N. THOMPSON

Defendant
NOTICE OF ADJOURNED HEARING

TAKE NOTICE that the Notice of Appointment
to Hear the Originating Summons filed on the
7" day of February, A.D. 2011 and set down
to be heard on Tuesday the 1° day of March,
A.D., 2011 at 11:00 o’clock in the forenoon will
now be heard before the Honourable Justice,
Stephen Isaacs, Justice of the Supreme Court,
Senate Building, Parliament Street, Nassau,
The Bahamas on Monday the 4* day of April,
A. D., 2011 at 10:30 o’clock in forenoon.

Dated this 7" day of March, A.D., 2011
REGISTRAR

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

COMMONWEALTH OF THE BAHAMAS 2007
IN THE SUPREME COURT
COMMON LAW AND EQUITY DIVISION CLE/GEN/00178

IN THE MATTER of the Property comprised in
a Deed of Mortgage dated the 31° day July,
A.D. 1992 between Edward N. Thompson
as a Borrower and FirstCaribbean Finance
Corporation (Bahamas) Limited (formerly,
Barclays Finance Corporation (Bahamas)
Limited)

AND IN THE MATTER of the Conveyancing
and Law of Property Act, Chapter 138 of the
Revised Statute Laws of the Commonwealth
of The Bahamas.

BETWEEN

FIRSTCARIBBEAN FINANCE
CORPORATION (BAHAMAS) LIMITED
(formerly, Barclays Finance Corporation
(Bahamas) Limited)
Plaintiff
AND

EDWARD N. THOMPSON
Defendant

NOTICE OF APPOINTMENT TO
HEAR THE ORIGINATING SUMMONS

TAKE NOTICE that the Originating Summons
filed herein will be set down to be heard on
Tuesday the 1** day of March, A.D., 2011 at
11:00 o'clock in the forenoon before Justice,
Stephen Isaacs, Justice of the Supreme Court,
Supreme Court Building, Bank Lane, Nassau,
The Bahamas.

Dated the 1% day of February, A.D., 2011

REGISTRAR

This Notice is issued by Gibson, Rigby
& Co., Chambers, Ki-Malex House,
Dowdeswell Street, Nassau, The Bahamas,
Attorneys for the Plaintiff.



THE TRIBUNE



USNS
Stocks fall on Japan crisis,
weak economic reports



UNCERTAIN TIMES: In this photo taken March 14, 2011, traders
work on the floor of the New York Stock Exchange.

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT

2001

COMMON LAW SIDE

BETWEEN
BANK OF THE BAHAMAS LIMTED
Plaintiff
AND

GEORGETTE KNOWLES

Defendant

NOTICE OF ADJOURNED HEARING

TAKE NOTICE that the Order for Examination filed on
the 29" day of June, A.D., 2010 and set down to be
heard on Wednesday the 10" day of November, A.D.,
2010 at 2:30 o’clock in the afternoon will now be heard
before, the Deputy Registrar, Ernie Wallace, of the
Supreme Court, Ansbacher Building, 3° Floor, Bank
Lane and East Street North, in the City of Nassau,
The Bahamas on Friday the 18" day of March, A.D.,
2011 at 11:30 o'clock in the forenoon.

Dated this 24'" day of November, A.D., 2010

REGISTRAR

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



NEW YORK

Worsening fears about the nuclear crisis in Japan shook finan-
cial markets Wednesday.

Stocks opened lower then dropped sharply in midmorning trad-
ing after the European Union's energy chief was quoted as saying
that Japan's nuclear crisis could get worse. Treasury prices jumped,
sending yields to their lowest levels this year as investors piled into
investments seen as being more stable.

The Dow Jones industrial average fell 265, or 2.3 percent, to
11,590. The Standard & Poor's 500 index fell 29, or 2.3 percent, to
1,253. All 10 company groups in the S&P 500 fell. The index has
dropped 3.5 percent this week and has now given up all its gains for
the year.

The CBOE Market Volatility Index jumped 18 percent, a sign
that investors expect more volatility in the stock market.

Japan temporarily suspended work at a stricken nuclear plant
after a surge in radiation made it too dangerous for workers to
remain there. That came a day after Japan's prime minister said
four crippled reactors at a nuclear power plant were leaking dan-
gerous amounts of radiation.

The Nasdaq composite index fell 57, or 2.2 percent, to 2,610.

The yield on the 10-year Treasury note fell as low as 3.15 percent,
the lowest level this year. In midafternoon trading the yield was 3.17
percent.

The dollar dropped to its lowest point in almost 16 years against
the Japanese yen, briefly falling under 80 yen. The dollar is now
close to its lowest point of the post-World War II era: 79.75 yen
reached in April 1995.

A stronger yen hurts Japan's exporters, potentially dealing
another blow to the economy already racked by an earthquake,
tsunami and evolving nuclear crisis.

Japan's economy, the third-largest in the world after the U.S. and
China, accounts for about 10 percent of U.S. exports.

The Commerce Department reported that new home construc-
tion fell to the second-lowest level on record in February, reflect-
ing weak demand. Homebuilders Lennar Corp. and D.R. Horton
Inc. each fell more than 2 percent.

Wholesale prices rose last month by the most in nearly two
years due to higher energy costs and the biggest increase in food
prices in 36 years. Shares of companies affected by higher food costs
fell. McDonald's Corp. and Starbucks Corp. both fell 2 percent.

DOLLAR TOUCHES BELOW 80
YEN, NEAR POSTWAR LOW

NEW YORK

The dollar dropped to its
lowest point in almost 16 years
Wednesday — briefly touching
below 80 yen — amid a per-
ilous nuclear crisis in Japan,
debt woes in Europe, tension
in the Middle East and weak
economic reports in the U.S.

The dollar is now close to its
lowest point of the post-World
War II era — 79.75 yen struck
in April 1995 — as leaks of
radioactivity from a stricken
Japanese nuclear plant have
deepened the Asian country's
woes following last week's mas-
sive earthquake and tsunami.

Many analysts have said they

GN-1185

GOVERNMENT NOTICE
CUSTOMS DEPARTMENT

Sale by Tender

It is hereby notified that the under-mentioned vessels have been confiscated
following breaches of the Laws of the Commonwealth of The Bahamas and

will be sold by tender:-



MAKE | MODEL ENGINE

SERIAL NO.



Chaparral 238.23 Ft.
Carvar 27Ft. Santego

Slick Craft | 31 FT

Angler 23Ft. 1978

1-350 Chevy (Inboard)
Twin-180 Mercruisers (Inboard)
Twincruisers (Inboard)

FGBCO2280888

CDRH62520888
SSU58053F889

TFwincruisers (Inboard) ANGC4905M78E





Chris Craft | 26Ft. 1981 | Twincruisers (Inboard) CCVAF174M81E
Angler 24Ft. 1996 | 1-225 HP Evinrude (Outboard) ANGF43378696

Fab. Boat
Well Craft

1-Volvo Penta (Inboard)
Twin-400 HP Ford (Inboard)

[04217224 | 7224

LAR724D388

These vessels may be inspected by contacting the Superintendent, Bahamas
Customs, Freeport Harbour, Freeport, Grand Bahama, Monday thru Friday

9:00 am to 4:00 p.m., at telephone # (242) 352-8500.

Tender forms are obtainable from the Office of the Comptroller of
Customs, Bahamas Customs, Thompson Boulevard, Nassau, Bahamas and
the Superintendent, Bahamas Customs, Freeport Harbour, Freeport, Grand
Bahama. Tenders should be submitted in SEALED ENVELOPES to the
Office of the Comptroller of Customs, Bahamas Customs, Customs House,

Thompson Boulevard, Nassau, Bahamas.

The face of the envelope should bear the words:-

“TENDER FOR VESSEL”

Tenders submitted with the foregoing should be received by 5:00 p.m. on

Friday, 1st April, 2011.

The right is reserved to reject any or all tenders. The vessels are being sold
“as is where is”.

The successful bidder will, on making full payment assume all risks for the
item (s) sold and for making arrangements for its removal within seven (7)

days after payment.

No guarantee is given as to the eligibility of these vessels for registration.

Glenn Gomez
Comptroller of Customs



Michael Woolfolk, senior cur-
rency strategist at Bank of New
York Mellon Corp. in New
York.

Meanwhile, the euro
dropped to $1.3922 from
$1.4000 and the British pound
fell to $1.6007 from $1.6092
amid tensions from elsewhere
around the globe.

Portugal raised $1.4 billion
in a debt auction Wednesday,
but the indebted country had
to pay higher interest rates to
investors a day after Moody's
downgraded its credit rating,
refocusing some attention on
Europe's debt crisis.

In the Middle East, soldiers
and police cracked down on
hundreds of protesters in
Bahrain, a neighbor of Saudi
Arabia, the world's biggest pro-
ducer of oil. If upheaval spills
into Saudi Arabia, oil produc-
tion could be greatly affected.
A Saudi-led force is already in
Bahrain, and analysts fear ten-
sions between Saudi Arabia
and its Shiite rival Iran, anoth-
er major oil producer. Iranian
President Mahmoud
Ahmadinejad on Wednesday
denounced the Bahraini gov-
ernment's moves and the Saudi-
led forces in Bahrain.

There were also negative sig-
nals for the U.S. economy
Wednesday in government
reports.

The Labor Department said
producer prices in the US.
posted the steepest rise last
month since June 2009 because
of climbing food and energy
prices. But apart from those,
inflation remained muted in
February, suggesting the Fed-
eral Reserve isn't likely to raise
interest rates any time soon.

Higher rates, used to fight
inflation, tend to support a cur-
rency.

Another government report
on housing indicated that the
real estate market was a long
way from a recovery, weighing
on the broader economy.
Home construction dropped
22.5 percent in February from
January to a seasonally adjust-
ed 479,000 homes last month.
That's the lowest level since
April 2009 and the second-low-
est on record. Permits to start
new projects fell to the lowest
level on records going back to
1960.

"With core (producer prices)
inflation still low and the eco-
nomic recovery constrained by
the continued weakness in
housing, the Fed is not going
to respond by tightening poli-
cy,” wrote Paul Ashworth, an
economist with research firm
Capital Economics, in a
research note.

The Fed on Tuesday
remained committed to seeing
its $600 billion bond-buying
program through June, which
is meant to lower long-term
interest rates, and reiterated
that it would hold the key US.
interest rate near zero for an
"extended period."


THE TRIBUNE

MONTPELIER, Vt.

When the federal Nuclear
Regulatory Commission
announced last week that it
would grant the Vermont Yan-
kee nuclear plant a 20-year
extension on its operating
license, the plant's supporters
won a fresh and strong talking
point toward improving the
reactor's political fortunes in
Vermont.

Only hours later, the devas-
tating earthquake and tsunami
in Japan set off a disaster at
reactors of the same design and
vintage as Vermont Yankee.
Politically, the trouble-plagued
plant's chances appeared
doomed.

"I don't think they had a
pulse last week, but we've



POWER PLANT: In this Dec. 12, 1997 file photo, the Vermont Yankee
nuclear power plant is shown in Vernon, Vt.

The Bridge Authority
NOTICE

All Paradise Island Employers & Employees, all Paradise Island Residents, all
Transportation Companies and the General Public are hereby notified that The
Bridge Authority will be undertaking inspection works to the NEW Paradise Island
Bridge with effect from the Monday March 21* to Friday Apnl 1* 2011. This exercise
will affect the Easter side of the westem Bridge and Lane 4 of the Toll Plaza

The inspection work will be conducted during off-peak traffic times between the
hours of 10:00am = 3:00pm, Monday to Friday. Work may resume after 3:30pm or
when traffic reduces, if needed, in onder to ensure that work is completed on
schedule.

Individuals, who access Paradise Island via Transponders in Lane 4, can now utilize
their Transponders in any one of the other lanes.

The Bridge Authority apologizes for any inconvenience caused, and assures if
Customers and Stakeholders, that all efforts will be made to have the inspection
works conduded as quickly as possible.

Billy Scavella
Genera! Manager
The Bridge Authanty

Gâ„¢ 11

GOVERNMENT NOICE

MINISTRY OF LABOUR &
SOCIAL DEVELOPMENT

NOTICE

5. NO. 26 OF 2008

PRICE CONTROL ACT
(CHAPTER 339)

PRICE CONTROL (GENERAL AMENDMENT) (NO. 5)
REGULATIONS, 2008

The public is advised of the following regulations made by the Minister in exercise of the powers
conferred by section 3 of the Price Control Act (Ch 339).

i. Citation.

These Regulations may be cited as the Price Control (general) Amendment)
(No. 5) Regulations, MWg,

Revocation and replacement of regulation 6 of 5.1. No, 18 af 1973,
A retailer shall display the retail price of an article:-

(a) by posting that price imumediately below or above the article; or
(b} by muirking, that price on the article so that it shall be clearly legible to the consumer.

No retailer shall display, post or mark than one retail price in relation to the same
article unbess he does. so for the purpose on lowering the retail price of that article,

Where more than one price is displayed or posted in relation to an article, or marked
on an article that article shall be sold at the lower price that is displayed, posted or marked.

In construing this regulation, a price marked on the article by the exporter or manufacturer shall
be disregarded

Signed

picked out the casket now,"
said Rep. Tony Klein, chairman
of the Vermont House com-
mittee that oversees Vermont
Yankee, said of the plant's
political prospects in the state.

Nuclear politics is unusually
raw in Vermont, the only state
with a law calling on its legisla-
ture to give the OK before reg-
ulators give the state's approval
for the license extension.

But across the country, the
nuclear industry is coming
under new scrutiny, with ques-

THURSDAY, MARCH 17, 2011, PAGE 13B

tions being raised about
whether a big dose of bad news
about the technology might
cool the ardor for a renaissance
in the industry.

"The timing could not be
worse,” said Richard Levick,
CEO of Levick Strategic Com-
munications, a Washington-
based firm that advises compa-
nies on how to handle public-
relations crises.

"We saw the American
nuclear industry really starting
to reposition itself for growth.

Japan crisis renews US debate over nuclear power

At best this is a short-term set-
back."

The government has already
offered $18.5 billion in loan
guarantees for new nuclear
plant construction, and Presi-
dent Barack Obama, a strong
supporter of building new reac-
tors, has asked in his recently
proposed budget for $36 billion
more. Of the money already
allocated, $8 billion is ear-
marked for a new plant in
Georgia, due for a ground-
breaking later this year.

GN-1186

GOVERNMENT NOTICE
NOTICE

The Royal Bahamas Defence Force invites bids to the Tender
Board for insurance coverage on the Royal Bahamas Defence Force’s
Patrol Craft, Musical Instruments and Warehouses. In addition, the
coverage must include the vessels transitioning the Caribbean and the
East Coast of the United States.

2. Specifications and schedules of assets can be obtained from the
Ministry of Finance Wallace~Whitfield Centre, P.O. Box N-3107, West
Bay Street Monday through Friday between 9:00a.m. to 5:00p.m.
The quotes must be itemized to show the following:

The Hull and Machinery

War Risk

Increased Value

Protection and Indemnity
3. In providing quotations in respect to all the above categories for
the Royal Bahamas Defence Force, the date for commencement of
coverage is 25 April 2011 and will run for one year through 24 April
2012. The final date of submission is Friday 25 March 2011.
4. All submissions are to reach the Ministry of Finance and addressed

to the Financial Secretary, Cecil Wallace-Whitfield Centre, P.O. Box N-
3107, West Bay Street by 12:00 noon on the above-mentioned date.

GN-1184

GOVERNMENT NOTICE

Ministry of Finance

Notice

Sale By Tender

It is hereby notified that the undermentioned items have been forfeited to the
Crown following breaches of the Laws of The Bahamas and will be sold by
tender:-
VESSEL
“Captain Alfredo”

“Myra Dawn”

TYPE & REGISTRATION NO.
Steel Hull — Reg # BP 562
Steel Hull — Reg # BP 678

These vessels may be inspected by contacting the Base Executive Officer,
Royal Bahamas Defence Force, Coral Harbour, between the hours of 2:00
p.m — 4:00 P.m, Monday to Friday.

Tender forms for submission are obtainable from the office of the Financial
Secretary, Ministry of Finance, 3 Floor, Cecil Wallace Whitfield Centre,
Cable Beach, Nassau and should be returned to that office in a SEALED
ENVELOPE

The face of the envelope should bear the words:-

“TENDER FOR CONFISCATED VESSEL”

Tenders submitted with the foregoing should be received by 12:00 noon,
Friday March 16", 2011.

The right is reserved to reject any or all tenders. The vessels are being sold
“as is where is”.

The successful bidder will, on making full payment assume all risk for the
item sold and for making arrangements for its removal with seven (7) days
after payment.

For vessels that are not registered in The Bahamas, no guarantee is given as
to their eligibility for registration.

Ehurd Cunningham
Financial Secretary (Actg)
PAGE 14B, THURSDAY, MARCH 17, 2011

Graphic signs of design addiction



FROM page 2B

to point out that you're sit-
ting in front of the computer
with all the lights off, and
haven't noticed

* You're in the sun and
you look around for a Drop
Shadow to sit under.

* You give your relatives
a lecture about colour
spaces and profiles when
you e-mail your vacation
photos.

* You maintain a grid sys-
tem for your refrigerator
magnets.

* You sit at work for eight
hours staring at your moni-
tor, waiting for a spark of

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT
COMMON LAW AND EQUITY DIVISION

2008

CLE/GEN/01665

IN THE MATTER of the Property comprised in an
Indenture of Mortgage dated the 31° day of October,
A.D. 2000 and made between Kevin Bethel and
Denise Bethel as Borrowers and FirstCaribbean
International Bank (Bahamas) Limited (formerly CIBC
Bahamas Limited)

AND IN THE MATTER of the Conveyancing and Law
of Property Act, Chapter 138 of the Revised Statute
Laws of the Commonwealth of The Bahamas.
BETWEEN

FIRSTCARIBBEAN INTERNATIONAL BANK
(BAHAMAS) LIMITED
(formerly CIBC Bahamas Limited)

Plaintiff
AND
KEVIN BETHEL

AND
DENISE BETHEL

Defendants

NOTICE OF APPOINTMENT TO
HEAR THE ORIGINATING SUMMONS

TAKE NOTICE that the Originating Summons filed
herein will be set down to be heard on Friday the
3 day of April, A.D., 2009 at 10:00 o’clock in the
forenoon before Justice, Stephen Isaacs, Justice of
the Supreme Court, Fourth Floor, Marlborough Street
Annex, British American House, Marlborough and
George Streets, Nassau, The Bahamas.

Dated the 8'" day of November, A.D., 2008

REGISTRAR

This Notice is issued by Gibson, Rigby & Co., Chambers,
Ki-Malex House, Dowdeswell Street, Nassau, The Bahamas,
Attorneys for the Plaintiff.

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT
COMMON LAW AND EQUITY DIVISION

2008

CLE/GEN/01665

IN THE MATTER of the Property comprised in an
Indenture of Mortgage dated the 31% day of October,
A.D. 2000 and made between Kevin Bethel and
Denise Bethel as Borrowers and FirstCaribbean
International Bank (Bahamas) Limited (formerly CIBC
Bahamas Limited)

AND IN THE MATTER of the Conveyancing and Law
of Property Act, Chapter 138 of the Revised Statute
Laws of the Commonwealth of The Bahamas.

BETWEEN

FIRSTCARIBBEAN INTERNATIONAL BANK
(BAHAMAS) LIMITED
(formerly CIBC Bahamas Limited)
Plaintiff
AND

KEVIN BETHEL
AND

DENISE BETHEL
Defendants

NOTICE OF ADJOURNED HEARING

TAKE NOTICE that the Notice of Appointment to
Hear the Originating Summons filed on the 8 day of
December, A.D. 2008 and set down to be heard on
Thursday the 17 day of February, A.D., 2011 at 10:
00 o’clock in the forenoon will now be heard before
the Honourable Justice, Stephen Isaacs, Justice of the
Supreme Court, Senate Building, Parliament Street,
Nassau, The Bahamas on Monday the 4* day of
April, A. D., 2011 at 10:00 o’clock in forenoon.

Dated this 21% day of February, A.D., 2011

REGISTRAR

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



inspiration that doesn't
come.

* You're up until 5am
because you came up with
the best idea ever while
brushing your teeth.

* Looking at a menu
makes you go "hmmm, ITC
Baskerville italic" rather
than "mmmm, lunch!"

* Your best friends are all
employees at the local print
shop

* The only people who
seem to know what you do
for a living are other graph-
ic artists.

* Several South American
economies suffer noticeably
whenever you attempt to
give up coffee, or even cut
your consumption by half.

* You know that "bleed-
ing” doesn't hurt.

* When you know the dif-
ference between fuchsia,
magenta and maroon.

* You've considered nam-
ing your children things like
‘Kern’, 'Pica’, 'Bézier', and
‘Serif’.

* When you can't remem-
ber the word ‘fog’, and
instead refer to it as the
‘Gaussian Blur’.

* When you write essays,
papers, and letters with
InDesign.

* You look forward to
seeing PMS

* Printing your wedding
invitations costs more than
the dress, engagement ring
and honeymoon combined.

* Your favourite scene in
American Psycho is where
they discussed business
cards

* When your mouse mat
is also your placemat

* You've named your fish
Gill Sans

* You consider meal time
as interruptions.

* You clean your key-
board more often than you
wash your car.

* You'd rather organise
your desktop than your sock
drawer.

* You bookmark a
resource more often than
you have a fun night out on
the town.

* You can’t go to a restau-
rant without secretly cri-
tiquing the menu design.

* You have an amazingly
huge font collection, and an
amazingly short temper.

* Tf you had a penny for
every mouse click, you
would have been a trillion-
aire three years ago.

* You will ONLY work
ona Mac.

* You can tell the differ-
ence between Helvetica and

Securit_y
AML Foods Limited
Bahamas Property Fund
Bank of Bahamas

9.05
4.40
O.17
2.70
1.96

Benchmark
Bahamas Waste
Fidelity Bank
Cable Bahamas
Colina Holdings

9.43.
ee
5.80
1.80
1.40
B25.
5.65.
8.77
4.57
1.00
5.50.
9.80
10.00

Doctor's Hospital
Famguard
Finco

Focol (S)

ICD Utilities
J. S. Johnson

S2wk-Hi__52wk-Low
99.46
100.00
100.00
100.00
100.00

52wk-ILow

RND Holdings

ABDAB
RND Holdings

Fund Name
CPAL Bond Fund
CPFAL MSI Preferred Fund
CPFAL Money Market Fund
Royal Fidelity Bahamas G & | Fund
Royal Fidelity Prime Income Fund
CFAL Global Bond Fund
CFAL Global Equity Fund
FSG Financial Preferred Income Fund
FG Financial Growth Fund
FG Financial Diversified Fund
Royal Fidelity Bah Int'l Investment Fund Principal

1.4076
2.8300
1.5141
2.8522
13.0484
101.6693
99.4177
1.0000
1.0000
1.0000
9.1005
10.0000
9.1708 _ Royal Fidelity Ban
4.8105

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

ghted price for daily volume
‘ed price for daily volume

Today's Close
Change - Chan:
Daily Vol. - Num

m day to day
aded today

hare paid in the last 12 months
ded by the last 12 month earnings

P/E - Closing pri
KS) - 4-for-1 Stock Split - Effective Date 8/8/2007
KS1) - S-for-1 Stock Split - Effective Date 7/11/2007

Commonwealth Bank (S1)
Consolidated Water BDRs

FirstCaribbean Bank

Focol Class B Preference

Premier Real Estate

Security
Bahamas Note 6.95 (2029)

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

Symbol
Bahamas Supermarkets

Arial immediately.

* You colour coordinate
everything (food in refrig-
erator, cds, dvds, etc.

* Command + Z (undo
keys) comes to mind when
you make a mistake in real
life situations.

* Every time you are
wrapping up leftovers you
are haunted by the filter
plastic wrap.

* When someone gives
you an invite or business
card, you are more excited
to see the design than the
content.

* You say ‘why didn’t I
think of that’ when you see
an awesome design.

* You don’t care what the
words say; you’re just con-
cerned with how many
words there are.

* You still enjoy buying
toys and have one sitting on
your desk now.

* You use your pantone
book instead of a paint chip
for remodelLing your bed-
room.

* Most of the work in
your portfolio is not the
work that the client actually
approved, but the design
you liked best.

* Lock up doesn’t mean
going to prison for you.

* Your friends and family
members on a regular basis
want your services for free
or extremely cheap.

* You request a vector
logo and you get a pixilated
72dpi jpeg from the web
(placed in a Word document
of course!).

* You buy a bottle of wine
purely on the design of the
label only

Finally, you know you are
definitely a graphic or devel-
oper geek when..... you can
understand EVERY-
THING placed on this list.
So until we meet again, have
fun, enjoy life and stay on
top of your game.

NB: Author welcomes feed-
back at deedee2111@hot-
mail.com

INSIGHT

For the stories

behind the

news, read
Insight

on Mondays



ROYAL FIDELITY

Moray at Winerk

THE TRIBUNE

COMMONWEALTH OF THE BAHAMAS 2009
IN THE SUPREME COURT

COMMON LAW AND EQUITY DIVISION CLE/GEN/00698

BETWEEN

FIRSTCARIBBEAN INTERNATIONAL BANK
(BAHAMAS) LIMITED

Plaintiff
AND

GAY CINDYANN GARDINER
Defendant
NOTICE

TO: GAY CINDYANN GARDINER of Rico
Street Citrus Meadows, Nassau, The Bahamas

TAKE NOTICE that an action has been
commenced against you in the Supreme
Court being Action CLE/gen/00698 of 2009
by FIRSTCARIBBEAN = INTERNATIONAL
BANK (BAHAMAS) LIMITED, its Collections/
Recovery Department situate at Independence
Highway, Nassau, The Bahamas, in which the
Plaintiff is claiming breach of a demand loan
dated the 21% day of May A.D., 2007 made
between you as Borrower and FirstCaribbean
International Bank (Bahamas) Limited as

Lender and the Bank claims against you the
sum of $6,471.05 as of the 27" day of April,

A.D., 2009 along with contractual interest at the
rate of 19% per annum and statutory interest
pursuant to Section 2 of Civil Procedure
(Award of Interest) Act, 1992 and costs.

TAKE FURTHER NOTICE that an Order was
granted on the 2â„¢ February, 2011 for the Writ
of Summons filed herein on the 30" day of
April, A.D. 2009 to be renewed for another
period of twelve (12) months from its expiry
date and shall now stand to expire on the 29"
April 2011.

TAKE FURTHER NOTICE that it was ordered
by the Supreme Court that service of the
aforesaid Writ of Summons in the said action
be effected on you by this advertisement.

AND FURTHER TAKE NOTICE that you
must within fourteen (14) days from the
publication of this advertisement inclusive
of the day of such publication, acknowledge
service of the said Writ of Summons by filing
a Notice of Appearance and a Memorandum
of Appearance, otherwise Judgment may be
entered against you.

DATED this 18" day of February, A.D., 2011

GIBSON, RIGBY & CO.
CHAMBERS
Ki-Malex House
Dowdeswell Street
Nassau, The Bahamas

Attorneys for the Plaintiff



= EG
>

CAPITAL MARKETS
BROKERAGE & ADVISORY SERVICES

BISX LISTED & TRADED SECURITIES AS OF:
TUESDAY, 15 MARCH 2011
BISX ALL SHARE INDEX: CLOSE 1,447.31 | CHG -10.59 | %CHG -0.73 | YTD -52.20 | YTD % -3.48
FINDEX: YEAR END 2008 -12.31%
WwWwWw.BISXBAHAMAS.COM | TELEPHONE: 242-323-2330 | FACSIMILE: 242-323-2320

1.09,
10.63
4.40
0.18
2.70
1.96
10.21
2.40
6.82
2.14
1.40
5,25
5.88
o.39
5.47
1.00
7.40
9.82
10.00

Symbol
BAH29
FBB17
FBB22
FBB13
FBB15

Previous Close Today's Close

Change Daily Vol. Div $

4,609
10.63
4.40

0.18
2.70
1.96

9.43.
2.40
6.82
2.10
1.40

5.25.

5.88
9.35
5.47
1.00
7.40
9.82
10.00
BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing basis)
Last Sale
99.46
100.00
100.00
100.00
100.00

8.6
18.9
12.1
N/M
616.7
11.4
8.3

-0.04
0.00
0.00
0.00
0.00
0.00
Change Interest
0.00
0.00
0.00
0.00
0.00

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

Prime + 1.75%
7%
Prime + 1.75%

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

Bid ®
NVA
0.35

Ask &
NVA
0.40

Last Price
14.00
0.55

EPS $
-2.945
0.001

Div &
0.000
0.000

P/E
N/M
256.6

Daily wea. Yield

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

30.13
0.45

31.598
0.55

29.00
o55:

4.540
0.002

0.000
0,000

9.03.
261.90

BISX Listed Mutual Funds

NAV
15178
2,9486
1.5837
2.7049

13.4392
114.3684
106.5528

1.1465
1.1185
1.1491

9.7950,

10.6417

1vestment Fund Principal
Protected TIGRS, Series 3
Royal Fidelity Intl Fund - Equities Sub Fund

10.1266
8.4510

YTD%

5.51%
0.04%
0.61%

-0.56%

0.61%
9.98%
4.75%
5.20%
4.73%
5.35%

4.85%

-1.20%

1.27%
0.72%

NAV 3MTH
1.498004
2.918256
1.564030

NAV GMTH
1.475244
2.910084
1.545071

NAV Date
30-Nov-10
28-Feb-11
11-Feb-11
31-Jan-11
31-Jan-11
30-Jun-10
30-Sep-10
31-Dec-10
31-Dec-10
31-Dec-10

Last 12 Months %
6.90%
1.45%
4.59%

-15.54%
-0.22%
12.49%

7.18%

109.392860
100.779540

107.570619
105.776543
5.20%
4.73%
5.35%
5.45% 30-Nov-10
0.50% 30-Nov-10

1.27%
9.95%

31-Jan-11
31-Jan-11

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

Ask $ - Selling price of Col
Last Price - Last traded over-the-counter price
Weekly Vol. - Tradi

and fidelity

me of the prior week

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

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

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


(i The Tribune

im lowin’ it

HIGH
LOW

BRIGHT

82F
70F

Volume: 107 No.96

THURSDAY, MARCH 17, 2011

YOUR SOURCE FOR OBITUARIES



PRICE — 75¢

LATEST Waist Nee ON WWW.TRIBUNE242.COM

MOT 0 BUT NOBODY - BEATS THE TRIBUNE

INSIDE TODAY 7 |

(Abaccimes





PM: Early election if
BIC sale not passed

Ingraham says no
sale would be a ‘vote
of no confidence’

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

IF THE government is
unable to pass the sale of
BTC in the House of
Assembly, Prime Minister
Hubert Ingraham said he
will be forced to call an ear-
ly election as such a move
will signal a vote of no con-
fidence in his administration.

On Tuesday night, Prime
Minister Ingraham chaired
a meeting with all FNM gen-
erals, MPs, Cabinet Minis-
ters, and party officers ona
variety of subjects, but main-
ly the party’s upcoming ral-

ly on Saturday night that will
deal specifically with the sale
of BTC.

According to sources at
this meeting, it was made
clear that the Parliamentary
vote to sell 51 per cent of
BTC to Cable and Wireless
will be a critical vote for the
party.

Reportedly, at this mect-
ing, all FNM MPs were pre-
sent except for the party’s
MP for Bamboo Town,
Branville McCartney, who
has already stated publicly
that he is unsure of how he
will vote on this sale.

SEE page 13

UNIONS GRANTED LEAVE TO
APPEAL JUDGE'S BTC DECISION

THE unions attempting to block the sale of 51 per cent of
BTC to Cable and Wireless were granted leave yesterday to
appeal a judge’s decision which stated that they lacked the

legal standing to bring a suit.

In January, the Bahamas Communications and Public Offi-
cers Union (BCPOU) and the Bahamas Public Managers
Union (BCPMU), filed a joint action in the Supreme Court rais-

SEE page 17

ORIGINAL $

SF

COMBOS =

Carer bom my

ORIGINAL WHOPPER
COMBO

ORIGINAL CHICKEN
SANDWICH COMBO



NASSAU AND BAHAMA ISLANDS’ LEADING NEWSPAPER





and Bahama $1.25)

e Wary

i

-
~
at

~ 7 ed (of







ae







ti























NEW REALITY: Some
of those affected by

Tuesday’s fire speak to
The Tribune yesterday.

Tim Clarke/Tribune staff

GOVT ‘CONSIDERS ELIMINATING
ST ANNE'S CONSTITUENCY,
MAKING YAMACRAW LARGER’

THE Government of the Bahamas is



a



BUN













By CELESTE NIXON
? Tribune Staff Reporter
cnixon@tribunemedia.net

reportedly giving consideration to eliminating }

the constituency of St Anne’s and creating a

eral election.

the matter, it is believed that Deputy Prime
Minister Brent Symonette would still be the :
party’s candidate for the then larger

SEE page 15

ep Marathon Mall - essa

i prime minister said:

SEE page 17

CDMS pu
Pe TREE

ROBIN HOOD OWNER ‘SHOCKED’
BY PRIME MINISTER’S COMMENTS

BUSINESSMAN Sandy Schaefer said he
_ ¢ was "shocked and taken aback” after Prime
ee eee i Minister Hubert Ingraham lashed out at the
. ? Robin Hood owner for his criticisms of the
pore tee eee eeu ? road work project on Prince Charles Drive.
Speaking of Mr Schaefer yesterday, the
“It is most regrettable

: : : ? that such a person has been allowed to have
Yamacraw constituency, running against the :

PL Ps ME Melanie Gettin: that type of business in the country. He is not







PAE MTU

THE PLP ‘IS NOT
ORGANISING BIC
DEMONSTRATION’

? By TANEKA

:? THOMPSON

i Tribune Staff Reporter

| Benmore reer

THE Progressive Liber-
i i Party is not organising
i protesters to flock to Par-
: liament next week for an
i anti-privatisation demon-
: stration, said party chiefs
i yesterday.

If PLPs do protest it will
i be because of their per-
: sonal beliefs not party affil-
: iation or on orders from

SEE page 14



By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net




DISPLACED fire vic-
tims struggle to cope with
their new reality in the
aftermath of the devastat-
ing bush fire that destroyed
their homes.

Taking up temporary
lodging at the Corner
Motel, Faith Avenue, the
former residents of Fergu- ["""
son Subdivision told The
Tribune their primary focus
was to secure future accom-
modations as they are
determined to keep their
immediate and extended
families together.

Jessica Kerr, a 21-year-
old hair stylist, said: “We’re
just taking one day at a
time. We will be staying
here for a week, but the
problem is finding a place
after that. They (Social Ser-
vices) said they will pay the
first and last month’s rent
but where can we find a

SEE page 15












- Harbour Bay - Palmdale >