The Tribune
Full Citation
Permanent Link: http://ufdc.ufl.edu/UF00084249/00973
 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: March 10, 2008
Copyright Date: 2008
Frequency: daily, except sunday
normalized irregular
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
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: UF00084249:00973

Full Text







1^1 __

Volume: 104 No.92

I Ii
ib~I a~



Btahamian economy, and its repu- SEE~ pg 1

PL:govt comments may have

caused-Harrah's witdriawal .
Tribune Staff Reporter
THE, G'overnment has only itself to blame if the $2.6 billion Cable
Beach Resorts project fails, charged the PLP in its response to the news
that Harrah's has pulled out of the mega-resort development project with
Baha Mar. . By
"It appears that comments made by the government in the House of Tril
Assembly may have caused Harrah's Casino, a key partner in the devel- alov
opment, to withdraw from the project," said the PLP in the statement
released yesterday. "Notwithstanding Baha Mat's assertion that there is TH:
no right to tmnilaterally withdraw from the project, the statement signalled Carife
to us that the investment is in deep trouble largely as a result of negative Trnd
comments made in the House of Assembly by Prime Minister Hubert Minis
Ingraham and his members of parliament." annou
SEE 1ae 5 1 jThi
4. put in

9~ 1 Go e

t ake o
event i

sion w
with t

,.F .8

A POOL of blood settled in the gutter on Parliament St, after an
elderly woman was robbed and beaten over the head with a wrench
by robbers in broad daylight yesterday afternoon,

Elderly woman mugged and

beaten in broad daylight

lasAA nih e Bra aen ugen brad oayh in ba Stet
before fleeing with her bag containing $300 and credit cards
She was left lying in the road, with blood from head wounds trickling
into the gutter.
Horrified tourists gathered round the woman, Ms Eleanor
Cartwright, as she lay groaning beside her white Suzuki Swift car.
SEE page 15

i .

bune Staff Reporter
E Bahamas will host
esta'.2010 instead of
lad and Tobago, Prime
ter Hubert Ingraham
nced on Saturday.
s comes after Prime
ter Ingraham cur-
Caricom chairman -
a request to Trinidad
'oag srihead Pa rc
lessional Meeting of
rnc tof Heads of
bean Community in

ver as the host of the
in 2012, in place of the

)8. However, this deci-
as cancelled last July,
he cultural festival
to the Caricom state

MONDAY, MARCH 10, 2008

Tribune Business Editor
HARRAH'S IEntertainment
last night said it had terminated its
involvement in the $2.6 billion
Cable Beach redevelopment pro-
ject because it had lost confidence
in the ability of its joint venture
partnership with Baha Mar to com-
plete the project as initially envis-
aged. ~
Hinting that the downward spi-
ral of the US and global economy
had been a factor hin ts decision,
along with the lengthy negotiations
required to obtain a supplemental
Heads of Agreement, Harrah's
said in a statement that it felt it
was "not prudent" to move for-
ward with the $2.6 billion project at
this time, and doing so could prove
Explaining its reasons for a deci-
sion that seems likely to deal the

station as a safe investment desti-
nation, a major blow, Harrah's
said: "Unfortunately, it has taken
Baha Mar Development Company
longer to organise the project than
anticipated, and circumstances
have changed such that it is simply
not prudent to move forward.
"We do' not have confidence
that the proposed joint venture
could successfully complete the
project as originally contemplate
ed, and accordingly we believe it
could prove harmful for all to
move forward."
The gaming industry giant
added: "We greatly appreciate the
efforts and co-operation of the
Bahamian government through
out this process. There is no ques-
tion that Prime Minister Ingraham
was committed to the project and
recognised its potential contribu-
tion to his nation's economy."

SEE page 15

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HAPPah S .' I

Company says it believes

joint venture with Baha Mar

'could prove harmful

Ha tsianoprensident

to slow down
Haitian migration'
Tribune Staff Reporter
PRESIDENT Rene Preval is
looking to decentralisation as a
step towards slowing H~aitian
migration, according to Prime
Minister Jacques Edouard Alexis.
Meanwhile, new focus is being
brought to bear on developing
agriculture and tourism in Haiti
as vehicles to provide economic
hope in a country where the
unemployed are in the majority.
However, Haitians know that
change will not occur overnight -
and the government is well aware
that they have an "image" prob-
lem to contend with, suggested
the prime minister.
Speaking at a special press
breakfast at the Wyndham Crystal
Palace resort on Saturday, Mr
Edouard said: "It's no secret...the
people will only remain home if
there is infrastructure pltt in place
by the state. This is why President

Prime Minister A~lexis was
ap oited yPesdeint Peva Un
master under the first Pr~val
administration from March, 1999,
to February, 2001. He was in the
Bahamas on Friday and Saturday
to attend the 19th Caricom Inter-
sessional Meeting of the Confer-
ence of Heads of Government.
With greater decentralisation,
he stated, the government can
"gradually equip these regions so
that they will have the services in
place, schools, healthcare, com-
mercial industry...so that persons
won't have to leave home to get
these services or go to~a foreign
While this will not stop Haitians
going on the move both within
Haiti and abroad it will hope-
fully change their motives for
domWg rehe suggest i s ta
they come f0r pleasure, so that
we can mutually help each other,
and so that it wouldn't be some-
ting dhat would cause problems,"
H~e added that while the presi-
detsitnin s a "t::::::lo
government is committed to its
opa ing v tan latr Mr
and tourism sectors off the ground
as a means to provide jobs for
Haitians and bring money into the
government's coffers.
"The rate of unemployment in
SEE page 15

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PAGE. 2, MONDAY, MARCH 10, 2008

Tribune Staff Reporter
THE PLP has criticised the
government for what the Oppo-
sition claims is its selective
release of correspondence
between the developer of the
Cable Beach Resorts and the
then government.
"At the time of the debate in
the House, the PLP warned the
government and the prime min-
ister that it was not wise for him

to have signed an agreement and
then make public statements
denigrating that agreement. That
warning was ignored," said the
opposition in a press release yes-
terday commenting on Harrah's
decision to pull out of their deal
with Baha Mar.
"We also warned the govern-
ment about the one-sided use of
confidential documents from a
government file about the pro-
ject, which would bring the pro-
ject and the developer mnto pub-
hec controversy. That warning

was also ignored," added the
Prime Minister Hubert Ingra-
ham tabled a letter from Sir Bal-
tron Bethel, the lead negotiator
in the deal for the Christie gov-
ernment, to Sarkis Izmirlian,
chief executive officer of Baha
Mar, in the House of Assembly
last Wednesday.
In the letter, dated February
20, 2007, Sir Baltron said that
the then government had not
received satisfactory evidence
that Baha Mar had obtained

"adequate financing for the pro-
Another letter from January
25, 2006, was tabled in the House
by Minister of Education Carl
Bethel on Thursday from Mr
Izmirlian to the government,
In the letter, the CEO of Baha
Mar said that the then govern-
ment had not kept all of its
promises. If the master plan for
the project, and the supplemen-
tal heads of agreement were not '
finalised, continued Mr Izmir-
lian, he would have to inform

Harrah's and Starwood that the
government of the Bahamas had
failed him.
On Friday, just before Baha
Mar announced Harrah's with-
drawal from the deal, Opposi-
tion leader Perry Christie
responded to the government's
decision to selectively release
these documents.
"My government tried to cre-
ate a good feeling factor in the
country where investors would
see that this is a place where gov-
ernment changes do not affect
the economy of the Bahamas.
The Ingraham government has
the obligation to ensure that that
addrest na te medi ad iheS a
ton Cable Beach Resort.
"We are not heading in the
right direction when you start
taking papers out of communi-
cations and files to the prime
minister and putting them in the
newspaper. You are embarrass-
ing investors. Because, you see,
in a democracy, my side will win
again. And if you suddenly posi-
tion investors to be anti one side,
then that permeates downwards,
and that is what we tried to
avoid. Confidentiality must be
protected at all times," added
Mr Christie.
The selective release of docu-
ments, continued Mr Christie,
will lead investors to be con-
cerned about the privacy of what
they write and say to the gov-
ernment in the future.
Mr Ingraham, is scheduled to
respond to the Harrah's pull-out
today in the House.

PRIME MINISTER Hubert Ingraham
tabled a letter from Sir Baltron
Bethel, the lead negotiator in the
deal for the Christie government, to
Sarkis Izmirlian, chief executive
officer of Baha Mar, in the House of
Assembly last Wednesday

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oIn brie f

80COnd body

10Hnd iH 8P08

around South

Beach Pools
A SECOND body, also
believed to be that of a Haitian
male, was found in the area sur-
rounding the South Beach Pools
on Saturday afternoon.
The discovery was made at
3pm by authorities just a day
after the body of another man,
also believed to be Haitian, was
found in the samoeliarea washed
alsose o tnh South Be ch Pr 1 .
Assistant Supt Walter Evans
told The Tribune that it's
d oneeddantdhwas thn w s
ashore. However, an autopsy
will have to determine the exact
cause of death, he said.
The second victun, who too
has not yet been identified by
police, was found dressed in
dark trousers and a red shirt. It
is believed that he also
drowned. An autopsy will have
to officially confirm his cause
of death also.
A Haitian sloop ran aground
off southern New Providence
last week. Authorities suspect
tha ebnotehrsmo nmea hae e been

Armed bandits

strike over

Yamacr ANd rae TaomSern
vice Station, were both robbed
at gunpoint by bandits over the
weekend mn separate incidents.
Police report that shortly
before 11am on Saturday in
Yamacraw Estates, a man,
whose identity police have not
released, was approached by
three armed men as he arrived
The robbers took an unspec-
ified: amount of cash from the
victim, and sped off in a silver
Nissan Primera. The silver car
bel~~ved to have been used in
the robbery was discovered
sonaftenard bye lice gihe
The licence plates on the
vehicle did not correspond and
it is thought that it was stolen
for use in the robbery.
The armed robbery of Texaco
West Bay Street occurred at
10am yesterday, when two
armed men entered the service
They stole cash and phone
cards from the station before
making their getaway.
incIlice are investigating both

IVIR Shot in

the shoulder
ONE man was shot in the
shoulder after an employee of a
scrap metal company on
Arawak Cay opened fire on
men who were on the compa-
ny's property, according to
The incident took place yes-
terday at 8am shortly after the
employee arrived at work.
Three men who were on the
property attacked the employee
who, according to police, pro-
duced a gun and fired shots, hit-
ting one of the men in the
The victim was taken to
Princess Margaret Hospital
where his condition was
unknown up to press time yes-
Two other men were taken
into custody by officers from
the Arawak Cay Police Station
for questioning shortly after the

nine Caricom countries passed
numerous pieces of legislation
and established, among other new
de eloprences, a regoa q n el
nism" gathered and analysed
intelligence which was then
shared among the cricket coun-
eM Mann oralson h valed h

next month in Trinidad.
"The mere fact that heads of
government have agreed to meet
enPoraiof na cato dsuseths
nificance placed on securing the
region and making it as crime-
free as possible," he said.
Leaders were also presented
with a regional intelligence report
during the two-day meeting,
However, Mr Manning did not
elaborate on the contents of this
He did go on to describe a
major new initiative already


COLGROAD TRIP NEW 1:15 3:40 NIA 6:15 8:35 10:35
S 1:00 3:35 WIA 6:10 A3 WIA
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ROSCOE JENKINS T i:0 3:40 WIA 6:00 92 04




The Tribune wants to hear
from people who are
making news in their
nei hbourhoods. Perha s
you are raising funds for a
good cause, campaigning
for improvements mn the
area or have won an
If so, all us on 322-1986

MONDAY, MARCH 10, 2008, PAGE 3


underway in the east Caribbean
to stem the flow of drugs into the
region that he hopes will be
expanded across the entire region.
Barbados and Trinidad and
Tobago, in conjunction with oth-
er nations who have assets in the
region, are "pooling their
resources" to institute air patrols '
and put in place a radar system to
detect drug traffickers entering
their borders. "It's a major inter-
vention in crime prevention," he
Caricom chairman Mr Ingra-
ham stated in his opening address
to the Caricom heads that, despite
the efforts of national, regional
and international agencies, thus
far "the illicit drug trade con-
tributres to the ex aniorn f a gn
social and economic conse-
quences "
1According to Mr Manning, the
two cuntres wuld ventally
wi o ouenttr sewntur Caibn

initiative has been realized thanks
to two new treaties negotiated
between the countries involved.
spac oisopeMaarodme andTAir
will allow one country to patrol
the airspace of another country,
and the other is a Common Cani-
com Arrest Warrant Treaty,
which would allow any persons
arrested in one country required
in another country to be trans-
ferred to that country without
having to go through a long and
tortuous extradition," he

Tribune Staff Reporter
alowe~tribu nemedia. net
EXTENDING security
arrangements put in place during
the Cricket World Cup to all
Caricom countries will be a major
step in addressing the rising tide
of criminality regionally, govern-
ment leaders have agreed-
Trinidad and Tobago's Prime ~
Minister Patrick Manning made
this disclosure during the closing
press conference of the 19th Cari-
com Intersessional Conference of
Heads of Government meeting
in Nassau on Saturday.
Also present were Bahamas
Prime Minister and Caricom
cha rmn Huberat Ing aha 1
Douglas of St Kitts and Nevis,
along with Secretary General
Edward Carrington.~I~~~ i h a-
Mor crM annig who risthe Cari. "
ran fact lds va sey ig rt r
ty on the crime and security agen-
da, and we considered that in fact
one of the greatest legacies arising
ou 70 the Criket W raCnup
20la thWC wr h rag
ment u ntppae to secure te
"They were very comprehen-
sive arrangements, they worked
very well, and we have had a reaf-
firmation from all heads to now
consolidate our gains in that area
and extend these arrangements
to include all the other non-crick-
et countries," he said.
In anticipation of the CWC,

-i~- :X;p~






NEW 1:00

6:05 8:35

Cric ket World Cup

SeCUtity ineasures to

be extended to all

gaio a ntie

Govt leaders put priority on crime agenda

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

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

(H-on.) LL.D., D.Litt.

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

Publisher/Editor 1972-

Published Daily Monday to Saturday

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

Switchboard (News, Circulation and Advertising) 322-1986
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Circulation Department (242) 502-2387
Nassau Fax: (242) 328-2398
Freeport, Grand Bahama: 1-(242)-352-6608
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PAGE 4, MONDAY, MARCH 10, 2008

EDITOR, The Tribune.

M ss's v ews wih re ard to th
governments decision to sign onto
the Economic Partnership Agree-
ment and concluded that he is fol-
lowrmg dt munld- ta ed an
point by presenting partial infor-
mation mixed with emotive words
like "weak" and "economic
death" to instil and reinforce a
level of fear against the issue of
trade liberalisation.
To understand why today the
Bahamas finds itself being bom-
barded with so many trade agree-
ments it is important to note that
this process started some 65 years
ago after the second world war
andh coonl cul inatinof tod y
various trade organizations that
have lobbied for these agree-
At the start of this process, the
world was faced with the dilemma
of a global recession as a result of
the war and many years of coun-
tries forming barriers to trade so
as to protect domestic invest-
As a result economic think
tanks came up with the concept
that in order for the world
economies to stabilise imd remain
on a path of growth and expan-
sion it was important for coun-
tIesto liiberalise thei eeconormies
importation of each country's
goods and services.
By doing this, all countries par-
ticipating in this new liberal trade
will benefit.
How? Bahamian and Euro-
pean countries participating in a
more liberal trading practice
(trade with no tariff and border
rsr ctonsr tc ar: bhoah cusu
goods not produced locally; more
competitive pricing and increased
employment for both the import-
ing and exporting country.
These benefits materialise in
the long run because as there will
be some economic structural
adju ls important to note that
both countries will continue to
enjoy a comparative advantage

Between these two shifts, how-
ever, there was unemployment

life to service based.
The results of this shift are self
evident today: straw venders can
snbd tei eisth ogwh ollg
parents could ever dream of
becoming; hotel maids can quali-
fy for mortgage loans and pool
boys can take home upwards of
$60,000 a year!
So, Mr Moss, while there will
be some fractional and structural
employment issues as a result of
more liberalised trade, those who
are affected will have to reinvent
their skills through training and
in eg te these skills mntoa w an
This is why a national training
programme is so important.
It will allow persons seeking
new employment skills to be
trained in relevant areas so as to
take advantage of employment
shifts and entrepreneurial oppor-
However, Mr Moss's view that
by keeping tariffs and other bar-
riers to trade the Bahamian gov-
ernment is protecting the devel-
opment (and by extension,
employment) of the economy is
por medicinemfo a~n economy

aged for decades using this mod-
An individual just needs to
note and accept that employment
is fluid and shifts in labour will
result in persons moving from a
job that became redundant to one
that is in more demand due to
structural~changes in the~econopy
and usually at a higher pay gr 4.s
Once thiis is achi'evebd one can
diminish a lot of fears about this
issue and begin programmes to
prepare The Bahamas to embrace
these changes which, frankly, will
be coming no matter what your
views are on the issue.
March, 2008.

i hei aea at axp tsaes d i
be in the service sector.
What concerns most sceptics'
especially politicians, is the issue
of employment.
They are afraid that the jobs
lost as a result of some domestic
businesses not being able to com-
pete with foreign goods will result
in political fall-out and social
This is as true today as it was
when the concept of trade liber-
alisationB wsafirstsi troduc d. ne
When it comes to this fear; one
only needs to go back to the mid-
80's during the Reagan adminis-
tration when Nancy Reagan took
a sledge hammer to a Japanese
made boom box as a declaration
to the world that their cheap
imports were hurting that nation's
economy and way of life.
Fast-forward to 2008 and we
now see that such fears were mis-
guided as all one needs to do is
walk into Wal-Mart, Target and
all the other big chain stores in
the US that are thriving busi-
nesses selling mostly imports from
countries like Chmna and other
The Bahamas has had to deal
with issues relating to a changing
economy as a result of changes.
in trade in the past; take the
sponging industry as an example.
During the time of sponging The
Bahamas experienced a tremen-
dous boom in its economy.
Exports to European and North
Ameri an a dntre hvrer hg
enjoy a higher standard of living.
However disease and, more
importantly, the introduction of a
synthetic sponge caused the
Bahamas to give up its quest to
sustain economic development
through sponging, but the
r~eaa gm itw lcoen ca tela t
embrace tourism as the engine
.that drove its well-being.

should remain behind bars for life. Obvi-
ously, he does not appreciate the enormity
of his smn.
Nor did he consider the barbarity of his
own act and the pain he was inflicting on
this child when he decided to use her to sat-
isfy his own animal passions. Society should
have laws on the books to keep such a
depraved creature off the streets for the
remainder of his life.
A strong message has to be sent to those
of like mind. But the law is not there to
stop this type of criminal.
The man appealed his punishment and
won. Not because Court of Appeal judges
felt that he deserved a reprieve, but
because the law about the application of
"the cat" was on his side.
Instead of increasing the flogging -
which is what he deserved they were
forced to conclude that under the consti-
tution he could not be flogged at all. As
Court of Appeal President Joan Sawyer
pointed out, although this case should
receive severe punishment, "such punish-
ment must be in accordance with the law."
In view of the Appeal Court's finding,
Director of Public Prosecutions Bernard
'Turner withdrew his cross-appeal which
, was to have the sentence increased. He
said that the Appeal Court's judgment
highlighted deficiencies in legislation.that
needed to be addressed.
The Appeal Court pointed out that prior
to the 1973 Constitution, no provision in
the Penal Code allowed flogging for sexu-
al offences or rape.
As result the court found that the cur-
et law that s appoe cooma pun ish
the constitution. This should be immedi-
ately remedied by legislation.
About the same tune as the case of the
child, a lawyer complained that eight lash-
es for his chient, who had not only com-
mitted burglary and caused harm, but
attempted to rape an 83-year-old woman
was "excessive" punishment.
Some of this so-called "excessive" pun-
ishment should be firmly established so
that these defiant young hoodlums, who
respect no one, can get a taste of their own
excessive behaviour.

IN DEBATING crime in the House of
Assembly on February 13, Prime Minister
Hubert Ingraham acknowledged that there
were "too many Colonial laws on our
books." As a result, he said, government
was going to have "real law reform."
He invited the community for its support
and contributions, noting that the
Bahamas is among "the most backward in
the Caribbean when it comes to law
A brutal case in 2006 involving a child
rapist graphically illustrates how urgently
our laws need updating to adequately pun-
ish today's criminals.
The case in question involved a six-year-
old girl against whom a bestial crime was
comnutted by a 32-year-old man who had
lusted for her small body after he had seen
her dance.
Considered a friend of the child's fami-
ly he was allowed to take her shopping.
However, he *betrayed the family trust
when, instead of taking her to the shop,
he took her in the vicinity of the BEC plant
at Big Pond, raped her viciously, beat her in
her face with his fists, and left her for dead
in an abandonI~ed car. 'Th& snmall gii~l,
'drenched ill ~iblod! her body 'paiiinftdl torn,
struggled from the car. A securi y guard
saw her. Frightened to touch her because of
her physical condition, he called the police
who in turn called an ambulance. In hos-
pital doctors fought for her life. Today she
is withdrawn. Still in therapy, a family
member says that she will never be the
same. She certainly will never be able to
bear a child.

theTcrmu hddp oewn th m dumtse
tence seven years in prison. Obviously
the jde felt that the sentence was too
mild for the severity of the crime, so 10
strokes of the cat-o-nine tail was added -
five as the rapist entered jail and five on his
way out. The judge wanted him to at least
feel enotigh pain that he might think twice
before again lusting for a small child's body.
In fact a man who could inflict such cruel-
ty on such a small innocent and then have
the nerve to complain, through his lawyer,
that a few strokes with "the cat" was
"excessive and barbaric" punishment

generalization, such is not the
case. One swallow does not make
a spring, and one dolphin does
not make a pod of dolphins.
There is information available
which would indicate that the
judicial system is in need of
urgent remedial and pro-active
"attention" beyond commit-
tees and recommendations.
Attention ta is, t ati peut v
What I said, as reported in the
third paragraph, of that Tribune


article, is that "the inquest con-
firms that the judicial system -
can work."
The' emphasis is on the words
"can work."
Whether generally, it can be
said to "function well", is a matter
of some discussion.
Leandra Esfakis Chambers
16 Market Street,
March 6, 2008.

EDITOR, The Tribune.
Please allow me space to make
the following clarification of your
article re the Esfakis Inquest,
published on the front page of
the A section, 6th March, 2008.
Your lead line states that the
"results of the inquest into the
death of Christopher Esfakis is a
sfg t at he judicioarld gtem is
member of the family."
Much as I would have been
pleased to be able to make this

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Esfakis inquest article: a clarification

Serving The Bahamian Community
Since l978








Hoarbu athpigCnr

t ;der Pil3 RI~r 1 3- 8

0 In br-ief

.Macapes do 1:

after car hits

pole and bursts

1810 flameS

Tribune Staff Reporter

A MAN aged 21 narrowly
escaped death Friday night in
Grand Bahama when his car
crashed into and destroyed a
utility pole before bursting
into flames near the ZNS
Northern Service offices.
Kendrick Stubbs, of Mather
Town, Grand Bahama, was
driving along the Mall at
around 8.35pm when he lost
control of the white 2002
Chevy Malibu he was driving.
He went off the road and
skidded on to the grass medi-
an ^while tepin"P"'obueg:

going through the utility pole.
The car he was driving, reg-
istered to Lakeshia Bevans,
was damaged beyond repair
in the accident.
Mr Stubbs was able to exit
the car shortly before it burst
into flames.
Firefighters were called in
to extinguish the blaze, and
Mr Stubbs was taken to Rand
Memorial Hospital where he
was later discharged after suf-
fering only minor injuries in
the crash. .
The near fatal accident

comal jusonanda41,aft r
killed when he was crushed
between a garbage and a
flatbed truck.
He was the island's second
traffic fatality for the year.
Grand Bahama recorded its
first traffic fatality of the year
last week when Jermaine Bat-
son~, 27, crashed into a .utility
pole at pieadman's Reef. .

~ Tr7LI~~~(TTrFL~:(T~TL1 r~YLrLr~T~lrr~iMTY rLC

~3~n~Tn ~~C~Y LTi~ ~ iHITY t~ Ci~i-~~~i~iil LI~ II CI~C


,I )I IUIII ,111,
i i

MONDAY, MARCH 10, 2008, PAGE 5


affairs, foreign policy and securi-
ty objectives. [It is] a form of co-
operation which we say leads to a
community for all," Dr Carring-
ton noted.
To pursue that work, a task
force was established as well as a
sub-committee. The task force,
he said, has done its first report
and reported to the Inter-Ses-
sional meeting.
"The sub-committee is now
being put into place," Dr Car-
rington informed. "The sub-com-
mittee on functional co-operation
is to be headed by the Rt H-on
Prime Minister of The Bahamas,
and members will include Barba-
dos, Dominica, Grenada, St Kitts
and Nevis, Suriname and a'rep-
resentative of the associate mem-
bers of Caricom."
The Secretary General
explained that the sub-commit-
tee allows those Caricom coun-
tries that do not participate in
CSME to play a critical role in
the Community.

CARICOM will devote a full
day during its regular meeting of
Heads of Government in July to
focus on tourism, and has agreed
for the first time to make tourism
a standard item on all Caricom
agendas in view of its importance
to economies of the region.
This was revealed on Saturday
by Bahamas Prime Minister
Hubert Ingraham, who is also
chairman of Caricom.
His statement came during the
final press conference of last
week's 19th Caricom Inter-Ses-
sional Meeting held March 7-8 at
the Sheraton Cable Beach Resort,
Caricom Secretary General Dr
Edwin Carrington, St Kitts and
Nevis Prime Minister Dr Denzil
Douglas, Jamaica Prime Minis-
ter Bruce Golding and Trinidad
and Tobago Prime Minister
Patrick Manning also took part
in the press conference.
Mr Ingraham said: "We agreed
that we are going to have a spe-

.cial one-
i soday ses- n
~c '' confer-aec i

* in July.
is very
important to the Caribbean
region and to The Bahamas and
our economy, and we are going to
seek to bring focus to that issue."
During his address at the open-
ing ceremony of the 19th Inter-
Sessional, the Caricom chairman
expressed hope that a special ses-
sion on tourism would be con-
vened in July.
In that address, he pointed to
the need to improve regional col-
laboration and co-operation in
areas such as product develop-
ment, service standards, market-
ing, eco-tourism and sustainable
tourism promotion and develop-

ment. "We are going to focus on
the aviation and transportation
of tourism, the marketing, brand-
ing of the tourism structure and
we are going to seek to create a
sustainable economic commission
on tourism. We are [also] going to
appoint a task force to produce a
report for us prior to the meeting
in July."
During last week's meetings,
government leaders agreed to
accept the invitation` of United
States House Ways and Means
chairman, Congressman Charles
Rangel, to hold a meeting in New
York in June. That meeting will
be held under the theme: "New
York Conference on the
Caribbean Community: 2020
Vision Continued."
Caricom heads previously met
with Congressman Rangel in
June, 2007.
Mr Ingraham said heads expect
to meet with the Mayor and Gov-
ernor of New York and with busi-
ness leaders to discuss trade and

investment, culture, education
and other issues of interest and
concern to the region.
Caricom leaders addressed a
number of other pertinent issues
during the final Inter-Sessional
press conference, including
progress in the fight against
Chronic Non-Communicable Dis-
eases (CNCDs), matters related
to the Caricom Single Market and
Economy (CSME) and develop-
ments in the formation of a
regional approach to crime.
Secretary General Carrington
touched on developments in one
of Caricom's principal objectives
-functional co-operation and
announced the role Mr Ingraham
will play therein.
"An important decision was
taken by our heads at the meeting
in Barbados in July, 2007, to
establish a task force on func-
tional co-operation, which is a
mode of operation that incorpo-
rates activities covering how we
co-operate in economic and social

~III I ~ ~ I I I rl ~~] ILri r~z7~ L~rl I ~ I I I111 I[,U ~ lrl liTlllr~l 1~11 ;1 ~r',


Tribune Staff Reporter

THE scheduled date for Cari-
com countries to sign on to the
Economic Partnership Agree-,
ment with the European Uniori
has been pushed back from
April to June.
This was revealed on Satur"
day by Jamaican Prime Minister
rurcae t ledin ,l wo said te
country to go through text to
satisfy themselves that their
a eit en t th re hhear i

indicated a willingess to accept."
It will also provide further
opportunity for countries who
wish to have a discussion on the
. EPA in their parliaments before
they sign on
"I have instructed my own
foreign minister to have the text
made available to parliament
so that if a discussion in parlia-
ment is sought it can be eriter-

tained," said Mr Golding, who
was speaking at the final press
conference following the 19th
Intersessional Conference of
Heads of Government meeting,
held in Nassau over the. week-
The EPA is a trade agree-
ment between the EU and the
78 African, Caribbean and
Pacific countries, including 15
Caricom countries. It will
require ACP countries to open

u5p-y rpmrio oE oaunt5ie
if they want to keep the duty-
fetehaccessutrhoeyecurrently enjoy
Mr Golding noted one coun-
try with a unique problem when
it comes to preparing to sign on
to the EPA is Haiti.
According to the prime nun-
ister, Caricom is "still seeking to
have the text translated" so that
Haitian officials can read it.
"There's 400 pages of text
and 600 pages of annexes," he


CARICOM to focus on tourism

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The background. of the Cable





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* Previous experience in customer service and credit / lending environments,

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the other functional lines.

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woirld-ljass~ hotel aInd csilnc

into.lledl in the prai~cal
*Bahs Ma~r waLs reqiuired

arnment Jirulild- plani anJ IllicationS at the p~rolecti jnd a

those cnd mvetion bi Ocontobl

$2o berinmenot hing eal 1c"anrid

out its commitments under the
$1 billion project, the govern-
ment then entertained discussions
with Baha Mar about this
expanded $2.6 billion project.
"These projects were
announced to the Bahamian peo-
ple with great fanfare. The tele-
vision news on ZNS was pre-
empted and Ministers happily
gathered around the Cabinet
table and hailed and proclaimed
that Baha Mar is coming," Mr
Ingraham continued.
"Not having come with the
first $1 billion, and not satisfying
the government as to why, the
government once again-pre-
empted the news to announce
that the project is now going to
be $2.6 billion, and that Baha
Mar is on the way."
Mr Ingraham said that the
Christie government was negoti-
ating with Baha Mar up to April
30 two days before the elec-
"The reality is that it is ques-
tionable as to why the govern-
ment of The Bahamas, after hav-
ing entered into the first gener-
ous deal with Baha Mar, would
entertain them coming back to
say they are going to double the
investment without first of all sat-
isfying itself as to why they didn't
do the first deal," said Mr Ingra-
"After Baha Mar had failed
to honour the deal, it came back
and said it wanted additional
casino tax concessions to the tune
of an additional $82 million.
Additionally it asked for special
casino tax concessions over a
three year period amounting to
$32.9 million. w..
"It asked the government to
spend in an additional eight years
of cooperative marketing $96 mil-
lion to the Bahamian taxpayers.
It also asked for an increase in
the relaunch of the cooperative
marketing from $20 million to
$40 million.
"Baha Mar wanted the gov-
ernment's commitment for infra-
structure for building the new


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PAGE 6, MONDAY, MARCH 10, 2008

North Holbb! Ho~rse Hall prop-
cllc \II<.luate on the southern
,Jc oft Ba1\ Strcet Mlr Ingra-
haim 1acld the Holu-ie On Febru-
..rli 1 he (abledJ a clmmun~Ica-
Ition outlinina the terms of the
Supprllemenlar .-\greiment
between the Gate~rnme~nt of The
Baha~ma~s nd Baha Mar
in 2i11115. he jaid, the ChrlIstle
gat~rnmient sgrcedi to sell Baha
Ma~r rhe RadiSkon Hote~l and the

Hotel and Casmno, the Nassau
Beach Hotel and adjoining prop-
erties, the Sir Cecil Wallace
Whitfield building, the property
that the British American Bank is
situated on, the straw market and
the Hobby Horse Egall and all of
the southern side of West Bay
"They also agreed that certain
lands owned by the Water and
Sewerage Corporation totalling
some 99 acres or thereabouts
would also be included in that
package of sale.
"That agreement was in pur-
suance of a commitment by Baha
Mar that they would undertake a
development of the order of $1
billion in the first instance. The
government granted to Baha Mar
some very generous concessions
and agreed to make cash pay-
ments in respect of certain infra-
structure that Baha Mar was
going to require," said Mr Ingra-
"Under the terms of that
agreement in 2005, Baha Mar
undertook to provide the gov-
ernment within 18 months of that
agreement (that is, by October
2006) satisfactory evidence of the
following, because the transfer
of some of the properties, includ-
ing the Cecil Wallace Whitfield
buildirig, the median and Water
and Sewerage Corporation land
were conditioned upon Baha Mar
fulfilling certain things in
"*Baha Mar was required
to put in from its own resources
$400 million.
"* Baha Mar was required
to provide the government with
evidence that it had financing for
its $1 billion project
"*Baha Mar was required
to obtain a commitment from a

road~l Ino Iinrease from 5-15 million
t~ bl~ilmllion cjnother 8-I 7 mil-

:I Sk\ Tunnel st Sklmeln Drlte
In Itota. Balhs blur came
hackb and jcskd the pliernmeint

lo~r themi ~lo crry our t 152 iIl-
lio.n p'ra-icel" hir Ingraham told
the Ho~use
SThe PLP gI~~crnme~nt Itse-lf
was( \r\. conrcerned about Baha

lnderTlake thi- projct.I Notw Ith-
standmng all the public pontitica-
tion and pronouncements, inter-
nally the government was very
concerned," Mr Ingraham told
the House.
Mr Ingraham tabled a letter
dated February 20, 2007 from the
Ministry of Financial Services
and Investments, signed by Sir
Baltron Bethel that stated that
"the government has not received
satisfactory evidence that Baha
Mar has obtained adequate
financing for the Project. To date
no commitment for financing has
been obtained..."
Mr Ingraham said that when
his government came to office it
was "faced with the circumstance
that the previous government was
unable to come to terms with
Baha Mar on an amended agree-
ment and that the previous gov-
ernment was not satisfied that
Baha Mar had the funding avail-
able to it to undertake the project
notwithstanding all the public
announcements about the pro-
Mr Ingraham said that his gov-
ernment communicated its con-
cerns to Baha Mar "about their
ability to finance the project, and
they provided us with a number
of additional bits and pieces of
information. They and their
bankers met with me. They had
the Vice President of Harrah's
come to The Bahamas to see me.
"Notwithstanding all that, I .
was not satisfied that Baha Mar
had the money to do the project.
And today I am still not satisfied
that Baha Mar has the money to
undertake the project. But I am
satisfied that if Harrah's carries
out what it says it will do, they
have the means to undertake the
project -- but they have no legal-
ly bindmng commitment to The
Bahanias. All of their Btfreemenits
are, with Baha Mar." i . '
"The, government in pursuing
this project has acted, I believe,
in a way that they felt was in the
best interest of The Bahamas and
in so doing, they did some things
that were ordinarily not doable,"
said MrIngraham.
"For instance, when the Colo-
nial government of The Bahamas
transferred the Cable Beach golf
course, a condition was put in the
conveyance that the property was
to be used for a golf course and .
no other purpose whatsoever,
"Notwithstanding that, the
Bahamas government sold the
golf course to Baha Mar on
which they can build buildings
and other developments.
"We have undertaken to
spend huge sums of money. In
fact, one of the items that almost
killed the deal was Baha Mar's
insistence that the deal they had

witlh the pa~cinme~nt reqluri rd he
oic'''rnminl rio 1pendj up lIo inv
million of Bah~miain public mon-
C\ to3 Pul In Ihe miralSItructre!or
the new\ Bai1 hirctc and orherr
Inllra1ilrulctr beforeT the\ built
ai hotel
"-And their sent us j pslment
\chedul rhatr \e were iupposed
to meer fo~r Shir mlllli~n

of the change~ In the Supple-
mental .Agreement ii thjt whar-
i-\er the gatecrnm~nt Ligreed toJ
pay tor this minrastructure will be
paid by The Bahamas govern-
ment when Baha Mar would
have taken a hotel of 1,000 rooms
100 feet off the ground.
"There is high expectation by
the Bahamian public and by
members here about the Baha
Mar project and it is our hope
that it would come about. But I
do not want to oversell hope. We
will do all we can to facilitate it,
but Ido not want to oversell it.
"At the moment there are still
a few issues that stand in the way
apart from money.
"It seems that the goal post
by Baha Mar continues to move.
Before we came to office it was
clear that they and the previous
government had agreed that the
property that is the subject of this
resolution could be transferred
without having to come to the
House of Assembly and that this
could be done under some law
in The Bahamas.
"We said we would not wish
to do this without coming to the
House of Assembly and passing a
"Ngw that we have said that
and are doing this, one of the
issues is when we are going to
pass the resolution, because the
resolution is critical for Harrah's
to finalise their deal. But before
May 2, they did not need' this.
Now, the two issues they claim
are outstanding are:
"*The passage of a reso-
lution by this House and Senate
"*Coming to terms with
the owners of Breezes over the
location of his sewerage facility
on a part of the land.
"So when we would have fin-
ished this exercise, fr6m the gdv-
ernment's point of-view,; there-:
woul6: he 'no outstanding i~ssti&'
for Bah;?Mar or anyon'e else tonl
pin thnix hat on. i! i%-l .r[ onT
"The passage by the Parlia-
ment of this resolution does not
mean we are transferring the
land. All it means is that Parlia-
ment is authorising us to do so.
"The land will only be trans-
ferred if and when Baha Mar
honou~rs the deal. And if the deal
is not honoured by March 2009,
then there will be no deal.
"We expect that the bench-
marks which have been agreed
will be honoured,
"The first benchmark is March
18 that is not going to be met and
I would doubt that the bench-
mark for next month is going to
be met.
"But I am not unduly con-
cerned about the individual
monthly benchmarks. I am con-
cerned about the cumulative total
- March 2009. When we arrive
at that point it is either a deal or
it is not a deal."

N~ MA.RC H i Prin.,
O Minister Huberl Inpra-

land alnd buililnre on \H est B.I
Streetri to Bairi Masr Rcoa~ls Lrni-

the Cabric Beach deiclo~pm ent
w'hichil I- :1 oint sentur e btwee~-i n
Baihal Mar Resets a;nd Halrrah a
Entertaiinme~nt Harrah's ic a-3 ~

Government entered into the
agreement with Baha Mar in
"The properties involved
relates to a portion of West Bay
Street, a portion of the Cable
Beach median, the Sir Cecil Wal-
lace Whitfield Centre, the Cable
Beach Police and Fire Station

Vacancies are onen to Bahamians only.


. ir

Beach Resorts deal

Baha Mar Chief Operating i3t5!~

Officer s 2006 letter to then ~~~

Prime Minister Perry Christie~"7~,J~

1111)1111111~11111Illlll( e~l( L~lll )1~I11I -YII (L! ~r~nrrm~ ~n~ir~mr~r;z~~nm m;rr~mn~r;n~mr~R;



signed on April 6, 2005.
C. Necessary "back of the
house" activities may be locat-
ed in the vicinity shown in the
Master plan and
D. The First Supplement to
the Heads of Agreement.
You had givei1 me your
personal assurance that you
would ensure that the Gov-
ernment would move to expe-
ditiously accomplish the above
by the New Year.
Yet this did not happen. In
a sign of good faith, I reluc-
tantly gave up my plan for a
marina at Cable Beach, in
order to facilitate the govern-
ment review proceSS.
Then on December 29th, a
meeting was held under the
auspices of Minister Smith
where it became apparent that
the Government was not dis-
posed to treat the partners'
request with the urgency and
seriousness they deserve. And
just last week I learned that
the Ministry of Works may
likely recommend that the
roads are not closed. In short,
no progress has been
-In addition, the partners
and we are very concerned
about the mysterious process
surrounding the clean-up of
the oil spill. Despite under-
standing the need for our con-
struction work to begin in late
Spring of 2006, the Hotel
Corporation refuses to tell us
with appropriate candor when
and how it will remediate the
site in a timely manner. Equal-
ly disturbing is Dr. Bethel's
recent request for "informa-
tion" on our specific plans for
building on the five-plus
affected acres implying that
Hotel Corporation of the
Bahamas (HCB) is thinking
Sof ways to delay or limit the
clean-up in some way. Let me
'stress here that nothing less
than a timely and complete
remediation of international
Standards will satisfy the part-
ners and the financing com-
munity. HCB knows this and
had committed to solve this
problem, but here leadership
and accountability is urgent-
ly required to turn this com-
mitment into action.
I wish tobe very clear, and
very frank. Unless your Gov-
ernment delivers on the much
advertised partnership
betweeri the Government and
Baha Mar, I am seriously con-
sidering whether investing bil-
lions of dollars in this coun-
try is the right decision. What
is unperative now is your per-
sonal commitment and imme-
diate movement to implement
the necessary actions to effec-
tuate the Government approv-
ing the revised Master Plan
and finalizing the Supplemen-
tal Heads (as well as address-
ing effectively the oil spill
remediation issue). This is par-
ticularly critical as the part-
ners, ably represented by
informed local counsel, are
well aware that the Govern-

revised Master Plan, nor has
negotiated a revised supple-
mental Heads. Indeed, in
order to meet firm board com-
mitments of the partners,
these matters must be
finalised no later than the first
week of February.
If we cannot achieve the
early February timeframe for
accomplishing the above, I will
have to inform Harrah's and
Starwood that, despite my
best efforts these past three
odd years, the Government of

Bahamas has failed me. I cer-
tainly do not want to be
known as the developer (and
-I'm certain you don't want to
be known as the Prime Minis-
ter) that lost Caesars and Star-
wood. Today, more than ever
before, I need your unam-
biguous support, Mr Prime

Sarkis Izmirlian

NN January 25, 2006
OSarkis Izmirlian,
Chief Operating Officer of
Baha Mar Resorts Limited,
wrote Prime Minister Perry
Christie, pointing out that he
had delivered on all promises
made to government, but the
Bahamas Government had
failed to deliver on its com-
He said that unless the
Christie government approved
the revised Master Plan and
finalised the Supplemental
Heads of Agreement in the
February timeframe he would
have to inform Harrah's and
Starwood that, despite his
"best efforts these past three
odd years the Government of
The Commonwealth of the
Bahamas has failed me."
He also said that unless the
Christie Government deliv-
ered on "the much advertised
partnership between the Gov-
ernment and Baha Mar, I am
seriously considering whether
investing billions of dollars in
this country is the right deci-
Following is the full context
of the Izmilian letter,

January 25, 2006

The Rt. Hon. Perry Christie,
Prime Minister of the Com-
monwealth of the Bahamas,
Cecil. Wallace Whitfield
Nassau, NP, Bahamas.

Dear Mr. Prime Minister:
I write to you in the after-
math of the January 19th
meeting held between my
negotiating team and Dy. Bal- ,
troix Bethel. Following that
meeting, I was informed that
no progress has been made
gaining government approval
of the revised Master Plan
(similar in form, save minor
variations, to the Master Plan
affixed to the original Heads
of Agreement signed April 6,
2005), nor of moving forward
the First Supplement to the
Heads of Agreement that was
submitted well. over a month
ago. '
Mr Prime Minister, since
the beginning of my involve-
ment with the Baha Mar pro-
ject, I have delivered on each
and every pledge I have made
to you:
I assured you that there
would be no layoff at the
properties. Indeed that I
would immediately improve
staff morale and opportuni-
ties, and I have delivered.
I pledged to you that I
would make significant
improvements to the hotels
on Cable Beach, and I have
already delivered.
Perhaps most important, I
pledged to you that I would
bring world class partners to
this project, and I proceeded
to deliver Harrah's and Star-
wood respectively, the biggest
gaming company in the world,
and the largest hotel company
in the world.
You put your faith in me, a
fact I will always recognize
and appreciate, but in return I
more than honoured my com-
mitments to you.
Now, however, we have
reached a crossroads.
When you and I met in
December on your return
from Malta, I updated you on
our negotiations with our
prospective partners and told
you as clearly as possible
- the assurances the partners
needed from the Government
as a condition for them to sign
the joint venture agreement.
Requests for these assurances
by the partners were, and are,
fair and straightforward.
Specifically, the partners need
confirmation that the Gov-
ernment has accepted, subject
to approval by the relevant
Government agencies:

of theig Hreas ofAgremento

With the completion of the new 4 lane Corridor 7 and realignment of West Blay Street
traffic flow will improve and a number of over capacity junctions will be relieved.

current Road Layout i..' -'7 ,~

Future Roadf Leayut


L~-__ 3

THE DIAGRAM pictured above and the tables printed top
right and right were taken from a Baha Mar presentation,

ipods iTunes iPhones -

ment has not approved the

the Commonwealth of the

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The position is open to candidates with the following minimum requirements:


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Pension Plan
Health and Life Insurance
Ongoing internal and external career development/training program
APPLICATIONS MUST BE IN WRITING. Persons not meeting the minimum
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DEADLINE: 20th March, 2008

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PAGE 8, MONDAY, MARCH 10, 2008

Crowds turned out
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ONCE again the elusive dream
f o a political unio e

p,.,~u UY~V~rl ,, nationals resident in local Caribbean dollar
Caribbean countries is bemng pur- ae n eau
sued but no one should hold thekr economies are all downplayed if ae n eau
breath in the expectation that it they are announced at all. its currency
So, the illusion that small upwards. The
will become a reality anytime Caribbean states are able to sur- implications for WSIR Ronald Sander
sonalph Gonsalves, the Prime vive and prosper on their own is the cost of exports by the Trinida
Minister of St Vincent and the maintained. And, this illusion fos- and Tobago business commumi
Grendins, anouced n Mrch ters the idea that the nation state would be horrendous.
1st that three countries of the must become a fortress for keep- There is also the matter of th
CaribeanCommnityand om-ing out all but the most necessary Eastern Caribbean Court which
mon Markt (CARIOM) are outsiders and for protecting locals sre l h ESmm
seekng o etabisha plitcalfrom competition at all levels of states. In a unitary state or a fec
union and that a study would be social and economic activity. eration, it would be practical t
undertaken to explore its feasibil- The idea that any group of gov- have two sets of Courts.
ity ernments could simply decide that Then we come to Petro Caribi
The three countries, according a political union is desirable and, the agreement with Venezuel
to GnsavesareTrindadand thus, proceed to implement it, is that both Grenada and St Vincq
T obsago, St e V incentand th n ta sbon o eih and the Grenadines have entered
Grenadines, and Grenada. There .For, a start, the opposition par- into, at the expense of purchasing
ties within each of the countries their oil needs from Trimidad an
wrnias also metionof StLuia b would pounce on it as a political Tobago. Will the Petro Carib
T da~aa oba s Pime gift, and they would exploit it for agreement be renounced, and wi
FromtheoutetI huld everything it is worth. They would the people of Grenada and St Vi
declre tat Ifavor a olitcaluse as the basis for such exploita- cn n h rndnsby
union of tall CAICfaOMr Sltiate tion, the very nationalist sentiment and gas from Trinidad companic
Bothmy cadmic tud an my that has been politically fostered and pay the same price for oil an
pratica lif as a Caribbeyand dilo so nusguidedly over the years. gas as the people of Trunidad an
pracica lif asa Caibban dpln
mat and in business have con- In any event, the people will Tobago?
vinced me that if Caribbean coun- want to understand the nature of These are all intriguing quell
the political union that would be tions and they point to the really
tres are tof p ogres with an relb proposed. Would it be a unitary that the establishment of a polit
md su o a onomy ob-state or a Federation? How much cal union between Trinidad an
do s to therpower would be given to the gov- Tobago and two or three court
ernment of the union, and how tries of the OECS is not a simp]
ao tea muuht wol e da eate soo tas;rinrdoebe is plagued wit
Caribbean countries. Other questions arise. The A much easier option for
H d hatI deply most unportant question concerns political union exists within th
consciu st t, in the y ars since the economic' union that is being OC tef hyarayh
actively considered by the coun- the foundation for such a union.
idpndence, the no aonnfe trs of the OgnstoofEt-is rooted in their common currer
peopern Caribbean States (OECS) of cy, their common central banl
ed by the strong assertion of which Grenada and St Vincent their common judicial services
natonlis een te salestofand the Grenadines are members. and in the Eastern Caribbea
the aribean ounties.If these two OECS member Common Market which they ar
of tae hlt ca svdon haes es states enter a political union with talking about advancing to a
Trinidad and Tobago what will Econounc Umion. Why this isn
fore nto aim at h ediene hppen m thoei maymUesi o ben gpamtue first cue dm
perosperonl the ir wn I turn thisca any scenario whether unitary state difficult to see how a politics
has ostredrivlryandresnt-or federation, it has to be assumed union between ally group a
mentbetwen aribeanpeopes.that they could not pursue partic-Caibncotre evnh
men bewen Cribea popls.ipation mn the OECS Economic much more ready OECS wi
The ral fcts f ho mul
offii el tmethaosmu Union separate from Trinidad and be acceptable to Caribbean people
individual states receive from Tobago. without a massive programme o
One assumes that neither St education that does two thing!
dno coun rie tn gencis sh Vincent and the Grenadines nor reorients the thinking of national
rthicprt ntioals residtnent fovesa Grenada will remain in the East- ist smugness that has been sl
ern Caribbean Central Bank or effectively promoted, and illue
playin kepig thir conoiesin the single currency, the East- trates the tangible benefits of suq
afloat; the dependence on foreign ern Caribbean dollar, opting a political uniol.' '
invetmet fo ecnomi deel-instead for the Trinidad and Toba- Surely, such education should
opmoe ,titoh c tca rol OR on go dollar wihall th v plict ons be a first st~ep.
COM ounties n te trde rla-their currency. It is highly unlike-
tipns with other nations; and the y htTidaanToao Re oonses to:
conmnbutlon i1 I 9t c~lyor CAUCO whildchbodse to jin the Easteirn t onail ~afirersNhdtijla,






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TENDER NO. 659/08

The Bahamas Electricity Corporation invites tenders from eligible bidders for the poroisiah~ of
general insurances as described above.
Bidders are required to collectpackages from the Administration Office
Blue Hill &r Tucker Roads by contactinrg:-
Mrs. Delmeta Seymour
Administrative Officer
Blue Hill & Tucker Roads
Nassau, Bahamas
Phone No. 302-1158
Fax No. 323-6852

Tenders are to be hand-delivered on or before
28 March 2008 by 3:00 p.m. and addressed as follows:
The General Ma~nager
Bahamas Electricity Corporation
Blue Hill &B Tcker Roads
Nassau, Bahiamas
Attention: Mrs. Delmeta Seymour

Marked: Tender No. 659/08
The Corporation reserves the right to accept or reject any or all tenders.



TENDER NO. 657/08 .e

The Bahamas Electricity Corporation invites tenders from eligible bidders for the praoviio of
general insurances as described above.
Bidders are required to collect packages from the Administration
O~fice, Blue Hill & Tucker Roads by contacting:-
Mrs. Delmeta Seymour
Administrative Officer
Blue Hill &i Tecker Roads
Nassau, Bahamas
Phone No. 302-1158
Fax No. 323-6852
Tenders are to be hand-delivered on or before
28 March 2008 by 3:00 p~m. and addr~essed as follows:
The General Manager
Bahamas Electricity Corporation
Blue Hill &t Tucker Roads
Nassau, Bahamas
Attention: Mrs. Delmeta Seymour

Marked: Tender No. 657/08
The Corporation reserves the right to accept or reject any or all tenders.



TENDER NO. 658/08

The Bahamas Electricity Corporation invites tenders from eligible bidders for the provision of
general insurances as described above.
Bidders are required to collect packages from the Admminitration Offic,
Blue Hill &c Tucker Roads by contacting:-
Mrs. Delmeta Seymour
Admninistrative O~fficer
Blue Hill &r Tucker Roads
Nassau, Bahamas
Phone No. 302-1158
Fax No. 323-6852
Tenders are to be hand-delivered on or before
28 March 2008 by 3:00 p.m. and addressed as follows:
The General Manager
Bahamas Electricity Corporation
Blue Hill &~ Tucker Roads
Nassau, Bahamas
Attention: Mrs. Delmeta Seymour

Marked: Tender No. 658/08



TENDER NO. 6514/08

'The Bahamas Electricity Corporation invites tenders from eligible bidders for the provision of
general insurances as described above.
Bidders are required to collect packages from the Administration Ofiee,
Blue Hill &t Tucker Roads by contacting:-
Mrs. Dehneta Seymnour
Administrative ~Officer
Blue Hill & Tucker Roads
Nassau, Bahamas
Phone No. 302-1158
Fax No. 323-6852
Tenders are to be band-delivered on or before
28 March 2008 by 3:00 p.m. and addressed as follows:
The General Manager
Bahamnas Electricity Corporation
Blue Hill &t Tucker Roads
Nassau, Bahamas
Attention: Mrs. Delmeta Seymour

Marked: Tender No. 654/08
The Corporation reserves the right to accept or reject any or all tenders.



TENDER NO. 655/08

The Bahamasn Electricity Corporation invites tenders from eligible bidders~ for the provision of
general insurances as described above.
Bidders are required to collect packages from Ithe Administration Office,
Blue Hill &t Tucker Roads by contacting:-
Mrs. Delmeta Seymour
Administrative Officer
Blue Hill & Tucker Roads
Nassau, Bahamas
Phone No. 302-1158
FPax No. 323-6852
Tenders are to be hand-delivered on or before
218 March 2008 by 3:00 prm. and addressed as follows:
The General Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas
Attention: Mrs. Delmeta Seymour

Marked: Tender No. 655/08
The Corporation reserves the right to accept or reject any or all tenders.



TENDER NO. 6516/08

The Bahamas Electricity Corporation invites tenders from eligible bidders for the provision of
general insurances as described above.
Bidders are required to collect packages from the Administation Office,
Blue Hill & Tucker Roads by contacting:-
Mrs. Delmeta Seymour
Administrative Officer
Blue Hill &t Tucker Roads
Nassau, Bahamas
Phone No. 302-1158
Fax No. 323-6852
Tenders are to be hand-delivered on or before
28 March 2008 by 3:00 p.m. and addressed as follows:
The General Manager
Bahamas Electricity Corporation
Blue Hill &i Tucker Roads
Nassau, Bahamas
Attention: Mrs. Delmeta Seymour

Marked: Tender No. 656/08


MONUAY, MIVIACt;H 10, 2000,l PME~i 189

The Corporation reserves the right to accept or reject any or all tenders.

The Corporation reserves the right to accept or reject any or all tenders.

~ "~'Ic


HE Bahamas is
a cash-driven,
T~society in which
certain politicians are corrupt,
vain kleptomaniacs who fancy
themselves to be among an
unaccountable elite.
Corruption is a mainstay of
.Bahamian politics as more
than a handful of politicians
steal money or solicit bribes to
maintain lavish lifestyles
and/or dole out contracts to
reward cronies and seek
Locally, there's no doubt
that several past and current
(elected) politicians have used
their position in government
to shaft the public/investors
and amass cash and valuables
that are stockpiled in bulging
secret bank accounts/safes.
Here, corruption among
politicians and public officials
vary and is inclusive of
bribery, embezzlement, graft,
nepotism, patronage, extor-
tion, cronyism, kickbacks and
According to Wikipedia,
the on-line encyclopedia:
"Corruption poses a serious
development challenge. In the
political realm, it undermines
democracy and good gover-
nance by flouting or even sub-
verting formal processes. Cor-
ruption in elections and in leg-
islative bodies reduces
accountability and distorts
representation in policymak-
ing; corruption in the judicia-
ry compromises the rule of
law; and corruption in public
administration results mn the
unfair provision of services.
More generally, corruption
erodes the institutional capac-
I '

the years '
SCandals have


ter~nS of both

major political

I - I '


ity of government as proce-
dures are disregarded,
resources are siphoned off,
and public offices are bought
and sold. At the same time,
corruption undermines the
legitimacy of government and
such democratic values as
trust and tolerance."
Several obnoxious Bahami-
an politicians seem to have a
tremendous sense of entitle-
ment, often conducting them-
selves like spoilt brats and
appearing to be nothing more
than a motley crew of incom-
petent "tiefin" wannabe dic-
tators who couldn't spell
transparency even if it was
typed in bold font--size 72!
Although I'm not suggest-
ing that all politicians are
shysters, to use the words of
former US Secretary of State
Henry Kissinger, "corrupt
politicians make the other ten
per cent look bad."

Unquestionably, certain
elected and high-ranking offi-
cials should face charges as it
relates to their dishonesty.
The improprieties of our pre-
vious governments have
tainted certain politicians and
revealed that they are noth_
ing more than political pirates.
It appears that some Bahami-
an politicians don't have the
slightest understanding of the
word "honourable" that pre-
cedes their names.
Corruption can have omi
nous, far-reaching effects
upon a society, such as pover-
ty, economic collapse, under-
development, abuse of the
public's purse, the loss of life,
unemployment and even
result in a country being
blacklisted. Corruption under-
mines democracy and retards
economic development.
Because of the blatantly
corrupt practices of a number
of politicians in the 1980s, the
Bahamas was infamously
branded as a "nation for sale
and "paradise lost." It is
imperative that the public agi-
tate for the enactment of eg-
islation that ensures trans-
parency, answerability an
checks and balances, which
are all features of a principled

government.A pi Cm

even leading to a few shame-
fu esgatins ormed Prm
claim to have received $16,000
in US $100 bills from
his poor Androsian con-
stituents will never be accept-
ed by discerning Bahamians
and, in my opinion, bore the
stench of corruption.
Over the years, shameful
scandals have erupted during


*FlninltliiiUAILlBLE* FRE~ Lit-A-WA if WE PORT TOAIIIDit1ti l31soth Laywg nalilable

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PAGE 12 MONDAY, MARCH 10, 2008

N G Ii~l;so~N


Th'le FNM government should waste no time in signing and

gratifying the United Nations Convention Against Corruption
I iiajbahama@hotmail.com

An entrepreneurial spirit, original thinking, and a passion to succeed.
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We are growing!
Fidelity invites application for the position of:

Senior Human Resources Administrator

Bachelor's Degree in related area and/or HR Certification
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Strong interpersonal skills and communication skills

*Facilitation an~d Imeeting skills

H-uman Resources
RE Sr. HR Resources Administrator
51 Frederick Street
P.O. Box N-4853
F: 328.1108

* Assists the HR Mwanager
* Assists with HR duties and research projects
* Assists in the planning and execution of all social /
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* Disseminates internal information to personnel as required
* Composes letters, memos and reports
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An attractive :compensation package, including a
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Salary range subject to qualifications and

governmental terms of both
major political parties.
Isn't it almost mind-bog-
gling how certain first-time
Bahamian politicians enter
parliament with a declaration
of only $30,000 but five years
later declare a million? How
many former ministers sitting
in parliament actually hold a
job outside of being: an MP,
and why not? oI.~ I
The Chamber 'of Com-
merce recently complained,
that mamy businesses in thej
private sector were exposed~
to the heavy handedness of~
shady government officials, as.
some public servants have to"
be tipped in order for them_
to hasten applications anc~~
remove bureaucratic red tape~
Because we live mna tip (mon--
ey) culture, where some pub
lic servants have an insatiable
drive for materialism, there i
an increased cost for doin
business in the Bahamas!
It is widely known thaj
crooked government officials
attempt to blackmail orga
threaten to use the state's
force against businesses andi
citizens who don't accede to~
their wishes.
The Bahamas has a large~
public sector which, due to its~
size, is ripe for corruption.,
Many government-owned cor
portions are hotbeds teem-i
ing with political cronies.O
late, empowered politicians
have also been accused o
manipulating the inner work
ings of law enforcement agen-ii
cies from the police to cus-i8i
toms. The dreadful effect o
corruption has, in the past,
also blighted our judicial
process. Across the globe, i
can be seen that corrupt judi
ciaries facilitate corruption
According to Trasae
International, a global civ
society organisation that gt
fervently against corruption:
"Opportumities for pur
chasing influence in govern-
ment are not confined to th
electoral process. Lobbyist
who stand between the public
and private sectors are in aI
ideal position to broker cor
rupt transactions. Where cor.
ruption comes into play i
when an interest group or cor-y


Indeed, there are special
interests lobbyists in theta
Bahamas just look at who,
receives the bulk of all major~
contracts and those who influx
ence government policy!
Every election season, the
most barefaced forms of polit-
SEE page 113

We are a haven for politicians




We ask that the following persons please contact:
Ms. Nedra Carey, Mr. Caudray Pratt and MS.
Evelynda Smith Ph: 323-4488 at your earhiest

Rosetta Booth
,faSon Griffin
Lawson Sweetmng
David Smith
Rodlger Steal
Vmnslo Billups
Gregory Taylor
Michell Simmons
MOTVill Musgrove
Melita Barr
Stanley Albury

The Grand Bahama Power Company, Limited invites qualified Mechanical Engineers to apply
for a position as Project Engineer,
This position is that of a support staff who manages and participates in the planning of
special projects when required and provides technical assistance and engineering support for
the Technical Services Department and other GBPC departments.
The duties of this position include, but are not limited to providing technical assistance and
engineering support for the project group; planning projects, establishing projects, action
plans and budget; coordinating project execution, directing skilled crews, specifying and
purchasing equipment and preparing engineering and cost reports.
Applicants must have a Bachelor of Science Degree in Mechanical Engineering, a minimum
of ten (10) years experience with at least five (5) years as a Senior Engineer or Project
Manager, skilled in Mechanical Engineering. The individual must have a good understanding
of electrical systems and must possess good leadership skills and a reputation as an honest
and ethical employee.
The applicant must also have good organizational skills, a sound understanding of computers
and their application and good verbal and writing skills.

Applications with supporting documentation including a clean Police certificate and proof of
Bahamian citizenship should be sent to:

** *
**i -* *pL~)~rvcr
--.. :. :

BEC wishes to advise the public that on
25th M~arch, 2008, it will begin surveying its
wayleaves which enclose transmission lines from
Tucker Road to Bethel Avenue.

AiI derelict vehicles, existing encroachments, fences, walls,
structures and other equipment should be removed from
the wayleaves within the next: 21 days. Failure to do so will
result in immediate removal of any and all equipment and
structures from the following locations:

* AII that property being BEC wayleave going south
from Tucker Road
* Crossing Celery, Old Cedar and Graham Roads
*West on Derby Road
* Crossing Yellow Elder, Mlaize and Brown Roads
* Ending at Bethel Avenue

~Plf," ~o~US 0 UT
"~~S~i~New Shipments Arrived

Hurry, Hurry, Hurry and
Get. You r F first Chino ice


raping th
campaigns! The lack of free- that he found it "veryr reveal-
dom of information legisla- ing" that the Bahamas had
tion makes the Bahamas a not signed or ratified the Unit-
haven for megalomaniacal ed Nations Convention
politicians' intent on raping Against Corruption, which
taxpayers. was entered into force in
Presently, there are no
safeguards against corruption
and neither are there any
mechanisms in place to 'pro-
tect whistleblowers. At a mass
rally on November 21, 2006,
PM Ingraham told a crowd


MONDAY, MARCH 10, 2008, PAGE 13


December, 2005. Mr Ingra-
ham promised to deepen
democracy and further bol-
ster the Bahamas' democratic
institutions. Now that the
FNM is in power, it is hoped

that they will move with haste
in signing and ratifying this
important convention and, in
turn, make provisions of the
convention law in the

for what purpose! Countries
such as France have banned
corporate funding of political
parties and also put limita-
tions on the amount of cash a
candidate can spent which, if
exceeded, can result in a can-
didacy being nullified and
sanctions placed on a candi-
date for future elections.
Frankly, I am still waiting
for both the FNM and PLP to
disclose who financed their

FROM pae 12
ical corruption take place.
Bahamians are well aware of
the propositions of politicians'
who offer bribes for votes dur-
ing a general election cam-
Spaign, whether that means
I purchasing food, clothing or
appliances, paying utility bills'
raising public funds to create
Temporary jobs, doing out
contracts for campaign
favours, or unashamedly giv-
ing away money.
Professionally and private-
ly, parliamentarians should
always conduct themselves
ethically. Bahamians are
expecting their elected repre:
sntatives to serve them with
itegrity, rather than selfishly
pursuing power and self-
enrichment. The FNM gov-
enet came to power pro-
oting a trust agenda and
prpsgseven principles of
public life selflessness,
intb ,ty, ob ecihty,n acc t-
leaersip.If the present gov-
emet's proposed principles
are genuine, they should
imeitely fulfil their dam-
paign pledge of establishing,
dbef condc datrh 1%
all MPs/ministers accountable!
To prevent corruption dur-
ing elections, there is a need
campaign finance reform.
We must not stand by and
watch as political parties fall
inpto the pockets of wealthy
Ildonors. When it comes to
campaign financing, we
should cap expenditures by
putting ceilings on donations
and carefully scrutinise.the
institutions and/or individuals
contributing to the coffers of
these parties. Disclosure
requirements to heighten
transparency and ensure that
the public is made aware of
how much money was ~donat-
6'ld to a politimilparty or can-
didate, by whom, when and

Bank And Indurance

On Premises
Check Our Prices
Before buying

-I, i~C

Used Cars

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:taxpa er

intent on

Bahamas Bus & Truck Co., Ltd.
Montrose Avenue
Phone:322-1722 Fax: 326-74532



Large Shipment






The College of The Bahamas

171 conjunction with

The Mimistry of Fmnance will host a TOWN MEETING

Hon. Zhivargo Laing
MP, Minister of State in the Mmnistry of Finance;
John Delaney, Chairman, Trade Commission;
Philip Simon, Executive Director, Chamber of Commerce.

MOderator: Olivia Saunders, Associate Professor

Date: Wednesday, March 12 at 6:30 p.m.

Choices Restaurant, Culinary and Hospitality
Management Institute
FOr more informatiOR,
please call the School of Business at 302-4421

P~r 1 9 1I T']IS SC FMLT.AR S

The College of The Bahamas is accepting applications
for The President's Scholars Programme.

. Full payment of tuition
and general fees l
. Annual book allowance. Reret .

.Study lounge complete
with computer, printing ;' TBL
and faxing privileges i
. Leadership workshops
and conferences
. Domestic & International travel
. President's Scholars award at Commencement






    30 2-4584 OR 30 2-4587
    OR E-MAIL US AT: ilci@cob.edu.bs

    PAGE 14. MONDAY, MARCH 10, 2008

    EDUCAT ~ ~ ~ IN c '- ARAM


    Visit our website at www.cobt.edu.bs

    The College of The Bahamas is a publicly-funded institution delivering education toward associate degrees
    and baccalaureate degrees, as well as various certificates and diplomas to approximately 5,000 students. The
    College employs 213 regular faculty, about 70 part-time faculty as well as 385 staff. It is the 16" largest
    employer in The Bahamas. The College has an operating budget of $47M in 2007/08. The College is preparing
    its transition to full university status and is planning for major construction. It will also be launching a major
    capital campaign. The College of The Bahamas is seeking qualified candidates for the position of Vice-
    President, Finance & Administration and Chief Financial Officer.

    Vice- President, Finance & Administration and Chief Financial Officer


    The Vice-President, Finance and Administration and Chief Financial Officer is a seasoned administrator with
    superior strategic and leadership skills. He/she will be a results-oriented leader of high integrity who inspires
    respect in others, demonstrates outstanding strategic and leadership skills and shares The College's commitment
    to students, to faculty and to service to the nation.
    He/she will be a skilled and experienced problem-solver, a strategic thinker who leads in a transparent, decisive,
    collaborative and transparent manner. The Vice-President, Finanoe and Administration and Chief Financial
    Officer reports directly to the President and oversees the financial affairs, the human resources functions and
    the physical assets and planning of The College. He/she is supported by a qualified team of experienced
    managers and supports the mission and implements the strategic plan of The College. He/she has direct
    nvright of functions that have an impact on the more than 500 employees and nearly 5,000 students of The

    The Vice President, Finance & Administration and Chief Financial Officer directs the College community in
    all matters relating to:

    *operating and capital budgets and planning;
    *financial and treasurer accounting records and core systems;
    .internal and external auditing;
    *human resources management,
    *ancillary services;
    *facilities and construction services;
    *campus master planning and design;
    *space management planning and allocation;
    *campus safety and security.
    The Vice-President, Finance and Administration and Chief Financial Officer ensures that all The College's
    financial operations are administered in accordance with government requirements, institutional policies and
    best practices in financial management in 'not-for-profit' institutions and in accordance with GAAP (Generally
    Accepted Accounting Principles). The Vice-President, Finance and Administration and Chief Financial Officer
    is a member of key College governance and administrative committees. The Vice-President, Finance and
    Administration and Chief Financial Officer supervises the Assistant Vice-President, Human Resources, The
    Comptroller, the Estates Administrator and a number of other key administrators. The Vice-President, Finance
    and Administration and Chief Financial Officer will contribute to the successful growth of The College into
    The University of The Bahamas taking on such challenges as the creation of a University trust/foundation
    for receipting major gifts, the development of a new pension plan, the negotiation of land transfers from
    government and acquisition of new property, major development projects and the negotiation of new insurance

    Economic Partnership Agreement between the
    European Union and Cariforum

    Topic: The

    'Duties and Responsibilities:

    Leadership and Management
    *Directs the develop
    academic and reseau
    *Ensures that the fini
    providing financial
    decision making abc
    *Directs the preparat
    well as to governme
    *Provides financial o
    research and field sc
    *Oversees the monite
    *Directs development
    and budget.
    *Supervises planning
    *Directs development
    and budgets for the
    *Provides leadership
    *Directs Human Rese
    relations for the Col

    SExternal and Internal Liaisoi
    *Advises the Counci:
    long range economic
    and internal resource
    *Coordinates with al
    recommends princiI
    of the College's Ma
    *Reviews and reports
    the provision of det;
    *Acts as The College
    *In collaboration witl
    with external group
    with the media legir
    *Directs the external

    .Special Initiadives
    *Plan for the creation~
    *Ensure appropriate
    *Prepare for quality ;
    university setting.
    *Implement an inter

    The successful candidate will have:
    *Master's in Busines
    *15 years experience
    ACPA designation
    *Demonstrated excel
    *Proven ability to ide
    scale control and m

    Experience in higher education is an as~
    fields will be considered.
    To ensure consideration, application 1
    A complete application packet consist
    oCIeg of rhBahamas' A
    *A detailed curriculum vita
    *Copies of all transcripts (ori
    *The names and contact info


    Please visit the College's website at w
    access the College's Employment Apl



    . A minimum cumulative
    grade point average of 3.50
    . SAT scores of 1800
    . Must be a high school senior
    . Must be aBahamnian citizen.
    . Must pass at least 7 Core
    BGCSE Subjects (with 5 A
    GRADES) by the end of
    this year's sitting.

    of Policies, Systems, Administration and Reporting
    ment of financial policies and standards that provide support for the
    rch mission of The College of The Bahamas.
    ancial systems throughout the College meet the highest standards for
    information in a manner that allows strategic financial analysis and
    out the best use of the College's financial resources.
    ion and delivery of financial reporting to the President, to Council as
    :nt and other agencies.
    Oversight and administration services to the College's campuses and
    nations. .
    ring of the financial well-being of The College of The Bahamas.
    It, recommendation and implementation of the annual capital program
    Sand monitoring of annual departmental operating budget.
    It of the annual work plan for maintenance and renovation of facilities
    and direction for the College safety and security programs and policies.
    ource policy, procedure, systems and programs including industrial

    n and Adviser

    l and the President on all aspects of financial management including
    c trends, consequences of financial compliance and regulatory changes,
    :e management.
    l involved constituent groups all capital needs and resources, and
    ples and priorities for the capital activities, including the development
    .ster Plan.
    Son The College's fund-raising activities and investments and oversees
    ailed stewardship reports to donors.
    :'s senior financial representative with external professional financial
    h the Associate Vice-President, External Affairs represents The College
    s including government agencies, the business community, as well as
    slators, local communities, the media, alumni and donors.
    negotiation of the College government subvention.

    n of The University of the Bahamas Pension Plan.
    instruments for gift accounting and donor stewardship.
    assurance reviews in all areas of finance and administration in a

    nal audit programme.

    ;s Administration, Accounting or Finance or equivalent;
    :in financial management in increasingly demanding positions;
    or its equivalent;
    llent leadership and strategic skills;
    entify and implement process and systems improvements, and large-
    anagement initiatives;
    set, though candidates with strong profiles at a senior level in other

    materials must be received by March 31, 2008.
    ts of :

    application Form
    iginal transcripts are required upon employment)
    rmation for three references
    Please send information to:
    ane director
    ReHumn menouseuc
    Oakes Field Campus
    ,son Boulevard & Poincianna Drive
    P. O. Box N-4912
    Nassau, Bahamas
    Mail: hrapply @cob.edu.bs
    ww.cob.edu.bs for more information about the institution and to
    plication Form.



    .~~T RN 3~El "J' Al ^ ^ ~J




    ~ 2008Spectra5/CER ATO

    5 service! & Pa rts De art rents

    The Powrt uprise. NOW wODe nt


    company's shareholders received return elsewheI
    $90 per share or a net $17.3 bil- Another inte:
    lion. the contrast be
    Apollo and Texas Pacific are tive statement
    also likely to have factored the Mar and Harra
    potential US and global recession reasons for ter
    into their decision-making, and the venture agreed
    protracted negotiations Baha Mar Baha Mar said
    endured under both the Christie its reasons for te
    and Ingraham administrations will ject comments c
    not have escaped their attention. viously in the H
    Indeed, the supplemental Heads by Prime Minis
    of Agreement for the Cable Beach ham, and displ
    project was supposed to have been ability to termir
    concluded with the PLP govemn- ship by itself.
    ment by March 1, 2007, allowing However, Ha
    Baha Mar time to conclude the but lavish praise
    Harrah's joint venture by the mid- in its statement,
    dle of that month, to cast blame on
    Yet both the government's my and Baha M
    agreement and the joint venture its side of the br
    deadline were missed, and it was erence to the
    almost another 11 months before comments. It
    terms were agreed with the Ingra- Heads qf Agree
    ham administration. ing too long, sor
    Major investors, especially pri- interpret as a
    vate equity firms, do not like Christie govern
    uncertainty and keeping large conclude the su:
    chunks of equity capital in cold ment before th
    storage, waiting for an investment election when
    opportunity that may not materi- to do so.
    alise, when it could be earning a In his House

    FROM page one

    Baha Mar made the shocking announcement late
    on Friday that Harrah's has pulled out of the deal to
    develop the Cable Beach Resorts.
    In the press release making the announcement of
    Harrah's decision, Baha Mar questioned the ability of
    their former partner to make this type of unilateral
    decision, while also citing Mr Ingraham's comments
    expressing doubt over Baha Mar's ability to finance
    the project as a factor in Harrali's decision.
    "'Baha Mar has notified Harrah's that it disputes
    Harrah's ability to unilaterally terminate the arrange-
    ments. Those arrangements were affirmed by Har-
    rah's as recently as January 31 when Harrah's, as
    Baha Mar's jomnt venture partner, signed the latest
    heads of agreement with the Government of The
    Bahamas," said Baha Mar. "In attempting to justify its
    actions, Harrah's referred to comments made two
    days ago in the House of Assembly questioning the

    abply of s50 prj otdproce ahdesa d.mdad

    "The loss of an investor of Harrah's stature, the
    largest, most powerful gaming resort company in the
    world, is incalculable. Harrah's would have attracted
    other investors. Instead, their pull-out will now serve
    to discourage other investors," said the PLP.
    "It is troubling that the prime minister did not
    seem to understand that his ill-considered and gra-
    tuitous remarks in the House of Assembly put the
    economic future of the country at grave risk."
    Several opposition members warned the prime
    minister that his remarks could be harmful to the
    deal as soon as he made them in the House last
    "Imagine the world looking at this discussion this
    mormung where.the lead spokesman for the govemn-
    ment and a minister of the government is saying that
    they have doubts about the project. Why would a
    financier want to put money into a project that the
    government has doubts about? We have to be very
    careful about what kind of message we send out," said
    Fred Mitchell, MP for Fox Hill, in response to Mr

    resting feature was
    tween the respec-
    s issued by Baha
    Ih's explaining the
    minating the joint
    ment. On Friday,
    Harrah's stated as
    :rminating the pro-
    made two days pre-
    [ouse of Assembly
    ;ter Hubert Ingra-
    uted its partner's
    nate their relation-

    Irrah's did nothing
    e on Mr Ingraham
    instead appearing
    Sthe global econo-
    [ar's ability to fulfil
    bargain with rio ref-
    Prime Minister's
    also blamed the
    ment talks for tak-
    mething some may
    reference to the
    Iment's failure to
    pplemental agree-
    le May 2 general
    :it had the chance

    of Assembly com-

    ments, the prime minister had
    openly expressed scepticism about
    whether Baha Mar had the $400
    million in equity financing that it
    and its principals, Dikran and
    Sarkis Izmirlian, had committed
    to, and whether it would meet the
    March, 2009, deadline for fulfill-
    ing all its Heads of Agreement
    It is quite probable that Apollo
    and Texas Pacific were looking for
    an excuse to withdraw from the
    Bahamas project, and in the prime
    minister's remarks found one.
    The supplemental Heads of
    Agreement pledged that 7,000 per-
    manent jobs would be created by
    the Baha Mar project, up from the
    previous 3,500. The Harrah's
    announcement places this in jeop-
    ardy, along with the hundreds of
    construction jobs that would have
    been created, not to mention the
    several hundred million dollars
    worth of additional economic
    impact that Baha Mar was sup-
    posed to generate per annum.
    *See Tribune Business for full
    story and New Section pages six
    and seven for the background to
    the Cable Beach Resorts Deal

    Leaving the door open to future
    involvement in the Bahamian
    tourism and gaming industry, Har-
    rah's said: "We are open to the
    possibility of a project some time in
    the future. However, at this point
    we have terminated o~ur involve-
    ment in the Baha Mar project.
    Harrah's abrupt change mn direc-
    tion comes just over one month
    after its vice-chairman, Charles
    Attwood, approved the terms of
    Baha Mar's supplemental Heads of
    Agreement with the Govemnment
    in his capacity as director, senior
    vice-president and treasurer of
    Caesars Bahamas Investment Cor-
    That company is the wholly-
    owned, Bahamas donuciled Har-
    rah's subsidiary that would have
    acted as the holding vehicle for the
    company's 43 per cent stake in the
    joint venture firm with Baha Mar

    Harrah s
    Joint Venture Holdings, the part-
    nership company.
    Why a multi-billion dollar com-
    pany such as Harrah's should
    reverse course so quickly on an
    investment decision taken just over
    a month ago, and in which it is
    understood to have been commit-
    ting some $250 million in equity
    capital, may be mystifying to some.
    However, the key may lie in a
    little-noticed change in Harrah's
    ownership that was concluded just
    two days before the supplemental
    Heads of Agreement signing on
    January 29, 2008.
    Private equity giants Apollo
    Capital Management and Texas ~
    Pacific Group Capital completed
    their $29.7 billion takeover of Har-
    rah's, taking the company private.
    Their deal saw the private equity
    firms assume $12.4 billion worth
    of Harrah's debt, meaning that the

    Paramedics who arrived min-
    utes later used towels to stem the
    flow of blood from Ms
    Cartwright's head.
    The attack happened around
    mid-day just inside Parliament
    Street, across the road from the
    House of Assembly.
    A mugger leapt from a car,
    struck her over the head with the
    wrench, grabbed her bag and then
    fled in the car along East Bay
    Outraged Bahamians gathered
    at the scene, with one woman
    declaring: "What is our country
    coming to? Our children don't
    know the difference between
    right and wrong. This is another
    very sad day for Nassau "
    A local man said: "Had I been
    able to get at him (the thief), I
    would have killed him right here
    I swear I would."
    atAnkothe spai Ht was b vius th
    car fled along East Bay rather
    than nisk a snlarl-utp atthe traffic
    lg ts on Sily Sret.
    The attack came only a few
    weeks after a teenage student was
    shot dead mn Bay Street by gun-
    men apparently aiming at some-
    one else.
    T'he boy died in hospital after
    bemng struck mn the chest by one of
    four bullets fired from a passing
    Yesterday's incident adds
    another sad chapter to Nassau's
    worsening crime situation, espe-
    cially as the victim was a defence-
    less, frail old woman.
    The Tribune's managing edi-
    tor, John Marquis,.was on th-e,
    ..scene within minutes of the
    He said: "To see this old lady
    . lying in the road, with paramedics
    desperately trying to stem the
    flow of blood from her head, was

    "Anyone who thinks Nassau's
    crime is confined to druggies and
    men fighting over women needed
    to see this drama unraveling right
    in downtown Nassau in broad
    daylight while tourists wele
    milling round the Rawson Square
    "Unless these wild men are
    rounded up, and unless the legal
    profession can be made to deal
    with these people responsibly
    when they come to court, then
    the Bahamas is en route to disas-
    Mr Marquis watched aS Ms
    Cartwright was lifted into an
    ambulance. She was still con-
    scious, but moaning in pain after
    the emergency crew had battled
    to patch her wounds. She had
    managed to mutter a few details
    a nut h nsel rto ompc befo e
    Doctors Hospital.
    EsLocaldpeople hw dw tch d
    kind of thing can happen at
    lunchtime night in the nuddle of
    town in view of tourists," said the
    "Nassau's crime is not just
    about drug gangs and domestic
    spats it is hitting innocent people
    in their homes and in the streets.
    The politicians need to wise up
    to that."
    Up to press time, police con-
    firmed that no suspects were in
    custody mn relation to this attack.
    Authorities, however, are ask-
    ing the. public with information
    about theinccident to contact
    tn her die C~entral Police Station
    or Police Control room at 911 or

    FROM page one HailiaH pPOsillnt

    Haiti is something that is incredible," he said. "The specialists say that for
    the active population it's between 50 to 60 per cent. Therefore it's nec-
    essary that we mobilise the country on this question of employment."
    The government is set to increase subsidies to farmers in an agricultural
    sector that has until now been "abandoned."
    Meanwhile, Haiti the first Caribbean country to achieve independence
    from its colonial masters, in 1804 has excellent potential as a tourism des-
    tination, claimed the prime minister.
    While most visitors to the country at the present time are returning
    members of the diaspora coming to renew ties with family members, there
    does exist a small international tourist presence in Labadi, Haiti, where
    Royal Caribbean cruise shiips dock.
    "Every week, there are between 3,000 to d6,000 (American tourists),"
    he said. The government is "working on the idea that if we could just get
    a tenth of these tourists" to explore elsewhere this would make a signif-
    icant contribution to the economy, he said.

    , ~l~ge~i
    :'j~: fl

    . ~""a, b*

    f %








    ~c ~i


    MONDAY, MARCH 10, 2008, PAGE 15

    BhBma 8 58 0

    host Carifesta

    FROM page one

    of Guyana instead. Guyana,
    which sits on the north east
    coast of South America, host-
    ed the Cricket World Cup in
    2007 and has well-established,
    large-scale staging sites
    Speaking to the Caril bean
    press at the Sheraton Cable
    Beach resort on Saturda7,
    Prime Minister Manning said
    his decision to agree to Mr
    Ingrahanri's request was
    inspired by "the spirit of
    Caribbean brotherhood" in
    conjunction with the fact that,
    while the Bahamas has never
    hosted Carifesta, his country
    has done so three tunes since
    1992 with the 2010 event set
    to make it four.
    The announcement could
    be a step towards mending the
    relationship between the
    FNM government and the
    Bahamian cultural communi-
    ty which some suggested had
    been damaged in the wake of
    the decision being made that
    the Bahamas would no longer
    host Carifesta 2008. It was the
    former PLP government
    which had accepted the
    responsibility for doing so in
    The cultural community
    condemned the move to take
    the 2008 festival out of the
    Bahamas, saying it reflected
    badly on the FNM's touted
    commitment to cultural pro-
    motion and investment and
    showed a lack of respect for
    their community.
    MAcuhtojors Paauia Gbinte
    sion called into question the
    FNM's "Trust Agenda" in
    general and disregarded the
    efforts that the cultural com-
    munity had made to be ready
    for the 2008 date.
    The opposition also lashed
    out in the wake of the
    announcement by blaming
    Prime minister Hubert Ingra-
    ham for embarrassingn the
    country by a legedly taking
    the.decision to tell Caricom
    that we were not "ready"' for
    the 2008 date when this was
    However, ~on the govern-
    ment's part, Mr Ingraham and
    culture minister Charles May- j
    nard stressed that the event
    is a Caricom-sponsored one,
    and as such the decision to
    take it from the Bahamas in
    2008 was a Caricom decision
    not an FNM decision.
    When the issue flared up in
    July of last year, Mr Maynard
    said it was based on the deter-
    mination by Caricom that not
    enough preparations had been
    done by the former PLP gov-
    ernment before they left pow-
    er to prepare the country for
    hosting the major event.
    He noted that there had
    been no activity in terms of
    readying the Fort Charlotte
    or Arawak Cay locations pri-
    or to the PLP demitting office
    despite the fact these locations
    were anticipated to be the ke :
    staging sites.

    FROM page one

    FROM page one Woan munad

    PLP onH rl' '

    Ingraham in the House on Wednesday.
    Mr Mitchell was joined in this position by North
    Andros and Berry Islands MP Vincent Peet, who
    said that public questioning of the deal can damage
    investor confidence.
    Their colleague Frank Smith, MP for St Thomas
    More, joined in this criticism in the House a day lat-
    er on Thursday.
    "I speak with respect to remarks made by the
    prime minister as he moved this resolution. He is
    the chief executive officer of the Commonwealth of
    the Bahamas. On matters of public policy, no-one's
    words carry more consequence," he said.
    "Thus, when he speaks, he must reflect an appre-
    ciation for this reality. Unfortunately, the prime min-
    ister again demonstrated yesterday that he is so con-
    sumed with the view that he is strong and tough,
    especially in comparison to the leader of the opposi-
    to and s eare ocup ed sihpoh tialepgar uashhp,

    Despite these criticisms, the PLP was unable to
    close the deal with Baha Mar before losing govern-
    ment in May, 2007. Private letters released by Mr
    Ingraham in the House last week also reveal that
    the Christie administration had its own doubts about
    Baha Mar's ability to finance the project. However,
    the then government did not make these views pub-
    lic at the time.
    The PLP went on record yesterday emphasising
    that they support the Baha Mar development at
    Cable Beach. The opposition added that a full expla-
    nation of what has occurred needs to be provided to
    the public in the House today.
    "Quick action must be taken by the government to
    establish the extent to which the project is in trouble.
    The government must Say what it intends to do to
    keep this project on stream. If Baha Mar fails, the gov-
    ernment has only itself to blame. Failure must not be
    an option," said the PLP.
    The prime minister has pledged to address the
    issue today in theffHolise.


    Jloin Usi

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    PAGE 16, MONDAY, MARCH 10, 2008


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    MONDAY, MARCH 10,, 2008



    I -



    I~ -r ~ I I

    py,. Scen. ~lk

    Don't copy. Lead.


    Tib~u e BHus TNs Editor

    onstrucio work bl
    lon t ban 4G l
    & Beach resort
    C w ~~ill start this osrci w k
    week, the developers con-
    firmed to The Tribune, with
    "over" 10 Bahamian compa-
    nies set to be involved in the
    Christopher Anand,
    Albany's managing partner,
    said the developers hoped to
    begin closing residential sales
    for Phase I of the project in
    April, last week's road swap
    agreement with the Govern-

    the road and preparing all the
    environmental work we need
    to do related to the marina.
    It's imminent, starting this
    week, and we've got an awful
    lot of construction going on
    over the next two years."
    Mr Anand said Phase I
    mecluded all the infrastructure
    work and amenities for
    Albany, such as the marina,
    Restaurants, sports and swim-

    ming facilities, restaurants,
    shops, fitness centre, equestri-
    an centre, golf course and club-
    Also involved in Phase I
    construction, Mr Anand
    added, were the 48 cottages
    comprising Albany's luxury,
    Upscale hotel component, plus

    SEE page 4B

    fact that Albanyr is starting
    almost immediately will come
    as a welcome boost to both the
    construction industry and
    wider Bahamian economy.
    Mr Anand told The Tribune:
    "We're going to begin our con-
    struction activities almost
    immediately as it pertains to
    the new road, and are now
    mobilizing for the majority of
    the Phase I work.

    "I think we have over 10
    Bahamian firms involved in the
    construction activity right now.
    We've done a fairly competi-
    tive tender, and almost all the
    work has gone to Bahamian
    firms. We have over 10
    Bahamian firms slated for
    Phase I construction."
    He added: "For us, we want
    to start it all as soon as possi-
    ble. We're going to start with

    ment having been the final
    piece in the project's jigsaw to
    allow a "full construction"
    start. .
    Although not a complete
    antidote to the 'doom and
    gloom' enveloping Baha Mar's
    $2.6 billion Cable Beach rede-
    velopment, following Harrah's
    Entertainment's 'bombshell'
    announcement that it was ter-
    minating the joint venture, the

    Says 'not~ prudent' to move forward,:
    as doing so could be 'hardiful'

    Tribune Bus~ine'ss Editor

    Enterta in -
    ment last
    night said it
    had lost con-
    fidence in the
    ability of its
    joint venture i
    with Baha
    Mar to com-in ~
    plete the $2.~ billion Cable
    Beach redevel pment, saying it
    was "not prudent" to move
    forward and to do so could be
    " harmfull.
    In a statement released to
    The Tribune la te last .night,
    Harrah's said it did "not have
    confidence" that the joint ven-
    ture could complete the $2.6

    McCartney takes
    Registrar post, as
    miniSter disappointed
    progress not quicker
    OVer new Act

    to break into the international
    insurance market.
    Mr Laing said the Govern-
    ment instead felt it could
    access the expertise necessary
    to help the Bahamas break
    into the international insurance
    market, for business lines such

    SEE pae8B

    Tribune Business Editor
    EX-NATIONAL Insurance
    Board (NIB) director Lennox
    McCartney has been appoint-
    ed Registrar of Insurance, The
    Tribune can confirm, disap-
    pointing some who had hoped
    the Government would
    appoint a regulatory head with
    international experience.
    Confirming that Mr McCart-
    ney had replaced Dr Roger
    Brown as head of the Bahayni-
    an insurance regulator, Zhivar-
    go Laing, minister of state for
    finance, rejected concerns that
    by not appointing a seasoned
    regulator from outside the
    Bahamas to the post, the Gov-
    ernment was blunting its aim

    a Caesar's-branded resort casi-
    no in the Bahamas. With a
    tourist-friendly' environment,
    easy access for millions of vis-
    itors, and a skilled, reliable
    workforce, the proposed Bahia
    Mar project offers tremendous
    potential for a resort casmno.
    "Unfortunately, it has tak-
    en Baha Mar 'Develop'ment
    Company longer to organise
    the project than anticipated,
    and circumstances have
    .changed such that it is simply
    not prudent to move forward.
    We do not have confidence
    ,that. the proposed jpt tyen-

    SEE 1ae~2B

    billion project as anticipated,
    and that moving forward could
    prove "harmful" for everyone.
    In addition, it added that it
    felt it was "not prudent" to
    proceed with the Baha Mar
    project due to the length of
    time taken to put it together
    in negotiations with the Gov-
    ernment, indicating that the
    global economic climate had
    factored into its decision.
    Explaining its decision to ter-
    minate its joint venture part-
    nership with Baha Mar, Har-
    rah's said: "Over the last sev-
    eral years, :Harrah'.s Enter-
    tainment had spent consider-
    able time and resources pur-
    suing the possibility of building

    , 4



    *Abaco *Freeport


    Tribune Business Editor

    A MINIMUM 20-30 per
    cent equity contribution, equiv-
    alent to $50-$80 million, is all
    that would be required to
    finance construction of a pur-
    pose-built container shipping
    facility in southwestern New
    Providence, the Nassau
    Tourism and Development
    Board's (NTDB) chairman
    told The Tribune. .
    Responding to a Tribune
    editorial last week, which said
    the south-west port location
    proposed under the former
    PLP government would cost
    $400 million and require finan-
    cial support from the Govern-
    ment, Charles Klonaris said a

    NTDB chair says could
    be as little as $50m

    feasibility study conducted by
    consultants showed the true
    cbsts were substantially less.
    The study, by Dutch coinsul-
    tants Ecorys-Lievense, a copy.
    of which has been seen by The
    Tribune, estimated that the
    actual construction costs for
    the south-west port were
    between $222-$223 million. A
    further $10 million would be
    needed for land acquisitions
    necessary for the port's con-
    struction, with $13 million in

    SEE page 71B

    CABLE Bahamas' net
    ihedme for fiscal 2007
    increased by 19.43 per cent to
    $21.618 million, compared to
    $18.1 million the year before,
    driven by double-digit growth
    in its cable television and Inter-
    net segments.
    Cable television revenues
    grew 53 per cent year-over-
    year for the 12 months to
    December 31, 2007, driven by
    the company's Digital TV and
    pay-per-view options, which
    both grew by 51 per cent com-
    pared to 2006.
    Internet revenues, mean-
    while, were 26 per cent ahead
    of 2006 comparatives, helping
    to take Cable Bahamas' total
    revenues to $75.963 nullion, a

    Cable TV revenues
    up 53 per cent,
    driven by 51 per
    cent rise in digital,

    15.18 per cent increase over
    the previous year's $65.95 mil-
    Cable television revenues
    account for 57 per ce-nt of
    Cable Bahamas' income
    streams, but its diversion into
    Internet and data have

    SEE pae 7B

    Albany construction set to start this week

    * 'Over' 10 Bahamian construction firms gain work on $1.4bn project's Phase I

    * Developers hope to start Phase I residential sales in April

    * Aiming to start $500m worth of Phase II construction in 2009, before earlier phase ends

    Harrahts: We lost confidence in :$2.6bn plan

    Ex-NIB director is

    111surallcC Supremo

    20-30% equity capital needed

    0fo South-west port proposal

    Ilth Insurance Mhortgage Lending Retirement Planning

    Cable profits grow 19.43%

    THE D VIS F MILYOne family with many needs. For

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    customized advice, their choice is


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    The Bahamian Stock Market


    AML; $1.90 $- 0 14.46%
    BBL $0.99 $- 1,000 16.47%
    BOB $9.61 $- 500 0.00%
    BPF $11.80 $- 0 0.00%
    BSL $14.60 $- 0 0.00%
    BWL $3.66 $- 0 0.00%
    CAB $13.60 $- 2,000 12.86%
    CBL, $7.14 $+0.18 '174,445 -15.30%
    CHL $3.14 $- 100 -0.32%
    CIB $13.99 $+0.09 18,958 -4.18%
    CWCB $3.88 $-0.38 0 -23.02%
    DHS $2.46 $+0.01 11,800 4.68%
    FAM $7.90 $+0.05 3,000 9.72%
    FBB $2.60 $- 0 -1.89%
    FCC $0.74 $- 0 -3.90%
    FCL $5.15 $- 16,258 -0.58%
    FIN $12.92 $-0.04 3,167 -0.23%
    ICD $7.25 $- 0 0.00%
    JSJ , $12.30 $ 0 11.82%
    PSB$10.00 $- 0 0.00%

    *Benchmark (Bahamas) (BBL) has declared a special
    dividend of 50.02 per share, with $0.01 already paid on
    December 31. 2007, and $0.01 being payable on March 31,
    200)8, td all shareholders of record date December 21, 2007.

    :Commjonw~ealth Bank (CBL) has declared a quarterly
    dividend of 5F0.05 cents per share, payable on March 31,
    .2008, to gll 'shareholders of record date March 14, 2008.
    Additionallv. 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.

    *Consdlidated Water Company BDRs (CWCB) has
    declried a dividend of $0.013 per share, payable on May 7,
    2008, to all shareholders of record date March 31, 2008.

    Finance Corporation of Bahamas (FIN) has declared a
    dividend of $0.13 per share, payable on March 13, 2008, to
    all shareholders of record date March 5, 2008. (FIN) will
    hold its Annual General Meeting on March 13, 2008, at
    6.30pm at British Colonial Hilton, Bay Street, Nassau,

    ON any stock exchange,
    some stocks are more liquid
    because they trade more fre-
    quently"han oterd Liuidi-
    means the degree to which an
    asset or security can be
    bought or sold in the market,
    and can be converted into
    cash quickly without affecting
    the asset's price.
    On the other hand, an illiq-
    uid asset or security is one
    that cannot be bought or sold
    without substantial loss in
    Most illiquid stocks are
    thinly traded, meaning there
    is a limited amount of trading
    activity in the stock. so trying
    to buy or sell the stock could
    take much longer than the
    investor anticipates.

    I I :,~~~~~ ~ I)---i

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

    PAGE. 2B, MONDAY, MARCH 10, 2008

    SBy Royal Fidelity Capital

    FOR the week, the market
    saw 10 out of its 19 listed
    stocks trade, of which four
    stocks advanced, one
    declined and five remained
    unchanged. A total of
    231,228 shares changed
    hands, the largest weeily
    trading volume for 2008.
    Commonwealth Bank
    (CBL) led the volume for a
    second consecutive week,
    with 174,445 shares trading,
    climbing by $0.18 cents to
    end the week at $7.14.
    FirstCaribbean Interna-
    tional Bank (Bahamas)
    (CIB) followed with 18,958
    shares, climbing by $0.09 to
    close at $13.99. Coming in
    third with 16,258 shares was
    FOCOL Holdings (FCL), to
    close the week unchanged at
    Consolidated Water Com-
    pany (CWCO) continues to .
    be very volatile in the inter-
    national markets, resulting in
    the local BDRs experiencing
    a new 52-week low of $3.78
    during the week. They closed
    the week up slightly at $3.88.


    Earning Releases:

    THERE were no financial
    results reported by any of the
    191listed companies during
    the week.
    Commonwealth Bank
    (CBL) announced this week
    that it would be increasing its
    quarterly dividend payments
    by 50 per cent, which possibly
    resulted in CBL dominating
    the market's activity in the
    week, with 174,445 shares or
    75 per cent of the local
    exchange's trading volume.


    | P~~~~--- Il~^lll~pr

    :;Ong tfcatuil10S




    Monique attended Jacksonville
    State University, where she
    obtained a Bachelors of Science
    Degree in Accounting in 2001.
    Whilst in undergraduate university, a
    Monique was selected to the Deans
    and Presidents Lists, as well as
    the Who's Who Among Students
    in American Universities and

    Immediately following
    undergraduate studies, Monique
    pursued a career in the offshore
    industry where she successfully
    completed studies for the Society
    ofTrust Estate & Practioners
    Examination in 2004. In the same
    year, she completed studies for
    her Masters of Science Degree in
    Business Administration at Nova
    Southeastern University.
    Her desire to become a Certified
    Public Accountant led her to
    join KPMG in The Bahamas in
    September 2005 and in 2007, she
    successfully completed studies for
    the American Institute of Certified
    Public Accounting examination in
    the state of New Hampshire.

    Monique would like to extend
    her heartfelt gratitude and
    appreciation to her parents, Janita
    and Joseph Romer, her siblings
    Desaree, Charisma, Sheral and
    Jeronamo Romer, as well as her
    fiance, Jermaine Fountain, for their
    continued support.

    She would also like to thank the
    partners and staff at KPMG in The
    Bahamas for their support.

    Cordero is the son of the late
    James and Meecha Stuart. He is a
    graduate of St. John's College High
    School (1997). In 2001 he received
    an Associates of Arts Degree from
    the College of The Bahamas. In
    2004 Cordero enrolled at Florid I.
    International University where he'" .i'
    earned a Bachelors of Accounting'
    Degree with a double major in
    Finance. He was selected to the
    Deans list at both the Cpillege of The
    Bahamas and Florida International
    University in Spring 1998 and 1999
    and Fall 2002 and 2004.

    Cordero began working at KPMG in
    The Bahamas in November 2004 as
    an Associate Accountant and in May
    2007 he successfully completed
    the American Institute of Certified.
    Public Accountants examination in
    the state of New Hampshire.

    Cordero plans to add to his
    academic accomplishments by
    pursuing the Chartered Financial
    Analyst designation,
    He attributes his success and
    determination to his late mother
    and is very appreciative of the
    support and encouragement
    provided by his sister, Syreeta, and
    his aunt, Ernestine.k-e would also
    like to thank the partners and staff
    of KPMG in The Bahamas for their

    Montague Sterling
    East Bay Street
    Tel: 242-393-2007

    Monique Romer, Diveane Bowe (partner) and Cordero Stuart

    To Monique Romner and Cordero Stuart on successfully
    passing the exams required to become a Certified
    PUblic Accountant (CPA)

    KPM(G in the Bahalmas is committed to people dweveopment
    and continues to place em phasis on people centered
    programs such as the CPA Support Program which provides
    moral, practical, and financial support to help ODsure
    ladividual and organizational succeSS*


    '"ir :r .i- t-~ooln!ei ?mber firms affiliated w::h KPMG inter



    Tribune Business Editor
    THE Bahamas Telecommunications
    Company (BTC) wants to "maximise" its
    value and ensure it remains competitive, a
    senior executive told The Tribune, despite
    the drive to liberalise the Bahamian
    telecommunications industry.
    Responding to the Public Utilities Com-
    mission's (PUC) plans to issue a licence for
    the re-sell of fixed-line, voice telecom
    services offered by BTC and its IndiGo
    Networks rival, Marlon Johnson, BTC's
    vice-president of sales and marketing, said
    the state-owned incumbent wanted to
    ensure the interests of all consumers
    and operators were protected during the
    move to deregulation.
    Acknowledging that liberalisation was
    part of the PUC's mandate, Mr Johnson
    said: "We appreciate the direction the sec-
    tor is going in, and want to ensure we can
    thrive in a competitive environment.
    "We're doing our part to shape the dis-
    cussion for the benefit of our customers,
    and to maximise the value of BTC."
    Mr Johnson added: "We appreciate the

    Hotel Management

    Employment Opportunity

    A leading Nassau Hotel is seeking to employ the services
    of a Seasoned Restaurant Manager

    Applicants must possess the following qualifications:

    1. A minimum of 5 years experience as a Restaurant
    Manager in a leading Food and Beverage Operation

    2. Must be proficient in Food & Beverage Point of Sales

    3. A Team Leader with interpersonal skills, who is able to
    effectively train and supervise subordinates a must

    4. Must have a proven track record of Cost Controls and
    Revenue Generating Skills

    5. Must be hands on and creative with regards to the
    physical product, menu selections and employee
    incentive programs

    6. Must possess excellent verbal and written
    communication skills

    7. Must possess excellent Customer Service and

    8. Must be able to work with little or no supervision

    Salary and Benefits package and commensurate with

    Applicants are asked to forward all required document
    including a clean Police Certificate to the address listed

    Human Resources Manager,
    clo The Tribune, PO Box N-3207
    Nassau, Bahamas

    MONDAY, MARCH 10, 2008, PAGE 3B

    Medium Sized, Established, Local Retail Turn Key

    *Prime Location, Pftab ,rSSt ble and Fantastic
    Potential due to specialized, essential products &
    Cash/Financing (+/- $500,000)
    *Immediate/Constant Cash Returns
    Serious enquiries only please.
    Email: seriousretailbusiness~hotmail.com

    Legal Notice

    NOTICE IS HEREBY GIVEN as follows:

    (a) DAY TONE 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 05th March, 2008 when the Articles of
    Dissolution were submitted to and registered by the
    Registrar General.
    (c) The Liquidator of the said company is Paul Evans of
    clo Helvetia Court, South Esplanade, St. Peter Por-t,
    Dated this 10th day of March, A.D. 2008

    Paul Evans

    The Anglican Central Education Authority invites
    applications from qualified individuals for the. posi-
    tion of PRINCIPAL, Bishop Michael Eldon School,
    beginning September 2008.

    The applicant must have a Masters Degree mn Educa-
    tion from a recognized University, with at least (5
    years accumulative administrative experience. The
    applicant must also be computer literate.

    Key job functions and responsibilities include:

    Providing leadership set the climate and pace for
    success and high achievement in the school.
    Organizing and supervising schedules,.
    progiatimes, re~oi-ds and school procedures.
    - Supervising and evaluating teachers and support
    Managing records, school finances and end-of-
    year closing procedures.
    Communicatiing with parents, community groups
    and organizations
    Displaying consistent organizational and human
    relationship skills.
    SAssisting the Education De artment with and
    initiating Staff Development Programmes.

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

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

    The deadline for Application is Friday, March 28, 2008.

    LL ~IIC-h~ -b 4-~-- 1

    ETC01 10e o beCOmp etitive

    d ng er of lbristo

    need for the liberalization of the sector,
    but our ongoing challenge is to ensure we
    shape the dialogue in such a way that the
    interests of the customer and the operator
    ar-e adequately addressed.
    "'As we liberalise the sector, we want
    to create value in the sector. That benefits
    the consumers, the operators and the
    Th-e PUC last week unveiled plans to
    deepen liberalisation and competition in
    the Bahamian telecommunications indus-
    try, publishing proposals that would allow
    new market entrants to offer fixed-line
    voice services via the Bahamas Telecom-
    munications Company (BTC) and Indi-
    Go Networks' systems.
    The regulator's consultation document
    on its proposal to licence a company to
    'resale voice telecommunications services',
    said that while BTC would effectively be
    mandated to sell wholesale fixed-line ser-
    vices to the new licensee, IndiGo would
    have the optiori of choosing whether to
    do so.
    Essentially, the PUC's plan is that BTC
    - and perhaps IndiGo will play the role of
    wholesaler, allowing the new market

    entrant to purchase fixed-line voice tele-
    phony services from them for resale to
    Bahamian businesses and residents using
    their networks, switches and systems. In
    return, BTC and IndiGo will receive a
    regular fee.
    As the new telecoms licensee will not
    have to make a major initial capital outlay
    to construct their own telecoms network,
    the PUC is hoping that the barriers to
    market entry will be reduced.
    In turn, the theory is that this will further
    stimulate competition in the fixed-line,
    voice telephony market in the Bahamas,
    enhancing service for customers, and giv-
    ing them greater options and better prices.
    Questions, though, are likely to be asked
    about how attractive such a resell licence
    will be, given that BTC's fixed-line market
    share has been eroded by both legitimate
    competition and illegal callback and Voice
    over Internet Protocol (VolP) providers.
    Cellular is now arguably BTC's most valu-
    able arm, this monopoly generating 64 per
    cent of its revenues.
    There may also be concerns over how
    this licence could impact BTC's privati-
    sation value.

    4. DCCR O SPIuALgebri



    F~~l~(~ l -pleal r r: announce
    Il~r ~C'~11~.i' s';.jr 17M' bein
    III1.1lj 1ji1nl j I for students

    n C'l~ar cilailt~risllmian citizens
    rnjidll I'( tu V he Bham85ma Upon
    completion of their studies.
    rr '.~l.. ci if...a nt jle available on our
    website at wwwvdoctoirhosp.com.
    Only completed applications with
    required documentation submitted
    will be considered.
    Deadline for submission of completed
    application forms and all supporting
    documentation is April 30, 2008.

    `Ie D~noto moospllws ."'
    Rassin: Foindlatioln
    PURo Um UI
    Rswss U Pls B~e oames

    Marvelous March

    CA H-BACK!


    Promotion runs March '1 th~ru Mardtch 29, 2008.

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    is seeking a Client Accountant

    At minimum the candidate must meet the following requirements:

    * Self starter with an excellent academic background and strong organizational
    * In pursuance of or attainment of an Associates Degree in Accounting
    *Proficiency with Microsoft Office Word, Excel and Outlook
    * 1 year's experience mn the same or similar position

    The salary is negotiable and will depend on the background, qualifications and
    experience of the candidate.

    Please forward, on or before 21st March, 2008, your CV by fax together with a
    covering letter to:

    TELEFAX: (242) 356 9432


    Utilities in place, 3 minutes from Airport Lot 3C and
    3D for sale (1 acre total) ($550,000 net)
    Contact Info; Michael
    Tel: 242-394-9396
    Cell: 242-422-1522
    Emrail: Intunrnquest@coralwave .corn

    Law Firm Seeks

    Position Summary
    A mature person who has experience working
    in a professional environment and is able to
    work independently
    Computer Literate
    Strong written and oral.communication skills
    Secretarial skills is an advantage but not
    Experience Requirements
    One (1) year minimum experience as a receptionist
    would be an advantage
    Benefits Offered
    Major Medical Insurance

    Law Firm Seeks

    1118110181 LOntronler
    A rapidly growing Law Firm is seeking applications
    for a Financial Controller. The successful candidate
    should have a bachelor's degree in accounting and a
    CPA, ACCA, CA qualification or any other qualification
    that is recognized by the Bahamas Institute of Chartered

    The successful candidates should also have 3 years
    experience in an accounting firm, and be able to work
    in a challenging team-driven environment. Attention
    to detail is a must and the candidate must be able to
    prepare budgets, financial reports negotiate with
    bankers, and respond to the business needs of the
    Firm's partners.

    Benefits Offered:

    Major Medical Insurance
    Individluals with thze above-mentioned qualifications
    should email their relsumne's to:

    To apply: All applicants must submit a resume by
    March 21st, 2008 to

    The Human Resources Department
    email: jobwiz@yahoo.com


    PAGE 4B, MONDAY, MARCH 10, 2008


    pleting the bonding for the sub
    division approvals with the
    Ministry of Works, dotting the
    'i's' and crossing the 't's', and
    we hope to begin closing sales,
    starting in April, for Phase I".
    Under the Hotels Encour-
    agement Act agreement signed
    between the Albany develop-
    ers, incorporated as Park
    Ridge Securities Corporation,
    and the Government on
    December 17, 2007, it was
    pledged that construction work
    would begin within seven days
    of the road swap agreement
    taking place.
    That swap has seen the Gov-
    ernment convey to the Albany
    developers the portion of the
    existing south-west Bay Street,
    and South Ocean Boulevard,
    that runs~through the 565-acre
    project site. In return, the
    Albany developers will con-
    struct a replacement road
    around their mixed-use resort
    community, which will roughly
    follow the line established by
    BEC's power transmission
    kines from the Clifton Pier
    Power Station.
    That Hotels Encouragement
    Act agreement commits the
    Albany developers to contiplete

    the luxury cottages by Decem-
    ber 31, 2011, and the luxury
    hotel by December 31, 2013,
    spending at least $117 million
    on these facilities and their
    associated amenities.
    In return, the Government
    is exempting the developers
    from the payment of customs
    duties (normally around 35 per
    cent) and stamp duty (a fur-
    ther 7 per cent) on $143.896
    million worth of materials and
    plant needed to construct, fur-
    nish and equip these facilities,
    According to the agreement,
    the luxury hotel's cottage units
    will cost $55 million, and the
    luxury hotel component anoth-
    er $48 million. Their associated
    amenities will be completed by
    December 31, 2011, for anoth-
    er $53 million, while the mari-
    na will fetch a $30 million bill
    and be open on the same date.
    A further $5 million will be
    spent by Albany on shops,
    which will open by December
    31, 2016. The customs duty,
    stamp tax and 10-year real
    property tax exemptions mn the
    Hotels Encouragement Act
    only apply to Albany's hotel
    components and related facili-
    ties, not the residential homes

    that will be constructed by real
    estate buyers. They will still
    have to pay these taxes.
    Mr Anand told T'he T'ribune:
    "To be in a situation where
    you conceive of a project of
    the size and scale of Albany,
    and mn three years to be build-
    ing buildings, is actually pretty
    The design stage for Albany
    is understood to have taken
    18-24 months and paralleled
    the project's approval process
    with the Bahamian govern-
    ment, thus enabling the devel-
    opers to begin construction
    almost immediately once all
    the required permits were in
    The initial Heads of Agree-
    ment for Albany, signed with
    the former Christie adminis-
    tration on November 9, 2006,
    required that the 565-acre site
    will be built out at a density of
    two units per acre, based on
    gross acreage.
    As at November 9, 2006, the
    project was anticipated to
    meclude 400 single family lots
    and 200 condominium units,
    but some 50 per cent of the site
    is required to be green space,
    with 32.5 acres set aside for
    Albany's first phase, accord-
    ing to the Heads of Agre~e-
    ment, would involve the con-
    struction of the boutique hotel,
    its size ranging from a mini-
    mum of 10 luxury cottages with
    30 bedrooms to 65 cottages
    with 160 bedrooms minimum.
    Other facilities developed at
    the same time, in a phase
    scheduled to last from now
    until 2010, would be the Ernie
    Els-designed 18-hole golf
    course; beach club house, 20
    beach club villas, fitness club,
    marina able to cater to yachts
    240 feet in length, shops and
    75 single family residential lots.
    ohun r0b0deadline has ow

    that has elapsed since the
    Heads of Agreement were
    signed, as this has affected the
    developer's construction sched-
    ules and deadlines.
    During the first phase, the
    Albany developers whose
    principal shareholders are Mr
    Els and fellow world-famous
    golfer Tiger Woods, plus the
    Tavistock Group, the holding
    vehicle for worldwide invest-
    ments made by Lyford Cay bil-
    hionaire Joe Lewis are sched-

    ac:odin tdthle Hed of
    Purchasers of the develop-
    ment's property were expected
    to bring the total spend to $3135
    million, meaning that real
    estate sales and associated con-
    struction activity will produce
    $218 million or the lion's share
    of Albany's Phase 1 value.
    The second phase, accord-
    ing to the Heads of Agree-
    ment, will involve 325 addi-
    tional residential lots, 200 con-
    do-style units that may be
    incorporated as part of the
    hotel, a 16-acre equestrian cen-
    tre with at least eight horses. a
    golf course clubhouse and
    co mercial space around the

    Servicing of the residential
    lots, which will be priced
    between $2-$20 million, will
    start on June 20)10 and be com-
    pleted by December 20)13. with
    the condo units at the marina
    pre-sold and completed by
    December 2015.
    In this phase. Park Riidge
    Securities was expected to
    spend $)4 million.w~ith third
    party property owners
    accounting for $872 million.
    bringing total spend to $966
    million. Park Ridge. therfor-e.
    will be responsible for spend-
    ing at a minimum $2 11 million.

    Set to start t is week

    FROM page 1B

    the sale of lots that will be
    developed by "custom
    builders .
    nhe dAldb y mhan gin opat-
    hoped to begin Phase II, which
    involved $5000 m lhion wo th o

    marina apartments -next year.
    "If sales go well, we'll hope-
    uhl tbe under construction
    wit te marina apar ment in
    2009, even before the Phase I
    work is finished," Mr Anand

    sahen it came to Phase I, he
    said Albany was "just com-


    Conterfeit Banknote And Introduction

    TO Crisp Series Seminar

    Place: The Central Bank Of The B~ahamas Training Room,

    Market Street And Trinity Place Entrance

    When: Session

    March 13, 2008

    From 11:00 A.m. To 12:30 P.m.

    Apply By: March 10, 2008.

    The seminar is open to banks and banking institutions, gov-

    ernmnet agencies and corporations, private companies and the

    general public. Applications will be taken on a first-comelfirst-

    served basis, as space is limited.

    Kindly indicate if you wish to attend.

    ContaCt No

    302-2734, 302-2636, 302-2629

    r I

    r~r~lr~YY, BI~~~L~

    General Contractor/Developer in Freeport is looking!
    for a project manager and a superintendent for high-end
    residential and commercial projects. Training and
    experience on multi-million dollar projects is a
    requirement. Please forward a resume to:

    Bahamas Construction
    P.O. Box F-60340, Freeport, Bahamas
    email: bahamasconstruction @yahoo.colm

    Y~I~ ~~

    UK( University Distance Learning inBaharnas

    MBA University of W~ales
    * One year minimum by online learning C, Ol._
    * US$8,500 total fee U:NI\. Tr~SITY
    I rlzi OifCCiF WALtiES
    Flexible payment options available
    A member of the Association of
    Commonwealth Universities

    MBA University of Bradlford t,~t--
    * Top TO MBA in the world (Economist, Jan 2008)
    * AMBA/EQUIS accredited BRADFORDL
    * US$15,000 instalmentt plan available) schoo MFS anagemlent

    Also recruiting now to degree
    programmes: MA Education,

    BSc Psychology, BSc Computing,

    BUSines Qan dHNcD onsasi ess rom
    Uni~e~rsity of Birmingharm, University ~
    of S underhand, University~.c2.Derb)/,, -.
    She~ffeldl Haullam University, Ulniversity
    of Teessid~e and University of Warles

    infO~rdicanibbean.c om.

    1 (703) 549 5424 ,i

    Ww w.rd ic arib be an.c om


    ~W R LD


    SAMN B. MIIKHAE~L. M..., moSe
    393 -8 222

    Tourism related organization invites applications from suitability qualified
    persons for the above position unteas aAl li confidence to:

    DA 60702
    c/o The Tribune
    P.O.Box N 3207
    Nassau, Bahama~s.

    Applicant must possess the following qualifications:
    Msotu ie graduate of accredited college with a bachelor's degree in
    3-5 years Accounting experience r-equired, A/R and A/P preferred.
    Must have working knowledge of Quickbooks Enterprise.
    Must be computer literate and proficient in Microsoft Office, Microsoft
    Excel, and Microsoft Word.
    Must possess excellent communications skills.
    Must be able to work independently.
    Must be familiar with general office practice.
    Must be professional, reliable and have own transportation
    Must be able to trouble shoot and solve problems.
    A clean police certificate is required.

    Salary commensurate with qualifications and experience. Excellent benefits.

    ~ i
    --- ..
    :-rr.d~~. ..

    Food Vendors~ Contact

    Joan Henderson @ 356-2691

    Adults: $5

    ~3~C7~j~C~ ~1~II11~naYI E3~ ~

    ~e~-~3~34~7 ~s~jCm~


    MONDAY, MARCH 10, 2008, PAGE 5B

    A BAHAMIAN realtor has
    already been asked to re-list list
    the luxury penthouse at the
    Reef Atlantis which he just
    sold for $7.5 million for $9.9
    million, indicating that the high-
    end real estate market populat-
    ed by wealthy foreign second-
    home buyers is so far with-
    standing the US economic slow-
    Mario Carey, Bahamas Real-
    ty's managing director, said of
    the luxurious suite he sold:
    "This penthouse sits on top of
    paradise, and for that, it's not a
    bad price.
    "It's a great addition to the

    premier accommodations offer-
    ings for
    visitors, and it is reassuring
    to know that The Bahamas is
    in a position to attract those
    who are able to spend that sort
    of money for a quality experi-
    ence, where being pampered is
    worth the price.
    Considering the selling price
    of the penthouse, and the new
    asking price, it's clear that the
    luxury housing market in The
    Bahamas is strong. Today's
    penthouse with private eleva-
    tors, stunning views and per-
    sonal concierge service is the
    equivalent of the grand estate,

    the status symbol of success,
    that long, hedge-lined drive to
    the Tudor manor."
    Demand for the penthouse
    has been high with almost
    steady occupancy.
    Mr Carey is the only Bahami-
    an broker to sell a penthouse
    at The Reef, the newest addi-
    tion to the resorts of Atlantis,
    and its first entry into the realm
    of condo hotels, allowing own-
    ers to earn revenue when they
    are not in residence.
    Selling The Reef penthouse,
    which rents out at about $11,000
    a night, was an achievement
    that earned Mr Carey special

    thanks and a no-holds-barred
    family vacation from the Resi-
    dences at Atlantis Development
    Mark Pordes, president of
    T/K Paradise Realty, said:
    "Mario sold one of our premi-
    um units in the 495-room, 22
    storey condo hotel, and for this
    we say a special thank you.


    ~ .i~iP?.
    ??- -~

    re a


    4 s
    ";r *r~$ SI"~

    1/ 5-

    r 'a" -I


    '7.5m Atlantis penthouse

    8on 8o $9.mO1 re liSO 18

    Carnival Site
    Q.E. Sports Center



    Kids: $3

    T~I1~1~- ~ --~~: ~'~~--: -- ----- -- --- ----"-- -:'"--l-L;_- -~r.~_. .__ __ .-~Z=IL_~_~.~_ ~_r~~~ ~~_r~~--_ _-~:.~~IIE~---L~ill~D1~ I --.---rr_-~--~ ~-----_ -.-l-iTiiji~ji~i~


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    I~~ar_il 2!


    ~1_1 I _~_I

    PAGE 6B, MONDAY, MARCH 10, 2008





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    -~ .skl

    ':~' :jdd
    r 4

    I' I II'

    .: L

    "iI get a better: sense of whlat

    is happening in1 Thie Braham-~as

    from~ reading th~e Tribune.

    Where other daily

    newspapers fall. short, theC

    Tr-ibune delivers. IC'm1

    confident knowing The

    Trinbune looks ou-t fo~r my-a

    in~terests. T~he Tr-ibune iis

    my1) newspaper."

    NELSON JOB-lR1:~"







    I :
    i r



    Three 2 Storey townhouses about 80% completed which require some repairs. Each unit comprises
    676 sq.ft. on the upper floor and 676 sq.ft. on the lower floor (total floor area 1,352 sq.ft. per unit)
    and consists of 3 Bedrooms 2 Baths, Living, Dining and Kitchen.
    Driveway & Walkways are improved with 12 x 12 Spanish Type Tiles, 1,775 Sq.Ft. Swimming
    Pool and Jacuzzi which are 85% completed.
    The Buildings are situated on Lot #17376 comprising 10,000 sq~ft. located in
    Bahama Sound of Exuma Section 18, Exuma, Bahamas

    The units are being sold collectively.
    For conditions of the sale and any other
    The Comm r~ci Crei 3 1 eion Unit
    Nassau, Bahamas
    . Interested persons should submit offers
    in writing addressed to:
    The Commercial Credi~t Coll~ection Unit,
    ~~j lf~Z:%$B~gsf~IB~B~ ~P.O. Box N-7518, Nassau, Bahamas
    ~ j! B$FD96~i~B Serious enquiries only


    PricewaterhouseCoopers has vacancies for staff accountants to pursue a programme of
    training culminating in a professional accountancy qualification. Prospective candidates should
    have a graduate or undergraduate degree in accounting with a cumulative grade point average
    that exemplifies your success as an achiever and leader.
    Applications are. being accepted for the 2008 Programme. Expectant May/June 2008 graduates
    are also encouraged to apply.
    Successful candidates will undergo a period of rigorous training, both academically and
    on-the-job, with the objective of developing professional skills. Much of the on-the-job experience
    . will entail auditing the financial statements of entities in the financial services industries such as
    banks, trust companies, investment funds and insurance companies. The positions offer excellent
    salaries and promotional opportunities, and benefits include medical insurance and provident
    fund. Also, as a team member of PricewaterhouseCoopers there are opportunities to work in
    another country where PricewterhouseCcoopers has an office.
    Please submit your application, with a current curriculum vitae and a copy of your most recent
    transcript, before 31 March 2008, to:

    Human Resources -Partner
    P.O.Box N-3910
    Nassau, The Bahamas

    The Publid' Hospitals Authority invites applications are from suitably qualified
    individuals for the post of Manager I, Human Resources, Sandilands Rehabilitation
    Centre, Public Hospitals Authority.

    Applicant must possess the following qualification:-
    Bachelors Degree in Business Administration, Management, Public Admimistration,
    Human Resources or equivalent and at least five (5) years relevant experience.

    Responsible for the day-to-day management of the Human Resource Department
    including planning, organizing, coordinating and delegating duties; the supervision
    of the staff of the Human Resources Department; the coordination of activities and
    assisting with the training, education and development of Human
    Resource Department staff.

    1. Coordinates the development of Human Resources policies, Procedures and
    practices in the hospital and assist Corporate Office with policy development.
    2. Prepare the Human Resource component of the Personnel Emoluments Budget.

    3. Prepare the Human Resources Department budget.

    4. Develops general quality standards for Human Resources Units.

    5. Identifies and analyses Human Resource problems and recommends / implements

    6. Develops and implements Human Resources and related training programs and
    activities for relevant departments in conjunction with the training department.

    7. Advises and assists with interpretation of Human Resources policies for -
    department heads, Area Supervisors, Administrative officers and Human
    Resources officers.

    8. Liaises wit the Payrolls Department as it relates to management of budget.

    9. Serves as advisor to the Executive Management Committee on Human Resources


    10. Develops as designs systems and surveys to ensure a proactive approach to
    the approach to the Management of Human Resources.

    11. Participates in Labour Relations and Negotiations.

    12, Coordinates with Area Supervisors the recruitment of staff by developing
    interview formats, serving on the interview panel, testing and conducting
    background and reference checks.

    The salary for the post is Scale HAASI ($37,400x 700 -$43,700)

    Letters of application and resume' should be submitted to the Director of Human
    Resources, Public Hospitals Authority, Corporate Office 3rd and West Terraces
    Centerville, PO. Box N-8200 no later than 12th March, 2008.


    The Securities Com mi ssi on of The Bahamas (the Comm mission a
    statutory agency responsible for the supervision and regulation of the
    investment funds, securities and capital markets in or from T:Ihe Bahamas'
    as well as the supervision of F'inancial and Corporate Service Providers,
    invites applications from qualified ~Bahamians for the following position:

    EIied EF armle X g

    *Conducting on-site inspections of entities licensed or registered by
    the Commission
    Assisting in the enforcement process addressing deficiencies
    identified in the inspection
    *Review and analyze financial statements of licensees and
    registrants of the Com~mission

    Qualifications and Experience:
    *Bachelor's degree in Accounting or Finance
    *i 2 years experience in auditing or public accounting
    *Knowledge of the capital markets a pl-us

    Competencies :
    *Excellent oral and written communication skills
    *Proficient in computer skills (Microsoft Othece applications,
    particularly Word and Excel)

    Competitive salary and benefits are being offered. interested persons should
    submit applications in writing marked "Private and Confidential" to:

    P. O. BOX N-8347
    Fax: 356-7530
    E-Mail: info~-seb.gov~bs

    Applications should be received no later than Malrch 1 7, 2008

    MONDAY, MARCH 10, 2008, PAGE 7B


    ing (IPO) with Bahamian par-
    ticipation. Then the rest can
    be financed from private equi-
    ty or with a bond offering."
    Mr Klonaris said the private
    sector wanted the Government
    to have some say in how a new
    container port would be
    owned, run and operated, as it
    had a duty to protect the inter-
    ests of the Bahamian people.
    He added that while he per-
    sonally felt the south-west port
    location was superior to
    Arawak Cay, the location the
    Government seems to have
    zeroed in on, he did not want
    to push any particular site and
    would leave it up to the admin-
    istration to chart the way for-

    the south-west location or at
    Arawak Cay, are throughout
    fees per twenty-foot contain-
    er (TEU) that is landed, plus
    wharfage and dockage fees and
    rental income levied from the
    shipping companies,
    Mr Klonaris said: "There's
    a whole misconception about
    the costs of the port. Govern-
    ment is not involved at all in
    the south-west port in terms of
    financing. It does not have to
    raise a penny. It can be pri-
    vately done. .
    "The only requirement is a
    20-30 per cent equity capital
    from the beginning a mini-
    mum $50 million which real-
    ly can be done privately or
    through an initial public offer-

    to $37.829 million, compared to $33.14 million
    the year before. As a result, the company's
    operating margins rose from 49.7 per cent to
    50.2 per cent.
    Operating income increased 16.22 per cent
    or by some $5.5 million to $38.134 million, while
    net income per ordinary share increased from
    $0.92 to $1.1.

    20-300 equi y

    Port proposal

    FROM page 1B
    project preparation costs tak-
    ing the total to around $245-
    $246 million.
    "We are not asking govern-
    ment to be involved at all," Mr
    Klonaris told The Tribune,
    when it came to financing.
    "According to Citibank, who
    we gave the Ecorys report to,
    so they as well as Royal Fideli-
    ty could give a financial report,
    you only require 20-30 per cent
    equity as an upfront position.
    "The rest can be borrowed
    from the private sector, and
    financed from the containers
    coming in." -
    Among the income sources
    for a new port, whether it be in

    Cal pftESP OR b

    1.4 31 pe COPC

    FROM page 1B

    changed the mix, the latter two segments
    accounting for 29 per cent and 14 per cent
    The revenue growth outstripped the 14.14
    per cent rise in Cable Bahamas' 2007 expenses

    I I _

    The Public is hereby advised that 1, KENWITT
    CUNNINGHAM of Saffron Street, Nassau, Bahamas,
    intend to change my name to KENWITT DEVEAUX.
    If there are any objections to this change of name
    by Deed Poll, you may write such objections to
    the Chief Passport Officer, P.O.Box N-742, Nassau,
    Bahamas no later than thirty (30) days after the date
    Of publication of this notice.

    NOTICE is hereby given that GHISLAINE VILBRUN OF
    BAHAMAS is aplying to the Minister responsible for
    NatlOnality and Citzenship, for registration/naturalization
    aS 8 CitiZen of The Bahamas, and that any person who
    knows any reason why registration/ naturaliz tion should
    not be granted, should send a written and signed statement
    of the facts within twenty-eight days from the 3RD day of
    MARCH, 2007 to the Minister responsible for Nationality
    and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

    The Public is hereby advised that I, KARINE BRISSON
    Of the Southern District of The Bahamas, intend to
    change my name to KARINE CAR LINE JOSEPH. If
    there are any objections to this change of name
    by Deed Poll, you may write such objections to
    the Chief Passport Officer, P.O.Box N-742, Nassau,
    Bahamas no later than thirty (30) days after the date
    Of publication of this notice.

    F Ive= years of Policea Defensec orvice, awv L IY IP ~ noce e or speclalze
    security experience required.FR Mpg1B
    as captives, life insurance and
    reinsurance, through appoint-
    PERSONAL ATTRIBUTES. ing consultants.
    "I think that's the best win-
    win situation we could have,"
    The use of computers for report writing and data entry is required. Mr Laing said of the arrange-
    Incumbent must be familiar with all cities on the Islands of the BaharriaS.me etaehepsio tat
    Also required is knowledge of laws governing the use of firearms and the leadership of the insurance
    protective activitieS. regulator can be Bahamian,
    and that in so far as guidance
    ~Superior interpersonal skills are required. on moving to take advantage
    of opportunities in interna-
    tional insurance, we can access
    that expertise through consul-
    "At the same time, we will
    benefit from our Bahamian
    The successful candidate will be offered an excellent compensation package leadership having that knowl-
    including performance-based incentives, medical and dental insurance, life edge and expertise working in
    insurance, pension and opportunities for training and development. tandem with what he's doing,
    as well as acquiring that knowl-
    edge over time.
    Applicants must be Bahamian citizens or U.S. citizens who are eligible for "It is not necessary for us to
    emplymet uner aha ian awsandreguatins.hire a non-Bahamian with
    emplymet uner aha ian awsandreguatins.expertise to do the job, but we
    1:rm^ will have access to that exper-
    Applications 'forms are available from 8:00 a.m. to 5:00 p.m. Monday tise. We believe that combina-
    througp- Friday at the security area of the American Embassy, Queen Street. Mro Laing said etheel Goern-
    Completed applications should be returned to the Embassy, addressed to ment had already hired Cana-
    the Human Resources Office no later than Friday, March 14, 2008. dian Lawrie Savage as a con-
    sultant for the Registrar of
    Insurance's Office, and he was
    Working to "bring the insur-
    \ .,ancel regulator up to par-witli
    international best practices''.
    ~The Registrar of Insurance's
    a : bOe nha lng neensregarded

    PcngInformation As Of: F A L`
    BISX ALL SHArRE INDEX. CLOSE 1,987 72 / CHG 2.39 /%CH-G 0 12 ,YTD -79 03 / YTD % -3.82
    .I f ~ L: : r Cian t cur ., Fses..:., I c ..; cas. co- Cn .. rr0, ...r ~ EFs i m e.. b..0 .:.co., a
    11.80 11.25 Bahamas Property Fund 11.80 11.80 0.00 1.502 0.400 7.9 3.3%
    9.68 8.50 Bank of Bahamas 9.61 9.61 0.00 500 0.643 0.160 14.9 2.71%
    0.99' 0.83 Benchmark 0.99 0.99 0.00 0.188 0.030 5.3 3.03
    3.74r 2.00 Bahamas Waste 3.66 3.66 0.00 0.289 0.090 12.7 2.46
    2.701.26 FidelitL Bank 2.60 2.60 0.00 0.058 0.040 44.8 1.54%
    13.60~ 10.03 Cable Bahamas 13.160 13.60 0.00 2,000 1.030 0.240 13.2 17%
    3151 2.10 Colina Holdings 3.14 3.14 0.00 0.031 0.040 101.3 127
    8.50 4.62 Commonwealth Bank (S1) 7.11 7.14 0.03 13,995 0.428 0.260 16.7 3.64%
    7.22 3.78 Consolidated Water BDRs 3.63 3.87 0.24 0.129 0.052 29.3 138
    260' 2.20 Doctor's Hospital 2.46 2.46 0.00 10,000 0.316 0.020 7.8 0.2
    7.90 5.94 Famguard 7.90 7.90 0.00 0.713 0.280 11.1 3.5%
    4.5 3.0 F csCaribbean 1.8 1.9 O.0 1,|5 0 2:14 0:2ii 15. :2 32:
    6.10 5.12 Focol (S) 5.15 -5.15 0.00 0.363 0.140 14.2 2.7%
    1.OO 0.54 Freeport Concrete O.74 0.74 0.00 0.035 0.000 21.1 0.0%
    8.0 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 4.9%
    10 OO 10.00 Premier Real Estate 10.00 10.00 0.00 1.167 0.600 8.6 6.0%
    riellr, oveR--rne-counler s6Econnes

    8:0 i .o Caibbea'n Crotsmngs (ref) 6.0' 6.256. 'eo 0.000 0.480 NM .e.
    J~ or CO RU i-:idr? dr 0 -SO 0 023 r? 000~ N'Pi 00"
    ColinJ ONar-The-Couriter Securllesue .
    14~.60 14.00 Bahamas Supermarkets 14.60 15.60 14.00 1.160 0.900 13.4 6.16
    q.55 0.40 RND Holdings 0.45 0.55 0.45 -0.023 0.000 N/M 0.00
    BISX Listed Mutual Funds
    .;-,k.1- 52wk-Low Fund Name NA V YTD% Last 12 Months Div $ Yield %
    1.01 1.2037 Colina Bond Fund 1.300059*** 0.62% 6.15%
    3.0008 2.6254 Colina MSI Preferred Fund 2.982729* -0.60%
    1.3812 1.2647 Colina Money Market Fund 1.381183**** 0.39% 3.85%
    3.7969 3.1424 Fidelity Bahamas G &I Fund 3.7442*** -1.40% 27.72%
    1.9Co oCo406070 FidelityGPrim Incm dnrFund 1.880*** 0.46% S.53%
    1000~000 100.0000 CFAL Global Equity Fund 100.OO**
    1.0000 1.OOOD CFAL High Gra'de Bond Fund 1.00**
    10.5000 9.6628 Fidelity International Investment Fund 9.6628*'**
    FINIDEA CLOSE 919.60 / YITD -3 4 1'. I2007 34 47%
    BISX ALL SHARE INDEX 19 Dec 02 = 1,000 OO MARKET TERMS YIELD last 12 month dividends dlvided by closing price NAV KEY
    52wk-li Highest closing price in last 52 weeks Bid $ Buying price of Collna and Fldellty
    52w-Cb Loe, 2:"';:'singie In l st 52 weksoralvlm Aak tP Selling prlc of Callrat ado tpielt "- 291FD m er 20807
    Todays9 Clobe Current day's weighted price for daily volume Weekly Vol. Trading volume of the prior week "* 31 JLanuary 2008
    C~hange 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 *** 22 February 2008
    DIV S Dividends per share paid In the last 12 months N/M Not Meaningful
    P/E C~losng price divided by the last 12 month earnings. FINDEX The Fidelity Bahamas Stock Index Janu'ary 1, 1994 = 100
    (S) 4-for-1 Stock Spilt Effective Date 8/8/2007
    Sl) 3 fol-1 Stock Split Effectlve Date 7/11/12007
    TO TRADE CALL CFAL 242-502- 7010 FIDELIT'r 22-3*56-7' -1 'FOR MLORE DATA & INlFORMATION1 CALL (2-123 394-25013



    The Tribune wants to hear
    from people who are
    making news in their
    neighborhoods. Perhaps
    you are raising funds for a
    good cause, campaigning
    for improvements in the
    area or have won an

    af so all us on 322-1986
    and share your story.


    PAGE 8B, MONDAY, MARCH 10, 2008

    The American Embassy is presently considering applications for the
    following position:


    The Protective Security Agent provides security for the Chief of Mission and
    other visiting dignitaries as assigned.

    This position is open to candidates with the following qualifications:

    - Completion of secondary school and Royal Bahamas Police Force College;
    Royal Bahamas Defense Force training, or U.S. Military or U.S. Law
    Enforcement training.

    C;.~~~ ~ ~ L~ Ernr fr trlA r~r~r Crn ~rri~~mn cni li dr

    have the Act come into force
    and the regulations tabled in
    Confirming Mr McCartney's
    new role, Mr Laing said: "The
    appointment has taken place,
    and he would have come to
    office for the first time last
    weebke iday [gonedo Clearly
    necessary to advance the cause
    Some in the insurance indus-
    try had questioned why the
    Government had moved to
    appoint a Registrar now, given
    that the insurance regulator -
    along with the Compliance
    Commission and Securities
    Commission were due to be
    consolidated into one as part of
    the strategy to create a 'super
    regulator' for financial services
    mn the Bahamas, along the lines
    of the UK's Fiilancial Services
    Authority (FSA).
    However, Mr Laing said it
    was "better to have that lead-
    ership in place so they can be
    part of the transition", rather
    than not.
    Mr McCartney was removed
    as NIB's director late last year
    after 13 years in the post.
    Anthony Curtis replaced him
    as acting director until a
    replacement is found.

    in the wider financial services
    sector as bemng among the
    weakest Bahamian financial ,
    industry regulator. The former
    government delayed imple-
    mentation of the new Domes-
    tic Insurance Act, which was
    passed by Parliament in 2005,
    dueato co cerns over the Reg
    to administer and oversee the
    Act's increased demands. It is
    slated to become the Insurance
    Mr Laing said he was per-
    sonally disappointed that the
    regulations that accompany the
    new Domestic Insurance Act,
    and which need to take effect
    before the legislation can be
    enforced, had not yet been
    completed and tabled in Par-
    Once they are completed
    and tabled, the Act can be
    implemented and take effect.
    While the insurance industry
    working group that dealt with
    the regulations has signed off
    on them, they are now being
    "tidied up" by the Attorney
    General's Office.
    "We expect to be in receipt
    of that soon," Mr Laing said
    of the final version of the reg-
    ulations, "and once we do we
    will move expeditiously to

    * Medoi I Csover ge that takes you .

    * Access to over 4,000 network hospitals
    throughout the USA, The Bahamas,
    Caribbean, LatinAmerica and the UK.
    * Full Maternity Coverage & FREE
    cover for children up to age 10.
    * Underwritten by Lloyd's of London
    (A+ rated for claims paying ability).
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    or annually by credit card.
    * No Medical Examination requirement.

    Tamara Boyd Mark Reynolds


    d. eto is




    TOCOAL 393-5529

    Cvril Peet

    Success Training College announces registration for the winter semester.
    Register now for Certificates, Diplomas and degmee programs. Special tui-
    tion discounts available to recent high school graduates and government
    employees. Scholarships and easy-payment plan extended to all students
    6-12 weeks certificate courses.
    Prepare for a new job or qualify for career advancement.
    Medical Office Assistant Ticketing & Resra~tions
    Computer Office Assist Front Desk Assistant
    Dental Office Assistant Make-up Application Specialist
    Office Receptionist Dental Olfike Assistant
    Bank Teller Specialist Pharmacy Assistant
    Bartending/Mixologist Nursing Assistant
    Banking Office Assistant PC Publishing Specialist
    Business Office Assistant Graphic Design Technology

    Complete preparation for individuals interested in pursuing a catras apraleglq .
    18-24 months comprehensive career-oriented prognrms
    Start training now for a high-paying job or career advancement
    Business Administration Computer Systems Management
    Accounting Office Automation Science
    Economics & Finance Computer Graphics Technology .
    Human Resource Management Internet Web Designr Technology
    Banking & Finance Computer Informition Systems
    Executive Systems Management Network SystemnsSecririty
    Public Administration Computer Support Technology
    Early Childhood Education Medical Assistant
    Primary Education Dental Assistant
    Pharmacy Technician
    Flexible LLB (Hons) offered in association with
    Holborn College and the University of Huddersfield, Landn, England.
    Success Training College is registered with the
    IVinistry of Education and the Depanment of Public Passonnel.
    USA UK and te5 Cabean. Adiinle an es lished anyuto mgagseent
    between Success and Nova Southeastemn University allows Success' graduags to
    transfer seamlessly from Success to Nova.

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

    Bh .an

    ( I1;ILII IlnlLlnl I~llrl




    CHAPTERR 326)

    It is hereby notified pursuant to Section Five (5) of the Industries
    Encouragement Act Chapter 301, that the Minister is about to consider
    whether the manufacturer specified in the first column of the table below
    should be declared an "APPROVIED MANUFACTURER" in relation to
    the products specified in the third column.


    Concrete Creations Limited Thompson Boulevard, New Precast Coacrete

    Any interested person having any objection to such a declaration should give
    notice in writing of his or her objection and of the grounds thereof to the
    Office of the Ministry of Finance, on or before 17" day of March, 2008, by
    letter addressed to :-

    It is hereby notified pursuant to Section Seven (7) of the industries
    Encouragement Act that the Minister is about to consider whether' the
    following products should be declared "APPROVED PRODUCTS" Tor
    the purposes of that Act.


    Precast Concrett Baking, Soda, White Cement, Oil (form
    release) Moulds, Cement Coloring and

    Any interested person having any objection to such a declaration should give
    notice in writing of his or her objection and of the grounds thereof to the
    Office of Ministry of Finance, on or before the 17th day of march, 2008, by
    letter addressed to :-


    Tribune Business
    should be embraced and wel-
    comed, a leading economist
    suggested to a Bahamian
    audience, arguing that tee
    were tremendous opportuni-
    ties to be gained through the
    transfer of goods and services
    between countries,
    Don Boudreaux, chairman
    of the Department of Eco-
    nomics at George Mason
    University in Fairfax, Vir-

    ginia, was the special guest
    speaker at a dinner spon-
    sored by the Nassau Institute
    on the topic of globalisation
    held at the British Colonial
    Mr Boudreaux described
    globalisation as simply
    human cooperation across
    political boundaries, and said
    that while many people
    believe globalisation is an
    immigration matter, he feels
    true discussion should sepa-
    rate the issues.
    He said many people have
    suggested that free trade be
    done in a phased-in approach
    if it was a political necessity,
    but he preferred "a push the
    button" approach.

    "I see no down side against
    it, mn the long run," Mr
    Boudreaux said. He added
    that initially there may be
    some protected industries
    that are negatively affected in
    some way in the early stages,
    but there were many more
    industries which would bene-
    fit from it."
    Mr Boudreaux said globali-
    sation is not always the
    "David and Goliath" situa-
    tion of a larger country push-
    mng the smaller country's
    mndustries out of business.
    He gave as an example the
    scenario that if there was a

    new seed strain invented,
    which would reduce the
    amount of land and resources
    needed to grow this, and thus
    reduce costs and labour, it
    would be the same thing as
    globalization. But most peo-
    ple, he said, were not against
    technology as they are
    against globalisation.
    Mr Boudreaux discussed
    many of the arguments that
    opponents of globalisation
    had namely that it reduced
    domestic employment. He
    said this has been refuted and
    that what globalisation does
    is cause there to be a shift in
    the jobs which people per-
    Globalisation, he further~
    said,eencoursa es cre tivitanin
    be established and promotes




    Baha M~ar Development. Company Ltd. invites proposals from B~ahamaian land
    o~ymers, developers and investors to build and lease to Baha Mar on a lonig-
    term basis a total of approximately 150 multi-family residential housing units
    locatedf in developments of at: least 30 units each, conveniently located to C ible
    Beachi for occupancy by the execirt~iv staff of Baha Mar, Caesars Bahamas
    Management C~orporation and Star wood H~otels & Resorts Wolrldwide'Inc. and
    their respective contractors, consultants and suppliers.

    For filrther information or to obtain a proposal package contact:

    Steven Katz
    Email: skatz@baharnar.com Tel: 242.677.9081

    MAR i

    MONDAY, MARCH 10, 2008, PAGE 9B



    emb ac


    glb HiatOS

    Tribune Comics


    ( Caliq&Hobe


    L Il

    Shakridyar Mamedyarov v Mikhail
    Gurevich, European team
    championship 2007. The white x
    player, widely known as Shak, has
    reached the world top 10
    Grandmasters and is a deadly
    attacker against slightly weaker
    rivals. His veteran opponent in '
    today's puzzle tried the solid but
    pssi~ve Queen'sdGambitoD lined 1
    with mounting pressure on his king
    from the advance of White's g and h
    pawn. Here both the attacking foot '
    soldiers have been exchanged off to
    provide open lines for Shak's queen
    and rook. Gurevich probably still prove
    felt confident of a draw since the deac
    natural play for Wlhite (to move) is resic
    to exchange off all the rooks after why
    which there would be little in it.
    Shak saw clearer, and the position

    OoW COULP I GlVt you AP/R`T LQOK?




    MON DAY,

    SContract Bridge

    By Steve Becker

    Distributional Hand Evaluation


    I ~ I I I I



    L A TER-, 0HV7HE;& &4Y TO 7;rE7,4VERHY... ME MANAGED TO

    South dealer.
    Both sides vulnerable.

    SK 10 9 8

    9 QJ

    484 SOUTH

    exact value of the hand, deemi--q it
    worth anywhere from 17 to 20
    points, depending on which! school
    they came from.
    But North's one-spade respronse
    should have a depressing effect on
    the initial evaluation. The spade void
    AST is no longer an asset but a liability. In
    10 7 fact, at this point the hand depreci-
    8 6 42 ates to only its high-card values.
    However, when you next bid two
    Q 9 75 cub sand aconnae j s to chre dag

    changes radically. The original value
    is not only restored, but augmented.
    Your previous doubt as to whether
    there was even a game is more than
    resolved so much so that a slam is
    East now a very real possibility: And, you
    Pass should conclude that if North feels
    Pass the combined hands will produce 11
    tricks, you're surely entitled to tar
    lrts. for 12.
    The play of the hand is relati\ e~ly
    es, the simple. Only one pitfall has to b:-
    a phe- avoided. You plan a straight crossruff
    mention to score 12 tricks, but you should
    ecially, cash your two heart tricks very early
    htlingly before starting the crossruff. If
    d from you don't, you'll wind up with your
    adding. arm mna sling after West gets rid of
    st look his remaining heart while you are
    uld ini- ruffing clubs in dummy.
    Imini- After playing the king of hearts,
    does it ace of clubs and ace of hearts, you
    but it ruff spades and clubs back and forth,
    bution. finishing with 12 easy tricks. That's
    to the all there is to it.

    AQUARIUS Jan 21/Feb1
    A great opportunity arises n
    Wednesday, Aquarius. However,
    you may be too busy to see it coF
    ing. Take the day off to make h
    most of this deal.
    PISCES Feb 19/Mar 20
    Conceit caql get you into trouble,
    Pisces, but you seem to be ignoring all
    of the warnings. A coworker gets
    defensive as a result.
    ARIES Mar 21/Apr 20
    Have you been waiting for sorbe
    good luck to come your way, Arie's?
    Well, this is the week it just may
    arrive in the form of an overd le
    check. Spend wisely, but have funi
    TAURUS -Apr 21/May 21
    A though it is still a month or t
    away, start thinking about Yyop
    birthday plans, Taurus. This yh
    you are sure to throw a bash thqt
    will be remembered by all.
    GEMINI May 22/Jun 21
    A trip to the doctor gives you nes
    that you didn't expect. You m
    have to mend some of yy
    unhealthy habits. It's never too late
    to make resolutions.
    CANCER Jun 22/Jul 22
    You may have been pondering star -
    ing a new business, Cancer. Being

    LEO Jul 23/Aug 23
    A better mood keeps you lively
    this week, Leo. When you're on
    roll, it's hard to match your wor
    ethic. Make sure the boss sees a
    of your hard work.
    VIRGO Aug 24/Sept 22
    You've decided to get that pesky
    task that has been haunting yo
    completed this week, Virgo. It
    wih 0 e suc c eigt doff of yout
    LIBRA Sept 23/Oct 23
    Too many road trips have left youi
    car worse for the wear, Libra. Yol
    just made the investment, so taki
    easy for a while. Tuesday is ago
    day for relaxation.
    SCORPIO Oct 24/Nov 22
    Have you been feeling lonely
    Scorpio? It might be time to invitel
    over some friends to help beat thq
    bles Ti2 ,sda io ia0 gd day for a
    SAG~ITARIUS Nov 23/Dec 21
    It seems you've gotten yourself
    mnto another work bind, Sagittarius.
    You just can't seem to find a place:
    that holds your attention. Keep/
    looking and don't settle.
    CAPRICORN Dec 22/Jan 20:
    You haven't been feeling your best,
    Capricorn, and this week might be thej
    worst of all. But rest assured that once
    this blows over you'll be back onj
    your feet.


    red a case of one move and you're
    d. After While', next trlin, Black
    gned. What was the winner, dnld
    did Gurevich surrender?

    + Q
    V 10


    SK 73
    SA QJ 6 4
    +A J 10 6 2
    The bidding:
    South West North
    1 + Pass 1 +
    2 + Pass 3 4
    6 +
    Openmng lead queen of hea
    As the bidding progress
    rise and fall of one's values is
    nomenon worthy of close att
    In distributional hands espe
    their worth may fluctuate sta;
    as new information is gather
    the opponents' or partner's bit
    For example, when you fir
    at today's South hand, you wo~
    tially rank it as well above a
    mum opening bid. Not only (
    contain 15 high-card points,
    has an attractive 5-5-3-0 distri~
    Point-counters might differ as

    \ URLW6


    IE Af66 AIPA
    ggg 7Ep ***CE PIC.

    EIC I Ta a t
    words in
    D the mam
    N IgI Dctr(9Cen turr
    HOW many words of four letters
    or more can you make from the
    ltese sow here? In making a
    once only. Each must contain the
    centre letter and there must be
    at least one nine-letter word.
    TNo p~lY RGET
    Good 22; very good 33; excellent
    44 (or more). Solution tomorrow.

    Yesterday's cryptic solutions Yesterday's easy solutions ~
    ACROSS: 3, flush 8, BR-oill0n, Te-L-Is 11, 0-ft. 12, 5ep-All13, ACROSS: 3, State 8, Manor 10, Eager 11, Rid 12, Carat 13,
    Muffler 15, Ro-les l8, Aill19, Art-is-t 21, All-erg-y 22, Rill Deleted 15, Debit 18, Sir 19, Denote 21, Steamer 22, Buoy
    23, Le-f- t24, Stunner 26, P-rude-5 29, D-EN 31, Hum-id 32, 13, Tend 24, Similar 26, Scenic 29, Bin 31, Harem 32, Settler
    Putters 34, M-Adam 35, Ire 36, Bizet 37, Clan-G 38, Sense 34, Appal 35, Rib 36, Snarl 37, Rupee 38, Sense
    DOWN:1, Tr-out 2, Pit-fall 4, Lee-R 5, Sta-RR-y 6, He-lot 7 DOWN:1, Wares 2, Modesty 4, Toad 5, Leader 6, Eaten 7
    Blues 9, Off12, 5-electsl14, Lill16, Liner17, State l9, Agendum Merit 9, Nill2, Ceramic 14, Tie 16, Boxer 17, Teddy l9,
    20, G;raph (Graf) 21, Album23, Le-nti-ls 24, Sedate 25, Net 27, Decibel 20, Abash 21, Sober 23, Tantrum 24, Simple 25,
    Rubik 28, Di-me-s 30, Wrens 32, P-ass 33, Era Lit 27, Canny 28, Nears 30, Rebel 32, Saps 33, Lip





    7 a

    15 16

    ) ?(selggu
    lech (6)

    pect (6)
    empted (5)
    m (4)
    formance (3)

    1 If you heart's not in it, that's very
    unusual(5) '
    6 Completely, yet only a fair way? (5)
    9 Boxer in the navy? (7)
    10 A matter oftaking tqo~much
    interest (5)
    IT River whose naval centre's a lot
    changed (5)
    12 Foreign film? (5)
    13 Pert player? (7)
    15 A seedy case (3)
    17 Som what boneshakin9

    1B 'mplore a person to buzz off! (6)
    19 Kept being unhappy about aday of
    victory! (5)
    20 They happen to have a bearing on
    openings (6)
    22 Mounted, it offers a lofty view of
    Japan (4)
    24 Still very ethical in part (3)
    25 In the theatre, it's short and
    incisive (>>
    26 diiotheaded desire can lead to a
    27 She'sfoxy (5)
    28 A start in life (5)
    29 A detailed account makes it clear (7)
    30 Such sisters as we could
    get rid of! (5)
    31 Not a straightforward statement of
    ideas (5)

    2 Charitori's in the west London area,
    it steer! (6)
    3 In a steamship, the crew or the pro
    pellers (6)
    4 A shot from the sentry (3)
    5 How I fled the scene of battle (5)
    6 Venerated more than ever (7)
    7 Flatten with a club (4)
    8 Headgear not raised in a garden
    witbi many stones (6)
    12 Are like districts, regions, etc. (5)
    13 5 arltfording the river in aCornish

    14 Make a secondary allowance to a
    tenant? (5)
    15 Nip to the next floor and get dad
    ou o bd (3,2)
    16 There's many a wicked one (5)
    18 Where to have a ball ornholiday? (5)
    19 Detains, possibly, for having dis-
    coloured something (7)
    21 Has it the wettest streets
    in taly! ts,
    22 They have a striking effect
    on grain (6)
    23 On a volatile steed, Juliet joked (6)
    25 A share issue of some
    description (5)
    26 What they called Hitler before the
    war (4)
    28 During the rumba '
    always cr (3)

    24 Racket (3)
    25 Coach (7)
    26 Tale (5)
    27 Asian
    language (5)
    28 Viper (5)
    29Protection (7)
    31 Yleld (5)
    s 5ub (5)

    9~ ~1 S
    21 Ane
    22 Im~
    23 Res
    25 Attl
    26 Tea
    28 Perl

    Chess 8577: 1 Re6! Resigns. If Rxe6 2 Q3xg7 mate.
    Black's can t take Bxe6 because his bishop is pinned
    by Whlite's queen. If Qb4 2 Rxf6+! oxf6 3 Oxq8B mate.


    PAGE 10OB, MONDAY. MARCH 10. 2008




    10 11

    12 -

    13 14

    17 18

    S20 21 22 23

    24 25


    27 28

    30 31

    1Minimum (5) 2 Landed
    6 Compass property (6)
    W~~ point s> 3 Exe ts (

    10 dtoo13) 5 Podr(5)
    ~ 11 Old- 6 Tranlquillised,
    e fashioned (5) (7)
    12 Ethical(5) 7 Verbal (4)
    (1) 13emished (7) 8 Di~ssertation
    victorious (3) 12 Honour 5)
    W 17 Sea bird (4) 13 Place (5)
    18 Inlvent (6) 14 Gas (5)
    19 Revealed (5) 15 Broaden (5)
    20 Keyle55 (6) 16 At no time (5)
    22 in this place 18 Denounce (5)


    13TH MARCH, 2008

    No. 2008/PRO/npr/00106

    In the Estate of THOMAS JOSEPH MCNALLY
    (a.k.a. THOMAS J. MCNALLY), domiciled and
    late of 22 Ennis Lake Road, Ennis, Madison County,
    in the State of Montana, one of the States of the
    United States of America, deceased.

    NOTICE is hereby given that after the expiration
    of fourteen days from the date hereof, application
    will be made to the Supreme Court of The Bahamas
    in the Probate Division by ROBERT F. VAN
    WYNEN of the Eastern District, New Providence,
    one of the Islands of the Commonwealth of The
    Bahamas, Attorney-At-Law, the Authorized Attorney
    in The Bahamas for obtaining the Letters~ of
    Appointment of Co-Personal Representatives in the
    above estate granted to THOMAS F. MCNALLY
    and MARC F. MCNALLY the Executors of the
    Estate, by the Montana Fifth Judicial District,
    Madison County in the state of Montana of one of
    the States of the United States of America on the
    15th day of August, 2002.

    Tabitha Cumberbatch
    (for) Registrar

    .13TH MARCH, 2008

    No. 2008/PRO/npr/00107

    Whereas CHELON M. CARR of Western District,
    New Providence, one of the Islands of the
    Commonwealth of The Bahamas, has made
    application to the Supreme Court of The Bahamas,
    Attorney by Deed of Power of Attorney for JULIA
    LoRUSSO for Letters of Administration with the
    Will annexed of the Real and Personal Estate of
    LLLIAN J. KETCHAM, late of Sarasota County,
    Florida, one of the States of the United States of
    America, deceased.

    Notice is hereby given that such applications will
    be heard by the said Court at the expiration of 14
    days from the date hereof.

    Tabitha Cumberbatch
    (for) Registi'ar'

    13TH MARCH, 2008

    No. 2008/PRO/npr/00108

    In the Estate of WILLIS PLAYER, late of 75 Orr
    Road, Germantown, Columbia in the State of New
    York, one of the States of the United States of
    America, deceased.

    NOTICE is hereby given that after the expiration
    of fourteen days from the date hereof, application
    will be made to the Supreme Court of The Bahamas
    in the Probate Division by JAN W. BORGHARDT
    of the Western District, New Providence, one of
    the Islands of the Commonwealth of The Bahamas,
    Attorney-At-Law, the Authorized Attorney in The
    Bahamas for obtaining the Resealing Letters of
    Testamentary in the above estate granted to NAN
    COTTON the Executrixes of the Estate, in the
    Surrogate's Court in the County of Columbia, New
    York of one of the States of the United States of .
    America on the 25th day' of April 2006.

    Tabitha Cumberbatch
    (for) Registrar

    13TH MARCH, 2008

    No. 2008/PRO/npr/00104

    Whereas HARTIS EUGENE BINDER of Mareva
    House, 4 George Street, New Providence, one of
    the Islands of the Commonwealth of The Bahamas,
    Attorney by Deed of Power of Attorney for Sidney
    H. Pinder has made application to the Supreme
    Court of The Bahamas, for letters of administration
    of the Real and Personal Estate of DANIEL
    WHITNEY PINDER late of Blair Estates, Eastern
    District, New Providence,- one of the Islands of the
    Commonwealth of The B ahamas, deceased.

    Notice is hereby given that such applications will
    be heard by the said Court at the expiration of 14
    days from the date hereof.

    Desiree Robinson
    (for) Registrar






    no :

    SNo. 2008/PRO/npr/00105

    In the Estate of CHARLES G. HARAMIS, late
    and domiciled of 327 Madison Avenue, in the City
    of Watkins Glen, in the State of New York, cone of
    the States of the United States of America, deceased.

    NOTICE is hereby given that after the expiration
    of fourteen days from the date hereof, application
    will be made to the Supreme Court of The Bahamas
    in the Probate Division by W.CHRISTOPHER
    GOUTHRO of the Regent Centre, Freeport, Gfrand
    Bahama one of the Islands of the Commonwealth
    of The Bahamas, Attorney-At-Law, the Authorized
    Attorney in The Bahamas for obtaining the
    Resealing Letters of Testamentary for Executor in
    the above estate granted to GEORGE M.
    HARAMIS the Executor of the Estate, by the
    Probate Division in the Surrogate Court of County
    of Schuyler, New York of the one of the States of
    the United States of America on the 28th day of
    March, 1995.

    Tabitha Cumberbatch
    (for) Registrar

    13TH MARCH, 2008

    No. 2008/PRO/npr/00110

    Whereas PERRY TYRONE JOHNSON of Easter
    Avenue, Freeport, Grand Bahama one of the Islands
    of the Commonwealth of The Bahamas, has made
    application to the Supreme Court of The Bahamas,
    for Letters of Administration with the Will annexed
    of the Real and Personal Estate of PERRY
    TYRONE JOHNSON, late of No. 11 Easter
    Avenue, Freeport, Grand Bahama, one of the Islands
    of the Commonwealth of The Bahamas, deceased.

    Notice is hereby given that such applications will
    be heard by the said Court at the expiration of 14
    days from the date hereof.

    Tabitha Cumberbatch
    (for) Registrar

    13TH MARCH, 2008

    No. 2008/PRO/npr/00103

    In the Estate of EDWIN R. LONG, late of No.
    10 Mohawk Drive, Brightwaters, New York, U.S.A.,

    NOTI[CE is hereby given that after the expiration
    of fourteen days from the date hereof, application
    will be made to the Supreme Court of The Bahamas
    in the Probate Division by JAMES LENNOX
    MOXEY of Shirley Street, Eastern District, New
    Providence, one of the Islands of the Commonwealth
    of The Bahamas, Attorney-At-Law, the Authorized
    Attorney in The Bahamas for obtaining the Resealed
    Grant of Letters of Administration With The Will
    Annexed in the above estate granted to SHIRLEY
    M. LONG, the Administrator, by the Surrogate's
    Court for Suffolk County in the State of New York,
    one of the States of the United States of America
    on the 12th day of January, 2000.

    Desiree Robinson
    (for) Registrar

    13TH MARCH, 2008

    No. 2008/PRO/npr/00111

    In the Estate of CAROLE HUGHES SANTO,
    late and domiiciled of 3183 Bouvier Road in the
    Town of Hammond in the Province of Ontario in
    the Dominion of Canada, deceased.

    NOTICE is hereby given that after the expiration
    of fourteen days from the date herelof, application
    will be made to the Supreme Court of The Bahamas
    in the Probate Division by ADAM D. R.
    CAFFERATA of the Freeport, Grand Bahama, one
    of the Islands of the Commonwealth of The
    Bahamas, Attorney-At-Law, the Authorized Attorney
    in The Bahamas for obtaining' the Resealing of a
    Certificate of Appointment of Estate Trustee in
    above estate granted to JOHN HUGHES, the sole
    Executor and Estate Trustee of the Estate, by the
    Superior Court of Justice, Ontario on the 27th day
    of June, 2007.

    Tabitha Cumberbatch
    (for) Registrar

    13TH MARCH, 2008

    No. 2008/PRO/npr/00112

    In the Estate of RONALD SAXBY BAILEY, late
    and domiciled of 537 Dunstable Road in the City
    of Luton, ~in the County of Bedfordshire, in the
    Country of England, deceased.

    NOTICE is hereby given that after the expiration
    of fourteen days from the date hereof, application
    will be made to the Supreme Court of The Bahamas
    in the Probate Division by ADAM D. R.
    CAFFERATA of the Freeport, Grand Bahama, one
    of the Islands of the Commonwealth of The
    Bahamas, Attorney-At-Law, the Authorized Attorney
    in The Bahamas for obtaining the Resealing of
    Probate in the above estate granted to ROBIN
    BAILEY, the Executors and Trustees of the Estate,
    by the District Probate Registry at Oxford in the
    High Court of Justice, England on the 8th day of
    November, 2001.

    Tabitha Cumberbatch
    (for) Registrar

    13TH MARCH, 2008

    13TH MARCH, 2008

    No. 2008/PRO/npr/00109

    In the Estate of FRANCELIA D. CORBETT, late
    and domiciled of 235 Walker Street, Apartment No
    236, Lenox in the County of Berkshire in the state
    of Massachusetts, one of the States of the United
    States of America, deceased.

    NOTICE is hereby given that after the expiration
    of fourteen days from the date hereof, application
    will be made to the Supreme Court of The Bahamas
    in the Probate~ Division by MICHAEL CRAIG
    ROBERTS of the Eastern District, New Providence,
    one of the Islands of the Commonwealth of The
    Bahamas, Attorney-At-Law, the Authorized Attorney
    in The Bahamas for obtaining the Resealing of
    Probate of Will Without Sureties in the above estate
    granted to Ann C. Lucas, Laurie J. Hall, and
    William B. Roberts, the Executors of the Estate,
    by the Probate and Family in the Trail Court of
    Commonwealth of Massachusetts, one of the States
    of the United States of America on the 30th day of
    July, 2007
    Tabitha Cumberbatch
    (for) Registrar

    13TH MARCH, 2008

    No. 2008/PRO/npr/00113

    In the Estate of RICHARD BEGLIN, late and
    domiciled of 12 Water Street, Searsport, Waldo
    County in Maine, one of the State of the United
    States of America, deceased.

    NOTICE is hereby given that after the expiration
    of fourteen days from the date hereof, application
    will be made to the Supreme Court of The Bahamas
    in the Probate Division by JOAN FERGUSON of
    the Western District, New Providence one of the
    Islands of the Commonwealth of The Bahamas,
    Attorney-At-Law, the Authorized Attorney in The
    Bahamas for obtaining the Resealing Letters of a
    Grant of Letters of Authority in the above estate
    granted to DAVID BERG, the Executor of the
    Estate, by the Probate Registry in Waldo County,
    of the state of Maine, one of the States of the United
    States of America on the 2nd day of October, 2006.
    Tabitha Cumberbatch
    (for) Registrar




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    SThe celebrated, television show that everybody
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    PAGE 12B, MONDAY, MARCH 10, 2008

    Prime Minister's comments are hard-
    ly likely to have endeared his gov-
    ernment and the Bahamas to Har-
    rah's new owners.
    They are likely to have been espe-
    cially alarmed by MrIngraham stating
    that he felt Baha Mar would not meet
    its undertakings by deadline, particu-
    larly since failure to do so would
    mean the deal was off after both
    they and Harrah's may have invested
    what The Tribune understands could
    have been as much as $250 million in
    Apollo and Texas Pacific are also
    likely to have factored in the potential
    US and global recession into their
    decision-making, and the protracted
    negotiations Baha Mar endured under
    both the Christie and Ingraham
    administrations will not have escaped
    their attention.
    Indeed, the supplemental Heads of
    Agreement for the Cable Beach pro-
    ject was supposed to have been con-
    c~luded with the PLP government by
    March 1, 2001, allowing Baha Mar
    time to conclude the Harrah's joint
    venture by the middle of that month.
    Yet both the government's agree-
    ment and the joint venture deadline
    were missed, and it was almost anoth-
    er 11 months before terms were
    agreed with the Ingraham adminis-
    SMajor investors, especially private
    "equity firms, do not like uncertainty
    and keeping large chunks of equity
    capital in cold storage, waiting for an
    investment opportunity that may not
    materialize, when it could be earning
    a return elsewhere. It is quite proba-
    ble that Apollo and Texas Pacific
    were looking for an excuse to with-
    draw from the Bahamas project, and
    in the Prime Minister's remarks found
    Mr D'Aguilar alluded to the
    lengthy Heads of Agreement and
    approvals process as being one factor
    behind the Harrah's move, telling The
    Tribune that Baha Mar and its prin-
    cipals had gone through "agony" to
    conclude the earlier deals with the
    Noting the 'on again, off again' and

    'stop/start' nature of the negoctiajtlons
    Mr D'Aguilar said: "The whole
    process has been agony. There wa sn't:
    the will on behalf of the G o'e rn m$t
    for this deal to work from day and.
    For whatever reason, the\~ did not
    like this deal. They did not think it
    would be adequately funded, and ney-
    er articulated why theg thought tbat.
    "The Government has to realise
    the world is in recession, or ait least a
    very precarious position" at a lime
    when the Bahamian tourism Indus-
    try and its product appeared to be
    locked into a downwa rd t rend.
    The Chamber president added [tilit
    all investors coming into the Bahamas
    had "complained bitte~rl\ about f ly
    process, the length of it. how~ long-is
    goes on for and the length of ne~goti-
    ations. Harrah's probably\ decided:
    'You know what? Let's sta\ at
    If Harrah's and its Bahamas-dorni-
    ciled investment vehicle. Cae~sar's
    Bahamas Investment Corporatioq.
    made good on their threat to terani-
    nate the joint venture, it would leave
    Baha Mar needing to find a 43? per
    cent equity partner and replacemeqt
    operator for the flagship 1.C000-room
    hotel and 95,000 square foot c~asino.
    It would also throw plans for Cable
    Beach's regeneration into unce~rtain-
    ty, not to mention the future on ner-
    ship of the existing hotels b\ Bsab
    Mar. Mr D'Aguilar said the Hacrrarh's
    announcement pushed back the
    whole construction and operaiional
    schedule for Cable Beach's re v'ital-
    And if it came to find ing a new
    partner, Baha Mar would bez negoti-
    ating under duress and unlikll\ to
    achieve the best possible deal for both
    itself add the Bahamas.
    The Chamber president addedj:
    "What happens at Cable Beach?
    What do.we do now? What tj thy~
    solution to this, big and mighly govr-
    ernment? Bay Street is not nicq.
    Cable Beach is average, Atlantls is
    spectacular. But don't put all the eggs
    in one basket, as Sol Kerzner is not a
    young man and is not going to eR
    there for ever."

    be its joint venture partner in the
    Cable Beach redevelopment with a
    43 pei cent equity stake, sent it a
    notice that it was unilaterally termi-
    nating the partnership due to com-
    ments made about the project by
    Prime Minister Hubert Ingraham in
    the Hlouse of Assembly two days pre-
    The Prime Minister had openly
    expressed skepticism about whether
    Baha Mar had the $400 million in
    equity financing that it and its princi-
    pals, Dikran and Sarkis Izmirlian, had
    committed to, and whether it would
    meet the March 2009 deadline for ful-
    filling all its Heads of Agreement
    Mr Ingrahamn, though, said he had
    no doubt about Harrah's ability to
    meet its obligations.
    Vincent Peet, minister of financial
    services and investments in the former
    Christie administration, told The Tri-
    bune: "This should come as no sur-
    prise to anyone who understands
    investing and the sensitivities of
    investors. When I spoke [in the House
    of Assembly], I warned the Prime
    Minister about the consequences of
    the remarks, and said he was send-
    ing the wrong message to investors.
    "Even then, I, did not anticipate
    that there would be such a quick reac-
    tion by Harrah's. It is a major, major
    blow to our economy going forward,
    and something all Bahamians should
    be concerned about."
    Asked about the economic impact
    if the $2.6 billion Cable Beach rede-
    velopment was unable to proceed, Mr
    Peet added: '"The impact will be quite
    severe, and could be devastating on
    the economy at this time. There are
    thousands of jobs at stake. It's a very
    severe, very devastating effect caused
    by the Prime Minister's statement."
    The supplemental Heads of Agree-
    ment pledged that 7,000 permanent
    jobs would be created by the Baha
    Mar project, up from the previous
    3,500.. The Harrah's. announcement
    places this in jeopardy, along with the
    hundreds of construction jobs that
    would have been created, not to men-
    tion the several hundred million dol-

    lars worth of additional economic
    impact that Baha Mar was supposed
    to generate per annum.
    It is still unclear why the Prime
    Minister decided to go public with his
    opinions on Baha Mar's likelihood of
    success or failure last week. It is pos-
    sible he may have been attempting
    to manage the Bahamian public's
    expectations, but the timing was
    astonishing given that the Govern-
    ment signed the supplemental Heads
    of Agreement with Baha Mar just
    over one month ago on January 31,
    2008. It is most unusual to sign an
    agreement, then publicly criticize the
    SThe Tribune understands` that gov-
    ernment ministers were also caught
    off-guard by the Harrah's nilove, and
    are unaware of why the company has
    adopted this position,
    The Tribune also understands that
    Baha Mar's senior executives were
    left privately dismayed by the Prime
    Minister's comments last week, and
    feared the impact they might have on
    the joint venture agreement with Har-
    A major factor is likely to have
    been a little-noticed change~ at the top
    at Harrah's. On January 29, 2008, just
    two days before Baha Mar and the
    Government signed that agreement,
    private equity giants Apollo Capital
    Management and Texas Pacific
    Group Capital completed their $29.7
    billion takeover of Harrah's, taking
    the company private. Their deal saw
    the private equity firms assume $12.4
    billion worth of Harrah's debt, mean-
    ing that the company's shareholders
    received $90 per share or a net $17.3
    But regardless of the deal's details,
    what is more significant in the context
    of the Bahamas and Baha Mar is the
    change in ownership. Both Apollo
    and Texas Pacific are hard-nosed pri-
    vate equity firms, run by attorneys
    and bankers, whose sole goal is to
    extract the maximum possible value
    and profits from their acquisition.
    Private equity firms typically seek
    rates of return on investment that are
    greater than 20 per cent, and the

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    FROM page 1B

    ture could successfully complete the
    project as originally contemplated,
    and accordingly we believe it could
    prove harmful for all to move for-
    "We greatly appreciate the efforts
    and cooperation of the Bahamian
    Government throughout this process.
    There is no question that Prime Min-
    ister Ingraham was committed to the
    project and recognized its potential
    contribution to his nation's economy.
    We are open to the possibility of a
    project some time in the future. How-
    ever, at this point we have terminated
    our involvement in the Baha Mar pro-
    ject. "
    "Thousands of jobs" were left at
    stake after Harrah's Entertainment
    dealt this potentially "enormous
    blow" to the $2.6 billion Cable Beach
    redevelopment and wider Bahamian
    economy by announcing it was ter-
    minating its Baha Mar joint venture,
    the Chamber of Commerce's presi-
    dent saying the whole episode was
    Dionisio D'Aguilar said Baha Mar's
    announcement on Friday of Harrah's
    move dealt "a big confidence blow" to
    investors and businessmen alike.
    "It's not saying the whole deal is
    dead, but it's a big confidence blow, it
    really is. It puts a damper on every-
    thing," Mr D'Aguilar said. "It's such
    a big project and had such great
    potential, and I don't understand why
    they [the Government] were not
    excited about it, upbeat about it aid
    enthused about it. .
    "If this was 1992, they would have
    welcomed these guys with open arms,
    just like Atlantis. But this is 2008, and
    we're not hungry enough yet. There
    are a lot of jurisdictions that are a lot
    hungrier than we are."
    "I think it's shocking," Mr
    D'Aguilar said of the Harrah's move
    and the actions by the Prime Minister
    and government that allegedly
    sparked it.
    Baha Mar announced on Friday
    that Harrah's, which was supposed to

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