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WEATHER TINGS TOUGH McDOUBLE FOR $3.79 HIGH 83F ANY TIME...ANY PLACE, WE’RE #1 LOW 68F The Tribune T-STORM IN AFTERNOON BAHAMAS EDITION www.tribune242.com Volume: 106 No.24 FRIDAY, DECEMBER 18, 2009 PRICE – 75¢ (Abaco and Grand Bahama $1.25) FINCO: No CARS FOR SALE, Thomas A. S S S E E T

dividend after D HELP WANTED Robinson N I R I S O S N P U 69% profit fall I AND REAL ESTATE Scholarship S B SEE BUSINESS FRONT PAGE BAHAMAS BIGGEST SEE PAGE ELEVEN

Kenneth Russell in ‘health scare’

A HEALTH scare earlier this week left Housing Minister Kenneth Russell in hospital for three days, The Tribune understands. Hotel wages plummet Initial reports indicated that Mr Russell might have suffered a heart attack, however, this could not be confirmed up to press time. A source close to the politician said Mr Russell checked himself into Princess Mar- garet Hospital three days ago after feeling ill. adding that the condition was not life-threatening. "He was not feeling well and he went into hospital. He should be dis- charged from hospital today (Thurs- for Family Islanders SEE page eight Salaries are lower than they were 10 years ago A ‘FITTING PRESENT’ FOR BACARDI ROAD RESIDENTS

WAGES for Grand Even as the number of peo- Bahamians and Family ple working in the sector grew Islanders working in the hotel year on year from 9,785 in industry are lower now than 1999 in New Providence to they were 10 years ago, new 12,630 in 2008 — a figure that data has revealed, while has decreased somewhat this salaries for those in New year with economy-related Providence have increased lay-offs — Grand Bahama year. and the Family Islands were Figures from the Depart- found to have only 1,011 peo- ment of Statistics show that ple working in the hotel the weekly wages of the aver- industry in 2008 as compared age worker in these islands — to 1,789 in 1999. where tourism is one of fewer The majority of those 1,011 economic lifelines available are now women as opposed for locals than in New Provi- to the situation in 1999 when dence — fell by $10 a week there were slightly more men for women and $21 for men than women working in the between 1999 and 2008, leav- sector. ing them with average yearly West End and Bimini MP base salaries of $13,056 and Obie Wilchcombe told The $14,688 respectively. Tribune that rescuing Grand During the same time peri- Bahama from its dismal eco- od in New Providence, the nomic conditions should be average female hotel worker foremost on the Governmen- saw her yearly salary increase t's agenda in the new year. from $13,008 in 1999 to He said that Government $16,512 per year and their should round up the stake- male counterparts enjoyed an holders in Grand Bahama’s PICTURED ARE Golden Isles MP Charles Maynard and Works Minister Neko Grant increase from $14,592 to success to quickly discuss a speaking with the press and inspecting the newly paved Bacardi Road. Last month, res- $17,232 — a more positive strategic plan of action geared idents in the area said problems with the road demanded ‘urgent’ attention and the change that nonetheless also to revitalise the island's stag- government responded by spending just over $300,000 to repair it. Mr Maynard said it highlights continuing pay dis- nant economy. was a ‘fitting present’ for the residents. parities between men and Several back-to-back dev- • SEE PAGE TWO women in the same industry. astating hurricanes, one of Meanwhile, the overall which led to the closure of the number of people employed Royal Oasis Resort in 2004 Armed robbers storm in the hotel industry in Grand put a stranglehold on the Unconfirmed reports suggest Bahama and the Family island’s economy. This was Islands also saw a major exacerbated by dwindling store in Cable Beach decline in 2008 from 1999 lev- Cable Bahamas may drop Island FM els. SEE page nine BRAZEN armed robbers handguns raided the Hoffer and TALK is swirling in Wells, declined to comment stormed Hoffersport in Cable Sons store in the Cable Beach media circles that Cable on the claim yesterday Beach yesterday morning and Shopping Plaza, West Bay Bahamas may be dropping when contacted about it by stole an assortment of designer Street, at around 11am and Carter Broadcasting’s this newspaper. sunglasses, sport shoes, and took a wealth of goods away Island FM to join forces Mr Wisdom said Cable watches. with the Star 106.9FM and Bahamas “doesn’t have any The two men armed with SEE page eight The Nassau Guardian news comment on that” while Ms team. Wells directed this newspa- Unconfirmed reports are per to speak with the news- National Insurance contribution that the move would see paper’s publisher, the Star 106.5 FM radio sta- Emmanuel Alexiou. rate rise still set to go ahead tion and The Nassau Both Mr Alexiou and the Guardian add television newspaper’s President, By TANEKA THOMPSON Tribune Staff Reporter news to their media plat- Anthony Ferguson, were [email protected] form portfolio. said to be off the island yes- Cable Bahamas and Nas- terday. sau Guardian representa- Charles Carter, owner of GOVERNMENT still plans to increase the National Insurance tives, Director of Public Carter Broadcasting and contribution rate by one per cent early next year to sustain the Affairs Keith Wisdom and Island FM, did not return National Insurance Board's exhausted $20 million unemployment Managing Editor Erica calls on the matter. SEE page 10

NASSAU AND BAHAMA ISLANDS’ LEADING NEWSPAPER

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PAGE 2, FRIDAY, DECEMBER 18, 2009 THE TRIBUNE

LOCAL NEWS y c n e g A a i d e M n o i s i c e r P

MP CHARLES MAYNARD and Works Minister Neko Grant at an informal Bacardi Road inspectionBacardi yesterday. Road gets makeover

CHRISTMAS came early ried out by the government’s In October Mr Maynard to Bacardi Road residents liv- hot mix plant, Bahamix, which first brought the state of Bac- ing on the newly re-paved one has recently repaired a num- ardi Road to the public’s atten- mile stretch of road which for ber of other streets in New tion. Speaking in the House months posed a traffic hazard Providence, including the of Assembly, he charged that a due to its deep trenches and Eastern Road and Fox Hill, private company which cavernous potholes. streets in Pinewood Gardens, worked on the Lou Adderley “I think this is a fitting pre- Redland Acres, Sea Beach Subdivision was responsible sent for the people of the Bac- Estates, and the Carmichael for the road’s sorry state – the ardi Road area,” said Golden Road area. result of trenches dug in order Isles MP Charles Maynard Bahamix manager Ryan to tie into the sewer system of yesterday. “There are numer- Rahming said he expects his another subdivision. ous communities throughout staff’s latest handiwork on Bacardi road was left in a the length and breadth of this Bacardi Road to last for at dangerous state, he said, road. I am sure the people are least another decade. adding that government’s sub- very happy now to be able to “We pave to civil design sequent appeals to the devel- drive on a very smooth road – specification,” he explained. oper to fix the road fell on deaf to and from home – after suf- “Based on the dense rock we ears. fering for almost a year.” have in the Bahamas, we “I just want it to be clear. Last month, Bacardi Road should be good for an average It’s through no fault of the residents took their plight to of nine years, anywhere from Ministry of Works that the the media with complaints of nine to 12 years depending on road ended up in the poor busted tires, collapsed shock the volume of traffic and ton- state that it was,” Mr Maynard absorbers and narrowly avert- nage.” said yesterday. “This is now ed accidents. “Weight has a lot to do with the Ministry of Works coming They said the problem how the roads are affected. So to the rescue of the people of demanded "urgent" attention if we experience an increase Bacardi.” and the government respond- in truck traffic the loading is As for the developer ed by spending just over greater and it affects the struc- responsible for ripping up the $300,000 to repair the road. tural integrity of the roads. As road, Mr Grant said the matter Minister of Works Neko it stands right now, you have a has been forwarded to the Grant said the work was car- very well compacted road.” Attorney General’s Office.

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THE TRIBUNE FRIDAY, DECEMBER 18, 2009, PAGE 3 LOCÅL NEWS Police fight crime with brand new unit Bicycle cops are fast, mobile and can engage with the public in a more personal way

By REUBEN SHEARER Tribune Features Reporter [email protected]

CHRISTMAS is less than a week away, and while law abiding citizens are buying gifts for loved ones, criminals are waiting for their chance to hit gift-laden homes and attack cash-loaded businesses. The police are warning the public to be as cautious as pos- sible this year, but are also responding with a number of new measures – among them the fledgling Bicycle Unit, whose members are keeping their ear to the ground in many of Nassau’s crime hot- THE OFFICERS on one of their regular check-ups at Esso gas station asking the manager how business has been. spots. While the police are feeling confident about their beefed- Their constant patrols have up presence in the southeast- also led to several write-ups ern area of the island, “You for civil disobedience and oth- can never be too careful,” er petty matters. warned Southeastern Division Soldier Road and East Commander Supt Stephen Street South Esso Gas Station Dean. “We cannot rest on our manager April Ifill praised the laurels in the coming weeks.” “consistency” of the officers, He said the key is crime pre- saying they check up on the vention is establishing a rela- establishment on a daily basis. tionship with the public, and to She loves knowing that they this end, the Bicycle Unit is are around, and has built a working to make its patrols an relationship with them. OFFICERS LATIA DAVIS and Medwelth Curry patrolling the Gas stations are a favourite effective community policing South Beach area. tool. The unit was formed only target of armed robbers, and a few months ago and present- mostly at work, leaving an blaring siren, the culprits have are also often frequented by ly consists of two officers, 3265 open window for criminals to no warning that they are in rude and aggressive cus- Officer Latia Davis and PC start mischief.” hot pursuit. tomers. 399 Medwelth Curry. He explained that the “We rode through some of Mrs Ifill said it is often an According to Supt Dean, elderly are known to have the corners in South Beach unnerving place to work. She the bicycles give the officers “the rundown” on what is and we kept seeing this young told of one instance in which a greater speed and mobility happening in a community, chap scouring the area on a customer became angry than regular beat cops, and and the officers have been school day,” Officer Curry because the staff could not better access to hard to reach working to take advantage of said. “We kept doubling back change some cash for him – areas than patrol cars. this. and saw the 17-year-old com- and told them “See, this is The officers also use their Now that they are on famil- ing out of somebody’s house. why ya’ll get robbed.” routes as opportunities to iar terms, the officers said the “The young man tried to Another time, she said, “A break down barriers to com- senior citizens feel much more escape, but in our short pants customer started going mad. munication between the police comfortable reporting suspi- and tennis, we were well able He thought we made a mis- and the public. cious activity, and this has to chase him down.” take with an order . . . the man “There are people in the already led to the prevention More recently, there has started throwing things from public service who aren’t of a number of serious crimes. been an increase in success- our shelves all over the floor.” doing anything, but these offi- The Bicycle Unit also has ful break-ins in Malcolm To in an effort to prevent cers are committed to their a mandate to “examine crime Road. Noting this, the offi- or deal with such incidents in jobs,” Supt Dean said. “They trends in the area every cers have been combing the the future, between 8am and are the best of the best, and week” and to target hot-spots area over the last three weeks, 4pm the officers pass through are an integral asset to the suc- as they evolve, Supt Dean and have seen less criminal the station and look around. cess of this programme.” said. activity. Between 4pm and midnight, He said he can “call on And there is definitely an The officers have also seen they come inside and ask how them at three in the morning element of surprise that a decrease in school violence everything is going. after a long day of patrol and comes with patrolling on bicy- since they began spending “We watch out for them expect them to respond right cles. Sometimes the officers about 30 minutes a day at and they watch out for us,” away.” stumble upon criminal activi- each school in the Southeast- Mrs Ifill said. She is always on Bicycle patrols are often ty by chance – and with no ern District. the lookout for suspicious arduous and difficult, officers activity around her gas sta- Curry and Davis admit, but tion, and is ready to report it. they add that the “positive THIS CHRISTMAS SEASON, THE POLICE SAY The Bicycle Unit is only one component of the Neigh- contact” they are making with THEY CANNOT FIGHT CRIME ON THEIR OWN. citizens and business owners borhood Policing strategy employed by the Southeast- is invaluable. Businesses in SUPERINTENDENT STEPHEN DEAN OF THE SOUTHEASTERN POLICE DIVISION IS particular have come to rely ern Division, Supt Dean said. ADVISING THE PUBLIC TO BE EXTREMELY CAREFUL AROUND THIS TIME. He explained that it com- on their daily visits to ensure HE OFFERS THE FOLLOWING TIPS FOR CRIME PREVENTION: that everything is quiet. plements already existing Beyond the benefits for • CHECK YOUR HOME DURING THE DAY crime watch associations, anti- crime youth associations, and crime fighting, the officers are • INSTALL ALARM SYSTEMS also happy that the new job is neighbourhood up-keep keeping them fit. “It keeps us • KEEP DRAPES AND BLINDS CLOSED AS MUCH AS POSSIBLE efforts. in good shape, and maneuver- • KEEP OUTSIDE LIGHTS ON IN THE EVENING ing through traffic strengthens • KEEP TREES AND SHRUBBERY TRIMMED LOW all of the muscles in your legs,” said Officer Davis, who is • BEWARE OF STRANGERS ENTERING YOUR PROPERTY – ESPECIALLY THOSE always concerned about main- WHO SAY THEY ARE MAKING A SERVICE CALL taining her figure. • DO NOT USE ATM MACHINES AT NIGHT The officers trained for two months before taking up their • WAIT UNTIL YOU ARE AT HOME OR IN YOUR VEHICLE TO COUNT YOUR MONEY new daily routes – which see them travel down East Street South, up Soldier Road, through the Marathon area and Pinewood Gardens, then back to the South Eastern Police Station. Their novel appearance might cause some to underes- timate these officers, but they are fully capable of handling any policing job – from dealing with traffic accidents to responding to reports of mur- ders, armed robberies and break-ins. Since August, the officers have been riding Kenton Mountain bicycles, which are excellent for maneuvering quickly through alleys or track roads. “We didn’t just pick up a bike,” said Supt Dean, explaining that the force first saw this model in action at an international seminar last year. Earlier this week, The Tri- bune tagged along with offi- cers Davis and Curry on one of their patrols, and found that senior citizens in particular speak very highly of both Supt Dean and the new bicycle offi- cers, who they said are much more accessible than officers in patrol cars. They say the officers stop at their homes, and engage them in conversation to find out how everything is going. “Pinewood and Nassau East area are very problematic areas, with constant criminal offenses,” said Officer Curry. “These areas have a high con- centration of persons who are

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PAGE 4, FRIDAY, DECEMBER 18, 2009 THE TRIBUNE

EDITORIAL/LETTERS TO THE EDITOR The Tribune Limited Send ‘career NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI Being Bound to Swear to The Dogmas of No Master LEON E. H. DUPUCH, Publisher/Editor 1903-1914 politicians’ back SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon.) LL.D., D.Litt .

Publisher/Editor 1919-1972 Contributing Editor 1972-1991 to private sector EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B. Publisher/Editor 1972- EDITOR, The Tribune. administration is that they are actually contemplating charg- I read with great disgust LETTERS ing the innocent. If the cur- Published Daily Monday to Saturday your front page article regard- [email protected] rent government proceeds ing the Assistant Police Com- with this fallacy, I will go on Shirley Street, P.O. Box N-3207, Nassau, Bahamas missioner’s warning. Warning the record now, that I per- Insurance Management Building., P.O. F-485, Freeport, Grand Bahama to the criminals you say…..? per is anything close of what sonally will campaign the pub- A firm stance to the criminal is to come under the changing lic for funds towards their that the police or civilians of the guard in the police defence and will donate per- WEBSITE aren’t going to take it any- force, then we are in far worse sonally what I can afford. www.tribune242.com – updated daily at 2pm more! Hell, no a warning to trouble than you can ever Ironic isn’t...“their Defence”, law-abiding citizens regard- imagine! A statement with when at the end of the day ing taking the proper precau- verbiage like “take the prop- that is all they were trying to tions in protecting them- er precautions during the sea- do. And you people say I’m The consequences of suppressing news selves! In a statement made son as murders and robberies the radical? Tell me the same to your paper, the Assistant tend to elevate this time of when three or four thugs are FOUR YEARS ago — 2005 — the Min- They will visit if they are forewarned to take Commissioner is on record the year and we are putting holding you down taking istry of Tourism started to send out warn- precautions— after all they are accustomed to stating that anyone in the on extra shifts,” would have turns for hours on end while ings that the growing crime against tourists living in an imperfect world. public caught breaking the made a little more sense and shoving your head forcefully was threatening to destroy the industry. It But not to warn them and be open with the law will be prosecuted. This is calmed an already terrified to the floor or pavement. Tell was, said the Ministry, giving the Bahamas a news can have serious consequences. code word for if you are law- public. To ostracise and me that after the 13-year-old reputation of being an unsafe destination. Years ago a retired police officer, we abiding sit down and take a savagely raped in one of our The concern was sparked by the robbery believe from New York, was staying at one of threaten law-abiding citizens bullet to your head, hand over and the business community is family islands who will now of the hotel room of a tourist who posted the Cable Beach hotels. One evening he your lifelong possessions and, never be sane again or have careless, intimidating and her experience and financial loss on the Trav- decided to walk the short distance to the yes, bend over and take the children for that matter. I defy unacceptable! I would love to el Troubles section of MSNBC.com. neighbouring hotel to have dinner and “play rape (listen up ladies) and any of you to come up with an Crimes committed at hotels and tourist the tables.” He was returning to his hotel move on with your life. If, hear this same rhetoric direct- immediate solution, because I areas, said a Ministry of Tourism spokesman, after dusk when he was mugged. There had however, you are the crimi- ed at the criminal, but I am will be the first to listen to have become a serious concern. been several muggings in the area, but no nal (the verminous piece of now convinced this will never anything reasonable. As a result of this concern a task force — one had told him to be careful. No one had degenerate filth)….stay the happen, nor does the current We have numerous clueless a joint venture between the public and private told him that walking alone between the two administration appear to want sectors — was created to determine the best hotels after dusk was not such a good idea. course, keep up the good empty suits running this coun- work! to see a reduction in crime. try people! I suggest you think course of action to put more security in areas This is what angered him. And this is what Their policies, or lack thereof, frequented by visitors. started a chain reaction that had most I have never seen such a long and hard and break tra- useless, hopeless, what less are far too idiotic and more dition in 2012. There are oth- “The Bahamas is viewed as a safe desti- unpleasant consequences for the Bahamas. appropriate for pre-school. nation and any international exposure that He returned to the United States, took out a administration in terms of er options and perhaps, just counteracts that gives us an unsafe reputa- full page advertisement in several leading implementing punishment in My heart goes out to the perhaps the timing is no bet- tion,” said the Ministry spokesman at the newspapers, and advised his fellow Americans relation to violent crimes in family of Fergie’s Meat Mart ter then now. Send these time. to give the Bahamas a wide berth in their my entire life! And don’t give for the hell they must be “career politicians” back to That was 2005. Today, the situation — travel plans. It was not a safe destination, he me the pressure from the going through just for pro- the private sector, where they despite the 2005 task force — has not warned them. United Nations excuse, tecting themselves. My only can fail on their own accord improved. However, there are vocal politi- Bahamians are also upset when they because quite frankly they are gripe with them is that they and expense by the way. Per- cians out there who are desperately trying believe that crime news is being suppressed. a manipulative organisation only shot one of the armed haps they could then start to turn our present crime problems to their They appreciate being forewarned so that and can drop dead as far as robbers threatening the lady’s their own private club and political advantage. Because, claims PLP they can protect themselves. I’m concerned. As Bahami- life with a gun to her head, sing kumbaya in their own chairman Bradley Roberts, the FNM inter- We had our own experience several years ans we have become far too and didn’t plug the other as utopian world. fered with the PLP’s Urban Renewal Pro- ago. We came home late one night from The desensitised to crime and now well. Quite frankly 50 per cent gramme we have increasing crime. Today’s Tribune to find that our waterfront home after 80 + murders in less than isn’t going to cut it in today’s CHRISTOPHER problems have nothing to do with urban had been broken into and ransacked. We a year we carry on with life times. In any event, one point ARMALY renewal, but it has a lot to do with this sense- were annoyed to discover that although we for the good guys…finally! less political infighting. In 2005, the PLP were in the newspaper business, the police as though nothing happened. Nassau, appointed a task force to solve the problem. had withheld information that almost every If this morning’s newspa- And the end result with this December, 2009. It solved nothing. The problem has worsened home around us had been broken into. We and now it’s the FNM’s turn to wrestle this published the information — yes, on the front Global warming: We should be setting an example to the world social monster to the ground. It can only suc- page in bold type. We advised residents to be ceed if all hands are on deck — and that on the look out for a car parked in their area EDITOR, The Tribune. four more HFO-fueled power Deveaux will come back from includes Mr Roberts and his team of naysay- that might not belong there. plants which, far from reduc- the climate change conference ers. Those were the days when The Tribune Ten years ago, the ing our fossil fuel use, will in Copenhagen with an hon- There are also grumbles by some who are was an afternoon publication. A Prospect Bahamas ratified the Kyoto actually increase it – along est intent to implement concerned that the cruise lines are now warn- Ridge resident had just received his Tribune. Protocol. with an increase in green- Renewable Energy in this ing their passengers about crime in the He read the story, followed instructions and Last year, at the WIREC house gas emissions. country, and not just another Bahamas. looked out of his window. conference in Washington, This country will be one of signed pledge that they have This is the smartest course of action that Across the way he saw a parked car with a DC, the Bahamas signed a the first to sink beneath the no intention of honouring. the cruise lines can take. When The Tribune couple of men loading it with goods from his was being criticised for “sensationalising” an neighbour’s home. He called the police. With- pledge “to implement mea- waves if global warming con- already sensational story about the hold up of in 24 hours of our own robbery, and only a sures to reduce dependency tinues unchecked. ALISON BALL 18 tourists and the robbing and manhandling few hours after The Tribune had gone to on the use of fossil fuels” by We should be setting an Living on of some of them, we telephoned a frequent press, the culprits were behind bars. March 2010. example to the rest of the solar power traveller in Canada. Suppose, we asked, the If this information had not been sup- Now Minister Earl world, not speeding up our on Abaco government covered up this incident, and pressed by the authorities — on the premise Deveaux is promising to own demise. you visited the Bahamas under the false that crime does not happen in paradise — make the country “complete- We can only hope that the Abaco, impression that it was a safe destination, and many residents could have protected their ly independent of fossil fuels Prime Minister and Minister December 9, 2009. were mugged, what would you do? “I would properties against these thieves. What is inter- within the next 15 years.” sue the Bahamas government,” was the esting is that these men, with notorious This all looks wonderful on immediate response. There was a tinge of records, had just been released from prison. paper, but the reality is that AN APOLOGY anger in his voice. Obviously, they had no other profession, and this country is still 100 per Tourists are reasonable people. Most of officials had not warned society about their cent dependent on fossil fuels, them come from crime infested cities, and activities. 68 per cent of which is Heavy A LETTER purported to be written by Agatha Munroe so crime is not new to them. However, they It is because of this experience that The Fuel Oil, the dirtiest, most headlined "Beware BaTelCo imposters" appeared in yes- resent not being told that there are certain Tribune will continue to publish crime news. toxic sludge that can be per- terday's Tribune. We have been asked to point out that areas not to be frequented and certain things The public has the right to know, and The Tri- suaded to run an engine. Ms Munroe did not intend for this to be sent to or pub- to be avoided if they want a safe vacation. bune has the duty to inform them. To make matters worse, we lished in The Tribune. We apologise for any inconve- are now engaged in building nience caused.

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THE TRIBUNE FRIDAY, DECEMBER 18, 2009, PAGE 5 LOCAL NEWS Coroner’s Inquest to be held into Environmentalists have mixed views over climate summit By NOELLE NICOLLS est Degradation programme to sue the government over higher level than cleaner fuels. Tribune Staff Reporter (REDD) being discussed in plans to build a $105 million Only weeks ago, Minister of death of US woman [email protected] Copenhagen, which would power plant in Wilson City, Environment Earl Deveaux provide financial support to Abaco. revealed plans to transform who fell from hotel PRIME Minister Hubert countries to help protect nat- They recently won a victory the way BEC produces elec- By ALISON LOWE Ingraham’s presentation to ural resources. in the Supreme Court that tricity. He said the govern- Tribune Staff Reporter world leaders at the United “We feel strongly that this gave them permission to ment has engaged a company [email protected] Nations Climate Summit in programme should also launch Judicial Review pro- to develop an integrated grid Copenhagen has drawn a include Bahamian mangrove ceedings in a bid to prevent and central storage facility for THERE will be a Coro- mixed reaction from local forests, wetlands, coral reefs the plant’s construction. The BEC to be able to draw on ner’s Inquest into the death environmental advocacy and shallow marine banks that court denied a request to halt natural and existing sources of of an American woman groups. are very important carbon work on the plant before the energy like wind, water, At the climate summit, Mr sinks. While trees play an case is heard. waves, sun and waste. who fell from the 11th floor Ingraham described the poten- important role in absorbing “(The prime minister) says He said the plan is to great- of a Paradise Island hotel, tial impact of uncontrolled carbon dioxide from the we are vulnerable, but we ly reduce the Bahamas’ depen- police said yesterday. greenhouse gas emissions on atmosphere, it is critical to don’t have to do anything dency on fossil fuels and even- Sandra Sigafus, 41, was the Bahamas as catastrophic. remember that the ocean is about it. It is sending a mixed tually eliminate it altogether. found dead on the ground “The Bahamas is the fifth the world’s largest carbon sink message. It is hypocritical and “It is frustrating that (the outside the Paradise Island most vulnerable country to sea and it is very important in it is frustrating. Wilson City prime minister) goes there and Harbour Resort at around level rise. A temperature rise curbing climate change,” said will definitely be contributing says all the right things to 11.30pm on November 11. of two degrees Celsius will Mrs Lambert. to global warming and rising these people and comes home Her 57-year-old boyfriend result in sea level rise of two Director of the Nature Con- sea levels and there are health and he is not initiating any told police she had jumped metres and will submerge 80 servancy, Eleanor Phillips, said issues associated with its oper- changes in the Bahamas. from a balcony. per cent of our territory. It will the government has demon- ation,” said Matthew McCoy, There is a gap between what Yesterday, Supt drastically affect the health of strated that it is trying to be founding member of Abaco they are saying and what they Elsworth Moss said that an our coral reef systems,” said proactive about addressing Cares. actually are doing,” said Mr autopsy on Ms Sigafus’ Mr Ingraham. environmental issues such as One of their main con- McCoy. body, which was discov- The prime minister suggest- climate change. tentions with the proposed At the climate summit, Mr ered clad only in a ed that already, climate PRIME MINISTER Hubert She said the National Ener- BEC plant is the plan to use Ingraham stressed the vulner- bathrobe, revealed that she change is having an impact on Ingraham speaks at the gy Policy being developed Bunker C oil, which is a heavy able position of the Bahamas died from injuries sus- the Bahamas in terms of summit in Copenhagen. under the Ministry of Envi- fuel oil that has more contam- as a small island and low-lying tained as a result of the stronger and more destructive ronment is a step in the right inants than diesel fuel. Gov- state, despite being a negligi- hurricanes and sea surges, tion, but pointed out that more direction. One of the govern- ernment representatives have ble emitter of greenhouse gas- fall. related inland and coastal ment’s plans is to make the said diesel fuel is more expen- es. He said the matter can be done locally to put our flooding as well as shoreline own house in order. Bahamas completely indepen- sive. The combustion of Mr McCoy said that point remains classified as “sus- erosion, damage to freshwa- “Coral reef eco-systems pro- dent of fossil fuels within the Bunker C oil creates green of view could be misleading, picious” although inter- ter resources, and altered sea vide numerous benefits to the next 15 years. It has also house gas emissions – like sul- since on a per capita basis, the views with the victim’s surface temperatures. Bahamas – providing food, moved to reduce import duties fur dioxide, nitrogen dioxide Bahamas’ emissions are not boyfriend around the time Mr Ingraham said develop- supporting tourism and pro- on energy-efficient appliances and particulate matter – at a negligible. of her death provided “no ing countries are in desperate tecting our islands from storm and energy-saving light bulbs. information to suggest he need of funds to combat cli- damage. We can and should Global Warming Art has was responsible for her mate change, and called on certainly also do more locally developed an interactive fall.” developed nations to do more to protect them from other online model, powered by Supt Moss said the man to curb emissions. human impacts such as pollu- Google Maps, that shows land did provide some insight Casuarina McKinney Lam- tion, sedimentation from land submerged by potential sea into the circumstances bert, executive director of the and over-fishing,” she said. level rising around the world. leading up to the woman Bahamas Reef Environment Of great interest to BREEF Ms Phillips recommended this jumping from the balcony, Education Foundation is the Reducing Emissions resource to Bahamians wish- however he declined to dis- (BREEF), agreed that the from Deforestation and For- ing to have a visual demon- cuss those details. country’s reefs need protec- stration of what the prime Ms Sigafus, of West minister was talking about. Greenfield, Milwaukee, Members of Abaco Cares, Arrests in connection a community advocacy group arrived in the Bahamas the made up of land owners and day before her death and with fatal shooting residents in Abaco, were not had been due to leave the so quick to praise the govern- day after. POLICE have arrested two men in connection with the fatal ment. shooting of Darron Farrington in Strachan’s Corner on Tues- Earlier this year, they CORRECTION day night. formed Responsible Develop- Mr Farrington, 38, of Somerset Estates off Carmichael Road, ment for Abaco, an environ- IT WAS incorrectly mental activist organisation, reported that the new $10 was with a group of men standing outside a home on Stra- million nightclub complex, chan’s Corner, off East Street, when two armed men emerged Luna, was to hold its grand from a track road and opened fire on the group at around opening yesterday. 8.30pm. The grand opening is Mr Farrington was fatally shot in the chest and another man actually tonight, December was shot in his right leg. 18. The injured man was taken to Princess Margaret Hospital by The Tribune apologises ambulance where he remains in stable condition. for any inconvenience this Mr Farrington was pronounced dead at the scene. BH10_quarter_Dec2.09.qxd:Layout 1 12/2/09 2:43 PM Page 1 error might have caused. Police investigations continue. NOW AVAILABLE Bahamas Handbook 50th Anniversary Collector’s Edition $ 95 SPECIAL PRICE 39 IN THE BAHAMAS

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PAGE 6 , FRIDAY, DECEMBER 18, 2009 THE TRIBUNE

LOCAL NEWS Three-part project for Parliament Rising star Sophie Okonedo Square buildings PUBLIC Works Min- ister Neko Grant yes- terday outlined a three- shines for festival award part project for the refurbishment of the Supreme Court Build- By REUBEN SHEARER ing and selected build- Tribune Features ings in Parliament Reporter [email protected] Square. Speaking at a contract signing ceremony for FORTY year-old actress the architectural design Sophie Okonedo was caught services, Mr Grant said up in the moment as she the estimated budget received her 2009 Rising for the project is $16.63 Star Tribute award from the million. Bahamas International Film The contract was Festival on Wednesday awarded to ARCOP evening at the Balmoral Architects. Club. Mr Grant said the An hour before being pre- first part of the project sented with the prestigious will include the exten- award by Charley Walters, sion and refurbishment 72 285 9$/8('&86720(56 Ms Okonedo spoke with The of the Supreme Court Tribune about the signifi- building to create three 7URSLFDO ([WHUPLQDWRUV /LPLWHG cance of the prestigious hon- criminal courts; refur- our. bishment of the ZLVKHVWRDGYLVHWKHSXEOLFWKDWZH “I just feel so privileged, Hansard Building to and I love the fact that I’m a create one criminal ZLOOEHFORVHGIRUEXVLQHVVIURPWKH rising star. At my age, I just court; and the refur- want to keep on rising,” the bishment of the Bank SHULRGRI British actress said. “I Lane Magistrates Court wouldn’t have thought any- to create four civil WK'HFHPEHU one would have heard of me courts. in the Bahamas, so it’s really The second part of nice. I just feel so hon- 7KURXJK , left, was awarded with the Bahamas the project entails the oured.” ACTRESS SOPHIE OKONEDO enhancement of Parlia- The festival’s prestigious Film Festival's Rising Star Award on Wednesday night. At right is Leslie UG-DQXDU\ Vanderpool, Bahamas International Film Festival founder. ment Square and the Rising Star Award is given third part entails the 5H2SHQ to an actor or actress whose construction of a new noteworthy performances Ms Okonedo’s career for the Best Actress award at central services build- WK-DQXDU\ have put them on the path ing. for elite and lasting stardom highlights include a powerful the 2009 British Independent performance in the 2004 Film Awards. The work is sched- in the industry. uled to begin between 2Q EHKDOIRIWKH0DQDJHPHQW 6WDII BIFF Founder and exec- blockbuster Hotel Rwanda, What’s next for Sophie which earned her an Acade- Okonedo? She says she April and August 2010. utive director Leslie Van- Attorney General RI7URSLFDO([WHUPLQDWRUV/LPLWHG derpool sung Ms Okonedo’s my Award nomination for wants to return to her roots. Best Supporting Actress. “I’ve been reading a lot of John Delaney said yes- praises. terday that the consoli- She said: “Having Sophie In the film, she plays the plays, and I will go and do :H ZLVK\RXDYHU\ wife of the hotel owner who some theater next year, dation of the various Okonedo as the 2009 BIFF Supreme Courts at one 0HUU\&KULVWPDVDQGD+DSS\DQG Rising Star honoree could saved thousands of lives dur- which is where I learned my ing the Rwanda genocide of craft.” site will increase the SURVSHURXV1HZ

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THE TRIBUNE FRIDAY, DECEMBER 18, 2009, PAGE 7 LOCAL NEWS Tanya Cash refused right to summon PHA to court JUSTICE campaigner Tanya When Senior Justice Allen Cash has been refused the right ruled in favour of the Attorney to summon the Public Hospitals General’s office, Mr and Mrs Authority to court and claim Cash lodged an appeal in Feb- damages for an injurious fall at ruary and paid the $1,500 bond the Centreville Rehabilitation to the Court of Appeal in Centre. August. Mrs Cash, 42, was taking her As she suffered debilitating disabled son Gregory, 14, to a injuries in June, Mrs Cash asked Public Hospitals Authority for an extension of time to file (PHA) clinic in Collins Avenue the Court of Appeal documents when she slipped and fell tearing owing to her injury. the tendons in her right arm and But she has yet to receive a injuring her left arm on June 19. response from the court or to But Mrs Cash says she has be given a date for the Court Greg and Tanya Cash been unable to claim damages of Appeal hearing, Mrs Cash as she and her husband Greg, said. 49, were deemed vexatious liti- She remarked: “We were gants by Supreme Court Judge deemed vexatious litigants Anita Allen in January and because they wanted to quiet barred from initiating any legal us down, and now they deny me action. justice at every angle. Mrs Cash filed an appeal “No matter how hard I try I against the ruling 10 months am not going to get justice in ago, but has yet to be given a this country, I cannot. date for the Court of Appeal “There needs to be a total &20,1* hearing. She claims she also has revamp of this judiciary. Peo- been refused the right to take ple are hurting.” legal action. Mrs Cash said the PHA cov- A person who has been ered the cost of an MRI scan declared a vexatious litigant can on her right side after the acci- only initiate legal proceedings dent which proved she had torn with the permission of a ligaments in the fall, but she 6221 Supreme Court judge, Mrs Cash now wants the PHA to pay for a explained, alleging that she has second MRI scan, and for treat- been denied the right to ask for ment from a private physio- this permission by certain mem- therapist. bers of the court’s staff. The Tri- She said: “I am suffering and 7R $ %RRNVWRUH 1HDU

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PAGE 8, FRIDAY, DECEMBER 18, 2009 THE TRIBUNE LOCAL NEWS Armed robbers storm store in Cable Beach

‘Mysterious’ traffic accomplice who robbed the Quad Sports heading east on Poinciana Drive. FROM page one Bar in Market Street and Poinciana Drive Police are appealing for information on Wednesday night. from the public. fatality investigated with them in a light blue Toyota Corolla. The two men dressed in dark clothing Anyone with any information that may It was the second armed robbery report- walked into the bar at around 11.30pm on assist investigations should call police ed by police yesterday, as investigators are Wednesday, and threatened staff at gun- urgently at 919 or call Crime Stoppers POLICE are investigat- around 4pm. also looking for the armed gunman and his point before making off with a bag of cash immediately on 328-TIPS (8477). ing the mysterious circum- A green Kawasaki stances of a traffic fatality motorcycle, registration near the new Albany Road number 1255, was found in southwestern New Prov- about 60 yards away. Kenneth Russell in ‘health scare’ idence on Wednesday. Mr Albury had suffered Free National Movement, 2001, and as a Cabinet minis- Joseph Dewitt Albury, a head wound and was FROM page one High Rock Constituency ter with responsibility for known as Jay, 56, of East- pronounced dead at the Association and was elected Public Works between 2001 ern Road was found face- scene. day)," said the source. to the House of Assembly for and 2002. down on Rock Plant Police are uncertain of Mr Russell, the High Rock the High Rock constituency He also provides justice of constituency MP, was in 1997, 2002 and again in the peace services to the Road, beyond a steel bar- the circumstances of his appointed minister of hous- rier used to block traffic death and are appealing 2007. Grand Bahama community. ing in 2007. Mr Russell also served as Attempts to reach Mr Rus- going through to the for witnesses to call 919 According to the FNM's Chairman of the Town Plan- sell or his family for comment new Albany Road, at urgently. website he is a former chair- KENNETH RUSSELL ning Committee for the were unsuccessful up to press man and vice-chairman of the Bahamas between 1997 and time.

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THE TRIBUNE FRIDAY, DECEMBER 18, 2009, PAGE 9 LOCAL NEWS Hotel wages plummet for Family Islanders FROM page one about the reported sale are tourism stemming from the made public. US recession, which began in "It would be premature to late 2008. offer any thoughts on a mat- In September, Prime Min- ter that is reported to be on ister Hubert Ingraham said the desk of the Prime Minis- Government was working ter and is therefore the sub- feverishly to revitalise the ject of consideration," he collapsed economy, but some said. critics think the promised Some of the Government's turnaround is not coming plans for Grand Bahama soon enough. include a planned announce- "The uncertainty of the ment of a government tem- future of Grand Bahama porary job programme for demands immediate atten- 500 Grand Bahamians; the construction of a $17 million, tion from all concerned. The OBIE WILCHCOMBE economic drought, mass 60,000 sq ft government com- social dislocation caused as attend the United Nations plex, providing construction a result, the painful and psy- Climate Summit in Copen- jobs for Grand Bahamians; chological impact that hagen, Denmark. fiscal support for "unprece- Bahamians are enduring are Sir Jack has boasted that dented" features of Grand compelling reasons for the the sale would be a deal on Bahama in international movers and shakers to sit, par with Sol Kerzner's lucra- tourism advertising cam- negotiate and to unleash a tive Atlantis resort on Par- paigns; discussions on the sale progressive, creative and adise Island and could inject of the East Grand Bahama innovative plan for the future a much needed boost to oil terminal, with a "positive of Grand Bahama. Grand Bahama's economy. decision" on the sale expect- "The strategic location of When questioned about ed before the end of Septem- Freeport and Grand Bahama this potential boost, Mr ber and a planned meeting and the prospect of the island Wilchcome refrained from with principals of Hutchinson becoming a centre for inter- speculating on what the deal Whampoa on further expan- national trade is impatient of could offer until all the facts sion on Grand Bahama. debate. We need to get on with it," Mr Wilchcombe said in a statement released to The Tribune. He added: “The residents of Grand Bahama are not enthused by the self induced depression that together with the economic recession has crippled the island, its growth and its future. Urgent atten- tion is demanded to avert permanent affliction.” Earlier this week Sir Jack Hayward revealed to Tribune Business that he had signed a sales agreement with a buyer of his shares in the Grand Bahama Port Authority (GBPA) and its Port Group Ltd affiliate. A letter detailing the sale was said to have been deliv- ered to Prime Minister Hubert Ingraham on Decem- ber 14, however it is not known if Mr Ingraham received it before leaving to

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PAGE 10, FRIDAY, DECEMBER 18, 2009 THE TRIBUNE

LOCAL NEWS NI contribution rate rise still set to go ahead FROM page one

benefit fund. However, there is still no word on the specific date it will be implemented. In a recent interview with The Tribune, Minister of State for Finance Zhirvargo Laing could not say when the pro- posed contribution increase would start, but conceded that early 2010 was still the target date for the increase. Prime Minister Hubert Ingraham has said that during the second phase of the bene- ZHIVARGO LAING fit programme, contributions of half a per cent of insurable "I think it's safer to say that wages will be payable by both if that is going to happen, it employers and employees. will be early next year as "The prime minister had opposed to January or Febru- indicated from the start, that ary or March. And there will the amount of funds allocat- be discussions with the private ed for the first phase of the sector I'm sure." unemployment scheme should The member of Parliament take us up to a certain point for the Marco City con- and then a contributory situa- stituency thinks that the con- tion would kick in January (or) tribution increase is a small February," Mr Laing said. price for businesses and the "I have not heard anything working population to pay in to change that and unless cir- exchange for an unemploy- cumstances are so altered that ment safety net. it becomes necessary for us to "The sense of security they do otherwise as far as I know get from the knowledge that we're still on that same trajec- in difficult times I have a tory. means of having some relief Earlier this week, NIB to my unemployment situation Director Algernon Cargill hopefully being temporary is revealed that NIB's unem- the extent to which they have ployment benefit fund is effec- a greater sense of confidence tively exhausted, with $20.185 in the state and that makes of the $20 million set aside for them a more productive work- the fund already allocated. He er. added that almost $500,000 "It's not a significant worth of payments have not amount of money, it's two dol- been collected, which he sees lars for the employee and one as a sign that the unemploy- dollar for the employer. I think ment situation in the Bahamas for that level of security. . .I is not as dire as it was earlier in think that's the least that a the year. country can do," he said. Mr Laing said that the busi- The unemployment benefit ness community will be con- scheme was launched in April sulted once a specific date is of this year by Government in set for Government to get an attempt to cushion the their opinion on the mandated effects of rising unemploy- increase. ment. "I am sure that leading up to Unemployed persons who a determination on whether had contributed to the Nation- or not the contributory aspect al Insurance Board and met will kick in that there will be certain requirements were eli- discussions with the private gible for the fund, which was sector. payable for 13 weeks.

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THE TRIBUNE PAGE 11

FRIDAY,DECEMBER 18, 2009 INSIDE • International sports news NPVA set to host annual all star Jacques becomes first ever Thomas celebrations this Sunday A. Robinson Scholarship recipient THE NEW Providence Volleyball Association (NPVA) will host its annual By RENALDO DORSETT sons congratulating Jacques on the "This is a very special occasion for all star celebrations this Sun- Sports Reporter achievement, and stressed the impor- me. Jenny holds a very special place in day at the D.W Davis Gym- [email protected] tance on the true reason for the schol- my heart for a particular reason. I nasium featuring a trio of arship – the opportunity at further went to CI Gibson to find her and we interesting contests. IN AN effort to further etch his education. went out and we sat down for a while. In the opening matchup, name into the annals of Bahamian "When I received my scholarship, I did not ask her why she quit but one The Ladies President squad sports, the Friends of Tommy Robin- my intention was to do medicine. I of the questions I asked her was, what will take on the Vice Presi- son Committee have partnered with got sidetracked with the urge and would you like to do when you fin- dent squad. the College of the Bahamas to award desire to have an Olympic gold medal ished high school, and she said she The second game of the the inagural scholarship bearing the so the medicine took a backseat. I am would like to be a doctor. I asked her afternoon will feature the name of the sprinting legend. on record in my house telling my chil- if her parents would be able to afford Junior All Stars against the Jenny Jacques, a 19-year-old fresh- dren that if we had to do it all over what it would cost for her to become a Johnson’s Truckers, the New man at the College of the Bahamas, again they would start here at COB doctor and she said ‘I don’t think so.’ Providence Softball Associa- became the first ever Thomas A. because I have discovered that the So I said to her track and field and tion Champions and in, the Robinson Scholarship recipient for education here is first class," he said, sports in general can offer you that nightcap, the Men’s Presi- her efforts in track and field. "I trust that while you are competing opportunity to gain a scholarship and dents team will take on the The four year $10,000 scholarship you will not forget the reason for you to further an education. I told her I Vice President side. was made possible through the gen- being here at the College and that is wanted her to use track and field as a erosity of his friends and supporters. the education. Without the education, means to an end," he said. Men’s President "It is such an honour to be awarded Ian Pinder with this scholarship. I know there Glen Rolle were other people that were nomi- Renaldo Knowles nated for the award and to be chosen “Without the education, the world sort of Jamaal Ferguson is quite a special moment for me," she said, "I am thankful to everyone in closes in on you, but with the education Lahaundro Thompson my life that has helped me to reach Tommy Robinson John Rolle this point and I promise to my family, all out there, all is your’s.” Hector Rolle coaches and Mr. Robinson that I will Tommy Robinson influential figures. Mario McPhee not let them down." "When you build a university you Elliott Smith Jacques, a graduate of C.I Gibson are not building just concrete mortar Senior High School, is a Biology and the world sort of closes in on you, but "When I heard she was the recipient William McKinney or cement, you are actually building Chemistry major and intends to pur- with the education all out there, all is I was very pleased because it could national history," she said. "The Audril Farquharson sue a career in Sports Medicine. your’s." not have happened to a finer person. I names we place on our buildings and Gabi Laurent The accolades of the young shot put Bahamas Association of Athletic am so proud she came back to track the names we give to our scholarships participant are numerous, and include: Association President, Mike Sands, and field and now you can see the tell the stories of the people who built said the moment he leared it was result of her hard work." Maurice Smith (Libero) three time member of the CARIFTA this country and it is for the reason track and field team, two time Junior Jacques who recieved the award was a President of the College of the that we are extremely happy to be CAC team member, World youth special moment for him because of Bahamas Janyne Hodder said the naming the Thomas A. Robinson Coach: DeVince Smith Qualifier and most valuable player in the personal connection between the award becomes even more significant scholarship and to have an opportu- volleyball. two, best related in an anectdote from when you consider that it bears the nity to inscribe that name in the Col- SEE page 12 Robinson joined a long list of per- her days in high school. name of one of the country's most lege of the Bahamas forever."

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PAGE 12, FRIDAY, DECEMBER 18, 2009 TRIBUNE SPORTS

SPORTS Ministry increases budget for COB NPVA set to host annual all star student Hall of Fame award programme celebrations Sunday By RENALDO DORSETT official cheque presentation to to groom our elite athletes. I FROM page 11 Rayon Brooks Sports Reporter College of the President am therefore pleased to pro- Vincente Demeritte [email protected] Janyne Hodder for $100,000 vide to the College my Min- Navardo Demeritte Javari Southard to aid the fund. istry’s second installment of its Levar Kellman AS THE stature of its bur- The increased endowment Aid to Student Athletes Pro- will benefit 64 student athletes gramme." Women’s President Ronnie Lexidor geoning athletic programme Kelsie Johnson continues to develop, the Col- at COB competing on one of It was the Ministry's second Terrell McKenzie lege of the Bahamas Athletic its eight varsity teams, which contribution to the fund in the Tia Wilson Department received a shot in include: mens and ladies bas- past year. Diandra Sands Ruel Williams (Libero) the arm when the Ministry of ketball, volleyball, soccer and In Spring of this year, the Anastasia Sands Youth Sports and Culture track and field. ministry provided $45,000 to Je’Nae Saunders "I am pleased to assist in the programme, more than Coach: Lloyd Davis increased the budget for its Rochelle Henfield National Hall of Fame Student writing another chapter in the doubling its efforts in the Fall. Adalbert Ingraham Athlete Award Programme. progressive relations between President of the College of Margaret Albury Newly appointed Minister the College of the Bahamas the Bahamas Janyne Hodder Vanricka Rose Charles Maynard Charles Maynard made the and my Ministry," Maynard said: "This Fall, the National Terae Sweeting Women’s Vice-President Cheryse Rolle said, "In this instance, we Hall of Fame Student Athlete Anishka Rolle solidify such a partnership by Award is benefiting 64 student Sonia Hinsey Laval Sands doubling the size of funding athletes by providing tuition Shevaughn Woodside /HJDO1RWLFH provided a year ago, when we or books. This represents 127,&( initiated a plan for enabling more than half of our total Rebecca Moss (Libero) Shantia McPhee the College to assist financial- complement of student ath- Charlene Fox-Ferguson ly-challenged student-athletes letes at the College," she said, Coach: Peter Ferguson Kenisha Thompson ('%((/ ,19(670(176 /7' seeking admission to the Col- "This semester, 22 of the stu- Krystel Rolle ,Q9ROXQWDU\/LTXLGDWLRQ lege." dent athlete grant recipients Jason Saunders Maynard said it signaled his are freshmen whose excep- Janet Williams Ministry's commitment to the tional achievements have set Men’s Vice-President Kimberly Thurston-Campbell development of the athletic them apart as leaders in sport- Sharon Whylly 1RWLFH LV KHUHE\ JLYHQ WKDW WKH DERYHQDPHG programme and would aid in ing events like soccer, volley- Prince Wilson Manishka Rollins the coutry retaining more elite ball, basketball and track and &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHGRQ athletes. field." Muller Petit WKHWKGD\RI'HFHPEHU 7KH/LTXLGDWRU "This occasion also permits Hodder said the contribu- Tony Simon Latondra Brown (Libero) LV $UJRVD&RUS,QF32%R[11DVVDX me to confirm the views of my tion became more significant Arison Wilson Ministry that further national amidst the current sconomic Leonardo Dean Coach: Joseph Smith %DKDPDV sports development will be climate and was a testament Shedrick Forbes Jennifer Dotson closely aligned to a robust ath- to COB's commitment to letic programme at COB. This human development. view is common among all "Today’s contribution is National Core Sport Federa- especially noteworthy consid- tions who collectively view a ering the world’s and the coun- vibrant COB athletic depart- try’s depressed economic cli- INSIGHT ment as vital to fielding their mate," she said, "The College strongest national teams," he believes and is committed to a For the stories behind $5*26$ &253 ,1& said, "Just as important an out- human development as a fun- come of this programme is the damental priority to guaran- the news, read Insight /LTXLGDWRU aim of my Ministry to rely less tee a prosperous and sustain- heavily on external institutions able future for the Bahamas." on Mondays

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TRIBUNE SPORTS FRIDAY, DECEMBER 18, 2009, PAGE 13 SPORTS National Learn-to-Swim trials completed

SOME 1400 Bahamian pre-school- national record holder in the 400 and of the schools and transportation more competitive swimming, elimi- special high-volume programme, ers and primary students recently com- 800 metre freestyle. She has a graduate costs. Potentially, more than half of nating some of the cost and risk of which is unique in that it is geared pleted an innovative Learn-to-Swim degree in physical education and cul- the school population on Grand initial basic training at local swim towards teaching survival skills as programme, with more than half suc- ture from Havana's Manuel Piti Fajar- Bahama could acquire basic swim- clubs. And a secondary goal of the well as respect for the ocean. It is cessfully completing the requirements do Institute and designed a low-cost ming skills by next June. The organ- sponsors is to teach children to also very cost-effective." to survive an accident in ocean waters. training programme that relies on isers may then turn their attention to respect the ocean and the living The introductory level teaches chil- Sponsored by the Grand Bahama experienced swimmers as instructors. other islands, and are calling on gov- things within it. dren how to save themselves if they YMCA and private donors, the pro- This "factory" programme can ernment to consider making the train- The programme was made possible fall into a pool. Level two students gramme is designed to teach as many teach large numbers of children to ing a part of the national school cur- by a special grant provided by two are trained to jump into open ocean, children as possible, in the least swim in a short time frame, and is riculum. concerned Nassau residents, Louis tread water for 15 seconds, and then amount of time and at minimum cost, believed to be the only one of its kind "Swimming is the second leading Bacon and Kris Lehmkuhl. They are swim to a nearby boat. Level three the basic skills needed to survive in in the world. The Grand Bahama cause of accidental death for children dismayed by the lack of swimming students can jump into open ocean, the water. training sessions ran from September worldwide, and the Bahamas has a skills among Bahamians, concerns and swim 75 feet using the breast Children as young as three-years- to December as a pilot project in high rate of drowning per capita," which were magnified by the drown- stroke. old took part in the programme, which order to demonstrate the methodol- said Coach Iva. "Enhanced water ing of two children at Adelaide and "As far as we are aware this is the was specially designed, and is admin- ogy and cost-effectiveness of the pro- safety should be a top priority for of a Bahamian employee at Nygard first time that a programme of this istered, by Coach Iva Dreke Russell, gramme. schools and communities around the Cay earlier this year. magnitude has been targeted at sur- the YMCA's aquatic director who is a It is not known how many schools country, and we have managed to "Bahamian kids are islanders and it vival in the water," said Karon John- former assistant coach for the on Grand Bahama will participate for keep the cost per child to under $20 is axiomatic that they should know son, Executive Director for the Bahamas National Swim Team. the next two terms. If there is no offi- for an average of 6.5 lessons." how to swim," Lehmkuhl said. "So YMCA. "It is very popular among Mrs Russell also coached the Cuban cial support then it will depend on This programme will also prepare we worked with a highly respected the kids, and the results have been National Swim Team and is a former the priorities of the PE programmes interested children for entry into certified swim coach to develop this encouraging." Henne leads Dolphins into playoff contention

DAVIE, Fla. So what? Chad Henne's since Chad Pennington was winning. sidelined by a season-ending THE TOUCHDOWN By leading the Miami Dol- shoulder injury, giving Miami total is modest, long comple- phins' recent surge into play- (7-6) a shot at winning the tions are infrequent and the off contention, Henne has AFC East. interceptions can be ugly and strengthened his case as a "In my mind," Henne says, untimely, according to the long-term solution at quar- "I can be here for a long time Associated Press. terback. He's 7-3 as a starter and help this team win." In his second NFL season, Henne hasn't exactly taken the league by storm. His quarterback rating of 74.9 ranks 23rd, behind even Jay Cutler, Jason Campbell and Matt Hasselbeck. He's aver- aging only 6 yards per attempt and has thrown just

five touchdown passes to his o t

wideouts. Seven of his nine o h

interceptions have come in P the fourth quarter. P A /

But since Henne took e l

over, the Dolphins are 6-0 in a o

games decided by a touch- C l i

down or less. Three times he h has led fourth-quarter come- P backs for victories. MIAMI Dolphins quarterback Chad Henne throws a second-quarter pass during an NFL football "I don't think he ever game against the Jacksonville Jaguars, Sunday, Dec. 13, 2009, in Jacksonville, Fla. played like a first-year starter," teammate Ricky Williams said. "We've always been impressed with how working with a receiving ented offense that forces type team. In order for that poised he is. Usually when corps that lacks a deep defenses to load the line of to work well, you have to you lose your starting quar- threat, forcing him into most- scrimmage, and when he have a good quarterback, a terback and this young guy ly conservative throws. And needs to, he takes advantage smart quarterback, an effi- comes in, there's panic. But his team ranks second in the down the field." cient quarterback with the we never flinched, and he has NFL with a third-down con- On Dec. 6, New England ball. And it seems like he's done a great job." version rate of 49 percent. made it so difficult for Miami playing better and better Henne directs an offense "He looks like a guy who to run that Henne threw 52 each week." that ranks third in the league has been hand-picked for passes. He totaled a career- Henne also won at a 70- in rushing and puts an empha- that offense," said coach Jeff high 335 yards and directed percent rate in college, sis on efficiency. He was plen- Fisher, whose Tennessee the drive for the winning where he went 33-14 as a ty efficient in Sunday's win at Titans play Miami on Sun- field goal with a minute left. four-year starter with Michi- Jacksonville, setting a fran- day. "He keeps drives alive, "If he keeps improving like gan. He was taken in the chise record by completing 17 he makes throws, he's not he has over the last year, I second round of the 2008 consecutive passes. making mistakes, he's chang- think the sky's the limit," draft and spent his rookie While he has had costly ing things on the line of Titans defensive end Kyle year as an understudy to turnovers, his interception scrimmage. That offense is Vanden Bosch said. "They're Pennington, a wise and will- rating of 2.7 is solid. He's perfect for him — a run-ori- a smart team, a ball-control ing mentor.

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PAGE 14, FRIDAY, DECEMBER 18, 2009 TRIBUNE SPORTS

SPORTS Kobe's jumper at OT buzzer lifts Lakers over Bucks

MILWAUKEE ger, so that first shot I took had my best record in the NBA with their "I hate losing to him," said Redd, original grip and the ball kind of 13th win in the last 14 games. back for his second game after miss- KOBE BRYANT reverted to an came off the wrong way," said Bryant, who scored 42 points in a ing seven with left knee soreness. old habit when he missed a potential Bryant, who broke the finger against win over Chicago on Tuesday night, Milwaukee took a 106-100 lead in game-winning shot. Given a second Minnesota on Friday. "I was upset was again sharp when it counted overtime after Redd hit a 3 and Luke opportunity, he stuck with the because if I was going to miss it, I'd despite the finger that's been ham- Ridnour added a 15-footer. change he's made since breaking his rather miss it with things I've prac- pering his ball handling and follow Bryant hit a jumper and after right index finger, according to the ticed in the last few days. I was hap- through. He went 13 of 28 from the Ilyasova missed two free throws, the Associated Press. py to get another look." field and hit all 12 of his free-throw Lakers star added a three-point play Bryant hit a 15-footer as time On his second try, he backed attempts, but committed seven by plowing into Andrew Bogut, who expired and scored the game's final down Charlie Bell again and drained turnovers after committing eight had 16 points and 12 rebounds, to seven points over the last 1:18 of the jumper to start the celebration by against the Bulls. make it 106-105 with 48 seconds left. overtime to lift the Los Angeles Lak- raising his arms triumphantly and He said he took a whack on the Bogut and Bell both declined to ers to a 107-106 victory over the Mil- returning to the Lakers bench where hand and it remains sore, but this criticize the officiating, saying that waukee Bucks on Wednesday night. he was mobbed. one was much more painful for the they didn't want to draw a fine. But AP Photo Bryant, who had 27 of his 39 "I had a really good look on that Bucks. both were clearly perturbed and Morry Gash/ points in the second half and over- first one and wanted to go right back Reserve Michael Redd had 25 believed Bogut had position. Los Angeles Lakers' Kobe Bryant time, missed a shot from nearly the to the same spot and get the same points and Ersan Ilyasova added a "That was a huge play, the charge reacts after making the game-winning same spot from the left elbow that look," Bryant said. career-high 24, but the Bucks lost or block call," Bucks coach Scott basket during overtime of an NBA bas- would've won it at the buzzer to end Pau Gasol had 26 points and a their fourth straight in the series with Skiles said. "That's a huge play and ketball game against the Milwaukee regulation. career-high 22 rebounds for the Lak- the Lakers and are 3-14 in the last 17 if we get that stop right there, we're Bucks Wednesday, Dec. 16, 2009. "I changed my grip since the fin- ers (20-4), who tied Boston for the meetings. probably in good position."

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PAGE 16, FRIDAY, DECEMBER 18, 2009 THE TRIBUNE

LOCAL NEWS

Bahamas National Youth Choir holds Christmas concert

SCENES FROM the Bahamas National Youth Choir’s First Annual Christmas Concert at the Trinity Methodist Church. The event, held on Tuesday, featured festive songs to get the audience into the spirit of the season. Felipé Major/Tribune staff

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THE TRIBUNE

FRIDAY, DECEMBER 18, 2009 SECTION B • [email protected] Resident backs 7% ordinary developer over FINCO: No dividend Coral Harbour life growth property values after 69% profit fall puts BAF on By NEIL HARTNELL * RBC mortgage-lending arm sees net income decline almost $10m to $4.563m Tribune Business Editor from $14.456m, as non-performing loans up 124% year-over-year profit target A Coral Harbour resident yesterday backed an assertion * Chairman says situation for all ‘unprecedented’, adding that last year he would by the developer of a seven- screen cinema/retail and gas have thought loan loss provisioning ‘way too conservative’ station complex that his devel- * Loan loss provisions up 184% or almost $10m to $15.1m, accounting for most * President/CEO says while 2009 ‘not opment will increase property values in the area, adding that of profit fall banner year per se’, Bahamian not all were opposed to the project.’ * Non-performing stands at 8.09% of portfolio, but Tier 1 capital still well above financial services provider will ‘come Charles Hall, a Coral Har- bour resident since the late regulatory limits at 18.53% close’ to budgeted $2m-$2.5m profits 1980s, told Tribune Business * Bank saw some interest rate spread ‘compression’, although interest income flat that he and others in the area * Still looking at further Caribbean were not against the proposed By NEIL HARTNELL development by Tony Joudi, Tribune Business Editor expansion president of Fast Track Con- struction, or his proposal to RBC FINCO yesterday announced it was not declaring a * Looking to make ‘significant inroads’ demolish two walls on the fourth quarter dividend, the first time it has decided not to northern side of the Coral return profits to shareholders “for as long” as some analysts can on re-entry into Bahamian health Harbour Roundabout. remember, after net income slumped by 68.5 per cent due to The impending demolition, provisions for a 124 per cent year-over-year increase in non-per- insurance market in early 2010 which is awaiting final forming loans. approval from the Town Plan- Ross McDonald, FINCO’s chairman, told Tribune Business By NEIL HARTNELL ning Committee, has sparked that the company’s 2009 financial results, and decision not to Tribune Business Editor a furious protest by some declare a dividend, were further evidence of the “unprece- Coral Harbour residents, led dented” economic slowdown the Bahamian and world by Sonya Alvino and attor- British American Financial’s president/chief economies had experienced, and showed the recession’s impact executive yesterday said that while 2009 had not ney Joan Ferguson, but in was “real and serious”. both an e-mail and interview been “a banner year per se”, it expected to “come BISX-listed FINCO, which is 75 per cent owned by Royal close” to its target $2-$2.5 million net profit for the with Tribune Business, Mr Bank of Canada and effectively acts as its Bahamian mort- Hall made clear that the com- gage-lending arm, disclosed that net income for the year to year, aided by 7 per cent premium growth in its munity is far from being 100 ordinary life business. per cent united behind their SEE page 10B Chester Cooper, who is also chairman of the Bahamian financial services provider’s parent, protests. ROSS MCDONALD Tackling one strand of the BAF Global Group, told Tribune Business that protesters’ arguments, name- while the company was “not overly optimistic” ly that the demolition of the about prospects for 2010, it continued to look at walls would reduce property expansion into other Caribbean markets, having values in the Coral Harbour Store parlays $1/2m just completed its acquisition of CLICO’s Cay- area, Mr Hall, who is a senior man life insurance portfolio. manager at FirstCaribbean In addition, Mr Cooper said British American International Bank Financial expected to make “significant inroads” (Bahamas), said in an e-mail outlay into expansion into the Bahamian health insurance market in to fellow residents: “I do not $4.05 2010, following its re-entry in alliance with BUPA follow or agree that the By CHESTER ROBARDS “We want people to leave 68 and the release of a new product line. removal of the walls will have Business Reporter our store happy,” said Ms $4. “We’ve had a year$4.29 on par with last year,” Mr any impact whatsoever on [email protected] Johnson Tribune Business property values in the area. Cooper told yesterday. She added that the 7,500 “It’s been an extremely challenging year, the “What will impact values, CLAIMING the title of the square foot space was expand- The information and positively so, is the com- $4.21 economy has not spared us, and becausecontained we’ve is from not a country’s first and largest self- ed to become a department 51 had much top-line growth per se, thirdwe’ve party hadand The to mercial development [of Mr service shoe store, Bani has store last month, and it has $4.29 Tribune can not be $4. control expenses. held responsible for Joudi’s], which will make it turned around an almost begun to offer myriad new “Because we’ve done this, we expecterrors to reportand/or more attractive for residents $500,000 investment in only products, including church omission from the good profits at the end of the year. to not have to travel long dis- six months and expanded its hats, Black Opal and L’Oreal $4.2169 $4.29 daily report. tances to do their shopping. offering, the shop’s manager cosmetics, jewellery and per- “We’ll come close to our budgeted numbers for In this regard, I believe we said yesterday. fume. $4. 2009.” have all benefited from the Sherrelle Johnson said the The information contained is from a third SEE page 9B completion of the Humming- store has done so well in its SEE page 12B party and The Tribune can not be held way Shopping ‘Centre’ and responsible for errors and/or omission first months that the owners from the daily report. the presence of Budget made the decision to expand Meats.” its stock to include cosmetics, Mr Joudi furthered this clothing and hats. Children’s argument yesterday, telling items will be added in early Tribune Business that the 2010. presence of his commercial According to Ms Johnson, development, which includes the self-serve model elimi- an already-constructed strip nated stocking costs and mall (soon to be followed by a reduced the amount of staff Financial Strength Rating 60,000 square foot food store A needed for customer assis- M BEST and medical facility), would tance, though the store still A- Excellent both increase security in the employs almost 20 individu- Coral Harbour area and prop- als and will take on more for erty values. the holiday season. “It’s going to add security “It’s very easy and cost to the area,” Mr Joudi said of effective, so we pass the sav- his project, the third phase of ings on to our customers,” she which will be the cinema, said. retail and gas station complex. The Mackey Street south “There will be 24-hour secu- store has included in its stock rity, making people more a range of products to fit most secure. budgets, offering shoes from “It’s adding to the property $5 up to $200. And they have upped the ante on customer SEE page 8B service to set themselves apart from other stores. Doctors frees ‘$100k college monthly’ through before you know it early debt repayment invest in an annuity By NEIL HARTNELL customized investment options Tribune Business Editor guaranteed minimum interest rates Doctors Hospital Health Systems (DHHS) yesterday told flexible accumulation period Tribune Business it had freed up “about $100,000 per month” in cash flow by spending $5.065 million this financial tuition available when he’s ready year in repaying all its long-term debt, adding that an initial inspection aimed at getting it accredited for medical tourism all of the above had gone “extremely well”. In response to Tribune Business’s questions, the BISX-list- ed healthcare provider said it was in the initial planning stages for the expansion disclosed by this newspaper on Monday, December 14. It aims to start the expansion of its Collins Avenue hospital and healthcare facilities in earnest A SUBSIDIARY OF in late 2010/early 2011. “We are in the midst of planning our expansion, which will include all clinical areas of the hospital, along with their sup- port services,” Doctors Hospital said in an e-mailed reply to call us today at 396-1355 SEE page 11B SALES OFFICES: NASSAU I FREEPORT I ABACO I ELEUTHERA I EXUMA I CORPORATE CENTRE: EAST BAY STREET I www.famguardbahamas.com

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PAGE 2B, FRIDAY, DECEMBER 18, 2009 THE TRIBUNE BUSINESS Nothing graphic about choosing this profession

BY DEIDRE BASTIAN

CREATIVITY EXPRESSION Probably the most important DEIDRE benefit of being a graphic artist is the ability to express your creativity, while still earning a BASTIAN great living. Many artists are moving towards graphic design because it’s easier to make a living as a graphic designer than passion for design, you can it is in areas such as fine art. learn on your own. The big Don’t be discouraged; if fine benefit of going to school is art is your passion then pursue having teachers to guide you it and still work in other areas operation and begin running and critique your work, so if as well. your own studio. you teach yourself you need to This is a great option if you be able to gauge your current WEB OR PRINT FLEXIBILITY want to play the role of man- skill level and understand what The cool thing about being ager or art director, and gain a areas you need improvement a graphic artist is that you have lot more exposure by doing art- in. The truth of the matter is different mediums in which to work for very large brands. that if this is the correct career express yourself. The two pri- path for you, you will definite- mary ones being print and web. WORK IN-HOUSE ly feel it…your heart will dic- Web is obviously more recent If you are not ready to free- tate and direct you so stay true and still relatively new. If you lance or run your own studio, to yourself. Artists are usually get into web design and you can you can always work full-time ‘feelers’ and rely on their pick up programming skills for someone else. Working in- instincts and passion. such as html or css, you could house can give you the stability open up an entire new world you need for peace of mind. FEW EXPENSES of job opportunities for your- Some designers worry about Another great thing about self. Additionally, you can their creativity being limited in- being a graphic artist is that branch off into other skill sets house and this can happen, but there are few business expens- easily, which can dramatically you need to take a look at the es. If you have a computer and increase your freelance or busi- benefits and disadvantages to software already, there isn’t ness growth potential. make the right choice. much else you need to spend There are plenty of other money on. If you are going to HUGE CLIENT BASE ways to let your creative energy handle printing for clients you Some businesses have a lim- run wild while not working in- would work this into the total ited client base, but every busi- hous,e so don’t get too caught project quote, and the same ness needs a graphic artist. If a up about having more limits on goes for stuff such as buying business is going to do market- what you can and can’t do. It’s stock images or hiring an illus- ing then someone is going to just part of doing business. trator for a project. need to design those market- You might have some web ing materials. As long as we EASY TO GET INTO expenses, such as website host- have business, there will be a If you have a decent com- ing and maybe a marketing need for the graphic artist. puter and a few Adobe pro- budget, but overall costs should Because of this, the competi- grammes, you are pretty much be pretty low if freelancing. tion is getting rougher every ready to rumble! After that, it’s day, so you will need to work all about creativity, hard work, EASY ONLINE MARKETING much harder to stand out from self-growth and networking. The design community is the crowd. This demand means Compared to other careers, incredibly rich online. I have that in order to stand out from being a graphic artist could be never seen so many different the rest you must constantly seen as a pretty low -ost career and unique sites for an online sharpen your tools. to get into as opposed to say niche before. The design com- starting a landscaping business, munity is full of great forums, FREELANCE where you would need a truck blogs, gallery sites, organisa- My favourite part about the and tons of expensive equip- tions, tutorials sites and much graphic arts career is the ability ment and other materials. more. There are so many ways to engage in freelance work. to market your skills online that There are tons of places to find YOU CAN LEARN it’s not even funny. It just takes freelance work on the Internet, ON YOUR OWN a little a bit of time and energy and in your free time. While I do recommend going to make the most of the web. to school for graphic design, Technology changes by leaps RUN YOUR OWN STUDIO many amazing graphic artists and bounds, so when you throw If you have ever dreamed of learned on their own. If you your hat into the computer are- having your own studio or practice enough at home, study na you’ve signed up to be a office, then you could turn your other art and practice tutorials, continuous learner. Have fun freelance business into a larger read books and really have a and stay on top of your game.

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THE TRIBUNE FRIDAY, DECEMBER 18, 2009, PAGE 3B BUSINESS Bahamas firm in new export Hotel relief over British achievement International Private Bank- Airways strike vote block ing Systems (IPBS), the Bahamas-based specialist provider of wealth management By CHESTER ROBARDS always be a balancing act software for the private bank- Business Reporter with the operator and their ing sector, yesterday announced [email protected] that a leading Jamaican bro- employees,” he said. “They kerage firm had lowered oper- will always be trying to ational risk by implementing its A decision by the UK negotiate the best possible system. courts to block a strike arrangement for themselves Mark Croskery, president called for by British Airways and, if leverage has to be uti- and chief executive of Jamaica- cabin crew over the Christ- based Stocks and Securities lized, entities will use what Limited (SSL), said: “The IPBS mas season bodes well for they have to, to force the system has enabled us to mod- the Bahamian economy, the hand.” ernise our systems and reduce Bahamas Hotel Associa- He said visitor arrivals operational risk. We have tion’s president said yester- from the UK were always shortened end-of-month pro- day. important, as they tend to cessing times, enhanced our Robert Sands, who is also be higher-end leisure and client offerings with the provi- Baha Mar’s vice-president sion of detailed and timely business travelers. statement information. IPBS of external affairs, said though aggregate visitors The UK government has has also given us the capability proposed imposing taxes on in the future to allow clients to from Europe represent only log on via our website, which 10 per cent of the Bahamian airlines for their contribu- will enable real-time access.” visitor - North America tion to greenhouse emis- Bruce Raine, founder and accounting for 90 per cent - sions. However, it has been president of IPBS, added: “SSL Europeans tend to be long- reported that this tax would has a strong reputation as an stay guests compared to not contribute to global innovative broker with a clear ROBERT SANDS warming mitigation. focus on providing excellent average room nights booked levels of customer service. By by Americans. According to Reuters, Sir implementing the IPBS system, Mr Sands said this made from parties who had Richard Branson, who owns SSL has established a solid the UK/European market, already accepted the com- one of the most successful technology platform to support which receives direct airlift pany’s resignation request, airlines in the world, Virgin future business growth. out of London via British the strike vote was invalid. Atlantic, said reduction tar- “The recent enhancements Airways, an important one It is believed the strike gets and cleaner fuels would that we have made to the IPBS would have affected millions system ensure that it is capable despite its relative size. be a better move to curb air- of managing the complex tax “It’s an unfortunate state of holiday travellers and cost lines’ environmental impact. requirements of the Jamaican of affairs,” he said. “We British Airways hundreds of Mr Sands contends that market, which is a tremendous hope there is some resolu- millions of dollars. the world will likely have to benefit for our users.” tion. This is never a good Ms Sands said it was await the conclusion of the Traditionally, IPBS has only important for any destina- thing for any destination. UN Summit on Climate been implemented in tax-free tion that no tourist is disad- jurisdictions. The IPBS system “British Airways repre- Change to see where the sents significant direct air- vantaged. “I think in very was, in this instance, modified difficult times there will future of airline taxes and not only manage and report on lift from London to Nassau, costs will stand in the future. withholding tax, but also to but fortunately there are manage other Value Added other routes with significant Taxes such as the Jamaican airlift. However, persons are Share your news General Consumption Tax. longing for air access that’s As there are more taxed The Tribune wants to hear jurisdictions than there are non- direct.” taxed, the potential market for The strike threat was from people who are the IPBS system has expanded made after negotiations making news in their enormously. Panama has between British Airways’ neighbourhoods. Perhaps recently enacted a Value cabin crew union, Unite, and you are raising funds for a Added Tax on all financial the airline failed to find a good cause, campaigning transactions, and IPBS clients solution to proposed staff will be able to upgrade to use for improvements in the these new features. Barbados cuts. area or have won an is another taxed jurisdiction According to online news award. where IPBS clients will also sources, the court ruled that If so, call us on 322-1986 benefit from these enhance- because many of the signa- and share your story. ments. tories on a petition came

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PAGE 4B, FRIDAY, DECEMBER 18, 2009 THE TRIBUNE

BUSINESS Scotiabank chief meets the DPM Scotiabank’s president and chief execu- es of 2009 despite the challenges of the eco- tive, Rick Waugh, along with Scotiabank nomic crises. (Bahamas) senior management, paid a cour- Mr Waugh confirmed Scotiabank’s com- tesy call on the Deputy Prime Minister and mitment to the Caribbean region, high- Minister of Foreign Affairs, Brent Symon- lighting that the bank’s long, successful his- ette. tory with the Bahamas makes this market a Discussing the current banking environ- critical one for the bank. Scotiabank was ment in the Bahamas, Scotiabank established in The Bahamas in 1956 and (Bahamas) managing director, Barry Mal- now operates 20 branches throughout the colm, led talks around the sector’s success- country.

(Photo by Craig Lenihan) PICTURED (LEFT-RIGHT) are Jim Wilson, vice-president of corporate and commercial banking, Scotia- bank Bahamas; Lyn Bastian, director of business support, Scotiabank (Bahamas); Rick Waugh, president and chief executive of Scotiabank, the Deputy Prime Minister and Minister of Foreign Affairs; Barry Mal- colm, managing director, Scotiabank (Bahamas).

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THE TRIBUNE FRIDAY, DECEMBER 18, 2009, PAGE 5B BUSINESSBay Street police presence backed

The Downtown Nassau with store staff, who noticed level of comfort to down- Partnership (DNP) yester- the difference immediately town, the DNP, co-chaired day applauded the Govern- and felt the added police by director-general of ment's efforts to increase the presence was very reassuring tourism, Vernice Walkine, police presence on Bay for themselves and for visi- and Nassau Tourism Devel- Street. tors. Government has a lot opment Board (NTDB) The organisation's acco- on its plate, but we truly chairman Charles Klonaris, lades follow a decision by appreciate the heightened are working to 'bring back the Ministry of National security from officers the magic.' Security and the Royal assigned to the Tourism Many once-bare shop Bahamas Police Force to Police Unit." fronts are now covered with heighten security on the Escorted by a host of art, the results of a holiday island's most heavily traf- senior officers, newly- ficked commercial thor- appointed Acting Commis- decorating contest whose VAUGHN ROBERTS, THE MANAGING DIRECTOR OF DNP. oughfare. sioner of Police Ellison winners are due to be “The Police Force has vis- Greenslade conducted his announced, and tonight ibly stepped up efforts on first walkabout on Bay there will be a Christmas Bay Street," said Vaughn Street on Tuesday. During street party organised by Roberts, the managing his tour, he was impressed merchants and restaurants director of DNP, the pub- with the number and on Charlotte Street South lic-private sector organisa- demeanour of officers on between Bay and Shirley :$17(' tion tasked with the revital- duty. Streets. 6$/(63(56216 isation of historic Nassau. While police step up their The DNP is guided by an “We've already spoken presence to bring a greater 11-member Board. :,7+<($56(;3(5,(1&(

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PAGE 8B, FRIDAY, DECEMBER 18, 2009 THE TRIBUNE

BUSINESS Resident backs developer over Coral Harbour property values property. If those commercial Complaining about the idents had improved signifi- conditions in the area. the areas at the round about FROM page 1B facilities are not there, the val- opening hours at Coral Har- cantly when Budget Meats Mr Hall said the Govern- remain green spaces, nicely ue of the property is not as bour’s existing gas station, Mr was established in the Hum- ment had yet to claim the 50- landscaped and prohibited to values, because they will be high.” Hall said of Mr Joudi’s pro- mingway Plaza, Mr Hall foot easement setback from vehicular traffic and food ven- close to commercial facilities. Mr Hall, in an interview ject: “I think it’s going to added, pointing out that the the road that Coral Harbour dors of any sort, Tony should If there’s nothing there, no with this newspaper, also improve them [property val- plaza and two subdivisions was supposed to have, allow- be allowed to proceed on one will want to buy a house. agreed that the presence of ues], given the proximity we adjacent to it had also been ing for the creation of side- agreed terms from the Min- “We all know that if you the retail, grocery and medical would have to the various developed by Mr Joudi. walks. istry of Works.” need to get an appraiser to facilities, plus gas station, facilities. Tony Joudi’s devel- He also told Tribune Busi- “Hopefully, with this devel- Mr Hall reiterated this mes- appraise your property, the would likely enhance Coral opment is going to make it ness that Mr Joudi’s project opment we will have an sage in a November 19, 2009, first thing they assess is the Harbour property values easier not to have to face traf- was likely to increase interest enhanced interest in the area e-mail to several Coral Har- proximity of the property to because residents would no fic in town, costing us less on in the Coral Harbour area, by the powers that be, from a bour residents, including Ms commercial facilities. That longer have to drive as far to fuel.” something that might push the policing perspective and a Alvino and Paul Harding, two determines the value of the access these services. Life for Coral Harbour res- Government to improve road maintenance perspective, and of those opposed to the wall it will brought up to the stan- demolition plans. dard of a Blair Estates,” Mr “The Ministry of Works Hall added. indicated at our meeting that they looked at all of the /,0(75((6 ´ SULYDWH FRQÀGHQWLDO DFTXLVLWLRQ RI Reservations entrances to the various sub- JROG DQG SUHFLRXV PHWDOV EXOOLRQµ divisions constituting Coral )256$/( He expressed reservations, Harbor and, without excep- though, about Mr Joudi’s tion, they are all identified by plans for a seven-screen entrance walls on the south- .(< 3(56,$1 6\PRQ3HWU &RPPRGLWLHV /WG movie complex, telling Tri- ern side of the road,” he bune Business that while it wrote. HDFK 3K   92,3   “sounds nice on paper”, New “I agree with them that the Providence seemed well- walls on the northern side (PDLOµ SULQFLSDO#V\PRQSHWUFRP served by Galleria Cinemas’ serve no real useful purpose  existing two operations. The in retaining our unique iden- fear, Mr Hall said, was that tity. In fact one of them (the the cinema complex could westerly one) has hardly been become a “white elephant”. visible for some time due to /HJDO1RWLFH /HJDO1RWLFH Tribune Business under- the foliage. 127,&( 127,&( stands, though, that Mr Joudi “While I initially objected has already received interest to what is being contemplated by Tony Joudi, I took a step 127,&(,6+(5(%<*,9(1DVIROORZV 127,&(,6+(5(%<*,9(1DVIROORZV in his development from exist- ing cinema operators. back and had to admit that I could easily adjust to the walls D &+,&$*2,17(51$7,21$/29(56($6/,0,7('LVLQ D 35$7,$/7,,19(670(176/,0,7('LVLQGLVVROXWLRQXQGHUWKH And Mr Hall said: “He’s [Mr Joudi] already been con- not being there on the north- GLVVROXWLRQXQGHUWKHSURYLVLRQVRIWKH,QWHUQDWLRQDO%XVLQHVV SURYLVLRQVRIWKH,QWHUQDWLRQDO%XVLQHVV&RPSDQLHV$FW ern side and, quite frankly, &RPSDQLHV$FW tacted on a few occasions by the Albany group, and they’re believe that the open vista E 7KH'LVVROXWLRQRIVDLG&RPSDQ\FRPPHQFHGRQ'HFHPEHU with their removal would be E 7KH'LVVROXWLRQRIVDLG&RPSDQ\FRPPHQFHGRQ'HFHPEHU ZKHQLWV$UWLFOHVRI'LVVROXWLRQZHUHVXEPLWWHGDQGUHJLVWHUHGE\WKH letting their founder members and anyone interested in pur- an improvement on the pre- ZKHQLWV$UWLFOHVRI'LVVROXWLRQZHUHVXEPLWWHGDQGUHJLVWHUHGE\WKH 5HJLVWUDU*HQHUDO sent state of uncontrolled 5HJLVWUDU*HQHUDO chasing a lot about Tony growth and debris accumula- F 7KH/LTXLGDWRURIWKHVDLGFRPSDQ\LV=DNULW6HUYLFHV/WGRIQG Joudi’s strip mall and plans F 7KH/LTXLGDWRURIWKHVDLGFRPSDQ\LV=DNULW6HUYLFHV/WGRIQG 7HUUDFH:HVW&HQWUHYLOOH1DVVDX%DKDPDV for the area. tion. 7HUUDFH:HVW&HQWUHYLOOH1DVVDX%DKDPDV “Albany purchasers will “Everyone deals with G $OOSHUVRQVKDYLQJ&ODLPVDJDLQVWWKHDERYHQDPHG&RPSDQ\DUH have to come from the air- change differently, and I G $OOSHUVRQVKDYLQJ&ODLPVDJDLQVWWKHDERYHQDPHG&RPSDQ\DUH UHTXLUHGRQRUEHIRUHWKHWKGD\RI-DQXDU\WRVHQGWKHLU port to Albany, past his devel- believe change is inevitable UHTXLUHGRQRUEHIRUHWKHWKGD\RI-DQXDU\WRVHQGWKHLU QDPHVDQGDGGUHVVHVDQGSDUWLFXODUVRIWKHLUGHEWVRUFODLPVWRWKH opment. in the long term for progres- QDPHVDQGDGGUHVVHVDQGSDUWLFXODUVRIWKHLUGHEWVRUFODLPVWRWKH /LTXLGDWRURIWKHFRPSDQ\RULQGHIDXOWWKHUHRIWKH\PD\EHH[FOXGHG “They’ve been talking with sive development.” /LTXLGDWRURIWKHFRPSDQ\RULQGHIDXOWWKHUHRIWKH\PD\EHH[FOXGHG IURPWKHEHQHÀWRIDQ\GLVWULEXWLRQPDGHEHIRUHVXFKGHEWVDUHSURYHG him to get a sense as to the Mr Hall said other Coral IURPWKHEHQHÀWRIDQ\GLVWULEXWLRQPDGHEHIRUHVXFKGHEWVDUHSURYHG timelines and stages for com- Harbour residents felt as he '(&(0%(5 pletion of that area, as they did, including both William '(&(0%(5 see that as enhancing their Delancey, owner of the =$.5,76(59,&(6/7' ability to sell lots at Albany. Coastal Waterways apart- =$.5,76(59,&(6/7' “I think it will be a positive ments, and the owner of The /,48,'$7252) 7+($%29(1$0('&203$1< impact for our area to see the Porches at Coral Harbour /,48,'$7252) 7+($%29(1$0('&203$1< development of a property development, Pierre Gauthi- which right now is pine bar- er. ren. Referring to Mr Joudi, Mr “Progress is inevitable, and Hall added: “He owns the if we can have it done in a Hummingway Plaza and two systematic, well-developed subdivisions adjacent to it, approach, it can only be bet- Hummingway being one of ter for us all. them. He also is developing BISX LISTED & TRADED SECURITIES AS OF: “The southern side of the a new gated subdivision, ‘Via THURSDAY, 17 DECEMBER 2009 Della Rosa’. BISX ALL SHARE INDEX: CLOSE 1,539.98 | CHG 8.12 | %CHG 0.53 | YTD -172.38 | YTD % -10.07 island will become more FINDEX: CLOSE 000.00 | YTD 00.00% | 2008 -12.31% attractive and less far away in WWW.BISXBAHAMAS.COM | TELEPHONE:242-323-2330 | FACSIMILE: 242-323-2320 52wk-Hi 52wk-Low Securit y Previous Close Today's Close Change Daily Vol. EPS $ Div $ P/E Yield time and distance for home- Supporter 1.71 1.03 AML Foods Limited 1.17 1.17 0.00 0.127 0.000 9.2 0.00% 11.80 9.90 Bahamas Property Fund 10.73 10.74 0.01 3,000 0.992 0.200 10.8 1.86% owners, and we’ve seen very 9.30 5.90 Bank of Bahamas 5.90 5.90 0.00 0.244 0.260 24.2 4.41% 0.89 0.63 Benchmark 0.63 0.63 0.00 -0.877 0.000 N/M 0.00% robust interest in the proper- “He has been a strong sup- 3.49 3.15 Bahamas Waste 3.15 3.15 0.00 0.125 0.090 25.2 2.86% ties in the area.” porter of the community over 2.37 2.14 Fidelity Bank 2.37 2.37 0.00 0.055 0.040 43.1 1.69% 14.04 9.92 Cable Bahamas 10.00 9.98 -0.02 5,000 1.406 0.250 7.1 2.51% Mr Hall also told Tribune the years in the general 2.88 2.72 Colina Holdings 2.72 2.72 0.00 0.249 0.040 10.9 1.47% 7.19 5.26 Commonwealth Bank (S1) 6.50 6.51 0.01 5,300 0.419 0.300 15.5 4.61% Business that Michael Major, upkeep, and has never shied 3.85 1.27 Consolidated Water BDRs 2.68 2.60 -0.08 3,000 0.111 0.052 23.4 2.00% 2.85 1.32 Doctor's Hospital 2.55 2.55 0.00 2,000 0.625 0.080 4.1 3.14% the director of physical plan- away from dipping into his 8.20 6.28 Famguard 6.49 6.49 0.00 0.420 0.240 15.5 3.70% 11.87 8.80 Finco 9.29 9.28 -0.01 5,000 0.322 0.520 28.8 5.60% ning, also had a vested inter- pockets to contribute to main- 11.71 9.86 FirstCaribbean Bank 9.86 9.99 0.13 5,000 0.631 0.350 15.8 3.50% 5.53 4.11 Focol (S) 4.75 4.75 0.00 5,000 0.326 0.150 14.6 3.16% est in Mr Joudi’s project given tenance expenses for the com- 1.00 1.00 Focol Class B Preference 1.00 1.00 0.00 0.000 0.000 N/M 0.00% 0.45 0.27 Freeport Concrete 0.27 0.27 0.00 0.035 0.000 7.7 0.00% that he was a resident of near- mon areas in Coral Harbour. 9.02 5.49 ICD Utilities 5.59 5.59 0.00 0.407 0.500 13.7 8.94% by Coral Lakes. “Worthy of mention are the 12.00 9.95 J. S. Johnson 9.95 9.95 0.00 0.952 0.640 10.5 6.43% 10.00 10.00 Premier Real Estate 10.00 10.00 0.00 0.156 0.000 64.1 0.00% “He couldn’t see that tak- several thousands of dollars BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing b ases) 52wk-Hi 52wk-Low Security Symbol Last Sale Change Daily Vol. Interest Maturity ing the walls down would in costs for the reinstatement 1000.00 1000.00 Fidelity Bank Note 17 (Series A) + FBB17 100.00 0.00 7% 19 October 2017 1000.00 1000.00 Fidelity Bank Note 22 (Series B) + FBB22 100.00 0.00 Prime + 1.75% 19 October 2022 have much of a detrimental of the roofs to the entrance 1000.00 1000.00 Fidelity Bank Note 13 (Series C) + FBB13 100.00 0.00 7% 30 May 2013 impact on Coral Harbour,” towers that were blown off in 1000.00 1000.00 Fidelity Bank Note 15 (Series D) + FBB15 100.00 0.00 Prime + 1.75% 29 May 2015 Fidelity Over-The-Counter Securities Mr Hall added. (I think it was ) 2004. Both 52wk-Hi 52wk-Low Symbol Bid $ Ask $ Last Price Weekly Vol. EPS $ Div $ P/E Yield 14.60 7.92 Bahamas Supermarkets 10.06 11.06 14.00 -2.246 0.000 N/M 0.00% In his e-mail to Tribune he and Pierre contributed 8.00 6.00 Caribbean Crossings (Pref) 2.00 6.25 4.00 0.000 0.480 N/M 7.80% Business, Mr Hall said Coral handsomely and unselfishly 0.54 0.20 RND Holdings 0.35 0.40 0.35 0.001 0.000 256.6 0.00% Colina Over-The-Counter Securities Harbour residents would when I approached them on 41.00 29.00 ABDAB 30.13 31.59 29.00 4.540 0.000 9.03 0.00% 0.55 0.40 RND Holdings 0.45 0.55 0.55 0.002 0.000 261.90 0.00% “prefer” that Mr Joudi keep it. The Defense Force pro- BISX Listed Mutual Funds 52wk-Hi 52wk-Low Fund Name NAV YTD% Last 12 Months Div $ Yield % NAV Date the two walls on his proper- vided the labor on a gratis 1.4160 1.3419 CFAL Bond Fund 1.4160 4.62 5.53 31-Oct-09 ties, both on the northern side basis.” 3.0351 2.8266 CFAL MSI Preferred Fund 2.8552 -2.88 -3.92 30-Nov-09 1.5050 1.4294 CFAL Money Market Fund 1.5048 4.96 5.19 11-Dec-09 of the Coral Harbour round- Mr Hall said Mr Joudi had 3.3856 2.9343 Royal Fidelity Bahamas G & I Fund 2.9618 -12.52 -15.21 31-Oct-09 13.2400 12.5597 Royal Fidelity Prime Income Fund 13.2400 4.93 5.90 31-Oct-09 about, “if possible” by incor- “a fundamental interest in 103.0956 100.0000 CFAL Global Bond Fund 103.0956 3.10 2.52 30-Sep-09 100.0000 99.4177 CFAL Global Equity Fund 99.4177 3.12 2.76 30-Sep-09 porating them into his design. making sure he does the right 1.0804 1.0000 FG Financial Preferred Income Fund 1.0804 4.32 5.26 31-Oct-09 1.0364 1.0000 FG Financial Growth Fund 1.0269 -0.59 -0.19 31-Oct-09 “But in the interest of thing for the area” given his 1.0742 1.0000 FG Financial Diversified Fund 1.0742 3.56 4.42 31-Oct-09 9.4740 9.0775 Royal Fidelity Bah Int'l Investment Fund 9.4740 4.17 4.18 31-Oct-09 progress, do not feel they are extensive investments in Principal Protected TIGRS, Series 1 10.6301 10.0000 Royal Fidelity Bah Int'l Investment Fund 10.6301 6.30 6.30 31-Oct-09 of sufficient significance as to Coral Harbour, and would Principal Protected TIGRS, Series 2 7.4613 4.8105 Royal Fidelity Int'l Fund - Equities Sub Fund 7.4613 35.40 29.64 31-Oct-09 take a confrontational stand not ‘cut off his nose to spite MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 YIELD - last 12 month dividends divided by closing price on them, and believe there his face’. 52wk-Hi - Highest closing price in last 52 weeks Bid $ - Buying price of Colina and Fidelity 52wk-Low - Lowest closing price in last 52 weeks Ask $ - Selling price of Colina and fidelity will be and are more pressing He argued that the objec- Previous Close - Previous day's weighted price for daily volume Last Price - Last traded over-the-counter price Today's Close - Current day's weighted price for daily volume Weekly Vol. - Trading volume of the prior week issues in Coral Harbor for tors were focusing on one Change - Change in closing price from day to day EPS $ - A company's reported earnings per share for the last 12 mths Daily Vol. - Number of total shares traded today NAV - Net Asset Value such a ‘robust' approach than issue, as opposed to looking at DIV $ - Dividends per share paid in the last 12 months N/M - Not Meaningful P/E - Closing price divided by the last 12 month earnings FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100 the present one,” Mr Hall the wider picture. (S) - 4-for-1 Stock Split - Effective Date 8/8/2007 (S1) - 3-for-1 Stock Split - Effective Date 7/11/2007 said. Yet in November 19, 2009, TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 “We believe that provided e-mail, Ms Alvino told Coral Harbour residents that the Antiquities, Monuments and Museums Corporation would revisit their assessment of the walls if it was shown they were 40-50 years-old. “I have spoken with the Antiquities, Monuments, and Museums Corporation, and was told that if we can pro- vide testimony to the fact that the walls and towers have been in place for over 50 years we then have an argu- ment for their classification as a Landmark or even an Antiquity,” Ms Alvino wrote. “Antiquities told Ministry of Works, initially, that the walls would not be classified thus because they could find proof of their length of their existence. They will now revisit this. “As such I was asked to submit a letter to request this, see attached. Are we in agree- ment to send this in to Antiq- uities? This gives us an argu- ment for more time to gather information on the walls before their removal. “Also, EV Johnson knows the contractor who built the walls and, if we can get testi- mony from him, we may well get this classification.” TO DISCUSS STORIES ON THIS PAGE LOG ON TO WWW.TRIBUNE242.COM

C M C M Y K Y K

THE TRIBUNE FRIDAY, DECEMBER 18, 2009, PAGE 9B 7% ordinaryBUSINESS life growth puts BAF on profit target

“It’s not a been a banner the latter will give the com- overly-excited about our and really trying to ride out optimistic about prospects FROM page 1B year per se,” he added. “It’s pany’s Cayman subsidiary economic prospects for the recession. for 2010. It’s going to be a been more business as usu- economies of scale and mar- 2010. We’ll continue along “We’re hoping for posi- challenging year for the Mr Cooper had previous- al.” ket presence in a hurry. the strategic route we’ve tive signs, or some indica- economy and business gen- ly told Tribune Business that Yet striking a more opti- Still, Mr Cooper told Tri- taken for 2009, maintaining tions of a turn late in the erally.” British American Financial mistic note, Mr Cooper told bune Business: “We’re not critical control of expenses year, but we are not overly- had targeted net profits of Tribune Business: “We hope $2-$2.5 million for its 2009 to make significant inroads financial year, and yester- day revealed the only area in the medical business in that had experienced top- 2010, because we’ve seen 127,&( line growth was ordinary encouraging signs of 127,&( life. demand already for that “We had modest growth product, and we expect to in ordinary life premiums to get some top-line growth in 7KH&KDPEHUVRI 7KH SXEOLF LV KHUHE\ QRWLÀHG WKDW WKH HQWUDQFH the tune of 7 per cent, but the health business. WR WKH GRFN RZQHG E\ .HOO\·V /XPEHU

NOTICE 127,&( INTERNATIONAL BUSINESS COMPANIES ACT (No.46 of 2000) ALICE VENTURES INTERNATIONAL LIMITED 7+(%$+$0$6 Registration No.105,841B

+80$1(62&,(7< Pursuant to the provisions of Section 138(8) of the International Business Companies Act, 2000 :HKDGKDGVHYHUDOHQYHORSHV notice is hereby given that ALICE VENTURES DGGUHVVHGWRRXUSUHVLGHQWVWROHQ INTERNATIONAL LIMITED has been dissolved IURPDQHPSOR\HHYHKLFOH,I\RX and has been struck off the Register of Companies with effect from the 9th day of December, 2009 KDYHVHQWDQ\WKLQJUHFHQWO\WKDW UHTXLUHVRXUDWWHQWLRQDQGRULVRI LPSRUWDQFHSOHDVHFRQWDFWXVVR WKDWZHFDQDGGUHVVWKHPDWWHU

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

C M C M Y K Y K

PAGE 10B, FRIDAY, DECEMBER 18, 2009 THE TRIBUNE

BUSINESS FINCO: No dividend after 69% profit fall

Yet despite the worsening dented what we are experi- income was about the same FROM page 1B indicators, FINCO still encing, and is further real as last year,” Mr McDonald remains soundly capitalised, proof that what we are going told Tribune Business. The ,1 7+( (67$7( 2) *KLVODLQ -RVHSK October 31, 2009, declined by its Tier 1 Capital Ratio now at through is real and serious,” one positive for FINCO was 68.5 per cent or almost $10 18.53 per cent, still soundly Mr McDonald said of FIN- that mortgage demand $OEHUW'XPDVDND*KLVODLQ'XPDVODWH million - dropping from above the 14 per cent thresh- CO’s results, the recession remained relatively robust $14.456 million in 2008 to old the Central Bank of the and the rising bad loans among those still employed RI /DF 'HODJH4XHEHFLQ&DQDGD $4.562 million. Bahamas has proposed throughout the Bahamian and able to meet the qualify- Non-performing loans, increasing Tier 1 Capital to, as commercial banking system. ing criteria, as its total assets FINCO said, had increased opposed to the 8 per cent FINCO’s decision to sus- grew year-over-year by 13.5 127,&( LV KHUHE\ JLYHQ WKDW DOO SHUVRQV by 124 per cent or more than demanded by the Basel pend dividend payments still doubled year-over-year. per cent from $800.1 million KDYLQJ DQ\ FODLP RU GHPDQG DJDLQVW WKH Accord. caught some analysts by sur- to $907.9 million. And FINCO’s Total Capi- prise, and raised fears about Asked about FINCO’s loan DERYH(VWDWHDUHUHTXLUHGWRVHQGWKHVDPH Loans tal Ratio, or Tier 2, currently what might happen to other loss provisioning, Mr McDon- GXO\FHUWL¿HGLQZULWLQJWRWKHXQGHUVLJQHG stands at 19.78 per cent. listed banking stocks, given ald said: “I would have said In response to Tribune Explaining why FINCO’s that it was seen as a sector a year ago it was too conserv- WK ‘bellweather’ and largest Business’s inquiries, FINCO Board of Directors had cho- ative, way too conservative. RQ RU EHIRUHWKH GD\RI-DQXDU\$' mortgage lender in the said non-performing loans - sen not to declare a 2009 Now, it’s merely conservative those more than 90 days past Bahamas.  DIWHU ZKLFK GDWH WKH ([HFXWRUV ZLOO fourth quarter dividend, Mr and, given where we are, it’s due - now accounted for 8.09 McDonald, who is also Royal “That’s serious,” replied SURFHHG WR GLVWULEXWH WKH DVVHWV KDYLQJ per cent of its total loan port- Kenwood Kerr, chief execu- just prudent.” Bank’s country head for the While he had only been in UHJDUGRQO\WRWKHFODLPVRIZKLFKWKH\VKDOO folio, compared to 4.09 per Bahamas and the Caribbean, tive of Providence Advisors, cent in 2008. The former fig- when told about FINCO’s the Bahamas for eight years, said: “To put some context Mr McDonald said there was WKHQ KDYH KDGQRWLFH ure is still in line with the around it, the directors obvi- dividend decision. “absolutely no comparison” commercial banking indus- ously discussed it long and with the downturn that fol- try’s average. hard as, frankly, we did at the Concerns lowed the September 11, Mr McDonald pointed out last four quarterly meetings $1' 127,&( LV KHUHE\ JLYHQ WKDW DOO 2001, attacks, adding: “This that the net income decline we had, and paid the dividend He added that this was the SHUVRQV LQGHEWHG WR WKH VDLG (VWDWH RI was almost entirely due to the up to the fourth quarter. would be well, well worse first time “as far as I can than that” in terms of the increased loan loss provisions “Given the economic reali- remember” when FINCO, as *KLVODLQ -RVHSK $OEHUW 'XPDV DND booked by FINCO as credit recession’s impact on the ties of today, we thought it a publicly-listed Bahamian quality deteriorated across the economy and the banking sys- better that we wait a little to company, had not paid a div- *KLVODLQ'XPDV DUHUHTXHVWHGWRPDNHIXOO Bahamian commercial bank- tem. see some improvement.” idend, and expressed concerns ing system. “We’ve seen nothing like VHWWOHPHQWRQRUEHIRUHWKHGDWHKHUHLQEHIRUH Mr McDonald acknowl- given the bank’s positioning Loan loss provisions stood edged that FINCO share- as a “bellweather” stock in this before,” he added, point- PHQWLRQHG at $15.1 million at year-end holders would not be happy the capital markets. ing out that the debt level 2009, a 184.9 per cent or about the decision to suspend being carried by Bahamian almost $10 million increase Reiterating that Royal dividend payments, some- Bank was “positive” about companies and households upon the $5.3 million booked thing they had been accus- was “higher than ever” due at the end of October 2008. the Bahamas’ long-term eco- 1$',$ $:5,*+7 tomed to receiving, especially to the large amount of money That almost-$10 million nomic growth prospects, Mr at Christmas time. lent by this nation’s banks increase was close to being McDonald told Tribune Busi- $WWRUQH\IRUWKH([HFXWRUV However, he expressed ness that while FINCO’s net over the last eight to 10 years. equivalent to FINCO’s entire While FINCO was “plan- &KDPEHUV net profit drop. hope that the Bahamian income drop related almost minority, which holds a 25 per entirely to its loan loss provi- ning for more of the same” in Tribune Business was told 2010, Mr McDonald said that 32%R[1 that FINCO provisions for 40 cent stake, would understand sions, there was also “some while economic recovery was 1DVVDX%DKDPDV per cent of all non-performing the need to be “prudent” and slight compression on inter- loans or 1.3 per cent of its that the decision not to pay a est rates”. unlikely to be fast, it did not total portfolio, whichever is dividend was in theirs and “So although we grew the need to be steep for the higher. FINCO’s long-term interests. book, spreads were reduced Bahamas to experience “a “This is absolutely unprece- down a little bit. Interest major recovery”.

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THE TRIBUNE FRIDAY, DECEMBER 18, 2009, PAGE 11B BUSINESS /HJDO 1RWLFH Doctors frees ‘$100k monthly’ 127,&( ,17(51$7,21$/ %86,1(66 &203$1,(6 $&7 through early debt repayment 1R RI  /,172/ ,17(51$7,21$/ ,1& ,Q 9ROXQWDU\ OLTXLGDWLRQ FROM page 1B on obtaining international accredita- inspection, which went extremely well tion, which will signal the quality of its as to our quality standards,” Doctors ´1RWLFH LV KHUHE\ JLYHQ WKDW LQ DFFRUGDQFH ZLWK 6HFWLRQ   Tribune Business. facilities and healthcare standards to Hospital said. prospective overseas patients and refer- “Medical tourism is a significant mar- RI WKH ,QWHUQDWLRQDO %XVLQHVV &RPSDQLHV $FW 1R  RI   “The engineers are currently review- /,172/ ,17(51$7,21$/ ,1& LV LQ 'LVVROXWLRQµ ing the possibilities, so the exact square ral agencies. ket, and with our proximity to the United States we could benefit from footage is still under discussion. 7KH GDWH RI FRPPHQFHPHQW RI GLVVROXWLRQ LV WK GD\ RI “Without those details we cannot Accreditation both domestic and international med- develop a budget for the building cost ical tourism.” 1RYHPEHU  or the growth potential.” “We are pursuing accreditation Meanwhile, Doctors Hospital said it Doctors Hospital is eyeing expan- through JCAHO (Joint Commission had freed up about $1.2 million in per (SVLORQ 0DQDJHPHQW /WG annum cash flow through the early sion as a way to generate greater on the Accreditation of Healthcare 6XLWH  )LUVW )ORRU 2OLDML 7UDGH &HQWUH growth and also enable it to make Organisations) through their interna- repayment of the $4.123 million in long-term debt that was on its balance )UDQFLV 5DFKHO 6WUHHW 9LFWRULD 0DKH inroads into the medical tourism mar- tional arm, JCI (Joint Commission 5HSXEOLF RI 6H\FKHOOHV ket. International). sheet at the 2010 financial year’s start /LTXLGDWRU To facilitate this, it has embarked “We have already had a preliminary in January.

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PAGE 12B, FRIDAY, DECEMBER 18, 2009 THE TRIBUNE

BUSINESS Store parlays $1/2m outlay into expansion Europe drops antitrust

FROM page 1B

“We now cater to the whole woman and, at the beginning of case against Microsoft next year, we will have children’s items,” said Ms Johnson. “We really have expanded.” By KEVIN J. O’BRIEN in Brussels by the European option to switch to a rival, start- ahead of the announcement. Though most of the store’s stock is out on display, Ms John- c.2009 New York Times competition commissioner, ing next year. “Millions of “Of course, the huge fines son said theft has not been a huge issue. News Service Neelie Kroes, calls for European consumers will ben- recently have also focused “Theft is not a huge concern. They (customers) have fun and Microsoft to give Windows efit from this decision by having everyone’s attention.” they return the shoes to the boxes,” she said. European regulators users a choice of up to 11 other a free choice about which Web For Microsoft, the settlement dropped their antitrust case browsers from competing com- browser they use,” Kroes said is a stark contrast to its acri- against Microsoft on Wednes- panies, including Mozilla, in a statement. monious first legal clash with Safety day after the software maker Apple and Google. Microsoft said in a statement European officials, which that it was “pleased” with the resulted in fines of 1.68 billion Ms Johnson said the store has put many safety measures in agreed to offer consumers a Users of Microsoft’s ubiqui- choice of rival Web browsers. tous Windows operating sys- decision. Jesse Verstraete, a euros ($2.44 billion) and an place to ensure there is also minimal internal theft. The settlement averted a sec- tem in Europe who have cho- Microsoft spokesman in Brus- order to change some business Bani, like may other stores, despite the downed global and ond costly legal battle for the sen its Internet Explorer as sels, said the company had no practices. Bahamian economy is expecting a profitable Christmas season. company. their default browser will plans to extend the offer That case, which lasted near- “Success has pushed us forward,” said Ms Johnson. The agreement, announced receive in a software update an beyond the 27-member Euro- ly a decade, ended in October pean Union, Norway, Iceland 2007 when Microsoft dropped /HJDO1RWLFH /HJDO1RWLFH and Liechtenstein. Still, the set- its appeal of a commission judg- tlement underlines, according ment that it had abused the 127,&( 127,&( to legal experts, the increasing- dominance of Windows to aid ly conciliatory posture being its media player and server taken by American technology businesses. .(1',// 3((56 ;,/( &25325$7,21 companies to avoid penalties. Two months after Microsoft ,Q9ROXQWDU\/LTXLGDWLRQ “These companies recog- gave up, Opera, a small Nor- ,19(670(176 /7' nized that the European Com- wegian browser maker, filed its ,Q9ROXQWDU\/LTXLGDWLRQ mission is playing a significant complaint over browsers, initi- role in global antitrust law and ating the second case. 1RWLFH LV KHUHE\ JLYHQ WKDW WKH DERYHQDPHG must be taken seriously,” Google, which makes the Susanne Zuehlke, an antitrust Chrome browser, and Mozilla, &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHGRQ 1RWLFH LV KHUHE\ JLYHQ WKDW WKH DERYHQDPHG lawyer in Brussels at the U.S. the maker of Firefox, signed on WKHWKGD\RI'HFHPEHU 7KH/LTXLGDWRU firm of Latham & Watkins, said as supporters of Opera’s case. &RPSDQ\LVLQGLVVROXWLRQZKLFKFRPPHQFHGRQ LV $UJRVD&RUS,QF32%R[11DVVDX WKHWKGD\RI'HFHPEHU 7KH/LTXLGDWRU %DKDPDV LV$UJRVD&RUS,QF32%R[11DVVDX %DKDPDV

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