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: May 16, 2006
Copyright Date: 2006
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: VID00415
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
oclc - 9994850

Full Text


VolMe:12N a
~Ib is= I1 131


Volume: 102 No.145





PRICE 750.

rPreparing for

cc1 ~r


Venezuela, supplier of

80 per cent of Bahamas

oil, listed by US as a

'country of concern'

Tribune Staff Reporter
WITH Venezuela listed yes-
terday as a country of concern
as a part of the US' war on ter-
ror, Bahamian officials warn of
conimued sinue in theodl mdua-
try and the need for i.t country
to decrease its dependency on
Speaking with The Tribune
yesterday, Energy Minister Dr
Marcus Bethel said that the
Bahamas, as a non-oil produc-
ing country has to slowly
decrease its dependency on oil,
and push for the development
of renewable energy sources.
Yesterday television station
MSNBC reported that US State
Department officials have
warned that the US will impose
a ban on weapon sales to
Venezuela because of what it
claims is a lack of support by
President Hugo Chavez's left-
ist government in counter-ter-
rorism efforts.
It was reported that the Bush
administration will also list
Venezuela, which is the fifth-
largest supplier of oil to the
United States, as a "country of
concern" in the war on terror:
President Chavez has for
some time expressed concern
that the US is planning to
invade his country and warned
that if the US attacked, he
would stop all oil exports to
Although local supplies are
made up of 80 per cent
Venezuelan oil, Dr Bethel said

that international oil conglom-
erates suchfas Exxon Mobil, and
Royal Dutch/Shell Group will
still supply. the Bahamas. How-
ever, he acknowledged that the
loss of Venezuela as an oil sup-
plier on the international mar-
ket will obviously drive prices
sky pard. W
"Our oil supplies are provid-
ed through the major fuel sup-
pliers, the Essos of the world,
the Texacos of the world and
the Shells of the world, I dare-
say. The one thing about those
companies is that they have
multiple sources for getting
gasoline. So if one of the world
shuts down theoretically then
they have back-up contingen-
cies. '
"So the only thing that would
be of concern in terms of the
question of Venezuela shutting
down its supplies if it should
happen is that it will affect
Bahamians because it will take
one element out and the price
of fuel will go up. But that will
go up globally not just in the
Bahamas because all these oil
companies are interconnected,"
he said.
As the Bahamas has no oil
supplies Dr Bethel admitted
that the country is literally
caught at the mercy of larger
"oil rich" nations and should
therefore be actively looking at
alternative energy sources..
"That's the direction that the
Ministry of Energy is moving
in. Iri other words encouraging
SEE page nine

WORKS NMinister Bradle\
Roberts. called on family% mem-
bers with loved ones in gov-
ernment cemeteries to take a
more proactive role in ensuring
that their final resting place
remains respectable.
The Minister was contacted
yesterday about the upkeep of
the Western Cemetery on Nas-
sau Street after a photograph
was taken showing an open,
derelict grave.
"The upkeep of the ceme-
tery is the ministry's responsi-
bility, as is all government
cemeteries," said Mr Roberts.
"However, the government is
responsible to keep the
grounds in reasonable shape.
But if a grave needs some
attending to, it is the family's
responsibility to do so."
SEE page nine

Human rights group hits

out at recent treatment

of Haitian immigrants
Tribune Freeport Reporter
FREEPORT The Giand -hama Human Rights Associ-
ation is holding the irime Minister, the Commissioner of
Police, and the Immigratioi, Minister, responsible for the
recent "inhuman and degrading" treatment and abuse of Hait-
ian immigrants in the country.
GBHRA president Freeport lawyer Fred Smith said
Haitians are human beings and their rights must be respected.
Mr Smith condemned the government for the manner in
SEE page nine

Judicial review

seeks to attract

young lawyers

Tribune Staff Reporter
legal profession and attracting
young lawyers to the Bench is
the goal of the recently com-
pleted review of the country's
judicial system.
Presenting Attorney General.
Allyson Maynard-Gibson with
the report yesterday, chairman
of the judicial review committee
Sean McWeeney emphasised
that this is the %idest ranging
review of the judiciary e\Ter
undertaken in the Bahamas.
Recommendations made in
the report, Mr McWeeney said,
seek to adjust the salaries, ben-
efits and terms of services of
judges of the Supreme Court,
justices of the Court of Appeal,
members of the Industrial Tri-
bunal and the Registrar Gen-
eral's office as well as the legal
professionals in the Attorney
General's office and magis-
"We believe if (the review is)
SEE page nine

Plans to build low
cost homesain
spark concedi
from residents

RESIDENTS of Chippilg-
ham are concerned that'gov-
ernment is going ahead with
plans to build low cost homes in
their area without consulting
those affected.
As the clearing of land :for
roads into the proposed c6m-
munity has started, many in the
immediate area are upset that
they must learn aboutwhat is
going on in their "backyard"
through the media.
Even though most of the res-
idents, who spoke with The Tri-
bune, see nothing wrong with
government's move to build
new homes in the area, they
only wish that the responsible
individuals at the Ministry of
Housing and Works would have
shown them more respect by
SEE page nine,-

Nassau nd Bahma Islnds' Leding Nwspape


1he iBtiamti teratb

TUESDAY, MAY 16, 2006



We should not allow cruise ships

to ruin Family Island resorts

S NCE again events at Harbour Island,
the tiny but famous resort and retreat
for, have focused attention on an issue of
crji; pai4portance to its residents and to the
whole 'B hamas. It is the future direction and
dvellv rent of the country's number one indus-
,'il national enterprise has provided an envi-
able tfiidard of living for Bahamians for many
yeaia anld can, if managed properly, continue to
b thetprincipal source of prosperity for genera-
tiplto, come.
*.At rbour Island the debate has been about
olrerbuliding, congestion and a new kind of
h6i(e-o6ner. After a recent visit Prime Minister
Perfr2hristie was reportedly concerned at what
he: s:w;,
STh'ipicturesque shoreline and main entry point
facing Eleuthera is being radically changed by
rather large buildings in one development. Fur-
tAiermore, there are complaints that the wealthy
residents who own second homes are giving way
td abiejv breed of opportunists who build homes
t $ reZhted on the internet.
"T"heycompete with hotels and guest houses,
s1me owned by Bahamians, but pay no room
tpxe .Many of their tenants come with their own
s~uplies-and spend comparatively little in the
bi-rmunity. This is happening in other islands as
2 Last week Harbour Island was in the news
gain as a cruise ship landed 200 passengers onto
ti6e island's fabled Pink Sands Beach. According
i The Tribune, some residents, hotel owners
ind resort guests were outraged by the intrusion.
1. "As passengers came ashore, many headed for
teach equipment owned by the two luxury hotels
Pink Sands and Coral Sands). As a result, guests
paying up to $500 a night for exclusive accom-
dlodation began lodging protests with manage-
ment, claiming they were never told the island was
d cruise ship resort."
, The Tribune quotes a businessman as saying the
cruise passengers brought their own food and
beverages "so they are bringing nothing to the
island but their trash." They also went into the
tiotels to use toilet facilities.
* Not all Brilanders were displeased, according to
bite resident. He said the passengers had a good
time and some promised they would be flying in
f0r vacations in the future.
- Minister of Tourism Obie Wilchcombe seems
to: have bought into the sales pitch that cruise
Passengers are on a familiarisation trip and that
M anyo6f them will come back as stopovers. Maybe
some will, and we should encourage that, but Mr
l Wilchcombe and Brilanders should not bank on
: Many Bahamians are already worried about
Sthe new development model boasted by the PLP

\ ^^ n. I

government in which thousands of acres of
Bahamian land, including publicly-owned prop-
erty, is to be developed more for residential rather
than touristic purposes.
Hundreds of acres of prime public land in New
Providence has been turned over to the Baha
Mar group and 10,000 acres is being taken over by'
the I-Group in Mayguana. This is in addition to
hundreds of acres of privately-owned land.

M ost Bahamians appreciate the contri-
bution made to our development over
the years by wealthy second-home owners, but the
prospect of tens of thousands of foreigners own-
ing homes throughout the islands is frightening.
This will have serious social, political and eco-



People willing to pay
good money for the
tranquility and exclusivity
of Family Island resorts
will run away if the ships
are allowed to dump
thousands of cruise
passengers on them.

nomic consequences for the future.
Now we are being told that more cruise ships
will be targeting the Family Islands. If these ships
are allowed to invade the Family Islands espe-
cially the ones with expensive luxury resorts -
they will deal a death blow to high-end tourism.
People willing to pay good money for the tran-
quillity and exclusivity of Family Island resorts
will run away if the ships are allowed to dump
thousands of cruise passengers on them.
Successive governments and ministers of
tourism have had an uneasy relationship with the
cruise operators since Sir Stafford Sands did bat-
tle with them four or five decades ago.
A cruise is the ultimate all-inclusive vacation as
the whole idea is to cater to the passengers on
board, not encourage them to spend money at the
The cruise operators even begrudge the desti-
nation a decent passenger landing tax and have
forced tax competition between Caribbean coun-
tries. But Bermuda, a highly-valued destination,
years ago turned the tables on them by strictly
limiting the number of ships in port and charging
a hefty passenger landing tax.
Cguise ship operators do not have the same
loyalty and commitment to the destination as
those developers who build hotels and resorts
and who over many years have, along with the
government, committed considerable resources to
the promotion of the Bahamas internationally.
When there are problems to be addressed,
resort developers like those who made Paradise
Island and Cable Beach famous will be reliable
partners because their money is in the ground.
The floating resorts can pull up anchor and go
somewhere else.
Furthermore, while tourism on the whole pre-
sents environmental challenges, the ships are a far
greater threat than the resorts. Some of them
ha e been suspected of dumping sewage; garbage
and bilge into the ocean.
Right now a section of the south shore of

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Inagua is littered with tons of garbage and debris
of all sorts, obviously washed ashore from ships. :
It is not a pretty sight.
The government has been talking a lot about
giving downtown Nassau a make-over, and that is
surely needed. But care should be taken not to
turn the waterfront into a cheap attraction for
cruise passengers, most of whom are not big
The government's first order of business should
be to improve the tourism product for those vis-
itors who arrive mostly by air and check into
hotels and guest houses.

W e desperately need a more attractive ,
city centre, but we need a lot of other
things, and a first-class international airport
should be at the top of the list. Other things we
have been talking much but doing little about
for years are heritage, culture and ecology
tourism, and, of course, good service.
If we do these things well and if we increase our
Inadequitre inventory of hotel rooms, then more
stopover tourists will bring us even greater pros-
perity. Chasing after the big cruise numbers will,
not do it.
SVincent Vanderpool-Wallace, former Direc-
tor General of Tourism in the Bahamas and now
Secretary General of the Caribbean Tourism
Organisation, last December warned us against
measuring our success in terms of arrivals.
The Tribune quoted Mr Vanderpool-Wallace:
"People keep measuring tourism in the region
in head count. Head count has very little to do
with success in economic terms."
We are boasting about having received five
million visitors last year but 3.3 million were
cruise passengers and only 1.6 million were
When the Bahamas chalked up its first million
in a year in 1968, and for years after, this ratio was
far different. A great majority were stopover vis-
itors. Perhaps the time has come to look at cruise
arrivals and stopovers separately and to pay more
.attention to the latter.
Minister Wilchcombe in his contribution to the
budget debate advised Bahamians to look at
tourism expenditure:
,"That is the number that we need to keep our
eyes focused on when we focus on the interest of
the Bahamian people. That is where the jobs
come from. That is where the wages, tips and
salaries come from. That is where Bahamian sat- .
isfaction with the tourism industry ultimately
comes from. That is where the economic impact
oftourism comes from."
Perhaps his colleagues were listening and now
understand where our priorities ought to be.




PAGEE 2, TUESDAY, MAY 16, 2006


0 In brief


not paying

fees at

The Defence Force aircraft
currently grounded at Nassau
International Airport has not
had to pay the "parking fee"
that other aircraft using the
facility have to pay.
An official attached to a
branch of the Civil Aviation
Department, which handles air-
port fees, yesterday told The
Tribune that the King Air 350
turbo aircraft was not required
to pay the same fees applicable
to commercial and private crafts
because it was attached to the
defence department.
The aircraft, which has been
at the airport for more than six
months, has come under much
scrutiny since Eleuthera MP
Alvin Smith, called into ques-
tion decisions made by the Min-
istry of National Security in
relation to defence spending.
Last week, through the Per-
manent Secretary at National
Security, Mark Wilson, allega-
tions of the aircraft's grounding
being related to defense force
pilots being on the United States
Immigration stop list were con-
firmed. In addition to this admis-
sion, Mr Wilson also acknowl-
edged that the craft strayed
embarrassingly into Cuban air-
space, which factored heavily
into its ultimate grounding.
However, in a telephone call
to the Tribune this morning,.Mr
Wilson denied ever confirming
allegations that there were
defense force pilots on the U S
Immigration stop list.

Man in



POLICE say that a man is in
hospital and in serious condi-
tion after he was stabbed
repeatedly by a man he report-
edly knew.
According to police press
liaison officer Walter Evans the
Incident took place around lam
on Monday morning. Accord-
ing to inspector Evans, a 31-
year-old male was in the area
of Malcolm Road when he got
into a fight with a man known
to him. .

Man faces

charge of


.with girl
.*,: 23-\ear-old Farrineton
tdd man accused of lha ing
[i' g;s vith a 12-\eai-old girl \as
^iiiir~igned in Nlanistratc's Court
I e.aligmed that Angel John-
r Fmnltted the ottfence
DJDecenbier 2i0t:5 and
'ien.wvas arrTjgned before
jsgs'itte Susan S\l\ ester at .
,;^^^,'l7'n Nassau Street.
W.y5-not required to enter
:llg o the charge and \,,s
.:'g:&d $5.1000 bail. The matter
S;.'*'adiourned ti August 2N

AG: Bahamas consulting on

Freedom of Information Act

Tribune Staff Reporter
THE BAHAMAS is taking
the first steps towards estab-
lishing freedom of information
laws, Attorney General
Allyson Maynard-Gibson
revealed yesterday.
International experts are
currently in consultation with
Bahamian officials to deter-
mine the best way forward in
adopting a Freedom of Infor-
mation Act similar to laws
which have been introduced in
other countries around the
world to ensure access to mat-
ters of public record.
In many countries, including
the United States and most of
Europe, freedom of informa-
tion acts provide for the public
disclosure of information held
by administrative agencies and
government departments.
The exceptions to these laws
in most countries are docu-
ments and information that fall
into one of the specific exemp-
tion categories, such as mat-
ters pertaining to national
Speaking with The Tribune
yesterday, Attorney General
Maynard-Gibson said that
although nothing specific
regarding the establishment of
a Freedom of Information Act
is currently on the books, con-
sultants are assisting the
Bahamas in taking steps in that
"There are international
organizations that are charged

with co-ordinating freedom of
information treaties around the
world and we are now in con-
versations with them and are.
looking at what can be done
in the Bahamas," she said.
Mrs Maynard-Gibson said
that although it is premature
at this time to talk in any more
detail about the process as it
is still in the "very initial
stages", she does not anticipate
that it the introduction of such
an act is too far off in the
"I hope it won't take years,
but these are experts and we
have to give them the oppor-
tunity and the time to look into
this and then reports to us,"
she said.
Calls for the establishment
of a freedom of information
act have been growing in
recent weeks, as government
officials have failed to respond
to requests for disclosure on a
number of issues.
One week ago today, the
government voted on whether
Cuba should be admitted to
the United Nations Human
Rights Council.
Despite several inquiries by
members of the press and con-
cerned citizens, no official has
been willing to confirm which
way the Bahamas delegation
According to attorney Fred
Smith, freedom of information
should be a "hotbed" issue in
the upcoming general election.
The opposition FNM party
pledged earlier this month that

* ATTORNEY General
Allyson Maynard-Gibson
receives a report of the
judicial review commission
yesterday at the Attorney
General's office.
(Photo: Felipg Major/
Tribune staff)

if it were elected to office, it
would enhance transparency
and increase public access.

] :, ,


Harbour Green Centre, Lyford Cay :
P.O. Box N-121, Nassau, N.P., Bahamas
Telephone: (242) 362-6656, Fax: (242) 326-9953


EXCAVATION for trea-
sure in San Salvador has
come to a standstill as the
Watlings Archaeological
Company's work permit was
suspended, sources revealed.
The company in question
had been excavating a site at
Fortune Hill hoping to
unearth the fabled buried
treasure that islanders say
belonged to Captain Kidd, a
pirate who lived in the
Bahamas in the days of Black-
beard and Henry Morgan.
The company erected
fences, blocking off a public
access road to properties oth-
er than the one they were
permitted to work within,
posting guards in US army
fatigue to secure the
entrance, it was claimed.
The question now linger-
ing inithe mind of many San
Salvadorians concerns the
rights to thi e \ic \ ated pro'p-
According to the I:\\ it
Bucca:ncer boot\ to be
found. the ;alue should be
shared between the go\ern-
ment. the lando\nher and the
person w ho tound the ire.i-
Since the treasure hunt
began. locjl residents as a ell
Fertile Fungicide,.1

E THIS large
-F-a rea ppearN
lo hae hbeen


lUms rock %aln is
the boundary for
the Wallings
Company's permit

: .- ,
: .

-r- ..x

* AN aerial view of Fortune Hill taken in February

as a Miami woman have made
claims of their right to the prop-
A dispute over the ownership
of the land was settled in court
when the Watlings Archeologi-
cal Company withdrew charges
against Keith Ferguson and
Dennis Bethel, admitting that
they had no rights to the prop-
erty they had annexed.
Reportedly, the property in
question had been given out

years ago as common land for
farming, but the owners of the
property are still unknown.
Residents feared that the
reported treasure may have
already been smuggled away.
A vessel had been seen fre-
quently anchored just off shore,
south of Fortune Hill.
Residents say they have been
making regular trips to the
property in an effort to foil any
attempt to plunder the site.


Donaldi's [Furniture

And Appliance Centre



Work permit suspension halts

excavation in San Salvador

Local News.......................P1,2,3,5,6,7,8,9,11
Editorial/Letters. ......................................... P4
TV G uide ................................ ................ P10
Advt .................................................. ......P12
Business ............................................P1,2,3,4
Advt ........................................ .....P5,6,7
Sports .................................................P8,9,10
W oman.......................................... P1,2,3,6,8
The Secret School .............................P4
Com ics.......................................... ........ P5
W eather......................................................P7


Main ..................................: ...... 12 Pages
Sports/Business ................ 12 Pages


2006, PAGE 3




PAGE 4. TUESDAY. MAY 16. 2006


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

LEON E. H. DUPUCH, 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

Govt blocking Public Account scrutiny

A YOUNG BAHAMIAN telephoned to
ask why the Public Accounts Committee did
not have the power to send for persons and
,papers and ask questions outside of informa-
tion laid on the table of the House, especially
as it is the most important of parliament's
,standing committees. He pointed out that all
of parliament's other committees have this
Down through the years, from the time
that this committee was established in 1913,
the practice has been that all information
..needed by the committee to scrutinize the
public finances would be made available. The
report and relevant documents were laid on
the table of the House in a timely fashion so
.that the Public Accounts Committee (PAC)
could fulfil its statutory duty with an annual
The problem arose under the PLP when
government failed to lay an up-to-date audi-
tor's report on the table of the House at the
end of each fiscal year.
The problem, festering behind closed doors,
finally broke outinto angry debate in the
House in 1990 when members of the com-
mittee and the Opposition accused govern-
ment of making it impossible for the PAC to
perform its duty to the Bahamian people as
the watchdog of the public purse.
"You want me to change the rules of the
committee by giving the committee the pow-
er to go .outside its terms of what has been giv-
en to it?" asked Attorney General Paul
Adderley. This was the same Mr Adderley
who three years earlier had ridiculed the PAC
for not having met for five years. Mr Adderley,
having thwarted Norman Solomon's efforts
as chairman of the PAC in 1974 to investi-
gate loans to Bahamasair, should have known
that tt he committee had shut down because
government had made its work impossible.
"The committee otee believes," replied Oppo-
sition leader Sir Cecil Wallace Whitfield in a
House debate on the matter in February 1990,
"that it has the power to go outside the
accounts that have been laid on the table, and
the principle reason which it can use to justi-
fy that is th i at you don't put on the table every-
thing you are supposed to put on the table."
Today, history is repeating itself. Commit-
'tee chairman Brent Symonette and his com-
mittee want to examine the current finances
for the fiscal year 2004-2005, which are already
past due. So far all government has laid on the
table of the House are accounts four years
out of date. Now on the table are the accounts
for 2002-2003, which the auditor general only
certified in July 2005 and which were delayed
another year before being brought to parlia-
ment by government. To add insult to injury
when they were eventually laid on the table,
there were only three copies of the report for
" a five-member committee.'
Obviously government is not taking this
committee seriously. But of even more con-

cern, it is mocking the Bahamian people.
Parliament is about to start the 2006-2007
Budget debate, but the auditor-general cannot
yet produce the 2004-2005 accounts. Without
these accounts how does government know
where it is headed? It really is playing "blind
man's buff" with the people's finances.
In its first interim majority report, the PAC,
which was appointed on December 2, 1974
under the chairmanship of Norman Solomon,
recorded that it had met three times.
It said that at its request the auditor-general
contacted the Permanent Secretary at the
Ministry of Tourism, asking for permission to
obtain information from Mr Basil Sands,
Bahamasair's auditor. The auditor-general
and Mr Sands met. At this meeting Mr Sands
produced a financial report for Bahamasair for
the year ending May 31, 1973. However, the
meeting was suddenly interrupted by the Per-
manent Secretary who reported that he had
been instructed by Attorney General Adder-
ley to tell the auditor-general that he had to
put his request for information in writing.
It was the auditor-general's opinion, as it
was the opinion of the committee, that there
was no rule requiring the auditor-general to
request information for the PAC in writing.
- Nevertheless, following instructions, the
auditor- general wrote to Mr Adderley to find
out if it was necessary for him to put his
request in writing. In answering this question,
Mr Adderley added:
"It is therefore for consideration whether
Bahamasair Holdings Limited comes within
the meaning of the relevant words of Article
136(3) which aire -'ll-pifip-ar-fii-nhts and offi-
cers of the government.'
"In my opinion," wrote Mr Adderley,
"Bahamasair Holdings Limited is not a depart-
ment or office of the Government and there-
fore it is not the function of the auditor-gen-
eral to audit the accounts of that company."
Books closed. However, the committee dis-
covered among other things that within the
first three months of 1975 $2.6 million was
spent to keep Bahamasair flying.
The money originated with the First
National City Bank. As of the date of their
report, the PAC could find no authority for the
PLP government to either borrow or spend
this money. The poor auditor-general was sent
on another wild goose chase to track down
the permission. As far as is known that was the
last report of the PAC until Mr Adderley
drew it to members' attention that the com-
mittee had not met between 1982 and 1985.
"If the Opposition ignores the most impor-
tant standing committee which it controls, I
have to draw to their attention that they are
delinquent in that respect. That is the parlia-
mentary watch dog of public expenditure,"
said Mr Adderley.
Mr Adderley obviously thought these busy
men had time to waste playing cat-and-mouse
with government. -.. .....

. ..............

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12000 BTU Remote
-ligh Energy Efficient Model ..$409.00
-14000 BTU Remote .................$495.00
'18000 BTU Remote .................$575.00
-24000 BTU Remote
-High Energy Efficient Model ..$755.00

EDITOR, The Tribune

I T.muTT- I

it is my opinion that they care
little if at all, notwithstanding,

I INVITE the Government, what they say, for the students
during the next parliamentary best interest. They seem-to love
period, to consider the feasibil- getting their names in the news-
ity of getting out of the day-to- papers and on the radio and as
day management of education The budget allocations would ar as I can see that seems to be
in the country, pay Ministry expenses with the their main motivation for not
The system, with all its remaining allocated to the insti- sitting down in good-faith nego-
attending challenges and impli- tutions participating on a stu- tiations with the Government;
cations, is too curmberisome ftoo6 dentpr-rated'basis.Each-iisti- aafte-r all we are all in, this boat'.
involved, too detailed and too tution (Catholics, Anglicans, together and whether sink or
important for government's Baptist, etc) would be awarded float we must do it together. ,
inflexible bureaucracy. Besides, funds in proportion to the num- They are not stupid, I believe,
the Catholics, Anglicans, Bap- ber of students choosing to so what other explanation could
tists, Methodists and others attend their institution. If the there be for them proposing'
have an impeccable record of Catholics get two thirds of the conditions on which they seem
educating our children over the total student population attend- unwilling to compromise? Pro-
years, so why don't we invite ing their schools, then they tocols dictate that all negotia-
them to enter discussions with would get two thirds of the tions go through a process of '
the Government with the view funds, etc. proposals and counter-propos- ;
to becoming mandated with full This concept would require als, with compromises; but it
responsibility for the education all students to register with the doesn't seem to be so with this' ;
of our children. Ministry of Education and each stubborn BUT duo.
Think about it; every child would be given a voucher which Under the plan proposed in
would have a choice of attend- would be surrendered to the this letter, control of the Min-
ing whatever school their par- school's authorities when the istry's assets would be given to
ents wish them to attend pri- child registers, those participating institutions ,"
vate education, if you will. The staffing at the Ministry using agreed criteria. '
The conduct of the Bahamas of Education would be the min- We should be tired of the
Union of Teachers negotiating imum needed to perform the threat of strikes every three
team these past few weeks is duties of registration of the stu- years. Let the private profes- "
reason enough for the govern- dents, issuing of the vouchers sionals, who know how, deal
ment to seriously consider this and overseeing the curriculum with these headaches.
proposal. The way it would standards nationally. A privatised educational sys-
work would be...There will con- It cannot be desirable for us, tern would result in raising, I ;
tinue to be the national bud- as a nation, to continue with submit, the academic standard,'
getary allocation for education, this antiquated, bureaucratic, the discipline in our schools and-'"
and a Cabinet Minister of Edu- onerous, high-priced system would eliminate most of the
cation. In addition to the Edu- which, -end of.-the- day,- problems now plaguing the pub-
cation Minister, there will be a produces for us a 'D' average. I lic schools system; and that's ad
team of about 10 Education have been watching closely the good case for privatising.
Directors whose responsibility conduct and attitude of Ida
would be to monitor and ensure Turnquest and Belinda Wilson FORRESTER CARROLL
that the curriculum standards of the BUT negotiating team, Freeport..
of the country are maintained- an- fronmrwat I i-ve ol-6served- May 10 2006 I

Brokeback Mountain ban

was the right thing to do
^_^ ^y > -1..;

EDITOR, The Tribune
THE 'banning' of the screen-
ing of the openly 'gay' movie,
Brokeback Mountain on our
cinema screens was appropri-
ate, in all of the circumstances.
No, I am not homophobic or
unkind towards persons who
choose to live a "gay" lifestyle.
What I am against, however, is
the blatant disregard for the
Christian morals and societal
landmarks which have brought
us, collectively, thus far.
Anyone who may wish to
view this disgusting movie, may
do so by renting or purchasing
the tape or-DVD from-a-ny-
video or electronic shop and

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watching it in the privacy of
his/her home. It is as simple as
one; two or three.
What I find strange is that
people are up in arms shouting
that Brokeback Mountain has
been "banned". What fools we
mortals be, when we seek to
play the role of victim. Homo-
sexuals and lesbians have been
around from that time. While I
do not personally subscribe to
this way of life, it is not for me
to moralize or justify it one way
or the other.
As a father of a young
impressionable child, I do not
wish to see such a movie being
-prominently -advertise d- with-
large posters of two strapping
cowboys embracing, in a mall
setting which is frequented by
other responsible parents and
customers. By seeking to spot-
light this so-called "ban", the
proponents of this lifestyle are
portrajing themselves as inno-

cent victims of homophobia and,
discrimination by the majority. L
I hold that these sort of per, ,,
sons are succinctly promoting a
not so hidden agenda and are,
trying to elicit sympathy fiaom
right thinking members of oci-
ety at large. The Devil is st'lA :
liar, but he will use any mea. s
possible to fling a challenge inf
the face of Yahweh. Sex was
designed, in my view, for the,
enjoyment of heterosexual peo-^:
Ordinarily, the so-called'-
Christian Council is nothing
short of a big joke. This time,
surprisingly, the men/womeniof.
the-cloth, -had it right. To God:
then, who rained fire and brim-'
stone on those "sissies" dowri
at Sodom and Gommorah, in,
all things be the glory. ;:
April 2006





i f


Our education

system must

be privatised


OWN-- "Memo"~~~~


TUESDAY, MAY 16, 2006, PAGE 5 S



o In brief

Three in

court on



POLICE say that on Satur-
day night 11 suspected illegal
immigrants were captured in
New Providence during special
operation "Quiet Storm".
Those captured included four
Jamaican females, five Haitian
males and two Haitian females.
Police say that some 60 sus-
pected illegal immigrants were
captured over the weekend.

Dutch send


to flooded


THE Netherlands will send
four helicopters to help with
relief efforts in flooded areas of
this South American country,
an official said Sunday, accord-
ing to Associated Press.
Floods triggered by torren-
tial rains have engulfed about
15 percent of Suriname's terri-
tory, affecting 25,000 people
along riverbanks in the former
Dutch colony's interior areas,
aid workers have said. The rains
started on May 1.
The helicopters will help
deliver aid, Dutch Foreign Aid
Minister Agnes van Ardenne
told Dutch television station
NOS. She didn't say when the
helicopters would arrive.
Thousands of victims from
AmerIndian settlements in Suri-
name's southern hinterlands
have fled across the border into
neighboring French Guiana and
Brazil in search of food. Many
thatched-hut villages populat-
ed by descendants of West
African slaves known as
Maroons remained beneath
muddy water after rivers burst-
their banks.
May is the beginning of the
rainy season in Suriname, on
the northeastern shoulder of
South America. While heavy
downpours are not uncommon
during the country's rainy sea-
son from May to July, rainfall of
this magnitude was unprece-
dented, several government
officials said.




by delay


A GROUP of Cuban
migrants sent home after reach-
ing an abandoned bridge in the
Florida Keys said Monday they
arebecoming frustrated wait-
ing for final Cuban government
approval to leave for good,
according to Associated Press.
Members of the group were
traveling from the central
province of Matanzas where
they live to Havana, where they
will seek an appointment early
Tuesday morning at the US
Interests Section, migrant
Ernesto Hernandez said by tele-
"It has been 48 days, we have
the US visa, we have passports,"
said Hernandez. He said all they
lack now is the "white card,"
the exit permit that Chbans
must get from the communist-
run government to leave the
The 14 members of the group
applied for the exit permits
about six weeks ago at Cuba's
migration office in Matanzas
Province. Hernandez said the
approval process generally takes
15 days.
In the meantime, said Her-
nandez, group members have
quit their jobs as instructed by
Cuban authorities in prepara-
tion for their migration to the
United States. They have even
turned in their monthly food
ration cards.

:"But we remain without a
response from the Cuban side,"
he said.
SHernandez said they decided
to travel to Havana to make
sure American officials knew
they were still awaiting final
Cuban government approval.



Environmental experts to

lecture on sonar testing

Tribune Staff Reporter

TWO international environmental
experts are being flown in to address
Bahamians both in New Providence and
Andros on the effects of sonar testing,
president of ReEarth Sam Duncombe
Mrs Duncombe is a local environ-
mentalists who is pushing for a more
independent review of the day-to-day
operations of the US Navy's Atlantic
Undersea Test and Evaluation Center
(AUTEC) in Andros after three whales
were found beached near the facility in
a span of two months.
AUTEC officials have promised an
extensive investigation into.the beach-
ings, and has called for calm and under-
standing while the work is undertaken.
However Mrs Duncombe said that in
the meantime, she and other environ-
mentalists will continue to educate the
public and create a forum through
which Bahamians and residents can ask
more "in-depth" questions about sonar
A press conference is set for Sunday,
when the environmentalists Dr Mar-
sha Green, of the Ocean Mammal Insti-

tute, and Susan Noward, of Animal
Welfare, are scheduled to arrive in Nas-
A town meeting is set for May 22 in
Andros and another will be held in New
Providence at the College of the
Bahamas the following day," she said.
"I think people are quite concerned
about what is going on," Mrs Dun-
combe said, "and what it means for the
future of the ocean.
"One of the reasons that they say
they test in the Tongue of the Ocean
(TOTO) is because it is one of the most
quiet places. Shouldn't there be any-
where in the ocean where these animals
can live without being harassed by
"Their very reason for wanting to do
it (testing) there is the very reason they
shouldn't be doing it there; because
everywhere else is noisy," she said.
Mrs Duncombe said that there is no
other place in the world like TOTO,
and that it should therefore be protect-
ed and off limits to military testing.
She added that support for the envi-
ronmentalist's efforts has been "a little
bit lacking" from government officials,
but mentioned the efforts of the new
minister of Agriculture and Fisheries

BIS staff call

for removal

of new boss

TROUBLE is brewing at
Bahamas Information Ser-
vices, with journalists calling
for the removal of their boss,
Edward Ellis.
A petition was circulated
among staff last week express-
ing "no confidence" in Mr
Ellis as leader of the govern-
ment's media team.
Now the petition will be pre-
sented to Minister of Tourism
Obie Wilchc'ombe with a
demand that Mr Ellis should
make way for someone else.
Yesterday, BIS insiders
claimed the agency had been
without an effective director
since the death two years ago
of the popular Chris Sym-
Mr Ellis, they claimed, had
"materialised" as BIS direc-
tor without having been for-
mally appointed. "But we
don't think he is the right man
for the job," a source told The
"He.seems insecure, he
annoys everyone and moves
us around like pieces on a
When contacted by The Tri-
bune yesterday, Mr Ellis
expressed shock at the reports
of a petition.
"I am very surprised. I don't
feel there isn't any reason for
such sentiments," he said.
Mr Ellis said that he was
especially surprised by claims
that he was not an effective
leader for BIS.
"I took .over in 2004, and
since then BIS has grown a
lot. You can see it in the body
of work we've produced.
We've added a lot of broad-
casting and other media to
BIS," he said.
Mr Ellis said that he had
not received any information
that a document concerning
:.hi- performance \\as being
prcp.:rcd foi Miniiser Wilch-
Staff are also concerned
about what they call "politi-
cal patronage and cronyism",
saying they have repeatedly
drawn the Ellis situation to
the attention of Mr Wilch-
combe with no result.
Mr Ellis has previously been
employed on Hansard, the
official report of parliamen-

tary proceedings.
Staff also claim that a
Jamaican woman consultant
has been taken on to study
BIS and make recommenda-
tions for its future. It is under-
stood that Mr Ellis's position
will be part of her review.
However, three meetings at
which the consultant was to
have met staff were all can-
celled. "The rumour is that
she has been brought in to tell
Ellis that he can't cut the mus-
tard," said the source.
Staff are also disturbed by
reports that a private public
relations firm, Debbie Bartlett
Associates, is being taken on
by the government.
"Why would the govern-
ment want to engage a PR
company when BIS already
exists to do this kind of work?"
an inside source asked.

* OBIE Wilchcombe has
received a letter from staff

Minister Obie Wilchcombe
confirmed that he received a
document signed by BIS staff,
but said it was more of a letter
than a petition.
He said the document
expressed concern about the
way for the service and while
it did not necessarily centre
on Mr Ellis, did raise some
issues about his leadership.
According to Mr Wilch-
combe, there are no plans to
remove Mr Ellis, who he
referred to as a veteran of BIS
and key to modernising the
The minister said he feels
the concerns might have been
raised by staff members who
are frustrated with the pace of
progress at BIS, and mistak-
enly blame Mr Ellis for this.

* SAM Duncombe

Leslie Miller.
Mrs Duncombe had an often heated
arid contentious relationship with Mr
Miller over environmental issues when
he held the post of minister of Trade
and Industry.

"The fact that the minister of Agri-
culture has made a point to try to find
out something is a step in the right
direction. But from what I understand
the meeting he called was 'his meeting'
and I know that people who presented
to our government at AUTEC weren't
necessarily Navy people.
"So why is it that their side can have
whoever they need to speak and ours
can't? If the government requested
sorne of its citizens to be present at
the meeting then that should have
been honoured. It is an issue that I
have been following for some time,"
she said.
Mrs Duncombe said that the residents
of Andros are looking forward to the
town meeting, where they hope to get
definitive answers to what is going'on at
"The more that people understand
and know about the issue, the better
they are going to feel about how'to
address the issue.

find ou
need to
I think
out wha

I think they are very anxious to
t what is going on and what we
do to mitigate the problem. But
they are very committed to find
at is going on in their backyard -
y," she said.




jects are either proposed or
underway for Eleuthera, Rum
Cay and Mayaguana, with oth-
ers on Exuma and Abaco.
The Montana development
on Rum Cay is expected to cre-
ate 400 jobs on an island where
the official population is under
80. And Mayaguana is now ear-
marked for a major resort
development which could
change the island's character
Only last week, The Tribune
even reported booming prop-
erty prices on Crooked Island,
where foreigners and Bahamian
retirees are seeking land. So the
outward movement of Bahami-
ans has already begun, though
very slowly at this stage.
Growing traffic congestion in
New Providence is making
Bahamians a stressed-out, bad-
tempered people, according to
some residents.
Eastern Road, Prince Charles
Drive and an increasingly con-
gested West Bay Street are now
becoming traffic flashpoints, say
Shirley Street is also a prob-
lem area, its northern lanejiayv-
ing to take both westbound and
eastbound vehicles caught up
in the one-way system during
peak times.
One traffic expert said' Nas-
sau could seize up completely
in ten years unless traffic-vo6"-
ume is curbed. :- e;,;,.k
However, so far no Bermd'if-
da-style restrictions have been
considered by the government.

a ged

EXPERTS are hoping
that a "mass exodus" from
Nassau over the next five
years will help solve the
city's traffic congestion prob-
Anchor projects on sever-
al Family Islands will, it is
hoped, provide enough jobs
to lure away a sizeable por-
tion of New Providence's
If this happens, traffic vol-
umes on Nassau's roads
should be significantly
reduced over the next five
or six years, according to
Yesterday, controller of
the road traffic department
Jack Thompson told The
Tribune that- an influx of
people into Nassau from the
Family Islands had helped
create current difficulties.
"There is no doubt that
this process has been going
on for many years," he said,
"Many, many kids are com-
ing here looking for jobs.
But in the next five years,
things could be very much
"You must remember that
many Family Island people
living in Nassau don't actu-
ally want to be here. They
are here because of the eco-
nomic situation in the Fami-
ly Island districts. But I think
we are going to have a mass
exodus from New Provi-
dence when these anchor
projects are complete.
"I am hoping that, with
developments going ahead
on our Family Islands, there
will be a population shift. If
everyone stays in New Prov-
idence, you are going to con-
tinue to have this problem."

MAY 16
2:00am Community Page/1540 AM
11:00 Immediate Response
12:00 ZNS News Update
12:05 Immediate Response Cont'd
1:00 ACultural Comer
1:30 Gumbo TV
2:00 Carmen San Diego
2:30 Fun
3:00 Soul Seekers
3:30 TyeTribbett
4:00 Dennis The Menace
4:30 Carmen San Diego
4:58 ZNS News Update
5:00 Treasure Attic
5:30 Cybemet
6:00 Bahamian Things
6:30 News Night 13
7:00 Bahamas Tonight
8:00 Mirror, Mirror Family Origins
8:30 The Envy Life
9:00 Da' Down Home Show
10:00 Caribbean Newsline
10:30 News Night 13
11:00 Bahamas Tonight
11:30 Immediate Response
1:30am Community Page 1540 AM

5,- --- --

B': i

* JACK Thompson

Last week, The Tribune's
INSIGHT feature disclosed that
between 140,000 and 160,000
registered vehicles were now on
the roads of New Providence.
With some observers claim-
ing the figure could be as high
as 200,000, it means Nassau has
one vehicle for nearly every
man, woman and child on the
island. This makes Nassau one
of the world's leaders in car
ownership terms.
Unlike Bermuda, however,
where official restrictions on car
ownership are in force, the
Bahamas has plenty of open
land in the Family Islands.
Andros, Inagua and
Mayaguana all have vast areas
of unused land which, properly
developed, could accommodate
significantly increased popula-
Currently, major resort pro-

'Mass exodus"

to alleviate N

traffic conge

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PAGE 6. TUESDAY. MAY 16. 2006

B^^^^^^BBH~^^l^^^^^B^^i^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^WOMAN^'1''' *i.;Y

Initiatives to promote road

safety on Grand Bahama

0 In brief

Three in

court on



Tribune Freeport Reporter
FREEPORT The Grand Bahama
Road Safety Committee is continuing its
efforts to promote road safety by erect-
ing additional billboards and sponsoring
community-oriented activities to sensi-
tise the public.
Stephanie Rahming, deputy director
of Road Traffic in Freeport, announced
on Monday that three additional road
safety billboards will be erected at the
junction of Midshipman and Seahorse
Roads; in the area of BORCO; and at
the entrance of the West End commu-
Additionally, she said, the commit-
tee would distribute flyers and bumper
stickers conveying the safety message.

"We have also selected two road safe-
ty spokespersons whose voices will be
heard to promote our safety initiatives,"
said Ms Rahming.
Over the years, the Road Traffic
Department recognized the month of
October as Road Safety Month.
However, last year, the minister of
Aviation and Transport Glenys Han-
na-Martin indicated that a year-round
effort should be made to disseminate
the road safety message, in light of the
traffic fatalities and accidents on the
streets of the Bahamas, and in particu-
lar Grand Bahama.
The committee, which includes mem-
bers of the Road Traffic Department,
representatives from the police, Grand
Bahama Health Services, the Ministry of
Education, the Department of Public

Works and non-governmental agencies,
meets once a month to discuss ideas
and plans for disseminating the road
safety message by whatever means
Ms Rahming said that last year, bill-
boards and metal signs with safety mes-
sages such as "Buckle up", "Respect is
safety let's respect other road users",
"Switch off!" and "Missing a call won't
kill you" were erected on main thor-
oughfare in Freeport.
This year, the committee has planned
to hold activities in conjunction with
the Freeport District Council.
Ms Rahming said a school debate
will be held at Police Headquarters on
May 16 at 4pm between the Sunland
Baptist Academy and Catholic High

The school teams will debate the top-
ic, "Should the drivers licence age
requirement be raised from 18 to 21
years old?"
Sunland will argue for and Catholic
High will argue against.
A health fair and car show competi-
tion, the launching of a Road Safety
mascot and the presentation of awards
for the debate competition will be held,
on Saturday, June 10 between 12pm
and 8pm.
"It is our hope that through our"
efforts we will contribute to making a
positive difference in the statistics of
the police traffic department in respect
to the number ot road traffic accidents
and fatalities on our streets. being eter
mindful that one lite lost is one too
many," she said.

Atlantis rewards its top producers

Atlantis' Priority Club's top
producers for January, February
arid March were treated to
lunch at Bimini Road in Marina
Village at Atlantis as a sign of
appreciation for booking the
largest volume of guest rooms
and food and beverage events
through the Priority Club.
The club, which is adminis-
tered by Atlantis' sales and mar-
keting department, allows its
members (locally-based com-
panies) to book rooms as well
as food and beverage events
with Atlantis and One&Only
Ocean Club in exchange for
points which can be redeemed
for accommodations along with
food and beverage privileges at
any of Kerzner International's
Bahamian properties.
SPastor Delton Ellis, first assis-
tant to Bishop Neil Ellis of Pas-
tor of Mount Tabor Full Gospel
Baptist Church, was presented
with the Priority Club's Top
Producer Award for the month
of March.
Pastor Ellis also accepted the
overall Top Producer Award
for Mount Tabour in 2003.
"It is never a problem for us

ms. .... ..... .. ::;. .
* ATLANTIS Priority Club's top producer for January, ATLANTIS Priority Club's Top Producer for March, Pas-
Tameka Deal, customer service supervisor at Million Air tor Delton Ellis, first assistant to Bishop Neil Ellis, Pastor of
receives a special gift. Deal is pictured at center along with (from Mount Tabor Full Gospel Baptist Church at center receives a
left) Karen Cargill, Atlantis' sales manager and Tanya Stubbs, special gift
Atlantis' sales co-ordinator

to recommend our guests to
stay at Atlantis," he said. "The
personnel in that department
(sales and marketing) go out of
their way to make you feel wel-
come and do whatever is nec-

essary to see that your guests
are accommodated."
Tameka Deal, customer ser-
vice supervisor at Million Air
was presented with the Top
Producer Award for January.

Million Air also received
the overall Top Producer
Award for 2005.
Leotha Nixon of Pepsi Cola
Bahamas Bottling Company
was the Priority Club's Top
Producer for the month of
February, but was unable to
attend the presentation.
Atlantis' sales manager

Karen Cargill thanked the top
producers for their continu-
ous patronage of the resort.
"We appreciate your busi-
ness and support.Jt:is because
of your constant feedback and
contributions, that we are able
to improve upon our services
to both the guests and to you-
our corporate clients."

Three persons were arraigned
in Magistrate's Court yesterday
on weapons charges.
It was alleged that 24-year-
old John Augustin, a 16-year-
old of Quintin Alley and 24-
year-old Denise St Vil, being.=
concerned together, were found
on Saturday. May 13. in posses-
sion of.a black SIG Sauer P228'
.9mm pistol. It was further'i'
alleged that none of three is the .
holder of an appropriate licence
for the gun. .
They were also charged with
being in possession of nine live.,
rounds of .9mm ammunition.:
All three defendants plead-_
ed not guilt\ to the charges.
Augustin was remanded to
her Majest 's Prison as he could.-
not show proof of his cittien-'-"
ship at the time of his arraign-
ment, although he claimed tdo
be a Bahamian. 'ij
The 16-year-old, along with- -
St Vil, were granted bail in the,:s
sum of $4,000. i
The matter was adjourned to
August 29. ai

Death toll I

passes 80 t

inBrazil I


Sao Paulo
MASKED men attacked'
bars, banks and police station's-'
with machine guns. Gangs set'o
buses on fire. And inmates: at
dozens of prisons took guards-'
hostage in an unprecedented'
four-day wave of \iolenceL-
around South America's largest
city that left more than 80 deadw
by Monday, according to Asso-'I
ciated Press.
Twenty-one new killings were"
reported Sunday nigh't'ai-d-
Monday morning, the sti atgoi oJ
ernment of Sao Paulb'i id:'"
putting the death toll at 81 in1
the spree set off by a gang's fury
at prison transfers: 39 police
officers and prison guards, .3
suspected gang members and
four civilians caught 'iifr
Justice Minister Marcio;
Thomaz Bastos said President
Luiz Inacio Lula da Silva waL
ready to send 4,000 federal
troops to the city of 18-million,
but Sao Paulo state Governorp
Claudio Lembo he did not nbed
the help. .
Sao Paulo's Roman Catholic
archbishop, Claudio Hummes,
said the government had not
done enough to stop tifd i i6-.
lence by the First CapitiC -
mand gang, or PCC. '' '
"Society cannot accept being'
held hostage by criminals," he
said. "The state must imOk;'
the prison system to stop it frIom
being a school for crime."
The violence 'was triggered
by an attempt to iso6ate PCt
leaders, who control man, 6f'
Sao Paulo's teeming, notori-
ously corrupt prisons, by traris-
ferring eight of them to a' high-
securit\ facility in a remote part'
of Sao Paulo state. Gang leaders
reportedly used cell ph'ons'fid
order the attacks.
Officials worried the tviblehic
could spread to Ri6ode Janeiro,
vN here 41.,000 police weie put
on high alert and extra patrols
Swere dispatched to. slumrn where
drug gang leaders'live,polic"e
spokeswoman Thais Niun' d id!
Police in Sao Paulo said ai
least 72 people had been arrest-
ed since Friday night, when
gang members began riddling
police cars with bullets,.hurling
grenades at police stations and
attacking officers in their homed
and after-work hangouts.
Starting Sunday night, the
gang employed a new tactics
sending gunmen onto buses,
ordering passengers and drivers
off and torching the vehicles.
There was no mention of
injuries in the nearly 50 reports
of bus burnings.
Thousands of drivers refused
to work Monday, leaving an esti-
mated 2.9 million people scram-
bling to find a way to their jobs.
Worried parents kept many
children out of schools and many
businesses shut by 4pm so work-
ers could get home by dark. Sao
Paulo's main stock exchange, the
Bovespa, cancelled after-hours
trading to let investors and wort-
ers get home early.
The violence also weighed in
on financial markets, helping'to
drive stocks down more than 2

per cent as a perception took
hold that Brazil is more risky
than previously thought.



called the Purchaser) now invites sealed bids, from suppliers for the following:-


Interested Bidders may inspect CAMPUS between the hours of 9:00am
to 4:30pm, Monday through Friday. Collection of specifications and
bidding documents can be obtain from the Accounts Section of BTVI,
Old Trail Road, Wednesday, 3rd May, 2006.

Bids must be in English and should be enclosed in duplicates in a sealed
envelope bearing no identity of the bidder and endorsed with the subject
bided on ("Security of BTVI Campus").

Bids must be deposited in the tender box provided, at the first address,
on or before Friday, 26th May, 2006 by 4:00pm (local time). It will not
be necessary to submit bids in person since they may be sent by mail.
Late bids will be rejected and returned unopened.

Bids will be opened at the public ceremony, in the presence of those
Bidders or their representatives who choose to attend, at 10am on
Tuesday, 29th May, 2006 at the first address below.

(1) The Chairman Tender
Ministry of Finance
Cecil Wallace Whitfield
Cable Beach
P.O. Box N-3017
Nassau, The Bahamas
Tele: (242) 327-1530
Fax: (242) 327-1618

(2) Accounts Section
Bahamas Technical & Vocational Institute
Old Trail Road
P.O. Box N-4934
Nassau, The Bahamas
Tele: (242) 393-2804

The Ministry reserves the right to reject any or all Tenders.

Commonwealth Bank is the premier Bahamian Bank with
branches located in New Providence, Grand Bahama and
Abaco. We are committed to delivering superior quality service,
to training and developing our employees, to creating value for
our shareholders and to promoting economic growth and
stability in the community.

Core Functions:
* Carrying out a range of lending activities including, but not limited to:
Interviewing applicants to determine purpose of credit
requirements (i.e. mortgage, loan, overdraft)
Advising applicants of financing options-term, rate costs, etc.
Determining credit acceptability based on credit score and
other tools
Providing rationale and approving credit within authorized
limit or making recommendations to Management for those
in excess of lending authority
SMaintaining ongoing customer relationships and participating:in .
Branch marketing efforts
Selling new deposit and investment accounts
Carrying out a range of administrative functions in support 6f ;
customers' personal banking .
Providing strong leadership for Branch personnel

Qualifications, Skills and Experience:.
Five years commercial banking experience with experience in
Consumer Lending and Mortgage
Strong leadership skills
Ability to deal tactfully with customers
Strong communication skills both written and oral
Commitment to Customer Service Excellence
Strong sales abilities
Excellent PC skills (MS Word, Excel, etc)
Some accounting knowledge would be helpful but not essential

Remuneration Package:
We offer an excellent remuneration and benefits package, which
includes performance based incentives, health, vision, dental and life
insurances and a pension plan.

Interested persons should submit their resumes in WRITING or
EMAIL along with copies of their certificates before May 26, 2006 to:

Human Resources Department
RE: Senior Lenders
Head Office, The Plaza, 2nd Floor, Mackey Street
P.O. Box SS-6263
Nassau, Bahamas




TUESDAY, MAY 16, 2006, PAGE 7


I ~ii

ii:n .brief
....... ............*...................................



centre is


RBC FINCO has announced
the opening of a new mortgage
centre to serve the mortgage
and lending needs of the
Bahamian public.
The new centre is located
in the Prince Charles Drive
Shopping Centre and offers
extended hours to the public,
opening from 10am to 6pm,
Monday through Friday and
from 11am to 3pm on Satur-
"Through this centre, we
provide mortgages for single
and multi-family residential
homes, as well as other lending,
savings and chequing services,"
said managing director
Nathaniel Beneby Jr. "We are
also offering extended hours
outside traditional banking
hours to better meet the needs
of our clients."
All mortgage lending prod-
ucts, loans, savings, chequing
and fixed term deposits are
available through the centre.
While no cash transactions
will be handled by the branch,
the centre will have an ABM.
"RBC FINCO has been in
business for more than 50 years,
Sandthis newest office builds on
ouir, om itment to be.the lead-
ing provider of mortgages in the
Bahamas," added Mr Beneby.


a.Sn Juan
THE Pentagon handed over
on Monday the first list of
eveyone who has been held at
Guaniianamo Bay, more than
fouryears after it opened the
detention center in Cuba,
according to Associated Press.
None of the most notorious
tTori ps, suspects was included
i ,list delivered by the Pen-
tagon to Associated Press; rais-
ing.questions about where
A.erica's most dangerous pris-
qers.are being held.
The names of 201 of the 759
detainees in the list have never
been disclosed. Of the total,
mote than a quarter 218 -
were Afglias.. A total of 131
SaLiuis'also passed through the
prison gates at Guantanamo
Bay.Naval Base, perched on an
arid slope above the Caribbean.
S"This list takes us one step
closer to our goal of fully
reporting who has been swept
into US military custody in
Guantanamo, and how they and
lieir cases are being handled,"
said David Tomlin, the AP's
assistant general counsel. He
added that the Pentagon did not
give all the information the AP
sought in a Freedom of Infor-
mation Act request.
The handover marks the first
time that everyone who has
been held by the Defense
Department at Guantanamo
Bay in the Bush administra-
tion's war on terror has been
identified, according to Navy Lt
Cmdr Chito Peppier, a Penta-
gon spokesman.
The names of all detainees
held at Guantanamo Bay were
previously kept classified
because of "the security opera-
tion as well as the intelligence
operation that takes place down
there," said Pentagon spokes-
,man Bryan Whitman.
In a briefing in Washington,
,he did not explain why if there
was such a security risk the
Pentagon did not contest the
,AP's request for the release of
the names, as it did with previ-
,ous Freedom of Information
Act requests for prisoner infor-

College of the Bahamas head,

'should not be an academic

THE College of the
Bahamas should now look
outside of academia for its
next president, it was claimed
last night.
A Bahamian with an inter-
national reputation should
take the reins of the institu-
tion with an executive vice-
president to run everyday
affairs, a senior lecturer sug-
The names of Sir Arthur
Foulkes, former Bahamas
ambassador to London, attor-
ney Lynn Holowesko and for-
mer UN ambassador David-
son Hepburn were mentioned
as possible candidates.
."It's time to look closer to
home and use the resources
we have," the source declared.
The comments followed the
reported withdrawal of Dr
Sydney McPhee from the
COB presidential race. He is
said to have turned down the
job just a few weeks after
McGill University's Janyne
Hodder backed out after fac-
ulty protests.
"The problem with Bahami-
ans who have worked in the
United States for many years
is that they are now Ameri-
cans," said the lecturer.
"Sydney McPhee was num-
ber one candidate in 1997-98
but he was too high-priced,"
said the source.
"The number three candi-
date, Leon Higgs, got the job.
I don't think McPhee would
take the job now because the
circumstances are very differ-
ent. This idea of beating the
bushes in America and Cana-
da is mistaken.
"COB, like a lot of fledg-
ling institutions, is working in
conditions of under-develop-
ment. The job has to be done

It was felt that, if a highly-
qualified academic is still
regarded as a necessity, atten-
tion should be directed
towards the Caribbean, espe-
cially Guyana, "where there
is good scholarship germaine
to this region."
But another possibility was
a non-academic person with
international status who could
command respect.
"The president does not
need to be an academic. He
or she needs to be someone
respected in the community
with some kind of interna-
tional recognition."
The source added: "The col-
lege now needs a period of
rest and reflection. I think we
are wasting our time trying to
Americanise or Canadianise
the college. If we were talk-
ing about a relationship with a
university willing to share
resources, then that is a dif-
ferent kettle of fish altogeth-
Meanwhile, other COB
sources said the selection
process was in chaos follow-
ing Dr McPhee's decision,
with the college now "back to
square one" in its efforts to
find a new chief.
Dr McPhee, president of
Middle State University, Ten-
nessee, reportedly said "the
time is not right" for a return
to the Bahamas. Fellow acad-
emics rate him one of the
leading Bahamian scholars in
the States.
Acting president Dr Rhoni-
da Chipman-Johnson and Dr
Pandora Johnson remain the'
only two contenders for the
post vacated last year by self-
confessed plagiarist Dr Rod-
ney Smith.

Donors are told that

future university 'will

belong to Bahamians'

ACTING President of the
College of the Bahamas Dr
Rhonda Chipman-Johnson-
Johnson told alumni and
potential donors that the
future University of the
Bahamas belongs to the
Bahamian people.
Dr Chipman-Johnson-John-
son said that if the college is to
achieve its goal of university
status, all Bahamians must
work together.
Addressing the alumni and
donors at a luncheon on Sat-
urday, Dr Chipman-Johnson
outlined the goals and expec-
tations of COB as it moves
toward becoming a universi-
ty in 2007.
"We need collaboration
from you," Dr Chipman-John-
son said. "COB cannot
become a university on its
own. It takes a whole commu-
nity to build the university."
Dr Johnson said that in order
to support the type of work that
a university is expect to do,
COB will need to have the type
of infrastructure that one
expects to see at a university.
In addition to some of the
infrastructure work presently
taking place, the acting presi-
dent said that the manage-
ment is also in the process of
constructing a state-of-the-art
library building, and as a part
of the college's mid-range
plans, she hopes to see the
construction of a science com-
plex and a dormitory facility
for up to 500 students.
As the college grows, Dr
Johnson said, she expect to
see a diversification in the stu-
dent population as well, with
the university welcoming
more international students.

In order to diversify its stu-
dent body, and as apart of its
long term goal to establish a
four-campus university sys-
tem, Dr Johnson explained
that the college's present cur-
riculum will grow and become
more varied.
With an additional cam-
puses planned for New Provi-
dence and new campuses pro-
posed for Grand Bahama and
Andros, Dr Johnson wants the
future university system to
become a centre for certain
signature programmes like
marine science and marine
biology, medicine, engineer-
ing, and agriculture and envi-
ronmental sciences.
As a way of getting these
new programmes started, the
college is looking at imple-
menting a language and cul-
tures institute in the fall.
Dr Johnson said that she
also wishes to attract more
quality faculty and staff. "An
important part of becoming a
university is to have the type
of faculty with the type of cre-
dentials that one expects to
find at a university."
She went on to tell the
gathering that there are sev-
eral programme initiatives in
place to encourage present
faculty members to improve
their credentials.
It is the college's goal, Dr
Chipman-Johnson said, to
have at least 50 per cent of its
staff with a doctorate when it
becomes a university.
She admonished profes-
sionals in the audience to pro-
vide not only financial assis-
tance, but also assistance on
the advisory board and special
committees, as she seeks to
have the college become "the
beacon of the Caribbean."

Rotary donation to Freeport YMCA
--1 --- --- --



FREEPORT The Rotary Club of Freeport
donated $8,000 to the YMCA for the purchase
of swimming pool supplies and equipment.
The YMCA in Freeport suffered tremen-
dous damage during Hurricane Frances and
Jeanne. The sport and recreation facility is
presently under renovation.
Many organizations have come forward to
assist, including the government, which is
restoring the western wing at a cost of $400,000.
With the support of Guardian Fencing of

* SEEN from left
are Stephen Gunn,
Rotary Club of
Freeport director
of community ser"
vice; Daniel
chairman of the
YMCA board of ,
directors; Richard
Bates, past
president of the
Rotary Club of <
and Karen
director of the
(Photo: Erik

--------- 1-L---------J -,
Freeport, the fence surrounding the pool arpa ,
was restored and new fencing was installed... ,
Items that are important to the YMCA'-';
swimming programme were also provided,,such,
as an elevated lifeguard station, kick boards,
floats, rescue equipment, and the deposit on the
new pool heat retention cover.
The funds were donated principally by the,
Rotary Club of Nassau East, whose contribu-
tion was augmented by a grant from Rotary,
International and Rotary District 6990.

"Despite the incongruities of a British-flavoured curriculum for rural Bahamian

children, there are many facets of the lessons learned in the one-room schoolhouses

that wisdom would encourage today's curriculum planners to note."

The One-room Schoolhouse

By Patricia Glinton-Meicholas this Thursday in The Tribune

Read Chapter 16 of The Secret School, see page 4C of today's Tribue

- St

: ii. .....,
i. :
.. ~-I

Make the






_ __~~ __



-ir:. .:...

6 1

I r. 0,L 1 I : OL A ,I IVI.I I0, Le--U Ui.


all mothers

I*rtv ~i.,
~...~ -. ;
;I -
~:i.. "
C~s~ ~
:':8 +::.


The annual Mother's Day Service, held at the

Southern Recreation Grounds on Sunday, paid tribute

to mothers across the nation


* THE Royal Bahamas Police Force band performs

* 94-YEAR-OLD Sara Hutcherson was presented wuth the
dlo est mother offthe ear award

* BUSINESS Mother of the
Rahaming Denmerius

C4,. ~j.

* MOTHER of the year, Jennymae Humes, is escorted by

-.A ,- I'


0 HARDEST "orking mother ol the Near %%ent to KinbeltleX o

S(Photo: Felipe Major/Tribune staff)

Morales says oil companies can still profit in Bolivi"

BOLIVIAN President Evo
M;orales told the European
Parliament on Monday that
European energy companies
w6uld be able to profit from
thtir investments in the coun-
try but would not have con-
trol after Bolivia nationalises
it natural gas resources,

according to Associated Press.
"You can't own oil resources.
The Bolivian state will control
them," he told EU lawmakers,
saying he understood that oil
companies expected to get a
return on their investments.
Morales announced on May 1
that the country would natioi-
alise its gas sector, giving foreign
oil companies six months to nego-
tiate new contracts or leave. He

sent in the military to guard nat-
ural gas installations and said the
nationalisation was based on a
desire to put Bolivians not for-
eigners at the receiving end of
Bolivia's rich resources.
"Nobody is being expropri-
ated and nobody is being
expelled," he said Monday.
"Any company that has invest-
ed in Bolivia will have every
right to regain its investment

but they will be partners, not
owners of natural resources."
Morales received warm
applause from the left side of
the assembly. Centre-right rep-
resentatives boycotted his
speech after the other parties
refused to withdraw an invita-
tion to Morales or debate that
the nationalisation violated
human rights.
"Bolivia has great wealth and
it has great poverty," Morales
said, asking for European sup-
port as he aims to tackle pover-
ty by distributing the country's
natural riches through the
"By recovering our natural
resources we should be able to
get rid of the beggar state," he
said. "We want now to change
our history... We want to solve
these cultural and social prob-
The Bolivian president told
reporters the state would audit

companies to see whether they
had made their money back.
The government had already
spoken to France's Total SA,
he said, and determined that it
had already broken even from
its oil wells and so could not
expect to recover its investment.


He said a different tack
would be taken towards mining
concessions that were provid-
ing jobs than "paper conces-
sions where no actual invest-
ment had been carried out." ,
Bolivia has the second-largest
natural gas reserves in South
America after Venezuela.
Morales also said Bolivia had
a "strategic alliance".with the,
Brazilian government, despite
a spat over Bolivia's natural gas
industry that marked a low spot
in a century of close relations

GrIvy's Music & Educatiwnal Cente.

Summer Art Cm

June 2bth. August 1llh, 2006
\lnn, .,A I nd. 0 0 m -n .00p m

N Music

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i'4b t '
** ,,,!h jSf...j'a

English Reading

VIII: {ffl lH

between the neighboring South
American nations -:.i ...:I:.:.
Brazil is the largest niporler,.
of Bolivian gas, arid Brazil_ i
company Petrobras has inmestqd--
more than US$1.5. billion iq
Bolivia. ,
The dispute between the tyo
Countries dorninated,ath{eje-
day EU summit of 58 leadersrs,
from the. Eurqpea,,ang1io4i-,
Latiut .America. ing lthse..;
Caribbean last week. .: :
Morales called Qn Egippiq to;
join an effective .fight.agaipst
dru ,. smiuglijig bsgy,a}Gaqli.;g:
banking secrecy.;o-.. ::..;, : ,
"Te:real dr gug smugger is t
the one in Bp via, the
real smuggler is somebody mo\ -
ing millions of,
,the place," he hetold reporters...
.u iced to do something,
aboutt banking. s,ere!y,(ip!ght,
this drugbusiness.1~';. :,, vi,, .
He also said Bolivia, would
Scall on. the interaonational:com-,
munity too recognize the cdcap,.
,-.l! an agris.ultqral. Iant dusd:
by native people for centuries. ,
"You can't have coca leaf legal,
in Coca Cola and illegal wlhp,,
Andean native people want to
use it," he said. ? e 'a
Last week, EU leaderjf-
warned Bolivia that its increq r 3
ingly nationalist policies could
affect economic growth, urging
it to open up markets to prp ,-j
mote trade. .;
Morales has accused some
foreign oil companies includ-.i
ing Brazil's state-run Petrole.p:
Brasileiro SA of operating,
illegally. He also warned tNjtlo
some companies may not ef,
compensated for assets,or
investments in Bolivia. .
Although EU nations impqrt,
no natural gas and little oil from
the South American country.
officials have said they arek 'w4 -
ried about the effect on inter-
national markets, expressing
"concern" at Bolivia's move t
post soldiers at gas installations.
Spanish-Argentinian 'dcorn-
ny Repsol YPF is one of tWiet:(
biggest energy producers active'
in Bolivia. Analysts say'Rlepl:'
sol's rights to gas in Bolivia'rep"'
resent about a third of the co,~i-n
pany's total oil anid'gas ieser3&J '

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PA-r,'P R TI iF:.qnAY MAY 1 R PnnR

lalodudo Ilic fulluiiin..,

TUESDAY, MAY 16, 2006, PAGE 9



umihts group hits out at recent

treatment of Haitian immigrants

FROM page one the police and immigration to Mr Smith said the Bahamas
behave in a lawful manner. does not have the human
"You cannot have random resources to provide all of the
which 200 legal and illegal searches, random seizures and needs for all of these anchor pro-
Haitians at Eleuthera were random and arbitrary deporta- jects and huge developments
rounded up and spirited off on tion," said Mr Smith. that are coming on stream
boats to New Providence, Mr Smith said the Human throughout the country.
detained at the Detention Cen- Rights Association will interna- "We need inexpensive tran-
tre, and later released and left tionally condemn and expose the sient labour and the Haitians '
to find theit own way back to PLP government's abuse and the provide that.
the island where they reside. inhuman and degrading treat- "So, to the extent that they
At a press conference in ment being visited upon are guests to our country, we
Freeport on Monday, Mr Smith legal and illegal Haitians and should try and integrate them
said it would be a "terrible Bahamian nationals in the coun- and not criminalise them.
embarrassment" to the Bahamas try. "And when we give them
internationally if the Bahamas "We think it would be a terri- papers to be here we should
were one of the first countries ble embarrassment to the respect that."
to bh taken before the new-UN ---B asil-a-i- ntiomally-if-the---- -Another issue Mr Smith
Human Rights Council for abuse Bahamas was one of the first addressed was the fact that many I i'" t
recently visited upon the countries-to-be hauled before Haitians are trying to get
Haitians. the new UN Human Rights through the Bahamas to the US,
Human rights activists Joseph Council by way of a complaint or and are not trying to stay in the 'i
Darville, Sarah Kirkby, Jetta petition from Haitians both legal Bahamas.
Baptiste and Gustave and illegal and by Bahamians He encouraged the US gov-
Bolivar, and some 40 Haitian- who are of Haitian origin for the ernment to recognize that the
Bahamian residents were also abuse they are receiving. Bahamas immigration interdic-
present. "We are a nation that pro- tion, anti-terrorism efforts, drug
"We are sending out three motes ourselves as a Christian interdiction, and .our money
messages to the government and nation, that we respect the rule laundering interdiction or assis-
we are holding Prime Minister of law, and it is important for us tance to the US in tax evasion by FROM page one
Perry Christie, the Commission to demonstrate at the very high- their own citizens, these .are all
of Police, Shane Gibson, the est level of authority that we do expenses which Bahamians are adopted, it will perhaps for the very first time in
commodore of the Defence in fact respect the law," he said. being put to at the taxpayers our history make a career on the bench a truly
Force, directly responsible for Mr Smith believes that right expense in the Bahamas. attractive proposition Mr McWeeney said.
this abuse," he said. now in the 21 century, immigra- Mr Smith said: "The drugs are The commission chairman said that current
*'This is not just Shane Gib- tion should not be a criminal not staying htre, money laun- salaries and benefits offered to members of the
son acting by himself. There is issue. during is not staying here, the judiciary are not adequate compared to those of
collective ministerial responsi- He said the human rights asso- terroris;ii i 1 not aga nst the legal professionals in the private sector.
blath and the Prime Minister is ciation is promoting the process Bahamas. immigration is not He explained that the country boasts a rela-
at Ihe top of the ladder and he of legalizing and not criminalis- into the Bahamas it is all des- tvelyyouthul bar"-with e majority of mem-
must be held to blame for the ing. He said it should not be a tined for the US. ters being under the age of 50 who have faim-
abuse being visited on the Hait- political football at a time on the "I would encourage the US lies to support and for whom taking up an
ian-Bahamian legal and illegal eve election. and Bahamian governments to lie to ppot on th en whas stinp t a vabl
community." The lawyer believes that the negotiate more contribution by option for financial reasons.
NMr Smith said if the Bahamas immigration policy should be the Americans in interdicting all Traditionally, Mr McWeeney said a lawyer
expects Haitians and others to one that promotes development. of these ills that are facing the wld nt onally r Wan apointment t te Ben
respect its laws and abide by its --.He-explained- that-in the Bahamas because all of these would not consider an appointment to the Bench
laws. then the responsibility is Bahamas many of the Haitians challenges to the Bahamas, "when in fact he is not of ery great se to the
on the government itself to are here notbecause they have much of them are directed to state because he is beginning to lose his mental
respect the laws. chosen to be in the Bahamas, the US. harness and capacity."
When enforcing the laws, he but rather because many "We need help; we need fund- However, the report's recommendations he
stressed that the Bahamas must Bahamians and businesses need ing. We need human resources said, represent a recipe for attracting the st
be dful of human rights -- hem for cheap labour. -and-assistance-from the US in qaliie nd aete from bth the public and
visions of the Constitution, pro- "Who is going to clean the toi- dealing with all of these issues. quaifiea and tete from bo t p
tedeing against..inhuman -and, lts- lT, pick-tr p garbage'? -We--need-help from..Amtica, .... p vat feel confident that if the recommend
deding treatment, and must Who is going to act as cheap which seems to be much of the ts a formulated in this r rt reacepedta
bepectful to the Immigration labour at the construction site?" source of the challenge we are it will go a long way towards remedying the long-
Aet-g nd Police Act that require he asked. facing," he said...i,, e -

Plans to build low cost homes

spark concern from residents

FROM page one there. Everything you want in the bush medicine
S. world in the back there. They are going to
destroy everything. All the natural habitat, that
providing them with information about what it st their home."
proposes to do in its construction. A resident of BASH is concerned about the
Sitting only a few feet away from the side of "all natural" horse riding trail that will be lost
the road where tractors are already clearing the when the area is cleared.
land, a group of men weighed in on the new "We are building up a lot of tourist clients
development in their community. that go in the back there to ride, and now that it
"It isreally good and bad, because there a lot is being cleared down, that's not good," the man
of folks who do not have homes of their own," said.
said'one young man. '-But-governmen-shotuld--- Anoter residentfeels that the government
have come to the community to see how they development is helping the people, and she does
feel about it. It is really changing the-history- not think the governmeiint has to come -to the
around here, and now that the project is going on people with their plans, as it is government land.
they [residents] may be feeling deprived." "Right now if you go in the back there, you will
"The way the area is now," he continued, "it's s a lot of ga ge, so I ee government wants
and nsee a lot of garbage, so I feel if government wants
justcalm and not much traffic, but it will be some- t pt low cost homes in the back there, they are
thing you will have to get used to. ere
thing you will haveof the young man did not feel helping the poor people and right now there is no
A companion of the young man did not feel land, and that is probably the best spot for them
the same way and said, it's a bad idea because itright now," she told the reporter.
was definitely a disrespect to the residents." He Recently, however, the Chipman family, long
went on to say, "they say we have the power, but time residents of the area, have been seeking to
we don't have any power. All we do is:put an have the government address the land owner-
'X in a box and put someone up there, and then ship question, as they have documents to show
they do whatever they feel like doing, regardless where this land once belonged to their father
of how we feel down here as the poor man." and grandfather, the late Hbward Nelson Chip-
"Regardless of how we feel," he continued, an
"they are going to do what they feel like doing In March of this year, the Chipmans held a
anyway. So all of our debating on whether they protest on West Bay Street in an attempt to have
should put houses down here or not, they already government stop with the development of certain
make up their minds that's what they are going to land areas in the Chippingham area until it can be
do; so that's what they are going to do. But my legally determined that they have no claim to
opinion is it's a bad idea." the land
A homeowner and long time resident said he "We sent a letter to the Prime Minister," said
was not opposed to government building homes Mitzie Chipman, "but they have not responded to
in the area, but the houses "should be us. It is just like the are inoring it."
a way to allow for more spacing so that it is not Yet despite being in the dark as to what the
tufied into a ghetto or a slum." government intends to do in their area, many of
He said he wishes that the government would the residents and former residents of the area
build them "with more convenience anymore .who-are in need of housing hope that the gov-
yard space so that it can really be like a home. ernment will see to their needs first when
And even though government, in announcing
And even though government, in announcing they begin building and filling the new commu-
its plan to go ahead with its building projection, nit.
has-issued assurances that the natural value of the i Bowe of J & L Backhoe and
As resident Greg Bowe of J & L Backhoe and
swlinpland will not be compromised by the devel- Trcng paysays "I hope the government
opment, many who grew-up-fi-nte area are con- will see to it that the people in the Chippingham
'All.kinds.ceoef bi r .d.........cran .. ...... community who have the capability will be given
All kinds ofbirdslk cra tan opportunity to work on the project whie -it is
hardly see, they live in the back here," one gen- being constructed."
tleman said. "Five finger, ginseng, everything's

Call for families to take role in upkeep of graves

FROM page one

Mr Roberts said that govern-
ment's upkeep of the grounds
should be done on a regular
basis. However, he said, he
would look into what is going
onat the various sites, as the
upkeep is done by private

"If people have concerns,"
said the Minister, "they can
write the ministry and get the
answers to their problems."
Growing up across from the
Western Cemetery, Mr Roberts
remembered when people who
respected their loved ones

would always go and paint the
graves and keep them tidy.
However, people do not go and
make sure anymore, he said.
In the end, the Minister
wished that people would help
the government by keeping the
graves in the sites around the
island respectable.

Oil industry

FROM page one
people to take on alternative renewables,
hecaiuse o\ei ill t1 reduces the country's depen-.
dcn.\ on oil and results in a cost savings for the
coLunti r it \- don't ha e to import so much oil'
..\\e ar continually trying to apprise the
Bahamian public of the need to conserve ener-
g\ both in their homes in terms of how much
the\ use. cutting offi ghts not in use, and of
course mo ing gradually towards alternative
luel supphles such as heating water with solar sys-
"T h e-e all things that we are continually
, orkino, tow yards. And as they become more
cllmenlercill.\ available and cost effective for
consumerr \. e "l dl see more and more solar ele-
ments coming into play," he said.

Judicial review

standing complaint that the best and the brightest
of the Bar are reluctant to take appointment to
the Bench," he said.
Attorney General Maynard-Gibson said she
will present Cabinet with the report as soon as
possible and hopes to have some of the commis-
sion's suggestions implemented when this year's
budget debate begins on May 31.
She pointed out that it is a func-
tioning legal system to not only have the judicia-
ry free from interference by the executive branch;
but also to have freedom from financial worries.
"It is clear that security in pay and position
frees judges to exercise their best legal judgment
in applying the law fairly and impartially to the
parties before them," she said.
Mr McWeeney added that good judges are a
scarce resource and that "big money" is needed
to attract quality professionals.
"And the country will benefit in the long run.
The better the quality of judges you are able to
attract, the better the quality of the jurispru-
dence, the better the quality of the jurisprudence,
and franklyihe better the quality of your cviBi-
sation," he said.




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PAGE 10. TUESDAY. MAY 16. 2006


7:30 8:00 8:30 9:00 9:30 10:00 10:30

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0 WPBT ters scoured vast areas of the Amer-er" Researchers test theories of mu- tire?" Many baby boomers expect to
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mance. n 'PG-13' (CC) marooned on an island. 'NR'
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TMC (1993) Bill Murray. ATV weather- Ryan, Daniel Travis. Scuba divers become stranded in A meek librarian is actually a biolog-
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Installed Preval urges Haiti to unite

RENE Preval, taking power
as Haiti's president for the sec-
ond time in a decade, urged his
divided population to unite for
peace; warning "if we don't talk,
then we will only fight", accord-
ing to Associated Press.
Thousands of Haitians,
thronged the national palace to
see Preval sworn in Sunday.
The soft-spoken 63-year-old
replaces a US-backed interim
government installed after for-
mer. President Jean-Bertrand
Aristide fled into exile amid a
bloody revolt in February 2004.
Preval, a champion of the
poor who previously governed
Haiti in 1996-2001, urged Haiti's
fractured society to put aside
its differences and work togeth-
er for a stable, democratic
"Haitian people, the solution
to our problems is in our
hands," Preval said in his inau-
gural address outside the palace,
where a sea of people cheered
and waved Haitian flags.
"We need to make peace
through dialogue and talking to
each other so we can decide
where we want to go together,"
he:said. "If we don't talk, then
we will only fight and there will
bc :o peace."
Some of the loudest applause
came when Preval bid farewell
to'Haiti's two former interim
leaders, Prime Minister Gerard
Latortue and President Boni-
face Alexandre, both unpopular
among many poor Haitians who
accused the transitional gov-
ernment of persecuting Ari'ide
Preval, a former A ., ally,
will have to overcon.- Dig chal-
lenges to govern, including a
corrupt state bureaucracy, a
wrecked economy and rampant
;n his first official act as pres-
ident, he signed an accord inte-
giating Haiti into a Venezue-
lan oil pact that supplies
!Caribbean countries with fuel

under preferential terms.
In a joint statement with
Preval, Venezuelan Vice Presi-
dent Jose Vicente Rangel said
Haiti on Monday would receive
100,000 barrels of oil as its first
shipment under the Petrocaribe
Preval, who won February 7
elections, has promised to
restore security and create jobs.
Experts say Haiti will need con-
tinued help from the interna-
tional community, including
large amounts of foreign aid.
Florida Govermor Jeb Bush,
who represented the US dele-
gation, said the United States
had committed $200 million to
Haiti this year and could give
"The support of our country
is long-term in nature," Bush
said before returning to Florida.
The governor cited health care,
education, training for police
and port security as areas where
US aid could help Haiti.
Preval took the oath of office
inside a sweltering parliamen-
tary chamber crowded with
Haitian legislators, UN officials
and foreign dignitaries repre-
senting 40 countries. Among
them were Bush, Canadian
Governor General Michaelle
Jean,and American actor Dan-
ny Glover.
SOutside, several hundred
Preval supporters gathered in
an adjacent park, hoping to
catch a glimpse of their new
president. Some waved portraits
of Aristide and called for his
return, chanting: "Aristide's
blood is our blood!" and "We
want him back!"
: Preval has said Haiti's con-
stitution allows the former pres-
ident to return from exile in
South Africa. However, Preval
hasn't said if he would welcome
back Aristide a mo\e the
United States has warned would
destabilise the country.
Aristide and his supporters
accuse the United States of kid-
napping him and flying him to
Africa amid the revolt a
charge Washington denies.

L Venezuela's Chavez meets

British trade union officials

and Mayor of London

SHugo Chavez was to meet with
;British trade union officials in
central London on Monday, a
da\ after he said a US attack
on Iran over its nuclear pro-
gramme could produce sky-
rocketing oil prices, according to
Associated Press.
Cha\ ez \ as to first meet with
the Trades Union Congress,
which has about 70 affiliated
unions and represents nearly 7
million workers, in an event
closed to the media, the union
said. He later holds a news con-
ference alongside Mayor Ken
Li, ingstone, who hosted a rally
for him with left-leaning
activists Sunday night.
During a speech Sunday
evening in a London commu-
nity centre's auditorium,
Chadez said that a US attack
on Iran over its nuclear pro-
gram would trigger an enor-

mou s nlitar\ escalation in the
Middle East and that oil prices
would soar to at least US$100 a
Chavez said a US military
strike on Iran would provoke
an Iranian attack on US ally
Israel, triggering a wider con-
flict in the region.
He said Iran would be forced
to cut oil production in the
event of a US attack, which he
said would be "a threat against
us all".
Chavez, who called US Pres-'
ident George W Bush ;a "ter-
rorist," also criticized the war
in Iraq, calling it the "Vietnam
of the 21st century.
"If they attack Iran I think it
will be far worse than it.was in
Iraq," Chavez told an audience
of some 5i00 British law makers
and left-leaning activists. "The
United States doesn't know
what it's doing in Iraq: There's
no government and there's civ-
il war."

Hours before Sunday's cere-
mony, prisoners demanding
their freedom rioted at the
national penitentiary, just a few
blocks from the parliament.
Gunshots were heard from
inside the prison, and inmates
massed on the roof and held up
two bodies, apparently of pris-
oners. Haitian police and UN
troops quickly surrounded the
prison, and the disturbance Was
Officials offered no comment
on the incident, which was a
strong reminder of the chal-
lenges Preval faces reforming
Haiti's broken justice system.
The UN envoy to Haiti, Juan
Gabriel Valdes, has urged
Preval to take quick action on,
the prison, where many inmates
have languished for years with-
out being charged with a crime.

* HAITIAN prisoners show the dead body of an inmate killed during a riot at the national peni-'
tentiary in Port-au-Prince, Haiti, Sunday, May 14, 2006
(AP Photo/Ramon Espinosa)


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PAGE 12, TUESDAY, MAY 16, 2006



Mav 16.2006

Vol.1 Issue Xlli

moving Global Cybersecurity isthis year's strengthen our collective global cybersecurity. r ,, .
d Telecommunication Day (WTD) theme. As this depends on the security practices of
-4411- --inL L-A ...r Ij mg~hA~nA..... b int rhi r

Sne day comrmemoriaes mte Tounding ortne
InternationalTelecommunications Union (ITU)
on May 17,1 865.This year WTD carries added
significance as Ma)' 17 has been identified by
the Tunis phase of the World Summit on the
Information Society as 'World Information
Society Day"
In today's interconnected and increasingly
networked world, societies are vulnerable to
:a wide variety of threats, including deliberate
attacks on critical information infrastructures
with debilitating effects on our econromes
and on our societies. In order to safeguard our
systems and infrastructure and in order to
instill confidence in online trade, commerce,
banking, telemedicine, government and a
host of other applications, we need to

eacr anl every netwuor e Ioul Inly, uuiness,>,
and citizen, we need to develop a global cul-
ture of cybersecurity.
This is why,the ITU Council choseto highlight
the serious challenges we face in ensuring the
safety and security of networked information
and communication systems and adopted the
theme Promoting Global Cybersecurity for
World Telecommunication Day 2006.
As theJeading provider of telecommunica-
tions services in The Bahamas, BTC is proud to
be participating in Word Telecommunications
Day. We are committed to moving forward in
the telecoms industry and will continue to
provide our customers with paramount ser-
vice and state of the art products.

- r

The annual observance of World Telecom-
munication Day, marking the founding of the
International Telecommunication 'Union on
17,May 1865, has drawn attention to the work
of ITU.and the broader challenges of global
communication From the days of the tele-
graph through space-age communication,
and now in cyberspace. ITU has helped to
connect the world.
In recognition of this evolution,the World
Summit on the Information Society, which
was held in two phases {in 'Geneva in 2003
and in Tunis in 2005), proposed that 17 May
henceforth be celebrated as World Informa-
tion Society Day. The Summit's aim was to
build an open, inclusive, people-centred,
knowledge-based information society that
will accelerate the pace of development.This
occasion now highlights the link between
the great potential of information and corn-
murnication technologies and our goal of
accelerating the pace of development.
The Summit recognized the importance of
building confidence and trust in the use of
ICTs. This is reflected in the theme for this
year's observance, promoting global cyberse-
curty.ln an increasingly interconnected and
networked world, it has become critically
important to safeguard our vital systems and
infrastructures against attack by cy'bercrimi-
nals, while instilling confidence in online
transactions in order to promote trade,com-
merce, banking, telemedicine, e-government
and a host of other e-applications. As this
depends on the security practices of each
and every networked country, business and
citizen, we need to develop a global culture
of cybersecunty.
I therefore urge all Member States and
stakeholders to help increase global aware-
ness of cybersecurity, and to develop an in-

international network or initiatives and ILl-
based countermeasures to enhance security
and build trust in the use of information and
communication technologies.This is essential
for the continued growth and development
of our economies, and especially important
for developing countries.
More broadly, on this annual observance,
let us all pledge to connect the unconnected
and build a free and safe information society
that will spur development for the entire
world's people.

I, -; 4%
-~A .~.t"

Dear Friends,
World Telecommunication Day commemo-
rates the inception of the oldest international
organization in history.This 17 May 2006, on
its 141st anniversary, ITU finds itself on the
threshold of a new era.
During the past seven years, ITU has guided
the landmark World Summit on the Informa-
tion Society to its historic conclusion.World
leaders gathered in Geneva in 2003 and in
Tunis in 2005 to provide political backing for
a road map aimed at developing and utilizing
information and communication technolo-
gies in the service of humanity.
In the process, ITU's standing in the world
as the lead agency in telecommunications
and ICT has been clearly established. ITU has
expanded its base, having pioneered the in-
volvement of all stakeholders in the process.
Governments, technological experts, social
scientists, business and civil society leaders,
international organizations and grassroots
workers have all been deeply engaged in
laying the foundations of a more just, equita-
ble and people-centred Information Society.
ITU has also grown in stature, having taken
far-reaching steps in using its recognized
expertise to reach out to the remotest regions
of the globe, to the most vulnerable people,
arld help accelerate the pace of development.
ITU has already forged partnerships with
some of the greatest visionaries in govern-
ment, business, civil society and international
organizations aimed at connecting the un-
connected through its Connect the World
initiative, launched in June 2005.
This year, ITU has advocated the develop-
ment of ICT to assist the disabled and to
prepare for emergencies and disasters.And
to ensure that the growth of ICT remains
sustainable, the theme for World Telecommu-
nication Day 2006 is Promoting Global Cyber-
In an increasingly networked society, safe-
guarding cyberspace as well as ICT systems
and infrastructure has taken on real urgency.
It is essential to instill confidence in online
trade, commerce, banking, telemedicine, e-
government and a host of other applications.
It is also critical for the future social and eco-
nomic development of the world.
Achieving cybersecurity depends on the
security practices of each and every net-

S' *.; V.I
~v *"

worked country, business, and citizen. T
guard against the sophisticated skillss'ofy-
bercriminals, we need to develop a .g~iba
culture of cybersecurity. This will requIi.t
only good policing and legislation butf/::
acute threat awareness and development of
tough ICT-based countermeasures. -
From the days of the telegraph, ITU 'has
mastered space age communications and
continues to develop its expertisein cyber-
space. It now takes on the additional mantle
of leading the global movement to build the
Information Society.World leaders.meeting
at the World Summit on the Informatialin S
city in Tunis in November 2005 recognized
this evolution of ITU and proposed that 17
May World Telecommunication Day--~.-
should henceforth be celebrated as World
Information Society Day.
ITU accepts this honour- and the chal-
lenge to open another chapter in its ch0-
quered history and embark ona neIjM
As we commemorate this important Ind-
mark, let us all together celebrate this first
World Information Society Day!

',r ";,. c3'y-.) ;e;R: r,1

fInformation provided by the International lecot7im
nications Union website)


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---~ --~----


TUESDAY, MAY 16, 2006




Miami Herald Business, Stocks, Analysis, Wall Street

Nassau hotels witness

strong summer start

By CARA BRENNEN pancy rates in the mid-70 per cent rable to last summer's levels in occu- up from 76 per cent in 2005. August, the Hilton is expecting to
Tribune Staff Reporter range. pancy with some improvement in Mr Sands added that the property reach occupancy levels of between

Island hotels are
reporting solid book-
ings for the period
between Easter and
the start of summer proper, a season
often considered one of the indus-
try's slower ones.
Speaking with The Tribune. Jeremy
McVean, general manager of Paradise
Island's Comfort Suites, said May % as
turning out to be a steady month for
the property, iath average room occu-

This trend, he said, was expected
to continue and increase into June.
Mr MacVean said last June's occu-
pancy levels were strong in the 80
per cent range. He said: "We are opti-
mistic that the pace will keep up."
Ed Fields, the vice-president of
public affairs at Kernzer Internation-
al, said: "Our forecasts for May are
solid.and above our budgeted levels."
This was partially due to a large num-
ber of group rooms for the month.
"For the summer, we are predicting
a strong performance, again, compa-

rate," Mr Fields said.
Hotel sales are strong on the Cable
Beach strip as well. Robert Sands,
Baha Mar Development Company's
vice-president of administration and
external affairs at Baha Mar, told The
Tribune that the company's three
Cable Beach properties have bene-
fited from a "late" Easter holiday,
which afforded the hotels an extend-
ed winter period.
The Wyndham, he reported, saw
an increased average occupancy rate
of 80 per cent for the month of April,

saw an increase in the average room
rate of $13 per occupancy.
"So it was extremely positive," he
And the British Colonial Hilton
reported strong occupancy levels as
well. Opal Gibson, the hotel's director
of business development, said the
Hilton reported occupancy rates
between 94 and 95 per cent for the
month of March, which fell during
the peak Easter period. April's occu-
pancy levels were around 92 per cent.
Ms Gibson said that from now to

80-90 per cent.
The Hilton, she said, has had a lot
of strategic advertising and booked
more groups, yielding better rates that
aided the strong performance.
While September is forecast to pro-
duce lower occupancy rates, between
68.5 to 69 per cent, Ms Gibson said it
was not that low, considering Sep-
tember is a slow period for the entire
Ms Gibson said she felt that book-
ings have returned to the pre-Sep-
tember 11, 2001, terrorist attack level.

CFATF's Bahamas review next week

Tribune Staff Reporter
THE Caribbean Financial
Action Task Force (CFATF)
will start its third round review
of the Bahamian financial ser-
vices industry's regulatory
regime next week. with the
Director of Public Prosecutions scterd ^ that the sec-,
tor was not completely in the
clear when it came to interna-
tional scrutiny. I
Bernard Turner told indus-
try members attending a
Bahamas Institute of Financial
Services seminar that while the
country had been removed
from the Financial Action
Task Force (FATF) blacklist
and monitoring list, it still faced
scrutiny by a number of regu-
latory bodies.
1Mr Turner explained that the
CFTAF's third rqund review
came, at a critically important
time for the Bahamian finan-
cial. services industry and the

wider country for a number of
The CFATF, which was
founded in 1990, consists of 30
member countries that conduct
mutual reviews or evaluations
of each other.
Mr Turner said the Interna-
tional Monetary Fund (IMF)
and the CFATF have an
jrrjngeme-nt tlat allows them
to monitor evaluations. This is
important because the IMF is
expected to review the
Bahamas again later this year.
The CFATF review comes
just after the Bahamas was
removed from the FATF mon-
itoring list, and that organisa-
tion will also see the report
ahead of its review of the
Bahamas in October. The
CFATF is the Caribbean
regional affiliate of the FATF.
Mr Turner said it was impor-
tant for the Bahamas to engage
in full cooperation with the
international community, as
that was one complaint which

led to the blacklisting and mon-
itoring of the Bahamas by the
FATF member countries also
submit their reports to the
international regulatory bodies
regarding how well the
Bahamas responds to requests
for judicial and criminal assis-
Mr Turner said this was
Shiere the financial services
industry played a major role in
the impression the world has
of:the Bahamas, by ensuring
they had the necessary records
whenever they are requested.
"The extent to which we can
cooperate internationally
depends on how you can keep
records," he said.
Mr Turner added that he
feels a leading issue in the
Bahamas is not the legislation,
which he said has been passed,
but continuing scrutiny by the
international community and
how quickly the Bahamas can

Year-end target for cross-

border listing process

Tribune Business
THE Bahamas Interna-
tional Securities Exchange's
(BISX) chief executive said,
yesterday that he-hoped4-a -
mechanism to allow regional
cross-border listings involv-


ing Bahamian companies
and investors would be in
place by year-end 2006.
Addressing a Colina
Financial Advisors luncheon
hosted for schools partici-
pating in its Investor Educa-
--SEE page ,
SEE page 4B

Kerzner to spend $130-140m

on PI in second quarter

Tribune Business
KERZNER International
expects to spend between

$130 million to $140 million
on Paradise Island capital
expenditures as part of its
Phase III expansion during
the 2006 second quarter.
In announcing its 2006 first
quarter results, the Atlantis
and One & Only Ocean
Club owner said it had spent
$104.9 million on capital
works projects during the
three months to March 31,
2006, mainly as a result of its
Phase III programme.

Meanwhile, Keith Davies,
the Bahamas International
Securities Exchange's
(BISX) chief executive yes-
terday said he did not neces-
sarily regard the impending
delisting of Kerzner Inter-
national's Bahamian Depos-
itory Receipt (BDR) deriva-
tives from the exchange as a

SEE page 3B

Cable Bahamas profits rise 32%

CABLE Bahamas yesterday
announced that 2006 first quar-
ter net income had increased
by 32.3 per cent, rising to
$4.323 million from $3.267 mil-
lion, with revenues rising at a
faster rate, than operating

The BISX-listed cable and
telecommunications operator
saw its revenues rise by 14.9

SEE page 2B

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bedrooms, 6 baths, all beautifully appointed. Infinity pool and sepa-
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Across the street there is additional paring and 100 feet of dock
US$5,800,000. EXCLUSIVELY LISTED. George Damianos.

S Lyford Cay

INTERNATIONAL REALTY t 242.362.4211 f 242.362.6098


Tel: (242) 356-7764

Tel: (242) 351-3010

' "'' "


- --------- ---~------------- ------------ ------- ---

PAGE 2B, TUESDAY, MAY 16, 2006


Stop the borrowing before a meltdown
S t p t

Washington Post
carried a most
S interesting article
entitled Basics,
not luxuries, blamed for high
debt. This.article suggested that
while US debt levels continue
to grow at a-rapid rate, the cul-
prit is not unabated con-
sumerism, as most would
assume, but rather the rising
cost of housing, healthcare and
A study based on data com-
piled. from the Federal
Reserve's most recent Survey
of Consumer Finances con-

eluded that the debt of the typ-
ical American family, which
earns about $45,000 a year,
rose 33.1 per cent from 2001
to 2004, after adjusting for
inflation. While the Fed's
report provided basic numbers,
the study referenced in the
Washington Post analysed the
data more closely to determine
the sources of debt.
According to the study con-
ducted by the Centre for
American Progress, a Wash-
ington think-tank: "Real
wages, after adjusting for infla-
tion, have been flat since 2001,
while in the past five years, the

costs of medical care, housing,
food, cars and household oper-
ations rose 11.2 per cent. Many
families are trying to make up
the difference by borrowing.
"Housing debt has climbed
notably because home prices
have risen and people have
borrowed against the equity in
their homes. From 1989 to
2004, for example, the median
mortgage debt more than dou-
bled; from $46,900 to $96,000.
Education debt, meanwhile,
rose 127 per cent between 1992
and 2004, from $3,427 to
$7,800. Healthcare costs rose,
too, because insurance has


JI 88~.. ... .. ..... .

become more costly and
employers are shifting more of
the expense to workers."
The implications of this new
study are that Americans have
to take on new debt annually
to pay for last year's necessi-
ties. It also means that this
totally unsustainable trend will
lead to trouble down the road
- trouble for the average
household who will have to
'bite the bullet' and reduce
their standard of living, and
trouble for the economy when
this consumer borrowing binge
comes to a halt.

How long can the cycle of
borrowing last?
For many years, the average
Bahamian has been convinced
that the cost of living has been
growing much faster than real
wages, notwithstanding the
modest 'official' inflation num-
bers published by government
Like the US, it is certainly
fair to say that the annual costs
of housing, healthcare, educa-
tion and transportation have
been increasing far more than
the official inflation rate. And,
if the difference between wage
growth and cost of living
increases continue to be
financed by new borrowing, at
some point, one will become
'maxed-out' ...and then what?
Just last month, I wrote:
"Too many Bahamians (from
across all economic strata) are
living two pay cheques away
from total insolvency. What
this meant was that if these
persons were not paid for two
consecutive months, their
entire financial situation would

The reality is that middle-

income households in the
Bahamas (where many of us
reside) are increasingly being
squeezed. Declining 'real'
incomes mean that we can bor-
row to make up the difference
or adjust our standard of living
downwards until earnings
growth catches up. Alterna-
tively, to improve our chances
of accelerating earnings
growth, we should try to
upgrade our job skills to
increase our chances of pro-
motion with our current
employers or move on to
opportunities elsewhere.
The growth in consumer
debt in the Bahamas contin-
ues to grow almost unabated
since the Central Bank
removed its restrictions on
credit expansion. This places
an awesome responsibility on
banks and other lenders to
ensure that new loans are
being properly underwritten,
otherwise we may simply be
deferring 'credit-risk' problems
that could eventually under-
mine the health of our financial
institutions down the road.

In summary, if you are one"
of the many persons who have
had to borrow to support your
lifestyle, now is the time to

make the necessary adjust-
ments while you have options
and before unpleasant changes
are forced upon you.
The prospect of mortgage
foreclosures and removing chil-
dren from private schools-is. -
untenable. However, measures,
such as cutting back oif travel
and entertainment expenses,
downsizing to one car, and
energy conservation can be
achieved without suffering anr
external embarrassment.
Until next week...;

NB: Larry R. Gibson, 9a"-
Chartered Financial Analyst.
is vice-president pensions,
Colonial Pensions Services
(Bahamas), a wholly-owned
subsidiary of Colonial Group
International, which owns
Atlantic Medical Insurance
and is a major sharebdder of
Security & General Insurance
Company in the Bahamas.

The views expressed are
those ,efthe author andid. ot_
necessarily represent those of
Colonial Group International
or any of its subsidiary and/or
affiliated companies. Please
direct any questions or com-
ments to rlgibson@ailantic-

Financial services

urged to capture

student interest

Tribune Staff Reporter

VINCENT Peet yesterday
urged the financial services
industry to expand its training
initiatives to capture the inter-
est of high school students in
New Providence and the Fam-
ily Islands, due to the number
of domestic and foreign invest-
ment projects coming on
The Minister of Financial
Services and Investments
spoke at a luncheon yesterday
during the Bahamas Institute
of Financial Services week of
"The urgent need for train-
ing and re-training ispara-
mount to the continued devel-
opment of the industry," he

.i~lkr;K 1wA0XUow -VtboT WrNhIP~BAH4 R~IP!~ tj &NW: W1A'fl r ..
59wHi 52wk-Low Symbol Pra.ioua Close Tociav's Close Cag ai o EPS 5 Div S PiYel

0.95 0.59 Abaco Markets
DI .0 8.50 Bahamas Property
.24 6.32 Bank of Bahamas
Q.85 0.70 Benchmark
1.80 1.26 Bahamas Waste
. 25 1.05 Fidelity Bank
.60 8.00 Cable Bahamas
3.20 1.39 Colina Holdings
10.60 8.49 Commonwealth Be
.21 4.12 Consolidated Wat
.88 1.64 Doctor's Hospital
4.21 .. 4.02 Famguard
11.25 10.45 Finco
12.00 8.46 FirstCaribbean
0.50 8.35 Focol
1.27 1.04 Freeport Concrete
10.20 9.50 ICD Utilities
.10 i 8.22 J.S. Johnson
.98 5.30 Kerzner Intematio
000 10 00 Premier Real Esta
i52.k--li 52~!,Nk-Lo S. .ni


ks 5.66
Rs 7.95
Bad 5,

000 -0 019 O 000 N/M
0:00 1.568 0.360 7.0
0.00 0.643 0.330 11.2
0.00 0.183 0.020 3.9
0.00 0.110 0.060 11.7
0.00 0.175 0.050 7.1
0.00 0.618 0.240 14.8
0.00 -0.067 0.000 NM
0.00 0.931 0.560 11.4
0.43 0.115 0.045 53.0
0.14 8,000 0.437 0.000 6.1
0.00 0.539 0.240 11.5
0.00 0.738 0.540 15.2
0.00 0.874 0.500 13.7
0.00 0.833 0.500 12.6
0.00 2,005 -0.162 0.000 N/M
0.00 0.526 0.405 18.1
0.10 23,400 0.572 0.560 15.9
0.00 0.134 0.000 59.3
0.00 2.036 0.585 4.9
Last Priec .:t : .- : EP%: Di- Pi,
Last Price A'eekl/ Vol EPS S DLl $ PiE

0 00:.

4.00 12.25 Baarrma- SSupermarkets 14.00 15 00i 11 00 1 997 0 720 7 2 4 80-
10.14 10.00 Caribbean Crossings (Pref) 10.00 10.35 10.00 0.000 0.800 NM 7.80%
Sj0 20 RND, 0 29 0 54 000 -0 084 0 000 NM 0 00%
"- ....... ..... .. .
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3 3 0. 28 00 ABDAB 1 00 o3 434 01 41- 2 220 0000 194 0 00"
j6.00 13.00 Bahamas Supermarkets 14.00 15.00 12.50 1.750 0.360 8.0 2.57%
o 60 0 35 RND Holdinas 0.29 0.54 0.35 -0.070 0.000 N/M 0.00%
p LSxuteXftakwipwt :V. i'. :c .. .a: t.1 -. .M
-,... -H. 52*wk-Low Fund Nam. NA '. VYTD-. Last 12 Monlh- D.i $ Yelha ".
1' 1 2.307 Cc..nar. oneos.MaKsl Furna 1 28666.-"
2.7451 2.3329 Fidelity Bahamas G & I Fund 2.7451 **
2.3560 2.2072 Colina MSI Preferred Fund 2.329423**
1.1643 1.1006 Colina Bond Fund 1.164331*""
FlDfXQ-rE.434.S^ J YTD1 ii B'SX -LL SIHARE INCE '. 1' D6e: 02 = 1 '000 i) YIeLD la- l 1. .-onr,, .i.c.-,s a..ieo u, closing pie:
52wk-Hi Highest closing price in last 52 weeks Bid $ Buying price of Colina and Fidelit
52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Colina and fldelit5
Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price
Today's Close Current day's weighted price for daIly volume Weekly Vol. Trading volume of the prior week
Change Change In closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths
Daily Vol. Number of total shares traded today NAV Net Asset Value
DIV $ Dividends per share paid In the last 12 months N/M Not Meaningful
PIE Closing price divided by the last 12 month eamingz FINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100
* AS AT APR. 30. 2006/ "" AS AT MAY. 01, 2006
S- AS AT MAY. 05, 2006/*** AS AT APR. 30, 2006


Mr Peet added that the spin-
off effects of major investment
projects can positively impact
the construction, legal, real
estate, accounting and tourism
"The need to enhance your
personal image but also that
of the country, and to ensure
that ethical standards and
transparency are the order of
the day, is of paramount
importance if we are to remain
a world-renowned, world-
respected, blue chip well regu-

lated cooperative financial ser-
vices centre," he said.
Mr Peet also encouraged the
strengthening of'public/private
partnerships and the promo-
tion of the Bahamas within the
global arena as a nation "open
for business".
In addition, Mr Peet urged
seminar attendees to periodi-
cally review their roles as a
training institution to ensure
the industry's objectives are
being met. .
"Ask yourself what steps
should 'we take to affect the
necessary changes if we are to
be prepared to assist in signif-
icantld increasing the $11.6 bil-
lion of investment opportuni-
ties currently proved, in the
country," he said.
Mr Pet saidit was "critical-
ly important" that the
Bahamas Institute of Financial
Services continue to partner
with the Government to devel-
op strategies for a stable econ-
omy and asojid iad effective
financial system.

Cable Bahamas

profits rise 32%

FROM page 1B

per cent to $15.66 million, com-
pared to $13.631 million in the
three months to March 31,
Operating expenses, though,
increased by a more modest
rate year-over-year, growing
by 8.4 per cent to $7.806 mil-
lion compared to $7.201 mil-


Depreciation and amortisa-
tion costs remained relatively
flat, standing at $2.475 million
in the 2006 first quarter com-
pared to $2.196 million in the
year-before period.
As a result, Cable Bahamas's
first quarter operating income

increased by 27 per cent to
$5.379 million, compared to
$4.234 million in 2005...


Interest expense and,divi-
dends paid to Cable Bahamas'
preference shareholders
remained elatielyaeS-4 indi-
cating the company is holding
down bolt its operational and -
other ;costs.
The company again paid out,
a total of$1..2 minion to ordi-
nary sharehokldes. The remain-
der:weatt i'to Cable Bahamas's t
retained earnings, which rose
from $40.88@0 million at Janu-
ary 1, 2006, to $44.003 million
at the and of the 2006 firstV
Net income per ordinary
share rose fromi $0.16 in 2005
to $0.22l.


S Focus

By LarryGibson

icing Information As Of:
May 2006

Finanili aor s
., Financial Advisors Ltd.

y Fund

er BDR

nal BD

0 77
- - r~i -.-



- -





I U ItL)AY, IVIAY It, eUU)o, mt.t 3-5

Trade unions: Convention 87

no problem without poaching

Tribune Staff Reporter
THE implementation of the Inter-
national Labour Organisation's (ILO)
Convention 87, which would allow
workers to join any union, should not
create any problems between
Bahamian unions as long as they
agree to recruit only those employed
in their specific industries, or persons
who otherwise would not have access
to a union.
Obie Ferguson, head of the Trade
Union Congress (TUC), said yester-
day that his organisation and the

National Congress of Trade Unions
(NCTU) had both signed an agree-
ment in support of the convention.
He said he was unaware of any
union being against the convention,
and dismissed the notion of rival
unions stealing away and competing
for members.
"There are 197,000 workers in the
country who are not unionised, so
why would a small union be swal-
lowed up," Mr Ferguson asked.
Some members of the business
community had suggested that some
unions were against the convention's
implementation, because they feared

this would force them to compete for
members and might lead to their
union's demise.
Mr Ferguson said that while the
unions may have had some concerns
about the implementation of the con-
vention, they have all expressed a
desire for it to come on stream.
In fact, he said that unions stood
to gain by having more members
because they would be able to col-
lect more money in dues, offer more
services and improve the workforce
through union-led projects.
Mr Ferguson added that the ability
to join a trade union was a constitu-

tional right of any citizen of the
John Pinder, president of'one of
the country's largest unions, the
Bahamas Public Service Union, told
The Tribune that Convention 87 was
not intended to be a means for unions
to "steal" members away from other
organizations or to create dissension
among organised labour.
Mr Pinder said he doubted that
Convention 87 would lead to union
He said that for Convention 87 to
be successful, unions will need to get
together and agree that they would

only go after persons who work in*
the area of their craft.
He noted that there were areas that
need to be worked out as implemen-,
tation begins, and said at present, the
National Congress of Trade Unions
and the Trade Union Congress aie
in the process of amending their con-.
stitutions to accommodate a "general"
Mr Pinder said he was certain that
it is just a matter of time before Con-
vention 87 is implemented as he said .
in effect, the International Labour
Organisation is forcing the Govern-
ment's hand in the matter.

FINCO opens Mortgage Centre

RBC FINCO has opened another
Mortgage Centre m the Prince Charles
Dnve Shopping Centre.
The Centre will be open from 10 am
to 6 pm, Monday through Friday. and
from 11 am to 3 pm on Saturdays.
"Through this Centre, "e pro ide
mortgages for single and multi-tamily
residential homes, as well as other
lending, savings and chequing ser-
\ices." said Nathaniel Beneby. RBC
FINCO's managing director.
"We are also offering extended
hours outside traditional banking hours
to better meet the needs of our
The new Centre is managed by
Julius Seymour, and a staff of two

mortgage specialists, a credit support
officer and an office clerk.
Mr Seymour was most recently assis-
tant manager for credit risk at the
bank's Head Office. He has 26 years of
banking experience., with 18 of those
years being in sales and lending.
All mortgage lending products,
loans. savings. chequing and fixed term
deposits are available through this Cen-
tre. While no cash transactions will be
handled by the branch, the Centre will
have an ABM.
-"RBC FINCO has been in business
for more than 50 years, and this newest
office builds on our commitment to be
the leading provider of mortgages in
the Bahamas," added Mr Beneby.

Kerzner to spend $130-

FROM page 1B

The Kerzner International
BDRs are likely to be delisted and
cease to trade on BISX during the
2006 third quarter, due to the com-
pany's return to being a private
The investor group headed by
Butch and Sol Kerzner, the com-
pany's president and chairman
respectively, has had its $81 per
share offer accepted by both
Kerzner International's Board of
Directors and the Special Com-
mittee that advised it and evaluat-
ed the offer.
The only remaining obstacle to

Kerzner International going pri-
vate is now a vote of all share-
holders, with a simple 50+ per cent
majority required. The Kerzners
and their private equity partners
are likely to achieve this relatively

The Kerzners and one of their
partners in the investment group,
Istithmar, already hold 24 per cent
of Kerzner International's ordinary
shares, and Wall Street analysts
believe that two other major insti-
tutional shareholders are likely to
support the buyout, taking their
support to 39 per cent already.


Addressing a luncheon hostect
by Colina Financial Advisors fot
schools taking part in its investor,
education programme, Mr Davies.
said Kerzner International's delist~
ing from BISX should not b
viewed as "losing a company", buN
an opportunity for a developing"
capital market to learn from th '
company's information disclosures'
and how the process worked.
Mr Davies described the share
buyback as a "win-win situation"
for all concerned, as the Bahamiit
investors who bought into the i4Iin
tial July 2004 BDR offering wiIt
enjoy a 72 per cent capital4ppgre.;
ciation gain when their derivative*:
are bought back.



International Business Companies Act
No.45 of 2000

Notice is hereby given in accordance with section
138 (8) of the International Business Companies
Act, No. 45 of 2000, the dissolution of DEXTER
INSIGHT LIMITED has been completed, a Certificate
of Dissolution has been issued and the Company
has therefore been struck off the Register. The
date of completion of the dissolution was the 5th
day of May, 2006.




Notice is hereby given that in accordance
with Section 137 (8) of the International
Business Companies Act 2000, the
dissolution of OFFALY VALLEY CORP. has
been completed; a Certificate of Dissolution
has been issued and the Company has
therefore been struck off the Register.




Notice is hereby given that in accordance
with Section 137 (8) of the International
Business Companies Act 2000, the
dissolution of ROSENDALE PLUM LTD, has
been completed; a Certificate of Dissolution
has been issued and the Company has
therefore been struck off the Register.



Professional Office has an immediate Opening for
Secretary/Typist. The ideal candidate must have
an minimum of Three (3) Years Office experience
with excellent communications and Computer
Skills. The applicant must possess exceptional
telephone etiquette, good attitude and be
capable of working independently and/or as a
team member; should have a minimum
typewriting skills of 50 wpm; and must be
proficent in the Windows XP or 2000
environment; particularly w/ software such as
Microsoft Word, Excel and Quickbooks.

Bahamians and/or Bahamian Residents are invited to apply

Please Fax Resume to 394-4458



(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on
the 10th day of May, 2006. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757
Nassau, Bahamas.




Notice is hereby given that in accordance
with Section 137 (8) of the International
Business Companies Act 2000; the
dissolution of FOLKLORE TALES INC. has
been completed; a Certificate of Dissolution
has been issued and the Company has
therefore been struck off the Register.



International Business Companies
ACT, 2000 (No.45 of 2000)


Notice is hereby given in accordance with section 138 (8) of
the International Businmes Companres Act, No. 45 of 2000,
has been completed, a Certificate of Dissolution has been i
issued and the Company has therefore been struck off the
Register. The date of completion of the dissolution
was May 8th, 2006

--*b____ -'... .
For: Coainltatr Luiqlomw In. 1 .


International Business Companies
ACT, 2000 (No.45 of 2000)

Notice is hereby given in accordance with
section 37 (8) of the International Business
Companies Act 2000, No. 45 of 2000, the
SDissolution of Linstead Corporation has been
completed, a Certificate of Dissolution has been
issued and the Company has therefore been struck
off the Register. The date of completion of the
dissolution was May 5th, 2006.

Douglau Maintouh



(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on
the 10th day of May, 2006. The Liquidator is
Argosa Corp. Inc., P.O. Box N-7757
Nassau, Bahamas.









Blue Hills plant to start


STHE Blue Hills reverse osmosis plant should w
Oegin delivering water to the Water and Sew-
erage Corporation this week, according to Jef-
S Parker, Consolidated Water's chairman.
;The company provided a tour of the plant
and a progress report to Board members and
executive managers of the Water and Sewerage
Corporation on Friday, May 12.
:'Mr Parker said he expected the $29 million
plant that began construction in August 2005
\iould be completed and commissioned before
the contracted date of July 2006.
, Consolidated Water's contract with the Water
and Sewerage Corporation calls for the plant to
deliver five million gallons of water per day to
th'e Corporation by July 2006. However, the
plaht is being constructed from the outset with
the capacity to provide an additional 1 million
gallons per day.
' The progress report showed that two of the
plants' six 'trains' are currently ready to go and 0 JEFFREY I

water this week

should be able to deliver between 1.6 and two
million gallons of water per day starting this
With the engines turned on for the first time,
Water and Sewerage chairman, Donald
Demeritte, and other guests were able to get the
first taste of pure water that is being produced at
the plant.
Noting that the delivery of reliable, quality
water has been a problem in New Providence
for years and that Bahamians have suffered
through droughts and shortages as a result of
barging and weather problems, Mr Demeritte
said the construction and operation of the Blue
Hills plant is the first step to eradicate these
'The chairman said New Providence has an
titi fl +ni- f 2,iIlU 2 V i3 rAllion l1JI nn r\f wlter

per day. By using more reverse o
he said the Corporation hopes to a
customer complaints, including


Year-end target for cross-border
IYear-end target for cross-border

tFROM page 1B

tion Programme, Keith Davies
s4id BISX and regulators such
a' the Central Bank of the
B'ahamas and the Securities
commission were working on
developing a process to allow
c6ss-border listings and trad-
<,"Our goal over the next sev-
eral months, hopefully by the
edd of the year, is to have a
rinchanism" for regional cross-
border listings, Mr Davies said.
; Under the exchange control
amendments approved by the
Central Bank of the Bahamas
and the Government, BISX-
listed companies can list their
shares on CARICOM
exchanges Trinidad & Toba-
go, Jamaica and Barbado' -

subject to a limit of 10 per cent
of their issued share capital,
and a maximum of $20 million
per annum.
In turn, CARICOM compa-
nies on the main regional
exchanges will be able to list
on BISX, provided the cost
value of net capital (purchases
less sales) invested by Bahami-
ans does not exceed $5 million
per quarter and $20 million
Mr Davies said regional
cross-border listings would
allow Bahamian companies to
tap the capital markets in oth-
er Caribbean countries, seek-
ing support from foreign
In turn, through BISX and
its broker/dealer members,
Bahamian investors would -
within the prescribed limits -
,'b wat ble to buy shar'e:s in-

The Public is advised that, ANTHONY SANCHEZ
BAPTISTE of the City of Freeport, Grand Bahama, The
Lahamas intend to change his name to ANTHONY
SANCHEZ CAPRON. If there are any objections to this
change of name by Deed Poll, you may write such
objections to the Chief Passport Officer, PO.Box N-3746,
'Nassau, Bahamas, no later than thirty (30) days after the
date of publication of this notice.

NOTICE is hereby given that CHRISTIANNA NOEL OF #17
the Minister responsible for Nationality and Citizenship, for
:registration/naturalization as a citizen of The Bahamas, and
,hat any person' who knows any reason why registration/
naturalization should not be granted, should send a written
and signed statement of the facts within twenty-eight days
'from the 9TH day of MAY, 2006 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,

NOTICE is hereby given that MARIE ANGE MESIDOR OF
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as
a citizen of The Bahamas, ard that any person who knows
any reason why registration/ naturalization should not be
granted, should send a written and signed statement of the
facts within twenty-eight days from the 16TH day of MAY,
2006 to the Minister responsible for Nationality and
.Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

:NOTICE is hereby given that YOLETTE ANAIS TELFORT
:BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as
:t citizen of The Bahamas, and that any person who knows
,iny reason why registration/ naturalization should not be
granted, should send a written and signed statement of the
;acts within twenty-eight days from the 9TH day of MAY,
2006 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

NOTICE is hereby given that JULIE JOSEPH OF ROCK
.SOUND, ELEUTHERA, BAHAMAS, is applying to the
;Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and
that any person who knows any reason why registration/
naturalization should not be granted, should send a written
and signed statement of the facts within twenty-eight days
from the 9TH day of MAY, 2006 to the Minister responsible
for Nationality and Citizenship, PO.Box N- 7147, Nassau,
l A t----------------

Caribbean companies that list-
ed in the Bahamas and trade
"We are now going to allow
companies listed and traded
on BISX and listed and traded
on the regional exchanges -
Trinidad & Tobago, Jamaica,
Barbados and the Eastern
Caribbean they can list on
BISX and our companies list
on their exchanges," Mr
Davies said.
He described this as bringing
"a incredible benefit" to the
Bahamian capital markets,
improving both their breadth
and depth, as there were more
than 100 companies publicly
listed in the Caribbean com-
pared to just under 20 here.
Mr Davies said he spent
most of his time working with
BISX-listed companies on how
Ith._ cn'ommuniinicide 'with

investors and the wider pub-
lic, presenting material infor-
mation that might affect the
way in which the company was
perceived in the manner it
needed to be.
The BISX chief executive
said the timely disclosure of
material information was key
to fairness and equality, and
the overriding concept of trans-
"I spend the majority of time
dealing with these issues, the
ability of a company to com-
municate with the public," Mr
Davies said.
"The goal is to ensure they
get it out in the manner they
"The single most important
aspect of any market, such as
an exchange, is information.
That is probably why I spend
;the majority of my time doing

NOTICE is hereby given that JEFFREY JOSEPH OF BAIN
STREET, NASSAU, BAHAMAS, is applying to the Minister
responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and
that any person who knows any reason why registration/
naturalization should not be granted, should send a written
and signed statement of the facts within twenty-eight days
from the 9TH day of MAY, 2006 to the Minister responsible
for Nationality and Citizenship, P.O.Box N- 7147, Nassau,

NOTICE is hereby given that SIDNEY NOEL JACQUES OF
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization as
a citizen of The Bahamas, and that any person who knows
any reason why registration/ naturalization should not be
granted, should send a written and signed statement of the
facts within twenty-eight days from the 9TH day of MAY, 2006
to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.

NOTICE is hereby given that CHERLYNE MESIDOR OF
is applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why
registration/ naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 16TH day of MAY, 2006 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N- 7147, Nassau, Bahamas.

NOTICE is hereby given that JEAN ALEX TELFORT OF
is applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason why
registration/ naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 9TH day of MAY, 2006 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N- 7147, Nassau, Bahamas.

NASSAU, BAHAMAS, is applying to the Minister responsible
for Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who knows
any reason why registration/ naturalization should not be
granted, should send a written and signed statement of the
facts within twenty-eight days from the 16TH day of MAY,
2006 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.

and too much chlorine in the water.
Mr Demeritte said the real test was when the
"citizenry will feel comfortable turning on the
tap and drinking the water".
He added that the Corporation was acceler-
ating its strategic plan to have 93 per cent of the
water in New Providence supplied by reverse
osmosis in three to four years, instead of the pre.
viously projected date of 2013. :.:
Godfrey Sherman, the newly appointed acting
general manager of the Corporation, said the
area of Non-Revenue Water or uraccnted
for water losses (currently at 50 per cent) is
being addressed through the partnership,, and
contract wrhich also calls for rConol*'' cidatedrl Xt-r Wer

smosis water, to reduce water losses by one million gallons per
alleviate many day. He added that New Pro\ idence will have a
low pressure new water tower for the first time since 1926.

listing process |
.. "' : ^ i 11

that." year Colina. HI.odiggshas .
Colina's 20-5-2006 Investor asked for such,an .,exteion,
Education Programme this time saying its external
involved four schools, includ- auditors, PricewaterhouseC- ,
ing Prince William High oopers (PwC) Bahamas,
School, CI Gibson, and Gov- require additional time due to :
ernment High School. various factors.
These included-a-delay in i
Colina Holdings' appointed
Colina Holdings, the actuary finalising its report,
BISX-listed holding company due to differencegTlffi the
for Colinalmperial Insurance, ;tfbrmderCoiinh'ast~ante3om-
the country's largest life and pany and:ImperialI:'if calcu-
health insurer, yesterday lated reseryes~Atu if i "key
announced that BISX had accounting and management
granted it an extension until personnel during .tha udit";
June 30, 2006, to file its audit- and issues relating tothinte- ,
ed financial statements for fis- gration of Imperial Lief prod- j,
cal2005. uct portfolios, particularly its
This is the second successive mortgages.
:; anaB ,'O 15

The Public is advised that, ANTHONY SANCHEZ
BAPTISTE of the City of Freeport, Grand Bahama, The
Bahamas intend to change his name to ANTHONY
SANCHEZ CAPRON. If there are any objections to this
change of name by Deed Poll, you may write such
objections to the Chief Passport Officer, PO.Box N-3746,
Nassau, Bahamas, no later than thirty (30) days after the
date of publication of this notice.

An established law firm requires thefollowing:

with a least five (5) years experience in litigation,
commercial and general law.
Must be willing to relocate to a Family Island.

with at least three (3) years litigation experience.
Applicants must be able to work on their owirinitiative.

Please send resumes:
c/o The Tribune,
P.O. Box N-3207
DA 46420
SNassau, The Bahamas

Leading Offshore Bank request applications for the
position of an experienced securities specialist.

The candidates must possess the following.
qualifications and skills: ,

Two years related mutual fund experience,
including cash settlements .

Strong emphasis in tradde.proc.ssiandT

Strong PC, organization skills: Lir-nato -

Strong communication skills "''

Qualified applicants sl~ouldfax~of'emiidPlsimds to: i.

Branch Manager 1ianng '
P.O. Box N-4906 ,,. ,
Nassau, Bahamas a?.n,. -
Fax: 394-0701 |

F 4B, TUESDAY, MAY 16, 2006

TUESDAY, MAY 16, 2006, PAGE 58,


Basis of accounting

6 chareted Accountants
One himlagueK I 'lace
ThIrd kkrx
Fi H"ay Street
P.O. Hox N-3231
Nassau, bahamas

r I'honc: (242) 502-6000
Fax: (242) 502-6090


The Board of Directors and Shareholder of

We have audited the accompanying consolidated balance sheet of Sud Bank & Trust Company
i Limited (the Bank) as of December 31, 2005. This consolidated balance sheet is the responsibility
: of the Bank's management. Our responsibility is to express an opinion on this consolidated
y balance sheet based on our audit.

We conducted our audit in accordance with International Standards on Auditing. Those Standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
balance sheet is free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the balance sheet.' An audit also includes
r assessing the accounting principles used and significant estimates made by management, as well
!?1 as. evaluating the overall balance sheet presentation. We believe that our audit provides a
bjriason~rable basis for our opinion.
as ( .i-... .. :
t ri I ouipiniidn, the consolidated balance sheet referred to above presents fairly, in all material
r: expects, the consolidated financial position of the Bank as of December 31, 2005 in accordance
with International Financial Reporting Standards.

April 5,2006


"'(Expressed in United States Dollars)

s 5 s; ,,,: .. ..
bJ m 3ni` l:.`<:i;',i

December 31

.7r V


:1 ASSEiiTS,
,nioltashtand dab frombhanks-- demand and call deposits (note 3)
1); Due from parent bank
(:'f rOpieratlig accounts

".ib~J. ided fi&itestirecivable
,oans .
Investments (note 8) '
Accrued interest receivable
Other assets
_--Receivable-under open forward contracts (note 9)
S Real estate investment trust
Investniet property
Investment in non-consolidated subsidiary

$ 33,712,231



$ 121,155,175



S. 2,647,539

Total assets $115,881,824 $ 159,521,343

Deposits (note 5)
Banks $ 716,661 $ 716,661
Customers 52,540,537 97,487,392
Securities borrowed 8,634,588
Accrued interest payable 265,596 402,671
Payable under open forward contracts (note 9) 10,227,319
Forward sales of government securities under open
forward contracts (note 9) 18,729,989 19,796,125
Other accounts payable 435,621 119,666
Total liabilities .81,322,992 128,749,834

Share capital
Authorized, issued and fully paid
9,816,900 shares at par value of $1 each 9,816,900 9,816,900
Irrevocable advances for future capitalization (note 13) 30,000,000 30,000,000
Share premium 713,100 713,100
Statutory loan loss reserve 371,798 51,780
Deficit (6,342,966) (9,810,271)
Total shareholder's equity 34,558,832 30,771,509
Total liabilities and shareholder's equity $ 115,881,824 $ 159,521,343

, COMMITMENTS (note 9)


,.December 31, 2005
.'(Expressed in United States Dollars)


Sud Bank & Trust Company Limited (the Bank) was incorporated in 1991 under the laws of the
Commonwealth of The Bahamas' and is licensed under the Banks and Trust Companies
Regulation Act 1965, as amended, to carry on banking and trust business from within The
Bahamas. The address of its registered office is Norfolk House, Frederick Street Ground Floor,
4 sssau, Bahamas. The principal activities of the Bank consist of providing banking and
S investment management services.

S ithfoBafik'and its consolidated subsidiary had 13 (2004: 13) employees at year-end.

The Bank is a wholly-owned subsidiary of Banco Macro Bansud S.A. (the Parent), a bank
organized under the laws of Argentina.

S The consolidated balance sheet of the Bank was authorized for issue by the Board of Directors on
April 5,2006.


S Statement of compliance

S The consolidated balance sheet is prepared in accordance with International Financial Reporting
4I Standards.

The consolidated balance sheet is expressed in United States (U.S.) dollars. The preparation of
consolidated balance sheet requires management to make estimates and assumptions that affect '
the reported amounts and disclosures in the consolidated balance sheet. Actual results could differ
from those estimates. The consolidated balance sheet is prepared under the historical cost
convention, except for investments, forward contracts, real estate investment trust and securities
borrowed which are measured at fair value.

Basis of consolidation

The consolidated balance sheet comprises the balance sheet of Sud Bank & Trust Company
Limited and it subsidiary Sud Asesores (R.O.U.) S.A. (a Uruguayan company) as at December 31
each year. The balance sheet of the subsidiary is prepared for the same reporting fiscal year as the
parent company, using consistent accounting policies. All intercompany balances, resulting from
intercompany transactions are eliminated in full.

Trade date accounting

All "regular way" purchases and sales of financial assets are recognized on the "trade date", i.e.,
the date that the Bank commits to purchase or sell the asset. Regular way purchases and sales are
purchases or sales of financial assets that require delivery of assets within the time frame generally
established by regulation or convention in the market place.

Impairment and uncollectibility of financial assets

An assessment is made at each balance sheet date to determine whether there is objective evidence
that a financial asset or group of financial assets may be impaired. If such evidence exists, the
estimated recoverable amount of that asset is determined and any impairment loss is recognized
for the difference between the recoverable amount and the carrying amount.

Forward contracts

The Bank enters into forward contracts which are stated at fair value. The fair value of a forward
contract is the equivalent of the unrealized gain or loss from marking to market the forward
contract using prevailing market prices.


Loans are stated at the principal amount less any specific provisions for losses which management
consider necessary. Management's periodic evaluation of the adequacy of the provision is based
on the Bank's past loan loss experience, known and inherent risks in the portfolio, adverse
situations that may"affect the borrower's ability to repay, the estimated value of any underlying
collateral, and current economic conditions.


Investments are held for short-term investment purposes and are classified as held for trading and
are carried at fair value. Bonds are carried at estimated market value as reported by stock
exchanges based on the most recent trades. Securities are recorded on the trade date.'

Investment in non-consolidated subsidiary '

The investment in Sud Asesores SAPI (a non-consolidated Uruguayan subsidiary) is accounted for
based on the equity method of accounting.

Investment property

Investment property represents undeveloped land acquired for capital appreciation and is carried
at cost less impairment losses. The Bank's management estimates that no impairment losses have
occurred as of December 31, 2005 (2004 nil).

Real estate investment trust

Real estate investment trust represents the fair value of its participation in real estate investment ,
trust developed in Argentina (TST & AF Fideicomiso Financiero).

Securities borrowed

Securities borrowed correspond to security's deposits which are carried at estimated market value
as reported by stock exchanges based on the most recent trades.

Foreign currency translation

Monetary assets and liabilities in foreign currencies are translated into U.S. dollars using year-end
exchange rates.

Statutory loan loss reserve

This amount represents a general provision that is required to meet the Bank's statutory
requirements. Changes to this amount are reflected as appropriations (or increases) of retained

Assets under administration

Assets under administration have not been included in the consolidated balance sheet. '"


There are no income taxes imposed on the Bank in the Commonwealth of The Bahamas. In
connection with the subsidiary, tax liabilities for the current and prior periods are measured at the
amount expected to be paid to the taxation authorities. Tax rates and tax laws used to compute the
counts ire those that are enacted at the balance sheet date.

Adoption of IFRSs during the year

The Bank has adopted the following revised standards during the year and comparative figures
have been amended as required. Adoption of revised standards does not have any effect on equity
as at January 1, 2004.
IAS 1 Presentation of Financial Statements (excluding amendments effective for period
beginning on or after January 1, 2007);

IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

IAS 10 Events after the Balance Sheet Date;

IAS 16 Property, Plant and Equipment

IAS 24 Related Party Disclosures;

IAS 27 Consolidated and Separate Financial Statements;

IAS 32 Financial Instruments: Disclosure and Presentation;

IAS 36 Impairment of Assets; and

IAS 39 Financial Instruments: Recognition and Measurement

Early adoption

The Bank did not early adopt any new standards during the year.

IFRSs and IFRIC Interpretations not yet effective
The Bank has not applied the following IFRSs and IFRIC Interpretations that have been issued but
are not yet effective:

IFRS 6 Exploration for and Evaluation of Mineral Resources
This Standard does not apply to the activities of the Bank.

IFRS 7 Financial Instruments: Disclosures
This Standard is required to be applied for annual periods beginning on or after January 1, 2007,
and as a result, certain amounts and disclosures related to a portion of the Bank's financial
instruments may be changed.

IFRIC 5 Rights to Interests arising from Decommissioning, Restoration and Environmental
Rehabilitation Funds
This Interpretation is required to be applied for annual periods beginning on or after January 1,
2006, but is not expected to be relevant for activities of the Bank.

I ~I '


I &

rrr?~\ r :;,:~~-


- '=I










hm'l- 's 1srs cl rnpeise the following:

'777 from7I dill'
J~7'5 5i 14775',. l) y
I 'It~ 15/sti V(7577co 7)5

"4;i(J0 ' iul l tS SA. Soc.Scedt de Bolsa )
Sli V/S 5/J(iki: lon 'C Mc l-chnalOf BankO
V V 7 f 7 i:1 Sc I'ics


$ 34,364


$ 16,919




2,344 10,682
199 3,968
195 47,271
20 5
$ 33,712,231 $121,155,175

IU;],';ic'; 'ilh the ;lneIt Bank and companies controlled by it a: ile consolidated balance sheet
dj i. ", r i ; | ,II .!:

2005 1 2004

;Is ), l/I Au"l du PlO bsr '1. 7.11'1nt".17Id as iii cal l def/osiis
'-p ionlt v snt ssl 1 ,11

77.7 Ill '1 (nX5s4i

Oeeluvtj/'5 borrowed


$ 10,682

14,657 33,746
555,000 555,000
2,895 1,511
$ 574,896 $ 600,939

$ 938,906
$ 9,576,451

$ 939,006

$ 939,006

She Baiik has investments in custody by Parent Bank and comiparsies controlled by it for an
,, ,.!f q 2, i .:t .''Dc.nibr 31, 2005 (2004: $20,650).

/'1,' ::-':, rmr!:P.ise the following:


Banks Customers
$ 716,661 $ 4,876,459
$ 716,661 $ 52,540,537


Banks Customers
$ 716,661 $$ 17,574,895
$ 7h6,661 $ 97,487,392


Unlnking mo(ncly assets and liabilities can be classified based on the period remaining to
"talnpty fun lthe balance shetl date, as follows:
S' ..! : P, ? ,!05:


/t'asl ind due. fro bami~s;
4!/C 17771 pfrrmein ibant
Qpef'aimnt' w '70Its

oftvl d cllr' t acts

Duc lo; bank,;~
Duo 1,,,i c ,toiJ 'rs
5'. s/l/itiCS f tlowell
i 77//

/ .IMAtd

''1,w, ('p5m u banl )

Less than
Due on demand 3 months

$ 33,712,231 $



4,876,459 43,219,916

Due on demand

3 to 12 More than
nawtoals 12 months Total

$ $33,712,231


2,328,031 6,386,436

4,4. 1,.162



1,460,815 18,729,989

Less than 3 to 12 More than
3 months ( w ,hs 12 months Total

$ 121,155,175 $









1,577,012 30,023,444


h! l I II( .<;L/ ,n is an a sis !'y ; of signifi;)nt concnltralionls of noi!!c,.li' y aissels and liabilities:

I Inited States.
of Anelifica


SDue to banks;
'7/I' l'i .' l ,li)IIH;I S
'' ilis I'o0rrowd.'
I'ol Wii/'rd contacts
I-. ,

Aijgcnfina Bsara

1 31,534,298 $ 26,030 $

23,031,670 6,089,467
17,02, .66' ; 930.500

129,520 48,255,887
17,269,174 1,460,815

Other Total

10,5!(0 2,141,393 $ 33,712,231

7,830,000 36,951,137

4,155,130 52,540,537

PA~s ~ ~ x a

(, n', .TUESDAY, MAY 16, 2006

S i/mIs af i f:. fa P0tici[p(Iijnlf; in (a Specific Markr Wa.vs '., ricial and

II 1 I::: :iton is imd is q fl: e lid o h lied o annual periods beginning ;)1 onr ;ftcr Decenber 1,
:' i. '! '-rI 'c:! o hie rclcva; t i~os activities of the Bank.

i/t/<1 / A'pfp)ing th- Rlesta,.ilrnlt A.lpiuri(ach uricr lAS 29 Financi ul R"r! or'inig in
l]'i, 'lir Oli ir' v '/ !c '*inr,, ',s
Ihis 'ii1 p)i')il; ti; SC reIin d to be applied for annual periods be'pi!rii!:g on or after March 1,
W 'r ...-..; ," i;' ,, ]:r r ,I : ai nl fol activities of the Baril.

1 q, Ti 2)
1' '' ,: is rcnuired to be applied for annual periods hbc'pinnipg o orn after May 1, 2006,
..' it Icr elevant for aclivilies of the :Ba k.


United States
of America

Argentina Bahamas




Cash and due from banks
Due from parent bank
Operating accounts
Forward contracts


Due to banks
Due to customers
Forward contracts

$114,846,267 $ 15,558 $ 11,996 $ 6,281,354

2,328,031 2,850,000
6,243,567 22,458,131

4,477,238 88,472,559



$ 121,155,175


30,023, 4'


Investments comprise the following:

Government bonds
Corporate securities


$ 2,639,031

,_ ,,$ 9,622,737_

The Government bonds represent:

S*c- 2004 ^
$ 815,039

11,739 '"
. .826,77S


Nominal Value Market Value
"Bonos del Gobierno Argentino US$ Libor 2012" $ 1,447,500 $ 1,136,233
"Bocon Provisional Argentine $3". Serie" 1,112 656
"Bonos Garantizados Dec. 1579" 7,563 3,506
"Treasury Bills vto. 26/02/07" 1,500,000 1,498,636
$ 2,639,031

The Corporate securities represent:

Nominal Value Market Value
"JP Morgan vto. 15/08/06" $ 300,000 $ 307,756
"Disney vto. 30/03/06" 300,000 306,660
"Nactional Rural Utils Coop. Fin. vto. 15/05/06" 300,000 303,870
"GTE Corp. Notes vto. 08/09/06" 300,000 305,310
"Lehman Brothers vto. 15/05/06" 688,000 696,863
"Amex" 1,500,000 1,528,947
"Wallmart vto. 01/08/06" 825,000 818,524
'Telef6nica Cll vto. 11/01/06" 380,000 424,255
"Fondo Pionero Global" (quantity 4,623,167) 1,588,414
Other 703,107
$ 6,983,706


Derivative financial instruments

Forward contracts are contracts to purchase and to sell securities and currencies at specific prices
on specific dates in the future. Risk arises from the potential inability of counterparties to perform
under the terms of the contracts (credit risk) and from fluctuations in prices (market risk).

The contract amounts of open forward contracts were as follows:

December 31, 2005:

Commitments under
forward contracts Assets Liabilities

Commitments to sell $ 119,959,161 $ 18,729,989

December 31, 2004:

Commitments under.
forward contracts Assets Liabili

Commitments to purchase
Commitments to sell

$ 10,313,067 $10,227,319:
18,388,631 19,796,125

".'i "i


$ 28,701,698 $ 30,023;444

The contract amounts of these instruments reflect the extent of the Bank's involvement in forward.
contracts and do not represent the Bank's risk of loss due to counterpart non-performance. The' w_..
credit.risk is limited to the amounts with a positive value reflected in the Bank's conslidate .
balance sheet. ""
'% .. J' ,'5."^* .^**"

...*. : .. ,' '. 0*A' 551

Financial instruments utilized by the Bank include recorded assets and liabilies,-as:.,
that principally involve off-balance sheet risk. The majority of the Bank's" li rqqil'd
are either short-term in nature or have interest rates that automatically reset. t' r
periodic basis. Accordingly, the estimated fair value is not significantly different frd'6nth
carrying value for each major category of the Bank's recorded assets and liabilues


The Bank's financial instruments, other than derivatives, comprise deposits, mopey market ps pts
and liabilities, some cash and liquid resources, and other various items that arise directly from its
operations. The main risks arising from the Bank's financial instruments are credit 'liquidity,
interest rate, market and foreign currency risk. The Board reviews and agrees policies'managing
each of these risks and they are summarized below.
S i[ I I


I MI- I MlbUNl tbU lNtI a

Liquidity risk

Liquidity risk is the risk that the Bank will encounter difficultly in realizing assets or otherwise
raising funds to meet commitments. The Bank monitors expected cash outflow on a daily basis.
Its policy throughout the year has been to ensure liquidity by maintaining at all times sufficient
high quality liquid assets to cover expected net cash outflow. The maturity analysis of the assets
and liabilities are disclosed in note 6 above.

Interest rate risk

Exposure to interest rate risk is the risk that arises where there is an imbalance between rate and
non-rate sensitive assets and liabilities. The Bank's policy is to maintain the interest rate risk at a
minimal level except that management may invest shareholders' funds in fixed or floating rate
instruments in response to market conditions.

The table in note 12 shows the Bank's exposure to interest rates for the U.S. dollar at December
31, 2005.

Market risk

Market risk is the risk that significant fluctuations will occur in the market value of investments
due to.changes in market prices, currency rates and other market factors. Market risk embodies
not only the potential for loss but also the potential for gain. Market risk is primarily concentrated
in investments. This risk is managed by the treasury department of the Parent.

Foreign currency risk

Foreign currency risk is the risk that the value of a financial instrument will fluctuate because of
changes in foreign exchange rates. The Bank's foreign exchange exposure arises from providing ,;
services to customers. The-Bank's policy is to hedge against foreign exchange risks by matching
currency liabilities with currency assets. Currency exposure is monitored on a daily basis and
reviewed by management.

December 31, 2004:

'l to hi1l ks
' ) 1' cus/lt niers
) "" i',:-I, a ( ,)ni'raILls


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'I I I

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T~~ld)N~;.~;4 IZY

'::,::&i :' ; 'iT,, (:??i ;:2
.... t i


TUESDAY, MAY 16, 2uo6, PAGE 7B

i' Credit risk

dCredit nsk is the risk that a customer on counterpart will be unable oJ unwilling to meet a
commitment that it has entered into with tne Bank. The Bank manages .:ounter-paiity credit risk
centrally to optimize the use oi nedit availability and to avoid excessivee risk concentration
SCustomer credit risk is monitored on a daily basis by management. 1he Bank's Board of Directors
receives regular reports on credit t exposures, levels of bad debt provisioning and Bank exposure

Credit risk exposure

'lhe Bank's maximum expos. to -.redit risk (not taking into account the value of any collateral
or other, secunty held) in the event the counterparts fail to perform their obligations as at
December 31, 2005 in relation to each class of recognized financial assets other than derivatives,
is the carrying amount of those assets as indicated in the consolidated balance sheet.

With respect to derivative financial instruments, credit risk arises from the potential failure of
counterparties to meet their obligations under the contract.

The currency exposure is stated below in U.S. dollars:

December 31, 2005:

j United States Argentina Uruguay
_i Dollars Pesos Euros Pesos Total
Cash and due from banks $ 33,693,628 $ $.15,713 $ 2,890 -$ 33,712,231
Due from parent bank
Operating accounts 13,256 1.401 14,657
i Loars 555,(00 555,000
Accrued interest receivable 2,895 2,895
Overdrafts 1 665 1,665
Loans 66.95 1.37 36,951,137
Investments ..622.73i 9,622,737
A .Licuea interest receivable 228,j94 228,594
u other assets .;,292,956 2,379 2,295,335
. Recivable under open
S ibrwaid contracts 19,959,i61 19,959,161
S Real estate investment trust 10,666,667 10,666,667
investment property 1,867,211 1,867,211
Investment in non-
Sconsolidated subsidiary 4,534 ...4
Total assets $ 11,5443 $ 1401 $ 15713 -_ $ A269 $ 115 88 824
' Liabilities
Banks $ 716,661 $ $ $ 716,661
Customers 52,517:230 17,106 6,201 52540,531

Securities borrowed
Accrued interest payable
Forward contracts
Other account payable

8,634,588 8,634,588
265,596 265,596
18,729,989 18,729,989
414,139 21,482 435,621
$ 81,278,203- $ 17,106 ..$ 6201_ $ 21,482 $ 81,322,992

December 31, 2004:

Cash and due from banks
Due from parent bank
Operating accounts
L o ans ,7 ; -. .
Accrued interest receivable
Investments .
Accrued irle rest re,.ei'l j
Other assets
Receivable under open
forward contracts
Investment property
Investment in non-

United States Argentina
Dollars Pesos

Euros Uruguay Pesos Total

$121,132,811 $ 3,447 $ 17,591 $ 1,326 $ 121,155,175



consolidated subsidiary .1.:. .-
Total assets $ 159,463,044

Banks $ 716,661
Customers 97,471,660
Acciued interest payable 402,671
Payable under open
irward contracts 10,227,319
Forward sales of
government securities
under open forward
contracts 19,796,125
Other accounts payable 103,092
Total lbliltes $ 128,717,528


10,862 290,293


S___ 4,534
$ 28,520 $ 17,591 $ 12,188 $159,521,343

$ $ $ $ 716,661
8,400 7,332 97,487,392


$ 8,400 $ 7,332

16,574 119,666
$ 16.574 $ 128.749.834


'he Bank's exposure to interest rates for significant interest bearing monetary assets and
liabilities for the U.S dollar is as follk;vs


Due from banks

4.0625% 4.25%
4.01% 10%


1.906% 2.015%
2.58% 10%

Due to customers 2.25% 5% 1.25% 5%
Securities borrowed 2.5%


On January 25, 2002 and April 25, 2002, the Parent made cash contributions of $10,000,000 anc
$20,000,000 respectively. These contributions have been recorded as "Irrevocable advances foi
future capitalization" in the shareholder's equity section of the consolidated balance sheet.

On March.26, 2004, the Central Bank of The Bahamas approved the increase of the capital by


The Bank has received the following guarantees for the loans granted:

2005 2004

Mortgage guaranty $ 2,850,000 $ 2,850,000
Other 5,146,436-
Total $ 7,996,436 $ 2,850,000


Tihe A inL. i it 'nol 5 'c.i. d ia5vancial situation worsened in late 2001, when the Argentine
government suspe1ddcd payments on th!e :,o'feiign debt and imposed severe restrictions on cash
Withdrawals from financial institutions.

in early 2002, the Argentine Congress enacted Public Emergency and Foreign Exchange System
Reform Law No. 25,561 (the ettei trcL. trn of which was extended through December 31, 2006).
This la,% introduced significant changes to the economic model implemented until that date and
amended the Convertibility Law (the currency board that pegged the Argentine peso at parity with
the US dollar) effective since March 1991 Aftel a period of an official foreign exchange market,
a Single foreign exchange market was established, subject to Central Bank of Argentina
requirements and regulations. Such law and subsequent presidential decrees established, among
others, measures that affected the financial system, primarily related to the conversion into pesos
of its assets and liabilities in foreign currency at different exchange rates and the related
compensatory measures.

The then-curreit. government administration launched a program that included important
measures such as the lifting of the restrictions on bank deposits, the relaxing of foreign-exchange
controls and the monetary reunification by redeeming quasi-currencies. In addition, during 2005,
the governmentdebt restructuring process was completed and the Argentine Government settled
its debt to ihr international Mlonetar5 Fund Also, the economic and financial variables showed
., i.,iui. ,.d .ric 'inmncial system is undergoing a financial consolidation process.

As of the date of issuance of these financial statements, there are still some issues pending
reSuluuun pnmanbi, Il eled to the final outcome of constitutional rghts protection actions derived
from the reimbursement of deposits in their original currency.


Certain 2004. amounts have been reclassified to conform with the consolidated balance sheet
presentation adopted for 2005.

4~~~~ I- I I-I

Yr aI'' 4' 9' n 'Notite *

,,a ll sat


Total liabilities

r-? I I =c_, ~ I I I '- r I I r3C ~ ~P 41 11

-'~-~"~ ~~----~-----------


PAGE 8B, TUESDAY, MAY 16, 2006

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Tonique in Mexico

* TRACK AND FIELD Stephanie Durst and Fabieene
Junior Sports Reporter Felix recorded the winning
time at 22.77 seconds, Durst's
TONIOTIE WILLIAMS- time for second was 22.bS sec-

DARLING ran a season's best
at the Gala Banamex meet held
in Xalapa, Mexico, to ward off
the charge by hometown
favourite Ana Guevara.
Williams-Darling, gold medal-
list at the Olympic Games and
the World Championships,
clocked 50.28 seconds for the win
leaving Guevara to settle for sec-
ond in 51.08 seconds and Barbara
Petrahn third in 51.50 seconds.
At the GP Rio de Aletismo
meet held in Rio de Janeiro,
national record holder in the
200m Dominic Demeritte finished
shy of the top three spots clocking
21.17 seconds for fourth place.
Winning the event was Jason
Smoots of the USA in 20.97 sec-
onds, Basilio de Moraes of Brazil
was second in 21.05 seconds while
Jimmie Hackley of USA was
third in 21.12 seconds.
In the javelin event, Lavern
Eve finished in fifth spot with a
best throw of 56.78m. The win-
ning throws came from Cubans
Osleidys Menedez 63.45m and
Sonia Bisset with 61.84m. Italy's
Zahra Bani was third with
The Qatar IAAF Super tour in
Doha, Qatar saw Christine Amer-
til take to the track with top
names like Allyson Felix,

onds, Feraez was 23.20 seconds
for third and Amertil's 23.25 sec-
onds took fourth place.
The Georgia Tech Invitational
saw both Tamika Clarke and
Savatheda Fynes go head-to-head
in the 100m.
Neither of the two were able
to advance to the finals, finishing
sixth and seventh overall in times
of 11.76 seconds and 11.81 sec-
onds, respectively.

Also competing at the event
was Jamail Rolle and Avard
In the 100m Rolle finished up
11th overall in 10.60 seconds and
15th in the 200m with a time of
21.41 seconds. In the 200m Mon-
cur was 16th overall in a 'nme of
21.42 seconds.
Moncur bettered his position-
ing with a third place finishing in
the 400m. His time was recorded
at 45.68 seconds, the winning time
was 45.55 seconds.
Chandra Sturrup had to watch
the finals of the 200m at the NC
A&T invitational from the side-
lines after false starting.
The event was won by Latasha
Jennkins, 23.22 seconds.



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Primary School Track

Field Championships re

S." Senior Sports
,.i Reporter
AFTER a year's absence,
SIthe 25th Primary School
.. i '. Track and Field Champi-
onships is back.
0,'9"': ,: -"n The Ministry of Youth,
V. Sports and Housing-spon-
sored meet, organised by
g Frank 'Pancho' Rahming,
will be held from Wednes-
..' day to Friday at the
Thomas A. Robinson Track
and Field Stadium.
According to Rahming,
who has been working with
an organising committee
... since last year to get the
-,-* - -biggest track and field meet
back on the calendar, it will
:, attract more than 40
~ "We have all of the Fam-
ily Island schools confirmed
,. to come in, but we have
j three schools from Grand
'?'.. ..:, Bahama who are not com-
ing anymore," said Rah-
.' ming of Sunland, Mary Star
>. N .of the Sea and Martin
"But we have. 45 teams in
total registered to partici-
pate, so we are anticipating
---.- a very good meet this year."
A scratch meeting was
held on Monday at the
Thomas A Robinson Stadi-
um to finalise the meet,
which will be officially
opened on Wednesday.
And today from 10am to
2pm, there will be a Cheer-
leading Competition at the
Kendal Isaacs Gymnasium.
This is the third year for the
event, which will also
include a banner competi-
The competition is being
sponsored by Muck-A-
.-2 Mucks and is being organ-
.. ised by Doris Ramsey.
On Saturday, a torch run
was staged through the
L streets of New Providence.

FRANK 'PANCHO' RAHMING gives coaches forms to
fill out for their teams yesterday at the sports centre.
(Photo: Felipe Major/Tribune staff) '

Bodybuilding awards

for Norris after a

seven-year absence

Junior Sports Reporter
\V TH tuned legs and a well
defined back, Jimmy Norris
impressed the judges at the
20thi annual Bahamas Body-
building Federation (BBF)
Novice Championships, cap-
turing.the most muscular
award in the open men's divi-
sion, Saturday night.
But Norris' physique was-
n't.only appealing to the
judges' eyes, he also strutted
his stuff in the lightweight
division, sealing the top prize
and dedicating his honours to
his wife as an anniversary pre-
Norris was comfortable
before the screaming crowd,
despite just returning after
taking' seven year vacation.
Admitting that he wasn't
ready on his first attempt at
winnifig the Ni ice -title, Nor-
ris said he wanted his second
attempt to be 'knock-out?..
He'said:. "Thi is the first
time since 1999 I've done
Novice, I was sick the first
time I competed. I do believe
that I declined on my diet too
fast But seven is God's per-
fect number of completion, so
I decided to come back seven
yearsafter my first try-outs.
"I would like to thank God
for giving me the opportunity
to come back. I will be cele-
brating my anniversary
tomorrow (Sunday), so this
win is going to my wife who
also supported me, in every

"...this win is going to my
wife who also supported me,
in every which way, cooking
all the high protein meals I
need to assist me."

,Jimmy Norris

which way, cooking all the
high protein meals I need to
assist me.
"I would also like to thank
the persons at Mystical Gym,
all the guys who helped me. I
know I wouldn't have made
it this far because it is very
strenuous on my body and
Norris competed in the
lightweight division against
Greg Campbell.
Now that he has accom-
plished his goal set in body-
building, Norris said he will
compete in the show set for
Freeport and after that he will
concentrate on his other goals
like the marathon.
Young Wilhem Pierre was
first to take to the stage and
when the results were in, he
had captured the mid-
dleweight division, the best
poser title and the overall
winner's trophy to add to his
He was also a part of the
winning squad in the most

popular high school title. The
first ever title was awarded to
the CC Sweeting High School.
.Pierre said: "I first started
out in track, but I got bored
with that so I decided to give
bodybuilding a try. I don't
know if I am going to do it
again, I just wanted to try it
out. Now that I have and won
that might be it.
"I don't know if like in the
future I would come back and
do it but I might just give it a
shot once again it all
In the high school division
Denardo Mackey walked
away with the top honours in
the lightweight division, with
Ramon Adderley taking
the light heavyweight divi-
The open men's heavy-
weight division went to
Charles Johnson, who also
won the best poser award.
Richard Cooper would cap-
ture the top prize in the mid-
dle weight division.

'Available fr Commercial News Providers



The event started at four, ,
different points and ended
up at the Kendal Isaacs
Rahming said while they
were pleased with the .
events surrounding the
championships so far, he's .
looking forward to a very ;
competitive meet when the ,
competition kicks off at
"After not having it last.
year, we expected that a lot :
of the schools would. be.'";
interested in participating
this year," Rahming
stressed. "So we have a lot
of schools who have
Mary Star of the Sea,
according to Rahming, just
recently came to town to
participate in the Catholic
Diosecan Primary Schools
Track and Field Champi-
The staging of the two
meets was too close and, as
a result, Mary Star of the
Sea, opted not to come
back for the Primary
Schools Championships this
Nevetherless, Rahming
said they have teams par-
ticipating from all of the
major Family Islands, who
will get to compete with
both the public and private
schools in New Providence.,
The event is a little
unusual in that there is no:
overall winner decided.
Instead, the competitor~,
compete for individual glo-
ry. The top six finishers in
each event will receive a
ribbon. Medals are present- :
ed to the top three finish-
All events on the track
are timed finals.
In the past, the meet has,, '
served as the stepping stone.
for many of the top athletes
who have gone on to com-r, .
pete on the international'

TUESDAY, MAY 16, 2006


Fax: (242) 328-2398

'.1 ~
t h LwliVL~



tw itle


Junior Sports
turned up the heat at
the Mid-Con Outdoor
Championships this
past weekend, captur-
ing two conference
Bain walked away
with the top quarter
miler's title and the
400m hurdles top
prize. He assisted his
team in a fourth place
finishing in the
In the 400m Bain
clocked 47.14 seconds
over his teammate
Johnathon Rivers, who
finished second in
48.32 seconds and
Nathan Buie in 48.52
After posting the
fastest time in the
400m hurdles, 54.09
seconds, Bain returned
with a blazing 52.60
seconds to capture the
top spot. Finishing sec-
ond in the event was
Steve Hansen in 54.31
seconds and Richard
Petzold was third in
54.53 seconds.
In his first 100m for
the year Derek Atkins
clocked 10.34 seconds
at the Minot State
University qualifying
meet. Later on that
day Atkins return in
the 200m clocking to
21.02 seconds.

At the Big 12 Out-
door Championships
Michael Mathieu
headed into the finals
with the second fastest
time but had to settle
for fourth in the finals
of the 400m with a
time of 46.43 seconds.
The winning time was
done by Reggie With-
erspoon of Baylor in
45.90 seconds. Texas
A&M Justin Oliver
was second in 46.24
seconds and Quentin
Summers third in 46.24
In the heats of the
200m Mathieu clocked
21.12 seconds to win
heat two, but was third
in the finals with 21.00
seconds. Nate Probas-
co was first in 20.90
seconds and Chris
Dykes second in 20.97
Alexandria Oembler
and Bianca Stuart
went head-to-head in
the 100m at the State
Farm Missouri Valley
Conference outdoor
Oembler will finish
up in the 14th spot
overall in 12.49 sec-
onds, leaving Stuart to
settle for the 18th spot
with a time of 13.45
In the 100m hurdles
Oembler was sixth in
the time of 14.77 sec-
After leading the
conference in the long
jump event, Stuart
closed the season with
an eight place finish-
ing. Her best leap was
recorded at 5.61m.
Winning the event was
Janae Bridges in
6.07m; second was
Brittney Hourd in a
leap of 6.00m and third
Kim Carter with

* MEACHER MAJOR trains yesterday ahead of his fight on Friday.
(Photo: Felipe Major/Tribune staff)



put oD

a grea sow e

Senior Sports Reporter
MEACHER 'Major Pain'
Major has never fought past the
sixth round.
But, come Friday night, he
will be fighting in his second
scheduled 12 round bout when
he takes on Mexican Luis
'Lichi' Couch for the World
Boxing Association's vacant
FedeCaribe lightweight crown.
The event will be held at the
Wyndham Nassau Resort ball-
room and will be the first inter-
national boxing title show pro-
moted by First Class Promo-
Major, who won the Bahamas
lightweight title in his first
scheduled 12 round fight last
year, said he's pleased that First
Class Promotions has decided
to give him the opportunity to
fight for the crown.
"I've been training very hard,
two, sometimes three times a
day, but now I've wound down
my training and I'm staying in
tip top shape and just getting
ready for Friday night," he
Couch and his countryman
Julio Gonzalez. who will take
on Bahamas super mid-
dleweight champion Jermaine
'Chu-Chu' Mackey in the co-
main event, are due to appear in
town today.
The WBA officials are sched-
uled in town for the fight on
Wednesday just before the
cocktail reception is staged at
the Navarna Beach, Love
On Thursday at First Class
Promotions' office on Wulff
Road, the boxers will go
through the medical at 5pm, fol-

lowed by the weigh-in.
Fight Night, according to pro-
rioter Michelle Minus, is sched-
uled for 8pm on Friday.
On the undercard are Elkena
.'Ali' Saunders against Ricardo
'Hard Heel' Planter from
Kingston, Jamaica in a six-
rounder; Anthony 'Syco'
Woods versus Richard 'the
Hammer' Pitt in a four-rounder
and Sean 'Doodle Bug' Laing
against Kaito 'Red Lion' Fer-
guson in another four-rounder.
"Everything is looking good,"
Minus stated. "Everybody is
tuning up and trying to finish
their last minute training."

Minus said it's been a real
challenge for her and her organ-
isation in getting all the neces-
sary things done to have the
fight sanctioned, but she's hop-
ing that at the end of the day, it
will all pay off.
As for the main event, Major
said he has a job to do and he's
going to stick to the plan and
make sure that he' accomplishes
his goal.
"I'm just more excited about
this fight, especially after we
had the motorcade on Satur-
day," said Major, who was
flocked by his family members
and friends as they rode
through Bay Street and the
Kemp Road area where he
"Everybody is really hyped
up and ready to go. We can't
wait for this fight to come. I
know all of my fans will be
there at the fight to support
To the Bahamian fans, Major
said he will definitely "put on a

great show" and hopefully he
will be able to "go out there and
perform and do m\ hest."
llnuis as,6uJed tlie Bahjmiin
public thit the \ %onr'\ t-,
x\\urr\ about Couch be lin
another in crn.iioii.l tighil-i
\ ho is Iju.Is c:mingr i o the
Baaijmas loi l \ jcmtion
"'\\ hen o e presented M Lah-
er MaIior's name to thel \\ B.-

they decided on who they will
select from their list of fighters
to fi-cht him." Minus pointed
"\\ hat ihc\ ol'c ou is \that
\ou get1
'-U tc-
"-The\ hIi\ the last sa\
hb caus : t1 thl! ir title. But the
public should noitc tha the\ ,ildl
he sending a qualir fighter.
whe has been around to fight

for the title. I think the one
who wants it the most w* dget
Right on the heels of,,Is
WBA utle fight. First Class
motions ill stage the WOdLd
Boxing Council's super a.-
dleI eight title fight f'oFJ -
maine Nlackey on July 28.-.-
"VWe hate our hands fIti"
Mhnus' summed up. '



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