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Permanent Link: http://ufdc.ufl.edu/UF00084249/01020
 Material Information
Title: The Tribune
Uniform Title: Tribune (Nassau, Bahamas)
Portion of title: Nassau tribune
Physical Description: v. : ill. ; 58 cm.
Language: English
Publisher: Tribune
Place of Publication: Nassau, Bahamas
Publication Date: May 7, 2008
Copyright Date: 2008
Frequency: daily, except sunday
daily
normalized irregular
 Subjects
Genre: newspaper   ( sobekcm )
Spatial Coverage: Bahamas
 Notes
General Note: Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.
 Record Information
Source Institution: University of Florida
Holding Location: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: oclc - 09994850
System ID: UF00084249:01020

Full Text






2FORYOU o
HAPPY MEAL RP lovin' t

HIGH 85F
LOW 72F

I SUNNY TO
SPARTLY CLOUDY


The


Tribune


Volume: 104 No.139


WEDNESDAY, MAY 7, 2008


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I s IS.I II llllll

MotaeCroatio
Setto'gettoughlonrllll
delinqent borower


pree of brea


-ins


onEast. Bay SirpeI


Business owners

petition police to

increase foot patrols


A SPREE of break-ins
along East Bay Street is
prompting business owners to
petition police to increase foot
patrols to protect businesses
and their patrons.
Over the past few weeks, a
jewellery store, fast food
eatery, a Chinese shopping
mart, and a law firm were bro-
ken into.
Yesterday morning, Native
Breeze, a popular eatery on
East Bay Street, was the latest
establishment to be raided.
According to the restauran-
t's co-owners, Simon Smith


and Shermarko Burrows, the
burglar entered the establish-
ment by cutting the security
bars and climbing through a
back window.
While. inside, the culprit is
alleged to have made off with
20 pounds of ground meat, 10
pounds of ground beef, and
$20 in quarters.
Next door, at the Rum Cake
factory, the burglar struck
next, ripping a security screen
out of the back wall shortly
before 3.50am.
SEE page 10


Possible PLP 2012 candidates object
to option of running under Christie
POSSIBLE candidates for the PLP in 2012
objected yesterday to the option of running
under current PLP leader Perry Christie if
he is still the leader of the party come the
next general election.
"I would not offer," said one candidate
hopeful, "and I would not help in their cam-
paign, be that financing, or anything \vhatso-
ever."
Another party source had a more verbose
response to the question of Mr.Christie's pos-
sibilities as leader in 2012.
"Christie was a one term Prime Minister.
and that's all he is. We had a 12-seat advan-
tage and he lost the whole of Nassau. The
SEE page 10

Hpage


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WORK WAS underway yesterday to revamp the Western Esplanade .
area in a joint effort by Kerzner International, the government and the
private sector, including the Rotary Club of Nassau.

Call for body to investigate claims of abuse.
by Immigration, Defence Force officers
By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net
AN INDEPENDENT body should be constituted to investi-
gate claims of abuse by Immigration and Defence Force officers, a
human rights activist said yesterday.
Elsworth Johnson, president of the Bahamas Human Rights
Network, said that he is unhappy about the fact that there has up
to this point been no apparent result from an investigation that
Police Commissioner Reginald Ferguson said would be carried
out into complaints of a "wrongful" immigration raid carried out
over two weeks ago during an event organised by a local environ-
mental group.
"I have some serious concerns about what happened at Millar's
SEE page 10


I MTi pgmif f





I.1
Ruop Kng
bankruptcy

EE^^^0


* By NATARIO McKENZIE
BUSINESSMAN Rudolph
King's bankruptcy appeal hear-
ing was adjourned yesterday
after the issue of whether the
appellate court has jurisdiction
to hear such an appeal was
raised.
King, a Nassau events organ-
iser who is also known as Dr
Rudolph King or Rudolph
King-Laroda, was declared
bankrupt in 2006 by Supreme
CourtJustice John Lyons when
he was being pursued for an
unpaid debt. by Cavalier Con-
struction Ltd. King appeared in
the Court of Appeal yesterday
with his lawyer Wayne Munroe,
who was prepared to argue the
bankruptcy appeal on his behalf.
President of the Court of
Appeal Dame Joan Sawyer,


Wilchcombe
'will not go for
PLP leadership
at this time'
* By KARIN HERIG
Tribune Staff Reporter
kherig@tribunemedia.net
WEST END and Bimini
MP Obie Wilchcombe said
he will not throw his hat in
the. ring for the PLP's lead-
ership position at this time
because he considers the
future development of the
party to be more important
than his own personal ambi-
tions.
Speaking last night on the
new Star 106.5 radio talk
show "Jeffrey", the former
Cabinet minister said that
he is still committed to offer-
ing himself for the PLP's
SEE page 15


PRIME RIB
RANCHERO QuiznosSu


Thinly-sliced Prime Rib,
S pepper jack cheese,
fire-roasted Poblano Peppers
and tangy Chipotle Mayo


[77


, .. ,- .. ", ' '


however, questioned whether
King actually had the right to
appeal to the Court of Appeal.
Justice Sawyer pointed out
that in the case of former MP
Sidney Stubbs the Court of
:Appeal had ruled that it was not
satisfied that it did, in fact, have
the jurisdiction to hear the
bankruptcy appeal.
Although Stubbs went on to
win his appeal before the Lon-
don Privy Council, which found
that the Court of Appeal erred
when it determined that it did
not have jurisdiction to hear his
appeal, Justice Sawyer said that
she did not agree with that deci-
sion.
She pointed out that there
was no right to appeal under the
SEE page 10

Gas now
as much

as $5.34
per gallon
N By BRENT DEAN
Tribune Staff Reporter
bdean@tribunemedia.net
AS THE price of crude oil
hit yet another record at $122.73
per barrel yesterday, New Prov-
idence residents were paying as
much as $5.34 per gallon for gas.
And an informal survey
across some of the Family
Islands reveals that residents of
Inagua are paying some of the
highest prices at the pump in
the country, at $6.30 per gallon.
Despite the record oil price
reached in international trad-
ing yesterday which settled at
$121.84 at the close of trading -
this week, analysts at Goldman
Sachs, the global investment
bank and securities firm, were
predicting that the price of oil
will hit between $150 and $200
per barrel in the next six to 24
months.
In New Providence, Texaco
had the highest prices at the
pump yesterday, with gasoline
retailing at $5.34 per gallon,
while Shell's price was $5.24 per
gallon, and Esso's price per gal-
lon was $5.05.
Rozel Burrows, proprietor at
Burrows Gas Station, Mathew
SEE page 15


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Budf tuft Rum

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S More Bahamian

gd .

students set for




Studies in Cuba


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* By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net
TWENTY more young
Bahamians will take up uni-
versity studies in Cuba at the
end of this year.
The Cuban embassy in
Nassau yesterday announced
the selection of the latest
group of under 25-year olds
chosen to receive scholar-
ships from the Cuban gov-
ernment.
According to the embassy,
16 Bahamian students will
begin studying towards
becoming doctors, while the
other four will learn forestry
engineering, law, sports
instruction and pre-school
education.
The medical students will
join another 13 undergradu-
ates in the field who began
their studies on the island
during the last quarter of
2007.
As the new medical schol-
arship winners currently live
in "several family islands"
the embassy notes that an
added benefit of their further
education will be their ability
to "bring their knowledge to


less populated areas of the
Bahamas.'
Cuban officials say that 500
residents of the Bahamas
have gone to study in Cuba
since 2000, many from fami-
lies who would have other-
wise been unable to fund'
their children's. continued
studies.
They estimate that cumu-
latively, it would have cost
the families of the 16 med-
ical students about $7 million
to send them to study in
"paid universities in other
countries of the area".

Applicants
Any students who were not
successful in their bids to
obtain Cuban scholarships
this year will be entered into
the pool of applicants next
year.
Other under twenty-fives
who are interested in apply-
ing to take up scholarship
funded studies in Cuba are
reminded that they can email
cubahcons@coralwave.com
to receive a copy of the appli-
cation and the requirements.
According to the Cuban


Several Global United


employees arelaid off

* By DENISE MAYCOCK
Tribune Freeport Reporter
SdMiaiycock@tribunemedia.net
FREEPORT Several employees at Global United were
laid off on Tuesday as a result of an apparent downsizing at the
shipping company here on island.
It is believed that some 15 staff members were let go and giv-
en severance cheques, which were post dated by management.
When The Tribune contacted the Global United offices in
Freeport, no one was available to comment on the matter.
SGlobal United, which is owned by Captain Jackson Ritchie,
is believed to be in financial troubles. It is claimed that the
company owes government millions of dollars in taxes.
According to one laid off employee, who wished to remain
anonymous, the company issued her three posted severance
cheques.

Cheque
The employee said that the first cheque is posted to a specif-
ic day in May, the second and third posted to specific days in the
month of June.
"I am happy with what I got, but there is no guarantee that I
will get my money," said the employee, who has been working
with the company for more than five years.
According to the employee, the company has been downsiz-
ing staff over the past few years. She claims that the staff of some
200 workers has now dwindled down to maybe 80 persons in
Freeport.
Labour officials in Freeport did not know.the total number of
persons on staff at the company. However, they received reports
that four persons were laid off in Freeport.
The official said that the four laid off persons should have
been paid according to the Employment Act.
He noted that a worker employed for one year or more is enti-
tled to two weeks or four weeks notice, depending on whether
they are line staff or supervisors.
He stated that the two weeks or four weeks per year, caps at
24 weeks for line employees, and 48 weeks for supervisory
staff, respectively. He added that persons are also entitled to pay
for any unused vacation time.


government, 50,171 foreign
students from a total of 179
countries were graduated
from Cuban schools in the
years before 2007.
Of these, 26,558 were
enrolled in higher education
institutions, and 3,130 were
from Caribbean countries.











* By DENISE MAYCOCK
Tribune Freeport
Reporter
dmaycock@tribunemedia.net
FREEPORT Despite
low occupancy levels the
Our Lucaya Resort says it
has no plans to lay off any
of its 800-plus workers.
The 1,200-room proper-
ty, which employs about 866
workers, is currently more
than half empty.
However, during the offi-
cial signing of a new ldbour
contract on Tuesday, John
Markoulis, president of
Hutchison Lucaya Limited,
denied that the resort was
laying-off 250 workers.
"There is no truth to
those rumours," he told the
media at the contract sign-
ing at the Department of
Labour office.
Roy Colebrooke, presi-
dent of the Bahamas Hotel
Catering Allied Workers
Union, believe 'that man-
agement and the union
negotiated a very good con-
tract for hotel workers in
light of the economic chal-
lenges facing Freeport.
Details of the contract
were not disclosed, but it
was revealed that the con-
tract, which expires in 2010,
has a wage package that is
equivalent to a 17.5 per cent
increase.
Mr Markoulis also
revealed that a pension pro-
vision was added as a new
feature to the contract and
will take effect next year.
"The industry is in tough
times now, and we got to be
smart and work smart, and
we got to be creative and
try to maintain what we
have, and gain momentum
in the face of financial
difficulties that are
coming along," said Mr
Markoulis.
Resort manager Veronica
Clarke revealed that occu-
pancy at the Sheraton and
Westin Resorts is down to
45 per cent.
"We are working very
hard to ensure that it
picks up, but there is no
guarantee, but we are hop-
ing that it certainly will,"
she said.


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- -,- - - - - - - -..-


PAGE 2, WEDNESDAY, MAY 7, 2008


THE TRIBUNE









THE TIBUNEWEDNEDAY, AYL7C008,NAGES


0 In brief


Bahamasair delays

fare increase fo

domestic flights
BAHAMASAIR has decid-
ed to delay the introduction of
its new fare structure until May
13, it was announced yester-
day.
Management said the move
came in response to "certain
queries regarding the increase
in airfares for domestic flights".
General manager Henry
Woods said that "the challenge
of trying to contain escalating
costs is daunting and one of
several responses considered
is to improve operating rev-
enues. However, given certain
circumstances and to allow
inter island travellers to adjust
to that price increase of $5 per
sector, we have decided to
delay introduction until.next
Tuesday, May 13."
He added: "the composition
of our fare structure is under
constant review and as costs
continue to increase it is quite
possible that further fare
increases maybe necessary. In
today's operating environment
it is critical to improve rev-
enues and contain costs"
In the event of any future
changes the public will be duly
informed, Mr Woods said.
Notwithstanding the
increase, Bahamasair said its
management and staff remain
committed to providing higher
quality customer service and
maintaining a "very high stan-
dard of safety within its opera-
tions".

Ceremony to

remember maines

killed 28 years ago
FAMILY members and.
friends of the four marines
killed in action 28 years ago
during the sinking of HMBS
Flamingo will join officers and
Marines of the Royal
Bahamas Defence Force for
a brief ceremony on Saturday
.morning at 8.30 am.
A memorial monument will
be dedicated and a special gun
salute and fly-over will be con-
Sducted.
Both Prime Minister
Hubert Ingrahlia and Nation-'
al Security and Immigration
Minister Tommy Turnquest
will bring remarks.
After the ceremony, a
Defence Force vessel will take
family members of the victims
out for the laying of a wreath
at sea.
The Defence Force ensign
will be flown at half-mast
throughout the day.
On May 10, 1980, after
intercepting two Cuban fishing
vessels near the Ragged Island
Chain, Able Seaman Fenrick
Sturrup, Marine Seaman
Austin Rudolph Smith,
Marine'Seaman David Alli-
son Tucker and Marine Sea-
man Edward Arnold Williams
were killed when Cuban MIG
jets fired upon and sank
HMBS Flamingo.
The tragic event is consid-
ered a defining moment not
only for the embryonic
Defence Force, but also for
the newly independent
Bahamas.

North Lauderdale
wants Forida to be
divided into two states
NORTH
LAUDERDALE, Fla.
ONE city commission
wants to divide Florida into
two states: North Florida
and South Florida, according
to Associated Press.
The reason? The North
Lauderdale City Commis-
sion resolution says it's not
confident in state leaders
when it comes to collecting
and spending their own
money.
The resolution states it
would be "in the best
interests of the citizens and
residents" to divide the
state.
Commissioner Rich Moyle
says it was based on frustra-
tion with the state Legisla-
ture "ignoring the cities in
South Florida." But he


acknowledges the idea likely
won't pass.
The commission is asking
other municipalities and
counties to join them. The
boundary line would be
from Palm Beach County
down through Monroe
County.
Margate takes up the issue
Wednesday night.


Fliuicii


Claim 'money grabbers' have infiltrated



the campaign of the Sea Hauler victims


THE government was yes-
terday warned to' beware of
"money grabbers" who had
allegedly infiltrated the Sea
Hauler victims' campaign and
were motivated only by greed.
. Officials must do "due dili-
gence" and identify genuine
claimants before handing out
$1 million of taxpayers' mon-
ey, it was claimed.
The warning came from
community activist Clever
Duncombe, who said the cam-


paign had been infiltrated by
people who were merely try-
ing to extort money.

Injuries

He said government cash
should go only to those who
suffered "life changing"
injuries in the tragic sea colli-
sion five years ago;
"This money should go to
those who are suffering gen-
uine hardship, the dependants


The Bahamas Mortgage


Corporation to 'get tough'


on delinquent borrowers


AFTER launching an ad campaign a few months
ago to reach out to delinquent borrowers, the
Bahamas Mortgage Corporation is going after indi-
viduals whose loans are in arrears.
Borrowers have been warned that new, tougher
measures could result in foreclosure on homes and
property.
The corporation has been forced into this
move, its management claims, because nearly a
quarter of all borrowers have fallen behind on pay-
ments.
The BMC said Bahamians place a very low pri-
ority on paying mortgage bills seeing it as less
important than buying furniture or going on vaca-
tion.
'Managing Director of the corporation Jerome
Godfrey said the ads, which began before Christmas,
encouraged persons to come in, discuss their situa-
tion and arrange a programme to pay their debts in
a timely manner.
But Mr Godfrey said, "Whereas this initiative
has had a marginal degree of success, many of our
mortgagors have not taken advantage of the oppor-
tunity."
He said that over the 25 years of its existence,
the corporation has carried out its functions effec-
tively, approving more than 6,500 loans to Bahami-
ans from all walks of life, valued in excess of $346.9
million.
But, he said, there continue to be "inherent prob-
lems" with persons who Jave been granted mort-
gages by the corporation but fail to meet the oblig-
ations they agreed to.
"This has become a concern for the corporation
because the ratio of our loans in arrears presently


stands at 22.43 per cent of the total portfolio," he
said.
"This ratio is too high and despite our efforts to
cause our'Bahamian borrowers to meet their mort-
gage obligations, we have discovered that priority to
repayment of their mortgage at the Bahamas Mort-
gage Corporation is not what it ought to be.
"These obligations appear to be relegated very
low on their list of priorities and most definitely
second to consumer loans by other banks, financial
institutions, travel opportunities and even furniture
companies," Mr Godfrey said.
He urged persons with loans in arrears to come
into a Loan Administration Department office in
Nassau, Abaco or Freeport
"Over the next few months, we will be issuing
letters to delinquent borrowers giving them dead-
lines to come in to the corporation to update their
account." Mr Godfrey said that failure to do so will
result in the corporation beginning the process to
realisee its security" under the mortgage.
"In short, we will proceed to foreclosure of the
property and ultimate eviction of the occupants
from the premises," he said.
"This is not the way we would prefer to go as the
corporation is not in the business of selling proper-
ties, however, there comes a time when the corpo-
ration must take a 'get tough' attitude and that time
is now.
"We are cognisant of the predictions of a mar-
ginalised growth in our economy in the months
ahead and therefore feel that this effort now to
encourage borrowers to fix what is wrong will act-as
a hedge if our borrowers were to be-effected by
.such marginalisation.of our economy.".,


of those who died and the oth-
ers who suffered severe
injuries," he said.
"I think the government
should beware of certain peo-
ple," he told The Tribune yes-
terday.
"We have heard of medical
records being misplaced and
we wonder why. I think the
government should be fully
cognisant of infiltrators who
are trying to extort money.
"The government must do
due diligence before distrib-
uting this cash. Remember,
the Wreck Commission report
said some passengers aboard
the Sea Hauler were treated
and discharged the same day.
Some suffered slight sprains
and such like.
"The Attorney General will
have to decide who really suf-
fered serious injuries. The
ones who should benefit are
those who will never be able


to return to normality."
Mr Duncombe also urged
an inquiry into the sale of the
Sea Hauler following the crash
which killed four people.
He said the vessel ought to
have been impounded and its
owners made accountable.

Collision

The Sea Hauler was on its
way to Cat Island in 2003
when it was in collision with
another boat, the United Star.
A rusting crane fell on to
the deck, killing four people
and injuring many more.
Earlier this week, group
treasurer Sophia Antonio
expressed gratitude to the
government for the promised
$1 million ex-gratia payment
to victims.
She said it would help ease
hardship and put food on the
tables of suffering families.


-----*---- **- - * -* -*:--------- ---i** *
............................................................. ..............................................".... ................................................................. :................. .'


Caribbean facing economic uncertainty

'as a result of global competition'


THE Caribbean is facing eco-
nomic uncertainty as a result of
global competition, according
to a Canada-based think tank.
The Centre for Internation-
al Governance Innovation
(CIGI) says that in addition,
countries in the region are fac-
ing lacklustre economic growth,
poverty and continuing high
rates of unemployment and
government debt.
However, new research
released this month by CIGI
shows that there are "substan-
tive and relevant" policy pre-
scriptions to the region's eco-
nomic governance problems.
"The Caribbean region has
liberalinstitutions, viable
tourism, agricultural industries,
proximity to large markets, and
monetary stability," said Daniel
Schwanen, CIGI's acting exec-
utive director. "But the current
global competition is posing sig-
nificant problems. Policies, both
in the Caribbean and in the
countries that receive its citi-
zens, could be altered to benefit
all."

Research

CIGIs most recent research
on Caribbean economic gover-
nance examines three issues fac-
ing the region: migration, trade
relations and the region's
reliance on tourism.
"Beyond Tourism: The
Future of the Services Industry
in the Caribbean" by Daniel P
Erikson and Joyce Lawrence
argues that the services sector
may serve as an important
source of economic growth.
The report says this will be
possible only if the region
moves beyond tourism to take
advantage of emerging oppor-
tunities in the areas of banking
and financial services, call cen-
tres and information and com-


Research shows region is dealing
with its economic governance issues,
but still faces many challenges


munications technology, off-
shore education, health services
and transportation.
"'Remote' in the Eastern
Caribbean: the Antigua-US
WTO Internet Gambling Case"
by CIGI associate director and
Distinguished Fellow Andrew
F Cooper, challenges standard
assumptions about the workings
of the international trading sys-
tem by profiling the 'David vs
Goliath' case that Antigua has
pursued against the United
States in the World Trade
Organisation.
CIGI says the case exempli-
fies what a small country like
Antigua can do to respond to
dynamic changes imposed by
globalisation confirming that
Caribbean nations can some-
times punch above their weights
in international relations.
"First, Do No Harm: the Role
and Responsibility of Canada
as a Destination Country in
South-North Migration" by
Laura Ritchie Dawson takes a
look at the role that receiving
countries' policies, such as
Canada's, can play in reducing
the negative effects of outward
migration of permanent and
temporary workers on the send-
ing countries' economic and
social development.
The paper outlines a set of
policies for Canada that can
help ensure a 'triple win' that
benefits the sending countries,
the wealthy receiving states and
the migrants themselves.
The Caribbean Papers are a
product of CIGI's Project on
Caribbean Economic Gover-
nance.
The project convenes


researchers and leaders within
the private and public
sectors to look at specific eco-
nomic challenges facing the
region.
CIGI said that economic
issues as well as the role of lead-
ership and public sector reform
will be examined in the series,
which will include papers on
directions needed to accelerate
growth and foster the region's
ability to achieve its economic
potential.
The results of the project will
include policy ideas to help the
region carve a more profitable
and sustainable niche in the
global economy, CIGI said.
The Centre for Internation-
al Governance Innovation is a
think tank that addresses inter-
national governance challenges
and provides advice to decision-
makers on multilateral gover-
nance issues.


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for improvements in the
area or have'won an
award.
If so, call us on 322-1986
and share your story.


PUBLIC NOTICE

There will be an important meeting for
graduates of R.M BAILEY SENIOR
HIGH SCHOOL CLASS OF '88'
on May 14th at 7:00 p.m at the school on
Robinson rd. Plans for a 20th Anniversary
will be discussed. Please be on time.


WEDNESDAY, MAY 7, 2008, PAGE 3


THE TRIBUNE









PAGE 4, TH W S MAY 7 T TRIBUNE


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

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

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

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

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

Published Daily Monday to Saturday

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

TELEPHONES
Switchboard (News, Circulation and 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


Here are ways to cut gasoline consumption


FOR too long Americans have endured
often mind-numbing campaign prattle. But
now at least some good has come out of it.
The catalyst was the idea to reduce the
skyrocketing cost of gasoline by suspending
the 18.4-cent federal tax on each gallon
during the peak summer driving season.
The good was the across-the-board sharply
critical response that greeted the remedy
advanced first.by Sen. John McCain, R-
Ariz., and then by Sen. Hillary Rodham
Clinton, D-N.Y.
Opponents of the plan were so eager to
denounce it they were all over the map
pointing out its deficiencies. While some
emphasized that it would not actually put
savings into consumers' pockets, others
feared it would only encourage more dri-
ving because the cost at the pump would be
reduced from its almost $4-a-gallon price.
The proposal raised the hackles of econ-
omists, oil market analysts and formerly
ink-stained editorial writers. Sen. Barack
Obama, D-Ill., harvested political hay by
denouncing it, perhaps disremembering
that some eight years ago he reportedly
backed such a plan in Illinois.
What emerged out of this political stew
were the double-edged complexities that
swamp this proposal. Relief clearly needs to
come from somewhere else to help a pub-
lic finally needing to rein in other spending.
A recent poll determined that the price of
gasoline strains family budgets the most.
The government can't fix what is hurting
consumers in the short and.longer runs.
This puts the issue in just the right place.
The driving public itself can immediately
apply the salve to ease its intensifying pain.
No secret remedy is involved. Methods to
reduce the effective cost to the driver have
long been known and publicized.
They are readily available if inconve-
nient to apply, because they require mod-
ifications of deep-seat 3/8m behaviour.
If, against all ingrained habits, drivers
would slow down and not exceed 60 mph,
they would increase the mileage they
extract from each gallon by about a third.
Even driving 75 mph in a steady and
nonaggressive way, they would pick up as
much as 10 to 15 per cent.


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Speeding (and in many locales 75 mph is
over the legal limit) leads to excessive brak-
ing and acceleration, all of which eats up
gasoline.
That saves more than 18.4 cents a gallon
and is a year-round saving. Imagine dri-
ving at 50 or 55 mph as a generally accept-
ed or imposed principle, how much out-
of-pocket costs would be reduced. Also
consider the lives and injuries that would be
spared as a consequence.
If motorists would go so far as to check
the air in their tyres once a month, driving
12,000 miles they could save enough to pay
for a week's worth of groceries, according
one analysis. Another puts it in terms of
percentages: Tyres with a quarter less air
pressure than specified by the car maker
result in a loss of between 2.9 and 4.6 per
cent fuel economy.
Using cruise control on highways could
register a notable 7 per cent gain in fuel
efficiency.
Of course, if ego, not necessity, is the
real reason for driving a SUV, pickup truck
or minivan, then trading it in for a lighter-
weight auto reduces gasoline use. In fact,
carmakers that depended heavily on the
larger vehicles to make their highest prof-
its now suffer as shoppers abandon them.
More-energy-efficient cars are enjoying
growing popularity but not all the tech-
nologies that are expected to reduce
reliance on gasoline at this time are free of
problems that are still to be solved.
In the meantime, a barrel of oil, which
recently cost nearly $20 and now is above
$112, is rnot getting appreciably cheaper
this year.
Increased fuel efficiency requirements
kick in years from now. Long-term solu-
tions will take an equivalent long time to be
devised or invented and brought to market.
Meanwhile, the driving public can look to
the false hopes of tax reductions that nev-
er will pass Congress in any event. Or dri-
vers can exercise self-control and take mea-
sures within their power, given the will to
do so.
(This article was written by Harry Rosen-
feld of the Albany Times Union c.2008).


EDITOR, The Tribune.
IT SHOULD now be clear
to all and sundry, as any one
should be able to see, that
politicians, across the board,
run the Bahamas, badly, over
both the long and short terms.
Allow me, if you will, an
opportunity to develop this
proposition.
In 1967 the collective people
-of The Bahamas, black and
white, ushered in the advent
of the Progressive Liberal Par-
ty (PLP) and the first coming
of the late great Lynden Oscar
Pindling, as he then was, as
Premier (later Prime Minis-
ter).
Initially, Bahamians expect-
ed to see the arrival of Heav-
en on Earth under the first
PLP administration.
While that did not occur,
political and a degree of eco-
nomic and social empower-
ment were wrought in the
lives of many ordinary
Bahamians. Our educational
plant was developed and
expanded.
Health care was brought on
line in a more meaningful
manner. The infrastructure
was laid down in most of the
major islands,-including Grand
Bahama and, of course, New
Providence.
Scores of Bahamians were
able to better their lives and
move into the newly devel-
oped residential communities
in the suburbs.
Others were able to develop
and expand businesses.
Indeed, a new economic class
developed within the first 10
years of the first Pindling
administration. Banks and
insurance companies were
established and developed by
Bahamians and the profes-
sional classes saw the begin-
ning of a humongous and
rapid increase in numbers.
All in all, Sir Lynden Oscar
Pindling, achieved the trans-
formation of The Bahamas
from a literal backward "fish-
ing village" to a modern
metropolis and world class
destination within a genera-
tion. Somewhere along the
way, however, he experienced
a morphological change.
From the benign; gifted and
collective leadership of the


PUBLIC NOTICE
INTENTT6 CHANGE NAME BY DEED POLL
The Public is hereby advised that I, KORATH DAVID DONALD
BOWE of 40 Calendar Road NW in the city of Calgary in the
Province of Alberta, intend to change my name to KORATH DAVID
DONALD WRIGHT. If there are any objections to this change of
name by Deed Poll, you may write such objections to the Chief
Passport Officer, PO.Box N-742, Nassau, Bahamas no later than
thirty (30) days after the date of the publication of this notice.


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


06 aCid' in 9;e

n jc/


Pindling era we witne
first hand, the changes
man; his persona an
course, political agenda
life long student of histoi
the constitution, I believe
first, that the changes w
saw emerging were tran
and, possibly, mistaken.
Mr Pindling changed
before my very eyes.
At the end of his Ion
illustrious public care
was but a shell of his ft
self and found himself
jected to great ridicule;
and disdain by those wh(
had trained and nurtui
frontline politics. Had
been for Sir Lynden's in
and grooming, I submi
neither the Rt Hon Hub
Ingraham, MP, PC, or t
Hon Perry Gladstone Ch
MP, PC, would have
emerged as his success(
Prime Minister and lead
the major political part
They will never be in a
tion to repay Sir Lyndc
what he would have
publicly and private:
them. Yet, at the first o
tunity, upon becoming a
in the House of Assembl
Ingraham boldly told Sir
den that it was time for h
"Get out of the House.
Of course, a badly de
alised and physically i
Lynden was no match f
once erstwhile prot6gi
favourite son) and he
obliged to slink out o
House, like a mongrel,
his tail between his legs.
laughed and thought it f
at the time. Today fo
however, and tomorrow
you.
The Rt Hon Perry
stone Christie, MP,
despite his best efforts
experienced a transfo
tional change upon conm
high office in 2002. Wh
opposition, he was one
best political strategist a
the ground commander
seen in The Bahamas
none.
Upon comingto the t
the greasy pole, how
Christie changed from a
ing lion to a mewing puss
in my view.
He achieved more fo:
Bahamas, in five short
than in any single term
Free National Move:
(FNM). For some strange
unknown reason, how
Christie's lacked public
tion skills which I though
he had, and the rest is hi
To his everlasting ci
regardless of political st
all will agree that the He;
Agreement executed b
administration are wha
sustaining the economy
to this day and have soft


country


2008 hurricane forecast
EDITOR, The Tribune.
THIS year the Poui trees seemed to have recovered somewhat
from the gradual environmental changes globally. Therefore I
will assume that the ratio of storms to hurricanes will not be
repeated.
Last year ('07) my ratio was absolutely correct. This year
the ratio is....one (1) storm to 11/2 hurricanes..(l:1.5 ) or 2:3.
The total therefore is ....four storms and six hurricanes.
The sequence should be two storms early in the season as the
trees started to flower in January, these will be followed by the
six hurricanes which will be a damaging period because they will
follow each other quite closely. These hurricanes will be strong
reaching 100 mph plus. After this period two more storms will
form, however, the storms will be mild and could bring windy
conditions with much rain.
If you had taken my advice by now you should have a few
shutters on your house. When you buy plywood you throw
away money but the shutters will last you a lifetime. Buy
Bahamian!
Eh bullas, Ah told ya!
SYDNEY
SINCLAIR-SANDS
(The Guru of Chippingham)
Nassau,
May 5, 2008.


Politicians




across the




board run our


badly

the brunt of the recession
which is now raging in the
USA and other parts of the
world. Had Christie not had
the wisdom to do what he did
during 2002 to 2007, we would
essed, be literally picking green peas
in the out of shaving cream!
.d, of I have been a life-long sup-
. As a porter of Mr Ingraham. No
ry and one has toiled harder or spo-
red, at ken up louder than Ortland
which I H Bodie Jr, in and for the
story cause of this man, bar none.
Alas, Up to the fiasco of the 2002
right general elections, I personally
begged him not to demit high
g and office..
er, he He paid me absolutely no
former mind and stepped back from
f sub-. the front line in favour of the
scorn Hon. Tommy 'the Dauphin'
om he Turnquest. The rest is history.
red in During the campaign lead-
it not ing up to the 2007 elections,
iterest Mr Ingraham informed all of
t that us that now that he was a
Jert A grandfather; he was a more
he Rt seasoned; gentler and untder-
ristie, standing leader.
ever Most of us, hook, line and
ors as sinker, believed that state-
lers of ment. What have the true
.es. facts, however, revealed on
Sposi- the ground?
en for Having known this man all
done, of my adult life, I can no
y, for longer subscribe to that bogus
ippor- proposition.
Force His return to high office has
y, Mr. not seen the in production of a ''
rLyn- single new initiative to bring:'
imto: hope and helpto I'the
S unwashed masses.-
emor- Access, seemingly, to the
ill Sir PM is limited to a handful of
or his sycophants; political
6 (his chameleons; big shot white
e was investors and the conchy joes
Af the of means.
, with The rest of us black
Many Bahamians have been shut out
unny, and, despite our tremendous
r me, support in 2007, relegated to
w for the back of a broken down,
uninsured and unlicensed jit-
Glad- ney bus. Who cares?
PC, Yes, Prime Minister Ingra-
, also ham has morphosised into an
)rma- unknown caricature of his for-
ing to mer self. He may be a grand-
lile in father but I have serious and
of the lethal doubts that he is now
nd on kinder; gentler and more com-
r ever passionate. The latter trait,
i, bar especially, is hard to see, in
action.
op of One long deceased political
ever, commentator once wrote: "It
roar- is a common experience that
sy cat, in the school of adversity the
heart is forced to discipline
r The itself; but when a man has
years, achieved supreme rule, it is at
of the once changed and puffed up
ment by the experience of his high
;e and. estate..:." (Pope St Gregory 1
ever, c.540-604). This dear friends,
rela- I submit is what happens to
It that all of our leaders, at the very
story, first opportunity. As it is writ-
redit, ten so let it be done. To God
:ance, then, the Great I Am That I
ads of Am, in all things, be the glory.
>y his
at are ORTLAND H BODIE JR
right Nassau,
tened March 15, 2008.


?ledMa


aw4ee -,P t4 tU

ciaal/^eodiUcci


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

2 doors left off Sears Road
on Murphyville


Telephone No: 242-322-8493


PAGE 4, WEDNESDAY, MAY 7, 2008


~?cl~c~,


THE TRIBUNE










TH TRBUE EDESAYNAY7,00, AGI


0 In brief

Ecotourism

'master plan'

for Inagua
SUSTAINABLE tourism
will bring Inagua a steady and
growing income and protect
its natural beauty and envi-
ronment, when a new project
is brought into action.
The many protected and
indigenous species of the
Bahamas, including the
flamingo, which thrive in
Inagua, will be protected and
shared with visitors according
to the ecotourism 'master
plan'.
The project drawn up by
the Ministry of Tourism and
Aviation, The Bahamas
National Trust, sustainable
tourism consultancy firm
Solimar International, and
the people of Inagua, also
aims to reduce migration out
of Inagua by creating eco-
nomic alternatives for resi-
dents.
Minister of Tourism and
Aviation Neko Grant said:
"Sustainable tourism devel-
opment is important to the
government of the Bahamas.
We understand that eco-
tourism, nature and adven-
ture, culture and other
aspects of sustainable tourism
are growth markets of the
future."
Solihull InternationAl's Jim
Phillips presented the plan at
the British Colonial Hilton on
Monday.
Minister for.public works
and transport, Earl Deveaux,
said it will determine the gov-
ernment investment needed
for the supporting infrastruc-
ture in Inagua.
He said: "Solihull Interna-
tional will review and shape
the master plan so it produces
a dynamic footprint to
accommodate long-term
development.
"They make a fundamental
point with respect to energy,
that Inagua has a capacity to
produce renewable energy
from wvind because of its sus-
tained wind speed that would
accommodate power genera-
tors."


Critic of Harl Taylor inquiry




claims veiled threats made


I aT o


SA SECOND outspoken critic of the Harl
Taylor murder inquiry has received veiled
threats, it emerged yesterday.
Child rights campaigner Clever Dun-
combe said he had been told that he was
"making life hard" for himself by speaking
out on the issue.
The self-employed fridge engineer said
he was "experiencing roadblocks" in his
business since his comments were publi-
cised.
But he said the fight for justice and the
nation's well-being was of such importance
that he was willing to make the sacrifice.
"I am not going to be frightened off," he
told The Tribune.
Mr Duncombe's disclosures follow those
of Bishop Simeon Hall, who said he had
been phsyically threatened since calling on
police to "update" the public on the inves-
tigation.


i b.
TROPICAL


P EiI2 AMBASSADOR SIEGEL and embassy officials on a tour of the OPBA
housing facilities on Inagua.


FOCOL



HOLDINGS LTD.


Focol Holdings Limited, (BISX FCL), advises the public
that as of April 30th 2008 there were 9,143,000 class 'B'
perpetual preference shares sold via private
placement for nine million, one hundred and
forty-three thousand dollars ($9,143,000).

Focol's Board of Directors has authorized Colina
Financial Advisors Limited (CFAL) and Royal Fidelity
Capital Markets to sell via private placement over the
course of the next six months any unissued portion
(5,857,000) of the 15 million class 'B' perpetual
preference shares approved by shareholders on
March 27th 2008 under the same terms and conditions
as those sold in the initial (9,143,000) class 'B' share sale
on April 30th 2008.


Colina Financial Advisors Limited (CFAL) will
act as the escrow agent for the offering.


continue to


"Fuelling Growth For People"


Bishop Hall, of New Covenant Baptist
Church, said a critic had threatened to
"stick a Bible up my ..." if he did not
keep quiet about the horrendous double
murder.
Now Mr Duncombe says his business is
being threatened by high-level gay interests
who want the killings of designer Harl Tay-
lor and academic Dr Thaddeus McDon-
ald to be forgotten.
The pair died last November, possibly at
the hands of a single killer. McDonald'had
been bludgeoned with a clothing iron, Tay-
lor had been stabbed repeatedly.
Both were known to be prominent mem-
bers of Nassau's influential gay communi-
ty.
Mr Duncombe said: "The problem with
this case is that, when someone is caught, it
will become a nightmare for those living
this secret lifestyle. They will do every-


AMBASSADOR SIEGEL viewing the electrical power
station in Inagua




.';;lr .. R1L4 - ~r~U?~STt


AMBASSADOR SIEGEL aMd embassy officials view-
ing the .EEA 4;12 B8I eli eoptge t.,the OPBAT base
in Inagua


.,. ,*'


*^Aw
,. "*
'* ~ i' ;- i, .
$ 1 :...
.- !


* Discounts


thing in their power to keep things under
wraps.
"People have said they will make life
difficult for me. There are down-lows and
bi-sexuals in the financial world and gov-
ernment. They say I am making it hard for
myself in this country.
"But for me, this comes with the terri-
tory. I am more concerned about my nation
and justice rather than me personally. This
is the sacrifice I guess ordinary Bahamians
have been making since the 1950s and
1960s."
Bishop Hall claimed he was threatened
after calling on police to explain why no-
one had yet been caught for the Taylor
and McDonald murders.
He also appealed to three or four pastors
alleged to have been at a gay party just
before the killings to step forward and help
inquiries.


US Ambassador

Ned Siegel tours OPBAT

facilities on Inagua
US AMBASSADOR Ned Siegel took a famil-
iarisation tour of Operation Bahamas Turks and
Caicos facilities in Great Inagua and Exuma on
Friday.
He was accompanied by senior embassy law
enforcement staff.
The embassy said the goal of the trip was to
review available air and sea assets and to learn
about ways to improve joint US-Bahamian capac-
ity to counter illegal drug and immigrant smug-
gling.
Ambassador Siegel toured the Coast Guard
facilities on Great Inagua in the morning. He
was briefed on counter-narcotics and counter-
immigration trafficking operations targeting the
Windward Passage and greeted US personnel at
the base.
He also visited the harbour, where he examined
'two wooden-hulled Haitian sloops and discussed
current operations and future needs with the
command of Coast Guard Cutter Vigilant, which
was anchored nearby.
In Exuma, the ambassador reviewed the facil-
ities and air assets at the Drug Enforcement
Administration (DEA) air base at Hawk's Nest.
Staff briefed the ambassador on recent counter-
narcotics operations and plans to improve future
Operationss,
Finally, the Ambassador and his staff joined an
air patrol and received an in-flight briefing before
returning to Nassau.


f. "
,::


A .. '


1 May 5-9, 2008

All week long stop by and enjoy:
Prizes and Surprises when you pay your bill
30% Discounts for Senior Citizens
on New Multiple Connections & Leak Rebates
* Discuss Reconnections & Outstanding bills


On Thursday, May 8th
PANEL DISCUSSION: CURRENT STATE OF WATER
6:30 p.m. at Choices, COB School Of Hospitality

On Friday, May, 9th
CUSTOMER APPRECIATION DAY
Join Us At 87 Thompson Blvd. during our live
ZNS 1540 a.m. radio remote from 2- 4 p.m.

On Wednesday, May 15th
GODFREY SHERMAN, General Manager, WSC
Addresses BAHAMAS SOCIETY OF ENGINEERS
12 noon.at East Villa


I W' A pprec~ oi ratYoasu
^^^^^^^^^^^^^^^^^^^^^^^H^^ ^^^^^^ ^^^H^
^^^/jr~vt~i~rrn (T


";


WEDNESDAY, MAY 7, 2008, PAGE 5


\:


r~

i...-4?P~ :*


rr
~--c~ i t


THE TRIBUNE










PAGE 6, WEDNESDAY, MAY 7, 2008


THE TRIBUNE


'Business as usual' is not an option


* By LARRY SMITH

RENOWNED
Bahamas-based finan-
cial expert Sir John Templeton
once said that the four most
dangerous words in investing
are: "This time is different."
He was referring to the ten-
dency to predict gloom and
doom often an irresistible urge
for pundits.
But with the world economy
about to shift gears in some fun-
damental ways, it is fair to ask
(along with analyst James Led-
better): "Are we going to be
wearing barrels for clothes and
burning Ikea furniture to heat
our homes, in a rerun of the
Great Depression?"
Of course, we don't need to
heat our homes, but air-condi-
tioning is just as important. And
at the moment our lives depend
almost entirely on imports of
everything from clothing to fuel
to food. So perhaps we should
take a closer look at what may
be in store for us down the
road.
How bad could things get?
Well, let's start with a little
background. Economists have
identified 10 boom-and-bust
cycles in the six or so
decades since the Second World
War. The average contraction
lasted less than a year, while


the average expansion ran for
almost six years.
Those crises included the oil
price shocks of the 1970s,
the Latin American debt crisis
of the 1980s, the Asian finan-
cial crisis of the 1990s, and the
Dot.com crash of 2000, which
was closely followed by the 9/11
terror attacks.
But those recessions pale
beside the Great Depression of
the 1930s -the longest and most
severe economic crisis of mod-
ern times. Beginning in some
countries as early as 1928, it led
to unprecedented political and
social changes and was brought
to an end only by the onset of
World War II another great
catastrophe.
The American economy
shrank by 30 per cent, throw-
ing a quarter of the labour force
out of work. Banks failed, busi-
nesses went bankrupt, the stock
market lost 90 per cent of its
value, farm and factory output
plunged and world trade col-
lapsed. It took a full 15 years


for stocks to recover to their
previous level.
During this period, many
countries suffered political
upheaval. And nationalist dem-
agogues like'Adolf Hitler took
power, setting the stage for
global conflict. Once the Sec-
ond World War was over, the
memory of the Depression
played a large role in the
advance of socialist policies
across Europe.
What caused the Great
Depression? Experts say tit was
brought on by the same prob-
lem we face today banks made
loans to businesses and people
who could not repay them. In
other words, they created a
mountain of bad debt.

Aas a result the banks
failed, producing a
knock-on effect through the
world economy. That explains
why US and European authori-
ties have been scrambling to
prop up banks like Bear Stearns
that have lately been losing bil-
lions after investing in subprime
home mortgage securities..
SThe current financial crisis
was brought on by the bursting
of the US housing bubble in
2006, when rising numbers of
homeowners were unable to
pay their mortgages. Housing
markets in the US and Europe.
have -lost trillions in value as a
result, producing a credit crunch
that is causing a global eco-
nomic downturn.
Local financial adviser Dick
Coulson, of RC Capital, told me
that "the crisis in credit mar-
kets is clearly a cyclical prob-
lem that will work itself
out. You cannot have a world-
wide depression when the two
most populous countries Chi-
na and India are emerging
from the dark ages and boom-
ing into the modern world."
But other analysts fear this
won't be a normal downturn.
Former US cabinet secretary
Robert Reich says there's a "20
per cent chance of a depres-
sion", while ex-Federal Reserve


oFSUGH M


chairman Alan Greenspan
acknowledges that the current
turmoil is the "most wrenching"
since World War II.
York University
Professor Peter Spencer says
financial conditions.are so
unstable that a policy misstep
"could make 1929 look like a
walk in the park." And billion-
aire investor Warren Buffet
thinks the gathering recession
will be "longer and deeper"
than most of us expect.
Meanwhile, in April the
International Monetary Fund
called the current crisis
"the largest financial shock
since the Great
Depression", and said the world
economy will slow sharply this
year, with the US definitely slid-
Siig into a recession.
Only a short time ago the
IMF was confident that we
would be able .to cope, but
it now sees "a 25 per cent
chance that global growth will
drop to three per cent or less
in 2008 and 2009 equivalent
to a global recession."
Andy Cates, an economist at
the Swiss bank, UBS, says "the
world economy is slowing quite
considerably and will be very
different from what .we've
become accustomed to." And
Financial Times economics edi-
tor. Woflgang Munchau thinks
we are undergoing "a global
macroeconomic adjustment"
that marks a major turning
point in history.
So what does all that mean
for us in the Bahamas? Well,
unfortunately, a look back at
the last recession is not very
helpful. It began in early 2001
following the Internet stock
crash, and was both short and
mild although made, briefly
worse by fallout in the travel
industry due to 9/11.
The Bahamian economy
shrank by a percentage point
that year. Stopover visitors fell
about three per cent, unem-
ployment was up, and govern-
ment revenues down due to a
credit freeze that restricted
imports. But by 2002 the econ-
omy was growing again.
We havetojlook past the
2001 recession for a guide to
the future.
Today's worries are focused
on the twin dangers of slumping
growth caused by the credit
squeeze and rising inflation due
to a less than adequate supply
of oil. This means that a slow-


down in the developed world
will not dampen demand
enough to lower oil prices.
These are expected to remain
high due to soaring demand
from emerging markets in Asia,
and will therefore continue to
fuel inflation.
The result? Stagflation. An
unpleasant mix of inflation and
economic stagnation that the
world last suffered in the 1970s
as a result of the Arab oil
embargo.
Back then, rising fuel costs
led to annual inflation rates of
more than 14 per cent, gasoline
was rationed, airlines stopped
flying, unemployment soared
and US economic output fell
about five per cent, making
1973-75 the worst economic cri-
sis since the Depression up to
-now.
We are already comfortable
with the idea of crude oil at
more than $100 a barrel, and it
is a fact that the price of oil
affects almost everything from
travel to the production and dis-
tribution of food. And many
analysts are more concerned
about rising food prices than
the turmoil in financial mar-
kets. The World Bank estimates
that food prices have increased
83 per cent in three years.
Food prices are going up for
several reasons. Rising incomes
and populations in China, India
and other emerging economies
are raising demand. Ethanol
mandates and subsidies are
leading more farmers to grow
fuel instead of food. Modern
farming methods are dependent
on high-priced oil. And
droughts and deforestation have
cut farm output around the
world.
Taken together, these factors
are producing a global food cri-
sis. There have been riots in
some countries (including right
next door in Haiti) and restric-
tions on exports in others. And
local wholesalers are warning
Bahamians to expect frequent
price hikes on breadbasket
items like rice, flour, dairy prod-
ucts and cooking oil, all of
which have at least doubled in
cost locally since the beginning
of the year.
This market situation is com-
plicated by the government's
nonsensical price .control sys-
tem, which was set up by the
Pindling government during the
1970s recession. It takes up-to
eight weeks for the government


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WEDNESDAY
Registratin IN-HOUSE STAFF
Evening
Session 1
7:30PM I1:OOPM OpeningProducion FAD, Keih Duncan
TEACHINGTOPIC: Rediscoveringlhe Purilyand Power In Kingdom Worship Dr.MylesMunroe
THURSDAY ......... ....... ...:4r -9:o ......-........Morning Worship/Devotion
Sersion 2
9:15AM 10:15AM Rediscovering The Kingdom Principle of Worship Dr. Myles Munroe
Session 3
10:20AM 11:20AM Rediscovering The Kingdom Principle of Royal Favor Keith Duncan
WORKSHOPS: 11:25AM- 12:25PM
Pastors / Worship Leaders Working TogetherTradk Mark Bethel
Worship Leading Trdck Patrice Smith
Donce Foundation Workshop Track Dr. Pamela Hardy
Technology/Multi Media Trad Mario Moxey
leading Children In Worship Track Oden Moss
Session 4
Evening
12:30PM-1:30PM Rediscovering The Kingdom Power of Influence Nicole Ballosingh

Session 5
7:30PM- 10:OOPM Nicole Bollosingh, Pomela Hardy, ASAPH WT
TEACHING TOPIC: Rediscovering The Ploe of Glory In Kingdom Worship Keith Dunton
FRIDAY o 9:,10M ....... .. Morning Worship/Devolion
SSession 6
9 154M 10 15AM Reyp io (uli.valsg A Haorp & Bow Life Style Pastor Gloria Seymour


WORKSHOPS: '11:30AM- 1:30PM
Song Writing Nicole Ballosingh
Banners Maxine Evans
Dance Choreography Dr. Pomela Hardy
Worship Team Building Mark Bethel
LUNCH
1:30PM 2:0PM
Evening
Session 8
7:30PM -10:0OPM ASAPH WT, Kingdom Dance Micah Stompley
TEACHING TOPIC: Rediscovering The Power of Provision In Kingdom Warship Mario Moxey


SATURDAY
Session 9 9:00AM 10:OOAM
TOPIC: The Price & Responsihility of the Music Ambassador


WORKSHOPS: 10:00AM -3:00PM
VOCAL CLINIC



DRUMS AND PERCUSSION (UNIC


MOVEMENT IN THE ARTS CLINIC


The Voice
Choirs
Submitting to a Mentor


Drums and Percussion
How to Build a Worship Band

Dance & the Prophetic Flow
Dance
Banners & Flags
Mime
ODIra (1In


Micah Stampley


Lee (allender
Fcilre SmIrt
. Mark elhel


N e lI S y m o n e f
James Hepburn

Dr. Pamela Hardy
Dondrio Scon
Maxine Evans
Toinete Mackey
leez Davns


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Session 7 .
. 10jI 2 M 11 lO AM 10 Sil .: lo Pieparedness In Prayer Dr. Myles Munroe ross Cultural Worship Celebration (Pr IF' niae I, vIe.,on Im orln.loni) 100PM II o0R P


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-"Management of Andeaus Insurance Broker
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to approve price increases on
controlled items (a list that cov-
ers 20 categories of imports),
meaning products must be sold
at a loss in the meantime.
Wholesalers are now balking
at this, and say they will not
release supplies until price
adjustments have been made.
This could lead to shortages and
hoarding and there are already
reports of supermarket shop-
pers stocking up on sacks of
rice.
The number of people receiv-
ing food aid from the govern-
ment is also likely to increase
from the current level of 3,000,
which Prime Minister Hubert
Ingraham conceded would cost
taxpayers "lots of money."


Rising fuel prices are
also affecting local
demand for automobiles one
of the main drivers of the econ-
omy while adding dramatical-
ly to the household expenses of
ordinary Bahamians. Electricity
costs are at record highs and
BEC is "literally broke", the
prime minister says. Higher
electricity and transportation
costs will also put pressure on
tourism, leading to lay-offs and
cutbacks, the effects of which
will percolate through the econ-
omy.
What can we do? Well, Dick
Coulson says we should con-
centrate on improving our
tourist product (for which there
will always be a demand), invest
in renewable energy and fix
"the shocking inefficiency of a
government that can't even col-
lect taxes."
According to economist
Ralph Massey of the Coalition
for Education Reform, the
Bahamas must invest in human
capital: "It does not now have
the supply of cognitive skills to
prosper in the global market-
place or to
deal effectively with its prob-
lems. The recession may be
temporary, but the adjustment
will not be pain-free, and Id the
long-run the most
important resource is the
human resource."
Bottom line? Although the
apocalypse may not yet be upon
us, there is little doubt that we
should all be looking at ways to
adjust to new global realities.
Business as usual,- for both the,
government and the private sec-
tor is not an option.













MP hits out at exclusion of BTC



staff from privatization talks


* By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net
THE GOVERNMENT is
making a "huge mistake" by
excluding BTC employees
from privatization talks, for-
mer minister of housing Shane
Gibson claimed yesterday.
He said the FNM is proving
that they do not consider the
interests of workers a priori-
ty.
This statement from the MP
for Golden Gates came on the
heels of the firing of former
BTC CEO and president Leon
Williams, which Mr Gibson
called a "callous" and "politi-
cally motivated" decision.
In April, president of the
Bahamas Communications
and Public Officers Union


(BCPOU) Robert Farquhar-
son lashed out at BTC, claim-
ing union members were
excluded from privatization


discussions.
Mr Farquarson said the pri-
vatisation of BTC was "rele-
vant" to the 1,070 members of
BCPOU, but that the govern-
ment had.shut out union rep-
resentatives from membership
on its privatization committee.
On this issue Mr Gibson
said: "I also believe that it is a
huge mistake for the workers
of BTC to be marginalised and
excluded from the privatisa-
tion process, by not being rep-
resented on the privatization
committee. Based on the hun-
dreds of employees losing their
jobs directly as a result of deci-
sions made by this present
FNM government, workers'
interest was not a priority in
the past and I doubt workers
interests will be a priority dur-
ing this privatization exercise.


"No matter how good the
FNM's public machinery is
and no matter what sort of
spin they put on what is being
said, just look at their actions
and not what they say".
Supporters of Mr Williams'
departure argue the step was
taken by BTC's board of direc-
tors in an effort to more swift-
ly privatise the company, but
Mr Gibson claimed BTC's
executive board was "only
used in the forefront" to facil-
itate the wishes of the govern-
ment.
Mr Gibson said that because
Leon Williams was doing and
could have continued to do an
excellent job, "a reasonable
man could conclude that ulti-
mately it was a political deci-
sion to have Mr Williams ter-
minated".


Claims that sick-out at the



Ministry of Works continued


* By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net
STAFF at the Ministry of Works claimed
that a sick-out which began on Monday
was continuing yesterday with workers in
the engineering and air conditioning depart-
ments still away from their desks over pay-
related grievances.
An employee in the engineering depart-
ment said that 18 staff members were out of
office, in that section, and informed The
Tribune that the air conditioning section
was also empty.
However, a man who answered the
phone in the other area refused to say
whether this was the case, referring The
Tribune to his superior, whose name he
then refused to provide.
The alleged continuation of industrial
action came as a surprise to director of.
works, Gordon Major, who said that he
had been informed that the staff were back
at work. "


Bahamas Public Service Union president
said that he too was unaware that staff
might still be out of office, having heard
nothing.
The union chief added that he would
expect that management would have
contacted him to attempt to resolve the
issue.
Asked whether management met with
any of the aggrieved staff on Monday to
address the matter, Mr Major said that this
was impossible due to their absence.
He added that he was initially "shocked"
to hear that any action had occurred as
management had previously met with those
involved and were "in the process of dealing
with their concerns."
Both Mr Major and Mr Pinder told The
Tribune that it is hoped that an ongoing
compensation study will resolve much of
the staff's frustrations.
According to Mr Pinder, engineering
workers are particularly upset by alleged
salary discrepancies between those
employed at Works and other people in


the same field in other government depart-
ments.
An engineering graduate entering at the
. Bahamas Electricity Corporation will start
on a salary that is reportedly around $7,000
more than that which the engineers at the
Ministry of Works are offered, claimed Mr
Pinder.
"We believe that once we would've seen
results of compensation study we are not
aware of what its contents are we are
hoping all those kind of things would be
addressed. But until it's made public we
really can't say what is going to happen,"
said Mr Major.
Mr Pinder said he expects that the study,
which will analyse salaries across the dif-
ferent government sectors, will "put a value
on (the aggrieved staff's) jobs."
"Certainly the engineers at the Ministry
Qf Works are underpaid," he said, claiming
that rookie engineers in other government
departments can make more money than
those in the ministry who have been plying
the trade for years.


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THE TRIBUNE


WEDNiSDUAY, MAY 7, 2008, PAGE 7


i~I
B-

~i~Pg"


C--


Lel;l~Qt~P~BL jT









PAGE8, WDNEDAYMAY 208 TE TRBUN
IS


lemeritte' IKunerarl gmoe
BAHAMAS' OLDEST MORTUARY
MARKET STREET P.O. BOX GT-2097 TEL: 323-5782



MACIE LOUISE
HANNA, 93
a resident of Highland Terrance
and formerly of Ragged Island,
will be held at Bethel Baptist
Church, Meeting Street, on
Thursday at 11:00 a.m.
Officiating will be Rev. Timothy
Stewart, assisted by other
ministers. Interment follows in
Lakeview Memorial Gardens,
JFK Drive.
Cherishing her memory and
celebrating her home-going are children, Harold and Carrie
McKinney of Vero Beach, Fla., Floral Seymour, Paul and Tanya
Hanna, Edgar and Sharlene Hanna, Emestine and Harvey Deveaux;
grandchildren, Gloria, Anthony, Sandra, Dennis, Clement, Dwight
and Natasha Seymour, Debbie Kelly, Phelan Ferguson, Mustapha
Alibocas, Devaldo and Troika Hanna, Jerome Huyler, Tamara
Hanna, Jamaal Hanna, Ebony Hanna-Beneby, Edgar II and Ehren
Hanna, Zina Gomez, Sakina Kinglocke, Sasha and Lashanda
Deveaux and Kevin Hanna; grand son-in-law, Lauren O. Beneby;
grand daughters-in-law, Claire and Judy Seymour, Yanisleydi
Zayas-Ferguson; great grandchildren, Shantel, Carisse, Tiffiany,
Inderia, Dominique, Ormanique, Robyn, Fatina, Alexis, Lakeisha,
Eugene, Claudine, Nadia, Savannah, Markita, Andrew, George,
Jemiah, Alaina, Jamaal, Jr., Daniel, Latajha, Darvinique, Dario,
Corey, Dylan, Kevin (KJ), Kevin, Kevinique, Kevinisha, Kevaughn,
Ramon, Brandinique, Calab and Stephon; great grandsons-in-
law, JohnWright and Ivan Roberts; great gand daughter-in-law,
Altrese Woods; great great grandchildren, Cameron, Charles,
Ashkenazie, Zachariah, Rico, Tatoasha, Leslie, Michael, Gabriel
and Carrie; extendedfamily and close friends, Charles and Angela
Wallace and family, Henry "Papa Harry" Wright, Sir Clifford and
Lady Ingrid Darling, Inez Taylor, Beverley Pintard and family,
Andrea Thompson and family, Frederick and Theresa McPhee and
family, Dr. Anthony Taylor and family of Atlanta. Ga., Alexis
Taylor, Rushena Darling, Dominique Johnson of Freeport, Tyiece
Bowe, Andrea Wissort, Roscoe and Sharon Turnquest, Ursula
Woods and family, Eloise Moxey, Paula Dean and family,. Ollie
Swan and family of Chicago, III. Ronald Woodlen of New York
City, N.Y., Sylvia Culmer and family, Mario and Nardo Newbold,
Althea Smith and Maureen Thaxter (caregivers), Claudia Seymour
(nurse), Dr. Agreta Eneas-Carey, Pastor Glenda Cox and the entire
Beacon Hill Church family, Bro. Ganpat and Sis. Bibi Ganesh,
Sis.Verona Bastian, Sis. Marge Hunter-Kemp, Pastor Judy Charlton,
Sis. Naomi.Coakley, Dr. and Mrs. Antoine St. Louis of Victory
Church of The Nazarene, Pastor Daniel and Mrs. Smith, Central
Church of The Nazarene family,Pator and Darin Pound and family,
Homestead Church of The Nazarene in Homestead, Fla., Trevor
and Misty Pound of Homestead, Fla., Bro. Glen Ligbtbourne of
Boston, Ma., Bro. Andrew McPhee, Sis. Rosemary McPhee, Bro.
Teny Strapp, Inderia Strapp, Vashti Cox-Joseph and family,Kishtor
Cox and family of Kansas City, Lavade Cox of Tampa, Fla., Evelyn
Bunows and family, Min. Rose Coleby and family, Bro. Jeffrey
Coleby, Sis. Verneth Patterson and family, Mr. and Mrs. Leroy
Storr and family, Bro. and Sis. Isaac Sanchara of Freeport, The
National Insurance Board-family and'the iftiie'Dunmore Street
family.
Friends may pay their last respects at Demeritte's Funeral Home,
Market Street, from 11:00 to 6:00 p.m. on Wednesday and at the
church from 10:00 a.m. until service time.




CLpCveside e 3 unera[ Chapel
"Where the river lies still.
i (2 24 HOURS A DAY ,
"Senisng The Blahamas" Iih .Tlide "
FXRAN g M. COOPF Funeral Director
v ..'.People Who Carre'

Market Street & Blminl Avenue Cockburn Town
P. Box GT 2305 San Sal/dor. Babama;
NJxa,s, Bahamas Telephone:
Telephone: (242) 356-3721 (242) 331-2642
Cellular: (242) 395-8931.

A LS VC"


MR.TERRELL
MINGO, 30

Service will be held at
Mount Mariah Baptist
Church Farrington
Road. Thursday May 8,
2008, at 11:00 a.m.
Officiating will be Rev.
Dr. Wilton Strachan
Interment at Old Trail


Cemetery, Old Trail Road.


Precious and everlasting memory live on in the
hearts of his sisters, Anastasia Kerah Stubbs;
brothers, Jamal Mingo-Stubbs, Pete Marvin,
Stubbs Kenny, Junior (Jr.)Troy and Deangelo
Stubbs; aunts, Vandelene Bethel, Victoria Moss
and Euda Piotier, Uncle Huedley Moss; sisters-
in-law, Joy, Viola and Norcelia Stubbs and Emily
Braynen; nephews, Aaron, Buju-Marvin Jr., Kenny
Jr., Kevin and Deangdo Jr. and Carroll Stubbs III;
nieces, Candice Sands, Lee Moss, Marvinique-
Britney, Asisa, Dejanique, Klaire and Carrolina
Stubbs; cousins, Corene and Dexter Moss Lisa
Lillian Knowles, Vantina, Haldore, Monique and
Victor Russell, PV, Clive and Joyanne Stubbs and
family; numerous other relatives and friends
including, Eardlry Johnson, Esther Silver, The
Johnson family, The Ranger family, The McCartney
family, The Mingo family, Wendal Duncombe,
Troy "Marble" Stubbs, Projects Read, Links,
Denise and The management and staff at Aquapure.

Friend may pay their last respect at Riverside
Funeral Chapel Market St and Bimini are on
Wednesday from 10 am to 7 pm at the church from
9:00 am until service time.


21
**4- *


THE TRIBUNE is spotlighting areas of
Nassau to uncover untold stories of the
characters and personalities who give them
their unique flavour. Here is another article
in a special series

STRAVIS BROWN

Traders concerned over

access to Bay Street

























B AHAMNIANS who ply their trade at the Prince
George \ hart sa, the% are not satisfied with the
infrastructure and organisation at this tourism hot spot.
Hundreds orl visitors from around the \world request the
sern ice ot the hair braiders, surreT drivers and taxi dniers
that operate in the square, located next to where the cruise
ships dock
Yet while the\ \work in what should be the ideal business
location. man\ teel their concerns are ignored.
Twenty-t\wo-.ear-old Tra\ is Brown said that his biggest
gripe about working in the area is "the. Defence Force offi-
cers w ho operate the gates" to the square.
.According to'NMr'B~\TW. the officers hane been locking
-mosti ot the gates for some time., which presents surreN dri-
Sers from accessing Ba\ Street i, an efficient manner.
"TheN are saN ing the lock-dow n is for security. breach." he
said.
"'You have to wear an ID in order for you to proceed: I
\want to know wh\ the\ always ha\e to get in our business -
we ha'e to be hustling our hip to get couple dollars."
When The Tihbunlli sited the area, only t\o of the four
gates were open for use b\ surrey dnrers.
Because of this. their carriages were backed up in the
waiting area a situation that the drivers sa\ causes crowd-
ing and confusion




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


ALGERNON ERIC
CARTWRIGHT, 71
better known as "Algie"


NCE GEORGE WHARF:




S DOWN YOUR




REPORTS and PHOTOS:
REUBEN SHEARER.
Reporter

TIM CLARKE
Fn 0b-js i^.Staff Ft s*:'^.?;:i'^?^ t



KENNETH WOODSIDE

Problem with management of

taxi traffic around the port


An
Swenty-year-old Kenneth Woodside, another sur-
rey driver, said he has a problem with the way
taxi traffic is managed around the port.
"Out here was only built to hold a certain number of taxis," Mr
Woodside explained. "Road Traffic and Defence Force know that,
but they still allow fellas to take up the middle lane and then the sys-
tem gets blocked up."
Kenneth is the son of Winston Woodside, president of the Horse
and Surrey Association.
He said that while his father has thought of voicing their concerns
through protest, he has never gone through with it.


of Woodlawn Road,
Nassau, The Bahamas,
will be held at St.
Margaret Anglican
Church, Kemp Road,
Nassau on Friday, 9th
May, 2008 at 2pm.

Reverend Angela
Palacious and
Monsignor Simeon
Roberts will officiate.


Mr Cartwright is survived by his wife, Toni;
daughter, Lorraine; brothers, Peter and Michael
Cartwright; sisters, Bunny Blake and Violet
Knowles; sisters-in-law, Geneva, Elva and Elaine
Cartwright and Julie Regina; brothers-in-law, Denis
Knowles and Frank Regina; father and mother-in-
law, Frank nd Carmen Regina; nephews, Kimmy
Blake III, Monty Knowles, Mitch, Llewellyn and
Ryan Cartwright and Johnny Hillebrandt; nieces,
Donna Maura, Elaine Spector, Cathy Cartwright,
Lisa Moree, Monique Knowles, Rheta Hillebrandt,
Shawn Baker, Denise Dixon, Jody and Stacey
Cartwright and many other family and friends
including, Hilda Knowles; aunt Verna and Mark
Smith, Kevin and Carolyn Cartwright, Quinton
Forbes, Shermin Smith and very special friends,
Gordan Carey and Dr Gertrude Holder and many
other family and friends too numerous to mention.

Instead of flowers the family request that donations
be sent to the Cancer Society of The Bahamas,
P.O. Box SS-6539, Nassau in memory of Algernon
E. Cartwright.

Arrangements by Kemp's Funeral Home Limited.


THE TRIBUNE


PAGE 8, WEDNESDAY, MAY 7, 2008


~-dB~i~l~f~a













Discontent in a tourist hot spot


ERIC LOUIS

Pleased by repavement proposals

E efforts to repave
the ground
used by surrey horses will start
soon, 45-year-old Eric Louis
told The Tribune. "Surrey dri- ,
vers will soon have four days
off so that government work- i
ers can pour asphalt cement
on the walkway," he said. "
While he is pleased with this
step, Mr Louis agreed with
Travis Brown's complaints
about the gates.
"All they like to do is lock ;:.
us up like we are nobody," he
said. "They are taking away ,
our right to do our own busi-
ness."
Mr Louis suggested that'
officers could address all secu-
rity problems by installing a
security camera at each gate.


HUBERT MCINTOSH


Parking area

needs widening


4 A after 9/11, the holding area where
S taxi drivers used to solicit busi-
ness became a parking area, Hubert McIn-
tosh, first vice chairman of the Prince George
Wharf Taxi Committee, explained.
He claimed that this was not thd original inten-
tion for the area, and added that before the ter-
rorist attacks on New York, taxis were allowed
to access the actual dock where cruise passengers
disembark.
"We had five cars going to each ship," he said.
"But now we are not allowed access for security
reasons."
Luke Faustin, who has been operating his cab for
years, is upset that they are being confined to a
small area. "We can't get on the dock no more, and
there's so many drivers and taxis around there is no
place to park."
Mr McIntosh also claimed that Minister of
Works Earl Deveaux promised taxi drivers that
something would be done about widening the
parking area, however there has been no action.
The taxi committee is said to have also request-
ed repairs to the verandah they occupy while solic-
iting passengers. However, the government wants
the drivers to take on this task a fact that upsets
Mr McIntosh.
"The tourists and people off the street always
coming here to use our bathrooms and things, but
yet government want us to clean and scrub the
fixtures," he said. "This is their property, so that's
not right."


* SANDRA LEE

Braiders worried about drug dealers

-- rug dealers and "jonesers" have infested
Sthe wharf for years, said Sandra Lee,
who has been operating as a hair braider since
1993.
She says while she feels safe, these persons do
S; not belong in the same place as tourists.
Mrs Lee noted that the braiders have already
met with a Tourism official about the problems in
S-the area.
"We told her that we would like our building to
0 a be more beautiful for when the tourists come,"
she said.
SThe structure to which Mrs Lee refers is fitted
With plastic pull-down shutters toshield braiders
from bad weather.
Some of the shutters are broken, however, and
Mrs Lee said this defeats the purpose entirely.
When it rains, she said, the braiders and their
S' customers get drenched, and if there is wind, "it's
feels like a hurricane."
A 5. ~


* MERVA HIGGINS


Roof needs tiling


*~~~~~.* lh~ f" p '


SH air braider Merva Higgins is
H 1 concerned about the roof under
which she and her colleagues work.
She said it is deteriorating and needs tilihg.
But Mrs Higgins has patience: "They will
soon do it, so they say, we'll just continue to
wait."
She noted the importance of inducing tourists
to come back to the Bahamas. "Every once in a
while, we'll have people that come and ask for
a braider that was recommended to them," she
said. "Good first impressions encourage cus-
tomer loyalty."


a



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We Apprmec^ 0161 iateU h wUloull 1


THE TRIBUNE


WEDNESDAY, MAY 7, 2008, PAGE 9


-..- .-,


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,


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PAGE 10, WEDNESDAY, MAY 7, 2008 THEOCTRIBUNE


FROM page one

FNM had only one seat in Nassau one.
"People now have to ask, did Mr Christie
really win in 2002 or was it Pindling's death,
coupled with the referendum that outed the
FNM? the source asked.
For months, Mr Christie's leadership has
been the centre of heated debate among par-
ty faithful who are still grappling with the dra-
matic loss at the polls a year ago.
At the time of their party's defeat, many
PLP supporters, and even some of his own col-
leagues, laid the blame of the defeat at the feet


Possible PLP 2012 candidates
of Mr Christie stating that at no other time
in Bahamian politics has a prime minister
ever served for only one term in office.
"The rank and file will support a new face
- anyone, who can represent a change in the
PLP going forward," another source added.
However, when asked about the much
rumoured challenges to his leadership, Mr
Christie on Sunday said there were none.
"The PLP needs to have a leader who is a
strong leader, an honest leader, and with the
greatest of respect to my detractors, the PLP
has that," Mr Christie said.


"I do not propose to change that at this
time, and most certainly looking forward it is
important for me to give strength to the orga-
nization by saying that its leader is in place.
Now in respect to the next general election, I
expect the PLP to do what it must do to win
the next general election.
"A good leader, and I consider myself a
good leader, must always ensure that the orga-
nization is in a position to win every election
whenever it is called.
"And they must make a determination as
we go on as to the leadership of the party,
the relevance of the leadership of the party
and that goes on," he said.


FROM page one

Creek. I personally know per-
sons who were brutalised in
that raid," he said.
Members of the Millar's
Creek Preservation Group
claimed that during a surprise
raid on their welcome centre
"dozens" of law enforcement
officials from both the
Defence Force and Immigra-
tion threatened and brutalised
them for hours.
Commissioner Ferguson
said on April 24 that he would
seek to ascertain "what is right
and what is wrong (in terms
of the group's allegations of
misconduct) and act accord-
ingly."
Mr Johnson's comments
come as a concerned citizen
told The Tribune that she was
disturbed by the alleged
heavy-handedness of another
raid on some Peruvians that
occurred near her business on
Sunday.
The witness, who wished to


remain anonymous, claimed
that during the raid a Peru-
vian woman was "really mis-
treated." She described the
whole episode which initial-
ly led her to believe that the
woman was being raped as
"horrible."
"It upset us (she and her co-
worker), tremendously," she
said.
The source alleged that the
episode began shortly after she
saw two men near her prop-
erty throwing away a beer bot-
tle. Resuming her work, the
next thing she became aware
of were screams coming from
nearby, from a woman calling
for help.
"I see these four guys, with
the same two guys, harassing


this girl. We thought it was a
rape. So we were screaming
'Stop' and 'leave her alone'.
They never once said 'We're
Immigration...' or even
acknowledged that they heard
us. It was only when they start-
ed handcuffing her that we
realized that maybe it might
be what it was," she said,
adding that she thought it
would have been appropriate
for the men to identify them-
selves as Immigration officers.
The witness said that in her
opinion the amount of force
used was disproportionate.
"Four huge guys were hold-
ing the woman down. I don't
understand," she said, admit-
ting however that the woman
was "putting up a fight."


Rudolph King bankruptcy


appeal hearing is adjourned


FROM page one

Bahamas' Bankruptcy Act, which had been
adopted from British law although it lacked the
right to appeal to the Court of Appeal. She not-
ed that the Bankruptcy Act, like the Industrial
Actions Act, is a "special act."
Mr Munroe told the court that he was not
prepared to argue on the issue of the appellate
court's jurisdiction outside the case of Sidney
Stubbs. Mr Munroe was then given more time to
prepare his arguments on the court's jurisdiction
in bankruptcy appeals.
The appeal hearing was adjourned to June
17 and 18 when the court is expected to hear
arguments on jurisdiction as well as arguments
on the actual bankruptcy appeal.


Rudy King, chairman of the non-profit King
Humanitarian and Global Organisation, was
indicted last year accused of filing a false $2.7
million claim with the US Internal Revenue
Service (IRS).
In 2006 King was declared bankrupt and was
also at the centre of a controversy over an
awards ceremony to be held in Bermuda that
summer in which numerous Hollywood stars
were slated to attend.
The controversy arose, however, after agents
for stars such as Will Smith and Halle Berry
denied that their clients knew about the event or
that they would be in attendance.
In 2004 King was involved in a court case
over a $400,000 credit card debt to American
Express.


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Spree of break-ins on East Bay Street
FROM page one

Reportedly the burglar, who was caught on the store's'
close-circuit surveillance cameras, spent "quite some time"
scouring through the store for anything he could steal.
Officers from Central police station responded quickly
and have taken photographs and fingerprints at both stores.
They have also taken into their possession the video sur-
veillance footage of the burglar.
Police investigations are continuing.


She also added that another
woman, who presented a
receipt as evidence that her
work permit was being
processed, was taken into cus-
tody despite this. In total, sev-
en Peruvians were detained at
the site that day.
Mr Johnson said that while
Immigration officers are
required by law to investigate
information relating to immi-
gration offences, it is also man-
dated that they "act with rea-
son" and that their force must
be "proportional."
"They don't have any
authority to abuse the funda-
mental rights of any individ-
ual," he said, adding that if
women were being detained it
would have been reasonable
for at least one female officer
to have been involved.
Chief Immigration officer at
the Detention Centre Alexan-
der Burns yesterday said that
there are at present nine Peru-
vians being held at the centre,
a men and eight women.-
According to Mr Burns,
there has been a "slight", but
not "alarming" increase in the
number of Peruvians found
living illegally in the Bahamas
in the last two to three
months.
The majority have come in
as visitors to the country and
overstayed their permitted vis-
iting period.
Since the start of the year,
36 Peruvians have been
brought to the Detention Cen-
tre, starting with a total of six
in the two months of Febru-
ary and March, and increasing
to 16 in April alone.
Meanwhile, 14 Peruvians
have already been admitted
since the beginning of this
month.
The Tribune sought com-
ment from director of immi-
gration Vernon Burrows-but
calls were not returned up to
press time yesterday.


ATTENTION:
CUSTOMERS OF
BEC OFFICE
MALL AT MARATHON


On Thursday, May 8th, the
BEC Office in the Mall at
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public at 3:00 P.M.


BEC's Main Office on Blue Hill
and Tucker Roads and BEC's

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PAGE 10, WEDNESDAY, MAY 7, 2008


THE TRIBUNE


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THE TRIBUNE PAGE 11


\ WEDNESDAY, MAY -, 2008


ME C6i S.


levelopin spoeing








linkage with Cuba'
WI'9


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


even core
sporting
bodies in
the country
c a m e
together to forge a
relationship with
Cuba !in an effort to
improve their various
disciplines.
Yesterday, the


group headed by
Bahamas Association
of Athletic Associa-
tions' president Mike .."
Sands, paid a courtesy
call on Jose Luis
Ponce, the Ambas-
sador from the
Republic of China.
Others in atten-
dance at the Cash
Fountain Building on
Armstrong & Shirley Street were
Bahamas Softball Federation's first
vice president Burkett Dorsett;


Bahamas Basketball Federation's pres-
ident Lawrence Hepburn; Bahamas
Baseball Federation's president Craig
'Salty' Kemp; Bahamas Football Asso-
ciation's president Anton Sealy and
secretary general Lionel Haven;
Bahamas Swimming Federation's sec-
retary Al Dillette and Bahamas Vol-
leyball Federati6n's executive Kelsie
Johnson.
Sands said originally he was trying to
find more ways to generate business
for Bahamasair as they fly to Havana
at least twice a week.
"I thought one of the easiest two


ways to do that was to consult with
my collegiate in the various federa-
tions and float to them about us devel-
oping sporting linkage with Cuba,"
Sands revealed.
"We are very receptive to the idea of
how we can develop those linkages in
a more formal way and my thought
concept, as I've indicated to my colle-
giate, is that we will plan a familiari-
sation trip into Havana with the assis-
tance and support of your office."

SEE page 12


Ferguson-McKenzie making sure she


is properly prepared for Olympics

* By RENALDO DORSETT
Sports Reporter
rdorsett@tribunemedia.net
IT'S a long haul to this year's i .
Olympic Games in Beijing, .
China, and sprinter Debbie ,*
Ferguson-McKenzie wants to
make sure that she is properly
prepared.
While skipping the Jamaican
Invitational over the weekefid,
which would have been only
her second meet for the sea-
son, Ferguson-McKenzie took
the time to come home and
help showcase the new Adidas
uniform that the Bahamian
athletes will wear at the games.
Not only is Ferguson-.
McKenzie looking forward to
running the sprint double in .
the 100 and 200 metres, she .: :
always has high expectations
for the return of the women's 4
x100m relay team.
"I'm trying to stay on the
straight and narrow and take it
McKenzie said.
She noted that she encoun-
tered some problems on the
exchanges in the relay at the
Penn Relays. While she ran the
second leg, Timicka Clarke
popped off, long jumper Jack-
ie Edwards was on third and
Chandra Sturrup anchored.
The team, which could end
up featuring collegians Sheni-
qua 'Q' Ferguson and Cache
Armbrister, along with high k
school sensation Nivea Smith
from Grand Bahama, will have
to run one of the top 16 times
in the world by July in order to
qualify for Beijing.
"I think we can do it," Fer- :""
guson-McKenzie said. "We.
have to get the youngsters
involved like Nivea, Sheniqua,
Cache and Christi White, I -A
think we will be all right. ". tP '
"My only concern is when | .' .
these girls are finished with col- .
lege and high school, whether J i
or not we can find the meet
with all of them present so that -. ,
we can run together." _*,
Ferguson-McKenzie doesn't
know when the relay team will
be running again. But she is
entered in the Adidas Classic
on May 18 and she's hoping to
go out and lower the 11.15 sec-
onds she ran in her season
opener last month at the Mia-
mi Elite Invitational in Coral
Gables.
The 32-year-old 200m silver
medalist from the 2004
Olympics in Athens, Greece,
said she's looking forward to
coming home to compete in
the Bahamas Association of
Athletic Associations' Scotia -
Bank National Championships..
and Olympic trials in June at
the Thomas A Robinson Track IT'S A LONG HAUL to this year's Olympic Games in Beijing, China, and sprinter Debbie Ferguson-McKenzie wants to make sure that she is
and Field Stadium. properly prepared.
) y L:


Jeff


Rodgers


basketball


camp


jumps


off next


month

* By RENALDO DORSETT
Sports Reporter
rdorsett@tribunemedia.net
FOR young
developing
basketball *.
players, sum-
mer months .
signal and "
endless array
of pickup
games, varn-
ous leagues
and participa-
tion in the
country's
most prestigious and longest
running summer basketball
camp.
The Jeff Rodgers Annual
Summer Basketball camp will
enter its 21st year when the
camp commences June 23rd at
the Bahamas Academy Gym-
nasium.
The four week camp, which
concludes July 18, will be high-
lighted by the "Fun Night,"
scheduled for July 16th at the
Kendal Isaacs Gymnasium.
The culminating night gives
campers an opportunity to dis-
play the skills they have
acquired over the duration of
the camp before an eager
crowd of onlookers.
The night also features the
celebrities NBA guests squar-
ing off against campcounselors
and for the first time ever, a
media all-star team taking on
camp members.
Celebrity guests at the camp
will include 2007-08 Coach of
the Year Byron Scott, All-Star
point guard Chris Paul, Slam
Dunk contestant Rudy Gay
and New Jersey Nets star
Vince Carter.
Familiar camp guests, Travi.,
Knight, Scot Burell and Mu!-
gsy Bogues will also make
appearances.
The longtime sponsors of the
camp, which include Burn',
House, Scotia Bank, Royal
Bank, Vita Malt, Colina Gen.
eral, Colina Imperial, Freddie's
Barber Shop, CIBC Trust, The
Ministry of Youth, Sports and
Culture, Bahamas Conference
of Seventh Day Adventists and
the Broadcasting Corporation
of the Bahamas, continue theii
support of the camp this year.
Over the course of its to
decades of existence the camp
has become a stalwart in the
basketball community with
thousands of collegiate and
national team players pasine
through its doors.
Rodgers said the 21st edi-
tion of the camp looks to con-
tinue the tradition of high qual-
ity basketball tutelage to the
hundreds of campers.
"This year is really going to
be a big year for us, to be able
to exceed two decades is not
something that is in the norm
and it speaks to consistency,"
he said, "I am excited for a lot
of the things we have planned
for this year. I think the fun
night is really going to be a
special night as usual because
of the training regiment I know
the campers go through and
the skills they will acquire dur-
ing the camp.
Rodgers said the camp has
grown exponentially since its
inception and he is most
pleased with the fact that man\
of the alumni return to cotn in
ue the tradition.
"When we first started we
had a little over 40. maybe 50
kids and now we barely have


SEE page 14


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PAGE 12, WEDNESDAY, MAY 7,2008 TRIBUNE SPORTS


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CUBAN LINKS Shown (1-r) are Bahamas Basketball Federation's president Lawrence Hepburn, Gustavo V6liz, first secretary in the Cuban Embassy, Bahamas Softball Federation's first vice president Burkett Dorsett,
Bahamas Swimming Federation's secretary Al Dillette, and Bahamas Volleyball Federation's executive Kelsie Johnson, Cuban Ambassador H E Jos6 Luis Ponce, Mike Sands, Bahamas Football Association's president
Anton Sealy and Bahamas Baseball Federation's president Craig 'Salty' Kemp,






'Developing sporting


linkage with


Cuba'


FROM page 11

Sands .said they Are hoping
that Ponce will be able to facil-
itate the meeting and establish
the contact so that the group
can go into Havana and meet
with the respective bodies..
It was hoped that while the
BBF would be attending a
tournament in Havana at the
end of the month, and the Bar-
rientos Track Meet being
staged at the same time, it
would have been an opportune
time for them to travel.
But Ponce said while the
Cuban sporting body will wel-
come the Bahamas to any type
of meeting, the Barrientos
track meet has been canceled.
And with the 2008 Summer
Olympic Games just about
three months away in Beijing,
China in August, Ponce said it
would probably be in the best
interest if the group can look at
alternative dates and even con-
sider traveling after the
Olympics.
The representatives from the
various federations in atten-
dance all agreed that it was a
marriage made in heaven
between them and.they are
looking forward to going to
Cuba together for the honey-
moon.
Mike Sands on behalf
of the BAAA's
"By the presence of all here,
it is recognized that in the spir-
it of co-operation, we are pre-
pared to work together for the
betterment of our respective
sports," Sands stressed.
"It's not a personal agenda,
as you can see. We're looking
at developing opportunities
and avenues to improve the
efficiency of the athletes, the
coaches and all those con-
cerned."
Al Dillette on behalf
of the BSF
"It's obvious that in the 21st
century, the Bahamas has and
for some years, has had an
impact on international sports,
that's disproportional to our
size as a country," he pointed
out.
"And 1 think what you see
here today, is recognition by
the various sporting bodies
that there's broad overarching
approaches that we can take
to sports in the country and
help us get to that next level."
Anton Sealy on behalf
of the BFA
"I think this sort of co-oper-
ation is long overdue and. by
co-operation, I not only mean
with the Cuban government,
but the federations coming
together for a common pur-
pose," he stressed.
"For too long, each federa-
tion has tried to go alone, do


their own thing in isolation.
The fact that we are together
now as federations, I think this
should be the beginning of
more collaborated efforts on
the part of federations to work
together for the good of ath-
letes, which ultimately is why
we are where we are."
Craig 'Salty' Kenp
on behalf of the BBF
"We have, over the years,
went alone and tried to do a
lot of things and individually,
you can accomplish some
things, but collectively, you can
accomplish a lot more. So it's
really great that we can come
together like this and show uni-
ty as a common country,"
Kemp emphasised.
"So we're really happy that
this has happened and only
great things can come from it."
Lawrence Hepburn on
behalf of the BBF
S"We've been having a lot of
problems with Cuba. They
have turned us away twice
from advancing and so I wel-
come the opportunity to go
and share," he pointed out.
"We in basketball are looking
for expertise all the time in that
sport to further develop the
sport.
"We need more competition
in terms of preparing our
teams. We find that the
Bahamas is one of the coun-
tries less prepared, having to
pull our athletes together in a
short time. We have looked at
certain countries in the south,
trying to find out how can they
help us and Cuba is one of our
better options and we have
good competition."
Burkett Dorsett on behalf
oftheBSF
"We've had an excellent
relationship with Cuba in soft-
ball, started back in 1991 at the
Pan Am Games in Santiago,
Cuba," Burkett noted.
"We had quite a lot of
exchange programmes with
Cuba where we've sent junior
teams down to Cuba for a
week at the Cuban Academy
in softball and they have
exchanged technical assistance
with us in terms of coaches
coming here in the Bahamas
and we sending pitchers and
catchers to Cuba."
Kelsie Johnson on behalf
of the BVF
"I know we had a relation-
ship one time ago with the
Cuban coach who came down.
We always were supposed to
go to Cuba, but we never
went," she summed up.
"But if the opportunity aris-
es, I think we as younger play-
ers will grasp it. So whatever
relationship we can build, we
will be grateful for it."


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ABOVE Shown (1-r) are Cuban Ambassador H E Jos6 Luis Ponce, Bahamas Basketball Federation's president Lawrence Hepburn,
Bahamas Baseball Federation's president Craig 'Salty' Kemp and BFA's secretary general Lionel Haven.

TOP Bahamas Swimming Federation's secretary Al Dillette, Mike Sands, Bahamas Football Association's president, Gustavo VWliz, first sec-
retary in the Cuban Embassy, Cuban Ambassador H E Jos6 Luis Ponce, Bahamas Softball Federation's first vice president Burkett Dorsett,
and Bahamas Basketball Federation's president Lawrence Hteburn.


'`


PAGE 12, WEDNESDAY, MAY 7, 2008


TRIBUNE SPORTS


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T E TE M 2 P


Soccer: Men's team get in gear




for Reggae Boyz showdown


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

WHILE the men's team is preparing
for their showdown in Jamaica against
the Reggae Boyz in June for the World
Cup qualifier, the Bahamas Football
Association will be sending an under-
20 team to Cuba to compete in a FIFA
One qualifying tournament at the end
of the month.
Association's secretary general
Lionel Haven said the Bahamas has
been put in an interesting group with
Haiti, the Dominican Republic and
Cuba. "This group was originally
scheduled to play this week in Haiti,
but because of the issues that they are
having in Haiti, FIFA has decided to
relocate the group to Cuba with games
being played from May 25-31," Haven
revealed.
"Our first game will be against
Cuba, followed by Haiti and then
against the Dominican Republic."
Haven said BFA's technical director


Neider Dos Santos has been busy
preparing the team at the same time as
he's been working on getting the men's
team ready to travel to Jamaica.
"We have a couple of players over-
seas who will be joining the team in the
next couple of days," Haven pointed
out. "The locally based players trying
out for the team have been working
out for quite some time. They are still
going through the training process. I
know he's just waiting on the players
from-overseas to come in before the
team is cut."
The team currently practise every
day from 5-7:30 p.m. at the BFA's
National Development Center at the
Baillou Hills Sporting Complex.


This Saturday at 4 p.m. at the centre,
the team will play a scrimmage match
against some of the players from the
senior team so that Dos Santos and
his coaching staff can have a further
look at the players before the cut is
made next week.
With soccer in the spotlight after
the men's team defeated the British
Virgin Islands in the home and away
series in the first round of the FIFA
World Cup 2010 South Africa qualifi-
cations to advance to the second round
in Jamaica next month, Haven said
they are eager to watch the perfor-
mance of the under-20 team'when they
travel to Cuba at the end of the
month.


Rome Masters: Federer cruises



past Canas in second round


M By ANDREW DAMPF
AP Sports Writer

ROME (AP) Roger
Federer is back on track. The
top-ranked player defeated
one of his most challenging
opponents Tuesday, cruising
past Guillermo Canas 6-3, 6-3
in the second round of the
Rome Masters.
Perhaps more importantly,
Federer said he is nearly back
to normal after being slowed
by mononucleosis earlier in
the year.
"I think I was lacking
matches at one stage, when I
lost in the first round of
Dubai. Now, I'm again back
in my stride and feel like I'm
playing well and nothing ever
happened," Federer said. "It
was a tough couple of months
early on."
Also Tuesday, Andy Rod-
dick defeated Mardy Fish 6-1,
6-4 in an all-American
matchup. Roddick's only oth-
er match on clay this year
was a Davis Cup win against
Jurgen Melzer in February.
"It's OK," Roddick said of
his game on clay. "I only
have one match to judge it on
and that's this one, so I guess
it's good."

Play
In first-round play, 2001
champion Juan Carlos Fer-
rero rallied past Nicolas
Kiefer 6-7 (5), 6-3, 6-4 to set
up a meeting with three-time
defending champion Rafael
Nadal.
Also, 14th-seeded Tommy
Robredo defeated Juan, Igna-
cio Chela 6-4, 6-1, Jose Aca-
suso eliminated Dmitry Tur-
sunov 6-4, 6-2 and Croatian
wild card Mario Ancic dis-
patched Feliciano Lopez 6-4,
6-4.
Three seeds were upset in
the first round Tuesday. Car-
los Moya was eliminated by
fellow Spanaird Fernando
Verdasco, 6-3, 6-4; French-
man Gilles Simon beat his
10th-seeded compatriot Jo-
Wilfried Tsonga 6-2, 4-6, 7-6
(6); and Croatia's Ivo
Karlovic defeated 15th-seed-
ed Paul-Henri Mathieu 7-6
(4), 6-2.
Besides falling to Andy
,Murray in Dubai, Federer
lost to Novak Djokovic in the
Australian Open semifinals,
then fell to Fish and Roddick
in his last two tournaments
before the clay-court season.
Federer opened his clay
campaign in April, winning in
his debut at the Estoril Open
in Portugal. It marked his
first victory of 2008 in his
fifth tournament of the sea-
son, the longest he's waited
for a victory in nine years.
A week later, Federer
reached the final of the
Monte Carlo Masters, losing
in straight sets to Nadal after
surrendering a 4-0 lead in the
second set.
"I won in Estoril and beat
(David) Nalbandian,
Djokovic and (Gael) Monfils


SWITZERLAND'S Roger Federer (top) returns a ball to Argentina's Guillermo Canas (above) during their men's second round match
at the Rome Masters tennis tournament in Rome on Tuesday.


in Monte Carlo, and played a
good final against
Nadal, so I'm on a good
run on clay," Federer said.
Canas beat Federer twice
early last year and was one of
the few players with a win-
ning record against the Swiss
player.
The.pair are now tied 3-3 in
career meetings.
"Guillermo in the (second)
round-was tough. We've had
some tough ones in the past,
so I knew it was going to be
difficult," Federer said.
All five of Federer's previ-
ous meetings with Canas had
came on hard courts. This
tournament is a key clay-
court tuneup for the French
Open, which begins May 25.
"I guess he grew up on clay


like I did," Federer said.
"Who knows? Different
times, different results. This
was a good match to start off
the Rome campaign."
Canas relied on his speed
to simply keep the ball in
play and force Federer into
mistakes. Federer committed
27 unforced errors to 13 for
Canas, butled 34-10 in win-
ners.
Aces
Federer also had eight
aces, and had several drop-
shot winners.
Federer began working
with clay-court guru Jose
Higueras in Estoril, and
Switzerland's Davis Cup cap-
tain, Severin Luthi. is offer-


ing help this week.
"Severin watched (Canas)
yesterday and we all know he
plays very far behind the
court, so I tried (a drop shot)
once and it worked, then I
tried it a few more times and
it worked even better," Fed-
erer said.
Roddick improved his
record against his longtime
friend Fish to 8-1.
"It's tough playing against
someone you're friends with,
and unfortunately for Mardy
I've played some good tennis
throughout my career against
him," Roddick said.
Roddick led the U.S. to a
win over France in the Davis
Cup quarterfinals nearly a
month ago and hadn't played
since.


IBF to sen unde' r-20 te~atu f'm tm[io Cubai

[for5 F IFA Oe qulifying'tournament.il


HAVE NO FEAK!!
The new email for Boxing Today, Yesterday
& Tomorrow is

boxingtoday@coralwave.com

boxing gym (242) 352-3364 (24 hours)
or write to:

The President
Boxing Today, Yesterday & Tomorrow
P.O.Box F-43390
Freeport, Grand Bahama,
Bahamas
-- - --


HOYTES

Basketball

Labour Day

Classic set

for next

month

* By DENISE MAYCOCK
Tribune Freeport
Reporter
dmaycock@tribunemedia.net
FREEPORT More
than 30 basketball teams will
play in the 5th Annual
HOYTES Basketball
Labour Day Classic in
Grand Bahama on June 5-7,
according to an organisation
official in Freeport.
HOYTES organiser Glad-
stone "Moon" McPhee
announced that 36 teams
from Abaco, Bimini, New
Providence, Grand Bahama,
and the United States have
registered to participate in
this year's tournament.
"This is the largest turn
out of teams that we have
ever had competing to date,
and we are very happy that
Domino's Pizza has come
onboard with us to put on
this tournament," said Mr
McPhee.
Mr McPhee said the
HOYTES (Helping Our
Youth Through Education
and Sports) Classic is one of
the largest tournaments held
in the Bahamas.
Some 14 teams of boys
and girls will be coming out
of Abaco, 12 from New
Providence, two from Bimini
and two from the United
States, and the reminding six
out will be from Grand
Bahama.
McPhee said that boys and
girls teams from 10 and
under, 12 and under, 14 and
under, and 16 and under,
will be competing, including
defending champions Show-
time from New Providence
and HOYTES out of
Freeport.
Due

Due to the overwhelming
participation this year,
HOYTES will have to use
both the Jack Hayward and
St Georges High School
gymnasiums, and will import
sufficient referees to oversee
games.
"This is the first time that
we will have to use two gyms
in order to accommodate the
games and remain on sched-
ule," stated McPhee.
He commended Dominos
Pizza for being good corpo-
rate partners in the develop-
ment of the youth.
"I am happy that
HOYTES, along with our
new partner, Dominos, is
providing youngsters with
the opportunity to'play bas-
ketball during the holiday
time when exams are over.
"I want to commend
Dominos because this is the
time we really need the cor-
porate community to be con-
cerned about our young peo-
ple," said McPhee.
Lageisha Rolle, district
manager at Dominos,
Freeport, said that they are
pleased to be able to assist
HOYTES.
"We are very proud to be
a sponsor in this Labour Day
classic. It is our goal to assist
in the development or youth
in our country and we see
sports as one of the key
areas we can provide assis-
tance in. We are looking for-
ward to a very successful
tournament, and we ask
everyone to support the
young boys sand girls who
will be participating," she
said.


TRIBUNE SPORTS


WEDNESDAY, MAY 7, 2008, PAGE 13


I Llneln ven










PAGE 14, WEDNESDAY, MAY 7, 2008


TRIBUNE SPORTS


U


BANCO TAU S.A.
ConsWSldted Baiance Sheet
(in (0waru8ds o/re"a)


12/312007 1/31/20


216.110.192
74.264.267
40.296,948
746.228
33.221.001
41.088.591
13,861,401
666.,36
2,303.421
4.113
402.054
2.251,164
16,664.004
2.902.998
17,065,681
13,059
17,012,687
30.085
9.847
4 2,552
49,533.357
53.897.321
(4.363.984)
28,423,74$
15.448,857
768,753
789.636
648.58
10,747.964
2,133.233
329,417
(58,819)
1.863,635


CURRENT ASSETS
*TrOuIANO w4t9r18 er1 ,m.... ..J. ?1
CMt-2onCAIy H t A Irk
M-oney ..are 4ut (u --ar lcan P ion MhEP da0Lor. fi
Intgrtm k (dapoot
SE.: nlElES AC AERR'*an F .NAN F IAL C STIRuME IlS S O cW, Rst,..
rSuPIadg mu rhau, c9hn8 nit
t y . .......... ....... .., ...... .................... ........... ......... ............... ................................... ..........
0-mU -. "C Mx.n 0
Aens G.UnrrnsinM8 ecciProson P*GBoGL ".'Gj .O qual inos i08o1



Colm.on.0- ,t
Cm usn11 0 r..88 1


1. Ope- n ir Cm&1 Grr-.8 ng 8 aC rclo
OT(EIa PLCLwrad i




In% l c una a i
S* 0m18ii.onamo 0arce
Proe[Ii expenses shous i r
I(4.rBA 81 9r .niT !|Il41090 I I146418


% ii T'rMr, SA r l rsi S



> ... .... .. .......................................... ....................................................................................................................................
Dwbpaonam repat ~


tOI rrAtiAK Otn C L u e H 8at H ISEH
,,.,,,.,8,1.. ............ ..




Spoie hl r hl a


-- --- -- - -
e a................... ..... ...............................................................................
OHnER naSET. P( r.ptadegonsod andl(8) SE -4.18










PERMANENT ASSETS



,.o d...0Um.m.
ODEFEkRf rECHAR GIFr M eG tijnsJit
00 (ol nc.o1 e ) .0im1r.,ei. .
IHE A. T r PruTkpj4h .,-d 14h I 1

Leased 0nE) ts3 1g. 9 i.l
08181189,0- i ,iviin10a C0010n19 08 - ^ _
Of L.. 1:E.,oA-L LO -" -' .. ... .. . . ..





010E8RD ASOrETS.i (1.4hl i4h 948







... .. . ... ..... .... ...... ........ .... . .. .. .. . ... .
010180 DEkrEDCHA 3 n |
(088861188(819188881"""






2O =.==.' --___ ____ ___


72,733.243
271.9.9W74
813.393
400.354
20,93.227
8,18.871
663,3846
483,579
354.087
1.004.520
658.639
386.791
28,5H.221
31.647.140
(3,138.919)
7,319.001
2,439.651
19.001
4.860,349
2,404.978
3,682.154
1,230.783
O97,446
321,511
(78.173)
1,74B.181
2,17.6650
3.498,557
(3,927,026)
12.24
18,553
(6.307)
690,844
1.043.498


orAL. ASSETS6 2 52,2.93.89 197.63,743






BANCO ITAU S.A.
Consoldated Balance Sheet
(in thousands omais)


LIABLTIES 12/31/2007 12/31/2006
CU.REhT L.IAIOIUES 169,531,013 110.602,983
nEPOluI' 1,r1,RW aan 9.1 86,443,3008 60.403,312
D.rW o. m pr 24.815,950 17,333.885
Sjr(4 liet.u 27.590,742 22,911.960
Inta.,8d8 depo.08 ___ 21.472.485 7,278.332
1T-a9e9 818911.159,595 11.118,333
Otherd0p14 0 1.404.534 1.700,602
EPOITS RECEIVED UNDERSECUR REPURCHS ET 4nd ) 32,203.707 14,654,782
Own Porfollo 10,534,729 7,257,898
Third d,ar ( pra0 21,300,168 7,396,784
riee Dortfoi 362,810
4N10 DFROA( At.CEPr9.CE WANDi 04U08E1Of AECURin16E (180xln 5i.4.a8,l 2.580,304 2.986,557
Real estate 8o1es 8 233,049 194,577
mc a noM ....... ....... ..................... 498201 325.203
Debent8 1,463.021 1,605,221
Fo0rgn bor-owam s n0rougha secums 840,033 861,556
IN 1TRS1A4 ICC1OUN0r 3 387,504 752,975
S.. .. .............. .. ... .. ......... .. .' ,.
CoTe nder In t6, 38.n2 72f 1
ir i i ______.-____ .


8989801ohnd 8909081. 9881. 4 ~ ~ ~ ~


uuH< un, aiu vnL-nul u (nuMs
IlFRPATniF hANArW-Al. ;NIPNSLIM:r.l INfbi d jn 4wl
tLCHINCL. PROIt50.3N5 FOlH INl5JriWNCLE 1PsN9G PMAN r 8 CP(ALIAITON eA 11fole 0 0 anl 0,
Ol(hpRI.iB ITIF.l
...en ................................................................................ .........................
Foron e.xchangea p.ortfoo (Note 8)


.......... . .... .. ............ .... . ............. ....
Neot~iaton and intemBediatin of ecrities
Creditcardopai n
Secuniz no toreg ynerf INole 9a
Subord rn.ed deos0 thote Md
S.,drj (a00 2c)
LONG-TERM LIABILITIES

.! ...r ... .......................................... ........................................................ ......................
Tim0depoas
DEPO0 JS3 RECEIVED UHE0P SECURITIES REiUPCItE AGRE4E8NTS 8 O(r, ao,.01, (Non 48 8 rn I|
UYO St.H LC(LP fAh C F hO D'53UAN E Or st r'lI ofllltT nd bb
Debentures
Foreign bobmwins through ecur086
BJRO110.JOS AND ONLENDINS 1N10as 4.14&ld 4 I





Taxandrua mdt MBu to
"~TECHNICAL PROVON9! FOR INSURANCE, PENSION PLAN AND CAPITALIZATION (NO(n 48 nd 108)
OTHER UAOBILM$S
f d .. .. ..............................................................................................................................
T= oW sodW "wft conlrftg (Note 13c)


Seoultiza'oon of forgn payment orde( (Note a)
Sdborar.ud aeo (No INo .9a i
suirRE %NoeiS 12ci
DEFERRED INCOME INot 4n)


MINORITY INTEREST IN SUBSIDIARIES9
810CKHOI DR E..C.u'nr (;.l. 11.
CaplW0mo 8e
Cap .a ...a..
Rovaiaic n~marv"""" -.**"."


e...................................
Adhi99nt to5e1( m(k0 alue 1010- 0cur 4and 98.000.


1,519,258
1.162,174
1,000,319
3.189.823
39,248.137
352.089
15,504,831
1,913,945
5.389,.72
1,763,923
8,573.262
18.,327
2,065.107
3,518,881
88.639.801
16,518,282
10,835,851
5.679,401
33,8?7,653
41292.145
2,876,182
1,615.963
3,056.346
1,665.982

20,642,270
19,.18.432
2.453,930
4.167,029
943,248
9.310.178
2,644,049
44,422
11,846,524
12,663,029
10,202.000
711,492
12,584
1,892,317
44,636


724,006
536,553
839,634
2,943.811
2.8$74,37
219.857
12,094.001
853,742
1,318,677
810.254
6.877,710
217,875
81,894
3.220.527
68,123,094
8.486,061
2,452,138
4,033,925
24.360,000
4.655,94
1.932.471
2.723,477
2,049.578
1.039,8655
1,809,921
599,167
16.092,640
13.0/9,702.

5,279,732
1,313,842
4.462.030
2,024,098
59,518
7,581,285
11.430,883
10,174,893
540,728
13,423
595,521
112,318


B i .s *-


Andre Rodgers







baseball tourney







expected to be







'the largest ever'


153,326,892
3,3M0.897
38,404,.a5
19,692.489
203.009
16.509.117
27,914,s91
7.932.677
18,557
1.280.762

1.540,847
14.323.595
2.768,453
15.160.562
14,793
15,113,856
8.562
23.351
35,142
49.625,952
54.030,942
(4.404.990)
20.011,029
11,918.756
758,654
75.8217
554,468
6.022.931
8236,27
354.400
(68.537)
637.964
40.974,992
15.90O,405
259,845
514.963
15.185.657
6.248,:36
3.,22.160
295,718
222.782
131.247
949.098
827,531
376,211
10,250,391
12,991.478
(2,741.087)
7,411,186

7.411.188
128,121
3,501,859
1,018,462
911.259
297,590
(90,387)
2,044,741
2,440,590
3.45.569
(32,81,413)
10,1)9
19.231
(4.042)
483.,83
W67.63M


OVER the Labour Day hol-
iday weekend, the Bahamas
Baseball Federation will host
its sixth annual Andre Rodgers
National Junior Baseball Tour-
nament in New Providence.
"We expect this to be the
largest ever and we hope that
this will be the best nationals
we've ever had," said federa-
tion president Craig 'Salty'
Kemp.
"We expect that.some 9-10
islands will be represented and
we will be playing in six age
group categories. So we are
looking forward to a great
weekend."
The tournament will be
played at both the Freedom
Farm and the St. Andrew's
Fields of Dream from June 5-8
in the coach pitch (7-9 years),
9-10, 12-and-under, 13-15, 16-
18 (high school division) and
25-and-under (college divi-
sion).
New Providence will once
again be heavily represented
by the majority of teams. Also
expected to have teams repre-
sented are Grand Bahama,


W lswa


I* -,* 1 "


Andros, Eleuthera, Bimini and
Exuma, who will be making
their debut.
"So we are looking forward
to a very good tournament
with a number of teams par-
ticipating," Kemp stated. "We
are also looking at the college
division (25-and-under).
"We have a number of our
big boys who have been play-
ing in college to return home
to play. In previous years, we
have only been able to show-
case our youth division. But


because we have had such suc-
cess in high school and college,
people are looking for the
match-ups in those areas."
Two of the outstanding play-
ers expected home to play in
the college division are Sher-
man Ferguson and Neil
Forsyth. Both players had an
outstanding season at their
respective schools and were
named to the All-Florida Sun
Conference team for 2008 and
they also received All-Region
honours.
Ferguson, who starred for
Edge Waters College, will rep-
resent the Junior.Baseball
League of Nassau, while
Forsyth, who played at North-
wood University, will repre-
sent Freedom Farm.
Kemp said these are just two
of the players that they are
looking forward to showcasing
in the college division when
the tournament gets underway.
However, he said the
younger divisions should be
just as competitive because all
of them have some talented
players who will be playing for
the teams in New Providence
as well as those coming in from
Grand Bahama and the Fami-
ly Islands.


Jeff Rodgers basketball cam


jumps off next month,


FROM page 11


enough space to contain.all the
campers. We have over 400
boys and girls coming out
every year," he said, "The
beauty of the camp is that most
of the instructors are ones that
I was able to help go off to col-
lege now they are back home
helping youngsters so it is just
to honour to host it and it is
an example of how these things
are cyclical."
While the camp is known for
its prowess on the court,
Rodgers said the growth of the
campers off the court into well
rounded individuals is equally
as important.
"The camp is truly about
character building and sharing
positive information with our
young boys and girls not just


on the court but off the court
as well. Having discipline, how
to stay focused, these are
things you can learn on the
basketball court and apply to
other aspects of your life," he
said, "I wish there was a way I
could put full time into the
camp because there is so much
more for these kids to learn."
Rodgers also highlighted the
importance of the star studded
cast and their influence on the
campers.
"Many of these players have
been supporting the camp
since day one. Byron Scott and
Chris Paul will be there and
are two of the hottest names
in basketball right now. To
have them come down and
give back to this group of kids
means the world to them year
in and year out," he said,
"Having Byron and Chris and


those guys come down to the
camp really takes it to another
level because those guys com-
pete at the highest level. I
spoke to Chris Paul and he said
the only thing that would pre-
vent him from coming is his
obligation to the U.S. Senior
National Team. He was excited
to be here last year so having
him and a number of other
players."
A new modification to the
camp will include inviting col-
legiate coaches to scout at
some of the older senior ball
players in the camp.
The camp is currently
enrolling and application forms
are available from the
Bahamas Academy campus or
from the Bahamas Conference
of Seventh Day Adventists on
the Tonique Willams-Darling
highway.


TOTAL LABILmES AND STOCKHOLDERS' EQUITY 292,525,589 197.883,743
(The accompanying notes are anIntegral part of the fnandal statements) *

Interested persons may obtain a complete copy of the Audit Accounts through our website (www.itau.com.br) or at BIE
Bank & Trust Bahamas Ltd., Shirley & Charlotte Streets, Charlotte House, Ground Floor, Nassau, The Bahamas.

Report of Independent Auditors


To Directors and Stockholders
Banco Itau S.A.

1 The accompanying consolidated balance sheets have been derived from the consolidated
financial statements of Banco Itau S.A. and its subsidiaries for the year ended December 31,
2007 and 2006. These consolidated balance sheets are the responsibility of the Bank's
management. Our responsibility is to express an opinion on whether these consolidated
balance sheets are consistent, in all material respects, with the consolidated financial
statements from which they were derived.

2 We have audited the consolidated financial statements of Banco ItaS S.A. for the year ended
December 31, 2007 and 2006, from which these consolidated balance sheets were derived, in
accordance with approved Brazilian auditing standards. In our report dated February 11, 2008
we expressed an unqualified opinion on the consolidated financial statements from which
these consolidated balance sheets were derived.

3 In our opinion, the accompanying consolidated balance sheets are consistent, in all material
respects, with the consolidated financial statements from which these consolidated balance
sheets were derived.

4 Without qualifying our opinion, we emphasise that the accompanying consolidated balance
sheets do not comprise a complete set of consolidated financial statements in conformity with
accounting practices adopted in Brazil. Information on consolidated results of operations,
consolidated changes in financial position and changes in equity of Banco Itao S.A. and a
summary of significant accounting policies and other explanatory notes are necessary to
obtain a complete understanding of the consolidated financial position, performance and
changes in financial position of the Bank and its subsidiaries.

5 For a better understanding of the Bank's consolidated financial position and the consolidated
results of its operations for the year and of the scope of our audit, these consolidated balance
sheets should be read in conjunction with the consolidated financial statements from which
these consolidated balance sheets were derived and our audit report thereon.


Sao Paulo, February 11, 2008



PricewaterhouseCoopers
Auditores Independentes
CRC 2SP000160/O-5



Emerson Laerte da Silva
Contador CRC 1SP171089/O-3


AUTSM


I I -


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


Ra Il E saBBB


a--HK'Mw^SZffi~j~j


'


y"" " '~ I" "


: .....................................................:...................


.n


l i









THE TRIBUNE


WEDNESDAY, MAY 7, 2008, PAGE 15i.


Wilchcombe: tourism season could be slowest in a decade


* By KARIN HERIG
Tribune Staff Reporter
kherig@tribunemedia.net
THE Bahamas may be facing
the slowest tourism season in a
decade, former Minister of
Tourism Obie Wilchcombe said
yesterday.
With the United States the
Bahamas' number one market -
suffering under the onset of a
deep recession, and with the com-
petition in the region steadily
gaining ground, Mr Wilchcombe
said that the 2008 summer sea-
son may well be a write-off in
terms of visitor numbers.
"We have to appreciate that
this year might be lost in terms
of tourism numbers getting the
(high) count again. We're not
going to do as well as we did last
year, the year before that, the
year before that in fact, this
could be one of slowest years
we've had in the last 10 years.
That's just a reality, you can't do
much about that," he said last


night on the new Star 106.5 radio
talk show "Jeffrey."
Mr Wilchcombe, MP for West
End and Bimini, said that while
things are not looking particular-
ly good for New Providence, the
situation of Grand Bahama's
tourism industry is even more
dire.
"You're going to find it's going
to be a terrible situation on
Grand Bahama. Also I am told
in New Providence things are not
looking good. It's going to be a
long hot summer," he said.
Mr Wilchcombe said that the
Bahamas' tourism industry has
been "dying for a very long time."
While Cuba, the Dominican
Republic and the Turks and
Caicos continue to grow their
tourism industries, the Bahamas is
not experiencing any growth, he
said.
Mr Wilchcombe said that Cuba
now attracts Canadian, Asian and
European visitors and will when
the US' embargo is lifted also
get the American tourists.


Gas now as much


as $5.34 per gallon

FROM page one

Town Inagua told The Tribune yesterday that residents in the
southern most island have become "used to" the high prices. What
she explained is that things in the settlement are close together, and
it is not a long drive for residents to go where they have to go. Res-
idents can, if they want, walk to their desired location in some.
instances, she explained.
Inagua is unique among the major inhabited islands, as Mathew
Town is the only settlement on the island and residents live in a cen-
tral location.
Thus far, Mrs Burrows said, she is not aware of any complaints
about the prices .
In Hamilton's, Long Island, Amanda Cartwright, the manager at
Treco's Service Station, said that residents there have voiced some
complaints about the high cost of gas on the island. But they too are
getting used to it, she said. At their station the price of gas stands
at $5.49 per gallon.
Residents in this community primarily drive trucks, SUV's and
vans, noted Ms Cartwright. This can further exacerbate the prob-
lem of escalating fuel prices for these residents, as larger vehicles
are not as fuel efficient as smaller cars.
Looking at prices in some of the other islands, Chiquita Strachan,
in George Town, Exuma, said that the price of gas at their station
is now at $5.68 per gallon, having just increased on Friday; while
Kelsey Williams, the proprietor of Kell's service station at Wemyss
Bight said that residents of South Eleuthera are paying $5.62 per
gallon, up from $5.36 per gallon earlier this week.
Residents in Old Bight, Cat Island are paying around $5.84 per
gallon The Tribune was informed; while Moore's Islanders are
stuck with gas prices at around $5.95 per gallon.
If the Goldman Sachs prediction is.correct, gas prices coujd 1es-
ily surpass $8 per gallon in the near term.
Crude oil prices have tripled in the last five years.


FROM page one

depu4fyleadership when the
opportunity arises, but is also
preparing to serve "in any
capacity."
When asked by host Jeff
Lloyd why he will not offer him-
self for the PLP leadership
when the opportunity presents
itself, Mr Wilchcombe
answered, "because the organi-
sation is bigger than me."
The MP also emphasized that
any contest of leadership has to
be done in the correct manner.
He said he does not want to
give young Bahamians the
impression that goals can be
achieved by back-stabbing and
other unsavoury actions.
"Our history shows us that if
it is not done in the right way
you're going to have a division
and you're going to have
destruction. We've seen that
happen with the PLP, we've
seen that happen with the
FNM," he said.
Addressing the party's cur-
rent leader, Mr Wilchcombe
said he believes Perry Christie
has represented himself "well."
"I've been a loyal supporter
of Perry Christie and I will con-
tinue to support him loyally,"
he said.


Wilchcombe
Mr Wilchcombe added that
Mr Christie is not a foolish man,
but a "very wise" one.
"Perry Christie also knows
that if he says 'I'm leaving
tomorrow', there will be blood-
letting. He (unleashes) a war
tomorrow if he says that, so
what he must do is guide the
organisation along the way and
at the right time, he, Perry
Christie, will make the right the
decision," he said.
In the meantime, the West
End and Bimini MP said it is
his role to prepare himself to
serve in any position within the
party.
"When the opportunity pre-
sents itself I'd like to be ready.
I'm using this period to prepare
myself to serve in any capacity.
"I want to make sure that
when Perry Christie demits
office and Cynthia Pratt demits
office they do so with honour,
they do so with respect and that
we celebrate the service that
they have provided," he said.
Mr Christie on the weekend
said that despite growing com-
mentary on the topic, there is
no challenge to his leadership
of the PLP.


The Dominican Republic, he
added, continues to build hotels
and expand its casino operations,
while the Turks and Caicos is now
targeting the same market as the
Bahamas the high-end visitor.
Countries like Cuba, the


Dominican Republic and the
Turks and Caicos, he said, have
sun, sand, sea and service. How-
ever, of those four "s", he added,
the Bahamas is lacking the one
for service.
Among his suggestions to the


current administration, Mr Wilch-
combe said that now is the time
for Bahamasair to take on a new
role.
The MP recommended that the
national carrier lease bigger air-
craft or partner with other air-


lines to offer affordable direct
flights from destinations such as
New York, New Jersey, North
Carolina and Philadelphia. This
plan could then also be adapted
to access markets in Europe and
Asia, Mr Wilchcombe said.


:: t ', ,.::.,f -.-.: J',v+. :.-,-, +: ' iJ~ a
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PAGE 16, WEDNESDAY, MAY 7,2008 THE TRIBUNE


FOR MORE INFORMATION, CONTACT WILLIAM CASH AT (242)457-1620 OR CAPTAIN MIKE BOWE AT
(242)393-1524 OR (242)357-9827.


"I


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Tel: (305) 446-6165

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* Purchase U.S. Drafts


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(All within the Exchange Control Guidelines of The Central Bank of The Bahamas).


FREQUENTLY ASKED QUESTIONS

Q. Can I withdraw U.S. Dollar funds while I am shopping in Florida?
A. Yes. Customers oF-Bank ot'The Bahunas International will be permitted to withdraw funds,
in U.S. Dollars, it BOB Financial Services, Inc. Such withdrawals, however, will be subject to
Bahamian Exchange Control Guidelines.


Q. Will I be able to open a US. Dollar account at BOB Financial Services, Inc.?
A. No. BOB Financial Services, Inc., will not offer U.S. Dollar account facilities at this time.
It will serve as a customer service extension of die Bank's Bahamas based offices and service
centres and will allow customers access to their funds for multiple purposes, within Bahamian
Exchange Control Guidelines.


Q. Will BOB Financial Services, Inc., be able to open accounts for persons wishing to conduct
banking business in The Bahamas?
A. Yes. BOB Financial Services, Inc., will, assist prospective customers with opening accounts,
subject to the customer meeting the Bank's usual due diligence requirements and Bahamian
regulatory guidelines.


_ I I __


ib ml


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~ar m C CL ~ eI I CC I


PAGE 16, WEDNESDAY, MAY 7, 2008


I.-'-~~- ~~~Y~~*L;i~i~"~ '
iZ-
'` -


-1


THE TRIBUNE















. Si ness


WEDNESDAY,


". .? ...- ',,: .



Film Studios


deal could


hinge on


government


talks

* By NEIL HARTNELL
Tribune Business Editor
A BAHAMIAN
banker yesterday
told The Tribune
his consortium's
contract to pur-
chase the Bahamas
Film Studios might
hinge on the out-
come of talks
between the ven-
dor and the Government, as
he reaffirmed his group's inter-
est in continuing the project's
original concept.
Owen Bethel, president and
SEE page 6B


MAY 7, 2008


Port Authority Board paralysis


* By NEIL HARTNELL
Tribune Business Editor

Authority (GBPA)
Board "cannot presently
function" because it does
not have enough direc-
tors to comply with the company's
Articles of Association, its holding
company has alleged, with its feuding
owners unable to agree on an inde-
pendent chairman.
The Hayward side and the late
Edward St George's estate are due
back in court today before Justice
Neville Adderley, in relation to a sub-
mission by Intercontinental Diversi-
fied Corporation (IDC), the holding
company for the GBPA and Port
Group Ltd, that seeks clarification on
the composition of both its sub-
sidiaries' Boards.
In the ruling that removed GBPA
and Port Group Ltd receivers, Clif-
ford and Myles Culmer, Justice Adder-
ley stipulated that IDC "appoint or
cause to remain" on both companies'
Boards Lady Henrietta St George and
Sir Jack Hayward, or their nominees.
That pair were then to agree on an
independent chairman who was to
have "a casting vote" in the event of a


Failure to agree on independent chairman leaves Board without

.enough directors to meet Articles of Association requirements


split Board.
However, both sides were unable to
agree on an independent chairman in
the 21 days allotted by Justice Adder-
ley. The St George estate and Sir
Albert Miller, the GBPA's chief exec-
*utive, had nominated former New
Hope Holdings and Pelican Bay resort
owner, Erik Christiansen, for the post,
while the Hayward side had pushed
IBM (Bahamas) general manager,
Felix Stubbs.
The inability to nominate a chair-
man, and with current chair Hannes
Babak still prevented from playing a
role at Board or management level,
has meant the GBPA Board cannot
currently function because its size is
not compliant with Article 55 of the
company's Articles of Association.
In its skeleton submissions to the
Supreme Court, IDC and its attorneys,
Dupuch & Turnquest, argued: "The
articles of this.company require that
there must be six-10 directors. There
are presently six directors, one of
whom is enjoined from acting [Mr


Babak].
"The Board cannot presently func-
tion as such, as a minimum quorum is
six. This needs to be addressed, either
by Mr Babak being able to attend
meetings or another person appoint-
ed."
In some respects, Justice Adderley's
ruling to remove the BDO Mann Judd
receivers something that is being
appealed by the St George estate has
created a slew of new problems and
issues to overcome.
Sources inside the GBPA have
described the impact of Justice Adder-
ley's ruling as a "nightmare", as the
inability to appoint a chairman has left
the Port Authority without a func-
tioning Board.
As a result, matters requiring Board
attention such as investment propos-
als, asset acquisitions and disposals,
decisions on Freeport infrastructure
enhancements etc cannot be dealt
with, a situation that could seriously
impact Freeport's governance and effi-
cient functioning.


As a result, IDC filed its summons
to obtain a Supreme Court decision
on who the independent chairman
should be, and how they ought to be
appointed to the GBPA and Port
Group Ltd Boards.
Other issues were identified by Ian
Boxall, an IDC director, in an affi-
davit filed with the Supreme Court.
Mr Boxall alleged that while IDC
could appoint someone to the GBPA
Board, it could not make that person
the chairman without the GBPA's
Articles of Association being amend-
ed.
Currently, only Board members can
elect the GBPA chairman, and Mr
Boxall added that amendments to the
Articles of Association would also be
required if the independent chairman
was to be given a 'casting vote', as con-
templated by Justice Adderley's ruling.
"Accordingly, while IDC can
appoint a director, under the present

SEE page 3B


Port executive 'instructed'

not to file annual returns


* By NEIL HARTNELL
Tribune Business Editor
A FORMER Grand
Bahama--Port- Au.thority
(GBPA) legal executive sec-
retary has alleged that she was
"instructed" not to file the
company's annual returns for
the period 1995-2005, causing
her concern that it might be
struck off the Companies Reg-


* 'No approval' given,
for filing of GBPA
returns between 1995-
2005, causing concern
Port Authority might be
'struck off' Companies
Register
No evidence found that
GBPA re-purchased
government's 7.5
per cent stake

ister as a result.
An affidavit filed by Sandra
Gow, a former GBPA legal
executive secretary/paralegal
who prepared the annual
returns for the company and
its subsidiaries, alleged that she
was "never given approval" by
the by the late Edward St
George to file the GBPA's
annual returns forthat 10-year
period.
The document, filed as part
of the ongoing litigation over
the GBPA ownership dispute,
appears to confirm what Tri-
bune Business previously
revealed that while the
GBPA's annual returns con-
tinued to reflect the Govern-
ment, via the Treasurer, as
holding a 7.5 per cent stake,
they were never filed to con-
ceal the fact those shares had


SEE page 5B


'Super Mario' sets up own realty company


* By CARA BRENNEN-BETHEL
Tribune Business Reporter
LEADING realtor Mario Carey has
Samicably parted ways with Bahamas
Realty to start his own real estate com-
pany, The Tribune can reveal.
Mr Carey'confirmed:to Tribune Busi-
ness yesterday that he w'as leaving
Bahamas Realty after 18 years to set up
Mario Carey Realty, but added that he
preferred not to comment further until he
had finished setting up the company's
new office and got settled.
Real estate industry sources had earfli-
er confirmed that Mr Carey left Bahamas
Realty and his managing director post
on May 2,2008, by mutual agreement.
An e-mail sent to Bahamian realtors by
Larry Roberts, Bahamas Realty's chief
executive, a copy of which has been seen
by The Tribune, said: "We wish to inform
you that Mario Carey will be leaving
Bahamas Realty effective May 2, 2008.
Mr Carey's leaving our company is by
mutual agreement and we wish him well


Carey leaves Bahamas Realty after 18 years


with the opening of his own office."
Sources close to the situation said the
move was being viewed as positive for
both Bahamas Realty and Mr Carey,
who has carved out a niche as being
among the Bahamas' leading realtors
specialising in high-end, exclusive prop-
ertieseand luxury real estate, particularly
on Paradise Island and Ocean Club
Estates.
It came after what sources said was a
series of discussions on Bahamas Realty's.
long and short-term direction and strat-
egy.
Just recently, Mr Carey made head-
lines when he sold the Penthouse Suite at
the Reef Atlantis for $7.5 million. He
was the only Bahamian broker to sell a
penthouse at the Reef, and after the sale
he was immediately asked to relist the
property for $9.9 million.
In 2002, Mr Carey earned Bahamas


Realty's 'Top Producer' title for the 12th
year in a row, making that 13 years the
following year before notching $10 mil-
lion worth of sales in January 2004.
According to the Bahamas'ReaIlt \\eb
site, Mr Carey graduated from Florida
State University in 1990 and has been a
top sales producer for the past 17 years.
He is currently a licensed
Broker/Appraiser member of the
Bahamas Real Estate Association
(BREA), an international member of
National Association of Realtors (NAR)
and a member of the National Associa-
tion of Real Estate Appraisers.
In addition to the many positions he
holds, Mr Carey has also obtained the
following international accreditations:
Certified International Property Spe-
cialist (CIPS), Certified Residential Spe-
cialist (CRS) and Certified Luxury Home
Marketing Specialist (CLHMS).


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FREEPORT- NASSAU-

FREEPORT


DAILY SERVICE


STARTING

Thursday, May 1st o \



Equipment: SAAB340 33 seats with in flight service

DAILY FLIGHT SCHEDULE

Freeport to Nassau:
Fit# Departs Arrives Equip. Freq.
501 7:00 am 7:40 am SAAB340 Daily
503 12:00 pm 12:40 pm SAAB340 Daily
505 6:00 pm 6:40 pm SAAB340 Daily
Nassau to Freeport:
Ft# Departs Arrives Equip. Freq.
502 7:55 am 8:35 am SAAB340 Daily
504 12:55 pm 1:35 pm SAAB340 Daily
506 7:05 pm 7:45 pm SAAB340 Daily

For reservations: (Freeport) Regional Air at (242) 351-5614/352-7121 or 352-7969
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Flights Operated By /Bahamas




POSITION AVAILABLE

OFFICE SUPERVISOR
INSURANCE AGENTS & BROKERS

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

Responsibilities:
Co-ordinate work flow in all areas of Company
Compile and reconcile receivables and payables for the Company
Generate reports for all business accounts
Co-ordinate business activity between Brokerage and Insurance firm(s)
Prepare commission reports for sub-agents
Maintain administration system and database for all product lines
Manage business flow between all contracted business partners
Assist with training of all administrative personnel and sub-agents
Report to General Manager

Core Competencies:
Ability to work with limited supervision and maintain a harmonious work environment
.* Excellent oral and written communication skills
Ability to execute duties with accuracy and proficiency
Demonstrate a keen eye for details
Ability to work under pressure and follow company guidelines
Demonstrate imitative
Ability to maintain confidentiality
Possess strong leadership skills and readily accept challenges

Required Qualifications:
Bachelors Degree in Business / Accounting or related field or equivalent work experience. '
3+ years experience in a similar position
Excellent computer skills and proficiency in Excel required
Insurance experience with a strong background in General and Life / Health Insurance a must.
Diploma In General Insurance or pursuing the ACII a plus


N4AD
Nassau Airport
Development Company



REQUEST

FOR PROPOSALS

IT CONSULTANT DESIGN & CONSTRUCTION'
ADMINISTRATION SERVICES

NASSAU AIRPORT DEVELOPMENT COMPANY LPIA -
EXPANSION PROJECT
Request for proposal D-107 IT consultant- design & construction administration
services.
NAD is seeking IT design and construction administration services from
qualified IT Consultants for the LPIA Expansion Project. The scope of work
includes:
Meeting with all stakeholders and preparing a design requirement
report;
S Preparing technical specifications and drawings for the IT component of
the Project;
Providing administrative and inspection services during construction;
and
System commissioning and training.
Qualifications:
S Consultant should be familiar with Airport Operations Database Systems
(AODB) and the integration of security systems, FIDS / BIDS, baggage
control and monitoring, fire and alarm, access control, CCTV and
building systems monitoring;
Good communication, reporting and tracking procedures; and
S A design quality control program.


RFP packages can be picked up between
May 7th 23rd, 2008 at
The Lynden Pindling International Airport
SNassau Airport Development Company,
Terminal 1, Concourse 2nd Floor,
PO Box AP-S5929
Nassau, Bahamas
Contact N.Xoa ray at 377.-pi






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.


Benefits:
Salary commensurate with current salary scales, skills and experience. Attractive benefit package including Life, Health and
Pension.
Submit Resume to the Human Resources Department
P.O.Box N-4815, Nassau Bahama 42 361-2525 or via email
dlparker@live.com


Bramer General
G N S U R A N C E AG E N C Y I T D.


Salary package commensurate with experience,
but ABOVE INDUSTRY STANDARD



Send resume to:
employee.opp@gmail.com


THE TRIBUNE


PAGE 2B, WEDNESDAY, MAY 7, 2008









THE TRIBUNE WEDNESDAY, MAY 7,2008, PAGE 3B


More than 20 per cent of Mortgage Corp borrowers in arrears


MORE than one in five, or
20 per cent, of Bahamas Mort-
gage Corporation loans are in
arrears, it has been confirmed,
as the organisation moves to
go after delinquent borrowers.
Jerome Godfrey, its manag-
ing director, said an advertising
campaign, which began prior to
the Christmas season, encour-
aged persons to come in, dis-
cuss and arrange a programme
to update their mortgage
arrears in a timely manner.


He said: "Whereas this ini-
tiative has had a marginal
degree of success, many of our
mortgagors have not taken
advantage of the opportunity."
Mr Godfrey said the Corpo-
ration had approved 6,500
loans to Bahamians in its 25
years of existence, and the val-
ue of these loans has been in
excess of $346.9 million.
However, many borrowers
did not meet their "obligations
and or fiduciary responsibili-


ty", as was agreed under the
terms of their mortgages.
"This has become a concern
for the Corporation because
the ratio of our loans in arrears
presently stands at 22.43 per
cent of the total portfolio," Mr
Godfrey said.
"This ratio is too high, and
despite our efforts to cause our
Bahamian borrowers to meet
their mortgage obligations, we
have discovered that priority
for repayment of their mort-


Over 10 per cent of mortgages in arrears at 2007 year-end


SBy CARA BRENNEN-
BETHEL
Tribune Business
Reporter

BAHAMIAN banking insti-
tutions reported a deteriora-
tion in credit and asset quality
during the 2007 fourth quar-
ter, a further indication of the
economic challenges facing.
this nation amid signs that
more people were struggling
to repay loans.
A Central Bank review
indicated that the total arrears
rate for loans with payments of
30 days or more past due rose,
on a quarterly and annual
basis respectively, by 0.7 and
1.8 percentage points to 9.4
percent of all outstanding pri-
vate loans.
The report further revealed
that in terms of major compo-
nents, the arrears rate on
mortgages strengthened to
10.4 per cent of outstanding

PORT, from 1B

constitution of GBPA, it can-
not directly appoint a chair-
man and someone appointed
chairman is not thereby invest-
ed with a casting vote," IDC's
skeleton arguments alleged.
As a result, it will seek clar-
ification from Justice Adder-
ley today.
Seashells Investments, the
vehicle that holds a 50 per cent
GBPA and Port Group stake
through its 50 per cent IDC
interest on behalf of the Hay-
ward family trust, has backed
Mr Stubbs strongly for the


loans at year-end, compared
to 8.9 per cent at the end of
September 2007, and 7.2 per
cent for the 2006 year-end.
However, commercial loan
delinquency rates moderated
by 1.3 per cent to 9.2 per cent,
although that figure exceeded
the 8.1 per cent recorded a
year earlier.
The Central Bank indicated
that the arrears rate for con-
sumer loans detoriated by 0.5
per cent on a quarterly basis,
and by 0.3 per cent on an
annual basis, to 8.3 per cent of
outstanding private loans.
Additionally, non-perform-
ing loans those in arrears for
90 days increased to 4.5 per
cent of outstanding bank
claims, compared to 4.3 per
cent at end-September 2007
and 4.2 per cent at end-
December 2006.
To accommodate this local
banks increased their loan loss
provisions by $5.1 million to

independent chairman role.
A March 27, 2008, letter
from Seashells' attorney, Brian
Moree, senior partner at McK-
inney, Bancroft & Hughes,
said: "Mr Stubbs is a successful
Bahamian businessman who is
widely respected throughout
the community. In our client's
view, he possesses the integri-
ty, skills and temperament to
discharge the duties of an inde-
pendent chairman.
"Given his antecedents, our
client is confident that the
appointment of Mr Stubbs
would send a powerful mes-
sage to both the national and
international community that


$120.6 million or 2.2 per cent
of total loans. This was up
from 2.1 per cent in the previ-
ous quarter although below
the 2.3 per cent recorded at
the end of December 2006.
The Central Bank report
added that the ratio of provi-
sions to total non-performing
loans decreased to 48 per cent,
in the previous quarter, and
54.7 per cent a year earlier,
which was in line with the hike
in non-performing loans.
It further revealed that dur-
ing the third quarter of 2007,
banking sector net income
grew by an estimated $5.6 mil-
lion or .7.8 per cent to $76.7
million, which was relative to
the same period in 2006.
This primarily reflected an
8.8 per cent rise in the interest
margin to $114 million, as
higher loan interest rates and
increased credit levels sup-
ported a 15.2 per cent advance
in interest income.

the interested parties are seri-
ously committed to resolving
their disputes and moving on
to develop the business in
Freeport."
Yet a letter from the St
George estate's attorney, Cal-
lender's & Co partner Fred
Smith, said: "We understand
that it has been proposed that
Mr Erik Christiansen be
appointed to the Board of
Directors of GBPA and Port
Group Ltd as interim chair-
man and independent tie-
breaker in compliance with the
order of Justice Adderley. Our
clients are happy with that pro-
posal."


gage at The Bahamas Mort-
gage Corporation is not what it
ought to be.
"These obligations appear
to be relegated very low on
their list of priorities, and most
definitely second to consumer
loans by other banks, financial.
institutions, travel opportuni-
ties and even furniture com-
panies."
As a result, Mr Godfrey
promised tougher measures
are ahead by the Corporation,
and these measures can result
in foreclosure on the borrow-
ers' property.
He said: "However, before
that time comes, the Corpora-
tion is again reaching out to


persons with mortgage loans
in arrears to come into our
loan administration depart-
ment here in Nassau, Abaco
and Freeport to update their
delinquent mortgages.
"Over the next few months,
we will be issuing letters to
delinquent borrowers giving
them deadlines to come in to
the Corporation to update
their account."
Mr Godfrey said failure to
do so will result in the Corpo-
ration beginning the process
to realise its security under the
mortgage. I
"In short, we will proceed to
foreclosure of the property and
ultimate eviction of the occu-


pants from the premises," he
said.
"This is not the way we
would prefer to go, as the Cor-
poration is not in the business
of selling properties. Howev-
er, there comes a time when
the Corporation must take a
'get tough' attitude and that
time is now.
"We are cognisant of the
predictions of marginalised
growth in our economy in the
months ahead, and therefore
feel that this effort now to
encourage borrowers to fix
what is wrong will act as a
hedge if our borrowers were
to be effected by such margin-
alisation of our economy."


Please be advised that Ms. Kiesha Davis is
no longer an employee of Security & General
Insurance Company Limited, and is not
authorized to conduct any business transaction
on the company's behalf.




Management of Security & General Insurance
Company Limited





Leading International Financial Institution

is presently considering applications for

CHIEF FINANCIAL OFFICER AND 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 monitor Assets under Management (AUM), Net New Assets (NNA) & Client
Profitability (TOI);
Ensure that accounting treatment for new products are implemented in a controlled
manner and execute implementation review with IT, Operations and Accounting;
Co-ordinate and liaise With other CS Group departments and functions including
Treasury, Tax, Product Control and Accounting Policy. Group.
Management of all Financial Accounting aspects of local and Group related
projects.
Identify potential risks and suggest improvements regarding controls, systems in
use and business management;
Ensuring compliance with SOX requirements for entities within scope;
Chairman of Bahamas Finance Committee;
Co-ordinate and chair governance meetings with executives from other business
divisions
Responsible for preparing and monitoring budgets and expenses for legal entity,
overseeing payables and receivables;
Managing Financial Accounting department (staff) of legal entity;
Managing relationship with Auditors & Regulators
Ensure accurate and timely delivery of consolidated Central Bank reporting
Providing overall leadership, direction & control to the finance function in the
Bahamas
Requirements:
Prior experience as senior manager in large international banking environment;
Strong Product Control or Financial Accounting background required;
Good working knowledge of US GAAP, Swiss GAAP and IFRS;
Good understanding of Private Banking, Investment Banking and Asset
Management Business; ideally demonstrated by prior work experience;
Sound technical product knowledge of structured products and derivatives and
their related financial accounting treatment;
MBA / MS (Finance), CPA, CA or equivalent;
Effective communicator and hands-on and proactive approach;
Strong analytical and organisational skills and good sense of control;
Demonstrated management / leadership skills;
Good IT skills are essential
Knowledge of Globus, PeopleSoft Financials and Essbase would be an asset
Experience:
7-10 years of hands-on accounting work experience in an International
Banking environment;
7-10 years of senior management experience
Personal Qualities:
Excellent administrative, organizational, leadership and communication skills
A commitment to service excellence
Ability to meet deadlines with minimum supervision
Ability to work in a team environment
Benefits provided include:
Competitive salary and performance bonus
Pension Plan
Health and Life Insurance
APPLICATIONS MUST BE IN WRITING. Persons not meeting the


minimum requirements need not ap e calls will not be


accepted.
Applications should be submitted to:
Human Resources Department
P.O. Box N-4835
Nassau, Bahamas
or via facsimile: 356-8148


DEADLINE FOR RECEIPT OF APPILICATIIONS IS: 16" May, 2008


Security & General
INSURANCE


To Our Valued Clients


POSITION AVAILABLE


ADMINISTRATOR

INSURANCE AGENTS & BROKERS

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

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

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

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



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

Submit Resume to the Human Resources Department
P.O.Box N-4815, Nassau Bahamwn 42 361-2525 or via email
dlparker@live.com







Bramer General
INSURANCE AGENCY L T D,


I


I~L-*i


?


WEDNESDAY, MAY 7, 2008, PAGE 3B


THE TRIBUNE


BUSINESS






I--- q---.:


"I get a better sense of what
is happening in The Bahamas
from reading the Tribune.
Where other, daily
newspapers fall short, the
Tribune delivers. I'm
confident knowing The
Tribune looks out for my
interests. The Tribune is
my newspaper.


NELSON JOHNSON
TAXI DRIVER


S'a


The Tribune


C"IBP*OPI~BUII Mi%


~-~IIPIC-^IIIIIIII


IIC-- .------I I III L II II I I I I-I _


PAGE 4B, WEDNESDAY, MAY 7, 2008


THE TRIBUNE


~~-i
b~a


)








THE TRIBUNE


~~~~~~I ~ ~%aS, S~ S ~V 1I L-


Abaco tourist arrivals up 20 per cent


* By CARA BRENNEN-BETHEL
Tribune Business Reporter

ABACO has experienced a 20 per
cent increase in tourist visitor arrivals
during the first two months of 2008,
the Prime Minister said, despite con-
cerns tourism officials harbour that
this year will experience a slowdown.
Statistics indicate that last year,
Abaco welcomed some 110,738
stopover visitors. By the end of Feb-
ruary 2008, air and sea arrivals in
Abaco were up by 20 per cent over
the same period last year 39,207 vis-
itors as compared with 32,686.


According to the Prime Minister,
with the expansion of timeshare and
fractional ownership products in Aba-
co's tourism inventory, the number
of repeat visitors is likely to increase;
particular with the bonus of second
home owners.
"This bodes well for employment
and business," he said. "This island
has become a major tourism destina-
tion in the Bahamas and one of the
most popular destinations for yachts-
men the world over."
Speaking to the Abaco Chamber
of Commerce, the Prime Minister said
Bahamas Investment Authority sta-


tistics for the past year reflect
approvals for the sale of real proper-
ty in Abaco, involving foreign sellers
and purchasers, valued at more than
$91 million, including $3.5 million in
inherited property.
"Approvals granted for the sale of
Bahamian-owned real estate to inter-
national persons during the same peri-
od had a value of some $34 million,"
Mr Ingraham added.
Additionally, Mr Ingraham noted
that according to recent Central Bank
reports, actual net investment flows to
the Abaco economy totalled $107.86
million in 2007, with capital transfers


among non-resident investors of
approximately $36.66 million.
"You are the third most populous
island, and the third largest economy
in the Bahamas after New Providence
and Grand Bahama. The strength of
your economy is transforming you
into an economic and employment
centre. And so, just as Abaconians in
earlier years sought economic oppor-
tunity on other islands of the
Bahamas, today Bahamians from oth-
er islands are moving to Abaco," Mr
Ingraham said.
The Prime Minister assured resi-
dents of his government's commit-


ment to ensuring that development
in Abaco was suited to the island's
capacity, that it was sustainable, and
that it will benefit the people of Aba-
co and the people of the wider
Bahamas.
"For all these reasons, the Govern-
ment is engaged in planning, improv-
ing and upgrading public infrastruc-
ture to meet the needs and demands
of a growing Abaco. And the Gov-
ernment is committed to facilitating
desirable investment, so as to expand
both employment and business oppor-
tunities for larger numbers of
Bahamians," he pledged.


Port executive 'instructed' not to file annual returns


FROM page 1B
been sold.
Ms Gow's affidavit also rais-
es more questions that answers
when it comes to the ultimate
fate of the Government's 7.5
per cent GBPA stake, and
where the proceeds from any
sale ended up.
In the document, Ms Gow
said he regularly asked Willie
Moss, the GBPA's former in-
house counsel and later presi-
dent, whether an annual gen-
eral meeting (AGM) notice
should be sent to the Treasur-
er of the Bahamas as a regis-
tered 7.5 per cent sharehold-
er.
"Each year I was told by Mrs
Moss that the Government's
shares may have been pur-
chased back by the company,
and that I should therefore
await for Mr St George's
approval before filing the
annual returns," Ms Gow
alleged.
"I was never given approval,
and although I continued to
prepare the annual returns, I
did not file them and they
merely accumulated for those
10 years."
She added: "I should state
here that I was very concerned
when I retired in 2005 that
GBPA might be struck off the
Companies Register because
no annual returns had been
filed for it for 10 years, but I
continued to be instructed not
to file the returns. However,
the annual fees were paid
every year in a timely man-
ner."
Such revelations raise ques-
tions about why the Registrar
of Companies, who is really
the Registrar General, did not
take action against the GBPA
by striking it off the register
for non-filing of returns.
Other major concerns would
be the reasons for the GBPA
not filing its annual returns on
time.
The mystery over the 7.5 per


cent GBPA stake previously
held by the Government also
deepens, as Ms Gow alleged
that her search of the compa-
ny's corporate files produced
no evidence that the GBPA
had re-purchased the shares
from the Government.
She said: "Given Mrs Moss's
indications that the Govern-
ment's shares may have been
purchased back by the compa-
ny, I searched GBPA's corpo-
rate files several times to deter-
mine whether or not the
Bahamas government contin-
ued to own shares in the
GBPA.
"I was instructed by Mrs
Moss to look for evidence that
the shares had been bought
back by the company, but I
could find nothing. I found the
share certificate, but I did not
find any documentation to
indicate that the shares had
been bought back from the
Government by GBPA or any-
one else."
Ms Gow alleged that Sir
Jack Hayward did not know
the annual returns for 1995-
2005 were not filed, as he
would have left that and the
GBPA's day-to-day manage-
ment to Mr St George.
If the annual returns for that
period were filed, Ms Gow said
it would have had to happen
in a "mass filing". This is exact-
ly what The Tribune under-
stands to have happened.
The Gow affidavit tallies
with what this newspaper
understands to have happened
to the Government's 7.5 per
cent GBPA stake, which was
said to have been re-acquired
by the Port in the early 1980s
for $8 million.
The Tribune was told that
rather than go to the Govern-
ment, the sale proceeds were
instead paid to a "third party".
To disguise where the money
had gone, especially as a Par-
liamentary resolution to dis-
pose of the GBPA stake was


NOTICE
NOTICE is hereby given that DIEULA PETIT-BEAU of
CARMICHEAL ROAD, NASSAU, BAHAMAS is applying
to the Minister responsible for Nationality and Citizenship,
for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason
why registration/ naturalization should not be granted,
should send a written and signed statement of the facts
within twenty-eight days from the 7th day of May 2008 to
the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau,.Bahamas.



NOTICE
NOTICE is hereby given that RONELL VILBURN of
GOLDEN ISLE OFF CARMICHAEL ROAD, P.O. BOX
SS-6156, NASSAU, BAHAMAS is applying to the
Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas,
and that any person who knows any reason why
registration/ naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 30th day of April 2008 to
the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.


NOTICE
NOTICE is hereby given that MARIE VIRTA ALTIME of
18621 NW 8TH RD, MIAMI FL., 33169 is applying to
the Minister responsible for Nationality and Citizenship,
for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason
why registration/ naturalization should not be granted,
should send a written and signed statement of the facts
within twenty-eight days from the 6th day of May 2008 to
the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.



NOTICE
NOTICE is hereby given that DONNEL ST. VIL of
BALLS ALLEY, NASSAU, BAHAMAS is applying to the
Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas,
and that any person who knows any reason why
registration/ naturalization should not be granted, should
send a written and signed statement of the facts within
twenty-eight days from the 30th day of April 2008 to
the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.


never passed, the annual
returns were never filed but
still reflected the Treasurer as
7.5 per cent owner.
Other media reports recent-
ly alleged that the Government
effectively pledged the GBPA
stake to Royal Bank of Cana-
da to cover an overdraft it had
built up in the late 1960s-early
1970s. The Government acted
as nominee, with the shares
still in its name, but Royal
Bank was the ultimate benefi-
ciary, receiving any dividend
payments that came out of the
Port Authority and applying
them to the overdraft.
That explanation, although
seemingly a step along the
road to uncovering the fate of
the Government's 7.5 per cent,
appears to be too simplistic.
For starters, it does not explain
the mystery and secrecy that
surrounds the fate of these
shares, the absence of any cor-
porate records detailing the
transaction trail inside the
GBPA or the Government,
and the inability of past and
existing government ministers
to explain what happened.
And why no Parliamentary
resolution? Why were no
Instructions given for the
GBPA annual returns to be
filed on time? Why were there
no records showing the GBPA
as having re-purchased the
shares?
The 7.5 per cent GBPA
stake's fate is important,
because it is an asset that, at
one point, was owned by the
Bahamian people held on
trust for them by the Govern-
ment. Any dividends, not to
mention the sales proceeds,
were supposed to go to the
Bahamian people's benefit.
At a press conference held in
Abaco last Friday, Prime Min-
ister Hubert Ingraham said:
"The Government of the
Bahamas owned 7.5 per cent
of the shares in the Grand
Bahama Port Authority. Up to
about the year 1980, it was
clear that government contin-
ued to act as though it owned
those shares.


"The Government contin-
ued to appoint directors and
continued to appoint proxies
to represent it at shareholders
meetings. The company con-
tinued to put in the public
record and in its internal
record that the Government
owned 7.5 per cent of the Port
Authority.
"The Government, for some
reason, discontinued sometime
between 1980 and 1982, acting
as though it owned any shares.
"It is believed that the Gov-
ernment sold the shares. There
is a mystery about how that
sale may have taken place. The
Government is not now assert-
ing its right to the ownership of
the shares. But the government
has said in court that it is the
'owner of record' of 7.5 per
cent of the shares of the Grand
Bahama Port Authority."


16 BahamaSundEuma
iii II~ I~IS~Call s ): III


327-8026


ore ~


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Security & General
INSURANCE


To Our Valued Clients



Please be advised that Mrs. Shanria Cooper is
no longer an employee of Security & General
Insurance Company Limited, and is -not
authorized to conduct any business transaction
on the company's behalf.




Management of Security & General Insurance
Company Limited


~









PAGE 6B, WEDNESDAY, MAY 7, 2008


THE TRIBUNE


Bahamas Film Studios deal could





hinge on government talks


FROM page 1B


chief executive of the Nassau-
based Montaque Group, said
he and his Bahamas FilmIn-
vest International partners
were still awaiting clarification
from the Government as to its
intentions towards the
Bahamas Film Studios, given
that Prime Minister Hubert
Ingraham had stated publicly
that it planned to repossess the
3,500-acre site.
With the Prime Minister


having said the Government
wanted to meet with the
Bahamas Film Studios' own-
ers, Mr Bethel said he and his
group would "have to wait and
see" what those discussions
produced, and whether. they
resulted in any implications for
the sales agreement Bahamas
FilmInvest has struck in prin-
ciple.
"We look forward to discus-
sions with the Government,
with regard to what steps they
wish to take. I gather he [the
Prime Minister] is going to


NOTICE
NOTICE is hereby given that NIXON ANESTOR of
COWPEN ROAD, NASSAU, BAHAMAS is applying to
the Minister responsible for Nationality and Citizenship,
for registration/naturalization as a citizen of The
Bahamas, and that any person who knows any reason
why registration/ naturalization should not be granted,
should send a written and signed statement of the facts
within twenty-eight days from the 30th day of April 2008
to the Minister responsible for Nationality and Citizenship,
P.O.Box N- 7147, Nassau, Bahamas.




N.C.S

Nassau Courier Service & Purchasing Agent
"Hi Move Cargo"
Servicing the Family Island for over ten years!
We do Pick-ups from all your Favorite Stores.


Have your orders
shipped to
or dropped of at:
Nassau Courier & Purchasing Agent
850 S.W. 34th Street,
Ft. Lauderdale Zip 33315.
(with yo0r name oryour company's name)

WE SHOP
WHOLESALE!


meet with Mr Fuller," Mr
Bethel told The Tribune.
"We obviously have to wait
and see what these discussions
produce, because at the end of
the day, Ross Fuller has
entered into a contract with us.
I guess it would be contingent
on his dialogue with govern-
ment as to what parts of the
contract are applicable and
appropriate."
Mr Fuller is the Nashville-
based investment banker, from
Stockton, Fuller & Company,
who is chairman of the
Bahamas Film Studios' hold-
ing company, Gold Rock
Creek Enterprises.
"The Government is going
to have some discussions with
them," Mr Ingraham said of
the Bahamas Film Studios
owners last week. "They are
in default on their lease and
have not done the things that
they are supposed to do. The
Government is not minded to
cancel the arrangement today,
but we will certainly engage in
discussions with the present
owners and any of the other


persons who are interested,
such as Owen Bethel and
Cedric Scott."
In response, Mr Bethel said
that once the outcome of talks
between Mr Fuller and the
Government became clear,
"then we would have to under-
stand what the Government
wishes in regard to the various
components of the project and
the property.
"We have requested clarifi-
cation from the Government
in regards to their position on
the property as a result of the
previous public statements by
the Prime Minister. We are
awaiting that response from
the Government."
Mr Ingraham had previously
told the House of Assembly
that the Government planned
to repossess the Bahamas Film
Studios site, which is located
on the former US Air Force
Missile Base site in Grand
Bahama, because Gold Rock
Creek Enterprises had default-
ed on the lease terms. The
entire site is Crown Land.
The Prime Minister has since


Legal Notice
NOTICE

NOTICE IS HEREBY GIVEN as follows:

(a) FRATERNO OVERSEAS LIMITED is in dissolution under the
provisions of the International Business Companies Act 2000.

(b) The Dissolution of said Company commenced on May 6, 2008
when its Articles of Dissolution were submitted and registered by
the Registrar General.

(c) The liquidator of the said company is Lakeisha Collie of 2nd Terrace
West, Centreville, Nassau, Bahamas.

(d) All persons having Claims against the above-named Company are
required on or before the 9th day of June, 2008 to send their names and
addresses and particulars of their debts or claims to the Liquidator of the
company or, in default thereof, they may be excluded from the benefit of
any distribution made before such debts are proved.

MAY 7,2008
LAKEISHACOLLIE :

LIQUIDATOR OF THE ABOVE-NAMED COMPANY





LEGAL NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT
(No.45 of 2000)


COUSTEAU LIMITED.

IBC NO. 100,267 B

Notice is hereby given that in accordance with Section 137
(8) of the International Business Companies Act, No.45 of
2000, the dissolution of COUNSTEAU LIMITED has been
completed,'a Certificae of Dissolution has been issued and the
Company has therefore been struck off the Register. The date
of completion of dissolution was the 21st day of April 2008.




Mr. Nelson Ivan Andrade Apunte
Liquidator


backed away from this posi-
tion slightly, saying the Gov-
ernment would not make any
moves on the Bahamas Film
Studios as long as it was being
used for TV and movie pro-
duction. A German film, Der
Sea Wolf, is currently filming
at the Studios.
Meanwhile, Mr Bethel con-
firmed to The Tribune: "We
are still very much interested in
concluding an arrangement
which sees the continuation of
the Film Studios."
He and the Bahamas
FilmInvest International con-
sortium had concluded an
agreement in principle with Mr
Fuller to acquire the Bahamas
Film Studios for a price slight-
ly less than the.$14 million
offered in a previous deal
between the two sides that fell
apart.
Between $70-$100 million is
thought to be the capital
investment sum necessary to
revitalise the Bahamas Film
Studios and fulfill the project's


initial vision, which included
sound stages, a movie theme
park, resort and related resi-
dential options.
Yet apart from the Govern-
ment, a number of potential
obstacles to Bahamas Filmln-
vest International concluding
the purchase remain.
For instance, it is not known
whether the Supreme Court
injunction obtained by Phoenix
Engineering, blocking the sale
until an alleged unpaid
$300,000 debt for environ-
mental and engineering work
was settled, has been lifted or
modified. There had been
reports that a settlement had
been reached with Mr Fuller,
but this is still uncertain.
In addition, the Bahamas
Film Studios also faces a legal
action mounted by the estate
ofthe late Paul Quigley, one of
the project's three founding
partners, who was claiming a
sum understood to be around
$2 million at the time of his
death.


Successful Candidate will be responsible for overseeing installation projects
throughout the Bahamas & Caribbean. Willing to travel extensively with short
notice. Must have extensive background in Sustainable Development including
Specific Training on Steel SIPConstruction, Structured Wiring Systems, VAWT, etc.
Min. 15 years of construction and design experience with 5 years in project
management is required. An interest or experience in alternative energy,
distributed generation, energy efficiency, and/or green building is a plus.
Proficiency in the "Design and Productivity Suites" including MS Excel, MS Word,
MacroMedia Flash, AutoCAD, Adobe Premier, MacroMedia Generator and
Adobe Premier. Salary Commensurate with experience.
Reply to: P.O.Box EE 15419, Nassau, Bahamas



NOTICE
NOTICE is hereby given that MARIE-LOURDES
MONPREVILLE of FIRE TRAIL ROAD, P.O. BOX
N-7060, NASSAU, BAHAMAS is applying to the
Minister responsible for Nationality and Citizenship,
for ,registration/naturalization. as.., a. citizen of The
Bahamas, and that any person who knows. any reason
why'Tegistration/ naturalization"' should not be granted,
should,' send a' written and' signed sa 6ement of the
facts within twenty-eight days from the 7th day of
May 2008 to the Minister' responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.


NOTICE
NOTICE is hereby given that DIEUNETTE PETIT-BEAU
of CARMICHEAL ROAD, NASSAU, BAHAMAS is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen
of The Bahamas, and that any person who knows any
reason why registration/ naturalization should not be
granted, should send a written and signed statement of
the facts within twenty-eight days from the 7th day of
May 2008 to the Minister responsible for Nationality and
Citizenship, P.O.Box N- 7147, Nassau, Bahamas.



NOTICE

IN THE ESTATE OF FREDERICK
GEORGE HERMAN YOUNG, Late of
The Cottage Estate, Little Exuma,
Bahamas.

NOTICE is hereby given that all persons having
any claim or demand against the above Estate
are required to send the same duly certified in
writing to the undersigned before the Closing
Date after which the Trustee will proceed to
distribute the assets having regard only to the
claims of which he shall then have had notice.
Beneficiaries are to forward by fax or email the
following information:
1) Name of beneficiary.
2) The beneficiary's Fractional Share.
3) The amount of Legal Expenses incurred in
obtaining Order For Sale.
4) Where the beneficiary is not a party named in
the Second Schedule of the 1967 Settlement, a
probate document (resealed if foreign) and
photocopy of passport.
5) Payment instructions.

The Trustee reserves the right to reject any claim
made after the 9th June, 2008 Closing Date.

The Trustee of The Cottage Estate,
Little Exuma
c/o JOSEPH C. LEDEE
Chambers
Suite No. 6, Grosvenor Close
Shirley Street
P. 0. Box N-8887
Nassau, Bahamas.
Telephone/Fax No. 1-242-325-3758
Email: j.ledee@yahoo.com


Legal Notice

NOTICE
NOTICE ISHEREBY GIVEN as follows:

(a) HIMA HOLDINGS LIMITED is in dissolution under the provisions
of the International Business Companies Act 2000.

(b) The Dissolution of said Company commenced on May 6, 2008 when
its Articles of Dissolution were submitted and registered by the Registrar
General.

(c) The Liquidator of the said company is Shakira Burrows of 2nd Terrace
West, Centreville, Nassau, Bahamas.

(d) All persons having Claims against the above-named Company are
required on or before the 17th day of June, 2008 to send their names and
addresses and particulars of their debts or claims to the Liquidator of the
company or, in default thereof, they may be excluded from the benefit of
any distribution made before such debts are proved.

May 7, 2008
SHAKIRA BURROWS

LIQUIDATOR OF THE ABOVE-NAMED COMPANY


NIH 5j ROYAL 4 FIDELITY TC o
CFA L'"
BIBX LISTED & TRADED SECURITIES AS OF:.
TUESDAY, 6 MAY 2008 ;
BISX ALL SHARE INDEX: A CLOSE 1,934.51 I CHG 1.77 | %CHG 0.09 1 YTD 132.24 ~c'e 14 4 -8 l ,
FINDEX: CCLOSE 902.33 I YTD% -5.22%.| 2007 28:29% -
WWW. IISXBAHAMA.S.COM FOR MORE DATA & INFORMATION '.": .. '.
2d'nK.l-h -.52ArLo ___ Securitl Previous CLose T oay's Close Change Daily Vol EPS Div S PE Yield
1 9 1 18 oac P.larsels 1 9 195 000 0135 0000 14 3 000%.
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 9.61 9.61 0.00 0.643 0.160 14.9 2.71%
0.99 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 0.055 0.040 43.5 1.67%
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 2,280 0.091 0.040 31.5 1.39%
8.50 4.75 Commonwealth Bank (S1) 7.10 7.09 -0.01 7,000 0.440 0.290 16.1 4.09%
7.22 3.60 Consolidated Water BDRs 4.61 4.57 -0.04 0.157 0.052 29.4 1.13%
3.00 2.20 Doctor's Hospital 3.00 3.00 0.00 0.316 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 1,000 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 5.45 0.13 5,500 0.386 0.140 14.1 2.57%
1.00 0.50 Freeport Concrete 0.50 0.50 0.00 0.035 0.000 14.3 0.00%
8.00 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 0.00 600 1.059 0.620 11.6 5.04%
10.00 10-00 Premier Real Estate 10.00 1000 000 0 180 0600 556 6.00%
Fidelity Ovtr-The-Counler Securities ;''- ., .:.t..i '"r,:'-..'
52A.H, O.SL... Ss mci _o Sn Bid 8k 4,n .5 Laul Price .Rekl .1 ol EPS S DV 5B P.E Yield
1-1 6, 1a 25 Bar.amaa Supermarlkels 14 60 15 60 14 60 I 160 0 900 134 6 16- ,
8.00 6.00 Caribbean Crossings (Pref) 6.00 6.25 6.00 0.000 0.480 NM 7.80%
5.- 0 20 RND Holdings 0 -5 0 -10 0 .5 -0 023 0 000 NM 000%
Colina Over-The-Counler SecurlUes "- ,v...-" -. "
41.00 41.00 ABDAB 41.00 43.00 41.00 4.450 2.750 9.0 670%
14.60 14.00 Bahamas Supermarkets 14.60 15.60 14.00 1.160 0.900 13.4 6.16%
0 55 140 RND Holaings 0 45 0 55 045 -0 023 0 000 NM 000%
BISX USted Mutual Funds .. '- ''4 '" ':.
"2* ,l-Hi '2r- K.L.:, Fund Name NA'.' VT Lasl 12 r.I.Mnths D. Yield-,
1.3081 1.2443 Collna Bond Fund 1.308126"" 1.25% 5.61%
3.0008 2.6629 Colina MSI Preferred Fund 2.996573*** -0.14% 13.11%
1.3875 1.2847 Collna Money Market Fund 1.387505"- 0.90% 3.87%
3.7969 3.2018 Fidelity Bahamas G & I Fund 3.7011"" -2.52% 17.78%
12.1010 11.5519 Fidelity Prime income Fund 12.1010" 1.40% 5.72%
100.0000 100.0000 CFAL Global Bond Fund 100.00"
100.0000 100.0000 CFAL Global Equity Fund 100.00"
1.0000 1.0000 CFAL High Grade Bond Fund 1.00"
10 5.00J.j -Ejd FlOelily ir.terlr.alioGral Ir..estmenr. Funa 9 6-iJc." 2. :. -8 ;:;
Market Terms NA.V.-lld '." t, :. ,
BISX ALL SHARE INDEX 19 Dec 02 = 1,000.00 YIELD last 12 month dividends divided by closing price 29 February 2008
52wk-Hi Highest closing price In lest 52 weeks Bid $ Buying price of Colina and Fidelity 31 December 2007
52wk-Low Lowest closing price in last 52 weeks Ask S Selling price of Colina and fidelity 11 April 2008
Previous Close Previous day's weighted price for daily volume Last Price Last traded over-the-counter price ." 31 March 2008
Today's Close Current day's weighted price for dally volume Weekly Vol. Trading volume of the prior week
Change Change in closing price from day to day EPS S A company's reported earnings per share for the lest 12 mths
Daily Vol Number of total shares traded today NAV Net Asset Value
DIV $ Dividends per share paid in the last 12 months N/M Not Meaningful
P/E Closing price divided by the last 12 month earnings FINDEX The Fidelity Bahamas Stock Index. January 1 1994 = 100
(S) 4-for-1 Stock Split Effective Date 8/182007
TO TRADECALL CPFL. 242 5D2-?q10 I FIDELITY a471.34.7764 I FO CAPITAL MARKETS 24.395-4000BB FOR MQE QATA a IN MT4 ALs hJPiOi








WEDNESDAY, MAY 7, 2008, PAGE 7B


DARTLEYBANK AND TRUST LIMITED

CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 2007
(Expressed in United States dollars)


ASSETS
Cash and due from banks and brokers (Note 15)
Investments (Notes 5 and 15)
Derivative related amounts (Note 13)
Loans and overdrafts (Notes 6, 11 and 15)
Prepayments and other assets (Notes 7 and 11)
TOTAL

LIABILITIES AND EQUITY
LIABILITIES:
Deposits(Notes 8, 11 and 15)
Due to brokers (Notes 9 and 15)
Dividends payable (Notes 10 and I1)
Accounts payable and accrued liabilities (Note 11)
Total liabilities
EQUITY:
Share capital: Authorized, issued and
fully paid, 4,000 shares of $1,000 each
Contributed capital
Retained earnings
Total equity
TOTAL

See notes to consolidated balance sheet.


$ 13,773,261
6,738,963
3,200
13,163,601
109.160
$ 33,788,185


2006

S 13,406,212
13,563,682
4,146
8,427,744
61,203
S 35,462,987


$ 12,349,697 $ 11,912,138
4,973,545 2,849,150
4,400,000
233,448 57.700
17,556,690 19,218,988


4,000,000 4,000,000
10,000,000 10,000,000
2,231,495 2.243,999
16,231,495 16,243,999
S 33,788.185 S 35.462.987


The consolidated balance sheet was approved by the Board of Directors on April 4, 2008 and is
sign on its behalf



Dnirt Director


NOTES TO CONSOLIDATED BALANCE SHEET
DECEMBER 31, 2007
(Expressed in United States dollars)


1. GENERAL


Dartley Bank and Trust Limited (the "Bank") was incorporated in the Commonwealth of The
Bahamas on October 27, 1992 to engage in banking activities. In March 1994 the Bank's
licence was upgraded from a restricted to an unrestricted licence. In February 1996 the Bank
was granted a trust licence and accordingly adopted the name Dartley Bank and Trust Limited.
The Bank's current line of business involves accepting and placing deposits, loans and trading
in marketable securities with members of the international community. The Bank is owned
74% by Ourinvest. Holdings Ltd., 25% by Ourinvest Participations (Bahamas) Ltd., both
incorporated in The Bahamas, and 1% by the Managing Director.

During 2002, the Bank established Inversiones Fillicox SA, a wholly-owned subsidiary, in
Uruguay. The company is incorporated as a "SAFI" under the Uruguayan legislation and its
principal activity is the facilitation of fiduciary loans. In 2004, the Board of Directors agreed
to acquire a leasing company, Dartley Leasing Company, Inc., as a wholly-owned subsidiary
and received Central Bank's approval for the acquisition. The Bank registered the leasing
company in The Bahamas on January 26, 2005.

The registered office of the Bank. is located at the SG Hambros Bank & Trust Building, Suite
A, First Floor, West Bay Street, Nassau, Bahamas.

The number of persons employed by the Bank as of December 31, 2007 was 5 (2006: 6).


2. ADOPTION OF NEW INTERNATIONAL FINANCIAL REPORTING STANDARDS
(IFRSs) AND INTERNATIONAL ACCOUNTING STANDARDS (lASs)

Standards and Interpretations effective in the current period


: Inthe currentyear, the Bank has adopted IFRS 7 Financial Instruments: Disclosures which is
Seffectie for annual, reporting periods .bginninng:-on r after January i, 2007, and the
consequential arendrpents to. AS. 1 :Presentation pfFinancial Statements.


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 Bank's financial
instruments and management of capital.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies.applied in the preparation of the consolidated balance sheet
are set out below. These policies have been consistently applied to all the years presented.

The following is a summary of the significant accounting policies:

a. Basis of presentation These consolidated balance sheet has been prepared in
accordance with International Financial Reporting Standards ("IFRS"). The preparation
of consolidated balance shdet 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 Bank's accounting policies. These estimates, judgments and
assumptions may affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the consolidated balance sheet. Actual
results could differ from those estimates. The areas involving a higher degree of
judgment or complexity, or areas where assumptions and estimates are significant to the
consolidated balance sheet, are disclosed in Note 4.

b. Principles of consolidation The consolidated balance sheet includes the balance sheet
of the Bank and its subsidiaries. Intercompany balances and transactions have been
Eliminated on consolidation.

c. Investments Investments are recognized on a settlement date basis and are initially
measured at cost.

Investments are classified as either fair value though profit or loss (FVTPL),, held to
*maturity which are measured at amortised cost, or available fbr sale and are measured at
'fair value at subsequent reporting dates. Fair values for quoted securities are based on
quoted market prices. Where securities are unquoted, fair value is determined using
pricing models that incorporate current market and contractual prices of the underlying
instrument.

d. Loans and overdrafts Loans and overdrafts, which include accrued interest, are stated
net of allowance for credit losses.

Loans and overdrafts are classified as impaired when, in management's opinion, there is
no longer reasonable assurance of the timely collection of the full amount of principal or
interest. Wherever a payment is 90 days past due, loans are classified as impaired
unless they are.fully secured and collection efforts are reasonably expected to result in
repayment of debt within 180 days past due. When a loan is identified as impaired, the
accrual of interest is discontinued and any previously accrued but unpaid interest on the
loan is charged to the allowance for credit losses. Impaired loans are returned to
performing status when all amounts, including interest, have been collected, loan
impairment charges have been reversed, and the credit quality has improved such that
timely collection of principal and interest is reasonably assured.

When an impaired loan is identified, the carrying amount of the loan is reduced to its
estimated realizable amount.

e. Allowancefor credit losses The allowance for credit losses is maintained at levels that
management considers adequate to absorb identified credit related losses in the portfolio
as well as losses that have been incurred, but are not yet identifiable as at the balance
sheet date. The allowances which relate to loans and overdrafts are increased by the
provision for credit losses which is charged to income, and decreased by the amount of
write-offs and recoveries. The allowances are determined based on management's
identification and evaluation of problem accounts, estimated probable losses that exist
on the remaining portfolio, and on other factors including the composition and credit
quality of the portfolio and changes in economic conditions. The allowance for credit
losses consists of a general allowance of $515,000.

f. Assets purchased under reverse repurchase agreement and sold under repurchase
agreements The Bank purchases securities under agreements to resell (reverse
repurchase agreements) and sells securities under agreements to repurchase (repurchase
agreements). Reverse repurchase agreements and repurchase agreements are treated as
short-term collateralized lending and borrowing transactions respectively. Reverse
repurchase agreements are recorded on the consolidated balance sheet as "assets
purchased under reverse repurchase agreements" and repurchase agreements are
recorded as "obligations related to repurchase agreements".

Assets pledged as collateral for repurchase agreements are included in investments.


financial liabilities'.

Financial liabilities at FVTPL

Financial liabilities are classified as at FVTPI. where the financial liability is either held
for trading or it is designated as at FVTPL.

A financial liability is classified as held for trading if:

S it has been incurred principally for the purpose of repurchasing in the near future;


* it is a part of an identified pr
together and has a recent


of financial instruments that the Bank manages
n of short-term profit-taking; or


S it is a derivative that is not o,. .ted and effective as a hedging instrument.

A financial liability other than a financial liability held for trading may be designated as
at FVTPL upon initial recognition if:


THE TRIBUNE --


g. Obligations related to securities sold short These amounts represent the Bank's
obligation to deliver securities it sold but did not own at the time of sale.

h. Derivative instruments Derivative instruments are used primarily for trading purposes.
The derivative products used include foreign exchange forwards, options and futures
contracts. The fair value of the derivative instruments are reported on a net basis in
assets or liabilities as derivative related amounts where there is both the legal right and
intent to settle these amounts simultaneously.

i. Translation of foreign currencies All assets and liabilities outstanding on December
31, 2007, have been translated at year-end rates of exchange.

j. Assets under administration No account is taken in the consolidated balance sheet of
assets held or liabilities incurred by the Bank as Custodian, Trustee or Nominee, other
than those assets and liabilities which relate to the banking services provided by the
Bank for their clients.
k. Financial instruments Financial assets and liabilities are recognized in the
consolidated balance sheet when the Bank has become a party to the contractual
provisions of the instruments.

SFinancial assets

Investments are recognized and derecognised on trade date where the purchase or sale of
an investment is under a contract whose terms require delivery of the investment within
the timeframe established by the market concerned, and are initially measured at fair
value, plus transaction costs, except for those financial assets classified as at fair value
through profit or loss, which are initially measured at fair value.

Financial assets are classified into the following specified categories: financial assets 'at
fair value through profit or loss' (FVTPL), 'held-to-maturity' investments, 'available-
for-sale' (AFS) financial assets and 'loans and receivables'.

The classification depends on the nature and purpose of the financial assets and is
determined at the time of initial recognition.

Effective interest method

The effective interest method is a method of calculating the.amortised cost of a financial'
asset and of allocating interest income over the relevant period. The effective interest
rate is the rate that exactly discounts estimated future cash receipts through the expected
life of the financial asset, or, where appropriate, a shorter period.

Income is recognized on an effective interest basis for debt instruments other than those
financial assets designated as at FVTPL.

Financial assets at FVTPL

Financial assets are classified as at FVTPL where the financial asset is either held for
trading or it is designated as at FVTPL.

A financial asset is classified as held for trading if:

it has been acquired principally for the purpose of selling in the near future; or
it is a part of an identified portfolio of financial instruments that the Bank manages
together and has a recent actual pattern of short-term profit-taking; or
it is a derivative that is not designated and effective as a hedging instrument.

A financial asset other than a financial asset held for trading may be designated as at
FVTPL upon initial recognition if:

such designation eliminates or significantly reduces a measurement or recognition
inconsistency that would otherwise arise; or
the financial asset forms part of a group of financial assets or financial liabilities
or both, which is managed and its performance is evaluated on a fair value basis,
in accordance with the Bank's documented risk management or investment
strategy, and information about the grouping is provided internally on that basis;
or
it forms part of a contract containing one or more embedded derivatives, and IAS
'39 Financial Instruments: Recognition and Measurement permits the entire
combined contract (asset or liability) to be designated as at FVTPL.

Held-to-maturity investments : .

Bills of exchange and debentures with fixed or determinable payments and fixed
maturity dates that the Bank has the positive intent and ability to hold to maturity are
classified as held-to-maturity investments. Held-to-maturity investments are recorded at
amortised cost using the effective interest method less any impairment, with revenue
recognized on an effective yield basis.

AFS financial assets

Unlisted shares and listed redeemable notes held by the Bank that are traded in an active
market are classified as being AFS and are stated at fair value. Gains and losses arising-
from changes in fair value are recognized directly in equity in the unrealized gain (loss)
on securities available-for-sale reserve.

Loans and receivables

Trade receivables, loans, and other receivables that have fixed or determinable payments
that are not quoted in an active market are classified as loans and receivables. Loans and
receivables are measured at amortised cost using the effective interest method, less any
impairment. Interest income is recognized by applying the effective interest rate, except
for short-term receivables when the recognition of interest would be immaterial.

Impairment offinancial assets

Financial assets, other than those at FVTPL, are assessed for indicators of impairment at
eacfi balance sheet date. Financial assets are impaired where there is objective evidence
that, as a result of one or more events that occurred after the initial recognition of the
financial asset, the estimated future cash flows of the investment have been impacted.

For unlisted shares classified as AFS, a significant or prolonged decline in the fair value
of the security below its cost is considered to be objective evidence of impairment.

The carrying amount of the financial asset is reduced by the impairment loss directly for
all financial assets with the exception of trade receivables, where the carrying amount is
reduced through the use of an allowance account.
When a trade receivable is considered uncollectible, it is written off against the
allowance account. Subsequent recoveries of amounts previously written off are
credited against the allowance account.

Derecognition offinancial assets

The Bank derecognises a financial asset only when the contractual rights to the cash
flows from the asset expire, or it transfers the financial asset and substantially all the
risks and rewards of ownership of the asset to another entity.

If the Bank neither transfers nor retains substantially all the risks and rewards of
ownership and continues to control the transferred asset, the Bank recognizes its retained
interest in the asset and an associated liability for amounts it may have to pay. If the
Bank retains substantially all the risks and rewards of ownership of a transferred
financial asset, the Bank continues to recognize the financial asset and also recognizes a
collateralised borrowing for the proceeds received.

Financial liabilities

Financial liabilities are classified as either financial liabilities 'at FVTPI.' or 'other


*

- -- r








PAGE 8BWEDNESUAY, MAY I, EUUo


S ---, -----i p I I I


such designation eliminates or significantly reduces a measurement or recognition
inconsistency that would otherwise arise: or
the financial liability forms part of a group of financial assets or financial
liabilities or both, which is managed and its performance is evaluated on a fair
value basis, in accordance with the Bank's documented risk management or
investment strategy, and information about the grouping is provided internally on
that basis; or
it forms part of a contract containing one or more embedded derivatives, and IAS
39 Financial Instruments: Recognition and Measurement permits the entire
combined contract (asset or liability) to be designated as at FVTPL.

Other financial liabilities

Other financial liabilities, including borrowings, are measured at amortised cost using
the effective interest method, with interest expense recognized on an effective yield
basis.

The effective interest method is a method of calculating the amortised cost of a financial
liability and of allocating interest expense over the relevant period. The effective
interest rate is the rate that exactly discounts estimated future cash payments through the
expected life of the financial liability, or, where appropriate, a shorter period.

Derecognition offinancial liabilities

The Bank derecognises financial liabilities when, and only when, the Bank's obligations
are discharged, cancelled or they expire.

Derivative financial instruments

The Bank enters into a variety of derivative financial instruments to manage its exposure
I to foreign exchange rate risk, including foreign exchange forward contracts and non-
deliverable forward contracts.

Further details of derivative financial instruments are disclosed in Note 13.

Derivatives are initially recognized at fair value at the date a derivative contract is
entered into and are subsequently remeasured to their fair value at-each balance sheet
date. The resulting gain or loss is recognized in profit or loss immediately.

Fair value of derivatives and other financial instruments

The management use their judgement in selecting an appropriate valuation technique for
financial instruments not quoted in an active market. Valuation techniques commonly
used by market .practitioners are applied. For derivative financial instruments,
assumptions are made based on quoted market rates adjusted for specific features of the
instrument. Other financial instruments are valued using a discounted cash flow analysis
based on assumptions supported, where possible, by observable market prices or rates.
The estimation of fair value of unlisted shares includes some assumptions not supported
by observable market prices or rates.

The Directors are of the opinion that the fair value of the financial assets and liabilities
of the Bank approximate their carrying value as reported in these consolidated balance
sheet.

1. Cash and cash equivalents Cash and cash equivalents consist of cash and deposits
with banks and brokers.

m. Deposits Deposits are stated at principal plus accrued interest.

n. Related parties Related parties include shareholders, directors and key management
personnel of the Bank along with other companies under common control.


II
4. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION
UNCERTAINTY

Certain amounts included in or affecting the Bank's consolidated balance sheet and related
disclosure must be estimated, requiring the Bank to make assumptions with respect to values or
conditions which cannot be known with certainty at the time the consolidated balance sheet is
prepared. A "critical accounting estimate:' is one which js,bqth important to the portrayal of
the Bank's financial condition and results and requires management's most difficult, subjective
or complex judgments, often as a result of the need to make estimates about the effect of
:.'.matters that are inherently uncertain. The Bank.a aluate, such estimates on ap ongoing basis
based upon historical results and experience, consultation with experts, trends and other
methods considered reasonable in the particular circumstances, as, well as the forecasts as to
how these might change in the future.

a. Impairment The Bank has a moderate sized portfolio of loans and overdrafts of which
over 80% is collateralized. These assets are tested for impairment when circumstances
indicate there may be a potential impairment. Factors considered important which could
trigger an impairment review are explained in Note 3(e). Estimating recoverable
amounts of loans and overdrafts must in part be based on management's evaluations,
including estimates of future performance, revenue generating capacity of the assets,
assumptions of the future market conditions and credit risks associated with the assets.
Changes in circumstances and in management's evaluations and assumptions may give
rise to impairment losses in the relevant periods. In such cases the impairment loss is
reflected as a specific provision. In addition to the specific provision management also
reflects a general provision.

b. Legal proceedings, claims and regulatory discussions The Bank may be subject to
various legal proceedings, claims and regulatory discussions, the outcomes of which are
subject to significant uncertainty. At the date of the consolidated balance sheet, there
was no known pending litigation, however if litigation were to occur, the Bank would
evaluate, among other factors, the degree of probability of an unfavorable outcome and
the ability to make a reasonable estimate of the amount of loss. Unanticipated events or
changes in these factors may require the Bank to increase or decrease the amount the
Bank has accrued for any matter or accrue for a matter that has not been previously
accrued because it was not considered probable, or a reasonable estimate could not be
made.



5. INV STMENTS

Investments consist of the following:


Equities
Banco Bradesco Bonds
Brazilian Bank Debentures
Corporate Notes
Federative Republic of Brazil A-Bonds
Federative Republic of Brazil Global Bonds (2014)
Federative Republic of Brazil Global Bonds (2027)
Federative Republic of Brazil Global Bonds (2040)
United States Treasury Notes
Interest receivable on notes and bonds
Total investments


6. LOANS AND OVERDRAFTS

Loans and overdrafts consist of the following:


Loans
Overdrafts

Accrued interest


2007

$ 2,403,435
1,678,720
911,168
157,808
279,813
318,155
135,875
267,240
501,719
85,030
$ 6,738,963


2007
$ 13,296,000
227,744
13,523,744
154,857
13,678,601
(515,000)


Allowance for credit losses


Secured loans and overdrafts
Unsecured loans and overdrafts


2006

$ 2,113,089
2,868,364
720,650
659,990
278,523
318,635
624,415
265,346
5,584,337
130,333
$ 13,563,682


2006
$ 8,397,234
438,883
8,836,117
106,627
8,942,744
(515,000)


$ 13,163,601 $ 8,427,744


$ 13,296,000 $ 8,321,647
227,744 __ 514,470
$ 13,523,744 $ 8,836,117


The concentration of loans and overdrafts is as follows:

Number of loans Number of overdrafts

2007 2006 2007 2006


Under $100,000
$100,000 to $500,000
Over $500,000


1 3
8 4
3 2
12 9


1
8
12
12


4

I
5


The maturity of loans and overdrafts is as follows:


2007


0 to 30 days
31 to 90 days
91 to 180 days
Over 180 days

Accrued interest


$ 232,744
5,458,000
500,000
7,333,000
13,523,744
154,857


2006

$ 214,413
3,788,704
4,500,000
333,000
8,836,117
106,627


$ 13,678,601 $ 8,942,744


7. PREPAYMENTS AND OTHER ASSETS

Prepayments and other assets consist of the following:


2007


Prepayments
Other assets


- 8.


2006


$ 35,873 $ 44,640
73,287 16,563
$ 109,160 $ 61,203


DEPOSITS


Deposits consist of the following:


2007


Demand deposits
Money market
0 to 30 days
31 to 60 days
61 to 90 days
Over 90 days

S Accrued interest


$ 2.749,088
2,398,979



7.027,457
12,175,524
174,173


2006


1,742,180
4,190,805


969,433
4,940,720
11,843,138
69,000


$ 12,349,697 $ 11,912,138


The concentration and maturity of deposits are as follows:


Number of deposits


2007


Under $100,000
$100,000 to $500,000
Over $500,000


2006

83
33
_4


2L 120
9. DUE TO BROKERS

Amounts due to broker consist primarily of an extended credit facility bearing interest at a rate
of 5% per annum offered to the Bank to assist with securities trading..


2007


Loans .. '
-Accrued interest





0 to 30 days
31 to 90 days
91 to I80 days
Over 180 days

Accrued interest


2006


$ 4,962,607 $ 2,849,150
10,938-
$ 4,973,545 $ 2,849,150


2007


2006


$ 1,962,607 $ 2,849,150

3,000,000


4,962,607
104938
, S 4,973r545


2,849,150


S 2,849,150


10. DIVIDENDS

Dividends for the year is comprised of the following:


Dividends paid during the year

Dividends declared during the year


2007
" 4,400,000

$


2006
$ 2,200,000
$ 6,600,000


On November 16, 2006, a resolution was passed to pay dividends in the amount of $2,200,000
in respect of shares in issue at December 31, 2005. The amount was approved for
disbursement by the Central Bank of The Bahamas on December 14, 2006. There was also a
resolution passed to pay dividends of $4,400,000 in respect of shares in issue at December 31,
2006. The amount was approved for disbursement by the Central Bank of The Bahamas on
March 12, 2007. Dividends declared per share are as follows: SNil (2006: $1,650).

11. RELATED PARTY BALANCES

Related party balances consist of the following:


2007


Loans and overdrafts

Prepayments and other assets

Deposits
Dividends payable

Accounts payable and accrued liabilities


2006


$ 476,286 $ 350,982

$ $ 8,600
$ 2,330,404 $ 104,344

S$ 4,400,000
1S 183,009 $ 15,000


The related party loans and overdrafts are secured and are at normal commercial terms in
accordance with Bank policies.

The amounts in deposits due to related party are non-interest bearing.

12. GEOGRAPHICAL ANALYSIS OF ASSETS AND LIABILITIES


Assets
Cash and due from banks
and brokers
Investments
Derivative related amounts
Loans and overdrafts
Prepayments and other assets
Total 2007

Total 2006


North
South America
AmeriA & Caribbean Total


3,607,963
3,200
7,076,132


$ 13,773,261
3,131,000

6,087,469
109,160


$ 13,773,261
6,738,963
3,200
13,163,601
109,160
$ 33,788,185

$S 35,462,987


$ 10,687,295 $ 23,100,890

S 14,517,187 $ 20,945,800


1 1


_ ..... .. I Mt-I MitS
UIve







THE TRIBUNE


WEDNESDAY, MAY 7, 2008, PAGE 9B


North
South America
America & Caribbean


Liabilities
Deposits
Due to brokers
Accounts payable and
accrued liabilities
Total 2007

Total 2006


Total


$ 6,151,964 $ 6,197,733 $ 12,349,697
4,973,545 4,973,545

233,448 233,448
$ 6,151,964 $ 11,404,726 $ 17,556,690

$ 9,696,336 $ 9,522,652 $ 19,218,988


13. DERIVATIVE RELATED AMOUNTS

The following is an analysis of open derivative instruments as of December 31, 2007:


Less than 3 months
Purchase Euro Future Contracts


2007 2006
Contracted Euro USD Contracted Euro USD
Exchange Notional Fair Exchange Notional Fair
Rates Amount Value Rates Amount Value


1.4669 500,000 3,200


1.3278 625,000 4,146


14. ASSETS UNDER ADMINISTRATION

In the normal course of business the Bank holds in custody assets and/or investments. The
value of assets held by the Bank on behalf of clients is as follows:


2007


Securities
Loans
Annex 4 Investment


$ 85,568,029
58,528,098
163,856


2006

$ 32,003,424
25,303,309
328,593


$144,259,983 $ 57,635,326

Of these, $39,315,255 (2006: $24,880,243) are held on behalf of related parties.


15. RISK MANAGEMENT.

Capital risk The Bank manages its capital to ensure that it will be able to continue as a going
concern while maximising the return to stakeholders through the optimisation of the debt and
equity balance. The Bank's overall strategy remains unchanged from 2006. The capital
structure of the Bank consists of debt, which includes the borrowings, cash and cash
equivalents and equity attributable to equity holders of the Bank, comprising issued capital,
additional contributed capital, reserves and retained earnings.

Categories of financial instruments

Details of the significant accounting policies and methods adopted, including the criteria for
recognition, the basis of measurement in respect of each class of financial asset, financial
liability and equity instruments are disclosed in Note 3 to the consolidated balance sheet.
II I I
The following table analyzes the carrying amounts of financial assets and financial liabilities as
defined by IAS 39 Financial Instruments: Recognition and Measurement:


Financial assets.

Cash and due from banks
and brokers

Investments

Loans and overdrafts

Financial liabilities
Deposits

Due to brokers






Financial assets

Cash and due from banks
and brokers

Investments

Loans and overdrafts

Financial liabilities
Deposits

Due to brokers


2007
Loans and Amortised
Receivables FVTPL Cost Total



$ $ $13,773,261 $13,773,261

$ $ 6,738,963 $- $ 6,738,963

$13,163,601 $ $ $13,163,601


$ $_ $12349,697 $12,349,697

$ $ $ 4,973,545 $ 4,973,545

2006
Loans and Amortised
Receivables FVTPL Cost Total



$ $13,406,212 $13,406,212

S $13,563,682 $ $13,563,682

$8,427,744 $ $ $ 8,427,744



$ $ $11,912,138 $11,912,138

$ $_ 2,849,150 $ 2,849,150


At December 31, 2007 there were no assets and liabilities that were classified at Held to
Maturity or Available-For-Sale (2006: $Nil).

Interest rate risk management

Interest rate risk is the risk of economic loss arising from the reinvestment or disinvestment of
cash flaws. The Bank is exposed to economic losses from changing interest rates only to the
extent that-cash flows from assets and liabilities do not match. To manage this risk, the Bank's
principal strategy is to maintain loan assets and deposits liability maturities within a maximum
maturity for one year on a fixed rate basis. Where maturities exceed one year, interest rate risk
is clearly evaluated before undertaking the asset or liability and the risk is reviewed constantly.
The approach for managing interest rate risk takes into account all key risk factors, including
maturity, duration, cash flow matching and sensitivity to interest rate movements.

United States
dollars


Assets .
Cash and due from banks and brokers
Loans and overdrafts

Liabilities
Deposits
Due to brokers


2007


2006


3.93% 5.4% 3.66% 4.87%
5.5% 6.0% 6.5% 9.0%


4.75% 6.50% 4.0%- 6.0%
6.25%


Credit risk management

Credit risk is the risk of economic loss resulting from the failure of an obligor of the Bank to
make any payment of interest or principal when due. The Bank manages credit risk through
credit and aggregate counterpart exposure limits. Provisions for losses on assets that are
currently impaired are made through a reduction in the carrying value of the asset. In addition,
provisions for possible future defaults on assets currently owned by the Bank are made through
a general allowance for losses. As of December 31, 2007, the Bank had a $515,000 (2006:
$515,000) allowance for credit losses.

In addition, the Bank structures the levels of credit risk it undertakes by placing limits on the
amount of risk accepted in relation to one borrower, or groups of borrowers, and to
geographical and industry segments. Such risks are monitored on a revolving basis and subject
to an annual or more frequent review limits on the level of credit risk by product, industry
sector and by country are approved quarterly by appropriate authority.

The exposure to any one borrower including banks and brokers is further restricted by sub-
limits covering on- and off-balance sheet exposures. Actual exposures against limits are
monitored daily. Exposure to credit risk is managed through regular analysis of the ability of
borrowers and potential borrowers to meet interest and capital repayment obligations and by
changing these lending limits where appropriate. Exposure to credit risk is also managed in
part by obtaining collateral and corporate and personal guarantees, but a significant portion of
the portfolio is personal lending where no such facilities can be obtained.

There are no financial instruments for assets or liabilities that can be classified as past due or
impaired. All loans are considered as satisfactory risk.


Loans Receivable Collateral

It is the Bank's policy to determine that loans are within the customer's capacity to repay,
rather than to rely excessively on security. Loans classified as personal typically take into
account the customer's standing and employment and credit histories and are generally
unsecured. The Bank has guidelines a part of its credit policy on the acceptability of specific
classes of collateral which are reviewed regularly.

The principal collateral types are as follows:

* in the fixed term sector pledged assets;
* in the overdrafts mortgage sector pledged assets;

Currency risk management

The Bank takes on exposure to the effects of fluctuations in the prevailing foreign currency
exchange rates on its financial position and cash flows. Limits are set on the level of exposure
by currency and in total for both overnight positions, which are monitored daily.
2007
United
States Canadian Bahamian
dollars dollars dollars


Assets

Liabilities and equity







Assets

Liabilities and equity

Fiduciary risk management


$32,743,080 $ 937,262 $ 87,793

$33,768,135 $ $' -

2006
United
States Canadian Bahamian
dollars dollars dollars

$34,553,567 $ 885,410 $ 24,010

$35,462,987 $ $ -

7


The Bank is engaged in significant custodial and fiduciary activities that give rise to the risk
that it will be accused of mal-administration or non-compliance with the wishes of its clients.
To manage this exposure, the Bank generally takes a conservative approach in its undertakings.

Liquidity risk management

Liquidity risk refers to the ability of the Bank to meet its obligations to depositors and other
creditors as they arise. Liquidity management is an important element of the Bank's overall
financial management and recognizes that clients must have confidence in the ability of the
Bank to meet all payment obligations on a timely basis. The Bank maintains as a matter of
policy bank deposits or marketable securities equal to at least 20% of deposits maturing within
90 days.
Investment risk

The Bank manages its investment securities in accordance with management policy directed by
the Board of Directors that establishes aggregate limits and constraints for interest rate, credit
liquidity, and derivative risks. The Bank focuses on credit liquidity of marketable securities
and constantly reviews price variations to ensure that economic gains or losses are managed
within parameters established by its management policy from the Board of Directors.

Operational risk

Operational risk is the risk that a loss will be incurred as a result of incorrect processing of
transactions and information due to fraud, error, system failure or adverse changes in cost or
volumes. The Bank manages operational risk by a system of internal controls that require
segregation of duties, such as the recording of transaction details and notification, when
appropriate, of parties to transactions for verification purposes.

The financial measure of operational risk is the actual losses incurred. No material losses have
occurred in 2007 and 2006.


16. FAIR VALUE OF FINANCIAL INSTRUMENTS

The estimated fair values disclosed are calculated to approximate values at which these
instruments could be exchanged in a transaction between willing parties. However, many of
the financial instruments lack an available trading market and therefore, fair values are based
on est:iates using the following methods and assumptions:

-ih' c~'tesourcei due to/from banks/brokers and related parties, other assets and other
liabilities Due to their short-term maturity, the carrying values of these financial instruments
are assumed to approximate their fair values.

Investments The estimated fair values of investments are based on quoted market prices,
when available. If quoted market prices are not available, fair values are estimated using
quoted market prices of similar securities, or by appropriate valuation techniques.

Loans and overdrafts The fair values of the loans and overdrafts is deemed to approximate
their carrying values due to the frequency of repricing of variable rates.

Deposrts The fiir values disclosed for deposits are, by definition, equal to the amount payable
on demand at the reporting date (that is, their carrying amounts) which includes accrued
interest payable.
17. COMMITMENT

The Bank has the following commitment as of December 31, 2007:

The Bank leases office space with an expiration and a renewal term extending up to five'years.
The current lease began on July 1, 2003 and expires on June 30, 2008. Rent expenses for the
year ended December 31, 2007 totaled $63,292 (2006: $63,292). Future minimum lease
payments under the non-cancelable operating lease are as follows:


2007


Within 1 year
Between 1 and 5 years

Deloitte,


2006


$ 18,146 $ 63,292

$ $ 63,292


Deloitte & Touche
Chartered Accountants
and Management Consultants
2nd Terrace, Centreville
P.O. Box N-7120
Nassau, Bahamas


Tel: + 1 (242) 302-4800
Fax: +1 (242) 322-3101
http://www.deloitte.com.bs




INDEPENDENT AUDITORS' REPORT


To the Shareholders of
Dartley Bank and Trust Limited:

We have audited the balance sheet of Dartley Bank and Trust Limited (the "Bank") as at December
31, 2007, This balance sheet is the responsibility of the Bank's management. Our responsibility is to
express an opinion on this balance sheet based on our audit.

Except as discussed in the following paragraph, we conducted our audit in accordance with
International Standards on Auditing. Those Standards require that we plan and perform the audit to
obtain reasonable assurance about whether the balance sheet is free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
balance sheet. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the balance sheet.
We believe that our audit provides a reasonable basis for our opinion.

The Bank's policy does not permit us to verify certain deposit balances and transactions by direct
confirmation and we were unable to satisfy ourselves as to the deposit balances by other procedures.

In our opinion, except for any adjustments that might have been necessary had we been able to
satisfy ourselves as to deposit balances, the balance sheet presents fairly, in all material respects, the
financial position of the Bank as at December 31, 2007, in accordance with International Financial
Reporting Standards.

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


April 4, 2008


A member firm of
DloitteTouce Tohnaetu


_ _____









PAGE 10B. WEDNESDAY, MAY 7, 2008


THE TRIBUNE


IS P


JUDGE PARKER


APARTMENT 3-G


BLONDIE


MARVIN


NONSEQUITUR


STRoT

KIC0WTt
i E^


I: u'ra [Dj-,el teing dishonest (6)
M i~el w hear. for
,:,,T, e ,,,i oii (4)
H,; he beer, lasted? (3)
',u I i ,-iJ wll not let
,,, tbli ,d' (.)
ire equjaly e' pensive way to go (5)
r r,, I he Iteall.in in the Special Air
5. 1
M,,iulhful r r ratbit, especially? (5)
ITwo .y; to ger tough in a movie (7)
The i9 v goi ghure in a group (5)
'.)Tiehi.q hard for runagates to
,ll:,w (1 l


Yesterday's cryptic solutions
" ROSS . ',.:.I 3 PF'bus10, Right11, Bun 12, N-ovell3,
['i .i.:1, Ii 1 ene; 19. Eat 19, Modena 21, Artisan 22,
Ii }.r:i 2r '2e.'iT 24, Sneaker 26, Bra-V-es 29, Gig 31, 5-
i.rr W, lt r y : (pa-)Laver 35, Air 36, Debit 37,
,. ie,] Di.[ ..:,i
DOWN I ?et.l 2, H hunters 4, Ploy 5, Or-egon 6, Filed 7,
,. E rr 8,u 12 r~ij-,.O.NS 14, Rat 16, Neve-r 17, Sa-mm-y
I9 FA rn j.r rJ2. '~W-ABs 21, Are-AS 23, Peg back 24, SEN-
i,,. :. ,.T, ; I;uler 2', V-Ali-D 30, Cere-s 32,
'tt.' 3jj3, LIt


15 In general, four are furnished (5)
16 It's just a fraction
decimalised (5)
18 Is the Scotch type
alcoholic? (5)
19 Read by us and the editor (7)
21 Is such warfare conducted
by radio? (6)
22 Thinking an article on it could be
diverting (6)
23 Stress the need for
electricity money (6)
25 Might spiralling costs disturb them?
(5)
26 You could call her Aurora (4)
28 Every brazen hussy has one (3)


Yesterday's easy solutions
ACROSS: 3, Steam 8, Debar1O, Sable 11, Aid 12, Dents 13,
Enticed 15, Roman 18, Cod 19, Canine 21, Natural 22, Cool
23, Here 24, Steamer 26, Averts 29, Mar 31, Poser 32,
Senegal 34, Civil 35, Ten 36, Cloud 37, Vital
38, Refer
DOWN: 1, Meant 2, Radical 4, Tied 5, Astral 6, Mason 7,
Clean 9, Bit 12, Deducts 14, Cot 16, Miner 17, Never 19,
Caramel 20, Scrap 21, Notes 23, Heretic 24,
Stride 25, Man 27, Voile 28, Recur 30, Banal 32,
Side 33. Get


ACROSS
1 Horrify (5)
6 Barrier (5)
9 Supervisors (7)
10 Hard work (5)
12 Celebration (5
13 First course (7
15 Beverage (3)
17 Loan (4)
18 Outcome (6)
19 Log (5)
20 Greek
islander (6)
22 Greek letter (4)
24 Organ (3)
25 Invents (7)
26 Defamation (5)
27 Fire (5)
28 Disprove (5)
29 Demonic (7)
30 Fish basket (5)
31 Freshwater
mammal (5)


Bidding Quiz


Your right-hand opponent deals
and opens Three Diamonds, both
sides vulnerable. What do you bid
with each of the following four
hands?
1. + KQ96 Y AJ82 52 + AJ7
2. + K8 Y AJ6 K4 4 AKQ982
3. +AK83 VAQ96 + KQJ94
4. + 6 V KQJ9863 4 4 AKJ5

1. Double. Theft double of an open-
ing three-bid is for takeout and asks
partner to bid just as the double of an
opening one-bid asks partner to bid.
The doubler, since he is entering the
bidding at a higher level, must be
prepared for any response partner
might make, and should therefore
have values somewhat in excess of a
minimum opening bid.
The responder is permitted to con-
vert the takeout double into a penalty
double by passing, but only if he has
substantial length and strength in the
pre-emptor's suit.
2. Three notrump. There is noth-
ing "conventional" about this bid. It
simply expresses the desire to play
three notrump. With eight probable
winners, assuming a diamond lead,
the best prospect for game lies in
notrump. A four-club overcall would
be incorrect since it gives up the


opportunity to play in the most
promising game contract.
Partner is permitted to remove
three notrump to a suit if his hand
cannot stand notrump play, but such
a decision should not be made
lightly, as he is not being asked to
bid.
3. Four diamonds. The diamond
cuebid announces a hand rich
enough in high cards and distribution
to commit the partnership to game.
At the same time, it implies that a
slam might not be far away. The
responder is thus encouraged to
attempt a slam when his hand
includes values that a minimum
response would not show.
4. Four hearts. Game in hearts
should be undertaken straightaway,
since partner needs very little for that
contract to be made. If he has either
the ace bf hearts or queen of clubs,
for example, 10 tricks are very likely.
The jump to four hearts is superior
to a simple overcall of three hearts,
which does not come close to
expressing the potential of the hand.
Not only does it get you to a game
you are very likely to make, but it
will encourage partner to begin
thinking in terms of slam if he has a
couple of aces in his hand.


Ii I
i i I


A".~cl


The
Target
NLC"-
words in
the main
body of
R CaChambers
21st
Dictionary
B M c11999
edition)
HOW many words of four
letters or more can you make
from the letters shown here?
In making a word, each letter
may be used once only. Each
must contain the centre letter
and there must be at least one
nine-letter word. No plurals.
TODAY'S TARGET
Good 19; very good 28;
excellent 37 (or more). Solution
tomorrow.


DOWN
2 Buccaneer(6)
3 Spare (6)
4 Auction item (3)
5 Tree (5)
6 Quill (7)
7 Jealousy (4)
8 Hand tool (6)
12 Type of nut (5)
13 Cut(5)
14 Rage(5)
15 Melodies (5)
16 Book of maps (5)
18 Drive back (5)
19 Chief city (7)
21 Preferably (6)
22 Halve (6)
23 Term of office (6)
25 Postpone (5)
26 Mislay (4)
28 S American city(3)


fiesta
.ew-


WEDNESDAY,
MAY27


AQUARIUS Jan 21/Feb 18
Don't let the negative gossip of oth-
ers rub off on you this week,
Aquarius. Continue to be the diplo-
mat and you'll keep your friends'
support and companionship.
PISCES Feb 19/Mar20
Pisces, when an important-decision
arises, the answer is to try some-
thing different rather than doing
what you always do.
ARIES Mar 21/Apr 20
You must take your finances more
seriously, Aries. You haven't been
paying much attention to your cash
flow in the last. few months.
Resources can deplete quickly.
TAURUS Apr 21/May 21
Something that happened in the
past has recently come back to
bother you, Taurus. You must for-
get the situation so that you can
get on with your life.
GEMINI May 22/Jun 21
If you do something nice for a person
close to you, you will be rewarded
ten-fold in the coming weeks. Plus,
you'll have the pleasure of seeing the
joy on that person's face.
CANCER Jun 22/Jul 22
You will gain something this week to
which you arc not entitled. Cancer.
Consider giving it back, otherwise you
may be left with a heavy conscience
bearing down on you.
LEO Jul 23/Xug 23
Show coworkers that you arc willing
to put in the hard work needed to get
through tough projects ahead, Leo.
This will be more effective than sim-
ple flattery.
VIRGO Aug 24/Sept 22
Be friendly to strangers, Virgo, but
also be on your guard for those who
are looking to take advantage of
your generous nature. They may
seem like friends at first.
LIBRA Sept 23/Oct 23
Mending fences is something you
often consider a chore, but it's the
secret to successful relationships,
Libra. Just don't always.be the one
who gives in to compromise.
SCORPIO Oct 24/Nov 22
You have to learn that the world
doesn't revolve around you,
Scorpio. You are not right in
every situation. Such thinking can
hinder productivity.
SAGITTARIUS Nov 23/Dec 21
You are prone to causing arguments
when they are not justified just to get
a rise from someone, Sagittarius.
This is not a healthy or friendly way
to behave.
CAPRICORN Dec 22/Jan 20
Focus on your creativity this week,
Capricorn. Maybe there is a project you
wanted to start or finish. Redecorating
is a good way to develop any creative
ideas that are swarming.


CHESS by-eonrdBade


Garry Kasparov v Nell
McDonald, Uppingham 1995. It
was the all-time number one's
first exhibition match as world
champion, a simultaneous
display against 25 opponents
from the England junior squad,
then the best in the world
outside the USSR. The team
fielded an international master
on top board, the future world
finalist Michael Adams at
number five, and several future
grandmasters lower down. One
of the GMs to be was
Gravesend's McDonald, then the
leading junior in Kent. And it
was he who produced the most
Imaginative tactic of the entire
match, earning special praise
from Kasparov. Black (to move)
appears completely lost as the
great man threatens checkmate


8



7 h d


8433


C yh


in two by 1 Qh7 + Kg5 2 Qg6 mate
and is also ready to mop up Black's
rook by Bxf3. McDonald kept calm,
planned it all out, and let loose a
remarkable saving resource. How
did Black escape defeat?

LEONARD BARDEN


Chess solution 8433: lRxg3+! 2 Kxg3 Qe5+! 3 Qxe5,
stalemate draw. If White tries 2 Kh4 then Rg4+! 3
Kxg4 Qd7+14 Qxd7 with a different stalemate.
9


U~*. I __ _ _ _ _ _I__ _ _ _ _ J__


C
R

0
S
S
W

0
R

D


I


TIGER









THE TRIBUNE


MAY 7, 2008


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

Wild Florida Secrets of the Dead "Doping for American Masters Singer Marvin American Masters "Aretha
WPBT "Florda's Ani- Gold" East German athletes were Gaye combined gospel, rhythm and Franklin: The Queen of Soul" f\
mals" n (CC) forced to take untested steroids. blues, soul and jazz. (N) (CC) (CC)
The Insider (N) The Price Is Right Million Dollar Criminal Minds "The Crossing" CS: NY "Personal Foul" The team
D WFOR n (CC) Spectacular (N) (CC) Morgan and Prentiss try to keep a tries to stop the Taxi Cab Killer. (N)
stalker from his target. (N) (CC) n (CC)
Access Holly- Deal or No Deal (iTV) A woman from Texas and a man from Hawaii. (N) Law & Order "Strike" Alegal aid
M WTVJ wood (N) (CC) / (CC) striker is killed outside the court-
house. (N) n (CC)
Deco Drive 'Til Death Eddie Back to You American Idol Elimination; Maroon News (N) (CC)
S WSVN gets jealous. (N) Chuck and Kelly 5 and Bo Bice perform. (Live) n
S(___CC) confront Ginger. (CC)
Jeopardy! "Col- Wife Swa A perfectionist trades Supernanny Jo helps an over- Audition: Barbara Walters' Jour-
S WP LG Champi- places wit a woman who feeds her whelmed mother cope while the chil- ney (N) n (CC)
onhip" (N) (CC) family takeout tacos. (N) (CC) dren's father is in Iraq. (N) ft

:00) CSI: Miami CSI: Miami A masked gunman CSI: Miami "Hurricane Anthony" CSI Miami A pit crewman is en-
A&E Dead Air" f opens fire at a bar, killing two men Three people are found dead after a ulfed in flames and killed during a
(CC) and wounding one. t (CC) hurricane strikes Miami. Grand Prix qualifier. t (CC)
(:00) BBC World BBC News World Business BBC News Fast Track News
BBCI NewsAmerica (Latenight). Report (Latenight).
BET Access Granted College Hill: At- Iron Ring (CC) Black Poker The Wire ft (CC)
(N) lanta(CC) Stars
CBC (:00) NHL Hockey Eastern Conference Semifinal Game 7 -- New York Rangers at Pitts- CBC News: The National (N) tf
C burgh Penguins. If necessary. From the Mellon Arena in Pittsburgh. (Live) (CC) (CC)
S(:00) Kudlow& Fast Money American Greed Church Ponzi The Big Idea With Donny Deutsch
CNBC Company (CC) scheme.
CNN :0) Lou Dobbs CNN Election Center Larry King Live (CC) Anderson Cooper 360 (CC)
CNNH Tonight (CC)
Scrubs J.D. and The Daily Show The Colbert Re- Futurama "The South Park Cart- South Park Cart- Lewis Black's
COM Dr. Cox spend With Jon.Stew- port (CC) Honking" n man poses as a .man's tonsillecto- Root of All Evil
time together. art (CC) (CC) robot. (CC) my. (CC) Andy Kindler.
The Suite Life of ** AN EXTREMELY GOOFY MOVIE (2000, Come- That's So Raven That's So Raven Life With Derek
DISN Zack & Cody dy) Voices of Bill Farmer, Rob Paulsen. Animated. New supplier. Parents may sep- "Not So Sweet
"Miniature Golf Goofy enrolls in college with his son./ 'G'((CC) CC) arate. 16" n
Y This Old House This Old House Sweat Equity Indoors Out (N) Under Construc- Man Caves Hammered-
DIY n (CC) Cherry floor. tion___Diresta
DW Menschen bei Maischberger 37 Grad Journal: Tages- Made in Ger- Journal: In Euromaxx
them many Depth
E! The Daily 10 (N) Going Postal: 15 Most Shocking Acts of Violence Disturbing acts of vi- The Girls Next The Girls Next
Silence. Door Door
ESP (:00) MLB Baseball Cleveland Indians at New York Yankees. From Yankee Stadium in the Baseball Tonight (Live) (CC)
Bronx, N.Y. (Subject to Blackout) (Live) (CC)
ESPNI ATP Tennis Intemazionali BNL d'ltalia -- Early Rounds. Boxing Wednesday Night Fights. Reynaldo Lopez vs. Mike Oliver. From
SPNI From Rome. (CC) Boston. (Live)
TN ilyMass: Our EWTN Live Super Saints The Holy Rosary EWTN Presents
EWTN Lady ______
T) Cardio The Dan Ho The Dan Ho Get Fresh With Get Fresh With Art of the Athlete "Dawn Staley"
FIT TV last n(CC) Sho Show(CC) Sara Snow (CC) Sara Snow (CC) Dawn Staley. f (CC)
F -NC xReport- TheO'Reilly Factor (CC) Hannity & Colmes (CC) On the Record With Greta Van
SOX hepard Smith Susteren(CC)
FSNFL :00) MLB Baseball Milwaukee Brewers at Florida Marins. From Dolphin Stadium in Miami. Inside the Mar- The FSN Final
SNFL 'Subject to Blackout) (Live) lines Score (Live)
GOLF (:00) Live From the Players Championship (Live) 19th Hole (N) Inside the PGA Live From the PlayersChampi-
_____ _Tour onship '
GSN Lingo (CC) Who Wants to Be a Millionaire f Family Feud Family Feud t Russian Whammy!-Press
(CC) l(CC) (CC) Roulette (CC) Luck
G4Tech h(:0) Attack of X-Play (N) Ninja Warrior Ninja Warrior Unbeatable Attack of the Show!
t4ec heShow!(N) Banzuke
:00) Walker, Walker, Texas Ranger'The Chair- A STRANGER'S HEART (2007, Drama) Samantha Mathis, Peter Dob-
HALL Texas Ranger man" kidnaps Alex, forcing a final son, Thomas Kopache. Two heart-transplant recipients bond with an or-
"Turning Point" showdown with Walker, phaned girl. (CC)
Buy Me "Marty" National Open My House Is Property Virgins Big City Broker The Unsellables Buy Me "Do-
HGTV f (CC) House Minneapo- Worth What? f Awriter lives at Reclaim lost rev- (N) ft (CC) minique" (N) -
lis-St. Paul. f (CC) home. n (CC) enue. (N) t (CC)
S victory .. JoyceiMeyer: Zola Levitt Pre- Inspiration To- Life Today With This Is Your Day The Gospl
Everyday Life sents (CC) day James Robison (CC) Truth (CC)
e ba Van's par- My Wife and According to Family Guy Family Guy n Two and a Half Two and a Half
KTLA: Vts offer him Kids Michael's Jim "Mr. Right" Chris'favorte (CC) Men Jake has a Men (CC)
bribe. f (CC) romantic plans. Erik Estrada. n teacher quits, windfall. (CC)
.inn Still Standing Reba Reba Kyra de- *_ CHRISTINA'S HOUSE (2000, Suspense) Brendan Fehr, Mike Wong,


LIIt


Bill bonds with
Brian. t (CC)


Cheyenne's Ri-
val" n (CC)


cides to tour with
her band.


Elton Chong. A stalker preys on a girl in her home. (CC)


M C :00 Hardball Countdown With Keith Olber- Verdict With Dan Abrams Countdown With Keith Olber-
MSNBC abl__
(ccmann mann
NIK Zoe 101 SpongeBob Drake & Josh Home Improve- Home lmprove- George Lopez George Lopez
CNICK (cc) SquarePants n f( (CC) ment n (CC) ment n (CC) f (CC) n (CC)
NTV **RAIDERS OF THE LOST ARK (1981) Harrison Ford, Karen Back to You (N) News(N) News
NTV Allen. An archaeologist races Nazis to find a powerful relic. n (CC) (CC)
SPEED Pass Time Unique Whips Pinks (N) Pinks Pass Time Pass Time.
(:00) Billy Gra- Behind the Grant Jeffrey Ancient Secrets Jack Van Impe Love's Enduring Promise
TBN ham Classic Scenes (CC) of the Bible (CC) Presents (CC)
Crusades
Everybody Family Guy Family Guy Tyler Perry's Tyer Perry's Tyler Perry's Ter Perry's
TBS Loves Raymond "Blind Ambition" "Death Is a Bitch" House ofPayne House ofPayne House of Payne house of Payne
"Getting Even" n (CC) n (CC) Dangerous fire. (Part 2 of 3) Rescue mission. Reality show.
Jon & Kate Plus Little People, l e, Littleole, Little People, Big World "Roloffs Little People, Big World 'The
TLC 8 Twins away at Big World"First Big World (CC) on Rewind Interviews and high- Roloffs Remember" The Roloffs
school. Date" (CC) lights. (CC) reminisce. (CC)
(:00) Law & Or- NBA Basketball Conference Semifinal -- Teams TBA. (Live) (CC) NBA Basketball:
TNT d Mer"er"Merger Cont. Semi.
(CC) (D S)
TOON Camp Lazlo My Gym Part- Home for Imagi- Johnny Test f Johnny Test Courage the Grim Adveri-
ner's a Monkey nary Friends (CC) (CC) Cowardly Dog tures
TRU ahos "Palm Most Shocking Most Daring "Fighting Back" (N) Most Daring "One False Move"
R Bu each" 0 (CC)
TV5 :00)Toute une ** NI POUR, NI CONTRE (2003, Policier) Marie Gillain, Vincent El- Vingt quatre Invite de mar-
h istoire baz. Une joumaliste accepted de filmer des voleurs en action. iddes/seconde que "lkea"
T C :00) Abrams & When Weather Changed History Weather: Evening Edition (CC)
c ettes NASA disaster,
(:00) Yo Amo a Al Diablo con Los Guapos Fuego en la Sangre Hermanos Don Francisco Presenta Lupillo
UNIV Juan Querend6n buscan venganza. Rivera; Kany Garcia; Victor Pittman.
(:00) Law & Or- Law & Order: Special Victims Unit Law & Order: Special Victims Unit ** THE DUKES OF HAZZARD
USA der: Criminal In- "Rockabye" A runaway teenage girl "Fat" A band of teens attacks a gift- (2005, Comedy) Johnny Knoxville,
tent "Silencer" is found badly beaten. ed piano student. (CC) eann William Scott. (C)
V 1 (00) The Flavor The Flavor ofLove Flay seeks The Flavor of Love Meeting par- The Flavor of Love Cannes. n
1 of Love n help. n cents.
VS. W:0WEC WEC WrekCage (CC) World Extreme Cagefighting
N00) America's Corner Gas Corner Gas "Fi- Becker"Do Becker Becker WGN News at Nine (N) n (CC)
W GN funniest Home "Coming Distrac- nal Countdown" Days" A (CC) struggles to sit
Videos (CC) tions" A n (CC) (DVS) through an MRI.
WP IX Family Guy America's Next Top Model The fi- Farmer Wants a Wife A romantic CW11 News at Ten With Kaity
W PIX Chris' favorite nal four models step behind the date leads to some juicy gossip. (N) Tong, Jim Watkins (N) (CC)
teacher quits. camera. (N) f (CC) n (CC)
Jeopardy! "Col- Dr. Phil f (CC) News (N) Jeopardy! "Col- Frasier Frasier Frasier Frasier
WSB ege Champi- lege Champi- hires a wonderful tries to win an
onship" (N)(CC) onship" (C) new butler, award. n (CC)

(5:45) * IRON GLADIATOR (2000, Historical Drama) Russell Crowe, Joaquin Phoenix, Connie (4)
H BO-E JAWED ANGELS Nielsen. A fugitive general becomes a gladiator in ancient Rome. n'R' (CC) JARHEAD
(2004) ft (2005) 'R'(CC)
6:15 ** * BURY MY HEART AT WOUNDED KNEE (2007, Docudrama) (:15) The Greatest Silence: Rape
HBO-P TRUST THE Aidan Quinn, Adam Beach, Anna Paquin. U.S. government policies vic- in the Congo f (CC)
MAN (2005) 'R' timize American Indians. t 'NR' (CC)
S:00 i * THE LAKE HOUSE (:45) * IRON JAWED ANGELS (2004, Historical Drama) Hilary Swank, Frances O'Con-
BO-W 6, Romance) Keanu Reeves, nor, Julia Ormond. Alice Paul and Lucy Burns fight for women's suffrage. n (CC)
andra Bullock. f 'PG'(CC)
00) * TOP GUN (1986, Adventure) Tom Cruise. * THE SENTINEL (2006, Suspense) Michael Douglas, Kiefer Suther-
HBO-S Ahot-shot Navy jet pilot downs MiGs and loves an as- land, Kim Basinger. A Secret Service agent becomes a murder suspect.
trophysicist. PG'(CC) PG-13'(CC)
(M30) THE THIR- (15) IN THE LAND OF WOMEN (2007, Comedy-Drama) Adam LICENSE TO WED (2007, Ro-
MAX-E TEENTH FLOOR Brody, Meg Ryan, Kristen Stewart. Premiere. A young man moves in with mance-Comedy) Robin Williams. n
(1999) his ailing grandmother. ft 'PG-13' (CC) 'PG-13'(CC)
(:10) ** FIREWALL (2006, Suspense) Harrison *, THE BLACK DAHLIA (2006, Mystery) Josh Hartnett, Scarlett Jo-
MOMAX ord, Paul Bettany, Virginia Madsen. A bank security hansson, Aaron Eckhart. Two cops investigate a starlet's grisly murder in
expert battles a criminal. n 'PG-13' (CC) 1940s Los Angeles. n 'R' (CC)
(5:30)*** The Tudors (iTV) n (CC) BROKEN (2006, Drama) Heather Graham, Jeremy Sisto, Valerie Az-
SHOW CASINO lynn. TV Premiere. Hope confronts all her past mistakes. 'NR'
ROYALE (2006)
(6:20) ** DEEP IMPACT (1998) * SOUTH PARK: BIGGER, LONGER & UNCUT .45 (2006) Milla Jovovich. A woman
TMC Robert Duvall. A large comet is on a (1999) Voices of Trey Parker. Animated. The boys try seeks revenge against her drug-
collision course with Earth. to prevent war with Canada. f 'R' (CC) dealing boyfnend. 'R'


.. ---






I')

Let Clcia'lie tlt I e
Backamica Puppet adci(d
his sidekick Derek put '
some smiles on yos 4 l
ids's f aces.



BriMg yoLr ckildreen fo the

McHoOappy Hou at McDonald's in

Oakes Field every Thursday

fpom 3:30pm to 4:30pm during tkhe

moftlk of May' 2008.




Enjoj Grea Food, Prizes and Lots of Fun.




i'm lovin'if


WEDNESDAY EVENING


L.._.~~


__


WEDNESDAY, MAY 7, 2008, PAGE 11B


i-
..:. ..I t
::.;: ' i'L y plr.... Lf-r. r~ r f:;"$rr~l:f Si;.;,w., I








PAGE 12B, WEDNESDAY, MAY 7, 2008 THE TRIBUNE


Internet & Telephone Banking

Deposits & Investments

Insurance

Credit Cards

Personal Loans

Mortgages

Wealth Management

Small Business Banking

Corporate Banking

Foreign Exchange and Derivatives

Capital Markets


We each have our goals, things we want to achieve. At
different times of our lives, those aspirations may
change and we may choose a different path. No
matter what stage of life you find yourself in,
FirstCaribbean is right there with you, encouraging,
helping, cheering you on. Take the first step. Make us
the people you talk to. Make us your life partner.






SFIRSTCARIBBEAN
INTERNATIONAL BANK

GET THERE. TOGETHER.


p I


Public Utilities Commission





JOB OPPORTUNITY

EXECUTIVE DIRECTOR

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

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

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

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

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

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

Interested applicants may deliver resumes to:

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

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


IrI I


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


THE TRIBUNE


PAGE 12B, WEDNESDAY, MAY 7, 2008