Citation
The Tribune.

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

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

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

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University of Florida
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Full Text
THE TRIBUNE





WHEN leaders from bank-
ing institutions around the
world gather in the Bahamas
at this week’s World Confer-
ence of Banking Institutes,
many executives will be seek-
ing to share strategies and
ideas for creating a progres-
sive financial services envi-
ronment.

For RBC, that innovation
starts with its employees.

“The only way we can build
a sustainable competitive
advantage is through our peo-
ple,” says Manny Sousa, head
of HR for International Bank-
ing, Global Insurance and
Group Risk Management for
RBC Royal Bank. “Our goal
at RBC, both here in the
Bahamas and around the
globe, is to attract and retain

the best talent, to develop
strong leaders and to foster a
great place to work in which
people are inspired to do their
best.”

RBC consistently ranks
among the top corporations
globally and in Canada. RBC
was recently named one of
the Best Workplaces in Cana-
da and one of Canada’s Best
Diversity Employers in a
national competition that
recognises organisations for
diversity and inclusion.

More broadly, RBC was
named one of the most sus-
tainable large corporations in
the world, according to the
seventh annual "Global 100:
Most Sustainable Corpora-
tions in the World” ranking.
RBC is also part of the 2010-

MONDAY, MARCH 21, 2011, PAGE 19

LOCAL NEWS

RBC focuses on heing an employer
of choice and building competitive
advantage through people

2011 Dow Jones Sustainabili-
ty World Index and the DJSI
North American Index, and
is recognised as one of
Canada's Greenest Employ-
ers and one of Canada's 50
Most Socially Responsible
Corporations.

“One of our core strategies
is to be an employer of
choice,” says Mr Sousa.
“RBC could not achieve any
of these accolades without a
consistent focus on our people
and communities.” Mr Sousa,
an RBC executive with more
than 25 years of international
human resources experience,
is a featured speaker at the
19th World Conference of
Banking Institutes, hosted by
the Bahamas Institute of
Financial Services.





beeded

REPUBLIC OF GHANA AMBASSADOR PAYS COURTESY CALL ON PRIME MINISTER

PETER L. RAMSAY/BIS Photo

Bahamas from the Republic of Ghana, during a courtesy call at the Office of the Prime Minister on Cable

Beach on Thursday.

“It feels good to choose a health plan

INSIGHT

For the stories behind the news, read Insight on Mondays

MIRO T as 0 7
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competitive prices and full seryice department,
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Cc ; imagination at work

aes tela saieniecsiieiemeo le oe ae



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is

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COLGHIAL G2OUP

[CH TEEHATIONAL





PAGE 20, MONDAY, MARCH 21, 2011

THE TRIBUNE



LOCAL NEWS

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TREKKING: GGYA participants on the silver qualifying adventurous journey in Central Andros this past weekend.

Hundreds trek
towards awards

FRESH off a bronze qualifying expe-
dition in North Eleuthera, 150 students
— representing a variety of schools and
backgrounds — are well on their way to
receiving their first Governor General’s
Youth Award (GGYA).

With 16 adult supervisors in tow,
participants from C R Walker, C C
Sweeting, Government High, St John’s
and Queen’s College spent two days
and one night away from home on
March 12 and 13. It was the program-
me's fourth expedition this year.

Last year the government announced
it would partner with the GGYA pro-
gramme through the GOLD Initiative.
GOLD is an acronym for “Greatness,
Opportunity, Leadership and Devel-
opment”. The partnership aims to
make the GGYA available to more
Bahamians from age 14 to 25.

The GGYA is a member of the
International Award Association for
Young People, headquartered in the
United Kingdom. The award pro-
gramme is based in 129 countries
world-wide. Since 1987, the Bahamas’

programme has catered to more than
8,000 youths. Participants improve
physical fitness, develop important
skills, provide valuable community ser-
vice and take adventurous journeys in
order to achieve a bronze, silver, or
gold award.

The latest batch of backpack-toting
participants for the bronze award jour-
neyed about 15 miles in two days. They
camped in tents for one night and
cooked food over an open fire. Bronze
award winners must complete three
months of participation in a physical
recreation, a skill and a community
service, in addition to another three
months in any one of those three areas.
That amount of time doubles for a sil-
ver award, while the gold award
requires 12 months of each compo-
nent. The activities can be undertaken
simultaneously.

“We have had a lot of success at the
bronze level,” said the national execu-
tive director Denise Mortimer. “We’re
trying now to find avenues to dupli-
cate that level of success for the silver

and gold awards.”

This latest adventure was the sec-
ond bronze qualifying expedition of
the year. The first one was held Janu-
ary 28-29, with 123 participants taking
part in the event.

From February 18-20, a silver quali-
fying and a gold practice expedition
was held in Central Andros..

Approximately 44 participants were
involved in this journey. Another 68
persons completed a similar expedi-
tion the following weekend. “Overall,
the numbers are a little higher than
last year,” said Mr Mortimer. “There is
the potential for it to be so much more,
but we need to get the adult volun-
teers in place first. I feel very positive
that our numbers are really going to
expand.”

All volunteers must successfully
complete a vetting process and training
session. Unit leaders must be approved
by aschool's principal.

The next award ceremony is set for
March 23 at Government House for
gold award qualifiers.

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ENJOYING THE TRIP: Two GGYA participants are all smiles on their adventurous journey.



THE TRIBUNE

MONDAY, MARCH 21, 2011, PAGE 21



LOCAL NEWS

New dock set to be constructed
for residents of Current Island

By KATHRYN CAMPBELL
Bahamas Information Services

ELEUTHERA - Geleta
Turnquest looks forward to
the day when boats will be
able to dock at the main
government docks in Cur-
rent Island.

It’s not been easy for Ms
Turnquest and the other 50
residents who live in Cur-
rent Island since the old
concrete freight dock and
the wooden ferry dock were
damaged as a result of nor-
mal wear and tear and the
passage of hurricanes.

The government award-
ed a contract for
$214,959.30 on March 14 to
Complete Marine Services
to reconstruct and refurbish
the docks.

Neko Grant, Minister of
Public Works and Trans-
port, said the Government
anticipates that the docks
will “facilitate further
development of the fishing
and straw industries on this
island.”

“For the people of Cur-
rent Island this is a day of
jubilation,” said Ms Turn-
quest. “We are elated that
this Government has seen
fit to make life comfortable
for us.

“Without the use of a
dock we have to transport
people and freight from the
dock in The Current, over
to the land and come down
in a truck. When this dock
is completed the mailboat
will be able to dock here
and we would be able to
get our freight off and go
home with it. It is impor-
tant for us because there
are two trucks. Everyone
does not have transporta-
tion so we have to depend
on someone else.

“The island is open to the
ocean so when hurricanes
passed the force of the
wind sort of split the dock
in two. Hurricane Floyd
passed through and just
ripped it apart. It’s been
many years that we have
been without a dock,” she
added.

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and resident of Current Island.

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Saudi role in Bahrain brings regional stakes

DUBAI, United Arab Emirates
Associated Press

THE BATTLE for Bahrain is no
longer just on its shores.

It's now in Tehran, where the leader
of Friday prayers cursed the "enemy"
force that includes Saudi-led military
reinforcements for Bahrain's embattled
Sunni monarchy. It's in Iraq, with Shi-
ites marching under banners pledging to
join the fight in the Gulf kingdom.

When Saudi troops and other Gulf
forces moved into Bahrain this week,
the conflict was suddenly pushed onto a
larger stage with larger stakes — and, in
the process, becoming perhaps the most
complex showdown of the Arab world's

season of upheaval.

Tiny Bahrain — just a speck off the
Saudi coast on world maps — is now an
arena for some of the Middle East's
most pivotal tensions: the heavyweight
rivalry between Saudi Arabia and Iran,
the regional fallout from Shiite anger,
and Washington's efforts to influence its
strategic Gulf allies to counter Iran's
growing Mideast ambitions.

"Bahrain is several crises wrapped
into one package," said Theodore
Karasik, a regional affairs expert at the
Dubai-based Institute for Near East
and Gulf Military Analysis.

The rebellions in Yemen and Libya
also have highly important issues in the
balance, including the fate of Moam-

mar Gadhafi's eccentric regime and the
US.-led fight against an al-Qaida off-
shoot in Yemen's hinterlands. But
Bahrain's unrest resonates even wider.

It is both a bitter domestic duel —
between Sunni rulers and the majority
Shiites — and a crossroads for Gulf's
big three: Saudi Arabia, Iran and the
United States.

The fast-moving events of the past
week in Bahrain pushed each in dif-
ferent directions.

Saudi Arabia roared into action,
leading a 1,500-strong Gulf force to
aid Bahrain's reeling Sunni dynasty
after more than a month of protests
by Shiites seeking to break the royal
family's 200-year-old grip on power.

Hg NI



Patrick Hanna/BIS photo



It was the Gulf version of a rescue
mission: believing that any more
advances by protesters could embold-
en threats to Sunni leaders around the
region and allow Shiite power Iran to
carve out a foothold on Saudi Arabia's
doorstep.

Iran strongly denounced the mili-
tary intervention and pulled back its
ambassador to Bahrain. Iran's ally
Hezbollah in Lebanon also lobbed
insults at Saudi Arabia, and Shiites in
Iraq have staged a series of protest
marches.

USS. officials, meanwhile, are caught
in a policy bind. Washington has
opposed the introduction of the Gulf
military force in Bahrain, which hosts
the U.S. Navy's 5th Fleet. But the U.S.
also is standing behind Bahrain's lead-
ers, who say they invited the troops
from Saudi Arabia and the United
Arab Emirates.



BMDA 22nd Annual New Car Show - March 25 & March 26, 2011 - Mall at Marathon

The Tribune

Eahamas Motor Dealers
ASSOCIATION

Le ee, |





Ds toscana wtn tum COOOL

and deliver it to The Trbune on
Shiney Street, or place in bins
provided at the EMIDA Naw Car
Show at the Mall at Marathon

by Spm on Friday, March 2%, 202.



The $1,001) prize will only be redeemable towards
the purchase of a new car item participants at the
EMDA show.

All out the sttached antry form and deliver to Tdibune dally through Marah 25.
Only ORIGINAL nesrsprint entry forms will ba accepted. Photocoples are not
eligibie. Enter as many tines a3 you wish.

Aan
Address
Phonan











BREWERY’S
SOOMTAX
BURDEN BIGGER
THAN ANNUAL
PROFITABILITY

* Company facing
‘60/40 split’ in favour
of taxation’

* Cut Budget’s $10m
planned increase by

50%, but says still pay- :
ing 60% more than rival :
Sands :
* Hotels ‘not key driver’ }
for group’s sales, i
accounting for 10% of
top-line

* $4m exports stand at
5% of revenues, but
growth inhibited by

high production costs

By NEIL HARTNELL i
Tribune Business Editor ;:

COMMONWEALTH :
Brewery pays more in taxes }
to the Government per }
annum than it earns in prof- i
its, contributing $29 million }
to the Public Treasury in }
2010, in what is effectively :
a 60/40 split with profits. — }

Given the $19.126 million }
net profit generated by:
Commonwealth Brewery in i
2010, Michael Anderson, }

SEE page 4B

BREWERY
‘PREFERRED’
HIGHER

IPO PRICE

* Also wanted to
buy unsubscribed
shares, rather than
government

* But government’s
greater capital
markets role seen
as positive

By NEIL HARTNELL
Tribune Business Editor :

COMMONWEALTH }
Brewery’s managing director }
“would have preferred” to }
price the company’s $62.5 mil- }
lion initial public offering :
(IPO), which launches today, }
higher than the $8.33 per }
share value stipulated by the }
Government. :

While adding that “there’s }
no point in crying over spilt }
milk”, LeRoy Archer told }
Tribune Business in an exclu- }
sive interview that, if any of }
the 7.5 million shares being }
offered to Bahamian investors }
in the IPO were not sub- :
scribed for, he would have }
preferred that Common- }
wealth Brewery or its 75 per }
cent majority shareholder, :
Heineken BV, acquire these }
rather than have the Govern- }
ment act as standby purchas- }
er. :
“I would have preferred }
that we would have been able }
to offer shares at a higher val- }

SEE page 7B

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



THE TRIBUNE

usine

MONDAY,

MARCH 21,



2011



=e

BREITLING

Brewery: 35% output increase capabilities

By NEIL HARTNELL

Tribune Business Editor

COMMONWEALTH
Brewery is currently produc-
ing at 60-65 per cent capacity
due to the recession-induced
drop in demand for its drinks
products, its managing direc-
tor telling Tribune Business
that it will not need “substan-
tial investment” to raise out-
put back to peak 2006-2007
levels once the economy turns
around.

Enjoying an estimated 80
per cent share of the Bahami-
an liquor market, LeRoy
Archer said Commonwealth
Brewery’s short and long-
term profitability would large-
ly be driven by the domestic
economy - and how well and

* “No major investment’ required for production
expansion back to 2006-2007 levels

* 10% per annum cost cut targets successfully met
* Eyeing acquisition opportunities for domestic
market growth, including adding ‘fast consumer
goods’ to liquor stores

rapidly it rebounded - given
that the company had been
successful in its objectives of
cutting costs by 10 per cent
per annum.

Giving an insight into the
underlying performance of
Commonwealth Brewery,
whose $62.5 million four-
week IPO launches today, Mr
Archer told Tribune Business



BRENT SYMONETTE, Deputy Prime Minister, and Gerado Capo (centre)

pose for a picture at the ground breaking for a new luxury RockResorts
hotel and spa set to open in 2014. Pictured with them are members of the
Bahamian government, RockResorts, and the Capo family.

Photo/Joshua Prezant

450-seat ferry
‘game changer’
for Bimini, GB

By ALISON LOWE
business Reporter
alowe@tribunemedia.net

A 450-SEATER high-
speed ferry service scheduled
to start bringing passengers
to and from Bimini and the
Port of Miami this summer
will be a “game changer” for
the island, the head of a new
resort company managing the
Bimini Bay Resort and Mari-
na believes.

There is a possibility that
the vessel may also dock in
Grand Bahama, allowing vis-
itors to take day trips to both
of these islands from Florida
as often as six days a week.

Rafael Reyes, president of
RAV Bahamas, the Capo
Group subsidiary that is
developing the Bimini Bay
resort, revealed that his com-
pany is in the “final contrac-
tual stages” of arranging the
ferry service.

He was addressing a group
of gathered government offi-
cials, including Deputy Prime
Minister Brent Symonette
and Minister of the Environ-
ment, Earl Deveaux, repre-
sentatives of the Capo Group,
led by Gerardo Capo, and
RockResorts, the resort man-
agement company which took
over the operation of Bimini
Bay at the beginning of
March.

They, along with other
stakeholders and the media,
gathered at Bimini Bay on
Friday as the official signing
ceremony took place, which
transferred management
responsibility for the proper-
ty to RockResorts.

In an interview with Tri-
bune Business after the event,
Mr Reyes said of the ferry
service: “It is my father-in-
law, Gerardo Capo‘s vision.
He saw that it would create a
bridge between Miami and
Bimini. It’s natural. We’re
only 48 miles away and it’s an
hour-and-a-half ride on a
wave-piercing vessel that’s
250 feet long, 80 feet wide,
travelling at 34 knots.”

Tribune Business under-

stands that the service is to
be provided by a Spanish fer-
ry company, Balearia, which

SEE page 5B

that the offering would be a
really “good deal” once the
company was able to marry
current margins with the vol-
umes achieved in 2006 and
2007.

For that to happen it is
dependent on the overall
economy. Acknowledging
that Commonwealth Brewery
was at 60-65 per cent produc-
tion capacity, Mr Archer
explained: “Because of the
recession and drop in vol-
umes, we have enough to go

SHIPPER’S VESSEL
IS RELEASED

Dean’s Shipping
regains M/V Legend
II after paying
$75,000 to settle
debt, plus $65,000
in custody fees

By NEIL HARTNELL
Tribune Business
Editor

A BAHAMIAN ship-
ping company has recovered
its vessel from US custody
after agreeing to pay
$75,000 to the Palm Beach
Steamship Agency to settle
an alleged unpaid debt.

Dean’s Shipping Compa-
ny regained possession of its
M/V Legend II vessel last
Thursday, with the US Dis-
trict Court for southern
Florida dismissing the case
brought against it by the
Steamship Agency. An
intervening lawsuit brought

SEE page 7B



The Superocean Heritage 46

BREITLING BouTIqQui

ee ee |

back to 2006-2007 levels with-
out substantial investment in
tank or bottle capacity. We’re
waiting for the economy to
turn around so we can grow,
and grow the bottom line as
well.

“Trust me, if we can do the
volumes of 2006 and 2007 at
these margin rates, it will be a
good deal! I’m just looking
forward to growing the top
line and making the profits
we have done in the past.

“This is the year that we

hope the economy turns
around. As a result of that,
we will get some additional
employment and jobs coming
back, so people have more
money to spend on beers,
wines and spirits, and we can
watch this top line continue
to grow.”

The top-line revenue and
sales pressures generated by
the recession make Com-
monwealth Brewery’s recent
performance even more
praiseworthy. The company’s
net income and operating
income (EBITDA) grew in
2010 by 38.8 per cent and 23.8
per cent, respectively, to
$19.216 million and $19.943
million, compared to $13.843
million and $16.104 million in
2009.

Revenues fell year-over-
year by 2.2 per cent to

SEE page 6B

$62.5m IPO to ‘reignite’
cap market interest

* Placement agent says Brewery ‘priced at
15% discount’ to Tier 1 BISX stocks

* Acknowledges Bahamian equities market
‘stagnated and went backwards’ in past decade

* ‘This will be one of the most widely subscribed
offerings in Bahamian history’

By NEIL HARTNELL
Tribune Business Editor

THE $62.5 million Com-
monwealth Brewery initial
public offering (IPO) will
“reignite” interest in Bahami-
an capital markets that have
been “stagnant” for a decade,
its placement agent has told
Tribune Business, adding that
the company “is priced at a
discount of 15 per cent” to
current “Tier 1’ stocks listed
on the Bahamas Internation-
al Securities Exchange
(BISX).

Michael Anderson, Royal-
Fidelity Merchant Bank &
Trust’s president, said that
based on institutional and



MICHAEL ANDERSON

high net worth investor feed-
back, he had a “good feeling”
the largest IPO in Bahamian

SEE page 6B

BREITLING

INSTRUMENTS FOR PROFESSIONALS"





PAGE 2B, MONDAY, MARCH 21, 2011

THE TRIBUNE

SE aCe

By ROYALFIDELITY
CAPITAL MARKETS

IT WAS another busy week
of trading in the Bahamian
stock market. Investors trad-
ed in nine out of the 24 listed
securities, with three
advancers and three declin-
ers.

EQUITY MARKET

A total of 44,698 shares
changed hands, representing a
decrease of 17,532 shares
compared to the previous
week's trading volume of
62,230 shares.

AML Foods (AML) was
the volume leader, trading a
volume of 10,000 shares to
close unchanged at $1.09.



Bank of the Bahamas
(BOB) was the big advancer,
trading a volume of 6,416
shares, its stock price
increasing by $0.53 to close
at $4.93.

Commonwealth Bank
(CBL) traded a volume of
7,165 shares, its stock advanc-
ing $0.04 to close at $6.82.

Finance Corporation of the
Bahamas (FIN) traded a vol-
ume of 7,400 shares, its share
price advancing $0.22 to close
at $6.10.

Cable Bahamas (CAB) was
the big decliner, trading a vol-

ume of 3,467 shares to see its
stock price fall by $0.78 to
close at $9.43.

FirstCaribbean Interna-
tional Bank (Bahamas)
(CIB) traded a volume of
3,000 shares, its stock declin-
ing $0.10 to close at $9.30.

FamGuard Corporation
(FAM) traded a volume of
4,300 shares, its stock price
declining $0.03 to close at
$5.22.

BOND MARKET
No notes traded during last
week.

Store Manager

COMPANY NEWS
Earnings Releases:

Colina Holdings Bahamas
(CHL) released audited finan-
cial statements for the year
end December 31, 2010.
reporting net income available
to common shareholders of
$14.1 million compared to
$13.4 million in the prior year.

It was noted that both net
premium revenue and net pol-
icyholders' benefits were up
year-over-year, with net pre-
mium revenues of $118.2 mil-
lion increasing by $6 million,
while net benefits paid of
$76.6 million increased by $0.1
million.

In its revenues, CHL
reported net investment
income of $29.5 million, which
increased by $1.7 million in
comparison to the prior year,
while its expenses reflected

reduced changes in provision
for future policy benefits of
$15 million.

These climbed by $4.8 mil-
lion.

CHL reported earnings per
share of $0.46, compared to
$0.44 in the comparative
year.

At December 31, 2010,
CHL reported total assets
and liabilities of $525.6 mil-
lion and $410.1 million
respectively, which increased
by $27.1 million and $14.8
million from year-end
December 31, 2009.

Finance Corporation of the
Bahamas (FIN) released its
unaudited financial results for
the quarter ended January 31,
2011. FIN reported a net com-
prehensive loss of $1.8 million
for the quarter compared to
$0.45 million in the prior year.

Net interest income after
provisions of $476,000
declined to $1.3 million com-
pared to $1.8m in the previ-
ous year, while total non-
interest expense increased
slightly from $3 million in the

2010 first quarter to $3.1 mil-
lion this time around.
Allowance for credit losses
stood at $6.7 million, an
increase from the $4.9 million
reported in 2010.

FINCO’s loss per share as
at January 31, 2011, was $0.07
compared to $0.02 in the com-
parative period.

Total assets at quarter-end
January 31, 2011, stood at
$955 million, compared to
$967 million at October 31,
2010, while total liabilities
were $856 million compared
to $867 million during the pre-
vious fiscal year end.

DIVIDEND NOTES:

Commonwealth Bank
(CBL) has declared a divi-
dend of $0.06 per share,
payable on March 31, 2011, to
all ordinary shareholders of
record date March 21, 2011.

Cable Bahamas (CAB) has
declared a dividend of $0.08
per share, payable on March
31, 2011, to all ordinary share-
holders of record date March
18, 2011.

Kelly's is seeking a motivated person to be a full-time Store Manager at Kelly’s House
& Home. The position will demand a resourceful communicator and leader able fo
motivate adults and create a sense of ‘team’ within the personnel under their care,
as well as someone experienced in providing an excellent level of customer service.

This is a middle management position and the successful applicant will be a member
of a management team responsible for the day-to-day operation of Kelly’s House
& Home at the Mall at Marathon. Responsiblities will include but not be limited to
ensuring:

* the efficient and effective daily operation of the Store and Warehouse

* a high quality of Customer Service and responding to Customer issues

* the cleanliness and maintenance of the Store and Warehouse

* the welfare, performance and development of the Retail and Warehouse staff

* that company policies and procedures are maintained throughout the Store
and Warehouse

Candidates must have proven interpersonal skills and be willing to be flexible.
Managerial experience in a retail environment will be beneficial. Benefits will include
medical, pension, and profif-sharing plans, with remuneration package dependant
on qualifications and experience.

E-mail letter of application with comprehensive resume to info@kellysbahamas.com
with "Store Manager" as subject.

No phone calls please

Kelly's Heshe

rathon

re. Bale Es

NOTICE

SIR LYNDEN PINDLING ESTATES
FORMERLY PINEWOOD GARDENS

Il SUBDIVISION

This Notice serves to advise the general public that lots

within the following blocks purportedly sold as lots within
“Nassau Village” form a part of the Sir Lynden Pindling
Estates Subdivision (formerly Cedar Groves/Pinewood
Gardens II) and are the property of Arawak Homes
Limited.

These Blocks are:
52,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,
72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,
92,93,94,95,96,98,99,100,101,102,103,104,105,106,107,108,
109,110,111,112,113,114,115,116,117,118,119,120,121,122,
123,124,125,126,145,146,147,148,149,150,151,152,153,154

The general public is further advised to beware of purchasing
any lots in the above Blocks unless the land is described as
being in the Sir Lynden Pindling Estates Subdivision and
is being purchased from Arawak Homes limited or from
a person or entity which purchased from Arawak Homes
Limited. Otherwise, the seller(s) are not the owners of the
land.

If you have purportedly purchased any lot(s) within the
above-mentioned blocks, you are advised to immediately
seek proper and independent legal advice from a
reputable law firm or attorney.

Should you have any questions, please contact:

GENERAL LEGAL COUNSEL
ARAWAK HOMES LIMITED
PO. BOX N 3180
NASSAU, BAHAMAS
PHONE: (242) 394-0014/5; 502-6500



EQUITY MARKET - TRADING STATISTICS

Week ending 18.03.11

BISXSYMBOL CLOSING PRICE WKLY PRICE CHANGE © VOLUME YTD PRICE CHANGE
ANAL stenceeestretettan ee? 0dr tances Optio! 10,000 ..ecssssseee 12.37%
BBL. saauceamattsencd O00 Bee ee Ohne eee seer Oe ested 0.00%
BOB. aise acenateacandin! He te tien $0.58 sscettssccaidasceas GANG aciescinns 0.61%
BPE gaacteeuitendsad OCS ixstecteean tiaras oe ee Oy etanueeee 0.00%
BSL ssessssssssssssneessssneee N/A cssssssstesesneseen Dlepieiipeanenuen cies G sacemmaienee, 0.00%
BWL cssosssssssssnsessseseen $2.70 cessssssssssseeseen ne Oasessssntsseeseense 0.00%
7: $9.43 ooaccecssseeseeaes $-0.78 vocsocsssssnssseee BAGT ooescsscseesseen -9.85%
|: $6.82 oeccsscsenesseen $0.04 .ecscssssssneneen 7,165 soessssssseesen -2.57%
CHL seessssssessstnsesnsenee $2.40 cessssssssesntsseen Ge canatuitdionieamads G tanernees 0.00%
IB sccsacscsensosnsssesassiiab $9.30 coccscsssesneeees $-0.09 occecsssssneeneen 8,000 voessssssseesen 0.96%
CWB oaesesssssssssesnsenee $2.25 oeccsssssnesseen $014 coccsssssesntseeneen Onseesssssseesnenee 22.95%
DH asctecstontdastonteinnt AC csctatocontsteecte Gaetan Oeetenatatead 12.50%
FAM .esssssssssssssessseseee OOo titrant Octet lesiatnees Opecenehaeas 13.51%

ITA institute of internal Auditors - Bahamas Chapter

Presents a One Day Seminar
On:

“Compliance with TIEAs & other Tax Reforms and
Management in a Changing Environment”

Speakers:

Zhivargo Laing, Minister of State
Rowena Bethel, Ministry of Finance.
Simon Wilson, Ministry of Finance
Richard Adderley, Cable Bahamas

Date: Thursday March 24, 2011

Place: SuperClubs Breezes

Time! 9:30 a.m. - 4:30 p.m. (Continental Breakfast & Lunch included)

Cost: $120.00 Members / $140.00 Non-Members

Learn About:

- The Need for Local Tax Reforms & options

- The Value and Implications of TIEAs

- Compliance with TIEAs, FATCA & other changes

- CARICOM-Canada Trade Agreement- What you need to know!
- Managing Generation X; New H.R. Challenges

CPE Hours: 7 (BICA Approved)

Contacts: Edgar 0. Moxey 302-1449 or Stephen Thompson: 397-4194

Pleave plan to take advantage of this great apportanity, We encourage you to register early to

secure your seal, and to axtist us with our arrangements with ine hovel





THE TRIBUNE

MONDAY, MARCH 21, 2011, PAGE 3B



Bimini Bay eyes $50-$80m growth

By ALISON LOWE
Business Reporter
alowe@tribunemedia.net

A FURTHER “$50-$80
million” worth of investment
is planned for Bimini over
the next several years, the
developers of the Bimini
Bay Resort and Marina
have revealed, including the
construction of a boutique
80-100 room hotel, a beach
club and spa.

Thirty jobs are presently
being advertised for posi-
tions to be filled at the
resort, and “substantially
more” will need to be hired
before the end of the year,
RockResort’s regional vice-
president for Florida and the
Caribbean, Mark Jeffrey,
told Tribune Business.

RockResorts was
announced two weeks ago
as the new managers of the
Bimini Bay Resort and
Marina, taking over that job
from the Capo Group, the
family development compa-
ny who were behind the
property’s construction.
Bimini Bay will be managed
through the company’s
property management col-
lection, Legendary Lodging.
Once the RockResorts hotel
and spa are developed and
completed, the entire resort
will be branded as a Rock-
Resort.

The resort presently cov-
ers around 80 acres of a total
750 acres that the Capo
Group owns on Bimini’s
northern island. It consists
of a resort community of 375
residences, of which around
90 per cent are in a rental
pool that is offered to visi-
tors, with the remaining 10
per cent used by their pri-
vate owners alone. It

includes several restaurants,
a shopping plaza and a casi-
no, which has yet to be
opened due to the Capo
Group not having found a
casino operator for the facil-
ity.

According to Rafael
Reyes, president of Rav
Bahamas and son-in-law of
Gerardo Capo, around 450
acres of the total property
may be “suitable” for fur-
ther development in terms
of being “buildable”.

The next phase of devel-
opment will include the con-
struction of a beach club,
which will be located to the
north of the residences next
to the resort’s main beach,
and a spa. It is hoped by the
developers and RockRe-
sorts that both of these facil-
ties will be completed by the
end of the year.

At some point thereafter
it is intended that the bou-
tique hotel would be con-
structed, to be completed by
2014. The hotel and other
amenities are to be located
on an already-cleared area
of land adjacent to the pre-
sent Bimini Bay Resort and
Marina.

GERADO CAPO, Mark Jeffrey,
Ralph Reyes and Alex Capo pose
for a picture after the official
RocksResort signing.

Photo/Joshua Prezant

Share your news

The Tribune wants to hear

from people who are
making news in their

neighbourhoods. Perhaps

you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.

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



WANTED

Growing Fast Food Restaurant
seeking a Food Service Manager!/Chef.

¢ Monitor food preparation methods, portion sizes, and presentation of
food to ensure that food is prepared and presented in an acceptable

manner.

¢ Investigate and resolve complaints regarding food quality, service, or

accommodations.

¢ Coordinate assignments of cooking personnel to ensure economical
use of food and timely preparation.
¢ Check the quality of raw and cooked food products to ensure that
standards are maintained.
¢ Calculate and establish food quantities and cost for the establishment.
¢ Inspect and clean food preparation areas, such as equipment and work
surfaces, or serving areas to ensure safe and sanitary food-handling

practices.

¢ Train, develop and direct kitchen staff using approved management

practices.

Requirements:

¢ Bachelor’s or Associates degree in Culinary or Formal Apprenticeship

program

¢ Three to five years job experience in a restaurant setting
¢ Excellent interpersonal skills

¢ Preferably Knowledge in POS systems is a plus

Interested persons should e-mail their resume to:
thehumanresources33 @ gmail.com

GrowingF ast-F ood Restaurant seeking

a Branch Manager

¢ Resolve customer complaints regarding food service.

¢ Observe and evaluate workers and work procedures to ensure quality
standards and service, and complete disciplinary write-ups.

¢ Specify food portions and courses, production and time sequences, and
workstation arrangements.

e Ensure branch is operating effectively and efficiently.

¢ Must be able to understand budgets, cost control and budgets:

Requirements:

¢ Minimum Associates Degree in Business Management, Business

Administration or related degree

¢ Two to three years experience in a Quick-Service Restaurant

¢ Knowledgeable in Microsoft Office.
¢ Excellent interpersonal skills.

Interested persons should e-mail their resume to:

thehumanresources33 @ gmail.com





























1 BUTLER STEEL BUILDING
16,000 SQUARE FEET
CONTACT ADRIAN LA-RODA
328-7888 FOR VIEWING

* RoyalStar
py Assurance

2 ey
1c

Bahamas Agricultural & Industrial Corporation (BAIC)
Presents Its

HANDICRAFT ‘STRAW’ TRAINING PROGRAM
x ae

Date: March 28 - April 8, 2011
Venue: Garvin Tynes Primary
School

Time: 6:00 - 10:00 p.m. (Daily)
Location: Alexanderia Rd. (off
Carmichael Rd.

Application Form

Name: P. 0. Box:

Address: Email:

Tel: Fax:
Age range: lunder15 116-25 126-40 141-60 161-70 171 and over

Employment Status: | Employed | Government | Private
Unemployed

| Self-employed

Have you completed other BAIC'S Training Programs | Yes (Mo List Them

ADMINISTRATIVE FEE: $100.00 [excluding materials]

theecckedacidd de
Contact: Sharae Collie! Pam Deveaux - BAIC
Tal: 322-3740-1 or Fax: 322-2123
Also download Application from our Website: www.bahamas.gov.bs/baic



PAGE 4B, MONDAY, MARCH 21, 2011

THE TRIBUNE



BUSINESS
FROM page one BREWERY’S $29M TAX BURDEN

president of RoyalFidelity
Merchant Bank & Trust,
which is acting as placement
agent for the company’s
upcoming $62.5 million initial
public offering (IPO), said the
company was facing a “60 per
cent tax, 40 per cent profit”
split. He described the firm’s
tax burden as “really a large
number for a tax-free coun-
try”.

LeRoy Archer, Common-
wealth Brewery’s managing
director, told Tribune Busi-
ness in an exclusive interview
that in total, between its brew-
ing operation, Burns House
and the latter’s retail stores,
“all the taxes we contribute
to the Bahamas government
are $29 million”.

“That’s in one year,” he
added. “We don’t owe any
taxes. When it comes to duties
we pay upfront........... =
Describing the tax burden
faced by Commonwealth
Brewery as “indirect taxa-
tion” that was not seen
upfront, Mr Archer said that
$10 out of every $40 case of
beer sold to the consumer
went in taxes to the Govern-

ment.
And the company could



have faced an even greater
tax burden had it not been
able to renegotiate the $10
million increase that the Gov-
ernment was seeking to
impose in the 2010-2011 Bud-
get down to $5 million, a 50
per cent cut.

And, even here, Mr Archer
said Commonwealth Brewery
was “paying 60 per cent more
taxes” than its chief Bahami-
an competitor, Grand
Bahama-based Sands Brew-
ery. He said that while his
company was paying close to
$10 per case of beer in taxes,
Sands was paying close to just

0.

“T could sit down and cry
and let my business dwindle,
or take action,” Mr Archer
told Tribune Business over
the different tax burdens.
“We lobby the Government,
and they are aware of the dis-
parity and need for a level
playing field.

“There is a constant, ongo-
ing dialogue with the Gov-
ernment where we speak
about levelling the playing
field. There is no guarantee
about where we will end up,
but they recognise we’re oper-

NOTICE

BML LAND LTD.








ating in the same environ-
ment, so the level playing field
should occur. The playing
field is not level. I can sit here
and complain all I want, but it
is what it is.”

One factor helping to ‘level’
the field so far, the Common-
wealth Brewery chief argued,
was that 80 per cent of the
total Bahamian liquor mar-
ket was based in New Provi-
dence, meaning Sands
incurred higher transporta-
tion costs to reach that mar-
ket.

Mr Archer and Mr Ander-
son both emphasised that the
tourism/hotel and wholesale
industries were “not a key dri-
ver” for Commonwealth
Brewery, generating around
10 per cent or $10-$11 million
of the company’s top-line
sales in 2010.

While wanting to sell more
to these sectors, Mr Archer
acknowledged that Common-
wealth Brewery was not price
competitive with the direct
drink and beverage imports
utilised by most major hotels,
who were able to access them
using duty-free exemptions
under legislation such as the
Hotels Encouragement Act.

Emphasising that the
appointment of Kerzner
International PR chief Ed
Fields to the Commonwealth
Brewery Board post-IPO was

not a move intended to
improve hotel industry liquor
sales, Mr Archer said all
Bahamian resort properties
were in the business of reduc-
ing costs and improving prof-
itability. As the Bahamian
agent/distributor for many of
the brands imported direct by
the resorts, he added that he
wanted to be able to compete
on a ‘level playing field’ with
these.

“A lot of people feel we
supply a lot of the hotels, and
that if the hotels cut us off,
we would be at risk,” Mr
Archer told Tribune Busi-
ness. “I want to assure per-
sons that it only represents
10 per cent off of the top.......

“T would like to see us sup-
ply the hotels with more,
because we live in the same
environment and we both
should make profits. If the
Government waived the tax
on beer supply to the hotels,
we would be able to compete.
That would certainly help us,
and also the hotels.”

When it came to growth
opportunities outside the
Bahamas, Mr Archer said
Commonwealth Brewery was
“doing quite well” with Kalik
exports to the US. Exports,
though, only account for 5
per cent of the company’s
total revenues, and the
Bahamas’ high utility, labour
and operating cost bases
inhibited the company’s abil-
ity to compete on price with

NOTICE IS HEREBY GIVEN that at an Extraordinary
General Meeting of the Shareholders of the above-named
Company duly convened and held on the 14" day of March,
2011 the following resolutions were passed:

RESOLVED that BML LAND LID. be wound up
voluntarily.

RESOLVED that TONI GODET of Lyford Manor,
West Building, P. O. Box N-7776 (Slot 193) Nassau, The
Bahamas be appointed the Liquidator for the purpose of
such winding up.

Dated the 14% day of March, 2011.
H & J CORPORATE SERVICES LTD.

Registered Agent
for the above-named Company

MANAGEMENT
OPPORTUNITY:

COMFORT SUITES PARADISE ISLAND is
considering highly qualified applicants for the role
of Sales Manager







NOTICE is hereby given that ROMANDO JEAN of
MALIBOO REEF #4, 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 14th day of
MARCH, 2011 to the Minister responsible for Nationality
and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

NOTICE

N.B.H. HOLDINGS LTD.

NOTICE IS HEREBY GIVEN that at an Extraordinary
General Meeting of the Shareholders of the above-named
Company duly convened and held on the 14% day of March,
2011 the following resolutions were passed:

RESOLVED that N.B.H. HOLDINGS LTD. be
wound up voluntarily.

RESOLVED that TONI GODET of Lyford Manor,
West Building, P. O. Box N-7776 (Slot 193) Nassau,
The Bahamas be appointed the Liquidator for the
purpose of such winding up.

foreign breweries and their
products.

Explaining that Common-
wealth Brewery exported
200,000 cases of Kalik per
year, with $4 million the total
value of exports at this time”,
Mr Archer added: “We are
making money at this time.
It’s a cash business, so I can
cover my fixed costs, variable
costs and make a profit.”

However, based on pure
economies of scale, Com-
monwealth Brewery could
not currently compete with
rival breweries in the likes of
Trinidad and Panama, who
in the latter nation paid 10
per cent of the electricity
costs in the Bahamas. As a
result, these breweries were
able to sell beer for prices as
low as $0.50 per bottle.

“We pay the highest rates
in the Caribbean, and even if
you say it’s because we have
the strong dollar, look at the
percentage we pay on top line
revenues,” Mr Archer said of
electricity costs. “We are pay-
ing more per case, more per
litre on utility rates than any
other brewery in the
Caribbean. We are a high
cost producer with small
economies, so our brands are
luxury brands.”

With Commonwealth
Brewery’s products all posi-
tioned at premium prices, Mr
Archer said the company had
to look to the US and Europe
for its export markets, since it
was unable to compete with
$0.50 per bottle beer else-
where in the Caribbean.

“The Government is cur-
rently subsidising exports by
waiving the duty on those
brands, but it does not mean

it will continue indefinitely,”
Mr Archer added.

The Commonwealth Brew-
ery chief told Tribune Busi-
ness he frequently lobbied
the Government over creat-
ing the base to ensure a
viable future for Bahamian
manufacturing, and said the
IPO may create several thou-
sand more lobbyists on the
company’s behalf.

The offering may also see
the Government become a
shareholder if it is not fully
subscribed.

“The real challenge is the
Government, not having an
income tax, is seeking to tax
manufacturing when it should
be taxing other industries as
well,” Mr Archer said.

“We have 430 people
employed. Each of those has
four dependents on average,
so there’s 1600-2,000 votes
that are there. Those are rea-
sons to keep brewing and
manufacturing sectors open.
I’m seeking support from the
Government to reduce utility
rates, and we can find anoth-
er way other than subsidies
to support local manufactur-
ing.
“T believe that all govern-
ments are seeking more ways
to get more revenues out of
all businesses. The beer,
wines and spirits industry is
no exception. I pay the Gov-
ernment more in taxes than
the outlay we get in profits.
Indirectly, you can say they
are partners in my business.
Hopefully, with them becom-
ing shareholders, they will
realise that they need to be
more cautious in how they
tax businesses going for-
ward.”

NOTICE

NOTICE is hereby given that LAVITA JACQUES of MARSH
HARBOUR, ABACO, BAHAMAS, is applying to the Minister
responsible for Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who knows any
reason why registration/naturalization should not be granted, should
send a written and signed statement of the facts within twenty-eight
days from the 21**day of March, 2011 to the Minister responsible
for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Legal Notice

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

GOLDEN CHAIN PROPERTIES LIMITED

In Voluntary liquidation

Notice is hereby given that in accordance with Section
138 of the International Business Companies Act No. 45
of 2000, GOLDEN CHAIN PROPERTIES LIMITED, has
been dissolved and struck off the Register according to
the Certificate of Dissolution issued by the Registrar

Responsibilities & Requirements: Dated the 14" day of March, 2011.

* Lead and motivate Sales staff by example. H & J CORPORATE SERVICES LTD.
* Possess the ability to conceptualize, design

and develop marketing strategies for private Registered Agent

and public sector corporations and social/
service organizations.
¢ Must be able to originate and implement
strategies, technologies and action plans for
local corporate accounts.
¢ Must be able to establish, maintain and
coordinate the implementation of all Sales
& Marketing and Public Relations policies
& procedures for the hotel property to
increase revenue.
¢ Facilitate the development of Sales/catering
team; and implement training programs.
¢ Self motivated with strong analytical and
problem solving skills.
¢ Prepare, analyze and report Sales budgets.
* Excellent written and oral communication
skills.
¢ Able to work extended hours, weekends and

holidays.

Qualifications:

* BA in Sales & Marketing, Hospitality
Management or equivalent from an
accredited University.

¢ Minimum of five years experience with at
least 2 years in hotel Sales & Marketing

* Working knowledge of Excel

* Working Knowledge of Microsoft Word and
hotel property management systems

Interested persons should apply in
writing only to the General Manager on or
before Friday April 1, 2011.

Comfort Suites Paradise Island
P.O. Box SS6202
Nassau, Bahamas

Suitably qualified candidates need only apply.
Salary is commensurate with experience and
qualifications.

for the above-named Company

i
he ¥
ting ©

The National Insurance Board

of the Commonwealth of The Bahamas

Request for Contractors Pre-Qualification

The Natiotial Insurance Board (TB) is seeking to pre-qualify Contractors to bid on the

Shirley Street, Nassau, Baharas, Contractors must be in compliance with he Nattonal
Insurance Hoard Act [so al security } STATUTE andi 100d stand ig with Te Peeve

Crovernment agencies,

Pre-qualification documents may be collected from NIBSs Headquarters Building,
Clitford Darling Complex, Baillou Hill Road, during the period March 21-25, 2011, ot

downloaded from the Boards websirear wwwnlb-bihans.com

Pre-qualificarion documents should be signed, sealed and returned tothe Office af the
Directorin an envelope addressed to The Director, The National Insurance Hoard, with
the caption Pre-Qualification Document - Renovations of Public Restrooms,
Claughton Hone Builatng, Shirley Street, on or belore 12 Noon on Friday, March 2,

M1

General on the 3rd day of March, 2011.

Sarnia Directors Limited,
of Suite V, Tower Hill House,
Le Bordage, St. Peter Port,
Guernsey, GY1 3QT
Liquidator

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





THE TRIBUNE

MONDAY, MARCH 21, 2011, PAGE 5B



See ee ee ee eee
RockResorts brings ‘new day’ to Bimini

By ALISON LOWE
Business Reporter
alowe@tribunemedia.net

ROCKRESORTS, the new-
ly-unveiled managers of the
Bimini Bay Resort and Mari-
na, intend to boost visitor
arrivals to the destination,
improve service levels, enhance
environmental protection and
encourage more interaction
between visitors and the Bimi-
ni community at large.

At aceremony to announce
the handing over of manage-
ment responsibilities to Rock-
Resorts, held on Friday at
Bimini Bay, Ralph Reyes,
president of RAV Bahamas,
the development company and
subsidiary of the Capo Group,
which constructed Bimini Bay,
said the move marks a “new
day for Bimini Bay”.

Having struggled with low
occupancy levels and an admit-
ted lack of experience in hos-
pitality management, the Capo
Group decided it would bring
on board a professional hospi-
tality management brand to
take over responsibility for the
property and beef up arrivals.

RockResorts, a subsidiary
of Vail Resorts, which is
known best for its ownership
and management of moun-
tain/ski resorts in locations such
as Aspen and Vail, Colorado,
believes it stands a good
chance of heightening Bimimi’s
visitor numbers in coming
years. This will be done in part
through promoting it as an
alternative vacation destina-
tion during the off-season for



BRENT SYMONETTE, the Deputy Prime Minister, speaks to more than 200 Biminites, homeowners, boaters and Bahamian officials gathered
at Bimini Bay Resort & Marina today to talk about plans for Bimini’s future. Photo/Joshua Prezant

the skiers and snowboarders
who frequent its other resorts.

Julie Klein, director of envi-
ronmental affairs for RockRe-
sorts/Vail Resorts, said: “I
think there’ll be a bit more bal-
ancing, to look at business
throughout the year, to sup-
port the destination and the
community. This is a destina-
tion that has been known
largely for sport fishing and
yachters.

“Tt’s such an amazing desti-
nation and the whole island is a
little sleepy in the winter, which
doesn’t really make sense. It’s
the Bahamas and the weath-
er’s gorgeous. The winter sea-
son will always be the stronger
season here in Bimini and that
works great because that’s our
slower season in the moun-
tains.”

Rafael Reyes, president of
RAV Bahamas, the develop-
ment company behind the con-
struction of the Bimini Bay
Resort and Marina, concurred:

NOTICE

NOTICE is hereby given that JAMES JOHN LAMBERT of
WEST BAY STREET, SLOT 311, P.O. BOX AP-59223,
NASSAU, BAHAMAS, is applying to the Minister responsible
for Nationality and Citizenship, for registration/naturalization as a
citizen of The Bahamas, and that any person who knows any reason
why registratior/naturalization should not be granted, should send
a written and signed statement of the facts within twenty-eight days
from the 21% day of March, 2011 to the Minister responsible
for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

WEST WINDS PROPERTY
OWNERS ASSOCIATION LIMITED

“(Bimini Bay's) peak season
usually comes during the sum-
mer months, whereas all the
resort companies, their high-
est occupancy period is during
the winter. So what we’re look-
ing for is year-round occupan-
cy, which could be an amazing
opportunity not only for us as
the developers but also for the
community.”

Mark Jeffrey, Rock Resorts’
regional vice-president for
Florida and the Caribbean,
said he foresees Bimini
employees being able to come
and work at the company’s
mountain-based resorts during
the slow season on the island.

Speaking of the rationale
behind RockResorts' decision
to join Bimini Bay, Mr Jeffrey
said: "There are a couple of
reasons which made it clear it
would be a great partnership.
One, it’s an iconic location, and
that’s one of the first things we
choose from.

“Also, we don’t grow just to
grow, we want smart growth
and, if it doesn’t match our oth-

er iconic locations, and if it
wasn't a great product, and we
couldn't make a difference in
the environment and in the
community, we would not be
interested. Here we think that
with the community and the
environmental side of things,
we can really make a differ-
ence. We can really stake our
claim and do something
famous in the Caribbean."

The company emphasised a
significant environmental focus
as a major part of the change it
will bring to Bimini Bay, and
has promised that going for-
ward the resort will be further
developed and maintained
with sensitivity to the natural
environment as a key feature.
The developers of the Bimini
Bay Resort and Marina have
faced criticism in the past for
what were alleged to have
been its non-eco friendly devel-
opment methods and the scale
of the resort in the small Bimi-
ni island.

Ms Klein said: “The envi-
ronmental aspect is critically

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important going forward, not
only for us as a management
company but for the owner-
ship and the community. That
is very much how we operate.
With that said, there’s some
things in the history that we
will look at opportunities to
mitigate or improve what’s
been done.

“You'll see guest experience
features that will really high-
light that environmental com-
mitment. Disposable water
bottles, looking at growing
more herbs and vegetables to
see if we can lessen what we
get off island, and enhancing
our guest experience with that
kind of conservation effort
that’s in alignment with Rock-
Resorts.”

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BUSIWE

big, big impact,”
; the hospitality executive.

450-seat ferry
‘game changer’
for Bimini, GB

FROM page one

: has typically operated in the
i Mediterranean. It would
? involve a 450 person capac-
i ity vessel, which is likely to
? depart the Port of Miami at
? around 9am and return at
i Spm.

Exactly where the vessel

? would dock in Bimini is still
i being finalised. Engineers
i have visited the island to
i determine where “the most
? environmentally sound”
: place for the boat to dock
i would be, said Mr Reyes.

Mark Jeffrey, RockRe-

? sorts’ vice-president for
i Florida and the Caribbean,
? said he believes the intro-
i duction of the ferry service
? linking Bimini to Miami will
? be a “game changer” for the
i resort and the island.

“Tt will definitely have a
suggested

Charles Albury, deputy

i permanent secretary for the
? Ministry of Tourism, who
? also spoke at the Bimini
? Bay/RockResorts signing
? ceremony on Friday, said he
: foresees the ferry service
i? providing a “much needed
? boost” to Grand Bahama, if
i it does service that island as
i anticipated.

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PROPERTY OWNERS ASSOCIATION LIMITED WILL
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A.D, 2011 AT 6:30 RM. AT THE PAVILION, WEST
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PAGE 6B, MONDAY, MARCH 21, 2011

THE TRIBUNE





FROM page one

history would be “well sub-
scribed”, adding that it could
also attract the most diverse,
broadest base of investors yet
seen.

Acknowledging that
whether the IPO was fully
subscribed would depend on
the participation of key insti-
tutional investors, such as the
National Insurance Board
(NIB), Mr Anderson said the
Commonwealth Brewery
offering was effectively the
first opportunity young
Bahamian professionals,
aged between 20-30, had
been given to participate in
an equity issue.

Noting Commonwealth
Brewery’s $19.216 million net
income for 2010, which trans-
lated into $0.74 in earnings
per share (EPS), Mr Ander-
son said that when combined
with the $8.33 per share IPO
price, this translated into an
11.3x price/earnings (p/E)
ratio.

Comparing this to the
average 13.3x P/E ratio for
current BISX-listed Tier 1
stocks (the top performers
based on market capitalisa-

$62.5m IPO to ‘reignite’
cap market interest

tion, profits and dividends
etc), Mr Anderson said:
“This company is priced at a
discount of 15 per cent to the
market price of current Tier
1 securities. As we look for-
ward, we think this company
is well positioned in terms of
market price to have good
capital appreciation poten-
tial.”

The last true IPO to take
place in the Bahamian capi-
tal markets was Freeport
Concrete’s in 2001, and Mr
Anderson conceded that
since then (the Kerzner
International and Consoli-
dated Water Bahamian
Depository Receipt (BDRs)
issues excepted) the equity
market had “gone backwards
to some extent”. Several
companies had delisted, he

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added, with Freeport Con-
crete even going out of busi-
ness.

As a result, the Common-
wealth Brewery IPO pre-
sented “an opportunity to
restart development of the
capital markets”, Mr Ander-
son said, further creating
and diversifying wealth and
ownership in the Bahamian
economy. And with 7.5 mil-
lion shares, representing the
collective 25 per cent stake
being offered to Bahamian
investors, set to be listed on
BISX, investor options and
liquidity were set to be
enhanced.

Public familiarity with
Commonwealth Brewery
and Burns House’s brands,
such as Kalik, Heineken,
Guinness and Vitamalt, will
likely help drive retail inter-
est in the IPO, given that
Bahamians tend to invest
heavily in something they
understand, such as real
estate.

“Definitely, from a mar-
keting point of view this will
have a higher profile than

other securities,” Mr Ander-
son said. “We believe this
will be one of the most wide-
ly subscribed offerings in
Bahamian history. We
believe we could actually
reach this level or higher with
this offering.”

Asked whether the BISX
market’s well-known liquid-
ity problem, and the nega-
tive impact this was having
on share prices, was a con-
cern for the Commonwealth
Brewery IPO, Mr Anderson
told Tribune Business: “If
anything, with Common-
wealth Brewery coming to
market, it will reignite inter-
est in the local equity mar-
Ket........ and make all shares
more liquid.”

Acknowledging that it
would take longer for market
liquidity to develop in the
Bahamas than in many other
capital markets, due in part
to the smaller number of
players, the RoyalFidelity
president added: “Something
like Commonwealth Brew-
ery coming to market, we see
as a Catalyst to change that. It

will not happen overnight; it
will not be a 100 per cent
improvement, but will be a
step in the right direction.

“We need to attract more
people into the market, and
this young group of 20-30
year-olds have historically
not participated. They have
not had an IPO to partici-
pate in. If we can get these
guys into the market, I can
only assume it will be posi-
tive.

“Tt will not be a panacea, a
solution for every problem,
but it will be a step in the
right direction.”

Mr Anderson said Royal-
Fidelity had already fielded
numerous questions on the
Commonwealth Brewery
IPO from 20-30 year-old
Bahamian professionals
expressing an interest in buy-
ing in. He described them as
“definitely more savvy” from
an investment perspective,
as they were “asking the
right questions”.

Pointing to Common-
wealth Brewery’s indicative
dividend yield, which rose

from 4.5 per cent in 2008 to
5.5 per cent in 2009 and 7.7
per cent in 2010, Mr Ander-
son said that compared to
the returns from other invest-
ments - bank deposits and
fixed income securities - the
company “could be a very
interesting stock in the
future”, especially given its
prospects for further top-line
growth and cost contain-
ment.

Telling Tribune Business
that some individual
investors had been pledging
to invest millions in the IPO,
RoyalFidelity having
received one request for $10
million worth of stock,
another for $3 million, Mr
Anderson said: “At the insti-
tutional level, we’ve had very
strong interest from every-
body bar none.

“At this stage, I have a
fairly good feeling we'll be
well subscribed.

“In terms of over-sub-
scription, it remains to be
seen how much we get from
institutional investors. NIB
makes a big difference.”

Brewery: 35% output increase capabilities

FROM page one

$109.376 million, compared to $111.833
million in 2009. That represented a fur-
ther decline on the $113.83 million in
revenue generated in 2008. This, though,
appears to have been compensated for by
sharp expenses and operating cost reduc-
tions.

Mr Archer told Tribune Business that
Commonwealth Brewery focused pri-
marily on reducing its raw packaging
material costs, including glass, bottles
and caps, plus the malts, as there were its
“most expensive cost components”.

Contracts were renegotiated to drive
these costs down, while freight and trans-
portation costs were locked in for the
year to guard against oil price rises. Fixed
costs and utilities were also scrutinised.

“T challenged our leadership team to
reduce costs by 10 per cent per year,”
Mr Archer told Tribune Business. “We
did it. We looked at inventory levels,
working capital, making sure it was not
tied up too much. We went to a cash
basis with certain suppliers. This com-
pany has no debt,

“From 2007 until now, you may see
that our volumes dropped. The good sto-
ry is that we manage our costs in such a
way that profitability grew.”

He added that Commonwealth Brew-
ery, and its Burns House subsidiary, also
“maintained our customer focus and

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stayed close to consumers. We did the
activities required to manage this suc-
cessfully, and can assure you going for-
ward that continues”.

The short-term prospects for Com-
monwealth Brewery’s top-line and,
indeed, an improved profit performance
and heavily dependent on the recovery of
employment and disposable incomes
among Bahamians and residents in the
domestic economy.

Export possibilities, while there, are
limited by the relatively high operating
costs all Bahamian manufacturers face,
which make their products non-compet-
itive on price with overseas rivals. And, in
Commonwealth Brewery’s case, export
plans may also conflict with the existing
operations and distribution facilities that
75 per cent majority investor, Heineken
BV, has in other nations.

Commonwealth Brewery is thus hop-
ing that investment projects, such as the
$2.6 billion Baha Mar development at
Cable Beach, plus the wealth of govern-
ment infrastructure projects taking place
will drive employment and salaries for-
wards.

The company’s share of the domestic
liquor market stands at 80 per cent, and
Mr Archer said: “The growth is going to
come from the additional employment
happening as a result of all this. Once
Bahamians are employed, they will go
back to the brands they love. When the
recession hit, they traded down and did

not drink their favourite beer, instead
going for a more inexpensive spirit.”

The Commonwealth Brewery chief
added that the company was also eye-
ing growth through acquisition, particu-
larly as firms from other sectors started
encroaching on its business.

Noting the recent trend of supermar-
kets, such as City Markets and AML
Foods, establishing in-store liquor con-
cessions, Mr Archer emphasised of
domestic expansion: “It’s through acqui-
sition. As we see more industries getting
into the beers, wines and spirits business,
we see some opportunities to enter their
business.”

Hinting that Commonwealth Brew-
ery/Burns House would not be opposed
to establishing their own in-store con-
cessions in supermarkets, Mr Archer said
that while not opposed to these chains
doing it themselves, there were ques-
tions about the protection of children
and ensuring alcohol did not end up in
the hands of under-18s.

“But if the law changes, it will not
change for one side,” he added in relation
to in-store supermarket concessions. “It
means my retail liquor stores also have
an opportunity to move into fast con-
sumer goods.

“When you look at most liquor stores,
they have all the products around the
perimeter, and you have this space in
the centre to put up shelves.”

a a a

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THE TRIBUNE

MONDAY, MARCH 21, 2011, PAGE 7B



FROM page one

by Caterpillar Financial Ser-
vices, which alleged that Dean’s
Shipping had breached the
terms of a $2.67 million loan by
allowing the M/V Legend I to
be seized and have a lien placed
over it, was also dismissed.

A March 16, 2011, court
order obtained by Tribune
Business said: “Palm Beach
Steamship Agency has agreed
to settle all claims for $75,000 to
be paid in cleared funds on or
before the close of business on
March 16, 2011..........

“As a condition precedent to
this settlement, defendant
Dean’s Shipping Ltd shall pay

Shipper’s vessel is released

costs and expenses up through
March 11, 2001, and additional
custodial fees, costs and expens-
es incurred between March 11-
16, 2011. As of March 16, 2011,
total custodial fees are
$77,811.”

Given that the total sum
involved is $140,000, Dean’s
Shipping Company is effective-
ly paying more than the
$106,000-plus debt that the
Palm Beach Shipping Company
claimed it was owed.

In addition, the court order
stipulated: “All Dean’s Ship-
ping Company equipment

for loading on board the M/V
Legend IJ after the vessel is
released. The equipment
includes one 20-foot chassis,
one 20-foot container with
chassis; and four 40-foot con-
tainers with chassis.”

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
mid-March 2011.

In its lawsuit, the Palm Beach
Steamship Agency alleged:

services pursuant to an agree-
ment between plaintiff and ves-
sel's owners, charterers, and/or
authorised agents on a fixed
rate basis.

"The defendant vessel has

soit a

failed to pay for these services
at plaintiff's office in the
amount of $126,347.19 despite
repeated demand for payment
submitted to the defendant ves-
sel, Legend I, and/or her own-
er, charterer or operator, defen-
dant Dean's." That sum was
reduced to just over $106,000.
The Palm Beach Steamship

Agency was seeking a lien over
the M/V Legend II so it can
foreclose upon it and sell the
boat to recover the sums owed
to it.

The M/V Legend plies
between West Palm Beach,
Marsh Harbour, Green Turtle
Cay, Spanish Wells and Nas-
sau.

Learning & Development

the substitute custodian on or
before March 16, 2011, an
agreed upon amount consisting
of $65,000 for custodial fees,

located at

Palm Beach
Steamship Agency’s facility at
the Port of Palm Beach shall
be returned to Dean’s Shipping

"Since October 18, 2010, plain-
tiff provided necessaries to the
[MV Legend], to-wit: labour,
wharfage, advances and other

Brewery ‘preferred’ higher IPO price

FROM page one

ue,” Mr Archer told Tribune Business. However,
this meant an even better deal for Bahamian
institutional and retail investors, as they were
paying no premium to buy into the company.

The Government stipulated that both the $8.33
share price, and offering’s terms and conditions,
must be the same as those received by the Asso-
ciated Bahamian Distillers and Brewers
(ABDAB) when their 50 per cent interest in
Commonwealth Brewery was completely bought
out by Heineken.

In return for approving the buyout of the Fin-
laysons and their fellow shareholders, the Gov-
ernment also set the pre-condition that 25 per
cent of Commonwealth Brewery’s shares must be
held by Bahamian investors, hence the IPO. And
they insisted that the company had to make sure
that “ordinary Bahamians” were given first shot
at ownership.

The Commonwealth Brewery IPO marks the
first major intervention by the Government in the
Bahamian equity and capital markets for some
time, ostensibly in a bid to broaden and increase
Bahamian ownership of key economic assets in
this nation.

And the Ingraham administration has contin-
ued with this interventionist, pro-capital mar-
kets trend, announcing that it will float the first 9
per cent tranche of Bahamas Telecommunica-
tions Company (BTC) shares out of the 49 per
cent it will hold post-privatisation later this year.

And, before November, the Prime Minister is
also seeking to reduce the Government and pri-
vate sector stakes in the Arawak Cay port to 40
per cent each, both selling 10 per cent of their

existing holdings to the Bahamian public. The lat-
ter will have a collective 20 per cent holding.

Describing the Government’s stipulations as
“quite unusual” when it came to equity and cap-
ital markets generally, Michael Anderson, pres-
ident of RoyalFidelity Merchant Bank & Trust,
which is acting as the IPO’s placement agent,
said: “The Government has taken a much firmer
stand from an equities standpoint - what they
want and think Bahamians should hold.

“T haven’t seen this level of government inter-
vention before in this new age of IPOs.”

Mr Anderson, though, told Tribune Business
that an increased government role in the Bahami-
an capital markets would aid their development
and speed this up, especially since public sector
institutions, such as the National Insurance Board
(NIB), represented the greatest sources of long-
term investment capital in this nation.

“T think in most markets generally around the
world, government is the leading participants in
these markets, whether through government
bonds, various institutional aspects of govern-
ment buying in through pension plans,” Mr
Anderson explained.

“Governments have traditionally played a large
role in the capital markets, and this government,
from a Caribbean perspective, has played a fair-
ly small role in the capital markets. It’s been one
of these bones of contention for some time,
whether the Government can get more sensibly
involved in the market.

“Government, through its institutions and
agencies, participates to a great extent, and it’s
encouraging to see the Government get more
involved as it’s the single largest source of fund-
ing. Unless the Government gets more involved,
it will take longer to develop the local market.”

Coordinator

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backgrounds and qualifications, as well as someone capable of developing and
implementing on-going in-house training and development programs. Such
programs will include, but not necessarily be limited to:

* Orientation courses for all new employees

* Customer Service courses for all retail employees

* Computer familiarisation courses

* Product-specific knowledge courses for all retail employees

* Safety courses for drivers and warehouse/yard personnel

* Supervisory/leadership courses for current and prospective supervisors
* Personal development courses for career advancement

The successful applicant will also be expected to seek out and develop strong
links with other providers of external on-going work-related courses in specialized
and technical areas. Previous experience in adult education would be an asset.

This is a position for an experienced and qualified professional, who is willing
to demonstrate a long-term commitment to Kelly's development and expansion.
Benefits include medical, pension, and profit-sharing plans, with remuneration
package dependant on qualifications and experience.

E-mail letter of application with comprehensive resume to info@kellysbahamas.com
with "Learning and Development Coordinator" as subject.

No phone calls please

Kelly's "%:.

Monday friday 7-000 8:00
-Friday 7:00am-8:00pm
Saturday 7:00am-9:00pm
Sunday closed

www kellysbahamas.com

Tel: (343) 393-4002
Fax: (242) 393-4096



EFG @ Bank & Trust (Bahamas) Ltd

POSITION AVAILABLE

Desktop and Systems Engineer, Information Technology

EFG Bank & Trust (Bahamas) Ltd a subsidiary of EFG International provides
private banking and wealth management services to clients around the world.
Our Client Relationship Officers combine their strong relationship management
skills with the resources that are available at EFG, helping them provide a full
range of quality wealth management services.

In order to strengthen our IT team in Nassau we are looking for a Desktop &
Systems Engineer. The qualified candidate will be required to maintain and
manage the various projects within the IT infrastructure. Daily activities include
managing the service desk requests, ensure backups are working, follow-up
on different projects and maintain detailed documentation. The successful
candidate is expected to be a self-starter, time oriented individual with good time
management as well as good interpersonal and communications skills. He/she
must be a team player, with the ability to work with local and international team
members.

Qualifications:

* BS in Computer Science or related field

* 3- 5 years work experience administering and maintaining
Windows 2000/2003/2008 servers environment

IT Skills:

¢ General understanding in the areas of infrastructure, db and system design

* Good network knowledge: Internet, intranet, extranet and client/ server
architectures

* Awareness of new emerging technologies

* MCSE/MCSA Windows 2003/2008

Essential Duties and Responsibilities:

* Support and manage Windows servers 2003/2008

* Support Citrix Metaframe and other Enterprise applications

* Ongoing system administration of the Windows Servers including Active
Directory

* Support and manage Windows desktops and laptops

* Provide technical support and guidance to local and remote users

¢ Maintain our disaster recovery plan (VM ware + DFS-R)

* Ability to use system deployment tools

Language skills:
* Excellent verbal and written communication skills. Fluency in English.
¢ Fluency in French and Spanish in written and spoken form would be an asset.

Interested and qualified applicants must submit applications by 31% March 2011

EFG Bank & Trust (Bahamas) Ltd
Attn: Human Resources Manager
(Re: Desktop and Systems Engineer)
Centre of Commerce, 2nd Floor

One Bay Street

P.O. Box SS 6289

Nassau, The Bahamas

Fax No. (242) 502-5487

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





PAGE 8B, MONDAY, MARCH 21, 2011

THE TRIBUNE





AT&T to buy T-Mobile
USA for $39 billion

NEW YORK
Associated Press

AT&T Inc. said Sunday
it will buy T-Mobile USA
from Deutsche Telekom
AG in a cash-and-stock
deal valued at $39 billion
that would make it the
largest cellphone compa-
ny in the U.S.

The deal would reduce
the number of wireless
carriers with national cov-
erage from four to three,
and is sure to face close
regulatory scrutiny. It also
removes a potential part-
ner for Sprint Nextel
Corp., the struggling No. 3
carrier, which had been in
talks to combine with T-
Mobile USA, according to
Wall Street Journal
reports.

AT&T is now the coun-
try's second-largest wire-

less carrier and T-Mobile
USA is the fourth largest.
The acquisition would
give AT&T 129 million
subscribers, vaulting it
past Verizon Wireless to
make it the largest U.S.
cellphone company. The
combined company would
serve about 43 percent of
U.S. cellphones.

For T-Mobile USA's
33.7 million subscribers,
the news doesn't immedi-
ately change anything.
Because of the long regu-
latory process, AT&T
expects the acquisition to
take a year to close. But
when and if it closes, T-
Mobile USA customers
would get access to
AT&T's phone line-up,
including the iPhone.

The effect of reduced
competition in the cell-
phone industry is harder






Bahamas Electricity Corporation

Tender

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

Tender No. 742/11

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

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

Submissions should be marked as follows:

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

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

to fathom. Public interest
group Public Knowledge
said that eliminating one
of the four national phone
carriers would’ be
"unthinkable."

"We know the results of
arrangements like this —
higher prices, fewer choic-
es, less innovation," said
Public Knowledge presi-
dent Gigi Sohn, in a state-
ment.

T-Mobile has relatively
cheap service plans com-
pared with AT&T, partic-
ularly when comparing the
kind that don't come with
a two-year contract.
AT&T CEO Randall
Stephenson said one of
the goals of the acquisi-
tion would be to move T-
Mobile customers to smart
phones, which have higher
monthly fees. AT&T "will
look hard" at keeping T-
Mobile's no-contract
plans, he said.

AT&T's general coun-
sel, Wayne Watts, said
cellphones are "an incred-

ibly competitive market,"
with five or more carriers
in most major cities. He
pointed out that prices
have declined in the last
decade, even as the indus-
try has consolidated. In
the most recent mega-
deal, Verizon Wireless
bought No. 5 carrier Alltel
for $5.9 billion in 2009.
AT&T would pay about
$25 billion in cash to

NOTICE

NOTICE is hereby given that IRAN ALBERT of East
Street., P.O. BOX N-914, NASSAU, BAHAMAS, is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a_ citizen
of The Bahamas, and that any person who knows any
reason why registration/naturalization should not be
granted, should send a written and signed statement of
the facts within twenty-eight days from the 18'" day of
March, 2011 to the Minister responsible for nationality

WANTED

IT Systems Administrator is required
by fast-growing company.

Applicant should able to:

¢ Test and evaluate hardware and software to determine
efficiency, reliability, and compatibility with
existing system, and make recommendations to
improve performance.

¢ Design and implement systems, network
configurations, and network architecture, including
hardware and software technology, site locations, and
integration of technologies.

¢ Maintain, diagnose, troubleshoot, and resolve
hardware, software, or other network and system
problems, and replace defective components when
necessary.

¢ Plan, coordinate, and implement network security
measures to protect data, software, and hardware.

Applicant should have:

¢ Systems Administration/System Engineer
certifications such as MCSE or similar.

¢ Minimum of four years IT network administration
experience.

* Knowledgeable in POS systems such as MICROS

Deutsche Telekom, Ger-
many's largest phone com-
pany, and stock that is
equivalent to an 8 percent
stake in AT&T. Deutsche
Telekom would get one
seat on AT&T's board.

Like Sprint, T-Mobile
has been struggling to
compete with much larg-
er rivals AT&T and Veri-
zon Wireless, and its rev-
enue has been largely flat
for three years. Bellevue,
Washington state-based T-
Mobile USA's subscriber
count has stalled at just
under 34 million, though
it posts consistent profits.

Deutsche Telekom has
been looking at radical
moves to let it get more
value out of its U.S. hold-
ing, including a possible
combination with a U.S.
partner.

There was a big hurdle
to a T-Mobile USA-Sprint
deal: The two companies
use incompatible network
technologies. The same
hurdle would apply in a
Verizon Wireless-T-
Mobile USA deal. But the
networks of AT&T and T-
Mobile use the same
underlying technology, so
to some large extent,
AT&T phones can use T-
Mobile's network and vice
versa.

AT&T said its cus-
tomers would benefit from
the cell towers and wire-
less spectrum the deal
would bring. In some
areas, it would add 30 per-
cent more capacity,
AT&T said.



AT&T INC. on Sunday said it will buy T-Mobile USA from Deutsche Telekom AG in a cash-and-stock deal
valued at $39 billion, becoming the largest cellphone company in the U.S. (AP)

"It obviously will have
a Significant impact in
terms of dropped calls and
network performance,"
Stephenson said.

To assuage regulatory
concerns, AT&T said ina
statement Sunday that it
would spend an additional
$8 billion to expand ultra-
fast wireless broadband
into rural areas.

Instead of covering
about 80 percent of the
U.S. population with its
so-called Long Term Evo-
lution, or LTE network,
AT&T's new goal would
be 95 percent, it said. That
means blanketing an addi-
tional area 4.5 times the
size of Texas.

The network is sched-
uled to go live in a few
areas this summer, but
construction will take
years.

The deal has been
approved by the boards of
both companies. Dallas-
based AT&T can increase
its cash portion by up to
$4.2 billion, with a reduc-
tion in the stock compo-
nent, as long as Deutsche
Telekom receives at least
a5 percent equity owner-
ship interest in the buyer.

The deal is final and
doesn't leave room for
other buyers jumping in
with a higher bid, AT&T
said.

AT&T would finance
the cash part of the deal
with new debt and cash on
its balance sheet and will
assume no debt from T-
Mobile.

Gulf markets rally on Saudi
economic incentives

CAIRO

The Corporation reserves the right to accept
or rajact any or all proposals.
For all inquires regarding the tenders and site visits, contact Interested persons should e-mail their resume to
Mr. Cartton S. Blair at telephone 325-7869 thehumanresources33@gmail.com

Associated Press
would be an asset.

MAJOR GULF ARAB stock markets rallied on Sunday, led
by Saudi Arabia's exchange after that nation's king pledged
roughly $93 billion in financial support measures in a move
aimed at quieting discontent in the Arab world's biggest econ-
omy.

Saudi Arabia's Tadawul All Shares Index closed up 4.5 per-
cent, at 6,343 points, while the Dubai Financial Market closed
2.6 percent higher at 1,509 points. Analysts said the gains
reflected new confidence in the oil-rich region after massive
protests in Bahrain had regional markets vacillating sharply over
the past couple of weeks.

"It's a confidence booster for the market, and the economy,
because the (Saudi) government has the capacity and willing-
ness to do what is needed," said John Sfakianakis, chief econ-
omist at Riyadh, Saudi Arabia-based Banque Saudi Fransi,
referring to the new measures announced by the Saudi
monarch.

King Abdullah unveiled the massive financial package on Fri-
day, in a second bid in under a month to allay rumblings of
unrest in the oil-rich nation by pledging additional services,
bonuses, housing and aid to his people.

The measures, which will cost the Saudi government about
350 billion Saudi riyals ($93 billion) are by far the most expen-
sive and far reaching attempts by an Arab government to tack-
le some of the core economic and financial issues that have
served as a catalyst for the protests, which have led to the
ouster of Tunisia's and Egypt's presidents.

The Saudi stock market, which was closed on Saturday
because of an official holiday, welcomed the new measures,
which analysts say are equal to about 21 percent of the OPEC
kingpin's gross domestic product.

Shares of 145 companies climbed, representing all sectors of
the Saudi economy, according to the Tadawaul's website, and
the latest rally narrowed the index's year-to-date losses to just
4.8 percent. About two weeks ago, the TASI's year-to-date loss-
es were well over 15 percent.

The gains, which were also reflected on the Qatari, Omani
and Abu Dhabi stock exchanges to lesser degrees, demon-
strated how the Gulf region's main focus, at least for now,
was on the developments closer to home. The imposition of a
no-fly zone over Libya and the accompanying coalition assault
on that North African nation appeared to carry little weight in
Gulf markets.

Qatar's benchmark was up 2.56 percent while the main index
in Oman, another Gulf nation that has seen smaller-scale
protests, was up 1.33 percent. Abu Dhabi's benchmark gained
a moderate 0.67 percent.

Bahrain has, for weeks, been the epicenter of Gulf concerns.

= FG
(cs

CAPITAL MARKETS
BROKERAGE & ADVISORY SERVICES

cI mw A T.

ROYAL DFIDELITY

Moray at Werk

cleo!

BISX LISTED & TRADED SECURITIES AS OF:
FRIDAY, 11 MARCH 2011
BISX ALL SHARE INDEX: CLOSE 1,455.84 | CHG -0.97 | %CHG -0.07 | YTD -43.67 | YTD % -2.91
FINDEX: YEAR END 2008 -12.31%
WWW .BISXBAHAMAS.COM | TELEPHONE: 242-323-2330 | FACSIMILE: 242-323-2320

52wk-Low Change Daily Vol. EPS $ Div $ P/E
0.00 0.123
0.00 0.013
0.00 0.153
0.00 -0.877
0.00 0.168
0.00 0.016
0.00 1.050
0.00 0.781
0.488
0.111
0.107
0.357

Today's Close
1.09

10.63

4.40

0.18

2.70

1.96

10.21

2.40

Previous Close
1.09
10.63
4.40
0.18
2.70
1.96
10.21
2.40

Securit
AML Foods Limited
Bahamas Property Fund
Bank of Bahamas
Benchmark
Bahamas Waste
Fidelity Bank
Cable Bahamas
Colina Holdings
Commenwealth Bank ($1)
Consolidated Water BDRs
Doctor's Hospital
Famguard
Finco
FirstCaribbean Bank
Focol ($)}
Focol Class B Preference
ICD Utilities
J. S. Johnson 9.82 9.82 0.00
Premier Real Estate 10.00 10.00 0.00
BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing basis)
Securit Symbol Last Sale Change Daily Vol. Interest
Bahamas Note 6.95 (2029) BAH29 99.46 0.00 6.95%
Fidelity Bank Note 17 (Series A) + FBB17 100.00 0.00 T%
Fidelity Bank Note 22 (Series B) + FBB22 100.00 0.00 Prime + 1.75%
Fidelity Bank Note 13 (Series C) + FBB13 100.00 0.00 T%
Fidelity Bank Note 15 (Series D) + FBB15 100.00 0.00 Prime + 1.75%
RoyalFidelity Merchant Bank & Trust Ltd. (OQver-The-Counter Securities)
Symbol Bid $ Ask $ Last Price Daily Vol.
Bahamas Supermarkets N/A N/A 14.00
RND Holdings 0.35 0.40 0.55
CFAL Securities Ltd. (OQver-The-Counter Securities)
30.13 31.59 29.00
OAS 0.55 0.55
BISX Listed Mutual Funds
NAV YTD%
1.5179
2.9486
1.5837
2.7049
13.4392
114.3684
106.5528
1.1465
1.1185
1.1491

6.80
2.07
1.40
5.25
5.88
9.39.
5.47
1.00
7.40

6.78
2.11
1.40
5.25
5.88
9.39.
5.47

-0.02
0.04
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.682
0.494
0.452
0.000
0.012
0.859
1.207

1.00
7.40

20 November 2029
19 October 2017
19 October 2022

30 May 2013
29 May 2015

EPS $
-2.945
0.001

Div $ P/E
0.000
0.000

ABDAB
RND Holdings

4.540
0.002

0.000
0.000

NAV 3MTH
1.498004
2.918256
1.564030

NAV 6MTH
1.475244
2.910084
1.545071

Fund Name
FAL Bond Fund

CFAL MSI Preferred Fund

CFAL Money Market Fund

Royal Fidelity Bahamas G & | Fund

Last 12 Months %
6.90%
1.45%
A.59%

-15.54%
-0.22%
12.49%

7.18%

1.4076
2.8300
1.5141
2.8522
13.0484 Royal Fidelity Prime Income Fund
101.6693 CFAL Global Bond Fund
99.4177 CFAL Global Equity Fund
1.0000 FG Financial Preferred Income Fund
1.0000 FG Financial Growth Fund
1.0000 FG Financial Diversified Fund
9.1005 Royal Fidelity Bah Int'l Investment Fund Principal
Pr d TIGRS, ies 1

5.51%

0.04%

0.61%
-0.56%
0.61%

9.98%

4.75%

5.20%

A.73%

5.35%

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

109.392860
100.779540

107.570619
105.776543
5.20%
A.73%
5.35%
9.7950 4.85%

5AS% 30-Nov-10

10.0000 vestment Fund Principal
2

10.6417 -1.20% 0.50% 30-Nov-10

9.1708 Investment Fund Principal

10.1266 1.27%
8.4510 0.72%
MARKET TERMS

1.27%
9.95%

31-Jan-11

4.8105 — Royal Fidelity Int'l Fund - Equities Sub Fund 31-Jan-11

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

for daily volume
© daily volume
for the last 12 mths

N/M - Not Meaningful
|g price divided by the last 12 month earnings FINDEX< - The Fidelity Bahamas Stock Index. January 1, 1994 = 100
Stock Split - Effective Date 8/8/2007
(S1) - 3-for-1 Stock Split - Effective Date 7/11/2007
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525





(i The Tribune

im lovin



81F LATEST Waa Kew ON WWW.TRIBUNE242.COM
69 ee ee

PARTLY
«< SUNNY

Volume: 107 No.98

HIGH
LOW



MONDAY, MARCH 21, 2011 PRICE —75¢ (Abaco and Grand Bahama $1.25)



Re-examining our
failing education

system — Part Ill
SEE INSIGHT ON 10B



Sh eS

Sooting ‘terror’ at
Mother pill home

Granddaughter of MP
narrowly avoids stray
bullet from shoot-out

THE two-year-old grand- “Twas frightened to death,”
daughter of former Deputy — she told The Tribune yester-
Prime Minister Cynthia day.

“Mother” Pratt narrowly Mrs Pratt’s daughter-in-law

MAN DIES AFTER
BARBER SHOP
KNIFE ATTACK

A 20-YEAR-OLD man
died in the street early yes-
terday morning after being
attacked with a knife inside a
barber shop.

The country’s latest mur-
der, number 26 for the year,
occurred shortly before lam

: at Fourth Street and Palm

i Tree Avenue.

i Police arriving at the
scene discovered the body of

? aman with multiple stab

? wounds to the body.

i It is reported that the
deceased was at the “It Is
What It Is Barber Shop and

Lounge” located on Robin-

: son Road and Fourth Street

? when he got into a fight with

: agroup of men and was sub-
sequently stabbed multiple

SEE page 12

BARRICADES IN
RAWSON SQUARE
IN ANTICIPATION

missed being shot yesterday as
police and armed robbers
faced off against each other at
Mrs Pratt’s home in The
Grove.

A stand-off between a gang
of three bandits and police fol-
lowed the shooting of an
employee of a webshop close
to the St Cecelia MP’s home
around noon yesterday.

During the shoot-out, stray
bullets shot through a window
into the home’s television
room, flying over the head of
two-year-old Peyton Pratt, ric-
ocheting off walls and leaving
bullet holes in a picture frame
and in the curtains.

Returning from a church
service in Nassau Village, Mrs
Pratt met armed police officers
surrounding her house with her
daugther-in-law and grand-
daughter inside.

SHOOTING DEATH

REPORTS reached The
Tribune late last night of a
shooting death in Montell
Heights. A man died at the
scene after being shot after
9pm. See tomorrow’s Tribune
for more details.

Sherelle Pratt said she and her
daughter, Peyton, were very
fortunate not to have been hit
by one of the stray bullets.

“T was terrified that we came
so close,” she said.

Mrs Pratt said it should nev-
er have come to such a dan-
gerous situation as her posi-
tion as the country’s former
deputy prime minister should
ensure that her home has
police surveillance and protec-
tion on a 24-hour basis.

The former National Secu-
rity Minister said she just
recently spoke to Deputy
Police Commissioner Marvin
Dames about her concerns
regarding her personal safety
and that of her home.

When asked about the sur-
veillance issue, Asst Police
Commissioner Glen Miller,
who is in charge of crime, said
he did not wish to comment at
this time.

A message left for Mr
Dames was not returned up
until press time.

Supt Leon Bethel, officer in-
charge of the Central Detec-

SEE page 10

Tim Clarke/Tribune staff

OF BIC PROTEST

By TANEKA
THOMPSON
Tribune Staff Reporter

tthompson@
: tribunemedia. net

POLICE yesterday erect-
ed steel barricades reinforced

with chains in anticipation of

scores of protesters expect-
ed to flood Rawson Square
as parliamentarians debate
the sale of BTC today.
Yesterday top officers of
the Royal Bahamas Police



CYNTHIA ‘MOTHER’ PRATT holds her grandaughter’s hand and a picture with a bullet hole in
it. Pictured (inset) is a bullet hole in a window of her home.

PRIME MINISTER ENCOURAGES PUBLIC TO

INGRAHAM SAYS
PLP SENATOR
BENEFITTING
FROM AIRPORT

GATEWAY PROJECT

By TANEKA THOMPSON
Tribune Staff Reporter

BUY SHARES IN BIC

PRIME Minister Hubert
Ingraham encouraged the
public to buy shares in BTC
after the company is sold,
telling the nation the deal is a
“good” one that will benefit
the country, BTC employees

: Force were briefed on the
i force's security plans for the

demonstration, The Tribune

was told. While remaining

SEE page 12

CHRISTIE CALLS
ON FNMS TO
- VOTE AGAINST
_THE BTC DEAL

By TANEKA
THOMPSON
? Tribune Staff Reporter
i tthompson@
i tribunemedia.net

and the public purse.
Speaking at the FNM’s
mass rally on Clifford Park
on Saturday — which is esti-
mated to have attracted thou-
sands of supporters —- Mr PRIME MINISTER Hubert Ingra-
Ingraham said that Govern- ham speaks at the FNM rally.
ment is expected to make
nine per cent of BTC’s shares came out to the rally to cele-

available for purchase before brate the party’s 40th
the year is out. anniversary, Mr Ingraham

“In time we propose to Outlined the achievements of
to 25 per cent,” the prime Past four years and shot back

minister said. SEE page 10

Before a crowd which

tthompson@tribunemedia.net OPPOSITION leader Per-

? ry Christie called on FNM
i members of Parliament to
? take a stand against Prime
Minister Hubert Ingraham
and vote against the "terri-
ble" BTC deal.
Parliamentarians are
expected to begin debating
the controversial privatisation
: of the state run utility com-
? pany ahead of a vote in the
: House of Assembly and the
Senate. According to Mr
Christie, his every MP and

SEE page 12

rm M eR en Le

PRIME Minister Hubert }
Ingraham said while the PLP }
decried Chinese labour on the }
Airport Gateway Project :
Opposition Senator Allyson }
Maynard-Gibson is benefiting }
from the deal in her capacity as }
a lawyer. :

Mr Ingraham added that the :
senator accuses government of }
selling the country's birthright }
through the controversial :
development of Bell Island, :

SEE page 12

Viwtace Roap
SHoppInG CENTER



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NASSAU AND BAHAMA ISLANDS’ LEADING NEWSPAPER





PAGE 2, MONDAY, MARCH 21, 2011

THE TRIBUNE



POLITICAL RALLIES DRAW THE CROWDS

PM: LEADERSHIP WILL BE FACTOR IN 2012 ELECTION

FNM RALLY - CLIFFORD PARK

WHILE agreeing with
Opposition leader Perry
Christie's assertion made at the
PLP's Friday night rally in
Grand Bahama that the 2012
election will be about jobs and
crime, Prime Minister Ingra-
ham also said the election will
be about leadership.

“Don’t forget Mr Christie,
it will also be about leadership.
People of the Bahamas know
what they can get when they
are tired of what they got," Mr
Ingraham told FNM support-
ers gathered at Clifford Park
for a mass rally on Saturday.

To illustrate his point about
the different styles of leader-
ship, the prime minister said
that back in 2005, when 1,200
people were laid off from the
Royal Oasis in Grand Bahama,
Mr Christie and the PLP


























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promised “all manner of hope
and help.”

“Well, you know what they
got from that side — misery and
heartache. It was the FNM
which had to

finally settle outstanding
monies promised to Royal
Oasis workers by our prede-
cessors but never paid," Mr
Ingraham said.

He reminded the crowd that
two weeks ago, when 200 peo-
ple were laid off from Our
Lucaya, the

FNM Government immedi-
ately mobilised to bring “tangi-
ble hope and help” in terms of
jobs, retraining, apprentice-
ships, social assistance and with
other parties, spiritual and
financial counselling.

“In office, the PLP aban-
doned the Royal Oasis work-
ers. Now in 2011, they popped
into Grand Bahama offering
plenty talk, but no action when

Our Lucaya workers lost
their jobs. Perry Christie talked
plenty to the press as he usual-
ly does. But he didn’t find time
to go down and talk to those
laid-off workers,” the prime
minister said.

ARAWAK CAY PORT PLAN
WHILE once owned only by
a small group of families, the

FNM’s plan for the port at
Arawak Cay will give all
Bahamians an opportunity to
have a share in the profits of
these shipping businesses,
Prime Minister Hubert Ingra-
ham told party supporters on
Saturday night.

Addressing the crowd gath-
ered a Clifford Park for a mass
rally, Mr Ingraham said own-
ership of shares in the port will
make Bahamians owners of a
bigger portion of the country’s
economy and it will cause them
to share in what the present
owners of shipping on Bay
Street have enjoyed for gener-
ations.

Mr Ingraham pointed out
that the ownership of cargo
ports in New Providence has
been shared by a small

number of families since time
immemorial; those families
including the Kellys, the
Symonettes, the Farringtons
and the Bethels.

“It’s been a very profitable
business for those families. Now
Iseek to make it profitable for
you too," the prime minister
said.

He said that this is why the
Government has entered into
a joint venture with those fam-
ily businesses and with a num-
ber of other Bahamian families
and companies who have in
more recent times become
engaged in shipping — the
Moskos, Tennyson Wells, the
Lightbournes, the Taylors, the
Curlings and 14 members of the

SEE page 10

A
a ilies

hy



Photo/Tim Clarke

i
i

Christie: all PLP MPs, Senators will vote against BTC sale

By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net

FREEPORT - PLP Leader
Perry Christie said the sale of
BTC is a “bad deal” and all
PLP Members of Parliament
and Senators will vote “no” to
it in Parliament.

Mr Christie criticised the
FNM government and Prime
Minister Hubert Ingraham for

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entering into an agreement to
sell a majority ownership to a
foreign entity when he had ini-
tially promised Bahamians that
he would not do so. He noted
that the government will
approve the sale of 51 per cent
Cable and Wireless when par-
liament convenes on Monday.

“Tt is a bad deal and we want
to continue to repeat that posi-
tion. This bad deal does not
serve the public’s interest and
that is why it is so widely
unpopular,” Mr Christie said.

He noted that the PLP
would never have sold a major-
ity stake in BTC, and never
sought to do such a thing when
it was in power.

“We were committed to
maintaining majority ownership
and we would certainly have
not sold any part of BTC to an
outfit like Cable and Wireless.
We remain committed to those
principles,” Mr Christie said at
a rally in Grand Bahama on
Friday.

“Many have asked why the

Prime Minister and his govern-
ment entered into such an
objectionable financial arrange-
ment for the sale of BTC, and
why did the PM change his
mind and decide to sell 51 per
cent of BTC when he and the
government had previously
indicated that they would only
sell a minority stake.”

Also speaking on the issue,
Senator Dr Michael Darville
said the FNM is selling one of
the country’s greatest assets to
a company that has one of the
worst track records in the
telecommunication industry.

“They are trying to sell BTC,
one of our greatest assets for
nickels and dimes," he said.

Englerston MP Glenys Han-
na-Martin stressed that BTC
was built by the hands of
Bahamians.

She criticised the PM for
selling a profitable Bahamian
entity to a foreign company.

“He apparently did not
appreciate that BTC, owned by
the Bahamians people, has ser-

viced this archipelago for gen-
erations and was built by the
hands of Bahamians.

"It is a Bahamian enterprise
that is economically prosper-
ous, and a profitable entity,”
she said.

PLP Leader Perry Christie
said the pending sale of a
majority shares in BTC contra-
dicts previous statements made
by Mr Ingraham and his gov-
ernment.

He said Mr Ingraham had
indicated sometime ago that he
would never sell the majority
holding to anyone other than
Bahamians.

Mr Christie stated that the
PM and his government does
not have permission to sell
BTC to Cable and Wireless.

“They do not have a man-
date to sell 51 per cent of the
shares as he continues to say.

“Their manifesto of 2007 did
not say they will do those
things. And so clearly we argue
that if he wants truly to get a
mandate for those things he
ought to call a general elec-
tion,” Mr Christie said.





THE TRIBUNE

MONDAY, MARCH 21, 2011, PAGE 3



LOCAL NEWS



Christie: FNM govt has
been bad for country

By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net

FREEPORT - PLP Leader
Perry Christie told party sup-
porters here at a rally over the
weekend that the Free Nation-
al Movement government has
been bad for the country.

He noted that crime and
unemployment are at their
highest levels, and that the
quality of life for Bahamians is
worse now than ever before.

“We are absolutely con-
vinced that the FNM govern-
ment is bad for our country;
our country has been on a steep
downhill ride for the past four
years.

“Things have never been so
bad; people are suffering like
never before and a major part
of the blame falls squarely at
the feet of the FNM,” said Mr
Christie.

The pace of the PLP’s cam-
paign in Grand Bahama got off
to a fairly good start on Friday
evening at PLP Headquarters,
where PLPs, MPs and candi-
dates addressed many pressing
issues in the country.

The poor economic state of
Grand Bahama, the controver-
sial sale of BTC shares to Cable
and Wireless, unemployment,
and crime were among the top
of the list.

L Ryan Pinder, MP for Eliz-
abeth; Glenys Hanna Martin,
MP for Englerston; Fred
Mitchell, MP for Fox Hill;
Melanie Griffin, MP for
Yamacraw; Shane Gibson, MP
for Golden Gates; Cleola
Hamilton, candidate for South
Beach; lawyer Gregory Moss,
candidate for Marco City; Sen-
ator Dr Michael Darville, can-
didate for Pineridge; and Philip
“Brave” Davis, deputy leader
of the PLP, were speakers at
the rally.

Taking the stage at 10.50pm,
Mr Christie told supporters that
the general elections will be
fought by the PLP not on per-
sonalities, but on the issues.

“The issues are more press-
ing and urgent now than they
have been since the campaign
for Independence nearly 40
years ago,” he said.

“Crime and unemployment
rank at the very top of above all
others. It has never been this
bad on either front. Crime is
going through the roof and so
are unemployment numbers
which continue to increase,
especially here in Grand
Bahama,” he said.

Mr Christie stated that the
quality of life has deteriorated
throughout the country and is
worse now than it has ever been
for most Bahamians, and even
worse in Grand Bahama than
anywhere else.

“There is an urgent need for
economic recovery in the coun-
try, especially in Grand
Bahama,” he said.

The PLP leader claims that
Grand Bahama has been
neglected and abandoned by
the FNM government.

“So many of you have put
your trust in the FNM in the
last elections only to be cheated
as if you were rags to be dis-
carded once the election was
over.

“The FNM let you down.
However you cut it, that’s what
it comes down to. The FNM
betrayed your trust, shattered
your hopes, and left you high
and dry,” Mr Christie said.

Ee Bes
agua dt
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Fea



PLP RALLY - GRAND BAHAMA

Mr Christie said Freeport
continues to sink deeper into
economic despair as the result
of the lack of vision and plan-
ning by the government over
the past four years.

“This government has done
nothing but sit on its hands
while Freeport sinks lower into
paralysis and economic col-
lapse.

“This government has
absolutely no vision for
Freeport and they have no
vision for the rest of Grand
Bahama.

Mr Christie stated that
Freeport and Grand Bahama
have been “hung out to dry on
the branches of lost and missed
opportunities” for the past four
years.

He claims that the Ginn
Development in West End
came to a halt under the FNM
government, which he said is
now working feverishly to bring
the project back on track.

Mr Christie indicated that
the PLP government laid a
secure foundation for the new
development in a carefully
planned and well thoughtout
heads of agreement.

“Under the FNM it came to
a screeching halt. Yes, there
were external factors at work
and Bobby Ginn has had his
challenges, but we argue that
there was a whole lot more that

he (Ingraham) and his col-
leagues could have done to
keep the project on track and
keep it moving had they shown
a little more vision, foresight,
interest, and dynamism.

“Tf they had handled it
right, hundreds, if not thou-
sands, would have been
employed right now in the
Ginn Development instead of
swirling around in the deepen-
ing whirlpool of unemploy-
ment here on this island,” he
said.

Senator Dr Michael Darville
stated that nothing tangible has
come to Grand Bahama.

He claims that the FNM
government has only created
additional taxes and has imple-
mented policies to destroy the
middle class.

Lawyer Gregory Moss also
noted that jobs, such as road

RADIOSHACK

< Fs E

CO aoa COPE PECE

work projects that Bahamians
are capable of doing, are being
given to the Chinese.

Mr Christie said ordinary
Bahamians are struggling to
make ends meet and cannot
afford the cost of electricity, to
buy groceries, shoes, and
clothes for their children.

He also noted that Bahami-
ans are losing their homes and
being cast on the mercy of the
streets.

“Bahamians are in desperate
need for help around our coun-
try. There must be considera-
tion on your part that this gov-
ernment has failed the Bahami-
an people in a very clear and
miserable way,” he said.

Mr Christie promised that
the next PLP government will
make Grand Bahama its top
priority. He urged Bahamians
to be ready for a general elec-
tion soon.

“We have come here this

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THE TRIBUNE

MONDAY, MARCH 21, 2011, PAGE 5



LOCAL NEWS

NDP DENIES BEING IN

TALKS WITH PLP OR FNM

OVER AMALGAMATION

THE National Devel-
opment party yesterday
denied that it is in any
talks with the PLP or
FNM with a view to amal-
gamation.

The NDP further
affirmed that its alliance
with the Workers’ Party is
strong and that they are
seeking to build alliances
with all political entities
“whose heart beats for the
future empowerment of
the Bahamian people and
a democracy that delivers
on the promises made to
our forbears during the
struggle for majority rule.”

“In regard to MP
Branville McCartney, or
any of the members of the
honourable House of
Assembly, or candidates
of other political parties
who desire to join us in
this great journey to vic-
tory, we welcome you.

“We welcome all who
pledge their devotion and
desire to the deepening of
the Bahamian democracy
and to the broad base eco-



nomic empowerment of
our people,” the party said
in a press statement.

The NDP said it has
heard the cries of the
Bahamian people who
seek “a healthy alterna-
tive” to the two major par-
ties, “another choice other
than the PLP/FNM and
we will continue to build
and prepare to meet their
expectation and desire.”

Elections

“Let there be no doubt
— we will run in the next
general elections.

“We in the NDP and
our allies will run in the
next general election, ful-
ly persuaded that as the
Bahamian people contin-
ue to acquaint themselves
with the NDP they will
come to repose their con-
fidence in us to lead this
great nation into the man-
ifest destiny our forbears
envisioned,” the party
said.

The Day of the LORD

Isaiah 2:5-9

O house of Jacob, come and let us walk
In the light of the LORD. For You have
forsaken Your people, the house of
Jacob,Because they are filled with east-
ern ways; They are soothsayers like the
Philistines,And they are pleased with
the children of foreigners. Their land is
also full of silver and gold, And there
is no end to their treasures; Their land
is also full of horses, And there is no
end to their chariots.Their land is also
full of idols;They worship the work
of their own hands,That which their
own fingers have made. People bow
down, And each man humbles himself;
Therefore do not forgive them.


























Private airline now has

By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net

FORT Lauderdale — In an
historic milestone for the
company, and the aviation
industry, Sky Bahamas Lim-
ited now boasts pre-clearance
service to the US.

Bahamians travelling on
the private airline will not be
required to have a visa, pro-
vided they have a valid pass-
port and police record.

Randy Butler, CEO of
Sky Bahamas said: "We
understand that times of
depression is the best time to
be innovative and creative.
There is definitely a market,
people love coming to the
Bahamas, people love the
Bahamas.

“We know the only way to
grow or get any place you
want to go is to expand."

Tourism and media rep-
resentatives flew to Fort
Lauderdale on Sky Bahamas’
inaugural flight into SheltAir
Aviation Services on Friday.

Praised

The private airport,
praised for its concierge ser-
vices and intimate atmos-
phere, will host Sky
Bahamas' charter services to
and from New Providence,
Grand Bahama, and Abaco.

Mr Butler said: "We are a
scheduled airline, we have all
of the authorities that the
other big airlines have, we
went through all the exact
certifications all the other air-
lines had to go through. In
some folks’ mind, unless you
go through the pre-clearance
to the US, you're not a real
airline. We understand
because we've been flying (to
US) for the last couple of
years."

He added: "As a private
Bahamian airline, taking the
mantle to go ahead and

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Randy Butler, CEO of Sky Bahamas

develop our islands, we have
had some challenges in doing
that from the various agen-
cies, some that have really
helped us. We had to step out
with a lot to go ahead and do
this."

Speaking on behalf of the
Ministry of Tourism, Tyrone
Sawyer, sports tourism direc-
tor, commended Sky
Bahamas for its dedication
to servicing the family islands
and customer service.

Mr Sawyer said: "We've
watched over the past three
years, we've seen you go into
Abaco, I got some of the
Mortimer's mints on the
plane. It's those soft touches,
those little touches. We'd like
to see your company grow
and prosper.” Citing the air-
line's expansion into Cat
Island and Exuma, Mr
Sawyer also highlighted the
company’s impact on spread-
ing tourism throughout the
Bahamas.

Mr Sawyer added: "I find
particularly heartening, as a
Bahamian, is to see the level
of quality the level of service
that you have brought to
your endeavours it does a
whole lot to raise the stan-
dards that we're seeking to
achieve for our country."

Pre-clearance services in
Nassau will be chartered

through Cash 'N Go, while
scheduled services in
Freeport and Marsh Harbour
will commence April 1.

Referring to statements
made by the government to
improving accessibility to the
Bahamas, Mr Butler said:
"We believe that if you real-
ly want to grow the tourism
product, to grow the devel-
opment of the Bahamas,
we're gonna have to build a
bridge, a connection to the
Bahamas.

Develop

“T believe Sky Bahamas, as
a wholly owned Bahamian
company, has that responsi-
bility to help build and devel-
op our country. We've
launched as a business exer-
cise of course and from all
the numbers we've seen, we
believe this is the right time
and this is the season to
launch this service."

He added: "Nassau, Par-
adise Island is two per cent of
the tourism product or land
mass of the Bahamas. We
have 98 per cent of the
Bahamas to go. So we like
that, and we're encouraged
that we're gonna go and find
our niche in the other
islands."

At the Lynden Pindling



US pre-clearance service

International Airport on Fri-
day, persons cheered their
support as the SkyBahamas
logo and flight information
was displayed at the interna-
tional terminal for the first
time.

Mr Butler said: "When the
SkyBahamas sign went up,
Bahamians came and hugged
us and gave thumbs up. It
was a proud moment for us."

After hearing the news
report on the launch on the
radio, Valentino Copa, head
boy at North Andros school,
wrote: "I salute (Sky
Bahamas, on such a great
achievement. The sky for you
is now, no longer the limit,
you have soared to outer
space and I am a proud
Bahamian today."

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THE TRIBUNE



LOCAL NEWS

Grieving parents highlight importance of road safety












By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net

THE grieving parents of a
seven-year-old girl who was
hit by a car while out on her
bicycle in Kemp Road
spoke out about their loss
at a bike safety awareness
event on Saturday.

Kemp Road Urban
Renewal Centre organ-
ised the event in memory
of Tasheka Williams-John-
son, a third grade pupil at
Uriah McPhee Primary
School, who was hit by a car
at around 4pm on February 7
and died a week later.

Her mother Natasha
Williams, 33, spoke out about her
loss as she said the accident draws
attention to the need to enforce traffic ~
laws and highlight the importance of road safe-
ty for cyclists.

Ms Williams was working at the British
Colonial Hilton when her daughter was
involved in the accident.

Eyewitnesses told her Tasheka was bending
down over her bicycle in the front yard of a
property on the left side of the road when a car
turned in and hit her.

A crowd gathered and people made several
attempts to call the emergency line before any-
one answered the phone, and an ambulance
arrived around an hour later, Ms Williams said.

She next saw her daughter in the hospital,
hooked up to a ventilator, and when she went
to comfort her, she was told to step back.

"She was still breathing, my consoling would
have helped,” she said.

"But they wouldn't allow that at all. From
the beginning to the end I was totally frustrat-
ed.

Injuries

"She was in the hospital for a week before
she succumbed to her injuries, and sometimes
I would go in there and there was no one at the
bed, and you can't ask questions because they
don't want to tell you anything."

Tasheka's death on February 13 should have
sparked a homicide investigation, Ms Williams
said, but she has had to hire a lawyer to put
pressure on the police to investigate the cir-
cumstances of her daughter's death.

Police at the Road Traffic Department have
told her they believe her daughter was crossing
the road when she was hit by the car and there-
fore they cannot bring manslaughter charges
against the driver.

But Ms Williams said the driver, who lives in
Kemp Road and is from the area, called her
two days after the accident and apologised.

He told her he had been driving south on
Kemp Road when he saw a Jitney in front of
him and he tried to brake, but his brakes failed,
and he turned into the property on the left-
hand side of the road when the accident hap-
pened, she said.

Ms Williams believes he was driving without
insurance or a valid permit and suspects he
was travelling faster than the 25mph speed lim-
it when he the accident occurred.

However, police have told her that accord-
ing to their investigations, they can only bring
charges against him if he were driving with-
out a licence and insurance.

ive Factory
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TASHEKA WILLIAMS-JOHNSON
was hit by a car at around 4pm on
February 7 and died a week later.

As children from the
\ Kemp Road area learned
about bike safety in the
City Market parking lot on
the corner of Village
) Road and Wulff Road on
Saturday morning, Ms
} Williams said she supports
road safety education and
the need for children to
wear helmets and reflec-
tive gear when cycling on
the road.

However, she also called
attention to the fact there were
two people involved in the col-
lision that cost her daughter's life,
and rules of the road should also be
enforced for drivers.

She is grateful to have the support of her
community as she calls for an investigation
into Tasheka's death and for improvements to
be made in Kemp Road by creating more side-
walks and clamping down on traffic violations
as children frequently play outside and wander
into the streets.

Strong

She said: "I have been comforted and I
understand that the Lord has her, but the fact
that I don't have her anymore... It's just anger
that has me now. I'm not an emotional per-
son, I am strong and I take a lot of things, but
I'm so angry at life itself, that something like
this could happen.

"For a child to be like an animal that you
knock down in the road and nothing happens
and it's not just my child it could happen to.

"T don't think it's fair that a country that's
supposed to be so loving could let something
like this go.

"IT have to go through this all the time, it's
hard. But knowing my baby, the type of person
she was, she was such a sweetie, everybody
loved her.

"It wasn't easy and it still isn't easy, it's
something I am getting used to slowly, but
surely.

"It's memories actually keeping me going, I
have such good memories over her."

Tasheka's father Shane Johnson, 31, said: "I
want justice for everybody, because I don't
want it to happen to anyone else, and I want
justice for my little girl. We can't let it go just
like that, that's a whole life they took away,
they can't just say it was an accident and that's
it. The law is supposed to be for the people."

Police went out to support the bike safety
awareness event, as staff from Cycles Unlimit-
ed demonstrated the use of safety gear with
representatives from the Sunshine Pilot Club of
Nassau, a nonprofit organisation dedicated to
the prevention of brain injury by educating
children.

Cycles Unlimited assistant manager Eddie
Butler said: "We advocated that you must wear
a helmet when cycling. Safety first, and every-
thing else comes afterwards.”

Reflective gear is available at Cycles Unlim-
ited store in Mackey Street for less than a dol-
lar. Helmets retail for around $25 for children
and $35 for adults.

Kneepads, elbow pads and other protective
gear is also available.

ee |

ABA

Mowwel’ Plaz

Tok (24) PLUG (PST)
Fou: (242) 367-1257

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PAGE 8, MONDAY, MARCH 21, 2011

THE TRIBUNE





Bahamas moving in a new and better direction!
OPINION

By THE FREE
NATIONAL MOVEMENT

WERE Perry Christie and
the PLP in office when the
recent global economic melt-
down occurred, The Bahamas
would have experienced a dou-
ble crisis. The worst economic
crisis in generations would have
been made more severe by the
incompetence and indecisive-
ness that characterize Mr.
Christie's leadership.

The next general election
will be fought on the issue of
leadership. The choice is clear.
In good times Mr. Christie
brought the country to a near
full stop. In difficult times
Hubert Ingraham rescued the
Bahamas from the economic
crisis and is moving The
Bahamas in a new and better











Betty Taylor

Jiurmalisr ! Entrepreneur

direction.

Effective leadership takes
advantage of good times and
effectively navigates through
bad times. If Perry Christie
could not take advantage of
good times, he would have
been a colossal disaster over
the past five years.

The Christie administration
was marked by endless scan-
dals and an inability to com-
plete projects left in place by
the FNM. As the Prime Minis-
ter said at Clifford Park last
night before thousands of
FNMs, The Bahamas would
have been much further ahead
had the PLP not stopped or

uote
oi the
week



cancelled road works and a host
of other FNM initiatives.

In difficult times the Ingra-
ham administration launched
the most ambitious infrastruc-
tural programme in Bahamian
history. It extended social pro-
tection in the form of unem-
ployment benefits and the
largest increases in social assis-
tance in generations.

Hubert Ingraham and the
FNM created a prescription
drug benefit that is providing
life-saving medicine to thou-
sands. It is one of the greatest
advances in health care in
Bahamian history, and along
with the unemployment benefit,
are major advances in social
justice and social development.

Bahamians know from bitter
experience that under the PLP,
the country was moving in the
wrong direction. Ironically, in
better economic times from
2002 to 2007, the country was
actually worse off in significant
ways.

Mr. Christie's failures were
extraordinary. It was a matter
of both his disastrous decisions
and what he failed to do. He
was prepared to sell BTC on
credit and allow the phantom
Bluewater to walk off with $100
million of BTC's cash.

At Baha Mar Mr. Christie
gave away cheaply Bahamian
land and negotiated much less
of a deal than Prime Minister
Ingraham who saved Bahamian
patrimony and land. Mr. Ingra-
ham saved taxpayers tens of
millions of dollars in conces-
sions and expenditures that Mr.
Christie happily gave away
while getting less in return.

Mr. Ingraham ensured that
the value of works for Bahami-
an contractors was increased
from $200 million to $400 mil-
lion. He insisted on Bahamians
working on the core project and
having greater training oppor-
tunities. The Baha Mar project
moved in a better direction
because of Hubert Ingraham
and the FNM.

Mr. Christie presided over
the borrowing of $800 million
with precious little to show after
five years. The Christie admin-

istration’s failure to complete
the New Providence Road
Improvement Project has cost
the country $50 million in addi-
tional dollars needed to com-
plete the work as a result of ris-
ing oil costs.

Even out of office, the PLP
is content to let the country
stagnate rather than move for-
ward. This is what they are
doing in opposing the partner-
ship to create a new BTC. They
are set to vote against a trans-
formed telecommunications
sector with more cutting-edge
technology and more competi-
tion which will usher in less
expensive and expanded ser-
vice.

Lest we forget, this is the
same PLP who picketed and
protested the sale of Govern-
ment owned hotels in the early
1990s. Ten years later they were
offering the Government
owned Cable Beach for sale
after they saw the success of
the FNM's hotel privatization
programme.

The Opposition also voted
to stop progress by voting
against the new Gateway Road
Project which will be an impres-

sive entryway to a transformed
New Providence and what will
be a revitalized City of Nassau.
In voting against the new
four-lane highway, the PLP:
Voted against a project that will
transport millions of tourists to
Baha Mar and Atlantis, voted
against jobs for Bahamians, and
voted against clean water and
better water pressure for the
residents of Fox Hill,
Marathon, Sea Breeze, Eliza-
beth, Montagu and other areas
of eastern New Providence.
The choice is clear. It is
Hubert Ingraham and the
FNM's trusted and tested lead-
ership that is moving the
Bahamas in a new and better
direction, amidst difficult times.
In Government and in Opposi-
tion, the PLP has demonstrated
that they are yesterday's news.

The PLP is the party of fail-
ure rather than help. It actively
seeks to encourage fear among
Bahamians rather than inspire
hope. They are the party of fail-
ure and fear!

The FNM, in moving the
country in a better and new
direction, is the genuine party
of hope and help.

Real Estate: Case closed

By Mike Lightbourn

properties, for example).























Depression is the master
of destruction to the soul.
Therefore, stop worrying
about your problems---time
will take care of them.

Hence, you will live longer.

— Pa PI
ome cleowr

WHEN you tell friends and family
you’re going to buy or sell a home, and
they ask, “Why are you working through
areal estate agent when you can just use
the internet,” how will you respond?

Your first answer should be that you
need to have a professional handle all
the paperwork — arrange for appraisals,
inspection reports, need someone to take
care of your legal work (unless you have
your own lawyer)... they’ll get the pic-
ture.

You could describe your BREA agen-
t’s knowledge about the particular area —
zoning (if necessary), property values,
etc... You want to know that the location
of your potential home will hold resale
value for the future and that there are no
unexpected nuisances that could arise (a
potential change of zoning of nearby

oy) $ a. t

et te
»OoECh
;

Tell them there’s more to advertising
than print media and websites, and that
your BREA agent will be more likely to
find a buyer instead through their rela-
tionships with other agents and past and
current clients. Not to mention the fact
that you don’t want complete strangers
visiting your home — especially in this
day and age — and yow’re more comfort-
able knowing that your agent should
have screened and qualified potential
purchasers (this is not always possible,
unfortunately).

And once yow’re on either side of an
offer, you trust your BREA profession-
al’s ability to negotiate successfully on
your behalf.

Your final argument might be that
most people may buy or sell a handful of
homes in their lifetime, but your BREA
agent has been successful on numerous



occasions, on both sides of the transac-
tion. Case closed!

(Mike Lightbourn is president of
Coldwell Banker Lightbourn Realty).

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THE TRIBUNE

MONDAY, MARCH 21, 2011, PAGE 9



eee
Japan’s tragedy: Caribbean consequences

insight |

WORLD VIEW

By SIR RONALD
SANDERS

(The writer is a
Consultant and former
Caribbean diplomat)

THE devastating earth-
quake and Tsunami in
Japan will have mixed
effects on the Caribbean.
Even as the region — like
the rest of the world —
looks at Japan with the
greatest sympathy for its
loss of life and damage to
property, it is evident that
the Caribbean generally
will suffer adverse conse-
quences, but there will be
an opportunity for some
countries.

March 11th, 2011 will
live forever in the minds of
the people of Japan. The
Tohoku Pacific earthquake
that hit the country was the
strongest ever recorded in
Japan and it triggered a
Tsunami of immense pro-
portions killing tens of
thousands of people and
destroying property esti-
mated, so far, at a value of
$200 billion.

The horrific videos
transmitted worldwide, as
the walls of waves rose and
fell crushing everything
before them and racing
unhindered through streets
and over buildings, will live
for a long time in the mem-
ories of everyone who wit-
nessed them. The scale of
damage was simply
unimaginable.

As this commentary is
being written, Japan’s woes
are far from over. Dam-
aged nuclear reactors are
emitting radiation that is
sure to affect people within
its harmful radius, and the
added danger exists that at
least one of them —- the
Fukushima nuclear plant —
might pose even greater
threats. 200,000 people
have already been evacu-
ated from around the area
and radiation levels rose on
the outskirts of Tokyo, 135
miles (210 kilometres) to
the south, with a popula-
tion of 30 million.

The scale of human suf-
fering is already great.
Injured survivors, children
and elderly are crammed
into makeshift shelters,
often without medicine.
Reuters reports that the
Japanese Red Cross has
deployed about 90 medical
teams who are trying to
provide the basics in care
for 430,000 people in
remote towns spread along
the coast.

But, bad as all this is,
Japan will rebuild and will
be better able to cope with
major earthquakes in the
future. Unlike small islands
and coastal states, such as
those in the Caribbean and
Pacific, Japan’s economy
has the resilience to recov-
er quickly even from a dis-
aster of this magnitude.
The negative impact on its
economy will be large in
the short-term, but once
rebuilding starts, the econ-
omy will grow and people
now in shelters will return
to newly built homes.

Japan is still the third
largest economy in the
world and despite its
already high debt levels,
financial markets are likely
to take the view that the
country is too big to allow
it to fall. The constraints
that both the commercial
financial market and inter-
national financial institu-
tions place on small coun-
tries, faced with propor-
tionately similar disasters,
will not apply to Japan.

The Organisation for
Economic Cooperation and
Development (OECD) of
which Japan is a leading
member, has already stat-
ed: “While disasters reduce
economic activity in the
short run, subsequent

reconstruction efforts tend
to boost output growth.
The Japanese government
has started discussions on
reconstruction measures.
At present, fiscal resources
appear limited to the
remaining 0.2 trillion yen
(0.04 per cent of GDP)
reserve fund in the Fiscal
Year 2010 budget and the
1.1 trillion yen (0.2 per
cent) reserve in the Fiscal
Year 2011 budget. Howev-
er, Supplementary budgets
to finance reconstruction
efforts will expand avail-
able fiscal resources.”

The financing of recon-
struction has already start-
ed. The Bank of Japan has
pumped about $250 billion
dollars worth of liquidity
into the Japanese economy
in the immediate aftermath
of the Tsunami.

So what effect will the
catastrophic events in
Japan have on the rest of
the world, including the
Caribbean? Global eco-
nomic experts say that
Japan has not been an
engine of global growth for
some time, and this means
that the impact of much
lower Japanese growth on
the world economy, during
this period of devastation,
will probably be limited
and small. One immediate
effect has been a drop in
the cost of oil as Japan’s
demand during this period
declines. But, it will be a
short-lived drop, and the
price of oil will rise again
as Japanese demand
increases in its rebuilding
process.

Caribbean economies
should, therefore, be
preparing themselves for
increases in the price of oil
later in the year.

This problem will wors-
en particularly because of
the nervousness that has
now developed in Japan
over its nuclear power
plants. Reports indicate
that roughly 10 per cent of
electricity generation
capacity (both nuclear and
coal) may be off line for a
few months, until oil — and
gas — fired plants are
ramped-up. But, ramp-up
they will and so will the
price of oil.

As for trade, some
Caribbean economies
might actually benefit from
a short-term reduction in
imports of Japanese motor
vehicles, spare parts, com-
puter equipment, cameras
and entertainment systems.
Some of the factories have
had to close temporarily
because of the closure of
electricity generating facil-
ities.

It is in the area of aid
that Caribbean countries
will feel the pinch of

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SIR RONALD SANDERS

Japan’s problems. The
Japanese government’s
finances will be stretched
for the next three to four
years at least. It is reason-
able, therefore, to expect
that the government will
divert money it had allo-
cated for aid to Japan’s
domestic needs. That aid
money worldwide — very
significant for the
Caribbean in the decade of
the 1990s -— had been
declining since 2002 when a
government Task Force
defined aid not simply as a
means of helping the poor,
but as “the political key to
ensuring a stable interna-
tional environment for
Japan.”

In 2003, Japan slashed
its aid budget. Further cuts
are bound to affect the few
Caribbean countries that
receive any substantial
Japanese support.

It will be interesting to
see if Eastern Caribbean
countries attend the Inter-
national Whaling Commis-
sion meeting in July this
year.

Allegations have been
made that Japan pays for
the participation of these
countries, and provides
fisheries refrigeration facil-
ities, in return for their sup-
port of Japanese whaling.

For some countries of
the Caribbean Community
(CARICOM), Japan’s
rebuilding requirements
also present an opportuni-
ty. Guyana and Suriname
could sell forestry products
and Trinidad and Tobago
could export cement and
asphalt.

Hopefully, the private
sector companies involved
in these construction mate-
rials will quickly investigate
the market.

In the meantime, CARI-
COM should also explore
what meaningful — albeit
relatively small — financial
contribution it can make
(maybe through the Inter-
national Red Cross) to help
ease the suffering of the
affected Japanese people.
The world is now closely
inter-connected. Today it
is Japan’s Tsunami, tomor-
row it could be ours.

Responses and previous
commentaries at:
www.sirronaldsanders.com



Two JAPANESE soldiers stop to eek at a ship which was blocking a a road hich their n men were trying to clear
in the earthquake and tsunami destroyed town of Onagawa, Miyagi Prefecture, northeastern Japan Sunday. (AP)

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COLLEGE CONNECTIONS THE SPEAKER SERIES



PAGE 10, MONDAY, MARCH 21, 2011

THE TRIBUNE



LOCAL NEWS

Shooting ‘terror’
at the home of
Mother Pratt

FROM page one

tive Unit, reported that three men were
fleeing from police after a shooting inci-
dent at the Asue Draw webshop on Sixth
and Crooked Island Streets.

The culprits opened fire on the offi-
cers as they gave chase. The three men
were attempting to escape the area ina
gray Nissan vehicle.

The chase ended at the corner of Sixth
Street and Poinciana Avenue where the
home of Mrs Pratt is located.

One of the men jumped into Mrs Prat-
t’s backyard and scrambled up onto to
her roof from where he shot at police
with a high-powered weapon.

A second man, assumed to be the get-
away driver, was parked in a car right
next to the Pratt home. Mrs Pratt said
she believes she noticed the man sitting on
a wall next to her house that morning
but had thought nothing of it.

The man in the car also became the
target of police fire, according to eyewit-
nesses.

At the time of the shooting, around
12.10pm, Mrs Pratt’s daughter-in-law
Sherelle Pratt and granddaughter Pey-
ton were in the house.

Sherelle Pratt told The Tribune that
her daughter was in the TV room when
she heard a loud “boom.”

“T assumed the television had fallen on
her,” she said.

Rushing into the room, Sherelle Pratt
soon realised that the cause of the noise
was a fire exchange between police and
men outside the house.

She quickly ensured that she and her
daughter were out of the line of the fire.
Sherelle Pratt said that one of the bul-
lets flying between the gunmen and police
was accidentally shot through the win-
dow of the TV room. That bullet just nar-

CYNTHIA ‘MOTHER’
PRATT holds a photo-
graph with a bullet hole in
it, in her home yesterday.

rowly missed her daughter’s head and
ricocheted around the room.

“T’m only glad that she (Peyton) was
sitting down at the time and not standing
up in the chair as is her habit,” Sherelle
Pratt said.

Asst Commissioner Gomez confirmed
that one bullet went through a window on
the western side of the house. However,
he said police could not say at this time if
this bullet originated from a police
weapon or from a firearm used by one of
the culprits.

Sherelle Pratt said that she feels that
police were not careful enough when they
started firing at the armed robbers.

She said the police were aware of her
presence in the house, as she had been the
one to alert them to the culprit in the
backyard. She felt they should have acted
with more caution.

She added that she heard the man sit-
ting in the car at whom police were shoot-
ing shout that he was unarmed.

Addressing the shooting at Mrs Pratt’s
house yesterday, PLP leader Perry
Christie said that this incident is yet anoth-
er example of innocent bystanders being
caught up in violent crimes in the
Bahamas.

“What happened to Mother Pratt is a
warning to all of us. It is not good enough
for the Minister responsible for National
Security to believe that crime is limited to
domestic disputes and to people who are
fighting a drug war.



“All of us are potential victims in this
country and that is why there is a great
need for the people of this country to
understand that this government has
failed in the policies that they have not
implemented,” he said at a press confer-
ence at PLP headquarters.

He again faulted the Ingraham admin-
istration for “abandoning” and then
“bastardising” the PLP's Urban Renew-
al Plan and later removing police officers
from the public schools — all moves he
believes have led to escalating crime lev-
els.

"They made a mistake, a terrible mis-
take, and this country is suffering as a
result of it.”

Following the shooting, Sherelle Pratt
said she broke down and “lost her mind”
due to the narrow miss she and her
daughter had had.

She said she is now concerned for the
safety of her mother-in-law.

“These are people she has been fighting
against and has been striving to protect
others from, now they have turned
towards her, who is going to protect her?”

Police last night had two of the three
suspects in custody, one reportedly
injured, and were questioning them in
connection with the incident at the web-
shop and the shooting at Mrs Pratt’s
home.

They had also recovered a high-pow-
ered weapon.

The third man remains at large.

MINISTRY OF WORKS & TRANSPORT iC:

Cc

NOTICE

CORRIDORS 12 & 13A

EAST STREET & ROBINSON ROAD
Temporary Road Closure & Diversions

Please be advised that temporary road closure & diversion will be carried out on sections of Robinson

Road & East Street to continue further road construction works during the following weekends March

25-28 and April 1-4, 2011. Kindly note that traffic will flow as is at the junction of East Street & Robinson
Road during the weekdays until further notice.

*Keen note should be taken of the Traffic Management Schedule while works are ongoing.

TRAFFIC MANAGEMENT SCHEDULE

Affected Ares 5)



tardinal
[srection(s)

Ld

Liwershen Hiowhes

Rohinan Rd

a i piNSON ROAD

Please note that access will be given to residents, pedestrians and the affected businesses in this area
during the construction process. Signs will be in place to identify safe passage for Pedestrians and Access
points to the businesses in the area from the diversion route. The public will be updated through the
local media (radio & television) for regular updates.

We do apologize for any inconvenience caused and we look forward to the cooperation of the motoring

public.

For further information please contact :

(The Contractor)

Jose Cartellone Construcciones Civiles S.A
Office Hours: Mon-Fri 8:00 am to 6:00 pm

Offfice:(242)322-8341/322-2610

Email: bahamasneighbor@cartellone.com.ar

(The Contracting Agency)

Ministry of Works & Transport

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

Email: publiceworks@bahamas.gov.bs



FROM page one

at detractors of the looming
privatisation of BTC.

“This is a good deal for
the Bahamas and Bahami-
ans. BTC shares will be a
good buy for you. So I tell
you now, when the shares
are offered for sale, buy
some for yourself and for
your children. Papa will be
buying some for his two
grand-boys and little grand-
daughter. Take my advice on
this,” Mr Ingraham told the
rally crowd.

“We will have regulations
in place to ensure that these
shares are widely owned and
not concentrated in the
hands of a few shareholders;
public officers and BTC
employees would be able to
pay for a part of their shares
by salary deductions,” he
said.

For those worried that
government is selling a
“national asset”, Mr Ingra-
ham stressed that even after
privatisation, BTC will most-
ly be managed by Bahami-
ans while government will be
able to veto the company's
policies as they see fit.

"BTC is not going any-
where. Following privatisa-
tion BTC will be mainly run
by Bahamians, serve mainly
the Bahamian public, it's
employees will be almost all
Bahamians, and it will seek
to remain the communica-
tions provider of choice for
Bahamians, even when full
competition arrives.

“At privatisation the gov-
ernment will maintain a 49
per cent stake and veto pow-
er in a number of matters to
protect the interests of the
Bahamian people,” Mr
Ingraham said.

The prime minister also
took the opportunity to
address BTC employees
directly.

“And I say this honestly to
the workers at BTC - we
have got your back. That is
why we negotiated two more
years of mobile monopoly to
ensure your jobs are pro-
tected for the next two years
— even though that will mean
less benefit to the rest of us
for a short while. We don’t
just talk and promise, we act
to protect your interest and
the interest of all Bahami-
ans. We value and honour
all that is Bahamian,” he
said. Selling BTC is just the
latest move by government
in divesting itself of public
assets,

“Just as the FNM ended
the state monopoly on the
broadcast media, the days of
government control and

PRIME MINISTER ENCOURAGES
_ PUBLIC TO BUY SHARES IN BIC

domination of the telecom-
munications industry are
over. And you know it. You
no longer need BTC to talk
to your children, family
members or friends who are
abroad. You can do that
through your computers.

“A modern 21st century
Bahamas needs a cutting-
edge telecommunications
sector with high speed inter-
net service, better and less
expensive cellular service,
reliability and more afford-
able rates on other services.
We need this for Bahamian
consumers and businesses,
and international travellers
and business people coming
to the country,” Mr Ingra-
ham said.

The prime minister said
he is aware that there are a
lot of “half truths and distor-
tions” being told about the
partnership the Government
is entering by privatizing
BTC.

“These distortions are of
concern to some people. I
want to say that we have lis-
tened to and heard your con-
cerns. We do not dismiss
what you say. We are acting
to protect the interest of the
majority of Bahamians and
to ensure that BTC main-
tains its value — for its owner,
the Government, its employ-
ees and indeed the Bahami-
an people,” Mr Ingraham
said.

“One day the PLP will tell
us why they were privatising
BTC and agreeing to sell 49
per cent of BTC to foreigners
with management control
whose lawyer was the PLP
Deputy Leader Philip “Lil
Brave” Davis,” he said.

Addressing the question
why the Government is now
selling 51 per cent instead of
49 per cent or less, Mr Ingra-
ham said that they could not
and did not attract any inter-
national telecommunications
operation willing to buy less
than 51 per cent of BTC.

“If we could have, we
would have. After all, that
was our original intent. A
strategic partner today wants
the certainty that he can con-
trol those business decisions
that impacts upon profitabil-
ity regard being had to the
level of investments he
makes. Purchasing 51 per
cent does this. Having a part-
ner who owns 51 per cent
ensures that he is fully vested
and will work to ensure that
the company succeeds
because any losses will be 51
per cent to his account. This
is important when facing
fierce competition,” he said.

¢ SEE PAGE TWO

PM: leadership will be

factor in 2012 election
FROM page two

Mailboat Association — in the construction, management and
operation of the new port at Arawak Cay.

“We provided the land and we and the private sector are pro-
viding the financing required for the construction. The private sec-
tor companies will initially own 40 per cent of the new Arawak Cay
Port and the Government

40 per cent and initially 20 per cent will be made available to the
Bahamian public.

“By November of this year the government and the private com-
panies will each reduce their holdings by 10 per cent in order to
make them available

to you, the public.

“The shares will be offered at the same price we each paid
plus expenses for the share offering. If you ever heard about a good
deal, this is a good one indeed. Eventually 70 per cent of the
shares at the port will be held between the government and indi-
vidual shareholders,” Mr Ingraham said.

PM ACCUSES OPPOSITION OF PROMOTING FEAR, UNREST
PRIME Minister Hubert Ingraham is accusing the Opposition of
promoting fear and unrest in the country.

Speaking at the FNM’s mass rally at Clifford Park on Saturday
night, Mr Ingraham said he wishes to warn the Bahamian people
not to be provoked during upcoming election campaign season by
statements the PLP makes.

“T told you once before, they (the PLP) are a ‘provokeful’ peo-
ple. But don’t let them provoke you. They are desperate and they
will say and do all manner of things. Desperate people say and do
desperate things,” Mr Ingraham said.

He said that the PLP’s record in government was so dismal that
they have convinced themselves and are seeking to convince the
public that what the FNM has accomplished over the last four
years is mostly a result of what they put in place while in office.

“They are promoting fear and even unrest. We also have a
better vision than they do for the Bahamas.

“We deliver what we promise,” the prime minister said.

Mr Ingraham said that because the PLP cannot run on their
record and cannot run against the FNM's record, they will seek to
tear the government down.

"The good we do, they say is theirs -LPIA, Baha Mar, the
Straw Market, the National Stadium — name it, according to them
it’s all theirs. They are bold faced people," Mr Ingraham said.



PAGE 12, MONDAY, MARCH 21, 2011

THE TRIBUNE



LOCAL NEWS

MAN DIES AFTER
BARBER SHOP
KNIFE ATTACK

FROM page one

times.

The victim then fled the
area, but collapsed at the
junction of Fourth Street
and Palm Tree Avenue.
Police last night said they
were following significant
leads into the matter.

Less than an hour after
the murder, police were
called to the stabbing of a
22-year-old man at Coral
Harbour.

Upon arrival at his home,
the victim was attacked by
two men who got out of a
red Nissan Sentra. The Coral
Harbour resident was taken
to hospital by a private vehi-
cle. He was treated for mul-
tiple stab wounds and dis-
charged.

Then, shortly before 5am,
a 25-year-old was shot mul-
tiple times after a fight broke
out with a group of men at
Magic City Night Club.

According to reports, the
gunshots were fired after the
men were asked to leave.

On Saturday, a 21-year-
old was shot multiple times
in his face after getting into
an argument at East Street
and Soldier Road. The vic-
tim was with another man
in a black Nissan Altima
when they were fired on by
the occupants of a dark
coloured 2003 Nissan Maxi-
ma around 9.30am. The vic-
tim, a Farrington Road resi-
dent, was taken to hospital
by private vehicle.

Investigations are also
continuing into the discov-
ery on Saturday of human
remains, believed to be
those of a woman, at
Kisskadee Drive, off West
Bay Street.

Police discovered the
decomposed body at around
4.35pm in a bushy area.

Police said they are
uncertain of the circum-
stances surrounding this inci-
dent.

Click the 'Like’

FROM page one

m on specifics, Assistant
Commissioner Glenn Miller
assured The Tribune that offi-
cers will be on Bay Street in
"full force" to contain or pre-
vent any possible violence.

Members of the two unions
that represent BTC workers,
the National Trade Union Con-
gress of the Bahamas, opposi-
tion supporters, the National
Development Party, the Work-
ers' Party and Blackfood — a
black liberalisation group — are
all expected to protest today.

Last month, a crowd of
around 500 took to Rawson
Square as the House of Assem-

Barricades

bly met, at times becoming row-
dy. At one point incensed pro-
testers pushed back police bar-
ricades and some were struck
with police batons.

President of the Bahamas
Communications and Public
Officers Union Bernard Evans,
who is marshaling members to
protest today, said the RBPF's
methods are harsh and sends
the wrong message.

"I've seen the barricades. I
think that's what really infuri-
ating people, when you expect a
peaceful demonstration and see
the measures they are putting in

place as if they are expecting
some sort of violence," said the
union leader, whose group will
convene in Clifford Park before
converging in Rawson Square.

Despite police presence, his
members are committed to
protesting the sale throughout
the duration of the House of
Assembly debate.

Mr Evans added that the
prime minister's assurances on
privatisation, made at a mass
rally over the weekend, fell on
deaf ears. He said due to suc-
cessive government investments
in BTC the company is already
on the verge of rolling out new
technology and services that the
FNM boasts will be offered by

FROM page one

however, she was allegedly paid $650,000 by an
LNG company that wanted to lay gas pipelines in
Grand Bahama.

Last night, Mrs Maynard-Gibson said the prime
minister's "attacks" are an attempt to shoot the
messenger while distracting the public from alleged
conflict of interest and illegal transactions between
the Bahamas National Trust and the developers of
Bell Island.

"The PLP in the House voted against the Air-
port Gateway Road Project they said they didn't
want the Chinese working on it. What they didn't
tell you is that the China State Construction Com-
pany has a lawyer, the lawyer is the Lead PLP in
the Senate — Allyson Maynard-Gibson," said Mr
Ingraham at his party's first mass rally of the year
at Clifford Park.

"T heard Allyson Maynard-Gibson the other
night on television in the Senate saying that the
owner of Bell Island who gave a donation to the
Bahamas National Trust caused them to sell the
birthright of the Bahamas. First of all the Nation-
al Trust is a very good institution. . .what Allyson
could have said was she got $650,000 from the
people who wanted to put LNG gas down in
Grand Bahama. And she was hanging around
waiting for it to become a million and that ain’ sell-
ing birthright? But up in Bell Island is sellin’ the
birthright? Chile please!"

button on the
Tribune News
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Photo/Tim Clarke

PM: PLP SENATOR “BENEFITTING’

In a statement last night, Mrs Maynard-Gib-
son claimed the developers of Bell Island gifted the
BNT with $1 million for development approval
and a sub-lease of protected land in the Exuma
National Land and Sea Park. She added that she
has not been accused of anything illegal.

"The attack is a smoke screen to distract from
the issues of possible illegality, impropriety and
conflict of interest in the Ingraham government."

Meanwhile, at a press conference yesterday
afternoon PLP leader Perry Christie called on the
nation's chief to share how much money members
of his Cabinet — specifically Attorney General
John Delaney and Immigration Minister Brent
Symonette — have made in their private lives while
holding public office.

"The prime minister must tell me how much
money Higgs & Johnson, the lawyers for Cable &
Wireless and BTC... the attorney general (was a
partner in that firm). How much money are they
making out of the deal?

"If you want to tell me how much money peo-
ple are making with a view to it being constructive
so we can change the system to protect the integri-
ty of the system then tell me how many millions of
dollars Brent Symonette has made since the FNM
came to power in 2007," Mr Christie said.

¢ SEE PAGE TWO

CWC once the sale is complete.

He added that the $210 mil-
lion the public purse will get
from the sale is only a fraction
of the revenue a profitable
BTC could give over the com-
ing years if the majority shares
were not sold to a foreign com-
pany.

Meanwhile the National
Development Party also criti-
cised Mr Ingraham latest
remarks over the deal.

"(Mr Ingraham) was unable
to craft convincing evidence as
to why Bahamians should not
own the majority shares in BTC
in a privatised and liberalised
telecommunications environ-
ment.”

On their website, the organ-

FROM page one

senator in his party will vote
against the $210 million sale to
Cable and Wireless Communi-
cations.

He called on members of the
government who may disagree
with the transaction to break
rank and stand up to the
nation's chief.

"Today I’m calling on the
FNM members of Parliament —
come on, now, show some
courage. Do the right thing,"
said Mr Christie, flanked by the
majority of PLP MPs, ata a
press conference at his party's
headquarters yesterday.

"You know in your hearts this
deal stinks. Your constituents,
the people you’re obligated to
represent, know it’s a bad deal.
Stand up to Hubert — for once,
show some courage. The peo-
ple of the Bahamas will be
watching this vote carefully.
They are going to be looking to
see which MP has the guts to do
what’s right."

Last week senior members of
the FNM said they did not
expect any member to vote
against the sale but could not
say conclusively if undecided
Bamboo Town MP Branville
McCartney had made up his
mind.

"There are no FNM Parlia-
mentarians who will vote against
the BTC sale with the exception
of Branville McCartney, our
caucus is 100 per cent in agree-
ment for the sale with that one
exception,” said an FNM par-

isers of Blackfood called on
Bahamians to fight the imperi-
alism the sale of BTC repre-
sents.

"The government's decision
to privatise BTC is in support
of the agenda of the imperialist
countries (like) France, Cana-
da, the US and the UK to con-
trol all of the resources of the
world while they dominate mil-
lions of people politically and
economically.

"We know that Africans in
the Bahamas no longer want to
be exploited by Europe or
North America and we have
decided that the road to self-
determination is the only way
to freedom and true democra-

"

cy.

Christie

liamentarian.

During his term as prime min-
ister, Mr Christie had nearly
finalised a deal to sell 49 per
cent of BTC to Bluewater Ven-
tures. Government is selling 51
per cent to CWC. Mr Christie
said the key distinction in policy
between his party and the Ingra-
ham administration lies in this
two per cent difference.

"The FNM likes to talk about
Bluewater. But here’s the most
important thing about Bluewa-
ter — 49 per cent. Just two little
percentage points — but they tell
you everything you need to
know about the difference
between our parties and the
deals we make. This govern-
ment is selling a Bahamian asset
to non-Bahamians, we would
have contracted for foreign
expertise in telecommunications
but kept majority control of a
strategic asset in Bahamian
hands."

The opposition leader
claimed that the technological
advances expected to come from
the sale to CWC could still hap-
pen if they chose to sell a minor-
ity stake.

"Selling 51 per cent repre-
sents a grand betrayal of our
patrimony, of our rights. The
FNM says this is the best they
can do well, your best is not
good enough it’s not even
close," said Mr Christie.

e SEE PAGES TWO
AND THREE

Caribbean Bottling Co. (Bahamas) Ltd

CUM

is seeking candidates for the position of

Marketing Assistant

Responsibilities of the function include but are not limited to:

¢ Working Marketing functions on and off property

¢ Administrative functions-typing/filing etc.

¢ Organizing Marketing related activities

Requirements:

¢ Must have at least a High School Diploma

¢ Must have own transportation

¢ Must have Intermediate to Advanced computer skills in

Excel, Outlook, Power Point, Project and Word

¢ Excellent interpersonal skills and be a team player

¢ Ability to work independently

¢ Superior written and verbal communication skills

¢ Detail oriented and highly organized

¢ Ability to multi-task in a fast paced environment

¢ Flexible schedule-must be able to work days, nights,

and weekends

¢ Charismatic and outgoing personality

Salary commensurate with experience and qualifications.

If you are interested in a challenging career, designed to bring

2011 to:

Ms. Donnisha Armbrister
Caribbean Bottling Co. (Bah) Lid.

P.O.Box N-1123
Nassau, Bahamas

out the best in you in a progressive environment, please email
or hand deliver a copy of your Resume on or before March 31*,

Or by email to: marketing@cbcbahamas.com





PAGE 14, MONDAY, MARCH 21, 2011

THE TRIBUNE



INTERNATIONAL NEWS

Initial bombing
called successful;
endgame unclear

WASHINGTON
Associated Press

THE USS. claimed initial
success two days into an
assault on Libya that included
some of the heaviest firepow-
er in the American arsenal —
long-range bombers designed
for the Cold War — but
American officials on Sunday
said it was too early to define
the international military cam-
paign's end game.

The top U.S. military officer
suggested that Libyan strong-
man Moammar Gadhafi
might stay in power in spite
of the military assault aimed at
protecting civilians, calling
into question the larger objec-

ASSAULT ON LIBYA

tive of an end to Gadhafi's
erratic 42-year rule. Other top
USS. officials have suggested
that a weakened and isolated
Gadhafi could be ripe for a
coup.

A second wave of attacks,
mainly from American fight-
ers and bombers, targeted
Libyan ground forces and air
defenses, following an opening
barrage Saturday of sea-
launched Tomahawk cruise
missiles. Pentagon officials
said they were studying the
extent of damage done and
the need for further attacks.

One senior military official
said the early judgment was
that the attacks had been

‘e) Bethel Brothers Morticians

Telephone: 322-4433, 326-7030
Nassau Street, P.O. Box N-1026

Funeral Service For

CARMETTA
ELIZABETH
BASDEN, 73

of #7 Sydney Street, Boyd

Subdivision, and formerly of

Bullockis Harbour, Berry

Islands, will be held on

â„¢) Wednesday March 23rd, 11:00

a.m. at St. Joseph’s Roman

“4 Catholic Church, Boyd Road.

} Fr. Martin Gomes and

” Monsignor Simeon Roberts

will officiate: Interment will follow in the Church’s Cemetery.

She is survived by her: Husband: Godfrey Basden. Children:
Kevin, Deborah, Allison, Kenyon, Kirkwood and Godfrey II Basden.
Sisters: Etta Feaste and Shirley Burrows, Pre-deceased by Lottie
Pinder of Sandy Point, Abaco, Alrena Smith and Susan Dorsette.
Brothers: David Dean, Pre-deceased by Lionel, Walter and Valance
Dean. Daughters-in-law: Gwen, Jamaine, Veronica and Rochelle
Basden. Grandchildren: Carmetta, Kevin II, Kaelyn, and Keva
Basden, Maurice Fawkes, Erica Darr, Alleia Edgecombe and Alyssa
Wilson, Kyla and Khara Basden, Kai and Kerra Basden, Camille,
Catrina and Ethan Basden. Great grandchildren: Malaya and
Malcia Fawkes, Caileigh Dorsett and Camryn Darr. Granddaughter-
in-law: Mia Fawkes. Grandson-in-law: Marvin Darr. Foster
Children: William, Valerie and Margo Dean, Ameace Nonome,
Valdia Ferguson, Clement Rolle, Pam Christie, Marilyn Adderley,
Camille Brown, Debbie Thompson and Richard Blades of Barbados.
Sisters-in-law: Beverley Dean, Norma Basden-Lightbourne, Marina
and Ena Basden and Hynah Major. Brothers-in-law: Alva Smith,
Stephen G. E. Burrows, Rudolph, Francis and Patrick Basden.
Nieces: Enid and Audrey Dean, Monique McQuay, Valerie Richards,
Dena Feaste, Bernadette and Marsha Smith, Patrice Bethel, Laverne
Deleveaux, Linda Treco, Lisa Bastian, Laurie, Faye and Felice
Burrows, Lashan Coakley, Tracey Fleuridor, Chaval Dean and
Torkel Smith, Deidre Dean, Leaenza Beneby, Monica Adderley,
Valerie Hardy, Deborah Benavedis, Catherine Green, Betty Rolle,
and Patrice Williams, Andrea and Sheena Basden, Yvette Albury,
Karen Smith, Pamela Seymour, Voylee Gordon, Deneka and
Danishka Basden. Nephews: Jeffrey, Virgil and Clayton Dean,
Dwayne Williams, Deon Feaste, Eddie, Ken, Perry, Marvin, Rev.
Patrick and Adrian Smith, Stephen G. E. Burrows II, Lamont,
Michael, Tyler and Julian Dean, Benjamin and Donald Pinder of
Abaco and Simeon Pinder, Rudolph, Stevie, Sean Basden, Kendal,
Trevor, Daryl and Marcel Major, Marvin, Irvin and Keith
Lightbourne and Deniro Basden. Other relatives and friends
including: Rodney, Ishmael, Jeffery Lightbourne, Jennie Fernander,
Judith Blair, Erica Reckley, Marilyn Strachan, Carolyn Wright,
Shirley Saunders, Suzie Duncombe, Salomi Gibson, Carolyn
Burrows, Sharon Scott, Christine Dean, Jay, John, Marcus and
Emest Dean, Leonie McCartney, Assistant Commissioner of Police
Quinn McCartney, Ophelia Fox, Naomi Gomez, Sandra Dean-
Patterson, Joseph Symonette & Family, Jackie Barry & family,
Lynn Armbrister, Leroy Watson, Val Bethel, Vylma Thompson-
Curling, Olive Francis and Family, Glacie Dean, Families of the
late Ruben Gomez and Florence Darville, Bishop Drexel Gomez
and family, Lillian Wallace & family, Vernita Rolle, the Winder’s,
Brennen, Francis & Gomez families, Zoe & Clifford Galanis &
Family, Barbara and Paul Tynes & Family, Ken and Constance
Joseph, Rosie Dillette, Judy Munroe, Lucille Bain, St. Joseph’s
Church Community, St. Joseph’s Senior Choir, St. Joseph’s Ladies
Guild, Priests of the Sacred Hearts and Catholic Community, The
Catholic Archdiocese of Nassau, Sisters of St. Martin’s Monastery,
Beryl Murray and Family, Tiberious Wilson, Margaret Sands, Mary
Stubbs, Lawrence Ferguson & Family, Edna Poitier, Dr. Rhonda
Chipman-Johnson, Mr. & Mrs. Adrian Rodgers, Bernard & Olive
Lundy, Catherine & Wilmore Brown, Pam & Asa Ferguson, Mr.
Kevin Moxey & Family, Janice Mackey, Flo Wilson & Family,
Valgo Shannon & family, Mary Sweeting, Dr. Ailsa Cherubin &
family, Vernita Roberts, Josephine McKinney, Mrs. Hutchinson,
Austin Adderley, Avis Munroe, Pedro Sands, Lynden Ferguson,
Leonardo Johnson, Dominique Coakley, Michelle Malcolm, Nurses
Daphne Simmons and Genevieve Scavella, Debbie & Gurney
Armstrong, Mrs. Michelle Bain & family, Mrs. Leanna Edgecombe-
Kieya & family, Mr. & Mrs. William Lightbourne & Family, Mr.
& Mrs. Vaughn Albury, Mitzi & Ira Swaby, Mildred Edgecombe
& Family, Charlotte Rahming & family, Laurie Curry & family,
Barbara Cooper, Pat Adderely, Louise Foster & family, Families
of the late Doris Lotmore and Roland Seymour, Mrs. Hunt, Patricia
Belle & family, Stanley & Patsy Babbs, Members of Excelsior
Temple IBPEOW #37, The Cumberbatch family, Peter Bascom &
Family, Wenzel King, Jermaine Sands, Richard Kemp, Charlton
Goodman, The Bullocks Harbour Berry Island Community, St.
Agnes Church Family, Mrs. Rose Thompson, Dr. Pandora Johnson,
Dr. Eneas-Carey, Dr. Delton Farquharson, Bahamas Electricity
Corporation, Craig Butler & Associates, The College of The
Bahamas, Bahamas Telecommunications Company, Atlantis Casino,
Bayshore Property Management, Sts. Francis/Joseph School and
Chippingham and Boyd Subdivision community.

Friends may pay their last respects at Bethel Brothers Morticians,
#44 Nassau Street on Tuesday from 10:00 a.m. to 6:00 p.m. and
on Wednesday at the church from 10:00 a.m. until service time.





highly successful, while not
fully eliminating the threat
posed by Libyan air defenses.
The official spoke on condi-
tion of anonymity to discuss
intelligence data.

The systems targeted most
closely were Libya's SA-5 sur-
face-to-air missiles, Russian-
made weaponry that could
pose a threat to allied aircraft
many miles (kilometers) off
the Libyan coastline. Libya
has a range of other air
defense weaponry, including
portable surface-to-air missiles
that are more difficult to elim-
inate by bombing.

Sunday's attacks, carried
out by a range of U.S. aircraft
— including Air Force B-2
stealth bombers as well as
Marine Harrier jets flying
from an amphibious assault
ship in the Mediterranean —
demonstrated the predomi-
nance of U.S. firepower in the
international coalition. By
striking Libyan ground forces,
coalition forces also showed
that they are going beyond the
most frequently discussed goal
of establishing a no-fly zone
over the country.

Threat

U.S. missiles and warplanes
were clearly in the lead Sat-
urday and Sunday, but U.S.
officials say the plan remains
for the U.S. to step back once
the threat from the Libyan
military is reduced.

Although the mission was
predicated on Arab support,
there was no reported Arab
participation in the military
strikes. Adm. Mike Mullen,
chairman of the Joint Chiefs
of Staff, said Qatar would be
"in the fight" in the next day
or two after moving unspeci-
fied military aircraft to within
striking range. A call by the
Arab League last week for a
U.N. Security Council resolu-
tion authorizing a no-fly zone
was a major driver of U.S.
support.

President Barack Obama,
traveling in Brazil, held a con-
ference call Sunday with top
national security officials,
including Secretary of State
Hillary Rodham Clinton,
Defense Secretary Robert
Gates and Army Gen. Carter
Ham, the U.S. general run-
ning the air campaign on what

Drive one.



THIS PHOTO provided by the French Army shows French Mirage 2000 jet fighter taking off for Libya at
the military base of Dijon, central France, Saturday. (AP)

US. officials have suggested is
a temporary basis until an
allied power can take over.

Gates had planned to fly to
Russia on Saturday but
delayed his departure for a
day so that he could be in
Washington to monitor the
operation's launch.

Vice President Joe Biden
discussed the military action
by phone Sunday with the
prime minister of Algeria and
the emir of Kuwait, the White
House said.

Pressed repeatedly to
explain the mission's objec-
tives, Mullen said in a series of
interviews on the Sunday talk
shows that the main goal is to
protect civilians from further
violence by pro-Gadhafi
forces, while enabling the flow
of humanitarian relief sup-
plies. He said the first step —
imposing a no-fly zone — had
been achieved, with little wor-
ry of Gadhafi shooting down
allied patrols. But it was
unclear how long the military
effort would go on, or on what
scale.

"T think circumstances will
drive where this goes in the
future," the admiral said on
ABC's "This Week." ''T
wouldn't speculate in terms of
length at this particular point
in time.” He said early results
were highly encouraging, with
no known U.S. or allied losses
and no reported civilian casu-
alties.

"We're very focused on the
limited objectives that the
president has given us and
actually the international
coalition has given us, in terms
of providing the no-fly zone
so that he cannot attack his
own people, to avoid any kind
of humanitarian massacre, if
you will, and to provide for
the humanitarian corridors,
humanitarian support of the
Libyan people,” Mullen
added.

Asked whether it was pos-
sible that the military goals

2011

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might be met without Gadhafi
being ousted, Mullen replied,
"That's certainly potentially
one outcome." He described
the Libyan strongman as more
isolated than ever, adding that
Gadhafi is "going to have to
make some choices about his
own future” at some point.

The prospect of Gadhafi
remaining in control of at least
a portion of the country raises
questions about how far the
Obama administration and its
European and other partners
are willing to go with military
force. Clinton said on Satur-
day that although ousting
Gadhafi is not an explicit goal
of the campaign, his depar-
ture might be hastened as the
conflict continues. Gadhafi
has ruled Libya for more than
AO years.

Resolution

Clinton said enforcement of
the U.N. Security Council res-
olution that called on Gadhafi
to cease firing on his own peo-
ple will "make a new environ-
ment” in which people close
to Gadhafi might turn against
him.

"The opposition is largely
led by those who defected
from the Gadhafi regime or
who formerly served it, and it
is certainly to be wished for
that there will be even more
such defections, that people
will put the future of Libya
and the interests of the Libyan
people above their service to
Col. Gadhafi," she said.

If the ultimate outcome of
the military campaign is
cloudy, so is the command
arrangement. The Pentagon
said on Saturday that it is led
by Ham, who as head of U.S.
African Command is respon-
sible for U.S. military opera-
tions in Libya and much of the
rest of the continent. Officials
have not said much about the
plan to hand off responsibility
for the military operation —



dubbed Odyssey Dawn — to
some other unspecified coun-
try or coalition.

Libya's claims of civilians
among the dead from the
strikes appeared to make
Arab countries nervous, after
the Arab League took the
unprecedented step of calling
for a no-fly zone. On Sunday,
Arab League chief Amr
Moussa criticized the missile
strikes, saying they went
beyond what the Arab body
had supported.

"What happened differs
from the no-fly zone objec-
tives,” Moussa told reporters
in Cairo. "What we want is
civilians’ protection not
shelling more civilians."

One of the more vocal
skeptics in Congress, Sen.
Richard Lugar, the ranking
Republican on the Senate
Foreign Relations Commit-
teer, said he worries that the
U.S. may have entered a con-
flict with unclear goals.

"We really have not discov-
ered who it is in Libya that
we are trying to support,” the
Indiana Republican said on
CBS' "Face the Nation.’
"Obviously the people that
are against Gadhafi, but who?
In eastern Libya, for example,
a huge number of people went
off to help the Iraqis against
the United States in a war that
still is winding down."

Democratic Sen. Carl
Levin, chairman of the Sen-
ate Armed Services Commit-
tee, said Sunday that the U.S.
intends to take a back seat
soon.

"After the air is cleared of
any threat there is going to be
a hand off to our allies and
this mission will then be car-
ried on by French, by British
and by Arab countries, and
that's very important," Levin
said.

NATO is seen as possibly
taking the command respon-
sibility, but thus far it has not
agreed.

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THE TRIBUNE

MONDAY, MARCH 21, 2011, PAGE 15



INTERNATIONAL NEWS



Discovery of radiation
fans food fears in Japan

TOKYO
Associated Press

AT A bustling Tokyo
supermarket Sunday, wary
shoppers avoided one partic-
ular bin of spinach.

The produce came from
Ibaraki prefecture in the
northeast, where radiation
was found in spinach grown
up to 75 miles (120 kilome-
ters) from the crippled
Fukushima nuclear plant.
Another bin of spinach —
labeled as being from Chiba
prefecture, west of Tokyo —
was sold out.

"It's a little hard to say this,
but I won't buy vegetables
from Fukushima and that
area," said shopper Yukihiro
Sato, 75.

From corner stores to
Tokyo's vast Tsukiji fish mar-
ket, Japanese shoppers picked
groceries with care Sunday
after the discovery of conta-
mination in spinach and milk
fanned fears about the safety
of this crowded country's food
supply. Trace amounts of
radioactive iodine also were
found in tap water in Tokyo
and elsewhere in Japan.

The anxiety added to the
spreading impact of the
unfolding nuclear crisis trig-
gered when the March 11
tsunami battered the Fukushi-
ma complex, wrecking its
cooling system and leading to
the release of radioactive
material.

On Sunday, the govern-
ment banned shipments of
milk from one area and
spinach from another and said
it found contamination on two
more vegetables — canola
and chrysanthemum greens
— and in three more prefec-
tures. The Health Ministry
also advised a village in
Fukushima prefecture not to
drink tap water because of
radioactive iodine in its sup-
ply. It stressed, however, that
the amounts remained minus-
cule and posed no health
threat.

There were no signs Sun-
day of the panic buying that
stripped Tokyo supermarkets
of food last week. Instead,
shoppers scrutinized the
source of items and tried to
avoid what they worried
might be tainted.

Mayumi Mizutani was
shopping for bottled water,
saying she was worried about
the health of her visiting 2-
year-old grandchild after a
tiny amount of radioactive
iodine was found in Tokyo's
tap water. She expressed fears
that the toddler could possibly
get cancer.

"That's why I'm going to
use this water as much as pos-
sible," she said.

The government said the
level of radiation detected on
spinach and milk was minus-
cule and should be no threat
to health. Chief Cabinet Sec-
retary Yukio Edano said he
had received no reports that
would require special mea-
sures to be taken regarding
tap water.

Tainted milk was found 20
miles (30 kilometers) from the
plant on Saturday, a local offi-
cial said. Spinach was collect-
ed from six farms between 60
miles (100 kilometers) and 75
miles (120 kilometers) to the
south of the reactors.

On Sunday, authorities
found contamination at addi-
tional farms in Fukushima
and on vegetables in Chiba,
Gunma and Tochigi prefec-
tures, said Yoshifumi Kaji,
director of the health min-
istry's inspection and safety
division. He said it was possi-
ble some tainted foods
already have been sold.

The International Atomic
Energy Agency confirmed
radiation in some Japanese
milk and vegetables was "sig-
nificantly higher" than levels
Japan allows for consumption.

Authorities expect to
decide by Tuesday on a com-
prehensive plan to limit food
shipments from affected
areas, Kaji said at a news con-
ference.

Farmers and merchants
expressed fears of their own
that public anxiety might hurt
even producers of goods that



TWO BOYS look at a devastated area in Onagawa, northern Japan,
Sunday, after the March 11 earthquake and tsunami. Kyodo News/AP

were free of contamination.

"There will probably be
damaging rumors," said
farmer Shizuko Kohata, 60,
who was evacuated from the
town of Futaba, near the
Fukushima complex, to a
sports arena in Saitama, north
of Tokyo.

"T grow things and I'm wor-
ried about whether I can
make it in the future," Koha-
ta said Saturday.

Chiyoko Kaizuka, who with
family members farms
spinach, broccoli, onions, rice
and other crops on 20
hectares (49 acres) in Ibaraki
prefecture northeast of
Tokyo, said the combination
of earthquakes and fears of
radiation have her on edge.

"T don't know what effect
the radiation will have, but
it's impossible to farm,” the
83-year-old Kaizuka said Sun-
day as she stood along a row
of fresh, unpicked spinach
that was ready to go but now
can't be shipped.

On Sunday, an official of
Taiwan's Atomic Energy
Council said radiation was
detected on fava beans
imported from Japan,
although in an amount that
was too low to harm human
health. The official spoke on
condition of anonymity
because he is not authorized
to deal with the press.

Japan's food exports are
worth about $3.3 billion a
year — less than 0.5 percent
of its total exports — and
seafood makes up 45 percent
of that, according to govern-
ment data.

Experts at the World
Health Organization and
Food and Agriculture Orga-
nization were working Sun-
day to gather more facts to
assess the situation, but an
FAO spokesman in Rome
said that the picture was not
yet clear enough for them to
release any specific recom-
mendations.

However, the agencies
praised the Japanese govern-
ment for taking steps to test
foods and monitor exports for
radiation contamination.

In Tokyo, others said they
weren't concerned and put
the crisis in perspective with
other calamities.

"T experienced the war, so
if there is enough food for a
day or two, I feel we can get
by,” said Nagako Mizuno, 73,
originally from Iwaki, a city
in the quake zone, but has
lived in Tokyo for 40 years.

"You can't go on living if
you worry about it,” she said.
"It's all the same if everybody
ends up dying. I’m not con-
cerned.”

Fears of radioactive conta-
mination hurt sales at the
Tsukiji market, a vast maze
of aisles where merchants at
hundreds of stalls sell tuna,
octopus and other fish fresh
off the boat. The market was

unusually quiet over the
weekend, a time when it is
normally packed with shop-
pers and tourists.

Traders have been hit hard
by power cuts and an exodus
of foreigners, and they worry
about long-term damage
from public fears over possi-
ble contamination of fish
stocks.

"The impact would last
long, like a decade, because
people would not eat fish,"
said merchant Mamoru Saito,
TDs

The market had plenty of
fresh fish despite the destruc-
tion of much of Japan's north-
eastern fishing fleet in the
tsunami. Whole fish and shell-
fish were laid out on wooden
tables washed by a flow of
cold water. Fishmongers
sawed slabs of frozen tuna
into steaks.

At arestaurant adjacent to
the market, sushi chef Hideo
Ishigami said the nuclear
scare and transportation dis-
ruptions due to power cuts
have cost him business.

"T have a massive drop in
the number of customers,"
said Ishigami, 72.





i a
PEOPLE STAND in line to receive radiation exposure tests at a sports arena in Fukushima,
northern Japan, Sunday, March 20, 2011, after the March 11 earthquake and tsunami.
Kyodo News/AP

Mr. lan Jennings, President of Commonwealth Bank is pleased to
announce the appointment of Mr. Marcus T. Cleare as Manager,
Oakes Field Branch effective February 1, 2011.

Mr. Cleare has over seventeen (17) years of banking experience in the areas

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for the past four (4) years, having served most recently in the capacity of Acting
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Mr. Cleare has completed various management courses including Strategic
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PAGE 16, MONDAY, MARCH 21, 2011 THE TRIBUNE

New Offering March 2011
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THE TRIBUNE

MONDAY, MARCH 21, 2011, PAGE 17





LOCAL NEWS

Farewell to Ministry of Environments
Permanent Secretary and Under-Secretary



cies

GOOD SERVICE: Retiring Under-Secretary at the Ministry of Environment Michael Turner receives a gift from Prime Min-
ister Hubert Ingraham during a retirement luncheon on March 17 at the Paul Farquharson Conference Centre.





ALL SMILES: Prime Minister Hubert Ingraham makes a presentation to Permanent
Secretary Ronald Thompson during Mr. Thompson's retirement luncheon Thursday,
March 17, at the Paul Farquharson Conference Centre.

ADDRESS: Prime
Minister Hubert
Ingraham brings
remarks during
the Ministry of
the Environment
Honours Lun-
cheon marking
the retirement of
Permanent Sec-
retary Ronald
Thompson and
Under-Secretary
Michael Turner
on March 17 at
the Paul Far-
quharson Confer-
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PAGE 18, MONDAY, MARCH 21, 2011

THE TRIBUNE





LOCAL NEWS

Exploring the Zamia on Tilloo Cay

By SARAH GILMER

MANY people walk past
this plant unnoticed. It does
not steal your eye like that of
a poinciana blooming in the
spring or a yellow hibiscus in
your garden.

The “coontie”, also known
as “bay rush”, or by its scien-
tific name as Zamia integrifo-
lia, flourishes in the tropical
climates of the Caribbean.

I was lucky enough to spend
the day exploring Tilloo Cay
Reserve with, Mr David
Knowles, Chief Park Warden
of Abaco National Parks from
the Bahamas National Trust.
Accompanying Mr Knowles
was Dr Javier Francisco-Orte-

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logical Sciences from Florida
International University, and
Fairchild Tropical Botanic
Garden, and Michael Calonje,
the Cycad Biologist from
Montgomery Botanical Cen-
tre in Miami, Florida.

Javier and Michael have
been all over the Caribbean
and recently in the Bahamas
to compare and contrast the
species of Zamia on the dif-
ferent islands.

Their expeditions in the
Bahamas were conducted in
close partnership with the
Bahamas National Trust, and
supported by the Mohammed
Bin Zayed Species Conserva-
tion Fund and Montgomery
















THE ‘BAY RUSH’: Zamia Cone found on Tilloo Cay.

Botanical Centre.

From their initial observa-
tions it appears that the plants
on Tilloo, with their consider-
ably broad leaflets, are similar
to those found on Long Island,
while the zamias from the rest
of the islands have much nar-
rower leaflets.

While walking through the
park with David, Javier and
Michael, I learned more about
this plant and the biodiversity
of the Bahamas than I could’ve
asked for. This is a particularly
interesting species because it
is considered a living fossil. We
know this because it has cones
instead of flowers, and fossils of
related plants have been found
in Alaska. This suggests that

relatives of the coontie have
been around since the time of
Pangea (before the earth plates
shifted to create the different
continents).

It gets better —Zamias and
other cycads comprise one of
the few groups of plants that
are able to generate heat with-
in the cones to warm up a
chemical that emits a smell to
attract beetles, which in turn
pollinate the plant! These small
beetles are very similar to wee-
vils, those pesky bugs that you
will sometimes see living in
your pasta or rice.

As we were discovering
more and more Zamia on
Tilloo, we were able to deci-
pher the difference between

“oe edee ans at
* a aM
a,” phage:



male and female plants by the
size and shape of their cones.
Narrow cones denote male
plants while the thicker,
rounder cones are borne on
female plants. The coontie
hairstreak butterfly lays its eggs
on young leaves and cones.
When the eggs hatch, the
caterpillar feed on different
parts of the plant. The Zamia
contains a particular poison
that the caterpillars incorpo-
rate in order to prevent being
eaten by predators.

Lucayan Indians and other
Bahamians used to grind the
roots of these plants, process
them to remove their toxins,
and produce a flour used to
make different breads.



Sarah Gilmer, chief park warden David Knowles.

Get 1-Medium,
1-Topping, Pizza







Full Text
THE TRIBUNE





WHEN leaders from bank-
ing institutions around the
world gather in the Bahamas
at this week’s World Confer-
ence of Banking Institutes,
many executives will be seek-
ing to share strategies and
ideas for creating a progres-
sive financial services envi-
ronment.

For RBC, that innovation
starts with its employees.

“The only way we can build
a sustainable competitive
advantage is through our peo-
ple,” says Manny Sousa, head
of HR for International Bank-
ing, Global Insurance and
Group Risk Management for
RBC Royal Bank. “Our goal
at RBC, both here in the
Bahamas and around the
globe, is to attract and retain

the best talent, to develop
strong leaders and to foster a
great place to work in which
people are inspired to do their
best.”

RBC consistently ranks
among the top corporations
globally and in Canada. RBC
was recently named one of
the Best Workplaces in Cana-
da and one of Canada’s Best
Diversity Employers in a
national competition that
recognises organisations for
diversity and inclusion.

More broadly, RBC was
named one of the most sus-
tainable large corporations in
the world, according to the
seventh annual "Global 100:
Most Sustainable Corpora-
tions in the World” ranking.
RBC is also part of the 2010-

MONDAY, MARCH 21, 2011, PAGE 19

LOCAL NEWS

RBC focuses on heing an employer
of choice and building competitive
advantage through people

2011 Dow Jones Sustainabili-
ty World Index and the DJSI
North American Index, and
is recognised as one of
Canada's Greenest Employ-
ers and one of Canada's 50
Most Socially Responsible
Corporations.

“One of our core strategies
is to be an employer of
choice,” says Mr Sousa.
“RBC could not achieve any
of these accolades without a
consistent focus on our people
and communities.” Mr Sousa,
an RBC executive with more
than 25 years of international
human resources experience,
is a featured speaker at the
19th World Conference of
Banking Institutes, hosted by
the Bahamas Institute of
Financial Services.





beeded

REPUBLIC OF GHANA AMBASSADOR PAYS COURTESY CALL ON PRIME MINISTER

PETER L. RAMSAY/BIS Photo

Bahamas from the Republic of Ghana, during a courtesy call at the Office of the Prime Minister on Cable

Beach on Thursday.

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THE TRIBUNE



LOCAL NEWS

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TREKKING: GGYA participants on the silver qualifying adventurous journey in Central Andros this past weekend.

Hundreds trek
towards awards

FRESH off a bronze qualifying expe-
dition in North Eleuthera, 150 students
— representing a variety of schools and
backgrounds — are well on their way to
receiving their first Governor General’s
Youth Award (GGYA).

With 16 adult supervisors in tow,
participants from C R Walker, C C
Sweeting, Government High, St John’s
and Queen’s College spent two days
and one night away from home on
March 12 and 13. It was the program-
me's fourth expedition this year.

Last year the government announced
it would partner with the GGYA pro-
gramme through the GOLD Initiative.
GOLD is an acronym for “Greatness,
Opportunity, Leadership and Devel-
opment”. The partnership aims to
make the GGYA available to more
Bahamians from age 14 to 25.

The GGYA is a member of the
International Award Association for
Young People, headquartered in the
United Kingdom. The award pro-
gramme is based in 129 countries
world-wide. Since 1987, the Bahamas’

programme has catered to more than
8,000 youths. Participants improve
physical fitness, develop important
skills, provide valuable community ser-
vice and take adventurous journeys in
order to achieve a bronze, silver, or
gold award.

The latest batch of backpack-toting
participants for the bronze award jour-
neyed about 15 miles in two days. They
camped in tents for one night and
cooked food over an open fire. Bronze
award winners must complete three
months of participation in a physical
recreation, a skill and a community
service, in addition to another three
months in any one of those three areas.
That amount of time doubles for a sil-
ver award, while the gold award
requires 12 months of each compo-
nent. The activities can be undertaken
simultaneously.

“We have had a lot of success at the
bronze level,” said the national execu-
tive director Denise Mortimer. “We’re
trying now to find avenues to dupli-
cate that level of success for the silver

and gold awards.”

This latest adventure was the sec-
ond bronze qualifying expedition of
the year. The first one was held Janu-
ary 28-29, with 123 participants taking
part in the event.

From February 18-20, a silver quali-
fying and a gold practice expedition
was held in Central Andros..

Approximately 44 participants were
involved in this journey. Another 68
persons completed a similar expedi-
tion the following weekend. “Overall,
the numbers are a little higher than
last year,” said Mr Mortimer. “There is
the potential for it to be so much more,
but we need to get the adult volun-
teers in place first. I feel very positive
that our numbers are really going to
expand.”

All volunteers must successfully
complete a vetting process and training
session. Unit leaders must be approved
by aschool's principal.

The next award ceremony is set for
March 23 at Government House for
gold award qualifiers.

ete ee

PTE a a

VR iS

Sa aol eee eda Meas ia eg eed Tere UG Bere Pe
EEDA MURAL et eco gob ten rg ell] oe
elec ewan ges teem



ENJOYING THE TRIP: Two GGYA participants are all smiles on their adventurous journey.
THE TRIBUNE

MONDAY, MARCH 21, 2011, PAGE 21



LOCAL NEWS

New dock set to be constructed
for residents of Current Island

By KATHRYN CAMPBELL
Bahamas Information Services

ELEUTHERA - Geleta
Turnquest looks forward to
the day when boats will be
able to dock at the main
government docks in Cur-
rent Island.

It’s not been easy for Ms
Turnquest and the other 50
residents who live in Cur-
rent Island since the old
concrete freight dock and
the wooden ferry dock were
damaged as a result of nor-
mal wear and tear and the
passage of hurricanes.

The government award-
ed a contract for
$214,959.30 on March 14 to
Complete Marine Services
to reconstruct and refurbish
the docks.

Neko Grant, Minister of
Public Works and Trans-
port, said the Government
anticipates that the docks
will “facilitate further
development of the fishing
and straw industries on this
island.”

“For the people of Cur-
rent Island this is a day of
jubilation,” said Ms Turn-
quest. “We are elated that
this Government has seen
fit to make life comfortable
for us.

“Without the use of a
dock we have to transport
people and freight from the
dock in The Current, over
to the land and come down
in a truck. When this dock
is completed the mailboat
will be able to dock here
and we would be able to
get our freight off and go
home with it. It is impor-
tant for us because there
are two trucks. Everyone
does not have transporta-
tion so we have to depend
on someone else.

“The island is open to the
ocean so when hurricanes
passed the force of the
wind sort of split the dock
in two. Hurricane Floyd
passed through and just
ripped it apart. It’s been
many years that we have
been without a dock,” she
added.

ye

a

and resident of Current Island.

i , ; } %, \eo
mh Ev , < m




Saudi role in Bahrain brings regional stakes

DUBAI, United Arab Emirates
Associated Press

THE BATTLE for Bahrain is no
longer just on its shores.

It's now in Tehran, where the leader
of Friday prayers cursed the "enemy"
force that includes Saudi-led military
reinforcements for Bahrain's embattled
Sunni monarchy. It's in Iraq, with Shi-
ites marching under banners pledging to
join the fight in the Gulf kingdom.

When Saudi troops and other Gulf
forces moved into Bahrain this week,
the conflict was suddenly pushed onto a
larger stage with larger stakes — and, in
the process, becoming perhaps the most
complex showdown of the Arab world's

season of upheaval.

Tiny Bahrain — just a speck off the
Saudi coast on world maps — is now an
arena for some of the Middle East's
most pivotal tensions: the heavyweight
rivalry between Saudi Arabia and Iran,
the regional fallout from Shiite anger,
and Washington's efforts to influence its
strategic Gulf allies to counter Iran's
growing Mideast ambitions.

"Bahrain is several crises wrapped
into one package," said Theodore
Karasik, a regional affairs expert at the
Dubai-based Institute for Near East
and Gulf Military Analysis.

The rebellions in Yemen and Libya
also have highly important issues in the
balance, including the fate of Moam-

mar Gadhafi's eccentric regime and the
US.-led fight against an al-Qaida off-
shoot in Yemen's hinterlands. But
Bahrain's unrest resonates even wider.

It is both a bitter domestic duel —
between Sunni rulers and the majority
Shiites — and a crossroads for Gulf's
big three: Saudi Arabia, Iran and the
United States.

The fast-moving events of the past
week in Bahrain pushed each in dif-
ferent directions.

Saudi Arabia roared into action,
leading a 1,500-strong Gulf force to
aid Bahrain's reeling Sunni dynasty
after more than a month of protests
by Shiites seeking to break the royal
family's 200-year-old grip on power.

Hg NI



Patrick Hanna/BIS photo



It was the Gulf version of a rescue
mission: believing that any more
advances by protesters could embold-
en threats to Sunni leaders around the
region and allow Shiite power Iran to
carve out a foothold on Saudi Arabia's
doorstep.

Iran strongly denounced the mili-
tary intervention and pulled back its
ambassador to Bahrain. Iran's ally
Hezbollah in Lebanon also lobbed
insults at Saudi Arabia, and Shiites in
Iraq have staged a series of protest
marches.

USS. officials, meanwhile, are caught
in a policy bind. Washington has
opposed the introduction of the Gulf
military force in Bahrain, which hosts
the U.S. Navy's 5th Fleet. But the U.S.
also is standing behind Bahrain's lead-
ers, who say they invited the troops
from Saudi Arabia and the United
Arab Emirates.



BMDA 22nd Annual New Car Show - March 25 & March 26, 2011 - Mall at Marathon

The Tribune

Eahamas Motor Dealers
ASSOCIATION

Le ee, |





Ds toscana wtn tum COOOL

and deliver it to The Trbune on
Shiney Street, or place in bins
provided at the EMIDA Naw Car
Show at the Mall at Marathon

by Spm on Friday, March 2%, 202.



The $1,001) prize will only be redeemable towards
the purchase of a new car item participants at the
EMDA show.

All out the sttached antry form and deliver to Tdibune dally through Marah 25.
Only ORIGINAL nesrsprint entry forms will ba accepted. Photocoples are not
eligibie. Enter as many tines a3 you wish.

Aan
Address
Phonan








BREWERY’S
SOOMTAX
BURDEN BIGGER
THAN ANNUAL
PROFITABILITY

* Company facing
‘60/40 split’ in favour
of taxation’

* Cut Budget’s $10m
planned increase by

50%, but says still pay- :
ing 60% more than rival :
Sands :
* Hotels ‘not key driver’ }
for group’s sales, i
accounting for 10% of
top-line

* $4m exports stand at
5% of revenues, but
growth inhibited by

high production costs

By NEIL HARTNELL i
Tribune Business Editor ;:

COMMONWEALTH :
Brewery pays more in taxes }
to the Government per }
annum than it earns in prof- i
its, contributing $29 million }
to the Public Treasury in }
2010, in what is effectively :
a 60/40 split with profits. — }

Given the $19.126 million }
net profit generated by:
Commonwealth Brewery in i
2010, Michael Anderson, }

SEE page 4B

BREWERY
‘PREFERRED’
HIGHER

IPO PRICE

* Also wanted to
buy unsubscribed
shares, rather than
government

* But government’s
greater capital
markets role seen
as positive

By NEIL HARTNELL
Tribune Business Editor :

COMMONWEALTH }
Brewery’s managing director }
“would have preferred” to }
price the company’s $62.5 mil- }
lion initial public offering :
(IPO), which launches today, }
higher than the $8.33 per }
share value stipulated by the }
Government. :

While adding that “there’s }
no point in crying over spilt }
milk”, LeRoy Archer told }
Tribune Business in an exclu- }
sive interview that, if any of }
the 7.5 million shares being }
offered to Bahamian investors }
in the IPO were not sub- :
scribed for, he would have }
preferred that Common- }
wealth Brewery or its 75 per }
cent majority shareholder, :
Heineken BV, acquire these }
rather than have the Govern- }
ment act as standby purchas- }
er. :
“I would have preferred }
that we would have been able }
to offer shares at a higher val- }

SEE page 7B

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



THE TRIBUNE

usine

MONDAY,

MARCH 21,



2011



=e

BREITLING

Brewery: 35% output increase capabilities

By NEIL HARTNELL

Tribune Business Editor

COMMONWEALTH
Brewery is currently produc-
ing at 60-65 per cent capacity
due to the recession-induced
drop in demand for its drinks
products, its managing direc-
tor telling Tribune Business
that it will not need “substan-
tial investment” to raise out-
put back to peak 2006-2007
levels once the economy turns
around.

Enjoying an estimated 80
per cent share of the Bahami-
an liquor market, LeRoy
Archer said Commonwealth
Brewery’s short and long-
term profitability would large-
ly be driven by the domestic
economy - and how well and

* “No major investment’ required for production
expansion back to 2006-2007 levels

* 10% per annum cost cut targets successfully met
* Eyeing acquisition opportunities for domestic
market growth, including adding ‘fast consumer
goods’ to liquor stores

rapidly it rebounded - given
that the company had been
successful in its objectives of
cutting costs by 10 per cent
per annum.

Giving an insight into the
underlying performance of
Commonwealth Brewery,
whose $62.5 million four-
week IPO launches today, Mr
Archer told Tribune Business



BRENT SYMONETTE, Deputy Prime Minister, and Gerado Capo (centre)

pose for a picture at the ground breaking for a new luxury RockResorts
hotel and spa set to open in 2014. Pictured with them are members of the
Bahamian government, RockResorts, and the Capo family.

Photo/Joshua Prezant

450-seat ferry
‘game changer’
for Bimini, GB

By ALISON LOWE
business Reporter
alowe@tribunemedia.net

A 450-SEATER high-
speed ferry service scheduled
to start bringing passengers
to and from Bimini and the
Port of Miami this summer
will be a “game changer” for
the island, the head of a new
resort company managing the
Bimini Bay Resort and Mari-
na believes.

There is a possibility that
the vessel may also dock in
Grand Bahama, allowing vis-
itors to take day trips to both
of these islands from Florida
as often as six days a week.

Rafael Reyes, president of
RAV Bahamas, the Capo
Group subsidiary that is
developing the Bimini Bay
resort, revealed that his com-
pany is in the “final contrac-
tual stages” of arranging the
ferry service.

He was addressing a group
of gathered government offi-
cials, including Deputy Prime
Minister Brent Symonette
and Minister of the Environ-
ment, Earl Deveaux, repre-
sentatives of the Capo Group,
led by Gerardo Capo, and
RockResorts, the resort man-
agement company which took
over the operation of Bimini
Bay at the beginning of
March.

They, along with other
stakeholders and the media,
gathered at Bimini Bay on
Friday as the official signing
ceremony took place, which
transferred management
responsibility for the proper-
ty to RockResorts.

In an interview with Tri-
bune Business after the event,
Mr Reyes said of the ferry
service: “It is my father-in-
law, Gerardo Capo‘s vision.
He saw that it would create a
bridge between Miami and
Bimini. It’s natural. We’re
only 48 miles away and it’s an
hour-and-a-half ride on a
wave-piercing vessel that’s
250 feet long, 80 feet wide,
travelling at 34 knots.”

Tribune Business under-

stands that the service is to
be provided by a Spanish fer-
ry company, Balearia, which

SEE page 5B

that the offering would be a
really “good deal” once the
company was able to marry
current margins with the vol-
umes achieved in 2006 and
2007.

For that to happen it is
dependent on the overall
economy. Acknowledging
that Commonwealth Brewery
was at 60-65 per cent produc-
tion capacity, Mr Archer
explained: “Because of the
recession and drop in vol-
umes, we have enough to go

SHIPPER’S VESSEL
IS RELEASED

Dean’s Shipping
regains M/V Legend
II after paying
$75,000 to settle
debt, plus $65,000
in custody fees

By NEIL HARTNELL
Tribune Business
Editor

A BAHAMIAN ship-
ping company has recovered
its vessel from US custody
after agreeing to pay
$75,000 to the Palm Beach
Steamship Agency to settle
an alleged unpaid debt.

Dean’s Shipping Compa-
ny regained possession of its
M/V Legend II vessel last
Thursday, with the US Dis-
trict Court for southern
Florida dismissing the case
brought against it by the
Steamship Agency. An
intervening lawsuit brought

SEE page 7B



The Superocean Heritage 46

BREITLING BouTIqQui

ee ee |

back to 2006-2007 levels with-
out substantial investment in
tank or bottle capacity. We’re
waiting for the economy to
turn around so we can grow,
and grow the bottom line as
well.

“Trust me, if we can do the
volumes of 2006 and 2007 at
these margin rates, it will be a
good deal! I’m just looking
forward to growing the top
line and making the profits
we have done in the past.

“This is the year that we

hope the economy turns
around. As a result of that,
we will get some additional
employment and jobs coming
back, so people have more
money to spend on beers,
wines and spirits, and we can
watch this top line continue
to grow.”

The top-line revenue and
sales pressures generated by
the recession make Com-
monwealth Brewery’s recent
performance even more
praiseworthy. The company’s
net income and operating
income (EBITDA) grew in
2010 by 38.8 per cent and 23.8
per cent, respectively, to
$19.216 million and $19.943
million, compared to $13.843
million and $16.104 million in
2009.

Revenues fell year-over-
year by 2.2 per cent to

SEE page 6B

$62.5m IPO to ‘reignite’
cap market interest

* Placement agent says Brewery ‘priced at
15% discount’ to Tier 1 BISX stocks

* Acknowledges Bahamian equities market
‘stagnated and went backwards’ in past decade

* ‘This will be one of the most widely subscribed
offerings in Bahamian history’

By NEIL HARTNELL
Tribune Business Editor

THE $62.5 million Com-
monwealth Brewery initial
public offering (IPO) will
“reignite” interest in Bahami-
an capital markets that have
been “stagnant” for a decade,
its placement agent has told
Tribune Business, adding that
the company “is priced at a
discount of 15 per cent” to
current “Tier 1’ stocks listed
on the Bahamas Internation-
al Securities Exchange
(BISX).

Michael Anderson, Royal-
Fidelity Merchant Bank &
Trust’s president, said that
based on institutional and



MICHAEL ANDERSON

high net worth investor feed-
back, he had a “good feeling”
the largest IPO in Bahamian

SEE page 6B

BREITLING

INSTRUMENTS FOR PROFESSIONALS"


PAGE 2B, MONDAY, MARCH 21, 2011

THE TRIBUNE

SE aCe

By ROYALFIDELITY
CAPITAL MARKETS

IT WAS another busy week
of trading in the Bahamian
stock market. Investors trad-
ed in nine out of the 24 listed
securities, with three
advancers and three declin-
ers.

EQUITY MARKET

A total of 44,698 shares
changed hands, representing a
decrease of 17,532 shares
compared to the previous
week's trading volume of
62,230 shares.

AML Foods (AML) was
the volume leader, trading a
volume of 10,000 shares to
close unchanged at $1.09.



Bank of the Bahamas
(BOB) was the big advancer,
trading a volume of 6,416
shares, its stock price
increasing by $0.53 to close
at $4.93.

Commonwealth Bank
(CBL) traded a volume of
7,165 shares, its stock advanc-
ing $0.04 to close at $6.82.

Finance Corporation of the
Bahamas (FIN) traded a vol-
ume of 7,400 shares, its share
price advancing $0.22 to close
at $6.10.

Cable Bahamas (CAB) was
the big decliner, trading a vol-

ume of 3,467 shares to see its
stock price fall by $0.78 to
close at $9.43.

FirstCaribbean Interna-
tional Bank (Bahamas)
(CIB) traded a volume of
3,000 shares, its stock declin-
ing $0.10 to close at $9.30.

FamGuard Corporation
(FAM) traded a volume of
4,300 shares, its stock price
declining $0.03 to close at
$5.22.

BOND MARKET
No notes traded during last
week.

Store Manager

COMPANY NEWS
Earnings Releases:

Colina Holdings Bahamas
(CHL) released audited finan-
cial statements for the year
end December 31, 2010.
reporting net income available
to common shareholders of
$14.1 million compared to
$13.4 million in the prior year.

It was noted that both net
premium revenue and net pol-
icyholders' benefits were up
year-over-year, with net pre-
mium revenues of $118.2 mil-
lion increasing by $6 million,
while net benefits paid of
$76.6 million increased by $0.1
million.

In its revenues, CHL
reported net investment
income of $29.5 million, which
increased by $1.7 million in
comparison to the prior year,
while its expenses reflected

reduced changes in provision
for future policy benefits of
$15 million.

These climbed by $4.8 mil-
lion.

CHL reported earnings per
share of $0.46, compared to
$0.44 in the comparative
year.

At December 31, 2010,
CHL reported total assets
and liabilities of $525.6 mil-
lion and $410.1 million
respectively, which increased
by $27.1 million and $14.8
million from year-end
December 31, 2009.

Finance Corporation of the
Bahamas (FIN) released its
unaudited financial results for
the quarter ended January 31,
2011. FIN reported a net com-
prehensive loss of $1.8 million
for the quarter compared to
$0.45 million in the prior year.

Net interest income after
provisions of $476,000
declined to $1.3 million com-
pared to $1.8m in the previ-
ous year, while total non-
interest expense increased
slightly from $3 million in the

2010 first quarter to $3.1 mil-
lion this time around.
Allowance for credit losses
stood at $6.7 million, an
increase from the $4.9 million
reported in 2010.

FINCO’s loss per share as
at January 31, 2011, was $0.07
compared to $0.02 in the com-
parative period.

Total assets at quarter-end
January 31, 2011, stood at
$955 million, compared to
$967 million at October 31,
2010, while total liabilities
were $856 million compared
to $867 million during the pre-
vious fiscal year end.

DIVIDEND NOTES:

Commonwealth Bank
(CBL) has declared a divi-
dend of $0.06 per share,
payable on March 31, 2011, to
all ordinary shareholders of
record date March 21, 2011.

Cable Bahamas (CAB) has
declared a dividend of $0.08
per share, payable on March
31, 2011, to all ordinary share-
holders of record date March
18, 2011.

Kelly's is seeking a motivated person to be a full-time Store Manager at Kelly’s House
& Home. The position will demand a resourceful communicator and leader able fo
motivate adults and create a sense of ‘team’ within the personnel under their care,
as well as someone experienced in providing an excellent level of customer service.

This is a middle management position and the successful applicant will be a member
of a management team responsible for the day-to-day operation of Kelly’s House
& Home at the Mall at Marathon. Responsiblities will include but not be limited to
ensuring:

* the efficient and effective daily operation of the Store and Warehouse

* a high quality of Customer Service and responding to Customer issues

* the cleanliness and maintenance of the Store and Warehouse

* the welfare, performance and development of the Retail and Warehouse staff

* that company policies and procedures are maintained throughout the Store
and Warehouse

Candidates must have proven interpersonal skills and be willing to be flexible.
Managerial experience in a retail environment will be beneficial. Benefits will include
medical, pension, and profif-sharing plans, with remuneration package dependant
on qualifications and experience.

E-mail letter of application with comprehensive resume to info@kellysbahamas.com
with "Store Manager" as subject.

No phone calls please

Kelly's Heshe

rathon

re. Bale Es

NOTICE

SIR LYNDEN PINDLING ESTATES
FORMERLY PINEWOOD GARDENS

Il SUBDIVISION

This Notice serves to advise the general public that lots

within the following blocks purportedly sold as lots within
“Nassau Village” form a part of the Sir Lynden Pindling
Estates Subdivision (formerly Cedar Groves/Pinewood
Gardens II) and are the property of Arawak Homes
Limited.

These Blocks are:
52,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,
72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,
92,93,94,95,96,98,99,100,101,102,103,104,105,106,107,108,
109,110,111,112,113,114,115,116,117,118,119,120,121,122,
123,124,125,126,145,146,147,148,149,150,151,152,153,154

The general public is further advised to beware of purchasing
any lots in the above Blocks unless the land is described as
being in the Sir Lynden Pindling Estates Subdivision and
is being purchased from Arawak Homes limited or from
a person or entity which purchased from Arawak Homes
Limited. Otherwise, the seller(s) are not the owners of the
land.

If you have purportedly purchased any lot(s) within the
above-mentioned blocks, you are advised to immediately
seek proper and independent legal advice from a
reputable law firm or attorney.

Should you have any questions, please contact:

GENERAL LEGAL COUNSEL
ARAWAK HOMES LIMITED
PO. BOX N 3180
NASSAU, BAHAMAS
PHONE: (242) 394-0014/5; 502-6500



EQUITY MARKET - TRADING STATISTICS

Week ending 18.03.11

BISXSYMBOL CLOSING PRICE WKLY PRICE CHANGE © VOLUME YTD PRICE CHANGE
ANAL stenceeestretettan ee? 0dr tances Optio! 10,000 ..ecssssseee 12.37%
BBL. saauceamattsencd O00 Bee ee Ohne eee seer Oe ested 0.00%
BOB. aise acenateacandin! He te tien $0.58 sscettssccaidasceas GANG aciescinns 0.61%
BPE gaacteeuitendsad OCS ixstecteean tiaras oe ee Oy etanueeee 0.00%
BSL ssessssssssssssneessssneee N/A cssssssstesesneseen Dlepieiipeanenuen cies G sacemmaienee, 0.00%
BWL cssosssssssssnsessseseen $2.70 cessssssssssseeseen ne Oasessssntsseeseense 0.00%
7: $9.43 ooaccecssseeseeaes $-0.78 vocsocsssssnssseee BAGT ooescsscseesseen -9.85%
|: $6.82 oeccsscsenesseen $0.04 .ecscssssssneneen 7,165 soessssssseesen -2.57%
CHL seessssssessstnsesnsenee $2.40 cessssssssesntsseen Ge canatuitdionieamads G tanernees 0.00%
IB sccsacscsensosnsssesassiiab $9.30 coccscsssesneeees $-0.09 occecsssssneeneen 8,000 voessssssseesen 0.96%
CWB oaesesssssssssesnsenee $2.25 oeccsssssnesseen $014 coccsssssesntseeneen Onseesssssseesnenee 22.95%
DH asctecstontdastonteinnt AC csctatocontsteecte Gaetan Oeetenatatead 12.50%
FAM .esssssssssssssessseseee OOo titrant Octet lesiatnees Opecenehaeas 13.51%

ITA institute of internal Auditors - Bahamas Chapter

Presents a One Day Seminar
On:

“Compliance with TIEAs & other Tax Reforms and
Management in a Changing Environment”

Speakers:

Zhivargo Laing, Minister of State
Rowena Bethel, Ministry of Finance.
Simon Wilson, Ministry of Finance
Richard Adderley, Cable Bahamas

Date: Thursday March 24, 2011

Place: SuperClubs Breezes

Time! 9:30 a.m. - 4:30 p.m. (Continental Breakfast & Lunch included)

Cost: $120.00 Members / $140.00 Non-Members

Learn About:

- The Need for Local Tax Reforms & options

- The Value and Implications of TIEAs

- Compliance with TIEAs, FATCA & other changes

- CARICOM-Canada Trade Agreement- What you need to know!
- Managing Generation X; New H.R. Challenges

CPE Hours: 7 (BICA Approved)

Contacts: Edgar 0. Moxey 302-1449 or Stephen Thompson: 397-4194

Pleave plan to take advantage of this great apportanity, We encourage you to register early to

secure your seal, and to axtist us with our arrangements with ine hovel


THE TRIBUNE

MONDAY, MARCH 21, 2011, PAGE 3B



Bimini Bay eyes $50-$80m growth

By ALISON LOWE
Business Reporter
alowe@tribunemedia.net

A FURTHER “$50-$80
million” worth of investment
is planned for Bimini over
the next several years, the
developers of the Bimini
Bay Resort and Marina
have revealed, including the
construction of a boutique
80-100 room hotel, a beach
club and spa.

Thirty jobs are presently
being advertised for posi-
tions to be filled at the
resort, and “substantially
more” will need to be hired
before the end of the year,
RockResort’s regional vice-
president for Florida and the
Caribbean, Mark Jeffrey,
told Tribune Business.

RockResorts was
announced two weeks ago
as the new managers of the
Bimini Bay Resort and
Marina, taking over that job
from the Capo Group, the
family development compa-
ny who were behind the
property’s construction.
Bimini Bay will be managed
through the company’s
property management col-
lection, Legendary Lodging.
Once the RockResorts hotel
and spa are developed and
completed, the entire resort
will be branded as a Rock-
Resort.

The resort presently cov-
ers around 80 acres of a total
750 acres that the Capo
Group owns on Bimini’s
northern island. It consists
of a resort community of 375
residences, of which around
90 per cent are in a rental
pool that is offered to visi-
tors, with the remaining 10
per cent used by their pri-
vate owners alone. It

includes several restaurants,
a shopping plaza and a casi-
no, which has yet to be
opened due to the Capo
Group not having found a
casino operator for the facil-
ity.

According to Rafael
Reyes, president of Rav
Bahamas and son-in-law of
Gerardo Capo, around 450
acres of the total property
may be “suitable” for fur-
ther development in terms
of being “buildable”.

The next phase of devel-
opment will include the con-
struction of a beach club,
which will be located to the
north of the residences next
to the resort’s main beach,
and a spa. It is hoped by the
developers and RockRe-
sorts that both of these facil-
ties will be completed by the
end of the year.

At some point thereafter
it is intended that the bou-
tique hotel would be con-
structed, to be completed by
2014. The hotel and other
amenities are to be located
on an already-cleared area
of land adjacent to the pre-
sent Bimini Bay Resort and
Marina.

GERADO CAPO, Mark Jeffrey,
Ralph Reyes and Alex Capo pose
for a picture after the official
RocksResort signing.

Photo/Joshua Prezant

Share your news

The Tribune wants to hear

from people who are
making news in their

neighbourhoods. Perhaps

you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.

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



WANTED

Growing Fast Food Restaurant
seeking a Food Service Manager!/Chef.

¢ Monitor food preparation methods, portion sizes, and presentation of
food to ensure that food is prepared and presented in an acceptable

manner.

¢ Investigate and resolve complaints regarding food quality, service, or

accommodations.

¢ Coordinate assignments of cooking personnel to ensure economical
use of food and timely preparation.
¢ Check the quality of raw and cooked food products to ensure that
standards are maintained.
¢ Calculate and establish food quantities and cost for the establishment.
¢ Inspect and clean food preparation areas, such as equipment and work
surfaces, or serving areas to ensure safe and sanitary food-handling

practices.

¢ Train, develop and direct kitchen staff using approved management

practices.

Requirements:

¢ Bachelor’s or Associates degree in Culinary or Formal Apprenticeship

program

¢ Three to five years job experience in a restaurant setting
¢ Excellent interpersonal skills

¢ Preferably Knowledge in POS systems is a plus

Interested persons should e-mail their resume to:
thehumanresources33 @ gmail.com

GrowingF ast-F ood Restaurant seeking

a Branch Manager

¢ Resolve customer complaints regarding food service.

¢ Observe and evaluate workers and work procedures to ensure quality
standards and service, and complete disciplinary write-ups.

¢ Specify food portions and courses, production and time sequences, and
workstation arrangements.

e Ensure branch is operating effectively and efficiently.

¢ Must be able to understand budgets, cost control and budgets:

Requirements:

¢ Minimum Associates Degree in Business Management, Business

Administration or related degree

¢ Two to three years experience in a Quick-Service Restaurant

¢ Knowledgeable in Microsoft Office.
¢ Excellent interpersonal skills.

Interested persons should e-mail their resume to:

thehumanresources33 @ gmail.com





























1 BUTLER STEEL BUILDING
16,000 SQUARE FEET
CONTACT ADRIAN LA-RODA
328-7888 FOR VIEWING

* RoyalStar
py Assurance

2 ey
1c

Bahamas Agricultural & Industrial Corporation (BAIC)
Presents Its

HANDICRAFT ‘STRAW’ TRAINING PROGRAM
x ae

Date: March 28 - April 8, 2011
Venue: Garvin Tynes Primary
School

Time: 6:00 - 10:00 p.m. (Daily)
Location: Alexanderia Rd. (off
Carmichael Rd.

Application Form

Name: P. 0. Box:

Address: Email:

Tel: Fax:
Age range: lunder15 116-25 126-40 141-60 161-70 171 and over

Employment Status: | Employed | Government | Private
Unemployed

| Self-employed

Have you completed other BAIC'S Training Programs | Yes (Mo List Them

ADMINISTRATIVE FEE: $100.00 [excluding materials]

theecckedacidd de
Contact: Sharae Collie! Pam Deveaux - BAIC
Tal: 322-3740-1 or Fax: 322-2123
Also download Application from our Website: www.bahamas.gov.bs/baic
PAGE 4B, MONDAY, MARCH 21, 2011

THE TRIBUNE



BUSINESS
FROM page one BREWERY’S $29M TAX BURDEN

president of RoyalFidelity
Merchant Bank & Trust,
which is acting as placement
agent for the company’s
upcoming $62.5 million initial
public offering (IPO), said the
company was facing a “60 per
cent tax, 40 per cent profit”
split. He described the firm’s
tax burden as “really a large
number for a tax-free coun-
try”.

LeRoy Archer, Common-
wealth Brewery’s managing
director, told Tribune Busi-
ness in an exclusive interview
that in total, between its brew-
ing operation, Burns House
and the latter’s retail stores,
“all the taxes we contribute
to the Bahamas government
are $29 million”.

“That’s in one year,” he
added. “We don’t owe any
taxes. When it comes to duties
we pay upfront........... =
Describing the tax burden
faced by Commonwealth
Brewery as “indirect taxa-
tion” that was not seen
upfront, Mr Archer said that
$10 out of every $40 case of
beer sold to the consumer
went in taxes to the Govern-

ment.
And the company could



have faced an even greater
tax burden had it not been
able to renegotiate the $10
million increase that the Gov-
ernment was seeking to
impose in the 2010-2011 Bud-
get down to $5 million, a 50
per cent cut.

And, even here, Mr Archer
said Commonwealth Brewery
was “paying 60 per cent more
taxes” than its chief Bahami-
an competitor, Grand
Bahama-based Sands Brew-
ery. He said that while his
company was paying close to
$10 per case of beer in taxes,
Sands was paying close to just

0.

“T could sit down and cry
and let my business dwindle,
or take action,” Mr Archer
told Tribune Business over
the different tax burdens.
“We lobby the Government,
and they are aware of the dis-
parity and need for a level
playing field.

“There is a constant, ongo-
ing dialogue with the Gov-
ernment where we speak
about levelling the playing
field. There is no guarantee
about where we will end up,
but they recognise we’re oper-

NOTICE

BML LAND LTD.








ating in the same environ-
ment, so the level playing field
should occur. The playing
field is not level. I can sit here
and complain all I want, but it
is what it is.”

One factor helping to ‘level’
the field so far, the Common-
wealth Brewery chief argued,
was that 80 per cent of the
total Bahamian liquor mar-
ket was based in New Provi-
dence, meaning Sands
incurred higher transporta-
tion costs to reach that mar-
ket.

Mr Archer and Mr Ander-
son both emphasised that the
tourism/hotel and wholesale
industries were “not a key dri-
ver” for Commonwealth
Brewery, generating around
10 per cent or $10-$11 million
of the company’s top-line
sales in 2010.

While wanting to sell more
to these sectors, Mr Archer
acknowledged that Common-
wealth Brewery was not price
competitive with the direct
drink and beverage imports
utilised by most major hotels,
who were able to access them
using duty-free exemptions
under legislation such as the
Hotels Encouragement Act.

Emphasising that the
appointment of Kerzner
International PR chief Ed
Fields to the Commonwealth
Brewery Board post-IPO was

not a move intended to
improve hotel industry liquor
sales, Mr Archer said all
Bahamian resort properties
were in the business of reduc-
ing costs and improving prof-
itability. As the Bahamian
agent/distributor for many of
the brands imported direct by
the resorts, he added that he
wanted to be able to compete
on a ‘level playing field’ with
these.

“A lot of people feel we
supply a lot of the hotels, and
that if the hotels cut us off,
we would be at risk,” Mr
Archer told Tribune Busi-
ness. “I want to assure per-
sons that it only represents
10 per cent off of the top.......

“T would like to see us sup-
ply the hotels with more,
because we live in the same
environment and we both
should make profits. If the
Government waived the tax
on beer supply to the hotels,
we would be able to compete.
That would certainly help us,
and also the hotels.”

When it came to growth
opportunities outside the
Bahamas, Mr Archer said
Commonwealth Brewery was
“doing quite well” with Kalik
exports to the US. Exports,
though, only account for 5
per cent of the company’s
total revenues, and the
Bahamas’ high utility, labour
and operating cost bases
inhibited the company’s abil-
ity to compete on price with

NOTICE IS HEREBY GIVEN that at an Extraordinary
General Meeting of the Shareholders of the above-named
Company duly convened and held on the 14" day of March,
2011 the following resolutions were passed:

RESOLVED that BML LAND LID. be wound up
voluntarily.

RESOLVED that TONI GODET of Lyford Manor,
West Building, P. O. Box N-7776 (Slot 193) Nassau, The
Bahamas be appointed the Liquidator for the purpose of
such winding up.

Dated the 14% day of March, 2011.
H & J CORPORATE SERVICES LTD.

Registered Agent
for the above-named Company

MANAGEMENT
OPPORTUNITY:

COMFORT SUITES PARADISE ISLAND is
considering highly qualified applicants for the role
of Sales Manager







NOTICE is hereby given that ROMANDO JEAN of
MALIBOO REEF #4, 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 14th day of
MARCH, 2011 to the Minister responsible for Nationality
and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

NOTICE

N.B.H. HOLDINGS LTD.

NOTICE IS HEREBY GIVEN that at an Extraordinary
General Meeting of the Shareholders of the above-named
Company duly convened and held on the 14% day of March,
2011 the following resolutions were passed:

RESOLVED that N.B.H. HOLDINGS LTD. be
wound up voluntarily.

RESOLVED that TONI GODET of Lyford Manor,
West Building, P. O. Box N-7776 (Slot 193) Nassau,
The Bahamas be appointed the Liquidator for the
purpose of such winding up.

foreign breweries and their
products.

Explaining that Common-
wealth Brewery exported
200,000 cases of Kalik per
year, with $4 million the total
value of exports at this time”,
Mr Archer added: “We are
making money at this time.
It’s a cash business, so I can
cover my fixed costs, variable
costs and make a profit.”

However, based on pure
economies of scale, Com-
monwealth Brewery could
not currently compete with
rival breweries in the likes of
Trinidad and Panama, who
in the latter nation paid 10
per cent of the electricity
costs in the Bahamas. As a
result, these breweries were
able to sell beer for prices as
low as $0.50 per bottle.

“We pay the highest rates
in the Caribbean, and even if
you say it’s because we have
the strong dollar, look at the
percentage we pay on top line
revenues,” Mr Archer said of
electricity costs. “We are pay-
ing more per case, more per
litre on utility rates than any
other brewery in the
Caribbean. We are a high
cost producer with small
economies, so our brands are
luxury brands.”

With Commonwealth
Brewery’s products all posi-
tioned at premium prices, Mr
Archer said the company had
to look to the US and Europe
for its export markets, since it
was unable to compete with
$0.50 per bottle beer else-
where in the Caribbean.

“The Government is cur-
rently subsidising exports by
waiving the duty on those
brands, but it does not mean

it will continue indefinitely,”
Mr Archer added.

The Commonwealth Brew-
ery chief told Tribune Busi-
ness he frequently lobbied
the Government over creat-
ing the base to ensure a
viable future for Bahamian
manufacturing, and said the
IPO may create several thou-
sand more lobbyists on the
company’s behalf.

The offering may also see
the Government become a
shareholder if it is not fully
subscribed.

“The real challenge is the
Government, not having an
income tax, is seeking to tax
manufacturing when it should
be taxing other industries as
well,” Mr Archer said.

“We have 430 people
employed. Each of those has
four dependents on average,
so there’s 1600-2,000 votes
that are there. Those are rea-
sons to keep brewing and
manufacturing sectors open.
I’m seeking support from the
Government to reduce utility
rates, and we can find anoth-
er way other than subsidies
to support local manufactur-
ing.
“T believe that all govern-
ments are seeking more ways
to get more revenues out of
all businesses. The beer,
wines and spirits industry is
no exception. I pay the Gov-
ernment more in taxes than
the outlay we get in profits.
Indirectly, you can say they
are partners in my business.
Hopefully, with them becom-
ing shareholders, they will
realise that they need to be
more cautious in how they
tax businesses going for-
ward.”

NOTICE

NOTICE is hereby given that LAVITA JACQUES of MARSH
HARBOUR, ABACO, BAHAMAS, is applying to the Minister
responsible for Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who knows any
reason why registration/naturalization should not be granted, should
send a written and signed statement of the facts within twenty-eight
days from the 21**day of March, 2011 to the Minister responsible
for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Legal Notice

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

GOLDEN CHAIN PROPERTIES LIMITED

In Voluntary liquidation

Notice is hereby given that in accordance with Section
138 of the International Business Companies Act No. 45
of 2000, GOLDEN CHAIN PROPERTIES LIMITED, has
been dissolved and struck off the Register according to
the Certificate of Dissolution issued by the Registrar

Responsibilities & Requirements: Dated the 14" day of March, 2011.

* Lead and motivate Sales staff by example. H & J CORPORATE SERVICES LTD.
* Possess the ability to conceptualize, design

and develop marketing strategies for private Registered Agent

and public sector corporations and social/
service organizations.
¢ Must be able to originate and implement
strategies, technologies and action plans for
local corporate accounts.
¢ Must be able to establish, maintain and
coordinate the implementation of all Sales
& Marketing and Public Relations policies
& procedures for the hotel property to
increase revenue.
¢ Facilitate the development of Sales/catering
team; and implement training programs.
¢ Self motivated with strong analytical and
problem solving skills.
¢ Prepare, analyze and report Sales budgets.
* Excellent written and oral communication
skills.
¢ Able to work extended hours, weekends and

holidays.

Qualifications:

* BA in Sales & Marketing, Hospitality
Management or equivalent from an
accredited University.

¢ Minimum of five years experience with at
least 2 years in hotel Sales & Marketing

* Working knowledge of Excel

* Working Knowledge of Microsoft Word and
hotel property management systems

Interested persons should apply in
writing only to the General Manager on or
before Friday April 1, 2011.

Comfort Suites Paradise Island
P.O. Box SS6202
Nassau, Bahamas

Suitably qualified candidates need only apply.
Salary is commensurate with experience and
qualifications.

for the above-named Company

i
he ¥
ting ©

The National Insurance Board

of the Commonwealth of The Bahamas

Request for Contractors Pre-Qualification

The Natiotial Insurance Board (TB) is seeking to pre-qualify Contractors to bid on the

Shirley Street, Nassau, Baharas, Contractors must be in compliance with he Nattonal
Insurance Hoard Act [so al security } STATUTE andi 100d stand ig with Te Peeve

Crovernment agencies,

Pre-qualification documents may be collected from NIBSs Headquarters Building,
Clitford Darling Complex, Baillou Hill Road, during the period March 21-25, 2011, ot

downloaded from the Boards websirear wwwnlb-bihans.com

Pre-qualificarion documents should be signed, sealed and returned tothe Office af the
Directorin an envelope addressed to The Director, The National Insurance Hoard, with
the caption Pre-Qualification Document - Renovations of Public Restrooms,
Claughton Hone Builatng, Shirley Street, on or belore 12 Noon on Friday, March 2,

M1

General on the 3rd day of March, 2011.

Sarnia Directors Limited,
of Suite V, Tower Hill House,
Le Bordage, St. Peter Port,
Guernsey, GY1 3QT
Liquidator

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


THE TRIBUNE

MONDAY, MARCH 21, 2011, PAGE 5B



See ee ee ee eee
RockResorts brings ‘new day’ to Bimini

By ALISON LOWE
Business Reporter
alowe@tribunemedia.net

ROCKRESORTS, the new-
ly-unveiled managers of the
Bimini Bay Resort and Mari-
na, intend to boost visitor
arrivals to the destination,
improve service levels, enhance
environmental protection and
encourage more interaction
between visitors and the Bimi-
ni community at large.

At aceremony to announce
the handing over of manage-
ment responsibilities to Rock-
Resorts, held on Friday at
Bimini Bay, Ralph Reyes,
president of RAV Bahamas,
the development company and
subsidiary of the Capo Group,
which constructed Bimini Bay,
said the move marks a “new
day for Bimini Bay”.

Having struggled with low
occupancy levels and an admit-
ted lack of experience in hos-
pitality management, the Capo
Group decided it would bring
on board a professional hospi-
tality management brand to
take over responsibility for the
property and beef up arrivals.

RockResorts, a subsidiary
of Vail Resorts, which is
known best for its ownership
and management of moun-
tain/ski resorts in locations such
as Aspen and Vail, Colorado,
believes it stands a good
chance of heightening Bimimi’s
visitor numbers in coming
years. This will be done in part
through promoting it as an
alternative vacation destina-
tion during the off-season for



BRENT SYMONETTE, the Deputy Prime Minister, speaks to more than 200 Biminites, homeowners, boaters and Bahamian officials gathered
at Bimini Bay Resort & Marina today to talk about plans for Bimini’s future. Photo/Joshua Prezant

the skiers and snowboarders
who frequent its other resorts.

Julie Klein, director of envi-
ronmental affairs for RockRe-
sorts/Vail Resorts, said: “I
think there’ll be a bit more bal-
ancing, to look at business
throughout the year, to sup-
port the destination and the
community. This is a destina-
tion that has been known
largely for sport fishing and
yachters.

“Tt’s such an amazing desti-
nation and the whole island is a
little sleepy in the winter, which
doesn’t really make sense. It’s
the Bahamas and the weath-
er’s gorgeous. The winter sea-
son will always be the stronger
season here in Bimini and that
works great because that’s our
slower season in the moun-
tains.”

Rafael Reyes, president of
RAV Bahamas, the develop-
ment company behind the con-
struction of the Bimini Bay
Resort and Marina, concurred:

NOTICE

NOTICE is hereby given that JAMES JOHN LAMBERT of
WEST BAY STREET, SLOT 311, P.O. BOX AP-59223,
NASSAU, BAHAMAS, is applying to the Minister responsible
for Nationality and Citizenship, for registration/naturalization as a
citizen of The Bahamas, and that any person who knows any reason
why registratior/naturalization should not be granted, should send
a written and signed statement of the facts within twenty-eight days
from the 21% day of March, 2011 to the Minister responsible
for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

WEST WINDS PROPERTY
OWNERS ASSOCIATION LIMITED

“(Bimini Bay's) peak season
usually comes during the sum-
mer months, whereas all the
resort companies, their high-
est occupancy period is during
the winter. So what we’re look-
ing for is year-round occupan-
cy, which could be an amazing
opportunity not only for us as
the developers but also for the
community.”

Mark Jeffrey, Rock Resorts’
regional vice-president for
Florida and the Caribbean,
said he foresees Bimini
employees being able to come
and work at the company’s
mountain-based resorts during
the slow season on the island.

Speaking of the rationale
behind RockResorts' decision
to join Bimini Bay, Mr Jeffrey
said: "There are a couple of
reasons which made it clear it
would be a great partnership.
One, it’s an iconic location, and
that’s one of the first things we
choose from.

“Also, we don’t grow just to
grow, we want smart growth
and, if it doesn’t match our oth-

er iconic locations, and if it
wasn't a great product, and we
couldn't make a difference in
the environment and in the
community, we would not be
interested. Here we think that
with the community and the
environmental side of things,
we can really make a differ-
ence. We can really stake our
claim and do something
famous in the Caribbean."

The company emphasised a
significant environmental focus
as a major part of the change it
will bring to Bimini Bay, and
has promised that going for-
ward the resort will be further
developed and maintained
with sensitivity to the natural
environment as a key feature.
The developers of the Bimini
Bay Resort and Marina have
faced criticism in the past for
what were alleged to have
been its non-eco friendly devel-
opment methods and the scale
of the resort in the small Bimi-
ni island.

Ms Klein said: “The envi-
ronmental aspect is critically

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important going forward, not
only for us as a management
company but for the owner-
ship and the community. That
is very much how we operate.
With that said, there’s some
things in the history that we
will look at opportunities to
mitigate or improve what’s
been done.

“You'll see guest experience
features that will really high-
light that environmental com-
mitment. Disposable water
bottles, looking at growing
more herbs and vegetables to
see if we can lessen what we
get off island, and enhancing
our guest experience with that
kind of conservation effort
that’s in alignment with Rock-
Resorts.”

â„¢

BUSIWE

big, big impact,”
; the hospitality executive.

450-seat ferry
‘game changer’
for Bimini, GB

FROM page one

: has typically operated in the
i Mediterranean. It would
? involve a 450 person capac-
i ity vessel, which is likely to
? depart the Port of Miami at
? around 9am and return at
i Spm.

Exactly where the vessel

? would dock in Bimini is still
i being finalised. Engineers
i have visited the island to
i determine where “the most
? environmentally sound”
: place for the boat to dock
i would be, said Mr Reyes.

Mark Jeffrey, RockRe-

? sorts’ vice-president for
i Florida and the Caribbean,
? said he believes the intro-
i duction of the ferry service
? linking Bimini to Miami will
? be a “game changer” for the
i resort and the island.

“Tt will definitely have a
suggested

Charles Albury, deputy

i permanent secretary for the
? Ministry of Tourism, who
? also spoke at the Bimini
? Bay/RockResorts signing
? ceremony on Friday, said he
: foresees the ferry service
i? providing a “much needed
? boost” to Grand Bahama, if
i it does service that island as
i anticipated.

icronet

TECHNOL

‘omputer Enginee

Micronet Ltd,, a leading business technology supplier
requires a computer engineer to join our Service Team.

Experience in hardware, networking, Windows based
operating systems and software

Professional certifications an advantage (A+, MCSE)
Must have good communication skills

Must be a team player, willing t work with others
Must have own transportation amd cell phone

Great career opportunity, training will be provided
Salary commensurate with qualifications & experience

No telephone calls. Please reply in wriling via email (subject
line: Computer Tech.) or fax to:

Computer Tech.

cio Service Manager
Micronet Lod.

PO, Bow S§-6270
Nassau, Pahamas Fax:

Email: johsaimicronet. bs
328-3043

424-3368

Seorvireg all they talents al The Bahamas

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,

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NOTICE












IN THE ESTATE OF JOHN RANDALL STRAUGHAN
(a.k.a JOHN R. STRAUGHAN) domiciled and late of 5240
Palm Lane in Tangerine, Orange County in the State of

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NOTICE is hereby given that all persons having any claim NIBA costs less AND you receive cover with a claims service
or demand against or interest in the above Estate should send that lives up to its promise! In addition to low
same duly certified in writing to the undersigned on or be- deductibles, you can choose to pay by interest free
fore 29th April, 2011 after which date the Executrix will pro- installments for added convenience,

ceed to distribute the assets of the Estate having regard only



to the claims, demands or interests of which she shall then

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have notice AND all persons indebted to the above Estate hom el

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Tel.677-6422 or visit
www.nibaquote.com

V.M. LIGHTBOURN & CO.
Attomeys for the Executrix
P.O. Box AB-20365
Bay Street, Marsh Harbour
Abaco, The Bahamas



Open
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2.00pm







NASSAU INSURANCE BROKERS AND AGENTS LIMITED 4 Fit
Atlantic Hause, 2rd Terrace & Collins Avenue:
AO. Box N-?764 Nassau Tel. 677-422 wan. nibaquote.com



PAGE 6B, MONDAY, MARCH 21, 2011

THE TRIBUNE





FROM page one

history would be “well sub-
scribed”, adding that it could
also attract the most diverse,
broadest base of investors yet
seen.

Acknowledging that
whether the IPO was fully
subscribed would depend on
the participation of key insti-
tutional investors, such as the
National Insurance Board
(NIB), Mr Anderson said the
Commonwealth Brewery
offering was effectively the
first opportunity young
Bahamian professionals,
aged between 20-30, had
been given to participate in
an equity issue.

Noting Commonwealth
Brewery’s $19.216 million net
income for 2010, which trans-
lated into $0.74 in earnings
per share (EPS), Mr Ander-
son said that when combined
with the $8.33 per share IPO
price, this translated into an
11.3x price/earnings (p/E)
ratio.

Comparing this to the
average 13.3x P/E ratio for
current BISX-listed Tier 1
stocks (the top performers
based on market capitalisa-

$62.5m IPO to ‘reignite’
cap market interest

tion, profits and dividends
etc), Mr Anderson said:
“This company is priced at a
discount of 15 per cent to the
market price of current Tier
1 securities. As we look for-
ward, we think this company
is well positioned in terms of
market price to have good
capital appreciation poten-
tial.”

The last true IPO to take
place in the Bahamian capi-
tal markets was Freeport
Concrete’s in 2001, and Mr
Anderson conceded that
since then (the Kerzner
International and Consoli-
dated Water Bahamian
Depository Receipt (BDRs)
issues excepted) the equity
market had “gone backwards
to some extent”. Several
companies had delisted, he

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added, with Freeport Con-
crete even going out of busi-
ness.

As a result, the Common-
wealth Brewery IPO pre-
sented “an opportunity to
restart development of the
capital markets”, Mr Ander-
son said, further creating
and diversifying wealth and
ownership in the Bahamian
economy. And with 7.5 mil-
lion shares, representing the
collective 25 per cent stake
being offered to Bahamian
investors, set to be listed on
BISX, investor options and
liquidity were set to be
enhanced.

Public familiarity with
Commonwealth Brewery
and Burns House’s brands,
such as Kalik, Heineken,
Guinness and Vitamalt, will
likely help drive retail inter-
est in the IPO, given that
Bahamians tend to invest
heavily in something they
understand, such as real
estate.

“Definitely, from a mar-
keting point of view this will
have a higher profile than

other securities,” Mr Ander-
son said. “We believe this
will be one of the most wide-
ly subscribed offerings in
Bahamian history. We
believe we could actually
reach this level or higher with
this offering.”

Asked whether the BISX
market’s well-known liquid-
ity problem, and the nega-
tive impact this was having
on share prices, was a con-
cern for the Commonwealth
Brewery IPO, Mr Anderson
told Tribune Business: “If
anything, with Common-
wealth Brewery coming to
market, it will reignite inter-
est in the local equity mar-
Ket........ and make all shares
more liquid.”

Acknowledging that it
would take longer for market
liquidity to develop in the
Bahamas than in many other
capital markets, due in part
to the smaller number of
players, the RoyalFidelity
president added: “Something
like Commonwealth Brew-
ery coming to market, we see
as a Catalyst to change that. It

will not happen overnight; it
will not be a 100 per cent
improvement, but will be a
step in the right direction.

“We need to attract more
people into the market, and
this young group of 20-30
year-olds have historically
not participated. They have
not had an IPO to partici-
pate in. If we can get these
guys into the market, I can
only assume it will be posi-
tive.

“Tt will not be a panacea, a
solution for every problem,
but it will be a step in the
right direction.”

Mr Anderson said Royal-
Fidelity had already fielded
numerous questions on the
Commonwealth Brewery
IPO from 20-30 year-old
Bahamian professionals
expressing an interest in buy-
ing in. He described them as
“definitely more savvy” from
an investment perspective,
as they were “asking the
right questions”.

Pointing to Common-
wealth Brewery’s indicative
dividend yield, which rose

from 4.5 per cent in 2008 to
5.5 per cent in 2009 and 7.7
per cent in 2010, Mr Ander-
son said that compared to
the returns from other invest-
ments - bank deposits and
fixed income securities - the
company “could be a very
interesting stock in the
future”, especially given its
prospects for further top-line
growth and cost contain-
ment.

Telling Tribune Business
that some individual
investors had been pledging
to invest millions in the IPO,
RoyalFidelity having
received one request for $10
million worth of stock,
another for $3 million, Mr
Anderson said: “At the insti-
tutional level, we’ve had very
strong interest from every-
body bar none.

“At this stage, I have a
fairly good feeling we'll be
well subscribed.

“In terms of over-sub-
scription, it remains to be
seen how much we get from
institutional investors. NIB
makes a big difference.”

Brewery: 35% output increase capabilities

FROM page one

$109.376 million, compared to $111.833
million in 2009. That represented a fur-
ther decline on the $113.83 million in
revenue generated in 2008. This, though,
appears to have been compensated for by
sharp expenses and operating cost reduc-
tions.

Mr Archer told Tribune Business that
Commonwealth Brewery focused pri-
marily on reducing its raw packaging
material costs, including glass, bottles
and caps, plus the malts, as there were its
“most expensive cost components”.

Contracts were renegotiated to drive
these costs down, while freight and trans-
portation costs were locked in for the
year to guard against oil price rises. Fixed
costs and utilities were also scrutinised.

“T challenged our leadership team to
reduce costs by 10 per cent per year,”
Mr Archer told Tribune Business. “We
did it. We looked at inventory levels,
working capital, making sure it was not
tied up too much. We went to a cash
basis with certain suppliers. This com-
pany has no debt,

“From 2007 until now, you may see
that our volumes dropped. The good sto-
ry is that we manage our costs in such a
way that profitability grew.”

He added that Commonwealth Brew-
ery, and its Burns House subsidiary, also
“maintained our customer focus and

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We ore currently seeking a bright, energetic, honest and confidential individual to join car Perm os anc:

Administrative Assistant

stayed close to consumers. We did the
activities required to manage this suc-
cessfully, and can assure you going for-
ward that continues”.

The short-term prospects for Com-
monwealth Brewery’s top-line and,
indeed, an improved profit performance
and heavily dependent on the recovery of
employment and disposable incomes
among Bahamians and residents in the
domestic economy.

Export possibilities, while there, are
limited by the relatively high operating
costs all Bahamian manufacturers face,
which make their products non-compet-
itive on price with overseas rivals. And, in
Commonwealth Brewery’s case, export
plans may also conflict with the existing
operations and distribution facilities that
75 per cent majority investor, Heineken
BV, has in other nations.

Commonwealth Brewery is thus hop-
ing that investment projects, such as the
$2.6 billion Baha Mar development at
Cable Beach, plus the wealth of govern-
ment infrastructure projects taking place
will drive employment and salaries for-
wards.

The company’s share of the domestic
liquor market stands at 80 per cent, and
Mr Archer said: “The growth is going to
come from the additional employment
happening as a result of all this. Once
Bahamians are employed, they will go
back to the brands they love. When the
recession hit, they traded down and did

not drink their favourite beer, instead
going for a more inexpensive spirit.”

The Commonwealth Brewery chief
added that the company was also eye-
ing growth through acquisition, particu-
larly as firms from other sectors started
encroaching on its business.

Noting the recent trend of supermar-
kets, such as City Markets and AML
Foods, establishing in-store liquor con-
cessions, Mr Archer emphasised of
domestic expansion: “It’s through acqui-
sition. As we see more industries getting
into the beers, wines and spirits business,
we see some opportunities to enter their
business.”

Hinting that Commonwealth Brew-
ery/Burns House would not be opposed
to establishing their own in-store con-
cessions in supermarkets, Mr Archer said
that while not opposed to these chains
doing it themselves, there were ques-
tions about the protection of children
and ensuring alcohol did not end up in
the hands of under-18s.

“But if the law changes, it will not
change for one side,” he added in relation
to in-store supermarket concessions. “It
means my retail liquor stores also have
an opportunity to move into fast con-
sumer goods.

“When you look at most liquor stores,
they have all the products around the
perimeter, and you have this space in
the centre to put up shelves.”

a a a

oe a 7 ee
LAPS

Career Opportunity

Telesales Agent

We at DHL Express Bahamas are seeking to expand aggressively in the

marketplace and are seeking a highly driven, dynamic and results oriented
Telesales Agent to promote and sell DHL services. The ideal candidate will lead
telesales in a defined territory within three Caribbean countries, identifying
business opportunities and assessing customer needs to penerate revenue on new
business.

The successful candidate for the position will be required to: provide quality service to our external ond internal customers

con a ddanily basse.

MINIMUM QUALIFICATIONS:

Key job responsibilities include; * 2-4 years sales success in a service industry

Demonstrated ability to infiltrate senior customer levels and represent value.
Excellent interpersonal communication & probing skills, high aptitude and
initiative for follow-up.

Custeumer service orientation.

Strong business, courier and for supply chain management knowledge.
Analysis and problem solving skills. Knowledge of technology applications in
business.

Demonstrated drive, persistence & initiative.

Implemented measurements & strategies to attain goals.

Proven planning, organizational, ime and paper management skills,
Proficient with technical computer salitware skills [Microeolt)

Provide sdiminisirecive work tothe Avdic Porer anid deparinent,

Prepare client and general coespondence inclusive of billings, engagement and management betters.
Prepare proforenas and edit deat fieancial starements,

Prepare PowerPoint presentations, graphs, brochures, efc. in accordance with KPMG guidelines.

Key job qualifications and specifications:

# An Associate's Degree in Office Administration or the Certified Professional Secretary (CPS) designation, A
Bachelor's Degree in Office Administration would be a plus.
Proficieacy im a variety of software applications (Microsoft saite). Cenificaton a a Micresctt Applications
Specialist wild be a plus,
Jto3 years warking experience, preferably in an accounting firm.
The ability 10 work independently and under pressure to mee) trict deadlines
Excellent interpersonal and cusiomer service skills

Excellent oral and writes connmunication sil

This is a challenging pob opportunity with the world's leading provider of
transportation services. Our commitment to excellence and team spirit is a
substantial clement of our company's culture.

Uncompromising personal and business ethics. Send your application and resume ne later than Thursday, March 31, 2011 via
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subject line.

KPMG offers a conipelilive competion and benefits packape inclusive of medical and pension plans. Assiarsce is

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Applicants should awh] a cover lether, resume, police necord and copies of cartificales to EPMG, Huenan
Reacurcaa Manager, PO, Box W123, Nagsau, Bahamas of blobs kpee com ts by Taaaday, March 29, 2071.

HR Department

DHL Express Bahamas
Island Traders Building
East Bay Street

Nassau, Rahamas



O2001 RPG, o Baber pererebl p, ea mareber fem of tha KRG network of independent mmitar frre atileted with KPA Intemational
6 aie OPS beernaboral” | a Been arity. All Apia renerveed.
THE TRIBUNE

MONDAY, MARCH 21, 2011, PAGE 7B



FROM page one

by Caterpillar Financial Ser-
vices, which alleged that Dean’s
Shipping had breached the
terms of a $2.67 million loan by
allowing the M/V Legend I to
be seized and have a lien placed
over it, was also dismissed.

A March 16, 2011, court
order obtained by Tribune
Business said: “Palm Beach
Steamship Agency has agreed
to settle all claims for $75,000 to
be paid in cleared funds on or
before the close of business on
March 16, 2011..........

“As a condition precedent to
this settlement, defendant
Dean’s Shipping Ltd shall pay

Shipper’s vessel is released

costs and expenses up through
March 11, 2001, and additional
custodial fees, costs and expens-
es incurred between March 11-
16, 2011. As of March 16, 2011,
total custodial fees are
$77,811.”

Given that the total sum
involved is $140,000, Dean’s
Shipping Company is effective-
ly paying more than the
$106,000-plus debt that the
Palm Beach Shipping Company
claimed it was owed.

In addition, the court order
stipulated: “All Dean’s Ship-
ping Company equipment

for loading on board the M/V
Legend IJ after the vessel is
released. The equipment
includes one 20-foot chassis,
one 20-foot container with
chassis; and four 40-foot con-
tainers with chassis.”

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
mid-March 2011.

In its lawsuit, the Palm Beach
Steamship Agency alleged:

services pursuant to an agree-
ment between plaintiff and ves-
sel's owners, charterers, and/or
authorised agents on a fixed
rate basis.

"The defendant vessel has

soit a

failed to pay for these services
at plaintiff's office in the
amount of $126,347.19 despite
repeated demand for payment
submitted to the defendant ves-
sel, Legend I, and/or her own-
er, charterer or operator, defen-
dant Dean's." That sum was
reduced to just over $106,000.
The Palm Beach Steamship

Agency was seeking a lien over
the M/V Legend II so it can
foreclose upon it and sell the
boat to recover the sums owed
to it.

The M/V Legend plies
between West Palm Beach,
Marsh Harbour, Green Turtle
Cay, Spanish Wells and Nas-
sau.

Learning & Development

the substitute custodian on or
before March 16, 2011, an
agreed upon amount consisting
of $65,000 for custodial fees,

located at

Palm Beach
Steamship Agency’s facility at
the Port of Palm Beach shall
be returned to Dean’s Shipping

"Since October 18, 2010, plain-
tiff provided necessaries to the
[MV Legend], to-wit: labour,
wharfage, advances and other

Brewery ‘preferred’ higher IPO price

FROM page one

ue,” Mr Archer told Tribune Business. However,
this meant an even better deal for Bahamian
institutional and retail investors, as they were
paying no premium to buy into the company.

The Government stipulated that both the $8.33
share price, and offering’s terms and conditions,
must be the same as those received by the Asso-
ciated Bahamian Distillers and Brewers
(ABDAB) when their 50 per cent interest in
Commonwealth Brewery was completely bought
out by Heineken.

In return for approving the buyout of the Fin-
laysons and their fellow shareholders, the Gov-
ernment also set the pre-condition that 25 per
cent of Commonwealth Brewery’s shares must be
held by Bahamian investors, hence the IPO. And
they insisted that the company had to make sure
that “ordinary Bahamians” were given first shot
at ownership.

The Commonwealth Brewery IPO marks the
first major intervention by the Government in the
Bahamian equity and capital markets for some
time, ostensibly in a bid to broaden and increase
Bahamian ownership of key economic assets in
this nation.

And the Ingraham administration has contin-
ued with this interventionist, pro-capital mar-
kets trend, announcing that it will float the first 9
per cent tranche of Bahamas Telecommunica-
tions Company (BTC) shares out of the 49 per
cent it will hold post-privatisation later this year.

And, before November, the Prime Minister is
also seeking to reduce the Government and pri-
vate sector stakes in the Arawak Cay port to 40
per cent each, both selling 10 per cent of their

existing holdings to the Bahamian public. The lat-
ter will have a collective 20 per cent holding.

Describing the Government’s stipulations as
“quite unusual” when it came to equity and cap-
ital markets generally, Michael Anderson, pres-
ident of RoyalFidelity Merchant Bank & Trust,
which is acting as the IPO’s placement agent,
said: “The Government has taken a much firmer
stand from an equities standpoint - what they
want and think Bahamians should hold.

“T haven’t seen this level of government inter-
vention before in this new age of IPOs.”

Mr Anderson, though, told Tribune Business
that an increased government role in the Bahami-
an capital markets would aid their development
and speed this up, especially since public sector
institutions, such as the National Insurance Board
(NIB), represented the greatest sources of long-
term investment capital in this nation.

“T think in most markets generally around the
world, government is the leading participants in
these markets, whether through government
bonds, various institutional aspects of govern-
ment buying in through pension plans,” Mr
Anderson explained.

“Governments have traditionally played a large
role in the capital markets, and this government,
from a Caribbean perspective, has played a fair-
ly small role in the capital markets. It’s been one
of these bones of contention for some time,
whether the Government can get more sensibly
involved in the market.

“Government, through its institutions and
agencies, participates to a great extent, and it’s
encouraging to see the Government get more
involved as it’s the single largest source of fund-
ing. Unless the Government gets more involved,
it will take longer to develop the local market.”

Coordinator

Kelly's is seeking a fully-qualified and experienced professional to become the

full-time Learning and Development Coordinator for the 350 + employees in
Kelly's House & Home and Kelly's Lumber Yard. The position will demand a
resourceful communicator able to motivate adults with varying educational
backgrounds and qualifications, as well as someone capable of developing and
implementing on-going in-house training and development programs. Such
programs will include, but not necessarily be limited to:

* Orientation courses for all new employees

* Customer Service courses for all retail employees

* Computer familiarisation courses

* Product-specific knowledge courses for all retail employees

* Safety courses for drivers and warehouse/yard personnel

* Supervisory/leadership courses for current and prospective supervisors
* Personal development courses for career advancement

The successful applicant will also be expected to seek out and develop strong
links with other providers of external on-going work-related courses in specialized
and technical areas. Previous experience in adult education would be an asset.

This is a position for an experienced and qualified professional, who is willing
to demonstrate a long-term commitment to Kelly's development and expansion.
Benefits include medical, pension, and profit-sharing plans, with remuneration
package dependant on qualifications and experience.

E-mail letter of application with comprehensive resume to info@kellysbahamas.com
with "Learning and Development Coordinator" as subject.

No phone calls please

Kelly's "%:.

Monday friday 7-000 8:00
-Friday 7:00am-8:00pm
Saturday 7:00am-9:00pm
Sunday closed

www kellysbahamas.com

Tel: (343) 393-4002
Fax: (242) 393-4096



EFG @ Bank & Trust (Bahamas) Ltd

POSITION AVAILABLE

Desktop and Systems Engineer, Information Technology

EFG Bank & Trust (Bahamas) Ltd a subsidiary of EFG International provides
private banking and wealth management services to clients around the world.
Our Client Relationship Officers combine their strong relationship management
skills with the resources that are available at EFG, helping them provide a full
range of quality wealth management services.

In order to strengthen our IT team in Nassau we are looking for a Desktop &
Systems Engineer. The qualified candidate will be required to maintain and
manage the various projects within the IT infrastructure. Daily activities include
managing the service desk requests, ensure backups are working, follow-up
on different projects and maintain detailed documentation. The successful
candidate is expected to be a self-starter, time oriented individual with good time
management as well as good interpersonal and communications skills. He/she
must be a team player, with the ability to work with local and international team
members.

Qualifications:

* BS in Computer Science or related field

* 3- 5 years work experience administering and maintaining
Windows 2000/2003/2008 servers environment

IT Skills:

¢ General understanding in the areas of infrastructure, db and system design

* Good network knowledge: Internet, intranet, extranet and client/ server
architectures

* Awareness of new emerging technologies

* MCSE/MCSA Windows 2003/2008

Essential Duties and Responsibilities:

* Support and manage Windows servers 2003/2008

* Support Citrix Metaframe and other Enterprise applications

* Ongoing system administration of the Windows Servers including Active
Directory

* Support and manage Windows desktops and laptops

* Provide technical support and guidance to local and remote users

¢ Maintain our disaster recovery plan (VM ware + DFS-R)

* Ability to use system deployment tools

Language skills:
* Excellent verbal and written communication skills. Fluency in English.
¢ Fluency in French and Spanish in written and spoken form would be an asset.

Interested and qualified applicants must submit applications by 31% March 2011

EFG Bank & Trust (Bahamas) Ltd
Attn: Human Resources Manager
(Re: Desktop and Systems Engineer)
Centre of Commerce, 2nd Floor

One Bay Street

P.O. Box SS 6289

Nassau, The Bahamas

Fax No. (242) 502-5487

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


PAGE 8B, MONDAY, MARCH 21, 2011

THE TRIBUNE





AT&T to buy T-Mobile
USA for $39 billion

NEW YORK
Associated Press

AT&T Inc. said Sunday
it will buy T-Mobile USA
from Deutsche Telekom
AG in a cash-and-stock
deal valued at $39 billion
that would make it the
largest cellphone compa-
ny in the U.S.

The deal would reduce
the number of wireless
carriers with national cov-
erage from four to three,
and is sure to face close
regulatory scrutiny. It also
removes a potential part-
ner for Sprint Nextel
Corp., the struggling No. 3
carrier, which had been in
talks to combine with T-
Mobile USA, according to
Wall Street Journal
reports.

AT&T is now the coun-
try's second-largest wire-

less carrier and T-Mobile
USA is the fourth largest.
The acquisition would
give AT&T 129 million
subscribers, vaulting it
past Verizon Wireless to
make it the largest U.S.
cellphone company. The
combined company would
serve about 43 percent of
U.S. cellphones.

For T-Mobile USA's
33.7 million subscribers,
the news doesn't immedi-
ately change anything.
Because of the long regu-
latory process, AT&T
expects the acquisition to
take a year to close. But
when and if it closes, T-
Mobile USA customers
would get access to
AT&T's phone line-up,
including the iPhone.

The effect of reduced
competition in the cell-
phone industry is harder






Bahamas Electricity Corporation

Tender

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

Tender No. 742/11

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

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

Submissions should be marked as follows:

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

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

to fathom. Public interest
group Public Knowledge
said that eliminating one
of the four national phone
carriers would’ be
"unthinkable."

"We know the results of
arrangements like this —
higher prices, fewer choic-
es, less innovation," said
Public Knowledge presi-
dent Gigi Sohn, in a state-
ment.

T-Mobile has relatively
cheap service plans com-
pared with AT&T, partic-
ularly when comparing the
kind that don't come with
a two-year contract.
AT&T CEO Randall
Stephenson said one of
the goals of the acquisi-
tion would be to move T-
Mobile customers to smart
phones, which have higher
monthly fees. AT&T "will
look hard" at keeping T-
Mobile's no-contract
plans, he said.

AT&T's general coun-
sel, Wayne Watts, said
cellphones are "an incred-

ibly competitive market,"
with five or more carriers
in most major cities. He
pointed out that prices
have declined in the last
decade, even as the indus-
try has consolidated. In
the most recent mega-
deal, Verizon Wireless
bought No. 5 carrier Alltel
for $5.9 billion in 2009.
AT&T would pay about
$25 billion in cash to

NOTICE

NOTICE is hereby given that IRAN ALBERT of East
Street., P.O. BOX N-914, NASSAU, BAHAMAS, is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a_ citizen
of The Bahamas, and that any person who knows any
reason why registration/naturalization should not be
granted, should send a written and signed statement of
the facts within twenty-eight days from the 18'" day of
March, 2011 to the Minister responsible for nationality

WANTED

IT Systems Administrator is required
by fast-growing company.

Applicant should able to:

¢ Test and evaluate hardware and software to determine
efficiency, reliability, and compatibility with
existing system, and make recommendations to
improve performance.

¢ Design and implement systems, network
configurations, and network architecture, including
hardware and software technology, site locations, and
integration of technologies.

¢ Maintain, diagnose, troubleshoot, and resolve
hardware, software, or other network and system
problems, and replace defective components when
necessary.

¢ Plan, coordinate, and implement network security
measures to protect data, software, and hardware.

Applicant should have:

¢ Systems Administration/System Engineer
certifications such as MCSE or similar.

¢ Minimum of four years IT network administration
experience.

* Knowledgeable in POS systems such as MICROS

Deutsche Telekom, Ger-
many's largest phone com-
pany, and stock that is
equivalent to an 8 percent
stake in AT&T. Deutsche
Telekom would get one
seat on AT&T's board.

Like Sprint, T-Mobile
has been struggling to
compete with much larg-
er rivals AT&T and Veri-
zon Wireless, and its rev-
enue has been largely flat
for three years. Bellevue,
Washington state-based T-
Mobile USA's subscriber
count has stalled at just
under 34 million, though
it posts consistent profits.

Deutsche Telekom has
been looking at radical
moves to let it get more
value out of its U.S. hold-
ing, including a possible
combination with a U.S.
partner.

There was a big hurdle
to a T-Mobile USA-Sprint
deal: The two companies
use incompatible network
technologies. The same
hurdle would apply in a
Verizon Wireless-T-
Mobile USA deal. But the
networks of AT&T and T-
Mobile use the same
underlying technology, so
to some large extent,
AT&T phones can use T-
Mobile's network and vice
versa.

AT&T said its cus-
tomers would benefit from
the cell towers and wire-
less spectrum the deal
would bring. In some
areas, it would add 30 per-
cent more capacity,
AT&T said.



AT&T INC. on Sunday said it will buy T-Mobile USA from Deutsche Telekom AG in a cash-and-stock deal
valued at $39 billion, becoming the largest cellphone company in the U.S. (AP)

"It obviously will have
a Significant impact in
terms of dropped calls and
network performance,"
Stephenson said.

To assuage regulatory
concerns, AT&T said ina
statement Sunday that it
would spend an additional
$8 billion to expand ultra-
fast wireless broadband
into rural areas.

Instead of covering
about 80 percent of the
U.S. population with its
so-called Long Term Evo-
lution, or LTE network,
AT&T's new goal would
be 95 percent, it said. That
means blanketing an addi-
tional area 4.5 times the
size of Texas.

The network is sched-
uled to go live in a few
areas this summer, but
construction will take
years.

The deal has been
approved by the boards of
both companies. Dallas-
based AT&T can increase
its cash portion by up to
$4.2 billion, with a reduc-
tion in the stock compo-
nent, as long as Deutsche
Telekom receives at least
a5 percent equity owner-
ship interest in the buyer.

The deal is final and
doesn't leave room for
other buyers jumping in
with a higher bid, AT&T
said.

AT&T would finance
the cash part of the deal
with new debt and cash on
its balance sheet and will
assume no debt from T-
Mobile.

Gulf markets rally on Saudi
economic incentives

CAIRO

The Corporation reserves the right to accept
or rajact any or all proposals.
For all inquires regarding the tenders and site visits, contact Interested persons should e-mail their resume to
Mr. Cartton S. Blair at telephone 325-7869 thehumanresources33@gmail.com

Associated Press
would be an asset.

MAJOR GULF ARAB stock markets rallied on Sunday, led
by Saudi Arabia's exchange after that nation's king pledged
roughly $93 billion in financial support measures in a move
aimed at quieting discontent in the Arab world's biggest econ-
omy.

Saudi Arabia's Tadawul All Shares Index closed up 4.5 per-
cent, at 6,343 points, while the Dubai Financial Market closed
2.6 percent higher at 1,509 points. Analysts said the gains
reflected new confidence in the oil-rich region after massive
protests in Bahrain had regional markets vacillating sharply over
the past couple of weeks.

"It's a confidence booster for the market, and the economy,
because the (Saudi) government has the capacity and willing-
ness to do what is needed," said John Sfakianakis, chief econ-
omist at Riyadh, Saudi Arabia-based Banque Saudi Fransi,
referring to the new measures announced by the Saudi
monarch.

King Abdullah unveiled the massive financial package on Fri-
day, in a second bid in under a month to allay rumblings of
unrest in the oil-rich nation by pledging additional services,
bonuses, housing and aid to his people.

The measures, which will cost the Saudi government about
350 billion Saudi riyals ($93 billion) are by far the most expen-
sive and far reaching attempts by an Arab government to tack-
le some of the core economic and financial issues that have
served as a catalyst for the protests, which have led to the
ouster of Tunisia's and Egypt's presidents.

The Saudi stock market, which was closed on Saturday
because of an official holiday, welcomed the new measures,
which analysts say are equal to about 21 percent of the OPEC
kingpin's gross domestic product.

Shares of 145 companies climbed, representing all sectors of
the Saudi economy, according to the Tadawaul's website, and
the latest rally narrowed the index's year-to-date losses to just
4.8 percent. About two weeks ago, the TASI's year-to-date loss-
es were well over 15 percent.

The gains, which were also reflected on the Qatari, Omani
and Abu Dhabi stock exchanges to lesser degrees, demon-
strated how the Gulf region's main focus, at least for now,
was on the developments closer to home. The imposition of a
no-fly zone over Libya and the accompanying coalition assault
on that North African nation appeared to carry little weight in
Gulf markets.

Qatar's benchmark was up 2.56 percent while the main index
in Oman, another Gulf nation that has seen smaller-scale
protests, was up 1.33 percent. Abu Dhabi's benchmark gained
a moderate 0.67 percent.

Bahrain has, for weeks, been the epicenter of Gulf concerns.

= FG
(cs

CAPITAL MARKETS
BROKERAGE & ADVISORY SERVICES

cI mw A T.

ROYAL DFIDELITY

Moray at Werk

cleo!

BISX LISTED & TRADED SECURITIES AS OF:
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52wk-Low Change Daily Vol. EPS $ Div $ P/E
0.00 0.123
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0.00 0.781
0.488
0.111
0.107
0.357

Today's Close
1.09

10.63

4.40

0.18

2.70

1.96

10.21

2.40

Previous Close
1.09
10.63
4.40
0.18
2.70
1.96
10.21
2.40

Securit
AML Foods Limited
Bahamas Property Fund
Bank of Bahamas
Benchmark
Bahamas Waste
Fidelity Bank
Cable Bahamas
Colina Holdings
Commenwealth Bank ($1)
Consolidated Water BDRs
Doctor's Hospital
Famguard
Finco
FirstCaribbean Bank
Focol ($)}
Focol Class B Preference
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J. S. Johnson 9.82 9.82 0.00
Premier Real Estate 10.00 10.00 0.00
BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing basis)
Securit Symbol Last Sale Change Daily Vol. Interest
Bahamas Note 6.95 (2029) BAH29 99.46 0.00 6.95%
Fidelity Bank Note 17 (Series A) + FBB17 100.00 0.00 T%
Fidelity Bank Note 22 (Series B) + FBB22 100.00 0.00 Prime + 1.75%
Fidelity Bank Note 13 (Series C) + FBB13 100.00 0.00 T%
Fidelity Bank Note 15 (Series D) + FBB15 100.00 0.00 Prime + 1.75%
RoyalFidelity Merchant Bank & Trust Ltd. (OQver-The-Counter Securities)
Symbol Bid $ Ask $ Last Price Daily Vol.
Bahamas Supermarkets N/A N/A 14.00
RND Holdings 0.35 0.40 0.55
CFAL Securities Ltd. (OQver-The-Counter Securities)
30.13 31.59 29.00
OAS 0.55 0.55
BISX Listed Mutual Funds
NAV YTD%
1.5179
2.9486
1.5837
2.7049
13.4392
114.3684
106.5528
1.1465
1.1185
1.1491

6.80
2.07
1.40
5.25
5.88
9.39.
5.47
1.00
7.40

6.78
2.11
1.40
5.25
5.88
9.39.
5.47

-0.02
0.04
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.682
0.494
0.452
0.000
0.012
0.859
1.207

1.00
7.40

20 November 2029
19 October 2017
19 October 2022

30 May 2013
29 May 2015

EPS $
-2.945
0.001

Div $ P/E
0.000
0.000

ABDAB
RND Holdings

4.540
0.002

0.000
0.000

NAV 3MTH
1.498004
2.918256
1.564030

NAV 6MTH
1.475244
2.910084
1.545071

Fund Name
FAL Bond Fund

CFAL MSI Preferred Fund

CFAL Money Market Fund

Royal Fidelity Bahamas G & | Fund

Last 12 Months %
6.90%
1.45%
A.59%

-15.54%
-0.22%
12.49%

7.18%

1.4076
2.8300
1.5141
2.8522
13.0484 Royal Fidelity Prime Income Fund
101.6693 CFAL Global Bond Fund
99.4177 CFAL Global Equity Fund
1.0000 FG Financial Preferred Income Fund
1.0000 FG Financial Growth Fund
1.0000 FG Financial Diversified Fund
9.1005 Royal Fidelity Bah Int'l Investment Fund Principal
Pr d TIGRS, ies 1

5.51%

0.04%

0.61%
-0.56%
0.61%

9.98%

4.75%

5.20%

A.73%

5.35%

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

109.392860
100.779540

107.570619
105.776543
5.20%
A.73%
5.35%
9.7950 4.85%

5AS% 30-Nov-10

10.0000 vestment Fund Principal
2

10.6417 -1.20% 0.50% 30-Nov-10

9.1708 Investment Fund Principal

10.1266 1.27%
8.4510 0.72%
MARKET TERMS

1.27%
9.95%

31-Jan-11

4.8105 — Royal Fidelity Int'l Fund - Equities Sub Fund 31-Jan-11

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

for daily volume
© daily volume
for the last 12 mths

N/M - Not Meaningful
|g price divided by the last 12 month earnings FINDEX< - The Fidelity Bahamas Stock Index. January 1, 1994 = 100
Stock Split - Effective Date 8/8/2007
(S1) - 3-for-1 Stock Split - Effective Date 7/11/2007
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525


(i The Tribune

im lovin



81F LATEST Waa Kew ON WWW.TRIBUNE242.COM
69 ee ee

PARTLY
«< SUNNY

Volume: 107 No.98

HIGH
LOW



MONDAY, MARCH 21, 2011 PRICE —75¢ (Abaco and Grand Bahama $1.25)



Re-examining our
failing education

system — Part Ill
SEE INSIGHT ON 10B



Sh eS

Sooting ‘terror’ at
Mother pill home

Granddaughter of MP
narrowly avoids stray
bullet from shoot-out

THE two-year-old grand- “Twas frightened to death,”
daughter of former Deputy — she told The Tribune yester-
Prime Minister Cynthia day.

“Mother” Pratt narrowly Mrs Pratt’s daughter-in-law

MAN DIES AFTER
BARBER SHOP
KNIFE ATTACK

A 20-YEAR-OLD man
died in the street early yes-
terday morning after being
attacked with a knife inside a
barber shop.

The country’s latest mur-
der, number 26 for the year,
occurred shortly before lam

: at Fourth Street and Palm

i Tree Avenue.

i Police arriving at the
scene discovered the body of

? aman with multiple stab

? wounds to the body.

i It is reported that the
deceased was at the “It Is
What It Is Barber Shop and

Lounge” located on Robin-

: son Road and Fourth Street

? when he got into a fight with

: agroup of men and was sub-
sequently stabbed multiple

SEE page 12

BARRICADES IN
RAWSON SQUARE
IN ANTICIPATION

missed being shot yesterday as
police and armed robbers
faced off against each other at
Mrs Pratt’s home in The
Grove.

A stand-off between a gang
of three bandits and police fol-
lowed the shooting of an
employee of a webshop close
to the St Cecelia MP’s home
around noon yesterday.

During the shoot-out, stray
bullets shot through a window
into the home’s television
room, flying over the head of
two-year-old Peyton Pratt, ric-
ocheting off walls and leaving
bullet holes in a picture frame
and in the curtains.

Returning from a church
service in Nassau Village, Mrs
Pratt met armed police officers
surrounding her house with her
daugther-in-law and grand-
daughter inside.

SHOOTING DEATH

REPORTS reached The
Tribune late last night of a
shooting death in Montell
Heights. A man died at the
scene after being shot after
9pm. See tomorrow’s Tribune
for more details.

Sherelle Pratt said she and her
daughter, Peyton, were very
fortunate not to have been hit
by one of the stray bullets.

“T was terrified that we came
so close,” she said.

Mrs Pratt said it should nev-
er have come to such a dan-
gerous situation as her posi-
tion as the country’s former
deputy prime minister should
ensure that her home has
police surveillance and protec-
tion on a 24-hour basis.

The former National Secu-
rity Minister said she just
recently spoke to Deputy
Police Commissioner Marvin
Dames about her concerns
regarding her personal safety
and that of her home.

When asked about the sur-
veillance issue, Asst Police
Commissioner Glen Miller,
who is in charge of crime, said
he did not wish to comment at
this time.

A message left for Mr
Dames was not returned up
until press time.

Supt Leon Bethel, officer in-
charge of the Central Detec-

SEE page 10

Tim Clarke/Tribune staff

OF BIC PROTEST

By TANEKA
THOMPSON
Tribune Staff Reporter

tthompson@
: tribunemedia. net

POLICE yesterday erect-
ed steel barricades reinforced

with chains in anticipation of

scores of protesters expect-
ed to flood Rawson Square
as parliamentarians debate
the sale of BTC today.
Yesterday top officers of
the Royal Bahamas Police



CYNTHIA ‘MOTHER’ PRATT holds her grandaughter’s hand and a picture with a bullet hole in
it. Pictured (inset) is a bullet hole in a window of her home.

PRIME MINISTER ENCOURAGES PUBLIC TO

INGRAHAM SAYS
PLP SENATOR
BENEFITTING
FROM AIRPORT

GATEWAY PROJECT

By TANEKA THOMPSON
Tribune Staff Reporter

BUY SHARES IN BIC

PRIME Minister Hubert
Ingraham encouraged the
public to buy shares in BTC
after the company is sold,
telling the nation the deal is a
“good” one that will benefit
the country, BTC employees

: Force were briefed on the
i force's security plans for the

demonstration, The Tribune

was told. While remaining

SEE page 12

CHRISTIE CALLS
ON FNMS TO
- VOTE AGAINST
_THE BTC DEAL

By TANEKA
THOMPSON
? Tribune Staff Reporter
i tthompson@
i tribunemedia.net

and the public purse.
Speaking at the FNM’s
mass rally on Clifford Park
on Saturday — which is esti-
mated to have attracted thou-
sands of supporters —- Mr PRIME MINISTER Hubert Ingra-
Ingraham said that Govern- ham speaks at the FNM rally.
ment is expected to make
nine per cent of BTC’s shares came out to the rally to cele-

available for purchase before brate the party’s 40th
the year is out. anniversary, Mr Ingraham

“In time we propose to Outlined the achievements of
to 25 per cent,” the prime Past four years and shot back

minister said. SEE page 10

Before a crowd which

tthompson@tribunemedia.net OPPOSITION leader Per-

? ry Christie called on FNM
i members of Parliament to
? take a stand against Prime
Minister Hubert Ingraham
and vote against the "terri-
ble" BTC deal.
Parliamentarians are
expected to begin debating
the controversial privatisation
: of the state run utility com-
? pany ahead of a vote in the
: House of Assembly and the
Senate. According to Mr
Christie, his every MP and

SEE page 12

rm M eR en Le

PRIME Minister Hubert }
Ingraham said while the PLP }
decried Chinese labour on the }
Airport Gateway Project :
Opposition Senator Allyson }
Maynard-Gibson is benefiting }
from the deal in her capacity as }
a lawyer. :

Mr Ingraham added that the :
senator accuses government of }
selling the country's birthright }
through the controversial :
development of Bell Island, :

SEE page 12

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NASSAU AND BAHAMA ISLANDS’ LEADING NEWSPAPER


PAGE 2, MONDAY, MARCH 21, 2011

THE TRIBUNE



POLITICAL RALLIES DRAW THE CROWDS

PM: LEADERSHIP WILL BE FACTOR IN 2012 ELECTION

FNM RALLY - CLIFFORD PARK

WHILE agreeing with
Opposition leader Perry
Christie's assertion made at the
PLP's Friday night rally in
Grand Bahama that the 2012
election will be about jobs and
crime, Prime Minister Ingra-
ham also said the election will
be about leadership.

“Don’t forget Mr Christie,
it will also be about leadership.
People of the Bahamas know
what they can get when they
are tired of what they got," Mr
Ingraham told FNM support-
ers gathered at Clifford Park
for a mass rally on Saturday.

To illustrate his point about
the different styles of leader-
ship, the prime minister said
that back in 2005, when 1,200
people were laid off from the
Royal Oasis in Grand Bahama,
Mr Christie and the PLP


























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promised “all manner of hope
and help.”

“Well, you know what they
got from that side — misery and
heartache. It was the FNM
which had to

finally settle outstanding
monies promised to Royal
Oasis workers by our prede-
cessors but never paid," Mr
Ingraham said.

He reminded the crowd that
two weeks ago, when 200 peo-
ple were laid off from Our
Lucaya, the

FNM Government immedi-
ately mobilised to bring “tangi-
ble hope and help” in terms of
jobs, retraining, apprentice-
ships, social assistance and with
other parties, spiritual and
financial counselling.

“In office, the PLP aban-
doned the Royal Oasis work-
ers. Now in 2011, they popped
into Grand Bahama offering
plenty talk, but no action when

Our Lucaya workers lost
their jobs. Perry Christie talked
plenty to the press as he usual-
ly does. But he didn’t find time
to go down and talk to those
laid-off workers,” the prime
minister said.

ARAWAK CAY PORT PLAN
WHILE once owned only by
a small group of families, the

FNM’s plan for the port at
Arawak Cay will give all
Bahamians an opportunity to
have a share in the profits of
these shipping businesses,
Prime Minister Hubert Ingra-
ham told party supporters on
Saturday night.

Addressing the crowd gath-
ered a Clifford Park for a mass
rally, Mr Ingraham said own-
ership of shares in the port will
make Bahamians owners of a
bigger portion of the country’s
economy and it will cause them
to share in what the present
owners of shipping on Bay
Street have enjoyed for gener-
ations.

Mr Ingraham pointed out
that the ownership of cargo
ports in New Providence has
been shared by a small

number of families since time
immemorial; those families
including the Kellys, the
Symonettes, the Farringtons
and the Bethels.

“It’s been a very profitable
business for those families. Now
Iseek to make it profitable for
you too," the prime minister
said.

He said that this is why the
Government has entered into
a joint venture with those fam-
ily businesses and with a num-
ber of other Bahamian families
and companies who have in
more recent times become
engaged in shipping — the
Moskos, Tennyson Wells, the
Lightbournes, the Taylors, the
Curlings and 14 members of the

SEE page 10

A
a ilies

hy



Photo/Tim Clarke

i
i

Christie: all PLP MPs, Senators will vote against BTC sale

By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net

FREEPORT - PLP Leader
Perry Christie said the sale of
BTC is a “bad deal” and all
PLP Members of Parliament
and Senators will vote “no” to
it in Parliament.

Mr Christie criticised the
FNM government and Prime
Minister Hubert Ingraham for

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entering into an agreement to
sell a majority ownership to a
foreign entity when he had ini-
tially promised Bahamians that
he would not do so. He noted
that the government will
approve the sale of 51 per cent
Cable and Wireless when par-
liament convenes on Monday.

“Tt is a bad deal and we want
to continue to repeat that posi-
tion. This bad deal does not
serve the public’s interest and
that is why it is so widely
unpopular,” Mr Christie said.

He noted that the PLP
would never have sold a major-
ity stake in BTC, and never
sought to do such a thing when
it was in power.

“We were committed to
maintaining majority ownership
and we would certainly have
not sold any part of BTC to an
outfit like Cable and Wireless.
We remain committed to those
principles,” Mr Christie said at
a rally in Grand Bahama on
Friday.

“Many have asked why the

Prime Minister and his govern-
ment entered into such an
objectionable financial arrange-
ment for the sale of BTC, and
why did the PM change his
mind and decide to sell 51 per
cent of BTC when he and the
government had previously
indicated that they would only
sell a minority stake.”

Also speaking on the issue,
Senator Dr Michael Darville
said the FNM is selling one of
the country’s greatest assets to
a company that has one of the
worst track records in the
telecommunication industry.

“They are trying to sell BTC,
one of our greatest assets for
nickels and dimes," he said.

Englerston MP Glenys Han-
na-Martin stressed that BTC
was built by the hands of
Bahamians.

She criticised the PM for
selling a profitable Bahamian
entity to a foreign company.

“He apparently did not
appreciate that BTC, owned by
the Bahamians people, has ser-

viced this archipelago for gen-
erations and was built by the
hands of Bahamians.

"It is a Bahamian enterprise
that is economically prosper-
ous, and a profitable entity,”
she said.

PLP Leader Perry Christie
said the pending sale of a
majority shares in BTC contra-
dicts previous statements made
by Mr Ingraham and his gov-
ernment.

He said Mr Ingraham had
indicated sometime ago that he
would never sell the majority
holding to anyone other than
Bahamians.

Mr Christie stated that the
PM and his government does
not have permission to sell
BTC to Cable and Wireless.

“They do not have a man-
date to sell 51 per cent of the
shares as he continues to say.

“Their manifesto of 2007 did
not say they will do those
things. And so clearly we argue
that if he wants truly to get a
mandate for those things he
ought to call a general elec-
tion,” Mr Christie said.


THE TRIBUNE

MONDAY, MARCH 21, 2011, PAGE 3



LOCAL NEWS



Christie: FNM govt has
been bad for country

By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net

FREEPORT - PLP Leader
Perry Christie told party sup-
porters here at a rally over the
weekend that the Free Nation-
al Movement government has
been bad for the country.

He noted that crime and
unemployment are at their
highest levels, and that the
quality of life for Bahamians is
worse now than ever before.

“We are absolutely con-
vinced that the FNM govern-
ment is bad for our country;
our country has been on a steep
downhill ride for the past four
years.

“Things have never been so
bad; people are suffering like
never before and a major part
of the blame falls squarely at
the feet of the FNM,” said Mr
Christie.

The pace of the PLP’s cam-
paign in Grand Bahama got off
to a fairly good start on Friday
evening at PLP Headquarters,
where PLPs, MPs and candi-
dates addressed many pressing
issues in the country.

The poor economic state of
Grand Bahama, the controver-
sial sale of BTC shares to Cable
and Wireless, unemployment,
and crime were among the top
of the list.

L Ryan Pinder, MP for Eliz-
abeth; Glenys Hanna Martin,
MP for Englerston; Fred
Mitchell, MP for Fox Hill;
Melanie Griffin, MP for
Yamacraw; Shane Gibson, MP
for Golden Gates; Cleola
Hamilton, candidate for South
Beach; lawyer Gregory Moss,
candidate for Marco City; Sen-
ator Dr Michael Darville, can-
didate for Pineridge; and Philip
“Brave” Davis, deputy leader
of the PLP, were speakers at
the rally.

Taking the stage at 10.50pm,
Mr Christie told supporters that
the general elections will be
fought by the PLP not on per-
sonalities, but on the issues.

“The issues are more press-
ing and urgent now than they
have been since the campaign
for Independence nearly 40
years ago,” he said.

“Crime and unemployment
rank at the very top of above all
others. It has never been this
bad on either front. Crime is
going through the roof and so
are unemployment numbers
which continue to increase,
especially here in Grand
Bahama,” he said.

Mr Christie stated that the
quality of life has deteriorated
throughout the country and is
worse now than it has ever been
for most Bahamians, and even
worse in Grand Bahama than
anywhere else.

“There is an urgent need for
economic recovery in the coun-
try, especially in Grand
Bahama,” he said.

The PLP leader claims that
Grand Bahama has been
neglected and abandoned by
the FNM government.

“So many of you have put
your trust in the FNM in the
last elections only to be cheated
as if you were rags to be dis-
carded once the election was
over.

“The FNM let you down.
However you cut it, that’s what
it comes down to. The FNM
betrayed your trust, shattered
your hopes, and left you high
and dry,” Mr Christie said.

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agua dt
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Fea



PLP RALLY - GRAND BAHAMA

Mr Christie said Freeport
continues to sink deeper into
economic despair as the result
of the lack of vision and plan-
ning by the government over
the past four years.

“This government has done
nothing but sit on its hands
while Freeport sinks lower into
paralysis and economic col-
lapse.

“This government has
absolutely no vision for
Freeport and they have no
vision for the rest of Grand
Bahama.

Mr Christie stated that
Freeport and Grand Bahama
have been “hung out to dry on
the branches of lost and missed
opportunities” for the past four
years.

He claims that the Ginn
Development in West End
came to a halt under the FNM
government, which he said is
now working feverishly to bring
the project back on track.

Mr Christie indicated that
the PLP government laid a
secure foundation for the new
development in a carefully
planned and well thoughtout
heads of agreement.

“Under the FNM it came to
a screeching halt. Yes, there
were external factors at work
and Bobby Ginn has had his
challenges, but we argue that
there was a whole lot more that

he (Ingraham) and his col-
leagues could have done to
keep the project on track and
keep it moving had they shown
a little more vision, foresight,
interest, and dynamism.

“Tf they had handled it
right, hundreds, if not thou-
sands, would have been
employed right now in the
Ginn Development instead of
swirling around in the deepen-
ing whirlpool of unemploy-
ment here on this island,” he
said.

Senator Dr Michael Darville
stated that nothing tangible has
come to Grand Bahama.

He claims that the FNM
government has only created
additional taxes and has imple-
mented policies to destroy the
middle class.

Lawyer Gregory Moss also
noted that jobs, such as road

RADIOSHACK

< Fs E

CO aoa COPE PECE

work projects that Bahamians
are capable of doing, are being
given to the Chinese.

Mr Christie said ordinary
Bahamians are struggling to
make ends meet and cannot
afford the cost of electricity, to
buy groceries, shoes, and
clothes for their children.

He also noted that Bahami-
ans are losing their homes and
being cast on the mercy of the
streets.

“Bahamians are in desperate
need for help around our coun-
try. There must be considera-
tion on your part that this gov-
ernment has failed the Bahami-
an people in a very clear and
miserable way,” he said.

Mr Christie promised that
the next PLP government will
make Grand Bahama its top
priority. He urged Bahamians
to be ready for a general elec-
tion soon.

“We have come here this

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THE TRIBUNE

MONDAY, MARCH 21, 2011, PAGE 5



LOCAL NEWS

NDP DENIES BEING IN

TALKS WITH PLP OR FNM

OVER AMALGAMATION

THE National Devel-
opment party yesterday
denied that it is in any
talks with the PLP or
FNM with a view to amal-
gamation.

The NDP further
affirmed that its alliance
with the Workers’ Party is
strong and that they are
seeking to build alliances
with all political entities
“whose heart beats for the
future empowerment of
the Bahamian people and
a democracy that delivers
on the promises made to
our forbears during the
struggle for majority rule.”

“In regard to MP
Branville McCartney, or
any of the members of the
honourable House of
Assembly, or candidates
of other political parties
who desire to join us in
this great journey to vic-
tory, we welcome you.

“We welcome all who
pledge their devotion and
desire to the deepening of
the Bahamian democracy
and to the broad base eco-



nomic empowerment of
our people,” the party said
in a press statement.

The NDP said it has
heard the cries of the
Bahamian people who
seek “a healthy alterna-
tive” to the two major par-
ties, “another choice other
than the PLP/FNM and
we will continue to build
and prepare to meet their
expectation and desire.”

Elections

“Let there be no doubt
— we will run in the next
general elections.

“We in the NDP and
our allies will run in the
next general election, ful-
ly persuaded that as the
Bahamian people contin-
ue to acquaint themselves
with the NDP they will
come to repose their con-
fidence in us to lead this
great nation into the man-
ifest destiny our forbears
envisioned,” the party
said.

The Day of the LORD

Isaiah 2:5-9

O house of Jacob, come and let us walk
In the light of the LORD. For You have
forsaken Your people, the house of
Jacob,Because they are filled with east-
ern ways; They are soothsayers like the
Philistines,And they are pleased with
the children of foreigners. Their land is
also full of silver and gold, And there
is no end to their treasures; Their land
is also full of horses, And there is no
end to their chariots.Their land is also
full of idols;They worship the work
of their own hands,That which their
own fingers have made. People bow
down, And each man humbles himself;
Therefore do not forgive them.


























Private airline now has

By AVA TURNQUEST
Tribune Staff Reporter
aturnquest@tribunemedia.net

FORT Lauderdale — In an
historic milestone for the
company, and the aviation
industry, Sky Bahamas Lim-
ited now boasts pre-clearance
service to the US.

Bahamians travelling on
the private airline will not be
required to have a visa, pro-
vided they have a valid pass-
port and police record.

Randy Butler, CEO of
Sky Bahamas said: "We
understand that times of
depression is the best time to
be innovative and creative.
There is definitely a market,
people love coming to the
Bahamas, people love the
Bahamas.

“We know the only way to
grow or get any place you
want to go is to expand."

Tourism and media rep-
resentatives flew to Fort
Lauderdale on Sky Bahamas’
inaugural flight into SheltAir
Aviation Services on Friday.

Praised

The private airport,
praised for its concierge ser-
vices and intimate atmos-
phere, will host Sky
Bahamas' charter services to
and from New Providence,
Grand Bahama, and Abaco.

Mr Butler said: "We are a
scheduled airline, we have all
of the authorities that the
other big airlines have, we
went through all the exact
certifications all the other air-
lines had to go through. In
some folks’ mind, unless you
go through the pre-clearance
to the US, you're not a real
airline. We understand
because we've been flying (to
US) for the last couple of
years."

He added: "As a private
Bahamian airline, taking the
mantle to go ahead and

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“We know the only way to
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Randy Butler, CEO of Sky Bahamas

develop our islands, we have
had some challenges in doing
that from the various agen-
cies, some that have really
helped us. We had to step out
with a lot to go ahead and do
this."

Speaking on behalf of the
Ministry of Tourism, Tyrone
Sawyer, sports tourism direc-
tor, commended Sky
Bahamas for its dedication
to servicing the family islands
and customer service.

Mr Sawyer said: "We've
watched over the past three
years, we've seen you go into
Abaco, I got some of the
Mortimer's mints on the
plane. It's those soft touches,
those little touches. We'd like
to see your company grow
and prosper.” Citing the air-
line's expansion into Cat
Island and Exuma, Mr
Sawyer also highlighted the
company’s impact on spread-
ing tourism throughout the
Bahamas.

Mr Sawyer added: "I find
particularly heartening, as a
Bahamian, is to see the level
of quality the level of service
that you have brought to
your endeavours it does a
whole lot to raise the stan-
dards that we're seeking to
achieve for our country."

Pre-clearance services in
Nassau will be chartered

through Cash 'N Go, while
scheduled services in
Freeport and Marsh Harbour
will commence April 1.

Referring to statements
made by the government to
improving accessibility to the
Bahamas, Mr Butler said:
"We believe that if you real-
ly want to grow the tourism
product, to grow the devel-
opment of the Bahamas,
we're gonna have to build a
bridge, a connection to the
Bahamas.

Develop

“T believe Sky Bahamas, as
a wholly owned Bahamian
company, has that responsi-
bility to help build and devel-
op our country. We've
launched as a business exer-
cise of course and from all
the numbers we've seen, we
believe this is the right time
and this is the season to
launch this service."

He added: "Nassau, Par-
adise Island is two per cent of
the tourism product or land
mass of the Bahamas. We
have 98 per cent of the
Bahamas to go. So we like
that, and we're encouraged
that we're gonna go and find
our niche in the other
islands."

At the Lynden Pindling



US pre-clearance service

International Airport on Fri-
day, persons cheered their
support as the SkyBahamas
logo and flight information
was displayed at the interna-
tional terminal for the first
time.

Mr Butler said: "When the
SkyBahamas sign went up,
Bahamians came and hugged
us and gave thumbs up. It
was a proud moment for us."

After hearing the news
report on the launch on the
radio, Valentino Copa, head
boy at North Andros school,
wrote: "I salute (Sky
Bahamas, on such a great
achievement. The sky for you
is now, no longer the limit,
you have soared to outer
space and I am a proud
Bahamian today."

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THE TRIBUNE



LOCAL NEWS

Grieving parents highlight importance of road safety












By MEGAN REYNOLDS
Tribune Staff Reporter
mreynolds@tribunemedia.net

THE grieving parents of a
seven-year-old girl who was
hit by a car while out on her
bicycle in Kemp Road
spoke out about their loss
at a bike safety awareness
event on Saturday.

Kemp Road Urban
Renewal Centre organ-
ised the event in memory
of Tasheka Williams-John-
son, a third grade pupil at
Uriah McPhee Primary
School, who was hit by a car
at around 4pm on February 7
and died a week later.

Her mother Natasha
Williams, 33, spoke out about her
loss as she said the accident draws
attention to the need to enforce traffic ~
laws and highlight the importance of road safe-
ty for cyclists.

Ms Williams was working at the British
Colonial Hilton when her daughter was
involved in the accident.

Eyewitnesses told her Tasheka was bending
down over her bicycle in the front yard of a
property on the left side of the road when a car
turned in and hit her.

A crowd gathered and people made several
attempts to call the emergency line before any-
one answered the phone, and an ambulance
arrived around an hour later, Ms Williams said.

She next saw her daughter in the hospital,
hooked up to a ventilator, and when she went
to comfort her, she was told to step back.

"She was still breathing, my consoling would
have helped,” she said.

"But they wouldn't allow that at all. From
the beginning to the end I was totally frustrat-
ed.

Injuries

"She was in the hospital for a week before
she succumbed to her injuries, and sometimes
I would go in there and there was no one at the
bed, and you can't ask questions because they
don't want to tell you anything."

Tasheka's death on February 13 should have
sparked a homicide investigation, Ms Williams
said, but she has had to hire a lawyer to put
pressure on the police to investigate the cir-
cumstances of her daughter's death.

Police at the Road Traffic Department have
told her they believe her daughter was crossing
the road when she was hit by the car and there-
fore they cannot bring manslaughter charges
against the driver.

But Ms Williams said the driver, who lives in
Kemp Road and is from the area, called her
two days after the accident and apologised.

He told her he had been driving south on
Kemp Road when he saw a Jitney in front of
him and he tried to brake, but his brakes failed,
and he turned into the property on the left-
hand side of the road when the accident hap-
pened, she said.

Ms Williams believes he was driving without
insurance or a valid permit and suspects he
was travelling faster than the 25mph speed lim-
it when he the accident occurred.

However, police have told her that accord-
ing to their investigations, they can only bring
charges against him if he were driving with-
out a licence and insurance.

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TASHEKA WILLIAMS-JOHNSON
was hit by a car at around 4pm on
February 7 and died a week later.

As children from the
\ Kemp Road area learned
about bike safety in the
City Market parking lot on
the corner of Village
) Road and Wulff Road on
Saturday morning, Ms
} Williams said she supports
road safety education and
the need for children to
wear helmets and reflec-
tive gear when cycling on
the road.

However, she also called
attention to the fact there were
two people involved in the col-
lision that cost her daughter's life,
and rules of the road should also be
enforced for drivers.

She is grateful to have the support of her
community as she calls for an investigation
into Tasheka's death and for improvements to
be made in Kemp Road by creating more side-
walks and clamping down on traffic violations
as children frequently play outside and wander
into the streets.

Strong

She said: "I have been comforted and I
understand that the Lord has her, but the fact
that I don't have her anymore... It's just anger
that has me now. I'm not an emotional per-
son, I am strong and I take a lot of things, but
I'm so angry at life itself, that something like
this could happen.

"For a child to be like an animal that you
knock down in the road and nothing happens
and it's not just my child it could happen to.

"T don't think it's fair that a country that's
supposed to be so loving could let something
like this go.

"IT have to go through this all the time, it's
hard. But knowing my baby, the type of person
she was, she was such a sweetie, everybody
loved her.

"It wasn't easy and it still isn't easy, it's
something I am getting used to slowly, but
surely.

"It's memories actually keeping me going, I
have such good memories over her."

Tasheka's father Shane Johnson, 31, said: "I
want justice for everybody, because I don't
want it to happen to anyone else, and I want
justice for my little girl. We can't let it go just
like that, that's a whole life they took away,
they can't just say it was an accident and that's
it. The law is supposed to be for the people."

Police went out to support the bike safety
awareness event, as staff from Cycles Unlimit-
ed demonstrated the use of safety gear with
representatives from the Sunshine Pilot Club of
Nassau, a nonprofit organisation dedicated to
the prevention of brain injury by educating
children.

Cycles Unlimited assistant manager Eddie
Butler said: "We advocated that you must wear
a helmet when cycling. Safety first, and every-
thing else comes afterwards.”

Reflective gear is available at Cycles Unlim-
ited store in Mackey Street for less than a dol-
lar. Helmets retail for around $25 for children
and $35 for adults.

Kneepads, elbow pads and other protective
gear is also available.

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PAGE 8, MONDAY, MARCH 21, 2011

THE TRIBUNE





Bahamas moving in a new and better direction!
OPINION

By THE FREE
NATIONAL MOVEMENT

WERE Perry Christie and
the PLP in office when the
recent global economic melt-
down occurred, The Bahamas
would have experienced a dou-
ble crisis. The worst economic
crisis in generations would have
been made more severe by the
incompetence and indecisive-
ness that characterize Mr.
Christie's leadership.

The next general election
will be fought on the issue of
leadership. The choice is clear.
In good times Mr. Christie
brought the country to a near
full stop. In difficult times
Hubert Ingraham rescued the
Bahamas from the economic
crisis and is moving The
Bahamas in a new and better











Betty Taylor

Jiurmalisr ! Entrepreneur

direction.

Effective leadership takes
advantage of good times and
effectively navigates through
bad times. If Perry Christie
could not take advantage of
good times, he would have
been a colossal disaster over
the past five years.

The Christie administration
was marked by endless scan-
dals and an inability to com-
plete projects left in place by
the FNM. As the Prime Minis-
ter said at Clifford Park last
night before thousands of
FNMs, The Bahamas would
have been much further ahead
had the PLP not stopped or

uote
oi the
week



cancelled road works and a host
of other FNM initiatives.

In difficult times the Ingra-
ham administration launched
the most ambitious infrastruc-
tural programme in Bahamian
history. It extended social pro-
tection in the form of unem-
ployment benefits and the
largest increases in social assis-
tance in generations.

Hubert Ingraham and the
FNM created a prescription
drug benefit that is providing
life-saving medicine to thou-
sands. It is one of the greatest
advances in health care in
Bahamian history, and along
with the unemployment benefit,
are major advances in social
justice and social development.

Bahamians know from bitter
experience that under the PLP,
the country was moving in the
wrong direction. Ironically, in
better economic times from
2002 to 2007, the country was
actually worse off in significant
ways.

Mr. Christie's failures were
extraordinary. It was a matter
of both his disastrous decisions
and what he failed to do. He
was prepared to sell BTC on
credit and allow the phantom
Bluewater to walk off with $100
million of BTC's cash.

At Baha Mar Mr. Christie
gave away cheaply Bahamian
land and negotiated much less
of a deal than Prime Minister
Ingraham who saved Bahamian
patrimony and land. Mr. Ingra-
ham saved taxpayers tens of
millions of dollars in conces-
sions and expenditures that Mr.
Christie happily gave away
while getting less in return.

Mr. Ingraham ensured that
the value of works for Bahami-
an contractors was increased
from $200 million to $400 mil-
lion. He insisted on Bahamians
working on the core project and
having greater training oppor-
tunities. The Baha Mar project
moved in a better direction
because of Hubert Ingraham
and the FNM.

Mr. Christie presided over
the borrowing of $800 million
with precious little to show after
five years. The Christie admin-

istration’s failure to complete
the New Providence Road
Improvement Project has cost
the country $50 million in addi-
tional dollars needed to com-
plete the work as a result of ris-
ing oil costs.

Even out of office, the PLP
is content to let the country
stagnate rather than move for-
ward. This is what they are
doing in opposing the partner-
ship to create a new BTC. They
are set to vote against a trans-
formed telecommunications
sector with more cutting-edge
technology and more competi-
tion which will usher in less
expensive and expanded ser-
vice.

Lest we forget, this is the
same PLP who picketed and
protested the sale of Govern-
ment owned hotels in the early
1990s. Ten years later they were
offering the Government
owned Cable Beach for sale
after they saw the success of
the FNM's hotel privatization
programme.

The Opposition also voted
to stop progress by voting
against the new Gateway Road
Project which will be an impres-

sive entryway to a transformed
New Providence and what will
be a revitalized City of Nassau.
In voting against the new
four-lane highway, the PLP:
Voted against a project that will
transport millions of tourists to
Baha Mar and Atlantis, voted
against jobs for Bahamians, and
voted against clean water and
better water pressure for the
residents of Fox Hill,
Marathon, Sea Breeze, Eliza-
beth, Montagu and other areas
of eastern New Providence.
The choice is clear. It is
Hubert Ingraham and the
FNM's trusted and tested lead-
ership that is moving the
Bahamas in a new and better
direction, amidst difficult times.
In Government and in Opposi-
tion, the PLP has demonstrated
that they are yesterday's news.

The PLP is the party of fail-
ure rather than help. It actively
seeks to encourage fear among
Bahamians rather than inspire
hope. They are the party of fail-
ure and fear!

The FNM, in moving the
country in a better and new
direction, is the genuine party
of hope and help.

Real Estate: Case closed

By Mike Lightbourn

properties, for example).























Depression is the master
of destruction to the soul.
Therefore, stop worrying
about your problems---time
will take care of them.

Hence, you will live longer.

— Pa PI
ome cleowr

WHEN you tell friends and family
you’re going to buy or sell a home, and
they ask, “Why are you working through
areal estate agent when you can just use
the internet,” how will you respond?

Your first answer should be that you
need to have a professional handle all
the paperwork — arrange for appraisals,
inspection reports, need someone to take
care of your legal work (unless you have
your own lawyer)... they’ll get the pic-
ture.

You could describe your BREA agen-
t’s knowledge about the particular area —
zoning (if necessary), property values,
etc... You want to know that the location
of your potential home will hold resale
value for the future and that there are no
unexpected nuisances that could arise (a
potential change of zoning of nearby

oy) $ a. t

et te
»OoECh
;

Tell them there’s more to advertising
than print media and websites, and that
your BREA agent will be more likely to
find a buyer instead through their rela-
tionships with other agents and past and
current clients. Not to mention the fact
that you don’t want complete strangers
visiting your home — especially in this
day and age — and yow’re more comfort-
able knowing that your agent should
have screened and qualified potential
purchasers (this is not always possible,
unfortunately).

And once yow’re on either side of an
offer, you trust your BREA profession-
al’s ability to negotiate successfully on
your behalf.

Your final argument might be that
most people may buy or sell a handful of
homes in their lifetime, but your BREA
agent has been successful on numerous



occasions, on both sides of the transac-
tion. Case closed!

(Mike Lightbourn is president of
Coldwell Banker Lightbourn Realty).

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THE TRIBUNE

MONDAY, MARCH 21, 2011, PAGE 9



eee
Japan’s tragedy: Caribbean consequences

insight |

WORLD VIEW

By SIR RONALD
SANDERS

(The writer is a
Consultant and former
Caribbean diplomat)

THE devastating earth-
quake and Tsunami in
Japan will have mixed
effects on the Caribbean.
Even as the region — like
the rest of the world —
looks at Japan with the
greatest sympathy for its
loss of life and damage to
property, it is evident that
the Caribbean generally
will suffer adverse conse-
quences, but there will be
an opportunity for some
countries.

March 11th, 2011 will
live forever in the minds of
the people of Japan. The
Tohoku Pacific earthquake
that hit the country was the
strongest ever recorded in
Japan and it triggered a
Tsunami of immense pro-
portions killing tens of
thousands of people and
destroying property esti-
mated, so far, at a value of
$200 billion.

The horrific videos
transmitted worldwide, as
the walls of waves rose and
fell crushing everything
before them and racing
unhindered through streets
and over buildings, will live
for a long time in the mem-
ories of everyone who wit-
nessed them. The scale of
damage was simply
unimaginable.

As this commentary is
being written, Japan’s woes
are far from over. Dam-
aged nuclear reactors are
emitting radiation that is
sure to affect people within
its harmful radius, and the
added danger exists that at
least one of them —- the
Fukushima nuclear plant —
might pose even greater
threats. 200,000 people
have already been evacu-
ated from around the area
and radiation levels rose on
the outskirts of Tokyo, 135
miles (210 kilometres) to
the south, with a popula-
tion of 30 million.

The scale of human suf-
fering is already great.
Injured survivors, children
and elderly are crammed
into makeshift shelters,
often without medicine.
Reuters reports that the
Japanese Red Cross has
deployed about 90 medical
teams who are trying to
provide the basics in care
for 430,000 people in
remote towns spread along
the coast.

But, bad as all this is,
Japan will rebuild and will
be better able to cope with
major earthquakes in the
future. Unlike small islands
and coastal states, such as
those in the Caribbean and
Pacific, Japan’s economy
has the resilience to recov-
er quickly even from a dis-
aster of this magnitude.
The negative impact on its
economy will be large in
the short-term, but once
rebuilding starts, the econ-
omy will grow and people
now in shelters will return
to newly built homes.

Japan is still the third
largest economy in the
world and despite its
already high debt levels,
financial markets are likely
to take the view that the
country is too big to allow
it to fall. The constraints
that both the commercial
financial market and inter-
national financial institu-
tions place on small coun-
tries, faced with propor-
tionately similar disasters,
will not apply to Japan.

The Organisation for
Economic Cooperation and
Development (OECD) of
which Japan is a leading
member, has already stat-
ed: “While disasters reduce
economic activity in the
short run, subsequent

reconstruction efforts tend
to boost output growth.
The Japanese government
has started discussions on
reconstruction measures.
At present, fiscal resources
appear limited to the
remaining 0.2 trillion yen
(0.04 per cent of GDP)
reserve fund in the Fiscal
Year 2010 budget and the
1.1 trillion yen (0.2 per
cent) reserve in the Fiscal
Year 2011 budget. Howev-
er, Supplementary budgets
to finance reconstruction
efforts will expand avail-
able fiscal resources.”

The financing of recon-
struction has already start-
ed. The Bank of Japan has
pumped about $250 billion
dollars worth of liquidity
into the Japanese economy
in the immediate aftermath
of the Tsunami.

So what effect will the
catastrophic events in
Japan have on the rest of
the world, including the
Caribbean? Global eco-
nomic experts say that
Japan has not been an
engine of global growth for
some time, and this means
that the impact of much
lower Japanese growth on
the world economy, during
this period of devastation,
will probably be limited
and small. One immediate
effect has been a drop in
the cost of oil as Japan’s
demand during this period
declines. But, it will be a
short-lived drop, and the
price of oil will rise again
as Japanese demand
increases in its rebuilding
process.

Caribbean economies
should, therefore, be
preparing themselves for
increases in the price of oil
later in the year.

This problem will wors-
en particularly because of
the nervousness that has
now developed in Japan
over its nuclear power
plants. Reports indicate
that roughly 10 per cent of
electricity generation
capacity (both nuclear and
coal) may be off line for a
few months, until oil — and
gas — fired plants are
ramped-up. But, ramp-up
they will and so will the
price of oil.

As for trade, some
Caribbean economies
might actually benefit from
a short-term reduction in
imports of Japanese motor
vehicles, spare parts, com-
puter equipment, cameras
and entertainment systems.
Some of the factories have
had to close temporarily
because of the closure of
electricity generating facil-
ities.

It is in the area of aid
that Caribbean countries
will feel the pinch of

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SIR RONALD SANDERS

Japan’s problems. The
Japanese government’s
finances will be stretched
for the next three to four
years at least. It is reason-
able, therefore, to expect
that the government will
divert money it had allo-
cated for aid to Japan’s
domestic needs. That aid
money worldwide — very
significant for the
Caribbean in the decade of
the 1990s -— had been
declining since 2002 when a
government Task Force
defined aid not simply as a
means of helping the poor,
but as “the political key to
ensuring a stable interna-
tional environment for
Japan.”

In 2003, Japan slashed
its aid budget. Further cuts
are bound to affect the few
Caribbean countries that
receive any substantial
Japanese support.

It will be interesting to
see if Eastern Caribbean
countries attend the Inter-
national Whaling Commis-
sion meeting in July this
year.

Allegations have been
made that Japan pays for
the participation of these
countries, and provides
fisheries refrigeration facil-
ities, in return for their sup-
port of Japanese whaling.

For some countries of
the Caribbean Community
(CARICOM), Japan’s
rebuilding requirements
also present an opportuni-
ty. Guyana and Suriname
could sell forestry products
and Trinidad and Tobago
could export cement and
asphalt.

Hopefully, the private
sector companies involved
in these construction mate-
rials will quickly investigate
the market.

In the meantime, CARI-
COM should also explore
what meaningful — albeit
relatively small — financial
contribution it can make
(maybe through the Inter-
national Red Cross) to help
ease the suffering of the
affected Japanese people.
The world is now closely
inter-connected. Today it
is Japan’s Tsunami, tomor-
row it could be ours.

Responses and previous
commentaries at:
www.sirronaldsanders.com



Two JAPANESE soldiers stop to eek at a ship which was blocking a a road hich their n men were trying to clear
in the earthquake and tsunami destroyed town of Onagawa, Miyagi Prefecture, northeastern Japan Sunday. (AP)

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Admission is free of charge and there will be a question and answer session

COLLEGE CONNECTIONS THE SPEAKER SERIES
PAGE 10, MONDAY, MARCH 21, 2011

THE TRIBUNE



LOCAL NEWS

Shooting ‘terror’
at the home of
Mother Pratt

FROM page one

tive Unit, reported that three men were
fleeing from police after a shooting inci-
dent at the Asue Draw webshop on Sixth
and Crooked Island Streets.

The culprits opened fire on the offi-
cers as they gave chase. The three men
were attempting to escape the area ina
gray Nissan vehicle.

The chase ended at the corner of Sixth
Street and Poinciana Avenue where the
home of Mrs Pratt is located.

One of the men jumped into Mrs Prat-
t’s backyard and scrambled up onto to
her roof from where he shot at police
with a high-powered weapon.

A second man, assumed to be the get-
away driver, was parked in a car right
next to the Pratt home. Mrs Pratt said
she believes she noticed the man sitting on
a wall next to her house that morning
but had thought nothing of it.

The man in the car also became the
target of police fire, according to eyewit-
nesses.

At the time of the shooting, around
12.10pm, Mrs Pratt’s daughter-in-law
Sherelle Pratt and granddaughter Pey-
ton were in the house.

Sherelle Pratt told The Tribune that
her daughter was in the TV room when
she heard a loud “boom.”

“T assumed the television had fallen on
her,” she said.

Rushing into the room, Sherelle Pratt
soon realised that the cause of the noise
was a fire exchange between police and
men outside the house.

She quickly ensured that she and her
daughter were out of the line of the fire.
Sherelle Pratt said that one of the bul-
lets flying between the gunmen and police
was accidentally shot through the win-
dow of the TV room. That bullet just nar-

CYNTHIA ‘MOTHER’
PRATT holds a photo-
graph with a bullet hole in
it, in her home yesterday.

rowly missed her daughter’s head and
ricocheted around the room.

“T’m only glad that she (Peyton) was
sitting down at the time and not standing
up in the chair as is her habit,” Sherelle
Pratt said.

Asst Commissioner Gomez confirmed
that one bullet went through a window on
the western side of the house. However,
he said police could not say at this time if
this bullet originated from a police
weapon or from a firearm used by one of
the culprits.

Sherelle Pratt said that she feels that
police were not careful enough when they
started firing at the armed robbers.

She said the police were aware of her
presence in the house, as she had been the
one to alert them to the culprit in the
backyard. She felt they should have acted
with more caution.

She added that she heard the man sit-
ting in the car at whom police were shoot-
ing shout that he was unarmed.

Addressing the shooting at Mrs Pratt’s
house yesterday, PLP leader Perry
Christie said that this incident is yet anoth-
er example of innocent bystanders being
caught up in violent crimes in the
Bahamas.

“What happened to Mother Pratt is a
warning to all of us. It is not good enough
for the Minister responsible for National
Security to believe that crime is limited to
domestic disputes and to people who are
fighting a drug war.



“All of us are potential victims in this
country and that is why there is a great
need for the people of this country to
understand that this government has
failed in the policies that they have not
implemented,” he said at a press confer-
ence at PLP headquarters.

He again faulted the Ingraham admin-
istration for “abandoning” and then
“bastardising” the PLP's Urban Renew-
al Plan and later removing police officers
from the public schools — all moves he
believes have led to escalating crime lev-
els.

"They made a mistake, a terrible mis-
take, and this country is suffering as a
result of it.”

Following the shooting, Sherelle Pratt
said she broke down and “lost her mind”
due to the narrow miss she and her
daughter had had.

She said she is now concerned for the
safety of her mother-in-law.

“These are people she has been fighting
against and has been striving to protect
others from, now they have turned
towards her, who is going to protect her?”

Police last night had two of the three
suspects in custody, one reportedly
injured, and were questioning them in
connection with the incident at the web-
shop and the shooting at Mrs Pratt’s
home.

They had also recovered a high-pow-
ered weapon.

The third man remains at large.

MINISTRY OF WORKS & TRANSPORT iC:

Cc

NOTICE

CORRIDORS 12 & 13A

EAST STREET & ROBINSON ROAD
Temporary Road Closure & Diversions

Please be advised that temporary road closure & diversion will be carried out on sections of Robinson

Road & East Street to continue further road construction works during the following weekends March

25-28 and April 1-4, 2011. Kindly note that traffic will flow as is at the junction of East Street & Robinson
Road during the weekdays until further notice.

*Keen note should be taken of the Traffic Management Schedule while works are ongoing.

TRAFFIC MANAGEMENT SCHEDULE

Affected Ares 5)



tardinal
[srection(s)

Ld

Liwershen Hiowhes

Rohinan Rd

a i piNSON ROAD

Please note that access will be given to residents, pedestrians and the affected businesses in this area
during the construction process. Signs will be in place to identify safe passage for Pedestrians and Access
points to the businesses in the area from the diversion route. The public will be updated through the
local media (radio & television) for regular updates.

We do apologize for any inconvenience caused and we look forward to the cooperation of the motoring

public.

For further information please contact :

(The Contractor)

Jose Cartellone Construcciones Civiles S.A
Office Hours: Mon-Fri 8:00 am to 6:00 pm

Offfice:(242)322-8341/322-2610

Email: bahamasneighbor@cartellone.com.ar

(The Contracting Agency)

Ministry of Works & Transport

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

Email: publiceworks@bahamas.gov.bs



FROM page one

at detractors of the looming
privatisation of BTC.

“This is a good deal for
the Bahamas and Bahami-
ans. BTC shares will be a
good buy for you. So I tell
you now, when the shares
are offered for sale, buy
some for yourself and for
your children. Papa will be
buying some for his two
grand-boys and little grand-
daughter. Take my advice on
this,” Mr Ingraham told the
rally crowd.

“We will have regulations
in place to ensure that these
shares are widely owned and
not concentrated in the
hands of a few shareholders;
public officers and BTC
employees would be able to
pay for a part of their shares
by salary deductions,” he
said.

For those worried that
government is selling a
“national asset”, Mr Ingra-
ham stressed that even after
privatisation, BTC will most-
ly be managed by Bahami-
ans while government will be
able to veto the company's
policies as they see fit.

"BTC is not going any-
where. Following privatisa-
tion BTC will be mainly run
by Bahamians, serve mainly
the Bahamian public, it's
employees will be almost all
Bahamians, and it will seek
to remain the communica-
tions provider of choice for
Bahamians, even when full
competition arrives.

“At privatisation the gov-
ernment will maintain a 49
per cent stake and veto pow-
er in a number of matters to
protect the interests of the
Bahamian people,” Mr
Ingraham said.

The prime minister also
took the opportunity to
address BTC employees
directly.

“And I say this honestly to
the workers at BTC - we
have got your back. That is
why we negotiated two more
years of mobile monopoly to
ensure your jobs are pro-
tected for the next two years
— even though that will mean
less benefit to the rest of us
for a short while. We don’t
just talk and promise, we act
to protect your interest and
the interest of all Bahami-
ans. We value and honour
all that is Bahamian,” he
said. Selling BTC is just the
latest move by government
in divesting itself of public
assets,

“Just as the FNM ended
the state monopoly on the
broadcast media, the days of
government control and

PRIME MINISTER ENCOURAGES
_ PUBLIC TO BUY SHARES IN BIC

domination of the telecom-
munications industry are
over. And you know it. You
no longer need BTC to talk
to your children, family
members or friends who are
abroad. You can do that
through your computers.

“A modern 21st century
Bahamas needs a cutting-
edge telecommunications
sector with high speed inter-
net service, better and less
expensive cellular service,
reliability and more afford-
able rates on other services.
We need this for Bahamian
consumers and businesses,
and international travellers
and business people coming
to the country,” Mr Ingra-
ham said.

The prime minister said
he is aware that there are a
lot of “half truths and distor-
tions” being told about the
partnership the Government
is entering by privatizing
BTC.

“These distortions are of
concern to some people. I
want to say that we have lis-
tened to and heard your con-
cerns. We do not dismiss
what you say. We are acting
to protect the interest of the
majority of Bahamians and
to ensure that BTC main-
tains its value — for its owner,
the Government, its employ-
ees and indeed the Bahami-
an people,” Mr Ingraham
said.

“One day the PLP will tell
us why they were privatising
BTC and agreeing to sell 49
per cent of BTC to foreigners
with management control
whose lawyer was the PLP
Deputy Leader Philip “Lil
Brave” Davis,” he said.

Addressing the question
why the Government is now
selling 51 per cent instead of
49 per cent or less, Mr Ingra-
ham said that they could not
and did not attract any inter-
national telecommunications
operation willing to buy less
than 51 per cent of BTC.

“If we could have, we
would have. After all, that
was our original intent. A
strategic partner today wants
the certainty that he can con-
trol those business decisions
that impacts upon profitabil-
ity regard being had to the
level of investments he
makes. Purchasing 51 per
cent does this. Having a part-
ner who owns 51 per cent
ensures that he is fully vested
and will work to ensure that
the company succeeds
because any losses will be 51
per cent to his account. This
is important when facing
fierce competition,” he said.

¢ SEE PAGE TWO

PM: leadership will be

factor in 2012 election
FROM page two

Mailboat Association — in the construction, management and
operation of the new port at Arawak Cay.

“We provided the land and we and the private sector are pro-
viding the financing required for the construction. The private sec-
tor companies will initially own 40 per cent of the new Arawak Cay
Port and the Government

40 per cent and initially 20 per cent will be made available to the
Bahamian public.

“By November of this year the government and the private com-
panies will each reduce their holdings by 10 per cent in order to
make them available

to you, the public.

“The shares will be offered at the same price we each paid
plus expenses for the share offering. If you ever heard about a good
deal, this is a good one indeed. Eventually 70 per cent of the
shares at the port will be held between the government and indi-
vidual shareholders,” Mr Ingraham said.

PM ACCUSES OPPOSITION OF PROMOTING FEAR, UNREST
PRIME Minister Hubert Ingraham is accusing the Opposition of
promoting fear and unrest in the country.

Speaking at the FNM’s mass rally at Clifford Park on Saturday
night, Mr Ingraham said he wishes to warn the Bahamian people
not to be provoked during upcoming election campaign season by
statements the PLP makes.

“T told you once before, they (the PLP) are a ‘provokeful’ peo-
ple. But don’t let them provoke you. They are desperate and they
will say and do all manner of things. Desperate people say and do
desperate things,” Mr Ingraham said.

He said that the PLP’s record in government was so dismal that
they have convinced themselves and are seeking to convince the
public that what the FNM has accomplished over the last four
years is mostly a result of what they put in place while in office.

“They are promoting fear and even unrest. We also have a
better vision than they do for the Bahamas.

“We deliver what we promise,” the prime minister said.

Mr Ingraham said that because the PLP cannot run on their
record and cannot run against the FNM's record, they will seek to
tear the government down.

"The good we do, they say is theirs -LPIA, Baha Mar, the
Straw Market, the National Stadium — name it, according to them
it’s all theirs. They are bold faced people," Mr Ingraham said.
PAGE 12, MONDAY, MARCH 21, 2011

THE TRIBUNE



LOCAL NEWS

MAN DIES AFTER
BARBER SHOP
KNIFE ATTACK

FROM page one

times.

The victim then fled the
area, but collapsed at the
junction of Fourth Street
and Palm Tree Avenue.
Police last night said they
were following significant
leads into the matter.

Less than an hour after
the murder, police were
called to the stabbing of a
22-year-old man at Coral
Harbour.

Upon arrival at his home,
the victim was attacked by
two men who got out of a
red Nissan Sentra. The Coral
Harbour resident was taken
to hospital by a private vehi-
cle. He was treated for mul-
tiple stab wounds and dis-
charged.

Then, shortly before 5am,
a 25-year-old was shot mul-
tiple times after a fight broke
out with a group of men at
Magic City Night Club.

According to reports, the
gunshots were fired after the
men were asked to leave.

On Saturday, a 21-year-
old was shot multiple times
in his face after getting into
an argument at East Street
and Soldier Road. The vic-
tim was with another man
in a black Nissan Altima
when they were fired on by
the occupants of a dark
coloured 2003 Nissan Maxi-
ma around 9.30am. The vic-
tim, a Farrington Road resi-
dent, was taken to hospital
by private vehicle.

Investigations are also
continuing into the discov-
ery on Saturday of human
remains, believed to be
those of a woman, at
Kisskadee Drive, off West
Bay Street.

Police discovered the
decomposed body at around
4.35pm in a bushy area.

Police said they are
uncertain of the circum-
stances surrounding this inci-
dent.

Click the 'Like’

FROM page one

m on specifics, Assistant
Commissioner Glenn Miller
assured The Tribune that offi-
cers will be on Bay Street in
"full force" to contain or pre-
vent any possible violence.

Members of the two unions
that represent BTC workers,
the National Trade Union Con-
gress of the Bahamas, opposi-
tion supporters, the National
Development Party, the Work-
ers' Party and Blackfood — a
black liberalisation group — are
all expected to protest today.

Last month, a crowd of
around 500 took to Rawson
Square as the House of Assem-

Barricades

bly met, at times becoming row-
dy. At one point incensed pro-
testers pushed back police bar-
ricades and some were struck
with police batons.

President of the Bahamas
Communications and Public
Officers Union Bernard Evans,
who is marshaling members to
protest today, said the RBPF's
methods are harsh and sends
the wrong message.

"I've seen the barricades. I
think that's what really infuri-
ating people, when you expect a
peaceful demonstration and see
the measures they are putting in

place as if they are expecting
some sort of violence," said the
union leader, whose group will
convene in Clifford Park before
converging in Rawson Square.

Despite police presence, his
members are committed to
protesting the sale throughout
the duration of the House of
Assembly debate.

Mr Evans added that the
prime minister's assurances on
privatisation, made at a mass
rally over the weekend, fell on
deaf ears. He said due to suc-
cessive government investments
in BTC the company is already
on the verge of rolling out new
technology and services that the
FNM boasts will be offered by

FROM page one

however, she was allegedly paid $650,000 by an
LNG company that wanted to lay gas pipelines in
Grand Bahama.

Last night, Mrs Maynard-Gibson said the prime
minister's "attacks" are an attempt to shoot the
messenger while distracting the public from alleged
conflict of interest and illegal transactions between
the Bahamas National Trust and the developers of
Bell Island.

"The PLP in the House voted against the Air-
port Gateway Road Project they said they didn't
want the Chinese working on it. What they didn't
tell you is that the China State Construction Com-
pany has a lawyer, the lawyer is the Lead PLP in
the Senate — Allyson Maynard-Gibson," said Mr
Ingraham at his party's first mass rally of the year
at Clifford Park.

"T heard Allyson Maynard-Gibson the other
night on television in the Senate saying that the
owner of Bell Island who gave a donation to the
Bahamas National Trust caused them to sell the
birthright of the Bahamas. First of all the Nation-
al Trust is a very good institution. . .what Allyson
could have said was she got $650,000 from the
people who wanted to put LNG gas down in
Grand Bahama. And she was hanging around
waiting for it to become a million and that ain’ sell-
ing birthright? But up in Bell Island is sellin’ the
birthright? Chile please!"

button on the
Tribune News
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Photo/Tim Clarke

PM: PLP SENATOR “BENEFITTING’

In a statement last night, Mrs Maynard-Gib-
son claimed the developers of Bell Island gifted the
BNT with $1 million for development approval
and a sub-lease of protected land in the Exuma
National Land and Sea Park. She added that she
has not been accused of anything illegal.

"The attack is a smoke screen to distract from
the issues of possible illegality, impropriety and
conflict of interest in the Ingraham government."

Meanwhile, at a press conference yesterday
afternoon PLP leader Perry Christie called on the
nation's chief to share how much money members
of his Cabinet — specifically Attorney General
John Delaney and Immigration Minister Brent
Symonette — have made in their private lives while
holding public office.

"The prime minister must tell me how much
money Higgs & Johnson, the lawyers for Cable &
Wireless and BTC... the attorney general (was a
partner in that firm). How much money are they
making out of the deal?

"If you want to tell me how much money peo-
ple are making with a view to it being constructive
so we can change the system to protect the integri-
ty of the system then tell me how many millions of
dollars Brent Symonette has made since the FNM
came to power in 2007," Mr Christie said.

¢ SEE PAGE TWO

CWC once the sale is complete.

He added that the $210 mil-
lion the public purse will get
from the sale is only a fraction
of the revenue a profitable
BTC could give over the com-
ing years if the majority shares
were not sold to a foreign com-
pany.

Meanwhile the National
Development Party also criti-
cised Mr Ingraham latest
remarks over the deal.

"(Mr Ingraham) was unable
to craft convincing evidence as
to why Bahamians should not
own the majority shares in BTC
in a privatised and liberalised
telecommunications environ-
ment.”

On their website, the organ-

FROM page one

senator in his party will vote
against the $210 million sale to
Cable and Wireless Communi-
cations.

He called on members of the
government who may disagree
with the transaction to break
rank and stand up to the
nation's chief.

"Today I’m calling on the
FNM members of Parliament —
come on, now, show some
courage. Do the right thing,"
said Mr Christie, flanked by the
majority of PLP MPs, ata a
press conference at his party's
headquarters yesterday.

"You know in your hearts this
deal stinks. Your constituents,
the people you’re obligated to
represent, know it’s a bad deal.
Stand up to Hubert — for once,
show some courage. The peo-
ple of the Bahamas will be
watching this vote carefully.
They are going to be looking to
see which MP has the guts to do
what’s right."

Last week senior members of
the FNM said they did not
expect any member to vote
against the sale but could not
say conclusively if undecided
Bamboo Town MP Branville
McCartney had made up his
mind.

"There are no FNM Parlia-
mentarians who will vote against
the BTC sale with the exception
of Branville McCartney, our
caucus is 100 per cent in agree-
ment for the sale with that one
exception,” said an FNM par-

isers of Blackfood called on
Bahamians to fight the imperi-
alism the sale of BTC repre-
sents.

"The government's decision
to privatise BTC is in support
of the agenda of the imperialist
countries (like) France, Cana-
da, the US and the UK to con-
trol all of the resources of the
world while they dominate mil-
lions of people politically and
economically.

"We know that Africans in
the Bahamas no longer want to
be exploited by Europe or
North America and we have
decided that the road to self-
determination is the only way
to freedom and true democra-

"

cy.

Christie

liamentarian.

During his term as prime min-
ister, Mr Christie had nearly
finalised a deal to sell 49 per
cent of BTC to Bluewater Ven-
tures. Government is selling 51
per cent to CWC. Mr Christie
said the key distinction in policy
between his party and the Ingra-
ham administration lies in this
two per cent difference.

"The FNM likes to talk about
Bluewater. But here’s the most
important thing about Bluewa-
ter — 49 per cent. Just two little
percentage points — but they tell
you everything you need to
know about the difference
between our parties and the
deals we make. This govern-
ment is selling a Bahamian asset
to non-Bahamians, we would
have contracted for foreign
expertise in telecommunications
but kept majority control of a
strategic asset in Bahamian
hands."

The opposition leader
claimed that the technological
advances expected to come from
the sale to CWC could still hap-
pen if they chose to sell a minor-
ity stake.

"Selling 51 per cent repre-
sents a grand betrayal of our
patrimony, of our rights. The
FNM says this is the best they
can do well, your best is not
good enough it’s not even
close," said Mr Christie.

e SEE PAGES TWO
AND THREE

Caribbean Bottling Co. (Bahamas) Ltd

CUM

is seeking candidates for the position of

Marketing Assistant

Responsibilities of the function include but are not limited to:

¢ Working Marketing functions on and off property

¢ Administrative functions-typing/filing etc.

¢ Organizing Marketing related activities

Requirements:

¢ Must have at least a High School Diploma

¢ Must have own transportation

¢ Must have Intermediate to Advanced computer skills in

Excel, Outlook, Power Point, Project and Word

¢ Excellent interpersonal skills and be a team player

¢ Ability to work independently

¢ Superior written and verbal communication skills

¢ Detail oriented and highly organized

¢ Ability to multi-task in a fast paced environment

¢ Flexible schedule-must be able to work days, nights,

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¢ Charismatic and outgoing personality

Salary commensurate with experience and qualifications.

If you are interested in a challenging career, designed to bring

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Caribbean Bottling Co. (Bah) Lid.

P.O.Box N-1123
Nassau, Bahamas

out the best in you in a progressive environment, please email
or hand deliver a copy of your Resume on or before March 31*,

Or by email to: marketing@cbcbahamas.com


PAGE 14, MONDAY, MARCH 21, 2011

THE TRIBUNE



INTERNATIONAL NEWS

Initial bombing
called successful;
endgame unclear

WASHINGTON
Associated Press

THE USS. claimed initial
success two days into an
assault on Libya that included
some of the heaviest firepow-
er in the American arsenal —
long-range bombers designed
for the Cold War — but
American officials on Sunday
said it was too early to define
the international military cam-
paign's end game.

The top U.S. military officer
suggested that Libyan strong-
man Moammar Gadhafi
might stay in power in spite
of the military assault aimed at
protecting civilians, calling
into question the larger objec-

ASSAULT ON LIBYA

tive of an end to Gadhafi's
erratic 42-year rule. Other top
USS. officials have suggested
that a weakened and isolated
Gadhafi could be ripe for a
coup.

A second wave of attacks,
mainly from American fight-
ers and bombers, targeted
Libyan ground forces and air
defenses, following an opening
barrage Saturday of sea-
launched Tomahawk cruise
missiles. Pentagon officials
said they were studying the
extent of damage done and
the need for further attacks.

One senior military official
said the early judgment was
that the attacks had been

‘e) Bethel Brothers Morticians

Telephone: 322-4433, 326-7030
Nassau Street, P.O. Box N-1026

Funeral Service For

CARMETTA
ELIZABETH
BASDEN, 73

of #7 Sydney Street, Boyd

Subdivision, and formerly of

Bullockis Harbour, Berry

Islands, will be held on

â„¢) Wednesday March 23rd, 11:00

a.m. at St. Joseph’s Roman

“4 Catholic Church, Boyd Road.

} Fr. Martin Gomes and

” Monsignor Simeon Roberts

will officiate: Interment will follow in the Church’s Cemetery.

She is survived by her: Husband: Godfrey Basden. Children:
Kevin, Deborah, Allison, Kenyon, Kirkwood and Godfrey II Basden.
Sisters: Etta Feaste and Shirley Burrows, Pre-deceased by Lottie
Pinder of Sandy Point, Abaco, Alrena Smith and Susan Dorsette.
Brothers: David Dean, Pre-deceased by Lionel, Walter and Valance
Dean. Daughters-in-law: Gwen, Jamaine, Veronica and Rochelle
Basden. Grandchildren: Carmetta, Kevin II, Kaelyn, and Keva
Basden, Maurice Fawkes, Erica Darr, Alleia Edgecombe and Alyssa
Wilson, Kyla and Khara Basden, Kai and Kerra Basden, Camille,
Catrina and Ethan Basden. Great grandchildren: Malaya and
Malcia Fawkes, Caileigh Dorsett and Camryn Darr. Granddaughter-
in-law: Mia Fawkes. Grandson-in-law: Marvin Darr. Foster
Children: William, Valerie and Margo Dean, Ameace Nonome,
Valdia Ferguson, Clement Rolle, Pam Christie, Marilyn Adderley,
Camille Brown, Debbie Thompson and Richard Blades of Barbados.
Sisters-in-law: Beverley Dean, Norma Basden-Lightbourne, Marina
and Ena Basden and Hynah Major. Brothers-in-law: Alva Smith,
Stephen G. E. Burrows, Rudolph, Francis and Patrick Basden.
Nieces: Enid and Audrey Dean, Monique McQuay, Valerie Richards,
Dena Feaste, Bernadette and Marsha Smith, Patrice Bethel, Laverne
Deleveaux, Linda Treco, Lisa Bastian, Laurie, Faye and Felice
Burrows, Lashan Coakley, Tracey Fleuridor, Chaval Dean and
Torkel Smith, Deidre Dean, Leaenza Beneby, Monica Adderley,
Valerie Hardy, Deborah Benavedis, Catherine Green, Betty Rolle,
and Patrice Williams, Andrea and Sheena Basden, Yvette Albury,
Karen Smith, Pamela Seymour, Voylee Gordon, Deneka and
Danishka Basden. Nephews: Jeffrey, Virgil and Clayton Dean,
Dwayne Williams, Deon Feaste, Eddie, Ken, Perry, Marvin, Rev.
Patrick and Adrian Smith, Stephen G. E. Burrows II, Lamont,
Michael, Tyler and Julian Dean, Benjamin and Donald Pinder of
Abaco and Simeon Pinder, Rudolph, Stevie, Sean Basden, Kendal,
Trevor, Daryl and Marcel Major, Marvin, Irvin and Keith
Lightbourne and Deniro Basden. Other relatives and friends
including: Rodney, Ishmael, Jeffery Lightbourne, Jennie Fernander,
Judith Blair, Erica Reckley, Marilyn Strachan, Carolyn Wright,
Shirley Saunders, Suzie Duncombe, Salomi Gibson, Carolyn
Burrows, Sharon Scott, Christine Dean, Jay, John, Marcus and
Emest Dean, Leonie McCartney, Assistant Commissioner of Police
Quinn McCartney, Ophelia Fox, Naomi Gomez, Sandra Dean-
Patterson, Joseph Symonette & Family, Jackie Barry & family,
Lynn Armbrister, Leroy Watson, Val Bethel, Vylma Thompson-
Curling, Olive Francis and Family, Glacie Dean, Families of the
late Ruben Gomez and Florence Darville, Bishop Drexel Gomez
and family, Lillian Wallace & family, Vernita Rolle, the Winder’s,
Brennen, Francis & Gomez families, Zoe & Clifford Galanis &
Family, Barbara and Paul Tynes & Family, Ken and Constance
Joseph, Rosie Dillette, Judy Munroe, Lucille Bain, St. Joseph’s
Church Community, St. Joseph’s Senior Choir, St. Joseph’s Ladies
Guild, Priests of the Sacred Hearts and Catholic Community, The
Catholic Archdiocese of Nassau, Sisters of St. Martin’s Monastery,
Beryl Murray and Family, Tiberious Wilson, Margaret Sands, Mary
Stubbs, Lawrence Ferguson & Family, Edna Poitier, Dr. Rhonda
Chipman-Johnson, Mr. & Mrs. Adrian Rodgers, Bernard & Olive
Lundy, Catherine & Wilmore Brown, Pam & Asa Ferguson, Mr.
Kevin Moxey & Family, Janice Mackey, Flo Wilson & Family,
Valgo Shannon & family, Mary Sweeting, Dr. Ailsa Cherubin &
family, Vernita Roberts, Josephine McKinney, Mrs. Hutchinson,
Austin Adderley, Avis Munroe, Pedro Sands, Lynden Ferguson,
Leonardo Johnson, Dominique Coakley, Michelle Malcolm, Nurses
Daphne Simmons and Genevieve Scavella, Debbie & Gurney
Armstrong, Mrs. Michelle Bain & family, Mrs. Leanna Edgecombe-
Kieya & family, Mr. & Mrs. William Lightbourne & Family, Mr.
& Mrs. Vaughn Albury, Mitzi & Ira Swaby, Mildred Edgecombe
& Family, Charlotte Rahming & family, Laurie Curry & family,
Barbara Cooper, Pat Adderely, Louise Foster & family, Families
of the late Doris Lotmore and Roland Seymour, Mrs. Hunt, Patricia
Belle & family, Stanley & Patsy Babbs, Members of Excelsior
Temple IBPEOW #37, The Cumberbatch family, Peter Bascom &
Family, Wenzel King, Jermaine Sands, Richard Kemp, Charlton
Goodman, The Bullocks Harbour Berry Island Community, St.
Agnes Church Family, Mrs. Rose Thompson, Dr. Pandora Johnson,
Dr. Eneas-Carey, Dr. Delton Farquharson, Bahamas Electricity
Corporation, Craig Butler & Associates, The College of The
Bahamas, Bahamas Telecommunications Company, Atlantis Casino,
Bayshore Property Management, Sts. Francis/Joseph School and
Chippingham and Boyd Subdivision community.

Friends may pay their last respects at Bethel Brothers Morticians,
#44 Nassau Street on Tuesday from 10:00 a.m. to 6:00 p.m. and
on Wednesday at the church from 10:00 a.m. until service time.





highly successful, while not
fully eliminating the threat
posed by Libyan air defenses.
The official spoke on condi-
tion of anonymity to discuss
intelligence data.

The systems targeted most
closely were Libya's SA-5 sur-
face-to-air missiles, Russian-
made weaponry that could
pose a threat to allied aircraft
many miles (kilometers) off
the Libyan coastline. Libya
has a range of other air
defense weaponry, including
portable surface-to-air missiles
that are more difficult to elim-
inate by bombing.

Sunday's attacks, carried
out by a range of U.S. aircraft
— including Air Force B-2
stealth bombers as well as
Marine Harrier jets flying
from an amphibious assault
ship in the Mediterranean —
demonstrated the predomi-
nance of U.S. firepower in the
international coalition. By
striking Libyan ground forces,
coalition forces also showed
that they are going beyond the
most frequently discussed goal
of establishing a no-fly zone
over the country.

Threat

U.S. missiles and warplanes
were clearly in the lead Sat-
urday and Sunday, but U.S.
officials say the plan remains
for the U.S. to step back once
the threat from the Libyan
military is reduced.

Although the mission was
predicated on Arab support,
there was no reported Arab
participation in the military
strikes. Adm. Mike Mullen,
chairman of the Joint Chiefs
of Staff, said Qatar would be
"in the fight" in the next day
or two after moving unspeci-
fied military aircraft to within
striking range. A call by the
Arab League last week for a
U.N. Security Council resolu-
tion authorizing a no-fly zone
was a major driver of U.S.
support.

President Barack Obama,
traveling in Brazil, held a con-
ference call Sunday with top
national security officials,
including Secretary of State
Hillary Rodham Clinton,
Defense Secretary Robert
Gates and Army Gen. Carter
Ham, the U.S. general run-
ning the air campaign on what

Drive one.



THIS PHOTO provided by the French Army shows French Mirage 2000 jet fighter taking off for Libya at
the military base of Dijon, central France, Saturday. (AP)

US. officials have suggested is
a temporary basis until an
allied power can take over.

Gates had planned to fly to
Russia on Saturday but
delayed his departure for a
day so that he could be in
Washington to monitor the
operation's launch.

Vice President Joe Biden
discussed the military action
by phone Sunday with the
prime minister of Algeria and
the emir of Kuwait, the White
House said.

Pressed repeatedly to
explain the mission's objec-
tives, Mullen said in a series of
interviews on the Sunday talk
shows that the main goal is to
protect civilians from further
violence by pro-Gadhafi
forces, while enabling the flow
of humanitarian relief sup-
plies. He said the first step —
imposing a no-fly zone — had
been achieved, with little wor-
ry of Gadhafi shooting down
allied patrols. But it was
unclear how long the military
effort would go on, or on what
scale.

"T think circumstances will
drive where this goes in the
future," the admiral said on
ABC's "This Week." ''T
wouldn't speculate in terms of
length at this particular point
in time.” He said early results
were highly encouraging, with
no known U.S. or allied losses
and no reported civilian casu-
alties.

"We're very focused on the
limited objectives that the
president has given us and
actually the international
coalition has given us, in terms
of providing the no-fly zone
so that he cannot attack his
own people, to avoid any kind
of humanitarian massacre, if
you will, and to provide for
the humanitarian corridors,
humanitarian support of the
Libyan people,” Mullen
added.

Asked whether it was pos-
sible that the military goals

2011

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might be met without Gadhafi
being ousted, Mullen replied,
"That's certainly potentially
one outcome." He described
the Libyan strongman as more
isolated than ever, adding that
Gadhafi is "going to have to
make some choices about his
own future” at some point.

The prospect of Gadhafi
remaining in control of at least
a portion of the country raises
questions about how far the
Obama administration and its
European and other partners
are willing to go with military
force. Clinton said on Satur-
day that although ousting
Gadhafi is not an explicit goal
of the campaign, his depar-
ture might be hastened as the
conflict continues. Gadhafi
has ruled Libya for more than
AO years.

Resolution

Clinton said enforcement of
the U.N. Security Council res-
olution that called on Gadhafi
to cease firing on his own peo-
ple will "make a new environ-
ment” in which people close
to Gadhafi might turn against
him.

"The opposition is largely
led by those who defected
from the Gadhafi regime or
who formerly served it, and it
is certainly to be wished for
that there will be even more
such defections, that people
will put the future of Libya
and the interests of the Libyan
people above their service to
Col. Gadhafi," she said.

If the ultimate outcome of
the military campaign is
cloudy, so is the command
arrangement. The Pentagon
said on Saturday that it is led
by Ham, who as head of U.S.
African Command is respon-
sible for U.S. military opera-
tions in Libya and much of the
rest of the continent. Officials
have not said much about the
plan to hand off responsibility
for the military operation —



dubbed Odyssey Dawn — to
some other unspecified coun-
try or coalition.

Libya's claims of civilians
among the dead from the
strikes appeared to make
Arab countries nervous, after
the Arab League took the
unprecedented step of calling
for a no-fly zone. On Sunday,
Arab League chief Amr
Moussa criticized the missile
strikes, saying they went
beyond what the Arab body
had supported.

"What happened differs
from the no-fly zone objec-
tives,” Moussa told reporters
in Cairo. "What we want is
civilians’ protection not
shelling more civilians."

One of the more vocal
skeptics in Congress, Sen.
Richard Lugar, the ranking
Republican on the Senate
Foreign Relations Commit-
teer, said he worries that the
U.S. may have entered a con-
flict with unclear goals.

"We really have not discov-
ered who it is in Libya that
we are trying to support,” the
Indiana Republican said on
CBS' "Face the Nation.’
"Obviously the people that
are against Gadhafi, but who?
In eastern Libya, for example,
a huge number of people went
off to help the Iraqis against
the United States in a war that
still is winding down."

Democratic Sen. Carl
Levin, chairman of the Sen-
ate Armed Services Commit-
tee, said Sunday that the U.S.
intends to take a back seat
soon.

"After the air is cleared of
any threat there is going to be
a hand off to our allies and
this mission will then be car-
ried on by French, by British
and by Arab countries, and
that's very important," Levin
said.

NATO is seen as possibly
taking the command respon-
sibility, but thus far it has not
agreed.

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THE TRIBUNE

MONDAY, MARCH 21, 2011, PAGE 15



INTERNATIONAL NEWS



Discovery of radiation
fans food fears in Japan

TOKYO
Associated Press

AT A bustling Tokyo
supermarket Sunday, wary
shoppers avoided one partic-
ular bin of spinach.

The produce came from
Ibaraki prefecture in the
northeast, where radiation
was found in spinach grown
up to 75 miles (120 kilome-
ters) from the crippled
Fukushima nuclear plant.
Another bin of spinach —
labeled as being from Chiba
prefecture, west of Tokyo —
was sold out.

"It's a little hard to say this,
but I won't buy vegetables
from Fukushima and that
area," said shopper Yukihiro
Sato, 75.

From corner stores to
Tokyo's vast Tsukiji fish mar-
ket, Japanese shoppers picked
groceries with care Sunday
after the discovery of conta-
mination in spinach and milk
fanned fears about the safety
of this crowded country's food
supply. Trace amounts of
radioactive iodine also were
found in tap water in Tokyo
and elsewhere in Japan.

The anxiety added to the
spreading impact of the
unfolding nuclear crisis trig-
gered when the March 11
tsunami battered the Fukushi-
ma complex, wrecking its
cooling system and leading to
the release of radioactive
material.

On Sunday, the govern-
ment banned shipments of
milk from one area and
spinach from another and said
it found contamination on two
more vegetables — canola
and chrysanthemum greens
— and in three more prefec-
tures. The Health Ministry
also advised a village in
Fukushima prefecture not to
drink tap water because of
radioactive iodine in its sup-
ply. It stressed, however, that
the amounts remained minus-
cule and posed no health
threat.

There were no signs Sun-
day of the panic buying that
stripped Tokyo supermarkets
of food last week. Instead,
shoppers scrutinized the
source of items and tried to
avoid what they worried
might be tainted.

Mayumi Mizutani was
shopping for bottled water,
saying she was worried about
the health of her visiting 2-
year-old grandchild after a
tiny amount of radioactive
iodine was found in Tokyo's
tap water. She expressed fears
that the toddler could possibly
get cancer.

"That's why I'm going to
use this water as much as pos-
sible," she said.

The government said the
level of radiation detected on
spinach and milk was minus-
cule and should be no threat
to health. Chief Cabinet Sec-
retary Yukio Edano said he
had received no reports that
would require special mea-
sures to be taken regarding
tap water.

Tainted milk was found 20
miles (30 kilometers) from the
plant on Saturday, a local offi-
cial said. Spinach was collect-
ed from six farms between 60
miles (100 kilometers) and 75
miles (120 kilometers) to the
south of the reactors.

On Sunday, authorities
found contamination at addi-
tional farms in Fukushima
and on vegetables in Chiba,
Gunma and Tochigi prefec-
tures, said Yoshifumi Kaji,
director of the health min-
istry's inspection and safety
division. He said it was possi-
ble some tainted foods
already have been sold.

The International Atomic
Energy Agency confirmed
radiation in some Japanese
milk and vegetables was "sig-
nificantly higher" than levels
Japan allows for consumption.

Authorities expect to
decide by Tuesday on a com-
prehensive plan to limit food
shipments from affected
areas, Kaji said at a news con-
ference.

Farmers and merchants
expressed fears of their own
that public anxiety might hurt
even producers of goods that



TWO BOYS look at a devastated area in Onagawa, northern Japan,
Sunday, after the March 11 earthquake and tsunami. Kyodo News/AP

were free of contamination.

"There will probably be
damaging rumors," said
farmer Shizuko Kohata, 60,
who was evacuated from the
town of Futaba, near the
Fukushima complex, to a
sports arena in Saitama, north
of Tokyo.

"T grow things and I'm wor-
ried about whether I can
make it in the future," Koha-
ta said Saturday.

Chiyoko Kaizuka, who with
family members farms
spinach, broccoli, onions, rice
and other crops on 20
hectares (49 acres) in Ibaraki
prefecture northeast of
Tokyo, said the combination
of earthquakes and fears of
radiation have her on edge.

"T don't know what effect
the radiation will have, but
it's impossible to farm,” the
83-year-old Kaizuka said Sun-
day as she stood along a row
of fresh, unpicked spinach
that was ready to go but now
can't be shipped.

On Sunday, an official of
Taiwan's Atomic Energy
Council said radiation was
detected on fava beans
imported from Japan,
although in an amount that
was too low to harm human
health. The official spoke on
condition of anonymity
because he is not authorized
to deal with the press.

Japan's food exports are
worth about $3.3 billion a
year — less than 0.5 percent
of its total exports — and
seafood makes up 45 percent
of that, according to govern-
ment data.

Experts at the World
Health Organization and
Food and Agriculture Orga-
nization were working Sun-
day to gather more facts to
assess the situation, but an
FAO spokesman in Rome
said that the picture was not
yet clear enough for them to
release any specific recom-
mendations.

However, the agencies
praised the Japanese govern-
ment for taking steps to test
foods and monitor exports for
radiation contamination.

In Tokyo, others said they
weren't concerned and put
the crisis in perspective with
other calamities.

"T experienced the war, so
if there is enough food for a
day or two, I feel we can get
by,” said Nagako Mizuno, 73,
originally from Iwaki, a city
in the quake zone, but has
lived in Tokyo for 40 years.

"You can't go on living if
you worry about it,” she said.
"It's all the same if everybody
ends up dying. I’m not con-
cerned.”

Fears of radioactive conta-
mination hurt sales at the
Tsukiji market, a vast maze
of aisles where merchants at
hundreds of stalls sell tuna,
octopus and other fish fresh
off the boat. The market was

unusually quiet over the
weekend, a time when it is
normally packed with shop-
pers and tourists.

Traders have been hit hard
by power cuts and an exodus
of foreigners, and they worry
about long-term damage
from public fears over possi-
ble contamination of fish
stocks.

"The impact would last
long, like a decade, because
people would not eat fish,"
said merchant Mamoru Saito,
TDs

The market had plenty of
fresh fish despite the destruc-
tion of much of Japan's north-
eastern fishing fleet in the
tsunami. Whole fish and shell-
fish were laid out on wooden
tables washed by a flow of
cold water. Fishmongers
sawed slabs of frozen tuna
into steaks.

At arestaurant adjacent to
the market, sushi chef Hideo
Ishigami said the nuclear
scare and transportation dis-
ruptions due to power cuts
have cost him business.

"T have a massive drop in
the number of customers,"
said Ishigami, 72.





i a
PEOPLE STAND in line to receive radiation exposure tests at a sports arena in Fukushima,
northern Japan, Sunday, March 20, 2011, after the March 11 earthquake and tsunami.
Kyodo News/AP

Mr. lan Jennings, President of Commonwealth Bank is pleased to
announce the appointment of Mr. Marcus T. Cleare as Manager,
Oakes Field Branch effective February 1, 2011.

Mr. Cleare has over seventeen (17) years of banking experience in the areas

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THE TRIBUNE

MONDAY, MARCH 21, 2011, PAGE 17





LOCAL NEWS

Farewell to Ministry of Environments
Permanent Secretary and Under-Secretary



cies

GOOD SERVICE: Retiring Under-Secretary at the Ministry of Environment Michael Turner receives a gift from Prime Min-
ister Hubert Ingraham during a retirement luncheon on March 17 at the Paul Farquharson Conference Centre.





ALL SMILES: Prime Minister Hubert Ingraham makes a presentation to Permanent
Secretary Ronald Thompson during Mr. Thompson's retirement luncheon Thursday,
March 17, at the Paul Farquharson Conference Centre.

ADDRESS: Prime
Minister Hubert
Ingraham brings
remarks during
the Ministry of
the Environment
Honours Lun-
cheon marking
the retirement of
Permanent Sec-
retary Ronald
Thompson and
Under-Secretary
Michael Turner
on March 17 at
the Paul Far-
quharson Confer-
ence Centre.









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PAGE 18, MONDAY, MARCH 21, 2011

THE TRIBUNE





LOCAL NEWS

Exploring the Zamia on Tilloo Cay

By SARAH GILMER

MANY people walk past
this plant unnoticed. It does
not steal your eye like that of
a poinciana blooming in the
spring or a yellow hibiscus in
your garden.

The “coontie”, also known
as “bay rush”, or by its scien-
tific name as Zamia integrifo-
lia, flourishes in the tropical
climates of the Caribbean.

I was lucky enough to spend
the day exploring Tilloo Cay
Reserve with, Mr David
Knowles, Chief Park Warden
of Abaco National Parks from
the Bahamas National Trust.
Accompanying Mr Knowles
was Dr Javier Francisco-Orte-

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ga, Associate Professor of Bio-
logical Sciences from Florida
International University, and
Fairchild Tropical Botanic
Garden, and Michael Calonje,
the Cycad Biologist from
Montgomery Botanical Cen-
tre in Miami, Florida.

Javier and Michael have
been all over the Caribbean
and recently in the Bahamas
to compare and contrast the
species of Zamia on the dif-
ferent islands.

Their expeditions in the
Bahamas were conducted in
close partnership with the
Bahamas National Trust, and
supported by the Mohammed
Bin Zayed Species Conserva-
tion Fund and Montgomery
















THE ‘BAY RUSH’: Zamia Cone found on Tilloo Cay.

Botanical Centre.

From their initial observa-
tions it appears that the plants
on Tilloo, with their consider-
ably broad leaflets, are similar
to those found on Long Island,
while the zamias from the rest
of the islands have much nar-
rower leaflets.

While walking through the
park with David, Javier and
Michael, I learned more about
this plant and the biodiversity
of the Bahamas than I could’ve
asked for. This is a particularly
interesting species because it
is considered a living fossil. We
know this because it has cones
instead of flowers, and fossils of
related plants have been found
in Alaska. This suggests that

relatives of the coontie have
been around since the time of
Pangea (before the earth plates
shifted to create the different
continents).

It gets better —Zamias and
other cycads comprise one of
the few groups of plants that
are able to generate heat with-
in the cones to warm up a
chemical that emits a smell to
attract beetles, which in turn
pollinate the plant! These small
beetles are very similar to wee-
vils, those pesky bugs that you
will sometimes see living in
your pasta or rice.

As we were discovering
more and more Zamia on
Tilloo, we were able to deci-
pher the difference between

“oe edee ans at
* a aM
a,” phage:



male and female plants by the
size and shape of their cones.
Narrow cones denote male
plants while the thicker,
rounder cones are borne on
female plants. The coontie
hairstreak butterfly lays its eggs
on young leaves and cones.
When the eggs hatch, the
caterpillar feed on different
parts of the plant. The Zamia
contains a particular poison
that the caterpillars incorpo-
rate in order to prevent being
eaten by predators.

Lucayan Indians and other
Bahamians used to grind the
roots of these plants, process
them to remove their toxins,
and produce a flour used to
make different breads.



Sarah Gilmer, chief park warden David Knowles.

Get 1-Medium,
1-Topping, Pizza










PAGE 1

N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER V olume: 107 No.98MONDAY, MARCH 21, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 W EATHER PARTLY SUNNY HIGH 81F LOW 69F I N S I G H T SEEINSIGHT ON10B S P O R T S Re-examining our failing education system PartIII SEESECTIONE Double sprint champion THE two-year-old grand d aughter of former Deputy Prime Minister Cynthia Mother Pratt narrowlym issed being shot yesterday as police and armed robbers faced off against each other at Mrs Pratts home in The G rove. A stand-off between a gang of three bandits and police followed the shooting of an employee of a webshop closeto the St Cecelia MPs home a round noon yesterday. D uring the shoot-out, stray bullets shot through a windowi nto the homes television room, flying over the head of two-year-old Peyton Pratt, ricocheting off walls and leaving bullet holes in a picture frame and in the curtains. Returning from a church service in Nassau Village, Mrs Pratt met armed police officers surrounding her house with her daugther-in-law and granddaughter inside. I was frightened to death, s he told T he Tribune y esterday. Mrs Pratts daughter-in-law S herelle Pratt said she and her daughter, Peyton, were very fortunate not to have been hit by one of the stray bullets. I was terrified that we came so close, she said. Mrs Pratt said it should never have come to such a dan gerous situation as her posi tion as the countrys former d eputy prime minister should e nsure that her home has police surveillance and protec-t ion on a 24-hour basis. The former National Security Minister said she just recently spoke to Deputy Police Commissioner Marvin Dames about her concerns regarding her personal safety and that of her home. When asked about the sur veillance issue, Asst Police Commissioner Glen Miller, who is in charge of crime, said he did not wish to comment at this time. A message left for Mr Dames was not returned up until press time. Supt Leon Bethel, officer incharge of the Central DetecTRY OUR D OUBLE M cFISH The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM I N S I D E SECTIONINSIDE Real Estate Shooting terror at Mother Pratts home CYNTHIA MOTHER PRATT holds her grandaughters hand and a picture with a bullet hole in it. Pictured (inset T i m C l a r k e / T r i b u n e s t a f f A 20-YEAR-OLD man d ied in the street early yesterdaymorning after being a ttacked with a knife inside a barber shop. The countrys latest mur der, number 26 for the year, occurred shortly before 1am at Fourth Street and Palm Tree Avenue. P olice arriving at the scene discovered the body of a man with multiple stab wounds to the body. It is reported that the deceased was at the It Is What It Is Barber Shop and Lounge located on Robinson Road and Fourth Street when he got into a fight with a group of men and was sub sequently stabbed multiple By TANEKA THOMPSON Tribune Staff Reporter tthompson@ tribunemedia.net POLICE yesterday erected steel barricades reinforced with chains in anticipation of scores of protesters expected to flood Rawson Square as parliamentarians debate the sale of BTC today. Yesterday top officers of the Royal Bahamas Police Force were briefed on the force's security plans for the demonstration, The Tribune was told. While remaining By TANEKA THOMPSON Tribune Staff Reporter tthompson@ tribunemedia.net OPPOSITION leader Perry Christie called on FNM members of Parliament to take a stand against Prime Minister Hubert Ingraham and vote against the "terrible" BTC deal. Parliamentarians are expected to begin debating the controversial privatisation of the state run utility com pany ahead of a vote in the House of Assembly and the Senate. According to Mr Christie, his every MP and SEE page 10 Granddaughter of MP narrowly avoids stray bullet from shoot-out MAN DIES AFTER BARBER SHOP KNIFE ATTACK SEE page 12 B ARRIC ADES IN RAWSON SQUARE IN ANTICIP A TION OF BTC PR O TES T SEE page 12 SEE page 12 CHRISTIE CALLS ON FNMS T O VOTE AGAINST THE BTC DEAL PRIME Minister Hubert Ingraham encouraged the public to buy shares in BTC after the company is sold, telling the nation the deal is a good one that will benefit the country, BTC employees and the public purse. Speaking at the FNMs mass rally on Clifford Park on Saturday which is esti mated to have attracted thousands of supporters Mr Ingraham said that Government is expected to make nine per cent of BTCs shares available for purchase before the year is out. In time we propose to increase that percentage up to 25 per cent, the prime minister said. Before a crowd which came out to the rally to cele brate the partys 40th anniversary, Mr Ingraham outlined the achievements of his administration over the past four years and shot back PRIME MINIS TER EN COURAGES PUBLIC TO BUY SHARES IN BTC PRIME MINISTER Hubert Ingra ham speaks at the FNM rally. SEE page 10 By TANEKA THOMPSON Tribune Staff Reporter tthompson@tribunemedia.net PRIME Minister Hubert Ingraham said while the PLP decried Chinese labour on the Airport Gateway Project Opposition Senator Allyson Maynard-Gibson is benefiting from the deal in her capacity as a lawyer. Mr Ingraham added that the senator accuses government of selling the country's birthright through the controversial development of Bell Island, SEE page 12 INGRAHAM SAYS PLP SEN A T OR BENEFITTING FROM AIRPORT GA TEWAY PROJECT STRAYBULLETSINMPSHOME SHOO TIN GDEATH REPORTSreached The Tribune late last night of a shooting death in Montell Heights. A man died at the scene after being shot after 9pm. See tomorrows Tribune for more details.

PAGE 2

WHILE agreeing with Opposition leader Perry Christie's assertion made at the PLP's Friday night rally in Grand Bahama that the 2012 election will be about jobs and crime, Prime Minister Ingraham also said the election will be about leadership. Dont forget Mr Christie, it will also be about leadership. People of the Bahamas know what they can get when they are tired of what they got," Mr Ingraham told FNM supporters gathered at Clifford Park for a mass rally on Saturday. To illustrate his point about the different styles of leadership, the prime minister said that back in 2005, when 1,200 people were laid off from the Royal Oasis in Grand Bahama, Mr Christie and the PLP promised all manner of hope and help. Well, you know what they got from that side misery and heartache. It was the FNM which had to finally settle outstanding monies promised to Royal Oasis workers by our predecessors but never paid," Mr Ingraham said. He reminded the crowd that two weeks ago, when 200 people were laid off from Our Lucaya, the FNM Government immediately mobilised to bring tangible hope and help in terms of jobs, retraining, apprenticeships, social assistance and with other parties, spiritual and financial counselling. In office, the PLP abandoned the Royal Oasis workers. Now in 2011, they popped into Grand Bahama offering plenty talk, but no action when Our Lucaya workers lost their jobs. Perry Christie talked plenty to the press as he usually does. But he didnt find time to go down and talk to those laid-off workers, the prime minister said. ARAWAK CAYPORTPLAN WHILE once owned only by a small group of families, the FNMs plan for the port at Arawak Cay will give all Bahamians an opportunity to have a share in the profits of these shipping businesses, Prime Minister Hubert Ingraham told party supporters on Saturday night. Addressing the crowd gathered a Clifford Park for a mass rally, Mr Ingraham said ownership of shares in the port will make Bahamians owners of a bigger portion of the countrys economy and it will cause them to share in what the present owners of shipping on Bay Street have enjoyed for generations. Mr Ingraham pointed out that the ownership of cargo ports in New Providence has been shared by a small number of families since time immemorial; those families including the Kellys, the Symonettes, the Farringtons and the Bethels. Its been a very profitable business for those families. NowI seek to make it profitable for you too," the prime minister said. He said that this is why the Government has entered intoa joint venture with those family businesses and with a num ber of other Bahamian families and companies who have in more recent times become engaged in shipping the Moskos, Tennyson Wells, the Lightbournes, the Taylors, the Curlings and 14 members of the By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net FREEPORT PLP Leader Perry Christie said the sale of BTC is a bad deal and all PLP Members of Parliament and Senators will vote no to it in Parliament. Mr Christie criticised the FNM government and Prime Minister Hubert Ingraham for entering into an agreement to sell a majority ownership to a foreign entity when he had initially promised Bahamians that he would not do so. He noted that the government will approve the sale of 51 per cent Cable and Wireless when par liament convenes on Monday. It is a bad deal and we want to continue to repeat that position. This bad deal does not serve the publics interest and that is why it is so widely unpopular, Mr Christie said. He noted that the PLP would never have sold a majority stake in BTC, and never sought to do such a thing when it was in power. We were committed to maintaining majority ownership and we would certainly have not sold any part of BTC to an outfit like Cable and Wireless. We remain committed to those principles, Mr Christie said ata rally in Grand Bahama on Friday. Many have asked why the Prime Minister and his govern ment entered into such an objectionable financial arrangement for the sale of BTC, and why did the PM change his mind and decide to sell 51 per cent of BTC when he and the government had previously indicated that they would only sell a minority stake. Also speaking on the issue, Senator Dr Michael Darville said the FNM is selling one of the countrys greatest assets to a company that has one of the worst track records in the telecommunication industry. They are trying to sell BTC, one of our greatest assets for nickels and dimes," he said. Englerston MP Glenys Hanna-Martin stressed that BTC was built by the hands of Bahamians. She criticised the PM for selling a profitable Bahamian entity to a foreign company. He apparently did not appreciate that BTC, owned by the Bahamians people, has serviced this archipelago for generations and was built by the hands of Bahamians. "It is a Bahamian enterprise that is economically prosper ous, and a profitable entity, she said. PLP Leader Perry Christie said the pending sale of a majority shares in BTC contra dicts previous statements made by Mr Ingraham and his gov ernment. He said Mr Ingraham had indicated sometime ago that he would never sell the majority holding to anyone other than Bahamians. Mr Christie stated that the PM and his government does not have permission to sell BTC to Cable and Wireless. They do not have a man date to sell 51 per cent of the shares as he continues to say. Their manifesto of 2007 did not say they will do those things. And so clearly we argue that if he wants truly to get a mandate for those things he ought to call a general elec tion, Mr Christie said. L OCAL NEWS P AGE 2, MONDAY, MARCH 21, 2011 THE TRIBUNE Ready to Roll!Get Pre-Approvedfor the 2011 BMDA Auto Show Today! Flexible Terms Attractive Low Rates Low Monthly Payments Visit Scotiabanks Booth at the 2011 BMDA Auto Show March 25 26 Mall at MarathonVisit Any Scotiabank Branch Today!* Trademarks of The Bank of Nova Scotia. Trademarks used under authorization and control of The Bank of Nova Scotia. **VisitBranchfordetails.Minimumapprovedloanrequirementsapply. Offer expires April 30, 2011. Certain conditions apply. Christie:all PLP MPs, Senators will vote against BTC sale PLPRALLY GRANDBAHAMA FNMRALLY CLIFFORDPARK PM:LEADERSHIP WILL BE FACTOR IN 2012 ELECTION SEE page 10 POLITICALRALLIESDRAWTHECROWDS S UPPORTERS o f the FNM and PLP turned out in large numbers at the weekend for their parties political rallies in Clifford Park on Saturday (FNM above) and Grand Bahama on Friday (PLP below). Photo/ Tim Clarke Photo/ Gregory Christie

PAGE 3

By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net FREEPORT PLP Leader Perry Christie told party supporters here at a rally over the weekend that the Free National Movement government has been bad for the country. He noted that crime and unemployment are at their highest levels, and that the quality of life for Bahamians is worse now than ever before. We are absolutely convinced that the FNM government is bad for our country; our country has been on a steep downhill ride for the past four years. Things have never been so bad; people are suffering like never before and a major partof the blame falls squarely at the feet of the FNM, said Mr Christie. The pace of the PLPs campaign in Grand Bahama got off to a fairly good start on Friday e vening at PLP Headquarters, where PLPs, MPs and candidates addressed many pressing issues in the country. The poor economic state of Grand Bahama, the controversial sale of BTC shares to Cable and Wireless, unemployment, and crime were among the top o f the list. L Ryan Pinder, MP for Elizabeth; Glenys Hanna Martin,MP for Englerston; Fred Mitchell, MP for Fox Hill; Melanie Griffin, MP for Yamacraw; Shane Gibson, MP for Golden Gates; Cleola Hamilton, candidate for SouthB each; lawyer Gregory Moss, candidate for Marco City; Sen-ator Dr Michael Darville, candidate for Pineridge; and Philip Brave Davis, deputy leader of the PLP, were speakers at the rally. Taking the stage at 10.50pm, Mr Christie told supporters that t he general elections will be fought by the PLP not on per sonalities, but on the issues. The issues are more pressing and urgent now than they have been since the campaign for Independence nearly 40 years ago, he said. Crime and unemployment r ank at the very top of above all others. It has never been this bad on either front. Crime is going through the roof and so are unemployment numbers which continue to increase, especially here in Grand Bahama, he said. Mr Christie stated that the quality of life has deteriorated throughout the country and is worse now than it has ever been for most Bahamians, and even worse in Grand Bahama than anywhere else. There is an urgent need for economic recovery in the coun try, especially in Grand Bahama, he said. The PLP leader claims that Grand Bahama has been neglected and abandoned by the FNM government. So many of you have put your trust in the FNM in the last elections only to be cheatedas if you were rags to be discarded once the election was over. The FNM let you down. However you cut it, thats what it comes down to. The FNM betrayed your trust, shattered your hopes, and left you high and dry, Mr Christie said. Mr Christie said Freeport continues to sink deeper into economic despair as the result of the lack of vision and planning by the government over the past four years. This government has done nothing but sit on its hands while Freeport sinks lower into paralysis and economic collapse. This government has absolutely no vision for Freeport and they have no vision for the rest of Grand Bahama. Mr Christie stated that Freeport and Grand Bahama have been hung out to dry on the branches of lost and missed opportunities for the past four years. He claims that the Ginn Development in West End came to a halt under the FNM government, which he said is now working feverishly to bring the project back on track. Mr Christie indicated that the PLP government laid a secure foundation for the new development in a carefully planned and well thoughtout heads of agreement. Under the FNM it came to a screeching halt. Yes, there were external factors at work and Bobby Ginn has had his challenges, but we argue that there was a whole lot more that he (Ingraham leagues could have done to keep the project on track and keep it moving had they showna little more vision, foresight, interest, and dynamism. If they had handled it right, hundreds, if not thousands, would have been employed right now in the Ginn Development instead of swirling around in the deepening whirlpool of unemployment here on this island, he said. Senator Dr Michael Darville stated that nothing tangible has come to Grand Bahama. He claims that the FNM government has only created additional taxes and has implemented policies to destroy the middle class. Lawyer Gregory Moss also noted that jobs, such as road work projects that Bahamians are capable of doing, are being given to the Chinese. Mr Christie said ordinary Bahamians are struggling to make ends meet and cannot afford the cost of electricity, to buy groceries, shoes, and c lothes for their children. He also noted that Bahamians are losing their homes and being cast on the mercy of the streets. Bahamians are in desperate need for help around our country. There must be consideration on your part that this gove rnment has failed the Bahamian people in a very clear and miserable way, he said. Mr Christie promised that the next PLP government will make Grand Bahama its top priority. He urged Bahamians to be ready for a general elect ion soon. We have come here this evening to tell you to prepare yourselves for the next PLP government because we are going to win the next general election. And it is for me to remind you that the next general election could come early this year. LOCAL NEWS T HE TRIBUNE MONDAY, MARCH 21, 2011, PAGE 3 Christie: FNM govt has been bad for country PLPRALLY GRANDBAHAMA P LP LEADER P erry Christie speaks at the partys rally.G r e g o r y C h r i s t i e

PAGE 4

B y AVA TURNQUEST T ribune Staff Reporter aturnquest@tribunemedia.net FORT Lauderdale In an historic milestone for thec ompany, and the aviation i ndustry, Sky Bahamas Limi ted now boasts pre-clearance service to the US. Bahamians travelling on the private airline will not be required to have a visa, pro-v ided they have a valid passport and police record. Randy Butler, CEO of S ky Bahamas said: "We understand that times of depression is the best time tob e innovative and creative. There is definitely a market, people love coming to theB ahamas, people love the B ahamas. We know the only way to grow or get any place you want to go is to expand." Tourism and media repr esentatives flew to Fort L auderdale on Sky Bahamas' inaugural flight into SheltAir Aviation Services on Friday. Pr aised The private airport, praised for its concierge serv ices and intimate atmosp here, will host Sky B ahamas' charter services to a nd from New Providence, Grand Bahama, and Abaco. M r Butler said: "We are a scheduled airline, we have all of the authorities that the other big airlines have, wew ent through all the exact certifications all the other airlines had to go through. In s ome folks mind, unless you go through the pre-clearance to the US, you're not a reala irline. We understand b ecause we've been flying (to US) for the last couple of years." H e added: "As a private B ahamian airline, taking the mantle to go ahead and develop our islands, we have had some challenges in doing that from the various agencies, some that have reallyh elped us. We had to step out with a lot to go ahead and do this." S peaking on behalf of the M inistry of Tourism, Tyrone Sawyer, sports tourism director, commended Sky B ahamas for its dedication to servicing the family islands and customer service. M r Sawyer said: "We've w atched over the past three years, we've seen you go intoA baco, I got some of the Mortimer's mints on the plane. It's those soft touches, t hose little touches. We'd like t o see your company grow and prosper." Citing the air line's expansion into Cat I sland and Exuma, Mr Sawyer also highlighted thec ompany's impact on spreadi ng tourism throughout the B ahamas. Mr Sawyer added: "I find particularly heartening, as a B ahamian, is to see the level of quality the level of service that you have brought toy our endeavours it does a w hole lot to raise the stan dards that we're seeking to achieve for our country." P re-clearance services in Nassau will be chartered through Cash 'N Go, while scheduled services in Freeport and Marsh Harbour will commence April 1. R eferring to statements made by the government to improving accessibility to theB ahamas, Mr Butler said: We believe that if you really want to grow the tourism product, to grow the develo pment of the Bahamas, we're gonna have to build a bridge, a connection to theB ahamas. Develop I believe Sky Bahamas, as a wholly owned Bahamian c ompany, has that responsi b ility to help build and develop our country. We've l aunched as a business exercise of course and from all the numbers we've seen, we believe this is the right time and this is the season to l aunch this service." He added: "Nassau, Par adise Island is two per cent of t he tourism product or land mass of the Bahamas. We have 98 per cent of the B ahamas to go. So we like that, and we're encouraged that we're gonna go and find our niche in the other i slands." At the Lynden Pindling International Airport on Frid ay, persons cheered their s upport as the SkyBahamas logo and flight information was displayed at the interna-t ional terminal for the first time. Mr Butler said: "When the S kyBahamas sign went up, B ahamians came and hugged u s and gave thumbs up. It was a proud moment for us." A fter hearing the news report on the launch on the radio, Valentino Copa, headb oy at North Andros school, wrote: "I salute (Sky Bahamas on such a greata chievement. The sky for you is now, no longer the limit, you have soared to outer space and I am a proudB ahamian today." LOCAL NEWS T HE TRIBUNE MONDAY, MARCH 21, 2011, PAGE 5 THE National Development party yesterdayd enied that it is in any talks with the PLP or FNM with a view to amalgamation. The NDP further affirmed that its alliancewith the Workers Party is s trong and that they are s eeking to build alliances with all political entities whose heart beats for the future empowerment of the Bahamian people and a democracy that delivers o n the promises made to o ur forbears during the s truggle for majority rule. In regard to MP B ranville McCartney, or any of the members of the honourable House of Assembly, or candidates of other political parties who desire to join us in this great journey to vict ory, we welcome you. We welcome all who pledge their devotion and d esire to the deepening of the Bahamian democracy a nd to the broad base economic empowerment of our people, the party saidi n a press statement. The NDP said it has heard the cries of the Bahamian people who seek a healthy alternative to the two major parties, another choice other t han the PLP/FNM and w e will continue to build and prepare to meet their e xpectation and desire. Elections Let there be no doubt we will run in the next g eneral elections. We in the NDP and our allies will run in the next general election, ful-l y persuaded that as the Bahamian people continue to acquaint themselves with the NDP they will come to repose their confidence in us to lead this great nation into the mani fest destiny our forbears e nvisioned, the party s aid. Private airline now has US pre-clearance service W W e e k k n n o o w w t t h h e e o o n n l l y y w w a a y y t t o o g g r r o o w w o o r r g g e e t t a a n n y y p p l l a a c c e e y y o o u u w w a a n n t t t t o o g g o o i i s s t t o o e e x x p p a a n n d d . Randy Butler, CEO of Sky Bahamas NDP DENIES BEING IN TALKS WITH PLP OR FNM OVER AMALGAMATION

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By MEGAN REYNOLDS Tribune Staff Reporter mreynolds@tribunemedia.net THE grieving parents of a seven-year-old girl who was hit by a car while out on her bicycle in Kemp Road spoke out about their loss at a bike safety awareness event on Saturday. Kemp Road Urban Renewal Centre organised the event in memory of Tasheka Williams-Johnson, a third grade pupil at Uriah McPhee Primary School, who was hit by a car at around 4pm on February 7 and died a week later. Her mother Natasha Williams, 33, spoke out about her loss as she said the accident draws attention to the need to enforce traffic laws and highlight the importance of road safety for cyclists. Ms Williams was working at the British Colonial Hilton when her daughter was involved in the accident. Eyewitnesses told her Tasheka was bending down over her bicycle in the front yard of a property on the left side of the road when a car turned in and hit her. A crowd gathered and people made several attempts to call the emergency line before anyone answered the phone, and an ambulance arrived around an hour later, Ms Williams said. She next saw her daughter in the hospital, hooked up to a ventilator, and when she wentto comfort her, she was told to step back. "She was still breathing, my consoling would have helped," she said. "But they wouldn't allow that at all. From the beginning to the end I was totally frustrated. Injuries "She was in the hospital for a week before she succumbed to her injuries, and sometimesI would go in there and there was no one at the bed, and you can't ask questions because they don't want to tell you anything." Tasheka's death on February 13 should have sparked a homicide investigation, Ms Williams said, but she has had to hire a lawyer to put pressure on the police to investigate the cir cumstances of her daughter's death. Police at the Road Traffic Department have told her they believe her daughter was crossing the road when she was hit by the car and therefore they cannot bring manslaughter charges against the driver. But Ms Williams said the driver, who lives in Kemp Road and is from the area, called her two days after the accident and apologised. He told her he had been driving south on Kemp Road when he saw a Jitney in front of him and he tried to brake, but his brakes failed, and he turned into the property on the lefthand side of the road when the accident hap pened, she said. Ms Williams believes he was driving without insurance or a valid permit and suspects he was travelling faster than the 25mph speed lim it when he the accident occurred. However, police have told her that according to their investigations, they can only bring charges against him if he were driving with out a licence and insurance. As children from the Kemp Road area learned about bike safety in the City Market parking lot on the corner of Village Road and Wulff Road on Saturday morning, Ms Williams said she supports road safety education and the need for children to wear helmets and reflective gear when cycling on the road. However, she also called attention to the fact there were two people involved in the collision that cost her daughter's life, and rules of the road should also be enforced for drivers. She is grateful to have the support of her community as she calls for an investigation into Tasheka's death and for improvements to be made in Kemp Road by creating more sidewalks and clamping down on traffic violations as children frequently play outside and wander into the streets. Strong She said: "I have been comforted and I understand that the Lord has her, but the fact that I don't have her anymore It's just anger that has me now. I'm not an emotional person, I am strong and I take a lot of things, but I'm so angry at life itself, that something like this could happen. "For a child to be like an animal that you knock down in the road and nothing happens and it's not just my child it could happen to. "I don't think it's fair that a country that's supposed to be so loving could let something like this go. "I have to go through this all the time, it's hard. But knowing my baby, the type of person she was, she was such a sweetie, everybody loved her. "It wasn't easy and it still isn't easy, it's something I am getting used to slowly, but surely. "It's memories actually keeping me going, I have such good memories over her." Tasheka's father Shane Johnson, 31, said: "I want justice for everybody, because I don't want it to happen to anyone else, and I want justice for my little girl. We can't let it go just like that, that's a whole life they took away, they can't just say it was an accident and that's it. The law is supposed to be for the people." Police went out to support the bike safety awareness event, as staff from Cycles Unlimited demonstrated the use of safety gear with representatives from the Sunshine Pilot Club of Nassau, a nonprofit organisation dedicated to the prevention of brain injury by educating children. Cycles Unlimited assistant manager Eddie Butler said: "We advocated that you must weara helmet when cycling. Safety first, and everything else comes afterwards." Reflective gear is available at Cycles Unlim ited store in Mackey Street for less than a dol lar. Helmets retail for around $25 for children and $35 for adults. Kneepads, elbow pads and other protective gear is also available. LOCAL NEWS T HE TRIBUNE MONDAY, MARCH 21, 2011, PAGE 7 Grieving parents highlight importance of road safety T ASHEKA WILLIAMS-JOHNSON w as hit by a car at around 4pm on February 7 and died a week later.

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By THE FREE NATIONAL MOVEMENT WERE Perry Christie and the PLP in office when the recent global economic meltd own occurred, The Bahamas would have experienced a double crisis. The worst economic crisis in generations would have been made more severe by the incompetence and indecisiveness that characterize Mr. Christie's leadership. The next general election will be fought on the issue of leadership. The choice is clear.In good times Mr. Christie brought the country to a near full stop. In difficult times Hubert Ingraham rescued the Bahamas from the economic crisis and is moving The Bahamas in a new and better direction. Effective leadership takes advantage of good times and effectively navigates through bad times. If Perry Christie could not take advantage of good times, he would have been a colossal disaster over the past five years. The Christie administration was marked by endless scandals and an inability to complete projects left in place by the FNM. As the Prime Minister said at Clifford Park last night before thousands of FNMs, The Bahamas would have been much further ahead had the PLP not stopped or cancelled road works and a host of other FNM initiatives. In difficult times the Ingraham administration launched the most ambitious infrastructural programme in Bahamian history. It extended social protection in the form of unemployment benefits and the largest increases in social assistance in generations. Hubert Ingraham and the FNM created a prescription drug benefit that is providing life-saving medicine to thousands. It is one of the greatest advances in health care in Bahamian history, and along with the unemployment benefit, are major advances in social justice and social development. Bahamians know from bitter experience that under the PLP, the country was moving in the wrong direction. Ironically, in better economic times from 2002 to 2007, the country was actually worse off in significant w ays. Mr. Christie's failures were e xtraordinary. It was a matter of both his disastrous decisions and what he failed to do. He was prepared to sell BTC on credit and allow the phantom Bluewater to walk off with $100 million of BTC's cash. At Baha Mar Mr. Christie gave away cheaply Bahamian l and and negotiated much less of a deal than Prime Minister Ingraham who saved Bahamian patrimony and land. Mr. Ingraham saved taxpayers tens of millions of dollars in concessions and expenditures that Mr. Christie happily gave away while getting less in return. M r. Ingraham ensured that the value of works for Bahamian contractors was increased from $200 million to $400 million. He insisted on Bahamians working on the core project and having greater training opportunities. The Baha Mar project moved in a better direction because of Hubert Ingraham and the FNM. Mr. Christie presided over the borrowing of $800 million with precious little to show after five years. The Christie administrations failure to complete t he New Providence Road Improvement Project has cost the country $50 million in additional dollars needed to complete the work as a result of rising oil costs. Even out of office, the PLP is content to let the country stagnate rather than move forw ard. This is what they are doing in opposing the partnership to create a new BTC. They are set to vote against a transformed telecommunications sector with more cutting-edge technology and more competition which will usher in less expensive and expanded serv ice. Lest we forget, this is the same PLP who picketed and protested the sale of Government owned hotels in the early 1990s. Ten years later they were offering the Government owned Cable Beach for sale after they saw the success of the FNM's hotel privatization programme. The Opposition also voted to stop progress by voting against the new Gateway Road Project which will be an impressive entryway to a transformed N ew Providence and what will be a revitalized City of Nassau. In voting against the new four-lane highway, the PLP: Voted against a project that will transport millions of tourists to Baha Mar and Atlantis, voted against jobs for Bahamians, and voted against clean water and b etter water pressure for the residents of Fox Hill, Marathon, Sea Breeze, Elizabeth, Montagu and other areas of eastern New Providence. The choice is clear. It is Hubert Ingraham and the FNM's trusted and tested leadership that is moving the B ahamas in a new and better direction, amidst difficult times. In Government and in Opposition, the PLP has demonstrated that they are yesterday's news. The PLP is the party of failure rather than help. It actively seeks to encourage fear among Bahamians rather than inspire hope. They are the party of failure and fear! The FNM, in moving the country in a better and new direction, is the genuine party of hope and help. PAGE 8, MONDAY, MARCH 21, 2011 THE TRIBUNE 'HSUHVVLRQ LVWKHPDVWHU RIGHVWUXFWLRQWRWKHVRXO 7KHUHIRUHVWRSZRUU\LQJ DERXW\RXUSUREOHPVWLPH ZLOOWDNHFDUHRIWKHP +HQFH \RX ZLOO OLYHORQJHU a4WffkFSk^ad a Bahamas moving in a new and better direction! O PINION By Mike Lightbourn WHEN you tell friends and family youre going to buy or sell a home, and they ask, Why are you working through a real estate agent when you can just use the internet, how will you respond? Your first answer should be that you n eed to have a professional handle all the paperwork arrange for appraisals, inspection reports, need someone to take care of your legal work (unless you have your own lawyer)... theyll get the pict ure. You could describe your BREA agent s knowledge about the particular area zoning (if necessary etc...You want to know that the locationo f your potential home will hold resale value for the future and that there are no unexpected nuisances that could arise (a potential change of zoning of nearby properties, for example). T ell them theres more to advertising than print media and websites, and that your BREA agent will be more likely to find a buyer instead through their relationships with other agents and past and current clients. Not to mention the fact that you dont want complete strangersv isiting your home especially in this day and age and youre more comfort able knowing that your agent should have screened and qualified potential purchasers (this is not always possible, u nfortunately). And once youre on either side of an o ffer, you trust your BREA professionals ability to negotiate successfully on your behalf. Y our final argument might be that most people may buy or sell a handful of homes in their lifetime, but your BREA agent has been successful on numerous o ccasions, on both sides of the transaction. Case closed! ( Mike Lightbourn is president of Coldwell Banker Lightbourn Realty). Real Estate:Case closed

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By SIR RONALD S ANDERS (The writer is a Consultant and former Caribbean diplomat) T HE devastating earthq uake and Tsunami in Japan will have mixed effects on the Caribbean. Even as the region like the rest of the world looks at Japan with the greatest sympathy for its l oss of life and damage to p roperty, it is evident that t he Caribbean generally w ill suffer adverse conseq uences, but there will be a n opportunity for some countries. March 11th, 2011 will l ive forever in the minds of the people of Japan. The Tohoku Pacific earthquake that hit the country was the s trongest ever recorded in Japan and it triggered a Tsunami of immense prop ortions killing tens of t housands of people and d estroying property estimated, so far, at a value of$ 200 billion. T he horrific videos transmitted worldwide, as the walls of waves rose and fell crushing everything before them and racing unhindered through streets and over buildings, will live for a long time in the mem o ries of everyone who wit nessed them. The scale of damage was simply unimaginable. A s this commentary is being written, Japans woes are far from over. Dam aged nuclear reactors are e mitting radiation that is sure to affect people within its harmful radius, and thea dded danger exists that at l east one of them the Fukushima nuclear plant might pose even greater threats. 200,000 peopleh ave already been evacu ated from around the area and radiation levels rose ont he outskirts of Tokyo, 135 miles (210 kilometres the south, with a popula tion of 30 million. The scale of human suffering is already great. Injured survivors, children and elderly are crammed into makeshift shelters, often without medicine. Reuters reports that the Japanese Red Cross has deployed about 90 medical teams who are trying to provide the basics in care for 430,000 people in remote towns spread along the coast. But, bad as all this is, Japan will rebuild and willbe better able to cope with major earthquakes in the future. Unlike small islands and coastal states, such as those in the Caribbean and Pacific, Japans economy has the resilience to recov-er quickly even from a disaster of this magnitude. The negative impact on its economy will be large in the short-term, but once rebuilding starts, the economy will grow and people now in shelters will return to newly built homes. Japan is still the third largest economy in the world and despite its already high debt levels, financial markets are likely to take the view that the country is too big to allowit to fall. The constraints that both the commercial financial market and international financial institutions place on small countries, faced with propor tionately similar disasters, will not apply to Japan. The Organisation for Economic Cooperation and Development (OECD which Japan is a leading member, has already stat ed: While disasters reduce economic activity in the short run, subsequent reconstruction efforts tend to boost output growth. The Japanese government has started discussions on r econstruction measures. A t present, fiscal resources a ppear limited to the r emaining 0.2 trillion yen (0.04 per cent of GDP reserve fund in the Fiscal Y ear 2010 budget and the 1 .1 trillion yen (0.2 per c ent) reserve in the Fiscal Y ear 2011 budget. Howeve r, supplementary budgets t o finance reconstruction efforts will expand available fiscal resources. The financing of reconstruction has already started. The Bank of Japan has pumped about $250 billion d ollars worth of liquidity into the Japanese economy in the immediate aftermatho f the Tsunami. So what effect will the c atastrophic events in Japan have on the rest of t he world, including the C aribbean? Global economic experts say that J apan has not been an engine of global growth for some time, and this means that the impact of much lower Japanese growth ont he world economy, during this period of devastation, w ill probably be limited and small. One immediate effect has been a drop in t he cost of oil as Japans demand during this period declines. But, it will be a short-lived drop, and thep rice of oil will rise again a s Japanese demand increases in its rebuildingp rocess. C aribbean economies should, therefore, be preparing themselves for increases in the price of oill ater in the year. This problem will worsen particularly because of the nervousness that has now developed in Japan over its nuclear power plants. Reports indicatet hat roughly 10 per cent of e lectricity generation capacity (both nuclear and coal) may be off line for af ew months, until oil and gas fired plants are ramped-up. But, ramp-up they will and so will the price of oil. As for trade, some Caribbean economies might actually benefit froma short-term reduction in imports of Japanese motor vehicles, spare parts, computer equipment, cameras and entertainment systems. Some of the factories have had to close temporarily because of the closure of electricity generating facil ities. It is in the area of aid that Caribbean countries will feel the pinch of Japans problems. The J apanese governments finances will be stretched for the next three to four y ears at least. It is reasona ble, therefore, to expect t hat the government will divert money it had allo-c ated for aid to Japans d omestic needs. That aid money worldwide very s ignificant for the Caribbean in the decade of the 1990s had been declining since 2002 when a government Task Force d efined aid not simply as a m eans of helping the poor, but as the political key to e nsuring a stable internat ional environment for J apan. In 2003, Japan slashed its aid budget. Further cutsa re bound to affect the few Caribbean countries that receive any substantial Japanese support. I t will be interesting to see if Eastern Caribbean countries attend the International Whaling Commis-s ion meeting in July this year. Allegations have been m ade that Japan pays for the participation of these countries, and provides fisheries refrigeration facil i ties, in return for their supp ort of Japanese whaling. For some countries of the Caribbean Community (CARICOM rebuilding requirements also present an opportunity. Guyana and Surinamec ould sell forestry products and Trinidad and Tobago could export cement and asphalt. Hopefully, the private sector companies involved in these construction materials will quickly investigate the market. In the meantime, CARICOM should also explore what meaningful albeit relatively small financial contribution it can make (maybe through the International Red Cross) to help ease the suffering of the affected Japanese people. The world is now closely inter-connected. Today it is Japans Tsunami, tomorrow it could be ours. Responses and previous commentaries at: www.sirronaldsanders.com T HE TRIBUNE MONDAY, MARCH 21, 2011, PAGE 9 Break away from the ordinary and discover how to experience life to the fullest. The Isuzu D-MAX is the ultimate multi-purpose pick-up truck which enables you to drive through tough roadsand load a variety of cargoes. It is specially designed to be powerful, stylish and highly functional. The Isuzu D-MAX is one toughvehicle that willnever let you down!T H E I S U Z U D M A XPOWERFUL COMFORTABLE VERSATILE T YREFLEX S T AR MO TORSCall us today for your new IsuzuD-MAX Pick-UpTruck at 325.4961Wulff Road, P.O. Box N 9123, Nassau, The Bahamas Fax: 323.4667 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 OREGONNEXT STEPS FOR CREATING A COLLEGE AND CAREER READY CULTUREThe rapidly changing world offers tremendous opportunities for The Bahamas to grow and thrive as a nation. Every Bahamian has a role in charting the path, including teachers, business leaders, community members, parents and students. This session will discuss the next steps in developing a culture of college and career readiness in the home, school, and community. Thursday, March 24th, 2011 7:00 pm 9:00 pm INDEPENDENCE BALLROOM B SHERATON NASSAU BEACH RESORT, WEST BAY STREETAdmission is free of charge and there will be a question and answer sessionRSVP T 362 4910 or email speakerseries@lyfordcayfoundation.orgCOLLEGE CONNECTIONS THE SPEAKER SERIESBuildingTomorrowToday Japans tragedy: Caribbean consequences WORLDVIEW SIRRONALDSANDERS TWO JAPANESE soldiers stop to look at a ship which was blocking a road which their men were trying to clear in the earthquake and tsunami destroyed town of Onagawa, Miyagi Prefecture, northeastern Japan Sunday. (AP

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L OCAL NEWS PAGE 10, MONDAY, MARCH 21, 2011 THE TRIBUNE Mailboat Association in the construction, management and operation of the new port at Arawak Cay. We provided the land and we and the private sector are providing the financing required for the construction. The private sector companies will initially own 40 per cent of the new Arawak Cay Port and the Government 40 per cent and initially 20 per cent will be made available to the Bahamian public. By November of this year the government and the private companies will each reduce their holdings by 10 per cent in order to make them available to you, the public. The shares will be offered at the same price we each paid plus expenses for the share offering. If you ever heard about a good deal, this is a good one indeed. Eventually 70 per cent of the shares at the port will be held between the government and individual shareholders, Mr Ingraham said. PM ACCUSES OPPOSITION OF PROMOTING FEAR, UNREST PRIME Minister Hubert Ingraham is accusing the Opposition of promoting fear and unrest in the country. Speaking at the FNMs mass rally at Clifford Park on Saturday night, Mr Ingraham said he wishes to warn the Bahamian people not to be provoked during upcoming election campaign season by statements the PLP makes. I told you once before, they (the PLP ple. But dont let them provoke you. They are desperate and they will say and do all manner of things. Desperate people say and do desperate things, Mr Ingraham said. He said that the PLPs record in government was so dismal that they have convinced themselves and are seeking to convince the public that what the FNM has accomplished over the last four years is mostly a result of what they put in place while in office. They are promoting fear and even unrest. We also have a better vision than they do for the Bahamas. We deliver what we promise, the prime minister said. Mr Ingraham said that because the PLP cannot run on their record and cannot run against the FNM's record, they will seek to tear the government down. "The good we do, they say is theirs LPIA, Baha Mar, the Straw Market, the National Stadium name it, according to them its all theirs. They are bold faced people," Mr Ingraham said. FROM page two PM: leader ship will be factor in 2012 election t ive Unit, reported that three men were fleeing from police after a shooting incident at the Asue Draw webshop on Sixth and Crooked Island Streets. The culprits opened fire on the officers as they gave chase. The three men w ere attempting to escape the area in a g ray Nissan vehicle. The chase ended at the corner of Sixth Street and Poinciana Avenue where thehome of Mrs Pratt is located. One of the men jumped into Mrs Pratts backyard and scrambled up onto to h er roof from where he shot at police w ith a high-powered weapon. A second man, assumed to be the getaway driver, was parked in a car right next to the Pratt home. Mrs Pratt saids he believes she noticed the man sitting on a wall next to her house that morning but had thought nothing of it. The man in the car also became the target of police fire, according to eyewitn esses. At the time of the shooting, around 1 2.10pm, Mrs Pratts daughter-in-law Sherelle Pratt and granddaughter Pey ton were in the house. S herelle Pratt told T he Tribune t hat her daughter was in the TV room when s he heard a loud boom. I assumed the television had fallen on h er, she said. Rushing into the room, Sherelle Pratt soon realised that the cause of the noisew as a fire exchange between police and men outside the house. S he quickly ensured that she and her d aughter were out of the line of the fire. S herelle Pratt said that one of the bullets flying between the gunmen and police was accidentally shot through the wind ow of the TV room. That bullet just narrowly missed her daughters head and ricocheted around the room. Im only glad that she (Peyton sitting down at the time and not standing u p in the chair as is her habit, Sherelle P ratt said. A sst Commissioner Gomez confirmed that one bullet went through a window on the western side of the house. However, he said police could not say at this time ift his bullet originated from a police weapon or from a firearm used by one of the culprits. S herelle Pratt said that she feels that p olice were not careful enough when they started firing at the armed robbers. She said the police were aware of her p resence in the house, as she had been the one to alert them to the culprit in theb ackyard. She felt they should have acted w ith more caution. S he added that she heard the man sitting in the car at whom police were shooting shout that he was unarmed. A ddressing the shooting at Mrs Pratts house yesterday, PLP leader Perry Christie said that this incident is yet anoth e r example of innocent bystanders being c aught up in violent crimes in the Bahamas. What happened to Mother Pratt is a warning to all of us. It is not good enough for the Minister responsible for National Security to believe that crime is limited tod omestic disputes and to people who are fighting a drug war. All of us are potential victims in this country and that is why there is a great need for the people of this country to understand that this government has f ailed in the policies that they have not i mplemented, he said at a press confere nce at PLP headquarters. He again faulted the Ingraham administration for abandoning and then bastardising the PLP's Urban Renew-a l Plan and later removing police officers from the public schools all moves he believes have led to escalating crime leve ls. They made a mistake, a terrible mistake, and this country is suffering as a result of it. F ollowing the shooting, Sherelle Pratt said she broke down and lost her mindd ue to the narrow miss she and her d aughter had had. S he said she is now concerned for the safety of her mother-in-law. These are people she has been fighting a gainst and has been striving to protect others from, now they have turned towards her, who is going to protect her? P olice last night had two of the three s uspects in custody, one reportedly injured, and were questioning them in connection with the incident at the webshop and the shooting at Mrs Pratts home. They had also recovered a high-powe red weapon. The third man remains at large. a t detractors of the looming privatisation of BTC. This is a good deal for the Bahamas and Bahamians. BTC shares will be a good buy for you. So I tell you now, when the shares are offered for sale, buy some for yourself and for your children. Papa will be buying some for his two grand-boys and little granddaughter. Take my advice on this, Mr Ingraham told the rally crowd. We will have regulations i n place to ensure that these s hares are widely owned and not concentrated in the h ands of a few shareholders; p ublic officers and BTC e mployees would be able to pay for a part of their shares by salary deductions, hes aid. For those worried that government is selling a national asset, Mr Ingraham stressed that even after privatisation, BTC will mostly be managed by Bahamia ns while government will be a ble to veto the company's p olicies as they see fit. BTC is not going anyw here. Following privatisat ion BTC will be mainly run by Bahamians, serve mainly the Bahamian public, it's employees will be almost all Bahamians, and it will seek to remain the communications provider of choice for B ahamians, even when full competition arrives. At privatisation the government will maintain a 49p er cent stake and veto pow e r in a number of matters to protect the interests of the Bahamian people, MrI ngraham said. The prime minister also took the opportunity to address BTC employeesd irectly. And I say this honestly to the workers at BTC we have got your back. That isw hy we negotiated two more years of mobile monopoly to ensure your jobs are pro t ected for the next two years even though that will mean less benefit to the rest of us for a short while. We dont just talk and promise, we actt o protect your interest and the interest of all Bahamians. We value and honour a ll that is Bahamian, he said. Selling BTC is just the latest move by government in divesting itself of public assets. Just as the FNM ended the state monopoly on the broadcast media, the days of government control and d omination of the telecomm unications industry are over. And you know it. You no longer need BTC to talk to your children, family members or friends who are abroad. You can do that through your computers. A modern 21st century B ahamas needs a cuttinge dge telecommunications sector with high speed internet service, better and less expensive cellular service, reliability and more afforda ble rates on other services. W e need this for Bahamian c onsumers and businesses, a nd international travellers a nd business people coming to the country, Mr Ingraham said. T he prime minister said he is aware that there are a lot of half truths and distortions being told about the p artnership the Government is entering by privatizing BTC. These distortions are of c oncern to some people. I w ant to say that we have listened to and heard your concerns. We do not dismiss w hat you say. We are acting to protect the interest of the m ajority of Bahamians and to ensure that BTC maintains its value for its owner,t he Government, its employees and indeed the Bahamia n people, Mr Ingraham said. One day the PLP will tell u s why they were privatising BTC and agreeing to sell 49 p er cent of BTC to foreigners with management controlw hose lawyer was the PLP D eputy Leader Philip Lil Brave Davis, he said. Addressing the question w hy the Government is now selling 51 per cent instead of 49 per cent or less, Mr Ingraham said that they could nota nd did not attract any international telecommunications operation willing to buy less than 51 per cent of BTC. If we could have, we would have. After all, that was our original intent. A strategic partner today wantst he certainty that he can con trol those business decisions that impacts upon profitabil ity regard being had to the l evel of investments he makes. Purchasing 51 per cent does this. Having a part n er who owns 51 per cent e nsures that he is fully vested and will work to ensure that the company succeeds because any losses will be 51 per cent to his account. This is important when facing fierce competition, he said. SEE PAGETWO Shooting terror at the home of Mother Pratt F ROM page one CYNTHIA MOTHER PRATT holds a photograph with a bullet hole in it, in her home yesterday. PRIME MINISTERENCOURAGES PUBLIC TO BUY SHARES IN BTC FROM page one

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L OCAL NEWS PAGE 12, MONDAY, MARCH 21, 2011 THE TRIBUNE &DULEEHDQ%RWWOLQJ&R%DKDPDVf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f/WG 3 1DVVDX%DKDPDV 2UE\HPDLOWR PDUNHWLQJ#FEFEDKDPDVFRP however, she was allegedly paid $650,000 by an LNG company that wanted to lay gas pipelines in Grand Bahama. Last night, Mrs Maynard-Gibson said the prime m inister's "attacks" are an attempt to shoot the messenger while distracting the public from alleged c onflict of interest and illegal transactions between the Bahamas National Trust and the developers of Bell Island. "The PLP in the House voted against the Airport Gateway Road Project they said they didn't want the Chinese working on it. What they didn't tell you is that the China State Construction Com-p any has a lawyer, the lawyer is the Lead PLP in the Senate Allyson Maynard-Gibson," said Mr I ngraham at his party's first mass rally of the year at Clifford Park. "I heard Allyson Maynard-Gibson the other night on television in the Senate saying that the owner of Bell Island who gave a donation to the Bahamas National Trust caused them to sell the birthright of the Bahamas. First of all the National Trust is a very good institution. .what Allyson could have said was she got $650,000 from the p eople who wanted to put LNG gas down in Grand Bahama. And she was hanging around waiting for it to become a million and that ain' selling birthright? But up in Bell Island is sellin' the birthright? Chile please!" In a statement last night, Mrs Maynard-Gibson claimed the developers of Bell Island gifted the BNT with $1 million for development approval and a sub-lease of protected land in the Exuma National Land and Sea Park. She added that she has not been accused of anything illegal. "The attack is a smoke screen to distract from the issues of possible illegality, impropriety and conflict of interest in the Ingraham government." Meanwhile, at a press conference yesterday afternoon PLP leader Perry Christie called on the nation's chief to share how much money members of his Cabinet specifically Attorney General John Delaney and Immigration Minister Brent Symonette have made in their private lives while holding public office. "The prime minister must tell me how much money Higgs & Johnson, the lawyers for Cable & Wireless and BTC the attorney general (was a partner in that firm). How much money are they making out of the deal? "If you want to tell me how much money people are making with a view to it being constructive so we can change the system to protect the integri ty of the system then tell me how many millions of dollars Brent Symonette has made since the FNM came to power in 2007," Mr Christie said. SEEPAGETWO times. The victim then fled the area, but collapsed at the junction of Fourth Street a nd Palm Tree Avenue. Police last night said they were following significant leads into the matter. Less than an hour after the murder, police were called to the stabbing of a 22-year-old man at Coral Harbour. U pon arrival at his home, the victim was attacked by two men who got out of a red Nissan Sentra. The Coral Harbour resident was takento hospital by a private vehicle. He was treated for multiple stab wounds and discharged. T hen, shortly before 5am, a 25-year-old was shot multiple times after a fight broke out with a group of men at Magic City Night Club. According to reports, the gunshots were fired after the men were asked to leave. O n Saturday, a 21-yearold was shot multiple times i n his face after getting into an argument at East Street and Soldier Road. The victim was with another man in a black Nissan Altima when they were fired on by the occupants of a darkc oloured 2003 Nissan Maxima around 9.30am. The vict im, a Farrington Road resident, was taken to hospital by private vehicle. Investigations are also continuing into the discovery on Saturday of human remains, believed to bet hose of a woman, at Kisskadee Drive, off West Bay Street. Police discovered the decomposed bodyat around 4.35pm in a bushy area. Police said they are uncertain of the circum stances surrounding this inci dent. mum on specifics, Assistant Commissioner Glenn Miller assured The Tribune that officers will be on Bay Street in "full force" to contain or prevent any possible violence. Members of the two unions that represent BTC workers, the National Trade Union Congress of the Bahamas, opposition supporters, the National Development Party, the Workers' Party and Blackfood a black liberalisation group are all expected to protest today. Last month, a crowd of around 500 took to Rawson Square as the House of Assembly met, at times becoming rowdy. At one point incensed protesters pushed back police barricades and some were struck with police batons. President of the Bahamas Communications and Public Officers Union Bernard Evans, who is marshaling members to protest today, said the RBPF's methods are harsh and sends the wrong message. "I've seen the barricades. I think that's what really infuriating people, when you expect a peaceful demonstration and see the measures they are putting in place as if they are expecting some sort of violence," said the union leader, whose group will convene in Clifford Park before c onverging in Rawson Square. Despite police presence, his members are committed to protesting the sale throughout the duration of the House of Assembly debate. Mr Evans added that the prime minister's assurances on privatisation, made at a mass r ally over the weekend, fell on deaf ears. He said due to successive government investments in BTC the company is already on the verge of rolling out new technology and services that the FNM boasts will be offered by CWC once the sale is complete. He added that the $210 million the public purse will get from the sale is only a fraction o f the revenue a profitable BTC could give over the coming years if the majority shares were not sold to a foreign company. Meanwhile the National Development Party also criticised Mr Ingraham latest remarks over the deal. (Mr Ingraham to craft convincing evidence as to why Bahamians should not own the majority shares in BTC in a privatised and liberalised telecommunications environment." On their website, the organisers of Blackfood called on Bahamians to fight the imperialism the sale of BTC represents. The government's decision to privatise BTC is in support of the agenda of the imperialist countries (like da, the US and the UK to control all of the resources of the world while they dominate millions of people politically and economically. We know that Africans in the Bahamas no longer want to be exploited by Europe or North America and we have decided that the road to selfdetermination is the only way to freedom and true democracy." senator in his party will vote against the $210 million sale to Cable and Wireless Communications. He called on members of the government who may disagree with the transaction to break rank and stand up to the nation's chief. "Today Im calling on the FNM members of Parliament come on, now, show some courage. Do the right thing," said Mr Christie, flanked by the m ajority of PLP MPs, at a a press conference at his party's headquarters yesterday. "You know in your hearts this deal stinks. Your constituents, the people youre obligated to represent, know its a bad deal. Stand up to Hubert for once, show some courage. The peo-p le of the Bahamas will be watching this vote carefully. They are going to be looking to see which MP has the guts to do whats right." Last week senior members of the FNM said they did not expect any member to vote against the sale but could nots ay conclusively if undecided Bamboo Town MP Branville McCartney had made up his mind. "There are no FNM Parliamentarians who will vote against the BTC sale with the exception of Branville McCartney, our caucus is 100 per cent in agree m ent for the sale with that one exception," said an FNM parliamentarian. During his term as prime minister, Mr Christie had nearly finalised a deal to sell 49 per cent of BTC to Bluewater Ventures. Government is selling 51 per cent to CWC. Mr Christie said the key distinction in policy between his party and the Ingraham administration lies in this two per cent difference. "The FNM likes to talk about Bluewater. But heres the most important thing about Bluewater 49 per cent. Just two little percentage points but they tell you everything you need to know about the difference between our parties and the deals we make. This government is selling a Bahamian asset to non-Bahamians, we would have contracted for foreign expertise in telecommunications but kept majority control of a strategic asset in Bahamian hands." The opposition leader claimed that the technological advances expected to come from the sale to CWC could still happen if they chose to sell a minority stake. "Selling 51 per cent represents a grand betrayal of our patrimony, of our rights. The FNM says this is the best they can do well, your best is not good enough its not even close," said Mr Christie. SEE PAGESTWO ANDTHREE FROM page one Christie F ROM page one M EMBERS o f the FNM at Saturdays convention.Photo/ T im Clarke PM:PLP SENATOR BENEFITTING Barricades F ROM page one MAN DIES AFTER B ARBER SHOP KNIFE ATTACK F ROM page one

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WASHINGTON Associated Press THEU.S. claimed initial success two days into ana ssault on Libya that included some of the heaviest firepower in the American arsenal long-range bombers designedfor the Cold War but A merican officials on Sunday s aid it was too early to define the international military camp aign's end game. T he top U.S. military officer suggested that Libyan strongm an Moammar Gadhafi might stay in power in spite of the military assault aimed at protecting civilians, calling into question the larger object ive of an end to Gadhafi's e rratic 42-year rule. Other top U.S. officials have suggested that a weakened and isolated Gadhafi could be ripe for a coup. A second wave of attacks, m ainly from American fighte rs and bombers, targeted L ibyan ground forces and air defenses, following an opening barrage Saturday of sea-l aunched Tomahawk cruise missiles. Pentagon officials said they were studying the extent of damage done and t he need for further attacks. One senior military official said the early judgment wast hat the attacks had been h ighly successful, while not f ully eliminating the threat posed by Libyan air defenses. The official spoke on condition of anonymity to discuss intelligence data. The systems targeted most c losely were Libya's SA-5 surf ace-to-air missiles, Russianm ade weaponry that could pose a threat to allied aircraft many miles (kilometerst he Libyan coastline. Libya has a range of other air defense weaponry, including portable surface-to-air missiles t hat are more difficult to eliminate by bombing. Sunday's attacks, carried o ut by a range of U.S. aircraft including Air Force B-2 stealth bombers as well as Marine Harrier jets flying from an amphibious assault ship in the Mediterranean d emonstrated the predomin ance of U.S. firepower in the international coalition. By striking Libyan ground forces,c oalition forces also showed that they are going beyond them ost frequently discussed goal o f establishing a no-fly zone o ver the country. Threat U .S. missiles and warplanes were clearly in the lead Saturday and Sunday, but U.S.o fficials say the plan remains for the U.S. to step back once the threat from the Libyanm ilitary is reduced. Although the mission was predicated on Arab support, there was no reported Arabp articipation in the military strikes. Adm. Mike Mullen, chairman of the Joint Chiefs o f Staff, said Qatar would be "in the fight" in the next day or two after moving unspeci f ied military aircraft to within s triking range. A call by the Arab League last week for a U.N. Security Council resolu t ion authorizing a no-fly zone was a major driver of U.S. support. President Barack Obama, traveling in Brazil, held a conference call Sunday with top national security officials, i ncluding Secretary of State Hillary Rodham Clinton, Defense Secretary RobertG ates and Army Gen. Carter Ham, the U.S. general running the air campaign on what U .S. officials have suggested is a temporary basis until an a llied power can take over. Gates had planned to fly to R ussia on Saturday but d elayed his departure for a day so that he could be in W ashington to monitor the operation's launch. V ice President Joe Biden d iscussed the military action b y phone Sunday with the p rime minister of Algeria and the emir of Kuwait, the White H ouse said. P ressed repeatedly to e xplain the mission's object ives, Mullen said in a series of interviews on the Sunday talk s hows that the main goal is to protect civilians from further violence by pro-Gadhafif orces, while enabling the flow of humanitarian relief supp lies. He said the first step imposing a no-fly zone had been achieved, with little worry of Gadhafi shooting down allied patrols. But it was u nclear how long the military effort would go on, or on what scale. I think circumstances will drive where this goes in the future," the admiral said onA BC's "This Week." ''I wouldn't speculate in terms of length at this particular point in time." He said early resultsw ere highly encouraging, with no known U.S. or allied losses and no reported civilian casu a lties. "We're very focused on the limited objectives that thep resident has given us and a ctually the international coalition has given us, in terms of providing the no-fly zones o that he cannot attack his own people, to avoid any kind of humanitarian massacre, if you will, and to provide for t he humanitarian corridors, humanitarian support of the Libyan people," Mullena dded. Asked whether it was pos sible that the military goals m ight be met without Gadhafi being ousted, Mullen replied," That's certainly potentially one outcome." He described t he Libyan strongman as more i solated than ever, adding that Gadhafi is "going to have to m ake some choices about his own future" at some point. T he prospect of Gadhafi r emaining in control of at least a portion of the country raises q uestions about how far the Obama administration and its E uropean and other partners a re willing to go with military f orce. Clinton said on Saturd ay that although ousting Gadhafi is not an explicit goal o f the campaign, his depar ture might be hastened as the conflict continues. Gadhafih as ruled Libya for more than 40 years. Resolution C linton said enforcement of the U.N. Security Council res olution that called on Gadhafi to cease firing on his own peo p le will "make a new environment" in which people close to Gadhafi might turn againsth im. "The opposition is largely led by those who defectedf rom the Gadhafi regime or who formerly served it, and it is certainly to be wished for that there will be even mores uch defections, that people will put the future of Libya and the interests of the Libyan p eople above their service to Col. Gadhafi," she said. If the ultimate outcome of t he military campaign is c loudy, so is the command arrangement. The Pentagon said on Saturday that it is ledb y Ham, who as head of U.S. African Command is responsible for U.S. military opera-t ions in Libya and much of the r est of the continent. Officials have not said much about the plan to hand off responsibility for the military operation d ubbed Odyssey Dawn to some other unspecified coun-t ry or coalition. Libya's claims of civilians a mong the dead from the s trikes appeared to make Arab countries nervous, after t he Arab League took the unprecedented step of callingf or a no-fly zone. On Sunday, A rab League chief Amr M oussa criticized the missile s trikes, saying they went beyond what the Arab body h ad supported. What happened differs f rom the no-fly zone object ives," Moussa told reporters in Cairo. "What we want is c ivilians' protection not shelling more civilians." One of the more vocal s keptics in Congress, Sen. Richard Lugar, the ranking R epublican on the Senate Foreign Relations Committeer, said he worries that the U.S. may have entered a conflict with unclear goals. We really have not discov ered who it is in Libya that we are trying to support," the I ndiana Republican said on CBS' "Face the Nation." ''Obviously the people thata re against Gadhafi, but who? In eastern Libya, for example,a huge number of people went off to help the Iraqis againstt he United States in a war that still is winding down." Democratic Sen. Carl L evin, chairman of the Sen ate Armed Services Commit tee, said Sunday that the U.S. i ntends to take a back seat s oon. "After the air is cleared of any threat there is going to bea hand off to our allies and this mission will then be car ried on by French, by British and by Arab countries, and t hat's very important," Levin said. NATO is seen as possibly t aking the command respon sibility, but thus far it has not agreed. I NTERNATIONAL NEWS PAGE 14, MONDAY, MARCH 21, 2011 THE TRIBUNE Initial bombing called successful; endgame unclear A SSAULTONLIBYA THIS PHOTO provided by the French Army shows French Mirage 2000 jet fighter taking off for Libya at the military base of Dijon, central France, Saturday. (AP

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TOKYO Associated Press A T Abustling Tokyo s upermarket Sunday, wary shoppers avoided one particular bin of spinach. The produce came from Ibaraki prefecture in the northeast, where radiation w as found in spinach grown u p to 75 miles (120 kilometers) from the crippled Fukushima nuclear plant. Another bin of spinach l abeled as being from Chiba prefecture, west of Tokyo was sold out. "It's a little hard to say this, b ut I won't buy vegetables from Fukushima and that area," said shopper YukihiroS ato, 75. From corner stores to Tokyo's vast Tsukiji fish market, Japanese shoppers picked groceries with care Sunday after the discovery of contam ination in spinach and milk f anned fears about the safety of this crowded country's food supply. Trace amounts ofr adioactive iodine also were found in tap water in Tokyoand elsewhere in Japan. T he anxiety added to the s preading impact of the unfolding nuclear crisis triggered when the March 11 t sunami battered the Fukushi ma complex, wrecking its cooling system and leading tot he release of radioactive m aterial. On Sunday, the government banned shipments ofm ilk from one area and spinach from another and said it found contamination on twom ore vegetables canola and chrysanthemum greens and in three more prefec tures. The Health Ministry a lso advised a village in Fukushima prefecture not to drink tap water because of r adioactive iodine in its sup ply. It stressed, however, that the amounts remained minus c ule and posed no health t hreat. There were no signs Sunday of the panic buying thats tripped Tokyo supermarkets of food last week. Instead, shoppers scrutinized the s ource of items and tried to avoid what they worried might be tainted. M ayumi Mizutani was shopping for bottled water, saying she was worried about the health of her visiting 2year-old grandchild after a tiny amount of radioactive iodine was found in Tokyo's tap water. She expressed fears that the toddler could possibly get cancer. "That's why I'm going to use this water as much as possible," she said. The government said the level of radiation detected on spinach and milk was minuscule and should be no threat to health. Chief Cabinet Secretary Yukio Edano said he had received no reports that would require special mea sures to be taken regarding tap water. Tainted milk was found 20 miles (30 kilometers plant on Saturday, a local official said. Spinach was collected from six farms between 60 miles (100 kilometers miles (120 kilometers south of the reactors. On Sunday, authorities found contamination at additional farms in Fukushima and on vegetables in Chiba, Gunma and Tochigi prefec-tures, said Yoshifumi Kaji, director of the health min istry's inspection and safety division. He said it was possi ble some tainted foods already have been sold. The International Atomic Energy Agency confirmed radiation in some Japanese milk and vegetables was "significantly higher" than levels Japan allows for consumption. Authorities expect to decide by Tuesday on a com prehensive plan to limit food shipments from affected areas, Kaji said at a news conference. Farmers and merchants expressed fears of their own that public anxiety might hurt even producers of goods that were free of contamination. There will probably be d amaging rumors," said farmer Shizuko Kohata, 60, who was evacuated from thet own of Futaba, near the Fukushima complex, to a sports arena in Saitama, north o f Tokyo. "I grow things and I'm worried about whether I can make it in the future," Koha t a said Saturday. Chiyoko Kaizuka, who with family members farmss pinach, broccoli, onions, rice and other crops on 20 hectares (49 acresp refecture northeast of Tokyo, said the combination of earthquakes and fears of radiation have her on edge. I don't know what effect the radiation will have, but it's impossible to farm," the 8 3-year-old Kaizuka said Sun day as she stood along a row of fresh, unpicked spinacht hat was ready to go but now can't be shipped. On Sunday, an official of Taiwan's Atomic Energy Council said radiation was detected on fava beans imported from Japan, although in an amount that was too low to harm human health. The official spoke on condition of anonymity because he is not authorized to deal with the press. Japan's food exports are worth about $3.3 billion a year less than 0.5 percent of its total exports and seafood makes up 45 percent of that, according to govern ment data. Experts at the World Health Organization and Food and Agriculture Orga nization were working Sun day to gather more facts to assess the situation, but an FAO spokesman in Rome said that the picture was not yet clear enough for them to release any specific recommendations. However, the agencies praised the Japanese government for taking steps to test foods and monitor exports for radiation contamination. In Tokyo, others said they weren't concerned and put the crisis in perspective with other calamities. "I experienced the war, so if there is enough food for a day or two, I feel we can get by," said Nagako Mizuno, 73, originally from Iwaki, a city in the quake zone, but has lived in Tokyo for 40 years. "You can't go on living if you worry about it," she said. "It's all the same if everybody ends up dying. I'm not concerned." Fears of radioactive conta mination hurt sales at the Tsukiji market, a vast maze of aisles where merchants at hundreds of stalls sell tuna, octopus and other fish fresh off the boat. The market was unusually quiet over the w eekend, a time when it is n ormally packed with shoppers and tourists. Traders have been hit hard b y power cuts and an exodus of foreigners, and they worry about long-term damage f rom public fears over possi ble contamination of fish stocks. "The impact would last l ong, like a decade, because people would not eat fish," said merchant Mamoru Saito,7 2. The market had plenty of fresh fish despite the destruc-t ion of much of Japan's northeastern fishing fleet in the tsunami. Whole fish and shell fish were laid out on wooden t ables washed by a flow of cold water. Fishmongers sawed slabs of frozen tuna i nto steaks. At a restaurant adjacent to the market, sushi chef HideoI shigami said the nuclear scare and transportation disruptions due to power cuts have cost him business. "I have a massive drop in the number of customers," said Ishigami, 72. INTERNATIONAL NEWS T HE TRIBUNE MONDAY, MARCH 21, 2011, PAGE 15 fn Discovery of radiation fans food fears in Japan PEOPLE STAND in line to receive radiation exposure tests at a sports arena in Fukushima, northern Japan, Sunday, March 20, 2011, after the March 11 earthquake and tsunami. K yodo News / AP TWO BOYS look at a devastated area in Onagawa, northern Japan, S unday, after the March 11 earthquake and tsunami. K yodo News / AP

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L OCAL NEWS P AGE 16, MONDAY, MARCH 21, 2011 THE TRIBUNE New Offering March 2011 Subscribe for Shares inCommonwealth Brewery LimitedInitial Public Offeringof$62,475,0007,500,000 Ordinary Shares Minimum Subscription $833.00 for 100 shares at $8.33 per share Offer OpensMonday March 21st, 2011Offer ClosesFriday April 15th, 2011Offering Memorandum & Subscription form available from all locations of:Royal Fidelity, RBC Royal Bank, RBC FINCO, &Fidelity Bank or downloaded from:www.royaldelity.comFinancial Advisor & Placement AgentFor further information call:1.242.356.9801Read the Offering Memorandum and consult a nancial advisor before investing. OURFOUR-LEGGEDFRIENDS were out in force this weekend for the Bahamas Kenn el Clubs 30th Anniversary All Breed and Obedience Dog Show. The event, held at the N assau Botanical Gardens, featured dogs in the working, sporting, non-sporting, terrier, toy a nd herding groups. PHOTOS/ TIM CLARKE ALL BREED AND OBEDIENCE DOG SHOW

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LOCAL NEWS THE TRIBUNE MONDA Y MARCH 21, 201 1, P AGE 17 Far ewell to Ministry of Envir onment' s Per manent Secretary and Under -Secretary GOOD SERVICE: Retiring Under-Secretary at the Ministry of Environment Michael Turner receives a gift from Prime Min ister Hubert Ingraham during a retirement luncheon on March 17 at the Paul Farquharson Conference Centre. ALL SMILES: Prime Minis ter Hube r t In gr a ham mak es a pres enta tion to Permane nt Secretary Ronald Thompson during Mr. Thompson's retirement luncheon Thursday, March 17, at the Paul Farquharson Conference Centre. ADDRESS: Prime Minister Hubert Ingraham brings remarks during the Ministry of the Environment Honours Luncheon marking the retirement of Permanent Secretary Ronald Thompson and Under-Secretary Michael Turner on March 17 at the Paul Farquharson Confer ence Centre.

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LOCAL NEWS P AGE 18, MONDA Y MARCH 21, 201 1 THE TRIBUNE By SARAH GILMER M A N Y p e op l e w al k p a s t this pl ant unnotic ed. I t does n ot stea l y our ey e like that of a poinc iana bloo ming in the sprin g or a ye llow hibisc us in y our g arden The "c oontie ", also know n a s bay rush" or by its s c ie nt ifi c n am e as Z a mia in teg rif olia flourishes in the tropica l c lim ates of the C aribbe an. I w a s l u c k y e n o u g h t o s p e n d th e day e xpl oring Tillo o Ca y R e s e r v e w i t h M r D a v i d K now le s, C hie f P ark W arde n o f A ba c o N a t io n a l P a rk s fr o m th e B ah ama s Nat iona l Trust. Accompanyi ng Mr Kn owles w a s D r J a v i e r F ra n c i sc oO rt e g a A s s o c i a t e P r o f e ss o r o f B i o l ogic al Sc ie nce s from Florid a Inte rnatio nal U nive rs i ty, a nd F a i r c h i l d T r o p i c a l B o t a n i c G a r d e n a n d Mi c h a e l C a l o n j e t h e C y c a d B i o l o g i s t f r o m Mon tgome ry B ota nic al Ce ntre in M i ami Flo r i da. J a v i e r a n d M i c h a e l h a v e be en a ll over the Ca r ibbe an a nd re ce ntly in the B aha mas to c ompa re a nd co ntrast th e spe ci es of Za mia on the diffe rent island s T h e i r e x p e d i t i o n s i n t h e B aham as we r e con ducted in c l o s e p a r t n e r s h i p w i t h t h e B a ham as Na tiona l Trust, a nd s up po rte d b y t he Mo ha mm e d B in Za ye d Spe c ie s C on serva tio n F und an d Mon tgom ery E x p l o r i n g t h e Z a m i a o n T i l l o o C a y Bota nic al Ce ntre. From t hei r i niti al ob serv ati on s i t a pp e a rs t ha t th e p la n ts on Ti ll oo w it h th ei r c o n sid e rab l y br oa d l e af l e ts, a re s im i la r to t h o s e f o u n d o n L o n g Is l a n d w hi le t he z a m ia s fro m th e re st of t he is la n ds h a ve m uc h n a rrow e r l ea f le ts W h il e w a lk in g th ro ug h th e p a r k with David, Jav i e r and Mi c h a e l, I l e a rn e d m o r e a b o u t th is p la n t a nd th e bi od i ve rs it y o f t h e B a h a m a s t h a n I c o u l d v e a sk e d fo r T h i s i s a p a r ti c u l a r l y int ere sti ng sp e ci es b ec a use it i s c o n s i d e re d a l i v i n g f o s s i l W e kn o w t h is b e c a u se i t h a s c on e s i n s t e a d o f f l o w e r s a n d f o s s i l s o f re l a t e d p l a n t s h a v e b e e n f o u n d in Al ask a. Th is sug ge sts tha t r e lat ive s of th e co ontie hav e be e n a ro u nd si nc e t he ti m e of P a n g e a ( b e f o r e t h e e a r t h p l a t e s shi ft e d to c re at e t he di ff e re nt c o n t i n e n t s ) It g e ts be tte r Z am ia s an d ot he r c y c ad s c om p ris e o ne of th e f e w g rou p s of p la n ts t ha t a re a b l e t o g e n e r a t e h e a t w i t h i n t h e c o n e s t o w a r m u p a c he m ic a l t ha t e mi ts a sm e ll to att rac t b ee tl es, w hic h in tu rn p o l l i n a t e t h e p l a n t T h e s e s m a l l b e e t l e s a r e v e r y s i m i l a r t o w e e vi l s, t h os e pe s ky b u g s t h a t y o u w il l s o me ti me s s ee li vin g in yo u r p a sta o r r ic e A s w e w e r e d i s c o v e r i n g m o r e a n d m o r e Z a m i a o n Til lo o, w e w e re a b le to d e c ipher the differ e nce betw een ma l e a n d f e ma l e p la n ts b y th e siz e a n d sh a pe o f t he ir c on e s. N a r r o w c o n e s d e n o t e m a l e p l a n t s w h i l e t h e t h i c k e r r ound e r cones ar e bor ne on f e m a l e p l a n t s T h e c o o n t i e h a i r s t r e a k b u t t e r f l y l a y s i t s e g g s o n yo u ng le av es a nd co n es W h e n t h e e g g s h a t c h t h e cat er pi llar f eed on dif fe re nt pa rt s of th e pl an t Th e Z a mi a co nt ains a par t icul ar po is on that th e ca terp illa rs i nc orpora te i n o rde r to p re v e nt b e in g ea t en by pr ed a to rs. Lu c a y an In di a ns a n d o th er B ah a mi a ns u se d to g ri n d th e roo ts of t he se p la n ts, p roc e ss the m to re mo ve the ir to xin s, and prod uc e a flour us e d to ma k e d if fe re n t bre a d s. THE BAY RUSH': Zamia Cone found on Tilloo Cay. EXPLORERS: Dr Javier Francisco-Ortega, Sarah Gilmer, chief park warden David Knowles.

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LOCAL NEWS THE TRIBUNE MONDA Y MARCH 21, 201 1, P AGE 19 W HE N l ea de rs f rom b an ki n g i n s t i t u t i o n s a r o u n d t h e world gather in the Bahamas at this week's World Confer en c e o f B an k i n g I n s t i t u t e s m an y ex ec u tiv es wi ll be s e e ki n g t o s h a r e s t r a t e g i e s a n d ideas for creating a progres s iv e f i n an ci al s e r vi ce s en vi ronment. For RB C, that innovation starts with its employees. Th e on l y w a y w e c a n bu i l d a s u s t a i n a b l e c o m p e t i t i v e a d v a n ta g e i s t hr ou g h o u r pe o p le ," say s Ma nny So usa he a d o f H R fo r In t e r n a t i o n a l B a n k i n g G l o b a l I n s u r a n c e a n d G r ou p R isk Ma nage ment for RBC Royal Bank. "Our goal a t R B C b o t h h e r e i n t h e B a h a m a s a n d a r o u n d t h e globe, is to attract and retain t h e b e s t t a l e n t t o d e v e l o p str ong lea der s and to fos ter a great place to work in which p e o p l e a re i n sp i re d t o d o th e i r best." R B C c o n s i s t e n t l y r a n k s among th e t op cor por atio ns g lob ally a nd in C ana da. R BC wa s r e ce n t l y n am e d o n e o f t h e B e st W o rk pl a c e s in C an a da and one of Canada's Best D i v e r s i t y E m p l o y e r s i n a n a t i o n a l c o m p e t i t i o n t h a t reco gni ses or gan is ati ons fo r diversity and inclusion. M o r e b r o a d l y R B C w a s name d one of t he mos t s ust ain abl e la rge c orpo r a tio ns i n th e w or ld a cco r d in g t o t he seventh annual "Global 100: M o s t S u s t a i n ab l e C o r p o r a tions in the World" ranking. RBC is also part of the 20102 01 1 Dow Jon es S ustain abi lity W or ld I nde x a nd the DJSI N o rt h Amer ic an I ndex, and i s r e c o g n i s e d a s o n e o f Canada's Greenest Employ er s a nd on e of Can ad a's 50 M o s t S o c i a l l y R e s p o n s i b l e Corporations. "O ne of ou r c ore strate gi es i s t o b e a n e m p l o y e r o f c h o i c e s a y s M r S o u s a "RBC could not achieve any of these accolades without a c o n si s t e n t f o c u s o n o u r p e o p l e a n d c o m m un i t i e s. M r S ou s a an RBC executive with more t han 25 yea rs of in terna tiona l h uman r e s ource s ex perience is a feat ur ed s p eaker at t he 1 9 t h W o r l d C o n f e r e n c e o f B an king Institute s ho s te d b y t h e B a h a m a s I n s t i t u t e o f Financial Services. RBC focuses on being an employer of choice and building competitive advantage through people INSIGHT F o r t h e s t o r i e s b e h i n d t h e n e w s r e a d I n s i g h t o n M o n d a y s WE LCOME: Prime Mi niste r Hub ert I ngraha m w e lco mes Da nie l Ohe ne Agy ek um, Amba ss ador to the B a h a m a s f ro m t h e Re p u b l i c o f G h a n a d u ri n g a c o u r t e s y c a l l a t t h e Of f i c e o f t h e P r i m e M i n i s t e r o n C a b l e Beach on Thursday. R EP U BL IC O F G HA NA A MBA S SA D OR P A Y S C O UR T ES Y C A LL O N P RIME MI NIS TE R

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LOCAL NEWS P AGE 20, MONDA Y MARCH 21, 201 1 THE TRIBUNE F RE S H o f f a b r on z e q u a l i f y i ng e x p e d i t i o n i n No rt h El eu t he r a 1 5 0 st u de n ts re prese nti ng a v ari et y of school s and b ack gr ound s a re we ll o n t he i r wa y to r e c e i v i n g t h e i r f i r s t G o v e rn o r G e ne ra l s Youth Award (GGYA). W it h 16 ad u l t s u p e r v is o r s i n to w pa r ti c ip a nt s fr o m C R Wa lk e r C C S we e t i ng G o ve r nm e nt H i g h, St Joh n' s a n d Queen's Col lege spent two days a n d o n e n i g h t a w a y f r o m h o m e o n March 12 and 13. It was the program me's fourth expedition this year. L a s t y e a r t h e g o v e r n m e n t a nn o u n ce d it would partner with the GGYA pro g ra m m e th rou gh th e G O L D Ini t i a ti v e GOLD is an acronym for "Greatness, O p portu ni ty, Leader ship and De velo p m e n t T h e p a r t n e r s h i p a i m s t o mak e th e GG Y A av aila ble t o mo r e Bahamians from age 14 to 25. T h e G G Y A i s a m e m b e r o f t h e Intern ati o nal Award As soc iati on fo r Youn g P e o pl e, headq uartered in the U n i t e d K i n g d o m T h e a w a r d p r o g r a m m e i s b a s e d i n 1 2 9 c o u n t r i e s world-wi de. S i nc e 1987, the Baham as' programme has catered to more than 8 0 0 0 y o u t h s P a r t i c i p a n t s i m p r o v e p h y s i c a l f i t n e s s d e v e l o p i m p o r t a n t sk i l l s pr ov i d e v al u a bl e co m m un i t y se rvi c e a n d t ake adve n t u rous journeys i n o rd er to a ch ieve a br on z e, s il v er, or gold award. The latest batch of backpack-toting pa rt i ci pa nt s f or th e bro nze a wa rd j o urn ey e d a b ou t 1 5 m i l e s i n t wo d a y s. T he y c a m p e d i n t e n t s f o r o n e n i g h t a n d cook ed f ood ov er an ope n f i re Br onze a wa rd wi nn er s mu st c o mp le te t hr e e months of participation in a physical r e c r ea ti on a s k ill a n d a c o m mu n it y s ervic e, in ad dition to ano ther t hre e m o nt h s i n a n y o ne o f t h os e t hr e e a re a s That am ou nt o f time do ubl es for a silv e r a w a r d w h i l e t h e g o l d a w a r d r e q u ir e s 1 2 m o nt h s o f e ac h c o m p o nent The acti vi ti es can b e unde rtake n simultaneously. We hav e had a l ot of suc cess at t h e bronze l ev el sai d the nat iona l exe c uti v e di re ct or D e ni se Mor ti m e r. W e' re tr yi n g n ow to find aven ues to du plicate that level of success for the silver and gold awards." Th is lat es t adv ent ur e was th e s ec on d b ro n z e qu alify ing e xpe dit ion of the year. The first one was held Janu ary 28-2 9, with 1 23 parti c i pants ta k i ng part in the event. F rom F e br ua r y 1820, a si lve r quali fying an d a gold p ra ct i c e exp editio n was held in Central Andros.. Approxi ma tel y 4 4 pa rtici pants w ere i n v o l ved i n this j o urney. Anoth e r 68 pe rs on s c omp lete d a similar expe dition the following weekend. "Overall, th e nu mbe rs are a lit tle hig her th an l a s t y ea r ," s ai d M r M or ti m er T h e re i s t h e po t e nt i a l f o r i t to b e so m uc h m o re bu t w e nee d to get t he a du lt vo lu nteers in place first. I feel very positive that our numbers are really going to expand." A l l v o l u n t e e r s m u s t s u c c e s s f u l l y co m p l e t e a v et t i n g pr o ce ss a nd t ra i n i n g s e ss i on U n i t l e a d er s m us t be a p pr ov e d by a school's principal. The next award ceremony is set for Mar ch 23 at Govern ment Hous e fo r gold award qualifiers. Hundreds trek towards awards ENJOYING THE TRIP: Two GGYA participants are all smiles on their adventurous journey. TREKKING: GGYA participants on the silver qualifying adventurous journey in Central Andros this past weekend.

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OVERDUE: Geleta Turnquest, former school principal and resident of Current Island. LOCAL NEWS THE TRIBUNE MONDA Y MARCH 21, 201 1, P AGE 21 By KATHRYN CAMPBELL B a h a m a s I n f o r m a t i o n S e r v i c e s E LE UT HE R A G ele ta T ur nquest looks f o rward to th e d ay w he n b o at s w ill be a b l e t o d o c k a t t h e m a i n go ve r nm en t d oc ks in C u rre n t I s la nd I t's n ot be en eas y f or M s Turn quest and the o ther 50 re sid en ts w ho live in Cu rr e n t I s l a n d s i n c e t h e o l d c o n c r e t e f r e ig h t d o c k a n d t he wo ode n f er ry d ock w er e damag ed a s a re su l t of no rmal wea r an d t ear a nd the pas s age o f h ur ric a nes T he g ov er n me nt a wa r de d a c o n t r a c t f o r $21 4, 959.30 on Marc h 14 to Co mp le te M ar in e S er vic es t o r econst ruct a nd r ef urbi sh th e d o c k s N e ko Gr an t M in is t er of P u b l i c W o r k s a n d T r a n s po r t s ai d th e G ov er n me nt an t ic ip a t es th a t t h e d o c k s w i l l f a c i l i t a t e f u r t h e r de ve lop m en t of t he f is h ing and straw i n dustr i es on this is lan d " F or t h e p eo p le o f C u rre n t I s lan d t h is i s a d ay of ju bi lat io n s ai d M s Tu r nqu e s t. "We ar e e lat ed th at th is Go v er n me nt h as s e en fi t to make li fe c omfortabl e fo r u s. W i t h o u t t h e u s e o f a do c k w e h ave to tr an s p o rt pe op l e and f reig ht f ro m t he do c k in Th e C u rr e nt o v er to the land a nd c ome do wn in a t r uc k. Wh en th is d o c k is c om pl et ed th e ma ilb o at w i l l b e a b le t o d o c k h e r e a n d w e w o u l d b e a b l e t o ge t ou r f r ei gh t o ff a nd go h o me w i th it I t i s i mp o r t a n t f o r u s b e c a u s e t h e r e a r e t w o t r u c k s E v e r y o n e do e s n o t ha ve tr an s p o rt atio n s o w e h a ve to d ep en d on s o me on e els e "T he i sl and i s o pen to th e oc ea n s o w h en h u r r ic a n es p a s s e d t h e f o r c e o f t h e wi nd s o r t o f s pl it th e d o c k i n t w o H u r r i c a n e F l o y d p a s s e d t h r o u g h a n d j u s t r i p p e d i t a p a r t I t s b e e n m a n y y e a r s t h a t w e h a v e be en w it h ou t a do c k s he a d d e d New dock set to be constructed for residents of Current Island Patrick Hanna/ BIS photo DUBAI, United Arab Emirates Associated Press T H E B A T T L E f o r B a h r a i n i s n o longer just on its shores. I t 's no w i n Tehra n, wher e t h e leade r of Friday prayers cursed the "enemy" f orce that i nc l udes Saudil ed mi li t a ry r ein fo r ce me n ts for B a hr a in 's em ba ttle d Sunni monarchy. It's in Iraq, with Shi ite s ma r c h in g u n d e r b a n n e r s p le d g in g to join the fight in the Gulf kingdom. When Sa udi troo ps an d ot he r Gul f forces moved into Bahrain this week, th e c o n flic t w a s s ud d e nl y pu s h e d o n to a la r g e r s ta g e w ith la r g e r s t ak e s a nd in th e pr oc e s s b ec o m in g p er ha p s th e m os t c o mp le x s h o wd o w n o f th e Ar a b wo r l d' s season of upheaval. Tiny Bahrain just a speck off the Sa u di c o a s t on wo r ld ma ps is n o w a n a rena f or s om e of t he M i d dl e E ast s most pivotal t e nsions : t he heav yweight riv alr y b etwe en Sa ud i A r a bia an d I ra n, the regional fallout from Shiite anger, a n d Wa s h i n g to n 's e ffo r ts to in fl u e n c e it s st rategi c Gul f al l ies t o counter Iran's growing Mideast ambitions. "Bah rain is sev eral cr i ses w rapped i n t o o n e p a c k a g e s a i d T h e o d o r e Kar as ik, a r e giona l affair s e xp er t a t t h e D u ba i b ase d I nst i t ut e f o r N ea r E as t and Gulf Military Analysis. The rebellions in Yemen and Libya als o h av e hig hly i mp or tan t iss u es in th e bal an ce, includi ng the f ate of Moam ma r G ad ha fi's e cc e n t r ic r e gim e a n d th e U.S.-led fight against an al-Qaida off s h o o t i n Y e m e n s h i n t e r l a n d s B u t Bahr ain' s unr es t r eso nates even wi d er. It i s b ot h a bi t t er d ome s t i c duel bet ween Sunni rul e rs and t he maj o ri ty S hi it es a nd a cro s sro ads fo r G ul f 's b ig t hre e: S audi A rabi a, I ra n and t he U ni t ed St at es. The f ast m ovi ng even ts of t he pa st w eek i n B ahrai n pushed each i n di f f eren t di rect i ons. S a u d i A r a b i a r o a r e d i n t o a c t i o n l ea di ng a 1 5 00 st ro ng G u l f f o rc e t o a i d B ah r a i n s r e el i n g S u nn i d y n as t y a f t er mo re t han a m ont h o f pr ot est s b y Shi i t es see ki ng t o break th e roya l f am i l y's 200 -ye arol d grip o n powe r. It w as t he G ul f versi on of a rescue m i s s i o n : b e l i e v i n g t h a t a n y m o r e ad vances by prot est ers co ul d em bo ld en threats t o Sunni leaders ar ound the reg io n an d a ll ow S hi it e pow er I ra n t o ca rve out a f o othold on Sa udi Arab i a 's d o o r s t e p Ir an s t ro n gl y de n ou n ce d t h e m i l i t ary in t ervent i on a nd p ul led back i ts a m b a s s a d o r t o B a h r a i n I r a n s a l l y H e z b o l l a h i n L e b a n o n a l s o l o b b e d i nsu lt s a t Saudi A rabi a, a nd Sh ii t es i n I r aq h av e s t a g e d a s e ri es o f p r o t e s t m a r c h e s U.S. of ficials mea nwhile, ar e ca ught i n a p o l i c y b i n d W a s h i n g t o n h a s o pposed t he i nt rod uct io n of t h e G ul f m i l it ary fo rce i n B ahrai n, w hi ch ho sts t he U.S. N a vy's 5th Fleet. Bu t t h e U .S. al s o i s s t and i ng be hi nd Bahr ain' s leade rs, w ho sa y t h ey i n vi t e d t he t roo ps f r o m S a u d i A r a b i a a n d t h e U n i t e d A rab E mi rat es. S a u d i r o l e i n B a h r a i n b r i n g s r e g i o n a l s t a k e s

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By ALISON LOWE b usiness Reporter alowe@tribunemedia.net A 450-SEATER highspeed ferry service scheduled to start bringing passengerst o and from Bimini and the Port of Miami this summer will be a game changer for the island, the head of a new resort company managing the Bimini Bay Resort and Marina believes. There is a possibility that the vessel may also dock in Grand Bahama, allowing visitors to take day trips to both of these islands from Florida as often as six days a week. Rafael Reyes, president of RAV Bahamas, the Capo Group subsidiary that is developing the Bimini Bay resort, revealed that his company is in the final contractual stages of arranging the ferry service. He was addressing a group of gathered government offi cials, including Deputy Prime Minister Brent Symonette and Minister of the Environment, Earl Deveaux, representatives of the Capo Group, led by Gerardo Capo, and RockResorts, the resort man agement company which took over the operation of Bimini Bay at the beginning of March. They, along with other stakeholders and the media, gathered at Bimini Bay on Friday as the official signing ceremony took place, which transferred management responsibility for the proper ty to RockResorts. In an interview with Tribune Business after the event, Mr Reyes said of the ferry service: It is my father-inlaw, Gerardo Capos vision. He saw that it would create a bridge between Miami and Bimini. Its natural. Were only 48 miles away and its an hour-and-a-half ride on a wave-piercing vessel thats 250 feet long, 80 feet wide, travelling at 34 knots. Tribune Business under s tands that the service is to be provided by a Spanish fer ry company, Balearia, which By NEIL HARTNELL T ribune Business Editor THE$62.5 million Comm onwealth Brewery initial public offering (IPO reignite interest in Bahami-a n capital markets that have b een stagnant for a decade, its placement agent has told Tribune Business, adding thatt he company is priced at a discount of 15 per cent to current Tier 1 stocks listedo n the Bahamas International Securities Exchange (BISX Michael Anderson, RoyalF idelity Merchant Bank & Trusts president, said that based on institutional and h igh net worth investor feed back, he had a good feeling the largest IPO in Bahamian By NEIL HARTNELL Tribune Business Editor A BAHAMIAN ship ping company has recovered its vessel from US custody after agreeing to pay $75,000 to the Palm Beach Steamship Agency to settle an alleged unpaid debt. Deans Shipping Compa ny regained possession of its M/V Legend II vessel last Thursday, with the US Dis trict Court for southern Florida dismissing the case brought against it by the Steamship Agency. An intervening lawsuit brought SECTIONB business@tribunemedia.net MONDAY, MARCH 21, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $4.78 $5.12 $4.72 By NEIL HARTNELL Tribune Business Editor COMMONWEALTH B rewery pays more in taxes t o the Government per a nnum than it earns in profits, contributing $29 million to the Public Treasury in 2 010, in what is effectively a 60/40 split with profits. Given the $19.126 million n et profit generated by C ommonwealth Brewery in 2010, Michael Anderson, By NEIL HARTNELL Tribune Business Editor COMMONWEALTH Brewerys managing director would have preferred to price the companys $62.5 million initial public offering (IPO higher than the $8.33 per share value stipulated by the Government. While adding that theres no point in crying over spilt milk, LeRoy Archer told Tribune Business in an exclusive interview that, if any of the 7.5 million shares being offered to Bahamian investors in the IPO were not subscribed for, he would have preferred that Common wealth Brewery or its 75 per cent majority shareholder, Heineken BV, acquire these rather than have the Govern ment act as standby purchaser. I would have preferred that we would have been ableto offer shares at a higher val By NEIL HARTNELL Tribune Business Editor C OMMONWEALTH B rewery is currently producing at 60-65 per cent capacity due to the recession-induced drop in demand for its drinks products, its managing director telling Tribune Businesst hat it will not need substant ial investment to raise outp ut back to peak 2006-2007 l evels once the economy turns a round. Enjoying an estimated 80 p er cent share of the Bahamian liquor market, LeRoy Archer said CommonwealthB rewerys short and longterm profitability would largel y be driven by the domestic economy and how well and r apidly it rebounded given that the company had been successful in its objectives of cutting costs by 10 per cent per annum. G iving an insight into the underlying performance of C ommonwealth Brewery, whose $62.5 million fourweek IPO launches today, Mr Archer told Tribune Business t hat the offering would be a really good deal once the company was able to marry current margins with the volumes achieved in 2006 and 2 007. For that to happen it is d ependent on the overall economy. Acknowledging that Commonwealth Brewery was at 60-65 per cent production capacity, Mr Archer e xplained: Because of the r ecession and drop in volu mes, we have enough to go b ack to 2006-2007 levels without substantial investment in tank or bottle capacity. Were waiting for the economy to turn around so we can grow, a nd grow the bottom line as well. Trust me, if we can do the volumes of 2006 and 2007 at these margin rates, it will be a good deal! Im just looking forward to growing the top l ine and making the profits w e have done in the past. This is the year that we h ope the economy turns a round. As a result of that, we will get some additional employment and jobs coming back, so people have more money to spend on beers,w ines and spirits, and we can w atch this top line continue t o grow. The top-line revenue and sales pressures generated by the recession make Com-m onwealth Brewerys recent performance even more praiseworthy. The companysn et income and operating income (EBITDA 2010 by 38.8 per cent and 23.8 p er cent, respectively, to $ 19.216 million and $19.943 million, compared to $13.843 million and $16.104 million in2 009. Revenues fell year-overyear by 2.2 per cent to $62.5m IPO to reignite cap market interest Placement agent says Brewery priced at 15% discount to Tier 1 BISX stocks Acknowledges Bahamian equities market stagnated and went backwards in past decade This will be one of the most widel y subscribed offerings in Bahamian histor MICHAELANDERSON SEE page 6B Brewery: 35% output increase capabilities No major investment required for production expansion back to 2006-2007 levels* 10% per annum cost cut targets successfully met Eyeing acquisition opportunities for domestic market growth, including adding fast consumer goods to liquor stores SEE page 6B B REWERYS $29M TAX BURDEN BIGGER THAN ANNUAL PROFITABILITY Company facing /40 split in favourof taxation Cut Budgets $10m planned increase by 50%, but says still pay-ing 60% more than rival Sands Hotels not key driver for groups sales,a ccounting for 10% of t op-line $4m exports stand at 5% of revenues, but growth inhibited by high production costs SEE page 4B 450-seat ferry game changer f or Bimini, GB SEE page 5B BRENT SYMONETTE Deputy Prime Minister, and Gerado Capo (centre pose for a picture at the ground breaking for a new luxury RockResorts hotel and spa set to open in 2014. Pictured with them are members of the Bahamian government, RockResorts, and the Capo family. Photo/ Joshua Prezant BREWERY PREFERRED HIGHER IPO PRICE Also wanted to buy unsubscr ibed shares, rather than government But g o v ernments greater capital markets role seen as positiv e SEE page 7B SHIPPERS VESSEL IS RELEASED Deans Shipping r egains M/V Legend II after paying $75,000 to settle debt, plus $65,000 in custody fees SEE page 7B

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By ROYALFIDELITY CAPITAL MARKETS I T WAS another busy week of trading in the Bahamian stock market. Investors trade d in nine out of the 24 listed s ecurities, with three advancers and three decliners. E QUITY MARKET A total of 44,698 shares changed hands, representing a decrease of 17,532 shares compared to the previous w eek's trading volume of 62,230 shares. AML Foods (AML the volume leader, trading a v olume of 10,000 shares to close unchanged at $1.09. B ank of the Bahamas (BOB trading a volume of 6,416 shares, its stock price i ncreasing by $0.53 to close at $4.93. Commonwealth Bank (CBL 7 ,165 shares, its stock advanci ng $0.04 to close at $6.82. Finance Corporation of the Bahamas (FIN ume of 7,400 shares, its sharep rice advancing $0.22 to close at $6.10. Cable Bahamas (CAB the big decliner, trading a volu me of 3,467 shares to see its stock price fall by $0.78 to close at $9.43. FirstCaribbean Internat ional Bank (Bahamas (CIB 3,000 shares, its stock declining $0.10 to close at $9.30. F amGuard Corporation ( FAM) traded a volume of 4,300 shares, its stock price declining $0.03 to close at $5.22. BOND MARKET No notes traded during last week. C OMPANY NEWS Earnings Releases: Colina Holdings Bahamas ( CHL) released audited financial statements for the year end December 31, 2010. reporting net income available t o common shareholders of $ 14.1 million compared to $13.4 million in the prior year. It was noted that both net premium revenue and net pol-i cyholders' benefits were up year-over-year, with net premium revenues of $118.2 million increasing by $6 million, w hile net benefits paid of $ 76.6 million increased by $0.1 million. In its revenues, CHL reported net investmenti ncome of $29.5 million, which increased by $1.7 million in comparison to the prior year, while its expenses reflected reduced changes in provision f or future policy benefits of $15 million. These climbed by $4.8 million. CHL reported earnings per s hare of $0.46, compared to $0.44 in the comparative year. At December 31, 2010, C HL reported total assets and liabilities of $525.6 million and $410.1 million respectively, which increased by $27.1 million and $14.8m illion from year-end December 31, 2009. Finance Corporation of the Bahamas (FIN u naudited financial results for the quarter ended January 31, 2011. FIN reported a net comprehensive loss of $1.8 million for the quarter compared to$ 0.45 million in the prior year. Net interest income after provisions of $476,000 declined to $1.3 million comp ared to $1.8m in the previous year, while total noninterest expense increased slightly from $3 million in the 2010 first quarter to $3.1 mill ion this time around. Allowance for credit losses stood at $6.7 million, an increase from the $4.9 million reported in 2010. F INCOs loss per share as at January 31, 2011, was $0.07 compared to $0.02 in the comparative period. T otal assets at quarter-end January 31, 2011, stood at $955 million, compared to $967 million at October 31, 2010, while total liabilitiesw ere $856 million compared to $867 million during the previous fiscal year end. D IVIDEND NOTES: Commonwealth Bank (CBL dend of $0.06 per share, payable on March 31, 2011, toa ll ordinary shareholders of record date March 21, 2011. Cable Bahamas (CAB declared a dividend of $0.08 p er share, payable on March 31, 2011, to all ordinary shareholders of record date March 18, 2011. BUSINESS PAGE 2B, MONDAY, MARCH 21, 2011 THE TRIBUNE 127,&( 6,5/<1'(1,1'/,1*(67$7(6 )250(5/<,1(:22'*$5'(16 ,,%',9,6,21 7KLV1RWLFHVHUYHVWRDGYLVHWKHJHQHUDOSXEOLFWKDWORWV ZLWKLQWKHIROORZLQJEORFNVSXUSRUWHGO\VROGDVORWVZLWKLQ DVVDX9LOODJH IRUPSDUWRIWKH6LU/\QGHQ3LQGOLQJ (VWDWHV6XEGLYLVLRQIRUPHUO\&HGDU*URYHVLQHZRRG *DUGHQV,,fDQGDUHWKHSURSHUW\RI$UDZDN+RPHV /LPLWHG 7KHVH%ORFNVDUH 7KHJHQHUDOSXEOLFLVIXUWKHUDGYLVHGWREHZDUHRISXUFKDVLQJ DQ\ORWVLQWKHDERYH%ORFNVXQOHVVWKHODQGLVGHVFULEHGDV EHLQJLQWKH6LU/\QGHQ3LQGOLQJ(VWDWHV6XEGLYLVLRQDQG LVEHLQJSXUFKDVHGIURP$UDZDN+RPHVOLPLWHGRUIURP D SHUVRQRUHQWLW\ZKLFKSXUFKDVHGIURP$UDZDN+RPHV /LPLWHG2WKHUZLVHWKHVHOOHUVfDUHQRWWKHRZQHUVRIWKH ODQG ,I\RXKDYHSXUSRUWHGO\SXUFKDVHGDQ\ORWVfZLWKLQWKH DERYHPHQWLRQHGEORFNV\RXDUDGYLVHGWRLPPHGLDWHO\ VHHNSURSHUDQGLQGHSHQGHQWOHJDODGYLFHIURP UHSXWDEOHODZUPRUDWWRUQH\ 6KRXOG\RXKDYHDQ\TXHVWLRQVSOHDVHFRQWDFW \ \ T S *(1(5$//(*$/&2816(/ $5$:$.+20(6/,0,7(' 3 1$66$8%$+$0$6 ROYALFIDELITY MARKET WRAP EQUITY MARKET TRADING STATISTICS Week ending 18.03.11 B ISX SYMBOLCLOSING PRICEWKLY PRICE CHANGEVOLUMEYTD PRICE CHANGE A ML................................$1.09..........................$-............................10,000...................12.37% B BL.................................$0.18..........................$-................................0.........................0.00% BOB................................$4.93.......................$0.53..........................6,416.....................0.61% BPF................................$10.63.........................$-................................0.........................0.00% BSL ..................................N/A............................$-................................0.........................0.00% BWL...............................$2.70..........................$-................................0.........................0.00% CAB................................$9.43......................$-0.78.........................3,467....................-9.85% CBL.................................$6.82.......................$0.04..........................7,165....................-2.57% CHL................................$2.40..........................$-................................0.........................0.00% CIB.................................$9.30......................$-0.09.........................3,000....................-0.96% CWCB.............................$2.25.......................$0.14.............................0........................22.95% DHS ................................ $1.40.........................$-................................0.......................-12.50% FAM ................................ $5.25 .......................... $................................ 0 .......................-13.51% FBB................................$1.96.........................$-................................0........................-9.68% FCL ................................. $5.22 ......................$-0.03.........................4,300...................-14.00% FCLB .............................. $ 1.00 ......................... $............................. 2,500 ....................0.00% FIN.................................$ 6.10.......................$0.22..........................7,400...................-15.63% I CD.................................$7.40..........................$-..............................450.......................0.00% JSJ.................................$ 9.82.........................$-................................0.........................0.00% PRE ...............................$10.00.........................$-................................0.........................0.00%

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BUSINESS THE TRIBUNE MONDAY, MARCH 21, 2011, PAGE 3B SALE 1 BUTLER STEEL BUILDING 16,000 SQUARE FEET CONTACT ADRIAN LA-RODA 328-7888 FOR VIEWING B y ALISON LOWE Business Reporter alowe@tribunemedia.net A FURTHER$50-$80 m illion worth of investment is planned for Bimini over the next several years, the developers of the Bimini Bay Resort and Marina have revealed, including thec onstruction of a boutique 80-100 room hotel, a beach club and spa. Thirty jobs are presently b eing advertised for positions to be filled at the r esort, and substantially more will need to be hired before the end of the year,R ockResorts regional vicepresident for Florida and the C aribbean, Mark Jeffrey, told Tribune Business. RockResorts was a nnounced two weeks ago as the new managers of the Bimini Bay Resort andM arina, taking over that job from the Capo Group, the f amily development company who were behind the propertys construction.B imini Bay will be managed through the companys p roperty management collection, Legendary Lodging. Once the RockResorts hotela nd spa are developed and completed, the entire resort will be branded as a RockResort. T he resort presently covers around 80 acres of a total 750 acres that the CapoG roup owns on Biminis northern island. It consists of a resort community of 375 residences, of which around 90 per cent are in a rentalp ool that is offered to visi tors, with the remaining 10 per cent used by their pri v ate owners alone. It includes several restaurants, a shopping plaza and a casino, which has yet to be opened due to the CapoG roup not having found a casino operator for the facility. According to Rafael Reyes, president of RavB ahamas and son-in-law of Gerardo Capo, around 450 acres of the total property may be suitable for fur-t her development in terms of being buildable. T he next phase of develo pment will include the construction of a beach club, w hich will be located to the north of the residences next to the resorts main beach,a nd a spa. It is hoped by the d evelopers and RockResorts that both of these facilt ies will be completed by the end of the year. At some point thereafter i t is intended that the boutique hotel would be constructed, to be completed by 2014. The hotel and other a menities are to be located on an already-cleared area of land adjacent to the present Bimini Bay Resort and Marina. Bimini Bay eyes $50-$80m growth GERADO CAPO Mark Jeffrey, Ralph Reyes and Alex Capo pose for a picture after the official RocksResort signing. Photo/ Joshua Prezant Share your news The T ribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the ar ea or have won an awar d. If so, call us on 322-1986 and shar e your stor y

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president of RoyalFidelity Merchant Bank & Trust, which is acting as placement agent for the companys upcoming $62.5 million initial public offering (IPO company was facing a o per cent tax, 40 per cent profit split. He described the firms tax burden as really a large number for a tax-free country. LeRoy Archer, Commonwealth Brewerys managing director, told Tribune Business in an exclusive interview that in total, between its brewing operation, Burns House and the latters retail stores, all the taxes we contributeto the Bahamas government are $29 million. Thats in one year, he added. We dont owe any taxes. When it comes to duties we pay upfront........... Describing the tax burden faced by Commonwealth Brewery as indirect taxation that was not seen upfront, Mr Archer said that $10 out of every $40 case of beer sold to the consumer went in taxes to the Government. And the company could have faced an even greater tax burden had it not been able to renegotiate the $10 million increase that the Government was seeking to impose in the 2010-2011 Budget down to $5 million, a 50 per cent cut. And, even here, Mr Archer said Commonwealth Brewery was paying 60 per cent more taxes than its chief Bahamian competitor, Grand Bahama-based Sands Brew-e ry. He said that while his company was paying close to $10 per case of beer in taxes, Sands was paying close to just $10. I could sit down and cry and let my business dwindle, or take action, Mr Archer told Tribune Business over the different tax burdens. We lobby the Government, and they are aware of the disparity and need for a level playing field. There is a constant, ongoing dialogue with the Government where we speak about levelling the playing field. There is no guarantee about where we will end up, but they recognise were operating in the same environment, so the level playing field should occur. The playing field is not level. I can sit here and complain all I want, but it is what it is. One factor helping to level the field so far, the Commonwealth Brewery chief argued, was that 80 per cent of the total Bahamian liquor market was based in New Providence, meaning Sands incurred higher transporta-t ion costs to reach that market. Mr Archer and Mr Anderson both emphasised that the tourism/hotel and wholesale industries were not a key driver for Commonwealth Brewery, generating around 10 per cent or $10-$11 million of the companys top-line sales in 2010. While wanting to sell more to these sectors, Mr Archer acknowledged that Commonwealth Brewery was not price competitive with the direct drink and beverage imports utilised by most major hotels, who were able to access them using duty-free exemptions under legislation such as the Hotels Encouragement Act. Emphasising that the appointment of Kerzner International PR chief Ed Fields to the Commonwealth Brewery Board post-IPO was not a move intended to improve hotel industry liquor sales, Mr Archer said all Bahamian resort properties were in the business of reducing costs and improving profitability. As the Bahamian agent/distributor for many of the brands imported direct by the resorts, he added that he wanted to be able to compete on a level playing field with these. A lot of people feel we supply a lot of the hotels, and that if the hotels cut us off, we would be at risk, Mr Archer told Tribune Business. I want to assure persons that it only represents 10 per cent off of the top....... I would like to see us supply the hotels with more, because we live in the same environment and we both should make profits. If the Government waived the tax on beer supply to the hotels, we would be able to compete. That would certainly help us, and also the hotels. When it came to growth opportunities outside the Bahamas, Mr Archer said Commonwealth Brewery was doing quite well with Kalik exports to the US. Exports, though, only account for 5 per cent of the companys total revenues, and the Bahamas high utility, labour and operating cost bases inhibited the companys ability to compete on price with foreign breweries and their products. Explaining that Commonwealth Brewery exported 200,000 cases of Kalik per year, with $4 million the total value of exports at this time, Mr Archer added: We are making money at this time. Its a cash business, so I can cover my fixed costs, variable costs and make a profit. However, based on pure economies of scale, Commonwealth Brewery could not currently compete with rival breweries in the likes of Trinidad and Panama, who in the latter nation paid 10 per cent of the electricity costs in the Bahamas. As a result, these breweries were able to sell beer for prices as low as $0.50 per bottle. We pay the highest rates in the Caribbean, and even if you say its because we have the strong dollar, look at the percentage we pay on top line revenues, Mr Archer said of electricity costs. We are paying more per case, more per litre on utility rates than any other brewery in the Caribbean. We are a high cost producer with small economies, so our brands are luxury brands. With Commonwealth Brewerys products all positioned at premium prices, Mr Archer said the company had to look to the US and Europe for its export markets, since it was unable to compete with $0.50 per bottle beer elsewhere in the Caribbean. The Government is currently subsidising exports by waiving the duty on those brands, but it does not mean it will continue indefinitely, Mr Archer added. The Commonwealth Brewery chief told Tribune Business he frequently lobbied the Government over creating the base to ensure a viable future for Bahamian manufacturing, and said the IPO may create several thousand more lobbyists on the companys behalf. The offering may also see the Government become a shareholder if it is not fully subscribed. The real challenge is the Government, not having an income tax, is seeking to tax manufacturing when it should be taxing other industries as well, Mr Archer said. We have 430 people employed. Each of those has four dependents on average, so theres 1600-2,000 votes that are there. Those are reasons to keep brewing and manufacturing sectors open. Im seeking support from the Government to reduce utility rates, and we can find another way other than subsidies to support local manufacturing. I believe that all governments are seeking more ways to get more revenues out of all businesses. The beer, wines and spirits industry is no exception. I pay the Government more in taxes than the outlay we get in profits. Indirectly, you can say they are partners in my business. Hopefully, with them becoming shareholders, they will realise that they need to be more cautious in how they tax businesses going forward. 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By ALISON LOWE Business Reporter alowe@tribunemedia.net ROCKRESORTS, the newly-unveiled managers of the Bimini Bay Resort and Mari-na, intend to boost visitor arrivals to the destination, improve service levels, enhance environmental protection and encourage more interaction between visitors and the Bimini community at large. At a ceremony to announce the handing over of management responsibilities to RockResorts, held on Friday at Bimini Bay, Ralph Reyes, president of RAV Bahamas, the development company and subsidiary of the Capo Group, which constructed Bimini Bay, said the move marks a new day for Bimini Bay. Having struggled with low occupancy levels and an admitted lack of experience in hospitality management, the Capo Group decided it would bring on board a professional hospitality management brand to take over responsibility for the property and beef up arrivals. RockResorts, a subsidiary o f Vail Resorts, which is k nown best for its ownership a nd management of mountain/ski resorts in locations suchas Aspen and Vail, Colorado, believes it stands a good chance of heightening Biminis visitor numbers in coming years. This will be done in part through promoting it as an alternative vacation destination during the off-season for the skiers and snowboarders who frequent its other resorts. Julie Klein, director of environmental affairs for RockResorts/Vail Resorts, said: I think therell be a bit more balancing, to look at business throughout the year, to support the destination and the community. This is a destination that has been known largely for sport fishing and yachters. Its such an amazing destination and the whole island is a little sleepy in the winter, which doesnt really make sense. Its the Bahamas and the weathers gorgeous. The winter season will always be the stronger season here in Bimini and that works great because thats our slower season in the mountains. Rafael Reyes, president of RAV Bahamas, the development company behind the construction of the Bimini Bay Resort and Marina, concurred: (Bimini Bay's usually comes during the summer months, whereas all the resort companies, their highest occupancy period is during the winter. So what were looking for is year-round occupancy, which could be an amazing opportunity not only for us as the developers but also for the community. Mark Jeffrey, RockResorts regional vice-president for Florida and the Caribbean, said he foresees Bimini employees being able to come and work at the companys mountain-based resorts during the slow season on the island. Speaking of the rationale behind RockResorts' decision to join Bimini Bay, Mr Jeffrey said: "There are a couple of reasons which made it clear it would be a great partnership. One, its an iconic location, and thats one of the first things we choose from. Also, we dont grow just to grow, we want smart growth and, if it doesnt match our other iconic locations, and if it wasn't a great product, and we couldn't make a difference in the environment and in the community, we would not be interested. Here we think that with the community and the environmental side of things, we can really make a difference. We can really stake our claim and do something famous in the Caribbean." The company emphasised a significant environmental focus as a major part of the change it will bring to Bimini Bay, and has promised that going forward the resort will be further developed and maintained with sensitivity to the natural environment as a key feature. The developers of the Bimini Bay Resort and Marina have faced criticism in the past for what were alleged to have been its non-eco friendly development methods and the scale of the resort in the small Bimini island. Ms Klein said: The environmental aspect is critically important going forward, not only for us as a management company but for the ownership and the community. That is very much how we operate. With that said, theres some things in the history that we will look at opportunities to mitigate or improve whats been done. Youll see guest experience features that will really highlight that environmental commitment. Disposable water bottles, looking at growing more herbs and vegetables to see if we can lessen what we get off island, and enhancing our guest experience with that kind of conservation effort thats in alignment with RockResorts. BUSINESS THE TRIBUNE MONDAY, MARCH 21, 2011, PAGE 5B -$0(6-2+1/$0%(57RI :(67%$<675((76/273%2; 1 $66$8%$+$0$6 has typically operated in the Mediterranean. It would involve a 450 person capacity vessel, which is likely to depart the Port of Miami at around 9am and return at 8pm. Exactly where the vessel would dock in Bimini is still being finalised. Engineers have visited the island to determine where the most environmentally sound place for the boat to dock would be, said Mr Reyes. Mark Jeffrey, RockResorts vice-president for Florida and the Caribbean, said he believes the introduction of the ferry service linking Bimini to Miami will be a game changer for the resort and the island. It will definitely have a big, big impact, suggested the hospitality executive. Charles Albury, deputy permanent secretary for the Ministry of Tourism, who also spoke at the Bimini Bay/RockResorts signing ceremony on Friday, said he foresees the ferry service providing a much needed boost to Grand Bahama, if it does service that island as anticipated. 450-seat ferry game changer for Bimini, GB FROM page one RockResorts brings new day to Bimini BRENT SYMONETTE, the Deputy Prime Minister, speaks to more than 200 Biminites, homeowners, boaters and Bahamian officials gathered at Bimini Bay Resort & Marina today to talk about plans for Biminis future. Photo/ Joshua Prezant

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history would be well subscribed, adding that it could also attract the most diverse,b roadest base of investors yet s een. Acknowledging that whether the IPO was fully subscribed would depend on t he participation of key instit utional investors, such as the National Insurance Board (NIB Commonwealth Brewery offering was effectively the first opportunity young B ahamian professionals, a ged between 20-30, had been given to participate in an equity issue. N oting Commonwealth B rewerys $19.216 million net i ncome for 2010, which transl ated into $0.74 in earnings per share (EPS son said that when combined with the $8.33 per share IPO price, this translated into an 11.3x price/earnings (p/E ratio. C omparing this to the a verage 13.3x P/E ratio for current BISX-listed Tier 1 s tocks (the top performers b ased on market capitalisation, profits and dividends etc), Mr Anderson said: This company is priced at a d iscount of 15 per cent to the market price of current Tier 1 securities. As we look forward, we think this company is well positioned in terms of market price to have good capital appreciation potential. The last true IPO to take p lace in the Bahamian capit al markets was Freeport C oncretes in 2001, and Mr A nderson conceded that s ince then (the Kerzner I nternational and Consolidated Water Bahamian Depository Receipt (BDRs issues excepted) the equity market had gone backwards to some extent. Several companies had delisted, he added, with Freeport Concrete even going out of business. A s a result, the Commonwealth Brewery IPO presented an opportunity to restart development of the capital markets, Mr Anderson said, further creating and diversifying wealth and ownership in the Bahamian economy. And with 7.5 mill ion shares, representing the c ollective 25 per cent stake b eing offered to Bahamian i nvestors, set to be listed on B ISX, investor options and l iquidity were set to be enhanced. Public familiarity with Commonwealth Brewery and Burns Houses brands, such as Kalik, Heineken, Guinness and Vitamalt, will l ikely help drive retail interest in the IPO, given that Bahamians tend to invest h eavily in something they u nderstand, such as real e state. Definitely, from a mark eting point of view this will h ave a higher profile than other securities, Mr Anderson said. We believe this will be one of the most widel y subscribed offerings in Bahamian history. We believe we could actually reach this level or higher with this offering. Asked whether the BISX markets well-known liquidity problem, and the negative impact this was having o n share prices, was a conc ern for the Commonwealth B rewery IPO, Mr Anderson t old Tribune Business: If a nything, with Commonw ealth Brewery coming to market, it will reignite interest in the local equity mar ket........ and make all shares more liquid. Acknowledging that it would take longer for market l iquidity to develop in the Bahamas than in many other capital markets, due in part t o the smaller number of p layers, the RoyalFidelity p resident added: Something like Commonwealth Brew-e ry coming to market, we see a s a catalyst to change that. It will not happen overnight; it will not be a 100 per cent improvement, but will be a s tep in the right direction. We need to attract more people into the market, and this young group of 20-30 year-olds have historically not participated. They have not had an IPO to participate in. If we can get these guys into the market, I can o nly assume it will be posit ive. It will not be a panacea, a s olution for every problem, b ut it will be a step in the r ight direction. Mr Anderson said RoyalFidelity had already fielded numerous questions on the Commonwealth Brewery IPO from 20-30 year-old Bahamian professionals e xpressing an interest in buying in. He described them as definitely more savvy from a n investment perspective, a s they were asking the r ight questions. Pointing to Commonw ealth Brewerys indicative d ividend yield, which rose from 4.5 per cent in 2008 to 5.5 per cent in 2009 and 7.7 per cent in 2010, Mr Anders on said that compared to the returns from other investments bank deposits and fixed income securities the company could be a very interesting stock in the future, especially given its prospects for further top-line growth and cost containm ent. T elling Tribune Business t hat some individual i nvestors had been pledging t o invest millions in the IPO, R oyalFidelity having received one request for $10 million worth of stock, another for $3 million, Mr Anderson said: At the institutional level, weve had very strong interest from everyb ody bar none. At this stage, I have a fairly good feeling well be w ell subscribed. In terms of over-sub s cription, it remains to be seen how much we get fromi nstitutional investors. NIB m akes a big difference. B USINESS P AGE 6B, MONDAY, MARCH 21, 2011 THE TRIBUNE 72$//&,9,/(59$176 7KDWVULJKWD/RDQDSSURYHGZLWKLQKRXUV 38%/,&:25.(56&2(5$7,9( &5(',7,21/,0,7(' $ 109.376 million, compared to $111.833 million in 2009. That represented a further decline on the $113.83 million in r evenue generated in 2008. This, though, appears to have been compensated for by sharp expenses and operating cost reduc t ions. Mr Archer told Tribune Business that Commonwealth Brewery focused pri marily on reducing its raw packaging m aterial costs, including glass, bottles and caps, plus the malts, as there were its most expensive cost components. Contracts were renegotiated to drive these costs down, while freight and transportation costs were locked in for the year to guard against oil price rises. Fixed c osts and utilities were also scrutinised. I challenged our leadership team to reduce costs by 10 per cent per year,M r Archer told Tribune Business. We did it. We looked at inventory levels, working capital, making sure it was not tied up too much. We went to a cash basis with certain suppliers. This company has no debt, From 2007 until now, you may see that our volumes dropped. The good sto-r y is that we manage our costs in such a way that profitability grew. He added that Commonwealth Brewery, and its Burns House subsidiary, also maintained our customer focus and stayed close to consumers. We did the activities required to manage this successfully, and can assure you going forw ard that continues. T he short-term prospects for Com monwealth Brewerys top-line and, i ndeed, an improved profit performance and heavily dependent on the recovery of employment and disposable incomes among Bahamians and residents in thed omestic economy. Export possibilities, while there, are limited by the relatively high operating costs all Bahamian manufacturers face, w hich make their products non-competitive on price with overseas rivals. And, in Commonwealth Brewerys case, export p lans may also conflict with the existing operations and distribution facilities that 75 per cent majority investor, HeinekenB V, has in other nations. C ommonwealth Brewery is thus hop ing that investment projects, such as the $2.6 billion Baha Mar development at Cable Beach, plus the wealth of govern ment infrastructure projects taking place will drive employment and salaries for w ards. T he companys share of the domestic liquor market stands at 80 per cent, and Mr Archer said: The growth is going toc ome from the additional employment happening as a result of all this. Once Bahamians are employed, they will go back to the brands they love. When the recession hit, they traded down and did not drink their favourite beer, instead going for a more inexpensive spirit. The Commonwealth Brewery chief a dded that the company was also eyei ng growth through acquisition, particu larly as firms from other sectors started e ncroaching on its business. Noting the recent trend of supermar kets, such as City Markets and AML Foods, establishing in-store liquor con c essions, Mr Archer emphasised of domestic expansion: Its through acqui sition. As we see more industries getting into the beers, wines and spirits business, w e see some opportunities to enter their business. Hinting that Commonwealth Brewe ry/Burns House would not be opposed to establishing their own in-store con cessions in supermarkets, Mr Archer said t hat while not opposed to these chains d oing it themselves, there were ques tions about the protection of children and ensuring alcohol did not end up in the hands of under-18s. But if the law changes, it will not change for one side, he added in relation t o in-store supermarket concessions. It m eans my retail liquor stores also have an opportunity to move into fast consumer goods. When you look at most liquor stores, they have all the products around the perimeter, and you have this space in the centre to put up shelves. F ROM page one Brewery: 35% output increase capabilities $62.5m IPO to reignite cap market interest FROM page one

PAGE 24

b y Caterpillar Financial Services, which alleged that Deans Shipping had breached the terms of a $2.67 million loan by a llowing the M/V Legend II to be seized and have a lien placed over it, was also dismissed. A March 16, 2011, court o rder obtained by Tribune Business said: Palm Beach Steamship Agency has agreed to settle all claims for $75,000 to be paid in cleared funds on or b efore the close of business on March 16, 2011.......... As a condition precedent to this settlement, defendant D eans Shipping Ltd shall pay the substitute custodian on or before March 16, 2011, an agreed upon amount consisting of $65,000 for custodial fees, costs and expenses up through M arch 11, 2001, and additional c ustodial fees, costs and expenses incurred between March 1116, 2011. As of March 16, 2011, total custodial fees are$ 77,811. Given that the total sum involved is $140,000, Deans Shipping Company is effectivel y paying more than the $106,000-plus debt that the Palm Beach Shipping Company claimed it was owed. In addition, the court order stipulated: All Deans Shipping Company equipment located at Palm Beach Steamship Agencys facility at t he Port of Palm Beach shall be returned to Deans Shipping for loading on board the M/V L egend II after the vessel is r eleased. The equipment includes one 20-foot chassis, one 20-foot container with chassis; and four 40-foot con-t ainers with chassis. The MV Legend was seized, and placed in the care of National Maritime Services, d ue to a dispute over alleged non-payment of stevedoring, wharfage and other fees between October 18, 2010, to mid-March 2011. In its lawsuit, the Palm Beach Steamship Agency alleged: "Since October 18, 2010, plaintiff provided necessaries to the [ MV Legend], to-wit: labour, wharfage, advances and other services pursuant to an agreem ent between plaintiff and vess el's owners, charterers, and/or authorised agents on a fixed rate basis. "The defendant vessel has f ailed to pay for these services a t plaintiff's office in the amount of $126,347.19 despite repeated demand for payment submitted to the defendant vess el, Legend II, and/or her owner, charterer or operator, defendant Dean's." That sum was reduced to just over $106,000. T he Palm Beach Steamship A gency was seeking a lien over t he M/V Legend II so it can foreclose upon it and sell the boat to recover the sums owed to it. T he M/V Legend plies between West Palm Beach, Marsh Harbour, Green Turtle Cay, Spanish Wells and Nass au. BUSINESS THE TRIBUNE MONDAY, MARCH 21, 2011, PAGE 7B 326,7,21$9$,/$%/('HVNWRSDQG\VWHPV(QJLQHHU,QIRUPDWLRQHFKQRORJ\( )* %DQN7UXVW%DKDPDVf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f $ELOLW\WRXVHV\VWHPGHSOR\PHQWWRROV /DQJXDJHVNLOOV ([FHOOHQWYHUEDODQGZULWWHQFRPPXQLFDWLRQVNLOOV)OXHQF\LQ(QJOLVK )OXHQF\LQ)UHQFKDQGSDQLVKLQZULWWHQDQGVSRNHQIRUPZRXOGEHDQDVVHW ,QWHUHVWHGDQGTXDOLHGDSSOLFDQWVPXVWVXEPLWDSSOLFDWLRQVE\VW ( %DQNtUXVW%DKDPDVf/WG $WWQ+XPDQHVRXUFHVDQDJHU H'HVNWRSDQG\VWHPV(QJLQHHUf &HQWUHRI&RPPHUFHQG)ORRU 2QH%D\WUHHW 3 1DVVDXKH%DKDPDV ue, Mr Archer told Tribune Business. However, this meant an even better deal for Bahamian institutional and retail investors, as they were paying no premium to buy into the company. The Government stipulated that both the $8.33 share price, and offerings terms and conditions, must be the same as those received by the Asso-c iated Bahamian Distillers and Brewers (ABDABC ommonwealth Brewery was completely bought out by Heineken. I n return for approving the buyout of the Finlaysons and their fellow shareholders, the Government also set the pre-condition that 25 per cent of Commonwealth Brewerys shares must be held by Bahamian investors, hence the IPO. Andt hey insisted that the company had to make sure that ordinary Bahamians were given first shota t ownership. The Commonwealth Brewery IPO marks the f irst major intervention by the Government in the Bahamian equity and capital markets for some time, ostensibly in a bid to broaden and increase Bahamian ownership of key economic assets in this nation. A nd the Ingraham administration has contin ued with this interventionist, pro-capital mar-k ets trend, announcing that it will float the first 9 per cent tranche of Bahamas Telecommunicat ions Company (BTC cent it will hold post-privatisation later this year. And, before November, the Prime Minister is also seeking to reduce the Government and pri vate sector stakes in the Arawak Cay port to 40 p er cent each, both selling 10 per cent of their existing holdings to the Bahamian public. The latter will have a collective 20 per cent holding. Describing the Governments stipulations as quite unusual when it came to equity and capital markets generally, Michael Anderson, president of RoyalFidelity Merchant Bank & Trust, which is acting as the IPOs placement agent, said: The Government has taken a much firmers tand from an equities standpoint what they want and think Bahamians should hold. I havent seen this level of government intervention before in this new age of IPOs. M r Anderson, though, told Tribune Business that an increased government role in the Bahamian capital markets would aid their development and speed this up, especially since public sectori nstitutions, such as the National Insurance Board ( NIB), represented the greatest sources of longterm investment capital in this nation. I think in most markets generally around the world, government is the leading participants in t hese markets, whether through government bonds, various institutional aspects of government buying in through pension plans, Mr Anderson explained. Governments have traditionally played a large r ole in the capital markets, and this government, from a Caribbean perspective, has played a fairl y small role in the capital markets. Its been one of these bones of contention for some time, w hether the Government can get more sensibly involved in the market. Government, through its institutions and agencies, participates to a great extent, and its encouraging to see the Government get more i nvolved as its the single largest source of funding. Unless the Government gets more involved, i t will take longer to develop the local market. F ROM page one Brewery preferred higher IPO price F ROM page one Shippers vessel is released

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NEW YORK A ssociated Press AT&T Inc. said Sunday it will buy T-Mobile USA from Deutsche TelekomA G in a cash-and-stock deal valued at $39 billion that would make it the largest cellphone company in the U.S. The deal would reduce t he number of wireless carriers with national coverage from four to three,a nd is sure to face close regulatory scrutiny. It also r emoves a potential partner for Sprint Nextel Corp., the struggling No. 3c arrier, which had been in talks to combine with TM obile USA, according to Wall Street Journal reports. A T&T is now the country's second-largest wirel ess carrier and T-Mobile USA is the fourth largest. The acquisition would give AT&T 129 million subscribers, vaulting itp ast Verizon Wireless to make it the largest U.S. cellphone company. The combined company would serve about 43 percent ofU .S. cellphones. F or T-Mobile USA's 3 3.7 million subscribers, the news doesn't immedia tely change anything. Because of the long regulatory process, AT&Te xpects the acquisition to take a year to close. But w hen and if it closes, TMobile USA customers would get access toA T&T's phone line-up, including the iPhone. T he effect of reduced competition in the cellphone industry is harder t o fathom. Public interest group Public Knowledge said that eliminating one of the four national phone carriers would be" unthinkable." "We know the results of arrangements like this higher prices, fewer choices, less innovation," saidP ublic Knowledge presid ent Gigi Sohn, in a statem ent. T-Mobile has relatively c heap service plans compared with AT&T, particularly when comparing thek ind that don't come with a two-year contract. A T&T CEO Randall Stephenson said one of the goals of the acquisi-t ion would be to move TMobile customers to smart p hones, which have higher monthly fees. AT&T "will look hard" at keeping T-M obile's no-contract plans, he said. AT&T's general counsel, Wayne Watts, said cellphones are "an incredibly competitive market," w ith five or more carriers in most major cities. He p ointed out that prices have declined in the last decade, even as the indus-t ry has consolidated. In the most recent megad eal, Verizon Wireless bought No. 5 carrier Alltel for $5.9 billion in 2009. A T&T would pay about $25 billion in cash to Deutsche Telekom, Germ any's largest phone company, and stock that is e quivalent to an 8 percent stake in AT&T. Deutsche Telekom would get ones eat on AT&T's board. Like Sprint, T-Mobile h as been struggling to compete with much larger rivals AT&T and Veri-z on Wireless, and its revenue has been largely flat for three years. Bellevue,W ashington state-based TMobile USA's subscriber c ount has stalled at just under 34 million, though it posts consistent profits. D eutsche Telekom has been looking at radical m oves to let it get more value out of its U.S. holdi ng, including a possible combination with a U.S. partner. T here was a big hurdle to a T-Mobile USA-Sprint deal: The two companies use incompatible network technologies. The sameh urdle would apply in a Verizon Wireless-TMobile USA deal. But the networks of AT&T and TMobile use the sameu nderlying technology, so to some large extent, AT&T phones can use TMobile's network and vice versa. A T&T said its customers would benefit from the cell towers and wire-l ess spectrum the deal would bring. In some areas, it would add 30 percent more capacity, AT&T said. "It obviously will have a significant impact in terms of dropped calls and n etwork performance," Stephenson said. To assuage regulatory c oncerns, AT&T said in a statement Sunday that it w ould spend an additional $8 billion to expand ultrafast wireless broadbandi nto rural areas. Instead of covering about 80 percent of theU .S. population with its so-called Long Term Evol ution, or LTE network, AT&T's new goal would be 95 percent, it said. Thatm eans blanketing an additional area 4.5 times the s ize of Texas. The network is schedu led to go live in a few areas this summer, but construction will takey ears. The deal has been approved by the boards of both companies. Dallasbased AT&T can increasei ts cash portion by up to $4.2 billion, with a reduction in the stock component, as long as Deutsche Telekom receives at leasta 5 percent equity ownership interest in the buyer. The deal is final and doesn't leave room for other buyers jumping inw ith a higher bid, AT&T said. AT&T would finance t he cash part of the deal with new debt and cash on its balance sheet and will assume no debt from TMobile. BUSINESS PAGE 8B, MONDAY, MARCH 21, 2011 THE TRIBUNE 5 2wk-Hi52wk-LowSecurit y P revious CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.130.95AML Foods Limited1.091.090.000.1230.0408.93.67% 10.639.05Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 5.754.40Bank of Bahamas4.404.400.000.1530.10028.82.27% 0 .530.17Benchmark0.180.180.00-0.8770.000N/M0.00% 2.842.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.201.96Fidelity Bank1.961.960.000.0160.040122.52.04% 12.409.44Cable Bahamas10.2110.210.001.0500.3109.73.04%2 .852.35Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.80Commonwealth Bank (S1 6.806.78-0.0247,2710.4880.26013.93.83% 2.861.90Consolidated Water BDRs2.072.110.040.1110.04519.02.13% 2.541.40Doctor's Hospital1.401.400.000.1070.11013.17.86% 6 .505.25Famguard5.255.250.000.3570.24014.74.57% 9 .275.65Finco5.885.880.007010.6820.0008.60.00% 11.408.77FirstCaribbean Bank9.399.390.000.4940.35019.03.73% 6.004.57Focol (S 5.475.470.000.4520.16012.12.93% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 5 .595.50ICD Utilities7.407.400.000.0120.240616.73.24% 10.509.80J. S. Johnson9.829.820.000.8590.64011.46.52% 10.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 1 00.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk-Hi 52wk-Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield FINDEX: YEAR END 2008 -12.31%30 May 2013 2 0 November 2029F RIDAY, 11 MARCH 2011BISX ALL SHARE INDEX: CLOSE 1,455.84 | CHG -0.97 | %CHG -0.07 | YTD -43.67 | YTD % -2.91BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017 7%RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)2 9 May 2015 W WW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-232019 October 2022 P rime + 1.75% Prime + 1.75% 6 .95%BISX LISTED & TRADED SECURITIES AS OF:7% Interest 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 10.065.01Bahamas 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 = 1,000.00 YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeks Bid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week Change Change in closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded today NAV Net Asset Value DIV $ Dividends per share paid in the last 12 months N/M Not Meaningful P/E Closing price divided by the last 12 month earnings FINDEX 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 ,5$1$/%(57RI(DVW 6WUHHW3%2;1$66$8%$+$0$6 AT&T to buy T-Mobile USA for $39 billion AT&T INC on Sunday said it will buy T-Mobile USA from Deutsche Telekom AG in a cash-and-stock deal valued at $39 billion, becoming the largest cellphone company in the U.S. (AP CAIRO Associated Press MAJOR GULF ARAB stock markets rallied on Sunday, led by Saudi Arabia's exchange after that nation's king pledged roughly $93 billion in financial support measures in a move aimed at quieting discontent in the Arab world's biggest econ omy. Saudi Arabia's Tadawul All Shares Index closed up 4.5 percent, at 6,343 points, while the Dubai Financial Market closed 2.6 percent higher at 1,509 points. Analysts said the gains reflected new confidence in the oil-rich region after massive protests in Bahrain had regional markets vacillating sharply over the past couple of weeks. "It's a confidence booster for the market, and the economy, because the (Saudi ness to do what is needed," said John Sfakianakis, chief economist at Riyadh, Saudi Arabia-based Banque Saudi Fransi, referring to the new measures announced by the Saudi monarch. King Abdullah unveiled the massive financial package on Friday, in a second bid in under a month to allay rumblings of unrest in the oil-rich nation by pledging additional services, bonuses, housing and aid to his people. The measures, which will cost the Saudi government about 350 billion Saudi riyals ($93 billion sive and far reaching attempts by an Arab government to tackle some of the core economic and financial issues that have served as a catalyst for the protests, which have led to the ouster of Tunisia's and Egypt's presidents. The Saudi stock market, which was closed on Saturday because of an official holiday, welcomed the new measures, which analysts say are equal to about 21 percent of the OPEC kingpin's gross domestic product. Shares of 145 companies climbed, representing all sectors of the Saudi economy, according to the Tadawaul's website, and the latest rally narrowed the index's year-to-date losses to just 4.8 percent. About two weeks ago, the TASI's year-to-date losses were well over 15 percent. The gains, which were also reflected on the Qatari, Omani and Abu Dhabi stock exchanges to lesser degrees, demonstrated how the Gulf region's main focus, at least for now, was on the developments closer to home. The imposition of a no-fly zone over Libya and the accompanying coalition assault on that North African nation appeared to carry little weight in Gulf markets. Qatar's benchmark was up 2.56 percent while the main index in Oman, another Gulf nation that has seen smaller-scale protests, was up 1.33 percent. Abu Dhabi's benchmark gained a moderate 0.67 percent. Bahrain has, for weeks, been the epicenter of Gulf concerns. Gulf markets rally on Saudi economic incentives