Group Title: Tribune. (Nassau, Bahamas).
Title: The Tribune
Full Citation
Permanent Link:
 Material Information
Title: The Tribune
Uniform Title: Tribune (Nassau, Bahamas)
Alternate Title: Nassau tribune
Physical Description: v. : ill. ; 58 cm.
Language: English
Publisher: Tribune
Place of Publication: Nassau Bahamas
Publication Date: June 17, 2005
Copyright Date: 2005
Frequency: daily, except sunday
normalized irregular
Genre: newspaper   ( marcgt )
Spatial Coverage: Bahamas
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
Bibliographic ID: UF00084249
Volume ID: VID00136
Source Institution: University of Florida
Holding Location: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850

Full Text

McGRIDDLES" foint^ F





Bhe tAHiami fDIera

Volume: 101 No.169


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Inahaam uest ions funsu use

Former PM: pay

Cable Beach sale

money into Treasury

Chief Reporter
FORMER Prime Minister
Hubert Ingraham yesterday
advised government to pay
directly into the Public Trea-
sury all money realised from the
sale of the Cable Beach hotel
ppr.'pe"rtieto the Cable Becbh
Baha-Mar development.
Mr Ingraham made the state-
ment during his contribution to
the budget debate in the House
of Assembly yesterday.
"Any expenditure of these
funds when received, other than
settlement of Hotel Corpora-

tion indebtedness, ought to be
paid into the Treasury," he said.
""Has' the money been paid?
Anid; if so, to what use has it
been put? As a popular US
tabloid puts it: 'Inquiring minds
want to know'.
"I'm not now in a position to
do anything to answer my ques-
tions. However, should the time
ever come that I am either in a
position to, or in a position to
influence the doing of some-
thing about my question, then I
assure all and sundry I shall!
A word to the wise is suffi-
SEE page 13

'Major utilities crisis'

for residents in Exuma

utilities continue to be interrupt-
ed by the construction and reno-
vation of 300 new homes, as well
as the Four Seasons Resort at
Emerald Bay, the Ritz Carlton at
Williams Town, Crab Cay in
George Town, and the renova-
tion of the Out Island Inn, an old
88-room hotel.
Mr Turnquest told The Tribune
that the difficulty experienced by
residents stems from either insuf-
ficient manpower and/or the lack
of equipment at BEC, Water and
Sewerage, and BTC.
In the case of BEC, Mr Turn-
quest said insufficient working
material is definitely a major
issue, although manpower exists
in abundance.
He said residents on the island
can wait up to six months before

they receive a permanent electri-
cal supply.
In addition, Mr Turnquest
claimed that the only boring
machine on the island, used for
the installation of utility poles,
has been out of service for two
weeks for lack of a $200 part. This
is reportedly the third time the
machine has broken dowit in two
Inadequacies at Water and
Sewerage, according to Mr Turn-
quest, lies with the deficient Oral
water filtering system that "gov-
ernment is making no headway
to correct."
"The actual water on the island
is perfect, but the government has
installed a new system that is
SEE page 13

Tribune Staff Reporter
EXUMA residents are facing
"a major utilities crisis" as gov-
ernment developments, and the
construction of private homes on
the island continue to strip away
at the already limited resources.
Natives claim they are plagued
with "unpredictable telephone
services and frequent power
cuts," because of infrastructural
improvements, particularly as it
relates to the large number of
new hotels and both private and
government low cost homes being
According to Collingwood
Turnquest, a realtor and resident
living on Exuma, "natives are
fighting a loosing battle," as their

Number of foreign
students prompts
assessment of
admission policies
Tribune Staff Reporter
A GROWING number of
non-Bahamian students in the
public education system is forc-
ing a special committee from
the Ministry of Education to
take an in-depth look at admis-
sion policies for children of
undocumented migrants.
Six senior educators were
appointed recently by the Per-
manent Secretary of the Min-
istry of Education to tackle the
goal of assessing the present sit-
uation regarding the schooling
of non-Bahamian children.
They are to also make recom-
mendations for changes.
Their preliminary report
focused on growing concern
about the increase of non-
Bahamian persons residing in
the Bahamas, which currently
consists of 13 per cent of the
country's population, and the
question of how many of these
migrants might be enrolled in
the education system without
The Committee's report
included figures from a "Stu-
SEE page 13

Tribune Staff Reporter
BAHAMIANS can expect
extensive public discussions
in the next months as the
National Health Insurance
system moves one step closer
to becoming a reality.
Addressing parliament yes-
terday during the continua-
tion of the 2005/2006 Budget
Debate, MP for Cat Island,
Rum Cay and San Salvador
Philip "Brave" Davis yester-
day announced that the first
comprehensive report on the
recommended framework and
costs for a comprehensive
National Health Insurance
system will be presented to
government within the next
three to four months.
"Extensive public discus-
sions will then ensue,"' he said.
SEE page 13

abnd:IB IIaaaIlnsBLaigIw i 6.Sp

Focus on foreign

investment criticised
Chief Reporter
FORMER Prime Minister Hubert Ingraham criticised govern-
ment's decision to.focus exclusively on foreign investment when
there was no guarantee that this will increase government rev-
On the present course, Mr Ingraham said it is unlikely that this
Government will ever see a surplus in its budget "even in the dis-
"Nothing can more quickly and more effectively arrest that flow
of inward investment than a fiscal situation which is not sustainable;
where the level of debt continues to rise by an ever increasing
proportion of GDP, and where doubts about the commitment to fis-
cal management may legitimately arise," the former prime minis-
ter said.
Mr Ingraham made the statement during his contribution to
the 2005/06 budget debate.
SEE page 13

,m IDAY, JUNE 17, 2005



JUNE 17 2005

PAGE 2, FRIDAY, JUNE 17, 2005

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_fa__ Cable Bahamas' licence

Chief Reporter
THE Bahamasair privatisa-
tion exercise is progressing as
expected, Works and Utilities
Minister Bradley Roberts said
in a release yesterday.
Mr Roberts was responding
to Lucaya MP Neko Grant's crit-
icism of how government was
handling the process.
Mr Grant made the critical
statements during his contribu-
tion to the 2005/06 budget
"The consultants are still in
dialogue with executive man-
agement and the unions as to
how best to achieve a low-cost
national flag carrier business
plan within our indigenous con-
"As you would expect there
are differing views but in the end
reasonable conclusions will be
drawn and I am confident that a
saleable business plan will
result," said Mr Roberts.
The government, he pointed
out, has already agreed in prin-
cipal to cleansing Bahamasair's
balance sheet of debt unrelated
to revenue generation and dor-
mant government-related
payables, all of which in reality
resulted from withheld or
deferred capital.
"No potential investor would
be interested in taking on debt
used to pay past due US taxes of
converted bank overdrafts.-
"To assume they will can only
be attributed to investment
naivete. Mr Grant should know
better as he has been in man-
agement for a long time and
should by now understand these
things," said Mr Roberts.
The minister also answered
Mr Grant's criticism of the con-
sultancy fee paid to the company
evaluating Bahamasair.
"As I have explained before
the millionn McKinsey consul-
tancy fee was approximately one
third of the average bids we got
to do the job.
"We short listed three of the
best in the business; Lufthansa,
SHE/Peat Marwick and McK-
insey. The bids ranged between
$2.5 and $3.5 million. t ,.
"It was after we committfdl
to provide a lot of the data and
analysis we were able to reduce
the McKinsey fee down to $1,
"Mr Grant may wish to com-
pare the million paid to McKin-
sey with the tens of millions the
FNM government fitted away
on the botched Batelco privati-
sation which still remains an
entangled mess," said Mr
He said some of what the
consultancy firm observed would
have come up before, "however
they brought lots more to the
process in light of the present
turbulent airline environment
especially the many union con-
cessions negotiated recently."
"The comparative statistics
they provided is most instruc-
tive and will greatly assist in get-
ting us to where we need to be.
"There is no discrepancy with
respect to load factors. These
numbers are published every
month by us which we would
have provided to them. So
where can there be a discrepan-
cy," said the minister.

Man hit

by dump

truck dies

THE 44-year-old victim of a
traffic accident died in hospital
yesterday after being hit by a
dump truck on JFK Drive.
Cornell Brown, of Palmetto
Avenue off East Street, was tak-
en to the Princess Margaret
Hospital after the accident and
was listed in critical condition.
Brown clung to life for near-
ly two days before succumbing
to his injuries.
The victim's mental state will
be evaluated by medical offi-
cers once an autopsy is com-
According to witnesses of the
accident, Brown was seen walk-
ing backwards in the road
before he was hit.
The driver of the Mack truck,
Jonathan Hall, reported that
Brown ran out of the bushes
into the road, where he stood
"I don't know if he was crazy
or not, but he did not try to

move out of the way when he
saw me," said Hall.
Hall, who told police he .had
not been speeding, said he
slammed the brakes but his
truck wasn't able to stop in

agreement may be re

Minister responds

to MPs' concerns

Tribune Staff Reporter

A REVIEW of the licence
agreement between the gov-
ernment and Cable Bahamas
may be in order, Minister of
Works Bradley Roberts told
parliament yesterday.

NIA runway

repairs near

Tribune Staff Reporter

THE completion of repairs
on Nassau International Air-
port's (NIA) main runway is
less than two weeks away.
During her budget commu-
nication on Wednesday, Min-
ister of Transport and Avia-
tion Glenys Hanna-Martin
announced that Virgin
Atlantic's inaugural flight
from London to Nassau will
touch down on the newly
refurbished runway 1432 on
June 29.
She said runway 1432 has
been closed since late last year
because of fears that it was
With the closure of that run-
way, all air traffic was diverted
to the secondary runway 9-27
said Mrs Hanna-Martin.
The current redevelopment
project at NIA is estimated to
cost in the excess of $200 mil-,
,lion, she said.
Mrs Hanna-Martin said that
the first phase of the project,
which is presently underway;
will cost some $40 million.

Included in this phase is the
airside improvement project,
which entails the refurbish-
ment of runway 1432, shoul-
der works, the complete over-
haul of the runway lighting
system and reconstruction of
the southern connector
between a taxiway and run-
way 1432.
Also included in the phase
is a landscaping and beautifi-
cation initiative.
"It is clear what these
upgrades mean to the prod-
uct of the Bahamas as a qual-
ity destination.
"On a personal note, I must
confess to a tremendous sense
of relief that the safety and
integrity of that runway will
no longer be in question," she
Mrs Hanna-Martin
announced that her ministry
is laying the ground work for a
"national action plan for air-
port development."
"This plan will take into
consideration matters such as
population shifts, economic
development, land use, infra-
structural requirements and
personnel requirements," she
"Also included are safety
and security equipment
requirements and an analysis
of the efficient use of
resources, which will also con-
template the necessity of mul-
tiple airports on a single
According to the minister,
part of the plan is well under-
way in Abaco and Exuma.

Mr Roberts made the remark
in response to concerns
expressed by two MPs, who said
that many of their constituents
are still without cable television.
Speaking during the
2005/2006 budget debate yes-
terday, Philip 'Brave' Davis, MP
for Cat Island, San Salvador and
Rum Cay accused Cable
Bahamas of being in breach of
their contract of providing all
the islands of the Bahamas with

Reading from the contract,
which was signed in 1995, he
said that it states that the cable
company was obligated to pro-
vide 40 per cent of the residents
in the communities named in
the agreement, with cable ser-
vices within a three-year period.
"In Cat Island (which is listed
in the contract) there is not one
with cable," he said.
He further added that "this
is 2005 and there is still no cable
service in Rum Cay and in Cat
Island and there is limited ser-
vice in parts of San Salvador."
Mr Davis said that when the
contract was signed, $1 million
was given to Cable Bahamas as
a performance guarantee.
"They forfeited that, the gov-
ernment should take the $1 mil-
lion back," he said.
Minister Roberts, MP for
Grants and Bain Town said he
had previously been under the
impression that the agreement
called for Cable Bahamas to
provide services for all the
islands, but that upon further
research he discovered that
therewas some flexibility and
that the company was able to
choose, to some extent, which
areas to cover.
Mr Roberts suggested that
the attorney general have a clos-

SPEAKING in the House yesterday, Philip 'Brave' Davis, MP for Cat Island, San Salvador and
Rum Cay, said: 'This is 2005 and there is still no cable service in Rum Cay and in Cat Island and there
is limited service in parts of San Salvador.'
(Photo: Mario B. Duncanson/Tribune staff)

er look at the contract for an
exact interpretation.

In the meantime, said the
ininister, many people who
have not yet been provided with
cable television are turning to
the use of small satellite dishes.
Earlier this week, MP for

Long Island Larry Cartwright
also called on government to
revisit the Cable Bahamas
licence agreement.
"It is quite obvious that.
unlike Batelco, BEC anid
Bahamasair, that are available
to all, Cable Bahamas is not ser-
vice-orientated, but rather a
company more interested in.
realising the maximum.

profit only.
"If this attitude continues, this
member could easily support a
resolution for the revocation of
such a licence," he said.
- Mr Cartwright explained that
the whole of North Long Island
is still without cable services,
even though settlements in that
area were named in the agree-

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FRIDAY, JUNE 17, 2005, PAGE 3


3 *A 6OT ED R

The Tribune Limited
Being Bound to Swear to The Dogmas of No Master

LEON E. H. D UPUCH, Publisher/Editor 1903-1914

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager (242) 502-2352
Circulation Department (242) 502-2387
Nassau Fax: (242) 328-2398
Freeport, Grand Bahama: 1-(242)-352-6608
Freeport fax: (242) 352-9348

What is needed in our Family Islands

IMAGINE WHAT a high standard of
living every citizen of the Bahamas from
Abaco in the north to Inagua in the south -
could have if this country were one land
mass, instead of an archipelagic nation.
As nature would have it the Bahamas
has about 700 islands, cays and rocks in an
island chain stretching from Florida almost
to Cuba and Haiti.
Much of central government's facilities,
varying in quality as to what the public
Treasury can either afford or borrow to
build them, has to be duplicated in the
inhabited islands Grand Bahama, the
Abacos, Bimini and the Berrys, Eleuthera,
including Harbour Island and Spanish
Wells, Andros, Cat Island, the Exumas, San
Salvador, Rum Cay, Long Island, Crooked
Island, Acklins and Long Cay, Mayaguana,
the Inaguas and a scattering of smaller cays.
Each island demands electricity, water,
telephones, good roads, employment, police
protection, transportation and a govern-
ment administrator. Some of the islands,
whose residents are more industrious and
enterprising than others, can make a size-
able. contribution to the Public Treasury.
Often these complain that central govern-
Iment takes too much from them, leaving
them little from their own revenue to
upgrade their communities.
However, there are many islands that are
a heavy drain on central government's Pub-
lic Treasury they are like little piglets
all suckling from the same mother sow.
Their needs are great, their contributions
small. They want the same infrastructure
as the other islands, but individually they
hardly make enough to support themselves
and so they are a heavy drain on the central
purse, to which all the islands contribute.
And so it made a great deal of sense
when the Ingraham administration decided
to encourage investors to fan out into the
Family Islands with as many islands as pos-
sible having at least one large investment
that would create employment, and hope-
fully generate enough revenue that gov-
ernment could afford to upgrade local util-
Of course, progress and more material
wealth always has its fallout crime. In
this area greater demands will be made for
an increased police force.

Using the newly established Four Sea-
sons at Emerald Bay, Exuma, as an exam-
ple, the acting prime minister told the
House during the Budget debate on June 1
that the present complement of 34 regular
police officers and 20 reserves at Exuma
will now have to be increased to 86 offi-
"There is no doubt that we are moving
nearer to the reality of having these invest-
ments become anchor projects on each
island, to provide a secure economic base
for residents and to encourage persons who
would have left those islands in search of
employment elsewhere to return," said act-
ing Prime Minister Pratt.
It is a shame that when the PLP was in
opposition it tried to torpedo the FNM's
efforts to attract investments to these islands
by making Bahamians believe that the for-
mer government was selling out the country
to foreigners.
However, no sooner had it won the 1992
election than the Christie government
realised that without a constant inflow .of
foreign capital, Bahamians could not main-,
tain the standard of living to which they
had become accustomed.
It was then that it was announced that
instead of red tape, the new government
would put down a red carpet to welcome
the foreign investor.
Mrs Pratt told the House that she could
not stress how important these Family
Island investments were.
"Too often we hear people say that they
would like to return to the island of their
birth, but they can't because there is noth-
ing to do there... there is no employment.
We believe that these anchor projects in
our major islands and the economic spin-off
they, will produce will entice residents to
return and lessen the population and
resources strain on New Providence. One
only has to look at what is happening in
the beautiful island of Exuma to appreciate
this," she said.
She said it was generally accepted by
economists that the country requires "large
scale foreign investment on mega projects at
least every three years to stimulate and
shore up economic growth." Mrs Pratt
believed her government had done that sev-
eral times over.

Let down by

our central


EDITOR, The Tribune
RECENTLY I have offered
myself as a candidate for local
government and I am listed as a
candidate to run in the June 27
election as a candidate for the
Hope Town District as a coun-
cillor for Great Guana Cay in
Abaco. As time goes on I am
seriously considering if this will
be a total waste of my time.
Out of all the members of last
year's council only one person
has chosen to offer themselves
for a second term. Out of three
spaces allotted for Hope Town
only one person has run and out
of three spots allotted for Man-
O-War only one person has run.
Three persons have offered
themselves for the Guana Cay
post, but now I am informed
that we only have one seat and
therefore we will have an elec-
tion in Guana Cay to determine
which of us will sit on the board.
This was not my intention in
running. Glenn Laing has
served us faithfully for two
terms and I do not wish to run
against him, but with him in the
election. Guana Cay is growing
so fast at this time that I think
we deserve the same number of
members as Hope Town or
Man-O-War. With the addition'
of the new proposed Passerine
development, Guana Cay will
lib'e at the forefront of all the
cays and we need more repre-
I have spoken to the outgoing
members of the previous coun-I
cil and learned that they spoke
to Alfred Gray and indeed put
their thoughts into writing
about how the Hope Town dis-
trict should be changed for this "
term. At one poipt Alfred Gray,
on a local Nassau radio show,
announced that the council lay-
out would be changed to allow
each island (Hope Town, Gua-
na Cay, Man-O-War) to have
its own board, which in my
opinion is the way it should be.
For the Guana Cay council
member to have to travel to
Hope Town by boat, sometimes
at night, to discuss a permit for
a fence construction in Man-O-
War is a little bit silly. Indeed
each of the cays is growing at
such agrate that even if divided
into separate councils, the work-
load is tremendous. I would
estimate that there were 50
building applications considered
in Guana this year alone, not
to mention garbage issues, busi-
ness licences, hotel licences, etc.
Which brings me to my next
point. What is the point of hav-
ing local government when any-
time the applicant does not like
the answer he receives here he

just jumps over theit head, goes
directly to Nassau and receives
approval from someone who
has no idea of the logistics of a
particular issue?
I offer an example: the Bak-
ers Bay project. At the first
council meeting Steve Adelson
(of Discovery Land Company)
stated that he would apply for
all permits for their project at a
local level as provided for by
law. They applied for a permit
to construct a dock and eight
tents as ia start to their project.
At the first meeting the plans
were deferred because they did
not provide proper documen-
tation of ownership of land and
location of said infrastructure.
They returned the following
month and were again deferred
because they did not provide
an accurate location of where
the dock was going to be and
the architecture and hurricane
strength of the tent were in
The local government is now
in the process of re-election.
Every other permit is held up
until the new members start on
the new board but, lo and
behold, the Passerine develop-
ment has received their permits
from Nassau and has already
begun construction. This with
the matter still before the courts
and 95 per cent of the members
of the Guana Cay community
strenuously opposed to the pro-

ject on environmental grounds.
Why have a council at all? Why
not just send everything to Nas-
sau like before?
This is the reason why none
of the council members
returned. It is frustrating. You
spend your free time away from
your business and family trying
to make a difference, only to
be trampled on by the govern-
ment and anybody who has the
dollars to go direct to Nassau.
As a matter of fact Bakers
Bay had a letter from the port
department in Nassau giving
them permission to construct
docks one week before the
heads of agreement were even
signed. What hypocrisy.
I will be putting myself for-
ward in this local election but I
wish the powers that be,
whomever they be, to consider
allowing three members on the
Hope Town Council from Gua-
na as it is acknowledged that
we need more than one, and
being that Hope Town and
Man-O-War will have appoint-
ed members on the council we
need a true representation of
the islands on the board.
I will put forward my best
and try to make informed deci-
sions on all applications with
the interest of the people of
Guana Cay in mind. Please
allow the council members and
the board to do their job and
make decisions on their own
islands as we have to live with
those decisions and you do not.
Great Guana Cay
June 15 2005

Concern about support

for Unification Church

EDITOR, The Tribune
I WAS dismayed, but
nonetheless intrigued when I
learned of the visit to the
Bahamas by the Unification
Church, or the "Moonies". I
was stunned, however, to
learn that there are Bahamian
religious leaders supposedly
Christian who are big sup-
porters of this cult.
I did some research on the
Moonies years ago. Howev-
er, a very basic internet search
will supply you with all of the
information you need to prop-
erly identify this cult for what
it is; a great deception.
There are criteria for prov-
ing truth where it concerns the
spiritual realm. There is only

larket St. South

one item of proof that I need,,
though, to know the truth in
this instance. When a man
proclaims himself "Lord of the
Second Coming", then I done
finish with him.
Wake up Bahamas! False
prophets with their doctrines
of eloquent speech and
promises of wealth have
already got enough of us
fooled. Will we be yet further
removed from the truth?
This is the shortest letter I
have ever written. But that's
okay, because the truth is
short and sweet.
Bahama Palm Shores
June 2 2005

Nassau, Bahamas

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- 4, FRIDAY, JUNE 17, 2005



* MINISTER of Labour and
Immigration Vincent Peet

IOM project collecting data on

Haitian immigration to Bahamas

Tribune Staff Reporter

AS PROMISED by Labour and
Immigration Minister Vincent Peet,
the International Organisation for
Migration (IOM) has started to
gauge the dimension and impact of
Haitian immigration to the Bahamas.
This complex and challenging
undertaking by the IOM is being
done in conjunction with the Col-
lege of the Bahamas and the gov-
ernment, and with the co-operation

of the Embassy of Haiti.
According to IOM officer in
charge of the project Gerard Pascua,
the programme includes three phas-
es that will hopefully supply fresh
and useful information to policy
makers and the public at large.

"To complete this project we have
to first analyse the data that we col-
lect from the surveys we have devel-

"Secondly, we must collect and
assess the existing data, and finally
review the local media coverage from
the past three to five years on Haitian
migration in the Bahamas," he said.
The data collection aspect is
expected to take between 60 and 90
Mr Pascua said that he hopes that
persons would be comfortable
responding to interviews on the sur-
veys as they are designed for infor-
mation gathering purposes only.
"In our search for information we

are maintaining separate any asso-
ciation with names; with information
given. This is a survey intended to
reveal immigration patterns, not a
census or head count," he said.

Mr Pascua said he did not wish to
reveal the cost of the operation, and
it is still not known how many oper-
atives from COB will be used as
interviewers and analysts in the sur-

Bid to educate the

Bahamas on fire safety

IN RESPONSE to several
recent fires, Police Fire Services
officers are making an effort to
educate the Bahamas on fire
In the first half of 2005, fires.
have reduced a nightclub to
rubble, left a family without a
home and caused six people to
lose their lives.
"We want to make the
Bahamian public more aware
of the 'do's' and 'don'ts' in case
of a fire," said Chief Fire
Inspector Walter Evans.


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He pointed out that children
and the elderly are the most
likely victims of a fire.
The fire services demonstrat-
ed techniques such as the "stop-
drop-and-roll" yesterday to the
children of the Allaldyce Strawn
child care center.
"Most children have benefit-
ed from fire safety drills." Cor-
poral Anthony Moss said.
"Sometimes kids make mistakes
and play with matches. We
encourage them to get out of
the building, at all costs, safely
and quickly."

The fire services have carried
their programmes to primary
schools across the Bahamas in
an effort to teach children how
to handle situations where fire is
Mr Evans said it is particu-
larly important for children to
have some knowledge of what
to do in the case of a fire
because during the summer
months, many of young persons
will be left at home unattended.
Mr Evans advised that every
house should be equipped with
....a. smoke..detector and a portable
fire extinguisher, and that fire.
, falartmi5 should Jbe placed near
sleeping areas.
"Most people who perish in
fires probably don't have smoke
detectors," he said.



THE CSME debate was
revived yesterday by Dr
Gilbert Morris, who spoke out
against the economic bloc at a
meeting of the West Nassau
Rotary Club.
Dr Morris told Rotarians of
his "disinterest in Caribbean
countries coming together just
to trade bananas."
Dr Morris, who is a former
lecturer at George Mason Uni-
versity and the executive direc-
tor of the Landfall Center,
claimed that the Bahamas'
problems will not be changed

by joining the CSME.
According to Dr Morris, the
CSME argument is "problem-
atic because we are open to
more Caribbean nationals
than any other country,

He said the irrelevance of
the CSME becomes apparent
when it is acknowledged that
"the natural external connec-
tion for the Bahamas is not
south, but north."
Rotarians were told that the
Bahamas is a rich country

where people are nevertheless
"incredibly poor".
"We should be the richest,
most powerful nation in
the Caribbean that serves as
the go-between for the
Caribbean and the USA," he
Dr Morris conceded that the
Caribbean and the Bahamas
can co-operate in other areas
outside the CSME, such as
"buying stop-lights, a regional
disaster relief organisation, vot-
ing together at the UN, the
establishment of a Caribbean-
wide coast guard, Caribbean
educational standards and test-

ing and establishing a peace-
keeping force under Caricom
and the UN to solve our prob-
He advised the government
that before signing the coun-
try on to a trade agreement,
it should "foster a more effi-
cient civil service, learn to
keep the lights on in Nassau
and better telecommunica-
In closing, Dr Morris urged
Rotarians and the Bahamas to
"take a long, hard and honest
look to arrive at the best con-
clusion for the country's best

National Insurance report made public soon

Tribune Staff Reporter

THE FINAL report on the future sustain-
ability of National Insurance is expected to be
made public in the coming weeks, the MP for
Cat Island, Rum Cay and San Salvador Philip
"Brave" Davis said yesterday.
Speaking on the topic of NIB during the'
2005/2006 budget debate in the House of
Assembly, NIB chairman Mr Davis also said
that there is a need for overseas investment to
maximise returns for the National Insurance
The social security reform commission has
reviewed both the current and future financial
state of the NIB, "while ensuring that NIB
benefits are relevant to current socio-eco-
nomic conditions," he said.
Mr Davis yesterday reiterated the projec-
tion that the National Insurance fund will be
exhausted within the next 25 years.
He explained that the commission has held
extensive discussions with stakeholders
throughout the Bahamas and that the com-
mission's many recommendations deal with
"the expanding the scope of NIB to include
new benefits, ensuring that NIB coverage and
benefits remain relevant to the cost of living

and wages increase, improving NIB's opera-
tional performance and of course, improving
long-term sustainability."
Mr Davis added that once the commission's
report is finalised and made public, he expects
several amendments to be made to the
National Insurance Act and regulations before
parliament within the next year.

Announcing that NIB's 2004 financial audit
is now complete, Mr Davis reported that con-
tribution revenues are up over 2003 and that
benefit expenditure increased in line with
"However, both returns from investments
and the overall surplus were down in 2004.
Regarding investments, as of the end of 2004,
the National Insurance Fund stood at $1.3
billion, approximately 23 per cent of GDP," he
Mr Davis pointed out that with a growing
fund,. NIB continues to have difficulty finding
suitable local investment opportunities,
"resulting in large amounts remaining unin-
vested for extended periods."
"This continues to negatively affect returns,
which in 2004 fell below 5.5 per cent.

"With the recent 0.5 per cent drop in the
prime rate and the continued high level of
liquidity in the market, NIB's yield on its
investments will fall even further in 2005," he
Mr Davis said that it was therefore wel-
come to hear the Minister of State for Finance
James Smith indicate that consideration is
being given to NIB investing some $25 million
outside the Bahamas.
"This opportunity to place funds overseas
would be consistent with one of the key rec-
ommendations of the social security reform
commission of gradually placing up to 20 per
cent of the fund overseas so as to improve
diversification," he-added.

While overseas investments is one solution
to the problem, Mr Davis said that the NIB is
also finalising the out-sourcing of up to $60
million to be invested in the Bahamas by local
investment managers.
As one of the major problems faced by the
NIB is the high cost of administration, due
mainly to overstaffing, Mr Davis was pleased
to announce that the staff count is currently
down to 426, from 465 in 2003.

Ule /ien c3Aop




Starting: Tuesday, June 14th
until: Tuesday, June 21st





Police are appealing to the
public for aid in their search
fro a missing 17-year-old boy.
Todd Jamal Albury, who
also goes by the alias "Sir
Dickie," is of Mango Street,
Nassau Village and Hatchet
Bay, Eleuthera.
Albury was last seen on
June 2 around 6.30am at his

home in Mango Street, Nas-
sau Village.
He is 6 feet, 2 inches tall, of
light brown complexion and a
heavy build.
Police are asking anyone
with information on the
whereabouts of Albury to call
the police at 919 or the missing
persons section of the Central
Detective Unit at 502-9991,
501-9941 or 502-9914.

Technicians educated

about pollution control

IN response to new environ-
mental legislation, the National
Ozone Unit held a workshop to
inform technicians about the
dangers of ozone-depleting sub-
The workshop, held on Thurs-
day, was in response to the
recent passing of a Bill in par-
liament which gives effect to the
international agreement known
as the Montreal Protocol.
It. was open to all importers
and technicians handling ozone
depleting substances (ODS).
According to a Centre for
Earth Science Information Net-
work (CIESIN) website, the
Montreal Protocol is an interna-
tional agreement in effect since
1987 that aims at protecting the
stratospheric ozone layer.
The protocol states that the
"production and consumption of
compounds that deplete ozone
in the stratosphere," such as
chlorofluocarbons (CFC's) and
(HCFC's), "are to be phased out
by the year 2000".
These substances significant-
ly deplete the ozone layer, which
protects Earth from harmful

UV-B radiation.
The destruction of the ozone
layer not only results in
decreased crop yields, but also
increases the number of cases of
skin cancer.


During his keynote address to
the workshop, Health and Envi-
ronment Minister Dr Marcus
Bethel said that while the
Bahamas joined the Montreal
Protocol some years ago, the
country is behind in its fulfill-
ment of the stipulations set forth
in the agreement.
He said the recently passed
Bill works towards bridging this
Dr Bethel pointed out that the
Bahamas is the first country in
the Caribbean region to take
such a step.
The workshop sought to
inform technicians about the
implications that the new legis-
lation holds for their businesses,
and the steps that they would
now be required to take to
ensure the safe handling of any

Detroit mayor criticised for

charging Bahamas trip

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* By ML ELRICK and
Detroit Free Press
DETROIT Mayor Kwame
Kilpatrick charged a Bahamas
getaway to his city-issued cred-
it card in December, continu-
ing his pattern of using the city's
MasterCard for personal
Nearly seven weeks later, Kil-
patrick reimbursed the city for
the cost, writing a personal
cheque on January 20 for $1,564
to cover lodging, meals and tele-
phone calls made while staying
at the Atlantis Royal Towers in
Nassau. Hotel bills indicate he
spent five days at the 34-acre
resort and marine habitat.
"The Bahamas trip was an
intended business trip," may-
oral spokeswoman Ceeon Qui-
ett said on Wednesday, adding
"the mayor decided upon his
return that he spent more per-
sonal time than business time.
"Therefore, he decided to pay
for that trip himself when the
statement arrived two to three
weeks later."
Asked what Kilpatrick did for
Detroit in the islands, Quiett said
only: "He met with officials...
he toured official facilities."

* KWAME Kilpatrick

Records the city provided to
the Free Press on Wednesday
afternoon also show the mayor
and his wife, Carlita Kilpatrick,
charged $943 to the city credit
card at the opulent Four Sea-
sons Hotel in Paris in Septem-
ber 2004, during the French cap-
ital's auto show.
The Free Press first reported
on Kilpatrick's credit card
spending habits in May, using
records the city took nearly two
years to produce.
The newspaper's investiga-
tion showed a pattern of high

living on the city while Detroit
spiralled into financial crisis.
The paper found that Kil-
patrick racked up more than
210,000 in charges for pricy
meals in trendy restaurants,
travel and expensive hotel
rooms on his city-issued credit
card in less than three years on
the job. Kilpatrick's adminis-
tration withheld documents
detailing personal expenses such
as nightclub visits, limousine
rentals and a hotel room for the
Kilpatrick family's babysitter.
Quiett said Kilpatrick has
reduced his spending on the
The last six months for which
records are available, October

AN unidentified woman
remains in critical condition
at the hospital after being hit
by a police vehicle on
Wednesday morning.
According to police, a police
car on routine patrol was

2004 through March, show that
he spent about $2,300 a month.
This is down from about
$6,300 a month during his first
33 months as mayor.
Kilpatrick was criticized for
his spending habits at a time
when the city was cutting thou-
sands of jobs and struggling with
exploding pension and health-
care costs.
Since the Free Press exposed
Kilpatrick's credit card use in
May, he.repaid about $9,000 in
expenses he put on the card,
not counting the Bahamas trip,
which was not disclosed before
The mayor has a personal
credit card.

heading North on Montrose
Avenue around 6am Wednes-
day, when a woman staggered
into the road and collided with
the car.
The woman was transported
by ambulance to Princess
Margaret Hospital where she
is listed in critical condition.

* DR Marcus Bethel




Please note that our Office
will be closed on

FRIDAY, 17th June, 2005

to observe our Firm's

Regular Office Hours
will resume on

MONDAY, 20th June, 2005

We regret any inconvenience

will be closed on
Friday, 17th June, 2005
due to the observance ofthe firm's

"Fun Day"
The office will re-open on
Monday, 20th June, 2005
We regret any inconvenience caused.


PAGE 6, FRIDAY, JUNE 17, 2005


17-year-old missing

in Nassau Village

Woman critical'

after collision

FRIDAY, JUNE 17, 2005, PAGE 7












The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in your
area. If so, call us on 322-
1986 and share your story.

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MONTROSE AVE. PHONE: 322-1722 FAX: 326-7452

Minister retires

after 42 years

Tribune Freeport Reporter
Bahama Methodist pastor is
retiring after 42 years in the job
The Methodist Churches on
Grand Bahama will on Sunday
honour Reverend Dr Joseph
Emmette Weir with a special
Father's Day banquet at 2pm
in the ballroom at the Westin
Our Lucaya resort.
Dr Weir has been pastor and
superintendent minister for the
three churches of Grand
Bahama Methodist circuit.
He also holds the title of
President Emeritus.
Church members on
Wednesday praised Dr Weir for
his accomplishments and dedi-
cation to the ministry.
"He is highly respected and
an exceptional scholar whose
thirst for education took him to
all parts of the world," a
spokesman said.
Dr Weir began his education
in theology in Jamaica in 1956.
He graduated in 1963 with a
bachelor's degree in divinity
from the University of London.
He also travelled to Scotland,
where he received his doctor-
ate degree of philosophy in the-
ology, majoring in liberation
theology at the University of
Upon graduation, he was sta-
tioned in the Jamaica district of
the Methodist Church in the
Caribbean and the Americas

M REVEREND Dr Joseph Emmette Weir

for seven years.
He was awarded the master's
degree of sacred theology,
majoring in Old Testament
studies, with a minor in Christ-
ian communication at Christian
Seminary in Indiana.
He returned to the Bahamas,
serving five years in the Nassau
circuit, where he served as a
pastor and lecturer.
He has served in the South
Eleuthera circuit as chairman
and general superintendent of
the Bahamas, Turks and Caicos
Islands district.
He was also interim president
of Templeton Theological Sem-
inary and superintendent of the

Boys and Girls Industrial
School in Nassau.
Dr Weir also served as super-
intendent of the Andros circuit,
and in 2000 was appointed
superintendent minister of
Grand Bahama, which includes
St Andrews, St Davids and St
Pauls Methodist Churches.
Dr Weir has been awarded
several prestigious civic awards,
such as the Paul Harris Fellow-
ship Award by Rotary Club
He is married to veteran
teacher Ena Weir, nee Johnson.
They have two children: Busi-
nessman Ellsworth Weir and
music teacher Erica Weir.

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PAGE 8, FRIDAY, JUNE 17, 2005



Tribune Staff Reporter
THE Ministry of Youth,
Sports and Culture yesterday
"categorically" denied claims
made in another local newspa-
per that the ministry "is not
interested in promoting cul-
The Ministry's response came
following a front page article in
the June 7 edition of The Nas-
sau Guardian under the head-
line "Butler Blast Ministry."
In the article, Ronnie Butler,
one of the country's cultural
icons, made several statements
about the ministry.
Mr Butler reportedly said
that "the Ministry of Youth,
Sports and Culture is not inter-
ested in Culture."
However the ministry has
contended that the statement
was unfair, considering the
annual increase in the Depart-
ment of Culture budget, partic-
ularly in the last three years.
The National Cultural Com-
mission and the Department of
Culture are jointly preparing a
cultural policy for the Bahamas
that will "take culture to a high-
er level".
The government has also
signed cultural agreements with
the People's Republic of China
and South Africa in the last two
years, and more agreements are
scheduled to be signed in the
near future.
Mr Butler is also reported to

* RONNIE Butler

have said that he is disappoint-
ed that the Ministry of Culture
had little or nothing to do with
the recent Rake 'n' Scrape Fes-
tival in Cat Island.
The ministry has issued an
apology for its perceived lack
of involvement in the recent fes-
tival, but claims it was "sup-
portive of the event since the

A ministry spokesman said:
"The record should reflect
that due to this new policy, the
Ministry of Youth, Sport and
Culture have not received any
funding this fiscal period from
several organisations."


Mr Butler is also reported to
have mentioned that a pro-
posed visit to Cuba by him and
other entertainers did not mate-
However, the ministry claims
that they did not receive a
request from Mr Butler to
accommodate him and several
other entertainers on the visit
in sufficient time.
A spokesman said: "Every
effort was made to facilitate this
request, but due to time con-
straints and the process to deal
with these type of requests,
approval was not given to Mr
Butler until May 23, which was
apparently too late."
The ministry has issued an
apology to Mr Butler and all of
the other entertainers for the
disappointment, but added that
"it supports all aspects 6f
Bahamian culture and will con-
tinue to pursue all avenues to
promote, develop and advance
the Bahamian cultural experi-
The Tribune attempted to
contact Mr Butler, but was

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Pastors launch project

Ministry rejects

artist's criticism

Tribune Staff Reporter
MORE than fifteen youth
pastors from the Farm Road
Community have started a
project to promote peace on
the streets during the project's
three-year anniversary cele-
brations this week.
A male symposium will take
place at Evangelistic Temple
on Monday, June 20 at 7pm.
A female symposium will be
held the following evening at
7pm, and will focus on teenage
pregnancy, incest, and other
topics related to sexual pro-
"The church and the gov-
ernment are coming together
to try to transform lives, and to

"That's one of the positive
things about the Farm Road
Project. We have an influence
on this community. If you tell
me at 2am this morning you
want 200 boys any place in this
community, they'll be here.
That is the care, respect and
trust they have for us, particu-
larly as police officers. We
have developed that over the
years," he said.
The Farm Road Project, said
Mr Dean, has been a signifi-
cant contributor in helping to
decrease the crime rate in the
area and boosting the commu-
nity's confidence in the police.
Woman Corporal Lisa Rah-
mingadded that the Farm
Road's marching band has
united children from the
"over-the-hill" area.

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Getting young people off the
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Stephen Dean, the co-ordina-
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FRIDAY, JUNE 17, 2005, PAGE 9

PAGE 10, FRIDAY, JUNE 17, 2005



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gates his father's tall tales., 'PG-13' (CC) helps detectives search for a killer. n 'R' (CC) Scenes" ft
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is accused of

in education

M OPPOSITION leader Alvin Smith

Tribune Staff Reporter
OPPOSITION leader in the
House of Assembly Alvin Smith
yesterday accused the govern-
ment of being "stingy" in edu-
cating the country's youth.
Speaking in the House of
Assembly in his contribution to
the Budget debate, Mr Smith
said despite the fact that the
economy has grown by three
per cent and that the public
school population has increased
by approximately 5,000 stu-
dents, the government only
increased the education by
$1,517,327 for the 2005/2006 fis-
cal year.
"When under the FNM, the,
minimum increase would have
averaged on my estimate
around $5 million. The measly
increase means that the gov-
ernment is stingy with educa-
tion and not giving it the prior-
ity and attention it deserves."
Of the 49 school boards in
the country, Mr Smith claimed
that only one, Oakes Field Pri-
mary had received an increase.
Mr Smith also criticised the
government for not building
any new schools in the three
years since it assumed office.
"New Providence, specifical-
ly the south-west, needs junior
high schools, and a senior high
school, but the government's
solution is to add classrooms,
making the schools bigger and
more difficult to manage."
Mr Smith welcomed the
amounts for new schools of a $5

million IDB loan and $4 million
from consolidated funds. But he
added: "I will pray and hope that
they deliver this time and stop
shortchanging our children and
subjecting them to substandard
conditions and large classes."
He pointed out that although
$4 million and a loan for
$7,421,630 was allocated in last
year's budget for new schools,
none were built.


He was also critical that the
government had decreased fund-
ings for areas such as computer-
isation of primary schools, acqui-
sition of land for school sites, and
the expansion and refurbishment
of schools in the family islands
and New Providence.
"These four areas alone rep-
resent a reduction of $3,965,000
which is just about equal to the
$4 million budgeted for new
schools. This is a clear example
of robbing Peter to pay Paul."
Mr Smith said it would have
been reasonable to expect the
government to have allocated
at least $3.5 million for repairs
for the coming year.
Instead, he said this was
reduced to $2,250,000 for
2005/2006 and the line item for
repairs should have been given
$5 million not reduced from $4
million to $1.5 million.
Alfred Sears said that while
the money was not used for
school buildings, it was used for
enhancing the national curricu-
lum, training teachers, improv-
ing special education and for
pre-school programmes.
He added that following hur-
ricanes Jeanne and Frances, the
government had to spend more
than $7 million dollars in emer-
gency repairs to schools.

loving mother ofJESSICA, formerly of Richmond Ave., Blair Estates, died on
Thursday igth May oo05 in the Westmorland General Hospitalt Kendal, England.

As well as David and Jessica,she is also survived by her parents MORTON and
CORA CA REY,her brother PHILI, his wife KIM and their sons ANDREW,
his wife SHEENA and their children JONATHANJR., STEVEN and
JOYANN and her sister CECILE. she will begreatly missed by herjfamily and
many friends, especially her life lon friend Sharon Albury.

A Memorial Service for ANNE-MARIE will be heldatSt. Thomas More
Roman Catholic Church ata date and time to be announced later.

Centre Tel: 393.201
Rosetta Street
Mon- Fri.8:30amrn-5:30pm*
Sat 8:30am 5-30pm .

"Where You Get The Maximum For The Minimum"


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Acting PM addresses men in prison

received a broadcast service
through a live internet con-
nection provided by the Real
Men Ministry of BFM.
Over 1,500 men attended
the service on June 5, includ-
ing the live audience at BFM
> and in Her Majesty's Prison.
The service was also broad-
Seast globally across Stream-
ing Faith Television online
to emphasize the importance
of men in the nation.
Acting Prime Minister
Cynthia Pratt told prisoners
of Her Majesty's Prison:
"God is a God of a second
chance, a third, and a fourth.
But if you seriously want
change, you have much time
in prison to look at your con-
Superintendent at the
prison, Dr Elliston Rahming
continued with the Ms Prat-
*t's words of encouragement,
"By the same token, we need
the ongoing participation of
the community to facilitate
that change."

N CYNTHIA Pratt speaks, backed by members of the prison's men's choir

FRIDAY, JUNE 17, 2005, PAGE 11


PAGE 12, FRIDAY, JUNE 17, 2005


d ~L L





E i i Parties, Nightclubs 31
& Restaurants ANN=

Seduction @ Dicky Mo's Seafood Restaurant, West
Bay Street. Saturday, June 18. Time: 9pm 2am. Ladies:
$10, Gents: $15 (one drink included). Dress code:
Smart Casual (wear black and white for a free glass of
champagne). Featuring: Reggae, Soca, Hip- Hop,
Bahamian and R & B music, plus dance contests, door
prizes, games and giveaways. Logon to bahamianson- for more information.

Junkanoo in June, every Saturday @ Arawak Cay.
Featuring: performances by local Bahamian artists and
a Junkanoo group comprised of several local groups.
Admission: free. The festival will be held every Satur-
day until July 2.

Wild Jungle, each and every Wednesday night @ Club
Trappers, Nassau's "upscale" gentleman's club. Fea-
turing a female body painting extravaganza. Free body
painting @ 8 pm. Ladies always welcome. Admission:
Men free before 10 pm. Females free. There will be free
food and hors d'oeuvres between 9 and 10 pm. Open
until 4 am.

Exotic Saturdays @ Fridays Soon Come starts with 3 for
$10 drink specials. Admission: $10 before midnight
and $15 after. Ladies free before 11pm.

Rave Saturdays @ Club Eclipse. DJ Scoobz spinning
the best in Old Skool. Admission $35, all inclusive
food and drink.

Fever @ Bahama Boom, Elizabeth St, downtown,
every Friday night. Admission $10 before midnight.
First 50 women get free champagne. First 50 men get a
free Greycliff cigar. Dress to impress. For VIP reser-
vations call 356-4612.

Cool Runnings is back with a Conscious Party @ Hard
Rock Cafe, Charlotte St North every Friday. Classic
reggae style music. Admission $10.

Mellow Moods every Sunday @ Fluid Lounge and
Nightclub, Bay St, featuring hits from yesterday old
school reggae and rockers downstairs, and golden
oldies upstairs. Admission: Free. Doors open 9pm.

Karaoke Music Mondaze @ Topshotters Sports Bar.
Drink specials all night long, including karaoke warm-
up drink to get you started. Party from 8pm-until.

Karaoke Nights @ Fluid Lounge and Nightclub. Begins
10pm every Tuesday. Weekly winners selected as
Vocalist of the Week $250 cash prize. Winner select-
ed at end of month from finalists cash prize $1,000.
Admission $10 with one free drink.

Reggae Tuesdays @ Bahama Boom. Cover charge
includes a free Guinness and there should be lots of
prizes and surprises. Admission: Ladies $10 and Men

Hump Day Happy Hour @ Topshotters Sports Bar
every Wednesday 5pm-8pm. Free appetizers and
numerous drink specials.

Flash Nights @ Club Fluid every Thursday. The ulti-
mate Ladies Night. Join Nassau's and Miami Beach's
finest men. Ladies only before 11.30pm with free cham-
pagne. Guys allowed after 11.30pm with $20 cover.

The Pit @ Bahama Boom, every Thursday. Doors
open at 9pm, showtime 11.30pm. Cover charge $15. $10
with flyer.

Fantasy Fridays @ Fluid Lounge, featuring late '80s
music in the VIP Lounge, Top of the Charts in the
Main Lounge, neon lights and Go Go dancers. Glow
sticks for all in before midnight. Admission: Ladies
free before 11pm, $15 after; Guys $20 all night.

Dicky Mo's @ Cable Beach. Happy Hour every Friday
3 for $10 mixed drinks and $1 shots. Bahamian Night
(Free admission) every Saturday with live music from
8 pm to midnight. Karaoke Sundays from 8 pm to
midnight, $1 shots and dinner specials all night long.

Chill Out Sundays @ Coco Loco, Sandyport, from
4pm-until, playing deep, funky chill moods with world

Sweet Sunday Chill Out Soiree Lounge, every Sunday,
4prm-midnight @ Patio Grille, British Colonial Hotel.

Wet Sundays, every Sunday, noon-midnight @ Crystal
Cay Beach. Admission $10, ladies free.

Carib Scene @ Club Fluid every Sunday. A night of
Caribbean, Latin and Reggae flavours for all audi-
ences. Latin Flair in the VIP Lounge; Old School Reg-
gae and Soca in the Main Lounge. Ladies in free before
llpm. $10 after 11pm. Men, $15 cover charge.

TooLooSe @ Indigo Restaurant on West Bay St and
Skyline Drive. Singer/songwriter Steven Holden per-
forms solo with special guests on Thursday from 9pm
- midnight.

The Graham Holden Deal @ The Green
Parrot....David Graham, Steve Holden, Tim Deal and
Friends perform Sunday, 7pm 10pm @ Hurricane
Hole on Paradise Island.

Jay Mitchell and Hot KC @ Palm Court Lounge,
British Colonial Hilton, Wednesday-Thursday 8pm-

Sunday Night Interlude @ Briteley's Restaurant &
Lounge, Eneas St off Poinciana Drive. Featuring
Frankie Victory at the key board in the After Dark
Room every Sunday, 8.30pm to midnight. Fine food
and drinks.

Paul Hanna, Tabatha and Gernie, and the Caribbean
Express perform at Traveller's Rest, West Bay St,
every Sunday, 6.30pm-9.30pm.

In celebration of Fa
Gallery of the Baham
for fathers to accompa
activity, kite-making. I
ing kites then make y
David Weech. Date:
1pm. Location: NAGI

Self Expressions, an e

series of prints runs until June 17 @ New Providence
Art & Antiques, Bank Lane, 11am 5pm. Christo-
pher Cozier is an artist and writer living and working in
Trinidad. His work, which explores the ambitions,
hopes and contradictions of Caribbean society in the
post-colonial era, has been exhibited ii museums and
galleries worldwide. His work has over the years, con-
sisted of multimedia projects, involving sound, video,
live performances and installations, including draw-
ings, constructions and appropriated objects. For more'
information call 328-7916 or log on to www.npartan- *

An Evening of Sacred Music will be held on Thursday,
June 16 at Christ Church Cathedral, beginnig at 8pm.
Featured performers include Jamie Sturrup, Leon Wil-
son, Allyson Dean, Chorale Ensemble, GHS Hand
Bell Ensemble, Kendrick Coleby, Kristi King, Don-
niecea Rahming, Geoffrey Sturrup, Dishon Rolle and
Strings n' T'ings.
Artists will be interperting works by Bach, Purcell,
Handel, Mozart, Andrew Lloyd Webber and others.
The concert is part of a series by the Artists Guild
International, which seeks to promoted young talent-
ed musicians. The event is free of charge, however an
offering will be collected to defray expenses.

The National Collection @ the National Art Gallery of
the Bahamas, an exhibition that takes the viewer on a
journey through the history of fine art in the Bahamas.
It features signature pieces from the national collection,
including recent acqtiisitions by Blue Curry, Antonius
Roberts and Dionne Benjamin-Smith. Call 328-5800 to
book tours.

Past, Present and Personal: The Dawn Davies Col-
lection @ the National Art Gallery of the Bahamas,
Villa Doyle, West and West Hill Streets. The exhibition
is part of the NAGB's Collector's Series. Call 328-
5800 to book tours.

The Arts ii S The Awakening Landscape: The Nassau Watercolours
of Gaspard Le Marchand Tupper, from the collection
either's Day, the National Art of Orjan and Amanda Lindroth @ the National Art
ias will provide the opportunity Gallery of the Bahamas. The mid-nineteenth century
ny their children in an awesome paintings that make up the exhibition are part of one of
Learn the fundamentals of mak- the earliest suites of paintings of Nassau and its envi-
'our own, under the tutelage of rons. Tupper was a British military officer stationed at
Saturday, June 18. Time: 10am Fort Charlotte in the 1850s. The works show a pre-
B. Cost: $5 (members) / $8 (non- modern Bahamas through the decidely British medium
of watercolour. Call 328-5800 to book tours.

Health _

xhibition of mixed media works

Twisted Boodah Lounge @ Cafe Segafredo, Charlotte by artist Desmond Darville is open for viewing, 6pm- Doctors Hospital Distinguished Lecture Series: Dr
St kicks off Fridays at 6pm with deep house to hard 9pm at Segafredo Cafe, Charlotte St North. Robin Roberts will speak on the topic "Male
house music, featuring CraigBOO, Unkle Funky and Menopause, Fact, Fiction or Reality" on Thursday,
Sworl'wide on the decks. Christopher Cozier, an exhibition of drawings and a June 16, 6pm in the hospital's conference room.




t's not Boxing Day or New Year's,
but Junkanoo lovers can enjoy a bit of
the season during the Junkanoo in
June festival. The festival, hosted by .
the Ministry of Tourism, was offi-
cially launched last weekend and will contin-
ue every Saturday until July 2.
Though the festival was established to
attract tourists to the Bahamas during the
traditionally slow month of June, it is also a
means for Bahamians to celebrate a part of
their own culture. Come and enjoy concert
performances by some of Nassau's hottest
acts, mini-plays inspired by Bahamian life
and a wide variety of Bahamian food.
The festival will be held at Arawak Cay.
Admission is free.


it, yoga classes for all levels will be conducted by Mar-
garet Evans, registered yoga teacher.
* Tuesdays & Thursdays: May 24 through June 30 (six
weeks) from 6pm 7:30pm. Cost: $120.
* Saturdays: May 28 through July 2 (five weeks) from
10am- 11:30 am. Cost: $50. There will be no class June
4. Sessions will be held at the Trinity Methodist Church
Parking Lot (air-conditioned)..Wear loose comfort-
able clothing, bring a yoga or exercise mat, and a tow-
el. Call 394-2121 or 477-3903, for more information.

The Cancer Society of the Bahamas meets at 5.30pm on
the second Tuesday of each month at their Head-
quarters at East Terrace, Centreville. Call 323-4482
for more info.

MS (Multiple Sclerosis) Bahamas meets the third Mon-
day every month, 6pm @ Doctors Hospital conference

The Bahamas Diabetic Association meets every third
Saturday, 2.30pm (except August and December) @ the
Nursing School, Grosvenor Close, Shirley Street.

Doctors Hospital, the official training centre of the
American Heart Association offers CPR classes certi-
fied by the AHA. The course defines the warning signs
of respiratory arrest and gives prevention strategies to
avoid sudden death syndrome and the most common
serious injuries and choking that can occur in adults,
infants and children. CPR and First Aid classes are
offered every third Saturday of the month from 9am-
1pm. Contact a Doctors Hospital Community Training
Representative at 302-4732 for more information and
learn to save a life today.

REACH Resources & Education for Autism and
related Challenges meets from,7pm 9pm the second
Thursday of eahIemonthin 'the cafeteria of the BEC
building, Blue Hill Road.

Civic Clubs >

Toastmasters Club 1095 meets Tuesday, 7:30pm @ C C
Sweeting Senior School's Dining Room, college
Avenue off Moss Road. Club 9477 meets Friday, 7pm
@ Bahamas Baptist Community College Rm A19,
Jean St. Club 3956 meets Thursday, 7.30pm @ British
Colonial Hilton. Club 1600 meets Thursday, 8.30pm @
SuperClubs Breezes. Club 7178 meets Tuesday, 6pm @
The J Whitney Pinder Building, Collins Ave. Club
2437 meets every second, fourth and fifth Wednesday
at the J Whitney Pinder Building, Collins Ave at 6pm.
Club 612315 meets Monday 6pm @ Wyndham Nassau
Resort, Cable Beach. Club 753494 meets every
Wednesday, 6pm-8pm in the Solomon's Building, East-
West Highway. All are welcome.

Alpha Kappa Alpha Sorority, Eta Psi Omega chapter
meets every second Tuesday, 6.30pm @ the Eleuthera
Room in the Wyndham Nassau Resort, Cable Beach.

Alpha Phi Alpha Fraternity meets every first Tuesday,
7pm @ Gaylord's Restaurant, Dowdeswell St. Please
call 502-4842/377-4589 for more info.

Kappa Alpha Psi Fraternity meets every second Tues-
day, 6.30pm @ Atlantic House, IBM Office, 4th floor
meeting room.

The Nassau, Bahamas Pan-Hellenic Council (NPHC)
meets every third Monday of the month in the Board
Room of the British Colonial Hilton Hotel, Bay St.

Nassau Council 10415 Knights of Columbus meets the
second and fourth Wednesday of the month, 8pm @ St
Augustine's Monestary.

Nassau Bahamas Koinonia meets every second Fri-
day of each month, 7.30pm at Emmaus Centre at St
Augustine's Monestary. For more info call 325-1947
after 4pm.

International Association of Administrative Profes-
sionals, Bahamas Chapter meets the third Thursday of
every month @ Superclubs Breezes, Cable Beach, 6pm.

AMISTAD, a Spanish club meets the third Friday of
the month at COB's Tourism Training Centre at 7pm
in Room 144 during the academic year. The group
promotes the Spanish language and culture in the


FROM page one

dent Nationality Survey" con-
ducted this year by the Plan-
ning Unit of the Ministry of
Education, and the most recent
Department of Statistics Cen-
sus of Population and Housing.
According to the report, 33,223
students were enrolled in the pub-
lic system this year and 4,830 non-
Bahamians make up about 15 per
cent of that total.
"Fifteen per cent of any school
population is a significant number
and they, in many ways, have an
impact on the education system,"
stated the committee's draft report.
Out of all the nationalities
known to be in The Bahamas (70 in
total), Haitians represented the
largest group of non-Bahamian stu-
dents with a total of 3,968 enrol-
ments this year, or about 10 per
cent of the entire student popula-
The committee underscored the
need to address issues of immigra-
tion, assimilation and multicultur-
alism. It said the education system
has done little to address these
issues, contributing to associated
"This is causing a concern in


some quarters because there is a
growing suspicion and concern that
immigrants, particularly undocu-
mented immigrants, are contribut-
ing to social decay," said the report.
Since the student admission pol-
icy allows any student of compul-
sory school age to be admitted into
any government maintained school
- including undocumented chil-
dren the Committee pointed out
the need for provisions for Haitian
students, such as specialised pro-
grammes or instruction such as
English as a second language (ESL)
or English as another language
The report stated: "It is felt that
some of these social problems result
from the fact that the education
system has done little to address
the many issues relating to immi-
gration and as a result, has con-
tributed to the associated problems.
Some argue that if the education
system fails to reform itself and
cater to the specific needs of all
groups, this will lead to the creation
of a significant underclass."
The Committee asserted that
the Ministry of Education is bound
to operate within the legal para-

FROM page one

cient," said Mr Ingraham.
The former prime minister also questioned gov-
ernment's rational for "giving away" prime prop-
erty for the development.
Mr Ingraham said that government's "facile
and glib" responses to questions on matters of
national importance provide no comfort.
He said that while the FNM welcomes invest-
ment, the party wants to see economic growth,
employment and good incomes for Bahamians.
Mr Ingraham questioned whether it is neces-
sary to sell the Government-owned Gaming Board
and Development Bank properties located near
Goodman's Bay, and to sell the only Bahamian-
owned golf course in New Providence and the
Cable Beach median with its beautiful landscape,
lighting and substantial public infrastructure, and
a portion of West Bay Street, the Water Corpo-
ration's well-field lands or permit the cutting of
canals or the creation of a marina on the golf
course or well-field lands.

meters set by the Constitution ot
the Bahamas, Acts of Parliament
as well as Conventions and other
articles of International Law to
which it is a party.
Based on those legal obligations,
the Committee is suggesting that
the Ministry of Education adopt
the following admission policy: "No
school shall deny entry to any child
resident in The Bahamas who is
between the ages of 5 and 16 years,
regardless of his or her citizenship
or place of origin."


FROM page one

He said the former administra-
tion demonstrated its commit-
ment to fiscal prudence from the
outset of its term in office.
Its first Budget was for six
months and the GFS deficit for
the period was 0.9 per cent.
The GFS deficit for the next
three fiscal periods combined at
2.2 per cent was less than any sin-
gle deficit this Government has
achieved in any of its Budgets to

Hubert Ingraham
"I do not accept that it is necessary to convey
hundreds of acres of Crown land water bearing
land, public roads, a golf course, government
offices and police station and beach front proper-
ty beach front property successfully developed
and operated as hotels on long term leases over
many, many years," said the former prime minis-
While he did not question the purported pur-
chase price of $45 million for the hotel properties,
he questioned the use to which the purchase price
may be put.
"During the last Budget debate," he said, "I
volunteered no objection to the proposed sale and
redevelopment of the Cable Beach hotel proper-
"I did not know then that this was to be a give-
away for a property development project that
would bring scant new and additional hotel rooms
to New Providence but instead upscale residences,
condominiums and time share units."

Saturday June 18th, 2005 The Dundas Centre for The Performing Arts 8PM* Tickets $30

FROM page one Nati0nallnsurance

FROM page one
totally inadequate. When 10pm rolls
around, the water is shut off and
everyone would have had to have
already made the necessary provi-
sions for the following day," said Mr
As it relates to BTC, Mr Turnquest
said the problems are two-fold, as
there is both a manpower and equip-
ment shortage at the company.
"I have a neighbour now, who has
been living in his new house for two
years, and he still does not have a
phone line. I know that these prob-
lems exist, because I even went into
the company to apply for a phone
line transfer from my old property,
and the employees laughed at me,"
said Mr Turnquest.

mentation Project, which is now
housed at NIB headquarters on
Balliou Hill Road, is currently
working on the system's design
with the assistance of various exter-
nal consultants, he added.
The commission has recently
also recruited a project manager
who heads the technical team.
Mr Davis explained that a
national health insurance scheme
will help provide every Bahamian
with insurance coverage for major
surgeries and other medical ser-
"This system is being designed
so as to improve access to health
care financing, as well as to
improve the delivery of care, espe-
cially from public facilities," he

Blue Lagoon Restaurant

Paradise Island
Clu Land, or.

Father's Day

|I Buffet


Sunday, June 19th, 2005
From 12:00 noon 3:00 p.m.


*Assortment of Fresh Fruits
* Assorted Salads
* Cold Meat Platter
* Bahamian Smothered Grouper
* Baked Chicken
* Steamed Conch
* Roast Lamb in Mint Sauce
* Crab & Rice/Macaroni & Cheese
* Assorted Cakes, Guava Duff, Potato Bre

Soft Drink Included

Price $25.20 plus 15% Gratuity

' !For Reservations:
Telephone (242) 363-2400/1/2

With an additional $1500.00 Customer Cash Back
2 year or 30000 Mile Warranty

License And Inspection To Birthday, Floor Mats, Full Tank Of Gas,
2 Year Road Side Assistance, First 5 Services To 12,000 Miles Free
See The Full Line Of All Your Favourite Fords At

THOMPSON BOULEVARD TEL.: 356-7100 FAX: 328-6094

The Bahamas Telecommunications Company Ltd.
P.O. Box N-3048, Nassau, Bahamas
Tel. (242) 302-7000



The Bahamas Telecommunications Company Ltd. (BTC) wishes to inform
its valued customers and the general public that with effect from Monday,
June 13, 2005, the new operating hours for its administrative and business
offices will be 9:00am to 5:00pm daily. This change is the result of recent
contract negotiations and effectively brings the Company's operating
hours in line with the terms of Employment Act (2001).

However, customers are further advised that they may continue to make
payments at any of the Company's CTO's during the usual hours of
8:30am and 4:30pm daily.

BTC sincerely apologizes for any inconvenience caused.

~ r~-6 Fe 3~ 11

FRIDAY, JUNE 17, 2005, PAGE 13


Mr Davis, chairman of the
National InsuranGe Board (NIB),
said that a broad-based commis-
sion was established to ensure that
this "social safety net" for the coun-
try is improved upon with the input
and support of average Bahami-
"Both have now conducted their
deliberations," he said.
The first was the Blue Ribbon
Commission on National Health
Insurance, which reported to gov-
ernment in August 2004.
"Cabinet has accepted its report
and its recommendations, and a
Steering Committee to oversee the
implementation phase of a Nation-
al Health Insurance system has
been established," Mr Davis said.
The technical team of the
National Health Insurance Imple-

Exhibition focuses on bringing ,art

to life through h medium of collage

"The artist Protegenes, becoming frustrated with his efforts to paint a dog foaming at the mouth, final-
ly fell into a rage with his art... and dashed a sponge against the place in the picture that offended him
... and chance produced the effect of nature in the picture!"
Pliny the Elder (A.D. 23-79), Roman scholar and naturalist.

& _e. '1n, My,
0-r elii : ,U "i (

Sunset and evening star,
and one clear call for me!
And may there be no moaning of the bar,
when I put out to sea!
Twilight and evening bell,
and after that the dark!
And may there be no sadness of farewell,
when I embark!
For, though from out bourne of time and place,
the flood may bear me far,
I Hope to see my pilot face to face,
when I have crossed the bar!
(Crossing the Ba,; by Alfried Lord Tennyson)
Still sadly and Fondly missed and remembered by, children,
Paul, Lorraine,and Craig; son-in-law, Ron Arnnbrister; sister,
Diane Dean; brother, Doctor Godfrey Pinder of New Jersey;
and a host of other relatives and friends!

Hoping to see you on that glad morn!!!

In Loving Memory
of Our Dear and Beloved

Owner and Managing Director of
Grand Bahama Construction Co. Ltd.

January 15, 1942

- June 12, 2005

We are truly saddened by the loss of our
dear father, grandfather,
friend and mentor

Grand Bahama construction (o. Ltd,

Funeral service will be held on Wendesday 22nd June,
2005 at 10:30 am at First Presbyterian Church of Vera
Beach, Florida. Viewing will be on Tuesday, June
21st from 5:00 pm to 7:00 pm in the Chapel of First
Presbyterin Church of Vera Beach, 520 Royal Palm
Blvd, Vera Beach, Florida, 32960.

There will be a Memorial Service held in Freeport to
be announce at a later date.

Services entrusted to Yager Funeral Home &
Crematorium Ltd, Freeport, Bahamas

ONE of the charms of the
Bahamas is that it draws diverse
talents to its shores and so
enriches itself. A cursory glance
at its history is all that's needed
to confirm this observation.
The observation does not of
itself negate the concerns, real
or perceived, of those who fear
being overwhelmed by diverse
"grafted on" talents, but the
enrichment remains a stubborn
fact, irrefutable and easily veri-
The opening quote demon-
strates that for 2000 years and
more, artists have been frus-
trated with the act of bringing
their art to life. Frustrated too
when they find their works
ignored or unappreciated by
those professing an apprecia-
tion for art.
Collage is a technique in
which found materials photos,
wallpaper, newspaper, printed
text fabric are glued to a flat
In Europe, the technique
grew out of Picasso and Braque-
's experiments with form and
colour, which gave rise to

M GREEN Leaves

* BLUE Coffee Can

Cubism during the first two Some of the works, such as
decades of the 20th century Loretta's Place, are pure col-
(1907-1914). lages with no colour applied by
According to the authorities, brush or palette knife.
Picasso and Braque were influ- Others, such as Green Leaves
enced by African sculpture, and Martha's Pineapples com-
Suerat and C6zanne; particu- bine colour and found materials
larly by the latter's view that to create a new way of looking
"artists should treat nature in at and seeing quite ordinary and
terms of the cylinder, the sphere oft ignored objects, like leaves,
and the cone". pineapples and mangoes.
The exhibition on Friday and
Saturday (June 17 and 18) at Variety
the home of artist Sue Katz-
Lightbourn, may well be the
first in the Bahamas in which And in case one might be
the entire exhibition is devot- tempted to think that collage,
ed to this technique. like other techniques is easily
A Rhode Island School of seduced by pineapples, leaves
Design (RISD) graduate, the .and quaint shacks that dot the
artist noted that three years ago commercial landscape, there
she wanted to find another way are three small (8.5x11) pieces
of expressing here work and of that evoke a mood and time
looking anew at techniquues-. tha't"predate the Common-
learnt but left untried. wealth of The Bahamas,

though not the Isles of June.:
Lady in Red, Cat with
Oranges and Tuxedo Man are
dense complex works in whi4h
the elements period postcarcds,
-photos of old furniture and
exquisite bouquets, map's,
newsprint strips of colour:-
combine to create a sense of
time and place that the ele-
ments in and of themselves
could not do.
And it is in this ability to
look at the discarded, or as the
artist terms it "rummaging
through the garbage", that col-
lage forces both artist and
viewer to look anew at the
ordinary in a way that draw-
ing, painting and photography
are unable to do.
For the physicality of the dis-
carded, such as in Blue Coffee
Can is both itself a blue coffee
can and so much more.
Placed within a composition
of flowers against patterned
pink wallpaper and floating
pears it is difficult to see a cof-
fee can as just another utilitari-
an object of no artistic merit
until of course it makes an
appearance in an eponymous
In essence the technique
looks anew at the discarded and
sees new possibilities. And in
an interesting application' of the
principles, Ms Katz-Lightboum
has six mono prints in which she
uses the same principle of
adhering found objects -
bracelets, rivets, beads, leaves,
paper to create as Blue
Oceanor a Purple Haze.
Information on collage,
cubism and Pliny the Elder's
quote can be found atarttex.c'm



The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
If so, call us on 322-1986
and share your story.

but not at The Tribune

he Tribune is paring its bi est ever

9~~' 0h@ UMN

and needs graduating and college students, plus schools, to send in as much
information as possible on academic and other achievements. Students should
send in a photograph of themselves, and we need schools to supply information
on plans for the new academic year, plus any appropriate photos.

Address: Back To School Supplement

The Tribune

P.O. Box N-3207

Shirley & Deveaux Streets

Nassau, Bahamas

Contact Samora St. Rose at The Tribune on 502-2373 if you have any
queries. Information and pictures can also be emailed (as attachments) to:

.... .. . ..


PAGE 14, FRIDAY, JUNE 17, 2005



I o.. D'.M Wendy's & Pepsi
____BUI ____ Take pride in introducing
Scholarship Student

Thursday, June 16th was a big day for Andre Curry.

Andre' graduated from St Augustine's College and is the third student to graduate from the
Wendy's/Pepsi Scholarship Program. We are proud to feature his accomplishments.

Member of the School's Math Club
Vice President of the school's Speech and Debate Club
Member of the school's Drama Club
Member of the Junior Achievement Company 3 years consecutively
President of the Junior Achievement Company 2004 2005
Deputy Public Relations Director of the Achievers Association 2004 2005
Member of the Genetlemen's Club of 2005
Scholarship recipient
Member of the Governor General Youth Award Program
Volunteered at the Ranfurly Home, The Salvation Army and the Geriatrics Hospital
Junior Achievement Speech Competition Winner 2005
National Speech Competition Winner 2005
Second Runner Up in the Summer Fest Speech Competition 2005
Finalist in the Texaco National Safety Speech Competition 2005
Member of the Breath of Life Seventh Day Adventist Pathfinders/Master Guides
Junior Achievement Most Distinguished Achiever of the Year 2004-2005
Goal to be a successful Pediatrician/OB/GYN and Entrepreneur.
Congratulations Andre!
We at Wendy's and Pepsi believe in your goals and are proud to see the rewards that come from
hard work. You serve as an example for the 11 other Wendy's/Pepsi Scholarship students who
are working hard to follow in your footsteps.
We wish you continued success as you strive to reach your goals.

ndt -A inigCmbnto



t-HIDAY, JUNtI I, Vao, tAt-t to


Johaple Walker Colleeion Gift Pack 2 Baskets Per Store
Drawing to take place on
Monday June 27, 2005
Sale Date: June 16th-June 25th, 2005

Best Choices, Best Deals!
Caves Village, Shirley Street, Independence Hiwhuay, JfK Dr ly, Cable Beach Roundabout,
Harbour Bay, Lyford Cay
RND Plaza, Queen's Highway, SeahrsePlaza
Sands ) Queen Elizabeth Drive-Marsh Harbour
Butler & Sands Governor's Harbour, Bayside r Stoe-H'arbour island
John Marshall-George Town
Butler & Sands-Alice Town


FRIDAY, JUNE 17, 2005


Miami Herald Business, Stocks, Analysis, Wall Street

Concern voiced

on premiums

for insurance

Tribune Business Editor
MAJOR reinsurers have
expressed concerns that prop-
erty/homeowners insurance pre-
mium rates in the Bahamas are
not high enough, although exec-
utives have said there is nothing
for policyholders to currently
, worry about.
The Tribune has learnt that
representatives from major rein-
surers such as Swiss Re voiced
their concerns to executives
from Bahamian general insur-
ance carriers at the recent Insur-
ance Association of the
Caribbean (IAC) conference.
One insurance industry
source said: "Everybody was up
in arms."
Another added: "A number
of reinsurers did express con-
cern that rates, in the Bahamas
were not adequate."
However, while acknowledg-
ing that reinsurance companies
did voice their fears, Patrick
Ward, Bahamas First's presi-
dent, yesterday told The Tri-
bune that there was nothing

particularlyy special" about
what was said.
Reinsurers had a tendency to
grumble about the Bahamian
ma rket, and Mr Ward said there
was nothing for policyholders
to be concerned about in the
present climate.
He added: "They always have.
a much higher expectation of
where the market should be as
opposed to where it ends up."


The only difficulty for
Btahamian insurers would come
if reninsurance. companies
decided property premium rates
in this nation were so low that it
'was no longer worthwhile
remaining in the market and
pulled out, restricting capacity.
Reduced capacity would
automatically push property
premiums higher, due to a
reduction in reinsurance supply
and the fact that Bahamian gen-
eral insurance companies buy a
huge amount of reinsurance.
Bahamian property premium

rates have on average increased
by about 20-30 per cent for this
year when they came up for
renewal, reflecting the level of
claims submitted after Hurri-
canes Frances and Jeanne and
the increased risk attached to
this nation.
Another factor in the premi-
um increases has been the loss-
es suffered by the global insur-
ance industry in Japan and the
US, which were struck by six
typhoons and four hurricanes
in Florida respectively.
On average, Bahamian prop-
erty insurance premiums are 1.1
per cent of a home's appraised
value, compared to Jamaica,
which is at 0.6 per cent to 0.8
per cent, despite a 35 per cent
increase this year.
Separately, The Tribune
understands that at least one
Bahamian insurance company
looked at raising its property
premium rates by 50-60 per cent
at the start of the year, but
backed off when none of its
competitors followed it because
it was losing business and
renewals to them.

Senior Business Reporter

LESLIE Miller, minister of Trade and Indus-
try, announced the appointment of a Petroleum
Usage Review Committee to review the entire
petroleum industry and to determine what
changes are necessary.
Committee members have been asked to
review the area of pricing margins, with whole-
salers currently receiving a $0.33 per gallon

mark-up, and retailers gaining $0.44 per gallon
for a total of $0.77 per gallon. They will also
assess duty structures, as they compare to
regional competitors, to determine if the high
margins and taxes are warranted considering
the high volumes of gas purchased in the
Making his contribution to the House of
Assembly, Mr Miller said that while he would
SEE page six

Construction offsets

soft tourism industry

Tribune Business Editor
THE construction industry
picked up the slack from a
decreased tourism output in the
2005 first quarter, a Central
Bank survey has reported, with
earnings from the Bahamas'
number one industry and
stopover visitor spending both
down on the 2004 comparative..
The Central Bank's review of
first quarter economic develop-
ments said: "Increased con-
struction stimulus, from inten-
sifying foreign investment
inflows, residential investments
and hurricane repairs., out-

Senior Business
ALTHOUGH the Govern-
ment has. shelved Bahamian
membership in the Caribbean
Single Market and Economy
(CSME), a senior economist
yesterday suggested that joint
ventures could be sought with
Caribbean neighbours on the
creation of a single govern-
ment procurement agency, a
regional disaster organisation
and an environmental body.
Addressing the luncheon
meeting of the Rotary Club of
West Nassau, Dr Gilbert Mor-
ris, executive director of the
Landfall Centre, who was' one
of the more vocal critics of the

weighed the comparative
decrease in tourism output,
which remained constrained
mainly by the reduced capacity
in Grand Bahama."
Grand Bahama has lost
almost a third of its room inven-
tory following the closure of the
Royal Oasis Crowne Plaza and
Golf Resort following the Sep-
tember 2004 hurricanes, and the
owner's decision to subse-
quently place the property on
the market for sale.
The Central Bank said
"capacity constraints" were
behind the 2005 first quarter
SEE page six

* GILBERT Morris

Government's push to join the
CSME, said some joint region-
al initiatives did make sense.
These included a single

SEE page seven

on course

th 40 continuous years of insurance expertise,
bility and financial strength, we're proud to be
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New Providence
2 42-356-%697fiff LEGAL NOTICE

Toll-free Family Islands
Toll-free from the U.S.

CoFinancial Advisors Ltd.
Pricing Information As Of: Financial Advisors Ltd
16 June 2005

52wk-HI 52wk-Low Symbol Previous Close Today's Close Change Dally Vol. EPS $ DIv $ PIE Yield
1.10 0.95 Abaco Markets 0.95 0.95 0.00 -0.208 0.000 N/M 0.00%
8.50 8.00 Bahamas Property Fund 8.50 8.50 0.00 1.445 0.320 5.9 3.76%
6.40 5.55 Bank of Bahamas 6.35 6.40 0.05 3,000 0.561 0.330 11.4 5.16%
0.85 0.77 Benchmark 0.77 0.77 0.00 0.187 0.000 4.1 0.00%
1.80 1.40 Bahamas Waste 1.50 1.50 0.00 0.122 0.000 12.3 0.00%
1.06 0.87 Fidelity Bank 1.06 1.06 0.00 0.007 0.050 14.3 4.72%
8.65 6.76 Cable Bahamas 8.55 8.55 0.00 100 0.589 0.240 14.5 2.81%
2.20 1.54 Colina Holdings 2.20 2.20 0.00 0.259 0.060 8.5 2.73%
9.00 6.75 Commonwealth Bank 9.00 9.00 0.00 0.673 0.410 13.4 4.56%
2.50 0.54 Doctor's Hospital 2.50 2.50 0.00 0.452 0.000 5.5 0.00%
4.02 3.66 Famguard 4.02 4.02 0.00 0.406 0.240 9.9 5.97%
10.46 8.55 Finco 10.46 10.46 0.00 0.662 0.500 15.8 4.78%
8.52 6.69 FirstCaribbean 8.52 8.52 0.00 0.591 0.330 14.4 3.87%
8.60 8.31 Focol 8.42 8.42 0.00 0.708 0.500 11.9 5.94%
1.99 1.27 Freeport Concrete 1.27 1.27 0.00 0.082 0.000 15.5 0.00%
10.16 9.50 ICD Utilities 9.60 9.60 0.00 0.818 0.405 11.7 4.20%
8.25 8.10 J. S. Johnson 8.30 8.30 0.00 0.561 0.550 14.8 6.75%
6.69 4.36 Kerzner International BDRs 5.87 5.92 0.05 0.184 0.000 31.9 0.00%
10.00 10.00 Premier Real Estate 10.00 10.00 0.00 2.010 0.565 5.0 5.65%
52wk-Hi 52wk-Low Symbol Bid $ Ask $ Last Price Weekly Vol. EPS $ Div $ PIE Yield
13.00 12.50 Bahamas Supermarkets 12.25 13.25 11.00 1.488 0.960 9.1 7.25%
10.14 10.00 Caribbean Crossings (Pref) 10.00 10.35 10.00 0.000 0.800 NM 7.80%
0.60 0.40 RND Holdings 0.29 0.54 0.00 -0.066 0.000 NM 0.00%
43.00 28.00 ABDAB 41.00 43,00 41.00 2.220 0.000 19.4 0.00%
16.00 13.00 Bahamas Supermarkets 13.00 14.00 13.00 1.105 0.810 14.6 6.93%
0.60 0.:35 RND Holdings 0.29 0.54 0.35 -0.103 0.000 N/M 0.00%
52wk-HI 52wk-Low Fund Name NAVY YTD% / Last 12 Months Div $ Yield %
1.2323 1.1703 Colina Money Market Fund 1.232656*
2.3329 1.9423 Fidelity Bahamas G & I Fund 2.3329 ***
10.3837 10.0000 Fidelity Prime Income Fund 10.3837*****
2.2072 2.0985 Colina MSI Preferred Fund 2.207174**
1.1080 1.0435 Colina Bond Fund 1.107989 "*
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 Fidelitq
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 eamings per share for the last 12 mths
Dally Vol. Number of total shares traded today NAV Net Asset Value
DIV $ Dividends per share paid in the last 12 months NIM Not Meaningful
P/E Closing price divided by the last 12 month earningE FINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100
* AS AT MAR. 31, 20051** AS AT APR. 29, 2005
* AS AT MAY 20, 2005/*** AS AT MAY. 31, 2005/1* AS AT MAY. 31, 2005
,. :+ " SS 1[ S 8/.. BM"i .. ,+tt r>S, . .. .. f . .. ... .. + 8 ... + ..,8,, 9 %1 +i g++ + +B : + -- ..



Notice is hereby given that in accordance with Section
137 (4) of the International Business Companies Act
has been dissolved and struck off the Register according
to the Certificate of Dissolution issued by the Registrar
General on the 6th day of June, 2005.

Saffrey Square, Suite 205, Bank Lane,
P.O.Box N-8188,
Nassau, Bahamas

Full time position available for someone
proficient in Photoshop.

Candidate must have some experience
and expertise in photographic restoration,
and some knowledge in layout and design
would be helpful


Life. Money. Balance both.

* Trademarks of The Bank of Nova Scotia. Trademarks used under license and control of The Bank of Nova Scotia.



PetroCaribe could save BEC $8-$10m


Senior Business Reporter
The Government is continu-
ing negotiations with Venezuela
and other oil-producing coun-
tries on the implementation of
the PetroCARIBE initiative
proposed in July 2004, with rec-
ommendations put forward to
the Venezuelan government on
ways to fast track the initiative.
If implemented, Petro-
CARIBE is expected to assist in
reducing the debilitating effect
that the spiralling costs of fuel
has on the Caribbean
Trade and Industry minister,
Leslie Miller, said during his
contribution to the budget
debate that a Heads of State
Summit is expected to take
place later in June.
He said that in an attempt to
move the process along, the
Government had begun review-
ing an initial proposal received
from the Venezuelan state-
owned oil company, PDVSA,
which also owns the Bahamas
Oil Refinery Company (BOR-
CO), that will allow the
Bahamas Electricity Corpora-
tion (BEC) to purchase fuel
directly from it.
Based on an initial review,
Mr Miller said the Bahamas
could benefit from a reduction
in the cost of BEC's fuel in the
range of $8-$10 million annual-
He added that the Caracas
Accord, with an interest rate of
2 per cent per annum, has pro-
visions to defer payment of up

to 25 per cent on the cost of fuel
Preliminary results from a
study conducted show that, if
this benefit is pursued, BEC's
cash flow could be positively
impacted by about $25 million
per year, freeing up additional
corporation funds to assist in
the purchasing and upgrades of
engines. Such a move would
translate into further savings for
BEC as more fuel efficient
engines are brought on stream,
he said.


Touching on oil exploration
in the Bahamas, Mr Miller said
the Government had awarded
two companies, Kerr McGee
Oil and Gas Corporation and
Liberty Oil and Refining Inc,
with licences to engage in the
exploration for oil reserves in
the Bahamas.
Kerr McGee was said to have
paid a one-time application fee
of $900,000, and based on its
three year agreement, is now
required to pay a yearly rental
fee. In the first year, 2004/2005,
the Treasury received some
Mr Miller said in 2005, the
Treasury is set to received an
additional $675,000, and in the
final year of the contract will
collect some $900,000 from the
exploration company.
Initial results from the seis-
mic testing show that there may
well be an abundance of oil in
the waters off the coast of
Grand Bahama. Kerr McGee is

up 46%

scheduled to commence its first
drilling in August, Mr Miller
said, adding that in the event
that oil is discovered, the fees
due to the government would
increase dramatically.


The second oil company, Lib-
erty Oil, pays an annual rent of

$37,640 for license number one,
while they pay $7553.10 for
license number two. Mr Miller
said that during the 2004 hurri-
cane season, Liberty Oil expe-
rienced some setbacks in their
oil exploration exercises and as
a result they applied for and
were granted an extension to
their licenses. Liberty Oil is
currently still in the process of
exploring for oil.

The Public is hereby advised that I, DENA HAMILTON,
intend to change the name of my infant child from SASCHA
HAMILTON-MILLER. If there are any objections to this
change of name by Deed Poll, you may write such objections
to the Chief Passport Officer, P.O.Box N-742, Nassau,
Bahamas no later than thirty (30) days after the date of
publication of this notice.

A young aggressive company with a solid track record
is expanding and requires an

In House Marketing Manager
If you are looking for position with:
1) Structure
2) Lots of supervision
3) A daily routine
Then this position is NOT for you.
Applicants must have a degree in marketing.
When applying remember that we are looking for that
applicant who stands out from the rest.
c/o The Tribune Limited
DA# 03251
P.O. Box N-3207
Nassau, Bahamas

Tribune Business Editor
LESLIE Miller, minister of
trade and industry, said real
property taxes collected for
2004-2005 year-to-date have
already exceeded the full
amount collected in the previ-
ous fiscal years by 46.07 per cent
or $16.4 million.
Mr Miller attributed the
$52.25 million already collect-
ed this year, compared to the
$35.77 million collected in fiscal
2003-2004, to an arrears collec-
tion exercise and incentives
offered for a total waiver of sur-
charges for both commercial
and owner-occupied property.

I a s 1



Meanwhile, since the Business
Licence Act was amended in
August 2004, from then to May
2005 business licence renewal
applications increased from
3,484 to 8,285, translating into
$239,850 in additional revenue.
Mr Miller said that if this
trend continued total revenues

will increase by $480,000 in this
Over the same period, while
new Business Licence applica-
tions had fallen from 3,180 to
1,889 over the same period, but
revenue from this had increased
to $173,380 from $31,805, a gain
of 445.13 per cent.



BDankof The Bahamas



"A growing and dynamic Bahamian institution"

Core responsibilities:

* Analyze and investigate financial and non-financial information with a
view to assessing the viability of business proposals. Assess loan
applications and interview potential candidates.

* Prepare credit proposals for existing and potential clients.

* Manage effectively, a portfolio of corporate relationships and act as
'Relationship Manager' for assigned accounts.

* Increase consistently, the value of accounts through personal marketing efforts.

* Conduct consistent follow-up on delinquent accounts and institute measures
for the collection of bad accounts.

* Conduct field inspections.

* Assess the local industries and make recommendations for areas of exploration
by the Corporate Credit Division.

* Recommend annual performance objectives and action plans that will help
to increase the Bank's profitability. (Ability to successfully implement plans
to completion is critical.)

Knowledge, Skills, and Abilities:

* Bachelors Degree in Economics/Finance/Business Administration

* Five years experience in the Financial Services Industry

* Strong analytical and organizatipnal skills

* Being a team player is essential; must have excellent interpersonal and
communication skills.

Benefits include: Competitive compensation (commensurate with qualifications);
group medical, vision, and life insurance; and a pension scheme.

Send resume to: The Manager, Human Resources and Training
Bank of The Bahamas International
P.O. Box N-7118
Shirley Street
Nassau, Bahamas

* LESLIE Miller

Real property tax



(In Voluntary Liquidation)

Pursuant to the provisions of Section 137 (8)
of the International Business Companies Act,
2000 notice is hereby given that PHOENIX
HEDGE FUND, LTD., has been dissolved
and struck off the Register of Companies as
of the 14th day of April, 2005.


This development in Ocean Club is comprised of
88 residences and a marina.


All interested parties, please complete a
Contractor's Prequalification Statement on their company
letterhead and forward to:

mail: Paradise Blue Water Ltd.,
P.O. Box SS-6386,
Nassau, Bahamas

Thank You.

FRIDAY, JUNE 17, 2005, PAGE "3




under the provisions of the International Business Companies Act
b) The Dissolution of the said Company commenced on June 10, 2005
when its Articles of Dissolution were submitted and registered by
the Registrar General.
c) The Liquidator of the said company is Alisa Richardson of Shirley
House, 50 Shirley Street, Nassau, Bahamas.
d) All persons having Claims against the above-named Company is
required on or before the 14th day of July, 2005 to send their names
and addresses and particulars of their debts or claims to the Liquidator
of the company or, in default thereof, they may be excluded from
the benefit of any distribution made before such debts are proved.
June 14, 2005



a) BROCK INVESTMENT LIMITED. is in dissolution under the
provisions of the International Business Companies Act 2000.
b) The Dissolution of the said Company commenced on June 9, 2005
when its Articles of Dissolution were submitted and registered by
the Registrar General.
c) The Liquidator of the said company is Alisa Richardson of Shirley
House, 50 Shirley Street, Nassau, Bahamas.
d) All persons having Claims against the above-named Company is
required on or before the 14th day of July, 2005 to send their names
and addresses and particulars of their debts or claims to the Liquidator
of the company or, in default thereof, they may be excluded from
the benefit of any distribution made before such debts are proved.
June 14, 2005



a) OSIRIS INTERNATIONAL LTD. is in dissolution under the
provisions of the International Business Companies Act 2000.
b) The Dissolution of the said Company commenced on June 9, 2005
when its Articles of Dissolution were submitted and registered by
the Registrar General.
c) The Liquidator of the said company is Alisa Richardson of Shirley
House, 50 Shirley Street, Nassau, Bahamas.
d) All persons having Claims against the above-named Company is
required on or before the 14th day of July, 2005 to send their names
and addresses and particulars of their debts or claims to the Liquidator
of the company or, in default thereof, they may be excluded from
the benefit of any distribution made before such debts are proved.
June 14, 2005

Employment Opportunity
A business establishment is seeking to fill a senior
management position.
Role and Primary Responsibilities
The officer will form a part of the establishment's senior
management team and will report to the Chief Executive
Officer. The individual will also be responsible for:
providing leadership and technical expertise to
operational departments of the establishment
contributing to the formulation and implementation
of policies
participating in the establishment's strategic planning
and translating plans into goal-directed work
providing guidance for continuous improvement of
work processes
ensuring the effective management and development
of the establishment's human resources.
Education, Knowledge, Skills and Experience
Master's degree in finance, business administration,
accounting or related field
Knowledge of financial sector trends
Leadership skills proven record of success in leading
teams through coaching/mentoring and managing
Proven ability to think strategically
Critical thinking and analytical skills proven ability
to assess, evaluate data and formulate opinions and
Proven project management skills
Sound interpersonal, oral and written communication
Fifteen (15) years managerial experience
The appointment is being offered on a contractual basis
and carries attractive benefits.
Applications should be made in writing to:
The Manager, Human Resources
DA #4584
c/o The Tribune
P.O. Box N-3207
Nassau, Bahamas

BREA chief hoping

to 'shortly curtail'

unlicensed sales

THE Bahamas Real Estate Associa-i o (BR
tion's (BREA) president is hoping to
"shortly be able to curtail" the practice
of foreigners selling Bahamian land and
property without a licence.
Addressing 50 persons seeking to pass
the introductory course to become licensed
Bahanmia realtors, Pat Strachan said: ""We f
are constantly coming up against foreign
persons selling land and property in the
Bahamas when they are not licensed to
do so.
"Fortunately it seems as though we may
shortly be able to curtail this practice since
we are presently working closely with the
Minister of Financial Services and Invest-
ments, Allyson Maynard-Gibson, to
update our laws so that all agents, devel-
opers and lawyers will know that if they
wish to sell property in the Bahamas they
must work through a licensed Bahamian
Mr Strachan said that Bahamians who
successfully passed the realtor course were
also required to apply for a licence and
work full-time under a Bahamian broker.
The lecturer on the course was Larry
Sticca, who said: "This was a very enthu-
siastic group we'll just have to wait and
see how many pass the course on their
first step towards working in the Bahamas o PATRICK Strachan (left), president of the Bahamas Real Estate Association (BREA),
real estate profession." is pictured with Edith Powell, BREA director; Larry Sticca who conducted the recent
Realtors Introductory course; and June Fife (far right) Chamber
PUBLIC HOSPITALS of Commerce staffIBREA administrator.


PUBLIC NOTICE NOTICE is hereby given that SHIRLEY DANIEL, 5745 N.W.
27TH COURT, LAUDERHILL, FL 33313, is applying to the
Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and
REQUEST FOR PROPOSALS that any person who knows any reason why registration/
naturalization should not be granted, should send a written
MATERIALS MANAGEMEMNT INFORMATION SYSTEM and signed statement of the facts within twenty-eight days
MATERAL MN AtGErMEnt hasI appoe from the 17TH day of JUNE, 2005 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,
The Public Hospitals Authority (PHA), Commonwealth of The Bahamas.
Bahamas is inviting proposals from qualified vendors to provide a
Materials Management Information System (MMIS) solution that
meets its current and future business requirements. N O T IC E

Interested companies are invited to submit proposals in the required NOTICE is hereby given that SHENEIL SHARMANE MOSS,
format and delivered in a sealed envelope in order to reach the PHA GRAND BAHAMA, BAHAMAS, is applying to the Minister responsible
by 29th July 2005. 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
A comprehensive document outlining impotant information for from the 10TH day of JUNE, 2005 to the Minister responsible for
vendors, proposal preparation instructions andtechnical specifications Nationality and Citizenship, P.O.Box F-41085, Grand Bahama,
of the requirements is available upon request; and can be collected Bahamas.
from the PHA Corporate Office,.Manx Corporate Centre, West Bay
Street, Nassau. PUBLIC NOTICE

An electronic version of this RFP is also available by: INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, DEVONNE
visiting the PHA's website at: (click under MCQUEEN, of Golden Gates #2, P.O. BoxN-8947,
Business Opportunities: Current RFP's); or Nassau, Bahamas, intend to change my name to DEVON
e-mail: COLLIE. If there are any objections to this change of
name by Deed Poll, you may write such objections to the
Chief Passport Officer, RO.Box N-742, Nassau, Bahamas
no later than thirty (30) days after the date of publication
of this notice.
RE: Study of the Process to Establish a Small Business ..
in the Bahamas. .PUBL NO I

In keeping with the mandate to encourage Bahamian
entrepreneurship, the Government has appointed a task force The Public is hereby advised that I, JEAN BAPTISTE, of
with a mandateto present to Government recommendations on Fire Trail Road off Carmichael Road, P.O. Box N-7101,
Bahamas, intend to change my name to NADIA JEAN
how to simplify the process for the establishment of legitimate BAPTISTE. If there are any objections to this change of
business especially small to medium enterprises. In order to name by Deed Poll, you may write such objections to the
attain a full understanding of the difficulties encountered by Chief Passport Officer, RO.Box N-742, Nassau, Bahamas
no later than thirty (30) days after the date of publication of
small to medium enterprises, the Task Force is seeking comments this notice.
from small to medium enterprises in the following sectors:

1) Agriculture and Fisheries
2) Legal Services
3) Medical Services NOTICE is hereby given that HARRY PETIT-HOMME, #39
4) Financial Services WINDSLOR LANE, is applying to the Minister responsible
5) Dry Good (Retail & Wholesale) for Nationality and Citizenship, for registration/naturalization
6) Construction Services as a citizen of The Bahamas, and that any person who knows
(Including, Architectural, Plumbing and Electrical Services) any reason why registration/ naturalization should not be
(Which include Small Hotels, Souvenir Manufacturing, Jet granted, should send a written and signed statement of the
Ski & Pleasure Craft Operators) facts within twenty-eight days from the 10TH day of JUNE,
8) All other goods and service providers. 2005 to the Minister responsible for Nationality and Citizenship,

Responses may be sent to: P.O.Box N- 7147, Nassau, Bahamas.
Responses may be sent to:

Mr Michael Halkitis
Chairman of the Task Force for the Simplification of the Process N O T IC
to Establish Small Business
Ministry of Finance NOTICE is hereby given that FELICITY MACKNESS,
Cecil Wallace Whitfield Centre applying to the Minister responsible for Nationality and
West Bay street Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why
Nassau, Bahamas registration/ naturalization should not be granted, should
Fax: 327-1618 send a written and signed statement of the facts within
E-mail: twenty-eight days from the 10TH day of JUNE, 2005 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N- 7147, Nassau, Bahamas.


PO Box N 123
Montague Sterling Centre
East Bay Street
Nassau, Bahamas

Telephone 242 393 2007
Fax 242 393 1772

We have audited the accompanying consolidated balance sheet of Leu Trust (Bahamas) Limited
at December 31, 2004. This consolidated balance sheet is the responsibility of the Company's
management. Our responsibility is to express an opinion on this consolidated balance sheet based
on our audit.
We conducted our audit in accordance with International Standards on Auditing as promulgated
by the International Federation of Accountants. Those Standards require that we plan and
perform the audit to obtain reasonable assurance as to whether the consolidated balance sheet is
free of material misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the consolidated balance sheet. An audit also includes assessing
the accounting principles used and significant estimates made by management, as well as
evaluating the overall consolidated balance sheet presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, this consolidated balance sheet presents fairly, in all material respects, the
financial position of the Company as of December 31, 2004 in accordance with International
Financial Reporting Standards as promulgated by the International Accounting Standards Board.

Chartered Accountants

Nassau, Bahamas
April 20, 2005

Consolidated Balance Sheet

December 31, 2004, with corresponding figures for 2003
(Expressed in United States dollars)

Note 2004 2003


Cash and due from bank on demand affiliate $ 1,108,568

Time deposits affiliate 3 1,120,000
Investments 4 2,615,372 364,555

Retrocession fee receivable 12,850 21,052

Accrued interest receivable 6,150 5,979
$ 2,634,372 2,620,154


Due to bank 38,560 -
Accrued expenses 242 -
$ 38,802
Shareholder's Equity

Share capital:
Authorized, issued and fully paid-
2,000,000 shares of $1 each $ 2,000,000 2,000,000

General reserve 312,427 312,427

Retained earnings 283,143 307,727
2,595,570 2,620,154

$ 2,634,372 2,620,154
See accompanying notes to consolidated balance sheet.

This consolidated ance sheet was approved on behalf of the Board of Directors on April 20,
2005 by the folling:

Notes to Consolidated Balance Sheet

December 31,2004
(Expressed in United States dollars)

1. General information
Leu Trust (Bahamas) Limited ("the Company"), formerly Leu Trust and Banking (Bahamas)
Limited, is incorporated under the laws of the Commonwealth of The Bahamas and is
licensed by the Ministry of Finance of The Bahamas to carry on trust business.
On July 1, 2003 the Company received approval from the Registrar General's department to
change its name from Leu Trust and Banking (Bahamas) Limited to Leu Trust (Bahamas)
The Company is a wholly-owned subsidiary of Credit Suisse Group ("the parent company").
Affiliates include the parent company and associates of the parent company.
The registered office of the Company is located in The Bahamas Financial Centre, Shirley
and Charlotte Streets, Nassau, Bahamas.
On December 23, 2002 the Board of Directors approved a resolution to downgrade the
Company's business license from an unrestricted banking and trust license to a restricted trust
license. The new license took effect from July 1, 2003.
On September 28, 2004, the Board of Directors approved a resolution to further downgrade
the Company's business license from a restricted trust license to a non-active trust license.
This license will take effect from January 1, 2005. At this time the Company intends to limit
its business to investing in bonds and mutual funds.
Under its reorganization plan the Company commenced transferring mandates to Credit
Suisse Trust Limited ("CST"), an affiliated company, and a few external trust companies
effective June 30, 2002. All mandates have now been transferred.
2. Accounting policies
This consolidated balance sheet has been prepared in accordance with International Financial
Reporting Standards as promulgated by the International Accounting Standards Board. The
following is a summary of the significant accounting policies:
(a) Accounting convention
This consolidated balance sheet has been prepared under the historical cost convention,
except as noted below.
(b) Basis of consolidation
The consolidated balance sheet includes the accounts of the Company and the following
wholly-owned subsidiaries:

Cipriani Corporation Limited
Maddox Limited
These wholly-owned subsidiary companies are incorporated in the Commonwealth of
The Bahamas. They are used for nominee purposes and are otherwise inactive.
At extraordinary general meetings of the shareholders of Maddox Limited and Cipriani
Corporation Limited held on December 23, 2004, the shareholders resolved that the
companies be voluntarily liquidated.

(c) Translation offoreign currencies
Management considers the reporting currency of the Company to be United States
dollars, as this is the Company's primary operating currency.
Assets and liabilities denominated in currencies other than United States dollars have
been translated into United States dollars at the rates of exchange prevailing at the
consolidated balance sheet date.
(d) Investments
Short-term (available-for-sale) investments are carried at fair value. Fair value of an
investment in a fund is determined by reference to the net asset value advised by the
administrator. The fair value of debt securities is based on their quoted market price at
the consolidated balance sheet date.
Investment transactions are accounted for on the settlement date (date that a financial
asset is delivered to or by the Company).
(e) Trustee and fiduciary arrangements
The Company is engaged in trust activities. No account is taken in this consolidated
balance sheet of assets held or liabilities incurred by the Company as trustee, nominee or
in a fiduciary capacity. The value of assets held in trust at December 31, 2004 was nil
(2003 $2,713,508).
3. Time deposits
Time deposits earned interest at the annual rates of 0.97% and 1.75% during 2004 (2003 -
0.875% and 1.06%).

4. Investments

2004 2003
Short-term investments:
Bonds, interest rates ranging from 4.5% to 5.875%
per annum, maturing in 2005 and 2006 (cost $484,412;
2003 $345,378) $ 488,912 364,555
Fund (cost $2,135,154; 2003 nil) 2,126,460 -
2,615,372 364,555
5. Geographical analysis of Assets and Liabilities
At December 31, 2004 and 2003 the Company's assets and liabilities were concentrated in the
following geographic locations:

2004 2003

The Bahamas $ 12,850 1% 2,249,620 86%
North America 495,062 18% 370,534 14%
Switzerland 2,126,460 81% -
$ 2,634,372 100% 2,620,154 100%,

The Bahamas $ 38,802 100% -
$ 38,80.2 100% -
6. Maturity of Assets and Liabilities
At December 31, 2004 the maturities of assets and liabilities are summarized as follows:

On demand Up to 1 Year After 1 Year Total

Investments $ 2,615,372 2,615,372
Retrocessions receivable 12,850 12,850
Accrued interest receivable 6,150 6,150

$ 19,000 2,615,372 2,634,372

Due to bank $ 38,560 38,560
Accrued expenses 242 242
$ 38,560 242 38,802

7. Related party transactions
During the year, the Company paid $26,455 (2003 $63,420) for administration and
management services performed by Bank Leu Limited Nassau Branch (BLN), a branch of
Bank Leu Limited Zurich.
8. Fair value of financial assets
The carrying values of cash and due from bank on demand, time deposits, accrued interest
receivable and due to bank approximate their fair values due to their short-term maturities.
Short-term investments are carried at market value, which is considered to approximate fair
9. Concentrations of financial Instrument risk
Interest rate risk
The Company is exposed to interest rate risk by virtue of the effects that changes in interest
rates can have on the value of its investments.
Currency risk
Substantially all of the Company's assets and liabilities are denominated in U.S. dollars.
Accordingly, there is minimal currency exposure.

r U

Publish your Legal

Notices and

Balance Sheets in

The Bahamas

leading newspaper

The Tribune

Call 502-2352 thru 7 or



PAGE 6B, FRIDAY, JUNE 17, 2005


Committee to review changes to industry

FROM page one
like to see a reduction in prices
at the pump immediately, he
was awaiting the outcome of the
findings of the committee and
additional consultation with
stakeholders before proposing
any changes.
Mr Miller also advised MPs
that his ministry had proposed
the creation of an agency that
would be responsible for

procuring fuel from Venezuela
and Mexico and other reliable
sources on a Government-to-
Government basis, the Nation-
al Energy Corporation.
The role and responsibilities
of the proposed agency are cur-
rently being looked at by the
Petroleum Usage Review com-
mittee. The committee has also
been asked to look at ways of
ensuring that the agency, if
approved, would have the

appropriate controls in place to
ensure the staff complement
remains at a minimal number
of energy professionals, and
does not become a bloated gov-
ernment corporation used as a
"job creation agency".
Mr Miller said. the creation
of the agency would not commit
the Bahamas to purchasing fuel
from any single source.
"What it will do is allow the
country to use its purchasing


Individual and Consolidated

Financial Statements

1.1 Individual Balance Sheet as at December 31, 2004
(Amounts eprssed in thousads ofeuros)
Total Accumulated Depreciation Net PrevouYer
Assets Notes Assets And Provisions Assets (Net Asts)
I. Cash and deposits at Central Banks 4 738.387 738.387 689,626
2 Loans and advances to credit institutions repaable on demand 5 426.923 426.923 495.436
3. Other loans and advances to credit institutions 6 5,773,065 4,082 5,768.983 6,006,577
4. Loans and advances to customers 7 17,743,306 286,036 17,457,270 16,396,372
5. Bbnds and other fixed income securities 4.204,104 19.376 4.184.728 2,868,549
a) Issued by Government and Public entities 8 1,341,663 1,430 1,340,233 742,889
b) Issued by other entities 8 2,862.441 17,946 2.844.495 2.125,660
(Of which Own securities)
6. Shares and other variable income securities 8 659,758 53,783 605,975 312,073
7. Investments 9 922.601 23,857 898,744 831,372
8. Investments in subsidiaries 10 785.857 6,730 779.127 788,711
9. Intangible assets 11 517,812 425,631 92.181 132.869
10. Tangible assets 12 675,499 451,346 224.153 220.295
(Of which: premises) (335,825) (172,885) (162,940) (160.254)
I I.Unpaid capital
12.Treasury stock
.13. Other assets 13 394,835 17,746 377.089 307,904
15. Prepayments and accrued income 14 2,349,939 2,349,939 2.334,093
16.Loss for the year

TOTAL 35,192.086 1,288,587 33,903,499 31,383,877

Obligations and Future Commitments Notes Year Previous Year
1.Guarantees Granted and Contingent abilities 25 12,187,517 10,081.183
Of which:
-Acceptances and endorsements of rediscounted bills
Securities and asset backed securities 25 502,878 352,471

2.Commitments 25 2,064,128 1.668,910
Of which:
Commitments arising from sales with repurchase option

pbIldes and Shlarolers tqulty Notes Year Previous Year
Amounts owed to credit institution 10.943.220 9.293.521
a) Repayable on demand 15 208.255 426.179
'b) With agreed maturity date 15 10.734.965 8.867.342
2 Amounts owed to customers 13.299.987 13.067.954
*a) Savings accounts 16 2.066.121 2.087,817
:.b) Other amounts 11,233.866 10.980,137
Sba) Repayable on demand 16 6.833,969 6.257.346
Sbb) With agreed maturity date 16 4,399,897 4.722,79 I
3. Debt securities 4,767.191 4.266.285
a) Outstanding bonds 17 2.777.489 2,759.214
b) Other securities 17 1.989.702 1,507.071
4. Other liabilities 1888.153 79,625
5. Accruals and deferred income 19 521,548 416,601
6. Provisions for liabilities and charges 263.073 279.504
Sa) Pension plan and equivalent charges
b) Other provisions 20 263.073 279.504
A Provisions for general banking riks 20 128.751 00,300
8. Subordinated debt 21 1,706,323 1,808,963
9. Share Capital ...23 1.500,000 1.500,Q00
10. Share premium 23 300000 300,000
II. Reserves 23 180.944 79.289
JI2 Revaluation reserves 23
V. Retained earnings
(4. Net income for the year 23 204.309 191835
S N- f_23 204.309 191,835


33.903.499 31,383.877

KPMG & Assocladoe Sololded de Reovisms
Officials de Contas, S.A.
Ediflcio Monumental
Av. Praia da Vitdrias.71 -A. 11'
1069-006 Usboa

Telefone: +351 210 110000
Fax: +351 210 110.121

Auditors' Report

To the
Shareholders of
Banco Espirito Santo, S.A.

We have audited the accompanying financial statements of Banco Espirito Santo, S.A. ("the-Bank")
which comprise the individual and consolidated balance sheets as at 31 December, 2004 and 2003 and
the related individual and consolidated statements of income and cash flows for the years then ended
and the respective explanatory notes and annex. Our audit was performed in accordance with
International Standards on Auditing.

Responsibility of Management and Auditors
These financial statements are the responsibility of the Board of Directors of the Bank. Our
responsibility is to express an opinion on these financial statements based on our audit.

Basis of opinion
International Standards on Auditing require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatements. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in these financial
statements. An audit also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.

In our opinion, the accompanying financial statements present fairly, in all material respects, the
financial position of Banco Espirito Santo, S.A. and of the Group, as at 31 December, 2004 and 2003,
and of the results of its operations and its cash flows for the years then ended in accordance with
generally accepted accounting principles in Portugal for the Banking Sector, as referred to in note 3 to
the financial statements.

Lisbon, 28 February 2005


A copy of the Annual Report & Audited Accounts may be obtained from Ansbacher (Bahamas)
Umited, Ansbocher House, Bank Lane, Nassau, Bahamas.

power to negotiate and pur-
chase products from any source
that can provide good prices
and a guaranteed supply," Mr
Miller said.
"We have already held talks
with Trinidad and Tobago and
Columbia, and we are sched-
uled to have talks in the very
near future with Canada, Mex-
ico and Brazil along with other
large independent suppliers so
that we will be well informed
as to supply source, prior to the
start of any new arrangements."
Meanwhile, Mr Miller said
that with any changes in the
industry, retail distributors will
be afforded the opportunity to
own their locations outright.
He added: "Any changes
must allow these long suffering
entrepreneurs the opportunity
to purchase their products
freely on the open market and
not be restricted to the unfair
royalty and rental charges that
the major oil companies sad-
dled them with."
Mr Miller said the high cost

of oil does not auger well for
the price of energy and petro-
leum fuels locally, noting that
the impact is felt not only by
Bahamians in their daily per-
sonal activities, but it also neg-
atively affects the competitive-
ness of our tourism industry.
He added: "This has the
potential to restrict economic
growth, and lead to increases in
the rate of inflation. If current
trends prevail, the Bahamian
public will continue to be faced
with higher fuel and energy
costs. In addition to their envi-
ronment benefits, alternative
sources of energy can reduce
our fuel bill and reduce our
reliance on fossil fuels, which
we presently do not produce."
Based on statistics from the
Central Bank of the Bahamas,
the Bahamas spent in excess of
$2 billion on fuel between 1995
and 2004. Some $350 million
was spent on gas in 2004 alone.
Data from the US Energy
Information Administration and
CARICOM Energy Task Force

indicated that in 2001 the
Caribbean consumed about 2.7
billion gallons of petroleum
products, with the Bahamas con-
suming 313 million gallons or
about 12 per cent of the total,
making the Bahamas the third
largest consumer behind Jamaica
and Trinidad and Tobago.
Mr Miller credited the rate
of consumption in large part to
the buoyancy of the tourism
industry and the strength of the
Bahamian economy.
The Trade and Industry min-
ister said he would continue his
journey to reduce the prices of
gasoline at the pump to his tar-
get figure of $2.65 per gallon,
although he may have to adjust
the figure to $3 per gallon
because the world markets have
changed drastically.
The members of the Petro-
leum Usage Review committee
include Vincent Coleby, an ex-
Shell executive as chairman;
Pierre Dupuch, vice-chairman;
Brenda Lockhart, Deepak
Bhatnagar and Gerald Wirth.

Construction boom

FROM page one
decline in tourism earnings, with
hotel room inventory down in
both New Providence and the
Family Islands. The Family
Islands also saw reduced room
A Ministry of Tourism sur-
vey showed that while average
nightly room rates at large hotel
properties had increased by 9.4
per cent to $177.88, this has
been offset to some extent by a
6.1 per cent decrease in nightly
room sales.
As a result, room revenue
growth during the 2005 first
quarter was 2.8 per cent, com-
pared to 10.9 per cent growth
in the 2004 first quarter.
"In addition to some fall-off
in cruise earnings, indications
are that stopover spending also
declined," the Central Bank
The report said total visitor
arrivals fell by 3 per cent during
the three months to March 31,
compared to 13.3 per cent

growth in the 2004 first quar-
Air and sea arrivals contract-
ed by 4.2 per cent and 2.5 per
cent respectively, compared to
2004 increases of 7.9 per cent
and 15.7 per cent respectively.
The fiscal outlook was also
less rosy, with the, Central Bank
reporting that the budget deficit
for the three months to March
31 widened again compared to
the previous year, due to spend-
ing outpacing increased rev-
The deficit for the period,
which was the third quarter in
fiscal 2004-2005, rose to $33.2
million from $24.2 million the
year-before. While total rev-
enues had increased by 0.4 per
cent to $254.3 million, expen-
diture grew by 3.6 per cent to
$287.5 million.
The Central Bank said: "On
the revenue side, the 19.1 per
cent strengthening in tax
receipts was nearly offset by the
significant shift in the timing of
flows, which reduced n'on-tax

revenue by more than half, and
the absence of capital revenue,
as compared to a significant
inflow in 2004."
Spending was dominated by a
4.5 per cent in current outlays
and 28.1 per cent rise in net
lending to the public corpora-
A 0.7 pe- cent increase in the
guaranteed liabilities of the pub-
lic corporations caused the
national debt to increase by 0.1
per cent in the 2005 first quarter
to strike $2.534 billion. The
direct charge on government
fell by 0.1 per cent due to the
repayment of $20 million in
debt principal.
There was better news on the
mortgage front, as the value of
mortgage disbursements, main-
ly for residential developments,
rose by 14.5 per cent to $86 mil-
lion. The value of commitments
for construction and repairs
"more than doubled" to $47.1
million, with residential loan
approvals accounting for 96.8
per cent of the total.

In The Tribune's

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Sections wil be printed over three days: July 6, 7

Deadline for ads: June 27, 2005

Call Your account executive today on 322-1988




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FRIDAY, JUNE 17, 2005, PAGE 78[

Hurricane Hole Marina

is to be acquired by

Kerzner in third quarter

FROM page one
International was seeking to
acquire Hurricane Hole
Marina for a sum around $20
Tribune Business first
revealed Kerzner Interna-
tional's interest in a deal on
March 11, and reported fur-
ther developments as nego-
tiations progressed on April
It will be interesting to see
how the Government moves
on approving the deal, given
that the party selling Hurri-
cane Hole Marina to Kerzner
International is the same
Driftwood/Lehman Brothers
combination that owns and
operates the closed Royal
Oasis resort on Grand
Observers are likely .to
watch whether the Govern-
ment attaches conditions to
its approval of the Hurricane
Hole Marina sale, particular-
ly given the sums owed by
the Royal Oasis to the Gov-
ernment in casino taxes
alone, which earlier this year
were said to amount to $13.1
Royal Oasis is owned by a
separate holding company,
Driftwood (Freeport), but the
Government could attach a
condition whereby Driftwood
and Lehman Brothers' pri-
vate equity arm would have

to use part of the $23 million
proceeds received from the
Hurrican Hole disposal to
refund the $5 million-plus in
redundancy payments the
administration made to the
1300 laid-off Royal Oasis
Other Royal Oasis credi-
tors are also likely to monitor
the situation.
However, if the Govern-
ment did attach strings to the
deal's approval and these
delayed its completion, the
administration would run the
risk of upsetting Kerzner
This could be potentially
dangerous, with inside
sources yesterday telling The
Tribune that Kerzner Inter-
national had yet to really
start work on the main Phase
III components the 600-
room all-suite hotel, conven-
tion space and water-based
attractions because it want-
ed to see the Government
make more progress in sort-
ing out Nassau International
Part of the Phase III Heads
of Agreement required the
Government to upgrade the
airport, but progress seems
to have been relatively slow,
apart from much-needed
improvements to the run-
Glenys Hanna-Martin, the
minister of transport and avi-

ation, said negotiations
between the Government
and YVRAS, the Vancouver
Airport Services subsidiary,
which was selected as the pre-
ferred bidder to take over
management of Nassau Inter-
national Airport from the
Airport Authority, had
reached a critical stage.
Yet it has been some six to
eight months since YVRAS
was announced as the pre-
ferred bidder, a timeframe
that is unlikely to have
pleased Kerzner Internation-


Meanwhile, the company's
purchase of Hurricane Hole
Marina comes following an
extensive effort by Driftwood
and Lehman Brothers' pri-
vate equity arm to sell it. -A
previous offer for the prop-
erty, which was tabled around
Christmas time, failed to
Driftwood is understood to
have been represented in the
negotiations by attorney
Valentine Grimes, the PLP
The Hurricane Hole Mari-
na will allow Kerzner Inter-
national to provide marina
and docking facilities at
slightly lower price points
than its Atlantis marina. The

company will also be able to
attract the larger yachts,
whose owners fit the One &
Only Ocean Club's profile,
which were not able to enter
the shallower Atlantis mari-
One source said yesterday:
"They are probably going to
make the marina their land-
ing sits for all their cruise ship
tourists on PI."
The deal will also give
Kerzner International further
leverage with the Govern-
ment in negotiations over a
possible Phase IV develop-
ment on Paradise island.
Adding its newly-acquired 11
acres, Kerzner International
will have some 77 acres left to
In addition, the Atlantis
owner will control all water-
access points to Paradise
Island, as the dock at the Par-
adise Island ferry terminal is
also included in the purchase.
With Hurricane Hole Mari-
na now safely in the bag, it is
likely Kerzner International
will look to extend its control
over Paradise Island even fur-
Chief among its targets
could be Club Land'Or, One
Marina Drive, which is
owned by the BISX-listed
Bahamas Property Fund, the
Holiday Inn Sunspree, and
the Hurricane Hole Shopping

Ventures still



FROM page one
government procurement agency
that could negotiate better pricing
on items used by all CARICOM
Dr Morris added that as all
nations shared the same geo-
graphic area and were faced with
similar environmental issues, it
made sense that a regional disas-
ter organisation and environ-
mental body exist using combined
resources and expertise.
Dr Morris said it would make
sense to have a single university
system, the University of the
West Indies (UWI), that had
already achieved recognition and
status in the world of academia,
with national institutions serving
as schools and colleges for the
He added, however, that this
format had failed to happen, with
Caribbean tertiary institutions
fighting often finding themselves
at odds with UWI administrators.
Dr Morris questioned that if
the various jurisdictions cannot
manage to coexist under a single
university system, how would
they manage dealing with the
more complex issues being
brought up by the CSME.
The Caribbean Court of Justice
would also likely not function to
its full potential, Dr Morris said,
noting that in most Caribbean
islands the courts could be mis-
taken for a straw market.
Governments of the region had
failed to make them a priority,
and the courts themselves had
not sought to improve their

stature. Such an environment,
where the judicial process is not
esteemed, did not lend itself to
the amalgamation of regional
courts and the judicial process.
In terms of doing business with
the US, and Florida in particu-
lar, Dr Morris said the Bahamas
should look at emerging trends
and various situations in the US
and work to fill any gaps in ser-
vice mercilessly.
With an increase in the number of
retirees, and some 6.5 million
expected to move to the south-
east coast, the Bahamas could
possibly look to tap into the
health care market and render
more attractive solutions to wide-
spread problems.
"It is not clear that the CSME
figures greatly in our taking
advantage of this opportunity,"
Dr Morris said.
To tap into the US market more
effectively, hesaid the Govern-
ment must implement a fairer tax
system, improve infrastructure,
seek to better educate its people,
and improve the efficiency of the
civil service and operations of the
Bahamas Telecommunications
Company (BTC), which are criti-
cal in an age of advanced telecom-
munications technology.
Dr Morris suggested further
that the Bahamas seek to estab-
lish an agreement with the city of
Miami to frustrate any attempts
to pressure it into joining the pro-
posed Free Trade Area of the
Americas (FTAA) agreement.
Bahamian negotiators could then
seek to build a bilateral agree-
ment with the US.


FirstCaribbean International Bank (Bahamas) Limited

Chairman's Review
Of the Results
For the six months ended April 30,2005

The consolidated net income and operating profit of FirstCaribbean International Bank
(Bahamas) Limited for the six months ending April 30, 2005 was $48.4 million. The operating
profit, ie. net income before integration charges and goodwill amortisation, has improved by
$16.7million or 52% over the same period last year. Earnings per share (based on operating
profit) was 40.3 cents, 14 cents greater than the amount for the same period of last year.

During the latter part of last fiscal year, the Bank adopted Accounting Rules which do not
require goodwill to be amortised to expense. Consequently, there is no amortisation expense for
this period compared to $4.9million which was recorded last year.

Net interest income for the Bank has increased to $61 million, which resulted in an increase in
the net interest margin for the period to 3.7%. The continual rise in the US fed rate (by 1 % since
October 31, 2004) has resulted in significantly higher interest being earned from the securities
portfolios as well as the US dollar bank placements. Net interest income has risen $15 million
over the same period last year. Operating expenses continued to be prudently managed,
increasing by only $0.3million over last year resulting in an 8% improvement in the efficiency
ratio, (i.e. operating expenses as a percentage of revenues) which reduced to 37%.

The total assets of the Bank grew by 4% or $130 million from last year to $3,349 million at April
30, 2005 driven by the growth in residential mortgages of $109million. Total deposit liabilities
grew by 3% or $73 million to $2,770 million as demand deposits increased. The return on assets
for the first half of the fiscal year was 2.9%, which is an improvement of 0.9% from last year
(before integration and goodwill charges). Likewise the return on equity (before integration and
goodwill charges) improved by 8%, increasing from 20% to 28% for the first six months of the

The Directors have declared an interim dividend of 20 cents per share, (April 2004 15 cents per
share), payable on June 30, 2005 to shareholders of record at the close of business on June 24,

The Bank continues to realize significant improvement in its profitability as market conditions
continue to improve and synergies are realized from the integration of the two heritage banks.

Michael K. Mansoor

FlrstCaribbeaa International Bank (Bahamas) Limited
Consolldated Balance Sheet

Cab andd ,e ftmn banks
FPxed mm

Unaudited Unaudited
April 30,2005 April 30.2004
856,718 871,999
491,619 502.578
I,736,706 1,586,450
137,747 182,804
33,066 29.666
72,94 44,960

Total deposits
Other liabilities

Share capital & reserves
Retained earnings


October 31,2004

3348.930 3.218.457 3.260.983

2,76,514 2,696,396 2,707,621
27,574 14,084 28,270
2797,088 2.710,480 2.735.891

416.464 414.364 414.364
135,378 93,613 110.728
551.842 507.977 525.092
3348.930 3.218.457 3.260.983


FirstCaribbean International Bank (Bahamas) Limited
Consolidated Statement of Changes in Shareholders Equity

Share Capital &

Balance at October 31, 2003, as restated
Net income for the period
Transfer to Statutory Reserve Fund Turks & Caicos Islands
Balance at April 30,2004

Balance at October 31, 2004
Net income for the period
Transfer to Statutory Reserve Fund Turks & Caicos Islands
Balance at April 30, 2005

FirstCaribbean International Bank (Bahamas) Limited
Comelnsdated Statement of Income

Quarter Ended
Apil 30.20" April 30.2004

Total interest income
Total interest expenses
Net interest income
Non-interest income

Non-interest expenses
Provision for credit losses

Operating profit
Integration expenses
Goodwill amormisaton
Net income

Weighted average number of common
shares outstanding for the period
Earnings per share (in cents)
Earnings per share, before goodwill and
integration expenses (in cents)

45,34 36,460
(16,000) (12,266
30,364 24.194
9,865 9,427
40.29 33.621
14,365 15,565
1,140 3.169
15.505 18.734



24.724 12.217

120,216,204 120.216.204
2.6 10.2

20.6 12.4

FirstCaribbean International Bank (Bahamas) Limited
Consolidated Statement of Cash Flows

Net cash provided by (used Ia) operating activities

Net cashub used In financing activities

Net cash used In Investing activtltes
Net decrease In cash and cash equivalents
Cash and cash equivalents, beginning of period
Cash and cash equivalents, end of period


Retained Earnings




414.364 93.613 507,977

414,364 110,728 525,092
48,389 480,
(21,639) (21,639)
2.100 (2.100)
416.464 135378 551.,3

Unausdftd A t6 i
Six M ta Ende*Ad Ytar gser,3i
April 30,. 00S
I 90,619 71,336 153,961

20,234 20,295 36,907
81,233 66.242 135.760
30,164 29,906 65,954
_2,680 4,615 7.909
32,844 34.521 73.863
48,389 31.721 61.897
306 279
48,389 26.471 6 1.6I



120.216.204 120.216.204

Unaudited Unaudited
Six Months Ended Six Meatha Ended
Aiil 3,;ti M. 3m






Year IRr-ted



(36J388) (169."93) (11(.9M9)
(7.337) (239,396) (253,9'4)
817.993 1,071,847 1,071,847
810.656 832.451 81 7,90"3

FirstCaribbean International Bank (Bahamas) Limited
Notes to Consolidated Interim Financial Statements
Six Months Ended
April 30, 2005

1. Accounting Policies
These consolidated interim financial statements are prepared in accordance with IAS 34 Interim Financial Reporting. The accounting policies used in the
preparation of these consolidated interim financial statements are consistent with those used in the annual financial statements for the year ended October 31.
The consolidated interim financial statements include the accounts of the following wholly owned subsidiaries:
FirstCaribbean International Finance Corporation (Bahamas) .imited
FirstCaribbean Intemational (Bahamas) Nominees Company Limited
FirstCaribbean Internmational Land Holdings (TCI) Limited

2. Prior Period Adjustment
Other assets balance as previously reported at April 30, 2004 included a receivable amount of $1.9 million representing the of rtmitantl.x-s to
Barclays PLC for periods prior to the combination of CIBC Bahanus and Barclays Bahanma. At the time of the combination, rthe overpayment nas nr.rer 'tl
for in the net asmat valuation and therefore the other assets balances were incorrectly stated. In accordance with IFRS. the balances for April 30, 2004 am
restated and opening retained earnings for 2004 was reduced accordingly.

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PAGE 8B, FRIDAY, JUNE 17, 2005


- 4m-


. .

tAo lliln..m



Thomas A Robinson Stadium

'not r

Junior Sports Reporter
JUST one week before the
BAAA Nationals are scheduled
to be held at the newly renovated
Thomas A Robinson Stadium,
Sports Minister Neville Wisdom
yesterday confirmed that "the sta-
dium will not be ready in time."
Wisdom, along with Acting
Prime Minister Cynthia Pratt and
BAAA president Mike Sands,
took a tour of the unfinished facil-
ity early Thursday.morning, sur-
veying the state-of-the art features
in the making, and discussing
alternative plans to host the
Wisdom proposed that all ath-
letes signed to participate in the
qualifying national championships
will be flown into Freeport, Grand
Bahama, courtesy of the ministry.
According to Wisdom, all plans
will be in motion immediately after
discussions between himself and
Sands are done.
Wisdom said: "We are in dis-
cussions with the BAAA con-


cerning the national champi-
"The possibility of the national
championships being held in
Freeport is very strong. This is to
ensure that this facility is ready for
the CAC championships.
"We are discussing arrange-
ments for the athletes' comfort and
safety. This is for all athletes that
have registered to part take in the

Due to the renovation, three
junior track meets had to be slated
for Grand Bahama, with the
national championships being the
first meet to be held at the sporting
complex after completion.
The expected date for the track-
's opening was scheduled for June
21st, but, due to the late start on
the renovations, the track will not
be ready a week before the CAC
The opening of the facility will
come days before the hosting of
the CAC championships.

for BAAA Nati

"The possibility of the
national championships being
held in Freeport is very strong.
This is to ensure that this
facility is ready for the CAC

Minister of Youth, Sports H
and Culture Neville Wisdom

Only athletes who have regis-
tered for the championships will
be afforded the accommodation
by the ministry.
These arrangements were also
made for all junior athletes, who
were invited to the championships.
Wisdom added: "Accommoda-
tion will only be given to those
athletes who have meet the
requirements set by the BAAA.
"There's a new relationship

between the government and the
BAAA, we are now understanding
the need for us to work co-opera-
tively, to ensure the continue suc-
cess of track and field in the
The package being provided by
the government will include air-
line tickets and hotel accommo-
The national championships are
set for June 23rd-25th.

Double chance for novices

at bodybuilding event

Senior Sports Reporter
THE Bahamas Bodybuilding and Fitness
Federation's 32nd National and Novice Body-
building Championships,will coincide with this
year's Bahamas Independence celebrations.
The championships will be held on Saturday,
July 30 at the Rain Forest Theatre of the Crys-
tal Palace Hotel, and federation president Dan-
ny Sumner said they will attempt to put on the
novice event that was called off earlier this year.
"We didn't have sufficient competitors to put
on the novice when it should have been held, so
we decided to put it on with the nationals,"
"Sumner stressed. "'This willtbe the first time_
that we are doing something like this."

The novice competitors will also be allowed to
compete in the national championship.
"They will get a chance to compete for two
awards at the same time," Sumner revealed.
Additionally, Sumner said they will be host-
ing a body fitness competition for women for
the first time.
"It's basically like a beauty contest where the
ladies are judged on their charisma, beauty,

poise and symmetry," Sumner noted. "Body
fitness is one of the fastest growing sports and
we hope to attract a lot of women in this cate-
"Last year was our biggest with 29-30 com-
petitors," Sumner added. "Hopefully this year,
we will get even more."
Jay Darling and Gina Mackey are expected to
defend their men's and ladies' national titles.
A host of competitors are also scheduled to
travel from Grand Bahama to compete. Grand
Bahama just recently hosted the successful
Northern Bahamas Bodybuilding Champi-
"All of the athletes who competed down
.there will bepomning here to compete," Sumn-
er said. .
He reminded all competitors that immedi-
ately after the championships is over, all of the
winners will have to take a mandatory drug
Sumner said they may also subject the second
place finishers to a mandatory drug test as they
could be eligible for selection to the national
team at the Central American and Caribbean
Championships and the World Championships.
The CAC Championships are scheduled for
September 28 until October 2. The World
Championships will be in China in November.

Teaching the

Junior Sports Reporter
A LOCAL coach and former profes-
sional basketball player will add" his name
to the list of basketball enthusiasts hosting
summer programmes dedicated to teaching
young athletes basketball fundamentals.
Dexter Cambridge, formerly of the
NBA's Dallas Mavericks, will be hosting
the third annual Dexter Cambridge Devel-
opment Camp.
The camp will run from June 27th to
July 1st and is open to boys and girls ages
Cambridge said his camp is different
because his it teaches youngsters basic bas-
ketball skills rather than attracting them
with famous names or gimmicks.
S"My camp isn't about any of those&
things," he said, "We try to concentrate&
on teaching fundamentals and building
Cambridge, who performs all the camp's
duties as director, host, counsellor and
guest speaker said his campers over the
past two years have included some of the
best players in primary and high school
teams in the country.
Cambridge coached the Prince William
Falcons to the BAISS senior boys basket-
ball championship in 2003.
The camp will be held at the D.W. Davis
Gym and will run from 9am to 1pm.



4- W -__

---* -
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Syndicated Content -
Available from Commercial News Providers"



Baseball title

changes hands
Million Air Royals takes off
for first as the catcher Jay
Stubbs of the First Carribean
Twins looks on.
Defending champions Roy-
als lost their title after a 10-9
SSee Sports front.
(Photo Mario Duncanson/
Tribune Staff)


d wer

"Copyrighted Material
Syndicated Content
Available from Commercial News Providers"


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PAGE 10B, FRIDAY, JUNE 17, 2005

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FRIDAY, JUNE17, 2005


Fax: (242) 328-2398


* By RENALDO DORSETT Twins answered each run the
Junior Soorts Repotri Royals put on the board with
one of their own. .
THE Junior Baseball League In the third inning, the Royals
of Nassau (JBLN) wrapped&:p pitching fell apart as starting
its championship play on; pitcher Neko Nottage walked
Wednesday with new cha pi- the, bases loaded and eventually
ons being crowned .at theJLN walked home two runs, which
Field of Drenias. l-l- aied Twins to keep pace, 7-6:
First Caribbean Bank Twins The fourth inning brought
were able to knock off the about a pitching change as Dun-
defending champions, the Mil- combe took the mound and
lion Air Royals in the third and struck out the side. However the
deciding game of their series. Royals could not capitalise on
The Twins were able to an opportunity topad their slim
mount a three-run. comebackJin lead.
the bottom of the sixth inning Duncombe's dominance con-
- just enough for 10-9 victory. tinued in the fifth as he allowed
just one hit, and struck out the
Fast remainder of the side.
The lone hit led to a run off
The Royals tied the series on an errant pick-off attempt by
Saturday with an 11-1 blow out catcher David Knowles.
victory and got off to another The Twins came out in the
fast start in game three. : sixth inning seemingly rejuve-
Stenard Duncombe blasted a nated and were backed by heavy
three-run homer in the first fan support.
inning to get the Royals off to a They began to key in on Dun-
quick start as they seemed on combe's pitches and, two sin-
course to repeat game two's gles later, had runners at the
onslaught. corners with no outs.
However the Twins battled Twins' first baseman Nicholas
back, scoring two runs of their Alaxiou blasted a line drive
own in the first. -. -.. double that brought home
Thi s ifstin6hing- -i th.'tuins ai nd tiedthe game at
for muIi of the ganle as' the se nine'

* JAY STUBBS of the First Caribbean Twins
times his run to the second.
(Photo: Mario B. Duncanson/Tribune staff)

Senior Sports

FIRST Down Sports
Bar's parking lot is
the site of First Class
Promotions' profes-
sional boxing show on
Saturday night.
It will feature
Richard "the Ham-
mer" Pitt in the six-
round main event
bout against Duran
"Hands of Stone'
Five- other bouts will
make up the under-
card, which starts .at
8.30pm with closed
circuit viewing inside
the bar.
The medical, weigh-
in and final press con-
ference will be held
today from 6.30pm at
First Down.

"We will have
bleachers set up
around the perimeter
of the parking lot and
we will also have
chairs around
the ring," said pro-
moter Michelle
"We will also have
the balcony area and
we will have the
closed circuit televi-
sion set up inside
upstairs and down-
stairs for those per-
sons who don't want
to be outside."
This will be the
third outdoor show
that First Class Pro-
motions has organ-
Previously, they
staged a show at the
Baillou Hills Sporting
Complex and at the
Golden Gates Fish
Fry parking lot.
Both events were
well attended and
Minus is anticipating
the same for Satur-
day's show..
In the co main
event, Keino "Ali"
Saunders will take on
Sean "Patches"
The other bouts on
the card will showcase
Ivan "the Terrible"
Moxey against Kato
"Red Lion" Ferguson;
Damian "the Blade"
Tinker taking on
Elkan "the Hitman"
Butler; Ramon
"Smoking" Rolle bat-
tling Vincent "Hurri-
cane" Ferguson and
"Dangerous" Deon
Sweeting squaring off
against Anthony "Psy-
cho" Woods.

"This is one of our
building stages,"
Minus declared. "As
you can see from the
list, we're doing all we
can to help develop a
lot of these fighters;
"On August 19, we
will have another
show at the Wyndham
Crystal Palace Casino
that will feature the:
top guns like Jermaine
Mackey, Jerry Butler
and Meacher Major.
We have to put on a
small card and then
stage a big one."
Next month, First
Class Promotions will
be heading to Andros
for the regatta there.
During the event,

they intend to put on
a professional show.

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