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2FOR YOU HAPPY MEALi ei ,I. HIGH 85F LOW 72F L SUNNY TO ^ PARTLY CLOUDY The ANY TIME...ANY PLACE, WE'RE # BAHAMAS EDITION TUESDAY, MAY San charged with Subway murder 6, 2008 PRICE 750 0 0I 27-year-old in court over daylight shooting * By NATARIO McKENZIE THE MAN charged with the fatal daylight shooting of 63-year- old taxi driver Hubert Winters was arraigned in Magistrate's Court yes- terday. Romeo Lynes, 27, of Joan's Height appeared before Chief Mag- istrate Roger Gomez at Court 1, Bank Lane on the charge of murder and several other serious charges. In all, Lynes was arraigned on 20 charges, including armed robbery, attempted armed robbery and steal- ing. According to court dockets Lynes on Saturday, April 26, caused the death of Hubert William Win- ters. Winters was shot in the Sub- way restaurant on Madeira Street, Palmdale, when an unknown man reportedly entered the eatery wear- ing a baseball cap and sunglasses. According to police, the assailant demanded cash from the cashier before he put the barrel of his sub- machine gun to the head of ap off- duty police sergeant, threatening to kill him. Shortly afterwards there was a struggle between the assailant and the police officer. Winters, a taxi driver standing in line waiting to be served, was fatally struck in the chest when the gun went off during the struggle on the floor between the would-be robber and the police officer. Winters died at the scene, The assailant reportedly escaped the scene in a white rental car. It is alleged that on the same SEE page eight * By KARIN HERIG Tribune Staff Reporter kherig@tribunemedia.net "ABSOLUTELY," replied Dr Brent Hardt, Deputy Chief of Mis- sion at the US Embassy, when asked if the US government has confidence in the Bahamas' judi- ciary. Notwithstanding the controver- sy surrounding Supreme Court Jus- tice Rubie Nottage and the number of persons the American authori- ties are seeking to have extradited from the Bahamas, it appears that the US still has complete faith in the Bahamas' justice system. When asked on the Love97 talk show "Jones and Co" on Sunday if the US fiha confidence in the Bahamas' judicial system, Dr Hardt - who has completed his three-year tour of duty in the Bahamas - answered: "Oh, absolutely." SEE page eight * By ALISON LOWE Tribune Staff Reporter alowe@tribunemedia.net A MAN, who allegedly shot a plainclothes police officer multi- ple times on Saturday morning, used the officer's police car to drive to a nearby police station and turn himself in. According to police, the 45- year-old man claimed in his report that at the time he fired on the officer he did not realise that he was a member of the force. The officer sustained "non-life threatening" injuries, when the man he reportedly intended to arrest, a resident of York Street, took his own gun from him and fired, hitting him in the face and body. According to his report, the man grappled with the officer, eventually "overpowering" him and wrestling his gun out of his hands, said Chief Supt Glen Miller. The car, which the plainclothes officer was driving, was also struck by bullets during the inci- dent which took place in the Dowdeswell Street area at around 5am. According to Chief Supt Miller, it was not the most recognisable type of patrol car used by police, but was marked with RBPF crests on either side. The officer was from the same police station as those who were SEE page eight Voter throws into question her eligibility at last election * By BRENT DEAN Tribune Staff Reporter bdean@tribunemedia.net I__lk I I A GRAND Bahama woman who now works and lives in the Turks and Caicos Islands threw into question her eligibility to register to vote in the last election, when she told the Election Court that she "probably" was in Barbados during the three months before she registered in November 2005. Marilyn Hall, who is an assistant-customer service manager for First Caribbean, told the court that she moved down to Turks Island in January last year. Before this time, Ms Hall said she lived at number 17 Albatross Circle in Grand Bahama. This address is in Marco City. Ms Hall, whose vote is being challenged by Pleasant Bridgewater, said that she worked at the Pioneer's Way branch of the bank before she left to work in the Turks, and she also travelled on behalf of the SEE page eight Mayaguana employment cutbacks 'largely temporary' * By ALISON LOWE Tribune Staff Reporter alowe@tribunemedia.net EMPLOYMENT cutbacks in Mayaguana are' largely tempo- rary and the result of delays in the construction of the airport due to engineering faults, an island administrator said yester- day. Administrator for Mayagua- na, Jackson Macintosh told The Tribune that the Mayaguana .Development Company tem- porarily "let go" a group of local workers and subcontractors when they suspended the con- struction of the island's 7,300- foot runway earlier this year after it emerged that it was not up to scratch. "The 15 (foreign) contracted workers were temporarily sus- pended because there were some problems with the grade of the tarmac," explained Mr SEE page eight 4 Multiply your savings! Get savings built right into your mortgage U, r-71 =.*:* '' i..' b ~ 7 I -" -~ Tribune Early board elections may be called if hotel union infighting continues 0 By TANEKA THOMPSON Tribune Staff Reporter tthomDson@tribunemedia.net US 'has confidence in the Bahamas judicial system' i I - ---- --~-- ~brdBPcy ~I~hrwxo~ r: 1- .iDEO U e sai od pe Call on minister to establish U BAlE DES MOUSTIQUES, Haiti WHEN soaring food prices sparked deadly riols across HIaiti, many expected that people along the cactus-studded northern coast would do what they traditionally do in times of crisis: take to the seas and head for the United States, according to A.ssociated Press. So far it hasn't happened. In this hamlet overlooking a pristine bay that Christopher Colum- bus once admired, Gary Boloney has no job and no money. But the rail-thin, 38-year-old says that after two failed attempts to flee by boat, the food crisis won't make him risk it again. Elsina Joseph, lovingly cradling her granddaughter, is also staying put. She says she can't abandon her family. In the early 1990s; political violence sent tens of thousands of Haitians toward Florida aboard rickety boats, forcing U.S. President Bill Clinton to send in troops to stabilize the country. Now the price of rice, beans, fruit and condensed milk has gone up 50 percent in the past year, while the cost of pasta has doubled. But the U.S. Coast Guard says its cutters have interdicted 972 Hait- ian migrants over the past seven months, about the same number as a year earlier. That's a fraction of the 31,000 intercepted in 1992 after a military coup. That said, analysts warn that unless Preval tackles the rising food costs, more Haitians will chance the dangerous trip by sea. "It will probably rise markedly, unless the food subsidies can sta- bilize prices in Haiti," said Henry Carey, a professor at- Georgia State University. MAIN SECTION Local News ..............P1,2,3,5,6,7,8,9,15,16 Editorial/Letters. .........................................P4 Advt ..................................... ............ P10 Sports .......:............................... P1 1,12,13,14 BUSINESS SECTION Business .............................P1,2,4,5,6,7,8,12 Advts.......................................P3,9,10,11 WOMAN SECTION Woman..................................P1,2,3,5,6,7,8 Com ics.................................... ... ........... P4 CLASSIFIED SECTION 36 PAGES USA TODAY MAIN SECTION 12 PAGES ,USA TODAY SPORTS SECTION 12 PAGES new maternity ward at PMH NURSING staff yesterday called on Minister of Health Dr Hubert Minnis to establish a new maternity ward at the Princess Margaret Hospital. Nursing supervisor at PMH Charlene Bain, speaking a spe- cial celebration of "Interna- tional Midwives Day" yester- day morning, told Dr Minnis that there are higher instances. of infant mortality at public hospitals than there are at pri- vate ones. The state of the maternity ward's facilities, she added, plays a major role in this regard. According to Mrs Bain, the infant mortality rate in the Bahamas is 17.6 per thousand births. Mrs Bain said that even though these numbers are laud- able, there is "still more work to be done in order to advance the Bahamian health system." W .-% ., .. MMVINMUF STAFF MEMBERS of Old Bahama Bay by Ginn sur Mer and Austin Out- doors were hard at work at the West End Primary School. The Bahamas' health system currently ranks 94th world- wide, according to the World Health Report. Health officials at the nurs- ing institute of the College of the Bahamas celebrated "Inter- national Midwives Day" at its Grosvenor Close Campus on Shirley Street yesterday. Under the theme, "Healthy families...the key to the future," midwives and other health offi- cials observed the occasion, which has been recognized in more than 50 nations since May 5, 1991. Minister of Health Dr Min- nis, a obstetrician and gynae- cologist, told the group of mid- wives that he was fortunate to have had their assistance when he attended to women in labour. "Midwives deliver 90 per cent of the babies in the Bahamas," he said. For this reason, he added, "you have a major impact on that statistic, as you are responsible for the suc- cess and failure of the physi- cian." Dr Minnis then reflected on how a midwife played a major role in his early life. He revealed that he was not delivered in a hospital, "but in front of a cinema." Shortly after, Dr Minnis said, he developed an illness which was misdiagnosed by an obste- trician, but correctly identified by a midwife. "I wouldn't be standing here today if it weren't for people like you," he told the gr up of midwives. Old Bahama Bay assists with primary school clean-up Staff at Old Bahama Bay took time out of their personal sched- ules to participate in clean-up efforts at the nearby West End Pri- mary School. Dozens of resort employees cleaned classrooms, repaired lunch tables, removed safety hazards and cleared overgrown brush and trash from the school's grounds. Landscaping firm Austin Outdoors assisted by providing the heavy equipment to clear away debris. Bob Van Bergen, vice president and general manager of the resort's parent company, Ginn sur Mer, spearheaded the event. "After numerous trips to the school and discussions with admin- istrators and students, it was clear to us that they were in dire need of assistance," Mr Van Bergen explained. He described the initial clean-up as a huge success and com- mended the group of volunteers. Investment "Your time and energy is well spent. There is a huge payback to us as individuals, parents, and future employers of these out- standing students. It's an unbelievably good investment to give of our time and some of our resources to make our neighbourhood school better and provide a pleasant atmosphere for the teachers and students," said Mr Van Bergen. School principal Cardinal Woods said: "We are excited, pleased and deeply appreciative to'see these positive changes on our cam- pus.t' Old Bahama Bay said it remains committed to the development of the West End Primary School. In March 2007, the resort insti- tuted a weekly reading programme at the school with guest appear- ances by local authors. The resort also assisted with the school's spelling bee. In 2006, property homeowners and management donated an $80,000 air-conditioning system to the school. Mr Van Bergen promised that the clean-up efforts will continue on a consistent basis. Old Bahama Bay by Ginn sur Mer will also donate educational materials to the school, he said. Ginn sur Mer is a 2,000-acre resort community on Grand Bahama Island's West End. When complete, it will contain more than 4,400 condominium and hotel units and nearly 2,000 single-family resi- dential homesites. FOR ALL YOUR DECORATING "Lowest Prices On The Island" --- 1 i I i .4I Al.-6 STORE HOURS: S". 'i Monday-Saturday """ "" ... 8:30am- 5:30pm i- I. ...... .'A'., ll l . .o AI. _ *E-Z CREDIT TERNIS AVAILABLE Donalds fFurniture AndAppliance Centre SIXTH TERRACE CENTREVILLE TEL: 322-1731 OR 322-3875 CFAL's comprehensive pension consulting services can help you design and manage a group retirement plan that's exactly right for you and the individual needs of your employees. And with our secure online pension management system, sponsors and employees have account access at any time. Call us. today. We'll tailor a plan that's right for you and your employees. r-;,i,'.w, & Cuzstodial S -.-i''l. 1 lviwesrtrit e & Cryr ..)-to Adviory Nassau T 242-502-7010 I F: 242-356-3677 Freeport T, 242-351-8928 I FP 242-351-4050 C F A I info@cfal.com I wwwcfalcom - II II I'I -P 'r I~-~-- I Irl Clr I~~ ~C~~~"~~I~Y~-"rlPI~"~cr~l~ ~~ ~~~~ Irulrrru*-~rruulruPaaraslrr**r*lrrurrrr ,--IIIII*L~'LI ~-L-- - II -~ ~I __ I PAGE 2, TUESDAY, MAY 6, 2008 Jilll" _-- rII i THE TRIBUNE 1 THE TRIBUNE TUESDAY, MAY 6, 2008, PAGE 3 LOCA NEW 0 In brief Weapon and ammunition seized in raid * By DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net FREEPORT Grand Bahama Police seized a high- powered weapon and ammu- nition during a raid at an apartment in Freeport. Chief Supt Basil Rahming said two men are presently in custody assisting police with their investigations into the matter. Mr Rahming said that some time around 11.45am on Sat- urday, a team of Drug Enforcement Unit (DEU) officers went to an apartment on Frobisher Drive. He said the officers peered through the front window of the apartment and observed some men sitting at a living room table. A firearm was resting on the table. When officers entered the apartment, one of the men grabbed the weapon and ran to the rear of the building to escape, but was quickly taken down. A .9mm Luger sub- machine gun, which was loaded with nine hollow point bullets was seized by the offi- cers. The two men in custody are 21 and 18 years old.. Man arrested at airport A 27-YEAR-OLD Nassau man was arrested on Satur- day at Grand Bahama Inter- national Airport on suspicion of giving false information to a US Customs official. According to reports, the man, a resident of Carmichael Road, New Providence, pre- sented himself to US Border Security around 1.10pm on Saturday for a flight to Miami, Florida. During the pre-flight screening process, it was alleged that the name the man had given to the officials was different from the name on documents that he presented to them. Airport Police were alerted and the suspect was taken into custody at the Central Detective Unit for further investigations. Two taken into custody in connection with illegal firearm TWO men were taken in for questioning over the weekend in connection with the discovery of an illegal firearm. While on patrol in South Street at noon on Saturday, Mobile Division officers saw two men in a green 1989 Hyundai Accent who they thought were behav- ing suspiciously. Officers conducted a "stop and search" of the vehicle and discovered a black shotgun. They also discovered six live shotgun shells. A juvenile and a 32-year- old man were taken into custody and are currently helping police with their investigations. Share your news The Tribune wants to hear from people who are making news in their neighborhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story. 'drop in IRATE Sea Hauler victims last night distanced them- selves from controversial comments made by a local care activist about the gov- ernment's $1 million lifeline to hard-hit families. They said Bahamas Loving Care chairman Sam Williams was not their spokesman, and therefore talking out of turn in describing the ex-gratia payment as "a drop in the bucket." Victims group treasurer Sophia Antonio again expressed gratitude for the money and lashed out at Mr Williams for "probably putting the whole thing in jeopardy." Mr Williams was quoted in another newspaper yesterday as saying the government payment was insufficient and would barely cover medical bills. Gesture But Ms Antonio said the financial gesture was, a big help to people who were suf- fering great hardship. "At least we have a help- ing hand," she told The Tri- bune. "It is the first step. But by saying this he (Williams) is going to make it look bad for us. We don't want the gov- ernment to feel that the Sea Hauler victims are ungrate- ful." She said Mr Williams' com- ments could "put a damper" on the whole thing.' "He is not a spokesman for the group. He and Omar Archer are trying to take responsibility for our group, but they are not responsible for us. "Our spokesman is Mr Lin- coln Bain and our lawyer is "At least we have a helping hand. It Is the first step. But by saying this he (Williams) Is going to make it look bad for us. We don't want the government to feel that the Sea Hauler victims are ungrateful" Sophia Antonio Mr Michael Smith, who is doitg an excellent job for us." On Sunday, the Sea Hauler victims expressed apprecia- tion to the government for earmarking $1 million to help them. Since the 'Sea Hauler was involved in a fatal sea colli- sion five years ago, several Bahamian families includ- ing nine children have suf- fered hardship. After years of applying pressure they even chained themselves to the former prime minister's front gate - victims at last received some relief via the lifeline payment. BMSs Bills While victims do not pre- tend the pay-out covers all their needs, they say it will help meet bills and put food on the table. The $1 million is expected to give each victim an aver- age of between $30,000 and $40,000, but they will contin- * By MEGAN REYNOLDS Tribune Staff Reporter POLICE are targeting gun crime at its source by stopping the illegal import of firearms into the Bahamas. Police Commissioner Regi- nald Ferguson said reducing the flow of firearms into the country would have a major impact on the increasingly high number of murders and armed robberies in the region. Guns are claiming Bahami- an lives on almost a daily basis, and government Minis- A ter of National Security Tom- my Turnquest maintains there are strategies being put in place to rid the streets of ille- gal firearms. Plans include the introduction of high tech scanners at national ports of entry to detect firearm smuggling. Mr Ferguson agreed there must be inter- PORNOGRAPHIC films made by school children are no longer under investigation, but the campaign they sparked will go ahead. Minister of state for social development Loretta Butler- Turner believes sexual activity among school children remains an issue of concern in The Bahamas despite police discred- iting of the videos as non- Bahamian. A week long investigation into mobile-phone videos show- ing school students engaging in graphic sexual acts in the class- room while wearing school uni- form ended on Friday when the Ministry of Education deter- mined the school uniforms do not match any Bahamian schools. However, Mrs Butler-Turner believes sex education needs to be improved throughout The Bahamas and parents must be made aware of how accessible pornography has become for young people. She said: "Prior to The Tri- bune raising the alarm that these videos had been made and were being sent around, we knew that there were children in our com- munity and in our schools who are exposed to this type of thing. "We do believe that it is incumbent on us to make sure ue court actions to secure compensation from the boat owners. Ms Antonio told. The Tri- bune af the weekend that she hoped Prime Minister Hubert Ingraham would now support them in their campaign. "Mr'Williams is the kind of person who wants to be in the forefront one minute, but then stand outside the next," she said. "But he is not entitled to say what he did on our behalf. We have a committee that represents the victims' interests." Mr Williams was quoted as saying that $1 million was "a drop in the bucket" and that by the time lawyers had their share, there would be noth- ing left for the victims. Four died and 25 were hurt when the Sea Hauler and the United Star collided five years ago. A rusting crane fell on to the Sea Hauler's deck, caus- ing appalling injuries to sleeping passengers. national support as well as the pursuit of gun crime locally. The police commission- er said: "Drug trafficking and related crime has con- tributed a lot to the impor- Station of guns, and this fil- ters into society, which is why they are in our streets. "We have never in the history of this country found a gun factory in the Bahamas, but we are a wide open country and extremely vulnerable to firearms coming in from multiple destinations. "We try to maintain a society where we do not have hand guns all over the place, but we do have a problem with illegal firearms. "I believe if we can put some kind of retarding effect on guns that will have a major impact on the homicide rate," he said. parents monitor their children." Although the video investiga- tion has been closed until a fur- ther complaint is made, ASP Paul Rolle said making and pub- lishing pornography on the Inter- net is-a rising crime in The Bahamas. He said: "This is an escalating problem, but the majority of cas- es do not involve minors. "We have nothing to suggest that the people in these videos are Bahamian students." Mrs Butler-Turner has been criticised for not doing enough to tighten child protection laws in The Bahamas in her role as min- ister, but she maintains working in the community and raising awareness is far more beneficial for society. She said: "We could pass all the laws in the world but people are still going to commit crimes. We have got to change the mind set. "To strengthen the laws would be very important but it will not change the way people behave." The 2006 Child Protection Act and 2007 Domestic Violence Act must be introduced to law in stages, maintains Mrs Butler- Turner, to ensure the public are aware of every aspect of the new laws as they are brought into force. Sea Hauler tragedy victims distance themselves from II - - '. .- . i... - Bayparl Building on Parliament Street Telephone: (242) 323-6145 Harbour Green Shops at Lyford Cay Telephone: (242) 362-6527, Fax: (242) 326-9953 P.O. Box N-121, Nassau, N.P., Bahamas email:info@colesofnassau.com % OFF ENTIRE STOCK OF WHITE FABRIC Take 20% OFF White: Crepe Backed Satin, Lamour Heavily Embroidered Eyelet, Lace, Ramie Linen, Poplin, Brocade & Silk Hats off to the Ladies New white and pastel hats for Mother's Day Decorated and Undecorafted the bucket' remark Police aiming to stop the illegal import of firearms Pornographic films 'are non-Bahamian' Fabulous Ideas for Mother's Day at Pi 1)Io-R I I I T I ( I A I WD IC.IGN OR1 I. I' .* w /,e PAGE 4,ETUESDAY, MAT6,R2008 THE TRIBUN The Tribune Limited NULLIUS A DDICTUS.IURARE 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, Circulatic a 'd Advertising) 322-1986 Advertising Manager (242) 502-2352 Circulation Department (242) 502-2387 Nassau Fax: (242) 328-2398 Freeport, Grand Bahama: 1-(242)-352-6608 Freeport fax: (242) 352-9348 Is Bahamas missing European beat? WE RETURNED over the weekend from a month in Europe. At almost every stop on our travels the Bahamas seemed to be stalk- ing us. Switching on the television in our hotel room in Budapest the news flashing across the screen was that the bodies of 20 Haitian refugees the final count was 14 were being pulled from Bahamian waters after a boating accident. In Prague we were asked by a taxi driver and later-by a tour guide where we were from. On replying that the Bahamas was our home, both were very familiar with the islands but only through their native son, Viktor Kozeny, better known as the "Pirate of Prague." In February the Prague Municipal Court initiated a case against Kozeny and his part- ner. The tour guide probably expressed the sentiments of many of his countrymen when he wished the Bahamas would return Kozeny to them to answer for a financial scheme that had allegedly wiped out the savings of many of Prague's residents. Both the taxi driver and the tour guide thought that Kozeny was still in HM Prison Fox Hill. However, Kozeny who had been held in prison here for some time wanted by both the Czech and US judicial system was eventually released on bail last April. -In November last year our Supreme Court denied the US government's request for Kozeny's'extradition to America to face bribery and money laundering charges. The Supreme Court's ruling has been appeared to the Court of Appeal. Lawyers are now waiting for the Appeals Court to set a date for hearing. In the meantime, according to the Czech guide, Prague's justice system is waiting with open arms to welcome Kozeny home. Eventually we returned to London. The first television newscast to greet us there was the BBC reporting that the Paul Gallagher family, whose two-year-old-son had been killed earlier in a freak boating accident while he slept on a Bahamian beach, had been denied justice in a Bahamian court after a six-year battle to be heard by the courts. Unfortunately, the Bahamas was making a name for itself for all the wrong reasons. The only pleasant surprise was in Prague when we struck up a conversation with our waiter at a sidewalk cafe. The young man had worked for several years on a cruise ship that made regular stops at Freeport. That particular day happened to be very cold and so the waiter was nostalgic for the Bahamas' beautiful blue waters and bright, warm skies. Trying to catch up on the news on our return to Nassau, we read that Tourism Min- ister Neko Grant had announced that visitor arrivals to the Bahamas were down 3.4 per cent last year. Also that the Bahamas had spent more on tourism promotion in the Unit- ed States than all other Caribbean countries in the first six months of 2007. Obviously, the $12 million investment - apparently the most expensive ever under- taken by the Ministry of Tourism had not paid off. While the Bahamas had remained with the US market, which has been crippled by a serious economic downturn, it was obvious that other Caribbean islands had turned to Europe. Their advertising was everywhere. It was only once that we even saw a mention of the Bahamas and that was in a Sandals adver- 'sement, in which the .Bahamas was listed as one of Sandals' several destinations. Even Cuba was on the bandwagon, but no Bahamas. The newest craze in London are the paint-. ed taxis. The good old black cab is still ser- vicing London streets, but there are now brightly painted cabs with all kinds of adver- tising covering them sides, front and back, even inside the body of the cab. As they weave in and out of London's con- gested and busy streets their bright colours announce the world's best family beach resorts Caymans, Turks, Aruba, etc. - even Cuba, but no Bahamas. Sandals advertisement is moving around London at great speed. We saw the Sandals cab inching its way through the City, Oxford and Regent Streets, Grosvenor Square, Pic- cadilly and around Westminster, inviting the English to leave the cold drizzle of London and come to the warmth of the Caribbean. Obviously the other Caribbean countries have cast their lot with Europe. We asked each cab driver we engaged how much it would cost to advertise a prod- :t on his cab. E..ch one said that it was 1,000 a year. This sounds rather cheap, but it is certainly effective advertising and would be worth fur- ther investigation. Fleming EDITOR, The Tribune. THE foreign investor who in some sections of our communi- ty is loved but hated in the next certainly is an interesting ani- mal as to how they come into our country and before 'hey have any of the required approvals go on substantive public relations campaigns which always send off suspicion and investigative inquiries as to who that party is and who are their'principals and critically why are they trying so hard to sell themselves? * The list of has-been projects and proposals over the past 10 years is long and if you cut-out all the articles probably you would need a reasonably sized filing cabinet and actual pro- posal documents must fill a small room in some Ministry's office but the bottomline is - How many of all those propos- als, so-hyped in the media became a reality? Very very very few so should we take the Fleming interest seriously? Is Fleming another Kerzner who came to us like a quiet mouse but look how he roars? I cannot discover if in all the years of being in the finance- venture capital merchant bank business was the Fleming Group ever actually a develop- er or just a facilitator or investor where others managed? Again we read: Fleming wants to put $billion in GB, page six Tribune April 12th, 2008 and we read back a few years ago the Moon project wanted to put $5 billion in GB - we got absolutely nothing out of the Moon proposal which would without any doubt have created a global icon of consid- erable'interest in Grand Bahama (if they had the finances) except pages and pages of public relations and spectacular artist impressions which melted basically into hot air! Reported comments of a cer- tain Rob Millard, Global Ful- filment Service are interesting as yet again we read promises and more promises and ascer- tains Which are floated in the marketplaces to impress but the reality of life is that the Fleming Family Trust group is 'rich', yes, but their business is as a spe- cialist buy-out group or facili- tator to others or the prover- bial 'door-opener' to access to politicians in certain countries, like South Africa to others. What does the quote of Mr Millard really mean? Fleming is talking together with new business partners of putting out $1 billion into this place' (quote Tribune April 12th, 2008) very clearly to any observer one has to conclude that Fleming & Co, will use the real core assets of the Grand Bahama Port Authority to be leveraged, sold- off into many joint-venture partnerships weakening the soul of the Grand Bahama Port Authority to simply being the Administrator which is one sec- n tion of the GBPA Companies that makes little or no profit. I certainly am not impressed with the Fleming plan and if their participation is condition- al that they are successful in acquiring both the Hayward and the St George interest then I totally support the refusal of The St George side in selling to Fleming. Of course to those Licensees of Grand Bahama Port Author- ity anything is better than what they have at this immediate time so you hear the support to this public relations exercise of the Fleming group. Having just visited Freeport rumours abound that even the largest hotel, Our Lucaya, has a For Sale sign on it so even Hutchi- son-Whampoa seem to be ques- tioning, the future. Hoping a group willcome along that has deep pockets - willing to stay a long time and join Hutchison-Whampoa who we mustn't forget own 50 per cent of the 270 square miles of real estate owned through GBDEVCO and without who basically nothing can happen. I continue to be surprised that our journalists and our news- papers swallow wholesale what these promoters send them and there is absolutely no investiga- tive journalism till of course the proposal collapses and joins the ever increasing pile of has-been proposals which they, the press, had swallowed hook line and sinker! J MOORE Nassau, April 12, 2008. Politicians should stop this disenfranchisement EDITOR, The Tribune. CAN you believe it but the majority of employed persons are not covered by the Labour Act where it comes to empow- ering the Minister or the Min- istry to mediate labour disputes of an individual. Why do successive govern- ments romance the minority labour unions whilst refusing or even considering that the major- ity, by as much as 65 per cent do not have seemingly any rights where government will assist them unless they go through the Labour Tribunal or the Supreme Court which requires funds to have a hearing. I cry shame on the past gov- ernments of the Bahamas - FNM and PLP. Why when it comes to Labour legislation it seems the union-driven laws and regula- tions are always brought into Bahamian legislation whilst the individual rights of the non- union employee is not support- ed in a similar fashion? These people are on their own and if you don't have the funds you are then really on your own. If this FNM means what it says I expect in short order, as they so love to say, an amend- ment will be brought to Parlia- ment which will at the least, broaden the powers of the Min- ister of Labour and the Min- istry of Labour to be involved in U-^ mediation of individual employed persons. Secondly, in some manner we must empower the thousands of employed persons who are not interested in union repre- sentation to represent the majority of employed persons on all Labour related Boards Commissions and Committees. It is time that the politicians stop this disenfranchisement of the obvious right of being heard. H HUMES Nassau, April 12, 2008. PRE-OWNED CARS & TRUCKS For the best deal in town on pre-owned cars, with warranty! 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'a 'CP )N, COMFORT AND QUALITY .ALTHCARE PROFESSIONALS A Complete Line of Cherokee Uniforms Available at JOHN'S CARE WEAR ROSETTA ST. 325-7288 does not impress me PAGE 4, TUESDAY, MAY 6, 2008 THE TRIBUNE T|LCHE TRIBUNE TUNESDAY, MAY6,2008PAGE5 0 In brief Seven are arrested in Operation 'protect our turf SEVEN people were arrested during a police operation at the Queen Eliz- abeth Sports centre on Sun- day afternoon. Operation 'protect our turf' was carried out by police officers of the mobile division, CDU, traffic, and the internal security division. Four people travelling in a white Chevy SUV were arrested when a bag of mari- juana and eight live rounds of ammunition for a .45 handgun were found inside their vehicle. Three people wanted on standing warrants were arrested, and one person was arrested for making threats of death. Arrests in connection with house robberies A TEAM of burglars who have robbed more than 15 houses in the South Beach area were arrested on Sun- day. The two adults and three juveniles are accused of operating a house burglary ring over the last three weeks. The men were arrested by the East Street South police team on Sunday and arraigned in Magistrate's Court on Monday. TOPICA WoRIATO, PES COTO Christie: failure to relay good work los the te; go cost the PLP duringthe election By PAUL G TURNQUEST after only one term in office. At ence this vision he had for the have the editorial pages with you, Tribune Staff Reporter the time, the country was experi- country. when it is in their interest to pro- pturnquest@tribunemedia.net encing record tourist arrivals and "To whether I can be strong? tect and to promote someone oth- enjoying a "booming" construc- Yes," he added. "The record er than yourself, then they go out ONE major reason the PLP tion industry. reflects that when the current of their way to take the cover off st the last general election was Mr Christie said there was no prime minister was challenged of me I mean they skinned me e failure of its public relations doubt observers believed his gov- with respect to some of the indi- alive in terms of that and that's am to relay to Bahamians the ernment "had done enough to be viduals in his Cabinet or former how it is. od work the party was doing re-elected". members of his Cabinet. "But I have the view that if I on behalf of the country, former Prime Minister Perry Christie said on Sunday. As special guest on Island FM's radio programme Parliament Street, Mr Christie said this was one of his great failings in office as prime minister. "My failure my government's failure was not to ensure that the Bahamian people were aware of the meaning of those works to their future, that I had secured their future by that work. Governing "I spent more time governing and putting work into gover- nance...I should have put some of the time into ensuring that the Bahamian people understood and appreciated what was taking place. "That was a fundamental fail- ing that I' did and that I made, and that is something that I truly regret; that they are going to have to see first-hand, through what the FNM is now doing, the good works that I did for the country," Mr Christie said. The FNM unseated the PLP In the past, Mr Christie has been criticised for appearing "too weak" in controlling his Cabinet, and "indecisive" on crit- ical decisions of national impor- tance. In response to this, he asked whether it was truly up to him as leader of the PLP to defend who he is and "what he is". ."You sit with colleagues around the table and they, I think, would be expected to define who 'their leader is, how strong he actually is, and how meaningful he is to the country. "It becomes self-serving to a great extent in politics when I have to get up and beat my chest to say that I am this and I am that. "The people of the Bahamas had an honest leader, one who was prepared to give his life for the country, one who had a vision and who believed the time was right for him to be re-elected, because we felt the work would be lasting and defining for the country," Mr Christie said. However, he added, he did not give the Bahamian people sufficient time to see and experi- NEMA appointment for Defence Force Commander THE Cabinet Office yesterday announced the appointment of Defence Force Commander Stephen Russell to the post of interim. head of the National Emergency Management Agency (NEMA). This appointment comes after the agency's former interim direc- tor Carl Smith was named Consul General to New York. Commander Russell, who is on loan from the Defence Force, has previously been involved with the Disaster Relief and Recovery Unit of the Cabinet Office from 1992 to 2001, and served as deputy coordinator of the unit from 1997 to 2001. During that period he also served on the board of the Caribbean Disaster Emergency Response Agency (CDERA). "The Cabinet Office is ensuring that all appropriate steps are tak- en to prepare the Bahamas for the onset of the hurricane season which begins on June 1, 2008, and welcomes the return and able leadership of Commander R'issell,"ta'stateftient released yesterday said. Commander Russell's appointment is effective from yesterday. Decision "In my case, in every which way, you can criticise me for the time it took, because I wanted to ensure that every person who had to suffer as a result of his own conduct or behaviour knew why he was doing it. And I made the right decision at the end of the day. That is strength in my view," he said. However, Prime Minister Hubert Ingraham had yet to dis- cipline his Minister of State, Zhivargo Laing, over the, Mona Vie scandal, he said. "But again, when you do not had allowed myself the time, because my strength is the streets and the roads and touching peo- ple, that I would have offset on any given day what is said on the editorial pages." This is why, Mr Christie said, he is encouraging his colleagues that, no matter if.they do not have the editorial backing of various news entities, they must reach to the "people" of the country and encourage them to know and believe the merits of the party's causes. However, shortly after making this point, Mr Christie admitted that his own party "didn't even do that." .., - Sllverton aft cabin 4M (Launched 1990) FOR SALE $65,000.00 O.N.O Comfortable Yacht for living aboard or extended cruising Powered by Twin Perkins Diesels 2-240 (950 hrs on each engine) Generator Westerbeke 8.0 K.W. Air Conditioned throughout large aft master stateroom, forward cabi both with own private shower and head Salon over 100 sq. ft. Swallows conidiminihm sized galley (down) with electric stove and freezer Full sized dinette (Four additional people can be accomodated by convertible sofa and dinette) SPrice includes all standard equipment and many extras. 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New & Used Vehcile Sales Spare Parts, & Servicing Authorized KIA & NISSAN Service Center E-MAIL: elite-motors@hotmail.com I I - --pl I wmmm THE TRIBUNE TUESDAY, MAY 6, 2008, PAGE 5 PE TE Y A60T TB - Illil~0 "It was breathtaking and refreshing to speak with friendly residents of Big Pond ,, Superintendent Elaine Sands S.......................................................................................................................................................................................................................................................... ....................................... Superintendent Elaine Sands, officer in-charge of the Grove Police Station, said it was "breathtaking and refreshing" to speak with the friendly and invit- ing residents of Big Pond. She said was the most family oriented and welcoming com- munity her team has ever visited. The walkabout was part of a series of exercises conducted by officers under the new commu- nity policing initiative. "The whole idea is to bring residents up to date on the type of crimes being reported from the area and advise them of the intention of the police depart- ment to bond with them in root- ing out the criminal elements," said the force in a statement." As a result of the walkabout in Big Pond, a crime watch meeting for residents was schedule for 7pm on Thursday May 8 at the Mable Walker Primary School. Keva Ferguson and Ebony Fowler, both residents of the area who accompanied the police on the walkabout, said they are elated about the new partner- ship and that a crime watch was long over due. i .a- INSPECTOR Thompson, Sergeant Charlton, Sergeant Stubbs and Constable Thompson on the beat KEVA FERGUSON and Ebony Fowler, .residents of Big 01, L I Pond, document- ing the names, *.addresses and phone numbers of residents for the crime watch data- base SUPERINTENDENT Sands and 'Inspector Nixon talking to a resi- dent of Big Pond. Call Success For Details 324-7770 Registration in Progress SUCceSe Trainhm College is zegered with the Minhiry of Education and approved by the Department of Public Peson- nel. Credits earned at Success ae trahfrable to Nova South- eastern University. Graduates may also tramwar to other colleges anduniversities in Canada, t USA, the UK and the Caribbean. Cll Success now fr prgr and eagctra information. 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Essay Length: No more more than 1000 words 2. Submit Essay as a Microsoft Word file (.doc) attachment to wbddessay@hotmail.com 3. In the Subject line of the email type "First Name Last Name WBDD Essay Competition" 4. In the body of the e-mail, type your full name, telephone number, school and grade 5. Essays can be submitted directly to the Ministry of Health (National Blood Programme Office, Meeting St.) For more information please contact 502-4871. ~I~-~vL~ _ THE TRIBUNE PAGE 6, TUESDAY, MAY 6, 2008 '' -.. -Z: - ... ,_ - ..'-' ' " L f~~f. ,, ... : . \ " WALKABOUT )00o TUESDAY, MAY 6; 2008, PAGE 7 THE TRIBUNE LOCAL NEWS Haiti will face major food crisis without aid * By TANEKA THOMPSON Tribune Staff Reporter tthompson@tribunemedia.net The global. THE UNITED Nations Food ud i Agency has warned that Haiti will face a major food crisis if the international community does not bolster food supplies to the impoverished nation, according to international reports. ' However, Haitian Ambas- sador to the Bahamas Louis Harold Joseph told The Tribune yesterday that Haiti's govern- ment has adequate short and long term strategies to address the problem along with interna- tional assistance, but progress will not be seen "overnight". . "This is not something you can fix overnight but the gov- ernment took some measures to A MAN ties sugar cane on top a decrease the price of food and in town on the outskirts of Port-au-Pri the long run the plan is to Program Regional Director Pedro M increase food production in million from donor countries to he Haiti," he said, adding that the gered by spiralling world prices. country is in the process of rati- fying new prime minister Eric ed, but said his country is Pierre. promised assistance by CARI- Food shortages and sharp COM, the United Nations, the spikes in the cost of food World Bank and the Inter- prompted riots and protests by American Development Bank. Haitians last month and led to "I don't have a number in the ousting of Prime Minister mind, but I think CARICOM is Jacques Edouard Alexis on going to help, the UN is helping, April 12. the IDB is helping, World Bank Pedro Medrano, World Food is helping also and some coun- Programme director for the tries are helping bilaterally. It region, called for $54 million in is not a problem specific tc additional funding for Haiti to Haiti, I think this is a problem at counter food prices, which have the world level and many lead- risen sharply around the world ers at the UN are working on according to BBC Caribbean. that to see how they could help The ambassador said he could not only Haiti but other (coun. not comment specifically on the. tries affected by food shortages) amount of monetary assistance as well". Haiti's economic cri UN Food Report recommend- sis has many neighboring coun UN communityy is grease supplies A DEMONSTRATOR eats grass in front of a UN Brazilian peacekeeping soldier during a protest against the high cost of living in Port-au-Prince, in this file photo. 0 0 0c 0a CI'C cu oc = Cu truck in Grantier, Haiti, a small nce, on Monday. U.N. World Food ledrano is appealing for about $54 lp Haiti combat a food crisis trig- iORA SIS CELEBRATING tries fearing an increased influx in illegal immigrants seeking refuge on their shores, but Mr Joseph said food riots did not occur in the areas where most Haitian immigrants escape from. "I don't think this is going to happen now for the simple rea- son most of the people who are coming here come from the northwest part of Haiti and those areas are quiet and we did not have any food riots there. I do not anticipate an increase in the number of people coming," he said. About half a dozen people were killed in Haiti last month when food riots turned deadly. * BY DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net FREEPORT Nurses on Grand Bahama celebrated International Nurses Day on Mon- day with an official opening ceremony and float parade in Freeport. Willamae Stuart, nursing service advisor, said nurses play an important role in the deliv- ery of primary health care in the Bahamas. Ms Stuart said nurses are the largest group of health care providers and are the. first to come into contact with patients. They also form the closest link with patients, she said. Therefore, Ms Stuart said, nurses have a responsibility to deliver quality service in all the various areas of the health care system. The International Council for Nurses has chosen as its theme: 'delivering quality, serving communities, leading in primary health care.' Ms Stuart was the keynote speaker at the opening ceremony held at the Foster B Pes- taina Hall at the Pro-Cathedral at Christ the King. During her address, she it is important that nurses take it upon themselves to respond to the changing health needs of the country. Ms Stuart stressed that nurses mfst use their influence to help change the attitudes, practices and policies that determine the direction of primary health care. "This influence requires the nurse leader to be aware of what already exists," she pointed out. She also said that nurses must be motivated in delivering quality service and demonstrate commitment and dedication to their profes- sion. Ms Stuart said nurses must form partner- ships with other members of primary health' care team to ensure total comprehensive care for the patient. "Sharing information and new methods of care is vital," she said. A number of activities have been planned in observance of Nurses Month. They include a "Nurse Day" radio talk show on May 12; a nurses fun day at Pelican Point on May 16, a beach party on May 17 at Pelican Point; a nursing conference at Our Lucaya 9am on May 23; and the Nightingale Ball at Our Lucaya Resort at 7pm on May 24. May 5-9, 2008 i aia enjoy: aiu surprises when you pay your bill 30% Discounts for Senior Citizens SDiscounts on New Multiple Connections & Leak Rebates SDiscuss Reconnections & Outstanding bills On Friday May 9th,' CUSTOMER APPRECIATION Yv Join us at 87 Thompson Blvd. during.g a , SZNS 1540 am radio remote fr9t,- 2.l ., i In I t k- I I- e . '- c' if ;. - PAGE 8, TUESDAY, MAY 6, 2008 LOA NW THE TRIBUNE Hotel union FROM page one tives one led by suspended union president Roy Colebrook and the other by vice-president Kirk Wilson, which has "nega- tively" impacted the country's hotel industry. Said Minister Foulkes: "I am currently talking to the lawyers who represent both sides (about) exploring the possibility of com- ing up with some arrangement until the next scheduled elections which are in the summer (of 2009). "If that doesn't work, my min- istry and the Department of Labour will look into the possi- bility of calling an early election so that the membership and the rank and file of the hotel union can decide on their leadership. "I believe from the advice that I am getting from my technical officers that if they cannot reach some type of working arrange- ment between the 11 executives, the best option in the interest of all the workers in the hotel indus- try may be to call an early elec- tion. It is a top priority for my ministry and we are actively look- ing into that possibility." The minister said he was "very. concerned" with the situation as the union had several unsuccess- ful meetings-with union execu- tives in an attempt to assuage the conflict and avoid the matter going before the courts, he said. He last met with executives about two weeks ago. Claims of alleged mismanage- ment of funds and alleged "intim- idation" tactics within the union has negatively impacted the hotel industry and interfered with industrial disputes, the minister said. "(The strife) has already had a negative impact on the hotel industry. We have received sev- eral complaints from the hotel managers in particular that they are not getting the type of atten- tion from the union representa- tives in terms of resolving indus- trial disputes and they have appealed to me to try and make some resolution to it in the-inter- est of the tourism sector," said Mr Foulkes. A court action has been filed in the Supreme Court by lawyer Keod Smith on behalf of the union's executive council. Yesterday Minister Foulkes said he was informed that it is "imminent" that president Roy Colebrooke, and his attorney intend to file a separate court action. FROM page one Dr Hardtexplained that the relationship that the US enjoys with the Bahamas is "really unique and distinctive." "I have lived in many countries around the world and I have yet to see the same degree of open- ness and trust that we have, that we enjoy here in the Bahamas," he said. Dr Hardt also revealed that there are currently 25 Bahamians that the US is seeking to extradite. "Those are cases that are work- ing themselves through the sys- tem," he said. In terms of alleged drug traf- fickers, he explained that although the US requests certain individuals to be extradited, there are still a good number of persons who are prosecuted in the Bahamas. "The decision is being made. between the prosecuting authorities in both jurisdictions. Often on the basis of where do they have the stronger case and elements that play into that are both aspects of the crime committed itself and the Judicial system nature of the evidence at hand and maybe how the laws in each coun- try allow certain evidence to be admissible," he said. There are certain areas in Bahamian legislation, he said, which are not as favourable to law enforcement authorities as the more recently written US legisla- tion is. Dr Hardt said that in some cas- es, because the US has more mod- ern legislation, penalties are harsh- er for certain crimes when com- pared to the Bahamas. For example, Dr Hardt said, whereas some charges may result in a 10-year jail sentence in the US, in the Bahamas that same crime may only carry a minimal sentence of six months to a year. "So if you are putting a lot of resources, time into an investiga- tion, money into an investigation, you want to make sure that you put somebody behind bars," he said. Man charged with Subway murder FROM page one day, Lynes being concerned with another and armed with a Mac 119 mm handgun, attempted to rob Valencia Rolle. It is also alleged that on Tues- day, April 1, Lynes robbed Ameka Bowe of $600, the property of Snack Food located on Market Street. It is further alleged that on Sunday, April 13, Lynes being concerned with another and armed with a submachine gun, robbed Mary Lok of $1,000 cash and $825 in assorted phone cards, the prop- erty of Jon Chea No. 4. It is also alleged that on the same day, Lynes robbed Randell Johnson of an undetermined amount of cash, the proper- ty of The Prescription Parlour Pharmacy. Court dockets state that Lynes on April 14, while armed with a subma-' chine gun, attempted to rob Katherine McKenzie and Marietta Fowler. Court dockets also state that on April 15, Lynes being concerned with another, while armed with a handgun robbed Joe Mei of $2,500 the prop- erty of Lucky Food Store No. 2. It is also alleged that on Tuesday, April 15, Lynes was found in possession of a black 9 mm handgun intending to endanger the life of Detective Corporal 2468 Dominic Bain. Court dockets state that the following day Lynes, with Garth Hall, who has already been charged with the offence, robbed Tenile Wilson of $1,000 cash, the property of A One Food Store on East Bay Street and was in possession of a sub- machine gun with intent to endanger her life and the life of Percy Major. Court dockets.state that on April 22 Lynes robbed Tony McCartney of $350 cash and a green 1998 Honda Acura, valued at $5,500. It is alleged that on Saturday, April 24, he stole a champagne coloured 2000 Nissan Sentra, valued at $3,000, the property of Donald Davis. Lynes pleaded not guilty to the stealing charge and to the charge of receiving the stolen vehicle. He was not required to plead to any of the other charges against him. It is also alleged that on Saturday, April 26, being concerned with another, he was found in possession of a Mac 11 9 mm handgun and 4 live rounds of 9 mm bullets intending to endanger the life of Detective Sergeant 1742 Deleveaux. It is further alleged that on the same day Lynes robbed Cindy Williams of $6,000 the property of National Fencing. It is also alleged that Lynes robbed Kenmore Sturrup of $2,765.85 in cash and cheques, the property of Bristol Cellars. Lynes was remanded to Her Majesty's Prison. The case was adjourned to June 3 and transferred to Court 9, Nassau Street. His attorney, Ian Cargill, requested that copies of the video tapes of the Subway incident and some other incidents, which he claimed were in the possession of the police, be made available to the defence. Mr Cargill told the court yesterday that Lynes was beaten with handcuffs on while in police custody. Cargill pointed to his client's hands, which he said were still bruised. Voter throws into question M n 'dPove to Station' FROM page one bank in the period before she moved there. In February 2005, Ms Hall was assigned to Barbados by the bank, and she did not return to live in Grand Bahama until Jan- uary 2006. During this period the witness said that she trained in Barbados for three to four months before travelling to other islands in the region to train others. She spent three months in the Cayman Islands, two weeks in Nassau, four to five days in Grenada and three days in Abaco. The remaining time, she said, was either spent in Barbados for extra training, or home in Grand Bahama. When she went home to Grand Bahama every three months during this period she said she stayed for about a week. When she registered in November 2005, Ms Hall acknowledged that she was probably in Barbados for the three-month period before the registration, in response to a question by Philip Davis, Ms Bridgewater's lead attorney. One of the requirements entitling a person to register to vote according to section eight of the Parliamentary Elections Act, is that the individual on the day of registering has "been during the whole of the period of three months immediately preceding that day, ordinarily resident in premises in that constituency." Fred Smith, Zhivargo Laing's lead attorney, objected to Mr Davis pursuing this line of questioning arguing that a challenge of the register was not one bf his pleaded grounds in the case. Instead, he said that Mr Davis is challenging voters based on citizenship and that they were not ordinary residents of the con- stituency in the six-month period in the run up to the last election. Ms Hall said that upon returning to Grand Bahama in January 2006, she did not travel for the bank until she left in January 2007. She was employed at the Pioneer's Way branch for this period. If this account is correct, Ms Hall would have been ordinarily resident in Marco City for a part of the six months in the run up to the election, however, she would not, by her own admission, have been in Marco City in the three months before registering. The court allowed Mr Davis to continue the line of question- ing noting that Mr Smith can make his arguments on the issue in submissions. Calvin Hart, whose vote is also being challenged by Ms Bridge- water, also testified yesterday along with his mother Annamae Forbes-Major. FROM page one May Macintosh. tially 33 1 The outside construction team had been using a there are Global Positioning System (GPS) to ensure that the there," he grade, or thickness, of the tarmac was as desired, but He said ultimately some faults with this technique led to the that the a project going awry, claimed the administrator, to three "They had to come in and, you know, scrape away again. what was done," he said. In the Consequently, Mayaguanans who had been ue on the employed in positions in which they provided services improve to the contract workers, for example as cafeteria "That's staff, and those who were subcontracted by the for- trying to d eign company in related fields, such as at a local rock of the for plant, were also without jobs during this time. are now I Mr Macintosh's comment comes after MP for where whc MICAL, Alfred Gray, claimed that staffing cutbacks be able to and a "very slow rate" of progress on the southern Asked 1 island were evidence that the development company ject at this had become "discouraged." and butte: "They have reduced the work force from about 68 "When when we left office in 2007 to around 21 today." pessimistic Yesterday Mr Macintosh said that he felt there hunky-do was an element of truth in this assertion "it's a cor- He add bination", he said however he asserted that the ini- seems to tial faults in the runway's construction have played the here want most significant'partin th'~downsizing to which M' their owr Gray referred in his April 23 press conference. project is Mr Macintosh claimed that while there were ini- dead." FROM page one alleged to have threatened the staff of a Nassau restaurant two weeks ago, resulting in an official complaint being filed with Police Commissioner Regi- nald Ferguson In that incident, three plainclothes police officers were alleged to have waited for the staff of the restaurant to leave the building before threat- ening them for several minutes, accusing them of having stolen the hubcaps off a police Jeep Expedi- tion. One of the staff at the restaurant later told The Tribune that the offi- cers did not identify themselves before they started accusing the employees and using threatening lan- guage even at one point allegedly declaring that they were going to "burn the (restaurant) down." Several of the staff at the restau- rant drive Jeep Expeditions. They were eventually left alone without any arrests being made. Police omitted to report the Sat- urday morning incident to the media over the weekend. Yesterday Chief Supt Miller said that the individual who shot the offi- cer is in custody and police are trying to ascertain the truth of the matter. The senior officer said that accord- ing to the officer's report, he sus- pected the individual of "committing an offence", causing him to approach him with the intention of carrying out a search when the incident occurred. aguana employment Mayaguanans employed in this field, now only 16. "The heavy equipment guys are still Noted. that indications from a project manager are airport project will recommence within two weeks and employment will then pick up meantime, infrastructural upgrades contin- Sisland, including road paving and other lents. still going on with the locals.' (MDC) are lo some construction, repairs, remodelling mer hotel that was abandoned and they refurbishing that site to make it as some- ere, when their clients come to town, they'll D stay." how islanders in general feel about the pro- Sstage, Mr Macintosh referred to a "bread r mentality." the bread stops coming then people get c. When the bread is coming everything is ry." ed: "The interesting thing is that there still be a lot of domestic interest from people ing to return and make some investments of i based on how they are perceiving the going, so the vision and the hope is not RAV4 Redesigned for more space f Al x b* - 2WD 4-cylinder engine has EPA ratings of 24mpg city/30mpg highway. _ 14" longer . 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EXECUTIVE uo Ml,. shirlI SitcC I,,t i NiSih, .E Chirmjii IJXJ ) UTIVE JT -(.--)pen Moil to Fri ,im 5:30prin 1T Sat arm 12noon \ MOTORS LTD Tel: 397-1700 L-mail execroti,.r(i'balelncl.bs AII'HORISED 1TO(OTA I)EAI.ER Parts and service guaranteed Available in Grand Bahama at QuaJity Auto Sales(Freeport) Queens Hwy, 352-6122 Abaco Motor Mall, Don MacKay Blvd, 367-2916 A Water Week Panel Discussion "THE CURRENT STATE OF WATER IN THE BAHAMAS" Thursday, May 8, 2008 6:30 p.m. Choices Dining Room, School of Hospitality College of The Bahamas, Thompson Blvd. LiI LLU Q- LD Godfrey Sherman, General Manager, wSC "The Challenges Faced by The Water and Sewerage Corporation" Philip Weech, Director, Best Commission "Policy Response to Climate Change" Dr. Richard Cant, Consultant "The Vulnerability of Bahamian Water Resources and Alternate Options" Eric Carey, Exeute Deto, Bahamas Naonal Trust "Biodiversity Forestry and Coastal Zone aspects in relation to Water" Eleanor Philips, Director The Nature Conservancy "Conservation of Resources and the effect on the Provision of potable water" THE PUBLIC IS INVITED TO ATTEND. ADMISSION IS FREE ~62~ ,~Plr~c THE TRIBUNE TUESDAY, MAY 6, 2008, PAGE 9 Setting the China question: A Caribbean challenge * By SIR RONALD SANDERS (The writer is business executive and former Caribbean diplomat) N a week which saw the World Health Organisa- tion (WHO) reject Taiwan's application for membership, and a senior representative of Tai- wan hold closed-doors discus- sions with top officials of the government of China, I was asked on a Caribbean-wide tele- vision programme what advice I would give, if asked, to Caribbean governments that maintain diplomatic ties to Tai- wan. My answer was unequivocal. They should begin negotiations with the government of the Peo- ple's Republic of China on an aid and investment agreement that gives them as much help as they now get from Taiwan if not more. Once that agreement is tied up, they should move on, like the nine other countries of the Caribbean Community and Common Market (CARI- COM), to pursue a "One Chi- na" policy. It is a policy that is followed by the vast majority of countries in the world. It is in the interest of the entire group of 14 independent countries, which along with the British colony, Montserrat, make up CARICOM, to settle a long-term and predictable aid, trade and investment agreement with China along the lines of the Lome and Cotonou treaties that they had with the European Union (EU). But, CARICOM will not be able,, collectively, to negotiate such a treaty with China once five of its members remain tied q U WORLD VII to Taiwan. If the point needed further re- emphasising, China's Vice Min- ister of Foreign Affairs, Li Jinzhang, recently sent a strong warning that the Chinese gov- ernment will not compromise its One China policy. "In countries such as The Bahamas, Chinese companies have taken advantage of the proximity to the US to establish manufacturing and assembling of products for the US market." And, the indications could not be clearer that China and Tai- wan are moving inexorably toward a means of living togeth- er. The newly-elected President of Taiwan, Ma Ying-jeou, who takes office on May 20, favours better business ties with China, including more direct air links, more Chinese tourists and nor- malised trade ties. China is already the biggest market for Taiwanese investment. Ma has abandoned plans by the previous Taiwanese admin- istration to hold a referendum on Taiwan trying to join the United Nations as a sovereign state, and he has opened exploratory talks with Chinese government officials. These talks are unlikely to set- tle arrangements between the two parties anytime soon, but by a process of attrition, they will move toward a solution that is in their interests. When they do, those who have held on to the coat tails of Taiwan may find themselves casualties. For the time being, even under President-elect Ma, Tai- wan will try to maintain diplo- matic support for itself from the few remaining countries that do so. So, there will undoubtedly be reaffirmations of Taiwan's sovereign status and its com- mitment to providing assistance to its supporters in what has come to be called "dollar diplo- macy". Eventually, however, there are some realities that have to be faced by Caribbean countries collectively. China is one of the five per- manent members of the UN Security Council with a power of veto China is now the fourth largest economy in the world and growing China now has close to US$1.4 trillion, in foreign reserves; it has money to spend. In 2007, China earmarked RMB 4 billion (about US$1.5 Call For Registration Details 324-7770 Success Training College s registered with the Minis try of Education and approved by the Department of Public PersonneL Credits earned at Success are trans- ferable to Nova Southeastern University. Graduates may also transfer to other colleges and universities in Canada, the USA, the UK and the Caribbean. Call *Success now for program.and registration Informa- ton. * SIR Ronald Sanders 0 SIR Ronald Sanders billion) to Chinese companies to invest in the Caribbean China also announced in 2007 that the government itself would invest US$553 million in the Caribbean over the three- year period 2007-2010. China's middle-class is growing and will soon be larger than the middle-class of the United States; within the next few years, Chinese will be a sig- nificant number of worldwide tourists. China's trade with the Caribbean as a whole, includ- ing Cuba, jumped from US$450 million in 1991 to US$980 mil- lion by 2001. China has an interest in' access to raw materials in the Caribbean. In this connection, Trinidad and Tobago, Jamaica and Guyana are of far more strategic interest to China than the small- er territories that make up the Organisation of Eastern Caribbean States, a sub-group of CARICOM. It is gas and asphalt in Trinidad; bauxite in Jamaica; timber, bauxite and minerals in Guyana that are China's big attractions. As has been pointed out by Gregory Chin of York Univer- sity, it is not that China cannot get these commodities else- where, but the additional resources that the Caribbean supplies gives the Chinese gov- ernment comfort as well as the ability to negotiate prices. In countries such as The Bahamas, Chinese companies have taken advantage of the proximity to the US to establish manufacturing and assembling of products for the US market. Increasingly, the Bahamas' port services including ship repairs and storage. The relationship works for both countries. The challenge of the OECS for China is the continued flir- tation by some of them with Tai- wan. But, China can afford to wait; it has nothing to lose. At the bottom line what Chi- na's investment and aid gives to Caribbean countries is room to manoeuvre in a limited interna- tional economic space. Because, so far, China's aid and investment does not come with political conditions, it gives Caribbean governments the ability to pursue infrastructural and other developments for which they would get little or no help from international financial institutions and some traditional donor countries. But the relations between China and CARICOM coun- tries have been structured at an individual level. In the course of working these relations, indi- vidual Caribbean countries have negotiated very little; they have been recipients of what the Chi- nese have offered. And, while the Chinese have been relatively benign and help- ful, the Caribbean should not count on this remaining so. This is why all of the coun- tries of CARICOM should join together in negotiating a long- term aid and investment treaty with China that provides direct benefits to individual countries at levels no less than they now enjoy (including those who now have relations with Taiwan) and sets an agreed framework for the wider China-CARICOM relationship. Part of the agreement should be adherence to labour laws in the Caribbean and skills and technology transfer. To do so, all of CARICOM needs a one China Policy. SResponses to: ronaldsanders29@hotmail.com An entrepreneurial spirit, original thinking, and a passion to succeed. If you have it, we want you. We are growing! 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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. MAY 6, 2008 7:30 8:00 8:30 9:00 9:30 10:00 10:30 -: Florida Roadtrlp Nova "First Flower" The origin of American Experience "George H.W. Bush" President The Price of U WPBT Daytona Interna- flowersat a remote mountain region George H.W. Bush's role as leader of the first Gulf Freedom n tional of China. / (CC) (DVS) War. N) n (Part 2 of 2) (CC) (DVS) (CC) The Insider (N) NCIS "Recoil" The serial killer Ziva Shark "Leaving Las Vegas" A casino CSI: Miami A hostage situation 0 WFOR T (CC) is tracking becomes suspicious of owner convinces Sebastian to de- turns into murder; Horatio thinks a her. (N) (CC)fend him in a murder trial, suspect may be his son. (CC) Access Holly- Most Outra- Saturday Night Live Former cast member Molly Law & Order: Special Victims Unit S WTVJ wood Singer Ce- geous Moments Shannon's best performances. n (CC) "Trade"A pregnant woman is found line Dion.(N) Outtakes. (N) raped and murdered, (N) Deco Drive American Idol The remaining final- (:02) Hell's Kitchen A picky 16- News (N) (CC) 0 WSVN ists perform. (Live) A (CC) year-old asks for her fantasy birth- day celebration. (N) f (CC) Jeopardy "Col- Dancing With the Stars "Judges' Dancing With the Stars Former (:02) Women's Murder Club Lind- U WPLG legeChampi- All-Time Top 10" (N) r (CC) champions Apolo Anton Ohno and say considers takin her relationship onship" (N) (CC) Julianne Hough perform. with Pete to a new level. (N) (:00) CSI: Miami The First 48 The Good Book; The First 48 A young man is found Gene Simmons Gene Simmons A&E Free Fall" ) Nightmare" Miami detectives investi- deadin an apartment complex; a Family Jewels Family Jewels (CC) gate a double homicide. (CC) woman is killed. (CC) (CC) (N) (CC) (:00) BBC World BBC News World Business BBC News Women on the, News BBCI NewsAmerica (Latenight). Report (Latenight). Front Line "Mo- rocco" BET College Hill: At- LIKE MIKE 2: STREETBALL (2006, Comedy) Jascha Washington. College Hill: At- Iron Ring (CC) B ET lanta CC) Sneakers turn an untalented basketball player into a star. (CC) lanta( ((CC) C (:00) NIHL Hockey Eastern Conference Semifinal Game 7 -- Philadelphia Flyers at Montreal CBC News: The National (N) CBC Canadiens. If necessary. From the Bell Centre in.Montreal. (Live) (CC) (CC) :00) Kudlow & Fast Money Deal or No Deal Contestants et a The Big Idea With Donny Deutsch company (CC) chance to win money. t (CC N:00) America Votes 2008 Political correspondents from CNN and Time magazine examine presidential candidates; anchor N N Campbell Brown; moderators Wolf Blitzer, Anderson Cooper and Lou Dobbs. (Live) Scrubs "My The Daily Show The Colbert Re- Futurama Fry South Park The George Lopez: America's Mexican COM Brother, Where With Jon Stew- port (CC) and the crews boys meet a fu-. The comic performs at the Dodge Art Thou?" (CC) art Harry Reid. fondest wishes. tunstic visitor. Theater in Phoenix. (CC) The Suite Life of * QUINTS (2000, Comedy) Kimberly J. Brown, (:35) That's So That's So Raven Life With Derek DISN Zack & Cody f Daniel Roebuck, Elizabeth Morehead. 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G4TeCh theShow!(N) Banzuke :00) Walker, Walker, Texas Ranger "Lazarus" WHERE THERE'S A WILL (2006, Comedy-Drama) Frank Whaley, Marion HALL Texas Ranger The Chairman" continues to elude Ross, Christine Elise. A con man on the run seeks refuge with his grand- (CC) a frustrated Walker. (CC) mother. (CC) Buy Me The Designer Guys Design Inc. Liv- Colin & Justin's Home Heist "Ur- Green Force Take It Outside HGTV golden rules of Backyard. f ing room. n ban Suburban" An actor's home. f "Mindwerx" (N) f (CC) real estate. (CC) (CC) (CC) (CC) f (CC) IN P Victory Joyce Meyer: Christ in Inspiration To- Life Today With This Is Your Day The Gospel Everyday Life Prophecy day James Robison (CC) Truth (CC) Reba Cheyenne My Wife and According to Family Guy Family Guy Two and a Half Two and a Half KTLA dooms the foot- Kids 'The Direc- Jim "Renewing "North by North Family shops on Men "My Damn Men ft (CC) ball team. (CC) tor" f (CC) Vows"' (CC) Quahog (CC) Christmas Eve. 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(N) Super Bikes! der der Challenge Life Extraordinary Behind the Joyce Meyer: John Hagee To- Bill Gaither (CC) Praise the Lord (CC) TBN Health With Jor- Scenes (CC) Enjoying Every- day (CC) dan Rubin day Life (CC) Everybody Family Guy Pe- Family Guy The Family Guy Lois Family Guy Pe- The Office Se- The Office A mo- TBS Loves Raymond ter's given sensi- Griffins build a becomes a black ter sells Meg to cret Santa gifts. tivational harbor f (CC) ivity training. parade float. belt. (CC) pay a bill. (CC) ft (CC) cruise. (:00) The New Dateline: Real Life Mysteries Par- Dateline: Real Life Mysteries Ba- Dateline: Real Life Mysteries A TLC Detectives nts say their baby was snatched bies are rushed to the hospital. (N) woman hopes to make life better for "Stolen Youth" from their home. (CC) (CC) her son. (CC) (:00) Law & Or- NBA Basketball Conference Semifinal -- Teams TBA. (Live) (CC) NBA Basketball: TNT der "Retum" f Conf. Semi. 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(:00) Law & Or- Law & Order: Special Victims Unit Law & Order: Special Victims Unit NCIS Gibbs and his team investi- USA der: Criminal In- "Class" A coed dependent upon fi- "Design" A distraught pregnant gate the unusual case of an unpop- tent f (CC) nancial aid is found dead. woman threatens suicide. f, ular Navy commander who. VH1 00) The Flavor 40 Hottest Hotties of the '90s n (CC) Celebracadabra n (CC) VS. To Be Announced World Extreme Cagefighting (:00) America's Funniest Pets & Funniest Pets & Funniest Pets & Funniest Pets & WGN News at Nine (N) f (CC) WGN Funniest Home People Funny People Funny People Funny People Funny Videos n (CC) blooper videos. blooper videos, blooper videos, blooper videos. Family Guy Beauty and the Geek'The Fixer- Reaper "Greg, Schmeg" Andi's ex- CW11 News at Ten With Kaity WPIX "North by North Uppers" The beauties are tested on boyfriend sold his soul to the devil. Tong, Jim Watkins (N) (CC) Quahog (CC) their plumbing skills. (N) (CC) (N) n (CC) Jeopardy! "Col- Dr. Phil f (CC) News (N) Jeopardy! "Col- Frasier'The Frasier "A Mid- WSBK lege Champi- lege Champi- Great Crane winter Night's onship" (N) (CC) onship" (CC) Robbery" (CC) Dream" n (CC) (6:15)** MY ** FANTASTIC FOUR: RISE OF THE SILVER **t DREAMGIRLS (2006, Musical) Jamie Foxx, HBO-E SUPER EX- SURFER (2007) loan Gruffudd. An intergalactic mes- Beyoncd Knowles. Three singers learn that fame has a GIRLFRIEND f singer arnves to prepare Earth for destruction, high price. n 'PG-13' (CC) H(6:15) **A * A GOOD YEAR (2006, Romance-Comedy) Russell Crowe, Marion **' FLAGS OF OUR FA- H BO-P SAND AND Cotillard, Albert Finney. A London banker inherits his uncle's vineyard in THERS (2006, War) Ryan Phillippe, SORROW (2007) Provence. 'PG-13 (CC) Adam Beach. ,f 'R' (CC) x RED PLANET (2000, Science Fiction) Val Kilmer, (:15) ** MY SUPER EX-GIRLFRIEND (2006, Romance-Comedy) Uma H BO-W Carrie-Anne Moss. Marooned astronauts struggle to Thurman, Luke Wilson, Anna Faris. A superheroine takes revenge after survive on Mars. ft 'PG-13' (CC) her boyfriend breaks up with her. f 'PG-13' (CC) (:15) ** THE ASTRONAUT FARMER (2007) Billy i JUST MY LUCK (2006, Romance-Comedy) Lind- (:45)The Making HBO-S BobThornton. Premiere. A space-obsessed rancher say Lohan, Chris Pine. A charmed woman suffers a re- Of: Take the builds a rocket in his barn. A 'PG' (CC) versal of fortune. f 'PG-13' (CC) Lead (CC) (:45) * GIRL, INTERRUPTED (1999, Drama) Winona Ryder, Angelina Jolie, Clea Du- * 'CROCODILE' DUNDEE MAX-E Val. A troubled young woman checks into a psychiatric hospital. f 'R' (CC) (1986, Comedy) Paul Hogan, Linda Kozlowski. n 'PG-13' (CC) (:00) GEORGIA RULE (2007, Drama) Jane Fon- v LICENSE TO WED (2007, Romance-Comedy) HOTEL EROTI- MOMAX da, Lindsay Lohan. An incorrigible teen goes to live Robin Williams. A clergyman puts a newly engaged CA 5: BED- with her stern grandma. A 'R' (CC) couple through the ringer. n 'PG-13' (CC) ROOM (6:30) *NA- (:15) TWO WEEKS (2006, Comedy-Drama) Sally Field, Ben Chap- The Tudors (iTV) n (CC) SHOW CHO LIBRE lin, Tom Cavanagh. iTV Premiere. Four adults father at the home of their (2006)'PG' (CC) terminally ill mother. 'R' (6:30) ** RETURN TO PAR- (:25) HOLLOW MAN 2 (2006, Suspense) Christian *x CAFFEINE (2006) Mena Su- TMC ADISE (1998, Drama) Vince Slater, Peter Facinelli, Laura Regan. A Seattle detec- vari. Couples reveal secrets at a Vaughn, Anne Heche. f\ 'R' (CC) tive pursues an invisible killer. 'R' London coffeehouse. 'R' (CC) I Lest Ckcialie-e ke BaakcmianI Puppet cmd kis sidekick Derek put somle Sililt s on icil'o kids's faC es. Brini N Vyou cl ildre tio tf1 Mc'HLpp y lHou1 cat AcDoIlt IL-'S in Onkes Field etvei'v Tl i'sdaov froi 3:30p10o to :3C)0pmi duJ.ir, tfl Sotl Af of AMcIy 2008. Enjoy Great Food Prizes and Lots of Fun. i'm vn'it i'm lovin'it' Simply the Best /-3.- C FT' ~ ~ ~ ~ ,<.~*~l*'-a ~ ,~~~'~' ~ . -~I l PAGE 10, TUESDAY, MAY 6, 2008 TUESDAY EVENING THE TRIBUNE __ ___ L~d~'~l ~s & ~ opt 1E it rw Up THE NOd B STn 1 Duo are excited to be first two female swimmers to qualify for '08 Olympics * By BRENT STUBBS Senior Sports Reporter bstubbs@tribunemedia.net ARIANNA Vanderpool-Wallace and Alanna Dillette are excited to be the first two female swimmers to qual- ify for this year's Olympic Games. The duo, who were in town over the weekend, said they are now focused on swimming as fast as they can when they get to Beijing, China in August. "I just got back in the pool and I've been training harder now, working on the things that I need to work on to be ready for the Olympics," said Van- derpool-Wallace, the first of the two qualifiers. "I've been working a lot on my stroke techniques. My coach has been videotaping all of my swims so I can watch them and I can work on the things that I did wrong in practice." Vanderpool-Wallace, a student at Bolles High School in Fort Lauderdale and bound for Auburn University on an athletic scholarship after the games, qualified in the 100 freestyle at the Missouri Grand Prix in February. The 18-year-old said she's looking forward to coming home to compete in the Bahamas Swimming Federation's Royal Bank of Canada National Swim- ming Championships next month at the Betty Kelly Kenning Aquatic Cen- ter. In the meantime, she said she's still trying to fathom what it is to be called an Olympian. "I still won't believe it until I'm actu- ally there. It was pretty amazing. I did- n't expect it when I did it," she insist- ed. "So when I touched the wall and I turned around and saw the excitement ii ARIANNA Vanderpool-Wallace (right) and Alanna Dillette are excited to be the f female swimmers to qualify for the 2008 Olympic Games. on the faces of my team-mates, it was so special." Vanderpool-Wallace said it was a more exciting time when Dillette came behind her and qualified for the games. , "I was at the meet when she quali- fied. After she qualified, I ran over and hugged her because I was glad that she was going with me," Vander- pool-Wallace reflected. Since qualifying in the 100 back- stroke last month at the Ohio State Grand Prix, Dillette she's been in the pool training. "I took a short break after the meet in Ohio because I had just swam NCAAs before that," she stated. "I've been training ever since. "But it's been good and I'm trying to qualify for another event this summer. First Annual Fritz Grant Invitational 'a success' * By RENALDO DORSETT Sports Reporter rdorsett@tribunemedia.net WITH a list of star studded athletes taking part and the development of the nation's junior track and field pro- gramme on display, one of the most highly regarded athletics coaches in the country successfully conducted the first ever edition of his invitational meet. The 1st Annual Fritz Grant Invita- tional, hosted by the Ambassadors Track Club and held in memory of Shaquille Moxey, held Saturday, May 3 at the Thomas A. Robinson Stadium, was deemed a success by event organ- isers and participants. The event featured an appearance from Michael Mathieu, member of the 2007 World Championship 1600m sil- ver medal team. Mathieu clocked 46.63m in the Open Men's 400m, followed by a pair of Ambassadors, Delano Deveuax and Brandon Miller in 49.59s and 49.63s respectively. The host club, Ambassadors, also thrilled the crowd when their Open Men's 1600m relay team ran a blister- ing 3:18.53s. Road Runners Athletic Club received the top overall points total with 436 and captured two divisions, Boys Under 11 and Under 17. The Striders Athletic Club took both Under 13 divisions and finished with a total of 317 points. Club Monica captured a meet high three divisions, Girls Under nine, Under 15 and Women's Open and fin- ished with a total of 308 points. Star Trackers, 225 points overall, took the Boys Under 15 and Girls Under 17 divisions. The Sunblazers captured the Boys Under nine and Girls Under 11 divi- sions, finishing with 136 points. The host Ambassadors finished with 168 points and took the Open Men division. Grant said he was extremely pleased to witness such a high level of compe- tition across the board, from the youngest competitors in the under nine division, to the senior open competi- tors. "The competition was extremely high all day right down to the final event the Opens Men 4x4, guys ran 3:18 and it gives you an idea of how high the talent level was," he said, "The performance of the under nine category, straight through to the open category was amazing. Michael Math- ieu came down and everyone got a bird's eye of view of his fitness level and it was very good for him to come and bless this meet with his perfor- mance." Grant thanked meet sponsors, par- ents, and the 14 participating clubs along with the myriad of unattached athletes for a successful first edition of the meet. "Overall the clubs participated extremely well, I'm quite pleased with the overall performance of all of the athletes and the coaches of the clubs that participated ought to be com- mended and all of those supports and sponsors that came in to make this meet what it was I would like to thank them as well. A good start for the meet, next year we are looking to fill the stadium. We are going to.market a little better and we are going to do some things to publicise the young peo- ple." The nationally renowned Head Coach at C.H. Reeves Jr. High School and 2008 Carifta Coach said the meet was just one example of the positive efforts put forth by many of the coun- try's young athletes and parents. "This is all positive stuff, I think more media members need to high- light more than crime and let people know that there are some doing posi- tive things in this country to mold and develop lives," he said, "The efforts of the parents cannot be underscored and I want to say thank you to the par- ents as well and I'm just happy the meet went off extremely well." Grant said the importance of hosting the meet in memory Moxey was a small token of appreciation for the spirit of an athlete who embodied the principles of sport and righteous living. "Shaquille was just an extremely dis- ciplined and awesome young man. We are talking about a guy if he was here would have been in the thick of things probably running a 22 or about a 10.9 or 10.8. He had those type of special qualities and was loved by everybody," he said. "He was never a quitter and always had that driving force to want to suc- ceed, regardless of the odds regard- less of the outcome he always gave 110 percent. To honour him and give due respect to his family was just a small way to show how his memory will linger on and live on in our hearts for- ever." I'mfinished school, so I can a lot more on my training." The 19-year-old Auburn 1 junior said it was a relief for she attained the qualifying s "I was really, really happ Arianna had made it before just wanted to make sure tha another girl going along with lette said. "So that. was exciting toe she was at the meet when really think that because " close, we are going to do we we can help each other out. Dillette said they are sti that the Bahamas will hav team as well as one or two n vidual female swimmers qua Although she's not yet q Ariel Weech said both Vanderpool- Wallace and Dillette have inspired her. "To see that two girls around the same age as me with the same capa- bilities have qualified, I think I can do it too," she projected. "I'm just moti- vated." SThe St. Augustine's College student said she's not just counting on the relay because anything could happen. But she's concentrating on her individual Q event and is hoping that she can D achieve the standard. From June 5-8, Weech is expected to Story and secure her spot on the team. If Sshe fails at that meet, she will come Back home and try to go for it then. Su While in town, Vanderpool-Wallace, E along with Olympic hopeful Ariel S Weech, got a chance to model the Adi- das uniforms the team will be wearing first two in Beijing. They joined sprinter Debbie Ferguson-McKenzie, quarter-milers Chris 'Bay' Brown, Michael Mathieu, now focus Nathaniel McKinney and BAAA's executive Ralph McKinney at the Old University Fort Bay Club. her when "They feel nice. I can't wait to wear standards. them," Vanderpool-Wallace noted. y. I knew Dillette didn't get to model any of e nie, so I the uniforms, but she too was at she had impressed with what she saw. her," Dil- "They look very nice, so I'm excited to be able to travel to Beijing and rep- o because resent my country in them," she I did it. I summed up. we are so Weech, who also got the opportuni- Il because ty to model the uniforms, said just wearing them was an inspiration for ill hoping her. 'e a relay "Knowing that I am so close to qual- riore indi- ifying has really made it special," she alified. said. "I can't wait to qualify so I can qualified, really wear them." JAMAICA'S USAIN BOLT (inset and far left) leads the men's 100-meters, ahead of Kim Collins (right), of St Kitts, Daniel Bailey (second right), of Antigua and the USA's Darvis Patton (obscured) during 5th Jamaica International Invitational Meet at the National Stadium in Kingston on Saturday. Bolt equaled the second fastest 100-meters time ever when he clocked a blistering 9.76 seconds, just 0.02 seconds off world-record holder Asafa Powell's top time of 9.74. Atkins: 'He ran a good race... * By BRENT STUBBS Senior Sports Reporter bstubbs@tribunemedia.net FROM the time he ran for Jamaica at the Carifta Games, many people felt that Usain Bolt had the potential to be a big sprint star on the interna- tional scene. Over the weekend, Bolt put his name on the list of contenders for the 100 metres title as well as the 200 at the 2008 Olympic Games in Bei- jing, China in August when he ran the second fastest 100 ever in 9.76 seconds at the National Stadium. Derrick Atkins, the Bahamian national record holder at 9.91 which secured the silver at the IAAF World Championships last year, said it was a fantastic performance by Bolt, the former world junior 200 champion. "It was a fast time. He was at home and he had the hype of the crowd. That could bring the times out of you," said Atkins of Bolt, who was just .02 shy of tying fellow Jamaican Asafa Powell's national record of 9.74. "He ran a good time. He ran a good race actually. But in the world of track and field, you have to do it more than once." Atkins, a distant cousin of Powell, said he was in Gainesville, Florida where he's based training when he heard at the time. At first, he said he thought there was a problem with the timing system. "But then I went and watched the race and I saw where he did what he had to do. It was a very good run," Atkins pointed out. "So, it's just another person in the 100 metres now. "He's just another person who thinks he could run the 100. It was a good race. I tipped off to him. He ran well. But I'm not concerned." Atkins, who turned 22 on January 5, said he has a game plan and he's not going to let anybody or any time distract him from it. "I'm going to be the Olympic champion," he promised. "Whatever it takes to win, 9.6 or whatever, I'm going to do it. I'm not chasing times right now. "It's still early in the season. It's just May. We still have three more months to go before the real dance start. People can run as fast as they want right now. I know when it comes down to it, I'm going to be ready to run fast." On May 18, Atkins will be back in action when he competes in the men's century at the Adidas Classic. He's hoping to improve on the 10.07 that he's ran in Berkeley, California on April 26 at the Home Depot Cen- ter in Carson, California. Brown 'sets his cleats' on Olympic training * By BRENT STUBBS Senior Sports Reporter bstubbs@tribunemedia.net CHRIS 'Bay' Brown hasn't raced since he won the bronze medal in the men's 400 metres at the World Indoor Ap Champi- onships in Valencia, Spain in March. Home for a break over the weekend to participate in the Adidas uniform presentation at the Old Fort Bay Club, Brown said he's taking his time for the long haul to the 2008 Olympic Games in Beijing, China in August. "After the World Indoor Championships was over, I decided to just focus on train- ing," said Brown, who is now based in Atlanta, Georgia. "I knew that being over there in Europe for a month and a half, I lost a lot of train- ing because I was just compet- ing. So I decided to just sit back, relax and train and get ready for the competition com- ing up." Brown, who turns 30 on August 15, said he knows that the quarter-milers around the world are all hungry for a big showing in Beijing and he cer- tainly doesn't want to be left out of the picture. "If I don't get hungry, they are going to come and eat what I have to eat, so I have to let them know that I'm still the big shark out there and they're the snappers and the jacks," he quipped. In preparation for the task ahead of him, Brown said he intends to run in a 4 x 400 metre relay team with his train- ing partners in a meet between Georgia and Clemson this weekend. On May 18, he intends to run his first 400 at the Adidas Classic before he head to Europe for the first of two Golden League meets in Olso on June 1, followed by Berlin. After that, Brown said he will be coming home to com- pete in the Bahamas Associa- tion of Athletic Associations' Scotia Bank National Olympic Trials in June at the Thomas A. Robinson Track and Field Stadium. Brown, a native of Wemys Bight, Eleuthera, admits that the trials should be really com- petitive as he has a number of quarter-milers coming to dethrone him, including colle- gian Andretti Bain, who has already done the A qualifying time of 45.55 for the Olympics when he ran a personal best of ,45.38 in Fayetteville, Arkansas on April 19. "I feel good knowing that I have the support. These guys can go out there and perform because we need more expo- sure and more talent out there," said Brown, of the men's 400, which is expected to be the marquee event at the trials this year. "I encourage any and every- body who could run the 400 to come because it's going to be a good one. I have no problems who come. I'm just watching the guys to see where they are weak and where they are strong." Brown issued a warning to all of his rivals. "When I come. I'm coming to bring the fire," he insisted. "I just want them to be ready because I'm-com- ing to put something down." Brown said the new Adidas uniform felt so good on him when he participated in the fashion show that he definitely wants to spot it in Beijing in August when he competes in the 400 and the mile relay. -a - . ~-CL b PAGE12, UESDY, MY 6,2008TRIBNEOSORT Cricket teams 'wear history' Ti1' Blahaumas ('ricket Associa- tion made Bahamian history over the weekend when, for tlie first time, teams in the league al)peared in full uni oirms. Throughout the cricket world, one day matches are being played in colorful uniforms. A white ball is being used and the sight screens are black. BCA teams received their uni- forms, which will be worn at all future league matches, In Saturday's game Castrol Com- monwealth lost to Dockendale Iv a massive 242 runs. Batting first. Dockendale scored a total of 327 runs. National player Dannavan Morri- son scored 74 runs and Shanaka Perere scored 50 runs. Bowling for Castrol Common- wealth, Leon Butler took four wick- ets, Charlton Brown three wickets and Byron Brown, took two wick- ets. Castrol Commonwealth in their turn at bat could only muster 85 runs with Terry Seepersad and Hichand Rampersand scoring 25 and 16 runs respectively. Sunday's match featured Paradise and St. Agnes. Batting first, Paradise scored 235 runs. Hamilton Guilyard scored 49 runs and Leythan Thomas scored 30 to lead Paradise. St. Agnes bowlers Earl Thomas. three wickets, and Hesketh Dean. two wickets had depleted the Par- adise batting, but at last wicket stand of 68 runs helped them to reach the modest total. St. Agnes at bat were able to reach 227 runs to lose the match by a mere eight runs. It was the second close loss for St. Agnes. The young 14-year-old, Orlando Stewart, led the St. Agnes batting by scoring 51 runs, while Thomas added 35 runs. Paradise's best bowlers were Gary Belle, three wickets, Brent Fuller- ton and Gary Armstrong took two wickets each. The National Team, which trav- els to the United Kingdom to play in the World League Tournament later this month, suffered a huge set back when Marc Taylor. spinner and opening, batsman, sustained, a bro- ken shoulder'at practice session. The team departs May 17th. Third place for Bahamas FOLLOWING in the footsteps of the Women's Fed Cup team who advanced to Zone One two weeks ago, the Girls 16 Junior Fed Cup team experienced simi- lar success last week in Montreal, Canada. Team Bahamas, Kalotina Klonaris and Kerrie Cartwright, finished third in Group A where they were seeded alongside Mex- ico, the U.S.A. and the host team Canada. The team finished 0-3 against Canada on day one, and again went winless against 'the U.S.A at 0-3 on day two. Led by team captain, Kim O'Kelley, the duo rebounded in their final tie for a 2-1 win over Mexico, which placed them third overall. After Klonaris fell in the opening round to Ursula Castille- jos, 3-6, 3-6, she and Cartwright rebounded to take the tie. Cartwright defeated Carolina Bctancourt, 7-6(6), 7-5 and the duo also won a gruelling three set doubles match, 6-4, 1-6, 6-4. For the entire tournament, the Bahamas finished 2-7 and won one tie. The U.S.A took first place in the tie finishing with three tie-wins and a record of 8-1 overall. Canada placed second while Mexico placed fourth. inpb*JsiWWMrieJ BOA CORRECT NAME IT was incorrectly reported in Monday's edition of The Tribune that one of the Dassler's sisters name is Sigi. It is actually Sigrid. The Tribune apol- ogises for the error. It was also reported by Bahamas Association of Athletic Association's president Mike Sands that he had some involvement in the selection of the colors and designs. The Bahamas Olympic Association has refuted the claim. BOA OLYMPIC QUALIFERS With the recent success of Taureano 'Reno' John- son at the 2nd Americans Qualifying Boxing Tour- nament, the Bahamas Olympic Association has now officially registered four sports for the Beijing Olympic Games in August: Athletics, boxing, swim- ming and tennis, as well as two Youth Campers. A special general meeting of the BOA has been called for today at the Nassau Yacht Club, East Bay Street, starting at 6:30 p.m. All members are urged to attend. BASKETBALL BGDBA REGISTRATION The Bahamas Government Departmental Bas- ketball Association is slated to start on Friday 30th May. Registration and entrance fees for all teams, old and new, are due no later than Monday 12th May. All coaches or team managers are asked to contact secretary Rochell Hatcher to register and make arrangements for payment. BASKETBALL BBF AGENDA The Bahamas Basketball Federation is preparing to participate in a number of big international events. President Lawrence Hepburn revealed that the Junior and Cadet men and women National Teams will be heading to the Dominican Republic on June 23rd. Also, Hepburn confirmed that they will host a group of coaches from the California region from May 16-18th in a coaches clinic and scouting com- bine. "Here coaches will take a close look at the play- ers we have and assess whether they can use them in their programmes now or in the future," Hepburn stated. "We want to encourage coaches to attend and register their players. Profiles of the player are being received by the federation to be posted on the Coalitions website. SPersons to sign up via email hepburnlawrence@ hotmail.com or have their coaches send profiles to that address. BASKETBALL FIBA REFEREE CERTIFICATION THE Bahamas Basketball Federation will hold a FIBA Certification Course from May 9-11 at the College of the Bahamas. Two FIBA instructors will be in town to conduct clinics and certify the candi- dates who pass the exams. "At present we have only three referees that are FIBA certified presently from the Bahamas," fed- eration president Lawrence Hepburn noted. "We hope to increase this number after this clinic and so we ask our participants to be on their game and reach those passing grades and conditioning require- ments." BASKETBALL BBF SUMMER PROGRAMME The Bahamas Basketball Federation has announced that their Summer Calender will be released in short order. The federation is hoping to host some visiting teams in a tournament. Hepburn said the federation is eagerly awaiting the Independence Tournament where island asso- ciations and collegiate teams will square off. Hep- burn said the tournament will provide'the oppoPr tunity for the Bahamian collegiate players to be on display. Junior Baseball: Opening round of playoffs set for May 17 JUST one weekend remains in the Junior Baseball league of Nassau's regular season as teams continue to jostle for post season posi- tioning. The opening round of the playoffs begins May 17 at the JBLN Field of Dreams, with play in each of the six divisions, Fee Ball, Coach Pitch, Minor League, Major League, Junior League and Senior League. In Tee Ball, the Real Estate International Raptors have captured the pennant, despite losing their first game of the season last week.to finish with a 5-1 record. The Frito Lay Sea Dogs, Tropical Shipping Blue Claws, deadlocked with a pair of 4-2 records will face on in the Elimination game. In Coach Pitch league, The Prime Bahamas Angels captured the pennant with a 13;1 record. The Snapple Blue Jays and Port Interna- tional Diamondbacks face each other in the elimination game, Wednesday, May 21. In the Junior League, The Sports Center Cardinals also clinched the pennant with a 9- 2 record, well ahead French's Nationals at 6- 5 and the Era Bahamas Yankees also at 6-5. The Nationals and Yankees face each oth- er in the Elimination game. The Senior League has also seen a leader clinch an early pennant. The Mosko Realty Tigers boast a 6-3 record, followed by John's Elite Athletics at 4-5 and V8 Splash Orioles at 4-6 respec- tively. In the Minor Leagues, the Snickers Mets at 12-2 captured the pennant and will await the matchup between the Milo Red Sox and Super Value Devil Rays. The Major League still has much to be decided on the final day of competition. The Insurance Management Marlins and Pinder Customs Brokerage Indians have clinched playoff berths with 6-2 and 6-3 records respectively. The Castrol Braves and BED Reds remain in a slugfest for the third position. The Playoff elimination game for Tee Ball will take place May 17th at 1pm. Coach Pitch, Minor, Major, and Junior League elimination games will take.place May 21st while the Senior Leagues will take to the field May 22nd. The Best of three championship series for Tee Ball begins May 21st. The remaining divisions begin their play- *. offseries' May 24th. ' .Approximately 390 athlete.smake-up the 30 teams of the JBLN. 'I .. r . s .3 I."",, .. k. ... t..1 , \ ,, '- *, . now "Informative. I can be sure to read something of value in The Tribune. It is rillid with information about local news, sports, entertainment and world news subjectNs Cthat :. important to me. The Tribune is my newspaper." JASON ?Q.\I-I G! I.' G CO11.ISTRII.TI'l i ,I'F-. i 'H rj The Tribune ge I 7 --i 41 ~, .~~~S~~~P_Y TRIBUNE SPORTS PAGE 12, TUESDAY, MAY 6, 2008 Irys~-r~ar~*n~p~ms I; -.I r. ~~"~c~ ' d ~i~t.iI~ I': ' 5 'Choo Choo' Mackey to square off with Nigerian Gbenga -p j.4~ . s- "-"y^ -t. " ; ..... : ',' '. *: '^ K -' t5 ...* ; :.. ,., t%. ,,, . ':E| ',x '-' "!::iN4 -,-.; .:-V ._ ' 7 ... ., -'P '-'!' :',i ,%,_ -, ,, - ,. . 2 -. - :i ~ ..~ 't..g' JERMAIN 'CHOO CHOO' MACKEY is scheduled to fight Nigerian Michael Gbenga for the Commonwealth crown on May 24 at the Kendal Isaacs Gymnasium. BAHAMAS Boxing Commission Chairman Pat Strachan announced on Friday that anoth- er opponent has been positioned to fight Bahamian/Caribbean champion Jermain Mack- ey for the Commonwealth crown on Saturday May 24 at the Kendal Isaacs Gymnasium. Strachan made his disclosure following the return of Commission Secretary Fred Sturrup from a special Commonwealth Boxing Council interim meeting in Cardiff, Wales. "Our secretary, Commissioner Sturrup offi- cially reported to a meeting of the Commission on Friday night that Nigerian Michael Gbenga was the unanimous choice, given the circum- stances surrounding this fight. Secretary Sturrup is also a director of the Commonwealth Council and the official representative who will supervise the fight," Strachan said. "We in the Commission are grateful to he and his colleagues who have stood solidly behind - the fight being held here in the Bahamas despite a lot of complications. The latest was Brian MaGee of Ireland pulling out. "The Commission had already sanctioned MaGee as the opponent for Mackey once we learned that Charles Adamu the first opponent was injured and would not recover in time to meet the fight deadline." Strachan said in Wales, this past week, Sturrup was informed that MaGee's manager had com- muinicated to the Council Secretary that his fighter stopped training. According to Strachan, the situation in the MaGee camp caused the Council to scramble for an opponent after being informed that "every- thing was in place for a May 24th programme." A call was actually made from the meeting in Cardiff to Gbenga's manager and he accepted the opportunity. However the Council voted that an option be in place just in case. Kirt Sin- nette of Trinidad who has recorded two victories since he was stopped by Mackey in the Caribbean unification bout would be the oppo- nent if something happens with Gbenga. Sin- nette's name was put forth by Council Presi- dent Dr. Calvin Inalsingh, a native of Trinidad. The board of directors voted in support.. Strachan informed also that Michelle Minus, manager of First Class Promotions, has been given all of the new data and has accepted. The bout is right around the corner and Strachan said Minus is now going though the process of communicating with the Gbenga camp to get the contract signed. "This is a big fight for us. A lot of folks feel the Commission is just a sanctioning body. They never really understand the great amount of work that goes on behind the scene. Particu- larly in this instance we have been doing quite a bit of interacting in conjunction with the super- visor," Strachan said. "It certainly is to our ben- efit that we have a director on the Council Board. He is right in the heart of all of the Council decisions. We don't know what would have happened if there was nobody from The Bahamas who was privy to what goes in the Council. I'm not saying the Council would have been unfair. It's just always good to have a pres- ence when it's time to lobby. "That's why in the previous commission administration we decided that the foundation must be getting a foothold in the regional and international organizations. This we did and the pro boxing programme has benefited tremendously as a result." High on the priority list in 2008 for the. Com- mission Strachan says is to lobby for Common- wealth title fights for heavyweight Sherman Williams, lightweight Edner Cherry and super featherweight Meacher Major. The three Bahamians are regarded as prime contenders in the Commonwealth. CESo mpl[KW Fritz Gant UInvitatli[onal UResultsI Girls Under 9 100m Marissa White, Club Monica, 15.80s Donte Hunt ,Club Monica, 15.90s Tanae Miller, Sunblazers, 15.93s 400m Relay Club Monica, 1:10.55s Sunblazers 1:10.97s Road Runners, 1:11.92s Girls Under 11 100m Asia Butler, Sunblazers, 13.66s Catalyn Blayre, Sunblazers, 14.21s Taj Dorsett, Star Trackers,14.40s 400m Relay Sunblazers, 58.53s Girls Under 13 100m Makeya White, Club Monica, 12.98s Khadijah Fraser, Striders Athletics, 13.05s Taryn Rolle, Star Trackers,13.45s 400m Khadijah Fraser, Striders Athletics, 1:06.04s Danielle Gibson, Striders Athletics, 1:06.69s Jeorjette Williams, Striders Athlet- ics, 1:08.36s 400m Relay Striders Athletics, 56.66s Central Eleuthera, 57.86s Club Monica, 57.91s 1600m Relay . Striders Athletics, 4:43.61s Road Runners, 5:06.13s Central Eleuthera, 5:10.36s High Jump Danielle Gibson, Striders Athletics, 1.32m Makeya White, Club Monica, 1.22m Jenae Ambrose, Club Monica, 1.06m Long Jump Danielle Gibson, Striders Athletics, 4.53m Keanama Albury, Central Eleuthera 4.44m Taryn Rolle, Star Trackers, 4.23m Girls Under 15 100th Shaunae Miller, Club Monica, 12.64s Aalyiah Harris, Club Monica, 12.91s Rikki Barry, Sunblazers, 12.99s 400m Colebrook, Club Monica, 1:02.99s Talia Thompson, Striders Athletics, 1:03.77s Thompson, Club Monica, 1:05.06s 800m Talia Thompson, Striders Athletics, 2:38.36s Hollie Rolle, T-Bird Flyers 2:43.38s Eddecia Carey, Road Runners, 2:48.59s 400m Relay Club Monica, 52.39s Striders Athletics, 53.62s Star Trackers, 53.93s 1600m Relay Club Monica, 4:22.45s Striders Athletics, 4:27.90s Road Runners, 4:45.46s High Jump Khadijah Ferguson, Striders Athlet- ics, 1.50m Talia Thompson, Striders Athletics, 1.47m Anthonique Butler, Road Runners, 1.42m Long Jump Latanya Symonette, Central Eleuthera 3.86m Alexia Knowles, Central Eleuthera, 3.85m Girls Under 17 100m Katrina Seymour, Ambassadors, 12.59s Krysten Black, Road Runners, 12.94 Vashti Colebrooke, Road Runners, 12.96s 400m Devinn Cartwright, Star Trackers, 1:01.26s Ashley Johnson, Star Trackers, 1:02.00s Rashanda Dean, Road Runners, 1:04.52s 800m Hughnique Rolle,T-Bird Flyers 2:23.70s 300mH Kryshell Rolle, Striders Athletics, 46.59s Audra Johnson, Club Monica, 49.73s 400m Relay Road Runners, 50.01s Star Trackers, 50.51s Club Monica, 53.31s 1600m Relay Star Trackers, 4:15.94s Road Runners, 4:23.30s High Jump Kenya Culmer, Striders Athletics, 1.57m Lauren Charlton, Star Trackers, 1.47m Long Jump Ashlee Smith, Jumpers Inc, 4.73m McDonald, Ambassadors, 4.43m Cartwright, Jumpers Inc, 4.11m Shot Put Racquel William; Unattached, 11.32m Cymone Hamilton, Star Trackers, 8.33m Open Women 100m V'Alonee Robinson, Club Monica, 11.78.s Ivanique Kemp, Club Monica, 12.11s Ashlee Dorsett, Club Monica, 12.64s 400m Katrina Seymour, Ambassadors, 58.57s Tai Dorsett, Star Trackers, 1:01.45S Shauntae Miller, Unattached, 1:02.38S 800m Lexi Wilson, Striders Athletics, 2:23.80s 400m Relay Ambassadors, 50.46s Road Runners, 51.33s COB,52.75s 1600m Relay Club Monica, 4:08.36s Long Jump Keithra Richardson, Jumpers Inc, 5.46m Tia Rolle, Club Monica, 5.20m Tezel Lightbourne, Ambassadors, 4.27m Boys Under 9 100m Antione Cooper, Sunblazers, 15.01s Miguel Bethel, Road Runners, 15.50s Aaron Bastian, Sunblazers, 15.74s 400m Relay Sunblazers,l:08.47s Road Runners,l:08.51s Boys Under 11 100m Daril Davis, Road Runners, 14.65s Kenneth Sweeting, Club Monica 14.66s Branson Rolle, Road Runners, 15.13s 400m Relay Road Runners,1:04.40s Untouchables,l:08.17s Boys Under 13 100m Todd Isaacs, Club Monica, 12.89s Ian Kerr, Club Monica, 12.93s Timothy Wilson, Striders Athletics, 12.94s 400m Jordan Minnis, Sunblazers, 1:04.72s Anthony Bowleg, Sunblazers, 1:07.85s Tyler Armstrong, Striders Athletics, 1:07.91s 400m Relay Striders Athletics, 54.53s Club Monica, 54.94s Road Runners, 54.99s 1600m Relay Road Runners, 4:32.25s Strides Athletics, 4:37.56s High Jump Ramon Braynen, Club Monica, 1.40m Timothy Wilson, Striders Athletics, 1.37m Thomas Wilson, Striders Athletics, 1.37m Long Jump Thomas Wilson, Striders Athletics, 4.70m Timothy Wilson, Striders Athletics, 4.67m Ramon Braynen, Club Moni- ca,4.63m Boys Under 15 100m Toriano Finley, Silver Lightning, 11.53s Nicholas Archer, Star Trackers, 11.84s Stewart Gardner, Star Trackers, 12.18s 400m Toriano Finley, Silver Lightning, 54.19s Stephen Newbold, Star Trackers, 55.62s Rashad Gray, Silver Lightning, 59.65s 800m Lopez Lafleur, T-Bird Flyers, 2:17.86s Andre Colebrooke, Central * Eleuthera, 2:24.20s William Russell, Kenyan Knights, 2:29.44s 400m Relay Star Trackers, 47.82s Silver Lightning, 48.10s Club Monica, 51.16s 1600m Relay Star Trackers, 3:56.95s Road Runners, 4:14.10s High Jump Anthopy Butler, Road Runners, 1.32m Long Jump Lathorne Collie, Club Monica, 6.00m Latario Collie, Club Monica, 6.00m Oral Rolle, Club Monica, 5.27m Boys Under 17 100m Harold Carter, Unattached, 11.10s De'Vaughn Fraser, Ambas- sadorsll.lls Ulysses Hinsey, Silver Lightning, 11.27s 400m Marlon Hanchell, 51.90s Patrick Bodie, Road Runners, 52.12s O'Jay Ferguson, Road Runners, 52.17s 400m Relay Silver Lightning, 44.57s Road Runners, 46.06s Jumpers Inc, 46.36s 1600m Relay Unattached, 3:32.46s Road Runners, 3:42.31s Unattached, 3:57.14s High Jump Jaran Hinsey, Unattached, 1.86m Terrance Roker, Ambassadors, 1.59m Long Jump Alfredo Smith, Jumpers Inc, 6.36m Jerrano Bowleg, Ambassadors, 5.65m Shot Put Philip Dawkins,C OB, 11.93m Johnathan Arnett, Jumpers Inc, 11.75m DeAngelo Nottage, Unattached, 11.08m Javelin Philip Dawkins, COB, 35.00m DeAngelo Nottage, Unattached, 28.18m Open Men 100m Lavardo Smith, Ambassadors, 10.56s Marcus Thompson, Ambassadors, 10.64s Jamaal Forbes, Ambassadors, 10.65s 400m Michael Mathieu, Unattached, 46.63s Delano Deveaux, Ambassadors, 49.59s Brandon Miller, Ambassadors, 49.63s 800m Laquardo Newbold,T-Bird Flyers, 2:05.45s Renaldo Gibson, Unattached, 2:08.63s 110mH Taylor-Hepburn, Club Monica, 14.57s Jason Williams, Unattached, 15.09s 400m Relay Ambassadors, 41.66s Tigers, 42.00s Ambassadors, 42.50s 1600m Relay Ambassadors, 3:18.53s Unattached, 3:20.90s Star Trackers, 3:21.18s Long Jump Lamar Delaney, Jumpers Inc, 7.10m Donovan Williams, Untouchables, 6.83m Stanley Poitier, Jumpers Inc, 6.74m Triple Jump Cameron Parker, Jumpers Inc, 14.54m J'Vente Deveaux, Unattached, 14.31m Shot Put Elvis Rolle, Unattached, 12.85m Donovan Williams, Untouchables, 12.58m Rashad McCoy, COB, 10.83m Javelin Travaughn Bain, Unattached, 40.52m INSIGHT Frthie lstories} TUESDAY, MAY 6, 2008, PAGE 13 TRIBUNE SPORTS ! PAGE14, UESDY, MY 6,2008TRIBNE SORT ' I II 'I t Federer to meet Canas in Rome * By ANDREW DAMPF AP Sports Writer ROME Roger Federer's first match at the Rome Masters will come against a player who's given him all sorts of trouble Guillermo Canas. Canas rallied past Italian wild card Gianluca Naso 6-7 (8), 6-3, 6- 2 Monday to set up a clay-court meeting with Federer, who~had a first-round bye. "I have nothing to lose," Canas said. "I'll try my best and even that might not be enough." The tournament began with an upset when ninth-seeded Richard Gasquet lost to Peruvian qualifi- er Luis Horna 6-4, 6-1 in the first match on center court. Steve Dar- cis beat Ivan Ljubicic 7-5, 7-6 (5) and will next play Novak Djokovic. Mardy Fish held off Michael Llodra 7-5, 3-6, 7-6 (2) and will face Andy Roddick in all-American matchup. No. 13 Juan Monaco dis- patched Pablo Cuevas 6-0, 6-4 and No. 16 Andy Murray advanced when Juan Martin Del Potro retired with the Scot lead- ing 5-7, 6-4, 1-0. Also, Stanislas Wawrinka elim- inated two-time Grand Slam win- ner Marat Satin 6-7 (5), 6-2, 6-1. Canas has won three of his five meetings with Federer, including two straight in Masters Series events early last year upon the Argentine's return from a 15- month doping ban. Federer rout- ed Canas 6-0. 6-3 in the Madrid Masters in October, and they haven't played each other since. All five of Federer's matches with Canas have came on hard courts. They have never met on clay. Federer leads a Foro Italico field featuring the top nine players in the rankings, including three-time defending champion Rafael Nadal. Nadal is off to another perfect start to the clay-court season, win- ning consecutive titles at the Monte Carlo Masters and the Barcelona Open the past two weeks. "Right now my confidence is very high," Nadal said. "But it's going to be very tough. It's my first time playing three weeks in a row on clay. Last year there was a week between Barcelona and Rome." The top eight seeded players have first-round byes in this tune- up for the French Open, which begins May 25. In Monte Carlo, Nadal beat Federer for his first title of the season, improving his career clay- court record over his Swiss rival to 7-1. "Federer is still the undis- puted No. 1," Nadal said. "He is the toughest player for me." Federer will play Canas on Tuesday, with Nadal facing Juan Carlos Ferrero or Nicolas Kiefer on Wednesday. Gasquet played the 111th- ranked Horna even until surren- dering a break late in the first set. The top French player then unraveled, missing 15 forehands and committing 27 unforced errors overall. The match ended under light rain. "After losing the first set, I lost all my confidence," Gasquet said. "I played my worst match of the year." Last year, Gasquet finished in the top 10 for the first time, won a career-high 49 matches and post- ed his best Grand Slam perfor- mance by reaching the Wimble- don semifinals. This year, he is the only player in the top 10 yet to reach a quar- terfinal. "I'm either way high or way low, and now I'm very low," Gas- quet said. "It's really difficult on the court. I need to win some matches and have fun." Others advancing Monday were Italians Potito Starace and Andreas Seppi, Russian qualifier Evgeny Korolcvy Nicolas Mahut, Igor Andrcev and Lee Hyung- taik. COMBINED, CHELSEA AND MANCHESTER UNITED COULD FIELD A GOOD ENGLAND LINEUP English talent abounds in Champions League final * By ROBERT MILLWARD AP Soccer Writer LONDON Who says there is no English talent in English soccer? The coach of the country's national team, Fabio Capello, bemoans the fact that only 37 percent of players in the Pre- mier League were born in the country. But look at the potential combined lineup that Champi- ons League finalists Manchester United and Chelsea could field when they play in Moscow on May 21. Goalkeeper: Ben Foster (Manchester United). (He may be United's third choice behind Netherlands goalkepeer Edwin van der Sar and Poland backup Tomasz Kuszczak, but he's con- sidered one of England's best young stars.) Defenders: Wes Brown (Manchester United), Rio Fer- dinand (Manchester United), John Terry (Chelsea), Ashley Cole (Chelsea). Midfielders: Shaun Wright- Phillips (Chelsea), Frank Lam- pard (Chelsea), Michael Car- rick (Manchester United), Owen Hargreaves (Manchester United). Forwards: Joe Cole (Chelsea), Wayne Rooney (Manchester United). That would be a useful Eng- land lineup, and it comes from only two clubs. But now comes the down side. Although these players are taking part in the final of Euro- pean soccer's most prestigious club competition, they won't be going to next month's European Championship because England failed to qualify. It's a strange twist to another season of contradictions in Eng- lish soccer. For the second yeariin a row, three Premier League clubs made it to the last four of the Champions League, and for the fourth season, in a row English clubs have made it to the final. Now English soccer follow- ers are looking forward to the first-ever final between two of their teams in European soc- cer's most prestigious club com- petition. So why is the national team always lagging behind when it comes to the major champi- onships? Technical'ability is one answer. There's little doubt the arrival of foreign talent has enriched the quality of the game in the Premier League and the divisions below. It's up to the home-grown players to learn from these stars, and coaches like Capello to blend overseas skills with the traditional, more predictable fast and physical styles of the domestic players. On Tuesday, Capello will line up alongside Football Associa- tion chairman David Triesman, chief executive Brian Barwick and director of soccer develop- ment Trevor Brooking at Wem- bley Stadium, where those in charge of England's national team will outline their blueprint for future success., It's called the FA's Strategic Vision and it is aimed at devel- oping the game in England, especially over the next four years. Capello, who led AC Milan, AS Roma, Juventus and Real Madrid to multiple title suc- cesses at club level, says he can't understand why England has flopped so many times. "This is my toughest job, understanding why this happens and solving the problem," he said. "This is the problem that all my predecessors have had. I'm hoping I will be able to understand why and rectify it. "Because looking at the per- formance of the English teams in the Champions League, then at the moment the Premier League is the best in the world. Absolutely." Capello replaced Steve McClaren, who was. fired after England failed to qualify for Euro 2008. "I can't perform miracles. These are the players.we have and I can only call up the play- ers we have," said the Italian, who started with a 2-1 victory over Switzerland and a 1-0 loss to France in friendlies. "Creating new players is a long process. It takes a lot of time and you need talent to begin with. It's not going to be fast." Maybe the Champions League final will be part of Eng- lish soccer's answer to critics who say the nation credited with developing the game isn't in the same league internation- ally as Brazil, Argentina, Italy, Germany and France. All of them have won World Cups since England's only title, in 1966. The likelihood is that the buildup to that game will be dominated by United's Portu- gal winger Cristiano Ronaldo or Chelsea's Ivory Coast striker Didier Drogba and Germany midfielder Michael Ballack. If Rooney and Lampard emerge.as the stars in Moscow, however, then Capello's job could become a good deal easi- er. Robert Millward is the AP Soccer Writer. Write to him at rmillward(at)ap.org THE PREMIER LEAGUE Chelsea beat Newcastle 2-0 'r * By ROB HARRIS NEWCASTLE, England Chelsea sent the English Pre- mier League title race to the final day of the season, beating Newcastle 2-0 on Monday night on goals by Michael Ballack and Florent Malouda, the Associat- ed Press reports. Manchester United (26-5-6) and Chelsea (25-3-9) each have 84 points with one game remaining, but Manchester United is far ahead on goal dif- ference (plus-56 to plus-39), the first tiebreaker. Manchester United, seeking its second straight league title and 10th in 16 seasons, plays at Wigan on Sunday. In a match played simultaneously, Chelsea .hosts Bolton. Chelsea and Man- chester United also meet in the European Champions League final on May:l at Moscow. Ballack put Chelsea ahead with a glancing header in the 61st minute, and Malouda scored in the 82nd. "We were a bit slow at times with our touches on the ball in the first half," Chelsea captain John Terry said. "We had a bit of a rollicking at halftime, but we needed to pick it up to put the pressure on Manchester United." AMSTERDAM, Nether- lands (AP) American mid- fielder Michael Bradley was ejected as Heerenveen lost to Ajax Amsterdam in a playoff NEWCASTLE UNITED'S Geremi, right, takes a shot at goal past Chelsea'sWayne Bridge, left, during their Eng- lish Premier League soccer match at StJames' Park stadium, Newcastle, England yesterday. lish Premier League soccer match at St'James' Park stadium, Newcastle, England yesterday. for a berth in next season's European Champions League. Bradley, a son of U.S. nation- al team coach Bob Bradley, received his second yellow card and was sent off in the 39th minute of a 3-1 defeat to Ajax, which advanced on 5-2 aggre- gate in the home-and-hoime playoff. Ajax plays Twente on May 10 and 18 for a Champions League berth. PSV Eindhoven won the Dutch Eredivisie and receives one of the Netherlands' two Champions League berths. " ~A ~ JOHN TERRY PAGE 14, TUESDAY, MAY 6, 2008 TRIBUNE SPORTS THEERTRIBUNELTUEWSD6 SAMDHONG RINPOCHE, the prime minister of the Tibetan government-in-exile, looks on during an interview with the Associated Press in Dharmsala, India, Monday, May 5, 2008. A small step: More talks ahead for China, Dalai Lama envoys * SHENZHEN, China THE Dalai Lama's represen- tatives left China on Monday with a solid offer from Beijing for future talks; marking a small step toward expanding dialogue between the two sides follow- ing anti-government riots in Tibet, according to Associated Press. Prime Minister Samdhong Rinpoche of the India-based Tibetan government-in-exile said the two sides had agreed to meet again following daylong discussions conducted in a "good atmosphere" Sunday in the southern city of Shenzhen. "Like we said before, we're not expecting much outcome from these talks but this is a slow process and we are happy to continue the dialogue," he told reporters in Dharmsala, India, adding that details on future meetings will come later. Both China's state broad- caster and the official Xinhua News Agency confirmed a sec- ond round of talks had been agreed.on. Xinhua said how- ever, that Chinese officials told the Dalai Lama's envoys that recent protests had created new obstacles to communication. International critics have accused China of heavy-handed tactics in quelling anti-govern- ment riots and protests in Tibet and Tibetan areas of western China that began in March. Some experts believe Beijing agreed to meet with the envoys to ease that criticism ahead of the Beijing Olympics in August. Still, it is the first time the two sides have sat down,togeth- er since talks broke down in 2006 after six rounds. Despite China's vilification of the Dalai Lama, both sides have kept back channels for dialogue open. Autonomy The Dalai Lama, the Bud-" dhist spiritual leader who fled Tibet in 1959 amid a Chinese crackdown, has previously said he wants some form of autono- my that would allow Tibetans to freely practice their culture, language and religion. Speaking from Brussels, Bel- gium, on Monday, Kesang Yangkyi Takla, foreign minis- ter for the Tibetan government- in-exile, said the weekend meet- ing primarily focused on ways to improve conditions in Tibet. "We feel that until and unless.. the current crisis ... in Tibet improves, it is difficult to start negotiations. This is where we are focusing at the moment," she said. "We hope that the government in China will con- sider this and give a concrete reply sj that things improve in Tibet." Xinhua reported that Chinese officials "answered patiently" questions raised by the Dalai Lama's envoys. However, the Chinese side told the envoys that the March 14 riots "had given rise to new obstacles for resuming contacts and consul- tations with the Dalai side," Xinhua said. But even as the closed-door talks took place, China kept up its verbal assault on the Dalai Lama, whom Beijing has blamed for fomenting the lat- est unrest. The Tibetan leader has repeatedly denied the accu- sation. "The central government hoped that to create conditions for the next round of contact and consultation, the Dalai side would take credible moves to stop activities aimed at splitting China, stop plotting and inciting violence and stop disrupting and sabotaging the Beijing Olynic Games," Xinhua said on Mon- day. China also brought out the young man appointed by Bei- jing as the reincarnation of the Panchen Lama, Tibetan Bud- dhism's second-highest figure, on state television Monday to praise the ruling Communist Party. "I deeply pray for the suc- cessful holding of the Olympics. Under the leadership of the great Chinese Communist Par- ty, Tibet will definitely get more prosperous, and lives of Tibetan people,will become nicer and happier," Gyaltsen Norbu said. Gyaltsen Norbu is not widely accepted by Tibetans as the Panchen Lama. In May 1995, the Dalai Lama chose 6-year- old Gendun Choekyi Nyima as the 11th Panchen Lama. The boy and his family disappeared soon after and have not been heard from since. Human rights groups say the boy has been under house arrest, a claim Chi- na denies although officials refuse to say where he is. China says 22 people died in violence in Tibet's capital of Lhasa in March, while overseas Tibet supporters say many times that number died in protests and a subsequent crackdown. 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Please send resume to P.O.Box CB 10990 I TUESDAY, MAY 6, 2008, PAGE 15 THE TRIBUNE PG16TEDYMY620TETBU Death toll in Amazon rises to 17 in ferryboat sinking, dozens still missing * SAO PAULO, Brazil AMAZON region res- cue workers on Monday found two more bodies near the site where a boat ferrying people from a religious festival sank near a remote jun- gle town. The discovery raised the death toll to 17, with dozens still missing, according to Associated Press. Authorities don't know how many people were aboard because the boat didn't have a passenger list, but it may have been carrying more than 100 passen- gers and as many as 30 could still be missing, said Navy Lt. Lenilton Araujo. Some may have sur- Svived after swimming to shore, but haven't man- aged to get in touch with authorities because of bad communications in the remote area about 50 miles (80 kilo- meters) from the jungle city of Manaus, Araujo said. Araujo said the pas- sengers had been attending a "Festival of the Divine Holy Ghost," Sa Roman Catholic cele- bration in some parts of Brazil generally cele- brated around 50 days after Easter. The Comandante Sales ferryboat, which had been rented to carry people to and from the festival, capsized in a pre-dawn rainstorm on the Solimoes River, one of the Amazon's largest tributaries. Authorities believe torrential rain could have been a factor in the accident, but are also investigating whether too many pas- sengers were aboard the wooden, two-story craft, Araujq said. The Navy issued a statement saying the boat had been ordered not to travel following an inspection in January because it lacked the proper paperwork and a qualified crew, the offi- cial Agencia Brasil news agency reported. Brazilian media reported that Sunday's voyage was its first after being relaunched. Boats serve as buses in the area because there are few roads. In February, a two- story wooden ferrn car- rying more than 100 people collided with a barge loaded with fuel tanks on the Amazon River, killing .16. In March, a similar boat carrying 12 tourists and a crew of 10 on a wetlands fishing trip sank in the Pantanal area in Mato Grosso state south of the Ama- zon, killing nine. Myanmar death toll 'could top 10,000' * YANGON, Myanmar THE death toll from a dev- astating cyclone in Myanmar could reach more than 10,000 in the low-lying area where the storm wreaked, the most hav- oc, the country's foreign minis- ter warned Monday, according to Associated Press. Tropical Cyclone Nargis hit the Southeast Asian country, also known as Burma, early Saturday with winds of up to 120 mph. It knocked out elec- tricity to the country's largest city, Yangon, and left hundreds of thousands of people home- less. Some sought refuge at Bud- dhist monasteries while others. lined up Monday to buy can- dles, which had doubled in price, and water since the lack of electricity-driven pumps had left most households dry.; Myanmar is not known to have an adequate disaster warning system and many rural buildings are constructed of thatch, bamboo and other materials easily destroyed by. fierce storms. Severity "The government misled people. They could have warned us about the severity of the coming cyclone so we could be better pid 3,939 people had been killed. Another 2,879 people were unaccounted for in a single town, Bogalay, in the country's low-lying Irrawad- dy River delta area. But Foreign Minister Nyan Win told Yangon-based diplo- mats that the death toll could rise to more than 10,000 in the Irrawaddy delta, according to Asian diplomats at the meet- ing who spoke on condition of anonymity because it was held behind closed doors. Myanmar's ruling junta, which has spurned the interna- tional community for decades, appealed for aid on Monday. But the U.S. State Department said Myanmar's government had not granted permission for a Disaster Assistance Response Team into the country. Laura Blank, spokeswoman for World Vision, said two assessment teams have been sent to the hardest hit areas to determine the most urgent needs. "This is probably the most devastating natural disaster in Southeast Asia since the tsuna- mi," Blank said, referring to the 2004 disaster that killed around 230,000 people in 12 Indian Ocean nations. "There are a lot of important needs, but the most important is clean water." The situation in the country- side remained unclear because of poor communications and roads left impassable by the storm. "Widespread destruction is obviously making it more diffi- cult to get aid to people who need it most," said Michael 'Annear, regional disaster man- agement coordinator for the International Federation of the Red Cross in Bangkok, At a Monday meeting with foreign diplomats and repre- sentatives of U.N. and interna- tional aid agencies, Myanmar's foreign ministry officials said .they welcomed international humanitarian assistance and urgently need roofing materi- als, plastic sheets and tempo- rary tents, medicine, water puri- Q_ --- . E- IN THIS handout photo released by the Democratic Voice of Burma, fallen trees left uprooted and lied block- ing the road after tropical cyclone Nargis hit Myanmar's biggest city, Yangon, Sunday May 4, 2008. flying tablets, blankets and mos- quito nets. . In Washington%the State Department said the U.S. Embassy in Yangon had autho- .rized an emergency contribu- tion of $250,000 to help with relief efforts. "We have a DART team that is standing by and ready to go into Burma to help try to assess needs there," deputy spokesman Tom Casey told reporters. "As of this moment, the Burmese government has not given them permission, however, to go into the country so that is a barrier to us being able to move forward." Volunteers Myanmar Red volunteers already were distributing some basic items, said Matthew Cochrane at the International Federation of the Red Cross and Red Crescent Societies' Geneva headquarters. The World Food Program has pre-positioned 500 tons of food in Yangon and plans to bring in more relief supplies, said Elisabeth Byrs, spokes- woman for the U.N. Office for the Coordination of Humani- tarian Affairs. U.N. agencies were working with the Red Cross and other organizations to see how it can help those affectedby the cyclone. UNICEF spokes- woman Veronique Taveau said the U.N. children's agency alone has five teams assessing the situation in the country. The cyclone blew roofs off hospitals and schools in Yan- gon. Older citizens said they had never seen the city of some 6.5 million so devastated in their lifetimes. Many stayed away from their jobs, either because they could not find transportation or because they had to seek food and shelter for their families. "Without my daily earning, just survival has become a big problem for us,", said Tin Hla, who normally repairs umbrellas at a roadside stand. With his home destroyed by the storm, Tin Hla said he has had to place his family of five into one of the monasteries that .have offered temporary shelter to those left homeless. His entire morning was taken up with looking for water and some food to buy, ending up with three chicken eggs that cost double the normal price. Despite the havoc wreaked by the cyclone across wide swaths of the country, the gov- ernment indicated that a refer- endum on the country's draft constitution would proceed as planned on May 10. "It's only a few days left before the coming referendum and people are eager to cast their vote," the state-owned newspaper Myanma Ahlin said Monday. At the meeting with diplo- mats, Relief Minister Maj. Gen. Maung Maung Swe said the vote could be postponed by "a few days" in the worst-affected areas. However, the foreign minister intervened to say the matter would be decided by the official referendum commis- sion. Pro-democracy groups in the country and many internation- al critics have branded the pro- posed constitution as merely a tool for the military's contin- ued grip on power. Should the junta be seen as. failing disaster victims, voters who already blame the regime for ruining the economy and crushing democracy could take out their frustrations at the bal- lot box. PAGE 16, TUESDAY, MAY 6, 2008 THE TRIBUNE il I I T R I I li N E TUESDAY, MAY 6, 2008 9Ir b New Port's 'once in a lifetime opportunity' * By NEIL HARTNELL Tribune Business Editor he Government is hop- ing that Mediterranean Shipping Company (MSC) and the Nassau- based shippers can agree on ownership and management struc- tures that will allow them to work together on the proposed Arawak Cay port, The Tribune has learnt, the latter arguing that no one party own more than 10 per cent of the port. Since receiving rival proposals on the Arawak Cay port, and how it could' be constructed, financed, owned and operated, from MSC and the Nassau shipping companies, the Government has been encouraging the two sides to see if they can work together. A series of meetings between MSC and the other companies, headed by * Nassau shipping companies propose no single investor own more than 10 per cent of Arawak Cay port * Offer to finance planned Nassau harbour dredge * Government hopes shippers and MSC can agree ownership, management structure, and work together Tropical Shipping, has taken place over the last two months, sources close to the situation confirmed to The Tri- bune. The outcome, though, is.unclear, with uncertainty over whether the two sides have been able to reach an agree- ment. Bringing the two together, though, would likely be ideal from the Government's perspective, as it would marry MSC's financial power with the Price control speed A'"i U ~ ^ 4 4 C' I ft l C ' involvement of Bahamas-based com- panies. Dr Earl Deveaux, minister of works and transport, told The Tribune he had received "nothing concrete" back from the shipping companies in terms of a proposal for the Arawak Cay port or an MSC-Nassau companies alliance. "They haven't gotten back to us with anything," Dr Deveaux added, saying that he would find out more at meet- ings with principals of two shipping companies later this week. "The interest is still very high." Dr Deveaux said. "I know they [the ship- ping companies] have been talking and making plans." , A February 25, 2008, letter sent to the Prime Minister by the Nassau- SEE page 4B EPA services offer causing. irms osses .. II abiding by the law awaits Cabinet nod abiding by the law * By NEIL HARTNELL Tribune Business Editor SBAHAMIAN retailers and wholesalers are losing money in certain product categories and import consignments through "abiding by the law", the Chamber of Commerce's president said yesterday, as price-controlled items are not being adjusted rapidly enough to meet rising import costs. Dionisio D'Aguilar said that w ith the Government not plan- ning to abolish price controls, the least they could do was "speed up" the approval process for increases in the prices of these items. Generally, price-controlled items have fixed margins imposed by the Government - 13 per cent for wholesalers, and 23 per cent for retailers. With the margins fixed, the only time the price of these goods for the end-consumer increases is.when the cost of purchasing and importing them rises. Yet to obtain an increase in price (not the margin), whole- salers and retailers must first seek government permission to do so. Such requests must be vetted by the Attorney General's Office, not just the Ministry of Lands and Local Government, which has overall responsibility for consumer affairs and price control. Alpheus Forbes, that min- istry's deputy permanent sec- retary, previously acknowl- edged to The Tribune that the process was lengthy, but added that safeguards were needed. Mr D'Aguilar, though, pointed out that by the time price control increase requests SEE page 8B * By NEIL HARTNELL Tribune Business Editor THE Bahamas' services offer on the Economic Part- nership Agreement (EPA) is awaiting Cabinet approval before it is submitted to the CARICOM Regional Nego- tiating Machinery (CRNM), the minister of state for finance told The Tribune yes- terday. Zhivargo Laing said. that while consultations over the document were largely com- plete, the Government and Trade Commission were still meeting with industry groups such as the attouritants, attor- neys and realtors to address specific concerns they had in relation to the EPA services offer and wider trade deal with the EU. "The [services] offer is as complete as we have it today," Mr Laing said. "It can certain- ly be submitted to the CRNM to have a view of it. We believe we can submit it to that extent." The minister described the EPA consulta- tions that took place over the last several months as the most extensive ever held in the Bahamas on trade-related matters. Meanwhile, a leading Grand Bahama-based attorney told The Tribune that Bahamian companies and individuals should look to exploit the opportunities arising from the EPA, while at the same time ensuring there was a 'level playing field' with their EU coun- terparts. Carey Leonard, the Grand Bahama Port Authority's (GBPA) in-house counsel, said: "We're going to have the agreement. The objective is to make sure we have as level a playing field as possible. SEE page 4B Rising costs take bite out of Superwaph sales * By NEIL HARTNELL Tribune Business Editor SUPERR- WASH'S president yes- .terday told The Tribune that he hoped a three- m o nt h decline in sales was the product of consumers adjusting their incomes to across-the-board inflation rises, as he urged companies unable to increase their prices to. focus on productivity improvements. Dionisio D'Aguilar, who is also the Bahamas Chamber of Commerce's president, said that sales, as measured by tokens sold at his laundromat chain, had increased by between 4-5 per cent in Janu- ary 2008. Since then, token sales had been on a three-month declin- ing trend, an indication that the economic slowdown, cou- pled with the reduced pur- chasing power many Bahami- ans have as a result of soaring. energy and food prices, is start- ing to bite. Mr D'Aguilar said Super- wash's token sales were down between 2-3 per cent and 3-4 per cent for February and March 2008 respectively, before declining by 9 per cent in April. "I think people are having to become a little more fru- gal," the Superwash president SEE page 6B How do you attract and retain 'best of class'employees? Wu.IT A B ul OF C9ASS' PENSION PLAN Superior performance Cost effective Customised Call the Royal Fidelity pension experts today! .. r ., i! !i ^^^WV^A~~~~~~~~~~~~~~~~~~~~ li**niArT^^^^^^^^^^^^^^^^^^^^c^^^^^^^^^^^ ROYAL FIDELITY Money at Work NASSAU OFFICE (242) 356-9801, FREEPORT OFFICE (242) 351-3010 PARil-\DL'i ILLAND #3053 VERANDAH Ocean Club Estates golf course 5 bedroom 5.5 bath luxury home. Two storey atrium, covered verandahs, separate guest accommodations, pool, two-car garage. Exclusive gated community. US$7,900,000. Geprge.Darnianos@SothebysRealty.com +1.242.362.4211 Damianos Sotheby INTERNATIONAL REALTY SIRbahamas.com t 242.322.2305 f 242.322.2033 - ---~------------~~~~---------~*-~-----~ I PAGE 2B, TUESDAY, MAY 6, 2008 THE TRIBUNE I I- I)Y F L IM n By Royal Fidelity Capital MarkAtst LAST week was quiet in the Bahamian stock market, with investors trading in sev- en out of the 19 listed stocks. A total of 25,448 shares changed hands. Commonwealth Bank (CBL) led the volume with 10,753 of its shares trading, declining by $0.03 to end the week at $7.10. FOCOL Hold- ings (FCL) followed with 5,712 shares, closing the week unchanged at $5.32. Cable Bahamas (CAB) was the only advancer of the week, with 1,800 shares trad- ing, climbing by $0.10 or 0.07 per cent to end the week at a new 52-week high of $13.80. ICD Utilities (ICD) was this week's market loser, with 1,000 shares trading, declining by $0.07 to end at a new 52-week low of $6.79. Freeport Concrete Company (FCC) followed with 3,000 shares trading, decreasing by $0.05 to also end at a new 52- week low of $0.50. COMPANY NEWS Earnings Releases: Commonwealth Bank (CBL) released its un-audit- ed financial results for the quarter ending March 31, 2008. For the quarter, CBL reported a net income of $12.8 million, up $1.2 million or 10 per cent from the $11.6 million reported in the 2007 first quarter. Earnings per share grew from $0.10 in the 2007 first quarter to $0.12 in this year, an increase of 20 per cent. Net income available to com- mon shareholders stood at $11.3 million. CBL reported a slight decline in return on assets (ROA) in the quarter of 37.4 per cent, compared to 38.68 per cent in 2007. Net interest income of $23.7 million increased by $2.5 million or 12 per cent, quarter-over- quarter. Total assets and liabilities stood at $1.2 billion and $1 billion respectively, com- pared to $1 billion and $978 million at year-end 2007. Bahamas Property Fund (BPF) released its financial results for the year ended December 31, 2007. BPF reported an operating profit of $3.6 million, a decline of 23.93 per cent, from $4.8 million for the same period in 2006. Net income dropped to $2.6 mil- lion, from $3.7 million in - 2006. Earnings per share stood at $1.09, a decline of $0.43 or 28.29 per cent from $1.52 for the same year-end period in The Bahamian Stock Market FINDEX 902.39 (-5.21%) YTD BISX CLOSING SYMBOL PRICE AML BBL BOB BPF BSL BWL CAB CBL CHL' CIB CWCB DHS FAM FBB FCC FCL FIN ICD JSJ PRE $1.95 $0.90 $9.61 $11.80 $14.60 $3.50 $13.80 $7.10 --..$2.8-7-- $13.24 $4.66 $3.00 $8.00 $2.39 $0.50 $5.32 $12.50 $6.79 $12.30 $10.00 CHANGE VOLUME YTD PRICE CHANGE $+0.10 $- $- $- $- $- $- $+0.10 $-0.03 $- $- $-0.18 $- $- $- $-0.05 $- , $- $-0.07 .$- $- 0 0 0 0 0 0 1,800 10,753 1,483 0. 0 0 0 0 3,000 5,712 1,700 1,000 0 0 17.47% 5.88% 0.00% 0.00% 0.00% -4.37% 14.52% -15.78% -8.89% -9.32% -7.62% 27.66% 11.11% -9.81% -35.06% 2.70% -3.47% -6.34% 11.82% 0.00% -- We are the leading garment care organization and have the following challenging positions for energetic, dynamic and team oriented individuals. ASSISTANT MANAGER SUPERVISOR CUSTOMER SERVICE REPRESENTATIVES Are you fed up with."graveyard shifts" or low pay? Do you like to smile? Do you have a positive attitude and work well with others? Experience preferred but will train the RIGHT candidate. Salary commensurate with skills and experience. If you have answered "YES" to "ALL" of these questions please fax your resume to 393-8902 or pick up an application at the Harbour Bay Shopping Plaza. NO TELEPHONE CALLS, PLEASE 2006. Total assets of the com- 4 COUNCIL OF LEGAL EDUCATION ,HUGH WOODING LAW SCHOOL P.O. Box 323, Tunapuna S' .. Trinidad. WI POST OF PRINCIPAL NORMAN MANLEY LAW SCHOOL The Council of Legal Education is a regional institution, which has oversight of legal education and the qualifications for legal practice in the West Indies. It administers three professional Law Schools, Norman Manley Law School in Jamaica, Hugh Wooding Law School in Trinidad & Tobago and Eugene Dupuch Law School in The Bahamas. The Council is inviting applications for the position of Principal of the Norman Manley Law School. The successful applicant will be expected to assume duties on Monday, August 4, 2008. The Person: Applicants must be attoreys-at-law with not less than ten (10) years standing at the Bar and /or in the Judiciary of any Commonwealth Caribbean territory. Qualifications and/or experience in administration, academia or finance would be an asset. The successful applicant should have or be willing to develop the following core competencies: Human Relations Skills Leadership Skills Management Skills Strategic Planning Skills The Position: The Principal of the Law School shall be responsible to the Council for the organization and administration of the Law School and of the courses of study and practical instruction and shall exercise such other functions of the Council as the Council may from time to time entrust to him/her. Benefits Include: S Competitive Salary ; Entertainment Allowance S Travel Allowance S Responsibility Allowance Free furnished housing accommodation S Free use of a motor vehicle Five (5) weeks annual vacation leave S A Study and Travel Grant A Book Grant S Membership in a Contributory Pension Scheme S Membership in a Group Health Plan S Other allowances specific to the particular school Where appropriate, removal expenses and up to five (5) full economy class passages and baggage allowance will be paid on appointment and on normal termination. Six (6) copies of a letter of application and letters of recommendation from three (3) referees, accompanied by curriculum vitae and supporting documents should be sent 'under confidential cover no later than May 22 2008, to: THE CHAIRMAN COUNCIL OF LEGAL EDUCATION C/o THE EXECUTIVE SECRETARIAT C/o EUGENE DUPUCH LAW SCHOOL OLD NATIONAL INSURANCE BUILDING FARRINGTON ROAD P.O.'BOX SS-6394 NASSAU, N.P. THE BAHAMAS Only shortlisted applicants will be acknowledged. For a copy of the advertisement and/or further particulars, please refer to www.clecaribbean.com Information relating to salary and allowances may be directed to Mrs. Margaret Adams- Stowe, Registrar, (Secretariat) Council of Legal Education at 1-868-662-5860/5835. pany grew to $49.2 million, from $48.2 million in 2006. Offering Notice: Royal Fidelity Bahamas International Investment Fund Equities Sub Fund is currently open for subscrip- tion until May 15,2008. The fund provides investors with access to the best-performing international markets ,and the ability to diversify one's portfolio by investing Bahamian Dollars in international equity securi- ties without any investment premium. Share your news The Tribune wants t6 hear from people who arc 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. [tIliGHT 'i DIVIDEND/AGM NOTES: FOCOL Holdings (FCL) has declared a dividend of $0.03 per share, payable on May 13, 2008, to all sharehold- ers of record date April 30, 2008. Consolidated Water Company BDRs (CWCB) has declared a dividend of $0.013 per share, payable on May 7, 2008 to all shareholders of record date March 31, 2008. Bahamas Waste (BWL) announced it will be holding its Annual General Meeting on May 22, 2008, at 6pm at the National Tennis Centre, Nassau, Bahamas. Commonwealth Bank (CBL) announced that it will be holding its Annual General Meeting on Wednesday, May 21, 2008, at 5pm at SuperClubs Breezes, West Bay Street, Cable Beach, Nassau, Bahamas. To advertise in The TmIBw - the #1 newspaper in circulation, just call 322-1988 today! Legal Notice NOTICE DAWSON HOLDINGS LIMITED NOTICE IS HEREBY GIVEN as follows: (a) DAWSON HOLDINGS LIMITED is involuntary dissolution under the provisions of Section 137T(4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 02nd May, 2008 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Verduro Associated Ltd. of Pasea Estate, Road Town, British Virgin Islands Dated this 06th day of May, A.D. 2008 Verduro Associated Ltd. Liquidator 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 1 1:BUSINESS TUESDAY, MAY 6, 2008. PAGE 3B __ __ __ __ .. ,* : 'i L. ' ~ I~i~ ..~~ ''' ;- dr' ;:~:~~~d~~ssse 1> *v1: .U* A ISSE r' < IN ., -. ,'. . ^ S "' ... -. --^ *, ,.,........ '.. .. r,, :. --s -r. d (i r-.4. * I arrsrs~bB8~~- L .: ~- '- '1; i r'. ; I "My work at The Tribune is rewarding and challenging. I enjoy contributing to the look of our newspaper while meeting the needs of our advertisers. I am proud to work here. The Tribune is my newspaper." ESTHER BARRY PRODUCTION MANAGER THE TRIBUNE The Tribune , -- -- --- ----- --ilt ---U .. . tJ .. . L --- -- --------- I THE TRIBUNE f; `~: 31P, ~k~EC~ :~Qs~. `~L7 l~u 1 ~- ~-~ws~ mmp-? -P JB~i~- i J k" ' *I ~ I. ?'Z ~4 :i;": ~;-i s"- '*r~ r. 1- 'g~nis~Br --r. _i~,, l~ilU,..._.,.~--- -------- -------- --I---~~(LllbPr(l ''"-~u~~.~~ Ir 1 -* 1 1 .. 1, 1. :~sa Lll ,, PAGE 4B, TUESDAY, MAY 6, 2008 THE TRIBUNE FG CAPITAL MARKETS f ROYAL FIDELITY "OKER"^AG AOVISORY SERVICES N-I--NE ROYAL FIDELITY W C F A I." O1HA L BISX ALL SHARE INDEX:. Q SE S 1,. t.,' 0-. -6 .8 FINDER os YTDl,. .- '. . SL.. Securlly Previous Close Today's Close Change Daily Vol EPS $ DIv $ PIE Yield SI. Scaco Mlarels 195 195 0.00 0 135 0000 14 3 0 009 11.80 11.50 Bahamas Property Fund 11.80 11.80 0.00 1.086 0.400 10.9 3.39% 9.68 9.02 Bank of Bahamas 9.81 9.61 0.00 0.643 0.160 14.9 2.71% 099 0.85 Benchmark 0.90 0.90 0.00 0.188 0.030 4.8 3.33% 3 74 2.60 Bahamas Waste 3.50 3.50 0.00 0.289 0.090 12.1 2.57% 2.70 1.30 Fidelity Bank 2.39 2.39 0.00 0.058 0.040 41.2 1.87% 13.80 10.42 Cable Bahamas 13.80 13.80 0.00 1.121 0.240 12.3 1.74% 3.15 2.10 Collna Holdings 2.87 2.87 0.00 0.091 0.040 31.5 1.39% 8.50 4.75 Commonwealth Bank (1S) 7.10 7.10 0.00 0.440 0.290 16.1 4.08% 7.22 3.60 Consolidated Water BDRs 4.85 4.61 -0.04 0.157 0.052 29.7 1.12% 3.00 2.20 Doctor's Hospital 3.00 3.00 0.00 0.318 0.040 9.5 1.33% 8.00 5.94 Famguard 8.00 8.00 0.00 0.713 0.280 11.2 3.50% 13.01 12.49 Finco 12.50 12.50 0.00 0.810 0.570 15.4 4.56% 14.75 13.24 FirstCaribbean 13.24 13.24 0.00 0.651 0.470 20.3 3.55% 6 10 5.05 Focol (S) 5.32 5.32 0.00 0.386 0.140 13.8 2.63% 1.00 0.50 Freeport Concrete 0.50 0.50 0.00 0.035 0.000 14.3 0.00% .00 6.79 ICD Utilities 6.79 6.79 0.00 0.411 0.300 16.5 4.42% 12.50 8.60 J. S. Johnson 12.30 12.30 0.00 1.059 0.620 11.6 5.04% .. ... I,. 'j':. Fre.ilr Real Estate 1000 1000 000 0 180 0800 556 6 00'O .... .-LC.. S, mbol Bid S AsK S Last Pnce Weekly Vol EPS S Div S PE Ylelo 8aarts9uaA.~~~s16 1580 1460 1 160 0900 134A I ,:,- 14 2 . 8.00 6.00 O -0.1 O : 41 ,',* l O ',0 .-. Id 52w- - .. 1.3081 1.2443 3.0008 2.6629 1.3875 1.2647 3.7969 3.2018 12.1010 11.5519 100.0000 100.0000 100.0000 100.0000 1.0000 1.0000 10.5000 9-6346 ir;X At I SrHA D- i -- 'wk I h I- lgho closing pr 1wk L 1w IoW(llt closing ,rCv, l,,, (,onn Proviouad I If-ly %. C Itl n e C current day I') r )r I 'te,.k .3pil IffeLL I) I fIll I W rll k fplltl I :l IU rr! D 2 I2/LL New Port's 'once in a lifetime opportunity' FROM page 1B Legal Notice NOTICE SANG INVESTMENTS LIMITED (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, which commenced on the 22nd day of April 2008. The Liquidator is Argosa Corp. Inc., P.O. Box N-7757 Nassau, Bahamas. ARGOSA CORP. INC. (Liquidator) Legal Notice NOTICE ROSINA HOLDINGS LTD. (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, which commenced on the 22nd day of April 2008. The Liquidator is Argosa Corp. Inc., P.O. Box N-7757 Nassau, Bahamas. .ARGOSA CORP, INC. ... (Liquidator) _. . -. . .. - . Legal Notice NOTICE BELKFINY S.A. (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, which commenced on the 22nd day of April 2008. The Liquidator is Argosa Corp. Inc., P.O. Box N-7757 Nassau, Bahamas. ARGOSA CORP. INC. (Liquidator) based shipping companies, as a counter to MSC's plans for the Arawak Cay port, set out spe- cific proposals for the port's ownership namely that no one company or individual hold more than 10 per cent of its equity/share capital. "Should the Government determine that Arawak Cay will be the port of New Provi- dence, we are confident that the port development can be entirely funded by the private sector, to include the general public, key stakeholders and financial institutions," the let- -ter read. "We believe that this devel- opment offers many Bahami- ans a once in a lifetime oppor- tunity, and therefore we sug- gest that no single person or company own or control more than 10 per cent of the Port development company. "While the Governmept is not required to invest in the port development, it will retain ownership of the land and pro- INSIGHT Fo h tre S S S.11 11 companies] would fund the dredging project, and the Gov- ernment would repay the ten- ants by allowing them to with- hold the payment of any Har- bour Dues to recover their portion of the dredge expense," the shipping com- panies' letter to Mr Ingraham read. On the Arawak Cay port ownership structure, the Nas- sau-based shipping firms pro- posed a 'Landlord-based Mul- ti-Terminal' model. Here, the Bahamian government would act as the port's landlord, own- ing the land it sat on, giving it regulatory powers and the option to intervene if this became necessary. The port itself would be owned by shareholders in the Port Development Company, with the shipping companies leasing terminal and dock space from it. "Financing institutions regard the structure as stable, with clear and sensible division of responsibilities between pri- vate and the public sc tor," the letter read. Allowing multiple shipping companies to use the Arawak Cay port would ensur,. "a high- ly competitive environment", the letter said, with the firms competing for market share by offering services at t' e lowest possible cost, guaranteeing effi- ciency. Competition would also pro- duce lower prices and preserve market access, and a competi- tive labour market, with the numerous shipping companies also mitigating the risk of industrial action. In a possible swipe at MSC, the letter warned: "A port model with one operator cre- ates an environment whereby the sole operator can create strategic alliances with a sin- gle large ocean carrier, creating an uncompetitive environment at the expense of public inter- ests. The landlord [govern- ment] should stimulate intra- port competition by adopting a multi-tenant model." EPA services offer awaits Cabinet nod advantage of these things," Mr FROM page 1B Leonard said. He added that the Bahamas' move to become a full World "They [Europeans] can Trade Organisation (WTO) come in and do something member was the issue of most here, and I want to make sure importance to him and we can do the same thing in Freeport, given that the city Europe." had been described as an 'eco- Mr Leonard added that spe- nomic development zone' in cialist EU attorneys coming the Memorandum of Trade into the Bahamas to provide regime application. specific services for clients was The WTO had far more fine, as long as Bahamian members, at 140-plus, than the attorneys via the EPA were EU, Mr Leonard said, and able to go into the EU market Bahamian companies needed and provide Bahamian legal to focus on how it would services there-"without any impact them, and how this problems".. nation could negotiate.its,way ."Rather than us taking : to the best accession terms'pos- protectionist attitude, r think sible addressing any weak we can be proactive and take spots in the process. Legal Notice NOTICE SPRING CHERRY LTD. (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, which commenced on the 23rd day of April 208. The Liquidator is Argosa Corp. Inc., P.O. Box N-7757 Nassau, Bahamas. ARGOSA CORP. INC. (Liquidator) WTO membership, Mr Leonard said, would have giv- en the Bahamas more protec- tion against the initiatives launched by the Financial Action Task Force (FATF) and Organisation for Eco- nomic Co-Operation and Development (OECD) against its financial services industry in 2000. Barbados had used its WTO membership to provide a defensive barrier against these attacks. Legal Notice NOTICE STEADFAST GROUP LTD. Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act 2000, the dissolution of STEADFAST GROUP 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 PEACE LAKE LTD. (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, which commenced on the 2nd day of May 2008. The Liquidator is Argosa Corp. Inc., P.O. Box N-7757 Nassau, Bahamas. ARGOSA CORP. INC. (Liquidator) Legal Notice NOTICE ENHANCEMENT S.A. (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, which commenced on the 2nd day of May 2008. The Liquidator is Argosa Corp. Inc., P.O. Box N-7757 Nassau, Bahamas. ARGOSA CORP. INC. (Liquidator) Banamas Supernaelts 14 60 15 80 14 60 1 180 0 900 13 4 Caribbean Crossings (Pref) 8.00 8.25 8.00 0.000 0.480 NM RND Holdings 0 35 0 40 0 35 -0 023 0 000 NIM alD1B 4100 4300 4100 6" 4450 2750 90 Ba.amas S.permarkets 14 60 15 60 14 0 ,r 1 160 0900 134 FND lHoiaings 045 05 O 045 -0023 0000 N.M . .W L **ttt'u :4:i:'i ,u" ... ,* --'.. :^?3' : .'.. ,..-'. .. -*: :.. ,, Fjua Na-re NAVa YTD-. Last 12 Montl-s DalvS YleoS Collna Bond Fund 1.308126"** 1.25% 5.61% Collna MSI Preferred Fund 2.996573"* -0.14% 13.11% Collna Money Market Fund 1.3875058* 0.90% 3.87% Fidelity Bahamas G & I Fund 3.7011**" -2.52% 17.78% Fidelity Prime Income Fund 12.1010" 1.40% 5.72% CFAL Global Bond Fund 100.00" CFAL Global Equity Fund 100.00" CFAL High Grade Bond Fund 1.00" Fidelity International Investment Fund 9.63468 -8.24% -8.24% I,.. l- ..- = I .....,'. .:. YIELD lel 12 I .1h II .,l'.d ..,' e3 tl .rg o .ce ; -1-,a1 ice in lnst 52 weeks Bid $ Buying priao of Colina and FIdelity 31 Decemb price In last 52 weeks Ask S Selling price of Collna and fidellty 11 April 20C ay', wolghtod price for daily volume Last Price Last traded over-the-counter price ." 31 March y's welghted price for dally volume Weekly Vol. Trading volume of the prior week prlic from day to day EPS $ A company's report earnings per chare for the last 12 mths Ilirnn Imrdd today NAV Net Asset Value pladl In tlo alnt 1 rnonlhs NIM Not Moanlngful y Ilh Innt 12 month aarnlngs FINDEX The Fidelity Bahamas Stock Index. January 1. 1994 100 fi:vnr Unio /ln/o2007 too.liv,, Dlle 7/11/2007 CpFAL 241.a02.7010 I lltBV 6 16% 7.80% 70 18O"b ooo' .i or 2007 08 2008 vide the necessary regulatory framework." The letter is signed by Michael Maura of Tropical Shipping; Jack Sands of Betty K; Kristof Lingier of Seaboard Marine; James Mosko of the Mosko Group; David Thomp- son of Pioneer Shipping; Christopher Lightbourn of Arawak Stevedoring; Elvin Taylor of the Mailboat Asso- ciation; and Rudy Leming of Crowley. The Nassau-based shipping companies also urged the Gov- ernment to include the Nassau harbour dredging project, essential to enabling Prince George's Dock to accommo- date the largest cruise ship class, the Libert) vessels, be included as part of the Arawak Cay port's development. If this happened, the Nas- sau-based shipping companies offered to finance the harbour dredge. "If the Government sup- ports this approach, the ten- ants of the port [the shipping BUSINESS r~B~'&~L?~b~ll~l~,dai~LIB~6, P6,A ,j '-NEW THE TRIBUNE I U~UAY, IVIMY b, ~UUb, I'AUL 3I~ COB in initiative to aid small firms * By CARA BRENNEN- BETHEL Tribune Business Reporter THE College of the Bahamas and the Inter- Amer- ican Investment Corporation (IIC) yesterday signed a Mem- orandum of Understanding to implement a study that will assist 20 small Bahamian busi- nesses to improve their opera- tions. Under the MOU's terms, the Bahamas will be able to take part in FINPYME, a Spanish acronym which, when trans- lated, means Innovative Financing for Small and Medi- um-Sized Enterprises (SME). The project will pair COB seniors and their School of Business professors with the companies, all of whom gen- erate less than $150,000 a year in income. Dr Rhonda Chipman-John- son, COB's executive vice- president, explained that using the IIC's review and evalua- tion methodology, the compa- nies will undergo extensive reviews to determine their strengths and weaknesses, and chart a course of improvement that will make them stronger. Companies Companies that complete the FINPYME diagnostic review will receive a plan of action outlining the steps com- panies should take, so they are prepared when requesting long term-financing from the bank- ing sector. Dr Rhonda Chipman-John- son said that not only will the process improve the individ- ual companies, but it will drive national development as well. "This is another step on the College of the Bahamas' tran- sitional path to becoming the. Exuma Lots or 359-3160) ^EI~ulBam 6 BpSm University of the Bahamas, and I look forward to hearing the success of this collabora- tion, as we make yet another contribution to national devel- opmentand play an increasing role in our country's future," said COB president Janyne' Hodder. Dr Hodder said the pro- gramme was an exciting one for COB. "With this programme in place, those same entrepre- neurs can expect to receive innovative management tools that will enable their compa- nies to overcome weaknesses and formulate strategies, that will enable them to access financing, that will help them to develop their businesses and become more successful," said Dr Hodder. She also expressed pleasure that COB business professors will receive training in the ven- ture. "It is essential for our facul- ty and staff to become better qualified, and to keep them abreast of the latest trends and developments in education and industry," Dr Hodder said. Speaking on behalf of the IIC and the Inter-American Development Bank (IDB) were Michael Apel and Jorge Roldan respectively, who. explained that they were hop- ing to have a whole network of universities who have adopt- ed the programme throughout the region.. IDB executive Jerry Butler said that given the current eco- nomic climate, it was crucial that small businesses increase their competitiveness. Micheal Rolle, a COB School of Business professor, said the school "feels pretty good about the project", and "help has arrived" for the chal- lenges facing Bahamian small businessess. . The project will not be Nas- sau-centfic, Dr Hodder added. Confidence Investments Limited PRESENTS OPEN HOUSE AT SOUTH SEAS Estates & Marina Estates & Marina SoandNMilr R10am c5 pnR Boardwalk Miller Rd.(Bacardi Road) On the spot financing .6' TMAD Nassau Airport Development Company CAREER OPPORTUNITIES 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 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; SCoordinate 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; * 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; -* i:. ,,,lih n~Mgtiing ..:.rintr .t'; .jith pr.op..ed -uppliher'. ,:.:',n;ult 3rit; and .:.rtra.tfori. w*thiri Ludter.ar, limritati.or' an. rd .:-,.pe .'.,3I iuthr..rt, * E.-pedilt F'urCha re Oirder. an.d C cntracts rd .pr:., e.:~r, iC change '.Jrders De-:gn C.hange F.,que:, ': 3: re.qurecd * Irntr1 .:- ~lrh ,.uppliers; and end.rI c.n rnjteria3l siatus .and prd.:..uctin planning is.ues 3r,.l * 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; AUTOCAD TECHNICIAN RESPONSIBILITIES: * 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); and * Liaise and communicate with multi- disciplined design team, good communication and interpersonal skills a must. ADMINISTRATIVE ASSISTAI RESPONSIBILITIES: * This is a direct support position. This position will support the Project Management Office on a daily basis; * Receive 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: SBachelor of Arts Degree in Administration; * Accredited certification is preferred; * Strongly prefer 5 to 10 years experience in construction, contracts and procurement for multi disciplined projects. * Good communication analytical, and interpersonal sills * Th.jrc.ugh wvorling ricnowledge ol purchasing p.:.lic:e' processes, procedures and laws related to tendering and contracts 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. ., ~. . V- .. * 2 years of work experience in a fast paced environment, a plus if experience in the construction industry; * Proficient 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. If you are qUalfiebd ind teet resume and ccvar .tt. l . Lynden Pindling lnternatall i RO. Be APM592Lp 1s: .i. i --.- _.'..;' d. :d L&^ : '..A ........- _ _I ~I ~ ~ _ __ _ __ _I ~__ _I _~L ~___~_~____ THE TRIBUNE I UtUOY, IVIMAY b, ZUUi, P'Akut: OD :' j ' I ;u, ,e 9~,~48s-~i~;L~lj~'~'$R.,?r;: aiyqr,!er ; L1: PUYH AA f0l W 4 A. A.A. 'fMA. 'A.Aalt A I W SThe Community Affairs Division of The Ministry of Health and Social Development Presents "A FamlY ERICHMENITSEMINAR SEIESl" P DATES: Every Thursday from May 1st June 5t, 2008 1 TIME: 7:00 pm PLACE: Jubilee Gardens Park *: Located in Jubilee Gardens S**EXCITING AND INFORMATIVE TOPICS** t *. Environmental Health Issues :* Nutrition/Healthy Eating Habits + Family Life Values w :" Parenting 4 S *e Communication In The Family Sexuality/HIV/AIDS Prevention W A W WALL ARE INVITED!!! 8 Community Affairs at 356-0765/6 324-4310 I I FROM page 1B . told The Tribune. "I would like to think that, because I don't think there's any further com- petition coming into the mar- ket, at least in my field. "People are adjusting to what they have. They are tak- ing the necessary steps to scale back." To conserve income, Mr D'Aguilar suggested that Superwash customers were not using the laundromat's driers Share your news The Tribune wants to hear from people who are making news in their neighborhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the ,area or have won an award. If So, call us on 322-1986 and share your story. Ex as much as in the past, instead washing their clothes there before taking them home to dry on the line. He added that the relatively warm weather experienced recently may have aided this trend. The demand for laundro- mats, and their washing and drying services, is relatively inelastic, especially among Bahamians who do not have their own facilities at home. Superwash's reduction in tokens sold, while slight, again illustrates the measures being taken by consumers to mdke every cent they spend count. To illustrate the impact ris- ing input costs have had on Bahamian companies, Mr D'Aguilar said propane, which recently peaked at $1.66 per gallon (it is now at $1.60 per gallon) was up 44 per cent on last year's $1.15 per gallon comparative. Behind Kerzner International, Superwash is the largest consumer of propane on New Providence. Propane price inflation impacted not just businesses, the Superwash president said, but all Bahamian households .who used it for cooking. Unleaded gasoline, he added, was up 33 per cent on 2007 comparatives. However, given that S-Iarbamian -consumers pur- h.. qiig.power and disposable ilrcottnes were reduced, Mr D'Aguilar said many compa- nies were unable to increase their prices to compensate for the greater costs without seeing a substantial drop in sales vol- ume. "You can't put up your prices because everyone's struggling, but your costs are going up every day," he added. "It leaves less and less money in the kitty for capital projects, improvements and expendi- tures, because of the difficulty you have in increasing prices." Apart from the numbers and a company's financial perfor- mance, Mr D'Aguilar said business decisions to invest, hire more workers and expand were "predicated on confi- dence". "I don't think there's a busi- nessman out there confident enough about the economy to go forging ahead with plans for expansion," the Superwash president said. Given the US and global economic downturn, the uncer- tainty caused by a US presi- dential election, and the level of 'doom and gloom' all around, Mr D'Aguilar said one Bahamas-based banker he had spoken to told him he "already regards 2008 as a write-off'. "It's very difficult to see light at the end of the tunnel right now," Mr D'Aguilar told The Tribune. "All you see is 'doom and gloom' everywhere, and Bahamian businesses are going to have to look to increase pro- ductivity to keep their costs under control." CHARTER SERVICE SCHEDULE SERVICE FREEPORT- NASSAU FREEPORT DAILY SERVICE STARTING Thursday, May 1st Equipment: SAAB34 -33 seats wi in flight service SAAB340 33 seats with in flight service DAILY FLIGHT SCHEDULE Freeport to Nassau: Flt# Departs 501 7:00 am 503 12:00pm 505 6:00 pm Nassau to Freeport: Fit# Departs 502 7:55 am 504 12:55 pm 506 7:05 pm Arrives 7:40 am 12:40 pm 6:40 pm Arrives 8:35 am 1:35 pm 7:45 pm Equip. SAAB340 SAAB340 SAAB340 Equip. SAAB340 SAAB340 SAAB340 Freq. Daily Daily Daily Freq. Daily Daily Daily For reservations: (Freeport) Regional Air at (242) 351-5614/352-7121 or 352-7969 (Nassau) SkyBahamas at (242) 327-8993/327-0250 or (242) 377-8777 on weekends Toll Free (242) 300-0294 Flights Operated By ham 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 hr Superwash: Rising costs take bite out of sales I AT kk.=M THE TRIBUNE PAGE 6B, TUESDAY, MAY 6, 2008 PM out to prove construction in better shape than B REA fing Bahamas Real Estate Association many are fearing m,. ?^ M mhmers Riisinesq * By CRA BRENNEN- BETHEL Tribune Business Reporter PRIME Minister Hubert Ingraham has asked the Min- istry of Works to compile a list of all construction projects currently going on in the Bahamas to prove that the sec- tor is not faring as badly as some would claim. Mr Ingraham told members of the press: "If you drive around Nassau, you will see that there is a lot of construc- tion going on. Nonetheless, I have instructed the Ministry of Works to compile a list of all projects." The Prime Minister was responding to recent concerns raised by the Bahamian Con- tractors Association (BCA) president Stephen Wrinkle on the state of the industry, given what is happening with major investment projects such as Baha Mar and Kerzner Inter- national's Hurricane Hole pro- ject. Mr Ingraham pointed out that he recently attended the groundbreaking of a $20 mil- lion expansion for UBS (Bahamas), where he was told that the bank had requested bids from four contractors, but only received two. "And Mr Wrinkle says that things are bad?" he asked. The Prime Minister acknowledged that the Bahamian economy, while not in bad shape, was not as robust as he would like. He noted that to date, that as the Government prepares its 2008-2009 budget: "Chances are that we will be near to what have projected, not because of any genius on our part... we have been reason- ably lucky so far this year," Rising fuel and food costs have also impacted the Gov- ernment, he said, adding that the administration was look- ing at measures to limit some of the burdens currently expe- rienced by Bahamians. ^ COUNCIL OF LEGAL EDUCATION .-. a. ,, r HUGH WOODING LAW' SCHOOL P.O.,Box 323, Tunppupa Trinidad. WI POST OF PRINCIPAL EUGENE DUPUCH LAW SCHOOL The Council of Legal Education is a regional institution, which has oversight of legal education and the qualifications for legal practice in the West Indies. It administers three professional Law Schools, Norman Manley Law School in Jamaica, Hugh Wooding Law School in Trinidad & Tobago and Eugene Dupuch Law School in The Bahamas. The Council is inviting applications for the position of Principal of the Eugene Dupuch Law School. The successful applicant will be expected to assume duties on Monday, August 4, 2008. The Person: Applicants must be attorneys-at-law with not less than ten (10) years standing at the Bar and '-r in the Judiciary of any Commonwealth Caribbean territory. Qualifications and/or experience in administration, academia or finance would be an asset. The successful applicant should have or be willing to develop the following core competencies: Human Relations Skills Leadership Skills Management Skills Strategic Planning Skills The Position: The Principal of the Law School shall be responsible to the Council for the organization and administration of the Law School and of the courses of study and practical instruction and shall exercise such other functions of the Council as the Council may from time to time entrust to him/her. Benefits Include: S Competitive Salary S Entertainment Allowance S Transportation Allowance S Responsibility Allowance S Housing Allowance S Free use of a motor vehicle S Five (5) weeks annual vacation leave S A Study and Travel Grant S A Book Grant S Membership in a Contributory Pension Scheme S Membership in a Group Health Plan S Other allowances specific to the particular school Where appropriate, removal expenses and up to five (5) full economy class passages and baggage allowance will be paid on appointment and on normal termination. Six (6) copies of a letter of application and letters of recommendation from three (3) referees, accompanied by curriculum vitae and supporting documents should be sent under confidential cover no later than May 22 2008, to: THE CHAIRMAN COUNCIL OF LEGAL EDUCATION C/o THE EXECUTIVE SECRETARIAT C/o THE EUGENE DUPUCH LAW SCHOOL OLD NATIONAL INSURANCE BUILDING FARRINGTON ROAD P.O. BOX SS-6394 NASSAU, N.P. THE BAHAMAS Only shortlisted applicants will be acknowledged. For a copy of the advertisement and/or further particulars, please refer to www.clecaribbean.com Information relating to salary and allowances may be directed to Mrs. Margaret Adams- Stowe, Registrar, (Secretariat) Council of Legal Education at 1-868-662-5860/5835. Assistant Sales Manager Large established Wholesale Company seeks a mature, experienced individual. The successful applicant must posses the following qualifications: 1. Must be experienced in the food and pharmaceutical wholesale and retail distribution business. 2. Must be capable of'effectively directing and motivating sales, and merchandising personnel. 3. Must be experienced in the execution of in- store promotions, merchandising, and be a detail oriented person and efficient record keeper. 4. The successful applicant will assist the sales manager on a daily basis, but must also be proactive and self motivated. 5. Must have own reliable transportation. Salary package commensurate with experience, but ABOVE INDUSTRY STANDARD Send resume to: employee.opp@gmail.com Al THE TRIBUNE TUESDAY, MAY 6, 2008, PAGE 7B PAGE 8B, TUESDAY, MAY 6 2008 FROM page 1B were approved, companies had been left with no choid but to process their imports, take them off the dock and sell Them already, leaving them to absorb losses incurred at the- previous prices. ""they've already said they're not going to do away with price controls,". Mr D'Aguilar told.The Tribune. "If they're not going to do away with it, at least speed up the process. When requests are submitted to it, [the Govern- S.ment] takes weeks and weeks to respond; and by the time. they do the goods have already been sold at a loss. "A lotof wholesalers are not frustrated by the idea of price controls, but are frustrated with the process. Prices are : going up, and when they go through the bureaucracy, they will have already sold three to four shipments to their cus- Stomers that have not been adjusted. Process "It should be a one-day process. There's always this belief that businesses are out there to gouge consumers. Admittedly, one or two may Fidelity Bank (Bahamas) Limited (Incorporated under the laws of the Commonwealth of The Bahamas) Consolidated Balance Sheet (Unaudited) As of 31 March 2008 (Amounts expressed in Bahamian dollars) 31 March 2008 $ ASSETS Cash on hand and at banks Investment securities Mortgages, consumer and other loans Property, plant and equipment Prepayments and other assets TOTAL ASSETS ' LIABILITIES - Customer deposits Loan from bank - Debt securities Accrued expenses and other liabilities TOTAL LIABILIIlES EQUITY Share capital Revaluatioriisurplus Retained earnings TOTAL EQUITY : : ... * TOTAL LIABILITIES AN1f EQUITY Fidelity Bank (Bahamas) Limit e Consolidated Income Stateinet (Unaudited) For the Three Months Endedf31-arch 2008 (Amounts expressed i Bahamian -dollarn) INCOME Interest income Interest expense Net interest income Non-interest income . Total income . EXPENSES - Salaries and staffbenefits General and admhinistrative Provision for loan losses (Note S) Depreciation and amortisation (Note 6) Total expenses NET INCOME Weighted average number 6f ordinary shares outstanding" Earnings per share 31 December 2007 $ 14,306,996 1 38,526,594 3 170,704,517 15: 11,290,289 1 .3,012,069 .37840465 22: 175,505,625. 16; 27,684,867 2' S 1,456,335 1 204,646,827 19( 20,000,001 2 S 2,562,980 2 10,630,657 1C S33,193,638 31 * 237,840,465- : 22 3 Months Ended S31 March 3 2008 4,002,644 2,170,498 1,832,146 1,418,985 3,251,131 1,305,298 .1,172,385 11.1,490 271,049 2,860,222 390,909 28,666,670 $0.014 9,553,274 8,624,455 2,715,851 1,309,408 1,445,935 3,648,923 2,240,639 146,403 7,172,674 1,286,478 1,846,194 0,000,001 2,572,037 ),230,691 2,802,729 ,648,923 11 March 2007 S 2,721,041 1,047,871 1,673,170 '688,936 2,362,106 1,096,368 764,246 (27,582) 219,634 .2,052,666 309,440 S24,000,003 S 0.013 Total 32,482,616 do that, but all Bahamian wholesalers want to abide by the law. Yet in doing so, they're making a loss." The issue of price controls was raised by the Bahamas Chamber of Commerce in its Vexing Business Issues report that was presented to several. government departments and ministers in early 2008. Since the report's submis- sion, Mr D'Aguilar said he had discussed the issues it raised with the new Comptroller of Customs, Mr Adderley, and the secretary of revenue in the Ministry of Finance, Ehurd Cunningham. In his meeting with Customs, Mr D'Aguilar said the Depart- ment told him that while the business community may have issues with it, it in turn had problems with companies not paying or considerably under-' paying on import duties due to the Government. "I also discussed with them the Discovery boat in Freeport, and the fact there's a number of people in the)usiness com- munity concerned there's a huge loophole there," the Chamber president added. In talks with Mr Cunning- ham, he had suggested that the Government not write-off the $410 million it is owed in out- standing real property tax, as it would send "the wrong mes- sage". Instead, he had suggested tying payment of the tax to electricity bills, or placing civ- il servants in'the department charged with collecting it on commissions, rather than a fixed salary. This way, they would be more incentivised to collect real property taxes, as income would be linked direct- ly to performance. The Chamber president added that he had met with the minister of state for immigra- tion, Elma Campbell, over the Vexing Business Issues report, and suggested that the Immi- gration Department imple- ment a policy "of giving a definitive time period for a response for a properly com- pleted work permit applica- tion, 20 business days or 30 business days". Permit Mr D'Aguilar said he added that if this could not be done, for every work permit appli- cation, "do it for those paying a fee of $2,000 or over". Much like former minister of immigration, Shane Gibson, had done in requiring all work permit applicants to be outside the Bahamas when the appli- cation was made, Mr D'Aguilar suggested it was in the Government and country's best interests to implement a .definitive policy on respond- ing to work permit applica- tions. This, he said, would make it easier for Bahamian compa- nies to lure highly-skilled, essential foreign executives to Consolidated Statement of Changes in Equity (Unaudited) For the Three Months Ended 31 March 2008 (Amounts expressed in Bahamian dollars) SOrdinary Revaluation Shares Surplus As of 1 January 2007 Depreciation transfer S. 20 000,001 2,621,619 - (49,582) Net incofne Dividends on ordinary :' . shares '"; - As of 31 December 2007 As of 1 January 2008 Depreciation transfer. Net income . Dividends on ordinary shares 20,000,001 Retained Earnings 9,860,96 9,860,996 49,582 1,466,780 1,466,780 (1,146,;67)X' (1,146,667) S,52,037 10,230,691. 32,802,729 20,000,001 2,572,037 10,230,691 32,802,729 :-- (9,057) 9,057 - 3'90,909 390,909 As: Aof3 lMareh 200 8 .. .: .8 21.. Price control speed causing losses abiding by the la ^ * / *, \ 1- I Leading International Financial Institution is presently considering applic atns for CHIEF FINANCIAL OFFICER -AiND:HEAD OF FINANCIAL ACCOUNTING The position is open to candidates with the following minimum requirements: Main tasks: Ensuring accurate and timely delivery of monthly 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 monito-Assets under Mahagement (AUM), Net New Assets (NNA) & Client Profitabill 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 Requirements:. ror 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 E xerien . ' 7-10 ears ofhands-on accounting work experience in an International Banking environment; 7-10 years of senior management experience .' 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 apply. Telephone calls will not be accented.- Applications should be submitted to: Human Resources Department P.O. Box N-4835 Nassau, Bahamas or via facsimile: 356-8148 D.EA bLINEERJOFAPPs .:M i, Fidelity Bank (Bahamas) Limited II 11 13o THE TRIBUNE " firms this nation, as they would be able to give them a timeline for when the Immigration . Department would give an answer on their work permit applications. "The biggest complaint about Immigration in the busi- ness community is the uncer- tainty; they don't know how long it's going to take," Mr D'Aguilar said. He added that in response,- the minister said the situation at the Immigration. Depart- ment had already improved,. and she did not want to dis- criminate between work per- mits according to the fee,. charged. Mr D'Aguilar also credited the Immigration Department with instituting the "excellent" policy of renewing work per- mits for two years, rather than one. Mr D'Aguilar added that he had not expected the Vexing Business Issues report to pro- duce-an immediate response from the Government. "We planted the seed, and these things take time to ger- minate," he said. "I didn't expect they would jump on it. right away. "There's this overbearing . desire to maintain the status -. quo. I takes a lot of effort and | energy to change. Govern- " ments are very large entities, and very difficult and very slow to change. It does take a lot of - time and thought to change something." .11 ~. -r' ::~ IfC ..i.. . CCLLL--iL L-LLLW-~- \-C----L~i-~:.lt. I T-IF TRIRI IMlF TUESDAY. MAY 6, 2008, PAGE 9B 1 IL rL....I. .3 C.. Royal Fidelity Merchant Bank & Trust Limited (Incorporated under the laws of the Commonwealth of The Bahamas) Consolidated Balance Sheet As of 31 December 2007 (Amounts expressed in Bahamian dollars) 2007 S$ ASSETS Cash on hand and at banks (Note 3) Investment securities (Note 4) Loans and advances to customers (Note 5) Prepayments and other assets (Note 6) Property, plant and equipment (Note 7) I ngible asset (Note 10) TOTAL ASSETS L- ABILITIES Customer deposits (Note 8) Accrued expenses and other liabilities (Note 9) T fAL LIABILITIES EQUITY Share capital ordinary shares (Note 11) Share capital preference shares (Note 11) SRetained earnings TOTAL EQUITY TOTAL LIABILITIES AND EQUITY 23,411,363 6,603,176 18,701,116 963,432 S308,932 2,200,000 52,188,019 37,122,355 2,654,265 39,776,620 11,000,000 1,411,399 12,411399 52,188,019 2006 $ 24,233,065 16,539,310 3,984,696 3,078,567 462,105 48,297,743 40,024,714 3,286,623 43,311,337 1,000,000 2,000,000 1,986,406 4,986,406 48,297,743 APPROVED BY THE BOARD OF DIRECTORS AND SIGNED ON ITS BEHALF BY: Director Director 24 April 2008 Da,e Notes to the Consolidated Balance Sheet 1. General Information Royal Fidelity Merchant Bank & Trust Limited (the Bank), formerly Fidelity Merchant Bank & Trust Limited, is incorporated under the Companies Act, 1992 of the Commonwealth of The Bahamas, and is licensed under the Banks and Trust Companies Regulations Act, 2000 to carry on trust and banking business in The Bahamas. The Bank, with offices in New Providence, along with its wholly owned subsidiaries incorporated in The Bahamas, namely Fidelity Capital Markets Limited (FCML), Fidelity Share Registrar & Transfer Agents Limited (FSRTAL) and Fidelity Pension & Investment Services Limited (FPISL), (together, the Group), offer a full range of private banking, investment management, share registrar and transfer agency, pension, brokerage and investment advisory services. The registered office of the Bank is situated at #51 Frederick Street, Nassau, Bahamas. Prior to 30 November 2007, the Bank was a wholly-owned subsidiary of Fidelity Bank & Trust International Limited (Fidelity), a bank incorporated in The Bahamas. Effective 30 November 2007, the Bank was a party to a joint venture agreement involving Fidelity and Royal Bank of Canada (RBC), a bank registered in The Bahamas, whereby Fidelity agreed to sell 50% of its ordinary shareholdings in the Bank to RBC, and both parties agreed that the Bank would operate as a joint venture with rights to operate in the Bahamas and Barbados in the business of merchant banking that includes services noted above. The agreement required that the Bank purchase certain business operations in Barbados from RBC for $2,200,060' (see Note 10) and invest another $800,000 in to - 'i those operations. The banking licence-in Barbados is still pending approval.by the 1gulators. The agreement also required the injection of additional capital into the Bank by Fidelity and RBC, the redemption of outstanding preference shares of the Bank and the changing of the name of the Bank to Royal Fidelity Merchant Bank & Trust Limited (see Note 11). As of 31 December 2007, the Group employed 15 (2006: 30) persons. 2. Summary of Significant Accounting Policies The principal accounting policies adopted in the preparation of the consolidated balance sheet are set out below. These policies have been consistently applied to all years presented, unless otherwise stated. (a) Basis of preparation The consolidated balance sheet is prepared in accordance with International Financial Reporting Standards (IFRS), and under historical cost convention, as modified by the revaluation of financial assets held at fair value through profit or loss. The preparation of financial 'statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the ,process of applying the Group's accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results 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 the consolidated 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 n9t relevant to the Group's operations and accordingly did not impact the Group's accounting policies or consolidated balance sheet. 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 consolidated balance sheet in the period of initial application. (b) Principles of consolidation Subsidiaries are ill entities over which the Bank has the power to govern the financial and operating policies generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Bank controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Bank. They are de-consolidated from the date that control ceases. Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of impairment of the asset transferred. Accounting policies of subsidiaries are changed where necessary to ensure consistency with the policies adopted by the Bank. (c) 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, retirement benefit plans and other institutions. These assets are excluded from the consolidated balance sheet, as they do not belong to the Group. (d) Foreign currency translation i) Functional andpresentation currency Items included in the financial statements 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 consolidated balance sheet is. presented in Bahamian dollars (B$), which is the Bank'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 of monetary assets and liabilities denominated in foreign currencies are recognised in me consoniuate income satement. i rnuslaiiun uoicrcnucs on monetary financial assets measured at fair value are included as a part of the fair value gains and losses. (e) Financial assets The Group classifies its financial assets into the following categories: financial assets at fair value through profit or loss and loans and receivables. Management determines the classification of its investment upon initial recognition. i) Financial assets at fair value through profit or loss This category has two sub-categories: financial assets held for trading, and those designated at fair value through profit or loss at inception. A financial asset is classified in this category if acquired principally for the purpose of selling in the short- term or if so designated by management. Investment securities have been designated as financial assets at fair value through profit or loss. ii) Loans and receivables Loans and 'receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise when the Group provides money, goods or services directly to a debtor with no intention of trading the receivable. Loans and receivables comprise loans and advances to customers. Regular-way purchases and sales of financial assets are recognized on trade-date the date on which the Group commits to originate, purchase or sell the asset. Financial assets are initially recognized at fair value plus transaction costs, except financial assets carried at fair value through profit or loss, where such costs are expensed as incurred. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or when the Group has transferred substantially all risks and rewards of ownership. Loans and receivables are subsequently carried at amortised cost less provision for impairment and financial assets at fair value through profit or loss are carried at fair value. Fair value is Based on quoted prices for investments quoted in an active market (e.g. international securities exchange) or valuation techniques, including recent arm's length transactions, discounted cash flow analysis and other valuation techniques commonly used by market participants, for securities not traded in active market. Gains or losses arising from sale or changes in fair value of financial assets at fair value through profit or loss are recognised in the consolidated income statement in the period in which they arise. (f) Non-performing financial assets All loans and advances to customers on which principal or interest payments are overdue in excess' of ninety days are classified by management to be nonperforming, and monitored closely for impairment. (g) Property, plant and equipment Property, plant and equipment are carried at historical cost less accumulated.depreciation and amortisation. Historical cost includes expenditure that is directly attributable to the acquisition of an item. Subsequent costs are included in the asset's carrying amount or are recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Repairs and maintenance are charged to the consolidated income statement during the financial period in which they are incurred. Depreciation and amortisation are calculated using the straight-line method to allocate costs (net of residual values) over estimated useful lives as follows: Estimated Useful Life Motor vehicles Furniture and fixtures Equipment Leasehold improvements 4 years 10 years 5 years 5 years The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An ssetIs carrying amount'is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount. The recoverable amount 'is tht higher.of the asset'sfair value less costs to sell and valui in use. Gains and losses on disposal are determined by comparing proceeds with the carrying amount and are recognised.in the consolidated income statement. (h) Leases The leases entered into by the Group are operating leases. The total payments made under operating leases are charged to the consolidated income statement on a straight-line basis over the period of the lease. When an operating lease is terminated before the lease period has expired, any payment required to be made to the lessor by way of penalty is recognized as an expense in the period in which termination takes place. (i) Income and expense recognition Fees and commissions are generally recognized on an accrual basis when the service has been provided. Fee and commission' income arising from negotiating or participating in the negotiation of a transaction for a third party, such as the arrangement of the acquisition of shares or other securities, are recognized on completion of the underlying transaction, which is generally at the time the customer's account is charged. Portfolio, advisory, asset management and custody service fees are recognized based on the applicable service contracts, usually rateably over the period in which the service is provided. Performance linked fees are recognized when the performance criteria are fulfilled. Interest income and expense are recognized in the consolidated income statement for all, instruments measured at amortised cost using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial asset or a financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the financial instrument (for example, prepayment options) but does not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts. Dividend income is recognized in the consolidated income statement when the right to receive payment has been established. All other income and expenses are recognized on an accrual basis. (j) Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the consolidated balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. For securities transactions executed through the Bahamas International Securities Exchange (PISX), the Group records a net settlement receivable or payable with other brokers. (k) Impairment of financial assets at amortised cost The Group assesses at each balance sneet date whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred if, and only if, there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a loss event) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated. If there is objective evidence that an impairment loss on loans and receivables has been incurred, the amount of the loss is measured as the difference between the asset's carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset's original effective interest rate. The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognized in the consolidated income statement. If a loan has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. As a practical expedient, the Group may measure impairment on the basis of an instrument's fair value using an observable market price. ---- t- pAtGF inR TIIFIRDAY MAY 6. 2008 THE TRIBUNE ,-r 'Y --.l M W---- --~ - -- Y- (1) Intangible assets Acquired intangible assets are recognized initially at fair value. Those determined to have a finite useful life are carried at amortised cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate costs over the estimated useful life (up to 15 years). Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may exceed the recoverable amount (higher of the asset's fair value less costs to sell and its value in use). An impairment loss is recognized for the amount by which the asset's carrying amount exceeds its recoverable amount. (m) Provisions Provisions for restructuring costs and legal claims are recognized when the Group has a present legal or constructive obligation as a result of past events; it is more likely than not that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. ' (n) Share capital Ordinary shares are classified as equity. Preference shares on which dividends are payable at the discretion of the Directors, have no specific date for redemption and on which the shareholder has no option for redemption, are classified as equity. i) Share issue costs Incremental costs directly attributable to the issue of new shares or options or to the acquisition of a business are shown in equity as a deduction from the proceeds. ii) Dividends on shares Dividends on ordinary shares and preference shares classified as equity are recognized. in equity in the period in which they are approved by the Bank's Directors. Dividends for the year that are declared after the balance sheet date are dealt with in the subsequent events note. (o) Employee benefits The Group has a defined contribution pension plan administered by trustees that include executives of the Bank, in which all full-time employees of the Group are required to participate. A defined contribution plan is a pension plan under which the Bank pays fixed contributions into a -separate entity. The Bank has no legal or constructive obligations to pay further contributions if the plan does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. The Group's contributions are recognized as staff benefits expense in the consolidated income statement when they are due. The Group has no further payment obligations once the recognised contributions have been paid. (p) Corresponding figures When necessary, corresponding figures have been adjusted to conform with changes in presentation in the current year. 3. Cash on Hand and at Banks 2007 S Cash on hand and deposits at banks Mandatory reserve deposits 22,254,701 1,156,662 23,411,363 2006 S 23,088,427 1,144,638 24,233,065 Mandatory reserve deposits are placed with the Central Bank of The Bahamas (the Central Bank) to meet requirements of the Bank's licence and are not available for use in the Bank's day to day operations. Cash on hand, and mandatory reserve deposits and other deposits with the Central Bank are non-interest-bearing. Deposits at banks earn interest at rates ranging from 0.000% to 3.500% (2006: 0.000% to 4.000%). 4. Investment Securities Financial assets at fair value through profit or loss 2007 2006 $ S Mutual fund shares Government securities Listed equity securities Fixed income securities Other 2,344,10 2,292,90 1,876,00 32,64 6,545,65 Accrued interest 6,603,176 -11,850,223 )0 2,444,100 )3 1,691,626 )0 482,000 17 35,444 i0 16,503,393 35,917 16,539,310 Government securities comprise Bahamas.Government Registered Stock with maturities ranging from 2008 to 2026 (2006: 2007 to 2024) with interest rates ranging from 0.156% to 1.250% above the B$ Prime rate of 5.500% (2006: 5.500%). The cost of investment securities as of 31 December 2007 totalled $5,977,993 (2006: $14,550,746). 5. Loans and Advances to Customers 1 2007 Note receivable from affiliated bank Loans and advances to customers w 12,227,877 6,486,174 18,714,051 56,020 (68,955) 18,701,116 Accrued interest Provision for loan losses Movements in provision for loan losses are as follows: Balance as of 1 January Provision released during the year Write-offs during the year Balance as of 31 December 2007 s$ 100,000 (39,370) 8,325 68,955 4,084,696 4,084,696 (100,000) 3,984,696 2006 $ 837,290 485,802 (1,223,092) 100,000 As of 31 December 2007, interest rates on loans and advances to customers generally range from 6.750% to 13.750% (2006: 6.750% to 13.750%). As of 31 December 2007, principal balances of non-performing loans and advances to customers totalled $31,260 (2006: $54,523). 6. Prepayments and Other Assets Due from Fidelity Due from affiliates Fees receivable Prepayments 748,383 215,049 969,892 1,226,376 731,036 151,263 963,432 3,078,567 During the year, the Bank made provisions of $504,592 (2006: $Nil) for doubtful fees receivable. These receivables as well as others were subsequently transferred to Fidelity for consideration equal to their aggregate carrying amount of $54,660. 7. Property, Plant and Equipment Furniture Motor & Vehicles Fixtures $ $ Year ended 31 December 2007 Opening net book value Additions Disposals Depreciation Net book value 17,347 S(4,041) (13,306) 164,579 (12,621) (56.294) Leasehold Equipment Improvements S 277,175 33,453 (641) (96,719) 3,004 (2,317) (687) 462,105 33,453 (19,620) (167,006) S 95,664 213,268 308,932 As of 31 December 2007 Cost Accumulated depreciation Net book value 552,626 989,518 499,466 2,041,610 (456,962) (776,250) (499,466) (1,732,678) S 95,664 213,268 308,932 As of 31 December 2006 Cost 163,547 582,373 1,118,418 516,681 2,381,019 Accumulated depreciation (146,200) (417,794) (841,243) (513,677) (1,918,914) Net book value 17347 164579 77,175 3,004 462,105 8. Customer Deposits Deposits Savings certificates Funds held pending settlement 2007 S 22,832,674 14,112,380 36,945,054 Accrued interest 177,301 37,122,355 2006 $ 16,445,631 8,748,448 14,685,376 39,879,455 145,259 40,024,714 .As of 31 December 2007, average interest rates on customer deposits range from 2.500% to 7.500% (2006: 2.500% to 7.250%). 9. Accrued Expenses and Other Liabilities Dividends payable on preference shares Due to Fidelity Due to affiliates Accrued expenses and other liabilities 1,580,517 2,654,265 2006 S .187,500 2,064,956 1,034,167 3286,23 The amounts due to Fidelity are interest-free, unsecured and have no set terms of repayment. The amounts due were settled during the first quarter of 2008. 10. Intangible Asset Pursuant to the joint venture agreement described in Note 1 the Group acquired certain business operations in Barbados from RBC for $2,200,000. As of date of purchase there were no identifiable tangible assets or liabilities of the Barbados operations and the purchase price was based on future estimated cash flows from existing customer relationships which represents the intangible asset. The Bank is committed under the agreement to contribute an additional $800,000 to capitalise the Barbados operations. This payment was made subsequent to the year end. 11. Share Capital 2007 S Authorised 2,000,000 (2006: 1,000,000) ordinary shares of $1.00 each 2,000,000 Nil ( 2006: 2,000,000) preference shares of $1.00 each - Issued and fully paid 1,833,334 (2006: 1,000,000) ordinary shares of $1.00 each 1,833,334 Share premium 9,166,666 11,000,000 Nil (2006: 2,000,000) preference shares of $1.00 each 11,000,000 20P6 S 1,000,000 2,000,000 1,000,000 1,000,000 2,000,000 3,000,000 The preference shares were cumulative redeemable non-voting preference shares with a par value of $1.00 per share, redeemable solely at the option of the Bank subject to approval from the Central Bank. The preference shares carried an annual coupon rate of B$ Prime rate plus 0.750%, subject to a minimum rate of 7.500% payable quarterly in arrears. In connection with the joint venture agreement described in Note 1, Fidelity and RBC, as shareholders, authorised by resolution dated 30 November 2007, (a) the extinguishment of all of the Bank's non-voting cumulative preference shares; (b) increase of the Bank's authorised ordinary share capital to $2,000,000 consisting of 2,000,000 voting common shares; (c) change of the Bank's name to Royal Fidelity Merchant Bank & Trust Limited; and (d) amendment of the memorandum and articles of association to inter alia provide for the change in authorised capital and legal name. Subsequent to the change in authorised ordinary share capital, the Bank issued 416,667 additional ordinary shares each to Fidelity and RBC for the subscription price of $5,000,000 totalling $10,000,000. 12. Related Party Balances Related parties include those entities and individuals that have the ability to control or exercise significant influence over the Group in making financial or operational decisions, and entities that are controlled, jointly controlled or significantly influenced by them. The Group engaged in significant transactions with Fidelity and affiliated companies during the year. Significant balances with related parties included in the consolidated balance sheet, but not separately disclosed, are as follows: 2007 2006 Balance Sheet Cash on hand and at banks Investment securities Loans and advances to customers Prepayments and other assets Customer deposits Accrued expenses and other liabilities 4,730,349 3,676,900 16,297,920 52,591 1,878,438 1,580,517 849,248 13,262,7231 2,235,345 2,196,2681 583,307' 2,064,956 As of 31 December 2007, loans with a carrying amount of $Nil (2006: $716,283) were assigned to Fidelity at the carrying amount. Loan and deposit accounts with directors and officers amounted to $9,862 and $138,127, respectively. Assets under administration beneficially owned by directors and officers amounted to $1,882,451. a) Technical fees The Bank entered into an arrangement with Fidelity, effective 1 January 2004, under which, in exchange for corporate finance services rendered on behalf of the Bank by employees of Fidelity, the Bank agreed to pay Fidelity 50% of corporate finance fees earned by the Bank. This agreement was terminated by mutual agreement on 1 December 2007. b) Common sharing costs Pursuant to an informal arrangement, the Bank's operational expenses, which are not directly attributable to itself or its subsidiaries, are allocated to each affiliated entity based on thq Directors' estimate of the business and operating activities of each affiliated entity. This arrangement ceased on 31 January 2007. c) Investment securities Included in investment securities as of 31 December 2007, is the Group's investments in debt and equity securities of related parties, certain of which are listed on BISX, with carrying values totalling $3,676,900 (2006: $13,262,723). During the year, the Group sold investment securities to an affiliated bank for $12,227,877. The transaction was settled by the affiliated bank issuing a short term promissory note that bears interest of 5.500% per annum,' is unsecured and is payable on or before 31 May 2008. 13. Commitments Lease commitments The future minimum rental payments required tnder non-cancellable operating leases as of 31 December are as follows: .-r I I Ut:bUAY, MAY b, ZUUU, PAUi: 110 2007 2007 2008 2009 2010 Total minimum payments 175,464 175,464 87,732 438,660 2006 S 280,759 255,378 255,378 127,689 919,204 Loan commitments As of 31 December 2007, the Bank had loan commitments of approximately $2,800,000 (2006: $2,700,000). 14. Critical Accounting Estimates and Judgments in Applying Accounting Policies The Group makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are. believed to be reasonable under the circumstances. Impairment losses on loans and advances The Group reviews its loan portfolios to assess impairment at least on a quarterly basis. In determining whether an impairment loss should be recorded in the consolidated income statement, the Group makes judgments as to whether there is any observable data indicating that there is a measurable decrease in the estimated future cash flows from a portfolio of loans before the decrease can be identified with an individual loan in that portfolio. This evidence may include observable data indicating that there has been an adverse change in the payment status of borrowers in a group, or national or local economic conditions that correlate with defaults on assets in group. Management uses estimates based on historical loss experience for assets with credit ris characteristics and objective evidence of impairment similar to those in the portfolio whep scheduling its future cash flows. The methodology and assumptions used for estimating both the amount and timing of future cash flows are reviewed regularly to reduce any differences between loss estimates and actual loss experience. 15. Capital Management The Bank's objectives when managing capital, which is a broader concept than 'equity' on the face of the consolidated balance sheet, are; To comply with the capital requirements set by the Central Bank; .' To safeguard the Bank'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 based to support the development of its business. Capital adequacy and the use of regulatory capital are monitored by the Bank'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. The Central Bank requires the Bank to maintain a ratio of total regulatory capital to risk-weighted assets at or above a minimum of 8%. The table below summaries the composition of regulatory capital and shows the capital adequacy ratio of the Bank, determined in accordance with the Basle Accord, as of the consolidated balance sheet date. During 2007 and 2006, the Bank has complied with all of the externally imposed capital requirements to which it was subject. 2007 S Tier 1 capital Share capital Retained earnings 11,000,000 1,411,399 12,411,399 Tier 2 capital Preference shares Adjustment for excess tier 2 capital Total Risk-weighted assets Capital adequacy ratio Tier 1 Capital adequacy ratio Tier 1 and 2 12,411,399 30,848,496 40.23% 40.3% 2006, S '1,000,0001 1.986,406 2,986,406 2,000,000 (506,797) 1,493,203 4,479,609 26,238,263 1138% 17.07% 16. Financial Risk Management Strategies in using financial instruments By their nature, the Group's activities are principally related to the use of financial instruments. The Group accepts deposits from customers at both fixed and floating rates for various periods, and seeks to earn above-average interest margins by investing these funds in high-quality assets - predominantly loans and advances to customers supported by financial assets held by the Group on behalf of the customers. The Group seeks to increase these margins by consolidating short-term funds and lending for longer periods at higher rates, while maintaining sufficient liquidity to meet all claims that might Fall due. The Group also seeks to raise its interest margins by obtaining above-average margins, net of allowances, through lending to institutional and high net worth individual borrowers with a range of credit standings. Such exposures involve not just on-balance sheet loans and advances; the Group also enters into guarantees and other commitments such as letters of credit and performance, and other bonds. The principal risks which arise from the Group's core activities that must be effectively managed include credit, interest rate, price, liquidity and fiduciary risks. The Group does not use derivative instruments to manage any of these risks. Credit risk Credit risk is the risk that a counterpart may be unable .to pay amounts in full when due. Impairment provisions are provided for losses incurred as of the balance sheet date (Note 5). Significant changes in the economy or a sector that represents a concentration in the Group's Portfolio could result in losses that are different from those provided fos.as of the balance sheet date. Management therefore carefully manages its exposure to credit risk. a- The credit committee is responsible for approving and monitoring the banks credit exposure, which is done through review and approval of the Group's lending policy, and limits on credit exposure to individual borrowers and sectors. Prior to advancing funds, an assessment is made of the credit quality of each borrower. The Group does not use an automated credit scoring system. It is the Group's policy to lend responsibly and establish loans that are within the customer's ability to repay rather than relying exclusively on security. Maximum credit exposure at the year end approximates the carrying value of all assets. The classes of financial instruments to which the Group is most exposed are loans and advances to customers (Note 5) and investment securities (Note 4). The Group provides margin loans to customers supported by financial assets held in their brokerage accounts and loans to private equity investment companies as part of the Group's capital market operations. Margin loans totalled $1,867,909 as of 31 December 2007 (2006: $2,184,696), and loans to private equity investment-companies totalled $2,449,250 ($1,800,000). Included in loans and advances is a promissory note receivable of $12,227,877 due from an affiliated bank received in connection with the sale of certain investment securities as of 1 December 2007. The promissory note is due on or before 31 May 2008. Non-performing loans as of 31 December 2007 totalled $31,260 (2006: $54,523) and full provision has been made for potential loan losses. Interest rate risk Interest rate risk is the risk that the future cash flows or fair value of a financial instrument will fluctuate because of changes in market interest rates. The Group takes on exposure to the effects of fluctuations in the prevailing levels of market interest rates on both its fair value and cash flow risks. Interest margins may increase as a result of such changes but may reduce gains or create losses in the event that unexpected movements arise. The Group does not attempt to hedge specifically against the impact of changes in market interest rates on cash flows and interest margins and relies on the fact that the loan portfolio is based'on floating interest rates that generally reset within three months of any rate change and has financial liabilities that offset these loans but at lower floating interest rates. The Group maintains a general policy of fixing the interest rate spread between interest earned on financial assets and interest incurred on financial liabilities. The Group is exposed to fair value interest rate risk on its promissory note from an affiliated bank, which earns interest at a fixed rate. However, this financial asset has a short term to maturity. The Government bond portion of the Group's investment portfolio is at floating rates. Price risk Price risk is the risk that the'fair value and/or amounts realized on sale of financial instruments may fluctuate significantly as a result of changes in market prices. This risk is concentrated in investments in listed equity securities. The investments in listed equity securities are securities of companies listed on BISX, with the primary investment being a property fund. Liquidity risk Liquidity risk is the risk that the Group is not able to meet its financial obligations as they fall dte or can do so at an excessive cost. The Group's liquidity policy is to maintain sufficient liquid resources to cover cash floyv imbalances and fluctuations in funding, to retain full public confidence in the solvency of the Group and to enable it to meet all financial obligations. This is achieved by maintaining a prudent level of liquid assets, through management control of the'rate of growth of the business and maintaining high levels of capital. The table below analyses assets and liabilities into relevant maturity groupings based on the remaining period at the consolidated balance sheet date to the contracted maturity dates. - At 31 December 2007 Residual Maturity Ausets Cash on hand and at banks Investment securities Loans and advances to customers Other assets Total assert Liabilities Customers deposits Other liabilities Equity Total liabilities Net liquidity gap At 31 December 2006 Residual Maturity Assets Cash on hand and at banks Investment securities Loans and advances to customers Other assets Total saset Liabillties Customers deposits Other liabilities Equity Total liabilities Net liquidity gap Repayable Upto3. 3-12 1-5 on demand months months years S $ S S 23,411,363 2,325,550 ......090 157,526 799,000 049 n25 More than 5 years S 3,321,100 Totpl 23,411,363 6,603,176 1 7f01 116 J.Y/.YY I |BO .' L'., w,. 308,932 963,432 -2.00,000 3,472,364 30,013,814 963,432 12,441,423 3,248250- 5,521,100 52,188,019 22,832,674 9,587,264 4.152,417 550000 37.122.355 1,580,517 1.073.748 2,654,265 .12411,399 12,41139 24,413,191 10,661,012 4,152,417 550,000 12,411,399 5,18019 5,600,623 (9697,580) 8,289006 2698,250 (69099) Repayable Upto 3 3-12 -5 More than on demand months months year Syear Total S S S S S S 24,233,065 24,233,065 14.059,293 135.917 425,000 1.919,100 16.539,310 2,184,696 1,800,000 3,984,696 2,658,373 882,299 3,5340,672 43,135,427 882,299 135,917 2,20 1,19,1 4.297,743 34,276,266 5,693,910 2,754,538 300,000 40,024,714 2,252,456 1,034,167 3.286,623 -494.986,406 4,986406 33,528,722 6,728,077 2,754538 30000 48406 489743 9,606,705 (5,845,778) (2.618,621) 1,9,00 (367306) Regulatory authorities set limits for mandatory reserve deposits (Note 3) and liquidity balances. The requirements for the Bank are 20% of demand deposits and 15% of savings and fixed deposits. During the year, the Group was in compliance with these requirements, with the exception of a breach in the mandatory reserve requirement during December 2007. Fiduciary risk The Group is susceptible to fiduciary risk, which is the risk that the Group may fail in carrying out certain mandates in accordance with the wishes of its customers. To manage exposure, the Group generally takes a conservative approach in its undertakings. 17. Fair Values of Financial Instruments Financial instruments utilised by the Group comprise the recorded financial assets and liabilities disclosed in the consolidated balance sheet. The Group's financial instruments are principally short-term in nature, have interest rates that reset to market rates, or are fair valued; accordingly, their fair value approximates their carrying value. rpCEWATERHOUseCOPERS 1 INDEPENDENT AUDITORS' REPORT PricewaterbouseCoopers Providence House East Hill Strea P.o. Box N-3910 Nassau, Bahamas Website: www.pwc.com E-mail: pwcbs@bspwccom Telephone (242) 302-5300 Facsimile (242) 302-5350 To the Shareholders of Royal Fidelity Merchant Bank & Trust Limited We have audited the accompanying consolidated balance sheet of Royal Fidelity Merchant Bank & Trust Limited (the SBank) and its subsidiaries (together, the Group) as of 31 December 2007 and a summary of significant accounting policies and other explanatory notes. Management's Responsibility 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 misstalment. 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 represents fairly, in all material respects, the financial position of the Group as of 31 December 2007, in accordance with International Financial Reporting Standards. Emphasis of Matter Without qualifying our opinion, we emphasis that the accompanying consolidated balance sheet does not comprise a complete set of financial statements in accordance with International Financial Reporting Standards. Information ont 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 24 April 2908 . r 1I 1 ri- I rnloulr- PAGE 12B, TUESDAY, MAY 6,2008 THE TRIBUNE Port bidder plans training initiatives A POTENTIAL Grand Bahama Port Authority (GBPA) purchaser said it is planning to bring advanced technical education training, and job opportunities for returning college and universi- ty graduates, to Freeport if its bid is successful. If Fleming acquires the GBPA, it plans to bring to Grand Bahama technical voca- tional training courses, such as those presented by the Lon- don-based City & Guilds, which, currently offers 500 courses in 100 countries world- wide. The bidder, which has an agreement in principle to acquire the GBPA stake held by the Hayward family trust for $100 million, and is seeking to achieve a similar deal with the late Edward St George's estate, also intends to intro- duce and champion pro- grammes supported in the UK by The Prince's Trust. In doing so, Fleming said it hopes to create a diverse and technically-capable workforce for Freeport. The Prince's Trust programmes, which are INIH Fop thestopie designed to help young per- sons develop key skills, confi- dence and motivation, are part of the plan. Flemings' economic-assess- ment and manpower-assess- ment teams are currently gath- ering opinions from Freeport residents as to what they want in Grand Bahama, and where they would like to see the island heading. "A majority of our feedback has been about education, the need to train high school stu- dents with technical skills, basic business skills and to pro ide higher education that is afford- able for all," said Janet Albury, of VIP Services; who is helping to coordinate the meetings for the Flemings team. "We are also being told, again and again, that those stu- dents who do manage to go abroad are not returning home: not because of lack of desire but because of the fact that there are no jobs for them, and the opportunities abroad are much better and far more financially appealing." One businessman said: "We [Grand Bahama] are not cre- ating jobs fast enough. Five thousand kids per year in the Bahamas are coming out of school, where do they go?" Rob Millard, of Global Ful- fillment Services, has present- ed the Grand Bahama 2020... and Beyond review to, and sought input from, over 300 people in Freeport and.Nas- sau. The economic and man- power teams have met with several dozen stakeholders too. Among the issues that have been identified by those inter-s viewed are the need fi cheap- er and more reliable electricity, construction of an airport ter- minal acceptable to European airlines and their security stan- dards, introduction of modern wAste recycling methods, an improvement in service levels, and better and cheaper shop- ping facilities. Flemings is now allowing anyone with computer access to give their opinion on the island's future direction. Ideas, comments and suggestions can be sent to myview@grandba- hama2020.com "I've been asked countless times if Mr Fleming is going to stick it out with the purchase deal," said Mr Millard. "Locals are worried that such a man of great wealth and business knowledge may leave because of the headache of the court proceedings, the negative reporting and the drawn-out duration of the purchase process. I try to tell them that we understand that Roddie Fleming is still very determined to see Flemings come to Grand Bahama. "He sees the potential here, and in an ever-changing econ- omy he knows that the island's untapped resources in its peo- ple, property and its pure mag- ic of location, location, loca- tion can, with the right direc- tion and enough capital invest- ment, make the island turn around economically and, over the next decade or so, to achieve a level of prosperity that seems inconceivable under the present unfortunate cir- cumstances." Mr Millard added: "Many people we have spoken with want to be assured that Flem- ings has the funding to take on a Grand Bahama rebuild, espe- cially at a time when the glob- al financial markets are so unstable. "Again, I can assure them that Flemings indeed has the financial capabilities and, most importantly, the European and global connections that will bring in companies that are well-resourced, too, and not prone to suffer in the forecast- ed US recession." 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