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The Tribune
ALL ISSUES CITATION THUMBNAILS PAGE IMAGE ZOOMABLE
Full Citation
STANDARD VIEW MARC VIEW
Permanent Link: http://ufdc.ufl.edu/UF00084249/01018
 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: May 5, 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: UF00084249:01018

Full Text





2FORYOU Y

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- INSHMINE,
WATCHY CLOUS


The


Tribune


ANY TIME...ANY PLACE, WE'RE #


BAHAMAS EDITION
BAHAMAS EDITION


Volume: 104 No.137


M. ONDAY, M
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lAY 5, 2008 PRICE-750


Christie: no challenge






to my PLP leadership'


* By PAUL G
TURNQUEST
Tribune Staff Reporter
pturnquest@tribunemedia.net
DESPITE growing com-
mentary on the topic, former
Prime Minister Perry Christie
said yesterday that there is no
challenge to his leadership of
the Progressive Liberal Par-
ty. ..
Although Mr Christie has
been criticised for losing the
2007 general election to Prime
Minister Hubert Ingraham, he
said that one thing remains
clear, "theI PLP needs to have
a leader in place who is' a
strong. leader, an honest
leader, and with the greatest
respect to my detractors, the
PLP has that."
"I do not propose to change
that at this time, and most cer-
tainly looking forward it is
important for me to give


strength to the organisation
by saying that its leader.is in
place. Nowin respect to the
next general election, I expect
the PLP to do what it must do-
to win the next general elec-
tion.
"A good leader, and I
regard myself as a good
leader, must always ensure'
that the organisation is in a
position to win every election
whenever it is called. And
they must make a determina-
tion as we go on as to the
leadership of the party and
the strengths and weaknesses
of the leadership of the party,
the relevance of the leader-
ship of the party, and that
goes on.
"That goes on in annual
conventions, it goes on in
leadership council meetings,
it goes on. It is a constant
SEE page 14

Govt to increase
funds for assistance
in buying food
* By KARIN HERIG
Tribune Staff Reporter
kherig@tHibunemedia.net
GOVERNMENT. has
announced plans to significantly
increase the amount of funds it
provides to Bahamians who
require financial assistance to
buy food.
Speaking at a forum held at
the Chamber of Commerce in
Abaco on Friday, Prime Minister
Hubert, Ingraham said the
amount of money being given to
those in need is "totally inade-


SEE page 16


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RESIDENTS OF the BideHill Heights Sub-division gather yesterday at
the access road known as 'Premier Avenue' which leads from Pride
Estates to the Tonique Williams-Darling Highway. A heated row broke
put between these homeowners and the residents of Pride Estates
when the Blue Hill Heights Association announced that they would be
closing this temporary road from May 4 until Wednesday, May 7, at
3pm. According to a public notice, the Blue, Hill Heights property own-
ers say they 'retain their right to control the use of the thoroughfare'.,


Sea Hauler victims thank
govt for $ m payment


SEA HAULER victims last
night expressed "deep gratitude"
to the government for its $1 mil-
lion ex-gratia payment, but said
the battle is not over yet.
The group intends to keep
pressing through the courts for
compensation, from boat owners


involved in the 2003 tragedy,
which claimed four lives and left
25 badly injured.
And they hope that the gov-
.ernment will be able to make a
SEE page 15


Govt won't seek Leon Williams replacement
* By KARIN HERIG
Tribune Staff Reporter
kherig@tribunemedia.net.
WITH plans to sell the Bahamas Telecommunications Corpora-
tion (BTC) to a private entity by the end of 2008, government will not
be seeking a replacement for former CEO and president Leon
Williams, Prime Minister Hubert Ingraham has revealed.
"We are going to privatise BTC, we are not looking for anyone to
come and run BTC because we are going to sell it," Mr Ingraham told
SEE page 15


By KARIN HERIG
Tribune Staff Reporter
'kherig@tribunemedia.net
THE' status of the United
States' case against Supreme.
Court Justice Rubie Nottage
remains to be determined and is
still under review by "various
elements" of the US Department
of Justice, Deputy Chief of Mis-
sion at the US Embassy Dr
Brent Hardt said yesterday.
After weeks of controversy
and seemingly conflicting state-
ments about the matter, it is still
unclear if there is a pending case
against Mrs Nottage in the US.
Addressing the question of
whether lMr. Nottage is, in fact,
still considered to be a fugitive by
. US authorities, Dr Hardt said:
"I don't ha\e an answer for you
today. I cannot comment at this
point."
Dr Hardt's statements follow
seemingly conflicting reports
made last week by US Ambassador .
Ned Siegel and by a spokesperson of the United States Attorney
General's Office in Boston, Massachusetts.
Speaking as guest on Island FM's radio talk show Parliament
Street last weekend, the ambassador said:
"There is a statute of limitations and there is no, to my under-
standing from the Department of Justice, based on my information,
(no) continued proceeding on behalf of her."
However, only days later, a spokesperson-from the US Attorney's
office in Boston, Christina Dilorio-Sterling, told Bahamian media
SEE page 12


POLICE are seeking the
public's help in identifying the
victim of a fatal hit-and-run acci-
dent.
The country recorded its 15th
traffic death of 2008 when a man
was knocked down by a blue
sports car on East Street South
in the early hours of Saturday.
Police received reports about
an accident near Winders Ter-
race at around 2.30am. Officers
found a dead man lying face
down by the roadside.
Emergency medical staff
were called in and pronounced
the victim dead at the scene.
It is believed the manwas-
standing on the eastern side of
East Street when a blue sports
car, travelling south, hit him and
sped off.
The victim, dressed in an all-
black outfit and sporting "high
hair", is believed to have been in
his late 30s or early 40s.
It is estimated he weighed
2201bs and was about six feet
tall. Investigations are continu-
ing.


Tourism

arrivals up

by 3.8%
SBy NEIL HARTNELL
Tribune Business Editor
TOTAL tourist arrivals rose
by 3.8 per cent to 0.8 million
for the first two months in 2008,
a Central Bank of the Bahamas
report found, providing some
small comfort during a first
quarter that produced-a "mild"
economic performance.
The Central Bank's monthly
economic and financial devel-
opments report for March not-
ed that the 3.8 per cent increase
in tourist arrivals compared
favourably to the 7.1 per cent
decline experienced in the 2007
comparative period, although it
was unclear whether this was
felt by all hotels in terms of
spending increases.
For the first two months of
2008, air and sea arrivals were
up 6.7 per cent and 2.6 per cent
SEE page 12


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PAGE 2, MONDAY, MAY 5,2008 THEOCTRIBUNE


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PAGE 2, MONDAY, MAY 5, 2008


THE TRIBUNE


I






THE TRBUNE ONDAY MAYL5CAL8,PAGES


0 In brief


Man arrested

for alleged drug

possession
* By DENISE MAYCOCK
Tribune Freeport
Reporter
dmaycock@tribunemedia.net
FREEPORT A 36-year-old
man was arrested by police after
he was allegedly found in pos-
session of a quantity of suspect-
ed marijuana on Friday evening.
According to Chief Supt Basil
Rahming, DEU officers went
to Coral Gardens sub-division
around 11.30pm and confronted
a man suspected of selling dan-
gerous drugs in that neighbour-
hood.
Officers searched the man.
They retrieved a plastic bag
containing a quantity of sus-
pected marijuana and a plastic
bottle containing 35 small pack-
ets of suspected marijuana.
Mr'Rahming said officers
seized a total of one and a half
ounces of marijuana.
The suspect, of Lincoln Dri-
ve, Fortune Hills, was taken into
custody at Drug Enforcement
Unit headquarters for further
investigation.
Fornial charges are expected
to be filed in Freeport Magis-
trate Court today.

Haitian man is

apprehended after

arrival in Freeport
A 23-YEAR-OLD Haitian
man was apprehended by police
shortly after his arrival in
Freeport from New Providence
on Friday.
At about 9.15am, officers
patrolling Grand Bahama Inter-
national Airport saw a Haitian
man sitting and acting suspi-
ciously on a bench in front of
the domestic terminal.
Mr Rahming said the man
was seen earlier disembarking
from a Western Air flight from
New Providence.
When questioned by officers
about his reason for travelling
to Freeport, the Haitian told
them he came to visit his broth-
er who was sick, and soon after
fled into bushes across Grand
Bahama Highway:
Mr Rahming said officers
chased and apprehended the
man in bushes about 10 min-
!tes later.- > *' :
SWhen questioned about his
status in The Bahamas, the man
admitted he did not have docu-
mentation authorising him' to
be in the country.
Mr Rahming said the man
was arrested and turned over
to Bahamas Immigration.

Bahamian pilot

is charged

in Jamaica

A BAHAMIAN pilot
charged with illegal landing
and illegal entry in Jamaica is
scheduled to appear before
the Jamaican courts tomor-
row.
Radio Jamaica reported that
during court proceedings on
Friday, narcotics investigators
revealed that at the time of his
arrest, 29-year-old Jimmy
Johnson was out on bail in
The Bahamas where he is fac-
ing drug charges.
Jamaican detectives report-
edly told the court that
Bahamian authorities
expressed shock when they
learnt that the aircraft had left
their airspace without their
knowledge.
The twin-engine Cessna air-
craft which he was piloting
was allegedly stolen from a
Bahamas airport.
Investigators say the plane
is licensed to a private compa-
ny in The Bahamas.
Mr Johnson was charged
after the plane was seized by
police in Jamaica's third
largest parish of Clarendon.
The Cessna was discovered
at an abandoned airstrip in the
Gimme-Mi-Bit community
during a joint police/military
operation.


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Grandmother bereaved in Sea Hauler

tragedy dies before $lm payment


A DEVOTED grandmother
who lost two daughters in the Sea
Hauler tragedy, and struggled to
help bring up their children in the
aftermath, died just two weeks
before the government
announced its $1 million ex-gratia
payment to victims.
Buina Cleare, 78, had borne
much of the strain since the acci-
dent five years ago. And she had
hoped against hope that families
wrecked by the accident would
find some financial relief.

Decision
But Mrs Cleare just missed out.
The government's decision to
hand over $1 million, which came
as the FNM completed one'year
in power, was too late for her.
Granddaughter Lashanvelle
Smith told The Tribune: "We
have mixed emotions now
because she had taken a lot of
the pressure, including financial
pressure, since the accident.


"At the time of her death, she
was still hopeful that there would
be some kind of settlement. It's
sad that she just missed this
accouncement."
Meanwhile, victims are still
eager to receive an estimated
$10,000 collected by More FM in
a radio phone-in show.
Currently, the money is in the
hands of the station's lawyers,
who say they are trying to ascer-
tain who should receive the mon-
ey on behalf of the group.
But Mrs Sophia Antonio, trea-
surer of the Sea Hauler Victims
group, said it was time the cash
was distributed as the victims'
families were "hurting" badly.
"Nine children were directly
affected by this tragedy," she said,
"It has been really hard for them,
and that money is doing no-one
any good just sitting there."
She said More FM might do
better to allow the public to claim
their money back, so they could
make donations directly to


the victims.
It had taken too long for the
station's attorneys to draw up a
list of claimants and pay out the
money, she added.
The group's president, Mr
Stephen Rose, said the victims'
plan had always been to give half
of the More FM money directly
to the children.

Tribute
However, the group paid trib-
ute to the FNM government for
showing compassion and "com-
ing through" with the ex-gratia
payment.
Victims said the government's
action was in stark contrast to
that of the PLP administration,
which appeared to turn its back
on them.
The group also thanked the
press, saying constant exposure
.of their plight had played a role in
keeping politicians aware of their
problems.


PM: country can look forward with 'guarded optimism'


* By PAUL G TURNQUEST
Tribune Staff Reporter
ptumquest@tribunemedia.net


WHILE noting that the government
has met many challenges with a large
measure of success, Prime Minister
Hubert Ingraham told party members at
the FNM's first anniversary Thanksgiving
Service that the country can now look
forward with "guarded optimism" for bet-
ter things to come.-:
Speaking to his cabinet, senators, par-
ty officers, and other members and sup-
porters of the FNM who gathered at the
New Covenant Baptist Church, Prime
Minister Ingraham highlighted the effects
of the global economy and its resulting
impact on the poor in the Bahamas.
"As we grapple with our internal problems, very
markedly by the stubborn high incidence of violent
crime and by the continuing challenges created by
illegal immigration we are also faced with the effects of
unsettled circumstances on the world's stage.
"Civil war and political unrest continues to mar the
lives of millions) around the world very markedly in
the Middle East and in Africa.
"An economic downturn, maybe even a recession, is
in progress in the world's largest economy, our near
neighbour, largest trading partner and primary tourist
.market. Because globalisation has made us a village all
indications are that economies in Europe and


Asia will not escape some adverse
impacts," Mr Ingraham said.
In addition, Mr Ingraham pointed out
that the price of oil, and hence the cost of
"everything else" is rising "dramatical-
ly".
"The prospect of worldwide food short-
ages is looming. Here at home, increased
food and utility prices are eating into the
incomes of Bahamian families across the
income spectrum but with most serious
consequences for the poor. And then,
there is the threat of global warming with
its possible stark consequences, especial-
ly for small and vulnerable countries such
as ours.
"So it behoves us to pray for guidance
and strength as we face today and the
days ahead of us, as we work to secure the
best interests of the Bahamas and the peace and pros-
perity of the Bahamian people.
"This is not the proper place to dwell at any length
on the accomplishments of our party during the first
year of its present term of office; but I think it is right
to say that we have met many challenges with a large
measure of success; we laid the groundwork for
improved fiscal management and administration in
the public sector, and instilled anew the centrality of
transparency and accountability to good governance
and to economic empowerment and expansion. As a
SEE page 14.


a


PICTURED'ABOVE ARE Sea Hauler victims and children affected by the
tragedy. The group includes: Carlisha Edgecombe, Lashanvelle Smith,
Stephen Rose, Coleman Edgecombe, Kenroy Smith Ellis, Brenda May
Dawkins, Rosemary Smith, Josepha Edgecombe and Sophia Antonio.


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MONDAY, MAY 5, 2008,-PAGE 3


THE TRIBUNE


.1
'1







PAGE 4, MONDAY, MAY 5,2008TTHE TRIBUNE


The right
WHILE no-one pretends that one million dol-
lars is enough to solve all the problems of the
Sea Hauler victims, the government's gesture in
providing an ex-gratia payment is undoubtedly the
right course to take.
There are times when legal considerations
alone are insufficient to address real human
tragedies, and the 2003 collision at sea which
wrecked so many lives was undoubtedly one of
them:
When the Sea Hauler set out from Nassau to
Cat Island that fateful summer day five years
ago, the passengers aboard were in jubilant mood,
heading as they were for Family Island festivities
at an annual regatta.
When the collision took place, and a rusting
crane fell on to the deck where people were sleep-
ing, levity turned to horror in a few horrifying sec-
onds. Not only did four people die, including two
sisters, but 25 more were injured, some of them
hideously so, with severed limbs and broken
bones.
Since then, the distressed victims of the Sea
Hauler tragedy have been pursuing justice, stag-
ing demonstrations, lobbying politicians, seeking
media exposure and telling anyone who would lis-
ten that their case was a solid one.


President Bush will never live down "Mission
Accomplished" and should not. When the
White House's spinners spun that claim five years
ago (remember the aircraft carrier?), it seemed
cocky and premature. As Bush continues his $526
billion war-without-end in Iraq, it seems stun-
ningly deceitful.
The only mission that needs to be accomplished
is an orderly exit from Iraq, and Bush is no clos-
er to acknowledging that reality. Neither is Sen.
John McCain. All Congress seems capable of is
hand-wringing. So it is up to Sens. Barack Obama
and Hillary Rodham Clinton to revive the nation-
al debate on Iraq and to up the pressure on the
White House. While it is clear that Bush has no
intention of coming up with an exit strategy, there
are things he could do to give his successor a bet-
ter chance at containing the chaos after American
troops leave.
A rational debate must first recognize that Iraq
is still a very dangerous place. An increase in
American forces last year initially produced a
steep decline in insurgent attacks. But attacks in
April killed more than 50 U.S. troops the high-
est death toll for a single month since last Sep-
tember. Americans also needa full accounting of
the American-financed and American-led military
training programs in Iraq, and a better explana-
tion of why Iraqi forces remain so weak. Prime
Minister Nouri Kamal al-Maliki's decision to
finally challenge some Shiite militias was a good
thing, but it exposed how the Iraqi army remains
unprepared even now to fight by itself.
We are encouraged that Maliki chose to talk to
Tehran about its role in arming and financing
militias. It is long past time for Iranian leaders to


thing to do
Under the previous government, the victims'
cries fell on deaf ears. One, Sophia Antonio, said
their pleas were "cast aside and swept under a
rug" in spite of space given to their cause in the
local media, most notably The Tribune.
Before last year's general election, Prime Min-
ister Hubert Ingraham promised that their case
would be heard and addressed.
Yesterday,.Ms Antonio expressed gratitude
that the government had kept its word and asked
Mr Ingraham to support victims in their efforts to
secure compensation from those they claim were
responsible for their injuries.
One million dollars divided several ways does
not amount to a complete solution, but it will
relieve victims of some of their immediate diffi-
culties and help put bread oni their tables.
It will also help settle debts that have inevitably
arisen since many victims lost their earning pow-
er because of the injuries they suffered.
There is no doubt that this tragedy caused
enormous hardship to many people, whose suf-
fering struck chords in the hearts of many
Bahamians.
The government's gesture was morally correct.
It displayed compassion and consideration to
people who desperately needed both.


hear directly and firmly from their Shiite
brethren in Baghdad that such destabilizing
behavior must stop. The United States also needs
to engage Iran, Syria and all of Iraq's neighbors.
They need to understand that more chaos in Iraq
is not in their interest.
It is shocking that the United States and Iraq
still have no strategy for dealing with more than
4 million Iraqis who have been driven from their
homes; 2.7 million people are internally displaced,
and there are another 1.5 million or more refugees
in Syria and Jordan. This is not only a question of
human suffering. It threatens to spread Iraq's
chaos far beyond its borders.
Both Iraq and the United States must take
responsibility. Baghdad, awash in oil profits, must
provide more aid to its own people. Washington
must provide more aid and allow in many more
than the 12,000 refugees it has pledged to accept
for this year. We fear that it is unlikely to meet
even that meager target.
The list of failings and missions not accom-
plished doesn't stop there. Millions of Iraqis still
don't have clean water and medical care, thou-
sands are jobless, the government is still drag-
ging its feet on important reforms like an oil shar-
ing law. Bush no longer declares "Mission Accom-
plished." Quite the opposite. He has made clear
that he will. keep troops in Iraq until he leaves
office-- and then abandon the mess to his suc-
cessor.
The three senators who want his job should
insist that he address these problems now.
Editorial courtesy of New York Times News
Service


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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Published Daily Monday to Saturday

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

TELEPHONES
Switchboard (News, Circulation and Advertising) 322-1986


EDITOR, The Tribune.
WHILE my first response to
Mr Bodie Jr's letter of April 30th
was agitation, after some thought,
there were many solid points in
his letter regarding the state of
affairs in our country. This is not
an attack on him, but to add as a
complement to his recent letter.
I would first like to state that
his presumption of ."wealth to
white Bahamians" is a leap at
best. While there are white
Bahamians (also known as white
knights) who are very well off, in
such a way that the downturn in
the economy doesn't change their
lifestyle, there are numerous
white Bahamians who are strug-
gling week to week just to pay
bills. As a matter of fact I dare to
say 80 per cent +/- of the white
Bahamians are living week to
week while the other 20 per cent
might be in the category of Mr
Bodie Jr's letter. Quite frankly I
am sick of the race card being.
thrown on hard working Bahami-
ans regardless of their colour who
are just trying to get by in this
corrupt, overpriced, beautiful
Bahamaland. In any event we can
elaborate'on the race discussion
for another time. Just remember,
people, it is not just one race suf-
fering at the present'time.
Mr Bodie Jr, however, makes
some valid points; the cost of
goods are out of control while the
government ignores or points the
finger regarding this issue. When
government discusses price con-
trol, etc, why don't they start with
themselves? Mr Bodie touches
on the high cost of electricity!


Let's take a look at these high
costs and rates BEC charges com-
pared to other
countries/states/provinces, etc:
Florida .06 cents per kilowatt
hour (p.k.h.)
Wyoming .06 cents p.k.h.
Quebec, Canada Too cheap
and would be insulting if I told
you the rate. Put it this way, you
couldn't get a $200.00 bill per
month if you tried.
Ontario, Canada .05 cents
p.k.h. (couldn't help myself, final-
ly had to be insulting).
Barbados -11 cents p.k.h.
BEC Ready for this folks.. .36
cents p.k.h.! Interestingly enough
BEC claims they are broke and it
was just recently brought to my
attention that BEC had to bor-
row $28 million to buy fuel. How
is this possible?
I won't even get into the fact
(not that I'm a conspiracy theo-
rists) that our meters are adjusted
to favour BEC, believe me I've
tested this personally with sever-
al different meters around the
world. Many of you know exactly
what I am talking about.
How is it that we are 3.5 to 6
times the rate of other countries?!
How is this remotely possible?
And everyone holds a blind eye,
including the media who is sup-
posed to be our watchdog. I
would say we are very similar to
Barbados (with the exception of


the crime and corruption here)
as a gauge to our various costs.
How are we 3+ times the rate? I
have numerous friends and con-
tacts there and the average bill
there is well under $200 per
month (and they have air-condi-
tioning all year round as they
don't have a winter season).
Additionally if there is interrup-
tion in service particularly if it is
for several hours, the consumer is
reimbursed a fee. Needless to say
there are few power outages. If
BEC had this rule they would
either smarten up or go broke
(somehow I think the latter would
happen). It is one of the biggest
rip-offs in this country, people,
with close seconds being Nation-
al Insurance and BaTelCo.
When the government holds
their own corporations account-
able, then and only then should
private businesses be targeted.
As for school fees, I would love
to see $700 per term school fees
Mr Bodie discusses, as I am writ-
ing cheques for $1500 per term.
And this is not at the "prestigious
St Andrews School"!
Cost of food, insurance, gas
everyday expenses, etc, would be
another book for me to go into
and I will save for another day.
Once again I would like to
thank Mr Bodie for his points and
happy too see someone is
attempting to hold the govern-
ment accountable, although at the
end of the day it might be fruit-
less.
CHRISTOPHER ARMALY
Nassau,
April 30, 2008.


We shouldn't blame others for our mistakes


EDITOR, The Tribune.
I HAVE read a letter writ-
ten by Mr Ortland Bodie Jr that
accuses all the Bahamian gov-
ernments since 1967 of doing
nothing about the "poor" black
Bahamian and working for the
"rich" white man.
Mr Bodie's mentality is typi-
cal of many people in our coun-
try. We tend to blame others
for our own mistakes. We act
like spoiled kids that expect the
government to do everything
for us.
We Bahamians love to go on
shopping trips to Miami, yet we
complain when we can't make
ends meet.
We Bahamians love to drive
expensive SUV cars, yet we
complain about the high cost of


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gas. The interesting part is that
some of us drive around for no
reason at all!
We Bahamians blame the
government about the illegal
immigration problem yet we
hire illegal immigrants.
Mr Bodie was disbarred from
the Bahamas Bar Association
a few years back, and I am sure
that meant some loss of income
for him. Is this the "white"
man's fault, sir?
Or is it the fault of the
"black" government?
No, sir, it is your fault and


t


. .....


you should accept full responsi-
bility for it.
Some of our politicians are
riddled with scandals and yet
we keep voting for them.
Whose fault is it then?
I will agree with Mr Bodie
that some politicians care very
little about the average person.
But then why does he keep
campaigning for them?
HARRY JOHNSON
Nassau,
April 30, 2008.


TENDER NO. 665/08


The Bahamas Electricity Corporation
invites Tenders for
CLEANING AND MAINTENANCE OF
ENGINES AND SURROUNDING AREAS
Clifton Pier Power Station
Nassau, Bahamas

Bidders are required to collect packages
from the Corporation's Administration
Office, Blue Hill & Tucker Roads
from Mrs. Delmeta Seymour
Telephone No. 302-1158.

Tenders are to be delivered on or before
19th May, 2008, 3.00 p.m.
and addressed as follows:

Mr. Kevin Basden
General Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas

Envelopes must be marked:
Tender No. 665/08
Engine Cleaning & Maintenance
of Surrounding Areas
Blue Hills Power Station
Nassau, Bahamas

The Corporation reserves the right to
accept or reject the whole or such part of
any Tender the Corporation
deems necessary


Many white




Bahamians





are struggling





week to week


Spinning Iraq


PAGE 4, MONDAY, MAY 5, 2008


THE TRIBUNE







THE TRBUNE ONDAYMAYL5O008,PAGES


0 In brief

US Coast Guard
rescues two
missing divers
* KEY WEST, Fla.
THE Coast Guard says it
has located two divers who
didn't return to their boat
in the Florida Keys,
according to Associated
Press.
According to a news
release from the Coast
Guard, authorities received
a call Saturday night that
said a 42-year-old man and
a 35-year-old woman didn't
return to the boat. .
Crews used a helicopter
in the two-hour search, and
the missing divers used a
flashlight to draw the atten-
tion of rescuers.
The Coast Guard says
the divers, who were found
about three miles north-
west of their boat, weren't
injured.


PM reflects on first year


in charge while on Abaco


* By CARA
BRENNEN BETHEL
Tribune Business
Reporter
PRIME Minister Hubert
Ingraham spent the first anniver-
sary of his party's victory at the
polls on Abaco, telling the
nation's 'third city' of the gov-
ernment's plans to further devel-
op the island.
Speaking on his government's
first year in office following a
meeting with the Abaco Cham-
ber of Commerce, Mr Ingraham
said he was happy to be back
serving the people and that the
first year had brought "some suc-
cesses and challenges."
"We've served one year and
we have four to go," he said.
Mr Ingraham said he believed
his government had proven their
trust agenda to the Bahamian
people, but admitted that a year
from the hard-fought and close
election, the air is still politically
charged.


"It seems that it has taken the
opposition the entire year to
realise that they have lost the
election," he said.
Mr Ingraham said rather than
accept defeat, the opposition
chose to turn to the courts to try
and overturn the election result,
thus forcing an early election,
but said that this effort had
proved futile.

Grade
In fact, when asked by a
Grand Bahama journalist what
he thought about the failing
grade given him by PLPs on that
island, Mr Ingraham replied:
"Who cares? I don't care."
During his discussions with the
Abaco Chamber, Mr Ingraham
promised residents that a new
hospital, housing sub-division
and government complex are on
tap to begin construction for the
island within a year.
He also discussed the strug-


I imirtioicrstgdm nB


* By DENISE MAYCOCK
Tribune Freeport Reporter
dmaycock@tribunemedia.net
FREEPORT BPSU area vice-president John
Curtis stressed that immigration officers in Freeport
are not being given the same consideration as other
law enforcement officers in the country.
Mr Curtis stated that immigration officers, par-
ticularly on Grand Bahama, had not received pro-
motions in five years, and.in some cases up to 20
years.
On Friday, 32 of 56 immigration officers employed
in Grand Bahama staged a demonstration at the
department offices in downtown, Freeport.
They are calling for timely promotions as well as
better working conditions at the department and
at various posts on the island.
Mr Curtis stressed that there must be equal treat-
ment among all law enforcement officers in the
country.
"The country cannot run without immigration
officers, and so you can't treat them like they are
nobodies because these people deal with every air-
line or vessel that comes to this country.
"It is unfair for police, customs, and even prison
and road traffic officers to receive their promotions
in a timely fashion, when we got immigration officers
who have been employed for the past 20 years and
have not gotten a promotion," he said.
Mr Curtis said because evaluations are not carried
out annually, promotions cannot be.made in an effi-
cient manner by the.department..
He noted that some persons are still trainee offi-


cers after five and eight years even though carry
out the same duties as their higher ranked coun-
terparts who are grade one, two or three officers.
"I don't know of any other profession or job
where you can be in training for five to eight years -
that cannot be right," he said.
The union official also said that there are immi-
gration officers who have received degrees and are
not being properly compensated by the department.
Mr Curtis said the cost of living has increased
tremendously in the past five years and officers are
struggling to take care of their families.

Allowances
"The director and senior officers drive govern-
ment vehicles and they also get allowances, and so
their economic situation is better than the officers
who are out there working daily to try and make
ends meet," he said.
Mr Curtis said working conditions are also unac-
ceptable for officers on Grand Bahama.
He said computers are needed to better assist
officers in their duties at the harbour. He noted
that there have been complaints about the unsanitary
condition at the department's stairway, where young
men tend to relieve themselves.
Union president John Pinder is meeting with
Director of Immigration Vernon Burrows with
hopes of resolving the issues.
Mr Curtis said Mr Pinder has indicated that he is
prepared, if necessary, to take these issues tod the
prime minister.


gling economy, promising that
the government would be taking
steps to address the high cost of
food in the near future and said
that the government's economic
position going into the budget
for the fiscal year 2008/2009 was
looking fairly good, given that
revenue has exceeded expendi-
ture.
"This is not because of any
genius effort, but because we
have been fairly lucky," Mr
Ingraham said.


PRIME MINISTER Hubert Ingra-
ham addresses the Abaco Cham-
ber of Commerce and Abaco resi-
dents at a meeting at Faith Con-
vention Centre, Marsh Harbour
on Friday, May 2, 2008. Prime
Minister Ingraham was accompa-
nied by Ministers Tommy Turn-
quest and Earl Deveaux and Min-
isters of State Desmond Bannis-
ter and Branville McCartney.
South Abaco MP Edison Key was
also in attendance.




I-

CO


EMBASSY OF THE UNITED STATES OF AMERICA
NASSAU, THE BAHAMAS
May 2,2008


Reminder To All American Citizens
Passports now Required for Air Travel Departing and
entering the United States


As of January 23, 2007 all persons traveling by air
outside of the United States must present a Passport
or other valid travel document to enter or' re-enter the
United States.

As summer approaches and you make travel
plans, please take time to apply for or renew your
Passport at the U.S. Embassy in Nassau. Passports are
normally returned within5-10 business days.
Please plan accordingly.

For more information please go to the U.S. Embassy
website at:


http://nassau,.usembassy.gov or


www.travel:state:. oov


'... ; ' B " '...-ol
'ft~ Jl il


Tennis Cen'
Ph: 323-1817 East St


_~~~ ~~ __ __~~___~~__~~~____ _~____ _~~__


Es n oidi 11
.*"'GET NOTICED


MONDAY, MAY 5, 2008, PAGE 5


THE TRIBUNE







PAGE 6, MONDAY, MAY 5,2008 THE TRIBUNE


LOA'NW


neuy laylor I* IB w l
Journalist / Entrepreneur

"A mother's Cove is

genuine and endless. It

helps to mend the broken

hearts of her children. It

gives them strength

to survive,

They can cry on her

shouCders, andshe will

never say goodbye."


BAHAMAS AGAINST CRIME'S executive director Rev C B Moss (left) and chairman Dr William Thompson (right) present Minister of
National Security Tommy Turnquest (centre) with a CD recording of the Bahamas Against Crime's theme song.


Bahamas Against Crime


launches official website


THE private sector, non-
profit organisation Bahamas
Against Crime (BAC)
launched its official website *


during a special event
British Colonial Hilton.
The site is locat
www.bahamasagainstcrin


SLeve

www. Iove.cartier.co:m


at the t, the interactive website will
provide a comprehensive
ed at overview of the national anti-
me.ne crime project.
Executive director of the
BAC Rev C B Moss
explained that, through the
website, the organisation will
disseminate important infor-
mation on crime and will also
recruit sponsors and volun-
teers.

Innovative
"The site'will allow visitors
to review all aspects of the
innovative project, as well as
follow the progress of all of
the programmes and events,"
Rev Moss said.
The BAC was developed by
the Bahamas Christian Coun-
cil, the Council for Social and
Economic Development and
the Civil Society of the
Bahamas.
According to the website,
the BAC will closely follow


the model established by the
very successful "Hands Across
the Bahamas" project con-
ducted in 1988.
"Bahamas Against Crime
firnily believes that crime
affects all of us, and that all
of us-have the ability to affect
crime. We have developed a
plan of action to address the
crime problem that embroils
all residents of The Bahamas,
regardless of race, gender,
socio-economic status, or
country of origin.
"Bahamas Against Crime
will help to raise the under-
standing of all residents that
crime is the product of all of
our actions not just those of
the criminal minority," the
website states.
SAlso present at the web-
site's launch were BAC chair-
man Dr William Thompson,
officers of Bahamas Against
Crime, as well As sponsors,
religious leaders, civic and
political leaders.
i


Teri Monique

Bahamas Lighthouse Museum
326-0511
National Art Gallery (NAGB)
328-5600
Third Eye Artworks
:32F,9803
Voluptuous 323-2329
www.terimonique.com


tI


a


TENDER FOR THE PROVISION OF
FUEL SYSTEM REPAIRS
POWER STATION SITE
HATCHET BAY
ELEUTHERA, BAHAMAS

The Bahamas Electricity Corporation
invites Tenders from eligible bidders for
the provision of Fuel Tank Repairs at the
Corporation's Hatchet Bay,
Eleuthera Power Station Site.
Bidders are required to collect packages
from the Corporation's Administration
Office, Blue Hill & Tucker Roads by con-
tacting Mrs. Delmeta Seymour,
Telephone No. 302-1158.
Tenders are to be delivered on or before
23rd May 2008, 3:00 p.m.
and addressed as follows:
Mr. Kevin Basden
General Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas
Marked: Tender No. 663/08
Fuel System Repairs
Power Station Site
Hatchet Bay
Eleuthera, Bahamas
The Corporation reserves the right to
accept or reject the whole or such part
of any Tender the Corporation i
deems necessary.


HOW


FA R


WOULD YOU GO


FOR


i~illsu~q~yyl~gy~a I


PAGE 6, MONDAY, MAY 5, 2008


THE TRIBUNE


\


1
11 .f
:.i




THE TRIBUNE


LOA NW


The FUN


DOG SHOW
and FAIR


An established Company is presently considering applications
for the following:
PROJECT MANAGER
This position is open to candidates with the following
qualifications:
* Bachelors Degree in Engineering, Construction
Management or related studies.
* Minimum of 4 years professional experience.
* Must have some project management experience.
* Proficient in Microsoft Word, Excel & Project and AutoCAD.
PERSONAL ATTRIBUTES
Must be able to design and supervise the building of roads, etc.
Must ensure that construction standards are met.
Must be a "problem solver" with an eye for detail.
Must have ability to identify priorities and meet deadlines in a
timely manner.
Able to collaborate with other team members.
Must possess good communication skills.
All interested applicants should fax a copy of their resume to
242-361-1469 or email recruitmentbahamas@gmail.com. Clos-
ing Date for applications is May 14, 2008.


PET LOVERS flocked to the Botanical Gardens on Saturday for the Fun Dog Show and Fair. The event, which ran
from 10 a.m to 6 p.m., was organised by the Bahamas Humane Society and sponsored by Pedigree. Visitors were
able to enter their dogs in various competitions, including prettiest and most handsome categories, and most
unusual breed.


Medical Office Assistant <> Business OfficeAssistant Ticketing Agent > Computer Offce Specialist o Bank Teller Spcalist
New classes are forming now. Call Success for registration and program details. 324-7770


VASA:(42 5L02-615 9 FR E E PiOR I grii4 R !352 -28 22 'fL'2 367-341


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/Tribune staff


I PHONE: 322-2157


the know
computers printers copiers
design & installation
cabling & parts
security
disaster recovery
th 1 "24/7 support control


how store
electronics telephony service & repair



COMPUTERS LIMITED
COMPUTERS LIMITED


I


annive.rsaryIilnidtraders building, east bayIstreet t 3I96100 f39.10 wwcse s soIltIIoIn


A~,W^ li'llllllll^^ ^.
TO ALL COMMONWEALTH BANK MASTERCARD CUSTOMERS:
Collect and Adcivale your new Commonwealth Bank MaslerCard from
one of our conveniently located card Collection Centres. Cards can be
collected: Monday thru Friday 9:30 a.m. to 7:30 p.m.
and Saturday 9:00 a.m. to 5:00 p.m.









HOME BRANCH COLLECT CARD FROM

The Plaza Branch The Plaza Branch
Bay Street Branch The Plaza Branch
Oakes Field Branch The Plaza Branch
Town Centre Mall Branch Town Centre Mall Branch
Cable Beach Branch Cable Beach Branch
SWulff Road Branch Wulff Road Branch
Golden Gates Branch Golden Gates Branch
These improvements to our MasterCard offering are just another way
Commonwealth Bank is providing convenient and efficient solutions to the
ongoing financial needs of our valued customers.
COMMONWEALTH BANK MASTERCARD CALL CENTRES:


I


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IVVluUlAT, IVIl/rT wUUO, rtAuc r














I give the FNM a C-plus after a


Columnist Adrian Gibson gives

his verdict of the FNM after a year in

office. He also gives individual

grades to the Cabinet Ministers





INSURANCE BROKER Co. Ltd.

To our valued clients:

Please be informed that Mr. Guilden Gilbert is
no longer and employee of Andeaus Insurance
Broker Company Limited. Mr. Gilbert is not
authorized to conduct any business transactions
for the company. Please contact the office at 323-
4545 for services.

Thank you for your continued patronage.

Management of Andeaus Insurance Broker
Company Limited.


DAV ID


* By ADRIAN GIBSON
ajbahama@hotmail.com

ONE year since the
FNM's re-elec-
tion, the new
government has
had to carry out a lot of mending
and refurbishing to various facets
of the government service to
restore quality governance.
When the FNM officially took
the reins of power on May 4,
2007, (then PM Perry Christie
didn't immediately concede) they
found themselves facing an unen-
viable, bumpy transition to gov-
ernment as they inherited much
of the previous government's
mess.
Of late, much of the outra-
geous shortcomings of the pre-
ceding administration have been
exposed, particularly the revela-
tion that some ministries were
disaster areas where certain unac-
countable Cabinet ministers con-
ducted affairs as if they had their
own little fiefdoms.
It appears that egregious acts
transpired, as people seem to
have been allowed to exploit the
system'. Expenditures were made
without Cabinet approval, cer-
tain ministries were anarchic pits,
people were hired without bud-
getary allowances in an attempt
to pander to constituents and
procure votes, the $20 billion
investment projects that the PLP


touted were revealed to be an
election-time ruse since some of
them were merely in the negoti-
ation phase, were poorly negoti-
ated and had to be renegotiated
or, as in the case of Baha Mar,
appears to have gone bust. And,
of course, there were the disrep-
utable, allegedly corrupt activi-
ties at housing, where pay-offs,
secret deals and shoddy con-
struction work were the order of
the day.
Frankly, in some instances it
seems that the FNM has been
applying standards for which peo-
ple eg, contractors must
conform. It also appears that the
FNM has spent the better part
of a year correcting the wrongs of
incompetent governance.
According to social activist
Ivoine Ingraham:
"It was almost impossible to
implement the FNM's agenda in
the atmosphere that the PLP left.
The FNM's victory was like mov-
ing into a previously occupied,
shabby house, where a tent had
to be put up to fumigate it, steam
blast and conduct major renova-
tions and damage control. It's like
having to take up a carpet, dis-
card it and put down tiles because
there was so much dirt was in the
place."
While Ivoine Ingraham's com-
ments may bear some truth, the
government has had ample time
to initiate programmes and nego-
tiate economically-sound invest-
ments. By now, each Cabinet


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YOUNG MAN'S VIEW


ADRIAN


GIBSON


"The FNM's victory was like
moving into a previously
occupied, shabby house, where a
tent had to be put up to fumigate
it, steam blast and conduct major
renovations and damage control."


Ivoine Ingraham


minister has had an opportunity
to display their capabilities. With
that in mind, each minister's first
year report card is due.
Desmond Bannister, the Min-
ister of State in the Ministry of
Legal Affairs, earns a C-minus.
He seems capable for his posi-
tion and is perhaps better than
he's presented. Mr Bannister is
the hands-on day-to-day manag-
er of legal affairs and appears
committed to jurisprudence and
the advancement of the judiciary.
Claire Hepburn, the Minister of
Legal Affairs and Attorney Gen-
eral, who is responsible for min-
isterial oversight, shares Mr Ban-
nister's C-minus.
However, there's much more
that can be done to hasten cases
as the current backlog hasn't
been alleviated, the Bail Act
should be reviewed and it is a
pressing need that more judges
be appointed.
Larry Cartwright, Minister of
Agriculture and Marine
Resources, earns a B-plus. Dur-
ing a period when the world is
facing a food crisis, it appears
that Mr Cartwright has recently
been actively pushing agriculture.
Edison Key, BAIC chairman
(also a part of Cartwright's min-
istry), appears to be advancing
Mr Cartwright's portfolio and


aggressively putting mechanisms
in place to encourage craft work
and farming while creating fur-
ther economic opportunities.
Cartwright and Key work in con-
cert and seem knowledgeable
about their assignments. Mr Key
even became of millionaire from
pineapple exports.
Earl Deveaux, Minister of
Works and Transport, earns an
A-plus. Mr Deveaux is a publicly
appealing, plain-speaking minis-
ter who has reinvigorated and
apparently cleaned up the chaot-
ic situation he met at the MOW.
Mr Deveaux has undertaken a
comprehensive road develop-
ment/repair programme (Old
Trail, highway in the west), has
insisted that barriers that block
locals from accessing certain pub-
lic beaches be removed, initiated
the establishment of a contrac-
tors' database, helped to draft a
contractors' bill to foster more
accountability in the construction
industry and oversaw the repairs
and organisation of contractors
for last year's smooth school
opening, something that the PLP
was incapable of doing.
While ensuring that the neces-
sary infrastructure is in place, it
SEE page 9


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MIAU!- I I


THE TRIBUNE


PAGE 8, MONDAY, MAY 5, 2008


f . 1




.. .. . .. ... - -1'i f















year in office








*e Ick.r~~


D-minu


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Class

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to external conditions and your .ownm .
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selective damping.
The interior offers noticeably more
space and a more distinctive atmosphere
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FROM page 8

seems that the minister is com-
mitted to improving the trans-
portation and bussing systems,
bringing legislation forth to
legalise amphibious craft and
thereby heighten the tourist expe-
rience, and appears to have moti-
vated his ministry to buy into his
approach.
According to a high-ranking
PLP MP, Mr Deveaux has pro-
vided assistance to all MPs in
their constituencies since they
each received $100,000 for con-
stituency projects. Mr Deveaux
is an outstanding MP and a par-
liamentary statesman.
Loretta Butler-Turner, Minis-
ter of State for Social Develop-
ment, has failed to live up to pre-
election hype and earns an unim-
pressive F. While social services
can always be improved, the child
protection legislation has not
been enforced or made law, the
state minister has not pressed for
the creation of a sex offender
database and has fallen short of
comprehensively addressing the
critical issues facing the
impaired/disabled and the plight
of the homeless and dispossessed
that reside in Nassau's slums.
Throughout House sessions, it
seems that Mrs Turner squanders
too much time engaging in
absurd, parliamentary heavy-
weight battles with failed former
Social Services Minister Melanie
Griffin.
Dion Foulkes, Minister of Mar-
itime Affairs and Labour, earns a
B-plus as he has smoothly oper-
ated, without much fanfare, over
the last year. Although there has-
n't been any major labour dis-
pute, thus far Mr Foulkes has
competently mediated and
resolved industrial quarrels at
Morton Salt and Freeport Power.
Before the current in-fighting at
the Hotel Union blew up, the
minister has intervened and took
proactive measures to avoid a
catastrophe when the Ficus oil
tanker ran aground.
Under Mr Foulkes, his min-
istry has established a maritime
cadet programme to encourage
high school students to enter the
navigational field and has lob-
bied for ship owners to establish
a scholarship fund for these stu-
dents.
Hubert Ingraham, the Prime
Minister and Minister of Finance,
earns an A-minus. Mr Ingraham


is forging ahead and holding the
country together while keeping
his government afloat in the
midst of an economic downturn.
He has also made a few first-class
ministerial selections. Mr Ingra-
ham has very astutely revisited
the Baha Mar deal and unearthed
disturbing, secret clauses, can-
celled bloated contracts meted
out by the PLP, closed huge
development deals for Norman's
Cay and North Eleuthera, over-
seen $9 billion in new invest-
ments, concluded the Albany
deal (which still begs for further
environmental studies/consulta-
tion), heightened investor confi-
dence, and brought some sem-
blance of transparency and
integrity back to government
while methodically exposing the
ministerial inconsistencies of the
previous administration.
Charles Maynard, Minister of
State for Culture, earns a B-
minus. He has overseen a reduc-
tion in junkanoo bleacher fees
which has allowed many more
Bahamians to again participate
in this cultural festival after being
excluded by exorbitant prices.
Mr Maynard has also been
encouraging musicians and
junkanoo artisans to become
more involved in tourism and
thereby provide tourists with a
greater appreciation for indige-
nous culture. Although Mr May-
nard has rebounded from his
Carifesta blunder, he must show
a greater appreciation for the full
extent of culture beyond
junkanoo and his constituents
(including myself) would like to
be updated on constituency
plans/works.
Dr Hubert Minnis, Minister of
Health and Social Development,
is a stellar, well-liked politician
who earns an A. As MP, he is
said to have hands-on involve-
ment with his constituents and
has developed a superb, commu-
nication apparatus..
Mr Minnis appears to be a
hard worker, setting about mod-
ernising the hospital (PMH) and
reforming healthcare,'by initiat-
ing e-medicine, which is an inno-
vative, technological advance-
ment for an archipelagic nation
where critically ill family islanders
hiay be in dire need of immediate
healthcare/assistance.
Other pluses for Dr Minnis are
his encouragement of exercise
and healthy lifestyles among
increasingly overweight citizens,
and timely garbage collection.


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However, the social development
and environmental health (eg,
removing derelict vehicles)
aspects of his portfolio require
redress.
Kenneth Russell earns a D as
the hapless Minister of Housing
and National Insurance. Mr Rus-
sell met housing and the mort-
gage corporation in a messy state,
with speculation rife about cor-
ruption, and thereby earns a
grade because of efforts to recti-
fy conditions there. However,
thus far he has been an ineffec-
tive minister with a 'perfect' sea-
son of no houses (not even a clap-
board house), adversity at NIB
and an almost non-existent urban
renewal programme. A few
months ago, it appears that Mr
Russell also dragged his feet and
failed to immediately address the
concerns of workers and allega-
tions of harassment at NIB.
All things considered, the min-
ister couldn't earn higher marks
because of a monetary tornado
that ripped through the Mort-
gage Corporation and time spent
SEE page 10


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FHE TRIBUNE


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2PC SOFR inD LOUE SEAT 2PC SOFA 6 LOUE SERfT* ?PC CHERRY WOOD '. PC SOFA 6 IOUE SET 12PC LIUIIG ROOm PlAC AGE It was not clear what kind of boat the Comandante Sales was or
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The boat sank just months after a two-story wooden ferry car-
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correcting the political exploita-
tion of urban renewal.
Tommy Turnquest, Minister of
National Security and Immigra-
tion, reminds me of a wilting rose.
He earns a D-minus. Mr Turn-
quest presided over this ministry
during a record setting year for
murders (2007). The minister
promised to unveil a strategic
plan to deal with crime last Sep-
tember, but that never came to
fruition. The fear of crime has
risen as the populace has lost con-
fidence in Mr Turnquest's lead-
ership. Mr Turnquest remains a
standoffish character and has inef-
fectively addressed corruption in
law enforcement or the concerns
at the detention centre. Although
he has attempted to upgrade the
Defence Force's fleet, lawlessness
seems rampant as emboldened
criminals are committing murders
(even the elderly) and crimes in
broad daylight. Furthermore, very
little has been done to satisfy the
public on the highly-publicised
murders of high-profile lecturer
Dr Thaddeus McDonald and
renowned designer Harl Taylor.
Carl Bethel, the swaggering
Minister of Education, Youth,
Sports and Culture earns a C, as
there's much room for improve-
ment. The education system
remains in an antiquated state
and continues to be plagued by
incidents of school violence, and
more recently school porn, that
is now being recorded and circu-
lated on Youtube to thousands
of viewers. Unfortunately, a stu-
dent was recently killed on a
school campus.
The educational curriculum
must be revamped and technical
and vocational schools must be
constructed to cater to students
who aren't academically inclined.
Bethel does seem to be attempt-
ing to change the outdated edu-
cational system, kick off a self-
start programme to assist young
entrepreneurs and upgrading
BTVI, has made efforts to dis-
seminate information to students
and oversaw smooth school open-
ings last year.
While I support the notion that
schools should not become mili-
tarised zones with police officers,
security officers must receive spe-
cialised training and Mr Bethel, as
minister, should attempt to defuse
the disgraceful spat within the
Bahamas Union of Teachers.
Byran Woodside, Minister of
State for Youth and Sports,
appears to be making an effort
in fostering youth develop-
ment/sports and earns a B-minus.
Since the election he is the only
SMP to have won his seat twice in
10 months.
Elma Campbell, Minister of
State for Immigration, is a bright
spot at the National Security min-
istry. She earns a B for attempting
to implement immigration
reform, begin an immigration
audit and computerise that
agency to ensure the smooth flow
of information, recruit new offi-
cers and, I'm told, has a zero-tol-
erance approach to corruption.
Sidney Collie, Minister of
Lands and Local Government,
gives off an air of elitism. Mr Col-
lie has performed dismally and
earns an F-plus. He should seek
to draft legislation to address and

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update the rent control act, land
reform and price control.
Having grown up on an island,
I am also aware that local gov-
ernment has numerous deficien-
cies, including empowering cer-
tain persons in small communi-
ties to victimise or repeatedly
grant jobs/contracts to a favoured
few. This must be carefully mon-
itored! Furthermore, Mr Collie
should request that the PM deliv-
ers substantial land to his portfo-
lio as he seems to be the lands
minister only in title since lands
fall under the purview of Mr
Ingraham.
Neko Grant, Minister of
Tourism' and Aviation, has per-
formed abysmally and earns an
F-plus. It was a miscalculation to
appoint Mr Grant as tourism min-
ister as he appears to be intoxi-
cated by such a difficult assign-
ment. According to well placed
sources, morale at the MOT is at
an all-time low and the Bahamas
has drastically lost.market share.
Although allegations point to
inflated tourist numbers under
the previous administration,
sources say that the Bahamas is
headed for its worst tourist year in
seven or eight years and the worst
summer in 10 years. Although
there may be other mitigating fac-
tors such as an economic crunch
in the US, the tourism yield
appears to be nose-diving under
Grant, when compared to the $2
billion per annum yield of recent
times. It is indisputable that Mr
Grant could be one of the FNM's
worst tourist ministers since 1992.
Why hasn't Mr Grant adjusted
the tourism programme to specif-
ically target European markets,
particularly as the Euro is so
strong?
Zhivargo Laing, Minister of
State for Finance, earns a C-plus.
He has been a key player in the
government's negotiations of $9.
billion in investment projects,
exposed high-profile customs
debtors, appears to be an advo-
cate for fiscal prudence and has
sought public consultation and
serves as the government's
spokesman on the European
Partnership Agreement (EPA),
which scores of Bahamians have
yet to understand. Recently, Mr
Laing has had a hard drink to
swallow (no pun intended) as the
Mona Vie hullabaloo has hung
over his head.
Branville McCartney, Minister
of State in the Minister of
Tourism and Aviation, earns a B.
By all accounts, Mr McCartney
is a quality MP and a hard work-
er. He has advocated a change of
the gaming laws to further include
Bahamians, greater sale of
Bahamian-made products and
spearheads his ministry's mar-
keting format.
Phenton Neymour, Minister of
State for Public Utilities, is in an
unenviable position as minister
responsible for BEC, particularly
as light bills continue to soar.
Under his leadership, he seems.
to have encouraged some sem-
blance of order at the public util-
ity companies. One pundit
claimed that "he's not applying
himself as he should" and there-
fore earns a C-minus.
Brent Symonette, DPM and
Foreign Affairs minister, isn't
doing a sterling job and earns a C.
Under Mr Symonette, who is said
to be a good MP, machine read-
able e-passports have come into
existence. Beyond the appoint-
ment of several ambassadors and
internal changes at his ministry,
Mr Symonette has done a few
photo ops and given a perfor-
mance at the UN that was sim-
ply not up to snuff. The DPM
should seek to negotiate an end to
the Schengen visa for Bahamian
travellers to Europe.
The FNM's first year in office
leaves much to be desired,
although they earn a C-plus.
Civility has again been brought
to governance as there no longer
seems to be a free-for-all brawl.
The FNM must get on with ful-
filling its agenda now that they, in
the words of Ivoine Ingraham,
should have "brought the gravy
train to a screeching, neck pop-
ping halt."


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PAGE 10, MONDAY, MAY 5, 2008


THE TRIBUNE


A4dawm & Eve






MONDAY, MAY 5, 2008, PAGE 11


THE TR


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FROM page one
respectively. On New Providence, thanks
largely to a 6.1 per cent fall in sea visitors,
total arrivals fell by 0.9 per cent, despite an
8.7 per cent rise in higher-spending stopover
air arrivals.
Grand Bahama continued to be weak from
a tourist arrivals point of view, with air and
sea arrivals down by 2.2 per cent and 13.7 per
cent respectively, leaving total arrivals down
10 per cent. On the Family Islands, visitor
arrival growth rose from 15 per cent in 2007
to 19.1 per cent in 2008's first two months,
largely due to a 21.3 per cent increase in sea
arrivals.
The Central Bank's outlook for 2008 was
little changed from'previous, while noting
the improved tourism arrivals status and "sta-
ble growth" in consumer spending. Con-
struction and foreign direct investment activ-
ity had slowed down, and with the Bahamian
economy facing the same risks the US slow-
down, coupled with rising oil and food prices
- this nation's 2008 performance still
remained in the hands of major development
projects and the pace at which they started in
the year's second half.
Yet the Central Bank was more positive
on the monetary side, "with public sector
borrowing activities augmenting the season
gains in both liquidity and external reserves"
The Government's $100 million US$ bond
issue had boosted both liquidity and external
reserves, the Central Bank noted, with the
credit quality of commercial bank loan port-
folios at the end of the 2008 first quarter
being similar to that at 2007 year-end.
For March, the external reserves grew by
$147.1 million, more than double the previ-
ous year's $65 million growth, largely due
to the $100 million foreign currency bor-
rowing.
Excess liquid assets in the banking system
firmed by $115.2 million, compared to an
$85.9 million improvement in March 2007,
while excess reserves expanded by $117.2
million for a $33.4'million gaifi.
For the 2008 first quarter, which is the


FROM page one
that Mrs Nottage "is still a fugi-
tive."
Dr Hardt, speaking as guest
on yesterday's edition of the
radio talk show Jones and Co,
broadcast on Love97, said that
Ambassador Siegel made those
comments based on the infor-
mation the embassy had "at the
time."
The Deputy Chief of Mission
explained that Mrs Nottage's
case is being reviewed by "the
various elements of the Justice
Department, whose authority


period between January-March 2008, excess
liquid assets in the commercial banking sys-
tem grew by a pace 4.6 per cent slower than
in 2007 for a gain of $168.1 million.
However, emphasizing the impact higher
oil prices are having on the Bahamian econ-
omy, the value of oil imports brought into the
Bahamas during the 2008 first quarter dou-
bled to $136.3 million.
For the 2008 first quarter, private sector
credit growth of $74.3 million was 10 per
cent below 2007 levels, due to a $7.8 million
contraction in consumer credit. Mortgages
grew by $56.5 million.
Total loan arrears in the Bahamian com-
mercial banking sector, measuring loans
more than 30 days past due, fell by 0.8 per
cent to $525.4 million at 2008 first quarter
end, accounting for 9 per cent of all
loans compared to 9.3 per cent at 2007 year-
end.
Non-accrual loans, those 90 days or more
past due, increased by 6.9 per cent to $269
million, accounting for 4.6 per cent of all
Bahamian commercial bank loans. Banks
increased their provisions against loan loss-
es by 6.8 per cent to $128.8 million.
On the fiscal front, the Government
finances firmed during the first two months
of 2008. This held the fiscal deficit for the
first eight months of Budget year 2007-2008
to $92.7 million, a $17.5 million or 23.37 per
cent increase upon the previous year's $75.2
million.
Total government spending grew by 2.8
per cent to $966.1 million, while revenues
rose by 1 per cent to $873.4 million. On the
recurrent side, higher wages and salaries,
and increased outlays for transfers and sub-
sidies, saw spending rise by 5.1 per cent. Cap-
ital spending was down 5.9 per cent.
Revenue growth was underpinned by a
$14.6 million, or 1.8 per-cent, gain in tax
receipts from customs, hotel services and
business and professional fees. Non-tax rev-
enue fell by $6 million or 7.8 per cent.
Average consumer prices rose by 2.37 per
cent during the 12 months to March 2008,
compared to a 2.29 per cent increase the pre-
vious year.


Ruble Nottage
it is to determine what to do
with the legal case."
"They are examining it," he
noted.
"We have tried throughout
this process really to not com-
ment and there have been
efforts to try and get us
engaged in that and I think that
what I'm saying to you today,
what you see as conflict in var-
ious parts of the Justice
Department, is being discussed.
"Until there is a clear reso-
lution there is really no further


comment I can make," he said.
Mrs Dilorio-Sterling told
The Tribune earlier this month
that the US Attorney General's
Office is currently working
"internally" on the case against
Mrs Nottage.
According to US court doc-
uments the charges against Mrs
Nottage are conspiracy to
defraud the IRS; conspiracy to
engage in racketeering; racke-
teering and use of interstate
and foreign facilities in aid of
racketeering.
Mrs Nottage was sworn in as
the Bahamas' newest Supreme
Court judge last week.


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THE TRIBUNE


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MONDAY, MAY 5, 2008, PAGE 13


THE TRIBUNE


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PAG 14 MNDACAYL,208EWETRIUN


FROM page one

process of reviewing the party
and looking to the future.
"I leave this programme,
making it absolutely clear,
there is no challenge to my
leadership. The party has a
leader in place supported by
the people of this country that
support the PLP. You can
anticipate in the future, as
determined by discussions that
will take place with my
deputy, that we will have a
selection process ensuing for a
deputy leader. Whether that
deputy leader will be seen to
be someone who will be the
leader of the PLP is a matter
to be seen.
"It is useless for me to try
and steer you to think of what
that leader, who that leader


Christie: 'no challenge to my PLP leadership'


could be. Because I do not
know. People will have to
decide on it. But quite frankly,
by the very nature of our
democracy, the person who is
elected deputy leader may not
be the person who would
move on to be the leader of
the PLP. But I must anchor
my party, understanding that
today I am still the leader and
as you know that does not
arise until another annual con-
vention," he said.
Taking a page from the
presidential elections in the
United States, Mr Christie
said that the Democratic
front-runner, Barack Obama,
proves that you must not
assume that the successive
leader of any party will come


from within the front line of
the party today.
"In a three or four-year
period, all sorts of things can
happen by outstanding per-
sonalities with the political
will and abilities getting
involved, even though the
advantage is always to those
persons who are known to the
people especially in an archi-
pelagic country such as ours.
"I am encouraging them to
get involved. I expect to see a
substantial number of them
nominated to run in the next
election for the PLP. New
faces, new personalities, new
views etc. I expect the process
to change in the party at my
level to begin with the change
of the deputy leadership of
the party, and you would have
heard Cynthia Pratt, deputy
leader, indicate that she would
not contest her seat in the
next election.
"She has not determined
when she would vacate the


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position, and it is my hope
that we will allow her to make
that determination in a
respectful way when she will
demit office as deputy
leader," Mr Christie said.
Stating that Mrs Pratt has
not as yet had any discussions
with him as to when she will
demit office. Mr Christie said
that at that time whatever
influence he has as to the
"right course" for the PLP
would be brought to bear at
that time.
"But I expect, therefore, for
there to be elections for the
deputy leadership of the PLP,
and while all of this is going
on I am the active leader,
working towards consolidat-
ing the party and its energies,
meeting our obligations that
I have spoken of earlier, and
ensuring that the vision of the
PLP for a better Bahamas and
a brighter future for the
Bahamas is known and agreed
to and settled by many peo-
ple throughout the length and
breadth of the Bahamas," he
said.


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PARKING LOTS

The Banamas Electricity Corporation invites
Tenders from eligible bidders for the provision of
Security Services for its Administration Building,
Big Pond Complex and Jumbey Village & Huyler
Street Parking Lots for the Corporation.

Bidders are required to collect packages from
the Corporation's Administration Office. Blue
Hill & Tucker Roads by
contacting Mrs Delmeta Seymour,
Phone No. 302-1158.

Tenders are to be delivered on or before 26th
May. 2008, 3:00 p.m and addressed as follows:

Mr. Kevin Basden
General Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas

Marked: Tender No. 667/08
Security Services for
Administration Building, Big Pond
Complex and
Jumbey Village & Huyler Street Parking
Lots

The Corporation reserves the right to accept or
reject the whole or such part of any Tender the
Corporation deems necessary.


TENDER NO. 664/08

The Bahamas Electricity Corporation
invites Tenders for
CLEANING AND MAINTENANCE OF
ENGINES AND SURROUNDING AREAS
Blue Hills Powei Station
Nassau, Bahamas.

Bidders are required to collect packages
from the Corporation's Administration
Office, Blue Hill & Tucker Roads
from Mrs. Delmeta Seymour
Telephone No. 302-1158.

Tenders are to be delivered on or before
19th May, 2008, 3:00 p.m.
and addressed as follows:

Mr. Kevin Basden
General Manager
Bahamas Electricity Corporation
Blue Hill & Tucker Roads
Nassau, Bahamas

Envelopes must be marked:
Tender No. 664/08
Engine Cleaning & Maintenance
of Surrounding Areas
Blue Hills Power Station
Nassau, Bahamas

The Corporation reserves the right to
accept or reflect the whole or such part of
any Tender the Corporation
-deems necessary.


FROM page three
consequence we can look forward
with guarded optimism for better
things to come," he said.
In the months and years ahead,
Mr Ingraham said that his admin-
istration will continue to imple-
ment plans and programmes meant
to "increase and improve" oppor-
tunities for Bahamians everywhere
providing guidance and support
where they are needed most.
"In this regard, I should like to
thank all of you for your support,
for your advice, for your encour-
agement, for your hard work and
for your prayers. And I should like
to thank the Bahamian people for
the confidence they have placed in
us and for their continued support.
'Ladies and gentlemen, as we
celebrate and give thanks today it is
well that we reflect on what lies
ahead and on our relationship with,
and dependence on, our Creator.
You may recall that I have stated
before that we should think of this
relationship not in a boastful man-
ner, but with humility before God.
That bears repeating today.
"It is not for us to claim exclusive
right of access to God; neither is it
for us to claim the special favour of
God, nor claim that God is on our
side. I have frequently recalled the
words of the great American pres-
ident and emancipator Abraham
Lincoln who wisely put it that we
not boast that God is on our side;
rather we should be concerned
about whether we are on his side."
Mr Ingraham added that all
power comes from God but that
does not mean, "as some people
seem to think", that those who are
called to high office have any guar-
antee that we are always doing the


'Guarded optimism'
right thing.
"Christ reminded King Herod
that all power comes from God but
he showed contempt for the man-
ner in which Herod used that pow-
er.
"So it remains for us to work
and pray, and constantly remind
ourselves that the power we exer-
cise is not ours and hence should at
all times be exercised for the good
of God's people.
"If we bear these simple but
powerful truths in mind, I am sure
that God will bless us as we go
about the business of governing.
Before I close, let me once again
take this opportunity to thank the
Christian churches in the Bahamas
for the work they are doing, espe-
cially in their family ministry and in
their outreach programmes to our
young people, particularly those
who are at risk because of circum-
stances beyond their control.
"That ministry is even more
important today as many of our
young people are buffeted by so
many negative influences assaulting
them on all sides, and when so
many young lives that should be a
credit to the nation are wasted in
senseless violence.
"My government stands ready
as always to collaborate with the
churches and to support pro-
grammes that will enrich the lives
of our young people and so con-
tribute to the peace and stability
of our nation.
"Let us leave this place of wor-
ship this afternoon with our spirits
renewed and our minds refreshed
so that we can accomplish great
things for God's people here in the
Bahamas," he said.


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PAGE 14, MONDAY, MAY 5, 2008


THE TRIBUNE







THE TRIBUNE MONDAY, MAY 5, 2008, PAGE 15


LOA6 NW'


Govt won't be seeking Leon


FRONT
reporters at
merce on Fri
"We the p
ment of the E
can carry it,"
The prime
and required
gy are "far gri
to."
"Others ii
more by prof
can ever be,
we recognize
Addressing
the prime mi
of a decision
directors witl
"The boar
Williams out
from the gov
government i
told them th
thought they
capacity to m
interfere witl
unless they w
"They hav


Williams replacement
1 page one he said.
Spage one Mr Ingraham added that as far as he knows, he,
along with Minister of State for Finance Zhivargo
a forum held at the Chamber of Corn- Laing, were the only ones who were told about the
day. decision by BTC's board.
public of the Bahamas, we the govern- "They told us they were going to let him go, they
Bahamas have taken BTC as far as we told us why, they told me why and the government
he said. was not involved.
minister said the population's needs "It was not a government decision, it was a deci-
nents for telecommunication technolo- sion taken by the board," he said.
eater than our capacity to be responsive Wayne Munroe, attorney for Mr Williams, in a
press conference last week said there would be a law-
n the private sector, who are driven suit against the government if the board did not
it and other things than a government yield from its stance to terminate his client.
are better able to do that than we are, Mr Williams said he officially received a letter
that, we accept that," he said. of termination from Julian Francis, executive chair-
g Mr Williams' departure from BTC, man at BTC, despite his numerous accomplishments
nister emphasised that it was the result as head of the company.
Made by the corporation's board of The ousted BTC chief provided the media with a
hout any influence by the government, list of the corporation's accomplishments since he
d of BTC determined they wanted Mr was appointed as its head in December, 2005.
as their president, they got no direction The figures indicated that under his leadership,
ernment to do that. They informed the BTC's revenues increased immensely.
and, as it was when I appointed them, I Contrary to some published reports, Mr Williams
at we had selected them because we also said he does support privatization of BTC, but
had good judgment, and they had the he had his views as to what this should be..
lake good decisions, that we would not The government is the 100 per cent owner of
h their management of the corporation BTC and Prime Minister Ingraham has pledged that
Iere messing up. the company will be privatised by the end of the


en't done so, they haven't messed up,"


year.


Recmmm
our dermtologist


FROM page one
further payment at some future
date because of the massive
impact the tragedy had on so
many families.
Ms Sophia Antonio, treasur-
er of the Sea Hauler Victims
group, told The Tribune: "We
very much appreciate this ges-
ture. We are very thankful and
grateful.
"But it is not going to stop us
going after the boat owners
involved in this. We now hope
Prime Minister Hubert Ingraham
will stand with us in our fight.
We are looking for his 100 per
cent support."
Ms Antonio said the group
intended to meet to decide their
next move, especially as the Sea
Hauler itself had been sold since


Sea Hauler
the tragedy, and the United Star
- the other vessel involved was
now operating under a different
name.
"It is not over yet by a long
way," said Ms Antonio. "We
don't see any reason why we
should stop pushing. The gov-
ernment money, while it is very
welcome, will probably tide us
over until the end.of the year.
"We have rents, mortgages
and medical expenses to pay and
this will help us to catch up."
The government payment will
be distributed among up to 28
people affected by the tragedy,
averaging around $30,000 each.
Group president Stephen
Rose said victims were happy
with the government gesture,.


which contrasted sharply with
treatment they received from the
previous administration.
The PLP, he said, had tried to
"sweep the whole thing under a
rug", casting them aside in the
most humiliating manner.
This government, he added,
had kept its promise to compen-
sate suffering families.
Meanwhile, victims made it
clear they had never claimed $34
million from the government.
That was the figure they wanted
from all three entities involved.
The Sea Hauler was on its way
to the Cat Island Regatta five
years ago when it was in colli-
sion with the United. Star.
A rusting crane crashed on to
the deck, causing appalling
injuries to passengers. Four died
while others were left badly dis-
abled.


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Caribbean. Call Success now for program and.registration
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MONDAY, MAY 5, 2008, PAGE 15


THE TRIBUNE


Jig


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I-'AUE 16, MONDAY, MAY 5, 2008


THE TRIBUNE


IOCAL NEWSI


FROM page one

quate."
Mr Ingraham, addressing challenges facing this
administration during this term, noted that the ris-
ing cost of food poses a challenge to his govern-
ment.
He explained that the government currently
gives between 2,000 and 3,000 Bahamians food
stamps every month to assist in buying groceries.
"The amount of money which the government
gives them is totally inadequate to meet their needs
and the government will have to substantially
increase the amount so that those people can be
where they were before these prices started to sky-
rocket," he said.
However, he added that this would cost the gov-
ernment "a lot of money."
Based on statistics put together by the United
Nations, global food prices rose by 35 per cent in the


Govt to increase funds for

assistance in buying food

year ending January, 2008, compared to the previ-
ous year.
This constitutes a marked acceleration in an
upturn that began in 2002. Since then, prices have
risen by an alarming 65 per cent.
Experts predict that the world faces a further
10 to 15 years of steep increases in food costs.
Countries where the majority of the population
live below the poverty line are being hit hardest.
However, countries such as The Bahamas, which
import the majority of their goods, are also expect-
ed to be significantly affected.
Analyses suggest that the spiralling cost of food
can be blamed on several factors, including the
high' cost of fuel, the increasing use of corn for bio-
fuel and the global population growth.


NASSAU LISTINGS


RESID NTIA & C O M M RC


1. CARMICHAEL ROAD
PROPERTY DESCRIPTION: Single Family
Residence, 3 bed / 2 bath
PROPERTY SIZE: 11,988
FLOOR AREA: 1,710 sq. ft.
LOCATION: East on Carrrichael Road from
Bacardi Road take the 1st asphalt paved
easement on the right. Property is 150 ft
south of Carmichael Road.
APPRAISED VALUE: $232,000


S- 2. SOUTH BEACH ESTATES SUBDIVISION
LOT NO. 1 Block 22
PROPERTY DESCRIPTION: Split Level
Residential Building with 3 Apts.
PROPERTY SIZE: 6,600 sq. ft.
LOCATION: Travel south along East Street
from Bamboo Boulevard take 1st corner on
right Bougainvillea Blvd. Heading west
"* on Bougainvillea Blvd. take the 2nd corner
on the right Madeira Avenue come to the
"T" junction and turn left onto Oxford Drive.
Property is 3rd house on the right.at the
western corner of Serville Drive and Oxford
Avenue.
APPRAISED VALUE: $397,000

3. STAR ESTATES EASTERN DISTRICT
LOT NO. 67
PROPERTY DESCRIPTION: Incomplete
Split- level Multi-Family Duplex
PROPERTY SIZE: 7,000 sq. ft.
r LOCATION: Traveling east along Prince
Charles Drive take the 1st corner on the right
past Sea Grape Shopping Plaza. Heading
S south on Jupiter Way bearing left around the
curve, the subject property is the third lot on
the left past the curve.
APPRAISED VALUE: $TBA

4. TWYNAM HEIGHTS SUBDIVISION
LOT NO. 117
PROPERTY DESCRIPTION: Single Family
Residence ,
PROPERTY SIZE: 8,000 sq. ft.
LOCATION: Take Portland Boulevard east
of Super Value Food Store Prince Charles
Drive south to the 2nd corner (Continental
Avenue) on the left. Continue around the
'curve then take the 3rd corner on the left
(Tropical Avenue), Traveling north the property
is the 10th lot on the left or first property after
passing Tqte Avenue.
APPRAISED'VALUE: $295,000

5. BEL-AIR ESTATES, CARMICHAEL ROAD
LOT NO. 259
PROPERTY DESCRIPTION: Single-storey
Residence
PROPERTY SIZE: 6,000 sq. ft.
LOCATION: East bn Carhnichael Road from
' Faith Avenue take he 4th corner on the right
(Turtle Drive) propery is 4th lot' on right.
APPRAISED'VALUEL$186,000 '

S6. SOUTH BEACH CROWN ALLOTMENTS
LOT NO. Portion of Lot 52
PROPERTY DESCRIPTION: Single Family
I Residence
PROPERTY SIZE: 37,550 sq: ft.
LOCATION: Northwestern comer of Marshall
Road.
S APPRAISED VALUE: $197,000

7. SOUTH BEACH ESTATES WEST
SUBDIVISION
LOT NO. 33, Block 27
PROPERTY DESCRIPTION: Single-storey
Residence, 2 Bed/1 Bath
PROPERTY SIZE: 6,000 sq. ft.
LOCATION: Situated on Oxford Drive.
APPRAISED VALUE: $TBA


1. KOOL ACRES SUBDIVISION
LOT NO. 9
PROPERTY StZE; Multi-Family Lot
6,000 sq. ft.
LOCATION: Situated on the cull-de-sac in
Kool Acres.
APPRAISED VALUE: $TBA

2. OPULENT HEIGHTS SUBDIVISION
LOT NO. 28
PROPERTY SIZE: Multi-family Lot
7,597 sq. ft.
LOCATION: Traveling on Carmichael Road
West of Millar Road, take the 1st new
paved road pass "The Outdoor Patio" on the
left, then take 2nd left then 1st right the
property is 2nd to the last on right before the
road ends.
APPRAISED VALUE: $75,000


8. CARMICHAEL VILLAGE SUBDIVISION
LOT NO. 147
PROPERTY DESCRIPTION: Single-storey
Residence, 3 Bed / 2 Bath
PROPERTY SIZE: 5,000 sq. ft.
LOCATION: Drive West on Carmichael
Road from Gladstone Road intersection
about 2,000 feet on right is entrance to the
subdivision turn left at the T-junction the
property is the 19th on the right.
APPRAISED VALUE: $146,000

9. CORAL HARBOUR WATERWAYS
SUBDIVISION PHASE 3
LOT NO. 176
PROPERTY DESCRIPTION: Single-storey
Residence, 3 Bed / 2 Bath
PROPERTY SIZE: 8,750 sq. ft.
LOCATION: Enter Kent Avenue from Coral
Harbour Road Property is on the right 1st
property after 3rd speed bump.
APPRAISED VALUE: $182,500

10. ENGLERSTON SUBDIVISION
LOT NO. 12 Block 41
PROPERTY DESCRIPTION: Single-storey
Residence
PROPERTY SIZE: 2,810 sq. ft.
LOCATION: On Washington Street
APPRAISED VALUE: $TBA

11. GOLDEN GATES ESTATES II
LOT NO. 1372
PROPERTY DESCRIPTION: Single-storey
Residence, 4 Bed / 2 Bath
PROPERTY SIZE: 6,000 sq. ft.
LOCATION: From the junction of Carmichael
Road and Cedar Way, travel south to the
T-Junction of Cedar Way and Golden Gates
Streets, turn right then take the first corner
right, Comet Terrace. The property is thefirst
on the right.
APPRAISED VALUE: $TBA

12. BRICEVILLE SUBDIVISION
LOT OF LAND
PROPERTY DESCRIPTION: Incomplete Four
Unit Apartment Complex
PROPERTY SIZE: 6,000 sq. ft.
LOCATION: Situate on Southern side of a
Dead-end Corner south of Pine Barren Road.
APPRAISED VALUE: $TBA

13. SUNSET PARK SUBDIVISION
LOT NO. 27 Block 8
PROPERTY DESCRIPTION: Single-storey
Residence 3 bed / 2 bath
PROPERTY SIZE: 6,375 sq. ft.
LOCATION: From Carmichael Road and
Alexandria Road travel North on Alexandria
Road, take the second left onto Carib Road,
then the first right onto Phang Road then the
first right onto Carvel Road, go around the
curve onto Parkway Drive and the subject
property is the third lot on the left beyond the
curve.
APPRAISED VALUE: $TBA

14. SIR LYNDEN PINDLING ESTATES
SUBDIVISION
LOT NO. 3018/19
PROPERTY DESCRIPTION: Single-storey
Residence, 3 bed / 2 bath
PROPERTY SIZE: 6,000 sq. ft.
LOCATION: Traveling east on C.W.
Saunders Highway from Pinewood Gardens
roundabout, take the second corner on the
right (Lady Marguerite Pindling Avenue).
Heading south take the 1 st paved corner on
the left (Lauren Street) then the 2nd comer on
the left (Pear Tree Avenue) the property is.the
2nd house on the left painted light blue with a
white asphalt roof.
APPRAISED VALUE: $156,000





3. SANDILANDS ALLOTMENT
LOT NO. Parcel C
PROPERTY SIZE: Single / Multi-Family Lot
7,604 sq, ft.
LOCATION: On the southwestern comer of
Fox Hill Road (South) and a road reservation
two blocks north of Joe Farrington Road and
Yamacraw Hill Road.
APPRAISED VALUE: $TBA


r.


-M,;-a,


INTERESTED PARTIES SHOULD SUBMIT OFFERS (INCLUDE TELEPHONE CONTACT AND
POSTAL ADDRESS) TO: ASSISTANT VICE PRESIDENT, CREDIT RISK, P. O. BOX SS-6263,
TEL. 394-6465; FAX: 393-2883, OR CHRISTOPHER KNOWLES (FREEPORT), P.O. BOX F-40876,
TEL: 352-8307; FAX: 352-8221 FOR FURTHER INFORMATION.* WE RESERVE THE RIGHT TO
REJECT ANY OR ALL OFFERS


- - lasa =~~


Sister, Sister
S Breast Cancer Support Group


Di O DOCTORfiS HOSIAL


The Tribune
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MONDAY, MAY 5, 2008, PAGE 17


THE TRIBUNE


INTERNATIONALNE


Sister-in-law: Austrian man


treated family like a 'tyrant'


By BRADLEY S. KLAPPER
AMSTETTEN, Austria
The sister-in-law of an Austri-
an man accused of imprisoning
his daughter for 24 years in a
dingy dungeon and fathering sev-
en children with her said he treat-
ed his family like a "tyrant,"
according to the Associated Press.
In an exclusive television inter-
view with The Associated Press, a
woman who identified herself as
Josef Fritzl's sister-in-law provid-
ed intimate details of the oppres-
sion inside the Fritzl home.
The woman, who has pictures
of herself with the family, asked
only to be identified as Christine
R. to avoid public attention and
throngs of journalists seeking
interviews.
She said Fritzl's daughter Elis-
abeth ran away from home as a
17-year-old, about six months
before police say she was locked
into the soundproofed, window-
less cellar beneath their apart-
ment. Christine R. also painted
the most complete picture to date
of her sister Rosemarie: a woman
who against all odds fought to
hold together a troubled family,
yet never suspected that the cause
of so much pain was in her own
home.
"She never believed him capa-
ble of it," the woman said of her
68-year-old sister. "We spoke
about it often when we met. And
I would say, 'Rosemarie, where
can Elisabeth be?' I even told her
myself, she is definitely in a cudt
where you can only have a certain
amount of children, or they don't
want sick children."
But why was the cult story so
easily accepted? And did Rose-
marie search for her missing
daughter? Such questions have
puzzled Austrians, who have
grappled with whether Rosemarie
might have had knowledge of the
crime.
Police say they have no evi-
dence that Rosemarie was com-
plicit in her husband's alleged
atrocities. They say the 73-year-
old electrician confessed to the
imprisonment and rape and to
incinerating the body of one of
the children who died in infancy.
Christine R. described Josef
- Fritzl as a "tyrant" who instilled a
culture of fear at home, which
helped him create an elaborate


cover story that no one ques-
tioned of Elisabeth running away
to join a cult and abandoning
three children on their doorstep.
"When he said it was black, it
was black, even when it was 10
times white," said the woman,
who was interviewed Saturday
evening at her home in Austria.
"He tolerated no dissent.
"Listen, if I myCNmx was
scared of him at a family party,
and I did not feel confident to say
anything in any form that could
possibly offend him, then you can
imagine how it must have been
for a woman that spent so many
years with him," she said. Josef
Fritzl is accused of concocting the


cult story and even impersonating
Elisabeth in a phone call to con-
vince his wife of its truth. He is
also accused of forcing his daugh-
ter to write letters that were used
to explain the three children
apparently found at their
doorstep.
"We were all taken in by him,"
Christine R. said of her brother-
in-law. "Every person that looked
in his eyes was fooled by him."
She said Rosemarie frantically
looked for Elisabeth. The sister,
12 years Rosemarie's junior,
recalled searching for Elisabeth
in train stations and where home-
less people hang out.
"But where can you find out


where these cults are?" the
woman said. "We really did
detective work all around as to
where the cult could be."
Christine R. said her sister
devoted her life to her children -
a task that she focused on with
even greater effort after her hus-
band was jailed. "I believe he
spent a year and half in prison,"
she said. The Oberoesterreichis-
che Nachrichten daily on Satur-
day printed an excerpt of what it
said was a 1967 court record
found in the state archives in
Linz, in which a Josef F. was.
accused of breaking into the
apartment of a 24-year-old nurse
and raping her.


-.i--.-H --G -


C

CL
I--




STILL IMAGE made from 1993 amateur video showing Josef Fritzl at a
camping site at Mondsee Lake, in Austria. Police have told AP Television
on Saturday May 3, 2008, that they are continuing to examine whether Frit-
zl was responsible for the unsolved murder of Martina Posch, who was
found dead on an opposite shore of the lake on November 12, 1986.
Authorities are investigating the case of Austrian man identified as Fritzl
who has allegedly confessed to imprisoning his daughter in a dungeon cel-
lar in Amstetten, Austria, for 24-years and fathering seven children with
her, according to police, and may have started sexually abusing her
when shewas as young as 12 or 13.


ISTORANTE


*UCIANO'S


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Sunday, May Ilth 2008
: 1 :30am 3:30pm


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From $30
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Filet Mignon wl a Chianti reduction
Bonelsse stuffed Leg qf Lamb wl Pine Nuts, Sun-dried Tomat
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For Reservations Pl CM 1

323-7770


O Mii,.ij.-_..


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FOR MORE INFORMATION, CONTACT WILLIAM CASH
(242)393-1524 OR (242)357-9827..


ASKING PRICE: $290.00000 0001 tIDUTY PAiDi
MANUFACTURER YEAR: :1986
MANUFACTURER: HATTERAS
MODEL NAME: SPORT FISHERMAN CONVERTIBLE
LENGTH: 46 FEET


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THE TRIBUNE







THE TRIBUE MONDAYMAYA5,200,LPAGEW1


CHINESE SECURITY personnel
in blue uniform passes the
torch to Hainan province Gov-
ernor Luo Baoming, right, on
the Phoenix Square, a land-
mark in Sanya, Hainan
province, China, Sunday, May
4, 2008. The mainland China
leg of the Olympic torch relay
started in the southern island
of Hainan on Sunday in what is
expected to be a peaceful
three-month journey to Bei-
jing.


q-







Chinese cheer on



as Olympic torch



starts mainland leg


* SANYA, China
CHEERING Chinese stood
on their chairs and waved flags
as the Olympic torch started
its mainland leg Sunday on the
tropical island of Hainan -
the first stop in what is expect-
ed to be a peaceful three-
month journey to Beijing,
according to Associated
Press.
Protests followed the torch
overseas, but organizers in the
seaside resort of Sanya
promised a trouble-free
national tour that will wind
through every Chinese
province and region before
arriving in Beijing before the;
Olympics start on Aug. 8.
Some Chinese, including the
torchbearers, seemed to be
relieved the flame was safely
home.
"Being Chinese, it's not
easy," said Zhang Chaoyang,
the CEO of major internet
portal Sohu.com, at a news
conference after the relay
started.
Zhang criticized the West-
ern media's recent coverage
of China and of the interna-
tional leg of the relay, which
was marked by protests
against China's policies and its
treatment of Tibetans.
"Foreigners don't under-
stand China," said torchbearer
Fu Shenfeng before the relay
started. "They still think we're
stuck in the past. They still
think we're poor. This is our


chance to show them the real
China."
The Olympic flame went out
briefly at the beginning of the
ceremony as it was being
passed among local leaders on
stage and given to the first
runner, former Olympic
speedskating gold medalist
Yang Yang. A member of the
team of paramilitary police
that has followed the torch
around the world quickly relit
the flame. The torch seemed
to go out again several min-
utes later with another runner,
but it was quickly exchanged.

Actor
Basketball star Yi Jianlian
was one of the first torchbear-
ers and actor Jackie Chan was
the last of the day. Overall,
208 people were lated to carry
the torch Sunday along palm
tree-lined roads looking out
over the South China Sea.
"I'm very excited. I hope we
can spread a message of peace
to the world," Chan said.
At the lighting ceremony,
echoes of China's recent trou-
bles were almost absent. A
'few people wore T-shirts with
'slogans saying Tibet was and
'will always be a part of China.
One couple wore T-shirts that
said "Go China" in Chinese
on the front.
"We just want the Western
. media's reporting to be fair,"
said 16-year-old Ryan Wang.
!The international Olympic


tordh relay was dogged by
protests in London, Paris and
other cities where demonstra-
tors voiced their disapproval
at Beijing's clampdown on a
broad uprising among
Tibetans against Chinese rule.
The torch's three-month run
across mainland China was
likely to be less troubled than
elsewhere, although disrup-
tions could occur during the
relay in Tibet or the-western
region of Xinjiang.
After three days on Hainan
island, the torch moves to
Guangdong province in south-
ern China, where millions of
migrant Workers labor in what
has become the world's facto-
ry floor, making everything
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MONDAY, MAY 5, 2008, PAGE 19


THE TRIBUNE






PAGE 20, MONDAY, MAY 5, 2008


THE TRIBUNE


INTERNATIONAL. NEWS


Chilean town nearly


deserted after Chaiten


volcano erupts, spews ash .


* CHAITEN, Chile

THE Chaiten volcano
spewed light ash on a nearly
deserted village Saturday,
two days after its first erup-
tion in thousands of years,
according to Associated
Press.
No more than 45 of Chait-
en's 4,500 residents remained
in what looked like a ghost
town, its streets, houses, cars
and trees draped with a thick
layer of light-colored ash,
Interior Minister Edmundo
Perez said.
Those who decided to stay
after Thursday's eruption
could be seen wearing face
masks outdoors in Chaiten,
750 miles (1,200 kilometers)
south of the capital, Santia-
go. Street lights were illumi-
nated under darkened skies.


Just six miles (10 kilome-
ters) away, the volcano
belched fat smoke plumes
that at times rose as high as
12 miles (20 kilometers) into
the air, the government's
Emergency Bureau said.
Winds carried the ash to
other towns in the region and
across the Andes mountains
to Argentina, where two air-
lines suspended flights due
to poor visibility.
Authorities evacuated
most of Chaiten's residents
to schools and churches in
the nearby cities of Puerto
Montt and Castro.
"It is very difficult to pre-
dict when the people will be
able to return," Perez said.
"This situation can last for
days, or weeks or longer."
Some residents were pes-
simistic.


"This could be the end of
our town," community
leader Leonardo Maureira
told Radio Cooperativa of
Santiago. "We have worked
an entire life here and now
all we could do was to put a
few things in a bag and
depart, leaving everything
behind."
Others decided to stay.
"We have to protect our
investment," said Nelson
Alderete, a small shopkeep-
er, as he watched his wife
and small daughter board a
boat to Puerto Montt. "But if
things get really ugly, I will
leave."
Chaiten Mayor Jose Fritis
said the town will not die.
"This has been a historic
catastrophe for us, but we
will rebuild from the ashes,"
he said.


IN in rnulu released Dy intenaencia negionai ae LOS Lagos, a large column or smoke ana asnes comes
out from the Chaiten volcano after it erupted Thursday night, causing 60 minor tremors in the Los Lagos
region, 1,200 kms (750 miles) south of Sahtiago, Friday, May 2, 2008.
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Rice pushes for



peace progress,



Israel denies



hidden agenda


* JERUSALEM
FACING mounting Palestin-
ian frustration at the pace of
peace talks, the Urited States
leaned on Israel on Sunday to lift
restrictions that chafe West Bank
residents and stifle an already
limping economy, according to
Associated Press.
Secretary of State Condoleez-
za Rice did not directly criticize
close U.S. ally Israel, but had
unusually direct remarks about
the consequences of Israeli hous-
ing and roadblocks in the West
Bank. Palestinian claims that
Israel is deliberately expanding
Jewish settlements on land the
Palestinians claim for a state have
dampened the high hopes for a
peace deal before President Bush
leaves office next year.
Asked about settlements, Rice
said she "continues to raise with
the Israelis the importance of cre-
ating an atmosphere that is con-
ducive to negotiations."
"That means doing nothing,
certainly, that would suggest that
there is any prejudicing of the
final terms," of a deal setting up
a separate Palestinian state in the
West Bank, Rice continued. "The
United States will consider noth-
ing that is done to have.preju-
diced the final status negotia-
tions."
Rice emphasized that a year-
end goal for an Israeli-Palestinian
peace deal is still achievable, even
though both sides question
whether the target is realistic.
Both sides face new obstacles
unrelated to the substance of
peacemaking. Palestinian Presi-
dent Mahmoud Abbas, 73,
underwent an unannounced
heart test last week, raising new
questions about his health and
the lack of a clear succession plan
within the moderate West bank
government he leads. Israeli
Prime Minister Ehud Olmert has
become the subject of a new
police investigation, the fifth
since he took office two years
ago.
A gag order has been imposed
on the Olmert case. But speaking
to his Cabinet on Sunday, Olmert
said the case has unleashed a
wave of "malicious and wicked"
rumors and pledge 3/8 1/8o push
forward with PIq
'mfTLn
$ TQP13m confirmed reports
that he would meet with Abbas
on Monday. The two leaders
meet regularly to assess progress.
Abbas has sounded increas-
ingly pessimistic. He accuses
Israel of undermining talks by
continuing to build Jewish set-
tlements on lands the Palestinians
claim for a future state, and refus-
ing to remove hundreds of mili-
tary checkpoints that dot the


U.S. SECRETARY OF STATE Condoleezza Rice looks on during a joint
press conference with Israeli Foreign Minister Tzipi Livni, not seen, in
Jerusalem, Sunday, May 4, 2008.


West Bank.
The Bush administration is
serving as a proctor for the first
direct high-level peace negotia-
tions between Israel and the
Palestinians since talks broke
down amid violence more than
seven years ago. The closed-door
talks have yielded no obvious
successes, although all sides say
the atmosphere is good.
Rice shuttled between Israel
and the West Bank, passing red-
roofed Jewish settlements and
illegal outposts as she went, to
prod progress ahead of Bush's
commemorative visit to Israel lat-
er in May. He is marking the 60th
anniversary f- he Jewjish state,
which has.r'ankled sonmePales-
tinians who say the United States
is too close to Israel to act da an
honest broker. Bush will not ven-
ture-next door to the Israeli-occu-
pied West Bank, as he did during
his first visit to Israel as presi-
dent in January.
Israel isn't trying to expand
Jewish housing to effect a land
grab before an eventual military
withdrawal, the country's senior
diplomat said.
"I can assure you Israel has no
hidden agenda," Foreign Minister
Tzipi Livni said.
. vernment decides it has a larg-
er aim of peace or political set-
tlement with the Palestinians.
Livni is leading settlement
talks for Israel. She spoke
between meetings with Rice,
including a joint session with the
Palestinians' lead negotiator.
'In the West Bank, Rice said
Israeli gestures in the West Bank


must have a "real effect" on the
lives of people there. "We are
trying to look not just at quantity,
but also quality of improve-
ments."
Israel maintains hundreds of
roadblocks and checkpoints
throughout the West Bank, say-
ing they are needed to protect
settlements and prevent would-
be attackers from crossing into
Israel. The Palestinians claim the
travel restrictions have stifled
their economy and made free
movement in an area they claim
for their independent state
extremely difficult.
Rice said she had discussed the
lifting of Israeli roadblocks, but
did not say Israel made her any
new promises. When Rice visited
in March, Israel promised to
remove 61 roadblocks. The Unit-
ed Nations reported that only 44
have been dismantled, and most
of them had no or little signifi-
cance.
"It was the first time that I had
raised this issue, and so it will be
now a discussion as to how to
carry out that concern, or how
to address that concern," Rice
said.
At. the same time, she
acknowledged there is a "real
security dimension" for the
Israelis.
There was one suicide bomb-
ing last year and none so far this
year. That's down from a high of
59 in 2002, the year Israel began
building a separation barrier
through the West Bank and mul-
tiplying its military checkpoints
and roadblocks.


Don't leave it to the last minute to prepare!


during a joint press conference in Jerusalem, Sunday, May 4, 2008. Rice on Sunday said a year-end goal for an
h .e *. 'C th \ it
S.


U.S. SECRETARY OF STATE Condoleezza Rice, left, looks on as Israeli Foreign Minister Tzipi Livni, right, speaks
during a joint press conference in Jerusalem, Sunday, May 4, 2008. Rice on Sunday said a year-end goal for an
lsrai7Pales.tn n pea.e deal is stilLachievable, even though both sides question whether the target is realistic.




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THE TRIBUNE


MONDAY, MAY 5, 2008, PAGE 21


~i$esrcuad


~39`"


7


OS / Wakl


~ta~~i~












T WALLS OF BELFAST


Despite


the peace,


walls


* By SHAWN POGATCHNIK
BELFAST, Northern Ireland
Lee Young, 8, and Cein
Quinn, 7, live barely 200 yards
apart, but they have never met,
and maybe never will.
Lee is Protestant, Cein a
Catholic and their commu-
nities in Belfast's west inner city
are separated by a wall called a
peace line. It's nearly 40 years
old and 40 feet high.
Ten years after peace was
declared in Northern Ireland,
one might have expected that
Belfast's barriers would be torn
down by now. But reality, as
usual, is far messier. Not one
has been dismantled. Instead
they've grown in both size and
number.
The past decade of peace-
making has brought political
elites of both sides together in a
Catholic-Protestant government
in hopes that their example
would trickle down. Their
experiment in cooperation,
highlighted by the power-shar-
ing government's first anniver-
sary Thursday, has encouraged
thriving employment, tourism
and nightlife.
But it has not delivered
meaningful reconciliation.
Instead, for dozens of front-line
communities of Belfast, fences
still make the best neighbors.
"The Troubles" began at
these sectarian flashpoints in
the late 1960s, and survive
today in a legacy of mutual fear
and loathing. The rate of sec-
tarian killings has fallen to vir-
tually zero thanks to cease-fires
underpinned by IRA disarma-
ment, and the feeling on both
sides is that the barriers help
keep that peace.
"No. No way does that peace
line come down," said Cein's
mother, Allison Quinn, 32, sit-
ting on her living room sofa on
the Catholic side of the fence
alongside her sister and a
cousin.
Despite its height, every so
often a particularly strong-
armed Protestant manages, to
hurl a brick over the top -
enough to rattle any backyard
barbecue.
"It's definitely not safe to
take it down, and I don't think
it ever will be. There's bitter
loyalists over there," Quinn
said, using a term for anti-
Catholic militants. "They're out
drinking in the street at night. If
you take it down, they'd have
easy access here and come over
starting fights. You'd just be
asking for trouble."
The wall 30 paces from her
front door was born in 1969 as
makeshift coils of barbed wire
laid by British troops, shipped
in following riots that forced
hundreds of families, mostly
Catholics, from their homes.
At the time, the senior British
army commander, Lt. Gen. Ian
Freeland, predicted: "The peace
line will be a very, very tempo-
rary affair. We will not have a
Berlin Wall or anything like
that in this city."
But those barbed-wire coils
became miles-long brick walls
separating Catholic from
Protestant in wemv Belfast.
Even higher walls shield a
Catholic enclave in Protestant
east Belfast, while the north
side is carved up by dozens of
smaller barriers.
In this city of 650,000, rough-
ly half Catholic and half Protes-
tant, only the university district
and upper-class streets, chiefly


ALISON QUINN with her son Cein, 7, who live in the mainly Catholic lower Falls area of Belfast, Northern Ireland, are.seen Wednesday, April, 10, 2008. They live in a new devel-
opment where their house backs on to one of Belfast's many peace walls. Lee Young,,8, andCein Quinn, 7,.live barely 200 yards from each other, but they probably will never meet.
Lee is Protestant, Cein. a Catholic and their communities in Belfast's west inner city are separated by a wall called a peace line. It's nearly 40 years old and 40 feet high.


on the south side, bear no clear-
cut tribal identity.
The newest peace line, erect-
ed earlier this year, runs past
one of Belfast's few "integrat-
ed" elementary schools a
place where Catholic and
Protestant students are delib-
erately brought together. Few-
er than 3 percent of Northern
Ireland kids attend such
schools.
Quinn, an unemployed sin-
gle mother, loves her newly
built town house, complete with
oak floors and modern kitchen,
its rent subsidized by the British
government Housing Execu-
tive. That it's right by the bar-
ricade doesn't bother her at all.
"I would never move. It's so
handy. And it's lovely," Quinn
says emphatically.
Just then her boy Cein comes
in, rubbing his head after bump-
ing it on a curbstone while play-
ing outside. He's soon
immersed in his handheld video
game.
Asked if he's ever gone next
door to see the Protestants,
Cein says no. Would.he like to
meet his neighbors and play in
their playground?
"No way,:' he says with a
smile. Why not? "'Cuz they're
ugly."
His mother shrugs. "I'd like
him to mix with Protestant kids,
but it's just not safe," she says.
Outside Quinn's cul-de-sac,


children's voices float over from
beyond the wall. By day, when
the peace line is opened for
traffic, those kids are a few min-
utes' walk away. By dusk, when
the doors are locked, it might
take an hour.
On the.Protestant side of the
wall is a fenced-in, concrete soc-
cer field. Here a stranger is
greeted by two boys who let
loose with suspicious questions
and bigoted quips. Their fathers
belong to the UDA, the Ulster
Defense Association, a militant
Protestant group that killed
more than 300 Catholics from
1971 to its 1994 cease-fire.
"Are youse a taig?" says one
burly boy, using.an insulting
word for an Irish Catholic.
"It's all taigs over there," says
another, waving dismissively at
the wall. "They're soap-
dodgers, so they are."
Soap-dodgers?
"Sure, them ones never take
a shower. You can smell 'em
from here." The boys laugh and
resume their game.
This is where Lee Young,
Cein's neighbor, plays soccer.
The boy wears the blue jersey
of Glasgow Rangers, a Scottish
soccer club with an exclusively
Protestant following in Belfast.
Were he to walk next door onto
Catholic turf, he would be cer-

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LEE YOUNG, 8, stands.beside the peace wall were he lives on the mainly Protestant Shankill area of West Belfast,
Northern Ireland, Wednesday, April, 10, 2008. Lee Young, 8, and Cein Quinn, 7, live barely 200 yards from each
other, but they probably will never meet. Lee is Protestant, Cein a Catholic and their communities in Belfast's
west inner city are separated by a wall called a peace line. It's nearly 40 years old and 40 feet high.


THE TRIBUNE


PAGE 22, MONDAY, MAY 5, 2008








THE TRIBUNE


WALLS OF BELFAST






are growing in number


MONDAY, MAY 5, 2008, PAGE 23


FROM page 22

tain to suffer verbal bullying or
worse perhaps from kids
wearing the green of Glasgow
Celtic, the Catholic favorite.
Wearing the "wrong" sports
gear is just one of scores of sec-
tarian measuring sticks that
have proven deadly in the past.
So are names. A "Cein" a
Gaelic name pronounced
Keane would be instantly
identified as Irish Catholic,
because the Protestant side
shuns the Irish language.
On Lee's Protestant street,
just past the modest play-
ground, a few wind-tattered
British flags flutter above
doorsteps and a wall mural
salutes the masked gunmen of
the UDA. Youths have
adorned walls with "KAT,"
short for OLKill all taigs," as
well as insults to the pope.
On the Catholic side, the turf
is marked with Irish flags, Gael-
ic street signs, IRA murals and
insults to Queen Elizabeth II.
John Young, Lee's dad, is as
moderate a soul as you could
meet on either side of the peace
line. He thinks the peace
process, and gradually lessening
tensions, mean that the wall
probably could come down.
But there's always a but.
"But there's no need to take
it down. I wouldn't really think
about it at all. I'm happy
enough with it there," said
Young, 34.
Young admits that only a
decade ago he was a hard-line
hothead who joined the Orange
Order, a Protestant club with
an anti-Catholic ethos, and
scuffled with police and
Catholics in street clashes.
He says his varied work
experiences since as security
guard, construction worker and
now grocery store deliveryman
- mellowed him through reg-
ular social contact with
Catholics. He resigned from the
Orange Order a few years ago.
"I drive through that' peace
line almost' every day to the'
othe? sjdes homes and there's
no bother, Young said. "The
other side would actually treat
you better tip you quicker."
But he admits that some
neighborhoods, those most
notorious for Irish Republican
Army sympathies, give him the
creeps.
"There's areas I have to drive
into where the hair stands up
on the back of your neck. But
that's only natural."
Catholic colleagues on occa-
sion have invited him across the
wall for an after-hours pint at
their pub. He won't go.
"You'd be afraid that they
might recognize you're from the
other side. Am I too tight in
the eyes?" he said, referring to
a stereotype of Protestant eyes
supposedly being closer togeth-
er. /
His boy is asked whether
he'd like to go over the wall to
play with Catholics.
"The wall's so the taigs dpn't
attack us. We don't go over
there," Lee answers matter-of-
factl y. --
lis father is visibly discom-
forted. "My son wouldn't know
a Catholic from a Hindu. It's
just the friends he plays with.
They're sons of UDA men and
they teach him: 'That's taigs
over there,"' he said.
If Lee and Cein ever met, it


LEE YOUNG, 8 stands beside the peace wall were he lives in the mainly Protestant Shankill area of West Belfast, Northern Ireland, Wednesday, April, 10, 2008. Lee Young, 8, and
Cein Quinn, 7, live barely.200 yards from each other, but they probably will never meet.
r "" -,,",. a -. ., a' ." fl .b."'. pt "'. .. --


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SCEIN QUINN 7 plays football beside at a peace wall next to were he lives in the Catholic lower Falls area, Belfast,
Northern Ireland, Wednesday, April, 10, 2008. Lee Young, 8, and Cein Quinn, 7, live barely 200 yards from each
other, but they probably will never meet. Lee is Protestant, Cein a Catholic and their communities in Belfast's
west inner city are separated by a wall called a peace line. It's nearly 40 years old and 40 feet high.


would be at one of Belfast's
many "neutral" playgrounds,
pools, parks or upscale suburbs.
Indeed,\the nearest Cein and
many other kids from west
Belfast have been to Lee's
home is a city-run swimming
pool on tle nearby Shankill
Road. It has Belfast's only
wave-maker: They travel there
in school-supervised visits.
Cein's mother said she would
like to shop on the Shankill,
where stores are family-run and
cheaper.
The IRA blew one up in
1993, a fishmonger's, killing
nine Protestants in a bungled
targeting of UDA commanders.
But there's only one Shankill
business she considers worth
the risk the drive-through
window of Kentucky Fried
Chicken.
"We've got no Kentucky on
our side. Mmm-mmm," she
said, making a finger-licking
gesture. "But you'd never walk.
You'd nip over and make it
quick."
There are striking similarities
between the experiences of the
Quinns and the Youngs. Bot'.
feel safe living beside a peace
line. Both say their problems
come from hell-raisers within
their own community, not the
other side. Both feel powerless
to stop them. '
Quinn said her previous
neighborhood barely a half-
mile away in a sprawling, low-
rise housing project is
increasingly overrun by glue-
sniffing, car-stealing teens. Such
behavior was once brutally sup-
pressed by IRA kneecappingg"
squads. But the group has been
keeping its 2005 promise to
renounce bloodshed, and that
means no more vigilante vio-


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lence either.
"The hoods have taken over.
There's no telling them what to
do. It's the Wild West," she
said.'
SQuinn says she has never
called the cops to prevent a
crime, and doesn't think she
ever will. Her attitude illustrates
the other daunting task of
1' acemaking to build
Catholic trust in what was once
an overwhelmingly Protestant
police force.
A sweeping reform program
with affirmative-action recruit-
ment over the past seven years
has dramatically reshaped the
police, with the goal of a 30 per-
cent Catholic force.
But many Catholics remain
hostile to the police or fear-
ful of being labeled collabora-
tors.
So does she think the IRA
should resume shooting teens
in the legs? An uncomfortable
silence follows.
"Well, I don't know. But the
current situation is out of con-
trol," she says finally.
Like Quinn, Young moved
. .s family much closer to a


peace line about three years ago
to get a better state-provided
house, even though the street
had a history of murderous
UDA feuding.
"Before, you'd be consid-
ered crazy to buy here. But
people's attitudes are.changing.
There's not so much to be
scared of anymore," Young
said.
But police say UDA mem-
bers orchestrate most crime in
the area. Some are. Young's
neighbors.
"I call them the problem
ones," he said, pointing to a row
of houses outside his kitchen
window, then lowering his fin-
ger because he didn't want any-
one there to see. "I know who
they are and what they do."
.His backyard fence burned
down recently when a car
belonging to a UDA neighbor
was torched, apparently in a
criminal dispute.
"I've really no problems with
Roman Catholics," Young said
with a wry smile.
"It's my own kind that cause
me the headaches. Maybe I
need another peace line!"


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On Japan's secretive death row,





inmate becomes cause celebre


N By CHISAKI WATANABE
TOKYO
Iwao Hakamada, Japan's
longest serving death row
inmate, has insisted for 40 years
that he is innocent of the four
murders he was convicted of.
The evidence was suspect, he
says, and his confession was
coerced, according to the Asso-
ciated Press.
Now the judge agrees.
"My feelings about Mr.
Hakamada remain the same -
I believe he is innocent," said
Norimichi Kumamoto, who
now reveals that he argued for
acquittal but was outvoted by
two other judges in their secret
deliberations before handing
down their ruling in 1968. As
the junior judge, he was tasked
with writing the death sentence
order.
The case and Kumamoto's
stunning admission last year -
has fixed an unprecedented
spotlight on Japan's secretive
criminal justice system, causing
a stir in legal circles and raising
questions about the death
penalty in a country where it's
rarely questioned.
Among those clamoring for
a retrial are Amnesty Interna-
tional, Japanese boxers and
Rubin "Hurricane" Carter, the
American boxer imprisoned
nearly 20 years for three mur-
ders before the convictions were
overturned.
The case also has illuminated
all the elements that critics say
make Japanese law enforce-
ment inhumane: heavy-handed
interrogations without lawyers
present, over-reliance on con-
fessions, an arbitrary capital
punishment system that can
keep inmates on death row for
decades and then hang them
with no advance notice.
Discussion of the case coin-
cides with a rapid increase in
the number of death sentences.
Of 165 people on death row,
seven have been executed so


I 1l


far this year, compared with just
one in 2005.
Hakamada's case began with
a fire on June 30, 1966, at the
home of an executive of a soy-
bean paste company where he
worked.
Hakamada said he helped
douse the flames, whereupon
the charred remains of the bod-
ies of the executive, his wife and
two children were discovered
- all stabbed to death.
Two months later, Hakama-
da, then 30, was arrested and
charged based on a confession
and a pair of his pajamas that
contained tiny amounts of
blood and gasoline. He recant-
ed the confession and pleaded
not guilty at his trial. Prosecu-
tors discarded the pajamas and
prlings.
Hakamada, his supporters
and now the dissenting judge
argue the case was full of holes.
Hakamada says police kicked
and clubbed him to get a con-
fession.
His lawyers say he was inter-
rogated for 264 hours over 23
days, the longest session lasting
16.hours and 20 minutes. They
say the exhausted Hakamada
was denied water or bathroom
visits during the interrogation.
"Investigators spent some ten
hours on average for about 20
days to get his confession. They
wouldn't have been doing
something so stupid if they had
had firm evidence," Kumamoto,
the judge, told The Associated
Press.
But an appeal to the Tokyo
High Court and the Supreme
Court failed to overturn the
conviction.
The physical evidence also
raises questions. When he tried
on the pants that replaced the
pajamas at his appeal, they did-
n't fit him.
The murder weapon, a fruit
knife with a 4.8-inch blade,
should have been more dam-
aged if it had been used to
inflict more than 40 stab


F o
Ma-


X a
.1- ,





HIDEKO HAKAMADA, sister of death row inmate Iwao Hakamada, seen at left on the wall, looks at their family photos in the lobby area at a Tokyo gym
during a special charity event hosted by the Japan Pro Boxing Association to free Hakamada, who was once a featherweight contender himself, at a
Tokyo gym, Thursday, January 24.


wounds on the victims, the
skeptics argue.
"This is a typical case of find-
ing an innocent man guilty of a
false charge because the court
trusts confessions made during
investigations," said Hideyo
Ogawa, one of Hakamada's
lawyers. Under the Japanese
system, judges don't disclose
details of their asultations, and
Kumamoto, now 70 and in
retirement, has faced harsh crit-
icism in legal circles for break-
ing the silence.
"I wanted someone in the
Supreme Court to hear me just


once at the end of my life,"
Kumamoto said. "I'm glad I
spoke up. I wish I had said it
earlier, and maybe something
might have changed."
Hakamada's supporters hope
the judge's reversal will turn the
tide, though not immediately;
the Supreme Court has turned
down a request for retrial,
though his lawyers have resub-
mitted the petition for further
consideration. The Japan Pro
Boxing Association hosted a
charity event for Hakamada at a
Tokyo gym in January, draw-
ing nearly 1,300 people, accord-


ing to organizers. Carter spoke
in a videotaped message, say-
ing, "It's time to free Mr. Haka-
mada to show the people that
you are a civilized society and
you can admit when a mistake
has been.made.".
But only four death row
inmates have won acquittal on
retrial since World War II, the
last in 1989. One waited 33
years and four months before
being exonerated in 1983.,
Death penalty proponents,
however, such as Justice Minis-
ter Kunio Hatoyama, say the
system has enough checks and


balances to ensure justIcU is
administered fairly. Hakamada,
now 72, has spent decades alone
in a cell. His family says his
mind has sharply deteriorated,
and he frequently makes no
sense when he speaks. But his
family still clings to his past dec-
larations of innocence.
"I will prove to you that your
dad never killed anybody, and it
is the police who know it best
and it is the judges who feel sor-
ry," Hakamada wrote in a letter
to his son in 1983. "I will break
this iron chain and return to
you'. -


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PAGE 24, MONDAY, MAY 5, 2008


THE TRIBUNE


r
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a





~aaCF:







MONDAY, MAY 5, 2008, PAGE 25


THE TRIBUNE


MONDAY EVENING MAY 5, 2008

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

Check, Please! Antiques Roadshow Louisville' A mercan Experience "George H.W. Bush" President George H.W.
O WPBT South Florida circa-1910 Dirk Van Erp lamp; an Bush's childhood, early career in Texas. (N) n (Part 1 of 2) (CC) (DVS)
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Access Holly- Deal or No Deal (iV) Two contestants travel to the Philippines. (N) [ Medium "Being Joey Carmichael" A
S WTVJ wood(N) (CC) (CC) severely impaired man has a bullet
lodged in his brain.
Deco Drive Bones Max goes on trial for the House House is sure an actor on News (N) (CC)
B WSVN murder of FBI Deputy Director his favorite soap opera has a seri-
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Scrubs "My The Daily Show The Colbert Re- Futurama Mom South Park The Futurama "Para- Scrubs J.D. and
COM White Whale" nWith Jon Stew- port (CC) demands world boys follow Pip to sites Lost" C Kim are compati-
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DW Johannes B. Kerner Landerspiegel Journal: Tages- Typisch deutsch Journal: In Euromaxx
DWthema Depth
E! The Daily 10 (N) 25 Most Memorable Swimsuit Moments Unforgettable bathing suits. The Girls Next The Girls Next
El I Door Door
(EP :00) MLB Baseball Boston Red Sox at Detroit Tigers. From Comerica Park in Detroit. (Sub- Baseball Tonight (Live) (CC)
ESPN ject to Blackout) (Live) (CC)
E P Gol ESPN: Goles de Italia Strike Force Euro 2008 Pre- Soccer 1972 Euro Championship--
ESPNI Fuera de Juego (N) Iview Show (N) USSR vs.,West Germany. (N)
EWTN DailyMass: Our The Journey Home Hail, Holy The Holy Rosary Abundant Life
EVW IN Lady Queen
FIT T Stretch Max: Blaine's Low Blaine's Low A Lyon in the A Lyon in the Healthy Deca- Healthy Deca-
Cathe Friedrich Carb Kitchen Carb Kitchen Kitchen (CC) Kitchen Beef. dence dence
FOX-NC Fox Report- The O'Reilly Factor (CC) Hannity & Colmes (CC) On the Record With Greta Van
FOX-NC Shepard Smith Susteren (CC)
S :00) Toughest Sport Science Best Damn PRIDE Special 5 The Best Damn Top The FSN Final
FSNFL Cowboy best action from PRIDE fighting. 50 Special Score (Live)
layers Champ. Top 10 Golf Central Players Championship Highlights The Turn (N) Champions
GOLF Highlights C(Live) Adam Scott.Learning Center
GSN Lingo (CC) High Stakes Poker (CC) World Poker Tour Players include Mark Weitzman, Roy Winston, Scott
Yoon, Eugene Todd, Haralabos Voulgaris and Mike Matusow.
G4Tech (:00) Attack of X-Play (N) Ninja Warrior Ninja Warrior Unbeatable Attackof the Show!
G4TeCh the Show! (N) UBanzuke Atk he o
:00) Walker, Walker, Texas Ranger Trivette's BACK TO YOU AND ME (2005, Drama) Lisa Hartman Black, Dale Mid-
HALL Texas Ranger professional wrestler friend turns up kiff, Rue McClanahan. A successful doctor returns home after many years
"White Buffalo" dead. t) (CC) away. (CC)
Buy Me Multi-unit She's Crafty Find Your Style Property Virgins Home to Stay Design U A stu- My Parents'
HGTV property. (CC) Crafty Flash- Living room "He Said, She "Dewboume Av- dent's bache- House l (CC)
back"'(N) (CC) makeover. (CC) Said" n (CC) enue"(CC) lorette pad. (N)
INSP Victory Joyce Meyer: Ed Young Everyday Life Today With This Is Your Day The Gospel
Everyday Life Woman James Robison (CC) Truth (CC)
Reba n (CC) My Wife and According to Family Guy Family Guy Pe- Two and a Half Two and a Half
KTLA Kids "Galvin Jim Sexeduca- "Roadto Europe" ter-receives a Men Alan dates a Men C (CC)
Goes to Work" tion. t (CC) n (CC) $150,000 check. neighbor. (CC)
Still Standing Reba Cheyenne Reba "Locked ** GRACIE'S CHOICE (2004, ocudrarma) Anne He,:hie, Diane Ladd,
LIFE Bill meddles in throws Kyra a and Loaded" 1 Kristen Bell. A teen fights to adopt her three younger brothers. (CC)
Brian's life. (CC) birthday party. (CC)
MS BC Hardball Countdown With Keith Olber- Verdict With Dan Abrams Countdown With Keith Olber-
MSN O C mann -mann
Zoe 101 n SpohgeBob Drake & Josh George Lope GeorLopez George Lopez GeorgeLopez
NICK (cC&SquarePants l "Tree House" (CC) n (CC) "Love Bites' A C (CC)
NTV :00) Women's Deal or No Deal (iTV) Two contestants travel to the Philippines. (N) c News(N) C News
N V Murder Club (N) (CC) (CC)
SPEED Pass Time This Week in NASCAR (N) SuperCars Ex- Car Crazy The Barrett-Jackson 2008: The Auc-
S E Dposed (N) "Cruise." tions
Bishop TD. Behind the Mark Chironna Jentezen Jesse Duplantis Praise the Lord (CC)
TBN Jakes (CC) Scenes (CC) Franklin (CC) (CC)
Everybody Family Guy Pe- Family Guy The Family Guy Family Guy Pe- Name Is Earl My Name Is Earl
TBS Loves Raymond ter's television Grffins inherit a "Don't Make Me ter catches Loret- "2K" Only sur- Earl scares a
"Driving Frank" station. l (CC) mansion. (CC) Over (CC) ta. O (CC) vivors. .young boy. n
Little People, Little People, Little People, Jon & Kate Plus Jon & Kate Plus Jon & Kate Plus Jon & Kate Plus
TLC Big World High- Big World Amy Big World (N).8 Charting 8 Twins away at 8 Family zoo trip. 8 Birthday cele-
S school dance. at Iowa college. (CC) chores. (N) school. (CC) bration.
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TNT der L (CC) Conf. Semi.
(DVS)
TOON Camp Lazlo My Gym Part- Home for Imagi- Johnny Test n Johnny Test n Courage the Grim Adven-
I N ner's a Monkey nary Friends (CC) (CC) Cowardly Dog tures
TRU Cops "Fort Party Heat "Wild on the Water Beach Patrol Beach Patrol The Investigators A family is mur-
TRU Worth" (CC) "Honolulu" "Honolulu" dered in Florida.
(:00) Toute une Vie privde, vie publique "lls ont os6 changer de vie" Passez au vert Une ville un
V histoire "Paul Rivard" style "Dublin"
T C (:00) Abrams & When Weather Changed History Weather: Evening Edition (CC)
ettes NASA disaster.
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UNIV Juan Querend6n buscan venganza.
(:00) Law & Or- Law & Order: Special Victims Unit WWE Monday Night Raw What are the ramifications for King Regal
USA der: Criminal In- A suspect abducts children and pos- pulling the plug on RAW last week? (Live) C\ (CC)
tent C (CC) sess chemical weapons.
VH1 (:00) Celebra- The Flavor of Love Meeting par- The Flavor of Love Cannes. n Miss Rap Supreme Acting pointers.
cadabra (CC) cents. Cln (CC)
v 00) NHL Hockey Eastern Conference Semifinal Game 6 -- Pittsburgh Hockey Central NHL Hockey: West Semifinal -- De-
VS, Penguins at New ork Rangers. (Subject to Blackout) (Live) Cl (Live) troit at Colorado
(:00) America's America's Funniest Home Videos America's Funniest Home Videos WGN News at Nine (N) C (CC)
WGN Funniest Home Twelve finalists contend for a Twelve finalists contend for a
Videos C (CC) $100,000 grand prize. (CC) $100,000 grand prize. (CC)
Family Guy Gossip Girl Blair and Jenny spread One Tree Hill "Crying Won't Help CW11 News at Ten With Kaity
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Cn (CC) er. (N) C (CC) heart condition. (N) (CC)
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onship" (N) (CC) onship"'(CC) get a date. (CC) its. C

(6:00)r A* STARTER FOR 10 (2006, Romance) James (:45) * MUSIC AND LYRICS (2007) Hugh Grant.
H BO-E THE DEVIL McAvoy, Alice Eve Premiere. A working-class student A pop diva asks a washed-up musician to compose a
WEARS PRADA attends a private university. C 'PG-13 (CC) song for her. n 'PG-13' (CC)
(5:45) ** MES- * AMERICAN DREAMZ (2006, Comedy-Drama) Hugh Grant, Dennis Costas NOW Panel discussions ex-
H BO-P SAGEIN A BOT- Quaid, Mandy Moore. A White House official books the president to judge plore topics regarding contemporary
TLE (1999) a TV talent show. C 'PG-13' (CC) sports media. A (CC)


(:00) THE SENTINEL (2006, Suspense) Michael ** THE DEVIL WEARS PRADA (2006, Comedy) Meryl Streep, Anne
H BO-W Douglas, Kiefer Sutherland. A Secret Service agent be- Hathaway, Adrian Grenier. A recent college graduate lands a job at a
comes a murder suspect. C 'PG-13' (CC) fashion magazine. C 'PG-13' (CC)
(:15) * LITTLE MISS SUNSHINE (2006, Come- * ACCEPTED (2006, Comedy) Justin Long, Jonah :45)The Making
H BO-S dy-Dram) Greg Kinnear. Members of a dysfunctional Hill, Blake Lively. A college reject and his friends create f: van
family take a road trip. Cl 'R' (CC) a fake university. n 'PG-13' (CC) Almighty n
(:45) * INSIDE MAN (2006, Suspense) Denzel Washington, Clive Owen, Jodie Foster. LICENSE TO WED (2007, Ro-
MAX-E A cop matches wits with a bank robber. Cl R' (CC) mance-Comedy) Robin Williams. C
'PG-13'(CC)
(:15) *** 48 HRS. (1982, Action} Nick Nolte, Eddie *** RANSOM (1996, Suspense) Mel Gibson. Rene Russo, Gary
MOMAX Murphy, Annette OToole. A convict is temporarily set Sinise. A wealthy executive tums the tables on his son's abductor. ( 'R'
free to help catch fugitives. l 'R' (CC) (CC)
(6:00) *** This American This American Weeds "Doing WeedsNancy The Tudors (iTV) C (CC)
SHOW DOWN IN THE Life (iTV) Life (iTV) C Ithe Backstroke" must strike new
VALLEY (2005) ((CC (CC) Truth emerges, deals. (CC)
EVERYONE ** ANOTHER DAY IN PARADISE (1999, Drama) James Woods, CHERRY CRUSH (2007, Drama)
TMC STARES: PO- Melanie Griffith, Vincent Kartheiser. Premiere. Novice hoodlums are Nikki Reed. Jordan finds trouble af-
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iss


Let Cl1 ailie +tl c
B1l ,iact P tippet aind
Ilis sicdekiclk Deedk pt
sonL e smiles oiT \V011


l

Bring your ckildcren to the

McHacppy OHOLAu a McDoinald's in

Oakes Field every Thursday

from 3:30pm to 4:30pm duing thke

moVtk of May 2008,




Enjoy Great Food Prizes and Lots of Fun.




i'm lovin' it


L/


iS-A
VHP
A-
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if


I




PAGE 26, MONDAY, MAY 5,2008 THE TRIBUNE


. *


A^


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PAGE 26, MONDAY, MAY 5, 2008


THE TRIBUNE


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MONDAY, MAY 5, 2008


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Baha Mar engages UBS to




find Harrah's replacement


* By NEIL HARTNELL
Tribune Business Editor

B aha
Mar
has
hired.
UBS's
investment banking
arm to conduct a
"parallel path"
search for new equi-
ty and casino part-
ners for its $2.6 bil-
lion Cable Beach
project, a senior executive urging the
Government to show "flexibility"


* $2.6bn Cable Beach partner 'exploring all over the world' for new equity and casino partners
* Senior executive urges government to show,'flexibility' and give Baha Mar time to negotiate deal with new partners
* Izmirlians remain fully committed to existing properties and long-term Baha Mar vision


when the developer attempts to close
an agreement with them.
Don Robinson, president of Baha
Mar Resorts, told The Tribune that
following Harrah's decision to termi-
nate its 43 per cent stake in the pro-
ject, the developer had been going
"in parallel paths" in its search for a
replacement and was "exploring all
over the world".


"We have engaged an investment
bank that is helping us source strate-
gic equity partners," Mr Robinson
told this newspaper in an exclusive
interview.
"They are also sourcing gaming
partners, who may have an interest in
becoming equity partners or a man-
agement contract. I'm not sure which
mix of things will come out of the"


pipeline."
Baha Mar is thus looking for equi-
ty investors who may also be, or
include, its casino partner, or the
investors and gaming partner may be
entirely separate, the latter just hold-
ing a management contract. Star-
wood, the hotel operating partner,
and its Sheraton, W and St Regis
brands, all remain on board.


Unable to say how long the new
search for partners would take, Mr
Robinson said a team was currently
working on its behalf in Dubai at the
Arabian Investment Conference,
while another was assessing the Asian
casino market in destinations such as

SEE page 16B


Port solution now

closer, says the PM


* By CARA BRENNEN-
BETHEL
Tribune Business
Reporter
A RESOLUTION to the
Grand Bahama Port Authori-
ty (GBPA) ownership dispute
may be imminent, Prime Min-
ister Hubert Ingraham indi-
cated last week.
During a press conference
in Abaco on Friday, Mr Ingra-
ham was asked if the Govern-
ment was disappointed that Sir
Jack Hayward and his family,
and the late Edward St


* Harcourt pledged
to start Royal Oasis
work in June
* Government
unlikely to lease
3,500-acre site to
Film Studios buyer

George's estate, had been
unable to resolve their owner-

SEE page 2B


Union urged to recognize 'how fragile hotel sector is'


* By NEIL HARTNELL
Tribune Business Editor
BAHA Mar Resorts presi-
dent has urged hotel'union
negotiators to realise "just how
fragile" the Bahamian resort
industry is in their talks on a
new industrial agreement,
describing the sector as "a
business 'of pennies, where
every penny counts".
Don Robinson, in an exclu-
sive interview irh The Tri-
bune, described the Bahamas
as "the most challenging
place" he has ever worked dur-
ing a 30-year career in the
global tourism industry,
expressing concerns about the


sector's profitability, outlook
for 2008 and marketing com-
petitiveness with its rivals.
While the Crystal Palace
casino had bolstered the 2008
first quarter performance for
Baha Mar's two existing Cable
Beach resort properties, the
Sheraton and the Wyndham,
Mr Robinson said: "I think
we're pretty concerned about
what the rest of the year is
,going to look like. The book-
-ing pace is pretty soft.
"The first quarter was pretty'
good. The casino did pretty
well. We had fewer visitors but
better quality, and the hold
was better. There's a loyal fol-
lowing for the casino.


"But the booking window is
so close now that it's hard to
predict for the rest of the year.
People are booking now 7-14
days in advance, so it's really
hard to project what will hap-
pen."
Room rates at the Sheraton
Cable Beach resort currently
stood in the $185 per night
range, with occupancies at 55-
60 per cent, while at the Wyn-
dham rates were around $120
per night, with occupancies
between 50-55 per cent.
Mr Robinson said that while
the conversion from a Radis-
son to the 700-room Sheraton
had produced "muchhigher'"
room rates for the property,


"the occupancies are softer
than we would want".
He described the Wynd-
ham's .performance as
"volatile", the property doing
well one weekend, and then
performing poorly the next.
"The rates are all over the
' place, the occupancies are all
over the place," Mr Robinson
said of the property, with occu-
pancies down on 2007 com-
parisons.
* "It's hard to predict and it's
so fragile;" Mr Robinson said,
"especially out of the North
American market. I really wor- -(

SEE page 11B


Cable still seeks basic

television rate rise


M By NEIL HARTNELL
Tribune Business Editor
CABLE Bahamas is still
pushing for an increase in its
$30 per month basic cable tele-
vision rate, arguing that rev-
enues have been unable to
keep pace with the cost of ser-
vices, a 12 per cent increase in
Internet revenues having been
the main driver of its 2008 first
quarter reteenue and profit
growth.
Barry Williams, Cable
Bahamas vice-president of
finance, said obtaining gov-
ernment approval for an


* Revenues rise across all
segments in 2008 Q1,
with cable up seven per
cent, Internet 12 per cent,
Caribbean Crossings 23
per cent, and Maxil data
centre 28 per cent
* Company moves to
expand Robinson
Road facilities

SEE page 15B


New EU threat

to Bahamas

on financial

services

* By NEIL HARTNELL
Tribune Business Editor
THE Bahamian financial
services industry could face
another potential challenge
from the European Union's
(EU) soon-to-be-introduced
third money laundering direc-
tive, a leading financial pro-
fessional also warning this
country to closely monitor the
Stop Tax Haven Abuse Act
being sponsored by US presi-
dential candidate, Senator

SEE page 13B


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Port solution now closer, says the PM


L' aEt At
I[( 4


FROM page 1B

ship dispute.
"Things are happening, and
so we are nearer now then we
were before," Mr Ingraham
replied, although he would not
elaborate on exactly what was
happening.
It is unclear whether any real
breakthrough has been made,
although sources indicated to
The Tribune it was unlikely.
All parties are due back in
court before Senior Justice
Anita Allen on May 8, it is
understood, the mediation she
previously ordered having
failed to produce a break-
through.
Fleming Family & Partners










I SIG H
Fop thestople

hehind he news


has reached an agreement in
principle to purchase the Hay-
ward stake in the GBPA for
$100 million, regardless of
whether it is a 50 per cent ot 75
per cent stake, while the St
George estate has recently
indicated it had concluded a
similar agreement with Hutchi-
son Whampoa.
Meanwhile, The Tribune
understands that the GBPA
has almost been paralysed
when it comes to taking major
decisions, due to the inability
of the Hayward and St George
camps to agree on an indepen-
dent chairman, as per Justice
Neville Adderley's ruling. The
Hayward side favours IBM
(Bahamas) executive Felix
Stubbs, who is opposed by the
St George.
The Prime Minister on Fri-
day reiterated the Govern-
ment's position on the 7.5 per
cent stake it previously held in
the GBPA.
"The reality is the Govern-
ment of the Bahamas used to
own 7.5 per cent in, the Grand
Bahama Port Authority till
about 1980. The Government
continued to act as though it
owned those shares, the Gov-
ernment continued to appoint
directors and proxies to rep-
resent it at shareholders' meet-
ings, the company continued
to put in the public record -its
internal record that the Gov-


ernment owned 7.5 per cent of
the GBPA. This was discon-
tinued sometime in 1980-
1982," the Prime Minister
added.
Mr Ingraham said it was
believed that the Government
sold the shares, although there
was a mystery as to how that
sale may have taken place.
"It has not now asserted its
right to ownership of the
shares, but the Government
has said in court it is the own-
er of record of 7.5 per cent of
the shares and reserves its posi-
tion in respect to those shares,"
Mr Ingraham said.
"To the extent that the own-
ers of the Port are unwilling
or unable to settle their dis-
pute as between them, being
the registrants of 92.5 per cent
of the shares in the Port, the
Government will help to influ-
ence and determine at what
point to assert a legal right.
Mr Ingraham also discussed
the progress being made with
Harcourt Development's $33
million Royal Oasis purchase.
"I can't speak about the
pace, because they always told
us that they would be getting
started by June. Since then
they have not'told us any-
thing," said Mr Ingraham,
adding that he would not wish
to preempt that promise with a
comment.
Additionally, he said the


Government remained in talks
with the owners and potential
buyers of the Bahamas Film
Studios. The vendor is Gold
Rock Creek Enterprises' chair-
man, Nashville-based invest-
ment banker Ross Fuller, and
the potential buyer Bahamas
FilmInvest International, a
consortium headed by
Bahamian banker Owen
Bethel, president of the Mon-
taque Group. Another inter-
ested party is Bahamian film
maker Cedric Scott.
"The Government is going
to have some discussions with
them," Mr Ingraham said of
the owners. "They are in
default on their lease and have
not done the things that they
are supposed to do. The Gov-
ernment is not minded to can-
cel the arrangement today, but
we will certainly engage in dis-
cussions with the present own-
ers and any of the other per-
sons who are interested, such
as Owen Bethel and Cedric
Scott."
Mr Ingraham said that in
those discussions, the Govern-
ment would determine how
much of the 3,500 acres of
Crown Land leased to the Film
Studios ought to be returned to
the public.
"We think that the acreage is
too large, but that will be
resolved at the end of the day,"
the Prime Minister said.


..'.


i'm lovin' it


Public Utilities Commission


AFP


JOB OPPORTUNITY


EXECUTIVE DIRECTOR


The Public Utilities Commission (PUC) has been established by statute
for the regulation of the telecommunications, electricity and water and
sewerage sectors in The Bahamas.

The PUC is seeking a utility regulatory professional with training and
experience, particularly in the field of telecommunications regulation, to
fill the position of Executive Director.

The Executive Director is the Chief Executive Officer of the Commission
reporting to the Chairman, and is responsible for the day-to-day
administration of the affairs of the Commission and for ensuring that the
Commission is provided with high quality technical advice and guidance
in the execution of its functions.

The successful candidate will be-required to provide leadership and
management direction to the PUC. The candidate will also be a high-
level practitioner with direct experience in a wide variety of utility
regulatory activities including liberalization(especially with respect to
telecommunications) granting of licences, approval of rates, service quality,
licence enforcement measures, universal service policies, radio spectrum
management, and international best practices. This post will be offered
on a contract basis.

The successful applicant will have a Master's Degree or Professional
Certification in Economics, Management, Law or Engineering and is
expected to have had ten (10) years practice as a trained regulator.

The PUC offers a very attractive remuneration and benefits package
together with a pleasant working environment. Further information about
the PUC can be obtained from the website: www.PUCBahamas.gov.bs

Interested applicants may deliver resumes to:

Executive Director, Public Utilities Commission
4th Terrace East, Collins Avenue
Fax No. (242) 323-7288
E-mail: PUC@pucbahamas.gov.bs

Applications should be received by 16 May, 2008. Only applicants who
have been short-listed will be contacted.


up"*nb^ gum bM bawolb






(L-R WWC* Srmit AWiW V Presideant, Sa-es
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F i N A N C I A t


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---~ --- -- ---- -- I-I1)--- -L _~LIL~I II1IIII~IIIIIIII --


PAGE 2B, MONDAY, MAY 5, 2008


THE TRIBUNE


I))
n~Th~TI~I~3~n~it;XTOa3







THETRBUE ONDYMAI5200SSAG 3


$1.7bn


development


told to scale


back


Foirthestoriies
B- th news,
read Insight
o n Mo nys


* By CARA BRENNEN-
BETHEL
Tribune Business
Reporter
DEVELOPERS behind
three separate resort projects,
involving total investment of
$1.7 billion, have been asked to
scale down their plans, Prime
Minister Hubert Ingraham told
the Abaco Chamber of Com-
merce.
Mr Ingraham said there was
increased international inter-
est in the Abacos, adding:
"The entry into formerly pris-
tine areas by large-scale devel-
opers has been welcomed by
some interested in new
employment and business
opportunities, but feared by
others concerned about the
environment or otherwise."
Discussing the Walker's Cay
development, which has seen
US investors acquire Edwards
Bahamas, Walker's Cay Club
and North Abaco Power &
Electric Company from the
Abplanalp family, Mr Ingra-
ham said 50-100 persons are
expected to be engaged dur-
ing the construction phase,
with as many as 150 persons
involved in its management
and operation.
Total investment for the pro-
ject is pegged at $306.2 mil-
lion, according to National
Economic Council (NEC) doc-
uments.
The Prime Minister said the
Bahama Beach Club recently
completed the last 47 luxury


units of its 88-unit condo hotel,
a project commenced during
his last term in office.
Mr Ingraham said other pro-
jects in the works included the
Philips Property International
in Treasure Cay, and a stalled
mixed-use hotel and residen-
tial community development,
the Mariposa Yacht Club,
which has also been approved
to proceed with an expanded
development, including the
expansion of the marina.
Meanwhile, Schooner Bay is a
low-impact un-gated resort and
residential development in
South Abaco.
However, Mr Ingraham said
that in its commitment to be
echo sensitive, the Govern-
ment approved in principle
only a reduced project at
Snake Cay. "The reduced-


sized project includes a high-
end luxury resort and residen-
tial community, with 100 hotel
rooms, 100 marina town hous-
es, 71 ocean, marina and
lagoon residential lots, a mari-
na, spa, health club and tennis
club. Construction of the
development is subject to the
prior approval of a required
Environmental Impact Assess-
ment (EIA)," the Prime Min-
ister added.
When this development is
completed, it is projected that
some 430 Bahamians will be
employed full-time. Mr Ingra-
ham said the approval for this
project has a very limited
shelf life.
"A proposal for the devel-
opment of an exclusive hotel
and residential resort at
Angelfish Creek remains
under consideration by the
Government pending advice
on funding," Mr Ingraham
added.
Further, the prime minister
said: "Last year, the Govern-
ment also approved an appli-
cation for the purchase of
three tracts of privately-owned
land, namely: Conch Sound
Point, comprising 300 acres,
High Bank Bay, 400 acres, and
Lantern Head, 600 acres, for
the purpose of the develop-
ment of three separate resort
projects in South Abaco.
Mr Ingraham said the devel-
opers have been asked to scale
down the projects and restrict
the first phase of development
to a proposed boutique hotel,


beachfront villas and resort
town houses at the High Bank
property, and a golf course at
the Lantern Head site.-
"Any development on the
Conch Sound Property is to be
considered only after the first
phase of the development at
High Bank and Lantern Head
is completed," Mr Ingraham
said.
As it relates to the 426 acres
of Crown Reserve Land which
separates the sites, the Prime
Minister said it will not be sold
to the developers.
Approvals have also been
granted for projects on Lee-
ward Harbour and Lynward
Cay.
Two proposals were refused,
he told Abaco residents: A
proposed large-scale develop-
ment at Great Sale Cay to be
undertaken on 1,200 acres of
Crown Land, and the proposal
by Corazon Del Mar to devel-
op 30 residential condo-units
at Pelican Shores in Marsh
Harbour.
Mr Ingraham added:
"Already my Government has
engaged two engineers to be
based permanently in Abaco
so as to facilitate more timely
consideration and approval of
requisite licences and permits
required by these new devel-
opments.
"We have also commenced a
number of infrastructural pro-
jects that, when completed, will
significantly impact the quality
of life of the residents of Aba-
co."


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THE TRIBUNE


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e Compile and reconcile receivables and payables for the Company
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Prepare commission reports for sub-agents
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PAGE 4B, MONDAY, MAY 5, 2008


THE TRIBUNE









THE TIBUNEMONDA, MA 5, 208,IPGES5


Baha Mar






signing up


11


new


tenants


* By NEIL HARTNELL
Tribune Business Editor
BAHA Mar has "just fin-
ished" negotiating agree-
ments with the 11 companies
that will operate "brand new
concessions" in the avenue
between the Sheraton resort
and Crystal Palace casino,
with all determined to match
the "elevated" hotel sur-
roundings.
Robert Sands, Baha Mar's
senior vice-president of gov-
ernmental and external
affairs, told The Tribune:
"We have a variety of indus-
tries, Bahamian companies,
going from perfume to
leather, to jewellery, to local
arts and crafts, rum cakes,
Bahamian soaps and a spa.
"Two or three are open,
and just about every week
you will see another set of
doors opening."
Among the Bahamian-
owned businesses that will be
operating between the Shera-
ton and the casino are Jewels
by the Sea, The Perfume
Salon, Leathermasters, Tor-
tuga Rum Cakes, Tropical
Splash and Adina Arts &
Crafts. One entire side of the
walking avenue will also be
dedicated to a spa.
Mr Sands added that all


I .
-& i'

jS^ S' **L


the concessions had respond-
ed to Baha Mar's move to
elevate the standing of its
resorts. "They're all kind of
raising the level of their fix-
tures, their lighting, and look
like well-designed, well-run
shops," he added.
Meanwhile, Don Robin-
son, Baha Mar Resorts' pres-
ident, said 95 per cent of the
company's $150 million
refurbishment and upgrade
programme for the Sheraton
Cable Beach and Wyndham


resort was completed.
Only $4-$5 million of work
was "happening right now",
including improvements to
the roof of the Wyndham's
'C' tower and external paint-
ing on that resort. Further
enhancements were due to
come as a result of signing a
five-year resort management
agreement with Wyndham,
including IT infrastructure
and food and beverage
upgrades.
Mr Robinson, though, con-
firmed that Baha Mar would
not re-open the Nassau
Beach Hotel despite its $2.6
billion Cable Beach redevel-
opment being placed on hold
by Harrah's Entertainment's
withdrawal as its 43 per cent
equity and casino partner.
That resort currently hous-
es Baha Mar's development
team, and Mr Robinson
explained: "The condition
the hotel was in at the time
we closed it, it's nor prudent
to open it again.
"It will be demolished
when the new project starts.
It makes no sense to re-open
it, and put more capital and
investment into it. There's no
reason to do it, as the hotel is
sitting right in the middle of
the pool and beach experi-
ence for the new project."


Investors gain more



time on $15m FOCOL



preference share issue


* By NEIL HARTNELL
Tribune Business Editor
Freeport Oil Holdings
(FOCOL) has yet to close its
$15 million preference share
issue, its major shareholder
told The Tribune, with the
company's placement agents
having asked for more time
to allow investors to buy in.
Franklyn Wilson, who
speaks for the more than


one-third of FOCOL shares
held in his name and that of
Sunshine Holdings, said:
"The position is that the cor-
porate finance houses have
asked us to give them a few
more days before they close
the books.
"We've not closed it; it
continues. The market has
asked for a little more time,
as the time we gave investors
was short.


"People have to move
money from account A to
account B, arid it takes time
to break deposits and raise
the money."
FOCOL's $15 million pref-
erence share issue, designed
to raise capital to meet oper-
ational expenses and combat
the rising cost of its oil and
petroleum product inventory,
had been due to close on
Wednesday, April 30.


.
University of Kentucky Choral
Performance at Christ Church Cathedral
7:30 pm Wednesday May 7th 2008


Performance al:
SThe Dundas Center for the Performing Arts
S8pm May 8th 2008


Box Office Culture Affairs Collins Avenue
Phone 326-0152 or 326-0147


Christ Church Cathedral
Phone 322.4186


H4AD
Nassau Airport
Development Company


CAREER OPPORTU N ITI ES

LPIA EXPANSION PROJECT: Nassau Airport Development Company (NAD) is responsible for the
development, operation, management and maintenance of the Lynden Pindling International Airport, the fourth
busiest airport in the Caribbean, serving over 3 million passengers each year

With the design of Phase II airport expansion currently underway NAD is seeking experienced
construction management personnel to build out our team. Currently available term positions include:


CONSTRUCTION COORDINATORS


AUTOCAD TECHNICIAN


RESPONSIBILITIES:


* Review design drawings and technical
specifications as they are developed and
provide feedback to the design team as it
relates to scope, schedule, constructability,
phasing and budget;
* Coordination of quality assurance and
quality control testing and Ministry of Works
inspections throughout the various stages of
construction;
* Manage the safety and security program
implemented for the LPIA Expansion Project
with oversight from the Construction Manager;
* Coordinate tenant fit-out of retail, office and
concession space in accordance with the
Tenant Design Manual developed for the LPIA
Expansion Project;
* Liaise with local utility companies and tenants
to facilitate the sequencing and phasing of the
project and to maintain the overall schedule;


RESPONSIBILITIES:


* Assist with contract administration, reporting,
site inspection and commissioning of the
various project contracts.
QUALIFICATIONS:
* 2 to 5 years of construction related experience
(civil, structural, mechanical, electrical) on one
or more large scale projects;
* Engineering Degree, EIT or other Technical
Qualifications;
* Excellent analytical and problem solving skills;
* Excellent oral and written communications
skills;
* Superior interpersonal and organizational
skills;
* Excellent computer skills including; MS Office,
Cad, scheduling software, or other related
software are beneficial


CONTRACTS & PROCUREMENT MANAGER


RESPONSIBILITIES
* Procure material and services for best price,
availability, delivery, and service capabilities to
support the project objectives;
* Prepare with the assistance of the Project
Team, RFEIs, RFPs, Purchase Inquiries and
Construction Tender packages including
administration of the tender process;


* Track, monitor and expedite production and
delivery of materials required for the project to
meet scheduled delivery dates.
QUALIFICATIONS
* Bachelor Arts/ Bachelor Science in related
field;
SAccredited certification is preferred;


* Drawing document control throughout the
life of the project;
* Managing drawing files and assisting the
project team with drawing details, layouts,
sections and miscellaneous Autocad
drawing production;
* Experience with, or ability to learn quickly
Revit (3DBuilding Design Software); aod


QUALIFICATIONS:
* High School Diploma with an Associate
Degree from a Technical School;
* Minimum 2 years Autocad experience in the
construction field;
* Motivated self starter willing to assist and
participate in all aspects of design and
construction management.


* Liaise and communicate with multi-
disciplined design team, good
communication and interpersonal skills a
must.


ADMINISTRATIVE ASSISTANT


RESPONSIBILITIES:
* This is a direct support position. This position
will support the Project Management Office
on a daily basis;
SReceive and distribute correspondence, hard
copy filing, soft copy filing, typing, preparing
minutes of meetings, scheduling meetings
and events, document preparation, organizing
the project office, and managing office
supplies.

QUALIFICATIONS:
* Bachelor of Arts Degree in Administration;


* 2 years of work experience in a fast paced
environment, a plus if experience in the
construction industry;
SProficient in Word, Excel, Power Point and
Outlook;
* Outstanding communication, organizational
and time management skills;
* Responsible, dedicated, motivated with a
good work ethic; and
* Able to handle stress, deadlines, and multiple
tasks competently


* Assist with negotiating contracts with proposed Strongly prefer 5 to 10 years experience in
suppliers, consultants and contractors withrn construction contracts and procurement for
budgetary limitations and :.cope of autrh,'rir, rnulti, 3dic.:pined1 proiectc


* Expedite Purchase Orders an, Coritract..
and process Change Order Ceign Cr, ange
Requests as required;
* Interface with suppliers and erndors on
material status and production pfanrnng r.iu s.,u
and


* GOc'd :omr mmunicatincr a3riti:ai an 3r
inrterpersona3i l. 1
SThoruugrh wjrHig in roiwledge 01 purcrharing
pchliioe prccesses proc-edurei ar.j las
related t te Indenrlg and contract;


if you are qualified and interested please send your
resume and cover letter by May 9th, 2008 to:

Construction Manager
Lynden Pindling International Airport Expansion Project
RO. B AP 59229, Nassau, The Bahamas

Only those applicants short listed will be contacted.


" U,


'ersonjohnson.
M* -- #--


LhZrecLor ,? n'- .* **'* at
Tickets $10.00 each
*--'*. -^ "**"s-mam m em.


~~~.~~~.~.~~~.~~~.~-~ .......................~~.~~~~-~~~~.~.~. I


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L '~`- L.


MONDAY, MAY 5, 2008, PAGE 5B


THE TRIBUNE







PAGE 6B, MONDAY, MAY 5, 2008


THE TRIBUNE


U Urn I


EXTENSION OF
Request for Proposals
Privatization Process Advisor

The Committee for the Privatization of The Bahamas Telecommunications
Company Limited has extended the deadline for proposals from suitably
qualified firms to provide advice to the privatization process.

This advice will include the review of proposals from parties engaged in
discussions with the Privatization Committee, assisting with any informa-
tion requirements and general advice on telecommunication and finan-
cial market conditions.

Proposals should contain the following:
Name and resume of key team members
Per hour cost of services to berendered
Proposed reporting format
Recent client/transaction list
Relevant experience of the firm or its associated firms
A statement with respect to potential conflicts of interest of the
firm or the key team members identified to work on the project.

Proposals previously submitted. may also be updated during
this extension.

Proposals should be e-mailed by 5:00p.m. on Wednesday the
7th day of May A.D. 2008 to:

Mr. David Davis (Director of Investment)
Secretary to the Privatization Committee
c/o Bahamas Investment Authority
Office of the Prime Minister
Fourth Floor Cecil Wallace Whiffield Building
at ddavis@bahamas.gov.bs cc. swilson@bahamas.gov.bs
Telephone: 1(242) 327-5826 .,
i ..,--J.:.. 4. .. .'.:'.':I I..,L._.Z. ............ .=I '.JCt.-.. ~..... ... ...... .: .. .-.., .. . . .. .


NAD
Nassau Airport
Development Company


NEW OPPORTUNI TI ES

EXCITING NEW OPPORTUNITIES AT LYNDEN PINDLING INTERNATIONAL AIRPORT


The Nassau Airport Development Company (NAD) is continuing to revitalize the current Lynden Pindling International Airport (LPIA) as we also plan for the future new
terminal developments.' Following the success of the recently introduced Retail Kiosk programme, NAD is moving to further enhance its retail and service offerings to
the travelling public and airport employees. The following Requests for Proposals (RFPs) and Expression of Interest cover three areas that our customers have identified
as essential to their experience at LPIA. These include a Service Station/Mini-Mart, Coffee Shops and Retail Carts.
NAD's goals and objectives are to: (d) offer a mix of local, national and international brand-name companies;
(a) achieve a high standard of excellence and customer service; (e) develop and design food & beverage facilities that complement the
(b) offer a mix of concepts that will help to enhance the image of LPIA as a qualities of the current and new terminals while recognizing the distinctive
world class airport; spirit and character of the community the airport serves; and
(c) offer food & beverage and retail choices to passengers at reasonable prices; (f) optimize revenue to NAD.

For all of the RFPs, Prqponents must be Bahamian and incorporated in The Bahamas


COFFEE SHOPS

NAD is inviting proposals for TWO Coffee Shops, one in the
U.S. Departure Lounge and one in the Domestic/International
Terminal at LPIA. The successful Proponent will be required
to finance, design, develop, operate and manage the coffee
shops. The expected minimum capital investment required is
$250,000.

Proposals will be evaluated on the proponent's relative
experience; proposed design; planned merchandise/menu;
the ability to finance the capital investment required for design
and development; operating, marketing and customer service
plans; and the financial offer to NAD.

Request for Proposal packages may be picked up at NAD's
offices at the reception desk on the second floor, Domestic/
International Terminal 1 at LPIA between May 5 and May
12, 2008. A mandatory pre-proposal briefing for those who
have picked up packages will be held in I~AD's Boardroom
at the Airport on Wednesday, May 14th at 10:00am.


SERVICE STATION / MINI-MART

NAD is inviting proposals for a Service Station and Mini Mart
at the corner of JFK Drive and Coral Harbour Road at LPIA. The
successful Proponent will be required to design, construct,
finance, maintain, manage and operate a service station and
mini-mart at this location.

Proposals will be evaluated based on the proponent's.relative
experience; proposed design; the ability to finance the capital
investment required for design and development of the service
station/mini-mart facility; operating, marketing and customer
service plans; and the financial offer to NAD.

Qualified and interested parties may pick up the Request
for Proposal package at NAD's office, Terminal 1 (Domestic/
International), 2nd floor, LPIA between May 5 and May 12,
2008. A mandatory pre-proposal briefing for those who
have picked up packages will be held in NAD's Boardroom
at the airport on May 21,2008 at 10:00am.


RETAIL CARTS
NAD is inviting Expressions of Interest (EOI) for the operation
of one of six (6) Specialty Retail Carts to be located in the U.S.
Departure Lounge and the Domestic/International Terminal at
Lynden Pindling International Airport. NAD will be providing
the Retail Carts.
EOI Submissions will be evaluated based on criteria which
will include, but not be limited to, uniqueness and level of
innovation of the concept, product/merchandise mix and
quality, price point, how the concept complements the existing
retail mix, etc. Submissions which, at NAD's sole discretion,
have the potential to best meet the overall retail plans for the
current terminals, address the wants of the travellers, offer the
best overall use of the retail cart program and offer the best
potential revenues to NAD will be invited to submit a more
detailed Proposal on which the final selection of the six cart
vendors will be based.
Interested parties may pick-up the Expression of
Interest package at NAD's office, Terminal 1 (Domestic/
International), 2nd floor, LPIA between May 5 and May 12,
2008.


POSITION AVAILABLE

ADMINISTRATOR
INSURANCE AGENTS & BROKERS

Bramer General Insurance Agency Limited (a proud affiliate of British American Financial) is searching for an
Administrator. The ideal candidate must be detail-oriented and self-motivated with excellent interpersonal and
communication skills. The ability to work with limited supervision in a fast-paced, service-driven progressive
culture is a must.

Responsibilities:
Perform administrative and clerical duties with efficiency
Greet and receive walk in and telephone clients in a professional manner
Handle Internal and extemal client queries
Receive applications for credit life and liaise with Financial Institutions.
Liaise with the Customer Service department to ensure accurate application processing
Liaise with Underwriting department on application issues and approvals
General reporting and administration of credit life and other insurance products.

Core Competencies:
Ability to work with limited supervision and leam new skills quickly
Excellent oral and written communication skills
Ability to execute duties with accuracy and proficiency
Demonstrate a keen eye for details
Ability to work under pressure and follow company guidelines
SStrong interpersonal skills and ability to maintain a harmonious relationship with co-workers
Ability to maintain confidentiality
Reliable, dependable and flexible team-player
SCustomer focused

Required Qualifications:
Associates Degree in Business Administration or related field or equivalent work experience.
2+ years experience in an insurance operation or similar position
Excellent computer skills and proficiency in Excel required
ACS, FLMI designation a plus



Benefits:
Salary commensurate with current salary scales, skills and experience. Attractive benefit package including Life, Health and
Pension.

Submit Resume to the Human Resources Department
P.O.Box N-4815, Nassau Bahaamc(421 361-2525 or via email
dlparker@live.com





,Bramer General
I N S U R A NC E A E N CY tID,


~---- I











THE.7- TINODA52"PE


THE COLLEGE OF THE BAHAMAS


Visit our website at www.cob.edu.bs


STAFF VACANCY


SCHOOL OF EDUCATION

Assistant Professor History (Northern Bahamas Campus)


Candidate should have a Ph.D. in History Education with a minimum of 3
years of school teaching; however, consideration will also be given for persons
with a Master's Degree in History Education plus 5 years of teaching experience
along with a Teacher's Certification or Diploma in Education. Candidates
will be expected to assist with teaching history courses, assist with supervision
of student-teachers and assist with curriculum development of history education
courses/programmes.

Assistant Professor Religious Education (New Providence Campus)


Candidate should have a Ph.D. in Religious Education with a minimum of 3
years of school teaching; however, consideration will also be given for persons
with a Master's Degree in Religious Education plus 5 years of teaching
experience along with a Teacher's Certification or Diploma in Education.
Candidates will be expected to assist with teaching religion courses, assist
with supervision of student-teachers and assist with curriculum development
of religious education courses/programmes.

Assistant Professor Mathematics (New Providence Campus)


Candidate should have a Ph.D. in Mathematics Education with a minimum
of 3 years of school teaching; however, consideration will also be given for
persons with a Master's Degree in Mathematics Education plus 5 years of
teaching experience along with a Teacher's Certification or Diploma in
Education. Candidates will be expected to assist with teaching mathematics
courses, assist with supervision of student-teachers and assist with curriculum
development of mathematics education courses/programmes.

Assistant Professor Physical Education (New Providence Campus)


Candidate should have a Ph.D. in Physical Education with a minimum of 3
years of school teaching; however, consideration will also be given for persons
with a Master's Degree in Physical Education plus 5 years of teaching experience
along with a Teacher's Certification or Diploma in Education. Candidates
will be expected to assist with teaching physical education courses, assist with
supervision of student-teachers and assist with curriculum development of
physical education courses/programmes.

In ALL cases, preference will be given to candidates with strong academic
backgrounds, teaching and research experience.

Salary Scale :


Master's Degree

Doctorate Degree -


$39,460 $ 61,960

$42,160 $ 69,160


Interested candidates should submit the following information for
consideration:


The College/University of The Bahamas Employment Application,
A Comprehensive Resume
Official transcripts
Three work references


All information should be addressed to:
The Director, Human Resource
The College of The Bahamas
P O. Box N-4912
Nassau, N. P., The Bahamas
Facsimile: (242) 302-4539
E-mail: hrapply@cob.edu.bs
Web Site: www.cob.edu.bs


The application deadline is Friday May 16th 2008.


Collection of Transcripts


Spring Semester 2008



As a part of our continued effort to transform

and improve our student services, The College

of The Bahamas is pleased to announce that

your Spring 2008 grades will be available for

viewing and printing from any computer

connected to the internet.



Online grade viewing and printing began May

1 and will end May 14 at midnight. Visit

www.cob.edu.bs for details.



Students with grades missing can view them

beginning May 8 and ending May 14.


EDUCATING & TRAINING BAHAMLANS










THE COLLEGE OF THE BAHAMAS
CENTRE FOR CONTINUING EDUCATION AND EXTENSION SERVICES

PERSONAL DEVELOPMENT SUMMER SEMESTER 022008


INTERNATIONAl.
LANGUAGES
AND CULTURES
I N S T I T U T ,E C



I LC IT iI
COMMUNiCA'TiO.: A KEY TO GLOBAL VNC


THE INTERNATIONAL
LANGUAGES AND
CULTURES INSTITUTE
At
THE COLLEGE OF THE
BAHAMAS


COURSE OFFERING: SPRING 2008 Beginning May 5't


CONVERSATIONAL SPANISH I and II
CONVERSATIONAL HAITIAN CREOLE I and II
CONVERSATIONAL FRENCH I and II
CONVERSATIONAL GERMAN I
CONVERSATIONAL MANDARIN I, II and III
SURVIVAL MANDARIN FOR BUSINESS
SURVIVAL MANDARIN FOR THE OLYMPICS
ENGLISH AS A SECOND LANGUAGE I

LOCATION: Munnings Building (next to KFC at COB Roundabout): Roo16

DURATION: 3 hours per week ( 2 sessions of 1 and % hours) for 10 weeks
Total course hours: 30 hours


PRICE: $S250.00 per course


TELEPHONE: 302-4584 or 302-4587
E-MAIL: ilci@cob.edu.bs


PLEASE CALL US FOR ALL COURSE TIMES AND FORMS


I
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.- MONDAY, MAY 5, 2008, PAGE 7B


THE TRIBUNE


COURSE SEC COURSE
NO. NO. DESCRIPTION TIME DAY START DUR FEE

ACCOUNTING
6:00pm-
ACCA900 01 ACCOUNTING FOR BEGINNERS I 8:00pm Mon/Wed 5-May 10Vks $250
6:00pm-
ACCA901 01 ACCOUNTING FOR BEGINNERS II 8:00pm Mon/Wed 5-May 10wks $275
6:00pm-
ACCA902 01 ACCOUNTING FOR BEGINNERS III 8:00pm Tues/Thurs 6-May 10wks $300

BUSINESS
9:30am-
CUST900 01 SUPERIOR CUSTOMER SER. WIS 4:30pm Thurs 22-May 1 day $170
6:00pm-
BUSI900 01 CREDIT AND COLLECTIONS I 9:00pm Thurs 15-May 8wks $225
6:00pm-
BUSI901 01 CREDIT AND COLLECTIONS II 9:00pm Tues 13-May wks $250

COMPUTERS
6:00pm-
COMP901 01 COMPUTER APPLICATIONS I 9:30pm Mon 19-May 9wks $450
10:00am-
COMP901 02 COMPUTER APPLICATIONS I 1:30pm Sat 10-May 9wks $450
6:00pm-
COMP902 01 COMPUTER APPLICATIONS II 9:30pm Thurs 13-May 9wks $550
6:00pm-
COMP941 01 QUICKBOOKS 9:00pm Tues 13-May ewks $330
6:00pm-
COMP953 01 PC UPGRADE & REPAIR 8:00pm Mon/Wed 12-May Owks $500
9:30am-
COMP960 01 MICROSOFT POWERPOINT4:30pm Thurs 29-May 1day $170
9:30am-
COMP930 01 WEB PAGE DESIGN WORKSHOP 4:30pm Thurs 12-Jun 2 days $550

COSMETOLOGY ____
6:00pm-
COSM802 01 MAKE UP APPLICATIONS 9:00pm Mon 12-May 8wks $225

DECORATING
6:00pm-
FLOR800 01 FLORAL DESIGN I9:00pm Thurs 8-May 10wks $225
6:00pm-
FLOR801 01 FLORAL DESIGN II 9:00pm Tues 13-May 10wks $250
6:00pm-
DEC0801 01 INTERIOR DECORATING II 9:00pm Wed 14-May 10wks $225
6:00pm
DECO800 01 INTERIOR DECORATING I9:00pm Tues 6-May 10wks $225
ANIMAL CARE
6:00pm-
ANIM800 01 DOG GROOMING 9:00pm Tues 13-May 8wks $350

ENGLISH
6:00pm-
ENG900 01 EFFECTIVE WRITING SKILLS 9:00pm Tues 8-May 8wks $300
HEALTH AND
FITNESS
6:00pm- ..
MASG900 01 MASSAGE THERAPY ESSENTIALS I 9:00pm Thurs 14-May 10wks $465
". '''; 6:6600pm- :: *
MASG901 01 MASSAGE THERAPY ESSENTIALS II 9:00pm Mon 12-May 10 wks $620
9:30am-
BWAX900 01 BODY WAXING W/S 4:30pm Tues 20-May 2 days $300

DANCE _
7:00pm-
DANC900 01 BAHAMIAN DRUMMING & DANCING 9:00pm Tue 6-May 10wks $275
6:30pm-
DANC901 01 BALLROOM DANCING 8:30pm Wed 14-May 10 wki $275
9:00am-
DANC902 01 LITURGICAL DANCING 11:00am Sat 10-May 10wks $275

MANAGEMENT
6:00pm-
MGMT900 01 HUMAN RESOURCE MGMT I 9:30pm Thurs 8-May 9wks $250
6:00pm-
MGMT901 01 HUMAN RESOURCE MGMT II 9:30pm Mon 5-May 9wks $300

SEWING &
CRAFT
6:00pm-
SEW800 01 BASIC FREEHAND CUTTING I 9:00pm Mon 12-May 10wks $225
6:00pm-
SEW805 1 01 DRAPERY.MAKING I 9:00pm Tues 13-May 10wks $225
6:00pm-
CRA900 101 JEWELRY MAKING 8:00p Thurs 8-May 10wks $250

ENQUIRIES: Contactthe Coordinatorat Tel: (242) 325-6714 /(242) 328-0093/328-1936 14302-430 t. 202 or maNil curryecob.edu.bs

All fee are included with the exception of the application fee of $40.00 (one time).
CEES reserve the right to change Tuition, Fees, Course Content, Course Schedule and Course Materals.


.4




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THE TRIBUNE


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"Every day I look forward to reading The Tribune.

It always provides valuable information and something

to talk about like local news, sports, entertainment

and world news. The Tribune provides everything

I need to know about life in The Bahamas and

internationally. The Tribune is my newspaper."


JASON RAHMING
CONSTRUCTION FOREMAN


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THE TRIBUNE


MONDAY, MAY 5, 2008, PAGE 9B


Banca del Sempione (Overseas) Limited
(Incorporated under the laws of the Commonwealth of The Bahamas)
Consolidated Balance Sheet
As of 31 December 2007
(Expressed in Swiss Francs)


Note


ASSETS
Due from banks:
Demand and call deposits
Time deposits

Loans and advances to customers
'Derivative financial instruments
Investments at fair value through income
Accrued income and other assets
Management and advisory fees receivable
Fixed assets
Intangible asset (net of accumulated amortization
SFr 490,581; 2006: SFr 438,651)
TOTAL ASSETS

LIABILITIES AND EQUITY
Liabilities
Deposits from banks
Customers' deposits
Derivative financial instruments
Accrued expenses and other liabilities
Management and distribution fees payable
Total liabilities

Equity
Share capital
Authorized, issued and fully paid
5,000,000 shares of SFr 1 each
General reserve
Currency translation reserve
Retained earnings
Total equity

TOTAL LIABILITIES AND EQUITY


3,7
3

3,7
3,7,10
3,4,7
7
3,6,7
3,5%


3,

3,
3,3


3,7
3, 7
7,10
3,7
,6,7






8


2007
SFr


3,118,596 2,993,744
35,988,104 31,424.860
39,106,700 34,418,604
1,278,448 1,091,782
120,991 85,955
1,780,671 1,786,276
49,543 59,190
944,761 90,000
247,841 44,631
153,224 151,187

43,682,179 37,727,625



12,059,361 12,588,424
19,655,325 15,005,460
117,538 79,859
355,000 274,883
517,558 216,500
32,704,782 28,165,126




5,000,000 5,000,000
3,000,000 1,500,000
(16,961) (6,196)
2,994,358 3,068,695
10,977,397 9,562499

43,682,179 37,727,625


APPROVED AND SIGNED ON BEHALF OF THE BOARD:


Director

5 March 2008
Date


Notes to Consolidated Balance Sheet
31 December 2007

1. General Information

Banca del Sempione (Overseas) Limited (the Bank) and its wholly owned subsidiary, BdS
Corporate Services Limited, (together, the Group) are incorporated under the Companies Act,
1992, of the Commonweqlth of The Bahamas. The Bank is licensed under the Banks and Trust
Companies Regulation Act, 2000, to carry on banking and trust business from within The
Bahamas. The principal activities of the Group consist of providing banking, trust, investment
management and corporate administration services to a predominantly European based clientele.
The Bank is also licensed in The Bahamas under the Securities Industry Act, 1999, and related
regulations as a Broker Dealer Class II.

The Bank is a wholly owned subsidiary of Banca del Sempione, Lugano, Switzerland (the Parent
Bank) which is in turn owned by Ebumea Holding SA, Sion (52%), Molu SA, Lugano (35%),

Golden Horn Finanz AG, Lugano (11.75%), and a private investor (1.25%).

The registered office of the Bank is located at Providence House, East Hill Street, Nassau, The
Bahamas. The registered office of the Parent Bank is located at Via Peri 5, Lugano, Switzerland.


2. Summary of Significant Accounting Policies

The principal accounting policies applied in the preparation of this consolidated balance sheet is
set out below. These policies have been consistently applied to all the years presented, unless
otherwise stated.

(a) Basis of preparation

The Group prepares its consolidated balance sheet in accordance with International
Financial Reporting Standards (IFRS) and under the historical cost convention, as modified
by the revaluation of investments held at fair value through income and all derivative
contracts.

The preparation of a consolidated balance sheet in accordance' with IFRS requires
management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the
consolidated balance sheet. Actual amounts could differ from those estimates.

In the current year the Group adopted IFRS 7 Financial Instruments: Disclosures and the
amendments to IAS 1 Presentation of Financial Statements, which became effective for
fiscal periods beginning on or after 1 January 2007. The impact of the adoption of IFRS 7
and the changes to IAS 1 has been to expand the disclosures provided in this balance sheet
regarding the Group's financial instruments and management of capital.

The remaining standards and amendments and interpretations to published standards that
became effective for fiscal periods beginning on or after 1 January 2007 were not relevant
to the Group's operations and accordingly did not impact the Group's accounting policies
or balance sheet in the period of initial application.

The application of new standards and amendments and interpretations to existing standards
that have been published but are not yet effective are not expected to have a material impact
on the Group's accounting policies or balance sheet in the period of initial application.

(b) Consolidation

The consolidated balance sheet includes the accounts of the Bank and its sole subsidiary,
BdS Corporate Services Limited, after elimination of all significant inter-company
transactions. The wholly owned subsidiary is domiciled in The Bahamas and provides
corporate formation, managernmc t and administration services to clients of the Bank and the
Parent Bank.

Accounting policies of the subsidiary have been changed where necessary to ensure
consistency with the policies adopted by the Bank. The exchange differences arising from
translation of the subsidiary's operations from United States dollars to Swiss Francs are
taken to the consolidated statement of changes in equity as currency translation differences.

(c) Loans and advances to customers

Loans and advances to customers are recognized initially at fair value and subsequently
measured at amortised cost, less provision for impairment. A provision for impairment is
established when there is objective evidence that the Group will not be able to collect all
amounts according to the original terms of the loan or advance. The provision is the
difference between the carrying amount and present value of estimated cash flows
discounted at the original effective interest rate.

The Group's policy is to extend credit to customers only when the Group is holding assets
on behalf of the borrowers that can be used as collateral to fully support the loan or
advance. Accordingly, the Group does not have any provision for impairment of loans and
advances to customers.

(d) Investments

Investments at fair value through income comprise shares held in sub-funds of BASE


Investments SICAV, an investment company domiciled in Luxembourg (see Note 6), and
debt securities designated by management as investments at fair value through income upon
initial recognition. Investments classified as investments at fair value through income on
acquisition are initially recognized at fair value, and transaction costs are expensed in the
income statement. Such investments are subsequently re-measured at fair value. The fair
value of shares held in sub-funds of BASE Investments SICAV is based on the reported net
asset value per share of the particular sub-fund as determined by its directors on a mark-to-
market basis as of the last business day of the year. The debt securities held are quoted in
active markets and subsequent fair value re-measurements are based on current bid prices.
Unrealized gains and losses arising from changes in the fair value of investments classified
as investments at fair value through income are recognized in the income statement in the
period that they arise.

All regular way purchases and sales of investments are recognized at trade date, which is
the date that the Group commits to purchase or sell the asset.

Dividends earned from investments are recognized in the income statement when the
Group's right to receive payment is established.

(e) Valuation of derivative financial instruments

Forward currency contracts are initially recognized in the balance sheet at fair value and are
subsequently re-measured to fair value using the forward rate for the remaining period to
maturity as of the last business day of uce financial year.

All derivatives are carried as assets when fair value is positive and as liabilities when fair
value is negative.

All gains and losses arising from changes in fair value are recognized in the income
statement in the period in which they arise.

(f) Fixed assets

Fixed assets are stated at cost and are depreciated on a straight-line basis over their
expected useful lives, as follows:


Computer hardware & software
Furniture & fixtures
Leasehold improvements
Vehicles


5 years
5 years
5 years
5 years


Costs associated with maintaining computer software programs are recognized as an
expense when incurred. However, expenditures that enhance or extend the benefits of
computer software programs beyond their original specifications and lives are recognized
as capital improvements and added to the original cost of the software. Computer software
development costs recognized as assets are amortized using the straight-line method over
their useful lives but not exceeding a period of 5 years.

(g) Intangible asset

The intangible asset represents the unamortized cost of license fees paid for the use of
computer software. The licence fees are being amortized on a straight-line basis over the
software's estimated useful economic life of five years.

(h) Operating leases

Payments under operating leases for office and apartment space are charged to the income
statement on a straight-line basis over the period of the lease.

(i) Taxation

The Group is not subject to income or capital gains taxes under the current laws of the
Commonwealth of The Bahamas.


(j) Fiduciary activities

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

(k) Foreign currency translation

(i) Functional and presentation currency
Items included in the balance sheet of each of the Group's entities are measured using
the currency of the primary economic environment in which the entity operates ('the
functional currency').

The currency of the Bahamas is the Bahamian dollar; however, the consolidated
balance sheet is presented in Swiss Francs, which is the Group's functional and
presentation currency.

(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the
exchange rates prevailing at the dates of the transactions. Foreign exchange gains and
losses resulting from the settlement of such transactions and from the translation at
year-end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognized in the income statement, except when deferred in equity as
qualifying cash flow hedges and qualifying net investment hedges.

Translation differences on non-monetary items, such as equities held at fair value
through income, are reported as part of the fair value gain or loss.

(iii) Subsidiary company
The results and financial position of the Bank's subsidiary are translated from its
functional currency (the U.S. dollar) into the presentation currency as follows:
assets and liauilities i, u,. bLauc sntcc presented are translated at the closing
rate at the date of that balance sheet;
income and expenses for the income statement are translated at average exchange
rates that represent a reasonable approximation of the cumulative effect of the
rates prevailing on the transaction dates; and
all resulting exchange differences are recognized as a separate component of
equity.
On consolidation, exchange differences arising from the translation of the net
investment in subsidiary are taken to equity.

(1) Corresponding figures

Where necessary, corresponding figures are adjusted to conform with changes in
presentation in the current year.

3. Financial Risk Management

The Group engages in transactions that expose it to various types of risk in the normal course of
business. These risks include credit, currency, interest rate, liquidity and fiduciary risk. The
Group's financial performance is dependent on its ability to understand and effectively manage
these risks.

(a) Credit risk

Credit risk arises from the failure of counterpart to perform according to the terms of the
contract. From this d,. ,ctiv,, 1i. C.,,p's credit risk pcsu-re is primarily concentrated in
its deposits placed with other banking institutions and in its loans and advances to customers.
The Group's deposits have been placed with high quality international banking institutions,
and loans and advances to customers are collateralized by assets held by the Group on behalf .
of the borrowers. The table below summarizes the Group's exposure based upon the
geographical distribution of the on-balance sheet assets and liabilities:
(a) Credit risk (continued)


North &
Central
America
SFr


Due from banks
Loans and advances
All other assets
Total Assets as of 31 December 2007
Liabilities
Deposits from banks
Customers' deposits and other liabilities
Total LiabUiles as of 31 December 2007
Total Assets as of 31 December 2006
Total Liabilties as of 31 December 2006


Caribbean
and
Europe Babamas
SFr SFr


38,988,258 118,442 39,106,700
865,719 366,846 45,883 1,278,448
1,331 2,696,827 598,873 3,297,031
867,050 42,051,931 763,198 43,682,179

12,059,361 12,059,361
1,724,889 12,868,963 6,051,569 20,645,421
1,724,889 24,928,324 6,051t569 32,704,782
961569 36,267,863 498,193 37,727,625
1,479,402 19,852,691 6833,033 28,165t126


: I TI 1`


D stor "








PAGE 10B, MONDAY, MAY 5, 2008


THE TRIBUNE


(b) Currency risk

The Group takes on exposure, which arises from the 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 Group's exposure to
foreign currency exchange rate risk.

Included in the table are the Group's assets and liabilities at carrying amounts, categorized
by currency:

SFr Enro USD Other Total


Assets
Due from banks
Loans and advances
All other assets

Total Assets as of
31 December 2007

Liabilities
Deposits from banks
Customers' deposits
and other liabilities

Total Liabilities as of
31 December 2007

Net on-balance sheet
position


Total Assets as of
31 December 2006

Total Liabilities as of
31 December 2006

Net on-balance sheet
position


12,010,061
636,668
U 1 C 7IM


18,723,604 6,795,318 1,577,717 39,106,700
584,497 56,679 604 1,278,448
50n .74 214914 45792 3.297.031


15,162306 19,828,849 7,066,911 1,624,113 43,682,179


867,718 9,106,838 2,084,805 12,059,361

3,720,048 10,277,531 5,004,594 1,643,248 20,645,421


4,587,766 19,384,369 7,089,399 1,643,248 32,704,782


10,574,540 444,480 (22,488) (19,135) 10,977,397



14,230,487 18,517,732 3,647,614 1,331,792 37,727,625


5,019,927 18,316,664 3,584,166 1,244,369 28,165,126


9,210,560 201,068 63,448 87,423 9,562,499


(c) Interest rate risk

The Group takes on exposure arising from the fluctuations in the prevailing levels of
market interest rates on its financial position and cash flows. Interest margins may increase
as a result of such changes, but may reduce or create losses in the event that unexpected
movements arise. The Group manages this risk by retaining a level of assets to liabilities
with similar principal values, interest rates and maturity dates.

The tables below summarize the effective interest rate by major currencies as of the balance
sheet date:

(c) Interest rate risk (continued)


31 December 2007


Assets
Deposits with banks
Loans and advances to customers

Liabilities
Deposits from banks
Customers' deposits


31 December 2006


Assets
Deposits with banks
Loans and advances to customers

Liabilities
Deposits from banks
Customers' deposits


Euro


4.51
8.00


2.93
4.05




Euro


3.59
7.10


3.43
2.16


USD


4.96
8.70


3.69
4.44




USD


5.25
8.80


5.16
2.46


(d) Liquidity risk ....

Liquidity risk is the risk that the Group might not have the necessary liquidity to meet its
contractual obligations. The Group manages its liquidity by matching liabilities with assets
of similar maturity periods. The table below summarizes the significant assets and
liabilities of the Group which are classified, based on the period remaining to maturity from


the balance sheet date:



Assets as of 31 December 2007
Due from banks
- Demand and call deposits
- Time deposits
Loans and advances to customers
All other assets
Total

Liabilities as of 31 December 2007
Deposits from banks.
Customers' deposits
- Demand
- Time
All other liabilities
Total
Net liquidity gap




Assets as of 31 December 2006
Due from banks
- Demand andcall deposits
- Time deposits
Loans and advances to customers
All other assets
Total

Liabilities as of 31 December 2006
Deposits from banks
Customers' deposits
-Demand
- Time
All other liabilities
Total
Net liquidity gap


Ue ~. Ti'ie u, More than
three months six months six months
SFr SFr SFr


3,118,596
34,760,083
1,278,448
1.611,888


1,228,021

502.074


1.183,069


Total
SFr


3,118,596
35,988,104
1,278,448
3,297,031


40,769,015 1,730,095 1,183,069 43,682,179


9,214,565 1,040,135 1,804;661 12,059,361

13,315,541 13,315,541
4,891,165 1,209,887 238,733 6,339,785
914,095 76,000 990,095
28335,366 2,326,022 2,043,394 32,704,782
12,433,649 (595,927) (860,325) 10,977,397

Up to Three to More than
three months six months six months Total
SFr SFr SFr SFr


2,993,744 2,993,744
31,351,684 73,176 31,424,860
1,091,782 1,091,782
465,723 255,653 1,495,863 2,217,239
35,9021933 328,829 1,495,863 37,727,625


12,5-14,220 48,204 12,588,424

12,591,688 12,591,688
2,263,772 150,000 2,413,772
516,245 51,497 3,500 571,242
27,911,925 249,701 3,500 28,165126
7,991,008 79,128 1,492,363 9,562,499


(e) Fiduciary risk
The Group provides custody and advisory services to tthrd parties, as well as trustee and
corporate administration services. These activities give rise to fiduciary risk, which is the risk
that the Group may fail in carrying out certain mandates in accordance with the wishes of its
clients. To manage this exposure, the Group generally takes a conservative approach in its
undertakings for customers.

4. Investments at Fair Value through Income

Debt securities classified as investments at fair value through income upon initial recognition
comprise the following:

31 December 2007


Nominal
Value L a,,.
SFr


250,000

250,000
250,000
250,000
250,000
250,000


Nv Bank Nederlandse Gemeenten Bng,
Den Haag 2%
Kommunalbanken A/S 1.75%
Nederlandse Waterchapsbank Nv Nwb 2.25%
Bank of Scotland 2%
Kreditanstanlt fir Wiederaufbau Kfw 2 %
Danske Bank AS 1.25%


30.12.08
30.04.08
10.10.08
28.05.08
27.02.09
28.02.08


Cuos
SFr


247,500
247,825
250,625
248,388
249,125
246,625


Fair

SFr


247,800
252,117
249,950
251,570
251,833.
251,979


1,490,088 1,505,249


31 December 2006
Nominal
Value Bonds
SFr


Maturity


Fair
Value
SFr


250,000
250,000
250,000
250,000
250,000
250,000


Republic of Austria 3.0%
Federal State of Saxony Anhalt 2%
Kreditanstalt fir Wiederaufbau Kfw 2%
Oest Kontrollbk 2.0%
Nederlandse Waterschapsbank Nv Nwb 2.25%
Danske Bank AS 1.25%


14.05.07
13.07.07
27.02.09
26.11.07
10.10.08
28.02.08


252,800
250,750
249,125
249,862
250,625
246,625


255,474
252,019
251,258
249,880
249,939
249,272


1,49987 1,507,842

Included in the fair value of the bonds held is related accrued interest income totaling
SFr 13,924 (2006: SFr 15,667).

Also included in investments at fair value through income is the Group's holding of shares in
sub-funds of BASE Investment SICAV (see Note 6) amounting to SFr 275,422 as of 31
December 2007 (2006: SFr 278,434).

5. Fixed Assets


Leasehold
Improvement
s
SFr


Cost
Balance as of 31 December 2006
Additions
Balance as of 31 December 2007

Accumulated Depreciation
Balance as of 31 December 2006
Depreciation charges
Balance as of 31 December 2007

Net Book Value
As of 31 December 2007

As of 31 December 2006


111,474


Furniture
and
Fixtures


SFr

120,527


Computer
Hardware
& Software Vehicles

SFr SFr


665,046


897,047


110,480 86,210 57,786 29,973 284,449
221,954 206,737 722,832 29,973 1,181,496


110,191 112,903 629,322 852,416
22,524 19,882 32,838 5,995 81,239
132,715 132,785 662,160 5,995 933,655


89,239 73,952 60,672 23978 247,841

1,283 7,624 35,724 44,631


6. Advisory and Management Fees

The Group acts as the advisory company to BASE Investments SICAV (BASE) under an
agreement dated 11 July 2001 (revised 15 December 2003). BASE is an investment company
with multiple sub-funds each of which represents a separate pool of assets and liabilities and each
with a distinct policy of investment. Under the terms of the agreement, the Group is responsible
for identifying and making recommendations to BASE on the investment managers to be selected
for the various sub-funds, and for monitoring their performance. The Group earns advisory fees
at rates ranging between 0.1% and 2.1% of the average net asset value of each of the sub-funds
and is paid on a quarterly basis. A portion of the advisory fees earned by the Group, in the form
of management and distribution fees, is paid to the investment managers, distributors, and
nominees in remuneration for the services rendered by them to BASE. For the year ended 31
December 2007, the Group earned total advisory fees 6f approximately SFr 3.5 million (2006:
SFr 3.6 million) before payments to the managers and others, including the Parent Bank. The fee
arrangements with the investment managers and distributors have been modified such that,
beginning in'2008, the Group will no longer pay any distribution fees to the Parent Bank, while
the investment fees will be increased to the level of other counterparties. This change is expected
to cause an increase in net revenues to the Group.

The Group also acts as investment manager of Lepton Fund Ltd. (Lepton) under the terms of an
agreement dated 20 February 2004. Lepton is an open-end investment company incorporated as
an International Business Company in the British Virgin Islands. Lepton seeks capital
appreciation by investing its assets in hedge funds operated by other investment managers. The
Group is responsible for, among other things: (i) managing the investment and reinvestment of
cash, securities and other property from time to time comprising Lepton's assets, (ii) arranging
for the general administration of Lepton, and (iii) effecting the proper and efficient management
and safekeeping of Lepton's assets. Lepton was launched in February 2005 and the Group earns
a management fee equal to 1.25% per annum (1.75% per annum beginning 1 December 2007)
based on Lepton's average monthly net asset value. Furthermore, the Group is entitled to a
performance fee equal to 15% of Lepton's net new profits including unrealized gains after
achieving a 5% hurdle rate. Both the management fee and the performance fee are payable to the
Group quarterly in arrears. The Group shared 50% of the management and performance fees
earned with an external investment consultant under an agreement which was cancelled at 30
September 2007. The new agreement with a different external investment consultant, which came
into effect 1 January 200,8, calls for the payment of a consulting fee equal to the higher of 0.40%
p.a. of the average monthly net assets and 1/3 of the management fee earned by thie'Grbto as ~
well as a 50% share of the performance. fee. Under.tlhenew agreement, the consultant's 50%
; share of theperformance.fee will be,calculated and,paid by the Group based on Lepton's, net
asset value as of 1 October 2007 as the starting new high water mark. As Lepton's high water
mark is actually higher, the new agreement will result in a higher cost for the Group, partially
offset by higher fees earned from Lepton, and better distribution of the management fee. The
higher anticipated cost is not expected to have a material effect on the Group's operating results
for 2008. For the year ended 31 DC2,.iL, 2007, the CGoup .erned a management fee from
Lepton of approximately SFr 375 thousand (2006: SFr 329 thousand) and a performance fee of
approximately SFr'67 thousand (2006: SFr 120 thousand) before payments to the external
investment consultant.

7. Related Party Balances

Parties are considered to be related if one party has the ability to directly or indirectly, through
one or more intermediaries, control or exercise significant influence over the other party in
making financial or operational decisions. The Group is a member of a larger group of affiliated
companies and has extensive transactions and relationships with members of that group.


Related parties, in the main, comprise the Parent Bank and its shareholders
entities in which they have a 20% or more beneficial ownership interest.
balance sheet includes the following balances with related parties:
2007
SFr


Asts .
Due from banks demand and call deposits
Loans and advances to customers
Derivative financial instruments
Investments at fair value through income
Accrued income and other assets
Management and advisory fees receivable

LIabilities
Bank overdrafts
Deposits from banks
Customers' deposits
Derivative financial instruments
Accrued expenses and other liabilities
Management and distribution fees payable


3,000,154
61,541
108,427
275,422
7,975
944,762


26,119
12,033,242
3,413,591
112,298
116,652
350,058


and directors, and
This consolidated

2006
SFr

2,953,611
19,570
55,514
278,434
15,419
90,000



12,588,424
3,728,291
79,604
123,159


8. General Reserve

The general reserve is comprised of amounts appropriated fromp retained earnings for capital
needs including unforeseeable risks and future losses. Amounts transferred to the general reserve
account can only be distributed following approval by the shareholders in a general meeting. In
July 2007, the shareholders approved the transfer of SFr 1,500,000 from retained earnings to the
general reserve account (July 2006: SFr 700,000).

9. Capital Management

The Group's objectives when managing capital, which is a broader concept than 'equity' on the
face of the balance sheet, are:

To comply with the capital requirements set by the Central Bank of The Bahamas (the
Central Bank);
To safeguard the Group's ability to continue as a going concern so that it can continue to
provide returns for its shareholders and benefits for other stakeholders; and
To maintain a strong capital base to support the development of its business.

Capital adequacy and the use of regulatory capital are monitored by the Group's management,
employing techniques designed to ensure compliance with guidelines established by the Central
Bank. The required information is filed with the Central Bank on a quarterly basis.

For the Group, there is no difference between the composition of regulatory capital and the
components of equity as shown in the consolidated balance sheet. The Central Bank requires
each entity with a public bank and trust licence to maintain a ratio of total regulatory capital to
risk-weighted assets at or above a minimum of 8%. The Group has complied with all of the
externally imposed capital requirements to which it is subject.


i'- /h I


-









10. Commitments and Contingent Liabilities
(a) Lease commitments
In December 2006 the Group entered into a non-cancellable operating lease for the rental of
office space for the five-year period commencing 1 January 2007. In addition, the Group
also signed a new lease agreement (effective 1 November 2007) for the rental of an
apartment for a period of two years. The future minimum lease payments in Bahamian
dollars under these agreements, translated to Swiss Francs at the year-end rate of exchange,
are approximately as follows:


'How fragile





hotel sector is'


Not later than 1 year
Later than 1 year, but not later than 4 years


SFr 135,400
SFr 318,700


(b) Computer upgrade and module commitment
The Group has entered into a contractual agreement to purchase computer operating system
upgrades and software modules to assist with statistics, risk management, and
consolidation. Future minimum payments due under the agreement in 2008 total SFr
181,508 (2006: SFr 181,295).

(c) Service Level Agreement (SLA)
Effective October 2007 the Group renewed its agreement with the Parent Bank for the
provision of support and resources for the Group to carry out Jts daily operations. Services
provided by the Parent Bank include review of internal control systems and procedures,
provision of internal audit services, technology assistance, risk management review and
back-office assistance. For the provision of these services, the Parent Bank charged the
Group fees totaling SFr 240,000 (2006: SFr 240,000).
The agreement is automatically renewed at yearly intervals in the absence of written notice
of intention not to renew by either party. In December 2007 the Parent Bank announced
plans to review the fee structure of the SLA at the beginning of 2008, which could lead to a
substantial increase in fees. However, any major increase in this cost is expected to be
partially offset by increases in other revenues and reductions in other costs.

(d) Guarantees
As of 31 December 2007, the Group was contingently liable to the Parent Bank in respect
of guarantees issued on behalf of its customers totalling SFr 6,319,290 (2006: SFr
6,000,690). Assets held by the Group on behalf of the customers concerned collateralize
these guarantees.
(e) Derivative financial instruments
The Group enters into forward currency contracts solely as part of its client-related trading
activities. Forward currency contracts are, contracts to purchase and sell foreign currencies
at specific rates of exchange on specific dates in the future. Risk arises from the potential
inability of counterparties to perform under the terms of the contracts (credit risk) and from
fluctuations in the foreign exchange rates (market risk). The Group manages the market
risk of client-related positions by taking offsetting positions with the Parent Bank, resulting
in minimal market exposure. The credit risk of client-related positions is managed by
applying uniform credit standards maintained for all activities with credit risk. Collateral
held generally includes cash, cash equivalents, and investment securities.
As of the balance sheet date, the Group had contractual commitments under open forward
currency contracts as follows:
2007 2006
SFr SFr


Commitments to purchase currencies
Parent Bank
Customers

Commitments to sell currencies
Parent Bank
Customers


.24,178,973 22,605,509
24,100,662 24,863.802
48,279,635 47,469,311

24,098,785 22,635,817
24,177,397 24,827,398


48,276,182 47,463.215
The contract amounts of these instruments reflect the extent of the Group's involvement in
forward currency contracts and do not represent the Group's risk of loss due to counterpart
non-performance (credit risk). As of 31 December 2007, the Group's exposure to credit risk
on forward currency contracts is limited to those contracts with a positive fair value, which
amounted to SFr 120,991 (2006: SFr 85,955).
It. JFfir Yalue of FinaacIal Inrstrnen~s ,.:.
S Finaincial instrumeis utilizediby the Grpup' inciderecorded atets and liabilities, s well as itemSi
t' i b jt riciphlly involve off-balance sheet ri "' t is t ieGroiup's policy noti': W e oinmaterial
exposure to the effects of fluctuations in prevailing foreign currency exchange rates on its
financial position and cash flows. As the Group has no significant unmatched foreign currency
positions, change in interest rates is the main cause of changes in the fair value of the Group's
financial instruments. The majority of the Group's financial instruments are either short-term in
nature or have interest rates that automatically reset to market on a periodic basis. Accordingly, the
estimated fair value is not significantly different from the carrying value for each major category of
the Group's recorded assets and liabilities.


INDEPENDENT AUDITORS' REPORT


PricewaterhouseCoopers
Providence House
East Hill Street
P.O. Box N-3910
Nassau, Bahamas
Telephone (242) 302-5300
Facsimile (242) 302-5350


To the Shareholders of Bance del Semplone (Overseas) Limited

We have audited the accompanying consolidated balance sheet of Banca del Sempione (Overseas)
Limited (the Bank) and its subsidiary (together the Group) as of 31 December 2007 and a summary of
significant accounting policies and other explanatory notes.
Management's Responsiblity for the Financial Statements
Management is responsible for the preparation and fair presentation of this consolidated 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 financial statements that are 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 this consolidated 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 audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditors' judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditors consider internal control relevant to the entity's
preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in 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 financial statements.
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 accompanying consolidated balance sheet presents fairly, in all material respects,
the financial position of the Group as of 31 December 2007, in accordance with International Financial
Reporting Standards.
Emphasis ofMatter

Without qualifying our opinion, we emphasise that the accompanying consolidated balance sheet does
not comprise a complete set of financial statements in accordance with International Financial
Reporting Standards. Information on results of operations, cash flows and changes in equity is
necessary to obtain a complete understanding of the financial position, performance and changes in
financial position of the Group.




Chartered Accountants
Nassau, Bahamas
5sMarch 2008


FROM page 1B

ry that if we as a destination
are not going to step up and
market at the same level as
some of those other countries,
there are lots of choices out
there."
The Baha Mar Resorts pres-
ident said the current global
economy and travel market
conditions heavily favoured
those destinations that were
able to compete on price. But
the Bahamas, with its high
fixed operating costs base, gave
hotels "very little wiggle room"
to reduce room rates, as doing
so would cause them to make a
loss per room.
Mr Robinson said that often,
"the room rate is 50 per cent
higher than what we are quot-
ing" potential guests, due to
the 'add-ons created by resort
fees, government taxes and the
automatic 15 per cent gratu-
ity, turning $100 per night into
$150 per night. Yet these levies
were critical to ensuring hotels
generated a return.
"If you put it on your room
rate and embed it, you are not
competitive with other desti-
nations," Mr Robinson
explained.
Critical to whether many


Bahamian hotels will face addi-
tional operating costs is the
industrial agreement currently
being negotiated between the
Bahamas Hotel, Catering and
Allied Workers Union and the
Bahamas Hotel Employers
Association.
"Anything that impacts your
most important asset, your
employees, is going to be crit-
ical," Mr Robinson said. "If
anything, I hope the people on
the other side of the table
realise just how fragile this
industry is right now."

Busy

Currently, Wyndham and
Sheraton employees' work
depends on how busy the
hotels are. Some weeks they
are working a full week, and
during others they are on one
and two days, depending on
demand.
Having spent a 30-year-plus
career in senior executive posi-
tions with Disney, and worked
in places such as Florida, Paris,
California, Tokyo and Hong
Kong, Mr Robinson said: "Of
all the places I've ever worked,
this is the most challenging
place. This is a business of pen-
nies; where every penny


Responsibilities:
Provides nutrition care for all age groups including nutrition assessment, nutrition care planning and
implementation, monltoing and nutrition education including food and drug interaction education.
Works in collaboration with other health care professionals to support, restore, and maintain optimal
nutrition health for those individuals with potential or known alterations in nutrition status.
* Contributes to community health initiatives such as providing lectures and articles for the general public
and media.
* Provides education and training ofhospitalized patients, outpatients, caregivers and health care person
including medial professionals concerning theories, princples and prices of nutrition care.
Provides medical nutrition therapy foroutpatients and for the general public
Participatesin the development of hospital policies and procedures

Requirements:
Minimum Bachelor ofScience degree in Nutrition by accredited US, Canadian or equivalent institution
Mastersdegreeprefered
Additional certicationsa plus(e.g. Nutrition Support DiabetesEducator)
1 3 years previous clinical nuition experience
Registered and licensed by the Bahamas Health Professions Council
Excellent communication sWl
Salary (commensurate with experience)


counts........ We literally look
at every cheque we write to
make sure we're sending it out
for the right reasons."
-Bahamian resorts, already
highly priced, were unable to
raise prices further to match
cost increases because this
would make them completely
uncompetitive with rival juris-
dictions, Mr Robinson
explained.
He added that utility bills,
chiefly electricity, "are killing
us", having risen by between
25-33 per cent year-on-year for
the 2008 first quarter. It was
for this reason that Baha Mar
had looked to use Ocean Ther-
mal Energy' Conversion
(OTEC) to provide its
enlarged $2.6 billion project
with energy to drive its air con-
ditioning system, although the
capital investment involved
means it will not embark on
this project for its existing
resorts.
On the competitive environ-
ment facing Bahamian hotels,
Mr Robinson said: "I would
say it's challenging. I wouldn't
say it's dismal."
To improve the sector's
competitiveness and that of
Bahamian tourism as a whole,
he urged the industry to
"examine the markets we
serve" and take advantage of
the increased spending power
of European and Canadian vis-
itors to target those markets
for increased airlift, thereby
reducing this nation's depen-
dence on the US.
Currently, the Bahamas did
not have enough airlift to
exploit the UK pound sterling
and Euro's strengths against
the US$, Mr Robinson point-
ing out that on average Euro-
pean visitors stayed twice as
long in this nation as their
counterparts, with greater
spending power.
"I ihirik we'v got to have a
very strong, compelling, sus-
tainable marketing campaign,
which the Ministry of Tourism
is working on," Mr Robinson
said. "But here is the slow sea-
son and we have not launched
a marketing campaign that's
compelling. I'm sure we will."


Share

your

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


oo

A leading retailer is seeking the services of:

Financial Accountant & Human Resource Manager
Requirements:
General:
Candidates must be competent, honest, efficient, of high integrity, proficient in electronic data
entry and possess good oral & written communication skills.
Specific:
Financial Accountant must possess a valid certificate from the A.I.C.P.A. or equivalent
professional body, a university degree in accounting, bus. admin., or finance, and at least 3
years experience performing the functions of a financial accountant. Must have demonstrated
good leadership, supervisory, accounting and financial statements preparation skills in former
engagements.
Human Resource (HR) Manager must possess a university degree in business administration,
and at least 3 years experience performing the functions of an HR Manager. Responsible for
effective, daily management of the human resource function including planning, recruitment,
compensation and benefit administration, policy development and implementation, employee
relations and training and development.
Salary and benefits commensurate with level of certification, education, experience and skills.

Only Bahamians need apply

Send resume to: seekingtalentedbahamians@gmail.com


I-f .. :I-- -- -


-.m.


I


MONDAY, MAY 5, 2008, PAGE 11B


THE TRIBUNE


:F~d~aC~8b~mLcr~Y1~1~~n







PAGE 12B. MONDAY, MAY 5, 2008


THE TRIBUNE


Telephone 242 393 2007
Fax 2423931772
Intermet www.kpmg.com.bs


INDEPENDENT AUDITORS' REPORT


To the Shareholder of Julius Baer Trust Company (Bahamas) Limited


We have audited the accompanying balance sheet of Julius Baer Trust Company (Bahamas)
Limited ("the Trust") as at December 31, 2007, and a summary of significant accounting policies
and other explanatory notes (together "the financial statement").
Management's Responsibilityfor the Financial Statement
Management is responsible for the preparation and fair presentation of this financial statement in
accordance with International Financial Reporting Standards ("FRS"). This responsibility
includes: designing, implementing and maintaining internal control relevant to the preparation
and fair presentation of the financial statement 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 this financial statement 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 financial statement is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statement.. The procedures selected depend on our judgment,
including the assessment of the risks of material misstatement of the financial statement, whether
due to fraud or error. In making those risk assessments, we consider internal control relevant to
the Trust's preparation and fair presentation of the financial statement in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an.
opinion on the effectiveness of the Trust'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 financial statement.
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 financial statement presents fairly, in all material respects, the financial
position of the Trust as of December 31, 2007 in accordance with IFRS.
Emphasis of Matter
Without qualifying our opinion we emphasize that this financial statement does not comprise a
complete set of financial statements prepared in accordance with IFRS. Information on results of
operations,. cash flows and changes in shareholder's equity is necessary to obtain a complete
understanding of the financial position, performance and cash flows of the Trust.




Chartered Accountants
Nassau, Bahamas
April 24, 2008

JULIUS BAER TRUST COMPANY (BAHAMAS) LIMITED
Balance Sheet

December 31, 2007, with corresponding figures for 2006
(Expressed in Swiss francs)

Note 2007 2006

Assets

Deposits duefrom bank Group 4 & 6 SFr 1,763,856 2,033,465

Interest receivable Group 6 4,648

Fees receivable (net of allowance of SFr 16,086;
2006 SFr nil) 5 20,038 17,377
Total Assets SFr 1,788,542 2,050,842

Liabilities and Shareholder's Equity

Liabilities:

Accounts payable SFr 56,436 14,648
Total liabilities 56,436 14,648


Shareholder's equity:
Share capital.
Authorised, issued and fully paid -
2,000,000 shares at par value of SFrl.00 each 0 2,000,000 2,0,

(Accumulated' deficit)/retained earnings (267,894) 36,194
Total shareholder's equity 1,732,106 2,036,1,94

Total Liabilities and Shareholder's Equity SFr 1,788,542 2,050,842

See accompanying notes to balance sheet.


approved on behalf of the Board on April 24, 2008:


Director



Director


Notes to Balance Sheet


December 31, 2007
(Expressed in Swiss francs)


1. Corporate information
Julius Baer Trust Company (Bahamas) Limited ("the Trust") was incorporated on July 19,
2000, and licensed to carry on trust business from within The Commonwealth of The
Bahamas under the Banks and Trust Companies Regulation Act 2001. The Trust is a wholly-
owned subsidiary of Julius Baer Bank & Trust (Bahamas) Limited ("the Bank") which is, in
turn, a wholly-owned subsidiary of Julius Baer & Cie S.A., a company incorporated in
Switzerland. The address of its registered office is Ocean Centre, East Bay Street, Nassau,
Bahamas. The principal activities of the Trust consist of conducting trust and corporate
administration business.
2. Basis of preparation
Statement of compliance
This balance sheet is prepared in accordance with International Financial Reporting Standards
(IFRS).
In preparing this balance sheet, the Trust has adopted IFRS 7 Financial Instruments:
Disclosures and IAS 1 Presentation of Financial Statements: Capital Disclosures. The
adoption of IFRS 7 and the amendment to IAS 1 impacted the type and amount of disclosures
made in this balance sheet, but had no impact on the reported profits or financial position of
the Trust. In accordance with the transitional requirements of the Standards, the Trust has
provided full comparative information.
Basis of measurement
The balance sheet has been prepared on the historical cost basis.
Functional and presentation currency
This balance sheet is presented in Swiss francs (SFr) which is the functional currency of the
Trust.


KPMG
PO Box N123
Montagus Sterng Centre
East Bay Street
Nassau. Bahamas


Balances
Deposits due from bank
Interest receivable


SFr 1,763,856
4,648


2,033,465


The Trust entered into a service level agreement with the Bank on January 1, 2007 wherein
the Bank provides certain services on behalf of the Trust. The Bank charges the Trust a
management fee for these services on a pro-rata basis by number of employees. The services
provided include human resources, office services, compliance, information technology and
communication services. The agreement may be terminated by either party with three
months' prior notice in writing or as otherwise agreed between the parties. For the year
ended December 31. 2006 the agreement was informal and subject to annual re-negotiation.

7. Financial instruments
Financial risk management objectives and policies
The Trust's financial instruments comprise deposits with group, receivables and other
financial assets and liabilities that arise directly from its operations.

The principal risks arising from the Trust's financial instruments are credit risk, liquidity risk,
interest rate risk and foreign currency risk. The Board of Directors sets, reviews and agrees
policies for managing each of these risks and they are summarized below.
Credit risk
Credit risk is the risk that a customer or a counterpart will be unable or unwilling to meet a
commitment that it has entered into with the Trust. The Trust manages counterpart credit
risk centrally through the Bank to optimize the use of credit availability and to avoid
excessive risk concentration. Customer credit risk is managed through provisions against the
fee receivable balances. Credit risk is reduced as all demand deposits are due from the Bank.
The Trust's maximum exposure to credit risk in the event the counterparties fail to perform
their obligations as at December 31, 2007 in relation to each class of recognized financial
assets is the carrying amount of those assets as indicated in the balance sheet.
Liquidity risk
Liquidity risk is the risk that the Trust will encounter difficulty in realizing assets or
otherwise raising funds to meet commitments. The Trust monitors expected cash outflow on a
daily basis. Its policy throughout the year has been to ensure liquidity by maintaining at all
times sufficient high quality liquid assets to coier expected net cash outflows.


-- ~---~'-~ --'---- ~ ~~ ~---'-V


'U _


"mss^


Use of estimates and judgements
The preparation of the balance sheet requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and the reported amounts of
assets and liabilities. Actual results may differ from these estimates.
Estimates and' underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimate is revised and in any
future periods affected.
Information about key sources of information uncertainty can be found in the accounting
policy on allowance for doubtful accounts in notes 3 and 5.

3. Summary of significant accounting policies
The accounting policies set out below have been applied consistently to all periods presented
in this balance sheet.
Financial instruments
Demand deposits due from bank group, interest receivable group and fees receivable are
classified as loans and receivables. Accounts payable is classified as financial liabilities not
at fair value through profit or loss.
Financial instruments are recognized initially at fair value plus any directly attributable
transaction costs. Subsequent to initial recognition, financial instruments are measured at
amortized cost using the effective interest method, less, in the case of financial assets, any
impairment losses.
A financial instrument is recognized if the Trust becomes a party to the contractual provisions
.of the instrument. Financial assets are derecognized if the Trust's contractual rights to the
cash flows from the financial assets expire or if the Trust transfers the financial asset to
another party without retaining control or substantially all risks and rewards of the asset.
Financial liabilities are derecognized if the Trust's obligations specified in the contract expire
or are discharged or cancelled.
Provisions
A provision is recognized if, as a result of a past event, the Trust has a present legal or
constructive obligation that can be estimated reliably, and it is probable that an outflow of
economic benefits will be required to settle the obligation. Provisions are determined by
discounting the expected cash flows at a rate that reflects current market assessments of the
time value of money and, where appropriate, the risks specific to the liability.
Allowance for doubtful accounts
Specific allowances reflect the amounts required to reduce the carrying value of, the
receivable balance to its estimated recoverable amount. The Trust does not generally record a
non-specific allowance to cover unidentified inherent risks in the fees receivable portfolio.
When a receivable balance is deemed to be uncollectible, it is written off against the related
allowance for doubtful accounts.
Income taxes
There are no income taxes imposed on the Trust in The Commonwealth of The Bahamas.
Foreign currency translation
Monetary assets and liabilities in foreign currencies are translated into SFr using year-end
rates of exchange.

Impairment
A financial asset is considered to be impaired if objective evidence indicates that one or more
events have had a .negative effect on the estimated cash flowspf that asset. An impairment
loss in respect of a financial asset measured at amortized cost is calculated as the difference
between its carrying cost, and the present value of the estimated future cash flows discounted
at the original effective interest rate. An impairment loss is reversed if the reversal can be
related objectively to an event occurring after the impairment loss was recognized.
Related party balances and transactions
Related parties include affiliates of Julius Baer & Cie S.A., major shareholders, directors and
Skey management personnel who have the authority and responsibility for planning, directing
and controlling the activities of the Trust.
Assets under management
No account is taken in this balance sheet of assets and liabilities of clients administered by
S the Trust as custodian, trustee or nominee: Total assets under administration as at December
31, 2007 approximated SFr 1.192 million (2006 SFr 1,113 million).
, 4. Deposits due from bank group
Deposits due from bank group comprise:

2007 2006

Due (to)/from group on demand SFr (236,144) 33,465
money market fund 2,000,000 2,000,000
SFr 1,763,856 2,033,465


Balances on demand do not earn interest. At December 31, 2007 the money market fund
earned interest at a rate of 1.35% (2006 0%).

5. Fees receivable
The age profile of fees receivable is as follows:
2007 2006

Up to 6 months .SFr 3,052
6-9 months 1,533-
10- 12 months 24,388 1,263
More than 12 months 10,203 13,062
Allowance for doubtful accounts (16,086) -
SFr 20,038 17,377

The movement during the year in the allowance for doubtful accounts is as follows:

2007 2006

Balance at beginning of the year SFr -
Increase in allowance 16.086 -
Balance at end of year SFr 16,086 -
6. Related party transactions
The balance sheet includes the following balances with related parties:

2007 2006








T T UAY Y 0 PE


Interest rate risk
Exposure to interest rate risk is the risk that arises when there is an imbalance between rate
and non rate-sensitive assets and liabilities: The Trust does not experience a great deal of risk
in this area as interest rates related to its financial assets automatically reset to market
periodically.
Foreign currency risk
Foreign currency risk is the risk that the value of a financial instrument will fluctuate because
of changes in foreign exchange rates. The Trust ensures that the net exposure to financial
assets and liabilities not denominated in Swiss Francs is kept to an acceptable level by buying
or selling foreign currencies at spot rates, where necessary, to address short-term imbalances.
Net fair value of financial instruments
Financial instruments utilized by the Trust include recorded assets and liabilities. The
majority of the Trust's financial instruments are either short-term in nature or have interest
rates that automatically reset to market on a periodic basis. Accordingly, the estimated fair
value is not significantly different from the carrying value for each major category of the
Trust's recorded assets and liabilities. The Trust has no off-balance sheet financial
instruments as of December 31, 2007 or December 31, 2006.
8. Other information
On January 20, 2006, the former resident manager of the Bank, was arrested in New York
and charged by the Manhattan Federal Court for money laundering activities in connection
with the former resident manager's position and activities in another company not belonging
to the Julius Baer Group.
The accounts of the former resident manager held with the aforementioned company and
those held with the Bank were frozen in accordance with the court order dated 2 May, 2006,
and will remain frozen until otherwise notified by court order. On March 14, 2007 after
offering a guilty plea, the former resident manager was sentenced to four years in prison and
ordered to forfeit $220,000 in proceeds.
No provision related to this matter has been recorded in these financial statements.
9. Capital adequacy
The Central Bank of The Bahamas requires all Banks and Trust Companies to maintain
minimum capital of B$1,000,000 and to maintain a capital adequacy ratio of at least 8 percent
of risk weighted assets at all times. The capital adequacy.ratio is calculated by dividing the
Trust's eligible capital base by its risk-weighted exposures. The Trust uses regulatory
guidelines as the basis for the calculation of the ratio.
The Trust's actual capital amount and risk asset ratio at December 31, 2007 and 2006, as well
as the minimum regulatory requirements are as follows:
2007 2006
Actual Minimum Actual Minimum
requirement requirement
Capital SFr 1,732,106 1,133,500 2,036,194 1,219,000
Risk asset ratio 7,217% 8% 11,976% 8%

The Trust's policy is to maintain a strong capital base so as to maintain investor, creditor and
market confidence and to sustain future development of the business. The impact of the level
of capital on shareholder's return is also recognized and the Trust recognizes the need to
maintain a balance between the higher returns that might be possible with greater gearing and
the advantages and security afforded by a sound capital position.
The Trust has complied with the regulatory imposed capital requirements at December 31,
2007.


GOVERNMENT NOTICE

MINISTRY OF EDUCATION, YOUTH, SPORTS & CULTURE



NOTICE

PROCUREMENT FOR SCHOOL FURNITURE FOR NEW
SCHOOLS & EXTENSIONS
1.0 The Ministry of Education, Youth, Sports & Culture (hereafter called the
"Purchaser") now invites sealed bids, from Suppliers for the procurement
of School Furniture for New Schools and Extensions.

2.0 Interested Bidders may inspect/collect the bidding documents from the
Purchasing/Supplies Section of the Ministry of Education, Youth, Sports
& Culture, Headquarters, Thompson Blvd. from Wednesday 30th April,
2008, and obtain further information, at the second address given below.

3.0 Bids must be in English and shall be enclosed in duplicates in a sealed *
envelope bearing no identity of the bidder and endorsed with the subject
bided on ("School Furniture-New Schools & Extensions").

4.0 Bids must be deposited in the tender box provided, at the first address, on
or before Monday, 12th

5.0 May, 2008 by 5:00 p.m. (local time). It will not be necessary to submit
bids in person since they may be sent by mail. Late bids will be rejected
and returned unopened.

6.0 Bids will be opened at the public ceremony, in the presence of those
Bidder(s) or their Representative (s) who choose to attend, at 10:00 a.m.
on Tuesday 13th May, 2008 at the first address below.

(1) The Chairman Tender'
Ministry of Finance
Cecil Wallace Whitfield
Cable Beach
P.O. Box N-3017
Nassau, The Bahamas
Tele: (242)327-1530

(2) Purchasing/Supplies Section
Ministry of Education, Youth, Sports & Culture
P.O. Box N-3913/4
Nassau, The Bahamas
Tele: (242) 502-8571

The Ministry reserves the right to reject any or all Tenders




To Advertise In The Tribune

Call 322-1986


New EU threat





to Bahamas





on financial





services


FROM page 1B

Barack Obama.
Keith Johnston, director of
policy and communications for
the Society of Trust and Estate
Practitioners (STEP) World-
wide, said the EU was due to
produce "imminently" a list of
third countries outside the
EU who had "equivalent"
anti-money laundering (AML)
regimes.
EU-based financial institu-
tions would then be able to







'l Lr
v55NTPF b


rely on customer due diligence
(CDD) by their counterparts
in those countries on the list,
who were deemed to have sat-
isfactory AML regimes.
Mr Johnston said there was
no cause for alarm yet, the only
issues arising if the Bahamas
and other international finan-
cial centres were not on the
EU list. Failure to make it
could leave this destination
unattractive to high net worth
clients and drive business
away, as they would have to
undergo the bureaucratic, cost-
ly and time-consuming CDD
process twice -in the Bahamas
and the EU if they wished to
conduct business in the latter
area.
If the Bahamas was not on
the EU list, Mr Johnston said
Bahamian regulators would be
forced to find out why not, and
potentially amend the AML
regime. There were also ques-
tions over the extent to which
CDD would have to be repeat-
ed in Europe.


"The EU, through the Sav- i
ings Tax Directive and the
AML Directive, is showing its
extra-territoriality," Mr John- g
ston told The Tribune. "It's not *
shying away from that. I would
be concerned about EU initia- 4
tives. If I was the Bahamas, I
would beef up my presence in
the EU."
The other extra-territorial
initiative to monitor, he added, A
was the Stop Tax Haven
Abuse Act now in the US Sen-
ate, which apart from Mr Oba-
ma, was also being promoted
by Senators Carl Levin and
Norm Coleman,
"I would be very keen, if I
was the Bahamas and he won
the nomination for the presi-
dency, to find out what his
position regarding the
Bahamas is," Mr Johnston
said. 0
"That would be an area of
concern for me. I would be 4
asking my Ambassador in
Washington to be working that f
area if I were the Bahamas." i

I


'I
II
II


N


Leading International Financial Institution

is presently considering applications for
CHIEF FINANCIAL OFFICER AND HEAD OF FINANCIAL
n ,' ACCOUNTING
The position is open to candidates with the following minimum requirements:
Main tasks:
Ensuring accurate and timely delivery of nmiothly results and analysis for various
entities and business units across Private Banking, Investment Banking and
Asset Management divisions;
Preparation of required statutory accounts/reports and their presentation to
management;
Overseeing all HO, Group and Regulatory reporting to specific reporting deadlines
for all legal entities within scope;
Ensuring that all Balance Sheet accounts are substantiated & reconciled;
Ensuring timely and accurate Management Information System (MIS) reporting'
to monitor Assets under Management (AUM), Net New Assets (NNA) & Client
Profitability (TOI);
Ensure that accounting treatment for new products are implemented in a controlled
manner and execute implementation review with IT, Operations and Accounting;
Co-ordinate and liaise with other CS Group departments and functions including
Treasury, Tax, Product Control and Accounting Policy Group.
Management of all Financial Accounting aspects of local and Group related
projects.
Identify potential risks and suggest improvements regarding controls, systems in
use and business management;
Ensuring compliance with SOX requirements for entities within scope;
Chairman of Bahamas Finance Committee;
Co-ordinate and chair governance meetings with executives from other business
divisions
Responsible for preparing and monitoring budgets and expenses for legal entity,
overseeing payables and receivables;
Managing Financial Accounting department (staff) of legal entity;
Managing relationship with Auditors & Regulators
Ensure accurate and timely delivery of consolidated Central Bank reporting
Providing overall leadership, direction & control to the finance function in the
Bahamas
Reauirements: I
rior experience as senior manager in large international banking environment;
Strong Product Control or Financial Accounting background required;
Good working knowledge of US GAAP, Swiss GAAP and IFRS;
Good understanding of Private Banking, Investment Banking and Asset
Management Business; ideally demonstrated by prior work experience;
Sound technical product knowledge of structured products and derivatives and
their related financial accounting treatment;
MBA / MS (Finance), CPA, CA or equivalent;
Effective communicator and hands-on and proactive approach;
Strong analytical and organisational skills and good sense of control;
Demonstrated management / leadership skills;
Good IT skills are essential
Knowledge of Globus, PeopleSoft Financials and Essbase would be an asset
Experience:
7-10 years of hands-on accounting work experience in an International
Banking environment;
7-10 years of senior management experience
Personal Qualities:
Excellent administrative, organizational, leadership and communication skills
A commitment to service excellence
Ability to meet deadlines with minimum supervision
Ability to work in a team environment
Benefits provided include:
Competitive salary and performance bonus
Pension Plan
Health and Life Insurance
APPLICATIONS MUST BE IN WRITING. Persons not meeting the
minimum requirements need not apDly. Telephone calls will not be
accepted.
Applications should be submitted to:
Human Resources Department
P.O. Box N-4835
Nassau, Bahamas
or via facsimile: 356-8148

DEADIJF .N "' "0 O" OF APPLICATIONS IS: 16"' May, 2008


I -- -- I -
----nrrsm-~; --CI


MONDAY, MAY 5, 2008, PAGE 13B


THE TRIBUNE






PAGE 14B, MONDAY, MAY 5, 2008


aT H E -TRIB U N


D e lo itte. DeloittA Tauch* U.P
Two World Financial Center
New York NY 10281-1414
USA
S Ta: +1 212 436 2000
Fax: +1 212 436 5000
www.deloitte.com

INDEPENDENT AUDITORS' REPORT

To the Board of Directors and Stockholder of
Bank of Tokyo-Mitsubishi UFJ Trust Company and Subsidiaries
New York, New York

We have audited the accompanying consolidated balance sheets of Bank of Tokyo-Mitsubishi
UFJ Trust Company and Subsidiaries (the "Company") as of December 31,2007 and 2006, and
the related consolidated statements of income, changes in stockholder's equity and cash flows for
the years then ended. These consolidated financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinioi'bn thee consolidated
financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing standards as established
by the Auditing Standards Board (United States) and in accordance with the auditing standards of
the Public Company Accounting Oversight Board (United Slates). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit also includes examining, on a test basis.
evidence supporting the amounts and disclosures in the financial statements, 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, such consolidated financial statements present fairly, in all material respects, the
financial position of the Company at December31, 2007 and 2006, and the results of Its
operations and its cash flows for the years then ended .in conformity with accounting principles
generally accepted in the United States of America.

As discussed in Note 2 and Note 4 to the consolidated financial statements, during 2007 the
Company adopted Financial Accounting Standards Board Staff Position 13-2, Accounting for a
Change or Projected Change inthe Timing of Caih-lows Relating to Income Taxes Generated
by a Leveraged Lease Transaction.



ij~ve ^r~ ^OCtLP


Mtmbr of
Deleftot Tbut Toealnm


Bank of Tokyo-Mitsubishi UFJ Trust Company and Subsidiaries

-Consolidated Balance Sheets


CobhandduesRobatks
Csb M l due B m tank .. .. .... ... .......... ........ ......................
lrd l Anmds l d. ... .---. ...... ..- .-........ . .. ....... .. ........... .....
lItr ,esb Brdg dpostts., ............ ....... .. .... .. .. ..........
SwUralns scoeds on.l. ..,........... ......_.. ......... .........
Skauiu (Inchxel $694,789 In 2007 nd $392,023 in 2006 pledged as cllatcal).........
OnasnLted wAuboe contact (pled d a collbt l)...................... ......
Loans and leA ke ance~ elvab)n ofdebb d ee of $7,76 land $7,681 aid reernve f
bme and lease bo of ,693 and $32,945, rspstvly, in 2007 and 2006............
Aamed nistdtt rceivable.......,-....... .... ... ...................
laWIm ble mr tof socimulted mnonilion of 1S,224 n 20071 ad $612 n2006......
LPn blboo Lnwic.. ............ ........................ _ ... .
PMIr lin .......... . ..
Pieces and eulpmnatk oaier ftmnuilaid depreciatin .
.L e l7..P.0 2007 ..d MW 4 In 2 .0( .......................... .....
W o In opcdrn a .g .~ .,.....................................
t e ,. .. ... ... ....,....... .......... ...............................
other I aset............ ,, ....... ..._... ........ .. ..... .............. ........... .

UIWbit and uSt khoMtls Equi y
NdinonrtB-epIng In domsticofflce (onaeisffiated..,.... ........... .........
:. IMinltag o vqu ofmc (onauinad._ ....................,
ns~o -bodng Itn oversee oea (tfilMd)..................,............... .._
Taldeoapl ........,.......,... ,,,.,,..................._........................
Feral f~s pwchabed sand uritite 0old under reprheammranents ...... ..__...............
Obhftion to se smunrlles nolved ou o llatrl _...... m ,_._.j.
Boangs tonl afltaM (Ieludt nmmeWours debt of 216,35 in 2007 d $207,510 In
Oltwrbonmwd Afil tba(ludAc nanor debt of25 18 Ia 2007nd 31,441 in 2006).
*4't jj ** - 1 .*


a- po. i i b n ............ ............................... ....................................
sunw atmw ddl0lebwa.tos..,.........Z..^.
,Daned xpl banet n tr ................... ...... .....................
Sboadinlod debt wlh atfllte...._.-.;. ..............,..................._.......
To b .............. ........ ............... ...... .... ................
.sUodoldra Equity
Pi. hnaed stck (pr value 5100); 1,000,000 shas authorized;
ones oulaiiding....................... ... .,............................ ...*...*. .......... .......
Coun tock (par value 100); 1,485,000 shaa ues dri d;,
lM29 $tsl9uABeud wl aistaanin g.................. ..............................
Ccpiota l d~~e~pp( )................. _...... .... .. ,
Acsansiled ma Uethnmprabellac -ne (lo.
Total IlbMdes ad stodchbMar' (quly, __


December31.
2007 2o

S 328,295 S 282.43
25 2500 179,000
............. ,446,117 605,417
.......... 100 11,684
.... 901 992 90523
............ 50,000 50,000
or
............ 2,14219 1,960,925
... ... 15,110 14,469
........... 7.~9 8,567
.......... 3,001 1,410o
S. 47. .79

....... -,7 2,715
.......... .00 710
...... 44,19 l 1300
S 425.097 _S__V 4,044


..... 903,729 S 916,715
-.- 333,99 3S699
1,013,596 716,121
-276A6 299630
........ 346,336 322,354
-- 2,100 11,684
2006).. 219,512 212,316
....... 019 73,100
4,177 4,618
..........35 2,729
99636 38,274
198,078 154,032
.. 105,000
........... 3 43,93 3,215t -9



...... 132922 1327922
311,494 311,494
...... 463 3 93,17 -
945 (.481)
... .792.004 829,105
S 43.A97 1 4-044AW<


ee nMea to eamoldall financial s mnents.

2, Sgnificant Accounting Polides

fBass ofPrsentalon. The accounting and reporting policies of the Company conform to accounting principles
gancrlly accepted In the UnltedS& t of Amoerca 'GAAP"). Thelipetpao1tionoffnancial statements n
conformity with OAAP requires management to make estimates and assumptions that affect the amounts reported in
bte consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

The consolidated financial statements of the Company Include variable Interest entities VIEs") where the
Company is the primary beneficiary, in accordance with Financial Accounting Standards Board ("FASB")
Interpretation No. 46R, Consolldation of Variable Itrest Emilea ("FIN 46R"). All Intercompany transactions
have been eliminated.

Assets held In an agency or fiduciary capacity are not assets of the Company and, accordingly, are not included in
the accompanying consolidated financial statements.

Certain roclassifications of 2006 balances have been made to conform to the current year presentation.

The following Is a summary of the Company's significant accounting policies:

Cek andcaskh enal~enat. For purposes of the consolidated financial statements, the Company considers cash and
cash equivalents to be cash and due from banks and federal funds sold, all of which have original maturities less
than ninety days.

Srcritler soldander repurchase agreemenLt Securities sold under repurchase agreements are accounted for as
collateralized financing transactions. They are recorded at the amount at which the securities were sold plus accrued
interest. The Company monitors its exposure with respect to securities sold under purchase agreements, and a
request for the return of excess securities held by the counterp"ty is made accordance with contractual terms.

Gbarentead Invesmaent eoncd ("GIC"). The Company invested in a GIC n connection with a credit-linked note
--ransactlon-which is onsildearedaMtrctedi vestmen n- t aIa, fheanr =mted format ost I in the opinion of
management, an impairment of value occurs based on a credit risk assessment of the GIC counterparty, such
Impairment would be recorded as a write-down ofthe GIC to is fair value.

Securities lending transaction.

"frincial" tranmacM. On behalf of its clients, the Company, in capacity as "principal" to the underlying
transaction, lends its clients' securities to broker-dealers. The Company requires the borrowers to provide collateral
in the form ofcash or other securitesgenally in an amount equal to or In excess of 100%nAf the fair market value
thue securities borrowed. On a daily basis, the Company monitor the market value of seaities loaned against the
collateral value to determine if additional collateral is necessary.
When securities are received as collateral, an asset, securities received as collateral, and a liability, obligation to
return securities received as collateral, is recorded at fair value in the Company's consolidated balance sheets. For
cash collateral transactions, the Company transfers the cash collateral to its customer, as a result, the Company will
recognize an asset, due from securities leading customer, on its consolidated balance sheets, with a corresponding
liability reported as obligation to return cash collateral.

The income aimed on securities lending transactions when securities are received as collateral is reported as a
component of fees and service charges in the consolidated statements of income. For transactions where cash is
received as collateral, the Company recognizes () interest income on due from securities lending customers, with an
equal amount of interest expense on obligation to return cash collateral, and (i) a fe, as contractually agreed upon
vth the Company's customer, which is reported as a component of fees and service charges in the consolidated
temante s of income.

"Aeint" fromnaclon' The Company also conducts securities lending and borrowing transactions in the capacity as
an agent. In the transactions, the Company arranges securities lending transactions with market participants,
performs other administrative services for its customers, and earns a fee for pfor forming these services. Inthese
transactions, the Company's customer is the ue couterparty to the securities lending transaction and that customer
s ultimately liable on any legal obligation. The income earned on agent transactions is reported as a component of
cs and service charges in the consolidated statements of income.
In certain securities lending agent transactions, the Company provides Indemnifications to its clients for possible
Losses on the underlying securities loaned by its client, or on the underlying investments made by its clients.


Securlflcs. Marketable debt securities are classified at the time of purchase, based on m-mageenilt' atW9, as either
held-to-maturity, trading, or available-for-sale, and are recorded on a trade date basis. The Comppany i connection
with restructuring of loans and lease finance receivables transactions, may receivemarketable equity icurities in
connection with these restructuring. All securities at December 31,2007 and 2006, and throughout each year, were
classified as available-for-sale.

Available-for-sale securities
Available for sale debt securities are used as part of the Company's interest rate risk management strategy, and they
may be sold in response to changes in Interest rates, changes in prepayment risks and other fActor. Interest neome
and dividends on securities are recognized in interest income on an accrual basis. Premiums and disounts on debt
securities are amortized as an adjustment to yield over the life of the security based oa the actual pri
experience of the debt security. Securities available for sale are carried at fair value, which is dele~mind based on
available market prices or broker quotes, with unrealized gains and losses recorded net of income taes a
component of accumulated other comprehensive income (loss). Realized gains and losses are rcogniazd on a
specific identification basis on trade date.

The Company periodically assesses whether there have been any events or economic ircqmstances thi indicate a
--u.ty-ay mp.ad.n merhan4emporayas -a y ei ctrs, oludg()46 ) ()he
ability and intent to hold the security for a reasonable period of time sufficient for a hrecasted mnket price recovery
up to the cost of the security, (b) the severity of the impairment, (c) the duration of the Impairmet, and (d) evidence
Sofa forecasted market recovery, Securities on which there is an unrealized loss that i deemed to be ooer than
temporary are written down to fairvalue with the write-down recorded as a realized I ts in the obsoldlklad
statements of income. The fair value becomes the new cost basis ofthat security. Subsequent change in hir value
of these securities are included in accumulated other comprehensive gain or loss, ftemporary In naturB e
Loans held-for-sale Loans held-for-sale are recorded atthe lower of the Individual loan facility aggregate cot or
fair value. Fair value is generally based on observable market prim or prices of similar nstrmeant. If market
prices are not available, the fair value is based on the estimated cash flows adjusted for credit risk that Is discounted
using a rate appropriate for each maturity. Loans are transferred to loan held-for-sale at the lower of their
individual cost or fair value. If at the time of transfer the fair value is less than cost, the difference I recorded as a
charge-offto the reserve for loan and lease losses. Subsequently, changesln fair value which e lower than at the
time of transfer and realized gains and losses upon ultimate sale of the loans are charged other operating income
in the consolidated statements of income.

Loans and leasefinance receivables. Loans are stated at their principal amount outstanding, net of uneaned
income, and reserve for loan losses. Interest income on loans is generallyaccrued based on loan principal amounts
outstanding on an effective yield basis. Fees associated with the loan origination process are deferred and amostie
in a manner that approximates level yield adjustment ovcr the respective loan terms. Fees received for providing
loan commitments and Ictter of credit facilities that result in loans are deferred and then recognized over ahe term of
the loan as an adjustment of the yield. Fees on commitments and letters of credit that ae not expectedto be funded
are amortized Into fees and service charges income in the consolidated statements of Income by the straight-line
method over the commitment period.

Lease finance receivables take the form of direct financing and leveraged less, Lease values c ofthe of
the minimum lease payments and residual values, less unearned income, reserves for lease losses a, fr leveraged
leases, related principal and interest on non-recourse debt for which the Company has no liability. Estimated lease
residual values, recorded at lease inception, reflect managcment'i estimates of the future values of the assetsat lease
expiration. Income from leases is Included in interest income over the term of the leases to produce a constant rate
-of return on the net investment. -Income on-leveraged leases-is included in Interest income based on theCompanys
investment, net of related deferred taxes in the leases. Placement, structuring and servicing fees ar recognized as
income in the period in which the services arc rendered.

Loans and lease finance receivables that are identified as impaired are placed on nonaccrual status when it is
determined that the payment of interest or principal is doubtful, or when interest or principal is contractually past
due for 90 days or more, except'when the loan is well secured and in the process of collection. Any interest accrued
on a loan or lease finance receivable placed on nonaccrual status is reversed and charged against Interest income.
Cash receipts subsequently received on nonaccrual loans or lease finance receivables are applied to reduce the
unpaid principal balance. Loans or lease finance receivables can be returned to accrual status when they become
current as to principal and inctrest or demonstrate a period o performance under the contractual tes and, in
management's opinion, are fully collectible. :.
Estimated unguaranteed residual values of leased assets are based on annual independent appraisals ofthe values of
leased assets remaining at expiration of the lease terms., For all leases where e the unguranted residual value is
deemed to have other than temporary impairmnnent, the residual value is written down to Its estimated fir value.
Gains and losses from sales of the leased equipment are included in other income.

Reserve for loan ad lease loser. The Company continually evaluates the reserve for loan and lease losses by
performing detailed reviews of individual loans and leases, reviewing historical net charge-offexperience of the
portfolio as a whole, evaluating prevailing economic condiilbns and other pertinent factors such as ocem trations of
industry and geography. Based on these analyses, the reserve for loan and lease lossesrepresents theCompany's
estimate of probable losses inherent in the portfolio. The reserve for Joan and lease losses related toloans that are
identified as Impaired is based on discounted cash flows using the loans effective interest rate, the fair vaie of the
collateral for collateral dependent loans, or the secondary market value of the loans. For lease finance rcivable
transactions (other than leveraged leases) containing nonrecourse debt the Company established Joan and:lease loss
reserves based on the total investment in the finance lease receivable, net of any onrecourse debt outstanding for
---the-pplicabletrwatetaio n...

Loans and lease finance receivables, or portions thereof, deemed uncollectible are rge ff against the reserve a r
loan and lease losses, while recoveries are credited to the reserve for loan maidlease losses ;Amsdulare charged-off
once the probability of loss has been established, giving consideration to such factorsas the customer's financial
.condition, underlying collateral and guarantees, and general industry and eoonq al conditions .
For unused loan commitments and standby letters of credit, the Company dtrmies an expected loss amount using
a similar methodology to that used for the loan portfolio, and such amounts are included in accrued expenses and
other liabilities in the consolidated balance sheets.

The (provision) recovery of provision for loan and lease tosses and the (provision) recovery of provision-for lending-
related commitments and standby letters of credit are aggregated in the consolidated statements of income and are
reported in (provision) recovery of provision for credit losses. .
Variable Interest Enities ("VIEs"). FIN 46R provides guidance on determining whether attain entities that do not
meet the criteria necessary to be considered an operating company (fbr example, a voting-Interest entity) should be
included in a company's consolidated financial statements. Companies that don't meet the criteria a an operating
company are commonly referred to as VIEs.

VIEs are corporations, partnerships, limited liability companies, trusts, or any other legal structure that is established
for a distinct and limited purpose. VIEs inherently do not provide equity owners with voting powers because the
VIE's legal documents determine all material decisions.

Under FIN 46R, an enterprise is considered to have a controlling financial interest in a VIE when it has a variable
interest, or a combination of variable Interests, that will absorb the majority of the VIEs expected loes or will
receive a majority ofthe VIEs expected residual returns, or both. The enterprise that has a controlling financial
interest, known as the primary beneficiary of the VIE, must consolidate the VIE, Not all VIEs will have a primary
beneficiary.

The Company determines whether It is the primary beneficiary ofa VIE by first performing a qualitative assessment
of the VIE. Factors that are considered in this I nalysis include,b.uta not limited Jo, the capital scture,
contractual terms and priority of distributing cash flows, guarantees, related ppnles to the VIE, the oval design of
the VIE, and an assessment of whether variable interests In the VIE either absorb or create variability. If the
qualitative analysis is not conclusive in determining the primary beneficary, the Company will perform a
quantitative assessment, and utilizes the "top.down" or scheduling method. ,Under this method, the cash flows are
allocated to each variable interest based oh the contractual arrangement and seniority for each ofthe cash flow
scenarios used to determine the VIEs expected loses and expected residual returns. In both year presented, the
Company has consolidated the financial results of the VIEs that meet the criteria under FIN 46R

QualIfybig Special Purpose Entties ("QSPErs'). QSPEs can generally be described as an entity whose business
activities are limited to passively holding financial assets and financial liabilities and distributing cash flows to its
investors based on the terms outlined in the legal documents establishing the QSP.. In accordance with Statement
of Financial Accounting Standards ("SFAS") No. 140, Accoumingfor Thinrs andWerviklng ofFlIrasalAurets
and Exrrnguishments ofLiabilities ("SFAS No. 140"), transactions with QSPEs are not consolidated. As of
December 31,2007 and 2006, the Company had no entities established as QSPEs.

Derivaive Financial Inslruments The Company reports its derivative financial instruments n accordance with
SFAS No. 133, Accountingfor Derivative instruments and Hedglng Activtes ("'SFAS No. 133"), as amended,
which establishes the accounting and reporting standards for derivatives and hedging activities. All derivatives are
recognized on the consolidated balance sheets at fair value, taking into consideration the effects of legally
enforceable master netting agreements that allow the Company to settle positive and negative positions with the
same counterpart on a net basis. The fair value of derivative financial instruments is recorded in other assets and
accrued expenses and other liabilities in the accompanying consolidated balance sheets.

Under SFAS No. 133, the Company may designate a derivative as either a hedge of (1) the fair value of a recognized
fixed rate asset or a liability or an unrecognized firm commitment ("fair value hedge"), (2) a forecasted transaction
or of the variability of a future cash flow of a floating rate asset or liability ("cash flow hedge"), or (3) a foreign-
-- currency fair value or cash flow hedge("foreign currency hedge").

For derivative contracts that the Company designates as fair value hedges, changes In the fair value of the hedging
derivatives and the hedged items are recorded in earnings. For derivative contracts that the Company designates as
cash flow hedges, the effective portions of the changes in fair values of the hedging derivatives are recorded

temporarily in equity, net of income taxes, and then are recognized in earnings in future periods when earnings are
also affected by the variability of the hedged cash flow. For all hedge relationships, hedge ineffectiveness resulting
from the differences between the changes in fair values or cash flows of the hedged items and changes in fair values
of the derivatives is recognized as components of either interest income or interest expense in the consolidated
statements of income.

For derivatives that do not qualify as hedges, or for which hedge accounting is not elected, hte changes in the fair
values of these derivatives are recognized as a component of other income in the consolidate d statements of income.

Investment in operating leases. Investment in operating leases is stated at cost, less accumulated depreciation.
Operating lease equipment is depreciated to its estimated residual value over the term of the lease. Depreciation is
computed using the straight-line method. Income on operating leases is recognized on a straight-line basis over the
terms of underlying leases.


Intangible asset. The intangible asset consists of a core deposit intangible. The intangible asset is amortized over
its estimated useful life of 15 years. An impairment is recognized if the carrying amount is not recoverable and the
carrying amount exceeds the fair value of the intangible asset.
Premises and equipment. Furniture, fixtures, equipment, and leasehold improvements are stated at cost, less
accumulated depreciation and amortization. Furniture, fixtures and equipment are depreciated on a straight-line
basis over their estimated useful lives, and leasehold improvements are amortized on a straight-line basis over the
shorter of the term of the related leases or their estimated useful lives.

Pension benefit. The Company recognizes an asset for the overfunded status of its allocated share of the BTMU
pension plan on its consolidated balance sheets with a corresponding offset, net of taxes, In accumulated other
comprehensive gain (loss) in stockholder's equity, as required under SFAS No. 158, Employers'Accouningfor
Defined Benefit Pension and Other Postretirement Plans, an amendment of SFASNo. 87, 88, 106, and 132(R)
("SFAS No. 158"). The overfunded status represents the excess of the fair value of plans assets over the projected
benefit obligation. The measurement date for the plan assets and projected benefit obligation is the Company's year
end.

Other postretirement benefits. The Company recognizes a liability for the underfinded status of its allocated share
of the BTMU postretirement medical and life insurance benefit plan on its consolidated balance sheets with a
corresponding offset, net of taxes, in accumulated other comprehensive gain (loss) in stockholder's equity, as
required under SFAS No. 158. The accumulated postretirement benefit obligation represents the underfunded status
of the plan. The measurement date for the accumulated postretirement benefit obligation is the Company's year end.


March 26,2008


I. -


* .-- --u?,M B H .. ..;. 4. H .^ ... ......... ..... .. .. ..... .......................


THE TRIBUNE










Income taes. The Company recognize dethred taxassets and liabilities for the expected future taxconsequene
of temporary differences between the crying amounts and the tax bases ofassets and liabilities. Deferred tax
assets are required to be reduced by a valuation allowance to the extent that, based on the weight of available
evidence, it s more likely than not that the deferred tax assets will not be realized.
During 2007, the Company adopted the proviso of FASB interpretation No.48 (FIN 4"), Accmfrint
Uncertahy in come Tara. In adopting FIN 48, the Company evauate all tax positions that are morlikely-
then-ot to be sustained upon exanation and measures the amount ofbefit to recognize n the financial
statements. The effect ofadopting FIN 48 Is refred to linNote 12. Also, during 2007,the Company adopted
FASB Staff Potion FSP 13-2, Axowinagr a Chant or Pro, ted Change n the Tbing ofCaWh R Rwseatng
to Income Tae Oeneratedlby alevrged ase Transacion C(FSP 13-2"). FSP 13-2 requires that 1 during the
lease term, the.projected timing ofthe income ta cash flows generated by a leveraged lease s revised, the rate of
return and the allocation of income to positive Investment year must be recalculated from the inception of the lease.
At ado.tio. the chang in th inet thalif fth an hecalr no be__
rscognlcdcis an adjustmnet to the bginningbalance ofretaned earnings The effect of adopting FSP 13-2 is
Isferred to in Note 4.
Fo nM xa Thle Company maintains positos in forge curencie in the form of loans, deposits and
borrings. These transaction re primarily for the purpose of providing foreign exchange services to its
customers, and for ftmding papose. Assets and liabilities denominated in non-U.S. dollar currencies are translated
into U.S. dollar equivalents using year-end spot foreign exchange rates. Revenues and expenses denominated in
non-U.S. dollar currencies are translated monthly at amounts that approximate weighted average exchange rates,
with resulting gains and losses included in income.
Fees aondervice et ges Inome Fees and service charges income includes the following: fees charged to
affiliates for various administrative fctins; income earned fom custody and safekeeping activities; fes from
loan commitments fees for providing stadby ett of credit; securities lending es; and'cash management fees.
These tems ae recognized as eared over the period that the service is provided.
al dIvienm. Cash dividends are reflected in the consolidated financialstatements in the year in which they are
approved by the board of directors of the Company.
Comprhe e rea"com. Comprehensive income consists of net income, unrealized gains and losses on available-
for-sale securities, and the adjustment to recognize SPAS No. 158, and is presented in the consolidated statements of
changesin stockholder's equity.
Recent Accounting Developments
Certain Hybrd FInrme tuamm at. In February 2006, the FASB Issued SFAS No. 155, Accounting for Certain
Hybrid Finanial Instruments (SAS No. 155"), Tis statement amends SFAS No. 133 and SFAS No. 140, and
resolves issues addressed in SFAS NoW 133 Implementationtsue DI, "Application of Statement 133 to Beneficial
Interest i Scuritized Financial Assets." SAS No. 155 permits fir value remeasurement fbr any hybrid financial
_Jstrunment.that contains an embedded derivative that otherwise would require bifurcation and clarifies which
-interestony trips and prncipal-onlystips are not subject to the requirements of SFAS No. 133. SFAS No. 155
establishes requirement to evaluate interests n securitized financial assets to identify interests that are freestanding
derivatives or that are hybrid financial lstrent that contain an embedded derivative requiring bifurcation. SFAS
No. 155 als clarifies that concentrations of credit risk n the form of subordination are not embedded derivatives
and mendsFAS No. 140 to eliminate the prohibition on a qualiing special purpose entity from holding a
derivative financial Instrument that pertains to a beneficial interest other than another derivative financial
instrument. SFAS No. 155 Is effective for all financial instruments acquired or issued after the beginning of the
fiscal yer beginning after September 15,2006. The adoption of SFAS No. 155 did not have an impact on the
Company's financial position, results of operations or cash flows.
Fair Viue Mesmurememnt. In September 2006, the FASB issued SPAS No. 157, Fapr Vable Measuremen
("SFAS No 1i7). This statement deines fair value, establishes a framework for measuring fair value in generally
accepted counting principles, adexpands disclosures about fair value measurmets. For assets and liabilities
that are reported at fair value, the statement requires disclosure of the level within the fair value hierarchy in which
thae fair lubeasurements n their entealy ll, tegregating fir value measurements using quoted ris in actve
arket (1vel 1), gnificant other obsrvabe iputs (Level 2 and significant uobsemble inputs (Level 3). For
.Lvel 3 measutemit ent there axe additional discloires that will make the valuation of these balances more
transparent including the valuation techniques used to measure fair value and a discussion of changes In valuation
techniques, fany, that have occurred during the period.
SPAS No. 157 s effective for fiscal yards beginning after November 15, 2007 and is required to be adopted by the
Company or the fiscal year ended December 31,2008. The Company does not believe adoption ofSFAS No. 157
will have a material impact on the Company's financial position, results of operations or cash flows.
Fair VaMruejOpin. In February2007, the FASB issued SPAS No. 159, TMe Fair Value Option for Fnancial Aset
and FMWai t dahlalta e .incmd'ng and4mednsmet W qFSB SlaemerntNo. 115 ("SFAS No. 159"). SAS No. 159
-p rlteitiesr s- pfledctiun dolaes, w oe measure many fmanuiilainumeli-uiand ciuin othentems
at fair vlue th are not crenyrequired to be measured at far value. A business entity shall report unrealized
.ains and losses on items for which the fair value option bo been elected in earnings at each subsequent reporting
date. SFAS No.159 Is effective as ofthe beginning ofan entity's first fiscal year beginning after November 15,
2007. At adoptioonn January.1, 2008, no elections were madeand therefore, there was no Impacton the Company's
financial position, results of operations or cash flows.
ushness CondblanlaHs. In December 2007, the FASB issued SFAS No. 141R, Busness Combinaons (SFAS
No. 14R"). SFASNo. 141R will significantly change the accounting for business combinations. Under thii
statement, an acquiring entity will be required r cognze all the assets aacqued an bliablles summed n a
transacionat fnvalue onacqultiondatewithlmitadexceptions. SFASNo.141R willhangetheaccounting
treatment for certain specific items, including acquisition costs, non-conrolling interests, he valuationof acquired
contingent liabilities, restructuring cost,and changes tadeferredtax assetvaluatin allowances. SFASNo. 141R1
applies prospectively to business combinations for which the acquisition date s on or after the beginning of the first
annual reporting period beginning on or after December 15, 2008. Earliefadoption is prohibited. The Company
does not believe adoption of SFAS No. 141R will have a material impact on the Company's financial position
results of operations or cash flows.
4. Loans and Lease Finance Receivables

lajor categories of loans and lease financereceivables are as follows:
December31,
IUnlbOwmds 2007 2006
Commercial aind iiustrial 5 1,471,169 S 1,266,323
Lease finance receivables 648,216 678,555
Tax exempt loan to state and local government 50,921 48,435
Other 806 557
loans and lease finance receivables, before reserve for loan
and lease losses 2,171,112 1,993,870
Reserve for loan and lease losses (28,693) (32,945)


loanss and lease finance receivables, net ofreserve for loan
:-and lease losses .


S 2.142.419 S !960925


The commercial and industrial loan balances shown above represent transactions primarily in the form of term loans
and revolving credit agreements.
Interest income on the tax exempt loan to state and local government above is paid in-kind and as such, the loan
balance is increased for the amount earned.
Lease finance receivables are comprised of


Total direct financing and
leveage Ii.


b touund-s 2007 2006 2007 2006 2007 2006
Total minimum lease payments
eceivable $ 447,305 S 439,311 S 287,437 S 290,375 S 734,742 S 729,686
smated unguaranteed residual
value of leased assets 78,039 72,962 46,023 46,023 124,062 118,985
Initial direct costs 8,662 9,226 8,662 9,226
Las unearned income (106,195) (110,238) (113,055) (69,104) (219,250) (179,342)
Lease finance receivables (as shown
above) S 427.811 $ 411,261 S 220.405 S 267,294 S 648,216 S 678,555
Lease finance receivables consist primarily of commercial equipment and facilities, aircraft, and transportation
equipment As the sole owner of assets under direct financing leases and as the equity participant in leveraged
leases, the Company is taxed on total lease payments received and is entitled to tax deductions based on the cost of
leased assets and tax deductions for nterestpaid third partyparticipants.-eompany is entitled to any residual
value of leased assets.
The Company has no general obligation for principal and interest on non-recourse notes and other instruments
rreenting participation of affiliate and third parties related to leveraged leases; such notes and other instruments
have not been included in abilities hbut have been offset against the related lease receivables. The Company's share
of lease reivabs on leveraged lases is subordinate to the share of other participants who also have security
.inerests in the leased equipment.
The Company finances certain direct financing leases with nonrecourse debt. Since these transactions do not qualify
for leveraged lease accounting, the nonrecouse debt is shown on the Company's accompanying consolidated
balance sheets, included as a component of borrowings from affiliates and other borrowed finds.
The following table summarizes the annual contractual cash flows due on minimum lease Oyments receivable:


Contractual Maturities


Minimum lease
payments
receivable


Due in
2008 S 61,629
2009 59,367
2010 56,656
2011 66,319
2012 81,280
2013 and thereafter 409,491
Total minimum lease payments receivable S 734,742
As referred to in Note 2, the Company adopted the provisions of FSP 13-2 during 2007. The Company invests in
lease-in-lease-out ("LILY) and sale-in-lease-out "(SIL) transactions that have been challenged by the Internal
Revenue Service ("IRS'. The Company recalculated these leases to reflect the potential change in the timing of
income tax cash flows in accordance with this FSP. At the adoption of FSP 13-2, the Company's unearned income
balance on these leasing transactions increased by $473 million, the balance of deferred tax payables was reduced
by $16.6 million, and the beginning balance of retained earnings was reduced by $30.7 million. The unearned
income amount will be recognized in interest income over the remaining term of the affected leases. During 2007, a
subsequent change in assumptions to the projected timing of the income tax cash flows resulted in a reduction of
interest income of $2.S million.
Interested persons may obtain complete copy of the Audited Accounts from SG
Bahambrs Bank & Trust (Bahamas) Limited, P. O. Box N-7788, West Bay Street, Nasau
BahamasI


THE TRIBUNE


FROM page 1B


increase in its basic cable TV
rate remained "on our agen-
da", the monthly rate having
remained the same since the
company's inception in the
mid-1990s.
He explained: "We haven't
had a lot of movement on that,
but it's something we're still
looking to achieve. It's some-
thing we think still needs to
happen.
"We've not had a rate
.increase since inception. There
are other companies that sup-
ply public services who have
had rate increases approved
because of increasing opera-
tional costs.
"Our cable business is cer-
tainly a mature business. We
are trying to continually pro-
vide more services, and even
the cost of signals for the chan-
nels we provide has'increased
on an annual basis. Some of
those increases are astronomi-
cal, but we've not been able to
increase rates accordingly for
the services we provide."
Mr Williams said Cable
Bahamas' electricity bill for the
2008 first quarter was probably
20-25 per cent more than in
the 2007 comparative period,
providing one example of how
the company's cost base had
increased..
He added that, traditional-
ly, Cable Bahamas used to


MONDAY, MAY 5, 2008, PAGE 15B


Cable still seeks






basic television


experience a decline in its elec-
tricity bill and rates in the win-
ter months between Novem-
ber-February, but that did not
happen this time, leaving the
company like all other
Bahamian businesses facing
the prospect"of rising costs in
the 2008 second quarter and
beyond.
For the 2008 first quarter, in
which Cable Bahamas saw rev-
enues rise by 10.58 per cent to
$20.043 million, and net
income grow 10.93 per cent to
$5.54 million, Mr Williams said
the BISX-listed firm experi-
enced growth across all its
business segments.

Revenues

Total cable revenues, includ-
ing Ocean's Digital, premium
and pay-per-view services,
were up 7 per cent on the 2007
comparative period, Mr
Williams said, with Internet
revenues ahead 12 per cent.
"We've been pretty much on
target for the first quarter," he'
added of the company's finan-
cial projections.
"The major leader for the
quarter was the Internet.
We're still seeing growth in
that sector, mostly from small
commercial clients. That's
pretty much where the major-
ity of the growth has been."
Meanwhile, Cable Bahamas'
100 per cent-owned affiliate,
saw a 23 per cent jump in its
2008 first quarter revenues,


COMMONWEALTH OF THE BAHAMAS'
IN THE SUPREME COURT
Common Law and Equity Division


with its Maxil data centre
enjoying 28 per cent top-line
growth.
"We had quite a bit of trac-
tion in Maxil's services last
year. We're seeing quite a lot
of financial services institutions
taking on disaster recovery ser-
vices," Mr Williams said. "It's
something we've been actively
pushing, bringing movement
in that manner. Some people
are realizing its needed."
Maxil's take-up has been
one reason why Cable
Bahamas is currently expand-
ing its Robinson Road facili-
ties, with part of the new space
dedicated to its disaster recov-
ery services. A number of
financial services institutions
have "taken on" the option of
having space available to them
in Maxil's disaster recovery
centre, where they will be able
to operate for a certain period
of time when their main office
is out of action.
"With the growth we've had
in that and Caribbean Cross-
ings, the demand for addition-
al electronics back-up, power
supplies and the things that we
need to make services reliable,
we've essentially run out of
space," Mr Williams explained.
"It's a good problem to
have. We've also launched 10
new cable pay-per-view chan-
nels, and they all require extra
electronics and equipment."
As a result, Cable Bahamas
had been forced to expand its
existing buildings.


2007
CLE/equ/00648


IN THE MATTER OF all that piece parcel or lot of land situate in the Eastern
District of the Island of New Providence one of the Islands of the Commonwealth
of The Bahamas and being Lots Number Eighteen (18) and Number Twenty
(20) of a Subdivision called and known as Perry Subdivision and also known
as Redland Acres Subdivision situate on the Southern Side of Soldier Road in
aforesaid Island of New Providence one of the Islands of the Commonwealth
of The.Bahamas.

AND

IN THE MATTER OF The Quieting Titles Act, 1959

AND

IN THE MATTER OF The Petition of TERRY DELANCEY


NOTICE
- - . . - . . . . .. . . . . ..=. .. . .
-


TERRY DELANCEY, the Petitioner claims to be the owner in fee simple
possession of the pieces parcels or lots of land hereinbefore described and has made
application to the Supreme Court of the Commonwealth of The Bahamas under
Section 3 of the Quieting Titles Act to have the title to the said pieces parcels or
lots of land investigated and the nature and extent thereof determined and declared
in a Certificate of Title to be granted by the Court in accordance with the provisions
of the Act.

Copies of a diagram or plan showing the position boundaries and shape marks
and dimensions of the said pieces parcels and lots of land may be inspected during
normal working hours at the following places:

(a) The Registry of the Supreme Court, Ansbacher House, East Street in the
City of Nassau, New Providence, The Bahamas.

(b) The Chambers of Davis & Co., British Colonial Hilton, Centre of Corn ;c '""
4th Floor Suite 400, One Bay Street, Nassau, The Bahamas, Attorneys for
the Petitioner.

NOTICE is hereby given that any person or persons having a right of Dower or
an adverse claim not recognized in the Petition shall within thirty (30) days after
the appearance of the Notice herein file in the Registry of The Supreme Court in
the City of Nassau aforesaid and serve on the Petitioners or the undersigned a
statement of his claim in the prescribed form, verified by an Affidavit to be filed
therewith.

Failure 6f any such person to file and serve a statement of claim within thirty (30)
days herein will operate as a bar to such claim.

Dated this 3rd day of April A.D., 2008

DAVIS & CO.
Chambers
4th Floor, Suite 400
British Colonial Hilton
Centre of Commerce
One Bay Street
Nassau, The Bahamas


m


..


Dire t tini le.s


rate rise







THE TRIBUNE


Baha Mar engages UBS to find Harrah's replacement


FROM page 1B




Macau.
After news of Harrah's with-
drawal from the $2.6 billion
Cable Beach redevelopment
became public, Mr Robinson
said Baha Mar had received
numerous "unsolicited pro-
posals" from potential suitors


eager to replace the gaming
giant.
He added that the developer
had hired UBS to help it assess
which proposals were serious
and had merit, and those that
did not.
Acknowledging that it would
be hard to find new casino and
equity investors in the current
economic climate, given the
global credit/liquidity crunch,
Mr Robinson said that just as


LEGAL NOTICE



HANG SENG BANK TRUSTEE (BAHAMAS)
LIMITED



NOTICE is hereby given that the Creditors of the
above-named Company are required on or before
June 3, 2008, to send their names and addresses, with
particulars of their debts or claims, and the names and
addresses of their Attorneys (if any), to Mrs. Maria
M. Ferere, Liquidator of the said Company, at FT
Consultants Ltd., P.O.Box N-3932, Nassau, Bahamas


Dated the 5th day of May, 2008


Maria M. Ferere




Opening: Saturday, May 3rd -10 a.m. 7 p.m.



026 CldO in 9vw'


hard would be "recreating a
deal that works for every-
body".
He explained that once
Baha Mar found new capital
and casino partners, it would
be far more complicated to
close an agreement that just
substituting their name for
Harrah's in the terms and con-
ditions previously concluded
with the latter. The supple-
mental Heads of Agreement
concluded with the Govern-
ment on January 31, 2008, may
also change.
Given the complexity of the
$2.6 billion project and joint
venture, commercial negotia-
tions of this nature are likely to
take many months. For this
reason, Mr Robinson urged
the Government which has
effectively given Baha Mar 12
months until March 2009 to
find a new partners) by hold-
ing open the window for clos-
ing the Treasury land transfers
- to show "flexibility" if the
developers were to conclude a
new deal.
"We had a deal with Har-
rah's on specific things that
were important to us and Har-


rah's," Mr Robinson
explained. "Once we pick
another gaming partner and
equity partner, the inevitable
consequence is that these
things are going to change. The
flexibility of the organizations,
and the Government, is most
important.
"We need the flexibility and
commitment of government to
go the road with us, and gov-
ernment flexibility to meet the
terms and conditions that new
business partners request. If
we're working with someone
and they need time, we would
expect the Government to
gives us the flexibility and the
time to deliver the project. We
just need to have flexibility to
get the right people on board."
The UBS hiring effectively
indicates that all hopes Baha
Mar may have harboured
about enticing Harrah's back
to the joint venture project are
now dead. The two sides are
now in litigation in New York,
with Harrah's seeking a court
declaration that it was able to
unilaterally able to terminate
the deal, and Baha Mar seek-
ing a ruling that Harrah's


Successful Candidate will be responsible for overseeing installation projects
throughout the Bahamas & Caribbean. Willing to travel extensively with short
notice. Must have extensive background in Sustainable Development including
Specific Training on Steel SIP Construction, Structured Wiring Systems, VAWT, etc.

Min. 15 years of construction and design experience with 5 years in project
management is required. An interest or experience in alternative energy,
distributed generation, energy efficiency, andlor green building is a plus.
Proficiency in the "Design and Productivity Suites" including MS Excel, MS Word,
MacroMedia Flash, AutoCAD, Adobe Premier, MacroMedia Generator and
Adobe Premier. Salary Commensurate with experience.

Reply to: P.O.Box EE 15419, Nassau, Bahamas



LEGALNOTICE.

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)


In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (4)
of the International Business Companies Act, (No.45 of 2000),
KITEN PRODUCT, INC. is in dissolution. Alrena Moxey is
the Liquidator and can be contacted at Winterbotham Place
& Queen Streets, Nassau, The Bahamas. All persons having
claims against the above-named company are required to send
their names addresses and particulars of their debts or claims to
the Liquidator before May 30, 2008.




Q"A UIDm


9BIS ROYAL FIDELITY C

CFA L'V


FG CAPITAL MARKETS
BROKERAGE & ADVISORY SERVICES


BISX LISTEDa,&TPADP0 SEOP TIE ASQOF : P. ."*';" i
FRIDAY, 2 MAY 2008' 4 ;..:'
BISX ALL SHARE INDEX: .CLOSE 1,932.78 I CtG -4,15 %CHG-.O ~tD;T $3.3971
FINDEX: yCLOSE 902,237 IYTD% ,2z~;ri :7 2Pr.s f ..
i WWW.BISXBAHAMAS.CM&FOR. OR DATA 4INrFOMl~
52wk-Hi 52wk-Low Security Previous Close Today's Close Change Daily Vol. EPS $ Div $ P/E Yield


1.15
11.50
9.02
0.85
2.60
1.30
10.41
2.10
4.75
3.60
2.20
5.94
12.49
13.24
5.05
0.50
6.79
8.60
10.00


S2wk -H. 52w-.Low


Abaco Markets
Bahamas Property Fund
Bank of Bahamas
Benchmark
Bahamas Waste
Fidelity Bank
Cable Bahamas
Colina Holdings
Commonwealth Bank (S1)
Consolidated Water BDRs
Doctor's Hospital
Famguard
Finco
FirstCaribbean
Focol (S)
Freeport Concrete
ICD Utilities
J. S. Johnson
Premier Real Estate


Symbol


14.60 14.25 Bahamas Supermarkets
8.00 6.00 Caribbean Crossings (Pref)
0.54 0.20 RND Holdings

41.00 41.00 ABDAB
14.60 14.00 Bahamas Supermarkets
0.55 0.40 RND Holdings


52wk-Hi
1.3081
3.0008
1.3875
3.7969
12.1010
100.0000
100.0000
1.0000
10.5000


52wk-Low
1.2443
2.6629
1.2647
3.2018
11.5519
100.0000
100.0000
1.0000
9.6346


Fund Name
Colina Bond Fund
Colina MSI Preferred Fund
Colina Money Market Fund
Fidelity Bahamas G & I Fund
Fidelity Prime Income Fund
CFAL Global Bond Fund
CFAL Global Equity Fund
CFAL High Grade Bond Fund
Fidelity International Investment Fund


1.95 1.95
11.80 11.80
9.61 9.61
0.90 0.90
3.50 3.50
2.39 2.39
13.80 13.80
2.87 2.87
7.10 7.10
4.79 4.65
3.00 3.00
8.00 8.00
12.50 12.50
13.24 13.24
5.32 5.32
0.50 0.50
6.79 6.79
12.30 12.30
10.00 10.00
Fidelity Over-The-Counter Securites
Bid $ Ask $ Last Price


0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
-0.14
0.00
0.00
0.00
0.00.
0.00
0.00
0.00
0.00
0.00
= ...-


0.135
1.086
0.643
0.188
0.289
0.058
1.121
433 .0.091
603 0.440
0.157
0.316
0.713
0.810
0.651
5,712 0.386
0.035
0.411
1.059
0.180


0.000
0.400
0.160
0.030
0.090
0.040
0.240
0.040
0.290
0.052
0.040
0.280
0.570
0.470
0.140
0.000
0.300
0.620
0.600


Weekly Vol EPS $ Div $


14.60 15.60 14.60
6.00 6.25 6.00
0.35 0.40 0.35
' Colmna Over-The-Counter Securities
41.00 43.00 41.00
14.60 15.60 14.00
0.45 0.55 0.45
BISX L'stda Mutual Funds


NAV
1.308126""
2.996573'"'
1.387505"'
3.7011""
12.1010"
100.00"
100.00"
1.00"
9.6346'


YTD%
1.25%
-0.14%
0.90%
-2.52%
1.40%


-8.24%


.1.160
0.000
-0.023


4.450
1.160
-0.023


Last 12 Months
5.61%
13.11%
3.87%
17.78%
5.72%


-8.24%


Market Terms


14.3 0.00%
10.9 3.39%
14.9 2.71%
4.8 3.33%
12.1 2.57%
41.2 1.67%
12.3 1.74%
31.5 1.39%
16.1 4.08%
30.5 1.09%
9.5 1.33%
11.2 '3.50%
15.4 4.56%
20.3 3.55%
13.8 2.63%
14.3 0.00%
16.5 4.42%
11.6 5.04%
55.6 6.00%

PIE Yield


0.900 13.4
0.480 NM
0.000 NIM

2.750 90
0.900 13.4
0.000 NIM

Yield%


NAV.:Kqr 't;


6.16%
7.80%
0.00%

6 701"
6.16%
0.00%
. .


BISX ALL SHARE INDEX 19 Dec 02 = 1.000.00 YIELD last 12 month dividends divided by dosing price 29 February 2008
52wk-Hi Highest closing price in last 52 weeks Bid $ Buying price of Colina and Fidelity 31 December 2007
52wk-Low Lowest closing price in last 52 weeks Ask S Selling price of Colina and fidelity "' 11 April 2008
Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price "" 31 March 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 $ A company's reported earnings per share for the last 12 mths
Daily Vol. Number of total shares traded today NAV Net Asset Value
DIV $ Dividends per share paid in the last 12 months N/M Not Meaningful
P/E Closing price divided by the last 12 month earnings FINDEX The Fidelity Bahamas Stock Index. January 1, 1994 = 100
(S) 4-for-1 Stock Split Effective Date 8/8/2007
(S1) 3-for-1 Stock Split Effective Date 7/11/2007
TO TRADE CALL: CFAL 242-502-7010 1 FIDELITY 242.386-77641 FO CAPITAL MARKETS 242-396-4000 FOR MORE DATA & &1?i ',..


return to the development or
pay it damages for negotiating
in 'bad faith'.
"There's litigation ongoing,
and I can't tell you what's
going to come out of that," Mr
Robinson told The Tribune.
On the prospects of Harrah's
ever returning to the Baha Mar
joint venture, he added: "I
think there's always a chance
of that happening if the busi-
ness terms are correct, but I
can't quantify the likelihood
of it. We can't close the door,
but we can't wait and see
either."
Mr Robinson said the Baha
Mar project's ability to pro-
ceed was "critically important"
to the Bahamas' competitive-
ness as a global tourism desti-
nation, arguing that the indus-
try in this nation was "suffer-
ing" because it had not been
refreshed and revitalized with
new product since Atlantis's
first two phases came on
stream in the mid to late-1990s.
As a result, the Bahamas
was a mature destination that
lacked the excitement gener-
ated in the tourism market-
place by rival destinations with
new products coming on-line,
something Baha Mar was
designed to fix.
"The Bahamas has to be a
competitive destination," Mr
Robinson said. "In destination
marketing, people have to
make a choice: where do you
want to go? I think this pro-
ject reinvigorates the Bahami-
an economy and presence in
the destination tourism mar-
ket. There are so many new
products, and there hasn't
been anything really new here
for several years."
Robert Sands, Baha Mar's
senior vice-president for gov-
ernmental and external affairs,
said the Bahamas' total hotel
room inventory had remained
stagnant at around 14,000 since
the 1980s, new properties
replacing those that had closed
down.
"If the country is going to
grow and attract new equity,
every two years it's got to have
something brand new," Mr
Sands added. "I think the
Bahamas is suffering for the
fact there is nothing new, and
there are other islands that are
doing it......
"We can't become a cruise
destination. We know that the
average per capital spend for
cruise passengers is $80 com-
pared to $1300 for stopover
visitors. It's important that we
have new attractions that
attract new stopover visitors."
Mr Robinson also scotched
speculation that Baha Mar's
principals, father and son duo
Dikran and Sarkis Izmirlian,
would walk away from the
Cable Beach project and look
to sell the company's two exist-
ing properties, the Sheraton
and Wyndham.
"We're not walking away,"
Mr Robinson said. "None of
our executive team has walked
away. They come from all


kinds of countries, all kinds of
jobs, and they're all still here,
focused on making Baha Mar a
reality.
"It may not be the best chap-
ter in the world, but we have to
believe in the long-term vision
of the project. It's just a phase
we have to get through."
The Izmirlians' backing for
Baha Mar was unequivocal",
Mr Robinson added, saying
that since Harrah's withdrawal
Sarkis had met with the exec-
utive team numerous times,
and the development team at
least three times, to reaffirm
his commitment.
"The family has really
stepped up. They're still posi-
tive, still believe in the project,
and still believe in the vision.
It's not something that has
caused them to blink," Mr
Robinson said. "The family
really, really believes this is
important, and that is why so
few executives have left."
Baha Mar has spent "sever-
al hundred million dollars",
and possibly close to $500 mil-
lion, on the Cable Beach pro-
ject to date, another factor that
will make it extremely difficult
for the Izmirlians to walk
away.
.That figure includes the
close-to $200 million spent on
acquiring the former Radisson
from the Government, and the
Wyndham and Nassau Beach
Hotel from Philip Ruffin, plus
the $150 million in capital
improvements made to those
properties.
"There's very few people
who have singularly put up as
much money and as much
focus" in the Bahamas as they
have, Mr Robinson said of the
Izmirlians.
"We're focused on Cable
Beach, and running the exist-
ing hotels the best way we can.
We're committed to building
this project and everyone's
focused on it. Sarkis and his
family will do this project. The
flexibility of the Government is
critical to doing this."
When asked whether Baha
Mar would revert to a scaled-
down Cable Beach redevelop-
ment, maybe along the lines of
the $1 billion investment con-
templated in the original
Heads of Agreement; Mr
Robinson said he was unable
to answer that until the devel-
oper identified its new brand
partners and understood their
intentions.
"I think our goal is to lever-
age all done in the last couple
of year to develop the project
as close to the vision as we
can," Mr Robinson added.
The Harrah's withdrawal has
placed the West.Bay Street
road re-routing, Commercial
Village and Straw Market con-
structions on hold. Mr Robin-
son said the only aspect being
contemplated at the moment
was the 70-acre wildlife sanc-
tuary and public park, which
Baha Mar was liaising with the
relevant governmentoagencies
on.


HELP WANTED EXECUTIVE CHEF


Executive Chef required for an upscale
restaurant doing lunch & dinner for up to 26
guests, and located on a small high-end resort
in Exuma Cays.


The position is a live-in position requiring 3
weeks on and 1 week off.
Flights to and from Nassau will be provided.
Single accommodation will be provided in A/C
ensuite room with satellite TV.


Salary is negotiable and will commensurate
with experience and qualifications.


Please provide full resume to
steve@fowlcay.com or telephone
242-357-0095 or 242-355-2046
242-357-0095 or 242-355-2046


acIpe41e 6tdl care



Vintage And Antique Items:
Excellent gifts for Mother's Day!


2 doors left off Sears Road
on Murphyville


Telephone No: 242-322-8493


,..i _- .&u L v. IV .* ,rY, IMAY 0, WUUb


C&466


-bawln







MONDAY, MAY 5, 2008, PAGE 17B


I THE TRIBUNE


Government to tighten





environmental controls


* By CARA BRENNEN-BETEHEL
Tribune Business Reporter
THE Government will now require
stricter environmental compliance
from developers throughout the
Bahamas in an effort to ensure envi-
ronmental sustainability, the Prime
Minister said.
Speaking to members of the Abaco
Chamber of Commerce, Hubert
Ingraham said approvals granted to
projects with marinas or golf courses
will now require the observance of


minimum standards in the construc-
tion and operation of these ameni-
ties.
Acknowledging the need for sus-
tainable development, Mr Ingraham
said the Bahamas has been better at
requiring international participants
in the economy to observe good envi-
ronmental development practices
than it has of Bahamian developers.
"Be that as it may, today, environ-
mental sustainability has joined finan-
cial capability and economic benefit as
a lynchpin requirement for the


approval of development projects in
The Bahamas," said Mr Ingraham.
Challenged
He added that the Government
continues to be challenged on finding
adequate human resources to fully
implement and monitor environmen-
tal-friendly policies which was why
partnerships with environmental
groups were so essential.
He also acknowledged the concern
Bahamians have regarding the sale


and use of Crown Land, both by
'Bahamians and foreigners.
"I continue to be disappointed with
the slow pace of processing and
approval of applications for Crown
Land by Bahamians," the Prime Min-
ister said.
"It is an unhappy truth that the sur-
vey staff of the Department of Lands
and Surveys continues to be stretched
by the huge demand for land by resi-
dents, not only here in Abaco but all
over the country."
Mr Ingraham said the gGvernment


is presently engaged in an exercise to
identify additional land surveyors for
the Department. "Once additional
manpower is in place, we expect that
timelier processing of applications
will become the norm."
Bearing this in mind, the Prime
Minister added that the Government
was committed to ensuring that devel-
opment in Abaco was suited to the
island's capacity, that it was sustain-
able, and that it would benefit the
people of Abaco and the people of
the wider Bahamas.


EPA is an



opportunity,


not threat,


says official


* By CARA BRENNEN-
BETEHEL
Tribune Business
Reporter
BAHAMIANS need to
look at the signing of an'Eco-
nomic Partnership Agreement
(EPA) with the European
Union (EU) as an opportunity
to grow certain service indus-
tries rather then taking jobs
away from Bahamians, a
senior government official
said.
"We should look at it as an
opportunity and not a threat,"
said Simon Wilson, director of
economic planning at the Min-
istry of Finance.
He and Raymond Winder,
co-chairman at the Bahamas
Trade Commission, explained
the EPA during a private
forum held on the subject at
the law offices of Sharon Wil-
sun and Co last week.
Mr Winder said that
although. there were many
Bahamians who objected to
the agreement, fearing it will
take work away from them
and flood small labour mar-
kets the areas which would be
open for foreigners were large-
ly not tapped by Bahamians.
He said, for example, that
dependent on the service pro-
visions for lawyers, it could


mean that firms could open to
specialize in legal work for for-
eign countries. Although for-
eign lawyers came in, it would
mean work for Bahamians -
both lawyers and office staff.,
"We are not getting any .of
that work now, so it would be
a.bonus," he said. "So even if
you assume the worst, it could
still be beneficial."
Mr Winder also dismissed
suspicions that the EPA was
a "back door entry to the
CSME". He pointed out that
there was no way that the
European Union would agree
to a provision that would allow
the unfettered access of
Caribbean nationals to
Europe.
Mr Wilson agreed, pointing
out that the EPA was a good
way to grow certain sectors
and form joint venture with
international companies, which
is what they have been advis-
ing the private sector to do.
Mr Wilson pointed out that
the EPA would also allow for
the arrival of sustainable small
investments, rather than the
risk associated with huge
investments.
Franklyn Wilson, who
attended the forum, noted that
it will take a major public rela-
tions campaign to sell the EPA
to the Bahamian people.


'Legal Notice
NOTICE


LAMBRUSCO HOLDINGS LTD.



Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act 2000,
the dissolution of LAMBRUSCO HOLDINGS LTD. has
been completed; a Certificate of Dissolution has been issued
and the Company has therefore been struck off the Register.



ARGOSA CORP. INC.
(Liquidator)


Legal Notice
NOTICE


HUOLDSWORTH PLANES LTD.


4-

Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act 2000,
the dissolution of HUOLDSWORTH PLANES LTD. has
been completed; a Certificate of Dissolution has been issued
and the Company has therefore been struck off the Register.



ARGOSA CORP. INC.
(Liquidator)


Legal Notice
NOTICE


WINEDGE SUCCESS LTD.



Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act 2000,'
the dissolution of WINEDGE SUCCESS LTD. hasbeen
completed; a Certificate of Dissolution has beeti issued and
the Company has therefore been struck off the Register.



ARGOSA CORP. INC.
(Liquidator)


Legal Notice
NOTICE


MUSCAT VENTURES
HOLDINGS LTD.


Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act 2000,
the dissolution of MUSCAT VENTURES HOLDINGS
LTD. has been completed; a Certificate of Dissolution has
been issued and the Company has therefore been struck off
the Register.


ARGOSA CORP. INC.
(Liquidator)


Legal Notice
NOTICE


WISE VISION
INTERNATIONAL LTD.


Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act 2000,
the dissolution of WISE VISION INTERNATIONAL
LTD. has been completed; a Certificate of Dissolution has
been issued and the Company has therefore been struck off
the Register.


ARGOSA CORP. INC.
(Liquidator)


Legal Notice
NOTICE


CONNEMARA HOLDINGS INC.



Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act 2000,
* the dissolution of CONNEMARA HOLDINGS INC. has
been completed; a Certificate of Dissolution has been issued
and the Company has therefore been struck off the Register.



ARGOSA CORP. INC.
(Liquidator)


Legal Notice
NOTICE


WISDOM PAGODA GROUP
INVESTMENTS LTD.
/--
Notice is. hereby given that in accordance with Section
138 (8) of the International Business Companies Act 2000,
the dissolution of WISDOM PAGODA GROUP INVES-
MENTS LTD. has been completed; a Certificate of Disso-
lution has been issued and the Company has therefore been
struck off the Register.


ARGOSA CORP. INC.
(Liquidator)


Legal Notice
NOTICE


PROFINIUM INVESTMENTS LTD.



Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act 2000,
the dissolution of PROFINIUM INVESTMENTS LTD.
has been completed; a Certificate of Dissolution has been
issued and the Company has therefore been struck off the
Register.


ARGOSA CORP. INC.
(Liquidator)


Legal Notice
NOTICE


EURIDICE ENTERPRISES INC.



Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act 2000,
the dissolution of EURIDICE ENTERPRISES INC.
has been completed; a Certificate of Dissolution has been
issued and the Company has therefore been struck off the
Register.


ARGOSA CORP. INC.
(Liquidator)


Legal Notice
NOTICE


AQUAVITA
MANAGEMENT LIMITED
--. _

Notice is hereby given that in accordance with Section
138 (8) of the International Business Companies Act
2000, the dissolution of AQUAVITA MANAGEMENT
LIMITED has been completed; a Certificate of Dissolu-
tion has been issued and the Company has therefore been
struck off the Register.


ARGOSA CORP. INC.
(Liquidator)







THE TRIBUNE MONDAY, MAY 5, 2008, PAGE 18B,


Anguilla

Antigua & Barbuda

The Bahamas

Barbados

Belize

British Virgin Islands

The Cayman Islands

Cura;ao


Dominica


Grenada & Carriacou

Jamaica

St. Maarten


Nominations now open!

Each and every day, ordinary people do
extraordinary things to enrich our
communities.

FirstCaribbean wants to honour and
celebrate these individuals who selflessly
dedicate their lives to making a
difference.

Tell us about them!

To nominate your Unsung Hero, collect
a nomination form from any
FirstCaribbean branch or visit us oiline
at www.firstcaribbeanbank.com.
Nomination forms should be addressed
to:
FirstCaribbean Unsung Heroes
C/o Local Co-ordinator
FirstCaribbean International Bank
FirstCaribbean Financial Centre
2nd Floor
Shirley Street
Nassau, Bahamas


St. Kitts & Nevis

St. Lucia


Submit your nominations by
Monday June 30, 2008


St. Vincent & the Grenadines


Trinidad & Tobago

Turks & Caicos Islands


FIRSTCARIBBEAN
INTERNATIONAL COMTRUST
FOUNDATION LIMITED
ENRICHING OUR COMMUNITIES, TOGETHER.
www.firstcaribbeanbank.com


zi-i:! :"'