NASSAU AND BAHAMA ISLANDS’ LEADING NEWSPAPER

Road repairscash ‘wasted’

Volume: 108 No.2 TUESDAY, NOVEMBER 22, 2011 PRICE – 75¢ (Abaco and Grand Bahama $1.25)

WEATHER

SUNNY ANDBREEZY

HIGH 84FLOW 73F

THE roadworks in NewProvidence are a “misman-aged waste” of money,charged the DemocraticNational Alliance amid claimsthat the Government plans tohire engineers from Baha Marto help close the New Provi-dence Road ImprovementProject (NPRIP).

Prime Minister HubertIngraham recently toldreporters the Governmentwill contract engineers fromthe Baha Mar road projectwho have completed theirwork on the Cable Beachredevelopment.

“We are accessing some ofthe engineering persons tohelp down there because theengineering persons who aredown there have come fromother jobs, so we’re going touse their service,” Mr Ingra-ham was quoted as saying.

When contacted yesterday,the Prime Minister declinedto elaborate on the plans toengage the engineers.

Works Minister NekoGrant yesterday said he hadno information on Mr Ingra-ham’s statement except whathe saw in a recent newscast.

Yesterday, the DNA saidthis revelation from thenation’s chief is an admissionthat the multimillion dollarroad improvement project is“poorly planned”.

Party leader BranvilleMcCartney said: “After justover a year of making a mazeout of the capital city withdetours and roads, and vic-timisation of the New Provi-dence Road ImprovementProject (NPRIP) workers, theGovernment has confirmedwhat we, the Bahamian peo-ple, had suspected all alongthat the road works are mis-managed, poorly planned anda complete misuse of taxpay-ers’ money.

“The official Governmentis wreaking havoc on our

DNA hits out asBaha Mar team comes to rescue

TRY OURPINA COLADA

McFLURRYThe Tribune

THE PEOPLE’S PAPERBIGGEST AND BEST

L A T E S T N E W S O N W W W . T R I B U N E 2 4 2 . C O M

PRISON OFFICER Mario Forbes was charged in court eight yesterday for causing harm to a man in a fight.Photo: Felipé Major/Tribune Staff

WOMAN AND HEALTH

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ATLANTIC FOOTBALL LEAGUE

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By SANCHESKA BROWNTribune News Reportersbrown@tribunemedia.net

BLACKBERRY users canexpect disruptions in theirdata service tomorrow, asBTC moves towards a 4Gnetwork, officials said yester-day.

The company had original-ly planned the disruption inmobile Blackberry serviceand data for Sunday, but forunknown reasons, postponedit until tomorrow.

BTC spokesman MarlonJohnson would not commenton why the scheduledupgrade was pushed back butdid say it will not affect theDecember launch of the 4Gnetwork.

By LAMECH JOHNSONljohnson@tribunemedia.net

A PRISON officer was giv-en bail yesterday afternoonafter he was charged in Mag-istrate’s Court with causingharm to another man.

Mario Valentino Forbes,32, of Hill Crest Drive, wasgranted $7,500 bail with twosureties by Deputy ChiefMagistrate Carolita Bethel inCourt 8, Bank Lane, followinghis arraignment for allegedlycausing harm to Michael Col-

lie on Monday, November 7.The alleged incident report-

edly centres around theaccused and virtual com-plainant’s involvement with afemale.

By LAMECH JOHNSONljohnson@tribunemedia.net

ONE of the country’s“most wanted murder sus-pects” on the re-issued want-ed bulletin was arraigned inMagistrate’s Court yesterdayafternoon, charged in con-nection with a shooting deathtwo months ago.

Elandro Emmerson Mis-sick, 20, of Kingston Street,appeared before DeputyChief Magistrate CarolitaBethel in Court 8, Bank Lane,where he was charged in con-nection with the September17 killing of Damian Bowe.

Bowe, 29, was shot andkilled in Kemp Road on theday in question, and prosecu-tion alleges the accused isresponsible for his death.

Deputy Chief MagistrateBethel informed Missick hewas not required to enter aplea to the charge due to thenature of the offence.

She conveyed, after con-firming with the prosecution,that a Voluntary Bill ofIndictment would be served,bypassing a preliminaryinquiry and allowing the mat-ter to go directly to SupremeCourt for trial.

The VBI is expected to beserved against him on January12, 2012. On the issue of bailfor the charge of murder, shesaid: “Because of the natureof the charges against ElandroMissick, this court cannotgrant you bail.”

Before the matter wasadjourned and the accused

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PRISON OFFICER IN COURT AFTER FIGHT

DISRUPTION TOBLACKBERRY

NETWORK

‘MOSTWANTED’IN COURT

i’m lovin’ it

LOCAL NEWS

PAGE 2, TUESDAY, NOVEMBER 22, 2011 THE TRIBUNE

By LAMECH JOHNSONljohnson@tribunemedia.net

A RAPE convict asked aSupreme Court judge forleniency and help yesterday,minutes before he was sen-tenced to spend the next 15years behind bars at HerMajesty’s Prison.

When Dameco Wallacepleaded guilty in Septemberto a rape he committed inFebruary, he was alreadyserving 15 years on anotherrape conviction.

Yesterday, he asked SeniorJustice Jon Isaacs for mercy interms of his sentence, andhelp while he serves his time.

According to the evidence,on February 2 Wallaceapproached a young lady ata convenience store, and iden-tifying himself as Solomon,offered her a part-time jobwith a $450 salary.

After speaking with hermother, the young lady andWallace caught buses, mak-ing their way to the Fox Hillarea.

After they entered anapartment, Wallace produceda knife and threatened to killthe girl before he raped her.

The matter was reported topolice and Wallace was arrest-ed, questioned and later iden-tified during an identificationparade.

At the time, Wallacedenied the allegation andclaimed the sex between him-self and the virtual com-plainant was consensual.

He also denied threateningher with a knife, which he saidhe carried for protection.

When given the opportuni-ty by Senior Justice Isaacs tospeak yesterday, the convicttold the judge that the lasttime he was before the court,he shared some of his “per-sonal life experiences”.

He said: “I’m asking you tosee how lenient you can beand see that I could get somesort of help while I’m incar-cerated.”

Senior Justice Isaacs notedthe submissions made by theconvict and sentenced him to

15 years on the basis that hehad not wasted the court’stime and only a short amountof time had passed betweenyesterday’s sentencing and theone in July.

The judge ruled that Wal-

lace is to receive counsellingwhile in prison.

Wallace served of a num-ber of years in prison after hewas convicted of attemptedrape in 1997 and convicted ofrape in 2008.

ST LOUIS, US - The may-or of a tiny, struggling StLouis-area community wassentenced Friday to a yearand nine months in federalprison on charges that he mis-spent tens of thousands ofdollars in the town’s moneyon cruises, a time-share con-dominium and his bills.Bahamas cruises with a friendand the time-share condo-minium were among hisexpenses.

US District Judge RodneySippel also ordered KeithConway, 47, to pay more than$62,000 in restitution for hisfraud involving Kinloch,where he served as mayor fora decade. Conway pleadedguilty in August to wire fraud,theft and witness-tamperingcharges.

Prosecutors say thatbetween 2009 and last March,Conway spent the stolenmoney on flights to Las Vegasand Florida, Bahamas cruiseswith a friend and a time-sharecondominium. Conway, whowas arrested in May, also usedthe money to pay electric billsfor a city-owned residencewhere he was living rent-free,and on personal federalincome taxes.

Authorities say he stolefrom a $90,000 federal grantthat was supposed to pay foran additional police officerfor the community, which hasfewer than 300 residents.

As a convicted felon, Con-way is barred from holdingpublic office.

After Conway’s guilty plea,the supervisor of the FBI’s StLouis office, Dennis Baker,chastised the administratorfor pilfering from a commu-nity that “couldn’t even affordto pay its employees”. On Fri-day, Baker pressed that cor-ruption at any level was intol-erable.

“This case clearly demon-strates federal law enforce-ment's commitment to rootout public corruption no mat-ter the size of a municipali-ty,” he said. “It doesn’t matterif the city of Kinloch only hasa few hundred residents, theydeserve honest public serviceas much as anyone else.”

Rapist asks for mercy from judge

DAMECO WALLACE outside court, where he was sentenced to 15years in jail for rape.

MAYOR SPENTTOWN’S MONEYON BAHAMAS

CRUISES

By DENISE MAYCOCKTribune Freeport Reporterdmaycock@tribunemedia.net

FREEPORT – AlbertAlexander Whyley, the cler-gyman convicted of raping anine-year-old girl, is sched-uled for sentencing in theSupreme Court on Tuesdaymorning.

Whyley, 59, was supposedto have been sentenced onNovember 11, but his attor-ney failed to show up, result-ing in a postponement.

Attorney Carlson Shurlandrepresented Whyley at his tri-al in September, when he wasfound guilty of having unlaw-ful sex with a minor.

According to the evidence,the victim was dropped offby her mother at Whyley’shome, where the incidentoccurred.

Although no DNA evi-dence was presented in thecase, the prosecution reliedon the testimony of the vic-tim, a letter she had writtentelling her mother what hadhappened, and a doctor’sreport confirming that pene-tration had occurred.

Senior Justice HartmanLongley will preside over thehearing.

The findings of a socialreport and a psychiatricreport will be presented tothe court before the sentence

is passed.Crown prosecutor Erica

Kemp is also expected tocall psychiatrist Dr JohnDillet from New Providenceto give evidence at the hear-ing.

This is not the first timeWhyley has been convictedof having sex with a minor.

In 1993, he was sentencedto 14 years in prison for a sim-ilar offence, however theCourt of Appeal overturnedthe sentence, reducing it bynine years.

AN article appearing inThe Tribune on Friday,November 18, incorrectlyreported that the districtcouncil in South Andros isstanding in the way of a mantrying to address his alcoholproblem.

The man lives in MangroveCay and has spent almost twodecades working for localgovernment on that island.

A source close to the mat-ter claimed it is local govern-ment officials responsible forMangrove Cay – not SouthAndros – who are stopping

the man from getting help.It is claimed the man was

told he will have to take thetime without pay if he wantsto join a government recov-ery programme in Nassau.

The Tribune apologises forany inconvenience the errormay have caused.

By AVA TURNQUESTTribune Staff Reporteraturnquest@tribunemedia.net

DISAPPOINTED publicmanagers are considering tak-ing industrial action overslow-moving labour negotia-tions, union officials said yes-terday.

Public Managers Unionrepresentative LeslieMunnings said contract talkshave languished for morethan a year at the three publicsector entities the union rep-resents.

Mr Munnings said theunion is awaiting financialcounter-proposals on behalfof some 200 middle managersat Bahamasair, the NationalInsurance Board, and the Col-lege of the Bahamas.

Yesterday, it was rumouredthat members had staged a sit

out at the Linden PindlingInternational Airport; how-ever it was confirmed that thegathering was only a lunchmeeting.

Mr Munnings said: “We’vediscussed all of the other sub-issues like working conditions,grievance situations, hours ofwork – all of that has beensorted out.

“Now we’re down to thefigures and financial implica-tions and for some reason thisinformation hasn't been forth-coming. We’ve presentedsome figures for negotiationpurposes but they haven’tpresented any definitive fig-ures or percentages.

“It seems to be that everytime we go back to the nego-tiating table to discuss thecontract, the items that cannotseem to reach the table arethose financial matters that

are going to most impact[members].”

Negotiations began in 2010with NIB, in 2009 withBahamasair and in 2008 withCOB.

Mr Munnings said the lackof financial information is aproblem in all the negotia-tions, but particularly in thetalks with Bahamasair.

In response to the union’sfinancial proposals, MrMunnings said, negotiatorshave presented the conceptof performance appraisals –but the union is not preparedto discuss the option in theabsence of definitive figures.

Mr Munnings said: “It real-ly is a bit unfair that membersare asked to hold out for solong, meanwhile the cost ofliving goes up.

“These are the few mem-bers who serve as a backbone

to so many organisations. “When staff is short, they're

the ones to keep the systemrunning; when it’s the week-end or after hours, these arethe very people we can calland rely upon to make theBahamasair flight get out ontime, to keep the testing goingat COB, to make sure thatpersons who are waiting ontheir cheques to NIB can getprocessed and handled.”

Yesterday’s meeting washeld to update membersabout the ongoing contractnegotiations, specifically withregard to Christmas bonuses.

Mr Munnings said mem-bers were somewhat disap-pointed that nothing had beenfinalised, as they still hope toreceive bonuses before theend of the year.

While he did not know whoalerted the press about yes-terday’s meeting, MrMunnings said the union iscareful to ensure normalmeetings are not mistaken fordemonstrations or “undue”industrial action.

“But as time progresses, weare considering taking specif-ic actions,” Mr Munnings said.“That almost seems like a lastrecourse now and we’re real-ly getting close to that.”

The PMU became the bar-gaining agent for 90 managers

at NIB in 1997, Mr Munningssaid.

The union expanded toinclude 67 managers atBahamasair in 2006, and 43managers at COB in 2008.

Yesterday, NIB officialsmaintained the board hasbeen negotiating in good faith

with the PMU. Algernon Cargill, NIB

director, said the boardexpects to present a financialcounterproposal in “shortorder”.

Calls placed to Bahamasairand the College of theBahamas were not returned.

LOCAL NEWS

THE TRIBUNE TUESDAY, NOVEMBER 22, 2011, PAGE 3

Public sector strikes could be onthe way as negotiations hit rocks

LESLIE MUNNINGS, of the Public Managers Union, speaks to the press yesterday at Linden Pindling Inter-national Airport. Photo: Felipé Major/Tribune Staff

CORRECTION

CLERGYMAN TO BE SENTENCEDFOR RAPE OF NINE-YEAR-OLD GIRL

EDITOR, The Tribune.

I SAW something onlinethe other day that read, “TheBig Lie – Register To Vote,It’s the only time you have avoice.”

Although I agree that thissaying is a fallacy that hasbeen given more credit than itdeserves, I think there areeven bigger lies floatingaround our commonwealth.

Let’s take Grand Bahama,for example. Try walkingaround your neighbourhoodand strike up a political con-versation with the first groupof young people you meet.

I can almost guarantee thatat least one person in thatgroup will state that they arenot voting in the upcomingelection.

I’m sure you’ll feel com-pelled to ask why and theresponse will probably be,“They (politicians) don’t doanything for me” or “Me notvoting won’t make a differ-ence”.

If you don’t believe me, tryit. Go out and get a feel forthe general response of youngGrand Bahamians as it relatesto the 2012 elections.

While the fact that one votein comparison to the other3,999 in a given constituencymay be minimal, it does makea difference and saying thatit does not is the biggest liethat we can tell ourselves.

Your vote does make a dif-ference and here’s how: Onthe island of Grand Bahamathere are numerous political-ly disengaged young people.

Cynicism toward and disil-lusionment with politics cou-pled with a lack of acknowl-edgment by politicians onlyfeeds the despondency theseyoung people feel.

So while you may think thatyour vote has no effect on theoutcome of the elections, stat-ing this idea to someone whomay be feeling disenfran-chised can result in them tak-ing the same position.

They will in turn transmitthis misguided viewpoint totheir peers.

Consequently, this mis-leading concept then has a

ripple effect and in a matter ofhours transforms this mind-set to the psyche of numer-ous disenchanted youth.

Your one vote has nowmetamorphosed into 50 to100 or even more votes thatwill not be cast on electionday.

So one person can make adifference, especially whenthat decision has the poten-tial to impact the decisions ofothers.

Remember, “If each dropof water were to say: one dropdoes not make an ocean,there would be no sea (and) ifeach note of music were tosay: each note does not makea symphony, there would beno melody” – (Authorunknown).

We have to look beyondthe cynical thoughts that lim-it our growth as a people andembrace the efforts that makeus a fully functioning democ-racy.

One person can make a dif-ference and chances are thatperson is you!

OLIVIA G CURRYNassau,November 15, 2011.

EDITORIAL/LETTERS TO THE EDITOR

PAGE 4, TUESDAY, NOVEMBER 22, 2011 THE TRIBUNE

The Tribune LimitedNULLIUS ADDICTUS JURARE IN VERBA MAGISTRI

Being Bound to Swear to The Dogmas of No Master

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

SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G., (Hon.) LL.D., D.Litt .

Publisher/Editor 1919-1972Contributing Editor 1972-1991

EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B.Publisher/Editor 1972-

Published Daily Monday to Saturday

Shirley Street, P.O. Box N-3207, Nassau, BahamasInsurance Management Building., P.O. F-485, Freeport, Grand Bahama

THE SUPERCOMMITTEE’S failurereflects the US divide: Americans crave boththe Republicans’ demand for low taxes andthe Democrats’ insistence on protectingsocial programmes. So far, no group orleader has persuaded them they can’t haveboth and there’s no quick solution in sight.

It’s possible the stalemate won’t be bro-ken by the time of the 2012 elections, near-ly a year away. Some GOP strategists thinkRepublicans can oust President BarackObama and win control of both chambersof Congress. That would enable them toenact much of their agenda, and Ameri-cans could render a judgment on its results.

Or, perhaps, Democrats will score bigvictories that will force Republicans toyield some ground.

The bipartisan supercommittee’s collapsestems from an all-too-familiar reality of mod-ern politics. Republican lawmakers respondto activists who overwhelmingly oppose high-er taxes. And Democrats answer to activistswho will tolerate no nicks in Medicare, SocialSecurity and other programmes withoutsteeper taxes on the wealthy.

The same differences pushed the nationto the brink of default last summer,prompting the first-ever downgrade of thegovernment’s creditworthiness.

Yet no leader or group has convincedenough Americans that everyone mustaccept some pain to bring taxes and gov-ernment services more closely in line. Sothe federal debt hit $15 trillion last week.And the government suffered anotherembarrassment Monday, immediatelyspooking US markets and possibly unset-tling foreign markets in the days ahead.

19th century Americans venerated Hen-ry Clay as “the Great Compromiser” forhelping resolve knotty national problems.Today, that title would almost surely behurled as an insult, especially at a rally orcaucus to nominate someone for Congress.

The supercommittee’s six Democrats andsix Republicans knew they would be criti-cized for failing to reach an accord. But theysaw a worse fate in straying too far fromtheir respective parties’ uncompromisingstands on taxes and social programmes.

Many veteran politicians expect moreversions of recent elections, which wereheavily influenced by partisan activists whoput a scare into lawmakers threatening toveer from party orthodoxy.

“Compromise is not where the incentivesare in the political process right now,” saidformer Rep. Tom Davis of Virginia, whoonce headed the GOP’s House campaigncommittee. Because so many House districtsare solidly Republican or solidly Democrat-ic, he said, “members are judged by whattheir primary electorate thinks of them.”

Eventually, Davis said, repeated failures totame the deficit might inflict so much pain onAmericans – possibly through a severe reces-sion or even depression – that today’s pri-mary-dominated voting patterns will change.

Some lawmakers doubtlessly see thiscoming, Davis said. “But the incentives inthe system do not reward you for beingahead of the curve.”

Congress reflects the public divide overtax and spending priorities. A new Quin-nipiac poll found that 73 per cent ofRepublicans want to address the deficitwith spending cuts only, while only a thirdof Democrats hold that view.

More than half of Democrats favour amix of tax hikes and spending cuts. Onlyone Republican in five agrees.

Independent voters, as usual, occupy amiddle ground. Slightly more independentsfavour a spending-cuts-only approach to astrategy that includes some new taxes. Butneither option hit 50 per cent in the poll.

In 2006, independent voters broke heav-ily for Democrats, helping that party regainthe House majority. In 2008, independentsagain favoured Democrats for Congress,and they helped elect Obama.

But last year, independent voters swungstrongly to Republicans, who regained con-trol of the House.

One possible way to break Washington’scycle of logjams is for independent votersto increase in number and to insist on sys-temic changes in practices.

Nathan Daschle, who heads a politicalnetworking firm called Ruck.Us, andwhose father was a Democratic Senateleader, said the only way he can envision“really changing the incentives of our polit-ical system” is to have huge numbers ofRepublican and Democratic voters switchtheir affiliation to independent.

William Galston, a Brookings Institu-tion scholar who worked in Bill Clinton’sWhite House, sees two possible turningpoints before the 2012 elections. Pro-mili-tary lawmakers from both parties mightsucceed where the supercommittee failed,he said, by crafting a tax-and-spendingcompromise that would avert the cutsscheduled at the Defence Department.

Or, Galston said, Europe’s financial prob-lems and the US political gridlock mightlead to so much economic damage that evendevout liberals and solid conservatives willhave to rethink their intransigence.

“If people decide there’s no differencebetween the US and the Eurozone,” Gal-ston said, “we may discover the hit wetook in global esteem in the summer wasjust the beginning of the decline.”

Peter G. Peterson, a former Commercesecretary and leading critic of deficit spend-ing, said in a statement: “Meaningful deficitreduction requires both parties to vote fora plan that does not reflect their partisanlitmus tests.”

For now, many lawmakers see that ideaas a one-way ticket out of Congress in theirnext primary elections. Such thinkingpoints to more gridlock ahead.

By Charles Babingon, Associated Press.

Your votecan make adifference

LETTERSletters@tribunemedia.net

End to US debt gridlock not in sight

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EDITOR, The Tribune.

I WRITE about the recentprognostication or predictionreleased by Standard & Poor(S&P) on their perceivedfindings about my country’seconomic and financial sta-tus.

Firstly, we in The Bahamashave not received their grimoutlook on us because we donot look to man as oursource.

Rather the great God andCreator of this universe is oursource (our help in the time oftrouble).

He has assured us that wewill succeed.

He has also assured us thatblessed is the nation whoseGod is the Lord and that’sThe Bahamas.

My pronouncements con-trary to God’s promises, is notof God and thus cannot andwill not be received. That dev-il is a liar.

The Bahamas stands as abeacon in the world. The

Great God of this universelives in The Bahamas. If youdo not believe it, just take alook around you. What won-ders to behold, I mean whatnatural beauty and blessedpeople.

God is not a man that Heshould lie, or the son of manthat he repents. What he saidwill happen, will happen,because he stands by his wordto perform it. So Standard &Poor, you are wasting yourtime. We in The Bahamasbelieve that no weapon that isformed against us, shall pros-per and every tongue that ris-es up against The Bahamasshall be condemned by God.This is His promise to thepeople of this fair land.

While we wait on the Lordto move on our behalf, and,yes, we have our share ofproblems, as has every othercountry, including the greatUnited States of America, butI tell you, we shall not bedeterred as we move forward,onward, upward and together.

I have some questions ofmy own:-

1) I wonder: How doesStandard & Poor rate itself?

2) Are they a failing com-pany or group? Where thestruggles within have alreadybegun to destabilise the verycore principles on which itwas founded?

Hypothetically speaking, ifyou have a patient and onewaited to check their vitalsigns, you would have to layyour hands actually on theperson, in order to get theprecise reading or pulse rate.

So too, if you wanted toknow exactly what goes on inThe Bahamas you cannot bein the United States and knowwhat is happening here.

Finally, how did S&P gettheir information? And couldit be hearsay, and or specula-tion?

FRANK GILBERT(A son of the soil)Nassau,November 4, 2011.

Bahamas stands as abeacon in the world

EDITOR, The Tribune.

Re: Bishop urges gay men to“seek help”. - The Tribune,November 15, 2011.

IF GAY men are “helped”to experience a miraculousconversion to becomestraight, then they too could

join the ranks of the majori-ty of “normal” Bahamianmen who infect women “nat-urally”, and beget unwantedillegitimate children withHIV.

KEN W KNOWLES, MDNassau,November 16, 2011.

WWiillll tthhaatt hheellpp??

By CARA BETHEL-BRENNENcbrennen@tribunemedia.net

AFTER more than 50years, Bahamas Speed Weekwill return next week in whatis expected to be a tremen-dous boost for sports tourism.

Organisers and sponsorshave invested hundreds ofthousands of dollars in thefive-day event, which will be avirtual who’s who of theworld of motor car racing.

At a press conference yes-terday, organiser DavidMcLaughin said the BahamasSpeed Week Revival team isexactly where it needs to be.

“We’re ready and the timeis right. Everything has tohave its time and it is a matterof destiny,” he said.

Mr McLaughin said atremendous amount of workhas gone into getting Nassauready to host the event –including improvements toinfrastructure, work permitapplications and organisingsecure storage for the visitingvehicles.

Minister of Tourism Vin-cent Vanderpool Wallace andMinister Culture CharlesMaynard noted that the eventwill benefit the country enor-mously and expressed thehope that it will become anannual affair.

Mr Vanderpool Wallacesaid Bahamas Speed WeekRevival will serve as a modelfor projects the ministry wantsto be involved with in thefuture – sustainable eventsthat can be expanded everyyear and do not require theministry’s sole management.

Forty cars - together valuedin the millions - are scheduledto participate in a series ofeight events.

The opening ceremonieswill be held on Wednesday,November 30 at Arawak Cay

and will feature a ceremoniallap by Governor General SirArthur Foulkes and Sir Ster-ling Moss, followed by a wel-come reception at Govern-ment House.

On Thursday, there will bean island tour followed by alunch in Lyford Cay, wherethe antique and classic carswill be judged.

There will also be a medialunch hosted by Good FellowFarms and the Ministry ofTourism and Aviation.

That evening, there will bea reception hosted by Gray-cliff.

Participants will have a freeday on Friday before attend-ing a reception hosted by Car-lo Milano on Bay Street.

Saturday will be race day,

featuring a Fort Charlotte hillclimb and several sprints.

The evening will concludewith a Bahamas Speed WeekGala Ball and an Auction ofPromise to raise money forlocal charities – the CancerSociety of the Bahamas, theRanfurly Home for Children,Teen Challenge and the AIDS

Foundation. The auction willfeature a 007 licence plateautographed by Sir Sean Con-nery and Sir Stirling Moss.

SECURITY measures atthe College of the Bahamashave been stepped up in thewake of a campus robbery lastweek.

The incident, in which agroup of men approached astudent and robbed him of hislaptop, has led police toincrease nighttime patrolsaround COB’s main campusin Oakes Field.

Meanwhile, the college istaking its own precautions,ensuring all campus lightingis operational and increasingthe number of guards sta-tioned at certain posts.

In a statement, the collegesaid: “COB Security Depart-ment received a report that agroup of approximately fouryoung men were on campusand had aggressivelyapproached several COB stu-dents resulting in an alterca-tion and subsequent theft of astudent’s laptop.

“The suspects fled on foot.Campus security and officersof the Royal Bahamas PoliceForce quickly gave chase andapprehended one of the sus-pects. There were no injuriesas a result of this incident.”

The statement added thatfrom now on, the entrance tothe Portia Smith building atPoinciana Drive will be closedto inbound traffic at 6pm, andall exiting traffic will be mon-itored.

In addition, there will bemore security officers sta-tioned near IndependencePark at the Tucker Roadentrance and at the Culinaryand Hospitality ManagementInstitute (CHMI).

The college advised faculty,staff, and students to be vigi-lant and adhere to safety tips.

The statement read:“Always walk in groups ifpossible and especially atnight; park near a securitybooth while on campus lateat night; ask a security officerto escort you to your vehicle ifparked in a deserted area atnight.

“Ensure that your personaland valuable items are prop-

erly secured in your vehicles;minimise the amount of cashthat you carry; always lockyour car and secure yourkeys.”

Persons who notice suspi-cious activity are asked tocontact the college’s SecurityDepartment on 302-4566, 397-2647 or 325-5551.

LOCAL NEWS

THE TRIBUNE TUESDAY, NOVEMBER 22, 2011, PAGE 5

EXTRA SECURITY IN WAKE OFROBBERY ON COLLEGE CAMPUS

The need for speedBy SANCHESKA BROWNTribune Staff Reportersbrown@tribunemedia.net

POLICE are still unsureabout the circumstances thatlead to the shooting deaths oftwo men over the weekend.

The body of a man wasfound laying in the middle ofthe road hours after a HIVpeer educator was foundgunned down inside an apart-ment building on Saturday.

Assistant SuperintendentClayton Fernander said policeare investigating both mat-ters, but still have no idea whythe men were killed.

“We have no new updates.The two bodies have beenidentified and we are talking tofamily members and people inthe neighborhoods. Officersare following leads and wehope to have a break in thecases soon. As of right now,we do not have a motive andwe do not know what hap-pened. But we are hoping tocatch a break soon,” he said.

Alexander Curry, 22, wasfound dead with multiple gun-shot wounds inside an apart-ment at Prison Lane off EastStreet shortly after 5pm.

Later that evening, the bodyof Tamal Stubbs, 31, ofSpringfield Road, FoxdaleSubdivision, was found lyingin the middle of the street withmultiple gunshot wounds.

Police are asking anyonewho may have information tocontact them by calling 911or 919, crime stoppers on 328-TIPS, or the CDU on 502-9991. Last night, the country’smurder count stood at 112.

THE CLASSIC ERA of Bahamas Speed Week is being revived, with classic cars and a who’s who of motor racing taking part in the new five-day event. The opening ceremony will be held on Wednesday next week.

UK EVENT director David McLaughlin with Sir Sterling Moss.

MYSTERY OVERLATEST DEATHS

By DENISE MAYCOCKTribune Freeport Reporterdmaycock@tribunemedia.net

FREEPORT – The eightpeople who died in trafficaccidents this year in GrandBahama were remembered

on Sunday during a churchservice commemorating theWorld Day of Remem-brance for Road TrafficVictims.

The service was held atthe Grand Bahama FamilyWorship Centre on West

Atlantic Drive.Bishop Cardinal McIntosh

delivered the sermon andMinister of Transport NekoGrant spoke on behalf ofgovernment, paying tributeto the victims and extendingcondolences to their relativesand friends.

World Day of Remem-brance was founded by theUK advocacy group RoadPeace.

It is observed in accor-dance with a resolutionadopted by the UnitedNations General Assemblyin 2005.

Mr Grant said the day issignificant because manylives are lost each year as aresult of traffic accidents.

He reported that 44 trafficdeaths were recorded in 2010in the Bahamas.

“While this number signi-fies a decline when comparedto 56 over the previous year,our objective is to sustain thistrend and achieve evengreater decreases in the num-ber of persons that succumbto traffic accident-relatedinjuries,” he said.

Mr Grant said his ministry,through the Road TrafficDepartment, will continue tocreate campaigns that pro-mote road safety.

He noted that over thepast two years, his ministryhas promoted initiativessuch as the Driving Simula-tor Programme for high

school students, and the Stu-dent Driver Education Pro-gramme for road safetyteachers.

Mr Grant said the RoadTraffic Department contin-ues to partner with other sec-tors of the community toraise public awareness aboutroad safety.

He noted that emphasishas been placed on promot-ing the use of seatbelts andcar seats for infants andyoung children.

The public, he said, hasalso been warned of the dan-gers of speeding, being dis-tracted or being drunkbehind the wheel.

Mr Grant is urging every-one to commit to making the

roads safer.He encouraged the public

to spread the message ofroad safety to family mem-bers, neighbours, co-workers,and friends.

“It is only through a unitedeffort that we will achieve asignificant decrease in roadtraffic injuries and fatalities,”he said.

Jacinta Colebrooke andMaurice Noel died in a caraccident on January 12,2011; Alonza Charlton diedon February 21; Vito Pinderdied on June 12; LeonardKnowles died July 16; AnnePenn died September 10;Cherese Burrows died Octo-ber 7; and Randy Petty diedOctober 31.

LOCAL NEWS

PAGE 6, TUESDAY, NOVEMBER 22, 2011 THE TRIBUNE

FLAG Day celebrations area time for national unity andpatriotism, Prime MinisterHubert Ingraham said.

The nation’s chief alsospoke to students at St Bede'sPrimary School of the signifi-cance of the Bahamian flag ata Flag Day ceremony.

He stressed the importanceof knowing Bahamian historyand culture and respectingnational symbols.

“Celebrating Flay Day ismeant to promote nationalunity, encourage nationalpride, and develop greaterpatriotism in terms of respectfor national symbols. Whenyou look at the flag, youshould get a feeling of prideabout being distinctly Bahami-an and loving it.

“This flag belongs to you.It represents you. It representsyour parents and grandpar-

ents. In treating the flag withrespect, you are showingrespect for others as well asyourselves.

“When you pledge alle-giance to the flag, you arepromising to love, be loyal andfaithful to our country, and towork always to make it evenbetter for all our citizens,” saidMr Ingraham.

The prime minister gave thestudents a brief history lesson

about the days before Inde-pendence and before theBahamas had its own flag.

He said that before thecountry became independentin 1973, the Bahamas – then aBritish colony – had to cele-brate the flag of GreatBritain.

Now the country is fortu-nate to have its own nationalsymbols to cherish and pro-tect, he said.

“Blessed by a beautifulgeography and free from warand civil strife, the Bahamas isthe envy of many countries.We must never become puffedup because of this. Instead, wemust work harder to protectwhat we have.

“Today as you celebrateFlag Day, remember not justto admire the beautiful coloursof our flag but to also remem-ber the beauty of our country

and all the blessings we enjoy.“Our Flag Day is a day for

gratitude and a day for appre-ciation, and a day to be proudand show our pride in beingBahamian.

“In famous words spokenby others, Flag Day shouldremind us not of what ourcountry can do for us, butrather what we can do forour country,” said Mr Ingra-ham.

Tributes paid to thosekilled in road accidents

By DENISE MAYCOCKTribune Freeport Reporterdmaycock@tribunemedia.net

FREEPORT - A Freeportman was sentenced to threeyears in prison after pleadingguilty in the Freeport Magis-trate’s Court to 23 counts ofstealing.

Charles Symonette, 37, ofPioneer’s Way, was chargedwith 12 counts of stealingfrom a vehicle in Court 2before Magistrate AndrewForbes.

He pleaded guilty to theoffences on Friday last weekand was sentenced to 28months in prison.

Symonette was alsocharged with 11 counts ofstealing from a vehicle inCourt Three before DeputyChief Helen Jones.

He pleaded guilty and wassentenced to three years. Thetwo sentences are to run con-currently.

According to reports,

Symonette was caughtbreaking into a vehicle onMonday at Pioneer’s Way.The owner of the vehicleconfronted Symonette, whowas injured and taken tohospital.

After his release from hos-pital, he was arrested bypolice for the offences.

PRIME MINISTER REMINDS PUPILS TO HAVE PRIDE IN THEIR FLAG

MAN JAILED FOR THREE YEARS FOR THEFTS

LOCAL NEWS

THE TRIBUNE TUESDAY, NOVEMBER 22, 2011, PAGE 7

DURING their eight-dayofficial tour of Abaco and theAbaco Cays, Sir Arthur andLady Foulkes enjoyed thehospitality of Abaconians andresidents, including that oflocal and central governmentofficials as well as civic, reli-gious and business leaders.

The hospitality includedluncheons hosted by variouslocal councils and resorts aswell as a joint-luncheon meet-ing of the Rotary Club ofAbaco and the Abaco Cham-ber of Commerce held at theAbaco Beach Resort atMarsh Harbour.

Sir Arthur noted during hisvisit: “Today Abaco boaststhe second largest interna-

tional airport in the country interms of visitor numbers, hasa thriving tourism industryand is undergoing impressivedevelopment in terms of pub-lic infrastructure and privateinvestments.”

Sir Arthur and LadyFoulkes were able to tour anumber of these develop-ments including several clinicsand the new GovernmentAdministrative Complex.

At the BEC Wilson CityPower Plant, engineer andAssistant General Managerfor Generation Toni Seymourled a tour of the new facility.

Ms Seymour, a native ofLong Island and graduate ofNGM Major High School,

studied engineering atBrighton University in the UK.

Sir Arthur and LadyFoulkes also toured SchoonerBay, which has been billed asa model of sustainable devel-opment, and Baker’s BayDevelopment on Guana Cay,which has removed the inva-sive casuarinas populationfrom the development replac-ing them with non-invasivevegetation.

The visit also included atour of a number of settle-ments and housing develop-ments prior to returning toNassau on November 15.Three days later, they left forthe One Bahamas ceremonyin Grand Bahama.

By DENISE MAYCOCKTribune Freeport Reporterdmaycock@tribunemedia.net

FREEPORT – Governor General SirArthur Foulkes said the country hasmade great progress economically, social-ly and culturally, but much remains tobe done.

Sir Arthur was speaking in GrandBahama at the 19th annual OneBahamas Celebration and Flag-raisingat Independence Park, which was held onFriday, November 16. Sir Arthur andLady Foulkes had just completed aneight-day official tour of Abaco.

In Grand Bahama, hundreds of stu-dents from throughout the island assem-bled at the playing field at 10am for theraising of the Bahamian flag. They wavedtheir miniature flags with pride.

Sir Arthur, Sir Orville Turnquest, hon-orary chairman of One Bahamas, andformer governor-general, and Sir Dur-ward Knowles were treated to a culturalextravaganza of songs and dance.

Grand Bahama MPs Kenneth Russell,Neko Grant and Kwasi Thompson alsoattended.

Sir Arthur said the Bahamas hasenjoyed 38 years as a sovereign inde-pendent state among the nations of theworld.

While much progress has beenachieved, he said the work of nationbuilding is never finished.

“In the prophetic words of our nation-al anthem, we are being challenged bywide and treacherous shoals. Yet, wemust remain steady, sunward,” SirArthur said.

The Governor General told studentsthat the colours of the Bahamas flag area representation of the strong and unitedBahamian people and the nation’s richresources of land and sea.

“The flag and national anthem is whatbinds us together as one people, in love,in unity and with respect for each other,”he said.

He stated that the One Bahamas ideamust be constant part of the daily lives ofall Bahamians.

He noted that flags are raised through-out the Bahamas today as a demonstra-tion of unity.

Sir Arthur reminded young studentsthat many countries would give anythingto have the kind of harmony that exists inthe Bahamas, to have the benefit of athriving parliamentary democracy.

“Indeed, some are dying for the right

to be governed by consent, for rights wealready enjoy, rights we celebrate andcherish, rights that come along with theresponsibilities of citizenship.

“Around our world also there areviolent conflicts over religious differ-ence, for political and ideological rea-sons, and for land, water and otherresources.”

Sir Arthur told students that Bahami-ans are privileged and fortunate for notbeing afflicted by such miseries.

He stressed that Bahamians must bevigilant to always protect what we haveas a Bahamian nation.

“We must learn to think in terms ofbeing Bahamian without the prejudicesthat tend to divide us into black Bahami-ans, or white Bahamians, or any otherprejudices that would divide us based onethnicity or ancestry,” he stressed.

Sir Arthur believes that One Bahamascombines ethnic, religious, and culturaldiversity, bringing everyone together asone people under one God.

He warned that Bahamians must notallow toxic foreign influences destroytheir cultural identity.

“Young Bahamians, it will be up toyou to overcome those negative influ-ences,” he said.

Sir Orville told students that Sir Dur-ward Knowles, expert sailor and OlympicGold medal recipient, is one of manygood Bahamian role models that theycan emulate.

Sir Arthur: ‘Much remains to be done’‘The flag and nationalanthem is what binds ustogether as one people, inlove, in unity and withrespect for each other’

Sir Arthur Foulkes

GOVERNOR GENERAL GIVEN TOUR OF NEW FACILITIES IN ABACO

ON A TOUR conducted by Assistant General Manager for Generation Toni Seymour, Sir Arthur andLady Foulkes viewed the new Wilson City Plant in Abaco. ∑ Photo courtesy: David Ralph

By CELESTE NIXONTribune Staff Reportercnixon@tribunemedia.net

THE closing ceremony forthe 2011 Caribbean HIV Con-ference was at held at theAtlantis Resort yesterday.

Declaring the conference asuccess, event co-chair DrPerry Gomez said participantswill leave with a wealth ofknowledge from the manydynamic experts from aroundthe region who spoke on thenew challenges in the fightagainst HIV/AIDS.

“The conference was a suc-cess from day one,” said DrGomez.

“The energy and enthusi-asm of the people – it was pal-pable as you walked the cor-ridors over the last threedays.”

Moving forward, DrGomez said, the Bahamasmust continue to pursue theaims outlined in its nationalHIV plan – most importantly,getting the message outabout how to prevent the dis-ease.

According to Dr Gomez,while the number of deathsresulting from HIV/AIDS in

the Bahamas has declined, theprevalence of the disease isroughly the same because thenumber of new infections isnot decreasing as fast as itshould.

“The upscaling of preven-tion is the most importantaspect of the programme," DrGomez said.

He said that, in addition,laboratory capabilities will beupgraded so that testing forHIV resistance and researchon the virus itself can takeplace here.

For countries l ike theBahamas which have beentreating persons infectedwith HIV/AIDS since 1995,Dr Gomez said, “the chancesof resistance is greaterbecause our patients havebeen exposed to drugslonger”.

Dr Gomez added theBahamas is lucky enough tobe able to do research at themolecular level, as the equip-ment and technicians arealready available here.

One of the major chal-lenges that was brought tolight during the conferencewas the reduction in fundingfor HIV/AIDS research, pre-

vention and treatmentthroughout the region.

During one of the econom-ic sessions, it was suggestedthat if one per cent of nation-al budgets were to be allocat-ed specifically for HIV/AIDS,it would bring the region tothe $500 million a year mark.

This is the figure said to berequired in order to sustainthe response to the epidemicgoing forward.

“It is an important messagefor the region to take home,”said Dr Gomez.

Another challenge high-lighted throughout the con-ference was the stigma anddiscrimination that still sur-rounds HIV/AIDS and howit impedes prevention, careand treatment.

“When other members ofsociety stigmatise infectedpersons, it is hard for them toseek treatment and care,” DrGomez said. “The best wayto feed the epidemic is to cir-cumvent people and make ifdifficult for them to get help.”

However, Dr Gomezbelieves the “tide is turningand there will be more open-ness and acceptance of peoplefor who they are”.

LOCAL NEWS

PAGE 8, TUESDAY, NOVEMBER 22, 2011 THE TRIBUNE

WANTEDSR. RESERVATIONIST

Responsibilities: Maximize occupancy and avoidoverbooking as much as possible; Prepare arrival and departure list; Prepare daily and weekly projections;

documentations; Prepare necessary reports; Assist with

The ability to cope under pressure with focus on customer services is essential to

Experience: Previous experience with reservations and

Education: The ideal candidates should, possess an associate’s degree or related hospitality management

Interested candidates should submit resumes no later than Friday, December 2, 2011 to:nasemployexchange@hotmail.com

When the issue of bail wasraised by the presiding judge,prosecution offered no objec-tions to Seven Hills Estateresident being granted bail.

Vandera Woods-Carey,defending, described Forbes asa model citizen who was gain-

fully employed and had no pre-vious conviction or pendingmatters before the courts.

The judge granted theaccused $7,500 bail andadjourned the matter toWednesday, November 23,for a fixture hearing in Court5, before Magistrate DerenceRolle-Davis.

“We had to push it off untilWednesday and at this point Ido not want to say why but itwon’t effect the launch or anyof our 4G plans. We plan ondoing some upgrades to thesystem between 12am and

6am Wednesday morning.There may be a disruption inBlackberry service and inter-net service between thosehours,” he said.

Mr Johnson said while noofficial date has been set forthe launch of the 4G network,the company is hoping to roll

it out before Christmas.He said the launch of 4G

will pave the way for touch-screen Androids, BlackBer-rys and the entire hi-speedsmart-phone family which areturning the handheld devicesinto internet and entertain-ment providers.

was charged in connectionwith a recent robbery, Rober-to Reckley, defending, toldthe judge his client claimedto be victim of brutality andwas “tazed” while in policecustody.

Mr Reckley requested hisclient “who maintains hisinnocence in the matter” notonly be examined by a doctorbut also placed in isolation atHer Majesty’s Prison due toreceiving information that thedeceased has family membersat the prison.

However, she informed

counsel she had no controlover placing and suggestedthey give that information toprison officials.

Missick was also chargedyesterday with a robbery inci-dent on Thursday, November14.

Prosecution alleges theaccused took $59 worth ofRothmans cigarettes andBackwood cigars from the vic-tim. He pleaded not guilty tothe charge.

This matter was adjournedto November 22 and 23 toreceive a trial date in Court 5before Magistrate DerenceRolle-Davis.

country while the silentOpposition looks on despon-dently, oblivious of or apa-thetic to the plight of Bahami-ans who struggle daily to nav-igate through ineptly executedexcuse for roads.”

At the end of 2008, the gov-ernment signed a $120m con-tract with Argentinean firmJose Cartellone Construc-ciones Civiles (JCCC) througha loan from the Inter-Ameri-can Development Bank.

However, the project hasbeen dogged with criticismfrom business owners and res-idents whose income and dai-ly commute have been nega-tively effected by the project.

Dionisio D’Aguilar, head ofthe Superwash chain of laun-dromats, yesterday said theGovernment’s reported plansto hire additional engineers tostraighten out the project is astep in the right direction.

“The project has admirablegoals and I can see theendgame. However, its exe-cution has been particularlydevastating by how slow andhow painful it has been.

“I think that even thePrime Minister - in his appealfor help from people who

work on Baha Mar - admitsthat it has not gone as well asplanned and in my opinionthey should have broken thatproject into smaller sectionsand given Bahamian contrac-tors the ability to performsome of the functions.

“What it brings to light isBaha Mar was done predom-inantly by Bahamian compa-nies and lends credibility thatBahamian businessmen knowhow to run Bahamians betterthan everyone else. When youbring in a foreign companyand employ local labour it is aformula for disaster.”

Mr D’Aguilar, who has sev-eral businesses which havebeen affected by ongoingroadworks, added: “Manag-ing a Bahamian worker is anart and skill.”

Attorney Wayne Munroe,a candidate for the DNA, saidhe plans to sue JCCC onbehalf of 600 NPRIP workerswho claim they are forced towork under poor conditionsand for less than minimumwage.

Mr Munroe plans to filesuit within the next 10 days.

• To comment on this story, log on to www.tribune242.com.

ffrroomm ppaaggee oonnee

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ROAD REPAIRS CASH ‘WASTED’

Caribbean HIV conference is declared a success

PRISON OFFICER INCOURT AFTER FIGHT

DISRUPTION TO BLACKBERRY NETWORK

ELANDRO MISSICK being taken to court yesterday to be charged withmurder and robbery. Photo: Felipé Major/Tribune Staff

‘MOST WANTED’ IN COURT

LOCAL NEWS

THE TRIBUNE TUESDAY, NOVEMBER 22, 2011, PAGE 9

About RBC and RBC Wealth Management

Royal Bank of Canada, which operates under the brand name of RBC, is Canada’slargest bank, one of North America’s leading financial services companies, and among the largest banks in the world as measured by market capitalization. Through a network of offices worldwide, the international division of RBC provides comprehensive wealth management services to high net worth individuals and institutional clients in select markets around the world.

Royal Bank of Canada Trust Company (Bahamas) Limited is a leading international private bank and trust company in the Bahamas, one of the world’spremier financial centers, serving high net worth individuals and corporate institutional clients.

Royal Bank of Canada Trust Company (Bahamas) Limited is looking to hire a

Senior Trust Offi cerThe Senior Trust Officer will report into the Head of Trust Services, RBC Wealth Management Caribbean and will be responsible for administering a portfolio of complex trust structures for high net worth individuals as well as providing support, strong leadership and fostering teamwork amongst a group of highly motivated professional Trust Officers and Trust Administrators, ensuring that all administrative issues are dealt with accurately and effi ciently.

Key accountabilities include:

• Ensure that strong technical knowledge of all aspects of trust and company administration is delivered: this includes attending client meetings and understanding the correct administrative needs associated with the structure.

• Providing assistance to increase profitability of the company/shareholder value by identifying opportunities to extend the trust services, and to use the bank offering to implement solutions for clients where appropriate.

• Proven superior sales acumen, with ability to attract, build and strengthen relationships with key clients and intermediaries and identify new ideas in relation to products and services that may be offered by the company.

• Maintains and grows revenue through building relationship with the PRM in retention and extension of existing clients’ accounts, cross selling and obtaining new clients through existing client referrals. Review profi tability of each administered trust, company and other fiduciary structure and take remedial action where appropriate taking into account the degree of risk and complexity associated with the structure and the value given to Client.

• A key role in the on boarding of new trusts and companies

• Working closely with referral sources, internal and external partners to deliver superior client experience during the take on process.

• Responsible for the supervision, training and development of a team of Trust Officers and Administrators.

• Provide input on trust policies and procedures to other members within the unit as and when required.

• Work in a fast paced, high growth environment and demonstrate leadership in challenging situations with aggressive deadlines and service standards.

Required Qualifi cations and Skills:

• A University degree in business, accounting, or other related discipline.

• A minimum of ten years’ relevant experience.

• Professionally qualified, e.g. accounting/fi nance qualification, STEP, ICSA, TEP, ACCA or a qualified attorney who has experience working in the fi eld of trust law and company law.

• Possess a superior knowledge of Trust (complex and simple), Company and Fiduciary structures, and tax and legal issues affecting the administration of Trusts and Companies.

• Experience with the preparation and presentation of financial and estate planning proposals to high net worth individuals.

• Fully knowledgeable on the abilities of the trustee, and strong decision making demonstrated.

• Self-motivation with excellent project management skills.

• Demonstrably strong technical knowledge of all aspects of trust and company administration, including the nuances and statutory requirements of the major offshore jurisdictions used in connection with clients’ structures.

• Strong analytical and problem-solving skills, methodical, thorough and attentive to detail.

• Strong supervisory skills coupled with the ability to lead by example.

• Fluency in a foreign language preferred. (Spanish or French preferred)

• Strong skills in time management and prioritization.

• Excellent oral and written communication skills.

• Cultural awareness and sensitivity on both an individual and corporate basis.

• Ability to work in other RBC Wealth Management offices within the Caribbean as required

• Excellent at relationship management and working with others, as demonstrated through experience and references.

About Our People, Our Culture

We believe our people are our main strength, and to this end we are dedicated to continually developing our employees.

This position offers opportunities for career progression and appropriate training will be provided. We offer an attractive compensation package, which includes incentive bonuses and a comprehensive health & benefi ts plan. Remuneration will be commensurate with qualifications and experience.

Interested persons should apply by November 24, 2011 to:

Royal Bank of Canada Trust Company (Bahamas) LimitedP. O. Box N-3024Nassau, NP, BahamasAttention: Human Resource Department

Via Email: shelly.mackey@rbc.com

Only applications from suitable qualified candidates will be acknowledged

DEPUTY Prime Ministerand Minister of ForeignAffairs Brent Symonette yes-terday accepted the creden-tials of Dr Gerarda Eijke-mans, the new representativeof the Pan American HealthOrganisation and the WorldHealth Organisation to theBahamas and the Turks andCaicos.

Talks focused on: thedengue outbreak, not only inthe Bahamas but throughoutthe region; the outbreak ofCholera in Haiti following the2010 earthquake; the highnumber of non-communica-ble disease cases resulting indeath; and the need for peo-ple in the region to live

healthier lifestyles.Other challenges recog-

nised were the need to imple-ment tobacco legislation andthe possibility of engaging theservices of elite athletes asadvocates for healthier living.

Mr Symonette and DrEijkemans also discussedchemical and waste manage-ment and possible solutionsin the face of further devel-opment throughout theregion.

Dr Eijkemans initiated herprofessional career as a socialsecurity doctor in the Nether-lands in 1992.

She joined PAHO/WHO in1993 as an international con-sultant on occupational

health, stationed in Panama. She also served as an inter-

national consultant in Perufrom 1995 to 1997, worked asoccupational health adviserin the WHO in Geneva, andheld the post of advisor onsustainable development andenvironmental health in thePAHO/WHO office in Mexi-co.

She was appointedPAHO/WHO representativefor the Bahamas and the Turksand Caicos on August 22.

Dr Eijkemans is a citizenof the Netherlands. She stud-ied at the University ofNijmegen in the Netherlandsand at Johns Hopkins Uni-versity in Baltimore, USA.

Health representative welcomed to Bahamas

THE US Embassy in Nassau willbe closed on Thursday, November24, in observance of the Thanksgiv-ing Day holiday.

The Embassy will resume normalbusiness operations on Friday,November 25, at 8am.

US EMBASSY CLOSEDFOR THANKSGIVING

DEPUTY PRIME MINISTER and Minister of Foreign Affairs Brent Symonette, left, accepts the credentialsof Dr Gerarda Eijkemans, representative of the Pan American Health Organisation and the World HealthOrganisation to the Bahamas and Turks and Caicos. Photo: Kris Ingraham/BIS

By NEIL HARTNELLTribune Business Editor

A WELL-KNOWNBahamian businessman yes-terday told Tribune Businesshe had closed “Freeport’sfavourite restaurant” becauseit had been losing between$6,000-$8,000 per month forthe past two years, addingthat rents levied by the GrandBahama Port Authority(GBPA) were “double whatthey should be”.

Jeff Butler, who also ownsthe Butler’s Food Worldsupermarket, said he hadclosed Shenanigan’s Irish Pubin the Port Lucaya Market-place at the end of October,although minimal job losseshad resulted, after he became“fed up” with recurring lossesand no help from the GBPA.

“It was the Freeport com-munity’s favourite restau-rant,” Mr Butler told TribuneBusiness, “but when the PortAuthority put the rent up......The rent in Port Lucaya isequivalent to South Beach.

“I was the chairman of thePort Lucaya MarketplaceTenants Association, and toldthem: ‘Look, the economysucks, you need to cut the rentfor everyone by between 25-40 per cent, but they wouldn’tdo it. The rent up there isdouble what it should be inthese conditions.”

Mr Butler added thatanother problem at PortLucaya Marketplace was thelack of parking spaces, sayingthe facility had only 200 whenit required 600. As a result,most spots were taken byhotel workers and taxis, andcustomers struggled to parktheir vehicles.

And he argued that Port

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$4.69The information contained is from a thirdparty and The Tribune can not be heldresponsible for errors and/or omissionfrom the daily report.

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THE TRIBUNE • SECTION B • business@tribunemedia.net TUESDAY, NOVEMBER 22, 2011

By NEIL HARTNELLTribune Business Editor

A WELL-KNOWN Bahamian busi-nessman yesterday said he had been “ter-ribly surprised with the success” of his 22year-old company in “carrying the flag-ship of Bahamian food”, as it moves to“regroup” and consolidate its latest $3.5million expansion.

Gus Cartwright, proprietor of theCheckers Cafe and Sunrise Wash Housechains, told Tribune Business that whileFamily Island expansion via joint ven-ture/franchise-type partnerships was aneventual possibility, the business was“cooling off” following the opening itsJoe Farrington Road outlet.

Disclosing that the latest location hadbecome the third strongest performerwithin the four-strong Checkers set-up,Mr Cartwright added that the Joe Far-rington Road site, which employs 25 per-sons, had “gone a bit beyond expecta-tions”.

Its performance, he said, had helped to“pick up the slack” from the RobinsonRoad/East Street location, where saleshad dropped 30-40 per cent due to itsposition at “the heart” of the ongoing

By NEIL HARTNELLTribune Business Editor

All Grand Bahamians need to realise the Grand Lucayanresort is in a “perilous position”, a senior Hutchison Wham-poa executive told Tribune Business yesterday, adding that

By NEIL HARTNELLTribune Business Editor

FAILURE to implement crime-pre-vention methods “could be the strawthat breaks the camel’s back” for manystruggling Bahamian companies, privatesector leaders warned yesterday, with“slack” businesses more susceptible tointernal theft and white collar crime.

Previewing next week’s Crime Pre-vention Seminar, which is being held inconjunction with the Royal Bahamas

Police Force and Crimestoppers, Win-ston Rolle, the Bahamas Chamber ofCommerce and Employers Confedera-tion’s (BCCEC) chairman, said compa-nies that elected to ‘save’ money by notputting in the required safeguardsalmost inevitably regretted it.

Explaining that the seminar would

explore ways to make crime-fightingtools, such as Closed Circuit Television(CCTV) systems, less expensive forcash-strapped Bahamian businesses, MrRolle said: “There’s a cost element, butthere’s a cost of not doing it.

FOOD ‘FLAGSHIP’ IN‘SURPRISE SUCCESS’

$8K PER MONTH LOSSES CLOSE GB’S‘FAVOURITE EATERY’

* Checkers owner ‘terribly’ stunned by business’sachievements

* In ‘cooling off period’ following $3.5m expansion* Joe Farrington location performs ‘beyond

expectations’* Compensates for 30-40% Robinson Road sales dip

SEE page 6B

‘STRAW THAT BREAKS THE CAMEL’S BACK’* ‘Slack’ businesses more susceptible to internal theft, private

sector leaders warn* ‘An aware businessman is less of a target,” says Checkers chief

SEE page 4B

By NATARIO McKENZIETribune BusinessReporternmckenzie@tribunemedia.net

AMENDMENTS to theCustoms Management Billwhich are expected to providefor oversight of the scrap met-al industry, are expected tobe gazetted soon, the Ministerthe Environment told TribuneBusiness yesterday.

Earl Deveaux said: “TheCustoms Management Actwas amended on November4. That Act provided for Cus-

toms to bring oversight to thescrap metal business. Theinformation I received fromthe Cabinet Office this morn-ing was the Act would begazetted today or tomorrow.”

Under the Customs Man-agement Bill, the Comptrollerof Customs is mandated toestablish a special investiga-tion unit within the CustomsDepartment to probe andinspect proposed shipmentsof scrap metal before they canbe shipped between islandsor exported from theBahamas.

“Copper will be held for aspecified period of time. Per-sons will have to produce adocument which establishesa chain of custody to showhow they came into posses-sion of metals such as copper,aluminum and bronze,” MrDeveaux added.

The Cabinet Office issued astatement on November 1,stating that the 90-day tem-porary ban on the export ofscrap metal, which was imple-mented on 27 July, would be

* Owner blasts GBPA, saying Port Lucayarents ‘double what they should be’

* Says calls for 25-40% cut fell on deaf ears* Hits at GB Power over $35k monthly

food store bills

SEE page 5B

SCRAP METAL REGULATIONS PUBLICATION TO COME SOON

SEE page 5B

SEE page 4B

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THE ENTRANCE to the Grand Lucayan

HUTCHISON CHIEF: GRAND LUCAYANIN ‘PERILOUS POSITION’* Conglomerate’s worldwide Ports head says

‘frankly desperate’ to slash resort’s power bill* Says ‘tribute’ to Hutchison that it has

subsidised property’s annual ‘tens of millions’losses for so long

EARL DEVEAUX

BUSINESS

PAGE 2B, TUESDAY, NOVEMBER 22, 2011 THE TRIBUNE

By LARRY GIBSON

WHEN Parlia-ment meets next

week, the most contentiousmatter on the House ofAssembly’s agenda will bethe 2011 report of the Con-stituencies Commission ofthe Bahamas. From allaccounts, the report recom-mends that the number ofconstituencies (seats in Par-liament) be reduced to theconstitutional minimum of38.

This is down from the cur-rent 41 constituencies. I goon record as saying that Ihave always felt that wehave, for years, been ‘over-represented’ in Parliamentgiven our population sizeand the type of representa-tion that has been thrustupon the Bahamian people.If you check the actualattendance, contribution andvoting records of manyMembers of Parliament,past and present, you wouldsee absolutely no evidenceof any meaningful contribu-tion to nation building, pol-icy contribution or ‘real’ ser-vice at the national or com-munity level.

Based on 38 seats, eachelected Member of Parlia-ment (MP) would represent8,250 persons on a per capi-ta (general population)basis, or about 3,300 personson a ‘registered voter’ basisnationally. New Providenceis said to have around 96,000registered and 23 proposedseats, for an average of 4,170voters per constituency.

For comparison purposes:

GROSS HYPOCRISYAs with the report of

every single ConstituenciesCommission, there is the cryof gerrymandering by oppo-

sition forces – no matterwho it is. I say that the mostegregious feature of this cha-rade is not gerrymandering,but rather hypocrisy of thehighest order. Notwith-standing the noise in themarket, successive govern-ments have held the right tofix boundaries as their‘trump card’, and none seemto have any intention what-soever to change thingswhen they are in power.

We know that if we are totruly deepen democracy inour Bahamaland, an inde-pendent ConstituenciesCommission should be putin place. The reality is thatwe do not yet seeminglypossess the required level ofpolitical maturity to evencontemplate what isrequired. Until we have suchresolve, all we can really dois to receive the Constituen-cies Commission report, say‘well done’ and move one.

Clearly, this is a critical areain need of urgent reformand nobody is demandingbetter.

I note that the British jus-tice, Lord Hailsham,referred to the Westminstermodel of Parliamentarydemocracy as a form of elec-tive dictatorship. Almostinevitably, members whodisagree with the party lineface expulsion if they do notcross the floor first, thusminimising effective debateand recommendation forconstructive changes andamendments. History hasshown that very rarely areBills presented to Parlia-ment, then withdrawn orchanged significantly,despite efforts at pointingout major shortcomings.

The proposed Con-stituencies CommissionReport is one such Bill thatwill come before Parliament,and as the saying goes: “Tothe victor goes the spoils”.So it will be passed, despitethe fact that it will eliminatesome MPs’ own seats orchances of ever being re-elected to that seat.

INDEPENDENT BODIES I recognise that there is

little confidence in the func-tioning of many ‘indepen-dent’ appointed bodies inour society. Sadly, in manycases, this scepticism is jus-tified. Nonetheless, becausewe struggle with them doesnot mean we should aban-don them. We must keeptrying until we succeed. The

WILL ANY PARTY OVERTURNSUCH GROSS HYPOCRISY?

FINANCIAL FOCUS

LARRY GIBSON

COUNTRY #MPS POPULATION PER CAPITAJamaica 60 2,800,000 46,700Trinidad 41 1,400,000 34,000Barbados 30 280,000 9,300Bahamas 38 314,000 8,250

SEE page 3B

operative phrase is ‘inde-pendent’, which must bedeveloped over a period oftime, especially in apolarised political climateand culture such as ours.

CONSTITUTIONALPROVISIONS

Article 69 (2) - sets thecomposition of the Con-stituencies Commission:

The Members of the Com-mission shall be-

(a) The House of Assem-bly speaker who shall beChairman;

(b) A Justice of theSupreme Court who shall beDeputy Chairman and shallbe appointed by the Gover-nor-General acting on therecommendation of theChief Justice;

(c) Two members of theHouse of Assembly whoshall be appointed by theGovernor-General acting inaccordance with the adviceof the Prime Minister; and

(d) One member of theHouse of Assembly who

shall be appointed by theGovernor-General acting inaccordance with the adviceof the Leader of the Oppo-sition.

Article 69 (6) states: “Anydecision of the Commissionshall require the concurrenceof not less than three mem-bers of the Commission.”

As the Speaker of theLower House, under theWestminster system, isappointed by the ‘Govern-ment of the Day’, the incum-bent party controls the out-come of the Report. The fullreport must then be passedby Parliament. Unless anincumbent government hasdissension within its ranks,it really has the ability to setthe boundaries as it pleases.

Article 70 (2) - lays out theframework for constituencyadjustments:

“In carrying out a reviewfor the purposes of this Arti-cle, the Commission shall beguided by the general con-sideration that the number

of voters entitled to vote forthe purposes of electingevery member of the Houseof Assembly shall, so far as isreasonably practicable, bethe same and the need totake account of special con-sideration such as the needsof sparsely populated areas,the practicably of electedmembers maintaining con-tact with electors in suchareas, size, physical features,natural boundaries and geo-graphical isolation.”

However, for the sake ofbalance, let me clearly statethat all realignments to datehave been in full compliancewith the Constitution of theBahamas and fully legal.

CONCLUSIONOnce there is a general

equality of voters per con-stituency and deviations tothe equality principle can bejustified, then there is reallynothing to complain aboutunder the existing system.

Rather than complainingin the press, Oppositionforces need to take their caseto the people by workingtheir constituencies. The

Bahamian people need tosend a clear message backto all political parties direct-ly, and through their opera-tives, that the system oughtto be changed.

Finally, if this hypocrisy isto end, political parties needto commit formally tochange the existing systemby making this a

Manifesto Pledge’. How-ever, if I had to bet a dollar,I doubt that any party willtake up this challenge. Sothe status quo will remainamid the meaninglessrhetoric.

Until next week…

NB: Larry R. Gibson, aChartered Financial Analyst,is vice-president - pensions,Colonial Pensions Services(Bahamas), a wholly-ownedsubsidiary of Colonial GroupInternational, which ownsAtlantic Medical Insurance

and is a major shareholderof Security & General Insur-ance Company in theBahamas.

The views expressed arethose of the author and donot necessarily represent

those of Colonial GroupInternational or any of itssubsidiary and/or affiliatedcompanies. Please direct anyquestions or comments torlgibson@atlantichouse.com.bs

BUSINESS

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

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FROM page two WILL ANY PARTY OVERTURNSUCH GROSS HYPOCRISY?

By NATARIO McKENZIETribune Business Reporternmckenzie@tribunemedia.net

BAHAMIAN sports tourism isexpected to receive a ‘significantboost’ from the revival of BahamasSpeed Week, organisers said yester-day, with a number of high spendingindividuals expected to attend the five-day event.

The Bahamas is also expected tobenefit from the media frenzy sur-rounding the event, particularly fromEuropean media agencies attracted bythe presence of racing legend, Sir Stir-ling Moss, after a 50-year absence.

Bahamas Speed Week, which isdesigned to be a revival of the motorracing ‘golden age’ of the late 1950s-1960’s in Nassau, will be held fromNovember 30 to December 4, and willfeature eight events during that span.Forty-five cars valued at well over$100 million are expected to be pre-sent.

Minister of Tourism, Vincent Van-derpool-Wallace, told Tribune Busi-ness that the Speed Week model wasone that would work well for theBahamas’ sport tourism sector.

“This model is precisely what wewant to see in all of the areas of sportstourism. One of the things we are verymuch aligned to is having a whole sea-son of events. What we have discov-ered a long time ago is for the Ministryof Tourism to be solely responsiblefor these events, we simply do nothave the capacity to do it. What wehave here is a general model for whatwe would like to see happening,” theMinister said.

He added: “Obviously associatingourselves with those kind of eventsthat our high spending, high qualityvisitors like going to is something weshould be expanding on. We don’t likegetting involved in one-off things. Wewant to see something that has sus-tainable momentum over many years,so we are looking for annual events,

and also people who are looking tomanage those annual events.”

Bahamas Speed Week president,Jimmy Lowe, could not say yesterdayhow much had been invested into theevent, but told Tribune Business: “Ican say it is well in the six-figure range,in the top end.”

Mr Lowe said the event was part ofa vision to bring Speed Week back toNassau after nearly 50 years. “It’s beena roller coaster ride, but at the end ofthe day I think seeing the cars backin Nassau will be worth it,” he added.

Organisers said yesterday that tick-ets for the event, ranging from $20 to$400, have nearly sold out, with part ofthe proceeds going to The BahamasCancer Society, The Ranfurly Homefor Children, Teen Challenge and theAIDS foundation.

The five-day event, which includes afree day for visitors to relax andexplore the island, will conclude withthe Arawak Cay Sprint day, a 1.1 milerace around Arawak Cay.

SPEED WEEK AT ‘TOP END’OF SIX-FIGURE INVESTMENT

Dear Mr Hartnell

I refer to your recent article in The Tribune, concerning ourresort, newly named “Grand Lucayan” - a Radisson resort.

I would like to clarify some of the content, which might otherwisecause some confusion in Grand Bahama island.

As you may know, I have been personally associated with devel-opments on Grand Bahama for a number of years, indeed since thebeginning of sour group’s involvement with the Container Port,and my heart is as ever, happiest when I am there.

As you will also be aware, in order to see whether through costsharing between the various Hutchison entities it might be possibleto turn around the hotels, I became involved with a somewhat larg-er portfolio earlier this year.

Through a number of Town Hall meetings and direct discussionswith those involved, we have been quite frank as to the problems fac-ing the resort.

We have, as reported, attempted to reduce costs whilst at thesame time seeking new markets. This has not been easy in thecurrent economic climate, but we are trying our best and havemade fledgling efforts to attract visitors from Latin America, Euro-pean and even Far East originations.

We have from the start been quite open as to the level of lossessustained at the hotel, which amount annually to some tens of mil-lions of dollars.

As we all know, any other local establishment losing that amountwould have closed years ago, and it is a tribute to the Group that ithas kept the hotels open despite these heavy annual losses. We havebeen encouraged by the support of the Bahamas Government, whocontinue to assist in the marketing of Grand Bahama Island, and theyfully realise our dilemma.

We have this year made some minimal inroad into those losses.We have by careful husbandry reduced our power bill, but notnearly enough to make a material difference, and we are frankly des-perate to seek a way to lower electricity costs at the resort.

We have also reduced costs by closing the Reef hotel. This has hada negative impact on the local community, and we would love to seeit reopened subject to improved visitor numbers. To effect this wewould need to put in place a competitive regime, and that can onlycome about through the support of all involved and, in particular,those working in this industry.

When all is said and done, we need to meet the needs of our share-holders, and that means returning the properties to a sustainable, pos-itive bottom line. We are now at a point where everyone who has aninterest in the future of Grand Bahama Island needs to realise theperilous position the resort faces, and to acknowledge the historicalsupport of the investors and what is needed to continue that support.

The resort has many long-serving, dedicated staff whom I knowearnestly seek to help in the turnaround, and have asked me per-sonally what they have to do to help. Might I take this opportunityto thank them.

The continued encouragement of the Government of theBahamas, and that of the Prime Minister especially, in constantlyseeking ways to support Grand Bahama Island, is specially worthyof acknowledgement by the Hutchison Group.

Yours sincerelyDr John E MeredithGroup Managing DirectorHutchison Port Holdings

ADDRESSING GRANDLUCAYAN ‘DILEMMA’

LETTER TO THE BUSINESS EDITOR

“Persons in many casesfind that they’re not pre-pared to make the initialinvestment upfront, but sixmonths down the road say:‘Boy, I wish I’d done some-thing then’. Finding out afterthe fact is not the way to go.”

Mr Rolle said a joint sur-vey of the private sector,conducted by the Chamberand accounting firm KrYsGlobal, found that crime -and the response to the crim-inal threat - was one of thekey priorities dominatingBahamian business strategyand decision-making.

While all companies wereeyeing cost-cutting and rev-enue-enhancing strategies toride out the recession, theBCCEC chairman said:“Crime is very much upthere.

“The response from thesurvey shows a number of

businesses have taken addi-tional measures, from vari-ous perspectives, to preventthemselves from beingaffected by criminal activi-ties in these tough times.

“At this time businessesare trying to manage costsand increase revenues, andany impact from a criminalperspective could be thestraw that breaks the camel’sback and put you out of busi-ness if it’s not done proper-ly.”

Gus Cartwright, proprietorof the Checkers Cafe chain,and chairman of the Nation-al Crime Prevention Com-mittee, said it was vital forbusiness owners/entrepre-neurs to be “aware” if theywere to stop internal theftdriven by rogue employees.

Suggesting that this wasoften a crime of opportunity,where workers succumbed totemptation if the proper“checks and balances” werenot in place, Mr Cartwrightsaid it was important thatstaff knew their employerran “a secure operation”.

Fear of being detected wasa powerful deterrent to inter-nal theft, the Checkers pro-prietor said, adding thatinventory was often an area

where major “leakages” tookplace.

“The type of problems wehave seen is probably mid-night break-ins,” MrCartwright said of his ownbusiness. “That has gone upthis year more.... You bar upyour place, put in all themeasures, but that does notmean they are full proof.

“The crime you have topay a lot of attention to isinventory control. The onlyway to survive in hard timesin this economy is to controlinventory as much as youcan, to stop leakages as muchas possible.”

“My perspective on this isprotection, not only from acriminally-minded society,but people with criminalintent inside the business,”Mr Cartwright said. “Ourpanel will share with thepublic ways and means ofimplementing protectionagainst [employee theft], andfor employer protection.

“If you run a slack opera-tion, you will find this type ofthing occurring. We want tomake the public, and smalland medium-sized business-es, aware of things to lookfor and guard against.

“There’s measures you can

put in place to stop stafffrom becoming criminallyminded. You put in checksand balances to ensure theyknow you run a secure oper-ation, and that if they crossthe line they will be foundout.”

When it came to the extracosts incurred by Bahamianbusinesses to protect them-selves against both internaland external criminal threats,Mr Cartwright said the mon-etary aspect was not alwaysthe most important.

He explained: “There is acost, but remember that pro-tection costs do not alwayshave a monetary effect..... Itdoes not have to be a largeamount of money, butknowledge. An aware busi-nessman is less of a targetthan an unaware one. It’snot always a large amountof money that you need toprotect yourself, your fami-ly and your business.”

Mr Rolle, meanwhile, saidthe joint Chamber/KrYsGlobal survey had revealedthat internal stealing wasamong the top concerns formany Bahamian companies,especially those in the retailsector.

“From the initial surveyresults we saw, one of thegreatest concerns for busi-ness persons is white collarcrime, or more specifically,employee theft,” he added.“The numbers vary fromsmall to significant, speak-ing to persons in retai lestablishments.”

Mr Cartwright added thatthe National Crime Com-mittee and Chamber had to“be involved from all per-spectives” on the criminalfront, and not just befocused on the impact onthe business community.

Focus also had to beplaced on the security ofBahamians’ home sur-roundings, Mr Cartwrightadding: “We’re not onlyconcerned about businessesthemselves. Businesses willnot function properly if theydo not have potential cus-tomers. If customers are notfree to move about, it willwreak havoc on the businesscommunity.”

the Hong Kong-based conglomerate was“frankly desperate” to reduce the prop-erty’s power bill.

In an e-mail, reproduced on Page 3Bin Tribune Business today, Dr JohnMeredith, group managing director forHutchison Port Holdings, said it was “atribute” to the Hong Kong conglomeratethat it had subsidised the GrandLucayan’s “heavy annual losses” -amounting to “tens of million dollars”annually - for so long.

“We have from the start been quiteopen as to the level of losses sustained atthe hotel, which amount annually tosome tens of millions of dollars,” he toldTribune Business.

“As we all know, any other localestablishment losing that amount wouldhave closed years ago, and it is a tributeto the group that it has kept the hotelsopen despite these heavy annual loss-es.”

While some “minimal inroad” hadbeen made into these losses, afterresponsibility for the Grand Lucayanwas placed under Hutchison’s Portgroup, Dr Meredith told Tribune Busi-ness more needed to be done.

“We have, by careful husbandry,reduced our power bill, but not nearlyenough to make a material difference,and we are frankly desperate to seek away to lower electricity costs at theresort,” Dr Meredith revealed.

“We have also reduced costs by clos-ing the Reef hotel. This has had a nega-tive impact on the local community, andwe would love to see it reopened, subjectto improved visitor numbers. To effectthis we would need to put in place acompetitive regime, and that can onlycome about through the support of allinvolved, and in particular those workingin this industry.”

Then, in what could be interpreted asa warning that Hutchison might closethe Grand Lucayan if its heavy loss-mak-ing was not turned around, Dr Meredithsaid: “When all is said and done, weneed to meet the needs of our share-holders’, and that means returning theproperties to a sustainable positive bot-tom line.

“We are now at a point where every-one who has an interest in the future ofGrand Bahama island needs to realizethe perilous position the resort faces,and to acknowledge the historical sup-port of the investors and what is neededto continue that support.”

Dr Meredith’s e-mail said it repre-sented his personal views, and were notthose of Hutchison Port Holdings, butthe concerns are clear. It appears to havebeen prompted by Tribune Business’sarticle on Friday, which addressed theGrand Lucayan’s situation.

He also confirmed that Hutchison wasexploring new markets in Europe, LatinAmerica and Asia in a bid to turn theGrand Lucayan around, as well as thefact that Hutchison’s Ports group has

taken responsibility for the hotel fol-lowing a restructuring that aimed to cutcosts.

“We have, as reported, attempted toreduce costs whilst at the same timeseeking new markets. This has not beeneasy in the current economic climate,but we are trying our best and havemade fledgling efforts to attract visitorsfrom Latin America, European and evenFar East originations,” Dr Meredith toldTribune Business.

“As you will also be aware, in order tosee whether, through cost sharingbetween the various Hutchison entities,it might be possible to turn around thehotels, I became involved with a some-what larger portfolio earlier this year.”

Gary Gilbert, the Freeport ContainerPort's (FCP) chief executive, told Tri-bune Business on Friday that the con-solidation of the Grand Lucayan's oper-ations into the Manor House propertyhad slashed the resort's electricity bill.March's downsizing, which saw the lay-off of some 200 workers, reduced theGrand Lucayan from 1,200 to 500 rooms,and the staff to 550 full-time and 200contracted employees.

Mr Gilbert said: "We've significantlyreduced the losses already through astrong focus on the cost structure.

"Have we turned it around? Have wetaken it to profitability yet? No, butwe've done a number of things to stemthe losses. "We've been able to save asignificant amount of money, significant,but we are still not at a profitable state.”

BUSINESS

PAGE 4B, TUESDAY, NOVEMBER 22, 2011 THE TRIBUNE

Employment OpportunityAIRPORT SUPERINTENDENT

ROLE:

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NOTICE IN THE ESTATE OF GEORGE BAKERlate of Sea Fan Drive, Sea Breeze Estates, New Providence, one of the Islands of the Commonwealth of The Bahamas

Deceased

NOTICE is hereby given that all persons having any claim or demand against the above-named Estate are required to send the same to the undersigned on or before the 13th day of December, A.D. 2011 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default

distribution made before such debts are proved;

AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the chambers of the undersigned on or before the date hereinbefore mentioned.

Dated the 17th day of November, A.D. 2011

CALLENDERS & CO. Chambers,

One Millars Court, P.O. Box N-7117,

Nassau, The Bahamas

Attorneys for the Personal Representative

Legal NoticeNOTICE

THE LIQUIDATION FUND LIMITED

NOTICE IS HEREBY GIVEN as follows:

(a) The Liquidation Fund Limited is in dissolution under the provisions of the International Business Companies Act 2000

(b) The dissolution of the said Company commenced on the 26th October, 2011 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Christopher Meyering of Sciens Capital Management LLC, 667 Madison Avenue, New York, NY 10065.

Christopher P. MeyeringLiquidator

THE Tax Information Exchange Agreement(TIEA) between the Bahamas and Canada whichcame into force last week “will further cement therelationship between the two countries” it was statedyesterday.

In a bulletin from the law firm of Higgs and Johnsonit was stated: “The TIEA will ensure that the dividendprofits of Bahamian companies with Canadian parentsare only taxed upon repatriation to Canada.

“It will allow Canadian companies to take advan-tage of the human resources and infrastructurewhich the country offers and does not impose sig-nificant conditions on the Bahamian affiliates.”

The firm added: “The Bahamas has long-standingeconomic links to Canada, particularly in thefinancial services and hospitality sectors and it isthought that the TIEA will further cement the rela-tionship between the two countries.

“The Bahamas now has signed 28 TIEAs alto-gether including 18 with OECD member countries.”

Many Canadian companies are reportedly lookingto capitalise on the opportunity, and want to do busi-ness in the Bahamas.

Barbados is a jurisdiction that has a 'double tax'treaty with Canada, and therefore has been a placewhere Canadians have created foreign operations.The new TIEA between the Bahamas and Canadawill put the Bahamas on an equal footing with Barba-dos with respect to tax incentives.

The Bahamas-Canadian TIEA was signed in June2010.

The Bahamas' International Tax Cooperation Act2010 is the enabling legislation for the TIEAs thisjurisdiction has signed.

BAHAMAS AND CANADA TIEA‘WILL CEMENT RELATIONSHIP’ HUTCHISON CHIEF:

GRAND LUCAYAN IN‘PERILOUS POSITION’FROM page one

‘STRAW THAT BREAKSTHE CAMEL’S BACK’

FROM page one

Lucaya Marketplace wasover-saturated with restau-rants, some 29 all compet-ing against each other for amarket that has shrunk.

“I got fed up with losing$6,000-$8,000 a month outof my own pocket, and said:‘To hell with it’. We closed itat the end of October,” MrButler told Tribune Businessof Shenanigan’s.

“Anybody in GrandBahama will tell you it hadthe best food, friendly ser-vice at the best prices. Howmany persons do you knowthat lose $8,000 a month fortwo years and stay in busi-ness?”

Some three-four workerslaid-off had been absorbedat Butler’s Food World,while many others also heldother jobs, he added.

Mr Butler also expressedfrustration with the GrandBahama Power Company’srelatively high electricitycosts, questioning how themonthly bill at Butler’s FoodWorld could be almost threetimes’ higher than that forhis food wholesale business,which had more compres-sors.

“Our major problem onGrand Bahama is the PowerCompany,” he told TribuneBusiness. “I don’t know howthey do their meters, but atthe supermarket the bill ismore than $35,000 a month.I have more compressorsdowntown at my wholesaleplace than here at the super-market, and my bill there is

$12,000. How do you gofrom $12,000 to $35,000. I’llclose everything.”

Mr Butler added that theGovernment appeared tohave a “hands-off attitudeto Freeport” due to theGBPA and existence of theHawksbill Creek Agree-ment, but said the latterorganisation had “notbrought in one new investorin five years”.

“There’s nothing here.There’s no investors,” hetold Tribune Business.

THE Bahamas InternationalStock Exchange (BISX)announced yesterday that Fideli-ty Bank (Bahamas) Limited hadsuccessfully completed the listingprocess for its Series A prefer-ence shares.

In a statement by BISX yes-terday it was stated that theshares are now listed on theExchange under the symbolFBBA.

RosterThe shares have been added

to the roster of securities listedon the Exchange and will tradethrough the BISX AutomatedTrading System (BATS). BISXis able to list the secondaryissues of BISX listed companieswith the Fidelity Bank

(Bahamas) LimitedSeries A Prefer-ence Shares becom-ing the sixth secu-rities to take advan-tage of this listingfacility. SecondaryIssues includes anysecurities issued byan already publiccompany after theirinitial public offer-ing.

Anwer Sunderji,Chief Executive OfFidelity Bank said:“The successfulplacement of $10million of these securities posi-tions the bank to continue on itsasset growth trajectory, whichhas resulted in the bank’s prof-itability rising sharply in recentmonths.” He added, “We are

delighted with thelisting on BISX as itwill hopefully pro-vide liquidity andgreater transparen-cy for investors.”

Speaking aboutthe FBBA listing,Keith Davies, theBISX Chief Execu-tive Officer, stated:“Fidelity Bank(Bahamas) Limitedhas a long historywith the Exchange,and we are happy towelcome this newissue from them.

They were the first company tolist debt on the Exchange andthe listing of these Series A Pref-erence Shares represents thesixth security that Fidelity Bank(Bahamas) Limited has listed

with us, their having already list-ed their ordinary shares and fourtranches of Medium TermNotes.”

InvestorsMr Davies added: “The fact

that Fidelity Bank (Bahamas)Limited has listed all of thesesecondary issues on theExchange, we believe reflectsthe fact that they see the valuethat accrues to a securities’investors from a listing on BISX.Investors benefit from increasedliquidity, transparency in pric-ing, and a centralised locationfor buyers and sellers.

“We are pleased that FidelityBank and other responsibleissuers continue to seek out aBISX listing for their securities.”

BUSINESS

THE TRIBUNE TUESDAY, NOVEMBER 22, 2011, PAGE 5B

APD LimitedTENDER NOTICE

The Arawak Port Development Ltd. (APD) invites sealed Tenders from eligible tenderers for the APD Inland Terminal Access Road Paving, Grading and Drainage Project. The project includes the construction of approximately 3,100 feet of new road from Fire Trail Road (West) to the new APD Inland Terminal Warehouse Facility.

Tender Documents in electronic format may be collected from the address below, between 10:00 AM and 4:00P PM, commencing Wednesday 23 November 2011. This tender is only open to contractors with the suitable experience and expertise in road construction. Interested persons may obtain a tender package from the following address:

Arawak Port Development (APD) Company Ltd. (APD)

Arawak CayNassau, Bahamas

Telephone: (242) 323-7064Fax: (242) 323-7072

Completed Tender Documents must be enclosed in a sealed envelope, clearly marked, “CONFIDENTIAL – TENDER APPLICATION FOR APD INLAND TERMINAL ACCESS ROAD PAVING, GRADING AND DRAINAGE PROJECT” and shall be submitted to the APD at the address above before 11 AM on Wednesday, 30 November, 2011. Late submissions will not be accepted. APD reserves the right to accept or reject any or all proposals.

N O T I C ENBVD LIMITED

N O T I C E IS HEREBY GIVEN as follows:(a) NBVD LIMITED is in voluntary

dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 11th November, 2011 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Blue Seas Administration Ltd., The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas

Dated this 22nd day of November, A. D. 2011_______________________________

Blue Seas Administration Ltd.Liquidator

extended by two weeks to November 11. It was expected that by that time, the

Pawnbrokers and Second-hand Dealers Act2011, which aims to regulate the export ofscrap metal, would have taken effect. Underthe provisions of the Act, business owners ordealers engaged in the export of scrap metalwill have to verify the identity of customersand maintain records of all transactions.

Scrap metal export businesses are also sub-ject to monitoring by a police-designatedadministrator. The Government placed thetemporary ban on the scrap metal trade,while imposing a permanent ban on all cop-per exports, in an effort to curb the theftand destruction of property said to be linkedwith the industry.

Everette Rolle, proprietor of CaribbeanRecycling and Trading Solutions, told Tri-bune Business yesterday: “We are just wait-ing to see what happens. We haven’t reallyheard anything. We don’t know what is hap-pening but we are being patient.”

$8K PER MONTH LOSSES CLOSEGB’S ‘FAVOURITE EATERY’

Share your newsThe Tribune wants to hearfrom people who aremaking news in theirneighbourhoods. Perhapsyou are raising funds for agood cause, campaigningfor improvements in thearea or have won anaward.If so, call us on 322-1986and share your story.

FROM page one

FIDELITY BANK COMPLETES THELISTING PROCESS FOR SHARES

Scrap metal regulations publication

to come soonFROM page one

KEITH DAVIES

WASHINGTONAssociated Press

CREDIT rating agencyStandard & Poor's says it

will not downgrade theU.S. government's creditrating because a Congres-sional committee failed tocome up with a plan to

trim deficits by at least $1.2tr i l l ion over the nextdecade.

S&P in August cut itsrating of long-term U.S.Treasury securities by onenotch from AAA to AA+,the first such downgradeof U.S. government debtin history.

In a brief statementMonday, S&P said it did

not plan a further down-grade of the rating basedon the supercommittee'sfailure to agree on a plan.But S&P warned that itspresent rating is based onthe expectation that auto-matic cuts will take effectin January 2013. SomeRepublicans are vowing toblock the defense spend-ing cuts.

New Providence RoadImprovement project.

Explaining that the road-works’ impact caused himselfand Checkers’ managementto pay attention “to what isreally going on in your busi-ness,” Mr Cartwright said:“We had a meeting with staff,and noticed areas affected bythe change in infrastructurewere down 30-40 per cent.

“The store we had affectedthe most was the RobinsonRoad/East Street store, whichwas in the heart of everything.We had to pay a lot of atten-tion to it, keep it from dying,and pay special attention tothat.”

As a result, Mr Cartwrightsaid Checkers aimed to main-tain, and “pick up marketshare” from its three outletsnot impacted. “Hopefully,some of the other storespicked up some of the slack,”he added.

Outlining Checkers’employee-focused philosophy,which ensured no lay-offsresulted from the roadworks-induced top-line drop atRobinson Road, MrCartwright said: “We believethat over the years we shouldbe able to take a blow.

“We shouldn’t use the firstopportunity, if we’ve hadgood staff with us for a while,

the minute we have some dif-ficulty to show them the door.That’s not our way of doingbusiness, and we believe weshould weather the storm withyou as long as we can. Thebrunt of the storm is nowover.”

And Mr Cartwright said theCheckers Cafe/Sunrise laun-dromat on Joe FarringtonRoad, for example, had beenimpacted “in a positive way”by the roadworks causing theclosure of Prince Charles Dri-ve, which has diverted moretraffic flow past his location.

“Our business has expand-ed more from the difficulty ofother businesses,” heacknowledged. Able tobenchmark Joe FarringtonRoad’s performance againstits fellow Checkers locations,Mr Cartwright said: “We’vegone a bit beyond expecta-tions.

“Between the four stores

we have right now, it seemsto be in third place as far asgrowth is concerned. Anybusiness that can pay its bills,it’s a big celebration in termsof this economy.”

Mr Cartwright said thatacquiring the land and build-ings at Joe Farrington Road,then outfitting them into adiner and laundromat respec-tively, had resulted in Check-ers making an investment of“close to $3.5 million”.

While he had been “teasedfor expansion into Freeportand Abaco”, the Checkersproprietor said the successfulBahamian business, a majorplayer on the local restaurantlandscape, was now takingstock and consolidating thegains from Joe FarringtonRoad before making any freshmoves.

“We see ourselves goingthrough, right now, a periodof regrouping from all this

expansion,” Mr Cartwrighttold Tribune Business. “Wedid Carmichael Road first,expanded that, and two yearslater, finished and opened JoeFarrington Road.

“We’re going through a restperiod, so no matter what theaccountants say to me, I’d bereluctant to make any deci-sion to expand..... I’d like tocall it a cooling-off period.”

Although not on the hori-zon in the short to medium-term, Checkers has not ruledout moves into the FamilyIslands via some form of fran-chise/joint venture partner-ship agreements.

“I feel like there’s a possi-bility we may expand, but wewould move forward with itextremely cautiously,” MrCartwright told Tribune Busi-ness.

“From visiting, there maybe one or two Family Islands,but we would prefer to joint

partner with someone in thosecommunities. If we do go intothe Family Islands, we wouldshare our expertise in all thatwe do and try to make it ahuge success. As long as weget our name up there, we willstand for more than opening aBahamian restaurant, we willstand for a Bahamian Check-ers restaurant, and that’simportant.”

Through being in the busi-ness of selling food and drink,and keeping clothes clean, MrCartwright said Checkers andSunrise had positioned them-selves as “necessity business-es”, providing products andservices all Bahamians need-ed.

He pointed out that Check-ers, which opened its firstrestaurant on Mackey Streetin 1989, was now strategicallylocated to cater to the “foursectors of New Providence”,with Carmichael in the west,

Joe Farrington Road in theeast and Robinson Road inthe south.

Given New Providence’sgrowth and heavy vehicle vol-umes, Mr Cartwright saidCheckers needed to take itsproducts to where Bahamianslived, rather than expect themto come to the restaurants.

“If you’re in Mackey Street,you need to go to the heartof Over-the-Hill. If you’re sell-ing an indigenous product,you need to go to the masses,”he added of Checkers’ earlyphilosophy.

Reflecting on 22 years ofcontrolled expansion and suc-cess, Mr Cartwright told Tri-bune Business: “I’ve been ter-ribly surprised with the suc-cess of Checkers. We sell alocal product, and we com-pete against mammoth giants.

“This food business, it is notout there for any specific per-son. It is a wide open field,and for us just to be effectivetoday is a success story initself, and to be able to carrythe flagship of Bahamianfood.”

He added: “We’re very for-tunate. I honestly believe thatwe, as a business, have madethe Bahamas proud ofBahamian food. We havemade our country proud.Someone can stand up andmake Bahamian food work,and make it into a real busi-ness.”

BUSINESS

PAGE 6B, TUESDAY, NOVEMBER 22, 2011 THE TRIBUNE

N O T I C E____________

GUN POINT INVESTMENTS LIMITED

This is to inform the General Public that all that private thoroughfare or roadway known as Gun Point situate northeastwards of the Settlement of Spanish Wells at the northwestern end of the Island of North Eleuthera will be closed to the public from 6:00 a.m. on Sunday, 27th November, 2011 to 6:00 a.m. on Monday, 28th November, 2011 to protect the right of ownership.

Everette SandsPresident

NOTICE

International Business Companies ActNo.45 of 2000

DITCHLING PROPERTIES LIMITED (the “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of DITCHLING PROPERTIES LIMITED has been completed, a

Company has therefore been struck off the Register. The date of completion of the dissolution was the 16th day of August, 2011.

Alrena MoxeyLiquidator

NOTICE

International Business Companies ActNo.45 of 2000

SPRINGHILL CORPORATION (the “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of SPRINGHILLCORPORATIONof Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 19th day of September, 2011.

Fernando EliasLiquidator

NOTICE

International Business Companies ActNo.45 of 2000

TELEQUIPMENT CORPORATION (the “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of TELEQUIPMENTCORPORATIONof Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 19th day of October, 2011.

Miguel Angel Graña VillarLiquidator

FOOD ‘FLAGSHIP’ IN‘SURPRISE SUCCESS’

FROM page one

S&P SAYS NO CUT PLANNED IN US CREDIT RATING

NEW YORKAssociated Press

THE stock market wasnot exactly surprised that aso-called supercommittee inCongress failed to reach adeal to cut the federal bud-get deficit. But since sum-mer, investors have sold atthe first hint of trouble.

So on Monday, they soldbig. The Dow Jones indus-trial average lost almost 250points on a day wheninvestors despaired overdebt problems at home andabroad.

Members of the specialcommittee, created inAugust to come up with $1.2trillion in deficit cuts over10 years, indicated all daythat there would be no deal.After the market closed, thecommittee's bipartisan lead-ership made it official.

"They're essentially giv-ing up," said Robert Robis,head of fixed income macrostrategies at ING Invest-ment Management.

The supercommitteestalemate is supposed totrigger automatic spendingcuts across the government,but there were already hintsthat Congress would find away around them. Analystssay that could lead to anoth-er downgrade of the U.S.credit rating.

In addition, the failureraises the question of how agridlocked Congress willfind a way to renew a cut inthe Social Security tax oragree on whether to extendlong-term unemploymentbenefits.

Congress passed the taxcut last December for oneyear, and some lawmakerssupport extending it through2012 because economicgrowth remains weak. Bothmeasures would put cash inthe pockets of Americans,who can spend it and helpthe economy grow.

The stalemate also showslawmakers may not be ableto make progress on any-thing budget-related in thecoming months, said RobertPavlik, chief market strate-gist with Banyan PartnersLLC in New York.

"It shows that there's abigger problem at hand, andif they can't work to resolvethese relatively small yetmeaningful issues, what'sgoing to happen if we get

into a situation like Europeis in?" he said. "And we'rekind of headed there."

The result was anotherday of heavy selling in amarket that has grown usedto big swings. The Dow fin-ished down 248.85 points, or2.1 percent, at 11,547.31. Atits low point of the day, theDow was down 342.

Volatility seized the stockmarket in late July, whenCongress was wrestling withwhether to raise the limit onhow much the federal gov-ernment can borrow.

The Dow rose or fell 100points or more on 15 tradingdays in August, 16 in Sep-tember and 15 in October.Monday was its 10th triple-digit move this month, withsix trading days to go.

"People are getting soshort-term oriented nowthat all they know is how tomake day trades," he said.

The sel l ing swung theDow from a gain for theyear to a loss, the first timethat has happened in amonth.

In Europe, Moody's, aprominent ratings agency,warned that France couldface a downgrade becausethe debt crisis in Europe haspushed borrowing costshigher for the French gov-ernment. For now, Francehas a rating of AAA, thebest.

One European countryafter another has fallen into

crisis because of debt. Waryof the ability of countriesto pay back their loans,bond investors have insistedon higher returns onnational bonds, pushingborrowing costs to danger-ous levels.

Stock indexes fell 3.4 per-cent in both Germany andFrance — bigger declinesthan in the United States.Germany and France arethe two largest economiesin Europe.

Investors still see Ameri-can debt as safe, despite thefailure of the supercommit-tee. On Monday, the yieldon the benchmark 10-yearTreasury note fell to 1.97percent. It traded at 2.01percent late Friday.

Bond yields move downwhen bond prices go up.The higher demand for U.S.bonds Monday was a signthat investors believe intheir safety.

The Standard & Poor's500 index dropped 22.67, or1.9 percent, to 1,192.98. TheS&P 500 fell 3.8 percent lastweek, its worst since Sep-tember. The Nasdaq com-posite index declined 49.36,or 1.9 percent, to 2,523.14.

Last week's steepest fallswere Wednesday andThursday, af ter Fi tch ,another rat ings agency,warned that the Europeandebt crisis could hit thelargest American banks.The S&P 500 is down more

than 5 percent for the year.On Nov. 15, it was still upslightly.

The decl ines Mondaywere broad. Energy andtechnology stocks lost themost. All 30 stocks in theDow average fell, led byBoeing Co. with a 4.7 per-cent decline. The dollarrose along with U.S. Trea-sury prices.

Gilead Sciences Inc. stockplunged 9 percent, the most

in the S&P 500. The com-pany plans to buy drugdeveloper Pharmasset Inc.for $11 billion. Pharmasset,which has an experimentalhepatitis C drug in late-stage clinical trials, jumpedalmost 85 percent.

Al leghany Corp. fe l lalmost 7 percent after theproperty and casualty insur-er said it had agreed to buythe reinsurance companyTransatlantic Holdings Inc.

for $3.4 billion. Transat-lantic edged up almost 1percent.

Irish electronics compa-ny Cooper Industries PLCbucked the market trend,ris ing 2.6 percent, afterS&P said it will be addedto the S&P 500 index.Stocks often ral ly whenthey are added to majorindexes, because invest-ment funds that mirror theindexes must buy them.

BUSINESS

THE TRIBUNE TUESDAY, NOVEMBER 22, 2011, PAGE 7B

THE SUPERCOMMITTEE SELL-OFF: DOW LOSES ALMOST 250

SAN FRANCISCOAssociated Press

Hewlett-Packard Co.was hurt in the la tes tquarter by declines in sev-eral of its key businessesand heavy restructuringcharges, a sign of the chal-lenges confronting newCEO Meg Whitman.

Net income plunged 91percent to $239 million,or 12 cents per share, inthe quarter ended Oct. 31.That's down from $2.54billion, or $1.10 per share,in the same period a yearago.

Excluding i tems, HPearned $1.17 per share.Analysts polled by Fact-Set expected $1.13 on thatbasis.

Meanwhile, revenue fell3 percent to $32.12 bil-lion. Analysts expected$32.05 billion.

TradingHP shares fell 26 cents,

or less than 1 percent, to$26.60 in extended trad-ing, after the results werereported. In Monday'sregular trading session,the stock fell $1.13, or 4percent, to $26.86.

Wal l S treet be l ievesHP's out look leavessomething to be desired.The company's forecastwas lower than most ana-lysts' targets. HP said itwas be ing "caut ious ,"without immediately elab-orating on the reasons forwhy.

Analyst Brian Whitewith Ticonderoga Securi-t ies called the outlook"weak" but said the stockhas some appeal ininvestors because of itsprevious declines. Indeed,the stock has fallen 40percent since CEO Mark

Hurd was ousted last yearin an ethical scandal.

"HP has valuation on itsside and expectations arelow, however, we believethis turnaround story willtake time to play out andthe darkening macroeco-nomic environment i sonly likely to hinder thiscause," White wrote in anote to clients.

The profit decline in thelatest quarter was caused

in large part by $3.3 bil-lion in charges for HP'searlier decision to kill itstablet and smartphonebusinesses, as well as oth-er write-downs and acqui-sition costs. Revenue inthree of HP's biggest divi-sions — personal comput-ers, printers and ink, andservers and networking —fell as well.

RevenueWhitman faces a real

test as she attempts topull together a conglom-erate beset by growingpains and manager ia lstrife. She is HP's thirdCEO in a year and a half.Though HP is the world'slargest information tech-nology company by rev-enue, the company hashad a hard time deciding

whether it wanted to groweven bigger or start get-ting smaller.

Hurd's successor LeoApotheker was oustedthis year over his botchedhandling of key initiatives,particularly HP's plans totry and sell or spin off itsPC division. Those plansleaked early to the press.Whitman has now decidedto keep the PC division.

For the fiscal first quar-ter, HP expects earningsof 83 cents to 86 cents pershare, excluding items.That was far less than the$1.11 per share that ana-lys ts expected on thatbasis.

For the full fiscal year,HP expects earnings of atleast $4 per share, exclud-ing i tems . Analys t sexpected $4.53 per shareon that basis.

BUSINESS

PAGE 8B, TUESDAY, NOVEMBER 22, 2011 THE TRIBUNE

52wk-Hi 52wk-Low Security Previous Close Today's Close Change Daily Vol. EPS $ Div $ P/E Yield1.19 0.97 AML Foods Limited 1.18 1.18 0.00 5,000 0.148 0.040 8.0 3.39%10.63 9.05 Bahamas Property Fund 10.63 10.63 0.00 -0.642 0.080 -16.6 0.75%7.50 4.40 Bank of Bahamas 6.93 6.93 0.00 0.230 0.100 30.1 1.44%0.53 0.17 Benchmark 0.18 0.18 0.00 -0.048 0.000 N/M 0.00%2.84 2.55 Bahamas Waste 2.70 2.70 0.00 0.030 0.090 90.0 3.33%1.96 1.77 Fidelity Bank 1.77 1.77 0.00 0.097 0.040 18.2 2.26%10.46 8.29 Cable Bahamas 8.43 8.43 0.00 0.245 0.320 34.4 3.80%2.80 2.33 Colina Holdings 2.34 2.34 0.00 300 0.438 0.040 5.3 1.71%8.50 8.33 Commonwealth Brewery 8.50 8.50 0.00 0.740 0.000 11.5 0.00%7.00 6.21 Commonwealth Bank (S1) 6.51 6.51 0.00 0.496 0.320 13.1 4.92%2.00 1.63 Consolidated Water BDRs 1.69 1.66 -0.03 0.111 0.045 15.0 2.71%1.77 1.31 Doctor's Hospital 1.37 1.37 0.00 0.074 0.040 18.5 2.92%5.50 4.75 Famguard 5.43 5.43 0.00 0.498 0.240 10.9 4.42%7.50 4.82 Finco 4.82 4.82 0.00 0.757 0.000 6.4 0.00%9.45 7.75 CIBC FirstCaribbean Bank 8.14 8.14 0.00 0.494 0.350 16.5 4.30%6.00 5.00 Focol (S) 5.33 5.33 0.00 50 0.435 0.220 12.3 4.13%1.00 1.00 Focol Class B Preference 1.00 1.00 0.00 0.000 0.000 N/M 0.00%7.30 5.58 ICD Utilities 7.30 7.30 0.00 -0.122 0.240 -59.8 3.29%10.80 9.80 J. S. Johnson 9.82 9.82 0.00 0.880 0.640 11.2 6.52%10.00 10.00 Premier Real Estate 10.00 10.00 0.00 1.207 0.200 8.3 2.00%

52wk-Hi 52wk-Low Security Symbol Last Sale Change Daily Vol.99.46 99.46 Bahamas Note 6.95 (2029) BAH29 99.46 0.00100.00 100.00 Fidelity Bank Note 17 (Series A) + FBB17 100.00 0.00100.00 100.00 Fidelity Bank Note 22 (Series B) + FBB22 100.00 0.00100.00 100.00 Fidelity Bank Note 13 (Series C) + FBB13 100.00 0.00100.00 100.00 Fidelity Bank Note 15 (Series D) + FBB15 100.00 0.00

FINDEX: YEAR END 2008 -12.31%

30 May 2013

20 November 2029

7%

RoyalFidelity Merchant Bank & Trust Ltd (Over-The-Counter Securities)29 May 2015

BISX LISTED & TRADED SECURITIES AS OF:

7%

Interest

19 October 2022

Prime + 1.75%

Prime + 1.75%

6.95%

MONDAY, 21 NOVEMBER 2011BISX ALL SHARE INDEX: CLOSE 1,355.54 | CHG -0.03 | %CHG 0.00 | YTD -143.97 | YTD % -9.60

BISX LISTED DEBT SECURITIES - (Bonds trade on a Percentage Pricing basis)Maturity

19 October 2017

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

52wk-Hi 52wk-Low Symbol Bid $ Ask $ Last Price Daily Vol. EPS $ Div $ P/E Yield10.06 5.01 Bahamas Supermarkets N/A N/A 14.00 -2.945 0.000 N/M 0.00%0.55 0.40 RND Holdings 0.35 0.40 0.55 0.001 0.000 256.6 0.00%

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 0.65 0.75 0.40 0.029 0.000 24.13 0.00%

52wk-Hi 52wk-Low Fund Name NAV YTD% Last 12 Months % NAV 3MTH1.5779 1.4674 CFAL Bond Fund 1.577926 3.39% 5.87% 1.5487173.0248 2.9020 CFAL MSI Preferred Fund 3.0248 2.63% 3.94% 2.9813821.6128 1.5289 CFAL Money Market Fund 1.6151 2.61% 4.53% 1.5918032.7202 2.5398 Royal Fidelity Bahamas G & I Fund 2.4974 -8.19% -7.45%13.8493 13.2825 Royal Fidelity Prime Income Fund 13.9180 4.19% 5.21%114.1289 99.4177 CFAL Global Bond Fund 114.0922 2.35% 13.88% 114.128861118.4255 101.6693 CFAL Global Equity Fund 118.4255 2.30% 8.26% 116.5807851.1749 1.0000 FG Financial Preferred Income Fund 1.1877 3.59% 4.94%1.1343 1.0000 FG Financial Growth Fund 1.1415 2.06% 4.07%1.1764 1.0000 FG Financial Diversified Fund 1.1890 3.47% 5.04%

9.99529.5078 Royal Fidelity Bah Int'l Investment Fund Principal

Protected TIGRS, Series 1 9.9433 0.98% 4.58%11.4985 9.8690 Royal Fidelity Bah Int'l Investment Fund Principal

Protected TIGRS, Series 2 10.3699 -6.17% -2.17%10.6813 9.6635 Royal Fidelity Bah Int'l Investment Fund Principal

Protected TIGRS, Series 3 10.2063 1.81% 7.39%8.8564 7.8830 Royal Fidelity Int'l Fund - Equities Sub Fund 8.6507 3.01% 18.38%

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 YIELD - last 12 month dividends divided by closing price 52wk-Hi - Highest closing price in last 52 weeks Bid $ - Buying price of Colina and Fidelity 52wk-Low - Lowest closing price in last 52 weeks Ask $ - Selling price of Colina and fidelity Previous Close - Previous day's weighted price for daily volume Last Price - Last traded over-the-counter price Today's Close - Current day's weighted price for daily volume Weekly Vol. - Trading volume of the prior week Change - Change in closing price from day to day EPS $ - A company's reported earnings per share for the last 12 mths Daily Vol. - Number of total shares traded today NAV - Net Asset Value DIV $ - Dividends per share paid in the last 12 months N/M - Not Meaningful P/E - Closing price divided by the last 12 month earnings FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100(S) - 4-for-1 Stock Split - Effective Date 8/8/2007(S1) - 3-for-1 Stock Split - Effective Date 7/11/2007

31-Oct-11

31-Jul-1131-Oct-11

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

31-Jul-11

30-Jun-11

31-Jul-115-Aug-1130-Oct-11

MARKET TERMS

30-Sep-11

31-Oct-11

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

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

BISX Listed Mutual Funds

30-Jun-11

30-Sep-11

NAV 6MTH1.5353652.9526631.580804

111.469744115.762221

NAV Date

31-May-11

30-Sep-11

NOTICE is hereby given that EUGENE DIEUDONNE, of Earnest Street, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eightdays from the 15th day of November, 2011 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

The Public is hereby advised that I, CHARLOTTE LEONA MAJOR of Lady Slipper Avenue, Garden Hills No. 2, Nassau, Bahamas, intend to change my name to CHARLOTTE LEONA NEWMAN. If there are any objections to this change of name by Deed Poll, you may write such objections to the P.O.Box N-742, Nassau, Bahamas within thirty (30) days after the date of publication of this notice.

INTENT TO CHANGE NAME BY DEED POLLPUBLIC NOTICE

NOTICE is hereby given that JOVADO ORLANDO DIXON of EAST BAY STREET, P.O. BOX FH-14029, NASSAU, BAHAMAS, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd DAY of NOVEMBER, 2011 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICEFlikom Holding Ltd.

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Flikom Holding Ltd. is in dissolution as of October 17, 2011.

International Liquidator Services Inc. situated at 3rd

L I Q U I D A T O R______________________

NOTICEDAKFRAS INC.In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, DAKFRAS INC. is in dissolution as of October 17, 2011.

International Liquidator Services Inc. situated at 3rd

L I Q U I D A T O R______________________

NOTICENabuser Corp.In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Nabuser Corp. is in dissolution as of November 11, 2011.

International Liquidator Services Inc. situated at 3rd

L I Q U I D A T O R______________________

EMPLOYMENT OPPORTUNITY

Messenger/Clerk(Males Only Need Apply)

Duties

Requirements

MUST

FAX: 377-1366.

HP PROFIT FALLS AS DECLINESAND CHARGES HIT RESULTS

IN THIS SEPT. 20. 2010 FILE PHOTO, the corporate logo for Hewlett-Packard Co., is displayed at an HPInnovation Summit, in New York. (AP)