Citation
The Tribune.

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Title:
The Tribune.
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Tribune. (Nassau, Bahamas).
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Nassau tribune
Place of Publication:
Nassau, Bahamas
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Tribune
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Language:
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v. : ill. ; 58 cm.

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

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Full Text
THE TRIBUNE

TUESDAY, MARCH 22, 2011, PAGE 3



LOCAL NEWS



@
6 5 i sale of 51 per cent of BTC to Cable and Wireless.
i The amendments were passed with a ‘Yes’ vote of 22 to 14. All
i FNM MPs voted in favour, with the PLP MPs present voting

By CELESTE NIXON
Tribune Staff Reporter
cnixon@tribunemedia.net

PRIME Minister Hubert Ingraham has
encouraged BTC employees to come to
terms with the majority sale of the com-

pany.

In his address to parliament yesterday
morning, Mr Ingraham pointed out that
sale is going to happen, that Cable and
Wireless would be in charge as soon as

next month, and told BTC workers they
should engage with the company.

Mr Ingraham said: "I want to encour-
age the BTC unions to engage with CWC
and I encourage the staff of BTC to urge
their union representatives to engage with
CWC - this can only serve you interests”.

The prime minister said that as CWC
will become the majority owner, operator
and manager of the company, it only makes
sense for employees to communicate with

them.

Responding to complaints from seated
opposition members of the House, Mr
Ingraham said all BT'C employees were
over the age of 18 and could make up their
minds on the matter, adding that he was
just giving them some advice.

Mr Ingraham thanked all BTC employ-
ees and any others who “had a hand” in
what BTC “has done and what it has been
doing for the Bahamas during its 45 years of
existence”, and assured them that CWC

was the best partner for the company.

ENM claims internal email leak
shows ‘cynical PLP campaign’

THE FNM claims the leak
of an internal email conver-
sation among senior PLPs
has revealed their “cynical
campaign” to manipulate the
Bahamian people with
“rehearsed lines and silly slo-
gans.”

A statement issued by the
governing party yesterday,
said the opposition members’
statements mistakenly sent
to the press, show they are
guided “by what they hope
might work to further their
narrow interests,” rather

‘Brave’ Davis: release of ‘private

communication’ was unethical



By CELESTE NIXON
Tribune Staff Reporter
cnixon@tribunemedia.net

PLP deputy leader Brave
Davis said that the release by
a local media house of a "pri-
vate communication” between
leaders of his party was uneth-
ical and was intended to cause
mischief.

On Sunday evening, an
email exchange between PLP /
members concerning a state-
ment they intended to release
in response the FNM's Satur-
day night rally, was mistaken-
ly sent to members of the
media.

A local newspaper printed
an article based on the
exchange yesterday, which
quoted Mr Davis as saying he
felt the "stop, review and can-
cel message” campaign which
the party has been running PHILIP ‘BRAVE’ DAVIS
was "not resonating” with vot-
ers.

The campaign is intended to stir up outrage over FNM leader
Hubert Ingraham’s decision to suspend and review a number of
PLP initiatives when he became prime minister in 2007.

The e-mail was quoted as saying: "The stop, review and cancel
is not resonating as we have not been able to persuade the elec-
torate that it is management and not the global economy that is
causing the woes today”.

Mr Davis told The Tribune yesterday that he learned on Sunday
that his "private" comments pertaining to a first draft statement
from opposition leader Perry Christie had been released to the pub-
lic.

He said: "It was a private communication between myself and the
persons involved in the construction of Mr Christie's contribution
to the press; it was clearly noted as private in the exchange and it
is aclear breach of that privacy".

According to Mr Davis, the article concerning his communica-
tion was intended to cause "mischief" for the PLP and is what he
deems “unethical behaviour".

Mr Davis claimed he was not contacted for comment on the mat-
ter before the article was published, and said he intends to take up
the issue with that newspaper’s management “when the time is
right”.

“He did not speak about the comments in the email, or whether
he stood by them.

71-YEAR-OLD MAN CONVICTED OF BIGAMY

A MAGISTRATE yester-
day convicted a 71-year-old
man of bigamy.

Prosecutors had argued
that James Roker, alias
James Cyril Roker, on May
17, 2007, married Donna
Marie Smith, knowing that
he was still married to
Catherine Roker, although
the two had been separated
for some time.

Roker was also charged

with making a false declara-
tion for the purpose of mar-
riage on May 14, 2007.

While Roker contended
that he was not previously
married, Deputy Chief Mag-
istrate Carolita Bethell con-
victed him of the offences fol-
lowing a trial.

Roker is expected back in
court on May 2 when a pro-
bation report will be present-
ed to the court.

JURY SELECTED IN ANNA GARRISON MURDER TRIAL

A JURY was selected yesterday in the trial of an American
teenager and a Bahamian man accused of murder.

Zyndall McKinney, 23, of Isabella Boulevard, and the teenage
girl alleged to be his girlfriend, are accused of the murder of
Anna Garrison.

It is alleged that between Sunday, February 25 and Saturday,
July 4, 2009, McKinney and the girl, being concerned together,
caused the death of the victim.

Mrs Garrison's badly decomposed body was discovered in a
bushy area off Fox Hill Road South near the Blue Water Cay
development on Saturday, July 4, 2009 at around 6.20pm.

Her body had been wrapped in sheets and her feet were
wrapped in plastic bags.

The 33-year-old woman first came to the attention of police
on February 25, 2009, when they received a missing person
report from the United States Embassy in Nassau.

A jury of eight women and four men was selected to hear evi-
dence in the trial yesterday. The trial is being heard before
Senior Justice Jon Isaacs.

Tony Scriven and Ambrose Armbrister appear for the
Crown.

McKinney is represented by Murrio Ducille and the girl is
being represented by Elliot Lockhart.

than by core and consistent
principles.

In the email exchange PLP
deputy leader Philip Davis
advised his colleagues that
the opposition’s “stop,
review and cancel” slogan
that they have been repeat-
ing for four years is “not res-
onating” with the Bahamian
people.

The FNM said: “It is not
only the PLP’s slogans and
public relations programmes
that are not resonating with
Bahamians. The PLP itself —
its failed leadership and
record in office as well as its
reckless behaviour in oppo-
sition — is not resonating with
the majority of Bahamians.
This includes its attacks on
the police, and mob behav-
iour.

“The opposition’s arro-
gance is stunning. They do
not realise that their cam-
paign of distortion is failing
because the Bahamian peo-
ple know better. Bahamians
understand that the worst
financial crisis in generations
hit most of the world econo-
my including the Bahamas.

“The desperate and delu-
sional leadership of the PLP
prefer sticking their heads in
the sand because they can-
not bring themselves to

admit what is plain to most
Bahamians.

“Prime Minister Ingraham
and the FNM rescued the
economy, preserved public
sector employment, created
jobs through the most ambi-
tious public infrastructure
investments in Bahamian his-
tory, and helped to turn the
dream of Baha Mar into a
reality.

“In the midst of the finan-
cial crisis the FNM launched
landmark unemployment
and prescription drug bene-
fits as well as the National
Retraining Programme.

“Prime Minister Ingra-
ham’s seasoned leadership
during the financial crisis is
recognised globally. For the
first time ever, a Bahamian
Prime Minister in the person
of Mr Ingraham has been
selected to chair the Annual
Meetings of the Boards of
Governors of the Interna-
tional Monetary Fund and
World Bank Group.

“The PLP’s vision is
blurred and smudgy because
of how long they have kept
their heads in the sand.
When they look in the mirror
they suffer from delusions
and hallucinations. In claim-
ing to see others, they are
seeing themselves.”

AW Connectors & Adapters

ie

THREE PLPS, ONE INDEPENDENT, FAIL TO VOTE
| ON COMMUNICATIONS ACT AMENDMENTS

i THREE PLP MPs and one newly independent parliamentar-
i ian did not vote yesterday on the amendments to the Commu-
? nications Act, which paved the way for the ultimate vote on the

against.
i “PLP MPs Anthony Moss, Fred Mitchell, and V Alfred Gray
? were all absent during the initial vote. The FNM’s former MP for
? Bamboo Town Branville McCartney was not present for the
i role-call.
i = While Mr McCartney, who momentarily popped in and out of
: the parliamentary chamber, is rumoured to disagree with the
i sale of BTC, concern was raised over why the PLP MPs might
i have failed to appear for such an historic vote.
i According to Mr Moss, the reason he was not present for the
? vote was that his flight from Exuma was “a little bit late” this
? morning.
i “SoI never got here to the House until about 11am. So there
i is no conspiracy. I am not in support of the sale of BTC, partic-
? ularly to foreigners,” he said.
i Mr Mitchell declined to comment on his absence, although his
i party leader indicated that he was out with the demonstrators at
i the time of the vote.
? Mr Gray was also not available at the time of the vote, as he
i was reportedly in the Supreme Court.

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PAGE 4, TUESDAY, MARCH 22, 2011

EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

Election tactics to fool Bahamians in full swing

DURING yesterday’s rally Bahamas
Communications and Public Officers Union
president Bernard Evans expressed the hope
that “between now and the vote something
will happen to derail the sale” of BTC to
Cable & Wireless.

We are certain that the Bahamian woman
who called a radio show yesterday morning
to complain that she tried to pay her tele-
phone bill but found no cashier on duty at
any of the outlets— except at the BTC
Marathon office — to assist her is anxious
for the sale to go through. She is probably
among the many Bahamians who — unlike
Mr Evans — cannot wait for the company to
be privatised so that persons like herself will
get the standard of service they have every
right to expect.

It is presumed that instead of manning
their stations yesterday many of the missing
staff were on Bay Street protesting the sale
of BTC. Lower fees, better service and more
choice in their public communications is
what the public wants — as far as many of
them are concerned, it cannot come soon
enough. Sunday night an internal e-mail,
claiming to have been sent by Philip “Brave”
Davis to six party members, mysteriously
found its way to the desks of several news-
paper editors and reporters.

With daily information being supplied by
TV, Twitter, Face book and all the other
new fangled means of information, Bahami-
ans are sufficiently well informed not to buy
into the PLP’s propaganda blaming the
Bahamas’ economic downturn on the Ingra-
ham government, rather than where it right-
fully belongs — the world economic crash.

“We have not been able to persuade the
electorate that it is management and not the
global economy that is causing the woes
today...” said the e-mail. Party members
have been advised to change their tactics.
The e-mail claims that what is “resonating is
the intentional delay and slothfulness to get
things started that was left in place.” We do
not think that what the PLP like to call “stop,
review and cancel” will resonant with
Bahamians either if they fully understand
what the Ingraham government has saved
for them by going over all agreements left in
place by the Christie government. When
they realise what they would have lost had
this not been done, we do not believe that
even this propaganda slogan will resonate
with anyone.

The Davis e-mail suggested that the cho-
rus line to this week’s debate about the sale
has to be the five reasons why the “BTC
deal stinks and this word has to be the cho-
rus line to all contributions.” Taking Mr
Davis’ advice yesterday, Fort Charlotte MP
Alfred Sears during his contribution to the
debate called for a Commission of Inquiry



DON STAINTON»

because the deal “does not pass the smell
test.”

The Christie camp is certainly desperate
to win an election. They are clutching at any
and every straw that passes their way to try
to capture votes.

The e-mail advised the party stalwarts to
be “dismissive” of the rally. This was a ref-
erence to Saturday night’s FNM rally attend-
ed by a large, enthusiastic and orderly crowd.
We presume that the directive was to ignore
it, but one intrepid PLP MP broke ranks
and suggested that the FNM were disap-
pointed by the poor turnout to their rally.
The police estimated that on Saturday night
the rally drew a crowd of about 7,000—
hardly a poor turnout.

One bystander watching yesterday’s
demonstration outside the House believed
the people should protest, but wondered if
“anyone is listening.” Why should anyone lis-
ten when reports persist that “party opera-
tives” are paying many of them to be there.

We have been told by eyewitnesses that
when the House broke for lunch around
1pm yesterday, a long line —‘from the top
to the bottom of the stairs” — of demon-
strators waited outside the Opposition’s
office door in the Bayparl building, demand-
ing payment for doing what they claimed
they were paid to do at the rally. “One of
them urinated on the stairs, they were smok-
ing grass, swearing and saying they wanted
their money,” an eyewitness said.

We then had reports of another distur-
bance at the PLP’s Gambier headquarters
last night when a fight broke out and police
and an ambulance had to be called. Again,
according to an eyewitness, it was claimed
that a bus load of persons arrived demanding
payment. How can anyone listen to demon-
strators, a large number of whom are being
paid by “party operatives” to swell the ranks.
Obviously many of them neither understand
nor care about the issues. Despite these
alleged inducements, the turnout has been
sparse, especially for an issue about which
Opposition politicians claim the people are
so passionate. Paid protesters do not reflect
the opinion of the general public and, there-
fore, cannot be taken seriously.

This tactic of paying this type of person—
some of whom the police say are “well
known” to them — to disturb the peace is
dangerous. One only has to look at what
eventually happened to politicians in
Jamaica who played this game too long.
Edward Seaga is a case in point.

It would be wise for Bahamian politi-
cians — especially after what must be to
them an embarrassing episode — to call a
halt and change course. Bahamians want to
know the truth for a change. They are tired
of propaganda.



THE TRIBUNE



Why is tourism
down in comparison
with the Caribbean?

EDITOR, The Tribune.

EVERYTHING in The
Bahamas is the world’s best
and internationally
renowned, but why is
Tourism down in comparison
with the Caribbean?

When journalists describe
or report on events with dif-
ferent glasses and misuse
superlatives/adjectives to
describe the event — facili-
ty, etc, they injure our prod-
uct.

Have you noticed that jour-
nalists over use superlatives
to describe even the most
simple issue as if this is a
global break-through or
world crashing event when it
really is a matter-of-fact
issue?

Just yesterday, Saturday,
March 5th, a new restaurant
was described as a five-star
establishment when it really is

LETTERS

letters@tribunemedia.net



a run of the mill one —- ZNS
described the Agro fair on
Gladstone Road as if we sud-
denly and miraculously were
able to feed ourselves and
stopped importing foreign
food — last week again ground
breaking of a Private Aircraft
facility (FBO) in Grand
Bahama this was projected
through a misquote to receive
over 50,000 aircraft a year,
impossible probably in 10
years and it goes on and on.

Everything here is the
world’s best — internationally
renowned the minute it
opens.

We seem to nationally for-
get one has to earn cred-
its....what we are actually

doing is falsely teaching
everyone that we don’t have
to work at providing service,
pricing the service correctly
and basically earning the
merit, credit ete.

The Cacique Awards are
yet a further example of what
is wrong — such an Award
should have to be earned not
you get 20 friends to put your
name in and suddenly you are
a recipient of a National
Cacique Award — you should
have to earn it.

Why can’t the scheme be
set-up where the customers
rate, give recommendations
so you will get a real Award
scheme earned? Of course
that will kill the scheme
which in my opinion is
manipulated anyway.

H KNOWLES
Nassau.
March 6, 2011.

Thank you to Athena Damianos for
comments on ‘tick-tack-toe’ building

EDITOR, The Tribune.

Kindly permit me space in your valuable
columns to express special thanks to Ms Athena
Damianos for her comments on the survival of
the ‘tick-tack-toe building” on Bay Street and
the significance of Austin T Levy’s Harrisville
Company-operated chain of Hatchet Bay Farms’
milk stands. In fact, the demise of the Levy’s
enterprise Hatchet Bay Farms did set The
Bahamas back some four decades in our faltering
effort to achieve self-sufficiency through agri-

the lowness to which we may be brought through
racial prejudice and our tragic tendency to politi-
cize everything we do in this country. It further

culture, where we now have annual budgets but 48°.
no well distributed harvest or sincere buy-in by

the Bahamian consumer.

These remaining milk stands throughout New
Providence are silent but staunch reminders of

EDITOR, The Tribune.

A QUESTION for fellow
motorists throughout The
Bahamas: Are you a busy
mother with school drop-off
and pick up, soccer practice and
grocery shopping?

Are you a salesman who vir-
tually lives in his vehicle?

Maybe a teenager who likes
to impress his friends by burn-
ing an inch of rubber off his
tyres when accelerating?

Or you’re a grandmother or
grandfather who visits a friend
through the week and goes to
church on Sunday?

If your profile fits either of
those described above, you
have an obligation to your vehi-
cle, no matter if it’s an entry
level model or top of the line.
That obligation to your vehicle
is maintenance! In The

Auto Sales

speaks volumes of discontent when local politi-
cians of any stripe assume that they have a
monopoly on good business sense or sound judg-
ment. The results of such political or personal
hubris are neither noble, heroic nor enhancing to
our nation's progress and development.
Bahamians will only move from the survival
mode to prevailing progressively when we tran-
scend the politics of party, personality and patron-

W LESTER BOWLEG

Nassau,

Bahamas we drive under }
i EDITOR, The Tribune.
temperatures, idling in traffic,
short trips of less than five miles :

extreme conditions, i.e. high

and in some cases severe dust.

it’s life blood — lubricating oil.

the opinion that motor oil does
not wear out, you’re dead
wrong. Stick to this belief and
you will pay the price.

This is not an advertisement

ply good advice.

NORMAN A. WHITLOCK

Nassau,
March 18, 2011.

February 24, 2011.

A question for fellow motorists :

Chance to change BREA'S
course for 2011-2012

As a two-time President

of the Bahamas Real Estate

These conditions are taxing { Association, obviously Iam

on your vehicle’s engine and } passionate about the direc-

Even if you cannot afford all ponoue eects is ne

the maintenance recommend- pd. snd obviously Our ginee
: i tion is headed in reverse.

ed by the manufacturer in your } Wons

owner’s manual, changing the }

vehicle’s oil and filter, using the : 2 opportunity to change

recommended grade of oil, } the course of history for

every 3,000 miles or 4,800 kilo- i BREA for the year 2011-

meters you will save thousands i 2012. Elections are sched-
of dollars on normally unnec- } uled to be held on Thursday,
essary repairs. Not to mention } March 24th and I under-
the time your vehicle will be }
off the road. Andif you are of :
i post of Vice President. I

? would encourage members

: to bypass the VP post and

? elect Franon for our Presi-

i dent. He has the profile, the

for any dealership, repair : intellect and a vision to take

garage or oil company. It’s sim- } Gur Association to another

i level.

However, members have

stand that Franon Wilson
has been nominated for the

PAT STRACHAN
Nassau,

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THE TRIBUNE





By NATARIO McKENZIE
Tribune Staff Reporter
nmckenzie@tribunemedia.net

ATTORNEY Maurice
Glinton claimed yesterday
that a judge’s decision to
strike out an action brought
by two unions attempting to
block the sale of BTC was
“premature” and based ona
mistaken view of the law and
procedure.

Mr Glinton, who repre-
sents the Bahamas Commu-
nications and Public Officers
Union (BCPOU) and the
Bahamas Public Managers
Union (BCPMU), appeared
in the Court of Appeal yes-
terday on an appeal of a
decision by Supreme Court
Justice Neville Adderley in
February.

The BCPOU and the
BCPMU had filed a joint
action in the Supreme Court
questioning the governmen-
t’s right to sell 51 per cent
BTC to Cable and Wireless.

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

Attorney: judge’s decision
on attempt to block BTC
sale was ‘premature’



“We submit that he went too far
because he operated under a
mistaken understanding of the
law and mistaken interpretation
of the Industrial Relations Act.”



Attorney Maurice Glinton

Justice Adderley ruled
however that the action was
a nullity and that the unions
lacked the legal capacity to
institute and maintain the
action in their own names for
the declarations sought.

Mr Glinton stated yester-
day: “We submit that he
went too far because he
operated under a mistaken
understanding of the law and
mistaken interpretation of
the Industrial Relations
Act.”

He noted that the unions
were spurred into action by
the government’s announce-
ment of its decision to sell
majority shares of the state-

owned telecommunications
company to the British tele-
com company Cable and
Wireless, and the signing of a
memorandum of under-
standing.

Mr Glinton argued that
the judge had acted prema-
turely in acceding to an
application to strike out the
action brought by the unions.

He contended that the
judge had failed to appreci-
ate the essence of the case.

The hearing resumes in
the Court of Appeal today
before Appellate Court Pres-
ident Anita Allen, and Jus-
tices Christopher Blackman
and Abdulai Conteh.

PM: Bluewater planned to ‘freeze’
pension plans of BTC workers’

BLUEWATER had planned to “freeze”
the pension plans of BTC workers “as soon
as possible” after buying the company so
no new benefits would accrue, documents
tabled in the House of Assembly by Prime
Minister Hubert Ingraham reveal.

According to the document, Bluewater

Ventures — the company seeking to pur- election.

chase 49 per cent of BTC shares in 2007
under the PLP administration — would have

required BTC employees to join a new
defined contribution plan.

The government would have been respon-
sible for all contributions to fund the deficit
of the defined benefit plan.

The privatisation process was not com-
peted by the PLP before the 2007 general

Just days before the election, the Cabi-
net took a decision not to sell the company.

PM tables document showing differences between
Cable & Wireless and Bluewater Ventures offers

PRIME Minister Hubert
yesterday tabled a document
in the House of Assembly
illustrating the differences
between the offers for BTC
submitted by Bluewater Ven-
tures (entertained by the PLP
in 2007) and Cable & Wire-
less Communication (CWC).

In the document, the BTC
offers are compared point for
point:

Operations

¢ Bluewater had “no tele-
com operations”; was run by a
“group of ex-telecom execu-
tives”.

e CWC specialises in
mobile, fixed and broadband
services, as well as in enter-
tainment.

Nature of business/scope of
resources

¢ Bluewater has no finan-
cial statements available.

¢ CWC has 11m subs, $2.3
billion in revenues and $866
in net earnings before interest
taxes depreciation and amor-
tisation.

Financial partner funding

¢ Bluewater had 100 per
cent financial investors, but
the source is unknown.

¢ The offer by the CWC is
funded 100 per cent by the
company.

Price for 49 per cent of
shares for Bluewater; 51 per
cent for CWC

¢ Bluewater offered $260
million, paid as follows: $220
million at closing; $25 million
at the end of five years; $15
million at the end of six years
after the deal is closed. There
was no mention of stamp duty
(assumed gross price which
includes stamp duty).

¢ CWC is paying $217,
inclusive of stamp tax.

Cellular exclusivity period

¢ Bluewater would have
had six years of exclusivity,
with a mobile virtual network
operator (MVNO) — a mobile
operator that does not own
its own licenced frequency
and usually does not have its
own network infrastructure —
coming in during the fourth
year.



PRIME MINISTER Hubert Ingraham

e CWC gets three years of
exclusivity before the process
for a second cellular licence is
started; there will be no third
licence issued until five years
after the deal closes.

Landline exclusivity

¢ Bluewater would have
gotten six years exclusivity.

e As CWC’s offer comes in
2011, landlines are already lib-
eralised

Due diligence

¢ Bluewater: There was no
financial or share ownership
information provided.

e CWC: Complied with sale
process rules; is a public com-

pany.

Financing capability

¢ Bluewater: No evidence
of financing capacity or fund-
ing for the transaction.

e CWC: The offer is fully
funded from CWC’s existing
balance sheet and capital
resources.

Pledges of BTC shares

¢ Bluewater wanted the
ability to pledge its shares
immediately suggesting
financing was dependent on
a pledge of shares.

e CWC has no pledges of
shares.

Transfers of shares restric-
tions

Bluewater:

1. Free ability to transfer
shares after initial period

2. After initial period, rights
to first offer; 30 days notice

3. Tag along rights

4. Timing/nature of any ini-
tial public offering was not
agreed

5. Pre-emption rights for
new issues of shares

Cwc:

1. No share transfers for
five years

2. After five years, rights to
first offer; 45 days of notice

3. If rights not taken up,
then CWC can sell to estab-
lished telecoms company, oth-
erwise requires government
approval to sell.

4. Any transfer at all times
subject to NEC/Exchange
Control approval

5. Government may sell
nine per cent on BISX in first
three years; up to 25 per cent
thereafter.

6. Tag along rights

7. Government may com-
pulsorily acquire CWC shares
in the event of CWC insol-
vency event or material
breach of shareholder’s agree-
ment.

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TUESDAY, MARCH 22, 2011, PAGE 5

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PAGE 8, TUESDAY, MARCH 22, 2011

THE TRIBUNE



Families start the
rebuilding process

after devastating fire

45 left homeless after blaze
in Ferguson Subdivision

SOME families who lost
everything in a devastating fire
last week are now starting the
gruelling process of rebuilding.

Approximately 45 persons
were left homeless after a fire
destroyed eight uninsured hous-
es situated on a plot of genera-
tion land in the Ferguson Sub-
division.

Social Services provided the
fire victims — all blood relatives

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“In the wake of such a cata-
strophe victims run through
their savings pretty quickly pur-
chasing the essentials,” said
Charles Maynard, Minister of
Youth, Sports and Culture.
“Any financial assistance would
be greatly appreciated and
building supplies even better.”

The fire victims resided in his
Golden Isles constituency.

According to Mr Maynard,
some of the men who lost their
homes work in construction.

“They are rebuilding their
own homes.

“Tf we could obtain dona-
tions of building supplies that
would go a long way in help-
ing them to help themselves,”
he said.

Many persons in the com-
munity have rallied around the
families, offering their support.

“People have reached out to
me to offer the fire victims
clothes and other assistance,”
Mr Maynard said. “In fact, the
Catholic Archdiocese of the
Bahamas sent a representative
to me to find out what they
could do. Apparently, they
have a special unit that deals
with these type cases.”

Mr Maynard disclosed that
Sandals Emerald Bay in Exuma
has also pledged some items.

“We are working with them
to get those items for the fire
victims,” he said. The Cabinet
Minister went on to express his
pleasure with the public’s
response thus far.

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people calling and offering a
full range of items. The families
are very grateful.”

He added: “Some things I
sent to the Corner Hotel. I also
directed donors with urgent
items to go there. Some things
the residents wouldn’t need

until they are ready to move
back in, if they are able to
rebuild. We are going to
arrange storage until they find
more permanent accommoda-
tions.”

With regards to clothing, the
Golden Isles MP said children

THE FIRE destroyed eight
uninsured houses situated on a
plot of generation land in the

Ferguson Subdivision



required school uniforms and
adults needed work clothes.

“When you lose everything,
every need is pressing,” said Mr
Maynard.

“We are simply trying to
bring some degree of normalcy
back into their lives.”

SO eo a ee ea ee ee Ta



THE BAHAMAS DELEGATION to CICTE XI included Freddie Tucker, counsellor; Kimberly Lam, second secre-
tary; Police Commissioner Ellison Greenslade, Ambassador CA Smith, Minister of National Security Tommy
Turnquest, and National Security permanent secretary Carl Smith.

By K QUINCY PARKER
Press Attaché
Embassy of The Bahamas

WASHINGTON, DC - National Security Min-
ister Tommy Turnquest reiterated the commitment
of the Bahamas to the fight against terrorism, which
he said remains a critical issue for the international
community despite the tremendous strides in the
enhancement of security measures.

Mr Turnquest last week opened the 11th Regular
Session of the Inter-American Committee Against
Terrorism (CICTE) which the Bahamas has chaired
over the last year. The theme for CICTE XI - which
the minister welcomed as “timely and relevant” — is
“Reaffirming our Commitment to prevent, combat
and eliminate Terrorism and to strengthen Member
State Capacity and Regional Cooperation.”

Speaking before a room full of representatives
from all the democratic states in the Western Hemi-
sphere, Mr Turnquest said: “The devastating effects
of terrorism do not discriminate and therefore, if we
are to be successful in the fight against this phe-
nomenon, our national efforts must be comple-
mented and informed by a hemispheric approach.

“My country is committed to the fight against
terrorism. At the regional level, through CARI-
COM, we have considered how to approach the
security of the Caribbean to better address the threat
of terrorism. (We have collaborated on) the training
of prosecutors, magistrates and Financial Intelli-
gence Unit personnel on measures to prevent, deter
and identify threats of terrorism and terrorist financ-
ing.

“At the international level,” he continued, “this
has been accomplished within the United Nations
framework, through the international conventions,
instruments and resolutions which seek to guide
our countries in combating, preventing and coun-
tering terrorism.”

OVERVIEW OF CICTE X

The Bahamas’ year-long chairmanship of the
CICTE - under the theme of public/private sector
partnerships in the fight against terrorism — ends
this week. Speaking of the success of this pro-
gramme, Mr Turnquest cited the development of
close partnerships between CICTE and such organ-

isations as the UN Office for Drugs and Crime
(UNODC), the Counter-Terrorism Committee
(CTC) and the UN 1540 Committee — the mecha-
nism for implementing UN Resolution 1540 on
obliging states, inter alia, to refrain from supporting
by any means non-state actors from developing,
acquiring, manufacturing, possessing, transporting,
transferring or using nuclear, chemical or biological
weapons and their delivery systems.

Specifically, the minister cited the pilot project
on the Physical Protection of Nuclear and Related
Materials, plus a number of border control and
cyber-security training workshops.

“Although the CICTE is established to promote
security in the hemisphere, we know that in today’s
transnational landscape, borders can be very porous.
Therefore, CICTE’s initiatives in maritime security,
such as the Port Security Assistance Partnership,
and initiatives in aviation security (CICTE schol-
arships for the ICAO Civil Aviation Security Work-
shop) have had a global impact,” Mr Turnquest
said.

“Indeed, the Government of the Bahamas has
benefitted from such initiatives and has partnered
with the CICTE to host a number of workshops
aimed at promoting security in the region through
capacity building and training exercises.”

Secretary General of the OAS Jose Miguel Insulza
also addressed the inaugural session of CICTE XI,
noting that terrorism is part of the region’s history.

Mr Insulza cited a number of terrorism incidents
including incidents in Argentina, Panama and con-
cluding with the infamous bombing of the World
Trade Centres and the Pentagon on September 11,
2001 — all with a combined death toll in the thou-
sands.

He said: “With all these and many other victims of
terrorism, we give our recognition and our efforts to
combat this scourge.”

Mr Insulza said the fact that there has not been a
new attack in the hemisphere of the same magnitude
as “9/11” is due to vigilance and multilateral efforts.

The Secretary General recognised the efforts of
the Bahamas over the past year, thanking the Gov-
ernment of the Bahamas for its leadership in under-
scoring the importance of public/private sector col-
laboration in counter terrorism. Such cooperation
would, he said, “preserve the stable democracies of
the Americas.”

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PAGE 10, TUESDAY, MARCH 22, 2011

THE TRIBUNE



LOCAL NEWS

FROM page one

arate one’s self from a political
party to which one has become
and long been affiliated.

“But I think it is fair to say
that given the timing, the fact
that he chose this day, and this
debate to do it, indicates the
nature of the principle decision
that he made and that it has
everything to do with using
himself and his decision to
demonstrate how very impor-
tant this debate is, and how
very important to the future of
our country the conclusion of
this debate — that is the transfer



CHRISTIE COMMENDS ‘COURAGEOUS’ MP

of 51 per cent of the shares of
BTC is to the Commonwealth
of the Bahamas,” said Mr
Christie.

“At this particular juncture
of his own political career, it
raises the question of what next
for him. But it should make all
Bahamians, at least give them
and place them in a position to
at least consider commending
him for demonstrating the
courage of his conviction in
such an unequivocal and dra-
matic fashion.”

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With political pundits already
speculating on whether or not
Mr McCartney will now join up
with the PLP, Mr Christie said
whatever his decision will be,
he can be assured of the
“respect and admiration of very
many Bahamians for the step
he took today.”

“The PLP will contest every
seat in the next general elec-
tion. That is our intention and
that is a declared intention. But
I will also say that we are a par-
ty that we characterize as a hav-
ing a big tent. There is always
an open invitation to persons
who are interested in being with
us to join us, particularly when
it appears that the philosophical
position they took is similar to
the philosophical position that
we are taking.

BTC protesters ‘offended’

FROM page one



PLP LEADER Perry Christie

“Bran McCartney obviously
has thought out his own posi-
tion. He has not consulted me
on that matter, even though we
have had discussions as MPs,
fellow Bahamians, and having
common family, so there is a
connection there. We leave it
entirely to him and his under-
standing of Bahamian politics
to determine for himself the
path he must take.”

Describing the now Inde-
pendent MP as one of the

“bright stars” in the FNM, Mr
Christie said Mr McCartney is a
person who many people felt
had “the greatest future”
amongst the young members of
the FNM. For his part, Mr
Christie said that Mr McCart-
ney’s resignation is a “piercing
arrow” to the FNM.

“He has made a major deci-
sion of immense implications
and he has to make a decision
as to the path he is taking. My
colleagues around me know,
that we are a party that is mov-
ing forward and we are mov-
ing forward aggressively. And
we will respect whatever deci-
sion he makes and we wish him
well.

“Throughout this public dis-
cussion in our country on the
sale of BTC, we have taken the
position that it is manifestly not
in the interest of the Bahamian
people and we ask the govern-
ment to reconsider its position
as opposed to going deeper in
it, and even the manner in
which the vote was done today
was a political event calculat-
ed to cause embarrassment.
Because we had one member



on his way from Exuma, one
member on the march, and one
member in the Supreme Court.

“The fact of the matter is
though, when it comes to the
vote every single PLP MP will
use the opportunity to vote
‘No’. We will have that oppor-
tunity at the conclusion of this
debate when we vote on the
resolution and we shall vote
‘No’. And our Senators in the
other place will vote ‘No’.

“The point arising out of this
is this is only the beginning and
not the conclusion. Because
however flippant the other side
may be with respect to our
commitment, we have made a
commitment that when we win
the next election this matter
will be subjected to the scrutiny
of the new government with the
principled intention of lawfully
taking steps to revert back to
the Bahamian position of hav-
ing ownership of the majority at
the very least of the shares of
BTC.

“So this debate is a precursor
to a major decision that the
people of this country will
make,” he said.
































































FLORENCE
‘Mother Flo’
NEWBOLD, 82

of Bennett’s Harbour, Cat
Island, who died on
March 10th, 2011, will be
held on Thursday, March
24th, 2011, at 10:00 a.m..,
at The New Mount #ion
Baptist Church, Baillou
Hill Road South, Officiating will be Bishop Andrew
Stewart, assisted by other Ministers of the Gospel.
Interment follows in Southern Cemetery, Cowpen d&
Spikenard Roack.

She is survived by her children: Beatrice Davis,
Elizabeth Newbold Parks and Princess Gaitor Lewin;
stepmother: Carnetta Newbold; grandchildren: Travis
and Gaja Parks, Samuel Sr, Basil Jr, Kendal and
Mano Davis; great grandchildren: Sheena, Stacy and
Janell Bowe, Samuel Jr, Samantha, Kirkwood Jr, and
Javia Davis; great great grandchildrem: Stacia Bowe
and Khordez Nixon Jr, sisters; Rosabelle Rahming
and Sherla Newbold Rolle: sister-in-law: Enid Kerr;
brother-in-law: Revis Rolle: soms-in-liow: Garry Parks
and Dwight Lewin; nephew: Wenzel Kerr; niece:
Reva Rolle: prand-taughter-in-law: Judy Davis: other
relatives and friends: Trevor, Donathan, Deangelo
Whylly, Dornell Whylly Albury, Rosetta Walker,
Monette Nottage, Staff at the Department of Public
Service, Registry and Training Unit, Denise, Sophia,
Susan, Therez, Angie, Royanne, Bridgette, Julie,
Patrice, Shawn Kennedy, Michelle, Robbie, Tanya,
Judy Deveaux, Jennifer Cleare and Family, Marva
McDonald and Family, Camille Rolle and Family,
Cremo and Thelma McDonald, The Newbold Family,
The Garden Club Girls, The Bennett's Harbour Cat
Island Family, Rev, Veronica Hamilton and Family,
Rev. Alfred Stewart and Family and the New Mt.
ion Baptist Church Family. Special Thanks to: Yellow
Elder Senior Citizen Day-Care Centre, Nurse Naomi
Christie Centre for seniors, Thompson Ward at
Sandilands Rehabilitation Centre, Simone’s Baskets
of Happiness, Rew. Alfred Stewart and the New Mit.
#10n Baptist Church Family, family and fiends who
made this day a success and lo everyone who
supported our family, we thank you!

Relatives and friends may pay their last respects at
Newbold Brothers Chapel, Palmetto Avenue &
Acklins Street off Market and East Streets on
Wednesday from 10:00 a.m., to 6000 pom. ‘Thursday
at the church from 9:00 a.m.,, until service time.

a

were not allowed to congregate on Bay Street in front of Rawson }
Square. The barricades used to block access to Rawson Square were }
bound with metal chains and braced with large cement boulders. i

“When will we shake off these chains? We are tired of being chained ;
up; locked up. They chained us before and they have chained us again. }
This land is our land and we must preserve it for Bahamians,” said :
Bahamian author Eugene Robinson Moore, a participant in the protest.

Demonstrators marching under the banner of the Committee to Save }
BTC for Bahamians, included union members, political supporters }
from the Progressive Liberal Party, National Development Party and i
the Workers Party, as well as representatives from non-political groups,
such as Blackfood.org. :

The demonstration peaked at about 600 people, according to Glenn }
Miller, assistant commissioner of police. :

“As a young Bahamian of 25, I appreciate seeing the revolutionary ;
fire in an ordinarily passive set of people. [implore people who want
change to seek the bigger picture. This is a bigger fight. The people who :
are the major are not in control and don’t have the power to make our }
own choices,” said Robin Lightbourne. i

Police sources said the application for the demonstration was for Par- }
liament Square, where the bust of Sir Milo Butler is located, and not }
Rawson Square, where the statue of the Queen is located. i

Parliament Square was not blocked to protesters, although barricades }
were set up to channel the protesters down Parliament Street North in }
order to enter the square. :

Protesters chose to stay on Bay Street and were spread out around }
the intersection of Bay Street and Parliament Street. i

On-looking supporters clapped the demonstrators as they arrived on }
the scene. When the demonstrators passed the straw market, protest }
leaders recognised straw vendors on the bull horn, and were cheered }
in response. :

In protest of the police barricades, protesters chanted, “open the }
gates,” and sang the Bahamian national anthem. ;

Tanya Roberts, a participant in yesterday’s protest, said she would }
be disappointed if the deal passed in parliament despite the protest;
however, she said it should not end there. i

“We cannot give up. We need to band together to continue to }
march and agitate,” she said. “Bahamians need to realise the power is }
in our hands.” i

Bernard Evans, president of the Bahamas Communications and }
Public Officers Union (BCPOU), said he is still hoping that “between ;
now and the vote something will happen to derail the sale.” :

He said the movement against the sale of BTC to CWC has “ushered }
in a new way of thinking” for Bahamians. As a result of the movement, }
he said, “we are awakening the human spirit.” :

He acknowledged the fact that Bahamians are known to be “passive i
and laid back”, and usually only come together for political rallies,
Junkanoo and parties. That the BTC opposition was a sustained and }
organised group, he said, indicated “any legislative matter after this will :
come under great scrutiny and will not be able to be pushed down the }
throats of Bahamians.” i

Dwayne Bain said the government should not look only at the }
number of protesters at yesterday’s demonstration as an indication of }
those who oppose the sale. :

“Because you don't see as many bodies as we would have liked does- }
n't mean there is not support. If you listen to the radio, television, small }
groups, many Bahamians in the wider community do not support this ;
deal,” said Mr Bain. i

“The country is split by this issue. The government should want to
see the country united. They should want to see unity. This is one of the }
biggest uproars since the government took office,” he said. :

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Bran McCartney resigns from FNM
FROM page one

“We certainly regret that Mr McCartney has decided upon this
course of action. The party will consider it and we will at some
point in the future make a formal statement on the matter. But we
do, of course, wish Mr McCartney all the best for the future and we
do regret his decision,” Mr Bethel said.

When asked if he felt the Prime Minister’s recent comments had
any affect on Mr McCartney’s decision, Mr Bethel said “absolutely
not.”

“If you would have checked the tapes even of this House of
Assembly, at the last meeting of the House Mr McCartney and I sat
next to each other for most of the morning and we had a very cor-
dial discussion — telling jokes — and basically being convivial. So any
suggestion that any pressure was being brought on Mr McCartney
is absolutely untrue.”

The other letter, Mr Bethel said, was addressed to the party
leader Prime Minister Hubert Ingraham. At this time, the FNM’s
chairman said he would not speculate on the future of the now for-
mer FNM MP, and whether or not he would form an alliance with
the PLP or form his own political party.

“He is his own man, he will make his own decisions,” he said.

In the statement to the FNM’s chairman, Mr McCartney said he
has been taxed with this decision of determining the best way forward
for him and his family for “months.”

“Tt has been difficult, to say the least, facing challenges, which con-

tradicted my philosophy, convictions and values.

“T have prayed constantly for an answer to solve this dilemma and
my prayers have been answered. I have made a conscience decision
to severe my relationship with the Free National Movement.

“T want to state clearly that this decision is not coded in anyway
with animosity or any kind toward the leadership or members of the
party, but a decision out of the need to satisfy my conscience.

“T realise that service above self is the greatest service one can give.
I was happy to give my best at the executive level of government.
Further, I fully intend to serve the constituents of Bamboo Town by
continuing to provide the caliber of representation to which they
have become accustomed,” he said.

The vote on the sale of 51 per cent of BTC continues in the
House of Assembly with a resolution for the sale coming by Thurs-

day of this week.

24-year-old man is shot dead

FROM page one

approached by another man
with a handgun and shot in the
head. The victim was taken to
hospital but died of his injuries
a short time later.

According to reports, the sec-
ond victim was shot in the head
shortly after 10pm on Sunday
by unknown culprits. Twenty-
four-year-old Derick Johnson
was at a residence on Bowe
Avenue. He was wearing a
brown plaid shirt and blue jeans
when he was approached by a
vehicle. The vehicle’s occupants
opened fire.

The fatal shooting was pre-
ceded by the stabbing of 20-
year-old Renaldo D’Jon
Appoleon, who died in the
street earlier that morning. The
man was attacked with a knife
inside a barber shop shortly
before lam.

The vehicle fire was report-
ed shortly before 11pm. Fire
services discovered a Cherokee
Jeep engulfed in flames on a
track road at Dorsette Street.
After extinguishing the blaze,
officers discovered the body in
the rear seat of the jeep.

Then, shortly after 11.30pm,
a 26-year-old man was shot in
the buttocks by a hooded cul-
prit armed with a handgun.

According to reports, the
victim, who was walking on Pal-
metto Avenue near Crooked
Island Street, was approached
by a man wearing a black hood-
ed jacket. The victim was taken

to hospital by ambulance where
he is listed in stable condition.

In other crime-related mat-
ters, police officers arrested a
25-year-old Key West Street
resident after they recovered a
quantity of ammunition. Police
were called to the area after it
was reported that gunshots
were being fired. The ammu-
nition was recovered after
police conducted a search of
the 25-year-old shortly after
midnight yesterday. Officers of
Rapid Strike recovered a hand-
gun with ammunition outside
Sid’s Bar at Baillou Hill Road
on Sunday evening. No one was
arrested in the matter.

Shortly after noon yesterday,
Kenuth’s Electric on Tonique
Williams-Darling Highway was
robbed by two men, one of
whom was allegedly armed with
a handgun. The men reported-
ly robbed the establishment and
an employee of cash before
fleeing the scene.

And around 4.00pm, there
was a robbery at Bahama Subs
on Baillou Hill Road. Two
men, one allegedly armed with
a handgun, reportedly robbed
the store of an undetermined
amount of cash before fleeing.

Anyone with any informa-
tion relating to the murders or
any ongoing criminal investiga-
tion should call police as a mat-
ter of urgency at 911, 919 or
call Crime Stoppers immedi-
ately on 328-TIPS (8477).

MP calls for Commission
of inquiry into BTC sale

“The sale is unreasonable and not in the best interest of the
Bahamas — making no commercial sense,” he said.

Mtr Sears also questioned the integrity of the Utilities Regulation
and Competition Authority (URCA) and accused the regulatory
body, which is supposed to be “transparent and non-discrimina-
tory” of being biased towards the sale.

“URCA as a telecommunications regulator has a constitution-
al obligation of impartiality,” he said.

Earlier this month, URCA approved CWC’s acquisition of a 51
per cent stake in BTC without imposing additional conditions.

Mr Sears noted that some URCA senior officials are former

employees of CWC.

In calling for the commission of inquiry, Mr Sears said it must be
held because the deal “does not pass the smell test.”

He added that BTC should be sold to an established telecom-
munications company that is on the “cutting edge of technology.”

e SEE PAGES TWO, THREE AND FIVE



PAGE 12, TUESDAY, MARCH 22, 2011

THE TRIBUNE



INTERNATIONAL NEWS

Libya action could last

ZWITINA, Libya
Associated Press

THE INTERNATION-
AL military intervention in
Libya is likely to last "a
while," a top French official
said Monday, echoing
Moammar Gadhafi's warn-
ing of a long war ahead as
rebels, energized by the
strikes on their opponents,
said they were fighting to
reclaim a city under siege
from the Libyan leader's
forces.

Burned-out tanks and per-
sonnel carriers littered the
main desert road leading
southwest from Benghazi,
the rebel's capital in the east
of the country — the remains
of a pro-Gadhafi force that
had been besieging the city
until it was pounded by inter-
national strikes the past two
nights.

Rebel fighters in Benghazi
had now pushed down that
highway to the outskirts of
the city of Ajdabiya, which
pro-Gadhafi forces have sur-
rounded and been pounding
with artillery and strikes
since last week. The rebels
swept into the nearby oil port
of Zwitina, just northeast of
the city, which was also the
scene of heavy fighting last
week — though now had
been abandoned by regime
forces. There, a power sta-
tion hit by shelling on Thurs-
day was still burning, its
blackened fuel tank crum-
pled, with flames and black
smoke pouring out.

Oil prices held above $102
a barrel after the second
night of allied strikes in the
OPEC nation raised fears of
prolonged fighting that has
already slowed Libyan oil
production to a trickle.

Henri Guaino, a top advis-
er to the French president,
said two nights of bombing
runs and missile attacks had
hobbled Libya's air defenses,
stalled Gadhafi's troops and
all but ended attacks on civil-
ians. A cruise missile late
Sunday blasted Gadhafi's
residential compound near
his iconic tent, and fighter
jets destroyed a line of tanks

FAMILY GUARDIAN



IN THIS IMAGE provided by the French Defense Ministry, a French pilot
is seen aboard a Mirage 2000 jet fighter before a mission to Libya, at
Solenzara air base, Corsica island, Mediterranean Sea, Monday. (AP)

moving on the rebel capital.

It was not known where
Gadhafi was when the mis-
sile hit Sunday, but it seemed
to show that he is not safe.

Guaino, asked how long
the allied efforts would con-
tinue, replied simply: "A
while yet."

The UN. resolution autho-
rizing international military
action in Libya not only sets
up a no-fly zone but allows
“all necessary measures" to
prevent attacks on civilians.
Since the airstrikes began,
the number of civilians flee-
ing Libya has decreased as
Libyans in particular wait out
the rapidly changing situa-
tion, the U.N. refugee agency
said Monday.

It was a dramatic turn-
around in Libya's month-old

upheaval: For 10 days, Gad-
hafi's forces had been on a
triumphant offensive against
the rebel-held east, driving
opposition fighters back with
the overwhelming firepower
of tanks, artillery, warplanes
and warships. Last week, as
rebels fell back, the stream
of civilians crossing into
Egypt alone reached 3,000 a
day.

Then, after the no-fly zone
was imposed Friday, the
number fell to about 1,500 a
day, said UNHCR spokes-
woman Sybella Wilkes.

Mohammed Abdul-Mul-
lah, a 38-year-old civil engi-
neer from Benghazi who was
fighting with the rebel force,
said government troops
stopped all resistance after
the international campaign

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THIS PHOTO provided Monday, March 21, 2011 by the French army shows a pilot exiting a Mirage 2000 jet
fighter on the Solenzara air base after a mission to Libya, Corsica island, Mediterranean sea, Sunday March,
20, 2011. France has sent about 15 planes to eastern Libya on Sunday, French military spokesman Thierry
Burkhard said, and said no civilian casualties have been reported by French forces in the region. (AP)

A LIBYAN rebel patrols the front-
line of the outskirts of the city of

Ajdabiya, south of Benghazi, east-

ern Libya, Monday, March 21,
2011. The international military
intervention in Libya is likely to

last "a while," a top French official

said Monday, echoing Moammar
Gadhafi's warning of a long war
ahead as rebels, energized by the
strikes on their opponents, said

they were fighting to reclaim a city
under siege from the Libyan lead-

er's forces. (AP)

began.

"They were running, by
foot and in small cars," he
said. "The balance has
changed a lot. But pro-Gad-
hafi forces are still strong.
They are a professional mili-
tary and they have good
equipment. Ninety percent
of us rebels are civilians,
while Gadhafi's people are
professional fighters."

Rebel fighters descending
from Benghazi met no resis-
tance as they moved to the
outskirts of Ajdabiya. In a
field of dunes several miles
(kilometers) outside the city,

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around 150 fighters massed.
Some stood on the dunes
with binoculars to survey the
positions of pro-Gadhafi
forces sealing off the
entrances of the city. Ajd-
abiya itself was visible, black
smoke rising, apparently
from fires burning from fight-
ing in recent days.

"There are five Gadhafi
tanks and eight rocket
launchers behind those trees
and lots of 4x4s," said one
rebel fighter, Fathi Obeidi,
standing on a dune and
pointing at a line of trees
between his position and the
city.

Ghadafi forces have ringed
the city's entrance and were
battling with opposition
fighters inside, rebels said.
The plan is for the rebel
forces from Benghazi "to
pinch" the regime troops
while "those inside will push
out,” Obeidi said.

New fighting also broke
out Monday in Misrata, the
last rebel-held city in west-
ern Libya, according to
reports from Al-Jazeera and
Al-Arabiya.

In Cairo, a group of
Libyans angry at the inter-
national intervention in their
homeland blocked the path
of U.N. Secretary-General
Ban Ki-moon following his
meeting at the Arab League
on Monday.

Ban had finished talks with
the Arab League chief Amr
Moussa and left the organi-
zation's headquarters in
Cairo to walk around nearby
Tahrir Square, the center-
piece of Egyptian uprising
that last month toppled Hos-
ni Mubarak, when dozens of
Libyan protesters converged
on him and his security
detail.

The Libyans, carrying pic-
tures of Gadhafi and banners
critical of the United States
and United Nation, blocked
Ban's path, forcing him to
return to the league and
leave from another exit.

The resolution makes
Gadhafi's forces potential
targets for U.S. and Euro-
pean strikes.

U.S., British and French
planes went after tanks head-
ed toward Benghazi, in the
opposition-held eastern half
of the country. On Sunday, at
least seven demolished tanks
smoldered in a field 12 miles
(20 kilometers) south of
Benghazi, many of them with



their turrets and treads
blown off, alongside charred
armored personnel carriers,
jeeps and SUVs of the kind
used by Gadhafi fighters.

The U.S. military, for now
at the lead of the interna-
tional campaign, is trying to
walk a fine line over the end
game of the assault. It is
avoiding for now any appear-
ance that it aims to take out
Gadhafi or help the rebels
oust him, instead limiting its
stated goals to protecting
civilians.

Britain also is treading
carefully. Foreign Secretary
William Hague refused Mon-
day to say if Gadhafi would
or could be assassinated,
insisting he would not "get
drawn into details about
what or whom may be tar-
geted."

"I'm not going to specu-
late on the targets," Hague
said in a heated interview
with BBC radio. "That
depends on the circum-
stances at the time."

A military official said Air
Force B-2 stealth bombers
flew 25 hours in a round trip
from Whiteman Air Force
Base in Missouri and
dropped 45 2,000-pound
bombs.

What happens if rebel
forces eventually go on the
offensive against Gadhafi's
troops remains unclear.

Rebels defended their sup-
port of the international
intervention into Libya —
apparently feeling the sting
of criticism from other
Libyans and Arabs who
warned the country could be
divided or collapse into a civ-
il war.

"Libya will not turn into
Somalia or Iraq. It will not
be divided. We are battling
— the Libyan people — are
battling a gang of mercenar-
ies," Mohammed al-Misrati,
a rebel spokesman in the
stronghold of Misrata, told
Al-Jazeera on Monday.

U.S. Defense Secretary
Robert Gates said late Sun-
day that the U.S. expects
turn over control of the oper-
ation to a coalition headed
by France, Britain or NATO
"in a matter of days," reflect-
ing concern that the U.S. mil-
itary was stretched thin by
its current missions. Turkey
was blocking NATO action,
which requires agreement by
all 28 members of the

alliance.







Brewery’s ‘hetter
than GO%' target
achievement rate

By NEIL HARTNELL

“has averaged a better-
than 60 per cent success
rate” in meeting key indi-
cators such as profitability,
its $62.5 million initial pub-
lic offering (IPO) memo-
randum has revealed,
although wholesale and
retail drinks revenues have
been on a3 per cent per
annum declining trend
since 2008.

Assessing the recession’s
impact on the group’s
financial performance, the
offering memorandum said
Commonwealth Brewery’s
total sales volumes had
been especially challenged,
with year-on-year volumes
falling by 5 per cent in
2009, from 213,000 hec-
tolitres to 203,000 hec-
tolitres. And the pace of
this decline increased in
2010, with an 8 per cent

SEE page 7B

Rival BIC bids
$37-$64 million
helow CWC's

By NEIL HARTNELL

Tribune Business Editor

The two rejected bidders

in the last Bahamas
Telecommunications Com-
pany (BTC) privatisation
round offered purchase
prices for a 51 per cent
controlling stake that were
$64 million and $37 million
lower, respectively, than
the $217 million sum (sales
price plus Stamp Duty) set
to be paid by Cable &
Wireless Communications
(CWC).

According to documents
tabled by the Government
in the House of Assembly
yesterday, the offer sub-
mitted by One Equity Part-
ners, JP Morgan’s private
equity arm, and its operat-

“estimated” at between
$160-$180 million, while

Network/CFAL was for
$153 million.

Both prices were assumed
to be gross offers, meaning

SEE page 5B

Damianos

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THE TRIBUNE

ys yu



ine

TUESDAY,

MARCH 22,



2011

SECTION B ¢ business@tribunemedia.net

‘Tllegal’ alcohol sales 15-
20% of Bahamas market

Growth in the sale of ille-

i gal alcohol imports repre-
i sents “the largest single
? threat to sales growth” at
i the Commonwealth Brew-
i ery group, the memorandum
i? for the
i public offering (IPO)
i reveals, with this segment
i estimated to account for 15-
: 20 per cent of all alcohol
? sales in the Bahamas.

62.5 million initial

Setting aside the econom-

i ic downturn’s impact on
:? Commonwealth Brewery’s
? top-line, the company said:
: “Management believes the
i growth of the illegal ‘Parallel
: Market’ in the country pre-
? sents the largest single threat

MINISTER CONFIRMS ‘INQUIRIES’

to sales growth. These
imports - shipped in illegally
from the United States to
avoid Customs duties - are
estimated to represent 15-
20 per cent of the alcoholic
beverage industry in the
country. These combined
events have placed down-
ward pressure on volume
and, as a result, the net sales
of the Commonwealth
Brewery group.

“On a regional basis, both
New Providence and Grand
Bahama witnessed a rev-
enue decline in 2010. The
‘other islands’ category,
which represents approxi-
mately 30 per cent of total
revenue, was down 6 per
cent in 2010, ending the year
at $34 million, down from

ON $18M HAMBROS PROPERTY

i By NEIL HARTNELL

i Tribune Business Editor

; and ALISON LOWE

: Tribune Business Reporter

The Government is “mak-

i ing inquiries” about the pos-
i sible purchase of the SG
? Hambros building on West
i Bay Street, near Cable Beach,
i a minister confirmed yester-
i day, as sources close to the
i matter suggested the proper-
i ty would be used to house
i government departments
? relocated from the Cecil-Wal-
i lace Whitfield Building.

Minister of State for

i Finance, Zhivargo Laing, con-
i firmed to Tribune Business
i that the Government has an
? interest in the building but
i declined to go into details.

“Some inquiries are being

? made but I cannot comment
? on anything further at this
i time,” said Mr Laing.

ing partner, Vodafone, was }

A message left for SG

? Hambros’ Managing Direc-
i tor, Dorothy Hilton, seeking
the bid from Atlantic Tele-
? not returned up to press time.
i However, Tribune Business
i has been informed by sources
i who requested anonymity
i that SG Hambros staff were

comment on the matter, was

SEE page 4B



Zhivargo Laing

=

.

| IE IPO offering document describes this as company’s ‘greatest

Tribune Business Editor i

: threat’

Commonwealth Brewery }
_ IB Kalik now best-selling brand for Commonwealth, accounting
_for 23% of total sales

| Heineken gets ‘Know How’ fee of 0.4% of net sales

: By NEIL HARTNELL
: Tribune Business Editor

$36 million in 2009. Com-
monwealth Brewery man-
agement again attributes this
drop to the development
and expansion of the illegal
‘Parallel Market’.”

The offering memoran-
dum, released yesterday,
also disclosed that Kalik is
the only beer brand to have
enjoyed sales growth in
recent years, with its sales
now accounting for 23 per
cent of the Commonwealth
Brewery group’s total sales.

The company added that
while beer remains the main
contributor to the group’s
bottom line, spirits sales
were rising. “Management

SEE page 4B

7.

ean not |
responsible for errors and/or omission |
from the daily report,



e&
te

. r % cs
‘i Le
Thiat.
bl ae
ode
\

— nw








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BISX pledges
market review
during 2011

1,000 share trade threshold to
come under particular scrutiny

By NEIL HARTNELL
Tribune Business Editor

The Bahamas International Secu-
rities Exchange’s (BISX) chief exec-
utive yesterday pledged that it would
review the equities market’s struc-
ture and pricing mechanism this

year, particularly the 1,000 shares
traded threshold that triggers

KEITH DAVIES

changes in a stock’s closing price.

“We entirely intend to review the 1,000 share limit,”
Keith Davies told Tribune Business in an interview.
“One of the things we explained to members many years
ago is that we needed some history behind us, and infor-
mation as to what the average movement for symbol
[stock] was over a certain period of time to see where that
number should be, or if it should be removed.”

Currently, a minimum 1,000 shares must be traded to
induce a change in the closing price of a BISX-listed
stock, with a weighted average based on the volume of

SEE page 4B



‘LITTLE TO NO TAX’ FROM
BLUEWATER BTC PURCHASE

By NEIL HARTNELL
Tribune Business Editor

The Bahamas Telecom-
munications Company
(BTC) would “effectively
have paid little to no tax or
fees” to the Government
had Bluewater Ventures
successfully closed its $260
million purchase of a 49 per
cent stake in the state-
owned incumbent, docu-
ments tabled in the House

SEE page 6B

. a aT i
i. ae

te
- ) =

/

hfs
i

- Subscribe for Shares in

* Wanted ‘full five year duty
waiver’ on equipment imports,
with government agreeable to
33%, three-year drop

* Christie government's buyer
wanted to close existing BTC
employee pension plan, with PLP
also agreeing to fund deficit

* Suggestion share pledge
showed Bluewater planned
leverage buyout

* Six-year monopolies on
cellular and landline sought



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PAGE 2B, TUESDAY, MARCH 22, 2011

THE TRIBUNE





REALTOR WINS TOP |
GLOBAL HONOURS |



World; Larry Roberts, chief executive of Bahamas Realty.

Bahamas Realty has won two Leading Real Estate Compa- }
nies of the World Awards. The awards were presented on }
March 9 at the 2011 Conference of Leading Real Estate Com- }
panies of the World at The Cosmopolitan of Las Vegas in }

Nevada.

Bahamas Realty was named the Top International Luxury }
Brokerage by Luxury Portfolio International. The award is }
presented to the firm based outside the US that epitomises the }
quality, strength and luxury market expertise synonymous with }

the Luxury Portfolio brand.

In addition, the Bahamian realtor received the First Place }
Award in its category for Luxury Portfolio Marketing. This ;
award recognises the company that best uses the Luxury Port- }
folio branding in the marketing of its luxury properties, andin }

the quality of its marketing materials.

Bahamas Realty chief executive, Larry Roberts, attributed
much of the success for winning the awards to the job that the
company’s marketing coordinator, Kendenique Moxey, is doing }
in capitalising on the resources of the Luxury Portfolio brand. }

Bahamas Realty is the Bahamian representative of Leading }
Real Estate Companies of the World, the network of more }
than 600 premier locally-branded firms, which is represented by }

5,000 offices and 150,000 associates in more than 30 countries, }
: debate on the sale of the

? Bahamas Telecommunica-
? tions Company (BTC) will be
? in full swing. I suspect the
? lucid details of the previous
i Bluewater deal will have
? been revealed, and additional
? information about Cable and
i Wireless Communications
? (C&W), both positive and
| } negative, made public. The
: PLP is not denying that it was
? going to sell to Bluewater,
? and the FNM will sell to
i C&W. Notwithstanding this, I
i was amazed to hear a PLP
? supporter say the Bluewater
i deal is irrelevant because it
i did not go through in the
? end...even though the PLP
i? would have sold BTC to
i Bluewater if it had more time.

producing $250 billion in annual home sales.



| re |

AWARDED: Harold Crye, chairman of Leading Real Estate Companies
of the World; Larry Roberts, chief executive of Bahamas Realty.



Tet CN eC LCN asa

WINNING SMILES: Kendenique Moxey, marketing coordinator,
Bahamas Realty; Paul Boomsma, president of Luxury Portfolio and i
chief operating officer of Leading Real Estate Companies of the :

PROTESTING: The BTC deal protest yesterday outside Parliament.

BIC d



ehate must provide

complete transparency

y the time you
read this article,
the great Par-
liamentary

Get 1-Medium,
-Topping, Pizza



I find this to be a most inter-
esting position indeed.

Comparison

A head-to-head compari-
son of both deals would give
the Bahamian people great
insight into not only the deals
themselves but also into judg-
ment, competence and the
skills of the respective admin-
istrations to negotiate such
transactions, in the best inter-
est of the Bahamian people.
Remember now, BTC is only
the first of many privatisations
that will undoubtedly occur
in the Bahamas.

Positions

The unions seem to be tak-
ing the position: “Privatisa-
tion yes, C&W no”. From
what I can gather there seem
to be two underlying sub-posi-
tions. The first position is that
C&W may not be a ‘fit’ oper-
ator, and the second position
is that BTC should only be
sold to Bahamians.

On the first position, the
unions need to put their case
to theor membership and the
Bahamian public at large.

Yes, somebody needs to
explain how C&W got to the
table after not having initially
submitted a bid.

To the objective observer
that is still a question mark.
However, in the final analysis
it does not seem that this posi-
tion (C&W being unfit) has
garnered widespread or suf-
ficient traction thus far to
make the population at large
vocally and tangibly lend its
support to this particular
point.

The second position regard-
ing the sale of BTC to
Bahamians is an emotional
one.

If Bahamians meet the
established criteria, then they
should have every opportuni-
ty to purchase BTC.

We were told that there
were groups with Bahamian

Financial
Focus

By Larry Gibson



interests bidding for BTC.
The Bahamian people should
be told why these groups were
eliminated. Hopefully, such
explanations will produce
learning points that would
make future “Bahamian bids”
even stronger.

The fact that a Bahamian-
led bid is not the finalist does
not in any way invalidate the
entire privatisation process,
but at a minimum there
should be a clear articulation
of the shortfalls of such a bid.

Further, just because a bid
is a Bahamian bid does not
automatically mean its accep-
tance is in the best interest of
the nation. Hopefully, this
position will be ‘put to bed’
during the debate.

Public Discussion

There is a view being
advanced that there was no
public discussion regarding
the privatisation process. I
reject this view because, if I
am not mistaken, previous
manifestos of both the FNM
and PLP highlighted privati-
sation as a key and funda-
mental policy to be pursued if
elected.

For those unaware: A man-
ifesto is a public declaration of
principles and intentions,
often political in nature.

Therefore, if there was
insufficient public discussion
then there was a collective
failure on behalf of the Gov-
ernment pursuing a privatisa-
tion agenda, the official oppo-
sition, the free press, the col-
lective union movement and
civil society organisations...a
full and complete system fail-
ure. People tend to forget that
the privatisation journey
began in 1992.

All parties mentioned
above had almost 20 years to
develop, refine and put their
position on this all-important
matter to the Bahamian peo-
ple.

However, I would concede

that within the privatisation
process, there must be provi-
sions to ensure job and train-
ing opportunities for Bahami-
an professionals down the
road. We need to maintain
jobs in the Bahamas, and
Bahamians must have oppor-
tunities within the larger oper-
ations of the acquiring organ-
isations.

Outcome

There is a lot of specula-
tion going around town that
there will be dissension when
it comes time to vote on the
resolution. I predict that every
FNM Member of Parliament
will vote for the resolution,
and every PLP Member and
the newly independent Mem-
ber for Bamboo Town will
vote against it.

In other words, every single
Member of Parliament
(except Branville McCartney)
‘will toe the party line’ and it
will be “much ado about
nothing”.

The only possible wildcard
to this scenario is if you get
15,000 or more people in
Rawson Square expressing
their opposition to the sale of
BTC. So far, the numbers
have been nowhere near
these required levels.

Without a truly legitimate
number of demonstrators
against the resolution, there
will be no re-think.

The Bahamian people have
a right to access the relevant
information leading to this
most important decision.

This is indeed the essence
of fairness, transparency and
accountability...ideals that all
political parties claim to
adhere to.

Until next week...

NB: Larry R. Gibson, a
Chartered Financial Analyst,
is vice-president - pensions,
Colonial Pensions Services
(Bahamas), a wholly-owned
subsidiary of Colonial Group
International, which owns
Atlantic Medical Insurance
and is a major shareholder of
Security & General Insurance
Company in The Bahamas.

The views expressed are
those of the author and do
not necessarily represent
those of Colonial Group
International or any of its sub-
sidiary and/or affiliated com-
panies. Please direct any
questions or comments to
"mailto:Larry.Gibson@atlanti
chouse.com.bs" Larry.Gib-
son@atlantichouse.com.bs

BAHAMAS REALTY CHIEF SPEAKER AT KEY CONFERENCE

Bahamas Realty’s chief executive was a
speaker at the 2011 Leading Real Estate
Companies of the World conference on
March 8-10, at The Cosmopolitan of Las

Vegas in Nevada.

The topic of discussion, in which Larry
Roberts was one of the panellists, was Real
Estate Without Borders. Are you ready? Chi-
na, and the expansion of its business inter-
ests worldwide, featured greatly in the ses-
sion, so Mr Roberts gave an overview of
the $2.6 billion Baha Mar development that
has recently broken ground on Cable Beach.
The development is being financed by the

China Export-Import Bank, and is being
built by the China State Construction &
Engineering Company. The resort is sched-
uled for completion in 2014.

Some 800 top real estate brokers, man-

agers, relocation professionals, sponsors and
guests attended the conference from the US
and eight countries around the world.

The week-long series of four conferences
in one boasted over 150 speakers from with-
in the real estate industry and beyond, who
addressed a broad range of topics relating to
real estate management, technology, mar-
keting and business development.



THE TRIBUNE TUESDAY, MARCH 22, 2011, PAGE 3B

Price rises loom from shipping surcharge rise



By ALISON LOWE
Business Reporter
alowe@tribunemedia.net

Bunker surcharge increases unveiled yes-
terday by major shippers serving the Bahamas
have retailers and wholesalers warning they
will have to pass the extra financial burden
on to consumers in the not too distant future.

While Phil Lightbourne, proprietor of Phil’s
Food Services on Gladstone Road, said he
would seek to mitigate the impact of the
announced increases by Crowley Maritime
and Seaboard Marine through negotiating with
shippers who will be keen to keep his high
volume business, he warned that some in-store
price increases should be expected by con-
sumers in light of the rise in the bunker sur-
charge announced by the two companies last
Friday.

Meanwhile, Robert D’Albenas, managing

director of D’Albenas agencies, said that not
just Crowley Maritime and Seaboard Marine,
but “most of the shipping companies”, have
implemented price rises affecting some portion
of their shipping costs in recent times.

Add this to the increasing cost of manufac-
tured goods, which rise as the companies which
produce them feel their costs grow, and
Bahamian retailers and wholesalers will not be
able to continue to absorb the cost increases
for much longer, said Mr D’Albenas.

“The fact that fuel increases affect the ship-
ping portion is one aspect of it (any decision by
local wholesalers and retailers to raise the
prices they charge consumers), but the other
aspect is the fuel increases also affect the man-
ufacturers, so their costs go up. I think we will
see manufacturers increases their prices, too,”
said Mr D’Albenas.

Crowley Maritime and Seaboard Marine,
members of the Florida-Bahamas Shipown-

ers and Operators Association, announced a
two-step increase in bunker surcharges that
will take effect on April 17 and May 8.

The carriers said they were announcing the
two-step increases early for planning purpos-
es. They said the increases were required by
"the current unpredictable and rapid escalation
in fuel prices”.

The surcharge on 20-foot containers will
increase $75 on April 17, and another $50 on
May 11. The surcharge of 40-foot containers
will go up $150 on April 17, and another $100
on May 8. The surcharge on equipment larger
than 40 feet will increase by $169 on April 17,
and another $113 on May 8.

The increases come on top of the increase in
fuel surcharges the association implemented on
February 20. The bunker surcharge represents
the “floating” part of sea freight charges which
is an addition due to oil prices.

Mr Lightbourne described the rises as “very,

very significant”, although likely to hit small-
er importers harder than himself, as he can
use the volume of importation he does as lever-
age to negotiate rates with shipping companies.

“Tf we stick with one steam line they tend to
give us a little break, but it will cause some
prices to go up,” said Mr Lightbourne. He
said that Phil’s Food Services does roughly
around 10 per cent of its business with Crow-
ley Maritime and a smaller percentage with
Seaboard.

An accountant for another major Bahamian
retailer, who commented anonymously yes-
terday, said his company will also “not be able
to absorb the cost of the rise”.

“Obviously, everyone’s got to pass it on.
It’s nothing we or the Bahamas can do any-
thing about. If the cost of importing goods
increases then that’s just what you do. We’re
not going to profit from it but we can’t absorb
it,” said the senior employee.

By ALISON LOWE
Business Reporter
alowe@tribunemedia.net

The Central Bank of the Bahamas is “very closely monitoring”
commercial banks as loan delinquency continues to rise, its gov-
ernor suggesting it is “very important for overall financial stabili-
ty” that banks make the necessary provisions for credit loss.

Answering questions at the World Banking Institutes Conference
yesterday, which is being hosted in the Bahamas for the first time,
Wendy Craigg, said the bank - the regulator of the banks and
trust companies sector - is “having ongoing dialogue” with finan-
cial institutions about the deteriorating credit quality being seen in
the industry.

“Certainly this is something that has come to our attention and
we are monitoring it very closely.

“T can’t say that [the banks] haven’t been provisioning. It’s very
important for us and for overall financial stability that the banks are
making appropriate provisions, and that the capital is being main-
tained to support the business, and so this is something we are
focusing on very closely,” said Ms Craigg.

She spoke in response to a question from a member of the
audience at the WBIC, where representatives of banking institutes
from 14 countries, including the Bahamas, have gathered at the
Atlantis resort on Paradise Island.

Banking institutes promote training and further education for
bankers, as part of an overall strategy to encourage the develop-
ment and growth of the financial services sector.

An audience member at the event, which began yesterday and
continues today, asked the Governor if the Central Bank of The
Bahamas was taking any “special” steps to determine “the accuracy
of loan provisioning and collateral adequacy” in light of rising
levels of bad credit in the Bahamas, as increasing numbers of bor-
rowers fail to make expected payments.

The banking conference participant suggested there appears
to be “a lot of pressure for senior managers to stray from good cor-
porate governance” when it comes to such provisions.

NOTICE



Regulator ‘closely

watches’ bad loans



His query came after Ms
Craigg spoke on the topic of
“trust and accountability” from a
regulatory perspective. She said
the Central Bank of the
Bahamas has placed special
emphasis on promoting good
corporate governance in the
wake of the recent financial cri-
sis, aS a means of minimising the
likelihood of bank failures and
consequent risk to the public.

Governance

“We have high expectations
for the governance of banks. By
their very nature banks pose spe-
cial risks to the broader econo-
my. They perform a crucial role
in the flow of capital, providing
financing for businesses and oth-
er services and are integral to the payment system.

“They must operate in a way that promotes confidence amongst
the public and their primary shareholders.

“A lack of sound governance can lead to bank failures, impose
a significant public cost and have a contagion risk with broader pub-

WENDY CRAIGG

lic consequences and a a loss of public confidence in these insti-
tution’s ability to manage their affairs...”

“Good corporate governance is important to maintaining a
sound and stable financial system and a robust economy,” said Ms
Craigg.

Among the ways in which the Central Bank of the Bahamas pro-
motes good corporate governance in Bahamas-based banks is
through providing guidance mostly based on best international
practices; evaluating the implementation of those guidelines; and
by maintaining an ongoing dialogue with a bank’s Board of Direc-
tors and senior management, bringing any issues to the attention
of those groups so it can be addressed.

“As regulators we can’t prevent all problems. We don’t have the
resources, nor is it feasible for us to check everything. So it is
important that there is a corporate governance structure that
works and that there is the necessary accountability and checks and
balances to enhance our confidence that these institutions are
being operated prudently,” said the Governor.

Earlier this month a senior Bahamian banking executive yes-
terday said it was likely the Bahamian financial services sector
would "hit" the 20 per cent loan delinquency threshold, after
credit arrears rose by $52.2 million or 4.6 per cent to almost $1.2 bil-
lion during January 2011.

Paul McWeeney, Bank of the Bahamas International's man-
aging director, suggested the industry faces the prospect of "living
with" these numbers for at least another two years.

His comments came as total delinquencies rose by $31.7 million
or 12.4 per cent to $286.9 million in January 2011, with commercial
loans 31-90 days past due growing by $22.9 million or 36.3 per cent.
Non-performing commercial loans, which are 90 days or more
past due, and upon which banks stop accruing interest, rose by $8.8
million or 4.6 per cent.

There are some $1.217 billion in outstanding Bahamian dollar
and foreign currency loans outstanding, so commercial loan delin-
quencies are now approaching 25 per cent - meaning $1 out of every
$4 extended as commercial credit - is in default.

EFG @ Bank & Trust (Bahamas) Ltd

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.

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 (/M ware + DFS-R)
* Ability to use system deployment tools

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
r table | firm or attorn Language skills:

cee ere * 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%t March 2011
Should you have any questions, please contact:
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

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





PAGE 4B, TUESDAY, MARCH 22, 2011

THE TRIBUNE



‘Tllegal’

FROM page 1B

believes this trend to be con-
sistent with consumer
behaviour in other markets
during economic downturns,
which is to consume lower
cost per unit of alcohol bev-
erages,” the offering memo-
randum said.

“Within the portfolio, the
Heineken brand has expe-
rienced the most significant
decline. Nonetheless, the
brand continues to represent
17 per cent of the Common-
wealth Brewery Group’s
overall volume.

“Kalik is the only beer
brand that has enjoyed sales
growth over the period, due
in part to increased market-
ing activities targeted at spe-
cific cultural events as well







as increased export to the
US, where it has recently
been introduced into seven
new markets. Kalik now
represents a greater share
of the company’s portfolio

(23. per cent) than
Heineken.”

Guinness and non-alco-
holic beverages both

account for 16 per cent of
Commonwealth Brewery’s
total sales by brand, with
spirits generating 11 per
cent; wines 6 per cent;
imported beer, 10 per cent;
and other beer, 1 per cent.
The offering memoran-
dum also gave extensive
details on Commonwealth
Brewery’s related party
transactions with 75 per cent
majority shareholder,

Heineken BV, particularly
the switch from an annual

NOTICE
RBC FINCO INVITES TENDERS






RBC FINCO invites tenders for the purchase of the
following:








“All THAT” piece parcel or lot of land comprising Lot #2,
Crown Grant Spigot Road, situated in the Western District of
New Providence, one of the Islands of the Commonwealth of
the Bahamas. Situated thereon is a Multi Family Residence
consisting of a Triplex 3-2 Bedrooms and 1 Bathroom.

management fee to a ‘know
how’ fee that is paid by the
company to the internation-
al brewing giant.

In relation to the market-
ing, brand support, finance,
tax and accounting services
provided by Heineken, the
offering memorandum said:
“In exchange for these ser-
vices, the Commonwealth
Brewery group paid a fixed
management fee of $850,000
per annum to Heineken.

“As of June 30, 2010, this
management fee was
changed to a ‘Know How’
fee of 0.4 per cent of the
consolidated net sales. From
January through June 2010,
Commonwealth Brewery
paid $325,000 of the
$850,000 fee, and $297,000
from June through Decem-
ber under the new arrange-
ment.”

As for other agreements,
relating to transportation,
bottling, licensing and trade-
mark use, a management
agreement with Heineken
was changed to allow for the
payment of a lower fee by
Commonwealth Brewery.
This reduced the payment
to $725,747 in 2010, com-
pared to $864,630 in 2009
and $1.17 million in 2008.

Supply chain fees paid to
Heineken fell from $220,149
in 2009 to $145,658 in 2010,

alcohol sales 15- iS gyerrs
20% of Bahamas market |

having reached at $161,240 |

in 2008.

Looking ahead, the Com- :
monwealth Brewery offer-
ing memorandum said: }
“Worldwide consumption of }
beer has increased by 2-3 }
per cent over the past couple :
of years, driven mainly by }
developing markets. Man- }
agement believes that local }
economic recovery will }
occur - albeit slowly - and :
will result in moderate vol-
ume growth for the compa- :

wealth Brewery continues
to distribute a substantial

market value as directed by
this offering - namely $249.9

cent. This
favourably to the average

listed stocks in
Bahamas.”

“Despite substantial finan-
cial challenges over the past }
several years, Common- }



market review
during 2011

FROM page 1B

shares changing hands used to calculate the closing price if
there is more than one trade per day. Stock prices are also
restricted from moving more than 10 per cent either side of
the previous day’s close.

Indicating that certain BISX-listed stocks, with broad
shareholder bases, had enough liquidity and trading vol-
ume/activity to possibly make the ‘1,000 shares traded
threshold’ irrelevant, Mr Davies said the market structure
review would take place in conjunction with the exchange’s
members.

Structure

“We will be looking at this market structure again, and
doing it this year in conjunction with our members, as we are

? required to so, and with leave from the Securities Com-
} mission at the end of the day,” Mr Davies told Tribune
proportion of its net income ;
to shareholders. Using a :

Business.
He added that even the larger Caribbean regional markets,

? such as Barbados, Trinidad and Jamaica, were also plagued
? by relatively low trading volumes and liquidity, pointing
million - and applying the :
100 per cent net income div- :
idend payout policy for }
Commonwealth Brewery }
over the past three years, }
the company would have }
had a dividend yield of 4.5 ;
per cent to a high of 7.7 per }
eaveraze MINISTER CONFIRMS ‘INQUIRIES’
yield of 3-4 per cent among }

the ;

out that this was bound to be a fact of life in small countries
such as the Bahamas.

In response to complaints that low liquidity levels were
depressing BISX share prices below their true value, with
prices being influences by retail investors selling out for
non-financial reasons, Mr Davies said most Bahamian stocks
had appreciated upwards over time, especially those that
were well-managed and generated strong profitability.

ON $18M HAMBROS PROPERTY

FROM page 1B














Property Size: 6,748 sq ft

Building Size: 2,632 sq ft a O 7 i Cc i

NOTICE is hereby given that OMAWATTIE KNOWLES of
GLENISTON GARDENS, P.O. BOX N-8180, 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 15" DAY of MARCH 2011 to the Minister responsible
for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

? informed in a meeting on Friday that the Government was
? set to purchase the property for $18 million, and the bank
? would eventually relocate to rented office premises.

? SG Hambros has downsized its operations slowly over the
? years, and is said to no longer need an office of that size, which
? sources suggested would be perfect for an Office of the Prime
: Minister given its existing facilities, parking space and available
: land.
? The $18 million purchase price is also similar to the sum
? that Baha Mar is paying the Government to acquire the exist-

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

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O.
Box N-7549, Nassau, Bahamas and marked “Tender 0766”. All
offers must be received by the close of business 4:00 p.m., Friday
31% March, 2011.



NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the

following:

“All THAT” piece parcel or lot of land comprising Unit #8,
High Vista Condominium, High Vista Subdivision, situated in
the Eastern District of New Providence, one of the Islands of
the Commonwealth of the Bahamas. Situated thereon is a 1 unit
consisting of 1 Bedrooms and 1 Bathroom.

Building Size: 816 sq ft

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

LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O.
Box N-7549, Nassau, Bahamas and marked “Tender 1721”. All
offers must be received by the close of business 4:00 p.m., Friday

318 March, 2011.

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the

following:

“All THAT” piece parcel or lot of land comprising Lot #19,
Sunset Meadows Subdivision, situated in the Western District
of New Providence, one of the Islands of the Commonwealth of
the Bahamas. Situated thereon is a Single Family Residence of
consisting of 2 Bedrooms and 2 Bathrooms.

Property Size: 6,557 sq ft
Building Size: 900 sq ft

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

LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O.
Box N-7549, Nassau, Bahamas and marked “Tender 1727”. All
offers must be received by the close of business 4:00 p.m., Friday

318 March, 2011.

FINCO

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the

following:

“All THAT” piece parcel or lot of land comprising Portion
of Crown Grant A5-99 Fire Trail Road, situated in the
Western District of New Providence, one of the Islands of the
Commonwealth of the Bahamas. Situated thereon is a Single
Family Residence consisting of 3 Bedrooms and 2 Bathrooms.

Property Size: 5,000 sq ft
Building Size: 1,607 sq ft

This property 1s being sold under Power of Sale contained in a
Mortgage to FINANCE CORPORATION OF BAHAMAS

LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O.
Box N-7549, Nassau, Bahamas and marked “Tender 2139”. All
offers must be received by the close of business 4:00 p.m., Friday

31% March, 2011.

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the

following:

“All THAT” piece parcel or lot of land comprising Lot #12,
Seven Hill Subdivision, situated in the Southern District of
New Providence, one of the Islands of the Commonwealth of
the Bahamas. Situated thereon is a Single Family Residence
consisting of 3 Bedrooms and 2 Bathrooms.

Property Size: 5,000 sq ft
Building Size: 1,199 sq ft

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

LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O.
Box N-7549, Nassau, Bahamas and marked “Tender 2933”. All
offers must be received by the close of business 4:00 p.m., Friday

31% March, 2011.



? ing Cecil Wallace Whitfield building.

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the
following:

“All THAT” piece parcel or lot of land comprising Lot #33,
Sea Well Manor Subdivision, situated in the Western District
of New Providence, one of the Islands of the Commonwealth
of the Bahamas. Situated thereon is a Multi Family Residence
consisting of a Duplex 2-2 Bedrooms and 1 Bathroom.

Property Size: 13,992 sq ft
Building Size: 1,829 sq ft

This property 1s being sold under Power of Sale contained in a
Mortgage to FINANCE CORPORATION OF BAHAMAS
LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O.
Box N-7549, Nassau, Bahamas and marked “Tender 4097”. All
offers must be received by the close of business 4:00 p.m., Friday
31* March, 2011.

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the
following:

“All THAT” piece parcel or lot of land comprising Lot EF,
Carmichael Road, situated in the Western District of New
Providence, one of the Islands of the Commonwealth of the
Bahamas. Situated thereon is a Multi Family Residence consisting
of a Triplex 3-2 Bedrooms and 1 Bathroom.

Property Size: 6,706 sq ft
Building Size: 2,706 sq ft

This property 1s being sold under Power of Sale contained in a
Mortgage to FINANCE CORPORATION OF BAHAMAS
LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O.
Box N-7549, Nassau, Bahamas and marked “Tender 4150”. All
offers must be received by the close of business 4:00 p.m., Friday
31* March, 2011.



THE TRIBUNE

TUESDAY, MARCH 22, 2011, PAGE 5B





JOHN DELANEY



By ALISON LOWE
Business Reporter
alowe@tribunemedia.net

The “supervisory and regulatory prac-
tices” in place in the Bahamas’ financial ser-
vices sector “may be superior” to those in
developed nations, where the demand for
the implementation of such initiatives first
arose, the Attorney General yesterday told
a gathering of international bankers.

John Delaney QC, also Minister of Legal
Affairs, said the Bahamas is today “com-
petitively placed as a respected (financial
services) jurisdiction in this new environ-
ment, with an opportunity to do well without
apology”.

He was addressing the World Banking
Institutes Conference as its keynote speak-
er. The event, which has attracted partici-
pants from 14 countries, including the
Bahamas, began yesterday and continues
today at the Atlantis resort, Paradise Island.

Mr Delaney, a former director of the
Bahamas Financial Services Board (BFSB),
said: “In the last decade, we have under-
taken the most comprehensive reform of
our financial services sector ever, in order to
ensure compliance with a new regulatory
and supervisory architecture, which was the
result of three distinct global initiatives.

“We do recognise that the reforms under-
taken added a greater complexity to the sec-
tor, but we have no doubt now that the sec-
tor is substantially more robust, and that

have been considerably enhanced.

made in responding to these global initia-

or ”

Mr Delaney said the Government believes }
the greatest contribution it can make to the }
financial services sector in the Bahamas is to }
“enable, as much as possible, the creation of :
the most progressive financial services envi- |

ronment.”

He noted that the introduction of e-gov-
ernment, set to be launched in the middle of [
this year, and the “imminent privatisation of }
the government-owned telecommunications |

provider” factor into this effort.

“Without cost-efficient, comprehensive }
and state-of-the-art telecommunications, the
goal of becoming a networked society with }
a rapidly developing e-business sector would ;

be unattainable.

“Our liberalised telecommunications sec- }
tor policy is already in place, and so with the }
imminent privatisation of BTC we will have }
fully positioned ourselves to support our }
commercial competitiveness in this techno- ;
logical revolution which continues to }

unfold,” said Mr Delaney.

Rival BIC bids $87-$64 million below CWC's

FROM page 1B

that they included Stamp
Duty, while the One Equity
Partners/Vodafone price
was ‘estimated” because
their offer only mentioned
a “multiple range of 4.25-5
times ‘sustainable’ EBITDA
[operating income]”.

Julian Francis, BTC’s
executive chairman and a
key player on the privatisa-
tion committee that ulti-
mately recommended CWC
as the preferred BTC strate-
gic partner, previously told
Tribune Business that while
the One Equity
Partners/Vodafone bid was
looked at as the ‘front run-
ner’ among the four players
who qualified for the
extended due diligence
phase, it was ultimately
rejected because the duo
were unable - or unwilling -
to structure a deal where
Vodafone had a significant
equity stake.

Concerned

Despite having 303 mil-
lion subscribers worldwide,
along with $69.3 billion in
revenues and $24.5 billion
in operating income, Voda-
fone’s business is concen-
trated mainly on the cellu-
lar/wireless side, and with-
out a major ownership inter-
est in the BTC bid, the pri-
vatisation committee is
understood to have been
concerned about whether
the UK-based company
would remain involved in
the Bahamas long-term.

Indeed, financing for the
One Equity Partners/Voda-
fone bid was to be 90 per
cent-plus provided by the JP
Morgan private equity fund,
with Vodafone having “min-
imal equity”, although one
advantage was that no debt
financing was required.

In other words, there were
concerns about whether
Vodafone could vanish
almost overnight, leaving
BTC without the financial,
technical and managerial
resources it needed. The pri-
vatisation committee is also

agement contract to run

closer to BTC’s.

to the three years CWC will

_ TREASURYS FALL ON NEWS OF MORTGAGE-BOND SALE

Bahamas’ regulation

; about Japan started to fade.

NEW YORK

Treasurys slipped Monday after the government announced
plans to start selling $142 billion in mortgage bonds and worries

The Treasury said that it will sell up to $10 billion of mortgage-

i backed bonds each month beginning in March. The Monday

beats top countries |

Treasurys.

announcement marks another step by the government to end
emergency programs launched in 2008 and 2009 to help markets
through the financial crisis.

The sales also add to the supply of government-backed bonds in
the market and could draw investors away from lower-paying

In afternoon trading, the 10-year Treasury note fell 50 cents per

the welfare of the users of its services and ; $100 invested. Its yield rose to 3.33 percent from 3.27 percent late
indeed, the welfare of the broader economy | Ftday. Bond yields rise when prices fall.

As fears about Japan's stricken nuclear reactors eased, investors

ee : didn't feel the need to stock up on Treasury bonds. The Nuclear

We are proud of the progress we have : Regulatory Commission said the situation at the Fukushima Dai-
? ichi plant appeared to be stabilizing. Containment at three of the
tives, but we note, with more than passing }
interest, that in comparison to some of the }
industrial jurisdictions where the demand : Percent from 4.42 percent.
for the initiatives arose, our own superviso- }

ry and regulatory practices may be superi-

plant's six reactors was intact, the commission said.
The price on the 30-year bond fell 56.2 cents. Its yield rose to 4.45

COMMONWEALTH OF THE BAHAMAS. 2008

IN THE SUPREME COURT CLE/quif/leso

Common Law and Equity Sade

RE-AMENDED NOTICE

The Petition of Juana Suther in respect of:-

ALL THOSE pieces parcels or lota of land
detignated on the plan laid out by Garden
Hill Estates No. 3 being Lot Numbers £42 and
$43 situate in the Southern District of the
Island of Mew Providence one of the thlamds
of the Commonwealth of the Bahamas
hounded MOATHWAROLY by land mow or
formerly the property of Garden Hill Estates
and running therean EASTWARDLY by 4
Thiety (30) feet Road Reservation called and
known os Lily Lane and running thereon One
Hundredths and Ninety-three and Thirty-
seven Hundredths and Minety-three and
Thirtyssewen Humdredths (1934.37) feet and
SOUTHWARDLY BY Lot Number 841 and
running thereon and WESTWARDLY by a
portion of Numbers 31%, S17, 316, 315, 14
and running thereqen,

BTC. While no financial
terms were set out in the
One Equity Partners/Voda-
fone bid document, the
Government said these were
likely to come “at a signifi-
cant cost”.

Meanwhile, the Atlantic
Tele-Network/CFAL bid
was the only one to have a
Bahamian component in the
shape of Colina’s investment
advisory arm. Mr Francis
had previously told Tribune
Business that while he “took
his hat off” to CFAL, the
bid was ultimately rejected
because Atlantic Tele-Net-
work was considered too
small a strategic partner.
BTC, the executive chair-
man added, should be
acquiring Atlantic Tele-Net-
work, not the other way
around.

There is some justification
in that comment, for
Atlantic Tele-Network,
despite having 1.2 million
subscribers, generated only
$242 million in revenues in
2009, almost $120 million
than BTC’s $361 million.
Atlantic Tele-Network’s $70
million in operating income
for that year, though, was

Around 90 per cent of the
financing for this bid was to
come from Atlantic Tele-
Network, with the remain-
ing 10-15 per cent set to
come via CFAL and
Bahamian investors. This
financing, though, was
“dependent on an existing
and new loan facility with
accordion feature”, and
Atlantic Tele-Network
would have received a man-
agement contract worth 3-4
per cent of BTC’s annual
gross revenues.

Agreements

That latter sum is greater
than the 2 per cent of gross
revenues which CWC will
receive from support ser-
vices, know how and trade-
mark agreements, plus “a
cost-based fee for certain
support services”.

One advantage of the
Atlantic Tele-
Network/CFAL bid was that
it was willing to liberalise
the cellular market earlier
than CWC, insisting only on
a two-year post-privatisation
monopoly before a rival
licence is issued, compared

have prior to the start of }

such a bidding process.

One Equity Partners and }
Vodafone, in contrast, want-
ed a four-year exclusivity on }

cellular.

And the other major dif- :
ference between CWC’s bid }
and the two rejected offers }
was that both the latter had }
“serious reservations with
the transfer of share restric- :
tions”, neither being “will- }
ing to accept hardly any pro- :

posed by Government”.

In contrast, CWC has }
agreed that it cannot sell or }
transfer any of its 51 per :
cent majority stake for five :
years post-privatisation. ;
Once that deadline is met, }
the Government has the ;
right of first refusal, and if it :
does not take this up then :
CWC has the right to sell to }
another established telecom- ;

munications company.

Elsewhere, there were }
many similarities between }
the CWC offer and the two }
rejected bids, all basing their :
submissions on the Govern- }
ment receiving $11 million }
per annum in communica- }
tions fees from BTC, plus 3 }

per cent of revenues.

Juanita Butler claims to be the owner of the fee

simple estate in possession of the said land and hes apolied
to the Supreme Court of The Bahamas under $.3 of the
Quicting Titles Act, 1969 im the above action to have its title
to the said land investigated the nature and extent thereof
determined and declared in a Certificate of Tith: to be
granted by the court in accordance with peavisians of the

sald Act

Copies of the said plan may be inspected during

normal office Aours at the Regetry of the Supreme Court,
East Street, AOP., and at the Chambers of ¢.F. Butler &
‘gsecated, Charles £. Carey Building, Dowdeswell Street,
Nassau, Bahamas.

MOTICE & HEREYEY GIVEN that any person having

dower of a right te Gower or any adwerse claim mot
recognized ni the Petition shall before ie 2a lay eeeheber
Aco —2OOS 2" hye December iD 2Oeo 22 day of Apeil
4,0. 2071 file in the said Registry of The Supreme Court and
serve the Petitioner or the above C.F. Butler & Associates a
statement of such claim in the prescribed form werified by an
Affidavit to ber filed herewith. Failure of any such person to
file and serve a statement of such claim by the above time
will operate a5 a bar te such claim,

C.F. BUTLER & ASSOCIATES
Ohanmbars

Na, 7 Dennings Manor
Alice Street

Nasdau, The Bahamas

Attomeys for the Petitioner



Trade-ins are always welcome

Make a Statement

GP) TOYOTA

Power | Safety | Technology | Luxury

tet Br eee ke Or BO ay |
ene Be eG kre ta ray

likely to have harboured
questions over whether
Vodafone, as a management
rather than ownership part-
ner, would bring the
required focus to BTC.

In the documents tabled
by the Government yester-
day, it was confirmed that
Vodafone Partner Markets
would have received a man-

EXECUTIVE
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PAGE 6B, TUESDAY, MARCH 22, 2011

THE TRIBUNE





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NOTICE is hereby given that EVA JUNE THOMAS of 2:
HIS WAY, LAWRENCEVILLE, GA 30044, U.S.A.,
applying to the Minister responsible for Nationality and Citizenship
registration/naturalization as a citizen of The Bahamas, and that
person who knows any reason why registration/naturalization shi
not be granted, should send a written and signed statement of the fi
within twenty-eight days from the 22"? day of March, 2011 to
Minister responsible for nationality and Citizenship, P.O. Box N-7°
Nassau, Bahamas.

NOTICE

NOTICE is hereby given that VALERY CARL THOMAS of
2340 HIS WAY, LAWRENCEVILLE, GA 30044, U.S.A.,
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 22%° day of March, 2011 to the
Minister responsible for nationality and Citizenship, P.O. Box N-7147,
Nassau, Bahamas.

LEGAL NOTICE

NOTICE

MICRON HOLDINGS INC.
INTERNATIONAL BUSINESS COMPANIES ACT

(No.45 of 2000)
In Voluntary Liquidation

Notice is hereby given that in accordance with Section
138 (4) of the International Business Companies Act,
(No. 45 of 2000), MICRON HOLDINGS INC. is in dis-
solution, Mr. Alexis Sautereau is the Liquidator and can
be contacted at 38 avenue Blanc, 1202 Geneva, Switzer-
land. All persons having claims against the above-named
company are required to send their names, addresses and
particulars of their or claims to the Liquidator before
15th April, 2011

Alexis Sautereau
Liquidator

EMBER TRADING INC.
(In Voluntary Liquidation)

Pursuant to the provisions of Section 137
(4) of the International Business Companies Act
2000 notice is hereby given that the above-named
company is in voluntary dissolution, commencing
22nd. March 2011. Articles of Dissolution have
been duly registered by the Registrar. Miss Jill
McKenzie, Brittany Investment Company Limited,
Bahamas Financial Centre, Shirley and Charlotte
Streets, PO.Box N9346, Nassau, Bahamas is the
Liquidator.

All persons having claims against the above
named company are required on or before the
22nd. April 2011 to send all their names, addresses
and particulars of their debts and claims to the
Liquidator of the Company or, in default thereof,
they may be excluded from the benefit or any
distribution made before such debts are proved.

Dated this 22nd, March, 2011

Jill McKenzie
Liquidator

EL SOL DORADO INC.
(In Voluntary Liquidation)

Pursuant to the provisions of Section 137
(4) of the International Business Companies Act
2000 notice is hereby given that the above-named
company is in voluntary dissolution, commencing
22nd. March 2011. Articles of Dissolution have
been duly registered by the Registrar. Miss Jill
McKenzie, Brittany Investment Company Limited,
Bahamas Financial Centre, Shirley and Charlotte
Streets, PO.Box N9346, Nassau, Bahamas is the
Liquidator.

All persons having claims against the above
named company are required on or before the
22nd. April 2011 to send all their names, addresses
and particulars of their debts and claims to the
Liquidator of the Company or, in default thereof,
they may be excluded from the benefit or any
distribution made before such debts are proved.

Dated this 22nd, March, 2011

Jill McKenzie
Liquidator





‘LITTLE TO NO TAX’ FROM
BLUEWATER BIC PURCHASE

FROM page 1B

of Assembly yesterday
revealed, with the existing
employee pension plan
closed down almost imme-
diately.

A comparison of the
Bluewater and Cable &
Wireless Communications
(CWC) offers for BTC,
tabled by Prime Minister
Hubert Ingraham, disclosed
that while the then-Christie
administration “was agree-
able, for a three-year period
from completion, to a 33 per
cent reduction in duty
payable” on BTC’s telecoms
equipment imports, “Blue-
water wanted a five-year,
full waiver of duty”.

Waived

In addition, Bluewater,
whose attorney was now-
deputy PLP leader, Philip
‘Brave’ Davis, was demand-
ing that the $4 million annu-
al franchise fee paid by BTC
be waived, despite this being
in place for 10 years from
1995. Exemptions from oth-
er taxes were being sought,
along with “a preferential
rate for rental of BTC
poles”.

And, with the-then
Christie government also
willing not to increase
licence fees that were unre-
lated to communications
sector regulatory costs, the
document tabled yesterday
concluded: “BTC would
effectively have paid, under
Bluewater ownership, little
to no tax or fees to Govern-
ment.”

In contrast, the compari-
son tabled by the Govern-
ment yesterday showed that
CWC will receive no tax
concessions. It will pay
Communications fees equiv-
alent to 3 per cent of BTC’s
revenues, with the Govern-
ment also gaining $11 mil-



PERRY CHRISTIE

lion in communications fees
“from BTC on an ongoing
basis, as well as full import
duties, business licence fees
and other appropriate tax-
es and fees”.

And, while CWC was
financing its deal from its
existing balance sheet and
capital resources, the Ingra-
ham administration said
there was no evidence that
Bluewater had the financ-
ing to fund the transaction.

It strongly suggested that
Bluewater was planning a
leveraged buyout, where
BTC’s underlying assets and
financial performance were
pledged as collateral for the
debt financing necessary to
purchase the 49 per cent
stake.

“Bluewater wanted the
ability to pledge its shares
immediately, suggesting
financing was dependent on
the pledge of shares,” the
Government said, indicat-
ing that its 49 per cent stake
would be pledged as collat-
eral/security to the debt
financier.

Another significant dif-
ference between the Blue-
water and CWC deals was

ARCO SUPREMO INVESTMENT CORP.
(In Voluntary Liquidation)

Pursuant to the provisions of Section 137
(4) of the International Business Companies Act
2000 notice is hereby given that the above-named
company is in voluntary dissolution, commencing
22nd. March 2011. Articles of Dissolution have
been duly registered by the Registrar. Miss Jill
McKenzie, Brittany Investment Company Limited,
Bahamas Financial Centre, Shirley and Charlotte
Streets, P.O.Box N9346, Nassau, Bahamas is the

Liquidator.

All persons having claims against the above
named company are required on or before the
22nd. April 2011 to send all their names, addresses
and particulars of their debts and claims to the
Liquidator of the Company or, in default thereof,
they may be excluded from the benefit or any
distribution made before such debts are proved.

Dated this 22nd. March, 2011

Jill McKenzie
Liquidator

CROSS RIVER ROAD CORP.
(In Voluntary Liquidation)

Pursuant to the provisions of Section 137
(4) of the International Business Companies Act
2000 notice is hereby given that the above-named
company is in voluntary dissolution, commencing
22nd. March 2011. Articles of Dissolution have
been duly registered by the Registrar. Miss Jill
McKenzie, Brittany Investment Company Limited,
Bahamas Financial Centre, Shirley and Charlotte
Streets, P.O.Box N9346, Nassau, Bahamas is the

Liquidator.

All persons having claims against the above
named company are required on or before the
22nd. April 2011 to send all their names, addresses
and particulars of their debts and claims to the
Liquidator of the Company or, in default thereof,
they may be excluded from the benefit or any
distribution made before such debts are proved.

Dated this 22nd. March, 2011

Jill McKenzie
Liquidator

the treatment of the exist-
ing defined benefit pension
scheme for BTC employees.
Opposition leader Perry
Christie told a January 2011
PLP rally in Grand Bahama
that he found the Govern-
ment’s decision to fund the
existing pension plan deficit
with $39 million from a
Feeder Trust as particularly
“repugnant”, yet under the
Bluewater deal his adminis-
tration agreed to do exactly
that and fill in the hole.

And, in addition, Bluewa-
ter wanted to ‘freeze’ and
shut down the existing BTC
pension plan “as soon as
possible after completion so
no new benefits would
accrue”, with all the employ-
ees instead thrown into a
new defined contribution
scheme.

Pension

Under the CWC deal, the
existing defined benefit pen-
sion plan will only be closed
to new members. It will
remain in existence, with a
privatised BTC contributing
10 per cent of pensionable
salaries per annum, and pay-
ing the administration costs.

James Smith, the former
minister of state for finance
in the Christie administra-
tion, who had ultimate
responsibility for the pri-
valisation process, previ-
ously counselled caution
when it came to comparing
the Bluewater and CWC
deals, warning that it was
not akin to comparing
‘apples with apples’.

In an interview with Tri-
bune Business, he said the
two were difficult to com-
pare, given that Bluewater
had sought to acquire 49 per
cent of BTC, whereas CWC
was purchasing the majority
51 per cent holding, and the
value of that extra 2 per cent
was key.

It is also possible that the

Christie government agreed
to duty concessions, and
pretty much whatever Blue-
water wanted, in order to
ensure there was no staff
downsizing at BTC post-pri-
vatisation.

Bluewater was set to pay
$220 million at the deal clos-
ing, followed by $25 million
after five years and $15 mil-
lion after six.

Yet possibly the most
egregious terms of the Blue-
water offer were the exclu-
sivity demands, with cellu-
lar and landline monopolies
to last for six years post-pri-
vatisation.

A Mobile Virtual Net-
work Operator may have
been allowed after four
years, meaning that a rival
cellular competitor would
have to use BTC’s infra-
structure to deliver its ser-
vices.

Under the CWC deal,
landline services are liber-
alised now, with the first
rival cellular licence set to
be put out to bid three years
after privatisation.

The documents tabled
yesterday also disclosed that
unlike the Government’s
current proposal to sell a 51
per cent controlling interest
for $217 million (inclusive
of $7 million Stamp Duty),
Bluewater’s four-page Let-
ter of Intent had no plan to
deal with the surplus cash
on BTC’s balance sheet at
deal closing time.

While the CWC-priva-
tised BTC will have $15 mil-
lion in net cash on its bal-
ance sheet at deal closing,
the Bluewater deal would
have left $60 million in net
cash, and “there was no ref-
erence in the Letter of
Intent to the Government
[from Bluewater] withdraw-
ing the cash pre-transac-
tion”.

Legal Notice

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

JUST LIMITED

In Voluntary liquidation

“Notice is hereby given that in accordance with Section
137 (4) of the International Business Companies Act
(No. 45 of 2000). JUST LIMITED, is in Dissolution.”

The date of commencement of dissolution is the 21st

day of March, 2011.

Robert Sharp
of 8 Hill Street,
St. Helier, Jersey JE4 9XB,
Channel Islands
Liquidator

NORTH WIND CORPORATION
(In Voluntary Liquidation)

Pursuant to the provisions of Section 137
(4) of the International Business Companies Act
2000 notice is hereby given that the above-named
company is in voluntary dissolution, commencing
22nd. March 2011. Articles of Dissolution have
been duly registered by the Registrar. Miss Jill
McKenzie, Brittany Investment Company Limited,
Bahamas Financial Centre, Shirley and Charlotte
Streets, P.O.Box N9346, Nassau, Bahamas is the

Liquidator.

All persons having claims against the above
named company are required on or before the
22nd. April 2011 to send all their names, addresses
and particulars of their debts and claims to the
Liquidator of the Company or, in default thereof,
they may be excluded from the benefit or any
distribution made before such debts are proved.

Dated this 22nd, March, 2011

Jill McKenzie
Liquidator





THE TRIBUNE

TUESDAY, MARCH 22, 2011, PAGE 7B





Brewery’ ‘better Cruise industry heads
than 60%' target, Optimistic about 2011

achievement rate

FROM page 1B

further fall to 187,000 hectolitres.

ing,” the offering memorandum said.

summables and services costs were reduced 5 per cent year-
over-year between 2009 and 2010.

Wholesale sales had dropped from $79.934 million in }
2008 to $76.067 million in 2009, with a further drop to }
$73.886 million. The same trend had taken place on the }
Burns House retail distribution front where, after a slight }
sales increase from $33.479 million in 2008 to $35.318 million }

to 2009, revenues had dropped slightly to $34.426 million in } ;
i untapped market worldwide

The only area showing revenue growth was exports, which : for cruising. The industry said

rose from $418,229 in 2008 to $447,993 in 2009, and then to :

? 3 per cent of the vacation sec-

The brewery, though, still remains the group’s profit cen- VOL jhe sited Stars,

tre. Net income here rose from $8.109 million in 2008 to CEO Stein Kruse said baby
those figures accounting for 57 per cent, 67 per cent and 56
per cent of total group profitability respectively for those ;

2010.

$1.064 million in 2010, a trend of 137 per cent growth.

$10.573 million in 2009, and then to $11.348 million in 2010,

years.

The wholesale segment recovery back to 27 per cent of net :
income, which matched 2008 performance, having slumped }
to 12 per cent in 2009, came after profits here rose to $5.441 }
million in 2010 compared to $1.841 million in 2009. Profits }

from this segment were $3.872 million in 2008.

On the retail front, its share of net income dropped from }
21 per cent in 2009 to 17 per cent in 2010, which was still :
ahead of the 16 per cent achieved in 2008. Profits here rose :
slightly to $3.461 million in 2010 from $3.324 million in }

2009, and compared to $2.308 in 2008.
“With focused marketing campaigns and price increases,

the Commonwealth Brewery group managed to counter }
lower volume results for the period, but could not turn }
around overall revenue in 2010, which was lower than in pre- ;

vious years,” the offering memorandum said.

Net sales per hectolitre produced were $585 and $551 in
2010 and 2009, a 6 per cent year-over-year increase, with the ;

2008 figure being $534.

On the cost side, operating costs per hectolitre rose by 2
per cent year-over-year to $494 in 2010, compared to $480 :
the year before. This was due to the increase in taxes and }

excise duties.

“The Government increased excise duties on locally-pro- }
duced alcoholic beverages by 25 per cent and increased :
duty on raw and packaging materials to 10 per cent,” the :
offering memorandum said. “Despite government being a }

key stakeholder and major revenue recipient of the business,

these increases highlight the current and future vulnera-
bility of the Commonwealth Brewery group to government }

policies.”
Noting that cost-cutting had been “aggressive”

nance budget of about 1 per cent of total revenues.

PROSECUTORS: BANK EXECS |
ARE NOT EASY 10 CHARGE»

CURT ANDERSON,
AP Legal Affairs Writer
HOLLYWOOD, Florida

Bank executives rarely face
money laundering charges
because investigators don't usu-
ally uncover the kind of decisive
evidence needed to convict them,
prosecutors said Monday at an
international conference in Flori-
da. "You don't find the smoking
gun email where an executive
says, ‘I know it's drug money, but

go do it anyway,'" said Evan

Weitz, a New York federal pros- | NTE RNATI 0 NAL
ecutor, during a panel discussion

at the annual anti-money laun- BU S| N FSS

dering conference. Instead, pros-

ecutors usually target the bank Daneanonseancacvacsaevansecseescssessecsensensessessessesses



or financial institution itself. Adam Kaufmann, chief of the inves- ;
tigative division of the Manhattan district attorney's office, said ;
even then the preferred practice is to work out a settlement — }
known as a deferred prosecution agreement — rather than indict- }

ing the institution.

"An indictment can be a death sentence for a financial institu- :
said Kaufmann, adding that ruining large banks or other insti- }

tion,"
tutions can trigger unforeseen economic ripple effects.

Major banks investigated for doing business with countries fac- i
ing U.S. economic sanctions have reached agreements four times }
since January 2009. In those settlements, the institutions pay large }
fines and agree to meet certain requirements, but no executives face ;
jail time. Last year, U.S. District Judge Emmett Sullivan of Wash- }
ington labeled one such settlement a "sweetheart deal." In that set-
tlement, Barclays Bank paid $298 million in penalties but faced no }
charges. "Why isn't the government getting rough with these }

banks?" Sullivan said at an August 2010 hearing.

In such cases, Kaufmann said, prosecutors could have indicted }
lower-level employees who are actually handling the illegal trans- ;
actions on a day-to-day basis. But that wouldn't get at the execu- }
tives who made the decisions — and figuring out exactly who that }
is can be daunting. "It becomes very difficult to sort of identify the ;
person you want to prosecute," he said. Earlier Monday, Man- }
hattan District Attorney Cyrus R. Vance Jr. told the more than :
1,000 conference attendees that prosecutors and investigators }
increasingly work alongside bank regulators to spot money-laun- }
dering trends involving drug traffickers, corrupt foreign officials and }
even terrorist financiers. Attendees are part of a diverse group that }
includes prosecutors, financial officials and regulators from around :

the world.

, Com-
monwealth Brewery said that while capital spending on
plant and internal systems had declined over the past three |
years, the group was maintaining a repairs and mainte- :

MIAMI

Despite rising fuel costs and

? more stringent environmen-
? tal regulations, the cruise
: industry expects modest
: growth in 2011 as eight new
: large ships debut and con-
? sumers continue to shake off
? the effects of a recession,

“The Commonwealth Brewery group responded aggres- ye vest

sively to offset this decline and realised significant cost sav- i |. fate ;
: : ; ; ? tional Association predicts
ings through innovative cost-cutting measures across all } 4.44 16 million people —
aspects of the business, including energy consumption, ship- | jh ee- quarters of them from

ping and raw material costs, and packing material resourc- | North America — will vaca-

: tion aboard cruise ships this

“These measures produced savings of approximately $1.7 ; year, up 6.6 per cent from

million for the Brewery and $0.8 for the distribution arm of : 2010. Last year's numbers

the business [Burns House] in 2010.” Raw materials, con- : exceeded the trade associa-

: tion's projections.

The Cruise Lines Interna-

CEOs of six of the leading
cruise lines, speaking during a
panel discussion at the annu-
al Cruise Shipping Miami con-
ference, expressed tempered
optimism for continued
growth, noting the large

cruising still makes up around

Holland America Line

boomers who hold the major-
ity of the wealth are a huge
untapped customer base as
the economy improves and
vacation spending picks up
again.

"They're living better,
they're living longer, they
have more interest in travel
and cruising appeals to them,"
Kruse said.

Capacity

Cruise companies man-
aged to keep their ships at
capacity during the last few
years by cutting prices. That
made cruising more afford-
able for more people whose
positive experience likely will
bring them back for future
vacations, said Gerald R.
Cahill, president and CEO of
Carnival Cruise Lines.

"Once again, the industry
showed how resilient it was,"
Cahill said. "We filled our
ships (with) lower pricing. We
were still profitable as an
industry, which is a big deal.
The industry continued to
grow, we added new ships and
we innovated."

We

Waker’s Wap

EMPLOYMENT OPPORTUNITY
Golf Professional/Developer

Key Responsibilities

Communicate ona daily basis with the General
Manager and Assistant General Manager to ensure
a coordinated effort at providing year round quality
experiences for members and guests.

Coordinate development of operating and capital
budgets according to the budget calendar; monitors
monthly and takes effective corrective action as

required.

Analyzes other financial statements and establishes
controls to safeguard funds. Reviews income and
costs relative to goals; takes corrective action as

necessary.

Welcomes new club members; meets and greets all
club members as practical during their visits to the

club.

Enforce all of the club rules and regulations governing
the use of Baker’s Bay facilities.

Establish Operating Criteria for Golf Operations.
Develop an opening critical path for Golf Operations
Develop standards of service for Golf Operations

and an opening and ongoing training program for new

employees.

Oversee the design, purchase, and installation of all
Golf Operations Department FF&E.

Supervise all Golf Operations staff.

Daily/Weekly job responsibilities developed for all
positions in Golf Operations

Job Descriptions developed for all positions in Golf

Operations.

Weekly scheduling of all Golf Operations employees.
Handle personnel problems as they arise in Golf

Operations.

Evaluate employee’s introductory and annual

performance reviews.

Interview prospective employees and supervisory

staff.

Attend all relevant operational meetings.
Conduct weekly meetings with line staff and

supervisory staff.

Complete daily, weekly and monthly reports as

required.

Qualieatians and Skills

¢ Associate degree in Golf Operations,
Golf Management, Management, Business
Administration or related area of study.

¢ Strong leadership, organizational, computer, and

communication skills.

¢ Strong operational background in retail, golf,
food and beverage, and member services.
¢ Ability to source, design and implement training

programs.

¢ Financial experience especially with creating and

implementing budgets.

Experience with private club and/or start up

operations a plus.

If you would like to be a part of a dynamic,

progressive
your resume to:

and growing organization,

hr@bakersbayclub.com or to

send

the attention of the VP Human Resources at fax

242-365-5814.

“Becoming the Employer of Choice in
The Bahamas!”



Among the new ships this
year is the 4,000-passenger
Disney Dream, the cruise
line's third ship and its first
new one in more than a
decade. The Dream is sailing
to the Bahamas from Flori-
da's Port Canaveral. In May,
Carnival Cruise Lines is
debuting its largest ship, Car-
nival Magic. The 3,690-pas-
senger vessel, sailing from
Barcelona, is industry leader
Carnival's 23rd ship.

Norwegian Cruise Line
CEO Kevin Sheehan said
newer ships are more fuel effi-
cient and feature better-

ing options, more entertain-
ment and innovative outdoor
spaces including water rides,
and on-deck movie theatres
and nightclubs.

"It's not enough for our
guests to just smell the sea air,
they want to breathe it and
feelit, and we're figuring out
more new and creative ways
to bring our guests closer and
closer to the sea," he said.

Industry officials cited ris-
ing fuel costs, more restric-
tive emission control regula-
tions and lack of standardized
regulations around the world
as the most pressing chal-

designed and more comfort-
able cabins, more diverse din-

NOTICE

NOTICE & IER! qUenthat MICHAEL ANTHONY BROWN
of PD. Box FH-4d393, CARIBBEAN GARDENS,
NEW PROVIDENCE, BAHAMAS, B aponing io the hinbter
EDOTeDE for Hat D rally ancl G Ree re hip, for registra bor'ratup eat br
fa CIENT The Balas, ald Cheat aly eso Wo BS aly
RaSson WY Te EtatOnaturaleabon Shoutl rot be granted, sho ull
SELL a WME N AT SNE SAEIEIT OF We Pes WAC CMe nl-eky It
CUS TOnthe 22"cla vot Wari, 2011 tothe hnber ESorebe
[or Tato re) andl GtRersliy, PO Boe 714], tesa, Belaires

lenges.

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT

2000/CLE/quil239

Common Law and Equity Division
IM THE MATTER OF ALL THAT plece parcel or lot of land containing, by
admeasurements, sit thousand (6,000) square feet or thereabouts
being tran and described a Lot #1291 of Golden Gates Estates
Section Two Addition situate in the Western District of the Island af
New Providence one of the Islands of the Commoenmealth of the
Bahamas
AND
ON THE MATTER of the Quicting Titles Act 1959
AND
IM THE MATTER of the Petition of Rosemary Hart

BOTICE

Take notice that ROSEMARY HART of the Souther Destrict of the Island
al Mew Providence The Baheenas has filed a Petition pursuant to the
Quieting Titles Act, 1954, in respect of the following property:-
Lot A290 of Galden Gates Estates Section Two Addition situate in the
Westen District of the Idand of New Providence, The Bahamas which
said Subdivision is situate on the northern side of Mulatto Place 30M) Ft
Northeasterly from Cedar Way and approuimately 589 Ft, Southeasterly
Trom Carmichael Aead. The lot is measured af Being bounded
Westwardly by Lot 1290 of the said subdivision and running 100 ft;
northvardly by a Lot 1280 and running 60 ft; eastwandly by a lot 1292
running thereon LOO ft.; and southwardly by a public road reservation
inca as Mulette Place nunning thereon 60 ft. This lot is show on a
olan now filed in the Department of Lands and Surveys a5 Plan 5142
NLP.
The Petition of ROSEMARY HART claims that she hes held possession of
the said hereditaments for the last thirty (30) years and that
accordingly ma dower or other right affects her title to the same: and
further that there are no charges, encumbrances, or monetary liens
Sitached ta the sand hereditaments which aMects her title to the land
AND FURTHER TAKE NOTICE that Rosemary Hart, the Petitioner, has
presented a Petition to the Supreme Court to have her title to the land
rvestigated determined and declared under the quieting tithes act 1959
(Ch 357] Statute Lives of the Bahamas.
Copies of the plan filed im relation to this action may be inspected
during the normal office hours at the following places situated
within Ue Blind al New Providence, The Bahamas

Registry of the Supreme Court located 2â„¢ Floor of the Ansbacher

House, East Street (Narth|

. Department of Lands & Survey located East Bay Street and

c. The Chambers of Hanna Jotinsom & Co, located Hawkins Hill on its

Eastern Side. (Travelling north it is the 7 structure after passing

the Department of iimigration’s (Additional) Parking Lat.

NOTICE is hereby given t thal acw_peteah beving dower of cas

Supreme Court Repistry located | yp oor of the rare her ‘ou
East Street (Marth) and serve on the Prbtigner, through her
Altorniys @ statement of his or Ger elite in the oreseribed form
erified bey an Affidndt filed therewith, Falire of any such person to
file are serve a statement of bis or her claim on

shall ¢



rate asa bar to such clan,

Dated this 22 day of February, A.D., 2011

This Notice is published by Order of the Court dated November 25°,
4.0, 200 by His Lordship Sr Michael Bomect ond is puiiished ot the
jastonce of the Petitioner's Attomeys Messrs. Hone Johnson & Co.
whose Chambers ore looted Howkins AY (North, Mew Providence,
The Sohomas and moy be contacted ot (24232-0159 or (247 )-I2

6165,





PAGE 8B, TUESDAY, MARCH

22, 2011

THE TRIBUNE





Deals help push the
Dow back above 12,000

DAVID K. RANDALL,
AP Business Writers
STAN CHOE,

AP Business Writers
NEW YORK

Stocks started the week with big gains
Monday on a major telecommunications
deal and signs that Japan's nuclear crisis
was stabilizing. The Dow Jones industrial
average closed above 12,000 for the first
time since a nuclear power plant in Japan
failed following a massive earthquake and
tsunami.

In the U.S., AT&T Inc. said it would
buy rival T-Mobile USA for $39 billion,
creating the largest U.S. cellphone compa-
ny. Charles Schwab Corp. said it would
buy online brokerage services provider
OptionsXpress for $1 billion. The deals
raised hopes that more corporate buyouts
could be on the way as businesses become
more confident in the economic recovery.

"You only expand when you have a good
feeling about the future," said Peter Cardil-
lo, chief market economist at New York-
based brokerage house Avalon Partners.

The Dow Jones industrial average rose
178.01 points, or 1.5 percent, to 12,036.53.
The index has gained 3.6 percent over the
last three trading days, its largest jump over
the same amount of time since September.

The S&P 500 index gained 19.18, or 1.5
percent, to 1,298.38. The Nasdaq compos-
ite rose 48.42, or 1.8 percent, to 2,692.09.

Energy stocks led the market higher after
oil prices climbed back above $103 per bar-
rel. Schlumberger Ltd., which helps com-
panies drill for oil and gas, rose 4.4 per-
cent to $89.73. ConocoPhillips rose 2.9 per-
cent to $77.55.

Worries about Japan's stricken nuclear

f (2) \ THE COLLEGE OF THE BAHAMAS

Applications are invited for suitably qualified individuals for the

position of:

Assistant Professor, Public Administration, School of Social
Sciences, with responsibility for teaching undergraduate courses,
participating in the revision of the existing baccalaureate degree
programme in Public Administration, contributing to the devel-
opment and implementation of a master’s degree programme in
Public Administration, participating in student recruitment and
advisement, engaging in scholarly/professional activities and



York Stock Exchange.

reactors eased after the Nuclear Regulato-
ry Commission said the situation at the
Fukushima Dai-ichi plant appeared to be
stabilizing. Containment at three of the
plant's six reactors was intact, the commis-
sion said.

Tiffany & Co. rose 5.1 percent to $60.22
after reporting higher-than-expected earn-
ings. The jeweler said Japan's earthquake
could hurt its earnings because of store
closings and limited hours. The company
does 18 percent of its business there.

The violence in Libya and Japan's earth-
quake have led to many large swings in the

Dow since late February. The Dow rose i
or fell by 100 points or more during three
days last week. Eight of the 15 trading days }
since the start of March have had swings }

that large.
In the latest signs of trouble in the USS.

remains relatively high at 3.5 million.

Fee are allan Maca ola : efforts accelerate," Vikram Nehur, the World Bank's chief
Be: : economist for East Asia, said Monday.

dated volume came to 4.5 billion shares.

HOME SALES FELL 9.6
PCT. IN FEBRUARY

WASHINGTON

Visit our website at www.cob.edu.bs

FACULTY VACANCY

serving on departmental and college-wide committees.

Applicants should possess: an earned Ph.D from an accredited
institution; have a strong commitment to undergraduate instruc-
tion; skills in programme and course development and imple-
mentation; and a commitment to scholarly research. For a

detailed

email: hrapply@cob.edu.bs,
BIisK

S2wk-Hi
1.13:
10.63
5. 7S
10.53
2.84
2.20
12.40
2.85
17.00
2.86
2.54
1S. 30
Oo. 27
11.40
1S.00
1.00
7.30
10.50
10.00

S2wk-Low
0.95
9,05
4.40
O.17
2.70
1.96

Securit_y
AML Foods Limited
Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste

Fidelity Bank

Cable Bahamas

Colina Holdings
Commonwealth Bank (S1)
Consolidated Water BDRs
Doctor's Hospital
Famguard

Finco

FirstCaribbean Bank
Focol (S)

Focol Class B Preference
ICD Utilities

J. S. Johnson

Premier Real Estate

9.43
2.35
5.80
1.90
1.40
5.22
5.65
8.77
4.57
1.00
5.50
9,80
10.00

S2wk-Hi
Is9.46
100.00
100.00
100.00
100.00

52wk-Low
99.46
100.00
100.00
100.00
100.00

Security
Bahamas Note 6.95 (2029)

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

IS2wk-trtit
10.06
10.55

S2wk-lLoew
5.01
0.40

Symbol
Bahamas Supermarkets
RND Holdings

41.00
KS.

29.00 ABDAB
0.40 RND Holdings

S2wk-Hi
1.5122

2. 9527
1.5837
3.2025
13.6388
114.3684

S2wk-Low
1.4076
2.8300
1.5141

Fund Name
CPFAL Bond Fund
CPFAL MSI Preferred Fund
CPFAL Money Market Fund
2.8522
13.0484
101.6693
99.4177
1.0000
1.0000
1.0000
9.1005

Royal Fidelity Prime Income Fund
CFAL Global Bond Fund

CPFAL Global Equity Fund

FG Financial Preferred Income Fund
FG Financial Growth Fund

FG Financial Diversified Fund

106.5528
1.1465
1.1185
1.1491
9.7485

Protected TIGRS, Series 1

11.2361 10.0000

Protected TIGRS, Series 2

10.1266 9.1708

Protected TIGRS, Series 3
3.4510 4.8105
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

52wk-Hi - Highest closing price in last 52 weeks

52wk-Low - Lowest closing price in last 52 weeks

Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day

Daily Vol. - Number of total shares traded today

DIV $ - Dividends per share paid in the last 12 months

P/E - Closing price divided by the last 12 month earnings

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

$1) - 3-for-1 Stock Split - Effective Date 7/11/2007



job description,

ROYAL FIDELITY

Royal Fidelity Bahamas G & | Fund

Royal Fidelity Int'l Fund - Equities Sub Fund

visit



€

cr AL

BISX LISTED & TRADED SECURITIES AS OF:
MONDAY, 21 MARCH 2011

Morsy al Work

FINDEX: YEAR END 2008 -12.31%

Previous Close Today's Close
1.09, 1.09,
10.63 10.63
4.93 4.93

Change
0.00
0.00
0.00
0.18
2.70
1.96

0.18
2,.F0
1.96

0.00
0.00
0.00
0.00
0.00
0.00
-0.02
0.00
0.00
1.40
0.00.
0.01
0.00.
-0.10
0.00
0.00.

9.43
2.40
6.82
2.25
1.40
5.22
6.10
9.30
5.47
1.00
7.40
9,82
10.00

9.43
2.40
6.82
2.23
1.40
5.22
F360
9.30
5.48
1.00
7.30
9,82
10.00

Last Sale
99.46

100.00

100.00

100.00

100.00

Symbol
BAH29
FBB17
FBB22
FBB13
FBB15

Change
0.00
0.00,
0.00,
0.00,
0.00

Bid ® Ask ® Last Prirce

N/A N/A 14.00
0.35, 0.40 0.55
CFAL Securities Ltd. (Over-The-Counter Securities)
30.13 31.59 29.00
0.45 0.55 0.55
BISX Listed Mutual
NAW YTD%
1.5179 5.51%
2.9486 0.04%
1.5837 0.61%
-0.56%
0.61%
9.98%

Funds
Last 12 Months %

6.90%
1.45%
4.59%

-15.54%
-0.22%
12.49%
7.18%
5.20%
4.73%
5.35%

2.7049.
13.4392
114.3684
106.5528
1.1465
1.1185
1.1491

4.75%
5.20%
4.73%
8.35%

Royal Fidelity Bah Int'l Investment Fund Principal

98,7950 4.85% 5.45%

Royal Fidelity Bah Int'l Investment Fund Principal

10.6417 -1.20% 0.50%

Royal Fidelity Bah Int'l Investment Fund Principal

10.1266 1.27%
8.4510 0.72%
MARKET TERMS

1.27%
9.95%

www.cob.edu.bs/hrapply.
Interested candidates should submit a detailed resume and cover

letter of interest no later than Thursday, March 31st to Associate
Vice President, Human Resources, The College of the Bahamas,
P. O. Box N-4912, Poinciana Drive & Thompson Boulevard OR

Fewer Americans bought
previously occupied homes in

el in nearly 9 years.

foreclosures or short sales,

lowest level since April 2002.

nearing a bottom,”

rities.

FG

CAPITAL MARKETS
BROKERAGE & ADYISORY SERVICES
es

cree Teco wT AT.

BISX ALL SHARE INDEX: CLOSE 1,470.49 | CHG 18.96 | %CHG 1.31 | YTD -29.02 | YTD % -1.94

WWW.BISXBAHAMAS.COM | TELEPHONE:242-677-BISX (2479 | FACSIMILE: 242-323-2320
Daily Vol.

P/E
8.9
817.7
32,2

Yield
3.67%
1.88%
2.03%
0.00%
3.33%
2.04%
3.29%
1.67%
3.81%
2.02%
7.86%
4.60%
0.00%
3.76%
2.92%
0.00%
3.29%
6.52%
2.00%

EPS$
0.123
0.013
0.153,

-0.877
0.168
0.016
1.050
0.781
0.488
O.1114
G, 107
G.357
0.682
0.494
0.452
0.000
0.012
0.859
1.207

Div $
0.040
0.200
0.100

4,564

2,500
0.000
0.080
0.040
0.310
0.040
5,321 0.260
0.045
0.110
0.240
1,500 0.000
0.350
0.160
0.000
0.240
0.640
0.200

1,200

1,550

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

Interest
6.95%
7%
Prime + 1.75%
7%
Prime + 1.75%

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

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

EPS $
-2.945
0.001

Div S
‘0.000
0.000

P/E
N/M
256.6

Yield
0.00%
0.00%

Daily Wo.

4.540
0.002

0.000
0.000

9.03
261.90

0.00%
0.00%

NAV 3MTH
1.498004
2.918256
1.564030

NAV 6MTH
1.475244
2.910084
1.545071

NAV Date
30-Nov-10.
28-Feb-11
11-Feb-1141
31-Jan-11
31-Jan-11
109.392860 30-Jun-10
100.779540

107.570619.
105.776543 30-Sep-10
31-Dec-10
31-Dec-10
31-Dec-10

30-Nov-10.
30-Nov-10

31-Jan-11
31-Jan-11

YIELD - last 12 month dividends divided by closing price

Bid $ - Buying price of Colina and Fidelity
ASk $ - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price

Weekly Vol

- Trading volume of the prior week

EPS $ - A company's reported earnings per share for the last 12 mths

NAV - Net Asset Value
N/M - Not Meaningful

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

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



The National Association of i a Ce
Realtors said Monday that sales i resilience after natural calamities.

of previously occupied homes }

fell last th t lly . was ;
Safad onal ae i ie a followed added to China's sizzling 9.6 percent growth in 2008.
lion. That's down 9.6 percent :

from 5.4 million in January. The ; January 1995. Experts predicted the area would need a decade

pace is far below the 6 million i to recover. Instead, Kobe's manufacturers were producing at 98

homes a year that economists }
say represents a healthy mar- }
ket. Nearly 40 percent of the }
sales last month were either }

when the seller accepts less ;
than they owe on the mortgage. }

One-third of all sales were } Mississippi in 2005 but "didn't puncture investment or growth

purchased in cash — twice the } in the rest of the country,"

sane oo i ale nae In ae ? Commerce Department official and chairman of the econom-
ed housing markets such a8 jc consulting firm Sonecon.
Las Vegas and Miami, cash }

sie ae aac nage ifornia quake and the 1994 Southern California quake are
fell 5.2 percent to $156 ooh, the : widely believed to have helped the California economy.

i (AP Photo/David Guttenfelder)
: BLOCKED: 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, north-
: eastern Japan Sunday, March 20, 2011.

PAST SUGGESTS LITTLE LASTING

HARM 10 JAPAN ECONOMY

i PAUL WISEMAN,
i AP Economics Writer
: WASHINGTON

The Japanese economy has been staggered by an earth-

quake, a tsunami and a nuclear crisis. But history suggests it will
: bounce back with no lasting damage.

Wealthier countries with stable government institutions are

especially suited to benefit from reconstruction after a natural

UNCERTAIN TIMES: In this photo taken March 14, 2011, traders work on the floor of the New ‘ c
; those that can easily raise money.

disaster. So are countries with vast international trade and

Japan falls into all those categories. Its own Kobe area recov-
ered unusually quickly from a 1995 earthquake, for example.
And researchers say the May 2008 quake in the Sichuan
province of China led to stronger growth that same year.

The World Bank estimates Japan will spend up to five years

? rebuilding from the March 11 disaster. Reconstruction pro-

i jects contribute to growth by putting people to work. Economies

housing market, the National Association } ‘also benefit as damaged roads, ports, buildings and equipment

of Realtors reported that sales of previ- | are replaced. And typically, they are replaced with more effi-

ously occupied homes fell 10 percent last : cient structures that help expand the nation's productivity and

month. The supply of unsold homes growth.

"We expect growth in Japan will pick up as reconstruction

In the aftermath of the nuclear crisis, Japan also stands to

i benefit from research and development projects designed to
i find alternative energy and reduce its dependence on nuclear
? energy and imported oil, says Reinhard Mechler, an economist
? at Austria's International Institute for Applied Systems Analy-
i sis.

Researchers have documented that natural disasters, for all

the death and destruction they leave, cause surprisingly little

i lasting economic damage.
February and those who did :

purchased them at steep dis- found that natural disasters tend to cause long-term economic

counts. The weak sales and rise } qamage only when they trigger political upheaval. Iran and

in foreclosures pushed home } Nicaragua, for instance, were crippled economically by 1979 rev-

prices down to their lowest lev- olutions that followed killer earthquakes.

A report last year by the Inter-American Development Bank

Otherwise, economies usually respond with long-term

Chinese government researchers have calculated that the
Sichuan earthquake and the massive reconstruction effort that

And consider the deadly earthquake that hit Kobe, Japan, in

percent of pre-quake levels within a year and three months,
according to a study by the late Purdue University economist
George Horwich. About four in five retail shops, including all
department stores, were open in a year and a half.

Even with the devastation in Kobe, Japan's economic growth
more than doubled from 1994 to 1995.

Similarly, Hurricane Katrina devastated coastal Louisiana and

says Robert Shapiro, a former

And the reconstructions that followed the 1989 Northern Cal-

Countries without deep financial reserves, trade relation-

"This information suggests ships or skilled work forces are much less likely to benefit

that value investors are entering ; from rebuilding programs. Impoverished Haiti, for instance,

the market, possibly a sign that lacked the resources to handle the aftermath of a deadly quake
home sales and construction are : last year — even with help pouring in from overseas.
said Joseph }
A. LaVorgna, chief U.S. econ- }
omist for Deutsche Bank Secu- }

? says. "They have pretty darn good institutions."

Japan, by contrast, has the institutions to handle a massive
reconstruction effort, says Mark Skidmore, a Michigan State
University economist. "They have high human capital," he

And "if you've got trade, you've got ports and other distri-

bution resources" that speed delivery of relief supplies and
? construction material to disaster zones.

Even in the developing world, the economic damage is typ-

ically short-lived. A poor country's economy typically shrinks
? in the first year after a calamity, then bounces back as invest-
? ments pour in and money moves around, Mechler says.

Sonecon's Shapiro raises the concern that Japan won't prove

: as resilient this time as it was after the Kobe quake in '95.
i This month's quake damaged power plants, leaving communi-
i ties with crippling electricity shortages. Shapiro says the threat
i of radiation leaks from a nuclear power plant damaged in the
? quake also could paralyze the economy. And the Tokyo gov-
i ernment is deep in debt. Some question whether it could
i finance a rebuilding effort that is expected to cost more than
? $200 billion.

Others point out that the Japanese government can raise

i money by selling bonds to the Japanese public, which has a high
? savings rate. The United States, by contrast, relies heavily on
i foreign governments and investors to finance massive govern-
i ment deficits.

In its report Monday, the World Bank estimated that Japan's

disaster would reduce the country's growth by up to 0.5 per-
i centage points this year. But it also says the slowdown won't last
; much beyond mid-year.



i SEVERELY DAMAGED: Battered boats are seen in the Keehi Small
: Boat harbor, Friday, March 11, 2011 in Honolulu. A tsunami gener-
; ated by the Japan earthquake hit Oahu causing damage around the
: island. The harbor’s piers and many boats were severely damaged
: by the tsunami. Many boats were freely floating in the harbor. Sev-
: eral were sinking.



{T\

Pim blowin’ it

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Volume: 107 No.99



aU a)



Bran McCartney

resigns from FINI

eRe




Party chairman says
‘move not unexpected’

By PAUL G
TURNQUEST

Tribune Staff Reporter
pturnquest@
tribunemedia.net

KEEPING in line with
reports that he intends to
form his own political
party, Bamboo Town MP

‘threat to democracy’ to
the young MP, who
reportedly has plans of his
own to offer to the
Bahamian people “anoth-
er option” other than the
PLP or the FNM. This
option, the source added,
will have 41 candidates.
While some FNM MPs

Branville McCartney offi- PESIQ@NATION: Yesterday appeared taken

cially resigned from the
governing Free National
Movement yesterday.
According to sources close to
the MP, this decision has been in
the works for some time.
Reportedly the final straw
which tilted the scales was Prime
Minister Hubert Ingraham’s
recent comments calling for all
FNM MPs to vote in favour of
the sale of 51 per cent of BTC to
Cable and Wireless. This,
sources said, appeared as a

Branville
McCartney

aback by Mr McCart-
ney’s announcement,
which came by way of a
statement sent to the party’s
chairman Carl Bethel and party
leader Hubert Ingraham, there
were some who said they had
known of this move for some
time.

From his perspective, the par-
ty’s chairman said this move is
“not entirely unexpected.”

SEE page 10

CHRISTIE COMMENDS ‘COURAGEOUS’ MP

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

OPPOSITION leader Perry Christie commended the “coura-
geous and highly-principled” decision by Bamboo Town MP
Branville McCartney to resign from the FNM during the debate on
the sale of 51 per cent of BTC to Cable and Wireless.

After reports began to make the rounds in the House of Assem-
bly yesterday of what the MP had done, Mr Christie held a press
conference in the party’s common room. Reminding the public that
he himself had walked a similar path at an earlier stage in his
political career, Mr Christie said he knows how difficult it is to sep-

SEE page 10



TUESDAY, MARCH 22, 2011

ATO
HELP WANTED
AND REAL ESTATE

SPENT Sy






PROTESTERS against the
sale of BTC carry signs in





By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net





BTC protesters said they
were offended by the use of
police chains that restricted
access for hundreds of
demonstrators to Rawson
Square and Bay Street.

Jennifer Isaacs-Dotson,
president of the National
Congress of Trade Unions
(NCTU), said she was very
“perturbed” and almost
brought to tears at the sight
of chains used to lock pro-
testers out of Rawson
Square.

“Tt was very distressing to
see the chains on barricades.
That our government would
make a decision to lock our
people outside of the peo-
ple's square,” said Mrs
Isaacs-Dotson.

Protesters marched from
Clifford Park yesterday,
along Bay Street, to chants
from protest leaders: “Rise
up mighty people, peaceful-
ly but forcefully.”

Unlike previous demon-
strations, protesters were
met by police barricades that
stretched across the road
from Parliament Square to
Rawson Square. Protesters

SEE page 10




































Downtown Nassau yesterday.

Photo/Jessica Robertson













POLICE and emergency medical services at the PLP headquarters last night.

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Heights on Sunday night.

Meanwhile, police are
searching for the motive
behind the vehicle fire that
burned a body beyond recog-
nition in Bamboo Town on
Sunday evening.

The latest shooting took
place at the Exclusive Salon
on Cordeaux Avenue and
Ragged Island Street yester-
day afternoon. The 36-year-
old man was reportedly

SEE page 10











POLICE and emergency med-
ical services personnel had to be
called to PLP headquarters last
night as protesters, reportedly paid
to demonstrate on Bay Street yes-
terday, became agitated when they
went to collect their funds at Gam-
bier House.

According to eyewitnesses, bus
loads of persons arrived at the par-
ty's headquarters on Farrington
Road and it was shortly afterwards
that a fight broke out.

Police were quickly called to
quiet the rowdy mob, while those
who were injured had to be rushed
to the Princess Margaret Hospital.

MP CALLS FOR COMMISSION OF INQUIRY INTO BIC SALE

By CELESTE NIXON
Tribune Staff Reporter
cnixon@tribunemedia. net

AN OPPOSITION MP has
called for a commission of
inquiry into the sale of BTC to
Cable and Wireless.

Fort Charlotte MP Alfred
Sears labelled the sale “anti-
Bahamian” and said he could

not support the deal because it
lacks transparency.

Speaking in the House of
Assembly yesterday, Mr Sears
said the PLP is not against pri-
vatisation of BTC, as it is in the
best interest of the country.
However, he said, the party
must oppose the current sale
to Cable and Wireless (CWC),
because it undervalues the

asset, is not transparent, and
contains "anti-competitive and
anti-Bahamian aspects."

According to Mr Sears, ana-
lysts have advised that the $210
million sale is far below the
"sector value" and that BTC
should be valued between $700
and $800 million.

SEE page 10

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PAGE 2, TUESDAY, MARCH 22, 2011

THE TRIBUNE







MAKING A POINT: PLP MP Fred Mitchell (background) answers questions whil

Police receive intelligence of p

LOCAL NEWS

Â¥

e BTC protesters and supporters look on.

Jessica Robinson/Tribune staff

ossible

‘seditious’ behaviour, secure House

By NOELLE NICOLLS
Tribune Staff Reporter

nnicolls@tribunemedia.net

THE police took extra pre-
cautions in securing the
House of Assembly yester-
day, after receiving intelli-
gence of possible “seditious”
behaviour, according to Tri-
bune sources.

Glenn Miller, assistant
commissioner of police, said
the changes in strategy were a
result of a “review and cri-
tique” of the methods used
during the last protest.

“We had information they
wanted to get into the House

‘Necessary changes’ were made to
ensure a peaceful demonstration

of Assembly. We were not
going to let that happen.

“That is still our intention
not to let that happen. We are
not going to let 300-plus peo-
ple barge into House of
Assembly without a pass to
get inside there,” said Mr
Miller.

Based on the last demon-
stration, he said, “it was obvi-
ous” the barricades needed
to be fortified.

During the last major

Invites you to their

Initial Public Offering

protest, there was a violent
clash with police that resulted
in some police and civilian
injuries; protesters lifted the
barricades in the air and
police officers used batons on
crowd members to try to
reestablish control.

Mr Miller said several “nec-
essary changes” were made
to ensure there was a peaceful
demonstration. Barricades
used to block access to Raw-
son’s Square were bound with

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metal chains and were braced
with large cement boulders.
Police barricades also pre-
vented protesters from assem-
bling on the road in front of
Rawson’s Square.

“What we found today, the
persons who turned out were
more peaceful. They did not
seem too arrogant. They
showed more respect for
themselves and others. In our
briefings with our officers, we
instructed them to exercise
professionalism in the execu-
tion of their duty,” said Mr
Miller.

The Penal Code contains a
section that speaks to sedi-
tious behaviour, including
what it calls “seditious inten-
tion.”

This includes actions “to
bring into hatred or contempt
or to excite disaffection
against the person of Her
Majesty, Her Heirs or succes-
sors, or the Government of
the Bahamas as by law estab-
lished; or to excite Her
Majesty's subjects or inhabi-
tants of the Bahamas to
attempt to procure the alter-
ation, otherwise than by law-
ful means, of any other matter
in the Bahamas as by law
established; or to bring into
hatred or contempt or to
excite to disaffection against
the administration of justice
in the Bahamas; or to raise
discontent or disaffection
amongst Her Majesty's sub-
jects or inhabitants of the
Bahamas.”

The Penal Code also clari-
fies various acts, speech, or
publications that are “not
seditious”, including those
that intend: “To show that
Her Majesty has been misled
or mistaken in any of her



DEAL OF DEATH: A protester holds up a model of a coffin during the
BTC protest yesterday outside the House of Assembly.

measures; or to point out
errors or defects in the gov-
ernment or constitution of the
Bahamas as by law estab-
lished or in legislation or in
the administration of justice
with a view to the remedying
of such errors or defects; or
to persuade Her Majesty's
subjects or inhabitants of the
Bahamas to attempt to pro-

cure by lawful means the
alteration of any matter in the
Bahamas as by law estab-
lished; or to point out, with a
view to their removal, any
matters which are producing
or have a tendency to pro-
duce feelings of ill-will and
enmity between different
classes of the population of
the Bahamas.”



way for BIC privatisation

AN HISTORIC vote in the
House of Assembly yester-
day paved the way for the
sale of 51 per cent of BTC to
Cable and Wireless later this
week.

Moving for the adoption of
three new Bills, Prime Minis-
ter Hubert Ingraham called
the vote “the final process”
before privatisation takes
place.

The Bills are:

e A Bill for an Act to Facil-
itate the Privatisation of the
Bahamas Telecommunica-
tions Company and for Con-
nected Purposes

e A Bill for an Act to
Amend the Communications
Act, 2009

e A Bill for an Act to
Amend the Utilities Regula-
tion and Competition
Authority Act, 2009

MPs also voted on two res-
olutions — one to confirm the
transfer of nine parcels of
land from the Treasurer to
BTC, upon or from which
BTC conducts business. The

second sought the approval
of the House for the privati-
sation of BTC and the sale of
51 per cent of its shares to
Cable and Wireless.

Mr Ingraham said: “BTC
is now a mature enterprise
and for the past 14 years, gov-
ernments of the Bahamas
have been seeking to find a
partner for it. The search was
expensive and costly.

“The public bidding exer-
cise in 2003 and again in 2010
resulted in unacceptable
offers. And, an intended
engagement days before the
last general election was
called off.

“Now we have a partner
for BTC — CWC.”

Mr Ingraham emphasised
that the privatisation process
has not be “hurried or taken
casually.”

He said: “Serious time,
money and effort has been
spent over the past 14 years
by government and its advi-
sors — experts in telecommu-
nications, in privatisation and
in investments — to ensure

that we got this right. When it
was determined that circum-
stances did not provide a
good deal for the Bahamas,
government has opted not to
proceed.

“We have taken BTC to
the altar of privatisation on
two separate occasions; once
on the watch of members
opposite who continued a
process which we had com-
menced, and secondly fol-
lowing our return to office in
2007.

“We have spent enormous
sums of money in the exer-
cise. Great damage will be
done to the image and repu-
tation of the Bahamas if, after
two attempts, we fail to pri-
vatise BTC.

“We, believe, are soundly
convinced, that this deal is a
good deal and that this hour
is the appropriate hour for us
to move forward on the pri-
vatisation of BTC.

e The vote was suspended

last night and will resume
today at 3pm.



Full Text
THE TRIBUNE

TUESDAY, MARCH 22, 2011, PAGE 3



LOCAL NEWS



@
6 5 i sale of 51 per cent of BTC to Cable and Wireless.
i The amendments were passed with a ‘Yes’ vote of 22 to 14. All
i FNM MPs voted in favour, with the PLP MPs present voting

By CELESTE NIXON
Tribune Staff Reporter
cnixon@tribunemedia.net

PRIME Minister Hubert Ingraham has
encouraged BTC employees to come to
terms with the majority sale of the com-

pany.

In his address to parliament yesterday
morning, Mr Ingraham pointed out that
sale is going to happen, that Cable and
Wireless would be in charge as soon as

next month, and told BTC workers they
should engage with the company.

Mr Ingraham said: "I want to encour-
age the BTC unions to engage with CWC
and I encourage the staff of BTC to urge
their union representatives to engage with
CWC - this can only serve you interests”.

The prime minister said that as CWC
will become the majority owner, operator
and manager of the company, it only makes
sense for employees to communicate with

them.

Responding to complaints from seated
opposition members of the House, Mr
Ingraham said all BT'C employees were
over the age of 18 and could make up their
minds on the matter, adding that he was
just giving them some advice.

Mr Ingraham thanked all BTC employ-
ees and any others who “had a hand” in
what BTC “has done and what it has been
doing for the Bahamas during its 45 years of
existence”, and assured them that CWC

was the best partner for the company.

ENM claims internal email leak
shows ‘cynical PLP campaign’

THE FNM claims the leak
of an internal email conver-
sation among senior PLPs
has revealed their “cynical
campaign” to manipulate the
Bahamian people with
“rehearsed lines and silly slo-
gans.”

A statement issued by the
governing party yesterday,
said the opposition members’
statements mistakenly sent
to the press, show they are
guided “by what they hope
might work to further their
narrow interests,” rather

‘Brave’ Davis: release of ‘private

communication’ was unethical



By CELESTE NIXON
Tribune Staff Reporter
cnixon@tribunemedia.net

PLP deputy leader Brave
Davis said that the release by
a local media house of a "pri-
vate communication” between
leaders of his party was uneth-
ical and was intended to cause
mischief.

On Sunday evening, an
email exchange between PLP /
members concerning a state-
ment they intended to release
in response the FNM's Satur-
day night rally, was mistaken-
ly sent to members of the
media.

A local newspaper printed
an article based on the
exchange yesterday, which
quoted Mr Davis as saying he
felt the "stop, review and can-
cel message” campaign which
the party has been running PHILIP ‘BRAVE’ DAVIS
was "not resonating” with vot-
ers.

The campaign is intended to stir up outrage over FNM leader
Hubert Ingraham’s decision to suspend and review a number of
PLP initiatives when he became prime minister in 2007.

The e-mail was quoted as saying: "The stop, review and cancel
is not resonating as we have not been able to persuade the elec-
torate that it is management and not the global economy that is
causing the woes today”.

Mr Davis told The Tribune yesterday that he learned on Sunday
that his "private" comments pertaining to a first draft statement
from opposition leader Perry Christie had been released to the pub-
lic.

He said: "It was a private communication between myself and the
persons involved in the construction of Mr Christie's contribution
to the press; it was clearly noted as private in the exchange and it
is aclear breach of that privacy".

According to Mr Davis, the article concerning his communica-
tion was intended to cause "mischief" for the PLP and is what he
deems “unethical behaviour".

Mr Davis claimed he was not contacted for comment on the mat-
ter before the article was published, and said he intends to take up
the issue with that newspaper’s management “when the time is
right”.

“He did not speak about the comments in the email, or whether
he stood by them.

71-YEAR-OLD MAN CONVICTED OF BIGAMY

A MAGISTRATE yester-
day convicted a 71-year-old
man of bigamy.

Prosecutors had argued
that James Roker, alias
James Cyril Roker, on May
17, 2007, married Donna
Marie Smith, knowing that
he was still married to
Catherine Roker, although
the two had been separated
for some time.

Roker was also charged

with making a false declara-
tion for the purpose of mar-
riage on May 14, 2007.

While Roker contended
that he was not previously
married, Deputy Chief Mag-
istrate Carolita Bethell con-
victed him of the offences fol-
lowing a trial.

Roker is expected back in
court on May 2 when a pro-
bation report will be present-
ed to the court.

JURY SELECTED IN ANNA GARRISON MURDER TRIAL

A JURY was selected yesterday in the trial of an American
teenager and a Bahamian man accused of murder.

Zyndall McKinney, 23, of Isabella Boulevard, and the teenage
girl alleged to be his girlfriend, are accused of the murder of
Anna Garrison.

It is alleged that between Sunday, February 25 and Saturday,
July 4, 2009, McKinney and the girl, being concerned together,
caused the death of the victim.

Mrs Garrison's badly decomposed body was discovered in a
bushy area off Fox Hill Road South near the Blue Water Cay
development on Saturday, July 4, 2009 at around 6.20pm.

Her body had been wrapped in sheets and her feet were
wrapped in plastic bags.

The 33-year-old woman first came to the attention of police
on February 25, 2009, when they received a missing person
report from the United States Embassy in Nassau.

A jury of eight women and four men was selected to hear evi-
dence in the trial yesterday. The trial is being heard before
Senior Justice Jon Isaacs.

Tony Scriven and Ambrose Armbrister appear for the
Crown.

McKinney is represented by Murrio Ducille and the girl is
being represented by Elliot Lockhart.

than by core and consistent
principles.

In the email exchange PLP
deputy leader Philip Davis
advised his colleagues that
the opposition’s “stop,
review and cancel” slogan
that they have been repeat-
ing for four years is “not res-
onating” with the Bahamian
people.

The FNM said: “It is not
only the PLP’s slogans and
public relations programmes
that are not resonating with
Bahamians. The PLP itself —
its failed leadership and
record in office as well as its
reckless behaviour in oppo-
sition — is not resonating with
the majority of Bahamians.
This includes its attacks on
the police, and mob behav-
iour.

“The opposition’s arro-
gance is stunning. They do
not realise that their cam-
paign of distortion is failing
because the Bahamian peo-
ple know better. Bahamians
understand that the worst
financial crisis in generations
hit most of the world econo-
my including the Bahamas.

“The desperate and delu-
sional leadership of the PLP
prefer sticking their heads in
the sand because they can-
not bring themselves to

admit what is plain to most
Bahamians.

“Prime Minister Ingraham
and the FNM rescued the
economy, preserved public
sector employment, created
jobs through the most ambi-
tious public infrastructure
investments in Bahamian his-
tory, and helped to turn the
dream of Baha Mar into a
reality.

“In the midst of the finan-
cial crisis the FNM launched
landmark unemployment
and prescription drug bene-
fits as well as the National
Retraining Programme.

“Prime Minister Ingra-
ham’s seasoned leadership
during the financial crisis is
recognised globally. For the
first time ever, a Bahamian
Prime Minister in the person
of Mr Ingraham has been
selected to chair the Annual
Meetings of the Boards of
Governors of the Interna-
tional Monetary Fund and
World Bank Group.

“The PLP’s vision is
blurred and smudgy because
of how long they have kept
their heads in the sand.
When they look in the mirror
they suffer from delusions
and hallucinations. In claim-
ing to see others, they are
seeing themselves.”

AW Connectors & Adapters

ie

THREE PLPS, ONE INDEPENDENT, FAIL TO VOTE
| ON COMMUNICATIONS ACT AMENDMENTS

i THREE PLP MPs and one newly independent parliamentar-
i ian did not vote yesterday on the amendments to the Commu-
? nications Act, which paved the way for the ultimate vote on the

against.
i “PLP MPs Anthony Moss, Fred Mitchell, and V Alfred Gray
? were all absent during the initial vote. The FNM’s former MP for
? Bamboo Town Branville McCartney was not present for the
i role-call.
i = While Mr McCartney, who momentarily popped in and out of
: the parliamentary chamber, is rumoured to disagree with the
i sale of BTC, concern was raised over why the PLP MPs might
i have failed to appear for such an historic vote.
i According to Mr Moss, the reason he was not present for the
? vote was that his flight from Exuma was “a little bit late” this
? morning.
i “SoI never got here to the House until about 11am. So there
i is no conspiracy. I am not in support of the sale of BTC, partic-
? ularly to foreigners,” he said.
i Mr Mitchell declined to comment on his absence, although his
i party leader indicated that he was out with the demonstrators at
i the time of the vote.
? Mr Gray was also not available at the time of the vote, as he
i was reportedly in the Supreme Court.

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PAGE 4, TUESDAY, MARCH 22, 2011

EDITORIAL/LETTERS TO THE EDITOR

The Tribune Limited

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

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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

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

Election tactics to fool Bahamians in full swing

DURING yesterday’s rally Bahamas
Communications and Public Officers Union
president Bernard Evans expressed the hope
that “between now and the vote something
will happen to derail the sale” of BTC to
Cable & Wireless.

We are certain that the Bahamian woman
who called a radio show yesterday morning
to complain that she tried to pay her tele-
phone bill but found no cashier on duty at
any of the outlets— except at the BTC
Marathon office — to assist her is anxious
for the sale to go through. She is probably
among the many Bahamians who — unlike
Mr Evans — cannot wait for the company to
be privatised so that persons like herself will
get the standard of service they have every
right to expect.

It is presumed that instead of manning
their stations yesterday many of the missing
staff were on Bay Street protesting the sale
of BTC. Lower fees, better service and more
choice in their public communications is
what the public wants — as far as many of
them are concerned, it cannot come soon
enough. Sunday night an internal e-mail,
claiming to have been sent by Philip “Brave”
Davis to six party members, mysteriously
found its way to the desks of several news-
paper editors and reporters.

With daily information being supplied by
TV, Twitter, Face book and all the other
new fangled means of information, Bahami-
ans are sufficiently well informed not to buy
into the PLP’s propaganda blaming the
Bahamas’ economic downturn on the Ingra-
ham government, rather than where it right-
fully belongs — the world economic crash.

“We have not been able to persuade the
electorate that it is management and not the
global economy that is causing the woes
today...” said the e-mail. Party members
have been advised to change their tactics.
The e-mail claims that what is “resonating is
the intentional delay and slothfulness to get
things started that was left in place.” We do
not think that what the PLP like to call “stop,
review and cancel” will resonant with
Bahamians either if they fully understand
what the Ingraham government has saved
for them by going over all agreements left in
place by the Christie government. When
they realise what they would have lost had
this not been done, we do not believe that
even this propaganda slogan will resonate
with anyone.

The Davis e-mail suggested that the cho-
rus line to this week’s debate about the sale
has to be the five reasons why the “BTC
deal stinks and this word has to be the cho-
rus line to all contributions.” Taking Mr
Davis’ advice yesterday, Fort Charlotte MP
Alfred Sears during his contribution to the
debate called for a Commission of Inquiry



DON STAINTON»

because the deal “does not pass the smell
test.”

The Christie camp is certainly desperate
to win an election. They are clutching at any
and every straw that passes their way to try
to capture votes.

The e-mail advised the party stalwarts to
be “dismissive” of the rally. This was a ref-
erence to Saturday night’s FNM rally attend-
ed by a large, enthusiastic and orderly crowd.
We presume that the directive was to ignore
it, but one intrepid PLP MP broke ranks
and suggested that the FNM were disap-
pointed by the poor turnout to their rally.
The police estimated that on Saturday night
the rally drew a crowd of about 7,000—
hardly a poor turnout.

One bystander watching yesterday’s
demonstration outside the House believed
the people should protest, but wondered if
“anyone is listening.” Why should anyone lis-
ten when reports persist that “party opera-
tives” are paying many of them to be there.

We have been told by eyewitnesses that
when the House broke for lunch around
1pm yesterday, a long line —‘from the top
to the bottom of the stairs” — of demon-
strators waited outside the Opposition’s
office door in the Bayparl building, demand-
ing payment for doing what they claimed
they were paid to do at the rally. “One of
them urinated on the stairs, they were smok-
ing grass, swearing and saying they wanted
their money,” an eyewitness said.

We then had reports of another distur-
bance at the PLP’s Gambier headquarters
last night when a fight broke out and police
and an ambulance had to be called. Again,
according to an eyewitness, it was claimed
that a bus load of persons arrived demanding
payment. How can anyone listen to demon-
strators, a large number of whom are being
paid by “party operatives” to swell the ranks.
Obviously many of them neither understand
nor care about the issues. Despite these
alleged inducements, the turnout has been
sparse, especially for an issue about which
Opposition politicians claim the people are
so passionate. Paid protesters do not reflect
the opinion of the general public and, there-
fore, cannot be taken seriously.

This tactic of paying this type of person—
some of whom the police say are “well
known” to them — to disturb the peace is
dangerous. One only has to look at what
eventually happened to politicians in
Jamaica who played this game too long.
Edward Seaga is a case in point.

It would be wise for Bahamian politi-
cians — especially after what must be to
them an embarrassing episode — to call a
halt and change course. Bahamians want to
know the truth for a change. They are tired
of propaganda.



THE TRIBUNE



Why is tourism
down in comparison
with the Caribbean?

EDITOR, The Tribune.

EVERYTHING in The
Bahamas is the world’s best
and internationally
renowned, but why is
Tourism down in comparison
with the Caribbean?

When journalists describe
or report on events with dif-
ferent glasses and misuse
superlatives/adjectives to
describe the event — facili-
ty, etc, they injure our prod-
uct.

Have you noticed that jour-
nalists over use superlatives
to describe even the most
simple issue as if this is a
global break-through or
world crashing event when it
really is a matter-of-fact
issue?

Just yesterday, Saturday,
March 5th, a new restaurant
was described as a five-star
establishment when it really is

LETTERS

letters@tribunemedia.net



a run of the mill one —- ZNS
described the Agro fair on
Gladstone Road as if we sud-
denly and miraculously were
able to feed ourselves and
stopped importing foreign
food — last week again ground
breaking of a Private Aircraft
facility (FBO) in Grand
Bahama this was projected
through a misquote to receive
over 50,000 aircraft a year,
impossible probably in 10
years and it goes on and on.

Everything here is the
world’s best — internationally
renowned the minute it
opens.

We seem to nationally for-
get one has to earn cred-
its....what we are actually

doing is falsely teaching
everyone that we don’t have
to work at providing service,
pricing the service correctly
and basically earning the
merit, credit ete.

The Cacique Awards are
yet a further example of what
is wrong — such an Award
should have to be earned not
you get 20 friends to put your
name in and suddenly you are
a recipient of a National
Cacique Award — you should
have to earn it.

Why can’t the scheme be
set-up where the customers
rate, give recommendations
so you will get a real Award
scheme earned? Of course
that will kill the scheme
which in my opinion is
manipulated anyway.

H KNOWLES
Nassau.
March 6, 2011.

Thank you to Athena Damianos for
comments on ‘tick-tack-toe’ building

EDITOR, The Tribune.

Kindly permit me space in your valuable
columns to express special thanks to Ms Athena
Damianos for her comments on the survival of
the ‘tick-tack-toe building” on Bay Street and
the significance of Austin T Levy’s Harrisville
Company-operated chain of Hatchet Bay Farms’
milk stands. In fact, the demise of the Levy’s
enterprise Hatchet Bay Farms did set The
Bahamas back some four decades in our faltering
effort to achieve self-sufficiency through agri-

the lowness to which we may be brought through
racial prejudice and our tragic tendency to politi-
cize everything we do in this country. It further

culture, where we now have annual budgets but 48°.
no well distributed harvest or sincere buy-in by

the Bahamian consumer.

These remaining milk stands throughout New
Providence are silent but staunch reminders of

EDITOR, The Tribune.

A QUESTION for fellow
motorists throughout The
Bahamas: Are you a busy
mother with school drop-off
and pick up, soccer practice and
grocery shopping?

Are you a salesman who vir-
tually lives in his vehicle?

Maybe a teenager who likes
to impress his friends by burn-
ing an inch of rubber off his
tyres when accelerating?

Or you’re a grandmother or
grandfather who visits a friend
through the week and goes to
church on Sunday?

If your profile fits either of
those described above, you
have an obligation to your vehi-
cle, no matter if it’s an entry
level model or top of the line.
That obligation to your vehicle
is maintenance! In The

Auto Sales

speaks volumes of discontent when local politi-
cians of any stripe assume that they have a
monopoly on good business sense or sound judg-
ment. The results of such political or personal
hubris are neither noble, heroic nor enhancing to
our nation's progress and development.
Bahamians will only move from the survival
mode to prevailing progressively when we tran-
scend the politics of party, personality and patron-

W LESTER BOWLEG

Nassau,

Bahamas we drive under }
i EDITOR, The Tribune.
temperatures, idling in traffic,
short trips of less than five miles :

extreme conditions, i.e. high

and in some cases severe dust.

it’s life blood — lubricating oil.

the opinion that motor oil does
not wear out, you’re dead
wrong. Stick to this belief and
you will pay the price.

This is not an advertisement

ply good advice.

NORMAN A. WHITLOCK

Nassau,
March 18, 2011.

February 24, 2011.

A question for fellow motorists :

Chance to change BREA'S
course for 2011-2012

As a two-time President

of the Bahamas Real Estate

These conditions are taxing { Association, obviously Iam

on your vehicle’s engine and } passionate about the direc-

Even if you cannot afford all ponoue eects is ne

the maintenance recommend- pd. snd obviously Our ginee
: i tion is headed in reverse.

ed by the manufacturer in your } Wons

owner’s manual, changing the }

vehicle’s oil and filter, using the : 2 opportunity to change

recommended grade of oil, } the course of history for

every 3,000 miles or 4,800 kilo- i BREA for the year 2011-

meters you will save thousands i 2012. Elections are sched-
of dollars on normally unnec- } uled to be held on Thursday,
essary repairs. Not to mention } March 24th and I under-
the time your vehicle will be }
off the road. Andif you are of :
i post of Vice President. I

? would encourage members

: to bypass the VP post and

? elect Franon for our Presi-

i dent. He has the profile, the

for any dealership, repair : intellect and a vision to take

garage or oil company. It’s sim- } Gur Association to another

i level.

However, members have

stand that Franon Wilson
has been nominated for the

PAT STRACHAN
Nassau,

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THE TRIBUNE





By NATARIO McKENZIE
Tribune Staff Reporter
nmckenzie@tribunemedia.net

ATTORNEY Maurice
Glinton claimed yesterday
that a judge’s decision to
strike out an action brought
by two unions attempting to
block the sale of BTC was
“premature” and based ona
mistaken view of the law and
procedure.

Mr Glinton, who repre-
sents the Bahamas Commu-
nications and Public Officers
Union (BCPOU) and the
Bahamas Public Managers
Union (BCPMU), appeared
in the Court of Appeal yes-
terday on an appeal of a
decision by Supreme Court
Justice Neville Adderley in
February.

The BCPOU and the
BCPMU had filed a joint
action in the Supreme Court
questioning the governmen-
t’s right to sell 51 per cent
BTC to Cable and Wireless.

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

Attorney: judge’s decision
on attempt to block BTC
sale was ‘premature’



“We submit that he went too far
because he operated under a
mistaken understanding of the
law and mistaken interpretation
of the Industrial Relations Act.”



Attorney Maurice Glinton

Justice Adderley ruled
however that the action was
a nullity and that the unions
lacked the legal capacity to
institute and maintain the
action in their own names for
the declarations sought.

Mr Glinton stated yester-
day: “We submit that he
went too far because he
operated under a mistaken
understanding of the law and
mistaken interpretation of
the Industrial Relations
Act.”

He noted that the unions
were spurred into action by
the government’s announce-
ment of its decision to sell
majority shares of the state-

owned telecommunications
company to the British tele-
com company Cable and
Wireless, and the signing of a
memorandum of under-
standing.

Mr Glinton argued that
the judge had acted prema-
turely in acceding to an
application to strike out the
action brought by the unions.

He contended that the
judge had failed to appreci-
ate the essence of the case.

The hearing resumes in
the Court of Appeal today
before Appellate Court Pres-
ident Anita Allen, and Jus-
tices Christopher Blackman
and Abdulai Conteh.

PM: Bluewater planned to ‘freeze’
pension plans of BTC workers’

BLUEWATER had planned to “freeze”
the pension plans of BTC workers “as soon
as possible” after buying the company so
no new benefits would accrue, documents
tabled in the House of Assembly by Prime
Minister Hubert Ingraham reveal.

According to the document, Bluewater

Ventures — the company seeking to pur- election.

chase 49 per cent of BTC shares in 2007
under the PLP administration — would have

required BTC employees to join a new
defined contribution plan.

The government would have been respon-
sible for all contributions to fund the deficit
of the defined benefit plan.

The privatisation process was not com-
peted by the PLP before the 2007 general

Just days before the election, the Cabi-
net took a decision not to sell the company.

PM tables document showing differences between
Cable & Wireless and Bluewater Ventures offers

PRIME Minister Hubert
yesterday tabled a document
in the House of Assembly
illustrating the differences
between the offers for BTC
submitted by Bluewater Ven-
tures (entertained by the PLP
in 2007) and Cable & Wire-
less Communication (CWC).

In the document, the BTC
offers are compared point for
point:

Operations

¢ Bluewater had “no tele-
com operations”; was run by a
“group of ex-telecom execu-
tives”.

e CWC specialises in
mobile, fixed and broadband
services, as well as in enter-
tainment.

Nature of business/scope of
resources

¢ Bluewater has no finan-
cial statements available.

¢ CWC has 11m subs, $2.3
billion in revenues and $866
in net earnings before interest
taxes depreciation and amor-
tisation.

Financial partner funding

¢ Bluewater had 100 per
cent financial investors, but
the source is unknown.

¢ The offer by the CWC is
funded 100 per cent by the
company.

Price for 49 per cent of
shares for Bluewater; 51 per
cent for CWC

¢ Bluewater offered $260
million, paid as follows: $220
million at closing; $25 million
at the end of five years; $15
million at the end of six years
after the deal is closed. There
was no mention of stamp duty
(assumed gross price which
includes stamp duty).

¢ CWC is paying $217,
inclusive of stamp tax.

Cellular exclusivity period

¢ Bluewater would have
had six years of exclusivity,
with a mobile virtual network
operator (MVNO) — a mobile
operator that does not own
its own licenced frequency
and usually does not have its
own network infrastructure —
coming in during the fourth
year.



PRIME MINISTER Hubert Ingraham

e CWC gets three years of
exclusivity before the process
for a second cellular licence is
started; there will be no third
licence issued until five years
after the deal closes.

Landline exclusivity

¢ Bluewater would have
gotten six years exclusivity.

e As CWC’s offer comes in
2011, landlines are already lib-
eralised

Due diligence

¢ Bluewater: There was no
financial or share ownership
information provided.

e CWC: Complied with sale
process rules; is a public com-

pany.

Financing capability

¢ Bluewater: No evidence
of financing capacity or fund-
ing for the transaction.

e CWC: The offer is fully
funded from CWC’s existing
balance sheet and capital
resources.

Pledges of BTC shares

¢ Bluewater wanted the
ability to pledge its shares
immediately suggesting
financing was dependent on
a pledge of shares.

e CWC has no pledges of
shares.

Transfers of shares restric-
tions

Bluewater:

1. Free ability to transfer
shares after initial period

2. After initial period, rights
to first offer; 30 days notice

3. Tag along rights

4. Timing/nature of any ini-
tial public offering was not
agreed

5. Pre-emption rights for
new issues of shares

Cwc:

1. No share transfers for
five years

2. After five years, rights to
first offer; 45 days of notice

3. If rights not taken up,
then CWC can sell to estab-
lished telecoms company, oth-
erwise requires government
approval to sell.

4. Any transfer at all times
subject to NEC/Exchange
Control approval

5. Government may sell
nine per cent on BISX in first
three years; up to 25 per cent
thereafter.

6. Tag along rights

7. Government may com-
pulsorily acquire CWC shares
in the event of CWC insol-
vency event or material
breach of shareholder’s agree-
ment.

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TUESDAY, MARCH 22, 2011, PAGE 5

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PAGE 8, TUESDAY, MARCH 22, 2011

THE TRIBUNE



Families start the
rebuilding process

after devastating fire

45 left homeless after blaze
in Ferguson Subdivision

SOME families who lost
everything in a devastating fire
last week are now starting the
gruelling process of rebuilding.

Approximately 45 persons
were left homeless after a fire
destroyed eight uninsured hous-
es situated on a plot of genera-
tion land in the Ferguson Sub-
division.

Social Services provided the
fire victims — all blood relatives

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tions at the Corner Hotel on
Faith Avenue. Unless extend-
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“In the wake of such a cata-
strophe victims run through
their savings pretty quickly pur-
chasing the essentials,” said
Charles Maynard, Minister of
Youth, Sports and Culture.
“Any financial assistance would
be greatly appreciated and
building supplies even better.”

The fire victims resided in his
Golden Isles constituency.

According to Mr Maynard,
some of the men who lost their
homes work in construction.

“They are rebuilding their
own homes.

“Tf we could obtain dona-
tions of building supplies that
would go a long way in help-
ing them to help themselves,”
he said.

Many persons in the com-
munity have rallied around the
families, offering their support.

“People have reached out to
me to offer the fire victims
clothes and other assistance,”
Mr Maynard said. “In fact, the
Catholic Archdiocese of the
Bahamas sent a representative
to me to find out what they
could do. Apparently, they
have a special unit that deals
with these type cases.”

Mr Maynard disclosed that
Sandals Emerald Bay in Exuma
has also pledged some items.

“We are working with them
to get those items for the fire
victims,” he said. The Cabinet
Minister went on to express his
pleasure with the public’s
response thus far.

“We are very happy to see

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people calling and offering a
full range of items. The families
are very grateful.”

He added: “Some things I
sent to the Corner Hotel. I also
directed donors with urgent
items to go there. Some things
the residents wouldn’t need

until they are ready to move
back in, if they are able to
rebuild. We are going to
arrange storage until they find
more permanent accommoda-
tions.”

With regards to clothing, the
Golden Isles MP said children

THE FIRE destroyed eight
uninsured houses situated on a
plot of generation land in the

Ferguson Subdivision



required school uniforms and
adults needed work clothes.

“When you lose everything,
every need is pressing,” said Mr
Maynard.

“We are simply trying to
bring some degree of normalcy
back into their lives.”

SO eo a ee ea ee ee Ta



THE BAHAMAS DELEGATION to CICTE XI included Freddie Tucker, counsellor; Kimberly Lam, second secre-
tary; Police Commissioner Ellison Greenslade, Ambassador CA Smith, Minister of National Security Tommy
Turnquest, and National Security permanent secretary Carl Smith.

By K QUINCY PARKER
Press Attaché
Embassy of The Bahamas

WASHINGTON, DC - National Security Min-
ister Tommy Turnquest reiterated the commitment
of the Bahamas to the fight against terrorism, which
he said remains a critical issue for the international
community despite the tremendous strides in the
enhancement of security measures.

Mr Turnquest last week opened the 11th Regular
Session of the Inter-American Committee Against
Terrorism (CICTE) which the Bahamas has chaired
over the last year. The theme for CICTE XI - which
the minister welcomed as “timely and relevant” — is
“Reaffirming our Commitment to prevent, combat
and eliminate Terrorism and to strengthen Member
State Capacity and Regional Cooperation.”

Speaking before a room full of representatives
from all the democratic states in the Western Hemi-
sphere, Mr Turnquest said: “The devastating effects
of terrorism do not discriminate and therefore, if we
are to be successful in the fight against this phe-
nomenon, our national efforts must be comple-
mented and informed by a hemispheric approach.

“My country is committed to the fight against
terrorism. At the regional level, through CARI-
COM, we have considered how to approach the
security of the Caribbean to better address the threat
of terrorism. (We have collaborated on) the training
of prosecutors, magistrates and Financial Intelli-
gence Unit personnel on measures to prevent, deter
and identify threats of terrorism and terrorist financ-
ing.

“At the international level,” he continued, “this
has been accomplished within the United Nations
framework, through the international conventions,
instruments and resolutions which seek to guide
our countries in combating, preventing and coun-
tering terrorism.”

OVERVIEW OF CICTE X

The Bahamas’ year-long chairmanship of the
CICTE - under the theme of public/private sector
partnerships in the fight against terrorism — ends
this week. Speaking of the success of this pro-
gramme, Mr Turnquest cited the development of
close partnerships between CICTE and such organ-

isations as the UN Office for Drugs and Crime
(UNODC), the Counter-Terrorism Committee
(CTC) and the UN 1540 Committee — the mecha-
nism for implementing UN Resolution 1540 on
obliging states, inter alia, to refrain from supporting
by any means non-state actors from developing,
acquiring, manufacturing, possessing, transporting,
transferring or using nuclear, chemical or biological
weapons and their delivery systems.

Specifically, the minister cited the pilot project
on the Physical Protection of Nuclear and Related
Materials, plus a number of border control and
cyber-security training workshops.

“Although the CICTE is established to promote
security in the hemisphere, we know that in today’s
transnational landscape, borders can be very porous.
Therefore, CICTE’s initiatives in maritime security,
such as the Port Security Assistance Partnership,
and initiatives in aviation security (CICTE schol-
arships for the ICAO Civil Aviation Security Work-
shop) have had a global impact,” Mr Turnquest
said.

“Indeed, the Government of the Bahamas has
benefitted from such initiatives and has partnered
with the CICTE to host a number of workshops
aimed at promoting security in the region through
capacity building and training exercises.”

Secretary General of the OAS Jose Miguel Insulza
also addressed the inaugural session of CICTE XI,
noting that terrorism is part of the region’s history.

Mr Insulza cited a number of terrorism incidents
including incidents in Argentina, Panama and con-
cluding with the infamous bombing of the World
Trade Centres and the Pentagon on September 11,
2001 — all with a combined death toll in the thou-
sands.

He said: “With all these and many other victims of
terrorism, we give our recognition and our efforts to
combat this scourge.”

Mr Insulza said the fact that there has not been a
new attack in the hemisphere of the same magnitude
as “9/11” is due to vigilance and multilateral efforts.

The Secretary General recognised the efforts of
the Bahamas over the past year, thanking the Gov-
ernment of the Bahamas for its leadership in under-
scoring the importance of public/private sector col-
laboration in counter terrorism. Such cooperation
would, he said, “preserve the stable democracies of
the Americas.”

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PAGE 10, TUESDAY, MARCH 22, 2011

THE TRIBUNE



LOCAL NEWS

FROM page one

arate one’s self from a political
party to which one has become
and long been affiliated.

“But I think it is fair to say
that given the timing, the fact
that he chose this day, and this
debate to do it, indicates the
nature of the principle decision
that he made and that it has
everything to do with using
himself and his decision to
demonstrate how very impor-
tant this debate is, and how
very important to the future of
our country the conclusion of
this debate — that is the transfer



CHRISTIE COMMENDS ‘COURAGEOUS’ MP

of 51 per cent of the shares of
BTC is to the Commonwealth
of the Bahamas,” said Mr
Christie.

“At this particular juncture
of his own political career, it
raises the question of what next
for him. But it should make all
Bahamians, at least give them
and place them in a position to
at least consider commending
him for demonstrating the
courage of his conviction in
such an unequivocal and dra-
matic fashion.”

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With political pundits already
speculating on whether or not
Mr McCartney will now join up
with the PLP, Mr Christie said
whatever his decision will be,
he can be assured of the
“respect and admiration of very
many Bahamians for the step
he took today.”

“The PLP will contest every
seat in the next general elec-
tion. That is our intention and
that is a declared intention. But
I will also say that we are a par-
ty that we characterize as a hav-
ing a big tent. There is always
an open invitation to persons
who are interested in being with
us to join us, particularly when
it appears that the philosophical
position they took is similar to
the philosophical position that
we are taking.

BTC protesters ‘offended’

FROM page one



PLP LEADER Perry Christie

“Bran McCartney obviously
has thought out his own posi-
tion. He has not consulted me
on that matter, even though we
have had discussions as MPs,
fellow Bahamians, and having
common family, so there is a
connection there. We leave it
entirely to him and his under-
standing of Bahamian politics
to determine for himself the
path he must take.”

Describing the now Inde-
pendent MP as one of the

“bright stars” in the FNM, Mr
Christie said Mr McCartney is a
person who many people felt
had “the greatest future”
amongst the young members of
the FNM. For his part, Mr
Christie said that Mr McCart-
ney’s resignation is a “piercing
arrow” to the FNM.

“He has made a major deci-
sion of immense implications
and he has to make a decision
as to the path he is taking. My
colleagues around me know,
that we are a party that is mov-
ing forward and we are mov-
ing forward aggressively. And
we will respect whatever deci-
sion he makes and we wish him
well.

“Throughout this public dis-
cussion in our country on the
sale of BTC, we have taken the
position that it is manifestly not
in the interest of the Bahamian
people and we ask the govern-
ment to reconsider its position
as opposed to going deeper in
it, and even the manner in
which the vote was done today
was a political event calculat-
ed to cause embarrassment.
Because we had one member



on his way from Exuma, one
member on the march, and one
member in the Supreme Court.

“The fact of the matter is
though, when it comes to the
vote every single PLP MP will
use the opportunity to vote
‘No’. We will have that oppor-
tunity at the conclusion of this
debate when we vote on the
resolution and we shall vote
‘No’. And our Senators in the
other place will vote ‘No’.

“The point arising out of this
is this is only the beginning and
not the conclusion. Because
however flippant the other side
may be with respect to our
commitment, we have made a
commitment that when we win
the next election this matter
will be subjected to the scrutiny
of the new government with the
principled intention of lawfully
taking steps to revert back to
the Bahamian position of hav-
ing ownership of the majority at
the very least of the shares of
BTC.

“So this debate is a precursor
to a major decision that the
people of this country will
make,” he said.
































































FLORENCE
‘Mother Flo’
NEWBOLD, 82

of Bennett’s Harbour, Cat
Island, who died on
March 10th, 2011, will be
held on Thursday, March
24th, 2011, at 10:00 a.m..,
at The New Mount #ion
Baptist Church, Baillou
Hill Road South, Officiating will be Bishop Andrew
Stewart, assisted by other Ministers of the Gospel.
Interment follows in Southern Cemetery, Cowpen d&
Spikenard Roack.

She is survived by her children: Beatrice Davis,
Elizabeth Newbold Parks and Princess Gaitor Lewin;
stepmother: Carnetta Newbold; grandchildren: Travis
and Gaja Parks, Samuel Sr, Basil Jr, Kendal and
Mano Davis; great grandchildren: Sheena, Stacy and
Janell Bowe, Samuel Jr, Samantha, Kirkwood Jr, and
Javia Davis; great great grandchildrem: Stacia Bowe
and Khordez Nixon Jr, sisters; Rosabelle Rahming
and Sherla Newbold Rolle: sister-in-law: Enid Kerr;
brother-in-law: Revis Rolle: soms-in-liow: Garry Parks
and Dwight Lewin; nephew: Wenzel Kerr; niece:
Reva Rolle: prand-taughter-in-law: Judy Davis: other
relatives and friends: Trevor, Donathan, Deangelo
Whylly, Dornell Whylly Albury, Rosetta Walker,
Monette Nottage, Staff at the Department of Public
Service, Registry and Training Unit, Denise, Sophia,
Susan, Therez, Angie, Royanne, Bridgette, Julie,
Patrice, Shawn Kennedy, Michelle, Robbie, Tanya,
Judy Deveaux, Jennifer Cleare and Family, Marva
McDonald and Family, Camille Rolle and Family,
Cremo and Thelma McDonald, The Newbold Family,
The Garden Club Girls, The Bennett's Harbour Cat
Island Family, Rev, Veronica Hamilton and Family,
Rev. Alfred Stewart and Family and the New Mt.
ion Baptist Church Family. Special Thanks to: Yellow
Elder Senior Citizen Day-Care Centre, Nurse Naomi
Christie Centre for seniors, Thompson Ward at
Sandilands Rehabilitation Centre, Simone’s Baskets
of Happiness, Rew. Alfred Stewart and the New Mit.
#10n Baptist Church Family, family and fiends who
made this day a success and lo everyone who
supported our family, we thank you!

Relatives and friends may pay their last respects at
Newbold Brothers Chapel, Palmetto Avenue &
Acklins Street off Market and East Streets on
Wednesday from 10:00 a.m., to 6000 pom. ‘Thursday
at the church from 9:00 a.m.,, until service time.

a

were not allowed to congregate on Bay Street in front of Rawson }
Square. The barricades used to block access to Rawson Square were }
bound with metal chains and braced with large cement boulders. i

“When will we shake off these chains? We are tired of being chained ;
up; locked up. They chained us before and they have chained us again. }
This land is our land and we must preserve it for Bahamians,” said :
Bahamian author Eugene Robinson Moore, a participant in the protest.

Demonstrators marching under the banner of the Committee to Save }
BTC for Bahamians, included union members, political supporters }
from the Progressive Liberal Party, National Development Party and i
the Workers Party, as well as representatives from non-political groups,
such as Blackfood.org. :

The demonstration peaked at about 600 people, according to Glenn }
Miller, assistant commissioner of police. :

“As a young Bahamian of 25, I appreciate seeing the revolutionary ;
fire in an ordinarily passive set of people. [implore people who want
change to seek the bigger picture. This is a bigger fight. The people who :
are the major are not in control and don’t have the power to make our }
own choices,” said Robin Lightbourne. i

Police sources said the application for the demonstration was for Par- }
liament Square, where the bust of Sir Milo Butler is located, and not }
Rawson Square, where the statue of the Queen is located. i

Parliament Square was not blocked to protesters, although barricades }
were set up to channel the protesters down Parliament Street North in }
order to enter the square. :

Protesters chose to stay on Bay Street and were spread out around }
the intersection of Bay Street and Parliament Street. i

On-looking supporters clapped the demonstrators as they arrived on }
the scene. When the demonstrators passed the straw market, protest }
leaders recognised straw vendors on the bull horn, and were cheered }
in response. :

In protest of the police barricades, protesters chanted, “open the }
gates,” and sang the Bahamian national anthem. ;

Tanya Roberts, a participant in yesterday’s protest, said she would }
be disappointed if the deal passed in parliament despite the protest;
however, she said it should not end there. i

“We cannot give up. We need to band together to continue to }
march and agitate,” she said. “Bahamians need to realise the power is }
in our hands.” i

Bernard Evans, president of the Bahamas Communications and }
Public Officers Union (BCPOU), said he is still hoping that “between ;
now and the vote something will happen to derail the sale.” :

He said the movement against the sale of BTC to CWC has “ushered }
in a new way of thinking” for Bahamians. As a result of the movement, }
he said, “we are awakening the human spirit.” :

He acknowledged the fact that Bahamians are known to be “passive i
and laid back”, and usually only come together for political rallies,
Junkanoo and parties. That the BTC opposition was a sustained and }
organised group, he said, indicated “any legislative matter after this will :
come under great scrutiny and will not be able to be pushed down the }
throats of Bahamians.” i

Dwayne Bain said the government should not look only at the }
number of protesters at yesterday’s demonstration as an indication of }
those who oppose the sale. :

“Because you don't see as many bodies as we would have liked does- }
n't mean there is not support. If you listen to the radio, television, small }
groups, many Bahamians in the wider community do not support this ;
deal,” said Mr Bain. i

“The country is split by this issue. The government should want to
see the country united. They should want to see unity. This is one of the }
biggest uproars since the government took office,” he said. :

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Bran McCartney resigns from FNM
FROM page one

“We certainly regret that Mr McCartney has decided upon this
course of action. The party will consider it and we will at some
point in the future make a formal statement on the matter. But we
do, of course, wish Mr McCartney all the best for the future and we
do regret his decision,” Mr Bethel said.

When asked if he felt the Prime Minister’s recent comments had
any affect on Mr McCartney’s decision, Mr Bethel said “absolutely
not.”

“If you would have checked the tapes even of this House of
Assembly, at the last meeting of the House Mr McCartney and I sat
next to each other for most of the morning and we had a very cor-
dial discussion — telling jokes — and basically being convivial. So any
suggestion that any pressure was being brought on Mr McCartney
is absolutely untrue.”

The other letter, Mr Bethel said, was addressed to the party
leader Prime Minister Hubert Ingraham. At this time, the FNM’s
chairman said he would not speculate on the future of the now for-
mer FNM MP, and whether or not he would form an alliance with
the PLP or form his own political party.

“He is his own man, he will make his own decisions,” he said.

In the statement to the FNM’s chairman, Mr McCartney said he
has been taxed with this decision of determining the best way forward
for him and his family for “months.”

“Tt has been difficult, to say the least, facing challenges, which con-

tradicted my philosophy, convictions and values.

“T have prayed constantly for an answer to solve this dilemma and
my prayers have been answered. I have made a conscience decision
to severe my relationship with the Free National Movement.

“T want to state clearly that this decision is not coded in anyway
with animosity or any kind toward the leadership or members of the
party, but a decision out of the need to satisfy my conscience.

“T realise that service above self is the greatest service one can give.
I was happy to give my best at the executive level of government.
Further, I fully intend to serve the constituents of Bamboo Town by
continuing to provide the caliber of representation to which they
have become accustomed,” he said.

The vote on the sale of 51 per cent of BTC continues in the
House of Assembly with a resolution for the sale coming by Thurs-

day of this week.

24-year-old man is shot dead

FROM page one

approached by another man
with a handgun and shot in the
head. The victim was taken to
hospital but died of his injuries
a short time later.

According to reports, the sec-
ond victim was shot in the head
shortly after 10pm on Sunday
by unknown culprits. Twenty-
four-year-old Derick Johnson
was at a residence on Bowe
Avenue. He was wearing a
brown plaid shirt and blue jeans
when he was approached by a
vehicle. The vehicle’s occupants
opened fire.

The fatal shooting was pre-
ceded by the stabbing of 20-
year-old Renaldo D’Jon
Appoleon, who died in the
street earlier that morning. The
man was attacked with a knife
inside a barber shop shortly
before lam.

The vehicle fire was report-
ed shortly before 11pm. Fire
services discovered a Cherokee
Jeep engulfed in flames on a
track road at Dorsette Street.
After extinguishing the blaze,
officers discovered the body in
the rear seat of the jeep.

Then, shortly after 11.30pm,
a 26-year-old man was shot in
the buttocks by a hooded cul-
prit armed with a handgun.

According to reports, the
victim, who was walking on Pal-
metto Avenue near Crooked
Island Street, was approached
by a man wearing a black hood-
ed jacket. The victim was taken

to hospital by ambulance where
he is listed in stable condition.

In other crime-related mat-
ters, police officers arrested a
25-year-old Key West Street
resident after they recovered a
quantity of ammunition. Police
were called to the area after it
was reported that gunshots
were being fired. The ammu-
nition was recovered after
police conducted a search of
the 25-year-old shortly after
midnight yesterday. Officers of
Rapid Strike recovered a hand-
gun with ammunition outside
Sid’s Bar at Baillou Hill Road
on Sunday evening. No one was
arrested in the matter.

Shortly after noon yesterday,
Kenuth’s Electric on Tonique
Williams-Darling Highway was
robbed by two men, one of
whom was allegedly armed with
a handgun. The men reported-
ly robbed the establishment and
an employee of cash before
fleeing the scene.

And around 4.00pm, there
was a robbery at Bahama Subs
on Baillou Hill Road. Two
men, one allegedly armed with
a handgun, reportedly robbed
the store of an undetermined
amount of cash before fleeing.

Anyone with any informa-
tion relating to the murders or
any ongoing criminal investiga-
tion should call police as a mat-
ter of urgency at 911, 919 or
call Crime Stoppers immedi-
ately on 328-TIPS (8477).

MP calls for Commission
of inquiry into BTC sale

“The sale is unreasonable and not in the best interest of the
Bahamas — making no commercial sense,” he said.

Mtr Sears also questioned the integrity of the Utilities Regulation
and Competition Authority (URCA) and accused the regulatory
body, which is supposed to be “transparent and non-discrimina-
tory” of being biased towards the sale.

“URCA as a telecommunications regulator has a constitution-
al obligation of impartiality,” he said.

Earlier this month, URCA approved CWC’s acquisition of a 51
per cent stake in BTC without imposing additional conditions.

Mr Sears noted that some URCA senior officials are former

employees of CWC.

In calling for the commission of inquiry, Mr Sears said it must be
held because the deal “does not pass the smell test.”

He added that BTC should be sold to an established telecom-
munications company that is on the “cutting edge of technology.”

e SEE PAGES TWO, THREE AND FIVE
PAGE 12, TUESDAY, MARCH 22, 2011

THE TRIBUNE



INTERNATIONAL NEWS

Libya action could last

ZWITINA, Libya
Associated Press

THE INTERNATION-
AL military intervention in
Libya is likely to last "a
while," a top French official
said Monday, echoing
Moammar Gadhafi's warn-
ing of a long war ahead as
rebels, energized by the
strikes on their opponents,
said they were fighting to
reclaim a city under siege
from the Libyan leader's
forces.

Burned-out tanks and per-
sonnel carriers littered the
main desert road leading
southwest from Benghazi,
the rebel's capital in the east
of the country — the remains
of a pro-Gadhafi force that
had been besieging the city
until it was pounded by inter-
national strikes the past two
nights.

Rebel fighters in Benghazi
had now pushed down that
highway to the outskirts of
the city of Ajdabiya, which
pro-Gadhafi forces have sur-
rounded and been pounding
with artillery and strikes
since last week. The rebels
swept into the nearby oil port
of Zwitina, just northeast of
the city, which was also the
scene of heavy fighting last
week — though now had
been abandoned by regime
forces. There, a power sta-
tion hit by shelling on Thurs-
day was still burning, its
blackened fuel tank crum-
pled, with flames and black
smoke pouring out.

Oil prices held above $102
a barrel after the second
night of allied strikes in the
OPEC nation raised fears of
prolonged fighting that has
already slowed Libyan oil
production to a trickle.

Henri Guaino, a top advis-
er to the French president,
said two nights of bombing
runs and missile attacks had
hobbled Libya's air defenses,
stalled Gadhafi's troops and
all but ended attacks on civil-
ians. A cruise missile late
Sunday blasted Gadhafi's
residential compound near
his iconic tent, and fighter
jets destroyed a line of tanks

FAMILY GUARDIAN



IN THIS IMAGE provided by the French Defense Ministry, a French pilot
is seen aboard a Mirage 2000 jet fighter before a mission to Libya, at
Solenzara air base, Corsica island, Mediterranean Sea, Monday. (AP)

moving on the rebel capital.

It was not known where
Gadhafi was when the mis-
sile hit Sunday, but it seemed
to show that he is not safe.

Guaino, asked how long
the allied efforts would con-
tinue, replied simply: "A
while yet."

The UN. resolution autho-
rizing international military
action in Libya not only sets
up a no-fly zone but allows
“all necessary measures" to
prevent attacks on civilians.
Since the airstrikes began,
the number of civilians flee-
ing Libya has decreased as
Libyans in particular wait out
the rapidly changing situa-
tion, the U.N. refugee agency
said Monday.

It was a dramatic turn-
around in Libya's month-old

upheaval: For 10 days, Gad-
hafi's forces had been on a
triumphant offensive against
the rebel-held east, driving
opposition fighters back with
the overwhelming firepower
of tanks, artillery, warplanes
and warships. Last week, as
rebels fell back, the stream
of civilians crossing into
Egypt alone reached 3,000 a
day.

Then, after the no-fly zone
was imposed Friday, the
number fell to about 1,500 a
day, said UNHCR spokes-
woman Sybella Wilkes.

Mohammed Abdul-Mul-
lah, a 38-year-old civil engi-
neer from Benghazi who was
fighting with the rebel force,
said government troops
stopped all resistance after
the international campaign

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THIS PHOTO provided Monday, March 21, 2011 by the French army shows a pilot exiting a Mirage 2000 jet
fighter on the Solenzara air base after a mission to Libya, Corsica island, Mediterranean sea, Sunday March,
20, 2011. France has sent about 15 planes to eastern Libya on Sunday, French military spokesman Thierry
Burkhard said, and said no civilian casualties have been reported by French forces in the region. (AP)

A LIBYAN rebel patrols the front-
line of the outskirts of the city of

Ajdabiya, south of Benghazi, east-

ern Libya, Monday, March 21,
2011. The international military
intervention in Libya is likely to

last "a while," a top French official

said Monday, echoing Moammar
Gadhafi's warning of a long war
ahead as rebels, energized by the
strikes on their opponents, said

they were fighting to reclaim a city
under siege from the Libyan lead-

er's forces. (AP)

began.

"They were running, by
foot and in small cars," he
said. "The balance has
changed a lot. But pro-Gad-
hafi forces are still strong.
They are a professional mili-
tary and they have good
equipment. Ninety percent
of us rebels are civilians,
while Gadhafi's people are
professional fighters."

Rebel fighters descending
from Benghazi met no resis-
tance as they moved to the
outskirts of Ajdabiya. In a
field of dunes several miles
(kilometers) outside the city,

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around 150 fighters massed.
Some stood on the dunes
with binoculars to survey the
positions of pro-Gadhafi
forces sealing off the
entrances of the city. Ajd-
abiya itself was visible, black
smoke rising, apparently
from fires burning from fight-
ing in recent days.

"There are five Gadhafi
tanks and eight rocket
launchers behind those trees
and lots of 4x4s," said one
rebel fighter, Fathi Obeidi,
standing on a dune and
pointing at a line of trees
between his position and the
city.

Ghadafi forces have ringed
the city's entrance and were
battling with opposition
fighters inside, rebels said.
The plan is for the rebel
forces from Benghazi "to
pinch" the regime troops
while "those inside will push
out,” Obeidi said.

New fighting also broke
out Monday in Misrata, the
last rebel-held city in west-
ern Libya, according to
reports from Al-Jazeera and
Al-Arabiya.

In Cairo, a group of
Libyans angry at the inter-
national intervention in their
homeland blocked the path
of U.N. Secretary-General
Ban Ki-moon following his
meeting at the Arab League
on Monday.

Ban had finished talks with
the Arab League chief Amr
Moussa and left the organi-
zation's headquarters in
Cairo to walk around nearby
Tahrir Square, the center-
piece of Egyptian uprising
that last month toppled Hos-
ni Mubarak, when dozens of
Libyan protesters converged
on him and his security
detail.

The Libyans, carrying pic-
tures of Gadhafi and banners
critical of the United States
and United Nation, blocked
Ban's path, forcing him to
return to the league and
leave from another exit.

The resolution makes
Gadhafi's forces potential
targets for U.S. and Euro-
pean strikes.

U.S., British and French
planes went after tanks head-
ed toward Benghazi, in the
opposition-held eastern half
of the country. On Sunday, at
least seven demolished tanks
smoldered in a field 12 miles
(20 kilometers) south of
Benghazi, many of them with



their turrets and treads
blown off, alongside charred
armored personnel carriers,
jeeps and SUVs of the kind
used by Gadhafi fighters.

The U.S. military, for now
at the lead of the interna-
tional campaign, is trying to
walk a fine line over the end
game of the assault. It is
avoiding for now any appear-
ance that it aims to take out
Gadhafi or help the rebels
oust him, instead limiting its
stated goals to protecting
civilians.

Britain also is treading
carefully. Foreign Secretary
William Hague refused Mon-
day to say if Gadhafi would
or could be assassinated,
insisting he would not "get
drawn into details about
what or whom may be tar-
geted."

"I'm not going to specu-
late on the targets," Hague
said in a heated interview
with BBC radio. "That
depends on the circum-
stances at the time."

A military official said Air
Force B-2 stealth bombers
flew 25 hours in a round trip
from Whiteman Air Force
Base in Missouri and
dropped 45 2,000-pound
bombs.

What happens if rebel
forces eventually go on the
offensive against Gadhafi's
troops remains unclear.

Rebels defended their sup-
port of the international
intervention into Libya —
apparently feeling the sting
of criticism from other
Libyans and Arabs who
warned the country could be
divided or collapse into a civ-
il war.

"Libya will not turn into
Somalia or Iraq. It will not
be divided. We are battling
— the Libyan people — are
battling a gang of mercenar-
ies," Mohammed al-Misrati,
a rebel spokesman in the
stronghold of Misrata, told
Al-Jazeera on Monday.

U.S. Defense Secretary
Robert Gates said late Sun-
day that the U.S. expects
turn over control of the oper-
ation to a coalition headed
by France, Britain or NATO
"in a matter of days," reflect-
ing concern that the U.S. mil-
itary was stretched thin by
its current missions. Turkey
was blocking NATO action,
which requires agreement by
all 28 members of the

alliance.




Brewery’s ‘hetter
than GO%' target
achievement rate

By NEIL HARTNELL

“has averaged a better-
than 60 per cent success
rate” in meeting key indi-
cators such as profitability,
its $62.5 million initial pub-
lic offering (IPO) memo-
randum has revealed,
although wholesale and
retail drinks revenues have
been on a3 per cent per
annum declining trend
since 2008.

Assessing the recession’s
impact on the group’s
financial performance, the
offering memorandum said
Commonwealth Brewery’s
total sales volumes had
been especially challenged,
with year-on-year volumes
falling by 5 per cent in
2009, from 213,000 hec-
tolitres to 203,000 hec-
tolitres. And the pace of
this decline increased in
2010, with an 8 per cent

SEE page 7B

Rival BIC bids
$37-$64 million
helow CWC's

By NEIL HARTNELL

Tribune Business Editor

The two rejected bidders

in the last Bahamas
Telecommunications Com-
pany (BTC) privatisation
round offered purchase
prices for a 51 per cent
controlling stake that were
$64 million and $37 million
lower, respectively, than
the $217 million sum (sales
price plus Stamp Duty) set
to be paid by Cable &
Wireless Communications
(CWC).

According to documents
tabled by the Government
in the House of Assembly
yesterday, the offer sub-
mitted by One Equity Part-
ners, JP Morgan’s private
equity arm, and its operat-

“estimated” at between
$160-$180 million, while

Network/CFAL was for
$153 million.

Both prices were assumed
to be gross offers, meaning

SEE page 5B

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THE TRIBUNE

ys yu



ine

TUESDAY,

MARCH 22,



2011

SECTION B ¢ business@tribunemedia.net

‘Tllegal’ alcohol sales 15-
20% of Bahamas market

Growth in the sale of ille-

i gal alcohol imports repre-
i sents “the largest single
? threat to sales growth” at
i the Commonwealth Brew-
i ery group, the memorandum
i? for the
i public offering (IPO)
i reveals, with this segment
i estimated to account for 15-
: 20 per cent of all alcohol
? sales in the Bahamas.

62.5 million initial

Setting aside the econom-

i ic downturn’s impact on
:? Commonwealth Brewery’s
? top-line, the company said:
: “Management believes the
i growth of the illegal ‘Parallel
: Market’ in the country pre-
? sents the largest single threat

MINISTER CONFIRMS ‘INQUIRIES’

to sales growth. These
imports - shipped in illegally
from the United States to
avoid Customs duties - are
estimated to represent 15-
20 per cent of the alcoholic
beverage industry in the
country. These combined
events have placed down-
ward pressure on volume
and, as a result, the net sales
of the Commonwealth
Brewery group.

“On a regional basis, both
New Providence and Grand
Bahama witnessed a rev-
enue decline in 2010. The
‘other islands’ category,
which represents approxi-
mately 30 per cent of total
revenue, was down 6 per
cent in 2010, ending the year
at $34 million, down from

ON $18M HAMBROS PROPERTY

i By NEIL HARTNELL

i Tribune Business Editor

; and ALISON LOWE

: Tribune Business Reporter

The Government is “mak-

i ing inquiries” about the pos-
i sible purchase of the SG
? Hambros building on West
i Bay Street, near Cable Beach,
i a minister confirmed yester-
i day, as sources close to the
i matter suggested the proper-
i ty would be used to house
i government departments
? relocated from the Cecil-Wal-
i lace Whitfield Building.

Minister of State for

i Finance, Zhivargo Laing, con-
i firmed to Tribune Business
i that the Government has an
? interest in the building but
i declined to go into details.

“Some inquiries are being

? made but I cannot comment
? on anything further at this
i time,” said Mr Laing.

ing partner, Vodafone, was }

A message left for SG

? Hambros’ Managing Direc-
i tor, Dorothy Hilton, seeking
the bid from Atlantic Tele-
? not returned up to press time.
i However, Tribune Business
i has been informed by sources
i who requested anonymity
i that SG Hambros staff were

comment on the matter, was

SEE page 4B



Zhivargo Laing

=

.

| IE IPO offering document describes this as company’s ‘greatest

Tribune Business Editor i

: threat’

Commonwealth Brewery }
_ IB Kalik now best-selling brand for Commonwealth, accounting
_for 23% of total sales

| Heineken gets ‘Know How’ fee of 0.4% of net sales

: By NEIL HARTNELL
: Tribune Business Editor

$36 million in 2009. Com-
monwealth Brewery man-
agement again attributes this
drop to the development
and expansion of the illegal
‘Parallel Market’.”

The offering memoran-
dum, released yesterday,
also disclosed that Kalik is
the only beer brand to have
enjoyed sales growth in
recent years, with its sales
now accounting for 23 per
cent of the Commonwealth
Brewery group’s total sales.

The company added that
while beer remains the main
contributor to the group’s
bottom line, spirits sales
were rising. “Management

SEE page 4B

7.

ean not |
responsible for errors and/or omission |
from the daily report,



e&
te

. r % cs
‘i Le
Thiat.
bl ae
ode
\

— nw








ROYALS FIDELITY

Ce

Pe Bs

NASSAU
(242) 356-9801

FREEPORT
L432) $51-3010

MARSH HAR BAR
Led) B-3145

emits hy eel

BISX pledges
market review
during 2011

1,000 share trade threshold to
come under particular scrutiny

By NEIL HARTNELL
Tribune Business Editor

The Bahamas International Secu-
rities Exchange’s (BISX) chief exec-
utive yesterday pledged that it would
review the equities market’s struc-
ture and pricing mechanism this

year, particularly the 1,000 shares
traded threshold that triggers

KEITH DAVIES

changes in a stock’s closing price.

“We entirely intend to review the 1,000 share limit,”
Keith Davies told Tribune Business in an interview.
“One of the things we explained to members many years
ago is that we needed some history behind us, and infor-
mation as to what the average movement for symbol
[stock] was over a certain period of time to see where that
number should be, or if it should be removed.”

Currently, a minimum 1,000 shares must be traded to
induce a change in the closing price of a BISX-listed
stock, with a weighted average based on the volume of

SEE page 4B



‘LITTLE TO NO TAX’ FROM
BLUEWATER BTC PURCHASE

By NEIL HARTNELL
Tribune Business Editor

The Bahamas Telecom-
munications Company
(BTC) would “effectively
have paid little to no tax or
fees” to the Government
had Bluewater Ventures
successfully closed its $260
million purchase of a 49 per
cent stake in the state-
owned incumbent, docu-
ments tabled in the House

SEE page 6B

. a aT i
i. ae

te
- ) =

/

hfs
i

- Subscribe for Shares in

* Wanted ‘full five year duty
waiver’ on equipment imports,
with government agreeable to
33%, three-year drop

* Christie government's buyer
wanted to close existing BTC
employee pension plan, with PLP
also agreeing to fund deficit

* Suggestion share pledge
showed Bluewater planned
leverage buyout

* Six-year monopolies on
cellular and landline sought



Commonwealth Brewery Limited

Initial Public Offering

$62,475,000

7,500,000 Ordinary Shares

Sotheby's

INTERNATIONAL REALTY

100 shares at $8.33 per share

Offer Opens: Monday March 21*, 2011 | Offer Closes: Friday April 15", 2011

Offering Memorandum available from all locations of:

Royal Fidelity | REC RoyalBank | REC FINCO | Fidelity Bank

Financial Advisor & Placement Agent

ROYAL FIDELITY

Money at Work

www.royalfidelity.com or call: 1.242.356.9801

Read the Othering Mamorandum and consuit a financial ackisar before investing


PAGE 2B, TUESDAY, MARCH 22, 2011

THE TRIBUNE





REALTOR WINS TOP |
GLOBAL HONOURS |



World; Larry Roberts, chief executive of Bahamas Realty.

Bahamas Realty has won two Leading Real Estate Compa- }
nies of the World Awards. The awards were presented on }
March 9 at the 2011 Conference of Leading Real Estate Com- }
panies of the World at The Cosmopolitan of Las Vegas in }

Nevada.

Bahamas Realty was named the Top International Luxury }
Brokerage by Luxury Portfolio International. The award is }
presented to the firm based outside the US that epitomises the }
quality, strength and luxury market expertise synonymous with }

the Luxury Portfolio brand.

In addition, the Bahamian realtor received the First Place }
Award in its category for Luxury Portfolio Marketing. This ;
award recognises the company that best uses the Luxury Port- }
folio branding in the marketing of its luxury properties, andin }

the quality of its marketing materials.

Bahamas Realty chief executive, Larry Roberts, attributed
much of the success for winning the awards to the job that the
company’s marketing coordinator, Kendenique Moxey, is doing }
in capitalising on the resources of the Luxury Portfolio brand. }

Bahamas Realty is the Bahamian representative of Leading }
Real Estate Companies of the World, the network of more }
than 600 premier locally-branded firms, which is represented by }

5,000 offices and 150,000 associates in more than 30 countries, }
: debate on the sale of the

? Bahamas Telecommunica-
? tions Company (BTC) will be
? in full swing. I suspect the
? lucid details of the previous
i Bluewater deal will have
? been revealed, and additional
? information about Cable and
i Wireless Communications
? (C&W), both positive and
| } negative, made public. The
: PLP is not denying that it was
? going to sell to Bluewater,
? and the FNM will sell to
i C&W. Notwithstanding this, I
i was amazed to hear a PLP
? supporter say the Bluewater
i deal is irrelevant because it
i did not go through in the
? end...even though the PLP
i? would have sold BTC to
i Bluewater if it had more time.

producing $250 billion in annual home sales.



| re |

AWARDED: Harold Crye, chairman of Leading Real Estate Companies
of the World; Larry Roberts, chief executive of Bahamas Realty.



Tet CN eC LCN asa

WINNING SMILES: Kendenique Moxey, marketing coordinator,
Bahamas Realty; Paul Boomsma, president of Luxury Portfolio and i
chief operating officer of Leading Real Estate Companies of the :

PROTESTING: The BTC deal protest yesterday outside Parliament.

BIC d



ehate must provide

complete transparency

y the time you
read this article,
the great Par-
liamentary

Get 1-Medium,
-Topping, Pizza



I find this to be a most inter-
esting position indeed.

Comparison

A head-to-head compari-
son of both deals would give
the Bahamian people great
insight into not only the deals
themselves but also into judg-
ment, competence and the
skills of the respective admin-
istrations to negotiate such
transactions, in the best inter-
est of the Bahamian people.
Remember now, BTC is only
the first of many privatisations
that will undoubtedly occur
in the Bahamas.

Positions

The unions seem to be tak-
ing the position: “Privatisa-
tion yes, C&W no”. From
what I can gather there seem
to be two underlying sub-posi-
tions. The first position is that
C&W may not be a ‘fit’ oper-
ator, and the second position
is that BTC should only be
sold to Bahamians.

On the first position, the
unions need to put their case
to theor membership and the
Bahamian public at large.

Yes, somebody needs to
explain how C&W got to the
table after not having initially
submitted a bid.

To the objective observer
that is still a question mark.
However, in the final analysis
it does not seem that this posi-
tion (C&W being unfit) has
garnered widespread or suf-
ficient traction thus far to
make the population at large
vocally and tangibly lend its
support to this particular
point.

The second position regard-
ing the sale of BTC to
Bahamians is an emotional
one.

If Bahamians meet the
established criteria, then they
should have every opportuni-
ty to purchase BTC.

We were told that there
were groups with Bahamian

Financial
Focus

By Larry Gibson



interests bidding for BTC.
The Bahamian people should
be told why these groups were
eliminated. Hopefully, such
explanations will produce
learning points that would
make future “Bahamian bids”
even stronger.

The fact that a Bahamian-
led bid is not the finalist does
not in any way invalidate the
entire privatisation process,
but at a minimum there
should be a clear articulation
of the shortfalls of such a bid.

Further, just because a bid
is a Bahamian bid does not
automatically mean its accep-
tance is in the best interest of
the nation. Hopefully, this
position will be ‘put to bed’
during the debate.

Public Discussion

There is a view being
advanced that there was no
public discussion regarding
the privatisation process. I
reject this view because, if I
am not mistaken, previous
manifestos of both the FNM
and PLP highlighted privati-
sation as a key and funda-
mental policy to be pursued if
elected.

For those unaware: A man-
ifesto is a public declaration of
principles and intentions,
often political in nature.

Therefore, if there was
insufficient public discussion
then there was a collective
failure on behalf of the Gov-
ernment pursuing a privatisa-
tion agenda, the official oppo-
sition, the free press, the col-
lective union movement and
civil society organisations...a
full and complete system fail-
ure. People tend to forget that
the privatisation journey
began in 1992.

All parties mentioned
above had almost 20 years to
develop, refine and put their
position on this all-important
matter to the Bahamian peo-
ple.

However, I would concede

that within the privatisation
process, there must be provi-
sions to ensure job and train-
ing opportunities for Bahami-
an professionals down the
road. We need to maintain
jobs in the Bahamas, and
Bahamians must have oppor-
tunities within the larger oper-
ations of the acquiring organ-
isations.

Outcome

There is a lot of specula-
tion going around town that
there will be dissension when
it comes time to vote on the
resolution. I predict that every
FNM Member of Parliament
will vote for the resolution,
and every PLP Member and
the newly independent Mem-
ber for Bamboo Town will
vote against it.

In other words, every single
Member of Parliament
(except Branville McCartney)
‘will toe the party line’ and it
will be “much ado about
nothing”.

The only possible wildcard
to this scenario is if you get
15,000 or more people in
Rawson Square expressing
their opposition to the sale of
BTC. So far, the numbers
have been nowhere near
these required levels.

Without a truly legitimate
number of demonstrators
against the resolution, there
will be no re-think.

The Bahamian people have
a right to access the relevant
information leading to this
most important decision.

This is indeed the essence
of fairness, transparency and
accountability...ideals that all
political parties claim to
adhere to.

Until next week...

NB: Larry R. Gibson, a
Chartered Financial Analyst,
is vice-president - pensions,
Colonial Pensions Services
(Bahamas), a wholly-owned
subsidiary of Colonial Group
International, which owns
Atlantic Medical Insurance
and is a major shareholder of
Security & General Insurance
Company in The Bahamas.

The views expressed are
those of the author and do
not necessarily represent
those of Colonial Group
International or any of its sub-
sidiary and/or affiliated com-
panies. Please direct any
questions or comments to
"mailto:Larry.Gibson@atlanti
chouse.com.bs" Larry.Gib-
son@atlantichouse.com.bs

BAHAMAS REALTY CHIEF SPEAKER AT KEY CONFERENCE

Bahamas Realty’s chief executive was a
speaker at the 2011 Leading Real Estate
Companies of the World conference on
March 8-10, at The Cosmopolitan of Las

Vegas in Nevada.

The topic of discussion, in which Larry
Roberts was one of the panellists, was Real
Estate Without Borders. Are you ready? Chi-
na, and the expansion of its business inter-
ests worldwide, featured greatly in the ses-
sion, so Mr Roberts gave an overview of
the $2.6 billion Baha Mar development that
has recently broken ground on Cable Beach.
The development is being financed by the

China Export-Import Bank, and is being
built by the China State Construction &
Engineering Company. The resort is sched-
uled for completion in 2014.

Some 800 top real estate brokers, man-

agers, relocation professionals, sponsors and
guests attended the conference from the US
and eight countries around the world.

The week-long series of four conferences
in one boasted over 150 speakers from with-
in the real estate industry and beyond, who
addressed a broad range of topics relating to
real estate management, technology, mar-
keting and business development.
THE TRIBUNE TUESDAY, MARCH 22, 2011, PAGE 3B

Price rises loom from shipping surcharge rise



By ALISON LOWE
Business Reporter
alowe@tribunemedia.net

Bunker surcharge increases unveiled yes-
terday by major shippers serving the Bahamas
have retailers and wholesalers warning they
will have to pass the extra financial burden
on to consumers in the not too distant future.

While Phil Lightbourne, proprietor of Phil’s
Food Services on Gladstone Road, said he
would seek to mitigate the impact of the
announced increases by Crowley Maritime
and Seaboard Marine through negotiating with
shippers who will be keen to keep his high
volume business, he warned that some in-store
price increases should be expected by con-
sumers in light of the rise in the bunker sur-
charge announced by the two companies last
Friday.

Meanwhile, Robert D’Albenas, managing

director of D’Albenas agencies, said that not
just Crowley Maritime and Seaboard Marine,
but “most of the shipping companies”, have
implemented price rises affecting some portion
of their shipping costs in recent times.

Add this to the increasing cost of manufac-
tured goods, which rise as the companies which
produce them feel their costs grow, and
Bahamian retailers and wholesalers will not be
able to continue to absorb the cost increases
for much longer, said Mr D’Albenas.

“The fact that fuel increases affect the ship-
ping portion is one aspect of it (any decision by
local wholesalers and retailers to raise the
prices they charge consumers), but the other
aspect is the fuel increases also affect the man-
ufacturers, so their costs go up. I think we will
see manufacturers increases their prices, too,”
said Mr D’Albenas.

Crowley Maritime and Seaboard Marine,
members of the Florida-Bahamas Shipown-

ers and Operators Association, announced a
two-step increase in bunker surcharges that
will take effect on April 17 and May 8.

The carriers said they were announcing the
two-step increases early for planning purpos-
es. They said the increases were required by
"the current unpredictable and rapid escalation
in fuel prices”.

The surcharge on 20-foot containers will
increase $75 on April 17, and another $50 on
May 11. The surcharge of 40-foot containers
will go up $150 on April 17, and another $100
on May 8. The surcharge on equipment larger
than 40 feet will increase by $169 on April 17,
and another $113 on May 8.

The increases come on top of the increase in
fuel surcharges the association implemented on
February 20. The bunker surcharge represents
the “floating” part of sea freight charges which
is an addition due to oil prices.

Mr Lightbourne described the rises as “very,

very significant”, although likely to hit small-
er importers harder than himself, as he can
use the volume of importation he does as lever-
age to negotiate rates with shipping companies.

“Tf we stick with one steam line they tend to
give us a little break, but it will cause some
prices to go up,” said Mr Lightbourne. He
said that Phil’s Food Services does roughly
around 10 per cent of its business with Crow-
ley Maritime and a smaller percentage with
Seaboard.

An accountant for another major Bahamian
retailer, who commented anonymously yes-
terday, said his company will also “not be able
to absorb the cost of the rise”.

“Obviously, everyone’s got to pass it on.
It’s nothing we or the Bahamas can do any-
thing about. If the cost of importing goods
increases then that’s just what you do. We’re
not going to profit from it but we can’t absorb
it,” said the senior employee.

By ALISON LOWE
Business Reporter
alowe@tribunemedia.net

The Central Bank of the Bahamas is “very closely monitoring”
commercial banks as loan delinquency continues to rise, its gov-
ernor suggesting it is “very important for overall financial stabili-
ty” that banks make the necessary provisions for credit loss.

Answering questions at the World Banking Institutes Conference
yesterday, which is being hosted in the Bahamas for the first time,
Wendy Craigg, said the bank - the regulator of the banks and
trust companies sector - is “having ongoing dialogue” with finan-
cial institutions about the deteriorating credit quality being seen in
the industry.

“Certainly this is something that has come to our attention and
we are monitoring it very closely.

“T can’t say that [the banks] haven’t been provisioning. It’s very
important for us and for overall financial stability that the banks are
making appropriate provisions, and that the capital is being main-
tained to support the business, and so this is something we are
focusing on very closely,” said Ms Craigg.

She spoke in response to a question from a member of the
audience at the WBIC, where representatives of banking institutes
from 14 countries, including the Bahamas, have gathered at the
Atlantis resort on Paradise Island.

Banking institutes promote training and further education for
bankers, as part of an overall strategy to encourage the develop-
ment and growth of the financial services sector.

An audience member at the event, which began yesterday and
continues today, asked the Governor if the Central Bank of The
Bahamas was taking any “special” steps to determine “the accuracy
of loan provisioning and collateral adequacy” in light of rising
levels of bad credit in the Bahamas, as increasing numbers of bor-
rowers fail to make expected payments.

The banking conference participant suggested there appears
to be “a lot of pressure for senior managers to stray from good cor-
porate governance” when it comes to such provisions.

NOTICE



Regulator ‘closely

watches’ bad loans



His query came after Ms
Craigg spoke on the topic of
“trust and accountability” from a
regulatory perspective. She said
the Central Bank of the
Bahamas has placed special
emphasis on promoting good
corporate governance in the
wake of the recent financial cri-
sis, aS a means of minimising the
likelihood of bank failures and
consequent risk to the public.

Governance

“We have high expectations
for the governance of banks. By
their very nature banks pose spe-
cial risks to the broader econo-
my. They perform a crucial role
in the flow of capital, providing
financing for businesses and oth-
er services and are integral to the payment system.

“They must operate in a way that promotes confidence amongst
the public and their primary shareholders.

“A lack of sound governance can lead to bank failures, impose
a significant public cost and have a contagion risk with broader pub-

WENDY CRAIGG

lic consequences and a a loss of public confidence in these insti-
tution’s ability to manage their affairs...”

“Good corporate governance is important to maintaining a
sound and stable financial system and a robust economy,” said Ms
Craigg.

Among the ways in which the Central Bank of the Bahamas pro-
motes good corporate governance in Bahamas-based banks is
through providing guidance mostly based on best international
practices; evaluating the implementation of those guidelines; and
by maintaining an ongoing dialogue with a bank’s Board of Direc-
tors and senior management, bringing any issues to the attention
of those groups so it can be addressed.

“As regulators we can’t prevent all problems. We don’t have the
resources, nor is it feasible for us to check everything. So it is
important that there is a corporate governance structure that
works and that there is the necessary accountability and checks and
balances to enhance our confidence that these institutions are
being operated prudently,” said the Governor.

Earlier this month a senior Bahamian banking executive yes-
terday said it was likely the Bahamian financial services sector
would "hit" the 20 per cent loan delinquency threshold, after
credit arrears rose by $52.2 million or 4.6 per cent to almost $1.2 bil-
lion during January 2011.

Paul McWeeney, Bank of the Bahamas International's man-
aging director, suggested the industry faces the prospect of "living
with" these numbers for at least another two years.

His comments came as total delinquencies rose by $31.7 million
or 12.4 per cent to $286.9 million in January 2011, with commercial
loans 31-90 days past due growing by $22.9 million or 36.3 per cent.
Non-performing commercial loans, which are 90 days or more
past due, and upon which banks stop accruing interest, rose by $8.8
million or 4.6 per cent.

There are some $1.217 billion in outstanding Bahamian dollar
and foreign currency loans outstanding, so commercial loan delin-
quencies are now approaching 25 per cent - meaning $1 out of every
$4 extended as commercial credit - is in default.

EFG @ Bank & Trust (Bahamas) Ltd

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.

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 (/M ware + DFS-R)
* Ability to use system deployment tools

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
r table | firm or attorn Language skills:

cee ere * 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%t March 2011
Should you have any questions, please contact:
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

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


PAGE 4B, TUESDAY, MARCH 22, 2011

THE TRIBUNE



‘Tllegal’

FROM page 1B

believes this trend to be con-
sistent with consumer
behaviour in other markets
during economic downturns,
which is to consume lower
cost per unit of alcohol bev-
erages,” the offering memo-
randum said.

“Within the portfolio, the
Heineken brand has expe-
rienced the most significant
decline. Nonetheless, the
brand continues to represent
17 per cent of the Common-
wealth Brewery Group’s
overall volume.

“Kalik is the only beer
brand that has enjoyed sales
growth over the period, due
in part to increased market-
ing activities targeted at spe-
cific cultural events as well







as increased export to the
US, where it has recently
been introduced into seven
new markets. Kalik now
represents a greater share
of the company’s portfolio

(23. per cent) than
Heineken.”

Guinness and non-alco-
holic beverages both

account for 16 per cent of
Commonwealth Brewery’s
total sales by brand, with
spirits generating 11 per
cent; wines 6 per cent;
imported beer, 10 per cent;
and other beer, 1 per cent.
The offering memoran-
dum also gave extensive
details on Commonwealth
Brewery’s related party
transactions with 75 per cent
majority shareholder,

Heineken BV, particularly
the switch from an annual

NOTICE
RBC FINCO INVITES TENDERS






RBC FINCO invites tenders for the purchase of the
following:








“All THAT” piece parcel or lot of land comprising Lot #2,
Crown Grant Spigot Road, situated in the Western District of
New Providence, one of the Islands of the Commonwealth of
the Bahamas. Situated thereon is a Multi Family Residence
consisting of a Triplex 3-2 Bedrooms and 1 Bathroom.

management fee to a ‘know
how’ fee that is paid by the
company to the internation-
al brewing giant.

In relation to the market-
ing, brand support, finance,
tax and accounting services
provided by Heineken, the
offering memorandum said:
“In exchange for these ser-
vices, the Commonwealth
Brewery group paid a fixed
management fee of $850,000
per annum to Heineken.

“As of June 30, 2010, this
management fee was
changed to a ‘Know How’
fee of 0.4 per cent of the
consolidated net sales. From
January through June 2010,
Commonwealth Brewery
paid $325,000 of the
$850,000 fee, and $297,000
from June through Decem-
ber under the new arrange-
ment.”

As for other agreements,
relating to transportation,
bottling, licensing and trade-
mark use, a management
agreement with Heineken
was changed to allow for the
payment of a lower fee by
Commonwealth Brewery.
This reduced the payment
to $725,747 in 2010, com-
pared to $864,630 in 2009
and $1.17 million in 2008.

Supply chain fees paid to
Heineken fell from $220,149
in 2009 to $145,658 in 2010,

alcohol sales 15- iS gyerrs
20% of Bahamas market |

having reached at $161,240 |

in 2008.

Looking ahead, the Com- :
monwealth Brewery offer-
ing memorandum said: }
“Worldwide consumption of }
beer has increased by 2-3 }
per cent over the past couple :
of years, driven mainly by }
developing markets. Man- }
agement believes that local }
economic recovery will }
occur - albeit slowly - and :
will result in moderate vol-
ume growth for the compa- :

wealth Brewery continues
to distribute a substantial

market value as directed by
this offering - namely $249.9

cent. This
favourably to the average

listed stocks in
Bahamas.”

“Despite substantial finan-
cial challenges over the past }
several years, Common- }



market review
during 2011

FROM page 1B

shares changing hands used to calculate the closing price if
there is more than one trade per day. Stock prices are also
restricted from moving more than 10 per cent either side of
the previous day’s close.

Indicating that certain BISX-listed stocks, with broad
shareholder bases, had enough liquidity and trading vol-
ume/activity to possibly make the ‘1,000 shares traded
threshold’ irrelevant, Mr Davies said the market structure
review would take place in conjunction with the exchange’s
members.

Structure

“We will be looking at this market structure again, and
doing it this year in conjunction with our members, as we are

? required to so, and with leave from the Securities Com-
} mission at the end of the day,” Mr Davies told Tribune
proportion of its net income ;
to shareholders. Using a :

Business.
He added that even the larger Caribbean regional markets,

? such as Barbados, Trinidad and Jamaica, were also plagued
? by relatively low trading volumes and liquidity, pointing
million - and applying the :
100 per cent net income div- :
idend payout policy for }
Commonwealth Brewery }
over the past three years, }
the company would have }
had a dividend yield of 4.5 ;
per cent to a high of 7.7 per }
eaveraze MINISTER CONFIRMS ‘INQUIRIES’
yield of 3-4 per cent among }

the ;

out that this was bound to be a fact of life in small countries
such as the Bahamas.

In response to complaints that low liquidity levels were
depressing BISX share prices below their true value, with
prices being influences by retail investors selling out for
non-financial reasons, Mr Davies said most Bahamian stocks
had appreciated upwards over time, especially those that
were well-managed and generated strong profitability.

ON $18M HAMBROS PROPERTY

FROM page 1B














Property Size: 6,748 sq ft

Building Size: 2,632 sq ft a O 7 i Cc i

NOTICE is hereby given that OMAWATTIE KNOWLES of
GLENISTON GARDENS, P.O. BOX N-8180, 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 15" DAY of MARCH 2011 to the Minister responsible
for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

? informed in a meeting on Friday that the Government was
? set to purchase the property for $18 million, and the bank
? would eventually relocate to rented office premises.

? SG Hambros has downsized its operations slowly over the
? years, and is said to no longer need an office of that size, which
? sources suggested would be perfect for an Office of the Prime
: Minister given its existing facilities, parking space and available
: land.
? The $18 million purchase price is also similar to the sum
? that Baha Mar is paying the Government to acquire the exist-

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

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O.
Box N-7549, Nassau, Bahamas and marked “Tender 0766”. All
offers must be received by the close of business 4:00 p.m., Friday
31% March, 2011.



NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the

following:

“All THAT” piece parcel or lot of land comprising Unit #8,
High Vista Condominium, High Vista Subdivision, situated in
the Eastern District of New Providence, one of the Islands of
the Commonwealth of the Bahamas. Situated thereon is a 1 unit
consisting of 1 Bedrooms and 1 Bathroom.

Building Size: 816 sq ft

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

LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O.
Box N-7549, Nassau, Bahamas and marked “Tender 1721”. All
offers must be received by the close of business 4:00 p.m., Friday

318 March, 2011.

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the

following:

“All THAT” piece parcel or lot of land comprising Lot #19,
Sunset Meadows Subdivision, situated in the Western District
of New Providence, one of the Islands of the Commonwealth of
the Bahamas. Situated thereon is a Single Family Residence of
consisting of 2 Bedrooms and 2 Bathrooms.

Property Size: 6,557 sq ft
Building Size: 900 sq ft

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

LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O.
Box N-7549, Nassau, Bahamas and marked “Tender 1727”. All
offers must be received by the close of business 4:00 p.m., Friday

318 March, 2011.

FINCO

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the

following:

“All THAT” piece parcel or lot of land comprising Portion
of Crown Grant A5-99 Fire Trail Road, situated in the
Western District of New Providence, one of the Islands of the
Commonwealth of the Bahamas. Situated thereon is a Single
Family Residence consisting of 3 Bedrooms and 2 Bathrooms.

Property Size: 5,000 sq ft
Building Size: 1,607 sq ft

This property 1s being sold under Power of Sale contained in a
Mortgage to FINANCE CORPORATION OF BAHAMAS

LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O.
Box N-7549, Nassau, Bahamas and marked “Tender 2139”. All
offers must be received by the close of business 4:00 p.m., Friday

31% March, 2011.

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the

following:

“All THAT” piece parcel or lot of land comprising Lot #12,
Seven Hill Subdivision, situated in the Southern District of
New Providence, one of the Islands of the Commonwealth of
the Bahamas. Situated thereon is a Single Family Residence
consisting of 3 Bedrooms and 2 Bathrooms.

Property Size: 5,000 sq ft
Building Size: 1,199 sq ft

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

LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O.
Box N-7549, Nassau, Bahamas and marked “Tender 2933”. All
offers must be received by the close of business 4:00 p.m., Friday

31% March, 2011.



? ing Cecil Wallace Whitfield building.

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the
following:

“All THAT” piece parcel or lot of land comprising Lot #33,
Sea Well Manor Subdivision, situated in the Western District
of New Providence, one of the Islands of the Commonwealth
of the Bahamas. Situated thereon is a Multi Family Residence
consisting of a Duplex 2-2 Bedrooms and 1 Bathroom.

Property Size: 13,992 sq ft
Building Size: 1,829 sq ft

This property 1s being sold under Power of Sale contained in a
Mortgage to FINANCE CORPORATION OF BAHAMAS
LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O.
Box N-7549, Nassau, Bahamas and marked “Tender 4097”. All
offers must be received by the close of business 4:00 p.m., Friday
31* March, 2011.

NOTICE
RBC FINCO INVITES TENDERS

RBC FINCO invites tenders for the purchase of the
following:

“All THAT” piece parcel or lot of land comprising Lot EF,
Carmichael Road, situated in the Western District of New
Providence, one of the Islands of the Commonwealth of the
Bahamas. Situated thereon is a Multi Family Residence consisting
of a Triplex 3-2 Bedrooms and 1 Bathroom.

Property Size: 6,706 sq ft
Building Size: 2,706 sq ft

This property 1s being sold under Power of Sale contained in a
Mortgage to FINANCE CORPORATION OF BAHAMAS
LIMITED.

All offers should be forwarded in writing in sealed envelope,
addressed to the Manager, Royal Bank Collections Centre, P.O.
Box N-7549, Nassau, Bahamas and marked “Tender 4150”. All
offers must be received by the close of business 4:00 p.m., Friday
31* March, 2011.
THE TRIBUNE

TUESDAY, MARCH 22, 2011, PAGE 5B





JOHN DELANEY



By ALISON LOWE
Business Reporter
alowe@tribunemedia.net

The “supervisory and regulatory prac-
tices” in place in the Bahamas’ financial ser-
vices sector “may be superior” to those in
developed nations, where the demand for
the implementation of such initiatives first
arose, the Attorney General yesterday told
a gathering of international bankers.

John Delaney QC, also Minister of Legal
Affairs, said the Bahamas is today “com-
petitively placed as a respected (financial
services) jurisdiction in this new environ-
ment, with an opportunity to do well without
apology”.

He was addressing the World Banking
Institutes Conference as its keynote speak-
er. The event, which has attracted partici-
pants from 14 countries, including the
Bahamas, began yesterday and continues
today at the Atlantis resort, Paradise Island.

Mr Delaney, a former director of the
Bahamas Financial Services Board (BFSB),
said: “In the last decade, we have under-
taken the most comprehensive reform of
our financial services sector ever, in order to
ensure compliance with a new regulatory
and supervisory architecture, which was the
result of three distinct global initiatives.

“We do recognise that the reforms under-
taken added a greater complexity to the sec-
tor, but we have no doubt now that the sec-
tor is substantially more robust, and that

have been considerably enhanced.

made in responding to these global initia-

or ”

Mr Delaney said the Government believes }
the greatest contribution it can make to the }
financial services sector in the Bahamas is to }
“enable, as much as possible, the creation of :
the most progressive financial services envi- |

ronment.”

He noted that the introduction of e-gov-
ernment, set to be launched in the middle of [
this year, and the “imminent privatisation of }
the government-owned telecommunications |

provider” factor into this effort.

“Without cost-efficient, comprehensive }
and state-of-the-art telecommunications, the
goal of becoming a networked society with }
a rapidly developing e-business sector would ;

be unattainable.

“Our liberalised telecommunications sec- }
tor policy is already in place, and so with the }
imminent privatisation of BTC we will have }
fully positioned ourselves to support our }
commercial competitiveness in this techno- ;
logical revolution which continues to }

unfold,” said Mr Delaney.

Rival BIC bids $87-$64 million below CWC's

FROM page 1B

that they included Stamp
Duty, while the One Equity
Partners/Vodafone price
was ‘estimated” because
their offer only mentioned
a “multiple range of 4.25-5
times ‘sustainable’ EBITDA
[operating income]”.

Julian Francis, BTC’s
executive chairman and a
key player on the privatisa-
tion committee that ulti-
mately recommended CWC
as the preferred BTC strate-
gic partner, previously told
Tribune Business that while
the One Equity
Partners/Vodafone bid was
looked at as the ‘front run-
ner’ among the four players
who qualified for the
extended due diligence
phase, it was ultimately
rejected because the duo
were unable - or unwilling -
to structure a deal where
Vodafone had a significant
equity stake.

Concerned

Despite having 303 mil-
lion subscribers worldwide,
along with $69.3 billion in
revenues and $24.5 billion
in operating income, Voda-
fone’s business is concen-
trated mainly on the cellu-
lar/wireless side, and with-
out a major ownership inter-
est in the BTC bid, the pri-
vatisation committee is
understood to have been
concerned about whether
the UK-based company
would remain involved in
the Bahamas long-term.

Indeed, financing for the
One Equity Partners/Voda-
fone bid was to be 90 per
cent-plus provided by the JP
Morgan private equity fund,
with Vodafone having “min-
imal equity”, although one
advantage was that no debt
financing was required.

In other words, there were
concerns about whether
Vodafone could vanish
almost overnight, leaving
BTC without the financial,
technical and managerial
resources it needed. The pri-
vatisation committee is also

agement contract to run

closer to BTC’s.

to the three years CWC will

_ TREASURYS FALL ON NEWS OF MORTGAGE-BOND SALE

Bahamas’ regulation

; about Japan started to fade.

NEW YORK

Treasurys slipped Monday after the government announced
plans to start selling $142 billion in mortgage bonds and worries

The Treasury said that it will sell up to $10 billion of mortgage-

i backed bonds each month beginning in March. The Monday

beats top countries |

Treasurys.

announcement marks another step by the government to end
emergency programs launched in 2008 and 2009 to help markets
through the financial crisis.

The sales also add to the supply of government-backed bonds in
the market and could draw investors away from lower-paying

In afternoon trading, the 10-year Treasury note fell 50 cents per

the welfare of the users of its services and ; $100 invested. Its yield rose to 3.33 percent from 3.27 percent late
indeed, the welfare of the broader economy | Ftday. Bond yields rise when prices fall.

As fears about Japan's stricken nuclear reactors eased, investors

ee : didn't feel the need to stock up on Treasury bonds. The Nuclear

We are proud of the progress we have : Regulatory Commission said the situation at the Fukushima Dai-
? ichi plant appeared to be stabilizing. Containment at three of the
tives, but we note, with more than passing }
interest, that in comparison to some of the }
industrial jurisdictions where the demand : Percent from 4.42 percent.
for the initiatives arose, our own superviso- }

ry and regulatory practices may be superi-

plant's six reactors was intact, the commission said.
The price on the 30-year bond fell 56.2 cents. Its yield rose to 4.45

COMMONWEALTH OF THE BAHAMAS. 2008

IN THE SUPREME COURT CLE/quif/leso

Common Law and Equity Sade

RE-AMENDED NOTICE

The Petition of Juana Suther in respect of:-

ALL THOSE pieces parcels or lota of land
detignated on the plan laid out by Garden
Hill Estates No. 3 being Lot Numbers £42 and
$43 situate in the Southern District of the
Island of Mew Providence one of the thlamds
of the Commonwealth of the Bahamas
hounded MOATHWAROLY by land mow or
formerly the property of Garden Hill Estates
and running therean EASTWARDLY by 4
Thiety (30) feet Road Reservation called and
known os Lily Lane and running thereon One
Hundredths and Ninety-three and Thirty-
seven Hundredths and Minety-three and
Thirtyssewen Humdredths (1934.37) feet and
SOUTHWARDLY BY Lot Number 841 and
running thereon and WESTWARDLY by a
portion of Numbers 31%, S17, 316, 315, 14
and running thereqen,

BTC. While no financial
terms were set out in the
One Equity Partners/Voda-
fone bid document, the
Government said these were
likely to come “at a signifi-
cant cost”.

Meanwhile, the Atlantic
Tele-Network/CFAL bid
was the only one to have a
Bahamian component in the
shape of Colina’s investment
advisory arm. Mr Francis
had previously told Tribune
Business that while he “took
his hat off” to CFAL, the
bid was ultimately rejected
because Atlantic Tele-Net-
work was considered too
small a strategic partner.
BTC, the executive chair-
man added, should be
acquiring Atlantic Tele-Net-
work, not the other way
around.

There is some justification
in that comment, for
Atlantic Tele-Network,
despite having 1.2 million
subscribers, generated only
$242 million in revenues in
2009, almost $120 million
than BTC’s $361 million.
Atlantic Tele-Network’s $70
million in operating income
for that year, though, was

Around 90 per cent of the
financing for this bid was to
come from Atlantic Tele-
Network, with the remain-
ing 10-15 per cent set to
come via CFAL and
Bahamian investors. This
financing, though, was
“dependent on an existing
and new loan facility with
accordion feature”, and
Atlantic Tele-Network
would have received a man-
agement contract worth 3-4
per cent of BTC’s annual
gross revenues.

Agreements

That latter sum is greater
than the 2 per cent of gross
revenues which CWC will
receive from support ser-
vices, know how and trade-
mark agreements, plus “a
cost-based fee for certain
support services”.

One advantage of the
Atlantic Tele-
Network/CFAL bid was that
it was willing to liberalise
the cellular market earlier
than CWC, insisting only on
a two-year post-privatisation
monopoly before a rival
licence is issued, compared

have prior to the start of }

such a bidding process.

One Equity Partners and }
Vodafone, in contrast, want-
ed a four-year exclusivity on }

cellular.

And the other major dif- :
ference between CWC’s bid }
and the two rejected offers }
was that both the latter had }
“serious reservations with
the transfer of share restric- :
tions”, neither being “will- }
ing to accept hardly any pro- :

posed by Government”.

In contrast, CWC has }
agreed that it cannot sell or }
transfer any of its 51 per :
cent majority stake for five :
years post-privatisation. ;
Once that deadline is met, }
the Government has the ;
right of first refusal, and if it :
does not take this up then :
CWC has the right to sell to }
another established telecom- ;

munications company.

Elsewhere, there were }
many similarities between }
the CWC offer and the two }
rejected bids, all basing their :
submissions on the Govern- }
ment receiving $11 million }
per annum in communica- }
tions fees from BTC, plus 3 }

per cent of revenues.

Juanita Butler claims to be the owner of the fee

simple estate in possession of the said land and hes apolied
to the Supreme Court of The Bahamas under $.3 of the
Quicting Titles Act, 1969 im the above action to have its title
to the said land investigated the nature and extent thereof
determined and declared in a Certificate of Tith: to be
granted by the court in accordance with peavisians of the

sald Act

Copies of the said plan may be inspected during

normal office Aours at the Regetry of the Supreme Court,
East Street, AOP., and at the Chambers of ¢.F. Butler &
‘gsecated, Charles £. Carey Building, Dowdeswell Street,
Nassau, Bahamas.

MOTICE & HEREYEY GIVEN that any person having

dower of a right te Gower or any adwerse claim mot
recognized ni the Petition shall before ie 2a lay eeeheber
Aco —2OOS 2" hye December iD 2Oeo 22 day of Apeil
4,0. 2071 file in the said Registry of The Supreme Court and
serve the Petitioner or the above C.F. Butler & Associates a
statement of such claim in the prescribed form werified by an
Affidavit to ber filed herewith. Failure of any such person to
file and serve a statement of such claim by the above time
will operate a5 a bar te such claim,

C.F. BUTLER & ASSOCIATES
Ohanmbars

Na, 7 Dennings Manor
Alice Street

Nasdau, The Bahamas

Attomeys for the Petitioner



Trade-ins are always welcome

Make a Statement

GP) TOYOTA

Power | Safety | Technology | Luxury

tet Br eee ke Or BO ay |
ene Be eG kre ta ray

likely to have harboured
questions over whether
Vodafone, as a management
rather than ownership part-
ner, would bring the
required focus to BTC.

In the documents tabled
by the Government yester-
day, it was confirmed that
Vodafone Partner Markets
would have received a man-

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PAGE 6B, TUESDAY, MARCH 22, 2011

THE TRIBUNE





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NOTICE is hereby given that EVA JUNE THOMAS of 2:
HIS WAY, LAWRENCEVILLE, GA 30044, U.S.A.,
applying to the Minister responsible for Nationality and Citizenship
registration/naturalization as a citizen of The Bahamas, and that
person who knows any reason why registration/naturalization shi
not be granted, should send a written and signed statement of the fi
within twenty-eight days from the 22"? day of March, 2011 to
Minister responsible for nationality and Citizenship, P.O. Box N-7°
Nassau, Bahamas.

NOTICE

NOTICE is hereby given that VALERY CARL THOMAS of
2340 HIS WAY, LAWRENCEVILLE, GA 30044, U.S.A.,
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 22%° day of March, 2011 to the
Minister responsible for nationality and Citizenship, P.O. Box N-7147,
Nassau, Bahamas.

LEGAL NOTICE

NOTICE

MICRON HOLDINGS INC.
INTERNATIONAL BUSINESS COMPANIES ACT

(No.45 of 2000)
In Voluntary Liquidation

Notice is hereby given that in accordance with Section
138 (4) of the International Business Companies Act,
(No. 45 of 2000), MICRON HOLDINGS INC. is in dis-
solution, Mr. Alexis Sautereau is the Liquidator and can
be contacted at 38 avenue Blanc, 1202 Geneva, Switzer-
land. All persons having claims against the above-named
company are required to send their names, addresses and
particulars of their or claims to the Liquidator before
15th April, 2011

Alexis Sautereau
Liquidator

EMBER TRADING INC.
(In Voluntary Liquidation)

Pursuant to the provisions of Section 137
(4) of the International Business Companies Act
2000 notice is hereby given that the above-named
company is in voluntary dissolution, commencing
22nd. March 2011. Articles of Dissolution have
been duly registered by the Registrar. Miss Jill
McKenzie, Brittany Investment Company Limited,
Bahamas Financial Centre, Shirley and Charlotte
Streets, PO.Box N9346, Nassau, Bahamas is the
Liquidator.

All persons having claims against the above
named company are required on or before the
22nd. April 2011 to send all their names, addresses
and particulars of their debts and claims to the
Liquidator of the Company or, in default thereof,
they may be excluded from the benefit or any
distribution made before such debts are proved.

Dated this 22nd, March, 2011

Jill McKenzie
Liquidator

EL SOL DORADO INC.
(In Voluntary Liquidation)

Pursuant to the provisions of Section 137
(4) of the International Business Companies Act
2000 notice is hereby given that the above-named
company is in voluntary dissolution, commencing
22nd. March 2011. Articles of Dissolution have
been duly registered by the Registrar. Miss Jill
McKenzie, Brittany Investment Company Limited,
Bahamas Financial Centre, Shirley and Charlotte
Streets, PO.Box N9346, Nassau, Bahamas is the
Liquidator.

All persons having claims against the above
named company are required on or before the
22nd. April 2011 to send all their names, addresses
and particulars of their debts and claims to the
Liquidator of the Company or, in default thereof,
they may be excluded from the benefit or any
distribution made before such debts are proved.

Dated this 22nd, March, 2011

Jill McKenzie
Liquidator





‘LITTLE TO NO TAX’ FROM
BLUEWATER BIC PURCHASE

FROM page 1B

of Assembly yesterday
revealed, with the existing
employee pension plan
closed down almost imme-
diately.

A comparison of the
Bluewater and Cable &
Wireless Communications
(CWC) offers for BTC,
tabled by Prime Minister
Hubert Ingraham, disclosed
that while the then-Christie
administration “was agree-
able, for a three-year period
from completion, to a 33 per
cent reduction in duty
payable” on BTC’s telecoms
equipment imports, “Blue-
water wanted a five-year,
full waiver of duty”.

Waived

In addition, Bluewater,
whose attorney was now-
deputy PLP leader, Philip
‘Brave’ Davis, was demand-
ing that the $4 million annu-
al franchise fee paid by BTC
be waived, despite this being
in place for 10 years from
1995. Exemptions from oth-
er taxes were being sought,
along with “a preferential
rate for rental of BTC
poles”.

And, with the-then
Christie government also
willing not to increase
licence fees that were unre-
lated to communications
sector regulatory costs, the
document tabled yesterday
concluded: “BTC would
effectively have paid, under
Bluewater ownership, little
to no tax or fees to Govern-
ment.”

In contrast, the compari-
son tabled by the Govern-
ment yesterday showed that
CWC will receive no tax
concessions. It will pay
Communications fees equiv-
alent to 3 per cent of BTC’s
revenues, with the Govern-
ment also gaining $11 mil-



PERRY CHRISTIE

lion in communications fees
“from BTC on an ongoing
basis, as well as full import
duties, business licence fees
and other appropriate tax-
es and fees”.

And, while CWC was
financing its deal from its
existing balance sheet and
capital resources, the Ingra-
ham administration said
there was no evidence that
Bluewater had the financ-
ing to fund the transaction.

It strongly suggested that
Bluewater was planning a
leveraged buyout, where
BTC’s underlying assets and
financial performance were
pledged as collateral for the
debt financing necessary to
purchase the 49 per cent
stake.

“Bluewater wanted the
ability to pledge its shares
immediately, suggesting
financing was dependent on
the pledge of shares,” the
Government said, indicat-
ing that its 49 per cent stake
would be pledged as collat-
eral/security to the debt
financier.

Another significant dif-
ference between the Blue-
water and CWC deals was

ARCO SUPREMO INVESTMENT CORP.
(In Voluntary Liquidation)

Pursuant to the provisions of Section 137
(4) of the International Business Companies Act
2000 notice is hereby given that the above-named
company is in voluntary dissolution, commencing
22nd. March 2011. Articles of Dissolution have
been duly registered by the Registrar. Miss Jill
McKenzie, Brittany Investment Company Limited,
Bahamas Financial Centre, Shirley and Charlotte
Streets, P.O.Box N9346, Nassau, Bahamas is the

Liquidator.

All persons having claims against the above
named company are required on or before the
22nd. April 2011 to send all their names, addresses
and particulars of their debts and claims to the
Liquidator of the Company or, in default thereof,
they may be excluded from the benefit or any
distribution made before such debts are proved.

Dated this 22nd. March, 2011

Jill McKenzie
Liquidator

CROSS RIVER ROAD CORP.
(In Voluntary Liquidation)

Pursuant to the provisions of Section 137
(4) of the International Business Companies Act
2000 notice is hereby given that the above-named
company is in voluntary dissolution, commencing
22nd. March 2011. Articles of Dissolution have
been duly registered by the Registrar. Miss Jill
McKenzie, Brittany Investment Company Limited,
Bahamas Financial Centre, Shirley and Charlotte
Streets, P.O.Box N9346, Nassau, Bahamas is the

Liquidator.

All persons having claims against the above
named company are required on or before the
22nd. April 2011 to send all their names, addresses
and particulars of their debts and claims to the
Liquidator of the Company or, in default thereof,
they may be excluded from the benefit or any
distribution made before such debts are proved.

Dated this 22nd. March, 2011

Jill McKenzie
Liquidator

the treatment of the exist-
ing defined benefit pension
scheme for BTC employees.
Opposition leader Perry
Christie told a January 2011
PLP rally in Grand Bahama
that he found the Govern-
ment’s decision to fund the
existing pension plan deficit
with $39 million from a
Feeder Trust as particularly
“repugnant”, yet under the
Bluewater deal his adminis-
tration agreed to do exactly
that and fill in the hole.

And, in addition, Bluewa-
ter wanted to ‘freeze’ and
shut down the existing BTC
pension plan “as soon as
possible after completion so
no new benefits would
accrue”, with all the employ-
ees instead thrown into a
new defined contribution
scheme.

Pension

Under the CWC deal, the
existing defined benefit pen-
sion plan will only be closed
to new members. It will
remain in existence, with a
privatised BTC contributing
10 per cent of pensionable
salaries per annum, and pay-
ing the administration costs.

James Smith, the former
minister of state for finance
in the Christie administra-
tion, who had ultimate
responsibility for the pri-
valisation process, previ-
ously counselled caution
when it came to comparing
the Bluewater and CWC
deals, warning that it was
not akin to comparing
‘apples with apples’.

In an interview with Tri-
bune Business, he said the
two were difficult to com-
pare, given that Bluewater
had sought to acquire 49 per
cent of BTC, whereas CWC
was purchasing the majority
51 per cent holding, and the
value of that extra 2 per cent
was key.

It is also possible that the

Christie government agreed
to duty concessions, and
pretty much whatever Blue-
water wanted, in order to
ensure there was no staff
downsizing at BTC post-pri-
vatisation.

Bluewater was set to pay
$220 million at the deal clos-
ing, followed by $25 million
after five years and $15 mil-
lion after six.

Yet possibly the most
egregious terms of the Blue-
water offer were the exclu-
sivity demands, with cellu-
lar and landline monopolies
to last for six years post-pri-
vatisation.

A Mobile Virtual Net-
work Operator may have
been allowed after four
years, meaning that a rival
cellular competitor would
have to use BTC’s infra-
structure to deliver its ser-
vices.

Under the CWC deal,
landline services are liber-
alised now, with the first
rival cellular licence set to
be put out to bid three years
after privatisation.

The documents tabled
yesterday also disclosed that
unlike the Government’s
current proposal to sell a 51
per cent controlling interest
for $217 million (inclusive
of $7 million Stamp Duty),
Bluewater’s four-page Let-
ter of Intent had no plan to
deal with the surplus cash
on BTC’s balance sheet at
deal closing time.

While the CWC-priva-
tised BTC will have $15 mil-
lion in net cash on its bal-
ance sheet at deal closing,
the Bluewater deal would
have left $60 million in net
cash, and “there was no ref-
erence in the Letter of
Intent to the Government
[from Bluewater] withdraw-
ing the cash pre-transac-
tion”.

Legal Notice

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

JUST LIMITED

In Voluntary liquidation

“Notice is hereby given that in accordance with Section
137 (4) of the International Business Companies Act
(No. 45 of 2000). JUST LIMITED, is in Dissolution.”

The date of commencement of dissolution is the 21st

day of March, 2011.

Robert Sharp
of 8 Hill Street,
St. Helier, Jersey JE4 9XB,
Channel Islands
Liquidator

NORTH WIND CORPORATION
(In Voluntary Liquidation)

Pursuant to the provisions of Section 137
(4) of the International Business Companies Act
2000 notice is hereby given that the above-named
company is in voluntary dissolution, commencing
22nd. March 2011. Articles of Dissolution have
been duly registered by the Registrar. Miss Jill
McKenzie, Brittany Investment Company Limited,
Bahamas Financial Centre, Shirley and Charlotte
Streets, P.O.Box N9346, Nassau, Bahamas is the

Liquidator.

All persons having claims against the above
named company are required on or before the
22nd. April 2011 to send all their names, addresses
and particulars of their debts and claims to the
Liquidator of the Company or, in default thereof,
they may be excluded from the benefit or any
distribution made before such debts are proved.

Dated this 22nd, March, 2011

Jill McKenzie
Liquidator


THE TRIBUNE

TUESDAY, MARCH 22, 2011, PAGE 7B





Brewery’ ‘better Cruise industry heads
than 60%' target, Optimistic about 2011

achievement rate

FROM page 1B

further fall to 187,000 hectolitres.

ing,” the offering memorandum said.

summables and services costs were reduced 5 per cent year-
over-year between 2009 and 2010.

Wholesale sales had dropped from $79.934 million in }
2008 to $76.067 million in 2009, with a further drop to }
$73.886 million. The same trend had taken place on the }
Burns House retail distribution front where, after a slight }
sales increase from $33.479 million in 2008 to $35.318 million }

to 2009, revenues had dropped slightly to $34.426 million in } ;
i untapped market worldwide

The only area showing revenue growth was exports, which : for cruising. The industry said

rose from $418,229 in 2008 to $447,993 in 2009, and then to :

? 3 per cent of the vacation sec-

The brewery, though, still remains the group’s profit cen- VOL jhe sited Stars,

tre. Net income here rose from $8.109 million in 2008 to CEO Stein Kruse said baby
those figures accounting for 57 per cent, 67 per cent and 56
per cent of total group profitability respectively for those ;

2010.

$1.064 million in 2010, a trend of 137 per cent growth.

$10.573 million in 2009, and then to $11.348 million in 2010,

years.

The wholesale segment recovery back to 27 per cent of net :
income, which matched 2008 performance, having slumped }
to 12 per cent in 2009, came after profits here rose to $5.441 }
million in 2010 compared to $1.841 million in 2009. Profits }

from this segment were $3.872 million in 2008.

On the retail front, its share of net income dropped from }
21 per cent in 2009 to 17 per cent in 2010, which was still :
ahead of the 16 per cent achieved in 2008. Profits here rose :
slightly to $3.461 million in 2010 from $3.324 million in }

2009, and compared to $2.308 in 2008.
“With focused marketing campaigns and price increases,

the Commonwealth Brewery group managed to counter }
lower volume results for the period, but could not turn }
around overall revenue in 2010, which was lower than in pre- ;

vious years,” the offering memorandum said.

Net sales per hectolitre produced were $585 and $551 in
2010 and 2009, a 6 per cent year-over-year increase, with the ;

2008 figure being $534.

On the cost side, operating costs per hectolitre rose by 2
per cent year-over-year to $494 in 2010, compared to $480 :
the year before. This was due to the increase in taxes and }

excise duties.

“The Government increased excise duties on locally-pro- }
duced alcoholic beverages by 25 per cent and increased :
duty on raw and packaging materials to 10 per cent,” the :
offering memorandum said. “Despite government being a }

key stakeholder and major revenue recipient of the business,

these increases highlight the current and future vulnera-
bility of the Commonwealth Brewery group to government }

policies.”
Noting that cost-cutting had been “aggressive”

nance budget of about 1 per cent of total revenues.

PROSECUTORS: BANK EXECS |
ARE NOT EASY 10 CHARGE»

CURT ANDERSON,
AP Legal Affairs Writer
HOLLYWOOD, Florida

Bank executives rarely face
money laundering charges
because investigators don't usu-
ally uncover the kind of decisive
evidence needed to convict them,
prosecutors said Monday at an
international conference in Flori-
da. "You don't find the smoking
gun email where an executive
says, ‘I know it's drug money, but

go do it anyway,'" said Evan

Weitz, a New York federal pros- | NTE RNATI 0 NAL
ecutor, during a panel discussion

at the annual anti-money laun- BU S| N FSS

dering conference. Instead, pros-

ecutors usually target the bank Daneanonseancacvacsaevansecseescssessecsensensessessessesses



or financial institution itself. Adam Kaufmann, chief of the inves- ;
tigative division of the Manhattan district attorney's office, said ;
even then the preferred practice is to work out a settlement — }
known as a deferred prosecution agreement — rather than indict- }

ing the institution.

"An indictment can be a death sentence for a financial institu- :
said Kaufmann, adding that ruining large banks or other insti- }

tion,"
tutions can trigger unforeseen economic ripple effects.

Major banks investigated for doing business with countries fac- i
ing U.S. economic sanctions have reached agreements four times }
since January 2009. In those settlements, the institutions pay large }
fines and agree to meet certain requirements, but no executives face ;
jail time. Last year, U.S. District Judge Emmett Sullivan of Wash- }
ington labeled one such settlement a "sweetheart deal." In that set-
tlement, Barclays Bank paid $298 million in penalties but faced no }
charges. "Why isn't the government getting rough with these }

banks?" Sullivan said at an August 2010 hearing.

In such cases, Kaufmann said, prosecutors could have indicted }
lower-level employees who are actually handling the illegal trans- ;
actions on a day-to-day basis. But that wouldn't get at the execu- }
tives who made the decisions — and figuring out exactly who that }
is can be daunting. "It becomes very difficult to sort of identify the ;
person you want to prosecute," he said. Earlier Monday, Man- }
hattan District Attorney Cyrus R. Vance Jr. told the more than :
1,000 conference attendees that prosecutors and investigators }
increasingly work alongside bank regulators to spot money-laun- }
dering trends involving drug traffickers, corrupt foreign officials and }
even terrorist financiers. Attendees are part of a diverse group that }
includes prosecutors, financial officials and regulators from around :

the world.

, Com-
monwealth Brewery said that while capital spending on
plant and internal systems had declined over the past three |
years, the group was maintaining a repairs and mainte- :

MIAMI

Despite rising fuel costs and

? more stringent environmen-
? tal regulations, the cruise
: industry expects modest
: growth in 2011 as eight new
: large ships debut and con-
? sumers continue to shake off
? the effects of a recession,

“The Commonwealth Brewery group responded aggres- ye vest

sively to offset this decline and realised significant cost sav- i |. fate ;
: : ; ; ? tional Association predicts
ings through innovative cost-cutting measures across all } 4.44 16 million people —
aspects of the business, including energy consumption, ship- | jh ee- quarters of them from

ping and raw material costs, and packing material resourc- | North America — will vaca-

: tion aboard cruise ships this

“These measures produced savings of approximately $1.7 ; year, up 6.6 per cent from

million for the Brewery and $0.8 for the distribution arm of : 2010. Last year's numbers

the business [Burns House] in 2010.” Raw materials, con- : exceeded the trade associa-

: tion's projections.

The Cruise Lines Interna-

CEOs of six of the leading
cruise lines, speaking during a
panel discussion at the annu-
al Cruise Shipping Miami con-
ference, expressed tempered
optimism for continued
growth, noting the large

cruising still makes up around

Holland America Line

boomers who hold the major-
ity of the wealth are a huge
untapped customer base as
the economy improves and
vacation spending picks up
again.

"They're living better,
they're living longer, they
have more interest in travel
and cruising appeals to them,"
Kruse said.

Capacity

Cruise companies man-
aged to keep their ships at
capacity during the last few
years by cutting prices. That
made cruising more afford-
able for more people whose
positive experience likely will
bring them back for future
vacations, said Gerald R.
Cahill, president and CEO of
Carnival Cruise Lines.

"Once again, the industry
showed how resilient it was,"
Cahill said. "We filled our
ships (with) lower pricing. We
were still profitable as an
industry, which is a big deal.
The industry continued to
grow, we added new ships and
we innovated."

We

Waker’s Wap

EMPLOYMENT OPPORTUNITY
Golf Professional/Developer

Key Responsibilities

Communicate ona daily basis with the General
Manager and Assistant General Manager to ensure
a coordinated effort at providing year round quality
experiences for members and guests.

Coordinate development of operating and capital
budgets according to the budget calendar; monitors
monthly and takes effective corrective action as

required.

Analyzes other financial statements and establishes
controls to safeguard funds. Reviews income and
costs relative to goals; takes corrective action as

necessary.

Welcomes new club members; meets and greets all
club members as practical during their visits to the

club.

Enforce all of the club rules and regulations governing
the use of Baker’s Bay facilities.

Establish Operating Criteria for Golf Operations.
Develop an opening critical path for Golf Operations
Develop standards of service for Golf Operations

and an opening and ongoing training program for new

employees.

Oversee the design, purchase, and installation of all
Golf Operations Department FF&E.

Supervise all Golf Operations staff.

Daily/Weekly job responsibilities developed for all
positions in Golf Operations

Job Descriptions developed for all positions in Golf

Operations.

Weekly scheduling of all Golf Operations employees.
Handle personnel problems as they arise in Golf

Operations.

Evaluate employee’s introductory and annual

performance reviews.

Interview prospective employees and supervisory

staff.

Attend all relevant operational meetings.
Conduct weekly meetings with line staff and

supervisory staff.

Complete daily, weekly and monthly reports as

required.

Qualieatians and Skills

¢ Associate degree in Golf Operations,
Golf Management, Management, Business
Administration or related area of study.

¢ Strong leadership, organizational, computer, and

communication skills.

¢ Strong operational background in retail, golf,
food and beverage, and member services.
¢ Ability to source, design and implement training

programs.

¢ Financial experience especially with creating and

implementing budgets.

Experience with private club and/or start up

operations a plus.

If you would like to be a part of a dynamic,

progressive
your resume to:

and growing organization,

hr@bakersbayclub.com or to

send

the attention of the VP Human Resources at fax

242-365-5814.

“Becoming the Employer of Choice in
The Bahamas!”



Among the new ships this
year is the 4,000-passenger
Disney Dream, the cruise
line's third ship and its first
new one in more than a
decade. The Dream is sailing
to the Bahamas from Flori-
da's Port Canaveral. In May,
Carnival Cruise Lines is
debuting its largest ship, Car-
nival Magic. The 3,690-pas-
senger vessel, sailing from
Barcelona, is industry leader
Carnival's 23rd ship.

Norwegian Cruise Line
CEO Kevin Sheehan said
newer ships are more fuel effi-
cient and feature better-

ing options, more entertain-
ment and innovative outdoor
spaces including water rides,
and on-deck movie theatres
and nightclubs.

"It's not enough for our
guests to just smell the sea air,
they want to breathe it and
feelit, and we're figuring out
more new and creative ways
to bring our guests closer and
closer to the sea," he said.

Industry officials cited ris-
ing fuel costs, more restric-
tive emission control regula-
tions and lack of standardized
regulations around the world
as the most pressing chal-

designed and more comfort-
able cabins, more diverse din-

NOTICE

NOTICE & IER! qUenthat MICHAEL ANTHONY BROWN
of PD. Box FH-4d393, CARIBBEAN GARDENS,
NEW PROVIDENCE, BAHAMAS, B aponing io the hinbter
EDOTeDE for Hat D rally ancl G Ree re hip, for registra bor'ratup eat br
fa CIENT The Balas, ald Cheat aly eso Wo BS aly
RaSson WY Te EtatOnaturaleabon Shoutl rot be granted, sho ull
SELL a WME N AT SNE SAEIEIT OF We Pes WAC CMe nl-eky It
CUS TOnthe 22"cla vot Wari, 2011 tothe hnber ESorebe
[or Tato re) andl GtRersliy, PO Boe 714], tesa, Belaires

lenges.

COMMONWEALTH OF THE BAHAMAS
IN THE SUPREME COURT

2000/CLE/quil239

Common Law and Equity Division
IM THE MATTER OF ALL THAT plece parcel or lot of land containing, by
admeasurements, sit thousand (6,000) square feet or thereabouts
being tran and described a Lot #1291 of Golden Gates Estates
Section Two Addition situate in the Western District of the Island af
New Providence one of the Islands of the Commoenmealth of the
Bahamas
AND
ON THE MATTER of the Quicting Titles Act 1959
AND
IM THE MATTER of the Petition of Rosemary Hart

BOTICE

Take notice that ROSEMARY HART of the Souther Destrict of the Island
al Mew Providence The Baheenas has filed a Petition pursuant to the
Quieting Titles Act, 1954, in respect of the following property:-
Lot A290 of Galden Gates Estates Section Two Addition situate in the
Westen District of the Idand of New Providence, The Bahamas which
said Subdivision is situate on the northern side of Mulatto Place 30M) Ft
Northeasterly from Cedar Way and approuimately 589 Ft, Southeasterly
Trom Carmichael Aead. The lot is measured af Being bounded
Westwardly by Lot 1290 of the said subdivision and running 100 ft;
northvardly by a Lot 1280 and running 60 ft; eastwandly by a lot 1292
running thereon LOO ft.; and southwardly by a public road reservation
inca as Mulette Place nunning thereon 60 ft. This lot is show on a
olan now filed in the Department of Lands and Surveys a5 Plan 5142
NLP.
The Petition of ROSEMARY HART claims that she hes held possession of
the said hereditaments for the last thirty (30) years and that
accordingly ma dower or other right affects her title to the same: and
further that there are no charges, encumbrances, or monetary liens
Sitached ta the sand hereditaments which aMects her title to the land
AND FURTHER TAKE NOTICE that Rosemary Hart, the Petitioner, has
presented a Petition to the Supreme Court to have her title to the land
rvestigated determined and declared under the quieting tithes act 1959
(Ch 357] Statute Lives of the Bahamas.
Copies of the plan filed im relation to this action may be inspected
during the normal office hours at the following places situated
within Ue Blind al New Providence, The Bahamas

Registry of the Supreme Court located 2â„¢ Floor of the Ansbacher

House, East Street (Narth|

. Department of Lands & Survey located East Bay Street and

c. The Chambers of Hanna Jotinsom & Co, located Hawkins Hill on its

Eastern Side. (Travelling north it is the 7 structure after passing

the Department of iimigration’s (Additional) Parking Lat.

NOTICE is hereby given t thal acw_peteah beving dower of cas

Supreme Court Repistry located | yp oor of the rare her ‘ou
East Street (Marth) and serve on the Prbtigner, through her
Altorniys @ statement of his or Ger elite in the oreseribed form
erified bey an Affidndt filed therewith, Falire of any such person to
file are serve a statement of bis or her claim on

shall ¢



rate asa bar to such clan,

Dated this 22 day of February, A.D., 2011

This Notice is published by Order of the Court dated November 25°,
4.0, 200 by His Lordship Sr Michael Bomect ond is puiiished ot the
jastonce of the Petitioner's Attomeys Messrs. Hone Johnson & Co.
whose Chambers ore looted Howkins AY (North, Mew Providence,
The Sohomas and moy be contacted ot (24232-0159 or (247 )-I2

6165,


PAGE 8B, TUESDAY, MARCH

22, 2011

THE TRIBUNE





Deals help push the
Dow back above 12,000

DAVID K. RANDALL,
AP Business Writers
STAN CHOE,

AP Business Writers
NEW YORK

Stocks started the week with big gains
Monday on a major telecommunications
deal and signs that Japan's nuclear crisis
was stabilizing. The Dow Jones industrial
average closed above 12,000 for the first
time since a nuclear power plant in Japan
failed following a massive earthquake and
tsunami.

In the U.S., AT&T Inc. said it would
buy rival T-Mobile USA for $39 billion,
creating the largest U.S. cellphone compa-
ny. Charles Schwab Corp. said it would
buy online brokerage services provider
OptionsXpress for $1 billion. The deals
raised hopes that more corporate buyouts
could be on the way as businesses become
more confident in the economic recovery.

"You only expand when you have a good
feeling about the future," said Peter Cardil-
lo, chief market economist at New York-
based brokerage house Avalon Partners.

The Dow Jones industrial average rose
178.01 points, or 1.5 percent, to 12,036.53.
The index has gained 3.6 percent over the
last three trading days, its largest jump over
the same amount of time since September.

The S&P 500 index gained 19.18, or 1.5
percent, to 1,298.38. The Nasdaq compos-
ite rose 48.42, or 1.8 percent, to 2,692.09.

Energy stocks led the market higher after
oil prices climbed back above $103 per bar-
rel. Schlumberger Ltd., which helps com-
panies drill for oil and gas, rose 4.4 per-
cent to $89.73. ConocoPhillips rose 2.9 per-
cent to $77.55.

Worries about Japan's stricken nuclear

f (2) \ THE COLLEGE OF THE BAHAMAS

Applications are invited for suitably qualified individuals for the

position of:

Assistant Professor, Public Administration, School of Social
Sciences, with responsibility for teaching undergraduate courses,
participating in the revision of the existing baccalaureate degree
programme in Public Administration, contributing to the devel-
opment and implementation of a master’s degree programme in
Public Administration, participating in student recruitment and
advisement, engaging in scholarly/professional activities and



York Stock Exchange.

reactors eased after the Nuclear Regulato-
ry Commission said the situation at the
Fukushima Dai-ichi plant appeared to be
stabilizing. Containment at three of the
plant's six reactors was intact, the commis-
sion said.

Tiffany & Co. rose 5.1 percent to $60.22
after reporting higher-than-expected earn-
ings. The jeweler said Japan's earthquake
could hurt its earnings because of store
closings and limited hours. The company
does 18 percent of its business there.

The violence in Libya and Japan's earth-
quake have led to many large swings in the

Dow since late February. The Dow rose i
or fell by 100 points or more during three
days last week. Eight of the 15 trading days }
since the start of March have had swings }

that large.
In the latest signs of trouble in the USS.

remains relatively high at 3.5 million.

Fee are allan Maca ola : efforts accelerate," Vikram Nehur, the World Bank's chief
Be: : economist for East Asia, said Monday.

dated volume came to 4.5 billion shares.

HOME SALES FELL 9.6
PCT. IN FEBRUARY

WASHINGTON

Visit our website at www.cob.edu.bs

FACULTY VACANCY

serving on departmental and college-wide committees.

Applicants should possess: an earned Ph.D from an accredited
institution; have a strong commitment to undergraduate instruc-
tion; skills in programme and course development and imple-
mentation; and a commitment to scholarly research. For a

detailed

email: hrapply@cob.edu.bs,
BIisK

S2wk-Hi
1.13:
10.63
5. 7S
10.53
2.84
2.20
12.40
2.85
17.00
2.86
2.54
1S. 30
Oo. 27
11.40
1S.00
1.00
7.30
10.50
10.00

S2wk-Low
0.95
9,05
4.40
O.17
2.70
1.96

Securit_y
AML Foods Limited
Bahamas Property Fund
Bank of Bahamas
Benchmark

Bahamas Waste

Fidelity Bank

Cable Bahamas

Colina Holdings
Commonwealth Bank (S1)
Consolidated Water BDRs
Doctor's Hospital
Famguard

Finco

FirstCaribbean Bank
Focol (S)

Focol Class B Preference
ICD Utilities

J. S. Johnson

Premier Real Estate

9.43
2.35
5.80
1.90
1.40
5.22
5.65
8.77
4.57
1.00
5.50
9,80
10.00

S2wk-Hi
Is9.46
100.00
100.00
100.00
100.00

52wk-Low
99.46
100.00
100.00
100.00
100.00

Security
Bahamas Note 6.95 (2029)

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

IS2wk-trtit
10.06
10.55

S2wk-lLoew
5.01
0.40

Symbol
Bahamas Supermarkets
RND Holdings

41.00
KS.

29.00 ABDAB
0.40 RND Holdings

S2wk-Hi
1.5122

2. 9527
1.5837
3.2025
13.6388
114.3684

S2wk-Low
1.4076
2.8300
1.5141

Fund Name
CPFAL Bond Fund
CPFAL MSI Preferred Fund
CPFAL Money Market Fund
2.8522
13.0484
101.6693
99.4177
1.0000
1.0000
1.0000
9.1005

Royal Fidelity Prime Income Fund
CFAL Global Bond Fund

CPFAL Global Equity Fund

FG Financial Preferred Income Fund
FG Financial Growth Fund

FG Financial Diversified Fund

106.5528
1.1465
1.1185
1.1491
9.7485

Protected TIGRS, Series 1

11.2361 10.0000

Protected TIGRS, Series 2

10.1266 9.1708

Protected TIGRS, Series 3
3.4510 4.8105
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

52wk-Hi - Highest closing price in last 52 weeks

52wk-Low - Lowest closing price in last 52 weeks

Previous Close - Previous day's weighted price for daily volume
Today's Close - Current day's weighted price for daily volume
Change - Change in closing price from day to day

Daily Vol. - Number of total shares traded today

DIV $ - Dividends per share paid in the last 12 months

P/E - Closing price divided by the last 12 month earnings

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

$1) - 3-for-1 Stock Split - Effective Date 7/11/2007



job description,

ROYAL FIDELITY

Royal Fidelity Bahamas G & | Fund

Royal Fidelity Int'l Fund - Equities Sub Fund

visit



€

cr AL

BISX LISTED & TRADED SECURITIES AS OF:
MONDAY, 21 MARCH 2011

Morsy al Work

FINDEX: YEAR END 2008 -12.31%

Previous Close Today's Close
1.09, 1.09,
10.63 10.63
4.93 4.93

Change
0.00
0.00
0.00
0.18
2.70
1.96

0.18
2,.F0
1.96

0.00
0.00
0.00
0.00
0.00
0.00
-0.02
0.00
0.00
1.40
0.00.
0.01
0.00.
-0.10
0.00
0.00.

9.43
2.40
6.82
2.25
1.40
5.22
6.10
9.30
5.47
1.00
7.40
9,82
10.00

9.43
2.40
6.82
2.23
1.40
5.22
F360
9.30
5.48
1.00
7.30
9,82
10.00

Last Sale
99.46

100.00

100.00

100.00

100.00

Symbol
BAH29
FBB17
FBB22
FBB13
FBB15

Change
0.00
0.00,
0.00,
0.00,
0.00

Bid ® Ask ® Last Prirce

N/A N/A 14.00
0.35, 0.40 0.55
CFAL Securities Ltd. (Over-The-Counter Securities)
30.13 31.59 29.00
0.45 0.55 0.55
BISX Listed Mutual
NAW YTD%
1.5179 5.51%
2.9486 0.04%
1.5837 0.61%
-0.56%
0.61%
9.98%

Funds
Last 12 Months %

6.90%
1.45%
4.59%

-15.54%
-0.22%
12.49%
7.18%
5.20%
4.73%
5.35%

2.7049.
13.4392
114.3684
106.5528
1.1465
1.1185
1.1491

4.75%
5.20%
4.73%
8.35%

Royal Fidelity Bah Int'l Investment Fund Principal

98,7950 4.85% 5.45%

Royal Fidelity Bah Int'l Investment Fund Principal

10.6417 -1.20% 0.50%

Royal Fidelity Bah Int'l Investment Fund Principal

10.1266 1.27%
8.4510 0.72%
MARKET TERMS

1.27%
9.95%

www.cob.edu.bs/hrapply.
Interested candidates should submit a detailed resume and cover

letter of interest no later than Thursday, March 31st to Associate
Vice President, Human Resources, The College of the Bahamas,
P. O. Box N-4912, Poinciana Drive & Thompson Boulevard OR

Fewer Americans bought
previously occupied homes in

el in nearly 9 years.

foreclosures or short sales,

lowest level since April 2002.

nearing a bottom,”

rities.

FG

CAPITAL MARKETS
BROKERAGE & ADYISORY SERVICES
es

cree Teco wT AT.

BISX ALL SHARE INDEX: CLOSE 1,470.49 | CHG 18.96 | %CHG 1.31 | YTD -29.02 | YTD % -1.94

WWW.BISXBAHAMAS.COM | TELEPHONE:242-677-BISX (2479 | FACSIMILE: 242-323-2320
Daily Vol.

P/E
8.9
817.7
32,2

Yield
3.67%
1.88%
2.03%
0.00%
3.33%
2.04%
3.29%
1.67%
3.81%
2.02%
7.86%
4.60%
0.00%
3.76%
2.92%
0.00%
3.29%
6.52%
2.00%

EPS$
0.123
0.013
0.153,

-0.877
0.168
0.016
1.050
0.781
0.488
O.1114
G, 107
G.357
0.682
0.494
0.452
0.000
0.012
0.859
1.207

Div $
0.040
0.200
0.100

4,564

2,500
0.000
0.080
0.040
0.310
0.040
5,321 0.260
0.045
0.110
0.240
1,500 0.000
0.350
0.160
0.000
0.240
0.640
0.200

1,200

1,550

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

Interest
6.95%
7%
Prime + 1.75%
7%
Prime + 1.75%

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

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

EPS $
-2.945
0.001

Div S
‘0.000
0.000

P/E
N/M
256.6

Yield
0.00%
0.00%

Daily Wo.

4.540
0.002

0.000
0.000

9.03
261.90

0.00%
0.00%

NAV 3MTH
1.498004
2.918256
1.564030

NAV 6MTH
1.475244
2.910084
1.545071

NAV Date
30-Nov-10.
28-Feb-11
11-Feb-1141
31-Jan-11
31-Jan-11
109.392860 30-Jun-10
100.779540

107.570619.
105.776543 30-Sep-10
31-Dec-10
31-Dec-10
31-Dec-10

30-Nov-10.
30-Nov-10

31-Jan-11
31-Jan-11

YIELD - last 12 month dividends divided by closing price

Bid $ - Buying price of Colina and Fidelity
ASk $ - Selling price of Colina and fidelity

Last Price - Last traded over-the-counter price

Weekly Vol

- Trading volume of the prior week

EPS $ - A company's reported earnings per share for the last 12 mths

NAV - Net Asset Value
N/M - Not Meaningful

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

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



The National Association of i a Ce
Realtors said Monday that sales i resilience after natural calamities.

of previously occupied homes }

fell last th t lly . was ;
Safad onal ae i ie a followed added to China's sizzling 9.6 percent growth in 2008.
lion. That's down 9.6 percent :

from 5.4 million in January. The ; January 1995. Experts predicted the area would need a decade

pace is far below the 6 million i to recover. Instead, Kobe's manufacturers were producing at 98

homes a year that economists }
say represents a healthy mar- }
ket. Nearly 40 percent of the }
sales last month were either }

when the seller accepts less ;
than they owe on the mortgage. }

One-third of all sales were } Mississippi in 2005 but "didn't puncture investment or growth

purchased in cash — twice the } in the rest of the country,"

sane oo i ale nae In ae ? Commerce Department official and chairman of the econom-
ed housing markets such a8 jc consulting firm Sonecon.
Las Vegas and Miami, cash }

sie ae aac nage ifornia quake and the 1994 Southern California quake are
fell 5.2 percent to $156 ooh, the : widely believed to have helped the California economy.

i (AP Photo/David Guttenfelder)
: BLOCKED: 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, north-
: eastern Japan Sunday, March 20, 2011.

PAST SUGGESTS LITTLE LASTING

HARM 10 JAPAN ECONOMY

i PAUL WISEMAN,
i AP Economics Writer
: WASHINGTON

The Japanese economy has been staggered by an earth-

quake, a tsunami and a nuclear crisis. But history suggests it will
: bounce back with no lasting damage.

Wealthier countries with stable government institutions are

especially suited to benefit from reconstruction after a natural

UNCERTAIN TIMES: In this photo taken March 14, 2011, traders work on the floor of the New ‘ c
; those that can easily raise money.

disaster. So are countries with vast international trade and

Japan falls into all those categories. Its own Kobe area recov-
ered unusually quickly from a 1995 earthquake, for example.
And researchers say the May 2008 quake in the Sichuan
province of China led to stronger growth that same year.

The World Bank estimates Japan will spend up to five years

? rebuilding from the March 11 disaster. Reconstruction pro-

i jects contribute to growth by putting people to work. Economies

housing market, the National Association } ‘also benefit as damaged roads, ports, buildings and equipment

of Realtors reported that sales of previ- | are replaced. And typically, they are replaced with more effi-

ously occupied homes fell 10 percent last : cient structures that help expand the nation's productivity and

month. The supply of unsold homes growth.

"We expect growth in Japan will pick up as reconstruction

In the aftermath of the nuclear crisis, Japan also stands to

i benefit from research and development projects designed to
i find alternative energy and reduce its dependence on nuclear
? energy and imported oil, says Reinhard Mechler, an economist
? at Austria's International Institute for Applied Systems Analy-
i sis.

Researchers have documented that natural disasters, for all

the death and destruction they leave, cause surprisingly little

i lasting economic damage.
February and those who did :

purchased them at steep dis- found that natural disasters tend to cause long-term economic

counts. The weak sales and rise } qamage only when they trigger political upheaval. Iran and

in foreclosures pushed home } Nicaragua, for instance, were crippled economically by 1979 rev-

prices down to their lowest lev- olutions that followed killer earthquakes.

A report last year by the Inter-American Development Bank

Otherwise, economies usually respond with long-term

Chinese government researchers have calculated that the
Sichuan earthquake and the massive reconstruction effort that

And consider the deadly earthquake that hit Kobe, Japan, in

percent of pre-quake levels within a year and three months,
according to a study by the late Purdue University economist
George Horwich. About four in five retail shops, including all
department stores, were open in a year and a half.

Even with the devastation in Kobe, Japan's economic growth
more than doubled from 1994 to 1995.

Similarly, Hurricane Katrina devastated coastal Louisiana and

says Robert Shapiro, a former

And the reconstructions that followed the 1989 Northern Cal-

Countries without deep financial reserves, trade relation-

"This information suggests ships or skilled work forces are much less likely to benefit

that value investors are entering ; from rebuilding programs. Impoverished Haiti, for instance,

the market, possibly a sign that lacked the resources to handle the aftermath of a deadly quake
home sales and construction are : last year — even with help pouring in from overseas.
said Joseph }
A. LaVorgna, chief U.S. econ- }
omist for Deutsche Bank Secu- }

? says. "They have pretty darn good institutions."

Japan, by contrast, has the institutions to handle a massive
reconstruction effort, says Mark Skidmore, a Michigan State
University economist. "They have high human capital," he

And "if you've got trade, you've got ports and other distri-

bution resources" that speed delivery of relief supplies and
? construction material to disaster zones.

Even in the developing world, the economic damage is typ-

ically short-lived. A poor country's economy typically shrinks
? in the first year after a calamity, then bounces back as invest-
? ments pour in and money moves around, Mechler says.

Sonecon's Shapiro raises the concern that Japan won't prove

: as resilient this time as it was after the Kobe quake in '95.
i This month's quake damaged power plants, leaving communi-
i ties with crippling electricity shortages. Shapiro says the threat
i of radiation leaks from a nuclear power plant damaged in the
? quake also could paralyze the economy. And the Tokyo gov-
i ernment is deep in debt. Some question whether it could
i finance a rebuilding effort that is expected to cost more than
? $200 billion.

Others point out that the Japanese government can raise

i money by selling bonds to the Japanese public, which has a high
? savings rate. The United States, by contrast, relies heavily on
i foreign governments and investors to finance massive govern-
i ment deficits.

In its report Monday, the World Bank estimated that Japan's

disaster would reduce the country's growth by up to 0.5 per-
i centage points this year. But it also says the slowdown won't last
; much beyond mid-year.



i SEVERELY DAMAGED: Battered boats are seen in the Keehi Small
: Boat harbor, Friday, March 11, 2011 in Honolulu. A tsunami gener-
; ated by the Japan earthquake hit Oahu causing damage around the
: island. The harbor’s piers and many boats were severely damaged
: by the tsunami. Many boats were freely floating in the harbor. Sev-
: eral were sinking.
{T\

Pim blowin’ it

84F
70F

HIGH
LOW

MOSTLY
SUNNY

Volume: 107 No.99



aU a)



Bran McCartney

resigns from FINI

eRe




Party chairman says
‘move not unexpected’

By PAUL G
TURNQUEST

Tribune Staff Reporter
pturnquest@
tribunemedia.net

KEEPING in line with
reports that he intends to
form his own political
party, Bamboo Town MP

‘threat to democracy’ to
the young MP, who
reportedly has plans of his
own to offer to the
Bahamian people “anoth-
er option” other than the
PLP or the FNM. This
option, the source added,
will have 41 candidates.
While some FNM MPs

Branville McCartney offi- PESIQ@NATION: Yesterday appeared taken

cially resigned from the
governing Free National
Movement yesterday.
According to sources close to
the MP, this decision has been in
the works for some time.
Reportedly the final straw
which tilted the scales was Prime
Minister Hubert Ingraham’s
recent comments calling for all
FNM MPs to vote in favour of
the sale of 51 per cent of BTC to
Cable and Wireless. This,
sources said, appeared as a

Branville
McCartney

aback by Mr McCart-
ney’s announcement,
which came by way of a
statement sent to the party’s
chairman Carl Bethel and party
leader Hubert Ingraham, there
were some who said they had
known of this move for some
time.

From his perspective, the par-
ty’s chairman said this move is
“not entirely unexpected.”

SEE page 10

CHRISTIE COMMENDS ‘COURAGEOUS’ MP

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

OPPOSITION leader Perry Christie commended the “coura-
geous and highly-principled” decision by Bamboo Town MP
Branville McCartney to resign from the FNM during the debate on
the sale of 51 per cent of BTC to Cable and Wireless.

After reports began to make the rounds in the House of Assem-
bly yesterday of what the MP had done, Mr Christie held a press
conference in the party’s common room. Reminding the public that
he himself had walked a similar path at an earlier stage in his
political career, Mr Christie said he knows how difficult it is to sep-

SEE page 10



TUESDAY, MARCH 22, 2011

ATO
HELP WANTED
AND REAL ESTATE

SPENT Sy






PROTESTERS against the
sale of BTC carry signs in





By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net





BTC protesters said they
were offended by the use of
police chains that restricted
access for hundreds of
demonstrators to Rawson
Square and Bay Street.

Jennifer Isaacs-Dotson,
president of the National
Congress of Trade Unions
(NCTU), said she was very
“perturbed” and almost
brought to tears at the sight
of chains used to lock pro-
testers out of Rawson
Square.

“Tt was very distressing to
see the chains on barricades.
That our government would
make a decision to lock our
people outside of the peo-
ple's square,” said Mrs
Isaacs-Dotson.

Protesters marched from
Clifford Park yesterday,
along Bay Street, to chants
from protest leaders: “Rise
up mighty people, peaceful-
ly but forcefully.”

Unlike previous demon-
strations, protesters were
met by police barricades that
stretched across the road
from Parliament Square to
Rawson Square. Protesters

SEE page 10




































Downtown Nassau yesterday.

Photo/Jessica Robertson













POLICE and emergency medical services at the PLP headquarters last night.

|





PRICE —75¢ (Abaco and Grand Bahama $1.25)






36-YEAR-OLD MAN
IS SHOT DEAD

THE country's homicide
toll climbed again following
the fatal shooting of a 36-
year-old man in Ragged
Island Street yesterday after-
noon and the shooting of a
24-year-old man in Montel
Heights on Sunday night.

Meanwhile, police are
searching for the motive
behind the vehicle fire that
burned a body beyond recog-
nition in Bamboo Town on
Sunday evening.

The latest shooting took
place at the Exclusive Salon
on Cordeaux Avenue and
Ragged Island Street yester-
day afternoon. The 36-year-
old man was reportedly

SEE page 10











POLICE and emergency med-
ical services personnel had to be
called to PLP headquarters last
night as protesters, reportedly paid
to demonstrate on Bay Street yes-
terday, became agitated when they
went to collect their funds at Gam-
bier House.

According to eyewitnesses, bus
loads of persons arrived at the par-
ty's headquarters on Farrington
Road and it was shortly afterwards
that a fight broke out.

Police were quickly called to
quiet the rowdy mob, while those
who were injured had to be rushed
to the Princess Margaret Hospital.

MP CALLS FOR COMMISSION OF INQUIRY INTO BIC SALE

By CELESTE NIXON
Tribune Staff Reporter
cnixon@tribunemedia. net

AN OPPOSITION MP has
called for a commission of
inquiry into the sale of BTC to
Cable and Wireless.

Fort Charlotte MP Alfred
Sears labelled the sale “anti-
Bahamian” and said he could

not support the deal because it
lacks transparency.

Speaking in the House of
Assembly yesterday, Mr Sears
said the PLP is not against pri-
vatisation of BTC, as it is in the
best interest of the country.
However, he said, the party
must oppose the current sale
to Cable and Wireless (CWC),
because it undervalues the

asset, is not transparent, and
contains "anti-competitive and
anti-Bahamian aspects."

According to Mr Sears, ana-
lysts have advised that the $210
million sale is far below the
"sector value" and that BTC
should be valued between $700
and $800 million.

SEE page 10

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FREEPOST | MAASH HASBOUS
PAGE 2, TUESDAY, MARCH 22, 2011

THE TRIBUNE







MAKING A POINT: PLP MP Fred Mitchell (background) answers questions whil

Police receive intelligence of p

LOCAL NEWS

Â¥

e BTC protesters and supporters look on.

Jessica Robinson/Tribune staff

ossible

‘seditious’ behaviour, secure House

By NOELLE NICOLLS
Tribune Staff Reporter

nnicolls@tribunemedia.net

THE police took extra pre-
cautions in securing the
House of Assembly yester-
day, after receiving intelli-
gence of possible “seditious”
behaviour, according to Tri-
bune sources.

Glenn Miller, assistant
commissioner of police, said
the changes in strategy were a
result of a “review and cri-
tique” of the methods used
during the last protest.

“We had information they
wanted to get into the House

‘Necessary changes’ were made to
ensure a peaceful demonstration

of Assembly. We were not
going to let that happen.

“That is still our intention
not to let that happen. We are
not going to let 300-plus peo-
ple barge into House of
Assembly without a pass to
get inside there,” said Mr
Miller.

Based on the last demon-
stration, he said, “it was obvi-
ous” the barricades needed
to be fortified.

During the last major

Invites you to their

Initial Public Offering

protest, there was a violent
clash with police that resulted
in some police and civilian
injuries; protesters lifted the
barricades in the air and
police officers used batons on
crowd members to try to
reestablish control.

Mr Miller said several “nec-
essary changes” were made
to ensure there was a peaceful
demonstration. Barricades
used to block access to Raw-
son’s Square were bound with

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metal chains and were braced
with large cement boulders.
Police barricades also pre-
vented protesters from assem-
bling on the road in front of
Rawson’s Square.

“What we found today, the
persons who turned out were
more peaceful. They did not
seem too arrogant. They
showed more respect for
themselves and others. In our
briefings with our officers, we
instructed them to exercise
professionalism in the execu-
tion of their duty,” said Mr
Miller.

The Penal Code contains a
section that speaks to sedi-
tious behaviour, including
what it calls “seditious inten-
tion.”

This includes actions “to
bring into hatred or contempt
or to excite disaffection
against the person of Her
Majesty, Her Heirs or succes-
sors, or the Government of
the Bahamas as by law estab-
lished; or to excite Her
Majesty's subjects or inhabi-
tants of the Bahamas to
attempt to procure the alter-
ation, otherwise than by law-
ful means, of any other matter
in the Bahamas as by law
established; or to bring into
hatred or contempt or to
excite to disaffection against
the administration of justice
in the Bahamas; or to raise
discontent or disaffection
amongst Her Majesty's sub-
jects or inhabitants of the
Bahamas.”

The Penal Code also clari-
fies various acts, speech, or
publications that are “not
seditious”, including those
that intend: “To show that
Her Majesty has been misled
or mistaken in any of her



DEAL OF DEATH: A protester holds up a model of a coffin during the
BTC protest yesterday outside the House of Assembly.

measures; or to point out
errors or defects in the gov-
ernment or constitution of the
Bahamas as by law estab-
lished or in legislation or in
the administration of justice
with a view to the remedying
of such errors or defects; or
to persuade Her Majesty's
subjects or inhabitants of the
Bahamas to attempt to pro-

cure by lawful means the
alteration of any matter in the
Bahamas as by law estab-
lished; or to point out, with a
view to their removal, any
matters which are producing
or have a tendency to pro-
duce feelings of ill-will and
enmity between different
classes of the population of
the Bahamas.”



way for BIC privatisation

AN HISTORIC vote in the
House of Assembly yester-
day paved the way for the
sale of 51 per cent of BTC to
Cable and Wireless later this
week.

Moving for the adoption of
three new Bills, Prime Minis-
ter Hubert Ingraham called
the vote “the final process”
before privatisation takes
place.

The Bills are:

e A Bill for an Act to Facil-
itate the Privatisation of the
Bahamas Telecommunica-
tions Company and for Con-
nected Purposes

e A Bill for an Act to
Amend the Communications
Act, 2009

e A Bill for an Act to
Amend the Utilities Regula-
tion and Competition
Authority Act, 2009

MPs also voted on two res-
olutions — one to confirm the
transfer of nine parcels of
land from the Treasurer to
BTC, upon or from which
BTC conducts business. The

second sought the approval
of the House for the privati-
sation of BTC and the sale of
51 per cent of its shares to
Cable and Wireless.

Mr Ingraham said: “BTC
is now a mature enterprise
and for the past 14 years, gov-
ernments of the Bahamas
have been seeking to find a
partner for it. The search was
expensive and costly.

“The public bidding exer-
cise in 2003 and again in 2010
resulted in unacceptable
offers. And, an intended
engagement days before the
last general election was
called off.

“Now we have a partner
for BTC — CWC.”

Mr Ingraham emphasised
that the privatisation process
has not be “hurried or taken
casually.”

He said: “Serious time,
money and effort has been
spent over the past 14 years
by government and its advi-
sors — experts in telecommu-
nications, in privatisation and
in investments — to ensure

that we got this right. When it
was determined that circum-
stances did not provide a
good deal for the Bahamas,
government has opted not to
proceed.

“We have taken BTC to
the altar of privatisation on
two separate occasions; once
on the watch of members
opposite who continued a
process which we had com-
menced, and secondly fol-
lowing our return to office in
2007.

“We have spent enormous
sums of money in the exer-
cise. Great damage will be
done to the image and repu-
tation of the Bahamas if, after
two attempts, we fail to pri-
vatise BTC.

“We, believe, are soundly
convinced, that this deal is a
good deal and that this hour
is the appropriate hour for us
to move forward on the pri-
vatisation of BTC.

e The vote was suspended

last night and will resume
today at 3pm.




PAGE 1

N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER Bran McCartney resigns from FNM V olume: 107 No.99TUESDAY, MARCH 22, 2011 PRICE 75 (Abaco and Grand Bahama $1.25 W EATHER MOSTLY SUNNY HIGH 84F LOW 70F F E A T U R E S SEEWOMANSECTION S P O R T S The distant SEESECTIONE Love Outstanding performance By PAUL G TURNQUEST Tribune Staff Reporter pturnquest@ tribunemedia.net KEEPING in line with reports that he intends to form his own political party, Bamboo Town MP Branville McCartney offi cially resigned from the governing Free National Movement yesterday. According to sources close to the MP, this decision has been in the works for some time. Reportedly the final straw which tilted the scales was Prime Minister Hubert Ingrahams recent comments calling for all FNM MPs to vote in favour of the sale of 51 per cent of BTC to Cable and Wireless. This, sources said, appeared as a threat to democracy to the young MP, who reportedly has plans of his own to offer to the Bahamian people another option other than the PLP or the FNM. This option, the source added, will have 41 candidates. While some FNM MPs yesterday appeared taken aback by Mr McCart neys announcement, which came by way of a statement sent to the partys chairman Carl Bethel and party leader Hubert Ingraham, there were some who said they had known of this move for some time. From his perspective, the partys chairman said this move is not entirely unexpected. P arty chairman says move not unexpected TRY OUR D OUBLE M cFISH The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM BAHAMASBIGGEST CARSFORSALE, HELPWANTED ANDREALESTATE I N S I D E SEE page 10 By PAUL G TURNQUEST Tribune Staff Reporter pturnquest@tribunemedia.net OPPOSITION leader Perry Christie commended the coura geous and highly-principled decision by Bamboo Town MP Branville McCartney to resign from the FNM during the debate on the sale of 51 per cent of BTC to Cable and Wireless. After reports began to make the rounds in the House of Assem bly yesterday of what the MP had done, Mr Christie held a press conference in the partys common room. Reminding the public that he himself had walked a similar path at an earlier stage in his political career, Mr Christie said he knows how difficult it is to sepCHRISTIE COMMENDS COURAGEOUS MP SEE page 10 By NOELLE NICOLLS Tribune Staff Reporter nnicolls@tribunemedia.net BTC protesters said they were offended by the use of police chains that restricted access for hundreds of demonstrators to Rawson Square and Bay Street. Jennifer Isaacs-Dotson, president of the National Congress of Trade Unions (NCTU perturbed and almost brought to tears at the sight of chains used to lock protesters out of Rawson Square. It was very distressing to see the chains on barricades. That our government would make a decision to lock our people outside of the people's square, said Mrs Isaacs-Dotson. Protesters marched from Clifford Park yesterday, along Bay Street, to chants from protest leaders: Rise up mighty people, peaceful ly but forcefully. Unlike previous demon strations, protesters were met by police barricades that stretched across the road from Parliament Square to Rawson Square. Protesters POLICE and emergency medical services personnel had to be called to PLP headquarters last night as protesters, reportedly paid to demonstrate on Bay Street yesterday, became agitated when they went to collect their funds at Gam bier House. According to eyewitnesses, bus loads of persons arrived at the party's headquarters on Farrington Road and it was shortly afterwards that a fight broke out. Police were quickly called to quiet the rowdy mob, while those who were injured had to be rushed to the Princess Margaret Hospital. By CELESTE NIXON Tribune Staff Reporter cnixon@tribunemedia.net AN OPPOSITIONMP has called for a commission of inquiry into the sale of BTC to Cable and Wireless. Fort Charlotte MP Alfred Sears labelled the sale antiBahamian and said he could not support the deal because it lacks transparency. Speaking in the House of Assembly yesterday, Mr Sears said the PLP is not against pri vatisation of BTC, as it is in the best interest of the country. However, he said, the party must oppose the current sale to Cable and Wireless (CWC because it undervalues the asset, is not transparent, and contains "anti-competitive and anti-Bahamian aspects." According to Mr Sears, ana lysts have advised that the $210 million sale is far below the "sector value" and that BTC should be valued between $700 and $800 million. MP CALLS FOR COMMISSION OF INQUIRY INTO BTC SALE SEE page 10 FIGHT AT PLP HQ AS PROTESTERS GO TO COLLECT FUNDS POLICE and emergency medical services at the PLP headquarters last night. SEE page 10 BTC PROTESTERS OFFENDED BY RESTRICTED ACCESS TO RAWSON SQUARE PROTESTERS against the sale of BTC carry signs in D owntown Nassau yesterday. Photo/ Jessica Robertson THE country's homicide toll climbed again following the fatal shooting of a 36year-old man in Ragged Island Street yesterday afternoon and the shooting of a2 4-year-old man in Montel Heights on Sunday night. M eanwhile, police are searching for the motive behind the vehicle fire that burned a body beyond recognition in Bamboo Town on Sunday evening. The latest shooting took p lace at the Exclusive Salon on Cordeaux Avenue and R agged Island Street yesterday afternoon. The 36-yearold man was reportedly 36-YEAR-OLD MAN IS SHOT DEAD SEE page 10 RESIGNATION : Branville McCartney

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B y NOELLE NICOLLS Tribune Staff Reporter nnicolls@tribunemedia.net THE police took extra precautions in securing the House of Assembly yesterday, after receiving intelli gence of possible seditious behaviour, according to Tribune sources. Glenn Miller, assistant commissioner of police, said the changes in strategy were a result of a review and cri tique of the methods used during the last protest. We had information they wanted to get into the House of Assembly. We were not going to let that happen. That is still our intention not to let that happen. We are not going to let 300-plus people barge into House of Assembly without a pass to get inside there, said Mr Miller. Based on the last demonstration, he said, it was obvi ous the barricades needed to be fortified. During the last major protest, there was a violent clash with police that resulted in some police and civilian injuries; protesters lifted the barricades in the air and police officers used batons on crowd members to try to reestablish control. Mr Miller said several necessary changes were made to ensure there was a peaceful demonstration. Barricades used to block access to Rawsons Square were bound with metal chains and were braced with large cement boulders. Police barricades also prevented protesters from assembling on the road in front of Rawsons Square. What we found today, the persons who turned out were more peaceful. They did not seem too arrogant. They showed more respect for themselves and others. In our briefings with our officers, we instructed them to exercise professionalism in the execution of their duty, said Mr Miller. The Penal Code contains a section that speaks to sedi tious behaviour, including what it calls seditious intention. This includes actions to bring into hatred or contempt or to excite disaffection against the person of Her Majesty, Her Heirs or successors, or the Government of the Bahamas as by law established; or to excite Her Majesty's subjects or inhabi tants of the Bahamas to attempt to procure the alteration, otherwise than by law ful means, of any other matter in the Bahamas as by law established; or to bring into hatred or contempt or to excite to disaffection against the administration of justice in the Bahamas; or to raise discontent or disaffection amongst Her Majesty's subjects or inhabitants of the Bahamas. The Penal Code also clarifies various acts, speech, or publications that are not seditious, including those that intend: To show that Her Majesty has been misled or mistaken in any of her measures; or to point out errors or defects in the government or constitution of the Bahamas as by law established or in legislation or in the administration of justice with a view to the remedying of such errors or defects; or to persuade Her Majesty's subjects or inhabitants of the Bahamas to attempt to procure by lawful means the alteration of any matter in the Bahamas as by law estab lished; or to point out, with a view to their removal, any matters which are producing or have a tendency to produce feelings of ill-will and enmity between different classes of the population of the Bahamas. LOCAL NEWS PAGE 2, TUESDAY, MARCH 22, 2011 THE TRIBUNE CommonwealthBreweryLimitedInvitesyoutotheir InitialPublicOeringPresentation BritishColonialHilton|WindsorRoomMonday March 28th, 20116:00 pm 8:00 pmFinancialAdvisor&PlacementAgent Dress:BusinessCasualRSVP:tina.kelly@royaldelity.comorCall:1.242.397.4523RefreshmentsServed AN HISTORIC vote in the House of Assembly yester day paved the way for the sale of 51 per cent of BTC to Cable and Wireless later this week. Moving for the adoption of three new Bills, Prime Minis ter Hubert Ingraham called the vote the final process before privatisation takes place. The Bills are: A Bill for an Act to Facilitate the Privatisation of the Bahamas Telecommunications Company and for Con nected Purposes A Bill for an Act to Amend the Communications Act, 2009 A Bill for an Act to Amend the Utilities Regulation and Competition Authority Act, 2009 MPs also voted on two resolutions one to confirm the transfer of nine parcels of land from the Treasurer to BTC, upon or from which BTC conducts business. The second sought the approval of the House for the privati sation of BTC and the sale of 51 per cent of its shares to Cable and Wireless. Mr Ingraham said: BTC is now a mature enterprise and for the past 14 years, gov ernments of the Bahamas have been seeking to find a partner for it. The search was expensive and costly. The public bidding exer cise in 2003 and again in 2010 resulted in unacceptable offers. And, an intended engagement days before the last general election was called off. Now we have a partner for BTC CWC. Mr Ingraham emphasised that the privatisation process has not be hurried or taken casually. He said: Serious time, money and effort has been spent over the past 14 years by government and its advi sors experts in telecommunications, in privatisation and in investments to ensure that we got this right. When it was determined that circum stances did not provide a good deal for the Bahamas, government has opted not to proceed. We have taken BTC to the altar of privatisation on two separate occasions; once on the watch of members opposite who continued a process which we had commenced, and secondly fol lowing our return to office in 2007. We have spent enormous sums of money in the exer cise. Great damage will be done to the image and reputation of the Bahamas if, after two attempts, we fail to privatise BTC. We, believe, are soundly convinced, that this deal is a good deal and that this hour is the appropriate hour for us to move forward on the privatisation of BTC. The vote was suspended last night and will resume today at 3pm. Police receive intelligence of possible seditious behaviour, secure House Historic vote set to pave way for BTC privatisation Necessary changes were made to ensure a peaceful demonstration DEAL OF DEATH: A protester holds up a model of a coffin during the BTC protest yesterday outside the House of Assembly. MAKING APOINT: PLP MP Fred Mitchell (background J e s s i c a R o b i n s o n / T r i b u n e s t a f f

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LOCAL NEWS T HE TRIBUNE TUESDAY, MARCH 22, 2011, PAGE 3 A MAGISTRATE yesterday convicted a 71-year-old man of bigamy. Prosecutors had argued that James Roker, alias James Cyril Roker, on May 17, 2007, married Donna Marie Smith, knowing thathe was still married to Catherine Roker, although the two had been separatedfor some time. Roker was also charged with making a false declaration for the purpose of mar riage on May 14, 2007. While Roker contended that he was not previously married, Deputy Chief Mag istrate Carolita Bethell con victed him of the offences following a trial. Roker is expected back in court on May 2 when a probation report will be presented to the court. A JURY was selected yesterday in the trial of an American teenager and a Bahamian man accused of murder. Zyndall McKinney, 23, of Isabella Boulevard, and the teenage girl alleged to be his girlfriend, are accused of the murder of Anna Garrison. It is alleged that between Sunday, February 25 and Saturday, July 4, 2009, McKinney and the girl, being concerned together, caused the death of the victim. Mrs Garrison's badly decomposed body was discovered in a bushy area off Fox Hill Road South near the Blue Water Cay development on Saturday, July 4, 2009 at around 6.20pm. Her body had been wrapped in sheets and her feet were wrapped in plastic bags. The 33-year-old woman first came to the attention of police on February 25, 2009, when they received a missing person report from the United States Embassy in Nassau. A jury of eight women and four men was selected to hear evidence in the trial yesterday. The trial is being heard before Senior Justice Jon Isaacs. Tony Scriven and Ambrose Armbrister appear for the Crown. McKinney is represented by Murrio Ducille and the girl is being represented by Elliot Lockhart. By CELESTE NIXON Tribune Staff Reporter cnixon@tribunemedia.net PRIME Minister Hubert Ingraham has encouraged BTC employees to come to terms with the majority sale of the company. In his address to parliament yesterday morning, Mr Ingraham pointed out that sale is going to happen, that Cable and Wireless would be in charge as soon as next month, and told BTC workers they should engage with the company. Mr Ingraham said: "I want to encourage the BTC unions to engage with CWC a nd I encourage the staff of BTC to urge their union representatives to engage with CWC this can only serve you interests". The prime minister said that as CWC will become the majority owner, operator and manager of the company, it only makes sense for employees to communicate with them. Responding to complaints from seated opposition members of the House, Mr Ingraham said all BTC employees were over the age of 18 and could make up their m inds on the matter, adding that he was just giving them some advice. Mr Ingraham thanked all BTC employees and any others who had a hand in what BTC has done and what it has been doing for the Bahamas during its 45 years of existence, and assured them that CWC was the best partner for the company. JURY SELECTED IN ANNA GARRISON MURDER TRIAL 7 1YEAR-OLD MAN CONVICTED OF BIGAMY PM tells BTC staff engage with CWC T HE FNM claims the leak o f an internal email conversation among senior PLPs has revealed their cynical campaign to manipulate the Bahamian people with rehearsed lines and silly slogans. A statement issued by the g overning party yesterday, said the opposition members statements mistakenly sent to the press, show they are guided by what they hope might work to further their narrow interests, rather t han by core and consistent p rinciples. In the email exchange PLP deputy leader Philip Davis advised his colleagues that the oppositions stop, review and cancel slogan that they have been repeating for four years is not res onating with the Bahamian people. The FNM said: It is not only the PLPs slogans and p ublic relations programmes t hat are not resonating with B ahamians. The PLP itself its failed leadership andr ecord in office as well as its r eckless behaviour in opposition is not resonating with the majority of Bahamians. This includes its attacks on the police, and mob behaviour. The oppositions arrog ance is stunning. They do not realise that their cam paign of distortion is failing b ecause the Bahamian peo p le know better. Bahamians understand that the worst financial crisis in generations hit most of the world econo m y including the Bahamas. The desperate and delusional leadership of the PLPp refer sticking their heads in the sand because they cannot bring themselves to a dmit what is plain to most B ahamians. Prime Minister Ingraham and the FNM rescued the economy, preserved public sector employment, created jobs through the most ambitious public infrastructure investments in Bahamian his tory, and helped to turn the dream of Baha Mar into a reality. In the midst of the financ ial crisis the FNM launched l andmark unemployment a nd prescription drug benefits as well as the NationalR etraining Programme. Prime Minister Ingrahams seasoned leadership during the financial crisis is recognised globally. For the first time ever, a Bahamian Prime Minister in the person of Mr Ingraham has beens elected to chair the Annual Meetings of the Boards of Governors of the Interna-t ional Monetary Fund and W orld Bank Group. The PLPs vision is blurred and smudgy because of how long they have keptt heir heads in the sand. When they look in the mirror they suffer from delusionsa nd hallucinations. In claim ing to see others, they are seeing themselves. THREE PLP MPs and one newly independent parliamentarian did not vote yesterday on the amendments to the Communications Act, which paved the way for the ultimate vote on the sale of 51 per cent of BTC to Cable and Wireless. The amendments were passed with a Yes vote of 22 to 14. All FNM MPs voted in favour, with the PLP MPs present voting against. P LP MPs Anthony Moss, Fred Mitchell, and V Alfred Gray were all absent during the initial vote. The FNMs former MP for Bamboo Town Branville McCartney was not present for the role-call. While Mr McCartney, who momentarily popped in and out of the parliamentary chamber, is rumoured to disagree with the sale of BTC, concern was raised over why the PLP MPs might have failed to appear for such an historic vote. According to Mr Moss, the reason he was not present for the v ote was that his flight from Exuma was a little bit late this morning. So I never got here to the House until about 11am. So there is no conspiracy. I am not in support of the sale of BTC, particularly to foreigners, he said. Mr Mitchell declined to comment on his absence, although his party leader indicated that he was out with the demonstrators at the time of the vote. Mr Gray was also not available at the time of the vote, as he w as reportedly in the Supreme Court. THREE PLPS, ONE INDEPENDENT, FAIL TO VOTE ON COMMUNICATIONS ACT AMENDMENTS By CELESTE NIXON Tribune Staff Reporter cnixon@tribunemedia.net PLP deputy leader Brave Davis said that the release by a local media house of a "private communication" between leaders of his party was unethical and was intended to cause mischief. On Sunday evening, an email exchange between PLP members concerning a state ment they intended to release in response the FNM's Saturday night rally, was mistakenly sent to members of the media. A local newspaper printed an article based on the exchange yesterday, which quoted Mr Davis as saying he felt the "stop, review and cancel message" campaign which the party has been running was "not resonating" with voters. The campaign is intended to stir up outrage over FNM leader Hubert Ingrahams decision to suspend and review a number of PLP initiatives when he became prime minister in 2007. The e-mail was quoted as saying: "The stop, review and cancel is not resonating as we have not been able to persuade the elec torate that it is management and not the global economy that is causing the woes today. Mr Davis told The Tribune yesterday that he learned on Sunday that his "private" comments pertaining to a first draft statement from opposition leader Perry Christie had been released to the public. He said: "It was a private communication between myself and the persons involved in the construction of Mr Christie's contribution to the press; it was clearly noted as private in the exchange and it is a clear breach of that privacy". According to Mr Davis, the article concerning his communica tion was intended to cause "mischief" for the PLP and is what he deems "unethical behaviour". Mr Davis claimed he was not contacted for comment on the mat ter before the article was published, and said he intends to take up the issue with that newspapers management when the time is right. He did not speak about the comments in the email, or whether he stood by them. FNM claims internal email leak shows cynical PLP campaign Brave Davis: release of private comm unication was unethical PHILIPBRAVE DAVIS

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EDITOR, The Tribune. A QUESTION for fellow motorists throughout The Bahamas: Are you a busy mother with school drop-off and pick up, soccer practice and grocery shopping? Are you a salesman who vir tually lives in his vehicle? Maybe a teenager who likes to impress his friends by burn ing an inch of rubber off his tyres when accelerating? Or youre a grandmother or grandfather who visits a friend through the week and goes to church on Sunday? If your profile fits either of those described above, you have an obligation to your vehi cle, no matter if its an entry level model or top of the line. That obligation to your vehicle is maintenance! In The Bahamas we drive under extreme conditions, i.e. high temperatures, idling in traffic, short trips of less than five miles and in some cases severe dust. These conditions are taxing on your vehicles engine and its life blood lubricating oil. Even if you cannot afford all the maintenance recommended by the manufacturer in your owners manual, changing the vehicles oil and filter, using the recommended grade of oil, every 3,000 miles or 4,800 kilometers you will save thousands of dollars on normally unnecessary repairs. Not to mention the time your vehicle will be off the road. And if you are of the opinion that motor oil does not wear out, youre dead wrong. Stick to this belief and you will pay the price. This is not an advertisement for any dealership, repair garage or oil company. Its simply good advice. NORMAN A. WHITLOCK Nassau, March 18, 2011. E DITOR, The Tribune. EVERYTHINGin The Bahamas is the worlds best and internationallyr enowned, but why is Tourism down in comparison with the Caribbean? When journalists describe or report on events with dif-f erent glasses and misuse superlatives/adjectives to describe the event facility, etc, they injure our prod-u ct. Have you noticed that journalists over use superlativest o describe even the most s imple issue as if this is a g lobal break-through or world crashing event when it really is a matter-of-fact issue? J ust yesterday, Saturday, M arch 5th, a new restaurant was described as a five-star establishment when it really is a run of the mill one ZNS described the Agro fair on Gladstone Road as if we suddenly and miraculously were able to feed ourselves and stopped importing foreign food last week again ground breaking of a Private Aircraft facility (FBO Bahama this was projected t hrough a misquote to receive o ver 50,000 aircraft a year, impossible probably in 10 years and it goes on and on. Everything here is the w orlds best internationally r enowned the minute it o pens. W e seem to nationally forg et one has to earn credits....what we are actually d oing is falsely teaching everyone that we dont have to work at providing service, pricing the service correctly and basically earning them erit, credit etc. The Cacique Awards are yet a further example of what is wrong such an Award should have to be earned noty ou get 20 friends to put your name in and suddenly you are a recipient of a National Cacique Award you shouldh ave to earn it. Why cant the scheme be set-up where the customersr ate, give recommendations s o you will get a real Award s cheme earned? Of course that will kill the scheme which in my opinion is manipulated anyway. H KNOWLES Nassau. March 6, 2011. E DITORIAL/LETTERS TO THE EDITOR P AGE 4, TUESDAY, MARCH 22, 2011 THE TRIBUNE The Tribune Limited NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master LEON E. H. DUPUCH, Publisher/Editor 1903-1914 SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon. Publisher/Editor 1919-1972 Contributing Editor 1972-1991 EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. Publisher/Editor 1972Published Daily Monday to Saturday Shirley Street, P.O. Box N-3207, Nassau, Bahamas Insurance Management Building., P.O. F-485, Freeport, Grand Bahama W EBSITE www.tribune242.com updated daily at 2pm DURING yesterdays rally Bahamas Communications and Public Officers Union president Bernard Evans expressed the hope that between now and the vote something will happen to derail the sale of BTC to Cable & Wireless. We are certain that the Bahamian woman who called a radio show yesterday morning to complain that she tried to pay her tele phone bill but found no cashier on duty at any of the outlets except at the BTC Marathon office to assist her is anxious for the sale to go through. She is probably among the many Bahamians who unlike Mr Evans cannot wait for the company to be privatised so that persons like herself will get the standard of service they have every right to expect. It is presumed that instead of manning their stations yesterday many of the missing staff were on Bay Street protesting the saleof BTC. Lower fees, better service and more choice in their public communications is what the public wants as far as many of them are concerned, it cannot come soon enough. Sunday night an internal e-mail, claiming to have been sent by Philip Brave Davis to six party members, mysteriously found its way to the desks of several newspaper editors and reporters. With daily information being supplied by TV, Twitter, Face book and all the other new fangled means of information, Bahami ans are sufficiently well informed not to buy into the PLPs propaganda blaming the Bahamas economic downturn on the Ingra ham government, rather than where it rightfully belongs the world economic crash. We have not been able to persuade the electorate that it is management and not the global economy that is causing the woes today said the e-mail. Party members have been advised to change their tactics. The e-mail claims that what is resonating is the intentional delay and slothfulness to get things started that was left in place. We do not think that what the PLP like to call stop, review and cancel will resonant with Bahamians either if they fully understand what the Ingraham government has saved for them by going over all agreements left in place by the Christie government. When they realise what they would have lost had this not been done, we do not believe that even this propaganda slogan will resonate with anyone. The Davis e-mail suggested that the cho rus line to this weeks debate about the sale has to be the five reasons why the BTC deal stinks and this word has to be the cho rus line to all contributions. Taking Mr Davis advice yesterday, Fort Charlotte MP Alfred Sears during his contribution to the debate called for a Commission of Inquiry because the deal does not pass the smell test. The Christie camp is certainly desperate to win an election. They are clutching at any and every straw that passes their way to try to capture votes. The e-mail advised the party stalwarts to be dismissive of the rally. This was a reference to Saturday nights FNM rally attend ed by a large, enthusiastic and orderly crowd. We presume that the directive was to ignore it, but one intrepid PLP MP broke ranks and suggested that the FNM were disappointed by the poor turnout to their rally. The police estimated that on Saturday night the rally drew a crowd of about 7,000 hardly a poor turnout. One bystander watching yesterdays demonstration outside the House believed the people should protest, but wondered if anyone is listening. Why should anyone listen when reports persist that party operatives are paying many of them to be there. We have been told by eyewitnesses that when the House broke for lunch around 1pm yesterday, a long line from the top to the bottom of the stairs of demonstrators waited outside the Oppositions office door in the Bayparl building, demanding payment for doing what they claimed they were paid to do at the rally. One of them urinated on the stairs, they were smok ing grass, swearing and saying they wanted their money, an eyewitness said. We then had reports of another disturbance at the PLPs Gambier headquarters last night when a fight broke out and police and an ambulance had to be called. Again, according to an eyewitness, it was claimed that a bus load of persons arrived demanding payment. How can anyone listen to demonstrators, a large number of whom are being paid by party operatives to swell the ranks. Obviously many of them neither understand nor care about the issues. Despite these alleged inducements, the turnout has been sparse, especially for an issue about which Opposition politicians claim the people are so passionate. Paid protesters do not reflect the opinion of the general public and, there fore, cannot be taken seriously. This tactic of paying this type of person some of whom the police say are well known to them to disturb the peace is dangerous. One only has to look at what eventually happened to politicians in Jamaica who played this game too long. Edward Seaga is a case in point. It would be wise for Bahamian politicians especially after what must be to them an embarrassing episode to call a halt and change course. Bahamians want to know the truth for a change. They are tired of propaganda. Why is tourism down in comparison with the Caribbean? LETTERS letters@tribunemedia.net Election tactics to fool Bahamians in full swing -RE9DFDQF\$QHVWDEOLVKHG1DVVDXEDVHGFRPSDQ\ VHHNVWRWKHSRVLWLRQRI $VVLVWDQW $GPLQLVWUDWRULQWKH3URFXUHPHQWDQG $VVHWDQDJHPHQW/RJLVWLFV'HSW $OODSSOLFDQWVSRVVHVVWKH IROORZLQJ &ROOHJHGHJUHHLQ%XVLQHVV$FFRXQWLQJ ,7NQRZOHGJH 7KHDELOLW\WROHDUQTXLFNO\ 7KHDELOLW\WRZRUNLQGHSHQGHQWO\ $QH\HIRUGHWDLOV ([FHOOHQWFRPPXQLFDWLRQDQGWHDPZRUN VNLOOV2QO\FRPPLWWHGKDUGZRUNLQJDQGVHOI PRWLYDWHGSHUVRQVQHHGDSSO\5HVXPHVVKRXOGEHVXEPLWWHGWRMREYDFDQF\EV#KRWPDLOFRP$OOUHVXPHVPXVWEHUHFHLYHGE\ WK 0DU EDITOR, The Tribune. Kindly permit me space in your valuable columns to express special thanks to Ms Athena Damianos for her comments on the survival of the tick-tack-toe building on Bay Street and the significance of Austin T Levys Harrisville Company-operated chain of Hatchet Bay Farms milk stands. In fact, the demise of the Levys enterprise Hatchet Bay Farms did set The Bahamas back some four decades in our faltering effort to achieve self-sufficiency through agriculture, where we now have annual budgets but no well distributed harvest or sincere buy-in by the Bahamian consumer. These remaining milk stands throughout New Providence are silent but staunch reminders of the lowness to which we may be brought through racial prejudice and our tragic tendency to politicize everything we do in this country. It further speaks volumes of discontent when local politi cians of any stripe assume that they have a monopoly on good business sense or sound judgment. The results of such political or personal hubris are neither noble, heroic nor enhancing to our nation's progress and development. Bahamians will only move from the survival mode to prevailing progressively when we transcend the politics of party, personality and patron age. W LESTER BOWLEG Nassau, February 24, 2011. Thank you to Athena Damianos for comments on tick-tack-toe building E DITOR, The Tribune. As a two-time President of the Bahamas Real EstateA ssociation, obviously I am passionate about the direction our association is head e d. And obviously our direc tion is headed in reverse. However, members have an opportunity to changet he course of history for BREA for the year 20112012. Elections are sched u led to be held on Thursday, March 24th and I understand that Franon Wilson has been nominated for the post of Vice President. I would encourage members to bypass the VP post and elect Franon for our President. He has the profile, the intellect and a vision to take our Association to another level. PAT STRACHAN Nassau, March 17, 2011. A question for fellow motorists Chance to change BREA s course for 2011-2012

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PRIME Minister Hubert yesterday tabled a documenti n the House of Assembly illustrating the differences between the offers for BTC submitted by Bluewater Ven-t ures (entertained by the PLP in 2007) and Cable & Wire less Communication (CWC I n the document, the BTC offers are compared point for point: Operations Bluewater had no tele com operations; was run by a group of ex-telecom execu tives. CWC specialises in mobile, fixed and broadband services, as well as in entertainment. Nature of business/scope of resources Bluewater has no financial statements available. CWC has 11m subs, $2.3 billion in revenues and $866 in net earnings before interest taxes depreciation and amortisation. Financial partner funding Bluewater had 100 per cent financial investors, butthe source is unknown. The offer by the CWC is funded 100 per cent by the company. Price for 49 per cent of shares for Bluewater; 51 per cent for CWC Bluewater offered $260 million, paid as follows: $220 million at closing; $25 millionat the end of five years; $15 million at the end of six years after the deal is closed. There was no mention of stamp duty (assumed gross price which includes stamp duty). CWC is paying $217, inclusive of stamp tax. Cellular exclusivity period Bluewater would have had six years of exclusivity, with a mobile virtual network operator (MVNO operator that does not own its own licenced frequency and usually does not have itsown network infrastructure coming in during the fourth year. CWC gets three years of exclusivity before the process for a second cellular licence is started; there will be no third licence issued until five years after the deal closes. Landline exclusivity Bluewater would have gotten six years exclusivity. As CWCs offer comes in 2011, landlines are already liberalised Due diligence Bluewater: There was no financial or share ownership information provided. CWC: Complied with sale process rules; is a public company. Financing capability Bluewater: No evidence of financing capacity or fund ing for the transaction. CWC: The offer is fully funded from CWCs existing balance sheet and capital resources. Pledges of BTC shares Bluewater wanted the ability to pledge its shares immediately suggesting financing was dependent ona pledge of shares. CWC has no pledges of shares. Transfers of shares restric tions Bluewater: 1. Free ability to transfer shares after initial period 2. After initial period, rights to first offer; 30 days notice 3. Tag along rights 4. Timing/nature of any initial public offering was not agreed 5. Pre-emption rights for new issues of shares CWC: 1. No share transfers for five years 2. After five years, rights to first offer; 45 days of notice 3. If rights not taken up, then CWC can sell to established telecoms company, oth erwise requires government approval to sell. 4. Any transfer at all times subject to NEC/Exchange Control approval 5. Government may sell nine per cent on BISX in first three years; up to 25 per cent thereafter. 6. Tag along rights 7. Government may com pulsorily acquire CWC shares in the event of CWC insolvency event or material breach of shareholders agree ment. LOCAL NEWS T HE TRIBUNE TUESDAY, MARCH 22, 2011, PAGE 5 B y NATARIO McKENZIE T ribune Staff Reporter nmckenzie@tribunemedia.net ATTORNEY Maurice Glinton claimed yesterday that a judges decision to strike out an action broughtb y two unions attempting to block the sale of BTC was premature and based on a mistaken view of the law and procedure. Mr Glinton, who repres ents the Bahamas Communications and Public Officers U nion (BCPOU B ahamas Public Managers Union (BCPMU i n the Court of Appeal yesterday on an appeal of a decision by Supreme Court Justice Neville Adderley in February. T he BCPOU and the B CPMU had filed a joint a ction in the Supreme Court q uestioning the governmen ts right to sell 51 per cent B TC to Cable and Wireless. The unions contend that t he government does not h ave the legal right to sell B TC. Justice Adderley ruled however that the action wasa nullity and that the unions l acked the legal capacity to institute and maintain the action in their own names for t he declarations sought. M r Glinton stated yesterday: We submit that he went too far because heo perated under a mistaken understanding of the law and mistaken interpretation of t he Industrial Relations A ct. H e noted that the unions were spurred into action by t he governments announce ment of its decision to sell majority shares of the stateowned telecommunications company to the British tele-c om company Cable and W ireless, and the signing of a memorandum of understanding. M r Glinton argued that t he judge had acted prematurely in acceding to an application to strike out thea ction brought by the unions. He contended that the judge had failed to apprecia te the essence of the case. T he hearing resumes in t he Court of Appeal today before Appellate Court Presi dent Anita Allen, and Jus tices Christopher Blackman and Abdulai Conteh. BLUEWATER had planned to freeze t he pension plans of BTC workers as soon a s possible after buying the company so no new benefits would accrue, documentst abled in the House of Assembly by Prime M inister Hubert Ingraham reveal. According to the document, Bluewater Ventures the company seeking to purchase 49 per cent of BTC shares in 2007u nder the PLP administration would have required BTC employees to join a new d efined contribution plan. T he government would have been responsible for all contributions to fund the deficito f the defined benefit plan. T he privatisation process was not com peted by the PLP before the 2007 general election. Just days before the election, the Cabi n et took a decision not to sell the company. Attorney: judges decision on attempt to block BTC sale was premature PM tables document showing differences between Cable & Wireless and Bluewater Ventures offers PRIMEMINISTER Hubert Ingraham PM: Bluewater planned to freeze pension plans of BTC workers W W e e s s u u b b m m i i t t t t h h a a t t h h e e w w e e n n t t t t o o o o f f a a r r b b e e c c a a u u s s e e h h e e o o p p e e r r a a t t e e d d u u n n d d e e r r a a m m i i s s t t a a k k e e n n u u n n d d e e r r s s t t a a n n d d i i n n g g o o f f t t h h e e l l a a w w a a n n d d m m i i s s t t a a k k e e n n i i n n t t e e r r p p r r e e t t a a t t i i o o n n o o f f t t h h e e I I n n d d u u s s t t r r i i a a l l R R e e l l a a t t i i o o n n s s A A c c t t . Attorney Maurice Glinton

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L OCAL NEWS P AGE 8, TUESDAY, MARCH 22, 2011 THE TRIBUNE SOME families who lost everything in a devastating fire last week are now starting the gruelling process of rebuilding. Approximately 45 persons were left homeless after a fire destroyed eight uninsured houses situated on a plot of generation land in the Ferguson Subdivision. Social Services provided the fire victims all blood relatives with temporary accommodations at the Corner Hotel on Faith Avenue. Unless extended, their one week stay expires today. In the wake of such a catastrophe victims run through their savings pretty quickly purchasing the essentials, said Charles Maynard, Minister of Youth, Sports and Culture. Any financial assistance would be greatly appreciated and building supplies even better. The fire victims resided in his Golden Isles constituency. According to Mr Maynard, some of the men who lost their homes work in construction. They are rebuilding their own homes. If we could obtain donations of building supplies that would go a long way in helping them to help themselves, he said. Many persons in the community have rallied around the families, offering their support. People have reached out to me to offer the fire victims clothes and other assistance, Mr Maynard said. In fact, the Catholic Archdiocese of the Bahamas sent a representative to me to find out what they could do. Apparently, they have a special unit that deals with these type cases. Mr Maynard disclosed that Sandals Emerald Bay in Exuma has also pledged some items. We are working with them to get those items for the fire victims, he said. The Cabinet Minister went on to express his pleasure with the publics response thus far. We are very happy to see people calling and offering a full range of items. The families are very grateful. He added: Some things I sent to the Corner Hotel. I also directed donors with urgent items to go there. Some things the residents wouldnt need until they are ready to move back in, if they are able to rebuild. We are going to arrange storage until they find more permanent accommodations. With regards to clothing, the Golden Isles MP said children required school uniforms and adults needed work clothes. When you lose everything, every need is pressing, said Mr Maynard. We are simply trying to bring some degree of normalcy back into their lives. By K QUINCY PARKER Press Attach Embassy of The Bahamas WASHINGTON, DC National Security Min ister Tommy Turnquest reiterated the commitment o f the Bahamas to the fight against terrorism, which he said remains a critical issue for the international community despite the tremendous strides in the enhancement of security measures. Mr Turnquest last week opened the 11th Regular Session of the Inter-American Committee Against Terrorism (CICTE over the last year. The theme for CICTE XI which the minister welcomed as timely and relevant is Reaffirming our Commitment to prevent, combat and eliminate Terrorism and to strengthen Member State Capacity and Regional Cooperation. Speaking before a room full of representatives from all the democratic states in the Western Hemisphere, Mr Turnquest said: The devastating effects of terrorism do not discriminate and therefore, if we are to be successful in the fight against this phe nomenon, our national efforts must be comple m ented and informed by a hemispheric approach. My country is committed to the fight against terrorism. At the regional level, through CARICOM, we have considered how to approach the security of the Caribbean to better address the threat of terrorism. (We have collaborated on of prosecutors, magistrates and Financial Intelli gence Unit personnel on measures to prevent, deter and identify threats of terrorism and terrorist financ-i ng. At the international level, he continued, this has been accomplished within the United Nations framework, through the international conventions, instruments and resolutions which seek to guide our countries in combating, preventing and countering terrorism. OVERVIEW OF CICTE X The Bahamas year-long chairmanship of the CICTE under the theme of public/private sector partnerships in the fight against terrorism ends this week. Speaking of the success of this programme, Mr Turnquest cited the development of close partnerships between CICTE and such organisations as the UN Office for Drugs and Crime ( UNODC), the Counter-Terrorism Committee (CTC nism for implementing UN Resolution 1540 on obliging states, inter alia, to refrain from supporting by any means non-state actors from developing, acquiring, manufacturing, possessing, transporting, transferring or using nuclear, chemical or biological weapons and their delivery systems. Specifically, the minister cited the pilot project o n the Physical Protection of Nuclear and Related Materials, plus a number of border control and cyber-security training workshops. Although the CICTE is established to promote security in the hemisphere, we know that in todays transnational landscape, borders can be very porous. Therefore, CICTEs initiatives in maritime security, such as the Port Security Assistance Partnership, and initiatives in aviation security (CICTE schol-a rships for the ICAO Civil Aviation Security Workshop) have had a global impact, Mr Turnquest said. Indeed, the Government of the Bahamas has benefitted from such initiatives and has partnered with the CICTE to host a number of workshops aimed at promoting security in the region through capacity building and training exercises. Secretary General of the OAS Jose Miguel Insulza a lso addressed the inaugural session of CICTE XI, noting that terrorism is part of the regions history. Mr Insulza cited a number of terrorism incidents including incidents in Argentina, Panama and con cluding with the infamous bombing of the World Trade Centres and the Pentagon on September 11, 2001 all with a combined death toll in the thousands. He said: With all these and many other victims of t errorism, we give our recognition and our efforts to combat this scourge. Mr Insulza said the fact that there has not been a new attack in the hemisphere of the same magnitude as /11 is due to vigilance and multilateral efforts. The Secretary General recognised the efforts of the Bahamas over the past year, thanking the Gov ernment of the Bahamas for its leadership in under scoring the importance of public/private sector collaboration in counter terrorism. Such cooperation would, he said, preserve the stable democracies of the Americas. BAHAMAS REAFFIRMS ANTI-TERRORISM COMMITMENT THE BAHAMAS DELEGATION to CICTE XI included Freddie Tucker, counsellor; Kimberly Lam, second secretary; Police Commissioner Ellison Greenslade, Ambassador CA Smith, Minister of National Security Tommy Turnquest, and National Security permanent secretary Carl Smith. THE FIRE destroyed eight uninsured houses situated on a plot of generation land in the Ferguson Subdivision. Families start the rebuilding process after devastating fire 45 left homeless after blaze in Ferguson Subdivision

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arate ones self from a political party to which one has become and long been affiliated. But I think it is fair to say that given the timing, the fact that he chose this day, and this debate to do it, indicates the nature of the principle decision that he made and that it has everything to do with using himself and his decision to demonstrate how very important this debate is, and how very important to the future of our country the conclusion of this debate that is the transfer of 51 per cent of the shares of BTC is to the Commonwealthof the Bahamas, said Mr C hristie. At this particular juncture of his own political career, it raises the question of what next for him. But it should make all Bahamians, at least give them and place them in a position to at least consider commending him for demonstrating the courage of his conviction in such an unequivocal and dramatic fashion. With political pundits already speculating on whether or not Mr McCartney will now join up w ith the PLP, Mr Christie said whatever his decision will be, he can be assured of the respect and admiration of very many Bahamians for the step he took today. The PLP will contest every seat in the next general election. That is our intention and that is a declared intention. ButI will also say that we are a party that we characterize as a having a big tent. There is alwaysan open invitation to persons who are interested in being with us to join us, particularly when it appears that the philosophical position they took is similar to the philosophical position that we are taking. Bran McCartney obviously has thought out his own position. He has not consulted me on that matter, even though we have had discussions as MPs, fellow Bahamians, and having common family, so there is a connection there. We leave it entirely to him and his understanding of Bahamian politics to determine for himself the path he must take. Describing the now Independent MP as one of the bright stars in the FNM, Mr Christie said Mr McCartney is a person who many people felt had the greatest future amongst the young members of the FNM. For his part, Mr Christie said that Mr McCartneys resignation is a piercing arrow to the FNM. He has made a major decision of immense implications and he has to make a decision as to the path he is taking. My colleagues around me know, that we are a party that is moving forward and we are moving forward aggressively. And we will respect whatever decision he makes and we wish him well. Throughout this public discussion in our country on the sale of BTC, we have taken the position that it is manifestly not in the interest of the Bahamian people and we ask the government to reconsider its position as opposed to going deeper in it, and even the manner in which the vote was done today was a political event calculated to cause embarrassment. Because we had one member on his way from Exuma, one member on the march, and one member in the Supreme Court. The fact of the matter is though, when it comes to the vote every single PLP MP will use the opportunity to vote No. We will have that opportunity at the conclusion of this debate when we vote on the resolution and we shall vote No. And our Senators in the other place will vote No. The point arising out of this is this is only the beginning and not the conclusion. Because however flippant the other side may be with respect to our commitment, we have made a commitment that when we win the next election this matter will be subjected to the scrutiny of the new government with the principled intention of lawfully taking steps to revert back to the Bahamian position of having ownership of the majority at the very least of the shares of BTC. So this debate is a precursor to a major decision that the people of this country will make, he said. L OCAL NEWS P AGE 10, TUESDAY, MARCH 22, 2011 THE TRIBUNE We certainly regret that Mr McCartney has decided upon this course of action. The party will consider it and we will at some point in the future make a formal statement on the matter. But we do, of course, wish Mr McCartney all the best for the future and we do regret his decision, Mr Bethel said. When asked if he felt the Prime Ministers recent comments had any affect on Mr McCartneys decision, Mr Bethel said absolutely not. If you would have checked the tapes even of this House of Assembly, at the last meeting of the House Mr McCartney and I sat next to each other for most of the morning and we had a very cordial discussion telling jokes and basically being convivial. So any suggestion that any pressure was being brought on Mr McCartney is absolutely untrue. The other letter, Mr Bethel said, was addressed to the party leader Prime Minister Hubert Ingraham. At this time, the FNMs chairman said he would not speculate on the future of the now former FNM MP, and whether or not he would form an alliance with the PLP or form his own political party. He is his own man, he will make his own decisions, he said. In the statement to the FNMs chairman, Mr McCartney said he has been taxed with this decision of determining the best way forward for him and his family for months. It has been difficult, to say the least, facing challenges, which con tradicted my philosophy, convictions and values. I have prayed constantly for an answer to solve this dilemma and my prayers have been answered. I have made a conscience decision to severe my relationship with the Free National Movement. I want to state clearly that this decision is not coded in anyway with animosity or any kind toward the leadership or members of the party, but a decision out of the need to satisfy my conscience. I realise that service above self is the greatest service one can give. I was happy to give my best at the executive level of government. Further, I fully intend to serve the constituents of Bamboo Town by continuing to provide the caliber of representation to which they have become accustomed, he said. The vote on the sale of 51 per cent of BTC continues in the House of Assembly with a resolution for the sale coming by Thursday of this week. were not allowed to congregate on Bay Street in front of Rawson Square. The barricades used to block access to Rawson Square were bound with metal chains and braced with large cement boulders. When will we shake off these chains? We are tired of being chained up; locked up. They chained us before and they have chained us again. This land is our land and we must preserve it for Bahamians, said Bahamian author Eugene Robinson Moore, a participant in the protest. Demonstrators marching under the banner of the Committee to Save BTC for Bahamians, included union members, political supporters from the Progressive Liberal Party, National Development Party and the Workers Party, as well as representatives from non-political groups, such as Blackfood.org. The demonstration peaked at about 600 people, according to Glenn Miller, assistant commissioner of police. As a young Bahamian of 25, I appreciate seeing the revolutionary fire in an ordinarily passive set of people. I implore people who want change to seek the bigger picture. This is a bigger fight. The people who are the major are not in control and dont have the power to make our own choices, said Robin Lightbourne. Police sources said the application for the demonstration was for Parliament Square, where the bust of Sir Milo Butler is located, and not Rawson Square, where the statue of the Queen is located. Parliament Square was not blocked to protesters, although barricades were set up to channel the protesters down Parliament Street North in order to enter the square. Protesters chose to stay on Bay Street and were spread out around the intersection of Bay Street and Parliament Street. On-looking supporters clapped the demonstrators as they arrived on the scene. When the demonstrators passed the straw market, protest leaders recognised straw vendors on the bull horn, and were cheered i n response. In protest of the police barricades, protesters chanted, open the gates, and sang the Bahamian national anthem. Tanya Roberts, a participant in yesterdays protest, said she would be disappointed if the deal passed in parliament despite the protest; however, she said it should not end there. We cannot give up. We need to band together to continue to march and agitate, she said. Bahamians need to realise the power is in our hands. B ernard Evans, president of the Bahamas Communications and Public Officers Union (BCPOU now and the vote something will happen to derail the sale. He said the movement against the sale of BTC to CWC has ushered in a new way of thinking for Bahamians. As a result of the movement, he said, we are awakening the human spirit. He acknowledged the fact that Bahamians are known to be passive and laid back, and usually only come together for political rallies, Junkanoo and parties. That the BTC opposition was a sustained ando rganised group, he said, indicated any legislative matter after this will come under great scrutiny and will not be able to be pushed down the throats of Bahamians. Dwayne Bain said the government should not look only at the number of protesters at yesterdays demonstration as an indication of those who oppose the sale. Because you don't see as many bodies as we would have liked doesn't mean there is not support. If you listen to the radio, television, small groups, many Bahamians in the wider community do not support this deal, said Mr Bain. The country is split by this issue. The government should want to see the country united. They should want to see unity. This is one of the biggest uproars since the government took office, he said. SEEPAGETWO The sale is unreasonable and not in the best interest of the Bahamas making no commercial sense, he said. Mr Sears also questioned the integrity of the Utilities Regulation and Competition Authority (URCA body, which is supposed to be transparent and non-discriminatory of being biased towards the sale. URCA as a telecommunications regulator has a constitutional obligation of impartiality, he said. Earlier this month, URCA approved CWCs acquisition of a 51 per cent stake in BTC without imposing additional conditions. Mr Sears noted that some URCA senior officials are former employees of CWC. In calling for the commission of inquiry, Mr Sears said it must be held because the deal does not pass the smell test. He added that BTC should be sold to an established telecom munications company that is on the cutting edge of technology. SEEPAGESTWO, THREEANDFIVE FROM page one BTC protesters offended FROM page one CHRISTIE COMMENDS COURAGEOUS MP MP calls for Commission of inquir y into BTC sale approached by another man with a handgun and shot in the head. The victim was taken to hospital but died of his injuries a short time later. According to reports, the second victim was shot in the head shortly after 10pm on Sunday by unknown culprits. Twentyf our-year-old Derick Johnson was at a residence on Bowe Avenue. He was wearing a brown plaid shirt and blue jeans when he was approached by a vehicle. The vehicles occupants opened fire. The fatal shooting was preceded by the stabbing of 20year-old Renaldo DJon Appoleon, who died in the street earlier that morning. The man was attacked with a knife inside a barber shop shortly before 1am. The vehicle fire was report ed shortly before 11pm. Fire services discovered a Cherokee Jeep engulfed in flames on a track road at Dorsette Street. After extinguishing the blaze, officers discovered the body in the rear seat of the jeep. Then, shortly after 11.30pm, a 26-year-old man was shot in the buttocks by a hooded cul prit armed with a handgun. According to reports, the victim, who was walking on Pal metto Avenue near Crooked Island Street, was approached by a man wearing a black hooded jacket. The victim was taken to hospital by ambulance where he is listed in stable condition. In other crime-related matters, police officers arrested a 25-year-old Key West Street resident after they recovered a quantity of ammunition. Police were called to the area after it was reported that gunshots w ere being fired. The ammu nition was recovered after police conducted a search of the 25-year-old shortly after midnight yesterday. Officers of Rapid Strike recovered a handgun with ammunition outside Sids Bar at Baillou Hill Road on Sunday evening. No one was arrested in the matter. Shortly after noon yesterday, Kenuths Electric on Tonique Williams-Darling Highway was robbed by two men, one of whom was allegedly armed with a handgun. The men reported ly robbed the establishment and an employee of cash before fleeing the scene. And around 4.00pm, there was a robbery at Bahama Subs on Baillou Hill Road. Two men, one allegedly armed with a handgun, reportedly robbed the store of an undetermined amount of cash before fleeing. Anyone with any informa tion relating to the murders or any ongoing criminal investiga tion should call police as a matter of urgency at 911 919 or call Crime Stoppers immediately on 328-TIPS (8477 24-y ear-old man is shot dead FROM page one Bran McCartney resigns from FNM FROM page one PLP LEADER Perry Christie

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ZWITINA, Libya Associated Press THE INTERNATIONALmilitary intervention in Libya is likely to last "a w hile," a top French official s aid Monday, echoing Moammar Gadhafi's warni ng of a long war ahead as rebels, energized by the strikes on their opponents, s aid they were fighting to r eclaim a city under siege f rom the Libyan leader's forces. B urned-out tanks and pers onnel carriers littered the main desert road leading southwest from Benghazi, the rebel's capital in the east of the country the remains of a pro-Gadhafi force that h ad been besieging the city until it was pounded by intern ational strikes the past two n ights. R ebel fighters in Benghazi h ad now pushed down that highway to the outskirts of the city of Ajdabiya, which pro-Gadhafi forces have surrounded and been pounding with artillery and strikes since last week. The rebels s wept into the nearby oil port of Zwitina, just northeast of the city, which was also the s cene of heavy fighting last w eek though now had b een abandoned by regime forces. There, a power station hit by shelling on Thurs-d ay was still burning, its blackened fuel tank crum pled, with flames and black smoke pouring out. O il prices held above $102 a barrel after the second night of allied strikes in the OPEC nation raised fears ofp rolonged fighting that has already slowed Libyan oil production to a trickle. H enri Guaino, a top advise r to the French president, said two nights of bombing runs and missile attacks had hobbled Libya's air defenses,s talled Gadhafi's troops and all but ended attacks on civilians. A cruise missile late Sunday blasted Gadhafi's residential compound nearhis iconic tent, and fighter jets destroyed a line of tanks m oving on the rebel capital. I t was not known where Gadhafi was when the mis-s ile hit Sunday, but it seemed t o show that he is not safe. Guaino, asked how long the allied efforts would continue, replied simply: "Aw hile yet." The U.N. resolution authorizing international militarya ction in Libya not only sets up a no-fly zone but allows "all necessary measures" to prevent attacks on civilians.S ince the airstrikes began, t he number of civilians flee ing Libya has decreased as Libyans in particular wait out the rapidly changing situa tion, the U.N. refugee agency said Monday. It was a dramatic turn a round in Libya's month-old u pheaval: For 10 days, Gadh afi's forces had been on a triumphant offensive againstt he rebel-held east, driving o pposition fighters back with the overwhelming firepower of tanks, artillery, warplanes and warships. Last week, asr ebels fell back, the stream of civilians crossing into Egypt alone reached 3,000 ad ay. Then, after the no-fly zone was imposed Friday, the number fell to about 1,500 ad ay, said UNHCR spokesw oman Sybella Wilkes. Mohammed Abdul-Mullah, a 38-year-old civil engineer from Benghazi who was fighting with the rebel force, said government troops stopped all resistance aftert he international campaign b egan. "They were running, by foot and in small cars," he said. "The balance hasc hanged a lot. But pro-Gadh afi forces are still strong. They are a professional mili tary and they have good e quipment. Ninety percent of us rebels are civilians, while Gadhafi's people are professional fighters." R ebel fighters descending from Benghazi met no resis tance as they moved to the outskirts of Ajdabiya. In a field of dunes several miles (kilometers a round 150 fighters massed. Some stood on the dunes with binoculars to survey the positions of pro-Gadhafif orces sealing off the e ntrances of the city. Ajd abiya itself was visible, black smoke rising, apparentlyf rom fires burning from fight ing in recent days. "There are five Gadhafi tanks and eight rocketl aunchers behind those trees and lots of 4x4s," said one rebel fighter, Fathi Obeidi, standing on a dune and pointing at a line of trees between his position and the city. G hadafi forces have ringed t he city's entrance and were battling with opposition fighters inside, rebels said. The plan is for the rebel forces from Benghazi "to pinch" the regime troops while "those inside will push out," Obeidi said. New fighting also broke out Monday in Misrata, the last rebel-held city in west ern Libya, according to reports from Al-Jazeera and Al-Arabiya. In Cairo, a group of Libyans angry at the inter national intervention in their homeland blocked the path of U.N. Secretary-General Ban Ki-moon following his meeting at the Arab League on Monday. Ban had finished talks with the Arab League chief Amr Moussa and left the organization's headquarters in Cairo to walk around nearby Tahrir Square, the center piece of Egyptian uprising that last month toppled Hosni Mubarak, when dozens of Libyan protesters converged on him and his security detail. The Libyans, carrying pic tures of Gadhafi and banners critical of the United States and United Nation, blocked Ban's path, forcing him to return to the league and leave from another exit. The resolution makes Gadhafi's forces potential targets for U.S. and Euro pean strikes. U.S., British and French planes went after tanks head ed toward Benghazi, in the opposition-held eastern half of the country. On Sunday, at least seven demolished tanks smoldered in a field 12 miles (20 kilometers Benghazi, many of them with t heir turrets and treads blown off, alongside charred armored personnel carriers, jeeps and SUVs of the kindu sed by Gadhafi fighters. T he U.S. military, for now at the lead of the interna tional campaign, is trying to w alk a fine line over the end game of the assault. It is avoiding for now any appearance that it aims to take outG adhafi or help the rebels oust him, instead limiting its stated goals to protecting civilians. Britain also is treading carefully. Foreign Secretary William Hague refused Mond ay to say if Gadhafi would o r could be assassinated, insisting he would not "get drawn into details about what or whom may be targeted." "I'm not going to speculate on the targets," Hague said in a heated interview with BBC radio. "That depends on the circumstances at the time." A military official said Air Force B-2 stealth bombers flew 25 hours in a round trip from Whiteman Air Force Base in Missouri and dropped 45 2,000-pound bombs. What happens if rebel forces eventually go on the offensive against Gadhafi's troops remains unclear. Rebels defended their sup port of the international intervention into Libya apparently feeling the sting of criticism from other Libyans and Arabs who warned the country could be divided or collapse into a civil war. "Libya will not turn into Somalia or Iraq. It will not be divided. We are battling the Libyan people are battling a gang of mercenaries," Mohammed al-Misrati, a rebel spokesman in the stronghold of Misrata, told Al-Jazeera on Monday. U.S. Defense Secretary Robert Gates said late Sunday that the U.S. expects turn over control of the oper ation to a coalition headed by France, Britain or NATO "in a matter of days," reflect ing concern that the U.S. military was stretched thin by its current missions. Turkey was blocking NATO action, which requires agreement by all 28 members of the alliance. I NTERNATIONAL NEWS P AGE 12, TUESDAY, MARCH 22, 2011 THE TRIBUNE affordable terms swift response down payment as low as 5%*all of the above*with mortgage indemnity insuranceown the home of your dreams A MBESTA-ExcellentFinancialStrengthRating call our morgage department today at (242396-4040 (Nassau242Freeport A SUBSIDIARY OFNASSAU I FREEPORT I ABACO I ELEUTHERA I EXUMA I FINANCIAL CENTRE I CORPORATE CENTRE I www.famguardbahamas.com Libya action could last while, official says THIS PHOTO provided Monday, March 21, 2011 by the French army shows a pilot exiting a Mirage 2000 jet fighter on the Solenzara air base after a mission to Libya, Corsica island, Mediterranean sea, Sunday March, 20, 2011. France has sent about 15 planes to eastern Libya on Sunday, French military spokesman Thierry Burkhard said, and said no civilian casualties have been reported by French forces in the region. (AP IN THIS IMAGE provided by the French Defense Ministry, a French pilot i s seen aboard a Mirage 2000 jet fighter before a mission to Libya, at S olenzara air base, Corsica island, Mediterranean Sea, Monday. (AP A LIBYAN r ebel patrols the front line of the outskirts of the city of Ajdabiya, south of Benghazi, east-e rn Libya, Monday, March 21, 2011. The international military intervention in Libya is likely to last "a while," a top French official said Monday, echoing Moammar Gadhafi's warning of a long war ahead as rebels, energized by thes trikes on their opponents, said they were fighting to reclaim a city under siege from the Libyan lead-e r's forces. (AP

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SECTIONB business@tribunemedia.net TUESDAY, MARCH 22, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission f rom the daily report.$ $5.10 $5.12 $4.72 n!" rnn tnrf n!nnr By NEIL HARTNELL Tribune Business Editor The two rejected bidders i n the last Bahamas Telecommunications Com pany (BTC r ound offered purchase prices for a 51 per cent controlling stake that were $64 million and $37 million lower, respectively, thant he $217 million sum (sales price plus Stamp Duty) set to be paid by Cable & Wireless Communications (CWC A ccording to documents tabled by the Government in the House of Assembly yesterday, the offer submitted by One Equity Part ners, JP Morgans private equity arm, and its operating partner, Vodafone, was estimated at between $160-$180 million, while the bid from Atlantic TeleNetwork/CFAL was for $153 million. Both prices were assumed to be gross offers, meaning Rival BTC bids $37-$64 million below CWC s SEE page 5B By NEIL HARTNELL T ribune Business Editor The Bahamas Telecom munications Company (BTCh ave paid little to no tax or fees to the Government had Bluewater Ventures successfully closed its $260 million purchase of a 49 perc ent stake in the stateowned incumbent, docu ments tabled in the House LITTLE T O N O TAX FROM BLUEWATER BTC PURCHASE Wanted full five year duty waiver on equipment imports, with government agreeable to3 3%, three-year drop Christie government s buyer wanted to close existing BTC employee pension plan, with PLP also agreeing to fund deficit* Suggestion share pledge showed Bluewater planned leverage buyout Six-year monopolies on cellular and landline sought SEE page 6B By NEIL HARTNELL T ribune Business Editor G rowth in the sale of illegal alcohol imports represents the largest singlet hreat to sales growth at the Commonwealth Brewe ry group, the memorandum for the $62.5 million initial public offering (IPOr eveals, with this segment estimated to account for 1520 per cent of all alcohol sales in the Bahamas. Setting aside the economi c downturns impact on Commonwealth Breweryst op-line, the company said: Management believes the growth of the illegal ParallelM arket in the country presents the largest single threat to sales growth. These i mports shipped in illegally from the United States to a void Customs duties are estimated to represent 1520 per cent of the alcoholicb everage industry in the country. These combined e vents have placed downward pressure on volume and, as a result, the net saleso f the Commonwealth Brewery group. On a regional basis, both New Providence and Grand Bahama witnessed a rev-e nue decline in 2010. The other islands category,w hich represents approximately 30 per cent of total revenue, was down 6 perc ent in 2010, ending the year at $34 million, down from $36 million in 2009. Comm onwealth Brewery management again attributes this d rop to the development and expansion of the illegal Parallel Market. T he offering memorandum, released yesterday, a lso disclosed that Kalik is the only beer brand to have enjoyed sales growth inr ecent years, with its sales now accounting for 23 per cent of the Commonwealth Brewery groups total sales. The company added that w hile beer remains the main contributor to the groupsb ottom line, spirits sales were rising. Management Illegal alcohol sales 1520% of Bahamas market n IPO offering document describes this as companys greatest threat n Kalik now best-selling brand for Commonwealth, accounting for 23% of total sales n H eineken gets Know How fee of 0.4% of net sales SEE page 4B By NEIL HARTNELL Tribune Business Editor and ALISON LOWE Tribune Business Reporter The Government is mak i ng inquiries about the possible purchase of the SG Hambros building on West Bay Street, near Cable Beach, a minister confirmed yesterday, as sources close to the matter suggested the proper-t y would be used to house g overnment departments relocated from the Cecil-Wallace Whitfield Building. Minister of State for Finance, Zhivargo Laing, con firmed to Tribune Business that the Government has an interest in the building but declined to go into details. Some inquiries are being made but I cannot comment on anything further at this time, said Mr Laing. A message left for SG Hambros Managing Director, Dorothy Hilton, seeking comment on the matter, was not returned up to press time. However, Tribune Business has been informed by sources who requested anonymity that SG Hambros staff were MINIS TER C ONFIRMS INQUIRIES ON $1 8M HAMBR OS PR OPER T Y Zhivargo Laing SEE page 4B By NEIL HARTNELL T ribune Business Editor The Bahamas International Secur ities Exchanges (BISX utive yesterday pledged that it would r eview the equities markets structure and pricing mechanism this year, particularly the 1,000 sharest raded threshold that triggers changes in a stocks closing price. We entirely intend to review the 1,000 share limit, Keith Davies told Tribune Business in an interview. One of the things we explained to members many yearsa go is that we needed some history behind us, and information as to what the average movement for symbol [stock] was over a certain period of time to see where that number should be, or if it should be removed. Currently, a minimum 1,000 shares must be traded to i nduce a change in the closing price of a BISX-listed stock, with a weighted average based on the volume of BISX pledges market review during 2011 1,000 share trade threshold to come under particular scrutiny KEITHDAVIES SEE page 4B B y NEIL HARTNELL Tribune Business Editor C ommonwealth Brewery has averaged a bettert han 60 per cent success rate in meeting key indicators such as profitability,i ts $62.5 million initial public offering (IPO r andum has revealed, although wholesale and retail drinks revenues haveb een on a 3 per cent per annum declining trend since 2008. Assessing the recessions impact on the groupsf inancial performance, the offering memorandum said Commonwealth Breweryst otal sales volumes had been especially challenged, w ith year-on-year volumes falling by 5 per cent in 2009, from 213,000 hec-t olitres to 203,000 hectolitres. And the pace oft his decline increased in 2010, with an 8 per cent Brewers better than 60% target achievement rate SEE page 7B

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B y the time you read this article, the great Parliamentary debate on the sale of theB ahamas Telecommunica tions Company (BTC in full swing. I suspect the lucid details of the previous Bluewater deal will have been revealed, and additional information about Cable andW ireless Communications ( C&W), both positive and negative, made public. The PLP is not denying that it was going to sell to Bluewater, and the FNM will sell to C&W. Notwithstanding this, I was amazed to hear a PLP supporter say the Bluewater deal is irrelevant because it did not go through in the endeven though the PLP would have sold BTC to Bluewater if it had more time. I find this to be a most interesting position indeed. Comparison A head-to-head compari son of both deals would give the Bahamian people great insight into not only the deals themselves but also into judgment, competence and the skills of the respective admin istrations to negotiate such transactions, in the best interest of the Bahamian people. Remember now, BTC is only the first of many privatisations that will undoubtedly occur in the Bahamas. Positions The unions seem to be tak ing the position: Privatisa tion yes, C&W no. From what I can gather there seem to be two underlying sub-positions. The first position is that C&W may not be a fit oper ator, and the second position is that BTC should only be sold to Bahamians. On the first position, the unions need to put their case to theor membership and the Bahamian public at large. Yes, somebody needs to explain how C&W got to the table after not having initially submitted a bid. To the objective observer that is still a question mark. However, in the final analysis it does not seem that this position (C&W being unfit garnered widespread or sufficient traction thus far to make the population at large vocally and tangibly lend its support to this particular point. The second position regarding the sale of BTC to Bahamians is an emotional one. If Bahamians meet the established criteria, then they should have every opportuni ty to purchase BTC. We were told that there were groups with Bahamian interests bidding for BTC. The Bahamian people should be told why these groups were eliminated. Hopefully, such explanations will produce learning points that would make future Bahamian bids even stronger. The fact that a Bahamianled bid is not the finalist does not in any way invalidate the entire privatisation process, but at a minimum there should be a clear articulation of the shortfalls of such a bid. Further, just because a bid is a Bahamian bid does not automatically mean its acceptance is in the best interest of the nation. Hopefully, this position will be put to bed during the debate. Public Discussion There is a view being advanced that there was no public discussion regarding the privatisation process. I reject this view because, if I am not mistaken, previous manifestos of both the FNM and PLP highlighted privatisation as a key and fundamental policy to be pursued if elected. For those unaware: A man ifesto is a public declaration of principles and intentions, often political in nature. Therefore, if there was insufficient public discussion then there was a collective failure on behalf of the Government pursuing a privatisation agenda, the official oppo sition, the free press, the collective union movement and civil society organisationsa full and complete system failure. People tend to forget that the privatisation journey began in 1992. All parties mentioned above had almost 20 years to develop, refine and put their position on this all-important matter to the Bahamian people. However, I would concede that within the privatisation process, there must be provisions to ensure job and training opportunities for Bahamian professionals down the road. We need to maintain jobs in the Bahamas, and Bahamians must have opportunities within the larger operations of the acquiring organisations. Outcome There is a lot of specula tion going around town that there will be dissension when it comes time to vote on the resolution. I predict that every FNM Member of Parliament will vote for the resolution, and every PLP Member and the newly independent Member for Bamboo Town will vote against it. In other words, every single Member of Parliament (except Branville McCartney will toe the party line and it will be much ado about nothing. The only possible wildcard to this scenario is if you get 15,000 or more people in Rawson Square expressing their opposition to the sale of BTC. So far, the numbers have been nowhere near these required levels. Without a truly legitimate number of demonstrators against the resolution, there will be no re-think. The Bahamian people have a right to access the relevant information leading to this most important decision. This is indeed the essence of fairness, transparency and accountabilityideals that all political parties claim to adhere to. Until next week NB: Larry R. Gibson, a Chartered Financial Analyst, is vice-president pensions, Colonial Pensions Services (Bahamas subsidiary of Colonial Group International, which owns Atlantic Medical Insurance and is a major shareholder of Security & General Insurance Company in The Bahamas. The views expressed are those of the author and do not necessarily represent those of Colonial Group International or any of its subsidiary and/or affiliated com panies. Please direct any questions or comments to "mailto:Larry.Gibson@atlanti chouse.com.bs" Larry.Gib son@atlantichouse.com.bs BUSINESS PAGE 2B, TUESDAY, MARCH 22, 2011 THE TRIBUNE BTC debate must provide complete transparency Financial Focus By Larry Gibson Bahamas Realty has won two Leading Real Estate Companies of the World Awards. The awards were presented on March 9 at the 2011 Conference of Leading Real Estate Companies of the World at The Cosmopolitan of Las Vegas in Nevada. Bahamas Realty was named the Top International Luxury Brokerage by Luxury Portfolio International. The award is presented to the firm based outside the US that epitomises the quality, strength and luxury market expertise synonymous with the Luxury Portfolio brand. In addition, the Bahamian realtor received the First Place Award in its category for Luxury Portfolio Marketing. This award recognises the company that best uses the Luxury Portfolio branding in the marketing of its luxury properties, and in the quality of its marketing materials. Bahamas Realty chief executive, Larry Roberts, attributed much of the success for winning the awards to the job that the companys marketing coordinator, Kendenique Moxey, is doing in capitalising on the resources of the Luxury Portfolio brand. Bahamas Realty is the Bahamian representative of Leading Real Estate Companies of the World, the network of more than 600 premier locally-branded firms, which is represented by 5,000 offices and 150,000 associates in more than 30 countries, producing $250 billion in annual home sales. REALTOR WINS TOP GLOBAL HONOURS Bahamas Realtys chief executive was a speaker at the 2011 Leading Real Estate Companies of the World conference on March 8-10, at The Cosmopolitan of Las Vegas in Nevada. The topic of discussion, in which Larry Roberts was one of the panellists, was R eal Estate Without Borders. Are you ready? China, and the expansion of its business interests worldwide, featured greatly in the session, so Mr Roberts gave an overview of the $2.6 billion Baha Mar development that has recently broken ground on Cable Beach. The development is being financed by the China Export-Import Bank, and is being built by the China State Construction & Engineering Company. The resort is scheduled for completion in 2014. Some 800 top real estate brokers, managers, relocation professionals, sponsors and guests attended the conference from the US and eight countries around the world. The week-long series of four conferences in one boasted over 150 speakers from within the real estate industry and beyond, who addressed a broad range of topics relating to real estate management, technology, marketing and business development. B AHAMAS REAL TY CHIEF SPEAKER AT KEY CONFERENCE WINNINGSMILES: Kendenique Moxey, marketing coordinator, Bahamas Realty; Paul Boomsma, president of Luxury Portfolio and chief operating officer of Leading Real Estate Companies of the World; Larry Roberts, chief executive of Bahamas Realty. AWARDED: Harold Crye, chairman of Leading Real Estate Companies of the World; Larry Roberts, chief executive of Bahamas Realty. PROTESTING: The BTC deal protest yesterday outside Parliament.

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BUSINESS THE TRIBUNE TUESDAY, MARCH 22, 2011, PAGE 3B 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 (UXVW%DKDPDVf/WG $WWQ+XPDQHVRXUFHVDQDJHU H'HVNWRSDQG\VWHPV(QJLQHHUf &HQWUHRI&RPPHUFHQG)ORRU 2QH%D\WUHHW 3 1DVVDXKH%DKDPDV 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 By ALISON LOWE Business Reporter alowe@tribunemedia.net Bunker surcharge increases unveiled yesterday by major shippers serving the Bahamas have retailers and wholesalers warning they will have to pass the extra financial burden on to consumers in the not too distant future. While Phil Lightbourne, proprietor of Phils Food Services on Gladstone Road, said he would seek to mitigate the impact of the announced increases by Crowley Maritime and Seaboard Marine through negotiating with shippers who will be keen to keep his high volume business, he warned that some in-store price increases should be expected by consumers in light of the rise in the bunker surcharge announced by the two companies last Friday. Meanwhile, Robert DAlbenas, managing director of DAlbenas agencies, said that not just Crowley Maritime and Seaboard Marine, but most of the shipping companies, have implemented price rises affecting some portion of their shipping costs in recent times. Add this to the increasing cost of manufactured goods, which rise as the companies which produce them feel their costs grow, and Bahamian retailers and wholesalers will not be able to continue to absorb the cost increases for much longer, said Mr DAlbenas. The fact that fuel increases affect the shipping portion is one aspect of it (any decision by local wholesalers and retailers to raise the prices they charge consumers), but the other aspect is the fuel increases also affect the manufacturers, so their costs go up. I think we will see manufacturers increases their prices, too, said Mr DAlbenas. Crowley Maritime and Seaboard Marine, members of the Florida-Bahamas Shipowners and Operators Association, announced a two-step increase in bunker surcharges that will take effect on April 17 and May 8. The carriers said they were announcing the two-step increases early for planning purposes. They said the increases were required by "the current unpredictable and rapid escalation in fuel prices. The surcharge on 20-foot containers will increase $75 on April 17, and another $50 on May 11. The surcharge of 40-foot containers will go up $150 on April 17, and another $100 on May 8. The surcharge on equipment larger than 40 feet will increase by $169 on April 17, and another $113 on May 8. The increases come on top of the increase in fuel surcharges the association implemented on February 20. The bunker surcharge represents the floating part of sea freight charges which is an addition due to oil prices. Mr Lightbourne described the rises as very, very significant, although likely to hit smaller importers harder than himself, as he can use the volume of importation he does as leverage to negotiate rates with shipping companies. If we stick with one steam line they tend to give us a little break, but it will cause some prices to go up, said Mr Lightbourne. He said that Phils Food Services does roughly around 10 per cent of its business with Crowley Maritime and a smaller percentage with Seaboard. An accountant for another major Bahamian retailer, who commented anonymously yesterday, said his company will also not be able to absorb the cost of the rise. Obviously, everyones got to pass it on. Its nothing we or the Bahamas can do anything about. If the cost of importing goods increases then thats just what you do. Were not going to profit from it but we cant absorb it, said the senior employee. Price rises loom from shipping surcharge rise By ALISON LOWE Business Reporter alowe@tribunemedia.net The Central Bank of the Bahamas is very closely monitoring commercial banks as loan delinquency continues to rise, its gove rnor suggesting it is very important for overall financial stability that banks make the necessary provisions for credit loss. Answering questions at the World Banking Institutes Conference y esterday, which is being hosted in the Bahamas for the first time, W endy Craigg, said the bank the regulator of the banks and t rust companies sector is having ongoing dialogue with financial institutions about the deteriorating credit quality being seen in t he industry. Certainly this is something that has come to our attention and we are monitoring it very closely. I cant say that [the banks] havent been provisioning. Its very important for us and for overall financial stability that the banks are m aking appropriate provisions, and that the capital is being maint ained to support the business, and so this is something we are f ocusing on very closely, said Ms Craigg. She spoke in response to a question from a member of the audience at the WBIC, where representatives of banking institutes from 14 countries, including the Bahamas, have gathered at the Atlantis resort on Paradise Island. B anking institutes promote training and further education for bankers, as part of an overall strategy to encourage the development and growth of the financial services sector. An audience member at the event, which began yesterday and c ontinues today, asked the Governor if the Central Bank of The Bahamas was taking any special steps to determine the accuracy of loan provisioning and collateral adequacy in light of rising l evels of bad credit in the Bahamas, as increasing numbers of borrowers fail to make expected payments. T he banking conference participant suggested there appears to be a lot of pressure for senior managers to stray from good cor porate governance when it comes to such provisions. H is query came after Ms Craigg spoke on the topic of trust and accountability from a regulatory perspective. She said t he Central Bank of the Bahamas has placed special emphasis on promoting good corporate governance in the wake of the recent financial cri-s is, as a means of minimising the likelihood of bank failures andc onsequent risk to the public. Go v er nance We have high expectations f or the governance of banks. By their very nature banks pose special risks to the broader economy. They perform a crucial role in the flow of capital, providing f inancing for businesses and other services and are integral to the payment system. They must operate in a way that promotes confidence amongst the public and their primary shareholders. A lack of sound governance can lead to bank failures, impose a significant public cost and have a contagion risk with broader public consequences and a a loss of public confidence in these institutions ability to manage their affairs... Good corporate governance is important to maintaining a s ound and stable financial system and a robust economy, said Ms Craigg. A mong the ways in which the Central Bank of the Bahamas promotes good corporate governance in Bahamas-based banks is t hrough providing guidance mostly based on best international practices; evaluating the implementation of those guidelines; and by maintaining an ongoing dialogue with a banks Board of Direct ors and senior management, bringing any issues to the attention of those groups so it can be addressed. As regulators we cant prevent all problems. We dont have the resources, nor is it feasible for us to check everything. So it is i mportant that there is a corporate governance structure that works and that there is the necessary accountability and checks and balances to enhance our confidence that these institutions areb eing operated prudently, said the Governor. Earlier this month a senior Bahamian banking executive yesterday said it was likely the Bahamian financial services sector would "hit" the 20 per cent loan delinquency threshold, after credit arrears rose by $52.2 million or 4.6 per cent to almost $1.2 billion during January 2011. P aul McWeeney, Bank of the Bahamas International's managing director, suggested the industry faces the prospect of "living with" these numbers for at least another two years. H is comments came as total delinquencies rose by $31.7 million or 12.4 per cent to $286.9 million in January 2011, with commercial loans 31-90 days past due growing by $22.9 million or 36.3 per cent. Non-performing commercial loans, which are 90 days or more p ast due, and upon which banks stop accruing interest, rose by $8.8 million or 4.6 per cent. There are some $1.217 billion in outstanding Bahamian dollar a nd foreign currency loans outstanding, so commercial loan delinquencies are now approaching 25 per cent meaning $1 out of every $4 extended as commercial credit is in default. Regulator closely watches bad loans W ENDY CRAIGG

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believes this trend to be cons istent with consumer behaviour in other markets during economic downturns, which is to consume lowerc ost per unit of alcohol beverages, the offering memorandum said. Within the portfolio, the Heineken brand has exper ienced the most significant decline. Nonetheless, the brand continues to represent1 7 per cent of the Commonwealth Brewery Groups o verall volume. Kalik is the only beer brand that has enjoyed salesg rowth over the period, due in part to increased marketing activities targeted at spe-c ific cultural events as well as increased export to the US, where it has recently been introduced into seven new markets. Kalik now represents a greater share of the companys portfolio (23 per cent Heineken. Guinness and non-alcoholic beverages both account for 16 per cent of Commonwealth Brewerys total sales by brand, withs pirits generating 11 per c ent; wines 6 per cent; imported beer, 10 per cent;a nd other beer, 1 per cent. T he offering memorand um also gave extensive details on CommonwealthB rewerys related party t ransactions with 75 per cent m ajority shareholder, Heineken BV, particularlyt he switch from an annual management fee to a know how fee that is paid by the company to the international brewing giant. In relation to the marketing, brand support, finance, tax and accounting services p rovided by Heineken, the offering memorandum said: In exchange for these serv ices, the Commonwealth Brewery group paid a fixed management fee of $850,000 per annum to Heineken. As of June 30, 201o, this management fee was changed to a Know How f ee of 0.4 per cent of the c onsolidated net sales. From J anuary through June 2010, Commonwealth Brewery paid $325,000 of the $ 850,000 fee, and $297,000 from June through Decemb er under the new arrangement. As for other agreements, r elating to transportation, bottling, licensing and trademark use, a management agreement with Heinekenw as changed to allow for the p ayment of a lower fee by C ommonwealth Brewery. T his reduced the payment t o $725,747 in 2010, comp ared to $864,630 in 2009 and $1.17 million in 2008. Supply chain fees paid to Heineken fell from $220,149 in 2009 to $145,658 in 2010, having reached at $161,240 in 2008. Looking ahead, the Commonwealth Brewery offering memorandum said: Worldwide consumption ofb eer has increased by 2-3 per cent over the past couple o f years, driven mainly by developing markets. Mana gement believes that local e conomic recovery will occur albeit slowly and w ill result in moderate volu me growth for the compan y...... Despite substantial financ ial challenges over the past several years, Commonwealth Brewery continues t o distribute a substantial proportion of its net income t o shareholders. Using a market value as directed by this offering namely $249.9m illion and applying the 100 per cent net income divi dend payout policy for C ommonwealth Brewery o ver the past three years, the company would have had a dividend yield of 4.5 p er cent to a high of 7.7 per c ent. This compares favourably to the average yield of 3-4 per cent among listed stocks in the Bahamas. 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Stock prices are also restricted from moving more than 10 per cent either side oft he previous days close. Indicating that certain BISX-listed stocks, with broad shareholder bases, had enough liquidity and trading volume/activity to possibly make the ,000 shares traded threshold irrelevant, Mr Davies said the market structure r eview would take place in conjunction with the exchanges m embers. Structure We will be looking at this market structure again, and doing it this year in conjunction with our members, as we are required to so, and with leave from the Securities Commission at the end of the day, Mr Davies told TribuneB usiness. He added that even the larger Caribbean regional markets, s uch as Barbados, Trinidad and Jamaica, were also plagued by relatively low trading volumes and liquidity, pointing o ut that this was bound to be a fact of life in small countries such as the Bahamas. In response to complaints that low liquidity levels were depressing BISX share prices below their true value, with prices being influences by retail investors selling out for non-financial reasons, Mr Davies said most Bahamian stocks had appreciated upwards over time, especially those that w ere well-managed and generated strong profitability. FROM page 1B informed in a meeting on Friday that the Government was set to purchase the property for $18 million, and the bank would eventually relocate to rented office premises. SG Hambros has downsized its operations slowly over the years, and is said to no longer need an office of that size, which sources suggested would be perfect for an Office of the Prime Minister given its existing facilities, parking space and available land. The $18 million purchase price is also similar to the sum that Baha Mar is paying the Government to acquire the exist ing Cecil Wallace Whitfield building. MINIS TER C ONFIRMS INQUIRIES ON $18M HAMBROS PROPERTY FROM page 1B

PAGE 13

that they included Stamp Duty, while the One Equity Partners/Vodafone price was estimated becauset heir offer only mentioned a multiple range of 4.25-5 times sustainable EBITDA[ operating income]. Julian Francis, BTCs e xecutive chairman and a key player on the privatisation committee that ulti m ately recommended CWC as the preferred BTC strategic partner, previously told Tribune Business that while the One EquityP artners/Vodafone bid was looked at as the front runner among the four players who qualified for the extended due diligencep hase, it was ultimately rejected because the duo were unable or unwilling to structure a deal where Vodafone had a significant equity stake. Concerned Despite having 303 million subscribers worldwide, along with $69.3 billion in revenues and $24.5 billionin operating income, Vodafones business is concentrated mainly on the cellular/wireless side, and without a major ownership interest in the BTC bid, the privatisation committee is understood to have been concerned about whether the UK-based company would remain involved in the Bahamas long-term. Indeed, financing for the One Equity Partners/Voda fone bid was to be 90 per cent-plus provided by the JP Morgan private equity fund, with Vodafone having minimal equity, although one advantage was that no debt financing was required. In other words, there were concerns about whether Vodafone could vanish almost overnight, leaving BTC without the financial, technical and managerial resources it needed. The pri vatisation committee is also likely to have harboured questions over whether Vodafone, as a management rather than ownership partner, would bring the required focus to BTC. In the documents tabled by the Government yester day, it was confirmed that Vodafone Partner Markets would have received a man agement contract to run B TC. While no financial terms were set out in the One Equity Partners/Vodafone bid document, the Government said these werel ikely to come at a significant cost. Meanwhile, the Atlantic T ele-Network/CFAL bid was the only one to have a B ahamian component in the shape of Colinas investment advisory arm. Mr Francish ad previously told Tribune Business that while he took his hat off to CFAL, the bid was ultimately rejected because Atlantic Tele-Net-w ork was considered too small a strategic partner. BTC, the executive chairman added, should be acquiring Atlantic Tele-Net-w ork, not the other way around. There is some justification in that comment, for Atlantic Tele-Network, despite having 1.2 million subscribers, generated only $242 million in revenues in 2009, almost $120 million than BTCs $361 million. Atlantic Tele-Networks $70 million in operating income for that year, though, was closer to BTCs. A round 90 per cent of the financing for this bid was to come from Atlantic TeleNetwork, with the remain ing 10-15 per cent set to c ome via CFAL and Bahamian investors. This financing, though, was dependent on an existing and new loan facility with a ccordion feature, and Atlantic Tele-Network would have received a man a gement contract worth 3-4 per cent of BTCs annual gross revenues. Agreements That latter sum is greater than the 2 per cent of grossr evenues which CWC will receive from support services, know how and trade mark agreements, plus a cost-based fee for certain support services. One advantage of the Atlantic TeleNetwork/CFAL bid was that it was willing to liberalise the cellular market earlier than CWC, insisting only ona two-year post-privatisation monopoly before a rival licence is issued, compared to the three years CWC will h ave prior to the start of such a bidding process. One Equity Partners and Vodafone, in contrast, want ed a four-year exclusivity on c ellular. And the other major dif ference between CWCs bid a nd the two rejected offers was that both the latter had serious reservations with the transfer of share restrictions, neither being will i ng to accept hardly any proposed by Government. In contrast, CWC has agreed that it cannot sell or transfer any of its 51 perc ent majority stake for five years post-privatisation. Once that deadline is met, the Government has the right of first refusal, and if itd oes not take this up then CWC has the right to sell to another established telecommunications company. Elsewhere, there were many similarities between the CWC offer and the two rejected bids, all basing their submissions on the Government receiving $11 million per annum in communications fees from BTC, plus 3 per cent of revenues. BUSINESS THE TRIBUNE TUESDAY, MARCH 22, 2011, PAGE 5B By ALISON LOWE Business Reporter alowe@tribunemedia.net The supervisory and regulatory pract ices in place in the Bahamas financial services sector may be superior to those in developed nations, where the demand for the implementation of such initiatives first arose, the Attorney General yesterday told a gathering of international bankers. J ohn Delaney QC, also Minister of Legal Affairs, said the Bahamas is today comp etitively placed as a respected (financial s ervices) jurisdiction in this new environm ent, with an opportunity to do well without apology. He was addressing the World Banking Institutes Conference as its keynote speaker. The event, which has attracted partici-p ants from 14 countries, including the B ahamas, began yesterday and continues t oday at the Atlantis resort, Paradise Island. Mr Delaney, a former director of the Bahamas Financial Services Board (BFSB s aid: In the last decade, we have undert aken the most comprehensive reform of o ur financial services sector ever, in order to ensure compliance with a new regulatory and supervisory architecture, which was ther esult of three distinct global initiatives. We do recognise that the reforms under taken added a greater complexity to the sector, but we have no doubt now that the sector is substantially more robust, and that the welfare of the users of its services and, indeed, the welfare of the broader economy have been considerably enhanced. We are proud of the progress we have made in responding to these global initiat ives, but we note, with more than passing interest, that in comparison to some of the industrial jurisdictions where the demandf or the initiatives arose, our own supervisor y and regulatory practices may be superior. Mr Delaney said the Government believes the greatest contribution it can make to the financial services sector in the Bahamas is to enable, as much as possible, the creation oft he most progressive financial services environment. He noted that the introduction of e-government, set to be launched in the middle oft his year, and the imminent privatisation of t he government-owned telecommunications provider factor into this effort. Without cost-efficient, comprehensive a nd state-of-the-art telecommunications, the g oal of becoming a networked society with a rapidly developing e-business sector would be unattainable. Our liberalised telecommunications sec t or policy is already in place, and so with the imminent privatisation of BTC we will have fully positioned ourselves to support our commercial competitiveness in this techno-l ogical revolution which continues to unfold, said Mr Delaney. Bahamas regulation beats top countries FROM page 1B Rival BTC bids $37-$64 million below CWCs JOHN DELANEY N EW YORK Treasurys slipped Monday after the government announced plans to start selling $142 billion in mortgage bonds and worries about Japan started to fade. The Treasury said that it will sell up to $10 billion of mortgagebacked bonds each month beginning in March. The Monday announcement marks another step by the government to end emergency programs launched in 2008 and 2009 to help markets t hrough the financial crisis. The sales also add to the supply of government-backed bonds in the market and could draw investors away from lower-paying Treasurys. In afternoon trading, the 10-year Treasury note fell 50 cents per $100 invested. Its yield rose to 3.33 percent from 3.27 percent late Friday. Bond yields rise when prices fall. As fears about Japan's stricken nuclear reactors eased, investors didn't feel the need to stock up on Treasury bonds. The Nuclear R egulatory Commission said the situation at the Fukushima Daiichi plant appeared to be stabilizing. Containment at three of the plant's six reactors was intact, the commission said. The price on the 30-year bond fell 56.2 cents. Its yield rose to 4.45 percent from 4.42 percent. TREASURYS FALL ON NEWS OF MORTGAGE-BOND SALE

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MIAMI Despite rising fuel costs and more stringent environmental regulations, the cruise industry expects modest growth in 2011 as eight new large ships debut and consumers continue to shake off the effects of a recession, industry executives said. The Cruise Lines International Association predicts that 16 million people three-quarters of them from North America will vacation aboard cruise ships this year, up 6.6 per cent from 2010. Last year's numbers exceeded the trade association's projections. CEOs of six of the leading cruise lines, speaking during a panel discussion at the annual Cruise Shipping Miami conference, expressed tempered optimism for continued growth, noting the large untapped market worldwide for cruising. The industry said cruising still makes up around3 per cent of the vacation sector in the United States. Holland America Line CEO Stein Kruse said baby boomers who hold the majority of the wealth are a huge untapped customer base as the economy improves and vacation spending picks up again. "They're living better, they're living longer, they have more interest in travel and cruising appeals to them," Kruse said. Capacity Cruise companies managed to keep their ships at c apacity during the last few y ears by cutting prices. That made cruising more affordable for more people whose positive experience likely will bring them back for future vacations, said Gerald R. Cahill, president and CEO of Carnival Cruise Lines. "Once again, the industry showed how resilient it was," Cahill said. "We filled our ships (with were still profitable as an industry, which is a big deal. The industry continued to grow, we added new ships and we innovated." Among the new ships this year is the 4,000-passenger Disney Dream, the cruise line's third ship and its first new one in more than a decade. The Dream is sailing to the Bahamas from Florida's Port Canaveral. In May, Carnival Cruise Lines is debuting its largest ship, Carnival Magic. The 3,690-passenger vessel, sailing from Barcelona, is industry leader Carnival's 23rd ship. Norwegian Cruise Line CEO Kevin Sheehan said newer ships are more fuel efficient and feature betterd esigned and more comforta ble cabins, more diverse dining options, more entertainment and innovative outdoor spaces including water rides, and on-deck movie theatres and nightclubs. "It's not enough for our guests to just smell the sea air, they want to breathe it and feel it, and we're figuring out more new and creative ways to bring our guests closer and closer to the sea," he said. Industry officials cited rising fuel costs, more restrictive emission control regulations and lack of standardized regulations around the world as the most pressing chall enges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t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further fall to 187,000 hectolitres. The Commonwealth Brewery group responded aggress ively to offset this decline and realised significant cost savings through innovative cost-cutting measures across all a spects of the business, including energy consumption, shipping and raw material costs, and packing material resourcing, the offering memorandum said. These measures produced savings of approximately $1.7 million for the Brewery and $0.8 for the distribution arm of t he business [Burns House] in 2010. Raw materials, consummables and services costs were reduced 5 per cent yearover-year between 2009 and 2010. W holesale sales had dropped from $79.934 million in 2008 to $76.067 million in 2009, with a further drop to $ 73.886 million. The same trend had taken place on the Burns House retail distribution front where, after a slight sales increase from $33.479 million in 2008 to $35.318 milliont o 2009, revenues had dropped slightly to $34.426 million in 2010. The only area showing revenue growth was exports, which rose from $418,229 in 2008 to $447,993 in 2009, and then to $1.064 million in 2010, a trend of 137 per cent growth. T he brewery, though, still remains the groups profit centre. Net income here rose from $8.109 million in 2008 to $10.573 million in 2009, and then to $11.348 million in 2010,t hose figures accounting for 57 per cent, 67 per cent and 56 per cent of total group profitability respectively for those y ears. The wholesale segment recovery back to 27 per cent of net income, which matched 2008 performance, having slumpedt o 12 per cent in 2009, came after profits here rose to $5.441 million in 2010 compared to $1.841 million in 2009. Profits f rom this segment were $3.872 million in 2008. On the retail front, its share of net income dropped from 21 per cent in 2009 to 17 per cent in 2010, which was stilla head of the 16 per cent achieved in 2008. Profits here rose slightly to $3.461 million in 2010 from $3.324 million in 2009, and compared to $2.308 in 2008. With focused marketing campaigns and price increases, the Commonwealth Brewery group managed to counterl ower volume results for the period, but could not turn around overall revenue in 2010, which was lower than in pre vious years, the offering memorandum said. N et sales per hectolitre produced were $585 and $551 in 2010 and 2009, a 6 per cent year-over-year increase, with the 2008 figure being $534. O n the cost side, operating costs per hectolitre rose by 2 per cent year-over-year to $494 in 2010, compared to $480 t he year before. This was due to the increase in taxes and excise duties. The Government increased excise duties on locally-pro d uced alcoholic beverages by 25 per cent and increased duty on raw and packaging materials to 10 per cent, the offering memorandum said. Despite government being a key stakeholder and major revenue recipient of the business, these increases highlight the current and future vulnera b ility of the Commonwealth Brewery group to government policies. Noting that cost-cutting had been aggressive, Com monwealth Brewery said that while capital spending on plant and internal systems had declined over the past three years, the group was maintaining a repairs and mainte nance budget of about 1 per cent of total revenues. Brewers better than 60% target achievement rate F ROM page 1B Cruise industry heads optimistic about 2011 CURT ANDERSON, AP Legal Affairs Writer HOLLYWOOD, Florida Bank executives rarely face money laundering charges because investigators don't usually uncover the kind of decisive evidence needed to convict them, prosecutors said Monday at an international conference in Florida. "You don't find the smoking gun email where an executive says, 'I know it's drug money, but go do it anyway,'" said Evan Weitz, a New York federal prosecutor, during a panel discussion at the annual anti-money laun dering conference. Instead, prosecutors usually target the bank or financial institution itself. Adam Kaufmann, chief of the investigative division of the Manhattan district attorney's office, said even then the preferred practice is to work out a settlement known as a deferred prosecution agreement rather than indict ing the institution. "An indictment can be a death sentence for a financial institution," said Kaufmann, adding that ruining large banks or other insti tutions can trigger unforeseen economic ripple effects. Major banks investigated for doing business with countries facing U.S. economic sanctions have reached agreements four times since January 2009. In those settlements, the institutions pay large fines and agree to meet certain requirements, but no executives face jail time. Last year, U.S. District Judge Emmett Sullivan of Wash ington labeled one such settlement a "sweetheart deal." In that settlement, Barclays Bank paid $298 million in penalties but faced no charges. "Why isn't the government getting rough with these banks?" Sullivan said at an August 2010 hearing. In such cases, Kaufmann said, prosecutors could have indicted lower-level employees who are actually handling the illegal transactions on a day-to-day basis. But that wouldn't get at the execu tives who made the decisions and figuring out exactly who that is can be daunting. "It becomes very difficult to sort of identify the person you want to prosecute," he said. Earlier Monday, Manhattan District Attorney Cyrus R. Vance Jr. told the more than 1,000 conference attendees that prosecutors and investigators increasingly work alongside bank regulators to spot money-laundering trends involving drug traffickers, corrupt foreign officials and even terrorist financiers. Attendees are part of a diverse group that includes prosecutors, financial officials and regulators from around the world. PROSECUTORS: BANK EXECS ARE NOT EASY TO CHARGE INTERNATIONAL BUSINESS

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BUSINESS PAGE 8B, TUESDAY, MARCH 22, 2011 THE TRIBUNE 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.130.95AML Foods Limited1.091.090.004,5640.1230.0408.93.67% 10.639.05Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 5.754.40Bank of Bahamas4.934.930.002,5000.1530.10032.22.03% 0.530.17Benchmark0.180.180.00-0.8770.000N/M0.00% 2.842.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.201.96Fidelity Bank1.961.960.000.0160.040122.52.04% 12.409.43Cable Bahamas9.439.430.001.0500.3109.03.29% 2.852.35Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.80Commonwealth Bank (S1)6.826.820.005,3210.4880.26014.03.81% 2.861.90Consolidated Water BDRs2.252.23-0.020.1110.04520.12.02% 2.541.40Doctor's Hospital1.401.400.000.1070.11013.17.86% 6.305.22Famguard5.225.220.000.3570.24014.64.60% 9.275.65Finco6.107.501.401,5000.6820.00011.00.00% 1 1.408.77FirstCaribbean Bank9.309.300.000.4940.35018.83.76% 6.004.57Focol (S)5.475.480.011,2000.4520.16012.12.92% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 7.305.50ICD Utilities7.407.30-0.101,5500.0120.240608.33.29% 10.509.80J. S. Johnson9.829.820.000.8590.64011.46.52% 10.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk-Hi 52wk-Low Symbol Bid$ Ask$ LastPrice DailyVol EPS$ Div$ P/E Yield BISX LISTED & TRADED SECURITIES AS OF:7% Interest 7%RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)29 May 2015 W W W.BISXBAHAMAS.COM | TELEPHONE:242-677-BISX (2479) | FACSIMILE: 242-323-232019 October 2022 Prime + 1.75% Prime + 1.75% 6.95%20 November 2029MONDAY, 21 MARCH 2011BISX ALL SHARE INDEX: CLOSE 1,470.49 | CHG 18.96 | %CHG 1.31 | YTD -29.02 | YTD % -1.94BISX LISTED DEBT SECURITIES (Bonds trade on a Percentage Pricing basis)Maturity 19 October 2017FINDEX: YEAR END 2008 -12.31%30 May 2013 52wk Hi 52wk Low Symbol Bid $ Ask $ Last Price Daily Vol EPS $ Div $ P/E Yield 1 0.065.01Bahamas SupermarketsN/AN/A14.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.51221.4076CFAL Bond Fund1.51795.51%6.90%1.498004 2.95272.8300CFAL MSI Preferred Fund2.94860.04%1.45%2.918256 1.58371.5141CFAL Money Market Fund1.58370.61%4.59%1.564030 3.20252.8522Royal Fidelity Bahamas G & I Fund2.7049-0.56%-15.54% 13.638813.0484Royal Fidelity Prime Income Fund13.43920.61%-0.22% 114.3684101.6693CFAL Global Bond Fund114.36849.98%12.49%109.392860 106.552899.4177CFAL Global Equity Fund106.55284.75%7.18%100.779540 1.14651.0000FG Financial Preferred Income Fund1.14655.20%5.20% 1.11851.0000FG Financial Growth Fund1.11854.73%4.73% 1.14911.0000FG Financial Diversified Fund1.14915.35%5.35% 9.74859.1005Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.79504.85%5.45% 11.236110.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.6417-1.20%0.50% 10.12669.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.12661.27%1.27% 8.45104.8105Royal Fidelity Int'l Fund Equities Sub Fund8.45100.72%9.95% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeksBid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeksAsk $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volumeLast Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volumeWeekly Vol. Trading volume of the prior week Change Change in closing price from day to dayEPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded todayNAV Net Asset Value DIV $ Dividends per share paid in the last 12 monthsN/MNot Meaningful P/E Closing price divided by the last 12 month earningsFINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200731-Jan-11BISX Listed Mutual FundsNAV Date 30-Nov-10 31-Dec-10 31-Jan-11CFAL Securities Ltd. (Over-The-Counter Securities)TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-752530-Nov-10 30-Sep-10 28-Feb-11 11-Feb-11 31-Jan-11MARKET TERMS31-Dec-10 NAV 6MTH 1.475244 2.910084 1.545071 107.570619 105.776543 30-Jun-10 31-Dec-10 30-Nov-10 31-Jan-11 THE COLLEGE OF THE BAHAMASVisit our website at www.cob.edu.bsF ACUL TY V ACANCY A pplications are invited for suitably qualified individuals for the position of: Assistant Professor, Public Administration, School of Social Sciences ,with responsibility for teaching undergraduate courses, participating in the revision of the existing baccalaureate degree programme in Public Administration, contributing to the development and implementation of a masters degree programme in Public Administration, participating in student recruitment and advisement, engaging in scholarly/professional activities and serving on departmental and college-wide committees. Applicants should possess: an earned Ph.D from an accredited institution; have a strong commitment to undergraduate instruction; skills in programme and course development and implementation; and a commitment to scholarly research. For a detailed job description, visit www .cob.edu.bs/hrapply Interested candidates should submit a detailed resume and cover letter of interest no later than Thursday,March 31st to Associate Vice President, Human Resources, The College of the Bahamas, P. O. Box N-4912, Poinciana Drive & Thompson Boulevard OR email: hrapply@cob.edu.bs DAVID K. RANDALL, AP Business Writers STAN CHOE, A P Business Writers NEW YORK Stocks started the week with big gains Monday on a major telecommunicationsd eal and signs that Japan's nuclear crisis was stabilizing. The Dow Jones industrial average closed above 12,000 for the firsttime since a nuclear power plant in Japan f ailed following a massive earthquake and tsunami. In the U.S., AT&T Inc. said it would buy rival T-Mobile USA for $39 billion, creating the largest U.S. cellphone compan y. Charles Schwab Corp. said it would buy online brokerage services provider OptionsXpress for $1 billion. The deals raised hopes that more corporate buyouts c ould be on the way as businesses become more confident in the economic recovery. You only expand when you have a good feeling about the future," said Peter Cardil-l o, chief market economist at New Yorkbased brokerage house Avalon Partners. T he Dow Jones industrial average rose 178.01 points, or 1.5 percent, to 12,036.53. T he index has gained 3.6 percent over the last three trading days, its largest jump over the same amount of time since September. T he S&P 500 index gained 19.18, or 1.5 percent, to 1,298.38. The Nasdaq compos-i te rose 48.42, or 1.8 percent, to 2,692.09. Energy stocks led the market higher after o il prices climbed back above $103 per barrel. Schlumberger Ltd., which helps comp anies drill for oil and gas, rose 4.4 percent to $89.73. ConocoPhillips rose 2.9 percent to $77.55. Worries about Japan's stricken nuclear reactors eased after the Nuclear Regulator y Commission said the situation at the Fukushima Dai-ichi plant appeared to be stabilizing. Containment at three of the plant's six reactors was intact, the commis-s ion said. T iffany & Co. rose 5.1 percent to $60.22 after reporting higher-than-expected earnings. The jeweler said Japan's earthquake could hurt its earnings because of storec losings and limited hours. The company does 18 percent of its business there. T he violence in Libya and Japan's earth quake have led to many large swings in the Dow since late February. The Dow rose o r fell by 100 points or more during three days last week. Eight of the 15 trading days since the start of March have had swings that large. I n the latest signs of trouble in the U.S. h ousing market, the National Association of Realtors reported that sales of previously occupied homes fell 10 percent last month. The supply of unsold homesr emains relatively high at 3.5 million. Five stocks rose for every one that fell on t he New York Stock Exchange. Consoli dated volume came to 4.5 billion shares. PAUL WISEMAN, AP Economics Writer WASHINGTON The Japanese economy has been staggered by an earthquake, a tsunami and a nuclear crisis. But history suggests it will bounce back with no lasting damage. Wealthier countries with stable government institutions are especially suited to benefit from reconstruction after a natural disaster. So are countries with vast international trade and those that can easily raise money. Japan falls into all those categories. Its own Kobe area recovered unusually quickly from a 1995 earthquake, for example. And researchers say the May 2008 quake in the Sichuan province of China led to stronger growth that same year. The World Bank estimates Japan will spend up to five years rebuilding from the March 11 disaster. Reconstruction projects contribute to growth by putting people to work. Economies also benefit as damaged roads, ports, buildings and equipment are replaced. And typically, they are replaced with more efficient structures that help expand the nation's productivity and growth. "We expect growth in Japan will pick up as reconstruction efforts accelerate," Vikram Nehur, the World Bank's chief economist for East Asia, said Monday. In the aftermath of the nuclear crisis, Japan also stands to benefit from research and development projects designed to find alternative energy and reduce its dependence on nuclear energy and imported oil, says Reinhard Mechler, an economista t Austria's International Institute for Applied Systems Analys is. Researchers have documented that natural disasters, for all the death and destruction they leave, cause surprisingly little lasting economic damage. A report last year by the Inter-American Development Bank found that natural disasters tend to cause long-term economic damage only when they trigger political upheaval. Iran andN icaragua, for instance, were crippled economically by 1979 revolutions that followed killer earthquakes. Otherwise, economies usually respond with long-term resilience after natural calamities. Chinese government researchers have calculated that the Sichuan earthquake and the massive reconstruction effort that followed added to China's sizzling 9.6 percent growth in 2008. And consider the deadly earthquake that hit Kobe, Japan, in January 1995. Experts predicted the area would need a decade to recover. Instead, Kobe's manufacturers were producing at 98 percent of pre-quake levels within a year and three months, according to a study by the late Purdue University economist George Horwich. About four in five retail shops, including all department stores, were open in a year and a half. Even with the devastation in Kobe, Japan's economic growth more than doubled from 1994 to 1995. Similarly, Hurricane Katrina devastated coastal Louisiana and Mississippi in 2005 but "didn't puncture investment or growth in the rest of the country," says Robert Shapiro, a former Commerce Department official and chairman of the econom ic consulting firm Sonecon. And the reconstructions that followed the 1989 Northern Cal ifornia quake and the 1994 Southern California quake are widely believed to have helped the California economy. Countries without deep financial reserves, trade relation ships or skilled work forces are much less likely to benefit from rebuilding programs. Impoverished Haiti, for instance, lacked the resources to handle the aftermath of a deadly quake last year even with help pouring in from overseas. Japan, by contrast, has the institutions to handle a massive reconstruction effort, says Mark Skidmore, a Michigan State University economist. "They have high human capital," he says. "They have pretty darn good institutions." And "if you've got trade, you've got ports and other distri bution resources" that speed delivery of relief supplies and construction material to disaster zones. Even in the developing world, the economic damage is typically short-lived. A poor country's economy typically shrinks in the first year after a calamity, then bounces back as investments pour in and money moves around, Mechler says. Sonecon's Shapiro raises the concern that Japan won't prove as resilient this time as it was after the Kobe quake in '95. This month's quake damaged power plants, leaving communi ties with crippling electricity shortages. Shapiro says the threat of radiation leaks from a nuclear power plant damaged in the quake also could paralyze the economy. And the Tokyo government is deep in debt. Some question whether it could finance a rebuilding effort that is expected to cost more than $200 billion. Others point out that the Japanese government can raise money by selling bonds to the Japanese public, which has a high savings rate. The United States, by contrast, relies heavily on foreign governments and investors to finance massive government deficits. In its report Monday, the World Bank estimated that Japan's disaster would reduce the country's growth by up to 0.5 percentage points this year. But it also says the slowdown won't last much beyond mid-year. Deals help push the Dow back above 12,000 PAST SUGGESTS LITTLE LASTING HARM TO JAPAN ECONOMY (AP Photo/David Guttenfelder BLOCKED: 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, March 20, 2011. UNCERTAINTIMES: In this photo taken March 14, 2011, traders work on the floor of the New York Stock Exchange. SEVERELY DAMAGED: Battered boats are seen in the Keehi Small Boat harbor, Friday, March 11, 2011 in Honolulu. A tsunami gener ated by the Japan earthquake hit Oahu causing damage around the island. The harbors piers and many boats were severely damaged by the tsunami. Many boats were freely floating in the harbor. Several were sinking. W ASHINGTON F ewer Americans bought previously occupied homes in F ebruary and those who did purchased them at steep dis counts. The weak sales and rise in foreclosures pushed home prices down to their lowest level in nearly 9 years. The National Association of R ealtors said Monday that sales of previously occupied homesf ell last month to a seasonally adjusted annual rate of 4.88 mil l ion. That's down 9.6 percent from 5.4 million in January. The pace is far below the 6 million homes a year that economists say represents a healthy mark et. Nearly 40 percent of the sales last month were eitherf oreclosures or short sales, when the seller accepts less t han they owe on the mortgage. One-third of all sales were purchased in cash twice the rate from a year ago. In trou bled housing markets such as L as Vegas and Miami, cash deals represent about half ofs ales. The median sales price fell 5.2 percent to $156,100, the lowest level since April 2002. "This information suggests that value investors are entering the market, possibly a sign that home sales and construction are nearing a bottom," said Joseph A. LaVorgna, chief U.S. economist for Deutsche Bank Securities. HOME S ALES FELL 9.6 PCT. IN FEBRUARY