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The Tribune
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Full Citation
STANDARD VIEW MARC VIEW
Permanent Link: http://ufdc.ufl.edu/UF00084249/00979
 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 17, 2008
Copyright Date: 2008
Frequency: daily, except sunday
daily
normalized irregular
 Subjects
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
 Notes
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
Source Institution: University of Florida
Holding Location: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850
System ID: UF00084249:00979

Full Text









FOR UK

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S SUNNY AND
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The Tribune

ANY TIME...ANY PLACE, WERE #1


BAHAMAS EDITION


,


Prime minister

announces resort

plans for Eleuthera


* By KARIN HERIG
Tribune Saff Reporters
kherig@tribunemedia.net
THE flagging economy of
Eleuthera is set to receive a major
injection, as Prime Minister Hubert
Ingraham this weekend announced
a $1.2 billion resort development
for the central part of that island.
Prnff Minister Ingraham and a
government delegation travelled
to Governor's Harbour on Friday
to announce to locals that the
world- renowned hotel develop-
ment company Urgo Hotels will
be building three high hotels, a
marina, a golf course and a spa in
central Eleuthera.
Mr Ingraham also said the
developers had provided his gov-
ernment with information which
suggested that three hotel brands
will soon become partners in this


billion dollar project.
Urgo Hotels has developed and
currently manage several hotels of
the Marriott Residence Inn brand,
the Courtyard Marriott brand and
SEE page 14


ZNS chairman explains

pension fund shortfall
0 By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net
THE $12 million ZNS pension fund shortfall came about through a fail-
ure on the part of the financially-stricken corporation to meet its financial
responsibilities, poor yield on investments, and an "overly-generous"
interpretation of what the corporation owes to its early retirees, chairman
of the Broadcasting Corporation, Michael Moss, has revealed.
The chairman appointed in January this year was elaborating on
statements made in the upper chamber last week by Senator Kay Forbes,
parliamentary secretary in the office of the prime minister with responsi-
bility for the broadcasting corporation.
Revealing the extent of the funding problem, she blamed the situation
on a lack of "fiscal prudence" and "poor corporate governance" under the
former administration, exemplified by the fact that the corporation has not
been audited in five years.
SEE page 12


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MEMBERS OF the Church of God of Prohecy take to the streets of Nassau yesterday for their annual Palm
Sunday and Baptism ceremony.


\ 1 \1 Ii.is Ih -.nlI,,tcd 1h1
(. uniIIJ:,|,ioIIu t1 I'oIluL. Regi-
nald Ferguson to investigate
conflicting police and witness
reports over whether a man
shot in the Wilson Tract area
was carrying a handgun when
police opened fire on him.
This plea came from associ-
ate professor at the College of


FRIENDS and neighbours assisting in the lowering of the casket
of Patrick Strachan at his funeral on Saturday.


The Bahamas Felix Bethel at
the funeral service for Patrick
Strachan, who was gunned
down by police on March 5.
During the service on Satur-
day at Free In Jesus Church on


Wulff Road, the academic chal-
lenged published police reports
which stated the deceased pro-
duced a handgun after being
SEE page 12


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Forty-three men
working on PI
development
apprehended by
immigration
By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net
IMMIGRATION officials
have apprehended 43 men
working on a luxury develop-
ment on Paradise Island, it
emerged yesterday.
A Tribune source claimed
that, for the second time in six
months, immigration officers
descended on the site and
apprehended employees
believed to be illegal immi-
grants.
William Pratt, assistant direc-
tor of enforcement at the
Department of Immigration,
confirmed that officials raided
the construction site of Ocean
Place, Paradise Island, on
March 5.
According to Mr Pratt, 43
persons of various nationalities,
including Haitians, Africans and
Jamaicans, were apprehended
during the raid.
He told The Tribune that a
number of workers taken into
custody claimed they were
"contracted" workers.
SEE page 14

MP criticises govt
for making public
the letters between
Baha Mar and PLP
The;FNM government must
explain how it could violate the
confidence of negotiations going
on back and forth between
investors and the government,
Fox Hill MP Fred Mitchell said
in a statement yesterday criti-
cising the government for mak-
ing public "private" letters
between Baha Mar and the for-
mer government.
The MP said this was a "chill-
ing message" to any future
investor to know that private
and confidential information is
going to be read out in the
House of Assembly.
Mr Mitchell also accused the
FNM of spreading misinforma-
tion about the Baha Mar pro-
ject.
"This misinformation
impugns the integrity of those
who served in that Cabinet. It is
a shameless abdication of the
responsibility of the FNM in this
SEE page 14


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SBahamian rescues three
"j Bahamian rescues three


Cuban-Americans from


burning boat near Cat Cay


THREE Cuban-Americans
who live in Miami, Florida,
escaped being burnt to death
aboard their vessel near Cat Cay,
Bimini, when they were rescued
by Bahamian Robbie Smith on
Saturday morning.
Mr Smith contacted the dock-
master at Cat Cay around
11.30am Saturday and informed
him that he had just rescued three
Cuban-Americans: Justo Bitan,
35, Hernando Camera, 30, and
Jorge Martinez, 46, all of Miami,
Florida, from aboard a burning
26-foot Bayliner boat about two
miles south of Cat Cay and that
he was en route to North Bimini
with them.
Police officers went to Gov-


ernment Dock, where they met
Mr Smith's vessel and helped the
three Miami residents, all of
whom had received first-degree
burns about their bodies, to the
local clinic, where they were treat-
ed and later discharged.
The captain of the stricken ves-
sel, Justo Bitan, told police that
they were en route to Cat Cay
from Miami around 9am on Sat-
urday when, about 10 miles
south-west of the cay, there was a
loud explosion in the engine room
of the vessel, which then became
engulfed in flames. He said they
were rescued shortly afterwards
by Mr Smith, who brought
them safely into North Bimini.
The vessel was destroyed by


the fire. Bimini police are inves-
tigating.
AMMUNITION FOUND
AT about 6.50pm on Saturday,
a South Bimini resident went to
the Airport Police Station on
South Bimini and handed over to
officers there 50 live rounds of
.357 ammunition, 12 shotgun car-
tridges and one gunlock, which
he said he found while salvaging
a vessel off South Bimini.
The 38-foot vessel had run
aground and was wrecked off
South Bimini. Officers thanked
the resident for his diligence and
launched an investigation.


L~ FJiiMm,]R1 UF~b %07iI


THE Nassau Music Society
and Lyford Cay Foundation, Inc
have established an endowment
fund with the aim of making
available a music scholarship
worth up to US$7,500 per annum
to an outstanding Bahamian stu-
dent, starting with the 2008-2009
academic year.
The scholarship is for study at
the undergraduate and graduate
levels in the US, Canada, UK and
Caribbean and approved disci-
plines are classical instrument,
voice and musical composition.
Further details on this scholar-
ship and application forms are
available at www.lyfordcayfoun-
dation.org. Forms may also be
obtained from high school guid-
ance counsellors, The College of
The Bahamas Financial Aid
Office, and the Lyford Cay Foun-
dation office.
Samples of work and/or audi-
tions will be required, and appli-
cants must pledge to return to
The Bahamas after completion
of their studies. Deadline for all
applications is March 31, 2008.
The Nassau Music Society pro-
motes and encourages the art of


THE VIRTUOSO duo of Dmitri Berlinsky, violinist, and pianist
sht take a bow at St Andrew's Kirk.


music by organising concerts and
other musical activities and pro-
viding financial and other sup-
port to Bahamian students of
music.
Last year, when the society was
able to raise the initial funding
needed to offer a new scholar-
ship, it decided to ask Lyford Cay
Foundation Inc for assistance in


administering it. "The decision to
work with the Foundation was
made because of its ability to
organise a scholarship pro-
gramme and manage the funds in
a professional manner, and par-
ticularly to obtain a good return
on our investment on a long-term
basis," said Patrick Thomson, the
society's president.


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PAGE 2, MONDAY, MARCH 17, 2008


THE TRIBUNE








T T UM DM R 1 2 G


o In brief

Three expected
to be arraigned
on drug charges

By TANEKA
THOMPSON
Tribune Staff
Reporter
tthompson@
tribunemedia.net
THREE residents of
Rum Cay, including a
minor, are expected to
be arraigned in Magis-
trate's Court on drug
charges after police
confiscated two kilos of
cocaine and three
pounds of marijuana on
the island last week.






A "

.,*



Asst Supt Walter
Evans said police on
Rum Cay, with DEU
officers, executed a
search warrant at a
home on Victoria Street
on Friday.
Inside the home
police found two kilos
of cocaine and three
pounds of marijuana.
A 50-year-old man, a
45-year-old woman, and
a juvenile were arrest-
ed.
They were flown to
New Providence and are
expected in court today,
ASP Evans said.
PULICE found
another man's body
floating near the South
Beach canal on Friday
morning.
The body was discov-
er J around 11am. It is
believed the deceased is
a Haitian.
A Haitian sloop ran
aground in the area two
weeks ago. Since the
incident four bodies -
all believed to be
Haitians were found
floating in the area.
FIVE people are in
custody after police dis-
covered an illegal
firearm, ammunition,
and suspected marijua-
na during a car search
in Fox Hill on Saturday.
Asst Supt Walter
Evans reported that
around 4.30pm Satur-
day, officers from
Mobile Division were
patrolling Fox Hill
when they heard gun-
shots.
Officers stopped and
conducted a search of a
Nissan Maxima with
five occupants believed
to be the source of the
gunshots, ASP Evans
said.
Police found a .357
handgun with three live
rounds of ammunition
and a small quantity of
marijuana inside the
car.
THREE masked
men, one armed with a
handgun, robbed a
drugstore on Saturday
in the Kennedy Sub-
division before escaping
in a white Nissan Maxi-
ma, police reported.
According to Asst
Supt Walter Evans,
around 6pm Saturday,
three masked men, one
brandishing a handgun,
entered Lasill's Drugs
and Notion Store near
Kennedy Sub-division
and demanded cash.
The robbers stole an


undetermined amount
of money and fled the
scene in a getaway car
reportedly travelling
north, ASP Evans said.
Police investigations
continue.


TROPICAL :0


Doctor held up at gunpoint


survives with self-defence tactic


N By TANEKA
THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net
A QUICK-THINKING
doctor held up at gunpoint in
broad daylight and robbed of
her car while jogging at the
Fort Charlotte park credits a
simple self-defence tactic for
saving her life.
In an e-mail forwarded to
The Tribune yesterday, the
doctor claimed while exercis-
ing with a female friend at the
popular jogging trail last Tues-
day, two "clean-cut" men -
one armed with a handgun -
approached the two women
and demanded the keys to the
doctor's car.
"We were running at Fort
Charlotte together, in broad
daylight.
"We had just run up the hill
to the fort, passing two fellow
runners going in the opposite
direction.
"Five seconds later, two
clean-cut, neatly dressed men
in white T-shirts and jeans
approached us, one brandish-
ing a handgun.
"They demanded I give
them the keys to my car,
which I immediately did."
After being ordered to lie
on the ground the doctor
realized she was utterly
defenceless in this position
and recalled a simple self-
defence theory a moving tar-
get is harder to hit than a sta-
tionary target.
"As (my friend) begged for
our lives, I realized that I was
totally defenceless lying on the
ground. I remembered an e-
mail someone had forwarded
to me about self-defence
(which) said if you are con-
fronted by someone with a
gun, you have to run."
"(The e-mail said to) run (in
a) zig zag, as a moving target is


harder to hit.
"The gunman was still
standing, so I got up and ran
down the rocky, dirt hill. I did
not have any choice but to zig-
zag as the dirt was unstable
and I needed to avoid tripping
over rocks.
"At the bottom of the hill
was a 6-foot wall down to the
cricket pitch.
"I heard footsteps behind
me and I was relieved to see
my friend.
"Somehow, we jumped
down the wall and ran to the
cricket club for help.
"As we were running to the


cricket club, I saw the two
men get into my car and drive
away."
The harrowing incident
occurred around 5pm in the
busy area near the training
sessions of two cross country
teams and a children's cricket
team, the victim said.
The incident was reported
to Nassau Street police sta-
tion, the e-mail said. An offi-
cer at the station confirmed
the theft to The Tribune yes-
terday.
The assailants fled the scene
in the victim's 2002 red Ford
Explorer.


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THE TRIBUNE


MONDAY, MARCH 17, 2008, PAGE 3










PAGE 4, MONDAYMAIRCH17,,2008TTHEETIRTOBUNE


The Tribune Limited
NULLIUS AI)I)ICTUS.IJURARE IN VERBA MAGISTRI
Bhcinig Bound to Swear to Thei Dogimas of No Master

l.I:N()A1 /1. I1. Il'1/'I/, Publisher/Editor 1903-1914

SIR I-'ENNE' DUPUCI(, Kt., O.B.E., K.M., K.C.S.G.,
(Hon.) LL.D., D.Litt.

PIudlishelr/Editor 1919-1972
Contributing Editor 1972-1991

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

Published Daily Monday to Saturday

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

TELEPHONES
Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager (242) 502-2352
Circulation Department (242) 502-2387
Nassau Fax: (24") 328-2398
Freeport, Grand Bahama: 1-(242)-352-6608
Freeport fax: (242) 352-9348



Dealing with the financial facts of life


IT'S NOW time for politicians and
Bahamians to recognize the facts of life.
Prime Minister Hubert Ingraham's remarks
in the House on March 5 -that he was
not satisfied Baha Mar had the funds to
undertake the Cable Beach redevelopment
project had nothing to do with Harrah's
of Las Vegas pulling out of the Bahamas.
Failing banks and tumbling markets were
the villains that drove the world's largest
gaming house from a joint venture agree-
ment with Baha Ma Development Com-
pany.
Although this time thanks to
Exchange Control Bahamians cannot
play the markets and run the risk of having
their fortunes wiped out overnight, it is
still important for them to understand
today's market trends and tight credit
squeeze, which could badly cripple our
own economy.
When the markets open today it is spec-
ulated that Bear Stearns, an independent
Wall Street bank, will either declare bank-
ruptcy or be bought out by JP Morgan.
As clients became jittery last week about
the firm's access to capital, the bank gave
assurances that all was well.
"But." said one investor, "it's all a mat-
ter of psychology.
"When people lose confidence there is a
feeding frenzy."
Clients had lost confidence in the 85-
year-old bank.
By Friday morning several investors had
withdrawn $11 billion from the bank.
This was a fatal blow to Bear Stearns,
which now faced a major liquidity crisis. It
was a question of going under or squealing
for help. The bank squealed.
U.S. Federal Reserve and JP Morgan
rushed to the rescue in the largest govern-
ment bailout of a US securities firm in the
history of banking.
"No one feels sorry for a bank," said an
investor, "so when you see the Federal
Reserve rush to shore it up that's some-
thing to worry about.
"If Bear Stearns goes down that will
mean a major recession."
The investor said that for the first time
he was concerned.


In his opinion what is happening now is
potentially worse than the 1929 market
crash, which threw the world into deep
depression.
Having lost Baha Mar, the Bear Stearns
crisis could seriously affect some of the
Bahamas' investments. British billionaire
Joe Lewis, a Lyford Cay resident, and
Albany investor, is reputed to be the sec-
ond largest shareholder in Bear Steams.
It is speculated that Friday's crash could
have wiped out at least two-thirds of his
investment.
However, it is understood that this might
not significantly affect the Albany project
as a large portion of its financing was
secured some time ago.
"The Bahamas has lost its window of
opportunity to attract investors," said the
investor.
He said it was a shame the Christie gov-
ernment did not move ahead with the
investments it had when there was the
opportunity.
The Bahamas would have been secure.
The past two or three years, he said, was a
period when banks had money to lend,
and investors were looking for projects in
which to invest that spare cash.
The question of tax concessions to
attract new investors is no longer an issue.
"Even if government said it would give tax
exemptions for the next 100 years, it won't
help now," said the investor.
"Times have changed. Banks have no
spare cash for lending, they are now scram-
bling to find enough cash to cover their
redemptions.
Today they won't even lend to each oth-
er. There is just no money available for
new ventures.
This credit crunch could affect all of the
Bahamas' investment projects if they have
not already been funded.
The banks are no longer-
willing to commit money for long term
ventures."
Anyone with any spare cash, said the
in, estor, is going to put it into Treasury
Bonds.
They would rather give it to government
than to the banks.


Concerns over




the Albany




development


An open letter to Prime Minis-
ter Hubert A. Ingraham:

Dear Prime Minister Ingraham,
During the election campaign,
we were constantly told that an
FNM government would restore
TRUST in government.
With those words in mind, we
attended the meetings held at St.
Paul's Hall in Lyford Cay regard-
ing the Park Ridge Securities
Corporation/Tiger Woods/Ernie
Els Albany and the New South
Ocean projects. We were repeat-
edly assured by Minister c_
Works Earl Deveaux that the
concerns tabled in those meet-
ings would be taken into consid-
eration when making decisions
on how to proceed with these par-
ticular developments. We were
made to believe that we were
not wasting our time, that we
could TRUST that our concerns
would make a difference and alter
the scope of the project.
Why is it, then, that the issues
raised regarding beach access,
beach erosion, allowing public
lands to be purchased for private
profit, water use, energy use,
waste management, road diver-
sion, deforestation, impacts to
coral reefs, impacts to New Prov-
idence's largest fresh water table,
beach nourishment, impact to
home owners, just to name a few
of the subjects covered, have
been essentially ignored?
Why is it that in the Albany
Environmental Impact Assess-
ment (EIA), the BEST Commis-
sion states that their 150ft
wide (45.72 meters) canal site is
inappropriate and yet the gov-
ernment is allowing them to pro-
ceed? (The-Panama Canal locks
are only 33 meters wide, about
110 ft). Why was permission
granted for the developers to cut
the canal right through Adelaide
beach? That canal will cause what
is left of the public side of Ade-
laide beach to erode, leaving the
public with a degraded beach at
the very least. Worse case sce-
nario, homeowners on Adelaide
beach could eventually see theiL
homes destroyed. How does this
encourage us to TRUST?
The dredging for the canal and
marina will also cause siltation
which will affect the spectacular
coral reefs and magnificent diving
in the area. The dive/snorkel
industry on the SW coast is
responsible for tens of thousands
of visitors to New Providence
every year, not to mention mil-
lions of much needed tourist dol-
lars. The Albany EIA states that:
"The dredging, beach nour-
ishment and jetty placement
could each, and collectively, result
in substantial sustained increas-
es in turbidity, reducing the light
available to the corals and there-
by impact the few sensitive coral
communities in the vicinity, as
well as the productivity of th
algal species of the area;
These activities could also
result in sedimentation of coral
heads present in the area, also


S
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VOCATIONAL SCHOLARSHIPS
Application Is Open
The Lyford Cay Foundations are pleased to announce that applications are
now being accepted for technical training and vocational scholarships
for study in the US, Canada, UK and the Caribbean.
Applicants must be Bahamian citizens and pledge to return to The
Bahamas upon completion of their studies.
Technical training and vocational scholarships are directed primarily at
individuals who wish to train or upgrade skills in areas where there Is a
shortage of well-qualified Bahamians in the work force.
Approved fields of study are agriculture and fisheries; air conditioning
and refrigeration;automotive, marine and aviation mechanics;
computer service technology; construction and related trades including
electrical, carpentry, plumbing, painting and masonry; health care
technology; heavy equipment operations; hospitality, tourism, and
culinary arts, and machine shop and welding.
Please visit our website at www.lyfordcayfoundation.org for additional
Information and application forms.
Forms may also be obtained from high school guidance counselors,
The College of The Bahamas Financial Aid Office,The Bahamas Technical
and Vocational Institute, and the Lyford Cay Foundation office, Please
address your application to:The Chairman, Screening Committee,
DEADLINE FOR TECHNICAL TRAINING AND VOCATIONAL
SCHOLARSHIP APPLICATIONS IS MAY 1, 2008.

oN., Your Dreams. Our Mission.
Inspired Philanthropy for a Better Bahamas

,e so P.0O. Box N 7776, Nassau, Biahiama
^ r T 242.362.4910 / F 242.362.5449
E inaow@lyfordcayfoundation.org
-^.11111 W wwwv.lyfordcayfouiidarion.org


reducing access to light, and
potentially damaging the coral
heads;
Other potential impacts during
construction activities relate to
the possible disturbances to the
regular activities of local recre-
ational boaters, and the commer-
cial diving activities which take
place in the area."
Additionally, beaches and
corals protect the land from storm
surges and large waves. With
these beaches disappearing and
the coral severely compromised
by these kinds of development,
more and more of New Provi-
dence island is made vulnerable
to storms and hurricanes, includ-
ing the coastline residences of
Adelaide village.
As of March 5, 2008 markers
have been placed along Adelaide
beach at the high and low water
marks for "pre-nourishment" of
our beach because according to
the Albany EIA they expect our
beach to erode if the canal and
marina are dredged. This pre-
emptive move will essentially
slow down what we can expect to
see of the beach eroding in the
future. At no time have the resi-
dents of Adelaide been made
aware of a time line for any part
of the Albany development that
will directly affect them.
The Albany developers have
committed to "renourish" Ade-
laide beach for 30 years at inter-
vals of every 4 to 6 years and to
the tune of $1.5 million. What
happens if "renourishment is
required every two years instead
of the 4-6 years, or if storm surges
strip the beach of sand, what
then? What happens if the money
allocated for "renourishment"
runs out before 30 years is up?
Allwhh-at-happens to the beach
after 30 years?
Collectively, the residents of
Adelaide stand to lose millions
of dollars in property values. The
property in Adelaide has been
owned by Bahamians for genera-
tions. Many residents would like
to follow that tradition and pass
their land on to their children.
Should the canal dredging/beach
erosion and loss of public access
to our beaches occur, this
would severely impact the value
of land in Adelaide, the busi-
nesses in Adelaide, and the
attractiveness of Adelaide to the
wider community. For many res-
idents their homes are their single
largest investment. Why should a
foreigner's dollar be more valu-
able than ours? Why should
Bahamians lose their invest-
ment in favour of wealthy for-
eigners gaining more profits. This
is a classic case of Bahamians los-
ing out to direct foreign invest-
ment. Taking public property for
private profit and damaging our
coastline are abuses which are
unconscionable, elitist, and just
plain wrong.
Why allow the transfer of real
Bahamian wealth to a handful of
rich people who don't hold citi-
zenship, who cannot vote, who
do not live here full time and
whose love for this country
is measured only by how much
money they can make here?
How is it that a government
that asks us to TRUST them,
betrays that TRUST by actually
giving away the public's right to
walk along the shoreline (up to
the high water mark by law) to a
private developer? Construction
of the Albany canal will deny the
thousands of Bahamians who tra-
ditionally flock to Adelaide beach
every summer for spiritual
restoration, recreation and relax-
ation full access to Adelaide's
coastline. Why should we now
just be satisfied with just over a
mile of coastline when we had 3-
4 miles before Albany?
Why is the government allow-
ing a golf course knowing they
are notorious for dumping pesti-
cides, fungicides, herbicides,
weedicides and fertilizers (some
of them known
carcinogens) that poison the soil,
the air, the water table and the
marine environment are being
allowed to be placed on top of
Nassau's largest fresh water lens?
Golf courses are also leg-
endary for "clearing of natural
vegetation, deforestation, loss of
biodiversity, destruction of nat-
ural landscapes and habitats and
changes in local topography and
hydrology.
Additionally, it results in an
increased flux of dissolved nutri-
ents, which can lead to down-
stream nutrient enrichment and
unwanted algal blooms."( A
Global Perspective on the Envi-
ronmental Impact of Golf July
2006). Is this how a government
who wants our TRUST treats our
land?


The Albany development's
EIA states that total water use
(potable and irrigation) used dur-
ing peak period for the develop-
ment will exceed 1.2 million gal-
lons of water per day. This is
approximately 10 per cent of the
water usage for the whole island
of New Providence! Surely in a
world already experiencing con-
flicts as a result of the lack of
water, even the "haves" must step
up to the plate and conserve
water. New Providence island
(Nassau) is home to at least
215,000 people who use approxi-
mately 55-60 gallons of water per
day compared to the 1000 per-
sons who will be living at Albany
using close to 1000 gallons per
person per day. Future Bahami-
ans will end up paying for this
excessive demand by a degraded
water supply, and the high
costs of producing water via
reverse osmosis or some other
technology.
Most of the existing architec-
ture on Adelaide beach is tradi-
tional Bahamian. The inappro-
priate Miami Beach type skyline
that the Albany development is
proposing is in complete contrast
and contradiction with the exist-
ing architecture.
There is also the issue of caus-
ing the sale of private land for
private use. Is that even legal?
Why is it that the residents of
Adelaide who stand to lose the
most, were not told the pros and
cons of the Albany development?
The government called two pub-
lic meetings to discuss the Albany
project, held in August 2007. At
the time when the meetings had
been called, the EIA and other
documents had not been released
to the public. At no time after
those meetings did the govern-
ment come back to the public to
discuss the project further we
have only been told via the press
that the project has been
approved. Clearly due prot~'Khas
been abused and abandoned in
this case, and the losers are yha
Bahamian public. As signatories
to the United Nations Agenda 21
proper public input and access to
ALL documentation is required.
Numerous issues, including a
complete avian study, socio-eco-
nomic, health, safety and welfare
are not addressed. The Public
access issue was reduced to one
line as follows and boils down to
one thing money.
"Through a series of ongoing
meetings and coordination with
the Government of The
Bahamas, significant mitigative
financial contribution has been
pledged to the Government
towards beach access for resi-
dents of New Providence."
In its current form th- Albany
EIA is incomplete, inconsistent,
deficient and is useless as a tool
for assessing the true impacts of
the project. Therefore it would
be imprudent for the government
to allow Albany to proceed with
this project without first requiring
it to truthfully disclose the pro-
ject's potentially catastrophic
impacts to the Bahamian people.
On January 26,2008 you were
quoted as saying,
"Our commitment to create
jobs and new business opportuni-
ty in our country will not get in
the way of our greater commit-
ment to protect the national inter-
est. It is in your interest that devel-
opment approved by us result in
the creation of a community
that we the Bahamian people
want." The FNM government
you said "is striving to create a
country where Bahamians are able
to afford prime residential and
commercial land for development
are able to access Crown Land at
preferential rates for resi-
dential, agricultural and commer-
cial development, and will contin-
ue to have access to the beaches,
the shoreline and open
green spaces for recreational pur-
poses.
If memory serves us correctly,
there was a resounding NO! at
the Albany meeting.
Adelaide has existed for tens
of thousands of years and has
been utilized by the public for
hundreds. We should not rush
into a deal that may cause
irreparable harm to our nation
and people without first taking a
hard look before we leap. A hasty
deal may leave us with long-term
cost that far exceed the short-
term benefits of the current
Albany project.
What we would like to know is
what are you going to do to stop
these injustices to our land, our
sea, our water, and our people
and restore our TRUST in you?
Sincerely,
Sam and Tony Duncombe
Adelaide Residents,
Directors
reEarth.


I


PAGE 4, MONDAY, MARCH 17, 2008


: -


THE TRIBUNE








MONDAY, MARCH 17, 2008, PAGE 5


THE TRIBUNE


O In brief
. ... . .... .........................

Security

officer admits

possessing

marijuana
LESLIE Mclntosh, 30, of 14
Yacht Club Apartments, South
Bimini, pleaded guilty to pos-
session of marijuana in the
Bimini Magistrate's Court on
Friday. Acting on information
received, a team of Bimini
police officers went to Bimini
Bay Resort around 3.55pm last
Thursday where they confront-
ed an on-duty security officer.
During a search of the offi-
cer's person, a clear plastic bag
containing a quantity of mari-
juana was retrieved from his
pants pocket, which resulted in
the officer being arrested and
taken into custody.
Officers then obtained a
search warrant for his residence
on South Bimini and, during a
subsequent search of the
premises, retrieved two clear
plastic bags, also containing
marijuana.
The total weight of the mari-
juana seized was one ounce.
McIntosh was fined $1,000 or,
in default, sentenced to three
months' imprisonment. The
drugs were ordered to be
destroyed.


Share

your

news
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
awa 4.-:, .. .
If so, cal us on 322-1986
,'and share your story.


HEPBURN ON THE OFFENSIVE


AG points finger



at former govt



over Baha Mar



deal woes


THE inability of the former
government to conclude negotia-
tions with Baha Mar in a timely
fashion and their further failure to
deliver on commitments in par-
ticular relating to the transfer of
land to facilitate the proposed
development had placed the
development in jeopardy even
before May 2, 2007, Attorney
General Claire Hepburn told the
Senate.
Last week Harrah's, joint ven-
ture partners of Baha Mar in the
proposed redevelopment of the
Cable Beach strip, signalled their
intention to withdraw from the
partnership.
Harrah's indicated that it was
no longer confident that the pro-
ject, as presently structured, could
be successfully implemented.
Since that time, it has also
come to the attention of the gov-
ernment that the joint venture
arrangement between Baha Mar
and Harrah's had expired in
December 31, 2007.
Mrs Hepburn said that one of
the issues raised by Harrah's as a
basis for the termination of their
joint venture with Baha Mar was
the transfer of land "for which
we seek parliamentary approval".
"It is a regrettable fact that,
rather than doing what they were
supposed to do. that is, to come to
parliament for authority to trans-
fer that land, our predecessors
were engaged in efforts to keep
the transfer of certain lands out-
side of parliament, and to delay
other transfers until a date after
the May 2 general election," she
said.
The PLP were more interested
in keeping from the Bahamian
people their commitment to
transfer certain government-
owned lands to Baha Mar than
they were in meeting their com-
mitments to Baha,.i4y its
joint venture partners to transfer
those lands in a timely fashion so
as to facilitate the development


"If they had done what they
were supposed to do and come
to parliament with a resolution
authorising the transfer of por-
tions of West Bay Street and the
median strip to Baha Mar, Har-
rah's would have had one less
item of concern to include as one
of its reasons to terminate the
joint venture," Mrs Hepburn said.
The Attorney General accused
the opposition of promoting
"great hype and misinformation"
around the project so as to create
and maintain high expectations
they had no means of meeting.
"Our concern over the chal-
lenge in financing the Baha Mar
project had to do with its struc-
ture and phasing and not with its
principals or with their suitability
as investors and developers in
The Bahamas," Mrs Hepburn
said.
She said that the FNM govern-
ment, notwithstanding anything
else, was at all times willing, ready
and desirous of honouring the
2005 HOA reached with Baha
Mar with their predecessors in
office.
"While there was some ques-
tion in our minds as to the posi-
tion of the new owners of Har-
rah's, the equity partners, we
were led to believe that the Baha
Mar/Harrah's Joint Venture was
a pre-existing arrangement which
would be honoured." Mrs Hep-
burn said.
However, Baha Mar, Mrs Hep-
burn said, did not satisfy the
terms of the conditions precedent.
"Instead, though Baha Mar
had failed to meet its commit-
ments or to commence any new
development, our predecessors
in office entered into a new round
of negotiations with a view to
doubling the size of the invest-
ment and substantially increasing
the concessions to be granted to
the proposed development," she
said.


AS part of its on-going com-
mitment to support youth edu-
cation Advanced Technical
Enterprises Ltd (ATEL) pre-
sented several boxes of books to
Carmichael Public Library.
Ethric Bowe, CEO, reaf-
firmed the company's commit-
ment to "advancing today's
minds using tomorrow's tech-
nologies". Mr Bowe revealed
that his company plans to con-
tinue assisting the library with
reading material.
ATEL is no stranger to
reaching out to the Carmichael
community.
They partnered with South-
west Church of God Cathedral
to open Southwest Communi-
ty Computer Lab.
As a member of the
Carmichael Business League,
ATEL also helped to fund vehi-
cles for officers to patrol the
area. ATEL also supports many
noteworthy charities.
ATEL is located on 820 Mer-
maid Boulevard West, off
Carmichael Road, and Bet's
Plaza in Governor's Harbour,
Eleuthera.
A third location is set to open
on March 31 in Wilton Street.
Centreville.


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PAGE 6, MONDAY, MARCH 17, 2008 THE TRIBUNEEW


Plan to take Save Guana Cay


Reef case to Privy Council


* By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net
FREEPORT Save Guana Cay
Reef Association lawyer Fred
Smith is planning to take the con-
troversial SGCR case to the Privy
Council in London, a Guana Cay
resident revealed on Wednesday.
Aubrey Clarke, a resident of
Great Guana Cay and a member of
the SGCRA, said that the fight to
stop the $500 million Baker's Bay
Development at Guana Cay is not
over.
"This fight will not be over until
this country has environmental
laws on the law books not some
rubber stamp committee picked by
the prime minister," said Mr Clarke
in a letter.
Save Guana Cay Reef Associa-


tion is strongly opposed to the
development by Discovery Land
Company, which is proposing to
develop a mega-resort, residential,
golf and marina development at
Guana Cay.
The group has staged demon-
strations against the project. They
think that the development is too
large and will ruin the natural and
fragile marine environment, which
is considered to have one of the
world's largest reefs.
The matter has been in the
courts for the past three years. Mr
Smith had initially obtained an
injunction to halt work at the devel-
opment so that a judicial review
could be heard in the Supreme
Court on the matter.
Guana Cay residents have criti-
cised both the PLP and FNM gov-
ernments over the Baker's Bay


development issue.
"We can finally go to the Courts
of London, where we knew we had
to go for justice," said Mr Clarke.
"After taking on not one, but
both, of our governments the PLP
and the FNM, with one calling
SGCR racists and the other call-
ing SGCR terrorists after three
years of protesting, after many,
many court battles, both in the
Supreme Courts in Freeport and
in the Appeals Courts in Nassau,
our lawyer Fred Smith will now
take our case to the Privy Council."
"The same court where Mr
Smith won a stop work injunction
against the same developers a few
years ago. So, you see, this fight is
far from over."
Mr Clarke said the Guana Cay
residents are also concerned about
the giving away of Crown Land to


foreigners.
The former PLP government has
signed a heads of agreement giving
hundreds of acres of Crown Land
to Discovery Land Company.
"This fight is not over until our
government stops 'giving away' our
Crown Land to foreigners, who
turn around and sell our land to
more foreigners for millions of dol-
lars.
"This fight is not over until we,
as Bahamians, can walk the beach-
es of Guana Cay without being
harassed by some guard hired by
these foreigners to keep us off of
our own beaches.
"This fight is not over until the
gates put up on our roads that have
been used by the locals of Guana
for hundreds of years come down.
And they can take their 'private
property' and 'members only' signs
with them!
"No, this fight is not over until
we can feel that Guana Cay is our
home again and that we are not
treated like some low-life next door
to some big development," Mr
Clarke said.


A one night stand

G-OVERNMEENTS in
n. the Caribbean have
bent over backwards to fulfi
every request of the virtua
duopoly of the cruise industry.
This is often done because o
the fear that the ships will oth
erwise be withdrawn and sai
away to other ports.
The author of this column
has over the years made the case
that the ships call because of
market demand and not because
of the additional incentives
squeezed out of the country of
destination's usually over-
stretched budget. After 9/11
when there was fear of possible
terrorist actions in the Mediter-
ranean region cruise ships were
transferred to the Caribbean and
other regions in the Americas.
Now the reverse is taking
place. This summer the western
Caribbean ports such as Cay-


fRIUES*FEEEmRifRiElRS


5 CUBE $329.00

5 CUBE $430.00

7 CUBE $526.00

9 CUBE $616.00

15 CUBE $800.00

25 CUBE $1198.00


9




I


man, Ocho Rios, Montego Bay
f and Cozumel will see a drop in
cruise arrivals of up to 30 per
1 cent. This has nothing to do with
the level of concessions. Let us
remember this when our small
nations are being asked to fork
f out more concessions to stop the
rot.
o This situation is further proof
f of the fact that while an investor
in an hotel enters into an Italian
type marriage with the host
country, a visiting cruise line is
like a one night stand. If you
catch a cold they don't call for a
date. If they see a new "sexy
young thing" they forget your
phone number.
These points are being raised
not to say that there are not ben-
efits from the cruise industry,
but to highlight that benefits
from the hotel industry and to
also emphasize the nature of the
commitment of the investor in
hotels. Even if the investor sells
out, the hotel and the benefits
it brings remain in the host coun-
try.
For these reasons the hotel
industry should be nurtured and
appreciated and not abused like
a spouse trapped in a marriage
with no chance of escape.
A careful look is necessary at
the taxes applied to the hotel
industry which is in fact an
export industry earning foreign
currency. The direct benefits and
indirect benefitsto t he revenue
should be evaluated to eliminate
those that are counter produc-
tive.
The same should be done for
the cruise industry and you will
see that every dollar dropped in
a slot machine while the ship is
in port costs the revenue.
Duty free food and drink is
being served and tax free fuel is
used to prepare the meal. If
these were consumed on shore
the revenue and the nation
would benefit.
No wonder the Cruise Indus-
try is the fastest growing sector
of the travel industry. Should
,you, treat ,your girlfriwo-qBetter
than your wife?


mam
' .-, m ,
hum tt[ Ilf lll I!. It V ,


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S FULL HIGH SCHOOL
SCHOLARSHIP OPPORTUNITY

Wendy's and Coca Cola are offering a full six year scholarship, including an
annual $225.00 book allowance to 2 boys and 2 girls.

To be eligible for the scholarship you must:
be a student graduating from a GRADE 6 PUBLIC SCHOOL this year
(June 2008)
have been accepted to one of the participating schools (listed below)
have a legitimate financial need
have an acceptance letter from the school of your choice to accompany
your application.

Application forms should be collected from the Wendy's Head Office on
Tonique Williams-Darling Highway, Monday through Friday between 9:00 a.m.
and 5:00 p.m. Applications are available and must be submitted with all
supporting documents by 5:00 p.m. on March 21, 2008. Address all applications
as follows: ATTN: Mrs. Juliette Josey or Mrs. Joy Dean. Any applications
brought after March 21st will not be honored.

Participating Schools

St. Anne's High School
St. Augustine's College
Aquinas College
St. John's College
Grand Bahama Catholic High
Bishop Michael Eldon High


OAIHATSU


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ESTIATEPREPREDFOR INACINGAT HE BNK F YOR COIC
When t coes t quaity W DontIC*pare
MUTIDSCUT UNIUE N RM
IM61a- ToGr 1
EVEN IA PLAN ESBN IGDAR


PAGE 6, MONDAY, MARCH 17, 2008


THE TRIBUNE -


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MONDAY, MARCH 17, 2008, PAGE 7


THE TRIBUNE


LOA NW


Twelve-year-old guest speaker

receives standing ovation at the

Rotary Club of Freeport Luncheon


NEVER before has the Rotary
Club of Freeport given a standing
ovation at a luncheon.
Rotarians rose clapping and a
few eyes in the restaurant were
teary as 12-year-old Alexis
DeGregory stood tall at the podi-
um and explained how she and
her mother came up with the idea
for "Cookie Kids for Kids" to
help hungry children at a local
Grand Bahama school.
Miss DeGregory explained that
she and her mother Cindy were
watching a local news report on
TV where a PE teacher, Kelley
Albury from Lewis Yard Primary,
made a plea to the community to
help with funds to support chil-
dren from that school whose fam-
ilies could not afford food for
their breakfasts and lunches.
The project, now into its fourth
week, has kept the group of 12-
year-old girls, all in attendance
at the Rotary Club of Freeport
luncheon at Ruby Swiss Restau-
rant on March 6, very busy.
Alexis quickly got her friends
involved and they spend each
Sunday afternoon baking dozens
of cookies to fill the orders that
are now coming in. The cookies
not on pre-order are then sold at
Lucaya International School on
Tuesday. Each week the girls
have sold out within 15 minutes.
In their first three weeks the girls
have baked 3,053 cookies and
have raised $2,862 through sales
or donations.
Each week the DeGregorys
buy food and drop it by Lewis
Yard school. Alexis' father, Lar-
ry, came to the podium to pro-
vide further information on the
project.
In visiting the school so regu-
larly, he has become aware of
other challenges that Lewis Yard
Primary faces. Many of the chil-
dren do not have sweaters for
cold weather, or basic toiletries
in their homes, like toothbrushes,
soaps, etc.
Part of purchased food is sent
home so the children and their
families have something to eat
for dinner, but in some cases the
food is returned. They are finding
out that some of these children
do not have a means of heating
the food, or boiling water for the
food, etc.
The DeGregorys realise that
the cry for-help for the children of
Lewis Yard Primary is louder
than ever, and that they urge oth-
er community groups to become
involved.
About 236 children are
enrolled at the school, but only
49 students are registered in the
government lunch programme.
An idea for an "adopt a family"
programme was discussed at the
Rotary luncheon. The school des-
perately needs a cafeteria facility
to heat and prepare food for the
students, and the DeGregorys are
looking into getting this happen-
ing.
I The Rotary Club of Freeport
has heard this plea, and presented
a cheque for $1,400 toward the

Biologist releases

fish in 1883,

catches it in river

25 years later
* GREEN RIVER, Wyo.
SOME people catch fish and
release them. Bill Wengert
releases them and then catches
them a quarter-century later,
according to Associated Press.
In April 1983, Wengert and
other state Game and Fish
Department biologists stocked
some 12,000 young trout in the
Flaming Gorge Reservoir in
southwest Wyoming.
Game and Fish spokeswoman
Lucy Wold said Wengert was ice
fishing recently on the 91-mile-
long reservoir and caught a 23-
inch Mackinaw trout, a type of
lake trout.
Wengert noticed the trout's
right pelvic fin had been clipped,
indicating it was a hatchery fish
that had been stocked. Examin-
ing historical stocking data,
Wengert determined the fish
was stocked on April 14,1983.
"I may have actually clipped
the fins on this very fish, and I
know I was driving the barge
when the fish were stocked,
nearly 25 years ago," Wengert
said.
Wengert, a 35-year veteran of
the agency, estimated the trout
was 26 years old because
stocked fish spend a year in a
hatchery before being released.
But he said it was very skinny,
weighing only 2.5 pounds, com-
pared to another trout released
at the same time that weighed 17
pounds when it was caught in
2004.


FO0 N AN EVC

FriizeF niie


ALEXIS DEGREGORY, aged 12, speaks on March 6 at the Rotary Club
of Freeport luncheon at Ruby Swiss Restaurant. Rotarians gave a
standing ovation after young DeGregory told how Cookie Kids for Kids
got started to help students of Lewis Yard Primary with meals.


SPEAKER AND Cookie Kids for Kids creator, Alexis DeGregory, sells a
bag of cookies to Rotarian Sonny Waugh at the Rotary Club of Freeport
. All the cookies were sold in minutes


Cookie Kids for Kids project. The
girls carried along bags of their
cookies, and the Rotarians quick-
ly bought up every last crumb!
Cofitact Cookie Kids for Kids:


Cindy or Larry DeGregory at
242-373-9717 or e-mail her at
Cookie Kids4Kids@vahoo.com
Lewis Yard Primary School can
be contacted at 242-353-71001.


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THE TRIBUNE


PAGE 8, MONDAY, MARCH 17, 2008


6CALNEWS I


THE CLEARING BANKS ASSOCIATION
Announces



HodBnnHs


Thursday, March 20th, 2008
9:30am 4:30pm



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The fallacy of


the 'international




community

* By Sir Ronald Sanders


ONY Blair, the for-
mer Prime Minister .. ... "
of Britain, was fond of usi
the term "international coni- W ORLD V IE
munity" whenever he and
George W Bush, the Presi- --_________ ___
dent of the United States, "Blair and,
decided that some action "Blair and,
should be taken outside of sometimes,
their own countries.
Blair and, sometimes, Bush Bush used the
used the "international com- 'international
munity" as a fig leaf to cover
their exposed nakedness of COmmunity' as
many issues, not least the
invasion of Iraq. a fig leaf to
Who exactly made up this cover their
"international community"
was anybody's guess, but it exposed
surely did not include all the
countries of the world which, nakedness of
on any real definition, would many issues,
have to be "the international
community". not least the
In April 1999, Blair speak-
ing in the US talked of "the invasion of
beginnings of a new doctrine Iraq."
of international community"
by which he said he meant
"the explicit recognition that tional echo". push on free trade in the
today more than ever before It would have been great if WTO with the new round
we are mutually dependent, those words were in fact what beginning in Seattle". Hav-
that national interest is to a was meant by the doctrine of ing developed their
significant extent governed by international community. economies on protectionism,
international collaboration As it turned out, it was the Western world then want-
and that we need a clear and more a doctrine of the ed free access to the markets
coherent debate as to the supremacy of the political of the developing countries.
direction this doctrine tak>, community of Western On Blair's agenda was also
us in each field of interna- nations. "a reconsideration of the role,
tional endeavour. Maybe without even real- workings and decision-mak-
Just as within domestic pol- izine it, Blair set the agenda in ing process of theUN-, and in
itics, the notion of community that same speech for the particular the UN Security
- the belief that partnership objectives of the Western Council", but no offer by
and co-operation are esseit1"- political community. Britain to give up its anachro-
tial to advance self-interest nistic permanent seat or its
is coming into its own, so it Threat veto.
needs to find its own interna- And. Blair then identified


He said: "In global
finance, a thorough,
far-reaching overhaul and
reform of the system of inter-
national financial regulation
(was required)." The OECD
then launched its 'harmful tax
competition initiative' which
sought to close down the off-
shore financial services of
small jurisdictions that posed
a threat, not to the world
financial system, but to its
domination by big Western
nations.
He also wanted "a new


the major players at the cen-
tre of all this.
He stated: "The EU and
US should prepare to make
real step-change in working
more closely together...
There are huge issues at stake
in our co-operation. The EU
and the US need each other
and need to put that relation-
ship above arguments that are
ultimately not fundamental".
For Blair and Bush the
"international community"
was their two countries and
SEE page nine


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The 'international community' fig leaf


FROM page eight

any others that went along
with them at the time.
The "international commu-
nity" was really a "political
Community" of either Britain
and the US alone or of the
member states of the North
Atlantic Treaty Organisation
(NATO) or the Organisation
for Economic cooperation
and Development (OECD).
Both NATO and the
OECD are associations of
sovereign states that seek to
achieve national objectives
through common political,
military or economic institu-
tions.

Farce
Their description of their
own political community as
the "international communi-
ty" was a farce. The farce,
- incidentally, has crept into the
language of the news media
especially those with a glob-
al reach such as CNN and the
BBC who now routinely use
the term "international com-
munity when they really
mean the "political commu-
nity" of large and powerful
states.
Governments of small
countries could be fully par-
doned for discounting them-
selves from the "international
community" about which
Blair and Bush spoke.
These Governments have
historically been ignored,
marginalised or overpowered
by larger and more powerful
countries except when they
have acted in unison to stand-
- up for their rights or to defend
their interests.
In such cases, they have
caused larger countries or
groups of larger countries to
pause so as not to create the
impression of bullying.
And, while in the pause,
there has been respite from
the onslaught of larger coun-
tries, small states were sensi-
ble enough to know that a
pause is not a stop.
I ,>-Ln--.this connection,
v :Catibbean'dountries that have
"d .been labelled by the OECD
as "tax havens" should be
watchful of a resurgence of
the harmful tax competition
S initiative in another guise now
that both the OECD and
European Union (EU) have
1 decided to target Lichtenstein
over stolen bank account
S information that the German
government purchased in an
effort to prosecute its nation-
als for allegations of tax eva-
sion.

t was interesting to hear
current Russian Presi-
dent, Vladimir Putin, say that
the continued enlargement of
NATO creates the impression
that the alliance is trying to




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replace the United Nations.
Putin asserted this at a joint
press conference with Ger-
man Chancellor Angela
Merkel in early March against
the background that Ukraine
and Georgia two former
members of the Soviet Union
- are seeking NATO mem-
bership. Putin clearly feels
Russia is threatened by this
move.
The Russian leader is expe-
riencing now what small states
have endured from the begin-
ning of their existence, and
that is the pressure of an
alliance of powerful countries
intent on advancing their own
interests irrespective of the
concerns of others.
Russia is in the fortunate
position of still being a pow-
erful military country and one
whose economic fortunes are
improving through its oil
resources on which many
European nationes-+e-rTain
reliant. This is not a luxury
available to small states whose
daily reality in the interna-
tional community is their mar-
ginalisation.
But, at least, small states
can expose as a fallacy the
invocation of the term "inter-
national community" in the
utterances of leaders of pow-
erful nations when it suits
them to use it as a cover for
actions most countries would
condemn.
Responses to: ronald-
sanders29@hotmail.com
mail.com>
(The writer is a business
executive and former
Caribbean diplomat).


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MONDAY, MARCH 17, 2008, PAGE 9


THE TRIBUNE


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


All 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:


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


III I


* By ADRIAN GIBSON
ajbahama@hotmail.com

H ARRAH'S Enter-
tainment's decision to
terminate its joint venture
agreement with Baha Mar has
left the Cable Beach redevel-
opment project precariously on
the brink of total collapse.
In signing away our birthright
(land) for a jar full of shiny
beads, it appears that the for-
mer government may have
abused the public's trust and
was desperate to outdo PM
Hubert Ingraham's closure of
the Atlantis deal.
In withdrawing from the deal,
the gaming industry giant cited
the credit crunch in the US,
lengthy delays of the Christie
government to approve the pro-
ject and Mr Ingraham's pub-
licly uttered doubts about Baha
Mar meeting its deadlines.
From the onset, the proposed
development to rejuvenate
Cable Beach seemed unjustifi-
able as there's no volume of
business to rationalise such a
massive investment, which
appeared destined to become
nothing short of a white ele-
phant.
The economic downturn in
the US makes the Baha Mar
project seem even more far-
fetched, since an ongoing reces-
sion means that many of the
potential 80 per cent of Amer-
ican tourists who annually visit
our shores will be more protec-
tive of their discretionary
income and therefore not trav-
el. Bahamian tourism has been
in the doldrums over the past
year.
It appears that the develop-
ers and the then government
attempted to negotiate back-
door deals and sought to
"duck" parliament debate and
the electorate. Frankly, the for-
mer government (PLP) was
reckless in their actions, as they
negotiated a deal shrouded in
mystery that was riddled with
top-secret clauses and fire-sale
concessions. The former gov-






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YOUNG MAN'S VIEW


ADRIAN


I B SO N


"No matter how much Mr.
Christie dodges the media's
questions, the truth is it was
his government's inertia that
really was the straw that broke
the camel's back."


ernment had snubbed parlia-
ment and refused to disclose
the transfer of public land!
The Christie administration
postponed coming to parlia-
ment for one section of the gar-
gantuan land transfer to save
face before the general elec-
tion, apparently withholding
important information from the
Bahamian electorate to secure
an electoral win, after which
time they could return to hand-
ing over public land on a silver
platter.

Secrets

plI_ fortunately for the
l_^PLP, they counted
their chickens before they had
hatched and were booted from
office!
According to social com-
mentator Ivoine Ingraham:
"The disclosures about this
deal since the election bring up
the question of 'what would
have happened had the PLP
won the election?' Do you
think the secret clauses would


have been made public? I
thought it was rather cute that
Fred Mitchell would make com-
ments about secrets (Saturday's
Tribune) since he's synonymous
with secrets! If Fred Mitchell
was serious, he would have spo-
ken to the still unaddressed visa
scandal, instead of wasting time
pontificating and trying to spin.
All that spin is simply to cloud
the issues, divert attention and
make the Bahamian people
dizzy!"
"The Bahamian people may
not know it now, but they will
soon realise why God removed
the PLP. The Baha Mar deal
that Christie negotiated made
us the laughing stock of the
Caribbean. The deal was void
of rational thought, just void of
reality," he said.
In the midst of looming
secrecy, the Christie govern-
ment dithered for four years
and was unable to close the
Baha Mar deal. In expanding
from a proposed $1 billion pro-
ject, Baha Mar returned to the
negotiating table with a pro-
posal to develop a $2.6 billion
resort project on Cable Beach.
The PLP government then
had an opportunity to negotiate
and conclude a supplemental
Heads of Agreement (HOA)
before the May 2 general elec-
tion, but in typical fashion they
were late and failed to do so.
The supplemental Hea-d'of
Agreement for the Cable Beach
project was supposed to have
been concluded with the PLP
government by March 1, 2007,
allowing Baha Mar time to con-
clude the Harrah's joint ven-
ture by the middle of that
month.

SEE page 11


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THE TRIBUNE MONDAY, MARCH 17, 2008, PAGE 11


LOCALNW


Cabinet sabotaged Baha Mar deal


FROM page ten

Y et both tile govern-
ment's agreement and
the joint venture deadline were
missed, and it was almost
another 11 months before terms
were agreed with the Ingraham
administration.
It appears that the PLP even
pre-empted ZNS news, simply
to play a fancy visual represen-
tation of Baha Mar's dreams
and use such deceitful photo-
ops to mislead the Bahamian
people before the election.
Days before the pull-out of
Harrah's, a 43 per cent minori-
ty partner in the Baha Mar
deal, PM Ingraham expressed
scepticism about whether Baha
Mar had the $400 million in
equity financing that it and its
principals, Darkis and Sarkis
Izmirilian, had committed to,
and whether it would meet the
March. 2009, deadline for ful-
filling its Heads of Agreement
obligations. On the other hand,
he did convey his confidence in
Harrah's abilities.
While Mr Ingraham's com-
ments were rather unfortunate,
they are legitimate concerns of
many Bahamians. Although it is
quite significant when a coun-
try's PM is doubtful about the
viability of an investment, his
comments could not have trig-
gered Harrah's pull-out. It
seems that the casino company
had used the PM's remarks
merely as a cheap excuse to
leave!
Harrah's, which is under
new, financially-hawkish own-
ership, also questioned the via-
bility of the Cable Beach pro-
ject. Since its $29.7 billion
takeover by private equity firms
Apollo Capital Management
and Texas Pacific Group Capi-
tal Management, the principals
of Harrah's may have redirect-
ed their interests to other more
economically viable markets.
It is unlikely that the
Bahamas will meet its projected
GDP growth of four per cent
since the Baha Mar venture had
weighed heavily during projec-
tions for the Bahamas' eco-
non*tsutajinability this year.


Now that the Baha Mar deal
seems to have gone belly-up, it
could have a dampening effect
on our economy. The econom-
ic windfall from the proposed
deal included hundreds of mil-
lions worth of additional fiscal
impact, thousands of jobs, cap-
ital inflows to boost our foreign
reserves and domestic liquidity
and the creation of 1,000 new
hotel rooms.
How many houses were
involved in the Baha Mar deal?
If it is true that a house for-
merly belonging to the sister of
Christie top adviser and former
AG Sean McWeeney was
bought as the PM's official res-
idence on behalf of the Bahami-
an people, how is it that the
Bahamian people didn't know
this'? And, if Goodman's Bay
was already given away, would-
n't the proposed PM's residence
have been in the confines of the
Baha Mar development'? If, in
fact, a house was sold, who was
the attorney that acted on
behalf of the Bahamian peo-
ple?
Furthermore, questions arise
as to the capacity of the former
government's negotiators that
sat around the bargaining table
with Baha Mar. Frankly, it
appears that a group of chil-
dren from any of the primary
schools could have negotiated a
better deal!
The great land giveaway by
the former government has
been, in some cases, to several
carpetbagger developers who
are more comparah1b;4Q4Lid


advertisers, as they don't have
the mnonies and must search for
financiers and/or earn capital
front selling lots for hundreds of
thousands of dollars.
In some instances, it appears
that Bahamian crown land has
been given away for 30 pieces
of silver to mere amateurs who
know little about the develop-
ment of resort/residential prop-
erties.

Enterprising

n addressing this project,
environmentalist Sam
Duncombe said: "The'real
estate concept of the Bahamas
must be addressed, because for-
eigners are allowed to get cheap
lots and then sell them for exor-
bitant amounts that are out of
reach of the ordinary Bahamian
and disenfranchises the aver-
age person. The Bahamian pub-
lic is let out of the process and
not being consulted in many of
these deals. We must set a new
economic model because most
of these tourist based develop-
ments are the same. Is there an
EIA for Baha Mar? There is a
water table behind the old race
track (Hobby Horse Hall) and
that land should have never
been given away. The develop-
ment will be on a water table!"
Governments failed to cater
to the entrepreneurial spirit of
enterprising Bahamians who
may not be in their clique. It
always amazes me how quick
successive governments move
to finalise agreements for crown
land with foreigners, but would
take ages for Bahamians seek-
ing the same!
The Bahamas' economy is
presently in need of diversifi-
cation and Bahamians are not
being empowered to create eco-
nomic avenues for themselves!
Why is every major develop-
ment tourism-based? Why has-
n't any government promoted
the diversification of our econ-
omy by focusing on supple-
mentary industries such as
farming, fishing, light manufac-
turing and other service indus-
tries'?
It was Mr Christie and his
Cabinet's tardiness and appdi
,,7:. -_


ent ineptitude that sabotaged
the Baha Mar deal.
No matter how much Mr
Christie dodges the media's
questions, the truth is that it
was his government's inertia
that really was the straw that


broke the camel's back. It
seems that Mr Christie may
have staked his legacy on a deal
that could suddenly fall
through!
Moving forward, the
Bahamian government must


ensure that investors proposing
to develop large projects put
up government surety bonds,
much like the Norman's Cay.
HOA, which require them to
proceed with their development
or forfeit their monies.


PROJECT ENGINEER
TECHNICAL SERVICES DEPARTMENT AND OTHER GBPC DEPARTMENTS

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.

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THE TRIBUNE


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PAGE12, ONDA, MACH 7,L208 ATE TRBUN


FROM page one
The new chairman explained
Ihat of the $12' million determined
to be missing from lthe Z/NS fund,
$5 million is money the corpora-
tion "ought to have put into the
fund hased on an established for-
Imula."
"The loiuiula, if I'm not mistak-
en, is employees are supposed to
have five per cent deducted from
their wage that goes into the fund
and the corporation puts in six per
cent.
"That's $5 million where, I guess
when the corporation was having
difficulties, it just used the money
for other things rather than pay-
ing it into the pension."
Two other factors that con-
tributed to the failure of the other
$7 million to materialise were the
fund's investment returns not being
"as good as had been anticipated"
and a misinterpretation of the
plan's wording "creating a liability
that may not have been intended,"
he said, adding: "Unfortunately
(the wording can) tend to be put in
a way that implies the most oner-
otis condition for the pension
fund."
Describing that wording as "defi-
cient ", the chairman said that once
it is "cleared up" the level to which
the fIund could be considered
underfunded will likely be reduced
to some extent.
In practical terms, the present
wording and the allegedly over-
generous entitlement for early-
retirees that it implies is
a potential, rather than current,
problem for ZNS, he
claimed?.
"I believe there's only one per-
son who went out early. So it's only
an exposure liability as opposed to
actual nioney going out the door. I
daresay other benefits that exist in
the corporation entice (employees)
to stay," said the chairman.
Furthermore, at present any oth-
er retirees are not as yet seeing


ZNS chairman


their pensions fall short of their
expectations. "People who have
been retiring arc being paid pen-
sions."
Asked how the corporation now
intends to make up the shortfall -
however large it may actually be
once the wording of the plan is
adjusted as suggested Mr Moss
said he is actively seeking to
address that problem.
"I have drawn that to the atten-
tion of the office of the prime min-
ister for some guidance as we go
about now putting together a bud-
get for coming years. I have sug-
gested a couple of ways that you
can go about it. You can target a
period of years to fund it, or gov-
ernment may just say look as far as
we're concerned let the liability
stay out there, if and when there is
a need we will meet it."
He suggested, however, that how
the government ultimately chooses
to address the pension plan under-
funding will largely depend on
whether the problem is one unique
to the Broadcasting Corporation
or one that spans the public sec-
tor.
"I am hearing ZNS may not be
the only public corporation that
has some challenges with its pen-
sion fund...If this thing spans a
number of corporations I think
government will then have to come
up with an overall policy approach
as to how they may want to address
the matter.
"If it's the broadcasting corpo-
ration only then the broadcasting
corporation may have to be specif-
ically looked at and I guess over a
period of time there would have
to be a need to make up the defi-
ciencies of the past," he said.
He noted that "most public cor-
porations" have "extremely gen-
erous" pension plans that would


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cause "people in the private sec-
tor to shake their heads in disbe-
lief".
In her contribution to the Senate
last week, Ms Forbes noted that
ZNS was warned by the US Fed-
eral Communications Commission
that they were emitting uncon-
trolled signals that certain Florida


stations had complained were inter-
fering with their broadcasts.
In an interview with The Tribune
on Friday, ZNS vice-president of
operations Carlton Smith said the
equipment failures that led to this
warning being issued "in the second
half of last year" are set to be rec-
tified by the end of this month.
The Tribune left a message for
Bahamas Communications and
Public Officers Union president
Robert Farquharson seeking com-
ment on Friday, but he was said to
be in a day-long meeting.


Call for an investigation

FROM page one
approached by police.
"Nobody in the neighbourhood saw Patrick Strachan with any
gun and I'm calling on the police commissioner to find out (where
police) got the story about the gun," Mr Bethel told The Tribune
following the funeral.
"I want the police to corroborate their claim or otherwise retract
their claim and apologise to the community. And obviously, if
Patrick Strachan was killed illegally, those responsible for his death
should be brought to justice."
In early March, police reported they received information about
a man wanted in connection with a number of offences.
"Upon seeing the police, this individual produced a handgun and
began to run.
"...Shots were discharged in the direction of the police. Police
returned fire. We believe the suspect was hit in the abdomen area.
He was found in a bushy area," Asst Supt Walter Evans reported
to the media after the shooting.
The incident occurred around 8am. Strachan was taken to hos-
pital where he reportedly died after surgery.
Also at Saturday's service Rodney Moncur, leader of the Work-
ers' Party, called for the officers involved in the shooting to be held
accountable for Strachan's death.
Mr Moncur said he spoke with John Williams, Elkin Williams,
Bruno Brown and other residents of the community who claim Stra-
chan did not have a gun at the time of the shooting.
"I felt even stronger that they were speaking the truth after
Pastor Derek Feaste, who was an eye-witness, had confirmed to me
that the young man had no weapon," Mr Moncur told The Tribune.
Mr Moncur urged the congregation to take a peaceful approach
when dealing with their grief over Strachan's death and to pursue
justice in a non-violent manner.
He said community leaders were planning to take their case to the
United Nations and Amnesty International.
A childhood friend of Strachan told The Tribune that, while
Strachan was a man "in and out of jail", his death was not war-
ranted.
"He was a person who did what he had to do to survive. He was-
n't a saint or an alter boy, but he cared about his family and the way
they shot him really wasn't called for."
Member of Parliament for the constituency and recently appoint-
ed chairperson of the PLP Glenys Hanna-Martin extended her
sympathies to the community at Saturday's funeral.
Pastor Feaste, a community leader, officiated.
When asked by The Tribune yesterday about the status of
inquiries into the incident, Asst Supt Walter Evans said: "Investi-
gations are ongoing right now."
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THE TRIBUNE


PAGE 12, MONDAY, MARCH 17, 2008






MONDAY, MARCH 17, 2008, PAGE 13


THE TRIBUNE


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PAGE 1, MONAY, MRCH 1, 200CTHE RIBUN


FROM page one


matter. They need to get their
act together, stop talking old
history and put the Baha Mar
deal back on track. When will
the FNM get to work and stop
blaming others for their trou-
bles?" he said.
"Now we have the contin-
ted suggestion coming from
''NM quarters and repeated in
editorials in a compliant press
that the PLP intended to sell
Goodman's Bay and give away
large tracts of Crown Land.
['his is completely untrue," the
cx-minister said.
The fact is, Mr Mitchell said,
any alienation or disposition of
public lands was in exchange


MP criticises govt


for fair value, not a giveaway.
He claimed that any disposi-
tion of land was by way of a
condition that Baha Mar had
to perform what it promised
with regard to resort develop-
mlent.
If they failed to perform, he
said, then the best Baha Mar
could expect was a lease and
not the fee simple in the land.
"This was the exercise of
prudent judgment by the PLP
in the public interest. It is no
less prudent than the decision
made by the FNM administra-
tion to sell the properties now
owned by Sandals and Breezes,
even though the government


netted less than was necessary
to pay off the expenses con-
nected with those properties.
They did it in the best inter-
ests of tlie country," Mr
Mitchell said.
IHe said that flie assertions
about giving away Goodniman's
Bay by I he prime minister and
the FNM are "plainly foolish".
Mr Mitchell said that no mat-
ter what any developer would
have desired, Goodman's Bay
was always off the table.
He said the PLP government
went as far as to buy the prop-
erty to the north of Goodman's
Bay and many in the then gov-
ernment were prepared to sup-


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por tile purchase of all of the
properties for sale to the north
of Goodman's Bay to ensure
that those properties were in
the public domain and to pro-
tect access and use of the addi-
tional beach space for the
Bahamian people.
"The PLP knew that Baha
Mar would be the largest deal
in the history of the country.
It was important for the then
prime minister and the Christie
Cabinet to keep our eyes on
the ball and we did so. One
cannot say the same about the
now prime minister. His con-
duct has been offensive, irre-
sponsible, improper and rep-
rehensible in this matter," the


ex-minister said,
Mr Mitchell said Prime Min-
ister Ingraham is on record as
saying that the project is eco-
nomically beneficial to The
Bahamas and is a sound pro-
ject.
But he had talked down the
project and put into the public
domain that the project was
bad for the Bahamian people.
"What a responsible prime
minister would do is do what
Perry Christie did, which is
work to ensure the success of
the project. No more or
less. Shut up with the blame
game and get on with making
sure that this deal works," Mr
Mitchell said.


Forty-three men

FROM page one

When asked if the owners of the construction site would face any
penalties for the alleged hiring of illegal immigrants, Mr Pratt
would only reply: "Investigations are ongoing."
The Tribune contacted officials at the construction site for com-
ment, but was told both project managers were off the island.
Messages left for the developer of the site who was also out of
the country last week were returned. However, the developer
refrained from comment until returning to the island later this
week.
Ocean Place is a high-end development offering two, three,
four, and five bedroom condominium residences and two-storey
penthouse suites.
It has been the centre of controversy, with people in neigh-
bouring homes criticising the size and scale of the building.
"We all call it The Monstrosity," said one resident, "It is hideous,
awful."












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PAGE 14, MONDAY, MARCH 17, 2008


THE TRIBUNE


$1.2 billion
FROM page one
the Hilton Garden Inn brand,
among others.
However, to ensure that the
Eleuthera resort development goes
ahead as smoothly as possible and
does not hit any major snags like
the Baha Mar project did, Mr
Ingraham said that an arrangement
similar to the one government has
with the Norman's Cay developers
will be put in place.
The Norman's Cay developers
had to place $40 million in a special
bond money that is forfeited if
the hotel component of the pro-
ject is not completed substantially
within 48 months.
"Urgo Hotels have a good track
record, they appear to be able to
do the funding for much of the
infrastructure from their own
resources as opposed to having to
borrow," Mr Ingraham told
islanders.
In addition to this new resort,
the developers have also bought
the Copacabana property and
announced that they hope to have
it open by the time the next
tourism season starts.
President of the hotel company
Don Uigo Sr tuld EIcuimerans that
he is especially happy about the
fact that the resort will be a catalyst
for the island's economy.
He added that there will be
tremendous opportunities for
Bahamians and that everyone
who wants a stake in this project
will have the chance to become a
part of it.
Construction on the new mega
resort is scheduled to begin by Fall
of 2009.
Prime Minister Ingraham told
ZNS News that he expects the pro-
ject to create hundreds of direct
jobs for Bahamians as well as many
entrepreneurial opportunities for
locals.
During the peak construction
phase, he said, there will be up to
1,000 jobs available.
According to the company's
website, Urgo Hotels is a family-
owned business that develops,
owns, manages, rehabilitates or re-
positions properties for operation
in the hospitality industry.
"Urgo Hotels specialises in
developing and managing distinc-
tive properties in high barrier-to-
entry markets, domestically and
internationally. Since its founding
in 1980, Urgo Hotels has success-
fully established its presence in the
United States and Canada with
hotels in Virginia, New Jersey,
New York, Washington DC, Con-
necticut, as well as maxj- ^i the
Canadian provinces of-uebec and
Newfoundland."


fflnflrm






MONDAY, MARCH 17, 2008, PAGE 15


THE TRIBUNE


Please join Commonwealth Bank's Management and

Staff as we pay special tribute to our team members

celebrating their career milestone anniversaries.


We thank each of them for their loyalty, dedication

and commitment. Most of all, we say "thank you" for


Patrice Gardiner
5r. Assistant Manager
Projects
Operations Department


helping us to achieve our vision to be the first choice

of Bahamians for all banking services.


We salute you aill


W. B. nds, Jr.
President & CEO


Assistant Manager.. .
Ope t ions : -' """ "
C.diCard>Cenfre .
C, .k ,' :i :


John Rigby
Assistant Manager
Credit
Town Centre Mall
Branch


Charlene Bowleg
Credit Officer
Oakes Field Branch


Eartha Granderson
Assistant Manager
Operations
Oakes Field Branch


Usa Butler
Personal Banking
Oakes Field Bran'


Rochelle Smith
Branch Secretary
Mortgage Centre


Leslie Benoit
Assistant Manager
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PAGE 16, MONDAY, MARCH 17,2008


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bg. Wnter Awards Winners at centre are Carla Minnis.
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THE TRIBUNE







THE TIUEMNAMRH1,00


'Land of a Million



Elephants' fears



it will lose its



last pachyderms


* VIENTIANE, Laos
CONNIE Speight has
swayed on elephant-back
through unforgiving jungle
and has adopted nine of the
high-maintenance beasts. At
83, the retired American
teacher is back in this South-
east Asian country to help
save what remains of the once
mighty herds, according to
Associated Press.
Once so famous for its herds
that it was called Prathet Lane
Xane, or Land of a Million
Elephants, Laos is thought to
have only 700 left in the wild.
"Lots of people in Asia tell
you how elephants are their
proud national heritage,"
Speight says. "But I tell them,
'It was your heritage, and
what are you doing tQ bring it
back?' Often precious little."
Elephants in Laos are better
off than in most of the'12 oth-
er nations that are home to
the animals. The country has
extensive forest cover and a
sparse population. But like
elsewhere, it's a race against
time. Poachers, dam builders,
loggers and farmers are tak-
ing a deadly toll on the endan-
gered species.
"The situation will become
very dramatic in about 10
years if nothing changes," says
Sebastien Duffillot, co-
founder of France-based Ele-
fantAsia. At their current rate
of decline, Laos' wild ele-
phants could be extinct within
50 years, he warns.
Domesticated elephants
number about 570, a 20 per-
cent drop over the last decade.
In all, the World Wide Fund
for Nature estimates, as few
as 25,000 wild and 15,000 cap-
tive Asian elephants may be
left. A century ago, Thailand
alone harbored some 100,000.
Speight attended a recent
elephant festival organized by
Duffillot's conservation group
"to pay tribute to the emblem-
atic animal of Laos."
One of several elephant
conservation efforts under
way, the three-day fair fea-
tured some 60 elephants. They
demonstrated skills in logging,
took part in Buddhist cere-
monies and walked in stirring
processions.
In their heyday, elephants
served as the country's trucks,
taxis and battle tanks. Laos is
communist-ruled today, but it
used to be a kingdom that
kept its independence by
sending elephants as tribute
to neighboring China and
Vietnam.
Organizers said they hoped
the annual festival, first held in
2007, might persuade elephant
keepers to use their beasts in
the fast-growing tourism busi-
ness rather than logging.
For many youngsters in the
dusty, Mekong River town of
Paklay, the morning offering
of fruit and snacks to the
pachyderms was the first time
they had touched an elephan-
t's trunk.
Speight hopes that others in
Laos will get the chance as


Share
your
news
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
award.
If so, call us on 322-1986
and share your story.


i[ 1 --- -" .
LAOTIAN MAHOUTS ride their elephants in the jungle at the second
annual elephant festival in Paklay, Laos, Sunday, Feb. 17, 2008. The
festival was held to bring attention to the plight of Asian elephants.


Mae Dok, one of nine jumbos
she supports in Southeast
Asia, travels the countryside
as an "ambassador elephant"
delivering books to school-
children.
A female with a sunny dis-
position whose name trans-
lates as "Mrs. Flower," Mae
Dok was rescued from a life-
time of logging labor and may
be pregnant something
which sends Speight into rap-
ture, given the dramatically
declining numbers of breed-
ing age females.
ElefantAsia estimates that
in 15 years there will only, be
46 domesticated breeding
cows under 20.
Speight, who taught natural
history in Santa Barbara,
Calif., has bought land for an
elephant sanctuary in north-
ern Thailand and radio collars


to monitor calves released into
the wild in Sri Lanka.
"If Laos could become a
model for what a very poor
country can do, that would
wave a flag in surrounding
countries, some of which are
useless," she says.
WWF and the U.S.-based
Wildlife Conservation Society
are both active in Laos, which
has welcomed numerous for-
eign aid groups since opening
up its economy in the late
1980s.
WCS co-director Arlyne
Johnson says WCS is working
with the government on plans
to avoid human-elephant con-
flict, which occurs when dams,
mines and other industrial
development cut into the ele-
phants' countryside and
they roam into populated
areas.


V ? , l
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LAOTIAN MAHOUTS corral a baby elephant at the second annual elephant festival in Paklay, Laos, Sunday,
Feb. 17, 2008. The annual festival was held to bring attention to the plight of the Asian elephant.
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MONDAY, MARCH 17, 2008, PAGE 17


THE TRIBUNE


0:








PAGE 18, MONDAY, MARCH 17, 2008 THE TRIBUNE


* TIRANA, Albania
TROOPS and police cor-
doned off a smoldering army
depot.north of the capital as


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crews searched Sunday for
workers missing following a
chain of explosions that killed
at least nine people and injured
hundreds, according to Asso-


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ciated Press,
Nine bodies have been found
and another nine workers and
villagers remained missing Sun-
day, authorities said. Health
Minister Nard Ndoka said
nearly 300 people were injured,
including children, and more
than 50 remained hospitalized.
Eight are in serious condition
and are to.be transported to
Italy for treatment.
Rescuers found three
charred bodies in the army
depot and the body of a
woman in a nearby house Sun-
day. U.S. soldiers were help-
ing in the rescue effort, and
Danish and Norwegian troops
also were expected.
Prime Minister Sali Berisha
said the explosions in the vil-
lage of Gerdec, about 6 miles
north of Tirana, were an acci-
dent: blasts triggered during
work to destroy excess ammu-
nition stockpiled during Alba-
nia's communist past.
The chain of explosions start-
ed midday Saturday and con-
tinued until early Sunday,
severely hampering rescue
efforts. Footage showed a ball
of fire shooting up from the
site, with shrapnel and shell
fragments raining down on


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homes and cars.
Berisha said the blast
destroyed more than 2,000
homes and businesses. Gerdec
was declared an emergency
zone, and Berisha promised
relief for villagers who lost
their homes.
"As soon as the damage is
fully assessed, the government
will commit all its resources to
quickly react and rebuild the
totally destroyed zone," he
said.
The first blast which left a
massive crater at the depot -
blew out doors and windows at
Tirana's international airport
and was heard as far away as
Skopje, the Macedonian capi-
tal, some 120 miles away.
The explosion also damaged
a major electricity transmission
point, leaving the area without
Power.
, Atiorities Avaciuated 4,000
people from tirq 'viUages and
the surrounding area, with
houses more than a mile away.
sustaining damage and the
chain of explosions continuing
for some 14 hours until 2 a.m.


DESTROYED HOUSES and communist era bunkers are seen near the
site of a powerful explosion which took place Saturday at an army
depot in Gerdec village, some ten kilometers (six miles) north of
Tirana, Albania Sunday, March 16, 2008. TroQps and police cordoned
off a smoldering army depot north of the Albanian capital as crews
searched Sunday for workers missing following a chain of explosions
that killed at least nine people and injured hundreds.


"We have isolated the area
but our fear is that the ammu-
nition could be reactivated
because we don't know how
much has exploded," Defense
Minister Fatmir Mediu said.
"The other fear is that the
ground is so hot that something
could be suddenly reactivat-
ed."
On Sunday, troops and
police cordoned off the still-
smoldering depot as army engi-
neers prepared to go into the
heart of the blasts as the search
for missing workers continued.
Berisha said he did not
believe the explosion would
affect Albafia's prospects of
being invited to joir'NATO
next month.
Berisha said he could not
rule out human error, but
added that ammunition stored
at the depot could have explod-


Man drowns off



Pensacola beach

* PENSACOLA, Fla.
A 27-YEAR-OLD Georgia man is dead after he drowned in the
waters off of Pensacola Beach, according to Associated Press.
Officials have not released the name of the Athens, Georgia, man,
who died Saturday afternoon while swimming with friends. He
was not breathing when a lifeguard pulled him from the ocean.
The man was taken to Gulf Breeze Hospital, where he was pro-
nounced dead. Officials say he is the first drowning at that beach in
three years.


ed spontaneously because of
its age.
Albania has some 100,000
tons of excess ammunition
stored in former army depots
across the country, the defense
minister said.
NATO countries, particular-
ly the United States, Canada
and Norway, have been helping
Albania destroy excess ammu-
nition and obsolete weaponry.
A company hired to destroy
excess ammunition has
destroyed about 6,000-7,000
tons of ammunition in the past
year.
Most of tho a u pition al
terie ll was Rusiam 'and Chi2
iFlsaffillery slieliimaide in the
1960s, when Albania was under
communist rule, authorities
said.
Accidents have occurred at
ammunition dumps in Albania
in the past. Three years ago,
explosions at army weapon
depots in southern Albania
killed an army officer and
injured four others.
Most of those injured Satur-
day suffered burns and psy-
chological shock but at least
two were in serious condition.
Five people including two
young girls with severe burns
and injuries were sent to
neighboring Greece for treat-
ment.
Neighboring Kosovo, Greece
and Macedonia sent blood
Sunday, with Macedonian For-
eign Minister Antonio Milosos-
ki flying to Tirana to offer
assistance and donating blood
himself.


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The death toll from Albanian




ammunition dump blast rises


THE TRIBUNE


PAGE 18, MONDAY, MARCH 17, 2008


_.Sa


I


I -_- I .--m ,.- -- .-t--I _- -,.-k-,---.


I






THi I HIbUNtc


BAHAMAS ELECTRICITY CORPORATION
P.O. BOX N-7509

TELEPHONE: 302-1000









.,.A


BAHAMAS ELECTRICITY CORPORATION

TENDER FOR THE PROVISION OF GENERAL INSURANCES
ALL RISKS (BUILDINGS & CONTENTS, PLANT, MACHINERY
& EQUIPMENT INCLUDING SUB-STATION SITES

TENDER NO. 654/08

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 Office,
Blue Hill & Tucker Roads by contacting:-
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 Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas
Attention: Mrs. Delmeta Seymour

Marked: Tender No. 654/08
"GENERAL INSURANCES BUILDINGS, PLANT & MACHINERY"
The Corporation reserves the right to accept or reject any or all tenders.


BAHAMAS ELECTRICITY CORPORATION

TENDER FOR THE PROVISION OF GENERAL INSURANCES
PUBLIC & EMPLOYER'S LIABILITY, PERSONAL ACCIDENT
AND PRIVATE CAR & COMMERCIAL VEHICLE

TENDER NO. 655/08

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 Office,
Blue Hill & Tucker Roads by contacting:-
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 Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas
Attention: Mrs. Delmeta Seymour

Marked: Tender No. 655/08
"GENERAL INSURANCES PUBLIC & EMPLOYER'S AND VEHICLES"
The Corporation reserves the right to accept or reject any or all tenders.


BAHAMAS ELECTRICITY CORPORATION

TENDER FOR THE PROVISION OF GENERAL INSURANCES
MONEY & FIDELITY

TENDER NO. 656/08
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 Office,
Blue Hill & Tucker Roads by contacting:-
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 Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas
Attention: Mrs. Delmeta Seymour

Marked: Tender No. 656/08
"GENERAL INSURANCES MONEY & FIDELITY"


BAHAMAS ELECTRICITY CORPORATION

TENDER FOR THE PROVISION OF GENERAL INSURANCES
MARINE INSURANCE

TENDER NO. 659/08
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 Office,
Blue Hill & Tucker Roads by contacting:-
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 Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas
Attention: Mrs. Delmeta Seymour

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


BAHAMAS ELECTRICITY CORPORATION

TENDER FOR THE PROVISION OF GENERAL INSURANCES
PROFESSIONAL INDEMNITY (DIRECTORS & OFFICERS)

TENDER NO. 657/08

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
Office, Blue Hill & Tucker Roads by contacting:-
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 Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas
Attention: Mrs. Delmeta Seymour

Marked: Tender No. 657/08
"PROFESSIONAL INDEMNITY DIRECTORS & OFFICERS"
The Corporation reserves the right to accept or reject any or all tenders.



BAHAMAS ELECTRICITY CORPORATION

TENDER FOR THE PROVISION OF GENERAL INSURANCES
ELECTRONIC EQUIPMENT& MOBILE RADIOS

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 Administration Office,
Blue Hill & Tucker Roads by contacting:-
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 Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas
Attention: Mrs. Delmeta Seymour

Marked: Tender No. 658/08
"GENERAL INSURANCES ELECTRONIC EQUIPMENT & MOBILE RADIOS


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


... - ..I .... .. . I, - - . -- -


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







THE TRIBUNE


PAGE 20, MONDAY, MARCH 17, 2008


INERATIOALNW


The Pope issues strong




appeal for peace in Iraq ,




after archbishop death I,
_____________________________-- B .r--


* VATICAN CITY
POPE Benedict XVI issued
one of his strongest appeals for
peace in Iraq on Sunday, days
after the body of the kid-
napped Chaldean Catholic
archbishop was found near the
northern city of Mosul, accord-
ing to Associated Press.
The pope also denounced
the 5-year-long Iraq war, say-
ing it had provoked the com-
plete breakup of Iraqi civilian
life.
"Enough with the slaughters.
Enough with the violence.
Enough with the hatred in
Iraq!" Benedict said to
applause at the end of his Palm
Sunday Mass in St. Peter's
Square.


[v4**' g~ :';y
,*
-
: r-'
I < f.


4


4 ..(


4 L' '
r


On Thursday, the body of
Archbishop Paulos Faraj Rah-
ho was found near Mosul. He


had been abducted on Feb. 29.
Benedict has called Rahho's
death an "inhuman act of vio-
lence" that offended human
dignity.
On Sunday, Benedict
praised Rahho for his loyalty to
Christ and his refusal to aban-
don his flock despite many
threats and difficulties.
He recalled Rahho's death
as the Catholic Church opens
Holy Week, the most solemn
week in the liturgical calendar
in which the faithful recall the
suffering and death of Jesus
Christ.
Benedict said Rahho's dedi-
cation to the Catholic Church
and his death compelled him to
"raise a strong and sorrowful
cry" to denounce the violence
in Iraq spawned by the war
that began five years ago this
week.
"At the same time, I make
an appeal to the Iraqi people,
who for the past five years
have borne the consequences
of a war that provoked the
breakup of their civil and social
life," Benedict said.
He urged them to raise their
heads and reconstruct their life
through "reconciliation, for-
giveness, justice and coexis-
tence among tribal, ethnic and
religious groups."
The Vatican strongly
opposed the U.S.-led invasion
of Iraq. In its aftermath, Bene-
dict has frequently criticized
attacks against Iraqi Christians
by Islamic extremists. Last
year, he urged President Bush
to keep the safety of Iraqi
Christians in mind.
Benedict is due to preside
over a memorial service at the
Vatican on Monday in honor
of Rahho. Typically, the pope
only presides over such ser-
vices when a cardinal dies.


'I ~


t


POPE BENEDICT XVI celebrates
an open-air palm Sunday mass in
St. Peter's square at the Vatican,
Sunday, March 16, 2008. Palm
Sunday commemorates Jesus
Christ's triumphant entry into
Jerusalem, and is the start of the
church's most solemn week,
which includes the Good Friday
re-enactment of Christ's crucifix-
ion and death and his resurrec-
tion on Easter Sunday.
The pontiff's appeal for
peace came at the end of his
Palm Sunday Mass, which
opens the Church's busy Holy
Week celebrations. They
include the Good Friday re-
enactment of Christ's crucifix-
ion and death and the celebra-
tion of Christ's resurrection on
Easter Sunday.
At the start of Mass, Bene-
dict blessed palms and olive
branches with holy water and
then processed through St.
Peter's Square, wearing intri-
cate, red- and gold-brocaded
vestments and clutching a
woven palm frond.
In his homily, Benedict
urged the faithful to follow
God with the innocence and
purity of a child's heart.
"To recognize God, we must
abandon the pride that dazzles
us, that seeks to push us away
from God," he said. To find
God, he said, "we must learn
to see with a young heart, one
which isn't blocked by preju-
dice and dazzled by interests."
A few hundred young peo-
ple carried massive palm
fronds at the start of the pro-
cession through the square as
part of the lead-up to celebra-
tions for the Catholic Church's
annual World Youth Day.
Benedict plans to attend
World Youth Day in Sydney,
Australia, in July.


A GENERAL view of St. Peter's square as Pope Benedict XVI celebrates
an open-air palm Sunday mass at the Vatican, Sunday, March 16,
2008. Palm Sunday commemorates Jesus Christ's triumphant entry
into Jerusalem, and is the start of the church's most solemn week,
which includes the Good Friday re-enactment of Christ's crucifixion and
death and his resurrection on Easter Sunday.


.'


POPE BENEDICT XVI reads his homily during an open-air palm Sunday
mass in St. Peter's square at the Vatican, Sunday, March 16, 2008.
Palm Sunday commemorates Jesus Christ's triumphant entry into
Jerusalem, and is the start of the church's most solemn week, which
includes the Good Friday re-enactment of Christ's crucifixion and death
and his resurrection on Easter Sunday.


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

A l I Ail I 1 i 91,1 A111r


ANNETTE
C. RUSSELL, 88


of Village Road, Nassau, The
Bahamas, will be held at Calvary
Bible Church, Collins Avenue,
Nassau, on Wednesday, 19th
March, 2008 at 3:00p.m. Pastor
Frederick Arnett and Pastor
Tommy Albury will officiate and
interment will be in Woodlawn
Gardens Cemetery, Soldier Road, Nassau.

Mrs. Russell was predeceased by her husband, Amos S.
Russell; sons, Donald and infant Rodney and is survived
by a son, R. Lawrence Russell; grandson, Richard Russell;
granddaughters, Lisa Roberts, Donnita Russell, Farrah
Cartwright, Lauren Knowles and Michelle Russell;
daughters-in-law, Anita Russell and Sylvia Russell;
grandsons-in-law, Billy Roberts, Andrew Cartwright and
Desmond Knowles; sistersin-law, Eulalee and Annmarie
Dupuch; great grands, Ashley Hill, Sierra and Eden
Cartwright, many other relatives and friends, Barbara
Sweeting and family, Keith and Claudine Russell and
family, Ian Russell and family, Joan Carey and family,
Alice Sands and family, Winnie Malone and Mrs. Cooper,
caregivers, Helen and Jean and close neighbours in
Greenwood.

Instead of flowers the family request that donations be sent
to Medical Expense Fund, Calvary Bible Church, P.O. Box
N. 1684, Nassau in c/o Larry Russell in memory of Annette
C. Russell.


Youllwode hw ouevego aon wthutit







THE TRIBUNE


MONDAY, MARCH 17, 2008, PAGE 21


INERAIONLNES*


Forty years after




massacre, My Lai


survivors


er


to pray for victims




and for peace


* MY LAI, Vietnam
FORTY years after rampag-
ing American soldiers slaugh-
tered her family, Do Thi Tuyet
returned to the place where her
childhood was shattered,
according to Associated Press.
"Everyone in my family was
killed in the My Lai massacre
my mother, my father, my
brother and three sisters," said
Tuyet, who was 8 years old at
the. time. "They threw me into a
ditch full of dead bodies. I was
covered with blood and brains."
More than a thousand people
turned out Sunday to remem-
ber the victims of one of the
most notorious chapters of the
Vietnam War. On March 16,
1968, members of Charlie Com-
pany killed as many as 504 vil-
lagers, nearly all of them
unarmed children, women and
elderly.
When the unprovoked attack
was uncovered, it horrified
Americans, prompted military
investigations and badly under-
mined support for the war.
Sunday's memorial drew the
families of the victims, returning
U.S. war veterans, peace
activists and a delegation of
atomic bombing survivors from
Hiroshima and Nagasaki.
"We are not harboring
hatred," said Nguyen Hoang
Son, vice governor of Quang
Ngai, the central Vietnamese
province where the incident
occurred.
"We are calling for solidarity
to defend peace, to defend life
and tQ remind the world that it
must never forget the massacre
at My Lai."
Although the occasion was
somber, many visitors said they
drew hope from it.
"So much positive energy has
come from such a negative
event," said Richard Chamber-
lin, 63, a returning veteran from
Madison, Wisconsin. "The peo-
ple here have amazing
resilience. I'm grateful that
they've treated us as friends, not
enemies."
Chamberlin was part of a del-
egation called the Madison
Quakers, a Wisconsin group
that has built a peace park and
three schools in My Lai, includ-
ing a new one that was dedicat-
ed Sunday. The group's leader,
war veteran Mike Boehm, hon-
ored the dead by playing a
mournful fiddle tune.
Boehm also arranged for a
group of atomic bombing sur-
vivors from Japan to join his
delegation.
Among them was Fujio Shi-
moharu, who was playing in a
Nagasaki schoolyard on Aug. 9,
1945, when the earth shook, a
strong wind howled and the sky
went dark as a mushroom cloud
rose over the city.
"I'm very angry about the
indiscriminate killing both here
in My Lai and in Hiroshima and
Nagasaki," said Shimoharu, 74.
"I came here to send a message
of peace to the world."
Shimoharu feels connected to
My Lai survivors such as Tuyet,
who returned to a replica of her
home and wept after Sunday's
service ended. U.S. troops
torched the original thatch-
roofed house; the new one is
part of a museum dedicated to
the victims.
On that morning 40 years ago,
Tuyet and her family were get-
ting ready to go to work in the
fields when members of Charlie
Company burst into their house
and herded them outside at gun-
point.
They were pushed into a ditch
where more than 100 people
were sprayed with bullets, one
of which hit Tuyet in the back,
paralyzing the right side of her
body.
Her parents, three sisters and
a brother were slaughtered. The
oldest child was 10, the youngest
just 4.
"I was here when the shooting
started," Tuyet said, sitting by a
family altar in the replica of her
simple two-room home. "The
troops rounded us up and took
us to the ditch."
Her 4-year-old brother, who
was eating breakfast when the
troops came, died with his
mouth full of rice, Tuyet said.
Four decades later, she is still
overcome by grief. But Tuyet
has managed to build a life for
herself. She became a pharma-


N




MY LAI MASSACRE survivor Do Ba, 48, left, of Ho Chi Minh city, gives
incense to his family's grave site during the 40 year anniversary of My
Lai Massacre in My Lai in Quang Ngai Province, central part of Viet-
nam, Saturday, March 15, 2008, as former US Army officer Lawrence
Colburn, 58, of Canton, Ga, who rescued Do Ba during the massacre,
looks on, The My Lai Massacre was the mass murder of unarmed citi-
zens of the South Vietnam, mostly civilians and majority of them
women and children, conducted by U.S Army forces on March 16,
1968, during Vietnam War.


cist, married and had two chil-
dren.
When they arrived in the
hamlet 40 years ago, the frus-
trated and angry members of
Charlie Company were on a
"search and destroy" mission,
trying to track down elusive
Vietcong guerrillas whose tac-
tics had depleted the company's
ranks.
The soldiers began shooting
in My Lai that day even though
they hadn't come under attack.
The violence quickly escalated
into an orgy of killing.
The young troops had found
themselves in a bewildering war
where it was impossible to dis-
tinguish friend from foe, said


Stanley Karnow, an American
historian who wrote "Vietnam:
A History."
Their actions shocked the
American public, who had pre-
ferred to think of U.S. troops as
heroes making the world safe
for democracy, Karnow said.
"But there is a human capac-
ity for committing atrocities."
Karnow said.
Do Ba, another My Lai sur-
vivor, lost his mother, his broth-
er and his sister in the massacre.
But he, too, has managed to
build a new life for himself.
He now lives Ho Chi Minh
City, the former Saigon, with his
new wife and their 14-month-
old daughter. He has a job in


-- SERVICES

Matthew's Anglican Church
Shirley & Church Street

PALM SUNDAY 16th March 7:15 Eucharist, Blessing of
Palms and Sermon; 10:00am Eucharist, Procession &
Sermon; 7:00pm Holy Eucharist
MONDAY 2nd April 7:00pm Stations of the Cross

MONDAY- 17th March 7:00pm Stations of the Cross

TUESDAY 18th March 7:00am Mass; 7:00pm Service of
Reconciliation

WEDNESDAY 19th March 7:00am & 1:00pm; 7:30pm Mass
of the Chrism, Christ Church Cathedral. The clergy renew
their vows at this service .

MAUNDY THURSDAY 20th March 7:00pm Holy Eucharist,
Washing of feet and Watch before Altar of Repose, until mid-
night

GOOD FRIDAY- 218t.March- 9:00am Liturgy for Good Friday;
12noon 3:00pm Devotions on the Seven Last Words

EASTER DAY 23rd March 6:30am Easter Vigil & Holy
Eucharist; 10:30am Solemn High Mass, Procession &
Baptism; 7:00pm Solemn Evensong, Sermon & Benediction


A MY LAI MASSACRE survivor
shows her emotion after she gave
incense to victims during the
40th anniversary of My Lai Mas-
sacre in My Lai in Quang Ngai
Province, central Vietnam, Sun-
day, March 16, 2008.
an electronics factory.
Ba had a chance reunion this
weekend with Larry Colburn,
who saved him from the ram-
paging American troops 40
years ago. Colburn was a mem-
ber of a three-man U.S. Armv
helicopter crew that landed in
the midst of the mthissacre and
intervened to stop the killing.
Colburn returned for this
year's ceremony, as he did 10
years ago for the 30th. He came
the first time with Hugh Thomp-
son, the pilot who landed their
helicopter, who has since died.
"Today I see Do Ba with a
wife and a baby," Colburn said.
"He's transformed himself from
being a broken, lonely man.
Now he's complete. He's a per-
fect example of the human spir-
it, of the will to survive."
Boehm. whose Wisconsin
group helped plan Sunday's cer-
emony, takes solace from such
stories.
"If hope can rise from the
ashes of My Lai," he said, "it
can rise from anywhere."


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PAGE 22, MONDAY, MARCH 17,2008


THE TRIBUNE


COISPG


I CRYPTIC PUZZLE


ACROSS
1 Taped in expert fashion (5)
6 Father takes little Janet outJn the
country (5)
9 A cereal repast in itself? (7)
10 Not washed yet, so how can you dry
it? (5)
11 Being dapper is not exactly nasty (5)
12 Uncle's at the air terminal with
some birds (5)
13 Injudiciously reveals a number (7)
15 A short form of address (3)
17 A uniquely heavy blow? (4)
18 Show admiration of a spire that's
crooked (6)
19 A fine yarn, perhaps, or a childish
fib (5)
20 Best suit (6)
22 There's no dam here! (4)
24 The ayes have it (3)
25 In fine weather he may run all over
the garden! (7)
26 Doctor one fluid with another? (5)
27 Something worth having (like den-
tures?) (5)
28 it stands up to a lot of
*hammering (5)
29 Many are inviting a hiding! (7)
30 Department short of
organisation? (5)
31 Powerful men who could
have been stars (5)


DOWN '
2 Forced to go a fair way when
whacked? (6)
3 Harry, it seems, is in ceramics (6)
4 Scottish cross-country runner (3)
5 Drive around for a mile, perhaps,
and you'll find parking (5)
6 A year's start (7)
7 What I hear of a girl makes me so
sad (4)
8 They do a deceptive job (6)
12 Talks wildly of redheaded social
workers (5)
13 Black ducks in a pen (5)
14 She brings a bit of heaven to lhe
Americans (5)
15 Note this little lot (5)
16 An odd figure in athletics events (5)
18 Taking a soft line for fun? (5)
19 Ancient skill in bridge-building (7)
21 Again employed us in a plant (6)
22 Well, they aren't roundabouts! (6)
23 Weapon to repair, maybe (6)
25 Unpopular person with a beautiful
skin (5)
26 Half French girl (4)
28 Six-footer in quarantine (3)


North dealer.
Both sides vulnerable.
NORTH
+AQ
VAJ 103
*KQ5
49764
WEST
+K965432
V9 874
103
4-


EAST
+J 1087
VK62
*J7
+QJ 103


SOUTH
4 -
VQ5
*A98642
+AK 852
The bidding:
North East South West
1 NT Pass 3 Pass
3 V Pass 4 4 Pass
4 4 Pass 6 *
Opening lead nine of hearts.
"What can defeat me?" is a ques-
tion. every declarer should ask him-
self, even when there seems to be
only a remote chance of defeat. If the
answer is that a particular distribu-
tion, however unlikely, would put the
contract in jeopardy, declarer should
start looking for a way to overcome
that distribution.
Consider this deal where with-
out seeing the East-West cards it
seems highly probable that South
will make 12 or 13 tricks in six dia-
monds. That would be the outcome
in most deals, since the missing dia-


I'


Yesterday's cryptic solutions Yesterday's easy solutions
ACROSS: 3, She-BA 8, Tr-end 10, LI-a-MA 11, Eve 12, Great 13, ACROSS: 3, Claps 8, Honey 10, Lover 11, 1 ic 12, Total 3,
Fea-the-r 15, Me-Rge 18, Ion 19, Period 21, Imp-eded 22, Delight 15, Names 18, Tor 19, Merino 21, Habitat 22, Idol 23,
Aire 23, Peke 24, Marines 26, Vestal 29, Car(-boy) 31, Ether Mule 24, Devices 26, Nodded 29, Can 31, Steel 32,
32, Ca-pule-t 34, Ninon 35, Sub 36, G-Et on 37, Bagel 38, Farther 34, Mural 35, Ion 36, Herod 37, Voter 38,
Rated Never
DOWN: 1, Greet 2, On-e time 4, Herr 5, B-lam-ed 6, Alter 7, DOWN: 1, Noted 2, Recital 4, Loot 5, Planet 6, Solar 7,
Ami-go 9, Eva 12, General 14, Hop 16, Rites 17, Edges 19, Seven 9, Nil 12, Thrived 14, Gob 16, Minus 17, Sober 19,
Pe-L-i-can 20, Ha-L-ve 21, Iris-h 23, Peru-Sal 24, Marina 25, Magical 20, Signs 21, Horde 23, Mention 24, Delude 25,
Nap 27, E-the-L 28, Tenor 30, Rebel 32, Cole 33, Lug Car 27, Otter 28, Demon 30, Tenet 32, Fate 33, Hot
I


ACROSS
1 Take
unlawfully (5)
6 Stringed
instrument (5)
9 Funny (7)
10 Perform (5)
11 Scope (5)
12 Heathen (5)
13 Land (7)
15 Pig (3)
17 Dry (4)
18 Of the sea (6)
19 Started (5)
20 Gives an
opinion (6)
22 Dread (4)
24 Miserable (3)
25 Varied (7)
26 Municipal (5)
27 Rescued (5)
28 Shade of
brown (5)
29 Snuqgles (7)
30 Defeats
(5)
31 Anaesthetic
(5)


FR 0

E A

TRDD


DOWN
2 Sensitive (6)
3 Agreement (6)
4 Auction
item (3)
5 Giant (5)
6 Mobile
home (7) *
7 Dash (4)
8 Large
number (6)
12 Heaps (5)
13 Mexican
food (5)
14 Stiff (5)
15 Rambler (5)
16 Class (5)
18 Crazy (5)
19 Moreover (7)
21 Royal
residence (6)
22 Smallest
quantity (6)
23 Hope (6)
25 Samer (5)
26 US coin (4)
28 Renqald (3)


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


monds and clubs would be divided 2-
2 or 3-1 more than 80 percent of the
time. "
But South has no right to assume
that either suit is divided favorably,
and from the start he should cater to
the possibility of a 4-0 division in
one suit or the other.
Accordingly, he wins the heart
lead with the ace and discards his
other heart on the ace of spades.
Trumps are the next order of busi-
ness, and, as there is no way of
avoiding a trump loser if either oppo-
nent has all four of them, declarer
starts to draw trumps by cashing first
the ace and then the queen.
When the diamonds turn out to be
divided 2-2, South's only remaining
concern is a 4-0 club division. He
cannot protect against West having
all four of them, so he proceeds on
the assumption that East has them.
He leads the four of clubs from
dummy, and, after East produces the
three, he plays the deuce from his
hand! As a result he makes the slam,
losing only one club trick. Note that
declarer goes down if he fails to
make this play.
If East plays the ten on the first
club lead, South wins with the king
and returns a club to dummy's nine.
East wins with the jack, but declarer
trumps the spade return, crosses to
dummy with a trump and finesses
against East's Q-3 of clubs to make
the slam.


) ( Cain & Hobbes )


Tribun

Horoscope


By l.NDA BLACK .


MONDAY,
MAR 17
AQUARIUS Jan 21/Feb 18
You're feeling ambitious, but try
not to be too pushy this week. If you
come on too strong, you may
frighten away potential allies. Play it
sweet and gentle.
PISCES Feb 19/March 20
This is a great time of year for you. in
spite of your innate shyness, it will be
extremely easy for you to get along
with strangers. A chance encounter
may lead to romance.
ARIES March 21/April 20
You are known for your courage,
Aries, but unchecked it can spill over
into recklessness. Your task this week
is to discern the difference between
calculated risk and foolhardiness.
TAURUS April 21/May 21
You will take a closer look at rela-
tionships this week, Taurus. But
don't be too hasty when making
your decision you may feel dif-
ferently by the end of the week.
GEMINI May 22/June 21
Your instincts may teH you that the
best way to deal with a problem is to
beat it into submission, but that
approach won't work this week,
Gemini. Find a more subtle approach.
CANCER June 22/July 22
You have the confidence to try new
things this week, Cancer, but try not
to get ahead of yourself. Make sure
you spend some time observing and
doing research before striking out
on your own.
LEO July 23/August 23
While you'll get a lot done this week,
you may also step on the toes of those
who don't think or act as quickly as
you do. Be mindful there are
gentler ways to make your mark.
VIRGO Aug 24/Sept 22
You have what it takes to succeed,
Virgo. You simply have to learn to
be more adventurous. Think big,
aim high and don't hold back -
you deserve the best!
LIBRA Sept 23/Oct 23
Cooperation will be the key to your
success this week, especially later in
the week, when others will go out of
their way to help at the office -
provided you give a little in return.
SCORPIO Oct 24/Nov 22
Your indomitable will is sure to be on
display this week, Scorpio, making it
especially difficult to get along with
those in authority. Sooner or later
they'll use their power to rein you in.
SAGrITARIUS Nov 23Iec 21
Your desire to see only the good in
others is honorable, but it could
cause problems as others attempt to
take advantage of your trusting
nature. Don't let them pull the wool
over your eyes!
CAPRICORN Dec 22/Jan 20
Leave your worries behind this
week, Capricorn: You've got the
magic touch; success lies ahead, and
those you love won't hesitate to
love you back.


CHESby eonr Barden


Frank Parr v Ash Wheatcroft,
London 1938. Today's puzzle is a
strong candidate for the title of
the most brilliant chess move
ever made in London. Sutton-
based Parr was the capital's best
young talent at the time of this
game, and went on to become
runner-up in the British
championship and many times
Stock Exchange champion. The
loser was an international player
and later British Chess
Federation president but his
most significant achievement
had nothing to do with chess. As
a civil servant, Wheatcroft was
probably the chief creator of
Value Added Tax. Back to the
game, Parr's obvious choice as
White (to move) is 1 axb3, but he


a b c d e I g h
would then still be rook for knight down
and Black would be we!l in the game
after I axb3 Qe4. Instead, Parr launched
his immortal coup which forced instant
resignation. Can you find it?
LEONARD BARDEN


Chess 8S73:1 Rh5! Resigns. If Qxd7 2 NqS+ Kh8 3
Rxh6 is mate, since Black's g7 bishop is pinned by its
white h2 counterpart so cannot take the checking
rook.


I


TARGET


Dennis


'THE %T WAY TO GET RI P OF Ta'EMARKfERS
16" I LET PENNISTAl.K TO T4M."


Contract Bridge

By Steve Becker


Accidentally on Purpose


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MONDAY, MARCH 17, 2008, PAGE ;'3


THE TRIBUNE


MARCH 17, 2008


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

Check, Pleasel Antiques Roadshow "Tampa, FL" A Hollywood Singing and Dancing: A Musical Trea- PBS Previews:
WPBT South Florida 1750s classic black walnut Philadel- sure (, (CC) Carrier 0 (CC)
Daily Grill. phia dressing table. (CC)
The Insider (N) The Big Bang How I Met Your Two and a Half (:31)The New CSl: Miami "Raising Caine" Hora-
I WFOR n (CC) Theory (N) Mother Ted emu- Men Charlie edu- Adventures of tlo's ex resurfaces as a billionaire's
(CC) lates Barney, cates Alan, (N) Old Christine widow, n (CC)
Access Holly- My Dad Is Better Than Your Dad Deal or No Deal (iTV) A man from Medium "Burn Baby Burn" Allison
0 WTVJ wood (N) (CC) Fathers compete. (N) n (CC) New York returns. (N) ,) (CC) dreams of a dentist's violent assault
on a prostitute. (N) (CC)
Deco Drive Canterbury's Law "Baggage" Eliza- New Amsterdam "Honor" The bru- News (N) (CC)
I WSVN beth represents a man who claims tal rape and murder of a nun, (N)
to have special powers. ,n (CC)
Jeopardy (N) Dancing With the Stars (Season Premiere) Celebri- (:32) The Bachelor: London Calling (Season Pre-
1 WPLG (CC) ties teamed with professional dancers compete. (Live) mere) London financier Matt Grant begins his search
ti (CC) for true love. (N) A (CC)

E :00) CSI: Miami Intervention "Heidi and Michelle" Intervention "Lawrence" Alcohol ad- Paranormal Paranormal
A&E Extreme" f) Plastic surgery and compulsive diction. (N) (CC) State Phantom State Spirit called
(CC) shopping; trading sex for drugs. children. (N) "Emily."
(:00) BBC World BBC News World Business BBC News Click News
BBCI News America (Latenight). Report (Latenight).
BET Hell Date (CC) *' LOCKDOWN (2000, Drama) Richard T. Jones, Gabriel Casseus. Comlcvlew (CC)
IBET Three friends land in prison after a wrongful conviction, (CC)
Countdown to Ron James: Back Home (CC) The Border Kessler Is suspected of CBC News: The National (N) Ft
CBC Beljing (N) (CC) (DVS) leaking classified information. (CC)
(:00)Kudlow& Fast Money City of Money & Mystery: A CNBC The Big Idea With Donny Deutsch
CNBC Company (CC) Special
(:00 Lou Dobbs CNN Election Center Larry King Live (CC) Anderson Cooper 360 (CC)
CNN Tonight (CC)
Scrubs J.D. The Daily Show The Colbert Re- Futurama A trip South Park Civil Scrubs Turk and Scrubs Elliot and
COM plans the perfect With Jon Stew- port(CC) aboard the new War re-enact- J.D. geta life les- JD's history to-
date. (CC) art (CC) Titanic, ( (CC) ment. (CC) son. (CC) gether. (CC)
The Suite Life of THE LUCK OF THE IRISH (2001, Fantasy) Ryan Mer- (:35) That's So That's So Raven Life With Derek
DISN Zack & Cody ,t riman, Alexis Lopez, An always-lucky teen learns that Raven Raven "When 6021 Met "Home Movies"
(CC) he is part leprechaun. ,A (CC) skips school. 4267"
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DW Johannes B. Kerner Landersplegel Journal: Tages- Projekt Zukunft Journal: In Euromaxx
them Depth
E The Daily 10 (N) Forbes 20 Billionaire Heiresses The Girls Next The Girls Next The Soup Pre- The Soup
E Daughters of wealthy families. Door Door sents Models.
ESP NCAA Women's College Gamenight (Live) (CC) Black Magic (N) (Part 2 of 2)
ESPN Selection_____
N I Gol ESPN: Strike Force Strike Force (N) ESPN Perflles SportsCenter -
ESPNI Fuera de Juego Intl. Edition
EWTN Dally Mass: Our The Journey Home Padre Plo's Way The Holy Rosary Holy Week Re- Eparchy-Con-
EWTN Lady of Cross treat cert
FIT TV Stretch Max: Blalne's Low Blalne's Low A Lyon Inthe A Lyon in the Healthy Deca- Healthy Deca-
FIT TV Cathe Friedrich Carb Kitchen Carb Kitchen Kitchen (CC) Kitchen (CC) dence dence
F NC Fox Report- The O'Rellly Factor (CC) Hannity & Colmes (CC) On the Record With Greta Van
FOX-NC Shepard Smith Susteren (CC)
FSNFL In Focus on FSN Toughest Cowboy From Colum- Best Damn Poker Challenge (N) Best Damn Top The FSN Final
FSNFL bus, Ohio. 50 Special Score (Live)
What's In the Top 10 Golf Central Tiger 360 The Turn (N) Champions
GOLF Bag? (N) (Live) Learning Center
GSN 00) Weakest High Stakes Poker (CC) High Stakes Poker (CC) High Stakes Poker (CC)
GSN LInk f (CC)
A:00) Attack of X-Play (N) Ninja Warrior NInja Warrior Unbeatable Attack of the Show! Homemade
G4Tech the Showl (N) Banzuke (N) science.
(:00) Walker, Walker, Texas Ranger "Forgotten Matlock 'The Scam' Matlock's class reunion plans are interrupted when
HALL Texas Ranger People" C.D. goes under cover as Cliff is accused of murder. 0 (CC)
'The Iceman" an Alzheimer's patient.
Buy Me Desper- She's Crafty Home to Stay Ptoperty Virgins Marriage Under Property Virgins My First Place
HGTV ate to move to "Kitschy Kool" f) Respite from Pool their re- Construction Property search. Fixer-upper in
the country. (CC) work. t (CC) sources. (CC) Finished. (CC) ? (CC) Denver. (CC)
INSP Victory Joyce Meyer: Ed Young Everyday Life Today With This Is Your Day The Gospel
RINeba Koy Eyeryday Life Woman James Roblson (CC) Truth (CC)
Reba Kyra gos M Wife and According to Family Guy The Family Guy Lois Two and a Half Two and a Half
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LIFE a (CC) Peace" (CC) competes for at- Caan. A woman's lover has ties to organized crime. (CC)
tention. f (CC)
MSNBC Hardball Countdown With Keith Olber- Verdict With Dan Abrams Countdown With Keith Olber-
MSNBC mann mann
(:00) The Fairly SpongeBob SquarePants Pearl's George Lopez George Lopez George Lopez George Lopez
NICK OddParents birthday party. (CC) (C) n (CC) (CC) (CC)
N V :00) House A Paradise Hotel 2 "Finger Painting" Deal or No Deal A man from New News (N) ( News
(CC) (CC) York returns. (N) (CC) (CC)
SPEED Pass Time (N) This Week in NASCAR (N) SuperCars Ex- Street Tuner Street Tuner Car Crazy (N)
SP D____posed (N) Challenge Challenge
Bishop T.D. Behind the Mark Chlronna Jentezen Jesse Duplantis Jesus: The Movie
TBN Jakes (CC) Scenes (CC) Franklin (CC) (CC)
Everybody Family Guy The Family Guy Lois Family Guy "Hell Family Guy Lois My Name Is Earl My Name Is Earl
TBS Loves Raymond Griffins get teaches a sex-ed Comes to Qua- helps Peter at Teacher Earl" f, f (CC)
n, (CC) robbed. ,( (CC) class. (CC) hog" (CC) work. f, (CC) (CC)
Little People, Little People, Little People, Jon & Kate Plus Jon & Kate Plus The Secret Life of a Soccer Mom
TLC Big World A sur- Big World Build- Blg World (N) 8 Installing new IPValentine's A mother of four attends a police
prise dinner, ing a sawmill. (CC) carpeting, Day" (N) academy. (N)
(:00) Law & Or- Law & Order The Brotherhood" Law & Order "Bling" Detectives Law & Order "Magnet" Detectives
TNT der "Over Here" Fontana and Green probe the death must find out if a rapper's murder investigate the strangling of a prom-
O of a prison gang member, was a random act. (CC) (DVS) rising Hispanic student. f,
TOON Camp Lazlo My Gym Part- Home for Imagi- Johnny Test ft Courage the Grim Adven- Storm Hawks
ner's a Monkey nary Friends (CC) Cowardly Dog tures
Cops "Cops in Ocean Force Ocean Force The Investigators "The Suitcase Dominick Dunne: Power, Privilege
TRU Pittsburgh (CC) Murder" (N) & Justice (CC)
TV00) Toute une Un oell sur Ia planite "Mourir pour Kaboul?" Partir autrement Viva Am6ricas
SIstolre Yorkin. Biosphere.
TWC (:00) Abrams & When Weather Changed History Weather: Evening Edition (CC)
TWC ettes "Coast Guard Rescue"
ADO) Yo Amo a Al Diablo con Los Guapos Pasl6n Una historic que tome lugar Cristlna Enrique Iglesias.
UNIV Juan Querend6n entire pirates y fortunes.
:00) Law & Or- Law & Order: Special Victims Unit WWE Monda Night Raw What's next for the WrestleMania match-up
USA der: Criminal In- "Dolls" Benson and Stabler hunt for between The Big Show and Floyd Mayweather? (Live) (CC)
tent f, (CC) a serial pedophile. (CC)
VH1 Celebrity Rehab With Dr. Drew The Flavor of Love The most com- The Salt 'N Pepa The Flavor of
V__________ plete package. ft Show f, Love A
VS :00) NHL Hockey Colorado Avalanche at Minnesota Wild. From the Xcel Hockey Central World Extreme Cageflghting
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Family Guy The Gossip Girl Nate disappoints Blair Pussycat Dolls Present: Girll- CW11 News at Ten With Kalty
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parade float, to Blair's party. f, (CC) woman to consider quitting. (N)
S Jeopardyl (N) Dr. Phil ft (CC) News (N) Jeopardyl (CC) Frasler "Our Par- Frasler Frasier
WSBK (CC) cents, Ourselves" poses as Roz's
f (CC) boyfriend. (CC)
(6:30) *** Real Time With Bill Maher Bob In Treatment In Treatment A John Adams "Join or Die" The
HBO-E OVER THE Costas. (CC). "Laura: Week case of mistaken Boston Massacre; Continental Con-
HEDGE (2006) ________Seven" n (CC) identity, gress. (Part 1 of 7) (CC)
H(6:00) THE ** THE GATES (2005, Documentary) Arlists Chris- (:45) Semi-Pro: In Treatment Un- In Treatment
HBO-P SENTINEL to and Jeanne-Claude prepare a massive project. f HBO First Look expected revela- Paul makes a
(2006) 'PG-13' 'NR' (CC) f (CC) lions. (CC) point to Laura.


(:45) MR, WARMTH: THE DON RICKLES PROJECT (2007, Documen- * OVER THE HEDGE (2006, Comedy) Voices of
H BO-W tary) Comedians celebrate the long career of the comic. ft 'NR' (CC) Bruce Willis. Animated. A raccoon tells fellow animals
about a new food source. ) 'PG' (CC)
(:00) *** ARLINGTON ROAD (1999, Suspense) * PRIMARY COLORS (1998, Drama) John Travolta, Emma Thomp-
HBO-S Jeff Bridges, Tim Robbins. A professor learns his new son, Billy Bob Thornton. A smooth-talking southern governor runs for
neighbors have a sinister agenda, t 'R' (CC) president. ,t 'R' (CC)
(:15) * HARRY POTTER AND THE GOBLET OF FIRE (2005, Fantasy) Daniel Rad- *** b DREAMGIRLS (2006)
MAX-E cliffe, Rupert Grint, Emma Watson. Voldemort lays a trap for Harry at the Triwizard Tourna- Jamie Foxx, Three singers learn
ment,. 'PG-13' (CC) that fame has a high price. (CC)
A THE SUBSTITUTE 3: WINNER TAKES ALL *** WHITE MEN CAN'T JUMP (1992, Comedy) Wesley Snipes,
MOMAX (1999) Treat Williams. An undercover mercenary tack- Woody Harrelson, Rosie Perez. Two basketball hustlers form an unlikely
les musclebound college jocks. n 'R' (CC) partnership. ft 'R' (CC)
BARNYARD: *V, LAST HOLIDAY (2006, Comedy) Queen Latifah, G6rard Depar- The L Word "Lunar Cycle" (iTV)
SHOW ORIGINAL PAR- dieu, LL Cool J. iTV. A terminally ill woman lives it up on vacation. ft Jodi seeks answers. f (CC)
TY 'PG-13' (CC)


TMC


)VIe Gift Certiffi

ILmake great gifts


MONDAY EVENING


Ba l ao

his sicle-kic< Deruek put and
souIie sCmiles oV yoL A





B1rig 1O LU, cl ildre+ to tke

Mc lappy HLo McDonaild's in
PaICdale every Thursday

ftomiv 3:30pn to 4:30pin durWing the
1oth*k oftMarck 2008,




Enjo\j Great Food, Prizes and Lots of Fun.



i'm lovin' it


(6:30) DROP * A THE WORLD'S FASTEST INDIAN (2005, Biography) Anthony (:15) ** PEACEFUL WARRIOR
DEAD SEXY Hopkins, Bruce Greenwood, Diane Ladd, Motorcyclist Burt Munro tries to 2006, Drama) Nick Nolte, Scott
(2004) 'R' (CC) set a record for speed. f, 'PG-13' (CC) Mechlowicz. n 'PG-13' (CC)








PAGE 24, MONDAY, MARCH 17, 2008


THE TRIBUNE


ARMED WITH MONEY FROM A THRIVING ECONOMY, COMPANIES ARE GOING GLOBAL




China rising: Private firms eye the world


* By JUSTIN PRITCHARD
Associated Press Writer

Amid the torrent of clothes,
electronics and toys surging out
of China comes a little-noticed
export: international companies,
according to the Associated
Press.
For centuries, individual Chi-
nese have sought their fortunes
abroad, creating Chinatowns
around their restaurants and
shops. Now, Chinese firms are
going global, pushed by a gov-
ernment turned capitalist,
pulled by untapped markets and
armed with bundles of money
from a thriving economy back
home. Auto plants are popping
up in Latin America. A sprawl-
ing commodity bazaar promises
a provincial Swedish city new
life. A car parts distributor is
snapping up ailing companies
in the U.S. Rust Belt, a TV fac-
tory hums in South Africa and a
high-tech firm is landing con-
tracts to revamp the Persian
Gulf's telecommunication net-
works. Just as the earlier arrival
of Japanese companies changed


U.S. manufacturing, over time
Chinese companies could affect
how their Western rivals
approach innovation, competi-
tion and business itself.
"We not only consider our-
selves pioneers," says Sean
Chen, who at 26 is overseeing
the construction of a $100 mil-
lion electrical parts plant and
industrial park in the American
South, "We also consider our-
selves explorers."
Chen and his fiancee, Joy
Chen both took American
first names moved from
Shanghai to Atlanta to set up
shop for General Protecht
Group Inc., a company con-
trolled by his father. While the
goal is profits, Sean Chen and
his father view the venture
almost as a social experiment
- its aim, he said through an
interpreter, is to marry the best
Chinese and American work
practices.
"I want to have the efficiency
and execution normally shown
by the American employees
and the brotherhood that a Chi-
nese company normally shows,"


Sean Chen says. "There are
capitalists and there are social-
ists and I want to see whether
they can get along."
The Chinese corporate pres-
ence is still small overseas, but
it's growing fast:
Chinese companies invest-
ed more than $30 billion in for-
eign firms from 1996 to 2005,
nearly one-third in 2004-05
alone, according to an analysis
by Usha Haley, a professor of
international business at the
University of New Haven.
Computer maker Lenovo
Group helped launch the frenzy
in December 2004 by announc-
ing it would acquire IBM
Corp.'s personal computer unit
for $1.75 billion.
In the United States and
Canada, Chinese firms now
have about 3,500 investment
projects, compared to 1,500 five
years ago, according to an esti-
mate by Maryville University
professor Ping Deng. Large
state-owned companies jumped
ahepd; medium and small pri-
vate firms are catching up.
Total investment in the U.S.


is between $4 billion and $7 bil-
lion, Ping estimates. In Europe,
Chinese acquisitions last year
alone totaled $563.3 million,
according to research company
Dealogic.
Last year, 29 Chinese firms
debuted on U.S. stock
exchanges, just two shiy of the
total for the previous three
years combined, according to
the Bank of New York Mellon
Corp.
The number of U.S. visas
issued to Chinese executives
and managers who transfer to
U.S. posts within their compa-
nies nearly doubled to 2,043
between fiscal years 2004 and
2007. The current fiscal year is
on pace to top that, U.S. State
Department statistics show.
Chinese businesses are not
just establishing offices and fac-
tories overseas. They also are
developing and selling products
under their own brands, rather
than simply supplying Western
firms in search of cheap manu-
facturing. The competition may
make it harder for American
and European firms to milk ear-
ly profits from cutting-edge
products before reducing prices
and releasing them to the mass
market. Vulnerable sectors
include high-definition TVs,
portable DVD players, medical
technology, and perhaps even
cars, according to Peter
Williamson, a professor of inter-
national management at the
University of Cambridge with
extensive China experience.
At the Detroit Auto Show in
January, one mid-sized SUV
from China with goodies includ-
ing'a leather interior was priced
at just $14,000 less than half
what many comparable cars
cost. Models could be available
by early next year in nine states.
Chinese firms can use their
low-cost manufacturing advan-
tage to pile on additional fea-
tures. And they can do that by
copying taste-making Western
firms, circumventing the
expense of product develop-
ment. If the quality is high
enough, the strategy can be dev-
astating. "It will pull to pieces
the profit models of their com-
petitors," Williamson says. "It's
a classic case of attacking your
competitor where you know
they're reluctant to respond,
because it's very costly."
The dynamic recalls how
Japanese auto makers forced
their U.S. competitors to make
options such as power windows
and air conditioning standard.
Unlike the Japanese, whose
1980s arrival in the U.S. was at
first greeted as a threat, Chi-
nese businesses are being court-
ed by states including Michigan,
California, Illinois and Geor-
gia. Not that all arms are open.
Congressional scrutiny has
dogged several investment:,.
including the billions of dollars
that government-owned funds
are investing in top Wall Street
institutions. National security
concerns have scuttled several
deals, including the attempted
2005 purchase of oil giant Uho-
cal Corp. and a $2.2 billion bid
to buy the tech company 3Com,
in February.
In the Swedish coastal city of
Kalmar, labor union and media
criticism has been the backdrop
for delayed Chinese plans to
open a hotel and wholesale
warehouse for Chinese-made
commodities. Project manager
Angie Qian tromps around, try-
ing to get things done at the
speed she was used to in Shang-
hai.
"China is developing very
quickly and so people work very
fast and don't plan very far
ahead," says Qian, herself a
study in constant motion. "In
Sweden everything takes a


HOSTESSES hold signs to guide delegates back to their buses after
the opening session of the Chinese People's Political Consultative
Conference at Beijing's Great Hall of the People on March 3.


much longer time."
The $160 million project,
going up on the site of a shut-
tered chocolate factory, could
help revive a city abandoned by
car maker Volvo and train mak-
er Bombardier Transportation.
It wouldn't be the first project
of its kind. Dubai boasts an
enormous Dragon Mart shop-
ping mall and residential com-
plex: Chinese centers with oth-
er backers have opened in East-
ern Europe, Italy, England and
Russia.
But the Kalmar project faces
problems.
Fanerdun Group, the compa-
ny bankrolling the project, has
reportedly not received Chinese
government approval to trans-
fer funding from China to Swe-
den. The company has said it
will pay wages of Chinese work-
ers into Chinese bank accounts
instead of Swedish accounts.
The national construction
workers' union and local media
have criticized Fanerdun for not
paying some of the Chinese
workers who helped prepare
the site at all. The issue has
delayed construction.
Elsewhere, miscalculations
have led to 'early, and some-
times spectacular, failures.
There was the Splendid China
theme park in Florida that no
one really visited. A group of
investors never recovered from
the fiasco of trying to evict poor
tenants from the downtown Los
Angeles hotel they planned to
refurbish.
Chinese companies that with-
er often see the first branch as a
trophy, and neglect the long-
term strategy that can lead to
greater profits, according to
business professor Ping. He
based his survey on 400 Chi-
nese companies doing business
in the U.S. and Europe.
Drastic differences in busi-
ness culture also can hobble a
venture. Western managers canll
demand more authority than
Chinese bosses are accustomed
to, and official directives can
alienate workers.
For all their c i- i !\ and drive,
many Chinese managers and
executives lack formal training.
That is changing.
At UCLA's Anderson School
of Management, for example,
Chinese applications more than
doubled from 87 in 2005 to 180
in 2007. The 2007 class had 14


Chinese students, the most in
the school's history.
Wife and husband Stella Li
and Steven Zhu quit high-pro-
file careers in China to study in
Los Angeles. Li is slated to
graduate this spring Zhu got
his MBA last year and landed at
Google doing data-driven sales
analysis. Both see an opportu-
nity to gain a sophistication in
finance and strategy they could-
n't get working back home.
"We definitely want to take
all the experience and the things
we learned in the U.S. back to
China," Li said. "But short
term, we would like to get more
exposure in business here."
Chinese firms are still learn-
ing the kinds of data-driven
market analysis, branding and
other business practices that are
commonplace in the West.
"What's scary to think of is
when they marry cost con-
sciousness with U.S.-style just-
in-time inventory manage-
ment," says Charles Freeman,
a China specialist at the Wash-
ington-based Center for Strate-
gic and International Studies,
who recalls talking to a cell
phone maker that was storing
100 million headsets behind its
factory. Few Chinese compa-
nies have been in the U.S.
longer than the American sub-
sidiary of the auto parts giant,
Wanxiang Group, which incor-
porated in 1993. The founder
of the home company is one of
China's richest men. His son-
in-law, Pin Ni, led the Chicago-
area subsidiary from cheap
parts supplier up the value chain
by buying or working with com-
panies that were distressed -
owing to competition from Chi-
na.
Wanxiang America Inc. has
been welcomed for saving man-
ufacturing jobs. Illinois has pro-
claimed a Wanxiang Day and
Michigan offered the company
subsidies. Pin talks exactly like
what he is an executive who's
part of a multinational. It's all
about core competence and
optimizing strength and hori-
zontal integration. He casts him-
self as a matchmaker who spots
what disparate firms do best to
create as efficient a manufac-
turing process as possible.
"Even today you want to say,
is there enough Chinese com-
panies in the United States?"
Pin asks. "I would say no."











TRIBUNE 'lw




in Y,M H 1, 2
MON)AY, MAR1CH 17, 2008


* i


Three new funds and




broker/dealer for BISX


* By NEIL HARTNELL
Tribune Business Editor
The Bahamas International
Securities Exchange
(BISX) is set to receive an
imminent boost from the
listing of three new invest-
ment funds and a new broker/dealer
member, developments that will pro-
vide some compensation for the Gov-
ernment's decision not to move for-


* BISX chief says listing government debt securities on exchange will fill capital market 'void'
* Current auction system not necessarily working to everyone's benefit, he warns
* Exchange preparing detailed response to government's concerns, and feel all issues can be dealt with


ward "for now" with listing its debt
securities on the exchange.
Keith Davies, BISX's chief execu-
tive, told The Tribune: "We have three
new funds and we have a new bro-
ker/dealer member, which has also


become a sponsor member" for invest-
ment fund listings.
The BISX chief executive said he was
currently unable to identify the funds or
the broker/dealer involved, but with
some 18 investment funds listed on the


exchange at year-end 2007, the three
newcomers would take the total to 21.
Meanwhile, Mr Davies said that list-

SEE page 6B


Chief Albany investor

sees $855m wiped

from investment

By NEIL HARTNELL
Tribune Business Editor
LYFORD Cay-based billionaire Joe Lewis, the main
investor behind the $1.4 billion Albany Golf & Beach Resort
project, could have seen as much as $855 million wiped off
the value of his 10 per cent stake in Bear Steams as the stock
plummeted on Wall Street last week.
Filings lodged with the US Securities and Exchange Com-
mission (SEC) reveal that Mr Lewis began buying into the
troubled US investment bank between July-August 2007.
paying between $103.05 and $150 for the stock.
He continued accumulating his Bear Stearns position in
December 2007, an SEC filing on the 21st of that month
showing Mr Lewis had acquired a total 9.75 per cent of
Bear Stearns or some
11,053,463 of its outstanding
ordinary shares. Again, in SEE page liB


Film's $1.6m impact

upon Grand Bahama


* By NEIL HARTNELL
Tribune Business Editor
GRAND Bahama's econo-
my could receive a $1.6 mil-
lion injection from the latest
production to use the Bahamas
Film Studios, the facility's
chairman telling The Tribune
that a potential purchaser is
ready to invest $100 million in
its expansion if the Govern-
ment approves the deal.
Ross Fuller, chairman of the
Bahamas Film Studios' hold-
ing company, Gold Rock
Creek Enteprises, told The Tri-
bune that the Der Sea Wolf
movie, which has begun film-
ing in Grand Bahama, was
expected to generate $1.1 mil-


* Studios head says
buyer has $100m
for expansion
* Says Quigley case
and sale injunction
under appeal
lion in spending on local pro-
duction costs and room nights.
A further $500,000 spend has
been forecast for spending by
the film's cast and crew while
in Grand Bahama.
The Tribune recently
revealed Prime Minister

SEE page 2B


Broker/dealer's $20m liquidation prompts writ


* By NEIL HARTNELL
Tribune Business Editor
A WRIT has been filed by
13 plaintiffs against a
Bahamas-based broker/dealer
and its leading executives over
the company's collapse fol-
lowing a $20 million loss, The
Tribune can reveal.
Defendants Caledonia Cor-
porate Management, several
affiliates, and executives
Matthew McNeilly, William
Jennine, and Robert Dunkley
are being sued for damages
over alleged breach of con-
tract, negligence and alleged
conspiracy.
The writ, filed with the
Supreme Court registry on
March 14, 20)t.\ was drafted
on behalf.of plaintiffs Tristar
Networks. Mayor Investments,
Inter- f'ran',ocean Trading.
Endgame, Bayfield Holdings,


J. Foster Company, Swallow-
field Investment Corporation,
FCI Holdings, TSM (Hold-
ings), Ann Arbour, Future
Insight, Jay Peak, and Lucaya
Capital Fund.
All are likely to be invest-
ment funds, or nominee hold-
ing companies for high net-
worth and institutional clients
that owned money managed
by Caledonia.
Named as defendants in the
writ are Caledonia Corporate
Management, Caledonia chair-
man Matthew McNeilly, Cale-
donia managing director
William Jennings, Caledonia
executive Robert Dunkley,
Anglo Nominees (formerly
Anglo Offshore Nominees),
Anglo Directors (formerly
Anglo Offshore Directors),
Ecosse Corporate Services,
Ecosse Management Si, ices..
and Bawheid Ltd.


No statement of claim was
attached to the writ, so it is
unclear what damages the
plaintiffs are seeking, and the
specific nature of their allega-
tions.
The writ, though, alleges that
the plaintiffs are claiming for
alleged "damages for conspir-
acy to defraud and /or dam-
ages for breach of contract
and/or duty".
Other claims include dam-
ages for alleged "negligence",
and/or "damages for the tort
of inducing breach of con-
tract".
The plaintiffs are also seek-
ing the return of all their funds
held by the Caledonia defen-
dants; the delivery of all cash
and securities belonging to
them; and are seeking an

SEE page 10B


. .Nassau Exuma *Abaco Freeport Cayman
Life and Health Insurance Mortgage Lending Retirement Planning


Every $10 oil barrel .

rise costs FOCOL a V

couple million moreD A I AAOne family with many n.eeds. For
SBy NEIL ATE Preference shares, not HE DAVIS FAMILY a solid financial foundation and
* By NEIL HARTNELL Preference shares, not an.
Tribune Business Editor equity, 'the way to go' customized advice, their choice is
EVERY $10 increase in the Collnaimperial.


per barrel of oil price costs
Freeport Oil Holdings
(FOCOL) "a couple of million
dollars more" to purchase
petroleum products, the com-
pany's largest shareholder con-
firming to The Tribune that
preference shares, rather than
a rights issue, were the best
capital-raising route.
Franklyn Wilson, who owns
11.7 per cent of FOCOL in his
own name and controls a fur-
ther 22.6 per cent through Sun-
shine Holdings, effectively giv-


ing him 34.3 per cent of the
company, said the BISX-list-
ed petroleum products suppli-
er wanted to have as many
finance-raising options as pos-
sible given the state of global
energy and credit markets.
For this reason, the company
is seeking shareholder
approval of a resolution that
would authorise its Board of
Directors to issue 35 million

SEE page 8B


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I








PAGE 2B, MONDAY, MARCH 17, 2008


THE TRIBUNE


Film's $1.6m impact upon Grand Bahama


FROM page 1B

Hubert Ingraham's comments
in the House of Assembly
about the Government's plans
to terminate the Bahamas Film
Studios' lease of the 3,500
Crown Land acres that com-


prise the former US Air Force
Missile Base site in Grand
Bahama.
The Prime Minister told the
House of Assembly that Gold
Rock Creek was in default on
the lease terms, but Mr Fuller
denied this was the case and


told The Tribune that he had
requested a meeting with the
Government "to discuss and
determine what their position
is".
He added that Gold Rock
Creek Enterprises had "been
requesting a decision from the
Government since last Octo-
ber" on whether it would
approve the Film Studios' pur-
chase by the Bahamas Filmln-
vest International group but
"have not received any indica-
tion from them".
The Bahamas FilmInvest
International consortium was
put together by Bahamian
banker Owen Bethel, presi-
dent of the Nassau-based Mon-


taque Group, and was said by
Mr Fuller to have $100 million
ready to expand and develop
the Bahamas Film Studios.
Yet if the Government did
not approve the acquisition by
Mr Bethel's group, Mr Fuller
said another interested party
- who he did not name was
waiting in the wings.
He said: "We have a film
shooting at the studio now and
two more scheduled behind.
We have FilmInvest Interna-
tional ready to commit $100
million in further development
as soon as the Government
approves our request of last
October.
"If the Government decides
not to approve the Bethel
group, we have another invest-
ment group prepared to step
into their shoes with at least
as much investment and a
commitment from a US uni-
versity to set up a special cam-


pus to train Bahamians on the
Gold Rock Creek site."
Mr Fuller declined to dis-
close the names of the two oth-
er films set to use the Bahamas
Film Studios, although he said
both would come in during
2008. He also declined to name
the university involved,
although added that it would
"be a centre for training in
entertainment/hospitality jobs.
Many Bahamians will gain
valuable experience and tools
for lifetime careers in these
areas".
The price being offered by
Mr Bethel's group is thought
to be less than $14 million
agreed in a previous deal with
Mr Fuller, which fell through.
The two sides were able to re-
engage and again come to a
sales agreement in principle,
but that deal is also potentially
blocked by injunctions
obtained by Bahamas Film


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Studios' creditors.
The two key injunctions
were obtained by Bahamian
companies Islands by Design
and Phoenix Engineering, who
are understood to be claiming
they are owed $125,000 and
$300,000 respectively, for
unpaid., work related to envi-
ronmental impact assessments
(EIAs) and engineering.
Mr Fuller told The Tribune
that the injunction obtained by
Phoenix Engineering was
being appealed, while the sum
owed to Islands by Design
would be settled by Mr
Bethel's consortium or anoth-
er purchaser.
The estate for one of the late
three founding partners of the
Bahamas Film Studios, Paul
Quigley, also obtained a
default judgment against Gold
Rock Creek for a sum believed
to be around $2 million relat-
ing to an alleged wrongful dis-
missal and sums owed to him.
In response, Mr Fuller said:
"The Islands by Design and
Quigley matters do no include
sales injunctions. The Quigley
matter is under appeal, and
will most assuredly be dis-
missed either locally or upon
appeal to the Privy Council, as
there is no supporting evi-
dence.
"Islands by Design is a
minor matter that will be dealt
with upon either the closing
with Owen Bethel or the other
interested party. The Phoenix
Engineering injunction is in
appeal, where we hope that the
appellate court will see the wis-
dom of dismissing the injunc-
tion so that the sale can be
completed and the suit with
Phoenix seen to its conclu-
sion."




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2007/2008 Oficers & Directors
President
Krlsthna M. Fox, CFA
CIT Holdings Ltd
PO Box SS-19140, Nassau, Bahamas
Ph: (242) 363 1501 Fax: (242) 363 1502
Email: kficitco.uk
Vice-President
David Ramirez, CFA
Pictet Bank & Trust Ltd.
PO Box N-4873, Nassau Bahamas
Ph: (242) 302 2217 Fax: (242) 327 6610
Email:dramirez(pictet.com
Treasurer
Christopher Dorset, CFA
Citigroup Corporate & Investment Bank .
PO Box N 8158, Nassau, Bahamas
Ph: (242) 302 8668 Fax: (242) 302 8569
Email: Christopher.a.dorsettta citigroun.com

Secreta,ry
Sonla Beneby, CFA
ScoliaTrust
PO Box N 3016, Nassau, Bahamas
Ph: (242) 502 5700 Fax: (242) 326 0991
Email: sonia.benebvy(scotiatrust.coin
Programming
Karen Pinder, CFA, CAIA
EFG Bank & Trust (Bahamas) Ltd.
PO Box SS 6289, Nassau, Bahamas
Ph: (242) 502 5400 Fax: (242) 502 5428
Email: karenpinderfaefgbank.com
Education
Pamela Musgrove, CFA
Colina Financial Advisors, Ltd.
PO Box CB 12407, Nassau, Baiainas
Ph: (242) 502 7108 Fax: (242) 3 3677

Warren Pustam, CFA, CPA
EvcrKey Global Partners
PO Box N-7776-51S, Nassau Bahanmis
I'lPh: (242) 362 3080
Emiail: r.^! e!! . ..! I
Membership
Geneen RIviere
Pearl Investment Management Limited
PO Box N 4930, Nassau, Bahamas
Ph: (242) 502 8022 Fax: (242) 502 8008
Email: e!teenhri.iear k]jgm.p)- j

Past President
David Slaler, CFA
KPMG
P0 Box N-123, Nassau, Balilinias
Ph: (242) 39t) 2007
Email: dslaticr akkimI.com.obs



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Speaker: Enrique Mkndez, Managing Director
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Cost: Members $25.00
Non-Members $35.00
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Residents shown South





Ocean project 'for real'




Developers feel homeowners' major concerns answered


* By NEIL HARTNELL
Tribune Business Editor
NEARBY residents now
know the $867 million South
Ocean development "is for
real", the developers telling
The Tribune they believe they
dealt with most concerns on
issues such as beach access and
property purchases last Thurs-
day night.
A private meeting was held
between residents of the South
Ocean subdivision and Roger
Stein, head of New York-based
RHS Ventures and The New
South Ocean Development
Company, to deal point-by-
point with the concerns home-
owners had expressed in a let-
ter sent late last year to the
Prime Minister and other gov-
ernment ministers..
A spokesman for the South
Ocean developers told The
Tribune that they felt the
meeting, Which was attended
by an estimated 80 per cent of
the homeowners, "went very
well".
Mr Stein "did express an
interest in purchasing" the
homeowners' properties, The
Tribune was told, with some
amenable to the offer and oth-
er not. Those who did not want
to sell would keep their prop-
erty and continue to live there.
"Some of them are interest-
ed and some of them are not,"
the spokesman said. "That's
natural as not every person
wants to sell."
When it came to other con-
cerns, the spokesman added:
"There will always be beach
access for people in the area.
It's a commercial hotel, so any-
one can walk in, like Atlantis.
It's not a private members'
club.
"Roger has also promised to
increase security once con-
struction starts. We have to


Share

your

news
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
award.
If so, call us on 322-1986
and share your story.


protect our interests and for
health and safety reasons, and
we have to protect the resi-
dents. It is almost a crime-free
area."
The South Ocean project has
been approved by the Gov-
ernment, and the spokesman
said: "Persons are very wel-
coming of the development.
They know it is for real. The
land has been purchased, and
hopefully we will be moving
forward with the demolition of
the old hotel buildings in the
next 30-60 days," the
spokesman said.
They added that the only
questions the developers were
currently unable to answer
related to technical issues, such
as where sewer lines and other
utilities would go, and how the


existing ones would be impact-
ed.
"We have to have those dis-
cussions with government," the
spokesman said. "There's a
master plan, but that's a draft
master plan. What you see
there can slightly change.
"We will be as environmen-
tally conscious as possible
when the construction is going
on, given the noise and the
dust. We will try to be as
neighbourly and environmen-
tally conscious as possible."
The Tribune revealed last
week how residents in South
Ocean subdivision one had
written to the Prime Minister
over fears that the South
Ocean development would
cannibalisee" their area and
cause a "loss of quality of life"
through its development into a
five-star resort and casino des-
tination.
In its letter, the Homeown-
ers Association said: "We are
painfully aware that the pris-
tine quiet, family-oriented
neighbourhood will be canni-
balised by a development con-
taining a casino, marina and
large hotel.........
"Without a doubt, life as we
knew it is over. If this devel-
opment proceeds, we would've
lost our quiet, pristine com-
munity which is virtually free
of crime, and where our chil-
dren play undisturbed in the


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Home-Away-From-Home Program 1
C'ont;c hamt a s lnf i.hot edarmenwyl ti n aniell 're si den tl. alm
Or call the Slop-N-Shop Tele: 1(242) 394-4949
To view apartments go to: www bahamashomeawayfromrhome com
and Click on doorway "Enter Online Store"
(or visit our office on East Bay Street. 300 Yards East
of Mackey Shtrt and the old Paradie Island Bridge


community.
"We would appreciate if the
New South Ocean Develop-
ment Company would
acknowledge this point and, at
the same time, advise what
concessions or considerations
would be made to the proper-
ty owners in lieu of this sub-
stantial loss."
The Homeowners Associa-


tion also urged the South
Ocean developers and the
Government to confirm that
the subdivision's covenants and
ordinances would be respected,
and that their original rights,
privileges and entitlements -
granted by the developer, New
Providence Development
Company, would "continue
uninterrupted".


SPEAKER:
Dr. Charles Osazuwa
Internal Medicine


Purpose:
To educate the public about
the important health issues.
presented by distinguished
physicians.

Screenings:
Get your Free Biltx
Ptss.ure.Cholesteiul, ;rnd
Glucose lesling between
5p1m & 6pnm

RSVP:
To ensure iiCulable seating
Phone: 302-4603


LECTURE DATE

Thursday, March 20th, 2008 @ 6pm

Doctors Hospital Conference room


Please join us as our guest every third
Thursday of the month for this scintillating
series of the most relevant health issues
affecting society today.



2008 LECTURE SERIES


Hepatitis CPR
Dr. Charles Osazawa Charotte Johnson


Nutrition
Julia Lee

Total Joirn Replacement
Dr. Dane Bowe


Children's Heahb
Dr. Jerome Lightboume

Feminine Illnesses
Dr. Michael N. Darville


Nlen's Health Diabetes
Dr. Robin Robens Dr. 1"n Grant Taylor


Healthy Senior.
Dr. Angela Kunz


Depression
Dr. Michael Neville


ESI DOCTORS HOSPITAL
Hah For Lw f


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throughout the USA, The Bahamas,
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* Full Maternity Coverage & FREE
cover for children up to age 10.

* Underwritten by Lloyd's of London
(A+ rated for claims paying ability).

* Worldwide Emergency Coverage
including the USA & The Bahamas.

* Emergency evacuation by Air
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* Premiums paid monthly, half-yearly
or annually by credit card.

* Lifetime coverage Age limit for new
applicants is 74 years. No Medical
Examination requirement.


STAR

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.. HAL
!ITN U SH IIII I [] E! r DLECli


THIS MONTHS TOPIC:

Hepatitis B


MONDAY, MARCH 17, 2008, PAGE 3B


THE TRIBUNE


FIALY AFODBLEFML ELHISRNE


Mark Rteynolds






PAGE 4B, MONDAY, MARCH 17, 2008


THE TRIBUNE


I*ROAFI I ITA!KET WRAP I


* By Royal Fidelity Market
Wrap
IT was another active trad-
ing week in the Bahamian
stock market, with investors
trading in nine stocks. Some
88,529 shares changed hands.
Commonwealth Bank
(CBL) led the rally for a sec-
ond consecutive week with
37,461 shares changing hands,
climbing by $0.63 cents or
8.82 per cent to close the
week at $7.77. FirstCaribbean
International Bank
(Bahamas) (CIB) came in
second with 16,000 shares
trading, declining by $0.04 to
end the week at $13.95.
ICD Utilities (ICD) traded
for the first time in six
months, with 9,989 shares


changing hands, losing $0.39
to end the week at a new 52-
week low of $6.86. ICD last
traded on September 14,
2007.

COMPANY NEWS
Earnings Releases:
Cable Bahamas (C \B)
released financial re, Its for
the year ended December 3t1,
2007. Net income climbed
from $18.1 million in 2006 to
$21.6 million, an increase of
$3.5 million or 19.44 per cent,
while operating income per
ordinary share rose by $0.27,
or 16.27 per cent, from $1.66
in 2006 to $1.96 for 2007.
Revenue exceeded 2006
results by $10 million or 15
per cent, growing from $65.9
million in 2006 to $75.9 mil-


b dIpIs* in MI /me


the #1 newIapepin I laon

jut alI32-08 IdaL


lion for 2007. On the other
hand, expenses rose from $33
million in 2006 to $38 million,
representing an increase of
14.14 per cent. Cable
Bahamas attributes its excel-
lent revenue performance to
better than anticipated sales.

INVESTOR CORNER
Mutual Funds
A mutual fund is an invest-
ment vehicle that allows
investors to pool their funds
with other investors, with a
professional manager select-
ing the various stocks, bonds
and securities to invest in.
Each investor owns units in
the fund, which represent a
portion of the fund's holdings
based on the dollar amount
they would have invested.
One of the benefits of a
mutual fund is that it enables
the investor to diversify their
portfolio with a small amount
of monies.
Diversification allows the
investor to spread their risk
around because they are not
putting their funds into only
one stock, but rather a pool
of securities. So if one securi-
ty in the portfolio decreases


in value, it will not have that
much of an effect, because
there are other securities in
the fund that may be per-
forming very well.
Another benefit is that
mutual funds are profession-
ally managed, with an invest-
ment manager selecting the
underlying investments. This
is something that is not
always accessible to the aver-
age investor, because the fee
to hire a manager can be very
expensive.

Dividends/AGM Notes:
Commonwealth Bank
(CBL) has declared a quarter-
ly dividend of $0.05 per share,
payable on March 31, 2008, to
all shareholders of record date
March 14, 2008. Additionally,
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.

Consolidated Water Compa-
ny BDRs (CWCB) declared
a dividend of $0.013 per share,
payable on May 7, 2008, to all
shareholders of record date
March 31, 2008.


The Bahamian Stock Market


BISX CLOSING
SYMBOL PRICE


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


$1.89
$0.99
$9.61
$11.80
$14.60
$3.66
$13.60
$7.77
$3.14
$13.95
$3.87
$2.46
$7.90
$2.60
$0.74
$5.50
$12.92
$6.86
$12.30
$10.00


CHANGE VOLUME YTD PRICE
CHANGE


$-0.01
$-0
$-0
$-
$-
$-
$-
$+0.63
$-0
$-0.04
$-0.01
$-
$-
$-
$-
$+0.35
$-
$-0.39
$-
$-


8,053
0
0
0
0
0
4,250
37,461
76
16,000
0
4,200
1,000
0
0
7,500
0
9,989
0
0


13.86%
16.47%
0.00%
0.00%
0.00%
0.00%
12.86%
-7.83%
-0.32%
-4.45%
-23.21%
4.68%
9.72%
-1.89%
-3.90%
6.18%
-0.23%
-5.38%
11.82%
0.00%


More Dividends/AGM Notes:

Cable Bahamas (CAB) has declared a dividend of $0.06
per share, payable on March 31, 2008, to all shareholders of
record date March 14, 2008.

Doctors Hospital Health Systems (DHS) has declared a
dividend of $0.02 per share, payable on March 31, 2008, to all
shareholders of record date March 18, 2008.

Benchmark (Bahamas) (BBL) has declared a special div-
idend of $0.02 per share, with $0.01 already paid on Decem-
ber 31, 2007, and $0.01 being payable on March 31, 2008 to all
shareholders of record date December 21, 2007.


Royal Island (Bahamas) Limited





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

Superintendents
Project Engineers

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

Interested persons should submit their resumes with cover letter to:

Harcourt IVhtfagemeistrServices Ltd.
P.Q,, BoxN .991
Naesau Bahamas

Fax to: (954) 745-4399

Or Email to:
aileen.miller@royalislandbahamas.com


Royal Island (Bahamas) Limited thanks all applicants
interest, however only those under coj sideration will be


for their
contacted.


- \ /
/


Global United Limited
and UPS are proud to
announce their new
partnership in the Bahamas.

Starting February 25, 2008,
GUL became the new
service contractor for UPS
providing international
shipping, customs clearance
and brokerage services to
customers in the Bahamas.

Customers can contact GUL
at the following service
locations for all their
shipping needs:


Global United Limited
26 Airport Industrial Park Avenue
Nassau, Baham.is
Telephone: 242-377-0164
The GUL Store
One Sandyport Plaza
West Bay Street
Nassau, Bahamas
Telephone: 242-327-6045
Global United Limited
The GUL Store
No. 5 Seventeen Mall
Freeport, Grand Bahama
Telephone: 242-351-7433


DR. KEN KNOWLES & BAHAMAS OPTICAL
PATIENTS
PLEASE NOTE ALL MEDICAL RECORDS ARE BEING RELOCATED TO:

SAM B. MIKHAEL M.D. FRCSC
OPHTHALMOLOGIST
EYE WORLD
SOLDIER ROAD
NEXT TO NEW LOWE'S PHARMACY
393-8222
THE OFFICES OF K.W. KNOWLES M.D. ARE NOW CLIOSE1 RERIW ANENTLY


i;,, PUBLIC HOSPITALS AUTHORITY
It \ SANDILANDS REHABILITATION CENTRE

4\ ADVERTISEMENT
MANAGER I HUMAN RESOURCES

The Public 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 Administration,
Human Resources or equivalent and at least five (5) years relevant experience.

JOB SUMMARY:

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.

DUTIES:

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
solutions.

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
issues.

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 IIAASI ($37,400x 700 -$43,700)

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


EYE

-W* RLD


BUSINESS I


ww"Ww"


M. __ mm


1%%ML


--age,







MONDAY, MARCH 17, 2008, PAGE 58


THE TRIBUNE


NATIONAL ART GALLERY
OF THE BAHAMAS


CALL FOR ENTRIES
FOR THE NATIONAL ART GALLERY OF THE BAHAMAS
2008 FOURTH NATIONAL EXHIBITION (NE4)
i i i I I l I i


RULES AND GUIDELINES FOR THE
Entries are invited for the National Art Gallery of The Bahamas' Fourth
National Exhibition.The selection of works will be completed by a panel of
judges chosen by the Gallery.

CATEGORIES
a. Painting
b. Works on paper (drawing, collage, original prints, watercolors,
pastels, etc.)
c. Photography
d. Sculpture / Assemblage / Installation
e. Ceramics
f. Mixed and Alternative Media (can include video)

ELIGIBILITY
This exhibition is open to all professional artists residing in The Bahamas
and all professional Bahamian artists practicing abroad. Professional is
defined as an adult individual working primarily as an artist preferably with
a history of exhibiting works.

ENTRIES WILL BE ACCEPTED UNDER THE
FOLLOWING CONDITIONS:
1. Artists may submit no more than THREE (3) works in total.
The works can be in more than one category.
2. All works must have been completed since 2006.
3. All entries must be properly presented:
Canvases, works on paper, photographs must be suitably
framed and sculptures suitably mounted.
Where the artist chooses to utilize a frame or mount, or where
work requires an unorthodox method of presentation, written
instructions and/or images must accompany the entry.
Installations (category D), proposals must contain detailed
drawings outlining the manner in which the work is to be
displayed and/or a DVD documenting the installation of
the piece.
Works deemed too fragile by the Gallery will not be accepted.
4. Family Island Entrants: Artists residing full-time in islands other
-than New Providence may provide slides/photographs and video
of work for consideration rather than original work. If the work is
accepted, upon notification the artist must ensure that it is
S ,4-transpot.ed-to-the National Art Galleryirmmediately.The Gallery
reserves the right to reject the work if the artist delays transport
Srr- or if the-eriginal is inspected and is not up to standard suggested
in the images upon which the work was accepted. Family Island
entrants must keep in mind that though the submission of slides
is a consideration being extended, it is always best to have
original work considered by the review panel.
5. All works must be received at the Gallery by 5pm, May 30,2008.
S6. No slides or photographs will be accepted in lieu of the actual
work of art by artists residing in New Providence.
7. No late entries will be accepted for review.


2008 NATIONAL EXHIBITION (NE4)
8. All works accepted for the Fourth National Exhibition must remain
at the National Art Gallery of The Bahamas for the duration of the
exhibition.
9. The exhibition is scheduled to open to the public on Tuesday,
July 8,2008 and will close January 31,2009. Please remember
that the accepted works will not be released before the closing
date and that the Gallery reserves the right to extend this date.

JUDGING
Judging will take place June 2,2008.

COLLECTION OF WORKS
Works not selected for the exhibition must be collected from the
National Art Gallery of The Bahamas by June 11,2008. After this date the
National Art Gallery absolves itself of any responsibility for the work and
reserves the right to auction uncollected work to cover storage costs.
Works accepted for the exhibition must be collected within TWO (2)
weeks of the closing date. After this date, the Gallery reserves the right to
auction off the works to cover the expenses of extended storage.
INSURANCE
Please supply the National Art Gallery of The Bahamas with a copy of
current insurance policies (if any) on all artwork submitted. The NAGB
reserves the right to reject a work if it feels it cannot cover the estimated
value of the work provided.

SALE OF WORKS AND PURCHASE AWARDS
The National Art Gallery undertakes to assist in the sale of those works
which artists indicate are for sale.Price lists will be offered at the exhibition
opening and will be available during the exhibition run.
To assist in defraying the cost of the Fourth National Exhibition,
the National Gallery will retain a commission of 25%, which will be
deducted from the stated sales price. This means that the sale price
should include artist revenue plus commission.
The NAGB may choose to acquire works for the National Collection
by this process.
If a non-resident is interested in purchasing work on display,the Gallery
will inform the artist of the potential sale.The artist must indicate whether
to process the sale and agree to cover the cost of shipping the work
internationally, if the purchaser refuses.

DELIVERY.OF WORKS
'Artists are to submit works for selectionralong withA signed official entry
form to the National Art Gallery of The Bahamas, West Hill Street, Nassau,
Bahamas. Works will not be accepted without Entry Form and current
CV.

THE CLOSING DATE FOR ENTRIES
IS FRIDAY MAY 30, 2008
A general information, question and answer session will take place
Tuesday, April 15, 2008 at the National Art Gallery on West Hill Street
at 6.30pm. For further information, contact the Gallery at 242-328-5800/1
or email your questions to the Curator at emjames@nagb.org.bs.


ENTRY FORM 2008
Information below will be used for.the official exhibition catalogue. Be as complete as possible. Please include current CV.

NAME
ADDRESS
TELEPHONE E-MAIL ADDRESS
DATE AND PLACE OF BIRTH
Please fill out the information below following this example:


CATEGORY
TITLE OF WORK
DIMENSIONS
MEDIUM
DATE
COLLECTION
SALE PRICE


Painting
"Portrait of a Girl"
24 in. x 18 in. (34 in. x 28 in. Framed)
Oil on Canvas
2006
Collection of the Artist
$1,200.00


CATEGORY TITLE OF WORK
DIMENSIONS MEDIUM
COLLECTION
DATE SALE PRICE

CATEGORY TITLE OF WORK
DIMENSIONS MEDIUM
COLLECTION
DATE SALE PRICE

CATEGORY TITLE OF WORK
DIMENSIONS MEDIUM
COLLECTION
DATE SALE PRICE

I accept the rules of this exhibition. In submitting this work to The Fourth National Exhibition, permission is granted to the National Art Gallery of The
Bahamas to reproduce images of this work for the purposes of producing a catalogue, documenting and promoting the exhibition.


SIGNATURe


1





2





3


I


DATE







THE TRIBUNE


PA~F B.R MONDAY. MARCH 17, 2008


FROM page 1B


ing government debt securities
- such as government-regis-
tered stock and Treasury Bills
- on BISX would "break
through this void that exists in
our capital markets" through
the absence of a transparent
debt securities market.
While the decision to list


public sector debt securities
was outside BISX's control,
remaining solely the Govern-
ment's preserve, Mr Davies
said the move was being
sought by capital markets par-
ticipants.
The current auction-based
system for issuing government
securities, he added, was also
not necessarily benefiting all
Bahamians and market partic-
ipants.


Mr Davies and BISX were
responding to Zhivargo Laing,
minister of state for finance,
who earlier this month said the
Government had decided not
to move forward "for now"
with listing public sector debt
securities on the exchange.
Monetary

Mr Laing said an Interna-
tional Monetary Fund (IMF)
consultants' report had iden-
tified several "challenges" that
needed to be addressed before
any listing could take place,
adding that BISX and the Cen-
tral Bank of the Bahamas had
now been given an opportuni-
ty to respond.
Ian Fair, BISX's chairman,
said in a statement issued to
The Tribune: "We are obvi-
ously disappointed with the
delay. We have the [IMF]
report and we are actively
studying it in order to provide
a reasoned response for the
way forward."
Mr Davies added that he


BAHAMAS DEVELOPMENT BANK
Cable Beach, West Bay Street,
P.O.Box N-3034
Nassau, Bahamas
Tel:(242) 327-5780/327-5793-6
Fax:(242) 327-5047, 327-1258
wvw.bahamasdevelopmentbank.com


SX Vessels


^ryiaKN-I
ILL !^ ^"


1 .No Name
Loa 48'
Beam 1 6'.8"
Depth 9'
Year/Mk/Eng 1989 Buddy
Harris Trawler, Detroit Diesel engine
Location Coral Harbour


2.Shobak
Loa 53'
Beam 17'.3"
Depth 9'.10"
Year/Mk/Eng 1977 Fiberglass, Detroit
Diesetengine
Location Potters Coy Dock

iv~


3.Future C
Loo 39'
Beam 14'
Depth 7'.8"
Year/Mk/Eng 1985 Defender, Detroit
Diesel engine
Location Potters Cay Dock


4.Miss Quality
Loa 47'
Beam 18'
Depth 7'. 10"
Year/Mk/Eng 1980 Garcia, Detroit
Diesel engine
Location Potters Cay Dock


5.M/V Buddy/Miss Jackie
Loa 53'
Beam 17'.3"
Depth 9'. 10"
Year/Mk/Eng 1977 Haltersas, Twin
Detroit Diesel engines
Location Arawak Cay


6. Sweet Dreams
Loa 68'
Beam 20'
Depth 8'
Year/Mk/Eng 1989 Desco Marine
Vessel, Cummins engine
Location Coral Harbour


7.Der Berry's
Loa 34'
Beam 14'.3"
Depth 7'.6"
Year/Mk/Eng 1990 Offshore Vessel,
Caterpillar engine
Location Potters Cay Dock


I-'
&. .


8. Liminos
Loa 45'
Beam 14'
Depth 9'. 10"
Year/Mk/Ena 1992 Defender Vessel,
Detroit Diesel engine
Location Potters Cay Dock







9.NoName
Loa 1g9'
Bfeam 7'.10"
Depth 2'.8"
Year/Mk/Eng 1989 Sports Craft no
engine (outboard)
Location I.S.D. Thompson Blvd


10. Be My Guest
Loa 19'.5"
Beam 7'.10"
Depth 2'.8"
Year/Mk/Eng 1991 Stingray 598zp, 190HP
Mercury outboard engine
Location Inland Steel, Sumner St


The public is invited to submit Sealed bids marked "Tender Vessel(s)" to Bahamas
Development Bank, P.O. Box N-3034, Nassau, Bahamas attention Financial
Controller, faxed bids will not be accepted or telephone 327-5780 for additional
information. Please note that all bids on the aforementioned vessels should be
received by or on March 25, 2008. The Bahamas Development Bank reserves the
right to reject any or all offers. All assets are sold as is.


preferred to focus on finding
solutions to problems, rather
than zeroing in on the prob-
lem itself.
He told The Tribune: "Here
we have a situation where the
Government is saying that it
wants to proceed, but there are
- potential issues, concerns that
they say need to be addressed
and resolved. I understand
someone taking that position,
but there are two distinct fac-
tors that I take into considera-
tion in this whole picture.
"First, the customer is the
Government of the Bahamas.
They own the security. Our
customer is telling us they want
certain things in place."
Mr Davies added: "We will
be addressing all the points
raised in the report in a
detailed response that will
answer to their satisfaction and
ours all their concerns. Based
on the statements in the report,
there is nothing that cannot be
addressed."
While it was within BISX's
ambit to address the Govern-


ment's concerns, Mr Davies
said the final decision as to
whether to list government
debt securities on the exchange
could only be taken by the
administration.
Doing do, it has long been
said, would kick-start the
development of a debt securi-
ties market in the Bahamas -
private sector debt instruments
as well as public.
Develop

Citing "the need to develop
this segment of our capital
markets, Mr Davies said: "We
have been talking about this
for years, and here we have an
opportunity to break through
this void that we have in our
capital markets, which is a debt
market that lacks transparency
and sophistication and, in my
view, is not working to the ben-
efit of all Bahamians.
"That [their listing] is out of
our control, but it is being
actively called for by many of
the market participants. The


country, from a financial per-
spective, is calling for it, and
hopefully, once they have the
answers, the Government will
take a decision that will bene-
fit themselves, the capital mar-
kets and the country in gener-
al."
The Government wants to
be reassured that the listing,,
issuing and trading of govern-
ment debt instruments on
BISX will work as well as the
current system, which sees the
Central Bank issue these secu-
rities through an open market-
type auction.
In addition, the Government
wants to be sure there is no
disruption to the public sector
debt market securities upon
which it relies heavily to raise
debt financing when the tran-
sition to BISX takes place,
with an orderly market main-
tained.
Listing the government debt
securities market on BISX is
viewed as critical to giving the
exchange critical mass, and
generating the trading activi-
ty volume and revenues
required to ensure its survival.
Government-registered
stock issues are thought to
total just shy of $2 billion in
value, and their listing on
BISX would broaden and
deepen the capital markets,
giving Bahamian investors
greater options and accessibil-
ity to these instruments. Their
listing on the exchange would
also provide better price dis-
covery and transparency.


Citco Fund Services is a division of the Citco Group of Companies and is the
largest independent administrator of I ledge Funds in the world with offices in Curacao.
Amsterdam, Dublin. London, Luxembourg. Miami. New York. Toronto, Halifax, Cayman
Islands, the British Virgin Islands, The Bahamas. Bermuda. San Francisco. Singapore,
The Channel Islands and Sydney. The division provides full service administration to
over 2,000 Hedge Funds for multinational banks and international Investment Managers,
totaling over $600 billion in net assets.





As part of our continued expansion, in our office in The Bahamas, we now have an
opportunity for a professional and commercially oriented


Human Resources Manager

Applicants will have a solid understanding of the following Human Resources


functional areas:
* Recruitm
* Employe
* Performa


S
S

S


aent & Resource Planning
e Relations
since Management & Review


Benchmarking
I IR Policies. Procedures and Projects
HRIS (Human Resource Information System)
Payroll & Benefits Administration
Training Management (Technical & Solft Skills)


The successful candidates shouhlt meet the following criteria:
* 5 years IHunan Resources experience with at least 3 years in a similar role
* Ability to demonstrate prior capabilities across the spectrum of HR
(recruitment, compensation and benefits. employee relations, performance
management, training)
* Proven working knowledge of Bahamian employment law
* Proven ability to deliver Best Practice HIuman Resource Services & Practices
* Coaching, mentoring and consultative skills gained in a similar role
* lExcellent interpersonal and communication skills
* Strong organizational, administrative and analytical skills
* Prior experience in the training timction (delivery or management) is desirable
* Financial Services experience is desirable
* Strong business/customer service orientation essential.

We offer you: a challenging job in a rapidly expanding international company, with an
informal company culture. You will have the opportunity to broaden your job specific
knowledge with excellent prospects for participation in Citco's global best practice I IR
initiatives.

If you are interested in this opportunity, please send your curriculum vitae and covering
letter via
e-mail at the latest on April 1 s, 2008 to: Citco Fund Services (Bahamas) Ltd.,
(hrbahianis( acitco.com). You can lind more information about our organization, on our
website: wwwv.itco,com


Share your news
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
award.
If so, call us on 322-1986
and share your story.


b adveptise in eTI
thI1 espppinccuai,


CITCO .

Moving Fund Services'Forward'


Three new funds and





broker/dealer for BISX















Bank comes in below $500k






budget due to lower US costs


* By CARA BRENNEN-
BETHEL
Tribune Business
Reporter

BANK of the Bahamas
International was able to
open its Miami branch for
less than the budgeted
$500.,000 cost because the
costs of doing business in the
US are far cheaper than in
this nation, something the
branch manager said would
enable them to reduce prod-
uct and service costs.
Sam Haven. Bank of the
Bahamas International's
senior manager of interna-
tional operations, said that
while the Miami branch was
not vet a full service bank. it


would provide vital services
to Bahamians as well as serve
as a potential first point of
contract for potential
investors in this nation.
Mr Haven said: "One of
the key feature of this office
is to have a sort of Chamber
of Commerce desk, where we
can be fielding inquiries from
persons interested in invest-
ing in the Bahamas and con-
necting them with the various
companies and government
agencies they Imay need to
talk with." He added that
some relationships had
already been developed in
this area.
While the Miami branch
does not yet have a physical
Automated Teller Machine


(ATM), Mr Haven, said that
was a mere technicality as
they were still awaiting the
appropriate permit from the
state of Florida. He expects
to come in within the next
few months.
Mr Haven said the ATM
would be worked into Bank
of the Bahamas Internation-
al's central system to build in
the appropriate exchange
control rates. Initially, he said
>e bank cards will not be
tied into other ATM capabili-
ties such as Cirrus, but added
that this will probably come
on stream.
Mr Haven explained that
the Miami branch was not a
full-service bank as it does
not have a banking license.
"We have a financial ser-
vices licence, which is a
license under what they call a
money transmitter provision
in the Act. So while our cus-
tomers can withdraw funds
from their account here, they
cannot open an account
here," he added. Bank
accounts would have to have
been opened in the Bahamas.
In addition to withdrawals,
Mr Haven said customers
would be able to make
deposits and upload their
pre-paid Visa cards in Miami.
He added that while the
branch can provide assistance
with other transactions, such
as US cheque cashing, they
have to ensure they abide by
the provisions in their license.
Those transactions would
have to be done through the
main system based in this
country.
"We do not want to give
.,ie impression that we have
direct access to customer
accounts here because we do
not. The IT solution will not
allow us to process transac-
tions. So we will communi-
cate electronically with the
branch in the Bahamas to
verify the information to
ensure that they have the
funds and verify the signa-
ture," Mr Haven said.
He added that the bank
was examining the possibility
of additional branches in
cities that have a heavy
Bahamian presence, with
Atlanta, New York, Canada
and London being possibili-
ties. "It depends on where we
believe there is enough busi-
ness to go."
As far as the staffing of the
Miami branch, Mr Haven


said there were currently four
persons including him.
They are all permanent res-
idents of Florida and
Bahamians, which made it
easier for immigration pur-
poses, as the bank was able to
find the appropriate person-
nel in Florida. As the need


progress, they may hire addi-
tional staff.
Mr Haven said that since
the soft opening of the Miami
branch in December, the
turnover of clients had been
slow following an initial
Christmas rush, but he said
that after the publicity of the


official opening and this
week's Easter holiday, busi-
ness is likely to quicken.
He expects that the bank
will be closed on US holi-
days, but will be open for
Bahamian holidays when
consumer demand is likely to
be heavier.


'Legendary Past... Glorious Future!'

Now accepting applications for teachers for September, 2008
for the following areas:

EARLY LEARNING CENTRE (Ages 3-5)
Classroom Teachers

PRIMARY SCHOOL (Grades 1 6)
Classroom, Physical Education (including teaching Swimming)
Modern Languages (French and Spanish), Special Needs

HIGH SCHOOL (Grades 7 -12)
Chemistry, Biology, Geography, Mathematics, Home Economics Art


CRITERIA FOR EMPLOYMENT

* A minimum of a Fachelor's Degree fiom a
rIcognimed university confirmed by a
certified copy of certificate
* A post graduate cit ificate in education or a
teaching certificate confirmed by a certified
copy or ceirt iticat
* Willngness to support the school's
Accelerated Frrogamme, including teaching
advanced courses such as Advanced
Flacement and Advanced Subsidiary.
Experience in teaching advanced courses is
preferred
* Two professional references
* Successful applicants will be expected to
make a commitment to work in harmony
with Christian principles and to support the
emphases of the Bahamas Conference of
The Methodist Church of which the school
is a part.


Application forms are available from the Human Resources Office at the school or may be downloaded from
our award winning website *..v.. clni.,f: :.- The completed application, together with a covering
letter, a statement of educational philosophy and a recent photograph must be sent to:
The Principal
Queen's College
P.O. Box N7127
Nassau, Bahamas
Or faxed to: 242-393-3248, or mailed to dlynch@qchenceforth.com and should arrive no later than
March 31, 2008. Candidates short-listed will be contacted by telephone, fax or email for an interview.

QUEEN'S COLLEGE
P.O. Box N-7127
Nassau, Balianias
Tel (24 )39 6'-I 9 l3 ?.3 e, . FaK (.: : -
Webstte: www.qchenceforth.con Email: queens@qdhenceforth.comn


The Scotiabank Rate Booster Deposit
Combines the higher interest rates of a longer term
investment with the flexibility of a short term deposit.

I Yotir i t e iiro" il rlte ii( O ris Itwk dit (ilnl lq the ti Ot v)liil i iiiV'om liiIii'tl,
so your money is g]iidiiiit' d to t row faster PI'ls you ihive your ronr y at two set dates within the term of votit ii'|osil, (Jivinil)
you peo aly tree iacc's t, to yVo ii Iitonley. '


Visit your nearest Scotiabank branch today.


S o utions apply Rate, ',bl- to mh,ag,
r hik, I" d u -,,, o o'lho il lh IIN,,11k 5o- Nv l
0lt~t~hl ei ,I~rifJ Ilid.i ,ll.e ,iic (Olldt ~ltOI kIl litii huhl OI No,u. ,StulJu,


Life. Money. Balance both:


Colina
Holdings Bahamas



Colina Holdings Bahamas Limited

Class "A" Preference Shares

The Board of Directors of
Colina Holdings Bahamas Limited
(CHBLI
is pleased to announce that
a Preference Share Dividend for the
period January 1, 2008 to March 31, 2008
at the annual rate of B$ Prime +2.25%
will be paid to the Class "A" Preference
Shareholders of record of CHBL on the
31st day of March 2008.


Payment will be made through the
Company's Registrar and Transfer Agent,
CFAL Ltd.
within 10 business days
of the record date.


QUEEN'S COLLEGE...

* Is the oldest private school in The Bahamnas
* Ensures a seamless continuitr' of education
and a strong sense of community
* Ot -rs a rich curriculum
* Is.started by a talented and dedicated
teaching staff
* Is a place where excellence is respected and
pursued, where teaching and learning are
innovative and where caring for others is
intrinsic
* OtTers a competitive benefits package,
including gratuity, pension, health and
dental insurance, discount on children's
tuition
* Queen's College was established in Nassau
in i90o by The Methodist Church and is a
member of'The International Associat ion of
Methodist Schools, Colleges and
Universities (IAMSCU)


MONDAY, MARCH 17, 2008, PAGE 7B


THE TRIBUNE







PAGE B, MNDAYMARC 17,2008UHEITIBUN


Every $10 oil


INVESTMENT OPPORTUNITY



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
.- information, please contact: .
The Commercial Credit Collection Unit
l ~at: 356-1685 or 356-1608
Nassau, Bahamas
Interested persons should submit offers
in writing addressed to:
The Commercial Credit Collection Unit,
P.-.: P.O. Box N-7518, Nassau, Bahamas
S. Serious enquiries only



SBDO Mann Judd



BDO Mann Judd a leading professional services firm with 601 BDO Member
Firm offices in 105 countries around the globe, is now seeking applications for an
accountant to work in the assurance/audit department.

The successful candidate will be a recent graduate from a Bachelors of Science
or Arts program in accounting from a recognized university. 1-2 years audit
experience is preferred, but not mandatory. The qualified candidate will be
able to work in a challenging team driven environment, possess the ability
to meet tight deadlines, perform with minimal supervision, have excellent
oral and written skills, and possess a good working knowledge of Microsoft
Office applications. .Individuals with the above-mentioned qualifications
should fax or e-mail their cover letters along with resume's to the following:

Recruiting
BDO Mann Judd
Nassau Bahamas
Fax: 242-325-6592
info @bdomannjudd.com

No phone calls please.
Only the applicants with the above mentioned qualifications will be contacted.
1 -------- '--------------->IF-------------


barrel rise costs




FOCOL a 'couple




million more'


FROM page 1B

preference shares at a time,
structure and pricing of their
choosing. The resolution will
be voted on at FOCOL's
March 27, 2008, Annual Gen-
eral Meeting (AGM).
"This is a very dynamic envi-
ronment we're in," Mr Wilson
told The Tribune. "Oil prices
are now in excess of $110 per
barrel. These things have sig-
nificant implications for a com-
pany like FOCOL, and we
have to constantly examine our
costs and strategies.
"At $110 per barrel, every
time the price goes up that
high, that has very severe
implications for a company like
FOCOL. We think every $10 a
barrel costs a couple of million
dollars more in working capi-
tal."
Mr Wilson said that over the


past year, the per barrel price
of oil had "probably" increases
by $40 year-over-year. "If
you'd asked me three weeks
ago if I thought oil would be
$111 per barrel, I'd have said:
'I don't think so'."
"We need to be flexible," he
added. "Our commitment is to
keep FOCOL a blue-chip com-
pany, very conservatively
financed in a constantly evolv-
ing environment. We just need
to keep our eyes on the ball."
FOCOL last year obtained
shareholder authorization, at
a November 15 Extraordinary
General Meeting (EGM), for a
two million share rights issue
to its existing ordinary
investors.
Confirming that the rights
issue was effectively on the
backburner for the moment,
Mr Wilson said it was part of
the company's re-evaluation
strategy.


"We'll probably do that at
some point, but right now we
think preference shares are the
best way to go," Mr Wilson
said. "In this market, there are
investors that recognize the
fundamental strength of
FOCOL and welcome the
opportunity to access a divi-
dend stream. It's a good invest-
ment.
"There are a number of indi-
vidual stockholders that the
buy the preference shares.
There's quite an appetite. The
market knows FOCOL is man-
aged by a team led by Sir
Albert Miller who are conser-
vative. The track.record is such
that people have faith."
Mr Wilson also denied
rumours that FOCOL was
engaged in talks to acquire the
retail and wholesale operations
of either Esso or Texaco, hav-
ing purchased Shell's back in
early 2006.


An entrepreneurial spirit, original thinking, and a passion to succeed.
If you have it, we want you.

We are growing!
Royal Fidelity invites applications for the position of:


RECEPTIONIST -

PROFILE:
At least 1-2 years of relevant work experience handling
receptionist duties
Good communication and interpersonal skills


PLEASE SUBMIT BEFORE
March 28th, 2008 to:

HUMAN RESOURCES
Re: Receptionist
51 Frederick Street
P.O. Box N-4853
Nassau
F: 326.3000
careers@royalfidelity.com

[ABSOLUTELY NO PHONE CALLS]


* Good working attitude
* Presentable, confident and customer service-oriented
* Pleasant disposition, courteous and professional telephone
technique and behaviour
* Microsoft Office proficiency


RESPONSIBILITIES WILL INCLUDE:
* Front desk/customer service duties
* Maintain the reception area in a presentable and welcoming
condition.
* Handle all incoming calls & handle customer queries in a courteous,
helpful and professional manner
* Manage meeting rooms and reception of customers promptly
* Other ad hoc duties when required

A competitive compensation package will be
commensurate with relevant experience
and qualification.


UK University Distance Learning in Bahamas


MBA University of Wales
* One year minimum by online learning CYMRU
* US$8,500 total fee LU\IVERSITY
X.ay OF WALES
* Flexible payment options available
* A member of the Association of
Commonwealth Universities


MBA University of Bradford .-
* Top 10 MBA in the world (Economist, Jan 2008) .
* AMBA/EQUIS accredited BRADFORD
* US$15,000 instalmentt plan available) Sihool .anagement


Also recruiting now to degree
programmes: MA Education,
LLM Commercial Law, MSc Public
Administration and Development,
BSc Psychology, BSc Computing,
BSc and MSc Hospitality, BA
Business and HND in Business, from ,'
University of Birmingham, University ':
of Sunderland, University of Derby,
Sheffield Hallam University, University
of Teesside and University of Wales








info@rdicaribbean.com.

1 (703) 549 5424 IIs


www.rdicaribbean.com


THE TRIBUNE


PAGE 8B, MONDAY, MARCH 17, 2008







MONDAY, MARCH 17, 2008, PAGE 9B


THE TRIBUNE


BTC set to send $44m on GSM upgrade by summer


-I-


JL. -Y f


* By NEIL HARTNELL
Tribune Business Editor
THE Bahamas Telecommu-
nications Company (BTC) is
spending $44 million between
now and summer 2008 to
upgrade its Global System for
Mobile Communications
(GSM) network and enable it
to accommodate potentially
102,000 TDMA cellular clients,
The Tribune was told.
Business community TDMA
subscribers, meanwhile, are
watching nervously to see
whether they and their compa-
nies will be disrupted if they
are unable to retain the same
cellular numbers when the
migration to GSM takes effect.
Marion Johnson, BTC's vice-
president of sales and market-
ing, told The Tribune: "What


102,000 TDMA customers to migrate over to single cellular system by year-end


we have formally asked the
PUC for is to allow BTC to
retain the issued TDMA num-
bers simply because our cus-
tomers have been asking us to
retain those numbers.
"Some of them have had
their numbers for longer than
eight years, and have developed
key business contacts. It's a key
part of their business."
Mr Johnson said that if busi-
ness clients were not allowed
to keep their TDMA numbers
when they were migrated over
to the GSM system, their com-
panies would incur extra costs
from having to replace business
cards. Then there were poten-
tial problems from not all cus-


Legal Notice
NOTICE


AVIATOR CREEK LIMITED
In Voluntary Liquidation


Notice is hereby given that in accordance with Section
138 (4) of the International Business Companies Act,
2000, AVIATOR CREEK LIMITED is in
dissolution as of February 6, 2008.

International Liquidator Services Inc. situated as 35A
Regent Street, P.O. Box 1777, Belize City, Belize is the
Liquidator.


LIQUIDATOR




LEGAL NOTICE

NOTICE

E.P. Taylor Bahamas Foundation

.-,,.t6a, (In Volupta Liquidation).


Creditors having debts or claims against the above-
named Company are required to send particulars
thereof to the undersigned c/o P.O. Box N-3229,
Nassau, Bahamas on or before the 7th April, 2008.
In default thereof they will be excluded from the
benefit of any distribution made by the Liquidator.

Dated the 13t day of March 2008.


Shareece E. Scott
Liquidator



COMMONWEALTH OF THE BAHAMAS
2007
IN THE SUPREME COURT
Equity Side
No.1272

IN THE MATTER OF a piece parcel or lot of
land contained by measurements three and seven
hundred and six hundreths (3.706) acres and
situate on the northeastern side of the Queen's
Highway in the vicinity of Palestine Baptist
Church in the settlement of Deadman's Cay in the
Island of Long Island, The Bahamas.
AND
IN THE MATTER OF the Petition of Orlando M. Turnquest
AND
IN THE MATTER OF the Quieting Titles Act 1959
NOTICE
The Petitioner in this matter claims to be the owner in fee simple
possession of the tract of land hereinbefore described and the
Petitioner has made an application to the Supreme Court of the,
Commonwealth of the Bahamas under Section 3 of the
Quieting Titles Act 1959 to have his title to the said land
investigated and the nature and extent thereof determined
and declared in the Certificate of Title granted by the Court in
accordance with the provisions of the said Act.
Copies of the Plan may be inspected during normal office
hours at:
(1) The Registry of The Supreme Court.
(2) The Administrators Office at Clarence Town,
Long Island
(3) The Chambers of the undersigned.
NOTICE IS HEREBY GIVEN that any person having dower or
ri, 'it to dower or an adverse claim or a claim not recognized in
tl Petition shall before the 30th day of April, A.D.,2008 from
tl publication of notice inclusive of the day of such publication
lio Notice in the Supreme Court in the City of Nassau in the
Island of New Providence aforesaid and serve on the Petitioner or
the undersigned a statement of his or her claim in the prescribed
form verified by an Affidavit to be filed therewith. The
failure of any such person to file and serve a statement
of his or her claim within the time fixed by the Notice
aforesaid shall operate as a bar to such claim
Dated this 25th day of February. A.D., 2008
PYFROM & CO,
Chambers
No.58, Shirley Street,
Nassau, N.P., Bahamnas
Attorneys for the Petitioner.


tomers and clients knowing
their cellular numbers had
changed, the inability to com-
municate resulting in business
and business deals being lost.
Among those that could
potentially be impacted the
most were self-employed
Bahamians, such as electricians,
plumbers, locksmiths, carpen-
ters and other tradesmen.
"Customers have written to
us, e-mailed us and called us,"
Mr Johnson said. "What we've
asked the PUC for is to allow
those customers who so desire
to take their numbers from
TDMA over to GSM. For us, it
is simply a matter of customer
convenience and demand.
From a technical point of view,
it gives us no advantage to keep
those TDMA numbers."
He added: "We're trying to
by late this year complete the


migration. If you consider we
have 102,000 TDMA cus-
tomers, we're working hard to
build out the GSM system to
accommodate those customers.
We don't want to wait until the
11th hour."
BTC currently has some
200,000 GSM- customers, and
Mr Johnson said expanding the
GSM system to give it the
capacity to accommodate the
extra customer use wduld cost
$44 million, "which we intend
to spend between now and
summer to upgrade the GSM
system to fully accommodate
the extra traffic." There are
some 30,000 post-paid TDMA
customers.
BTC is currently seeking
approval from the telecommu-
nications sector regulator, the
Public Utilities Commission
(PUC), to allow TDMA cus-
tomers who want to retain the
same numbers in the GSM sys-
tem to do so.
However, to ensure the
Bahamas National Numbering
Plan is adhered to, the PUC is
asking that BTC first return
190,000 of the 440,000 GSM
numbers it was issued with, giv-
en that the state-owned cellular
monopoly wants to maintain
the 190,000 TDMA numbers it
was issued with.
Simply switching those
190,000 TDMA numbers over
to the GSM system, the PUC
said, would create 630,000
GSM numbers and be ineffi-


Legal Notice


NOTICE


CORBELL INVESTMENTS LTD.

NOTICE IS HEREBY GIVEN as follows:
(a) Corbell Investments Ltd. is in dissolution under the provisions
of the International Business Companies Act 2000
(b) The dissolution of the said Company commenced on the 6th
March, 2008 when its Articles of Dissolution were submitted
to and registered by the registrar r General.
(c) The Liquidator of the said Company is Mrs. Shareece E. Scott
of Deltec Bank & Trust Limited, Deltec House, Lyford Cay,
P.O. Box N-3229, Nassau, Bahamas.

Shareece E. Scott
Liquidator





Law Firm Seeks


Receptionist

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
required.
Experience Requirements
One (1) year minimum experience as a receptionist
would be an advantage
Benefits Offered
Major Medical Insurance

Law Firm Seeks

Financial Controller
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
Accountants.

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

Individuals with the above-mentioned qualifications
should entail their resumes to:

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

The Human Resources Department
email: jobwiz@yahoo.com


cient. The TDMA system and
technology is being discontin-
ued by its manufacturer, hence
the need for the switch.
Mr Johnson said he wanted
to apologise if a previous com-
munication by BTC had given
the impression the PUC was
delaying giving a response on
the issue, adding: "Our com-
munication was solely intended
that when people asked if they
could retain their TDMA num-
bers, we said yes and that we
had made a request of the PUC
to allow that to happen."
The Bahamas Chamber of
Commerce has been among
those to express its concern
over the situation. Philip Simon,
its executive director, said in a
statement: "With BTC migrat-
ing its TDMA customers to the
GSM network by the end of the
year, local number portability is
very important to the to the
businesspersons who have to
incur significant costs and lost
contacts should they have to


obtain a new number
"Our members have
expressed that they are willing
to make the inevitable move
[over to GSM]. However, they
want the assurance from BTC
and the PUC that they will be
able to keep their TDMA
phone numbers."
Johnny Outten, president of
the Small Business Association,
also expressed dismay that the
transfer of TDMA numbers to
GSM would not be automatic.
He added: "How could they
not consider the implication to
the customer especially the
small businessman of having
to inform all their contacts and
change all their stationary and
business cards for no good
reason at all.
"Losing a telephone number
may seem simple, but to many
one-man operations, his cell
phone is his only communica-
tion device. Someone needs to
give the small business com-
munity a good answer on this."


LEGAL NOTICE



NOTICE

E.P. Taylor Bahamas Foundation

(In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN that an
Extraordinary General Meeting of the Shareholders
of E.P. Taylor Bahamas Foundation is hereby
called to be held at the Registered Office of the
Company, Deltec Bank & Trust Limited, Lyford
Cay, New Providence Bahamas, on the 14th day of
April 2008 at 10:00 O'clock in the morning.

The object and purpose of the said meeting is
to have laid before the Shareholders of the
Company the accounts of the Liquidator,
Shareece E. Scott, showing the manner in which
the winding up of the Company has been
conducted, the property of the Company
distributed and the debts and obligations of the
Company discharged, and also to hear any
explanation that may be given by said
Liquidator. --


12th day of March 2008.


Dated the


Shareece E. Scott
Liquidator


COMMONWEALTH OF THE BAHAMAS 2007/CLE/gen/00370

IN THE SUPREME COURT

Common Law and Equity Division

BETWEEN


COMMONWEALTH BANK LIMITED


Plaintiff
AND

SHERNETTE MACKEY

Defendant
TO: SHERNETTE MACKEY.

TAKE NOTICE that:
1. A Writ of Summons filed on the 19t of
March, A.D., 2007 have been issued against
you in the Supreme Court of The Bahamas
being Action No. 2007/CLE/gen/00370 by
Commonwealth Bank Limited, the Plaintiff
herein.
2. On the 13th day of March A.D., 2008
the Court ordered that the Writ of Summons
be deemed to be served on you by this
advertisement.
3. You must within fourteen (14) days from
the date of publication of this advertisement
respond to the claim by;
(a)Entering an Appearance to this action;
(b)Admitting the claim; or
(c)Filing and serving a Defence to the
claim;
4. That the Court further Ordered that the
existence of further proceedings be deemed to be
served on you by way of similar advertisements.


Dated the 131 day of March A.D., 2008


GRAHAM, THOMPSON & CO.,
Chambers,
Sassoon House,
Shirley Street & Victoria Avenue,
Nassau, Bahamas.
Attorneys for the Plaintiff









PAGE 10B. MONDAY, MARCH 17, 2008


THE TRIBUNE


Broker/dealer's $20m


liquidation prompts writ


FS'()I1 page 1B defendants from disposing of
any cash and securities they
Imn'u1n0I I1t prevent the hold for them.


Legal Notice



NOTICE



NAYLA CONSULTANTS LTD.
(In Voluntary Liquidation)



Notice is hereby given that the above-named Company is
in dissolution, which commenced on the 10th day of March
2008. The Liquidator is Argosa Corp. Inc., P.O. Box N-7757
Nassau, Bahamas.





ARGOSA CORP. INC.
(Liquidator)






NOTICE



OF


BIKESTAR LIMITED


e- \ given that liquidation of the above
... need on the 13th day of March, 2008,
t r.dit Suisse Trust Limited of Bahamas Financial
Ccntrc. Shirley & Charlotte Streets, P.O.Box N-3023,
Nassau, The Bahamas has been appointed Liquidator
oi' the Company.


Credit Suisse Trust Limited
Liquidator


S i, mI i Ihl iorm.ltion As Of.



0 IU 1 25 F



S1 2 10 C

0 2 50


2 1 5 12
S00 0 54 F
I 0o 6.t3G II
12 C1j) 08 O J
10 00 10 00 P


Bahamas Pioperty Fund
Bank of Bahamas
Benchmark
Bahatmas Waste
idelity Bank
ableo Bahamas
olina Holdings
Commonwealth Bank (Sl)
Consolidated Water BDRs
doctor's Hospital
FaImguard
ir stCaribboan
ocotl (S)
report Concrete
ID Utilities
. S. Johnson
rernior Real Estate


The writ, though, may have
already been overtaken by
developments on the ground,
with Caledonia's liquidator,
Deloitte and Touche
(Bahamas) accountant and
partner, Anthony Kikivarakis,
and his attorneys, Sears and
Co, set tclpetition the Supreme
Court on March 31, 2008, that
the company be wound-up and
its liquidation be placed under
the court's supervision.
The Tribune revealed last
month how an estimated $20
million loss had prompted both
Caledonia's liquidation and a
Securities Commission inquiry
into the company's business
affairs.
This newspaper reported
then that the precise nature of
the particular investments and
strategy that ultimately led to
Caledonia's $20 million trad-
ing loss was unclear, sources
familiar with the situation say-
ing that it was a high risk/high
return programme that
involved short-selling of secu-
rities and heavy leverage


15X< LISTED & TRADED SECURITIES VISIT WWW BISXBAHAMAS COM FOR MORE DATA & INFORMATION
iX AL L SHARE INDEX CLOSE 2.021 37 / CHG 19.57 / %CHG 0.98 / YTD -45 38 / YTD % -2.20
..:r;,j ...re l:u i l.:.s- T,.:.3 ; *:l.: I.: C ar. Llall ,.*.1 EP: I D,. I P E VI6Id


I "-.- I .6 :, *., f I o.,53
11.80 11.80 0.00
9.61 9.61 0.00
0.99 0.99 0.00
3.66 3.66 0.00
2.60 2.60 0.00
13.60 13.60 0.00
3.14 3.14 0.00 71
7.38 7.77 0.39 1,001
4.02 3.87 -0.15
2.46 2.46 0.00
7.90 7.90 0.00
12.92 12.92 0.00
13.95 13.95 0.00
5.50 5.50 0.00
0.74 0.74 0.00
6.86 6.86 0.00
12.30 12.30 0.00
10.00 10.00 0.00
Fidellly Over-The-Counter Securitlei
B i **.S 1. L S 1F'rl :,: .no F .C A


(debt).
Since then, new information
has been supplied by several
sources close to the situation
that indicates a prime source of
Caledonia's woes was a margin
loan the company made to a
Canadian broker/dealer. That
company cannot yet be named
for legal reasons.
A margin loan is a loan that
is secured, or collateralised, by
securities such as stocks and
shares.
In this particular instance,
The Tribune understands that
the collateral for the Caledonia
margin loan may have been
shares involved in a 'pump and
dump' scheme, so-called
because brokers deliberately,
or artificially, inflate a stock's
worth many times above its
true valuation.
They then sell or 'dump' this
stock on the market, making
a killing from unsuspecting
investors who have essentially
bought 'dead' or worthless
stock..
While there is no suggestion


Legal Notice


NOTICE



MAGNA VISTA S.A.
(In Voluntary Liquidation)



Notice is hereby given that the above-named Company is
in dissolution, which commenced on the 13th day of March
2008. The Liquidator is Argosa Corp. Inc., P.O. Box N-7757
Nassau, Bahamas.


ARGOSA CORP. INC.
(Liquidator)


)F KIDE I


3 15 7 0 4u 2 7 '


1.502
0.643
0.188
0.289
0.058
1.093
6 0.031
0 0.428
0.129
0.316
0.713
0.810
0.914
0.363
0.035
0.411
1.059
1.167


0.400
0.160
0.030
0.090
0.040
0.240
0.040
0.270
0.052
0.020
0.280
0.570
0.470
0.140
0.000
0.300
0.610
0.600


EPS i L". I


7.9
14.9
5.3
12.7
44.8
12.4
101.3
18.2
32.0
7.8
11.1
16.0
15.3
15.2
21,1
16.7
11.6
8.6
P/E


3.39%
2.71%
3.03%
2.46%
1.54%
1.76%
1.27%
3.47%
1.26%
0.82%
3.57%
4.41%
3.37%
2.55%
0.00%
4.37%
4.96%
6.00%
Yield


'--,..... r .:',- r,,-..:.-r- 1.u I, r.,:'l |1r .:, 1 6e.. I. 300 13.4 6.16%
if )] 0( O0 Carihboan Crossings (Pref) 6.00 6.25 6.00 0.000 0,480 NM 7.80%
S', 20 RND HIldings 0.35 0.40 0.35 -0.023 0.000 N/M 0.00%
Colinr Over-The-Counler Securfties
1 00 41 00 ABDAB 41.00 43.00 41.00 4.450 2.750 9.0 6.70%
14A.0 14.00 Bahamtas Supermarkets 14.60 15.60 14.00 1.160 0.900 13.4 6.16%
'.0 0 40 HND Holdings 0.45 0.55 0.45 -0.023 0.000 N/M 0.00%
BISX Lisled Mutual Funds
52w,,, I C l,2wk L ow Fund Name 1 NA V YTD% Last 12 Months Div $ lIci
.';00 I 1 2037 Colina Bond Fund 1.300059* 0.62% 6.15%
Soi f 2',4 (;olin;i MSI Preferred Fund 2.982729* -0.60%
S 1 :20,l/ (;olhr;i Monriy M rkoet Fund 1.3811183*.*** 0.39% 3.85%
S1:424 I l.lily B.iiamns G & I Fund 3.6651" -3.47% 18.28%
! ,. i, 1 t4,n I Id lilv PriIne Income Fund 12.0429* 0 92%, 5.69%
106() I)f I ,()0 0000 CFAI Glolid Bond Fund 100.00**
100 (10'0 100 0000 CFAL Globl.i Equity Fund 100.00**
1 C,010 1 1(00 0 tFAL Higlh Grade Bond Fund 1.00"*
10 '000 0 9413 Fidelity International Investment Fund 9.6433* -0.20% -8.16%
FINDEX CLOSE 000 00 YTD 0.00% / 2007 34.47%
'W I I I f r1 11) 1 1 J ), ( I > I 1( 1 i i .L .1-112.1" 1 in n flItlhdlrrrntlrrrl lorivhhl( rlr I rY NAliih lrlL.Y.
ri r. ,,, , eBid $ B.yri r pllc.- o, f rollnn Iind Fi illy
'.2wk I .J I n t. In, Ir i: l.r i, w ek. Ask $ SOllnIP ple ofr Colinn p (I. doelity 2t F2 uhru y 2001
'r... l ... ., IVO Ir w,, W ,11hh I rl. for draily vol-mre Lamt PrIce Listi 1hdl d ovor-lho-l ounlor price 31 Dor 2007ror 2007
r I, ,i r .l-l dyC Wo elhl,, pn' r f,,,o d. ily volurie Weekly ,Val Trdiniq- volume o, the prlor week 31 JIt. ii y 200(11
Ch (, ;il ,ino in ) ,, Iri,',r l rn d0 ily to d.iy EPS $ A company's reported omrnings per ahnro for tho tast 12 mth. "" 2 Jlliry 2008
.lil ,I NIIII of l ,, 'hr... Ir.l .l lodi.y NAV Not As..set Vnlo ..... 22 reobutlry 2000i
rh I I rn .t 12 Iimorrrhsr N/M Not Mor1eii fihll
..ll ... ir [ , li Ir y h,) .i,,, \, 11 11 r iirirl FINDEX The Fidolity B hfnnnlr Slock Indox Ji nun ry 1, 1994 100

['.. TII'.:, -.-LL *.-iFL ..*-..,02-010 I FIDELITY 242-3658-776-1 FOR MORE DATA & INFORMATION CALL (242) 394-2503


that Caledonia was involved in
or aware of the scheme, its
loan was essentially secured
against two such 'worthless'
stocks that were thinly traded
on the Canadian version of the
Over-the-Counter bulletin
board. As a result, when the
loan went wrong, Caledonia
had no collateral recourse.
In addition, The Tribune
also understands that a $9 mil-
lion short selling strategy
employed by Caledonia also
went wrong. Short selling is
effectively a bet that a stock
will lose value over a given
time period. Brokers often bor-
row the stock, sell it at what
they believe is a high price,
then buy it back later, in theo-
ry when the price has dropped.
The broker then makes his
profit by pocketing the differ-
ence.
In this particular instance,
though, The Tribune under-
stands that the stock picked
for the shorting strategy appre-
ciated rather than decreased
in value.


Caledonia executives, in pre-
vious answers to questions e-
mailed to them by Tribune
Business, said they met with
the Securities Commission on
January 22, 2008, to propose
that they place the company
into voluntary liquidation.
They added that the regulator
approved this action on Feb-
ruary 6, 2008.
However, sources close to
the Securities Commission's
viewpoint said the regulator
approved the voluntary liqui-
dation only on two conditions
- that it appointed and
approved the liquidator, and
that the process would ulti-
mately become court super-
vised.
Sources told this newspaper
that the Securities Commission
had considered going to court
itself to have a receiver
appointed for Caledonia, only
to find that it had no power to
do so in the existing Securities
Industry Act legislation. This
resulted in the agreement on
the voluntary liquidation.


NOTICE
NOTICE is hereby given that JACQUELINE JEAN PIERRE of
WHILE'S LANE OFF MACKEY STREET, P.O. BOX SS-5692,
NASSAU, BAHAMAS, is applying to the Minister responsible
for Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person who
knows any reason why registration/naturalization should
not be granted, should send a written and signed statement
of the facts within twenty-eight days from the 17TH day of
MARCH, 2008 to the Minister responsible for Nationality
and Citizenship, P.O.Box N 7147, Nassau, Bahamas.


LEGAL NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)


TARROT HOLDINGS LIMITED

Notice is hereby given that in accordance with Section 137 (8)
of the International Business Companies Act, No.45 of 2000,
the Dissolution of TARROT HOLDINGS LIMITED has
been completed, a Certificate of Dissolution has been issued
and the Company has therefore been struck off the Register.
The date of completion of the dissolution was the 5th Day of
March, 2008.





UQUIDATOR


Legal Notice

NOTICE



JON FOTI BARRON LTD.





Notice is hereby, given that in accordance with Section

138 (8) of the International Business Companies Act 2000,

the dissolution of JON FOTI BARRON LTD. has been

completed; a Certificate of Dissolution has been issued and

the Company has therefore been struck off the Register.




ARGOSA CORP. INC.
(Liquidator)



Legal Notice

NOTICE



FLETSCHER INVESTMENT LTD.





Notice is hereby given that in accordance with Section

138 (8) of the International Business Companies Act 2000,

the dissolution of FLETCHER INVESTMENT LTD. has

been completed; a Certificate of Dissolution has been issued

and the Company has therefore been struck off the Register.




ARGOSA CORP. INC.
(Liquidator)


Legal Notice



NOTICE



AURIFEX HOLDINGS INC.
(In Voluntary Liquidation)



Notice is hereby given that the above-named Company is
in dissolution, which commenced on the 8th day of March
2008. The Liquidator is Argosa Corp. Inc., P.O. Box N-7757
Nassau, Bahamas.





ARGOSA CORP. INC.
(Liquidator)


Legal Notice

NOTICE



GENESIS II HOLDINGS LTD.





Notice is hereby given that in accordance with Section

138 (8) of the International Business Companies Act 2000,

the dissolution of GENESIS II HOLDINGS LTD. has

been completed; a Certificate of Dissolution has been issued

and the Company has therefore been struck off the Register.




ARGOSA CORP. INC.
(Liquidator)


C F A L"


BUSINESS














Chief Albany investor sees




$855m wiped from investment


FROM page 1B

December the price he paid
for Bear Stearns stock was
between $94.44 and $110 per
share.
To build up his 9.75 per cent
stake, Mr Lewis spent $1.186
billion. Yet the prices he paid
were, at best, close to three
times as much as the Bear
Stearns stock closed for, at
$29.91, in after hours trading
on Friday, March 14, 2008
before Wall Street closed for
the weekend. At worst, the
highest price he paid was
almost five times Friday's
close.
With Bear Stearns' stock
having fallen by $27 or 47.37
per cent on Friday, due to
investor fears that the bank
was facing a crisis that would
see its liquidity dry-up, amid a
rescue package being put
together by the Federal
Reserve and JP Morgan
Chase, Mr Lewis has effec-
tively to date taken a 'bath' on
his investment.
If he had retained the
11,053,463 ordinary shares
detailed in his December 21,
2008, filing, which assumes he
did not sell, Mr Lewis's Bear
Stearns stake would have
dropped in value from the


$1.186 billion he paid for it to
$330.609 million fall in value
of almost three-quarters.
Effectively, this means that
$855.499 million could have
been wiped off the value of Mr
Lewis's Bear Stearns stake.
What is unclear is whether
this huge loss (by most peo-
ple's standards) will have any
implications for the Bahamas
and the Albany project. Still, it
could not have come at a
worse time given the jittery
state of Bahamian business and
international investor confi-
dence following Harrah's
Entertainment's decision last
week to terminate its $2.6 bil-
lion joint venture with Baha
Mar.
With the Baha Mar project
facing significant delays at best,
and possibly facing a reduction
in size and scope, the Bahami-
an economy has been forced
to place much reliance on
Albany to create jobs and eco-
nomic growth, especially in the
construction sector.
The Tribune understands
that Mr Lewis's Bear Stearns
woes will have no impact on
Albany at this stage, given his
deep pockets and those of fel-
low investors, such as golfers
Tiger Woods and Ernie Els.
Those two, together with Mr
Lewis's Tavistock Group, are


THEEFFCTIE UMA REOUCESMANGE


the main Albany
investors/developers, and they
have already secured commit-
ments from the community's
80-90 founders.
It is also uncertain how
much equity (his own money)
Mr Lewis placed into the Bear
Stearns share purchases, and
whether he may face margin
calls from financial institutions
that may have funded the
acquisitions through debt
financing.
Mr Lewis, though, has a sol-
id reputation as a value buy-
er, targeting companies and
investments he believes are
undervalued and have upside
potential under better man-
agement. Such an approach
enabled himself and his busi-
ness partner, Terry White, to
acquire New Providence
Development Company.
The Albany developers were
last week mobilizing construc-
tion teams and should have
started work on the roads
needed to facilitate the devel-
opment.
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-
ment having been the final
piece in the project's jigsaw to
allow a "full construction"
start.
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
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
included 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-
house.
Also involved in Phase I
construction, Mr Anand
added, were the 48 cottages


comprising Albany's luxury,
upscale hotel component, plus
the sale of lots that will be
developed by "custom
builders".
The Albany managing part-
ner added that the developers
hoped to begin Phase
II, which involved $500 mil-
lion worth of construction -
including the marina apart-
ments next year.


"We Move Cargo"
Servicing the Family Island for over ten years!
We do Pick-ups from all your Favorite Stores.


* Walmart JC Penney Office Depot
.* Brandsmart USA Office Max Best Buy
" BJ's 20"' Street -Jettro Cash
*- Big K Sears US Payments
Internet Orders and more
SAlso No Sales Tax (IUsinn rl i -r i I Service)


Requirements:
* 2 plus years AS400 operations experience.
Hands-on experience in: batch, job processing, monitoring, back-ups.
. Experience'handling Windows technical issues.
A* Works well independently, and in a team environment.
'* Ability to multi-task.
Excellent problem solving and troubleshooting skills required.
.o Strong work ethic.
? Strong desire to learn.
2 Good communication skills.
Hn Ability to work on a flexible night shift.

tResponsibilities include but are not limited to:
Perform operating and maintenance functions for mid range systems.
Monitor overnight batch processing and perform print processing as
Scheduled in accordance to current service levels.
, Provides all aspects of media handling.
Accurate and timely processing of information in and through the
computer systems including system utilities, production and testing
M batch runs and quality control.
Maintains current knowledge of operating procedures and standards;
Safeguards security of data center equipment, media and data files;
Keeps records of hardware down time;
Following procedures to run job requests from programmer and
requester.
Running system and application backups per written run log.
Management of tape retention log.
Accurate activity recording in daily log.




ColinaImperial.
P -Le p.t iwrtn *.Iitg on or bf.- e a lh/2,m2: ,to:


Kingsway Academy, invites applicants from
qualified and experienced candidates for teaching
positions at both Elementary level and all subjects at
the High School level (grades 7 through 12).

The successful candidates should have the following;
* An Academic Degree in the area of specialization
* A Teaching Certificate
* Excellent Communication Skills
* A love for children and learning
* High standards of morality
* Be a born again Christian


Letters of application together with a recent color
photograph and detailed Curriculum Vita (including
the names and address of at least three references,
one being the name of one's church minister) should
be forwarded to:


Ms. Kelcine Hamilton
Academy Affairs Manager
Kingsway Academy Business Office
Bernard Road
Nassau, Bahamas


Deadline for applications is
Friday March 28,2008


Position at Kingsway Academy for a



Kingsway Academy invites applicants for the
position of Maintenance Supervisor for its buildings
and grounds, etc. The successful candidate must;

* Be a born again Christian.
* Have good knowledge of electrical, plumbing and
other building repair skills
* Have experience in supervising a group of
persons
* Possess the ability to train his staff
* Should have a High School Diploma or#a
certificate in Technical and Vocational Skills
* Be able to make recommendations for preventative
and corrective maintenance.

Knowledge of computers would be an asset.

Letters of application together with a recent color
photograph (including the names and addresses
of at least three reference, one being the name of
one's church minister) should be forwarded to:

Ms. Kelcine Hamilton
Academy Affairs Manager
Kingsway Academy Business Office
Bernard Road
Nassau, Bahamas


Deadline for applications is

Friday April 4, 2008


( 4, DOCTORS HOSPITAL


DR. MEYER RASSIN
FOUNDATION
SCHOlARSHIPS






.





The Doctors Hospital Dr. Meyer Rasswn
Foundation is pleased to anornice
that applications are now being
Accepted for scholarships and
financial assistance for students
pursuing healthcare careers.
Applicants must be Bahamian citizens
and return to the Bahamas upon
completion of their studies
Application forms ame available on our
website at wwwdoctorshosp.com.
Only completed applications with
required documentation submitted
wil be considered.
Deadline for submission of completed
-- - application formnns and all supporting
documentation is April 30, 2008.



The OoNSHWepi MOYs
Rsassi.N eFo1m~at1
P.Q p.aR N 30i
H Mmau Nit P. rTi mamw"


=^ ~ ~ -- -i-- i-i~i-^ -- ^ ^ ^ ^ ^ ^ ^ ^ M ^ M ^ ^ ^^-^


MUST SELL

VACANT PROPERTY

Lot #14721 comprising 10,000 sq.ft. in area with
83 frontage on Zinnia Road and 120 feet on
Eastward Drive in Bahama Sound of Exuma Ocean
Addition West, Exuma Bahamas

The property is undeveloped and is
located 1 mile south of Emerald Bay
and The Four Seasons Resort.

For conditions of the sale and any other
information, please contact:
Credit Risk Management Collection Unit at:
Phone: 356-1685 or 356-1608,
Nassau, Bahimas

Interested persons should submit
offers in writing addressed to:

The Manager, Credit Risk Management Collection
Unit, P.O. Box N-7518, Nassau, Bahamas


Serious enquiries only


MONDAY, MARCH 17, 2008, PAGE 11B


THE TRIBUNE


I







PAE1B ODY AC 1720 H TIBUNE


. . ...... .


Tourismtoday

Te celebrated, television show that everybody
talks about, continues this season on


Monday, March 17, 2008

FEATURiNS:

SMakingt In Touwsm th
r. Gor*e Wkmore,The Conch Vendor
U Tho Royai Oas Annoument
U 'WVw WthRaquelHoeron
0 CLUb Md tn San Svador, Bahamas







!-
0 SAnd Secty in Touris




















9Be sure to tune in to another brand new,
informative episode of the show
every Monday at 8:30 pm
IAHAMAI and Saturday at 10:00 am on ZNS TV.


represents, not just an achieve-
ment of a significant strategic
objective, nor the marking first
for this young bank, but the
seed of a vision. It is one step
further in a journey that will
take Bahamian banking to the
world and will help deliver
more of the global economy to
the Bahamas."
Mr McWeeney said that
although goods and services,
and people, move back and
forth between the Bahamas in
a steady, ever-flowing stream,
the process of doing business
has been impeded by the lack
of facilitation for trade.
He added that with this
branch opening, Bank of the
Bahamas' physical Florida
presence enhances and facili-
tates trade, and allows parents
to more easily and readily pro-
vide funds for children in
schools abroad.
It would also permit


Bahamians to make purchases
for business and personal use
with less frustration, and
potentially ease the burden for
those who needed to access
funds for medical treatment.
Mr McWeeney said that as
the Central Bank dismantled
exchange controls, new service
delivery methods will be intro-
duced, such as a suite of retail
trade financing products that
would assist in lowering the
cost to Bahamians of landed
goods without impacting the
collection of important gov-
ernment.
He added that the opening
of the bank's financial services
centre in the heart of Coral
Gables also served as a gate-
way that will prepare the
Bahamas for expanded busi-
ness and trade with other
countries.
Following the official open-
ing, which was attended by
Central Bank governor Wendy
Craig, Chamber of Commerce
executive director Philip
Simon, Securities Commission
chairman Phillip Stubbs, COB
vice-president Pandora John-
son, BFSB executive director
Wendy Warren and officials
from the state of Florida, there
was a cocktail reception and
Junkanoo performance by a
group of Bahamians living in
Miami.
The new Bank of the
Bahamas Florida branch is
located on the ground floor of
the Sun Trust building in Coral
Gables.


""* 4* t-.t-. .2K' i ... 1.,m, nl*II ". l
.


1 ITING AND CHALLENGING

O(PORl .NiTiES FOR YOUNG BAHAMIANS

Imagine a career which will take you to the %world's most fascinating ports
and far flung destinations. A Maritime career could take \ou there.

Do you have, or are likely to have. 5 BGCSE passes, including Math,
Physics/Combined Science and English Language at grade 'C" or above?
Have you obtained, or do you expect to achieve. a combined SAT score of
at least 1500?
Are you physically fit?

Are you between the ages of 16 and 20 years?
If you have answered YES to the questions above then read on.

The Bahamas Maritime Authority and the Bah~unas Shipowners Association
are once again offering attractive scholarships to youngg academically sound
Bahamians who are keen to train for an exciting and challenging career in
the Maritime Industru which is gaining increasing national importance.
These generous scholarships are inclusive of tuition, fees. course material,
accommodation and transportation costs. Commencing in September 2008
successful candidates will follow a 4 year degree piogi.immie at the California
Maritime Academy, a unique campus of the Calitorni.i State University.
Upon completion of the degree, the qualified ollicer, will be expected to
serve on board a Bahamian flagged vessel oit at least 2 years pro\ hiding the
solid foundation on which W' build their Marit'ime careers.


1


Further iiifonnatoni and application forms
can be obtained from NMri Enna Rahrmuin
MNac'ke\. Deputy Director. Baliian,
Meantime Authorntv. Gold Circle Complex.
Ea;t Ba\ Street. PO Bo N-4N79. Nassau,
Bahamlas, emai;l.
emackey @ hahamasmaritime.com,
tel: 394 3024. l.i\: 394 3014. Completed
applications muIt be utbnmitted in person
or b\ poi. \i th c.'opies ot aca.detnic
ce tilti,., ll- I.ll, .'lllt, ,1an Jl [J oo f oft
B, ll idain L iti..'zciilui, no la ter thain 31"I
Mlat ch. 20118 Itilcti ic,, will take place
inI Na.ss.a l ind ilithek. la;'t ek tin April.


ie~


I 1


gi'(WM tyttT*th!?littlillBltGIWFW1511117'tilitilllllflMillWWW**TMilaWh'Mil ?


* By CARA BRENNEN-
BETHEL
Tribune Business
Reporter
BANK of the Bahamas
International last Friday made
history by becoming the first
Bahamian-owned institution
to open a branch in Florida,
enabling the company to pro-
vide financial services to thou-
sands of Bahamians visiting or
living in the state.
The new facility was offi-
cially opened by the minister of
state for finance, Zhivargo
Laing, at a ceremony in Coral
Gables.
He said the bank had come a
long way, rising from almost
negligible assets in 1988 to now
reporting almost $700 million
in assets.
Mr Laing said this leap to a
physical presence in the US
was attributed to the "visionary
and forward thinking" of the
bank's staff.
He added that the institu-
tion was very restless, which
for the Bahamas had been a
good thing.
Mr Laing said the bank's
Florida branch made sense
considering that Bahamians
contribute more than $2 bil-
lion to the state's economy.
Paul McWeeney, Bank of
the Bahamas International's
managing director, said: "The
opening of Bank of the
Bahamas Financial marks a
major milestone in the life of
Bank of the Bahamas. This


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PAGE 12B, MONDAY, MARCH 17, 2008