By NATARIO McKENZIETribune BusinessReporternmckenzie@tribunemedia.net

OWNERSHIP of CIBCTrust Company (Bahamas)hjas been transferred by itsCanadian parent to its Bar-bados-headquartered First-Caribbean InternationalBank affiliate, it was con-firmed yesterday, in arestructuring designed toplace all its Caribbean oper-ations under “one corporateentity”

CIBC FIRST CaribbeanInternational Bank execu-tives told Tribune Businessit will be “business as usual”for CIBC Trust Company(Bahamas), despite all thelatter’s issued and outstand-ing shares being transferredto the commercial bank byits parent, CIBC Invest-ments (Cayman).

Responding to inquiriesby Tribune Business, EllaHoyos, FirstCaribbean’s cor-porate secretary and gener-al consul, said: “The acqui-sition will cause no changefor CIBC Trust (Bahamas).It is business as usual for allof our clients and staff.There are no plannedchanges in the current man-agement structure or itslicensing.”

CIBC First Caribbeanannounced it had enteredinto an agreement with itsmajority shareholder, CIBCInvestments (Cayman), toacquire all the issued andoutstanding shares in CIBCBank and Trust Company(Cayman) and CIBC TrustCompany (Bahamas) for a$76.8 million purchase price.The agreement is subject toregulatory approvals.

$4.68

$4.51

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

$$5.32

$5.38

$5.50

THE TRIBUNE • SECTION B • business@tribunemedia.net THURSDAY, OCTOBER 6, 2011

Sleep well while your money grows.

By NEIL HARTNELLTribune Business Editor

A “close to” $14 millionshopping plaza investmenthas helped to create between110-120 jobs since retail ten-ants started setting up earlierthis year, its developer yes-terday telling Tribune Busi-ness it had “set the standard”for redeveloping Bay Street

and downtown Nassau.Charles Klonaris, who

together with his two brothersredeveloped the Elizabeth onBay plaza at the junction ofBay Street/Elizabeth Avenue,said they had “achieved exact-ly what we anticipated” andrealised their “vision” 100 percent with the retail/restaurant

By NEIL HARTNELLTribune Business Editor

BAHAMIAN generalinsurers are themselves like-ly to take a $6-$8 millionshare of the collective $35-$40 million Hurricane Irenedamages payout, it was con-firmed yesterday, with totalclaims estimated at around3,000.

Addressing the House ofAssembly on recoveryefforts in Irene’s aftermath,Prime Minister HubertIngraham said auto andmarine claims were expect-ed to total less than $1 mil-lion in both categories, themajority balance compris-ing home and commercialproperty damage.

“The total expected num-ber of claims is 3000 for alllines combined, with rough-ly 75 per cent being person-al lines (primarily homes)and 25 per cent commer-cial,” the Prime Ministersaid.

“The funding of theseclaims is ultimately going tobe shared between the localcompanies and reinsurers,with an estimated $6-8 mil-lion being funded locally,and the balance by way ofreinsurance recoveries.”

Mr Ingraham confirmedprevious industry marketloss estimates provided toTribune Business by themajor Bahamas-based prop-erty and casualty insurers,pegging it at $35-$40 mil-lion. However, he acknowl-edged that this did notinclude risks placed outsidethe Bahamas in marketssuch as Lloyd’s of London.

Breaking down the lossesby island, Mr Ingraham saidAbaco and New Providenceeach accounted for 30 percent of all personal claims.Eleuthera generated a fur-ther 25 per cent, with otherislands accounting for the15 per cent balance.

By NEIL HARTNELLTribune Business Editor

A Bahamas-based oil exploration company is expect-ing to this month start receiving bids from oil majorsover a potential exploratory drilling joint venture in this

By NEIL HARTNELLTribune Business Editor

A NEWLY-OPENED downtown Nassau restaurant hascreated 60 jobs, adding that business has been “very good” sinceit threw open its doors two weeks ago.

Blu, the restaurant cum bar and lounge located in BayStreet’s Elizabeth on Bay plaza, said it was targeting a both thelocal and tourist markets with its Mediterranean cuisine offer-ings, providing seating for 212 persons and standing space for500.

* Between 110-120 jobs created by tenants since Elizabeth on Bay opened this year

* Plaza almost 90% leased, and looking forwater taxis/tour operator JVs to driveconsumer traffic

* ‘Shopping Village’ said to be eyed forformer Betty K site

* Call for ‘boutique hotel’ return to Nassau city

SEE page 8B

$6-$8M IRENELOSS SHARE FORLOCAL INSURERS

OIL EXPLORER ‘EXPECTS’ JV TALKS START THIS MONTH* ‘Several trillion bits of data’ collected from 3D seismic

survey of Bahamas waters* Says BP-type spill ‘cannot happen’ in Bahamas* Cuba deal confirms all licence areas in Bahamas waters

SEE page 7B

* Total claims to number3,000, of which 75% ‘personal’

* Repair duty waivers at$43k

* Total Gov’t facilities damage pegged at $12m

SEE page 5B

CIBC’S BAHAMASTRUST ARM PASSEDTO FIRSTCARIBBEAN$77m deal sees regionalrestructuring, whereCanadian bank takesgreater FirstCaribbeaninterest in return

SEE page 7B

NEW RESTAURANT CREATES 60 JOBS

SEE page 9B

By DEIDRE M. BASTIAN

ALL TOO often, theapplication starts thus: “Iam seeking the position ofa senior graphic art ist

where I can utilise my pro-found knowledge in desk-top publishingm and toensure further growth ofthe company” etc, etc. Orhow about: “I work well

with others”, blah, blah,blah. I think you will notbe working anywhere ifyour resume does notappease your potentialemployer. If you wantprospective employers tocome directly to you, youmust first figure out whatthey are in search of .Being hired will obviouslydepend on many factors,such as your experience,portfolio and so on.

Everyone wants to getthe job, but a graphicdesign resume is a bit morechallenging. Applicantshave to express theirprowess in lay-out anddesign, as the fine l inebetween informality andextreme needs to be iden-tified.

To stand apart from thecrowd in a competitiveemployment market, acandidate must submit adocument that makes animmediate, posit iveimpression. Your resumeshould have substance aswell as style, with a clean,well-organised and metic-ulous layout. While youmay never make mistakes,it is worth reviewing thedo’s and don’ts.

Paper Quality: You will,of course, focus more onthe design and contents ofyour resume, but do notforget the paper type.Grab good paper, as someemployers are actually par-ticular with your paperchoice.

The Layout: Since youare a graphic designer,always make use of yourlay-out skills. But do notoverdo it. Give it a graph-ic designer’s touch, as yourresume should be an eyecatcher at one glance.Remember that the con-tents of your resume arejust as important as yourcreativity. In short, makeit clean, simple and easy-to-read, with a clear visualhierarchy. Frankly, try notto overlook the l i t t le

things. If you submit aresume with errors, youwill be seen as a timebombby the company, so ensuresomeone else proofs it.

Capabilities: List yoursoftware proficiency andother design-related skills.Do not be afraid to tellyour story. As a designeryou may feel you have notgot much, but you will beamazed by your accom-plishments. Sometimes,just learning how to oper-ate a large format printercan land you a great job inthe digital printing area.

Don’t include a vaguelaundry list of job dutieson your resume. Employ-ers already know the day-to-day responsibilities of adesigner. Be as specific aspossible. If you are apply-ing for a project manager’sposition, and you’re onlya junior graphic designer,don’t “up” the part, espe-cially if it is not true.

And don’t list an unpro-fessional e-mail address onyour resume, such as ‘love-ness@hotmail.com’ or ‘sas-syncute@xyz.com’. Set upa professional e-mail box,as you want to convey aprofessional image.

Awards and recognition:Enumerate your awardsand recognit ions, andinclude publications orwebsites if you are fea-tured. Your awards shouldconsist of anything rang-ing from design awards, artcompetitions and others.Try not to list how youwon the spelling bee con-test in elementary school,or the exceptional awardfor attendance.

Affi l iat ions: Part ofimproving yourself as adesigner is by joining dif-ferent design organisa-tions. Let them know thatyou are a social communi-cator.

References: State that‘portfolio and references’wil l be avai lable uponrequest or interview. Beprepared when they arerequested.

Personal Information:Ensure your resume focus-es on you being a graphicdesigner, not anything else.It is not necessary toinclude information suchas your religion, last vacci-nations and favourite ani-mal etc. Many fear a lot ofinformation is needed, butemployers are not inter-ested in your new petnamed Fluffy, only yourprofessional life. It is notcompulsory to list yourage, although employersare smart enough to figureit out by your length ofemployment.

Use action verbs insteadof the personal pronoun‘I’. For instance, instead ofwriting: “My company hasprovided me with f iveyears of experience devel-oping product packaging”,say: “Over f ive years’experience developingpackaging for a cosmeticscompany was lasting.”

Have a consistent theme:What the recruiters reallylook for is a graphicdesigner’s sense of aes-

thetics. Do not use a vari-ation of concepts in yourresume because i t wil lappear as a scrap book,not a resume.

Technical Proficiency:Make certain you're cur-rent on the industry stan-dards, such as Adobe Pho-toshop, Adobe Illustrator,Quark Xpress, Macrome-dia Dreamweaver and oth-ers. If you have only used aprogram once or twice, donot state that you are a“software guru”, as youmay be tested on them. Ifyou are creative and buildwebsites, say that. It does-n’t hurt to shout it out.

Education: Many graph-ic designers never gradu-ated from college. If youdo not have two-four yearsschooling in the field, yourchances of landing the jobmay be slim. Yet hands-onexperience will be yourmost effective tool and canreally boost your resume.

Portfolio: Your portfo-l io is a big chapter, soensure it starts strong andfinishes solid. In today’sjob market employersexpect you to have a web-site portfolio online, andnot having one might workagainst you.

Your portfolio is a sepa-rate entry, so strive not toshowcase your graphicskills within your resume,as this could be shown inyour collections.

Avoid cramming indozens of pieces, as an artdirector will get a goodidea of your talent withinthe f irst s ix or sevenpieces.

If possible have a cleanportfolio that logicallywalks you through yourexperience. Always fill themiddle with functionalpieces, and front and backwith the ‘wow, that’simpressive; didn’t know hecould do that’ stuff. Beprepared to discuss thedecis ions you made insome pieces, and what ledto those decisions.

What makes you standout? What sets you apart?Appear interesting, andremember that yourresume is only the firststep. So don’t put every-thing on your resume, oth-erwise you won’t havemuch to discuss in theinterview.

As a final point, yourresume is not the only oneat the employer’s table.Remember that employersare hiring a ‘person’ andnot a portfolio, so be thebest person you can - notthe person with the bestresume or portfolio. Sountil we meet again, havefun, enjoy life and stay ontop of your game.

NB: The columnist wel-comes feedback atdeedee2111@hotmail.com

Ms Bastian is a trainedgraphic designer who hasqualifications of M.Sc.,B.Sc. , A.Sc. She hastrained at institutions suchas: Miami Lakes TechnicalCentre, Success TrainingCollege, College of theBahamas, Nova South-eastern University, Learn-ing Tree International,Langevine Internationaland Synergy Bahamas.

BUSINESS

PAGE 2B, THURSDAY, OCTOBER 6, 2011 THE TRIBUNE

DESIGN A RESUME THAT ‘STANDS OUT’

THE ART OFGRAPHIXBY DEIDRE M BASTIAN

By NATARIO McKENZIETribune Business Reporternmckenzie@tribunemedia.net

A HOTEL industry execu-tive told Tribune Business yes-terday that the sector as awhole has been proactive inaddressing concerns over lan-guage barriers, as the Bahamaslosoks to strengthen its posi-tion in the Latin Americantourist market.

According to figures fromthe Ministry of Tourism andAviation, visitor numbers from

Latin America to the Bahamasgrew by 40 per cent betweenMay and July this year, com-pared with Mthe same periodin 2010.

Copa Airlines’ jet servicefrom Panama City to Nassauaccounts for 98 per cent of theincrease. According to collect-ed data, 79 per cent of Copa’sstopovers for May to July werefrom Latin America.

But Copa passengers partic-ipating in a Ministry ofTourism survey, however, saidthey were frustrated by lan-

guage barriers. According tothe Ministry of Tourism, a totalof 38 per cent of respondents’comments addressed languageproblems. Of all the commentsthat specifically addressed howthe vacation experience couldbe improved, 44 per cent ofthose comments said betterSpanish-speaking skills in theBahamas would have broughtan improved experience.

To this end, Robert Sands,Baha Mar's senior vice-presi-

By NATARIO McKENZIETribune Business Reporternmckenzie@tribunemedia.net

A LEADING PAWNBROKER yes-terday told Tribune Business hethought the Government’s proposedlegislation for the industry was “great”,welcoming it as bringing order andforcing persons to either comply withthe law or be shut down.

Prime Minister Hubert Ingrahamtabled the Pawnbrokers and Second-hand Dealers Bill 2011 in the Houseof Assembly yesterday. The Bill setsout operational guidelines and regula-tions for pawn brokers, ‘cash for gold’operators and scrap metal dealers, andcomes amid rising incidents of armedrobbery and theft said to be linked tosuch operations.

The Prime Minister said the Billseeks to address “the challenges beingexperienced as a result of the unregu-lated ‘cash for gold’ and ‘scrap metal’businesses by providing a regulatoryregime to protect legitimate businesses,whilst maintaining safeguards for thepublic”.

Darin Doty, Nassau Pawn’s chiefexecutive, told Tribune Business: “I’mjust glad we finally got something inorder, so all these places that don’t

abide by these regulationsare either shut down ormade to conform towhat’s being put forth.

“We were real instru-mental in helping to setthese standards and reg-ulations. I think it’s agreat thing.”

The Prime Minister saidyesterday that the Bill,when enacted, will imposeupon a business owner ordealers the duty andresponsibility to verify theidentity of customers,maintain records andkeep certain items in anunaltered state for speci-fied periods.

He said the Bill alsoprovides for such busi-nesses to be subject tomonitoring by a police-designated administrator.

Mr Ingraham added: “Itis also proposed toempower the police with a range ofpowers of entry, for production ofrecords, seizure and forfeiture of arti-cles included in the inventories of suchbusiness places.”

The Bill proposes to empower a

police officer, acting onreasonable suspicion, toenter a dealer’s premisesand request the productionof all articles in possessionof that dealer for inspec-tion, and request the pro-duction of copies of recordsrequired to be kept by thedealer.

Mr Doty told TribuneBusiness: “We work veryclosely with the police. Ihave one, maybe two offi-cers that I deal with on aregular basis. I have offi-cers that come in on a reg-ular basis. We are here tohelp. Obviously they haveto enforce these regulationsthey are trying to impose

“We scan IDs, we finger-print and we take pictures.The police have access toour records so they can seecertain transactions that wehave done. Obviously there

has to be some sort of privacy to itbecause there are high officials whomight not want their business out there.There’s kind of a thin line there, butthat’s obviously up to the Governmentand how they want to do it.”

BUSINESS

THE TRIBUNE THURSDAY, OCTOBER 6, 2011, PAGE 3B

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HOTELS ‘PROACTIVE’ ONADDRESSING SPANISH BARRIERS

TO ADVERTISE IN THE TRIBUNE CALL 502-2394

PRIME MINISTER HubertIngraham tabled the Pawn-brokers and SecondhandDealers Bill 2011 in theHouse of Assembly yester-day

DEALER BRANDS ‘CASHFOR GOLD’ BILL AS ‘GREAT’

SEE page 4B

Dear Editor

I am soooooo veryannoyed with members ofthe public complaining aboutthe Government NationalJobs Readiness and TrainingProgramme. I am currentlyin the programme, and Imust start by stating that Ihave absolutely NO govern-ment/political affiliation. No,my ‘MP’ (whoever he/shemay be) certainly did not getme into the programme, noram I in the category of apolitician’s relative or“niece”, or long-term sup-porter (so and so is a loyalparty member and his prettyniece needs a job). Sorry tothose that have that ignorantmisconception. The Govern-ment programme may not beperfect, and no, it may notbe offering a salary of a mil-lion dollars, but it’s a job, itpays and it keeps 3,000 per-sons from breaking into yourhouse each day out of des-peration. For an entire yearpeople will be able to feedtheir children and pay theirbills, so stop being selfishand self-centred.

Our society has become soselfish and self-centred thatthey can’t see past the tipsof their noses. In the Octo-ber 4, 2011, letter to theBusiness Editor (which I wascompletely offended and

insulted by), the writer bab-bled on about $1 dollar hereand there that the Govern-ment takes via taxes ofnumerous kinds. Seriously?You find it hard to give asmall portion of your earn-ings to helping someone insociety that needs assistance?People have been blessed tohave a job and support theirfamily, and because of thatthere are veils over their eyespreventing them from seeingthe suffering of others. Nordo they seem to care.

The Government is doingthe best it can. Yes, therewere over 10,000 personsfighting to be placed amongthe 3,000 persons the Gov-ernment has selected to bea part of the programme. Letme say this: If you’re com-plaining about the 3,000 per-sons the Government isemploying through this ini-tiative, I can’t fathom thevolume of complaints thatwould arise from the Gov-ernment trying to assist

10,000 persons.I agree that all persons

who have been placed onjobs may not be deserving ofthem, nor may they evenhave the desire to work. Butto every positive, there’s anegative. Speaking from per-sonal experience, I amdelighted by where I havebeen placed and althoughI’m obtaining minimum payfor formal work, I don’t care.I am extremely grateful forthis job and the pay cheque.My work ethic has notdropped, and I work as if Iam being compensatedbeyond measure. It’s alldown to the person to makethe best of the experience.This program offers freetraining/education with astipend. What more couldyou ask for?

Bahamians need to stopcomplaining and stop onlythinking of themselves. Doyou know how many peopleare incredibly grateful to beable to collect their cheques,to be able to feed their chil-dren and pay even the small-est portion of their bills?Yes, the programme in itscurrent format is new, andtherefore there are someglitches that are still beingworked out.

I’ve just come to a pointwhere I am completelyexhausted by the amount ofcomplaining from Bahami-ans, with no positive mes-sages, no real sensible solu-tion to problems and nounderstanding of what oth-ers may be facing daily.

I’d also like to speak to theignorant comment of “let theunskilled work for what theyare worth as apprentices

until they can become skilledto earn their wage”. OK,great. You want to hireunskilled workers, train themand pay them what they areworth. That once againleaves me, the ‘college grad’,on the streets to starvebecause we are ‘over-quali-fied’ and still with no experi-ence. The economy is lowand many companies can’tafford to hire persons andpay what they are ‘worth’.Yes, I am working for thesame amount of money (asI agreed to when I signed upfor the programme) as some-one far less educated than Iam; but the position that Iam in is one that I’ve beeneducated to do (and thetraining I am receiving in myarea of interest is one that Iam truly grateful for). Lesseducated persons are work-ing in areas of their educa-tion level and are beingtrained to do more. Sothere’s no cheap, hard labourbeing forced upon persons,and for those that don’t likewhat they are doing, I amcertain they are more thanable to leave if they desireto do so.

I will close by saying that Iam not an FNM, PLP,DNA…..ABC or EFC fol-lower at all, so please stopmaking everything politicaland take the best out of situ-ations.

Start caring more aboutothers than yourselves. If thisis a political move I serious-ly couldn’t care less. Thetraining and skill that I amobtaining through this pro-gramme is priceless and, ifafter these 50 weeks arecompleted I am unable toremain with this organisa-tion, I will certainly haveadvanced my skills and mademy resume more attractivefor the next company that Iapply to.

SignedGrateful Government Job

Initiative Trainee

BUSINESS

PAGE 4B, THURSDAY, OCTOBER 6, 2011 THE TRIBUNE

dent for external affairs and government relations, told TribuneBusiness the hotel industry has taken a proactive approach.

Mr Sands told Tribune Business: “It’s a legitimate concern,but the hotel industry has been proactive in that regard. Hotelshave introduced Spanish courses for their staff to be moreable to deal with some of the concerns raised by tourists com-ing on Copa.

“The hotel sector is doing its part, and we just hope theretail sector also participates in this because they are also ben-eficiaries from these tourists arrivals. But certainly, from oursector, we have been very proactive in addressing these con-cerns.

“Maybe the numbers are not coming up in the volumes asquickly as we would like, but certainly persons are in a positionor equipping themselves to deal with this growing market.”

Speaking on the opportunities in the Latin American mar-ket, Mr Sands said: “This flight out of Panama opens up LatinAmerica, South America in much larger numbers for theBahamas as a destination.

“This is a very positive phenomenon, and the fact that theirload factors are continuing to grow and their consideration ofchanging their size of aircraft, is an indication of a strong sup-port for this flight.

“So we must continue to nurture it and reap the benefitsfrom it but, at the same time, ensure that we are in a positionto meet the needs of those tourists from a language point ofview. I can speak confidently for the hotel sector, and I am surethere are some retailers who have participated in that initiativeas well.”

FROM page 3B

HOTELS ‘PROACTIVE’ GOV’T JOB PLAN CRITICSMUST OPEN THEIR EYES

LETTER TO BUSINESS EDITOR

In response to the October 4Letter to the Business Editor,entitled: ‘Gov’t Training planfails to do real job’

PAGE 6B, THURSDAY, OCTOBER 6, 2011 THE TRIBUNE THURSDAY, OCTOBER 6, 2011, PAGE 7B

nation’s waters, having collected “sev-eral trillion bits of data” in its 3D seismicsurvey of its licence fields.

Responding to Tribune Business’s e-mailed questions, Dr Paul Gucwa, theBahamas Petroleum Company’s (BPC)chief operating officer, said the companyhad now closed its data room to inter-ested parties, and was awaiting bidsfrom major international petroleumplayers.

Confirming that Bahamas Petroleum’s3D seismic testing was complete, DrGucwa said the company would receive‘fast track’ findings from it in December,with full results emerging in the 2012second quarter.

And, with Bahamas Petroleum due todeliver its Environmental ImpactAssessment (EIA) to the BahamasEnvironment, Science and TechnologyCommission (BEST) this month, DrGucwa said he was also set to give pre-sentations as to why a ‘Macondo’-typespill, which resulted from the destruc-tion of British Petroleum’s (BP)Deepwater Horizon rig in the Gulf ofMexico, could not happen in Bahamianwaters.

Asked by Tribune Business about thestatus of Bahamas Petroleum’s negotia-tions on a joint venture tie-up with an oilmajor to begin exploratory drilling inthis nation, Dr Gucwa responded: “Wehave closed our data room, and now arewaiting to see which companies will sub-mit bids and enter into negotiations. Weexpect to start receiving bids in October.

“The 3D seismic acquisition is com-pleted, and we are now in the process ofprocessing the several trillion bits ofdata collected. We will get our ‘fasttrack’ processing in December, and thefinal processing late in the 2012 secondquarter.

“I will be reviewing the processingplans on Friday. These data will allow usto finalise a location, help us betterunderstand the ‘Jurassic’ section below20,000 feet, and will provide the bestavailable data to plan a safe well.”

Dr Gucwa last month told this news-paper that seven major international oilcompanies had either visited BahamasPetroleum’s data room or expressed aninterest in doing so, though he declinedto name them.

The company, which has its Bahamianoffices in East Bay Street’s MontagueSterling Centre, is hoping to concludenegotiations with a ‘preferred’ joint ven-ture partner by the 2012 first quarter,giving the two parties one year to plantheir first well in detail.

The joint venture involves drillingwells in the five areas for which theBahamas Petroleum Company holdslicences, and Dr Gucwa previously toldthis newspaper they wanted to begindrilling the inaugural well before year-end 2012.

Addressing the safety and environ-mental concerns raised by the explosionthat destroyed BP’s Gulf of Mexico rig,Dr Gucwa told Tribune Business: “Laterthis month I will begin making presenta-tions that will outline how the Bahamasis geologically different from the USGulf of Mexico, and why a ‘Macondo’-type spill could not happen here.

“The US Gulf of Mexico consists ofrapidly deposited sandstones and shales.These sediments are deposited under-compacted, with a large amount ofwater in the pore space. As the sedi-ments are buried, which happens quiterapidly geologically in these sediments,if the water cannot escape high pres-sures begin to develop.

“High or abnormal pressure is a com-mon occurrence in the US Gulf ofMexico because of this. The sedimentsin the Bahamas are carbonates that pre-cipitate from sea water very slowly, arenot very compressible, and the develop-ment of high pressures due to rapid bur-ial does not occur. That is not to saythere are no drilling issues, and properplanning is essential. That is why wewould like to get a partner by the firstquarter next year, so we will have a yearto carefully plan the well along with ouremergency management plan.”

While unable to speak for theGovernment, and its efforts to develop aregulatory and environmental safetyframework for the industry, Dr Gucwasaid: “I believe they are moving forwardwith their efforts to develop regulations.

“In the meantime, we are aware of therequirements of Norway, the UK andthe US, and are striving to meet orexceed these regulations as we moveforward with our well planning.”

As for the agreement finally signedthis week between the Bahamas andCuba, which determined the maritimeborders between the two nations, DrGucwa said: “Had the border not beenagreed, there would be some question asto the extent of our licences and whethera portion was actually owned by Cuba.The agreed border is outside of ourlicenses and we are entirely withinBahamas waters.”

Four of Bahamas Petroleum’s fivelicence areas border the boundary withCuba. One of the three licences it holdsin a joint venture with the Norwegiancompany, Statoil, also borders Cuba.

CIBC First Caribbean will issue 51,917,808 common shares as payment, whichwill give CIBC Investments (Cayman) a 91.67 per cent stake, up from 91.39 percent.

Effectively what has happened is that CIBC in Canada has transferred directownership of its two Caribbean offshore wealth management arms to another of itsregional affiliates, in exchange for more shares - and a larger stake - in that affili-ate. Minority shareholders in the Barbados FirstCaribbean version, though, maynot be happy that their interest has been diluted.

Mrs Hoyos said the move was made “to place all of CIBC’s investments in theCaribbean under one corporate entity”.

She added: “Their acquisition will augment First Caribbean’s growth strategy inthe ‘wealth segment’.”

In terms of the way forward for CIBC Trust Company (Bahamas), Mrs Hoyossaid: “The closer relationship with CIBC and FirstCaribbean will give both compa-nies opportunities to leverage the client base and wider resources, as they are nowhave the same parent.”

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

CIBC’S BAHAMASTRUST ARM PASSEDTO FIRSTCARIBBEAN

OIL EXPLORER‘EXPECTS’ JV TALKSSTART THIS MONTHFROM page one

BUSINESS

PAGE 8B, THURSDAY, OCTOBER 6, 2011 THE TRIBUNE

tenant mix they now had.With 89 per cent of Eliza-

beth on Bay now leased, andjust two out of the 16 sitesvacant, Mr Klonaris said thatwith the product and tenantmix right, the plaza’s man-agement were turning theirattention to driving con-sumer traffic - especiallytourists - to it.

To do this, and exploitElizabeth on Bay’s dockingfacilities on the harbour, MrKlonaris said the develop-ment was looking to estab-lish “some type of joint [ven-ture] promotion” with watertaxi and tour operator,bringing visitors directly to itfor shopping and dining.

Hoping that Elizabeth onBay will act as a catalyst forthe redevelopment of BayStreet east of the East Streetjunction, Mr Klonarisexpressed hope that otherdevelopers/property ownerswould follow the lead estab-lished by himself and hisbrothers with upscale devel-opments that include a resi-dential component.

Calling for the return of“boutique hotels” to down-

town Nassau to make it a‘living city’, Mr Klonaris,who is also co-chairman ofthe public/private Down-town Nassau Partnership(DNP), said the area east ofEast Street held “morepotential than the currentcity core - especially if theKelly and Pritchard familiesrealised their vision to rede-velop the fire-damaged for-mer Betty K base into a‘Shopping Village’.

“This is it in terms of set-t ing the standard,” MrKlonaris told Tribune Busi-ness of Elizabeth on Bay,“as well as making use of thewaterfront, which so far veryfew, if any, have done indowntown Nassau.

“Once the container ter-minals move to Arawak Cay,what we’re going to need forthe city to come back isexactly what we’ve done.Most important is residen-tial development to make ita living city, adding moreresidential accommodation.”

Elizabeth on Bay had suc-ceeded in “the type of stores

and the image” it wanted toput together, Mr Klonarisexplained, the main targetnow being to drive more cus-tomer traffic - tourists andbusinesses - to it.

“We’d like to tie-in withthe water taxis as well as thetour operators to provideservices to bring touristshere, connect with therestaurants and do sometype of joint promotion withthe restaurants and the plazaitself,” Mr Klonaris told Tri-bune Business.

“That is very importantgoing forward. Water taxiscould drop off tourists here,and then they can have adrink, lunch, so shoppingand relax and enjoy the fan-tastic atmosphere here.”

The Yoga Retreat on Par-adise Island was alreadyusing Elizabeth on Bay as adrop-off and pick-up point,while several yachts had“come in” to use it as adocking station.

Construction of Elizabethon Bay took two years, MrKlonaris estimating that

between 110-120 jobs hadbeen created to-date fromthe businesses that were nowopen.

Negotiations to open anupscale sushibar/lounge/club at Elizabethon Bay are ongoing, while aMarley-themed boutique -featuring paraphernaliaassociated with the late reg-gae star, a juice bar, sports-wear and other assortedproducts is aiming to openin two weeks.

“Outfitting all the stores,close to $14 million has beeninvested,” Mr Klonaris toldTribune Business. “If you’regoing to do a project likethis, it has to be first class.

“You have to go all outand do it right. This type ofinvestment is for the long-term. It’s very high-risk, lastsfor many years and the onlyway to do it is quality - qual-ity of architecture, quality ofconstruction, quality of theproduct put in. It has to be ahigh level.”

Mr Klonaris said Eliza-beth on Bay continued to get

multiple inquiries frompotential tenants, “but we’revery careful who comes in,what they’ll do product wise,as well as the diversification.Can they put something inthat complements the plaza?We were very careful interms of the mix.”

He described an “integralpart” of Elizabeth on Bay asbeing Friendly Pharmacy,which apart from pharma-ceutical products and medi-cines also offers clinical ser-vices, something MrKlonaris said was “an assetto the city” and employ-ers/employees working inthe downtown area.

Other tenants includeTempo/Polo Ralph Lauren,Urban Myth, Haagen Dasz,Imagine, the Seacret Designsfashion boutique, and theCoast to Coast timeshareoffice, while Go Green, thespecialist health foods out-let, is set to open in “anoth-er week”.

Arguing that the entirearea east of East Street had“more potential” than the

current city of Nassau core,Mr Klonaris said: “Every-thing you put in here is new.

“You have the Kelly andPritchard families workingon plans for, what I under-stand, will be a ShoppingVillage. Once they getunderway, I think the coreof the city and exciting shop-ping downtown will shift eastof East Street.”

Expressing hope that Eliz-abeth on Bay would act as acatalyst for the level ofdevelopment undertaken byothers, Mr Klonaris said:“When a developer comesin and sees this magnificentplaza, he will realise he hasto compete at the same lev-el.

“It’s going to be a highlevel. You’re going to havemarinas, have restaurants,have residential. What wewould like to encourage aswell is nice little boutiquehotels. If we could add bou-tique hotels and restaurantaccommodation downtown,we would have a beautiful24-hour city.”

$14 MILLION PROJECT ‘SETS BAY STREET STANDARD’FROM page one

SANTO DOMINGO, Dominican RepublicAssociated Press

POISED to expand its free-trade network in Latin Ameri-ca, the United States onWednesday pressed govern-ments of the region to ensurethat all of their citizens benefitfrom the increased prosperity

that expanded commerceoffers. The Obama adminis-tration offered $17.5 million inAmerican assistance towardthat goal.

Speaking at a regional eco-nomic conference in the

Dominican Republic, Secretaryof State Hillary Rodham Clin-ton said she expected Congressto approve a set of new tradepacts with South Korea,Colombia and Panama quickly,alongside a program that would

help American workers andbusinesses adjust to the stress-es that globalization create.

Clinton urged the countriesof Latin America and theCaribbean to similarly offercapital and educational oppor-tunities for people "at the low-est levels of the economic lad-der" as their economies growthrough greater access to glob-al markets. She said the UnitedStates would put up the newmoney for infrastructure assis-tance, support for female entre-preneurs and other projectsaimed at fostering "inclusiveeconomic growth."

Clinton said she was confi-

dent that Latin America, as aregion, would continue itsrecent trend of impressivegrowth.

"My question is: Will thatgrowth include more and morepeople?" Clinton asked. "Willthat prosperity reach down intothe middle class and the poor?Will more families realize theirown dreams?"

Started in 2005, the Pathwaysto Prosperity event Clinton wasattending aims at precisely suchgoals. Seventeen countrieswere attending this fourth gath-ering in the Dominican capitalof Santo Domingo, with theU.S. debates in Washington

over the proposed trade agree-ments highlighting the greatereconomic opportunities in anincreasingly prosperous andstable region of the world.

Discussions centered on howto create better business envi-ronments, educate modernworkforces and ensure envi-ronmental protection. Foreignministers were also speakingabout "trade facilitation," avague concept that can encom-pass anything from standard-ized weights and sizes to auto-matic data processing with theemphasis on making it easierto import and export goodsacross borders.

BUSINESS

THE TRIBUNE THURSDAY, OCTOBER 6, 2011, PAGE 9B

The National Insurance Boardof the Commonwealth of The Bahamas

Notice to PensionersThe National Insurance Board wishes to advise certain of its pensioners that recentdevelopments at the Post Office Bank and the Royal Bank of Canada (RBC) will impactthe payment of their monthly pensions. Specifically, the closure of RBC’s Bay & VictoriaBranch means that payments that were earmarked for this Branch cannot be deposited.Similarly, the Post Office Bank has advised that it can no longer accept pension paymentsfor its customers.

Consequently, pensioners whose monthly benefits and assistance payments were directdeposited into accounts at the Post Office Bank, and RBC’s Bay & Victoria Branch areasked to visit the National Insurance Board’s Pension Department to make arrangementsfor payments to be deposited elsewhere.

Affected pensioners are urged to act now to avoid the suspension of their October payments.

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Shannon Bruce, Blu’s salesand marketing manager, toldTribune Business yesterday:“We’ve noticed that ourFacebook page has been agreat asset. We’ve got a lotof outstanding reviewsalready.

“Our main goal was to cre-ate, first and foremost, arestaurant that offers phe-nomenal cuisine and a venuefor people to come to at anytime - lunch, late at night,Sunday afternoon - and alsoto cater to corporate clients.”

Describing Blu’s locationat the heart of Elizabeth onBay as “incredibly impor-tant”, with its two storeyslooking out on to NassauHarbour and Paradise Island,Ms Bruce added: “A restau-rant such as Blu would not fitinto a plaza other than oneof this scale. We’re trying toset the standard for upscale,casual dining.”

Confirming that Blu’s cre-ation had involved “a signifi-cant, substantial investment”,Ms Bruce said many cus-tomers had commented onhow they did “not feel as ifthey were in Nassau” whenat the restaurant. “It’s anescape,” she added.

NEW RESTAURANTCREATES 60 JOBSFROM page one

US TELLS LATIN AMERICA TO HELP POOR GET RICHER TOO

NEW YORKAssociated Press

STOCKS rose sharply for asecond straight day Wednes-day on signs that the U.S.economy grew in Septemberand that European officialsare moving to support theregion's struggling banks.

The Dow Jones industrialaverage rose 131 points. Mostof the gain, 80 points, came inthe last hour of trading.

Analysts attributed the riseto increasing optimism aboutEurope's efforts to contain itsdebt crisis and a pair ofreports in the U.S. showing apickup in hiring and growthin service companies lastmonth.

The Financial Times report-ed late Tuesday that Euro-pean officials are exploring ajoint effort to support theregion's banks. That triggeredsharp rises in European mar-kets, especially bank stocks.

Investors are worried thatEuropean banks could sufferdeep losses if Greece startsmissing debt payments, whichis also known as a default.That could cause the value ofGreek bonds held by thebanks to drop sharply. Ifweakened banks pull backfrom lending to each other, itcould cause another freeze inglobal credit markets, asoccurred in late 2008.

The report, which came outafter European marketsclosed Tuesday, triggered alate rally in U.S. stocks thatprevented the S&P 500 fromclosing down 20 percent fromits recent peak, reached inApril. A fall that far wouldhave met the test of a bearmarket. Analysts cautionedthat the two-day gain in stocksmay not last, given the strainsthat are still affecting the U.S.economy.

"The market is trading onsentiment right now, not fun-damentals," said Rob Stein,head of Astor Asset Manage-ment. "People are hoping thatthe bounce yesterday meansthat we've hit a bottom, butthe problems that were in the

economy Monday haven'tchanged since then."

Other traders pointed tomeetings by the EuropeanCentral Bank and the Bank ofEngland Thursday in whichofficials are expected to dis-cuss additional measures toincrease investors' confidencein the European banking sys-tem.

"There's a reluctance to (betthat stocks are going to fall)when there's a chance thatyou'll see an announcementout of Europe to help thebanks by the weekend," saidNick Kalivas, vice president ofresearch at MF Global.TheDow rose 131.21 points, or 1.2percent, to close at 10,939.95.The Dow jumped 153 Tues-day after its late-day surge.

The Standard & Poor's 500rose 20.09, or 1.8 percent, to1,144.04. The Nasdaq com-posite jumped 55.69, or 2.3percent, to 2,460.51.

European bank stockssoared, reflecting increasingoptimism that European lead-ers will succeed in limiting thefallout from Greece's debtproblems. Credit Agricolejumped 10 percent, and BNPParibas gained 9 percent.

European markets rosebroadly. Germany's DAXjumped 5 percent. Benchmarkindexes in France and Italyrose 4 percent.

Reports that the U.S. econ-

omy continued to grow in Sep-tember also sent stock indexeshigher. The Institute of SupplyManagement said its gauge ofthe U.S. service sector, whichemploys 90 percent of thework force, grew in line withWall Street's expectations. Theindex measures the strengthof health care providers,banks, real estate, and otherbusinesses outside of manu-facturing. The ISM's index was53 in September, down slight-ly from 53.3 in August. Anynumber above 50 indicatesexpansion for the sector.

Payroll processor ADP saidprivate companies added91,000 jobs last month. Thatwas a slight gain from August.ADP's figures do not alwayspredict the outcome of thegovernment's broader reporton U.S. employment in Sep-tember, which will be releasedFriday. However ADP'sreport can often influencetraders' expectations. WallStreet economists expect thatthe U.S. unemployment ratewill remain unchanged at 9.1percent.

The latest indications thatthe U.S. economy was grow-ing, although modestly, pushedTreasury prices lower asinvestors moved money out of

lower-risk investments. Theyield on the 10-year Treasuryrose to 1.90 percent from 1.82percent late Tuesday. It hit arecord low of 1.71 percentSept. 22.

Energy and materials com-panies, whose profits dependon an expanding economymore than other industries, ledthe stock market higher.

Walt Disney Co. led the 30stocks that make up the Dowwith a 5.5 percent gain after aCiti analyst upgraded thestock, citing a recent pullback.McDonald's Corp. lagged, dip-ping 0.8 percent.

Monsanto Co. rose 5.2 per-cent after the seed makerreported results that beat WallStreet's forecasts. Wholesaleclub operator Costco Whole-sale Corp. dropped 1.7 percentafter its earnings came inslightly below analysts' expec-tations. The company said itwill raise its annual member-ship fees in November.

Yahoo jumped 10.1 percentafter Reuters reported thatMicrosoft is considering a bidfor the company.

BlackBerry makerResearch in Motion alsojumped 10 percent on specu-lation that the company maybe up for sale.

BUSINESS

PAGE 10B, THURSDAY, OCTOBER 6, 2011 THE TRIBUNE

52wk-Hi 52wk-Low Security Previous Close Today's Close Change Daily Vol. EPS $ Div $ P/E Yield1.19 0.95 AML Foods Limited 1.19 1.19 0.00 0.148 0.080 8.0 6.72%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%11.10 8.29 Cable Bahamas 8.47 8.47 0.00 0.245 0.320 34.6 3.78%2.80 2.33 Colina Holdings 2.60 2.60 0.00 0.438 0.040 5.9 1.54%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) 6.65 6.65 0.00 2,422 0.496 0.320 13.4 4.81%2.00 1.63 Consolidated Water BDRs 1.74 1.74 0.00 0.111 0.045 15.7 2.59%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%8.40 5.35 Finco 5.39 5.39 0.00 0.757 0.000 7.1 0.00%9.45 7.75 FirstCaribbean Bank 8.21 8.21 0.00 0.494 0.350 16.6 4.26%6.00 5.00 Focol (S) 5.33 5.33 0.00 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

BISX LISTED & TRADED SECURITIES AS OF:

7%

Interest

19 October 2022

Prime + 1.75%

Prime + 1.75%

6.95%

WEDNESDAY, 5 OCTOBER 2011BISX ALL SHARE INDEX: CLOSE 1,376.77 | CHG 0.00 | %CHG 0.00 | YTD -122.74 | YTD % -8.19

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

19 October 2017

WWW.BISXBAHAMAS.COM | TELEPHONE: 242-677-BISX (2479) | FACSIMILE: 242-323-2320FINDEX: YEAR END 2008 -12.31%

30 May 2013

20 November 2029

7%

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

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 2.5730 -5.41% -9.79%13.8001 13.2291 Royal Fidelity Prime Income Fund 13.7347 2.82% 1.94%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 1.1835 3.32% 4.99%1.1343 1.0000 FG Financial Growth Fund 1.1420 2.10% 4.31%1.1764 1.0000 FG Financial Diversified Fund 1.1854 3.16% 5.14%

9.99529.5078 Royal Fidelity Bah Int'l Investment Fund Principal

Protected TIGRS, Series 1 9.9433 0.98% 4.58%11.4985 10.5308 Royal Fidelity Bah Int'l Investment Fund Principal

Protected TIGRS, Series 2 10.9652 0.78% 5.70%10.6813 9.5037 Royal Fidelity Bah Int'l Investment Fund Principal

Protected TIGRS, Series 3 10.6013 5.75% 13.20%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

NAV Date

31-May-11

31-Aug-11

BISX Listed Mutual Funds

30-Jun-11

31-Aug-11

NAV 6MTH1.5353652.9526631.580804

111.469744115.762221

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-Jun-11

MARKET TERMS

31-Aug-11

31-Jul-11

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

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

31-Jul-11

31-Jul-1131-Jul-11

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STOCKS RISE ON HOPES FOR EUROPEAN BANKS