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Permanent Link: http://ufdc.ufl.edu/UF00084249/00919
 Material Information
Title: The Tribune
Uniform Title: Tribune (Nassau, Bahamas)
Portion of title: Nassau tribune
Physical Description: v. : ill. ; 58 cm.
Language: English
Publisher: Tribune
Place of Publication: Nassau, Bahamas
Publication Date: January 7, 2008
Copyright Date: 2008
Frequency: daily, except sunday
daily
normalized irregular
 Subjects
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
 Notes
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
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
System ID: UF00084249:00919

Full Text






4 WAKE~ UPIJ

=nr~ungn e


SBy RUPERT MISSICK Jr
and ALISON LOWE
Tribune Staff Reporters
THE country recorded its
first murder for 2008, five days
into the new year, with the
shooting of a 34-year-old man
over the weekend in what has
.been described as a "robbery
gone bad."
Around 7 pm on Saturday
December 5, Police received
reports of gunshots being fired
in the College Gardens area,
the community at the rear of
~Ken Perigord Service Station,
Prince Charles Drive.
Upon arrival, police found
a man lying on the ground
with apparent gun shot
wounds to the body. Emer-
gency personnel responded
and pronounced the victim
dead, Asst Supt Walter Evans
said yesterday.
While police declined to
release the victim's identity,
an informed source said the
individual is Avery Humes, a
resident of Joan's Heights. Mr
Humes, an unmarried man
with a twin brother, had been
shot seven times about the
body during the attack.
According to the source,
Mr Humes was visiting with
relatives shortly before 10pm
when an individual -
described as short and very


PM to head town

meeting in Bimini
AS AN initial and important step in charting a course of restoration
in Bimini following last month's riot there. Prime M~inister Hubert
Ingraham will head a town meeting that will give the commlunity and the
government an opportunity to hear and understand each other's points
of view.
The town meeting will be held on Wednesday, January 9.
Rioting following the December 22 fatal police shooting of Bimlini res-
ident Ascol Deno Rolle resulted in hundreds of thousands of dollant in
damage to public property. Police dormitories. vehicles and a police force
boat were among facilities and items destroyed during the distulrba~nce.
Mr. Ingraham, with government Ministers and West End and Bimi-
SEE 1ae~4


MBy RUPERT MISSICK< Jr
and ALISON LOWE
Tribune Staff Reporters
POLICE are investigating a
suspected case of arson at one of
the Urban Renewal offices in the
capital yesterday.
Shortly before 5 am on Sun-
day, Police Fire Services respond-
ed' to the fire at the Nassau Vil-


_____


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dark -was noticed approach-
ing. The individual was stag-
gering, appearing intoxicated,
it was alleged.
As the relatives chatted out-
side their home, they saw the
man "pull his shirt up to his
nose" in order to crudely dis-
guise his face. He then
approached the famil mem-
bers and demanded money.
Having retrieved $50 from one
family member, and $150 from
Mr Humes, the attacker was
then said to have argued with
Mr Humes over whether or
not that was the total amount
of money he had on his per-
son. "He said: 'You gotta
have more'," said the source.
With the man's attention
more directly focused on Mr
Humes, other family members
stepped back. It was at this
point that shots rang out. The
relatives, including Mr Humes,
attempted to flee the scene.
However, a second set of gun-
shots were heard, some of
which hit Mr Hulmes, causing
him to fall to the ground.
Despite being hit seven
times, Mr Humles, who had
been released on bail in 2006
after his arrest in 2005, with a
group of 14 other individu-
als, on a drug-rel~ated extradi-
tion warrant issued by the US,
SEE page 14


WBy RUPERT
MISSICK Jr
and ALISON LOWE
Tribune Staff
Reporters
GOVERNM~hENT cannot
agree to a payment in the
amount and on the condi-
tions proposed by the Sea
Hauler victims, a statement
from the Cabinet Office said
yesterday.


Although government said
it is sympathetic with the vic-
tims of the terrible tragedy,
and has already given assis-
tance through its social ser-
vices and is ready to assist
further with an ex gratia pay-
ment, it cannot agree to their
demands for more than $34
million.
Government said that


lage Urban Renewal Office on
Stack Avenue, Nassau Village.
Arriving 12 minutes later, fire
fighters found flames coming
from the northwestern section of
a single storey concrete structure.
Fire was extinguished resulting
in extensive damage to the north
western section and smoke and
water damage to the remainder of
the building.


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Man found dead


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Suspected arson at
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SEE page 14


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ACTION TAIGIN IN WvAKE OF BAHA1VIAN-REGISTERED SHIP SPILLING OIL IN 2002




Setback for Spain in damages




claim ag ainst US or ganis ation


PAGE 2, MONDAY, JANUARY '7, 2008


THE TRIBUNE


101 :' 0 i:r OfCELEBRATION


TH BHMA-EGSTRD rstg ol ake an ofSpi'scas
inth Alntc cenTusdy o. 9,202


II


' ft
'
) i


IN TH wake of a Bahamian-
registered ship spilling thousand
of tonnes of oil aloqg its coast-
line, Spain has suffered a setback
in its attempt to seek damages
against a US organisation respon-
sible for inspecting and certifying
ships.
Last week, a US judge ruled
that Spain must pursue its damage
claims against the American
Bureau of Shipping in its own
courts, according to Reuters.
The ouitd hih le oS t r
trict Court in Manhattan against
the Houston-based organisation.
The Bahamas-flagged Prestige
oil tanker sank off the northwest
coast of Spain in 2002, spilling the


line with sludge, causing serious
and lastmng damage to both the
tourism and fishing industries and
causing commentators to call the
event the worst environmental
disaster in Spanish history.
In its suit, Spain had alleged
that the bureau failed to carry out
its duty in relation to the 26-year
old vessel during tests six months
prior to the disaster, passing it off
as structurally and mechanically
fit to carry fuel loads when it was
not.


The bureau, meanwhile, con-
tended that had Spain handled
the matter better after it became
known that the vessel was leaking,
the major disaster -which came
after the boat split in two and sank
several days after Spain refused
to. allow it to dock in its
waters could have been avoid-
ed.
Both Spain and the Bahamas
are signatories to the International
Convention of Civil Liability for

protected from Spain's
damage claims under the conven-
tion.
Thi is because the detail states
that the owner of a vessel that


any of those third parties "acted
recklessly", said Reuters.
Environmental group the
World Wildlife Fund (WWF) said
that the spillage could damage
fishing, tourism and natural habi-
tats in the region for a decade,
adding up to a cost of $5 billion
euros.
The evept further led to a bap-
ning of all single-hulled tankers, of
which the Prestige was an exam-
ple, from ports within the Euro-
pean Union.


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I
r


SBy DENISE MAYCOCK
Tribune Freeport
Reporter
dmaycock~tribunemedia.net
FREEPORT The Classic
Dancers won thle New Year's
Day Junkanoo parade in
Freeport, successfully proving
once again that they are the
junkanoo champions here on
Grand Bahama. .%
The group, which' captitred
first place with an overall score
of 1,767 points, beat their clos-
est competitors the Swingers -
by 16 points.
Grand Bahama residents
braved "chilly" temperatures
on Saturday to attend the
parade in downtown Freeport,
where it is estimated that near-
ly 20,000 turned out to cheer on
the eight groups participating
this year. r
The parade, which was ini-
tially postponed due to
inclement weather on January
1, did not lose its vigour as
junkanooers rushed jubilantly
in the streets in 58 degree tem-
peratures on Saturday.
Crowds packed the parade
routes in the vicinity of the Post
Office Buildmng between 6pm
and midnight to view the elab-
orate costumes and choreo-
graphed dances of the various
junkanoo groups.
The defending champions,
Classic Dancers, and the
Swingers were the crowd
favourites as usual, and the two
groups were predicted to cap-
ture first place in this year's
parade.
"Their costumes were well
done, the execution of the
dance was very good, and the
presentations of their themes
were well interpreted," said one
junkanoo fan.
"'Howevef, I think the music
by the Classic Dancers was


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If so, call us on 322-
1986 and share your
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MONDAY, JANUARY 7, 2008, PAGE 3


THE TRIBUNE


* In br-ief


Cab driver


,,*bibedsoj


aBy DENISE
MAYCOCK
Tribune Freeport
Reporter
dmaycock~tribunemedia.net
FREEPORT -A
Freeport cab driver was
robbed of his taxi, cash and
other belongings by three
armed male passengers in
the Lucaya area on Friday
evening.
Asst Supt Loretta Mack-
ey, assistant press liaison
officer, reported that the
armed robbery occurred
around 9.10pm at the back
of the Sea Horse Shopping
Plaza.
A 53-year-old cab driver,
with a friend, had collected
three young men from
downtown Freeport
around 8pm.
The men, who were all
dressed in black, asked to
be taken to the Lucaya
area.
The cab driver told
police that as he
approached the area of
Waterfall Drive he was
given instructions to con-
tinue to Grovenor's Way
at the rear of the Sea
Horse Shopping Plaza,
where one of the men
pulled out a handgun.
The gunman held the
driver anrd his friend at
bay. The culprits robbed
the cab driver of cash, a
hand held radio set, and
one cellular phone. They
then escaped mn the taxicab
- a white 1996 GMC
Safari with gold trim,
license No. 171.
Nothing was taken from
the victim's friend.
Ms Mackey said police
are continuing their inves-
tigations into the matter.
She is urging anyone
with information that
could assist the police-to
please call 350-3107/8 or
911



Man in

custody in

connection

with gun

discovery

WHILE on patrol in
the Virginia Street area
around 2 am on Sunday,
officers from Central-
Police Station saw a man
sitting in a green Nissan
Sentra acting in a suspi-
cious manner. Police
stopped and conducted a
search which led to the
discovery of a .380 hand-
gun tucked in the man's
waist band.
This weapon had four
live rounds of ammuni-
tion. A 21-year-old man
from Third Street,
Coconut Grove, is in
police custody in connec-
tion with this matter.


with 1,654 points; Rotary Club
was fifth, with l,241 points; Har-
bour Boys was sixth, with l,120
points; Bushwhackers was sev-
enth, with 696 points; and the
Victory Boys was eighth, with
562 points.
In the individual categories,
the Classic Dancers won the
three main categories Best
Group Performance,
Best Individual Lead Cos-
tume, and Best Costume as a
Group.
The Superstar Rockers won
Best Execution of Theme, and
took a clean sweep of the three
top positions in the Best Free
Dancers division. The group
also won Best Performance on
Gloucester-Row, Best-Banner,
and Best Music Category.
.Grand Bahama Junkanoo


Committee official Wellington
Moultrie was very impressed by
the turnout.
* "We estimate that nearly
20,000 people were out on
Saturday even though we had
to postpone the initial parade
due to inclement weather
on the New Year's D~ay," he
said.
He said although the bleach-
er ticket price was significantly
reduced this year, many persons
were still standing along the
parade routes.
Mr Moultrie hopes that more
persons will purchase tickets for
seating at the upcoming Junior
Junkanoo Parade in Freeport
which is scheduled for Satur-
day, January 12, as ticket prices
have been reduced to $15 and
$10.


much better and would give the
group the edge over the
Swingers," he said.
Under the theme, Christmas
Stories, the Classic Dancers
showcased its main piece "San-
ta Claus Sleigh Coming to
Town". which captured first
place in the Best Inrdividual
Lead Costume category. .
Derick King. chairman of the
Grand Bahama Junkanoo Com-
nmitttee, said the parade was well


organised and very energetic.
He also said- that there was
significant improvement in the
groups' performance this year.
"The groups did an excellent
job and the competition was
close this year, and clearly
reflected in the scores," he said.
Capturing second place was
the Swingers, with an overall
score of 1,751; third was Super-
star Rockers, with 1,721 points;
Arawak Invaders was fourth,


ClRSSIC Dancers win Grand





Bahama unkanoo parade





The Tribune Limited
NULLIUS ADDICTS JURARE IN VERBA MA GISTRI
Being Bound to Swear to The Dogrnas of No Master

LEON E. H. DUPUC;H, Publisher/Editor 1903-1914

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Published Daily Monday to Saturday

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

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


New day mn the Amenicas

SAO PAULO, Brazil Juan Bautista in 2006)1 and soya. More than 220 million acres
Alberdi, an Argentine constitutionalist and lib- an area greater than that currently under
eral, noted in 1837 that "Nations, like men, do cultivation remain unexploited outside rain
not have wings; they make their journeys on forests.
foot, step by step." Another fast-rising export is iron ore. China,
Latin America, long susceptible to the utopi- which is investing heavily in Brazil, wants all it
an mirages of revolutionaries and caudillos and can get, just as it wants food (as does India) and
still not immune to them, has struggled to energy,
absorb this.truth. But, as Michael Reid observes Brazil has an abundance of the latter, and
in his new book, "Forgotten Continent,~ .coumlldhave much more.
durable mass democracies have emerged across Set aside for a moment Brazil's vast hydro-
the region. electric resources and its recent discovery of a
In recent years, these democracies have rolled huge deepwater oil field off the southeastern
the dice with an extraordinary variety of leaders, coast.
including Michelle Bachelet in Chile; Luiz Ina- What will count over the long term is its
cio Lula da Silva, the metalworker who rose world leadership in plant-based fuels, particu-
to govern Brazil; and Venezuela's barracks- larly ethanol from sugar cane, which produces
bred Hugo Chavez. eight times as much energy per hectare as the
The results have been uneven. Chavez has corn from which most U.S. ethanol is made.
tested everyone's patience with oil-fueled blus- Combine that with near-limitless farmland, and
ter about winged socialist revolution. But step~ Brazil's important future-to-present shift comes
by prosaic step, the continent has moved toward into focus.
open societies and the global economy. As Reid writes, "If China was becoming the
This progress has come despite gross income world's workshop and India its back office,
disparities, which have made cities like Sao Brazil is its farm -and potentially its centre of
Paulo labyrinths of riches and ruin. Lula's environmental services."
unlikely rise reflected the hope that these social The country's leadership in non-fossil fuels
chasms could be bridged, just as the early suc- and the unparalleled biodiversity of its Amazon
cess of Barack Obama and Mike Huckabee ramn forest make it a natural leader mn the 21st-
reflects a society hungry for change and tired of century struggle with global warming.
hedge-fund titans skirtmng the taxes ordinary None of the above would be significant if
fol ty journey on foot, nations also dream. tnt, em uns ble.m Bue lrikemotathe. c ina
Democracies are inventive and averse to enti- has realized this and is rapidly developing its
tlement. commercial relations with Brazil and other
Their imperfections are manifold, but so are__ Latin American countries.
their self-renewing mechanisms. They demand Th~'ie United States has also pursued a range of
hope. The dynamic, over time, trumps the free-trade agreements, with uneven results.
dynastic. Overall, however, the continent has been left
The Brazilian journey has often faltered, giv- with a sense of U.S. neglect, sharpened by
ing rise to the nostrum that this was a country ._. .. Ha~;l's _unlfulfilled pre-9/11 promise of a new
with a great future condemned to its eternal focus that would reflect the presence of more
contemplation, than 40 million Latinos in the U.S.
Annual murder figures in the tens of thou- The next president should make looking
sands testify to enduring social problems. south a priority, with Brazil as pivot for inten-
Tom Jobim, who composed "The Girl From sified engagement.
Ipanema," noted that Brazil is not for beginners. Latin America's transformation in recent
Still, as Lula has intuited with his astute prag- decades has been underestimated. It has been
matism is anyone else a friend of both political and economic but also cultural. Deep
Chavez and President Bush? the tide is~ flow- ~ prejudices against indigenous, mestizo and
ing this country's way. Brazil's future is now. mulatto populations have been confronted and'
There are five reasons: land, raw materials, if not defeated, undermined. In historical tenns'
energy, the environment and China. this has been a time of empowerment for the
Vastness defines Brazil; the agricultural use of dark-skinned.
its territory is nowhere near exhaustion. The Americas are changing and, despite the
Already the world's largest exporter of coffee, anti-Yanqui rhetoric of Chavez, becoming _
beef, sugar and orange juice, it is fast increasing step by step more one.
exports of other foodstuffs, including chicken (This article was written by Roger Cohen of
($4.2 billion worth in 2007, up from $2.9 billion the New, York Tirnes News Service c.2008).


Serving The Bahamiran Community
SSince 1978


Constant Working

Pressure HoH--es ~~


A message to our young
EDITOR, The Tribune.
I BELIEVE that the young people are our future. Young people,
crime is not the way. It will carry you nowhere in life but to jail, an
early grave, and if you do not repent to hell! Don't be a fool, stay
in school!
Stop violence and the crime. Go to school and get your education.
You are the future governor generals, prime ministers, doctors,
lawyers, teachers, etc. Get involved in positive activities such as
sports, bands, etc.
Young people, I say again, crime is not the way,1sot if you want
to have a successful future and a long life.
Grade 10 student, Faith Temple Christian Academy.
EDVANIA MISSICK
Nassau,
December 2007.

ISn't ti sa big security loop ole
ED~ITOR, The Tribune.
THIS is not a trick question but why do airlines put baggage tags
on Bahamas-bound flights if at all of our airports it is a free-for-all
when collecting your bags on arrival no checks who takes what?
Can someone please explain why there is not someone at baggage
claim who will verify that the bags one person is claiming are actu-
ally theirs?
Surely this is a massive security loophole anyway?
Can someone explain why this is not in place?
Hopefully someone cares.
H HUMES
Nassau,
December 23, 2007.






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PAGE 4, MONDAY, JANUARY 7, 2008


and have served on the board
twice an something tha h
pointed me is there is far too

him or herself to raise the mon
ey.
It is the "sit back and take"
attitude, as if it was owed to
them, whatever happened to
the young people themselves,
washing cars, baking cookies,
or organising fund raising dri-
ves?Perha s those ungrateful
people who were "peeved
with Mark should stop and find
out about the other children's
charities he contributes to.
Last year the money he
donated to the Heart Founda-
tion saved two children's
lives...saved their lives, Mr
Stubbs, stopped them from
dying! Do we have any priori-


ties here? I was discussing this
Saturday article with somebody
just yesterday and they were
telling me that Mark Knowles
donated a room at the Cancer
Caring Centre...where people
cromtem rslife saving cancer
Helping young people play
and train tennis is important,
bou sacng trmial H l 1 on a
Mr Stubbs, instead of putting
Mark Knowles down wherever
possible, why not be proud of
the things he has done for this
community; the tournaments
that he has won, and the loyal-
ty he has shown the Bahamas
but received little or no grati-
tude or recognition from the
government or people of his
own country!
I think your article is unnec-
essarily negative and it cer-
tainly left a bad taste in my
mouth after reading it.
KIM ARANHA
Nassau,
December 31, 2007.


EDITOR, The Tribune.

IT appears to me that Mark
Knowles is the Bahamian ath-
lete that The Tribune loves to
Bate Se al emearss otswh n
tor was working for The Tri
bune, she loaded her Mark
Keowles ep:,tos ih idnsul s
pace for Mr Stubbs to follow.
The article in Saturday'
December 28th's paper is laced
with inaccuracies: It has always
been my understanding that
the BLTA, (back in 2004) had
decided that they wanted their
young players to "get their feet
wet", and opted not to invite
Mark Knowles to play, I am
most definitely, not aware that
Mark chose to be absent when
the Davis Cup team "fell in the
hole,,
Hopefully the BLTA will be
wise enough to include Mark
Knowles in their Davis Cup
team this year.
Mark is an amazing doubles
player and has proved it by
w in nin ge ver y Grand Slam
event with the exception of
Wimbledon. His success in this
year's Masters has surely con-
firmed the fact, when he had
not played with his then part-
ner Nestor for the previous
four tournaments.
One point, Mr Stubbs, why
would Mark play in a singles
tournament when he is a dou-
bles player, and no longer plays
sing es
Perhaps the fact that Mark
has nqt played mn any singles
events mn the past few years has
escaped The Tribune's careful
attention-
Mr Stubbs refers to Mark
strugglingg all year to win a
tournament", yet goes on to
say that Mark won the French
Open doubles in May 2007.
Surely January through May is
not ALL year, what a negative
way to word that!
As for those who "are peev-
ed because he didn't make a
substantial contribution to the
BLTA" after his Charity event
I have several points to make:
Mark Knowles helps lots of
the young Bahamian players'
mn fact many of the names in
Saturday's paper have benefit-
ed financially from Mark's
sponsorship.
I have been heavily involved
with the BLTA several times,


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FOLLOWING the break
of the tense deadlock in the
four days following the Janu-
ary 10, 19)67 election the 36-
year-old Lynden Pindling
was invited by Governor Sir
Rialph Gray to form the next
government and the first
cabinet of a Majority Rule
Bahamas-
On January 14, 1') 6
Sir Lynden told T'he
Tr'ribrne that he had formed
hiS Cabinet but declined to
disclose the identity or the
number of the appointees
until the governor had been
advised.
There were 14 members of
Cabinet under the previous
United Bahamian Party

adm w epced that Sir
Lynden would continue with
the same number although
there was a strong hikehihood
that the Ministries of Health
and Welfare would be
merged into one and the
Ministry of Finance and
Tourism divorced and placed
under two different minis-

te n the end his first Cabinet
would meclude such names as
Sir Milo Butler, Sir Cecil
Wallace-Whitfield, Sir
Clement Maynard, Sir Run-
dol Fawkes. C'arleton Franncis
and Arthur Hanna.


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THE TRIBUNE


Clinton anti

Obama clash







of RPM~ip0

MMANCHESTER, N.H.

BARACK; OBAMA f
and Hilla~ry Rodhaam
Clinton cas let Sun av
in t re s us ly New Iamp-
shire homestretch. deril-
ing! each mothers' claiims to
he the tr ue candidate of
c~hange~. C`linton told
Democratic voters they
should elect "a dloer, not
a talker."
Obama countered
tha his critics are tc
in the politics of the past.
arccordling to~ Associarted




At a raucous rally in a
high school gymnasium
in Nashua. Clinton skew-
ered Obama for several
vts thesluis easit in the
infao of the Patriot
Acn avol for energy le gs-
latio Ih describedl as
'DIc Clency's energy
bill "
She never mentioned
Oba;ma's name but left
no doubt about who~; n
she was discussing.
p'o u cam pagn i
prose." Clinton said
Obama, speaking at a
packed F lanchester the-
at< c. tooK issue with
Clinton s criticism of him
during a`~turday s Dem,-
cratic presidential
dlebate.
"ail uinl oppntns
know\. o~ffer the Ame~ri-

at .Lf.ut what we Can glt
tovne.'` he said.


SPremnier anid Minister
for loanrsm
( 11 ND lli(r( oilcl 0 '1 I ti IN 11 .1

Jh Othe llt41 ll-ll I\ ena i to I 110m i1(
rl L't Pineil~lt )II itIII l 11(1
Imndll. )I P ll.n o can sit.,l 54s (II I tJF I1 l
th,. 1 lattnit, nn p~ ~~lel.net ofI th eth




Mnister for Health and Welfare

hil il ol it ,,all i IR. ih a Iui r -
"nri st9r1. n ie r yr.s e llete PlP junior t
Ir.u\ *an% IIr, ~ lrow peIoth~ a membe r

~iitM en fou Vleasan s rto
no 4 at Wal a ~~, is , preadent f alide

Ruh LX I Man atR I.mean ofh II uthril
"" D 12"
Wr 4 thesnod tor
Ii n m re n fr In. man. ntfi
",,hn sor, F anw U. no
Mbopa.nu st rrd for Work Bu(~




M~c nitr fo B1Ur Ik~ntellrna ofi
NI Shom( on t kna nn ru aM
I~mptet Pnm-911Wa skt for the at w
sted 9P p o t he tom r n, Merit ae S lIo, k -* ; p hk
In. U~r u rsen nt Ir n. .. use.u *dly Il ~ n ir

Il LD pV("T, 11 h

ln ser wi hout Portfo is







-n~ -- -m Nw PIls .
THIS Triune new a-~ (.. )rrd

thedin first ~ D 1,1 Cabinet r un
I he PLP, C~lled hv Evnderrn. u
Pindne, ada wonlr the t Flr
geerl letio Y~on ;rfpi.l nd
aanar 10th. 10b7~r~. I~XII


M nirister for Finance


n PLP.I rrgretarur,,t 10 aware uhe attiv uttentsl IP1I th ctIngr
pLated thral by thr Iluon 4 o fab~lltundu.
as \radl senhe U)In1 ahICnI~ o t hand


A~~lru. Onra hi retur uo NassauIIII 11*


sity, aolld. ud hen, has uIr te rln bt\ depers~ he
Mahlelunsk~ Froml 198l to 1951 her lld a thpilomau In
Aducu n~ rbt star1 nua )u niestdrnlla IE Ih~ll (lida the Mt.0

ut how;iholl knol.r 'ehool from, 1951 so t955, hn hl, II i
op,.iulr l pllurequa llf the 'Teachers' Tothingl (allege noti
Afl. brranc thrn reunwrrd to Edinburgh Uulniseil, fo
advanced sirlul rdaheini the degrree nt M~astr ofI Edctll!I()I
On bit retulr. he was emloyed,~ by the MIst~ry of IdAuraton
atr thr ,ulthese sentir Schedu,L before cnhwhling o al 1) ear
proftwricrud .rtificine in rdUestionr T(owse at the Ci\(hersif
of the ))hat Inito In antata,rs
Thly h;ve four ddndren.
MBjimst~er for Educat ons
ARTHI:t 310N LfANNA. A 38
)ra- harro~rutlr, uR1. l;nn
rn cewer rs, ~nhnr e ar11 F:.cr a
asdt ai D)I( FI\LL *l~Q- 1 ji
k bsa hd tin e IYU r ~
orlr n Ime)I ~:prn~(l


Mlrlin nistelrh for Communiation
rarrus as dh tnrnlln
hr ~ ~ ~ ~ n alu r~rddIr
Ii!(; :i ` r
l b ar a lic l Iri

Pad~c Uiontalege IAM r here
flailc of thru8:ttry frot 188192 e
In N I- h L.~.-, a. I l"* u.,m ,

Miiste forlh Out r islan Affairs, \(~



e..

Mnu ste fo Laou I ha t
mLhnl rdno h Ocl D


ln~eClrr rur ~

Ministe without Portflol3Unr h
CLRAC 1111 h.rrnumrtai c I;.b~~
-.dh Ilu-~ Iurr( (`ol a
thekr PM Ekd.Adas
nl Ik,,- hn al t-4lYQ .ssu .
muir "sa I me. Ir ct i nar mLs~h
Lkrh -3c Nl seas7it Hek Is l r brNn
"""1'""'z ""it:: (r u r rpmk n rhm
n. ,rlna. .. .......... A anllw It ..osu
ma tb fu wtrFa ~lt o~hl,


A YOUTHFUL
Lynden Pindling
takes the oath oft
ofieasa erniser
after the 1967
genea eco,h
PLP to power for
the first time.
Looking on is
Governor Sir
Ralph Gray.


b II .-

I- .: 'a~ '~ t





& BIDAL PtREGISTRY


Sir Lynden


,-*


Pinclling's




f~rst Cabinet


r~8t~`


r
u


bneaeol


-Ph: 325-3336


Rosetta St.





I


'' ~ '' '
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THE TRIBUNE


PAGE 6, MONDAY, JANUARY 7, 2008


r
III


IIIIIII rl




g~t*


FOR the fifth straight year,
the Poker Stars Caribbean
Adventure has drawn record
crowds to the Bahamas and
the Atlantis Casino Resort-
The $7,800 buy-in event
ked io6f pt ansn Sma urda
whom earned their seats play-
ing on PokerStars.
This is just the first of two
st rtns flghtat the second

More than half the field
was eliminated during day 1A
play.
dyan Collett leads the sur-


MEMBERS of the judiciary gathered
yesterday at St Francis Xaviers Cathedral
on West Hill Street to celebrate the annu-
al Red Mass.
The Red Mass is celebrated annually at
the Catholic Cathedral for judges, prose-
cutors, attorneys, law school professors and
students, and government officials.
The Mass prays for guidance from the
Holy Spirit for all who seek justice, and
offers the opportunity to reflect on what
Catholics believe is the God-given power


and responsibility of all in the legal pro-
fess'ion. According to the Catholic Church,
the Red Mass is so-called from the red vest-
ments traditionally worn as a symbol of
the tongues of fire that descended on the
Apostles after the death of Jesus.
All Judges of the High Court of Eng-
land and all doctors of law also wear red
robes or academic hoods. Front Row -
Chief Justice Sir Burton Hall, Catholic
Archbishop Patrick Pinder, and President
of the Court of Appeal Dame Joan Sawyer.


vivors with 176k in chips,
while Steve Paul-Ambrose
and Eric "Rizen" Lynch are
also among the big stacks.
This group will get Sunday
off to enjoy Paradise Island
ad ohen get bac tobsns
they join the survivors of day


1B. The total number of play-
ers is projected to be between
1,100 and 1,200, making the
total prize pool more than
$8.5 million and a first place
prize of around $2 million.
myan a st to ahomee21.
PCA.


PnoCLAMAToN

WHIE~RES, The University of the West Indies was established on 7" January,
1948 at Mona, Jamaica, and since that time has expanded its educational
facilities to include the St. Augustine Campus in Trinidad &a Tobago, the Cave
Hill Campus in Barbados and the Centre for Hotel and Tourism Management in
The Bahamas;

ANDTPEHERRAS, The University of the West Indies is the premier educational
institution in the Caribbean region with its faculties offering at wide range of
undergraduate, masters and doctoral degree programmes in Humanities,
Education, Pure and Applied Sciences, Agriculture, Engineering, Law, Medical
and Social Sciences, all with strong emphasis on Caribbean issues;

AND WHE~RIA, The Undvershty of he West ndies has made education even
more accessible through the establishment of its Distance Education
programme which formally began in 1983 with headquarters at Cave Hill and
operating at 30 sites in 16 countries, including The Bahamas;

AND WHIEREAS, The Bahamas has also seen the establishment in 1997 of the
UWI Clinical Programme Bahamas, now knlown as the UWI School of Clinical
Medicine and Research, The Bahamas;

AND WHEREAS, the University has performed a key role in the educational
advancement of the people of the Caribbean and continues~ to provide a high
standard of education and training, contributing to the ongoing social and
economic development of the countries in the region;

AND WHECREAS, the University will this year mark 60 years of serving the
countries of the Caribbean and participating successfully in their continued
development and will. celebrate this milestone with activities in all Caribbean
countries served by the University;

AND WHEREAS), The Bahamas is proud to be both a contributor to its
development and a. beneficiary of the University of thle West Indies andi wishcs
to join in the celebrations with all of the other Caribbean countries;

NOW THEREFORE, 1, Hubert A. Ingraham, Prime Minister of the
Commonwealth of The Bahamas, do hereby proclaim Monday, 7'" January.
2oos, as -rah nisayrsity of The West Indies Day in The Bahamas".


INY WITNESS WFHEREOF, I
have hereunto set my Hand and
sealthis YI dayofJanuary,
2008.



HUBIERT .IG A


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MONDAY, JANUARY 7, 2008, PAGE 7


THE TRIBUNE


Americans (insert Bahamians
here) have travelled for the
past century is ultimately to
deliver ourselves completely
into the hands of an unlimited
government.
It will not matter if the
democratic processes lead us
to that destination. As noted
previously, the making of the
welfare state has been from
the very beginning a matter of
politicians' corrupt vote buy-
ing and patronage dispensing
- democracy in action: "And
one sad servitude alike denotes
/ The slave that labours and
the slave that votes." We can
have a free society or a wel-
fare state. We cannot have
It is obvious the PLP, and
some think the FNM believe
otherwise and will implement a
National Health Insurance
scheme regardless.
Unfortunately the leaders of
the government today will be
off .enjyn their pensions
from Bahamian taxpayers
while the next generation will
be trying to "fix" NHI. Not
unlike the taxpayers in Canada
and the UK are doing today.
We would caution against
putting too much faith in the
vision of the anointed no mat-
ter how tempting "free' health
care might sound.


SBy RICK LOWE

INCE August 2006 The
SNational Coalition for
Health Care Reform has been
attempting to obtain meaning-
ful data from the Bahamas
government on their proposed
National Health Insurance
scheme (NHI) to offer con-
structive criticism.
When the government start-
ed to "feel the heat" of the
public debate, Dr BJ Nottage,
then Senator and Minister of
Health, invited the Coalition
to take the debate out of the
tuli don rn ther wo
sought. As it turns out Dr Not-
tage effectively deceived the
Coalition into silence and to
date has not provided the
promised information.
Bear in mind that Dr Not~
tage and his staff at the Min-
istry of Health had been meet-
ing with groups all across the
country to offer a public rela-
tions programme on how great
the NHI scheme would be,
without providing substantive
data on how the plan is struc-
tured, how they arrived at their
numbers or how it would be
sustained.
They commonly referred to
this PR road show as "consul-
tation ".
The Coalition agreed to the
government's "code of silence"
based on the promise from the
former Minister that the infor-
mation they requested would
be provided to them.
It is dispiriting to note that
the former Minister was
unwilling or unable to provide
substantive information to the
Coalition and health care pro-

fes ta as provided is what
has been interpreted as an
indignant and offensive letter
over the sign~ture.of the for-
melrdMinister of Health tat
mation but chastised members
of the Coalition for exercising
their Constitutional right to
free speech.
Accompanying this letter of
January 26, 2007 is a copy of a
letter to Dr Robin Roberts,
Chairman of the Coalition,
dated November 14, 2006 that
lists some 29 questions and
comments for the Coalition to
answer but the respondent did
not feel obliged to answer the
Coalition's questions. Quite a
contradiction to what many on
the Coalition envisioned at the
time. In addition, none of the
Coalition members contacted
had seen this letter prior to
receiving the duplicate.
One thmng that is patently
clear is that most of the people
involved with the formation of
the NHI suffer from what
Thomas Sowell calls "The
Vision of the Anointed."
Dr Sowell of the Hoover
Institute writes:
"In the anointed we find a
whole class of supposedly
'thinking-people' who do
remarkably little thinking
about substance and a great
deal of verbal expression.
"In order that this relatively
small group of people can
believe themselves wiser and
nobler than the common herd,
we have adopted policies
which impose heavy costs on
millions of other human
beings, not only in taxes but
also in lost jobs, social disin-
tegration, and a loss of per-
sonal safety.
"Seldom have so few cost so
much to so many."
This will undoubtedly be the
case with the NHI scheme as
the evidence from many other


oi Itrc h tvc
The Ministry of Health team
went to the press with the most
inconsequential points they
wish to raise about their NHI
scheme, yet the Coalition or
its members are expected to
refrain from using the media
to inform their membership
and the general public of its


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absolutely nothing without tak
ing something from us first.
Not to mention the level of
service we currently get from
government and its agencies
and departments. Giving them
a bigger role in health care is
precarious if not dangerous.
anrvard Professor
Charles Fried points
to the Quebec government's
impositions in his recent book


titled Modern Liberty by forc-
ing dissenters to participate in
their health scheme. He
equates this to when the
Romans forced Christians to
obey their laws and also "burn
a pinch of incense before the
statues of their gods ".
And the PLP, the NHI
scheme designers and quite
possibly the new FNM regime
will do no less than use the
coercive power of government


to force every Bahamian to
participate in the NHI.
It will nlot be prudent but the
politicians will use the excuse
that because indigent people
might be denied care, the gov-
ernment needs to take the
health industry over,
Robert Higgs in his great
treatise "Against Leviathan"
puts it very well when writing
about the welfare state:
"Tlo continue the road we


itself according to a rigid,
uncompromising code of com-
plete honesty, integrity and
transparency.
So much for honesty, integri-
ty and transparency.
We have been discussing the
history of the movement to
implement a National Health
Insurance scheme.
Now let's fast forward to
December 2007, and com-
ments in the press by Dr.
Hubert Minnis, the current
Minister of Health in the new
FNM administration.
Dr Minnis does not dismiss
the possibility of a government
mandated health scheme. He
simply states that the FNM
have introduced a prescription
plan and are attempting to get
the infrastructure sorted out
first.
In a nutshell, it appears that
one dtay, wh hh rn as s pru ent
a national health insurance
scheme in place. In effect, the
government wi~laplemrnt a
1hno ile take over ofhthe health
If there is one over riding
concern it is the role of the
government in our health care
system. While we accept the
fact that there are indigent
people who need help with
their health care, we disagree
entirely with the mandate that
the minority must be subju-
gated to the will of the major-
ity in this case.
If the majority in fact believe
an NHI scheme is necessary.
Besides, we can't think of
many areas where the will of
the majority should be forced
on the minority unless some-
one has committed a crime
against another person or their
property.
When a government
assumes responsibility for the
behaviour and actions of the
majority of a population it
effectively deprives them of
their self respect and in the
end, their liberty.
Government administered
and controlled health care scr-
vices is state welfare and that
sets up a dependency culture
that, with time will result in
their inability to carry the
growing debt load,
It is important to understand
that government can give us


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Noor Adam begged police to
spare his children as he lay bleed-
ing from a bullet wound in front
of his shop but they set fire to his
store anyway, burning to death
his 7-year-old daughter and
teenage son inside.
'The Nairobi shopkeeper says
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Kenyan National Commission of
Human Rights, said "one of the
forms that violence has taken is in
the extraordinary use of force by
Kenya's police force ... to the
extent of extrajudicial execu-
tion1s.'"
New York-based Human
Rights Watch said opposition
protests were met with excessive
po a ed Arende, 25, sat at the
Makina clinic covered in dried
blood. He said police picked himh ,
up Friday night after he left his
house, which was near a group
of protesters. They beat him for
an hour with sticks and fists then,
then urged a nearby crowd of
men to attack him.
The crowd attacked him while
the police watched, he said, show-
ing deep wounds on his head and
forearm. He said he survived by
pretending to be dead.
Andrew Otieno, a medic at the
Makina clinic, said about half the
victims they have treated said
they were injured by police.
On Saturday, an Associated
Press Television cameraman
watched police fire on a machete-
wielding crowd that had serious-
ly injured three men. One man
was shot in the head and died.
In Kisumu, about 200 miles
west of Nairobi, a morgue atten-
dant said there were 46 bodies
with bullet wounds, all shot mul-
tiple times and many in the back.
The attendant asked that his
name not be used because he was
not authorized to speak to the
media. Maina Kiai, chairman of
the Kenyan National Commis-
sion of Human Rights, told The
Associated Press his organization
had reports of 100 or more civil-
ians shot in Kisumu, a stronghold
of Odinga where protesters were
attacked by police.
"We are investigating but our
assumption is that they were shot
by police," Kiai said. "The shroot-
ings come from police, generally
speaking, because the protesters
do not have guns."


protests have sent simmering eth-
nic tensions boiling over and how
some police appear to have
fueled rather than tamped the
violence.
More than two dozen Kenyan
civil organizations say police have
taken to using extraordinary
force, and in some cases carried
out extrajudicial executions, in
the fa e of niot sp ked yan er
deny the accusations.
The unrest began when sup-
porters of opposition leader Raila
Odinga accused President Mwai
Kibaki of rigging the Dec. 27 vote
but soon exploded into wide-
spread ethnic clashes, pulling in
many more than Kibaki's Kikuyu
tribe and Odinga's Luo, and leav-
ing more than 300 people dead.
Adam, a member of the Luhya
tribe who have largely backed
opposition leader Odmnga, said
he was sleeping in his shop with
his daughter Saida and his 17-
year-old son, Rashid, when the
police from a different tribe
arrived on Dec. 29.
"When I showed my ID, they
said, 'He's from the Luhyra com-
munity ... Shoot him."' Adam
said.
The police shot him in the leg,
then turned their attention to his
shop. "I saw the police set the
shop on fire. I told them I had
children inside." said Adam who
was being treated Saturday for
an inf'eclted bullet wound at the
Makina clinic in Nairobi's Kib-
era slum.
He said he couldn't bear to go
back home to sift through the
ashes for the bones of his chil-
dren. "I can never go back. I want
to leave this country," he said,
weeping. "They (police) are sup-
posed to protect us."
Police commissioner Hussein
Ali initially refused to answer
questions about police shootings
at a news conference Sunday,
finally insisting. ..We have not
shot anyone.'
But 2_3 civil organizations,


KENYANS scramble for maize as the Kenyan Red Cross distribute food yesterday in the Mathare slum in
Nairobi. Kenyans prayed yesterday for peace and an end to a political deadlock that Sparked a week of dead-
ly riots, while the opposition rejected an offer from the president to form a unity government.


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THE TRIBUNE


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P

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THE 8ptpjf~L'"'



~8~S~<=*~i CENTRE












Bishop Simeon Hall



calls for 'national




culture of r respect'

BISHOP- Simeon Hall called yesterday for a
"national culture of respect" saying that this
was imperative as the nation seeks to build a
more "personal community".
"Since all humans are made in the image of
God we are innately endowed with the poten-
tial for dloral, spiritual and intellectual self
actualisation. Then, regardless of social station,
colour, religion, political persuasion or gender,
all persons are to be treated as creatures of a
common divine creator," he said in a statement
released on Simday.
Bishop Hall said that too many instances and
equally, in too many places, scores of Bahami-
ans show a blatant disregard for the "intrinsic
worth of the individual."
"There is just too much disrespect for the
dignity of the human person. Further and most
regrettably most of us only recognize disrespect
when it is directed towards us or persons of our
party," he said.
Bishop Hall said that there was an urgent
need for Bahamians to step back from the
"social precipice that spells disaster."
He said that a major part of the problem
Bahamians have is the widespread disrespect
they hold for each other and sometimes with a1
little more patience Bahamians canl move the
barrier and prejudice necessary for true com-
mumity.
"'If more Bahamians do not learn that art of
disagreeing without demonising, we will contin-
ue to sink into the quagmire of lawlessness and
anarchy," he said.
Bishop Hall said that respect for ourselves
solidifies a persons innler morals and principles
and respect for others shapes how they are
treated.


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THE TRIBUNE


MONDAY, JANUARY 7, 2008, PAGE 9


THE Central Bank has
launched the continuation of
the Financial Sector Annual
Banking Survey,
In the past few years the
Central Bank has been grad-
nally improving its coverage
of non-bank activities, being


in a better position to assess
the overall contribution of
the financial services sector
to the economy.
The latest results for 2006,
which canl be found in the
Quarterly Economic Review
for March 2007, revealed


that the financial sector con-
tinued to contribute posi-
tively to the growth in the
Bahamian economy which
was evident by an increase
in the total number of per-
sons employed by 211 to
4.662.


So ll lorck allaqires a
museum-caliber private art collection
SAVENTURA, Fla.
SHOPPERS at the Aventura Mall get to see something far more
unusual than the latest shoe or clothing trend: museum-caliber high art.
according to Associated Pr~ess.
The dozen or so pieces that make up the mall's permanent collection
were either commissioned or acquired by the shopping center's own-
ers especially for the public. It is part of an effort to make the mail a cul-
tural destination for locals and tourists.
Displaying art in the public domain has been going for centuries
beginning with ancient Greece and even later in Italy during the
Renaissance. But even though no hard statistics exist, experts say the
fact that mall owners, Turnberry Associates, are commissioning the
pieces from well-known artists is new to contemporary American
malls.
"It makes sense," said Gary Hoppenstand, director of the under-
graduate program in American Studies at Michigan State University.
"The factithat you are going to have a permanent collection, that is an
interesting twist to it."
The art is another draw to get people into the mall, Hoppenstand
said.
"It's something that is actually strategic ... a destination for people
to go to beyond shopping," he said.
Jacqueline Fletcher is director of Turnberry For The Arts, the pro-
gram purchasing the art and organizing the mall's art collection. She
says the idea to integrate the art into the mall was decided during an
ongoing $22 million renovation.
"We wanted to create a visually enjoyable environment,"' Fletcher
said. "Now we hope they (shoppers) will come here to have a cultur-
al experience ... It's really more about the impact it will have on the pub-
lic rather than money."


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Caribbean companies





should gir d up their loins


Caribbean people should
have been involved in the
negotiations every step of
the way. Adding them at the
end is really only an exer-
cise in damage limitation.
The Caribbean Regional
Negotiating Mjachinery
(CRNM) did make efforts
to keep private sector
organizations informed, but
only few Caribbean govern-
ments actually organised full
and meaningful consulta-
tions with other stakehold-
ers in their communities.
The implications of com-
mitments by Caribbean
countries to remove duties
on 82.7 per cent from Euro-
pean imports within 15
years; and open 75 per cent
of their service sectors to
European firms and individ-
uals providing services
should have been publicly
explained.
Many questions arise:
what are the products that
are being allowed entry with


"T~he implications
Of CODmrintlROIS

by Caribbean
COURtrieS to reBOVE
duties on 82.7 per
cent from European
imports within 15
years* and open 75
per cent of their
ServiCC Sc~torS to

European firms
88d inciVidBRIS

providing services
Sh uld hav bee

pu lc y exrp bi lained."


____


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ma;king~ news inl their
neighhbourhoodt~ s. Perhaps
you are praising funds f'or ar

for impro''vemen`'ts in the
;area or have wocn ;\n

If so. call us on 327- 1986
and share your story.


THE TRIBUNE


FAGE 10, MONDAY, JANUARY 7, 2008


ty of Caribbean countries.
For instance, with regard
to technology, the agree-
ment does no more than
commit the parties to
endeavour" to facilitate the
transfer of technology~on a
"commercial" basis. In oth-
er words, no official devel-
opment assistance will be
forthcoming, and even on
commercial terms (read that'
as high cost) the parties
have committed only to try
to achieve them.
Even worse is the absence
of a commitment to actively :
promote small and medium
sized enterprises which is
where some hope for local I
participation in the benefits
of the tourism industry still
resides. In this connection, ~~
the EPA makes no greater
commitment than to
"endeavour to facilitate the
participation" of such busi-
nesses in the tourism ser-
vices sector.
As for exporting
Caribbean manufactured:~,
goods into Europe, the Pro- :
tocol on the Rules of Ori-
gin defies ordinary under-
standing. The Annex to the ~~:
protocol which tries to
establish the processing that
is required to determine
originating status is even~~ii~'
worse. Caribbean manufac-
turers will be hard pressed-
to even begin to decipher it. r
oust'oas seaid in my pev-
Caribbean EPA with the
EU, it is a done deal. Our
negotiators did their best
and an agreement of indefi-
nite duration now exists. It

haWorbk agT itrires a full
understanding of it by all the
parties in the Caribbean if
the region is not to be over-
whelmed by it. No useful
purpose will be served by
simply declaring the EPA to
be a triumph and then
expressing surprise or cry-
ing foul when, in its imple-
mentation. Caribbean coun-
tries find themselves over-
run by European companies.
The EPA, as it stands
now, requires the parties to
give "'treatment no less
favourable than they accord
to their own like commer-
cial presence and
investors". In other words,
local companies cannot rely
on any special considera-
tions in their own domestic
market; such treatment will
have to be applied automat-
ically to European firms.
It should be noted that
the EPA requires the
Caribbean to be ready in
five years time for competi-
tion and to open govern-
ment contracts to European
firms.
Five years is a very short
time for Caribbean contrac-
tors in a range of services,
including road and building
construction, to be ready to
take on an onslaught of
competition from European
firms, but they need to get
ready now.
Worryingly, the Caribbean
has other free trade agree-
ments to be negotiated.
Canada is next, and,
undoubtedly, the Canadians
will expect no less
favourable treatment than
theC Caribbean has given the
EU. And, the same princi-
ple will be applied by other
countries and regions with
which the Caribbean nego-
tiates.
Caribbean companies had
better gird up their loins.

Responses to:
ronaldsanders29@~hotmail.com


r By SCR RONALD
SANDERS

(TheL wr'liter~ is a business
executives andr fo rmrer
Caribbean diplomat)

ARIBBEAN gov-
C ernments should
move swiftly to set up
national and regional work.
ing parties to study the Eco-
nomic Partnership Agree-
ment (EPA) with the Euro-
pean Union (]EU) that was
initialled by negotiators on
December 16th.
When I discussed this
matter in a previous com-
mentary, I had not yet read
the full text of the EPA. I
have now done so. It is a
highly complex document
and I remain convinced that


it will inaugurate a consul-
tation with its private sec-
tor on the EPA.
This is a necessary initia-
tive. But, it should not be
limited to the private sector;
I~trad unions and govern-
mntcn agencies, such as cus-
tom1s anld labour depart-
ments, also nieed to be
involved. And, the Guyana
initiative should be rephicat-
ed mn every Caribbean coun-
try.
In a real sense, this
process is one of putting the


I P bp
MSIR Ronald Sanders


cart before the horse.
The private sector, trade
unions, non-governmental
organizations and the


2008 Graduate Training Prog ram
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no dutv7. Will these prod-
ucts compete with produc-
tion from local farmecrs and
manufacturers. and. given
the economies of scale. will
the local producers be able
to compete in their ow:n
markets?
In the services sector. the
Caribbean will be wide open
to telecommunications. com-
puter services and financial
services. .
Inevitably this will mean
that indigenous institutions
will face competition from
European firms with far
greater resources. Over
time. they will swallow-up
indigenous companies or put
them out of business.
It will be argued that
since the EPA is reciprocal,
Caribbean companies can
set up business in Europe.
But. the agreement is
replete with clauses that
would stop them doing so.
Among these are: a proviso
that individual EU countries
have the right to specify
"the necessary qualifications
and/or professional experi-
ence" required; and the
right of an EUl country to
"adopt or maintain mea-
sures for prudential rea-
sons" in the financial ser-
vices sect~r.
In other words, theL EPA
may allow access, but it also
reserves the right for indi-
vidual countries to disalllow l
such access through non-tar-
iff barrie~rs.
The Trourism Servicss
section of the EPA is wloe-
fully inadequate for an
industry that is of such cru-
cial importance to a majori-


Wealth
Mjanagemrent


WOBR LD VBE

early national and regional
consultation on all its
aspects are vital if the
Claribbean is to prepare
.itself for the coming
onslaught from Europe.
The EPA document is so
complex in parts andc so
vague in others that none
but the negotiators could
possibly understand it to the
point of being sure that they
have overcome all its amnbi-
guities,
The government of
Guyana has indicated that


Ti T)









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~lfiii


MONDAY, JANUARY 7, 2008, PAGE 11


THE TRIBUNE


ka. She s also survived by 15

Her Bahamian family mecludes
Terrance, Lavender, Aryana Joy,
Terrance 111 andlImamiRoberts
and a host of friends and admir-
ers.
A Memorial Service was due
to be held yesterday at Kit Land
Nelson Park, 18 North Forest
Avenue, Apopka.
In lieu of flowers, donations
can be made to Hospice of the
Comforter, 480 West Central
Parkway, Altamonte Springs, FL
32714.


Trustees. Moon is survived by
her husband of 42 years, Paul
Malonson Sr. of Apopka; her
children Marvin Kim Tsoy of
Kissimmee, Edward Tsoy of
Potomac, MD, Elizabeth Tsoy
G~ombash of Orlando, Cassan
dra Malonson of Boynton Beach,
Christine Malonson Allen of
Ocala, Paul Malonson Jr. of
Beavercreek, OH, Moonbeam
Malonson Hanson of Apopka,
and Mark Malonson of Apop


tel in Freeport, Grand Bahamas.
She took to the stage once
again decades later in 1979 in a
production entitled "An Evening
with Moon and Friends".
All proceeds from the suc-
cessful show were donated to
assist with the renovations of the
children's home, located on Job-
son Avenue, Freeport.
She later served as a distin-
guished member of the Child
Care Committee's Board of


Sadly m~isSic a by
Wife Vivien, daughter Lisa and the family :


Moon Kim Malonson: a life of adventure






I~~rll~~r


MCARACAS, Venezuela
Venezuelan President Hugo
Chavez said yesterday he is
waiting to hear from Colombia's
largest rebel group .about two
rebel-held hostages that the
guerrillas promised to release


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THE. TRIBUNE-


PAGE 12, MONDAY, JANUARY 7, 2008


thanr two years, ra~ther tharn held
caiptive in the jungle,
"Tlhe niicest andcl most imnpor-
tant thing is tha~t Emmanuel is
free," Chavez said, acknowl-
edging the r-esults of the DNA
test.
Previously, Chavez said "the
FARC will have to explain to
the world" if rebels were not
holding the boy in the jungle as
they had claimed.
After the DNA test results
were release, the FARC accused
the Colombian government of
kidnappingg" the boy to sabo.


tage Chavez's efforts to broker
the release. The FARC is hold-
ing 44 other prominent hostages
mecludmng former Colomb~ian
presidential candidate Inghd
Betancourt and three U,,6.
defence contractors kidnapped
nearly six years ago.
Rebels are offering to fr e
them only mn exchange for iifub-
dreds of imprisoned guerrillas.
Numerous obstacles to a pris-
oner swap remain, such as ~lie
FARC's demand that high-raiik-
ing rebels in United Sates c~u's-
tody be freed.


to the leftist leader last month;
* according to ther Associated
Press.
Chavez lamentedtlhatlhis ittiia-
tive to help free the hostages _
former congresswoman Con-
suelo Gonzalez and former vice
presidential candidate Clara
Rojas failed when rebels said
last week that operations by
Colombia's U.S.-backed mili-
tary had prevented a planned
handover.
"'We continue waiting for new
contacts for the liberation of
Clara and Consuelo," Chavez


said during his weekly televiqion l
and radio progranllnle ~lello
President."
Thle FARC had vowed to
release Gronzalez andi Rojus,
along with a 3-year-old C'olom-
bian boy named Emmanuel
the product of a relationship
between Ro~ias and a guerrilla
fighter.
But the rebels failed to free
the hostages despite efforts by
Chavez to facilitate the release.
Results of a DNA test later
proved Emmanuel has been in a
Bogota foster home for more


A BOAT with tourists passes 1
a Venezuelan Navy ship thati~-
is part of a search mission i
for a plane that crashed gear
Los Roques islands in the I
Caribbean Sea, north of;'
Caracas, yesterday. the air-
craft with 14 people on
board, including eight Ital-
lans, a Swiss citizen, and
five Venezuelans, disap-
peared near Los Roques
islands on Friday. On the
left a pilot flies near
Venezuela's Los Roques
islands in search of a plane.


[ 4


Chavez waits for word on hostages r eleash










sA


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THE TRIBUNE


MONDAY, JANUARY 7, 2008, P/\G;E 13~


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A HLDpdashe ik n rnto sos ntel Purt Nv







Scontibuted to deramaic ro in fo tours bs iness in the aurtoNea.1I


5m I~mcTmEl irlTi~f~~Ti Irlr~l R ~3~Tli


g PLAYAS DE
SROSARITO, Mexico
Assaults on American tourists
have brought hard times to
liotels and restaurants that dot
Mexican beaches just south of
the border from San Diego,
according to the Associated
;t~ess.
];Surfers and kayakers are
frightened to hit the waters of
the northern stretch of Mexi-
co's Baja California peninsula,
long popular as a weekend des-
tination for U.S. tourists. Wed-
dings have been canceled. Lob-
ster joints a few steps from the
Pacific were almost empty on
the usually busy New Year's
weekend.
Americans have long toler-
ated shakedowns by police who
boost salaries by pulling over
motorists for alleged traffic vio-
lations, and tourists know parts
of Baja are a hotbed of drug-
related violence. But a hand-
ful of attacks since summer by
masked, armed bandits -
Eleme of whom used flashing
a kststo a pear Hkeeptohiceh
spooked even longtime visitors.


i oi onS an r Scydand an g


Pat Weber, who was forced to
kneel at gunpoint for 45 min-
utes. They were at a camp-
ground with about 30 tents,
some 200 miles south of the
border.

Harrowing
The men shot out windows
of the couple's trailer and
forced their way inside, ran-
sacked the cupboards and left
with about $7,000 worth of
gear, including computers,
video equipment and a guitar
dozens of students in Mexico
over the last 10 years, plans to
surf in Costa Rica mor New
Zealand. "No moresMexico,"
said Hoffman, who reported
the attack to Mexican police.
No arrests have been made.
The Baja California penin-
sula is known worldwide for
clean and sparsely populated
beaches, lobster and margaritas
Sand blue waters visited by
whales and dolphins. Surfers
rlos e the waves; fishermen catch
tuna, yellowtail and marlin.
SFood and hotels are cheap.
News of harrowing assaults
on American tourists has
begun to overshadow that
appeal in the northern part of
the peninstila, home to drug
gangs and the seedy border city
of Tijuana. The comparatively
isolated southern tip, with its
Stony Los Cabos resort, remains
safer and is still popular with
:Hollywood celebrities, anglers
a'~nd other foreign tourists.
Local media and surfing
Web sites that trumpeted Baja
Sin the past have reported sev-
eral frightening crimes that
U.S. and Mexican officials con-
sider credible. Longtime visi-
tors are particularly wary of a
:toll road near the border that
iins through Playas de Rosar-
:ity Rosanito Beach.
i;~n late Novemnber, as they
;returned from the Baja 100,0
o'ff-road race, a San Diego-are a
family was pulled over on the
toll road by a car with flaslmg
:'lights. Heavily armed men held
;the family hostage for. two
ours. They eventually


released them but stole the
family's truck.
Before dawn on Aug. 31,
three surfers were carjacked
on the same stretch of high-
way. Gunmen pulled them over
in a car with flashing lights,
forced them oint of their vehi-
cles and ordered one to kneel.
They took the trucks and left
the surfers.
Aqua Adventrires of San
Diego scrapped its annual
three-day kayak trip to scout
for whales in January, ending a
run of about 10 years. Cus-
tomers had already been com-
plaining about longer waits to
return to the U.S.; crime gave
them another reason to stay
away.

Widespread

"People are just saying, 'No
way.' They don't want to deal
with the risk,"' said owner Jen
Kleck, who has sponsored trips
to Baja about five times a year
but hasn't been since July.
Charles Smith, spokesman
so he dU.S cnul tev inT ju;


has Io arunde mot wds on
pneople floing athem, thogh n
isse ican bu ofical acknowl-
edge mn crimes threatned a
liftebod. ofe Btaj' Deconomy
InPaas dogwred R osrto, isty on
surende'br teir weaon latst f
meonth for tesing tohetermine
arme men haveng patrled City
Hall inceai fcailed assssnaw-
tron attmemp on there new poic
chief letone officer' dead.Ony

cial00 an aothcerm were focdr
fournddmed er their epn beac.s
"Wet cannot minimize what's
happning to pubcics safetyy"
saimd Osc are Escobeole Carignn

tiouristm.t "W e'rew going t
cimoe lf order ... Te'r e indig
Tourista vstse foBaja totaled
aboute 18 milioTi ina 2007c downi
from 21d millothe previousr
occupncy dropped eabou 5h b
hperentageoit to 53b'i paer-
stoied Rosaritsobr Beach Hotne
Bandte it's new mayor, esti-

mters thnubro visits oBj ors e
meru is dillown 30 percent, d
Io tbl city'sn Pue rtoNevio
touri s eclave, which offers
$20 lobtaer dbinnes and $1 mar-
garit irsarn aaes
said sales wres down as muh


ae s 8~w 0 percent fo atya.
tOrisQe Sauraye afternoonein


Odc'tober, masked bandits
wielding pistols walked the
streets and kidnapped two men
-- an American and a Spanish
citizen who were later
released unharmed. Two peo-
ple who were with them were
shot and wounded.
Omar Armendariz, who
manages a Puerto Natevo lob-
ster restaurant, is counting on
the new state and city govern-
ments to make tourists feel
safer. He has never seen fewer
visitors in his nine years on the
job.
"It's dead," he said.


A VENDOR in the PuYerto Nuevo section of Rosarito, Mexico stirs her vat
of candied nuts.


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Sea Hauler victims'


1


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PAGE 14, MONDAY, JANUARY 7, 2008


THE TRIBUNE


Nevertheless, yesterday's
statement said government
was willing to assist the Vtic-
tims of this disaster, as in
the case of other disasters,
on an as need basis, but not
in the amount and on the
conditions proposed.
"The government is
deeply sympathetic with
those pefsons who were
victims of this terrible
tragedy and those who have
been affected by it.
"Assistance has been ren-
dered to them through the
Government's Social Ser-
vices and the Government
stands ready to assist them
further with an ex gratia
payment," the Cabinet
Office said.
The release came after,
as the statement acknowl-
edged, the matter "attract-
ed some public interest in
recent weeks."
Just over a wee kag o,
numerous listeners to the
"Real Talk Live" show on
More 94 responded to a
fundraising drive initiated
during that programme,
pledging over $8000 in aid
for the victims.
This followed what
turned into an emotional
scene at the Prime Minis-
ter's Cable Beach office on
Christmas eve morning,
which saw eight of the vic-
tims bypassed by Mr Ingra-
ham when they gathered to
seek a meeting with him in
order to ascertain the status
of their claim for compen-
sation against government.


They complained of an
alleged lack of response
from government to letters
and phone calls about the
matter up to that time.nirtae okigM i

Ingraham briskly avoided
communicating with the
group as he left the build-
ing and got into his waiting
car. His lack of response
prompted several of the
victims to suggest that he j
had used their plight for
political gain during elec- I
tion time.
Mr Ingraham had fre-' :i
quently condemned the for-
mer government in his ral.
ly addresses, and in earlier ?
speeches, for failing to live
up to their promises to the :i
group following the 2004' ~'
maritime accident which .:
left four dead and 25
injured.
The first suggestion that I
government did not believ il
it was liable to pay the vic
tims came in June, when a i
senior insider told The Tri- i
bune that advice received
was that this would likely
be the case. However, at
that time, the insider said t .
government was still likely -.
to intervene financially out
of a "sense of fair play and
justice." No official state-
ment on the government's
position was made again i
until yesterday's release.
The Tribune was unable
to reach the Sea Hauler vic-
tim's spokesman, Lincoln
Bain, for comment up to
press time.


to," he said.
"A;llpersons who are in breach of the law are subject
to the law and they can and will take their course in
respect to any matter that emanates, whether it is the
incident here, whether it is the incident which precipi-
tated it or any other such matter. I don't speak for the
police but the laws of The Bahamas are the laws of
The Bahamas and they are to beadhered toin full and
followed.
"Wherever the evidence leads the police are fully
empowered and are required and expected to do their
job."
During Saturday's funeral service, Mr. Ingraham
and National Security Minister Tommy Turnquest
brought condolences and re-emphasised the impor-
tance of restraint and the rule of law.
Mr. Turnquest said: "Any loss is a great loss but
the loss of one's child, one's father, one's grandfather,
one's nephew must be extremely painful."
He commended the Bimini community and gave
special recognition to Ascol Rolle's father, James Rolle,
for the part he played in restoring calm and calling for
peace. Mr. Turnquest credited Mr. Rolle with putting
aside his personal grief for the betterment of the Bimi-
ni community.
The National Security Minister promised that no
stone will be left unturned in recognizing the truth of Mr
Rolle's death.
Prime Minister Ingraham said "Deno" met an
untimely death and assured the people of Bimini that,
"in our society the rule of law prevails. No man or
woman is above the law."


ni MP Obie Wilchcombe, travfelled to Bimini to attend
Mr Rolle's funeral held at their Cathedral of Mt. Zion
Baptist Church.
Through dialogue that government plans to have
with the Bimini community at Wd inesday's town meet-
ing, Mr. Ingraham said residents~ will be able to tell
Government all the things it can, do, and he and his
Ministers will have the chance to te~ll them what Gov-
ernment wants them to hear.
"I want to find out the facts first.-- the facts about
who did what to whom and then we could take it from
there," the prime minister said. "We mkill start from the
base. I want to find out who destroyed public property
and for those persons to be dealt with.
'From that point forward we can begini talking about
restoration, but first things first."
While in Bimini, the prime minister toured the police
barracks damaged during the riot, pointing out that in
addition to wanting to get an "on the groun d" apprect-
ation of the damage, he wished to show his :support to
police officers in Bimini who will begin the process of
restoration on the island.
Responding to questions on potential conse quences
for those responsible for the destruction of pro perty m
Bimini, Mr. Ingraham re-iterated that The Ba~hamas
is a country of laws that must be upheld.
"The Government has a duty to ensure that the
people are secure and the people feel safe and
that the laws of The Bahamnas are followed and adhered


Meanwhile, as the Bahamas
reels from a record murder
rate of 80 in 20'07 and early
signs that the ra~te of killings
may not be slowing in the new
year, BBC Caribb~ean report-
ed yesterday that T'rinidad and
Tobago with a population


of roughly 1.3 million com-
pared to the Bahamas' 305,000
- recorded 9 murders in the
first 12 hours of 2008.
In six days Trinidad and
Tobago had a disturbing
tally of 12 murders, it was
reported.


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ORGANIZATIONAL
P.O. Box N-511 r Nossau Baohmas Phone: 242.424.17166 Emtall: yaetheic~orgsout~com Weoose: www.orgsou!.~onil


FROM page one
claims submitted to the
Attorney General on
behalf of those concerned
total in excess of $34 mil-
lion,
It was later proposed that
Government should make
a payment of $12 million
and that the claimants
would sign an agreement
releasing Government
agencies as defendants mna
civil action.
In a statement yesterday
government said that if it
were to accept that, the
Public Treasury could be
regarded as a sort of insur-
ance against accidents,
whether at seA or elsewhere
and it would be setting a
"dangerous and unsustain-
able precedent."
Government has been
advised that nothing any of
its agencies did, or failed to
do, contributed in any way
to the cause of the accident.
This latest position con-
tradicts the findings of a
government appointed
commission formed in 2004
with the mandate of inves-
tigating the circumstances
surrounding the accident
and determining if and
where liability might fall.
'The commission at that
time found the govern-
ment-operated port depart-
ment "non compliant" for
allowing too many passen-
gers to board the Sea
Hauler. Other agencies
were also found liable.


PRIME MINISTER Hub~ert Ingraham is pictured at the Cathedral of Mount Zion Baptist Church addressing
mourners at the funeral' service for Ascol Deno Rolle on Saturday, January 5, 2008. The Prime Minister
announced that he will hold a town meeting on the island on Wednesday, January 9.


PM t0 head town meeting in Bimunt


FROM page oat~e


$'ROM page one

was able to inform police on
their arrival of numerous
details, including his name and
address. However, by the time
an ambulance arrived, an
alleged half an hour later, he
had died to his injuries, said
the source-


Fkrst murder of 2008


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BAPHA MlAR







PAGIE 16. MONDAY, JANUARY, 7, 2008


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ON2ND JANUARY 1 948 pre-eminent Bahamian attorney the Honourable Godfrey W. Higgs and
former Registrar-General Mervyn Johnson established Higgs & Johnson Counsel & Attorneys-
at-Law, the first non-family law partnership in the then Colony of The Bahama Islands.

During the past six decades H&J has continued a commitment to core valuleS Of SerVICe and
- above all honour and integrity while evolving with and participating in the changing legal and
socio-economic environment of The Bahamas. In 2008 we commemorate both the great start by
our founders and the wisdom of those that followed in continuing the wor-thy ideals upon which
H&J was founded.

The Partners express our sincere gratitude to our clients, Sir Geoffrey Johnstone and other past
stalwart leaders, former partners, associates, staff and the people of The Bahamnas while renewing
our commitment to H&J's deeply rooted tradition of service, honoulr and integrity.


BI L#uv Ir~rrl wlll~ !1WrJ, r(lll ly tlCI~ lauul~r Ei, ~rrlS ~mlhlr9 ris1 ~889C1U, I~ytorrj ~ey, Fr~eputt And Mirirriih PJLI~S~~UIP~

C I


"THE TRIBUNE


-f~~


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LI rr r


Here' today,


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TRIBUNE


M ONDA Y, J A NUrARY 7 2008o


1.: 'Ci~iY~,~Bi~~ra~R~FI i~~i;bl ~R~iT~LXi~k~T~
"J 'sh


rnaa


SBy NEIL HARTNELL
Tribune Business Editor


Ti n let on
the Bahamian
commercial
banking system's elec-
tronic payments solution
has been "pushed back
just a few months" to
October 2008, The Tri-
bune has been told, but


this nation's clearing banks are deter-
mined to make implementation "hap-
pen this year".
Paul McWeeney, Bank of the
Bahamas International's managing direc-
tor, said the commercial banks had
approved a revised completion timetable


for the Automated Clearing House
(ACH) project, which was more realis-
tic and gave them "latitude" to complete
everything they needed to.
Mr McWeeney, who is head of the
Clearing Banks Association's (CBA)
ACH. working group, said: "The new


timetable calls for everything to be com-
pleted in October, so it's just a few
months push back...... It's not a signifi-
cant delay.

See DEADLINE, 6B


* Bank of the 1Bahamnas to move head office functions from four sites to one
* Branches inl Abaco and Eleuthera eyed
* Customer inifo accessed on virtual private networks at Miami branch


SBy NEIL HARTNELL
Tribune Business Editor
BANK of the Bahamas Inter-
national is planning to invest
"in the vicinity of $20 million"
in its planned West Bay Street
corporate headquarters, its
managing director telling The
Tribune that the move will
boost efficiency by bringing
head office functions currently
scattered at four different loca-
tions to just one site.
Paul McWeeney, the bank's
managing director, said it hoped
to break ground on construc-
tion of the four-building West
Bay Street complex: before
year-end 2008.
Apart from exchanging rental
payments for depreciation and
amortisation, as Bank of the
Bahamas International would
own the properties itself, Mr
McW~eeney said the move
would enable the BISX-listed


I By NEIL HARTNELL
Tribune Business Editor
AN attorney for the late
Edward St George's estate has
accused Fleming Family &e Part-
ners of "prejudicing settlement
discussions" with Sir Jack Hay-
ward and his family trusts through
their $100 milon offer to acquire
his Grand Bahama Port Author-
ity (GBPA) stake, something
vehemently denied by sources
close to the wealth management
firm.
Fred Smith, a partner in Cal-
lender's &r Co, told The Tribune:
"The estate of Edward St George
retains acutely sensitive to te
pute, and once again reaches out
to the~ Haywalrd c~2ip ta negotiate


in good faith and bring this......
to an end.
"We don't want to be talking to
Fleming or anyone else. We want
to be talking to Sir Jack, who is
the partner of the estate, as he
was with Mr St- George decades
before.'
Mr Smith alleged that Flem-
ing's emergence and subsequent
role in the GBPA and Port
Group Ltd ownership battle, hav-
ing struck an agreement in prin-
ciple with the Hayward family
trusts to acquire their stake for
$100 million, was "prejudicing set-
tlement discussions".
He added that Fleming "'we
understand, on very good author-

See GBPA, 7B


bank to consolidate head office
functions that are currently dis-
persed between its Claughton
House head office, Charlotte
House, and its Village Road
and Harrold Road branches.
"It will probably be in the
vicinity of $20 million, excluding
the land," Mr McWeeney
replied when asked about how
much the new complex would
cost.
"We signed off on the archi-
tects' drawings in December.
The architect is now doing all
the individual drawmngs. Once
they've done that, they will start
the actual approvals process. I
suspect it will take six to nine
months to get that complete.
We're hoping to break ground


before the end of the year."
The~ headquarters complex,
which will be situated between
the Nassau Palm Resort and
Dockendale House, will have
to go through the approvals
process involving the Town
Planning Committee, Depart-
ment of Physical Planning, and
the Ministry of Works' B'uild-
ing Control Department.
Mr McWeeney said of the
headquarters' strategic benefits:
" We cani greatly enhance and
improve efficiency by relocat-
ing, and are replacing rent with
depreciation and amortisation.
"By taking those head office
functions out of Harrold Road
and Village Road'it gives those
branches the ability to expand


even further to maximise cus-
tomer delivery."
Bank of the Bahamas Inter-
national is planning to occupy
some 30 per cent of the pro-
posed West Bay Street head-
quarters complex, with the
remaining 70 per cent leased
out to commercial tenants.
The main building will have
75,000 square feet, with some
10,000 square feet allocated to a
ground floor Bank of the
Bahamas International branch.
The same amount of space will
be given to the bank on the top
floor for its head office, with
another 10,000 square feet allo-

S BANrK 8B


i


*Exuma Abaco


* Freeport


* Cayman


II By NEIL HARTNELL
Tribune Business Editor
THE Bahamas "can set the
pace for other Caribbean
nations" if it adopts a compre-
hensive renewable energy plan
to reduce electricity costs and
preserve foreign exchange
reserves, a consultant's report
delivered to the Government
has argued.
With oil prices temporarily
spiking above the psychologi-
cally important $100 per barrel
threshold on several days last
week, the need for conserva-
tion and alternatives to oil and
nhto r fossil fuelsl has never beetn


the Bahamas is among the
nations best placed to achieve
this.
This is because a number of
alternative energy sources exist
in the Bahamas, the August
2007 report says, chiefly solar
energy, but also ocean thermal
energy conversion, wind waves
and ocean currents.
Hale & Aldrich concluded:
"Renewable energy can be a
key to ensuring the Bahamlas'
future. The Bahamas can set
the pace for other Caribbean
nations if it chooses to do so,
and in the process secure its
development and energy secu-


*li
2'


s~ r`


Bank TI*IgE~t go geH agVI FIY One family wirth many needs. Fo~r
Ct I OtltU111Y IC~Vpl J E1 L a solid fitcnc~ania fo9undta~tin and


WBy NEIL HARTNELL
Tribune Business Editor
COMMERCIAL banking sys-
tem liquidity is "not at optimum
level" and still giving the sector
cause for concern as it moves into
2008, a senior bank executive told
The Tribune, although the situa-
tion is far better than early 2007
comparatives.
"We still have a concern in that
respect," Paul McWeeney, Bank
of the Bahamas International's
managinsud rector ase witn nit
commercial banking system that
are available for onward lending


purposes.
Liquidity is still recovering
from the heavy drawdown it suf-
fered in 2006, a response to high
credit demand from consumers
and businesses, coupled with the
demand for foreign currency
needed to finance the acquisition
of Bahamas-based, foreign-owned
assets such as Bahamas Super-
markets and Shell (Bahamas).
While the commercial banks
were not overly aggressive in their
lending, the system's liquidity has
spent 2007 recovering from that, a


s...sr


242.356.8300


In fo@~Coli n alImp eri al.co m


See B~ANK, 7B


SElectronic payments deadline


1 back' to October '08


h 'NOf a Significant delay', says bank chief, with clearing banks determined to 'make it happen this year'
* Move to give contractors and banks more 'latitude' and time to complete what is needed
* Key issue building interfaces between ACH and each bank's data platform


Bank's $20m headquarters to further boost efficiency


Claimn and counter-

ClaitR OVef Flelming's

GBPA dis ute role


Bahamnas 'can set


pace for Caribbean

on renewable energy


L~~Y \Ir~ICI


csustomrizd advice, their choice is
Colinatmp~erial,


Confidnce for ki *


Ak








,I


I


DIVIDENDIAGM NOTES:


*BBL has declared a special dividend of $0.02 per share, with
$0.01 paid on December 31, 2007, and $0.01 payable on March
31, 2008, to all shareholders of record date December 21, 2007.

*BPF has declared dividends of $0.20 per share, payable on
January 18, 2008, to all shareholders of record date January 11,
2008.

*CIB has declared dividends of $0.25 per share, payable on
January 7, 2008, to all shareholders of record date December 28,
2007.

*CWCB has declared dividends of $0.013 per share, payable
on February 7, 2008, to all shareholders of record date January
15, 2008.


I~I1 I II II Il'~ll~(l Irll


International Markets

FOREX Rates
Weekly %Change

CAD$ 0.9961 1.47
GBP 1.9713 -1.25
EUR 1.4744 0.13


Commodities
Weekly %Change

Crude Oil $97.85 1.81
Gold $865.70 2.73


International Stock Market Indexes:

Weekly %Change

DJIA 12,800.18 -4.67
S &r P 500 `1,411.63 -4.94
NASDAQ 2,504.65 17.87
Nikkei 14,691.41 -4.03






Applicants must be 30 years
old or older, honest, flexible, reliable and
customer service oriented.
Experience is an asset.
Serious enquiries only.
'lel: 325,- 5488 Mon-Fri 9a.m. 4p.m.
Fax: 328-5498


__


PAGE 2B MONDAY, JANUARY 7, 2008


BISX CLOSING
SYMBOL PRICE


CHANGE VOLUME YTD PRICE
CHANGE


It was an interesting week in
the Bahamian stock market.
Eight of the 19 listed compa-


nies traded, with a volume of
115,838 shares. Of the stocks
that traded, three advanced


SBy R F Capital Markets
HAPPY New Year to all our


readers. We certainly wish you
all the best in your investing
endeavours in 2008.


$1.65


$9.61
$11.80
$14.60
$3.66
$12.05
$8.50
$3.15
$14.60
$4.87
$2.35
$7.25
$0.77
$5.18
$12.95
$7.25
$11.00
$10.00


$0.01

$-
$-
$-
$-
$-
$0.3
$-
$-
$-
$-0.05
$-
$- 0
$-
$-
$-
$-


18,790
0
5,000
0
0
0
750
84,911
4,187
0
0
0
1,000
0
1,000
200
0
0
0


AML
BALB
BOB
BPF
BSL
BWL
CAB
CBL
CHL
CIB
CWCB
DHS
FAM
FCC
FCL
FIN
ICD
JSJ
PRE


-0.60%
0.0
0.00%
0.00%
0.00%
0.00%
0.00%
0.83%
0.00%
0.00%
-3.37%
0.00%
0.69%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%


Visit or call BahamaHealth at our convenient new location.
Please note, parking can be accessed from East Bay Street onto Alice Street.
Telephone 396-1300
Fax 396-1301 or 396-1302


with five remaining unchanged.
Commonwealth Bank (CBL)
was the hot stock of the week
once again, accounting for 73
per cent of the traded volume
with 84,911 shares changing
hands. CBL's share price
climbed by $0.13 during the
week to close at another new
52-week high of $8.50.
Abaco Markets (AML) also
had another week of high vol-
ume, with 18,790 shares trad-
ing, its price rising by $0.01 to
close the week at $1.65.
Decliner of the week was
Consolidated Water Company's
BDRs (CWCB), which were
down by $0.08 to close at $4.95.
CWCO continues to be ham-
mered in the US markets, which
in turn has affected the price of
the Bahamian BDRs.

COMPANY NEWS
Benchmark (Bahamas)
(BBL) -
BBL had a strong third quar-
ter, reporting net income of $1.1
million for the three months
ended September 30, 2007,
compared to $423,000 in the
2006 third quarter.
The significant jump in quar-
terly profits by $692,000, or 160
per cent, was primarily due to
better performance by the com-
pany's investments, with the
unrealised gain on investments
increasing by $490,000 or 140
per cent.
Year-to-date, BBL reported
net income of $1.4 million (after
dividends of $50,000), compared
to $1.1 million during the same
period in the previous year.
BBL's total assets at Septem-
ber 30, 2007, were $22 million.
The $6 million increase was pri-
marily due to higher customer
advances, which increased by
$7.1 million from year-end


December 31, 2006.
Total liabilities of $14.8 mil-
lion increased by $4.5 million,
with increased receivables due
to customers accounting for $4.2
million of this net increase.
Operating cash flow (CFO)
for the company was down in
the nine-month period com-
pared to the prior year due to
funding of customer advances,
with CFO' being ($1.8 million)
compared to $7.1 million in
2006.

J S Johnson & Company
(JSJ) -
For the nine months ending
September 30, 2007, JSJ record-
ed net income of $6.2 million
for equity holders compared to )tf
$4.6i:pio mi r.4mlliob for the same period (
Total income qf$22.5 million
increased by $4.5 million or 25
Super cent, while total expenses
of $14.9 million increased by
$1.8 million or 13.5 per cent.
For the quarter, net income for
equity holders totalled $3.7 mil-
lion compared to $2.2 million
in the previous quarter.
Profits from JSJ's agency
business of $5.3 million contin-
ue to account for about 70 per
cent of net income, with gener-
al insurance making up the dif-
ference. Management has
attributed the positive results
year-to-date to lower claims
costs and better underwriting
results in the year.
Total assets of $78.7 million
increased from the previous
year-end by $1 million, while
total liabilities of $60.8 million
declined by $2.5 million. Oper-
ating cash flows remain posi-
tive, even though they declined
by $2.6 million from the amount
reported in the comparative
period.


.~..r .. . .


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--~~~ f~~f;;


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stow nendQ kprng.cops


RAHAMAS1F ll


Provided valuation
C-Fr.llleS to rhe
ycompan'



2007


Mussons
(Jamaica) Ltd.

Presilded adJ~le or,
aacqisirion of Kraf1
Foods Jamaica e


2007


Provided financing
ddalre In relatlon to
aCgulSltlon of Mnirant
Carlbbean assets by
M~aruben.

2007





Provided loan
advisory series



2007


Regal Forest
Holdings Ltd.
1.370 million
2007





Pro. Iderl re-
1Inanilng
aSIStance


2007


[@ n

Financ:ial advisor to
the Cayman
Islands Airport
Autho~lriy on Its
3irport exrpanslon

2007





Provided ialuation
SEr~ceRS to the
company


2007


P~rov.jide .SlutiC~r.
sermices to CCFC



2007


Prov ded valuation
advice and goodwill
Impairment testing
assIstance


2007





Acted as advisor to
the St M~aartn
Harbour Holding
companL In .,s pon
expansion
2007


_,' :% i~


Ir w D I rn 1*.> *< 9. r;II on v


THE TRIBUNE


The Bahamian Stock Market


i:


FAM ILY G~ UARDnIAN
INSURANCE COMPANY LIMITED


CHURCH AND EAST BAY STREETS, NASSAU, BAHAMAS P.O. BOX SS 19079













Conference presenter '


to focus on 'funding gap h

for infrastructure' Ei.


A NN OUN CEMENT



GILBERT A. THOMPSON JR. and PAULETTE P. ROACHE

Are pleased to announce that we now practice under the name and style:

N[ERIDIAN LAW CHAMBERS


L.~~ .'~

ZieiLPtic~~~;Ti-

I:- v--?

""""'"""""':u: '`~i ~ ~ p






Direct Service between

Nassau, Bahamas and The W~orld

For over 35 years MSC has been providing superior transportation service
worldwide, responding quickly to your needs w~ith prompt, effective and
global solutions

MSC Is the leading provider of direct port calls serving the 6 continents and 5
.calling at 270 ports including Nassau, through 170 direct and combined
weekly liner services

SCall uis today 8 find out more about our services b competitive rates.












Notice

A vacancy exists in the Aviation industry for the position of

FINAN ClAL CO NTROLLER

RESPONSIBILITIES: To provide Financial Accounting and Cost
Management of the Company.

DUTIES:

* Design and establish effective financial controls and procedures that will
produce accurate and timely financial reports to the Board and
Management for financial decision making purposes.

* Implement and maintain an effective Cash Flow Management. Account
Receivables anld Payables system.

* Prepare and monitor Operational and Capital budgets.

* Ensure that the accounting process and-reporting are consistent with
International Financial Reporting Standarzds for quality and efficiency.

* Advise management on Cost Control Issues.

* Manage Expenditure.

* Participate in Management and Board Meetings.

* Direct and coordinate the day to day leadership anld management of the
Accounts Departmenlt.

* Perform other management functions as required by the General Manager
and the Board of Directors.

Education & Qualifications:

* Minimum of seven (7) years experience at a senior-managemen~t level
and hold the designation of a Charted Accountant with membership in good
standing with the Bahamnas Institute of Chartered Accountants.

Interested persons should apply no later than 18th January, 2008 to:

The Tribune
C/O P.O. Box DA 8368
Nassau, Bahamas


Real Estate and Conveyancing Law Mortgages Civil Litigation Personal
Injury and Fatal Accidents Estate Law Corporate and Company Law Family
Law Intellectual Property Law


Citco Fund Services is a division of the Ci~tco Group of Companies and is the largest
independent administrator of Hfedge Funds in the world with offices in Curnago, Amsterdam,
D~ublin, London, Luxembourg, Miami, New York, Toronlto, Hallifax, Cayman Islands, the British
Virgin islands, The Blahnamas. Bermuda, San Francisco, Singapore, The Channel Islands and
Sydney. The division provides fill service administration to over 2,000 H-edge Futnds for
multinational banks and international Investmzent Managers. totaling over $600 billion in net
assets.




As part of our conrtinued e~xpansionr, in our oflice in Balhamas, we are looking For a number of
motivated and pro-active

(Senior) Fund Accountants


Your most important tasks and responsibilities are:
preparing periodical financial reporting for the liedige Funds, including the
determination of "Net Asset Value" and preparing thle Sltatementn of Assets and
L~iabilities and Profit: and L~oss Stalteme~tS and maintaining contact with Investment
Managers, Investors, Banks and Brokers
monitoring of irregularities and developmenctts through ad-hoac reports
liaisingg with international clients and other Citco Offices worldwide, to ensure that
cientl expectations are met

Thle successful candidates should meet the following criteria:
*a CPA'i or CA designationr, a CFA~ candidate or arnother equivarlent pro~fessional
qualification
iolowledge of complex rinancial instruments including derivatives and OT'C securities
a team player, able to cop~e withl individual responsibilities
highly accurate and excellent communnicationt skills
'Three years experience in the financially area or at ain accounatinglc~audit firm is required

We offer you: a chatllenging job in a rapidly expandinlg inter~nationlal company, with an inf~ormal
company culture. You will have thle opportunity to broaden your job specific knowledge with
excellent prospects for a further international carect in one of our worldwide offices.

If you are interested in this opportunity, please send your curriculum vitae and covering letter via
e-mlail at the latest on Janutary 16'h, 2008 to: Citco F:und Services (Bahamanls) L~td.,
(hrbahamancli'citco.com). You can find more information about our organlizationl, on our wvebsite:


MONDAY, JANUARY 7, 2008, PAGE 3B


THE TRIBUNE


financial sectors. There's a huge
potential in both industries. We
have to think out-of-the-box
when approaching these indus-
tries, but most importantly we
should look at our social infra-
structure as well."
Mr Townend is one of 11 dis-
tinguished speakers scheduled
for the one-day seminar, and
who include:
Zhivargo Laing, minister of
state for finance, Keynote
Speaker Improving Competi-
tiveness for Regional Leader-
ship; Christopher Anand, man-
aging partner, Albany What
is the Expectation of Foreign
Investors in the Bahamas and
the Caribbean; Craig Richmond
chief executive, Nassau Airport
Development Company -
Remaking the Lynden Pindling
International Airport: Setting a
New Standard for the Region;
Dionisio D' Aguilar president,
Bahamas Chamber of Com-
merce Real Strategies for
Improving Competitiveness;
Vernice Walkine, Director-
General, Ministry Of Tourism -
Improving Competitiveness for
Regional Leadership in
Tourism; Charles Klonaris
chairman, Nassau Tourism and


Development Board-A New
Historic Nassau: How Do We
Get There?; Desiree Cox M.D.,
Ph.D., Rhodes Scholar My
Bahamas; Carl Bethel, Minis-
ter of Education, Youth, Sports
And Culture Is our Education
System Preparing Our Students
for Regional Leadership;
Duane Sands, chairman,
Bahamas Medical Council -
Health Care in the Bahamas -
Are We Ready for Prime
Time?; and Vincent Vander-
pool-Wallace, secretary-general,
Caribbean Tourism Organisa-
tion Innovation and Invest-
ment: What It Really Takes To
Remain Competitive.
The Business Outlook con-
ference is hosted by the Coun-
sellor's Ltd, and is scheduled
for Wednesday, January 9, at
the Sheraton Cable Beach
Resort under the theme
Improving Competitiveness
Through Regional Leadership.
Registration is now open for
individuals interested in attend-
ing the conference, scheduled
for the Sheraton Cable Beach
Resort at 8.30 am. Register
online at www.tclevents.com or
contact Eileen Fielder at The
Counsellors Ltd, 242-322-7505.


A PRESENTER at the sev-
enth annual Bahamas Business
Outlook conference will focus
on "the infrastructure funding
gap" that needs to be filled if
this nation's economy is to
reach its true potential.
Simon Townend, a KPMG
partner and head of its corpo-
rate finance unit, said his pre-
sentation will address The bursi-
ness of the Bahamas Compet-
ing in a Caribbean and Global
Marketplace.
"I will be looking specifically
at our competitiveness in
tourism and financial services
against our regional and global
competitors, how Bahamian
business in general compares
on a regional basis, in particular
our strengths and weaknesses,
and finally at the infrastructure
funding gap that needs to be
filled to support the necessary
growth in the Bahamian econo-
my if we have the aspiration of
being the regional leader," Mr
Townend explained.
Discussing the focus of what
he hopes to bring about as a
result of Bahamas Business
Outlook, Mr. Townend said:
"We have a very strong foun-
dation in both tourism and the


NASSAU
Suite B6
East Bay Shopping Centre
East Bay St~reeg.
Natssau, New Providence
Telephond?(242) 393-3975
Facsimile: (242) 393-6487


FRIEEPORT
Suite 7
The Executive Office Centre
. ,, West Mall Drive
Freeport, Grand Bathama
Telephone: (242) 352-9428
Facsimile: (242) 352-9429





The Bahamas 'can set pace for

>

Canbbean on renewal e ener


Bimini Sands Resorts & Marina
-
EXECUTIVE CHEF to Live and Work on
The Island of Bimini

This high profile, contemporary resort is seeking
an Executive Chef with food art experience and a
portfolio to back it up. The right individual will be self
motivated and ready to express all of the creative
requirements expected in a tropical island paradise.

The best candidate will have high volume experience;
comprehensive profit & loss knowledge, training
ex erience and know how to motivate and get
the best out of associates and will have a current'
modem an contemporary portfolio and able to submit
Photos if asked.

Salary will reflect experience and skill set, plus a
structured bonus program. Relocation to the island
will be provided along with living assistance.

If you meet the above qualifications, please forward a
formal resume to frankir@biminisands.com

Only the most qualified candidates will be contacted,

Key Words:
Executive Chef, Bahamian, Contemporary, Food Art





MM

Success Training College announces registration for the winter semester.
Register now for Certificates, Diplomas and degree programs. Special tui-
tion discounts available to recent high school graduates and government
employees. Scholarships and easy-payment plan extended to all students.
FAST-TRACK JOB TRAINING COURSES
6-12 weeks certificate courses.
Prepare for a new job or qualify for caster advancement

Medical Office Assistant Ticketi & Reservations
.
Computer Office Assist Front Desk Assistant
Dental Office Assistant Make-up Application Specialist
Office Receptionist Dental Office Assistant
Bank Teller Specialist Pharmacy Assistant
Battending/Mixologist Nursing Assistant
Banking Office Assistant PC Publishing Specialist
Business Office Assistant Graphic Design Technology
Electrician Assistant Drafting for Beginnes
Computer Technician Legal Search Procedures

PARALEGAL DIPLOMA PROGRAM
Complete preparation for individuals interested in pursuing a caster as a pamlegal.
1 ASSOilA'i't DE REE PROGRAMS
L -18-24 months comprehenshrecareel dented prognilliK~
Start training now for a high-paying job or career advancement
BUSINESS STUDIES COMPUTER SCIENCE
Business Administration Computer Systems Management
Accounting Office Automation Science
Economics & Finance Computer Graphics Technology
Human Resource Management Internet Web Design Technology
Banking & Finance Computer Information Systems
Executive Systems Management Network Systems Security
Public Administration Computer Support Technology
EDUCATION ALLIED HEALTH
Early Childhood Education Medical Assistant
Primary Education Dental Assistant
Pharmacy Technician

BACHELOR OF LAW
Flexible LLB (Hons) offered in association with
Holbom College and the University of Huddersfield, London, England.

REGISTRATION & RECOGNITION
Success Training College is registered with the
Ministry of Education and the Department of Public Personnel.

CREDITS TRANSFER
Credits earned at Success are transferable to colleges and universities in Canada'
USA, UK and the Caribbean. Additionally, an established articulation agreement
between Success and Nova Southeastent University allows Success' graduates to
transfer seamlessly from Success to Nova.

Save Time Save Money Register Now!
Call 324-7770 or 324-7555 for detailS


PUBL IO NOTiOR
INTENT TO CHANGE NAIVIE IBY DEED POLL
The Pubuo is hereby advised that 1, vammems
anagisTELL wlLLIAMS. mother of
ommmvaeus Lamouser namms. a minor
of Bacardi Road in the VVestern District of the
Island of New Providence one of the laIands
of the commonwealth of The Bahamas intend
to change my son DWMWTRAUS AMOUNT
...... n.m. to ....,.... -.-
TitFILLIAMS. If there are any objections to this
mans.or namov 0..a wo... vou m., wess..ues.
objections to the chief Passport officer, RO.eox
N-742, Nassau, Bahamas no later than thirty (so)
days after the date of punucation of man notion.



LEGAL NOTICE


NOTICE

Pursuant to the provisions of Section 131 (4) (a), (b) and
(c) of thelaternational Business Companies Act,2000,notice
is hereby given that:-

(a) Beltway Limited is in dissolution;

(b) The date of commencement of the dissolution is
the 10th day of December, A.D., 2007 and

(c) the Liquidator is C.B. Strategy Ltd., of 308 East
Bay St.



C.B. Strategy Ltd.
Liquidator








Lyford Ca excellent investment
The executive Dream
Lot 140 x 150 app. Value $700,000
Asking $680,000 (moluding house plan)
John F, Kennedy
On the Ridge 2 acres plus
ideal for Business Headquarters, School/Church.
$8.50(eight dollars & fifty cents) per sq ft.
Monastery Park Heights hill top lot 71 x 180
Multi Family Breath Taking view $136,000
Can Assist with financing.

11synam Hei hts
LOt 100 x 1 0
One lot opposite the beach on the main
Yamacraw Road
$129,000
Off East Street South
60 x 100 Duplex Lot
$75 000
5 *

LOng Island
5 acre on
Beautiful Sandy peach
in the vicinity of
Stella Maris, ideal for 2nd homelcottageslhotel
Rent
Paradise Island
3 bed, 2 bath home
Spacious enclosed yard Fruit bearing trees
FurniShed with pool, 45,500 per month
TWo bed two bath
House furnished enclosed with pool
$3,300 per month
Cable Beach
3 bed penthouse
End unit completely enclosed
$45500

WANT TO BUY
FiXer upper House in the following areas
YOilOw Elder, Regency Park, Kennedy Sub


Telephone: 326-0005/323-4987or
1-800-891-7655


LEGAL NOTICE


CNOTI E


EXXONMOBL EAST VENEZUELA
GAS COMPANY LIMITED

Pursuant to the provision of Section 137 (8) of the
International Business Companies Act 2000, notice is
hereby given that the above-named Company has been
dissolved and struck off the Register pursuant to a
Certificate of Dissolution issued by the Registrar General
on the 17th day of December, A.D., 2007.

Dated the 3rd day of January, A.D., 2008.

p. L1FLOYD
Liquidator of . .
EXXONMOBL EAST VENEZUELA
GAS COMPANY LIMITED








Do you have to spend more than just a few days in
Nassau or Freeport and need somewhere to IIve? Do
you want to save money and not pay tourist
Charges for a small cramped up hotel room?
Then check out Stognt-shop home away front housaprogram.
Rent a tashfully furnished apartment in a nice residential area for
a week or more at a fraction of what it would cost you for a hotel
room of a similar standard.

Ca the shopkeeper at
Shopkeeparestopnshopbahamas.com or call the
stop-a-shop at 1-242-394-4949 or visit our offices on East Bay
Street located 300 yards east of Mackey Street and the Old
.
Paradise Island Bridge.


52wk-HI 52wk-Low Symbol
14.60 14.25 Bahamas Supermarkete
B.OO 6.00 Caribbean Crossings (Pref)
054 020 RND Holdin s


e Weekly Vol. EPS $ Div $ P/E
1.160 1.185 13.4
0.000 0.480 NM
0- 023 0 000 N/M


YIeld
8.12%
7.80%
000%


. g .... .. .
41.00 41.00 ABDAB 41.00 43.00 41.00 4.450 2.760 9.0 6.70%
14.60 14.00 Bahamas Supermarkets 14.60 15.60 14.00 1.160 1.125 13.4 7,71%
0.55 0.40 RND Holdings 0.45 0.55 0.45 --0.030 0.000 N/M 0.00%
52wk-HI 52wk-Low Fund Name NA V YTD% Last 12 Months Div S YIeld %
1.3686 1.2647 Colina Money Market Fund 1.368558*
3.5388 3.0569 Fidelity Bahamas G & I Fund 3,6388***
2.9902 2.4723 Collna MSI Preferred Fund 2.990218*
1.2827 1.2037 Colina Bond Fund 1.282687*
11.8192 11.3545 Fidelity Prime Income Fund 11.8192***
BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00 MARKET TERMS YIELD last 12 month dividends divided by closing price ]$6Yjif.Y.
52wk-Hi Highest closing price in last 52 weeks Bid $ Buying price of Colina and FIdelity
52wk-Low Lowest closing price in last 52 weeks Ask S Selling price of Coline and fidelity * 21 December 2007
Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price ** 30 June 2007
Today Close Current days weighted price for daily volume Weekly Vol. Trading volume of the prior week 31 October 2007
Change Change in closing price from day to day EPS 5 A company a reported earnings per share for the last 12 mths *"* 31 July 2007
Daily Vol. Number of total shares traded today NAV Net Asset Value
DIV $ Dividends per share paid in the last 12 months NIM Not Meaningful
PIE Closing price divided by the last 12 month earnings FINDEX The FIdelity Bahamas Stock index. January 1, 1994 = 100
(9) 4-for-1 Stock Split Effective Date 6/8/2007
(91) 3-for-1 Stock Split Effective Date 7/11/2007


PAGE.4B, MONDAY, JANUARY 7, 2008


and at the higher price Haley
& Aldrich estimated that the
savings passed on by a solid
thermal water heating systent
were equivalent to $0.02 per
kilowatt hour.
"Passive solar thermal sys-
tems are a good candidate for
the Bahamas' climate because
of their lower cost and simple
operation," the report said.
"Without .subsidies, a solar
thermal system will repay its
investment cost in four to eight
years. With a lifetime of 25
years or more, significant cost
savings can be realized from the
installation of a solar hot water
heater."
Haley & Aldrich's report
added that extendmg the life-
time of a solar hot water heater
by five years could further
reduce costs by 25 per cent.
One reason why the Bahamas
is such a prime candidate for
solar thermal and solar elec-
tracity is because it receives an
average of seven hours of sun
per day throughout the year,
with the amount of solar energy
reaching the ground varying
from 3.662 kilowatts per hour
to 6.85 kilowatts per hour.


programme and manage its
increasing energy costs.
"The Bahamas can reduce
energy imports by the country,
retain a higher amount of its
GDP and be insulated from
instability in the fossil fuels mar-
ket. Renewable energy can be
the cornerstone ofa programme .
of energy security and sustam-
able development."
The report added: "A diverse
portfolio of renewable energy
sources will insulate the
Bahamian industry against sud-
den energy price spikes, the
tourism industry will be confi-
dent about energy costs in mak-
ing development decisions, res-
idential customers and busi-
nesses will enjoy energy savings, ,
and more jobs will be created in
the renewable energy industry."
The Haley & Aldrich report
said the cost of electricity pro-
duced by renewable energy
sources was likely to fall in the
long-term. It warned that if the
Bahamas embarked on a plan
to invest in alternative energy
sources, "there will be a risk of
increased short-term costs due
to the need to invest in the
development of systems".


While the Bahamas would
continue to be a short-term net
energy importer, the percent-
age of electricity generated by
fossil fuels would decrease as
more renewable energy sources
and systems came online.

Possibilities

The possibilities for the
Bahamas are obvious, especial-
ly when it comes to solar ther-
mal and solar electricity. On
solar thermal, Haley & Aldrich
said this could insulate Bahami-
an residential and commercial
users from increasing electricity
prices, reducing yearly energy
costs by some 25 per cent or
more.
A form of energy that can be
used to heat water by captur-
ing the energy generated by the
sun's rays, the report said a sys-
tem featuring panels 2.5 metres
square in size could provide all
a household's hot water needs.
This was based on the typical
family averaging 400 litres of
water daily, with half of that
being hot.
Installation costs were pegged
at between $1,000 and $3,000,


-


m
Pricing Information As Of:
Friday 4 January 20DR


0.000
0.400
0.260
0.030
0.000
0.040
0.240
0.040
0.260
0.000
0.020
0.280

0.140
0.000
0.300
0.590
0.600


10.5
7.9
13.1
4.5
12.7
46.7
11.7
101.6
20.0
39.2
7.4
10.2

14.4
45.3
17.6
10.4
8.6


0.00%
3.39%
2.71%
3.53%
2.46%
1.51%
1.99%
1.27%
3.06%
0.99%
0.85%
3.86%

2.70%
0.00%
4.14%
5.36%
6.00%


0.54
11.00
8.03
0.70
1.75
1.22
10.00
1.90
4.18
4.74
2.20
5.70

5.18
0.54
7.10
8.60
10.00


Abaco Markets
Bahamas Property Fund
Bank of Bahamas
Benchmark
Bahamas Waste
Fidelity Bank
Cable Bahamas
Colina Holdings
Commonwealth Bank (81)
Consolidated Water BDRs
Doctor's Hospital
Famguard
no aribbean
Focol (S)
Freeport Concrete
ICD Utilities
J. S. Johnson
Premier Real Estate


1.UU 1.co -U.ul
11.80 11.80 0.00
9.61 9.61 0.00
0.85 0.85 0.00
3.66 3.66 0.00
2.65 2.65 0.00
12.05 12.05 0.00
3.15 3.15 0.00
8.42 8.50 0.08
5.07 4.87 -0.20
2.35 2.35 0.00
7.20 7.25 0.05

5.18 5.18 0.00
0.77 0.77 0.00
7.26 7.25 0.00
11.00 11.00 0.00
10.00 10.00 0.00


14,rau U.10f
1.502
0.733
0.188
0.289
0.058
750 1.030
3,980 0.031
51,771 0.426
0.129
0.316
1,000 0.713

0.359
0.017
0.411
1.059
1.167


14.60
6.00
035


THE TRIBUNE


ENERGY from 1


rity.
"In few other places does a
robust mix of renewable
resources exist as it does in the
Bahamas."
Action at the Government
and policy level has been much
slower in the Bahamas, though.
Although it talked a lot about it,
the former PLP administration
failed to develop a much-touted
National Energy Policy before it
emitted office in May 2007,
despite establishing a Ministry
of Energy and the Environ-
ment.
Now, Phenton Neymour,
minister of state for utilities in
the FNM administration, has
again publicly said such a policy
will be developed, with work
starting in earnest in the New
Year. The benefits and urgency
of doing so should be obvious.
The Haley & Aldrich report
said: "A shift in energy produc-
tion from fossil fuels to renew-
able sources will provide the
Bahamas with an opportunity
to continue its development


..






















































































































John Cox
jeox@cob.edu.bs
Telephone: 302-4485


.-.. .r : '''

~;
"'
IS-
''
THE COLLEGE OI: T.~ I;, A;;
:.


F.DUCAIzWzcG & eQ~aj' IkI ZWG tEbAHAMIANS


THE COLLEGE OFi THE BAHAIMAS
PROFESSIONAL DEVELOPMENT CERTIFICATES


Art Exhibi~tion
February 15-23, 2008


Guidelines for Artists
The Conference on the Abolition of the Trans Atlantic Slave Trade: Telling The
Story, invites all artists to submit up to three (3) artworks executed in any medium
for showing at the conference February 21-23, 2008.
The exhibition will open on Friday, 15 February, 2008 at 6.30 in the evening at
the Performing Arts Centre at The College of the Bahamas Oakes Field Campus.
All artwork should be sent or brought to the Pro Gallery which is located in the
S Block at The College of the Bahamas Oakes Field Campus one (1) week prior
to the opening of the exhibition. Please address all artworks to Mrs. Joann Behagg
or Mr. John Cox.
All artists should give an indication of how they would wish their 3D pieces to
be displayed. Photographic images would assist us in determining your display
needs.
Foreign artists are welcome. However, all related costs will be the responsibility
of the artists (packing, shipping, and customs duty, etc.) to and from The Bahamas.
The Conference Committee will select the works to be exhibited and all decisions
are final.


tHE TRIBUNE


CENTRE FOR CONTCINUING EDUCATION AND
EAFNTENION SERVICES
Spring 012008
BUSINESS

COURSES BEGINS

ACCOUNTING FOR BEGINNERS I, II & III 111 February

CREDIT & COLLECTIONS PROCEDURES I 19 February

SUPERIOR CUSTOMER SERVICE WORKSHOP 21 February

INTRODUCTION TO BUSINESS I 7 February

HUMAN RESOURCE MANAGEMENT I & II 4 February


HE ALT H, FIT NESS A'ND COS ME TOLOGY

COURSE BEGIN S

MAS SAGE THE RAPY I & II 11 February

GROUP FITNESS INSTRUCTOR I 1 3 February

MEDICAL TERMINOLOGY 6 February

MAKE-UP APPLICATION 18 February

MANICURE & PEDICURE 19 February

NAIL ART TECHNICIAN 18 February


SEWING AND DECORATING
COURSE BEGINS

BASIC OF FREEHAND CUTTING I & II 18 February

BEDROOM DECORATI NG 16 February

DRAPER Y MAKING I 1 19 February

UPHOLSTERY 13 February

COM P UTE RS

cOURSE BEGINS
COMPUTER APPLICATIONS I & II 4Febur
INFORMATION TECHNOLOGY I 6 Ferur
QUICKBOOKS 5Febur
MICROSOFT EXCEL 9 Febur
MICROSOFT WORD 5 Febur
PC UPGRADE AND REPAIR 5 Febur
MICROSOFT POWERPOINT W/S 6 March
WEB PAGE DESIGN WORKSHOP WIS 13 March

CALL: 325-5714 / 328-0093 I 328-1 936 I 302-4300


*


MONDAY. JANUARY 7. 2008. PAGE


;t"-
I '


Yesit our websitie at www.cob.edu.bs


Classes begin 2"' February 2008
What is your career goal?
PROMOTION
J QUALITY SERVICE
J INTERNATIONAL CERTIFICATION
/ SALARY INCREASE
& CAREER CHANGE/ ENHANCEMENT


_ctllsl llf~$l~ l ~ ~ LL Thie Professional Development Departmrent can help
you achieve your career goal! A wide array of courses and
progranmmes leading to certificate, certification and licensure are offered. You can become a pioneer in setting
performance standards in your organization. WYe have secured partnerships with leading international
institutions to help you accomplish your career goals. You can attain your professional development credentials
at The College ofThe Bahamnas. Success is at your finger tips. Call us today. .

Choose the courses or programme to help you accomplish your career goals...
Certified Professional Manager
Certificate for The Office Assistant
A+ Computer Technician Certification
*Certified Computer Operator (Microsoft Offce Specialist- MOUS)
*Certificate in Law
Certified Project Manager .. .
Becker CertifieedPublic Accountants' Review (CPA) .I
Certificate Human Resource Management Prgrmmm Duratinmay range I
Certificate mn Supervisory Management *
Journeyman Plumbng License Course External Registration is required
*Master Plumbing License for UK and US Institutions.
Single Phase Electrical Course Affordable Tultlon To Be Peld
Three Phase Electrical Course Per Term
Managerial Accounting For Non-Financial Managers rfsinl odg h aeo 1
*Ethics and Professional Responsibility Pro ioadste hoines Bac aplyor 1
Writing and Research Skills exemption from prerequisite courses.
*Introduction to Computers, Windows & The Intemet - - --


International Conference

and Art Exhibition

Abolition of the Trane-Atlantic Silave Trade:

Telling the Story


Contacts :
Joann Behagg
email: jbehagg@cob.edu.bs
Telephone: 302 4560


.




























r:




















|


I
*


Enroll in ourr Internaltional Certification Progranrunes.
No entrance aurms required. Tuition Paymrent s due per term~.
Visit COB's Centre For Continuing Education & Extension Services on Moss Road,
or Telephone us at (242) 325-5714 or (242) 328-0093


The College of The Bahamas
PrOS90tS an
International Conference

Abolition of the Tratne-Atlantici Slave Trade:

Telling the Story
February 21-23, 2008
Nassau, The Bahamas


~?. t






Come learn about and celebrate a part of Ba iamian and world history
that has profoundly influenced Africa, Europe and the Americae., Regisiter
today.

Plenary Speakers

Dr. Joseph E. Harris, Howard University Distinguished Professor
of History Emeritus, an expert on Africa and Director of the South
African Research and Archival Project. At th~e conference his topic
center around: "Global slave trade and the emergence of
communities of African descent around the world".

Dr. Rosanne Adderley, Professor of History at Tulane University
and author. Her presentation will focus on "Freed Africans in The
Bahamas"

Mr. William Godfrey Davis Esq., Attorney at Law and
Transformative Mediator, his topic will be "Reparations for the
peoples of the Maafa".

Mr. Kojo Yankah, President of the Africa Institute of Journalism
& Communications, educator and author, he will speak on the
topic: "Reconciliation for the Peoples of the Maafa!.

For additional information contact the School of Social
Sciences, Telephone 397-2606/7
Jessica Minnis, Assoc. Professor,
School of Social Sciences
The College of The Bahamas
PO0 Box N4912
E-mail: abolitionconf@cob.edu.bs
Nassau, Bahamas
Telephone: (242) 397-2608


February 21-23, 2008


Naesau, The Bahamas















Electronic payments deadline 'pushed. back'


Must have a reliable

vehicle and be able to


work early morning

hours .


Agliations .are agail-

able for collection at the

Tribune's front desk. No


telephone calls please





Royal Island (Bahamas) Limited

INVITATION FOR EMPLOYMENT

Royal Island (Bahamas) Limited, the developers of the
Royal Island resort and residential project at North Eleuthera
invites suitably qualified individuals to apply for the
following positions with the company:

Spa Manager
*Must have at least 5 years experience in all aspects of
spa therapies.
* Experience with and knowledge of local spa and beauty
products.
* A commitment to service at the highest level.

Yoga Instructor/Fitness Club Instructor
*Must have experience in fitness club industry.
* Qualified yoga instructor.
*Experience inl the tourism field a plus.

Sous Chef
* Must be able to prepare 5 star French cuisines in an
island atmosphere.
* Must have experience in a 4 or 5 star small boutique
restaurant environment.
* Commitment to service at highest level

A la Carte Waiter
*Must have at least 5 years experience as a waiter in a
fine dining atmosphere or highly regarded restaurant
* Knowledge of French inspir-ed cuisine a plus.
* Commit mcnt to service at highest level.

Bartender
* Must ha~ve 5 years experience in a 4 or 5 star hotel or
cocktail bar.
* Must have extensive knowledge of cocktails and wine
varieties.
* Experience in dealing with high level clientele.
All positions require successful applicants to reside at
North Eleuthera.

Interecsted persons should submit their resumes with cover
letter to:
Harcourt Management Services Ltd.
P.O. Box N-1991
Nassau, Bahamas
Fax to: (242) 356-4125
Or Email to: info~!gomezcorp.com
Roya~l Islandt (Bahmnllas) limitedd thanks all applicants for
their interest. hlowever only those under consideration will
be contacted.


)JAGE 6B, MONDAY, JANUARY 7, 2008


THE TRIBUNE


had signed off on the revised
schedule.
"'The timetable was revised
to ensure there was latitude and
timelines established for vari-
ous lines of completion," Mr.
McWeeney told The Tribune.
"We felt an October comple-
tion was better matched to the
issues that we have to deal with.
"It'll happen, no two ways
about that. It'll happen this
year.,,
He described the major
"unknown at this time, which
is why more time was built in",
as being the fact that all the
commercial banks -Bank ~of the
Bahamas International, Royal
Bank of Canada, Common-
wealth Bank, Scotiabank, First-
Caribbean and Fidelity Bank
(Bahamas) each had their
own unique data platform.
As a result, Montran would
have to construct separate inter-


faces between all six banks and
the ACH, Mr McWeeney
explained, and it was not known
how long this project would
take.

Significant
"That 11rell the sifi at
issue h added. "Nt knc
ing the magnitude until we start
work on it. That'll be the major
issue going forward to develop
interface linkages through the
bank to tehre AeCseMotrn

had been the software provider
involved in setting up the Real
Time Goss SetemenGrStit (RTGS)
system in the Bahamas, which
11andles large inter-bank and
one-off transactions, Mr
McWeeney said it was hoped
that the mnterface issue would

no ade ta mth AC s lve


testing, at the moment just
involving Commonwealth Bank
and Bank of the Bahamas Inter-
national, was scheduled for
March 2008. Montran's project
team for the Bahamas is set to
be in this nation from this
month onwards, having settled
on the scope of resources
required. Work permit applica-
tions for those team members
have already been made.
Dionisio D'Aguilar, the
Bahamas Chamber of Com-
merce president, and others in
the business community had
beep hoping the ACH would
be implemented by mid-2008,
the project having extended far
beyond the 2006 and 2007 dead-
Eines expressed by the Central
Bank of the Bahamas in its 2006
and 2007 annual reports.
The ACH has the potential
to benefit and impact every
Bahamian resident and busi-


ness, as it will increase the effi-
ciency, integrity and certainty
of all financial payments and
transactions, potentially lower-
ing the costs involved for all
concerned,
Among the functions that the
ACH's first phase will bring in
are automated cheque clearing,
plus direct debits and direct
credits.

Intended

The ACH is also intended to
replace the current manual sys-
tem for settling cheque trans-
actions, where cheques drawn
on one bank but due to be
deposited at another have to be
taken by armoured car to a cen-
tral location where they are set-
tied by representatives of the
various institutions.
It is designed to improve the
integrity of the [banking] sys-
tem, with persons able to know
the full value of goods involved
in a transaction almost imme-
diately, and enhance cash flow
throughout the Bahamian econ-
omy and society.
A particular attraction for Mr
D'Aguilar and others is that the
ACH could lead to the devel-
opment of a relatively cashless
society, meaning their busi-
nesses will not hold so much
cash in the tills, a.tempting tar-
get for armed robbers.
Apart from allowing inter-
bank cheques to be processed
electronically rather than man-
ually at a cheque clearing facil-
ity, the ACH system will allow
direct debits and credits from


accounts, debit cards and a
shared Automatic Teller
Machine (ATM) network.
The latter would allow
Bahamians to use their cash
cards at any bank branch. It
would also reduce the time per-
sons spent in line waiting to
cash and deposit pay cheques,
as they could be deposited to
their account.
Bahamian consumers would
also be able to use direct debits
from their bank accounts to pay
bills such as cable television and
electricity.
The ACH could ultimately
lead to the creation of just one
back office system for the entire
Bahamas, a National Process-
ing and Archiving Centre for -
the entire commercial banking
system. It may also help develop
SWITCH products, where
Bahamians could use their cash
cards at any bank's ATM
machine.
A further potential bonus
from the ACH will be the open-
ing up a whole range of elec-
tronic banking services in the
Bahamas, including its use in
the online purchase of govern-
ment goods and services.
Ultimately, through mod-
ernising the Bahamian pay-
ments system through electron-
ic means, the ACH will provide
buyers and sellers with more
certainty and confidence, espe-
cially when it comes to settling
their transactions.
It will also enhance econom-
ic and business efficiency by set-
tling transactions quicker,
boosting business cash flows.


DEADLINE, from 1


"It [completion] could hap-
pen before then. It just gives us
latitude to accomplish what we
have committed to put mn place
to make this a reality."
The ACH software provider,
New York-based electronic pay-
ments solutions providers Mon-
tran, had already provided the
Bahamian commercial banks
with the "revised schedule",
which outlined "all the neces-
sary elements" required to
make the system a reality.
Providence Technology
Group, the Bahamian compa-
ny acting as the ACH project
manager, had presented to the
new timetable to the CBA
members, Mr McWeeney
added, towards the end of
Deceinber 200'7. All the banks







MONDAY, JANUARY 7, 2008, PAGE 7B


,BI~A FrOI

ity; are financing Sir Jack's liti-
gaMrnSmith said: "Their [Flem-
ing's] intentions are not to settle.
The Flemings' intention is to use
Sir Jack's case to force the St
Geo ges to sell. Our shares are
not for sale. We want resolution
with Sir Jack, and we are pre-
pared to enter a shareholders
agreement removing the
reeves apitin In eq
nme o diet rs,nand prvdae
a tie-breaking mechanism to set-
tle di putes "
Mr mitl said the St George
estate wanted to attract "third
party investors into acquiring Port
Group shares. We want legitimate
developers and investors,
Bahamian or foreign, who can
work with is to develop
Freeport's potential".
Speaking to The Tribune on
coditio of annmta source
cloone too Flmnunai Smith's
comments were misleading, as
both he and his St George estate
clients knew that settlement nego-


Over 25years 25 d
Must be honest,
flexible, reliable and
customer service
oriented.

Serious enquiries only
Tel: 325-5488
Mon-FFI 98.Rl.*4p.rir.
1a:38599


THE INTERNATIONAL BUSINESS COMPANIES ACT, 2000)


LIQUIDATORS STATEMENT
PURSUANT TO SECTION 137 ~OF THE
INTERNATIONAL BUSINESS COMPANIES ACT, 2000



We, Vanessa Z. Coleby and Carla A.T. Roach, Liquidators of
CARLSTONE OPPORTUNITIES FUND LTD. hereby certify that
the winding up and dissolution of CARLSTONE OPPORTUNITES
FUND LTD. has been completed in accordance with the Articles of
Dissolution and that CARLSTONE OPPORTUNITIES FUND
LTD. has been dissolved as of 12th day of December, 2007.

Dated this 3rd day of December, 2008


Vanessa Z. Coleby / Carla A.T. Roach
Liquidator


De g ae





Administrative/Marketing Assistant


Responsibiht~y:
*Preparation of correspondence to clients such as management and engagement
letters, proposals, reports etc.
* Administrative and clerical duties include but are not limited to taking calls,
filling, scheduling and copying documents.
* Coordinate brochures, presentations and other marketing material
* Maintain up-to-date contact mailing list
* Assist with meeting and seminar preparation



.dm nstatv and/or Marketirig Bad~ground (aTIE~t 2 years preferred)
* An Associate degree in Business Administration or Marketing would be
preferred but not required.
* Proficient in MS Word, Exrcel and Power Point
* Ability to handle confidential information, excellent verbal & written
communication skills, problem solving skills, ability to prioritize, ability to
work well independently & in a team
* Salary or equivalent to commensurate with experience

Applicants should send their resume and cover letter via email
No later than Monday January 14, 2008
Att:' Human Resources Ma~nager
careers~deloitte.com.bs


The Ambassador of the American Embassy is presently considering applications
for the following positions:


CHEF ASSISTANT

and

HOUSEKEEPER ASSISTANT

These positions are opened to candidates with the following qualifications:

-A high school diploma is required.
-Vocational or technical training in the respective fields or
-Two years experience as a cook, food preparer, housekeeper, or
household assistant.

PERSONAL ATTRIBUTES:

SPersons must be able to work shifts and weekends when necessary.
-Must be flexible, a quick learner and adaptable to change.


Applicants must be Bahamian citizens or UT.S. citizens who are eligible for
employment under Bahamian laws and regulations.

Please submit resume and three references via e-mail: fernanderra~state.gov
or address a resume to the HIuman Resources Office of the U.S. Embassy no later
then January 21, 2008. Telephone calls will not be accepted in reference to this
advertisement.


STrAFF VACANCY

;j'~a ociatde c President, H~uman ResourceS
Position Prof lie

The College of The Bahamas seeks an accomplished and strategic professional to be a key
member of the leadership team. Reporting to the Vice President, Rinance and Administration,
the Associate \/ice President, Human Resources, will be responsible for providing creative
vision, inspired leadership, and strategic management for all talent management and human
resources functions across the College/University.

The Associate Vice President, Human Resources, has organizational responsibility for a full
range of human resource services including: workforce planning, compensation and benefits;
employer branding, recruitment, orientation and retention of talented faculty and staff;
performance? management; employee recognition policies and programmes; labour relations,
including collective bargaining; human resources policy development; administration of
human resources training initiatives and oversight of the huritan resources information
systems and talent management technologies.

The ideal candidate will have a track record of progressive management, accomplishments
in a university or similar organization, success in managing change, organizational development
and strategic planning, coupled with a comprehensive understanding of Human Resources
and Talent Management best practices.

Qualifications

* A graduate degree' in Human Resources, Business or a related field;
* Senior Experience in Human Resources (minimum of 5-7 years of experience at a
leadership level in human resources in a complex organization, preferably in higher
education).

The successful candidate will be:
* A strategic thinker and planner with successful experience in demanding positions;
*A creative leader able to lead and manage change within a strategic framework;
* An experienced professional, capable of consulting land advising on talent-related Issues
to leaders throughout the organization, able to build and articulate a compelling case
for talent management related initiatives and able to build consensus around key
organizational, strategies
* A sensitive and decisive individual, capable of ensuring fair and just outcomes;
* A talented negotiator focused on building strong and effective labour relations;
* An exceptional communicattor, capable of engaging a widle range of different employees.

In addition, the successful-candidate will demonstrate: .
* Ex erience in successfully leading and implementing change, preferably In an academic

* Capacity to assist in helping The College/University meet its vgison, mission and goals;
* S cdeess at managing within an overall collegial framework, one which values diversity

* Sensitivity to cultural norms;
* Team building and problem solving skills.

To ensure full consideration, application materials must be received by January 25,
2008. A completed application packet consists of the following:

+ A Cover letter
e The College of The Bahamas' Application Porm
+ A detailed Curriculum Vita
SCopies of all transcripts (original transcripts required upon employment)
SNames and contact information for five references addressed to:

The Director
Human Resources
The College of The Bahamas
Oakes Field Campus
Thompson Boulevant & Poinclana Drive
R O. Box N-4912
Nassau, Bahamas

Email : hrapply~cob.edu.bs

Please visit the College's website at www.cob.edu.hs tar more Intbanationr about the
institution and to access the College's Employment Appication Form,


St George estate] need this $12
million dividend, $6 million for
them and $6 million for Sir Jack,
to pay legal fees and continue the
battle against the Haywards.
"It is somewhat inconsistent, I
find, to say that on one hand, and
on the other hand try to settle
with the Hayward family.
"Sir Jack is trying to get out of
this. He's agreed to sell to Flem-
ing, and is on a cruise ship. Yet
here is Fred, complaining for a
year about oppression, but now
that Sir Jack is gone, he tries to
keep him in to force him through
the courts to sell to the St
Georges.


tiations had to be conducted with
them, not Sir Jack, his son Rick,
or the Hayward family trusts.
It is understood that Mr
Smith's suspicions are indeed cor-
rect, in that Sir Jack and his fam-
ily trusts have sold control of the
GBPA and Port Group o~wner-
ship litigation, and a host of spin-
off actions, to Fleming. The
source said Mr Smith knew that
Fleming was the only party to
have talks with on a settlement.
As previously revealed by The
Tribune, Mr Smith was cajoled
into attending a meeting with
Fleming representatives in Lon-
don by Prime Minister Hubert
Ingraham, who is anxious for the
GBPA dispute to beresolved.
Yet rather than meet Fleming's
principals, Roddie Fleminrg and
Geoffrey Richards, Mr Smith is
understood to have met two Lon-
don-based accountants from
PricewaterhouseCoopers (PwC),
acting on Flem~ing's behalf. With
Mr Smith were Henry St George
and a London-based QC.
Versions of what happened at
that meeting differ, the St George
estate side telling acquaintances
,that Fleming offered nothing new
and only put forward the $100


million price it had offered Sir
Jack as what it was also prepared
to pay for the estate's stake.
Yet Fleming's take is that the
St George estate side left with a
Memorandum of Understanding
(MoU) setting out in detail what
Fleming proposed to offer, some-
thing understood to have been
requested by the Prime Minister.
"We absolutely do not agree
with what he is saying," the
source said of Mr Smith's com-
ments. "Settlement negotiations
are actively ongoing, but we can't
talk about them because they are
private negotiations. The Prime
Minister would also be upset with
us, because he would view us as
Staking to the press what we
agreed not to.
"There have been no discus-
sions with Sir Jack because he is
not the right party to be dis--
cussing with."
The' Tribune was told that, pre:
viously, both sides had agreed to
nominate three persons to a com-
mittee that would attempt to
resolve the GBPA dispute. Apart
from the two PwC accountants,
the Fleming team's final nomi-
nee is understood to have been
Brian Moree, the Bahamian


attorney who is senior partner at
McKinney, Bancroft & Hughes,
rind acting as attorney for the
trilstees of Seashells Investments.
That is the holding firm for the
Hayward family trusts' stake in
the GBPA and its holding com-
pany.
Among those initially eyed for
the St George negotiating team
were Mr Smith and one of the
estate's three executors, Chris
.Cafferata.
SOne problem Fleming has
faced in trying,to reach an agree-
ment with ~the St George estate is
the latter's suspicion that Sir Jack-
's son, Rick, and ousted GBPA
Chairman Hannes Babak are
involved with the Fleming offer.
The estate's tactics are under-
stood to be that, having effee-
tively 'set his price' through the
$100 million agreementminprmnct-
ple with Flemmyg, Sir Jack's desire
to exit will encourage the
B~ahamnian courts to order that he
be compelled instead to sell to
them.
-But Andre Feldman, attorney.
for Hannes Babak, 'said in
response to Mr Smith's com-
ments: "Fred has said, both mn the
press and in court, that they [the


insurers competed directly with
commercial banks in the mort-
gage lending business, and they
also competed for the same liq-
yidity deposits for banks, annu-
Ities for insurers.
.Removing these barriers.would
'be in the best interests of con-
tumers", Mr McWeeney said, as it
would "bring more financial ser-
vices under one roof and create
savings that could be passed on to
the consumer".


higher deposit rates, commercial
banks' saw their net interest
income figures come under pres-
sure in 2007, a trend likely to be
repeated in 2008.
In its annual report for the fis-
cal year ended on June 30, 2007,
Bank of the Bahamas Interna-
tional acknowledged that "sys-
tem wide liquidity constraints
resulted in the cost of funds
increasing at a greater rate than in
the prior year, both in absolute
and relative terms".
As a result, interest expense
grew by 33.34 per cent to $;21.28
million from $17.84 million the
year before, an experience com-
mon to most Bahamian commer-
cial banking institutions. Yet net
income and net interest income
increased, a testament to Bank
of the Bahamas International's
loan portfolio management.
Mr McWeeney told The Tri-
bune he was placing his hopes on
foreign direct investment, rather
than the tourism industry, to
inject. deposits and capital into


the banking system for the cre-
ation of fresh liquidity,
"We feel tourism will not be a
significant growth factor in the
short-term, and the element pro-
viding the anchor for growth in
GDP is foreign direct investment.
We are looking forward to seeing
these mega investments come to
fruition, and money come into
the system to provide relief," Mr
McWeeney said.
He added that he was antici-
pating around 3 per cent GDP
growth for 2008, a rate that was
"stable, sustainable and keeps
inflation low".
Mr McWeeney said he was also
hoping that regulatory consolida-
tion in the Bahamian financial
services industry would move for-
ward, and that there would be "a
thinning of the lines between
banking and insurance" to allow
each sector to sell the other's
products.
Currently, they are prevented
from doing so, but Mr McWeeney
pointed out that life and health


process that seems set to continue
into 2008.
Mr McWeeney identified liq-
uidity as one of the major chal-
lenges fading the Bahamian com-
mercial banking sector generally
in 2008, even though the situa-
tion looked much healthier at
end-November 2007.
At that point, excess liquidity
stood at just under $180 million,
compared to $52.22 million for
the previous year. For the 11
months to November 2007, excess
liquidity had grown by $170.2 mil-
lion, compared to a $60.2 million
fall during the same period in
2006.
The decline in liquidity is also
continuing to put pressure on
bank deposit rates, as the six com-
mercial banks compete to attract
relatively scarce deposits. This,
in turn, narrows the net interest
margin the difference between
interest rates that banks charge
on loans (assets) and deposit rates
(their liabilities). With interest
expenses increasing due to the


THE TRIBUNE


BANK, from 1


THE CO~i~
wrse.wee.r oal~~a wwnss..artaut






THE TRIBUNlE


I


PAGE 8B, MONDAY, JANUARY 7, 2008


poRR rrtorE In~ROiR~llRIC AftD TICeTBr VISIT zsTrAnFORRrQaQRDClII


sibility analysis it had conducted
on Eleuthera some two years
ago, Mr McWeeney' added, and
while Marsh Harbour was the
obvious Abaco location, it was
also alive to other future possi-
bilities.
Bank of the Bahamlas Inter-
national's Coral Gables service
centre in Miami,! Florida,
opened just before Christmas
2007, was working out fine",
Mr McWeeney added.
S"We're working through all
the communications issues
there," he said. Wle have to
ensure no data is stored over
there. Persorial accounts are
accessed through virtdal private
networks. The thred't to per-
sonal information is, a huge
problem in the US, ant) we want
to protect customer copfiden-
tiality."
This also ensure that the
Coral Gables service centre is in
complete compliance with
Bahamian financial se tces and
data: protection laws.
Mr McWeeney described the
Coral Gables service centre as
one part of the bank'i "posi-
tioning for the future" strategy,
anticipating further exchange
control liberailization by the
Central Bank of the Ba~hamas,
and the subsequent impact this
would have on financial crvices
and two-way currency and
investment flows from and to
the Bahamas.
Bank of the Bahamas:Inter-
national's share price rose by
$0.05, a market capitalisation
boost of around $700,000,
immediately: after the Coral
Gables branch opening was
announced, "an indication its
been well-received by the: mar-
ketplace", Mr McWe~eney
added.


BANK, from 1


cated for a meeting/conference
room.
The remaining 45,000 square
feet will be available for rent,
Bank of the Bahamas Interna-
tional saying it has already iden-
tified a major tenant", while
others had been in contact with
The other three buildings will
be a 13,000 square-foot building
for human resources and train-
ing, storage and archives; a
3,000 square foot data centre
designed to withstand hurri-
canes; and a 10,000 square foot
staff facility.
Meanwhile, Mr McWeeney
described the opening of the
bank's Cat Island branch as "
imminent" and just waiting for
final approvals, while the
ground breaking for its
Carmichael Road branch to
be located in the plaza that will
be constructed by Benchmark
Properties is due to occur "
some time this year".
T. Maitland Cates, Bank of
the Bahamas International's
chairman, wrote in the bank's
annual report that it was also
examining branch opportunities
in Abaco and Eleuthera, pro-
jects that Mr McWeeney
described as being on the
drawing board".
"We want to ensure we have
a lot more stability to our i-Flex
operating system and not take
on more than the operating
infrastructure can handle at this
time," Mr McWeeney said of
both branch proposals.
Bank of the Bahamas Inter-
national had to update the fea-


a"' ' r! I

~~~t% I


n.1 9:M1,;8 .t ~


'Er C1 cI~lfalee to

Tbn bE i.'7 th~atW5


Now I I'nrvdlernt.9 "O IF;Q 0/" Slnj
tPns itly irsdgrinat 1- I4; xrI} to .%%


.1 _1( .1


FRSTlCARIBBEAN


Bank's $20m



headquarters


to boost



efficiency


Thre p~ries get bgge1rr
and bieggr eIrvery mornthsl

November $1,500)
December o $2,500
January $3,5(00
February 53,000)

Grand Prize $20,000
paid over a 121 month
period in $1,666 installments.