Citation
The Tribune.

Material Information

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

Subjects

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

Notes

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

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University of Florida
Holding Location:
University of Florida
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THE TRIBUNE

WEDNESDAY, MARCH 23, 2011, PAGE 3B





Government meets the oil
majors on retail mark-up

By ALISON LOWE
Business Reporter
alowe@tribunemedia.net

The Government has met with the major
oil companies as it moves towards a decision
on whether to grant an increase in the mark-
up retailers can add to the price of gas and
diesel, asking for wholesalers to provide
information to help it come to a conclusion
on the matter.

Valentino Bain, country manager for
Esso, confirmed that both he and represen-
tatives of Texaco and Shell (FOCOL Hold-
ings), met with minister of state for the envi-
ronment, Phenton Neymour, last Wednes-
day to discuss the retailers’ position.

The meeting came two days after Mr Ney-
mour, who has ministerial responsibility for
relations with the petroleum industry, met
with members of the Petroleum Retailers
Association, formally receiving their request
for a 233 per cent increase in the mark-up
they can receive per gallon of gas, and a



400 per cent
increase for
diesel.

Mr Bain yes-
terday declined
to comment on
whether the
wholesalers put
forward a posi-
tion to the Gov-
ernment on the
retailers’
request for
financial relief.

He said the
wholesalers

were asked to
provide “infor-
mation relative
to the industry” to help the Government, but
declined to comment any further on the
meeting.

Oswald Moore, chairman of the Margin
Relief Committee of the Petroleum Retail-

PHENTON NEYMOUR

ers Association, said he was aware that the
Government had now met with the whole-
salers, as it told retailers it intended to do
before it makes its decision on their request.

He said the Petroleum Retailers Associa-
tion will meet next Wednesday, and hopes
that “by that time we will have some infor-
mation which we can give to our members
on where things stand” on the mark-up
issue.

“The Government met with the whole-
salers, and so I would think now that they
have had they are now doing whatever else
they have to do before making the decision.
We are not sure what that’s going to be, but
we expect a favourable response in a short
space of time,” said Mr Moore.

He said he would not “set a deadline” by
which the retailers expect to receive a
response, but added that “(the retailers’)
situation is critical.”

“We know they have their job to do and
we have waited a long time. We tried to
wait until we felt the economy has turned a

corner before we tried to really get some-
thing done, and I think they are working
with us in good faith,” Mr Moore said.

The petroleum retailers’ meeting with Mr
Neymour on Monday, March 14, came three
days after an estimated 80 per cent of service
stations shut down sales of diesel for 12
hours to draw attention to their position.

The Margin Relief Committee is asking
the Government to allow retailers to col-
lect 30 cents, rather than nine cents of prof-
it, on every gallon of gas, and 20 cents rather
than four cents per gallon of diesel.

Margins on gas have remained fixed at
the same rate for the last nine years, while
diesel margins have not been adjusted for 30
years.

Without an adjustment, Mr Moore said
some retailers are likely to give up on the
industry altogether, given that as oil prices
rise, costs rocket and profits shrink.

Mr Neymour did not return messages
seeking comment up to press time yesterday.

New homes are becoming a bad deal in weak markets

DEREK KRAVITZ,
AP Business Writer
WASHINGTON

A new home, the dream of
many would-be buyers, makes
less and less financial sense in
many places.

A wave of foreclosures has
driven down the cost of previ-
ously occupied homes and
made them even more of a
comparative bargain. By con-
trast, new homes have become
more expensive.

The median price of a new
home in the United States is
now 48 percent higher than that
of a home being resold, more
than three times the gap in a
healthy housing market.

Such a disparity can be a
drag on the economy. New
homes represent a small frac-
tion of sales, but they cause
economic ripples, bringing busi-
ness to construction and other
industries. Sluggish new-home
sales deprive the economy of
strength.

"A lot of people are saying,
‘If I can get a great deal on a
home already on the market,
why go through the headaches
of getting a new home?'" says
Mark Vitner, a senior econo-
mist with Wells Fargo. "There's
a relatively small group of peo-
ple who have the credit, have
the down payment and are
secure in their jobs that can go
out and buy new."

The gap is widening because
prices of previously occupied
homes are falling fast, pulled
down by waves of foreclosures
and short sales. A short sale
occurs when a lender lets a
homeowner sell for less than is
owed on the mortgage. New
homes aren't directly affected
by such sales.

The median price of a new
home — the price at which half
the homes sell for more and
half sell for less — has risen
almost 6 percent in the past
year to $230,600, even though
last year was the worst for sales
in nearly a half-century.

Slowed by those higher
prices, new-home sales have
plummeted over the past year
to the lowest level since records
began being kept in 1963. The
government provides fresh data
on new-home sales Wednesday.

By contrast, sales of previ-
ously occupied homes have fall-
en almost 3 percent in the past
year. Prices have dropped more
than 5 percent. In February, the
median price for a resale was
$156,100, according to the
National Association of Real-
tors.

That adds up to a price dif-
ference of $74,500, or 48 per-
cent, the highest markup in at
least a decade. In healthier mar-
kets, a new home typically runs
about 15 percent more, accord-
ing to government data.

Home prices and sales still
vary sharply among metro
areas. Cities with more fore-
closures tend to have more
resale homes that have lan-
guished on the market and are
priced at a bargain.

That makes new homes in
those areas comparatively
expensive. In Atlanta, for
instance, where foreclosures





INTERNATIONAL
BUSINESS

accounted for one in every 23
homes sold last year, the medi-
an price of a previously occu-
pied single-family home was
$109,900, about 12 percent low-
er than a year ago, according
to the Georgia data firm Smart
Numbers.

The median price of a new
home was more than twice that.

"That's as much of a differ-
ence as we've ever seen," said
Steve Palm, president of Smart
Numbers. "New homes can't
compete, and that means jobs."

An average of three jobs and
$90,000 in taxes are created for
each home built, according to
the National Association of
Home Builders.

Expensive

In some areas, older homes
were more expensive before the
housing market bust. That was
especially true in urban neigh-
borhoods with little or no room
left to build on.

But now, buyers get their
pick even in some of the trendi-
est places.

That's what Robert Rost is
finding in central Phoenix. Rost
doesn't want to commute far
to his job. He's been looking
for a home for about five
months but can't find new
properties in the neighborhoods
where he wants to live.

"I don't want to commute 45
minutes to an hour a day one-
way,” the 38-year-old computer
engineer says.

Homebuilders have taken
notice. Residential construction
has all but come to a halt.
Builders broke ground last
month on the fewest homes in
nearly two years. And building
permits, a gauge of future con-
struction, sank to their lowest in
more than 50 years.

Many builders are waiting for
new-home sales to pick up and
for the glut of foreclosures and
other distressed properties to
be reduced.

But with 3 million foreclo-
sures forecast this year nation-
wide, a turnaround isn't expect-
ed for at least three years.

Don Eyler, who has owned E
and R Construction in Terre
Haute, Ind., for three decades,
blames the banks.

He says people are still inter-
ested in having a custom-built
home but can't finance the pur-
chase. Tighter credit has made
it harder to get larger loans.

Eyler typically built eight
homes a year before the hous-
ing boom and bust.

Now, he's averaging just
about five. And he's making
less profit on each.

"We hope we can stay in
business until it gets better, but
the turning point is this year,"
Eyler says. "If it doesn't change,
we'll have to do something dif-
ferent."

Contributing to higher new-
home prices is the rising cost
of building materials.

Fewer new homes sold
means fewer jobs added to an
economy struggling with 8.9
percent unemployment. About
2.2 million overall construction
jobs have disappeared since the
housing boom went bust. That's
nearly a third of the people the
industry employed in January

Workers in residential con-
struction have fared even worse
than other construction
employees. Homebuilders cut

nearly 1.3 million jobs in that
time, or 39 percent of total pay-
rolls.

Besides generating jobs in
construction and other fields,
new-home purchases tend to
help the economy because buy-
ers are more likely to buy new
furniture, appliances and oth-
er amenities.

There's also the psychologi-
cal factor. In good times, most
homes rise in value. But new
homes historically have risen
faster — by an additional 1.5
percent a year, according to
Realtors and census data.

When homes appreciate in
value, people feel they have
more money. So they spend
more. "When you have more
net worth, especially in your
home, you feel richer,” says
Chris G. Christopher Jr., senior
principal economist at IHS
Global Insight.

Jew Honda City

2mooth =

That's the City for you.

and ergoy the ride

OPULATED BY GREAT



) a rel een ng arcdronnedit where you can

DEAS, THIS 6S WHERE



(AP Photo/Steven Senne, file)

FOR SALE: In this file photo taken Jan. 10, 2011, a for sale sign hangs
in front of a home, in Millis, Mass.New home? Or existing one? For
buyers, the decision is getting easier. A wave of foreclosures has sent
prices of previously occupied homes sinking. New-home prices have
fallen much less.

Then He mda Ch Ty iphoes comfort td 4 whioks new ewe by

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PAGE 4B, WEDNESDAY, MARCH 23, 2011

THE TRIBUNE





BISX FIRMS URGED: “PAY MORE
ATTENTION’ TO YOUR SHAREHOLDERS

FROM page 1B

by Mr Davies had been brought home to Bahamian public |
companies by the recent battle the food retail group fought j
against the ‘hostile’ takeover bid by businessman Mark Fin-
layson.

He said at the time that the whole episode had shown the
need for listed stocks to pay more attention to, and stay closer,
to their shareholder bases.

Meanwhile, Mr Davies also backed calls by Paul McWeeney,

Bank of the Bahamas International’s managing director, for a :
Bahamas-based ratings agency to be established, providing }

transparent, honest reports on the creditworthiness of listed
: (Bahamas), FINCO and Royal Bank

stocks and their ability to repay their debts.

“We have advocated, and this has been part of our recom-
mendations to the Government, that there be a rating agency }
the BISX chief executive told Tribune Business. }

put in place,”
“Any time you provide investors with more details and timely
information, you enhance their perception and participation in
the market.”

Value

a company was or whether investors should buy its shares.
Turning to concerns over BISX’s pricing structure depress-

ing stock prices via the absence of liquidity and undue influence }
of small retail trades, Mr Davies told Tribune Business: “Secu- }
rities are like a piece of art; it’s what you’re prepared to pay for }

it.

“If we were having a systemic problem across our market

where securities are depressed or not trading at their true val-
ue, it would be the same case for all companies, and it’s not.

company is doing well and performing well in the economy.”

Mr Davies said the performance data compiled over BISX’s
10-11 year history showed that most listed stocks had enjoyed
historic price appreciation, rather than depreciation, and hint-

impact the recession was having on the stock market.

scription, also made a ‘rod for their back’ by creating the plat- }

form for multiple small retail trades to take place.

“T understand the complaint that just a few trades cause

movement,” Mr Davies said.
“When companies go public, you see these small volumes, 100

share minimums, so you see these small trades after the fact. It }
is what it is. The market can only trade what is there.”
















































LA COSTA MANAGEMENT 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

Toe

The National Insurance Board

of the Commonwealth of The Bahamas

Request for Contractors Pre-Qualification

The Narionel Insurance Board (NIB! ig seek ng to pre-qual h Contra Tors rabid ani the
Renovationsaf the Public Reserooms within the Claughton House Building locared on
Shirley Street, Nassau, Bahamas, Contractors must be in compliance with the National
Insurance Board. Act |social security programme], and in good stancling with the relevant

Government agencies,

Prequalification documents may be collected from NIBs Headquarters Building,
Clifford Darting Complex, Bailloa Hill Road, during the period March 21-25, 2011, or

downloaded from the Board's webuite at www.nih-bahamas.com

Pre-qualification documents should be signed, sealed and returned ro thel ice at rhe

Director in an envelope addressed co The Dinector, The National Insurance Board, wich

the caption Pre-Qualification Document - Renovations of Public Restrooms,
Claughton Howse Building Shirley Street,on orbelure 12 Noon on Friday, March 25,

2.

$3-$4m subscriptions
on $62.5m IPO launch

FROM page 1B

offering memorandum had been placed
in the 23 Royal Fidelity, Fidelity Bank

branches, with the bulk set to arrive
today.
“The branches are running out of

i offering memorandums, and there is
: a constant flow of people into the
i branches to pick up these documents.
: There’s a huge level of interest, and
: we’ve seen lots of interest at the
; branches,” the RoyalFidelity president

But while a credit rating agency, such as a Moody’s or Stan- }
dard & Poor’s, could rank companies alongside their peers, Mr }
Davies said such an entity could not say what the true value of } inside all Burns House liquor store
: locations were directing Bahamians
: where to pick up the offering memo-

told Tribune Business.
Rack cards and information posted

randum, and Mr Anderson said of the
IPO: “So far so good. It’s continuing to
stimulate interest.

“We started to get this feeling of a
high level of interest a few weeks ago,

: and are seeing it becoming a reality,
wi L S : \d It's ? manifesting itself in real subscriptions.”
Securities over time tend to increase in value, especially if the ;

The bulk of the Commonwealth

: Brewery investments are still expected
: to come from institutional investors,
? such as pension funds and insurance
? companies, Mr Anderson explained,

ed that complaints were only surfacing now because of the } although RoyalFidelity “will not get a

towards the end of the offering”, as
investment committees and their advis-
ers meet to make final decisions.

The retail investor side, though, was
“positive”. Mr Anderson said his initial
expectation was that Bahamian retail
investors would take up about 20 per
cent, or $15 million, of the IPO, with
the remaining $47 million subscribed
for by institutional investors.

However, with individual investors
having pledged to buy $10 million and
$3 million stakes, respectively, Mr
Anderson told Tribune Business that if
they came through retail investors
could end up taking 30-40 per cent,
some $20-$25 million, of the IPO.

Smaller

“There’s been so much interest from
the smaller investors,” he added,
explaining that an increased retail take-
up would reduce the sums available to
institutional investors.

Commonwealth Brewery will be the
third largest stock by market capitali-
sation when listed on BISX. The largest
BISX-listed stock by market capitali-
sation is FirstCaribbean International
Bank (Bahamas) at $1.17 billion, fol-
lowed by Commonwealth Bank at $670

CIBC, also holds the distinction of
being the largest IPO to date at around
$30 million.

With the $62.5 million Common-
wealth Brewery/Burns House IPO set
to be followed later this year by the
flotation of the first 9 per cent tranche
of Bahamas Telecommunications
Company (BTC) shares retained by
the Government, likely worth around
$37 million, and the possible $8 mil-
lion Arawak Cay port IPO, around
$100 million worth of equities will be
offered to the Bahamian capital mar-
kets this year.

The Government mandated that a
25 per cent stake in Commonwealth
Brewery/Burns House be offered to
Bahamian investors as an IPO asa
condition for approving the $125 mil-
lion buy-out of the 50 per cent stake
held by Associated Bahamian Distillers
and Brewers (ABDAB), the vehicle
70 per cent controlled by Sir Garet
‘Tiger’ Finlayson and his family.

The IPO is being offered at the same
terms, and price, as ABDAB received,
the Government having approved the
timing given that it agreed to effec-
tively underwrite the offering by
acquiring any shares not subscribed

And he also suggested that the way companies structured fealty peed Sandle an hat at

their initial public offerings IPOs), the Commonwealth Brew- }
ery one being a prime example with its minimum 100 share sub- }

million. FirstCaribbean, when it was

for by the Bahamian public.

Cable eyes ‘new Triple Play suite’ after US approval

FROM page 1B

: Anthony Butler, the latter’s
; president and chief executive,
: said: “It just gives us the
: opportunity to be the Triple
: Play provider that we’ve
: always had plans for over the
: last four-five years.

“It’s a pretty exciting time

; for the company, the new
} product suites that are about
? to come to the market.”

Once the SRG merger is

i fully consummated, it will
: effectively become Cable
: Bahamas’ wholly-owned sub-
: sidiary in the provision of
: fixed-line services in the
: Bahamas. The business strat-
i egy is likely to involve moves
: to expand SRG’s current esti-
: mated 2 per cent market
: share in the fixed landline
: business, largely through
: bundling this product with

Cable Bahamas’ existing data,
Internet and TV/video offer-
ings, which will allow the
merged entity to entice con-
sumers through discounts,
promotions and attractive
pricing.

Forward

Paul Hutton-Ashkenny,
SRG’s president, yesterday
told Tribune Business that the
FCC approval represented “a
major step forward” in the
two companies’ plans, while
consumers would soon
receive the benefit from com-
petition in the market for con-
verged communications ser-
vices with a privatised
Bahamas Telecommunica-
tions Company (BTC).

Only one approval -
exchange control from the
Central Bank of the Bahamas
- remains to come through

PUERTA DEL SOL 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, 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

PHILHARMONIC INVESTMENTS LTD.
(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

before the SRG/Cable
Bahamas merger is conclud-
ed, the FCC nod relating to
a change in control of SRG’s
section 214 licence. This will
allow the combined company
to continue providing inter-
national telecommunications
services into and from the US
as a global facilities provider.

“We have a landing station
in Florida for submarine fibre,
so because of the change in
control of SRG and the fact
we have a licence issued by
the FCC, they have to
approve the change of con-
trol because of the traffic sent
into and out of the US,” Mr
Hutton-Ashkenny said.

Adding that the merger was
“very close” to conclusion, Mr
Hutton-Ashkenny said the
final approval required was
exchange control approval
from the Central Bank, due
to the existence of a minority
foreign interest in SRG’s
ownership.

“We have one final
approval that we need to
obtain,” he added. “We don’t
anticipate a problem with
that, and it’s just a matter of
that dropping into place.
Hopefully, it’s something that
we'll be able to get squared
away in the next few weeks,
but I’m not being critical of
them [the Central Bank] in
any way.

“Once we can get that last
piece of paper, we’re looking
forward to getting going.”
Noting that BTC and its
incoming majority sharehold-
er, Cable & Wireless Com-
munications (CWC), had the
same Triple Play aspirations
as Cable Bahamas/SRG, and
wanted to get into the video
services market, Mr Hutton-
Ashkenny said: “It’s going to
present competition for con-
sumers in the marketplace for
converged services, which can
only be good.

“Tt’s a major step forward.

“This merger will provide
the Bahamian consumer con-
verged competitive services
for the first time.

“The merged company will
be in a position to offer new
services to the consumer at
highly competitive price
points immediately the trans-
action is concluded.”

Mr Hutton-Ashkenny said
the two companies had “quite
obviously not been sitting on
our hands” while waiting for
regulatory approval, and had
been working on their busi-
ness plan and strategy going
forward.

Complaints

Meanwhile, sector regula-
tor, the Utilities Regulation
& Competition Authority
(URCA), yesterday con-
firmed it was investigating two
complaints of anti-competi-
tive conduct made by SRG
against BTC.

SRG is alleging that BTC’s
fixed-line customers are being
permitted free calls when
dialling the latter’s ViBe cus-
tomers on another Bahamian
island, yet its own clients are
being forced to pay a charge
to do the same.

It is also claiming it faces a
“margin squeeze” over BTC’s
interconnection/wholesale
domestic long distance termi-
nation charge, and its retail
ViBe offering. Here, SRG is
alleging that ViBe customers
are being allowed to call BTC
fixed-line customers on anoth-
er island for free, while SRG
clients yet again have to pay
an interconnection charge.

Effectively, SRG is unable
to compete, because to do so
it would have to absorb the
costs incurred by its clients in
its business model.

SUPREME ARCH 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



THE TRIBUNE WEDNESDAY, MARCH 23, 2011, PAGE 5B

BISK chief wants Tore public Immigration pledges permit crackdown



FROM page 1B

secondly, hiring persons whose work permits have

a i
i expired and, thirdly, hiring people to work outside the
? scope of their work permit,” said the Director, who that a
? person hired to do a particular job ultimately being asked
: to fulfill a role “two notches up the scale” was a common

way in which Immigration laws are breached.
He said that for “too long” employees have taken the
brunt of enforcement efforts and it as time that the Depart-

amount of shares available expansion in terms of com- In addition, a minimum of :

FROM page 1B

they wanted to raise capital
(often through rights issues
etc) to finance expansion
and growth opportunities,
but limited possibilities in
the Bahamas - and a reluc-
tance to look abroad - had
stymied this.

“ve made it clear that
one of the things I’m hop-
ing to see in the fullness of
time is companies selling
more securities, increasing
the amount of shares avail-
able on the open market,”
Mr Davies told Tribune
Business.

Many BISX listed compa-
mies currently have less than
50 per cent of their issued
ordinary shares available for
trading on the open market.
While AML Foods and
Commonwealth Bank are
good examples of compa-
nies with relatively diverse
shareholder bases, many
other public companies are
controlled by a majority
shareholder or controlling
group of shareholders.

A prime example of this is
FirstCaribbean Internation-
al Bank (Bahamas), which
has less than 5 per cent of
its ordinary shares in
Bahamian investor hands
while, for example, both
Finance Corporation of the
Bahamas (FINCO) and
Fidelity Bank (Bahamas)
are both 75 per cent owned
by their immediate parents.

Asked why listed
Bahamas-based companies
had not increased the



DETROIT

General Motors Co. said Tuesday it
will sell all of its series A preferred shares
in Ally Financial Inc., its former finance

arm, for $1 billion.

The shares to be sold represent all of
Ally's series A preferred stock out-
standing, the automaker said.

GM received nearly $50 billion in gov-
ernment bailout aid during the financial
crisis and emerged from bankruptcy pro-
tection in July 2009. It said the sale of
Ally shares is another step in its strategy

to bolster its balance sheet.

The sale is expected to bring a $300
million gain for GM for the first quarter
and leave it with a 9.9 percent stake in
Ally's common stock, the company said.

The government owns 74 percent of
Ally. Ally received $17.2 billion in bailout
support. So far it has returned $4.9 billion

to the government.

Underwritten

The sale was underwritten by Credit
Suisse, BofA Merrill Lynch, Deutsche

for subscription by Bahami-
an investors, Mr Davies
replied: “There are many
reasons that companies have
not offered more shares to
the market.

“Companies only make
offers when they’re seeking
to expand. They seek that
capital when they have a
need for capital, a need for
expansion, and have contin-
uous plans to seck capital
on the open market.

“There hasn’t been a great
desire for the majority of
companies to expand
beyond our borders. Some
have done it, but they need
to think about it, as globali-
sation takes hold and other
[foreign] companies look
inward. Our companies
need to compete. They need
capital, and need to be look-
ing on a broad scale, as
money will not come from
the banks to assist them in
broadening their horizons -
to the Caribbean, Latin
America and Central Amer-
ica.”

Mr Davies was obviously
indicating that Bahamian
companies will ultimately
need to look to the capital
markets, and equity as
opposed to debt financing,
to gain the financing they
need to exploit domestic and
international growth oppor-
tunities, and be able to com-
pete with regional and glob-
al rivals.

However, he acknowl-
edged that the Bahamas was
“not there yet”, and added:
“We’ve not seen aggressive

Bank Securities and Barclays Capital.

Treasury Department spokesmen
declined to comment Tuesday on GM's

announcement.

Ally makes loans to GM customers

panies seeking capital and
issuing shares.

“Tm a firm believer and
strong advocate of compa-
nies having to compete. On
a global scale, we’re going
to have to look to compete,
because our borders have
been relatively closed.”

Meanwhile, responding to
concerns that BISX’s share
pricing mechanism was inap-
propriate, and that the lack
of liquidity was depressing
stock prices by giving small
retail trades undue promi-
nence and influence, Mr
Davies said volatility had
been “magnified” in recent
years by the global reces-
sion.

Model

“Since BISX has started,
one of the things is that
we've worked very hard to
put in place a market model
which is reflective of the
Bahamian environment,”
the BISX chief executive
told Tribune Business. “It
would be very easy to go to
another jurisdiction and bolt
on what they’ve done.”

With thousands of differ-
ent stocks traded on hun-
dreds of exchanges every
day, Mr Davies said there
were many different ways of
calculating opening, trading
and closing prices. BISX,
since inception, had

employed the closing price
model where, if a particular
stock did not trade in a day,
its closing price was the
same as the previous day’s.

TTS aman at eNy

1,000 shares needed to be }
traded in a particular stock
to trigger a change in its :
closing price, with the price }
only able to move by a max-
imum 10 per cent either }
side. And, if there were mul- :
tiple changes in a particular ;
stock, the closing price is }
determined by the weight- ;

ed average volume.

“What is in place is a mar-
ket structure approved by :
and }
approved by our members, :
and it’s been so since the }
inception of the exchange,” :
Mr Davies said. “That was }
seen as the best model we :
could use given the Bahami- :

the Government

an context.

“The Bahamian context is

small market, with a rela- }
tively small number of :
investors who are active in :

the market.”

Despite the relatively }
small market size, Mr :
Davies said there were :
BISX-listed stocks with :
broad shareholder bases that :
generated strong liquidity. :
And, while it was “natural” :
in asmall market such as the ;
Bahamas to see short-term }
stock price volatility, the :
BISX chief added: “The }
small number of players has :
combined with the recession :
and the downturn in the }

economy.

“All the things that you
see in the volatility and }
scarcity of trading are mag- }
nified. You will see height- :
ened movements in the mar- j

Ket.”



? and say ‘Minister, approve mine, refuse all the rest’.

We

Hiaker's Bap

(AP Photo/Paul Sancya, file)
ALL SMILES: In this Jan. 10, 2011, Dan Akerson, CEO of General Motors, smiles during the :
North American International Auto Show in Detroit. ;

ment does what is “right, proper and fair”.

“For a long time now it is only the poor employee who has
been taken to court and dealt with before the courts (for
working illegally). It is the poor employee who is placed in
the detention centre, who is deported and put on the restrict-

ed list (denying them the right to return to the country).

“We are of the view that the onus has to be on the employ-
er as well; those who engaged them to work. The whole idea
is to strike a balance and to make an example of those who
i break the law,” said Mr Thompson.

The enforcement effort will affect both white and blue-col-
lar workers and their employers, from homeowners hiring
gardeners to those in the financial services and tourism

industries if they are found in breach, he suggested.

Meanwhile, Mr Symonette issued a call to Bahamians to

rethink their hiring practices.

“Bahamians have to look at who they employ, and look at
themselves honestly and frankly in the mirror and ask
themselves whether or not we are employing too many
? non-Bahamians,” said Mr Symonette.
“Senator (Hope) Strachan (PLP) talked the other day

: ; ? about what she said are thousands of unnecessary work
is eae ae ? permits which are being granted. But possibly thousands of
Bahamians might consider not hiring those people who
? need work permits.

“T have been Minister of Immigration for several years
now, and I am amazed at the number of Bahamians who
apply for work permits. And when I refuse it they call me up,

709

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.

declined to block GM's purchase of }
Texas-based AmeriCredit even though }
that financial firm could end up compet- }
ing against Ally. The Treasury Depart- :
ment hopes to get back more taxpayer }
money through a public stock offering :
of Ally. :

Department has said that Ally has made
good progress in restructuring its opera-
tions. But a congressional oversight pan-
el in January criticized what it called
Treasury's "hands-off" approach toward
Ally.

The panel noted that the department

and finances dealer inventories. The gov-
ernment first bailed out the company,
then known as GMAC Inc., in late 2008
as part of the Bush administration's aid to
the auto industry. The Obama adminis-
tration provided additional funding in
May and December 2009. The Treasury

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

Complete daily, weekly and monthly reports as
required.

Qualifications 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.

LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

In Voluntary Liquidation In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138
(4) of the International Business Companies Act, (No.45
of 2000), THE MASTER MCC GLOBAL EMERGING
MARKETS BOND FUND, INC. (formerly THE HIGH
YIELD MASTER FUND, INC.) registration number 89777
(B) is in dissolution. Robert Koffler is the Liquidator and
can be contacted at BiscayneAmericas Advisers, LLC; 1111
Brickell Avenue; Suite 2750; Miami, Florida 33131; U.S.A.
All persons having claims against the above-named company
are required to send their names, addresses and particulars of
their debts or claims to the Liquidator before the 21* day of
April, 2011

Notice is hereby given that in accordance with Section 138 (4)
of the International Business Companies Act, (No.45 of 2000),
THE MCC GLOBAL EMERGING MARKETS BOND
FUND, INC. (formerly THE BISCAYNE AMERICAS
HIGH YIELD FUND, INC.) registration number 61483 (B)
is in dissolution. Robert Koffler is the Liquidator and can be
contacted at BiscayneAmericas Advisers, LLC; 1111 Brickell
Avenue; Suite 2750; Miami, Florida 33131; U.S.A. All persons
having claims against the above-named company are required
to send their names, addresses and particulars of their debts
or claims to the Liquidator before the 21 day of April, 2011.

If you would like to be a part of a dynamic,
progressive and growing organization, send
your resume to: hr@bakersbayclub.com or to
the attention of the VP Human Resources at fax
242-365-5814.

Robert Koffler
Liquidator

“Becoming the Employer of Choice in
The Bahamas!”

Robert Koffler
Liquidator





PAGE 6B, WEDNESDAY, MARCH 23, 2011



THE TRIBUNE



US companies doing well in | ctosaui

China but worry on future

TINI TRAN,
Associated Press
BENING

American companies plan to expand
their operations in China but remain deeply
concerned over regulations that favor local
companies at the possible expense of for-
eign businesses, a U.S. group said Tues-
day.

An annual survey released by the Amer-
ican Chamber of Commerce in China
showed that U.S. companies performed
well in the past year, returning to pre-finan-
cial crisis levels of profitability. The vast
majority — 83 percent of respondents —
plan to increase their investment and
expand operations in China.

At the same time, the report said busi-
nesses expressed major concerns with
bureaucracy and regulatory uncertainties in
China that favor domestic companies, and
voiced increased pessimism that economic
reforms can improve the working climate.

"One part of the story is that American
companies are doing well and profitability
is back to where it was before the financial
crisis. But the second part is that companies
have some real concerns about some ele-
ments of the regulatory environment," said
the group's chairman, Ted Dean.

In particular, U.S. companies reported
that regulatory barriers, including licens-
ing difficulties and innovation policies that
favored Chinese companies over foreign
counterparts, were problematic to their
future growth.

Nearly three quarters of respondents —
71 percent — complained that the licensing
process effectively discriminates against
foreign companies. Forty percent of those
surveyed said they believe the indigenous
innovation policies will hurt their business,
while another 26 percent say it has already
hurt business.

Beijing's indigenous innovation policy
was introduced to nurture domestic tech-
nology companies by favoring them in offi-

cial procurement. Business groups com-
plain that could shut foreign suppliers out
of fast-growing markets for computers and
other goods.

The difficulties are especially troubling
given that a majority of U.S. companies
are here to reach the Chinese market, Dean
told reporters.

"A very large share of our members are
in China for China. They are primarily here
to sell to the China market. As China shifts
to a domestic demand-led economic mod-
el, companies are investing in building their
businesses to serve that group,” he said

Unlike in previous years, fears that a
China economic slowdown was imminent
have largely receded, with 85 percent of
companies reporting revenue growth in
China last year.

The survey, conducted last November
and December, had responses from 434
member companies, representing indus-
tries ranging from services to manufactur-
ing and high-tech.

ea At

Sa lea ITE





TAREK EL-TABLAWY,
AP Business Writer
CAIRO

Egypt's stock market is
poised to reopen after a nearly
two-month closure that many
feared would further rattle
already-shaken investor confi-
dence in the country after the
mass uprisings that toppled
Hosni Mubarak's regime.

The relaunch of the Egyptian
Exchange, expected on
Wednesday, comes after the
prime minister accepted the
resignation of the market's
chairman and appointed a new,
temporary head. The move was
the latest in a series of steps
officials have taken to try to
ensure a smooth first few days
of trading on a market whose
restart was delayed several
times amid fallout from the Jan.
25 uprising and ensuing labor
unrest.

The decision to reopen the
market was based on "taking
all required procedures to guar-
antee its safety opening and
trading," said a statement post-
ed on the Egyptian Cabinet's
Web site.

Analysts believe that most,
if not all, companies will see
their share prices hard hit as
investors have their first chance
to weigh in with their money



on the developments that have
reshaped the country's politi-
cal landscape over the past two
months.

"T think the market will come
under pressure and we'll see
declines in most of the names,"
Wael Ziada, research head at
the Cairo-based Mideast invest-
ment bank, EFG Hermes, said
Tuesday.

But "T don't think that vol-
umes will be significant” in the
first few sessions, he said. "As
the market declines further,
we'll start seeing trading vol-
umes rising.”

The exchange closed on Jan.
27, after two consecutive days
of losses that saw the market's
benchmark index plummet by
slightly over 16 percent.

What many had expected to
be a closure of a couple of
weeks, however, was expand-
ed as the popular unrest that
toppled Mubarak was sup-
planted by waves of labor
unrest after his ouster. Banks
were shut down as workers
demanded higher pay and shifts
from temporary to permanent
labor contracts.

The strikes were echoed in a
broad range of sectors, serious-
ly affecting the country's output
at a time when tourism rev-
enues were seen falling sharply
and foreign direct investment



NOTICE





NOTICE is herety given thal MICHAEL ANTHONY BROWN




of FO. Box FH-14399, CARIBBEAN

GARDENS,

NEW PROVIDENCE, BAHAMAS, is applying to the Mrestar



resiponsinie for Nationality and Citizenship, for ragistration/naturalization




as a cilizen of The Bahamas, and thal any parson who knows ary



reason why ragetrationnaturelizaion should not be granted, should



$and a written and signed stalamant of tha lacks within bwenty-aight



days from the 23" day of March, 2011 to the Minister responsible




lor nationality and Gitgership, PO. Box N-7147, Nassau, Baharnas



(AP Photo/Nasser Nasser, File)
STANDING GUARD: In this Monday, Feb. 28, 2011 file photo, Egypt-
ian soldiers stand guard in front of the building of Egypt closed

stock market, in Cairo, Egypt.

was expected to take a hit amid
the ongoing political uncer-
tainty in the Arab world's most
populous nation.

Egyptian officials enacted a
host of measures aimed at safe-
guarding the market, including
triggering a suspension of trad-
ing if the broader EGX100
index moves 5 percent or 10
percent. In addition, the finance
minister set up a 250 million
fund that could be tapped if
there is a need to boost the
market.

The government also called
on all Egyptians to step up and
invest, either in shares or mutu-
al funds, as a way to prevent
the market from collapsing.

"These are all attempts to try
to secure the market," said Zia-
da.

But the uncertainty over
when the exchange would actu-
ally reopen unnerved scores,
raising questions about trans-
parency in a market many
viewed as among the most
transparent in the region.

Those questions build on
other worries, including the

overall welfare of Egypt's econ-
omy and the stability of the
country. Other worries came in
the form of the potential impact
on the market of the investiga-
tions into alleged wrongdoing
by former minister and top
businessmen linked with the
ousted regime.

On Monday, ratings agency
Moody's Investor's Service said
it downgraded the foreign cur-
rency deposit ratings of five
Egyptian banks by one notch,
to Bl from Ba3, after having
downgraded Egypt's sovereign
rating days earlier. The banks
affected were the National
Bank of Egypt, Banque Misr,
Banque du Caire, Commercial
International Bank and Bank
of Alexandria

Moody's said its negative
outlook on the banks reflects
its "reassessment of most of the
banks' standalone credit
strength, reflected in their bank
financial strength rating
(BFSR), mainly due to their
direct exposure to a lower rated
sovereign and the deteriorat-
ing economic conditions."

NOTICE

NOTICE is hereby given that ADELINE BIENVENUE
VICTOR of MIAMI STREET, P.O. BOX N-
1254, 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 16% day of March, 2011 to the Minister
responsible for nationality and Citizenship, P.O. Box N-

NOTICE

NOTICE is hereby given that PHILOCLES VICTOR of
MIAMI STREET, P.O. BOX N-1254, 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 16 day of
March, 2011 to the Minister responsible for nationality

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



LONDON — Stocks in
Europe fell amid concerns
over the military strikes
in Libya and mounting
expectations that interest
rates, particularly in
Europe, will rise soon.

France's CAC-40
closed down 0.3 percent,
Germany's DAX fell 0.5
percent and the FTSE 100
index of leading British
shares was 0.4 percent
lower .

_ INTERNATIONAL
roKvo—Hopesihat BUSINESS

Japan's nuclear crisis may
be coming under control
helped the country's stocks post significant gains. The Nikkei
rallied 4.4 percent.

Elsewhere in Asia, Hong Kong's Hang Seng gained 0.8
percent, South Korea's Kospi rose 0.5 percent, Australia's
S&P/ASX 200 inched up less than 0.1 percent and China's
Shanghai Composite Index rose 0.3 percent.

SINGAPORE — Japan's nuclear crisis could reverberate
through global energy markets for years to come, pushing up
prices as suppliers look to take advantage of a surge in
demand for non-nuclear fuels from the world's third-largest
economy.

TOKYO — Three of Japan's biggest global brands —
Toyota, Sony and Honda — say they will further delay a
return to normal production due to shortages of parts and
power after the March 11 quake.

LONDON — Consumer price inflation in Britain rose to
4.4 percent in February, more than the market expected
and putting more pressure on the Bank of England to raise
interest rates.

LISBON, Portugal — Portugal's government is on the
verge of collapse after opposition parties withdrew their
support for another round of austerity policies aimed at
averting a financial bailout.

The expected defeat of the minority government's latest
spending plans in a parliamentary vote Wednesday will
likely force its resignation and could stall national and Euro-
pean efforts to deal with the continent's protracted debt
crisis. The vote comes on the eve of a two-day European
Union summit where policymakers are hoping to take new
steps to restore investor faith in the fiscal soundness of the
17-nation eurozone, including Portugal.

ATHENS, Greece — Protesting contract workers occu-
pied Athens’ City Hall, disrupting municipal services, to
protest continued cuts in state-paid jobs.

BAGHDAD — Oil prices could climb to $120 per barrel
this year, a level that would be "acceptable," Iraq's oil min-
ister said while announcing that the country would hold its
fourth energy bidding round in November.

BEIJING — American companies plan to expand their
operations in China but remain deeply concerned over reg-
ulations that favor local companies at the possible expense
of foreign businesses, a U.S. group says.

CAIRO — Egypt's stock market is poised to reopen
Wednesday after a nearly two-month closure triggered by
the unrest that toppled Hosni Mubarak, and analysts expect-
ed steep losses in a reflection of shaken investor confidence.

The relaunch of the Egyptian Exchange comes after the
prime minister accepted the resignation of the market's
chairman and appointed a new, temporary head. The move
was the latest step by officials to try to ensure a smooth first
few days of trading on a market whose restart was delayed
several times amid fallout from the Jan. 25 uprising and
ensuing labor unrest.

MADRID — Spain paid lower interest rates to raise 2 bil-
lion euros ($2.84 billion) in an auction of 3- and 6-month
bills, indicating growing market confidence in the country’s
ability to handle its debt problems.

FRANKFURT, Germany — A German court ruled that
Deutsche Bank didn't sufficiently disclose the risks when sell-
ing one of its financial products to an investor and must
pay the company more than half a million euros plus inter-
est.

7147, Nassau, Bahamas. and Citizenship, PO. Box N-7147, Nassau, Bahamas.

The ruling could influence the outcome of dozens of dis-
putes between Germany's largest bank and small companies
and local governments who entered into so-called interest-
rate swap deals. The intention was to lower their interest

Legal Notice
payments, but many lost money.

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

NOTICE

Pursuant to the provisions of Section 137 (4) (a), (b)
and (c) of the International Business Companies Act,
2000, notice is hereby given that: -

AMSTERDAM — Jan Hommen, the chief executive of
ING Groep NV, says he will give up the eurol.25 million
($1.78 million) bonus he had been awarded for 2010, and
other managers will do the same, after news of the payout
was greeted with public outcry and customers threatened a
boycott.

CANADIAN GOVERNMENT INTRODUCES BUDGET

TORONTO

PELIER CONSULTANTS INC.

In Voluntary liquidation



(a) MAGGIORANZA LTD. is in dissolution;

(b) The date of commencement of the dissolution
is the 11th day of March, A.D., 2011 and

Notice is hereby given that in accordance with Section
138 of the International Business Companies Act (No.
45 of 2000), PELIER CONSULTANTS INC., has been
dissolved and struck off the Register according to
the Certificate of Dissolution issued by the Registrar
General on the 10th day of March, 2011.

Canadian Prime Minister Stephen Harper's Conservative
government adopted some key opposition proposals in its bud-
get in what might be a bid to stave off an election.

Finance Minister Jim Flaherty appeared to offer a budgetary
carrot on Tuesday to appease the New Democratic party. The
inducements includes help for low-income seniors.

The New Democrats have yet to announce whether they
will support the budget. For the budget to be defeated, all
three opposition parties would have to vote against it. The
opposition Liberals and Bloc Quebecois said after the budget
was announced that they will vote against it.

If the budget is defeated, Harper will have no choice but to
call an election, possibly in early May.

(c) the Liquidator is C.B. Strategy Ltd., of 308
East Bay St.

Yolanda Harnanjji,
of 12 Bell Lane, Gibraltar,

C.B. Strategy Ltd.
Liquidator

LIQUIDATOR





THE TRIBUNE

WEDNESDAY, MARCH 23, 2011, PAGE 7B





Sprint CEO: ‘Concerned
about AT&T-T-Mobile deal

PETER SVENSSON,
AP Technology Writer
NEW YORK

Sprint Nextel Corp. CEO
Dan Hesse said Tuesday that
he is concerned that AT&T
Inc.'s deal to buy T-Mobile
USA would hurt his company
and the industry, as the biggest
two players strengthen their
dominance.

The $39 billion deal was
announced Sunday, but is
expected to take more than a
year to close, after scrutiny by
regulators.

AT&T and Verizon Wireless
already have two-thirds of US.
wireless subscribers, and would
have three-quarters if the deal
goes through.

"I do have concerns that it
would stifle innovation and too
much power would be in the
hands of two," Hesse said in a
panel discussion at cellphone
conference in Orlando, Flori-
da, monitored by webcast. The

head of Verizon Wireless, Dan
Mead, was asked on the same
panel whether he had a stand
on the proposed deal.

"We're certainly very inter-
ested in what's going on," he
said. T-Mobile's CEO, Philipp
Humm, did not appear at the
panel as scheduled.

Sprint, the No. 3 carrier, has
been struggling for years due
to the troubled acquisition of
Nextel. Last year, its subscriber
numbers started improving, but
it still has a hard time luring
high-paying subscribers from
AT&T and Verizon, both of
which now sell the popular
iPhone. T-Mobile has the same

problem. AT&T's agreement
to buy T-Mobile, the No. 4 car-
rier, came as a surprise: media
reports had previously pegged
Sprint and T-Mobile as likely
to combine their businesses.
But AT&T was able to offer T-
Mobile's parent company, Ger-
many's Deutsche Telekom AG,
much more.

The deal leaves Sprint
"somewhat out in the cold,"
said Barclays Capital analyst
James Ratcliffe.

Scale is important in the
wireless business. It's very
expensive to build out and
maintain a wireless network,
but once that's done, you add

customers without incurring a
lot of extra costs. That means
wireless carriers with more cus-
tomers can be much more prof-
itable than smaller competitors.
Larger carriers also have more
clout when it comes to negoti-
ating with phone makers.

Trading

The stock of Overland Park,
Kansas-based Sprint has fallen
10 percent since the AT&T-T-
Mobile deal was announced. In
afternoon trading Tuesday,
they were at $4.53, up 17 cents
on the day.

However, Sprint's shares



(AP Photo/Richard Drew)

TIMES ARE A-CHANGING: AT&T Chairman, CEO and President Randall Stephenson,addresses a news con-
ference in New York, Monday, March 21, 2011.

were the only ones to fall
among cellphone companies.
Those of even smaller wireless
carriers actually rose, as
investors calculated there might
be something in the deal for
them.

The smaller carriers could be
targets for acquisition by Sprint,
or they could be in line to buy
assets from T-Mobile or AT&T
that regulators force the carri-
ers to sell as a condition of
approving the deal.

Shares of Dallas-based
MetroPCS Communications
Inc., the No. 5 carrier, were up
3.5 percent. No. 6 U.S. Cellular
Corp., a Chicago-based region-

SIGN OF CHANGE: In this Oct. 10, 2008 file photo, the
Deutsche Telekom AG logo is seen at the company’s head-
quarters in Bonn, Germany. AT&T Inc. on Sunday, March 20,
2011 said it will buy T-Mobile USA from Deutsche Telekom
AG in a cash-and-stock deal valued at $39 billion, becom-
ing the largest cellphone company in the U.S.

al carrier rose 5.4 percent. Leap
Wireless International Inc., the
parent of the low-cost Cricket
service, was up 15 percent.

Shares of Clearwire Corp.,
which is building a wireless
broadband network, also fell
on Monday in response to the
news, but recovered on Tues-
day, trading up 22 cents, or 4.5
percent, at $5.28. Clearwire is
majority-owned by Sprint and
has a lot of wireless spectrum
available for broadband, so
there was speculation that it
could have made some sort of
deal with T-Mobile, which is
poor in spectrum.

Shares of Verizon Commu-



nications Inc., which owns 55
percent of Verizon Wireless,
rose on the news. The deal
would let AT&T surpass Veri-
zon Wireless as the largest car-
rier, but analysts said it's well
equipped to compete with
AT&T, and the deal would
eliminate T-Mobile as a low-
price competitor. (Vodafone
Group PLC of Britain owns the
rest of Verizon Wireless.) In
Tuesday afternoon trading,
Verizon shares were up 53
cents at $37.

That was up 3.3 percent since
the deal was announced. The
shares are close to their 52-
week high of $37.70.

WHY INFLATION HURTS MORE THAN IT DID 30 YEARS AGO

WASHINGTON

Inflation spooked America in the early 1980s.
It surged and kept rising until it topped 13 per-
cent. These days, inflation is much lower. Yet
to many Americans, it feels worse now. And for
a good reason: Their income has been even flat-
ter than inflation.

Back in the '80's, the money people made typ-
ically more than made up for high inflation. In
1981, banks would pay nearly 16 percent on a six-
month CD. And workers typically got pay raises
to match their higher living costs.

No more. Over the 12 months that ended in
February, consumer prices increased just 2.1 per-
cent. Yet wages for many people have risen even
less — if they're not actually frozen.

Social Security recipients have gone two
straight years with no increase in benefits. Mon-
ey market rates? You need a magnifying glass to
find them.

That's why even moderate inflation hurts more
now. And it's why if food and gas prices lift infla-
tion even slightly above current rates, consumer
spending could weaken and slow the economy.

"It feels far more painful now than in the '80s,"
says Judy Bates, who lives near Birmingham,
Alabama. “Money in the bank was growing like
crazy because interest rates were high. My hus-
band had a union job at a steel company and
was getting cost-of-living raises and working
overtime galore."

Bates, 58, makes her living writing and speak-
ing about how people can stretch their dollars.
Her husband, 61, is retired. They've paid off
their mortgage and have no car payments. But
they're facing higher prices for food, gas, utilities,
insurance and health care, while fetching measly
returns on their savings.

"You want to weep,” Bates says.

Low

Consumer inflation did pick up in February,
rising 0.5 percent, because of costlier food and
gas. Still, looked at over the past 12 months,
price increases have remained low. Problem is,
these days any inflation tends to hurt.

Not that everyone has been squeezed the same.
It depends on personal circumstances. Some fam-
ilies with low expenses or generous pay increas-
es have been little affected.

Others who are heavy users of items whose
prices have jumped — tuition, medical care, gaso-
line — have been hurt badly. But almost every-
one is being pinched because nationally, income
has stagnated.

The median US. inflation-adjusted household
income — wages and investment income — fell to
$49,777 in 2009, the most recent year for which
figures are available, the Census Bureau says.
That was 0.7 percent less than in 2008.

Incomes probably dipped last year to $49,650,
estimates Lynn Reaser, chief economist at Point
Loma Nazarene University in San Diego and a
board member of the National Association for
Business Economics. That would mark a 0.3 per-
cent drop from 2009. And incomes are likely to
fall again this year — to $49,300, she says.

Significant pay raises are rare during periods of
high unemployment because workers have little
bargaining power to demand them.

They surely aren't making it up at the bank.
Last year, the average U.S. rate on a six-month
CD was 0.44 percent. The rate on a money mar-
ket account was even lower: 0.21 percent.

Now go back three decades, a time of galloping
inflation, interest rates and bond yields. When
Paul Volcker took over the Federal Reserve in

1979, consumer inflation was 13.3 percent, the
highest since 1946. To shrink inflation, Volcker
raised interest rates to levels not seen since the
US. Civil War of 1861-1865.

As interest rates soared, CD and money-mar-
ket rates did, too. The average rate on money
market accounts topped 9 percent. Treasury
yields surged, pushing up rates on consumer and
business loans. The 10-year Treasury note yield-
ed more than 13 percent; today, it's 3.5 percent.

By 1984, consumers were enjoying a sweet
spot: Lower prices but rising incomes and still-his-
torically high rates on CDs and other savings
investments. Consumer inflation had slid to 3.9
percent. Yet you could still get 10.7 percent on a
six-month CD.

Wages

Even after accounting for inflation, the medi-
an income rose 3.1 percent from 1983 to 1984. At
the time, workers were demanding — and receiv-
ing — higher wages. More than 20 percent of
U.S. workers belonged to a union in 1983. Labor
contracts typically provided cost-of-living adjust-
ments tied to inflation. And competition for
workers meant those union pay increases helped
push up income for non-union workers, too.

Last year, just 12 percent of U.S. workers
belonged to unions. And among union mem-
bers, a majority now work for the government,
not private companies. Wages of government
workers are under assault as state governments
and the federal government seek to cut spending
and narrow gaping budget deficits.

Workers’ average weekly wages, adjusted for
inflation, fell in February to $351.89. It was the
third drop in four months.

The result is that even historically low inflation
feels high. So "when you mention low inflation to
real people on the street, they immediately roll
their eyes," says Greg McBride, senior financial
analyst at Bankrate.com.

Falling behind inflation is something many
people hadn't experienced much in their working
careers until now. In the 1990s and 2000s, for
instance, most Americans kept ahead of rising
prices. Inflation averaged under 3 percent.

And inflation-adjusted incomes rose steadily
from 1994 to 1999. Once the 2001 recession hit,
incomes did falter. But after that, they resumed
their growth, rising each year until the most
recent recession hit in December 2007.

Rates on six-month CDs were also much high-
er than they are now: They averaged 5.4 percent
from 1990 to 1999 and 3.3 percent from 2000 to
2009. These days, though, Americans face the
certainty of higher prices ahead.

Nike Inc., facing higher costs for materials,
freight and other things, said Thursday it plans to
raise prices on a range of products starting this
spring. The company makes athletic shoes and
clothing. Whirlpool, Kraft, McDonald's, Clorox,
Kellogg, and clothing companies such as Wran-
gler jeans maker VF Corp., and J.C. Penney Co.,
also say they plan to raise prices. Whirlpool,
which makes Maytag and KitchenAid appliances,
says it's raising prices in response to higher raw
material costs.

Kellogg, which makes Frosted Flakes and Pop
Tarts, is increasing prices on some products to off-
set costlier ingredients. Kellogg is responding to
soaring costs for commodities including wheat,
corn, sugar, cotton, beef and pork. Vickens
Moscova, a self-employed marketer in Elizabeth,
New Jersey, says he's paying more for staples
like cereal, bread, eggs and public transporta-
tion. Yet he's making little from his savings.

"It is a huge pinch,” says Moscova, 25.

NOTICE

SIR LYNDEN PINDLING ESTATES
FORMERLY PINEWOOD GARDENS

Il SUBDIVISION

This Notice serves to advise the general public that lots
within the following blocks purportedly sold as lots within
“Nassau Village” form a part of the Sir Lynden Pindling
Estates Subdivision (formerly Cedar Groves/Pinewood
Gardens II) and are the property of Arawak Homes

Limited.

These Blocks are:

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

The general public 1s further advised to beware of purchasing
any lots in the above Blocks unless the land is described as
being in the Sir Lynden Pindling Estates Subdivision and
is being purchased from Arawak Homes limited or from
a person or entity which purchased from Arawak Homes
Limited. Otherwise, the seller(s) are not the owners of the
land.

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

Should you have any questions, please contact:

GENERAL LEGAL COUNSEL
ARAWAK HOMES LIMITED

PO. BOX N 3180

NASSAU, BAHAMAS

PHONE: (242) 394-0014/5; 502-6500





PAGE 8B, WEDNESDAY, MARCH 23, 2011

THE TRIBUNE



Oil tops $105 per barrel

CHRIS KAHN,
AP Energy Writer
NEW YORK

Oil prices pushed above $105 per
barrel Tuesday, as traders focused on
a series of international crises that
could tighten global supplies at a time
when consumption is expected to
increase.

Benchmark West Texas Intermedi-
ate for May delivery rose $1.88 to set-
tle at $104.97 a barrel on the New
York Mercantile Exchange. At one
point it was as high as $105.18.

The April contract for WTI crude
climbed $1.67 to settle at $104 per bar-
rel on its final day of trading.

In London, Brent crude gained 73
cents to settle at $115.64 per barrel
on the ICE futures exchange.

Energy economists continued to
gauge how recent unrest in Libya,
Bahrain, Yemen and Syria will affect
exports from a region that produces 27
percent of the world's oil. Libya, which
sits on the largest oil reserves in
Africa, has almost totally stopped
petroleum shipments as rebels battle
pro-Gadhafi troops. The addition of
international forces, including the
U.S., could mean that the country will
be embroiled in a protracted conflict
that will keep oil fields offline much
longer than previously expected, ener-
gy experts said.

In Yemen, embattled President Ali
Abdullah Saleh pledged to step down
more than a year early, but his refusal
to leave immediately infuriated tens of
thousands of demonstrators. Yemen is



(AP Photo/Matt Rourke)

FILLING UP: In this Feb. 16, 2011 photo, David Castro-Diephouse returns the nozzle to
the pump after filling his car’s tank with gas in Philadelphia. Oil prices rose above
$104 per barrel Tuesday, March 22, 2011, as traders continued to focus on a series of
international crises that will drive world supply and demand this year.

an important transfer point for global
oil supplies.

"Tensions are still pretty high in
that entire region, so prices are going
to stay above $100 per barrel for a
while,” PFG Best analyst Phil Flynn
said.

Iraq's new oil minister said Tues-
day that he expects oil to reach $120 a
barrel. Iraq produces about 2.4 mil-
lion barrels of oil per day.

Demand for oil and gas should rise
as the U.S. and global economies con-
tinue to recover. China shows little
sign of reducing its thirst for petrole-
um. Platts reports that China's oil
demand in February rose 10.1 percent
from a year ago, to the second
strongest level on record. It hit an all-
time high in December. China is the
world's second biggest oil consumer
behind the U.S.

Meanwhile, Japan continues to sta-
bilize the Fukushima Dai-ichi nuclear
complex that was damaged and leak-
ing radiation following this month's
earthquake and tsunami. The govern-

days’ supply of oil from its reserves.

loss of its nuclear facilities.

shortages.

settle at $4.254 per 1,000 cubic feet.

In other Nymex trading for April :
contracts, heating oil added 2.37 cents }
to settle at $3.0762 per gallon and }
gasoline gained almost a penny to set- :

tle at $3.0045 per gallon.

Stocks edge lower after a three-day rally

STAN CHOE,
AP Business Writer
NEW YORK

Stocks edged lower follow-
ing a three-day rally that
brought the Dow Jones indus-
trial average back above
12,000 for the first time since
an earthquake hit Japan just

over a week ago. The Dow
Jones industrial average fell
16 points, or 0.1 percent, to
12,020 in late morning trad-
ing Tuesday.

The broader Standard &
Poor's 500 index fell 3, or 0.2
percent, to 1,295. The Nasdaq
composite index fell 7, or 0.3
percent, to 2,685.

NOTICE

NOTICE is hereby given that RONALD DORLEAN of
BERNARD ROAD, NASSAU, BAHAMAS, is applying to the
Minister responsible for Nationality and Citizenship, for registration/
naturalization as a citizen of The Bahamas, and that any person who
knows any reason why registratior/naturalization should not be granted,
should send a written and signed statement of the facts within twenty-
eight days from the 23° DAY of MARCH 2011 to the Minister
responsible for nationality and Citizenship, P.O. Box N-7147, Nassau,

NOTICE

NOTICE is hereby given that Gella Philippe of P.O.Box
General Delivery, Dundas Town, Abaco, Bahamas, is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a_ citizen
of The Bahamas, and that any person who knows any
reason why registration/naturalization should not be
granted, should send a written and signed statement of
the facts within twenty-eight days from the 16'" day of
March, 2011 to the Minister responsible for nationality
and Citizenship, P.O. Box N-7147, Nassau, Bahamas.





A day with such little
change for stocks has been
rare so far in March.

The Dow Jones industrial
average has moved up or
down by at least 100 points in
four of the last five trading
days. Developments in
Japan's nuclear crisis and the
violence in Libya have been
driving the volatility.

The Dow jumped 3.6 per-
cent over the last three days,
its biggest gain since Septem-
ber. The gains mean the Dow
is nearly back to its 12,044.40
close on March 11, the day
the earthquake struck Japan.

Crude oil prices, a major
source of concern since mid-
February, rose $1.30 to
$104.39 per barrel.

Among active stocks, Bris-
tol-Myers Squibb Co. rose 2.5
percent to $26.65. The com-

pany said late Monday that a
new study of its melanoma
drug helped patients with
advanced skin cancer.

Online video and DVD
provider Netflix Inc. climbed
3.5 percent to $220.12. Credit
Suisse upgraded its stock on
expectations it will expand its
services overseas.

Jumped

Tivo Inc. jumped 2.3 per-
cent to $8.85 after Citadel
Investment Group, a hedge
fund, said it has built up a 5.3
percent stake in the compa-

ny.

Walgreen Co. fell 7.9 per-
cent to $38.67. The drugstore
chain's bottom-line results
were in line with expectations
but the company's profit mar-
gin wasn't as strong as

profits.

oil supplies. The earthquake

plants is stabilizing.



WALGREEN FISCAL
00 PROFIT CLIMBS
BUT SHARES TUMBLE

ment will release more than 56 million i INDIANAPOLIS

barrels of oil from the country's ;

reserves — enough to cover 22 days of } ie aca q fi
demand, analyst Addison Armstrong } i ane ane tae
said. Japan previously released three } & P :

: company shares tumbled after

: results were released and ana-

Bank of America analyst Sabine } lysts said they expected more

Schels said Japan will rely on other } from the largest U.S. drug-

power generators that run on liquefied }
natural gas and oil to make up for the }

Walgreen Co. said Tuesday

store operator.
The Deerfield, Ill., compa-

i ny said its gross profit margin

Schels estimated that Japan will }
increase imports of liquefied natural :
gas by 706 million to 848 million cubic } <
feet per day to partially replace pow- ; ing the past few quarters.
er lost from damaged nuclear reac- }
tors. Royal Dutch Shell is among oil } q rf I
companies shipping more crude and } ee ae pee ee
LNG to Japan to help offset power hela ae aa

— which measures gross prof-
it over net sales — stayed flat
at 28.8 percent after expand-

The flat margin generated
"widespread disappoint-

Walgreen also met Wall

i Street earnings expectations

Japan's increased imports are } when many analysts thought

expected to push world natural gas | they would beat the consen-
prices higher, though large global sup- :
plies should prevent them from spik- :
ing above $13 per 1,000 cubic feet as
they did in 2008. Schels expects natural }
gas prices to average around $4.48 per }
1,000 cubic feet this year. Natural gas ;

for April delivery gained 9.3 cents to }

sus, said another analyst, Jeff
Jonas of Gabelli & Co.

Shares dropped 6.6 percent,
or $2.75, to $39.22 in after-
noon trading.

The tumble left Scotia Cap-
ital analyst Patricia A. Baker
"somewhat perplexed.”

COFFEE SLIPPING ON
SPECULATION THAT
SUPPLIES BUILDING

Coffee futures are slipping

? on speculation that some

i growers may sell stockpiles
? soon, which could ease tight
investors hoped. Carnival }
Corp. fell 3.7 percent to
$39.48 after its forecast for
full-year earnings fell short of } $2.7345 a pound.
analysts' expectations. Higher } . :
fel pace: ae lee its ; cent in 2010, and has contin-

? ued to climb this year as glob-

Stocks climbed consistently aL up puey Dave erOwel inher:

between Sept. 1 and Feb. 18, ? y;
sie dhe ace glosed at Vietnam both had good har-
12,391.25, the highest level of } ducers have held their sup-
the year. Since then, stocks }
have dropped on worries that } higher prices.
protests in Libya and across }
the Middle East could disrupt i declines in supplies at the ICE
? Futures Exchange warehous-

in Japan and crisis at the }
country's stricken nuclear }
plants that followed also sent }
stocks lower, though stocks
in Japan and the U.S. have }
recovered in recent days on

signs that the situation at the } fall
: Tall.

global supplies.
Coffee for May delivery fell
3.55 cents to settle Tuesday at

The price jumped 77 per-

Analysts say Brazil and
vests last year but many pro-
plies in hopes of selling at

That has led to fairly steady

es.
In the past week, the ware-
houses have recorded small
inventory gains, creating spec-
ulation that some producers
may be more willing to sell
especially if prices begin to

NOTICE

NOTICE is hereby given that LYNN MARY EVANS of 69
FORTUNE BAY POINT, PO. BOX F-42958, FREEPORT,
GRAND BAHAMA, BAHAMAS is applying to the Minister
responsible for Nationality and Citizenship, for registration/
naturalization as a citizen of The Bahamas, and that any person
who knows any reason why registration/ naturalization should
not be granted, should send a written and signed statement of
the facts within twenty-eight days from the 23rd day of MARCH,
2011 to the Minister responsible for Nationality and Citizenship,
P.O.Box N-7147, Freeport, Bahamas.



NOTICE

NOTICE is hereby given that ROSENA JEAN-JACQUES of 76
CHURCHILL AVENUE, P.O. BOX SB-52742, 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 23°? DAY
of MARCH 2011 to the Minister responsible for nationality and
Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that |, JASMINE DENISE
THOMPSON of Sunset Meadows in the Western District
on the Island of New Providence intend to change my
name from JASMINE DENISE THOMPSON to JASMEN
DENISE STORR. If there are any objections to this change
of name by Deed Poll, you may write such objections
to the Chief Passport Officer, RO.Box N-742, Nassau,
Bahamas no later than thirty (80) days after the date of
publication of this notice.

= EG CAPITAL MARKETS
S BROKERAGE & ADVISORY SERVICES

ROYAL @ FIDELITY

Mertary an Work

MONDAY, 21 MARCH 2011
BISX ALL SHARE INDEX: CLOSE 1,470.49 | CHG 18.96 | %CHG 1.31 | YTD -29.02 | YTD % -1.94
FINDEX: YEAR END 2008 -12.31%
WWW..BISXBAHAMAS.COM | TELEPHONE:242-677-BISX (2479 | FACSIMILE: 242-323-2320
Daily Vol. Div $
0.123
0.013
0.153
-0.877
0.168
0.016
1.050
0.781
0.488
0.144
0.107
0.357
0.682 11.0
0.494 18.8
0.452 12.1
0.000 N/M
0.012 608.3
0.859 14.4
1.207 8.3

Securit_y
AML. Foods Limited
Bahamas Property Fund

Previous Close Today's Close Change
10.63
4.93
0.18
2.70
1.96
9.43
2.40
6.82
2.25

10.63
4.93
0.18
2.70
1.86
9.43.
2.40
6.82
2.23

Bank of Bahamas
Benchmark

Bahamas Waste

Fidelity Bank

Cable Bahamas

Colina Holdings
Commonwealth Bank (S1)
Consolidated Water BDRs
1.40
5.22
6.10

1.40

5.22

Â¥.50 1.40
9.30 0.00.
5.48 0.01
1.00 0.00.
-0.10

Doctor's Hospital
Famguard

Finco

FirstCaribbean Bank
Focol (S)

Focol Class B Preference

5.65
8.77
4.57
1.00

1,500
9.30
5.47
1.00

1,200

NOTICE is hereby given that FABIENNE CIRIL of YOUNG
STREET, 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 23 DAY of MARCH 2011 to the Minister
responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.

5.50
9.80
10.00

ICD Utilities
J. S. Johnson 9.82 9.82 0.00
Premier Real Estate 10.00 10.00 0.00
BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing basis)
Security Symbol Last Sale Change Daily Vol.
Bahamas Note 6.95 (2029) BAH29 99.46 0.00
Fidelity Bank Note 17 (Series A) +
Fidelity Bank Note 22 (Series B) +
Fidelity Bank Note 13 (Series C) + FBB13 100.00 0.00 7%
Fidelity Bank Note 15 (Series D) + FBB15 100.00 0.00 Prime + 1.75%
RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)
Symbol Bid & Ask & Last Price Daily oi.
Bahamas Supermarkets. N/A N/A 14.00
RND Holdings 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 Funds
NAW YTD%

7.40 7.30 1,550

S2wk-Hi S2wk-Low Interest
6.95%
0.00. 7%

0.00. Prime + 1.75%

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

Feet?
FRBB22

100.00
100.00.

EPS S$
-2.945
0.001

Div & Pre
0.000
0.000

ABDAB
RND Holdings

4.540
0,002

0,000
0.000

NAV 3MTH
1.498004
2.918256
1.564030

NAV GMTH
1.475244
2.910084
1.545071

Fund Name
CPAL Bond Fund
CPFAL MSI Preferred Fund
CPFAL Money Market Fund
2.8522 Royal Fidelity Bahamas G & | Fund
13.0484 Royal Fidelity Prime Income Fund
101.6693 CFAL Global Bond Fund
99.4177 CFAL Global Equity Fund
1.0000 FG Financial Preferred Income Fund
1.0000. FG Financial Growth Fund
1.0000 FG Financial Diversified Fund
9.1005 Royal Fidelity Bah Int'l Investment Fund Principal

Last 12 Months %
6.90%
1.45%
4.59%

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

1.4076
2.8300
1.5141

15179
2.9486
1.5837

5.51%
0.04%
0.61%
-0.56%
0.61%
9.98%
4.75%
5.20%
4.73%
5.35%

30-Nov-10
28-Feb-11
11-Feb-11
2.7049
13.4392
114.3684
106.5528
1.1465
1.1185
1.1491

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

NOTICE is hereby given that Melouse Joseph of P.O.
Box General Delivery, Dundas Town, Abaco Bahamas,
is applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a_ citizen
of The Bahamas, and that any person who knows any
reason why registration/naturalization should not be
granted, should send a written and signed statement of
the facts within twenty-eight days from the 16" day of
March, 2011 to the Minister responsible for nationality
and Citizenship, PO. Box N-7147, Nassau, Bahamas.

9.7950 4.85% 5.45% 30-Nov-10

10.0000 Royal Fidelity Bah Int'l stment Fund Principal

10.6417 -1.20% 0.50% 30-Nov-10

9.1708 Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 3

Royal Fidelity Int'l Fund - Equities Sub Fund

10.1266 1.27%
8.4510 0.72%
MARKET TERMS
YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Cc

1.27%
9.95%

31-Jan-11
4.8105 31-Jan-11
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
52wicHi - Highest closing price in last 52 weeks

'S weighted price for daily volume
nted price for daily volume
rom day to day
traded today
the last 12 months

Today's Close
Change - Cha
Daily Vol. - Ni
DIV $ - Divide
P/E - Closing price divided by the last 12 month eamings
KS) - 4-for-1 Stock Split - Effective Date 8/8/2007
S1) - S-for-1 Stock Split - Effective Date 7/11/2007

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

Weekly Vol. - Trading volume of the prior week
EPS $- A compa 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





THE TRIBUNE

SSeS

WEDNESDAY, MARCH 23, 2011, PAGE 9B



New plants from old





lants employ many
Pro: of propagation —

seeds, corms, bulbs, rhi-
zomes, suckers, etc. — but the
one that allows replication of
shrubs needs a little human
input. A cutting taken from a
mature shrub will readily root
and one parent plant can pro-
vide many independent off-
spring.

Just about all stems and branches
of shrubs and small trees have nodes
or growing points. Above ground
these produce leaves and branches;
below ground they produce roots.

This is the main principle behind
cuttings. Take a section of branch
and bury the lower end in the
ground. Roots will develop under-
ground and leaves, later branches,
will be produced above ground.

The plants most usually propa-
gated by cuttings are flowering
shrubs such as crotons, hibiscus and
oleander. Fruit trees like Key lime
can also be propagated this way but
would lack a taproot and be very
susceptible to toppling in high
winds.

If you look around your garden
you will see evidence everywhere of
new growth and this makes March
and April the very best times to
make and consolidate cuttings.

Cuttings are best taken near to
the ground and on wood that has
brown bark. Green or tip cuttings
are not likely to succeed unless a
misting bed is used.

There is no need for any cutting to
be longer than 10 inches. Planted in
a pot or directly into the soil to a
depth of 4 to 5 inches, a cutting will
develop quickly and within a season
or two reach the size of the parent
plant.

The base of the cutting should be
taken from the parent plant about
half an inch below a growth node
using a 45-degree or larger angle.

ia
BEAUTY: Hibiscus shrubs like this double white with pink blush can be easily propagated by cuttings.

Cut the top of the cutting square just
above a growth node. If you drop
your cutting you will be able to see
which end is to be planted in the
soil.

It is a good idea to plant your cut-
ting at a 45-degree angle as this helps
to cut down movement caused by
wind. If an upright cutting is moved
about by the wind it could prevent
tender young roots from forming.

Newly planted cuttings need mois-

ture but probably not as much as
you may think. A cutting is vulner-
able to disease and rot and these
are encouraged by soil that is too
wet. Root formation is stronger
when the roots have to chase after
moisture. Too much moisture makes
them lazy.

Do not push your cutting into the
ground. Rather, dig a hole and refill
it. Use a trowel to make an opening
for your cutting and seat it gently,

firming the soil around at ground
level. The soil around the base of
the cutting should be well aerated
and not densely packed. Pushing a
cutting into soil may damage the
delicate layers between the bark and
the woody core and this is where
our new growth will come from.
Can you leave foliage on or not?
It is probably best to remove all
foliage but tiny new shoots can be
left and have a 50/50 chance of



developing. Some gardeners claim
that the transpiration of a leaf or
two helps maintain capillary action
within the small cutting.

There are some shrubs with low,
whippy branches — rosemary is a
good example - and these can be
propagated by ground layers. Break
a branch part of the way through
and then peg it an inch or two below
the soil. New roots will form very
quickly, certainly within 8 weeks.

ust a few images of what we the
Bahamas looked like 40...50...60...

years in the past

BY ROLAND ROSE

The Governor’s Cup Race was held every year after the

Miami Nassau Race as part of the Southern Ocean Rac-
ing Conference. The race stretched from Nassau bar to
Booby Rocks and back.





PAGE 10B, WEDNESDAY, MARCH 23, 2011

THE TRIBUNE



SS



The Tribune





WHAT WOULD A
BAHAMIAN DO?



Jully Black visits Bahamas

AN award-winning R&B artist
who has worked with such industry
greats as Sean Paul and Missy Elliot
performed at a free concert in the
Bahamas last week.

R&B singer/songwriter Jully
Black chose the Bahamas as her first
ever Caribbean destination to visit.

The Canadian Juno Award winner
delivered, according to audience
members, a “powerful performance”
when she took to the stage at Port
Lucaya Marketplace in Grand
Bahama.

Ms Black — who has worked with
such big names in the music industry
as Nas, Missy Eliot, Destiny's Child
and Sean Paul — performed six songs
during her mini concert in Grand
Bahama.

She opened with the R&B song
“Seven Day Fool”, which was first
recorded in 1961 by Etta James.

Ms Black re-recorded it in 2007
and it was produced by Black Eyed
Peas’ drummer and songwriter Kei-
th Harris.

She premiered one song which has
never been heard in her native
homeland Canada called "Crown
Me".

The song will be out later this year
when she releases her new album.

The R&B artist was also in town
to film segments for CTV's eTalk,
Canada's most watched entertain-
ment news programme in which Ms
Black is a celebrity reporter.

Her trip to the Bahamas was
made possible in conjunction with
the Bahamas Tourist Office in
Toronto and was facilitated locally
by the Grand Bahama Ministry of
Tourism and the Bahamas Film and
Television Commission.

While on island for almost a week,
Ms Black enjoyed the many sites
and cultural activities the island has
to offer and was reunited with a
niece who is a local school teacher.

Ms Black has collaborated with,
and written for many notable Cana-
dian, American and international
artists.



By JEFFARAH GIBSON
Tribune Features Writer

popular American movies were adapted for Bahamian
actors and actresses for a Bahamian audience.

I think it would be interesting to see us play ourselves, and depict our very
own culture and attitudes on screen in the circumstances presented in
certain films. And it is good to kick back and laugh at ourselves every once
in a while.

Movies like Titanic, Diary of A Mad Black Woman and The Ring, would
all have very unique twists if the script was tweaked to reflect a Bahamian
way of life.

Tribune Entertainment asked the question what would a Bahamian do if
a particular scenes from a very popular movie was remade? And the
responses were just as funny as the some of the movies.

TITANIC

There are several scenes from the Titanic Tribune Entertainment read-
ers said a Bahamian would have done differently. The reader said the entire
relationship with Rose and Jack would have never even went that far it were
a Bahamian playing that role.

“First off, no Bahamian woman was ever going to be dating Jack because
Jack was broke and he did not have a job and the first thing mama does tell
us is never like no man who don’t have no job so that’s what would have
went down in Titanic,” said Kendece.

Another scene that the reader said a Bahamian would have done dif-
ferently was the scene when Rose jumped off the little boat to stay on board
the ship with the love of her life- Jack.

“That couldn’t have been no Bahamian women. If it was a Bahamian
woman she probably would have been in the front row on the little boats
with all her mother and cousins them telling Jack to call her on her cell
phone and bring a phone card while he at it when he reach ashore.”

The last scene from the Titanic that was a noteworthy feature was the part
of the movie when Rose had to stay on the bed head to save her life. Some
of the readers said both of them could have fit on the bed head.

“Boy if that was Bahamian is wasn’t going to be no sharing. She was com-
ing off that or we was taking turns sharing that bed head. I wasn’t dying for
no woman I just meet,” said Damian.

DAIRY OF A MAD BLACK WOMAN

The beginning of the Diary of Mad Black Woman had some Tribune
readers boiling over in their seat. Some of them said if that were a Bahami-
an woman who was dragged out of her house by her husband while his
sweetheart stood by and watched, things were not going to end as quietly
as it did.

“No it was going down like that. A Bahamian was probably calling all of
her brothers, her uncles, her cousins and her god brothers to deal with him
because you know every Bahamian woman like to talk about how they get
a crazy uncle or brother,” Shawn said.

Another reader said: “If that was a Bahamian woman she was going to
be doing the Bank Lane shuffle because when she finish with him that was
going to be it.”

THE RING

The scene in The Ring that readers said a Bahamian would have done dif-
ferently was the scene where the dead girl came through the television and
the man stood by and watched instead of running for his life.

“A Bahamian in that situation wasn’t wasting no time just standing
there. A Bahamian would have probably started running or praying but that
man just stood there,” the reader said.

[oor wonder what it would be like if some of the most

GOOD ON BLACK:
R&B singer /song-

Canada performs a
Lucaya Market-

Square in Grand

Bahama on March
17. Segments will
be seen on CTV's
eTalk where she is

The Bahamas Weekly/Photo

writer Jully Black of
free concert at Port

place’s Count Basie

a celebrity reporter.




Thursday, March 24 -
GREEN PARROT
WINE TASTING

¢ Green Parrot invites you
to a tasting of this season's
noble wines from Mendoza,
Argentina, 6pm-9pm in its
Wine Lounge. Tickets:
$25/per person. Space is lim-
ited! RSVP, Telephone: 322-
6900.
Friday, March 25 and Sat-
urday, March 26

“THE MOST
MASSIVE

WOMAN WINS”

¢ The Peacock Theatre
Company presents “The
Most Massive Woman
Wins”, a collection of one
act plays at the Hub that
promises both comedy and
psychological intrigue. First
showing, 8pm Friday, March
25. Matinee showing, 2pm
Sat, March 26. Telephone:
322-4333. Email: info@the-
hubbahamas.org See
http://www.thehubba-
hamas.org.
Friday, March 25 -
ROTARY/ROTARA
CT FUNDRAISER:
MARDI GRAS

“MASQUED”

¢ Rotary/Rotaract pre-
sents their 2nd annual silent
auction fundraiser under the
theme Mardi Gras
“Masqued”, 7.30pm at
Luciano's. Prizes awarded
for best masks, King and
Queen of Mardi Gras and a
whole lot more! Dress: for-
mal. All proceeds in aid of
the Rotary Club of East
Nassau and Rotaract charity
projects. Email: get-
masqued@gmail.com.

Saturday, March 26 -
BLACKBERRY’S
REGGAE ALL-
STARS PEACE FEST

¢ Blackberry presents a
reggae all-stars peace-fest at
Fish Fry, featuring Peetah
and Gramps, Morgan,
Tanya Stephens, Jah Heim, I
Sasha, El Padrino, Lutan
Fyah, and Romaine Virgo.
The event is hosted by Nat-
ural Empress and Jah Bami.
VIP: $25/with blackberry;
$30/without. Platinum:
$40/with blackberry;
$50/without. Tickets avail-
able at Marley Boutique,
Airbrush Junkies, Sexy
Thang and Sona Viva.
Saturday, March 26 -
“THE ORIGINAL
GAL FARM”

BOAT CRUISE

¢ Oleboy Production,
Back to Basics Barber Shop
and Toya present “The
Original Gal Farm” boat
cruise, Toya Birthday edi-
tion, onboard the KCT
Boat. Boards at 8pm; boat
leaves 9pm. Music provided
by Fire Reds, TG, Crazy
Jim, Selecta Ty. Cost: $15/in
advance; $20/at the boat.
Telephone: 428-0726.
Sunday, March 27 -
23RD ANNUAL
BAHAMAS

BRIDAL SHOW

¢ Buttons Bridal and For-
mal Wear presents the 23rd
annual Bahamas Bridal
Show under the theme “To
Love and Cherish”, noon at
the Wyndham Nassau
Resort. Have your ultimate
wedding experience with a
trade show, fashion show,
food, cake, champagne and
a chance to win a dream
wedding. Cost: $35 and $45.
Telephone: 327-8896. See
http://www.buttonsformal-
wear.com.



THE TRIBUNE WEDNESDAY, MARCH 23, 2011, PAGE 11B



GOSSIP CORNER
















a a oe AP REVIEW

HRIS Brown's "Graffit-
ti,” which arrived on the
music scene 10 months
after his attack on Rihanna,
landed with a thud. But a sin-
ister public image wasn't his
_ only hindrance.
The 2009 album didn't do him any
urs: Most of the songs were weak
nd simply not up to par with his past
albums, especially 2007's "Exclu-
,' anear-perfect CD.
rown is back on "F.A.M.E. (For-
ng All My Enemies),” but artisti-
ally, he's still not all the way there.
‘The singer, who turns 22 in May,
ntinues to advance when it comes to
aking Quiet Storm hits: "No Bull" is

:
%

HIP AHOP'S



e



WOU Sn Penge ED ERT TUNTTENTENT Eat degh ay ins ieseerertententinestbtessinesmessessesensseees:
ia




BF ae eee *






ooth grooves that aren't
>d, Brown sounds top-

*
sea

mis just average.
since he is a skilled

D) |B) Dy 4 EL REC)

2. JAY-Z ($450 MILLION)

3. DR. DRE ($125 MILLION)
4. 50 CENT ($100 MILLION)
5. BIRDMAN ($100 MILLION)

LINE:SDAY





By LESH

MERICAN IDOL fans are

saying this has to be the most
talented season of AI so far in a
long time, I must agree. The elimi-
nation show started with the con-
testants singing and dancing to the
songs "Born to be wild" and Lady
Gaga's "Born this way". It was act-
ed out as if the guys were singing
against the girls, | am thinking they
chose the "born" songs because last
week’s theme was "The year you

were born."

While it was not the best of the
best performances, it was entertain-
ing as always. And of course came
the Ford Music commercial with the
contestants watching themselves in
what seemed to be a movie preview
at a drive through movie theater in
Ford Focuses. After all that fun of
the audience and the contestants
watching themselves on the big
screen, Ryan came in for the kill by
asking for the lights to be dimmed!
All smiles were wiped off faces and
the holding of hands started, I hate

AND THEN THERE WERE 11...

that part just as much as they do,
so nerve wrecking!

The time came to call the bottom
three, Ryan called Jacob Lusk, Lau-
ren Alaina and Casey Abrams to
the center stage. They were all safe
and relieved! Shortly after, Ryan
calls up Haley Reinhart and Paul
McDonald, while Paul was safe,
Haley was stuck in the bottom three
for a second week in a row. There
was also a performance from Lee
DeWyze.

After a short commercial, Ryan
called Scotty McCreery, Pia Toscano
and James Durbin to the center of
the stage. They were all safe. Next up

were Stefano Langone and Naima
Adedapo. Stefano is safe from elim-
ination and Naima is back in the bot-
tom three. Ryan then calls up Thia
Megia and Karen Rodriguez. Thia is
safe, Karen is was not.

Based on America's votes for the
Top 12 performances, Naima,
Karen, and Haley landed in the bot-
tom three. Ryan reveled that Naima
is safe, in which I found it really
hard to believe. Haley was also safe
and Karen sang Mariah Carey’s
Hero in the hopes that the judges
would use the save card but unfor-
tunately, the judges did not save her.
and she was eliminated. I actually
liked Karen. AI fans lets get it
together please.

This week the contestants are set
to perform Motown songs! Get
ready.










~

WEDNESDAY, MARCH

ee |

Green Scene:

S| New plants
from old

see page nine

Chris Brown,
‘FAME.
(Forgiving All

My Enemies)’
see page 11





Transforming

e Transforming
Spaces Committee is
pleased to announce

plans for its seventh art
tour. The popular event will
take place on Saturday and
Sunday, April 2 and 3 and
will be visiting 6 Art Spaces:
D'Aguilar Art Foundation,
Doongalik Studios Art
Gallery, New Providence
Art & Antiques, Popop Stu-
dios, PRO Gallery at COB,
and The Hub who will be
showcasing new and excit-
ing art work from more
than 50 artists.

With a more compact bus route
and fewer spaces this year, patrons
will have the opportunity during the
four hour Tour to spend a longer

as well as meet and speak with the
artists. Purchases can be made dur-
ing the tour and patrons are remind-
ed that they will also be treated to a
variety of food and drink at each
stop.

Transportation will once again
be provided by the professional
team from Bahamas Experience
Tours, the event's Sponsor, who
will drive patrons along with a
knowledgeable tour guide in com-
fortable air conditioned buses to
each venue. All buses will leave
daily from the NAGB promptly at
10 am.

The Committee would like to
thank its faithful patrons for their
support of the event as proceeds
from last year's tour were donated
to assist with Haitian Relief fol-
lowing the devastating earthquake
by providing the most urgent items
in the form of medical supplies,
food and hygiene survival kits and

Community Church who partnered
with World Relief, a worldwide
relief agency with a long term pres-
ence in Haiti and the Del Camino
Connection, a Latin American and
Caribbean network of organisations
and churches who were extremely
effective in providing assistance on
the ground in record time.

In Nassau, a donation was made
to the AIDS Foundation to finance
an adolescent's AIDS art workshop
conducted by Antonius Roberts.

For more information about the
tour visit their link at

http://www.voutube.com/user/Trans
formingSpaces?ob=5#p/u or their
website at www.transforming-

spacesbahamas.com
Tickets are now on sale at the

following locations:

National Art Gallery Tues -Sat
Tel: 328-5800; Doongalik Studios
Paradise Island Daily 10am-10pm
Tel:363-1313 ; Doongalik Studios





time at each space to view the art Shelter supplies. A cheque presen- Village Road Mon-Fri Tel: 394- PRESENTATION: Jay Koment makes the donation to AIDS Foundation President,
tation was made to New Providence 1886. Lady Camille Barnett (right).

‘To Love
& Cherish’

@eeeaseeeoeoeoeeeeeeeeeeeeeeeeeeaaeeeasnesenaee

A most spectacular event
for everyone to enjoy!

IT’S THE day you’ve waited for, since teenagers. You
dream of a wedding celebration designed for royalty. You
dream of a simple, but elegant life as husband and wife.
Brides and grooms-to-be, it’s time to live your dreams at
“Love & Cherish,” the 23rd production of the annual
Bahamas Bridal Show which takes place Sunday, March
27,2011, at Wyndham Nassau Resort, Cable Beach.

Show exhibitors are more excited than anyone else
when it comes to this event. They can hardly wait to meet
couples and show off their products and services, and pro-
vide information to help plan beautiful weddings, bridal
shower, bachelor’s party, rehearsal dinner, baby christen-
ing, birthday and office parties, and other special events.

Exhibitors include Furniture Plus, British Colonial
Hilton Hotel, Jewels by the Sea, Bristol Wines & Spirits,
SuperClubs Breezes, Sheraton Nassau Beach Resort, Best
Buy Furniture, Master Technicians, Colina Insurance,
Bertha’s Go-Go Ribs, Burns House Catering, Master
Mixx Inc., Bahama Fantasies.

Other businesses exhibiting at the bridal show are
Seleon Productions, CH Realty, Noveltease, Wyndham
Nassau Resort, Thompson Trading Co. Ltd., Secret Gar-
dens at Ardastra, Our Lucaya Beach Resort of Grand
Bahama, No.14 Sweet Tings Lane, Impact Images &
Designs, Fabulous Ronnie Beauty Salon, A Design for
Destiny, and Eye Candy Make-up that will do make-up
for the models in the fashion show.



BRIDAL SHOW CAST

The show’s MC is Nicole Henderson-Smith, assisted by
announcer Tommy Stubbs, who is also the event’s execu-
tive producer. Makeva Wallace is event coordinator and
handles fashion show choreography with Shameka Fernan-
der. Both are fashion show coordinators along with Diane
Rolle, Martine Joseph, Iclyn Smith and Karen Taylor.

Fashion models include Travetha Pyfrom, Nadia Dean,
Irie Creaser, Bodine Johnson, Lakeisha Deveaux, Andrea
Maycock, Lakera Deveaux, Ashley Stubbs, Richanna
Munnings, Juranda Swaby and Leah Treco. The flower-
girls will be Tyler Dean and Donesha Hepburn.

Among the men modeling and performing in the bridal
show are Terrance Missick, Keith Hinsey, Lamont Dean,
Fred Paul, Eugeno Neely, Gonzalo Broncaccio, Freddie
Lightourne, and Shandon Smith. Page boy will be Nathan
Dean.

Our official videographer will be Kevin Taylor of
Dreamkatcher Media. Official show photographer is
Mario Duncanson. Tiska Armaly of Weddings by Fanta-C
‘ : ; will provide bouquets and boutonnieres in the fashion
EYE- CATCHER: DeAnthea Cartwright Hote an orange dress. show.



DAZZLING DRESS: Irie Creaser models a green and blue wedding gown.







(i The Tribune

him lowin’ it

84F
70F

MOSTLY

HIGH
LOW

_ SUNNY

Volume: 107 No.100

aU

By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net

PROGRESSIVE Liberal
Party deputy leader Philip
“Brave” Davis offered to pay
"extra" money for men will-
ing to get "locked up" during
Monday's protest outside Par-
liament, Culture Minister
Charles Maynard claimed in
the House of Assembly yes-
terday.

The MP for Golden Isles
claimed that Mr Davis made
the request Sunday night dur-
ing a telephone conversation
with an unnamed person.

The claim brought Mr
Davis to his feet to demand
that Mr Maynard table proof
to back up his claim. He also
wanted Mr Maynard to name
the person to whom he was
supposedly talking.

"Everybody knows that the
Progressive Liberal Party is
behind the civil disorder," Mr
Maynard said while support-
ing the sale of BTC in the
House of Assembly yester-
day. "The member for Cat

SS a)



Island made a phone call
night before last to somebody
saying ‘I want you to bring
some men and I'll pay them
extra if they willing to get
locked up, downtown’.”

Mr Davis said the remarks
were "serious allegations" and
demanded Mr Maynard back
up his accusations with hard
evidence.

"Task him to name that
person, not only name them
here, let's go outside and
name them and let's get it on.
I don't bother the member
but he finds it necessary to
talk about me at every turn. I
don't want it (the allegations)
withdrawn, he needs to bring
the proof of what he claims
has been asked," he said.

Members of the Opposition
said Mr Maynard's comments
questioned the matter of priv-
ilege, adding that the issue
should be forwarded to the
House's Standing Committee
of Privilege for review.

Privilege in the House of
Assembly or Senate allows

SEE page 13

AUTO INSURANCE

Never start your

Management.
sople you can trust.

| tebe | Frame
BE DUD aan) 2





WEDNESDAY, MARCH 23, 2011

SS
a



AND REAL aa
CEST SS

Brave Davis n as
for disorder chaltt

Fury as minister
accuses PLP
deputy in House

CLAIM THAT PLP OPERATIVE PROMISED TO



PAY TWO DOZEN FOR DEMONSTRATION

A PROGRESSIVE Liberal
Party operative gathered
together more than two dozen
persons who he promised to
pay for their participation in
the latest demonstration on
Bay Street, it was claimed last
night.

Well-placed sources within
the PLP said the operative
was trying to “impress” party
chiefs by marshalling people
to demonstrate against gov-
ernment’s sale of BTC with
the promise of payment.

However, when senior
members of the party at Gam-
bier House refused to partici-
pate in the plan by paying the
mob, they began creating a
ruckus.

The operative, after the

March &rd - 30th, 2011

House of Assembly gathering, ;
marched his people to the }
Opposition’s offices on Par- }
liament Street to meet with }
the party leader for payment. }
When they were informed }
that PLP leader Perry Christie ;
was not in office, but at the i
PLP’s headquarters, the group }

became agitated.

The individual then report- }
edly transported the group in }
two buses to the party’s head- ;
quarters on Farrington Road. }
Once there, a confrontation }
took place with the PLP’s ;
leadership, who informed the
crowd and the operative that ;
they had no hand in their ;
organisation nor had they }

SEE page 13

Wie!



SEE SECTION E



PRICE —75¢ (Abaco and Grand Bahama $1.25)



BAHAMIANS ‘MORE
CONCERNED ABOUT
PHONE RATES THAN
FOREIGN OWNERSHIP’

By CELESTE NIXON
Tribune Staff Reporter
cnixon@tribunemedia.net

A NEW study claims
Bahamians are more con-
cerned about phone rates
increasing with Cable and
Wireless, and not that the
company will be foreign-
owned.

Public Domain, a Bahami-
an marketing research and
public opinion polling firm,
conducted a telephone sur-
vey between February 16 and
March 11 regarding the pub-

SEE page 13

Tim Clarke/Tribune staff



UNION LEADERS CRITICISED FOR
‘NOT DOING ENOUGH’ AT PROTEST

By CELESTE NIXON
Tribune Staff Reporter
cnixon@tribunemedia.net

UNION leaders have been
criticised for "not doing
enough" during this week’s
protest against the sale of
BTC.

Protesters marched from
Clifford Park to Rawson
Square while the House of
Assembly was in session on
Monday, holding the third
major protest of the majority
sale of BTC to Cable and
Wireless (CWC).

However, the turnout of
BTC’s unionised workers was
said to have been poor.

According to Asst Police
Commissioner Glenn Miller,

NASSAU AND BAHAMA ISLANDS’ LEADING NEWSPAPER



the number of demonstrators
peaked at about 600. Only
200 of these were reported
to be union members.

One person opposed to the
sale of BTC told The Tri-
bune: "The union leaders
need to be fired, I am totally
disappointed and I have lost
my faith in them.”

Bahamas Communications
and Public Managers Unions
(BCPMU) president William
Carroll, commenting on the
protest, said: “I really
thought it would have been
more people, there was
enough people to let the gov-
ernment know that there was
still an opposition to the

SEE page 13





PAGE 2, WEDNESDAY, MARCH 23, 2011

THE TRIBUNE



LOCAL NEWS

Questions raised
ablout differences
In payment to
Co-ordinators and
exam markers

SOURCES inside the Ministry of Education have
raised questions about the large differences in payment
to co-ordinators and markers for standardised primary
school examinations.

Documents leaked to The Tribune concerning exams
sat by grade one, two, four and five students in May
2009, indicate a wide range of payments — varying
between $100 to as much as $5,500 — to 155 teachers.

The Tribune’s source claimed excessive payments for
marking papers were used as a means of exercising
favouritism by some senior public servants.

The director of the assessments unit, responsible for
administering the examinations, was not available for
comment. One senior official, who wished to remain
anonymous, said that while he had no specific knowl-
edge of any questionable behaviour in terms of pay-
ments to exam markers, there are often reports alleging
underhanded goings on at the Ministry of Education.

The official said there are sometimes internal investi-
gations, but the results of these are never made public.

“Tm glad you are launching investigations into things
like this,” he added

When contacted for comment, some of the teachers
named on the list as having received payments were
unable to give an explanation for the wide range in
amounts, or say what the rate per-paper-marked was.

Payment to markers typically varies, depending on
the set quota in any given year, and the standard rate
per examination paper. The rate usually varies depend-
ing on the subject, and the paper level.

No pattern could be established from the documen-
tation.

—7

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as a bush fire quickly spread through the area, barely missing homes.

CALL: Bamboo Town residents had a scare yesterday





























J Fine Threads





By LAMECH JOHNSON

RESIDENTS of Bamboo Town had a scare yesterday
as a bush fire quickly spread through the area, barely
missing homes near a green space.

James Pratt, 67, of Airdale Drive, said the fire started
shortly after 10am and that while at first it was small, “the
breeze spread the blaze.”

Officers from the Police Fire Branch arrived on the
scene after receiving calls from residents.

They immediately went to work after locating two
sources of water, and three fire engines fought to contain
the flames and stop them from spreading further.

The Delta 9 fire engine had to push its way through the
bush to get to the fire as no road provided access.

While the crews of the trucks did their part in putting
out the blaze, home owners were hosing down their
walls and plants in case the fire approached.

One of the officers from the Delta 12 truck spoke
with The Tribune later, confirming they had the fire
“under control.”

When asked if they had any idea of how the blaze
started, he said in the case of bush fires, it is usually
very difficult to find the source.

Residents noted that bush fires are common in that
area.

At least five homes were threatened yesterday, the offi-
cers confirmed.

, ie jn
CuePPAR

A 24-YEAR-OLD man charged with
murder was arraigned in Magistrate’s Court
yesterday.

Mario Elliot, of Peardale off Wulff Road,
was arraigned before Chief Magistrate
Roger Gomez in Court One, Bank Lane,
charged with the March 17 murder of Java-
do Miller.

Miller, 29, was sitting outside his house

Man, 24, arraigned on murder charge



between Kemp and St James’ Roads with a
group of people, when he was shot and
killed. Elliot was not required to enter a
plea to the murder charge yesterday.

Prosecutors intend to proceed with a vol-
untary bill of indictment, which will be pre-
sented on June 22.

Elliot was remanded to Her Majesty’s

Prison.



THE TRIBUNE



THE THINKING BEHIND THE STRAW MARKET DESIGN

A building that
Sneaks the
language of
flowntown

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

ALTHOUGH the straw
market has been the talk of the
town this year, the buzz has
only recently shifted to the
design of the building.

With the new market now
unfolding in form and colour
on Bay Street, The Tribune sat
down with Bahamian architect
Pat Rahming for an inside look
at the method behind his cre-
ation. If the new building
evokes for you a sense of for-
mality, grandeur and stateliness,
your thinking is in line with that
of the designer. “Its form is an
adaptation of the classical style
of colonial architecture that
defines downtown Nassau,”
said Mr Rahming.

A part of what makes the
City of Nassau unique is the
scale and texture of its archi-
tecture and the “language” in
which its structures speak.
Whether it is buildings designed
to a more “domestic scale”,
using wooden columns and bal-
conies, or the more imposing
structures like the House of
Parliament, Mr Rahming said,
“the predominant style is what
is called Georgian architec-
ture.”

Millions of people travel to
the Bahamas looking for a
“place-specific experience” that
is born from the history, geog-
raphy, mythology and lifestyle
of the local community.

Mr Rahming said the city of
Nassau used to help define that
experience.

“The brand of Nassau is that
we are a black, African com-
munity that lives its life through
the expression of British cere-
monies on a Caribbean island.
The absolute symbol for that
branding, the logo you could
say, is a black policeman
dressed in his ceremonial outfit
standing on corner of Parlia-
ment Street and Bay Street giv-
ing instructions to two tourists
with the House of Parliament in
the background.

“That is the symbolism that
defines who we are. That is the
special experience of place that
we have been selling — except
that we haven't taken care of
it,” he said. Many symbolic
buildings have been destroyed
over the years, whether by fire
or neglect, and “little by little”
there has been a loss of her-
itage, said Mr Rahming.

With the new straw market,
he said, there was a deliberate
attempt to bring back symbol-
ism to the architecture and
maintain the language of down-
town. “What the straw market
does is recognise that heritage.
There is a part of our past that
relates to that Georgian tradi-
tion that creates the scale and
character of downtown Nassau.
While it is a brand new building
and it feels so, it is dressed in
the appropriate clothes. It is
appropriate that a public build-
ing downtown wears clothes
that speak to the ceremony of
downtown,” said Mr Rahming.

He said he was not con-
strained in his thinking about
how to enclose the straw mar-
ket by the the nature of the
activity taking place inside.

The entrance is framed by
practical columns that are pro-
portionally correct as classical
columns. It is the same lan-
guage on the Supreme Court
and Senate buildings, said Mr
Rahming. It is a formal lan-
guage of “ceremony in British
tradition,” he said — different
to the language of Woodes
Rodger’s Wharf, for example,
which is “informal waterfront.”

“What happens in the har-
bour has a different character.
You have the opportunity to
be more playful if you wish.
You could do that on Bay
Street too, but it is not a choice
that I, Pat Rahming would
make. I have chosen to see Bay
Street the way I see Bay Street.
Other people have seen it dif-
ferently. I don't think that is a
question of right or wrong; it is
a question of philosophy,” said
Mr Rahming.

Also at the forefront of Mr
Rahming’s mind as he designed
the new building was a time
over a century ago, in the 1800s,
when market women made
their daily sojourn from Over
the Hill, down Market Street,
under Gregory’s Arch to the
downtown market.

Those days, the market was
not just home to straw and craft
goods. Fruit and vegetable ven-
dors sold their produce there,
and fishermen and butchers
made it their marketplace too.

There was a “relatively tall
arched entrance” that faced
Market Street with a big iron
gate. The new design is a throw
back to the “original market”,
with an entrance that faces
Market Street almost squarely.

“Symbolically it was very
important and we have
returned that bit of symbolism,”
said Mr Rahming. The fact that
the straw market anchored the
economy of downtown, accord-
ing to Mr Rahming, is another
symbolic element. In the 1900s,
when market vendors dealing
in fish, fruit and vegetables
were moved to Potter's Cay, all
that remained on Bay Street
were straw and craft vendors
marketing to tourists.

That was the spark that led
to the downturn of the town,
according to Mr Rahming,
because the city centre lost a
central symbol: the “market for
its citizens.”

Businesses whose primary
customers were local people
eventually died off; the resi-
dential community of down-
town moved out; the entertain-
ment scene petered out, and
downtown transformed into
“nothing more than a shopping
centre”, as it still is today.

The history was important to
Mr Rahming, he said, because
it provided the context for the
undertaking. “Symbolism is
critically important, important
to our sense of self, nationhood,
and history. If we approach our
environment only from the
point of view of how many dol-
lars we can make from a square
foot of land, all we are doing is
making our children, poorer
and poorer in their spirit,” said
Mr Rahming. There are practi-
cal elements to the design as
well. The building sits on a
podium, designed to address
the notorious flooding prob-
lems experienced in the mar-
ket. The facade uses a detail-
ing technique called rustication



that creates an appearance of
stone bricks.

“We have chosen to make
that rustication detail one of
the ways we have made the
building easy to maintain. One
of the things we were asked to
do is see how we could make
the building as easy as possible
to maintain,” said Mr Rahming.

One of the problems with
public buildings is they have to
be painted all the time, he
explained. The surfaces used in
the new design are durable and
easy to clean. The tiles used on
some of the exterior walls, and
the brick walkway serve similar
functions.

“T designed the building as a
sort of pavilion. That pavilion is
really very symmetrical. It looks
the same from both ends and
both sides,” said Mr Rahming.

“All of the sides of the build-
ing are open so there is free
movement of people on all
sides. The vendors don't have
to worry about who is nearest
the opening. Plus there is a con-
stant breeze across the space,”
he said.

Mr Rahming was selected by
the government to design the
new market after it decided to
scrap the $23 million contract
with Michael Foster of Arcon-
cepts Limited, who won the
original design competition.

The new market is being
built to replace the one
destroyed by fire on Septem-
ber 4, 2001. That building also
housed offices of the Ministry
of Tourism. Mr Rahming, who
also participated in the design
competition, said he changed
his approach when the new
government settled on a $10
million budget, which was a
“dramatic reduction.”

The competition did not
impose budgetary limitations,
and Mr Rahming said at that
time he focused more on the
commercial value of the site.

“What I did as far as the
straw market was concerned
was I moved the market itself
one level above the street, so
you still had the big open mar-
ket, but it was not on the
ground. Underneath I had a full
block of commercial space, the
revenue from which I said
would support the market that
happened above,” said Mr Rah-
ming. “Now I still feel that solu-
tion was a responsible solution,
but on the other hand, I don't
believe there are very many
people politically who could

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THE FUTURE: A
rendering of the
straw market.

| THE PAST:
Olden times.

defend moving the vendors off
the ground and putting them
one level in the air. Most politi-
cians would not have been able
to deal with the reaction the
straw vendors would have had,”
he said. Of his new considera-
tion, Mr Rahming said the cel-
ebration of the “creative out-
put of the Bahamian commu-
nity” was central, and the sym-
bolism of downtown was “at
least as important as the com-
merce.”

In looking at the former
building, he said it was more of
“an office building with a straw
market on the bottom floor”,
and he wanted to return a
design that was more centrally
focused on the creative output
of Bahamians and the symbol-
ism of downtown. “Fifty years
from now that is the statement
on which we will be all judged:
were we prepared to create a
place that celebrated the cre-
ative output of the Bahamian
community?” said Mr Rah-
ming.

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PAGE 4, WEDNESDAY, MARCH 28, 2011

EDITORIAL/LETTERS TO THE EDITOR

THE TRIBUNE





The Tribune Limited

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

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

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

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

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

Christie urged to control ‘political operatives’

IN THIS column yesterday we briefly
discussed the dangers of politicians using
“persons known to the police” to par-
ticipate in public demonstrations and
civil unrest.

We wrote that “one only has to look
at what eventually happened to politi-
cians in Jamaica who played this game
too long. Edward Seaga is a caSe in
point.”

Although Seaga represented
Jamaica’s west Kingston constituency —
stronghold to a powerful drug gang — it
was Prime Minister Bruce Golding who
inherited this precinct from him, even-
tually getting into political hot water at
home, and difficulties with the United
States when his government balked at
extraditing a drug lord who had sup-
ported his party’s elections over the
years.

“The prime minister, Bruce Golding,
had good reason to stall when the Unit-
ed States requested the extradition of
Christopher ‘Dudus’ Coke on drug and
gun charges last August, ” wrote The
Economist in its May 27 edition last
year. “The Shower Posse gang Mr Coke
allegedly runs—so named for showering
its foes with bullets—is based in Mr
Golding’s own constituency in Tivoli
Gardens, in the west of Kingston,
Jamaica’s capital. The gang’s weapons
are of military calibre and it has the loy-
alty of local residents. Any attempt to
apprehend Mr Coke would surely cause
widespread violence.”

Mr Golding stalled as long as he could
while relations deteriorated between
Jamaica and the US. Eventually he was
forced to send troops into tightly guard-
ed Tivoli to flush Coke out. However,
Coke had already fled, but not before 47
persons were dead, many others injured
and at least 260 arrested — most of
them Coke supporters.

It was claimed that Coke’s Shower
Posse were paying troublemakers more
than $1,000 a day to create diversions to

distract the police. Eventually Coke was
arrested and is now in a federal prison in
the US awaiting trial.

Although Golding denied any con-
nection with the drug lord, he eventually
had to admit that his party had indeed
retained a legal team to lobby president
Obama to drop the charges against him.

Connections with such undesirables
is deep-rooted in Jamaican society.

The dons had close ties to Jamaica’s
two major political parties and were
believed to fund many political cam-
paigns. They were noted for their “get-
out-the-vote” operations at election
time. Coke could be counted on to deliv-
er Tivoli to Seaga, then later to Gold-
ing’s Jamaica Labour Party. Elections in
Jamaica are noted for their violence,
often ending in death.

It’s not surprising that over the years
crime escalated in Jamaica — too many
criminals were politically protected.

What has taken place in parliament
square these past few weeks to entice
demonstrators to create a perception of
large crowds is not the first time for the
Bahamas. It has happened often. How-
ever, this is the first time that the pay-
ment of these persons — many well
known to the police— is being openly
discussed.

It is dangerous. It should be stopped
immediately. Just as paid protesters
have been demanding payment this
week, they will soon be demanding pro-
tection from police as crime continues to
escalate.

If some of Magistrate Hercules’ tales
from the past during the Pindling regime
are to be believed this interference with
the law is nothing new.

Opposition Leader Perry Christie has
made it clear that he wants nothing to
do with this practice. We suggest he go
further and get his “political operatives”
under control. Washing his hands like
Pilate from the stench is not good
enough — firm action is needed.



A remarkable
day in the life of
FNM’s 3rd term

EDITOR, The Tribune.

March 21, 2011, will
remain a remarkable day in
the life of the Free National
Movement’s third term in
office. Prime Minister Ingra-
ham and a diligent group of
FNM Members of Parlia-
ment moved forward with
their commitment to sell 51
per cent of the Bahamas
Telecommunications Com-
pany Limited in the face of
great and, in some cases,
very manipulative opposi-
tion. This process was done
with Bahamians all over The
Bahamas looking on. Inter-
estingly enough this would
not be the first time that a
large percentage of BTC
had been sold but it would
be the only time that the
Bahamian people knew of
it beforehand.

Of course, on this signifi-
cant day in Bahamian histo-
ry, the Free National Move-
ment that had been vilified
in all political circles of this
country was, again, buffet-
ed with the resignation of
Branville McCartney, the
Member of Parliament for
the Bamboo Town Con-
stituency. Of course, this
should have come as no sur-
prise to the FNM as Mr
McCartney had begun to
revealed his true colours
some time ago. The good
thing is that, at this juncture,
as the FNM commenced the
campaign for the 2012 gen-
eral election they were and
are able to see who is for
them and who is against
them.

Everyone knows that the
sale of BTC was looming for
some time now.

This particular sale, how-
ever, was different from the
previous because everything
about it was presented to the
general public for them to
view and make their own
judgment.

Both political parties had
made the sale of BTC a part
of their political platform
but the Bahamian electorate
chose the FNM to handle
this difficult and delicate
task and, in the face of great
adversity, the FNM did what
they were mandated to do.

Political minds in this
country were also aware that
Branville McCartney would
not last very long in the Free
National Movement begin-

NOTICE is hereby given that Michael Noelus of P.O. BOX
FH-1422, Davis Street, Fox Hill, 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 16'" day of
March, 2011 to the Minister responsible for nationality
and Citizenship, PO. Box N-7147, Nassau, Bahamas.





=
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restaurant bar lounge

LETTERS

letters@tribunemedia.net



ning with his resignation as
Minister of State for Immi-
gration and subsequently his
radio and other public inter-
views thereafter. I like Mr
McCartney but, sadly, he
demonstrated that he is
politically immature and
seemingly impatient when
things do not go his way.
While speaking from one
side of his mouth that Prime
Ingraham is not compas-
sionate from the other side
he insists that Prime Minis-
ter Ingraham is the best man
to lead the country at this
time. Mr McCartney tried
to shock Mr Ingraham and
party affiliates with his res-
ignation on the opening day
of the BTC debate but Mr
Ingraham continued onward
unfazed by McCartney or
the paid political charade
that was going on outside
the House of Assembly
while he made his contribu-
tion to this important delib-
eration.

The FNM has always
demonstrated sincerity in
addressing the needs of the
Bahamian people. Their
decision to forge ahead with
the sale of BTC is no differ-
ent from any other decision
they would have made.
Their aim has always been
to do everything in decency
and in order with the inter-
est of the Bahamian people
at their heart of their deter-
minations. They have had to
stand strong through politi-
cal adversity but this partic-
ular was much more chal-
lenging because they had the
BTC union to contend with,
emerging political entities
and some within their very
ranks. In the face of these
odds, they continued to per-
severe in the best of the
majority.

Branville McCartney is
not much different from Dr
Andre Rollins who, at the
peak of his limited political
existence, left the entity that
gave him life and, ultimate-
ly, used his transition to suck
some life out of that organi-
sation while bringing media
attention and focus to him-
self.

Mr McCartney cannot,
however, compare himself
to Hubert Ingraham, Perry
Christie, Tennyson Wells or
Pierre Dupuch, men who
dug in the trenches of their
political organisation and

were fired at the height of
their political careers. Mr
McCartney did an excep-
tional job at every level of
his ministerial career but,
other than running against
Tennyson Wells in the 2007
general election, he has
faced no real opposition or
oppression. In resigning his
political office he demon-
strated his lack of fortitude;
in renouncing his affiliation
with the FNM he showed his
disloyalty. As a direct result
his political doing or undo-
ing is all his own.

The remaining FNM faith-
ful must continue to be
courageous and purposeful.
The last general election was
a clear cut demonstration of
how desperate some will get
in their pursuit of power and
prestige. It brought out the
actual identity of many and
arduous party labourers had
a pretty good idea of who
was with them and who was
not.

This time it will be no dif-
ferent. The fragmentation
has already started and it
will continue. It is needed
so that when this political
battle becomes fierce the
party is fully aware of who
their genuine allies are.
There will be disagreements
about how and when things
should be done but these
pitfalls must not deflect the
FNM’s focus on the people’s
agenda.

Unlike other political enti-
ties in this country the
FNM’s record speaks for
itself.

There are those who
would seek to deny it but
the reality is blatantly visible
in every facet of our country.
Now, more than ever, fami-
ly islanders are aware of new
developments in our country
because they can watch it on
their televisions anywhere
in the country.

The Bahamian people are
thankful to the FNM for
Sparing no expense in ensur-
ing that the general public,
from Grand Bahama and
Bimini in the north to
Mayaguana and Inagua in
the south, knows what is
going on and have all of the
information to judge the
actions and decisions of gov-
ernment for themselves.

No government is perfect
but when we look around in
The Bahamas today it is tan-
gibly obvious that some gov-
ernments are simply much
better than others.

MARVIN R Z GIBSON
Nassau,
March 22, 2011.

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THE TRIBUNE

WEDNESDAY, MARCH 23, 2011, PAGE 7



PLP RALLY — FREEPORT

By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net

FREEPORT - PLP Deputy
Leader Philip “Brave” Davis
said the PLP is not like the
FNM and will always put ordi-
nary Bahamians first.

“We need serious leaders;
leaders who care more about
people than they do them-
selves. Leaders who are more
loyal to their country than they
are to their party; leaders who
believe in the people,” he said
at the PLP rally in Freeport.

Mr Davis noted that many
people are suffering in Grand
Bahama.

“Grand Bahama, I must con-
fess that I stand here with a
heavy heart. I am burdened by
the suffering that you have
been facing. My mind is con-
sumed with your concerns, your
pains, your strife,” he said.

“Since I was here last, 200
more Grand Bahamians lost
their jobs. The pain and suffer-
ing has gone up higher.”

“In the face of the economic
challenges that Grand Bahama
is experiencing I would expect a
good Bahamian government to
do all in its power to ease the
suffering of its people,” he said.

Mr Davis indicated hundreds
of million dollars are collected
by the government in tax rev-
enue on Grand Bahama.

He claims that the FNM gov-
ernment has given nothing
back.

“Where are the social out-
reach programmes? Where are
the disbursements for housing,
utility and food allowances?
Where is the hand that will help
you to stand on your own feet?
Where is the plan to bring relief
to Grand Bahama?”

“When I was here last I told
you about the windfall the gov-

LOCAL NEWS

Brave Davis: PLP will put
ordinary Bahamians first

perpen



PLP DEPUTY LEADER Philip ‘Brave’ Davis

ernment is set to receive in tax-
es from the BORCO sale. How
much of that will make it back
to Grand Bahamians? Didn’t
Papa say, ‘we gat the money?”

The PLP deputy leader
claims that the FNM govern-
ment has done little during its
term to work with the Grand
Bahama Port Authority.

He said instead of partner-
ing with the Port Authority the
government has “antagonised”
company executives.

“At one point, (Hubert
Ingraham) even got into a war
of words with Sir Jack! Did this
war help or hurt Grand
Bahamians?” he asked.

“Grand Bahama these are
serious times and serious times
call for serious leaders.

“This is no time to be playing
politics! This is no time to hold
grudges. This is no time to
allow your personal feelings to
get in the way of the survival

of our people! This is no time to
lose your head. This is certain-
ly no time to be reckless!”

Mr Davis felt that the gov-
ernment should meet with the
business community and work
with them to find ways to pre-
serve jobs and lower the cost
to consumers.

He criticised the prime min-
ister for his recent remarks
about a Nassau businessman.

“You can’t bad mouth a busi-
ness person Wednesday after-
noon, saying that, ‘he is not
good for the Bahamas,’ claim-
ing that they should not have
been allowed to have a busi-
ness and then that same night,
customs raids that business and
expect people not to think that
it was planned!

“That is stupid! It is the
action of a man that is clearly
drunk with power! He should
be thrown out of the door! Put
outside the house and sent

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away packing,” Mr Davis said.

He noted that although the
FNM has asked Bahamians to
trust them, they do not trust
Bahamians to run BTC, head
URCA, head HR at URCA, to
be the Director of Works, to
be President of COB, to head
the Department of Public Pros-
ecutions or build roads.

Mr Davis stressed that the
PLP party is much different
from the FNM.

He said:

e “The PLP believes in the
Bahamian people. The PLP
believes in people over things.
We believe in education over
roads and in Bahamianisation
over garage sales.

e “A PLP government would
not have fired ZNS workers
and civil servants during a
recession.

e “We would not be about
the business of shutting off the
electricity of thousands; so
school children cannot do their
homework.

e “A PLP government would
not cut funding to the Loan
Scholarship Scheme yet spend
over $200 million on roads.

e “A PLP government would
not have raised taxes on the
poor and then give concessions
to the rich.

e “A PLP government would
not hurt farmers and slash the
grants like the FNM did to
farmers all over the country.

e “A PLP government would
never kill the middle class and
ignore the cries and the pleas of
the people.

e “A government is supposed
to help you when you getting
mash up. It ain’t supposed to
mash you up more. A govern-
ment is supposed to give its
people first opportunity; not
deny them in favour of for-
eigners.”

Mr Davis urged Bahamians
to register to vote.









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Church: Cuba to release
last dissidents from ’03

HAVANA
Associated Press

THE Roman Catholic
Church said Tuesday that the
Cuban government will
release the last two political
prisoners held since a 2003
crackdown on dissent, a land-
mark announcement that
came the same day Fidel Cas-
tro said he had stepped down
as head of the island's Com-
munist Party.

The decision will clear
Cuban jails of the last of 75
prominent intellectuals, oppo-
sition leaders and activists



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The last two men to be
released are Felix Navarro
and Jose Daniel Ferrer,
activists who had each been
sentenced to 25 years in jail.

"These releases come eight
years too late, but I am very
glad to know there will be no
more prisoners of conscience
in Cuba," said Gerardo
Ducos, a London-based
Amnesty International

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PAGE 8, WEDNESDAY, MARCH 23, 2011

THE TRIBUNE





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By LARRY SMITH

THERE was a remarkable
editorial in the Guardian last
week.

The newspaper announced
that it preferred to see the clo-
sure of Bahamian businesses
rather than contemplate an
increase in government-con-
trolled margins on gasoline
and diesel fuel.

The Guardian was com-
menting on the demand by
petroleum retailers for an
increase in their fixed profit
margins on fuel sales. This
would immediately raise the
cost of a gallon of diesel by
28 cents, and the cost of a gal-
lon of gas by 30 cents.

"With the price of oil ris-
ing, citizens also have to pay
higher electricity and food
bills,” the editorial explained
with shock-horror. "Who
wants to pay more for gas and
diesel?"

Who indeed. And who
wants to pay more for
newsprint, advertising space,
insurance policies, lawyering
or toilet paper for that mat-
ter? This is a commentary
that says nothing and goes
nowhere.

But the Guardian had a
ready-made "free market"
solution to the problem: "The
retailers who cannot make it
may just have to go out of
business.” With fewer gas sta-
tions in the marketplace, the
logic ran, the survivors could
sell more fuel.

Well surely survival of the
fittest requires a level playing
field first. You can't artificially
manage prices or contracts
and then blame it on the free
market if they fail.

More importantly, oil
prices need to rise in order to
signal the market to conserve
energy and to incentivize
investment in alternative
energy. The poor can be
helped by transfers or rebates
of one kind or another, but
general subsidies or price con-
trols on fossil fuels should be
avoided.

The government's position
is that since fuel prices have
broad implications for the
economy “and given that we
are a small market with limit-
ed competition, margin con-
trol is one way to ensure that
price movements do not cause
too much disruption,” State
Finance Minister Zhivago
Laing told me.

Let's look at how the cur-
rent system works. The oil
companies (Esso, Texaco and

Open
Saturdays

10.00am-
2.00pm





LARRY SMITH

Shell) buy diesel and gasoline
in bulk from refineries off the
coast of Venezuela and set
the price for their Bahamian
subsidiaries (or to FOCOL in
the case of Shell), which
import the fuel for sale to
Bahamian dealers, who sell it
to you and me. Added to the
original cost of the fuel are
shipping costs and govern-
ment taxes, plus a fixed
markup per gallon of fuel for
both retailers and wholesalers.

Most gas stations are
owned by the distributors,
who lease them to Bahami-
ans. Some are dealer owned.
In both cases, the dealer must
pay for his fuel in advance,
before selling a drop, which
has a big impact on cash flow.
And if prices go down, the
dealer must sell his pre-paid
fuel at the new lower price.
The upshot is that fuel sales
are only marginally profitable,
with most dealers relying on
convenience store sales or
other extra services to make
it.

The profitability of the oil
companies themselves is
another matter. Exxon, for
example, reported a net
income of $7.5 billion last
July, mostly from its refining
and marketing businesses.

In his recently published
book, Is it Really Better in The
Bahamas — for Bahamians?
Dr John Rodgers notes that
Esso, Shell and Texaco have a
total lock on both the whole-
sale and retail arms of the
Bahamian fuel business.

"T have often heard peo-
ple ask why so many retail
stations go out of business,
when the petroleum business
is such a lucrative one," he
wrote. "The main causes are
the high rents, royalties and
other charges levied on the
stations by the cartel. The net
effect of these expenses is that
the cartel is taking back a sig-
nificant portion (some esti-
mate as much as 25 cents) of
the 44-cent markup that is
provided on each gallon of
gas sold by the retailer.”

This fixed margin system
has been in place since the
1970s, when price controls
were introduced by the Pin-
dling government on a range
of products in an effort to
check runaway inflation. The
last time fuel margins were
raised was in 2000.

THE MONTAGU MESS

The Montagu shoreline is
one of the few open spaces
left on this island. But despite
its use by inner city families,
cookout vendors, sailing
enthusiasts and pleasure
boaters, over the years it has
been allowed to degenerate
into a monstrous public health
and safety hazard.

There can be no rational
explanation for this —
although some would argue
that the opportunity to affront
those who lunch at the Royal
Nassau Sailing Club was the
main motivator.

The beach has all but dis-
appeared due to man-made
erosion, and the inappropri-
ately placed seawall has to be
rebuilt at great expense every
few years. The complex inter-
section is a dangerous traffic
and pedestrian safety hazard,
And there is a significant pub-
lic health threat from pollu-
tion caused by garbage, oil
and fuel discharges, human
and animal waste, sewerage
and storm water runoff.

Despite the stench and the
garbage, the ramshackle mar-
ket is visited by confused
tourists and people who stop
their vehicles without warn-
ing to chat or buy. Trailers
block the road during rush
hours, leading to miles of dai-
ly traffic jams and endless
frustration.

The venerable Montagu
Beach Hotel closed in 1973
and was demolished in 1993.
This land remained vacant for
years, and could easily have

been acquired by the govern-
ment as a public park — but
that never happened. So
today, high-rise office blocks
hem the joggers and pick-
nickers into a narrow strip
along the shore.

The 1960s-vintage ramp
was never meant to accom-
modate commercial traffic or
a public market, which had its
origins in the 1970s when one
or two casual fishermen began
hawking their catch to passing
motorists. But over the last
20 years one of our few recre-
ational areas has been trans-
formed into a public slaugh-
terhouse and commercial boat
ramp without the slightest
thought and without any
remedial action so far.

Fishermen moved to the
ramp in numbers after the
closure of Potters Cay in 1991
following an outbreak of
conch poisoning. At that time,
more than 1,000 people were
hospitalized from eating
conch infected with bacteria
picked up from polluted water
around the Paradise Island
bridge.

In 2006 a parliamentary
committee led by indepen-
dent MP Pierre Dupuch
reported following a two-year
study. That report called for
the vendors to be relocated,
and the ramp closed off from
the sale of fish and other
products, with access recon-
figured to prevent trailers
from blocking the main road.
The reclaimed area next to
the ramp was to become a
parking and turning area, with
the ramp extended outward
another 100 feet.

A minority report present-
ed by then opposition MP
Brent Symonette argued that
many of the traffic problems
at Montagu would be
resolved if improvements
were made to the Johnson
Road, Fox Hill Road and
Blair intersections with the
Eastern Road. But no action
was taken to implement any
of these recommendations.



In 2009 a public/private
sector steering committee was
appointed by Montagu MP
Loretta Butler-Turner (pic-
tured) to take another look
at the problem. Their report
concluded that the Montagu
junction had become a chaot-
ic free-for-all leading to "ten-
sion among vendors, dissatis-
faction among residents and
constituents and risks for
recreational users." It also
recommended a costly rede-
velopment of the entire area
as a public park.

Since then this proposal
has languished. Butler-Turner
said it would cost millions and
could not be covered by the
budget, so the government
was seeking to break it into
more manageable pieces.
Deputy Prime Minister Brent
Symonette told me the gov-
ernment "has instructed the
Ministry of Works to imple-
ment plans for the junctions
of Fox Hill/Eastern Road,
Johnson Road/Eastern Road
and Blair/Eastern Road as
well as some road improve-
ments at the ramp.”

These plans were devel-
oped from a traffic study
years ago that looked at all
intersections from Goodman’s

SEE page nine



THE TRIBUNE

WEDNESDAY, MARCH 23, 2011, PAGE 9





FROM page eight

Bay to Fox Hill in the con-
text of the multi-million-
dollar New Providence
Road Improvement Project
that is still ongoing.

"The survey work has
already been done at Fox
Hill/Eastern Road, and it is
intended to do this work








1. VENICE BAY ANNEX
LOT NO. 12 Block 2
PROPERTY DESCRIPTION:
Triplex Apartment Building
PROPERTY SIZE: 9,806 sq. ft.
LOCATION: Travelling south
along Bacardi Road from
Carmichael Road, take the 1st

Tough Call

during the summer so as not
to disturb St Anne’s
School," Mr Symonette
said. "Johnson Road may
require some acquisition of
land and may take longer.
The Blair junction will



2. WESTLAKE ROAD
LOT NO. 8
PROPERTY DESCRIPTION:
Single-family Residence
PROPERTY SIZE: 43,615 sq. ft.
LOCATION: Traveling west along
Adelaide Road from Coral
Harbour Roundabout; take the

hopefully go out to bid
shortly. The Montagu ramp
requires some massaging
but will go out to bid short-
ly as well. The initial plans
do not envisage moving the
vendors but rather some

road realignment and
adjustment to parking.
These plans are still a work
in progress."

In addition, a proposal
by the steering committee
for the adaptive use of Fort
Montagu as a unique restau-
rant is receiving favourable
consideration by both the
Antiquities Corporation
and the Ministry of Youth,

Sports & Culture. This
would also involve some
realignment of traffic flow
and parking areas in the
vicinity of the fort.
"Eventually we want to
incorporate the whole Mon-
tagu area so the beach can
be restored and other facil-
ities added," Butler-Turner
added. "I don't see that
happening over the next

NASSAU LISTINGS

two years, but we are hop-
ing to move quickly on the
ramp and the traffic flow
along Eastern Road this
year."

What do you think?
Send comments to
larry@tribunemedia.net
Or visit
www.bahamapundit.com

DEVELOPED RESIDENTIAL & COMMERCIAL

. WEST STREET
LOT NO. 2
PROPERTY DESCRIPTION:
Single-family Residence
PROPERTY SIZE: 5,000 sq. ft.
LOCATION: The subject
property is located on the
western side of West Street;

. WINTON MEADOWS ESTATES

SUBDIVISION
LOT NO. 115

PROPERTY DESCRIPTION:

Single family Residence
3 beds / 2 baths

PROPERTY SIZE: 8,000 sq. ft.
LOCATION: Traveling east on















































































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. ALLEN DRIVE




corner on the right after the
entrance to the former Bacardi
Company and then head west.
The subject property is the

4th building on the right, grey
trimmed white.

LOT NO. 2

PROPERTY DESCRIPTION:
Multi/Single Family Lot
PROPERTY SIZE: 5,000 sq. ft.
LOCATION: From Carmichael
Road, turn through the corner by
Geneva Brass Seafood and then
take the 3rd corner on the left. The
vacant property is located on the
left, towards the end of corner.
APPRAISED VALUE: $70,000

. BLUE HILL ROAD SOUTH

LOT NO. 4 unnamed subdivision
PROPERTY DESCRIPTION:
Single-family Lot

PROPERTY SIZE: 5,597 sq. ft.
LOCATION: Travel south along
Blue Hill Rd. from Cow Pen Rad.
take the 1st corner on the right,
subject property is the 3rd lot on
the right.

APPRAISED VALUE: $67,000

. CAMPERDOWN PHASE TWO

LOT NO. 4

PROPERTY DESCRIPTION:
Single-family lot

PROPERTY SIZE: 13,873 sq. ft.
LOCATION: The subject property
is located on Forest Drive, off
Camperdown Drive

APPRAISED VALUE: $210,000

. CARMICHAEL ROAD

LOT NO. 2 of Crown Allotment #35
PROPERTY DESCRIPTION:

Multi / single-family Lot
PROPERTY SIZE: 11,625 sq. ft.
LOCATION: The vacant property is
located west of McKinney Avenue.
APPRAISED VALUE: $116,000

. CARMICHAEL ROAD

LOT NO. Parcel “A”

PROPERTY DESCRIPTION:
Multi/ Single-family lot
PROPERTY SIZE: 4,650 sq. ft.
LOCATION: Traveling west on
Avacado Road from Faith Avenue,
take the 1st graveled corner on the
left, the property is the 2nd lot on
the left.

APPRAISED VALUE: $51,000

. CARMICHAEL VILLAGE

SUBDIVISION

LOT NO. 4 and 5 - part of Crown
Allotments 21 and 22 Grant A8-50
PROPERTY DESCRIPTION:
Single Family Residential Lot
PROPERTY SIZE: each 6,960 sq. ft.
LOCATION: The vacant properties
are bounded west of Golden Isles
Road and south of Carmichael
Road.

APPRAISED VALUE: $139,000

. CORAL BREEZE ESTATES

SUBDIVISION

LOT NO. 52

PROPERTY DESCRIPTION:
Single-family lot

PROPERTY SIZE: 6,000 sq. ft.
LOCATION: The vacant property is
located in Coral Harbour.
APPRAISED VALUE: $100,000

APPRAISED VALUE: $449,000



. CORAL BREEZE ESTATES

11

1st corner on the left past
Oasis. Head south along

Westlake Road. The subject
property is the 8th house on

the left.

about 70 feet north of Meeting

Street.

APPRAISED VALUE: $162,000

APPRAISED VALUE: $1,056,000

SUBDIVISION

LOT NO. 58

PROPERTY DESCRIPTION:
Multi-family Lot

PROPERTY SIZE: 7,500 sq. ft.
LOCATION: The vacant property
is located in Phase -1 of Coral
Breeze Estates.

APPRAISED VALUE: $101,000

. COW PEN ROAD

LOT NO. 1

PROPERTY DESCRIPTION:
Commercial Development lot
PROPERTY SIZE: 4,986 sq. ft.
LOCATION: Travelling west along
Cow Pen Road from Silver Gates
Drive; head to the 1st graveled
road on the left. The vacant
property is the 1st lot on the west.
APPRAISED VALUE: $70,000

10. ENGLERSTON SUBDIVISION

LOT NO. 21 Block 25

PROPERTY DESCRIPTION:
Single/ Multi-family Lot
PROPERTY SIZE: 5,360 sq. ft.
LOCATION: Travelling east along
Cordeaux Avenue from East Street,
take the 3rd corner on the left
(Miami Street} and head north. The
vacant property is the 3rd lot on
the right.

APPRAISED VALUE: $48,000

. EVANSVILLE SUBDIVISION

LOT NO. 23

PROPERTY DESCRIPTION:
Single/Multi-family lots
PROPERTY SIZE: 7,337 sq. ft.
LOCATION: Travel west along
Carmichael Rd. from Unison Rd.
take the 6th corner on the left.
Heading south pass the 3rd
corner on the left. The subject
property is the 2nd lot on the left.
APPRAISED VALUE: $88,000

12. FOX HILL SUBDIVISION

LOT NO. Parcel #1 and #2
PROPERTY DESCRIPTION:
Multi-family lots

PROPERTY SIZE: Parcel #1 -
4,199 sq. ft. #2 - 3,348 sq. ft.
LOCATION: Traveling north along
Grant Street from Dorsett Street,
the subject properties are the 3rd
and 4th lots on the left.
APPRAISED VALUE: $61,000
combined

13. GAMBLE HEIGHTS SUBDIVISION

LOT NO. 29Section 3
PROPERTY DESCRIPTION:
Multi/ Single-family lot
PROPERTY SIZE: 6,000 sq. ft.
LOCATION: Traveling south

on Baillou Hill Road, passing
Carmichael Road, take the 3rd
corner on the left, Sunrise Road
opposite St. Vincent Road.Heading
south on Sunrise Road, take the
4th corner on the left, the subject
lot is the 6th on the right.
APPRAISED VALUE: $60,000



14. HAROLD ROAD HEIGHTS



LOT NO. 15

PROPERTY DESCRIPTION:
Single/ Multi-Family Lot
PROPERTY SIZE: 9,096 sq. ft.
LOCATION: The subject property
is located on the northern side of
a road reservation about 100 feet
south of Gerald’s Street.
APPRAISED VALUE: $73,000

15. KOOL ACRES SUBDIVISION

LOT NO. Parcel of Land
PROPERTY DESCRIPTION:
Multi-family lot

PROPERTY SIZE: 7,000 Sq. ft. .
LOCATION: Traveling west on
Lumumba Road from Fox Hill
Road, take the 6th corner on the
right (Adderley Close). The subject
property is the 4th lot on the left.
APPRAISED VALUE: $84,000

16. LAKE VILLANESS SUBDIVISION

LOT NO. 105

PROPERTY DESCRIPTION:
Single / Multi-family Lot
PROPERTY SIZE: 14,400 sq. ft.
LOCATION: The vacant property
is located in Lake Villaness approx.
2,730 feet west of Gladstone
Road.

APPRAISED VALUE: $79,000

17. POLHEMUS GARDENS

LOT NO. 15 (Northern half
PROPERTY DESCRIPTION:
Multi/Single-family lot

PROPERTY SIZE: 7,804 sq. ft.
LOCATION: Travel west along
Boyd Rd. from Nassau St. take the
ist corner on the right Bunttings
avenue, subject property is the 2nd
lot on the left.

APPRAISED VALUE: $78,000

18. POLHEMUS STREET

LOT NO. 3

PROPERTY DESCRIPTION:
Single-family Residential lot
PROPERTY SIZE: 5,000 sq. ft.
LOCATION: On the northern side
of Polhemus St. about 240 feet
east of Nassau St.

APPRAISED VALUE: $50,000

19. RAHMING COURT SUBDIVISION

LOT NO. 5

PROPERTY DESCRIPTION:
Multi-family lots

PROPERTY SIZE: 5,502 sq. ft.
LOCATION: Situated in Ranming
Court, located on the southern
side of Bernard Road.
APPRAISED VALUE: $66,000

20. ROCKY PINE ROAD

LOT NO. Parcel of Land Portion of
Crown Grant A5-23

PROPERTY DESCRIPTION:
Multi-family Lot

PROPERTY SIZE: 13,406 sq. ft.
LOCATION: On the western side
of Ismae Drive - 170 feet south of
Rocky Pine Road.

APPRAISED VALUE: $150,000

21. SOUTH OCEAN ESTATES

Prince Charles Drive, from

Culberts Hill; take the 1st

corner on the right. Heading

south, take the 2nd corner on
the right. The subject property
is the 4th house on the left.



SUBDIVISION

LOT NO. 6 Block 7

PROPERTY DESCRIPTION:
Single-family lot

PROPERTY SIZE: 11,738 sq. ft.
LOCATION: Travel south of Lyford
Cay immediately pass Mount
Pleasant; take a left onto South
Ocean Boulevard to new South
Ocean Estates. The vacant lot is
property number 6 in block 7.
APPRAISED VALUE: $155,000

22. TWIN LAKES SUBDIVISION

LOT NO. 3, Block 28

PROPERTY DESCRIPTION:
Single/Multi-Family Lot
PROPERTY SIZE: 12,600 sq. ft.
LOCATION: Traveling south along
Skyline Drive from West Bay
Street, take the 4th corner on the
right (entrance to Twin Lakes).
Heading west take the 1st corner
on the right. The subject property
is the 3rd lot on the left.
APPRAISED VALUE: $158,000

23. VICTORIA GARDENS

SUBDIVISION

LOT NO. 7

PROPERTY DESCRIPTION:
Single-family lot

PROPERTY SIZE: 6,000 sq. ft.
LOCATION: Travelling south on
Gladstone Road from JFK Drive,
enter Victoria Gardens main
entrance (1st corner left) and head
east. At the ist cross road, turn
left. The vacant property is the 2nd
lot on the left.

APPRAISED VALUE: $72,000

24. VICTORIA GARDENS

SUBDIVISION

LOT NO. 8

PROPERTY DESCRIPTION:
Single-family lot

PROPERTY SIZE: 6,588 sq. ft.
LOCATION: Travelling south on
Gladstone Road from JFK Drive,
enter Victoria Gardens main
entrance (1st corner left) and head
east. At the 1st cross road, turn
left. The vacant property is the 3d
lot on the left.

APPRAISED VALUE: $79,000

25. VICTORIA GARDENS

SUBDIVISION

LOT NO. 168

PROPERTY DESCRIPTION:
Single-family Residence under
construction

PROPERTY SIZE: 6,000 sq. ft.
LOCATION: The vacant property is
located on the northern

side of a road reservation about “4
mile east of Gladstone Road.
APPRAISED VALUE: $90,000

INTERESTED PARTIES SHOULD SUBMIT OFFERS INCLUSIVE OF TELEPHONE CONTACT AND POSTAL ADDRESS TO: CB DISTRESSED PROPERTIES,
CREDIT RISK MANAGEMENT DEPARTMENT, P.O BOX SS-6263, NASSAU, BAHAMAS OR EMAIL US AT: DISTRESSED.PROPERTIES@COMBANKLTD.COM.

APPRAISED VALUE: $287 ,000

VACANT LOTS

26. VILLAGE CHILCOTT



ALLOTMENT

LOT NO. 14

PROPERTY DESCRIPTION:
Single-family lot

PROPERTY SIZE: 4,972 sq. ft.
LOCATION: Travelling south along
Kemp Road, pass the intersection
(Parkgate Road), take the 1st
corner on the left (Hamilton Street).
The vacant property is the 2nd lot
on the left.

APPRAISED VALUE: $50,000

27. WEST WINDS SUBDIVISION

LOT NO. 363

PROPERTY DESCRIPTION:
Duplex Lot

PROPERTY SIZE: 6,000 sq. ft.
LOCATION: The vacant property is
located in the area known as “Love
Beach” in the Western District of
New Providence.

APPRAISED VALUE: $95,000

28. WEST WINDS SUBDIVISION

LOT NO. 220

PROPERTY DESCRIPTION:
Multi/Single-family Lot
PROPERTY SIZE: 9,281 sq. ft.
LOCATION: Enter the subdivision
from Windsor Field Road to the
t-junction, and then take a left, the
lot is the 2nd on the left, on the
easern side of Kingfish Road.
APPRAISED VALUE: $176,000

29. YUMA ESTATES SUBDIVISION

LOT NO. “C”

PROPERTY DESCRIPTION:
Single/ Multi-family lot

PROPERTY SIZE: 7,268 sq. ft.
LOCATION: Travelling west along
West BayStreet from Blake Road,
take the 4th corner on the left
(Kiskadee Drive) and head south -
passing over the hill - turn thru the
1st corner on the left (entrance to
Yuma). Head to the T-junction and
turn left onto Sanctuary Circle. The
vacant property is the 3rd lot on the
left.

APPRAISED VALUE: $102,000

SERIOUS ENQUIRIES ONLY. PLEASE CALL 502-6132, 502-6109 OR 502-6146 FOR FURTHER INFORMATION.

* WE RESERVE THE RIGHT TO REJECT ANY OR ALL OFFERS.





PAGE 10, WEDNESDAY, MARCH 23, 2011 THE TRIBUNE

Cal’s Big Bumpin’ Circus
returns to the Bahamas

FREEPORT, Grand
Bahama — Soft Productions, the
Grand Bahama Port Authority,
and the Grand Bahama Cham-
ber of Commerce announced
last week that they are bringing
back Cal’s Big Bumpin' Circus
to Grand Bahama, Nassau and
now Eleuthera and Abaco.

At a press conference held
at the Grand Bahama Cham-

matin | i ber of Commerce, David Wal-

i lace, event organiser,

Daycare, pre-school directors Q4iN | announced plans for the return
: of the successful circus show.

valuable knowledge at conference | “We are very excited to

announce that the circus is





2. This year we will also be
adding Eleuthera and Abaco
shows on March 30 and April 4-
5 respectively,” he said.

A GROUP of 80 directors of daycare and pre-school returning to Grand Bahama on
centres in New Providence and from the Family Islands ; March 27 through 29 and to
recently participated in a conference designed to raise | Nassau on March 31 to April

the level of minimum standards in the field.
The conference at the Holy Trinity Activity Centre
encouraged the directors to determine how best to





improve upon areas such as staff requirements; health ; “T am also very pleased to
and safety; centre administration and records; pro- : tell you that we will be bringing
gramme requirements, and the physical environment. ? back some of last year’s
The directors were reminded that failure tocomply —: __ favourite acts, the Rubber Band reese
would be disadvantageous to the educational develop- | Man, the high wire act, as well EVENT ORGANISERS announced &
ment of children attending daycare centres and pre- ; asa few new ones that include a the return of circus to Grand D>
schools. i oe ieee ae and a ae ‘oe a ue =
i : ; trampoline jumping clown. aco and Eleuthera. Pictured a
Pe >] yn ies ee meee Wee 1 : “We are also going to shine the press conference are (I-r): a
ostering Best Practices in Daycare and Pre-schoo some light on our own Bahami- Andrew Forbes, circus adminis- 2
Centres”, offered several sessions on various topics : an talents, Juice Unit, a local __ trator: Donna Jones, Grand 3
including promoting healthy lifestyles in young children i Grand Bahama dance team. Bahama Chamber of Commerce S
and a presentation by the Suspected Child Abuse and =: The group will join the show director, David Wallace, circus s
Neglect (SCAN) Unit. } this year and will also tour with —_ event organiser, Charles Pratt, ao
Bringing remarks on behalf of the Minister of Educa- ; Big Calin the US.” GBPA commercial manager, and
tion Desmond Bannister, was Antoinette Thompson, i Donna Jones, Grand James Vega, circus school coor-
Deputy Permanent Secretary, who said that the general | Bahama Chamber of Com- — dinator.
comments received from persons in other countriesin —} see eae a spoke Photo courtesy of
our hemisphere show that the Bahamas is one of the a ee ree aa Balelooh Markerig
leading Caribbean countries that offer quality care and = ber of Commerce is pleased economy on all islands the cir-
education to young children. She encouraged the partici- $ once again to support this pos- _ cus will visit. Wherever possible
pants to work together with the Ministry of Education in : itive opportunity for whole- _ the circus is utilising local com-
trying to achieve the minimum standards, and to seek : some family entertainment on panies to make the event pos-
training for their staff in early childhood education. : Grand Bahama and in our sis- __ sible, he said.
Keynote speaker Charmaine Miller encouraged the —{ __ ter islands. We congratulate the “We rent event locations, we
participants to provide opportunities for their young stu- | organiser for having the fore- use local companies for light-

sight and commitment to one ing and sound equipment, we

‘ : : : again host this event,” she said. _ use local vendors for food sales, _ NEW TALENT TO BE SHOWCASED AT BIG CAL'S CIRCUS — This
eae ey ec) eet: saat ne — Mr Wallace is hoping that we hire temporary staff for year's Big Cal's Bumpin Circus will showcase many new acts,
Children snould be allowed lo experiment wilh reading =f bringing the circus back will event management, hotel _ including a ventriloquist act (above), high-jumping clown, a magi-
and writing because these are thinking processes. i also give a boost to the local rooms.” cian, and all new high wire acts

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PAGE 12, WEDNESDAY, MARCH 23, 2011

LOCAL NEWS

THE TRIBUNE





Ghana seeking new
areas of cooperation

with the Bahamas

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DANIEL OHEBE AGYEKUM, High Commissioner of the Republic of Ghana to the Bahamas, left, paid a
ccourtesy call on Deputy Prime Minister and Minister of Foreign Affairs Brent Symonette, (right), at the
Ministry of Foreign Affairs on Wednesday, March 16.

By LINDSAY THOMPSON
Bahamas Information
Services

THE Republic of Ghana is
seeking new areas of collab-
oration and cooperation with
The Bahamas in the hospital-
ity and tourism industry.

His Excellency Daniel
Ohene Agyekum made the
statement as he presented his
Letters of Commission to
Governor General Sir Arthur
Foulkes, accrediting him
High Commissioner of the
Republic of Ghana to the
Bahamas, in a ceremony at
Government House on
Thursday, March 17.

“The Government and
people of Ghana are satisfied
and appreciative of your
country’s support for our

budding democracy, which

has often been touted by
many as one of the most suc-
cessful on the African Conti-
nent,” he said.

As Ghana embarks on a
new experience in crude oil
production with its anticipat-
ed benefits to the economy,

he said the government
would be eager to maintain
and deepen the friendship
already enjoyed between
both countries, as a basis of
exploring possible areas of
cooperation.

“Ghana is, in this respect,
desirous to promote a healthy
and productive bilateral trade
and investment relationship
between our two countries,
with emphasis on tapping into
the Commonwealth of The
Bahamas’ own expertise in
assisting Ghana build its
capacity for the development
of our tourism and hospitali-
ty industry,” he said.

In the spirit of the cooper-
ation, which already exists
between both countries, Sir
Arthur took the opportunity
to solicit Ghana’s support of
The Bahamas’ application for
full accession to the World
Trade Organisation (WTO).

“We have taken note that
the rich resource of your
country, recently enhanced
by the discovery and current
exploitation of significant off-
shore oil reserves, and the

Share your news

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

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

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



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consolidation of democracy
and human rights reforms, all
augur well for a stable and
profitable environment in
which to pursue enhanced co-
operation,” Sir Arthur said.

He noted the historical
relationship between The
Bahamas and Ghana in
respect of a majority of the
people of The Bahamas. He
also acknowledged that
Ghana is the first black
African country to become
independent in March 1957.

Other legacies Ghana is
noted for are the liberation
movement led by President
Kwame Nkrumah, and the
leadership of Kofi Annan as
Secretary-General of the
United Nations, together win-
ning the Nobel Peace Prize
for global AIDS funding for
developing countries.

Sir Arthur welcomed the
participation of Ghana at the
upcoming High Level Con-
ference on Non-Communica-
ble Diseases to take place at
the UN General Assembly in
September; and the African
Diaspora Summit in 2012 in
South Africa.

High Commissioner
Daniel Ohene Agyekum, 69,
possesses a broad experience
as a career diplomat in major
regions of the world — the
Middle East, Europe and
North America; He has also
been the holder of high polit-
ical office at the heart of
Ghana’s decision-making and
management of tribal and
modern governmental affairs.
He was born on March 10,
1942 and is married with five
children.

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THE TRIBUNE WEDNESDAY, MARCH 23, 2011, PAGE 13





LOCAL NEWS
BAHAMIANS ‘MORE
CONCERNED ABOUT

PHONE RATES THAN Brave Davis in ‘cash

FOREIGN OWNERSHIP’
FROM page one 3

lic opinion of the majority
stake sale of BTC.

They say the results
revealed the number one
reason for persons opposing
the sale was the fear that
rates would increase.

During the study period,
402 Bahamians were sur-
veyed and data was weighed
by region, gender and age
in order to represent the
entire adult population.

Data revealed that while
65 per cent of those sur-
veyed were in support of
BTC being privatised,
results were inconclusive as
to whether Bahamians were
in support of the majority
sale to Cable and Wireless
(CWC), 43 per cent sup-
ported the majority sale,
while 47 per cent opposed
it.

M’wale Rahming, presi-
dent of Public Domain, said
the surprising results were
reasons for not supporting
the sale.

One of the highly-publi-
cised issues surrounding the
opposition of the sale of
BTC to CWC was that the
majority stake should
remain in the hands of the
Bahamian people and not
sold to a foreign entity.

Survey results revealed
that the 68 per cent of those
who opposed the sale of
BTC to CWC were more
concerned about an increase
in rates. Being sold to a non-
Bahamian company was
ranked last.

CLAIM THAT PLP
OPERATIVE PROMISED
TO PAY TWO DOZEN
FOR PROTEST

FROM page one

made a promise of pay-
ment.

Reportedly, as the crowd
again started to get out of
hand, another senior mem-
ber of the PLP intervened,
offering to pay the “pro-
testers” a portion of what
they were promised if they
agreed to leave the scene.

During this time, it is
said, the police were called
by concerned persons at
the party’s headquarters.

PLP chairman Bradley
Roberts declined to com-
ment on the matter.

FROM page one

each member to speak freely with
immunity from arrest, civil or libel
suit stemming from remarks made in
Parliament.

During his contribution to the
debate over BTC's privatisation, Mr
Maynard also said he witnessed a
group of men outside the Office of
the Leader of Opposition apparently
refusing to accept PLP shirts from a
party “operative” until they were

paid.

This group was then given bever-
ages, believed to be liquor, added Mr
Maynard.

"Why y'all had to pay people to
come out here to protest?” he asked.
"I can tell you what I saw with my
own two eyes, I looked out the win-
dow and I saw right in front of the
Office of the Leader of the Opposi-
tion a bunch of young men refusing
to put on their shirts until they got
paid.

"It's despicable because if you real-

ly believe that the Bahamian people
are not for sale, why do you have to
pay young fellas to come out here? A
PLP operative, a fella (had) a box of
PLP shirts, I will not call his name, I
know his name but I am not going
to call his name. He had a box of PLP
shirts and the minute he started talk-
ing they started taking the shirts, after
he gave everybody a shirt he had this
half gallon of some red stuff — I know
it wasn't fruit punch, and he start
pouring everyone a glass."

At this point, West End and Bimi-

eee ee Ue ea a Lay

THE PROTEST against the sale of BTC, held at Rawson Square on Monday.

for disorder’ claim

ni MP Obie Wilchcombe rose to his
feet and said the man Mr Maynard
spoke of could have been an FNM
operative plying men with alcohol
and PLP garb.

V Alfred Gray, MP for Michal, also
challenged Mr Maynard to prove his
allegations or withdraw them.

He said: "He is not speaking the
truth when he says he saw people got
paid. He's a stranger to the truth,
either he proves that somebody got
paid or withdraw it ... bring the proof
and lay it on the table."



Photo/Jessica Robertson

FROM page one

sale.”

Moving forward, Mr Car-
roll said the only other option
to stop the sale of BTC is
through the courts.

The Bahamas Communica-
tions and Public Officers
Union (BCPOU) and the
Bahamas Public Managers

Union (BCPMU) filed a joint
action in the Supreme Court
questioning the governmen-
t's right to sell 51 per cent
BTC to CWC.

The two unions appeared
in the Court of Appeal yes-
terday seeking to have the
decision delivered by
Supreme Court Justice
Neville Adderley in February

overturned, but their appeal
was dismissed. (see Page 5).

Confronting criticisms by
protesters that union heads
have not done enough to
protest the matter, Mr Car-
roll said that the union has
stood up and done the best
they could with what they
had.

He said: “What else can we

do? We brought the issue to
the forefront, the union has
been there from the begin-
ning and continues to fight
the sale.”

According to Mr Carroll,
even if the sale does occur,
CWC will still require the
“buy-in” of the unions.

Mr Carroll pointed out that
both union members and

CWC will require a secure
industrial agreement, and said
the company will have to
approach the workers in order
to negotiate such a contract.
President of the Bahamas
Communications and Public
Officers Union (BCPOU)
Bernard Evans could not be
reached up to press time to
comment on the protest.

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

Saldiasnyioronwediers
Association

Fill out the attached entry form EOCLa

and deliver it to The Tribune on
Shirley Street, or place in bins
provided at the BMDA New Car
Show at the Mall at Marathon

by 8pm on Friday, March 25, 2011.

Your choice for the family

The $1,000 prize will only be redeemable towards
the purchase of a new car from participants at the

BMDA show.

Fill out the attached entry form and deliver to Tribune daily through March 25.
Only ORIGINAL newsprint entry forms will be accepted. Photocopies are not
eligible. Enter as many times as you wish.

Address

Phone

Cell





PAGE 14, WEDNESDAY, MARCH 23, 2011

THE TRIBUNE



INTERNATIONAL NEWS



Move over,
Kate: Wallis
Simpson back
as style icon

By JILL LAWLESS
Associated Press

LONDON (AP) —
Watch out, Kate Middleton.
Another royal consort is in
the limelight as the royal
wedding approaches.

Wallis Simpson, the
American divorcee who
scandalised Britain and
brought down a king in the
1930s, is back in style.

She appears as a character
in the Oscar-winning film
"The King's Speech" — as
the interloper who lures
Edward VIII away from
royal duties, thrusting his
stammering younger broth-
er George onto the throne.
She turns up trailing glam-
our and menace in recent
British TV series "Upstairs
Downstairs" and "Any
Human Heart."

She is the subject of two
new biographies, and is the
central character in "W.E.,"
a forthcoming movie direct-
ed by Madonna — one pow-
erful woman examining
another.

Designers

Her striking sense of style
continues to inspire design-
ers well after her death in
1986. Her jewellery sold for
£8 million ($13 million) at a
Sotheby's auction, and now
fans are even buying her lin-
gerie. One of her scarlet
chiffon nightdresses with a
cape sold for more than
£6,500 ($10,500) at auction
Thursday, and her Louis
Vuitton vanity case went for
£48,000 ($77,500).

Style icon, romantic hero-
ine, villain — Simpson is an
elusive character. Anne Seb-
ba, whose biography "That
Woman: A Life of Wallis
Simpson, Duchess of Wind-
sor,” will be published in
August, says her enduring
fascination rests on that

sense of mystery.

"Why and how did a mid-
dle-aged woman, not con-
ventionally beautiful,
beyond childbearing years
and with two living hus-
bands win over a man so
forcefully that he gave up
not just a throne but an
empire to live with her?"
Sebba asked.

It's still possible to feel a
frisson of the scandal Simp-
son caused in 1930’s Britain.
The divorcee from Balti-
more was still married to her
second husband when she
took up with Edward, then
the heir to the British
throne.

Reports of the affair were
censored in Britain. News-
papers did not report it, and
American magazines had
offending articles cut out
before going on sale. That
didn't stop rumours swirling
that Simpson was a spy, a
witch, a Nazi sympathizer, a
prostitute — she had lived
in licentious Shanghai in the
1920s — and even a trans-
sexual.

Torn between duty and
passion for Simpson,
Edward abdicated the
throne in December 1936,
announcing in a radio
broadcast that "I have found
it impossible ... to discharge
my duties as king as I would
wish to do without the help
and support of the woman
T love."

The king's younger
brother unexpectedly
became King George VI —
the story recounted in "The
King's Speech." Edward and
Wallis, now the Duke and
Duchess of Windsor and
suspected by some of Nazi
sympathies, were sent to the
Bahamas, where he served
as governor. After the war
they mostly stayed away
from Britain, living a life of
nomadic luxury.

Many in Britain never for-
gave Simpson — including

George VI's wife Elizabeth,
who became queen and lat-
er queen mother.

She blamed Simpson —
whom she referred to with-
eringly as “that woman" —
for forcing her husband onto
the throne. She felt the
stress contributed to his ear-
ly death from cancer.

George's widow became
one of Britain's best-loved
royals — the "Queen Mum"
— and died in 2002 at the
age of 101. Plump and
maternal, she was, in the
popular imagination, every-
thing the Duchess of Wind-
sor was not.

"Wallis had the good
clothes," author Justine
Picardie wrote recently in
the Daily Telegraph, "but
Elizabeth the kind heart."

Animosity

Many ordinary Britons
shared the queen mother's
animosity toward Wallis
Simpson.

She was, novelist Rose
Tremain wrote recently,
considered "too ambitious,
too ruthless, too greedy, too
mannish, too sexual, too cru-
el, too divorced, too pro-
German and too Ameri-
can."

Sebba said that for
decades afterward, many
people felt "she and the
duke had no sense of three
old-fashioned words: duty,
pluck and responsibility."

"There was a sense that
he put his personal happi-
ness and satisfaction above
the call of duty. To the older
generation that was really
shocking."

But there has always
been another view. Ameri-
cans, in particular, have
tended to see Simpson more
sympathetically and cele-
brate the romance of their
love affair.

British writer Sebba, who



WALLIS SIMPSON, the Duchess of Windsor, meets her husband, the Duke of Windsor, as he arrives in
New York on May 3, 1967 following his holiday in Nassau with the Earl and Countess of Dudley.

has had access to previously
unseen archive material for
her book, acknowledged
Simpson "is quite a hard
woman to like," but said she
has never been fully under-
stood.

"She was a woman who
tried to carve out a life for
herself with the cards that
history dealt her," Sebba
said.

One of those cards was a
highly distinctive sense of
style. "I'm not a beautiful
woman,” she once wrote.
"I'm nothing to look at, so
the only thing I can do is
dress better than anyone
else." This she proceeded
to do, cutting a flawlessly
elegant figure in clothes by
Christian Dior and others.

Designer Daniella
Helayel of Issa — who cre-
ated the much-copied blue
dress Middleton wore for
her engagement announce-

Power lines up in progress
at Japan nuclear plant



ment — has called Simpson
"chic and an inspiration."

One of John Galliano's
last collections for Dior —
shown in January, before he
was fired for allegedly mak-
ing racist and anti-Semitic
remarks — evoked Simp-
son's style with its fur-
trimmed tartans and 1940s
cuts.

Jewellery

Then there was the amaz-
ing jewellery. The besotted
Edward showered her with
custom-made pieces, the
pick of which were sold at
Sotheby's in November: an
onyx and diamond Cartier
bracelet in the shape of a
panther; a jewel-encrusted
flamingo clip glittering with
rubies, sapphires, emeralds
and diamonds; and a heart-
shaped emerald, ruby and
diamond brooch with the

initials W.E. — Wallis and
Edward.

Even her lingerie has
attracted buyers’ attention.
A scarlet chiffon nightdress,
complete with a full length
cape, is among items being
sold Thursday by Kerry
Taylor Auctions in London.

As well as Middleton's
dress, the sale has a link to
another outsider who scan-
dalised the royal family:
Princess Diana.

The items, including a
Dior crocodile handbag and
a Louis Vuitton vanity case,
are being sold in aid of a
fund set up by businessman
Mohammed al Fayed, who
bought the Windsors' Paris
house and its contents after
the duchess died.

Proceeds will go to a chil-
dren's charity established in
memory of his son, Dodi,
who died with Diana in a car
crash in Paris in 1997.





FUKUSHIMA, Japan
Associated Press

WORKERS at a leaking nuclear
plant hooked up power lines to all six
of the crippled complex's reactor units
Tuesday, but other repercussions from
the massive earthquake and tsunami
were still rippling across the nation as
economic losses mounted at three of
Japan's flagship companies.

The progress on the electrical lines at
the Fukushima Dai-ichi nuclear power
plant was a welcome and significant
advance after days of setbacks. With
the power lines connected, officials
hope to start up the overheated plant's
crucial cooling system that was
knocked out during the March 11
tsunami and earthquake that devastat-
ed Japan's northeast coast.

Tokyo Electric Power Co. warned
that workers still need to check all
equipment for damage first before
switching the cooling system on to all
the reactor units — a process that could
take days or even weeks.

Late Tuesday night, Tokyo Electric
said lights went on in the central con-
trol room of Unit 3, but that doesn't
mean power had been restored to the
cooling system. Officials will wait until
sometime Wednesday to try to power
up the water pumps to the unit.

Emergency crews also dumped 18
tons of seawater into a nearly boiling
storage pool holding spent nuclear fuel,
cooling it to 105 degrees Fahrenheit
(50 degrees Celsius), Japan's nuclear
safety agency said. Steam, possibly car-
rying radioactive elements, had been



rising for two days from the reactor
building, and the move lessens the
chances that more radiation will seep
into the air.

Added up, the power lines and con-
certed dousing bring authorities closer
to ending a nuclear crisis that has com-
plicated the government's response to
the catastrophic earthquake and tsuna-
mi that killed an estimated 18,000 peo-
ple.

Its power supply knocked out by the
disasters, the Fukushima complex has
leaked radiation that has found its way
into vegetables, raw milk, the water
supply and even seawater. Early
Wednesday, the government added
broccoli to the list of tainted vegetables,
which also include spinach, canola, and
chrysanthemum greens. Government
officials and health experts say the dos-
es are low and not a threat to human
health unless the tainted products are
consumed in abnormally excessive
quantities.

The Health Ministry ordered offi-
cials in the area of the stricken plant to
increase monitoring of seawater and
seafood after elevated levels of radioac-
tive iodine and cesium were found in
ocean water near the complex. Edu-
cation Ministry official Shigeharu Kato
said a research vessel had been dis-
patched to collect and analyze sam-
ples.

The crisis was continuing to batter
Japan's once-robust economy.

Three of the country's biggest brands
— Toyota Motor Corp., Honda Motor
Co. and Sony Corp. — put off a return
to normal production due to shortages

of parts and raw materials because of
earthquake damage to factories in
affected areas.

Toyota and Honda said they would
extend a shutdown of auto production
in Japan that already is in its second
week, while Sony said it was suspend-
ing some manufacturing of popular
consumer electronics such as digital
cameras and TVs.

The National Police Agency said the
overall number of bodies collected so
far stood at 9,099, while 13,786 people
have been listed as missing.

"We must overcome this crisis that
we have never experienced in the past,
and it's time to make a nationwide
effort," Chief Cabinet Secretary Yukio
Edano, the government's public point-
man, said Tuesday in his latest attempt
to try to soothe public anxieties.

Still, tensions were running high.
Officials in the town of Kawamata,
about 30 miles (50 kilometers) away
from the reactors, brought in a radia-
tion specialist from Nagasaki — site
of an atomic bombing during World
War IT — to calm residents’ fears.

"I want to tell you that you are safe.
You don't need to worry,” Dr. Noboru
Takamura told hundreds of residents at
a community meeting. "The levels of
radiation here are clearly not high
enough to cause damage to your
health.”

But worried community members
peppered him with questions: "What
will happen to us if it takes three years
to shut down the reactors?” "Is our
milk safe to drink?” "Tf the schools are
opened, will it be safe for kids to play



IN THIS PHOTO released by Tokyo Electric Power Co. (TEPCO) via Kyodo News,
workers in protective suits conduct cooling operation by spraying water at the

damaged No. 4 unit of the Fukushima Dai-ichi nuclear complex in Okuma, north-
eastern Japan, Tuesday.

Tokyo Electric Power Co. via Kyodo News/AP

outside for gym class?"

Public sentiment is such in the area
that Fukushima's governor rejected a
request from the president of Tokyo
Electric, or TEPCO, to apologize for
the troubles.

"What is most important is for TEP-
CO to end the crisis with maximum
effort. So I rejected the offer," Gov.
Yuhei Sato said on national broad-
caster NHK. "Considering the anxi-

ety, anger and exasperation being felt
by people in Fukushima, there is just
no way for me to accept their apology.”

While many of the region's schools,
gymnasiums and other community
buildings are packed with the newly
homeless, in the 11 days since the dis-
asters the numbers of people staying in
shelters has halved to 268,510, pre-
sumably as many move in with rela-
tives.



THE TRIBUNE

WEDNESDAY, MARCH 23, 2011, PAGE 15



INTERNATIONAL NEWS



More missiles
are launched
over Libya

WASHINGTON
Associated Press

COALITION FORCES
pounded Libyan military tar-
gets with 24 more Tomahawk
missiles, expanding the no-fly
zone over the North African
nation but suffering the loss of
a US. fighter jet, U.S. officials
said Tuesday.

And the on-scene comman-
der, Adm. Samuel J. Locklear,
confirmed that troops of leader
Moammar Gadhafi were
attacking civilians in the city of
Misrata. He said that as the
international mission continues,
coalition forces will be able to
target government troops bet-
ter.

The two-man crew of an F-
15E Strike Eagle ejected after
the craft suffered mechanical
problems during a strike mis-
sion against a Libyan missile
site, Locklear said. He spoke
to Pentagon reporters via
phone from the command ship
USS Mount Whitney in the
Mediterranean Sea.

The crew was recovered and
suffered only minor injuries,
U.S. Africa Command said.
One crew member was recov-
ered by rebels and the other
was picked up by a Marine
Corps search and rescue plane,
the command said, adding both
were in U.S. hands Tuesday
and off Libyan soil.

Two dozen more Tomahawk
cruise missiles were launched
from U.S. and British sub-
marines, a defense official said
earlier in the day. Locklear
gave no details but confirmed
that brought to 161 the num-
ber of Tomahawk strikes aimed
at disabling Libyan command
and control facilities, air defens-
es and other targets since the
operation started Saturday.

Locklear said the additional
strikes had expanded the area
covered by the no-fly zone.

He said intelligence showed
that Gadhafi forces were
attacking civilians in Libya's
third-largest city, Misrata. In a
joint statement to Gadhafi late
Friday, the United States,
Britain and France called on
Gadhafi to end his troops’
advance toward Benghazi and
pull them out of the cities of
Misrata, Ajdabiya and Zawiya.

Locklear said the coalition is
"considering all options" but
did not elaborate. Asked if
international forces were step-
ping up strikes on Gadhafi's
ground troops, Locklear said
that as the "capability of the
coalition" grows, it will be able
to do more missions aimed at
ground troops who are not



US AIR FORCE personnel inspect refueling equipment on a C-130
aircraft at the airbase of Sigonella, Sicily, Tuesday. (AP)

complying with the UN resolu-
tion to protect those seeking
Gadhafi's removal.

The overall commander of
international military action,
Gen. Carter Ham, said Mon-
day that the operation was
achieving its goal of setting up a
no-fly zone to protect Libyan
civilians from Gadhafi. Building
on what Ham called a success-
ful first stage, the focus was
shifting to widening the no-fly
zone across the North African
country while continuing small-
er-scale attacks on Libyan air
defenses and setting the stage
for a humanitarian relief mis-
sion.

President Barack Obama's
authority to order the military
action against Libya without
congressional approval was
challenged by some in the Con-
gress.

Sen. John McCain, the top
Republican on the Senate
Armed Services Committee,
said in a Tuesday interview with
CBS's "The Early Show" that
the military strikes were neces-
sary because there would have
been "a horrible blood bath"
under Gadhafi without inter-
national intervention. But

Democratic Rep. Dennis
Kucinich remained opposed to
the operation and said he
would offer an amendment to
the next budget resolution that
would prohibit federal money
from being used to pay for U.S.
military operations in Libya.

Defense Secretary Robert
Gates and others said the U.S.
military's role will lessen in
coming days as other countries
take on more missions and the
need declines for large-scale
offensive action like the bar-
rages of Tomahawk cruise mis-
siles.

A senior defense official,
speaking on condition of
anonymity to discuss classified
data, said Monday the attacks
thus far had reduced Libya's
air defense capabilities by more
than 50 percent. That has
enabled the coalition to focus
more on extending the no-fly
zone, which was mainly over
the coastal waters off Libya and
around the rebel stronghold of
Benghazi in the east, across the
country to the Tripoli area this
week. It was unclear how much
that had been expanded by the
latest strikes.

In Russia for an awkwardly



LIBYAN PEOPLE stand on top a U.S. F-15 fighter jet after it crashed in an open field in the village of Bu
Mariem, east of Benghazi, eastern Libya, Tuesday, March 22, 2011. The U.S. Africa Command said
both crew members were safe after what was believed to be a mechanical failure of the Air Force F-15.
The aircraft, based out of Royal Air Force Lakenheath, England, was flying out of Italy's Aviano Air
Base in support of Operation Odyssey Dawn. (AP)



IN THIS IMAGE taken during an organized trip by the Libyan authorities, A Libyan supporter of Moam-

i a

mar Gadhafi salutes amidst the wreckage of what was described as a maintenance warehouse hit by
two missiles Monday evening on a Naval base in Tripoli, Libya, Tuesday. (AP)

timed visit on other topics,
Gates said it would be a mis-
take to set Gadhafi's overthrow
as a military goal.

"I think it's pretty clear to
everybody that Libya would be
better off without Gadhafi," he
said in an interview with Inter-
fax news agency. "That is a
matter for the Libyans them-
selves to decide," and given the
opportunity they may take it,
Gates said.

Other administration officials
said Washington is not inter-
ested in using military action
to get rid of Gadhafi. Rather, a
combination of international

sanctions and other nonmilitary
actions designed to isolate Gad-
hafi and undermine his author-
ity are more likely to hasten his
demise, they said.

Rep. Howard Berman, the
top Democrat on the Foreign
Affairs Committee of the U.S.
House of Representatives, said
in an interview Monday: "The
goal is to be achieved in days,
not weeks, without U.S. boots
on the ground. As the hours go
by, allied countries, Europe and
the Arab countries are playing
a larger role. Our role is becom-
ing less."

Obama addressed the Libya

matter while visiting Chile on
Monday. He contrasted his
approach in Libya, in which his
administration insisted on an
international military partner-
ship, with President George W.
Bush's actions in Iraq, where
US. forces bore the bulk of the
burden.

"As you know, in the past
there have been times where
the United States acted unilat-
erally or did not have full inter-
national support, and as a con-
sequence typically it was the
United States military that end-
ed up bearing the entire bur-
den," Obama said.

Afghan forces to take lead in securing seven areas

KABUL, Afghanistan
Associated Press

AN EMBOLDENED Afghan pres-
ident said Tuesday that his nation's
security forces will take over from the
US.-led coalition in seven parts of the
country, a first step toward his goal of
having Afghan police and soldiers in
charge by the end of 2014 so foreign
combat troops can go home.

The tenuous step comes despite
NATO predictions of bloody fighting
this spring and Afghans’ fears that their
forces aren't up to the task.

In a speech peppered with criticism
of the international military and civilian
effort, Karzai asserted himself as a
national leader and said the Afghan

forces were on a path toward self-suf-
ficiency.

"The Afghan nation doesn't want
the defense of this country to be in the
hands of others anymore," Karzai told
hundreds of dignitaries and Afghan
police and soldiers at the National Mil-
itary Academy of Afghanistan in the
capital.

He also reiterated his call for Afghan
insurgents to lay down their weapons
and reconcile with his government.
Transferring security responsibility to
Afghan forces means international
troops can eventually leave, which is a
key demand of Taliban leaders Karzai
is trying to lure to the negotiating table.

There have been informal contacts
between insurgents and the Afghan

government, but publicly the Taliban
have not expressed interested in reach-
ing a political resolution to the war.

Taliban spokesman Zabiullah
Mujahid dismissed Karzai's speech,
saying the nation remains occupied by
nearly 140,000 foreign forces. Only
time will tell if the Afghan forces will
succeed in securing the transition areas,
he said in a telephone interview with
The Associated Press.

"We will fight until the last foreign
soldier is gone,” he said.

Karzai said the first phase of transi-
tion will start in July in the provincial
capitals of Lashkar Gah in southern
Afghanistan, Herat in the west, Mazer-
e-Sharif in the north and Mehterlam in
the east. In addition, Afghan police

and soldiers will take charge in all of
Bamiyan and Panjshir provinces, which
have seen little to no fighting, and all of
Kabul province except for the restive
Surobi district. Afghan security forces
already have assumed the responsibil-
ity for security in the greater Kabul
area, which is home to about 5 million
people — about one-fifth to one-quar-
ter of the nation's population.

NATO forces that are currently in
transition areas will thin out, take on
support roles, including training and
mentoring, be redeployed to other
areas of the country or sent home.
President Barack Obama wants to start
withdrawing U.S. troops in July if con-
ditions allow.

While Karzai's announcement

DOUBLE McFish

FOR LENT

showed his nation's desire to end its
reliance on foreign forces, it was not
evidence that Afghan security forces
have overcome a lack of training and
equipment, illiteracy, corruption and
shortages of top Afghan officers and
international mentors.

Still, the beginning of transition is a
boost to troop-contributing nations
who want to reassure war-weary citi-
zens back home that their commit-
ment to Afghanistan is not open-end-
ed.

In Brussels, NATO Secretary-Gen-
eral Anders Fogh Rasmussen wel-
comed Karzai's announcement, but
warned that transition was not a signal
for allies to withdraw from
Afghanistan.





THE TRIBUNE
D US



BISX chief wants
more public firm
shares on market

* Suggests lack of ‘aggressive
expansion’ and capital needs
has prevented more shares
being issued to public
investors

* Stock volatility ‘magnified’
by global recession

By NEIL HARTNELL

The Bahamas Interna-
tional Securities
Exchange’s (BISX) chief
executive yesterday urged
public companies to
increase the amount of
shares made available to
the public, telling Tribune
Business that a lack of
expansion opportunities in
the domestic market was
perhaps one reason why
this had not occurred.

Keith Davies explained
that, typically, public com-
panies made more shares
available to institutional
and retail investors when

SEE page 5B

Immigration

pledges permit.

By NEIL HARTNELL
i Tribune Business Editor

crackdown

By ALISON LOWE
Business Reporter

An increase in workers
being illegally hired has
prompted a warning to
Bahamian employers and
their employees who vio-

actions.
Deputy Prime Minister
and Minister of Immigra-

efforts to punish those who
break Immigration laws
related to employment will
be stepped up this year.
Prosecutions will occur
“across the board”, target-
ing both employers who
hire workers without work
permits or put them in in

their permit specifies, and
employees.

Director of Immigration,
Jack Thompson, said the
Department is not just pay-
ing lip service or making
idle threats, telling Tribune
Business that the public
can expect to see a number
of people, both employers
and employees, brought
before the courts this year.

“There has been an
increase in the number of
persons hiring persons
without work permits and,

SEE page 5B

ine

WEDNESDAY,

MARCH 23,



2011

SECTION B ¢ business@tribunemedia.net

Commonwealth Brew-

i ery’s $62.5 million initial
i public offering (IPO) took
: in $3-$4 million in commit-
i ted subscriptions on its first
: day, Tribune Business was
: told yesterday, its placement
i agent suggesting that based
i on expressions of interest
; retail investors could take
? up 30-40 per cent of the
: share issue, rather than the
i anticipated 20 per cent.

Michael Anderson, Roy-

i alFidelity Merchant Bank &
? Trust’s president, told this
? newspaper that the sub-
i scriptions received to date
i had mainly come from retail



MICHAEL ANDERSON

investors and its brokerage
clients, with many of the
bank branches already start-
ing to run out of offering
memorandum documents.
“It’s been met with a lot

BISX FIRMS URGED: ‘PAY MORE
ATTENTION’ TO YOUR SHAREHOLDERS

The Bahamas International

i Securities Exchange’s (BISX)
i chief executive yesterday
alowe@tribunemedia.net : urged listed Bahamian com-
>on Es panies to “pay more atten-
i tion” to their stock prices and
? shareholders, while also back-
i ing calls for a rating agency
i to be established to assess the
? creditworthiness of public
saad i firms.

late Immigration laws: You }

will be prosecuted for your ? stock exchange had a “sys-

i temic problem” when it came
i to low liquidity levels and
i depressed stock prices across
tion, Brent Symonette, said ;
i gested BISX-listed firms
i needed to take a leaf out of
i the playbook used by their
? counterparts in developed
? markets, such as the US and
i UK, and focus more on
? investor relations.

Denying that the Bahamian

the board, Keith Davies sug-

This, he suggested, would

i pay long-term dividends by
areas other than that which ; Simulating further demand
i among existing shareholders
i for their stock, aiding share
i price appreciation and thus
i encouraging new investors to
i buy in to get a piece of the
i action.

“For years P’ve counselled

: companies to pay more atten-
i? tion to their stock price, pay
i more attention to their share-
i holders, and for there to be
? more interaction with their
i shareholders,” Mr Davies told
i Tribune Business.

“Look at my North Ameri-

i can colleagues, whom I’m
i very familiar with. One of the
i? things they spend a great deal
i of time on is investor rela-
i tions. They spend a great deal
i of time with their investors,
? making them feel good so that
? they purchase more shares.”

Pointing out that existing

i shareholders were even
i offered incentives by listed
i developed market companies
i to acquire more shares, Mr
? Davies urged Bahamian pub-
: lic stocks to not ignore or

“forget” about their investors.

“You have to be involved
with your people,” he told
Tribune Business. “I would

: encourage all companies to

foster that relationship, grow
with them and be involved.
Don’t speak to them once a

* Exchange's chief backs
calls for local rating
agency

* But ‘no systemic’
problem of low liquidity
and depressed prices
across the market

* Suggests companies
create own problems
through low IPO
minimums

_ Mi Bank branches said to be running out of offering
: documents
_ Hl Retail investors could end up taking $20-$25m,
or 30-40%, of offering compared to initial $15m

: expectation

, ; ! By NEIL HARTNELL
Arahune Business Halide —_- ; Tribune Business Editor

of interest,” Mr Anderson
said of the IPO launch.
“There are still some indi-
viduals wanting to buy mil-
lions. I think we got in over
$4 million yesterday [Mon-
day], and I don’t know what
the tally is for today [Tues-
day].

“I think there were a lot
of brokerage clients asking
us to put money in. It was
over $3 million; somewhere
between $3-$4 million.”

Mr Anderson added that
“all the branches across the
island are running out of
offering documents”. Some
3,600 early copies of the
Commonwealth Brewery

SEE page 4B



66

You have to be
involved with
your people.”

KEITH DAVIES




-$3-$4m subscriptions | pC exposed

on $62.5m IPO launch | to ‘fraud and
corruption’

By NEIL HARTNELL
Tribune Business Editor

ROYAL =) FIDELIT’







Cee ee

MASS AU
(ad?) 356-2801

FREEPORT
242) 351-3010

MARSH HAR MOURA
242) 367-3135

Per ey a

The Bahamas Electricity Corporation (BEC) is exposed
to “fraud and corruption” as a result of its unwieldy pro-
curement structure, a consultants’ report has revealed,
although action taken to rectify fuel management defi-
ciencies have reduced the danger of major losses being

sustained.

The report by German company, Fichtner, financed by
the Inter-American Development Bank (IDB) as part of
a project to strengthen the Bahamian energy sector, said
BEC lacked a procurement function covering all proce-
dures for resources the Corporation purchased, and hint-
ed that there were no divisions between those who dealt
with the technical side of bid documents and those who

evaluated submitted offers.

“With the dispersed responsibilities for procurement
transactions, the entire procurement organisation of
BEC is prone for inefficiencies, delays, frictions, and
leaves the Corporation vulnerable for fraud and corrup-
tion,” Fichtner said in its report.

“This arrangement is time consuming, hinders the

SEE page 2B



CABLE EYES ‘NEW TRIPLE PLAY
SUITE’ AFTER US APPROVAL

; By NEIL HARTNELL
i Tribune Business Editor

Cable Bahamas is set to

i launch a “new product suite”
: of converged Triple Play com-
? munications services within
: the next several weeks, Tri-
? bune Business was told yes-
: terday, as it received regula-
? tory approval for its Systems
: Resource Group (SRG)
: merger to allow the combined
? company to provide interna-
: tional services to and from the

US.
Speaking to Tribune Busi-
ness after the Federal Com-

Creare for Shares in
Commonwealth Brewery Limited

Initial Public Offering

$62,475,000

7,500,000 Ordinary Shares

Minimum Subscription $833.00 for
100 shares at $8.33 per share

* Converged communications
competition with BIC awaited
* Just Central Bank approval
required for SRG merger
consummation

munications Commission
(FCC) approved the applica-
tion for a change in SRG’s
ownership, which will see
Cable Bahamas acquire 100
per cent of its share capital,

SEE page 4B

Offer Opens: Monday March 21*, 2011 | Offer Closes: Friday April 15%, 2011

Offering Memorandum available from all locations of:

Royal Fidelity | RBC Royal Bank | RBCFINCO | Fidelity Bank

Financial Advisor & Placement Agent



ROYAL FIDELITY

Money at Work

year; be involved with them
all the time.”

Dionisio D’Aguilar, AML
Foods chairman, recently sug-
gested that the points raised

SEE page 4B

www.royalfidelity.com or call: 1.242.356.9801

Read the Offering Memorandum and consult a financial advisor before investing.





PAGE 2B, WEDNESDAY, MARCH 23, 2011

THE TRIBUNE



TOP LAWYERS AT NASSAU SEMINAR |



REVIEWING: Pictured are Etienne Dupuch Ill, grand nephew of the Eugene Dupuch, reviewing the publications with Tonya Bastian-Galanis,

principal of the Eugene Dupuch Law School.

Top international lawyers visited
Nassau last week for a three-day con-
ference hosted by The Eugene Dupuch
Law School.

Among the 40 panellists were dis-
tinguished jurists, legal scholars,
sychologists, social workers and edu-
cators from the Caribbean, Canada,
the UK, the US, Germany, Sweden
and Serbia.

They included Lord Justice Matthew
Thorpe from the Court of Appeal of
England and Wales, and Madame Jus-
tice Nancy Flatters from the Calgary
Family and Youth Court in Alberta,
Canada.

The event, held from March 17-19,
was hosted under the theme The Legal
and Social Consequences of the Disin-
tegration and Reintegration of Fami-
lies. About 200 persons attended the
conference.

Marriage

Issues discussed included marriage
and divorce, cohabitation, property
distribution, mediation, paternity and
inheritance.

Other topics on the agenda were
transracial, inter-country and same-
sex adoption, assisted reproduction

and ethical issues, child development,
international child abduction, juvenile

marriages.

Bahamas Trailblazer maps.

circulated in the hotels.

Rum Cay
developer
‘keen to get
started’

: By ALISON LOWE
: Business Reporter
? alowe@tribunemedia.net

The management company selected in 2006 to oversee the

: operations of a proposed $700 million resort on Rum Cay says
i the project developer remains “keen to get started”, despite not
? having been able to provide a “hard date” for when it expects
? to get development underway.

Ground was broken in 2006 on the 870-acre, multi-use Rum

Cay Resort Marina development, for which Montana Holdings
i has signed a Heads of Agreement with the Government.

RockResorts, a resort management company which on Fri-

i day celebrated being selected to take over management over-
? sight of the Bimini Bay Resort and Marina, was chosen to
? Operate the Rum Cay property.

However, shortly thereafter, the development, like many

; others such as the proposed Ritz-Carlton hotel on Rose Island
? and the I-Group development in Mayaguana, stalled and little
? has come of it since. Montana Holdings’ Nassau office number
? was out of service when Tribune Business called yesterday.

Although the proposed development may have slipped out of

the public consciousness, Mark Jeffrey, area vice-president
? for the southeast and Caribbean region for RockResorts told
? Tribune Business during an interview in Bimini that the devel-
delinquency, domestic violence, human }
rights and the family and same sex :
? added: “It hasn’t been developed yet. It all depends on market
‘ ; ¢ conditions for the developer,”

ee ? real estate market would be a Key factor in any determination
Dane ? by th to when t f d.

Bahamas Handbook, which included : se ae ais age Pen adi deep nea ee ase
the story of the legendary Bugene : Montana Holdings and remains the manager of choice for the
Dupuch QC, for whom the school is }
named. Attendees received The }
Bahamas Investor, the What-to-do
magazine, the Dining Guide and the : ng . é
? RockResort hotel and spa, additional residences, and private
The Welcome Bahanme BOGke- are membership clubs. Phase three will complete the resort devel-
? opment and will include additional residences and other ameni-

? ties.

Oper remains “very eager to get started”.
Amy Kemp, communications manager for RockResorts,

suggesting that an uptick in the

Ms Kemp noted that RockResorts signed a contract with

property when it is developed. Under the previously laid out
plans for the Rum Cay Resort and Marina, it will consist of an
80-slip Blue Flag marina, the Port Santa Maria Marina Village,
and a variety of residential offerings. Phase Two will include the

EFG @ Bank

& Trust (Bahamas) Ltd

POSITION AVAILABLE

Desktop and Systems Engineer, Information Technology

FROM page 1B

BEC is exposed to
‘fraud and corruption’

the process not precisely set out or autho-
rised.

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

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

Qualifications:

* BS in Computer Science or related field

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

IT Skills:

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

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

* Awareness of new emerging technologies

* MCSE/MCSA Windows 2003/2008

Essential Duties and Responsibilities:

* Support and manage Windows servers 2003/2008

* Support Citrix Metaframe and other Enterprise applications

* Ongoing system administration of the Windows Servers including Active
Directory

* Support and manage Windows desktops and laptops

* Provide technical support and guidance to local and remote users

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

* Ability to use system deployment tools

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

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

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

One Bay Street

P.O. Box SS 6289

Nassau, The Bahamas

Fax No. (242) 502-5487



development of specialised high-calibre
expertise in procurement, and is not in line
with internationally-accepted best practices.”

Fichtner added that an Internal Audit
report discovered “serious shortcomings”
in BEC’s fuel management, calculation and
reconciliation, due to “negligence and faulty
methodology”.

“A subsequent serious approach with the
aim of clarifying misunderstandings and
establishing improved procedures has appar-
ently diminished the danger of losses,” the
report said. “Among several smaller insuf-
ficiencies, fuel and sludge metering prob-
lems were identified. Fuel theft was found
not to be a problem.”

The Fichtner report, completed in early
2010, noted that the fuel supply contract
between BEC and Shell Western remained
unsigned as at end-November 2009, with

And it added: “Particularly considering
the financial constraints of BEC and the
very insufficient storage space, it is hard to
understand why unused machinery and
materials of apparently considerable value
are left to deteriorate while occupying valu-
able storage space.

“As these items have apparently never
been entered in BEC’s inventory, it is sug-
gested that BEC carries out an immediate
assessment of these items in order to decide
either their sell off, disposal as scrap metal,
or to identify internal uses.

“If approval of the Board of Directors is
required to dispose of unneeded invento-
ry, a procedure should be defined which
ensures the regular review of such items
and leads to some decision regarding use,
disposal or further storage.”

UK budget to promote growth on shoestring

JANE WARDELL,
AP Business Writer
LONDON

The British government will
seek to promote economic
growth on a shoestring when it
unveils its annual budget
Wednesday as soaring inflation,
rising unemployment and a run-
away deficit leave little room
for voter-friendly giveaways.

As concern grows about the
possibility of a domestic dou-
ble-dip recession, Treasury
chief George Osborne is
expected to stick to his guns on
a tough austerity program
slashing government spending
on services from health to edu-
cation to bring down the coun-
try's debt.

Osborne is instead likely to
announce less costly reform
measures to encourage private
sector investment — and offer
some smaller gifts to a cash-
strapped general public such as
a freeze on fuel duty.

"The budget is going to be
ashamedly pro-growth, pro-
enterprise and pro-aspiration,"
Osborne said earlier this
month.

Britain is struggling to recov-
er from its worst recession since
the end of World War II. The
country was in recession longer
than the other Group of Sev-





INTERNATIONAL
BUSINESS

en industrialized nations and a
shock 0.6 percent contraction
in gross domestic product
growth in the final quarter of
last year has heightened fears
for the future.

Economists expect the Office
for Budget Responsibility, the
agency set up by Osborne to
keep forecasts at arm's length
from the government, to revise
downward its forecasts for
growth this year and next —
from 2.1 percent and 2.6 per-
cent respectively — when it
provides updates alongside the
budget.

Those figures are well above
the predictions of 1.5 percent

and 2 percent from the Organi-
zation for Economic Coopera-
tion and Development, which
has warned that Britain still
faced "significant headwinds.”

Still, the OECD gave a tick
of approval to Prime Minister
David Cameron's tough spend-
ing restrictions to tackle a
deficit running at around 10
percent of gross domestic prod-
uct.

But statistics released on the
eve of the budget showing that
inflation continues to edge
higher — to an annualized 4.4
percent, more than double the
Bank of England's 2 percent
target — have made Osborne's
task even tougher.

As well as increasing the like-
lihood of a near-term hike in
interest rates, persistently high
inflation means that the gov-
ernment will likely have to bor-
row more over the medium
term, making Osborne's plan
for fiscal consolidation trickier
to achieve.

Other figures out Tuesday
showed that public borrowing
increased in February as the tax
haul unexpectedly shrank to
11.8 billion pounds, compared
to 9.5 billion pounds a year ear-
lier. That was nearly double the
6.9 billion pounds forecast by
economists and a record for
February.



Full Text

PAGE 1

N ASSA U AND BAHAMA ISLANDS LEADING NEWSPAPER Brave Davis in cash for disorder claim V olume: 107 No.100WEDNESDAY, MARCH 23, 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 S EETHEARTSSECTION S P O R T S To love & cherish SEESECTIONE Waltiea Rolle and Tar Heels advance to the Sweet 16 B y TANEKA THOMPSON Tribune Staff Reporter tthompson@tribunemedia.net P ROGRESSIVE Liberal Party deputy leader Philip Brave Davis offered to pay extra" money for men willing to get "locked up" during Monday's protest outside Par l iament, Culture Minister C harles Maynard claimed in the House of Assembly yesterday. T he MP for Golden Isles claimed that Mr Davis made the request Sunday night dur ing a telephone conversation with an unnamed person. The claim brought Mr Davis to his feet to demand that Mr Maynard table proof to back up his claim. He also wanted Mr Maynard to name the person to whom he was supposedly talking. "Everybody knows that the Progressive Liberal Party is behind the civil disorder," Mr Maynard said while supporting the sale of BTC in the House of Assembly yester day. "The member for Cat Island made a phone call n ight before last to somebody saying 'I want you to bring some men and I'll pay them e xtra if they willing to get locked up, downtown'. Mr Davis said the remarks were "serious allegations" and d emanded Mr Maynard back up his accusations with hard evidence. I ask him to name that person, not only name them here, let's go outside andn ame them and let's get it on. I don't bother the member but he finds it necessary tot alk about me at every turn. I don't want it (the allegations withdrawn, he needs to bring the proof of what he claims has been asked," he said. Members of the Opposition said Mr Maynard's comments questioned the matter of privilege, adding that the issue should be forwarded to the House's Standing Committee of Privilege for review. Privilege in the House of Assembly or Senate allows Fury as minister accuses PLP deputy in House TRY OUR D OUBLE M cFISH The Tribune THEPEOPLESPAPER BIGGESTANDBEST L ATESTNEWSONWWW.TRIBUNE242.COM B AHAMASBIGGEST CARSFORSALE, HELPWANTED ANDREALESTATE I N S I D E SEE page 13 By CELESTE NIXON Tribune Staff Reporter cnixon@tribunemedia.net A NEW study claims Bahamians are more concerned about phone rates increasing with Cable and Wireless, and not that the company will be foreignowned. Public Domain, a Bahamian marketing research and public opinion polling firm, conducted a telephone survey between February 16 and March 11 regarding the pubBAHAMIANS MORE CONCERNED ABOUT PHONE RATES THAN FOREIGN OWNERSHIP SEE page 13 By CELESTE NIXON Tribune Staff Reporter cnixon@tribunemedia.net UNION leaders have been criticised for "not doing enough" during this weeks protest against the sale of BTC. Protesters marched from Clifford Park to Rawson Square while the House of Assembly was in session on Monday, holding the third major protest of the majority sale of BTC to Cable and Wireless (CWC However, the turnout of BTCs unionised workers was said to have been poor. According to Asst Police Commissioner Glenn Miller, the number of demonstrators peaked at about 600. Only 200 of these were reported to be union members. One person opposed to the sale of BTC told The Tri bune: "The union leaders need to be fired, I am totally disappointed and I have lost my faith in them." Bahamas Communications and Public Managers Unions (BCPMU Carroll, commenting on the protest, said: I really thought it would have been more people, there was enough people to let the government know that there was still an opposition to the SEE page 13 A PROGRESSIVE Liberal Party operative gathered together more than two dozen persons who he promised to pay for their participation in the latest demonstration on Bay Street, it was claimed last night. Well-placed sources within the PLP said the operative was trying to impress party chiefs by marshalling people to demonstrate against government's sale of BTC with the promise of payment. However, when senior members of the party at Gambier House refused to participate in the plan by paying the mob, they began creating a ruckus. The operative, after the House of Assembly gathering, marched his people to the Oppositions offices on Parliament Street to meet with the party leader for payment. When they were informed that PLP leader Perry Christie was not in office, but at the PLPs headquarters, the group became agitated. The individual then report edly transported the group in two buses to the partys headquarters on Farrington Road. Once there, a confrontation took place with the PLPs leadership, who informed the crowd and the operative that they had no hand in their organisation nor had they CL AIM THAT PLP OPERATIVE PROMISED TO P AY TWO DOZEN FOR DEMONSTRATION UNION LEADERS CRITICISED FOR OT DOING ENOUGH AT PROTEST SEE page 13 ROWINTHEHOUSEOFASSEMBLY CLASH: Culture Minister Charles Maynard (left T i m C l a r k e / T r i b u n e s t a f f

PAGE 2

PAGE 2, WEDNESDAY, MARCH 23, 2011 THE TRIBUNE LOCAL NEWS SOURCES inside the Ministry of Education have raised questions about the large differences in payment to co-ordinators and markers for standardised primary school examinations. Documents leaked to The Tribune concerning exams sat by grade one, two, four and five students in May 2009, indicate a wide range of payments varying between $100 to as much as $5,500 to 155 teachers. The Tribunes source claimed excessive payments for marking papers were used as a means of exercising favouritism by some senior public servants. The director of the assessments unit, responsible for administering the examinations, was not available for comment. One senior official, who wished to remain anonymous, said that while he had no specific knowledge of any questionable behaviour in terms of payments to exam markers, there are often reports alleging underhanded goings on at the Ministry of Education. The official said there are sometimes internal investigations, but the results of these are never made public. Im glad you are launching investigations into things like this, he added. When contacted for comment, some of the teachers named on the list as having received payments were unable to give an explanation for the wide range in amounts, or say what the rate per-paper-marked was. Payment to markers typically varies, depending on the set quota in any given year, and the standard rate per examination paper. The rate usually varies depending on the subject, and the paper level. No pattern could be established from the documentation. Questions raised about differences in payment to co-ordinators and exam markers A 24-YEAR-OLD man charged with murder was arraigned in Magistrates Court yesterday. Mario Elliot, of Peardale off Wulff Road, was arraigned before Chief Magistrate Roger Gomez in Court One, Bank Lane, charged with the March 17 murder of Javado Miller. Miller, 29, was sitting outside his house between Kemp and St James Roads with a group of people, when he was shot and killed. Elliot was not required to enter a plea to the murder charge yesterday. Prosecutors intend to proceed with a voluntary bill of indictment, which will be presented on June 22. Elliot was remanded to Her Majestys Prison. By LAMECH JOHNSON R ESIDENTS of Bamboo Town had a scare yesterday as a bush fire quickly spread through the area, barely missing homes near a green space. J ames Pratt, 67, of Airdale Drive, said the fire started shortly after 10am and that while at first it was small, the b reeze spread the blaze. Officers from the Police Fire Branch arrived on the scene after receiving calls from residents. T hey immediately went to work after locating two sources of water, and three fire engines fought to contain t he flames and stop them from spreading further. The Delta 9 fire engine had to push its way through the b ush to get to the fire as no road provided access. While the crews of the trucks did their part in putting out the blaze, home owners were hosing down theirw alls and plants in case the fire approached. One of the officers from the Delta 12 truck spoke w ith T he Tribune l ater, confirming they had the fire under control. When asked if they had any idea of how the blaze s tarted, he said in the case of bush fires, it is usually very difficult to find the source. Residents noted that bush fires are common in that area. At least five homes were threatened yesterday, the offic ers confirmed. Man, 24, arraigned on murder charge COUR T NEWS BUSH FIRE THREATENS HOMES IN BAMBOO TOWN C LOSE CALL: B amboo Town residents had a scare yesterday as a bush fire quickly spread through the area, barely missing homes.

PAGE 3

By NOELLE NICOLLS Tribune Staff Reporter nnicolls@tribunemedia.net ALTHOUGH the straw market has been the talk of the town this year, the buzz has only recently shifted to the design of the building. With the new market now unfolding in form and colour on Bay Street, The Tribune sat down with Bahamian architect Pat Rahming for an inside lookat the method behind his crea tion. If the new building evokes for you a sense of formality, grandeur and stateliness, your thinking is in line with that of the designer. Its form is an adaptation of the classical styleof colonial architecture that defines downtown Nassau, said Mr Rahming. A part of what makes the City of Nassau unique is the scale and texture of its architecture and the language in which its structures speak. Whether it is buildings designed to a more domestic scale, using wooden columns and balconies, or the more imposings tructures like the House of Parliament, Mr Rahming said, the predominant style is what is called Georgian architec ture. Millions of people travel to the Bahamas looking for a place-specific experience that is born from the history, geog r aphy, mythology and lifestyle of the local community. Mr Rahming said the city of Nassau used to help define that experience. The brand of Nassau is that we are a black, African com munity that lives its life through the expression of British cere-m onies on a Caribbean island. The absolute symbol for that branding, the logo you could say, is a black policeman dressed in his ceremonial outfit standing on corner of Parlia-ment Street and Bay Street giv ing instructions to two tourists with the House of Parliament in t he background. That is the symbolism that defines who we are. That is the special experience of place that we have been selling except that we haven't taken care of it, he said. Many symbolic buildings have been destroyed over the years, whether by fire or neglect, and little by little there has been a loss of her itage, said Mr Rahming. With the new straw market, he said, there was a deliberate attempt to bring back symbol ism to the architecture and maintain the language of downtown. What the straw market does is recognise that heritage. There is a part of our past that relates to that Georgian tradition that creates the scale and character of downtown Nassau. While it is a brand new building and it feels so, it is dressed in the appropriate clothes. It is appropriate that a public build ing downtown wears clothes that speak to the ceremony of downtown, said Mr Rahming. He said he was not constrained in his thinking about how to enclose the straw market by the the nature of the activity taking place inside. The entrance is framed by practical columns that are proportionally correct as classical columns. It is the same language on the Supreme Court and Senate buildings, said Mr Rahming. It is a formal language of ceremony in British tradition, he said different to the language of Woodes Rodgers Wharf, for example, which is informal waterfront. What happens in the harbour has a different character. You have the opportunity to be more playful if you wish. You could do that on Bay Street too, but it is not a choice that I, Pat Rahming would make. I have chosen to see Bay Street the way I see Bay Street. Other people have seen it dif ferently. I don't think that is a question of right or wrong; it is a question of philosophy, said Mr Rahming. Also at the forefront of Mr Rahmings mind as he designed the new building was a time over a century ago, in the 1800s, when market women made their daily sojourn from Over the Hill, down Market Street, under Gregorys Arch to the d owntown market. Those days, the market was not just home to straw and craft goods. Fruit and vegetable vendors sold their produce there, and fishermen and butchers made it their marketplace too. There was a relatively tall arched entrance that faced Market Street with a big iron gate. The new design is a throw back to the original market, with an entrance that faces Market Street almost squarely. Symbolically it was very important and we have returned that bit of symbolism, said Mr Rahming. The fact that the straw market anchored the economy of downtown, accord ing to Mr Rahming, is another symbolic element. In the 1900s, when market vendors dealing in fish, fruit and vegetables were moved to Potter's Cay, all that remained on Bay Street were straw and craft vendors marketing to tourists. That was the spark that led to the downturn of the town, according to Mr Rahming, because the city centre lost a central symbol: the market for its citizens. Businesses whose primary customers were local people eventually died off; the residential community of down town moved out; the entertain ment scene petered out, and downtown transformed into nothing more than a shopping centre, as it still is today. The history was important to Mr Rahming, he said, because it provided the context for the undertaking. Symbolism is critically important, important to our sense of self, nationhood, and history. If we approach our environment only from the point of view of how many dol lars we can make from a square foot of land, all we are doing is making our children, poorer and poorer in their spirit, said Mr Rahming. There are practi cal elements to the design as well. The building sits on a podium, designed to address the notorious flooding problems experienced in the market. The facade uses a detail ing technique called rustication that creates an appearance of stone bricks. We have chosen to make that rustication detail one of the ways we have made the building easy to maintain. One of the things we were asked to do is see how we could make t he building as easy as possible to maintain, said Mr Rahming. One of the problems with public buildings is they have to be painted all the time, he explained. The surfaces used in the new design are durable and easy to clean. The tiles used on some of the exterior walls, and the brick walkway serve similar functions. I designed the building as a sort of pavilion. That pavilion is really very symmetrical. It looks the same from both ends and both sides, said Mr Rahming. All of the sides of the building are open so there is free movement of people on all sides. The vendors don't have to worry about who is nearest the opening. Plus there is a constant breeze across the space, he said. Mr Rahming was selected by the government to design the new market after it decided to scrap the $23 million contract with Michael Foster of Arconcepts Limited, who won the original design competition. The new market is being built to replace the one destroyed by fire on Septem ber 4, 2001. That building also housed offices of the Ministry of Tourism. Mr Rahming, who also participated in the design competition, said he changed his approach when the new government settled on a $10 million budget, which was a dramatic reduction. The competition did not impose budgetary limitations, and Mr Rahming said at that time he focused more on the commercial value of the site. What I did as far as the straw market was concerned was I moved the market itself one level above the street, so you still had the big open market, but it was not on the ground. Underneath I had a full block of commercial space, the revenue from which I said would support the market that happened above, said Mr Rahming. Now I still feel that solution was a responsible solution, but on the other hand, I don't believe there are very many people politically who could defend moving the vendors off the ground and putting them one level in the air. Most politicians would not have been able to deal with the reaction the straw vendors would have had, he said. Of his new consideration, Mr Rahming said the celebration of the creative output of the Bahamian community was central, and the symbolism of downtown was at least as important as the commerce. In looking at the former b uilding, he said it was more of an office building with a straw market on the bottom floor, and he wanted to return a design that was more centrally focused on the creative output of Bahamians and the symbolism of downtown. Fifty years from now that is the statement o n which we will be all judged: were we prepared to create a place that celebrated the creative output of the Bahamian community? said Mr Rahming. LOCAL NEWS T HE TRIBUNE WEDNESDAY, MARCH 23, 2011, PAGE 3 A building that speaks the language of downtown THETHINKINGBEHINDTHESTRAWMARKETDESIGN THEFUTURE: A rendering of the straw market. THE PAST: O lden times. TAKING SHAPE: The new straw market. Tim Clarke /Tribune staff

PAGE 4

EDITOR, The Tribune. M arch 21, 2011, will r emain a remarkable day in the life of the Free National M ovements third term in office. Prime Minister Ingraham and a diligent group of FNM Members of Parliament moved forward with their commitment to sell 51 per cent of the BahamasT elecommunications Comp any Limited in the face of great and, in some cases, v ery manipulative opposit ion. This process was done with Bahamians all over The Bahamas looking on. Interestingly enough this wouldn ot be the first time that a large percentage of BTC had been sold but it wouldb e the only time that the B ahamian people knew of it beforehand. O f course, on this signific ant day in Bahamian history, the Free National Movement that had been vilifiedi n all political circles of this c ountry was, again, buffeted with the resignation of Branville McCartney, the M ember of Parliament for the Bamboo Town Constituency. Of course, this should have come as no surp rise to the FNM as Mr McCartney had begun to r evealed his true colours s ome time ago. The good thing is that, at this juncture, as the FNM commenced the campaign for the 2012 general election they were and a re able to see who is for them and who is against them. E veryone knows that the sale of BTC was looming for some time now. This particular sale, how ever, was different from the previous because everything about it was presented to the general public for them to v iew and make their own judgment. B oth political parties had m ade the sale of BTC a part of their political platform but the Bahamian electoratec hose the FNM to handle this difficult and delicate task and, in the face of great adversity, the FNM did what they were mandated to do. Political minds in this country were also aware that Branville McCartney would not last very long in the Free National Movement begin ning with his resignation as M inister of State for Immigration and subsequently his radio and other public interv iews thereafter. I like Mr M cCartney but, sadly, he d emonstrated that he is politically immature ands eemingly impatient when t hings do not go his way. While speaking from one side of his mouth that Prime Ingraham is not compassionate from the other side h e insists that Prime Minister Ingraham is the best man t o lead the country at this t ime. Mr McCartney tried to shock Mr Ingraham and p arty affiliates with his resi gnation on the opening day o f the BTC debate but Mr Ingraham continued onward unfazed by McCartney ort he paid political charade that was going on outside the House of Assembly while he made his contribution to this important deliberation. The FNM has always d emonstrated sincerity in a ddressing the needs of the Bahamian people. Their decision to forge ahead witht he sale of BTC is no different from any other decision they would have made. Their aim has always beent o do everything in decency a nd in order with the inter est of the Bahamian people at their heart of their determinations. They have had to stand strong through political adversity but this particular was much more chal l enging because they had the B TC union to contend with, emerging political entities and some within their very ranks. In the face of these odds, they continued to persevere in the best of the majority. B ranville McCartney is not much different from Dr Andre Rollins who, at the p eak of his limited political existence, left the entity that gave him life and, ultimately, used his transition to suck some life out of that organisation while bringing media attention and focus to him self. Mr McCartney cannot, however, compare himself to Hubert Ingraham, Perry Christie, Tennyson Wells or Pierre Dupuch, men who dug in the trenches of their political organisation and were fired at the height of t heir political careers. Mr McCartney did an excep-t ional job at every level of his ministerial career but, o ther than running against T ennyson Wells in the 2007 g eneral election, he has faced no real opposition or o ppression. In resigning his political office he demonstrated his lack of fortitude;i n renouncing his affiliation w ith the FNM he showed his d isloyalty. As a direct result his political doing or undoing is all his own. The remaining FNM faithf ul must continue to be courageous and purposeful.T he last general election was a clear cut demonstration of how desperate some will get i n their pursuit of power and prestige. It brought out the actual identity of many and arduous party labourers had a pretty good idea of who w as with them and who was n ot. T his time it will be no diff erent. The fragmentation has already started and it will continue. It is neededs o that when this political battle becomes fierce the party is fully aware of who their genuine allies are. There will be disagreements about how and when things should be done but these pitfalls must not deflect theF NMs focus on the peoples a genda. Unlike other political entities in this country the FNMs record speaks for itself. There are those who w ould seek to deny it but the reality is blatantly visible i n every facet of our country. Now, more than ever, fami ly islanders are aware of new developments in our country because they can watch it on their televisions anywhere in the country. T he Bahamian people are thankful to the FNM for s paring no expense in ensur ing that the general public, from Grand Bahama and Bimini in the north to Mayaguana and Inagua in the south, knows what is going on and have all of the information to judge the actions and decisions of gov ernment for themselves. No government is perfect but when we look around in The Bahamas today it is tangibly obvious that some gov ernments are simply much better than others. MARVIN R Z GIBSON Nassau, March 22, 2011. E DITORIAL/LETTERS TO THE EDITOR P AGE 4, WEDNESDAY, MARCH 23, 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 T ELEPHONES Switchboard (News, Circulation and Advertising) 322-1986 Advertising Manager (242 Circulation Department (242 N assau Fax: (242 F reeport, Grand Bahama: 1-(242 WEBSITE www.tribune242.com updated daily at 2pm I N THIS column yesterday we briefly discussed the dangers of politicians using persons known to the police to part icipate in public demonstrations and civil unrest. W e wrote that one only has to look at what eventually happened to politicians in Jamaica who played this game t oo long. Edward Seaga is a case in point. A lthough Seaga represented Jamaicas west Kingston constituency stronghold to a powerful drug gang itw as Prime Minister Bruce Golding who inherited this precinct from him, event ually getting into political hot water at home, and difficulties with the United States when his government balked ate xtraditing a drug lord who had supp orted his partys elections over the years. The prime minister, Bruce Golding, had good reason to stall when the Unit e d States requested the extradition of Christopher Dudus Coke on drug and gun charges last August, wrote The Economist in its May 27 edition lasty ear. The Shower Posse gang Mr Coke allegedly runsso named for showering its foes with bulletsis based in MrG oldings own constituency in Tivoli G ardens, in the west of Kingston, Jamaicas capital. The gangs weapons are of military calibre and it has the loyalty of local residents. Any attempt toa pprehend Mr Coke would surely cause widespread violence. Mr Golding stalled as long as he could w hile relations deteriorated between Jamaica and the US. Eventually he was forced to send troops into tightly guard e d Tivoli to flush Coke out. However, C oke had already fled, but not before 47 persons were dead, many others injured and at least 260 arrested most of them Coke supporters. It was claimed that Cokes Shower Posse were paying troublemakers more than $1,000 a day to create diversions to d istract the police. Eventually Coke was arrested and is now in a federal prison in the US awaiting trial. A lthough Golding denied any connection with the drug lord, he eventually h ad to admit that his party had indeed retained a legal team to lobby president Obama to drop the charges against him. C onnections with such undesirables is deep-rooted in Jamaican society. T he dons had close ties to Jamaicas two major political parties and were believed to fund many political cam-p aigns. They were noted for their getout-the-vote operations at election t ime. Coke could be counted on to deliver Tivoli to Seaga, then later to Goldings Jamaica Labour Party. Elections inJ amaica are noted for their violence, o ften ending in death. Its not surprising that over the years crime escalated in Jamaica too many criminals were politically protected. W hat has taken place in parliament square these past few weeks to entice demonstrators to create a perception of large crowds is not the first time for theB ahamas. It has happened often. However, this is the first time that the pay ment of these persons many well k nown to the police is being openly d iscussed. It is dangerous. It should be stopped immediately. Just as paid protesters have been demanding payment thisw eek, they will soon be demanding protection from police as crime continues to escalate. I f some of Magistrate Hercules tales from the past during the Pindling regime are to be believed this interference with t he law is nothing new. O pposition Leader Perry Christie has made it clear that he wants nothing to do with this practice. We suggest he go further and get his political operatives under control. Washing his hands like Pilate from the stench is not good enough firm action is needed. A remarkable day in the life of FNMs 3rd term LETTERS letters@tribunemedia.net Christie urged to control political operatives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By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net FREEPORT PLP Deputy Leader Philip Brave Davis said the PLP is not like the FNM and will always put ordinary Bahamians first. We need serious leaders; leaders who care more about people than they do themselves. Leaders who are more loyal to their country than they are to their party; leaders who believe in the people, he said at the PLP rally in Freeport. Mr Davis noted that many people are suffering in Grand Bahama. Grand Bahama, I must confess that I stand here with a heavy heart. I am burdened by the suffering that you have been facing. My mind is consumed with your concerns, your pains, your strife, he said. Since I was here last, 200 more Grand Bahamians lost their jobs. The pain and suffering has gone up higher. In the face of the economic challenges that Grand Bahamais experiencing I would expect a good Bahamian government to do all in its power to ease the suffering of its people, he said. Mr Davis indicated hundreds of million dollars are collected by the government in tax rev-enue on Grand Bahama. He claims that the FNM government has given nothing back. Where are the social outreach programmes? Where are the disbursements for housing, utility and food allowances? Where is the hand that will help y ou to stand on your own feet? Where is the plan to bring relief to Grand Bahama? When I was here last I told you about the windfall the government is set to receive in taxes from the BORCO sale. How much of that will make it back to Grand Bahamians? Didnt Papa say, we gat the money? The PLP deputy leader claims that the FNM government has done little during its term to work with the Grand Bahama Port Authority. H e said instead of partner ing with the Port Authority the government has antagonised company executives. At one point, (Hubert Ingraham) even got into a war of words with Sir Jack! Did this war help or hurt Grand Bahamians? he asked. Grand Bahama these are serious times and serious times call for serious leaders. This is no time to be playing politics! This is no time to hold grudges. This is no time to allow your personal feelings to get in the way of the survival of our people! This is no time to lose your head. This is certainly no time to be reckless! Mr Davis felt that the government should meet with the business community and work with them to find ways to preserve jobs and lower the cost to consumers. He criticised the prime mini ster for his recent remarks about a Nassau businessman. You cant bad mouth a business person Wednesday afternoon, saying that, he is not good for the Bahamas, claiming that they should not have been allowed to have a business and then that same night, c ustoms raids that business and expect people not to think that it was planned! That is stupid! It is the action of a man that is clearly drunk with power! He should be thrown out of the door! Put outside the house and sent away packing, Mr Davis said. He noted that although the FNM has asked Bahamians to trust them, they do not trust Bahamians to run BTC, head URCA, head HR at URCA, to be the Director of Works, to be President of COB, to head the Department of Public Prosecutions or build roads. Mr Davis stressed that the PLP party is much different from the FNM. He said: The PLP believes in the Bahamian people. The PLP believes in people over things. We believe in education over roads and in Bahamianisation over garage sales. A PLP government would not have fired ZNS workers and civil servants during a recession. We would not be about the business of shutting off the electricity of thousands; so school children cannot do their homework. A PLP government would not cut funding to the Loan Scholarship Scheme yet spend over $200 million on roads. A PLP government would not have raised taxes on the poor and then give concessions to the rich. A PLP government would not hurt farmers and slash the grants like the FNM did to farmers all over the country. A PLP government would never kill the middle class and ignore the cries and the pleas of the people. A government is supposed to help you when you getting mash up. It aint supposed to mash you up more. A govern ment is supposed to give its people first opportunity; not deny them in favour of foreigners. Mr Davis urged Bahamians to register to vote. LOCAL NEWS T HE TRIBUNE WEDNESDAY, MARCH 23, 2011, PAGE 7 Brave Davis: PLP will put ordinary Bahamians first PLPRALLY FREEPORT HAVANA Associated Press T HERoman Catholic Church said Tuesday that the Cuban government will release the last two political prisoners held since a 2003 crackdown on dissent, a landmark announcement that came the same day Fidel Castro said he had stepped down a s head of the island's Communist Party. The decision will clear Cuban jails of the last of 75 prominent intellectuals, opposition leaders and activists whose imprisonment on charges including treason has long soured relations with the outside world. The last two men to be released are Felix Navarro and Jose Daniel Ferrer, activists who had each been sentenced to 25 years in jail. "These releases come eight years too late, but I am very glad to know there will be no more prisoners of conscience in Cuba," said Gerardo Ducos, a London-based Amnesty International researcher specializing in the Caribbean. Church: Cuba to release last dissidents from PLPDEPUTY LEADER Philip Brave Davis

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By LARRYSMITH T HERE was a remarkable editorial in the Guardian last week. The newspaper announced that it preferred to see the closure of Bahamian businessesr ather than contemplate an increase in government-controlled margins on gasoline and diesel fuel. The Guardian was commenting on the demand byp etroleum retailers for an increase in their fixed profit m argins on fuel sales. This w ould immediately raise the cost of a gallon of diesel by 2 8 cents, and the cost of a gallon of gas by 30 cents. With the price of oil rising, citizens also have to pay h igher electricity and food b ills," the editorial explained with shock-horror. "Who w ants to pay more for gas and diesel?" Who indeed. And who wants to pay more for newsprint, advertising space, i nsurance policies, lawyering or toilet paper for that matter? This is a commentaryt hat says nothing and goes nowhere. But the Guardian had a r eady-made "free market" s olution to the problem: "The r etailers who cannot make it may just have to go out of b usiness." With fewer gas stations in the marketplace, the logic ran, the survivors could s ell more fuel. Well surely survival of the fittest requires a level playingf ield first. You can't artificially m anage prices or contracts and then blame it on the free market if they fail. M ore importantly, oil prices need to rise in order to signal the market to conserve e nergy and to incentivize investment in alternative energy. The poor can be helped by transfers or rebates o f one kind or another, but general subsidies or price con trols on fossil fuels should be a voided. The government's position is that since fuel prices haveb road implications for the economy "and given that we are a small market with limit ed competition, margin cont rol is one way to ensure that price movements do not cause too much disruption," StateF inance Minister Zhivago Laing told me. Let's look at how the current system works. The oil companies (Esso, Texaco and Shell) buy diesel and gasoline in bulk from refineries off thec oast of Venezuela and set t he price for their Bahamian subsidiaries (or to FOCOL in t he case of Shell), which import the fuel for sale to B ahamian dealers, who sell it t o you and me. Added to the original cost of the fuel are s hipping costs and governm ent taxes, plus a fixed m arkup per gallon of fuel for b oth retailers and wholesalers. Most gas stations are o wned by the distributors, who lease them to Bahamians. Some are dealer owned.I n both cases, the dealer must p ay for his fuel in advance, b efore selling a drop, which has a big impact on cash flow. A nd if prices go down, the dealer must sell his pre-paid fuel at the new lower price.T he upshot is that fuel sales a re only marginally profitable, with most dealers relying on convenience store sales or other extra services to make it. The profitability of the oil c ompanies themselves is another matter. Exxon, for example, reported a net i ncome of $7.5 billion last July, mostly from its refining and marketing businesses. I n his recently published b ook, I s it Really Better in The Bahamas for Bahamians? Dr John Rodgers notes that E sso, Shell and Texaco have a t otal lock on both the whole sale and retail arms of the B ahamian fuel business. "I have often heard people ask why so many retail stations go out of business, w hen the petroleum business is such a lucrative one," he wrote. "The main causes are the high rents, royalties and other charges levied on the stations by the cartel. The net effect of these expenses is that t he cartel is taking back a sig nificant portion (some esti mate as much as 25 cents) of t he 44-cent markup that is provided on each gallon of gas sold by the retailer." T his fixed margin system h as been in place since the 1970s, when price controls were introduced by the Pindling government on a range of products in an effort to check runaway inflation. The last time fuel margins were raised was in 2000. THE MONTAGU MESS The Montagu shoreline is one of the few open spaces left on this island. But despite its use by inner city families, cookout vendors, sailing enthusiasts and pleasure boaters, over the years it has been allowed to degenerate into a monstrous public health and safety hazard. There can be no rational explanation for this although some would argue that the opportunity to affront those who lunch at the Royal Nassau Sailing Club was the main motivator. The beach has all but disappeared due to man-made erosion, and the inappropriately placed seawall has to be rebuilt at great expense every few years. The complex intersection is a dangerous traffic and pedestrian safety hazard, And there is a significant public health threat from pollu tion caused by garbage, oil and fuel discharges, human and animal waste, sewerage and storm water runoff. Despite the stench and the garbage, the ramshackle mar ket is visited by confused tourists and people who stop their vehicles without warning to chat or buy. Trailers block the road during rush hours, leading to miles of daily traffic jams and endless frustration. The venerable Montagu Beach Hotel closed in 1973 and was demolished in 1993. This land remained vacant for years, and could easily have been acquired by the government as a public park butt hat never happened. So t oday, high-rise office blocks hem the joggers and pickn ickers into a narrow strip along the shore. T he 1960s-vintage ramp w as never meant to accommodate commercial traffic or a public market, which had its o rigins in the 1970s when one o r two casual fishermen began h awking their catch to passing motorists. But over the last 2 0 years one of our few recre ational areas has been transformed into a public slaugh-t erhouse and commercial boat r amp without the slightest t hought and without any remedial action so far. F ishermen moved to the ramp in numbers after the closure of Potters Cay in 1991f ollowing an outbreak of c onch poisoning. At that time, more than 1,000 people were hospitalized from eating conch infected with bacteria picked up from polluted water around the Paradise Islandb ridge. In 2006 a parliamentary committee led by indepen d ent MP Pierre Dupuch reported following a two-year study. That report called fort he vendors to be relocated, a nd the ramp closed off from the sale of fish and other products, with access recon f igured to prevent trailers f rom blocking the main road. The reclaimed area next to t he ramp was to become a parking and turning area, with the ramp extended outward another 100 feet. A minority report present ed by then opposition MP Brent Symonette argued that many of the traffic problems at Montagu would be resolved if improvements were made to the Johnson R oad, Fox Hill Road and Blair intersections with the Eastern Road. But no actionw as taken to implement any of these recommendations. In 2009 a public/private sector steering committee was appointed by Montagu MP Loretta Butler-Turner (pictured) to take another look at the problem. Their report concluded that the Montagu junction had become a chaot ic free-for-all leading to "tension among vendors, dissatis faction among residents and constituents and risks for recreational users." It also recommended a costly redevelopment of the entire area as a public park. Since then this proposal has languished. Butler-Turner said it would cost millions and could not be covered by the budget, so the government was seeking to break it into more manageable pieces. Deputy Prime Minister Brent Symonette told me the gov ernment "has instructed the Ministry of Works to imple ment plans for the junctions of Fox Hill/Eastern Road, Johnson Road/Eastern Road and Blair/Eastern Road as well as some road improve ments at the ramp." These plans were devel oped from a traffic study years ago that looked at all intersections from Goodmans PAGE 8, WEDNESDAY, MARCH 23, 2011 THE TRIBUNE Have you heard the good news? You CAN save money!If you need a lower premium,low deductibles,generous benefits and a fast claims service,pick up the phone and ask NIBA for a great insurance deal.Its time to pay less for insuring your car! Tel.677-6422 or visit www.nibaquote.com NASSAU INSURANCE BROKERS AND AGENTS LIMITED Atlantic House,2nd Terrace & Collins Avenue P.O.Box N-7764 Nassau Tel.677-6422 www.nibaquote.com Open Saturdays10.00am2.00pm Remarkable newspaper editorial on fuel prices SEE page nine

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T HE TRIBUNE WEDNESDAY, MARCH 23, 2011, PAGE 9 Bay to Fox Hill in the context of the multi-milliondollar New Providence Road Improvement Project that is still ongoing. "The survey work has a lready been done at Fox Hill/Eastern Road, and it is intended to do this work d uring the summer so as not to disturb St Annes School," Mr Symonette said. "Johnson Road may require some acquisition of land and may take longer.T he Blair junction will h opefully go out to bid shortly. The Montagu ramp requires some massaging but will go out to bid shortly as well. The initial plans do not envisage moving thev endors but rather some r oad realignment and a djustment to parking. These plans are still a work in progress." In addition, a proposal by the steering committee for the adaptive use of FortM ontagu as a unique restaur ant is receiving favourable consideration by both the Antiquities Corporation and the Ministry of Youth, S ports & Culture. This w ould also involve some realignment of traffic flow and parking areas in the vicinity of the fort. "Eventually we want to incorporate the whole Mon-t agu area so the beach can b e restored and other facilities added," Butler-Turner added. "I don't see that happening over the next t wo years, but we are hopi ng to move quickly on the ramp and the traffic flow along Eastern Road this year." W hat do you think? S end comments to larry@tribunemedia.net Or visit www.bahamapundit.com FROM page eight Tough Call

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L OCAL NEWS PAGE 10, WEDNESDAY, MARCH 23, 2011 THE TRIBUNE A GROUP of 80 directors of daycare and pre-school centres in New Providence and from the Family Islands recently participated in a conference designed to raise the level of minimum standards in the field. The conference at the Holy Trinity Activity Centre encouraged the directors to determine how best to improve upon areas such as staff requirements; health a nd safety; centre administration and records; programme requirements, and the physical environment. The directors were reminded that failure to comply w ould be disadvantageous to the educational development of children attending daycare centres and pres chools. The conference which was held under the theme: Fostering Best Practices in Daycare and Pre-school C entres, offered several sessions on various topics including promoting healthy lifestyles in young children a nd a presentation by the Suspected Child Abuse and Neglect (SCAN Bringing remarks on behalf of the Minister of Education Desmond Bannister, was Antoinette Thompson, Deputy Permanent Secretary, who said that the general c omments received from persons in other countries in o ur hemisphere show that the Bahamas is one of the l eading Caribbean countries that offer quality care and e ducation to young children. She encouraged the particip ants to work together with the Ministry of Education in t rying to achieve the minimum standards, and to seek training for their staff in early childhood education. Keynote speaker Charmaine Miller encouraged the p articipants to provide opportunities for their young stu dents to gain exposure to literacy so that they may build a firm foundation for early reading success. She said children should be allowed to experiment with readinga nd writing because these are thinking processes. FREEPORT, Grand Bahama Soft Productions, the Grand Bahama Port Authority, and the Grand Bahama Chamber of Commerce announced last week that they are bringing back Cals Big Bumpin' Circus to Grand Bahama, Nassau and now Eleuthera and Abaco. At a press conference held at the Grand Bahama Chamber of Commerce, David Wallace, event organiser, announced plans for the return of the successful circus show. We are very excited to announce that the circus is returning to Grand Bahama on March 27 through 29 and to Nassau on March 31 to April 2. This year we will also be adding Eleuthera and Abaco shows on March 30 and April 45 respectively, he said. I am also very pleased to tell you that we will be bringing back some of last years favourite acts, the Rubber Band Man, the high wire act, as well as a few new ones that include a magician, ventriloquist, and a trampoline jumping clown. We are also going to shine some light on our own Bahamian talents, Juice Unit, a local Grand Bahama dance team. The group will join the show this year and will also tour with Big Cal in the US. Donna Jones, Grand Bahama Chamber of Commerce director, also spoke about the return of the circus. The Grand Bahama Chamber of Commerce is pleased once again to support this positive opportunity for wholesome family entertainment on Grand Bahama and in our sis ter islands. We congratulate the organiser for having the fore sight and commitment to one again host this event, she said. Mr Wallace is hoping that bringing the circus back will also give a boost to the local economy on all islands the circus will visit. Wherever possible the circus is utilising local com panies to make the event possible, he said. We rent event locations, we use local companies for lighting and sound equipment, we use local vendors for food sales, we hire temporary staff for event management, hotel rooms. Daycare, pre-school directors gain valuable knowledge at conference PARTICIPANTS at the conference at the Holy Trinity Activity Centre. Cals Big Bumpin Circus returns to the Bahamas EVENT ORGANISERS announced the return of circus to Grand Bahama, Nassau and new venues Abaco and Eleuthera. Pictured at the press conference are (l-r Andrew Forbes, circus administrator; Donna Jones, Grand Bahama Chamber of Commerce director; David Wallace, circus event organiser, Charles Pratt, GBPA commercial manager, and James Vega, circus school coor dinator. Photo courtesy of Barefoot Marketing NEW TALENT TO BE SHOWCASED AT BIG CAL'S CIRCUS This year's Big Cal's Bumpin Circus will showcase many new acts, including a ventriloquist act (above cian, and all new high wire acts P h o t o c o u r t e s y o f B i g C a l

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L OCAL NEWS P AGE 12, WEDNESDAY, MARCH 23, 2011 THE TRIBUNE By LINDSAY THOMPSON Bahamas Information S ervices THE Republic of Ghana is s eeking new areas of collabo ration and cooperation with T he Bahamas in the hospitality and tourism industry. H is Excellency Daniel Ohene Agyekum made the statement as he presented hisL etters of Commission to G overnor General Sir Arthur Foulkes, accrediting him High Commissioner of the Republic of Ghana to the Bahamas, in a ceremony at Government House onT hursday, March 17. The Government and people of Ghana are satisfied a nd appreciative of your countrys support for our budding democracy, whichh as often been touted by m any as one of the most successful on the African Conti nent, he said. A s Ghana embarks on a new experience in crude oil production with its anticipat e d benefits to the economy, he said the government w ould be eager to maintain and deepen the friendship already enjoyed betweenb oth countries, as a basis of e xploring possible areas of c ooperation. Ghana is, in this respect, desirous to promote a healthy and productive bilateral trade and investment relationshipb etween our two countries, with emphasis on tapping into the Commonwealth of The Bahamas own expertise in assisting Ghana build its capacity for the development o f our tourism and hospitalit y industry, he said. In the spirit of the cooper ation, which already exists b etween both countries, Sir Arthur took the opportunity to solicit Ghanas support of T he Bahamas application for full accession to the World Trade Organisation (WTO We have taken note that t he rich resource of your country, recently enhanced by the discovery and current e xploitation of significant off shore oil reserves, and the consolidation of democracy a nd human rights reforms, all augur well for a stable and profitable environment inw hich to pursue enhanced coo peration, Sir Arthur said. H e noted the historical relationship between The Bahamas and Ghana in respect of a majority of the people of The Bahamas. Hea lso acknowledged that Ghana is the first black African country to become independent in March 1957. Other legacies Ghana is noted for are the liberation m ovement led by President K wame Nkrumah, and the leadership of Kofi Annan as Secretary-General of theU nited Nations, together winning the Nobel Peace Prize for global AIDS funding ford eveloping countries. Sir Arthur welcomed the participation of Ghana at the upcoming High Level Con f erence on Non-Communicable Diseases to take place at the UN General Assembly in S eptember; and the African Diaspora Summit in 2012 in South Africa. H igh Commissioner D aniel Ohene Agyekum, 69, possesses a broad experience as a career diplomat in majorr egions of the world the Middle East, Europe and North America; He has also been the holder of high polit i cal office at the heart of Ghanas decision-making and management of tribal andm odern governmental affairs. He was born on March 10, 1942 and is married with fivec hildren. Ghana seeking new areas of cooperation with the Bahamas D ANIEL OHEBE AGYEKUM High Commissioner of the Republic of Ghana to the Bahamas, left, paid a ccourtesy call on Deputy Prime Minister and Minister of Foreign Affairs Brent Symonette, (right Ministry of Foreign Affairs on Wednesday, March 16. Kris Ingraham /BIS Share your news The Tribune wants to hear from people who arem aking news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

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LOCAL NEWS T HE TRIBUNE WEDNESDAY, MARCH 23, 2011, PAGE 13 e ach member to speak freely with immunity from arrest, civil or libel suit stemming from remarks made in Parliament. During his contribution to the debate over BTC's privatisation, MrM aynard also said he witnessed a g roup of men outside the Office of the Leader of Opposition apparently refusing to accept PLP shirts from a party "operative" until they were p aid. This group was then given beverages, believed to be liquor, added Mr Maynard. "Why y'all had to pay people to come out here to protest?" he asked. "I can tell you what I saw with myo wn two eyes, I looked out the window and I saw right in front of the Office of the Leader of the Opposition a bunch of young men refusing to put on their shirts until they got paid. It's despicable because if you reall y believe that the Bahamian people are not for sale, why do you have to pay young fellas to come out here? A PLP operative, a fella (had PLP shirts, I will not call his name, I know his name but I am not going to call his name. He had a box of PLPs hirts and the minute he started talking they started taking the shirts, after he gave everybody a shirt he had this half gallon of some red stuff I know it wasn't fruit punch, and he start pouring everyone a glass." A t this point, West End and Bimin i MP Obie Wilchcombe rose to his feet and said the man Mr Maynard spoke of could have been an FNM operative plying men with alcohol and PLP garb. V Alfred Gray, MP for Michal, also challenged Mr Maynard to prove hisa llegations or withdraw them. He said: "He is not speaking the truth when he says he saw people got paid. He's a stranger to the truth, either he proves that somebody got paid or withdraw it ... bring the proof a nd lay it on the table." lic opinion of the majority stake sale of BTC. They say the results revealed the number one reason for persons opposing the sale was the fear that rates would increase. During the study period, 402 Bahamians were surveyed and data was weighed by region, gender and age in order to represent the entire adult population. Data revealed that while 65 per cent of those surveyed were in support of BTC being privatised, results were inconclusive asto whether Bahamians were in support of the majority sale to Cable and Wireless (CWC ported the majority sale, while 47 per cent opposed it. Mwale Rahming, president of Public Domain, said the surprising results were reasons for not supporting the sale. O ne of the highly-publicised issues surrounding the opposition of the sale of BTC to CWC was that the majority stake should remain in the hands of the Bahamian people and not sold to a foreign entity. Survey results revealed t hat the 68 per cent of those who opposed the sale of BTC to CWC were more concerned about an increasein rates. Being sold to a nonBahamian company was ranked last. m ade a promise of payment. Reportedly, as the crowd a gain started to get out of h and, another senior mem ber of the PLP intervened, offering to pay the pro t esters a portion of what they were promised if they agreed to leave the scene. D uring this time, it is said, the police were called by concerned persons at the partys headquarters. P LP chairman Bradley Roberts declined to comment on the matter. sale. Moving forward, Mr Carroll said the only other option t o stop the sale of BTC is through the courts. The Bahamas Communicat ions and Public Officers Union (BCPOU Bahamas Public Managers U nion (BCPMU action in the Supreme Court questioning the governmen t's right to sell 51 per cent B TC to CWC. The two unions appeared in the Court of Appeal yest erday seeking to have the decision delivered by Supreme Court JusticeN eville Adderley in February o verturned, but their appeal was dismissed. ( see Page 5 ). Confronting criticisms by protesters that union headsh ave not done enough to protest the matter, Mr Carroll said that the union has s tood up and done the best they could with what they had. H e said: What else can we d o? We brought the issue to the forefront, the union has been there from the begin ning and continues to fight t he sale. According to Mr Carroll, even if the sale does occur, C WC will still require the buy-in of the unions. Mr Carroll pointed out that b oth union members and C WC will require a secure industrial agreement, and said the company will have to approach the workers in ordert o negotiate such a contract. President of the Bahamas Communications and Public O fficers Union (BCPOU Bernard Evans could not be reached up to press time toc omment on the protest. Brave Davis in cash for disorder claim FROM page one B AHAMIANS MORE C ONCERNED ABOUT P HONE RATES THAN F OREIGN OWNERSHIP FROM page one FROM page one CLAIM THAT PLP OPERATIVE PROMISED T O P A Y TWO DOZEN F O R PR OTEST FROM page one UNION LEADERS CRITICISED FOR NOT DOING ENOUGH AT PROTEST THEPROTEST against the sale of BTC, held at Rawson Square on Monday.Photo/ Jessica Robertson

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I NTERNATIONAL NEWS PAGE 14, WEDNESDAY, MARCH 23, 2011 THE TRIBUNE B y JILL LAWLESS A ssociated Press L ONDON (AP Watch out, Kate Middleton. Another royal consort is in the limelight as the royal wedding approaches. Wallis Simpson, the American divorcee who s candalised Britain and b rought down a king in the 1930s, is back in style. S he appears as a character i n the Oscar-winning film The King's Speech" as the interloper who lures Edward VIII away fromr oyal duties, thrusting his stammering younger brother George onto the throne. She turns up trailing glamour and menace in recent British TV series "Upstairs Downstairs" and "Any H uman Heart." S he is the subject of two new biographies, and is the central character in "W.E.,"a forthcoming movie direct ed by Madonna one powerful woman examining another. Designers Her striking sense of style continues to inspire designers well after her death in1 986. Her jewellery sold for million ($13 million Sotheby's auction, and now fans are even buying her lingerie. One of her scarlet chiffon nightdresses with a cape sold for more than 6,500 ($10,500 T hursday, and her Louis Vuitton vanity case went for ,000 ($77,500 Style icon, romantic hero ine, villain Simpson is an elusive character. Anne Sebba, whose biography "That Woman: A Life of Wallis Simpson, Duchess of Windsor," will be published in August, says her enduring fascination rests on that sense of mystery. "Why and how did a middle-aged woman, not conventionally beautiful, beyond childbearing years a nd with two living husb ands win over a man so f orcefully that he gave up n ot just a throne but an e mpire to live with her?" S ebba asked. It's still possible to feel a frisson of the scandal Simp son caused in 1930s Britain. The divorcee from Baltimore was still married to her second husband when she t ook up with Edward, then the heir to the British throne. R eports of the affair were c ensored in Britain. Newsp apers did not report it, and American magazines had offending articles cut outb efore going on sale. That didn't stop rumours swirling that Simpson was a spy, aw itch, a Nazi sympathizer, a p rostitute she had lived in licentious Shanghai in the 1920s and even a transsexual. T orn between duty and passion for Simpson, Edward abdicated thet hrone in December 1936, announcing in a radio broadcast that "I have found it impossible ... to dischargem y duties as king as I would w ish to do without the help and support of the womanI love." T he king's younger brother unexpectedly became King George VI the story recounted in "TheK ing's Speech." Edward and Wallis, now the Duke and Duchess of Windsor and suspected by some of Nazis ympathies, were sent to the Bahamas, where he served as governor. After the war they mostly stayed away from Britain, living a life of nomadic luxury. Many in Britain never forgave Simpson including George VI's wife Elizabeth, who became queen and later queen mother. She blamed Simpson whom she referred to withe ringly as "that woman" f or forcing her husband onto t he throne. She felt the s tress contributed to his earl y death from cancer. G eorge's widow became one of Britain's best-loved royals the "Queen Mum" and died in 2002 at the age of 101. Plump and maternal, she was, in the popular imagination, everyt hing the Duchess of Windsor was not. "Wallis had the good c lothes," author Justine P icardie wrote recently in t he Daily Telegraph, "but Elizabeth the kind heart." Animosity M any ordinary Britons shared the queen mother's animosity toward WallisS impson. She was, novelist Rose Tremain wrote recently, considered "too ambitious,t oo ruthless, too greedy, too m annish, too sexual, too cru el, too divorced, too proGerman and too American." Sebba said that for decades afterward, many people felt "she and thed uke had no sense of three old-fashioned words: duty, pluck and responsibility." "There was a sense that h e put his personal happiness and satisfaction above the call of duty. To the olderg eneration that was really s hocking." But there has always been another view. Americans, in particular, have tended to see Simpson more sympathetically and cele brate the romance of their love affair. British writer Sebba, who has had access to previously unseen archive material for her book, acknowledgedS impson "is quite a hard woman to like," but said she has never been fully under s tood. "She was a woman who tried to carve out a life for herself with the cards thath istory dealt her," Sebba s aid. One of those cards was a highly distinctive sense ofs tyle. "I'm not a beautiful woman," she once wrote. "I'm nothing to look at, so the only thing I can do isd ress better than anyone else." This she proceeded to do, cutting a flawlessly elegant figure in clothes by Christian Dior and others. Designer Daniella Helayel of Issa who cre ated the much-copied blue dress Middleton wore for her engagement announcement has called Simpson "chic and an inspiration." One of John Galliano's l ast collections for Dior shown in January, before he was fired for allegedly mak i ng racist and anti-Semitic remarks evoked Simpson's style with its furtrimmed tartans and 1940sc uts. J ewellery Then there was the amazing jewellery. The besottedE dward showered her with c ustom-made pieces, the pick of which were sold at Sotheby's in November: ano nyx and diamond Cartier bracelet in the shape of a panther; a jewel-encrusted flamingo clip glittering with rubies, sapphires, emeralds and diamonds; and a heartshaped emerald, ruby and diamond brooch with the initials W.E. Wallis and Edward. Even her lingerie has a ttracted buyers' attention. A scarlet chiffon nightdress, complete with a full lengthc ape, is among items being sold Thursday by Kerry Taylor Auctions in London. As well as Middleton's d ress, the sale has a link to a nother outsider who scan dalised the royal family: Princess Diana. T he items, including a Dior crocodile handbag anda Louis Vuitton vanity case, are being sold in aid of af und set up by businessman Mohammed al Fayed, who bought the Windsors' Paris house and its contents after the duchess died. Proceeds will go to a children's charity established in memory of his son, Dodi, who died with Diana in a car crash in Paris in 1997. Move over, Kate: Wallis Simpson back as style icon W ALLIS SIMPSON the Duchess of Windsor, meets her husband, the Duke of Windsor, as he arrives in New York on May 3, 1967 following his holiday in Nassau with the Earl and Countess of Dudley. FUKUSHIMA, Japan Associated Press WORKERSat a leaking nuclear plant hooked up power lines to all six of the crippled complex's reactor units Tuesday, but other repercussions from the massive earthquake and tsunami were still rippling across the nation as economic losses mounted at three of Japan's flagship companies. The progress on the electrical lines at the Fukushima Dai-ichi nuclear power plant was a welcome and significant advance after days of setbacks. With the power lines connected, officials hope to start up the overheated plant's crucial cooling system that was knocked out during the March 11 tsunami and earthquake that devastat ed Japan's northeast coast. Tokyo Electric Power Co. warned that workers still need to check all equipment for damage first before switching the cooling system on to all the reactor units a process that could take days or even weeks. Late Tuesday night, Tokyo Electric said lights went on in the central con trol room of Unit 3, but that doesn't mean power had been restored to the cooling system. Officials will wait until sometime Wednesday to try to power up the water pumps to the unit. Emergency crews also dumped 18 tons of seawater into a nearly boiling storage pool holding spent nuclear fuel, cooling it to 105 degrees Fahrenheit (50 degrees Celsius safety agency said. Steam, possibly car rying radioactive elements, had been rising for two days from the reactor building, and the move lessens the chances that more radiation will seep into the air. Added up, the power lines and concerted dousing bring authorities closer to ending a nuclear crisis that has com plicated the government's response to the catastrophic earthquake and tsuna mi that killed an estimated 18,000 people. Its power supply knocked out by the disasters, the Fukushima complex has leaked radiation that has found its way into vegetables, raw milk, the water supply and even seawater. Early Wednesday, the government added broccoli to the list of tainted vegetables, which also include spinach, canola, and chrysanthemum greens. Government officials and health experts say the dos es are low and not a threat to human health unless the tainted products are consumed in abnormally excessive quantities. The Health Ministry ordered officials in the area of the stricken plant to increase monitoring of seawater and seafood after elevated levels of radioac tive iodine and cesium were found in ocean water near the complex. Edu cation Ministry official Shigeharu Kato said a research vessel had been dispatched to collect and analyze sam ples. The crisis was continuing to batter Japan's once-robust economy. Three of the country's biggest brands Toyota Motor Corp., Honda Motor Co. and Sony Corp. put off a return to normal production due to shortages of parts and raw materials because of earthquake damage to factories in affected areas. Toyota and Honda said they would extend a shutdown of auto production in Japan that already is in its second week, while Sony said it was suspend ing some manufacturing of popular consumer electronics such as digital cameras and TVs. The National Police Agency said the overall number of bodies collected so far stood at 9,099, while 13,786 people have been listed as missing. "We must overcome this crisis that we have never experienced in the past, and it's time to make a nationwide effort," Chief Cabinet Secretary Yukio Edano, the government's public pointman, said Tuesday in his latest attempt to try to soothe public anxieties. Still, tensions were running high. Officials in the town of Kawamata, about 30 miles (50 kilometers from the reactors, brought in a radiation specialist from Nagasaki site of an atomic bombing during World War II to calm residents' fears. "I want to tell you that you are safe. You don't need to worry," Dr. Noboru Takamura told hundreds of residents at a community meeting. "The levels of radiation here are clearly not high enough to cause damage to your health." But worried community members peppered him with questions: "What will happen to us if it takes three years to shut down the reactors?" ''Is our milk safe to drink?" ''If the schools are opened, will it be safe for kids to play outside for gym class?" Public sentiment is such in the area that Fukushima's governor rejected a request from the president of Tokyo Electric, or TEPCO, to apologize for the troubles. "What is most important is for TEPCO to end the crisis with maximum effort. So I rejected the offer," Gov. Yuhei Sato said on national broadcaster NHK. "Considering the anxi ety, anger and exasperation being felt by people in Fukushima, there is just no way for me to accept their apology." While many of the region's schools, gymnasiums and other community buildings are packed with the newly homeless, in the 11 days since the disasters the numbers of people staying in shelters has halved to 268,510, pre sumably as many move in with relatives. IN THIS PHOTO released by Tokyo Electric Power Co. (TEPCO workers in protective suits conduct cooling operation by spraying water at the damaged No. 4 unit of the Fukushima Dai-ichi nuclear complex in Okuma, north eastern Japan,Tuesday. Tokyo Electric Power Co. via Kyodo News /AP Power lines up in progress at Japan nuclear plant

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INTERNATIONAL NEWS T HE TRIBUNE WEDNESDAY, MARCH 23, 2011, PAGE 15 WASHINGTON Associated Press COALITION FORCES pounded Libyan military targets with 24 more Tomahawk missiles, expanding the no-fly zone over the North African n ation but suffering the loss of a U.S. fighter jet, U.S. officials said Tuesday. And the on-scene commander, Adm. Samuel J. Locklear, confirmed that troops of leader Moammar Gadhafi were attacking civilians in the city of Misrata. He said that as the international mission continues, coalition forces will be able to target government troops bet-ter. The two-man crew of an F15E Strike Eagle ejected after the craft suffered mechanical problems during a strike mission against a Libyan missile site, Locklear said. He spoke to Pentagon reporters via phone from the command shipUSS Mount Whitney in the Mediterranean Sea. The crew was recovered and suffered only minor injuries, U.S. Africa Command said. One crew member was recovered by rebels and the other was picked up by a Marine Corps search and rescue plane, the command said, adding both were in U.S. hands Tuesdayand off Libyan soil. Two dozen more Tomahawk cruise missiles were launched from U.S. and British submarines, a defense official said earlier in the day. Locklear gave no details but confirmed that brought to 161 the num ber of Tomahawk strikes aimed at disabling Libyan commandand control facilities, air defens es and other targets since the operation started Saturday. Locklear said the additional strikes had expanded the area covered by the no-fly zone. He said intelligence showed that Gadhafi forces were attacking civilians in Libya's third-largest city, Misrata. In a joint statement to Gadhafi late Friday, the United States, Britain and France called on G adhafi to end his troops' advance toward Benghazi and pull them out of the cities of Misrata, Ajdabiya and Zawiya. Locklear said the coalition is "considering all options" but did not elaborate. Asked if international forces were step ping up strikes on Gadhafi's ground troops, Locklear said that as the "capability of the coalition" grows, it will be able to do more missions aimed at ground troops who are not complying with the UN resolution to protect those seeking Gadhafi's removal. The overall commander of international military action, Gen. Carter Ham, said Monday that the operation was achieving its goal of setting up a no-fly zone to protect Libyan civilians from Gadhafi. Building on what Ham called a success ful first stage, the focus was shifting to widening the no-fly zone across the North African country while continuing small er-scale attacks on Libyan air defenses and setting the stage for a humanitarian relief mis sion. President Barack Obama's authority to order the military action against Libya without congressional approval was challenged by some in the Congress. Sen. John McCain, the top Republican on the Senate Armed Services Committee, said in a Tuesday interview with CBS's "The Early Show" that the military strikes were neces sary because there would have been "a horrible blood bath" under Gadhafi without international intervention. But Democratic Rep. Dennis Kucinich remained opposed to the operation and said he would offer an amendment to the next budget resolution that would prohibit federal money from being used to pay for U.S. military operations in Libya. Defense Secretary Robert Gates and others said the U.S. military's role will lessen in coming days as other countries take on more missions and the need declines for large-scale offensive action like the bar rages of Tomahawk cruise missiles. A senior defense official, speaking on condition of anonymity to discuss classified data, said Monday the attacks thus far had reduced Libya's air defense capabilities by more than 50 percent. That has enabled the coalition to focus more on extending the no-fly zone, which was mainly over the coastal waters off Libya and around the rebel stronghold of Benghazi in the east, across the country to the Tripoli area this week. It was unclear how much that had been expanded by the latest strikes. In Russia for an awkwardly timed visit on other topics, Gates said it would be a mistake to set Gadhafi's overthrow as a military goal. "I think it's pretty clear to everybody that Libya would be better off without Gadhafi," he said in an interview with Interfax news agency. "That is a matter for the Libyans themselves to decide," and given the opportunity they may take it, Gates said. Other administration officials said Washington is not interested in using military action to get rid of Gadhafi. Rather, a combination of international sanctions and other nonmilitary actions designed to isolate Gadhafi and undermine his author ity are more likely to hasten his demise, they said. Rep. Howard Berman, the top Democrat on the Foreign Affairs Committee of the U.S. House of Representatives, said in an interview Monday: "The goal is to be achieved in days, not weeks, without U.S. boots on the ground. As the hours go by, allied countries, Europe and the Arab countries are playinga larger role. Our role is becoming less." Obama addressed the Libya matter while visiting Chile on Monday. He contrasted his approach in Libya, in which his administration insisted on an international military partner ship, with President George W. Bush's actions in Iraq, where U.S. forces bore the bulk of the burden. "As you know, in the past there have been times where the United States acted unilaterally or did not have full international support, and as a consequence typically it was the United States military that ended up bearing the entire bur den," Obama said. More missiles are launched over Libya IN THIS IMAGE taken during an organized trip by the Libyan authorities, A Libyan supporter of Moam mar Gadhafi salutes amidst the wreckage of what was described as a maintenance warehouse hit by two missiles Monday evening on a Naval base in Tripoli, Libya, Tuesday. (AP L IBYAN PEOPLE s tand on top a U.S. F-15 fighter jet after it crashed in an open field in the village of Bu Mariem, east of Benghazi, eastern Libya, Tuesday, March 22, 2011. The U.S. Africa Command said b oth crew members were safe after what was believed to be a mechanical failure of the Air Force F-15. T he aircraft, based out of Royal Air Force Lakenheath, England, was flying out of Italy's Aviano Air Base in support of Operation Odyssey Dawn. (AP US AIR FORCE personnel inspect refueling equipment on a C-130 aircraft at the airbase of Sigonella, Sicily, Tuesday. (AP KABUL, Afghanistan Associated Press AN EMBOLDENED Afghan president said Tuesday that his nation's security forces will take over from the U.S.-led coalition in seven parts of the country, a first step toward his goal of having Afghan police and soldiers in charge by the end of 2014 so foreign combat troops can go home. The tenuous step comes despite NATO predictions of bloody fighting this spring and Afghans' fears that their forces aren't up to the task. In a speech peppered with criticism of the international military and civilian effort, Karzai asserted himself as a national leader and said the Afghan forces were on a path toward self-sufficiency. "The Afghan nation doesn't want the defense of this country to be in the hands of others anymore," Karzai told hundreds of dignitaries and Afghan police and soldiers at the National Military Academy of Afghanistan in the capital. He also reiterated his call for Afghan insurgents to lay down their weapons and reconcile with his government. Transferring security responsibility to Afghan forces means international troops can eventually leave, which is a key demand of Taliban leaders Karzai is trying to lure to the negotiating table. There have been informal contacts between insurgents and the Afghan government, but publicly the Taliban have not expressed interested in reach ing a political resolution to the war. Taliban spokesman Zabiullah Mujahid dismissed Karzai's speech, saying the nation remains occupied by nearly 140,000 foreign forces. Only time will tell if the Afghan forces will succeed in securing the transition areas, he said in a telephone interview with The Associated Press. "We will fight until the last foreign soldier is gone," he said. Karzai said the first phase of transition will start in July in the provincial capitals of Lashkar Gah in southern Afghanistan, Herat in the west, Mazere-Sharif in the north and Mehterlam in the east. In addition, Afghan police and soldiers will take charge in all of Bamiyan and Panjshir provinces, which have seen little to no fighting, and all of Kabul province except for the restive Surobi district. Afghan security forces already have assumed the responsibil ity for security in the greater Kabul area, which is home to about 5 million people about one-fifth to one-quar ter of the nation's population. NATO forces that are currently in transition areas will thin out, take on support roles, including training and mentoring, be redeployed to other areas of the country or sent home. President Barack Obama wants to start withdrawing U.S. troops in July if conditions allow. While Karzai's announcement showed his nation's desire to end its reliance on foreign forces, it was not evidence that Afghan security forces have overcome a lack of training and equipment, illiteracy, corruption and shortages of top Afghan officers and international mentors. Still, the beginning of transition is a boost to troop-contributing nations who want to reassure war-weary citizens back home that their commit ment to Afghanistan is not open-ended. In Brussels, NATO Secretary-General Anders Fogh Rasmussen welcomed Karzai's announcement, but warned that transition was not a signal for allies to withdraw from Afghanistan. Afghan for ces to take lead in securing seven areas

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SECTIONB business@tribunemedia.net WEDNESDAY, MARCH 23, 2011 THETRIBUNE $4. 68 $4. 51 $4. 69The information contained is from a third party and The Tribune can not be held responsible for errors and/or omission from the daily report.$ $5.10 $5.12 $5.11 Subscribe for Shares inCommonwealth Brewery LimitedInitial Public Offeringof$62,475,0007,500,000 Ordinary Shares Minimum Subscription $833.00 for 100 shares at $8.33 per shareOffer Opens: Monday March 21st, 2011 | Offer Closes: Friday April 15th, 2011Offering Memorandum available from all locations of:Royal Fidelity | RBC Royal Bank | RBC FINCO | Fidelity BankFinancial Advisor & Placement Agentwww.royaldelity.com or call: 1.242.356.9801Read the Offering Memorandum and consult a nancial advisor before investing. By NEIL HARTNELL T ribune Business Editor The Bahamas International Securities Exchanges (BISXc hief executive yesterday u rged listed Bahamian com panies to pay more atten tion to their stock prices and shareholders, while also backing calls for a rating agency to be established to assess the c reditworthiness of public firms. Denying that the Bahamian stock exchange had a sys temic problem when it came to low liquidity levels and depressed stock prices across the board, Keith Davies suggested BISX-listed firmsn eeded to take a leaf out of the playbook used by their c ounterparts in developed markets, such as the US and UK, and focus more on investor relations. This, he suggested, would pay long-term dividends by stimulating further demand among existing shareholders for their stock, aiding share price appreciation and thus encouraging new investors to buy in to get a piece of the action. For years Ive counselled companies to pay more attention to their stock price, pay more attention to their share holders, and for there to be more interaction with their shareholders, Mr Davies told Tribune Business. Look at my North Ameri can colleagues, whom Im very familiar with. One of the things they spend a great deal of time on is investor rela tions. They spend a great deal of time with their investors, making them feel good so that they purchase more shares. Pointing out that existing shareholders were even offered incentives by listed developed market companies to acquire more shares, Mr Davies urged Bahamian public stocks to not ignore or forget about their investors. You have to be involved with your people, he told Tribune Business. I would encourage all companies to foster that relationship, grow with them and be involved. Dont speak to them once a year; be involved with them all the time. Dionisio DAguilar, AML Foods chairman, recently suggested that the points raised BISX FIRMS URGED: PAY MORE ATTENTION TO YOUR SHAREHOLDERS Exchanges chief backs calls for local rating agency But no systemic problem of low liquidity and depressed prices across the market Suggests companies create own problems through low IPO minimums K EITH DAVIES You have to be involved with your people. SEE page 4B B y NEIL HARTNELL T ribune Business Editor The Bahamas International SecuritiesE xchanges (BISX executive yesterday urged p ublic companies to increase the amount of s hares made available to the public, telling Tribune Business that a lack ofe xpansion opportunities in the domestic market was p erhaps one reason why this had not occurred. Keith Davies explained t hat, typically, public companies made more shares a vailable to institutional and retail investors when BISX chief wants more public firm shares on market Suggests lack of aggressive e xpansion and capital needs has prevented more shares being issued to public investors Stock volatility magnified b y global recession SEE page 5B B y NEIL HARTNELL Tribune Business Editor Cable Bahamas is set to launch a new product suite of converged Triple Play com m unications services within the next several weeks, Tribune Business was told yes terday, as it received regula t ory approval for its Systems Resource Group (SRG merger to allow the combined company to provide interna tional services to and from the US. Speaking to Tribune Busi n ess after the Federal Com munications Commission (FCC tion for a change in SRGs ownership, which will seeC able Bahamas acquire 100 per cent of its share capital, CABLE EYES NEW TRIPLE PLAY SUITE AFTER US APPROVAL Converged communications competition with BTC awaited Just Central Bank approval required for SRG merger consummation SEE page 4B B y NEIL HARTNELL T ribune Business Editor Commonwealth Brewe rys $62.5 million initial public offering (IPO i n $3-$4 million in committed subscriptions on its first day, Tribune Business was t old yesterday, its placement agent suggesting that based o n expressions of interest retail investors could take up 30-40 per cent of thes hare issue, rather than the anticipated 20 per cent. M ichael Anderson, RoyalFidelity Merchant Bank & Trusts president, told this n ewspaper that the subscriptions received to date h ad mainly come from retail i nvestors and its brokerage clients, with many of the b ank branches already starting to run out of offering memorandum documents. Its been met with a lot o f interest, Mr Anderson s aid of the IPO launch. There are still some individuals wanting to buy mill ions. I think we got in over $4 million yesterday [Mond ay], and I dont know what the tally is for today [Tuesday]. I think there were a lot of brokerage clients asking u s to put money in. It was over $3 million; somewhere between $3-$4 million. M r Anderson added that all the branches across the i sland are running out of offering documents. Some 3,600 early copies of the C ommonwealth Brewery $3-$4m subscriptions on $62.5m IPO launch n Bank branches said to be running out of offering documents n Retail investors could end up taking $20-$25m, or 30-40%, of offering compared to initial $15m expectation M ICHAEL ANDERSON SEE page 4B By ALISON LOWE Business Reporter alowe@tribunemedia.net An increase in workers being illegally hired hasp rompted a warning to Bahamian employers and their employees who vio late Immigration laws: You w ill be prosecuted for your a ctions. Deputy Prime Minister and Minister of Immigration, Brent Symonette, saide fforts to punish those who break Immigration laws related to employment will be stepped up this year. Prosecutions will occur across the board, targeting both employers who hire workers without work permits or put them in in areas other than that which their permit specifies, and employees. Director of Immigration, Jack Thompson, said the Department is not just paying lip service or making idle threats, telling Tribune Business that the public can expect to see a number of people, both employers and employees, brought before the courts this year. There has been an increase in the number of persons hiring persons without work permits and, Immigration pledges permit crackdown SEE page 5B B y NEIL HARTNELL Tribune Business Editor The Bahamas Electricity Corporation (BEC to fraud and corruption as a result of its unwieldy procurement structure, a consultants report has revealed, although action taken to rectify fuel management deficiencies have reduced the danger of major losses being sustained. T he report by German company, Fichtner, financed by t he Inter-American Development Bank (IDB a project to strengthen the Bahamian energy sector, said B EC lacked a procurement function covering all proced ures for resources the Corporation purchased, and hinte d that there were no divisions between those who dealt with the technical side of bid documents and those who evaluated submitted offers. With the dispersed responsibilities for procurement transactions, the entire procurement organisation of BEC is prone for inefficiencies, delays, frictions, and leaves the Corporation vulnerable for fraud and corruption, Fichtner said in its report. This arrangement is time consuming, hinders the BEC exposed to fraud and corruption S EE page 2B

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A mong the 40 panellists were distinguished jurists, legal scholars, sychologists, social workers and educators from the Caribbean, Canada, the UK, the US, Germany, Sweden a nd Serbia. They included Lord Justice Matthew T horpe from the Court of Appeal of England and Wales, and Madame Justice Nancy Flatters from the CalgaryFamily and Youth Court in Alberta, Canada. The event, held from March 17-19, w as hosted under the theme T he Legal and Social Consequences of the Disint egration and Reintegration of Famil ies About 200 persons attended the c onference. Marriage Issues discussed included marriage and divorce, cohabitation, property distribution, mediation, paternity and inheritance. O ther topics on the agenda were t ransracial, inter-country and samesex adoption, assisted reproduction and ethical issues, child development, i nternational child abduction, juvenile delinquency, domestic violence, human rights and the family and same sexm arriages. All the speakers received a complimentary copy of the 2004 issue of the Bahamas Handbook, which included the story of the legendary Eugene D upuch QC, for whom the school is named. Attendees received The B ahamas Investor, the What-to-do magazine, the Dining Guide and the Bahamas Trailblazer maps. The Welcome Bahamas books are circulated in the hotels. REVIEWING: Pictured are Etienne Dupuch III, grand nephew of the Eugene Dupuch, reviewing the publications with Tonya Bastian-Galanis, principal of the Eugene Dupuch Law School. TOP LAWYERS AT NASSAU SEMINAR B y ALISON LOWE Business Reporter alowe@tribunemedia.net T he management company selected in 2006 to oversee the o perations of a proposed $700 million resort on Rum Cay says the project developer remains keen to get started, despite not having been able to provide a hard date for when it expectst o get development underway. Ground was broken in 2006 on the 870-acre, multi-use Rum Cay Resort Marina development, for which Montana Holdingsh as signed a Heads of Agreement with the Government. R ockResorts, a resort management company which on Friday celebrated being selected to take over management oversight of the Bimini Bay Resort and Marina, was chosen to o perate the Rum Cay property. However, shortly thereafter, the development, like many others such as the proposed Ritz-Carlton hotel on Rose Islanda nd the I-Group development in Mayaguana, stalled and little has come of it since. Montana Holdings Nassau office number was out of service when Tribune Business called yesterday. A lthough the proposed development may have slipped out of the public consciousness, Mark Jeffrey, area vice-president for the southeast and Caribbean region for RockResorts told T ribune Business during an interview in Bimini that the develo per remains very eager to get started. Amy Kemp, communications manager for RockResorts, added: It hasnt been developed yet. It all depends on marketc onditions for the developer, suggesting that an uptick in the real estate market would be a key factor in any determination by the company as to when to move forward. M s Kemp noted that RockResorts signed a contract with M ontana Holdings and remains the manager of choice for the property when it is developed. Under the previously laid out plans for the Rum Cay Resort and Marina, it will consist of an 8 0-slip Blue Flag marina, the Port Santa Maria Marina Village, and a variety of residential offerings. Phase Two will include the RockResort hotel and spa, additional residences, and privatem embership clubs. Phase three will complete the resort develo pment and will include additional residences and other ameni ties. Rum Cay developer keen to get started BEC is exposed to fraud and corruption development of specialised high-calibre expertise in procurement, and is not in line with internationally-accepted best practices. Fichtner added that an Internal Audit report discovered serious shortcomings in BECs fuel management, calculation and reconciliation, due to negligence and faulty methodology. A subsequent serious approach with the aim of clarifying misunderstandings and establishing improved procedures has apparently diminished the danger of losses, the report said. Among several smaller insuf ficiencies, fuel and sludge metering prob lems were identified. Fuel theft was found not to be a problem. The Fichtner report, completed in early 2010, noted that the fuel supply contract between BEC and Shell Western remained unsigned as at end-November 2009, with t he process not precisely set out or authorised. And it added: Particularly considering t he financial constraints of BEC and the v ery insufficient storage space, it is hard to understand why unused machinery and materials of apparently considerable value are left to deteriorate while occupying valu able storage space. As these items have apparently never been entered in BECs inventory, it is suggested that BEC carries out an immediate assessment of these items in order to decide either their sell off, disposal as scrap metal, or to identify internal uses. If approval of the Board of Directors is required to dispose of unneeded invento ry, a procedure should be defined which ensures the regular review of such items and leads to some decision regarding use, disposal or further storage. FROM page 1B JANE WARDELL, AP Business Writer LONDON The British government will seek to promote economic growth on a shoestring when it unveils its annual budget Wednesday as soaring inflation, rising unemployment and a runaway deficit leave little room for voter-friendly giveaways. As concern grows about the possibility of a domestic dou ble-dip recession, Treasury chief George Osborne is expected to stick to his guns on a tough austerity program slashing government spending on services from health to edu cation to bring down the country's debt. Osborne is instead likely to announce less costly reform measures to encourage private sector investment and offer some smaller gifts to a cashstrapped general public such as a freeze on fuel duty. "The budget is going to be ashamedly pro-growth, proenterprise and pro-aspiration," Osborne said earlier this month. Britain is struggling to recover from its worst recession since the end of World War II. The country was in recession longer than the other Group of Seven industrialized nations and a shock 0.6 percent contraction in gross domestic product growth in the final quarter of last year has heightened fears for the future. Economists expect the Office for Budget Responsibility, the agency set up by Osborne to keep forecasts at arm's length from the government, to revise downward its forecasts for growth this year and next from 2.1 percent and 2.6 per cent respectively when it provides updates alongside the budget. Those figures are well above the predictions of 1.5 percent and 2 percent from the Organization for Economic Cooperation and Development, which has warned that Britain still faced "significant headwinds." Still, the OECD gave a tick of approval to Prime Minister David Cameron's tough spending restrictions to tackle a deficit running at around 10 percent of gross domestic product. But statistics released on the eve of the budget showing that inflation continues to edge higher to an annualized 4.4 percent, more than double the Bank of England's 2 percent target have made Osborne's task even tougher. As well as increasing the likelihood of a near-term hike in interest rates, persistently high inflation means that the government will likely have to borrow more over the medium term, making Osborne's plan for fiscal consolidation trickier to achieve. Other figures out Tuesday showed that public borrowing increased in February as the tax haul unexpectedly shrank to 11.8 billion pounds, compared to 9.5 billion pounds a year earlier. That was nearly double the 6.9 billion pounds forecast by economists and a record for February. UK budget to pr omote gr owth on shoestring INTERN A TIONAL BUSINESS

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DEREK KRAVITZ, AP Business Writer WASHINGTON A new home, the dream of many would-be buyers, makes less and less financial sense inm any places. A wave of foreclosures has driven down the cost of previously occupied homes and made them even more of a comparative bargain. By contrast, new homes have become more expensive. The median price of a new home in the United States is n ow 48 percent higher than that of a home being resold, more than three times the gap in a healthy housing market. Such a disparity can be a drag on the economy. New homes represent a small frac tion of sales, but they cause economic ripples, bringing busi ness to construction and other industries. Sluggish new-home sales deprive the economy of strength. "A lot of people are saying, 'If I can get a great deal on a h ome already on the market, why go through the headaches of getting a new home?'" says Mark Vitner, a senior economist with Wells Fargo. "There's a relatively small group of people who have the credit, have the down payment and are secure in their jobs that can go out and buy new." T he gap is widening because prices of previously occupied homes are falling fast, pulled down by waves of foreclosures and short sales. A short sale occurs when a lender lets a homeowner sell for less than is owed on the mortgage. New homes aren't directly affected by such sales. The median price of a new home the price at which half the homes sell for more and half sell for less has risen almost 6 percent in the past year to $230,600, even though last year was the worst for sales in nearly a half-century. Slowed by those higher prices, new-home sales have plummeted over the past year to the lowest level since records began being kept in 1963. The government provides fresh data on new-home sales Wednesday. By contrast, sales of previ ously occupied homes have fall en almost 3 percent in the past year. Prices have dropped more than 5 percent. In February, the median price for a resale was $156,100, according to the National Association of Real tors. That adds up to a price dif ference of $74,500, or 48 percent, the highest markup in at least a decade. In healthier mar kets, a new home typically runs about 15 percent more, according to government data. Home prices and sales still vary sharply among metro areas. Cities with more foreclosures tend to have more resale homes that have lan guished on the market and are priced at a bargain. That makes new homes in those areas comparatively expensive. In Atlanta, for instance, where foreclosures accounted for one in every 23 homes sold last year, the medi an price of a previously occupied single-family home was $109,900, about 12 percent lower than a year ago, according to the Georgia data firm Smart Numbers. The median price of a new home was more than twice that. "That's as much of a difference as we've ever seen," said Steve Palm, president of Smart Numbers. "New homes can't compete, and that means jobs." An average of three jobs and $90,000 in taxes are created for each home built, according to the National Association of Home Builders. Expensive In some areas, older homes were more expensive before the housing market bust. That was especially true in urban neigh borhoods with little or no room left to build on. But now, buyers get their pick even in some of the trendiest places. That's what Robert Rost is finding in central Phoenix. Rost doesn't want to commute far to his job. He's been looking for a home for about five months but can't find new properties in the neighborhoods where he wants to live. "I don't want to commute 45 minutes to an hour a day oneway," the 38-year-old computer engineer says. Homebuilders have taken notice. Residential construction has all but come to a halt. Builders broke ground last month on the fewest homes in nearly two years. And building permits, a gauge of future construction, sank to their lowest in more than 50 years. Many builders are waiting for new-home sales to pick up and for the glut of foreclosures and other distressed properties to be reduced. But with 3 million foreclo sures forecast this year nationwide, a turnaround isn't expect ed for at least three years. Don Eyler, who has owned E and R Construction in Terre Haute, Ind., for three decades, blames the banks. He says people are still interested in having a custom-built home but can't finance the pur chase. Tighter credit has made it harder to get larger loans. Eyler typically built eight homes a year before the housing boom and bust. Now, he's averaging just about five. And he's making less profit on each. "We hope we can stay in business until it gets better, but the turning point is this year," Eyler says. "If it doesn't change, we'll have to do something different." Contributing to higher newhome prices is the rising cost of building materials. Fewer new homes sold means fewer jobs added to an economy struggling with 8.9 percent unemployment. About 2.2 million overall construction jobs have disappeared since the housing boom went bust. That's nearly a third of the people the industry employed in January 2007. Workers in residential con struction have fared even worse than other construction employees. Homebuilders cut nearly 1.3 million jobs in that time, or 39 percent of total payrolls. Besides generating jobs in construction and other fields, new-home purchases tend to help the economy because buyers are more likely to buy new furniture, appliances and other amenities. There's also the psychological factor. In good times, most homes rise in value. But new homes historically have risen faster by an additional 1.5 percent a year, according to Realtors and census data. When homes appreciate in value, people feel they have more money. So they spend more. "When you have more net worth, especially in your home, you feel richer," says Chris G. Christopher Jr., senior principal economist at IHS Global Insight. BUSINESS T HE TRIBUNE WEDNESDAY, MARCH 23, 2011, PAGE 3B By ALISON LOWE Business Reporter a lowe@tribunemedia.net T he Government has met with the major oil companies as it moves towards a decision on whether to grant an increase in the markup retailers can add to the price of gas and diesel, asking for wholesalers to provide information to help it come to a conclusiono n the matter. V alentino Bain, country manager for E sso, confirmed that both he and representatives of Texaco and Shell (FOCOL Holdi ngs), met with minister of state for the environment, Phenton Neymour, last Wednesday to discuss the retailers position. T he meeting came two days after Mr Neym our, who has ministerial responsibility for relations with the petroleum industry, met with members of the Petroleum Retailers A ssociation, formally receiving their request for a 233 per cent increase in the mark-up they can receive per gallon of gas, and a 400 per cent i ncrease for d iesel. Mr Bain yest erday declined t o comment on whether the wholesalers put forward a position to the Government on the retailers r equest for f inancial relief. H e said the w holesalers w ere asked to p rovide information relative to the industry to help the Government, but declined to comment any further on the meeting. Oswald Moore, chairman of the Margin Relief Committee of the Petroleum Retailers Association, said he was aware that the Government had now met with the wholesalers, as it told retailers it intended to do before it makes its decision on their request. He said the Petroleum Retailers Associat ion will meet next Wednesday, and hopes t hat by that time we will have some information which we can give to our members on where things stand on the mark-up issue. The Government met with the wholes alers, and so I would think now that they h ave had they are now doing whatever else t hey have to do before making the decision. W e are not sure what thats going to be, but we expect a favourable response in a short space of time, said Mr Moore. He said he would not set a deadline by which the retailers expect to receive a response, but added that (the retailers situation is critical. We know they have their job to do and we have waited a long time. We tried to wait until we felt the economy has turned a corner before we tried to really get somet hing done, and I think they are working w ith us in good faith, Mr Moore said. T he petroleum retailers meeting with Mr Neymour on Monday, March 14, came three d ays after an estimated 80 per cent of service s tations shut down sales of diesel for 12 h ours to draw attention to their position. T he Margin Relief Committee is asking the Government to allow retailers to col-l ect 30 cents, rather than nine cents of profi t, on every gallon of gas, and 20 cents rather than four cents per gallon of diesel. M argins on gas have remained fixed at t he same rate for the last nine years, while d iesel margins have not been adjusted for 30 years. Without an adjustment, Mr Moore said some retailers are likely to give up on the industry altogether, given that as oil prices rise, costs rocket and profits shrink. Mr Neymour did not return messages seeking comment up to press time yesterday. Government meets the oil majors on retail mark-up New homes are becoming a bad deal in weak markets PHENTON NEYMOUR (AP Photo/Steven Senne, file F OR SALE: I n this file photo taken Jan. 10, 2011, a for sale sign hangs in front of a home, in Millis, Mass.New home? Or existing one? For buyers, the decision is getting easier. A wave of foreclosures has sent prices of previously occupied homes sinking. New-home prices have f allen much less. INTERNATIONAL BUSINESS

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Anthony Butler, the latters p resident and chief executive, said: It just gives us the opportunity to be the TripleP lay provider that weve always had plans for over the last four-five years. Its a pretty exciting time for the company, the new product suites that are about to come to the market. O nce the SRG merger is fully consummated, it will effectively become Cable B ahamas wholly-owned sub sidiary in the provision of fixed-line services in theB ahamas. The business strat e gy is likely to involve moves to expand SRGs current estimated 2 per cent markets hare in the fixed landline business, largely through bundling this product with Cable Bahamas existing data, I nternet and TV/video offer ings, which will allow the merged entity to entice con sumers through discounts, p romotions and attractive pricing. F orw ard Paul Hutton-Ashkenny, SRGs president, yesterday told Tribune Business that the FCC approval represented am ajor step forward in the two companies plans, while consumers would soon receive the benefit from com p etition in the market for converged communications services with a privatised B ahamas Telecommunica tions Company (BTC Only one approval e xchange control from the C entral Bank of the Bahamas remains to come through before the SRG/Cable Bahamas merger is conclude d, the FCC nod relating to a change in control of SRGs section 214 licence. This willa llow the combined company to continue providing international telecommunications s ervices into and from the US as a global facilities provider. We have a landing station i n Florida for submarine fibre, so because of the change in control of SRG and the fact we have a licence issued by t he FCC, they have to approve the change of con trol because of the traffic sent i nto and out of the US, Mr Hutton-Ashkenny said. Adding that the merger was very close to conclusion, Mr Hutton-Ashkenny said the final approval required was exchange control approval f rom the Central Bank, due to the existence of a minority foreign interest in SRGs o wnership. We have one final approval that we need to obtain, he added. We dont a nticipate a problem with that, and its just a matter of that dropping into place. Hopefully, its something that well be able to get squared away in the next few weeks, but Im not being critical of them [the Central Bank] in any way. Once we can get that last piece of paper, were looking forward to getting going. Noting that BTC and its incoming majority sharehold er, Cable & Wireless Com munications (CWC same Triple Play aspirations as Cable Bahamas/SRG, and wanted to get into the video services market, Mr HuttonAshkenny said: Its going to present competition for con sumers in the marketplace for converged services, which can only be good. Its a major step forward. This merger will provide the Bahamian consumer converged competitive services for the first time. The merged company will be in a position to offer news ervices to the consumer at highly competitive price points immediately the trans-a ction is concluded. M r Hutton-Ashkenny said the two companies had quite obviously not been sitting ono ur hands while waiting for r egulatory approval, and had been working on their busi ness plan and strategy going f orward. Complaints Meanwhile, sector regulat or, the Utilities Regulation & Competition Authority (URCAf irmed it was investigating two c omplaints of anti-competi tive conduct made by SRG against BTC. SRG is alleging that BTCs f ixed-line customers are being permitted free calls when dialling the latters ViBe cus tomers on another Bahamian island, yet its own clients are being forced to pay a charge to do the same. It is also claiming it faces a margin squeeze over BTCs interconnection/wholesale domestic long distance termi nation charge, and its retail ViBe offering. Here, SRG is alleging that ViBe customers are being allowed to call BTC fixed-line customers on another island for free, while SRG clients yet again have to pay an interconnection charge. Effectively, SRG is unable to compete, because to do so it would have to absorb the costs incurred by its clients in its business model. B USINESS P AGE 4B, WEDNESDAY, MARCH 23, 2011 THE TRIBUNE /$&267$$1$*(0(17,1&ROXQWDU\/LTXLGDWLRQf3 XUVXDQWWRWKHSURYLVLRQVRI6HFWLRQ RIWKH,QWHUQDWLRQDO%XVLQHVV&RPSDQLHV$FW QRWLFHLVKHUHE\JLYHQWKDWWKHDERYHQDPHGF RPSDQ\LVLQYROXQWDU\GLVVROXWLRQFRPPHQFLQJ 0DUFK$UWLFOHVRI'LVVROXWLRQKDYH EHHQGXO\UHJLVWHUHGWKH5HJLVWUDU0LVV-LOO 0F.HQ]LH%ULWWDQ\,QYHVWPHQW&RPSDQ\/LPLWHG% DKDPDV)LQDQFLDO&HQWUH6KLUOH\DQG&KDUORWWH 6 WUHHWV31DVVDX%DKDPDVLVWKH /LTXLGDWRU $OOSHUVRQVKDYLQJFODLPVDJDLQVWWKHDERYH Q DPHGFRPSDQ\DUHUHTXLUHGRQRUEHIRUHWKH $SULOWRVHQGDOOWKHLUQDPHVDGGUHVVHV DQGSDUWLFXODUVRIWKHLUGHEWVDQGFODLPVWRWKH /LTXLGDWRURIWKH&RPSDQ\RULQGHIDXOWWKHUHRIW KH\PD\EHH[FOXGHGIURPWKHEHQHRUDQ\ G LVWULEXWLRQPDGHEHIRUHVXFKGHEWVDUHSURYHG -LOOF.HQ]LH /LTXLGDWRU 3+,/+$5021,&,19(670(176/7'ROXQWDU\/LTXLGDWLRQf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f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f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b y Mr Davies had been brought home to Bahamian public c ompanies by the recent battle the food retail group fought a gainst the hostile takeover bid by businessman Mark Finlayson. H e said at the time that the whole episode had shown the need for listed stocks to pay more attention to, and stay closer, to their shareholder bases. Meanwhile, Mr Davies also backed calls by Paul McWeeney, Bank of the Bahamas Internationals managing director, for a Bahamas-based ratings agency to be established, providingt ransparent, honest reports on the creditworthiness of listed stocks and their ability to repay their debts. We have advocated, and this has been part of our recommendations to the Government, that there be a rating agencyput in place, the BISX chief executive told Tribune Business. Any time you provide investors with more details and timely information, you enhance their perception and participation in the market. Value But while a credit rating agency, such as a Moodys or Standard & Poors, could rank companies alongside their peers, Mr Davies said such an entity could not say what the true value of a company was or whether investors should buy its shares. T urning to concerns over BISXs pricing structure depressing stock prices via the absence of liquidity and undue influence o f small retail trades, Mr Davies told Tribune Business: Securities are like a piece of art; its what youre prepared to pay for i t. If we were having a systemic problem across our market w here securities are depressed or not trading at their true val ue, it would be the same case for all companies, and its not. Securities over time tend to increase in value, especially if the company is doing well and performing well in the economy. Mr Davies said the performance data compiled over BISXs 10-11 year history showed that most listed stocks had enjoyed historic price appreciation, rather than depreciation, and hint-e d that complaints were only surfacing now because of the i mpact the recession was having on the stock market. And he also suggested that the way companies structured t heir initial public offerings (IPOs e ry one being a prime example with its minimum 100 share subscription, also made a rod for their back by creating the platform for multiple small retail trades to take place. I understand the complaint that just a few trades cause m ovement, Mr Davies said. When companies go public, you see these small volumes, 100 share minimums, so you see these small trades after the fact. It i s what it is. The market can only trade what is there. BISX FIRMS URGED: PAY MORE ATTENTION TO YOUR SHAREHOLDERS FROM page 1B FROM page 1B Cable eyes new Triple Play suite after US approval offering memorandum had been placed i n the 23 Royal Fidelity, Fidelity Bank (Bahamas b ranches, with the bulk set to arrive t oday. The branches are running out of offering memorandums, and there is a constant flow of people into the branches to pick up these documents. T heres a huge level of interest, and w eve seen lots of interest at the b ranches, the RoyalFidelity president t old Tribune Business. Rack cards and information posted i nside all Burns House liquor store locations were directing Bahamians where to pick up the offering memorandum, and Mr Anderson said of theI PO: So far so good. Its continuing to stimulate interest. We started to get this feeling of a h igh level of interest a few weeks ago, and are seeing it becoming a reality, m anifesting itself in real subscriptions. The bulk of the Commonwealth B rewery investments are still expected t o come from institutional investors, s uch as pension funds and insurance companies, Mr Anderson explained, a lthough RoyalFidelity will not get a r eally good handle on that until t owards the end of the offering, as investment committees and their advisers meet to make final decisions. T he retail investor side, though, was positive. Mr Anderson said his initial expectation was that Bahamian retaili nvestors would take up about 20 per c ent, or $15 million, of the IPO, with the remaining $47 million subscribed f or by institutional investors. H owever, with individual investors having pledged to buy $10 million and $ 3 million stakes, respectively, Mr Anderson told Tribune Business that if t hey came through retail investors c ould end up taking 30-40 per cent, s ome $20-$25 million, of the IPO. Smaller Theres been so much interest from the smaller investors, he added, e xplaining that an increased retail takeup would reduce the sums available to i nstitutional investors. Commonwealth Brewery will be the third largest stock by market capitalisation when listed on BISX. The largest B ISX-listed stock by market capitalis ation is FirstCaribbean International Bank (Bahamas lowed by Commonwealth Bank at $670m illion. FirstCaribbean, when it was C IBC, also holds the distinction of being the largest IPO to date at around $30 million. With the $62.5 million Commonw ealth Brewery/Burns House IPO set to be followed later this year by the f lotation of the first 9 per cent tranche o f Bahamas Telecommunications C ompany (BTC the Government, likely worth around $ 37 million, and the possible $8 mill ion Arawak Cay port IPO, around $100 million worth of equities will be o ffered to the Bahamian capital markets this year. The Government mandated that a 25 per cent stake in Commonwealth Brewery/Burns House be offered to Bahamian investors as an IPO as a condition for approving the $125 million buy-out of the 50 per cent stake held by Associated Bahamian Distillers and Brewers (ABDAB 7 0 per cent controlled by Sir Garet Tiger' Finlayson and his family. The IPO is being offered at the same t erms, and price, as ABDAB received, the Government having approved the timing given that it agreed to effectively underwrite the offering by a cquiring any shares not subscribed f or by the Bahamian public. $3-$4m subscriptions on $62.5m IPO launch FROM page 1B

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t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they wanted to raise capital (often through rights issues etc) to finance expansion a nd growth opportunities, but limited possibilities in t he Bahamas and a reluct ance to look abroad had stymied this. Ive made it clear that one of the things Im hoping to see in the fullness of time is companies selling more securities, increasing the amount of shares avail-a ble on the open market, Mr Davies told Tribune B usiness. Many BISX listed companies currently have less than 5 0 per cent of their issued o rdinary shares available for trading on the open market.W hile AML Foods and Commonwealth Bank are g ood examples of companies with relatively diverses hareholder bases, many o ther public companies are controlled by a majority shareholder or controllingg roup of shareholders. A prime example of this is F irstCaribbean Internationa l Bank (Bahamas h as less than 5 per cent of i ts ordinary shares in Bahamian investor hands while, for example, bothF inance Corporation of the Bahamas (FINCO Fidelity Bank (Bahamas are both 75 per cent owned b y their immediate parents. Asked why listed B ahamas-based companies had not increased the a mount of shares available f or subscription by Bahamian investors, Mr Davies replied: There are many reasons that companies haven ot offered more shares to the market. Companies only make offers when theyre seeking to expand. They seek that c apital when they have a n eed for capital, a need for expansion, and have continu ous plans to seek capital o n the open market. There hasnt been a great desire for the majority of c ompanies to expand b eyond our borders. Some have done it, but they need t o think about it, as globalisation takes hold and other [foreign] companies look inward. Our companies need to compete. They need c apital, and need to be looking on a broad scale, as money will not come fromt he banks to assist them in b roadening their horizons t o the Caribbean, Latin A merica and Central Ameri ca. Mr Davies was obviously indicating that Bahamianc ompanies will ultimately need to look to the capital m arkets, and equity as opposed to debt financing, to gain the financing they n eed to exploit domestic and international growth opport unities, and be able to com pete with regional and glob al rivals. However, he acknowledged that the Bahamas was not there yet, and added: Weve not seen aggressive e xpansion in terms of comp anies seeking capital and i ssuing shares. Im a firm believer and s trong advocate of companies having to compete. On a global scale, were going to have to look to compete, b ecause our borders have been relatively closed. M eanwhile, responding to c oncerns that BISXs share p ricing mechanism was inappropriate, and that the lacko f liquidity was depressing s tock prices by giving small retail trades undue promi-n ence and influence, Mr Davies said volatility had b een magnified in recent y ears by the global recession. Model Since BISX has started, o ne of the things is that weve worked very hard to p ut in place a market model which is reflective of theB ahamian environment, the BISX chief executivet old Tribune Business. It w ould be very easy to go to a nother jurisdiction and bolt o n what theyve done. With thousands of differe nt stocks traded on hundreds of exchanges every day, Mr Davies said therew ere many different ways of c alculating opening, trading a nd closing prices. BISX, s ince inception, had employed the closing price m odel where, if a particular stock did not trade in a day, its closing price was the same as the previous days. I n addition, a minimum of 1 ,000 shares needed to be traded in a particular stock to trigger a change in its closing price, with the priceo nly able to move by a maximum 10 per cent either side. And, if there were multiple changes in a particular stock, the closing price is d etermined by the weighte d average volume. What is in place is a mark et structure approved by t he Government and approved by our members, and its been so since the i nception of the exchange, M r Davies said. That was seen as the best model we c ould use given the Bahamian context. The Bahamian context is this. We have a relatively small market, with a relat ively small number of investors who are active in the market. D espite the relatively s mall market size, Mr D avies said there were B ISX-listed stocks with b road shareholder bases that generated strong liquidity. And, while it was naturali n a small market such as the Bahamas to see short-term s tock price volatility, the BISX chief added: The small number of players has c ombined with the recession and the downturn in the e conomy. All the things that you see in the volatility and scarcity of trading are magnified. You will see heightened movements in the mar ket. BISX chief wants more public firm shares on the market F ROM page 1B D ETROIT General Motors Co. said Tuesday it w ill sell all of its series A preferred shares in Ally Financial Inc., its former finance arm, for $1 billion. The shares to be sold represent all of A lly's series A preferred stock outs tanding, the automaker said. GM received nearly $50 billion in gov ernment bailout aid during the financial crisis and emerged from bankruptcy prot ection in July 2009. It said the sale of Ally shares is another step in its strategy to bolster its balance sheet. T he sale is expected to bring a $300 million gain for GM for the first quartera nd leave it with a 9.9 percent stake in Ally's common stock, the company said. The government owns 74 percent of Ally. Ally received $17.2 billion in bailout support. So far it has returned $4.9 billion to the government. Underwr itten The sale was underwritten by Credit Suisse, BofA Merrill Lynch, Deutsche Bank Securities and Barclays Capital. Treasury Department spokesmen declined to comment Tuesday on GM's announcement. Ally makes loans to GM customers and finances dealer inventories. The government first bailed out the company, then known as GMAC Inc., in late 2008 as part of the Bush administration's aid to the auto industry. The Obama administration provided additional funding in May and December 2009. The Treasury Department has said that Ally has made good progress in restructuring its operations. But a congressional oversight pan el in January criticized what it called Treasury's "hands-off" approach toward Ally. The panel noted that the department declined to block GM's purchase of Texas-based AmeriCredit even though that financial firm could end up compet ing against Ally. The Treasury Department hopes to get back more taxpayer money through a public stock offering of Ally. GM TO SELL PREFERRED SHARES OF ALLY FOR $1BN secondly, hiring persons whose work permits have expired and, thirdly, hiring people to work outside the scope of their work permit, said the Director, who that a person hired to do a particular job ultimately being asked t o fulfill a role two notches up the scale was a common w ay in which Immigration laws are breached. H e said that for too long employees have taken the b runt of enforcement efforts and it as time that the Department does what is right, proper and fair. For a long time now it is only the poor employee who has been taken to court and dealt with before the courts (for working illegally). It is the poor employee who is placed in the detention centre, who is deported and put on the restrict-e d list (denying them the right to return to the country We are of the view that the onus has to be on the employe r as well; those who engaged them to work. The whole idea i s to strike a balance and to make an example of those who break the law, said Mr Thompson. T he enforcement effort will affect both white and blue-coll ar workers and their employers, from homeowners hiring gardeners to those in the financial services and tourism industries if they are found in breach, he suggested. Meanwhile, Mr Symonette issued a call to Bahamians to rethink their hiring practices. Bahamians have to look at who they employ, and look at themselves honestly and frankly in the mirror and ask t hemselves whether or not we are employing too many n on-Bahamians, said Mr Symonette. Senator (HopePLP a bout what she said are thousands of unnecessary work p ermits which are being granted. But possibly thousands of B ahamians might consider not hiring those people who need work permits. I have been Minister of Immigration for several years now, and I am amazed at the number of Bahamians who apply for work permits. And when I refuse it they call me up,a nd say Minister, approve mine, refuse all the rest. Immigration pledges permit crackdown FROM page 1B (AP Photo/Paul Sancya, file ALLSMILES: In this Jan. 10, 2011, Dan Akerson, CEO of General Motors, smiles during the North American International Auto Show in Detroit.

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TAREK EL-TABLAWY, AP Business Writer CAIRO Egypt's stock market is poised to reopen after a nearly two-month closure that many feared would further rattle already-shaken investor confidence in the country after the mass uprisings that toppled Hosni Mubarak's regime. The relaunch of the Egyptian Exchange, expected on Wednesday, comes after the prime minister accepted the resignation of the market's chairman and appointed a new, temporary head. The move was the latest in a series of steps officials have taken to try to ensure a smooth first few days of trading on a market whose restart was delayed several times amid fallout from the Jan.25 uprising and ensuing labor unrest. The decision to reopen the market was based on "taking all required procedures to guar antee its safety opening and trading," said a statement posted on the Egyptian Cabinet's Web site. Analysts believe that most, if not all, companies will see their share prices hard hit as investors have their first chanceto weigh in with their money on the developments that have reshaped the country's political landscape over the past two months. "I think the market will come under pressure and we'll see declines in most of the names," Wael Ziada, research head at the Cairo-based Mideast investment bank, EFG Hermes, said Tuesday. But "I don't think that volumes will be significant" in the first few sessions, he said. "As the market declines further, we'll start seeing trading vol umes rising." The exchange closed on Jan. 27, after two consecutive dayso f losses that saw the market's benchmark index plummet by slightly over 16 percent. What many had expected to be a closure of a couple of weeks, however, was expand ed as the popular unrest that toppled Mubarak was sup planted by waves of laboru nrest after his ouster. Banks were shut down as workers demanded higher pay and shifts from temporary to permanent labor contracts. The strikes were echoed in a broad range of sectors, serious ly affecting the country's output at a time when tourism rev-e nues were seen falling sharply and foreign direct investment was expected to take a hit amid the ongoing political uncer tainty in the Arab world's most populous nation. Egyptian officials enacted a host of measures aimed at safeguarding the market, including triggering a suspension of trading if the broader EGX100 index moves 5 percent or 10 percent. In addition, the finance minister set up a 250 million fund that could be tapped if there is a need to boost the market. The government also called on all Egyptians to step up and invest, either in shares or mutu al funds, as a way to prevent the market from collapsing. "These are all attempts to try to secure the market," said Zia da. But the uncertainty over when the exchange would actually reopen unnerved scores, raising questions about transparency in a market many viewed as among the most transparent in the region. Those questions build on other worries, including the overall welfare of Egypt's economy and the stability of the country. Other worries came in the form of the potential impact on the market of the investigations into alleged wrongdoing by former minister and top businessmen linked with the ousted regime. On Monday, ratings agency Moody's Investor's Service said it downgraded the foreign currency deposit ratings of five Egyptian banks by one notch, to B1 from Ba3, after having downgraded Egypt's sovereign rating days earlier. The banks affected were the National Bank of Egypt, Banque Misr, Banque du Caire, Commercial International Bank and Bank of Alexandria Moody's said its negative outlook on the banks reflects its "reassessment of most of the banks' standalone credit strength, reflected in their bank financial strength rating (BFSR direct exposure to a lower rated sovereign and the deteriorating economic conditions." B USINESS PAGE 6B, WEDNESDAY, MARCH 23, 2011 THE TRIBUNE 3+,/2&/(69,&725RI 0,$0,675((73%2;1$66$8 %$+$0$6 $'(/,1(%,(19(18( 9,&725RI0,$0,675((73%2; 1$66$8%$+$0$6 3(/,(5&2168/7$176,1& 3(/,(5&2168/7$176
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PETER SVENSSON, AP Technology Writer NEW YORK Sprint Nextel Corp. CEO Dan Hesse said Tuesday that he is concerned that AT&T Inc.'s deal to buy T-Mobile USA would hurt his company and the industry, as the biggest two players strengthen their dominance. The $39 billion deal was announced Sunday, but is expected to take more than a year to close, after scrutiny by regulators. AT&T and Verizon Wireless already have two-thirds of U.S. wireless subscribers, and would have three-quarters if the deal goes through. "I do have concerns that it would stifle innovation and too much power would be in the hands of two," Hesse said in a panel discussion at cellphone conference in Orlando, Flori-da, monitored by webcast. The head of Verizon Wireless, Dan Mead, was asked on the same panel whether he had a standon the proposed deal. "We're certainly very interested in what's going on," he said. T-Mobile's CEO, Philipp Humm, did not appear at the panel as scheduled. Sprint, the No. 3 carrier, has been struggling for years due to the troubled acquisition of Nextel. Last year, its subscriber numbers started improving, but it still has a hard time luring high-paying subscribers from AT&T and Verizon, both of which now sell the popular iPhone. T-Mobile has the same problem. AT&T's agreement to buy T-Mobile, the No. 4 carrier, came as a surprise: media reports had previously pegged Sprint and T-Mobile as likely to combine their businesses. But AT&T was able to offer TMobile's parent company, Germany's Deutsche Telekom AG, much more. The deal leaves Sprint "somewhat out in the cold," said Barclays Capital analyst James Ratcliffe. Scale is important in the wireless business. It's very expensive to build out and maintain a wireless network, but once that's done, you add customers without incurring a lot of extra costs. That means wireless carriers with more customers can be much more prof itable than smaller competitors. Larger carriers also have more clout when it comes to negotiating with phone makers. Trading The stock of Overland Park, Kansas-based Sprint has fallen 10 percent since the AT&T-TMobile deal was announced. In afternoon trading Tuesday, they were at $4.53, up 17 cents on the day. However, Sprint's shares were the only ones to fall among cellphone companies. Those of even smaller wireless carriers actually rose, as investors calculated there might be something in the deal for them. The smaller carriers could be targets for acquisition by Sprint, or they could be in line to buy assets from T-Mobile or AT&T that regulators force the carriers to sell as a condition of approving the deal. Shares of Dallas-based MetroPCS Communications Inc., the No. 5 carrier, were up 3.5 percent. No. 6 U.S. Cellular Corp., a Chicago-based region al carrier rose 5.4 percent. Leap Wireless International Inc., the parent of the low-cost Cricket service, was up 15 percent. Shares of Clearwire Corp., which is building a wireless broadband network, also fell on Monday in response to the news, but recovered on Tuesday, trading up 22 cents, or 4.5 percent, at $5.28. Clearwire is majority-owned by Sprint and has a lot of wireless spectrum available for broadband, so there was speculation that it could have made some sort of deal with T-Mobile, which is poor in spectrum. Shares of Verizon Commu nications Inc., which owns 55 percent of Verizon Wireless, rose on the news. The deal would let AT&T surpass Verizon Wireless as the largest carrier, but analysts said it's well equipped to compete with AT&T, and the deal would eliminate T-Mobile as a lowprice competitor. (Vodafone Group PLC of Britain owns the rest of Verizon Wireless.) In Tuesday afternoon trading, Verizon shares were up 53 cents at $37. That was up 3.3 percent since the deal was announced. The shares are close to their 52week high of $37.70. BUSINESS T HE TRIBUNE WEDNESDAY, MARCH 23, 2011, PAGE 7B 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 Sprint CEO: 'Concerned' about AT&T-T-Mobile deal WASHINGTON Inflation spooked America in the early 1980s. It surged and kept rising until it topped 13 percent. These days, inflation is much lower. Yet to many Americans, it feels worse now. And fora good reason: Their income has been even flat ter than inflation. Back in the '80's, the money people made typ ically more than made up for high inflation. In 1981, banks would pay nearly 16 percent on a sixmonth CD. And workers typically got pay raises to match their higher living costs. No more. Over the 12 months that ended in February, consumer prices increased just 2.1 percent. Yet wages for many people have risen even less if they're not actually frozen. Social Security recipients have gone two straight years with no increase in benefits. Money market rates? You need a magnifying glass to find them. That's why even moderate inflation hurts more now. And it's why if food and gas prices lift inflation even slightly above current rates, consumer spending could weaken and slow the economy. "It feels far more painful now than in the '80s," says Judy Bates, who lives near Birmingham, Alabama. "Money in the bank was growing like crazy because interest rates were high. My husband had a union job at a steel company and was getting cost-of-living raises and working overtime galore." Bates, 58, makes her living writing and speaking about how people can stretch their dollars. Her husband, 61, is retired. They've paid off their mortgage and have no car payments. But they're facing higher prices for food, gas, utilities, insurance and health care, while fetching measly returns on their savings. "You want to weep," Bates says. Lo w Consumer inflation did pick up in February, rising 0.5 percent, because of costlier food and gas. Still, looked at over the past 12 months, price increases have remained low. Problem is, these days any inflation tends to hurt. Not that everyone has been squeezed the same. It depends on personal circumstances. Some families with low expenses or generous pay increases have been little affected. Others who are heavy users of items whose prices have jumped tuition, medical care, gasoline have been hurt badly. But almost every one is being pinched because nationally, income has stagnated. The median U.S. inflation-adjusted household income wages and investment income fell to $49,777 in 2009, the most recent year for which figures are available, the Census Bureau says. That was 0.7 percent less than in 2008. Incomes probably dipped last year to $49,650, estimates Lynn Reaser, chief economist at Point Loma Nazarene University in San Diego and a board member of the National Association for Business Economics. That would mark a 0.3 per cent drop from 2009. And incomes are likely to fall again this year to $49,300, she says. Significant pay raises are rare during periods of high unemployment because workers have little bargaining power to demand them. They surely aren't making it up at the bank. Last year, the average U.S. rate on a six-month CD was 0.44 percent. The rate on a money mar ket account was even lower: 0.21 percent. Now go back three decades, a time of galloping inflation, interest rates and bond yields. When Paul Volcker took over the Federal Reserve in 1979, consumer inflation was 13.3 percent, the highest since 1946. To shrink inflation, Volckerr aised interest rates to levels not seen since the U.S. Civil War of 1861-1865. As interest rates soared, CD and money-mar ket rates did, too. The average rate on money market accounts topped 9 percent. Treasury yields surged, pushing up rates on consumer and business loans. The 10-year Treasury note yielded more than 13 percent; today, it's 3.5 percent. By 1984, consumers were enjoying a sweet s pot: Lower prices but rising incomes and still-his torically high rates on CDs and other savings investments. Consumer inflation had slid to 3.9 percent. Yet you could still get 10.7 percent on a six-month CD. W ages Even after accounting for inflation, the median income rose 3.1 percent from 1983 to 1984. At the time, workers were demanding and receiving higher wages. More than 20 percent of U.S. workers belonged to a union in 1983. Labor contracts typically provided cost-of-living adjustments tied to inflation. And competition for workers meant those union pay increases helped push up income for non-union workers, too. Last year, just 12 percent of U.S. workers belonged to unions. And among union mem bers, a majority now work for the government, not private companies. Wages of government workers are under assault as state governments and the federal government seek to cut spending and narrow gaping budget deficits. Workers' average weekly wages, adjusted for inflation, fell in February to $351.89. It was the third drop in four months. The result is that even historically low inflation feels high. So "when you mention low inflation to real people on the street, they immediately roll their eyes," says Greg McBride, senior financial analyst at Bankrate.com. Falling behind inflation is something many people hadn't experienced much in their working careers until now. In the 1990s and 2000s, for instance, most Americans kept ahead of rising prices. Inflation averaged under 3 percent. And inflation-adjusted incomes rose steadily from 1994 to 1999. Once the 2001 recession hit, incomes did falter. But after that, they resumed their growth, rising each year until the most recent recession hit in December 2007. Rates on six-month CDs were also much higher than they are now: They averaged 5.4 percent from 1990 to 1999 and 3.3 percent from 2000 to 2009. These days, though, Americans face the certainty of higher prices ahead. Nike Inc., facing higher costs for materials, freight and other things, said Thursday it plans to raise prices on a range of products starting this spring. The company makes athletic shoes and clothing. Whirlpool, Kraft, McDonald's, Clorox, Kellogg, and clothing companies such as Wran gler jeans maker VF Corp., and J.C. Penney Co., also say they plan to raise prices. Whirlpool, which makes Maytag and KitchenAid appliances, says it's raising prices in response to higher raw material costs. Kellogg, which makes Frosted Flakes and Pop Tarts, is increasing prices on some products to offset costlier ingredients. Kellogg is responding to soaring costs for commodities including wheat, corn, sugar, cotton, beef and pork. Vickens Moscova, a self-employed marketer in Elizabeth, New Jersey, says he's paying more for staples like cereal, bread, eggs and public transportation. Yet he's making little from his savings. "It is a huge pinch," says Moscova, 25. (AP Photo/Richard Drew T IMESAREA-CHANGING: A T&T Chairman, CEO and President Randall Stephenson,addresses a news conference in New York, Monday, March 21, 2011. SIGNOFCHANGE: In this Oct. 10, 2008 file photo, the Deutsche Telekom AG logo is seen at the companys headquarters in Bonn, Germany. AT&T Inc. on Sunday, March 20, 2011 said it will buy T-Mobile USA from Deutsche Telekom AG in a cash-and-stock deal valued at $39 billion, becoming the largest cellphone company in the U.S. WHY INFL A TION HURTS MORE THAN IT DID 30 YEARS AGO

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STAN CHOE, AP Business Writer N EW YORK Stocks edged lower follow ing a three-day rally that b rought the Dow Jones industrial average back above 12,000 for the first time since a n earthquake hit Japan just over a week ago. The Dow Jones industrial average fell 16 points, or 0.1 percent, to 12,020 in late morning trad i ng Tuesday. The broader Standard & P oor's 500 index fell 3, or 0.2 p ercent, to 1,295. The Nasdaq composite index fell 7, or 0.3 percent, to 2,685. A day with such little change for stocks has been rare so far in March. The Dow Jones industrial a verage has moved up or down by at least 100 points in f our of the last five trading d ays. Developments in Japan's nuclear crisis and the violence in Libya have beend riving the volatility. The Dow jumped 3.6 percent over the last three days, its biggest gain since Septem ber. The gains mean the Dow is nearly back to its 12,044.40 close on March 11, the day t he earthquake struck Japan. Crude oil prices, a major source of concern since midFebruary, rose $1.30 to $ 104.39 per barrel. Among active stocks, Bris tol-Myers Squibb Co. rose 2.5 percent to $26.65. The com pany said late Monday that a new study of its melanoma drug helped patients with advanced skin cancer. O nline video and DVD provider Netflix Inc. climbed 3 .5 percent to $220.12. Credit S uisse upgraded its stock on expectations it will expand its services overseas. J umped T ivo Inc. jumped 2.3 per cent to $8.85 after Citadel Investment Group, a hedge f und, said it has built up a 5.3 percent stake in the company. W algreen Co. fell 7.9 perc ent to $38.67. The drugstore chain's bottom-line results were in line with expectations but the company's profit margin wasn't as strong as investors hoped. Carnival Corp. fell 3.7 percent to $39.48 after its forecast for full-year earnings fell short of a nalysts' expectations. Higher fuel prices have hindered its p rofits. S tocks climbed consistently between Sept. 1 and Feb. 18, when the Dow closed at1 2,391.25, the highest level of the year. Since then, stocks have dropped on worries that protests in Libya and across the Middle East could disrupt oil supplies. The earthquake in Japan and crisis at the c ountry's stricken nuclear plants that followed also sent stocks lower, though stocks in Japan and the U.S. have r ecovered in recent days on signs that the situation at the plants is stabilizing. B USINESS PAGE 8B, WEDNESDAY, MARCH 23, 2011 THE TRIBUNE 52wk-Hi52wk-LowSecurit y Previous CloseToday's CloseChangeDaily Vol.EPS $Div $P/EYield 1.130.95AML Foods Limited1.091.090.004,5640.1230.0408.93.67% 10.639.05Bahamas Property Fund10.6310.630.000.0130.200817.71.88% 5.754.40Bank of Bahamas4.934.930.002,5000.1530.10032.22.03% 0.530.17Benchmark0.180.180.00-0.8770.000N/M0.00% 2.842.70Bahamas Waste2.702.700.000.1680.09016.13.33% 2.201.96Fidelity Bank1.961.960.000.0160.040122.52.04% 12.409.43Cable Bahamas9.439.430.001.0500.3109.03.29% 2.852.35Colina Holdings2.402.400.000.7810.0403.11.67% 7.005.80Commonwealth Bank (S1)6.826.820.005,3210.4880.26014.03.81% 2.861.90Consolidated Water BDRs2.252.23-0.020.1110.04520.12.02% 2.541.40Doctor's Hospital1.401.400.000.1070.11013.17.86% 6.305.22Famguard5.225.220.000.3570.24014.64.60% 9.275.65Finco6.107.501.401,5000.6820.00011.00.00% 11.408.77FirstCaribbean Bank9.309.300.000.4940.35018.83.76% 6.004.57Focol (S)5.475.480.011,2000.4520.16012.12.92% 1.001.00Focol Class B Preference1.001.000.000.0000.000N/M0.00% 7.305.50ICD Utilities7.407.30-0.101,5500.0120.240608.33.29% 10.509.80J. S. Johnson9.829.820.000.8590.64011.46.52% 10.0010.00Premier Real Estate10.0010.000.001.2070.2008.32.00% 52wk-Hi52wk-LowSecuritySymbolLast SaleChangeDaily Vol. 99.4699.46Bahamas Note 6.95 (2029BAH2999.460.00 100.00100.00Fidelity Bank Note 17 (Series A) +FBB17100.000.00 100.00100.00Fidelity Bank Note 22 (Series B) +FBB22100.000.00 100.00100.00Fidelity Bank Note 13 (Series C) +FBB13100.000.00 100.00100.00Fidelity Bank Note 15 (Series D) +FBB15100.000.00 52wk-Hi 52wk-Low Symbol Bid$ 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 WW.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 10.065.01Bahamas SupermarketsN/AN/A14.00-2.9450.000N/M0.00% 0.550.40RND Holdings0.350.400.550.0010.000256.60.00% 41.0029.00ABDAB30.1331.5929.004.5400.0009.030.00% 0.550.40RND Holdings0.450.550.550.0020.000261.900.00% 52wk-Hi52wk-LowFund NameNAVYTD%Last 12 Months %NAV 3MTH 1.51221.4076CFAL Bond Fund1.51795.51%6.90%1.498004 2.95272.8300CFAL MSI Preferred Fund2.94860.04%1.45%2.918256 1.58371.5141CFAL Money Market Fund1.58370.61%4.59%1.564030 3.20252.8522Royal Fidelity Bahamas G & I Fund2.7049-0.56%-15.54% 13.638813.0484Royal Fidelity Prime Income Fund13.43920.61%-0.22% 114.3684101.6693CFAL Global Bond Fund114.36849.98%12.49%109.392860 106.552899.4177CFAL Global Equity Fund106.55284.75%7.18%100.779540 1.14651.0000FG Financial Preferred Income Fund1.14655.20%5.20% 1.11851.0000FG Financial Growth Fund1.11854.73%4.73% 1.14911.0000FG Financial Diversified Fund1.14915.35%5.35% 9.74859.1005Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 19.79504.85%5.45% 11.236110.0000Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 210.6417-1.20%0.50% 10.12669.1708Royal Fidelity Bah Int'l Investment Fund Principal Protected TIGRS, Series 310.12661.27%1.27% 8.45104.8105Royal Fidelity Int'l Fund Equities Sub Fund8.45100.72%9.95% BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00YIELD last 12 month dividends divided by closing price 52wk-Hi Highest closing price in last 52 weeksBid $ Buying price of Colina and Fidelity 52wk-Low Lowest closing price in last 52 weeksAsk $ Selling price of Colina and fidelity Previous Close Previous day's weighted price for daily volumeLast Price Last traded over-the-counter price Today's Close Current day's weighted price for daily volumeWeekly Vol. Trading volume of the prior week Change Change in closing price from day to dayEPS $ A company's reported earnings per share for the last 12 mths Daily Vol. Number of total shares traded todayNAV Net Asset Value DIV $ Dividends per share paid in the last 12 monthsN/MNot Meaningful P/E Closing price divided by the last 12 month earningsFINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100 (S) 4-for-1 Stock Split Effective Date 8/8/2007 (S1) 3-for-1 Stock Split Effective Date 7/11/200731-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 )$%,(11(&,5,/RI<281* 675((71$66$8%$+$0$6 0HORXVH-RVHSKRI3 %R[*HQHUDO'HOLYHU\'XQGDV7$EDFR%DKDPDV *HOOD3KLOLSSHRI3 *HQHUDO'HOLYHU\'XQGDV7$EDFR%DKDPDV 526(1$-($1-$&48(6RI &+85&+,//$3%2;1$66$8 %$+$0$6 521$/''25/($1RI % (51$5'52$'1$66$8%$+$0$6 Coffee futures are slipping on speculation that some growers may sell stockpiles soon, which could ease tight global supplies. Coffee for May delivery fell 3.55 cents to settle Tuesday at $2.7345 a pound. The price jumped 77 percent in 2010, and has contin ued to climb this year as global supplies have grown tighter. Analysts say Brazil and Vietnam both had good har vests last year but many producers have held their supplies in hopes of selling at higher prices. That has led to fairly steady declines in supplies at the ICE Futures Exchange warehous es. In the past week, the ware houses have recorded small inventory gains, creating speculation that some producers may be more willing to sell especially if prices begin to fall. CHRIS KAHN, AP Energy Writer NEW YORK O il prices pushed above $105 per barrel Tuesday, as traders focused on a series of international crises that could tighten global supplies at a time w hen consumption is expected to increase. B enchmark West Texas Intermedia te for May delivery rose $1.88 to settle at $104.97 a barrel on the New Y ork Mercantile Exchange. At one point it was as high as $105.18. The April contract for WTI crude climbed $1.67 to settle at $104 per barrel on its final day of trading. I n London, Brent crude gained 73 cents to settle at $115.64 per barrel on the ICE futures exchange. Energy economists continued to g auge how recent unrest in Libya, Bahrain, Yemen and Syria will affect exports from a region that produces 27 percent of the world's oil. Libya, which sits on the largest oil reserves in A frica, has almost totally stopped petroleum shipments as rebels battle p ro-Gadhafi troops. The addition of i nternational forces, including the U.S., could mean that the country will be embroiled in a protracted conflict that will keep oil fields offline much longer than previously expected, energy experts said. I n Yemen, embattled President Ali A bdullah Saleh pledged to step down more than a year early, but his refusal t o leave immediately infuriated tens of thousands of demonstrators. Yemen is a n important transfer point for global oil supplies. "Tensions are still pretty high in that entire region, so prices are going t o stay above $100 per barrel for a w hile," PFG Best analyst Phil Flynn said. Iraq's new oil minister said Tuesd ay that he expects oil to reach $120 a barrel. Iraq produces about 2.4 million barrels of oil per day. D emand for oil and gas should rise as the U.S. and global economies continue to recover. China shows little sign of reducing its thirst for petroleu m. Platts reports that China's oil d emand in February rose 10.1 percent from a year ago, to the second strongest level on record. It hit an all-t ime high in December. China is the world's second biggest oil consumer behind the U.S. Meanwhile, Japan continues to stab ilize the Fukushima Dai-ichi nuclear complex that was damaged and leaking radiation following this month's e arthquake and tsunami. The government will release more than 56 million barrels of oil from the country's r eserves enough to cover 22 days of demand, analyst Addison Armstrongs aid. Japan previously released three days' supply of oil from its reserves. Bank of America analyst Sabine S chels said Japan will rely on other power generators that run on liquefied natural gas and oil to make up for the loss of its nuclear facilities. Schels estimated that Japan will increase imports of liquefied natural gas by 706 million to 848 million cubic feet per day to partially replace pow-e r lost from damaged nuclear react ors. Royal Dutch Shell is among oil c ompanies shipping more crude and LNG to Japan to help offset power shortages. J apan's increased imports are expected to push world natural gas prices higher, though large global supp lies should prevent them from spiki ng above $13 per 1,000 cubic feet as t hey did in 2008. Schels expects natural gas prices to average around $4.48 per 1 ,000 cubic feet this year. Natural gas f or April delivery gained 9.3 cents to s ettle at $4.254 per 1,000 cubic feet. In other Nymex trading for April c ontracts, heating oil added 2.37 cents to settle at $3.0762 per gallon and gasoline gained almost a penny to sett le at $3.0045 per gallon. INDIANAPOLIS Walgreen Co. said Tuesday its fiscal second-quarter earnings climbed 10 percent, but company shares tumbled after results were released and anal ysts said they expected more from the largest U.S. drugstore operator. The Deerfield, Ill., company said its gross profit margin which measures gross profit over net sales stayed flat at 28.8 percent after expanding the past few quarters. T he flat margin generated "widespread disappointment," Hapoalim analyst Ajay Jain said in an email. Walgreen also met Wall Street earnings expectations when many analysts thought they would beat the consensus, said another analyst, Jeff Jonas of Gabelli & Co. S hares dropped 6.6 percent, or $2.75, to $39.22 in afternoon trading. The tumble left Scotia Capital analyst Patricia A. Baker "somewhat perplexed." Oil tops $105 per barrel business BRIEFS Stocks edge lower after a three-day rally WALGREEN FISCAL 2Q PROFIT CLIMBS BUT SHARES TUMBLE COFFEE SLIPPING ON SPECULATION THAT SUPPLIES BUILDING (AP Photo/Matt Rourke FILLING UP: In this Feb. 16, 2011 photo, David Castro-Diephouse returns the nozzle to t he pump after filling his cars tank with gas in Philadelphia. Oil prices rose above $104 per barrel Tuesday, March 22, 2011, as traders continued to focus on a series of international crises that will drive world supply and demand this year.

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Just a bout al l stem s a nd bra nche s o f s h r u b s a n d s m a l l t r e e s h a v e n o d e s o r g r o w i n g p o i n t s A b o v e gr o u n d these produce leaves and branches; below ground they produce roots. This is the main principle behind c ut t ings Take a s ect io n of bran ch a n d b u r y t h e l o w e r e n d i n t h e ground. Roots will develop under ground and le aves later bra nc he s, will be produced above ground. T h e p l a n t s m o s t u s u a l l y p r o p a g a t e d b y c u t t i n g s a r e f l o w e r i n g shr ubs such a s cr otons hi bisc us a nd o leand er. Fru it t rees lik e Key l im e can a ls o be p rop ag a t e d this way but w o u l d l ac k a t a p r o o t a n d b e ve r y s u s c e p t i b l e t o t o p p l i n g i n h i g h w i n d s If you lo ok aro und yo ur garden y ou wi ll s e e e v i de n ce e v e r y wh e r e of new growth and this makes March a n d A p r i l t h e v e r y b e s t t i m e s t o make and consolidate cuttings. C u t t i n g s a r e b es t t a k e n n e a r t o t h e gr o u n d an d o n w o o d t h a t h as b row n bar k. Green o r t ip c ut t ings a r e n o t l i k el y t o s u c c e e d u n l e s s a misting bed is used. T h e r e i s n o n e e d f o r a n y c u t t i n g t o be l onge r than 10 inches Plante d in a po t o r di rec tl y i nt o t h e s oil to a depth of 4 to 5 inches, a cutting will de v e l op q ui ck ly a n d wi thi n a s e a so n or two reach the size of the parent plant. The base of the cutting should be taken from the parent plant about h al f an in ch bel o w a gro w t h no d e u s i n g a 45 d eg re e o r l ar ge r a n gl e. C u t t h e t o p o f t h e c u t t i n g s q u a r e j u s t above a gro wt h nod e If you dro p your cutting you will be able to see w h i c h e n d i s t o b e p l a n t e d i n t h e soil. I t i s a g o od i de a t o p la n t y o u r cu tt i n g a t a 4 5 d e g r e e a n g l e a s t h i s h e l p s t o c u t do w n m o ve me nt c au s ed b y wind. If an uprig ht c u t ting is mov ed about by the wind it could prevent tender young roots from forming. N e w l y p l a n t e d c u t t i n g s n e e d m o i s t u re b u t p ro b a b l y n o t a s mu c h as yo u may t hi nk A cu tt in g is vu ln era b l e t o d i s e a s e a n d r o t a n d t h es e ar e en c ou rag ed by s oi l t hat i s to o w e t R o o t f o r m a t i o n i s s t r o n g e r w hen t he roo ts have to c hase af ter m o i s t u r e T o o m u c h m o i s t u r e m a k e s t hem laz y. Do no t p ush y our cutting into th e g ro un d. R a the r di g a h ol e a n d r e fil l it. Us e a t r owe l to ma ke a n ope nin g f or yo ur c ut t in g an d seat it gent ly, f i r mi n g t h e s o i l ar o u n d at gr o u n d leve l. T he s oi l a rou nd t he bas e of th e c ut t ing sho ul d b e w ell aerat ed and no t den sely pac ked. P ush in g a c u t t i n g i n t o s o i l m a y d a m a g e t h e d e l i c a t e l a y e r s b e t w e e n t h e b a r k a n d t h e w o o d y c o r e a n d t h i s i s w h e r e ou r new gro wt h w il l c om e f rom. Can yo u leave f o liage on o r n ot ? I t i s p r o b a b l y b e s t t o r e m o v e a l l fo li age b ut t i ny new sh oot s c an be l e f t a n d h a v e a 5 0 / 5 0 c h a n c e o f d evelop in g. Som e garden ers cl aim t h at t h e t r a n s p i r at i o n o f a l e a f o r t w o hel ps m aint ain cap il lary ac ti on w it hi n t he small c ut ti ng. Th ere are som e s hru bs w it h lo w, w h i p p y b r a n c h e s r o s e m a r y i s a g o o d e x a m p l e a n d t h e s e c a n b e pr o p a g a te d by g r o un d l a y e r s B r e a k a b r an c h p ar t o f t h e w a y t h ro u g h a n d t h e n p e g i t a n i n c h o r t w o b e l o w t he so il New ro ot s w ill fo rm very q uic kl y, c ert ainl y wi t hin 8 w eeks. ENTERT AINMENT THE TRIBUNE WEDNESDA Y MARCH 23, 201 1, P AGE 9B J u s t a f e w i m a g e s o f w h a t w e t h e B ah a m a s l oo ked l ike 40 ..5 0 ... 60 .. years in the past The Governor's Cup Race was held every year after the Miami Nassau Race as part of the Southern Ocean Rac ing Conference. The race stretched from Nassau bar to Booby Rocks and back. Flash Back BY ROLAND ROSE New plants from old By GARDENER JACK GREEN SCENE BEAUTY: Hibiscus shrubs like this double white with pink blush can be easily propagated by cuttings. P lants employ many forms of propagation seeds, corms, bulbs, rhi zomes, suckers, etc. but the one that allows replication of shrubs needs a little human input. A cutting taken from a mature shrub will readily root and one parent plant can pro vide many independent off spring.

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ENTERT AINMENT P AGE 10B, WEDNESDA Y MARCH 23, 201 1 THE TRIBUNE Thursday, March 24 GREEN PARROT WINE TASTING Green Parrot invites you to a tasting of this season's noble wines from Mendoza, Argentina, 6pm-9pm in its Wine Lounge. Tickets: $25/per person. Space is limited! RSVP, Telephone: 3226900. Friday, March 25 and Sat urday March 26 "THE MOST MASSIVE WOMAN WINS" The Peacock Theatre Company presents "The Most Massive Woman Wins", a collection of one act plays at the Hub that promises both comedy and psychological intrigue. First showing, 8pm Friday, March 25. Matinee showing, 2pm Sat, March 26. Telephone: 322-4333. Email: info@thehubbahamas.org See http://www.thehubbahamas.org. Friday March 25 ROTARY/ROTARA CT FUNDRAISER: MARDI GRAS "MASQUED" Rotary/Rotaract presents their 2nd annual silent auction fundraiser under the theme Mardi Gras "Masqued", 7.30pm at Luciano's. Prizes awarded for best masks, King and Queen of Mardi Gras and a whole lot more! Dress: for mal. All proceeds in aid of the Rotary Club of East Nassau and Rotaract charity projects. Email: getmasqued@gmail.com. Saturday, March 26 BLACKBERRY'S REGGAE ALLS T A R S P E A C E F E S T Blackberry presents a reggae all-stars peace-fest at Fish Fry, featuring Peetah and Gramps, Morgan, Tanya Stephens, Jah Heim, I Sasha, El Padrino, Lutan Fyah, and Romaine Virgo. The event is hosted by Natural Empress and Jah Bami. VIP: $25/with blackberry; $30/without. Platinum: $40/with blackberry; $50/without. Tickets available at Marley Boutique, Airbrush Junkies, Sexy Thang and Sona Viva. Saturday March 26 "THE ORIGINAL GAL FARM" BOAT CRUISE Oleboy Production, Back to Basics Barber Shop and Toya present "The Original Gal Farm" boat cruise, Toya Birthday edition, onboard the KCT Boat. Boards at 8pm; boat leaves 9pm. Music provided by Fire Reds, TG, Crazy Jim, Selecta Ty. Cost: $15/in advance; $20/at the boat. Telephone: 428-0726. Sunday, March 27 23RD ANNUAL BAHAMAS BRIDAL SHOW Buttons Bridal and For mal Wear presents the 23rd annual Bahamas Bridal Show under the theme "To Love and Cherish", noon at the Wyndham Nassau Resort. Have your ultimate wedding experience with a trade show, fashion show, food, cake, champagne and a chance to win a dream wedding. Cost: $35 and $45. Telephone: 327-8896. See http://www.buttonsformalwear.com. things 2 D O By JEFFARAH GIBSON Tribune Features Writer I ALWAYS wonder what it would be like if some of the most popular American movies were adapted for Bahamian actors and actresses for a Bahamian audience. I t h i n k i t w o u l d b e i n t e r e s t i n g t o s e e u s p l a y o u r s e l v e s a n d d e p i c t o u r v e r y o wn cult ure and att it udes on sc re en in th e circ umstanc e s prese n ted in ce r t a i n f i l m s An d i t i s g o o d t o k i c k b a c k a n d l a u g h a t o u r s e l v e s e v e r y o n c e in a while. A N a w a r d w i n n i n g R & B a r t i s t who has worked with such industry g re a t s a s S e a n P a ul a n d M is sy E l li o t performed at a free concert in the Bahamas last week. R & B s i n g e r / s o n g w r i t e r J u l l y B l a c k c h o s e t h e B a h a m a s a s h e r f i r s t ever Caribbean destination to visit. T h e C a n a d i a n J u n o A w a r d w i n n e r d e l i v e r e d a c c o r d i n g t o a u d i e n c e m e m b e r s a p o w e r f u l p e r f o r m a n c e when she took to the stage at Port L u c a y a M a r k e t p l a c e i n G r a n d Bahama. Ms Black who has worked with s u c h b i g n a m e s i n t h e m u s i c i n d u s t r y a s N a s M i ss y El l i o t D e s t i n y s C hi l d a n d S e a n P a u l p e r f o r m e d s i x s o n g s d u r i n g h er m i n i co n c er t i n G r a n d Bahama. S he o pened with the R& B s ong "Seven Day Fool", which was first recorded in 1961 by Etta James. Ms B lack r e-r ecor d ed it i n 20 07 and it was produced by Black Eyed Pe a s' dru mmer and song writ e r K ei th Harris. S h e p r e m i e r e d o n e s o n g w h i c h h a s n e v e r b e e n h e a r d i n h e r n a t i v e h o m e l a n d C a n a d a c a l l e d C r o w n Me". T h e s o n g w i l l b e o u t l a t e r t h i s y e a r when she releases her new album. The R&B artist was also in town to film segments for CTV's eTalk, Can ad a's m o s t w atch ed en tert ain me nt new s progra mme in whi ch M s Black is a celebrity reporter. H e r t r i p t o t h e B a h a m a s w a s made p os sib le in con jun ction with t h e B a h a m a s T o u r i s t O f f i c e i n Toronto and was facilitated locally by the Grand Bahama Ministry of T o uri sm a nd t he B a ha ma s F il m a n d Television Commission. W h i l e o n i s l a n d f o r a l m o s t a w e e k M s B l a c k e n j o y e d t h e m a n y s i t e s a nd cult ural act iv itie s t he i s l and ha s t o o f f e r a n d w a s r e u n i t e d w i t h a niece who is a local school teacher. Ms Black has collaborated with, a n d w rit t e n fo r ma n y no ta b le C a na d i a n A m e r i c a n a n d i n t e r n a t i o n al artists. Jully Black visits Bahamas GOOD ON BLACK: R&B singer /songwriter Jully Black of Canada performs a free concert at Port Lucaya Market place's Count Basie Square in Grand Bahama on March 17. Segments will be seen on CTV's eTalk where she is a celebrity reporter. M o v i e s l i k e T i t a n i c D i a r y o f A M a d B l a c k W o m a n a n d T h e R i n g w o u l d al l ha v e v e r y un iq ue t wis ts i f th e sc r ip t wa s tw e ak e d to r e fl e ct a B a ha m ia n way of life. Tr i b u ne E nt e r ta i n m en t a s k e d th e q ue st i on w ha t w ou l d a B a ha mi a n d o if a p a rt i c u la r s c en es f r o m a ve ry p o p u la r m ov ie w a s r em ad e? A n d t he responses were just as funny as the some of the movies. TITANIC The r e a r e se v er al sc en es fro m th e T ita nic Tr ibu ne Ente rta in me nt r ea de r s s a i d a B a h a m i a n w o u l d h a v e d o n e d i f f e r e n t l y T h e r e a d e r s a i d t h e e n t i r e r e l a t i o n s h i p w i t h R o s e a n d J a c k w o u l d h a v e n e v e r e v e n w e n t t h a t f a r i t w e r e a Bahamian playing that role. F i r s t o f f n o B a h a m i a n w o m a n w a s e v e r g o i n g t o b e d a t i n g J a c k b e c a u s e J a c k w a s b r o k e a n d h e d i d n o t h a v e a j o b a n d t h e f i r s t t h i n g m a m a d o e s t e l l us is never like no man who don't have no job so that's what would have went down in Titanic," said Kendece. Another scene that the reader said a Bahamian would have done dif f e r e n t l y w a s t h e s c e n e w h e n R o s e j u m p e d o f f t h e l i t t l e b o a t t o s t a y o n b o a r d the ship with the love of her lifeJack. "That couldn't have been no Bahamian women. If it was a Bahamian woman she probably would have been in the front row on the little boats with all her mother and cousins them telling Jack to call her on her cell phone and bring a phone card while he at it when he reach ashore." T h e l a s t s c e n e f r o m t h e T i t a n i c t h a t w a s a n o t e w o r t h y f e a t u r e w a s t h e p a r t of t h e m o v i e wh e n R o s e ha d to s ta y o n th e b e d h e a d to s a v e h e r l i fe S o m e of the readers said both of them could have fit on the bed head. B o y i f t h a t w a s B a h a m i a n i s w a s n t g o i n g t o b e n o s h a r i n g S h e w a s c o m i n g o ff t h a t o r w e w a s ta k i n g t u r n s s h a r i n g t h a t b e d h e a d I w a s n t d y i n g f o r no woman I just meet," said Damian. DAIRY OF A MAD BLACK WOMAN The beginning of the Diary of Mad Black Woman had some Tribune r e a d e r s b o i l i n g o v e r i n t h e i r s e a t S o m e o f th e m s a i d i f t h a t w e r e a B a h a m i an woman who was dragged out of her house by her husband while his swee t he art stood by and w a tc he d, things were not going to end as qui etly as it did. N o i t wa s g o i ng d ow n l i k e t ha t. A B a h a m i a n w a s p r o b a b ly c a l li n g a l l of he r b r o th e r s h e r u n c l e s h e r co u s i n s a nd h e r g o d b r o th e r s to de a l w i th h i m be ca us e y o u k n o w e v e r y Ba h a m i a n w om a n l ik e to t a l k a b o u t h o w th e y g e t a crazy uncle or brother," Shawn said. Another reader said: "If that was a Bahamian woman she was going to be do i n g th e Ba n k L a n e s h u ff le b e ca us e wh e n s h e f in i s h wi t h hi m t ha t w a s going to be it." THE RING T h e s c e n e i n T h e R i n g t h a t r e a d e r s s a i d a B a h a m i a n w o u l d h a v e d o n e d i f fe r e n tl y w a s t h e s c e ne w h e r e th e d e a d g i r l c a m e t h r o u g h t h e t e l e v i s i o n a n d the man stood by and watched instead of running for his life. "A Bah amian in t hat sit uat io n was n't was ti ng no t im e j ust st and ing t h e r e A B a h a m i a n w o u l d h a v e p r o b a b l y s t a r t e d r u n n i n g o r p r a y i n g b u t t h a t man just stood there," the reader said. WHA T WOULD A B AH AMIAN DO? The Tit an i c The Ring Di a r y of a M ad Bl a c k Woman

PAGE 23

ARTS THE TRIBUNE WEDNESDA Y MARCH 23, 201 1, P AGE 1 1B from Pressure's Coming Right Back "I'm never gonna give up on ya love like dat, even if I drift too far I'm coming right back. I'm never gonna give up on ya love like dat baby I'll reassure that I'm forever yours." By LESH A MER ICAN IDOL fans are s a y i n g t h i s h a s t o b e t h e m o s t t a l e n t e d s e a s o n o f A I s o f a r i n a lon g time, I must agree. Th e elimina t i on show sta rted wi th the c ontest ant s singing an d d anc ing t o t he son gs "Born t o be wild an d L ady Gaga's "Bo rn this way". It was act ed ou t as if t he guys wer e singing against th e girls, I am t hink ing t hey c h o s e t h e "b o rn s o n g s b e c au s e l as t week's th eme was "Th e year yo u were b orn ." W hile it was no t th e b est o f th e b e s t p e rf o r m an c es it wa s en t er t a in in g as always. A nd o f c ou rse c ame t h e F o r d M u s i c c o m m e r c i a l w i t h t h e c on test ant s watc hin g t hemselves in w h a t s ee m ed t o b e a mo vi e p re v ie w at a d rive t hro ugh movie th eater in Fo rd Fo cu ses. A f ter all t hat f un of t h e a u d i e n c e a n d t h e c o n t e s t a n t s w a t c h i n g t h e m s e l v e s o n t h e b i g sc ree n, R yan c ame i n f o r t h e k ill b y ask ing f or th e light s t o b e d immed! A ll sm iles were wiped o ff f aces and t he ho ldin g o f han ds start ed, I hat e that p a rt j ust a s muc h as they do, so n erve wreck ing! Th e ti me c am e t o c all th e bo t t om t h r e e R y a n c a l l e d J a c o b L u s k L a u r e n A l ai n a a nd C a s e y Abr a m s to th e c ent er stage. Th ey were all safe a n d r e l i e v e d Sh o r t l y a f t e r R y a n ca l l s u p Ha l e y Re i nha r t a nd P au l M c D o n a l d w h i l e P a u l w a s s a f e H a l e y w a s s t u c k i n t h e b o t t o m t h r e e fo r a seco nd week in a ro w. T here w as a lso a p e rform ance from Le e D e W y z e Af t er a sho rt co mmerc ial, R yan c a l l e d S c o t t y M c C r e e r y P i a T o s c a n o an d J am es D u rb in t o t h e c en t e r o f t h e s t a g e T h e y w e r e a l l s a f e N e x t u p w ere S t ef an o La n go n e a n d N aim a A d e d a p o S t e f a n o i s s a f e f r o m e l i m i n a t i o n a n d N a i m a i s b a c k i n t h e b o t t o m t h re e. R ya n t h en c all s up T h ia M e g i a a n d K a r e n R o d r i g u e z T h i a i s s af e, K a re n is w as n o t B ase d o n A me ric a 's vo t es f o r t h e T o p 1 2 p e r f o r m a n c e s N a i m a K a r e n a n d H a l e y l a n d e d i n t h e b o t t o m t h r e e R y a n r e v e l e d t h a t N a i m a i s s a f e i n w h i c h I f o u n d i t r e a l l y h a rd t o b e lie ve Ha ley w as als o sa f e a n d K a r e n s a n g M a r i a h C a r e y s Hero in t he ho pes th at th e jud ges wo uld use t he save card bu t u nf ort u n a t e l y t h e j u d g e s d i d n o t s a v e h e r an d sh e was elimin ated I ac t ually l i k e d K a r e n A I f a n s l e t s g e t i t t oget her p lease. T his week t he c on test ant s are set t o p e r f o r m M o t o w n s o n g s G e t r e a d y IT turns out Jay-Z is no longer the wealthiest man in Hip Hop. Forbes Magazine recent ly released their list of Hip Hop's richest, and Bad Boy mogul Sean "Diddy Combs" leads the pack with $475 million. Diddy's wealth stems from interest in the Sean John clothing brand, Bad Boy Worldwide record label, and his popular vodka brand Ciroc a joint venture with drinks brand Diageo. Coming in second on the list is Jay-Z with his net wealth of $450 million. DIDDY ( $475 MILLIO N ) 2. JA Y -Z ($45 0 MIL LION) 3. DR. DRE ( $125 MILLI ON ) 4. 50 CENT ($100 MILL ION) 5. BIRDMAN ($100 MILL ION) Ya He ar, C hris Bro wn report e d l y h a d a n o u t b u r s t b e h i n d t h e sc en e s o f the G ood Mo rn ing Am er ic a s h ow o n AB C y e s te r da y m or n i n g The celebrity website TMZ.com reported that after Brown's perfor mance live from Times Square for the show, GMA reporter Robin Roberts began asking questions about his ex-girlfriend Rihanna. At this point, Brown attempted to redirect questions towards his new album, but the questions about the Rihanna incident persisted. The R&B singer then allegedly stormed into his dressing room, smashed a window and left the building shirtless. Ya Hear rumors circulating that R iha nn a a nd I ris h a ctor Co lin Far e ll a r e d a t i n g ? T h o u g h t h e t w o a r e d e n y i n g a ho o k u p t he y w e r e s po t te d a t a Sa n ta M on ica r e s ta ur a nt to g e the r It wa s a ls o r u mo r e d th a t th e h a v e b e e n e x c h a n g i n g r a c y t e x t m e s s a g e s t o o n e another. I guess Ri Ri only time will t e l l i f a n o l d e r m a n t w i n k l e s y o u r eye! Y a H e a r U s h e r a n d e x h i s T a m e k a a r e r u m o r e d t o h a v e a s e x t a p e T h e t a p e ( i f i t r e a l l y e x i s t s ) c o u l d be am ong st item s s t o len f r om U she r back in 2009 when he was robbed of two laptops, $50,000 worth of furs, a m il li on d o ll ars w or t h of je wel ry as we ll a s othe r mi s ce lla n eo us pe r so na l items. A N D T H E N T H E R E W E R E 1 1 . In Ya Ear Recaps American Idol KAREN RODRIGUEZ AP REVIEW C HRIS Brown's "Graffit ti," which arrived on the music scene 10 months after his attack on Rihanna, landed with a thud. But a sinister public image wasn't his only hindrance. The 2009 album didn't do him any favours: Most of the songs were weak and simply not up to par with his past two albums, especially 2007's "Exclu sive," a near-perfect CD. Brown is back on "F.A.M.E. (For giving All My Enemies)," but artisti cally, he's still not all the way there. The singer, who turns 22 in May, continues to advance when it comes to making Quiet Storm hits: "No Bull" is a certified R&B jam, and the Ludacris-assisted "Wet the Bed" is just as good. Even on smooth grooves that aren't sexually charged, Brown sounds topnotch. "Deuces," a No. 1 R&B hit, was one of last year's best songs, and like it, "Up to You" is destined to hit the top spot and it deserves to be. But here's the problem: On the dance songs, Brown is just average. That's unfortunate since he is a skilled leg-mover and is (or was) seen as the heir to Michael Jackson behind Usher and Justin Timberlake. "Yeah 3x" follows the formula cur rently dominating pop radio: There's endless drum loops, crowds cheering and pulsating beats. It's a song any current pop singer could sing. The same goes for the Euro-flavoured "Beautiful People." Then there's "Say It With Me" and "Oh My Love," two songs that sound too similar. For an album with only four up-tempo tunes, that's a pretty bad batting average. So it begs the question: While Brown is a solid R&B singer, can he be a real pop star? After listening to "F.A.M.E.," the answer is unclear. CHECK THIS TRACK OUT : "Up to You" has Brown learning from his mistakes in a past relationship and making sure he doesn't duplicate them in his current one. Y A H E A R G O S S I P C O R N E R H I P H O P S R I C H E S T L I N E D A Y

PAGE 24

Green Scene: New plants from old See page nine W E D N E S D A Y M A R C H 2 3 2 0 1 1 Chris Brown, F .A.M.E. (For giving All My Enemies)' See page 11 T h e T r a n s f o r m i n g S p a c es C o m m i t t e e i s p l e a s e d t o a n n o u n c e p l a n s f o r i t s s e v e n t h a r t t o u r T h e p o p u l a r ev e n t w i l l t a k e p l ac e o n S a t u r d a y a n d S u n d ay A p r i l 2 a n d 3 a n d w i l l b e v i s i t i n g 6 A r t S p ac e s : D A g u i l a r A r t F o u n d a t i o n D o o n g a l i k S t u d i o s A r t Ga l l er y N ew P r o v i d e n c e A r t & A n t i q u e s P o p o p S t u d io s P R O G a l l e r y a t C O B a n d T h e H u b w h o w i l l b e s h o w ca s i n g n e w a n d e x c i t i n g a r t w o r k f r o m m o r e t h a n 5 0 a r t i s t s W ith a more com pact b us r out e and fewer spaces this year, patrons wi l l h a v e t he op p or tu n it y du r i ng t he f o ur h o u r T o u r t o s p e n d a l o n g er t ime at each space t o v iew t he art as well as meet and speak with the artists. Purchases can be made dur i n g th e t o u r a n d p a t r o n s a r e r e m i n d e d tha t they wil l a lso b e tr ea ted to a v a r i e t y o f f o o d an d d r i n k a t ea c h stop. T r a n s p o r t a t i o n w i l l o n c e a g a i n b e p r o v i d e d b y t h e p r o f e s s i o n a l t e a m f r o m B a h a m a s E x p e r i e n c e T o u r s t h e e v e n t s S p o n s o r w h o w i l l d r i v e p a t r o n s a l o n g w i t h a k n o w l e d g ea b l e t o u r g u i d e i n c o m f o r t a b l e a i r c o n d i t i o n e d b u s e s t o e a c h v e n u e A l l b u s e s w i l l l e a v e d a i l y f r o m t h e N A G B p r o m p t l y at 1 0 a m T h e C o m m i t t e e w o u l d l i k e t o t h an k i t s f a i t h f u l p a t r o n s f o r t h e i r s u p p o r t o f t h e e v e n t a s p r o c e e d s f r o m l as t ye a r s t o u r w e r e d o n at e d t o a s s i s t w i t h H a i t i a n R e l i e f f o l l o w i n g t h e d ev a s t a t i n g e a rt h q u a k e by p ro vid in g t he mos t urg ent i tem s i n t h e f o r m o f m e d i c a l s u p p l i e s f o o d a n d h y g i e n e s u r v i v a l k i t s a n d s h e l t e r s u p p l i es A c h e q u e p r es e n t a ti o n wa s m a d e t o N e w P r o v i de n c e C ommu nit y C hurc h who partn e red w i t h W o r l d R e l i e f a w o r l d w i d e relief age n cy with a lon g t e rm prese n c e i n H ai t i a n d t h e D e l C a m i n o C o n ne ct i o n a L at i n A m er i ca n a nd Ca r i b be a n n e tw or k o f o r g a ni s a ti o n s a n d c h u r c h e s w h o w e r e e xt r e m e l y e ff ec t i ve in pr ovi di n g assi st an c e on t h e g r o u n d i n r ec o r d t i m e I n Na s s a u a d o n at i o n w a s m ad e t o t he AIDS F oun datio n to f inanc e an a dol es ce nt' s AI DS ar t wo rks ho p c o n d u c t e d b y A n t o n i u s R o b e r t s F o r m o r e i n f o r m a t i o n a b o u t t h e t o u r v i s i t t h e i r l i n k a t h t t p : / / w w w y o u t u b e c o m / u s e r / T r a n s f o r m i n g S p a c e s ? o b = 5 # p / u o r t h e i r w e b s i t e a t w w w t r a n s f o r m i n g s p a c e s b a h a m a s c o m T i c k e t s a r e n o w o n s a l e a t t h e f o l l o w i n g l o c a t i o n s : N a t i o n a l A r t G a l l e r y T u e s S a t T e l : 3 2 8 5 8 0 0 ; D o o n g a l i k S t u d i o s P a r ad i s e I s l an d D a i l y 10 a m 10 p m T e l : 3 6 3 1 3 1 3 ; D o o n g a l i k S t u d i o s V i l l a g e R o a d M o n F r i T e l : 3 9 4 1 8 8 6 Transforming SPACES IT'S THE day you've waited for, since teenagers. You dream of a wedding celebration designed for royalty. You dream of a simple, but elegant life as husband and wife. Brides and grooms-to-be, it's time to live your dreams at "Love & Cherish," the 23rd production of the annual Bahamas Bridal Show which takes place Sunday, March 27, 2011, at Wyndham Nassau Resort, Cable Beach. Show exhibitors are more excited than anyone else when it comes to this event. They can hardly wait to meet couples and show off their products and services, and provide information to help plan beautiful weddings, bridal shower, bachelor's party, rehearsal dinner, baby christening, birthday and office parties, and other special events. Exhibitors include Furniture Plus, British Colonial Hilton Hotel, Jewels by the Sea, Bristol Wines & Spirits, SuperClubs Breezes, Sheraton Nassau Beach Resort, Best Buy Furniture, Master Technicians, Colina Insurance, Bertha's Go-Go Ribs, Burns House Catering, Master Mixx Inc., Bahama Fantasies. Other businesses exhibiting at the bridal show are Seleon Productions, CH Realty, Noveltease, Wyndham Nassau Resort, Thompson Trading Co. Ltd., Secret Gar dens at Ardastra, Our Lucaya Beach Resort of Grand Bahama, No.14 Sweet Tings Lane, Impact Images & Designs, Fabulous Ronnie Beauty Salon, A Design for Destiny, and Eye Candy Make-up that will do make-up for the models in the fashion show. BRIDAL SHOW CAST T h e sh ow s M C i s N i c ol e He n d e rs on Sm it h a ss i st e d by a n no un ce r T o mm y St u bb s, w h o i s a l so t h e e v e n t s e x e c u t i v e p rod uc e r M a k e v a W a l la c e i s e v e n t c oo rdi n a t or a n d ha nd le s f a s hi on sh ow c ho re o g ra ph y wi t h Sh a me ka F e r na n de r. B ot h a re f a sh io n s ho w co or di n a t or s a l o ng w i t h D ia n e R ol l e M a r t i ne J o se p h, I cl y n Sm it h a n d K a r e n T a y l or Fashion models include Travetha Pyfrom, Nadia Dean, Irie Creaser, Bodine Johnson, Lakeisha Deveaux, Andrea Maycock, Lakera Deveaux, Ashley Stubbs, Richanna Munnings, Juranda Swaby and Leah Treco. The flowergirls will be Tyler Dean and Donesha Hepburn. Among the men modeling and performing in the bridal show are Terrance Missick, Keith Hinsey, Lamont Dean, Fred Paul, Eugeno Neely, Gonzalo Broncaccio, Freddie Lightourne, and Shandon Smith. Page boy will be Nathan Dean. Our official videographer will be Kevin Taylor of Dreamkatcher Media. Official show photographer is Mario Duncanson. Tiska Armaly of Weddings by Fanta-C will provide bouquets and boutonnieres in the fashion show. To Love & Cherish' PRESENTATION: Jay Koment makes the donation to AIDS Foundation President, Lady Camille Barnett (right). S N O W F L A K E B E A U T Y : A c a k e d e s i g n b y T h e C a k e B o x i s s h o w n o n d i s p l a y INCREDIBLE LAYOUT: Bahama Fantasies puts on an exhibit. GETTING THE GARTER: Performers act out wedding traditions. EYE-CATCHER: DeAnthea Cartwright models an orange dress. D A Z Z L I N G D R E S S : I r i e C r e a s e r m o d e l s a g r e e n a n d b l u e w e d d i n g g o w n A most spectacular event for everyone to enjoy! The T ribune SECTION B




THE TRIBUNE

WEDNESDAY, MARCH 23, 2011, PAGE 3B





Government meets the oil
majors on retail mark-up

By ALISON LOWE
Business Reporter
alowe@tribunemedia.net

The Government has met with the major
oil companies as it moves towards a decision
on whether to grant an increase in the mark-
up retailers can add to the price of gas and
diesel, asking for wholesalers to provide
information to help it come to a conclusion
on the matter.

Valentino Bain, country manager for
Esso, confirmed that both he and represen-
tatives of Texaco and Shell (FOCOL Hold-
ings), met with minister of state for the envi-
ronment, Phenton Neymour, last Wednes-
day to discuss the retailers’ position.

The meeting came two days after Mr Ney-
mour, who has ministerial responsibility for
relations with the petroleum industry, met
with members of the Petroleum Retailers
Association, formally receiving their request
for a 233 per cent increase in the mark-up
they can receive per gallon of gas, and a



400 per cent
increase for
diesel.

Mr Bain yes-
terday declined
to comment on
whether the
wholesalers put
forward a posi-
tion to the Gov-
ernment on the
retailers’
request for
financial relief.

He said the
wholesalers

were asked to
provide “infor-
mation relative
to the industry” to help the Government, but
declined to comment any further on the
meeting.

Oswald Moore, chairman of the Margin
Relief Committee of the Petroleum Retail-

PHENTON NEYMOUR

ers Association, said he was aware that the
Government had now met with the whole-
salers, as it told retailers it intended to do
before it makes its decision on their request.

He said the Petroleum Retailers Associa-
tion will meet next Wednesday, and hopes
that “by that time we will have some infor-
mation which we can give to our members
on where things stand” on the mark-up
issue.

“The Government met with the whole-
salers, and so I would think now that they
have had they are now doing whatever else
they have to do before making the decision.
We are not sure what that’s going to be, but
we expect a favourable response in a short
space of time,” said Mr Moore.

He said he would not “set a deadline” by
which the retailers expect to receive a
response, but added that “(the retailers’)
situation is critical.”

“We know they have their job to do and
we have waited a long time. We tried to
wait until we felt the economy has turned a

corner before we tried to really get some-
thing done, and I think they are working
with us in good faith,” Mr Moore said.

The petroleum retailers’ meeting with Mr
Neymour on Monday, March 14, came three
days after an estimated 80 per cent of service
stations shut down sales of diesel for 12
hours to draw attention to their position.

The Margin Relief Committee is asking
the Government to allow retailers to col-
lect 30 cents, rather than nine cents of prof-
it, on every gallon of gas, and 20 cents rather
than four cents per gallon of diesel.

Margins on gas have remained fixed at
the same rate for the last nine years, while
diesel margins have not been adjusted for 30
years.

Without an adjustment, Mr Moore said
some retailers are likely to give up on the
industry altogether, given that as oil prices
rise, costs rocket and profits shrink.

Mr Neymour did not return messages
seeking comment up to press time yesterday.

New homes are becoming a bad deal in weak markets

DEREK KRAVITZ,
AP Business Writer
WASHINGTON

A new home, the dream of
many would-be buyers, makes
less and less financial sense in
many places.

A wave of foreclosures has
driven down the cost of previ-
ously occupied homes and
made them even more of a
comparative bargain. By con-
trast, new homes have become
more expensive.

The median price of a new
home in the United States is
now 48 percent higher than that
of a home being resold, more
than three times the gap in a
healthy housing market.

Such a disparity can be a
drag on the economy. New
homes represent a small frac-
tion of sales, but they cause
economic ripples, bringing busi-
ness to construction and other
industries. Sluggish new-home
sales deprive the economy of
strength.

"A lot of people are saying,
‘If I can get a great deal on a
home already on the market,
why go through the headaches
of getting a new home?'" says
Mark Vitner, a senior econo-
mist with Wells Fargo. "There's
a relatively small group of peo-
ple who have the credit, have
the down payment and are
secure in their jobs that can go
out and buy new."

The gap is widening because
prices of previously occupied
homes are falling fast, pulled
down by waves of foreclosures
and short sales. A short sale
occurs when a lender lets a
homeowner sell for less than is
owed on the mortgage. New
homes aren't directly affected
by such sales.

The median price of a new
home — the price at which half
the homes sell for more and
half sell for less — has risen
almost 6 percent in the past
year to $230,600, even though
last year was the worst for sales
in nearly a half-century.

Slowed by those higher
prices, new-home sales have
plummeted over the past year
to the lowest level since records
began being kept in 1963. The
government provides fresh data
on new-home sales Wednesday.

By contrast, sales of previ-
ously occupied homes have fall-
en almost 3 percent in the past
year. Prices have dropped more
than 5 percent. In February, the
median price for a resale was
$156,100, according to the
National Association of Real-
tors.

That adds up to a price dif-
ference of $74,500, or 48 per-
cent, the highest markup in at
least a decade. In healthier mar-
kets, a new home typically runs
about 15 percent more, accord-
ing to government data.

Home prices and sales still
vary sharply among metro
areas. Cities with more fore-
closures tend to have more
resale homes that have lan-
guished on the market and are
priced at a bargain.

That makes new homes in
those areas comparatively
expensive. In Atlanta, for
instance, where foreclosures





INTERNATIONAL
BUSINESS

accounted for one in every 23
homes sold last year, the medi-
an price of a previously occu-
pied single-family home was
$109,900, about 12 percent low-
er than a year ago, according
to the Georgia data firm Smart
Numbers.

The median price of a new
home was more than twice that.

"That's as much of a differ-
ence as we've ever seen," said
Steve Palm, president of Smart
Numbers. "New homes can't
compete, and that means jobs."

An average of three jobs and
$90,000 in taxes are created for
each home built, according to
the National Association of
Home Builders.

Expensive

In some areas, older homes
were more expensive before the
housing market bust. That was
especially true in urban neigh-
borhoods with little or no room
left to build on.

But now, buyers get their
pick even in some of the trendi-
est places.

That's what Robert Rost is
finding in central Phoenix. Rost
doesn't want to commute far
to his job. He's been looking
for a home for about five
months but can't find new
properties in the neighborhoods
where he wants to live.

"I don't want to commute 45
minutes to an hour a day one-
way,” the 38-year-old computer
engineer says.

Homebuilders have taken
notice. Residential construction
has all but come to a halt.
Builders broke ground last
month on the fewest homes in
nearly two years. And building
permits, a gauge of future con-
struction, sank to their lowest in
more than 50 years.

Many builders are waiting for
new-home sales to pick up and
for the glut of foreclosures and
other distressed properties to
be reduced.

But with 3 million foreclo-
sures forecast this year nation-
wide, a turnaround isn't expect-
ed for at least three years.

Don Eyler, who has owned E
and R Construction in Terre
Haute, Ind., for three decades,
blames the banks.

He says people are still inter-
ested in having a custom-built
home but can't finance the pur-
chase. Tighter credit has made
it harder to get larger loans.

Eyler typically built eight
homes a year before the hous-
ing boom and bust.

Now, he's averaging just
about five. And he's making
less profit on each.

"We hope we can stay in
business until it gets better, but
the turning point is this year,"
Eyler says. "If it doesn't change,
we'll have to do something dif-
ferent."

Contributing to higher new-
home prices is the rising cost
of building materials.

Fewer new homes sold
means fewer jobs added to an
economy struggling with 8.9
percent unemployment. About
2.2 million overall construction
jobs have disappeared since the
housing boom went bust. That's
nearly a third of the people the
industry employed in January

Workers in residential con-
struction have fared even worse
than other construction
employees. Homebuilders cut

nearly 1.3 million jobs in that
time, or 39 percent of total pay-
rolls.

Besides generating jobs in
construction and other fields,
new-home purchases tend to
help the economy because buy-
ers are more likely to buy new
furniture, appliances and oth-
er amenities.

There's also the psychologi-
cal factor. In good times, most
homes rise in value. But new
homes historically have risen
faster — by an additional 1.5
percent a year, according to
Realtors and census data.

When homes appreciate in
value, people feel they have
more money. So they spend
more. "When you have more
net worth, especially in your
home, you feel richer,” says
Chris G. Christopher Jr., senior
principal economist at IHS
Global Insight.

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(AP Photo/Steven Senne, file)

FOR SALE: In this file photo taken Jan. 10, 2011, a for sale sign hangs
in front of a home, in Millis, Mass.New home? Or existing one? For
buyers, the decision is getting easier. A wave of foreclosures has sent
prices of previously occupied homes sinking. New-home prices have
fallen much less.

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PAGE 4B, WEDNESDAY, MARCH 23, 2011

THE TRIBUNE





BISX FIRMS URGED: “PAY MORE
ATTENTION’ TO YOUR SHAREHOLDERS

FROM page 1B

by Mr Davies had been brought home to Bahamian public |
companies by the recent battle the food retail group fought j
against the ‘hostile’ takeover bid by businessman Mark Fin-
layson.

He said at the time that the whole episode had shown the
need for listed stocks to pay more attention to, and stay closer,
to their shareholder bases.

Meanwhile, Mr Davies also backed calls by Paul McWeeney,

Bank of the Bahamas International’s managing director, for a :
Bahamas-based ratings agency to be established, providing }

transparent, honest reports on the creditworthiness of listed
: (Bahamas), FINCO and Royal Bank

stocks and their ability to repay their debts.

“We have advocated, and this has been part of our recom-
mendations to the Government, that there be a rating agency }
the BISX chief executive told Tribune Business. }

put in place,”
“Any time you provide investors with more details and timely
information, you enhance their perception and participation in
the market.”

Value

a company was or whether investors should buy its shares.
Turning to concerns over BISX’s pricing structure depress-

ing stock prices via the absence of liquidity and undue influence }
of small retail trades, Mr Davies told Tribune Business: “Secu- }
rities are like a piece of art; it’s what you’re prepared to pay for }

it.

“If we were having a systemic problem across our market

where securities are depressed or not trading at their true val-
ue, it would be the same case for all companies, and it’s not.

company is doing well and performing well in the economy.”

Mr Davies said the performance data compiled over BISX’s
10-11 year history showed that most listed stocks had enjoyed
historic price appreciation, rather than depreciation, and hint-

impact the recession was having on the stock market.

scription, also made a ‘rod for their back’ by creating the plat- }

form for multiple small retail trades to take place.

“T understand the complaint that just a few trades cause

movement,” Mr Davies said.
“When companies go public, you see these small volumes, 100

share minimums, so you see these small trades after the fact. It }
is what it is. The market can only trade what is there.”
















































LA COSTA MANAGEMENT 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

Toe

The National Insurance Board

of the Commonwealth of The Bahamas

Request for Contractors Pre-Qualification

The Narionel Insurance Board (NIB! ig seek ng to pre-qual h Contra Tors rabid ani the
Renovationsaf the Public Reserooms within the Claughton House Building locared on
Shirley Street, Nassau, Bahamas, Contractors must be in compliance with the National
Insurance Board. Act |social security programme], and in good stancling with the relevant

Government agencies,

Prequalification documents may be collected from NIBs Headquarters Building,
Clifford Darting Complex, Bailloa Hill Road, during the period March 21-25, 2011, or

downloaded from the Board's webuite at www.nih-bahamas.com

Pre-qualification documents should be signed, sealed and returned ro thel ice at rhe

Director in an envelope addressed co The Dinector, The National Insurance Board, wich

the caption Pre-Qualification Document - Renovations of Public Restrooms,
Claughton Howse Building Shirley Street,on orbelure 12 Noon on Friday, March 25,

2.

$3-$4m subscriptions
on $62.5m IPO launch

FROM page 1B

offering memorandum had been placed
in the 23 Royal Fidelity, Fidelity Bank

branches, with the bulk set to arrive
today.
“The branches are running out of

i offering memorandums, and there is
: a constant flow of people into the
i branches to pick up these documents.
: There’s a huge level of interest, and
: we’ve seen lots of interest at the
; branches,” the RoyalFidelity president

But while a credit rating agency, such as a Moody’s or Stan- }
dard & Poor’s, could rank companies alongside their peers, Mr }
Davies said such an entity could not say what the true value of } inside all Burns House liquor store
: locations were directing Bahamians
: where to pick up the offering memo-

told Tribune Business.
Rack cards and information posted

randum, and Mr Anderson said of the
IPO: “So far so good. It’s continuing to
stimulate interest.

“We started to get this feeling of a
high level of interest a few weeks ago,

: and are seeing it becoming a reality,
wi L S : \d It's ? manifesting itself in real subscriptions.”
Securities over time tend to increase in value, especially if the ;

The bulk of the Commonwealth

: Brewery investments are still expected
: to come from institutional investors,
? such as pension funds and insurance
? companies, Mr Anderson explained,

ed that complaints were only surfacing now because of the } although RoyalFidelity “will not get a

towards the end of the offering”, as
investment committees and their advis-
ers meet to make final decisions.

The retail investor side, though, was
“positive”. Mr Anderson said his initial
expectation was that Bahamian retail
investors would take up about 20 per
cent, or $15 million, of the IPO, with
the remaining $47 million subscribed
for by institutional investors.

However, with individual investors
having pledged to buy $10 million and
$3 million stakes, respectively, Mr
Anderson told Tribune Business that if
they came through retail investors
could end up taking 30-40 per cent,
some $20-$25 million, of the IPO.

Smaller

“There’s been so much interest from
the smaller investors,” he added,
explaining that an increased retail take-
up would reduce the sums available to
institutional investors.

Commonwealth Brewery will be the
third largest stock by market capitali-
sation when listed on BISX. The largest
BISX-listed stock by market capitali-
sation is FirstCaribbean International
Bank (Bahamas) at $1.17 billion, fol-
lowed by Commonwealth Bank at $670

CIBC, also holds the distinction of
being the largest IPO to date at around
$30 million.

With the $62.5 million Common-
wealth Brewery/Burns House IPO set
to be followed later this year by the
flotation of the first 9 per cent tranche
of Bahamas Telecommunications
Company (BTC) shares retained by
the Government, likely worth around
$37 million, and the possible $8 mil-
lion Arawak Cay port IPO, around
$100 million worth of equities will be
offered to the Bahamian capital mar-
kets this year.

The Government mandated that a
25 per cent stake in Commonwealth
Brewery/Burns House be offered to
Bahamian investors as an IPO asa
condition for approving the $125 mil-
lion buy-out of the 50 per cent stake
held by Associated Bahamian Distillers
and Brewers (ABDAB), the vehicle
70 per cent controlled by Sir Garet
‘Tiger’ Finlayson and his family.

The IPO is being offered at the same
terms, and price, as ABDAB received,
the Government having approved the
timing given that it agreed to effec-
tively underwrite the offering by
acquiring any shares not subscribed

And he also suggested that the way companies structured fealty peed Sandle an hat at

their initial public offerings IPOs), the Commonwealth Brew- }
ery one being a prime example with its minimum 100 share sub- }

million. FirstCaribbean, when it was

for by the Bahamian public.

Cable eyes ‘new Triple Play suite’ after US approval

FROM page 1B

: Anthony Butler, the latter’s
; president and chief executive,
: said: “It just gives us the
: opportunity to be the Triple
: Play provider that we’ve
: always had plans for over the
: last four-five years.

“It’s a pretty exciting time

; for the company, the new
} product suites that are about
? to come to the market.”

Once the SRG merger is

i fully consummated, it will
: effectively become Cable
: Bahamas’ wholly-owned sub-
: sidiary in the provision of
: fixed-line services in the
: Bahamas. The business strat-
i egy is likely to involve moves
: to expand SRG’s current esti-
: mated 2 per cent market
: share in the fixed landline
: business, largely through
: bundling this product with

Cable Bahamas’ existing data,
Internet and TV/video offer-
ings, which will allow the
merged entity to entice con-
sumers through discounts,
promotions and attractive
pricing.

Forward

Paul Hutton-Ashkenny,
SRG’s president, yesterday
told Tribune Business that the
FCC approval represented “a
major step forward” in the
two companies’ plans, while
consumers would soon
receive the benefit from com-
petition in the market for con-
verged communications ser-
vices with a privatised
Bahamas Telecommunica-
tions Company (BTC).

Only one approval -
exchange control from the
Central Bank of the Bahamas
- remains to come through

PUERTA DEL SOL 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, 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

PHILHARMONIC INVESTMENTS LTD.
(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

before the SRG/Cable
Bahamas merger is conclud-
ed, the FCC nod relating to
a change in control of SRG’s
section 214 licence. This will
allow the combined company
to continue providing inter-
national telecommunications
services into and from the US
as a global facilities provider.

“We have a landing station
in Florida for submarine fibre,
so because of the change in
control of SRG and the fact
we have a licence issued by
the FCC, they have to
approve the change of con-
trol because of the traffic sent
into and out of the US,” Mr
Hutton-Ashkenny said.

Adding that the merger was
“very close” to conclusion, Mr
Hutton-Ashkenny said the
final approval required was
exchange control approval
from the Central Bank, due
to the existence of a minority
foreign interest in SRG’s
ownership.

“We have one final
approval that we need to
obtain,” he added. “We don’t
anticipate a problem with
that, and it’s just a matter of
that dropping into place.
Hopefully, it’s something that
we'll be able to get squared
away in the next few weeks,
but I’m not being critical of
them [the Central Bank] in
any way.

“Once we can get that last
piece of paper, we’re looking
forward to getting going.”
Noting that BTC and its
incoming majority sharehold-
er, Cable & Wireless Com-
munications (CWC), had the
same Triple Play aspirations
as Cable Bahamas/SRG, and
wanted to get into the video
services market, Mr Hutton-
Ashkenny said: “It’s going to
present competition for con-
sumers in the marketplace for
converged services, which can
only be good.

“Tt’s a major step forward.

“This merger will provide
the Bahamian consumer con-
verged competitive services
for the first time.

“The merged company will
be in a position to offer new
services to the consumer at
highly competitive price
points immediately the trans-
action is concluded.”

Mr Hutton-Ashkenny said
the two companies had “quite
obviously not been sitting on
our hands” while waiting for
regulatory approval, and had
been working on their busi-
ness plan and strategy going
forward.

Complaints

Meanwhile, sector regula-
tor, the Utilities Regulation
& Competition Authority
(URCA), yesterday con-
firmed it was investigating two
complaints of anti-competi-
tive conduct made by SRG
against BTC.

SRG is alleging that BTC’s
fixed-line customers are being
permitted free calls when
dialling the latter’s ViBe cus-
tomers on another Bahamian
island, yet its own clients are
being forced to pay a charge
to do the same.

It is also claiming it faces a
“margin squeeze” over BTC’s
interconnection/wholesale
domestic long distance termi-
nation charge, and its retail
ViBe offering. Here, SRG is
alleging that ViBe customers
are being allowed to call BTC
fixed-line customers on anoth-
er island for free, while SRG
clients yet again have to pay
an interconnection charge.

Effectively, SRG is unable
to compete, because to do so
it would have to absorb the
costs incurred by its clients in
its business model.

SUPREME ARCH 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
THE TRIBUNE WEDNESDAY, MARCH 23, 2011, PAGE 5B

BISK chief wants Tore public Immigration pledges permit crackdown



FROM page 1B

secondly, hiring persons whose work permits have

a i
i expired and, thirdly, hiring people to work outside the
? scope of their work permit,” said the Director, who that a
? person hired to do a particular job ultimately being asked
: to fulfill a role “two notches up the scale” was a common

way in which Immigration laws are breached.
He said that for “too long” employees have taken the
brunt of enforcement efforts and it as time that the Depart-

amount of shares available expansion in terms of com- In addition, a minimum of :

FROM page 1B

they wanted to raise capital
(often through rights issues
etc) to finance expansion
and growth opportunities,
but limited possibilities in
the Bahamas - and a reluc-
tance to look abroad - had
stymied this.

“ve made it clear that
one of the things I’m hop-
ing to see in the fullness of
time is companies selling
more securities, increasing
the amount of shares avail-
able on the open market,”
Mr Davies told Tribune
Business.

Many BISX listed compa-
mies currently have less than
50 per cent of their issued
ordinary shares available for
trading on the open market.
While AML Foods and
Commonwealth Bank are
good examples of compa-
nies with relatively diverse
shareholder bases, many
other public companies are
controlled by a majority
shareholder or controlling
group of shareholders.

A prime example of this is
FirstCaribbean Internation-
al Bank (Bahamas), which
has less than 5 per cent of
its ordinary shares in
Bahamian investor hands
while, for example, both
Finance Corporation of the
Bahamas (FINCO) and
Fidelity Bank (Bahamas)
are both 75 per cent owned
by their immediate parents.

Asked why listed
Bahamas-based companies
had not increased the



DETROIT

General Motors Co. said Tuesday it
will sell all of its series A preferred shares
in Ally Financial Inc., its former finance

arm, for $1 billion.

The shares to be sold represent all of
Ally's series A preferred stock out-
standing, the automaker said.

GM received nearly $50 billion in gov-
ernment bailout aid during the financial
crisis and emerged from bankruptcy pro-
tection in July 2009. It said the sale of
Ally shares is another step in its strategy

to bolster its balance sheet.

The sale is expected to bring a $300
million gain for GM for the first quarter
and leave it with a 9.9 percent stake in
Ally's common stock, the company said.

The government owns 74 percent of
Ally. Ally received $17.2 billion in bailout
support. So far it has returned $4.9 billion

to the government.

Underwritten

The sale was underwritten by Credit
Suisse, BofA Merrill Lynch, Deutsche

for subscription by Bahami-
an investors, Mr Davies
replied: “There are many
reasons that companies have
not offered more shares to
the market.

“Companies only make
offers when they’re seeking
to expand. They seek that
capital when they have a
need for capital, a need for
expansion, and have contin-
uous plans to seck capital
on the open market.

“There hasn’t been a great
desire for the majority of
companies to expand
beyond our borders. Some
have done it, but they need
to think about it, as globali-
sation takes hold and other
[foreign] companies look
inward. Our companies
need to compete. They need
capital, and need to be look-
ing on a broad scale, as
money will not come from
the banks to assist them in
broadening their horizons -
to the Caribbean, Latin
America and Central Amer-
ica.”

Mr Davies was obviously
indicating that Bahamian
companies will ultimately
need to look to the capital
markets, and equity as
opposed to debt financing,
to gain the financing they
need to exploit domestic and
international growth oppor-
tunities, and be able to com-
pete with regional and glob-
al rivals.

However, he acknowl-
edged that the Bahamas was
“not there yet”, and added:
“We’ve not seen aggressive

Bank Securities and Barclays Capital.

Treasury Department spokesmen
declined to comment Tuesday on GM's

announcement.

Ally makes loans to GM customers

panies seeking capital and
issuing shares.

“Tm a firm believer and
strong advocate of compa-
nies having to compete. On
a global scale, we’re going
to have to look to compete,
because our borders have
been relatively closed.”

Meanwhile, responding to
concerns that BISX’s share
pricing mechanism was inap-
propriate, and that the lack
of liquidity was depressing
stock prices by giving small
retail trades undue promi-
nence and influence, Mr
Davies said volatility had
been “magnified” in recent
years by the global reces-
sion.

Model

“Since BISX has started,
one of the things is that
we've worked very hard to
put in place a market model
which is reflective of the
Bahamian environment,”
the BISX chief executive
told Tribune Business. “It
would be very easy to go to
another jurisdiction and bolt
on what they’ve done.”

With thousands of differ-
ent stocks traded on hun-
dreds of exchanges every
day, Mr Davies said there
were many different ways of
calculating opening, trading
and closing prices. BISX,
since inception, had

employed the closing price
model where, if a particular
stock did not trade in a day,
its closing price was the
same as the previous day’s.

TTS aman at eNy

1,000 shares needed to be }
traded in a particular stock
to trigger a change in its :
closing price, with the price }
only able to move by a max-
imum 10 per cent either }
side. And, if there were mul- :
tiple changes in a particular ;
stock, the closing price is }
determined by the weight- ;

ed average volume.

“What is in place is a mar-
ket structure approved by :
and }
approved by our members, :
and it’s been so since the }
inception of the exchange,” :
Mr Davies said. “That was }
seen as the best model we :
could use given the Bahami- :

the Government

an context.

“The Bahamian context is

small market, with a rela- }
tively small number of :
investors who are active in :

the market.”

Despite the relatively }
small market size, Mr :
Davies said there were :
BISX-listed stocks with :
broad shareholder bases that :
generated strong liquidity. :
And, while it was “natural” :
in asmall market such as the ;
Bahamas to see short-term }
stock price volatility, the :
BISX chief added: “The }
small number of players has :
combined with the recession :
and the downturn in the }

economy.

“All the things that you
see in the volatility and }
scarcity of trading are mag- }
nified. You will see height- :
ened movements in the mar- j

Ket.”



? and say ‘Minister, approve mine, refuse all the rest’.

We

Hiaker's Bap

(AP Photo/Paul Sancya, file)
ALL SMILES: In this Jan. 10, 2011, Dan Akerson, CEO of General Motors, smiles during the :
North American International Auto Show in Detroit. ;

ment does what is “right, proper and fair”.

“For a long time now it is only the poor employee who has
been taken to court and dealt with before the courts (for
working illegally). It is the poor employee who is placed in
the detention centre, who is deported and put on the restrict-

ed list (denying them the right to return to the country).

“We are of the view that the onus has to be on the employ-
er as well; those who engaged them to work. The whole idea
is to strike a balance and to make an example of those who
i break the law,” said Mr Thompson.

The enforcement effort will affect both white and blue-col-
lar workers and their employers, from homeowners hiring
gardeners to those in the financial services and tourism

industries if they are found in breach, he suggested.

Meanwhile, Mr Symonette issued a call to Bahamians to

rethink their hiring practices.

“Bahamians have to look at who they employ, and look at
themselves honestly and frankly in the mirror and ask
themselves whether or not we are employing too many
? non-Bahamians,” said Mr Symonette.
“Senator (Hope) Strachan (PLP) talked the other day

: ; ? about what she said are thousands of unnecessary work
is eae ae ? permits which are being granted. But possibly thousands of
Bahamians might consider not hiring those people who
? need work permits.

“T have been Minister of Immigration for several years
now, and I am amazed at the number of Bahamians who
apply for work permits. And when I refuse it they call me up,

709

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.

declined to block GM's purchase of }
Texas-based AmeriCredit even though }
that financial firm could end up compet- }
ing against Ally. The Treasury Depart- :
ment hopes to get back more taxpayer }
money through a public stock offering :
of Ally. :

Department has said that Ally has made
good progress in restructuring its opera-
tions. But a congressional oversight pan-
el in January criticized what it called
Treasury's "hands-off" approach toward
Ally.

The panel noted that the department

and finances dealer inventories. The gov-
ernment first bailed out the company,
then known as GMAC Inc., in late 2008
as part of the Bush administration's aid to
the auto industry. The Obama adminis-
tration provided additional funding in
May and December 2009. The Treasury

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

Complete daily, weekly and monthly reports as
required.

Qualifications 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.

LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

In Voluntary Liquidation In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138
(4) of the International Business Companies Act, (No.45
of 2000), THE MASTER MCC GLOBAL EMERGING
MARKETS BOND FUND, INC. (formerly THE HIGH
YIELD MASTER FUND, INC.) registration number 89777
(B) is in dissolution. Robert Koffler is the Liquidator and
can be contacted at BiscayneAmericas Advisers, LLC; 1111
Brickell Avenue; Suite 2750; Miami, Florida 33131; U.S.A.
All persons having claims against the above-named company
are required to send their names, addresses and particulars of
their debts or claims to the Liquidator before the 21* day of
April, 2011

Notice is hereby given that in accordance with Section 138 (4)
of the International Business Companies Act, (No.45 of 2000),
THE MCC GLOBAL EMERGING MARKETS BOND
FUND, INC. (formerly THE BISCAYNE AMERICAS
HIGH YIELD FUND, INC.) registration number 61483 (B)
is in dissolution. Robert Koffler is the Liquidator and can be
contacted at BiscayneAmericas Advisers, LLC; 1111 Brickell
Avenue; Suite 2750; Miami, Florida 33131; U.S.A. All persons
having claims against the above-named company are required
to send their names, addresses and particulars of their debts
or claims to the Liquidator before the 21 day of April, 2011.

If you would like to be a part of a dynamic,
progressive and growing organization, send
your resume to: hr@bakersbayclub.com or to
the attention of the VP Human Resources at fax
242-365-5814.

Robert Koffler
Liquidator

“Becoming the Employer of Choice in
The Bahamas!”

Robert Koffler
Liquidator


PAGE 6B, WEDNESDAY, MARCH 23, 2011



THE TRIBUNE



US companies doing well in | ctosaui

China but worry on future

TINI TRAN,
Associated Press
BENING

American companies plan to expand
their operations in China but remain deeply
concerned over regulations that favor local
companies at the possible expense of for-
eign businesses, a U.S. group said Tues-
day.

An annual survey released by the Amer-
ican Chamber of Commerce in China
showed that U.S. companies performed
well in the past year, returning to pre-finan-
cial crisis levels of profitability. The vast
majority — 83 percent of respondents —
plan to increase their investment and
expand operations in China.

At the same time, the report said busi-
nesses expressed major concerns with
bureaucracy and regulatory uncertainties in
China that favor domestic companies, and
voiced increased pessimism that economic
reforms can improve the working climate.

"One part of the story is that American
companies are doing well and profitability
is back to where it was before the financial
crisis. But the second part is that companies
have some real concerns about some ele-
ments of the regulatory environment," said
the group's chairman, Ted Dean.

In particular, U.S. companies reported
that regulatory barriers, including licens-
ing difficulties and innovation policies that
favored Chinese companies over foreign
counterparts, were problematic to their
future growth.

Nearly three quarters of respondents —
71 percent — complained that the licensing
process effectively discriminates against
foreign companies. Forty percent of those
surveyed said they believe the indigenous
innovation policies will hurt their business,
while another 26 percent say it has already
hurt business.

Beijing's indigenous innovation policy
was introduced to nurture domestic tech-
nology companies by favoring them in offi-

cial procurement. Business groups com-
plain that could shut foreign suppliers out
of fast-growing markets for computers and
other goods.

The difficulties are especially troubling
given that a majority of U.S. companies
are here to reach the Chinese market, Dean
told reporters.

"A very large share of our members are
in China for China. They are primarily here
to sell to the China market. As China shifts
to a domestic demand-led economic mod-
el, companies are investing in building their
businesses to serve that group,” he said

Unlike in previous years, fears that a
China economic slowdown was imminent
have largely receded, with 85 percent of
companies reporting revenue growth in
China last year.

The survey, conducted last November
and December, had responses from 434
member companies, representing indus-
tries ranging from services to manufactur-
ing and high-tech.

ea At

Sa lea ITE





TAREK EL-TABLAWY,
AP Business Writer
CAIRO

Egypt's stock market is
poised to reopen after a nearly
two-month closure that many
feared would further rattle
already-shaken investor confi-
dence in the country after the
mass uprisings that toppled
Hosni Mubarak's regime.

The relaunch of the Egyptian
Exchange, expected on
Wednesday, comes after the
prime minister accepted the
resignation of the market's
chairman and appointed a new,
temporary head. The move was
the latest in a series of steps
officials have taken to try to
ensure a smooth first few days
of trading on a market whose
restart was delayed several
times amid fallout from the Jan.
25 uprising and ensuing labor
unrest.

The decision to reopen the
market was based on "taking
all required procedures to guar-
antee its safety opening and
trading," said a statement post-
ed on the Egyptian Cabinet's
Web site.

Analysts believe that most,
if not all, companies will see
their share prices hard hit as
investors have their first chance
to weigh in with their money



on the developments that have
reshaped the country's politi-
cal landscape over the past two
months.

"T think the market will come
under pressure and we'll see
declines in most of the names,"
Wael Ziada, research head at
the Cairo-based Mideast invest-
ment bank, EFG Hermes, said
Tuesday.

But "T don't think that vol-
umes will be significant” in the
first few sessions, he said. "As
the market declines further,
we'll start seeing trading vol-
umes rising.”

The exchange closed on Jan.
27, after two consecutive days
of losses that saw the market's
benchmark index plummet by
slightly over 16 percent.

What many had expected to
be a closure of a couple of
weeks, however, was expand-
ed as the popular unrest that
toppled Mubarak was sup-
planted by waves of labor
unrest after his ouster. Banks
were shut down as workers
demanded higher pay and shifts
from temporary to permanent
labor contracts.

The strikes were echoed in a
broad range of sectors, serious-
ly affecting the country's output
at a time when tourism rev-
enues were seen falling sharply
and foreign direct investment



NOTICE





NOTICE is herety given thal MICHAEL ANTHONY BROWN




of FO. Box FH-14399, CARIBBEAN

GARDENS,

NEW PROVIDENCE, BAHAMAS, is applying to the Mrestar



resiponsinie for Nationality and Citizenship, for ragistration/naturalization




as a cilizen of The Bahamas, and thal any parson who knows ary



reason why ragetrationnaturelizaion should not be granted, should



$and a written and signed stalamant of tha lacks within bwenty-aight



days from the 23" day of March, 2011 to the Minister responsible




lor nationality and Gitgership, PO. Box N-7147, Nassau, Baharnas



(AP Photo/Nasser Nasser, File)
STANDING GUARD: In this Monday, Feb. 28, 2011 file photo, Egypt-
ian soldiers stand guard in front of the building of Egypt closed

stock market, in Cairo, Egypt.

was expected to take a hit amid
the ongoing political uncer-
tainty in the Arab world's most
populous nation.

Egyptian officials enacted a
host of measures aimed at safe-
guarding the market, including
triggering a suspension of trad-
ing if the broader EGX100
index moves 5 percent or 10
percent. In addition, the finance
minister set up a 250 million
fund that could be tapped if
there is a need to boost the
market.

The government also called
on all Egyptians to step up and
invest, either in shares or mutu-
al funds, as a way to prevent
the market from collapsing.

"These are all attempts to try
to secure the market," said Zia-
da.

But the uncertainty over
when the exchange would actu-
ally reopen unnerved scores,
raising questions about trans-
parency in a market many
viewed as among the most
transparent in the region.

Those questions build on
other worries, including the

overall welfare of Egypt's econ-
omy and the stability of the
country. Other worries came in
the form of the potential impact
on the market of the investiga-
tions into alleged wrongdoing
by former minister and top
businessmen linked with the
ousted regime.

On Monday, ratings agency
Moody's Investor's Service said
it downgraded the foreign cur-
rency deposit ratings of five
Egyptian banks by one notch,
to Bl from Ba3, after having
downgraded Egypt's sovereign
rating days earlier. The banks
affected were the National
Bank of Egypt, Banque Misr,
Banque du Caire, Commercial
International Bank and Bank
of Alexandria

Moody's said its negative
outlook on the banks reflects
its "reassessment of most of the
banks' standalone credit
strength, reflected in their bank
financial strength rating
(BFSR), mainly due to their
direct exposure to a lower rated
sovereign and the deteriorat-
ing economic conditions."

NOTICE

NOTICE is hereby given that ADELINE BIENVENUE
VICTOR of MIAMI STREET, P.O. BOX N-
1254, 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 16% day of March, 2011 to the Minister
responsible for nationality and Citizenship, P.O. Box N-

NOTICE

NOTICE is hereby given that PHILOCLES VICTOR of
MIAMI STREET, P.O. BOX N-1254, 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 16 day of
March, 2011 to the Minister responsible for nationality

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



LONDON — Stocks in
Europe fell amid concerns
over the military strikes
in Libya and mounting
expectations that interest
rates, particularly in
Europe, will rise soon.

France's CAC-40
closed down 0.3 percent,
Germany's DAX fell 0.5
percent and the FTSE 100
index of leading British
shares was 0.4 percent
lower .

_ INTERNATIONAL
roKvo—Hopesihat BUSINESS

Japan's nuclear crisis may
be coming under control
helped the country's stocks post significant gains. The Nikkei
rallied 4.4 percent.

Elsewhere in Asia, Hong Kong's Hang Seng gained 0.8
percent, South Korea's Kospi rose 0.5 percent, Australia's
S&P/ASX 200 inched up less than 0.1 percent and China's
Shanghai Composite Index rose 0.3 percent.

SINGAPORE — Japan's nuclear crisis could reverberate
through global energy markets for years to come, pushing up
prices as suppliers look to take advantage of a surge in
demand for non-nuclear fuels from the world's third-largest
economy.

TOKYO — Three of Japan's biggest global brands —
Toyota, Sony and Honda — say they will further delay a
return to normal production due to shortages of parts and
power after the March 11 quake.

LONDON — Consumer price inflation in Britain rose to
4.4 percent in February, more than the market expected
and putting more pressure on the Bank of England to raise
interest rates.

LISBON, Portugal — Portugal's government is on the
verge of collapse after opposition parties withdrew their
support for another round of austerity policies aimed at
averting a financial bailout.

The expected defeat of the minority government's latest
spending plans in a parliamentary vote Wednesday will
likely force its resignation and could stall national and Euro-
pean efforts to deal with the continent's protracted debt
crisis. The vote comes on the eve of a two-day European
Union summit where policymakers are hoping to take new
steps to restore investor faith in the fiscal soundness of the
17-nation eurozone, including Portugal.

ATHENS, Greece — Protesting contract workers occu-
pied Athens’ City Hall, disrupting municipal services, to
protest continued cuts in state-paid jobs.

BAGHDAD — Oil prices could climb to $120 per barrel
this year, a level that would be "acceptable," Iraq's oil min-
ister said while announcing that the country would hold its
fourth energy bidding round in November.

BEIJING — American companies plan to expand their
operations in China but remain deeply concerned over reg-
ulations that favor local companies at the possible expense
of foreign businesses, a U.S. group says.

CAIRO — Egypt's stock market is poised to reopen
Wednesday after a nearly two-month closure triggered by
the unrest that toppled Hosni Mubarak, and analysts expect-
ed steep losses in a reflection of shaken investor confidence.

The relaunch of the Egyptian Exchange comes after the
prime minister accepted the resignation of the market's
chairman and appointed a new, temporary head. The move
was the latest step by officials to try to ensure a smooth first
few days of trading on a market whose restart was delayed
several times amid fallout from the Jan. 25 uprising and
ensuing labor unrest.

MADRID — Spain paid lower interest rates to raise 2 bil-
lion euros ($2.84 billion) in an auction of 3- and 6-month
bills, indicating growing market confidence in the country’s
ability to handle its debt problems.

FRANKFURT, Germany — A German court ruled that
Deutsche Bank didn't sufficiently disclose the risks when sell-
ing one of its financial products to an investor and must
pay the company more than half a million euros plus inter-
est.

7147, Nassau, Bahamas. and Citizenship, PO. Box N-7147, Nassau, Bahamas.

The ruling could influence the outcome of dozens of dis-
putes between Germany's largest bank and small companies
and local governments who entered into so-called interest-
rate swap deals. The intention was to lower their interest

Legal Notice
payments, but many lost money.

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

NOTICE

Pursuant to the provisions of Section 137 (4) (a), (b)
and (c) of the International Business Companies Act,
2000, notice is hereby given that: -

AMSTERDAM — Jan Hommen, the chief executive of
ING Groep NV, says he will give up the eurol.25 million
($1.78 million) bonus he had been awarded for 2010, and
other managers will do the same, after news of the payout
was greeted with public outcry and customers threatened a
boycott.

CANADIAN GOVERNMENT INTRODUCES BUDGET

TORONTO

PELIER CONSULTANTS INC.

In Voluntary liquidation



(a) MAGGIORANZA LTD. is in dissolution;

(b) The date of commencement of the dissolution
is the 11th day of March, A.D., 2011 and

Notice is hereby given that in accordance with Section
138 of the International Business Companies Act (No.
45 of 2000), PELIER CONSULTANTS INC., has been
dissolved and struck off the Register according to
the Certificate of Dissolution issued by the Registrar
General on the 10th day of March, 2011.

Canadian Prime Minister Stephen Harper's Conservative
government adopted some key opposition proposals in its bud-
get in what might be a bid to stave off an election.

Finance Minister Jim Flaherty appeared to offer a budgetary
carrot on Tuesday to appease the New Democratic party. The
inducements includes help for low-income seniors.

The New Democrats have yet to announce whether they
will support the budget. For the budget to be defeated, all
three opposition parties would have to vote against it. The
opposition Liberals and Bloc Quebecois said after the budget
was announced that they will vote against it.

If the budget is defeated, Harper will have no choice but to
call an election, possibly in early May.

(c) the Liquidator is C.B. Strategy Ltd., of 308
East Bay St.

Yolanda Harnanjji,
of 12 Bell Lane, Gibraltar,

C.B. Strategy Ltd.
Liquidator

LIQUIDATOR


THE TRIBUNE

WEDNESDAY, MARCH 23, 2011, PAGE 7B





Sprint CEO: ‘Concerned
about AT&T-T-Mobile deal

PETER SVENSSON,
AP Technology Writer
NEW YORK

Sprint Nextel Corp. CEO
Dan Hesse said Tuesday that
he is concerned that AT&T
Inc.'s deal to buy T-Mobile
USA would hurt his company
and the industry, as the biggest
two players strengthen their
dominance.

The $39 billion deal was
announced Sunday, but is
expected to take more than a
year to close, after scrutiny by
regulators.

AT&T and Verizon Wireless
already have two-thirds of US.
wireless subscribers, and would
have three-quarters if the deal
goes through.

"I do have concerns that it
would stifle innovation and too
much power would be in the
hands of two," Hesse said in a
panel discussion at cellphone
conference in Orlando, Flori-
da, monitored by webcast. The

head of Verizon Wireless, Dan
Mead, was asked on the same
panel whether he had a stand
on the proposed deal.

"We're certainly very inter-
ested in what's going on," he
said. T-Mobile's CEO, Philipp
Humm, did not appear at the
panel as scheduled.

Sprint, the No. 3 carrier, has
been struggling for years due
to the troubled acquisition of
Nextel. Last year, its subscriber
numbers started improving, but
it still has a hard time luring
high-paying subscribers from
AT&T and Verizon, both of
which now sell the popular
iPhone. T-Mobile has the same

problem. AT&T's agreement
to buy T-Mobile, the No. 4 car-
rier, came as a surprise: media
reports had previously pegged
Sprint and T-Mobile as likely
to combine their businesses.
But AT&T was able to offer T-
Mobile's parent company, Ger-
many's Deutsche Telekom AG,
much more.

The deal leaves Sprint
"somewhat out in the cold,"
said Barclays Capital analyst
James Ratcliffe.

Scale is important in the
wireless business. It's very
expensive to build out and
maintain a wireless network,
but once that's done, you add

customers without incurring a
lot of extra costs. That means
wireless carriers with more cus-
tomers can be much more prof-
itable than smaller competitors.
Larger carriers also have more
clout when it comes to negoti-
ating with phone makers.

Trading

The stock of Overland Park,
Kansas-based Sprint has fallen
10 percent since the AT&T-T-
Mobile deal was announced. In
afternoon trading Tuesday,
they were at $4.53, up 17 cents
on the day.

However, Sprint's shares



(AP Photo/Richard Drew)

TIMES ARE A-CHANGING: AT&T Chairman, CEO and President Randall Stephenson,addresses a news con-
ference in New York, Monday, March 21, 2011.

were the only ones to fall
among cellphone companies.
Those of even smaller wireless
carriers actually rose, as
investors calculated there might
be something in the deal for
them.

The smaller carriers could be
targets for acquisition by Sprint,
or they could be in line to buy
assets from T-Mobile or AT&T
that regulators force the carri-
ers to sell as a condition of
approving the deal.

Shares of Dallas-based
MetroPCS Communications
Inc., the No. 5 carrier, were up
3.5 percent. No. 6 U.S. Cellular
Corp., a Chicago-based region-

SIGN OF CHANGE: In this Oct. 10, 2008 file photo, the
Deutsche Telekom AG logo is seen at the company’s head-
quarters in Bonn, Germany. AT&T Inc. on Sunday, March 20,
2011 said it will buy T-Mobile USA from Deutsche Telekom
AG in a cash-and-stock deal valued at $39 billion, becom-
ing the largest cellphone company in the U.S.

al carrier rose 5.4 percent. Leap
Wireless International Inc., the
parent of the low-cost Cricket
service, was up 15 percent.

Shares of Clearwire Corp.,
which is building a wireless
broadband network, also fell
on Monday in response to the
news, but recovered on Tues-
day, trading up 22 cents, or 4.5
percent, at $5.28. Clearwire is
majority-owned by Sprint and
has a lot of wireless spectrum
available for broadband, so
there was speculation that it
could have made some sort of
deal with T-Mobile, which is
poor in spectrum.

Shares of Verizon Commu-



nications Inc., which owns 55
percent of Verizon Wireless,
rose on the news. The deal
would let AT&T surpass Veri-
zon Wireless as the largest car-
rier, but analysts said it's well
equipped to compete with
AT&T, and the deal would
eliminate T-Mobile as a low-
price competitor. (Vodafone
Group PLC of Britain owns the
rest of Verizon Wireless.) In
Tuesday afternoon trading,
Verizon shares were up 53
cents at $37.

That was up 3.3 percent since
the deal was announced. The
shares are close to their 52-
week high of $37.70.

WHY INFLATION HURTS MORE THAN IT DID 30 YEARS AGO

WASHINGTON

Inflation spooked America in the early 1980s.
It surged and kept rising until it topped 13 per-
cent. These days, inflation is much lower. Yet
to many Americans, it feels worse now. And for
a good reason: Their income has been even flat-
ter than inflation.

Back in the '80's, the money people made typ-
ically more than made up for high inflation. In
1981, banks would pay nearly 16 percent on a six-
month CD. And workers typically got pay raises
to match their higher living costs.

No more. Over the 12 months that ended in
February, consumer prices increased just 2.1 per-
cent. Yet wages for many people have risen even
less — if they're not actually frozen.

Social Security recipients have gone two
straight years with no increase in benefits. Mon-
ey market rates? You need a magnifying glass to
find them.

That's why even moderate inflation hurts more
now. And it's why if food and gas prices lift infla-
tion even slightly above current rates, consumer
spending could weaken and slow the economy.

"It feels far more painful now than in the '80s,"
says Judy Bates, who lives near Birmingham,
Alabama. “Money in the bank was growing like
crazy because interest rates were high. My hus-
band had a union job at a steel company and
was getting cost-of-living raises and working
overtime galore."

Bates, 58, makes her living writing and speak-
ing about how people can stretch their dollars.
Her husband, 61, is retired. They've paid off
their mortgage and have no car payments. But
they're facing higher prices for food, gas, utilities,
insurance and health care, while fetching measly
returns on their savings.

"You want to weep,” Bates says.

Low

Consumer inflation did pick up in February,
rising 0.5 percent, because of costlier food and
gas. Still, looked at over the past 12 months,
price increases have remained low. Problem is,
these days any inflation tends to hurt.

Not that everyone has been squeezed the same.
It depends on personal circumstances. Some fam-
ilies with low expenses or generous pay increas-
es have been little affected.

Others who are heavy users of items whose
prices have jumped — tuition, medical care, gaso-
line — have been hurt badly. But almost every-
one is being pinched because nationally, income
has stagnated.

The median US. inflation-adjusted household
income — wages and investment income — fell to
$49,777 in 2009, the most recent year for which
figures are available, the Census Bureau says.
That was 0.7 percent less than in 2008.

Incomes probably dipped last year to $49,650,
estimates Lynn Reaser, chief economist at Point
Loma Nazarene University in San Diego and a
board member of the National Association for
Business Economics. That would mark a 0.3 per-
cent drop from 2009. And incomes are likely to
fall again this year — to $49,300, she says.

Significant pay raises are rare during periods of
high unemployment because workers have little
bargaining power to demand them.

They surely aren't making it up at the bank.
Last year, the average U.S. rate on a six-month
CD was 0.44 percent. The rate on a money mar-
ket account was even lower: 0.21 percent.

Now go back three decades, a time of galloping
inflation, interest rates and bond yields. When
Paul Volcker took over the Federal Reserve in

1979, consumer inflation was 13.3 percent, the
highest since 1946. To shrink inflation, Volcker
raised interest rates to levels not seen since the
US. Civil War of 1861-1865.

As interest rates soared, CD and money-mar-
ket rates did, too. The average rate on money
market accounts topped 9 percent. Treasury
yields surged, pushing up rates on consumer and
business loans. The 10-year Treasury note yield-
ed more than 13 percent; today, it's 3.5 percent.

By 1984, consumers were enjoying a sweet
spot: Lower prices but rising incomes and still-his-
torically high rates on CDs and other savings
investments. Consumer inflation had slid to 3.9
percent. Yet you could still get 10.7 percent on a
six-month CD.

Wages

Even after accounting for inflation, the medi-
an income rose 3.1 percent from 1983 to 1984. At
the time, workers were demanding — and receiv-
ing — higher wages. More than 20 percent of
U.S. workers belonged to a union in 1983. Labor
contracts typically provided cost-of-living adjust-
ments tied to inflation. And competition for
workers meant those union pay increases helped
push up income for non-union workers, too.

Last year, just 12 percent of U.S. workers
belonged to unions. And among union mem-
bers, a majority now work for the government,
not private companies. Wages of government
workers are under assault as state governments
and the federal government seek to cut spending
and narrow gaping budget deficits.

Workers’ average weekly wages, adjusted for
inflation, fell in February to $351.89. It was the
third drop in four months.

The result is that even historically low inflation
feels high. So "when you mention low inflation to
real people on the street, they immediately roll
their eyes," says Greg McBride, senior financial
analyst at Bankrate.com.

Falling behind inflation is something many
people hadn't experienced much in their working
careers until now. In the 1990s and 2000s, for
instance, most Americans kept ahead of rising
prices. Inflation averaged under 3 percent.

And inflation-adjusted incomes rose steadily
from 1994 to 1999. Once the 2001 recession hit,
incomes did falter. But after that, they resumed
their growth, rising each year until the most
recent recession hit in December 2007.

Rates on six-month CDs were also much high-
er than they are now: They averaged 5.4 percent
from 1990 to 1999 and 3.3 percent from 2000 to
2009. These days, though, Americans face the
certainty of higher prices ahead.

Nike Inc., facing higher costs for materials,
freight and other things, said Thursday it plans to
raise prices on a range of products starting this
spring. The company makes athletic shoes and
clothing. Whirlpool, Kraft, McDonald's, Clorox,
Kellogg, and clothing companies such as Wran-
gler jeans maker VF Corp., and J.C. Penney Co.,
also say they plan to raise prices. Whirlpool,
which makes Maytag and KitchenAid appliances,
says it's raising prices in response to higher raw
material costs.

Kellogg, which makes Frosted Flakes and Pop
Tarts, is increasing prices on some products to off-
set costlier ingredients. Kellogg is responding to
soaring costs for commodities including wheat,
corn, sugar, cotton, beef and pork. Vickens
Moscova, a self-employed marketer in Elizabeth,
New Jersey, says he's paying more for staples
like cereal, bread, eggs and public transporta-
tion. Yet he's making little from his savings.

"It is a huge pinch,” says Moscova, 25.

NOTICE

SIR LYNDEN PINDLING ESTATES
FORMERLY PINEWOOD GARDENS

Il SUBDIVISION

This Notice serves to advise the general public that lots
within the following blocks purportedly sold as lots within
“Nassau Village” form a part of the Sir Lynden Pindling
Estates Subdivision (formerly Cedar Groves/Pinewood
Gardens II) and are the property of Arawak Homes

Limited.

These Blocks are:

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

The general public 1s further advised to beware of purchasing
any lots in the above Blocks unless the land is described as
being in the Sir Lynden Pindling Estates Subdivision and
is being purchased from Arawak Homes limited or from
a person or entity which purchased from Arawak Homes
Limited. Otherwise, the seller(s) are not the owners of the
land.

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

Should you have any questions, please contact:

GENERAL LEGAL COUNSEL
ARAWAK HOMES LIMITED

PO. BOX N 3180

NASSAU, BAHAMAS

PHONE: (242) 394-0014/5; 502-6500


PAGE 8B, WEDNESDAY, MARCH 23, 2011

THE TRIBUNE



Oil tops $105 per barrel

CHRIS KAHN,
AP Energy Writer
NEW YORK

Oil prices pushed above $105 per
barrel Tuesday, as traders focused on
a series of international crises that
could tighten global supplies at a time
when consumption is expected to
increase.

Benchmark West Texas Intermedi-
ate for May delivery rose $1.88 to set-
tle at $104.97 a barrel on the New
York Mercantile Exchange. At one
point it was as high as $105.18.

The April contract for WTI crude
climbed $1.67 to settle at $104 per bar-
rel on its final day of trading.

In London, Brent crude gained 73
cents to settle at $115.64 per barrel
on the ICE futures exchange.

Energy economists continued to
gauge how recent unrest in Libya,
Bahrain, Yemen and Syria will affect
exports from a region that produces 27
percent of the world's oil. Libya, which
sits on the largest oil reserves in
Africa, has almost totally stopped
petroleum shipments as rebels battle
pro-Gadhafi troops. The addition of
international forces, including the
U.S., could mean that the country will
be embroiled in a protracted conflict
that will keep oil fields offline much
longer than previously expected, ener-
gy experts said.

In Yemen, embattled President Ali
Abdullah Saleh pledged to step down
more than a year early, but his refusal
to leave immediately infuriated tens of
thousands of demonstrators. Yemen is



(AP Photo/Matt Rourke)

FILLING UP: In this Feb. 16, 2011 photo, David Castro-Diephouse returns the nozzle to
the pump after filling his car’s tank with gas in Philadelphia. Oil prices rose above
$104 per barrel Tuesday, March 22, 2011, as traders continued to focus on a series of
international crises that will drive world supply and demand this year.

an important transfer point for global
oil supplies.

"Tensions are still pretty high in
that entire region, so prices are going
to stay above $100 per barrel for a
while,” PFG Best analyst Phil Flynn
said.

Iraq's new oil minister said Tues-
day that he expects oil to reach $120 a
barrel. Iraq produces about 2.4 mil-
lion barrels of oil per day.

Demand for oil and gas should rise
as the U.S. and global economies con-
tinue to recover. China shows little
sign of reducing its thirst for petrole-
um. Platts reports that China's oil
demand in February rose 10.1 percent
from a year ago, to the second
strongest level on record. It hit an all-
time high in December. China is the
world's second biggest oil consumer
behind the U.S.

Meanwhile, Japan continues to sta-
bilize the Fukushima Dai-ichi nuclear
complex that was damaged and leak-
ing radiation following this month's
earthquake and tsunami. The govern-

days’ supply of oil from its reserves.

loss of its nuclear facilities.

shortages.

settle at $4.254 per 1,000 cubic feet.

In other Nymex trading for April :
contracts, heating oil added 2.37 cents }
to settle at $3.0762 per gallon and }
gasoline gained almost a penny to set- :

tle at $3.0045 per gallon.

Stocks edge lower after a three-day rally

STAN CHOE,
AP Business Writer
NEW YORK

Stocks edged lower follow-
ing a three-day rally that
brought the Dow Jones indus-
trial average back above
12,000 for the first time since
an earthquake hit Japan just

over a week ago. The Dow
Jones industrial average fell
16 points, or 0.1 percent, to
12,020 in late morning trad-
ing Tuesday.

The broader Standard &
Poor's 500 index fell 3, or 0.2
percent, to 1,295. The Nasdaq
composite index fell 7, or 0.3
percent, to 2,685.

NOTICE

NOTICE is hereby given that RONALD DORLEAN of
BERNARD ROAD, NASSAU, BAHAMAS, is applying to the
Minister responsible for Nationality and Citizenship, for registration/
naturalization as a citizen of The Bahamas, and that any person who
knows any reason why registratior/naturalization should not be granted,
should send a written and signed statement of the facts within twenty-
eight days from the 23° DAY of MARCH 2011 to the Minister
responsible for nationality and Citizenship, P.O. Box N-7147, Nassau,

NOTICE

NOTICE is hereby given that Gella Philippe of P.O.Box
General Delivery, Dundas Town, Abaco, Bahamas, is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a_ citizen
of The Bahamas, and that any person who knows any
reason why registration/naturalization should not be
granted, should send a written and signed statement of
the facts within twenty-eight days from the 16'" day of
March, 2011 to the Minister responsible for nationality
and Citizenship, P.O. Box N-7147, Nassau, Bahamas.





A day with such little
change for stocks has been
rare so far in March.

The Dow Jones industrial
average has moved up or
down by at least 100 points in
four of the last five trading
days. Developments in
Japan's nuclear crisis and the
violence in Libya have been
driving the volatility.

The Dow jumped 3.6 per-
cent over the last three days,
its biggest gain since Septem-
ber. The gains mean the Dow
is nearly back to its 12,044.40
close on March 11, the day
the earthquake struck Japan.

Crude oil prices, a major
source of concern since mid-
February, rose $1.30 to
$104.39 per barrel.

Among active stocks, Bris-
tol-Myers Squibb Co. rose 2.5
percent to $26.65. The com-

pany said late Monday that a
new study of its melanoma
drug helped patients with
advanced skin cancer.

Online video and DVD
provider Netflix Inc. climbed
3.5 percent to $220.12. Credit
Suisse upgraded its stock on
expectations it will expand its
services overseas.

Jumped

Tivo Inc. jumped 2.3 per-
cent to $8.85 after Citadel
Investment Group, a hedge
fund, said it has built up a 5.3
percent stake in the compa-

ny.

Walgreen Co. fell 7.9 per-
cent to $38.67. The drugstore
chain's bottom-line results
were in line with expectations
but the company's profit mar-
gin wasn't as strong as

profits.

oil supplies. The earthquake

plants is stabilizing.



WALGREEN FISCAL
00 PROFIT CLIMBS
BUT SHARES TUMBLE

ment will release more than 56 million i INDIANAPOLIS

barrels of oil from the country's ;

reserves — enough to cover 22 days of } ie aca q fi
demand, analyst Addison Armstrong } i ane ane tae
said. Japan previously released three } & P :

: company shares tumbled after

: results were released and ana-

Bank of America analyst Sabine } lysts said they expected more

Schels said Japan will rely on other } from the largest U.S. drug-

power generators that run on liquefied }
natural gas and oil to make up for the }

Walgreen Co. said Tuesday

store operator.
The Deerfield, Ill., compa-

i ny said its gross profit margin

Schels estimated that Japan will }
increase imports of liquefied natural :
gas by 706 million to 848 million cubic } <
feet per day to partially replace pow- ; ing the past few quarters.
er lost from damaged nuclear reac- }
tors. Royal Dutch Shell is among oil } q rf I
companies shipping more crude and } ee ae pee ee
LNG to Japan to help offset power hela ae aa

— which measures gross prof-
it over net sales — stayed flat
at 28.8 percent after expand-

The flat margin generated
"widespread disappoint-

Walgreen also met Wall

i Street earnings expectations

Japan's increased imports are } when many analysts thought

expected to push world natural gas | they would beat the consen-
prices higher, though large global sup- :
plies should prevent them from spik- :
ing above $13 per 1,000 cubic feet as
they did in 2008. Schels expects natural }
gas prices to average around $4.48 per }
1,000 cubic feet this year. Natural gas ;

for April delivery gained 9.3 cents to }

sus, said another analyst, Jeff
Jonas of Gabelli & Co.

Shares dropped 6.6 percent,
or $2.75, to $39.22 in after-
noon trading.

The tumble left Scotia Cap-
ital analyst Patricia A. Baker
"somewhat perplexed.”

COFFEE SLIPPING ON
SPECULATION THAT
SUPPLIES BUILDING

Coffee futures are slipping

? on speculation that some

i growers may sell stockpiles
? soon, which could ease tight
investors hoped. Carnival }
Corp. fell 3.7 percent to
$39.48 after its forecast for
full-year earnings fell short of } $2.7345 a pound.
analysts' expectations. Higher } . :
fel pace: ae lee its ; cent in 2010, and has contin-

? ued to climb this year as glob-

Stocks climbed consistently aL up puey Dave erOwel inher:

between Sept. 1 and Feb. 18, ? y;
sie dhe ace glosed at Vietnam both had good har-
12,391.25, the highest level of } ducers have held their sup-
the year. Since then, stocks }
have dropped on worries that } higher prices.
protests in Libya and across }
the Middle East could disrupt i declines in supplies at the ICE
? Futures Exchange warehous-

in Japan and crisis at the }
country's stricken nuclear }
plants that followed also sent }
stocks lower, though stocks
in Japan and the U.S. have }
recovered in recent days on

signs that the situation at the } fall
: Tall.

global supplies.
Coffee for May delivery fell
3.55 cents to settle Tuesday at

The price jumped 77 per-

Analysts say Brazil and
vests last year but many pro-
plies in hopes of selling at

That has led to fairly steady

es.
In the past week, the ware-
houses have recorded small
inventory gains, creating spec-
ulation that some producers
may be more willing to sell
especially if prices begin to

NOTICE

NOTICE is hereby given that LYNN MARY EVANS of 69
FORTUNE BAY POINT, PO. BOX F-42958, FREEPORT,
GRAND BAHAMA, BAHAMAS is applying to the Minister
responsible for Nationality and Citizenship, for registration/
naturalization as a citizen of The Bahamas, and that any person
who knows any reason why registration/ naturalization should
not be granted, should send a written and signed statement of
the facts within twenty-eight days from the 23rd day of MARCH,
2011 to the Minister responsible for Nationality and Citizenship,
P.O.Box N-7147, Freeport, Bahamas.



NOTICE

NOTICE is hereby given that ROSENA JEAN-JACQUES of 76
CHURCHILL AVENUE, P.O. BOX SB-52742, 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 23°? DAY
of MARCH 2011 to the Minister responsible for nationality and
Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that |, JASMINE DENISE
THOMPSON of Sunset Meadows in the Western District
on the Island of New Providence intend to change my
name from JASMINE DENISE THOMPSON to JASMEN
DENISE STORR. If there are any objections to this change
of name by Deed Poll, you may write such objections
to the Chief Passport Officer, RO.Box N-742, Nassau,
Bahamas no later than thirty (80) days after the date of
publication of this notice.

= EG CAPITAL MARKETS
S BROKERAGE & ADVISORY SERVICES

ROYAL @ FIDELITY

Mertary an Work

MONDAY, 21 MARCH 2011
BISX ALL SHARE INDEX: CLOSE 1,470.49 | CHG 18.96 | %CHG 1.31 | YTD -29.02 | YTD % -1.94
FINDEX: YEAR END 2008 -12.31%
WWW..BISXBAHAMAS.COM | TELEPHONE:242-677-BISX (2479 | FACSIMILE: 242-323-2320
Daily Vol. Div $
0.123
0.013
0.153
-0.877
0.168
0.016
1.050
0.781
0.488
0.144
0.107
0.357
0.682 11.0
0.494 18.8
0.452 12.1
0.000 N/M
0.012 608.3
0.859 14.4
1.207 8.3

Securit_y
AML. Foods Limited
Bahamas Property Fund

Previous Close Today's Close Change
10.63
4.93
0.18
2.70
1.96
9.43
2.40
6.82
2.25

10.63
4.93
0.18
2.70
1.86
9.43.
2.40
6.82
2.23

Bank of Bahamas
Benchmark

Bahamas Waste

Fidelity Bank

Cable Bahamas

Colina Holdings
Commonwealth Bank (S1)
Consolidated Water BDRs
1.40
5.22
6.10

1.40

5.22

Â¥.50 1.40
9.30 0.00.
5.48 0.01
1.00 0.00.
-0.10

Doctor's Hospital
Famguard

Finco

FirstCaribbean Bank
Focol (S)

Focol Class B Preference

5.65
8.77
4.57
1.00

1,500
9.30
5.47
1.00

1,200

NOTICE is hereby given that FABIENNE CIRIL of YOUNG
STREET, 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 23 DAY of MARCH 2011 to the Minister
responsible for nationality and Citizenship, P.O. Box
N-7147, Nassau, Bahamas.

5.50
9.80
10.00

ICD Utilities
J. S. Johnson 9.82 9.82 0.00
Premier Real Estate 10.00 10.00 0.00
BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing basis)
Security Symbol Last Sale Change Daily Vol.
Bahamas Note 6.95 (2029) BAH29 99.46 0.00
Fidelity Bank Note 17 (Series A) +
Fidelity Bank Note 22 (Series B) +
Fidelity Bank Note 13 (Series C) + FBB13 100.00 0.00 7%
Fidelity Bank Note 15 (Series D) + FBB15 100.00 0.00 Prime + 1.75%
RoyalFidelity Merchant Bank & Trust Ltd. (Over-The-Counter Securities)
Symbol Bid & Ask & Last Price Daily oi.
Bahamas Supermarkets. N/A N/A 14.00
RND Holdings 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 Funds
NAW YTD%

7.40 7.30 1,550

S2wk-Hi S2wk-Low Interest
6.95%
0.00. 7%

0.00. Prime + 1.75%

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

Feet?
FRBB22

100.00
100.00.

EPS S$
-2.945
0.001

Div & Pre
0.000
0.000

ABDAB
RND Holdings

4.540
0,002

0,000
0.000

NAV 3MTH
1.498004
2.918256
1.564030

NAV GMTH
1.475244
2.910084
1.545071

Fund Name
CPAL Bond Fund
CPFAL MSI Preferred Fund
CPFAL Money Market Fund
2.8522 Royal Fidelity Bahamas G & | Fund
13.0484 Royal Fidelity Prime Income Fund
101.6693 CFAL Global Bond Fund
99.4177 CFAL Global Equity Fund
1.0000 FG Financial Preferred Income Fund
1.0000. FG Financial Growth Fund
1.0000 FG Financial Diversified Fund
9.1005 Royal Fidelity Bah Int'l Investment Fund Principal

Last 12 Months %
6.90%
1.45%
4.59%

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

1.4076
2.8300
1.5141

15179
2.9486
1.5837

5.51%
0.04%
0.61%
-0.56%
0.61%
9.98%
4.75%
5.20%
4.73%
5.35%

30-Nov-10
28-Feb-11
11-Feb-11
2.7049
13.4392
114.3684
106.5528
1.1465
1.1185
1.1491

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

NOTICE is hereby given that Melouse Joseph of P.O.
Box General Delivery, Dundas Town, Abaco Bahamas,
is applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a_ citizen
of The Bahamas, and that any person who knows any
reason why registration/naturalization should not be
granted, should send a written and signed statement of
the facts within twenty-eight days from the 16" day of
March, 2011 to the Minister responsible for nationality
and Citizenship, PO. Box N-7147, Nassau, Bahamas.

9.7950 4.85% 5.45% 30-Nov-10

10.0000 Royal Fidelity Bah Int'l stment Fund Principal

10.6417 -1.20% 0.50% 30-Nov-10

9.1708 Royal Fidelity Bah Int'l Investment Fund Principal
Protected TIGRS, Series 3

Royal Fidelity Int'l Fund - Equities Sub Fund

10.1266 1.27%
8.4510 0.72%
MARKET TERMS
YIELD - last 12 month dividends divided by closing price
Bid $ - Buying price of Cc

1.27%
9.95%

31-Jan-11
4.8105 31-Jan-11
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00
52wicHi - Highest closing price in last 52 weeks

'S weighted price for daily volume
nted price for daily volume
rom day to day
traded today
the last 12 months

Today's Close
Change - Cha
Daily Vol. - Ni
DIV $ - Divide
P/E - Closing price divided by the last 12 month eamings
KS) - 4-for-1 Stock Split - Effective Date 8/8/2007
S1) - S-for-1 Stock Split - Effective Date 7/11/2007

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

Weekly Vol. - Trading volume of the prior week
EPS $- A compa 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


THE TRIBUNE

SSeS

WEDNESDAY, MARCH 23, 2011, PAGE 9B



New plants from old





lants employ many
Pro: of propagation —

seeds, corms, bulbs, rhi-
zomes, suckers, etc. — but the
one that allows replication of
shrubs needs a little human
input. A cutting taken from a
mature shrub will readily root
and one parent plant can pro-
vide many independent off-
spring.

Just about all stems and branches
of shrubs and small trees have nodes
or growing points. Above ground
these produce leaves and branches;
below ground they produce roots.

This is the main principle behind
cuttings. Take a section of branch
and bury the lower end in the
ground. Roots will develop under-
ground and leaves, later branches,
will be produced above ground.

The plants most usually propa-
gated by cuttings are flowering
shrubs such as crotons, hibiscus and
oleander. Fruit trees like Key lime
can also be propagated this way but
would lack a taproot and be very
susceptible to toppling in high
winds.

If you look around your garden
you will see evidence everywhere of
new growth and this makes March
and April the very best times to
make and consolidate cuttings.

Cuttings are best taken near to
the ground and on wood that has
brown bark. Green or tip cuttings
are not likely to succeed unless a
misting bed is used.

There is no need for any cutting to
be longer than 10 inches. Planted in
a pot or directly into the soil to a
depth of 4 to 5 inches, a cutting will
develop quickly and within a season
or two reach the size of the parent
plant.

The base of the cutting should be
taken from the parent plant about
half an inch below a growth node
using a 45-degree or larger angle.

ia
BEAUTY: Hibiscus shrubs like this double white with pink blush can be easily propagated by cuttings.

Cut the top of the cutting square just
above a growth node. If you drop
your cutting you will be able to see
which end is to be planted in the
soil.

It is a good idea to plant your cut-
ting at a 45-degree angle as this helps
to cut down movement caused by
wind. If an upright cutting is moved
about by the wind it could prevent
tender young roots from forming.

Newly planted cuttings need mois-

ture but probably not as much as
you may think. A cutting is vulner-
able to disease and rot and these
are encouraged by soil that is too
wet. Root formation is stronger
when the roots have to chase after
moisture. Too much moisture makes
them lazy.

Do not push your cutting into the
ground. Rather, dig a hole and refill
it. Use a trowel to make an opening
for your cutting and seat it gently,

firming the soil around at ground
level. The soil around the base of
the cutting should be well aerated
and not densely packed. Pushing a
cutting into soil may damage the
delicate layers between the bark and
the woody core and this is where
our new growth will come from.
Can you leave foliage on or not?
It is probably best to remove all
foliage but tiny new shoots can be
left and have a 50/50 chance of



developing. Some gardeners claim
that the transpiration of a leaf or
two helps maintain capillary action
within the small cutting.

There are some shrubs with low,
whippy branches — rosemary is a
good example - and these can be
propagated by ground layers. Break
a branch part of the way through
and then peg it an inch or two below
the soil. New roots will form very
quickly, certainly within 8 weeks.

ust a few images of what we the
Bahamas looked like 40...50...60...

years in the past

BY ROLAND ROSE

The Governor’s Cup Race was held every year after the

Miami Nassau Race as part of the Southern Ocean Rac-
ing Conference. The race stretched from Nassau bar to
Booby Rocks and back.


PAGE 10B, WEDNESDAY, MARCH 23, 2011

THE TRIBUNE



SS



The Tribune





WHAT WOULD A
BAHAMIAN DO?



Jully Black visits Bahamas

AN award-winning R&B artist
who has worked with such industry
greats as Sean Paul and Missy Elliot
performed at a free concert in the
Bahamas last week.

R&B singer/songwriter Jully
Black chose the Bahamas as her first
ever Caribbean destination to visit.

The Canadian Juno Award winner
delivered, according to audience
members, a “powerful performance”
when she took to the stage at Port
Lucaya Marketplace in Grand
Bahama.

Ms Black — who has worked with
such big names in the music industry
as Nas, Missy Eliot, Destiny's Child
and Sean Paul — performed six songs
during her mini concert in Grand
Bahama.

She opened with the R&B song
“Seven Day Fool”, which was first
recorded in 1961 by Etta James.

Ms Black re-recorded it in 2007
and it was produced by Black Eyed
Peas’ drummer and songwriter Kei-
th Harris.

She premiered one song which has
never been heard in her native
homeland Canada called "Crown
Me".

The song will be out later this year
when she releases her new album.

The R&B artist was also in town
to film segments for CTV's eTalk,
Canada's most watched entertain-
ment news programme in which Ms
Black is a celebrity reporter.

Her trip to the Bahamas was
made possible in conjunction with
the Bahamas Tourist Office in
Toronto and was facilitated locally
by the Grand Bahama Ministry of
Tourism and the Bahamas Film and
Television Commission.

While on island for almost a week,
Ms Black enjoyed the many sites
and cultural activities the island has
to offer and was reunited with a
niece who is a local school teacher.

Ms Black has collaborated with,
and written for many notable Cana-
dian, American and international
artists.



By JEFFARAH GIBSON
Tribune Features Writer

popular American movies were adapted for Bahamian
actors and actresses for a Bahamian audience.

I think it would be interesting to see us play ourselves, and depict our very
own culture and attitudes on screen in the circumstances presented in
certain films. And it is good to kick back and laugh at ourselves every once
in a while.

Movies like Titanic, Diary of A Mad Black Woman and The Ring, would
all have very unique twists if the script was tweaked to reflect a Bahamian
way of life.

Tribune Entertainment asked the question what would a Bahamian do if
a particular scenes from a very popular movie was remade? And the
responses were just as funny as the some of the movies.

TITANIC

There are several scenes from the Titanic Tribune Entertainment read-
ers said a Bahamian would have done differently. The reader said the entire
relationship with Rose and Jack would have never even went that far it were
a Bahamian playing that role.

“First off, no Bahamian woman was ever going to be dating Jack because
Jack was broke and he did not have a job and the first thing mama does tell
us is never like no man who don’t have no job so that’s what would have
went down in Titanic,” said Kendece.

Another scene that the reader said a Bahamian would have done dif-
ferently was the scene when Rose jumped off the little boat to stay on board
the ship with the love of her life- Jack.

“That couldn’t have been no Bahamian women. If it was a Bahamian
woman she probably would have been in the front row on the little boats
with all her mother and cousins them telling Jack to call her on her cell
phone and bring a phone card while he at it when he reach ashore.”

The last scene from the Titanic that was a noteworthy feature was the part
of the movie when Rose had to stay on the bed head to save her life. Some
of the readers said both of them could have fit on the bed head.

“Boy if that was Bahamian is wasn’t going to be no sharing. She was com-
ing off that or we was taking turns sharing that bed head. I wasn’t dying for
no woman I just meet,” said Damian.

DAIRY OF A MAD BLACK WOMAN

The beginning of the Diary of Mad Black Woman had some Tribune
readers boiling over in their seat. Some of them said if that were a Bahami-
an woman who was dragged out of her house by her husband while his
sweetheart stood by and watched, things were not going to end as quietly
as it did.

“No it was going down like that. A Bahamian was probably calling all of
her brothers, her uncles, her cousins and her god brothers to deal with him
because you know every Bahamian woman like to talk about how they get
a crazy uncle or brother,” Shawn said.

Another reader said: “If that was a Bahamian woman she was going to
be doing the Bank Lane shuffle because when she finish with him that was
going to be it.”

THE RING

The scene in The Ring that readers said a Bahamian would have done dif-
ferently was the scene where the dead girl came through the television and
the man stood by and watched instead of running for his life.

“A Bahamian in that situation wasn’t wasting no time just standing
there. A Bahamian would have probably started running or praying but that
man just stood there,” the reader said.

[oor wonder what it would be like if some of the most

GOOD ON BLACK:
R&B singer /song-

Canada performs a
Lucaya Market-

Square in Grand

Bahama on March
17. Segments will
be seen on CTV's
eTalk where she is

The Bahamas Weekly/Photo

writer Jully Black of
free concert at Port

place’s Count Basie

a celebrity reporter.




Thursday, March 24 -
GREEN PARROT
WINE TASTING

¢ Green Parrot invites you
to a tasting of this season's
noble wines from Mendoza,
Argentina, 6pm-9pm in its
Wine Lounge. Tickets:
$25/per person. Space is lim-
ited! RSVP, Telephone: 322-
6900.
Friday, March 25 and Sat-
urday, March 26

“THE MOST
MASSIVE

WOMAN WINS”

¢ The Peacock Theatre
Company presents “The
Most Massive Woman
Wins”, a collection of one
act plays at the Hub that
promises both comedy and
psychological intrigue. First
showing, 8pm Friday, March
25. Matinee showing, 2pm
Sat, March 26. Telephone:
322-4333. Email: info@the-
hubbahamas.org See
http://www.thehubba-
hamas.org.
Friday, March 25 -
ROTARY/ROTARA
CT FUNDRAISER:
MARDI GRAS

“MASQUED”

¢ Rotary/Rotaract pre-
sents their 2nd annual silent
auction fundraiser under the
theme Mardi Gras
“Masqued”, 7.30pm at
Luciano's. Prizes awarded
for best masks, King and
Queen of Mardi Gras and a
whole lot more! Dress: for-
mal. All proceeds in aid of
the Rotary Club of East
Nassau and Rotaract charity
projects. Email: get-
masqued@gmail.com.

Saturday, March 26 -
BLACKBERRY’S
REGGAE ALL-
STARS PEACE FEST

¢ Blackberry presents a
reggae all-stars peace-fest at
Fish Fry, featuring Peetah
and Gramps, Morgan,
Tanya Stephens, Jah Heim, I
Sasha, El Padrino, Lutan
Fyah, and Romaine Virgo.
The event is hosted by Nat-
ural Empress and Jah Bami.
VIP: $25/with blackberry;
$30/without. Platinum:
$40/with blackberry;
$50/without. Tickets avail-
able at Marley Boutique,
Airbrush Junkies, Sexy
Thang and Sona Viva.
Saturday, March 26 -
“THE ORIGINAL
GAL FARM”

BOAT CRUISE

¢ Oleboy Production,
Back to Basics Barber Shop
and Toya present “The
Original Gal Farm” boat
cruise, Toya Birthday edi-
tion, onboard the KCT
Boat. Boards at 8pm; boat
leaves 9pm. Music provided
by Fire Reds, TG, Crazy
Jim, Selecta Ty. Cost: $15/in
advance; $20/at the boat.
Telephone: 428-0726.
Sunday, March 27 -
23RD ANNUAL
BAHAMAS

BRIDAL SHOW

¢ Buttons Bridal and For-
mal Wear presents the 23rd
annual Bahamas Bridal
Show under the theme “To
Love and Cherish”, noon at
the Wyndham Nassau
Resort. Have your ultimate
wedding experience with a
trade show, fashion show,
food, cake, champagne and
a chance to win a dream
wedding. Cost: $35 and $45.
Telephone: 327-8896. See
http://www.buttonsformal-
wear.com.
THE TRIBUNE WEDNESDAY, MARCH 23, 2011, PAGE 11B



GOSSIP CORNER
















a a oe AP REVIEW

HRIS Brown's "Graffit-
ti,” which arrived on the
music scene 10 months
after his attack on Rihanna,
landed with a thud. But a sin-
ister public image wasn't his
_ only hindrance.
The 2009 album didn't do him any
urs: Most of the songs were weak
nd simply not up to par with his past
albums, especially 2007's "Exclu-
,' anear-perfect CD.
rown is back on "F.A.M.E. (For-
ng All My Enemies),” but artisti-
ally, he's still not all the way there.
‘The singer, who turns 22 in May,
ntinues to advance when it comes to
aking Quiet Storm hits: "No Bull" is

:
%

HIP AHOP'S



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ooth grooves that aren't
>d, Brown sounds top-

*
sea

mis just average.
since he is a skilled

D) |B) Dy 4 EL REC)

2. JAY-Z ($450 MILLION)

3. DR. DRE ($125 MILLION)
4. 50 CENT ($100 MILLION)
5. BIRDMAN ($100 MILLION)

LINE:SDAY





By LESH

MERICAN IDOL fans are

saying this has to be the most
talented season of AI so far in a
long time, I must agree. The elimi-
nation show started with the con-
testants singing and dancing to the
songs "Born to be wild" and Lady
Gaga's "Born this way". It was act-
ed out as if the guys were singing
against the girls, | am thinking they
chose the "born" songs because last
week’s theme was "The year you

were born."

While it was not the best of the
best performances, it was entertain-
ing as always. And of course came
the Ford Music commercial with the
contestants watching themselves in
what seemed to be a movie preview
at a drive through movie theater in
Ford Focuses. After all that fun of
the audience and the contestants
watching themselves on the big
screen, Ryan came in for the kill by
asking for the lights to be dimmed!
All smiles were wiped off faces and
the holding of hands started, I hate

AND THEN THERE WERE 11...

that part just as much as they do,
so nerve wrecking!

The time came to call the bottom
three, Ryan called Jacob Lusk, Lau-
ren Alaina and Casey Abrams to
the center stage. They were all safe
and relieved! Shortly after, Ryan
calls up Haley Reinhart and Paul
McDonald, while Paul was safe,
Haley was stuck in the bottom three
for a second week in a row. There
was also a performance from Lee
DeWyze.

After a short commercial, Ryan
called Scotty McCreery, Pia Toscano
and James Durbin to the center of
the stage. They were all safe. Next up

were Stefano Langone and Naima
Adedapo. Stefano is safe from elim-
ination and Naima is back in the bot-
tom three. Ryan then calls up Thia
Megia and Karen Rodriguez. Thia is
safe, Karen is was not.

Based on America's votes for the
Top 12 performances, Naima,
Karen, and Haley landed in the bot-
tom three. Ryan reveled that Naima
is safe, in which I found it really
hard to believe. Haley was also safe
and Karen sang Mariah Carey’s
Hero in the hopes that the judges
would use the save card but unfor-
tunately, the judges did not save her.
and she was eliminated. I actually
liked Karen. AI fans lets get it
together please.

This week the contestants are set
to perform Motown songs! Get
ready.







~

WEDNESDAY, MARCH

ee |

Green Scene:

S| New plants
from old

see page nine

Chris Brown,
‘FAME.
(Forgiving All

My Enemies)’
see page 11





Transforming

e Transforming
Spaces Committee is
pleased to announce

plans for its seventh art
tour. The popular event will
take place on Saturday and
Sunday, April 2 and 3 and
will be visiting 6 Art Spaces:
D'Aguilar Art Foundation,
Doongalik Studios Art
Gallery, New Providence
Art & Antiques, Popop Stu-
dios, PRO Gallery at COB,
and The Hub who will be
showcasing new and excit-
ing art work from more
than 50 artists.

With a more compact bus route
and fewer spaces this year, patrons
will have the opportunity during the
four hour Tour to spend a longer

as well as meet and speak with the
artists. Purchases can be made dur-
ing the tour and patrons are remind-
ed that they will also be treated to a
variety of food and drink at each
stop.

Transportation will once again
be provided by the professional
team from Bahamas Experience
Tours, the event's Sponsor, who
will drive patrons along with a
knowledgeable tour guide in com-
fortable air conditioned buses to
each venue. All buses will leave
daily from the NAGB promptly at
10 am.

The Committee would like to
thank its faithful patrons for their
support of the event as proceeds
from last year's tour were donated
to assist with Haitian Relief fol-
lowing the devastating earthquake
by providing the most urgent items
in the form of medical supplies,
food and hygiene survival kits and

Community Church who partnered
with World Relief, a worldwide
relief agency with a long term pres-
ence in Haiti and the Del Camino
Connection, a Latin American and
Caribbean network of organisations
and churches who were extremely
effective in providing assistance on
the ground in record time.

In Nassau, a donation was made
to the AIDS Foundation to finance
an adolescent's AIDS art workshop
conducted by Antonius Roberts.

For more information about the
tour visit their link at

http://www.voutube.com/user/Trans
formingSpaces?ob=5#p/u or their
website at www.transforming-

spacesbahamas.com
Tickets are now on sale at the

following locations:

National Art Gallery Tues -Sat
Tel: 328-5800; Doongalik Studios
Paradise Island Daily 10am-10pm
Tel:363-1313 ; Doongalik Studios





time at each space to view the art Shelter supplies. A cheque presen- Village Road Mon-Fri Tel: 394- PRESENTATION: Jay Koment makes the donation to AIDS Foundation President,
tation was made to New Providence 1886. Lady Camille Barnett (right).

‘To Love
& Cherish’

@eeeaseeeoeoeoeeeeeeeeeeeeeeeeeeaaeeeasnesenaee

A most spectacular event
for everyone to enjoy!

IT’S THE day you’ve waited for, since teenagers. You
dream of a wedding celebration designed for royalty. You
dream of a simple, but elegant life as husband and wife.
Brides and grooms-to-be, it’s time to live your dreams at
“Love & Cherish,” the 23rd production of the annual
Bahamas Bridal Show which takes place Sunday, March
27,2011, at Wyndham Nassau Resort, Cable Beach.

Show exhibitors are more excited than anyone else
when it comes to this event. They can hardly wait to meet
couples and show off their products and services, and pro-
vide information to help plan beautiful weddings, bridal
shower, bachelor’s party, rehearsal dinner, baby christen-
ing, birthday and office parties, and other special events.

Exhibitors include Furniture Plus, British Colonial
Hilton Hotel, Jewels by the Sea, Bristol Wines & Spirits,
SuperClubs Breezes, Sheraton Nassau Beach Resort, Best
Buy Furniture, Master Technicians, Colina Insurance,
Bertha’s Go-Go Ribs, Burns House Catering, Master
Mixx Inc., Bahama Fantasies.

Other businesses exhibiting at the bridal show are
Seleon Productions, CH Realty, Noveltease, Wyndham
Nassau Resort, Thompson Trading Co. Ltd., Secret Gar-
dens at Ardastra, Our Lucaya Beach Resort of Grand
Bahama, No.14 Sweet Tings Lane, Impact Images &
Designs, Fabulous Ronnie Beauty Salon, A Design for
Destiny, and Eye Candy Make-up that will do make-up
for the models in the fashion show.



BRIDAL SHOW CAST

The show’s MC is Nicole Henderson-Smith, assisted by
announcer Tommy Stubbs, who is also the event’s execu-
tive producer. Makeva Wallace is event coordinator and
handles fashion show choreography with Shameka Fernan-
der. Both are fashion show coordinators along with Diane
Rolle, Martine Joseph, Iclyn Smith and Karen Taylor.

Fashion models include Travetha Pyfrom, Nadia Dean,
Irie Creaser, Bodine Johnson, Lakeisha Deveaux, Andrea
Maycock, Lakera Deveaux, Ashley Stubbs, Richanna
Munnings, Juranda Swaby and Leah Treco. The flower-
girls will be Tyler Dean and Donesha Hepburn.

Among the men modeling and performing in the bridal
show are Terrance Missick, Keith Hinsey, Lamont Dean,
Fred Paul, Eugeno Neely, Gonzalo Broncaccio, Freddie
Lightourne, and Shandon Smith. Page boy will be Nathan
Dean.

Our official videographer will be Kevin Taylor of
Dreamkatcher Media. Official show photographer is
Mario Duncanson. Tiska Armaly of Weddings by Fanta-C
‘ : ; will provide bouquets and boutonnieres in the fashion
EYE- CATCHER: DeAnthea Cartwright Hote an orange dress. show.



DAZZLING DRESS: Irie Creaser models a green and blue wedding gown.




(i The Tribune

him lowin’ it

84F
70F

MOSTLY

HIGH
LOW

_ SUNNY

Volume: 107 No.100

aU

By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net

PROGRESSIVE Liberal
Party deputy leader Philip
“Brave” Davis offered to pay
"extra" money for men will-
ing to get "locked up" during
Monday's protest outside Par-
liament, Culture Minister
Charles Maynard claimed in
the House of Assembly yes-
terday.

The MP for Golden Isles
claimed that Mr Davis made
the request Sunday night dur-
ing a telephone conversation
with an unnamed person.

The claim brought Mr
Davis to his feet to demand
that Mr Maynard table proof
to back up his claim. He also
wanted Mr Maynard to name
the person to whom he was
supposedly talking.

"Everybody knows that the
Progressive Liberal Party is
behind the civil disorder," Mr
Maynard said while support-
ing the sale of BTC in the
House of Assembly yester-
day. "The member for Cat

SS a)



Island made a phone call
night before last to somebody
saying ‘I want you to bring
some men and I'll pay them
extra if they willing to get
locked up, downtown’.”

Mr Davis said the remarks
were "serious allegations" and
demanded Mr Maynard back
up his accusations with hard
evidence.

"Task him to name that
person, not only name them
here, let's go outside and
name them and let's get it on.
I don't bother the member
but he finds it necessary to
talk about me at every turn. I
don't want it (the allegations)
withdrawn, he needs to bring
the proof of what he claims
has been asked," he said.

Members of the Opposition
said Mr Maynard's comments
questioned the matter of priv-
ilege, adding that the issue
should be forwarded to the
House's Standing Committee
of Privilege for review.

Privilege in the House of
Assembly or Senate allows

SEE page 13

AUTO INSURANCE

Never start your

Management.
sople you can trust.

| tebe | Frame
BE DUD aan) 2





WEDNESDAY, MARCH 23, 2011

SS
a



AND REAL aa
CEST SS

Brave Davis n as
for disorder chaltt

Fury as minister
accuses PLP
deputy in House

CLAIM THAT PLP OPERATIVE PROMISED TO



PAY TWO DOZEN FOR DEMONSTRATION

A PROGRESSIVE Liberal
Party operative gathered
together more than two dozen
persons who he promised to
pay for their participation in
the latest demonstration on
Bay Street, it was claimed last
night.

Well-placed sources within
the PLP said the operative
was trying to “impress” party
chiefs by marshalling people
to demonstrate against gov-
ernment’s sale of BTC with
the promise of payment.

However, when senior
members of the party at Gam-
bier House refused to partici-
pate in the plan by paying the
mob, they began creating a
ruckus.

The operative, after the

March &rd - 30th, 2011

House of Assembly gathering, ;
marched his people to the }
Opposition’s offices on Par- }
liament Street to meet with }
the party leader for payment. }
When they were informed }
that PLP leader Perry Christie ;
was not in office, but at the i
PLP’s headquarters, the group }

became agitated.

The individual then report- }
edly transported the group in }
two buses to the party’s head- ;
quarters on Farrington Road. }
Once there, a confrontation }
took place with the PLP’s ;
leadership, who informed the
crowd and the operative that ;
they had no hand in their ;
organisation nor had they }

SEE page 13

Wie!



SEE SECTION E



PRICE —75¢ (Abaco and Grand Bahama $1.25)



BAHAMIANS ‘MORE
CONCERNED ABOUT
PHONE RATES THAN
FOREIGN OWNERSHIP’

By CELESTE NIXON
Tribune Staff Reporter
cnixon@tribunemedia.net

A NEW study claims
Bahamians are more con-
cerned about phone rates
increasing with Cable and
Wireless, and not that the
company will be foreign-
owned.

Public Domain, a Bahami-
an marketing research and
public opinion polling firm,
conducted a telephone sur-
vey between February 16 and
March 11 regarding the pub-

SEE page 13

Tim Clarke/Tribune staff



UNION LEADERS CRITICISED FOR
‘NOT DOING ENOUGH’ AT PROTEST

By CELESTE NIXON
Tribune Staff Reporter
cnixon@tribunemedia.net

UNION leaders have been
criticised for "not doing
enough" during this week’s
protest against the sale of
BTC.

Protesters marched from
Clifford Park to Rawson
Square while the House of
Assembly was in session on
Monday, holding the third
major protest of the majority
sale of BTC to Cable and
Wireless (CWC).

However, the turnout of
BTC’s unionised workers was
said to have been poor.

According to Asst Police
Commissioner Glenn Miller,

NASSAU AND BAHAMA ISLANDS’ LEADING NEWSPAPER



the number of demonstrators
peaked at about 600. Only
200 of these were reported
to be union members.

One person opposed to the
sale of BTC told The Tri-
bune: "The union leaders
need to be fired, I am totally
disappointed and I have lost
my faith in them.”

Bahamas Communications
and Public Managers Unions
(BCPMU) president William
Carroll, commenting on the
protest, said: “I really
thought it would have been
more people, there was
enough people to let the gov-
ernment know that there was
still an opposition to the

SEE page 13


PAGE 2, WEDNESDAY, MARCH 23, 2011

THE TRIBUNE



LOCAL NEWS

Questions raised
ablout differences
In payment to
Co-ordinators and
exam markers

SOURCES inside the Ministry of Education have
raised questions about the large differences in payment
to co-ordinators and markers for standardised primary
school examinations.

Documents leaked to The Tribune concerning exams
sat by grade one, two, four and five students in May
2009, indicate a wide range of payments — varying
between $100 to as much as $5,500 — to 155 teachers.

The Tribune’s source claimed excessive payments for
marking papers were used as a means of exercising
favouritism by some senior public servants.

The director of the assessments unit, responsible for
administering the examinations, was not available for
comment. One senior official, who wished to remain
anonymous, said that while he had no specific knowl-
edge of any questionable behaviour in terms of pay-
ments to exam markers, there are often reports alleging
underhanded goings on at the Ministry of Education.

The official said there are sometimes internal investi-
gations, but the results of these are never made public.

“Tm glad you are launching investigations into things
like this,” he added

When contacted for comment, some of the teachers
named on the list as having received payments were
unable to give an explanation for the wide range in
amounts, or say what the rate per-paper-marked was.

Payment to markers typically varies, depending on
the set quota in any given year, and the standard rate
per examination paper. The rate usually varies depend-
ing on the subject, and the paper level.

No pattern could be established from the documen-
tation.

—7

fa

ie



Twist it up with the wew iTwist
doste. sensotion [row KFC.

Gyreo4+ Flavours! Unbeotoble Price!



as a bush fire quickly spread through the area, barely missing homes.

CALL: Bamboo Town residents had a scare yesterday





























J Fine Threads





By LAMECH JOHNSON

RESIDENTS of Bamboo Town had a scare yesterday
as a bush fire quickly spread through the area, barely
missing homes near a green space.

James Pratt, 67, of Airdale Drive, said the fire started
shortly after 10am and that while at first it was small, “the
breeze spread the blaze.”

Officers from the Police Fire Branch arrived on the
scene after receiving calls from residents.

They immediately went to work after locating two
sources of water, and three fire engines fought to contain
the flames and stop them from spreading further.

The Delta 9 fire engine had to push its way through the
bush to get to the fire as no road provided access.

While the crews of the trucks did their part in putting
out the blaze, home owners were hosing down their
walls and plants in case the fire approached.

One of the officers from the Delta 12 truck spoke
with The Tribune later, confirming they had the fire
“under control.”

When asked if they had any idea of how the blaze
started, he said in the case of bush fires, it is usually
very difficult to find the source.

Residents noted that bush fires are common in that
area.

At least five homes were threatened yesterday, the offi-
cers confirmed.

, ie jn
CuePPAR

A 24-YEAR-OLD man charged with
murder was arraigned in Magistrate’s Court
yesterday.

Mario Elliot, of Peardale off Wulff Road,
was arraigned before Chief Magistrate
Roger Gomez in Court One, Bank Lane,
charged with the March 17 murder of Java-
do Miller.

Miller, 29, was sitting outside his house

Man, 24, arraigned on murder charge



between Kemp and St James’ Roads with a
group of people, when he was shot and
killed. Elliot was not required to enter a
plea to the murder charge yesterday.

Prosecutors intend to proceed with a vol-
untary bill of indictment, which will be pre-
sented on June 22.

Elliot was remanded to Her Majesty’s

Prison.
THE TRIBUNE



THE THINKING BEHIND THE STRAW MARKET DESIGN

A building that
Sneaks the
language of
flowntown

By NOELLE NICOLLS
Tribune Staff Reporter
nnicolls@tribunemedia.net

ALTHOUGH the straw
market has been the talk of the
town this year, the buzz has
only recently shifted to the
design of the building.

With the new market now
unfolding in form and colour
on Bay Street, The Tribune sat
down with Bahamian architect
Pat Rahming for an inside look
at the method behind his cre-
ation. If the new building
evokes for you a sense of for-
mality, grandeur and stateliness,
your thinking is in line with that
of the designer. “Its form is an
adaptation of the classical style
of colonial architecture that
defines downtown Nassau,”
said Mr Rahming.

A part of what makes the
City of Nassau unique is the
scale and texture of its archi-
tecture and the “language” in
which its structures speak.
Whether it is buildings designed
to a more “domestic scale”,
using wooden columns and bal-
conies, or the more imposing
structures like the House of
Parliament, Mr Rahming said,
“the predominant style is what
is called Georgian architec-
ture.”

Millions of people travel to
the Bahamas looking for a
“place-specific experience” that
is born from the history, geog-
raphy, mythology and lifestyle
of the local community.

Mr Rahming said the city of
Nassau used to help define that
experience.

“The brand of Nassau is that
we are a black, African com-
munity that lives its life through
the expression of British cere-
monies on a Caribbean island.
The absolute symbol for that
branding, the logo you could
say, is a black policeman
dressed in his ceremonial outfit
standing on corner of Parlia-
ment Street and Bay Street giv-
ing instructions to two tourists
with the House of Parliament in
the background.

“That is the symbolism that
defines who we are. That is the
special experience of place that
we have been selling — except
that we haven't taken care of
it,” he said. Many symbolic
buildings have been destroyed
over the years, whether by fire
or neglect, and “little by little”
there has been a loss of her-
itage, said Mr Rahming.

With the new straw market,
he said, there was a deliberate
attempt to bring back symbol-
ism to the architecture and
maintain the language of down-
town. “What the straw market
does is recognise that heritage.
There is a part of our past that
relates to that Georgian tradi-
tion that creates the scale and
character of downtown Nassau.
While it is a brand new building
and it feels so, it is dressed in
the appropriate clothes. It is
appropriate that a public build-
ing downtown wears clothes
that speak to the ceremony of
downtown,” said Mr Rahming.

He said he was not con-
strained in his thinking about
how to enclose the straw mar-
ket by the the nature of the
activity taking place inside.

The entrance is framed by
practical columns that are pro-
portionally correct as classical
columns. It is the same lan-
guage on the Supreme Court
and Senate buildings, said Mr
Rahming. It is a formal lan-
guage of “ceremony in British
tradition,” he said — different
to the language of Woodes
Rodger’s Wharf, for example,
which is “informal waterfront.”

“What happens in the har-
bour has a different character.
You have the opportunity to
be more playful if you wish.
You could do that on Bay
Street too, but it is not a choice
that I, Pat Rahming would
make. I have chosen to see Bay
Street the way I see Bay Street.
Other people have seen it dif-
ferently. I don't think that is a
question of right or wrong; it is
a question of philosophy,” said
Mr Rahming.

Also at the forefront of Mr
Rahming’s mind as he designed
the new building was a time
over a century ago, in the 1800s,
when market women made
their daily sojourn from Over
the Hill, down Market Street,
under Gregory’s Arch to the
downtown market.

Those days, the market was
not just home to straw and craft
goods. Fruit and vegetable ven-
dors sold their produce there,
and fishermen and butchers
made it their marketplace too.

There was a “relatively tall
arched entrance” that faced
Market Street with a big iron
gate. The new design is a throw
back to the “original market”,
with an entrance that faces
Market Street almost squarely.

“Symbolically it was very
important and we have
returned that bit of symbolism,”
said Mr Rahming. The fact that
the straw market anchored the
economy of downtown, accord-
ing to Mr Rahming, is another
symbolic element. In the 1900s,
when market vendors dealing
in fish, fruit and vegetables
were moved to Potter's Cay, all
that remained on Bay Street
were straw and craft vendors
marketing to tourists.

That was the spark that led
to the downturn of the town,
according to Mr Rahming,
because the city centre lost a
central symbol: the “market for
its citizens.”

Businesses whose primary
customers were local people
eventually died off; the resi-
dential community of down-
town moved out; the entertain-
ment scene petered out, and
downtown transformed into
“nothing more than a shopping
centre”, as it still is today.

The history was important to
Mr Rahming, he said, because
it provided the context for the
undertaking. “Symbolism is
critically important, important
to our sense of self, nationhood,
and history. If we approach our
environment only from the
point of view of how many dol-
lars we can make from a square
foot of land, all we are doing is
making our children, poorer
and poorer in their spirit,” said
Mr Rahming. There are practi-
cal elements to the design as
well. The building sits on a
podium, designed to address
the notorious flooding prob-
lems experienced in the mar-
ket. The facade uses a detail-
ing technique called rustication



that creates an appearance of
stone bricks.

“We have chosen to make
that rustication detail one of
the ways we have made the
building easy to maintain. One
of the things we were asked to
do is see how we could make
the building as easy as possible
to maintain,” said Mr Rahming.

One of the problems with
public buildings is they have to
be painted all the time, he
explained. The surfaces used in
the new design are durable and
easy to clean. The tiles used on
some of the exterior walls, and
the brick walkway serve similar
functions.

“T designed the building as a
sort of pavilion. That pavilion is
really very symmetrical. It looks
the same from both ends and
both sides,” said Mr Rahming.

“All of the sides of the build-
ing are open so there is free
movement of people on all
sides. The vendors don't have
to worry about who is nearest
the opening. Plus there is a con-
stant breeze across the space,”
he said.

Mr Rahming was selected by
the government to design the
new market after it decided to
scrap the $23 million contract
with Michael Foster of Arcon-
cepts Limited, who won the
original design competition.

The new market is being
built to replace the one
destroyed by fire on Septem-
ber 4, 2001. That building also
housed offices of the Ministry
of Tourism. Mr Rahming, who
also participated in the design
competition, said he changed
his approach when the new
government settled on a $10
million budget, which was a
“dramatic reduction.”

The competition did not
impose budgetary limitations,
and Mr Rahming said at that
time he focused more on the
commercial value of the site.

“What I did as far as the
straw market was concerned
was I moved the market itself
one level above the street, so
you still had the big open mar-
ket, but it was not on the
ground. Underneath I had a full
block of commercial space, the
revenue from which I said
would support the market that
happened above,” said Mr Rah-
ming. “Now I still feel that solu-
tion was a responsible solution,
but on the other hand, I don't
believe there are very many
people politically who could

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THE FUTURE: A
rendering of the
straw market.

| THE PAST:
Olden times.

defend moving the vendors off
the ground and putting them
one level in the air. Most politi-
cians would not have been able
to deal with the reaction the
straw vendors would have had,”
he said. Of his new considera-
tion, Mr Rahming said the cel-
ebration of the “creative out-
put of the Bahamian commu-
nity” was central, and the sym-
bolism of downtown was “at
least as important as the com-
merce.”

In looking at the former
building, he said it was more of
“an office building with a straw
market on the bottom floor”,
and he wanted to return a
design that was more centrally
focused on the creative output
of Bahamians and the symbol-
ism of downtown. “Fifty years
from now that is the statement
on which we will be all judged:
were we prepared to create a
place that celebrated the cre-
ative output of the Bahamian
community?” said Mr Rah-
ming.

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PAGE 4, WEDNESDAY, MARCH 28, 2011

EDITORIAL/LETTERS TO THE EDITOR

THE TRIBUNE





The Tribune Limited

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

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

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

TELEPHONES
Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager - (242) 502-2352
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Freeport, Grand Bahama: 1-(242)-352-6608

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

Christie urged to control ‘political operatives’

IN THIS column yesterday we briefly
discussed the dangers of politicians using
“persons known to the police” to par-
ticipate in public demonstrations and
civil unrest.

We wrote that “one only has to look
at what eventually happened to politi-
cians in Jamaica who played this game
too long. Edward Seaga is a caSe in
point.”

Although Seaga represented
Jamaica’s west Kingston constituency —
stronghold to a powerful drug gang — it
was Prime Minister Bruce Golding who
inherited this precinct from him, even-
tually getting into political hot water at
home, and difficulties with the United
States when his government balked at
extraditing a drug lord who had sup-
ported his party’s elections over the
years.

“The prime minister, Bruce Golding,
had good reason to stall when the Unit-
ed States requested the extradition of
Christopher ‘Dudus’ Coke on drug and
gun charges last August, ” wrote The
Economist in its May 27 edition last
year. “The Shower Posse gang Mr Coke
allegedly runs—so named for showering
its foes with bullets—is based in Mr
Golding’s own constituency in Tivoli
Gardens, in the west of Kingston,
Jamaica’s capital. The gang’s weapons
are of military calibre and it has the loy-
alty of local residents. Any attempt to
apprehend Mr Coke would surely cause
widespread violence.”

Mr Golding stalled as long as he could
while relations deteriorated between
Jamaica and the US. Eventually he was
forced to send troops into tightly guard-
ed Tivoli to flush Coke out. However,
Coke had already fled, but not before 47
persons were dead, many others injured
and at least 260 arrested — most of
them Coke supporters.

It was claimed that Coke’s Shower
Posse were paying troublemakers more
than $1,000 a day to create diversions to

distract the police. Eventually Coke was
arrested and is now in a federal prison in
the US awaiting trial.

Although Golding denied any con-
nection with the drug lord, he eventually
had to admit that his party had indeed
retained a legal team to lobby president
Obama to drop the charges against him.

Connections with such undesirables
is deep-rooted in Jamaican society.

The dons had close ties to Jamaica’s
two major political parties and were
believed to fund many political cam-
paigns. They were noted for their “get-
out-the-vote” operations at election
time. Coke could be counted on to deliv-
er Tivoli to Seaga, then later to Gold-
ing’s Jamaica Labour Party. Elections in
Jamaica are noted for their violence,
often ending in death.

It’s not surprising that over the years
crime escalated in Jamaica — too many
criminals were politically protected.

What has taken place in parliament
square these past few weeks to entice
demonstrators to create a perception of
large crowds is not the first time for the
Bahamas. It has happened often. How-
ever, this is the first time that the pay-
ment of these persons — many well
known to the police— is being openly
discussed.

It is dangerous. It should be stopped
immediately. Just as paid protesters
have been demanding payment this
week, they will soon be demanding pro-
tection from police as crime continues to
escalate.

If some of Magistrate Hercules’ tales
from the past during the Pindling regime
are to be believed this interference with
the law is nothing new.

Opposition Leader Perry Christie has
made it clear that he wants nothing to
do with this practice. We suggest he go
further and get his “political operatives”
under control. Washing his hands like
Pilate from the stench is not good
enough — firm action is needed.



A remarkable
day in the life of
FNM’s 3rd term

EDITOR, The Tribune.

March 21, 2011, will
remain a remarkable day in
the life of the Free National
Movement’s third term in
office. Prime Minister Ingra-
ham and a diligent group of
FNM Members of Parlia-
ment moved forward with
their commitment to sell 51
per cent of the Bahamas
Telecommunications Com-
pany Limited in the face of
great and, in some cases,
very manipulative opposi-
tion. This process was done
with Bahamians all over The
Bahamas looking on. Inter-
estingly enough this would
not be the first time that a
large percentage of BTC
had been sold but it would
be the only time that the
Bahamian people knew of
it beforehand.

Of course, on this signifi-
cant day in Bahamian histo-
ry, the Free National Move-
ment that had been vilified
in all political circles of this
country was, again, buffet-
ed with the resignation of
Branville McCartney, the
Member of Parliament for
the Bamboo Town Con-
stituency. Of course, this
should have come as no sur-
prise to the FNM as Mr
McCartney had begun to
revealed his true colours
some time ago. The good
thing is that, at this juncture,
as the FNM commenced the
campaign for the 2012 gen-
eral election they were and
are able to see who is for
them and who is against
them.

Everyone knows that the
sale of BTC was looming for
some time now.

This particular sale, how-
ever, was different from the
previous because everything
about it was presented to the
general public for them to
view and make their own
judgment.

Both political parties had
made the sale of BTC a part
of their political platform
but the Bahamian electorate
chose the FNM to handle
this difficult and delicate
task and, in the face of great
adversity, the FNM did what
they were mandated to do.

Political minds in this
country were also aware that
Branville McCartney would
not last very long in the Free
National Movement begin-

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reason why registration/naturalization should not be
granted, should send a written and signed statement of
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March, 2011 to the Minister responsible for nationality
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LETTERS

letters@tribunemedia.net



ning with his resignation as
Minister of State for Immi-
gration and subsequently his
radio and other public inter-
views thereafter. I like Mr
McCartney but, sadly, he
demonstrated that he is
politically immature and
seemingly impatient when
things do not go his way.
While speaking from one
side of his mouth that Prime
Ingraham is not compas-
sionate from the other side
he insists that Prime Minis-
ter Ingraham is the best man
to lead the country at this
time. Mr McCartney tried
to shock Mr Ingraham and
party affiliates with his res-
ignation on the opening day
of the BTC debate but Mr
Ingraham continued onward
unfazed by McCartney or
the paid political charade
that was going on outside
the House of Assembly
while he made his contribu-
tion to this important delib-
eration.

The FNM has always
demonstrated sincerity in
addressing the needs of the
Bahamian people. Their
decision to forge ahead with
the sale of BTC is no differ-
ent from any other decision
they would have made.
Their aim has always been
to do everything in decency
and in order with the inter-
est of the Bahamian people
at their heart of their deter-
minations. They have had to
stand strong through politi-
cal adversity but this partic-
ular was much more chal-
lenging because they had the
BTC union to contend with,
emerging political entities
and some within their very
ranks. In the face of these
odds, they continued to per-
severe in the best of the
majority.

Branville McCartney is
not much different from Dr
Andre Rollins who, at the
peak of his limited political
existence, left the entity that
gave him life and, ultimate-
ly, used his transition to suck
some life out of that organi-
sation while bringing media
attention and focus to him-
self.

Mr McCartney cannot,
however, compare himself
to Hubert Ingraham, Perry
Christie, Tennyson Wells or
Pierre Dupuch, men who
dug in the trenches of their
political organisation and

were fired at the height of
their political careers. Mr
McCartney did an excep-
tional job at every level of
his ministerial career but,
other than running against
Tennyson Wells in the 2007
general election, he has
faced no real opposition or
oppression. In resigning his
political office he demon-
strated his lack of fortitude;
in renouncing his affiliation
with the FNM he showed his
disloyalty. As a direct result
his political doing or undo-
ing is all his own.

The remaining FNM faith-
ful must continue to be
courageous and purposeful.
The last general election was
a clear cut demonstration of
how desperate some will get
in their pursuit of power and
prestige. It brought out the
actual identity of many and
arduous party labourers had
a pretty good idea of who
was with them and who was
not.

This time it will be no dif-
ferent. The fragmentation
has already started and it
will continue. It is needed
so that when this political
battle becomes fierce the
party is fully aware of who
their genuine allies are.
There will be disagreements
about how and when things
should be done but these
pitfalls must not deflect the
FNM’s focus on the people’s
agenda.

Unlike other political enti-
ties in this country the
FNM’s record speaks for
itself.

There are those who
would seek to deny it but
the reality is blatantly visible
in every facet of our country.
Now, more than ever, fami-
ly islanders are aware of new
developments in our country
because they can watch it on
their televisions anywhere
in the country.

The Bahamian people are
thankful to the FNM for
Sparing no expense in ensur-
ing that the general public,
from Grand Bahama and
Bimini in the north to
Mayaguana and Inagua in
the south, knows what is
going on and have all of the
information to judge the
actions and decisions of gov-
ernment for themselves.

No government is perfect
but when we look around in
The Bahamas today it is tan-
gibly obvious that some gov-
ernments are simply much
better than others.

MARVIN R Z GIBSON
Nassau,
March 22, 2011.

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THE TRIBUNE

WEDNESDAY, MARCH 23, 2011, PAGE 7



PLP RALLY — FREEPORT

By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net

FREEPORT - PLP Deputy
Leader Philip “Brave” Davis
said the PLP is not like the
FNM and will always put ordi-
nary Bahamians first.

“We need serious leaders;
leaders who care more about
people than they do them-
selves. Leaders who are more
loyal to their country than they
are to their party; leaders who
believe in the people,” he said
at the PLP rally in Freeport.

Mr Davis noted that many
people are suffering in Grand
Bahama.

“Grand Bahama, I must con-
fess that I stand here with a
heavy heart. I am burdened by
the suffering that you have
been facing. My mind is con-
sumed with your concerns, your
pains, your strife,” he said.

“Since I was here last, 200
more Grand Bahamians lost
their jobs. The pain and suffer-
ing has gone up higher.”

“In the face of the economic
challenges that Grand Bahama
is experiencing I would expect a
good Bahamian government to
do all in its power to ease the
suffering of its people,” he said.

Mr Davis indicated hundreds
of million dollars are collected
by the government in tax rev-
enue on Grand Bahama.

He claims that the FNM gov-
ernment has given nothing
back.

“Where are the social out-
reach programmes? Where are
the disbursements for housing,
utility and food allowances?
Where is the hand that will help
you to stand on your own feet?
Where is the plan to bring relief
to Grand Bahama?”

“When I was here last I told
you about the windfall the gov-

LOCAL NEWS

Brave Davis: PLP will put
ordinary Bahamians first

perpen



PLP DEPUTY LEADER Philip ‘Brave’ Davis

ernment is set to receive in tax-
es from the BORCO sale. How
much of that will make it back
to Grand Bahamians? Didn’t
Papa say, ‘we gat the money?”

The PLP deputy leader
claims that the FNM govern-
ment has done little during its
term to work with the Grand
Bahama Port Authority.

He said instead of partner-
ing with the Port Authority the
government has “antagonised”
company executives.

“At one point, (Hubert
Ingraham) even got into a war
of words with Sir Jack! Did this
war help or hurt Grand
Bahamians?” he asked.

“Grand Bahama these are
serious times and serious times
call for serious leaders.

“This is no time to be playing
politics! This is no time to hold
grudges. This is no time to
allow your personal feelings to
get in the way of the survival

of our people! This is no time to
lose your head. This is certain-
ly no time to be reckless!”

Mr Davis felt that the gov-
ernment should meet with the
business community and work
with them to find ways to pre-
serve jobs and lower the cost
to consumers.

He criticised the prime min-
ister for his recent remarks
about a Nassau businessman.

“You can’t bad mouth a busi-
ness person Wednesday after-
noon, saying that, ‘he is not
good for the Bahamas,’ claim-
ing that they should not have
been allowed to have a busi-
ness and then that same night,
customs raids that business and
expect people not to think that
it was planned!

“That is stupid! It is the
action of a man that is clearly
drunk with power! He should
be thrown out of the door! Put
outside the house and sent

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away packing,” Mr Davis said.

He noted that although the
FNM has asked Bahamians to
trust them, they do not trust
Bahamians to run BTC, head
URCA, head HR at URCA, to
be the Director of Works, to
be President of COB, to head
the Department of Public Pros-
ecutions or build roads.

Mr Davis stressed that the
PLP party is much different
from the FNM.

He said:

e “The PLP believes in the
Bahamian people. The PLP
believes in people over things.
We believe in education over
roads and in Bahamianisation
over garage sales.

e “A PLP government would
not have fired ZNS workers
and civil servants during a
recession.

e “We would not be about
the business of shutting off the
electricity of thousands; so
school children cannot do their
homework.

e “A PLP government would
not cut funding to the Loan
Scholarship Scheme yet spend
over $200 million on roads.

e “A PLP government would
not have raised taxes on the
poor and then give concessions
to the rich.

e “A PLP government would
not hurt farmers and slash the
grants like the FNM did to
farmers all over the country.

e “A PLP government would
never kill the middle class and
ignore the cries and the pleas of
the people.

e “A government is supposed
to help you when you getting
mash up. It ain’t supposed to
mash you up more. A govern-
ment is supposed to give its
people first opportunity; not
deny them in favour of for-
eigners.”

Mr Davis urged Bahamians
to register to vote.









——————————————E———————————————E

y Motors Ltd.

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Church: Cuba to release
last dissidents from ’03

HAVANA
Associated Press

THE Roman Catholic
Church said Tuesday that the
Cuban government will
release the last two political
prisoners held since a 2003
crackdown on dissent, a land-
mark announcement that
came the same day Fidel Cas-
tro said he had stepped down
as head of the island's Com-
munist Party.

The decision will clear
Cuban jails of the last of 75
prominent intellectuals, oppo-
sition leaders and activists



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charges including treason has
long soured relations with the
outside world.

The last two men to be
released are Felix Navarro
and Jose Daniel Ferrer,
activists who had each been
sentenced to 25 years in jail.

"These releases come eight
years too late, but I am very
glad to know there will be no
more prisoners of conscience
in Cuba," said Gerardo
Ducos, a London-based
Amnesty International

researcher specializing in the
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lf you see this FINE young
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|


PAGE 8, WEDNESDAY, MARCH 23, 2011

THE TRIBUNE





‘Remarkable’ newspaper
ditorial on fuel prices

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By LARRY SMITH

THERE was a remarkable
editorial in the Guardian last
week.

The newspaper announced
that it preferred to see the clo-
sure of Bahamian businesses
rather than contemplate an
increase in government-con-
trolled margins on gasoline
and diesel fuel.

The Guardian was com-
menting on the demand by
petroleum retailers for an
increase in their fixed profit
margins on fuel sales. This
would immediately raise the
cost of a gallon of diesel by
28 cents, and the cost of a gal-
lon of gas by 30 cents.

"With the price of oil ris-
ing, citizens also have to pay
higher electricity and food
bills,” the editorial explained
with shock-horror. "Who
wants to pay more for gas and
diesel?"

Who indeed. And who
wants to pay more for
newsprint, advertising space,
insurance policies, lawyering
or toilet paper for that mat-
ter? This is a commentary
that says nothing and goes
nowhere.

But the Guardian had a
ready-made "free market"
solution to the problem: "The
retailers who cannot make it
may just have to go out of
business.” With fewer gas sta-
tions in the marketplace, the
logic ran, the survivors could
sell more fuel.

Well surely survival of the
fittest requires a level playing
field first. You can't artificially
manage prices or contracts
and then blame it on the free
market if they fail.

More importantly, oil
prices need to rise in order to
signal the market to conserve
energy and to incentivize
investment in alternative
energy. The poor can be
helped by transfers or rebates
of one kind or another, but
general subsidies or price con-
trols on fossil fuels should be
avoided.

The government's position
is that since fuel prices have
broad implications for the
economy “and given that we
are a small market with limit-
ed competition, margin con-
trol is one way to ensure that
price movements do not cause
too much disruption,” State
Finance Minister Zhivago
Laing told me.

Let's look at how the cur-
rent system works. The oil
companies (Esso, Texaco and

Open
Saturdays

10.00am-
2.00pm





LARRY SMITH

Shell) buy diesel and gasoline
in bulk from refineries off the
coast of Venezuela and set
the price for their Bahamian
subsidiaries (or to FOCOL in
the case of Shell), which
import the fuel for sale to
Bahamian dealers, who sell it
to you and me. Added to the
original cost of the fuel are
shipping costs and govern-
ment taxes, plus a fixed
markup per gallon of fuel for
both retailers and wholesalers.

Most gas stations are
owned by the distributors,
who lease them to Bahami-
ans. Some are dealer owned.
In both cases, the dealer must
pay for his fuel in advance,
before selling a drop, which
has a big impact on cash flow.
And if prices go down, the
dealer must sell his pre-paid
fuel at the new lower price.
The upshot is that fuel sales
are only marginally profitable,
with most dealers relying on
convenience store sales or
other extra services to make
it.

The profitability of the oil
companies themselves is
another matter. Exxon, for
example, reported a net
income of $7.5 billion last
July, mostly from its refining
and marketing businesses.

In his recently published
book, Is it Really Better in The
Bahamas — for Bahamians?
Dr John Rodgers notes that
Esso, Shell and Texaco have a
total lock on both the whole-
sale and retail arms of the
Bahamian fuel business.

"T have often heard peo-
ple ask why so many retail
stations go out of business,
when the petroleum business
is such a lucrative one," he
wrote. "The main causes are
the high rents, royalties and
other charges levied on the
stations by the cartel. The net
effect of these expenses is that
the cartel is taking back a sig-
nificant portion (some esti-
mate as much as 25 cents) of
the 44-cent markup that is
provided on each gallon of
gas sold by the retailer.”

This fixed margin system
has been in place since the
1970s, when price controls
were introduced by the Pin-
dling government on a range
of products in an effort to
check runaway inflation. The
last time fuel margins were
raised was in 2000.

THE MONTAGU MESS

The Montagu shoreline is
one of the few open spaces
left on this island. But despite
its use by inner city families,
cookout vendors, sailing
enthusiasts and pleasure
boaters, over the years it has
been allowed to degenerate
into a monstrous public health
and safety hazard.

There can be no rational
explanation for this —
although some would argue
that the opportunity to affront
those who lunch at the Royal
Nassau Sailing Club was the
main motivator.

The beach has all but dis-
appeared due to man-made
erosion, and the inappropri-
ately placed seawall has to be
rebuilt at great expense every
few years. The complex inter-
section is a dangerous traffic
and pedestrian safety hazard,
And there is a significant pub-
lic health threat from pollu-
tion caused by garbage, oil
and fuel discharges, human
and animal waste, sewerage
and storm water runoff.

Despite the stench and the
garbage, the ramshackle mar-
ket is visited by confused
tourists and people who stop
their vehicles without warn-
ing to chat or buy. Trailers
block the road during rush
hours, leading to miles of dai-
ly traffic jams and endless
frustration.

The venerable Montagu
Beach Hotel closed in 1973
and was demolished in 1993.
This land remained vacant for
years, and could easily have

been acquired by the govern-
ment as a public park — but
that never happened. So
today, high-rise office blocks
hem the joggers and pick-
nickers into a narrow strip
along the shore.

The 1960s-vintage ramp
was never meant to accom-
modate commercial traffic or
a public market, which had its
origins in the 1970s when one
or two casual fishermen began
hawking their catch to passing
motorists. But over the last
20 years one of our few recre-
ational areas has been trans-
formed into a public slaugh-
terhouse and commercial boat
ramp without the slightest
thought and without any
remedial action so far.

Fishermen moved to the
ramp in numbers after the
closure of Potters Cay in 1991
following an outbreak of
conch poisoning. At that time,
more than 1,000 people were
hospitalized from eating
conch infected with bacteria
picked up from polluted water
around the Paradise Island
bridge.

In 2006 a parliamentary
committee led by indepen-
dent MP Pierre Dupuch
reported following a two-year
study. That report called for
the vendors to be relocated,
and the ramp closed off from
the sale of fish and other
products, with access recon-
figured to prevent trailers
from blocking the main road.
The reclaimed area next to
the ramp was to become a
parking and turning area, with
the ramp extended outward
another 100 feet.

A minority report present-
ed by then opposition MP
Brent Symonette argued that
many of the traffic problems
at Montagu would be
resolved if improvements
were made to the Johnson
Road, Fox Hill Road and
Blair intersections with the
Eastern Road. But no action
was taken to implement any
of these recommendations.



In 2009 a public/private
sector steering committee was
appointed by Montagu MP
Loretta Butler-Turner (pic-
tured) to take another look
at the problem. Their report
concluded that the Montagu
junction had become a chaot-
ic free-for-all leading to "ten-
sion among vendors, dissatis-
faction among residents and
constituents and risks for
recreational users." It also
recommended a costly rede-
velopment of the entire area
as a public park.

Since then this proposal
has languished. Butler-Turner
said it would cost millions and
could not be covered by the
budget, so the government
was seeking to break it into
more manageable pieces.
Deputy Prime Minister Brent
Symonette told me the gov-
ernment "has instructed the
Ministry of Works to imple-
ment plans for the junctions
of Fox Hill/Eastern Road,
Johnson Road/Eastern Road
and Blair/Eastern Road as
well as some road improve-
ments at the ramp.”

These plans were devel-
oped from a traffic study
years ago that looked at all
intersections from Goodman’s

SEE page nine
THE TRIBUNE

WEDNESDAY, MARCH 23, 2011, PAGE 9





FROM page eight

Bay to Fox Hill in the con-
text of the multi-million-
dollar New Providence
Road Improvement Project
that is still ongoing.

"The survey work has
already been done at Fox
Hill/Eastern Road, and it is
intended to do this work








1. VENICE BAY ANNEX
LOT NO. 12 Block 2
PROPERTY DESCRIPTION:
Triplex Apartment Building
PROPERTY SIZE: 9,806 sq. ft.
LOCATION: Travelling south
along Bacardi Road from
Carmichael Road, take the 1st

Tough Call

during the summer so as not
to disturb St Anne’s
School," Mr Symonette
said. "Johnson Road may
require some acquisition of
land and may take longer.
The Blair junction will



2. WESTLAKE ROAD
LOT NO. 8
PROPERTY DESCRIPTION:
Single-family Residence
PROPERTY SIZE: 43,615 sq. ft.
LOCATION: Traveling west along
Adelaide Road from Coral
Harbour Roundabout; take the

hopefully go out to bid
shortly. The Montagu ramp
requires some massaging
but will go out to bid short-
ly as well. The initial plans
do not envisage moving the
vendors but rather some

road realignment and
adjustment to parking.
These plans are still a work
in progress."

In addition, a proposal
by the steering committee
for the adaptive use of Fort
Montagu as a unique restau-
rant is receiving favourable
consideration by both the
Antiquities Corporation
and the Ministry of Youth,

Sports & Culture. This
would also involve some
realignment of traffic flow
and parking areas in the
vicinity of the fort.
"Eventually we want to
incorporate the whole Mon-
tagu area so the beach can
be restored and other facil-
ities added," Butler-Turner
added. "I don't see that
happening over the next

NASSAU LISTINGS

two years, but we are hop-
ing to move quickly on the
ramp and the traffic flow
along Eastern Road this
year."

What do you think?
Send comments to
larry@tribunemedia.net
Or visit
www.bahamapundit.com

DEVELOPED RESIDENTIAL & COMMERCIAL

. WEST STREET
LOT NO. 2
PROPERTY DESCRIPTION:
Single-family Residence
PROPERTY SIZE: 5,000 sq. ft.
LOCATION: The subject
property is located on the
western side of West Street;

. WINTON MEADOWS ESTATES

SUBDIVISION
LOT NO. 115

PROPERTY DESCRIPTION:

Single family Residence
3 beds / 2 baths

PROPERTY SIZE: 8,000 sq. ft.
LOCATION: Traveling east on















































































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. ALLEN DRIVE




corner on the right after the
entrance to the former Bacardi
Company and then head west.
The subject property is the

4th building on the right, grey
trimmed white.

LOT NO. 2

PROPERTY DESCRIPTION:
Multi/Single Family Lot
PROPERTY SIZE: 5,000 sq. ft.
LOCATION: From Carmichael
Road, turn through the corner by
Geneva Brass Seafood and then
take the 3rd corner on the left. The
vacant property is located on the
left, towards the end of corner.
APPRAISED VALUE: $70,000

. BLUE HILL ROAD SOUTH

LOT NO. 4 unnamed subdivision
PROPERTY DESCRIPTION:
Single-family Lot

PROPERTY SIZE: 5,597 sq. ft.
LOCATION: Travel south along
Blue Hill Rd. from Cow Pen Rad.
take the 1st corner on the right,
subject property is the 3rd lot on
the right.

APPRAISED VALUE: $67,000

. CAMPERDOWN PHASE TWO

LOT NO. 4

PROPERTY DESCRIPTION:
Single-family lot

PROPERTY SIZE: 13,873 sq. ft.
LOCATION: The subject property
is located on Forest Drive, off
Camperdown Drive

APPRAISED VALUE: $210,000

. CARMICHAEL ROAD

LOT NO. 2 of Crown Allotment #35
PROPERTY DESCRIPTION:

Multi / single-family Lot
PROPERTY SIZE: 11,625 sq. ft.
LOCATION: The vacant property is
located west of McKinney Avenue.
APPRAISED VALUE: $116,000

. CARMICHAEL ROAD

LOT NO. Parcel “A”

PROPERTY DESCRIPTION:
Multi/ Single-family lot
PROPERTY SIZE: 4,650 sq. ft.
LOCATION: Traveling west on
Avacado Road from Faith Avenue,
take the 1st graveled corner on the
left, the property is the 2nd lot on
the left.

APPRAISED VALUE: $51,000

. CARMICHAEL VILLAGE

SUBDIVISION

LOT NO. 4 and 5 - part of Crown
Allotments 21 and 22 Grant A8-50
PROPERTY DESCRIPTION:
Single Family Residential Lot
PROPERTY SIZE: each 6,960 sq. ft.
LOCATION: The vacant properties
are bounded west of Golden Isles
Road and south of Carmichael
Road.

APPRAISED VALUE: $139,000

. CORAL BREEZE ESTATES

SUBDIVISION

LOT NO. 52

PROPERTY DESCRIPTION:
Single-family lot

PROPERTY SIZE: 6,000 sq. ft.
LOCATION: The vacant property is
located in Coral Harbour.
APPRAISED VALUE: $100,000

APPRAISED VALUE: $449,000



. CORAL BREEZE ESTATES

11

1st corner on the left past
Oasis. Head south along

Westlake Road. The subject
property is the 8th house on

the left.

about 70 feet north of Meeting

Street.

APPRAISED VALUE: $162,000

APPRAISED VALUE: $1,056,000

SUBDIVISION

LOT NO. 58

PROPERTY DESCRIPTION:
Multi-family Lot

PROPERTY SIZE: 7,500 sq. ft.
LOCATION: The vacant property
is located in Phase -1 of Coral
Breeze Estates.

APPRAISED VALUE: $101,000

. COW PEN ROAD

LOT NO. 1

PROPERTY DESCRIPTION:
Commercial Development lot
PROPERTY SIZE: 4,986 sq. ft.
LOCATION: Travelling west along
Cow Pen Road from Silver Gates
Drive; head to the 1st graveled
road on the left. The vacant
property is the 1st lot on the west.
APPRAISED VALUE: $70,000

10. ENGLERSTON SUBDIVISION

LOT NO. 21 Block 25

PROPERTY DESCRIPTION:
Single/ Multi-family Lot
PROPERTY SIZE: 5,360 sq. ft.
LOCATION: Travelling east along
Cordeaux Avenue from East Street,
take the 3rd corner on the left
(Miami Street} and head north. The
vacant property is the 3rd lot on
the right.

APPRAISED VALUE: $48,000

. EVANSVILLE SUBDIVISION

LOT NO. 23

PROPERTY DESCRIPTION:
Single/Multi-family lots
PROPERTY SIZE: 7,337 sq. ft.
LOCATION: Travel west along
Carmichael Rd. from Unison Rd.
take the 6th corner on the left.
Heading south pass the 3rd
corner on the left. The subject
property is the 2nd lot on the left.
APPRAISED VALUE: $88,000

12. FOX HILL SUBDIVISION

LOT NO. Parcel #1 and #2
PROPERTY DESCRIPTION:
Multi-family lots

PROPERTY SIZE: Parcel #1 -
4,199 sq. ft. #2 - 3,348 sq. ft.
LOCATION: Traveling north along
Grant Street from Dorsett Street,
the subject properties are the 3rd
and 4th lots on the left.
APPRAISED VALUE: $61,000
combined

13. GAMBLE HEIGHTS SUBDIVISION

LOT NO. 29Section 3
PROPERTY DESCRIPTION:
Multi/ Single-family lot
PROPERTY SIZE: 6,000 sq. ft.
LOCATION: Traveling south

on Baillou Hill Road, passing
Carmichael Road, take the 3rd
corner on the left, Sunrise Road
opposite St. Vincent Road.Heading
south on Sunrise Road, take the
4th corner on the left, the subject
lot is the 6th on the right.
APPRAISED VALUE: $60,000



14. HAROLD ROAD HEIGHTS



LOT NO. 15

PROPERTY DESCRIPTION:
Single/ Multi-Family Lot
PROPERTY SIZE: 9,096 sq. ft.
LOCATION: The subject property
is located on the northern side of
a road reservation about 100 feet
south of Gerald’s Street.
APPRAISED VALUE: $73,000

15. KOOL ACRES SUBDIVISION

LOT NO. Parcel of Land
PROPERTY DESCRIPTION:
Multi-family lot

PROPERTY SIZE: 7,000 Sq. ft. .
LOCATION: Traveling west on
Lumumba Road from Fox Hill
Road, take the 6th corner on the
right (Adderley Close). The subject
property is the 4th lot on the left.
APPRAISED VALUE: $84,000

16. LAKE VILLANESS SUBDIVISION

LOT NO. 105

PROPERTY DESCRIPTION:
Single / Multi-family Lot
PROPERTY SIZE: 14,400 sq. ft.
LOCATION: The vacant property
is located in Lake Villaness approx.
2,730 feet west of Gladstone
Road.

APPRAISED VALUE: $79,000

17. POLHEMUS GARDENS

LOT NO. 15 (Northern half
PROPERTY DESCRIPTION:
Multi/Single-family lot

PROPERTY SIZE: 7,804 sq. ft.
LOCATION: Travel west along
Boyd Rd. from Nassau St. take the
ist corner on the right Bunttings
avenue, subject property is the 2nd
lot on the left.

APPRAISED VALUE: $78,000

18. POLHEMUS STREET

LOT NO. 3

PROPERTY DESCRIPTION:
Single-family Residential lot
PROPERTY SIZE: 5,000 sq. ft.
LOCATION: On the northern side
of Polhemus St. about 240 feet
east of Nassau St.

APPRAISED VALUE: $50,000

19. RAHMING COURT SUBDIVISION

LOT NO. 5

PROPERTY DESCRIPTION:
Multi-family lots

PROPERTY SIZE: 5,502 sq. ft.
LOCATION: Situated in Ranming
Court, located on the southern
side of Bernard Road.
APPRAISED VALUE: $66,000

20. ROCKY PINE ROAD

LOT NO. Parcel of Land Portion of
Crown Grant A5-23

PROPERTY DESCRIPTION:
Multi-family Lot

PROPERTY SIZE: 13,406 sq. ft.
LOCATION: On the western side
of Ismae Drive - 170 feet south of
Rocky Pine Road.

APPRAISED VALUE: $150,000

21. SOUTH OCEAN ESTATES

Prince Charles Drive, from

Culberts Hill; take the 1st

corner on the right. Heading

south, take the 2nd corner on
the right. The subject property
is the 4th house on the left.



SUBDIVISION

LOT NO. 6 Block 7

PROPERTY DESCRIPTION:
Single-family lot

PROPERTY SIZE: 11,738 sq. ft.
LOCATION: Travel south of Lyford
Cay immediately pass Mount
Pleasant; take a left onto South
Ocean Boulevard to new South
Ocean Estates. The vacant lot is
property number 6 in block 7.
APPRAISED VALUE: $155,000

22. TWIN LAKES SUBDIVISION

LOT NO. 3, Block 28

PROPERTY DESCRIPTION:
Single/Multi-Family Lot
PROPERTY SIZE: 12,600 sq. ft.
LOCATION: Traveling south along
Skyline Drive from West Bay
Street, take the 4th corner on the
right (entrance to Twin Lakes).
Heading west take the 1st corner
on the right. The subject property
is the 3rd lot on the left.
APPRAISED VALUE: $158,000

23. VICTORIA GARDENS

SUBDIVISION

LOT NO. 7

PROPERTY DESCRIPTION:
Single-family lot

PROPERTY SIZE: 6,000 sq. ft.
LOCATION: Travelling south on
Gladstone Road from JFK Drive,
enter Victoria Gardens main
entrance (1st corner left) and head
east. At the ist cross road, turn
left. The vacant property is the 2nd
lot on the left.

APPRAISED VALUE: $72,000

24. VICTORIA GARDENS

SUBDIVISION

LOT NO. 8

PROPERTY DESCRIPTION:
Single-family lot

PROPERTY SIZE: 6,588 sq. ft.
LOCATION: Travelling south on
Gladstone Road from JFK Drive,
enter Victoria Gardens main
entrance (1st corner left) and head
east. At the 1st cross road, turn
left. The vacant property is the 3d
lot on the left.

APPRAISED VALUE: $79,000

25. VICTORIA GARDENS

SUBDIVISION

LOT NO. 168

PROPERTY DESCRIPTION:
Single-family Residence under
construction

PROPERTY SIZE: 6,000 sq. ft.
LOCATION: The vacant property is
located on the northern

side of a road reservation about “4
mile east of Gladstone Road.
APPRAISED VALUE: $90,000

INTERESTED PARTIES SHOULD SUBMIT OFFERS INCLUSIVE OF TELEPHONE CONTACT AND POSTAL ADDRESS TO: CB DISTRESSED PROPERTIES,
CREDIT RISK MANAGEMENT DEPARTMENT, P.O BOX SS-6263, NASSAU, BAHAMAS OR EMAIL US AT: DISTRESSED.PROPERTIES@COMBANKLTD.COM.

APPRAISED VALUE: $287 ,000

VACANT LOTS

26. VILLAGE CHILCOTT



ALLOTMENT

LOT NO. 14

PROPERTY DESCRIPTION:
Single-family lot

PROPERTY SIZE: 4,972 sq. ft.
LOCATION: Travelling south along
Kemp Road, pass the intersection
(Parkgate Road), take the 1st
corner on the left (Hamilton Street).
The vacant property is the 2nd lot
on the left.

APPRAISED VALUE: $50,000

27. WEST WINDS SUBDIVISION

LOT NO. 363

PROPERTY DESCRIPTION:
Duplex Lot

PROPERTY SIZE: 6,000 sq. ft.
LOCATION: The vacant property is
located in the area known as “Love
Beach” in the Western District of
New Providence.

APPRAISED VALUE: $95,000

28. WEST WINDS SUBDIVISION

LOT NO. 220

PROPERTY DESCRIPTION:
Multi/Single-family Lot
PROPERTY SIZE: 9,281 sq. ft.
LOCATION: Enter the subdivision
from Windsor Field Road to the
t-junction, and then take a left, the
lot is the 2nd on the left, on the
easern side of Kingfish Road.
APPRAISED VALUE: $176,000

29. YUMA ESTATES SUBDIVISION

LOT NO. “C”

PROPERTY DESCRIPTION:
Single/ Multi-family lot

PROPERTY SIZE: 7,268 sq. ft.
LOCATION: Travelling west along
West BayStreet from Blake Road,
take the 4th corner on the left
(Kiskadee Drive) and head south -
passing over the hill - turn thru the
1st corner on the left (entrance to
Yuma). Head to the T-junction and
turn left onto Sanctuary Circle. The
vacant property is the 3rd lot on the
left.

APPRAISED VALUE: $102,000

SERIOUS ENQUIRIES ONLY. PLEASE CALL 502-6132, 502-6109 OR 502-6146 FOR FURTHER INFORMATION.

* WE RESERVE THE RIGHT TO REJECT ANY OR ALL OFFERS.


PAGE 10, WEDNESDAY, MARCH 23, 2011 THE TRIBUNE

Cal’s Big Bumpin’ Circus
returns to the Bahamas

FREEPORT, Grand
Bahama — Soft Productions, the
Grand Bahama Port Authority,
and the Grand Bahama Cham-
ber of Commerce announced
last week that they are bringing
back Cal’s Big Bumpin' Circus
to Grand Bahama, Nassau and
now Eleuthera and Abaco.

At a press conference held
at the Grand Bahama Cham-

matin | i ber of Commerce, David Wal-

i lace, event organiser,

Daycare, pre-school directors Q4iN | announced plans for the return
: of the successful circus show.

valuable knowledge at conference | “We are very excited to

announce that the circus is





2. This year we will also be
adding Eleuthera and Abaco
shows on March 30 and April 4-
5 respectively,” he said.

A GROUP of 80 directors of daycare and pre-school returning to Grand Bahama on
centres in New Providence and from the Family Islands ; March 27 through 29 and to
recently participated in a conference designed to raise | Nassau on March 31 to April

the level of minimum standards in the field.
The conference at the Holy Trinity Activity Centre
encouraged the directors to determine how best to





improve upon areas such as staff requirements; health ; “T am also very pleased to
and safety; centre administration and records; pro- : tell you that we will be bringing
gramme requirements, and the physical environment. ? back some of last year’s
The directors were reminded that failure tocomply —: __ favourite acts, the Rubber Band reese
would be disadvantageous to the educational develop- | Man, the high wire act, as well EVENT ORGANISERS announced &
ment of children attending daycare centres and pre- ; asa few new ones that include a the return of circus to Grand D>
schools. i oe ieee ae and a ae ‘oe a ue =
i : ; trampoline jumping clown. aco and Eleuthera. Pictured a
Pe >] yn ies ee meee Wee 1 : “We are also going to shine the press conference are (I-r): a
ostering Best Practices in Daycare and Pre-schoo some light on our own Bahami- Andrew Forbes, circus adminis- 2
Centres”, offered several sessions on various topics : an talents, Juice Unit, a local __ trator: Donna Jones, Grand 3
including promoting healthy lifestyles in young children i Grand Bahama dance team. Bahama Chamber of Commerce S
and a presentation by the Suspected Child Abuse and =: The group will join the show director, David Wallace, circus s
Neglect (SCAN) Unit. } this year and will also tour with —_ event organiser, Charles Pratt, ao
Bringing remarks on behalf of the Minister of Educa- ; Big Calin the US.” GBPA commercial manager, and
tion Desmond Bannister, was Antoinette Thompson, i Donna Jones, Grand James Vega, circus school coor-
Deputy Permanent Secretary, who said that the general | Bahama Chamber of Com- — dinator.
comments received from persons in other countriesin —} see eae a spoke Photo courtesy of
our hemisphere show that the Bahamas is one of the a ee ree aa Balelooh Markerig
leading Caribbean countries that offer quality care and = ber of Commerce is pleased economy on all islands the cir-
education to young children. She encouraged the partici- $ once again to support this pos- _ cus will visit. Wherever possible
pants to work together with the Ministry of Education in : itive opportunity for whole- _ the circus is utilising local com-
trying to achieve the minimum standards, and to seek : some family entertainment on panies to make the event pos-
training for their staff in early childhood education. : Grand Bahama and in our sis- __ sible, he said.
Keynote speaker Charmaine Miller encouraged the —{ __ ter islands. We congratulate the “We rent event locations, we
participants to provide opportunities for their young stu- | organiser for having the fore- use local companies for light-

sight and commitment to one ing and sound equipment, we

‘ : : : again host this event,” she said. _ use local vendors for food sales, _ NEW TALENT TO BE SHOWCASED AT BIG CAL'S CIRCUS — This
eae ey ec) eet: saat ne — Mr Wallace is hoping that we hire temporary staff for year's Big Cal's Bumpin Circus will showcase many new acts,
Children snould be allowed lo experiment wilh reading =f bringing the circus back will event management, hotel _ including a ventriloquist act (above), high-jumping clown, a magi-
and writing because these are thinking processes. i also give a boost to the local rooms.” cian, and all new high wire acts

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PAGE 12, WEDNESDAY, MARCH 23, 2011

LOCAL NEWS

THE TRIBUNE





Ghana seeking new
areas of cooperation

with the Bahamas

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DANIEL OHEBE AGYEKUM, High Commissioner of the Republic of Ghana to the Bahamas, left, paid a
ccourtesy call on Deputy Prime Minister and Minister of Foreign Affairs Brent Symonette, (right), at the
Ministry of Foreign Affairs on Wednesday, March 16.

By LINDSAY THOMPSON
Bahamas Information
Services

THE Republic of Ghana is
seeking new areas of collab-
oration and cooperation with
The Bahamas in the hospital-
ity and tourism industry.

His Excellency Daniel
Ohene Agyekum made the
statement as he presented his
Letters of Commission to
Governor General Sir Arthur
Foulkes, accrediting him
High Commissioner of the
Republic of Ghana to the
Bahamas, in a ceremony at
Government House on
Thursday, March 17.

“The Government and
people of Ghana are satisfied
and appreciative of your
country’s support for our

budding democracy, which

has often been touted by
many as one of the most suc-
cessful on the African Conti-
nent,” he said.

As Ghana embarks on a
new experience in crude oil
production with its anticipat-
ed benefits to the economy,

he said the government
would be eager to maintain
and deepen the friendship
already enjoyed between
both countries, as a basis of
exploring possible areas of
cooperation.

“Ghana is, in this respect,
desirous to promote a healthy
and productive bilateral trade
and investment relationship
between our two countries,
with emphasis on tapping into
the Commonwealth of The
Bahamas’ own expertise in
assisting Ghana build its
capacity for the development
of our tourism and hospitali-
ty industry,” he said.

In the spirit of the cooper-
ation, which already exists
between both countries, Sir
Arthur took the opportunity
to solicit Ghana’s support of
The Bahamas’ application for
full accession to the World
Trade Organisation (WTO).

“We have taken note that
the rich resource of your
country, recently enhanced
by the discovery and current
exploitation of significant off-
shore oil reserves, and the

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consolidation of democracy
and human rights reforms, all
augur well for a stable and
profitable environment in
which to pursue enhanced co-
operation,” Sir Arthur said.

He noted the historical
relationship between The
Bahamas and Ghana in
respect of a majority of the
people of The Bahamas. He
also acknowledged that
Ghana is the first black
African country to become
independent in March 1957.

Other legacies Ghana is
noted for are the liberation
movement led by President
Kwame Nkrumah, and the
leadership of Kofi Annan as
Secretary-General of the
United Nations, together win-
ning the Nobel Peace Prize
for global AIDS funding for
developing countries.

Sir Arthur welcomed the
participation of Ghana at the
upcoming High Level Con-
ference on Non-Communica-
ble Diseases to take place at
the UN General Assembly in
September; and the African
Diaspora Summit in 2012 in
South Africa.

High Commissioner
Daniel Ohene Agyekum, 69,
possesses a broad experience
as a career diplomat in major
regions of the world — the
Middle East, Europe and
North America; He has also
been the holder of high polit-
ical office at the heart of
Ghana’s decision-making and
management of tribal and
modern governmental affairs.
He was born on March 10,
1942 and is married with five
children.

HONDA



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THE TRIBUNE WEDNESDAY, MARCH 23, 2011, PAGE 13





LOCAL NEWS
BAHAMIANS ‘MORE
CONCERNED ABOUT

PHONE RATES THAN Brave Davis in ‘cash

FOREIGN OWNERSHIP’
FROM page one 3

lic opinion of the majority
stake sale of BTC.

They say the results
revealed the number one
reason for persons opposing
the sale was the fear that
rates would increase.

During the study period,
402 Bahamians were sur-
veyed and data was weighed
by region, gender and age
in order to represent the
entire adult population.

Data revealed that while
65 per cent of those sur-
veyed were in support of
BTC being privatised,
results were inconclusive as
to whether Bahamians were
in support of the majority
sale to Cable and Wireless
(CWC), 43 per cent sup-
ported the majority sale,
while 47 per cent opposed
it.

M’wale Rahming, presi-
dent of Public Domain, said
the surprising results were
reasons for not supporting
the sale.

One of the highly-publi-
cised issues surrounding the
opposition of the sale of
BTC to CWC was that the
majority stake should
remain in the hands of the
Bahamian people and not
sold to a foreign entity.

Survey results revealed
that the 68 per cent of those
who opposed the sale of
BTC to CWC were more
concerned about an increase
in rates. Being sold to a non-
Bahamian company was
ranked last.

CLAIM THAT PLP
OPERATIVE PROMISED
TO PAY TWO DOZEN
FOR PROTEST

FROM page one

made a promise of pay-
ment.

Reportedly, as the crowd
again started to get out of
hand, another senior mem-
ber of the PLP intervened,
offering to pay the “pro-
testers” a portion of what
they were promised if they
agreed to leave the scene.

During this time, it is
said, the police were called
by concerned persons at
the party’s headquarters.

PLP chairman Bradley
Roberts declined to com-
ment on the matter.

FROM page one

each member to speak freely with
immunity from arrest, civil or libel
suit stemming from remarks made in
Parliament.

During his contribution to the
debate over BTC's privatisation, Mr
Maynard also said he witnessed a
group of men outside the Office of
the Leader of Opposition apparently
refusing to accept PLP shirts from a
party “operative” until they were

paid.

This group was then given bever-
ages, believed to be liquor, added Mr
Maynard.

"Why y'all had to pay people to
come out here to protest?” he asked.
"I can tell you what I saw with my
own two eyes, I looked out the win-
dow and I saw right in front of the
Office of the Leader of the Opposi-
tion a bunch of young men refusing
to put on their shirts until they got
paid.

"It's despicable because if you real-

ly believe that the Bahamian people
are not for sale, why do you have to
pay young fellas to come out here? A
PLP operative, a fella (had) a box of
PLP shirts, I will not call his name, I
know his name but I am not going
to call his name. He had a box of PLP
shirts and the minute he started talk-
ing they started taking the shirts, after
he gave everybody a shirt he had this
half gallon of some red stuff — I know
it wasn't fruit punch, and he start
pouring everyone a glass."

At this point, West End and Bimi-

eee ee Ue ea a Lay

THE PROTEST against the sale of BTC, held at Rawson Square on Monday.

for disorder’ claim

ni MP Obie Wilchcombe rose to his
feet and said the man Mr Maynard
spoke of could have been an FNM
operative plying men with alcohol
and PLP garb.

V Alfred Gray, MP for Michal, also
challenged Mr Maynard to prove his
allegations or withdraw them.

He said: "He is not speaking the
truth when he says he saw people got
paid. He's a stranger to the truth,
either he proves that somebody got
paid or withdraw it ... bring the proof
and lay it on the table."



Photo/Jessica Robertson

FROM page one

sale.”

Moving forward, Mr Car-
roll said the only other option
to stop the sale of BTC is
through the courts.

The Bahamas Communica-
tions and Public Officers
Union (BCPOU) and the
Bahamas Public Managers

Union (BCPMU) filed a joint
action in the Supreme Court
questioning the governmen-
t's right to sell 51 per cent
BTC to CWC.

The two unions appeared
in the Court of Appeal yes-
terday seeking to have the
decision delivered by
Supreme Court Justice
Neville Adderley in February

overturned, but their appeal
was dismissed. (see Page 5).

Confronting criticisms by
protesters that union heads
have not done enough to
protest the matter, Mr Car-
roll said that the union has
stood up and done the best
they could with what they
had.

He said: “What else can we

do? We brought the issue to
the forefront, the union has
been there from the begin-
ning and continues to fight
the sale.”

According to Mr Carroll,
even if the sale does occur,
CWC will still require the
“buy-in” of the unions.

Mr Carroll pointed out that
both union members and

CWC will require a secure
industrial agreement, and said
the company will have to
approach the workers in order
to negotiate such a contract.
President of the Bahamas
Communications and Public
Officers Union (BCPOU)
Bernard Evans could not be
reached up to press time to
comment on the protest.

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PAGE 14, WEDNESDAY, MARCH 23, 2011

THE TRIBUNE



INTERNATIONAL NEWS



Move over,
Kate: Wallis
Simpson back
as style icon

By JILL LAWLESS
Associated Press

LONDON (AP) —
Watch out, Kate Middleton.
Another royal consort is in
the limelight as the royal
wedding approaches.

Wallis Simpson, the
American divorcee who
scandalised Britain and
brought down a king in the
1930s, is back in style.

She appears as a character
in the Oscar-winning film
"The King's Speech" — as
the interloper who lures
Edward VIII away from
royal duties, thrusting his
stammering younger broth-
er George onto the throne.
She turns up trailing glam-
our and menace in recent
British TV series "Upstairs
Downstairs" and "Any
Human Heart."

She is the subject of two
new biographies, and is the
central character in "W.E.,"
a forthcoming movie direct-
ed by Madonna — one pow-
erful woman examining
another.

Designers

Her striking sense of style
continues to inspire design-
ers well after her death in
1986. Her jewellery sold for
£8 million ($13 million) at a
Sotheby's auction, and now
fans are even buying her lin-
gerie. One of her scarlet
chiffon nightdresses with a
cape sold for more than
£6,500 ($10,500) at auction
Thursday, and her Louis
Vuitton vanity case went for
£48,000 ($77,500).

Style icon, romantic hero-
ine, villain — Simpson is an
elusive character. Anne Seb-
ba, whose biography "That
Woman: A Life of Wallis
Simpson, Duchess of Wind-
sor,” will be published in
August, says her enduring
fascination rests on that

sense of mystery.

"Why and how did a mid-
dle-aged woman, not con-
ventionally beautiful,
beyond childbearing years
and with two living hus-
bands win over a man so
forcefully that he gave up
not just a throne but an
empire to live with her?"
Sebba asked.

It's still possible to feel a
frisson of the scandal Simp-
son caused in 1930’s Britain.
The divorcee from Balti-
more was still married to her
second husband when she
took up with Edward, then
the heir to the British
throne.

Reports of the affair were
censored in Britain. News-
papers did not report it, and
American magazines had
offending articles cut out
before going on sale. That
didn't stop rumours swirling
that Simpson was a spy, a
witch, a Nazi sympathizer, a
prostitute — she had lived
in licentious Shanghai in the
1920s — and even a trans-
sexual.

Torn between duty and
passion for Simpson,
Edward abdicated the
throne in December 1936,
announcing in a radio
broadcast that "I have found
it impossible ... to discharge
my duties as king as I would
wish to do without the help
and support of the woman
T love."

The king's younger
brother unexpectedly
became King George VI —
the story recounted in "The
King's Speech." Edward and
Wallis, now the Duke and
Duchess of Windsor and
suspected by some of Nazi
sympathies, were sent to the
Bahamas, where he served
as governor. After the war
they mostly stayed away
from Britain, living a life of
nomadic luxury.

Many in Britain never for-
gave Simpson — including

George VI's wife Elizabeth,
who became queen and lat-
er queen mother.

She blamed Simpson —
whom she referred to with-
eringly as “that woman" —
for forcing her husband onto
the throne. She felt the
stress contributed to his ear-
ly death from cancer.

George's widow became
one of Britain's best-loved
royals — the "Queen Mum"
— and died in 2002 at the
age of 101. Plump and
maternal, she was, in the
popular imagination, every-
thing the Duchess of Wind-
sor was not.

"Wallis had the good
clothes," author Justine
Picardie wrote recently in
the Daily Telegraph, "but
Elizabeth the kind heart."

Animosity

Many ordinary Britons
shared the queen mother's
animosity toward Wallis
Simpson.

She was, novelist Rose
Tremain wrote recently,
considered "too ambitious,
too ruthless, too greedy, too
mannish, too sexual, too cru-
el, too divorced, too pro-
German and too Ameri-
can."

Sebba said that for
decades afterward, many
people felt "she and the
duke had no sense of three
old-fashioned words: duty,
pluck and responsibility."

"There was a sense that
he put his personal happi-
ness and satisfaction above
the call of duty. To the older
generation that was really
shocking."

But there has always
been another view. Ameri-
cans, in particular, have
tended to see Simpson more
sympathetically and cele-
brate the romance of their
love affair.

British writer Sebba, who



WALLIS SIMPSON, the Duchess of Windsor, meets her husband, the Duke of Windsor, as he arrives in
New York on May 3, 1967 following his holiday in Nassau with the Earl and Countess of Dudley.

has had access to previously
unseen archive material for
her book, acknowledged
Simpson "is quite a hard
woman to like," but said she
has never been fully under-
stood.

"She was a woman who
tried to carve out a life for
herself with the cards that
history dealt her," Sebba
said.

One of those cards was a
highly distinctive sense of
style. "I'm not a beautiful
woman,” she once wrote.
"I'm nothing to look at, so
the only thing I can do is
dress better than anyone
else." This she proceeded
to do, cutting a flawlessly
elegant figure in clothes by
Christian Dior and others.

Designer Daniella
Helayel of Issa — who cre-
ated the much-copied blue
dress Middleton wore for
her engagement announce-

Power lines up in progress
at Japan nuclear plant



ment — has called Simpson
"chic and an inspiration."

One of John Galliano's
last collections for Dior —
shown in January, before he
was fired for allegedly mak-
ing racist and anti-Semitic
remarks — evoked Simp-
son's style with its fur-
trimmed tartans and 1940s
cuts.

Jewellery

Then there was the amaz-
ing jewellery. The besotted
Edward showered her with
custom-made pieces, the
pick of which were sold at
Sotheby's in November: an
onyx and diamond Cartier
bracelet in the shape of a
panther; a jewel-encrusted
flamingo clip glittering with
rubies, sapphires, emeralds
and diamonds; and a heart-
shaped emerald, ruby and
diamond brooch with the

initials W.E. — Wallis and
Edward.

Even her lingerie has
attracted buyers’ attention.
A scarlet chiffon nightdress,
complete with a full length
cape, is among items being
sold Thursday by Kerry
Taylor Auctions in London.

As well as Middleton's
dress, the sale has a link to
another outsider who scan-
dalised the royal family:
Princess Diana.

The items, including a
Dior crocodile handbag and
a Louis Vuitton vanity case,
are being sold in aid of a
fund set up by businessman
Mohammed al Fayed, who
bought the Windsors' Paris
house and its contents after
the duchess died.

Proceeds will go to a chil-
dren's charity established in
memory of his son, Dodi,
who died with Diana in a car
crash in Paris in 1997.





FUKUSHIMA, Japan
Associated Press

WORKERS at a leaking nuclear
plant hooked up power lines to all six
of the crippled complex's reactor units
Tuesday, but other repercussions from
the massive earthquake and tsunami
were still rippling across the nation as
economic losses mounted at three of
Japan's flagship companies.

The progress on the electrical lines at
the Fukushima Dai-ichi nuclear power
plant was a welcome and significant
advance after days of setbacks. With
the power lines connected, officials
hope to start up the overheated plant's
crucial cooling system that was
knocked out during the March 11
tsunami and earthquake that devastat-
ed Japan's northeast coast.

Tokyo Electric Power Co. warned
that workers still need to check all
equipment for damage first before
switching the cooling system on to all
the reactor units — a process that could
take days or even weeks.

Late Tuesday night, Tokyo Electric
said lights went on in the central con-
trol room of Unit 3, but that doesn't
mean power had been restored to the
cooling system. Officials will wait until
sometime Wednesday to try to power
up the water pumps to the unit.

Emergency crews also dumped 18
tons of seawater into a nearly boiling
storage pool holding spent nuclear fuel,
cooling it to 105 degrees Fahrenheit
(50 degrees Celsius), Japan's nuclear
safety agency said. Steam, possibly car-
rying radioactive elements, had been



rising for two days from the reactor
building, and the move lessens the
chances that more radiation will seep
into the air.

Added up, the power lines and con-
certed dousing bring authorities closer
to ending a nuclear crisis that has com-
plicated the government's response to
the catastrophic earthquake and tsuna-
mi that killed an estimated 18,000 peo-
ple.

Its power supply knocked out by the
disasters, the Fukushima complex has
leaked radiation that has found its way
into vegetables, raw milk, the water
supply and even seawater. Early
Wednesday, the government added
broccoli to the list of tainted vegetables,
which also include spinach, canola, and
chrysanthemum greens. Government
officials and health experts say the dos-
es are low and not a threat to human
health unless the tainted products are
consumed in abnormally excessive
quantities.

The Health Ministry ordered offi-
cials in the area of the stricken plant to
increase monitoring of seawater and
seafood after elevated levels of radioac-
tive iodine and cesium were found in
ocean water near the complex. Edu-
cation Ministry official Shigeharu Kato
said a research vessel had been dis-
patched to collect and analyze sam-
ples.

The crisis was continuing to batter
Japan's once-robust economy.

Three of the country's biggest brands
— Toyota Motor Corp., Honda Motor
Co. and Sony Corp. — put off a return
to normal production due to shortages

of parts and raw materials because of
earthquake damage to factories in
affected areas.

Toyota and Honda said they would
extend a shutdown of auto production
in Japan that already is in its second
week, while Sony said it was suspend-
ing some manufacturing of popular
consumer electronics such as digital
cameras and TVs.

The National Police Agency said the
overall number of bodies collected so
far stood at 9,099, while 13,786 people
have been listed as missing.

"We must overcome this crisis that
we have never experienced in the past,
and it's time to make a nationwide
effort," Chief Cabinet Secretary Yukio
Edano, the government's public point-
man, said Tuesday in his latest attempt
to try to soothe public anxieties.

Still, tensions were running high.
Officials in the town of Kawamata,
about 30 miles (50 kilometers) away
from the reactors, brought in a radia-
tion specialist from Nagasaki — site
of an atomic bombing during World
War IT — to calm residents’ fears.

"I want to tell you that you are safe.
You don't need to worry,” Dr. Noboru
Takamura told hundreds of residents at
a community meeting. "The levels of
radiation here are clearly not high
enough to cause damage to your
health.”

But worried community members
peppered him with questions: "What
will happen to us if it takes three years
to shut down the reactors?” "Is our
milk safe to drink?” "Tf the schools are
opened, will it be safe for kids to play



IN THIS PHOTO released by Tokyo Electric Power Co. (TEPCO) via Kyodo News,
workers in protective suits conduct cooling operation by spraying water at the

damaged No. 4 unit of the Fukushima Dai-ichi nuclear complex in Okuma, north-
eastern Japan, Tuesday.

Tokyo Electric Power Co. via Kyodo News/AP

outside for gym class?"

Public sentiment is such in the area
that Fukushima's governor rejected a
request from the president of Tokyo
Electric, or TEPCO, to apologize for
the troubles.

"What is most important is for TEP-
CO to end the crisis with maximum
effort. So I rejected the offer," Gov.
Yuhei Sato said on national broad-
caster NHK. "Considering the anxi-

ety, anger and exasperation being felt
by people in Fukushima, there is just
no way for me to accept their apology.”

While many of the region's schools,
gymnasiums and other community
buildings are packed with the newly
homeless, in the 11 days since the dis-
asters the numbers of people staying in
shelters has halved to 268,510, pre-
sumably as many move in with rela-
tives.
THE TRIBUNE

WEDNESDAY, MARCH 23, 2011, PAGE 15



INTERNATIONAL NEWS



More missiles
are launched
over Libya

WASHINGTON
Associated Press

COALITION FORCES
pounded Libyan military tar-
gets with 24 more Tomahawk
missiles, expanding the no-fly
zone over the North African
nation but suffering the loss of
a US. fighter jet, U.S. officials
said Tuesday.

And the on-scene comman-
der, Adm. Samuel J. Locklear,
confirmed that troops of leader
Moammar Gadhafi were
attacking civilians in the city of
Misrata. He said that as the
international mission continues,
coalition forces will be able to
target government troops bet-
ter.

The two-man crew of an F-
15E Strike Eagle ejected after
the craft suffered mechanical
problems during a strike mis-
sion against a Libyan missile
site, Locklear said. He spoke
to Pentagon reporters via
phone from the command ship
USS Mount Whitney in the
Mediterranean Sea.

The crew was recovered and
suffered only minor injuries,
U.S. Africa Command said.
One crew member was recov-
ered by rebels and the other
was picked up by a Marine
Corps search and rescue plane,
the command said, adding both
were in U.S. hands Tuesday
and off Libyan soil.

Two dozen more Tomahawk
cruise missiles were launched
from U.S. and British sub-
marines, a defense official said
earlier in the day. Locklear
gave no details but confirmed
that brought to 161 the num-
ber of Tomahawk strikes aimed
at disabling Libyan command
and control facilities, air defens-
es and other targets since the
operation started Saturday.

Locklear said the additional
strikes had expanded the area
covered by the no-fly zone.

He said intelligence showed
that Gadhafi forces were
attacking civilians in Libya's
third-largest city, Misrata. In a
joint statement to Gadhafi late
Friday, the United States,
Britain and France called on
Gadhafi to end his troops’
advance toward Benghazi and
pull them out of the cities of
Misrata, Ajdabiya and Zawiya.

Locklear said the coalition is
"considering all options" but
did not elaborate. Asked if
international forces were step-
ping up strikes on Gadhafi's
ground troops, Locklear said
that as the "capability of the
coalition" grows, it will be able
to do more missions aimed at
ground troops who are not



US AIR FORCE personnel inspect refueling equipment on a C-130
aircraft at the airbase of Sigonella, Sicily, Tuesday. (AP)

complying with the UN resolu-
tion to protect those seeking
Gadhafi's removal.

The overall commander of
international military action,
Gen. Carter Ham, said Mon-
day that the operation was
achieving its goal of setting up a
no-fly zone to protect Libyan
civilians from Gadhafi. Building
on what Ham called a success-
ful first stage, the focus was
shifting to widening the no-fly
zone across the North African
country while continuing small-
er-scale attacks on Libyan air
defenses and setting the stage
for a humanitarian relief mis-
sion.

President Barack Obama's
authority to order the military
action against Libya without
congressional approval was
challenged by some in the Con-
gress.

Sen. John McCain, the top
Republican on the Senate
Armed Services Committee,
said in a Tuesday interview with
CBS's "The Early Show" that
the military strikes were neces-
sary because there would have
been "a horrible blood bath"
under Gadhafi without inter-
national intervention. But

Democratic Rep. Dennis
Kucinich remained opposed to
the operation and said he
would offer an amendment to
the next budget resolution that
would prohibit federal money
from being used to pay for U.S.
military operations in Libya.

Defense Secretary Robert
Gates and others said the U.S.
military's role will lessen in
coming days as other countries
take on more missions and the
need declines for large-scale
offensive action like the bar-
rages of Tomahawk cruise mis-
siles.

A senior defense official,
speaking on condition of
anonymity to discuss classified
data, said Monday the attacks
thus far had reduced Libya's
air defense capabilities by more
than 50 percent. That has
enabled the coalition to focus
more on extending the no-fly
zone, which was mainly over
the coastal waters off Libya and
around the rebel stronghold of
Benghazi in the east, across the
country to the Tripoli area this
week. It was unclear how much
that had been expanded by the
latest strikes.

In Russia for an awkwardly



LIBYAN PEOPLE stand on top a U.S. F-15 fighter jet after it crashed in an open field in the village of Bu
Mariem, east of Benghazi, eastern Libya, Tuesday, March 22, 2011. The U.S. Africa Command said
both crew members were safe after what was believed to be a mechanical failure of the Air Force F-15.
The aircraft, based out of Royal Air Force Lakenheath, England, was flying out of Italy's Aviano Air
Base in support of Operation Odyssey Dawn. (AP)



IN THIS IMAGE taken during an organized trip by the Libyan authorities, A Libyan supporter of Moam-

i a

mar Gadhafi salutes amidst the wreckage of what was described as a maintenance warehouse hit by
two missiles Monday evening on a Naval base in Tripoli, Libya, Tuesday. (AP)

timed visit on other topics,
Gates said it would be a mis-
take to set Gadhafi's overthrow
as a military goal.

"I think it's pretty clear to
everybody that Libya would be
better off without Gadhafi," he
said in an interview with Inter-
fax news agency. "That is a
matter for the Libyans them-
selves to decide," and given the
opportunity they may take it,
Gates said.

Other administration officials
said Washington is not inter-
ested in using military action
to get rid of Gadhafi. Rather, a
combination of international

sanctions and other nonmilitary
actions designed to isolate Gad-
hafi and undermine his author-
ity are more likely to hasten his
demise, they said.

Rep. Howard Berman, the
top Democrat on the Foreign
Affairs Committee of the U.S.
House of Representatives, said
in an interview Monday: "The
goal is to be achieved in days,
not weeks, without U.S. boots
on the ground. As the hours go
by, allied countries, Europe and
the Arab countries are playing
a larger role. Our role is becom-
ing less."

Obama addressed the Libya

matter while visiting Chile on
Monday. He contrasted his
approach in Libya, in which his
administration insisted on an
international military partner-
ship, with President George W.
Bush's actions in Iraq, where
US. forces bore the bulk of the
burden.

"As you know, in the past
there have been times where
the United States acted unilat-
erally or did not have full inter-
national support, and as a con-
sequence typically it was the
United States military that end-
ed up bearing the entire bur-
den," Obama said.

Afghan forces to take lead in securing seven areas

KABUL, Afghanistan
Associated Press

AN EMBOLDENED Afghan pres-
ident said Tuesday that his nation's
security forces will take over from the
US.-led coalition in seven parts of the
country, a first step toward his goal of
having Afghan police and soldiers in
charge by the end of 2014 so foreign
combat troops can go home.

The tenuous step comes despite
NATO predictions of bloody fighting
this spring and Afghans’ fears that their
forces aren't up to the task.

In a speech peppered with criticism
of the international military and civilian
effort, Karzai asserted himself as a
national leader and said the Afghan

forces were on a path toward self-suf-
ficiency.

"The Afghan nation doesn't want
the defense of this country to be in the
hands of others anymore," Karzai told
hundreds of dignitaries and Afghan
police and soldiers at the National Mil-
itary Academy of Afghanistan in the
capital.

He also reiterated his call for Afghan
insurgents to lay down their weapons
and reconcile with his government.
Transferring security responsibility to
Afghan forces means international
troops can eventually leave, which is a
key demand of Taliban leaders Karzai
is trying to lure to the negotiating table.

There have been informal contacts
between insurgents and the Afghan

government, but publicly the Taliban
have not expressed interested in reach-
ing a political resolution to the war.

Taliban spokesman Zabiullah
Mujahid dismissed Karzai's speech,
saying the nation remains occupied by
nearly 140,000 foreign forces. Only
time will tell if the Afghan forces will
succeed in securing the transition areas,
he said in a telephone interview with
The Associated Press.

"We will fight until the last foreign
soldier is gone,” he said.

Karzai said the first phase of transi-
tion will start in July in the provincial
capitals of Lashkar Gah in southern
Afghanistan, Herat in the west, Mazer-
e-Sharif in the north and Mehterlam in
the east. In addition, Afghan police

and soldiers will take charge in all of
Bamiyan and Panjshir provinces, which
have seen little to no fighting, and all of
Kabul province except for the restive
Surobi district. Afghan security forces
already have assumed the responsibil-
ity for security in the greater Kabul
area, which is home to about 5 million
people — about one-fifth to one-quar-
ter of the nation's population.

NATO forces that are currently in
transition areas will thin out, take on
support roles, including training and
mentoring, be redeployed to other
areas of the country or sent home.
President Barack Obama wants to start
withdrawing U.S. troops in July if con-
ditions allow.

While Karzai's announcement

DOUBLE McFish

FOR LENT

showed his nation's desire to end its
reliance on foreign forces, it was not
evidence that Afghan security forces
have overcome a lack of training and
equipment, illiteracy, corruption and
shortages of top Afghan officers and
international mentors.

Still, the beginning of transition is a
boost to troop-contributing nations
who want to reassure war-weary citi-
zens back home that their commit-
ment to Afghanistan is not open-end-
ed.

In Brussels, NATO Secretary-Gen-
eral Anders Fogh Rasmussen wel-
comed Karzai's announcement, but
warned that transition was not a signal
for allies to withdraw from
Afghanistan.


THE TRIBUNE
D US



BISX chief wants
more public firm
shares on market

* Suggests lack of ‘aggressive
expansion’ and capital needs
has prevented more shares
being issued to public
investors

* Stock volatility ‘magnified’
by global recession

By NEIL HARTNELL

The Bahamas Interna-
tional Securities
Exchange’s (BISX) chief
executive yesterday urged
public companies to
increase the amount of
shares made available to
the public, telling Tribune
Business that a lack of
expansion opportunities in
the domestic market was
perhaps one reason why
this had not occurred.

Keith Davies explained
that, typically, public com-
panies made more shares
available to institutional
and retail investors when

SEE page 5B

Immigration

pledges permit.

By NEIL HARTNELL
i Tribune Business Editor

crackdown

By ALISON LOWE
Business Reporter

An increase in workers
being illegally hired has
prompted a warning to
Bahamian employers and
their employees who vio-

actions.
Deputy Prime Minister
and Minister of Immigra-

efforts to punish those who
break Immigration laws
related to employment will
be stepped up this year.
Prosecutions will occur
“across the board”, target-
ing both employers who
hire workers without work
permits or put them in in

their permit specifies, and
employees.

Director of Immigration,
Jack Thompson, said the
Department is not just pay-
ing lip service or making
idle threats, telling Tribune
Business that the public
can expect to see a number
of people, both employers
and employees, brought
before the courts this year.

“There has been an
increase in the number of
persons hiring persons
without work permits and,

SEE page 5B

ine

WEDNESDAY,

MARCH 23,



2011

SECTION B ¢ business@tribunemedia.net

Commonwealth Brew-

i ery’s $62.5 million initial
i public offering (IPO) took
: in $3-$4 million in commit-
i ted subscriptions on its first
: day, Tribune Business was
: told yesterday, its placement
i agent suggesting that based
i on expressions of interest
; retail investors could take
? up 30-40 per cent of the
: share issue, rather than the
i anticipated 20 per cent.

Michael Anderson, Roy-

i alFidelity Merchant Bank &
? Trust’s president, told this
? newspaper that the sub-
i scriptions received to date
i had mainly come from retail



MICHAEL ANDERSON

investors and its brokerage
clients, with many of the
bank branches already start-
ing to run out of offering
memorandum documents.
“It’s been met with a lot

BISX FIRMS URGED: ‘PAY MORE
ATTENTION’ TO YOUR SHAREHOLDERS

The Bahamas International

i Securities Exchange’s (BISX)
i chief executive yesterday
alowe@tribunemedia.net : urged listed Bahamian com-
>on Es panies to “pay more atten-
i tion” to their stock prices and
? shareholders, while also back-
i ing calls for a rating agency
i to be established to assess the
? creditworthiness of public
saad i firms.

late Immigration laws: You }

will be prosecuted for your ? stock exchange had a “sys-

i temic problem” when it came
i to low liquidity levels and
i depressed stock prices across
tion, Brent Symonette, said ;
i gested BISX-listed firms
i needed to take a leaf out of
i the playbook used by their
? counterparts in developed
? markets, such as the US and
i UK, and focus more on
? investor relations.

Denying that the Bahamian

the board, Keith Davies sug-

This, he suggested, would

i pay long-term dividends by
areas other than that which ; Simulating further demand
i among existing shareholders
i for their stock, aiding share
i price appreciation and thus
i encouraging new investors to
i buy in to get a piece of the
i action.

“For years P’ve counselled

: companies to pay more atten-
i? tion to their stock price, pay
i more attention to their share-
i holders, and for there to be
? more interaction with their
i shareholders,” Mr Davies told
i Tribune Business.

“Look at my North Ameri-

i can colleagues, whom I’m
i very familiar with. One of the
i? things they spend a great deal
i of time on is investor rela-
i tions. They spend a great deal
i of time with their investors,
? making them feel good so that
? they purchase more shares.”

Pointing out that existing

i shareholders were even
i offered incentives by listed
i developed market companies
i to acquire more shares, Mr
? Davies urged Bahamian pub-
: lic stocks to not ignore or

“forget” about their investors.

“You have to be involved
with your people,” he told
Tribune Business. “I would

: encourage all companies to

foster that relationship, grow
with them and be involved.
Don’t speak to them once a

* Exchange's chief backs
calls for local rating
agency

* But ‘no systemic’
problem of low liquidity
and depressed prices
across the market

* Suggests companies
create own problems
through low IPO
minimums

_ Mi Bank branches said to be running out of offering
: documents
_ Hl Retail investors could end up taking $20-$25m,
or 30-40%, of offering compared to initial $15m

: expectation

, ; ! By NEIL HARTNELL
Arahune Business Halide —_- ; Tribune Business Editor

of interest,” Mr Anderson
said of the IPO launch.
“There are still some indi-
viduals wanting to buy mil-
lions. I think we got in over
$4 million yesterday [Mon-
day], and I don’t know what
the tally is for today [Tues-
day].

“I think there were a lot
of brokerage clients asking
us to put money in. It was
over $3 million; somewhere
between $3-$4 million.”

Mr Anderson added that
“all the branches across the
island are running out of
offering documents”. Some
3,600 early copies of the
Commonwealth Brewery

SEE page 4B



66

You have to be
involved with
your people.”

KEITH DAVIES




-$3-$4m subscriptions | pC exposed

on $62.5m IPO launch | to ‘fraud and
corruption’

By NEIL HARTNELL
Tribune Business Editor

ROYAL =) FIDELIT’







Cee ee

MASS AU
(ad?) 356-2801

FREEPORT
242) 351-3010

MARSH HAR MOURA
242) 367-3135

Per ey a

The Bahamas Electricity Corporation (BEC) is exposed
to “fraud and corruption” as a result of its unwieldy pro-
curement structure, a consultants’ report has revealed,
although action taken to rectify fuel management defi-
ciencies have reduced the danger of major losses being

sustained.

The report by German company, Fichtner, financed by
the Inter-American Development Bank (IDB) as part of
a project to strengthen the Bahamian energy sector, said
BEC lacked a procurement function covering all proce-
dures for resources the Corporation purchased, and hint-
ed that there were no divisions between those who dealt
with the technical side of bid documents and those who

evaluated submitted offers.

“With the dispersed responsibilities for procurement
transactions, the entire procurement organisation of
BEC is prone for inefficiencies, delays, frictions, and
leaves the Corporation vulnerable for fraud and corrup-
tion,” Fichtner said in its report.

“This arrangement is time consuming, hinders the

SEE page 2B



CABLE EYES ‘NEW TRIPLE PLAY
SUITE’ AFTER US APPROVAL

; By NEIL HARTNELL
i Tribune Business Editor

Cable Bahamas is set to

i launch a “new product suite”
: of converged Triple Play com-
? munications services within
: the next several weeks, Tri-
? bune Business was told yes-
: terday, as it received regula-
? tory approval for its Systems
: Resource Group (SRG)
: merger to allow the combined
? company to provide interna-
: tional services to and from the

US.
Speaking to Tribune Busi-
ness after the Federal Com-

Creare for Shares in
Commonwealth Brewery Limited

Initial Public Offering

$62,475,000

7,500,000 Ordinary Shares

Minimum Subscription $833.00 for
100 shares at $8.33 per share

* Converged communications
competition with BIC awaited
* Just Central Bank approval
required for SRG merger
consummation

munications Commission
(FCC) approved the applica-
tion for a change in SRG’s
ownership, which will see
Cable Bahamas acquire 100
per cent of its share capital,

SEE page 4B

Offer Opens: Monday March 21*, 2011 | Offer Closes: Friday April 15%, 2011

Offering Memorandum available from all locations of:

Royal Fidelity | RBC Royal Bank | RBCFINCO | Fidelity Bank

Financial Advisor & Placement Agent



ROYAL FIDELITY

Money at Work

year; be involved with them
all the time.”

Dionisio D’Aguilar, AML
Foods chairman, recently sug-
gested that the points raised

SEE page 4B

www.royalfidelity.com or call: 1.242.356.9801

Read the Offering Memorandum and consult a financial advisor before investing.


PAGE 2B, WEDNESDAY, MARCH 23, 2011

THE TRIBUNE



TOP LAWYERS AT NASSAU SEMINAR |



REVIEWING: Pictured are Etienne Dupuch Ill, grand nephew of the Eugene Dupuch, reviewing the publications with Tonya Bastian-Galanis,

principal of the Eugene Dupuch Law School.

Top international lawyers visited
Nassau last week for a three-day con-
ference hosted by The Eugene Dupuch
Law School.

Among the 40 panellists were dis-
tinguished jurists, legal scholars,
sychologists, social workers and edu-
cators from the Caribbean, Canada,
the UK, the US, Germany, Sweden
and Serbia.

They included Lord Justice Matthew
Thorpe from the Court of Appeal of
England and Wales, and Madame Jus-
tice Nancy Flatters from the Calgary
Family and Youth Court in Alberta,
Canada.

The event, held from March 17-19,
was hosted under the theme The Legal
and Social Consequences of the Disin-
tegration and Reintegration of Fami-
lies. About 200 persons attended the
conference.

Marriage

Issues discussed included marriage
and divorce, cohabitation, property
distribution, mediation, paternity and
inheritance.

Other topics on the agenda were
transracial, inter-country and same-
sex adoption, assisted reproduction

and ethical issues, child development,
international child abduction, juvenile

marriages.

Bahamas Trailblazer maps.

circulated in the hotels.

Rum Cay
developer
‘keen to get
started’

: By ALISON LOWE
: Business Reporter
? alowe@tribunemedia.net

The management company selected in 2006 to oversee the

: operations of a proposed $700 million resort on Rum Cay says
i the project developer remains “keen to get started”, despite not
? having been able to provide a “hard date” for when it expects
? to get development underway.

Ground was broken in 2006 on the 870-acre, multi-use Rum

Cay Resort Marina development, for which Montana Holdings
i has signed a Heads of Agreement with the Government.

RockResorts, a resort management company which on Fri-

i day celebrated being selected to take over management over-
? sight of the Bimini Bay Resort and Marina, was chosen to
? Operate the Rum Cay property.

However, shortly thereafter, the development, like many

; others such as the proposed Ritz-Carlton hotel on Rose Island
? and the I-Group development in Mayaguana, stalled and little
? has come of it since. Montana Holdings’ Nassau office number
? was out of service when Tribune Business called yesterday.

Although the proposed development may have slipped out of

the public consciousness, Mark Jeffrey, area vice-president
? for the southeast and Caribbean region for RockResorts told
? Tribune Business during an interview in Bimini that the devel-
delinquency, domestic violence, human }
rights and the family and same sex :
? added: “It hasn’t been developed yet. It all depends on market
‘ ; ¢ conditions for the developer,”

ee ? real estate market would be a Key factor in any determination
Dane ? by th to when t f d.

Bahamas Handbook, which included : se ae ais age Pen adi deep nea ee ase
the story of the legendary Bugene : Montana Holdings and remains the manager of choice for the
Dupuch QC, for whom the school is }
named. Attendees received The }
Bahamas Investor, the What-to-do
magazine, the Dining Guide and the : ng . é
? RockResort hotel and spa, additional residences, and private
The Welcome Bahanme BOGke- are membership clubs. Phase three will complete the resort devel-
? opment and will include additional residences and other ameni-

? ties.

Oper remains “very eager to get started”.
Amy Kemp, communications manager for RockResorts,

suggesting that an uptick in the

Ms Kemp noted that RockResorts signed a contract with

property when it is developed. Under the previously laid out
plans for the Rum Cay Resort and Marina, it will consist of an
80-slip Blue Flag marina, the Port Santa Maria Marina Village,
and a variety of residential offerings. Phase Two will include the

EFG @ Bank

& Trust (Bahamas) Ltd

POSITION AVAILABLE

Desktop and Systems Engineer, Information Technology

FROM page 1B

BEC is exposed to
‘fraud and corruption’

the process not precisely set out or autho-
rised.

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

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

Qualifications:

* BS in Computer Science or related field

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

IT Skills:

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

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

* Awareness of new emerging technologies

* MCSE/MCSA Windows 2003/2008

Essential Duties and Responsibilities:

* Support and manage Windows servers 2003/2008

* Support Citrix Metaframe and other Enterprise applications

* Ongoing system administration of the Windows Servers including Active
Directory

* Support and manage Windows desktops and laptops

* Provide technical support and guidance to local and remote users

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

* Ability to use system deployment tools

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

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

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

One Bay Street

P.O. Box SS 6289

Nassau, The Bahamas

Fax No. (242) 502-5487



development of specialised high-calibre
expertise in procurement, and is not in line
with internationally-accepted best practices.”

Fichtner added that an Internal Audit
report discovered “serious shortcomings”
in BEC’s fuel management, calculation and
reconciliation, due to “negligence and faulty
methodology”.

“A subsequent serious approach with the
aim of clarifying misunderstandings and
establishing improved procedures has appar-
ently diminished the danger of losses,” the
report said. “Among several smaller insuf-
ficiencies, fuel and sludge metering prob-
lems were identified. Fuel theft was found
not to be a problem.”

The Fichtner report, completed in early
2010, noted that the fuel supply contract
between BEC and Shell Western remained
unsigned as at end-November 2009, with

And it added: “Particularly considering
the financial constraints of BEC and the
very insufficient storage space, it is hard to
understand why unused machinery and
materials of apparently considerable value
are left to deteriorate while occupying valu-
able storage space.

“As these items have apparently never
been entered in BEC’s inventory, it is sug-
gested that BEC carries out an immediate
assessment of these items in order to decide
either their sell off, disposal as scrap metal,
or to identify internal uses.

“If approval of the Board of Directors is
required to dispose of unneeded invento-
ry, a procedure should be defined which
ensures the regular review of such items
and leads to some decision regarding use,
disposal or further storage.”

UK budget to promote growth on shoestring

JANE WARDELL,
AP Business Writer
LONDON

The British government will
seek to promote economic
growth on a shoestring when it
unveils its annual budget
Wednesday as soaring inflation,
rising unemployment and a run-
away deficit leave little room
for voter-friendly giveaways.

As concern grows about the
possibility of a domestic dou-
ble-dip recession, Treasury
chief George Osborne is
expected to stick to his guns on
a tough austerity program
slashing government spending
on services from health to edu-
cation to bring down the coun-
try's debt.

Osborne is instead likely to
announce less costly reform
measures to encourage private
sector investment — and offer
some smaller gifts to a cash-
strapped general public such as
a freeze on fuel duty.

"The budget is going to be
ashamedly pro-growth, pro-
enterprise and pro-aspiration,"
Osborne said earlier this
month.

Britain is struggling to recov-
er from its worst recession since
the end of World War II. The
country was in recession longer
than the other Group of Sev-





INTERNATIONAL
BUSINESS

en industrialized nations and a
shock 0.6 percent contraction
in gross domestic product
growth in the final quarter of
last year has heightened fears
for the future.

Economists expect the Office
for Budget Responsibility, the
agency set up by Osborne to
keep forecasts at arm's length
from the government, to revise
downward its forecasts for
growth this year and next —
from 2.1 percent and 2.6 per-
cent respectively — when it
provides updates alongside the
budget.

Those figures are well above
the predictions of 1.5 percent

and 2 percent from the Organi-
zation for Economic Coopera-
tion and Development, which
has warned that Britain still
faced "significant headwinds.”

Still, the OECD gave a tick
of approval to Prime Minister
David Cameron's tough spend-
ing restrictions to tackle a
deficit running at around 10
percent of gross domestic prod-
uct.

But statistics released on the
eve of the budget showing that
inflation continues to edge
higher — to an annualized 4.4
percent, more than double the
Bank of England's 2 percent
target — have made Osborne's
task even tougher.

As well as increasing the like-
lihood of a near-term hike in
interest rates, persistently high
inflation means that the gov-
ernment will likely have to bor-
row more over the medium
term, making Osborne's plan
for fiscal consolidation trickier
to achieve.

Other figures out Tuesday
showed that public borrowing
increased in February as the tax
haul unexpectedly shrank to
11.8 billion pounds, compared
to 9.5 billion pounds a year ear-
lier. That was nearly double the
6.9 billion pounds forecast by
economists and a record for
February.