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The Tribune
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Full Citation
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Permanent Link: http://ufdc.ufl.edu/UF00084249/00962
 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: February 26, 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: UF00084249:00962

Full Text











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BAHAMAS EDITION


TUESDAY, FEBRUARY 26, 2008 PRICE 750
II S a-


PMH 'lock -own' after shooting


Man stabbed and

gunshots fired just

feet from hospital


* By KARIN HERIG
Tribune Staff Reporter
kherig@tribunemedia.net
PRINCESS Margaret Hospi-
tal went into "lock-down" mode
in the early hours of yesterday
morning when a man was stabbed
and gunshots were fired just a few
feet from the entrance to the
Accident and Emergency Depart-
ment.
Hospital personnel told The
Tribune yesterday that they were
afraid that the violence was about
to spill over into the hospital.
One staff member, speaking on
terms of anonymity, said that doc-
tors and nurses in the vicinity at
the time were diving for cover.
According to police reports,
the chain of events that led to the
shooting were set in motion when
a 30-year-old man of Joan's
Heights approached Club Infini-







* By NATARIO
McKENZIE
A MAN who was wanted
by police for nearly two years
in connection with the shoot-
ing death of Eric McGregor
was arraigned in Magistrate's
Court late yesterday after-
noon.
Edward Taylor, 37, of Bac-
ardi Road, was arraigned in
Court 1, Bank Lane, yester-
day afternoon, charged with
the murder of Eric McGre-
SEE page eight


ty on Elizabeth Avenue.
A group of persons was assem-
bled in front of the club when the
Joan's Heights man arrived short-
ly before 1 o'clock yesterday
morning, it was reported.
Press liaison officer Asst Supt
Walter Evans told the media that
a fight suddenly broke out among
the group standing outside the
club, and as a consequence, the
30-year-old man was stabbed in
his chest and abdomen.
The man was taken to hospital
where, according to PMH staff,
he was treated and later released.
After the man had been taken
to hospital, a 34-year-old man and
a woman relative of the victim,
who had been with the Joan's
Heights' man earlier, were shot
in the area of Shirley Street and
Elizabeth Avenue.
Police reported that four
motorcyclists, riding on separate
machines, fired gun shots at the
man and woman.

SEE page eight

CORRECTION
In an article in Saturday's Tri-
bune, former minister of Hous-
ing and National Insurance and
MP for Golden Gates Shane
Gibson was quoted at the PLP
convention as stating that when
the PLP came to power in 2002,
they discovered "dozens of peo-
ple living in government-con-
structed homes that had no
indoor plumbing and in some
instances no indoor or outhouse
bathroom facilities." In fact, the
homes without these facilities to
which Mr Gibson referred were
"inner city homes", not govern-
ment-constructed accommoda-
tion. They were repaired under.
the Urban Renewal Pro-
gramme, he said.


A second man is

charged with murder

of elderly woman
By NATARIO McKENZIE
A SECOND man was arraigned in Magis-
trate's Court yesterday in connection with the
murder of an elderly woman on Eleuthera last
year.
Livingston Taylor, 42, of Nassau Village was
arraigned before Chief Magistrate Roger Gomez
yesterday charged with the murder of Agnes
Cates.
Mrs Cates, who was 65 at the time of her
death, was found wrapped in a quilt in the bed-
room of her home, where she lived alone. Mrs
Cates reportedly had cuts about her body in
addition to bruises on her face. Concern report-
edly arose for Mrs Cates' safety when a vehicle
was discovered abandoned some distance from
her home in the Green Castle settlement, having
overturned several times, eventually coming to
SEE page eight


* By NATARIO McKENZIE
TWO young men were
arraigned in Magistrate's Court
late yesterday afternoon charged
with the stabbing death of a 17-
year-old CV Bethel senior high
school student last week.
KendariQ Bain, 18, and Owen
Mckenzie, 21, both of Bamboo
Town were arraigned before
Chief Magistrate Roger Gomez
at Court One Bank Lane yester-
day afternoon, charged with the
murder of Jamil Wilchcombe.
According to reports, Wilch-
combe, the son of a police offi-


National Drug Council says
the need for its month of
activities is greater than ever
By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net
WITH drugs playing a role in rising crime
rates, and touching the lives of increasingly
younger members of society, the Bahamas
National Drug Council has declared that the
need for its annual month of drug preven-
tion and education activities is greater than
ever.
Due to begin March 1st, the month of activ-
ities this year is under the theme, "Delivering
the Benefits of Drug Education." Among
other events, there will be a two-day basket-
ball tournament for those currently in reha-
bilitation centres across the Bahamas, drug
education training for primary school teachers

SEE page eight


cer, was stabbed to death in the
parking lot near City Market
Food Store on East Street, just a
few feet from his school's cam-
pus. Wilchcombe, the country's
13th homicide victim, was report-
edly killed while attempting to
break up a fight.
According to court dockets,
the accused on Thursday, Febru-
ary 21, is accused of causing
Wilchcombe's death. It is also
alleged that the accused on the
same day while armed with a
knife, attempted to rob Lee
Sanchez Dorneus of a cellular
phone, valued at $200. The two


accused were not required to
plead to the charges.
Mckenzie asked the Magistrate
if he could be allowed to receive
medical attention, alleging that
he was harassed while in police
custody. The prosecutor, Inspec-
tor Clifford Daxon, told the court
that the accused could receive
medical attention at Her Majesty's
Prison.
The matter was adjourned to
Tuesday, March 4, for a fixture
date and transferred to Court 8,
Bank Lane. The accused were
remanded to Her Majesty's
Prison.


* By PAUL G
TURNQUEST
Tribune Staff
Reporter
pturnquest@tribunemedia.net
TO INTRODUCE a
greater level of account-
ability and transparency in
government, Prime Minis-
ter Hubert Ingraham
tabled the first mid-term
budget report in the
House of Assembly yester-
day.
Mr Ingraham told Par-
liamentarians that this mid-
term report will set out the
economic background of
his government's six fiscal
months in office, the fiscal
performance thus far for
the year, and any proposed
additions to expenditure
that are required.
"The introduction of this
Mid-Year Budget state-
ment into the budgetary
process of government rep-
resents the establishment
of a level of transparency
and accountability which
is, without doubt, a note-
worthy enhancement in the
process of governance," he
said.
"Up to this point, the
budgetary process as
involved in the annual
Budget Communication
and supporting documents
primarily concerned itself
with a consideration of the
SEE page eight


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I PAGEE 2TI


Go to Mexico for raw materials, businessmen


BAHAMIAN businessmen
were urged to consider Mexico
as a source of raw materials for
their companies by Mexican
Ambassador Leonora Rueda.
She said this would be a good
move, as prices in her country
are competitive to those in the
United States.
Ambassador Rueda was
speaking during a courtesy call
on the Minister of Education,
Youth, Sports and Culture Carl
Bethel and other senior educa-
tion officials at the Ministry of
Education on Thompson Boule-
vard.
She was accompanied by
Manuel Cutillas, Honorary
Counsel for Mexico in the
Bahamas.


Mexican Ambassador makes plea while meeting Bethel


Ambassador Rueda present-
ed the Ministry with a collec-
tion of 20 Spanish textbooks
used by students from grades
one to six in Mexico. She also


discussed a number of oppor-
tunities for strengthening the
relationship between Mexico
and the Bahamas.
Mr Bethel thanked Ambas-
sador Rueda for the gift and
noted that Spanish is the official
second language for students in
the Bahamas.
The officials agreed that the
Bahamas and Mexico could fos-
ter stronger ties in the areas of
culture, trade, education and
sports.
Ambassador Rueda said that
although she lives in Jamaica
and serves as the diplomatic
representative there, she is will-


ing to do whatever she can to
ensure that the Bahamas and
Mexico have a stronger rela-
tionship.
Mr Bethel pointed out that
the Ministry of Education con-
tinues to recruit Mexican teach-
ers to teach Spanish in the pub-
lic school system, and said this
augers well for the future of
diplomatic relations between
the two countries.
The ambassador said that the
Mexican people are very inter-
ested in learning more about
people of the Bahamas and the
Caribbean and invited the
Bahamas to participate in a fes-


tival that Mexico will host in
May 2008.
She added that Mexicans
would enjoy learning about and
seeing the work of Bahamian
artists and dancers. The minister
said that this would be a won-
derful opportunity to showcase
junkanoo.
The issue of Bahamian stu-
dents studying in Mexico on an
exchange programme was also
discussed.
The ambassador said that the
Mexican government is present-
ly reviewing all of its exchange
programmes after determining
that most teenage students find


n urged

it difficult to adjust to studying
in Mexico when they do not
have a good grasp of the Span-
ish language.
She did, however, embrace
the idea of helping more
Bahamian teachers to study at
the University of Mexico.
The ambassador said that she
was looking into the possibility
of a direct flight from Mexico to
Jamaica and that she believes
the Bahamas can be a part of
this venture.
Additionally, she noted that
there is a direct flight from
Mexico to Japan, and said the
Bahamas could consider being a
stopover on this route in an
effort to increase tourism from
the Asian market.


North Eleuthera shooting: Seven



people in custody for questioning


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* By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net
POLICE report that seven persons were
in custody on Monday for questioning in
connection with last Friday's shooting in
North Eleuthera which left three persons in
hospital.
According to Chief Superintendent
Glenn Miller, these individuals were
brought down to the capital from Eleuthera
late Sunday night to assist police with their
investigations.
CSP Miller stressed yesterday that
charges are expected to be brought before
the courts in connection with the matter
soon.
All of the persons in custody are adult
men three from Hatchett Bay, Eleuthera;
one from the Bogue area, Eleuthera; one
from Seven Hill, New Providence; one from
Eight Mile Rock, Grand Bahama, and the
other a resident of Dunmore Street, New


Police expect charges to be brought

soon in connection with the matter
.......... I .............................................. .. ................................................ ..........................................................................


Providence. As reported by The Tribune
previously, a woman with a two-year-old
boy in tow narrowly escaped death after a
stream of bullets were directed at her vehi-
cle.
Police reports state that four persons
were travelling along James Bay Road and
the Bluff, North Eleuthera around 8pm
when the occupants of another car pulled up
behind them and opened fire.
The woman identified by sources on
the island as Janet Cooper and the young
boy were able to escape the attackers. They
were found by police walking along the
road.
The female victim reportedly suffered
gunshot wounds to the back and arm.


The remaining passengers, two men,
managed to flee the car and escape into
nearby bushes before calling the police.
They reportedly told police that they
were meeting friends in the area and that a
cell phone call was made shortly before the
shooting. The assailants torched the
attacked car before leaving the scene.
Police said the two-year-old was taken
to a local clinic for treatment on Friday and
was later discharged; he was not injured.
One of the male victims was shot in the
leg and hip, while the other was shot in the
arm. The woman and the two men were
airlifted to the capital for treatment.
Up to press time yesterday, their condi-
tions were unknown.


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PAGE 2, TUESDAY, FEBRUARY 26, 2008


THE TRIBUNE


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T T UUD E A 2 E3


Sbrief Investigation
Man bitten by

shark while all gati
on a dive near p

Bahamas dies allegations o


* WEST PALM BEACH,
Florida.
AN AUSTRIAN tourist
died Monday after being bitten
by a shark while diving near the
Bahamas in waters that had
been baited with bloody fish
parts to attract the predators,
according to Associated press.
Markus Groh, 49, a Vienna
lawyer and diving enthusiast,
was on a commercial dive trip
Sunday when he was bitten
about 50 miles off the coast of
Fort Lauderdale, said Karlick
Arthur, Austrian counsel gen-
eral in Miami.
The crew aboard the Shear
Water, of Riviera Beach-based
Scuba Adventures, immediate-
ly called the U.S. Coast Guard,
which received a mayday from
the vessel at about 10 a.m., said
Petty Officer 3rd Class Nick
Ameen.
The Coast Guard sent a heli-
copter to the scene, which hoist-
ed Groh from the boat and flew
him to Jackson Memorial Hos-
pital in Miami, where authori-
ties said he died Monday.
Ameen said the man was bit-
ten on the leg, but he could not
be more specific about the
extent of his injuries.
It was unclear what type of
shark was involved in the
attack.
The Miami-Dade Medical
Examiner's Office declined to
comment, citing an ongoing
investigation by the Miami-
Dade Police Department. A
telephone message left for
police was not immediately
returned.
A woman who answered the
telephone at Scuba Adventures
on Monday said the company
had no comment.
The company's Web site says
it offers the opportunity to get
"face to face" with sharks. The
site explains that its hammer-
head and tiger shark expedi-
tions in the Bahamas are
"unique shark trips ... run exclu-
sively for shark enthusiasts and
photographers."
To ensure "the best results
we will be 'chumming' the
water with fish and fish parts,"
the Web site explains. "Conse-
quently,'there will be food in
the water at the same time as
the divers. Please be aware that
these are not 'cage' dives, they
are open water experiences."


THE Bahamas has not made
the necessary preparations to
withstand a softening of the
economy and will soon be over-
taken by the competition in the
Caribbean region, according to
the Circle Vision Financial
Planning (CFAL) company.
CFAL formerly Colina
Financial Advisors has
through advertisements in the
newspapers been calling on gov-
ernment to make some "very
bold" decisions to ensure that
the Bahamas has a prosperous
future.
"In our view we have not
made the necessary prepara-
tions for the Bahamas and our
current portfolio is not posi-
tioned to withstand a downturn.
It's only a matter of time before
we are surpassed by the com-
petition, and that is especially so
if we don't re-evaluate our port-
folio and make some very tough
decisions," CFAL said.
The company is recommend-
ing that the Bahamas re-brand
itself and introduce an entirely
restructured financial model.
"The original brand 'It's bet-
ter in the Bahamas' served us
well in the past. Unfortunately it
has run its course. While many
argue that the Bahamas is much
better than most in the region,
this perspective is limiting. The
challenge with this line of think-
ing is that we need to start com-
paring ourselves, not to others,
but to our potential," the com-
pany said.
As it concerns the country's
economic and financial model,
CFAL said that the Bahamas
needs to plan its finances for
the next 20 years, not five years.
"We need to position our
finances so that we are less

TRO PI C

EX ER IAIR


dependent on international
investors in order to be able to
withstand economic shocks to
our financial system. This will
entail revamping our taxation
model, which may not be a pop-
ular decision. Time is simply not
on our side," CFAL said.
CFAL pointed out that while
the Bahamas is living on the
"dividends of the past," other
countries in the Caribbean
region are busy with re-invest-
ing in their people, infrastruc-
ture and other projects for the
future.
"We are challenged by forces
which in many instances we can-
not control. Gone are the days


when we can be assured that
developments, investments and
tourists will arrive simply
because of our proximity to the
States. t
"Regulations, global
economies, foreign markets,
domestic crime, regional players
and alternative destinations
have all changed. Hence the
urgent need for a strategic plan,
which utilises independence and
the traditions of the Bahamian
people as a springboard," the
company said.
CFAL said that it believes
that government will have to
make some politically unpopu-
lar decisions to keep the


Launched into





police brutality


* By TANEKA THOMPSON
Tribune Staff Reporter
thompson@tribunemedia.net


A COMPREHENSIVE and ongoing investi-
gation has been launched into allegations of police
brutality and use of excessive force following sev-
eral arrests Saturday in the East Street area,
Chief Superintendent Hulan Hanna told The Tri-
bune yesterday.
A criminal investigation into last Saturday's
events is also ongoing CSP Hanna added, saying
a male and three females were taken into custody
to assist police with their investigation. He could
not say if these persons were still in custody up to
press time yesterday.
Police reports said four officers were injured
and taken to hospital when they responded to a
call of gunshots fired in Milton Street, off East
Street around 8 pm Saturday. The officers were
treated and discharged, however, an unmarked
2008 Ford Crown Victoria was also damaged dur-
ing the time-span of the incident, police said.
However, Milton Street residents claimed
police used excessive force in their arrests and did
not identify themselves properly before searching
party-goers. One resident told The Tribune she
saw officers "body slam" several persons.

Complaints
Assistant Commissioner Juanita Colebrook,
officer-in-charge of the Complaints and Corrup-
tions Unit, said several complaints had been
lodged against the arresting officers Monday
morning, with more expected to be made later
that day. She did not specify the exact number of
complaints.
Amidst these allegations senior officers main-
tained their zero-tolerance policy for rough police
officers.
Said Chief Superintendent Hanna yesterday:
"We are concerned when complaints like these
come to our attention and we want to say that we
in no way condone officers breaking the law and
that there is a comprehensive investigation that is
ongoing, although we are also mindful that there
is a criminal investigation going on as well.
"That said, we also want to say to this country
that the RBPF will not stand idly by and allow any
person or group of persons in any community to
obstruct the police in the execution of their duties.
"There are communities in this society where
persons are trying to create an environment where
police officers are essentially not welcome. But if
there are allegations of a criminal offence the
police will move into communities and do its
job."
When asked about his response to the allega-
tions of police brutality CSP Hanna said while all
complaints are welcomed, malicious claims will
land the accusers before the courts.
"We welcome (complaints) and whenever peo-
ple feel aggrieved by the police action, or inaction,


we welcome them coming to make those com-
plaints. And we have demonstrated over time
that we're objective, we've demonstrated over
time that we will look at matters and where offi-
cers are found culpable then (they) are made to
account for their conduct.
"But also we have seen situations where per-
sons brought malicious allegations against officers,
there have been occasions where we had to bring
persons before the courts for bringing malicious
allegations before officers."
CSP Hanna urged persons in the East Street
community with any relevant information about
Saturday's incident to come forward to the Com-
plaints and Corruptions Unit.
Milton Street residents claimed over the week-
end that a memorial for slain C C Sweeting stu-
dent Rico Farrington went awry when police
swooped in on the gathering of mourners and
used excessive force.
They also claimed that in an effort to disperse
the crowd, police fired shots into the air, and did
not handle the mournful gathering with compas-
sion.
Farrington's family said he was buried a few
hours before Saturday's events.
Reverend C B Moss of Bahamas Against Crime
(BAC) is holding a press conference on Milton
Street at 11 am today to address some of these
concerns.
He said he has been working closely with resi-
dents of the area following Farrington's death
two weeks ago.
Farrington, 17, was stabbed to death on his
school's campus following an altercation with
two male students. One student has been charged
in connection with the murder.


E MIAMI
POLICE are questioning a
man who fled a TSA screening
at Miami International Airport,
according to Associated Press.
Transportation and Security
Administration officials became
suspicious of the man's behavior
Monday around 2 p.m. as he
stood in a security line. When the


man's travel documents also
raised concerns, agents asked him
to step out of line for a secondary
screening.
TSA spokeswoman Sari
Koshetz says the unidentified
man then took off and ran out of
the terminal.
A chase ensued, and Miami-
Dade police officers caught
him.


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Bahamas on track.
Elected officials, CFAL said,
may fear that many of the deci-
sions that need to be made will
jeopardise their political careers
or the mandate to govern in
2012.
"We submit, however, that if
our officials decide and act
always in the best interest of
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MAIN SECTION
Local News.......................P1,2,3,5,6,7,8,9,11
Editorial/Letters. .........................................P4
Advts .............................................. 10,12
BUSINESS SECTION
Business ................................. P1,2,3,4,5,6,8
C om ics...................................................... P7
WOMAN SECTION
Woman.................................... P1,2,3,4,6,7,8
Advt .............................................. ...... P5

CLASSIFIED SECTION 32 PAGES

NOVA UNIVERSITY 20 PAGE SUPPLEMENT

USA TODAY MAIN SECTION 12 PAGES

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USA Today Sports .............................P3 14
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Police detain lpavelep who fled TS scp


THE TRIBUNE


TUESDAY, FEBRUARY 26, 2008, PAGE 3


;:. ;i'
L


ig,








PAGE4,TUESRDATTEETOTHEEDITORBRUAY6,28HERB


The Tribune Limited
NULLIUS ADDICTS JURARE IN VERBA MAGISTRI
Being Bound to Swear to The Dogmas of No Master

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

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

Publisher/Editor 1919-1972
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
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Who is less macho in the leadership race?


IF THIS is truly the Decline and Fall of the
Clinton Empire, it is marked by one freaky
stroke of bad luck and one striking historical
irony.
How likely is it that a woman who finally
unfetters herself from one superstar then
finds herself eclipsed by another?
And when historians trace how her
inevitability dissolved, they will surely note
this paradox: The first serious female candi-
date for president was rejected by voters
drawn to the more feminine management
style of her male rival.
The bullying and bellicosity of the Bush
administration have left many Americans
exhausted and yearning for a more nurturing
and inclusive style.
Sixteen years of politicians in Washington
clashing in epic if not always essential battle
through culture wars, the right-wing war
against the Clintons, the war-without-end on
terror, and the war-with-no-end-in-sight in
Iraq have spawned a desire for peace and
pragmatism. Hillary was so busy trying to
prove she could be one of the boys getting
on the Armed Services Committee, voting
to let W. go to war in Iraq, strong-arming
supporters and donors, and trying to out-
macho Obama that she only belatedly
realized that many Democratic and inde-
pendent voters, especially women, were eager
to move from hard-power locker-room tactics
to a soft-power sewing circle approach.
Less towel-snapping and more towel colour
coordinating, less steroids and more sensi-
tivity. Business schools have begun teaching
the value of a less autocratic leadership style,
with an emphasis on behaviour women excel
at: reading emotions and social interactions,
making eye contact and expressing empathy.
At the University of Texas on Thursday
morning, Obama proved that he was not a
cowboy in overdrive like W. when he
demurred at throwing a spiral because his
pass might not be as good as the Longhorn
stars'.
After so many years when W. and Cheney
stomped on the world and the world glared
back, many Americans would like to see their
government focus more on those staples of
female fiction: relationships and conversa-
tion. At first in Austin, Hillary did not chan-
nel Jane Austen. She tried once more to cast
Obama as a weak sister on his willingness to
talk to Raul Castro.
Obama tapped into his inner chick and
turned the other cheek. To cheers, he said, "I
think that it's important for us, in undoing the


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damage that has been done over the last sev-
en years, for the president to be willing to
take that extra step."
Hillary tried to rough up Obama on copy-
ing his pal's language even as she copied her
husband's line from 1992: "The hits that I
took in this election are nothing compared to
the hits that the people in this state and this
country are taking every day of their lives
under this administration."
While Obama looked at her warily, even
fearfully, Hillary suddenly switched to her
feminine side. Getting New Hampshire misty,
she said she was "absolutely honoured" to be
there with him and that "whatever happens,
we're going to be fine." (Her campaign
defended the originality of the John Edward-
sian sentiment, saying it had even been
expressed by the likes of Lindsay Lohan).
The press hailed the moment as heartfelt,
but it was simply Hillary's calculated attempt
to woo women and protect her future in the
party-- by seeming more collegial. She's
furious that the Chicago kid got in the picture.
Her "My sister, my daughter" flip from
muscular to tremulous left everyone con-
fused. Many characterized her emulation of
empathy as elegiac and submissive.
But she dispelled that Friday morning
when she told Evan Smith, the editor of
Texas Monthly, that she will push for Florida
and Michigan delegates to be seated, despite
her promise. Not for herself, mind you, but
for them. "It's in large measure because both
the voters and the elected officials in Michi-
gan and Florida feel so strongly about this,"
she said. Among her other cascading woes, it
turns out that Hillary is not able to manage
her political family's money. Like a prudent
housekeeper, Obama spent the cash he raised
- including from his continuing relation-
ships with small donors far more shrewd-
ly, on ads rather than on himself.
Hillaryland spent like a hedge fund man-
ager in a flat-screen TV store. Her campaign
attempted to show omnipotence by lavish-
ing a fortune on the take-no-prisoners strate-
gists Howard Wolfson and Mark Penn, and
on having the best of everything from the
set decoration at events to Four Seasons
rooms. In January alone, they spent $11,000
on pizza, $1,200 on Dunkin' Donuts and
$95,384 at a Des Moines Hy-Vee grocery
store for get-out-the-vote sandwich platters.
But total domination in the snack arena
does not cut the mustard.
(This article was written by Maureen Dowd
of The New York Times News Service).


Women


should be





wary of





tricksters


EDITOR, The Tribune.
PLEASE allow me space in
your publication to relate my
experience this Saturday after-
noon, and hopefully, forewarn
others that they may not fall
victim in the same way.
It was late afternoon when I
returned to my car in the
parking lot of Super Value on
Cable Beach.
As I unlocked my car, a
young woman, with a Bahami-
an accent, engaged me in con-
versation, claiming to know
me from church.
I did not recognize her and
was sure I had never met her,
but she was insistent.
She continued to claim, to
know me as I opened my car
door and placed my bag on
the front seat.
At that moment a man
approached from behind me
and indicated that I had a
problem with one of my
wheels.


He offered to help me to fix
it.
He was of medium height
and build, articulate and con-
fident, and spoke with a pro-
nounced Barbadian accent.
He assured me that I would
not be able to drive the vehi-
cle in its current condition and
asked if I had any tools in the
trunk.
We looked in the trunk and
he slowly and deliberately
examined the tools.
While I was thus distracted,
my view of the front of the car
was cut off.
At this point the man told
me he would bring his car
alongside mine.as he had a
better selection of tools and
he headed off, indicating that


he would return immediately.
The young woman had gone
and when I looked, I found
that my bag was missing.
Looking around I found
that the man had also disap-
peared. I later discovered that
there was nothing wrong with
my wheel.
Whilst I was giving my state-
ment to Officer Seymour, who
I would like to thank for his
kindness and concern, a plain
clothes officer said that a sim-
ilar robbery had occurred, a
short time earlier, at the park-
ing lot of the City Market on
Cable Beach.
These criminals are target-
ing vulnerable women, as they
leave the food stores.
Please be warned and take
all precautions not to become
their next victim.

MOLLY TAYLOR
Nassau,
February 16, 2008.


Who is destroying our country?


EDITOR, The Tribune.

THIS piece may come off
as very controversial; howev-
er, it is my opinion that it
speaks truth. Our beautiful
country is being slowly
destroyed by crime with vio-
lent crime being the number
one concern of all Bahamians.
On January 14th on West
Bay Street I witnessed two
young men on a motorcycle
kicking the rear of a taxi, they
then proceeded to pull in front
of the taxi, stopped it, pointed
and cursed out the driver, then
pulled off.
The answer to the next
question is: Yes, two tourists
were inside.
I have no idea what the taxi
driver did but those young
men obviously don't know the
true damage they were doing
to the country, or did not care.


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Our country is being
destroyed by young men and
women, ages between 16 and
30, who have adopted the
mindset and culture of the
Black American ghetto, hip-
hop, and thug life.
All of our people of this ilk
dress, act and think alike.
They respond the same way
to situations just as a comput-
er responds as programmed,
devoid of independent think-
ing.
Gangs, drive by shootings,
gun possession, and dislike of
the police, all these things are
adopted from that culture, as
opposed to island life.,
Disinterest in being educat-
ed. The national average is a
D minus.
When I was in school
nobody wanted to be the
dummy.
The instant somebody feels
disrespected or dissed the
solution is violence, a prob-
lem with a relationship results
in violence.
A popular term nowadays
is no snitches or you can't be a
snitch, this "code" prevents
co-operation with authorities
such as policemen or teach-
ers.
Look at the way these
young people present them-


WOOD AND


selves in their dress and how
they cannot speak English,
just the slang of the day.
Where are the professionals
of the future?
The answer to the issue of
crime lies in the old term
Crime and Punishment. Capi-
tal punishment, corporal pun-
ishment for capital crimes.
Most important the law-abid-
ing citizens of the Bahamas
who make up the vast majori-
ty need to develop an overall
lack of tolerance for criminals
and criminal activity.
Instead of being concerned
if a punishment is humane or
if prison conditions are
humane, consider the act com-
mitted, think of the victim,
was the criminal thinking of
being humane, let the crimi-
nals suffer and be in fear.
Embrace the police, the
young officer who was recent-
ly killed prevented you or me
from getting a call in the wee
hours of the morning inform-
ing us of a loved one killed or
hurt, because he did his job,
his mother got the call, not
you or me.
Whose side are you on?

SHERWIN JOHNSON
Nassau,
February, 2008.


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PAGE 4, TUESDAY, FEBRUARY 26, 2008


THE TRIBUNE









THE N T Y F


0 In brief

Finlayson

Street man

discovered

with firearm,

report police
A 20-year-old man of Fin-
layson Street was arrested on
Sunday after he was discovered
carrying a firearm in the area
of the Mall at Marathon, police
reported yesterday.
According to Assistant
Superintendent Walter Evans. a
concerned citizen contacted the
police and reported seeing a
suspicious man riding a bicycle
in the area of the mall at around
9am on Sunday.
Mobile division officers on
patrol in the area observed a
man fitting the description giv-
en in the report.
The suspect was stopped and
searched and was found to have
in his possession a .380 hand-
gun with one live round of
ammunition, Mr Evans said.
The man was immediately
taken into police custody.

High-speed

police car

chase ends

in crash
* By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net
A high-speed police car chase
along Independence Drive in
the early hours of yesterday
ended in a car crash in the
Kennedy subdivision and with
the arrest of two men.
The chase began at around
2.20am on Monday, after offi-
cers patrolling the area of Bal-
four Avenue and Key West
Street observed three men act-
ing suspiciously.
Upon seeing the police, the
men got into a red Honda vehi-
cle abd spe'd off, Assistant
Superintendent Walter Evans
said yesterday.
Police officers gave chase to
the speeding car, which turned
on to Independence Drive.
During the pursuit, officers
said that they were forced to
dodge a spray of bullets fired
in their direction from the red
Honda.
The chase finally came to a
halt in the Kennedy subdivision
when the driver of the Honda
lost control and crashed into a
wall, police said.
The men got out of the
wrecked car and attempted to
flee the scene on foot.
Police detained two men a
28-year-old and a 22-year-old
man, both of Pinewood Gar-
dens, in.connection with the
incident.
The officers reported that
they discovered a small quan-
tity of marijuana at the scene.
A third man is actively being
sought by police.
Mr Evans reported that the
police officers involved in the
car chase were uninjured and
that their vehicle did not sus-
tain any damage as a result of
the gunfire.


YWCA to host second cultural evening on March 9


THE Young Women's Christian
Association (YWCA) Bahamas will
be hosting its second cultural evening
on Sunday March 9, 2008, at 5pm.
Many of Nassau's finest instrumen-
talists, singers and artists, including


the Royal Bahamas Defense Force
Band, have been invited to share their
talents in an effort to assist the
YWCA in its fundraising efforts.
Also among those scheduled to per-
form are Los Cairianos, a group of


guitarists that will serenade the audi-
ence with Spanish songs.
An exhibition of art work by HO
Nash Junior High school students will
also be on display for the occasion.
All proceeds will go toward the


building of an after-school centre on
the association's premises on John F
Kennedy Drive.
Attendees are asked to make a
donation of $30.


Move to help troubled youth


New

Jersey

physician

meets

Education

Minister

Bethel
A NEW Jersey physician
recently met with Minister of
Education, Youth, Sports and
Culture Carl Bethel to explore
the possibility of establishing a
partnership to offer special .r
programmes to help the coun- .. L
try's troubled youth.
Dr Rameck Hunt, a board-
certified internist from New
Jersey, paid a courtesy call on
Mr Bethel to discuss partner-
ing with the ministry on inter-
vention and mentorship pro-
grammes for the youth. ..y*i- .
Dr Hunt presented the min- '
ister with the books "The
Pact", "We Beat the Street",
and "The Bond" which he
co-authored with his two of
his colleagues.
Minister Bethel thanked Dr
Hunt and expressed interest
in a professionally-designed
programme that would target
the at-risk youth. E CIOM I
The Bishop Michael Eldon School takes
honours in track and field events at festival
THE Bishop Michael Eldon School of Freeport placed first in the
track and field events during the 18th annual Anglican Schools Festival.
St Anne's School placed second, with St John's College and St
Andrew's Anglican School of Exuma placing 3rd and 4th, respec-
tively.
The overall winner of this year's festival was scheduled to be
announced last night at the Gospel concert at the National Centre for
the Performing Arts.
Over 1,000 students from St Anne's School, St John's College,
the Bishop Michael Eldon School and St Andrew's Anglican School
gathered in Nassau last week for the biennial event, which is being
hosted by St Anne's.
The Festival brought together students to compete in the areas of
soccer, track and field, swimming, basketball, spelling, speech and elo-
cution, cheerleading and softball.
Speaking at the festival's opening last Wednesday, Anglican Arch-
bishop Drexel Gomez said that he sees the festival, which began 25
years ago, as part of the Diocese's approach to giving children a
"holistic" education embracing both the academic and athletic
areas, as these are equally important for the overall development of
students.
"We need to be able to be well-rounded and we need to be able to
participate on different levels. I am very pleased that this system has
developed, and whose expansion is appreciated by parents, teachers,
and by the students," he said.
The Bishop Michael Eldon School last week was also declared the
winner of the cheerleading competition and the spelling competi-
tion. St John's College won the basketball championships.


.l~ !t -">r rMk ii' rrsr/~I^

Cace Societ obf Bhm t o f
t,'
i/


Alana Bethel

.I I
Ferilier Fugicde


/



!"

THE Cancer Society of the Bahamas has announced that it
will be holding its seventh annual ball on May 10 this year.
The event, entitled "A celebration of life", will be held at the
Wyndham Nassau Resort on Cable Beach beginning at 7pm.
Dinner will be served at 8pm.
In attendance will be Governor General Arthur Hanna and
Mrs Hanna.
The organizers said that more information can be obtained by
contacting the Cancer Society at 323-4482/323-4441.


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TUESDAY, FEBRUARY 26, 2008, PAGE 5


THE TRIBUNE








PAGE 6, TUESDAY, FEBRUARY 26, 2008


THE TRIBUNE


L AN


$22m surplus over expenditure




in first six months of fiscal year


* By PAUL G
TURNQUEST
Tribune Staff Reporter
pturnquest@tribunemedia.net
PRIME MINISTER Hubert
Ingraham reported that the


Bahamas experienced a sur-
plus of revenue over expen-
diture of some $22 million for
the first six months of the
2007/2008 fiscal year.
Tabling the first mid-year
budget report yesterday, Mr


Ingraham said that for the
period July to December
2007, expenditure was $75
million less than forecasted.
As revenue was only $53
million less than forecasted,
this equated to a surplus of
revenue over expenditure of
$22 million.
"As I said, on present
trends it seems clear that
overall actual recurrent
expenditure will be substan-
tially below the level provided


for in the approved 2007/08
estimates.
"Thus, the data circulated
with this statement show
recurrent expenditure being
some $75 million below fore-
cast for the first six.months,
that is for the period July to
December, 2007.
"Not all of the underspend-
ing in recurrent expenditure
of $75 million arising in the
first half of 2007/08 will result
in realized savings at the end


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of the fiscal year.
"In the six month cycles,
some under-expenditure could
easily arise from even brief
administrative delays in
expenditure implementation.
There is, however, an element
of underspending which tra-
ditionally carries through to
year-end and in the circum-
stances represents savings suf-
ficient to at least offset the
proposed supplementary
recurrent expenditure of $23
million," Mr Ingraham
explained.
He said that a result, the
additional recurrent expendi-
tures provided for in the mid-
year budget statement
amounting to $23 million can
be accommodated "without
involving reductions in recur-
rent expenditure on essential
government services and with-
out any increase whatsoever
in overall expenditure".
"Indeed, bearingin mind
that the approved 2007/08
estimates represent the limit
of authorised expenditure,
administrative action can be
taken to contain expenditure.
In view of my earlier com-
ments on the enhanced
emphasis being placed on
careful and prudent manage-
ment of the government's
finances by ministers and the
senior management in the
Public Service and the public
corporations, I see the process
of control being exercised
more diligently and more
responsibly than heretofore,"
he said.
Mr Ingraham announced
that an additional $12 million
will be added to the recurrent
expenditure to be used for
enhancing the promotion of
tourism.
For the Public Hospitals
Authority, $2 million is being
advanced for cancer treatment
and dialysis services and an
additional $1.6 million is being
advanced for supplies and
materials, mainly to cover the
increased costs of medical
drugs.
Also, $2 million will be allo-
cated for outstanding gratu-
ities for the estates of
deceased public officers.
Some of these claims have
been outstanding for years,
Prime Minister Ingraham said,
as he promised that he will
make the names of these per-
sons available so their fami-
lies can bring the relevant
documents to receive pay-
ment.
The Royal Bahamas Police
Force will receive an addi-
tional $2 million for essential
items such as transportation
and subsistence, and for other
current matters.
The Office of the Attorney
General and Ministry of Legal
Affairs will receive an addi-
tional $150,000.
The Department of Hous-
ing will receive an additional
$800,000 to reimburse the
Corporation Sole Account for
salaries advanced to contract
workers engaged with the
department, and the Depart-
ment of Environmental
Health Services will receive
an additional $250,000 for
gasoline and an $614,384 for
"operations of facilities or
other service contracts".
Mr Ingraham said that rele-
vant ministers will deal with
any queries in relation to the
additional appropriations or
the reduced appropriations.


Improvements

'in near future'

for Carmichael

Primary School

THE Carmichael Pri-
mary School can expect
a number of improve-
ments in the near
future according to
Minister of Education
Carl Bethel.
Mr Bethel said the
repair of the school's
quadrangle is just one
of many projects the
ministry plans to
undertake in the com-
ing months.
He said he was proud
of the fact that the min-
istry is now able to
repair the quadrangle,
which was unsafe and
strewn with debris
throughout the
2007/2008 school year.
Mr Bethel was speak-
ing at an event held at
the school to showcase
the students' creativity
and literacy.
"Under the theme
'Igniting the passion to
produce literacy mas-
ters', the staff and the
students wowed their
audience with dance,
choral speaking, step-
ping, drama and rake n'
scrape to highlight the
importance of reading,"
said the school in a
statement.
Among the special
guests at the Literacy
Day Celebration were
Mr Bethel, Minister of
State for Legal Affairs
and MP for the
Carmichael constituen-
cy Desmond Bannister,
and Tyrone Fritzgerald,
an attorney and news-
paper columnist who
was also a guest speak-
er.
The minister com-
mended the students
and said that he was
delighted at the perfor-
mances that he saw.
He commended
teachers for their role
in encouraging the
development of the stu-
dents' talents and read-
ing skills.
Mr Bethel admon-
ished the audience to
be respectful to their
fellow students who
may be not as academi-
cally-inclined as they
are, because everyone
has a gift.
He added that some
may be technically gift-
ed and might eventual-
ly become the mechanic
that the other students
need to repair their car
in the future.
The minister also told
students that the gov-
ernment is ensuring
that they have a
promising future by
making available mil-
lions of dollars in
scholarships and finan-
cial aid for them to
attend university, the
College of the Bahamas
or the Bahamas Techni-
cal and Vocational
Institute (BTVI).
Attorney Tyrone
Fritzgerald, son of the
late singer Tyrone 'Dr
Off' Fritzgerald, told
the students to get
involved, stay in school
and live their dreams.
He said that having
the ability to read will
allow them to do and
be anything they want
to.
Attendees at the Lit-
eracy Day assembly
were also treated to
performances by musi-
cians from the Salva-
tion Army School for
the Blind, who sang a
medley of Bahamian
songs and performed
rake n' scrape
music.


A quartet of drum-
mers from the C I Gib-
son Senior High School
also dazzled the crowd-
ed with their musical
prowess.
Proving that big
things come in small
packages, Tonea Camp-
bell sang a powerful
rendition of, 'I Believe
the Children are the
Future' and, Shabrea
Rolle and Dario Rolle
closed the celebration
out with, the duet,
'Carry Your Candle.'


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challenges.
* Must be able to implement effective Training
initiatives and succession planning for all.F&B
personnel.
* Prepare and present weekly, monthly and quarterly
reports to the General Manager with results and
initiatives for change.

Resume' should be email to:
cmajor@grp.sandals.com

Application close March 5, 2008.


-~8~c~rt













THE ROYAL BANK OF CANADA'S 100th ANNIVERSARY CALENDAR

ROSS MCDONALD, head of
Caribbean banking with RBC, and
his wife Nancy McDonald talk with
Darchell Creary of St Augustine's
College one of the young artists
featured in the bank's 100th
anniversary centennial calendar.


CELEBRATION OF
















Work of 14 Bahamian students


displayed in centennial calendar


* By Llonella Gilbert
THE Royal Bank of Canada is this year dis-
playing the art work of 14 Bahamian students in
its special 100th anniversary calendar.
The artistic creations featured in the calendar
are works from students from throughout the
Bahamas, which were produced for the 2007
BGCSE examinations and during the 2007
RBC FINCO summer arts workshops.
Minister of Education, Youth, Sports Carl
Bethel thanked the Royal Bank of Canada and
RBC FINCO for highlighting the art work of
Bahamian students in their centennial 2008
calendar.
"By celebrating these budding artists, you
have shown them recognition and also that
there is a future in the fine arts and they possess
a gift that others can appreciate," Mr Bethel
said at a "evening of the arts" event, which
honoured the 14 young artists featured in the
calendar.
The Minister told those in attendance, "We
need more opportunities for our young people
to express themselves and to feel a sense of
worth from a very early age."
"I am certain that you have made these
young people proud and by extension, their
families, schools and community by showcasing
their work to the thousands of customers who
come through the doors of the RBC branches
throughout our Bahamas."
Mr Bethel said many young persons, who
have benefited from RBC's generosity, have
made a name for themselves locally and inter-
nationally.
I


"Their works that once hung in the Central
Bank of the Bahamas, now grace the walls of
private homes, major hotels and art collections
throughout the world."
The minister explained that his ministry is
embarking on major education reforms in pub-
lic schools that will allow "artistic and creative
students" to receive the attention they need
to be successful in the career path they choose.
"Beginning September 2009, we expect to
expand the performing arts and visual arts pro-
gramme to all public schools in New Provi-
dence. Grand Bahama and in the Family
Islands," he said.
Minister Bethel commended the Royal Bank
of Canada and RBC FINCO for supporting
education in the country and noted that the
institutions have recently donated $1 million to
the College of the Bahamas and $400,000 for
scholarships. Vice-president and country head
of RBC for the Bahamas, Nathaniel Beneby Jr,
explained that nearly a year ago Nancy McDon-
ald, the wife of Ross McDonald, head of
Caribbean banking with RBC, came up with
the idea to create a calendar showcasing the
artistic talent of Bahamian students.
Mr Beneby said, "At RBC we recognize that
art is a powerful tool for learning one that
enhances critical thinking, communication skills
and cultural awareness.
"As a company we are especially pleased to
youth development in fact, the RBC FIN-
CO summer arts workshop, where many of the
paintings in this calendar were produced, is
only one of the many youth programmes that
we supported throughout the Bahamas."












"u-b
s ..,


THE ROYAL BANK OF CANADA and RBC FINCO celebrated with the young artists featured in their 100th
anniversary centennial calendar. Posing in front of the art displayed in the calendar are vice-president and
country head for the Bahamas Nathaniel Beneby Jr; Nancy McDonald; Minister of Education, Youth,
Sports and Culture Carl Cathel; managing director of RBC FINCO Tanya McCartney, and head of Caribbean
banking at RBC Ross McDonald.


NANCY McDonald (centre), wife of Ross McDonald, head of Caribbean banking with RBC, talks with Dr Keva
Bethel, former president of the College of the Bahamas and,.Dr Nicolette ,ethel, director of culture in the Min-
istry of Education, at an event honouring 14 young artists featuredni the Royal Bank of Canada's 100th
anniversary centennial calendar.


a6-
KIA MOTORS
Tr '( o r.i L,[ SLur p.i 4


I


Service & Parts Departments
Now Open
Lunch Time-Week Days Only


I ; ;;; : : ', 't :l i i e O~



:.; i n r i ra nt" .t,





f .IJ i I IIII IN I I I\ Il I 1 II i ... .
T* H|


TUESDAY, FEBRUARY 26, 2008, PAGE 7


THE TRIBUNE


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CI^kT`EMS







THE TRIBUNE,,,


PAGE 8, TUESDAY, FEBRUARY 26, 2008


L


The Very Rev. Patrick L. Adderley, Dean of
Christ Church Cathedral will officiate, assisted
by Father Michael D. Gittens.

Miss Higgs is survived by her parents, Gordon
and Octavia Higgs; one uncle Kingdon Higgs
and his family (Harbour Island); other relatives,
including Patricia Cash and family (Harbour
Island), Andrew Cash and family, Tom and
Alberta Campbell and family, Marcian Cash and
family (Florida), Eugene Higgs and family,
Claudette Lowe and family, Ron Clark, Don
Clark and family, many dear friends, especially
Penny and Bill Hogg, Ian and Ann Lever, Brian
and Tonya Russell, Freda Hall, Phyllis Knowles,
Rosemary Hanna,'Nurses N.N.O.W.,Clarice
Granger, members of Christ Church Cathedral
and Father Michael D. Gittens.

In lieu of flowers, donations may be made to
the Cancer Society of The Bahamas, P.O.BOX
SS 6539, Nassau, in memory of Miss Veronica
L. Higgs.

Arrangements by Kemp's Funeral Home Limited,
22 Palmdale Avenue, Nassau, N.P., The
Tn is *' i b:; '
Baharmas.











j :





,












GEORGE ADDINGTON
WHITE, M.D.

13th November, 1931
26th February, 2007

Tribute on the First Anniversary
Of the passing of
.GEORGE ADDINGTON WHITE
"Large was his bounty, and his soul sincere,
Heaven did a recompense as largely send:
He gave to Misery all he had, a tear,
He gained from Heaven (twas all he wished) a friend.
"No farther seek his merits to disclose,
Or draw his frailties from their dread abode
(There they alike in trembling hope repose),
The bosom of his Father and his God."
THOMAS GRAY "Eley Written in a Country Churchyard"
REMEMBERED WITH LOVE AND ALWAYS
IN OUR MEMORIES
Your loving wife, Michelle; children, Andre,
Gregg, Carla and Monique; grandchildren,
Tristan, Angelique, Jessica and Brent; sister,
Alicia White; brother, Lewis White, other family
members and many friends.


National Drug Council says


the need for its month of


KEMP'S FUNERAL HOME LIMITED
22 Palmdale Avenue, Palmdale
Nassau, N.P., The Bahamas



MISS VERONICA L. HIGGS


is greater
school assembly talks fit into a grand
scheme of more "structured" drug pre-
vention action on behalf of the council.
In 2004, the organisation implement-
ed a "Drug Free Schools" pilot pro-
gramme in several schools across Nas-
sau.
"We are moving now to some initia-
tives that we feel have some structure
and some things that we can evaluate in a
very scientific manner," said Mr Williams.
Meanwhile, in conjunction with the
ministry of education they have also had
input into curriculum review efforts.
"We've found that the school system is
already so filled with a whole host of
activities, and their focus is on improving
the grades (so) it's very difficult to put in
place the consistent programme that we
originally envisaged," explained the pro-
ject coordinator.
For this reason, the council aspires to
having drug prevention classes included in
the curriculum so that they "can attain
some of the consistency" that they desire
in getting the "Say no to drugs" message
to children, and in providing them with
"positive alternative activities to engage
in."


PM tables first


mid-term budget


report in House

FROM page one

economic context of the fiscal period, the articulation of the
government's expenditure plans and programmes for the fis-
cal year, and with the issues relative to the raising of necessary
revenue and finances for the budget.
"The performance review which takes place during that
process is not the primary focus and is therefore overshad-
owed by the attention given to the plans for the upcoming
year. In short, one might say that little attention is paid to the
performance of the government in the current year because
the main focus is-on the next year,"'he said. :'' :
On the other hand, the mid-year budget statement is more
concerned with how the current fiscal budget is actually per-
forming in relation to the plans and projections put forward
as the government's "goals and objectives" during the initial
budget communication, Mr Ingraham added.
"It is specifically an opportunity for Ministers to report to
Parliament and the Bahamian people on the progress they are
making on the programmes established for their portfolios in
the current fiscal year, to determine its adequacy and to
make the case for any additional expenditure which may be
required. The documentation being circulated with this State-
ment contains the necessary information for this reporting
process.
"The documentation shows the progress of expenditure
on Recurrent and Capital Expenditure and on Recurrent
Revenues. The information is therefore, being laid before this
Honourable House to enable it to query all aspects of the
management of the public finances, and to question ministers
thereon. Thus, this opportunity is specifically structured for
Parliamentary review of the performance of the Budget mid-
way during the fiscal period," he said.
Mr Ingraham said that this mid-year budget statement
therefore adds an "important element of accountability" to
the Budget process, where the Government is "obliged to
review" the progress it has made in relation to its previously
stated objectives mid-way in the fiscal year.
"My Government is honoured to have had the opportuni-
ty of introducing this new landmark in strengthening our
parliamentary process and making government more account-
able to the people," the prime minister said.


KEMP'S FUNERAL HOME LIMITED
22 Palmdale Avenue, Palmdale
Nassau, N.P., The Bahamas



HUGH JOHN ARTHUR
COTTIS, 77


Wi J


than ever,
Through their "Trainer of Trainers,
programme, the organisation claims to '
have provided 1,850 individuals with the 0,
wherewithal to deliver drug education, a(,
feat which has allowed them to have a
greater impact in the far-flung family
islands, including Mayaguana, Eleuthera
and Acklins.
"We trained a host of community resi-
dents as well as students in about 11 com-',
munities so far throughout the
Bahamas...they know the islands better
than we do, so we're trying to put them in
a position to effectively deal with drug
prevention issues."
Evidence from the most recent data
available a 2003 survey showed bur-
geoning drug use among children in pri-.
mary school, said Mr Williams, leading
the council to start working with children
in grade four upwards.
However, male teenagers of high-'
school leaving age are still the demo-
graphic most likely to fall into drug use,
Mr Williams noted.
The 18th annual National Drug Coun-
cil exhibition will take place March 10th
to 15th at the Mall at Marathon from
10am to 8pm.


PMH 'lock-down' after shooting
FROM page one
While police reported that no one was injured during the shooting,
Chief Hospital Administrator Coralie Adderley in statement yesterday
indicated that more persons had in fact been treated in connection with.
the stabbing and shooting incident.
"All persons injured in the incident who came to the Accident and
Emergency Department were later treated and released," she said.
Police reported only that the Lincoln Navigator vehicle of the 34-
year-old man and the woman relative was damaged.
Mrs Adderley said that as a result of the incident, and pending
investigations by the police, the hospital has executed additional secu-
rity measures to ensure the safety and well-being of all patients and staff
at PMH.
"Management wishes to ensure the public that the incident did not
affect any services at the hospital at the time," she said.
Asst Supt Evans said that police have launched an "intensive inves-
tigation" into the matter.
The last time PMH issued a hospital-wide lock-down was in Novem-
ber last year,.when two gunshot victims were admitted after what
police speculated were connected incidents in the Hay Street area.


FROM page one
rest in nearby bushes.
. Daron Pyfrom, 31, of Rock
Sound, Eleuthera, was
arraigned in connection with
Mrs Cates' murder last year.
Court dockets now state that
Taylor and Pyfrom, being con-
cerned together on Sunday,
October 7, while at Rock
Sound, Eleuthera, caused the
death of Mrs Cates.
It is also alleged that the two
being concerned together while


Second man

armed with a knife broke into
Mrs Cates home at Williams
Lane and also robbed her of her -
2000 Isuzu Rodeo. Taylor
pleaded not guilty to the house-,
breaking charge yesterday. He.
was not required to plead to the,
murder and armed robbery,
charges. He was remanded to;
Her Majesty's Prison. The case
was adjourned to April 1, 2, 3.:
and 4 on Eleuthera.


Man wanted for almost

two years appears in court
FROM page one
gor, 24.
Taylor was escorted into a packed courtroom yesterday afternoon
shortly before 5 pm. Chief Magistrate Gomez, who presided over the'
arraignment apologized to the court for his late arrival citing that he had
had a doctor's appointment scheduled for 2 pm.
Court dockets state that Taylor on Thursday, May 18, 2006, inten-
tionally caused the death of Eric McGregor.
According to reports, McGregor was shot twice in the chest while
outside the Pond Laundromat on Carmichael Road. Taylor who had:
been wanted by police since the incident reportedly turned himself into
police last week.
Taylor, who is represented by attorney Murrio Ducille, was not
required to plead to the murder charge and was remanded to Her
Majesty's Prison. The case was adjourned to March 11 and trans-
ferred to Court 11, Nassau Street.


activities i

FROM page one

as well as a drug prevention-related exhi-
bition.
At a press conference at the National
Drug Council headquarters in Victoria
Gardens yesterday, Marvin Hepburn, a
senior drug educator, told The Tribune
that drug prevention education should
"take precedence over all other social
issues at this time," particularly in light of
the impact of the proliferation of drugs on
our crime situation, and the effect that
can have on our image as a tourist desti-
nation.
He added that in previous years the
23-year-old council's activities have found
very "receptive" audiences. The basket-
ball tournament is intended to allow par-
ticipants from centres, such as the Dean-
ery, as well as alcoholics and nartcotics
anonymous to appreciate that despite
being formerly or currently afflicted by
drug addiction or abuse, "there are
avenues you can take, and possibly get
you on your way back to recovery."
Finance officer and project co-ordina-
tor Paul Williams spoke of how the sched-
uled seminars, rallies, church services and


of Blair Estates,
Nassau, The
Bahamas, who died
at her home on
23rd February,
2008, will be held
at Christ Church
Cathedral, George
Street, Nassau on
Thursday, 28th
February, 2008 at
3:00 p.m.


- ^v'-


of Dundas Town, Abaco and formerly of
Essex, England, Long Island and Exuma,
will be held at 3p.m. on Saturday, 1 March,
2008 at the Marsh Harbour Gospel Chapel.

Officiating will be the Rev. Charles
Sweeting.


I ___j


,1


In une)lflfA






TUESDAY, FEBRUARY 26, 2008, PAGE 9


6 In brief


Kenya

opposition

announces

nationwide,

peaceful

rallies


A LOCAL bus drives around Nairo-
bi, Kenya, yesterday. Kenya's war-
ring political parties resumed their
lengthy and often bitter negotia-
tions yesterday to try to end a dis-
pute over presidential elections that
sparked nationwide violence.
SNAIROBI, Kenya

Kenya's opposition accused
the government of backing
away from plans to share power
after a deeply flawed presiden-
tial election and called for
nationwide protests, raising
fears of new violence, according
to the Associated Press.
The two sides are engaged in
lengthy and often bitter negoti-
ations to end the deadlock over
th ? Dec. 27 vote, which the
opposition says was stolen.
Widespread fighting that killed
more than 1,000 people in the
weeks after the election has
largely subsided, but this once-
stable African country remains
on edge.
JThe opposition Orange
Democratic Movement filed
notice Monday giving police the
required three days' notice for a
gathering planned Thursday.
Past protests have descended
into violence as police forced
back crowds.
The party already had threat-
ened mass protests if a deal is
not reached by Wednesday, and
Monday's filing was a clear sign
its officials 'believe the talks
could falter.
A power-sharing deal
between President Mwai Kiba-
kiiand opposition leader Raila
Odinga seemed imminent last
week, but the breakthrough
never came.
'On Monday, opposition
negotiator William Ruto
accused the government side of
"Changing their mind over shar-
ing power." He declined to offer
further details. Government
negotiator Mutula Kilonzo
d nied any change in position.
-"This is not correct at all,"
Kilonzo told The Associated
Press, adding: "They thought
this was a picnic where they
would walk in and take over the
government."
*Kibaki was declared winner
of he presidential vote, giving
him a second five-year term,
after Odinga's lead evaporated
overnight. International and
local election monitors have
said the results of the vote were
manipulated, making it unclear
who won.
Negotiators for Kibaki and
Odinga have agreed in principle
to create a new prime minister's
post for the opposition, but are
divided over just how much
power such a post would carry.
On Monday, police fired tear
gas at about 50'women from
Odinga's Orange Democratic
Movement who were protest-
ing in front of city hall without a
permit. The women were chal-
lenging the government's
removal of a Nairobi mayoral
candidate because of an alleged
conflict of interest. City may-
ors are not elected directly in
Kenya, and municipal councils
across the country were choos-
ing among candidates Monday.
City police chief Tito Kilonzi
said the demonstration was ille-
gal because protesters did not
give 72 hours notice. The pro-
testers dispersed soon after
police lobbed tear gas into the
crowd, and Kilonzi said no one
was inji "ed.
On S iday. police said eight
houses cre burned in a village
near th western town of Molo
ai ;n apparent clash between
val ethnic groups. Two peo-
'le a father and son were
taken to a hospital with injuries,
a local police official said on
condition of anonymity because
he was not an authorized
spokesman.
Much of the postelection vio-
lence has been ethnic, between
supporters of Kibaki a
Kikuyu and western groups.
who rally to Odinga a Luo.


CHAVEZ DENIES DIRECTLY SUPPORTING 'INSURGENT FORCES'




In Venezuela, Colombia's leftist rebels



receive arms, food and medical care


* By FABIOLA SANCHEZ
and FRANK BAJAK
EL CRUCE, Venezuela

Leftist rebels fighting Colom-
bia's U.S.-backed military have
increasingly found refuge in
Venezuela, where they get
weapons, food, medical treat-
ment and a smuggling route for
the cocaine that keeps them
afloat, according to the Associ-
ated Press.
Former rebels, local citizens
and U.S. and Colombian offi-
cials told The Associated Press
that hundreds or even thou-
sands of Colombian insurgents
are in Venezuela at any given
time.
Venezuelan President Hugo
Chavez, who last month pub-
licly recognized the rebels as
"insurgent forces," denies
directly supporting them. He
blames Colombia for failing to
police their 1,370-mile border.
But former rebels say the two
main Colombian rebel groups,
the Revolutionary Armed
Forces of Colombia, or FARC,
and the National Liberation
Army, or ELN, buy protection
from high-ranking Venezuelan
National Guard and army offi-
cers, with whom they often also
share a leftist ideology.
"Venezuela's army helps the
guerrillas a lot," said Antonio,
who spent 13 years with the
FARC. Now an informant for
Colombia's military, he asked
that his last name be omitted
to protect relatives from
reprisals.
Antonio was among two
FARC and four ELN deserters
interviewed by AP who said
they moved freely across the
frontier, a tangle of thick jungle,
wild rivers and rugged moun-
tains.
Well inside Venezuela,
Colombian insurgents rest,
train, buy arms and uniforms,
recover from wounds and
process cocaine, according to
the rebel deserters, Venezue-
lan opposition politicians and
Colombian officials.
Some top rebel commanders
even raise families and educate
their children in Venezuela,
deserters told AP.
Colombian rebels were buy-
ing weapons and seeking refuge
in Venezuela long before
Chavez came to power in 1999.
But border zone residents say
their presence and influence
have grown under Venezuela's
leftist leader, principally in the
states of Zulia, Tachira, Apure
and Chavez's home state of
Barinas.
Inside Colombia, the rebel
forces have been seriously
weakened by a Colombian mil-


b:41


'-1


A WOMAN prays in a church in Juaquin de Navay, near Venezuela's
border with Colombia, on January 30.


itary fortified by U.S. training,
weapons, satellite intelligence
and communications intercepts.
Venezuela's safe haven has
helped to keep their insurgen-
cies alive, particularly because it
enables the rebels to extract
tons of Colombian cocaine for
unhindered shipment to the
United States and Europe,
according to U.S. and Colom-
bian officials, who spoke on
condition of anonymity because
they said they didn't want to
provoke Chavez.
Recuperation

In the dusty Zulia village of
El Cruce, Venezuelan soldiers
maintain nearby checkpoints
but cede control of the town to
Colombian rebels, residents say.
Venezuelan officers also ferry
rebels around in their vehicles,
the deserters said.
"They are protected by a
cloak that nobody touches,"
said Teofilo Duran, a Chavez
foe who is mayor of the El
Cruce district.
Roman, who quit FARC in
January, said he broke his left
thigh bone last year and had it
repaired at the municipal hos-
pital in Guasdualito, a town in
Apure.
He said FARC paid for the
operation and his monthlong
recuperation at a private resi-
dence with seven other guerril-
las.
"I was the only one who was-
n't there for bullet wounds," he
said. Roman, too, would only
be identified by his first name.
No one interviewed by AP -
including retired Gen. Raul
Baduel, a former close ally who
recently split with Chavez -
alleged or provided evidence
that Chavez is personally
involved in sheltering or mili-
tarily backing Colombian
rebels.


But there is little doubt senior
rebel commanders have trav-
eled freely and even lived in
Venezuela. In December 2004,
Colombian agents kidnapped a
senior FARC official, Rodrigo
Granda, in Venezuela's capital,
Caracas.
Colombia freed Granda last
year at the request of President
Nicolas Sarkozy of France, who
is working for the release of
rebel hostage Ingrid Betan-
court, who holds dual Colom-
bian and French citizenship.
Granda is believed to again be
living in Venezuela.
Colombian officials say at
least two members of FARC's
seven-member secretariat -
Ivan Marquez and Timoleon
Jimenez live in Venezuela.
So do the top two ELN com-
manders, Nicolas Rodriguez
and Antonio Garcia, four ELN
deserters told AP, speaking
anonymously because they
inform for Colombia's military.
Chavez was asked directly by
AP in Guatemala last month
whether his government pro-
vided Colombian rebel leaders
with refuge.
"That subject is 'off.' I won't


A BOY takes a break from collecting manioc on his farm on the outskirts
of El Cruce, near Venezuela's border with Colombia, on February 1.


talk about it," he replied.
Casualties

FARC and ELN have long
bought weapons, ammunition
and uniforms in Venezuela, the
deserters said. But Chavez's
recent wave of arms purchases
has Colombian officials worried
that rebels could use them to
make up for reported ammuni-
tion shortages.
They are especially fearful
that some of the 5,000 Dra-
gunov sniper rifles that
Venezuela plans to buy from
Russia could end up in rebel
hands, leading to higher casual-
ties among Colombian soldiers.
"If narcotics are crossing the
border and I think most
everyone agrees that they are
- then it is only logical to
assume that ammunition, arms,
etc. may be crossing as well,"
the U.S. ambassador to Colom-
bia, William Brownfield, told
AP.
Venezuelan security forces
"know of the major cocaine-
processing labs but don't both-
er them at all," said Antonio,
who said he had led a FARC


unit given the task of smuggling
partially refined cocaine from
Colombia into Venezuela. The
world's cheapest cocaine is
processed across the border
from El Cruce in Colombia's
Catatumbo region, using cheap
Venezuelan gasoline, U.S. and
Colombian anti-drug and mili-
tary officials say.
Several El Cruce residents,
speaking on condition of
anonymity out of fear, said dis-
proportionately large quantities
of food, gasoline and cement -
the latter two used in converting
coca leaves into cocaine -
move through the region
toward the hills on the Colom-
bian frontier where guerrilla
camps are located.
AP journalists saw smugglers
on motorcycles, heading toward
Colombia shouldering back-
packs laden with gasoline-filled
plastic containers.
In the border hamlet of
Simon Bolivar, council presi-
dent Juan Carlos Maldonado
said rebels pass through fre-
quently. "Their problem isn't
the Venezuelan government,"
he said. "Their problem is the
Colombian government."


THE TRIBUNE


IN A ATERNATIOANWS


MEMORIAL SERVICE



Vincent Yelverton



D'Aguilar

Born: 25 December 1932
Died: 18 February, 2008

























Memorial service will be held on


Wednesday, 27 February 2008


at 4pm


St. Francis Xavier Cathedral,


West Street ,
Nassau Bahamas



In lieu of flowers, please make donations to
Cancer Society of the Bahamas
and/or
National Art Gallery of the Bahamas


A Memorial Tribute to




4 4





c0m. A





Anthony Woodside Smith
Born: February 5th, 1975
Died: February 26th, 2007

It has been one sad year since you left
us, without even a goodbye. But each
day I count as a blessing from God,
giving a son like you to me. God's
loving grace has kept the family
through. Sleep on son-in-law, I am
missing you so much, I am counting
the (lays until we meet again.


Love always Selena mother, sisters
Grace, Ann, Joy, Samantha, brothers
Andrew and Michael brothers-in-law
Geno, Kevin, lan; sister-in-law Brea.
Nephews Joe, Mark, Tye and Joshlua
and neices, Selena and Asia


----







PAGE 10, TUESDAY, FEBRUARY 26, 2008 THE TRIBUNE


1. Children ages 4-5, 6-8, and 9-10. Staff members and relatives are not eligible to enter.
2. Coloring may be done with crayons and other decorations. Adults or older child may assist the child in filling out the entry form, BUT NOT IN
COLORING THE ENTRY
3. Enter as much times as you wish. All entries must be in The Tribune by 4pm on Friday, March 14. Winners will be announced Thursday, March 20,
2008. Look for your names in The Tribune or listen to 100JAMZ / JOY FM or COOL FM to hear your name.
4. There will be one first-prize winner, one second-prize winner and one third-prize winner in each age groups.
5. All entries become the property of The Tribune and may be used for any purpose including, but not limited to, publication in a future issue.


"NO POTOCPIES USENEWSAPERADONY"


Child's Name:


Parent/Guardian Signature


64


&0 lkYL


Age:


Custom Made
Easter
Baskets

,Ar2d |n
fro 20#0OWBO


Address:


-4; ii
r/
iQr, Q L


Tel:


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PAGE 10, TUESDAY, FEBRUARY 26, 2008


THE TRIBUNE


MMM


--------








THE TRIBUNETUESDAY, FEBRUARY 26, 2008, PAGE 11


INTERATIOALNE


GLOBAL WARMING


United Nations climate chief


welcomes, questions US


statement on internationally


binding emissions cuts
* By CHARLES J. HANLEY
NEW YORK ,, T ..d l .. *o-,+..d


The United Nations climate
chief yesterday welcomed
statements by Bush adminis-
tration officials that the Unit-
ed States would accept a bind-
ing international commitment
to reduce global-warming gas-
es, according to the Associated
Press. But he said their insis-
tence that China and other
developing nations do the
same "is not realistic."
"If it's a quid pro quo, then
it's a nonstarter," said Yvo de
Boer, executive secretary of
the Bonn-based U.N. climate
secretariat.
The United States is the
only major industrial nation
to reject the U.N. climate
treaty's Kyoto Protocol, which
requires 37 nations to reduce
greenhouse-gas emissions by
an average 5 percent by 2012.
Instead, the Bush adminis-
tration has called for volun-
tary reductions by U.S. indus-
try and generally has discussed
only national-level commit-
ments, via legislation on vehi-
cle fuel efficiency, for exam-
ple, rather than accept the
idea of international treaty
obligations.
On Monday, the White
House's deputy national secu-
rity adviser for international
economic affairs, meeting with
reporters in Paris, indicated
Washington would take on
such a treaty obligation but
with a major condition.
"The U.S. is prepared to
enter into binding interna-
tional obligations to reduce
greenhouse gases as part of a
global agreement in which all
major economies similarly
undert il"d binding interna-
tional obligations," said
%, "*


--lne U3 is pIrepare-U to un trcjIiL J.
binding international obligations
to reduce greenhouse gases as part
of a global agreement in which all
major economies similarly
undertake binding international
obligations."

Daniel Price


Daniel Price, according to a
BBC report.
"Major economies" refers
to the 17 largest emitters of
carbon dioxide and other
greenhouse gases, led by the
United States and China.
China, India, Brazil and oth-
er poorer nations, some with
fast-growing economies, were
exempted from Kyoto's oblig-
ations in order to allow them
to develop and lift more of
their people out of poverty.
They resist taking on such
commitments after 2012,
pointing to richer nations' his-
torical responsibility for the
atmosphere's carbon dioxide
overload, and the fact that
their per-capita emissions are
mere fractions of U.S. per-
capita figures.
But China is now surpass-
ing the U.S. in total carbon
dioxide output, and Price,
accompanied by James Con-
naugton, the chief White
House environmental advis-
er, said such big emitters must
commit to cutbacks with the
U.S. "An effective framework
requires the. participation of
all major economies, devel-
oped and developing alike,"
he was quoted as saying.


De Boer told The Associ-
ated Press that U.S. talk of
internationally binding targets
for emissions reductions was
"great." But he saw problems
in what Price said otherwise.
"If the intent is to achieve a
comparable effort on the part
of developing countries, then
that is not realistic and not in
line with what was agreed in
Bali," de Boer said.
At December's annual U.N.
climate conference in Bali,
Indonesia, the world's nations
agreed on a two-year negoti-
ating timetable for reaching
an agreement to succeed
Kyoto after 2012, and the big
developing nations did not say
they would accept interna-
tional obligations to cut emis-
sions. Other nations expect
the new U.S. administration
taking office next January -
whether Democratic or
Republican to be more
accepting of a Kyoto-like
agreement.
The Bush administration,
meanwhile, has been con-
ducting a series of meetings
with the 16 other "major
economies" to discuss possi-
ble national plans for reducing
emissions.


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TUESDAY, FEBRUARY 26, 2008, PAGE 11


- THE TRIBUNE


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THE TRIBUNE


PAGE 12, TUESDAY, FEBRUARY 26,2008


IT'S TIME...

for Pension Reform.


With the election now behind us, there is an urgent need for the Government
to deal with one of the biggest challenges this country will face in the next
20 years Pension Reform. With our aging population it's an issue that
can no longer be overlooked.


At CFAL it is our sincere hope that
adequate provision for the elderly not
gT|N ~only becomes a matter of intelligent
discussion during the election but tops
the legislative agenda when the new Government is formed. Governments
around the world faced with demographic issues are seeking ways to
bridge the gap between state plan provision (in our case the National
Insurance Board, which is declining due to currently unsustainable levels)
and the "necessary" level of income required for retirement. With a lack
of mandatory pension plans or saving plans, the prime responsibility for
the shortfall will inevitably pass to the Government and by extension all
Bahamian citizens. The aging population is like a Category 5 hurricane
which we know is slowly approaching. If we continue to ignore it, there will
be perilous consequences.

Many of our Caribbean neighbours have taken heed and battened down
in preparation for the storm. We have seen developed countries heed the
disaster warnings, so why is it that we are not preparing for the up-coming
storm? Individually some of us are preparing for the-pending storm but
the vast majority of Bahamians have not. To this end we believe it is
incumbent upon our leaders to address this challenge head on to reduce
the burden we will place upon ourkids and ourselves in the future.

CFAL has often written on this all too important topic. Our message, and
those of others, has fallen on the deaf ears of successive governments.
We can only surmise there is a clear and unacceptable lack of long range
planning by our Governments, for if successive governments engaged in
any long-term planning, this simmering issue would not be on the table.
Perhaps those drafting the legislation are clearly out of their depth or
comfort zone with this crucial matter; or perhaps they have not received
the necessary funding to engage the services of experts who can help; or
perhaps, most concerning, the political will and foresight just does not
exist with of our elected officials.

Past failure to regulate the pension industry may have been sidelined due
to the actuarial funding deficiencies of National Insurance. It is likely
that our politicians equate any reforms to secure this transfer of payments
programme with ard iHevitable requirementt to impose an increase to the NIB
"tax". Could it be that our politicians are afraid to provide the necessary
leadership in fear of jeopardizing their political career? Leadership is not
for the faint at heart. But leadership is what we should expect and demand
of our elected officials. We need leaders who possess the political strength
to demonstrate how reform is in the best interest for all Bahamians both
now and in the future. Whatever the reasons for the political inertia that
exists in the country for pension reform, we can no longer afford to delay.


S ON EFP ORM


There are several major
drivers for pension
legislation and reform:


1. REGULATORY OVERSIGHT I With more than $800 million in pension
assets there is a need for a regulating body and standards for the existing
pension plans currently administered to provide consistent professional
practices and protection for retiree benefits. As a first step we recommend
that immediate oversight for pensions be placed under the Securities
Commission of the Bahamas (SCB) while legislation is developed for the
implementation of the "Super" regulator. The SCB has the infrastructure to
provide oversight or certainly can add the requisite staff instead of creating
another Government department.

Regulatory oversight does not mean an over zealous administrative
Government arm with the "right" to "make up their own rules" without
any regards for the practicality of their decisions. In banking, the Central
Bank provides professional oversight; in Insurance we have the Registrar
of Insurance and in Brokerage and Investment Management we have the
Securities Commission. At CFAL we govern ourselves by international best
practices as do the vast majority of financial institutions in The Bahamas.
The point is there are both private and public sector regulatory requirements
and expectations for most areas of finance. With more than $800 million
in pension assets we believe it is a time that a responsible body begins to
provide the same level of governance that exists in other financial areas.

2. CONCERNS OVER NIB FUNDING I According to the latest actuarial
review, NIB is likely to become insolvent by the year 2027 unless measures
are taken to increase NIB contributions and "soft taxes", or to reduce or
completely eradicate benefits; and this does not take into account the
recently announced National Health Initiative which, despite the changes


to employer contribution ("social security tax") is likely to further exacerbate
this problem in coming years.

Continued delays in addressing the actuarial funding of NIB will only result
in greater future hardships of even higher "taxes" in later years. CFAL
research suggests that within 15-20 years our "social" tax could be as
high as 15-20% of employee salaries.

3. A NEED FOR PRIVATE SAVINGS I The Government must acknowledge
the need to shift the onus of pensions from a state obligation to a
responsibility of employers and individuals themselves. We have long
suggested -to no avail --the need to reform the current National Insurance
Plan relating to pension benefits, funding and investment.

4. ADAPTATION TO SOCIO-ECONOMIC CHANGES I Today's children are
taking less responsibility for the well-being of their parents and grandparents
than was the case during most of the twentieth century.

This trend has caused governments around the world to recognize the
growing need to encourage retirement savings in some form from a young
age, so that future generations of retirees will not overburden the state's
finances. They see this best being achieved by employer sponsored and
individual arrangements. Such arrangements are already prevalent in the
region with the defined benefit approach being the most common method
for employers to deliver pensions. Interestingly (and unlike other parts of
the world), to date there has been gradual shift in the direction of defined
contribution alternatives.

5. LONGER LIFE EXPECTANCY AND SPIRALING COSTS I People are
living longer causing medical costs to increase along with the general cost
of living, thus eroding even the savings of the prudent few. The fact of
the matter is that without adequate funding and education programmes to
encourage savings and financial planning, future generations will simply
not have sufficient assets to provide for themselves.

Across the world, there is concern about ageing populations and changing
social attitudes. Family support can no longer be counted on as the
principal means of social security in retirement. There is an appreciation
that public social security systems cannot provide a comprehensive solution
to retirement income either and so many governments are now actively
pursuing pension reform.


P EFORAs a first step we propose
that our leaders implement
df I without delay pension
legislation to address the
already $800 million in pension assets in The Bahamas with initial oversight
coming from the Securities Commission of the Bahamas. Subsequently, a
properly structured plan should be developed and guided by international
regulations and should include:

an independent regulatory body;
private sector professional minimal conduct standards;
investment guiding principals;
restricted access to retirement funds until retirement;
independent trustees;
segregated investment accounts;
access to foreign markets;
independent accounting;
liability insurance; and
mechanisms for restitution.

At CFAL we believe in good governance and effective supervision to protect
the rights of pension plan members. As a company our goal is to deliver
adequate pensions in retirement to those members who have completed
a full working career. The goal of the Government should be no different
in principle: to introduce legislation that specifically focuses on pensions
and replaces the piecemeal mixture of insurance and trust legislation that
peripherally regulates pensions. Without such change we are heading for
the eye of the storm that may reduce our country to a social basket case
and leave in its wake an exodus of our citizens to other countries in order
to provide for their families as in the old "contract" days.

We urge all Bahamians to demand debate on this issue during the election
and hold our elected officials accountable for delivery of Pension Reform
when the new Government is formed.


CFA L"












TRIBUNE


TUESDAY, FEBRUARY 26, 2008


Fleming's path Banks likely to target
A _- 0 0


to acquiring


Hayward Port


stake cleared


Justice Allen lifts
sale injunction

that the St George estate had
consented to the sale through
the 'open offer' it "made to
resolve the dispute last week.
Andre Feldman, one of the
attorneys for the Hayward side
and their co-defendants, told
The Tribune last night: "The
ex-parte injunction which was
put in place in August of last
year has been set aside by Jus-
tice Anita Allen, with costs to
be paid to Seashells, the invest-
ment vehicle for the Hayward
family trusts.
"This was the injunction the
estate got to stop the Haywards
selling their shares to the Flem-
ings."
Mr Feldman explained that
Justice Allen cited as grounds
for removing the injunction the

SEE page 8B


* By NEIL HARTNELL
Tribune Business Editor
SIR JACK Hayward's family
trusts were yesterday cleared to
proceed with the sale of their
50 per cent Grand Bahama Port
Authority (GBPA) stake to
Fleming Family & Partners,
after winning a key courtroom
victory over the late Edward St
George's estate.
Fleming is now set to submit
its application to the Govern-
ment for approval of its acqui-
sition of the Hayward family's
GBPA and Port Group Ltd
shares, a move that transforms
the status quo in the Port own-
ership battle and could possi-
bly be a major first step on the
road to resolving the dispute.
Justice Anita Allen set aside
the injunction the St George
estate obtained last August to
prevent the Hayward family
trusts and their investment vehi-
cle, Seashells Investments, from
selling their GBPA and Port
Group shares, on the grounds


* By NEIL HARTNELL
Tribune Business Editor

Bahamian com-
mercial banks
may look increas-
ingly to securiti-
sations and other
financing forms to alleviate any
liquidity shortages, a senior
banking executive told The Tri-
bune yesterday, as this would
enable better matching of capi-
tal funding with long-term loans.
Paul McWeeney, Bank of the
Bahanmas International's man-
aging director, said the "sus-
tained systemic challenges" he
had referred to in unveiling the
bank's half-year results to
December 31, 2007, related to
system liquidity, which was still
"not at optimum level".
While liquidity pressures had
eased slightly moving into the
New Year, Mr McWeeney say-
ing the last data he had seen
indicated it was around $184
million at January-end, there
were indications that some
banks still had challenges in
accessing enough surplus assets
for onward lending purposes.
As a result, Mr McWeeney
said that to mitigate the "liq-


-term financing


With system liquidity still 'not at optimum level', institutions set to increasingly
look at securitisation to better access capital and match loan books


uidity risk" they faced, Bahami-
an commercial banks were like-
ly to exploit their generally
strong balance sheets and
"sound credit risk base" to
launch new and innovative ways
for accessing long-term capital
funding.
Commercial banks, he added,
"tend to borrow short and lend
long", and with the competition
for liquid assets having pushed
deposit rates as high as seven
per cent in some cases in the
December-January period,
some depositors had been hap-
py to lock-in those rates for
three years.
Mr McWeeney said of the sit-
uation: "It shows the need for
banks to introduce the type of
funding mechanisms to mitigate
the liquidity risk.
"We have a fairly sound cred-
it risk base in the Bahamas, so
that lends itself to securitisation.
It provides a good basis for
securitisation as a way to bet-
ter fund and match loan books.
"I think that in the market-


place we may see more of that
[securitisation] taking place to
better access funding that is
more long-term."
Mr McWeeney said Bank of
the Bahamas International had
previously generated $20 mil-
lion in funding by issuing mort-
gage-backed bonds, as form of
securitisation. It had also done
the same with the student loan
portfolio.
Fidelity Bank (Bahamas) also
raised $15 million through a
bond issue, a form of debt
financing. All these issues have
much longer maturities than tra-
ditional bank deposits.
Mr McWeeney pointed out
that Bahamian banks' credit
fundamentals were much dif-
ferent to those of international
institutions that had run into,
trouble over the United States
sub-prime mortgage crash, as
this nation's banks focused on
cash flow rather than market
value of real estate.
Looking further ahead into
2008, Mr McWeeney said for-


eign direct investment projects
such as Baha Mar and Albany,
plus infrastructure works at
Lynden Pindling International
Airport (LPIA) and the New
Providence Road Improvement
Project "bodes well for
increased liquidity coming into
the system, but the point is not
to overheat the system once
again. It has to be tempered
growth".
The Bank of the Bahamas
International managing direc-
tor added: "The Bahamian
banking sector is liquidity sen-
sitive, not interest rate sensitive.
That's a characteristic of our
system. The external reserves
determine the extent of liquidi-
ty in the marketplace."
He explained that while the
Bahamas always required for-
eign currency to purchase essen-
tials such as food and oil, if
tourism and foreign direct
investment dropped off, the
external reserves would decline.
This, in turn, impacted sys-
tem liquidity,


Government 'very active' on 'Unsustainable' public loss-makers to

financial regulatory changes attract 48 per cent of extra spending


* By NEIC HARTWE_`T "--'--"We are moving along the
Tribune Business Editor lines of addressing issues in the
Bahamas where we believe
T H E these issues need to be
Bahamas has addressed.... We're actively
"a great num- examining the most recent
ber of changes report that emanated from the
or amend- CFATF, based on their review
ments" to two-plus years ago, and exam-
make to its ining whether clarity is needed
financial regu- in regulatory standards, or,
lations to keep whether changes are needed to
them in line these regulatory standards.
with interna- "We are moving actively to
tional stan- do what we need to do to
dards, the min- ensure the competitiveness as
ister of state for finance told well as the reputation of the
The Tribune, but such moves jurisdiction."
would seek to enhance both its Mr Laing said the issues
competitiveness and reputation. raised by the CFATF and
Zhivargo Laing said the Gov- FATF touched on the "integri-
ernment was "very active" in ty" of the Bahamian financial
moving to keep the Bahamas services industry, and "the abil-
and its financial services indus- ity of the sector to be competi-
try compliant with internation- tive".
al best regulatory practices, The minister added that
although many of the amend- recent regulatory amendments
ments were likely to involve brought to Parliament, which
clarifications rather than major gave the Central Bank of the
changes. Bahamas the power to regulate
"We are again, broadly money transmission businesses,
speaking, examining all of the which had been a weakness
standards that have been devel- identified in the CFATF report.
hoped in relation to internation- The CFATF's third mutual
al efforts to counter money evaluation'report on the
laundering and terror financ- Bahamas' anti-money launder-
ing," Mr Laing told The Tri- ing defences found that this
bune, "particularly as they nation was 'non-compliant' with
relate to the Financial Action regulatory standards relating to
Task Force and Caribbean wire transfers and correspon-
Financial Action Task Force. dent banking.
U UMM


* By NEIL HARTNELL Recurrent spending $75m below target, with revenue
Tribune Business Editor $53m off at government financial year's ha-way point
$53m off at government financial year's half-way point


PRIME Minister Hubert
Ingraham yesterday described
as an "unsustainable situation"
the fact that 48 per cent of an
extra $40 million in capital
spending it is seeking Parlia-
mentary approval for are subsi-
dies to Bahamasair and other
loss-making corporations, some-
thing he admitted starved other
"priority projects of funding".
Unveiling the Government's
fiscal 2007-2008 mid-term Bud-
get report, Mr Ingraham told
the House of Assembly that an
$22 million underspend chiefly


I


* Stamp duty, real property tax main reasons
for lagging government revenue
* Government sticks to deficit target


at the Ministry of Works and
Transport on capital expendi-
ture in the six months to
December 31, 2007, had given
his administration room to re-
allocate these funds to other
areas.
. However, of the $39.942 mil-
lion in supplementary capital
spending the Government was


"'I



II


What are

you doing

after work? 3


seeking legislative approval for,
$11.3 million was required by
Bahamasair for maintenance
and capital equipment pay-
ments.
Another $7.4 million was set
to be allocated to the Water &

SEE page 6B


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Civil society must 'step up to the plate'


OUR neighbours to the north are
currently engrossed in their 'political
season', as the major parties move
towards concluding their respective
nomination process ahead of Novem-
ber's presidential elections. For the
Republicans it will be Senator John
McCain and for the Democrats, it will
be either Senator Barak Obama or
Senator Hillary Clinton.
Last week. we had the PLP Con-
vention airing nightly on all three local
cable channels. There was absolutely
no escaping a myriad of political, social
and economic analysis concerning the
US and the Bahamas.
However, as it relates to the US, I
am deeply appreciative of that coun-
try's level of civil society development,
while lamenting the Bahamas' inherent
and fundamental weakness in this
regard.

Civil Society
The London School of Economics'
Centre for Civil Society defines civil
society as: "Civil society refers to the
arena of uncoerced collective action
around shared interests, purposes and
values.
In theory, its institutional forms are
distinct from those of the state, family
and market, though in practice the
boundaries between state, civil soci-


ety, family and market are often com-
plex, blurred and negotiated.
"Civil society commonly embraces
a diversity of spaces, actors and insti-
tutional forms, varying in their degree
of formality, autonomy and power.
Civil societies are often populated by
organizations such as registered chari-
ties, development non-governmental
organizations, community groups,
women's organizations, faith-based
organizations, professional associations,
trades unions, self-help groups, social
movements, business associations,
coalitions and advocacy groups."
Following this definition, one can
clearly see that there are many impor-
tant stakeholders in the Bahamas who
are simply not 'stepping up to the plate'
as it relates to helping shape public
policy in a meaningful way.

Default
One would have thought that some
34 years after independence we would
have made more progress in this
regard.
Rather than being embraced, the
few organizations that do exist are
often viewed with scepticism, and too
much energy is spent trying to figure
out their agenda as opposed to evalu-
ating the merits of their message.
Therefore, by default, the work nor-


I-a By Gi


mally contributed by civil society
organizations is left to the major polit-
ical parties, whose first obligation is to
put a 'political spin' on every issue. I
would argue that this does not provide
the robustness to policy formulation
that the country deserves.

Assessment
In March 2006, the Canadian Foun-
dation for the Americas hosted a con-
ference under the theme Civil Society
in the Promotion and Strengthening of
Democracy in the Americas: A Vision
for the Future. The conference report,
in its assessment of the current land-
scape in the Americas, made the fol-
lowing observation about political par-
ties:

Crisis of Political Parties
"Political parties are indispensable to
the workings of democratic gover-
nance, which relies on them to fulfill


the classic roles of recruiting candi-
dates for political office, structuring
public political support around identi-
fiable sets of policy programmes,
socioeconomic interests and values,
and forming government and legisla-
tive policy agreements.
"Unfortunately, political parties
throughout the region are in crisis. A
weak democratic culture and the com-
petition for the benefits associated with
the state have contributed to their fail-
ure to effectively articulate coherent
positions and respond to popular inter-
ests. Parties are charged, often cor-
rectly, with corruption, lack of trans-
parency, weak internal party democ-
racy, and the incapacity to promote
new leaders.
"Further, they are increasingly chal-
lenged by the complex social and polit-
ical transformations emerging as a
result of globalisation and structural
adjustment. Unable to present innov-
ative and responsive governance and
policy options, they are viewed with
widespread distrust, reinforcing divi-
sions and disillusionment instead of
fostering the informed dialogue and
representing citizens' interest needed
for further democratic consolidation."

Conclusion
Civil society organizations can con-


tribute in many important ways, such
as promoting dialogue, advancing con-
structive policy reform, consensus
building and harnessing technical
expertise, all of which serve to strength-
en values and structures critical to
democracy.
If you accept that political parties
are not perfect in their default role as
exclusive policy formulators, and you
further accept that there is a distinct
under-development of civil society
capacity in our society...why, then, are
we surprised by the current malaise
our society finds itself in?
Until next week...

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

The views expressed are those of
the author and does not necessarily
represent those of Colonial Group
International or any of its subsidiary
and/or affiliated companies. Please
direct any questions or comments to
rlgibson@atlantichouse. cor. bs


0OYAiii FliiTM]ARii'I .T i a


* By Royal Fidelity Capital
Markets

IT was a relatively quiet
week in the Bahamian stock
market, with only 31,918
shares changing hands. Seven
of the 19 listed companies
traded during the week, one
advancing, two declining and
four remaining unchanged.
Doctors Hospital Health
Systems (DHS) had another
active week, being volume


leader with 23,000 shares
changing hands and account-
ing for 72 per cent of total
shares traded. With the activi-
ty, DHS share price remained
unchanged, closing the week
out at $2.45.
CWCO was the sole
advancer in the week, with its
share price climbing by $0.07
to close the week out at $4.55.
The loss leader for the week
was Commonwealth Bank
(CBL), which continued its


downward trend, declining by
$0.32 on a volume of 1,911
shares to close the week out at
$7.50.
The FINDEX declined by
seven points or 0.75 per cent,
week-over-week, to close at
922.66. Year-to-date the
FINDEX is down by 3.08 per
cent.

COMPANY NEWS
Earnings Releases:
THERE were no earnings


releases from any of the listed
companies during the week.

INVESTOR CORNER
Continuing our discussion
of investment funds over the
last few weeks, this week we
will focus on two types of
funds hedge funds and funds
of funds.
We will also briefly look at a
recent phenomenon in the
investment fund industry, that
of an exchanged traded fund
(ETF).
Hedge funds are a variation
on the more common mutual
fund entity. They are typically
less regulated when compared
to a mutual fund and are only
extended tO a limited number
of accredited investors (high
net worth individuals or insti-
tutions).
Hedge funds typically invest
in more complex and riskier
investments when compared
to mutual funds, and tend to
employ strategies such as
short-selling to hedge invest-
ment bets.
Fund of funds (FoFs) invest
in other funds. Therefore,
their investments are com-
prised of other fund offerings.
FoFs can be of the mutual or
hedge fund variety, and are
typically set up to provide
investors with different asset
allocation models. FoFs can
be classified by management
style, that is active versus pas-
sively managed.
An exchange traded fund
(ETF) combines the charac-
teristics of a regular mutual
fund' and a closed-end fund.
An ETF usually tracks a stock
index or a basket of individual
securities, and trades on a
stock exchange just like
closed-end funds.
ETFs can invest in a variety
of investment vehicles, while
at the same time offer the
advantage of being liquid.


A prominent new car dealership
is seeking a general manager.


The ideal candidate will have
wide experience in the
automotive business as well as
good written and oral
communication skills.



Send resumes with references to:

Automotive GM
P.O. Box N-9240
Nassau, Bahamas


* CHADWICK JASON BOOKER

* ISLAND WIDE WHOLESALE
(MARGO BROWN)

* PAPA JOHN'S

* DILLIS FORBES

* FRANKLIN ADDERLEY

* BERTRAM BOWLEG

* ANTHONY WELLS

* JOSHUA HAEWARD

* SRILA HAWKINS

* KIRK BETHEL

* DONNA LIGHTBOURNE


Responsibilities:
- Create and organize vehicle sales activities
- Create and organize parts and service
operations
- Manage follow-up systems for existing
customers
- Cultivate new business
- Develop and implement company policies and
programmes
- Train and lead staff in a team environment
- Stay up-to-date in dealership technology
Requirements:
- 5+ years of experience in the automotive
industry
- Experience with Japanese automotive brands
- Strong leadership and management skills
- Superior communication and customer service
skills
- Account management and budgeting
experience
- Proficiency in computers


OWEN BURROWS

MICHAEL P. BUTLER

KENT KNOWLES

LOLITA TRECO

DAVID MAJOR

QUINTON MORRIS
SHELTON SMITH

RAPHALLATTA ROLE

GARTH SAWYER

* CHARLES FERGUSON

CECILE BONAMY

GRAHAM BRUCE


All rentals must be paid and items
removed no later than February 29th, 2008






stor-it-all -


The Bahamian Stock Market

FINDEX 922.66 YTD (3.08%)


BISX CLOSING CHANGE
SYMBOL PRICE


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


$1.73
$0.99
$9.61
$11.80
$14.60
$3.66
$12.70
$7.50
$3.14
$13.99
$4.55
$2.45
$7.79
$2.60
$0.74
$5.15
$13.00
$7.25
$12.30
$10.00


$-
'$-
$-
$-
$-
$-
$-
$-0.32
$-
$-
$0.07
$-0.01
$-
$-
$-
$
$-
$-
$_ "


VOLUME YTD PRICE
CHANGE


0
0
0
0
0
1,000
153
1,911
55
0
368
23,000
0
0
0
5,431
0
0
0
0


4.22%
16.47%
0.00%
0.00%
0.00%
0.00%
5.39%
-11.03%
-0.32%
-4.18%
-9.68%
4.26%
8.19%
-1.89%
-3.90%
-0.58%
0.39%
0.00%
11.82%
. 0.00%


DIVIDEND/AGM NOTES:
BBL has declared a special dividend of $0.02 per share, with
$0.01 already paid on December 31, 2007, and $0.01 being
payable on March 31, 2008, to all shareholders of record date
December 21, 2007.

CBL has declared a special dividend of $0.06 per share,
payable on April 30, 2008, to all shareholders of record date
April 15, 2008.

CWCB has declared a dividend of $0.013 per share, payable
on May 7, 2008, to all shareholders of record date March 31,
2008.

FAM has declared a dividend of $0.06 per share, payable on
February 25, 2008, to all shareholders of record date February
19, 2008.

FIN will hold its Annual General Meeting on March 13,
2008, at 6.30pm at the British Colonial Hilton, Bay Street, Nas-
sau, Bahamas.


To adveptise in The Nb__________



K~iB~iffI


I Automotive General Manager


The following persons are asked to contact

STOR-IT-ALL OF NASSAU, LIMITED
in connection with items left in storage:


Royal Island (Bahamas) Limited





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:

Superintendents
Project Engineers

We are currently seeking individuals to oversee the underground
infrastructure systems for Royal Island, and as such, we are looking for
dynamic individuals who posses strong leadership and communication
skills. Salary is commensurate with Experience and Education.

Interested persons should submit their resumes with cover letter to:

Harcourt Management Services Ltd.
P.O. Box N 1991
Nassau Bahamas

Fax to: (954) 745-4399

Or Email to:
aileen.miller@royalislandbahamas.com

Royal Island (Bahamas) Limited thanks all applicants for their
interest, however only those under consideration will be contacted.


PAGE 2B, TUESDAY, FEBRUARY 26, 2008


THE TRIBUNE









THEITRIBA


Up to 3,000 franchise




options for Bahamians


* By CARA BRENNEN-BETHEL
Tribune Business Reporter
THERE are between 2,500 -3,000 differ-
ent franchise opportunities worldwide avail-
able to Bahamians in more than 75 indus-
tries, it was revealed yesterday, meaning
there is untold potential for local entrepre-
neurs.
With more than 50 per cent of US busi-
nesses failing within their first year, and
only 20 per cent of the remaining companies
able to stay afloat for five years, owning a
franchise provides a wonderful way to tap
into an already-established market where
the risks have already been mitigated.
Speaking on the 'As to Zs of Franchising',
John Hayes, of Hayes Marketing Service,
explained that while most people think of
franchises as being food-related, there were


74 other industries where the model exists,
including janitorial services, spas, junk haul-
ing, business services, retail and fitness.
Additionally, he said there were oppor-
tunities to work from home or a large com-
mercial space, meaning there were varying
amounts of capital investments needed.
Proximity
Given the country's proximity to theUS
and the tremendous American presence
here, US brands are a natural fit because
they will be recognisable to tourist, Mr
Hayes said. He encouraged those persons
interested to do their research and be very
careful in selecting the business they would
be interested in entering.
Mr Hayes said it was important they were
fully aware of the terms of the franchise


and hire a lawyer and an accountant who
were familiar with the franchise process.
He also suggested that they speak with oth-
er owners about their relationship with the
licensee.
He also warned that for some people who
like to be in control, franchising is not for
them as they would have to abide by.strict
franchise guidelines.
Still, for persons whowant the benefits of
entrepreneurship with the support of a fran-
chisor, it was an excellent business model.
Mr Hayes also explained that the fran-
chisee would have to pay an initial fee,
along with royalty fees based on between 5-
15 per cent of all profits, which go back
into product development, research, train-
ing and franchise support.
Additionally, he said franchises con-
tribute to advertising fees.


* By CARA BRENNEN-
BETHEL
Tribune Business
Reporter
OPENING a franchise
should be one of the first
options considered by Bahami-
an entrepreneurs given the rel-
ative success they have enjoyed
in these ventures.
That was the message deliv-
ered by a two-day Franchising
Seminar and Expo jointly host-
ed by the US Embassy, the
Bahamas Chamber of Com-
merce, and the Bahamas Devel-
opment Bank (BDB) held yes-
terday.
Potential
According to Darren Cash,
the BDB's chairman, as the
Bahamas develops there are still
many potential opportunities
for Bahamians to receive eco-
nomic empowerment while hav-
ing a business safety net on
which to fall back on. "People
have a sense of comfort in the
familiar. Whenever they see a
brand that they recognize they
can identify it with the same


quality and standards, so there
are tremendous opportunity for
franchises," Mr Cash said.
He indicated the BDB's com-
mitment to providing assistance
for those persons who qualified
for franchising funding.
Minister of State for Finance,
Zhivargo Laing, said that he
was delighted the bank was
lending its support to the semi-
nar, because traditionally it had
not financed franchising
requests.
"Franchises afford people the
chance to realise their dreams
in one of the best proven busi-
ness models of success," he
added.
According to past Chamber
president Senator Tanya
Wright, every Bahamian should
aspire to business ownership.
Looking at the country's eco-
nomic outlook, she said it
demanded transformation.
"It cries out for it," she said,
encouraging participants to take
full advantage of the US-based
franchises who are in the coun-
try for the two-day event.
Dr Brent Hardt, charge d'af-
faires at the US embassy, said
franchising represented a vast


array of opportunities, and was
a proven business model. He
said the embassy was happy to
co- sponsor the event as a
means to help grow this coun-
try's economy.
Speaking
Also speaking at the event
were four Bahamian franchise
operators, who led a round
table discussion on the subject.
They included Scott Farrington
of Sun Tee Ltd/ EmbroidMe.
He said his partnership with
the EmbroidMe had given him
a portal to the world and
reduced operating costs,
because he had the purchasing
power of the franchisor, which
purchases in bulk for its fran-
chisees.
Chris Tsavoussis, who is the
master licensee for the newly-
opened Bennigans Restaurant,
which is owned by the fran-
chisee Chris Mortimer, and the
owner of the Wendy's franchise,
discussed the sometimes long
process to get a franchise.
Also speaking were Gershan
Major of the Mail Boxes Etc
chain in the Caribbean, and


Abaco Markets Limited, a leading food distribution company
with five retail and club outlets in New Providence, Freeport and
Marsh Harbor Abaco is seeking applicationsfor the position of:









THE JOB
To lead the company's program to Reduce Risk in the
area of: Inventory Control, Shrink, and Loss Prevention,
Risk Analysis, Safety and Security. The candidate will be
required to create, implement and manage Shrink and Loss
Prevention Programs ensuring that Training programs


and follow-up monitoring


is consistently


maintained.


REQUIREMENTS
* College Degree in a similar or related field
* A minimum of 5 years Experience in the area of Inventory
Controls
* Proficiency M/S suites
* A proven track record of success in the field desirable
* Possess strong leadership skills with excellent People and
Communication skills


Competitive compensation and benefit packages
(inclusive of incentive based bonuses)
Interested persons should send their resumes to
hr(abacomarkets.com


Keith Glinton who is the master
licensee for Esso/On The Run.
Mr Glinton said franchising
should be one of the first
options considered by Bahami-
ans given the support the brand
provides.
A number of brands were
represented at the Expo, includ-
ing Maggie Moo's, the Great
American Cookie Company,
Bill Blass, Pretzel Maker, Shoe
Box New York, and Waverly.


Mortgage Specialist

The successful candidate should possess the following
qualifications:
* ACIB or ABIFS degree in Banking or a related field
would be an asset
* 5 or more years banking experience
* Previous experience in portfolio and liability
administration would be an asset
Key Skills:
* Negotiating/selling
* Strong leadership and coaching
* Relationship building
* Impact & influence
SAbility to manage multiple priorities
* Demonstrated written and verbal communication
* Microsoft Office Proficiency
* Ability to make sound credit analysis
Responsibilities include:
* Contributing to meeting team sales plans by
acquiring and growing profitable client relationships
* Providing customized solutions and financial advice
designed to satisfy the client's long-term goals on
obtaining a mortgage
* Seeking out new clients by developing relationships
within the community and local centres of influence
* Enhancing the experience of existing clients by
providing accessibility and one-on-one advice and
valuable information on the intricacies of having a
mortgage
* Successfully anchoring clients with the appropriate
delivery channel within RBC Financial Group
A competitive compensation package (base salary &
bonus) will be commensurate with relevant experience
and qualifications.
Please apply before February 29, 2008 to:
Regional Manager
Human Resources
Caribbean Banking
RBC Royal Bank of Canada
Bahamas Regional Office
East Hill Street
P.O. Box N-7549
Nassau, N.P., Bahamas


Via fax: (242) 328-7145
Via email:bahcayjp@rbc.com


SCHOLARSHIP & EDUCATIONAL
LOAN DIVISION
MINISTRY OF EDUCATION, YOUTH, SPORTS & CULTURE



IMPORTANT NOTICE


2008 Application Forms for all Government of The
Bahamas Scholarship & Loan Programmes to pursue
post-secondary studies



ARE NOW AVAILABLE


SCHOLARSHIP/LOAN


ALL BAHAMAS MERIT SCHOLARSHIP
NATIONAL MERIT SCHOLARSHIP
NATIONAL ACADEMIC SCHOLARSHIP
NATIONAL TECHNICAL SCHOLARSHIP
NATIONAL GRANT
EDUCATION GUARANTEE LOAN FUND
PROGRAMME
GERACE RESEARCH CENTRE SCHOLARSHIP

FINANCIAL COMMUNITY ADVANCED
TECHNICAL TRUST SCHOLARSHIP
NATIONAL AWARD / BURSARY
TEACHER EDUCATION GRANT


DEADLINE


APRIL 28,
APRIL 30,
APRIL 30,


2008
2008
2008


APRIL 30, 2008
APRIL 30, 2008

APRIL 30, 2008
APRIL 30, 2008


MAY 30, 2008
MAY 23, 2008
MAY 23, 2008


Applications forms must be properly completed and must be
received by the scholarship & educational loan division, Ministry
of education, youth, sports & culture on or before the deadline

Application forms received after the deadline will not accepted

PLEASE VISIT OR CONTACT THE SCHOLARSHIP & EDUCATIONAL
LOAN DIVISION MINISTRY OF EDUCATION, YOUTH, SPORTS & CULTURE
FOR APPLICATION FORMS AND FOR ADDITIONAL INFORMATION.
APPLICATION FORMS CAN ALSO BE OBTAINED FROM OUR WEBSITE
AT www.bahamaseducation.com


Opening a franchise should



be one of the first options



entrepreneurs consider


TUESDAY, FEBRUARY 26, 2008, PAGE 3B


THE TRIBUNE











PAGE 4B, TUESDAY, FEBRUARY 26, 2008 THE TRIBUNE


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"I get a better sense of what

is happening in The Bahamas

from reading the Tribune.

Where other daily

newspapers fall short, the

Tribune delivers. I'm

confident knowing The

Tribune looks out for my

interests. The Tribune is

my newspaper.


NELSON JOHNSON

TAXI DRIVER


A ,z;~


The Tribune


1111~ 1 -- --- I 1_11 ~ I.~ I


PAGE 4B, TUESDAY, FEBRUARY 26, 2008


THE TRIBUNE


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THE TBTS FB R


Governors eye






second economic






stimulus plan


* By ANDREW WELSH-
HUGGINS
Associated Press Writer

WASHINGTON (AP) -
Governors are debating prior-
ities if Congress takes up a
second stimulus package, with
some state leaders pushing for
federal money to repair roads,
water systems and bridges.
Governors raised the issue
of infrastructure on Monday
with President Bush at the
White House.
"There are a lot of projects
in every state where the archi-
tectural design has been done,
where literally they're ready
to tap into the ground and
begin construction," said
Democratic Gov. Ed Rendell
of Pennsylvania.
Rendell and a bipartisan
group of governors are push-
ing public works as part of a
potential second stimulus
package. Democrat Eliot
Spitzer of New York and
Republican Arnold
Schwarzenegger of California
are among the governors
demanding federal action.
"We owe it to the people of
America to join together and
rebuild our country,"
Schwarzenegger said.
Bush this month signed an
economic stimulus package to
send $300 to $1,200 rebate
checks to millions of Ameri-
cans and to offer tax incen-
tives to businesses. He
opposed including infrastruc-
ture projects because "it's not
really a stimulative way to get
the economy going," White
House press secretary Dana


Perino said Monday.
Asked how Bush views the
governors' push for infrastruc-
ture projects, Perino said:
"Outside of the stimulus pack-
age, if they have other ideas,
I'm sure he'll be willing to lis-
ten to them."
Governors got little support
from Bush for the concept
Monday, said Democratic
Gov. Chris Gregoire of Wash-
ington.
"He didn't think he'd be
interested," Gregoire said. "If
I was to characterize what he
said, he wants to see what the
results are of the stimulus
package that was just passed."
Not all governors emerging
from the White House meet-
ing favor a second stimulus
package or one focused on
public works. Democrats gen-
erally seemed supportive,
Republicans skeptical.
"To be talking about anoth-
er stimulus package that is
focused on spending, rather
than tax breaks to help spur
the economy, I think is very
premature," said Republican
Gov. Haley Barbour of Missis-
sippi.
"I don't think spending's
part of the solution for grow-
ing the American economy,"
he said.
Several governors on Sun-
day announced their support
for the Building America's
Future coalition, a public
works advocacy group that
includes New York Mayor
Michael Bloomberg. The
group estimates the country's
infrastructure needs exceed $1
trillion.


A leading law firm with offices located in Nassau and
Freeport is presently considering applications for the
following positions.


The successful applicant should possess the following
minimum requirements:
* Associates degree in related Computer Sciences
* Two or more years work experience in the industry
* Excellent working knowledge of Microsoft Office
products
* Very good working knowledge of Windows 2000/2003
Operating Systems
* Experience with SQL a plus
* Previous knowledge of law firm operations an assest

General responsibilities will include but not limited to:
* Maintaining, troubleshooting and repairing hardware
and software
* Maintaining Network trustees and security
* Maintaining system backups
* Recommendation and implementation of new
technologies
* Liase and Coordinate with various
vendor-based projects/solutions

WE OFFER
A competitive salary, Pension Plan, Health and Life Insurance
and other attractive benefits.

Interested persons should apply in writing to:
The Office Manger
P.O.Box N-7117
Nassau, Bahamas


Through a weekend of
meetings in Washington, gov-
ernors discussing infrastruc-
ture frequently cited last
August's collapse of the Inter-
state 35W bridge in Min-
neapolis into the Mississippi
River, which killed 13 people
and injured 145.
At a private meeting Sun-
day, governors authorized
staff members of the National
Governors Association to
begin listing positions the
group could take on a second
stimulus package.
NGA chairman Tim Paw-
lenty, the Republican gover-
nor of Minnesota, didn't rule
out public works projects, but
he questioned their short-term
value.
"It's helpful in the interme-
diate term," said Pawlenty.
"In terms of an immediate
boost, there's a lag time
between when those things get
approved and we actually get
dirt moving."


Last month, governors
asked congressional leaders
debating the initial stimulus
package to freeze planned
reductions to Medicaid, the
state-federal health insurance
program for poor families and
children. They also asked for
$6 billion in a flexible block
grant to be used as states saw
fit.
Pawlenty said Sunday that
governors never got a
response.
Governors are eager to con-
tinue fighting the Medicaid
cuts, saying a poor economy is
not the time to reduce the
safety net for the poor and ask
states to do more financially.
"States across America are
facing some real constraints
on their budgets, and to exac-
erbate that to the tune of $13
billion for these Medicaid reg-
ulation changes is particularly
inopportune right now," said
Republican Gov. Jim Douglas
of Vermont.


Legal Notice
NOTICE

GRAND MIRO LIMITED

NOTICE IS HEREBY GIVEN as follows:

(a) GRAND MIRO LIMITED is in voluntary
dissolution under the provisions of Section 137(4)
of the International Business Companies Act 2000.
(b) The dissolution of the said company commenced on
the 25th February, 2008 when the Articles of
Dissolution were submitted to and registered by the
Registrar General.
(c) The Liquidator of the said company is Verduro
Associated Ltd., Pasea Estate, Road Town, Tortola, BVI

Dated this 26th day of February, A.D. 2008


Verduro Associated Ltd.
Liquidator










VICE PRINCIPAL NEEDED

The Anglican Central Education Authority
invites applications from qualified Bahamians for the
position of Vice Principal for St. John's College
beginning September 2008.

The applicant must have a Degree in Education
from a recognized University, with at least 5 years
accumulative experience. The applicant must also
be computer literate.

Key job functions and responsibilities include:

Assisting with staff supervision and evaluation
Admissions and student orientation
Scheduling (Timetables; examinations,
invigilations)
Assisting with discipline
Assisting with supervision of academic programmes
Assisting with Curriculum Development
Administration of School and External
examinations
Inventory
Requisitions

Applicants should sumbit a cover letter,
Curriculum Vitae, copies of degree certificates,
three references and passport photographs to;

The Director of Education
Anglican Central education Authority
P.O.Box N-656
Nassau, Bahamas

The Deadline for Applications is
Friday, March 14, 2008


LEGAL NOTICE

NOTICE

DENVER CAPITAL INVESTMENTS LIMITED
INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)
In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (4)
of the International Business Companies Act, (No.45 of 2000),
DENVER CAPITAL INVESTMENTS LIMITED is in
dissolution. Mr. Bernard Hess is the Liquidator and can
be contacted at 16-18 rue de la Pl6isserie, Case Pastale
3501, 1211 Geneva 3, Switzerland. All persons having
claims against the above-named company are required to
send their names, addresses and particulars of their debts
or claims to the Liquidator before 24th of March, 2008.


Liquidator




Legal Notice
NOTICE

NOTICE IS HEREBY GIVEN as follows:

(a) SPLENDOR OVERSEAS LIMITED is in dissolution under the
provisions of the International Business Companies Act 2000.
(b) The Dissolution of said Company commenced on February 25, 2008
when its Articles of Dissolution were submitted and registered by
the Registrar General.
(c) The liquidator of the said company is Lakeisha Collie of 2nd Terrace
West, Centreville, Nassau, Bahamas.
(d) All persons having Claims against the above-named Company are
required on or before the 26th day of March, 2008 to send their
names and addresses and particulars of their debts or claims to the
Liquidator of the company or, in default thereof, they may be
excluded from the benefit of any distribution made before such
debts are proved.
February 26, 2008
LAKEISHA COLLIE
LIQUIDATOR OF THE ABOVE-NAMED COMPANY



Legal Notice
NOTICE

MIRAMAR PROPERTIES LIMITED
NOTICE IS HEREBY GIVEN as follows:

(a) MIRAMAR PROPERTIES LIMITED is in
dissolution under the provisions of the International
Business Comparnes-Act 2000.

(b) The dissolution of the said Company commenced
on the 22nd February, 2008 when its Articles of
Dissolution were submitted to and registered by the
Registrar General.

(c) The Liquidator of the said Company is Mr. Lynden
Maycock of Ocean Centre, Montagu Foreshore,
East Bay Street, Nassau, Bahamas as sole Liquidator.
Dated the 25th day of February, 2008.

H & J Corporate Services Ltd.

Registered Agent
for the above-named Company







NOTICE


IN THE ESTATE OF LEON
RAHMING, late of #35 Kenwood
Street in the Eastern District of the
Island of New Providence, one of
the Islands of the Commonwealth
of The Bahamas, deceased.

Notice is hereby given that all persons
having any claim or demand against
the above Estate are required to send
their names, addresses and the
particulars of their debts or claims duly
certified in writing to the undersigned
on or before the 29th February, A.D.
2008, after which date the Executrix
will proceed to distribute the assets
having regard only to the proved debts
or claims of which notice have been
given.


NOTICE
E.P. Taylor Bahamas Foundation
(In Voluntary Liquidation)


Notice is hereby given that at an Extraordinary General
meeting of the Shareholders of the above-named Company
duly convened and held on the 4't February,2008 the following
resolutions were passed:

RESOLVED that E.P. Taylor Bahamas
Foundation be wound up voluntarily.


RESOLVED that SHAREECE E. SCOTT, c/o
Deltec Bank & Trust Limited, P.O. Box N-3229, Lyford
Cay, N.P, Bahamas, be appointed the Liquidator for the
purpose of such winding up.


Shareece E. Scott
Liquidator


And Notice is hereby given that all
persons indebted to the said Estate are
requested to make full settlement on or
before the date herein before mentioned.

EDWARD B. TURNER & CO.
#10 Petrona House
Fowler Street off East Bay Street
Nassau, Bahamas
Attorneys for the Executrix of the
Estate of the late Leon Rahming


TUESDAY, FEBRUARY 26, 2008, PAGE 5B


THE TRIBUNE







PAGE 6B, TUESDAY, FEBRUARY 26, 2008


THE TRIBUNE


NOTICE
NOTICE is hereby given the JEAN ELVARISTE of MEETING
ST., NASSAU, BAHAMAS, is applying to the Minister responsible
for Nationality and Citizenship, for registration/naturalization as
a citizen of The Bahamas, and that any person who knows any
reason why registration/naturalization should not be granted,
should send a written and signed statement of the facts within
twenty-eight days from the 19th day of February, 2008 to the
Minister responsible for Nationality and Citizenship, P.O.Box
N 7147, Nassau, Bahamas.




PUBLIC NOTICE
INTENTTO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, JULIAN GUION WALLACE of
Eastwind Gates Subdivision off Pineyard, Seabreeze Estates,
P.O. Box EE-16075, Nassau, Bahamas, intend to change my
name to GUION JULIAN WALLACE. If there are any objections
to this change of name by Deed Poll, you may write such
objections to the Chief Passport Officer, PO.Box N-742,
Nassau, Bahamas no later than thirty (30) days after the date of
publication of this notice.


'Unsustainable' public loss-




makers to attract 48 per




cent of extra spending


FROM page 1B


Sewerage Corporation, and
$480,000 for the Broadcasting
Corporation of the Bahamas.
All payments to these three cor-
porations would be made
directly by the Ministry of
Finance, once it was satisfied
they were necessary.


NOTICE OF TENDER


The Ministry of National Security invites tenders for.sale of the following
vehicles, "where is, as is":-


Year of Vehicles


2001
2002


Description


Chevy Impala
Nissan Ad Wagon


2. Vehicles can be viewed at the Ministry of National Security between
the hours of 9:00 am and 4:00pm Monday to Friday.


3. Tenders are to be submitted in sealed envelopes and clearly
addressed as follows:-

PERMANENT SECRETARY
MINISTRY OF NATIONAL SECURITY
CHURCHILL BUILDING
P.O. BOX N3271
NASSAU, BAHAMAS


4. Tenders are to reach the Ministry of National Security, Churchill
Building by 5:00 pm 29th February 2008.




Permanent Secretary
Ministry of National Security


The Prime Minister said: "It
will be noted that $19 million
or 48 per cent of the total of
$40 million in supplementary
capital expenditure represents
additional transfers to deficit-
generating public sector enti-
ties.
"Thus, we are obliged to scale
back on other projects to
accommodate the demands of
these entities. This means that
many priority projects may be
denied resources because addi-
tional funds must be advanced
to the loss-making entities. This
is an unsustainable situation
which must be addressed."
Just as Tribune Business has
repeatedly said.
Meanwhile, Mr Ingraham
said government's recurrent
spending for the first half of the
2007-2008 Budget year, which
is the period July-December
2007, was $75 million less than
Budgetary forecasts.
While this indicated that, to
some extent, government
spending was under control, the
administration was also off with
its revenue estimates, which
were some $53 million below
target.
The Prime Minister said this
showed "a surplus of revenue
over expenditure of $22 mil-
lion" for the 2007-2008 first half,
but his report also hinted that
the Government may have been
over-optimistic with its revenue
estimates.
While Budgetary forecasts
had estimated that the Govern-
ment would earn $681 million,
or 45.7 per cent of its full-year
revenues, in the 2007-2008 first
half, the actual revenue collect-
ed was $628.1 million some
$52.9 million below forecast.
Opposition leader Perry
Christie was perhaps proven
right in one respect, as his
immediate post-Budget verdict
was that the Government was
not going to obtain the revenue
buoyancy it had predicted in
stamp tax.
This was borne out yesterday,
as the Prime Minister said that
while stamp tax collected during
the 2007-2008 first half was
$13.3 million higher than the
previous year, it was $32.1 mil-
lion below forecast. This, again,
could show signs of a declining
house market, and falls in com-
mercial transactions and
imports.
Evidence of a real estate
slowdown was boosted by real
property taxes being $8.1 mil-


lion below forecast, while
import duties were only down
by $6.7 million and gaming tax
by $3.4 million.
Acknowledging that there
was "some weakness in revenue
performance" during the first
half, Mr Ingraham said the
Government felt this would
improve over the rest of the
year due to enhanced collection
efforts and the implementation
of major foreign direct invest-
ment projects, such as Baha
Mar and Albany.
Pointing out that Budgetary
estimates were not a precise sci-
ence, and that they should not
be treated as 'hard and fast fig-
ures', Mr Ingraham said no all
the $75 million underspend on
recurrent expenditure would be
realized as savings at the Budget
year-end on June 30, 2008.
The Prime Minister added:
"There is, however, an element
of underspending which tradi-
tionally carries through to year-
end, and in the circumstances
represents savings sufficient to
at least offset the proposed sup-
plementary recurrent expendi-
ture of $23 million.
"As a result, the additional
recurrent expenditures provid-
ed for in this mid-year Budget
statement amounting to $23mil-
lion can be accommodated
without involving reductions in
recurrent expenditure on essen-
tial government services, and
without any increase whatsoev-
er in overall expenditure."
Among the additional recur-
rent spending is set to be $12


million for promoting the
Bahamian tourism industry.
The Prime Minister said the
Government remained com-
mitted to the 1.8 per cent GFS
fiscal deficit target that it had
set in its 2007-2008 Budget. He
added that there would be no
increases in taxes or new taxes
introduced.
"My Government's commit-
ment to eliminating the deficit
and bringing the level of gov-
ernment debt to within the
range 30 per cent to 35 per cent
of GDP are not theoretical
undertakings," Mr Ingraham
said.
"They are very real issues for
the people of the Bahamas. A
country with a high level of gov-
ernment debt has to levy high
levels of taxation to service the
debt and thus, all else being
equal, it reduces take-home pay
and depresses economic expan-
sion, which hurts both public
and private sectors welfare.
"A country with a high level
of government debt has very lit-
tle room to manoeuvre if the
economic environment deterio-
rates and revenues fall. This is
because the Government has
either to reduce expenditure on
vital services or raise additional
taxation because borrowing is
not available. My Governmen-
t's strategy is to steer the
Bahamas towards a situation
where there is no risk to our
economy from having a high
level of government debt arising
from a sequence of major fis-
cal deficits."


PUBLIC NOTICE

This is to advise that Barrington McFarlane is
no longer associated with Bahamian Shoppers
Online and is not authorized to conduct any
business on our behalf.


Signed
Management

February 22, 2008





Leading Company



Human Resources Manager

5-10 years experience,

salary commensurate

with experience and

qualifications.

Write to:

P.O.Box CB-12707

Nassau, Bahamas




Quality Auto Sales Ltd

PARTS DEPARTMENT

Will be CLOSED for

STOCKTAKING

FEB 28 thru MAR 1
(Thursday, Friday & Saturday)
We will re-open for business as usual on Monday, March 3.
We apologise to our valued customers and regret any
inconvenience this may cause. All other sections of the
AUTO MALL will be open for business as usual.



QUALITrLI MI T
EAST SHIRLEY STREET 397-1700


Pricing Information As Of:
Monday, 25 February 2008 C F A L_
....'- .1Ti 01 -ViWWW.BI~~HA^MAI f~COM FOR MORE DATA & INFORMATION
BISX ALL SHARE INDEX: CLOSE 1,996.89 / CHG 0.07 %CHG 0.00 / YTD -69.86 / YTD % -3.38
52wK-Hi 52wk-Low Secunt y Previous Close Today's Close Change Daily Vol. EPS $ Div $ P/E Yield
1.73 0.75 Abaco Markets 1.73 1.73 0.00 0.157 0.000 11.0 0.00%
11.80 11.25 Bahamas Property Fund 11.80 11.80 0.00 1.502 0.400 7.9 3.39%
9.68 8.11 Bank of Bahamas 9.61 9.61 0.00 0.612 0.260 15.7 2.71%
0.99 0.80 Benchmark 0.99 0.99 0.00 0.188 0.030 5.3 3.03%
3.74 1.95 Bahamas Waste 3.66 3.66 0.00 -0.289 0.090 12.7 2.46%
2.70 1.25 Fidelity Bank 2.60 2.60 0.00 0.058 0.040 44.8 1.54%
12.70 10.03 Cable Bahamas 12.70 12.70 0.00 1.030 0.240 12.3 1.89%
3.15 2.00 Colina Holdings 3.14 3.14 0.00 0.031 0.040 101.3 1.27%
8.50 4.58 Commonwealth Bank (Sl) 7.50 7.50 0.00 0.428 0.260 17.5 3.47%
7.22 4.48 Consolidated Water BDRs 4.55 4.51 -0.04 0.129 0.052 35.2 1.14%
2.60 2.20 Doctor's Hospital 2.45 2.45 0.00 0.316 0.020 7.8 0.82%
7.79 5.70 Famguard 7.79 7.79 0.00 0.713 0.280 10.9 3.59%
13.01 12.30 Finco 13.00 13.00 0.00. 0.801 0.570 16.2 4.38%
14.75 13.99 FirstCaribbean 13.99 13.99 0.00 0.914 0.470 15.3 3.36%
6.10 5.12 Focol (S) 5.15 5.15 0.00 0.363 0.140 14.2 2.72%
1.00 0.54 Freeport Concrete 0.74 0.74 0.00 0.035 0.000 21.1 0.00%
8.00 7.20 ICD Utilities 7.25 7.25 0.00 0.411 0.300 17.6 4.14%
12.50 8.60 J.S. Johnson 12.30 12.30 0.00 1.059 0.610 11.6 4.96%
10.00 10.00 Premier Real Estate 10.00 10.00 0.00 1.167 0.600 8.6 6 00%
Fidelty Over-The-Counter Securities
52wk-H i 52wk-Low Symbol B.dJ 5 Ak 5 Ls l Pr..:e Weekyi .,,l EPS $ D. 1 P E 'iel
14.60 14.25 Bahamas Supermarkets 14.60 15.60 16.00 1.160 1.185 13.4 8.12%
8.00 6.00 Caribbean Crossings (Pref) 6.00 6.25 6.00 0.000 0.480 NM 7.80%
0.54 0.20 RND Holdings 0.35 0.40 0.35 -0.023 0.000 N/M 0.00/
Collna Over-The-Counter Securities
41.00 41.00 ABDAB 41.00 43.00 41.00 4.450 2.750 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%
. Fn BISX Listed Mutual Funds
52wK-H i 52wK-Low Fund Name NA V YTD% Last 12 Months Div $ Yield %
1.3001 1.2037 Colina Bond Fund 1.300059"*
3.0008 2.4723 Colina MSI Preferred Fund 2.999402*" 19.97%
1.3805 1.2647 Colina Money Market Fund 1.380476""'*
3.7969 3.0569 Fidelity Bahamas G & I Fund 3.7442** -1.40% 27.72%
11.9880 1'1.3545 Fidelity Prime Income Fund 11.9880** 0.46% 5.53%
100.0000 100.0000 CFAL Global Bond Fund 100.00*
100.0000 100.0000 CFAL Global Equity Fund 100.00"
1.0000 1.0000 CFAL High Grade Bond Fund 1.00"
10.5000 9.6628 Fidelity International Investment Fund 9.6628"*
S. .. FINDEX: CLOSE 922.66 / YTD -3 08% 1 2007 34.47%"
BISX ALL SHARE INDEX 19 Dec 02 1,000.00 MARKET TERMS YIELD last 12 month dividends divided by closing pnce NAV KEY
52wk-HI Highest closing price in last 52 weeks Bid $ Buying price of Colina and Fidelity
52wk-Low Lowest closing price in last 52 weeks Ask $ Selling price of Colina and fidelity
Previous Close Previous day's weighted price for daily volume Last Pnce Last traded over-the-counter price 31 December 2007
Today's Close Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week 31 January 2008
Change Change In closing price from day to day EPS $ A company's reported earnings per share for the last 12 mths 2 January 2008
Daily Vol. -Number of total shares traded today NAV Net Asset Value 15 February 2008
DIV S Dividends per share paid in the last 12 months N/M Not Meaningful
P/E Closing price divided by the last 12 month earnings FINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100
S) 4-for-1 Stock Split Effective Date 8/8/2007
S1) 3-for-1 Stock Split Effective Date 7/11/2007
S- ... TIRA6P E CALL: CFAL 242502-7010 I FIDELITY 242-356-7764 1 FOR MORE DATA & INFORMATION CALL (242) 394-2503


BUSINESS~










THF TRIBUNE


TUESDAY. FEBRUARY 26. 2008, PAGE 7B


COISPG
rI


Tribune Comics

JUDGE PARKER


APARTMENT 3-G

T7E PROFESSOR ANA RVtB EL/NTER
7/E L O-BYAP.. -
A /YL L L/ WEhl, WHAi HATA AY/
MY DOGS ARE BARKIN'!!4 !


SLONDIE


MARVIN


ANY LUCK \ LOTS OF LUCK,
FINDING A A TOMMIE, ALL
JOB,RUBY?/ OFIT BAD!/


NON SEQUITUR

I VoW'T cT IT..

Si AFTR RL.\.C- To
STREAMUR ?
{' o' f FORCE,
RN :RE-nT
I FA6^TER?


I UNTIL I RAN INTO THIS
I CHARMING' GENTLEMAN//


It-


S.



9
v~LAiu~olmr4wr4)r


Dennis


"'OUR WIFE 1S OUTOF CONTROL!"


An Arithmetical Solution


North dealer.
Both sides vulnerable.
NORTH
*1063
VK1074
*KO8


+AQ5
WEST
+K5
V82
*9754 5
+J10863
SOUTH
+84
VAQJ93
*AJ2
+742


EAST
+AQJ972
V65
+ 1063
+K9


The bidding:
North I East South West
14 I 2V Pass
3 V Pass 4 V
Opening lead king of spades.
At times, a skillful declare may
make a play that, to the less-
experienced player, would seem to
make no sense. But after the play
proves successful, subsequent analy-
sis discloses that had he adopted the
more obvious approach, the contract
would have failed.
Consider declarer's sequence of
plays on today's deal. East overtook
the king of spades with the ace at
trick one, then played the queen and
jack, South ruffing the third spade





Ci~m


J_
T


E

I


A




B


B


A


H


The
Target
uses
words in
the main
body of
Chambers
21st
Century
Dictionary
11999
edition).


HOW many words of four letters
or more can you make from the
letters shown here? In making a
word, each letter may be used
once only. Each must contain the
centre letter and there must be
at least one nine-letter word.
No plurals.
TODAY'S TARGET
Good 18; very good 27; excellent
36 (or more). Solution tomorrow.


CRYPTIC PUZZLE


ACROSS
3 Having left a beast out, show
satisfaction (5)
8 The best, I see, as a matter of interest
(5)
10 One might think them barely artistic (5)
11 Sort of suit for rainy weather? (3)
12 One flapping loftily around the Rhone?
(5)
11 To eat, a really good banger? (7)
15 Damage to the stern, perhaps (5)
18 That man of much importance (3)
19 Can one be shiftily sharp about this
area? (6)
21 Where men may be in the dark (7)
22 Time for no loss of honour! (4)
23 Some hothead in a beret, perhaps? (4)
24 A little cold, perhaps? (7)
26 Barker, RN? (3,3)
29 1f wrong, note, this may be said to you
(3)
31 Could you mistake it for a lemon? (5)
32 The views of a polite correspondent (7)
34 What one leaves the waiter for a drink?
(5)
3E Contenr the girl has a sweetheart! (3)
36 Outsize soldier anti (5)
"7 A gong that may merely clink (5)
38 Like aScollish shore? (5)




cryptic solutions
ACROSS: 9, Leaves oil 10, Inac-lion 12.Pink 13, S
Irnagin-E 15, Hard lines 17, Sight read 18, Decline
tan 21, Tier(tear) 24, Re-form-ed 26, P-resage-S
hill) 29, Sam-pan 31, Pickled 34, Minus-cule 36,
38, A-uste-re 39, Enl-ire 40, ris 41, Instruct 42, Ea
DOWN: 1, Slip-shod 2, Banner 3, Con-tinu-e 4, (c)
Disla-sle 6, Saving lace 7, Slra-1-ls (rev) 8, Mo-ti-v
Leaders 16, Laid on (rev) 19, C-he-at 20, C-od (rev
deal 23, M-Ascot 25. Measured up 26, Pan 27, Alu
30, Pr-events 31,P-rim-rose 32, Dressers 33, As-s
No-sing 3C. Fal-i.er 37, Sc-re-am


DOWN
1 Being terribly wordy can bring financial
advantage (5)
2 Baseball playerinjug? (7)
4 Look left perpetually (4)
5 In an ark, perhaps, a duck has
something waterproof (6)
6 Key given an outward turn by the piano
man (5)
7 Sings loudly in bands (5)
9 A bit of hope arising may be sweet (3)
12 Sewing job a writer was said to have
had a way with (7)
14 Kind relations? (3)
16 Perhaps natural recess- a chine,
possibly? (5)
17 Where to buy things small and cutely
posh (5)
19 Tender enough to be accepted (7)
20 Has to be in a terrible hole! (5)
21 Becoming a nobleman (5)
23 Charlie goes and splits up (7)
24 A word of thanks to the boy for the
music (6)
25 In a bunlighl, you always get fruit (3)
27 Always a bit fierce and weird (5)
28 Drinks a lot, one confesses (5)
30 Perfect line to do business with (5)
32 Wild deer perhaps standing in shallow
water (4)


e from improper ideas (3)


33 Fre





t-re-et 14,
20, C-re-
28, Lot-
Fail to see
asy chair
Offers 5,
e 11,
v) 22, 1-
umna-e
senls 35,


IL
easy solutions
ACROSS: 9, Therefore 10, Eurasian 12, Boil 13, Pebble 14,
Utensil 15, Offspring 17, Truncheon 18,Neplune 20,
Mayhem 21, Save 24, Interes' 26, Sit tight 28, Atom 29,
Supper 31, Magenta 34, Disclosed 36, Desperate 38,
Toaster 39, Gateau 40, Used 41, Delaware 42, Smell a rat.
DOWN: 1, Stubborn 2, Beliel 3, Nose dive 4, Bedbug 5,
Recently 6, Fraudulent 7, Essence 8, Hassle 11, Slender
16, Pauses 19, Panlo 20, Mat 22, Ashen 23, Single 25,
Equestrian 26, Sir 27, Bandits 30, Pedigree 31, Mistakes
32, Anecdote 33, Flotsam 35, Spades 36, Detest 37,
Absurd.


ACROSS
3 Speed(5)
8 Understood (5)
10 Egg-shaped (5)
11 Also (3)
12 Unit of length (5)
13 Refuse collector
(7)
15 Soldiers (5)
18 Scull (3)
19 Adult (6)
21 Obedient (7)
22 Experts (4)
23 Joke (4)
24 Lesson(7)
26 Crockery item (6)
29 Tin (3)
31 Giant (5)
32 Fast(7)
34 Essential (5)
35 Rubbish (3)
36 Insurgent (5)
37 Tailed star (5)
38 Oozes (5)


DOWN
S1 Fact (5)
2 Unruly (7)
4 Level (4)
5 Gate (6)
6 Observable (5)
7 Child (5)
9 Lettuce (3)
12 Sailor (7)
14 Rug (3)
16 Exterior (5)
17 Fnvolous (5)
19 Stage show (7)
20 Middle (5)
21 First
performance (5)
23 Caretaker (7)
24 Doting (6)
25 Short sleep (3)
27 Assistants (5)
28 Grottos (5)
30 Change(5)
32 Coarse file (4)
33 Barrier (3)


I U s I


high as West discarded a club.
After drawing trumps in two
rounds, declarer cashed the K-Q-A of
diamonds and led a club. When West
followed low, South put up the ace
instead of attempting a finesse, then
crossed to his hand with a trump and
led another club to the queen.
East took the queen with the king,
but had to return a spade, allowing
declarer to discard a club as he ruffed
in dummy. As a result, South made
his game, losing only two spades and
a club.
To the casual observer, it might
seem that South had handled the club
suit in a bizarre fashion, and then got
lucky at the end. But in fact what
happened was by design, not by acci-
dent.
As the play progressed, South
learned that East had started with
precisely six spades, two hearts and
at least three diamonds. Therefore,
he could not have been dealt more
than two clubs. If East happened to
hold the K-x of clubs and South took
a first-round finesse, EaSt would win
and return a club, after which another
club loser could not be avoided.
To guard against this possibility,
declarer cashed the ace first and then
led a club toward the queen. This
guaranteed 10 ticks regardless of
who had the king of clubs, leaving
nothing to chance.


10


S3


o-


Calvin & Hobbes


Tribune

Horoscope


By LINDA BLACK


TUESDAY,
FEB 26
AQUARIUS Jan 21/Feb 18
Avoid problems by making -peace
with troublesome individuals early
on, Aquarius. The best compromise is
a combination of everyone's best
ideas then go with it.
PISCES Feb 19/March 20
It's finally time for Pisces to yell, "I
told you so." But wait until there is a
larger audience to experience it.
Wednesday will be your day of vic-
tory, so enjoy it.
ARIES March 21/April 20
You can be unusually persuasive,
Aries. Your biggest opponents are
those who question your timing. Act
as if you already know the answer
and your instincts will prove right.
TAURUS April 21/May 21
You find deeper meaning in the
most casual remarks lately, Taurus.
Introspection causes you to do some
self analysis. Believe in your poten-
tial and you can do almost anything.
GEMINI May 22/June 21
You're caught off balance by a sur-
prising question, Gemini. Yet, you
don't miss a beat. Cosmic forces are
pushing love close in your direction.
Enjoy the rush while it lasts.
'AN CER June 22/July 22
A confrontation ends early when
the weaker party gives in to your
wishes, Cancer. The crab got
lucky this time so make the most
of it. Confusion arises midweek.
Resolve it with patience.
LEO July 23/August 23
When you see the shortcut this week,
Leo, take it. There would be no entre-
preneurs, pioneers or inventors if
everyone waited for permission to
push on. Danger is on the horizon.
VIRGO Aug 24/Sept 22
It takes only one kind word from a
friend to remind you hbw wonder-
ful you are, Virgo. There are many
willing partners who are waiting
for you to jump into the mix.
LIBRA Sept 23/Oct 23
Expect a sudden reversal in your
life, Libra. Everything is still going
your way, but it changes somehow.
As long as you can adapt quickly
you'll.be fine.
SCORPIO Oct 24/Nov 22
Being timid is not in your make-up,
Scorpio. This is your week to shine
and get noticed. The scorpion's
desires will not be denied and pity
those who stand in your way.
SAGITARIUS Nov 23/Dec 21
Be careful about getting worn out
this week, Sagittarius. It may be
time to pass the torch to another able
-person. You have to remember
you're as human as everyone else
and need a break now and again.
CAPRICORN Dec 22/Jan 20
You've had enough of being alone,
Capricorn. You like to be around people
even if they are quite different from you.
Wear your heart on your sleeve this week
and you're sure to find a love connection.


CHE SS -by LeonardBarden


Alexei Bazulev v Sandokan,
instantchess.com 2007. Black
was the strongest of more than
2,000 players on the website,
but he made a hash of this
simple endgame. Sandokan is a
pawn up, which his opponent is
about to regain by Kxf5. Then
both kings will sprint to the
other side of the board hoping
to capture an opposing pawn.
then make a new queen. The
alternative scenario is that both
pawns are captured, leaving just
bare kings on the board. Black's
choice in the diagram is simple,
Kh5 or Kh3. One move draws,
the other loses. Russians are


noted for their well-trained
endgame skills but Black got it
wrong. Can you do better?
LEONARD BARDEN


Chess: 8548 1...Kh3! draws after 2 Kxf5 Kg3 3 Ke5
K13 4 Kd5 Ke3 5 Kc5 Kd3 6 Kb6 Kc4 7 Kxa6 Kxb4. The
game went Kh5? 2 Kxf5 Kh6 3 Ke5 Kg6 4 Kd5 Kf6 5
KcS Ke6 6 Kb6 Kd5 7 Kxa6 and White queened his
b4 pawn.


Contract Bridge

By Steve Becker


mmmmmmmmm


nT








PAGE 8B, TUESDAY, FEBRUARY 26, 2008


Recession can be an opportunity


0 By ROBERT WEISMAN
Globe Staff
c. 2007 The Boston
Globe

A SLOWING economy
changes the game for compa-
nies and managers. The playing
field is strewn with land mines:
Lenders balk, customers bail,
bosses bark, and employees
stew over cutbacks.
Business leaders confident


about making decisions and
deploying assets in a period of
growth find they have to oper-
ate differently when sales
slump and resources shrink. In
some cases, the skills that had
previously served them well -
hiring talent, rolling out prod-
ucts, anticipating market
demand are no longer valued.
"Often it becomes about
bringing and purging, and that's
the sign of a poorly managed


company," said business author
Shoshana Zuboff, a retired
Harvard Business School pro-
fessor who believes companies
should maintain their values,
refocus on quality, and expand
their relationship with cus-
tomers during an economic
downturn. "The well-managed
companies look at a recession
as an opportunity."
While it's still uncertain
whether the economy will


stumble into recession, popu-
larly defined as two consecu-
tive quarters of contraction,
many businesses already are
feeling the squeeze. And man-
agers are feeling the pressure.
How they react will be critical
to steering their enterprises
through the gathering storm
into calmer waters.
"In a pessimistic environ-
ment, initiative, ideas, and
innovation can slip away,"
warned Chicago business con-
sultant Jim Nightingale. "Peo-
ple take their cues from their
leaders. You have to be up-
front about the problems, but
you can't walk around with
your head down or act like it's
the end of the world. You need
to get people even more
focused on what they need to
do rather than let them wallow
in anxiety."
But managing through a
slowdown is more than a mat-
ter of psychology. Like it or
not, it calls for making tough
choices, cutting costs, impro-
vising, and allocating resources
more efficiently. Coffee chain
Starbucks Corp. has begun
shutting 100 underperforming
stores, for example, while
Internet portal Yahoo Inc. is
eliminating 1,000 jobs.
This may indeed be the time
to trim payrolls, wring out
excess capacity, streamline
retail outlets, consolidate sup-
pliers, or farm out production
or software development to
lower-cost contractors. Any of
those steps could have adverse
consequences, however, such
as draining brainpower, ceding
business to rivals, or losing con-
trol over processes. They
should be done only as part of
a strategic plan that would
make an enterprise more com-
petitive, advisers said.
"Companies have to focus
on their core competencies,"
said Susanne Dirks, manager
of IBM Corp.'s global center
for economic development
research in Dublin. "And they
have to take a more rigorous
approach to determining which
other competencies they want
to shed through outsourcing.


A slowing economy adds to the
urgency."
Depending on a company's
ownership structure, cash
reserves, and competitive posi-
tion, it may also be a time to
make smart investments in new
products or markets that
promise growth when the econ-
omy rebounds. This is easier
to do, in practice, for a family
or privately held business free
from the pressures of Wall
Street fund managers or hedge
fund investors with a short-
term focus.
Companies with enough cash
in their coffers can also capi-
talize on falling stock prices to
buy up financially weakened
competitors and their cus-
tomer bases at a discount, as
software maker Microsoft
Corp. is seeking to do in its bid
for Yahoo. Yahoo has rejected
the bid, but Microsoft may
come back with a higher offer.
And it may even sweeten the
pot with retention bonuses
aimed at keeping top talent in
Yahoo's engineering and
advertising-sales ranks.
Most important, businesses
shouldn't lose sight of their cus-
tomers when times get tough.
When manufacturers raise their
prices, airlines ladle on fees, or
retailers skimp on customer
service, it can come back to
haunt them. "If that branch
manager of your local bank
won't help you out anymore,
when six months ago he was
banging on your door looking
for business, those are the
things customers remember,"
Zuboff said. "As soon as they
have a choice, they can exer-
cise, they will take their busi-
ness someplace else."
Zuboff said some business-
es consistently have managed
successfully through econom-
ic cycles. Southwest Airlines
bucked the trend of jacking up
fares and reducing service dur-
ing the last recession. The
result: It gained market share
at the expense of its cost-cut-
ting competitors and was posi-
tioned to grow as the econo-
my recovered.
And while General Motors


Corp. and Ford Motor Corp.
spent decades buying labor
peace through expensive con-
tracts and passing the costs on
to consumers, Toyota Motor
Corp. held down costs and con-
tinued to build quality cars
through boom-and-bust cycles.
By contrast, financial giants
like Citigroup Inc., Merrill
Lynch & Co., and Countrywide
Financial Corp. fueled the real
estate bubble through their
reckless subprime mortgage
deals, bingingg up on really
low-quality profits and mar-
gins," Zuboff said. Now that
the bubble has burst, amid
write-offs and losses, many of
their executives who led the
charge have been fired though
often with lavish severance
packages leaving their suc-
cessors to clean up after them.
"This happens when you give
free rein to opportunistic
impulses and take advantage
of consumers and investors,"
Zuboff said.
"Well-managed companies
have a very clear framework
of principles in which they
operate. These are people who
are going to husband cash, pre-
serve cash flow, and retain their
employees, and they won't play
a zero-sum game with their cus-
tomers.
"They will find themselves
in a better position to compete
when they come out of reces-
sion."
Nightingale agreed that,
while some belt-tightening is
unavoidable, companies should
beware of "panic cutting" in
areas like employee training or
product development. This is
most often done by inexperi-
enced managers who ignore
business plans in hard times
and try to manage by intuition,
he said. And it can boomerang.
"The economy is slowing,
but nobody thinks we're going
into a Great Depression,"
Nightingale said. "The earth is
going to keep spinning, day is
going to follow night. And if
you've starved your budget,
you're not going to have prod-
uct when it's time to expand
again."


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