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Permanent Link: http://ufdc.ufl.edu/UF00084249/01001
 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: April 15, 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: UF00084249:01001

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Volume: 104 No.120 TUESDAY, APRIL 15, 2008



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Sandor Fowler, sought for

questioning in connection

with killing of 86-year-old,

is captured in Fox Hill


SANDOR Fowler, the 33-
year-old man being sought
for questioning in the brutal
killing of 86-year-old Iris
Archer, was captured by
police late Sunday night.
According to police press
liaison officer Walter Evans,
Fowler was arrested in Fox.
Hill shortly after 9pm.
Fowler was being sought
for questioning in connection
with the gruesome death of
Mrs Archer, who was found
dead in her home shortly
after 1pm on Sunday.
Mrs Archer was found
stabbed to death in her home
in Dannottage Estates, and
an attempt had been made
to set her body on fire:
Police on the scene could
neither confirm nor deny that
Mrs Archer had also been
sexually assaulted.
Fowler is expected to be
brought before the courts this
week.
According to Mrs Archer's
nieces Debbie Darville and
Patrice Ferguson, the 86-year-
old lived with her only daugh-
ter Karen Archer-Culmer,
who left the house early on
Sunday to attend the Sunday
morning service at St Agnes
Anglican Church.
Sunday morning was the
only time that Mrs Archer had
missed a service, her family
said.
Her daughter reportedly
had asked Mrs Archer if she


was sure that she did not want
to accompany her to church.
Mrs Archer's response, her
nieces said, was that she did
not feel well but that she
would be all right at home
alone.
With no signs of a forced
entry to the home, many
neighbours speculated that
Mrs Archer may have known
her attacker and let him into
her house.
Fowler was reported to
have been an altar boy at St
Agnes some years ago. Mrs
Archer, it was revealed, was
a member of the Anglican
Church Women (ACW) at St
Agnes.


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U 1


Analysts advise casino operator

to pull out of the Bahamas


* By KARIN HERIG
Tribune Staff Reporter
kherig@tribunemedia.net
FINANCIAL analysts have
advised casino operator Isle of
Capri to pull out of the
Bahamas following substantial
revenue losses in the
company's international opera-
tions.
In what could be another
potential blow to Grand
Bahama's already weakened
economy, Isle of Capri was told
that it has overestimated its
Florida market and conse-
quently has left its operations
at the Our Lucaya Resort
"under-utilised," Associated
Press reported yesterday.
The company should there-
fore move towards leaving the,
Bahamas, analyst Justin Sebas-
tiano of the Morgan Joseph and


Co investment banking-firm.-.
said.
Minister of State for Finance
Zhivargo Laing told The Tri-
bune yesterday he is not aware
SEE page six


A 20-YEAR-OLD man
was arraigned in Magis-
trate's Court yesterday
charged with the murder of a
man who was found dead
with a bullet to the head in a
church yard earlier this
month.
Theophilus Lloyd, of Sol-
dier Road, appeared before
Chief Magistrate Roger
Gomez charged with the
April 3 murder of Preston
Cooper. Cooper, 41, was
found dead with a bullet to
the head in front of Out-
reach Evangelic Church in
Redland Acres, off Soldier
Road.
Lloyd's attorney Jerone
Roberts told the court that
his client had initially been
arrested on or about April
7 but had been released after
being detained for more
than 48 hours.
Mr Roberts told the court
that his client was re-arrest-
-ed and detained for another
48 hours, which would have'
expired on Friday morning.
Mr Roberts said that
when he had inquired as to
SEE page six


Three in court
in connection
with British
toddler's death
* By NATARIO McKENZIE
THREE men charged in con-
nection with the death of a British
toddler who was killed by a
speedboat on Paradise Island in
2002 appeared in Supreme Court
yesterday where their attorneys
argued that widespread publici-
ty of the case had prejudiced the
local jury pool.
Attorney Lisa Bostwick, who
appeared along with Henry Bost-
wick QC, submitted that, as a
result of this, their constitutional
right to a fair hearing had been
infringed.
Boat driver James Alexander
Bain, along with boat owners
Evengeless Williamson and Clif-
ford Nottage, have been charged
with manslaughter through negli-
gence in the death of two-year-
old Paul Gallagher Jr of Orping-
ton, south-east London.
According to reports, on
August 15, 2002, the Gallaghers,
who had been staying at Atlantis,
were sitting on Cabbage Beach
near a lifeguard tower when a
SEE page six

Private bus firm

has plans to

improve public

transport system

By BRENT DEAN
Tribune Staff Reporter
bdean@tribunemedia.net
A PRIVATE company of inde-
pendent bus franchise holders has
come forward with plans to
improve public transport during
the industry's 100-day challenge.
The challenge is a part of an
agreement between government
and industry stakeholders to
improve the quality of service
offered as justification for
increased fares sought by bus dri-
vers.
The request for fare increases
results from increased fuel costs,
which are constantly eroding prof-
it margins for drivers and fran-
chise owners.
Harrison Moxey, president of
Unified Transportation Compa-
ny, which comprises nearly 20
independent franchise holders,
declared that "a better day is com-
ing" in the industry yesterday at a
SEE page six


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PAGE 2, TUESDAY, APRIL 15,2008THELTRIBALUNE


First Tourism Careers


O


IN AN effort to improve the
quality of hurricane press cover-
age as a complement to measures
aimed at minimising related dam-
age, journalists from 15
Caribbean countries including the
Bahamas are attending a region-
al workshop on the topic running
from April 14 to 16 in Havana.
Sponsored by Cuba's Jose
Marti International Institute of
Journalism and the United
Nations Educational, Scientific
and Cultural Organisation
(UNESCO), the workshop is
aimed at meeting the need to cre-
ate a relevant communication
strategy as a way to help min-
imise the number of victims and
the material losses caused by hur-
ricanes in the Caribbean.
Keeping populations informed
and guiding them before, during
and after the passing of hurri-
canes is of the utmost importance
in minimising the negative effect
of the storm, the organizers not-
ed.
They said in a press release
that professors from the Juan
Dolset Scientific and Environ-
ment Journalist Office, experts
from the Ministry of Science,
Technology and the Environ-
ment and specialists from the
General Staff of Civil Defence,
among others, will give lectures
and lead debate sessions as part
of the academic programme of
the workshop.

Topics
Climate change, hurricanes in
the Caribbean, the role of the
mass media and journalistic prac-
tices related to the coverage of
hkrritanes are some ofthBettidtr
to be dealt with at the event.
Meanwhile, local weather sci-
entists say they are very con-
cerned that the Bahamas this
year could face a turbulent hur-
ricane season similar to those of
2004 and 2005, when Grand
Bahama and other islands were
devastated by major storms.
The newest forecast for the
2008 Atlantic hurricane season
predicts that 15 named storms
will form between June 1 and
November 30.
Eight of those are predicted to
become hurricanes and four are
expected to develop into major
hurricanes of category three or
higher.
The renowned Colorado State
University's meteorology team
announced its forecasts for the
upcoming hurricane season last
week, increasing its earlier pre-
dictions of 13 named storms to
15.
Hurricane experts Philip
Klotzbach and William Gray in
their report said that they expect
a "very active" season with an
above-average probability of a
major hurricane making landfall
in the United States.
Chief Climatologist at the
Department of Meteorology
Michael Stubbs said that this new
information does not bode well
for the Bahamas.
"We know what paths hurri-
canes have taken historically.
Although landfall is always diffi-
cult to predict, the Bahamian
archipalego is (very vulnerable).
It doesn't look good.


CAT Islanders began the
process of "building a produc-
tive workforce through con-
nectivity" with their first ever
island-wide Tourism Careers
Expo.
More than 60 exhibitors rep-
resenting 27 companies from
Cat Island and New Providence
made themselves available to
students from throughout Cat
Island. The two-day event
included career presentations
from reputable community and
business leaders and tours of
Cat Island's historic points of
interest.
"This was the biggest repre-
sentation from the industry that
we have ever seen at any fair in
recent years," said Ruthann
Rolle, manager of Tourism
Youth Awareness in the Min-
istry of Tourism and Aviation.
She also served as chairperson
of the Careers Expo. "Local
exhibitors and the 17 persons
from New Providence hailed
the event an educating one."
Ms Rolle said that the senior
management team of the Min-
istry of Tourism and Aviation is
also looking forward to sup-
porting similar events on other
islands, after the great success
of Cat Island's Tourism Career
Expo.
The expo connected students
with professionals from all eight
tourism product sectors -
' accomoiiodations, transporta-
tion, food and beverage, events
and conferences, attractions
and retail, travel trade, adven-
ture tourism and tourism set-
vices.
There were also exhibitions


by BTVI, the Lyford Cay
Scholarship Foundation, the
Royal Bahamas Defence
Force, the Royaf Bahamas
Police Force, the Environmen-
tal Health Department, local
barbers, beauticians, BEC and
BTC.

Seminars
The event began with "career
blitzes", seminars and a work-
shop for various grade levels.
Students from all primary
schools on the island converged
at New Bight Primary School


and were made aware of the.
importance of tourism to the
Bahamas. Meanwhile, high
school students met for sessions
at Old Bight High School.
Kendall Major, senior man-
ager for communications in the
Ministry of Tourism and Avia-
tion and co-host on the
"Tourism Today" television
show, spoke to the primary
school students and their teach-
ers.
"While there are a wide vari-
ety of jobs available in the
tourism industry, young per-
sons must study and learn as
much as possible about the


I 2 M! .l
CAREER EXPO presenters and organizers (from left): Ruthann Rolle of Ministry of Tourism, historian
Eris Moncur, Leslie Norville of Ministry of Tourism and Collette Brown and J Armstrong of BTC


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islands of the Bahamas so that
they are able to market all of
the wonderful, natural attrib-
utes of our people and our
country to our visitors, in order
to make their vacation experi-
ences as warm and friendly as
possible and to guarantee that
they would return," Mr Major
said.
After their discussions, the
primary students toured the
Hermitage at Mt Alvemia and
the Deveaux House plantation
ruins. Seventh and eighth grade
students also toured the
Deveaux Estate and the Bour-
bon Plantation.
Dereka Moultrie and Craig
Mortimer of the Ministry of
Tourism covered all four objec-
tives for the Bahamas Junior
Certificate course work on
tourism with ninth graders.
In addition, Bahamas Film
Commissioner Craig Woods
told senior high students how
they could prepare for film pro-


duction opportunities and
Monique Hinsey, co-ordinator
of the Lyford Cay Foundation,
told them that there are mil-
lions of dollars in scholarships
available to them.

Adoption
Before the close of the expo,
two Cat Island businesses -
Bridge Inn Restaurant and
Sammy T's Resort -
announced their official adop-
tion of Old Bight High School
and Arthur's Town High
School, respectively.
The adoption comes through
the Ministry of Tourism's Hos-
pitality Opportunities Through
Experiential Learning
(HOTEL) programme, which
allows hotels and other estab-
lishments to provide avenues
for students to gain work exp--'
rience and learn about the hos-
pitality industry.


Small plane makes


emergency landing


in South Bimini
SIX persons aboard a small aircraft en route to Florida nar-
rowly escaped injury after engine trouble forced the pilot to
make an emergency landing in South Bimini, The Tribune has
learned.
At around 10am on Sunday morning, the Department of
Civil Aviation in Alice Town, Bimini received word that the twin
engine aircraft was forced to land prematurely after the pilot
noticed that the right engine was smoking.
According to department employee Julia Hanna, a turbo
charger on the right engine started smoking and "blew out",
however it was not on fire as some early reports indicated.
The plane, which was en route to Ft Lauderdale from Chub
Cay in the Abacos, reportedly landed safely at the South Bimi-
ni Airport, police said.
While the four passengers, the pilot and co-pilot escaped the
harrowing ordeal safely, the plane sustained damage to its right
side and is still at the South Bimini Airport.
Just last month, an emergency landing of a Western Air
plane delayed passengers at Lynden Pindling International
Airport in Nassau.
That plane, en route to New Providence from Andros, expe-
rienced difficulties with its landing gear forcing the pilot to
perform a "precautionary landing," it was reported.
The 12 passengers on board escaped injury and were evacu-
ated.




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Editorial/Letters........................................P4
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BUSINESS SECTION
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Com ics............................L ......................... P6
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CLASSIFIED SECTION 36 PAGEk

INSERTS 1. ATLANTIC MEDICAL
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USA TODAY MAIN SEQ1ON 2 PA

USA TODAY SPORTS SECTIQ 12 PAGES


touches down in Cat Island


. r .


THE TRIBUNE


PAGE 2, TUESDAY, APRIL 15, 2008







THE TRIBUNE


TUESDAY, APRIL 15, 2008, PAGE 3


LOALEW


0 In brief


Haiti to get

emergency

food aid

through OAS-

PADF venture


p-^-^---


FOOD CRISIS: The OAS's Group
of Friends of Haiti met to discuss
the country's problems. OAS
Assistant Secretary General Albert
R Ramdin chaired the meeting

AROUND 400 tons of for-
tified rice, worth more than
$1.5 million, is available for
delivery as emergency food
aid to Haiti, the Pan American
Development Foundation has
announced.
PADF, an affiliate of the
Organisation of American
States, said the food is' espe-
cially aimed at those in great-
est need.
OAS Assistant Secretary
General Albert R Ramdin
chaired the meeting of the
organisation's Group of
Friends of Haiti, at which
PADF executive director John
Sanbrailo announced the pro-
posed aid package.
Mr Sanbrailo also appealed
to OAS member states and
other interested parties to help
mobilise $200,000 in funds to
underwrite the cost of ship-
ping the rice.

Security

The food would be distrib-
uted largely to schools (under
the school feeding pro-
grammes), health centres for
women and children, hospi-
tals and community groups
operating in, Cite Sqleil,. Bel.
Air and other locations where
PADF has programmes, Mr
Sanbrailo explained.
In addition to the food secu-
rity question, Mr Ramdin
identified the need for effi-
cient food distribution systems
to ensure those most in need
receive help, and in that
regard he praised the PAD-
F's network for aid delivery.
Mr Ramdin also cited
immediate employment
opportunities as a way to help
maintain political and social
stability in Haiti, arguing that
street cleaning projects would
generate useful short-term
employment.
Several member state rep-
resentatives reiterated their
support for urgent action to
mobilise assistance for Haiti,
detailing their respective gov-
ernment's initiatives, such as
food and security assistance
provided by Brazil, Canada
and other governments.

Solidarity

Bahamian Ambassador C
A Smith conveyed the soli-
darity of the CARICOM gov-
ernments, assuring the Friends
of Haiti meeting that, "We
stand ready to assist in what-
ever way we can."
On behalf of his govern-
ment, Haiti's permanent rep-
resentative Ambassador Duly
Brutus thanked the OAS and
PADF as well as member
states and the other interested
partners, for their demonstra-
tion of commitment to his
country.
Mr Ramdin suggested the
"Friends of Haiti," which
includes OAS member states
and observers as well as key
inter-American institutions
such as the Inter-American
Development Bank and the
Pan American Development
Organisation (PAHO), meet
again before a meeting in
Haiti this coming April 24 and
25 to consider funding for the
government's National Strat-
egy Paper on Growth and
Poverty Reduction.
lS.lE i NP T4E


OVERSEAS SECURITY ADVISORY COUNCIL ASSESSES BAHAMAS' AUTHORITIES



Report: Police resources are targeted


more at reaction than


POLICE resources in the
Bahamas are generally devoted
to reaction rather than crime
deterrence, charged a recent
report by a US security monitor-
ing organisation.
The Overseas Security Advi-
sory Council (OSAC) made this
assessment of local authorities in
its 2008 Crime and Safety Report
on the Bahamas.
According to the group's web-
site, the organisation is a Federal
Advisory Committee with a US
government charter to promote
security co-operation between
American business, private sec-


* By PAUL G TURNQUEST
Tribune Staff Reporter
pturnquest@tribunemedia.net
AFTER inspecting
deplorable working conditions
that nearly 89 Environmental
Heath staff have to endure on a
daily basis, former Minister of
Foreign Affairs and Public Ser-
vice Fred Mitchell called upon
Minister of State for Finance,
Zhivargo Laing, who is respon-
sible for accommodation, to
immediately provide a better
working environment.
Visiting the building in the
rear of Nassau Court, Mr
Mitchell said he had worked as
a messenger in the office when
he first left high school in 1970.
"The state of the building is
appalling and is certainly not fit
for human habitation or as a
workplace. There is no ade-
quate lighting, no adequate san-
itary facilities and bathrooms.
I am advised that there is
asbestos in the building.
"The staff have to endure
gasoline stored right next to
where they work. The commer-
cial garbage from the cruise
ships and Bay Street is stored in
front of the building, proximate
to where they have to work.,
"I have spoken to the Minis-
ter of Health directly about
these concerns and he has
promised an immediate inter-
vention," Mr Mitchell said.
However, Mr Mitchell added


Taxi driver's

body flown

to Nassau

for autopsy

THE body of popular taxi-
driver Benjamin 'Ben' Delan-
cy is being flown to Nassau
from Eleuthera for an autop-
sy. Mr Delancy died on Sun-
day his 67th birthday when
his cab swerved to avoid an
oncoming car at Hatchet Bay,
where he had just dropped
off a passenger.
He was catapulted from his
seat when the taxi hit a small
"precipice", throwing open
the driver's door.
Mr Delancy was thrown
into the air and died on
impact with the road, a
source told The Tribune last
night. "Had he been wearing
a seat-belt, he might have
been saved," he added. Mr
Delancy, a father of three,
had been a taxi-driver on
Eleuthera for more than 30
years. He was well-known at
North Eleuthera Airport and
Three Island Dock.
He and his wife Minerva
were due to have visited their
daughters Abigail and
Anastasia in Alabama to
attend their granddaughter's
graduation.
Relative and friend Gilbert
Kemp said: "He was looking
forward to it. They used to
spend a couple of months
over there every year. He
was always a good father."
His son, Wilkinson, lives in
Hatchet Bay. Mr Kemp
added: "Everyone is very
upset about this. Ben was so
popular that a song was
named after him.
"It's called 'Ben Went
Fishing All Night' and is still
played at jumping dance and
ringplay events on the
island."
Mr Delancy's daughters
and their families are expect-
ed to fly to Eleuthera for the
funeral, which will probably
be held at St Catherine's
Church, Hatchet Bay, next
week.


tor interests worldwide and the
US Department of State.
"The police have few emer-
gency vehicles, and streets and
houses are generally unmarked,
inhibiting responders from locat-
ing affected residences," said the
report. "To ensure quick response
to a residence, victims should go
to the local police post and pro-
vide transportation to the site. If
detained by the police one should
co-operate, identify yourself as
an American citizen and request
to make contact with the US
Embassy immediately."
Despite this warning to Amer-


ican citizens, the overall report
informs readers that, for the most
part, violent crime in the coun-
try is confined to the local popu-
lation, while noting that authori-
ties respond quicker to com-
plaints that occur at hotels and
tourist establishments.
"Predictably, the vast majority
of crime occurs on crowded New
Providence island. Most violent
crime involves only Bahamian cit-
izens. Although the Bahamas
experienced a record number of
homicides in 2007 (79), nearly all
the victims were Bahamian and
nearly all the murders occurred


deterring crime

on New Providence island in' Nas- home security. Intruders, said the
sau neighborhoods not frequent- report, can be deterred by the use
ed by tourists," said OSAC. of residential alarms, guards and
US citizens visiting the a good emergency plan.
Bahamas are also advised by the "Still, should you be confront-
OSAC report to use common ed by a group or person demand-
sense to avoid being victims of ing money or valuables, you
crime while in the country. should comply with their
"If you are in an area that demands and make the encounter
makes you feel uncomfortable or as brief as possible. Unless pro-
you do not see other tourists, you evoked, criminals engaged in prop-
are probably in the wrong area erty crimes in the Bahamas do
of town. Visitors should protect not generally engage in gratuitous
themselves as they would in any violence.
large or major metropolitan city." "However, in the Bahamas,
Americans who live in the many criminals do carry
country are advised to invest in firearms," it said.


Fred Mitchell slams the state of

Environmental Health building
'.. . . . . . . . .. . . . . . . . .. . . . . . . ..........'.......-....- "...... .- .. .


that blame for this debacle must
lie squarely at the feet of the
minister responsible for accom-
modation, Mr Laing.
"Attention must be paid by
the accommodations minister
immediately to find a satisfac-
tory place for these 89 workers
to be headquartered. Given the
urgent health concerns this must
be done now, not later. I have
pledged to raise the matter in
parliament.
"I have also spoken to John
Pinder, president of the
Bahamas Public Services


Union, who is au fait with the
matter, so that this can be
brought to a head. It is a matter
of urgency," he said.
Workers at the scene yester-
day complained not only of
deplorable conditions inside the
building, but also of the piles of
commercial garbage in front of
the office left by staff from the
Department of Roads and
Parks. Reportedly, garbage col-
lected from Bay Street is stored
in front of the building until it
can be collected sometimes
weeks later.


POLICE TO MEET YOU!


AS part of their ongoing effort to reduce crime by building
relationships with the public, officers from the Carmichael Road
Police Station conducted a walkabout on Saturday.
The exercise was carried out in the Golden Gates and Sunshine
Park areas, where a number of residents had expressed concerns
about the crime rate.
Officers arrested one man in connection with the discovery of a
quantity of marijuana, and organised the removal of a number of
unsightly derelict vehicles.


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i
I








PAGE4,TUESDAYIT APRI 5, 2008 THETRIBUNEO


THE failure of government schools in the
Bahamas to do their duty by the new generation is
spelled out all too clearly in a new study of the
nation's secondary education system.
The disclosure that 82 per cent of students at
public schools have no basic "literacy" in mathe-
matics is shocking. It means that most young
Bahamians do not even possess the kind of numer-
ical prowess required to work out the weekly shop-
ping bill.
Even when private schools are factored into
the equation, the mathematical "illiteracy" rate
still stands at 59 per cent hardly a statistic to give
parents a warm and cosy feeling about their chil-
dren's achievements in one of the two really vital
core subjects.
Not knowing basic mathematics is almost as
disabling as not knowing basic English. It is so
central to a normal, fruitful life that its absence is
almost akin to having only one leg, or one eye.
The findings, in a study by scholar Ralph
Massey, point once more to a long, downward
spiral in educational standards that does not augur
well for the future of the Bahamas. It is conceivable
- in fact, more than likely that the next 20 years
will see this nation condemned to a level of scholas-
tic mediocrity that could seriously undermine its
economic future.
It was all so different 40 years ago when the
PLP set its sights on higher education standards for
all Bahamians. The late Minister of Education
Cecil Wallace-Whitfield had a clear vision of where
The Bahamas needed to be academically. In fact,
educational advancement was seen as imperative
if the Bahamian people were to enjoy the full
fruits of self-determination and social progress.
However, the bitter truth is that we are even
more seriously adrift from those objectives than we
were then. Today, The Bahamas is in serious dan-
ger of producing a 21st century populace of illit-
erates, innumerates and ignoramuses with a serious
shortfall in all the basic areas of knowledge.
Though it profits no-one to harken back to colo-
nial times, it has to be said that those who had
the good fortune to pass through a school like
Government High in the 1950s and 1960s emerged
with a sound command of the three Rs reading,
writing and what was jokingly known as 'rithmat-
ic.
They were ready to enter the workplace, take
advantage of demanding apprenticeships, and
emerge a few years later as fully-trained trades-
people or professionals.
Many GHS students went on to good universi-
ties and did well in white-collar occupations. Oth-
ers were savvy enough to launch their own busi-
nesses and prosper mightily over the years since
then.
Since 1967, however, despite all good inten-
tions, educational standards have sagged alarm-
ingly, opening up a yawning gap between what's on
offer on the "exclusive" campuses of the best pri-
vate schools, and the sometimes appalling stan-
dards in the state school compounds.
Though teachers are invariably targeted as cul-
prits in this decline, we suspect that the profession
is as conscientious and committed as it ever was.
However, their job has changed dramatically
over the years, and salaries have never kept pace
with their burgeoning responsibilities.


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In today's irresponsible and unaccountable soci-
ety, teachers are expected to take on many of the
duties that once fell to parents.
They do more than teach. They have to become
psychologists, psychiatrists, nursemaids, discipli-
narians and role models, too.
And all in an environment that is becoming
increasingly hostile, with youngsters turning to
violence in their attempts to gain power in the
playgrounds.
Fired up by the appalling influence of the elec-
tronic media that is, television, movies and com-
puters many non-academic students see knives
and sometimes guns as equalising agents in an
environment which offers no status and little rea-
son for self-esteem.
Their disruptive impact on their colleagues, and
the educational process itself, must lead to many of
the abysmal exam results schools are experiencing
today.
It is impossible for any teacher, however tough,
to impart knowledge effectively to even the most
receptive of pupils if their classes are polluted by
louts hell-bent on making life a misery.
No wonder so many teachers fall victim to the
stresses and frustrations of an increasingly thank-
less task. It's amazing that the profession has any
recruits at all, given that some campuses have to
take on characteritsics of the Gulag just to remain
functional. The real problem of declining educa-
tional standards begins, of course, where most
other social difficulties are spawned: in the home.
The more mothers and fathers turn their backs
on the responsibilities of parenting, the more chil-
dren have to contend with the traumas of deadbeat
homes, the greater will be the task of elevating edu-.
cational standards to anything like an acceptable
level'.
Somehow, we must get back to instilling in chil-
dren the realisation that education is not just vital
to their future well-being as functioning members
of society, it is also the means by which they can
achieve a level of serenity and satisfaction in their
lives.
It isn't just about getting qualified for a highly-
paid job. It is about mental enrichment and the joy
that brings in one's everyday life.
Any child leaving school without basic mathe-
matics, or a rudimentary understanding of our
great language, is severely handicapped from day
one in the wider society.
Trying to forge a productive life for oneself
without any of the tools needed for the job is like
trying to reach space without a rocket, or the
seabed without a submarine. It can't be done.
Poor education creates more than a fundamen-
tally dissatisfied, unproductive population. It also
creates criminals, those whose intellectual short-
comings leave them with few options but to pick up
a gun.
Mr Massey's research ought to echo resound-
ingly in the head of every politician this morning.
Whatever spin respective parties like to put on
this most important of issues, they cannot evade
what has now become dazzlingly obvious: that
successive governments have let down our children
very be fly indeed.
It is now time to devise a strategy to reverse the
errors of the past and put Bahamas education
back on track.


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

LEONE. H. DUPUCH, Publisher/Editor 1903-1914

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Published Daily Monday to Saturday

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

A mathematical disaster


PUBLIC NOTICE
INTENTTO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, DOUGLAS URAL MCKINZIE
of Perpal Tract, West Bay St., Nassau, Bahamas, intend to
change my name to DOUGLAS URAL GIBSON. If there are any
objections to this change of name by Deed Poll, you may write
such objections to the Chief Passport Officer, P.O.Box N-742,
Nassau, Bahamas no later than thirty (30) days after the date of
the publication of this notice.








WOOD AND COLD-FORMED STEEL
TRUSSES
DESIGN
ENGINEERING
COMPETITIVE PRICING
FAST BIDDING INFORMATION



361-7764
Road to City Dump after Premix
Email:ggongora@coralwave.com




AUTHORIZED
MANUFACTURER


years afterwards the billings
went back to -the average of
$225-$265 and remained. The
many years of history of usage,
by that couple, meant nothing
to the company and for your
information, that couple was
yours truly and his wife.
The second story involves a
friend of mine who has two
houses; he lives in one and
keeps the other unoccupied. He
recently received bills for elec-
tricity $500 plus and
water/garbage more than $200.
Nobody lives at the address,
water pipes are not leaking and
there is no justification for those
amounts, which should be the
minimums.
Like all other complaints
though, they fall on deaf ears
and most people, not knowing
where to turn or who to turn to
next, get disgusted and just pay,
because they wish not to lose
the service. They have, all of us
over a barrel.
The third story is about a
friend of a friend, who received
a $2500 water bill. Naturally he,
as angry as a hornet, showed up
at the utility office to complain.
Certain investigations were car-
ried out but in the end he was
left stuck with paying the
charges.
No leaky or broken pipes
were discovered and checks of
the water meter, revealed noth-
ing out'of order.
They asked the gentleman to
pay $500 on deposit and
arrangements were made for
the remainder to be paid in
installments.
Turning away disappointed,
the gentleman could not believe
he used that much water in a
month, especially that there


were no signs of leakage any-
where. He decided to appeal to
the utility company and found a
sympathetic ear.
The decision was to test the
situation from a somewhat sci-
entific point of view and see
what resulted. What they did
was to take into consideration
the diameter of the pipe carry-
ing the water to his house and
measure the maximum amount
of water which can possibly pass
through the pipe on a twenty-
four hour per day basis with the
valve fully opened; then multi-
ply that amount by the number
of days billed.
What they discovered was
that the man couldn't use that
much water, under those ideal
conditions in several months of
flowing.
They made the necessary
arrangements to adjust his bill
to his average usage.
Good corporate citizens tend
to be good partners with their
clientele.
I call on the Grand Bahama
Power Company and the Grand
Bahama Utility Company to
begin to do the right thing.
Begin to treat complaints
from consumers seriously, and
not as a bother and/or a nui-
sance.
We are not all looking to get
something for nothing; most of
us wish to pay our share but we
don't want to pay somebody
else's.
In addition, these frequent
electrical outages are ruining
our appliances and computers,
what is being done about that?
We need to get a serious dia-
logue going here. Until next
time, those are my views.
FORRESTER
J CARROLL JP
Freeport,
Grand Bahama
Bahamas March 24, 2008.


EDITOR, The Tribune.
AS corporate citizens go, the
power and utility companies
appear not to be very honest
brokers. In my opinion the con-
sumer seems to be regarded, by
them, as an unequal part of the
equation that, if they have to,
they feel they can do without.
This is obviously not so, of
course, because without us they
would have no need for the
water and power they produce;
but this is how they make us
feel. Why have I come to this
conclusion?
As consumers of the products
these utility companies produce,
we consider ourselves partners
with them and not merely num-
bers that make up their yearly
statistics.
Most water and electricity
users expect, and are prepared,
to pay the cost for whatever
quantities of these products
they consume; what they don't
wish to pay for are the kilowatts
of electricity and gallons of
water they didn't use, but for
which they are being billed.
Very often bills are rendered
showing amounts that are gross-
ly out of the norm and which
utility company personnel know
to be ultra unusual.
A quick search of the con-
sumer's history of usage tells
them, immediately, that some-
thing is wrong and that the
client should be called to their
office for some kind of dialogue
before bills are just simply sent
in the mail.
If we were regarded as part-
ners and not just statistics, they
would do this kind of public
relations, as part of their
"modus operandi" and avoid all
the mistrust the public has of
them. I have three stories to tell,
which can be duplicated many
times over during the course of
a month. The first story is about
a couple that lived in a two-bed-
room apartment in Kings Bay
condo for many years. Their
power bill, for all those years,
remained constant between
$225-$265 monthly. One month
they were shocked to receive a
bill for more than $500. They
appealed to every authority at
the establishment, but in the
end were made to pay the full
amount. Company personnel
did, in fact, do some meter test-
ing but reported nothing wrong
with their equipment.
The following month and all
the subsequent, months and


Astounded by public

garbage dump burning
EDITOR, The Tribune.
On Friday, February 23rd, I saw an alarmingly large cloud
looming over the western end of New Providence.
Later, I was astounded to discover that it was the public garbage
dump burning.
As I was driving through Cable Beach the following Saturday
morning there was a highly toxic odour which forced me to roll up
my car windows.
In my country, burning garbage has been forbidden for the
past 30 years which is why I was so shocked to learn that this is an
acceptable practice in The Bahamas.
Incineration and recycling are the preferred methods of waste dis-
posal.
Not to mention that the detrimental health effects caused by open
air burning are well documented.
I would urge the citizens of The Bahamas to contact their local
MP with respect to this matter as well as asking those Ministers
responsible for the Environment to resolve this problem in the
health interests of not only Nassau's residents but also its tourists.
A CONCERNED FOREIGN RESIDENT
Nassau,
February, 2008














SATOY I BATIE


SAVVY BOUTIQUE


The utility




companies must




treat complaints




more seriously


THE TRIBUNE


PAGE 4, TUESDAY, APRIL 15, 2008







TUESDAY, APRIL 15, 2008, PAGE 5


THE TRIBUNE


LOA NW


0 In brief


Bahamas Ferries

announces a

ticket agency

agreement with

local retail outlet

BAHAMAS Ferries, the
inter-island marine trans-
portation service provider,
has announced a new part-
nership with the retail dis-
tribution outlet Hip Hop
City Ltd to sell passenger
-ferry tickets.
The company said the
move will eventually lead
to the widespread distribu-
tion of its tickets to the
public through ticket and
travel agencies.
At the moment, tickets
can only be bought at the
Potter's Cay Terminal or
over the internet.
"We are excited about
these new and future rela-
tionships because it will
provide our customers
with the added conve-
nience of several different
locations other than our
Potter's Cay Terminal to
purchase tickets," said Joy
Russell, customer service
manager for the company.
Hip Hop City is located
in the Soldier Road Shop-
ping Centre.



Kingsway Academy

'Fiesta' to feature

fashion show, live

entertainment
A FASHION show and
live entertainment will
feature at Kingsway
Academy's 'Fiesta' in the
school grounds at Bernard
Road on Saturday.
A bouncing castle, pony
rides, hoopla and clowns
will also be part of the
family fun at the all-day
even, organized by the
Parent-Teacher Associa-
tion.

Reggaeton

musician is

missing after

botched attempt

to flee Cuba
MIAMI
FRIENDS and family of
Cuban rapper and Reggaeton
artist Elvis Manuel held out
hope Monday that he was alive,
one week after he reportedly
disappeared trying to cross the
Florida straits in a failed human
smuggling operation, according
to Associated Press.
Part of the confusion over
Manuel's whereabouts came
from his own mother and about
a dozen other Cubans who were
picked up Wednesday by the
U.S. Coast Guard after their
boat capsized and who gave
conflicting accounts of their voy-
age. Nearly all were repatriat-
ed to Cuba on Saturday.
Two alleged smugglers were
taken into federal custody, fed-
eral officials said but declined
to give details, citing the ongoing
investigation.
Coast Guard Petty Officer
Dana Warr said the lack of reli-
able information hindered their
search and may have risked the
life of Manuel.
"To protect smugglers and
allow your own family to drift
aimlessly at sea is incredible,"
Warr said.
The Coast Guard sent a plane
to search for Manuel and others
Friday with no results. On Mon-
day, its boats were still on alert
but the official search was called
off.
According to the Coast guard
Manuel's mother Irioska Mania
Nodarse and the other migrants
initially told officers they left
the island Sunday night and that ,


their craft capsized early Mon-
day. The group was picked up
by a smuggling.boat, which also
capsized, the migrants said. As
they clung to the sides of the
twin-engine, 25-foot catamaran,
a cargo boat rescued them and
sent word to the Coast Guard,
which quickly arrived.
*0


Department of Immigration




launches electronic ID cards


DIRECTOR OF Immigration Vernon Burrows
said the system would enable the Department 'to
protect our country's borders from illegal immi-
gration, criminals, terrorist activities and an illic-
it workforce'.


THE Department of Immigration has
launched its fully integrated system for the
issuance of electronic identification cards.
The cards will be issued to holders of work
permits, permanent residence certificates, per-
mits to reside, home owners and resident
spouse permit holders.
According to the government, the system
will also greatly enhance the processing of
immigration documents, "and improve the
efficiency and effectiveness of the services
rendered by the Department of Immigration
to the public."
Persons applying for permits must present
themselves to the department to be finger-
printed and to sign off on their permits.
"The safety of the travelling public and the
protection of national borders are now a pri-
ority to countries around the globe. Govern-
ments are advocating, and putting in place,
fraud proof electronic systems that cannot
easily be compromised by persons engaged
in illicit activities," said the department in a
statement. "These systems help to more effec-
tively protect the borders in the interest of
national security."
"The electronic identification card system of
the Department of Immigration brings the


System 'will greatly enhance


processing of documents'


department in line with international devel-
opments in this area. The electronic cards will
make it possible for the Department of Immi-
gration to better manage border clearance,
monitor persons placed on the restricted and
stop lists and more effectively deal with appre-
hension and deportation matters," it said.
Prior to the implementation of the system,
Indusa, a company with experience in elec-
tronic border control systems based in
Greenville, South Carolina, reportedly worked
closely with the management at the depart-
ment to design, install and put the system
into operation. Familiarization seminars and
training sessions were conducted to prepare
staff to manage the system.
Director of Immigration Vernon Burrows,
said "we decided to implement a chip-based e-
ID solution with facial scans and fingerprints,


and a border control system that tags each
passport holder with his immigration card.
This would enable the Department to protect
our country's borders from illegal immigra-
tion, criminals, terrorist activities and an illic-
it workforce".
The government said the biometric-based
system will allow the department to efficient-
ly and effectively monitor persons who enter
the Bahamas as visitors, residents or to take up
employment in the country.
As the department adjusts to its new system,
the director asked the public to "kindly exer-
cise patience" in immigration clearance areas
at ports of entry and at the department head-
quarters, "as the officers and staff endeavour
to improve their service to the public. The
department thanks the public for its under-
standing."


Bahamas to host World Blind Union's North



America and Caribbean Division Meeting


* By LLONELLA GILBERT
THE Bahamas will host the
World Blind Union's North
America and Caribbean Divi-
sion meeting on April 17 and 18
at the Wyndham Nassau and
Crystal Palace Resort.
This announcement was made
by president of the Bahamas
Alliance for the Blind and Visu-
ally Impaired Desmond Brown.
Mr Brown said regional lead-
ers, policymakers, programme
designers and providers of spe-
cial services for the blind will
meet to discuss issues that
impact the lives of blind and
visually impaired individuals.
He explained that the WBU
is a non-political, non-religious,
non-governmental and non-prof-
it organisation representing
more than 160 million persons
who are blind or have partial
sight in over 170 countries.
"It is internationally recog-
nised as the organisation speak-
ing on behalf of blind and par-
tially sighted persons in the
world," he said.
Mr Brown said this is the sec-
ond time in nine months that the
Bahamas has been asked to host
a regional meeting.

Delegates
In July 2007, the alliance and
the Salvation Army hosted the
Caribbean Council for the Blind-
's annual general meeting where
delegates charted the course of
the organisation for the next 24
months.
"In hosting these meetings
and conferences the Alliance
seeks and urges individuals,
organizations and agencies to
develop and forge stronger rela-
tionships with these interna-
tional and regional partners pro-
moting the sharing of ideas,
information, technology, et
cetera," he explained.
He said attendees discuss
issues that will positively affect
the lives of blind and visually
impaired persons in the
Bahamas.
Mr Brown said another
important reason for hosting
these meetings and seminars is
that by doing so, the alliance is
promoting the country as a


DESMOND BROWN, president Bahamas Alliance for the Blind and Visually Impaired, speaks using a braille speech as other committee members
look on during the press conference
tourist destination. noted, "that 600 million or 10 blind rises by one to two mil- without proper statistical data
He also announced that the per cent of the world's popula- lion. "Realising the urgency of cc
Alliance will be celebrating its tion are living with disabilities, "It is also estimated that with- reacting this deficiency, the Di
11th anniversary with a week of and according to the World out intervention the number of ability Affairs Division of tl
activities which began on Sun- Health Organisation over 45 mil- blind persons will increase to 75 Department of Social Servic
day, April 13. lion of these individuals are million by the year 2020," he has initiated a nationwide re
There was a church service at blind; 1.4 million are children, said. istration drive to develop
St Marks Baptist Church on 124 million are categorised as "The good news however, National Registry of all perso
April13, and the official opening low vision and 135 million is that 75 per cent of with Disabilities living in tl
of BABVI office will be held at are diagnosed as visually- blindness is either treatable or Bahamas."
the Salvation Army Adult Blind impaired. preventable." He said the information
Workshop Building, Ivanhoe "Every five seconds an indi- Mr Strachan said that in the obtained will also assist non-go
Road on April 16. vidual in our world goes blind, Bahamas, it is impossible to pro- ernmental organizations such


Opportunity
Undersecretary in the Min-
istry of Social Development
Alan,Strachan said the ministry
welcomes the opportunity to join
hands with the Bahamas
Alliance for the Blind as it pre-
pares to host the upcoming
meeting of the WBU.
"It is estimated," Mr Strachan


Young woman dubbed the

Bahamas' first porn star
* By BRENT DEAN
Tribune Staff Reporter
bdean@tribtunemedia.net

A YOUNG Bahamian woman who attended Nassau's top two
independent schools has been dubbed the country's first porn
star.
The description has appeared on an X-rated website which
showed her engaging in explicit sex acts.
The site, which describes her as the first such star in the
Bahamas, refers to the Bahamian as 19-year-old 'Sloane', an ass-
sumed name.
Sources have confirmed to The Tribune the real name of the
woman, that she is Bahamian and that she was a former student
of both Queen's College and St Andrew's.
'Sloane' features on another website, which bills itself as a
local 'swingers' club..
The Bahamas is featured when 'Sloane' is mentioned online.
One portion of the site is entitled 'Sloane in the Bahamas',
and shows the woman posing in a bikini on the beach.
She is topless in one picture, and appears to be at The Clois-
ters on Paradise Island in another.
A website citing figures from 2006 places worldwide pornog-
raphy revenues at $96 billion. The data also indicates that there
are some 4.2 million pornography websites, 420 million porn
pages, 68 million daily pornographic search engine requests,
along with some 2.5 billion daily pornographic e-mails.
According to the website, 42.7 per cent of.Internet users
view pornography.


every single minute a child goes
blind, and every year the num-
ber of persons becoming totally


vide much needed programmes
and services for the disabled in
an efficient and effective manner


a.
or-
is-
he
es
g-
a
ns
he
on
v-
as


the Bahamas Alliance tor the
Blind in accomplishing their
objectives.


He doesn't know it yet. Atl he needs is someone to inspire him to cause an effect. That's why
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I







PAGE 6 TUESAY, ARIL 1, 200CTHE RIBUN


Three in court

in connection

with British

toddler's death
FROM page one

speedboat pulling an inflatable
banana float lost control and
sped on to the sand.
Paul Gallagher Jr., who was
asleep on a deckchair at the
time, was struck by the boat and
died as a result of severe head
injuries a few days later. Since
the death of their son, father
Paul and his wife Andrea Gal-
lagher have been campaigning
to have those responsible for
their son's death held liable in
the courts.
After the toddler's death was
initially ruled an accident in a
2003 Coroner's Inquest, the
Gallaghers pushed to have the
investigation reopened and sub-
sequently manslaughter charges
were brought against the three
men now standing trial.
In her submissions before Jus-
tice Elliot Lockhart, Ms Bost-
wick claimed that the minds of
the jurors had been prejudiced
by local media reports on the
matter.
Highlighting some of the
reports, Ms Bostwick said there
was a suggestion that the men
were guilty of the offence.
Justice Lockhart, however,
said that in the reports he found
nothing to advance the case of
negligence and that with proper
directions to the jury the rights
of the accused men would be
safeguarded against any poten-
tial prejudices.
The trial is expected to begin
at 10am today.


FROM page one

of this situation and has not received
any communication from the Isle of
Capri in regards to this financial advice
by the Morgan Joseph analyst.
Mr Laing added that although the gov-
ernment has been subsidising operations
at the casino for some time now, there
has been no indication that Isle Capri
has any intentions of pulling out of the
Our Lucaya Resort.
He also pointed out that just because
analysts may have recommended the clo-
sure of operations in Grand Bahama,


FROM page one
press conference at the Chamber
of Commerce.
The company was created to
bring together private owners to
alleviate chronic inadequacies in
public transportation which stake-
holders felt were not being
addressed.
There are no time schedules for
buses, insufficient bus stop mark-
ings, inadequate bus stop shelters
and regular complaints about dan-
gerous driving by public sector bus
drivers.
During the period for the chal-
lenge, UTC is implementing a pilot
project in the eastern district.
Fare box rules will be enforced,
said Mr Moxey, and the public will
be encouraged to produce correct
.change for fares, as drivers will


this does not necessarily mean that Isle
of Capri will heed the advice.
However, Mr Laing said that anytime
that an economic entity plans to down-
size or close down operations, it is a mat-
ter of concern for the country espe-
cially in Grand Bahama, where people
have endured a very sluggish economy
for the past six years.
The Associated Press reported yester-
day that Isle of Capri Casino Inc's shares
dropped after analyst Mr Sebastiano said
that the casino operator is facing strong
competition in most of its markets and
should exit its international operations.
In addition to pulling out of the Unit-


Private bus firm
not be providing change.
Additionally, a model route will
be established along with time
scheduling for buses, and route
monitoring of drivers to ensure
proper practices are being fol-
lowed. Those who violate the rules
will face sanctions, including sus-
pension, the company said.
UTC began with 5,000 shares
and it is looking to add more
stakeholders to the company, said
Jamal Davis, vice-president and
legal counsel of the company,
through a new private offering.
The company also has a mar-
keting arm, which seeks to explore
promotional ventures such as using
the sides of buses to sell ads, to
increase revenues.


ed Kingdom, Mr Sebastiano also advised
Isle of Capri to exit its Bahamian oper-
ations.
The analyst in a client note said that
Isle of Capri looked at the Bahamas as a
way to cross-market to its Pompano Park
customers in Florida. However, the com-
pany's over-assessment of the Florida
market has left the Bahamas under-
utilised, he said.
Robert Griffin, senior vice-president of'
operations at Isle of Capri, said last
month that international operations con-
tinue to lose money and that his compa-
ny will re-evaluate its entities outside of
the US in an effort to improve cash flow.


Mr Moxey and a teamaof offi-
cers from the company also dis-
played to the media plans for the
creation of bus new bus stop shel-
ters, mini-bus terminals with con-
cession stands and a full bus ter-
minal.
These infrastructural sugges-
tions for improvement of the
industry will not be implemented
during the challenge, noted Mr
Moxey, but are intended as ideas
for the overall upgrade of the
industry.
Along with the increase in fuel
charges that diminishes profit mar-
gins for stakeholders, bus drivers
have also lost a tax exemption at
the beginning of this year on the
importation of new vehicles.
The cost of new vehicles has
consequently increased by about
$20,000.


Last month Tribune Business reported
that Isle of Capri's Grand Bahama casi-
no saw its net operating loss for the quar-
ter to January 27, 2008, drop by 52
er cent from $349,000 in 2007 to
169,000.
However, Isle of Capri said that the
casino at the Our Lucaya Resort turned
in a relatively flat revenue performance
for its fiscal 2008 third quarter and that
total revenues for the first three quarters
of the current fiscal year were down
some 6.8 per cent, standing at $10.79
million compared to $11.579 million in
the previous year, which ended in April,
2007.


20-year-old charged

with shooting death
FROM page one maintained that he knew noth-
ing about Cooper's murder and
had received threats stating that
why Lloyd was being detained should he make it to the west-
again, an order based on a sum- ern section of Her Majesty's
mons filed on Saturday was Prison there was something
shown to him. waiting there for him.
Mr Roberts questioned how Mr Roberts asked that his
it was possible to have an order client be remanded to the
filed on a Saturday. Detention Centre instead and
He said officers involved in also made a request for bail.
the investigation had Chief Magistrate Gomez not-
been unco-operative with him ed Mr Roberts' objections.
and that his client had Lloyd was remanded to Her
been beaten while in police cus- Majesty's Prison. His case has
tody. been adjourned to May 20 and
Mr Roberts also told the transferred to Court 11, Nassau
court that his client had always Street.


Private citizen invites applications for the position of:


Homecare Assistant

You must possess a good working attitude, pleasant
disposition, be trustworthy anid kind-hearted.
Elderly couple in Cherokee Sound, Abaco, requires
a live-in, homecare assistant who can provide the
highest level of quality care with warmth and
compassion.

Interested applicants please forward your resume to:-

Fax: (242) 366-2121
or
P.O. Box EE-15715
Nassau, Bahamas

Nursing experience is preferred but not a must.
Attractive compensation package offered..









Senior Client Advisor

The successful candidate should possess the following
qualifications:
* MBA or Law Degree (preferred)
* 3-5 years experience in providing advice & solutions
to high net worth clients
* Knowledge of Wealth Advisory financial solutions.
* Mutual funds license or CSC (preferred)
* Financial planning designation (CFP or PFP
designation)
* Excellent relationship management and client
service skills
* Previous Private Banking experience required.

Responsibilities include:
* Create and manage a portfolio of High Net Worth
clients
* Relationship Management and growth of long-
term profitable client relationships
* Coordinate Annual Reviews
* Ensure full HNW enterprise value proposition is
offered at least once a year
* Ensure client satisfaction, client loyalty-and client
retention
* Identify client needs in order to present unbiased
enterprise solutions independently or through a
supporting team of HNW professionals
Interested persons should apply by Monday,
April 21, 2008 to Elizabeth Dorsch.

Please apply to:

Elizabeth Dorsch
Royal Bank of Canada Wealth Management
P.O. Box N-3024
Nassau, N.P, Bahamas


Via fax: (242)327-7382
Via email: elizabeth.dorsch@rbc.com


T6Iis ASCE RIEA ftr
'nrviloUri (VeWs, T-oc)


5E JLiteracy Awards
_presentation
.. .... ceremony is

LAT C announced
A 'P^C T y"Eou .S. SENIOR Education Offi-
SIAYL #V,- Icer at the Ministry of Educa-
tion, Youth, Sports and Cul-
ture and chairman of the Min-
ister's Awards Committee
William Rahming announced
P E -- yesterday the first ever Liter-
W lacy Awards Presentation Cer-
\ \ emony for second-graders.
'T\ '. The event will take place at
7the Church of God of Prophe-

10am.
The top scorers and schools
from throughout the Bahamas
will be presented with trophies
and books.
leMr Rahming noted that the
11 top scoring students are
-from the Family Islands.

US-friendly Berlusconi wins Italy's election, heads into third stint as leader


N ROME


MEDIA BILLIONAIRE Silvio Berlusconi
won a decisive victory Monday in Italy's parlia-
mentary election, setting the colorful conserva-
tive and staunch U.S. ally on course to his third
stint as premier, according to Associated Press.
The victory in voting Sunday and Monday
by parties supporting the 71-year-old Berlus-
coni avenged his loss two years ago to a center-
left coalition.
"I'm moved. I feel a great responsibility," he
said in a phone call to RAI public television
while monitoring election results at his villa out-
side Milan. Italian news agencies said he had a
private dinner with key aides.
Berlusconi capitalized on discontent over


Italy's stagnating economy and the unpopular-
ity of Romano Prodi's government.
"I think it was a vote against the performance
of the Prodi government in the last two years,"
said Franco Pavoncello, a political science pro-
fessor at Rome's John Cabot University.
"Berlusconi won because he has a strong coali-
tion and because people feel that on the other
side, the government is going to take them
nowhere."
This was Berlusconi's fifth consecutive nation-
al election campaign since 1994, when he stepped
into politics from his media empire, currently
estimated to be worth $9.4 billion. He has fend-
ed off challenges to his leadership by conserva-
tive allies, withstood accusations of conflict of
interest and survived criminal trials linked to


his business dealings.
During his last time as premier, Berlusconi
served a record-setting five years until his 2006
defeat. He made notable international gaffes
as well as unpopular decisions at home, such
as sending 3,000 soldiers to Iraq despite wide-
spread opposition among Italians. The Iraq con-
tingent was withdrawn after his 2006 ballot loss,
and he has ruled out sending any more troops
there. But his friendship with the United States
is not in doubt.
Berlusconi once said he agreed with the Unit-
ed States regardless of Washington's position.
He calls President Bush a friend, and his return
to power is likely to make relations with Wash-
ington warmer, no matter who becomes the
next American president.


Casino operator advised





to pull out of Bahamas


I


THE TRIBUNE


PAGE 6, TUESDAY, APRIL 15, 2008


E X P E C
S U C C E S S














mitn Elderly man attacked

monitoring H i
unrest in Haiti Ilir 4 e -"4"


U.S. COAST GUARD offi-
cials are closely monitoring
events in Haiti on the chance
that recent unrest on the
impoverished island might
trigger a new wave of boat
people trying to flee toward
Florida, according to Cox
News Service.
"Our patrols are at their
normal levels, but when we
have unrest we watch careful-
ly to make sure we stay out
front of any developing situa-
tions," Chief Petty Officer
Dana Warr of the Seventh
Coast Guard District in Mia-
mi said Monday.
So far, Coast Guard patrol
cutters and aircraft have not
spotted any signs of large
numbers of Haitians taking to
sea, Warr said.

Prices
Riots sparked by high food
prices broke out in the in the
southern Haitian city of Les
Cayes on April 3. Before wan-
ing last week, the unrest
spread to the capital, Port-au-
Prince, and other areas, leav-
ing seven dead, including a
Nigerian officer serving in the
9,000-member United Nations
peacekeeping force that has
patrolled Haiti since 2004.
The protests in Haiti come
as prices for staples such as
rice and wheat have skyrock-
eted around the globe due to
several factors, including high
demand and record fuel
prices.
Economists have warned
the situation may get worse,
possibly sparking more unrest
and even violence if desper-
ate, hungry people take to the
streets.
U.N. Secretary-General
Ban Ki-moon warned Mon-
day that the global food crisis
has reached "emergency pro-
portions," and called for the
global community to "take
urgent and concerted action
in order to avoid the larger
political and security implica-
tions of this growing crisis."
Protests over high food
prices have also erupted
recently in Mexico, Nicaragua
and the Dominican Republic.


E By TANEKA Carmichael Road. around 11.30pm last week jars filled with coins, Mr Evans
THOMPSON Police reported two armed Thursday, two masked men said.
Tribune Staff Reporter robberies in the area occur- one armed with a handgun The victim was taken to
tthompson@tribunemedia.net ring about half an hour apart kicked in the front door of an hospital where police report
and say they believe the elderly man's home off that he is in serious but stable
AN ELDERLY man had to break-ins were committed by Carmichael Road. condition.
be taken to hospital following the same assailants. The 74-year-old man was hit Approximately thirty min-
a brutal attack by armed rob- Assistant Superintendent to the face before the desper- utes later, just before mid-
bers who invaded his home on Walter Evans said that a,t ate robbers made off with two night, police said three
...


Y teens preparing for an exhibition of artwork


THE Bahamas Young Women's Christian
Association has announced that it will be host-
ing an art exhibition and sale in June featuring
works created by HO 0 Nash Junior High School
students.
' In a statement issued yesterday, the YWCA
said the event will take place on Saturday, June
28 at 5pm at its headquarters on the comer of
John F Kennedy Drive and Dolphin Drive.
While conducting one of the association's
"Y Teens" sessions in November 2007, Rosalie
Fawkes, general secretary of the YWCA of,
Bahamas, discovered the art room of H 0


Nash Junior High School.
Amazed at the beautiful work displayed on
the walls of the classroom, Mrs Fawkes said she
immediately invited the art teacher, Willard
Capron, to exhibit the children's work at the
YWCA's cultural evening held on Sunday
March 9 of this year.
The cultural evening and the exhibition
proved to be a success with the artists attending
and receiving recognition for their work.
"The wonderful thing about the cultural
evening was that it allowed the talent of the
children to be affirmed and recognized by the


masked men one with a
handgun and one with a shot-
gun knocked at the door of a
35-year-old male resident of
Carmichael Road.
Dressed in dark clothing,
the thieves robbed the 35-
year-old and his friend of cash
and personal items, police
said.
They escaped the scene
heading in an unknown direc-
tion.
Police say their investiga-
tions continue.

* DRUGS DISCOVERY
Earlier the same day,
Andros police officers discov-
ered 1,700 pounds of suspect-
ed marijuana on the island.
The officers, who were later
joined by Drug Enforcement
Unit (DEU) officers from
New Providence, were direct-
ed to the huge drug find on a
tip from the public, Assistant
Superintendent Walter Evans
said.
At around 6pm on Thurs-
day, the officers travelled to
an area in Grassy Creek,
South Andros where they
found a number of taped
packages containing marijua-
na, Mr Evans said.
The police say the drugs
have an estimated local street
value of over $170,000, he
said.
Information from members
of the public is reportedly aid-
ing this ongoing investigation.

Th oahn Cre
TestngutoIng J
Couselin.-+[m'

Bhvor and Learnin gl


wider community. Members of the audience
also expressed interest in purchasing the art-
work," Mrs Fawkes said.
The Y-Teens also painted a colourful mural
on the wall of the YWCA's activity centre in
time for.the cultural evening.
Y-Teens is a leadership mentoring pro-
gramme that began in 2004 and includes girls
and boys.
Due to the success of the programme, organ-
isers say, the sessions are now held during
school hours at H 0 Nash'Junior High School
to benefit a larger number of students.


THIS MONTHS TOPIC:

Nutrition


SPEAKER:
Julia Lee
Registered Dietitian


Purpose:
To educate the public about
the important health issues,
presented bydistinguished
physicians.

Screenings:
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Pressure,Cholesteol, an
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5pm & 6pm.


RSVP:
To ensumr available ting
Phone: 302-4, 3


LECTURE DATE

Thursday, April 17th, 2008 @ 6pm

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Thursday of the month for this scintillating
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TUESDAY, APRIL 15, 2008, PAGE 7


THE TRIBUNE


uy rVUlonol 11


.o11me








PAGE TUSDAYAPRI 15,2008 HE TIBUN


30th ANNUAL HONOURS DAY PROGRAMME


I C R WALKER


I ST ANNE'S HIGH


R M BAILEY SR


C I GIBSON SR


MT CARMEL PREP


DORIS JOHNSON SR


S *S


C CV BETHEL SR



-a OF-


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




Mrs. Una

Shepard
of Nassau, The Bahamas
who died on 13th April,
2008, will be held at
Christ Church Cathedral
George Street,. Nassau
oi Wednesday, 16th
April, 2008 at 4:00 p.m.

The Very Rev. Patrick L. Adderley, Dean of
Nassau, assisted by Fr. Michael Gittens, Priest
Vicar, will officiate and interment will be in The
Garden of Remembrance, Christ Church
Cathedral.

Mrs. Shepard is survived by her husband, Arnold
Shepard, sons, Chad and Owen; father and
stepmother, Kenneth and Sybil Treco; brother,
Tony Treco; sisters, Maria Smith, Yvonne
Cartwright, and Cheryle Themens; daughters-
in-law, Crystal and Natalie Shepard; aunt,
Elizabeth (Betty) Cole; brothers-in-law, David
Smith and Gerald Themens; sister-in-law,
Stephanie Treco; nieces, Marlene Key, Athena
Smith, Shelly Smith, Tanya Bennett and Chantel
Themens; nephews, Cliff and Brian Cartwright,
Kien Smith and Alain Themens and many other
dear relatives and friends too numerous to
mention.

In lieu of flowers, donations may be made to
Christ Church Cathedral Endowment Fund,
P.O.Box N.653, Nassau in memory of Mrs. Una
Shepard.

Arrangements by Kemp's Funeral Home Limited,
22 Palmdale Avenue, Nassau, The Bahamas.


IN 1978, under the presi-
dency of Mellany Zoni-
cle, an idea conceived by Thel-
ma McMillan, Honours Day,
was held at the Government
High School.
Three females participated,
representing schools through-
out New Providence. They
vied for the Alpha Kappa
Alpha Award and wrote an
essay to determine who the
recipient would be.
In 2008, the year of the cen-
tennial anniversary of the
Alpha Kappa Alpha Sorority
Inc and the 45th anniversary
of the local sponsoring chap-
ter, Eta Psi Omega, under the
theme, "Celebrating 30 years
of An Exemplary Scholastic
Programme," will host the
30th annual Honours Day
Programme at the British
Colonial Hilton Hotel with 27
young women representing.
high schools inr both NeW
Providence and the Family
Islands.
Each participant is a leader
in her own right as she has
been identified as the top
graduating female student at
her school.
Founder Mrs Thelma
McMillan saw the need to
recognize high school girls for
their high academic achieve-
ments, thus the birth of the
Honours Programme.
Since its inception, the pro-
gramme has grown with the
introduction of the Linda Hig-
gs-Swann Valedictorian Schol-
arship, tenable at The College
of The Bahamas, and a cash
award for the best essay.
Additionally, honorees are
now hosted to a full weekend
of fellowship, mentorship and
healthy competition.
This weekend, under the
leadership of first vice-presi-
dent Mrs Joyanne Archer, and
co-chairs Wendyi Poitier-
Albury and Tiffany Bain-
Saunders, the girls and their
families will be fully engaged
with activities beginning on
Friday, April 11 with a tour
of The College of The
Bahamas and a courtesy call
on the college president, Mrs
Janyne Hodder, and ending


t9n YmaJ Jlenwi


CEVA FOX

Life is but a stopping place,
A pause in what's to be,
A resting place along the road,
to sweet eternity.
We all have different journeys,
Different paths along the way,
We all were meant to learn some things.
but never meant to stay...
Our destination is a place,
Far greater than we know.
For some the journey's quicker.
For some the journey's slow.
And when the journey finally ends,
We'll claim a great reward,
and find an everlasting peace,
Together with the lord.


yor dugtrEteFx


-II


I s
'1.11. .pidren


on Sunday, April 13 with hon-
orees and chapter members
attending Christ Church
Cathedral immediately fol-
lowed by the Honours Day
awards and reception. It is
during this time that recipi-
ents of the Linda Higgs-
Swann Valedictorian Scholar-
ship award and essay award
will be announced.
Over the year, participants
have had many dynamic
speakers address them and
this year honorees will receive
a message from the 16th pres-
ident of The Bahamas Union
of Teachers, Mrs Ida Poitier-
Turnquest.
Other activities of the week-
end include involvement in a
seminar by the Ministry of
Health, "Passport to Healthy
Living" and a seminar on eti-
quette on Friday afternoon.
On Friday evening, all par-
ticipants and their families will
be hosted to a welcome recep-
tion.


On Saturday, honorees will
take the general knowledge
test and write an essay, the
results of which will determine
who is awarded the Linda
Higgs-Swann Valedictorian
Scholarship award and cash
prize respectively.
To date, through the Hon-
ours Day programme, the Eta
Psi Omega Chapter of the
Alpha Kappa Alpha Sorority
Inc has awarded over $80,000
in scholarships and prizes to
deserving young women from
both New Providence and the
Family Islands.
In keeping with the sorori-
ty's motto, "Service to all
Mankind," and its mandate to
recognize and facilitate edu-
cational advancement in
Bahamian communities, the
local chapter will continue to
do its part to encourage, hon-
our and reward future leaders
for exemplary and scholastic
achievements.


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PAGE 8, TUESDAY, APRIL 15, 2008


THE TRIBUNE














Comparing major changes




in Bahamas and Zimbabwe


i


M By LARRY SMITH

AS A teenager back in
1965 I recall a
solemn school assembly at
which one of our teachers
(who was from Rhodesia) tried
to explain that African colony's
unilateral declaration of inde-
pendence from Britain.
Rhodesia was a prosperous
colony run by a stubborn white
settler named Ian Smith, who
died last November.
The country is now called
Zimbabwe, and is run by the
octogenarian Robert Mugabe,
who was Smith's nemesis dur-
ing the war against white rule
in the 1970s.
In those days it was still big
news for a colony to actually
break from the British Empire
unilaterally the American
War of Independence notwith-
standing.
That's one of the reasons we
were sitting in the sunshine lis-
tening to Mr Dock on that cool
November day 43 years ago.
Of course, the other big rea-
son was race, which defined
the context of the time.
This was only two years
before the Progressive Liberal
Party's historic election victory,
which overturned white
minority rule in the Bahamas.
In fact, integration of the stu-
dent body at my high school,
Queen's College, had only
recently begun.
Nineteen-sixty-five also
marked the height of the US
civil rights movement, when
Martin Luther King's non-vio-
lent campaign began to be
superseded by black power
radicals like Malcolm X and
Stokeley Carmichael. After
King's assassination in 1968,
the struggle became much
more violent.
Meanwhile, in southern
Africa, Ian Smith led a whites-
only political party called the
Rhodesian Front, which resist-
ed all efforts to extend voting
rights to the black majority. As
he once famously declared: "I
don't believe in black majority
rule ever, not in a thousand
years."
White rule in Rhodesia was
based on property and educa-
tion qualifications for voting
that were in place when the
British introduced self-gov-
ernment in 1923.
Whites had 95 per cent of
the votes in national elections
although they were never more
than five or six per cent of the


"That the transition
(to majority rule in
the Bahamas) was a
quiet revolution was
owing to political
moderation on
both sides, with
the economically
aggressive Bay Street
oligarchy resolutely
retaining democratic
principles, and their
black opponents...
equally firmly
refraining from
violence or even
retribution."

Historians
Gail Saunders and
Michael Craton
population.
This closely resembled the
situation in the Bahamas,
where the 15 per cent white
minority occupied most of the
positions of power. The secret
ballot was not introduced here
until 1949 and plural voting
with property qualifications,
together with the disenfran-
chisement of women, contin-
ued until 1962. The effect of
these measures was to diminish
the electoral power of the
majority.
In response, black power
movements influenced by the
highly-publicised American
civil rights struggle emerged in
both the Bahamas and Rhode-
sia, where Robert Mugabe's
Zimbabwe African National
Union became the dominant
nationalist force.
Although most British
colonies achieved indepen-
dence in a relatively orderly
fashion during this period,
Rhodesia's defiance of the
international community and
denial of civil rights to most of
its citizens led to UN sanctions
and a bloody seven-year guer-
rilla war waged by Mugabe and
others.
Eventually, the British and
Americans were able to nego-
tiate an end to UDI in 1979,
and the following year Mugabe
became prime minister of an
independent Zimbabwe.
Smith and his party contin-
ued to contest the 20 reserved
white seats until 1987, when
they were abol-
09. wished. The


former white ruling party was
finally subsumed into a broad,
non-ethnic opposition, the
Movement for Democratic
Change, which came close to
winning the 2000 elections, pre-
vented Mugabe from changing
the constitution in his favour,
and by most accounts has won
the March 29 presidential and
parliamentary elections.

n the Bahamas things
went rather differently.
The black-led PLP came to
office in January, 1967, by the
slimmest of margins, but was
re-elected in a landslide the
following year. It has often
been acknowledged that much
of the PLP's inspiration came
from the black power move-
ment in the US and the victo-
ries achieved by black majori-
ties in British colonies in the
Caribbean and Africa.
But the white regime in the
Bahamas had the common-
sense to do the right thing and
avoid a racial war. According
to historians Gail Saunders and
Michael Craton: "That the
transition (to majority rule)
was a quiet revolution was
owing to political moderation
on both sides, with the eco-
nomically aggressive Bay
Street oligarchy resolutely
retaining democratic principles,
and their black
opponents...equally firmly
refraining from violence or
even retribution."
The former white ruling
group the United Bahamian
Party was dissolved by Geof-
frey Johnstone in 1970 and
some of its members became
part of the new Free National


i0


ZIMBABWE'S Presiden Robert Mugabe meets with head of the African Union Observer Mission members at
Zimbabwe House in Harare, Thursday, April, 3, 2008


Movement along with a break-
away group of senior members
of the PLP.
Pindling and the PLP led the
country to independence three
years later and remained in
power for a stultifying quarter
century, finally succumbing to
the FNM in 1992.
Both parties have exchanged
places twice in the ensuing 16
years.
Similarly, Mugabe is the
hero of Zimbabwe's indepen-
dence movement and the fight
against white rule.
But at 84 he refuses to coun-
tenance any challenge to his
autocratic rule. His chief oppo-
nent is Morgan Tsvangirai, a
trade-unionist and human
rights activist who has been


arrested several times by the
regime.
It is widely accepted that
Mugabe and his cronies are
chiefly responsible for an eco-
nomic meltdown that has
turned one of Africa's most
prosperous countries into a
country with one of the low-
est life expectancies in the
world. There is no freedom of
speech or assembly in Zim-
babwe, and the state has used
violence to intimidate and mur-
der its opponents.
According to David Coltart,
MDC senator and human
rights lawyer: "At the root of
Zimbabwe's problems is a cor-
rupt political elite that has, with
considerable international sup-
port, behaved with utter


r I-

Go




impunity for some two
decades. This elite is deter-
mined to hang on to power no
matter what the conse-
quences."
White rule is no longer an
issue. But like Pindling's PLP
- the Mugabe government
clings tightly to the rhetoric of
the past. Zimbabwe's gross
domestic product fell by about
43 per cent between 2000 and
2007, and millions of its citi-
zens have fled the country in
recent years.
Meanwhile, Mugabe contin-
ues to wield the same authori-
tarian powers once exercised
by the white Rhodesian Front
as the country descended into
chaos under UDI. Ian Smith
must be laughing in his grave.


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TUESDAY, APRIL 15, 2008, PAGE 9


THE TRIBUNE


ATI HC Sr








PAGE 10. TUESDAY, APRIL 15, 2008


THE TRIBUNE


TUESDAY EVENING APRIL 15, 2008

7:30 8:00 8:30 9:00 9:30 10:00 10:30
Great Romances Nova "Marathon Challenge" People Once There Was a Country: Re- Frontline "Sick Around the World"
0 WPBT of the 20th Cen- from diverse backgrounds train for visiting Haiti Haiti's failing infra- The healthcare systems of other ad-
tury the Boston marathon. n structure. vanced democracies.
The Insider (N) NCIS "Dog Tags' Abby risks her ca- Big Brother 9 The veto meeting 48 Hours Mystery fl (CC)
I WFOR n (CC) reer in defense of a dog. (N) ( and competition. (N) l (CC)
(CC)
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WTVJ wood Jessica biggest loser. (Uve) n (CC) "Undercover" A girl is found raped
Alba's cause. and beaten. (N) ," (CC)
Deco Drive American Idol Seven finalists com- (:02) Hell's Kitchen A race to cook News (N) (CC)
* WSVN pete. (Live) t (CC) perfectly-plucked chickens. (N) n
(CC)
Jeopardy! (N) According to According to Dancing With the Stars One is (:02) Boston Legal 'The Mighty
WPLG (CC Jim The Gift Jim The Hot eliminated. (Live) (CC) Rogues" Shirle wants to end her
Certificate' (N) Wife" 1 (CC) sick father's su ering. (N) n
(:00) CSI: Miami The First 48 'Deadly Attraction" A Gene Simmons Gene Simmons Gene Simmons Gene Simmons
A&E Three-Way" ( man is found murdered in his bed. Family Jewels Family Jewels Family Jewels Family Jewels
(CC) (CC) (CC) Hospitalization. (CC) "Nail Me" (N)
(:00) BBC World BBC News World Business BBC News Earth Report News
B BCI News America (Latenight). Report (Latenight). The bee popula-
tion.
College Hill: At- THE WASH (2001, Comedy) Dr. Dre, Snoop "Doggy Dogg. The assis- College Hill: At- Iron Ring (N)
BET lanta(CC) tant manager at a car wash alienates his lazy pals. (CC) lanta N) (CC) (CC)
C:00) NHL Hockey Eastern Conference Quarterfinal Game 4-- Montreal CBC News: The NHL Hockey: West Quarterfinal --
CBC Canadiens at Boston Bruins. (Live) (CC) National (CC) Sharks at Flames
(:00) Kudlow & Fast Money Deal or No Deal Contestants get a The Big Idea With Donny Deutsch
CCNBc company (CC) chance to win money n (CC)
(:00) Lou Dobbs CNN Election Center Larry King Live (CC) Anderson Cooper 360 (CC)
CNN Tonight (CC)
Scrubs Doctors The Daily Show The Colbert Re- Futurama Ro- South Park The Demetri Martin The comic per-
COM become patients. With Jon Stew- port (CC) bots in love. 1, boys rescue help- forms. (CC)
( (CC) art (CC) (CC) less calves.
The Suite Life of COW BELLES (2006, Comedy) Alyson v'ichalka, (:40) That's So (:05) That's So Life With Derek
DISN Zack & Cody Ad- Amanda Michalka. Two teenagers try to save their fa- Raven "Royal Raven "The Par- "Not So Sweet
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This Old House This Old House Sweat Equity At- Desperate Land- Rock Solid (N) Kitchen Renova- Kitchen Renova-
DIY 1) (CC) 1) (CC) tic bedroom. scapes (N) tions tions
DW Beckmann ML Mona Lisa Journal: Tages- Politik direkt Journal: In Euromaxx
DW them Depth
E The Daily 10 (N) Hugh Hefner: Girlfriends, Wives and Centerfolds: The E! True Holly- Keeping Up-Kar- Keeping Up-Kar-
E! wood Story Playboy. A (CC) dashians dashians
ESPN (:00) E:60 (N) College Football NFL Live (Live) SportsCenter Special (Live) Baseball Tonight (Live) (CC)
tSrN Live (CC) (CC)
ESP IndyCar Racing Auto Racing Rally Argentina Spe- Poker Night (Taped) Poker Night (Taped)
ESPNI Indy Pro Series. cial. (N)
EWTN Daily Mass: Our Pope Benedict XVI's Apostolic Visit to the U.S. The Holy Rosary Threshold of Hope
EWTN Lady
S :00) Cardio Shimmy (CC) Shimmy (CC) Namaste Yoga Namaste Yoga National Body Challenge Competi-
FIT TV last n (CC) Flexibility. (CC) (CC) tors try to reach goals. ( C)
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FOX-NC Shepard Smith Susteren (CC)
S :00) MLB Baseball Atlanta Braves at Florida Marlins. From Dolphin Stadium in Miami. Inside the Mar- The FSN Final
FSN FL Subject to Blackout) (Live) lines (N) Score (Live)
O Golf Channel The Approach Golf Central Big Break Big Break: Ka'anapali (Season
GOLF Academy (Live) Premiere) (N)
GSN Lingo (CC) Who Wants to Be a Millionaire 11 Family Feud Family Feud Russian Whammy (CC)
GSN (CC) (CC) (CC) Roulette (CC)
G4Te h (:00) Attack of X-Play (N) Ninja Warrior Ninja Warrior Unbeatable Attack of the Show!
G4T tch he Show! (N) IBanzuke
(:00) Walker, Walker, Texas Ranger Alex and THE LONG SHOT (2004, Drama) Julie Benz, Marsha Mason, Paul Le
HALL Texas Ranger Walker struggle to get to the court- Mat. An accident blinds an equestrian's horse. (CC)
(CC) room with the evidence.
Buy Me "Greg & Designer Guys Design Inc. An Colin & Justin's Home Heist Tar- Green Force (I Take It Outside
HGTV Linda" (I (CC) Narrow main intrusive fire- tan Terror" George and Margaret's (CC) 11 (CC)
floor. [I (CC) place. ( (CC) home is touristy. ,) (CC)
S Victory JoyceMeyer: Christ in Inspiration To- Life Today With This Is Your Day The Gospel
INSP Everyday Life Prophecy day James Robison (CC) Truth (CC)
Reba "Issues" ) NBA Basketball Los Angeles Clippers at New Orleans Hornets. From the New Orleans Are- Two and a Half
KTLA (cc) na in New Orleanrtsive (CC) Men n (CC)
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LIFE Bill befriendsLin- Name Is ty for her clients. CCH Pounder. Premiere. Convict Stan "Tookie" Williams becomes a No-
da's ex. (CC) Cheyenne" (CC), C) (CC) bel Prize nominee. (CC)
M: 000 Hardball Countdown With Keith Olber- Verdict With Dan Abrams Countdown With Keith Olber-
MSNBC c __________
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NICK (cc) SquarePants/ l "Sheep Thrills" ment C (CC) ment A (CC) "Split Decision" ( (CC)
T:00) House n NCIS "Dog Tags" Abby risks her ca- Big Brother 9 The veto meeting News (N) / News
NTV (PA) (CC) reer in de ense of a dog. (N) and competition. (N) ( (CC) (CC)
SPEED Pass Time Mercedes Test Drive (N) Street Tuner Livin'the Low Super Bikes! (N) Super Bikes!
SPEED I I ____Challenge Life____ __________
Extraordinary Behind the Joyce Meyer: John Hagee To- Bill Gaither (CC) Praise the Lord (CC)
TBN Health With Jor- Scenes (CC) Enjoying Every- day (CC)
dan Rubin day ife (CC)
Everybody Family Guy Bri- Family Guy Pe- Family Guy ,l Family Guy The Office "Fire" The Office
TBS Loves Raymond an fights for his ter's dad's reli- (CC) "Emission Impos- Parking-lot evac- Michael must fire
"Golf for It" 1 rights. (CC) gious beliefs. sible" (CC) uation. someone. (CC)
Greenovate Dateline: Real Life Mysteries A Dateline: Real Life Mysteries "Kill Dateline: Real Life Mysteries "The
TLC "Margaret R." (N) man pushes a woman to her death & Kill Again: Spokane Serial Killer" Fugitive" A fugitive vanishes with
in a subway. (N) Serial killer. (N) (CC) millions of dollars.
(:00) Law & Or- Law & Order "Fame" Tabloid pho- Law & Order The Family Hour" A Bones A filmmaker's remains are
TNT der 'Hindsight" tography might have played a role in former senator is a suspect in his found in an underground tunnel's
n (CC) (DVS) a fatality. ,[ (CC) (DVS) ex-wife's death. (CC) (DVS) ventilation shaft. (CC)
TOON Camp Lazlo Ben 10 Home for Imagi- Johnny Test /) Johnny Test /1 Courage the GrimAdven-
TOON nary Friends (CC) (CC) Cowardly Dog tures
Cops Son dam- Cops Attempted Cops "Coast to World's Wildest Most Shocking "Under the Influ-
TRU ages her home. bicycle theft. n, Coast" l) (CC) ence 2"
TV5 (:00) Toute une P6kin express "Le Grand depart" Un homme I I'ile de Sark
TV5 histoire
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TWC ettes tures I
(:00) Yo Amo a Al Diablo con Los Guapos Pasi6n Una historic que toma lugar Aquf y Ahora
UNIV Juan Querenddn entire pirates y fortunes.
(:00) Law & Or- Law & Order: Special Victims Unit Law & Order: Special Victims Unit NCIS The Bone Yard" Gibbs' part-
USA der: Criminal In- "Ritual" Detectives probe what looks "Obscene" C (CC) ner, Agent Fornell, is accused of
tent A (CC) like a human sacrifice, aiding the Mafia. C (CC)
V( :00) Miss Rap The Flavor of Love C Rock of Love With Bret Michaels Rock of Love With Bret Michaels
V H1 Supreme (CC) ___________ Bret meets the parents. C Bret makes his final decision. C
VS (:00) NHL Hockey Eastern Conference Quarterfinal Game 3 -- Washing- Hockey Central NHL Hockey: West Quarterfinal --
iS= ton Capitals at Philadelphia Flyers. (Live) Cl .(Live) Wild at Avalanche
(:00) America's Funniest Pets & Funniest Pets & Funniest Pets & Funniest Pets & WGN News at Nine (N) C (CC)
WGN Funniest Home People Funny People Funny People Funny People Funny
Videos C (CC) blooper videos, blooper videos, blooper videos. blooper videos.
Family Guy Pe- Beauty and the Geek "Flame Reaper "Acid Queen" Sam finds out CW11 News at Ten With Kaity
W PIX ter figts city hall. Broiled Geeks" A geek loses his that an escaped soul plans to kill Tong, Jim Watkins (N) (CC)
Cl (CC) cool with one of the beauties. (N) Andi. C (CC)
Jeopardy! (N) Dr. Phil Cl (CC) News (N) Jeopardy! (CC) Frasier Daphne Frasler Frasier
WSBK (CC) thinks Frasier de- wants a quiet
sires her. place to read.
(6:30)* THE *** FRACTURE (2007, Suspense) Anthony Hopkins, Ryan Gosling, REAL Sports With Bryant Gumbel
H BO-E RETURN (2006) David Strathairn. A prosecutor plays a cat-and-mouse game with a dan- (N) C
,l 'PG-13' (CC) gerous suspect. C 'R' (CC)
(5:00) **' THE * s THREE KINGS (1999, War) George Clooney, Mark Wahlberg, * s CRUEL INTENTIONS (1999,
HBO-P GOOD SHEP- Ice Cube. Four American soldiers go off in search of Gulf War gold. A Drama) Sarah Michelle Cellar.
HERD'R' 'R'(CC) 'R'(CC)


(:15) ** MESSAGE IN A BOTTLE (1999, Romance) Kevin Costner, THE RETURN (2006, Suspense) Sarah Michelle
H BO-W Robin Wright Penn, Paul Newman. A woman seeks the author of a letter Gellar. A young woman has visions of the murder of a
that washed ashore. Cl 'PG-13' (CC) woman she has never met. C 'PG-13' (CC)
(:15) * 16 BLOCKS (2006, Action) Bruce Willis, ** THERE'S SOMETHING ABOUT MARY (1998, Romance-Comredy)
H BO-S Mos Def, David Morse. A world-weaB cop protects a Cameron Diaz, Matt Dillon, Ben Stiller. A man hires a sleazy private eye
witness from assassins. Cl 'PG-13' CC) to find a former classmate. Cl 'R' (CC)
(5:35) ** *,A READY TO RUMBLE (2000, Comedy) David Ar- (:45) The Sec- *** V FOR VENDETTA (2006)
MAX-E THE NEGOTIA- quette. Wrestling fans help their washed-up hero make ond Coming Natalie Portman. A vigilante fits a
TOR (1998) 'R' a comeback. C 'PG-13' (CC) (CC) fascist government. C 'R' (CC)
(:15) JUST MY LUCK (2006, Romance-Comedy) *, GEORGIA RULE (2007, Drama) Jane Fonda, Lindsay Lohan, Felicity
MOMAX Lindsay Lohan. A charmed woman suffers a reversaof Huffman. An incorrigible teen goes to live with her stern grandma. l 'R'
fortune. r 'PG-13' (CC) (CC)
* 's BABEL (2006, Drama) Brad Pitt, Cate Blanchett, Gael Garcia Bernal. iTV. The Tudors (iTV) Henry marries
SHOW Strangers' lives collide on three different continents. 'R' Anne. (CC)
(5:45)*** * FROM DUSK TILL DAWN (1996, Action) Harvey Keitel, George ** DEAD BIRDS (2004, Horror)
TMC MISSION: IM- Clooney, Quentin Tarantino. Fugitive brothers encounter vampires south Henry Thomas, Patrick Fugit,
POSSIBLE III of the border. n 'R' (CC) Michael Shannon. C 'R' (CC)


Let CiclArlie ti e
Ba3 c ,loi1AllA P% pptpef aInd
lkis sidekick Derek put
some smiless oni y VOL,
kids's c


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Brinq 'O Lu, c\ildiI'ei to t1\e
A-'cIcppy HfowU at AMcDo Il 's in
albooLiOlL Street every Tl 'Li'sday
fr'om3 3301om to 4:30pm dL,,.inic tlie
111on1lA of Apil 2008.




Enjoj Great Food, Prizes and Lots of Fun.



i'm ovin' it
i'm lovin' it


_~__ I


1 7


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THE TRIBUNE PAGE 11


)


T Li E DAY A PR1I L 1 5 2008


IN ID-Intrntioalspot nw


L I


* By RENALDO DORSETT
Sports Reporter
rdorsett@tribunemedia.net
After falling just
short in both
the GSSSA
volleyball and
basketball sea-
sons, the Doris Johnson Mystic
Marlins senior boys appear
well on their way to ending the
year with a successful run at a
championship title.
The Mystic Marlins cruised
to another win yesterday when
they decimated the C C Sweet-
ing Cobras, 13-1, yesterday at
the Blue Hills Sporting Com-
plex.
With a 12 run lead after four
innings, the Mystic Marlins
were credited with the win due
to the mercy rule.
Making a statement as one
of the league's most formida-
ble teams, Doris Johnson was
in complete command from
the game's outset in the top
half of the first inning.
Chauncey Cooper, pitching
a modified style, relied on
adept ball placement to neu-
tralise the Cobras' lineup, who
managed just one base runner
in the first.
In contrast, the Marlins teed
off on the Cobras pitching with
eight runs to take a command-
ing lead in the bottom half of
the inning.
The second inning produced
much of the same for the
Cobras, with the three up and
three down as frustration con-
tinued to mount against the
stifling Marlins' infield
defence.
: The Mystic Marlins-went
through their complete lineup
in the second inning beginning
and ending with lead off hit-
ter Dakyle Rolle.
Rolle finished 2-3 with two
RBI and made several key
plays at third base to halt to
limit the Cobras to few
baserunning opportunities.
With a pitching change mak-


ing little difference the Mar-
lins piled on additional runs
and held an 11-0 lead headed
into the third inning.
The Cobras finally reached
the scoreboard in the bottom
of the third inning on a rare
fielding error by the Mystic
Marlins.
The final inning included a
strikeout by Cooper followed
by a pair of routine ground-
balls.
The Marlins potent lineup
at the plate was led by short-
stop Ashton Anderson.
Anderson who finished 3-3
with two RBI said the team
was functioning on all cylin-
ders both in the field defen-
sively and at the plate.
"We played our game right
the way we wanted to, we just
wanted to come out and dom-
inate the infield," he said, "We
made sure everyone commu-
nicated, especially with our
pitcher and we just kept it
steady and kept it flowing.
They thought they could out-
smart us at the plate by sitting
low to the ground and making
our pitcher throw balls but we
knew eventually once we kept
pitching inside we would win
because most of them can not
hit inside balls."
Anderson said the team has
shown tremendous improve-
ment over the course of the
year and the constant work
should result in the league's
ultimate prize.
"We have improved a lot
since we started, the outfield is
getting better every game and
the infield is looking stronger
than ever," he said, "Our
expectation is to keep playing
like this and we should get to
where we want to be in the
championship."
Other Mystic Marlins offen-
sive leaders included Lamont
Bullard who went 2-3, includ-
ing a triple, Tyrone Miller who
went 2-3 with three RBI and
designated hitter Walter Dean
who went 2-2.


.~- ,.


~r',j '~'~


.OY RML a.


~ps~8r


arlins defeat Cobras


nap athletes and officials from the visit-
ing countries."


* By BRENT STUBBS
Senior Sports Reporter
bstubbs@tribunemedia.net

PATRICIA "Patti" Johnson and
six players from her famed H 0 Nash
Lions' junior girls basketball team
have returned from a successful trip
to the NCAA Women's Final Four
and Coaches Conference.
And Johnson, commonly referred
to as the "Pat Summitt" of women's
basketball in the country, said the
eight days they spent in Tampa and
Fort Lauderdale, Florida, last week
was quite rewarding for her and the
Lions.
"Thank God we came back in one
piece," said Johnson, who showed
up at The Tribune with her squad to
showcase plaques they received.
"When we got there, the players
were allowed to get into the confer-
ence free. That was the first time that
I saw that and they went and com-
peted in the Hoop City for three
days, winning various prizes and fin-
ishing second in the three-on-three
tournament,"
On their way back home, Johnson "
said they stopped in Fort Lauderdale
where they hooked up with Bahami-
an coach Staretta Ferguson, who
allowed them to play a couple games
against the middle school in the area.
"What really happened was that
the kids got a first hand experience of
what it is to be in a number one col-
lege and what it takes to get there,"
Johnson said.
"They got a chance to speak to
various coaches, one of whom
reminded them that they have to
have their books, their Bible and
their basketball. So it was very infor-
mative. So I hope what they learn
will sink in."
Johnson said the trip was an expen-
sive venture, but she publicly thanked
all of the sponsors who assisted her,
chaperone Torsheka Cox and coach
Sherwin Major, of Harbour Island,
who accompanied the team.
Here's a personal assessment of
what each of the players experienced
for themselves:
Sashana Smith, the sixifoot team
captain and center, said it was great.


COACH PATRICIAJOHNSON with players from her famed H 0 Nash Lions' junior girls basketball team. Shown (1-r) are Sashana
Smith, Kadia Johnson, Burdecia Sands, Johnson, Khadjah Moncur, Lakishna Munroe and Randya Kemp.


"It was truly a great experience,"
said the 15-year-old ninth grader. "I
learned a lot of things and I hope
that one day I can go back and play
for the (Tennessee) Lady Vols."
As for the Lions, Smith said they
played well and they tried to stay
focused. Her goal is that all of her
team-mates eventually make it in life.
Although she wants to play for the
Lady Vols, Smith said she was root-
ing for the Stanford Cardinals to win
the title. But she was disappointed
that "Candice Wiggins was to step
up for her team, but she didn't."
Kadia Johnson, the 5-11 center,
said she also enjoyed herself.
"We did good. We tried our best
and it was good," said the seventh
grader. "Most of us were focused and
some of us were not."
Johnson said she knew that "Ten-
nessee was going to win because
that's my favourite team."
Burdecia Sands, a 5-6 forward,
said the experience was great.
"They taught me how to play hard-


er, how to pass faster," said the sev-
enth grader. "I hope that my team-
mates will work just as hard as I do
and we will make it to college."
Sands also pulled for Tennessee
because "I knew they could win how
they were passing the ball and mak-
ing their shots."
Khadjah Moncur, a 5-4 point
guard, said it was a pretty good expe-
rience.
"I love how everything over there
was organized and how they worked
hard, practiced hard and how they
did so well in their school work," said
the eighth grader. "They showed us
that it ain't all about playing basket-
ball. As a team, I think they did great.
Some of us were focused and some
were not. But I think we did great."
Moncur too was rooting for the
Lady Vols because "they were
focused and Candice Parker had a
back shoulder, but she stood up and
played with a lot of pride."
Lakishna Munroe, a 5-9 forward,
was thrilled to be on the trip.


"I think we did well. We had a lot
of fun and they showed me a lot of
stuff," said the eighth grader. "I hope
that I can get a scholarship, so I have
to do better in my school work.
"As for the team, I think we could
have done better. But we did okay."
As expected, Munroe was a big
fan of Tennessee because "they just
had a good team and I liked how
they played."
Randya Kemp, a 5-5 point guard,
said the trip was one that she won't
forget.
"We all got along very well and
they played together as a team," indi-
cated the eighth grader. "I think that
really helped us out."
Kemp, however, had her money
on the Cardinals and was disap-
pointed that they didn't win because
she felt "Candice Wiggins was a great
player to watch."
Now that they are back home,
Johnson said they are gearing up to
.stage a clinic for the New Providence
Primary Schools.


'Delegation

'will be




present'



for BOA



elections



process


* By BRENT STUBBS
Senior Sports Reporter
bstubbs@tribunemedia.net

IT seems as if the Bahamas Olympic
Association's elections process is not final-
ly over.
Or is it?
After attending a meeting in Beijing,
China last week, both immediate past pres-
ident Arlington Butler and current secre-
tary general Larry 'Doc' Davis agreed to
holding a process before an independent
body to properly ratify the newly elected
officers.
In a statement released by Butler yes-
terday, it was stated that after both men
met with Mario Vazquez Rana, president
of the Pan American Sports Association
(PASO) and president of the Association
of National Olympic Committees and
International Olympic Committee execu-
tive, and it was agreed that an assembly to
elect the new executives for the BOA will
be held on Thursday, May 8 at 6:30 p.m..
Butler further wrote that it was agreed
that at the meeting at the Nassau Yacht
Club that a delegation from the regional
PASO will be present.
The delegation, according to Butler, will
consist of Felipe Nunoz, secretary general
of PASO; Richard Peterkin, treasurer of
PASO; Lic Riardo Contreras Hernandez,
secretary general of the Mexican Olympic
Association and Dr. Julio E. Cassanello,
president of the Argentina Olympic Asso-
ciation.
"The delegation will be present for the
elections," Butler wrote.
"This action is in compliance with the
request of the International Olympic Com-
mittee.
"The delegation of observers will make
certain that the Olympic Charter is
adhered to."
While he agreed that a meeting took
place between himself, Butler and Rana,
Davis claimed the circumstances sur-
rounding the visit of the delegation is not
exactly as stated by Butler.
"The executives who were elected at
the last meeting are the legal executives of
the BOA and are recognized as such,"
Davis stated.
"However, in the interest of the athletes
and to avoid any international controver-
sies that might be going on, it has been
suggested that we do the elections in front
of international witnesses."
Having being duly elected on March 6,
Davis said the executive board, now head-
ed by the Rev. Dr. Enoch Backford, will
have the option of going through the
process or not.
"We discussed a date, but it has to be
decided by the current executives and not
the past president," Davis stated. "We see
what direction we will take, but it has to be
decided by the current executives.
"Whatever is done will be done in the
best interest of the athletes because we
really don't want to distract them from
their preparation for the games."
Davis said the IOC felt they acted in a
legal manner in holding the elections, but
they just want to ensure that all of the
associations and federations work togeth-
er to ensure that the process was done in
the proper manner.
"We just want a consensus for every-
body to come to a meeting and say that
they will work together for the betterment
of all of the athletes," Davis disclosed.
While the elections are a priority, Davis
said the BOA is moving forward to make
sure that the Bahamas is well represented
at the Olympic Games in August in Bei-
Jing.
As for the protests surrounding the trav-
eling of the torch around the world, Davis
said the IOC has assured them that all is
well and there isn't any need for concern
among the athletes competing at the
games.
"The concerns that were voiced were
the fog and the medical commission has
announced that they have been monitoring
it and it has improved," Davis revealed.
"So there's no danger to the health of the
athletes.
"And with the high profile of the games,
a lot of people are trying to get their issue
in, but they are going to beef up the secu-
rity and are keeping an eye out for any of
the groups that have threatened to kid-


A successful trip to NCAA Women's Final Four







TRIBUNE SPORTS


PAGE 12, TUESDAY, APRIL 15, 2008


SPRT


FIRST Baptist moved
one game closer to repeat-
ing as champions in both
the 15-and-under and 19-
and-under divisions in the
Baptist Sports Council's
2008 Rev Dr William
Thompson Basketball Clas-
sic.
On Saturday at the Tom
"The Bird" Grant Sports
Complex, First Baptist
nipped Faith United 33-31
to snatch the 1-0 lead in the
15-and-under best-of-three
series that will continue on
Saturday.
Their 19-and-under team
followed suit by pounding
New Bethlehem 66-53 to go
up 1-0 in their best-of-three
series.
First Baptist also played
their third and final game
in their semifinal playoff
series by eliminating Gold-
en Gates in the 15-and-
under and Macedonia in
the 19-and-under to
advance to the respective
finals.
Meanwhile, defending
champions St Paul's and
runners-up Evangelistic
Center both moved into the
driver's seat of the men's
semifinal as they look
ahead to a much anticipat-
ed rematch in the champi-
onship series.
St Paul's turned the
tables on president divi-
sional pennant winning
Temple Fellowship 49-45
and vice president division-
i-al pennant winners Evan-
'gelistic Center clobbered
First Baptist 61-45 for their
1-0 lead.
Game two in both of the
men's series will continue
on Tuesday night with St
Paul's facing Temple Fel-
lowship at 7pm, followed
by Evangelistic Center vs
First Baptist at 8pm. If nec-
essary, the third and final
game will be played on
Thursday. If not, the best-
of-three final will get start-
ed.
Also on Saturday, Mace-
donia held off St Paul's 25-
22 to clinch a berth into the
ladies' championship
against the defending cham-
pions and pennant winning
Golden Gates. The series
. will be played on Saturday.

First Baptist 33,
Faith United 31
Basil Deveaux had 12
and Rashad Knowles 11 as
First Baptist took the ini-
tial lead in the 15-and-
under championship. Avery
I Armbrister had a game
high 16 in the loss.

First Baptist 66, ;
New Bethlehem 53
Marcus Russell scored 16
and Delroy Rolle added 11
in the win for First Baptist.
Tino Strachan had 16 and
Trijillo Darville 15 in the
loss for New Bethlehem.

Macedonia 25,
St Paul's 22
Juliet Taylor and Thela
Johnson both scored eight
and Anastacia Moultrie
added seven to lead Mace-
donia. Latoya Rolle had a
game high nine and Nikia
Dean added five in the loss.

St Paul's 49, Temple
Fellowship 45
Harold Carter came up
with a game high 28 and
Trevor Brown added seven


to pace St Paul's to their
opening victory.
lan Pinder scored 11 and
Edwin Burrows added 10
in a losing effort.

Evangelistic Center 61,
First Baptist 45
Marcel Mortimer came
up big with a game high 21
points and Leonardo Light-
bourne 14 as Evangelistic
Center took game one.
Cruz Simon had 19 and
Gamalian Rose added 11 in
the loss.


Knowles and Bhupathi 'set their




rackets' on international scene


* By BRENT STUBBS
Senior Sports Reporter
bstubbs@tribunemedia.net

WITH his duties completed
for the Bahamas' Davis Cup
team this year, Mark Knowles
is now concentrating on his
doubles combo with Indian
Mahesh Bhupathi on the inter-
national scene.
Knowles left town on Sun-
day, having teamed up with
Marvin Rolle to win the dou-
bles on Saturday for the
Bahamas' only victory in the
second round of the American
Zone II Davis Cup tie.
The Bahamas didn't win any
of the single matches played
by Devin Mullings, Timothy
Neilly or Marvin Rolle. But
Knowles said the Bahamian
public should be proud of their
performances.
"The younger guys did the
best they could. Unfortunately,
it wasn't the result we were
looking for," said Knowles,
who still holds the record for
the most victories by any
Bahamian player in Davis Cup
history.
"I think we felt that going
into the weekend, we had a
better chance of pulling off the
victory. We knew that they had
a stronger number one player,
but they were not as strong as
us in the number two and dop-
bles."
However, Knowles noted
that losing the two opening sin-
gles on Friday really put the
team in a disappointing posi-
tion and they had to fight even
harder to get back into the tie.
On Sunday, Knowles said if
Mullings had extended his
match a little longer with
Paraguayan Ramon Delgado,
the final outcome could have
been a little different because
the former No. 52 player in the
world started to show signs of
fatigue.
"If Devin had capitalized on
the break in the second set and
maybe try to win the second,
he would have made Delgado
work a lot harder," Knowles
said.
"But there were a couple
calls from the chair (Umpire
Mickey Williams) that really
made a difference. But credit
to them, they came here where
it's always difficult to win on
the road and they won."
So far this year, it has been
an impressive run for Knowles
and Bhupathi on the ATP cir-
cuit. Prior to the break for
Davis Cup, the Bahamian-
Indian combo finished as run-
ners-up to American identical
twin brothers, Bob and Mike
Bryan at the Sony Ericcson
Open in Miami, Florida.
At the end of the tourna-
ment, Knowles and Bhupathi
remained in second place in
the Stanford ATP Doubles
-Race with 303 points. They
trail the team of Jonathan Erl-
rich and Andy Ram, the lead-
ers with 350 and are ahead of
the Bryans, who are in third
with 271.
After taking a week off to
recuperate and train, Knowles
and Bhupathi, who played for
India over the weekend in the
Asian area, will head to Mon-
to Carlo for their next series
of tournaments on the red clay
courts as they head into the
French Open Grand Slam.
From Monte Carlo, Knowles
and Bhupathi will travel to
Rome and Hamburg, ending
up in France.
"It's mixed feelings going
into the Grand Slams the
defending champions," said
Knowles, who won the title last
year with his former partner
Daniel Nestor from Canada.
"We just hope to gain some
momentum going into the next
couple of red clay court tour-
naments. I know Mahesh loves
playing on the red clay and I
enjoy it as well, so I'm hoping
that we can duplicate the same
success."
And having won back-to-
back titles this year, Knowles
said it would certainly look
good on their rdsume if they
can pick up a couple more
titles in this upcoming streak of
tournaments.


WITH HIS DUTIES completed for the Bahamas' Davis Cup team this year, Mark Knowles is now concentrating on his doubles combo with Indi-
an Mahesh Bhupathi (not shown) on the international scene.





Giants blow out Enforcers 84-59


COACH Perry Thompson said he was
quite thrilled by the performance of his
Commonwealth Bank Giants over the
weekend at the Pigeon Park basketball
court in Matthew Town, Inagua.
The New Providence Basketball Asso-
ciation men's champions added the
Bahamas Basketball Federation's 1st
Daniel Simmons National Basketball Invi-
tational title to their collection with a 84-
59 rout over Eleuthera's Royal Bahamas
Police Force Enforcers.
Michael Bain, coming off a great series
in the NPBA title run over the Electro
Telecom Cybots last month, scored 18


points and was named the most valuable
player for the championship game.
"We were excited to represent New
Providence as the champions," Thomp-
son said. "The game was an exciting one.
They had a bigger front court than us, so
we had to apply a lot of pressure on their
guards. The whole concept was to try and
wear them down and take control in the
latter part of the game. That was basical-
ly what happened."
The Giants, who went through the tour-
nament undefeated, also got 15 from Adri-
an Miller and 10 from John Rolle.
For the Enforcers, Michael "Banana"


Johnson lit up the nets for a game high 23
points, while University of Pittsburgh grad-
uate Doyle Hudson and Jamaal Henfield
both had 11.
In getting to the final, the Giants defeat-
ed Inagua, Cat Island and Abaco.
"The competition was good. It was far
better than in years gone by," Thompson
said. "The out islands have really stepped
up with their level of play. It's just a mat-
ter of experience, although we were
younger than those teams, which were
much bigger and more physical than we
were. Our experience and our quickness
pulled us through."


11 1,








TRIBUNEISPORTSSTUESDAYSAPRI,20,G13


Lakers, Nuggets win big to gai




control of their playoff fates


DENVER NUGGETS guard
Allen Iverson in action during
the first quarter of an NBA
basketball game in Denver on
Sunday. (AP Photo: David
Zalubowski)



NBA



Today


E By The Associated
Press

SCOREBOARD

Tuesday, April 15

Sacramento at L.A. Lak-
ers (10:30 p.m. EDT). A
victory by the Lakers would
earn them the top seed in
the Western Conference
playoffs and a homecourt
advantage through the first
three rounds.

STARS

Sunday
Allen Iverson,
Nuggets, scored 33 points
to lead Denver to a 111-94
win over the Houston
Rockets.
Hedo Turkoglu, Mag-
ic, scored 24 points with
eight assists in a 104-84 win
over the Chicago Bulls.

SO CLOSE
Allen Iverson scored 33
points and J.R. Smith
sparked the Nuggets out of
their early doldrums with a
23-point performance in
Denver's 111-94 rout of the
Houston Rockets on Sun-
day night. All the Nuggets
have to do now to reach the
playoffs for the fifth
straight time is beat lowly
Memphis on Wednesday
night at home. Denver (49-
32) moved a half-game
ahead of Golden State for
the eighth and final playoff
spot with their rout of the
Rockets.

ROLLING
MVP candidate Kobe
Bryant had 20 points, five
rebounds and five assists
before sitting out the fourth
quarter, and the Lakers
routed the defending NBA.
champion San Antonio
Spurs 106-85 for their sev-
enth win in eight games.
The Lakers (56-25), who
clinched their first Pacific
Division championship in
four years and the No. 3
seed in the West on Friday
night, assured themselves
of a second-place finish in
the conference.
50-WIN MARK
Hedo Turkoglu scored 24
points, and the Orlando
Magic beat the Chicago
Bulls 104-84 to reach the
50-win mark for the first
time in 12 years on Sunday
night. Andres Nocioni led
Chicago with 22 points and
Luol Deng added 19, but it
wasn't enough to stop the
Magic from'reaching 50
wins for the first time since
1995-96.

STRONG IN DEFEAT
Toronto's Chris Bosh
scored 30 points in a 91-84
loss to the Detroit Pistons
on Sunday.

SPEAKING
"It's impossible to feel
good because for three


weeks we've been feeling
stressed. You never play
three playoff teams in three
games in four nights in
three different cities that
had huge, huge ramifica-
tions. We survived it; we
won two out of three, but
we're still not out of the
woods."
Nuggets coach George
Karl after a 111-94 victory
over the Houston Rockets.
Denver needs to beat Mem-
phis at home on Wednes-
day night to reach the play-
offs for the fifth straight
time.


* By The Associated
Press

THE Los Angeles Lakers
and Denver Nuggets took care
of the hard part, winning
important games against qual-
ity opponents to move within a
victory of clinching the top and
bottom spots in the Western
Conference playoffs.
What's left for Los Angeles
and Denver to reach their
respective postseason goals
seems fairly easy to handle.
Led by Kobe Bryant, the
Lakers routed the defending
NBA champion San Antonio
Spurs 106-85 at home Sunday
to move into sole possession
of first in the Western Confer-
ence.
Late in Denver, the Nuggets
helped the Lakers and them-
selves, blowing out the Rockets
111-94 to move a half-game
ahead of Golden State for the
race for the eighth and final
playoff spot in the West.
The Lakers, who can finish
no worse than No. 3 in the
West, will earn the. top seed
and home-court advantage
through the first three playoff
rounds if they beat the visiting
Sacramento Kings (38-42)
tonight.
"It's still our responsibility
to finish this the right way,"
Lakers coach Phil Jackson said.
"And that was our message in
the locker room after the
game. Fortunately for us, we
got some rest, got some games
on Sunday, it was Detroit 91,
Toronto 84; Cleveland 84, Mia-
mi 76; Orlando 104, Chicago
84; and Seattle 99, Dallas 95.
All the Nuggets have to do
to reach the playoffs for the
fifth straight season is beat low-
ly Memphis (22-58) on
Wednesday night at home.
Bryant had 20 points, five
rebounds and five assists
before sitting out the fourth
quarter for the Lakers.
"It was a big game for us,"
Bryant said. "It was another
step in the right direction.
Going into the playoffs is all
about momentum. Now, we
just have to take it up another
notch once the playoffs start."
The Lakers went home after
Sunday's game uncertain of
their status because the Hous-
ton Rockets had a chance to
overtake them for the confer-
ence title by winning their final
three games. But Houston was
throttled by Denver.
The Warriors could become
the first team to win 50 games
and miss the playoffs. To get
in, the Warriors need to win
at Phoenix on Monday night,
beat Seattle on Wednesday
and have Denver lose.
Bo6inift ing i.ad out of the-
eighth and final playoff spot
for a month, no team has had
more of a roller-coaster ride
than the Nuggets, who won a
huge game at Golden State
only to lose at Utah on Satur-
day night before bouncing
back against the Rockets.
"It's impossible to feel good
because for three weeks we've
been feeling stressed," Denver
coach George Karl said. "You
never play three playoff teams
in three games in four nights in
three different cities that had


LOS ANGELES LAKERS' Kobe Bryant (center) is fouled by San Antonio Spurs guard Brtice Bowen (left) as he drives to the basket while Tim
Duncan defends during the third quarter of the game in Los Angeles on Sunday.


huge, huge ramifications. We
survived it; we won two out of
three, but we're still not out of
the woods."
Allen Iverson scored 33
points for Denver and J R
Smith added 23.
As for the Rockets, they fell
one and-a-half games behind
Los Angeles and can still
secure the top seed in the
West, but they're going to need
plenty of help.
Tracy McGrady was flab-
bergasted the Rockets played
so poorly with so much to play
for on this night.
"That team needed a win
badly and we played like it
really didn't matter to us," said
McGrady, who scored 16
points and was hounded by
foul trouble. "And at this point
in the season, although we
clinched, we still have to bring
it every night."
In Los Angeles, Tony Park-
er had 20 points, seven
rebounds and five assists for
the Spurs, and Tim Duncan
added 16 points and 12
rebounds. San Antonio played
without leading scorer Manu
Ginobili, who missed his sec-
ond game because of a strained
left groin.
"Come playoff time, we'll
have as good a chance as any-
body to do well," San Anto-










'














S^ }
0IM

aU
IOU


ORLANDO MAGIC'S Hedo Turkoglu (15) drives on Chicago Bulls'
Chris Duhon during the fourth quarter of an NBA basketball game
in Chicago on Sunday. The Magic won 104-84.


nio coach Gregg Popovich
said.

SuperSonics 99, Mavericks
95
At Seattle, rookie Kevin
Durant scored twice in the
final 45 seconds, and the Sonics
won what could be the team's
last game in Seattle.
The team might be playing
in Oklahoma City next season
and is putting the finishing
touches on the worst record in
franchise history.
Earl Watson led Seattle with
21 points and 10 assists, while
Nick Collison had 18 points
and 11 rebounds as Seattle
scored the final 10 points and
handed Dallas a second
straight loss.
Dirk Nowitzki led Dallas
with 32 points and Seattle-
native Jason Terry added 25.

Magic 104, Bulls 84
At Chicago, Hedo Turkoglu
scored 24 points, and Orlando
reached the 50-win mark for
the first time in 12 years.
Dwight Howard added 19
points even though he sat out
the fourth quarter, and
Rashard Lewis added 18.
Andres Nocioni led Chica-
go with 22 points and Luol
Deng added 19.

Cavaliers 84, Hear 76
At Cleveland, Daniel Gib-
son made a three-pointer and
three straight free throws ear-
ly in the fourth quarter to give
the Cavs some cushion while
LeBron James rested.
Cleveland moved closer to
the East's No. 4 seed.
Delonte West scored 18
points, Zydrunas Ilgauskas had
14 and 14 rebounds and James
finished with 13 points, 11
rebounds and seven assists for
the Cavaliers.
Ricky Davis scored 17 points
and Daequan Cook and Earl
Barron had 13 apiece for Mia-
mi (14-66), whose dismal sea-
son is nearly over.

Pistons 91, Raptors 84
At Auburn Hills, Mich.,
Rodney Stuckey scored 18
points, Jason Maxiell had 14
as Detroit won without playing
its starters in the fourth quar-
ter.
The loss drops Toronto (40-
40) into a tie with Philadelphia
for the Eastern Conference's
sixth seed with two games left,
although the Raptors have the
tiebreaker.
The sixth seed will play
Orlando in the first round,
while the seventh seed faces
Detroit. Chris Bosh had 30
points for Toronto.


* By The Associated Press

* Through April 13

SCORING
G FG FT PTS AVG

James, Clev. 74 784 543 2223 30.0
Bryant, LAL 81 772 610 2303 28.4
Iverson, Den. 81 704 641 2143 26.5
Anthony, Den. 76 724 457 1961 25.8
Stoudemire, Ph. 77 700 544 1949 25.3
Nowitzki, Dall. 76 626 475 1805 23.8
Martin, Sac. 61 417 502 1443 23.7
Redd, Mil. 70 540 399 1608 23.0
Bosh, Tor. 65 501 461 1473 22.7
Jefferson, N.J. 80 598 534 1805 22.6
Maggette, LAC 68 448 541 1512 22.2
J. Johnson, Atl. 80 640 316 1764 22.1
Davis, G.S. 80 640 316 1763 22.0
McGrady, Hou. 64 539 236 1398 21.8
Richardson, Ch. 80 628 237 1728 21.6
Carter, N.J. 74 577 348 1595 21.6
Jamison, Wash. 78 614 330 1677 21.5
Boozer, Utah 79 697 285 1679 21.3
Paul, N.O. 78 614 325 1642 21.1
Jefferson, Minn. 80 704 275 1683 21.0

FG PERCENTAGE

FG FGA PCT

Biedrins, G.S. 324 520 .623
Chandler, N.O. 370 595 .622
Howard, Orl. 574 958 .599
O'Neal, Phoe. 322 544 .592
Stoudemire, Ph. 700 1192 .587
Childress, Atl. 319 558 .572
Smith, Minn. 297 528 .563
Brewer, Utah 345 619 .557
Lee, N.Y. 332 598 .555
Boozer, Utah 697 1276 .546

REBOUNDS

G OFF DEF TOT AVG

Howard, Orl. 80 276 868 1144 14.3
Camby, Den. 78 229 800 1029 13.2
Chandler, N.O. 77 317 592 909 11.8
Duncan, S.A. 76 235 630 865 11.4
Jefferson, Minn. 80 302 589 891 11.1.
Okafor, Char. 80 254 598 852 10.7
Odom, LAL 76 195 612 807 10.6
Boozer, Utah 79 194 629 823 10.4
Dalembert, Phil. 80 293 539 832 10.4
Jamison, Wash. 78 213 585 798 10.2

ASSISTS
G AST AVG

Paul, N.O. 78 903 11.6
Nash, Phoe. 79 879 11.1
Williams, Utah 80 851 10.6
Kidd, Dall. 79 796 10.1
Calderon, Tor. 80 659 8.2
Davis, G.S. 80 613 7.7
Felton, Char. 77 563 7.3
James, Clev. 74 534 7.2
Iverson, Den. 81 584 7.2
Miller, Phil. 80 551 6.9


TUESDAY, APRIL 15, 2008, PAGE 13


TRIBUNE SPORTS













MachstrEnlnd oI Sina .


.m. I


World records keep falling at


short-course champions


* By ANDREW DAMPF
AP Sports Writer
MANCHESTER, England (AP)
- Led by American Ryan Lochte
and the high-tech swimsuits, the world
records kept falling at the short-
course swimming world champi-
onshlips on Sunday.
Eighteen world records were set
over the course of five days at the
short-course world championships,
and 17 of them were established by
swimmers wearing Speedo's LZR
Racer suit. Lochte led the champi-
onships with four world records.
Only three world records were set
at the last short-course worlds in
Shanghai two years ago.
"It has become somewhat the
norm," United States coach Mark
Schubert said of the records. "But it
never ceases to be so exciting when-
ever a world record is broken."
On Sunday, six world records were
set in 12 finals. The LZR full-body
suit has also been worn for 18 of 19
long-course world marks set since it
was introduced in February.
Critics of the Speedo suit with
Arena and the Italian team leading
the assault cite illegal levels of
buoyancy and call it "technological
doping" since it combines a
polyurethane layer with a layer of
normal fabric.
But swimming's world governing
body FINA has declared twice in the
past week that there are no problems
with the space-age suit, which .was
designed with the help of NASA.
"It's always fun to have a little con-
troversy and get people's adrenaline
going," Schubert said of the suit con-
troversy. "My prediction is you're
4


uI~


S" :: .
.. ... '- t .


going to see a lot of swimsuit com-
panies coming forth with innovations.
That's what makes the sport fun and
interesting."
Arena already has a new suit ready
and wanted Filippo Magnini, the two-
time world champion in the 100
freestyle, to use it in the 100 final Sun-
day. But FINA said new suits could
not be approved between heats and
finals and Magnini was promptly beat-
en by unheralded American Nathan
Adrian. .
Magnini also struggled at the Euro-
pean long-course championships last
month, where Alain -Bernard set


AUSTRIA'S MARKUS ROGAN celebrates after winning the gold medal in the final of the
Men's 200m backstroke


world records in both the 50 and 100
free in an LZR.
Claudio Rossetto, Magnini's per-
sonal coach, said the losses are start-
ing to get inside Magnini's head.
"Certainly these times have gotten
him a little down. But he's handling it
well. He understands a lot of it is the
swimsuit," Rossetto said.
Rossetto is in the unique position of
coaching athletes on both sides of the
suit debate. His other swimmer,
Markus Rogan of Austria, set a 200
backstroke world record with a
Speedo on Sunday.
"We've opened a new front where
whoever finds the better material has
an extra weapon," Rossetto said. "I'm
not sure it's right. All the records are
good, but it takes away some of the
credibility of the sport. Swimming
isn't a new sport. Now it's record,
record, record. It takes away from
the importance of it."
While most of the focus behind the
world records has been on the swim-
suits, several athletes said there was
another factor in play this week.
Before finals, swimmers at the are-
na greeted the crowd by stepping
through a sliding door behind the
pool and out into a spotlight as they
were introduced one by one like box-
ers. The swimmers and crowd
embraced the idea.
"I think it's easier to break world
records when you're excited," Rogan
said.
"Let's be honest, swimming is a
boring sport. We have to go for more
showmanship. I like the way we walk
in. There was so much excitement it
didn't even seem that difficult (to
break the record)."
Lochte agreed.
"That's what got me going. Even
if it wasn't my home country," Lochte
said of the crowd. "Besides the
Olympics and the Olympic trials, I
haven't seen this many people at a
swim meet. The more fans the bet-
ter. It creates excitement and makes
you swim faster."


RYAN LOCHTE of the United States celebrates after winning gold in the final of the
Men's 400m IM


S


TRIBUNE SPORTS


PAGE 14, TUESDAY, APRIL 15, 2008


i- ,** ,^.,j r ^
,^ TL -f **


-IRA
, .-S' "*"


~i~p~P~:"":l~.J ~:


*.







THE TRIBUNE


TUESDAY, APRIL 15, 2008, PAGE 15


-AINTERATAIONANEWS


VISITORS WALK along a road in front of the National Stadium,
known as the Bird's Nest for its elaborate network of steel girders,
in Beijing in this Feb. 12, 2008 file photo.
0
0-


ROYAL BANK'IOFJCANA'DA uWmEALTHnkrINI~
iscosierngs ital apict'n~


Head of Operations

The successful candidate should possess the following
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* At least 7 years experience
SPrevious Operations experience required.
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Effective leadership and problem solving skills
Microsoft Office skills (Word, Excel, Power Point)
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Interested persons should apply by Monday,
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Royal Bank of Canada Wealth Management
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Via fax: (242)327-7382
Via email: elizabeth.dorsch@rbc.com


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Invite application for the position of:


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Send resume to:

Director of Human Resources
P.O. Box CB-13005
E-mail CMaior(&grp.sandals.com


air before the Olympics

0 By ANDREW JACOBS
New York Times News
Service
BEIJING Officials laid out ?
an ambitious series of measures B uy Sell?
on Monday that will freeze con-
struction projects, slow down steel
production and shutter quarries Expect more om y
in and around the capital this sum-
mer in an attempt to clear the air
for the Olympics.
Even spray painting outdoors
will be banned during the weeks *sA L
before and after sporting events, rA ;I
which begin Aug. 8.-. e
Although officials initially sug- |
formation would be complete long
before the opening ceremonies,
the announcement nonetheless COUXC 1 !
represents the most detailed pos- | l/iV dt d Ae 4 C C4
sible plan for how Beijing might
reach its long-standing pledge to (0D7O1A OQt OMo "
stage "green games" in one of the C
w9rld's most polluted cities. In
earlier proclamations, officials had F lOA ^t'
said that the city's makeover LJ l t
would be competed by the end of A VAcl6
2007.v LCAI Au IVi t
The measures announced Mon- -L
day include a two-month halt in A COM M t 0 Te$ CL%
construction, beginning July 20,
"and goverhinent directives will
force coal-burning power plants ltd .so-. Citf 1r1!,
to reduce their emissions by 30 I
percent throughout most of the .
summer. IV.J W J$ *
Officials said that 19 heavy-pol-
luting enterprises, including steel
mills, coke plants and refineries, 0VvI Access
would be either temporarily moth-
balled or forced to reduce pro- -.. ... -
duction. Gas stations that do not
meet environmental standards will
closed, cement production will
stop' and the use toxic solvents W whether you are a new or seasoned investor,
outdoors will be forbidden.
If Beijing's air remains unac-
ceptablysuliedinthe days leading CFAL offers the most complete brokerage
up the games, officials said they
would take "stringent steps" to service in The Bahamas.
curb polluting industries, although
they declined to say what those
measures might be. "We will do
everything possible to honor the Call us today. We'll show you how to get the most out
promise," Du Shaozhong, deputy
directorofBeijing's Envionmen- of your investments by getting the most out of us.
tal Protection Bureau, said during
a news conference.' Just tell
everybody they don't have to wor,
ry."
Some Olympic officials and ath-
letes remain unpersuaded.
Although the government has
made notable strides in reducing
the brown haze from coal-burn-
ing heaters and stoves, the unabat-
ed surge in car ownership has C F A L
erased many of those gains. There
are about 3.5 million vehicles Brokerage & Custodial Services i investment & Corporate Advisory
choking Beijing's roadways, with Administration Shareholder Services
about 1,200 new cars joining the
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** *more than, half the Beijing's cars
and trucks off the road. Officials
said that they would present plans
to restrict traffic at a later date.


_


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TTHE TRIBUNE






TUESDAY, APRIL 1 5, 2008

R-61 p--.-J r r3


Airport needs 'in excess





of $100m in B$ financing


* By NEIL HARTNELL
Tribune Business Editor
More than $100 million
in Bahamian dollar-
denominated financ-
ing will have to be
raised to fund the
Lynden Pindling International Airport
(LPIA) redevelopment, the Airport
Authority's chairman yesterday
addressing concerns harboured by
Bahamas-based financial institutions
by saying they would have "great
opportunities" to participate.
Frank Watson, responding to fears
raised by Bahamas-based commercial
and investment banks over an 'exclu-
sive agreement' the previous adminis-
tration and Airport Authority Board
had reached with global giant Citibank
in relation to the airport project financ-
ing, admitted that there were "con-
cerns" over that arrangement.
"The position is that in the agree-
ment signed with Citibank, they oper-
ate in the role of adviser [to the $400
million financing] as well as arranger,"


* Local financial institutions 'eager to get into the ring', as Airport Authority chair says 'great opportunities' for their participation
* Watson admits 'concern' on lead financing deal PLP signed with Citibank, saying adviser/arranger agreement shuts out any alternatives
* Airport financing targeted to be in place by June, with construction to start 'later this year'


Mr Watson told The
Tribune.
"That is something
that continues to give
us concern. The deal
is signed, though, and
our Board members
as well as the Nassau
Airport Development
Company's (NAD)
financial officers have,
been discussing with
Citibank that particular issue to deter-
mine the extent to which Citibank
might relent, to some extent, to permit
another group to do some, if not all,
the arranging for the loan."
Mr Watson effectively confirmed
reports reaching The Tribune that
Bahamas-based financial institutions
were becoming increasingly uneasy
over .whether they would be able to


participate in the airport financing, giv-
en the arrangement with' Citibank,
which many had perceived as a 'lock
out' giving the global financial institu-
tion the exclusive responsibility to
finance the critical infrastructure pro-
ject.
The Tribune understands that Prov-
idence Advisors, CFAL and Royal
Fidelity Merchant Bank & Trust have
all written to the Government express-
ing their concerns over the issue, and
noting their interest and willingness to
participate in providing financing.
The position, though, is that the
agreement signed with the former
Christie administration stipulates that
Citibank will have the lead role in
forming the syndicate of lenders that
will provide the collective $400 million
loan for the project. This is not the
same as an 'exclusive' on the financing.


-However, given that Citibank will
also be acting as financial advisor to
the financing. The Tribune understands
that both the current government and
Airport Authority Board feel the
agreement negotiated under the for-
mer Christie administration was not in
the Bahamas' best interests. .
There are also likely to be penalties
included in the agreement that would
be triggered should it be terminated
by one side or the other, something
that could add to the Government's
and taxpayer's financial burden should
they be the ones to exit.
As a result, private sector sources
said negotiations with Citibank were
ongoing, but the bank was proving
hard to shift from the original position
spelt out by the agreement.
Mr Watson said of the agreement
signed under the former PLP adminis-


tration: "It really doesn't give us the
opportunity to look at other alterna-
tives."
He did, though, confirm that what-
ever financing was arranged for the
$400 million LPIA redevelopment was
likely to take the form of a syndicated
loan.
Mr Watson, the former deputy prime
minister under the first Ingraham
administration, confirmed that the $400
million would include both US$ and
Bahamian$-denominated trenches.
The plan, he added, was that the
US$ foreign currency borrowing would
fund the purchase of construction
materials, goods, supplies and other
needed services from abroad, while
the Bahamian$ component would cov-

SEE page 5B


Rum Cay developer 82% public school maths


to start Phase One 'illiteracy' harms economy


work on July 1


SBy NEIL HARTNELL
Tribune Business Editor

THE developer behind the
$700 million Rum Cay Resort
Marina yesterday told The Tri-
bune it has "every intention" of
starting Phase I infrastructure
work at the Sumner Point Mari-
na on July 1 this year, as it pre-
pares to launch a Founders Pro-
gramme for its main develop-
ment this week.
Michael Farrant, Montana
Holdings' chief operating offi-
cer, said the developer
remained "hugely positive"
about the Rum Cay project
despite the global credit/liquid-
ity crunch and general econom-
ic downturn, having secured
additional financing to take the
development forward.
Mr Farrant said Montana
Holdings was seeking 40
founders to kickstart sales of
beachfront lots at its main 897-
acre site on the southern coast
of Rum Cay. The developer
also plans to build a clubhouse
there as part of the Phase I
infrastructure works.
"We are releasing the
Founders Programme at the
end of this week," Mr Farrant
told The Tribune. "We are
improving operations down
there, and are looking to start
on July 1 at the Sumner Point
Marina and any of the founders
who want to build homes [at
the main site]."


Project to include
Sumner Point marina
upgrade,, with Founders
Programme for main
897-acre, site to be
launched this week

Montana Holdings acquired
the Sumner Point Marina from
American investor Bobby Lit-
tle, although that transaction
has yet to close as final govern-
ment approvals are still awaited.
"We need to finish closing
with Bobby Little and the land
options. Everything looks great
and we just need to finish that
off," Mr Farrant told The Tri-
bune.
"Government approval is not
in yet, but we don't foresee any
issues with that. It's an existing
marina and all we're doing is
upgrading it. We already have
subdivision approval."
Mr Farrant said that among
Montana's Phase I plans for the
Sumner Point Marina were to
straighten out some of the edges
in the harbour, dredge the mari-
na to a depth of 12-13 feet,
building out the breakwater to
ensure marina depth is main-
tained, and "improving the
existing docks and increasing
their overall number".

SEE page 5B


CABLE BEACH #1617 Luxury beachfront 5 bedroom 4 bath
home with panoramic sea views of Cable Beach. Self-contained guest
quarters in the Main house, 3-car garage with spacious 2 bedroom
guest apartment above. Pool. US$3,600,000. EXCLUSIVE LISTING.
Richard.Sawyer@SothebysRealty.com 242.424.9792


Damianos


Sotheby's
0T4NATiOE4AL "EAUY


SIRbahamas.com t 242.322.2305 f 242.322.2033


* By NEIL HARTNELL
Tribune Business Editor
UP to 82 per cent of Bahami-
anpublic school students who
sat the BGCSE maths exam in
2006 "may not meet" basic
international literacy standards
in the subject, a researcher has
warned, adding that this
nation's education failings will
lead to slower economic growth
and over-reliance on foreign
labour.
In his latest research paper
on the Bahamian education sys-
tem, Bahamas-based economist
Ralph Massey, who helped to
research the Coalition for Edu-
cation Reform reports, said this
nation's level of academic
achievement as measured by
the annual BGCSE results -


* Researcher says Bahamian education woes will lead to
over-reliance on expatriate labour and social tension
* Up to 59% of 2006 BGCSE maths candidates
may not be at global literacy standards
* Says lasting, successful reforms will take 20-30
years, but produce 36% GDP growth return
* Current education results mean Bahamas
viewed as 'developing country'


meant it should be classed as
"a developing country".
Analysing the 2006 BGCSE
maths grades produced by the
1,582 students from seven New
Providence public schools who
sat the exam, and 794 students
from the island's 13 private
schools, Mr Massey said only 2


per cent of public school can-
didates earned 'A' and 'B'
grades.
Based on the eight-grade
BGCSE grade system, from 'A'
to 'U' or ungraded, Mr

SEE page 4B


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- ---







PAGE 2B, TUESDAY, APRIL 15, 2008


THE TRIBUNE


Rising energy, food costs make for a difficult 2008


IN this column on August 23,
2005, I wrote: "However, we
caution that if oil remains at
current levels for too long, it is
only a matter of time before it
becomes a drag on our econo-
my through higher domestic
prices (inflation) and/or reduced
tourist travel.
"For instance, the fuel sur-
charge on our BEC bill is a
mechanism that allows an
immediate pass through of high-
er oil prices; the transportation
sector, which includes shipping
and ground transportation such
as taxis and buses, will be agi-
tating to increase prices, and
don't forget that oil is a critical
cost component of most manu-
factured goods.
"As a nation we need to start
considering initiatives to


encourage greater use of alter-
native energy sources. I am told
that in the most recent Budget,
customs duties on solar panels
were eliminated (or greatly
reduced).
"If this is so, it is certainly a
step in the right direction, but
let's go further and reduce cus-
toms duty on hybrid cars, wind
turbines, industrial recharge-
able batteries and the like. We
need to start thinking about
these things now and not when
oil reaches $100 per barrel."
Now that oil has settled
around $100 per barrel, what is
our national plan?
Why is the price
of oil so high?
There are several reasons


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GETM MORE FO0R LESS


Financial
Focus


why the price of oil is so high.
At an energy conference in the
United Arab Emirates in Janu-
ary 2008, John Browne former
chief executive of British Petro-
leum (BP), said: "High oil prices
are well supported by a.num-
ber of factors, including tight
global inventories, leaving lit-
tle reason to expect prices to
ease much."
Another related factor is that
Iraq, a major oil producer, still
has not been able to bring its
production capacity back to pre-


L.M0.S


Leaders in food distribution for retail and club packs are accepting applications for the
position of:

PRODUCE SUPERVISOR

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To manage all aspects of the daily operations on a profitable basis. Must
have a firm understanding of Produce Purchasing, Standard Operating
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We offer Great Benefits:
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Group Medical & Pension Plans
Employee Discounts
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Interested persons should send their resumes to
hr(gtabacomarkets.com





NOTICE



Tenders are invited for the purchase of the following:



"ALL THAT piece parcel or lot of land in the Subdivision called and
known as "EASTWOOD" situate in the Eastern District of the Island
of New Providence and being Lot Number Twenty (20). Situated
thereon is a Single Family Residence with Four(4) Bedrooms and
Two(2) Bathrooms Entry Foyer, Living Room, Dining Area, Family
Room, Kitchen.

Property Size: 9,000 Square Feet.



This property is sold under our Power of Sale contained in
a Mortgage dated 27th February 2006 All offers should be
forwarded in writing in a sealed envelope, addressed to the Risk
Manager P.O.Box N-3180, Nassau, Bahamas and marked "Private
& Confidential". Bids addressed in the above manner may also
be faxed to 393-6127. All offers must be received by the close of
business 5:30pm, Friday, 31st May 2008.

The right is reserved to reject any or all offers.


war levels, while the Organi-
sation of Petroleum Exporting
Countries (OPEC) seems to
have its members under control
as it relates to production out-
put. In fact, at the same confer-
ence, US energy secretary Sam
Bodman pointed to low oil
inventories, as he repeated a
plea for OPEC oil producers to
boost output.
Finally, basic demand for oil
is at an all-time high. Brazil,
Russia, India and China have
emerged as prolific consumers
of oil and basic commodities in
the past decade, thus pushing
up costs substantially.
Alternative Energy Sources
Many persons believe, at least
in the short-term, that the first
option is the widespread use of
'blended fuels' such as ethanol.
According to the US Depart-
ment of Energy, ethanol is a
renewable transportation fuel
primarily made from starch
crops, such as corn. It is also
made from sugar beets and cane
or cellulosic materials, such as
fast-growing trees and grasses.
Nearly one-third of US gaso-
line contains ethanol in a low-
level blend to reduce air pollu-
tion.


Ethanol fuel is the same type
of alcohol found in alcoholic
beverages, and it can be used
as a biofuel alternative to gaso-
line. It is widely used in cars in
Brazil, and increasingly so in
the US. Because it is easy to
manufacture and process, it is
steadily becoming a promising
alternative to gasoline through-
out much of the world.
Most cars on the road today
can run on blends of up to 10
per cent ethanol, and the use of
10 per cent ethanol gasoline is
already mandated in some US
cities.
Unintended Effect
In economics, there is some-
thing called 'unintended eco-
nomic effects'. The increasing
use of corn crops to produce
ethanol is causing farmers to
produce their crops for the
ethanol industry, as opposed to
selling it into the general food
supply chain. In my last pub-
lished column I expressed my
shock upon learning that the
price of many basic agricultural
crops had increased substan-
tially over the past year alone.
So, while on one han, society
is trying to reduce its depen-
dency on imported oil by the


Check that Cheque


., Take the risk

out of accepting

cheques at your

Business



MailB~ ^it


use of alternative energy and
'blended fuels', the diversion of
crops from the food supply:,
chain to produce biofuel is caus-!
ing the price of basic food items
to increase.
Two additional reasons why
the cost of food is increasing
are: a) Demand is rising rapidly,
particularly from China, where
the emphasis is on industrial
output as opposed to farming;
and b) There have been weath-
er shocks in various parts of the
world drought in Australia,
for example.
What does this all mean
for the Bahamas?
The Bahamian economy will
undoubtedly be challenged in
2008. The rosy economic
growth picture that was being
widely projected as recently as
six months ago by economic
observers (me included) will
now have to be revised down-
wards.
The prospect of rising food
prices and exorbitant energy
costs makes for a difficult out-
look for the reminder of this
current year, unless we can get
foreign investment flowing once
again. In the interim, we would
suggest that everybody volun-
tarily start the process of 'belt-
tightening' in order to cushion
the impact of higher oil and ris-
ing food prices. It is never
easy.. .but it is necessary.
However, for those with cash
or access to funding, and a long-
term vision, there could be
many opportunities. Until next
week...
NB: Larry c. Gibson, a Char-
tered Financial Analyst, is vice-
president pensions, Colonial
Pensions Services (Bahamas),
a wholly-owned subsidiary of
Colonial Group International,
which owns Atlantic Medical
Insurance and is a major share-
holder of Security & General
Insurance Company in the
Bahamas.
The views expressed are
those of the author and do not
necessarily represent those of
Colonial Group International
or any of its subsidiary and/or
affiliated companies. Please
direct any questions r cori-,,
ments to rlgibson@atlantic-
house.com.bs


Core responsibilities:

* Administers incoming phone calls and mail from both internal and
external customers by receiving, screening, and dispatching calls,
and drafting responses or referrals to mail.
* Prepares PowerPoint presentations when requested by the
Supervisor
* Records and prepares minutes for meetings chaired by Supervisor,
by using a laptop computer/shorthand during meetings.
* Serves as the Assistant Secretary to the Bank's Board of Directors
in the absence of the Executive Assistant.
* Serves as the Information Bank (IB) Manager for the Bank's
online services in the absence of On-line Banking Co-ordinator.
* Compiles, prepares and maintains numerous internal Bank and
branch documents and reports.
* Performs other secretarial duties as required.

Knowledge, Skills and Abilities:

* Associates Degree and Certified Professional Secretary Rating, or
Certified Administrative Professional Rating
* Knowledge of Bank policies, procedures, services and terms.
* Oral and written communication skills, including etiquette and
writing skills.
* Ability to treat information with confidentiality and
professionalism.
* Detailed knowledge of computers to use Bank's network and its
core banking applications to complete correspondence

Benefits include: Competitive salary commensurate with
experience and qualifications; Group Medical (includes dental and
vision) and Life Insurance; Pension Scheme.


Interested persons should apply no later than
April 30th, 2008 to:


DA 62063B
c/o The Tribune
P.O. BoxN3207
Nassau, Bahamas


I








THE TRIBUNE


TUESDAY, APRIL 15, 2008, PAGE 3B


Port purchaser: Immigration changes only with consensus


A POTENTIAL Grand
Bahama Port Authority
(GBPA) purchaser said it
would only seek a change to the
Bahamas' Immigration laws and
policies if Freeport businesses
and residents felt this was nec-
essary to "propel the currently
flailing island into the industri-
al and financial centre the
Hawksbill Creek Agreement
was created to promote".
Roddie Fleming, principal of
Fleming Family & Partners, said
that if the private wealth man-
agement and private equity
group was successful in its bid to
acquire the GBPA and Port
Group Ltd, it would not
attempt to impose its own immi-
gration policy for the Global
Economic Gateway free trade
zone it initially proposed to cre-
ate in Freeport.
In a statement, Fleming said
concerns expressed in some
newspapers over its plans had
"only managed to only further
intimidate those who are
already fearful of investing in a
Freeport with its current
depressed economy.
"In fact, the assessments
being made to seek out local


opinion indicate to date that
many on-island companies rate
immigration as one of the key
factors causing their inability to
change strategies quickly, their
difficulty in moving forward
with new projects and a loss of
work productivity due to
bureaucracy."
Fleming added: "If Fleming
ever seeks to ask for permission
to change or amend current
immigration structures, it would
only do so if any such applica-
tions were conclusions flowing
from a local consensus that any
such change was an agreed, nec-
essary and probably tempo-
rary policy that would be a
key factor needed to propel the
currently flailing island into the
industrial and financial centre
that the Hawksbill Creek
Agreement was created to pro-
mote."
Mr Fleming said his company
was obtaining expert reports
and opinions it hoped would
assist them and Grand Bahami-
ans to compete in the world
marketplace on firm footing.
He added that his advisors
eventually agreed that immi-
gration was a possible future


issue "that had to be at least
acknowledged and not ignored
when considering all options to
kick start and then successfully
propel Grand Bahama for-
ward".
The release said Mr Fleming
was personally funding the first
of many strategic economic and
manpower impact assessments
on the island.
"These assessments will not
only rely on quantitative facts
from leading economic consult-
ing firms in Nassau and the US,
but most critically from input
collected by the on- island team
that is collecting public feed-
back," Fleming said.
"Any such forward-planning
exercise would be unrealistic
and defective if the on-island
interview process did not specif-
ically include the sensitive immi-
gration issues."
Fleming said an initial report
made for it, which was then
passed to the Bahamian gov-
ernment, was an initial overview
that was thoroughly, but quick-
ly, done to assist in the purchase
procedure.
It needed to be backed by
more in-depth impact assess-


Butterfield Bank's loan portfolio grows 205.1%


* By NEIL HARTNELL
Tribune Business Editor

BUTTERFIELD Bank's
Bahamian operations saw their
loan book grow by 205.1 per'
cent to $41 million in 2007,
something its Bermuda-based
parent said reflected "strong
deinand" for its international
mortgage product.
The bank's 2007 annual
report said its Bahamian opera-
tions, comprising the private
wealth management functions


of Butterfield Bank (Bahamas)
and Butterfield Fund Services
(Bahamas) fund administration
capacity, saw total assets under
administration increase by 40
per cent in the 12 months to
December 31, 2007, to $5.447
billion.
Butterfield Bank said: "Our
Bahamas businesses experi-
enced good growth during 2007,
building on the success of 2006.
Our profile was enhanced, and
grew locally and internationally
through focused business devel-


opment and marketing activi-
ties related to bespoke financial
and fund administration prod-
ucts."
The bank added: "One of the
most notable successes in 2007
was the growth in the loan book
of 205.1 per cent, reflecting
strong demand for the interna-
tional mortgage product. "We
were also able to embrace and
launch a key jurisdictional ser-
vice during 2007 using the
Bahamas Private Trust Compa-
ny (PTC). The PTC can play an
important role in the manage-
ment of an ultra high net worth
individual or family's wealth, in
essence providing the structure
for a Family Office."
During fiscal year 2007, But-
terfield's Bahamas operations
saw their net income increase
by 38.9 per cent to $3.1 million,
with revenues up 32.7 per cent
to $12.1 million.
Customer deposits grew by
10.3 per cent to $154 million,
with the Bahamian- operation's
. total.assets growing.by. 16.9 pert...:-.
cent to $182 million.'


Core responsibilities:

* Assists supervisor and other persons in the Executive Office with
tasks such as drafting routine correspondence, taking accurate
notes during meetings, typing memos and reports, filing,
organizing items, scheduling appointments, and answering the
telephone.
* Collates and/or distributes reports by collecting data, completing
the appropriate document and circulating to appropriate staff.
* Performs general tidying, organization and replenishing for
functions in the Executive area including refreshments and
stationery.
* Monitors supplies with a view to re-ordering before stocks are
depleted.

Knowledge, Skills and Abilities:

* Associates Degree or equivalent and one to three years of office
experience.
* Oral and written communication skills, including etiquette and
writing skills to interact with Executive/Senior management staff
and the general public.
* Ability to treat information with confidentiality and
professionalism.
* Training in public relations and good presentation skills e.g.
telephone manners.
* Working knowledge of computer programs to use the Bank's
network and its core banking applications.

Benefits include: Competitive salary commensurate with
experience and qualifications; Group Medical (includes dental and
vision) and Life Insurance; Pension Scheme.


Interested persons should apply no later than

April 30th, 2008 to:



DA 62063A

c/o The Tribune

P.O. BoxN3207

Nassau, Bahamas


ments to get a complete view
of the facts from the island's
residents, which was now being
done.
Fleming's Freeport-based
consultant, Global Fulfillment


Services' Rob Millard, said he
had been asked to compile a
strategy based on residents'
opinions and comments.
Fleming added that a well-
financed and growing Grand


Bahama would need thousands
of new workers in growing busi-
ness areas that are labour inten-
sive, tourism and technology-
related, and that foreign help
may be needed to achieve this.


ABACO ETS


Abaco Markets Limited, a leading food distribution company with five retail and
club outlets is accepting applications for:


RETAIL BUYERS


The Job
To grow the retail business through purchases that anticipates and provides
unlimited options to meet consumer demands. The candidate must have a
firm understanding of market trends, with a clear understanding of logistics
along with the ability to establish and maintain effective vendor relationships.


Requirements
Minimum of 3 years experience, proficient in Word & Excel suites, Excellent
Oral and Written skills is a must. Marketing experience will be considered a plus.


We offer Great Benefits:
Growth & Advancement within the organization
A salary that will commensurate with experience
Group Medical & Pension Plans
Employee Discounts
Profit Sharing
A Supportive team environment

Interested persons should send their resumes to:
hr(@abacomarkets.com




Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Condition
December 31, December 31.
Idollai.s in tousaiids) 2007 2006
Assets.
Interest-Bearing Deposits $ 4,70( 4.9O9
Funds Sold I 15.000 50.000
Investnient Securities
Trading 67.286
Available-or-Salc 2,563,190 2,597,877
Held-to-Maturity (Fair Vaiue of $287.644 and $360,719) 292,577 371.344
Loans Held for Sale 12.341 11,942
I.oarM and Leases 6,580,861 6.623.167
Allowance. r Loan and Lease losses_ (90.998) (90.998)
Net 1.oans and.1,eases 6,489,863 6,532,169
Total Earnming Assets 9.445,127 9.568.322
'Cash and Nonilterest-Bearmg Deposits 368,402 398.342
Premises and Equipment 1 17,177 125,925
Customers' Acceptances 1,112 1,230
Accrued interest Receivable 415.261 49,284
Foreclosed Real Estate 184 407
Mortgage Servicing Rights 27,588 19.437
Goodwill 34.959 34,959
Other .ssetL. 433.132 373,909
Total Assets $ 10.472,942 S 10,571.815
Liabilities
Deposits
.NoninTeresi-Bearmig Demand $ 1.935,639 S 1!,993,794
Interesi-Bearing Demand !,634.675 1.042.375
Savnmgs 2,630.471 2,690.846
Time 1.741,587 1.696.379
Total Deposits 7.942.372 8.023,394
Funds Purchased 75.400 60,140
Short-Term Borrowings 10,427 11,058
Securities Sold Under Agreements to Repurchast 1,029,340 1,047,824
Long-Term Debt 235.37' 260.288
Banker's Acceptances 1.112 1.230
Retiremem Benefits Payable 29.984 48.309
Accrued Interest Payable 20.476 22.718
Taxes Payable and Deferred Taxes 278,218 277,202
Other I.iahilities 99,987 100.232
Total Liabilities 9,722,687 9.852.35
Commitments and Contingencies (Note 17)
Shareholders' Equity
Common Stock ($ 01 par value: authorized 500.00U.000 shares.
issued outstanding. December 2007 56,995.447 .' 48.589,645
and December 2006 56.848.604 / 49,777,654) 567 566
Capital Surplus 484.790 475.178
Accumulated Othe, Comprehcnsive Loss (5,0911 (39.084)
Retained Earnngs 688,638 630.660
treasury Stock. at Cost (Shares Decemuer 200'? 8.405.802
and December 2006 7.070.955) (41 8.t',9) (3147.900)
Total Shareholders' Equity 750.255 719.420
Total liabilities and Shareholders' Equity S 10.472.942 S 10.571.815


Nassau Branch


Report of hIdependent Registered Public Accounling Firm


Board of Directors and Shareholders
Bank of Hawaii Corporation
We have audited the accompanying consolidated statements of condition of Hank ofl lawaii Corporation and
subsidiaries as of December 31, 2007 and 2006. and the related consolidated statements of income, shareholders'
equity, and cash flows for each of the three years in the period ended December 31. 20(7. These financial
statements are the responsibility of the Company's management. Out responsibility is to express an opinion on
these financial statements based on our audits.

We conducted our audits inm accordance with the standards of the Public Company Accounting Oveisight Board
(United States) Those standards requie that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material rrisstatemncnt. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures ii, the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to aoove present fairly, mi all material respects. the consolidated
financial position of Bank of Hawaii Corporation and subsidiaries at December 3'. 20(!7 and 2006. and the
consolidated results of their operations and their cash flows for each of the three years in the period ended
December 31, 2007. in conformity with L'.S. generally accepted accounting principles.

As discussed n Note I to the consolidated financial statements. effective January i. 2007, the Company
changed its method of accounting for mortgage servicing ngars inaccordance w:th Statement of Financial
Accounting Standards No. 156, Accouning for Servicing of Firandial Assets, an amendment of MASB Statement
No. 140; changed its method of accounting for leveraged leases in accordance with Financial Accounting
Standards Board ("FASB") Staff Position No. 13-2, Accounring for a Change or Projected Change in the Timing
of Cash Flows Relating to Income Taxes Generared by a Leveraged Lease Transacnon. and changed its method
of accounting for tax positions in accordance with FASB Interpretation No 48. Acrcounting or Uncerrainrn in
Income Taxes, an interpreiatnor of FASB Sta;emeni No. 109
We also have audited, in accordance with the standards of ne Public Compan' Accounting Oversight Board
(United States). Bank of Hawan Corporation and subsidiaries' internal control over financial reporinig as of
December 3', 2007, based on criteria established ii internal Control-Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 22. 2008
expressed an ianqualified opinion thercon.

rns' & iounig LIA.'
Honolulu. Hawaii
i;cbrua-v 2- 200X


NOTICE
NOTICE is hereby given that LUCIA SAIN PINDER OF
8 WOODS RODGERS DRIVE, FREEPORT, GRAND
BAHAMA, 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 15th day of
APRIL, 2008 to the Minister responsible for -Nationality.,
and Citizenship, P.O.Box N-7147,_ Freeport,. Bahamas.....


The accoimlanytmg iuti a ti an integral pan of he Consolidated Finai)eta StateienL,.
If complete audited accounts are required, contact BAnk of Hawaii -
P.O. Box N-3242, Nassau, Bahamas.


1 1 = =M







PAGE 4B, TUESDAY, APRIL 15, 2008


THE TRIBUNE


82% public school maths 'illiteracy' harms economy


FROM page 1B

Massey's analysis showed that
46 per cent of public school stu-
dents earned 'G' and 'U' maths
grades in 2006. Both those
grades represent 'functional illit-
eracy' under the criteria used
by the Ministry of Education's
testing unit.
Another 36 per cent of public
school students earned 'E' and
'F' grades in maths, Mr
Massey's research showed.
Although it was unclear if these
two grades fell into the func-


tional illiteracy standards set by
the International Trends in
International Mathematics and
Science Study (TIMSS) report,
his report said that either way,
the negative effects for Bahami-
an society and the economy
were massive.
"In the seven public schools
on New Providence, up to 82
per cent may not meet the inter-
national standard for basic lit-
eracy in mathematics," Mr
Massey wrote. "The conclusion
is: 'Public schools do not meet
the minimum of any Basic
Numerical Literacy standard'."


PUBLIC NOTICE
INTENTTO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, URAL DENNIS MCKINZIE of
Prison Lane, Nassau, Bahamas, intend to change my name to
BENJAMIN JAMES GIBSON. If there are any objections to this
change of name by Deed Poll, you may write such objections to
the Chief Passport Officer, PO.Box N-742, Nassau, Bahamas
no later than thirty (30) days after the date of the publication of
this notice.




NOTICE

MIRAMAR PROPERTIES LIMITED



Pursuant to the Provisions of Section 138 (8) of the
International Business Companies Act 2000 notice
is hereby given that the above-named Company has
been dissolved and struck off the Register pursuant
to a Certificate of Dissolution issued by the Registrar
General on the 1st day of April, 2008.



Lynden Maycock
Liquidator
of
MIRAMAR PROPERTIES LIMITED



Legal Notice


NOTICE


LOMOWO VALLEY INC.
(In Voluntary Liquidation)



Notice is hereby given that the above-named
Company is in dissolution, which commenced on the
3rd day of March 2008. The Liquidator is Argosa
Corp. Inc., P. 0. Box N-7757 Nassau, Bahamas.




ARGOSA CORP. INC.
(Liquidator)


GET MORE FOR LESS


Leaders in food distribution for retail and club packs

are accepting applications for the position of:



BUTCHERS




The Job

We are looking for persons with excellent practical
skills in preparing, cutting and packaging chill &
frozen meat, poultry and seafood. Knowledge of Meat
Standard Operating Procedures and quality handling
and holding of different types of meat, the ability to
operate meat related machinery is a must. Candidates
should possess good customer friendly skills with the
ability to work with teams. Computer skills desirable.
A minimum of 3 years working experience is required.

We offer attractive salary and benefit packages.

Interested persons should send their
resumes to hr@abacomarkets.com


He further concluded: "The
Department of Education has
a literacy problem that is mas-
sive."
He added that these statistics
showed the true nature and
extent of the educational crisis
confronting Prime Minister
Hubert Ingraham and his Cab-
inet, plus the entire country.
Meanwhile, while 18 per cent
of private school students who
sat the exam in 2006 obtained
'A' and 'B' grades, some 22 per
cent achieved 'E' and 'F' grades,
and another 2 per cent gained
'G' and 'U' grades.
As a result, Mr Massey said
this meant that 24 per cent of
private school candidates "may
not meet the international stan-
dard for basic literacy".
Based on the 4,256 grades
obtained by all students, Mr


Massey said almost 28 per cent
were functionally illiterate in
maths, while the 32 per cent
who gained 'E's and 'F's could
be if they fell into the TIMSS
'low performance' standard.
If they did, "up to 59 per cent
[of all Bahamian students] may
not meet the international stan-
dard for 'basic literacy' in
maths, the sum of [grades] E,
F, G and U".
As for the consequences for
Bahamian businesses and the
economy, Mr Massey spelt
these out graphically in his pub-
lic policy essay, entitled Educa-
tional Achievement in the
Bahamas, Too few 'A' and 'Bs',
too many 'E', 'F', 'G' and 'U's.
"A failure to confront the
cognitive skills shortage in the
Bahamas condemns it to an'
excessive reliance on non-


Legal Notice
NOTICE

Seafarer Bahamas Pipeline System. Ltd.
NOTICE IS HEREBY GIVEN as follows:

(a) Seafarer Bahamas Pipeline System, Ltd. is in
dissolution under the provisions of the
International Business Companies Act 2000.

(b) The dissolution of the said Company commenced
on the 10th April 2008 when its Articles of
Dissolution were submitted to and registered by the
Registrar General.

(c) The Liquidator of the said Company is Sandra G.
Lowe of 1001 Louisiana Street, Houston, Texas
77002, U.S.A. as sole Liquidator.
Dated the 14th day of April, 2008.

H & J Corporate Services Ltd.

Registered Agent
for the above-named Company


Legal Notice



INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)

HURSTBRIDGE LIMITED
In Voluntary liquidation

"Notice is hereby given that in accordance with Section 137 (4)
of the International Business Companies Act (No. 45 of 2000),
HURSTBRIDGE LIMITED is in Dissolution."

The date of commencement of dissolution is the 27th day of March,
2008.

David Jenner
of 9 Burrard Street,
St. Helier, Jersey JE4 SUE
Liquidator





Legal Notice


NOTICE


WHITE PEROBA VALLEY INC.
(In Voluntary Liquidation)



Notice is hereby given that the above-named
Company is in dissolution, which commenced on the
8thdayof February 2008. The Liquidatoris Argosa
Corp. Inc., P. 0.' Box N-7757 Nassau, Bahamas.




ARGOSA CORP. INC.
(Liquidator)






WANTED

Immediately, technical sales & service representative for
the sale and technical support of the following;

I.D. Card, x-ray, micrographic, document storage, imaging
equipment & supplies.

Person must be self-motivated, and be able to work
with minimum supervision also should poses technical and
computer support skills. Own transportation is necessary.


Apply in person (with a copy of resume)
at the leeco building, thompson blvd.
Next to water and sewage corp.

Between the hours of 9am and 3pm Mon-Fri.


Bahamian manpower to meet
its legitimate needs," Mr
Massey wrote.
"This is likely to produce
both slower growth and social
and political conflict that can
be avoided or minimised with
sound policies and a national
will to do so."
In other words, to grow and
continue in business, Bahami-
an companies and the whole
economy are likely to become
increasingly reliant on ever larg-
er quantities of expatriate
labour to fill positions and skills
that poorly-educated and qual-
ified Bahamians are unable to.
Otherwise, Bahamian busi-
nesses and the nation's econo-
my are likely to become increas-
ingly uncompetitive, as poor
labour productivity contributes
to this country being seen as a
high-cost, inefficient economy
that drives investors elsewhere.
Yet in turn, this is likely to
cause social and political ten-
sions, as Bahamians come to
feel they are becoming second-
class citizens, unable to access
and take advantage of wealth
and job opportunities in their
own-homeland.
"The overall low level of edu-
cational achievement should be
considered unacceptable by
Bahamian society, and the
nation must confront this reali-
ty in its long-term interest," Mr
Massey wrote. "The question
is: 'Does it have the collective
will to do this?
"There is an urgency today
that is especially daunting
because of the environment
within which the Bahamas
exists."
Mr Massey said this was the
global economy, in which tech-
nological developments and the
end to 'protectionist' trade bar-
riers including those based on
distance, language, governments
and borders were changing the
dynamics of work.
"Technological change
increases, in varying degrees,
the complexity and pace of vir-
tually all jobs at all skill levels,"
Mr Massey wrote, conceding
that the "educational malaise
of the Bahamas", as evidenced
by the poor tests scores, was not
peculiar to this nation.
However, he warned that the
urgency with which the
Bahamas needed to reform its
education system was ever-


increasing, given the emergence
of new powerhouse economies
in Asia, and especially China
and India.
Referring to a January 2007
report, published by the US-
based National Bureau of Eco-
nomic Research, Mr Massey
said the findings uncovered by
its authors when it came to the
economic impact of education-
al reform based on a study of
70 countries were especially
important for the Bahamas.
Education quality, and the
quality rather than quantity of
exam grades, were most impor-
tant, the study finding that real
returns on education reform -
as opposed to no change could
be a 36 per cent gross domestic
product (GDP) increase in the
long-term.
An Organisation for Eco-
nomic Co-Operation and
Development (OECD) report
suggested that fully implement-
ing an education reform pack-
age could take 20-30 years,
depending on how aggressively
"the goals are pursued", indi-
cating that the Bahamas needed
to start now.
Mr Massey said the average
BGCSE score had not changed
since 1993, when the current
grading system was adopted,
and added: "In the case of the
Bahamas, there is an array of
factors working against reform.
"These include the laws gov-
erning the employment of
teachers, the existing collective
bargaining contract, the inertia
of an established bureaucracy
and the apparent social judg-
ments that underpin social pro-
motion, that destroy respect and
discipline in the classroom and
that make the separation of
incorrigible students impossi-
ble.
"The economics of education
suggests that keeping students
in school when they fail to
acquire skills is a waste of scarce
national resources, a diversion
that does not add to the indi-
vidual and collective human
capital of the nation."
Mr Massey added: "The
Bahamas is considered by major
international agencies as a
developed country based on its
relatively high Gross National
Product per capital. But it would
be classed as a developing coun-
try based on its levels of acade-
mic achievement if it partici-
pated in the recognized inter-
national academic testing sys-
tem.
"There is solid scientific sup-
port for the statement 'Educa-
tional quality measured by
what people know has a very
powerful and positive effect on
the economic welfare of the
country'. Failure to recognize
this means the country is not
likely to be aggressive enough
with their education reform pro-
gramme; and the country is not
likely to become a truly 'devel-
oped country'."


MORTON SALT



ROHM E

IHRRS__
Seeks a qualified candidate for the position of

PROJECT ENGINEER
At Its Great Inagua Plant
Responsibilities include (but are not limited to):

* Plant Safety, Health, and Environmental responsibilities and
knowledge of Regulatory Compliance
* Development and management of Capital Budgets and projects
* Construction and Capital equipment installation, physical plant
maintenance, on equipment and machinery
* Comprehensive knowledge of standard and specialized
engineering computer applications including, reliability, and
data streaming
* Identification of source problems and opportunities for
improvement

Successful candidate should possess:

* Effective communication skills for internal and external
customers
* Proficient oral and written communication skills
* Positive can-do attitude easily adapts to change and is a team
player
* Uses good judgment, Demonstrates a high level of
professionalism and integrity, discretion and ethical behavior
* A Degree in Engineering, Five years experience with reasonable
field experience

Morton Bahamas Limited offers excellent benefits and salary
Interested applicants may submit resumes and proof of
qualifications to
Morton Bahamas Limited, Human Resources Department,
P.O. Box MT-509,
Matthew Town, Inagua,
The Bahamas.
Or, to vmoultrie@mortonsalt.com

The Company will only contact candidates under consideration.
All applications will be held in strict confidences. The candidate
must be willing to relocate to Great Inagua.









THE TRIBUNE


TUESDAY, APRIL 15, 2008, PAGE 5B


Airport needs 'in excess



of $100m in B$ financing


FROM page 1B


er labour costs "and everything that hap-
pens this side".
"In excess of $100 million is going to be
required locally," Mr Watson said, adding
that financial institutions possessing an off-
shore licence would also be eligible to par-
ticipate in the US$ financing tranche.
"I think there'll be great opportunities
for local banks and investment groups to
participate," Mr Watson added. "The local
banks are eager to get into the ring.
"We hope to have 'the funding pretty
much in place by June. It's $400 million in
total that we're looking at."
The Airport Authority chairman
explained that ideally the financing would


take the form of a rolling credit facility,
with NAD able to draw funds down when
needed "in stages, rather than getting the
entire $400 million in one bloc.
"It's a question of structuring the arrange-
ment of the loan so that the airport can
bear it."
Mr Watson said that "if all goes well"
construction on the airport redevelopment
would start "later this year".
The Government and Airport Authority
have approved the plans, and Mr Watson
said he was likely to have a better idea on
the construction timelines "in about two
weeks", as this was when the project man-
ager was likely to be appointed.
"The size of the building is agreed. It is a
matter of devising the interior and stuff like
that," Mr Watson said.
"We will have a seamless building, and


the building where the US terminal now
is, will be incorporated into that and includ-
ed as the arrivals area for all passengers in
the new design."
The Airport Authority chairman said the
financing had "not felt any pressure at this
point" from the global financial system's
credit/liquidity crunch, with Citibank con-
fident it could raise the foreign currency
component of the loan.
In a reference to the overall economic
importance of the airport redevelopment,
given that it was perhaps the Bahamas'
most important infrastructure asset and
tourism gateway, Mr Watson said: "This is
critical to our tourism development.
"Right now, we have to really upgrade
and change the product we are offering,
and the airport will be central to leading us
in that direction."


slips, and Mr Farrant said Mon-
tana Holdings planned to
increase this number to about
50-60.
The developer's remaining


NOTICE
NOTICE is hereby given that CELESTINE SHIDEL NAKIA
HEPBURN of 7TH ST., COCONUT GROVE, 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 15th day
of April 2008 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.



NOTICE
NOTICE is hereby given that ILIONER CALIXTE of
RIDGELAND PARK -WEST, 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
.,iof the facts within-twenty-eight days from the 15th day
of April 2008 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.



NOTICE
NOTICE is hereby given that CATHLENE FENELUS
SENATUS of EXUMA ST. THE GROVE, P.O. Box
N-3331, 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 15th day of
April 2008 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.






BAHAMAS FIRST
FIRST IN INSURANCE. TODAY. TOMORROW,.

Career opportunity for an ambitious career oriented
individual


Trainee Risk Surveyor


Role & Responsibilities:
Survey Property Risks all over the Bahamas
Make Loss Prevention recommendations

Qualifications:
College Graduate with B.A. Degree in Engineering,
Architecture or Technical Drafting preferred
Successful applicant must complete the surveying
qualifications in four years
Experience useful but not essential
On the job training will be provided
Computer proficiency required
Strong communication and interpersonal skills required
Must be able to work with minimal supervision

The Bahamas First Group is the largest property and casualty
insurance company in the Bahamas and has A- (Excellent)
Rating from A.M. Best, reflecting the company's financial
stability and sound risk management practices. Compensation
commensurate with relevant experience and qualifications.


Please apply before April 23rd, 2008 to:
Group HR & Training Manager
Bahamas First Corporate Services
32 Collins Avenue
P.O. Box SS-6268
Nassau, Bahamas

Or email to:
careers@ bahamasfirst.com


plans for Sumner Point Marina
included removing "some badly
placed groins" on the beach, as
they had been requested to by
government, to ensure the long-
shore transportation of sand.
In addition, Montana Hold-
ings planned to install a water
and wastewater treatment plant,
and prepare lots for 15 houses
on the beach side and 21 on the
marina side, making a total of
36 in all.
Mr Farrant said commitments
had been received on some of
the real estate at Sumner Point,
although no transactions had
been closed.
"We have every intention of
starting on July 1," Mr Farrant
told The Tribune. "We're quite
excited. Even in this economic
climate, you've got to ensure
your project is going forward.
"With the business plan we
have, hopefully will make prof-
its on that [Sumner Point], and
that will lead us nicely into the
development of the southern
side."
He added that Montana
Holdings planned to meet with
the Government shortly to brief
it, on its plans to develop the
Rum Cay project.
Meanwhile, Mr Farrant said
the 'scurrilous attacks' that had
been mounted against Montana
Holdings and its Rum Cay
development, in a bid to
"severely impede" its progress,
had largely halted.
"A lot of those attacks have
stopped. Montana has hopeful-
ly seen a bygone day of people
trying to stop development
down there," he said.
Mr Farrant had earlier this
year told The Tribune that
Internet-based attacks seeking
to undermine Montana Hold-
ings' reputation, coupled with
the "confusion" caused by a
rival hotel development for
Rum Cay bearing a similar
name, had affected the project's
progress.
The net effect, he explained
at the time, was that false claims
alleging things such as Montana
Holdings not having good title
to the 897-acre site had deterred
potential real estate buyers and
investors from becoming
involved with the Rum Cay pro-
ject.


Aggressive Bahamian Shipping Company is currently seeking a Container welder

Job Description
0 Repair and perform preventative maintenance on containerize equipment
including Containers, Chassis, Trailers and Forklifts
0 Maintain maintenance history for all containerize equipment

Requirements
0 3 years or more of Welding, Mechanical ability and Fabrication Experience
0 Formal technical certification a plus
0 Ability to weld with MIG & Stick Welding
0 Ability to lift up to.70 lbs
0 Ability to use Forklift Equipment
0 Able to stand for long periods of time
0 Able to frequently reach, bend, grasp, stoop, push and pull
0 Ability & desire to work in a fast-paced, organized, positive
environment
0 Excellent Troubleshooting Skills

Competitive Pay
Interested Person should send their resumes by mail to the following address on











Visit our website at www.cob.edu.bis



REGISTRATION NOTICES


Registration for Fall ~ 2008.


The Office of The Registrar wishes to advise that Online
Registration for the Fall Semester for all current students is now
taking place. Please visit the College's website at www.cob.edu.bs
for further Registration details.


Late Registration for Summer- ~ 2008


Late Registration for the Summer Session will also be online and
will take place on Thursday, May 15th, and Friday, May 16th,
2008. Please visit the College's website at www.cob.edu.bs for
further Registration details on Friday, May 2nd, 2008.


Looking for an experienced


Fund Administrator

A small start-up Fund Administration company

is looking for a dynamic person who has a few years

experience in the Administration of Bahamas SMART

and Professional Funds. The ideal candidate would

also be assigned other related tasks. He/she must be

able to fit in a small young group of professionals and

is a motivated team-player.


Please send your resume with a salary expectation

to HR Management,

P.O. Box N-7755, Nassau, Bahamas.


Rum Cay developer to start


Phase One work on July 1


FROM page 1B

The Sumner Point Marina
currently had about 30 docking


FG CAPITAL MARKETS
B ,' R6IOKERAGE & ADVISORY SERVICES

C FA _L"
BISX LISTED & TRADED SECURITIES AS OF:
MONDAY, 14 APRIL 2008
BISX ALL SHARE INDEX: CLOSE 1.957.48 | CHG -7.01 I %CHG -0.36 I YTD -109.27 I YTD% -5 29
FINDEX A CLOSE 913 83 | YTD% -4.01% | 2007 28.29%
WWW BISXBAHAMAS.COM FOR MORE DATA & INFORMATION
52wk-Hi 52wk-Low Security Previous Close Today's Close Change Daily Vol. EPS $ Div $ P/E Yield
1.94 1.05 Abaco Markets 1.94 1.94 0.00 0.135 0.000 14.3 0.00%
11.80 11.50 Bahamas Property Fund 11.80 11.80 0.00 1.502 0.400 7.9 3.39%
9.68 9.00 Bank of Bahamas 9.61 9.61 0.00 0.643 0.160 14.9 2.71%
0.99 0.85 Benchmark 0.99 0.99 0.00 0.188 0.030 5.3 3.03%
3.74 2.30 Bahamas Waste 3.66 3.66 0.00 0.289 0.090 12.7 2.46%
2.70 1.30 Fidelity Bank 2.60 2.60 0.00 0.058 0.040 44.8 1.54%
13.63 10.41 Cable Bahamas633.63 13.63 0.00 1.093 0.240 12.5 176%
3.15 2.10 Collna Holdings 2.87 2.87 0.00 0.091 0.040 31.5 1 39%
8.50 4.75 Commonwealth Bank (Sl) 7.22 7.22 0.00 0.428 0.270 16.9 3.74%
7.22 3.60 Consolidated Water BDRs 4.70 4.63 -0.07 0.157 0.052 30.0 1.10%
2.65 2.20 Doctor's Hospital 2.65 2.65 0.00 0.316 0.040 84 1.51%
7.92 5.94 Famguard 7.92 7.92 0.00 0.713 0.280 11.1 3.54%
13.01 12.49 Finco 12.92 12.92 0.00 0.810 0.570 16.0 441%
14.75 13.50 FirstCaribbean 13.50 13.50 0.00 0.914 0.470 14.8 3.48%
6.10 5.12 Focol (S) 5.50 5.12 -0.38 1,950 0.386 0.140 13.3 2.73%
1.00 0.54 Freeport Concrete 0.67 0.61 -0.06 2.500 0.035 0.000 17.4 0.00%
8.00 6.86 ICD Utilities 6.86 6.86 0.00 0.411 0.300 16.7 4.37%
12.50 8.60 J. S. Johnson 12.30 12.30 0.00 1.059 0.620 11.6 5.04%
1000 10.00 Premier Real Estate 10.00 10.00 0.00 1.167 0.600 8.6 6.00%
Fidelity, O er-The-Collnrer Securitlles
520wk-Hi 2J.. -L 3 S, ---n t.. : Las Fr:. V.eei, -'i EPS D .. PI Yield
14.60 14.-L 6 rrarI,. up1,-rr,&,-iIr.e _',' ',,:, Ii r,. 1u ** *:' ' .1 6.16%
8.00 6.00 Caribbean Crossings (Pref) 6.00 6.25 6.00 0.000 0.480 NM 7 80%.
:, RNC, Hilla'r.,3s 0.35 0.40 0.35 -0.023 0.000 N/M 0.00%
Collna Over-The-Counter Securities
41.00 41.00 ABDAB 41.00 43.00 41.00 4.450 2.750 9.0 6.70%
14.60 14.00 Bahamas Supermarkets 14.60 15.60 14.00 1.160 0.900 134 616%
0.55 0.40 RND Holdings 0.45 0.55 0.45 -0.023 0.000 N/M 0 00%/
BISX Listed Mulual Funds
_..*.I L -, .i -L :.. 'ur.3 Na-me NAV YTD% Last 12 Months Dlv$ Yield%
1.3081 1.2443 Colina Bond Fund 1.308126.... 1.25% 5.61%
3.0008 2.6629 Colina MSI Preferred Fund 2.996573**-* -0.14% 13.11%
1.3847 1.2647 Colina Money Market Fund 1.386634*** 0.84% 3.89%
3.7969 3.1827 Fidelity Bahamas G & I Fund 3.7011" ...-2.52% 17.78%
12.1010 11.4992 Fidelity Prime Income Fund 12.1010" 1.40% 5.72%
100.0000 100.0000 CFAL Global Bond Fund 100.00O
100.0000 100.0000 CFAL Global Equity Fund 100.00"-
1.0000 1.0000 CFAL High Grade Bond Fund 1.00"*
10.5000 9.6346 Fidelity International Investment Fund 9.6346* -8.24% -8.24%
Market Terms N.A.V. Key
BISX ALL SHARE INDEX 19 Dec 02 = 1,000 00 YIVLD last 12 month dividends divided by closing price 29 Fobruary 2008
52wk-Hi Highest closing price in last 52 weeks Bid $ Buying price of Collna and Fidelity ** 31 DecOtm 20O7
52wk-Low Lowest closing price in Fast 52 weeks Ask S Sellng price of Colna and fidelity -- .4 April 2001
Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price 31 Mrlnch 2008
Today's Close Current day's weighted price for daily volume Weekly Vol Trading volume of the prior week
Change Change in closing price from day to day EPS S A company's reported earnings per share for the last 12 mhs
DatIly Vol Number of total shares traded tIoday NAV Not Asset Value
DIV $ Dividends per share paid n the last 12 months N/M Not Meaningful
P/E Closing price divded by the last 12 month earnings FINDEX The Fidelity Bahamas Stock ndex January 1. 1994 = 100
(S) 4-for-1 Stock Spilt Effective Dat 8//812007
(S1 t -fnr-1 Sto1k SolIt Effpcltve Dat 7/11/2007
TO. TRADE CALL CFAL .2i-E.02-.71T3 |I FIDELITY 2J.25e .-?6- FG P CAPITAL MARKETS 2.42-398-4000 FOR MORE DATA & INFORMATION CALL 242-3,&d-2503


B N











PAGE 6BTUESDAYAPRIL 1 008


I-CO IS GE -. .
,


.0
~uE-
-u-u-u
.. muiuUfl~~.,~uuiu.
It's ____________


21 ToOrluCOus Tie rso canine
creatures 17)
22 Punishels for ome r parse returns (4)
23 How self-sarsed mugs can be' (4)
24 onro .:ar rThit crashed ini ihe
gareway' ;,7)
26 ThIr ol one mornev' 16
29 Lnle (h3pa led aIr3y (3)
31 The all ., i, al(5)
32 G3heered that Ed had ihe wrong
angle I')
4 The irai.an Iakes nime our
regularly (5)
35 Made a rhle of urnpralleled
uhl.,-,e;, |3|
36 Fernale wai'. hae a certain loss (il
37 lust tiTe gae ior a house rirty7 |i)
38 Tiist a rTipo'er (51


-" crypticc solutions
"ACROSi: 8. ,lp-ir|. F-or;..,r.[ l j 1 eal 14 ior-
15. A-dlc 16. b r-ri'.I g 17. ei P IC .t-p-c -U E,'.ou-
: Ad. fice2e IN deed 2- N ~,nea 7 i:,Cdr.u C.luu
R jl. 'lIui e j 3".. Seem.-le,'nsol A,.-is p
Fou Iqo,5o 39. M R.ir, 4- 1 fl tjelfr, |,e I e. Pe ,le
4 ISU' lei, .1 Mad jhC.
DOWN:1 Cwie.' 2." re.Mrine I ia I ves4,.:. 1,.'i-o,:.
Derra-,ds6 Dlere,'s 7. CHiub(il) Il. SIrtc y)le i. c'. .,.'~
I i. *a .-d I'4. Pre-uume 21. A,.tiild :4. More l:. r |Ti 't,
'u)ur '.l uD "9.' u ,ie iS 1 ,'2 vel's I .CL. .rrI.Y
w 1.'. 4,,.rapp-Il iu,4,3-.l.1 M4, 'it rF Iy 33, 'r.310 40,u


19 in comprehensive terms. or badly,
peihap, (7)
20 An area to0 tat up a car during a
race(5)
21 Be Iltenrly correct !or a rime 5I)
23 Hiiorlnc provider of food and sorrm,
iye (7l
24 Nmrre a can'l centre ,,, the. general
direcri'i, l Panama (6i
25 We nroie it's uinire rnnr (3)
27 They car be minCed and serNed up at
not (4)
28 former monarch laiher badO ,-,
history (5)
30 Toothy gri d(5)
32 Wnh the cunri gule I'm ,TiT.;ri I
c -, onr gly ive a' iiov clue 141
33 She's uod Tiumi;,n, up
ur.ruHiled 131


easy solutions
ACROSS 6. On .I, rr, I l. n. 14, Erase 15,
PUL ctb IV' All cl i i" FU i'1 ,-,:i F -iit22,
raor, jr ". ,rnr ,. r'l n: iL uant 31, Enrage
p r S *. 'jirrm -I V', i I n.:..Ti J. Heathen 41,
M A,-,:,i J'_ jul. J C ,j r:i(.r .1-. 1 -,4 .
DOWN 1. cruril lrini',' i ImT, ou r, 4, Intention S,
tC4 -Iull 1 ,w.aLhr- H ,' iI :',-,,:nr. li Mammoth12,
OJ,' 1, i,:, .-,,-.' 1 ,'.q. .4 i -. ..,h,- rt 26, Lancashire
-e Trr,, t, 5; 9 ie~rr. :)i. rour,:n, ''. .-,urate33, Punish
3-, Curci 3.net Molar 40, Aia.


ACROSS
3 Fellows (5)
8 Stone-worker
(5)
10 Oarsman (5)
11 Container (3)
12 Sewer (51
13 Determined
(7)
15 Without (5)
18 Metal (3).
19 Empty
(6)
21 Funny (7)
22 Bellow (4)
23 Darns (4)
24 Edited (7)
26 Infertile (6)
29 Help (3)
31 Alloy (5)
32 Intestines (7)
34 Animal (5)
35 Digit (3)
36 Petty
officer (5)
37 Flower
part (5)
38 Hidden
store (5)


Dennis


-Conb act Bridge

By.teve Becker .


|IC Calivhw&Hobb


.9


The) Worst-Case Scenario


East dealer.
Both sides vulnerable.
NORTH
*A7
V762
*A 10 9 5 3
4K94


WEST
+Q862
VA 10854.
*82
*J6


EAST
*109 5 3
VQ3
*K6
4108753


SOUTH
*KJ4
VKJ9
*QJ74
*AQ2
The bidding:
East South West North
Pass 1 NT Pass 3 NT
Opening lead five of hearts.
When you're declarer and the
outcome seems promising but not
certain, you should try to picture the
ways the defenders' cards might be
divided that would put the contract in
jeopardy. Once you determine the
dangers that may exist, it is much
easier to combat them.
Take this case where West leads a
heart against three notrump and East
plays the queen. Before deciding
whether to take the queen with the
king, you should review the entire
situation.


The first thing to ask yourself is,
"What can defeat me?" It is of course
obvious that if West has the king of
diamonds, you can make at least 11
tricks by winning the heart and fi-
nessing the queen of diamonds.
But if East has the king of dia-
monds, you could go down. This
would happen if West started with
five hearts headed by the A-10, in
which case a heart return by East
would allow West to cash four heart
tricks.
Since the possibility of East's
holding the diamond king and West's
having started with five hearts is very
real, you should not play to the first
trick before considering whether
there is any way to r ercome that
distribution.
Careful thought adicates that
even this threat can be. defused.
Accordingly, you play the nine on
East's queen at trick one. When he
returns a heart, you play the jack, not
caring one iota which opponent hat
the diamond king or whether West
started with four hearts or five.
Whatever the case assuming
West started with four or more hearts
- you are certain to score at least
nine tricks. Your refusal to take the
first trick until you have determined
what can defeat you allows you to
make a contract that might easily fail
with less cautious play. .


AR


DOWN
1 Log (5)
2 Check (7)
4 Difficult (4)
5 Fundamental
(6)
6 Of sound (5)
7 First perfor-
mance (5)
9 Thus (3)
12 Inhabitantj7)
14 Dull (3)
16 Called (5)
17 feeling
(5)
19 Brave (7)
20 Snatches (5)
21 Nucleus (5)
23 Tranquillised
(7)
24 Capitulate (6)
25 Transgression (3)
27 Musketeer (5)
28 Word
puzzle (5)
30 Model (5)
32 Egyptian deity
(4)33
Decay (3)


I _______________ _______________________________ I
U


c


L


1


A


N

0


R


G


iL


HOW many words of
four letters or more can
you make from the
letters shown here? In
making a wprd, each
letter may be used once
only. Each must contain
the centre letter and
there -nust be at least
one nine-letter word. No
- plurals, or verb forms
ending in "s", no words
with initial capitals and
no words with a hyphen
or apostrophe
permitted. The first
word of a phrase is
permitted (e.g. inkjet in
inkjet printer).
TODAY'S TARGET
Good 13; very good 19;
excellent 25 (or more).
Solution Monday.


TUESDAY,
APR 15
AQUARIUS-Jan 21/Feb 18
Now's the time to take a good, hard
look at your finances, Aquarius. You
may want to scale back some of
those luxury items, then invest your
savings for the future.
PISCES Feb 19/March 20
Feelings are running high this week,
which may result in an argument with
a close friend. While you both may
say some nasty things, remember the
importance of your friendship.

ARIES March 21/April 20
It will be difficult to know what is
fact and what is fiction this week,
Aries, but one thing is for sure it's
time to slow down a bit at work. The
hectic pace is wearing you down.
TAURUS April 21/May 21
-While everyone around you is fussing
and fretting over minor concerns, you
will be quietly doing what you have to
do this week, Taurus. Good for you.
GEMINI- May 22/June 21
Part' of y'ou warnts:to escape you
responsibilities, but rest of you knows,
this isn't a good idea this.week. Whai
can you do? For siarters,,,o the job
right the first time. Then, go play.
CANCER June 22/July 22
There's an old saying that knowledge.
is power, but secrets are more powerful
still, Cancer. Be true to your nature this
week and don't let on that you have in-
sider information about a family friend.
LEO July 23/August 23
It's usually paid off for you to trust
your lion's instincts, Leo. However,
you're not quite thinking straight
this week, so it may be a better idea
to avoid making any major decisions
without more evidence. ..
VIRGO Aug 24/Sept 22
You're in demand this week, Virgo.
Everyone wants something, but they
may not be so willing to give some-
thing in return. No matter how
aggravating this gets for you, don't
give in to your temper.
LIBRA Sept 23/Oct 23
Don't take everything you hear so
seriously this week, Libra. It will on1,
increase your fears. Have fun with
that special someone on Thursd; y.
SCORPIO Oct 24/Nov 24.
Pretend your enemies don't exist this
week, Scorpio. You're in a good
mood, so don't let anything spoil it.
Instead, take a walk in the park or
visit a museum. Enjoy yourself.
SAGITTARIUS- Nov 23/Dec 21
Romance has muddled your senses a bit
recently, but it's important to take a look
at all the facts. That's not to say that any-
thing is wrong -just watch your back.
People aren't always what they seem.
CAPRICORN Dec 22/Jar 20
This appears to be very busy week
for you, Capricorn. Delegate some
of the smaller tasks so that you can
get on with the serious work. Don't
forget to get some rest!


CE-bLo r-B


P ConNers v Maia Chiburdanidze,
Lippstadt 2000. P ConNers looks
like a misprint, but was actually 12
feet tall and an abbreviation of
Parallel Controlled Conspiracy
Number Search. For a brief period 7
5-7 years ago, some organizers
allowed computer programs into
normal tournaments. Humanity
soon abandoned the unequal
struggle as the machines scored an '
abnormal number of Victories and
high prizes. P ConNers won the
Lippstadt tournament, and here the
silicon star is White (to move)
against a former world woman
champion. Chib expected 1 Rxc3
Rxa7 with a book draw where
White's extra pawn is insufficient.
What did she miss?


LEONARD BARDEN


Chess 8593:1 Rh8+! Kxh8 2 g6 with no defence to 3
Rc8 mate.


THE TRIBUNE


......... ..


1


- ---


---~---_,















THE TRIBUNE TUESDAY, APRIL 15, 2008, PAGE 7B
M -I


* Chartered Accountants
One Montague Place
Third Floor
East Bay Street
P.O. Box N-3231
Nassau, Bahamas


m Phone (242) 502-6000
Fax: (242) 502-6090
www.ey.corn


Independent Auditors' Report to the Shareholders of
FirstCaribbean International Bank (Bahamas) Limited

We have audited the accompanying consolidated balance sheet of FirstCaribbean International Bank
(Bahamas) Limited (the "Bank") as at October 31, 2007 and a summary of significant accounting
policies and other explanatory-notes.

The consolidated balance sheet of the Bank as at October 31, 2006, were audited by other auditors
whose report dated December 15, 2006, expressed an unqualified opinion. We also audited the
adjustments described in Note 25(i) that were applied to restate the 2006 consolidated balance sheet. In
our opinion, such adjustments are appropriate and have been properly applied.

Management's Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the balance sheet in accordance
with International Financial Reporting Standards. This responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair presentation of a
balance sheet that is free from material misstatement, whether due to fraud or error; selecting and
applying appropriate accounting policies; and making accounting estimates that are reasonable in the
circumstances.

Auditors' Responsibility
Our responsibility is to express an opinion on the balance sheet based on our audit. We conducted our
audit in accordance with International Standards on Auditing. Those standards require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the
balance sheet is free from material misstatement.

An audit involves performing procedures to obtain evidence about the amounts and disclosures in the
balance sheet. The procedures selected depend on the auditors' judgment, including the assessment of
the risks of material misstatement of the balance sheet, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control relevant to the entity's preparation and fair
presentation of the balance sheet in order to design audit procedures that are appropriate for the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's
internal control. An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of accounting estimates made by management, as well as evaluating the overall
presentation of the balance sheet.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion.

Opinion
In our opinion, the consolidated balance sheet presents fairly, in all material respects, the financial
position of the Bank as of October 31, 2007 in accordance with International Financial Reporting
Standards.


April 14, 2008


A member firm of Erst & Young Global Limited


FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED
CONSOLIDATED BALANCE SHEET
AS OF OCTOBER 31, 2007
(expressed in thousands of Bahamian dollars)


Notes


ASSETS
Cash and balances with central bank
Due from banks
Derivative financial instruments
Financial assets at fair value through profit or loss
Other assets
Investment securities
Loans and advances to customers
Property and equipment
Retirement benefit assets
' 'Goodwill ..

Total assets ,

LIABILITIES
Customer deposits
Derivative financial instruments
Debt securities in issue
Other borrowed funds
Other liabilities
Retirement benefit obligations

Total liabilities

EQUITY
Share capital and reserves
Retained earnings

Total equity

Total liabilities and equity


2006

(Restated)


3 116,808 69,143
4 152,626 297,817
5 36,713 1,983
6 792,307 652,281
7 32,662 39,611
8 893,161 706,565
9 2,415,975 2,425,951
10 26,954 29,209
11 13,502 13,654
12 187,747 187,747

4,668,455 4,423,961


13 3,661,406 3,503,903
5 30,974 12,424
14 20,620
15 278,171 281,344
16 30,138 17,944
11 3,814 11,608

4,025,123 3,827,223


18 436,297 436,030
207,035 160,708

643,332 596,738

4,668,455 4,423,961


Approved by the Board of Directors on April 14,2008 and signed on its behalf by:


Michael Mansoor
Chairman


Sharon Brown
Managing Director


See accompanying notes.
See Auditors' Report.



FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED

NOTES TO CONSOLIDATED BALANCE SHEET
October 31,2007
(Expressed in thousands of Bahamian dollars)

1. General information

FirstCaribbean International Bank (Bahamas) Limited ("The Bank") was formerly named CIBC Bahamas Limited ("CIBC Bahamas") and was
controlled by Canadian Imperial Bank of Commerce (CIBC) a company incorporated in Canada. The Bank changed its name to FirstCaribbean
International Bank (Bahamas) Limited on October 11, 2002, following the combination of the retail, corporate and offshore banking operations of
Barclays Bank PLC in The Bahamas and the Turks & Caicos Islands ("Barclays Bahamas") and CIBC Bahamas.

The Bank is a subsidiary of FirstCaribbean Intemrnational Bank Limited, formerly CIBC West Indies Holdings Limited (the "Parent" or "FCIB"), a
company incorporated in Barbados. The Parent is owned by CIBC. From October 11, 2002, the major shareholders of FirstCaribbean Intemational
Bank (Bahamas) Limited were jointly CIBC and Barclays Bank PLC, ("Barclays"), a company incorporated in England. On December 22, 2006, CIBC
acquired Barclays's interest in the Bank and now owns 91.4% of the shares of FirstCaribbean International Bank Limited.

The registered office of the Bank is located at the FirstCaribbean Financial Centre, 2nd Floor, Shirley Street, Nassau, Bahamas.

2. Summary of significant accounting policies

The principal accounting policies applied in the preparation of the consolidated balance sheet are set out below.

2.1 Bash of presentation
The consolidated balance sheet has been prepared on a historical cost basis, except for available-for-sale investments, derivative financial
instruments and financial assets and financial liabilities held at fair value through profit or loss, that have been measured at fair value. The
carrying values of recognized assets and liabilities that are hedged items in fair value hedges, and otherwise carried at cost, are adjusted to record
changes in fair value attributable to the risks that are being hedged. The consolidated balance sheet is presented in Bahamian dollars, and all
values are rounded to the nearest thousand dollars, except when otherwise indicated.

Statement of compliance

The consolidated balance sheet of the Bank has been prepared in accordance with International Financial Reporting Standards (IFRS).

Basis of consolidation
Subsidiary undertakings, which are those companies in which the Bank directly or indirectly has an interest of more than one half of the voting
rights or otherwise has power to exercise control over the operations, have been fully consolidated. The principal subsidiary undertakings are
disclosed in Note 27. Subsidiaries are consolidated from the date on which the effective control is transferred to the Bank. They are de-
consolidated from the date that control ceases.

All inter-company balances have been eliminated. Where necessary, the accounting policies used by subsidiaries have been changed to ensure
consistency with the policies adopted by the Bank.

The purchase method of accounting is used to account for the acquisition of subsidiaries by the Bank. The cost of an acquisition is measured as
the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of the exchange, plus costs directly
attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are
measured initially at their fair values at the date of acquisition, irrespective of the extent of any minority interest. The excess of the cost of
acquisition over the fair value of the Bank's share of the identifiable net assets acquired is recorded as goodwill. If the cost of the acquisition is
less than the fair value of the net assets of the subsidiary acquired, the difference is recognized immediately in the current period.

2.2 Significant accounting judgments and estimates

In the process of applying the Bank's accounting policies, management has used its judgments and made estimates in determining the amounts
recognized in the consolidated balance sheet. The most significant use of judgments and estimates are as follows:
Impairment losses on loans and advances
The Bank reviews its loan portfolios to assess impairment at least on a quarterly basis. In determining 'whether an impairment loss should be
recorded, the Bank makes judgements as to whether there is any objective evidence indicating that there is a measurable decrease in the
estimated future cash flows from a portfolio of loans before the decrease can be identified with an individual loan in that portfolio. This
evidence may include observable data indicating that there has been an adverse change in the payment status of borrowers in a group, or national
or local economic conditions that correlate with defaults on assets in the group. Management uses estimates based on historical loss experience
for assets with credit risk characteristics and objective evidence of impairment similar to those in the portfolio when scheduling its future cash
flows. The methodology and assumptions used for estimating both the amount and timing of future cash flows are reviewed regularly to reduce
any differences between loss estimates and actual loss experience.

Retirement beneft obligations
Accounting for some retirement benefit obligations requires the use of actuarial techniques to make a reliable estimate of the amount of benefit
that employees have earned in return for their service in the current and prior periods. These actuarial assumptions are based on managements'
best estimates of the variables that will determine the ultimate cost of providing post-employment benefits and comprise both demographic and
financial assumptions. Variations in the financial assumptions can cause material adjustments in the next financial year if it is determined that
the actual experience differed from the estimate.


M ERNST& YOUNG


provision is credited to the provision for loan loss impairment in the current period.

In circumstances where central bank guidelines and regulatory rules require provisions in excess of those calculated under IFRS, the difference is
accounted for as an appropriation of retained earnings and is included in a non-distributable general banking reserve.

2.10 Impairment of non-financial assets
The Bank assesses at each reporting date or more frequently if events or changes in circumstances indicate that the carrying value may be
impaired, whether there is an indication that a non-financial asset may be impaired. If any such indication exists, or when annual impairment
testing for an asset is required, the Bank makes an estimate of the asset's recoverable amount Where the carrying amount of an asset (or cash-
generating unit) exceeds its recoverable amount, the asset (or cash-generating unit) is considered impaired and is written down to its recoverable
amount

For assets, excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognized
impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously
recognized impairment loss is reversed only if there has been a change in the estimates used to determine the asset's recoverable amount since
the last impairment loss was recognized. If that is the case, the carrying amount of the asset is increased to its recoverable amount. Impairment
losses relating to Goodwill cannot be reversed for subsequent increases in its recoverable amount in future periods.

2.11 Offsetting financial Instruments

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the
recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously.


2.3 Change In accounting policies

The accounting policies adopted are consistent with those used in the previous financial year except as follows:

During the year, a review of the Bank's hedge accounting revealed that existing hedge documentation was not appropriate. Consequently, all
hedges existing as of that date were disqualified from having met the criteria for hedge accounting. The effect of this was that upon
disqualification, the hedges are treated as if the disqualification existed from inception of the hedges. On disallowance of the use of hedge
accounting, the fair values of the loans and the bonds were reversed and the bonds that were available-for-sale were marked to market through
equity.
This change has been applied retrospectively in accordance with IAS 39 Financial Instruments: Recognition and Measurement and consequently
the October 31, 2006 comparative balance sheet has been restated to reflect this change. The impact on the consolidated balance sheet as at
October 31, 2006 was to reduce total assets by $8,668. Reserves were increased by $474, and opening retained earnings increased by $830 (see
Note 25 (i)).

As of November 1, 2006, the bank changed its accounting policy on the recognition of all purchases and sales of financial assets at fair value
through profit or loss and available for sale that require delivery within the time frame established by regulation or market convention ('regular
way" purchases and sales) from trade date (which is the date that the Bank commits to purchase or sell an asset) to settlement date (which is the
date that an asset is delivered to or by the Bank). This change has been applied retrospectively in accordance with IAS8 Accounting Policies,
Changes in Accounting Estimates and Errors and consequently the October 31, 2006 comparative balance sheet has been restated to reflect this
policy change (see Note 25 (ii)).

As of November 1, 2005, loan origination fees relating to loans that have a high probability of being drawn down, are to be deferred (together
with related direct costs) and recognized as an adjustment to the effective interest yield on the loan in accordance with IAS 18 Revenue. This
accounting treatment was not applied in the past as previous estimations indicated the adjustment to be immaterial. For the year ended October
31, 2006, management has estimated the impact using the last four year's historical data along with certain key assumptions about the maturity
profile of the loan portfolio prior to 2004 and the level of fees booked prior to 2002.

2.4 Segment reporting

A business segment is a group of assets and operations engaged in providing products and services that are subject to risks and returns that are
different from those of other business segments. A geographical segment is engaged in providing products or services within a particular
economic environment that are subject to risks and returns that are different from those of segments operating in other economic environments.
Segments with a majority of revenue earned from external customers, and whose revenue, results or assets are 10% or more of all the segments,
are reported separately.

2.5 Foreign currency translation

The consolidated balance sheet is presented in Bahamian dollars, which is the Bank's functional and presentational currency.

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at rates prevailing at the balance
sheet date and non-monetary assets and liabilities are translated at historic rates. Translation differences on non-monetary items, such as equities
classified as available-for-sale financial assets, are included in the available-for-sale reserve in equity.

2.6 Financial instruments

Initial recognition and subsequent measurement
Date of recognition
Paurchse or sale of financial assets that require delivery of assets within the timeframe generally established by regulation or convention in the
marketplace are recognized on the settlement date, i.e. the date that an asset is delivered to or by the Bank. Derivatives are recognized on a
settlement date basis.

Initial recognition of financial Instruments
The classification of financial instruments at initial recognition depends on the purpose for which the financial instruments were acquired and
their characteristics. All financial instruments are measured initially at their fair value plus, in the case of financial assets and financial liabilities
not at fair value through profit or lpss, any directly attributable incremental cost of acquisition or issue.

The Bank classifies its financial assets into the following categories:

(i) Financial assets at fair value through profit or loss
(ii) Loans and advances to customers
(iii) Held-to-maturity investments
(iv) Available-for-sale financial assets

(1) Financial assets or financial liabilities designated at fair value through profit or loss
Financial assets and financial liabilities classified in this category are designated by management on initial recognition when the following
criteria are met:
The designation eliminates or significantly reduces the inconsistent treatment that would otherwise arise from measuring the
assets or liabilities or recognizing
gains or losses on them on a different basis; or
The assets and liabilities are part of a group of financial assets, financial liabilities or both which are managed and their
performance revaluated on a fair value basis, in accordance with a documented risk management or investment strategy; or
The financial instrument contains an embedded derivative, unless the embedded derivative does not significantly modify the cash
flows or it is clear, with little or no analysis, that it would not be separately recorded. This category comprises financial assets
held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term or
if so designated by management. Derivatives are also categorised as held for trading unless they are designated as hedges.

Financial assets and financial liabilities at fair value through profit or loss are recorded in the consolidated balance sheet at fair value. Included in
this classification are loans and advances to customers that are economically hedged by credit derivatives that do not qualify for hedge
accounting as well as structured notes that are managed on a fair value basis.

Financial assets or financial liabilities held for trading
These assets are recorded in the consolidated balance sheet at fair value. A financial asset is classified in this category if acquired principally for
the purpose of selling in the short-term or if so designated by management Derivatives are also categorized as held for trading unless'they are
designated as hedges.

Derivatives recorded at fair value through profit or loss
Derivatives include interest rate swaps and futures, credit default swaps, cross currency swaps, forward foreign exchange contracts and options
on interest rates, foreign currencies and equities. Derivatives are recorded at fair value and carried as assets when their fair value is positive and
as liabilities when their fair value is negative.

Derivatives embedded in other financial instruments, such as the conversion option in an acquired convertible bond, are treated as separate
derivatives and recorded at fair value if their economic characteristics and risks are not closely related to those of the host contract, and the hose
contract is not itself held for trading or designated at fair value through profit or loss. The embedded derivatives separated from the host are
carried at fair value in the trading portfolio.

(Qi Loans and advances to customers
Loans and advances to customers are non-derivative financial assets with fixed or deternninable payments that are not quoted in an active market
They are not entered into with the intention of immediate or short-term resale and are not classified as 'financial assets held for trading,
designated as 'financial investment available-for-sale, or 'financial assets designated at fair value through profit or loss'. After initial
measurement, loans and advances are measured at amortized cost, less allowance for impairment.

(Ill) Held-to-maturity investments
SHeld-to-maturity financial investments are those which carry fixed or determinable payments and have fixed maturities and which the Bank has
the intention and ability to hold to maturity. After initial measurement, held-to-maturity financial investments are subsequently measured at
amortized cost using the effective interest rate method, less allowance for impairment. Amortized cost is calculated by taking into account any
discount or premium on acquisition and fees that are an integral part of the effective interest rate. Similarly, the losses arising from impairment
of such investments are recognized in the current period.

(iv) Available-for-sale financial investments
Available-for-sale financial investments are those which are designated as such or do not qualify to be classified as designated as fair value
through profit or loss, held-to-maturity or loans and advances. They include equity instruments, investments in mutual funds and money market
and other debt instruments.

After initial measurement, available-for-sale investments are subsequently measured at fair value. Unrealized gains and losses are recognized
directly in equity in the 'available-for-sale reserve'. When the security is disposed of, the cumulative gain or loss previously recognized in equity
is recognized in the current period. Where the Bank holds more than one investment in the same security they are deemed to be disposed of on a
first-in first-out basis.

Financial assets are initially recognized at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss.
Financial assets are derecognized when the rights to receive the cash flows from the financial assets have expired or where the Bank has
transferred substantially all risks and rewards of ownership. When the Bank has transferred its rights to receive cash flows from an asset or has
entered into a pass-through arrangement, and has neither transferred nor retained substantially all the risks and rewards of the asset nor
transferred control of the asset, the asset is recognized to the extent of the Bank's continuing involvement in the asset. Continuing involvement
that takes the form of a guarantee of the transferred asset it measured at the lower of the original carrying amount of the asset and the maximum
amount of consideration the Bank could be required to repay.

Unquoted equity instruments for which fair values cannot be measured reliably are recognized at cost less impairment

2.7 Derecogultion of financial assets and financial liabilities

(i) Financial assets
A financial asset (or where applicable a part of a financial asset or part of a group of similar financial assets) is derecognized where:
The rights to receive cash flows from the asset have expired; or
The Bank has transferred its rights to receive cash flows from the asset or has
assumed an obligation to pay the received cash flows in full without material delay to a third party under a 'pass-through
arrangement; and
Either (a) the Bank has transferred substantially all the risks and rewards of the asset, or (b) the bank has neither transferred nor
retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Bank has transferred its right to receive cash flows from an asset or has entered into a pass-trough arrangement, and has neither
transferred nor retained substantially all the risks and rewards of the asset, nor transferred control of the asset, the asset is recognized to the
extent of the Bank's continuing involvement in the asset. Continuing involvement that takes the form of a guarantee over the transferred asset is
measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Bank could be required to
pay.

When continuing involvement takes the form of a written and/or purchased option (including a cash-settled option or similar provision) on the
transferred asset, the extent of the Bank's continuing involvement is the amount of the transferred asset that the Bank may repurchase, except
that in the case of a written put option (including a cash-settled option or similar provision) on an asset measured at fair value, the extent of the
Bank's continuing involvement is limited to the lower of the fair value of the transferred asset and the option exercise price.

(ii) Financial liabilities
A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires. Where an existing financial
liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability.

2.8 Repurchase and reverse repurchase agreements

Securities sold under agreements to repurchase at a specified future date reposos') are not derecognized from the consolidated balance sheet. The
corresponding cash received, including accrued interest, is recognized on the balance sheet as a 'Cash collateral on securities lent and repurchase
agreements', reflecting its economic substance as a loan to the Bank and are reflected in other borrowed funds (see Note 15). The difference
between the sale and repurchase prices is treated as interest expense and is accrued over the life of the agreement using the effective interest rate
method. Where the transferee has the right to sell or pledge the asset, the asset is recorded on the balance sheet as 'Financial assets held for
trading pledged as collateral'.

Conversely, securities purchased under agreements to resell at a specified future date ('reverse repos') are not recognized on the balance sheet
The corresponding cash paid, including accrued interest, is recognized on the balance sheet as a 'Cash collateral on securities borrowed and
reverse repurchase agreements' and are reflected in loans and advances to customers (see Note 9). The difference between the purchase and
resale prices is treated as interest income and is accrued over the life of the agreement using the effective interest rate method.

2.9 Impairment of financial assets

The Bank assesses at each balance sheet date whether there is objective evidence that a financial asset or group of financial assets is impaired. A
financial asset or a group of financial assets is deemed to be impaired and impairment losses are incurred if, and only if, there is objective
evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a 'loss event') and that loss event
(or events) has an impact on the future cash flows of the financial asset or group of financial assets that can be reliably estimated. Objective
evidence that a financial asset or group of financial assets is impaired includes observable data that comes to the attention of the Bank about the
following loss events:

i) significant financial difficulty of the issuer or obligor;
ii) a breach of contract, such as a default or delinquency in interest or principal payments;
iii) the Bank granting to a borrower, for economic or legal reasons relating to the borrower's financial difficulty, a concession that the lender
would not otherwise consider;,
iv) it becoming probable that the borrower will enter bankruptcy or other financial reorganisation;
v) the disappearance of an active market for that financial asset because of financial difficulties; or
vi) observable data indicating that there is a measurable decrease in the estimated future cash flows from a group of financial assets since the
initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the group, including:
adverse changes in the payment status of borrowers in the group; or
national or local economic conditions that correlate with default on the assets in the group.

If there is objective evidence that an impairment loss on loans and advances to customers or held-to-maturity investments carried at amortized
cost has been incurred, the amount of the loss is tieasured as the difference between the carrying amount and the recoverable amount, being the
estimated present value of expected cash flows, including amounts recoverable from guarantees and collateral, discounted based on the current
effective interest rate.

When a loan is uncollectible, it is written off against the related provision for impairment; subsequent recoveries are credited to the provision for
impairment losses. If the amount of the impairment subsequently decreases due to an event occurring after the write-down, the release of the


=9;N;id












PAGE 8B, TUESDAY, APRIL 15,2008


THE TRIBUNE


2.12 Derivative financial instruments and hedge accounting

The Bank makes use of derivative instruments to manage exposure to interest rate, foreign currency and credit risks, including exposures arising
from forecast transactions. In order to manage particular risks, the Bank applies hedge accounting for transactions that meet the specified criteria.

The Bank's criteria for a derivative instrument to be accounted for as a hedge include:
i) At inception of the hedge relationship, the Bank formally documents the relationship between the hedged item and the hedging
instrument, including the nature of the risk, the objective and strategy for undertaking the hedge and the method that will be used to
assess the effectiveness of the hedging relationship
ii) Also at the inception of the hedge relationship, a formal assessment is undertaken to ensure the hedging instrument is expected to be
highly effective in offsetting the designated risk m the hedged item. Hedges are formally assessed each quarter. A hedge is regarded
as highly effective if the changes in fair value or cash flows attributable to the hedged risk during the period for which the hedge is
designated are expected to offset in a range of 80% to 125%. For situations where that hedged item is a forecast transaction, the Bank
assesses whether the transaction is highly probable and presents an exposure to variations in cash flows that could ultimately affect
the current year's operations. The hedge is expected to be highly effective in offsetting the risk in the hedged item throughout the
reporting period; and;
iii) The hedge is highly effective on an ongoing basis.


Derivatives are initially recognized in the balance sheet at their fair value based on settlement date. Fair values are obtained from discounted
cash flow models, using quoted market interest rates. All derivatives are carried as assets when fair value is positive and as liabilities when fair
value is negative.

The method of recognizing the resulting fair value gain or loss depends on whether the derivative is designated as a hedging instrument, and if
so, the nature of the item being hedged. The Bank designates certain derivatives as either (1) hedges of the fair value of recognized assets or
liabilities (fair value hedge); or (2) hedges of highly probable cash flows attributable to a recognized asset or liability (cash flow hedge). Hedge
accounting is used for derivatives designated in this way provided certain criteria are met

(1) Fair value hedges
Changes in the fair value of derivatives that are designated and qualify as fair value hedges and that prove to be highly effective in relation
to hedged risk, are recorded in the current period, along with the corresponding change in fair value of the hedged asset or liability that is
attributable to that specific hedged risk.

If the hedging instrument expires or is sold, terminated or exercised, or where the hedge no longer meets the criteria for hedge accounting,
the hedge relationship is terminated.

For hedged items recorded at amortized cost, using the effective interest rate method, the difference between the carrying value of the
hedged item on termination and the face value is amortized over the remaining term of the original hedge. If the hedged item is
derecognized, the unamortized fair value adjustment is recognized.

(2) Cash flow hedges
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognized in
equity in the revaluation reserve-cash flow hedges. The gain or loss relating to the ineffective portion is recognized immediately.

Amounts accumulated in equity are recorded in the period in which the hedged item will affect current year operations (for example, when
the forecast sale that is hedged takes place).

When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or
loss existing in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized. When a
forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately recognized.

2.13 Goodwill

Goodwill represents the excess of the cost of an acquisition over the fair value of the net identifiable assets of the acquired subsidiary
undertaking at the date of acquisition and is reported in the balance sheet as an intangible asset. Goodwill is tested annually for impairment and
carried at cost less accumulated impairment losses. Goodwill is allocated to lowest levels for which there are separately identifiable cash flows
(cash-generating units) for the purpose of impairment testing. An impairment loss is recognized for the amount by which the asset's carrying
value exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use.

2.14 Property and equipment

Land and buildings comprise mainly branches and offices. All property and equipment are stated at historical cost less accumulated
depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Changes in the expected useful life
are accounted for by changing the amortization period or method, as appropriate, and treated as changes in accounting estimates.

Subsequent costs are included in the asset's carrying amount or are recognized as a separate asset, as appropriate, only when it is probable that
future economic benefits associated with the item will flow to the Bank and the cost of the item can be measured reliably. All other repairs and
maintenance are recognized during the financial period in which they are incurred.

Land is not depreciated. Depreciation on other assets is compute fning the straight-line method at rates considered adequate to write-off the
cost of depreciable assets, less salvage, over their useful lives.

The annual rates used are:

Buildings 2%% %
Leasehold improvements 10% or shorter life of the lease
Equipment, furniture and vehicles 20 50%

Assets that ire subject to depreciation are reviewed for impairml whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. Where the carrying amount of auaset is greater than its estimated recoverable amount, it is written down
immediately to its recoverable amount. The asset's recoverable amount is the higher of the asset's fair value less costs to sell and the value in
use. Gains and losses on disposals are determined by comparing proceeds with carrying amounts and are recognized in the current period.

2.15 Leaes

Operating lease payments are recognized as an expense on a straight-line basis over the lease term.

2.16 Provisions

Provisions arem recognized when the Bank has a present legal or constructive obligation as a result of past events, it is more'than likely that an
outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the
obligation can be made.

2.17 Retirement benefit obligations

1) Peniol oblgalious
The Bank operates a pension plan, the assets of which are held in a separate trustee-administered find. The pension plan is funded by
payments from employees and the Bank, taking account of the recommendations of independent qualified actuaries. The plan has
defined benefit sections and a defined contribution section.

A defined benefit plan is a pension plan that defines an amount of pension benefit to be provided, usually as a function of one or more
factors such as age, years of service or compensation. A defined contribution plan is a pension plan under which the Bank pays fixed
contributions into a separate entity (a fund) and will have no legal or constructive obligations to pay further contributions if the fund does
not hold sufficient assets to pay all employee benefits relating to employee service in the current and prior periods.

The liability recognized in the balance sheet in respect of defined benefit sections of the plan is the present value of the defined benefit
obligation at the balance-sheet date minus the fair value of plan assets, together with adjustments for unrecognized actuarial gains/losses
and past service costs. The defined benefit obligation is calculated periodically by independent actuaries using the projected unit credit
method. The present value of the defined benefit obligation is determined by the estimated future cash outflows using. interest rates of
government securitterftat'hMar ertmttsf maturity approximating the terms of the related liability. The pension plan is a final salary plan
and the charge for such pension plan, representing the net periodic pension cost less employee contributions is included in staff costs,

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognized over the expected
average service lives of the related employees. Past service costs are recognized immediately, unless the changes to the pension plan are
conditional on the employees remaining in service for a specified period of time (the vesting period). In this case, past service costs are
amortized on a straight-line basis over the vesting period.

For the defined contribution section of the plan, the Bank makes contributions to a private trustee-administered fund. Once the
contributions have been paid, the Bank has no further payment obligations. The regular contributions constitute net periodic costs for the
year in which they are due and as such are recognized in the current period. The Bank's contributions in respect of the defined
contribution section of the plan are recognized in the year to which they relate.

(l) Other post retirement obligations
The Bank provides post-retirement healthcare benefits to its retirees. The entitlement to these benefits is usually based on the employee
remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are
accrued over the period of employment, using a methodology similar to that for defined benefit pension plans. Actuarial gains and losses
arisingifrom experience adjustments and changes in actuarial assumptions are recognized over the expected average service lives of the
related employees. These obligations are valued periodically by independent qualified actuaries.

2.18 Borrowings

Borrowings are recognized initially at fair value and are subsequently stated at amortized cost, and any difference between net proceeds and the
redemption value is recognized over the period of the borrowings, unag the effective interest yield method.

2.19 Share capital and dividends

(1) Share issue costs
Shares issued for cash are accounted for at the issue price less any transaction costs associated with the issue. Shares issued as
consideration for the purchase of assets, or a business, are recorded at the market price on the date of the issue.

(li) Dividends on ordinary shares
Dividends on ordinary shares are recognized in equity in the period in which they are declared. Accordingly, dividends in respect of the
current year's operations that are declared after the balance sheet are not reflected in the consolidated balance sheet.

2.20 Fiduciary activities

The Bank commonly acts as trustee and in other fiduciary capacities that result in the holding or placing of assets on behalf of individuals, trusts,
retirement benefit plans and otherinstitutions. These assets arising thereon are excluded from this consolidated balance sheet, as they are not
assets of the Bank.

2.21 Income taxes

The Bank is not subject to income taxes in The Bahamas and the Turks and Caicos Islands.

2.22 Future changes in accounting policies

New standards, Interpretations and amendments to published standards relevant to the Bank that are not yet effective
Certain new standards, interpretations and amendments to existing standards have been published that are mandatory for the Bank's accounting
periods beginning on or after November 1, 2007 or later periods but which the'Bank has not early adopted, as follows:

IAS 1, (Revised) Presentation of Financial Statements (effective from annual periods beginning on or after January 1, 2009). IAS 1
(Revised) will require the disclosure of all non-owner changes in equity either in one statement of comprehensive income or in two statements (a
separate consolidated statement of income and a statement of comprehensive income), will require additional disclosures about an entity's
capital and will change the titles of financial statements.

IAS 23 (Revised), Borrowing Costs (effective from annual periods beginning on or after January 1, 2009). IAS 23 will remove the option of
immediately recognizing as an expense borrowing costs that relate to assets that take a substantial period of time to get ready for use or sale. An
entity will therefore now be required to capitalise borrowing costs as part of the cost of such assets. The capitalisation'of borrowing costs
relating to assets measured at fair value is not however required by IAS 23.

IFRS 7, Financial Instruments: Disclosures, and a complementary amendment to IAS 1, Presentation of Financial Statements Capital
Disclosures (effective from annual periods beginning on or after January 1, 2007). IFRS 7 introduces new disclosures to improve the
information about financial instruments. It requires the disclosure of qualitative and quantitative information about exposure to risk arising from
financial instruments, including specified minimum disclosures about credit risk, liquidity risk and market risk, including sensitivity analysis to
market risk. It replaces IAS 30, Disclosures in the Financial Statements of Banks and Similar Financial Institutions, and disclosure requirements
in IAS 32, Financial Instruments: Disclosure and Presentation. It is applicable to all entities that report under IFRS. The amendment to IAS 1
introduces disclosures about the level of an entity's capital.and how it manages capital. The Bank assessed the impact of IFRS 7 and the
amendment to IAS 1 and concluded that the main additional disclosures will be sensitivity analysis to market risk and the capital disclosures
required by the amendment to IAS 1.

IFRS 8, Operating Segments (effective from annual periods beginning on or after January 1, 2009). IFRS 8 will replace IAS 14 Segments
Reporting and increases the level of disclosure required and extends the scope to include entities that meet certain requirements.

IFRIC 11, IFRS 2: Group and Treasury Share Transactions (effective from annual periods beginning on or after March 1, 2007). IFRIC 11
will provide guidance on applying IFRS 2 in three circumstances.

IFRIC 12, Service Concession Arrangements (effective from annual periods beginning on or after January 1, 2008). IFRIC 12 gives
guidance on the accounting by operators for public-to-private service concession arrangement, and sets out general principles on recognizing and
measuring the obligations and related rights in such arrangements.

IFRIC 13, Customer Loyalty Programmes (effective from annual periods beginning on or after July 1, 2008). IFRIC 13 specifically seeks
to explain how entities should account for their obligations to provide free or discounted goods and services ('awards') to customers who redeem
award credits.

IFRIC 14, The Limit on a defined Benefit Asset, Minimum Funding Requirements and their Interaction (effective from annual periods
beginning on or after January 1, 2008). IFRIC 14 addresses the inaction between minimum funding requirements and the limit placed by
paragraph 58 of lAS 19 on the measurement of the defined benefit asset or liability.


The Bank does not anticipate any material impact on the results of its operations from the implementation of these new standards when they
become effective. Additional disclosures related to the Bank's management of risks and its capital will be required to comply with IFRS7 and
IAS I in 2008.

3. Cash and balances with central bank

2007 2006
S S

Cash 34,472 24,543

Deposits with The Central Bank non-interest bearing 82,336 44,600

Cash and balances with central bank 116,808 69,143

Less: Mandatory reserve deposits with The Central Bank (53,269) (43,209)

Included in cash and cash equivalents as per below 63,539 25,934

Mandatory reserve deposits with The Central Bank of The Bahamas (The Central Bank) represent the Bank's regulatory requirement to main
percentage of deposit liabilities as cash or deposits with The Central Bank. These funds are not available to finance the Bank's day-to-day opera
and, as such, are excluded from cash resources to arrive at cash and cash equivalents.


Cash and balances with The Central Bank are non-interest bearing.

Cash and cash equivalents




Cash and balances with The Central Bank as per above

Due from banks, included in cash and cash equivalents (Note 4)


2007 2006
$ S

63,539 25,934

142,606 154,150

206,145 180,084


4. Due from banks


2007 2006
S (Restated)
(Restated)


Due from banks
Add: Accrued interest receivable


151,796 295,514
830 2,303


152,626 297,817

Due from banks comprises deposit placements and include amounts placed with other FirstCaribbean Bank entities of $ nil (2006 $86) and deposi
placements with CIBC and Barclays entities of $217,008 (2006 $230,778). The effective yield on deposit placements during the year was 4.6% (2001
-3.3%).

5. Derivative financial Instruments

The notional and fair value amounts under these contracts at October 31 are shown below:

Fair Values


October 31, 2007

Interest rate swaps
Currency forwards
Short sales


Contract
/Notional
Amount
S


Assets


Liabilities


354,578 33,223 (28,812)
102,276 3,490
321,585 (2,162)

36,713 (30,974)


October 31, 2006


Interest rate swaps 654,154 1,983 (12,414)
Currency forwards 102,276 (10)

1,983 (12,424)

Currency forwards represent commitments to purchase foreign currency including undelivered spot transactions. The counterpart is Canadiat
Imperial Bank of Commerce-Toronto.

6. Financial assets at fair value through profit or Ioan

2007 2006
$ S
(Restated)
Financial assets held for trading

Government bonds 495
Corporate bonds 14,904 241,556
Asset-backed securities 380,667 404,132
Other securities investment fund 394,902

790,473 646,183
Add: Interest receivable 1,834 6,098

Total Financial assets held for trading 792,307 652,281

The effective yield on the financial assets held for trading during the year was 3.5% (2006 5.7%).

7. Other assets

2007 2006
S S
(Restated)

Branch clearings 13,593 10,726
Suspense accounts 2,070 (1,999)
Other accounts receivable, including clearings 16,056 26,731
Prepayments and deferred items 943 1,153
Due from related party 3,000

32,662 39,611

The amount due from related party at October 31, 2006 was due on demand from Barclays Bank PLC and is interest-free.

8. Investment secaritles


Loans and advances to customers

Issued or guaranteed by Govemments
- Debt securities


2006

(Restated)


;- 156,898


Available-for-sale securities

Government bonds 475,208 402,850
Corporate bonds 404,552 133,363

Total available-for-sale securities 879,760 536,213

879,760 693,111

Add: Interest receivable 13,401 13,454

Total Investment securities 893,161 706,565

Debt securities issued or guaranteed by the Government of The Bahamas amounted to $132,574 (2006 $136,700). Government bonds include U:
Treasury Notes of $271,837, all of which have been pledged in support of the repurchase agreements described in Note 15. The effective yield during
the year on investment securities was 6.4% (2006 6.2%).

The movement in Investment securities may be summarised as follows:
Loans and Available
advances -for-sale Total
$ S S


Balance, beginning of year 2006
Additions
Disposals sale and redemption
Loss from changes in fair value
Balance, end of year 2006


Transfer between classifications
Additions
Disposals sale and redemption
Loss from changes in fair value (Note 18)
Gain from change in unamortized premium
Balance, end ofyear 2007

9. Loans and advances to customers





Mortgages
Personal loans
Business loans
Government securities purchased under
resale agreements



Add: Interest receivable
Less: Loan fee deferrals



Less: Provisions for impairment
Specific provisions for credit risk
General provisions for inherent risk


158,523
9,350
(10,975)


7,500
533,774
(4,982)
(79)


166,023
543,124
(15,957)
(79)


156,898 536,213 693,111


(156,898) 156,898
426,680 426,680
(236,453) (236,453)
(6,767) (6,767)
3,189 3,189
879,760 879,760


2007 2006
S S
(Restated)

1,105,365 1,025,949
322,286 333,866
991,025 1,064,612

46,220 52,185

2,464,896 2,476,612

12.578 16,035
(19,760) (19,456)




(36,177) (39,680)
(5,562) (7,560)

2,415,975 2,425,951


Movement In provisions for Impairment is as follows:


Specific credit risk
provision
S


Inherent risk
provision


Balance, October 31, 2005 (36,640) (6,377)

Doubtful debt expense (4,141)
Net movement in inherent risk provisions (1,183)
Recoveries of bad and doubtful debts (1,344)
Bad debts written off 2,445

Balance, October 31, 2006 (39,680) (7,560)

Doubtful debt expense (14,337)
Net movement in inherent risk provisions 1,998
Recoveries of bad and doubtful debts (1,252)
Bad debts written off 19,092

Balance, October 31, 2007 (36,177) (5,562)

The average interest yield during the year on loans and advances was 8.3% (2006 8.4%). Impaired loans as at October 31, 2007 amounted t
S157,785 (2006 $123,630). Included in business loans are advances to FCIB Jamaica totalling $88,754, which are pledged in favour of that bank i
support of loans granted to certain of its customers.

10. Property and equipment


Cost
Balance, November 1, 2006
Purchases
Disposals
Assets written off

Balance, October 31, 2007


Equipment,
Land and furniture
buildings and vehicles
S S

18,535 32,386
246 1,808
(51)
(81


Leasehold
improvements
S

12,051
50


Total
a 2007
S

62,972
2,104
(51)
(81


18,781 34,135 12,101 65,017


_ __ __











TUESDAY, APRIL 15, 2008, PAGE 9B


THE TRIBUNE


uccnmolated deprecdatio
balance, November 1, 2006
Depreciation
.isposals

3alance, October 31, 207

Net book value, October 31, 207





Cost
3alsoce, November 1, 2MS
purchasess
Disposals
transferss

Jalanse, October 31, 206

Accuamlated depreciation
balance, November 1, 2S0
Depreciation
.Disposals
transferss

.alsace, October 31, 2M06


Net book value, October 31, 206


It. (etirement benefit assets sad obligations

ihe Bank has an insured group health plan and a pension plan. The pension plan is a mixture of demined benefit and defined contribution schemes. The
defined benefit sections of the scheme are non-contributory and allow for additional voluntary contributions. The insured health plan allows for retirees
'. continue receiving health benefits during retirement. Independent actuaries value the plan every three years. The most recent actuarial valuations of
ie plan assets and the present value of the defined benefit obligation were carried out as at November 1, 2004. At November 31, 2004, the valuation
Scaled a fund surplus of $20.0million.

The amounts recognized on the consolidated balance sheet are determined as follows:

Defled benefit Post retirement
penasli plans medical benefits


2007 2006 207
5 S S


Fair value of plan assets
Present value of funded obligations


Unrecognized actuarial gain

Net asset/(liability)


92,254 83,149
(68,189) (56,398) (3,582) (9,368)

24,065 26,751 (3,582) (9,368)
(10.563) (13,097) (232) (2,240)

13,502 13,654 (3,814) (11,608)


The pension plan assets include 100,000 ordinary shares in the Bank.

The actuarial return on plan assets for the defined benefit sections of the pension plan is $10.680 (2006: $6,494).

The amounts recognized in the current period are as follows:


Current service costs
Curtailment and settlement costs
Expected return on plan assets
Interest cost

Total amount included in staff costs

The movements in the net asset/(liability) recognized







Balance, beginning of year
Charge for the year
Contributions paid
Employer premiums for existing retirees
Foreign exchange translation gain

Balance, end of year


Defined bent
pension pla
2007


2,854
(324)


tflt Post tlrementl
as medical benefits
2006 2007 2006
S $ S

2.873 519 526
(378) (8,860) (52)
to; ml3


(6,1 77I) (6,158) -
3,800 3,598 639 639

153 (65) (7,702) 1.113

on the consolidated balance sheet are as follows:

Defined benefit Post retresment
pension plans medical benefits
2007 2006 2W7 206
S S S S

13,654 13,597 (11,608) (10,600)
(153) 65 7,702 (1,113)
(8)
92 105


13,502 13,654 (3,814) (11,608)


Changes in the present value of the defined benefit obligation are as follows:




Present value of funded obligations at beginning of year
Interest cost
Customer service cost
Benefits paid
Actuarial loss on obligation

Present value of funded obligation at end of year

Changes in fair value of the plan assets are as follows:


2007 206
IS S

56,398 50,440
3,800 3,598
2,854 2,873
(1,575) (963)
6,712 450

68,189 56,398


2007 2006
S S

Fair value of plan assets at beginning of year 83,149 77,449
Expected return on plan assets 6.177 6.158
Benefits paid (1.575) (963)
Actuarial gain on plan assets 4,503 505

Fair value of plan assets at end of year 92,254 83,149

The Bank expects to contribute $290 to its defined benefit pension plan in 2008.

The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:

2007 2006

Equity instruments 64% 64%
Debt instruments 35% 35%
Other assets 1% 1%

The overall expected rate of return on plan assets is determined based on market prices and conditions.

Th. principal actuarial assumptions used at the balance sheet date are as follows:

Defined benefit
pensulon plans
2007 2006

Discount rate 6.0% 6.5%


Expected return on plan assets
Future salary increases
Future pension increases


Discount rate
Premium escalation rate
Existing retiree age


Post retirement
medical benefits
2007

6.3%
4.5%
60


The present value of the defined benefit obligation, the related current service cost and past service cost was measured using the Projected Unit Method.

Amounts for the current and previous year are as follows:

2007 2006
$ S

Defined benefit obligation (68,189) (56,398)
Plan assets 92,254 83,149
Surplus 24,065 26,751
Experience adjustments on plan
liabilities 6,712 450
Experience adjustments on plan assets 4,503 505

Imp-act of changes in medical premium escalation rate

The impact of a 1% change in the medical premium escalation assumption on the sum of the current service cost and on the present value of the obligation is
shown in the table below.


12 Goodwill

2007 2006
$ S

Carrying amount, October 31 187,747 187,747 *

Bas d on the Bank's assessment of goodwill, them was no impairment charge for the year (2006-Snil).

13. Customer deposits


Individuals
Business and governments
Banks



Add: Interest payable


Psyable a Payable
demand after notice
$ S

130,846 180,166
712,115 29,892
2636 -


Payable at a
fixed date
S

943,418
997,229 -
641 720


2M7
S Total


1,254,430
1,739,236
644.356


2M06
Total
S

1,060,998
1,887,731
31 471


845,597 210,058 2,582,367 3,638,022 3,484,200

364 333 22.687 23,384 19.703

845,961 210,391 2,605,054 3,661.406 3.503,903


Included in deposits from banks are deposits from other FirstCaribbean Bank entities of $600,452 (2006 $484,877) and deposits from CIBC and
Barclays Bank PLC entities ofS 13,463 (2006 $12,757).

The effective rate of interest on deposits during the year was 3.4% (2006 3.8 %).


14. Debt securities issue


Notes payable 20,000

Add: Interest payable 620

20.620

During the year, the Bank issued $20 million in redeemable floating rate notes, with interest payable at a rate of Bahamas Prime plus 0.75% per
annum. The notes, which are unsecured, will mature on November 3, 2011, but may be redeemed at the option of the Bank.

15. Other borrowed funds


2007


2006


5,607 25,795 6.661 38,063

13,174 8.340 5.440 26.954

Eqalpmet.
Load and tmiture Letsehol Total
bhidlag sad vekles improve ts 2006
S S S $

20.436 30,524 11.445 62,405
450 1.438 84 1,972
(1.214) (191) (1,405)
(1,137) 615 522

18,535 32,386 12,051 62.972


5,282 19,898 5,460 30,640
322 2,614 600 3,536
(224) (189) (413)
(54) 39 IS

5,326 22,362 6.075 33.763


13,209 10.,24 5.976 29.209


2007


2006


(Restated)

Accounts payable and accruals 23,553 15,156
Due to brokers 4,835
Payroll liabilities 1,750 592
Amount due to related parties 2,196

30,138 17,944

The amount due to related parties refers to balances due to other FirstCaribben Bank entities as well as CIBC and Barclays Bank PLC or their
subsidiaries.

17. Share capital

The Bank's authorized capital is $20 million, comprising 150 million ordinary shares with a par value of $0.10 each and 50 million preference shares
also having a par value of $0.10 each. All issued shares are flly paid. At October 31, 2007 and 2006, the issued share capital was as follows:

Number f shares Share Share
par value premium Total
S S S


Ordinary shares, voting .


120,216,204


12,022 465,208


477,230


8. Share capital and reserves

2006
2907 S
S (Restated)

Share capital (Nte 17) 477,230 477,230

Reserves

Statutory reserve fund- Turks and Caicos Islands 12,000 6,800
Statutory loan loss reserve- Bahamas 16,495 14,661
Revaluation reserve available for sale securities (5,862) 905
Reverse acquisition reserve (63.566) (63,566)

Total reserves (40,933) (41,200)

Total share capital and res rvs 436,297 436,030

Under the Banking (Amendment) Ordinance 2002 of the Turks and Caicos Islands (TCI), the Bank was required in 2004 to assign capital to the TCI
operations in the amount of $24 million.

The mvements in reserves were as allows:
2007 2006
S S
Stattory reserve fund Trks and Caices Islalms

Balance, beginning of year 6,800 2,800

Transfers from retained earnings 5,200 4,000

Balance, end ofyear 12.000 6,800

In accordance with the Banking (Amendment) Ordinance 2002 of the TCI, the Bank is required to maintain a statutory reserve fund of not less than the
amount of its assigned capital. Where it is less than the assigned capital, the Bank is required to annually transfer 25% of its net profit earned from its
TCI operations to this fund. The Bank's practice is to make this transfer based on net profits of the preceding fiscal year. During the year the Bank
transferred $5,200 (2006: $4,000) from retained earnings to the statutory reserve fnd.


RevanMtld reserve avalable-4r4ale lavesment senrtles

Balance, beginning of year

Net gain (loss) from changes in fair value of available-for-sale investment securities
(Note '

Balance, end of year


Revaluation serve cash flow hedges

Balance, beginning ofyear

Net loss flom changes in fair value

Balance, end of year


2007 2006
S S
(Restated)


905


1:' . (6,767) ;905

(5.862 905


2006

81


817

i- (817)


2007 2006
S S
Statutory loan loss reserve- Bahamas

Balance, beginning ofyear 14,661

Transfers from retained earnings 1,834 14,661

Balance, end of year 16.495 14,661

Banking Regulations of The Central Bank of The Bahamas require a general provision in respect of the performing loans of at least one percent of these
loans. To the extent the inherent risk provision for loans and advances to customer is less than this amount, a statutory loan loss reserve has been
established and the required additional amount has been appropriated from retained earnings, in accordance with IFRS.

RevErse acquiklion reserve
2007 2006
$ $
Reverse acquisition reserve, beginning and end of year (63,566) (63,566)

At October 11,2002, the equity of the Bank comprised the equity of Barclays Bahamas together with the fair value of thle consideration given to acquire
CIBC Bahamas. However, legally the share capital of the Bank comprised the issued share capital of CIBC Bahamas plus the shares issued to effect the
combination, recorded at fair value. The reverse acquisition reserve is therefore *e difference between the legally required share capital together with
the retained earnings of Barclays Bahamas, and the equity of the Bank presented in accordance with IFRS.

19. Dividends

2007 2006
S $

Declared and paid drling the year
First dividend $0.25 cents (2006-S0.30) 30,054 36,065
Final dividend S0.22 cents (2006-S0.25) 26,445 30,054

Total dividends declared and paid 56,499 66,119

At the Board of Directors meeting held on December 17, 2007, a final dividend of S0.25 per share amounting to $30,054 was proposed and declared.
The consolidated balance sheet for the year ended October 31, 2007 do not reflect this resolution, which will be accounted for in equity as a distribution
of retained earnings in the year ending October 31, 2008.

20. Related party balances

As discussed in Note 1, the Bank's Parent and major shareholder is FirstCaribbcan Intemational Bank Limited who owns 95.2% of the Bank's ordinary
shares. From October 11, 2002, the Bank's major shareholders were jointly CIBC and Barclays. On December 22, 2006, CIBC acquired Barclays's
interest in the Bank and now owns 91.4% of the shares of The Bank's Parent (FCIB). The remaining shares are widely held.

A number of banking transactions are entered into with related parties in the normal course of business. Outstanding balances at year-end and
transactions during the year are as follows:


Direteors ad key
management pernMsa
2007 2M006
S S


Balaces:
Due from banks
Loans and advances
to customers
Deposit liabilities


Major sharenelMer
and asciated baIks
2M07 20M
S S


2,939 2,011 89,169
4,152 5,869 600,452


Ultimate
Shareholders
2007 2
S


86 117,986 230,778

88,754
484.,877 13,905 12,757


i) The agreement with Barclays Bank PLC whereby the Bank received an annual payment from Barclays Bank PLC of $10,000 effective
January 1, 2002, as an incentive for the Bank to retain its deposit placements with Barclays Capital expired on December 31.2005.
ii) Expenses incurred in relation to banking and support services.

21. Catlingent liabltesn ad coellm ints *

The Bank conducts business that involves guarantees, performance bonds and indemnities, which are not reflected in the consolidated balance sheet. At
the balance sheet date the following contingent liabilities and commitments exist:

2107 2006
S S

Letters of credit 47.728 60,881
Loan commitments 290,738 358,191
Guarantees and indemnities I 25.124 16,067
363090 435,139

The Bank is the subject of legal actions arising the normal course of business. Management comiders that ithe ability, if any, of these actions would
not be material.

22. Future rvtal ciemmitames amder Mratin lemse

As at October 31. 2007 the Bank held leases on buildings for extended periods. The future rental commitments under these leases are as follows:

2007 2016
S S


Not later than I y
Later than I year and not more than 5 years
Later than 5 years


2,220 2,695
4.552 6,104
1,291 2.428

8,063 11,227


22,362
3,484
(51


33,763
4,351
-i5t\


$ $

Repurchase agreements 273,544 280,692

Add: Interest payable 4,627 652

278.171 281,344

The Bank sold under repurchase agreements, investment securities having a fair value of $271,837 (2006: $279,337) and maturities between November
2007 and February 2008 (2006 January 2007). The effective rate of interest on these borrowings during the year was 4.9% (2006-5.17%).

16. Other IabBltes


I(_


I













PAGE 10B, TUESDAY, APRIL 15, 2008


THE TRIBUNE


23. BuOAiess segments
The Bank operates four main lines of business organized along customer segments, but also includes treasury operations as a reportable segment.
1. Retail Banking is organized along four product lines: Premrer Banking (dedicated relationship management), Home Finance (mortgages),
Consumer Finance & Credit Cards and Asset Management & Insurance.
2. Corporate Banking comprises three customer sub-segrents: Corporate Business. Commercial Business and Business Banking. Corporate Banking
offers deposit and investment products, borrowing and cash management products, merchant card services and trade finance.
3. International Wealth Management is organized into four segments: International Personal, International Premier, International Mortgages and
International Corporate. The Personal Banking segment specializes in currency accounts, deposit accounts, U.S. dollar credit cards and
international mutual funds. The Premier Banking segment offers each client a personal relationship manager in addition to all of the products and
services offered by the Personal Banking segment. The Internatonal Mortgage group provides funding in U.S. dollars, to non-residents seeking to
purchase second homes for persona use or as an investment. The Iternational Corporate Banking segment specializes in providing banking
services to business s and professional nternnediarnes a terntsational financial ct stres.
4. The Capital Markets segment provides issues and investors with access to larger pools of capital and greater investment opportunities. It acts for
and on behalf of large business and sovereign cents who seek both equity and debt capital instruments and facilitates the expansion of the
existing secondary market capabilities in the region.
The Treasury Group manages the interest rate, foreign exchange and liquidity risks of the Bank. In addition, the Treasury Group conducts foreign
exchange transactions on behalf of cents, where possible, and hedges fixed rate loans and investments with interest rate swaps.

Transactions between the business segments are generally on normal commercial terms and conditbns.
Funds ar ordinarily allocated between segments, resulting in funding cots transfers. Interest charged for these funds is based on the Bank's funds
transfer pricing. There are no other material items of income or expense between the segments.
Segment assets and liabilities comprise operating assets and liabilities, being the majority of the consolidated balance sheet, but exclude items such as
borrowings.
Internal charges and transfer pncing adjustments have been reflected in the performance of each business.


Retail Corporate international Capital
Banking Banking Weathb Mgt Markets Tre aury
S S 5 S S


Other Eliminations
S S


1,060,298 1,248,973 204,514 33,124 1,59,810 261,60


(72) 4,668,455


486,987 946,534 1,647,465 915,419 30,575 (1,857) 4,025,123

Retail Corporate Internutlioal, Capital
Banking Banklng Wealth Mgt Markets Treasury Other Ellinatilons Total
$s s s s S S S


1,241,828 1,054552 1,314,637 11,257 503,25 313,97 (15,541) 4,423,61


790,623 864807 1,364,016 03,352 18,966 (14,41) 3,827,223


Geographical segments are set out in Note 24 (c).
24. Financial risk management

A. Strategy in using flnu.cill Iastruments
By its nature the Bank's activities are principally related to the use of financial instruments. The Bank accepts deposits from customers at both
fixed and floating rates and for various periods and seeks to earn above average interest margins by investing these funds in high quality assets.
The Bank seeks to increase these margins by consolidating shortterm funds and leading for longer periods at higher rates whilst maintaining
sufficient liquidity to meet all claims that might fall due.
The Bank also seeks to raise its interest margins by obtaining above average margins, net of provisions, through lending to commercial and retail
borrowers with a range of credit standing. Such exposures involve not just on-balance'sheet loans and advances but the Bank also enters into
guarantees and other commitments such as letters of credit and performance and other bonds.

B. Credit risk

The Bank takes on exposure to credit risk which is the risk that a counter party will be unable to pay amounts in full when due. The Bank
structures the levels of credit risk it undertakes by placing limits on the amount of risk accepted in relation to one borrower, or groups ofborrowers,
and to geographical and industry segments. Such risks are monitored on a revolving basis and subject to an annual or more ftquent review.

The exposure to any one borrower including banks and brokers is further restricted by sub-limits covering on and off-balance sheet exposures and
daily delivery risk limits in relation to trading items such as forward foreign exchange contracts. Actual exposures against limits are monitored
daily.

Exposure to credit risk is managed through regular analysis of the ability of borrowers and potential borrowers to meet interest and capital
repayment obligations and by changing these lending limits where appropriate. Exposure to credit risk is also managed in part by obtaining
collateral and corporate and personal guarantees, but a significant portion is personal lending where no such facilities can be obtained.

Derivatives
The Bank maintains strict control limits on net open derivative positions, that is, the difference between purchase and sale contracts, by both
amount and term. At any one time the amount subject to credit risk is limited to the current fair value of instruments that are favourable to the
Bank (i.e. assets), which in relation to derivatives is only a small fraction of the contract or notional values used to express the volume of
instruments outstanding. This credit risk exposure is managed as panrt of the overall lending limits with customers, together with potential
exposures from market movements. Collateral or other security is not usually obtained for credit risk exposures on these instruments, except where
the Bank requires margin deposits from counterparties.

Master netting arrangements
The Bank further restricts its exposure to credit losses by entering into master netting arrangements with counterpartie with which it undertake a
significant volume of transactions. Master netting arrangements do not generally result in an offset of balance sheet assets and liabilities as
transactions are usually settled on a gross basis. However, the credit risk associated with favourable contracts is reduced by a master netting
arrangement to the extent that if an event of default occurs, all amounts with the counterpart ar terminated and settled on a net basis. The Bank's
overall exposure to credit risk on derivative instruments subject to master netting arrangements can change substantially within a short period since
it is affected by each transaction subject to the arrangement.

Credit related commitments
The primary purpose of these instruments is to ensure that funds are available to a customer as required. Guarantees and standby letters of credit,
which represent irrevocable assurances that the Bank will make payments in the event that a customer cannot meet its obligations to third parties,
carry the same credit risk as loans. Documentary and commercial letters of credit, which are written undertakings by the Bank on behalf of a
customer authorizing a third party to draw drafts on the Bank up to a stipulated amount under specific terms and conditions, are collateralized by
the underlying shipments of goods to which they relate and therefore cany less risk than a direct borrowing.

Commitments to extend credit represent unused portions of authorizations to extend credit in the form of loans, guarantees or letters of credit With
respect to credit risk on commitments to extend credit, the Bank is potentially exposed to loss in an amount equal to the total unused commitments.
However, the likely amount of loss is less than the total unused commitments since most commitments to extend credit are contingent upon
customers maintaining specific credit standards. The Bank monitors the term of maturity of credit commitments because longer-term commitments
generally have a greater degree of credit risk than shorter-term commitments.

C. Geographical concentration of assets, liabilities and off-balance sheet items

The following note incorporates IAS 32 credit risk disclosures, IAS 30 geographical concentrations of assets, liabilities and off-balance sheet items
disclosures and a public enterprise's IAS 14 secondary segment disclosures
Total Total
assets abilities Credit
S S commitments S


October 31, 207

Bahamas
Turks & Caicos Islands


October 31,2006
(Restated)

Bahamas
Turks & Caicos Islands


4,059,396 3,476.528 304,725
609,059 548,595 58,865

4,668,455 4,025,123 363,590


Total
liabilities Credit
S commitments S


3,863,652 3,316,886 332,371
560,309 510,337 102,768


4,423,961 3,827,223


435,139


The Bank is managed based on ths five business segments, and it operates in two main geographical ameas. The Bank's exposure to credit risk is
concentrated in these areas.

Capital expenditure is shown by geographical area in which the property and equipment are located.

Geographic sector risk concentrations within the customer loan portfolio were as follows:


Bahamas
Turks & Caicos Islands


2007
\ s


2,132,804
283,171


2007 2006 2006
% $ %
(Restated) (Restated)

88 2,233.963 92
12 191.988 8


2,415,975 100 2,425.951 100

D. Currency risk




The Bank takes on exposure to effects of fluctuations in the prevailing foreign currency exchange rates on its financial position and cash flows.
The Board of Directors sets limits on the level of exposure by currency and in total for both overnight and intra-day positions, which are monitored
daily. The table below summarizes the Bank's exposure to foreign currency exchange rate risk at October 31. The off-balance sheet net notional
position represents the difference between the notional amounts of foreign currency derivative financial instruments, which are principally used to
reduce the Bank's exposure to currency movements, and their fair values.

Concentrations of assets, liabilities and.credit commitments:


October 31, 2007

Assets
Cash and balances with central
Bank
Due from banks
Derivative financial instruments
Financial assets at fair value through
. profit or loss .
Other assets
Investment securities
Loans and advances to customers
Property and equipment
Retirement benefit assets
Goodwill

Total assets

Liabilities
Customer deposits
Derivative financial instruments
Debt securities in issue
Other borrowed funds
Other liabilities
Retirement benefit obligations

Total liabilities

Net on balance sheet position

Credit commitments




October 31,2006
(Restated)
Total assets
Total liabilities

Net on balance sheet position


Credit commitments


BAH US
S $


103,199 11,567
1,161 48,612
36,713

792,307
10,287 20,879
133,974 720,623
1,440,983 974,992
20,779 6,094
11,731 1,771
186.582 1.165


Other
$



2,042
102,853


116,808
152,626
36,713

792,307
32,662
893,161
2,415,975
26,954
13,502
187,747


1,908,696 2,614,723 145,036 4.668,455



1348,011 2,064,913 248,482 3,661,406
20,940 10,034 30,974
20,620 20,620
278,171 278,171
280 29,858 30,138
3,717 97 3,814

1,370,245 2,393,882 260,996 4,025,123

536,068 220,841 (113,577) 643,332

104,967 257,062 1,561 363,590

BAH US Other Total
S S S S


1,857,111 2,452370 114,480 4,423,961
1,336,948 2,274,672 215,603 3,827,223

520,16, 177,698 (101,123) 596,738

174,841 258,395 1,903 435,139


E. Cubh flow and fair value interest rate risk

Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates.
Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate because of changes in market interest rates. The Bank
takes on exposure to the effects of fluctuations in the prevailing levels of market interest rates on both its fair value and cash flow risks. Interest
margins may increase as a result of such changes but may reduce or create losses in the event that unexpected movements arise. Limits are set on
the level of mismatch of interest rate repricing that may be undertaken, which are monitored on an ongoing basis.

Expected repricing and maturity dates do not differ significantly from the contract dates, except for the maturity of deposits up to 1 month, which
represent balances on current accounts considered by the Bank as a relatively stable core source of funding of its operations.

F. Liquidity risk

The Bank is exposed to daily calls on its available cash resources from overnight deposits, current accounts, maturing deposits, loan draw downs,
guarantees and from margin and other calls on cash settled derivatives. The Bank does not maintain cash resources to meet all of these needs as
experience shows that a minimum level of reinvestment of maturing funds can be predicted with a high level of certainty. The Board sets limits on
the minimum proportion of maturing funds available to meet such calls and on the minimum level of interbank and other borrowing facilities that
should be in place to cover withdrawals at unexpected levels of demand.

The table below analyses assets, liabilities and credit commitments of the Bank into relevant maturity groupings based on the remaining period at
balance sheet date to the contractual maturity date.

Maturities of assets and liabilities


October 31, 2007

Assets

Cash and balances with central bank
Due from banks
Derivative financial instruments
Financial assets at fair value through
profit or loss





Other assets
Investment securities
Loans and advances to customers
Property and equipment
Retirement benefit asset
Goodwill

Total assets

Liabilities
Customer deposits
Derivative financial instruments
Debt securities in issue
Other borrowed funds
Other liabilities
Retirement benefit obligations

Total liabilities

Net on balance sheet position

Credit commitments

October 31,2006
(Restated)


Total assets
Total liabilities

Net on balance sheet position

Credit commitments


0-3
months 3-12 month
$


116,808
152,626
36,713

792,307


32,662
102,310
243,785


1-5 Over 5
years years
S S


S
S


116,808
152,626
36,713

792,307


108,915
260,733


459,387
397,769


222,549
1,513,688
26,954
13,502
187.747


32,662
893,161
2,415,975
26,954
13,502
187.747


1,477,211 369,648 857,156 1,964,440 4,668,455



3,116,341 497,720 47,092 253 3,661,406
30,974 30,974
620 20,000 20,620
186,933 91,238 278,171
30,138 30,138
3,814 3,814

3,365,006 588,958 67,092 4,067 4,025,123

(1,887,795) (219,310) 790,064 1,960,373 643,332

107,714 255,229 647 363,590

3-12 1-5 Over 5
0-3 months months years years Total
S $ $ $ $

1,442,081 441,35 1,007,379 1,533,166 4,423,961
3,272,143 376,205 13,076 165,799 3,827,223

(1,830,062) 65,130 994,303 1,367,367 596,738

25,953 409,186 -- 435,139


The matching and controlled mismatching of the maturities and interest rates of assets and liabilities is fundamental to the management of the
Bank. It is unusual for banks ever to be completely matched since business transacted is often of uncertain term and different types. An
unmatched position potentially enhances profitability, but also increases the risk of losses.

The maturities of assets and liabilities and the ability to replace, at an acceptable cost, interest-bearing liabilities as they mature, are important
factors in assessing the liquidity of the Bank and its exposure to changes in interest rates and exchange rates.

Liquidity requirements to support calls under guarantees and standby letters of credit are considerably less than the amount of the commitment
because the Bank does not generally expect the third party to draw funds under the agreement The total outstanding contractual amount of
commitments to extend credit does not necessarily represent future cash requirements, since many of these commitments will expire or terminate
without being funded.

G. Fair values of financial assets and liabilities
The following table summarizes the carrying amounts and fair values of those financial assets and liabilities not presented on the Bank's balance
sheet at fair value. Bid prices are used to estimate fair value of assets, whereas offer prices are applied for liabilities.


Carrying value


Financial assets
Due from banks
Loans and advances to customers
Investment securities
-loans and advances
Financial liabilities
Customer deposits
Other borrowed funds
Debt securities in issue


2006
Total
s
(Restated)


152,626
2,415,975



3,661,406
278,171
20,620


Fair value


2006
Total
S
(Restated)


297,817 152,626 297,817
2,425,951 2,381,257 2,391,090


156,898


168,561


3,503,903 3,654,230 3,496,895
281,344 277,231 281,240
19,493


Due from banks
Due from banks include inter-bank placements and items in the course of collection. The fair value of floating rate placements and overnight
deposits is their carrying amount. The estimated fair value of fixed interest bearing deposits is based on discounted cash flows using prevailing
money market interest rates for debts with similar credit risk and remaining maturity. Their carrying values approximate their fair values.

Loans and advances to customers
The estimated fair value of loans and advances represents the discounted amount of estimated future cash inflows. Expected cash flows are
discounted at current market rates to determine fair value. The balances are net of specific and other provisions for impairment and their net
carrying amounts reflect their fair values.

Investment securities
Fair value for investments designated as loans and advances is based on market prices or broker/dealer price quotations. Where this information is
not available, fair value has been estimated using quoted market prices for securities with similar credit, maturity and yield characteristics. Where
fair values still cannot be measured reliably, these securities are carried at cost less impairment. Available-for-sale securities are measured at fair
value.

Customer deposits and other borrowed funds
The estimated fair value of deposits with no stated maturity, which includes non-interest-bearing deposits, is the amount repayable on demand.
The estimated fair value of fixed interest bearing deposits and other borrowings without quoted market price is based on discounted cash flows
using interest rates for new debts with similar remaining maturity.








25. Critical accounting estimates and judgements In applying accounting policies

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events
that are believed to be reasonable under the circumstances. The estimates and judgements that have a significant risk of causing material adjustments to
the carrying amounts of assets and liabilities within the next financial year are discussed below.

1) Disallowance of hedge effectiveness accounting
As discussed in Note 2, during the year, a review of the Bank's hedge accounting revealed that existing hedge documentation was not
appropriate. Consequently, all hedges existing as of that date were disqualified from having met the criteria for hedge accounting. The effect is
tabulated below.

$'000

The effect on the balance sheet for 2006 was as follows:


Total equity as previously reported
Adjusted for
Increase in reserves
Decrease in retained earnings

Total equity as restated


605,406

474
(9,142)

596,738


B) Settlement date accounting
Effective March 1, 2007, the Bank changed the date on which all purchases and sales of financial assets at fair value through profit and loss are
to be recognized from trade date to settlement date. The audited October 31, 2006 balances have been restated to reflect this change. The impact
on the audited October 31, 2006 balances was to reduce trading securities by SI 57,000, other assets by $82,000 and other liabilities by $239,000.

ill) Fair value of financial Instruments
Where the fair values of financial assets and financial liabilities recorded on the balance sheet cannot be derived from active markets, they are
determined using a variety of valuation techniques that include the use of mathematical models. The input for these models is taken from
observable markets where possible, but where this is not possible, a degree of judgement is required in establishing fair values. The judgement
includes considerations of liquidity and model inputs such as correlation and volatility for longer dated derivatives.

Iv) Loan fee recognition estimate
The Bank's current processes and information technology systems do not support the treatment of loan fees and the related direct costs as an
adjustment to the effective interest rate and deferred. As a consequence, management has to estimate the effect of this treatment.

In accordance with IAS 18 Revenue, loan origination fees, relating to loans that have a high probability of being drawn down, are to be deferred
(together with related direct costs) and recognized as an adjustment to the effective interest yield on the loan. As a result of this change, $19,456
has been reclassified between other liabilities and loans and advances.

26. Fiduciary activities

The Bank provides custody and trustee discretionary investment management services to third parties. Those assets that are held in a fiduciary
capacity are not included in the consolidated balance sheet. At the balance sheet date, the Bank had investment assets under administration on behalf of
third parties amounting to $21 (2006-$201).

27. Principal subsidiary nudertakings

Name Country of Incorporation


FirstCaribbean Intemational Finance Corporation (Bahamas) Limited
FirstCaribbean Intemational (Bahamas) Nominees Company Limited
FirstCaribbean International Land Holdings (TCI) Limited

All subsidiaries are wholly owned.


Bahamas
Bahamas
Turks & Caicos Islands


October 31, 2007

Total assets


Total liabilities




October 31, 2006

Total asu t


Total Iabmileti


I







TUESDAY, APRIL 15, 2008, PAGE 11B


THE TRIBUNE


I in


Th Aac eah@esr


is seeking candidates for three newly-created positions; II'mIr... .... .. .
Bahamian nationals need only apply please for the following immediate
career opportunities: CAREER OPPORTUNITY
for

1. VP of Human Resources must have 3 5 years of previous Director, Corporate Banking Bahamas and Turks and Caicos
Human Resources total department leadership experience
in a large resort or hotel to fulfill all Bahamas HR
compliance and 'responsibilities. Minimum B.S. degree and OUALIFICATION & EXPERIENCE
successful achievement record.
Please send your confidential e-mail resume to a Graduate status and at least 7 years proven experience in the business/financial
bobkramm(ayvahoo.com world.
Proven experience in managing corporate/commercial banking businesses and
2. VP of Sales and Marketing must have 3 5 years of emergig market experience.
leadership experience and total department responsibility Superior ability to interpret complex corporate client needs and to assemble
for all sales and marketing for an international resort innovative value-adding solutions that achieve Client objectives.
destination. 30 50% travel may be required; prefer A solid record of results, in business development, relationship management and
Bahamas-based candidates, but U.S. based will be leading relationship management teams.
considered. Candidates with large marina sales Focused and motivational leadership skills to galvanize ateam to work
experience and group rooms achievements will be collaboratively and effectively for customer value and profitability.
considered first. High level of understanding of the markets, geographic, macro economic and glo
factors impacting our client base.
3. VP of Finance and Administration must have current Ability to work effectively within and across complex matrix structures
certifications, minimum B.S., preferred MBA/CPA
background. Only candidates with total resort/hotel
finance department responsibility will be considered
for this opportunity. Responsibilities will include finance,
contract management, internal audit, P & L leadership RESPONSIBILITIES
training, and labor management/forecasting and staff
guide implementation. As a key member of the senior leadership team, work proactively to contribute ai
to develop the Division's strategic, business, financial and marketing plans to ach
annual and year over year business objectives.
All positions will be extended a housing allowance, base salary plus bonus Lead and champion the sales/credit partnership to ensure the health of our credit
potential, and serve on the Organization Development Group (Executive portfolio and to ensure that variances or concerns in the credit portfolio are addre
Committee) for this long-term career opportunity in Marsh Harbour, with client relationship management and resolved.
Abaco Islands. Those with experience in real estate development and As the Senior Business Developer of the Corporate Business Unit, takes the lead
real estate services (HOA, POA) will be given preferential consideration. complex and high value opportunities. Undertakes an active role with key high va
Excellent verbal and written communication skills will be necessary! customers to support the client facing team to provide solutions and to problem s
as needed.
Ensuring high client retention while enhancing and maximizing the profitability o
Send your resume to Bob Kramm at bobkramm yahoo.comaccounts
Learn more about the resort at: www.abacobeachresort.com

The Abaco Beach Resort and Boat Harbour is creating a Master Plan
for expansion and upgrading of its facilities and welcomes seasoned, Applicants are requested to submit their resume with a cover letter via e
proven Bahamian professionals to join this exciting challenge"' by April 181, 2008 to: Deangelia.deleveaux(firstcaribbeanbank.com

Copyright 2008 by thebahamasweekly.com






. -. ...... ".










*," ,:.3.3,
C.4:". .

let .


important to me. The Tribune is my newspaper."
JASON RAHMING
..he T i u CONSTRUCTION FOREMAN


y The Tribune
S- .. Purchase The Tribune from your
fe -"' .7 / */ Hy. local store or street vendor.


FIRSTCARIBBEAN
NI T E NATIONAL BANK


l


bal








nd
leve

risk
ssed

on
value
olve

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mail





..... ....







PAGE 12B, TUESDAY, APRIL 15,2008


THE TRIBUNE


GN-666















SUPREME


COURT


COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT
PROBATE DIVISION
APRIL 17, 2008
No. 2008/PRO/npr/00144

Whereas ALFREDA WHITE a.k.a. ALBERTHA WHITE
of Haven Subdivision in Southern District of the Island of
New Providence, one of the Islands of the Commonwealth
of The Bahamas has made application to the Supreme Court
of The Bahamas, for letters of administration of the Real
and Personal Estate of GODFREY JEFFREY MCQUAY
late of Haven Subdivision in the Southern District of the
Island of New Providence, one of the Islands of the
Commonwealth of The Bahamas, deceased.

Notice is hereby given that such applications will be heard
by the said Court at the expiration of 14 days from the date
hereof.
NICOYA NEILLY
(for) REGISTRAR


COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT
PROBATE DIVISION
APRIL 17, 2008
No. 2008/PRO/npr/00161

Whereas WILLIAM JOHN GODFREY ENEAS of
Montague Heights, Eastern District, New Providence, one
of the Islands of the Commonwealth of The Bahamas, has
made application to the Supreme Court of The Bahamas,
for letters of administration of the Real and Personal Estate
of SYLVIA MARGUERITE ENEAS late of East Ernest
Street, Eastern District, New Providence, one of the Islands
of the Commonwealth of The, Bahamas, deceased.

Notice is hereby given that such applications will be heard
by the said Court at the expiration of 14 days from the date
hereof.
DESIREE ROBINSON
(for) REGISTRAR


COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT
PROBATE DIVISION
APRIL 17, 2008
No. 2008/PRO/npr/00162

Whereas SHAKIRA SHAKARA COAKLEY and DIANA
M. BETHEL both of Gum Tree Street, Pinewood Gardens,
Southern District, New Providence, one of the Islands of
the Commonwealth of The Bahamas, has made application
to the Supreme Court of The Bahamas, for letters of
administration of the Real and Personal Estate of DERON
RODRICK BETHEL a.k.a. DERON RODERICK
BETHEL late of Gum Tree Street, Pinewood Gardens,
Southern District, New Providence, one of the Islands of
the Commonwealth of The Bahamas, deceased.

Notice is hereby given that such applications will be heard
by the said Court at the expiration of 14 days from the date
hereof.
DESIREE ROBINSON
(for) REGISTRAR


COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT
PROBATE DIVISION
APRIL 17, 2008
No. 2008/PRO/npr/00163

Whereas CLAUDIA SHARISSE JOHNSON of No.16
Sapphire Ridge, San Souci, Eastern District, New
Providence, one of the Islands of the Commonwealth of
The Bahamas, has made application to the Supreme Court
of The Bahamas, for letters of administration of the Real
and Personal Estate of DUDLEY WINSTON JOHNSON
late of Martin Street, New Providence, one of the Islands
of the Commonwealth of The Bahamas, deceased.

Notice is hereby given that such applications will be heard
by the said Court at the expiration of 14 days from the date
hereof.
DESIREE ROBINSON
(for) REGISTRAR


COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT


PROBATE DIVISION
APRIL 17, 2008
2008/PRO/npr/00164

IN THE ESTATE OF BERYL ROCKAFELLOW, late of
Regency Park Nursing Home, N03325, Highway 35, Hazlet
in the County of Monmouth in the State of New Jersey,one
of the States of the United States of America, deceased.

NOTICE is hereby given that after the expiration of fourteen
days from the date hereof, application will be made to the
Supreme Court of The Bahamas in the Probate Division by
SAMANTHA M. WILLIAMS of No. 52 Old Cedar Street,
Western District, New Providence, one of the Islands of the
Commonwealth of The Bahamas, Attorney-At-Law, the
Authorized Attorney in The Bahamas for obtaining the
Resealed Grant of Letters Testamentary in the above


estate granted to DONALD G. ROCKAFELLOW, the
Executor, of the Estate by Monmouth County Surrogate's
Court, one of the States of the United States of America on
the 5th day of February, 1999.

DESIREE ROBINSON
(for) REGISTRAR


COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT
PROBATE DIVISION
APRIL 17, 2008

2008/PRO/npr/00164A

IN THE ESTATE OF GRAHAM E. ROCKAFELLOW,
late of No. 74 Cherry Tree Farm Road in the Township of
Middletown, County of Monmouth in the State of New
Jersey, one of the States of the United States of America,
deceased.

NOTICE is hereby given that after the expiration of fourteen
days from the date hereof, application will be made to the
Supreme Court of The Bahamas in the Probate Division by
SAMANTHA M. WILLIAMS of No. 52 Old Cedar Street,
Western District, New Providence, one of the Islands of the
Commonwealth of The Bahamas, Attorney-At-Law, the
Authorized Attorney in The Bahamas for obtaining the
Resealed Grant of Letters Testamentary in the above
estate granted to DONALD G. ROCKAFELLOW, the
Executor, of the Estate of Beryl Rockafellow by Monmouth
County Surrogate's Court, one of the States of the United
States of America on the 5th day of February, 1999.

DESIREE ROBINSON
(for) REGISTRAR


COMMONWEALTH OFTHE BAHAMAS
THE SUPREME COURT
PROBATE DIVISION
APRIL 17, 2008
No. 2008/PRO/npr/00165

Whereas TANICO SHENIQUER HUNTER a.k.a.
TAMICO SHENIQUE HUNTER of Victoria Gardens,
Western District, New Providence, one of the Islands of the
Commonwealth of The Bahamas, has made application to
the Supreme Court of The Bahamas, for letters of
administration of the Real and Personal Estate of
VERNETTA MORRISON a.k.a. VERNETHA
MORRISON HUNTER late of Victoria Gardens, Western
District, New Providence, one of the Islands of the
Commonwealth of The Bahamas, deceased.

Notice is hereby given that such applications will be heard
by the said Court at the expiration of 14 days from the date
hereof.
DESIREE ROBINSON
(for) Registrar


COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT
PROBATE DIVISION
APRIL 17, 2008

2008/PRO/npr/00166

IN THE ESTATE OF JOHN M. ANKNEY, late of 3792
N.E. Ocean Blvd, Jensen Beach, Florida, one of the States
of the United States of America, deceased.

NOTICE is hereby given that after the expiration of fourteen
days from the date hereof, application will be made to the
Supreme Court of The Bahamas in the Probate Division by
PETRA M. HANNA WEEKES of the City 6f Freeport,.
Grand Bahama, one of the Islands of the Commonwealth
of The Bahamas, Attorney-At-Law, the Authorized Attorney
in The Bahamas for obtaining the Resealed Grant of Letters
of Administration Multiple Personal Representatives in the
above estate granted to JON WYN ANKNEY and
JOSPEH THOMAS ANKNEY, the Personal
Representatives, of the Estate by Martin County, Circuit
Court, Florida, one of the States of the United States of
America on the 22nd day of February, 2007.

DESIREE ROBINSON
(for) REGISTRAR


COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT
PROBATE DIVISION
APRIL 17, 2008

2008/PRO/npr/00167

IN THE ESTATE OF VERA M. ANKNEY, late of 3792
N.E. Ocean Blvd, Jensen Beach, Florida, one of the States
of the United States of America, deceased.

NOTICE is hereby given that after the expiration of fourteen
days from the date hereof, application will be made to the
Supreme Court of The Bahamas in the Probate Division by
PETRA M. HANNA WEEKES of the City of Freeport,
Grand Bahama, one of the Islands of the Commonwealth
of The Bahamas, Attorney-At-Law, the Authorized Attorney
in The Bahamas for obtaining the Resealed Grant of Letters
of Administration Multiple Personal Representatives in the
above estate granted to JON WYN ANKNEY and
JOSPEH THOMAS ANKNEY, the Personal
Representatives, of the Estate by Martin County, Circuit
Court, Florida, one of the States of the United States of
America on the 22nd day of February, 2007.

DESIREE ROBINSON


(for) REGISTRAR


COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT
PROBATE DIVISION
APRIL 17, 2008
No. 2008/PRO/npr/00168

Whereas PANDORA ETHELYN DAVIS of Alter Court,
Churchill Development, Eastern District, New Providence,
one of the Islands of the Commonwealth of The Bahamas,
has made application to the Supreme Court of The Bahamas,
for letters of administration of the Real and Personal Estate
of STANLEY GEORGE DAVIS a.k.a. GEORGE


STANLEY DAVIS late of Florida Court, Southern District,
New Providence, one of the Islands of the Commonwealth
of The Bahamas, deceased.

Notice is hereby given that such applications will be heard
by the said Court at the expiration of 14 days from the date
hereof.
DESIREE ROBINSON
(for) REGISTRAR


COMMONWEALTH OFTHE BAHAMAS
THE SUPREME COURT
PROBATE DIVISION
APRIL 17, 2008
No. 2008/PRO/npr/00169

Whereas BARBARA LOUISE ROMER of Bel Air Estates,
Eastern District, New Providence, one of the Islands of the
Commonwealth of The Bahamas, has made application to
the Supreme Court of The Bahamas, for letters of
administration of the Real and Personal Estate of JAMES
ALEXANDER ROMER late of Bel Air Estates, Eastern
District, New Providence, one of the Islands of the
Commonwealth of The Bahamas, deceased.

Notice is hereby given that such applications will be heard
by the said Court at the expiration of 14 days from the date
hereof.
DESIREE ROBINSON
(for) REGISTRAR


COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT
PROBATE DIVISION
APRIL 17, 2008

2008/PRO/npr/00170

IN THE ESTATE OF CASIMIR SKRZYNIECKI, late
of 164 Mettler Street in the City of Toledo in the State of
Ohio, one of the States of the United States of America,
deceased.'

NOTICE is hereby given that after the expiration of fourteen
days from the date hereof, application will be made to the
Supreme Court of The Bahamas in the Probate Division by
JAMES LENNOX MOXEY of Shirley Street in the Island
of New Providence, one of the Islands of the Commonwealth
of The Bahamas, Attorney-At-Law, the Authorized Attorney
in The Baham'as for obtaining the Resealed Letters of
Authority in the above' estate granted to GARY
HOLEWINSKI the Executor of the Estate, by the Probate
Court of Lucas County, Ohio, on the 16th day of October,
2007.
NICOYA NEILLY
(for) REGISTRAR


COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT
PROBATE DIVISION
No. 2008/PRO/npr/00I71

Whereas DEYANE E. RUSSELL of Yellow Elder Gardens
in Western District of the Island of New Providence, one
of the Islands of the Commonwealth of The Bahamas has
made application to the Supreme Court of The Bahamas,
for letters of administration with the Will annexed of the
Real and Personal Estate of FAYE ANN ECKEL (a.k.a.)
FAYE A. ECKEL late of 873 South Highway 48, Creek
County in the City of Mannford in the State of Oklahoma
one of the States of the United States of America, deceased.

Notice is hereby given that such applications will be heard
by the said Court at the expiration of 14 days from the date
hereof.
NICOYA NEILLY *
(for) REGISTRAR


COMMONWEALTH OF TIlE BAHAMAS
THE SUPREME COURT
PROBATE DIVISION
APRIL 17, 2008
No. 2008/PRO/npr/00173

Whereas McARTHUR MOSS of the Western District of
the Island of New Providence, one of the Islands of the
Commonwealth of The Bahamas has made application to
the Supreme Court of The Bahamas, for letters of
administration of the Real and Personal Estate
of HILDA MOSS late of Baillou Hill Road inthe Southern
District of the Island of New Providence, one of the Islands
of the Commonwealth of The Bahamas, deceased.

Notice is hereby given that such applications will be heard
by the said Court at the expiration of 14 days from the date
hereof.
NICOYA NEILLY
(for) REGISTRAR


COMMONWEALTH OF THE BAHAMAS
THE SUPREME COURT
PROBATE DIVISION
APRIL 17, 2008

2008/PRO/npr/001I74

IN THE ESTATE OF ROBERT H. ABPLANALP, late of
the Village of Bronxville of the Town of Eastchester in the
County of Westchester in the State of New York, one of the
States of the United States of America, deceased.


NOTICE is hereby given that after the expiration of fourteen
days from the date hereof, application will be made to the
Supreme Court of The Bahamas in the Probate Division by
MICHAEL ALVIN DEAN of Hampshire Street in the
Western District of the Island of New Providence, one of
the Islands of the Commonwealth of The Bahamas, Attorney-
At-Law, the Authorized Attorney in The Bahamas for
obtaining the Resealed Letters Testamentary in the
above estate granted to JOSEPHINE ABPLANALP,
JOHN P. ABPLANALP, MARIE H. HOLCOMBE and
WILLIAM E. GRIFFIN the Personal Representatives of
the Estate, by the Surrogate's Court of the State of New
York, Westchester County, on the 16th day of September,
2003.

NICOYA NEILLY
(for) REGISTRAR