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The Tribune
ALL ISSUES CITATION THUMBNAILS PAGE IMAGE ZOOMABLE
Full Citation
STANDARD VIEW MARC VIEW
Permanent Link: http://ufdc.ufl.edu/UF00084249/01033
 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 23, 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: UF00084249:01033

Full Text






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CLOUDY AND
SUNNY


The


Tribune


ANY TIME...ANY PLACE, WE'RE #1



BAHAMAS EDITION


Volume: 104 No.152


FRIDAY, MAY 23, 2008


PRICE 750


k illinHg


In


Clifton Pier victim

may have been target

of execution-style

slaying, say sources
OS 8 S* 5 4 ga-


* By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net
THE Clifton Pier stabbing
victim may have lost his life in
retaliation for the murder of
someone else, The Tribune has


learned. While police would not
comment on the claims yester-
'day, it is understood that the
obituary notice of a woman was
found on the body of the dead
man when he was discovered
shortly after 7.30 Wednesday
morning.
The obituary is believed to
be that of a woman he was sus-
pected of murdering earlier this
SEE page 15


Bahamian law rules out gay

marriage, says legal expert


* By TANEKA THOMPSON
Tribune Staff Reporter
tthompson@tribunemedia.net
BAHAMIAN law clearly
defines that a legal marriage
only applies to a union between
a man and a woman, president
of the Bahamas Bar Associa-
tion Wayne Munroe told The
Tribune yesterday.
. His statement refutes what


proponents of gay marriage say
is an ambiguity in the law which
could allow same-sex marriage.
"There's one very definite
provision in the Matrimonial
Causes Act that says a marriage
shall be null and void if the par-
ties are not respectively male
and female.
SEE page 15


Trbne sa PIONEER SHIPPING worker cries out to the government for
I tribune staff I help yesterday in front of the shipping company compound
-- -* that's going to be closed down on Ffriday.
PIONEER Shipping workers, who claimed they are being made
redundant, gathered outside the company's East Bay Street premis-
es yesterday to call on government to step in and help them.
Several long-term employees are expecting to be laid off today
SEE page 15


FAREWELL TO KHODEE


* PHOTO
Rodney
Moncur


LAST RESPECTS: Pictured (left to right) are David Barr,
brother of Khodee, Sonia Dill, Khodee's mother, and Mrs
Sabrina Pinder. In the background is the Rev Dr Carring-
ton Pinder, Khodee's pastor at a private viewing at Bethel
Brothers Funeral Home in Nassau Street.


Court of Appeal critical of
approach in sentencing "


THE Court of Appeal criti-
cised the sentencing judge in
the case of nun killer Michelle
Woodside yesterday.
The court also refused an
application by the Attorney
General's Office for an adjourn-
ment to serv* notices of appli-
cations for leave to appeal the
sentences of Woodside and two
others.
In the appellate court's rul-
ing, which was read by Justice


Lorris G npatsingh yesterday,
the application by the Attorney
General's Office for an adjourn-
ment to serve the notices -on
Michelle Woodside, Nikita
Hamilton and James Dean was
refused. The court also dis-
missed the application by the
Attorney General's Office f&
leave to appeal their various
SEE page 15


FNM accused of trying

to muzzle Opposition


* By BRENT DEAN
Tribune Staff Reporter
bdean@tribunemedia.net
THE FNM has been accused
of denying the PLP its democ-
ratic right to question the gov-
ernment ont a monthly basis on
opposition day in the House of
Assembly.
Fort Charlotte MP Alfred
Sears said: "In one year, Mr
Deputy, we have had one oppo-
sition day. Now, Mr Deputy,
this is a matter I feel very
strongly about because the

Govt issues

dredging

stop order
* By ALISON LOWE
Tribune Staff Reporter
alowe@tribunemedia.net
GOVERNMENT has issued
a stop order calling on devel-
oper Tennyson Wells to cease
his project's dredging activities
that the Bahamas National
Trust is concerned could dam-
age the environment until a fur-
ther impact assessment can be
carried out.
Former Bamboo Town MP
Mr Wells told The Tribune yes-
terday that while the cease and
SEE page 15


nature of our parliamentary and
democratic system is that oppo-
sition day is not a gift from the
government.
"Opposition day is funda-
mental to the exercise of our
parliamentary democracy. It is
intended to ensure that the gov-
ernment is accountable to this
honourable Parliament."
Mr Sears told the House:
"Each Wednesday, the second
Wednesday or another Wednes-
SEE page 15







A DEFENCE Force patrol
vessel has detained a Domini-
can registered fishing vessel
and its crew with 2,400
pounds of assorted fish on
suspicion of poaching.
The 45ft vessel and its crew
of 10 was apprehended on
Thursday afternoon in the
southern Bahamas 12 nauti-
cal miles from Gtiinchos Cay
by HMBS Bahamas under
the command of Lieutenant
Commander Tellis Bethel.
The boat and its crew are
SEE page 15


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First ever nationwide economic census


IN an effort to improve pri-
vate sector productivity and
measure the country's business
activity, the Department of Sta-
tistics has launched its first ever
nationwide economic census.
Running from April until
October, 2008 the census will
provide a "detailed and com-
prehensive enumeration of all


privately owned businesses
throughout the islands of the
Bahamas", according to the
department.
The aim is to give the govern-
ment resources from which
sound economic policies may be
formuilated.
Businesses can also use the
data to gain competitive advan-


tages, said the department. Par-
ticipants are asked to provide
information on the total num-
ber of employees, hours worked,
total earnings, revenue, expens-
es, depreciation and changes to
capital. In light of the sensitivity
of the data, the department
assured that all findings will
remain anonymous and said no
government employee will have
access to confidential informa-
tion.
A statement from the depart-
ment explained some benefits
of taking part in the census:
"Gauging the competition may
result in the diversification of


certain products. Knowing one's
market share may allow for
more specific targeting during
times of expanding companies.
"The Economic Census data
and population statistics can also
assist businessmen to make
inferences and quality judg-
ments about the feasibility of
prospective sites for new stores.
Finally, the census can be used
to support loan applications, as
it demonstrates to banks that
the business client is offering a
product that will have longevity
and relevance to the community
in which it exists.
The census is targeted to all


privately owned companies
including those speicialisiiig in:
agriculture, construction, finan-
cial intermediation, health activ-
ities, hotels, guesthouses, restau-
rants, manufacturing, mining
and quarrying, water and elec-
tricity production social and per-
sonal services such as beauty
salons, dry cleaners, funeral
homes, gyms, laundromats,
recreational tours and cruises,
private education institutions
and real estate activities.
The survey will also be con-
ducted in Nassau, Freeport,
Abaco, Acklins, Andros, Berry
Islands, Bimini, Cat Island,


Crooked Island, Eleuthera, Exu-
ma, Harbour Island, Inagua,
Long Island, Mayaguana, San
Salvador and Spanish Wells.
Questions or concerns regard-
ing the' census should be
addressed to Chief Census Offi-
cer Leslie Deveaux, Deputy
Director of Statistics Leona Wil-
son, Business Establishment
Supervisor Kimberly Rolle, or
Family Island Coordinator
Kijana Rolle.
Grand Bahama economic
census co-ordinator Nicole Pin-
der will respond to inquiries or
concerns from Grand Bahama,
Bimini and Abaco.


Cuba challenges US: Answer claims


about diplomat's


'illegal behaviour'

Cuba's Foreign Minister bringing money sent by a man
Felipe Perez Roque has chal- wanted in connection with
lenged Washington to respond bombing campaigns to coun-
to accusations of "illegal behav- terrevolutionaries in Cuba; the
ior" by a US diplomat at the action in return by Cuba-based
US Interest Section in Havana. mercenaries to help diminish
The Cuban government the sentence imposed on Mr
claims it has evidence that the Alvarez (their money source)
diplomat served as a money by having sent documents that
v arez, w anted in connection present Alvarez as a supporter
Alvarez, wanted in connection
with bombing attacks on Cuba. of so-called human rights
The government claims groups in Cuba; and the illegal
Michael Parmly delivered funds role played by the US Interest
from Mr Alvarez to Cuba-based Section in encouraging, financ-
counterrevolutionaries. ing, organising, directing and
In a.press conference yester- monitoring counterrevolution-
day at the Cuban Ministry of ary actions aimed at destabilis-
Foreign Affairs, Mr Perez ing internal order in Cubq.
Roque said that US authorities Such actions violate Cuban
must tell the public what they law, US legislation and interna-
know about the behaviour of tional law, and constitute an
their diplomats and what they offence to Swiss diplomacy,
think about it. which is accepted as represent-
He said Washington must say ing US interests in Cuba and
clearly if it supports the actions Cuban interests in the United
of its officials in Havana. States, said Mr Perez Roque.
The Cuban foreign minister He went on to claim that
said that US authorities have Cuban authorities have discov-
not yet given ered that a US diplomat sta-
a "straight response" to the ered iHavaa US diplomat sta-
Cuban accusations; "'they have toned i Havana allowed coun-
limited terrevolutionaries to meet and
themselves to-anly. using watch a speech by President
evading and mumbling lan- Bush while Cuba was making
guage". its denunciations.
Mr Perez Roque said that the As to the speech by the US.
case under investigation by president, Mr Perez Roque said
Cuban authorities has revealed it was "a decadent and cynical
three serious points: the partic- show, an act of ridiculous pro-
ipation of the US official in paganda and bad taste."


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PAGE 2, FRIDAY, MAY 23, 2008


THE TRIBUNE









THETRIBUNE LFRIDABAY2, 00, IIPGI


0 In brief

Operation nets

53 illegal

immigrant

suspects

JOINT operations between
the Royal Bahamas Police
Force and Immigration offi-
cers resulted in the arrest of 53
non-Bahamians suspected of
being illegal immigrants.
In an operation in Gorlin
Cay, near Greogory Town,
North Eleuthera, nine Brazil-
ian men, four Brazilian
women and three Dominican
men were arrested by police
and were put into the care of
Immigration officers.
A separate operation in
New Providence, headed by
officers from the Grove and
Southern police stations, saw
police stop 105 drivers for var-
ious traffic violations.
Immigration officers took
37 non-Bahamians into cus-
tody. One warrant of arrest
was issued by police.


Security

heads discuss

Cable Beach

concerns
Baha Mar Resorts has host-
ed a forum for hotel security
heads, the Ministry of
Tourism and the Bahamas
Hotel Association.
The group met with the
Royal Bahamas Police Force
to discuss ongoing security
concerns in the Cable Beach
district.
"In light of last week's
unfortunate shooting in the
area, a review was taken of
existing security measures and
recommendations made on
improving the safety of the
area for both Cable Beach res-
idents and guests," said Baha
Mar in a statement.
This- group forwarded its
proposals to the ministers of
national security and immi-
gration;tourism and aviation;
health and social services and
the MP for Killarney.
The group will continue to
meet regularly "to ensure the
preservation of this vital
tourism hub," the statement
said.

Wreath laying

ceremony to

honour fallen

US sailors

THE US Embassy will hold a
wreath laying ceremony on
Monday, May 26 to commemo-
rate the Memorial Day Holi-
day.
The ceremony will be held at
the Clifton Monument, which
honors Patrol Squadron 23 and
the 10 US Navy sailors who
died on May 7, 1954.
The embassy will pay tribute
to the fallen sailors and thank
them for their courage.
The US Charge d'Affaires,
Governor General Arthur Han-
na and family members repre-
senting the fallen sailors will
give remarks.
The ceremony will take place
at 9am.

Arrest over

undersized

crawfish

A TIP from a concerned
Grand Cay, Abaco resident led
to an arrest in connection with
the discovery of undersized
crawfish.
The source contacted the
police to relay suspicions that
a quantity of juvenile crawfish
was being kept inside a cooler.
Officers investigated and at
around 7pm on Tuesday, seized
the cooler which was found


to contain 159 pounds of under-
sized crawfish.
A Grand Cay man was taken
into custody and later released
on police bail in the amount of
$2,000 and ordered to appear
in the Cooper's Town Magis-
trate Court today.


FertlizerlFnii d


'Don't open business to non-Bahamians'


* By MEGAN REYNOLDS
Tribune Staff Reporter
STRAW market vendors
have urged government not to
sign the Economic Partnership
Agreement that would open
business to non-Bahamains.
The EPA, a trade deal made
between Europe and former
colonies in Africa and the
Caribbean, was dubbed "a dis-
ease" in a fiery public meeting
with straw vendors held by
BARF, Bahamians Agitating
for a Referendum on Free
Trade, at the British Colonial
Hilton in downtown Nassau
yesterday.
More than 60 vendors
cheered and applauded as
BARF chairman Paul Moss
called for them to rally against
the EPA that will open trade
to foreigners.
The chairman argued that the
Bahamas is too young a nation
to risk international competi-
tion as Bahamians will lose
work to cheaper labour from
Haiti, the Dominican Republic
or Jamaica, and local products
are not up to European stan-
dards.
"We do not want that kind
of competition," he said. "We
want our people to have the
opportunity to develop them-
selves, to be able to compete in
the not too distant future."
BARF will lead a protest ral-
ly in Rawson Square, Bay
Street, on Wednesday, May 28,
to lobby politicians as they meet
for budget talks.
Straw market merchant and
grandmother Sandra Miller said.


Straw market vendors send plea to government


she will be there, because she
is concerned she will not be able
to survive if the Bahamas signs
the EPA.'
"It will be a disaster," she
said. "We simply cannot do it.
We have not developed our
products to compete interna-
tionally, we are just not on'a
par with them."


BARF member Fayne
Thompson told people to think
of EPA as a disease that will
infect and destroy the nation
and a decision on it requires a
referendum.
He said: "We want the gov-
ernment to have a proper con-
versation with the people and
if they do not like it, reject it.


PM makes pledge on homes


THE government will not con-
done favouritism when it comes
to the provision of housing, and
will make hundreds of lots avail-
able for Bahamians to build their
own homes, Prime Minister the
Hubert Ingraham said.
In addition, Mr Ingraham said
the government will help aspir-
ing homeowners to get mortgages
if they require such assistance.
The prime minister's remarks
came as he wrapped up debate
on a resolution ,for the con-
veyance of 88.279 acres of land
in Spring City, Abaco as part of,
the government's housing pro-
gramme Housing demand is
Spring City, Mr Ingraham said,
is considerable.
"We are going to deliver for
the people of the Bahamas hun-
dreds and hundreds of service lots
where we are going to sub-divide
the lots, put in the utilities and
make available to hundreds of
people the opportunity to be able


to buy a lot,
.. build their own
homes and
i,_ -?. facilitate them
in terms of get-
ting a mort-
gage to do so
where they
need such
assistance," Mr Ingraham said.
"We are also going to build some
homes."
The prime minister went on to
accuse the former PLP govern-
ment of granting housing unfair-
ly. "People are standing in line,
hundreds who have their deposits,
who have needs and children and
they can't get [housing], and
because of favouritism, because of
politics, this family or this indi-
vidual is picked out, taken and
told 'you have the key for this
house and you go in and pay
nothing.' That is wrong and we
are not going to condone that."
Responding to reactions from


the PLP side of the house, Mr
Ingraham insisted that the those
who were given free housing on
the former government's watch
were indeed "favoured people."
."It has nothing at all to do with
poverty. You have no argument
with me about poverty, but you
do have an argument with me
about favouritism. We just want
the similar rules to apply," he
said. During his contribution, the
prime minister spoke about look-
ing at government housing in the
context of the state of the econo-
my. He also touched on historical
challenges and present day reali-
ties in the government housing
sector.
"The principal impetus for
improved housing in a society is
employment," Mr Ingraham said.
"Once you get the economy right,
lots of people will buy and build
their own homes. Governments
have been helping a minority of
the people in terms of housing."


"It is not a decision to be
made in the cabinet room. It is a
decision that should be made
by the Bahamian people."
Straw vendor Juanita Wilson
McPhee echoed Mr Thomp-
son's call for a referendum.
"Consult the people," she


said. "See what are our views
before you make this drastic
decision. I feel like Bahamians
everywhere should come out to
Bay Street on Wednesday and
support this to secure the future
of our children. Our forefathers
did not fight for this."


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A REFERENDUM on the Economic
Partnership Agreement is not likely to be
held by government, State Minister for
Finance Zhi.argo Laing said yesterday .
The FNM minister instead insisted that
the proposed signing of the EPA b\ Cari-
forum in July will still be subject to the
Bahamian democratic process.
When signed by Cariforum, \bhich
includes the Bahamas. the EPA will not be
brought into effect until an EPA Act is
passed in the Bahamian parliament. And
this v.ill onl be done ith the support of
elected politicians who represent their com-
munities.
He said "If each time the government
was to hold a referendum that would make for difficult international
relations, so the government does not intend to hold any referen-
dum, but it is a ratification process that will allow duly elected rep-
resentatives of the people to vote on that agreement."
The minister added? "The government of the Bahamas would not
initiate anything that it did not think would be good for the
Bahamas
"We believe it is useful to have a transparent set of rules that gov-
ern our economic relations with the world's second most powerful
economic block and it will be good for Bahamnans to enjoy that
access to international economic trade."


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US visitors run aground on Holmes Rock reef


Three American tourists in
Grand Bahama escaped seri-
ous injury on Tuesday evening
when their speed-boat struck a
reef.
The three men were return-
ing to their vacation home in
West Grand Bahama when the
accident took place.
At about 8.15pm, the trio:
Richard Wicker, 38, of Jupiter,
Fla; Vincent Gliozzo, 38, of
Faza Hill, Ohio; and Cheifto-
pher Posey, 35, of Ohio, depart-
ed from Port Lucaya Marina
aboard a 29-foot Hydra Sport
vessel with twin 250hp engines,


en route to the Blue Marlin
Cove Resort, located about 20
miles away in Bootle Bay, West
End. Police say that as they
were about three miles'offshore,
approaching the entrance chan-
nel to the resort's marina, they
somehow strayed off course and
ran aground on a reef near the
Holmes Rock Settlement,
resulting in damage to their ves-
sel.
A resident of that settlement
Ssaw their distress flares and
alerted the Eight Mile Rock
Police Station, which dispatched
a team of officers to the scene


and also alerted BASRA about
the incident.
However, personnel from
Blue Marlin Cove, upon being
informed about the accident,
immediately rushed to the scene
and rescued the trio from the
boat which was "stuck hard"
onto the reef, as one officer put
it.
Only one of the visitors,
Richard Wicker, sustained any
injuries, and he only suffered a
few cuts and bruises.
Attempts will be made to sal-
vage the vessel from off the
reef, police say.


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FRIDAY, MAY 23, 2008, PAGE 3


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PAGE 4,DFRIDAY, MAY 23,R2008 THE TRIBUN


BAHAMIANS are desperate to find ways
Sto reduce their food bills as prices rise to unaf-
fordable levels.
It has been suggested that Bahamians should
turn to large scale farming and become self-
sufficient. It has even been suggested that we
start growing a Bahamian staple rice. This, of
course, is an impossible dream because the
Bahamas does not have the water to support
paddy fields.
Although we don't agree with those who
say we can be self sufficient in food produc-
tion, we are confident that we can do better
than we are doing with a little bitof effort and
a different attitude to tilling the land.
More than 60 years ago the late Carl
Knowles had a large dairy farm on Shirley Street
it extended from what used to be Kemp's
Garage on Shirley Street going south to include
all of what is now Twynam Avenue. Mr
Knowles supplied New Providence with fresh
milk daily home delivery. He also sold milk
and other farm products from his small Shirley
Street shop.
He eventually went out of business when he
could not compete with American Austin Levy
who arrived in the Bahamas in 1936 and
launched the Hatchet Bay Farms, which not
only produced fresh milk, but ice cream, heavy
cream for whipping, poultry and eggs. Located
at Alice Town, Hatchet Bay on the island of
Eleuthera it was a highly successful, scientifically
run operation, which sold its produce from var-
ious Hatchet Bay depots in Nassau. The people
of Eleuthera were never without fresh milk,
farm products and good fobs until the PLP gov-.
ernment cast its evil eye on the farm, and cov-
eted'its success. The farm was forced to sell ini-
1975 when the Pindling government made it
impossible for it to operate. Government
refused the essential permits for Hatchet Bay's
experts and dairy scientists. In ignorant arro-
gance, supported by the cheers of the people of
.Alice Town, Lynden-Pindling declared that his
government would present to the world "the
greatest success story in Bahamian agricultural
history." It turned out to be a colossal embar-
rassmnent to a government filled with national-
istic theory, but no common sense.
We recall one of the Heastie brothers who
was successfully farming on one of the Family
Islands complaining that .he could not get
Bahamian farm hands to pick the fruit and veg-
etables and he was having difficulty getting per-
mits for Haitians to do the work. He was pro-
ducing beautiful healthy fruit and vegetables
for sale. But the produce was rotting in the
fields because he could not reap the farm alone.
Bahamians were no longer interested in this
type labour.
We remember the late Alex "Turkey"
Knowles, father of Jimmy, Emerick and the


rest of the Knowles clan, who was a most suc-
cessful tomato farmer. So successful that he
even had a thriving export business.
The late Sir Etienne Dupuch, editor and
publisher of this newspaper, was a great pro-
ponent of self sufficiency in food production.
Prompted by a fear during the second world
war that the Bahamas' food supply would be cut
off when the US entered the war, he urged
Bahamians to turn to "domestic farming" if
only a small vegetable garden in their back-
yard. The idea never had a chance because of
his unfortunate use of the word "domestic."
Proud Bahamians felt his call to return to the
land was beneath their dignity.
However, Sir Etienne was satisfied that
Bahamians could be self sufficient. He set out to
prove his point. Over the years he had started to
buy land in the Camperdown area more than
five acres in all. During the war years, the
Dupuch family was self sufficient, feeding not
only themselves, but their extended family and
friends, and when Mr Willie Brown Johnson,
who operated the Potters Cay produce exchange
ran out of fruit and vegetables for the town, he
called on Sir Etienne to supply it from his farm
- Sir Etienne never failed him.
We as a family were truly self sufficient. The
two older boys of the family milked the cows
before going to school. Sir Etienne brought in
the honey from his bee hives. There was an
abattoir on the property which produced pork,
lamb and beef. Our fish pots produced the fish.
Of course, there were poultry and eggs, and
every fruit and vegetable im'iginable.Ev\ry
Sunday we took turns churning homehiaderice'
cream. The only items we recall our parents
buying were yeast to bake the bread, and rice.
Home-produced honey was our sugar. Bread-
fruit was used as a substitute for potatoes. And
when anyone of us was hungry, we didn't run to
the fridge, we sat underneath our favourite fruit
tree and ate to our hearts content.
Sir Etienne's six children were assigned
chores appropriate to their ages and four
Androsian men worked the farm. By the time
the PLP came to power Bahamians no longer
wanted farm work and the PLP refused to give
Sir Etienne a permit for even one Haitian to
keep the weeds down in his orchard. Eventual-
ly the farm went back to nature, its weeds a
constant reminder of a vindictive, short-sighted
government.
In our opinion it has been the attitude of a
people who felt it beneath themselves to dirty
their hands in God's good earth and government
policies that made success impossible.
Maybe high prices will now force Bahamians
to the land. Our family proved that the land
can and will produce if properly managed. With
a little hard work, Bahamians need not starve.


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

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

SIR ETIENNE DUPUCH, Kt., O.B.E., KM., 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


Bahamians can feed themselves


EDITOR, The Tribune.
Barak Obama the probable
Democratic Party candidate for
the Presidency of the United
States ih the November Presi-
dential Elections this past week
very clearly showed to this
writer, a black Bahamian, that
he is very immature and lacks
understanding of how global
matters need to be managed.
Oh, yes, there is considerable
support to his lead campaign
which is energising the highest
percentage of US voters in an
election exercise (usually you
will see no more than 45-46 per
cent of all US citizens exercising
their vote. In The Bahamas we
are ashamed if less than 94 per
cent vote) especially from the
Afro-American ethnic group.
I perceive the commentators,
strategists and Cable News
reporters are really missing in
essence the shallowness of the
candidacy of Barak Obama.
Both candidates of the Democ-
rats, Clinton and Obama advo-
cate the repeal of NAFTA and
all other Trade Agreements
especially those in our region. I
ask what will they do to
CBI/Caribbean Basin Initiative
which potentially could support
a strong manufacturing pres-
ence in Freeport? Will the
Democrats cancel that?
We already see Barak Oba-
mas' position on legitimate
Financial Centres like The
SB'ahamas where thousands of
. Bahamians earn a good living -
right now before even trying
out for size the chair in The
Oval Office with Senator Levin,
Senator Barak Obama is spon-
soring Senate legislation to close
down as best as the US can all
financial centres. I ask should
any Bahamian of any sense sup-
port Mr Obama?
International relations based
on 'appeasement' will not work.
There are so many past experi-
ences, some more recent than
others but of significance was
that of the then Foreign Minis-
ter of England Chamberlain
who thought he could do a sub-
stantive deal with Mr Adolf
Hitler prior to the eventual
World War II, "Peace' in our
time" so claimed returning
Chamberlain; yes it was peace
and horrific war from 1940-1945
which eventually saw,the US
Naval Forces being attacked
without any provocation at


Pearl Harbour and the eventu-
'al entrance of the US.in the war
on both fronts that of Europe
and of Asia. Prior to that the
US had walked a tight walk on
the fence desperate to avoid
inclusion as their experience in
World War I was very
unsavoury.
It is evident that even with
Mr Obama's university studies
he does not understand that
appeasement will never work
when you are facing tyrants like
the Prime Minister of Iran the
President of Syria the Gener-
als of Myanmar/Burma and
numerous political leaders who
like taking their country to the
brink far too many to list. I
must ask: Would a President
Obama sit down on a perceived
equal basis with Pre.sident
Mugabwe the total personifica-
tion of a modern day political
tyrant? The recent embrace of
ex-US President Jimmy Carter
of the Hamas leaders is a per-
fect example how international
diplomacy should not be car-
ried out recall this same per-
son's efforts where he tried to
bring the Palestinians and the
Israelis into peace in all cas-
es very evident one side wanted
and was willing to-try-the other
just wanted to get their hands


on the enormous amount of US
Aid that would flow their way
as a result of signing. Peace has
no chance to work under those
circumstances. The known cor-
ruption in the PLO from the
era of Arafat to today is well
documented.
The gloves come off in a few
weeks once Mr Obama
becomes the undisputed candi-
date and it will be most inter-
esting to see if he can survive?
Will the Cable News reporters
continue to give him a pass in
asking serious questions?
Is his United States of Amer-
ica a country which will retreat
into isolationism, protectionism
and a willingness to give equal
time to any global tyrant?
Sorry, Mr Obama, as-a black
Bahamian, if I could vote I cer-
tainly would not give you my
'x' and as a Bahamian I fear for
those thousands in our Financial
Services sector who are already
under attack from Mr Obama
and if elected with all the pow-
ers of the presidential pen their
jobs, their life-styles could be
thrown out with the dirty bath
water. Awake fellow Bahami-
ans Tourism is dodgy to say
the least food prices zooming
out of reach energy prices
uncontrollable gas prices head-
ing upward, we simply can't
loose our Financial Service sec-
tor.
NM WILLIAM
"* Nassau, : ;! '
May 17, 2008. .


Govt clueless about tourism
EDITOR, The Tribune.
THE reported comments of none other than the Deputy Speak-
er Kwasi Thompson the FNM Pineridge MP where he challenged
the new Economic Incentive Act amendment to the Hotel Encour-
agement Act by saying the amendments were only for the middle
class and rich folk confirms that none of our MPs know too much
about business.
My first impression of this amendment was that it was a useless
piece of Legislation and confirms firmly that government does
not have a clue or any sense of the reality of tourism.
Even if the intent had a smallest practical chance it supposes that
the owners of our established resorts will consider Johnny-come-
lately renters over established business people at the resorts' risk.
First total failure of the intent of the amendment.
Everyone knows even Atlantis sells food-plans to their guests, a
polite more exclusive form of being 'all-inclusive' like all of Cable
Beach surely Parliament cannot be this stupid in not realising that
the visitors have paid for their meals so do you really think they will
not eat their meals in the resorts?
This amendment to the Hotel Encouragement Act is a total
flam and void of any thinking based on the real world but then that's
politics! Before I close what was the rationale for Ministry of
Tourism to financially sponsor with bankrupt Bahamasair the Step
Show on Arawak Cay last evening? Again someone totally brain-
dead! Events must attract a few '000 visitors not play to locals -
dah, dummy!
W THOMPSON
Nassau,
May 11, 2008.

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Should any





Bahamian of





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PAGE 4, FRIDAY, MAY 23, 2008


THE TRIBUNE









THETRBUNWFI


Young

writers

to be

honoured


TALENTED young writ-
ers from all over the
Bahamas will be honoured in
Nassau this weekend.
They will receive certifi-
cates at a special reception
being held at Nassau Yacht
Club tomorrow.
The young poets and short
story writers have been "tal-
ent spotted" by The Com-
monwealth Writers of the
Bahamas, a non-profit organ-
isation launched in 2004.
The National Short Sto-
ry/Poetry Competition, now
in its fourth year, has attract-
ed growing interest from the
Family Islands.
And youngsters from Long
Island, Cat Island and Abaco
were among the major
prizewinners.
First prize in the 8-12 age
group went to Jessica Petsch
of Simms Primary School,
Simms, Long Island.
Runner-up was Dylan
Cash, of Xavier's Lower
School, Nassau, with joint
third place going to Frederica
Williams of Dumfries Prima-
ry School, Dumfries, Cat
Island, and Sydney Delancey
of Oakes Field Primary, Nas-
sau.
In the 13-17 age group, top
honours went to Kephiyrah
Etienne of Long Bay School,
Dundas Town, Abaco. Sec-
ond place went to Mica Cun-
ningham of St Augustine's
College, Nassau.
Thirty-two other students
will receive ce certificates at the
reception, with several public
and private schools repre-
sented.
The competition is one of
several initiatives by the
Commonwealth Writers
group. Apart from hosting a
monthly programme on ZNS
radio, and launching a Junior
Writers' Month, the group is
planning to publish a book
of junior writers' work called
A Collage ofDreams. .;,.


Outrage at Arawak Cay plans


* By REUBEN SHEARER
VENDORS at Arawak Cay
rejected Agriculture Minister
Larry Cartwright's suggestion
that stalls and shacks suspend
operations for up to two
months for the redevelopment
of the popular hangout to
accommodate new port facili-
ties.
Mr Cartwright made the
suggestion at a meeting with
the vendors earlier this week,
which the press was barred
from attending.
Concerns were expressed
"very firmly" at the meeting,
and the minister took griev-
ances aired by vendors in
"good faith," one attendee
told The Tribune.
"Our response to the minis-
ter was that no time is a good
time to close for such an
immense development,
because it's not financially fea-
sible to close our businesses,"
Earl Hall, president of the
Arawak Cay Association said.
On Monday, Agriculture
and Fisheries permanent sec-
retary Colleen Nottage told
members of the press that
they had to leave the meeting
despite having been invited
to attend.

Redevelopment

When contacted for com-
ment two days ago, she
promised to forward a press
release revealing the redevel-
opment plans, however no
such plans have been relieved
by The Tribune to date.
Sources claim the govern-
ment was looking to start the
redevelopment before the
launch of the Junkanoo in
June festival, which runs on
.,ipto August. .,,.'.. .....
,.,However, sources claim that
all plans were suspended until


Contents of a meeting with vendors disclosed


to The Tribune after the press was shut out


further notice, as Mr
Cartwright relayed the con-
cerns from Monday's meeting
to the Cabinet.
It is understood that ven-
dors inquired about "per
diem" compensation during
the proposed two-month
downtime But Mr Cartwright
reportedly told them that gov-
ernment could not afford this.
Mr Hall, who said he was
outraged by this, insisted that
without compensation, ven-
dors would not be able to
"continue their lives".
"We've experienced the
government not keeping their
word before," he added.
Mr Hall explained that
when Arawak Cay was initial-
ly constructed, trenches that
were opened for pipes to be


installed were left open for up
to a year.

Ownership
For this reason, the vendors
feel obliged to take all gov-
ernment schemes "with a
grain of salt," he said.
Sources say the Cabinet is
trying to get the Mediter-
ranean Shipping Company
(MSC) and other companies
to agree on ownership and
management structures that
will allow them to work
together on the proposed
development of Arawak Cay.
The outcome, though, is
unclear with uncertainty
over whether the two sides
have been able to reach agree-
ment.
However, a source close to
the situation revealed that
MSC proposed contributing
between $200.5 million and
$400 million.
The source said that Tropi-
cal Shipping agreed to put
$250 million towards the
cause.
From the government's per-
spective, the purpose of both
companies collaborating on
the development is to marry
Bahamian companies to
MSC's financial power.
Responding to accusations
that government went about
meeting with these companies
without consulting of vendors,
an official at the meeting
reportedly promised that the
vendors would not be exclud-
.ed.


TROPICA
EXTERIN lA~TORS [,


"Our response to the minister
was that no time is a good time to
close for such an immense
development, because it's not
financially feasible to close our
businesses."

Earl Hall, Arawak Cay Association president





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FRIDAY, MAY 23, 2008, PAGE 5


THE TRIBUNE












PRIVATIZATION OF THE NATIONAL FLAG CARRIER WILL REDUCE THE COUNTRY'S DEBT


Bahamasair


- a case of mismanagement


* By ADRIAN GIBSON
ajbahama@hotmail.com
OVER the last 35 years,
Bahamasair has proven to be a
financial albatrpss around the
necks of Bahamian taxpayers
and nothing more than a failed
government experiment.
In the past, the national air-
line has been embroiled in scan-
dal about the discrepancies
with, and/or unavailability of
financial reports which showed
that the carrier has been pil-
laged by some "tiefin",
unscrupulous employees who
pocket airfares and freight
funds, and arrange free trips for
friends and family members.
The national flag carrier has
become synonymous with tar-
diness, delays, lost luggage, per-
sons being "bumped" off flights
to accommodate the relatives
and associates of aircraft
employees and horrendous cus-
tomer service.
Visitors and locals alike, who
have experienced and com-
plained about the crummy ser-
vice provided, have modified
the airline's logo to reflect its
reputation of belatedness to
state "if you have time to
spare, fly Bahamasair."
Because of the oil crisis in
the 1970s, when British Airways
and other major airlines dis-
continued flights, the then gov-
ernment decided to establish
Bahamasair on June 18, 1973,
following its acquisition of Out
Island Airways and Flamingo
Airlines. From the onset, the
airline was faced by financial
woes, second-rate maintenance
services and a feebly configured
set-up that continues to plague
it to this day. During the 1980s,
Bahamasair unsuccessfully
attempted to expand its routes
to include Philadelphia, Wash-
ington DC and Newark. By
1989, their experiment with
flights to these north-eastern
US routes were unprofitable
and futile, even though they
have developed a niche market
at several Florida-based routes
and have incorporated regional


YOUNG MAN'S VIEW

A r-) . KI .. .


MA D I A


routes (eg, Havana).
In almost 35 years, Bahama-
sair has been grossly misman-
aged and has astoundingly had
20 general managers in that
time. These days, due to the
proliferation of private aircraft
servicing the islands, the argu-
ment that Bahamasair provides
essential services to the islands
is no longer germane and shows
that the further usage of tax-
payers' monies to underwrite a
failed enterprise is no longer
warranted.
According to the last audit-
ed financial statements of
Bahamasair Holdings Limited,
the company incurred a net loss
of $19,919,242 for the year end-
ing June 30, 2006, and has had
significant recurring losses that,
up to the aforementioned date,
had left the airline with a
mounting deficit of $397,
989,377. Furthermore, as of
June 30, 2006, the airline's lia-
bilities were in excess of its total
assets by $70,006,867.
In the 2007/2008 Budget,
Bahamasair was once more sub-
sidised by taxpayers and yet
again this year when the gov-
ernment allocated $11.3 million
in supplementary funds to the
carrier during its mid-year bud-
getary exercise. Bahamasair
cannot profit as it's currently
structured. Bahamasair has
always been an over dependent
burden that relies on its gov-
ernment subsidy to cover
expenses ranging from hangar
repairs, ground handling
charges, engine maintenance,
land gear repairs and medical
insurance and looks to contin-
ue being that way.
It is past due that Bahama-
sair outsource less profitable
routes to smaller, local carriers
and instead refocus its attention
on more profitable domestic


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and international routes. How is
it profitable to continue sending
DASH 8 aircraft from Nassau
to Crooked Island or Freeport
to Fort Lauderdale with 15 peo-
ple?
During my travels via
Bahamasair, I've encountered
scowling, discourteous ticket
agents who seem too comfort-
able in their government jobs
to care for customers. While
attempting to buy a ticket sev-
eral months ago, I had to "raise
hell" in order to nudge a ticket
agent along, as he was engag-
ing in frivolous chatter with
friends at the ticket booth while
passengers waited in line.
In a supposedly service ori-
ented company, why should it
take some bungling employees
nearly an hour to sell tickets or
check-in a handful of passen-
gers? Why are certain lousy
employees always on the phone
or chattering away without any
recognition of waiting cus-
tomers? What's more, when
flights are delayed, I have found
that Bahamasair employees
would, rather congregate and
gossip at ticket counters instead
of catering to the concerns of
frustrated travellers.
Currently, the national air-
line is over-saturated with
employees and used as a
cesspool for political cronies. In
order to reduce Bahamasair's
operating costs and prepare the
airline for privatization, a seri-
ous downsizing exercise must
be undertaken.
Admittedly, although
Bahamasair is plagued by sev-
eral setbacks, it has a near per-
fect safety record, highly-trained
pilots and a first-class website.
However, it's time we cash in
on whatever little capital the
airline has left and follow
Guyana's and Trinidad' lead


Shane Gibson, the former Minister of Immi-
gration/Housing who resigned amidst the
shameful controversy involving his 21-day fast
tracking of the late Anna Nicole Smith's resi-
dency permit and the local/international hoopla
about their chummy relationship, has threat-
ened to,.table a list of sweethearts involved
with FNM MPs during the upcoming Budget
debate. In a weird twist of fate, Mr Gibson
claims that in the wake of the Anna Nicole
scandal, he "took the liberty of having private
investigators check on various persons in office
just to determine what it is they're doing."
What a strange chap!
Since the PLP was ousted from office, it has
been disclosed that the incoming government
met no funds to fix and repair "defective"
houses, funds were unavailable to complete
unfinished houses and there weren't any
resources available to obtain land ownership or
secure conveyances and mortgages.
While Mr Gibson is pretending to be Inspec-
tor Gadget, maybe he could answer a few ques-
tions:
If Housing ran so smoothly under you, why
did most of the recently collected $12.3 million
in received conveyances have to be used to
pay for outstanding debt accrued during your
administration's term in office? Why were 86
houses just rotting in an incomplete state and
another 40 supposedly completed houses with-
out infrastructural installations which prohib-
ited people from occupying them?
Why were people living in hundreds of hous-
es without conveyances or mortgages?
Were those people who were living rent-
free for months/years political cronies? How is
it,that both the Bahamas Mortgage Corpora-
tion and the Ministry of Housing were broke?
And, why were three houses given to people


and sell our government's
failed aviation experiment to
local or international investors,
while also considering becoming
a part of a regional airline ser-
vice. Privatisation of Bahama-
sair will undoubtedly reduce the
public service and our national
debt, free up monies for gov-
ernment services, improve their
efficiency, foster competition
and lead to a general sense of
dependability and satisfaction
among travellers.


as gifts that required no mortgage payments or
rent? Why were 40 houses mortgaged with-
out insurance?
Whil& the Golden Gates MP is at it, the gen-
eral public would also wish for him to name the
sweethearts of the PLP members whether
male or female! And, since Mr Gibson is nam-
ing names,.should that be taken as an indica-
tion that he is truly willing to put himself on
such a high moral pedestal which also leaves
him open to criticism and accusations?
While a list of FNM sweethearts would make
for salacious, water cooler gossip, Mr Gibson
should answer these questions and, in the
Bahamian vernacular, also "talk dat!"


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On Wednesday, Tribune columnist Larry Smith took an
exchange we had out of the 'blogosphere' with reference to my
previous column on the price of food, and claimed in his col- .
umn that I had said that the government had slighted Bahami-
an agriculture but was also "completely overlooking the pot-
ted history (that he spoke of in his column)."
Mr Smith should know that, as an historian myself, I did no
such thing!
Larry Smith knows that although previous governments
engaged in the BARC agricultural experiment, no government
has heavily invested in our agricultural sector but has instead
dilly-dallied and wanted to be fed by international producers.
For many years, consecutive governments have pursued an ill-
advised singular economic model that is reliant on foreign
investment tourism and the financial sector while slighting
agricultural development as if it was not a priority.
While I recognize that the Bahamas Agricultural Research
Training and Development Project did fail, we must recognize
that it was also unsuccessful because of a tendency of the new
middle-class (back then) to prefer anything foreign and shun
Bahamian-made products, political interference, and gov-
ernment incompetence.
These days, Bahamians are steadily beginning to show an
appreciation for local goods and an understanding of the
dire circumstances we now face.
I have never suggested that the Bahamas solely feed itself.
I know of no country that can survive on its own without
outside assistance or trade or relations not even Cuba. I
invite Mr Smith to assess the monies budgeted for farming
over the past ten or 20 years compared to the budgetary allo-
cation of neighboring countries that show a greater interest
in developing this sector for the obvious reasons.
Instead of cynically preaching doom and gloom, hopefully
Mr Smith would propose some ideas for economic diversifi-
cation and encourage young persons interested in farming,
particularly since farming free from government manage-
ment can be fairly successful here, for eg the Hatchet Bay
Plantation that flourished before a government takeover.


mr Gibson, I have some questions!
-1


I


PAGE 6, FRIDAY, MAY 23, 2008


-------- ------- ---


THE TRIBUNE














Bahamas hopes democracy is restored in Zimbabwe


* By Lindsay Thompson

THE Bahamas is closely
monitoring the situation in the
Republic of Zimbabwe and has
called for return to "democracy,
the rule of law and respect for
human rights", the Ministry of
Foreign Affairs said.
The statement came yester-
day, in wake of the political
unrest following Zimbabwe's
elections on March 29, 2008,
and reports of an assassination
plot against opposition leader
Morgan Tsvangirai.
"The Bahamas recognized
the value and influence of Zim-
babwe's neighbours in mediat-
ing the political crisis and like
many countries with a strong
tradition of holding free and fair
elections. We were concerned
that the electoral commission
took inordinately long to pub-
lish the official results of the
March 29 elections," the min-


Call for rule of law and respect for human rights


istry said. The Bahamas adopt-
ed the same position at the
Council for Foreign and Com-
munity Relations (COFCOR)
of CARICOM at its eleventh
meeting in St John's, Antigua
and Barbuda, May 7-9.
Deputy Prime Minister and
Minister of Foreign Affairs
Brent Symonette represented
the Bahamas. He was accom-
panied by Ambassador-at-
Large Joshua Sears.
CARICOM expressed "grave
concern" that the results of
Zimbabwe's national elections
were made public only after
weeks of delay, thereby raising
serious doubts over the integri-
ty of the process.
"There continues to be great
uncertainty about the electoral
process which has not only been


tainted by inordinate delays and
grave irregularities underlined
by observers, but which is now
further marred by reports of
threats, intimidation and vio-
lence against opponents," said
the foreign ministers.
Members of CARICOM at
the forefront of the interna-
tional campaign against
apartheid and continuing colo-
nialism in Southern Africa in
the latter half of the 20th cen-
tury. "They therefore feel com-
pelled to call on Zimbabwe's
authorities, with the assistance
of that country's close neigh-
bours in the Southern African
Development Community
(SADC), to do all in their pow-
er to ensure that Zimbabwe's
electoral procedures, as well as
the civil and political rights of


Zimbabweans, is reflected in
the final outcome of this elec-
toral process.
"A fair resolution to the elec-
toral impasse will pave the way
for political equity and soci-eco-
nomic development in the coun-
try," said COFCOR.
The Bahamas' role in the
fight against apartheid' in South
Africa commenced at the Com-
monwealth Heads of Govern-
ment Meeting held in Nassau
in 1985. It continued into the
Special Heads of Government
Conference in London in 1986,
Vancouver, 1987, and in
Malaysia in 1989.
At the Commonwealth
Heads of Government Meeting
(CHOGM) in Harare, Zimbab-
we member states agreed to the
Harare Commonwealth Decla-


ration, 1991 which states, "we
believe in the liberty of the indi-
vidual under the law, in equal
rights for all citizens regardless
of gender, race, colour, creed
or political belief, and in the
individual's inalienable right to
participate by means of free and
democratic political process in
framing the society in which he
or she lives."
Zimbabwe, located southern
Africa, was suspended from the
Commonwealth in 2002 and
subsequently left in 2003. The
suspension was meted out for
Zimbabwe's "persistent human
rights violations and deliberate
misgovernment in violation of
the Harare Principles," the Min-
istry of Foreign Affairs noted.
The Bahamas has diplomatic
relations with Zimbabwe, but


the post of High Commissioner
is vacant. The last High Com-
missioner to The Bahamas was
Lillie Chitauro, currently serv-
ing as High Commissioner to
Canada.


Getting a head start in business


* BY DENISE MAYCOOK
Tribune Freeport Reporter
dmaycock@tribunemedia.net

FREEPORT Young peo-
ple on Grand Bahama can now
get the start they need to
become business owners
through the Self-starters Pro-
gramme.
Byran Woodside, Minister of
State for Youth and Sports, said
the programme will help young
persons with viable business
ideas to establish their own
businesses, or expand small
businesses.
"This is a model programme
which will be improved as we
go along; we believe this is a
great opportunity to assist
young persons to become suc-
cessful entrepreneurs and own
their own business, thereby par-
ticipating in the socio-econom-
ic development of the
Bahamas," he said.
Mr Woodside stated that $1
million has been earmarked for
the programme in the 2007/2008
!budget of the Department of
Youth and Sports.
He stated that'aspiring entre-


Self-starters Programme to help

young people on Grand Bahama


preneurs between the ages of
18 and 30 years can access
grants up to $5,000 to acquire
tools and supplies for their busi-
ness.
To qualify, applicants must
be Bahamian. They must be
unemployed or self-employed,
and they must have a valid
small business idea.
The deadline for application
forms is May 30. An indepen-
dent selection committee will
review the forms and select
applicants for approval.
Mr Woodside said once an
application is approved cheques
will be made payable directly
to the suppliers for tools and
supplies.
He said the Public Treasury
will disburse funds for the pro-
gramme so that the payments
can be easily controlled and
monitored.
In addition to providing fund-
ing, Self-Starters will also pro-
vide mentors to guide and


encourage young entrepreneurs
to develop management and
business skills.
The government will also
host business-related seminars
and workshops through link-
ages with NGOs, the Bahamas
Technical and Vocational Insti-
tute and the College of the
Bahamas, he said.
The officers of the Depart-
ment of Youth and Sports will
monitor each grant recipient to
measure the level of growth of
the business and to assist them
with any problems they
encounter.
A database will also be estab-
lished to enable proper track-
ing of the recipients.
Mr Woodside encouraged
young persons to take advan-
tage of the opportunities pro-
vided by the Self-starters Pro-
gramme.
.An application fair was held
in Freeport at the Foster B Pes-
taina Hall on Monday.


\ 'e o ( allege of The l:i L:tnmas

'r rf i. i T (i '/ ^
w '" "--
.. ,


PRESIDENT of the College of the Bahamas Janyne Hodder brings brief remarks during the university's Hon-
ours Convocation on May 21. More than 1,000 students made the Dean's List in the Fall 2007 and Spring
2008 semesters, while 60 students made the President's Honour Roll with a grade point average of 3.50 or
greater.


I New classes are forming now. Call Success for registration and program details. 324-7770


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FRIDAY, MAY 23, 2008, PAGE 7


THE TRIBUNE













'Living legend' honoured at Run Cay


ONE of Rum Cay's best-
known residents, bar owner
Delores Wilson, is to be hon-
oured as a "living legend" in
Nassau next week.
Ms Wilson, who has run
Kaye's Bar on the remote
island for more than 50 years,
will be among prominent
Bahamian women at the spe-
cial Zonta Club gala event at
Sandals on Saturday.
The 76-year-old former
teacher will be accompanied
by 22 Rum Cay friends who


will be travelling with her to
offer moral support.
"It will be one of the best
days of my life," said Ms Wil-
son, who will be honoured for
her contribution to tourism on
the island.
Ms Wilson, who still cooks
and serves behind the bar
every day, is noted among
yachtsmen worldwide for her
hospitality and culinary skills.
They love hearing her tales
of Rum Cay life in days past,
and usually buy her small book


of island reminiscences to read
as they cruise the Caribbean.
"I've had a very happy life,"
she said, "I was born and raised
on Rum Cay and I love it
here."
Ms Wilson worked as a
teacher at St Barnabas Day
School in Nassau before return-
ing home to open her business.
And she said the only difficult
part of next week's event will
be travelling back to the capital.
"I don't like Nassau," she
told The Tribune, "It's too
crowded and I can't bear to
switch on the radio in the morn-


ing because of all the crime and
shooting that goes on there."
When Ms Wilson first started
out in business, there was no
power on Rum Cay. All lamps
were powered by kerosene, and
beer was kept cool in the gar-
den well.
Fish were hung to dry on an
outside line, then cooked over a
wood fire. "Oh, the flavour was
so good," she said.
"Some of my customers have
travelled the whole world and
say my cooking is the best
they've tasted, which makes me
so proud."


Ms Wilson admits, after half
a century running a business,
that age is beginning to take its
toll.
"I sometimes get very tired,"
she said, "But I have no plans
to retire. I enjoy the work so
much, meeting all these inter-
esting people. Whenever I'm
away from the bar, I wonder
what's going on there. I can't
leave it.
"At the moment we have
about 14 yachts in the marina,
so we're kept very busy. I did
think of stopping once, but then
I wondered what I would do


with myself.
"I'm going to keep going
until I lay right down. I have
so much fun and without the
bar my life would be pretty
dull."
Before refrigerators and
stoves arrived, Ms Wilson salt-
ed goat and hog meat for stor-
ing before cooking it over an
open fire.
And even today she prefers
baking fish instead of frying it.
"It makes me a very happy
lady when people say they
enjoy my cooking," she said.


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DESIGNS by
Sloan Touch
were displayed
as Bahamians
showed of
Bahamian
trades and
hand made
goods
yesterday at
the Governors
Ballroom at
the British
Colonial
Hilton.


PUZZLE BOOKS
by All Tings
Bahamian were
also displayed at
the trade show;


SiemorialService For
't lst r ^.W^MHM^ $


e -^


'" 4'


~~LJ;"'p


*wV

|k 4.,'

___ zh


(2,
N -
%.. .W,.


Of 4 Bristol Street, Blair Estates, will be held on Saturday
May 24th, 2008 at 4:30 p.m. at Sacred Heart Church,
SShirley Street. Officiating will be Father Mel Taylor.

' Lady Cash is survived by her two sons Gilbert Ward and
. Gerald Cash, daughter Sharon Erskine, grandchildren
Shelley Ward, Graham Ward, Corey Erskine Jessica
Erskine and Glenn Minnis (Alexis), great grandchildren
. Madison Erskine Gervais and Asher Minnis.

. Lady Cash is also survived by her brothers Barrington
SLong and Howard Long, and sister in law, Ruth Cash; her
nephews Harvey Long (Dorothy) and Maurice Long, nieces
SHeather Grant, Joan Murray (Keith), Yvonne Marsh,
Annette McDonnough and Dr. Sandra Patterson and other ,
family and friends.

In lieu of flowers a donation to The Salvation Army would


be greatly appreciated.
'/ -fir" "I r4A.?-A.' :


THESE dolls by Miralee Rose Designs were one of many pieces also on display at the show.


DEPRE
Collection
presented
these stunning
strawbags.


I:
s.
;~~l1:;~gsrp~Il~f~E1&2~~~_~flY1881g8~$~


PAGE 8, FRIDAY, MAY 23, 2008


THE TRIBUNE


*!**








THETRIBUNEFRIAYMAY23,200CAPAGEEI


30-YEAR-OLD Leander Davis, who works at the Betty K Shipping Company, is a defensive end for the second year football team Kingdom
Warriors. He says this year's championship is within their grasp.


Fork lift driver Herbert Culmer says the country is too small the current level of crime. He said capital
punishment wouldn't stop criminal activity, but might slow it down. Mr Culmer added that too many
people accused of serious crimes are on bail.


ils :7-1


ERNESTO PENN says he's been but of school for
almost six years and hasn't found it easy getting
a solid job. "It ain't like I don't want to work but
the government should help out more in that area
because there a lot of students coming out of
school every year and can't find nothing to do
and turn to some sort of crime in order to make
ends meet."

MR JOHNSON says the government needs to
stop bringing in foreign workers and provide
more jobs for Bahamians. He feels this is one of
the reasons the crime rate is growing. Mr
Johnson added that Bahamians need to pray,
"because as soon as we wake up in the morning,
the devil jumps on us".





BABER and
salon shop
owner Roger
Lloyd says the
government
needs to
develop social
programmes
and deal with
the root of the
crime problem
- which is in i
thehomes.


PHOTOS:
TIM CLARKE,
Tribune Staff Reporter




DOWN






STREET


2008 Mercedes-Benz C180 Kompressor;
Iridium Silver; 4 Cylinder/1.8 litre gasoline
engine. Brand New only 33 miles.
Serious inquiries only. $50,000.00 O.N.O.
Call: (242) 465-6658.


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


Mrs. Macushla
Annair Hazlewood

of Nassau, The Bahamas, who
died in Vancouver, B.C., Canada
on 12th May, 2008, will be held
at Christ Church Cathedral,
George Street, Nassau today at
2:00 p.m.


II The Very Rev. Patrick L.
LAdderley., Dean :of
Nassau,assisted by Fr. Michael Gittens,Priest Vicar, will
officiate. Cremation will follow.

Mrs. Hazlewood is survived by her long-time companion,
Mr. William St. John Brown; children, Annair Hazlewood
Chambers and Frederick Hazlewood; daughter-in-law,
Bonnie Hazlewood; grandchildren, Macushla Glass, Rick
Hazlewood, Marnie Reid and Kevin Chambers; great-
grandchildren, Robert Glass, Kayla Chambers, Olivia
Hazlewood, Whit Hazlewood, Matthew Reid and Sofia
Reid; her brothers and sister, Emmett Pritchard, Sally
Hazlewood and Sigmund Pritchard; The Management and
staff of The John Bull group of companies and Asa H.
Pritchard Limited, as well as extended family and dear
friends.

In lieu of flowers, donations may be made to The Bahamas
National Trust, P.O.Box N.4105, Nassau; Queen's College,
P.O.Box N.7127, Nassau or The Salvation Army, P.O.Box
N.205, Nassau, in Memory of Mrs. Macushla A.
Hazlewood.

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


FRIDAY, MAY 23, 2008, PAGE 9


THE TRIBUNE


i








PAGE 10, FRIDAY, MAY 23, 2008 THE TRIBUNE


MAY 23, 2008


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

Issues Round- Washinton McLaughlin Bill Moyers Journal (N) C (CC) Waking the Dead "Breaking Glass"
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HBO-P GOOD YEAR Bradford, Adam Beach. The men who raised the flag on Iwo Jima become City: The Movie: (2006) Josh Lu-
(2006) 'PG-13' heroes. n 'R'(CC) 1st Look cas. A'PG-13'


S** STARTER FOR 10 (2006, Romance) James (:15) *s DECK THE HALLS (2006, Comedy) DannyDeVito, Matthew
H BO-W McAvoy, Alice Eve. A working-class student attends a BroderickKristin Chenoweth. Neighbors clash over decoration glare. C
private university. n 'PG-13 (CC) 'PG' (CC)
:15) * ACCEPTED (2006, Comedy) Justin Long, * EVAN ALMIGHTY (2007, Comedy) Steve Carell, :45The Making
H BO-S Jonah Hill, Blake Lively. A college reject and his friends Morgan Freeman. God commands a newly elected Of: Evan
create a fake university. n 'PG-13' (CC) congressman to build an ark. n 'PG' (CC) Almighty n
(6:00) ** STRANGE DAYS THE HITCHER (2007, Suspense) Sean Bean, ** i WHAT LIES BENEATH
MAX-E (1995, Suspense) Ralph Fiennes, Sophia Bush, Zachary Knighton. A cunning serial killer (2000, Suspense) Harrison Ford,
ngela Bassett., 'R' (CC) victimizes two traveling students. C 'R' (CC) Michelle Pfeiffer. n 'PG-13' (CC)
6:45) * V FOR VENDETTA (2006, Action) Natal- * YOU KILL ME (2007, Comedy) Ben Kingsley, HOTEL EROTI-
MOMAX ie Portman, Hugo Weaving, Stephen Rea. A vigilante Tea Leoni, Luke Wilson. A boozy hit man meets a rela- CA: REN-
fights a fascist government. C 'R' (CC) tive of one of his victims. C 'R' (CC) DEZVOUS
* MAXED OUT: HARD TIMES EASY CREDIT This American Penn & Teller: The Tudors (iT) Anne's resur-
SHOW AND THE ERA OF PREDATORY LENDERS (2006, Life (iTV) Cl Bulls.., Capital gence of popularity at court is short-
Documentary) iTV. A 'NR' (CC) (CC) punishment. lived: (CC)


TMC


6:20) TICK- CHERRY CRUSH (2007, Drama) Nikki Reed,
ER(2001)Tom Jonathan Tucker, Julie Gonzalo. Jordan finds trouble
Sizemore. after meeting Shay. l 'R' (CC)


* ** AKEELAH AND THE BEE (2006, Drama) Lau-
rence Fishburne, Angela Bassett. A girl hopes to com-
pete in a spelling bee. C\ 'PG' (CC)


... -
P:~7 ~


FRIDAY EVENING


II



"Ba3aimian PT- ,Lt ie anI-d

soinLe smIiles on VeOI.

kids's focess.


f
.)t
IFS


~r~4
e~


Bri 1^ youLI' clildrlIen to tl e

M'c-lcippy Ho Li at 'McDo wild's in

Onkes Field every T\LI'sdcaL

fromn 3:30pm to 4:30pim dlLing tl e

1nnlA of MaLy 2008.




Enjoy Great Food, Prizes and Lots of Fun.




i'm lovin' it"


_ ~_~~__ _~I____~


I


I


PAGE 10, FRIDAY, MAY 23, 2008


THE TRIBUNE


WEW









THE TRIBUNE SECTION A







FRIDAY, MAY 23, 2008

INIEInentinlsp


141~I i~-il


COOPER REMEMBERED

ON Saturday, the remains
of the late Glen Pete 'Pappy'
Cooper will be laid to rest in
Grand Bahama.
Cooper, 65, was a native of
Rock Sound, Eleuthera, and a
former resident of New Provi-
dence.
He was regarded as one of
those unsung sporting heroes
who made his exit off the
scene.
Bernice Albury, a former
basketball player, said Coop-
er was an outstanding cricketer
and softball/baseball player.
"He was the wicket-keeper
after (the late talented) Will
Elliott (Sr) on St Bernard's
team," Albury reflected. "He
also played first and second
base for their softball and base-
ball teams.
"He was one of the best ath-
letes that we had. Maybe
because he went to Freeport,
hardly anybody remembered
him. But he will be remem-
bered for the role he played in
cricket, softball and baseball."
Cooper's funeral service will
be held on Saturday at 11am at
the Community of Heart
Tabernacle Church of God of
Prophecy, Coral Road. Inter-
ment will follow in Grand
Memorial Park.

SPECIAL OLYMPICS
NATIONALS SCHEDULE

SACTIVITIES surrounding
the Special Olympic Bahamas
competition will get started at
4.30pm today at Stapledon
with an exhibition bocce match
between New Providence and
Abaco.
On Saturday at 9.30am, the
swimming competition will
take place at Betty Kelly Ken-
ning Swimming Complex.
That will be followed by the
official opening ceremonies at
noon at the Thomas A. Robin-
son Track and Field Stadium.
Minister of State for Sports,
Byran Woodside, will declare
the meet open.
The Royal Bahamas Police
Force band will provide music,
while Terez Hepburn will sing.
The fraternity clubs, which
have adopted Special
Olympics, will also put on a
step show.
Track and field will wrap up
the competition, followed by
the awards presentation.

BSC
BASKETBALL/
VOLLEYBALL MEETING

THE Bahamas Sports
Council will hold an'urgent
meeting on Saturday at the
Bahamas Baptist College,
Jean Street, at 10am for'all
players wishing to travel to
San Salvador to play in a tour-
nament over the Labour Day
weekend.
At the same time, the BSC
will hold a meeting for all
churches wishing to partici-
pate in the 2008 Rev Dr
William Thompson Volleyball
Classic. The Classic is sched-
uled to start in June.

CYCLING
GRAND BAHAMA

CHAMPIONSHIPS

ON Saturday, a number of
cyclists from New Providence
will be in Grand Bahama to
compete in the Grand Bahama
Cycling Championships.
Among competitors travel-
ling to compete are Carlano,
Anthony, Justin, Raheem,
Laurence and Antinece in the
junior division.
Robert Bethel, Larry and
Sylvia Russell and Barron 'Tur-
bo' Musgrove are among the
senior competitors travelling.
Competitors from Abaco
and Eleuthera are also sched-
uled to compete. Organiser
Rowshan Jones said they are
anticipating a competitive
event.


N By BRENT STUBBS
Senior Sports Reporter
bstubbs@tribunemedia.net
SINCE fulfilling his long-
time dream of qualifying for
the 2008 Olympic Games, Tau-
reano 'Reno' Johnson thought
by now that he would have
been back in Cuba preparing
for the trip to Beijing in
August.
But his mother, Ikenna John-
son, confirmed yesterday that
it's getting a bit frustrating for
her son because he hasn't
received the financial assistance
promised by a sponsor.
"I understood that the fed-
eration is going to put the funds
on his account, but he's already
lost two weeks of training," she
said. "So we as a family are
going to try and do whatever
we can to at least get him in
Cuba."
She noted that the family
have committed to provide nec-
essary funding to at least buy
the plane ticket for him to trav-
el on Saturday.
"However, he will be travel-
ling short handed. He won't


have his boxing attire and the
other equipment that he hoped
to get with the sponsorship,"
she said.
"We just want to get him
there and then hopefully, when
the money is put on his
account, he can get all of the
necessary equipment that he
will need for his training."
Last month, Johnson became
the first Bahamian boxer in
almost 20 years to qualify for
the Olympics. He earned his
trip to Beijing at the 2nd AIBA
American Qualifying Tourna-
ment held in Guatemala City,
Guatemala.
On his return home, a spon-
sor agreed to fully fund John-
son's training in Cuba leading
up to the games.
But, according to the Ama-
teur Boxing Association of the
Bahamas' president Wellington
Miller, who said at the time that
Johnson wouldn't have to wor-
ry about anything but training,
the sponsorship doesn't take
effect until next month.
"The sponsor, Peter Nygard,
will start distributing the mon-
ey into the account next week,"


Miller stated. "He will be mak-
ing a deposit every month for
the next three months until the
Olympics."
Miller said Johnson current-
ly receives a subvention from
the Bahamas Government and
if he wants to go before the
Nygard sponsorship starts, he
can use that money.
Miller, however, declined to
reveal exactly how much
Nygard's sponsorship is worth
and just how much will be
deposited on a monthly basis.
Johnson is currently training
daily at the National Boxing
Gym at the Baillou Hills Sport-
ing Complex under the super-
vision of Ray Minus Jr.
Minus Jr first introduced
Johnson to the sport, but they
had a split and Johnson ended
up training with national coach
Andre Seymour at his Knock-
out Boxing Club.
One of the main reasons
Johnson decided to reunite with
Minus Jr for his training ses-
sions is because he can get the
sparring partners he, needs to
keep him sharp until he returns
to Cuba.


KNOWLES




LOOKS




AHEAD


Looking to bounce

back after after two

disappointing loses


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

THEY didn't play as well as,
they expected over the last
two tournaments, but Mark
Knowles is hoping that after
taking a week off, he and
Mahesh Bhupathi will bounce
back to their old form.
The Bahamian-Indian com-
bo reeled off two consecutive
tournament victories, only to
drop their last two, including
the Masters Series Hamburg
in Germany last week where
they were eliminated in the
first round.
"That was kind of disap-
pointing," said Knowles as he
and Bhupathi, the number
four seeds,-were sent packing
6-2, 6-3 by the American duo
of James Blake and Mardy
Fish.
"We were playing so well
and we had some really high
expectations. Unfortunately,
we didn't play that well against
Blake and Fish. They played a
good match and we didn't."
Bhupathi was coming off a
slight injury, but Knowles did-
n't want to blame that as the
sole reason for their sluggish
performance in Hamburg. He
noted that their opponents
were more geared up to play
than they were.
Knowles' former partner
Daniel Nestor and Nenad
Zimonjic sealed the title with a
stunning 6-4, 5-7, 10-8 win
over American identical twin
brothers Bob and Mike Bryan.
It was the third title for
Nestor at Rothernbaum, hav-
ing won two in 1996 and 2003
with Knowles.
After taking the week off,
Knowles and Bhupathi are
expected to head to Paris,
France, at Roland Garros on
the weekend to play in the sec--


ond Grand Slam for the year
at the French Open.
Knowles and Nestor are the
defending champions, but will
be returning to the tourna-
ment with different partners.
For Knowles, it will be quite
interesting to see how they
perform with different part-
ners.
"It's going to be different.
You don't have a defending
champion coming back to
defend their title with differ-
ent partners," Knowles
stressed.
"But I'm not concerned
about him and his partner. My
main concern is for me and
Bhupathi. We are going to try
and get past the first round
and the first week. Once we
get into the second week, we
know that our chances will be
just as good as any other team
in the tournament."
Going into Roland Garros,
Knowles and Bhupathi are
still just two points behind
Jonathan Elrich and Andy
Ram with 374 points in the
Standford ATP Doubles
Race. The Bryans sit on top
of the standards with 526.
Nestor and Zimonjic have
moved up to No 4 with 329.
Occupying fifth place is the
African team of Jeff'Coetzee
and Wesley Moodie with 280.
After Paris, Knowles and
Bhupathi will head to London
to play in Queen's, the tour-
nament leading up t6 Wim-
bledon, the third Grand Slam
tournament.
But in between Queen's and
Wimbledon, Knowles is
scheduled to fly back to the
United States to be with his
wife, Dawn, for the delivery
of their second child.
So it's going to be a hectic
month ahead for Knowles.
But he noted that he's ener-
gised and ready for it.


JOHNSON is getting a bit that frustrated because he hasn't received
the financial assistance promised by a sponsor. (File photo)


IIeI~1s~


Financial woes



force Johnson to



stay home


~ir~x


: -i


,,









PAGE12, RIDA, MA 23,2008TRIBNEOSORT


E
c.
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1.

a=
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ERICA BLASBERG watches her shot from the 14th tee during the first round of the LPGA Corning Classic in Corning, N.Y., Thursday, May 22, 2008. Blasberg finished at 7-
under par.


Blasberg leads at Corning


* GOLF
CORNING, N.Y.
Associated Press
NOTHING slowed Erica
Blasberg, not even all the layers'
she was wearing at the start of
the LPGA Corning Classic.
Blasberg shot a 7-under 65 on
I Thursday, a raw day-more like
early March than late May, to
take a two-shot lead over Na
On Min of South Korea and
Karine Icher of France after the
first round.
If this is the final Corning
Classic for 51-year-old Sherri
Turner, who's contemplating
retirement, she seems deter-
mined to leave her favorite tour
stop off a positive note. The
1988 Coming champ shot a 4-
under 68, only her second round
Sin the 60s in six events this year,
^ and was tied for fourth with Na
SYeon Choi, Sandra Gal, and
- 2005 Corning champ Jimin
SKang.
Another shot back among
Seven players was surprising
Australian rookie Anna Raw-
; son in only her fifth LPGA
i, event. Rawson, who also is a


She takes two-shot

lead over Na On Min


model, equaled her best round
this year she also opened last
week's Sybase Classic with a 69
before a second-day 84 sent her
packing.
Paula Creamer, runner-up
here last year and the only play-
er competing with a victory in
2008, never got her game going
in tough conditions and finished
at 2-under 70, four shots better
than defending champ Young
Kim.
Two-time Corning winner
Rosie Jones, the only repeat
champion of the event (1996-
97), came out of retirement to
help celebrate the tournament's
30th anniversary. Playing on a
sponsor's exemption, Jones shot
2-over 74 in her first appearance
on tour since the 2006 U.S.
Open.
The elements made it a chal-
lenging day. No need for the
customary Coming swing, that
backhand motion players and


CLOSED FOR STOCKTAKING

Nassau Motor Company's

Parts Department

will be closed for stocktaking...

MAY 2008

25 26 27 28 29 30 31



1 2 3 4 5 6 7I



JUNE 2008

We will be closed from 5:00pm
Wednesday, May 28 through
Sunday, June 1.
We will re-open on Monday, June 2.

We regret any inconvenience
to our valued customers.







ShirleyS reet3 7 3
patsrdr~aSalmto~cm w. nFNUUMTMC U rnotrx


spectators always have to make
to shoo the pesky gnats that
swarm the course each spring.
The temperature was in the low
40s when play began under gray
skies and players had to con-
tend with intermittent rain
instead.
When Creamer took her prac-
tice swings at the first tee, a
steady drizzle was falling. And
when she teed off moments lat-
er, the sun was threatening to
break through, though that did-
n't prompt her to discard the
black earmuffs she was wear-
ing.
By the time Creamer made
the turn at 1 under, the earmuffs
had been replaced by sunglasses
as the sun broke through now
and again. Still, the thermome-
ter hovered around 50, winds
began gusting to 20 mph, and
Creamer finished her round in
the rain, donning those earmuffs
again.


"I had four shirts on pretty
much the whole day," said
Creamer, who took last week
off. "It's difficult trying to keep
your hands wafir,'You'reqopunt-
:ing down the`oles. .Lr.eally,..
wanted to hit some good shots
down the stretch just to get my
confidence. I think my mom,
who has never played a hole of
golf in her life, could have
pitched better than I did."
Through it all, Blasberg never
flinched. The California native
started at No. 10 and made three
birdies before the turn that
included a 30-foot putt at the
par-4 13th hole. She went to 4
under with a tap-in birdie at No.
4, recovered from a bad tee shot
at the fifth hole and made birdie
from 10 feet, then hit 8-iron to 3
feet for another birdie at No. 6.
Blasberg completed her best
round since turning pro in 2004
by making a 20-foot birdie putt
at No. 9, just her 27th putt of
the day. That left her atop the
leaderboard, an uncustomary
position for a player whose best
career finish in 66 LPGA events
was a tie for eighth at Turtle
Bay in February.


AI

I









a


JIMIN KANG, of South Korea,
reacts after missing a greenside
chip for birdie on the 14th hole
during the first round of the LPG
Corning Classic golf tournament.


L "
KARINE ICHER, of France, lines up her putt on the 18th green during the first round of the LPGA Corning
Classic golf tournament in Corning, N.Y., Thursday, May 22, 2008. Icher finished the round at 5-under par.


i







































r


ranking Republican
Richard Lugar of Indiana
- expect little or no
opposition.
"My supposition is that
there will be very wide-
spread, if not unanimous,
support," Lugar said.


S. '
4-air


TRIBUNE SPORTS


PAGE 12, FRIDAY, MAY 23, 2008


Senate takes up

international

sports doping

agreement

a DOPING
WASHINGTON
Associated Press
IT TOOK more than
two years for President
Bush to ask the Senate to
ratify an international
agreement intended to
curb performance-
enhancing drug use in
sports. Now that it's in
the lawmakers' hands,
they want to act fast to
help bolster Chicago's bid
for the 2016 Olympics.
The Senate Foreign
Relations Committee
held a hearing Thursday
on the International Con-
vention Against'Doping
in Sport, which has
already been ratified by
more than 80 countries.
Adopted in Paris on Oct.
19, 2005 by the UNESCO
General Conference, the
convention seeks world-
wide standards for tests
and penalties for athletes
in international competi-
tions.
"If the convention is
not ratified, it is plausible
that the U.S. may look as
though it no longer takes
the anti-doping issue seri-
ously," Travis Tygart,
chief executive officer of
the U.S. Anti-Doping
Agency, told the commit-
tee.
Ratification is also con-
sidered a perquisite for
hosting an Olympics. The
United States is the only
country among the seven
bidding for the 2016
Games that hasn't put the
treaty into law. The host
city will be chosen in
October 2009.
"You will be protecting
Chicago's bid," said Jair
Lynch, a former Olympic
gymnast and member of
the U.S. Olympic Com-
mittee's board of direc-
tors.
The president sent the
convention to the Senate
in February after the
State Department com-
pleted a thorough study.
Scott Burns, deputy direc-
tor of the Office of
National Drug Control
Policy, told the committee
that the U.S. was already
in compliance with the
convention and that no
new laws, policies or
financial obligations
would be required for its
ratification.
"United States athletes
will compete on a more
level playing field as ath-
letes from around the
world become subject to
more consistent and strin-
gent doping rules," Burns
testified.
Burns said the United
States has lagged behind
other countries in ratifica-
tion because of the
inevitable layers of
bureaucracy.
"There are some coun-
tries in the world where it
simply takes a signature
by the leader; it takes 20
seconds," Burns said.
"The United States has a
procedure in place for
requirements for a treaty,
a convention, and those
are time-consuming. I
think we've moved as
quickly as we can expect.
... The world understands
that. We've explained that
to them in meeting after
meeting. They understand
what we're going through,
and all is on course."
The committee will like-
ly vote on the convention ,
next month, with consid-
eration by the full Senate
to follow. The two leading
lawmakers on the commit-
tee Chairman Joe
Biden of Delaware and


* ,









T N RR M 2 0 A


Riley weighs

what to do

with No. 2 pick

BASKETBALL
MIAMI
Associated Press

RIGHT now, at this very
moment, Heat President
Pat Riley might be on the
telephone hammering out a
blockbuster trade for
Miami's No. 2 pick in the
June 26 NBA draft.
"We feel like we have a
lot of leverage with that
pick," he said.
But if Riley followed
through and made a trade -
declining the chance to
draft Kansas State power
forward Michael Beasley or
Memphis point guard Der-
rick Rose after Chicago
makes its choice at No. 1 --
he would be taking a bold
path.
In the past three decades,
there have been only a few
pre-draft or draft-night
trades of the No. 1 or No. 2
pick. The biggest was in
1980, when Boston sent the
Nos. 1 and 13 picks to
Golden State for the No. 3
pick and center Robert
Parish. It was perhaps the
most one-side deal in NBA
history.
Golden State drafted
Purdue's Joe Barry Carroll
with the No. 1 pick and
then took Mississippi's
Rickey Brown at No. 13.
Boston drafted Minneso-
ta's Kevin McHale at No. 3,
teamed him with Larry
Bird and Parish, and creat-
ed a dynasty.
Perhaps with Boston's
steal in mind, Riley has
opened the lines of com-
munication. Minutes after
Miami got the second over-
all pick in Tuesday's draft
lottery, Riley said three
teams had already
approached him about a
trade.
But Riley also let it be
known that he'll be deliber-
ate.
"We will use the pick,"
he said. "It doesn't neces-
sarily mean we're going to
use it to draft somebody,
but we're going to use that
pick to try to find as many
good players as we can, or
we're going to take the
player that we really want
to take."
It probably would take a
lopsided deal to make the
Heat pass on Rose or
Beasley.
One of Beasley's long-
time coaches said he would
advise Riley not to let
Beasley get away if the
Bulls don't take him.
"If you miss out on a kid
like him you're crazy," said
Dalonte Hill, the Kansas
State associate head coach
who has coached Beasley
since age 13.
Memphis coach John
Calipari said much the
same thing about his for-
mer point guard, Rose,
who led the Tigers to the
national-championship
game.
"If anybody passes on
him, or anybody tries to
trade him, they need to be
drug tested," Calipari said.
Beasley, who is 6-foot-l10
and averaged 26.2 points
and a nation-leading 12.4
rebounds in his lone col-
lege season, seems to be a
great fit for Chicago, which
badly needs a low-post
presence to aid youngsters
Tyrus Thomas and Joakim
Noah.
But Rose could turn out
to be an upgrade for Chica-
go over current point guard
Kirk Hinrich. Chicago also
could consider pairing
Rose and Hinrich, who is
versatile enough to play
shooting guard.
Rose and Hinrich both
are 6-foot-3, but Hinrich
can defend shooting
guards, as Heat fans who
have seen him cover
Dwyane Wade will attest.


Miami needs a point
guard much more than it
needs a power forward, so
the Heat might be likely to
keep Rose if the Bulls take
Beasley at No. 1.
Then again, there's no
telling whose name could
come up in trade talks.


SAN ANTONIO Spurs' Manu Ginobili, of Argentina, drives the ball against Los Angeles Lakers' Ronny Turiaf, left, and Sasha Vujacic, of Slovenia, in the first half of Game 1 of
the NBA Western Conference basketball finals, Wednesday, May 21, 2008 in Los Angeles.




Lakers take Game one


* BASKETBALL
LOS ANGELES
Associated Press

EVEN Spurs coach Gregg
Popovich knew the Lakers' Kobe
Bryant was just biding his time.
"Kobe, he was doing a trust-
his-teammates thing in the first
half," Popovich said. "He was
checking it all out and seeing
where his territory was going to
be. In the second half, he went to
work."
With just two points on 1-of-3
shooting at halftime, Bryant fin-
ished with 27 points Wednesday
night to rally Los Angeles to an
89-85 victory over San Antonio
in dhe opening game of the West-
ern Conference finals.
"I just tried to see the flow of
the game, tried to manage the
game," Bryant said of the first
two quarters. "I can get it off any
time, and in the second half, I
did that.
"I know I can make that push
and I knew once I did, I could get
the game back under control, get
it under 10 where we knew we
could be in striking distance," he
added.
The Lakers had trailed 65-45
early in the third quarter.
Bryant went 10-of-18 in the
second half, including a 10-foot
jumper for an 87-85 lead with 24
seconds left. He finished with
nine assists and five rebounds.
Pau Gasol had 19 points and
seven rebounds for the Lakers,
who will try to make it two in a
row over the defending NBA
champions when the series
resumes Friday night at Staples
Center.
Tim Duncan led the Spurs
with 30 points, 18 rebounds and
four blocked shots. Tony Parker
had 18 points, 10 rebounds and
six assists.
The Spurs went stone cold in
the fourth quarter, going 3-of-
21, including 1-of-9 from 3-point
range as they were outscored 24-
13. Manu Ginobili missed all
three of his shots in the fourth,
finished the game 3-of-13 and
had 10 points.
"They started hitting some
shots, all the obvious stuff, and
we continued to attack but we
couldn't get anything to fall at
that point," Duncan said. "Obvi-
ously, they're a very good team
in the fourth quarter, especially
with Kobe."
Asked if it was an especially
tough loss because of wasting the
big lead, Duncan said, "You
have to win four games, so losses
are losses. Obviously, we were
up 20 and we hoped to put that
one away and put them on their
heels, but we didn't. We have to


LOS ANGELES Lakers' Kobe
Bryant (24) is congratulated by
teammate Pau Gasol, of Spain,
after a shot against the San
Antonio Spurs in the second
half in Game 1.
recover. We have to come out
next game and get that one."
Popovich, asked if he was wor-
ried about any carryover to
Game 2, smiled and said, "Well,
sure. Coaches worry about every-
thing. We've got to dig down
deep, forget about this and figure
out a way to come back just as
aggressively as we (played) the
first three quarters."
The Lakers are 7-0 at home in
the postseason, and have won 13
straight games at Staples Center
overall.
Bryant made his go-ahead
jumper after two free throws by
Ginobili with 1:22 remaining and
a follow shot by Duncan with 41
seconds left tied it at 85. After
Bryant's basket, Ginobili missed
a 3-pointer and the Lakers' Sasha
Vujacic made two free throws
with 7.3 seconds.
"We almost gave up home-
court advantage to a great effort
by the Spurs," Lakers coach Phil
Jackson said. "That was a big
comeback. We were deep in the
hole, there was no doubt about it.
Twenty down and half the quar-
ter gone in the third period. It
was a struggle to fight back into
the ballgame by the end of the
third quarter."
The Lakers hadn't played
since Friday, when they beat
Utah to make the conference
finals for the first time in four
years. The Spurs advanced by
winning at New Orleans three
nights later, and their flight from
Louisiana to Los Angeles was
delayed several hours, so they
didn't arrive at their hotel in sub-
urban Santa Monica until Tues-
day morning around 9 a.m.


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FRIDAY, MAY 23, 2008, PAGE 13


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PAGE14, RIDA, MA 23,2008TRIBNEOSORT


CINCINNATI
Reds catcher
Paul Bako,
right, is late
with the tag
as Los Ange;
les Dodgers'
Matt Kemp
(27) scores
on a Chin-
lung Hu bunt
in the second
inning of a
baseball
game
Wednesday,
May 21,
2008, in Los
Angeles.


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Kuroda pitches



Dodgers to 5-2 win


* BASEBALL
LOS ANGELES
Associated Press
THE SIX-GAME winning
streak the Cincinnati Reds
brought to Dodger Stadium
three days ago can best be
described as gone with the wind
- in more ways than one.
Hiroki Kuroda pitched eight
solid innings.and Los Angeles
scored four of its runs on a wild
pitch, a suicide squeeze, a passed
ball and a bad pickoff throw to
beat the Reds 5-2 Wednesday
night under uncharacteristically
windy conditions at Chavez
Ravine.
"A win is a win, man. Any
way we can score runs, whether
it's driving in runs or just them
giving us runs, we'll take them,"
Dodgers center fielder Matt
Kemp said. "They've got a good
ballclub and they were on a roll
coming in here, but we played
them tough."
Fierce wind gusts blew the
flags straight out toward right
field most of the game, playing
havoc with just about everything
hit in the air and perhaps giving
Reds manager Dusty Baker
unpleasant flashbacks from the
10 seasons he piloted the Giants
and all those frigid nights at Can-
dlestick Park and AT&T Park.


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email: bnt@bnt.bs


Game plagued

with strong winds


"It looked like the Candlestick
days," said Baker, who played
, eight seasons with the Dodgers.
"I played here for years, and I
never saw the wind blow like
this."
Debris constantly swirled
around the ballpark. At one
point organist Nancy Bea
Hefley played the title theme
from "The Wizard of Oz"
because the wind was blowing
so hard.
"It was pretty bad," Kemp
said. "I knew in B.P. that it was
going to be an interesting game
because I was trying to get some
jumps on some'balls and they
-would just dive:'and dance and
do all kinds of crazy stuff. So it
was pretty wild out there."
Several outfielders had to
start and stop and start again
- on balls that would have been
routine flyouts any other night.
Andre Ethier led off the
Dodgers' third with a wind-
blown double that got away
from a flailing Corey Patterson
in center field, but Los Angeles
stranded two in scoring position
that inning as Johnny Cueto
fanned Kemp.
"It was terrible," Dodgers
catcher Russell Martin said.
"The elements were crazy
tonight. The wind was howling
out there. I guess the elements


helped us out more than it did
them."
James Loney completed the
scoring with a home run to right
field, helping the Dodgers win
for the sixth time in eight games
following a five-game losing
streak and complete their third
consecutive three-game sweep
of the Reds in Los Angeles.
Kuroda (2-3) allowed two
runs and five hits, struck out
three and walked two. The
right-hander won for the first
time in nine starts since beating
San Diego on the road in his
major league debut. He was
ohly the second Dodger to pitch
eight innings this season, after'
Derek Lowe did it on April 12
in a win against San Diego.
"He was getting ahead of hit-
ters with his fastball," Martin
said. "He had good sink on his
two-seamer, induced a lot of
ground balls and got a couple
of key double plays. His was in
control of all his pitches, and his
split was good, too. He just had
his stuff tonight."
Takashi Saito pitched a per-
fect ninth for his seventh save
in nine attempts.
Cueto (2-5) threw 114 pitches
over five innings, giving up four
runs two earned and seven
hits. He walked three and struck
out two.


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Inge, Joyce i

lead tigers

past Mariners
* BASEBALL
DETROIT ,
Associated Press
BRANDON INGE
and Matt Joyce homered,
and the Detroit Tigers
continued their offensive
resurgence with a 9-2 vic-
tory over Seattle on i
Thursday to complete "
their first three-game
sweep of the Mariners
since .1995. c
After scoring 14 runs If
in their previous seven
games six of them it
losses the Tigers ,
scored 30 in the series ,
against Seattle.
Jeremy Bonderman (3- q
4) won for the first time
in four May starts, allow-
ing two runs and eight
hits with two walks in six
innings. He struck out
two.
Freddy Dolsi picked
up his first major-league
save with three shutout "
innings. !
Miguel Batista (3-6) "
fell to 1-4 in his last six
starts, giving up five runs q
- four earned on sev-
en hits in three innings. r
The Mariners had a
runner on third with
none out in the first but
failed to score, and the
Tigers went ahead 1-0 on
Magglio Ordonez's RBI
double in the bottom of
the inning.
The Tigers expanded
their lead to 4-0 on b
Inge's three-run homer 3
in the second. Left field- -
er Jeremy Reed reached
over the fence and got
his glove on the ball, but
his impact with the wall
caused the glove to come
off his hand and fall into
the Tigers bullpen.
The Mariners got a run
back in the third on an
RBI single by Raul
Ibanez, but Edgar
Renteria's sacrifice fly
restored the four-run -
margin.
Seattle loaded the
bases with no one out in
the fifth, but Ibanez hit
into a double play to
help Bonderman get out
of the inning allowing
just one run.
The Tigers stranded
nine players on base, six
of them in scoring posi-
tion.
Joyce hit a two-run
homer his fifth in
eight games to make it a
7-2 in the fifth, then
made a diving catch to :
save a run in the sixth, i


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PAGE 14, FRIDAY, MAY 23, 2008


TRIBUNE SPORTS


-










THE TBFD MY


Revenge claim in


stabbing death

FROM page one

year.
Yesterday Acting Assistant Commissioner in charge of crime,
Raymond Gibson, said he could not comment on the claims,
adding: "I do not want to compromise my investigation."
But a source told The Tribune that "the word on the street"
suggested the man's death was an execution-style revenge killing.
The victim, believed to be in his 30s, was found near the shore-
line of a Clifton Pier beach. A Jamaican passport was also found
near his corpse, leading police to tentatively conclude he was a
national of that country.
Chief Supt Glenn Miller said it appeared likely that his death
occurred at some time during the previous night, as his body
showed no visible signs of decomposition.
The year's 28th murder victim was wearing a t-shirt, camou-
flage jacket and jeans when he was found. One of his hands seemed
to be clutching an apparent stab wound to his chest. Pools of dried
blood were visible on the rocks beneath him.
While stab wounds were the only visible injuries to his body,
police said an autopsy would be performed to ascertain if that
was the cause of death.
However, according to Chief Supt Miller, as of yesterday after-
noon no-one had come forward to identify the body, a fact that
could hold up the autopsy.
Mr Miller revealed that it is normal practice for an autopsy only
to be authorised after a positive identification has been made.
The procedure is also useful in assisting police in determining
whether the man was killed at the site or elsewhere and how long
he had been dead two pieces of information that remain
unknown.
But if police feel it is necessary, a special request for an autopsy
prior to the body being identified could take place, Mr Miller said.

Bahamian law rules out gay

marriage, says legal expert
FROM page one

"That should be the first clue that same sex marriage can't be per-
mitted. So this is not any grey area and it has been debated and
decided in courts as high as the English House of Lords and the
European Court of (Human) Rights (which have) laws similar to
ours," Mr Munroe said.
The attorney cited a few unsuccessful cases where same-sex and
transgendered couples appealed to European high courts to over-
turn laws which banned gay marriage in their countries.
Earlier in the week Bahamas Rainbow Alliance spokesperson
Erin Greene said there were.no laws in the Bahamas that precluded
same-sex couples from legally marrying and challenged the Bahami-
an judiciary to disprove her.
"The truth is there are no laws that preclude gay people from get-
ting married, it's an archaic interpretation of the law or a particu-
lar policy coming out of the registrar's office.
S "The Rainbow Alliance challenges any lawyer or member of
the registrar's office to provide the particular- the specific law -
that precludes same-sex couples from getting married,' she said.
Her statements prompted heated discussion on online message
boards on both sides of the debate.
Yesterday Mr Munroe countered her argument:
"I don't know why they say that -'it's clear beyond doubt -
there has never been any ambiguity about this. So this is not any
grey area, it has been debated and decided in courts as high as the
English House of Lords and the European Courts of Human
Rights with (laws) similar to ours.
"If you want to have a contract for rights as a married couple
there's nothing that stops you from doing that. Chapter 125 of
the Matrimonial Causes Section 21 part one says d marriage shall
be void on any of the following grounds: That it is not a valid
marriage in accordance with the provisions of the Narriage Act, that
at the time of the marriage, either party was already lawfully mar-
ried, that the parties are not respectively male and female or that
in the case of a polygamous marriage entered into outside The
Bahamas, either party was domiciled in The Bahamas."
The Matrimonial Causes Act was enacted in 1879 and was last
amended in 1991. The Marriage Act dates from 1908 and was last,
amended in 1987.

Workers ask for help

FROM page one

as the company undergoes a "restructuring" process and are fear-
ful of how they will support their families in the coming wbeks.
They have claimed that company officials have told them that
they will not receive redundancy packages until Pioneer has been
sold.
The Bahamian shipping company officially announced last week
that it is set to be taken over by a partnership of Miami-based
company Laser International Freight Transport and the Nassau-
based Mailboat Company, resulting in employees being terminat-
ed both at the American and Bahamian ends of its operations.


Judge rapped over nun killer case


FROM page one

sentences.
"We must say, however, that
we are troubled and concerned
by the approach in sentencing
by the court below in these mat-
ters. "We feel there is not only
disparity in sentencing but egre-
gious errors in principle in the
judge's approach in sentencing
in the matters," Justice Gan-
patsingh said.
Following two days of legal
arguments on a preliminary
issue, Garvin Gaskin of the
Attorney General's Office
made an application yesterday
for an adjournment so as to
have notices of application for
leave to appeal the sentences
of murder convicts Woodside,
Hamilton and Dean served on
them. 'he Crown contended
that the sentences handed down


on them were too lenient.
Woodside was convicted of the
October 1991 murder of
Catholic nun Claire Haas, Prior
to the Privy Council's decision
against the mandatory death
penalty in the Bahamas, all per-
sons convicted of murder were
automatically sentenced to
death. Woodside was re-sen-
tenced to five years in prison
by Supreme Court Justice Jon
Isaacs last year. Woodside has
been incarcerated for some 16
years after being found guilty
of murdering Sister Haas at Our
Lady's Rectory. Police said
Woodside used a rock to bash
in the nun's head in an attempt
to conceal the theft of $6,000
from the rectory.
Hamilton was found guilty
of the April 30, 1988 murder of
David Cleare, 75. In 1989,
Hamilton was convicted with


Arnold Heastie of murdering
Cleare and robbing him. Hamil-
ton was later sentenced to death
and that sentence was later
commuted to life in prison. Last
year Hamilton was re-sentenced
and given an additional five
years in prison. James Dean was
also convicted of armed rob-
bery and murder.
Jerone Roberts, attorney for
the three convicts, contended
that no proper notice of appeal
or application for leave to
appeal their sentences had been
served on Woodside and Dean
although an attempt was made
to have a notice served on Niki-
ta Hamilton. Mr Roberts
argued that because the con-
victs were not properly served
he had not been able to prop-
erly prepare for the application.
Mr Gaskin submitted that the
substance of the application


should be taken over its form.
Mr Gaskin yesterday conceded
that the convicts should have
been served with the notices,
however, the issue arose as to
whose responsibility it was to
serve the documents on the con-
victs. President of the Court of
Appeal Dame Joan Sawyer not-
ed that since it was an appeal by
the Attorney General's Office,
it was that office's duty to
ensure that the notices were
properly served. Justice Sawyer
noted that the application for
leave to appeal the sentences
had been filed since September
last year. Mr Roberts objected
to an application by Mr Gaskin
to have the matter adjourned
so that the notices could be
served, arguing that it would
not be fair to the defendants to
give the Attorney General's
office further time.


FNM accused of muzzling IDredging stop order issued


FROM page one
day in that month, is supposed to be reserved for opposition day.
"How come a government which talks all kinds of rhetoric about
accountability and transparency is denying the opposition of the
Commonwealth of the Bahamas its entitlement to have once a
month opposition day?"
Mr Sears was speaking during the debate on a resolution to
convey land from the Treasurer to the Minister of Housing for the
government's housing programme in Spring City, Abaco.
During these sessions the opposition has 30 minutes to ask ques-
tion of the government, with the opposition leader having the
privilege of leading off the process if he desires.
According to House rules, it is also the duty of ministers to be in
their places during question time. If a minister is not present when
called upon, another minister may answer in that person's place.
When asked about the issue on Wednesday, Dr Bernard Nottage,
leader of opposition business in the House, said government has
attempted to avoid meeting on the second Wednesday in the
month. "And when we ask about opposition day, they want to do
government's business. So as a result of that we have not had the
opportunity," he said.
"The truth is I think that they are uncomfortable with the ques-
tions we asked and they have not really been willing to enable us to
set the agenda, which we are supposed to do."
Dr Nottage was also concerned that initiatives the opposition
wishes to advance in the House have not been placed on the agen-
da. As the budget debate begins next week, and continues for sev-
eral weeks, the opposition will again be unable to have its day for
at least another month. "This can't continue," said Dr Nottage.
"And I am going to try to resolve this between myself and the
leader of government business and the speaker. If we can't resolve
it then we'll need to take whatever action we think is appropriate."


FROM page one
desist order issued by the Department of Lands and Surveys only
related to the channel that he was dredging, and allowed for the
continuation of other dredging elsewhere on his development, he
has in fact halted all dredging. This comes after the Bahamas
National Trust said in early May that the channel that Mr Wells and
his fellow developers, Frank Watson and Jerome Knowles, had pro-
posed to service the marina component of their housing develop-
ment could "wreak havoc on the ecosystem."
The BNT said it was "watching with concern" the progress of the
South Seas Development, which is taking place next door to the
Bonefish National Park, in the Millar's Creek area.
Yesterday, Eric Carey of the Trust said that the BNT met with Mr
Wells along with representatives from the office of the prime min-
ister, the Bahamas Environment Science and Technology (BEST)
commission, the department of physical planning and the port
department last Friday to discuss their concerns about the project.
"We have formally requested, in that meeting and prior...to be
assured that an environmental impact assessment will be conduct-
ed to assess the impact of the developers' entrance canal, which is
a mile long, ten feet deep and at least 150 feet wide," said Mr
Carey. The channel was being dug out in the Millar's Creek area,
within 80 feet of Bonefish National Pond, and across a tidal flat.
Tidal flats, according to Mr Carey, are very important feeding
grounds for numerous species of wildlife.
He said: "What we've asked the government to ascertain is that
that channel would not have an unacceptably high level of negative
impact on the nearby Bonefish Pond national park." The park
contains "pristine" and "intact" wetlands.
"We're really appreciative that government had a meeting and is
listening to us...government agencies assured us that they would
consider our request and would get back to us with recommenda-
tions," he added.


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FRIDAY, MAY 23, 2008, PAGE 15


77"
** .. . :


THE TRIBUNE



















































































































































































































































































































































































































%w-r -. .. .. "A ,-










TRI BUN E


FRIDAY, MAY 23, '2008

SETO B b inss mri dia.n


Authentic gifts

can drive funds

from tourism
By CARA BRENNEN-"
BETHEL
Tribune Business
Reporter
There is great income poten-
tial in the sale of high quality,
authentic Bahamian souvenirs,
the minister of tourism yester-
day saying this could tremen-
dously increase visitor spend-
ing given that most tourists have
expressed a willingness to pay
up to $55 per item.
Neko Grant, who officially
opened the Ministry of Tourism
and Aviation's authentically
Bahamian Trade Show,
explained that a pilot study con-
ducted by the Ministry in 2006
revealed that most stopover vis-
itors to the Bahamas were will-
ing to purchase authentically
Bahamian souvenirs for prices
up to $55 per item.
"Additionally, 12 per cent of
those sampled were willing to
spend $95 or more on a sou-
venir. More importantly, the
report revealed that 56 per cent
of those surveyed actually spent
$55 or more on the purchase of
souvenir items, with the aver-
age expenditure by stopover vis-
itors to the Bahamas on authen-
tic Bahamian souvenirs pegged
at $102.40," Mr Grant said.
SThe minister said those sur-
veyed indicated that the quality
of such items was not an issue,
as 61 per cent of stayover visi-
tors said the quality of items in
Nassau/Paradise Island was
"good or excellent".
Mr Grant pointed out that
while tourists were willing to
spend these sums, they were
also looking for uniqueness,
i something culturally Bahamian
with quality and reasonably
priced.
"To further develop the
industry, we must move from
small scale souvenir production
into manufacturing for a mass
market. In doing so, it is impor-
tant to maintain the quality of
the indigenous product lines
and address the issue of effec-
tive packaging and promotion
of Bahamian products," the
minister said.
Mr Grant said the Ministry
of Tourism was determined to
SEE page 7B


Banks must pay






their fair share


Chamber chief says banks 'under-taxed' on licence fees in comparison
to likes of insurers, as he urges government to use Budget to make sys-
tem 'a little fairer'
Calls on government to deliver on manifesto promises on loan switch-
es between banks, real property tax and omnibus business licence
* Government urged to eliminate of reduce taxes on alternative energy
technology


* By NEIL HARTNELL
Tribune Business Editor
The Government should use
the 2008-2009 Budget to ensure
Bahamas-based banks and trust
companies "pay their fair share"
in licence fees, the Bahamas
Chamber of Commerce's presi-
dent told The Tribune yesterday,
saying the general perception
among others in the business
community was that this sector
was "under-taxed". -
Urging the Government to use
next week's Budget unveiling to
make the business licence fee sys-


tem "a bit more fairer",with the
amount Bahamas-based compa-
nies paid determined according
to net profitability, Mr D'Aguilar
contrasted the fees paid by banks
with those paid by other finan-
cial services companies, such as
the insurance industry.
While Bahamas-based banks
and trust companies do not pay
the business licence fees other
businesses contribute, since they
pay bank and trust company
licence fees and do not want to be
double-taxed, the Chamber pres-
ident said he had been informed
by a former finance minister that


the most a single bank paid per
annum was $750,000.
He contrasted this with the mil-
lions that Bahamian insurance
companies contributed in licence
fees and taxes to the Treasury per
year, especially when the 3 per
cent tax on gross written premi-
ums was taken into the calcula-
tions.
For example, in its 2007 annu-
al report, Colinalmperial Insur-
ance Company said it paid $4.056
million in premium tax, other tax-
es and licence fees.
SEE page4B


Food shortages

may result

from price

control delay
* By NEIL HARTNELL
Tribune Business Editor
-<
Food shortages in certain
product categories could result
if the Government's Consumer
Affairs Department is not
"proactive" in approving price
control increase requests, thef
Chamber of Commerce's presiP-
dent said yesterday, as compa-
nies would be reluctant to
import goods they know they
will make a loss on.
"Unless they do something
to reform Price Control and
make it more responsive to ris2
ing prices, you're going to end
up with diminishing supplies,
and food shortages," Dionisio
D'Aguilar told The Tribune.
"It's developing into a little
battle, and the Government has
got to be careful it does not lead
to food shortages. If companies
do not get the margins they
want, they will not bring it in."'
Suppliers of food products to
Bahamas-based wholesalers and
retailers have imposed succes-
sive price increases to cope with
soaring costs, largely driven by
supply shortages caused by
droughts and a reduction in
corn grown for food, which is
SSEE page 5B


Developer 'frustrated' over permit process


M By NEIL HARTNELL
Tribune Business Editor
Deyelopers-behind an Eleuthera mixed-
use resort project yesterday told The Tri-
bune they were experiencing "some frus-
tration" with the Government permitting
process, having invested "tens of millions of
dollars" without being able to progress to
full build-out due to a wait for final subdi-
vision approval.
John M. Soininen, vice-president of
development for WIND Development Ltd,
the developer behind the Windermere
Island Club, said that while the project was
"making progress" and currently con-
structing a 7,000 square foot model home,
it could not embark on more construction
until final subdivision approval was received


frbm the Ministry of Works. This was "clos-
er .than we've ever been" to coming to
fruition, but Mr Soininen said the devel-
opers had become frustrated by what they
felt were approval and permitting process-
es that were ill-defined and lacked trans-
parency, with the goalposts seemingly mov-
ing.
He contrasted the approvals processes
in the Bahamas with those in the US; where
he had worked "on a lot of real estate pro-
jects, an'd in some of the most difficult
municipalities in the country, including
Cambridge, Massachusetts"
SWhile a location like that was among the
"most difficult" to obtain permits and pro-
ject approvals from, Mr Soininen said the
processes were "all very well spelled out.
It's very clear, onerous but very well spelled


'out". As regards the Windermere Island
Club project, Mr Soininen said the devel-
opers were working through the permit-
ting process with all the relevant govern-
ment agencies and utility companies, such
as the Water & Sewerage Corporation,
Bahamas Electricity Corporation and the
BEST Commission.
On the Water & Sewerage Corporation
side, MR Soininen said it wanted the devel-
opers to use Nassau engineering standards
for its wastewater treatment plant and lift-
ing station, something he felt was not
appropriate for a small island lying off-
shore from an undeveloped Family Island.
The BEST Commission, meanwhile, was
insisting that WIND Development Ltd con-
struct a sewerage treatment plant, Mr Soini-
nen contrasting this requirement with the


fact most Eleutherans used cesspits for
waste disposal.;
.. "Some progres~",had.been made with
BEC, but that Corporation was requiring
that the developers either post a $2 mil-
lion bond or install the project's electrical
infrastructure themselves.
Yet Mr Soininen questioned why BEC
would not put up a bond itself to guarantee
reliability of power supply, given the fre-
quent power outages and generation capac-
ityissues the Corporation was experiencing
on Eleuthera.
All these issues fed into the Ministry of
Works' decision on final subdivision
SEE page 6B


Bahamas closing

all 'loopholes' on

EPA negotiations


N Trade Regime not yet sent to
kickstart WTO membership talks


* By NEIL HARTNELL
Tribune Business Editor
The minister of state for
finance yesterday said he was
unable to say whether the
Bahamas' Memorandum of
Trade Regime, the document to
kick-start this nation's accession


process to full World Trade
Organisation (WTO) member-
ship, would be submitted before
year-end, as the administration
focused on closing all consulta-
tion "loopholes" on the Eco-
nomic Partnership Agreement
(EPA).
Zhivargo Laing said the Gov-
ernment would first have to
approve the Memorandum,
which details the Bahamas' trad-
ing statistics and all laws gov-
erning this nation's economy
and trade regime, to the WTO's
Geneva headquarters.
However, the minister said:
"I think that substantially all the
work that needs to be done on it

SEE page 7B


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- PESI [


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PENSIONS & INVESTMENTS
PEN"


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C I keep present employees happy
Sl I guarantee staff retirement savings
U. Pr .*iall of the above


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CORPORATION LIMITED
CORPORATE CENTRE: CORNER OF VILLAGE & SHIRLEY STREETS I www.famguardbahamas.com












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* By CARA BRENNEN-
BETHEL
Tribune Business
Reporter
Canadian visitors to the
Bahamas increased by 20 per
cent during the winter period,
with the Ministry of Tourism's
director-general saying yes-
terday that the industry was
feeling the benefits from
launching an aggressive 2008
first quarter advertising cam-
paign.
Ms Walkine said her min-
istry was pleased with the'
arrivals statistics for the first
few months of 2008, following
the Ministry of Tourism's Win-
ter Wonderland campaign,
which used tropical images
with the song Winter Wonder-
land to entice northern state
visitors to the Bahamas
"Our US winter figures are
holding firm. We saw a 20 per
cent increase in tourists from
Canada and the UK, and
Europe figures are up as well,"
she said.
Ms Walkine explained that
the Winter Wonderland cam-
paign was an effort to combat
the declining arrivals figures
of last year.
The latest statistics for Feb-
ruary 2008 saw a 14 per cent
rise in arrivals overall, with
total stopover arrivals up by 7
per cent.
The Central Bank's month-
ly review for March 2008 indi-
cated that total tourist arrivals
rose by 3.8 per cent to 0.8 mil-
lion for the first two months
of 2008.


Ms Walkine said that mov-
ing forward, the Ministry of
Tourism was now working on
a dynamic autumn advertising
campaign, which is expected
to go to into pre and post-pro-
duction in June and July,
before its launch in October.
While she did not go into
further detail about the cam-
paign, Ms Walkine described it
as "emotive and powerful".
The director-general said
the Ministry was optimistic
that tourism arrivals froi the
US would increase following
that country's presidential
election later this year.
Ms Walkine added that giv-
en the rising cost in fuel, more
Americans were straying away
from driving vacations.
"Memorial weekend is com-
ing up and Triple A (the
American Automobile Asso-


ciation) is reporting that the
number of persons will be
down," she said.
This could lead to more peo-
ple deciding to fly, with many
airlines hesitant to increase
their fares and instead trying
to come up with creative ways
to minimise the shortfalls.
Ms Walkine pointed to
American Airlines' recent
decision to charge passengers
$15 for the first checked bag as
an example of new measures
passengers will be forced to
face.
American also announced
that fees to bring pets aboard
went up this week by $20 to
$100 to keep animals in an air-
plane's cabin, while the fee for
checking pets into the cargo
area rose $50, to $150. The fee
for an unaccompanied minor -
15 and under to fly went up
$25, to $100.
Ms Walkine said that with
these developments the Min-
istry was working with the air-
lines to ensure they did not
lose seats to the destination.
"We may not be able to
grow seats, but we do not want
to lose what we have," she
said.
In November last year, the
Ministry of Tourism hired
Boston and Washington-based
Arnold Worldwide to handle
its advertising business after
the ministry broke ties with
the Minneapolis-based Fallon
company, following the
Bahamavention campaign
which, although the Ministry
said was successful, drew some
negative reviews.


& Telephone Ban king


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.


Internet


PAGE 2B, FRIDAY, MAY 23, 2008


THE TRIBUNE


. t









T TBFD Y ,0E


Bank's income



rises 21.14%



to hit $10.3m


Bank of The Bahamas International is today set
to report net income of $10.3 million, a 21.14 per
cent increase over the same period last year, when
it releases its fiscal 2008 third quarter results, The
Tribune has learned. Total assets are understood
to have grown to $716 million.


The bank, which operates branches throughout
the Bahamas and officially opened its Miami cen-
tre in March, enjoyed a -$43 million increase in
deposits over the previous quarter despite a soft-
ening in economic growth.
,


Straw vendors to


join EPA protest


PAUL MCWEENEY, Bank of the
Bahamas International's managing
director


* By CARA BRENNEN-
BETHEL
Tribune Business
Reporter
Bahamian straw vendors yes-
terday vowed to protect their
livelihoods by joining a pressure
group's protesting next Wednes-
day against the Bahamas signing
on to the proposed Economic
Partnership Agreement (EPA)
trade deal with the European
Union (EU).
Attending a highly boisterous
meeting sponsored by Bahami-
ans Agitating for a Referendum
on Free Trade (BARF), sever-
al dozen vendors promised to
join BARF at a major protest
against the EPA next Wednes-
day at 8.30 am in Rawson
Square. .
Paul Moss, a leading BARF
activist, told the vendors that
the demonstration will coincide
with Prime Minister Hubert
Ingraham's presentation of the


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


2008-2009 Budget communica-
tion in the House of Assembly.
"We want them to see us
going in and we want them to
.see us when they come back
out," he said.
Mr Moss reminded the ven-
dors that both governments had
refused to build them a proper
Straw Market following the 2001
devastating fire, but had instead
left them to languish in the
unsatisfactory tent.
He told them that as the Gov-
ernment had failed to provide
for them, they must protect.
themselves by letting their voic-
es be heard loud and clear on
the issue.
"You have the power in your
hands," he told them.
He said the Bahamas was a
small country, and as such its
citizens must protect their econ-
omy and heritage not only for
themselves, but for their chil-
dren and grandchildren.
Mr Moss and BARF told the


vendors that the proposed EPA
threatens life as Bahamians
know it.
He claimed that the EPA will
give the European Union Most
Favoured Nation (MFN) Status,
which would in turn mean a
diminished trading relationship
with the US.
Additionally, the vendors
were told that Bahamian jobs
will not be safe, with competi-
tion coming from both
Caribbean and European citi-
zens, that categories of business
that were reserved for Bahami-
ans will be abolished, that infant
industries such as farming would
no longer be protected by the-
Government, and customs
duties will have to be eliminat-
ed, but the government has no
plans to replace it.


,GOVERNMENT NOTICE
MINISTRY OF EDUCATION, YOUTH, SPORT & CULTURE
DEPARTMENT OF EDUCATION


NOTICE

Procurement of School Computers for the Districts Homework
CentreslStudy Hallsprogramme

1.0 The Department of Education, (hereafter called the "Purchaser")
now invites sealed bids, from Suppliers for the procurement of
school computers, printers and LCD.projectors for Ministry of
Education School .."
2.0 Interested Bidders may collect the bidding documents from the
Purchasing/Supplies Section of the Ministry of Education,
Science & Technology Headquarters, Thompson Blvd. from
Friday, 23rd May, 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 (e.g. "School Computers, Printers").
4.0 Bids must be deposited in the tender box provided, at the first
address,on or before Friday, 13th June, 2008 by 5:00 p.m. (local -
,.,..i. ,0L sary to submit bids in person since they
-sill.be rejected and returned -
unopened.- 1
5.0 Bids will be opened at the public ceremony, in the presence of
those Bidders or their representatives who choose to attend, at
10:00 a.m. on Tuesday 17th June, 2008 at the
first address below.
(1) The Chairman Tenders Board'-
Ministry of Finance
Cecil Wallace Whitfield
Cable Beach
P.O. Box N3017
Nassau, The Bahamas
Tele: (242)327-1530

(2) PurchasinglSupplies Section'
Ministry of Education, Youth, Sports & Culture
P.O. Box N-3913/,4
Nassau, The Bah.,~as
Tele: (242) 502-8571

The Department reserves the right to reject any or all Tenders


FOR RENT
Two Storey warehouse in Essex St.
Ground Floor 4600 sq.ft. $3,000/month
First Floor 4500 sq.ft. $2,500/month
Tel.: 393-4996/ 359-3850


ANNOUNCEMENT

We are pleased to announce the formation of
the law firm to be known as:-

ROBERTS, ISAACS & WARD
(incorporating the previous firm known as
Roberts, Issacs & Co.),
Counsel & Attoneys-at-Law,
The Rigarno Building,
Bay Street & Victoria Avenue,
P.O. Box N-4755,
Nassau, Bahamas.

Partners: S. Oswald A. Isaacs
W. Scoll Ward

Firm Manager: Gregory D. Roberts

Tel: (242) 322-1751-4
Fax: .(242) 322-3861

E-mail:info@riwlawfirm.com


THE TRIBUNE


FRIDAY, MAY 23, 2008, PAGE 3B









PF A2 0T


Banks mus


FROM page 1B
Mr D'Aguilar told The Tri-
bune: "There is a general per-
ception in the business commu-
nity, especially in the insurance
field, that the banks are not pay-
ing their fair share through
banking licence fees when com-
pared to other industries.
"I have been told that the most
a bank pays in licence fees per
year is $750,000, and the insur-
ance industry, when you include
the premium tax, typically one
company would pay twice what


a bank would pay."
The Chamber president
described the licence fees paid by
Bahamas-based banks and trust
companies as "very low and
unfair", and said insurance com-
panies were "constantly bitching
about this".
Mr D'Aguilar is well-placed to
know this, given that he sits on
the Boards of BISX-listed insur-
ers, FamGuard Corporation and
J. S. Johnson.
And he urged the Government
to use the Budget "to make the
tax system a little more fairer,
with those companies that make


;t pay

the most profits paying the most
in licence fees, especially the
banks. The banks are thought to
be under-taxed".
Many Bahamas-based banks,
both in the commercial and off-
shore sectors, have billions of dol-
lars in assets on their balance
sheets, and make per annum prof-
its that are sometimes as high as
$100 million, making the indus-
try arguably this economy's prof-
itable.
The issue of business licence
fees featured heavily in the
Chamber's list of Vexing Busi-
ness Issues that was presented to


B Bahamas
S Business Solutions Ltd.
GL oas. T L mvojLOOV DIstjwnVs JLoocA jaVY



will be closed on


FRIDAY, MAY 23, 2008


for our Annual


Staff Appreciation Day


We apologize for any


inconvenience caused.



SIGNED: MANAGEMENT


................


GOVERNMENT NOTICE
MINISTRY OF EDUCATION, YOUTH, SPORT & CULTURE
DEPARTMENT OF EDUCATION


NOTICE

Procurement of School Computers, Printers & LCD Projectors

1.0 The Department of Education, (hereafter called the "Purchaser") now invites
sealed bids, from Suppliers for the procurement of school computers, printers
and LCD projectors for Ministry of Education School.

2.0 Interested Bidders may collect the bidding documents from the Purchasing/
Supplies Section of the Ministry of Education, Science & Technology
Headquarters, Thompson Blvd. from Friday, 23" May, 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 (e.g. "School Computers, Printers").

4.0 Bids must be deposited in the tender box provided, at the first address, on
or before Friday, 13t June, 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.

5.0 Bids will be opened at the public ceremony, in the presence of those Bidders or
their representatives who choose to attend, at 10:00 a.m. on Tuesday 17th
June, 2008 at the first
address below.

(1) The Chairman Tenders Board
Ministry of Finance
Cecil Wallace Whitfield
Cable Beach
P.O. Box N3017
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 Department reserves the right to reject any or all Tenders


their fair share


the Government earlier this year,
especially the fact that many com-
panies were disadvantaged by
how fees were calculated.
The Chamber urged that busi-
ness licence fees be based on
profits, or gross margin, to ensure
companies generating the largest
profits paid the most. Currently,
business licence fees are based
on gross sales, resulting in the
likes of food stores with high
sales levels but lower gross mar-
gins paying more in business
licence fees than those firms with
low sales and higher gross -mar-
gins.
Mr D'Aguilar said "there's
nothing earth-shattering or inno-
vatiye" coming from the Gov-
ernment in relation to dealing
with the pressing economic issues
and problems facing the
Bahamas, "just the status quo".
As for the upcoming Budget,
Mr D'Aguilar said he would like
to see the Government provide
a "preferential tax rate" for all
technology and components to
do with alternative, renewable
energy sources, such as solar pow-
er, wind and wave.


He added that the customs
duty rate imposed on such tech-
nology should be zero, but if not,
much less than the average 35 per
cent rate. The Chamber presi-
dent, though, admitted it would
be difficult for the Government to
bring relief to BEC customers
and at the pump in next Wednes-
day's Budget because it did not
have any replacement lined up
for the tax revenues it earned
from the petroleum industry.
Currently, the Government
earns $1.06 per gallon on landed
fuel, plus a further 7 per cent in
Stamp Duty. PLP politicians have
urged the Government to remove
the 7 per cent Stamp Duty on
landed fuel, but Mr D'Aguilar
said Budgets were all about 'give
and take'.
If the Government used fiscal
incentives, such as tax reductions,
to stimulate certain economic sec-
tors, it had to see where people
should be paying more to ensure
it did not experience revenue slip-
page. As for other Budgetary
measures sought by the business
community, Mr D'Aguilar said:
"It would be great if they could


allocate resources to a bold new
initiative in the fight against
crime, namely CCTV. I just think
it works well in so many jurisdic-
tions, and all it needs is funding.
"It's just getting worse and
worse. It's becoming more and
more scary to do business."
Mr D'Aguilar also called on
the Government to allocate more
funding to bolster the court and
judicial system, given that the
business community was becom-
ing "extremely frustrated by how
long, how time-consuming and
how fruitless the exercise of going
to court is".
The Government was also
urged to use the Budget to deliv-
er on its 2007 election manifesto
promises, namely the introduc-
tion of an omnibus business
licence for all companies and the
reduction of real property tax on
commercial buildings.
Mr D'Aguilar also urged the
Government to make good on its
manifesto promise to reduce costs
for residential borrowers when
they switched loans between
banks, and "not only do that but
allow businesses to do likewise".


SALES CAREER

A multi facetted communications/consulting company that is
currently undergoing market expansion wishes to employ
experienced commission sales executive. The ideal person
would have a minimum of three years in commission sales;
have their own private vehicle. We are looking for excellent
communicators that are driven. Candidates must have computer
skills and be able prepare public presentations on behalf of
companies clients.

A degree in marketing or business is preferred but not a must.

Persons interested should submit CV's and reference letters to:

DA#6282
P.O. Box N-3207
Nassau, Bahamas
by May 31, 2008.






NOTICE

LAND AND BUILDING FOR SALE

Land Shark Divers Resort Hotel
(In Receivership)
is for sale






















structure is comprised of 40 rooms, kitchen, open dining area, bar and
---









Allequipp that piece of parcel or conditioning units and is elevated on West Bay Street having an
possibilityarea of 23,400 sq.ft beflooding under normal weather condition, include #2 sing annualthe
subdivision known as Westwardillas, the said subdivision situated in the
western district of the Island of New Providence, Bahamas. This two storey
structure is comprised of 40 rooms, kitchen, open dining area, bar and
swimming pool with a building sizeofapproximately 12,280sq.ft.This building is
equipped with air conditioning units and is elevated to prevent the
possibility of flooding under normal weather condition, including annual
heavy rainy periods.

Serious prospective purchasers who would like to tour the property prior to
bidding should contact the Hotel Manager at (242) 327-6364 between 9:00am
and 12:00 noon, Monday through Friday.

All offers should be made in writing in a sealed envelope addressed to:
Mr. John S. Bain, Receiver & Manager
HLB Galanis Bain, Shirlaw House, Shirley Street
P.O. Box N-3205 Nassau, Bahamas
Marked:"Tender-Land Shark Dive Resort in Receivership."

Offers must be received by 4:00pm on Friday, May 30th, 2008.

Each bid should be considered a bonifide offer to purchase and shall be
binding upon the bidder after submission to us


The Receivers reserve the right to reject any and all offers.


THE TRIBUNE


PAGE 4B, FRIDAY, MAY 23, 2008









THE TIBUN I-HI)AYMAY ~, BU8,INESSb


Economy grew by almost 3% during 2007


The Bahamas' Gross Domes-
tic Product (GDP) grew by 5.21
per cent and 2.77 per cent in
current and constant prices,
respectively, during 2007,
according to preliminary results
collected by the Department
of Statistics,
The department's acting
director, Kelsie Dorsett, said
this nominal growth, while at a
similar rate to the 2006 current
growth of 5.64 per cent, was dri-
ven by increasing world oil
prices, which impacted the cost
of goods and services in the
Bahamian economy.
Mrs Dorsett explained that


the 2007 preliminary results are
based on early estimates from
major data sources such as the
Central Bank, Ministry of
Tourism and External Trade
Section. She said they are also
based on indicators that nor-
mally mimic movements in par-
ticular industries, such as hotel
room rates, megawatt sales,
building permits, chargeable
telephone minutes, CPI (Con-
sumer Price Index) and so on.
Mrs Dorsett said the removal
of price increases resulted in
real economic growth of 2.77
per cent.
"This main growth was main-


ly facilitated by exports of goods
and services and private final
consumption expenditure,
which increased by $273 million
and $300 million, respectively,"
she said. "Exports were led by a
$96 million increase in goods
and a $150 million increase in
tourist Expenditure."
Mrs Dorsett said preliminary
estimates for tourist expendi-
ture, obtained from the Min-
istry of Tourism, revealed that
the Bahamas experienced a
recovery after a 2006 decrease
of $15 million in tourist spend-
ing. "The revenue earned in
upscale hotel properties was


exceptionally strong, and the
average length of stay increased
from 6.4 to 6.6 days. This coun-
teracted the 3.5 per cent
decrease in stopover visitors,"
she added. Mrs. Dorsett said
Private Final Consumption
Expenditure (household expen-
diture) grew by $300 million.
"This, however, is a moderate
growth for this segment of the
economy, compared to the 2006
consumer spending, which had
a record growth over 2005 of
17.8 per cent," she added.
"This spending," she
explained, "was echoed in the
borrowing pattern of con-


summers. Since 2006, consumer
borrowing increased by 16.6 per
cent according to the Central
Bank, continuing a growing
trend since 2004 when borrow-
ing was up by 10.2 per cent."
Mrs Dorsett said the largest
items consumed by Bahamians
were retail trade commodities,
electricity, rents and expendi-
ture abroad. During 2006, GDP
grew by 4.63 per cent in real
terms. The Acting Director said
the growth in this period was
led by household expenditure,
government consumption and
overall investment in Capital
Gross formation.


"This
spending was
echoed in the
borrowing
pattern of
consumers."



Kelsie Dorsett


Food shortages may result



from price control delay


FROM page 1B

instead being used for ethanol
production.
Increased transportation and
shipping costs, as a result of
record global oil prices of $135
per barrel, are also imposing
pressure on food costs.
With suppliers hiking their
prices, Bahamian companies on
the receiving end have been
forced to frequently make
requests for the Government to
increase the cost of price-con-
trolled items here, so that they
can maintain their margins.
Price-controlled items are
thought to accoufit for between
10-20 per cent of a food store's
total product offering, and the
margins on these goods are
fixed generally at 13 per cent
for wholesale and 23 per cent
for retail.
Yet all requests for increases
in price-controlled goods have
to go through a process where
they are first vetted by the
Attorney General's Office. The
long wait for approval has, in
some instances, forced Bahami-
an companies to turn down pur-
chases of staple food products
be'dause-they know they will
make a loss on the shipment
without an increase in the price.
Mr D'Aguilar said: "The
business community is com-
plaining about price control.
The fact it takes so long for the
Price Control Department to
react to ever-increasing costs is
causing businesses, because they
are making nothing on the ship-
ment, to reduce supplies and
increase margins on other prod-
ucts."
As a result, price controls
were not having the desired
effect, because where the Gov-
ernment "thinks they are sav-
ing people money, it's costing
them more on the other side" as
retailers and wholesalers
increase prices on non-price
controlled items to compensate
for losses elsewhere.
"Price control is not effective.


"There are
numerous
products sold in
The Bahamas
that are subject
to some form of
price control."


Let the market prevail," Mr
D'Aguilar said, pointing out
that Robin Hood's expansion
and increased food offering and
enhanced competition in the
grocery business with City Mar-
kets, Super Value and
Solomon's Super Centre.
Robin Hood's entrance was
further likely to reduce any
chance of the market operating
as a cartel due to the increased
competition, the Chamber pres-
ident said.
However, he acknowledged
that the Government was
unlikely to abolish price con-
trols for political reasons.
In its Vexing Business Issues
paper, The Chamber said:
"Price control is so unfairly
applied that, in many instances,
businesses are forced to sell
items below their actual costs.
"There are numerous prod-
ucts sold in the Bahamas that
are subject to some form of
price control. This annoyingly
outdated policy is administered
by a department of the govern-
ment that is slow and unmoti-
vated to react to ever changing
prices. In the current environ-
ment of frequent price increas-
es due to substantial increases in
energy costs, the Price Control
Department operates with the
belief that businesses can afford
to sell bread basket items at a
loss, and is not interested in
reacting with the speed required
to allow businesses to sell at the
price that they need to make a
profit.
"This causes widespread dis-


regard of the price control reg-
ulations and almost forces busi-
nesses, in many instances, to
break the law to remain prof-
itable."
The Chamber added: "Due
to the inefficiencies of the Price
Control Department, Bahamian
businesses are forced to sell
items at a loss and incur sub-
stantial losses. In addition, those
that choose to break the law to
charge what they need to charge
NOT to make a loss, are regard-
ed as criminals and unscrupu-
lous business persons.
"If the Government feels


compelled to retain Price Con-
trol (for political reasons), then
devise a system that allow retail-
ers to adjust their prices by sim-
ply filing the necessary request
with the Price Control Depart-
ment. In this way, the business
person would not have. to
endure the long wait typical of a
response from Price Control
saying 'yea or nay.' The mere
filing of a request for a change
in the price would be consid-
ered 'approval in principle',
putting the onus on Price Con-
trol to react quickly if they did
not want the price changed."


/,
BAHAMAS-" -


S------ LIMITED




Bahamas Supermarkets Limited operates a leading supermarket
chain in The Bahamas. As a market leader, the Company prides
itself on delivering premier service through its City Market
supermarkets, having a strong commitment to its customers,
associates and community.
An opportunity for a Chief Accountant to join this market leader
has arisen.
Reporting to the Financial Controller, the successful applicant will
need to hold a professional accounting qualification (CA, CPA, ACCA
or CMA) and have previously led a high-performing accounting
team in a diverse accounting.environment. Key selection criteria
include:
Sound technical and practical experience in financial
accounting, and financial management controls and
systems
Strong business acumen with the ability to creatively
solve problems
Ability to manage, with a strategic focus, all aspects of a
high-volume accounting environment while providing
quality and meaningful financial information
Manage relationships within the business encompassing
budgeting, forecasting, reconciliation and analysis of all
operational accounts, cash flow and asset management
Ability to lead and motivate a dynamic financial team
Ability to identify system, control and process
improvements
Have superior communication and interpersonal skills
with the ability to mentor a team
Solid functional computer skills with working knowledge
of Microsoft applications and automated financial and
distribution reporting systems
If you have what it takes to succeed in this challenging role,
forward your resume and cover letter to:
Human Resources Director
Bahamas Supermarkets Limited
SEast-West Highway P. Box N 3738 Nassau, Bahamas
Or e-mail to: humanresources@bahamassupermarkets.com
No telephone inquiries please

C IBur


KIRILUS INVESTMENTS LTD.
(Company number 110,130)


An International Business Company

(In Voluntary Liquidation)

I, Jean;Francois Rochette Liquidator of KIRILUS INVESTMENS
LTD. hereby certify that the winding up and dissolution of KURILUS
INVESTMENTS LTD. has been completed in accordance with the
Articles of Dissolution and that KIRILUS INVESTMENTS LTD.
has been dissolved as of the 30th day of April, 2008.

Dated this 21st day of May, 2008



Jean-Francois Rochette
Liquidator



COMMONWEALTH OF THE BAHAMAS 2008
IN THE SUPREME COURT No.0019W
Equity Side
IN THE MATTER OF all those piece
parcels or lots of land totaling one
hundred and seventeen and thirty
hundredths (117.30) acres and situate
north of Bucldey's Estate in the vicinity
of Toby Bay in the Southern section of
the settlement of Deadman's Cay in the
Island of Long Island, The Bahamas.
AND
IN THE MATTER OF the Petition of
Emma V. Wells, Rosena E. Pyfrom,
....Tennytson.R.G. Wells, Iris-L.. Pinder,
....... Charles M. Wellsand RichardEa.Wells -.-*
AND
IN THE MATTER OF the Quieting Titles Act 1959

NOTICE
The Petitioners in this matter claim to be the owner in fee simple
possession of the tract of land hereinbefore described and the Petitioner
has made an application to the Supreme Court of the Commonwealth
of the Bahamas under Section 3 of the Quieting Titles Act 1959 to have
his title to the said land investigated and the nature and extent thereof
determined and declared In the Certificate of Title granted by the Court in
accordance with the provisions of the said Act.
Copies of the Plan may be inspected during normal office hours at:
(1) The Registry of the Supreme Court.
(2) The Administrators Office at Clarence Town, Long Island.
(3) The Chambers of the undersigned.

NOTICE IS HEREBY GIVEN that any person having dower or right
to dower or an adverse'claim or a claim not recognized in the Petition
shall before the 30th day of June, A.D.,2008 from the publication of the
notice Inclusive of the day of such publication file Notice in the Supreme
Court in the City of Nassau in the Island of New Providence aforesaid
and serve on the Petitioner or the undersigned a statement of his or her
claim in the prescribed form verified by an Affidavit to be filed therewith.
The failure of any such person to file and serve a statement of his or her
claim within the time fixed by-the Notice aforesaid shall operate as a bar
to such claim.
Dated this 14th day of April, A.D., 2008


PYFROM & CO,*
Chambers
No.58, Shirley Street,
Nassau, N.P., Bahamas.
Attorneys for the Petitioners.


Lyford

Inter t national


TRANSFORMING


THE CHILD


I;~2


Rigorous International Baccalaureate academics (www.ibo.org)
State of the art technology
Small class sizes; 5:1 student/teacher ratio
)iverse international student body(35% Bahamian)
Robust Financial Aid program

Applications being accepted for Grades 7-12, please contact:
Mrs Rose-Marle Taylor Admissions Director
rtaylorilcls.bs
Telephone : 362 4774 x245


T Oy h it Ci a fi t Fl Pg
9


For Sale

Lot 3D 23,000 square feet for Sale

at Airport Industrial Park
Cost: $235,000
Contract: 424-4960 / 394-9396
e-mail: mtumquest@coralwave.com


FHIDAY, MAY 23, 2008, PAGi 5B8


THE TRIBUNE


05*
I, p


"`-p~
~-~II~.. --~aL~









PAGE 6B, FRIDAY, MAY 23, 2008


THE TRIBUNE


Developer 'frustrated'


over permit process


"the majority of our infrastruc-
ture", including electrical and
phone boxes, a reverse osmosis
plant and water distribution sys-
tems and roads, plus "done a lot
of site work and lot preparation"
for its planned 52 residential sites.
WIND Development Ltd is
currently employing 45 staff on-
site at the island, which lies just
off Eleuthera's Atlantic coast
side. Windermere Islands was


Legal Notice


NOTICE


LUNAR SPECTRUM LTD.
(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on the
17th day of March 2008. The Liquidator is Argosa
Corp. Inc., P.O. Box N-7757 Nassau, Bahamas.







ARGOSA CORP. INC.
(Liquidator)



Legal Notice


NOTICE


RAHIN VALLEY INC.
(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on
the 15th day of April 2008. The Liquidator is Argosa
Corp. Inc., P.O. Box N-7757 Nassau, Bahamas.







. .ARGOSAQRP.,INC. -,
(Liquidator)



Legal Notice


NOTICE


MOONRIVER STARS LTD.
(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on
the 1st day of April 2008. The Liquidator is Argosa
Corp. Inc., P.O. Box N-7757 Nassau, Bahamas.







ARGOSA CORP. INC.
(Liquidator)

kI I ii


BI'S


world-renowned as a vacation
destination for the UK's Royal
Family, and was the honeymoon
getaway for Prince Charles and
the late Princess of Wales follow-
ing their marriage.
The 165-acre project, for which
a Heads of Agreement was signed
in July 2003, was led by US
investor Carry Rich.
In a 2006 interview with The
Tribune, Mr Rich said some $15-


$20 million had been invested in
the development to date, which
was slated to include 31 cottages,
plus a 50-room boutique hotel
and spa.
"Several of our employees
have been with us for more than
four years," Mr Soininen told The
Tribune yesterday.
"I don't think there is a con-
struction worker on Eleuthera
who can tell you someone in that


Legal Notice


NOTICE


RAPIDE SPRINGS
INVESTMENTS LTD.
(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on
the 21st day of May 2008. The Liquidator is Argosa
Corp. Inc., P.O. Box N-7757 Nassau, Bahamas.





ARGOSA CORP. INC.
(Liquidator)



Legal Notice


NOTICE


MARBLESTONE INDUSTRIES INC.
(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on the
1st day of October 2008. The Liquidator is Argosa
Corp. Inc., P.O. Box N-7757 Nassau, Bahamas.





.. ,'.; ... I "i: l .iif l .* 'i I.*U l l i *i lii"" '-i i'!i ii l: '" :,:

.ARGOSA CORP. INC.
(Liquidator)



Legal Notice


NOTICE


WESTBROOKE VALLEY INC.
(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on
the l1st day of April 2008. The Liquidator is Argosa
Corp. Inc., P.O. Box N-7757 Nassau, Bahamas.







ARGOSA CORP. INC.
(Liquidator)


C PG CAPITAL MARKETS
ROlYAL *$DEOLTY KRAO& ADVISO"IrSByi[CF.S
ROYAL FIDELITY G CAPITL i ES
C FA L'"


1.18 Abaco Markets 1.84 1.84 0.00 0.135 0.000 13.6 0.00%
11.50 Bahamas Property Fund 11.80 11.80 0.00 1.086 0.400 10.9 3.39%
9.05 Bank of Bahamas 9.43 9.43 0.00 0.643 0.160 14.7 1.70%
0.85 Benchmark 0.8' 0.89 0.00 0.188 0.030 4.7 3.37%
2.70 Bahamas Waste 3.60 3.60 0.00 0.289 0.090 12.5 2.50%
1.30 Fidelity Bank 2.37 2.37 0.00 0.055 0.040 43.1 1.69%
10.42 Cable Bahamas 14.10 14.10 0.00 900 1.121 0.240 12.6 1.70%
2.10 Conna Holdngs 2.87 2.87 0.00 1.200 0.091 0.040 31.5 1.39%
4.77 Commonwealth Bank (S1) 7.44 7.44 0.00 0.440 .0.290 16.9 3.90%
3.32 Consolidated Water BDRe 3.60 3.72 0.12 0.131 0.052 28.3 1.41%
2.20 Doctor's Hospital 2.94 2.94 0.00 0.316 0.040 9.3 1.36%
5.96 Famguard 8.00 8.00 0.00 9,250 0.713 0.280 11.2 3.50%
12.50 Finco 12.50 12.50 0.00 0.810 0.570 15.4 4.56%
13.24 FlrstCarlbbean 13.24 13.24 0.00 0.651 0.470 20.3 3.55%
5.05 Focol (S) 5.55 5.55 0.00 1,000 0.386 0.140 14.4 2.52%
0.41 Freeport Concrete 0.41 0.41 0.00 0.035 0.000 11.7 0.00%
6.79 ICD Utilities 679 6.79 0.00 0.411 0.300 16.6 4.42%
8.60 J. S. Johnson 12.05 12.00 -0.05 73.856 1.023 0.620 11.7 5.17%
10.00 Premier Real Estate 10.00 10.00 0.00 0.180 0.600 55.6 6.00%
2wk-Low Symbol Bid $ Ask $ Last Price Weekly Vol. EPS $ DIv $ P/E Yield


14.60 14.25 Bahamas Supermarkets
8.00 8.00 Caribbean Crossings (Pref)
0.5 0.20 'n onldfnas


0.40 0.35 "Z" -. .-


41.00 41.00 ABDAB 41.00 43.00 41.00 4.45
14.60 14.00 Bahamas Supermarkets 14.60 15.60 14.00 1.16
0.55 040 RND Holdinqs 045 0 55 045 -0 02
52wk-HI 52wk-Low Fund Name NAV YTD: Last 12 Monlhb Div$
1.3124 1.2443 Collna Bond Fund 1.312381*** 1.58% 5.47%
3.0008 2.6629 Collna MSI Preferred Fund 2.989349**** -0.38% 12.26%
1.3909 1.3410 Collna Money Market Fund 1.390896*** 1.15% 3.86%
3.7969 3.2018 Fidelity Bahamas G & I Fund 3.6960"**** -2.66% 16.13%
12.1564 11.5519 Fidelity Prime Income Fund 12.1564""* 1.87% 5.72%
100.0000 100.0000 CFAL Global Bond Fund 100.00"*
100.0000 98.2100 CFAL Global Equity Fund 99.956603***** -0.04% -0.04%
1.0000 1.0000 CFAL High Grade Bond Fund 1.00"
10 5000 9 8346 Fidelity Inlernaonal Investment Fund 9 8832 .....5 87v 8.5 87%
BISX ALL SHARE INDEIX 9 Dec 02 1 000 00 ,ELD Ias, i -.:.-.'n io. ar. a,.,sd ,, ..ng in;a
82wk-HI Highest closing price Ir last 52 weks Bid S Buying price of Collna and Fidelity
52wk-Low Lowest closing pricm In ist 682 weeks Ask Soiling price of Collna and fidelity
Prevlous Close Prnvlou day's welghtad price for dally volume Last Price Last traded over-the-oounlar price
Today's Clos Currant day's weighted price for dally volume Weekly Vol. Trading volume of the prior week
Change Change In cdoin price from day to day, EPS $ A company' reported earnings par share for the last 12 mthe
ar, Vol Nu-mber oa loia Ioina-.a ,.daa lo NAV Net Assaaet Value
Di a S. Dlndts.Pr per sharM paEd s the 11 I2 monta N/M Not Meaneflgful
Po Cloing prioe dilaad by hea Ilt 12 monin earning F INOEX ahe Fidelity Bahamas Silbek intUx. January 1; 1994 1100
(8) 4 -for. Sltoc Spill Efl lfae DOs a 8 '200'


1.160 0.900 13.4 6.16%
0.000 0.480 NM 7.80%
-n n0? n Ann NIM 0.00%


0 2.750 9.0 6.70%
0 0.900 13.4 6.16%
3 0 000 NM 0 00%
. .- ...," ., 0i.w '.^.'.
Yield%





26 AevB. ar, .036
S- 31 Deocmber 2007
S- 16 May 2008
"" 31 April 2008
*... 30 April 2008
".... 31 March 2008


industry has been employed for
three-four years consistently on
this island in the history of the
Bahamas. People have a stability
and consistency that they've nev-
er seen before."
Windermere Island North, he
added, was designed as the
"antithesis" of the so-called Megaa
resort projects' that were unveiled
for many Family Islands under
the former administration.
The project was intended to be
a niche, boutique resort and resi-
dential community that was sus-
tainable from both an economic
and environmental viewpoint,
and did not impose an undue bur-
den on Eleuthera's infrastructure.
"A lot of other projects have
come and gone or not pro-
gressed," Mr Soininen told The
Tribune.
"We've flown under the radar
screen.
"We're not a $1 billion project,
we're not going to develop a


2,000-room hotel, but we are
here, we are real and we are con-
sistent.
"We're producing something
that is organic and sustainable.
Some of these other projects are
going to seriously negatively
impact the socio-economic and
social infrastructure of the Out
Islands.
"When a developer says he's
going to build a $1.3 billion pro-
ject, where's the full-time and
construction staff going to come
from?
"What's that going to mean for
the social fabric of these islands?
"That's the real problem.
That's the antithesis of what we're
trying to do to grow something
organic that is sustainable, of a
scale that is in keeping with the
Out Islands.
'If you build it they will come'
is a flawed concept."


Legal Notice


NOTICE


STRAMBROSTAV INC.
(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on the
23rd day of April 2008. The Liquidator is Argosa
Corp. Inc., P.O. Box N-7757 Nassau, Bahamas.







ARGOSA CORP. INC.
(Liquidator)



Legal Notice

NOTICE


WHYTE NYGHT CORP.




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





ARGOSA CORP. INC.
(Liquidator)



Legal Notice


NOTICE


LAKE GREECE INC.
(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on
the 15th day of April 2008. The Liquidator is Argosa
Corp. Inc., P.O. Box N-7757 Nassau, Bahamas.







ARGOSA CORP. INC.
(Liquidator)



Legal Notice


NOTICE


CAMBODIAM INC.
(In Voluntary Liquidation)

Notice is hereby given that the above-named
Company is in dissolution, which commenced on the
7th day of February 2008. The Liquidator is Argosa
Corp. Inc., P.O. Box N-7757 Nassau, Bahamas.







ARGOSA CORP. INC.
:. iiiid ator ).:l- .... -


FROM page 1B

approval, Mr Soininen explained,
adding that it was difficult for the
developer to obtain additional
debt financing for further con-
struction especially into today's
market without having all nec-
essary project approvals in place.
Despite the difficulties, WIND
Development Ltd has installed


I 11iBUSINESSIII II I


) -
-w- oc pl- ective Date 7/11 7


H












Authentic gifts can drive


funds from tourism


FROM page 1B
ensure that visitors have gen-
uine, lasting souvenirs that are
made in the Bahamas, rather
than reselling items made else-
where.
Manufacturing, he said, rep-
resented the next link in build-
ing a successful partnership
between talented craft persons
and business owners.
Further expansion could be
attained through an Internet
market, allowing Bahamian
products to reach a global mar-
ket, he added.
Speaking with Tribune Busi-
ness, Vince Thompson, the pro-
prietor of Island Vibration,
which sells musical souvenir
items, said he would like to see
more done in terms of market-
ing the craft centres to both a
Bahamian and visitor market.
"Marketing is a problem," he
said. It is not effective right
now."
He added that in order to be


Op i k7.,-.
AUTHENTIC GIFTS Souvenir items Ike these can drive funds for tourism
AUTHENTIC GIFTS: Souvenir items like these can drive funds for tourism.


fully effective, artisans needed
to have steady business from
both locals and visitors.


Bahamas closing

all 'loopholes' on

EPA negotiations

FROM page 1B
has been done."
Meanwhile, Mr Laing said.the Government had not yet com-
pleted discussions with all Bahamian services industries over the
country's services offer on the Economic Partnership Agreement
(EPA) with the European Union (EU).
In particular, e said the Government and Bahamas Trade Com-
mission planned to meet with the auto industry, in the shape of the
Bahamas Motor Dealers Association (BMDA) and the media
industry to obtain their views on the trade agreement, and whether
they had any concerns.
"We're still having discussions with a number of groups, and a
number of groups have lately been identified who we still have to
have discussions with," Mr Laing told The Tribune.
"It has been brought to my attention that the Bahamas Motor'
Dealers Association has not had the benefit of consultation, so
we're going to have discussions with them. We are going to arrange
for discussions with the media industry.
"We are trying to fill the loopholes, so that all and sundry have
had the opportunity to have their sector's views heard."
The Bahamas and other Caribbean countries are due to for-
mally sign the EPA at "some time in July". While Mr Laing said
there was still tiine for further consultations on the Bahamas' ser-
vices offer, the Government would be."having these talks as soon
as possible". .. --r';


TREASURY MANAGEMENT
INTERNAL CONTROL AND ACCOUNTING MANAGER

Bahamian Subsidiary of International Company seeks an Internal Control
and Accounting Manager for its Treasury Investment Operations based in
Nassau.

Responsibilities

Design and implement internal control and accounting procedures, in
accordance with the company standards.
Assess and monitor business risks and controls continuously.
Supervise the accounting function; prepare monthly accounts statements
and reports to the General Manager.
Implement control for day-to-day investment operations.
Monitoring of various investments limits (notional, counterpart, VaR, stop
loss, etc.) in accordance with investment policy.
Design and implement cash flows model and estimates.
Support for the General Manager in the analysis of investments and
performance measurement.
Evaluate the risk in investments vehicles (international and emerging
markets)
Substitute for the General Manager as required.
Manage special projects.as required.
Support internal and external auditors during their periodic reviews.

Profile

Degree in business administration, accounting or similar.
Strong expertise in internal control (implementation of COSO model) and
audit, CIA certification preferred.
5+ years international experience in risk management/audit in a treasury
and investment environment, including risk measurement (VaR, stress test)
and valuation of financial instruments.
Knowledge of treasury and investments processes, from and accounting
and control standpoint.
French written and spoken (required), Spanish written and spoken
(desirable).
International experience in financial services auditing at management level.
Excellent experience with banks and or private company.
Strong financial, analytical and methodical skills.

Benefits
Competitive salary commensurate with banks and or private company.
Medical insurance and pension scheme.


Apply in confidence to:


Treasury Vacancy
P.O. Box N-4875
Nassau, The Bahamas


Deadline for Application 30th May, 2008.


Legal Notice
NOTICE


AVENTURA VALLEY INC.

-- -

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





ARGOSA CORP. INC.
(Liquidator)


VACANCIES

Success Training College anticipates the following
full-time vacancies beginning this fall:

Faculty Positions
Accounting/Business
Information Technology
Mathematics
English Language
Allied Health Science

Administrative Position
Recruiting Officer
Student Activities Coordinator
Program Dev/Admin Officer

Interested persons should submit letter of interest
along with curriculum vitae to the President, Success
Training College, Bernard Road, Nassau, by May O0,
2008. Applicants with relevant mater's degree and
at least five years experience preferred for faculty-
positions, but individuals with bachelor's level
qualification may also-be-considered.
., :. A-


GN683


MINISTRY OF LANDS AND LOCAL GOVERNMENT
THE PRICE CONTROL ACT, 1971
CHAPTER 339
THE PRICE CONTROL (GASOLINE & DIESEL OIL)
(AMENDMENT) ( ) REGULATIONS, 2002


The public is advised that prices as shown in the Schedule below for LEAD FREE
GASOLINE sold by ESSO STANDARD OIL S.A. LIMITED, LEAD FREE
GASOLINE and DIESEL OIL sold by FREEPORT OIL COMPANY and LEAD FREE
GASOLINE and DIESEL OIL sold by SUN OIL LIMITED will become effective on
Wednesday, 21". May, 2008.
SCHEDULE


MAXIMUM WHOLESALE
SELLING PRICE PER U.S. MAXIMUM
GALLON RETAIL
SELLING PRICE
PACE ARTICLE MAXIMUM MAXIMUM PERU.S.
SUPPLIERS' DISTRIBUTORS' GALLON
PRICE PRICE
_____S S S
PART A
NEW PROVIDENCE INCLUDING SEA FREIGHT

Esso Standard Oil LEAD FREE 4.88 4.88 5.32
S. A. Limited
Sun Oil Limited LEAD FREE 5.11 5.11 5.55
SDIESEL OIL 5.66 5.66 5.85
FREEPORT INCLUDING SEA' FREIGHT

i Freeport Oil Company LEAD FREE 87 4.88 4.88 532
Limited DIESEL OIL 5.45 5.45 5.64
PART C
GRAND BAHAMA NOT INCLUDING SEA FREIGHT
(excluding
FREEPORT)
Esso Standard Oil LEAD FREE 4.78 4.96 538
S. A. Limited
Sun Oil Limited LEAD FREE 5.01 5.19 5.61
DIESEL OIL 5.54 5.70 5.89
ABACO,ANDROS NOT INCLUDING SA FREIGHT
ELEUTHERA
Esso Standard Oil LEAD FREE 4.88 5.11 5.50
S. A. Limited
Sun Oil Limited LEAD FREE 5.11 5.34 5.73
SDIESEL OIL 5.67 5.83 6.02
ALLOTHER NOT INCLUDING SEA FREIGHT
FAMILY ISLAND
Esso Standard Oil LEAD FREE 4.89 5.13 5.53
S. A. Limited
Sun Oil Limited LEAD FREE 5.12 536 5.96
L DIESEL OIL, 5.68 5.83 6.03


Harrison Th pson
PERMANENT SECRETAiRY


/


THE TRIBUNE


FRIDAY, MAY 23, 2008, PAGE 7B










PAG E SB. FRIDAY. MAY 23, 2008


- - -- - -
COISPG


Tribune Comics


JUDGE PARKER

HELLO... o
eLVPA~~A
HCL\Nvi67 *- -
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- ..-*~-I '


0o
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APARTMENT 3-G


)


AIEANIHt//LE, 473-G... I HAVEN'T SPOKEN I'AM SURE HE'S 7W ATjAST)
TO ALAN SINCE WE SE EN THE NEWS- H/- T///AN
THIS 15 YOUR B 1G NIGHT qARRELED. PAPER ARTICLE OFA/HE.?
LU AN" HOW DO YOU ER ow.
iEEL' P N





s~1


BLONDIE
oDAWOOo! I WISH SOMEONE IF YOU LOSE YOUR JOB, YOU'LL
T'S GETTING WOULD GIVE ME -, HAVE NO PAYCHECK,
LATE! ONE GOOD REASON ANO IF YOU HAVE NO
WHV I SHOULDN'T PAYCHECK, YOU
STAY IN BED WON'T BE ABLE -
/ JUST ONE DAY TO AFFORD TO
PLAY GOL
S--ANYMORE


? K.

r }



MARVIN

SERIOUSLY n! THE ONLV WAY ...IS IF I TELL THE BUT THE I NOW.
YOU'LL INTRODUCE ME TO WHOLE PAY CARE SIGHT OF PERHAPS WE
YOUR COUSIN MONA ARIZONA -THAT YOU AND I: YES YOU MAKES 1 SHOULD GO TO
ARE A ROMANTit ME BARF! A COUPLES'
TWOSOME COUNSELOR

-' 5, .,- v#-'.-ss



q -3 s '





NON SEQUITUR






.i T T ,.
tl4T L. 1h f
9 CPITA) OUT








TIGER



r"T'.HE 6. AIZ7- GILEHI/CYE

FOkA VCC NlE r

r 1 r




-t-w.-6G.
0~aann Flm~~u.m


I CRYPTIC PUZZLE I


ACROSS
9 Tnes to rmove the bar in front of the
rail (I)
10 irheloregrer aiwthhee.ycllent
rinure. coming n(3)
n Thrnk Ihe commeroajlabout was
lurrv 16|1
12 A ;ourd investment r or murn c
Ice.sIs16
13 Dioj hang. teen e'ercided. I eat out
nr the aiderl )7
11 Bai up rhePn here's a
iuiersr'on 11)
15 LuOy irr us' ha.lng run Out, it had
teei',In ipped I10)
17 A Foo:e qualirer l "good" to mean
really qood' (l8
18 l td belner than many in and was
shovjn apprentorjn (7)
19 MrilI. ih ,r, i pn on (4)
21 rhe tri meol .Ioebodytvho's
t'rillar,[' (61
24 On- person tihr half an ounce of
"er, ,iew.ed.a car 16.3,8i
27 To onven ,nto. rurn, the head
away 16)
29 Dish conijniriny rea l [hjr't north ell
done' ()41
30 Ido n dumsly and I get caught.
Stupid (7)
i3 Tlake hean nlheriyou *hed more light
35 '. obJ i ,.bviouslil0)
31. rlurr,,,l IrriOTi tudy. helps a
.Ii'rded molor.n (4)
37 SuOcp'.pe .t Linmi ,.tIt by
conderai:r'.j (7)
38 Had ,'ra.: at- wouldn't work (6)
40 Ma ie'. a differerc to a tirle,.
mne-rly. Jerry) 3 bredl: f.)
a1 ro.: ,:.r.iy sual jogsi di c w hern tIrry'll
42 I am to .pra/ in the battered car itl'
r'rtumrid II


DOWN
1 He's rLown for hs
ov rhasjrtnesi(4,61
2 The Bar; sup- bult he St,,, f
down'(4))
3 Think hil the rat wasldesiroved
bv po;iorn IS
4 Oblige to pull over lo letl he bind
through I7)
5 'rour mcoice in artwill depend
ornit ',4J
6 lack let Alan oll gorng to the
dance (10)
7 Beefl, u ay, won'tt be eajer, by a
.egeliaria' (6)
8 he won' hand over Mhe
fee (e)
10 A cc.i'nev rremoef l the o lah: hbe's
in South Americl (51
16 About now a pl:,I.:i or.'o..:red t
hold in :harge |71
20 Goesoj and there jre short is5)
22 DOC.i'r realin the Win
'wrie (3.4)
23 Howa you sad casually "My
emplclyect are on holiday"' 13 i8)
25 laTry siuarc,r, t lov.:ly [.) put
behind 'you 1F.41
26 Crealea lu., when the water
j,mae.i Ca".e ,bOuyhi
in 16,.)
28 Thoroughlv arn.rar.ni ly or luti all
nght (1.4)
31 une'pected reiur, to have
a linle dnrik a rnip 14,.
32 Because. 3:i we wjored out arid
aridnipated (71
34 ihr hr, around Irom
,hoaI- (il
35 h o mte .rr,,n:omirtIanle and hup
dc wn orn (i)
39 Ilrnilh3twill gety.:,u ba,.: (a)


eslerday's cryprir solutions Yesterday', easy solutions
A(H005' I r; MV L .:7 U.nder age 8. Tall )0, Car pe l 1 ACROSS iurrmp.d ITimpjaed 8, Grin10, Marine 1,
Kinder 14, Ion 16, Seats 17, Root 19, Purse 21, Maria 22, Facile 14, Elk 16, Sonar 17, Toys 19, Baron 21, Renal 22, Begin
Venom 23, Mice 26, Sa-te-d 28, Fad 29, Pratie 30, Barons 23, Jest 26, Beret 28, Hod 29, Erotic 30, Cavity 31, Omit 32,
31, Aril 32, Cottager 33, Slew-Ed Censured 33, Ealing
DOWN:1, M-iicer 2, Tea-pot 3, Cult 4, Meliss-a 5, Panda 6, DOWN:1, Permit 2, Perils 3, Dine 4, Parasol 5, Stain 6,
B-e-ars 8, Trio 9, Len 12, Nee (nay)13, Ethic 15, Huron 18, Adder 8, Grey 9, Ink 12, Con 13, Lambs 15, Panic 18, Owner
star 19, Pan 20, Rim 21, Me-DIC-at 22, Vet 23, Ma-r-ine 24, 19, Beg 20, Ran 21. Retinue 22, Bet 23, Jovial 24, Edit 25,
d-ol 25, En-Sue-d 26, Sp-ic-y 27, Ta-TT-y28, Far 30, Bars Trying 26, Bench 27, Round 28, Ham 30, Code


ACROSS
9 Apron (8)
10 Star
sign 3)
12 Shre, sill
13 ather
together (5,2)
14 Consumes
food (4)
15 Situated
directly
below (10)
17 Bedtime
drink (8)
18 Cure forall
19 T t (4)
21 Nofar
from (4,2)
24 Very quickly
2,3 2,
27 Save (6
29 Unemploy-
ment
benefit,4)
30 Proof n.
purchase (7)
33 ype of
Mexican
hat (8)
35 Posh bed (4-6)
36 Among (4).
37 u0 current
affairs (7)
38 Naturist (6)
40 Younger in
41 compose (3)
42 Phsica
effort (8)


The Infernal Optimist


North dealer.
Neither side vulnerable.
NORTH
+10532
VAQJ75
*K10
+K5


WEST
+J9
S109
*J98742
+Q76
SOUTH
+AK86
V8
*AQ63
+AJ98


EAST
+Q74
VK6432
+5
+10432


The bidding:
North East South West
1 V Pass 1 + Pass
2+ Pass 4 NT Pass
5 Pass 6+
Opening lead seven of diamonds.
Some players haven't a care in the
world and let nothing bother them,
while others, like Atlas, carry a
whole world of worries on their
shoulders. Consider this deal played
in a match between Poland and
China.
At the first table, the Polish
North-South pair got to six spades on
-the bidding shown. Four notrump
was Blackwood, and five diamonds
showed one ace.


I T~ARE


WtN


iCh-Mb
21st
MIM
katurk
LMI A (19 9UM
O__ Rtt).
HOW many words or four letters
or more can you make from the
letters shown here? In making a
word, each letter may be used
once only. Each nust contain the
centre letter and there must be
at least one nine-letter word,
No plurals.
TODAY'S TARGET
Good t1; very good 17: excellent
22 (or more). Solution tomorrow.


1 m I U r - z--


DOWN
1 American
city (10
2 Vessel or
flowers (4)
3 Start.(8)
4 Gossip,
rumour (7)
5 A boob
pr.ze (6U5)
6 Misleading
publicity (I0)
7 other,
say (6)
8 Painting of a
10 erson18).
10 how
amusement
16 tetchy7)
20 Rescind(5)
22 Timeless,
eternal (7)
23 Large heavy
shoes (11)
25 Simple
(10)
26 Wordor
phrase (10)
28 Gigantic (8)
31 Overheads
(8)
32 One who
constructs
houses (7)
34 Large blunt
needle (6)
35 Aspect
(5)
39 Import tax (4)


West led a diamond, won by
dummy's ten, and South played a
low trump to the ace, on which West
produced the nine. The Polish
declarer, obviously a chronic worrier,
was afraid the nine might be a sin-
gleton, so to cover this possibility, he
led the six of spades toward
dummy's ten at trick three. This
would have limited East to one
"trump trick had he started with the Q-
J-7-4 of spades.
In the actual case, though, South's
cautious approach.backfired when
West won with the jack and led a sec-
ond diamond, ruffed by East for
down one. Declarer's attempted
safety play thus lost the slam by
making allowance for a 4-1 spade
division (which did not exist) as
opposed to guarding against a 6-1
diamond division (which did exist).
At the second table, the Chinese
South adopted a much more happy-
go-lucky style in both the bidding
and the play. The bidding went:
North East South West
I Pass 1 4 Pass
24 Pass 6 4
Here, too. West led a diamond,
taken by the ten. Declarer then
played a spade to the ace and --
without a care in the world con-
. tinedii'th dldi ig'.As'-i result, the-
only trick South lost was a trump,
and he easily made the slam.


S( Calvin & Hobbes )


Tribune

Horoscope


By UNDA BLACK:


FRIDAY,
MAY 23

AQUARIUS -Jan 21/Feb 18
hEilucsive oIpportuiticli c ome yVoIur
way hy midweek. Aquarius.
Superficial relationships melt away
into true genuine ones. Take it as a
confidence hxost and enjoy it.
PISCES Feb 19/March 20
You've heen frustrated and look to
close friends to help you through.
Pieces. Expect good news on
Wednesday when a new career could
be on the horizon.
ARIES March 21/April 20
Spend the week in a bright, upbeat
stale of mind. Others wll find your
positive mood contaugit and will
join aloig. Aries. Expect romantic
company on Tuesday.
TAURUS April 21/May 21
Be kind to e xeryone you meet this
week. Taurus. vou never know
when someone important is travel-
ing incognito. A conlrontalion on
Wednesday Igts you thinking.
GEMINI.- May 22/June 21
Jokes and got.sip let you nowhere,
.(iitinL so don't waste time in idle
conversation a tihe water cooler.
Someone close turns on you when
\ou least-expecl it.
CANCER June 22/July 22
You are suspicious of a generous
gift lhis week. Cancer. Stop wor-
r inti about the unknown and
accept the surprise with apprecia-
tion. A fainily member gets
needy on Thursday.
LEO July 23/August 23
Don't partner up "with Aries and
Sauittarius. Leo. it can only lead to
trouble or competition. I'nless adver-
sity is what lights \our lire. seek the
com panioniship of I.ibra instead.
VIRGO Aug 24/Sept 22
There can't he Ptb o leaders of the
pack. ,so accept thal you can'l
always he in control. Concede to
your romantic partner on Monday,
you II he ,surprised.
LIBRA Sept 23/Oct 23
Your presence is in demand. and
much llore this week. Keep being the
honest individual hat vou are and
you'lll lilnd success. Truthlflness is an
admirable trait in an associate.
SCORPIO Oct 24/Nov 22
Don't embarrass yourself this week,
Scorpio. hlen psky jealosly slmws
itself. Quell those f'eelings of the lil-
tle green monster and press on with
more urgent issues romanIce.
SA(GITIARIUS Nov 2l)ec 21
You're a ittan or womann of the
limes. but it goes bcyound mere per-
sonmalily traits. Positive energy and
grand gesture:s make you a hit will
mlan) people across the boald. Show
oIT what )ou has e.
CAPRICORN Dec 22lJan 20
Believe in your senses Iirst, hut then
I'actor lailh into the equation this week.
(apricorn. Suspicion and selldloubt i.,
no ay to lie life. Friends ar close by
anId rely t1poln yol Iior liunl o Saturday.


n*.,w


mulch
ud
woed

Covering
spea over
th 11


CH SS bO e OonardBr


Gata KamsKy v Alexei Shirov, World
Cup final, Siberia 2007. New Yorker
Kamsky became the ultimate chess
comeback king when he won the $2
million event and put himself
within one eliminator of a match
for the world crown held by India's
Vishy Anand. For some spectators,
there was a mystery about
Kamsky's final game. Shirov trailed
2-1 in the four-game series and is
rook and pawn for knight ahead in
the di.gram, yet the ex-Latvian who
now represents Spain feebly
acquiesced in a draw by perpetual
check with Kg8 Qe6+ Kg7 QeS+
Kg8. The audience expected Black
to try for a win by 1...Kh6 since 2
Qf4+ g5 3 Qxf5 R7xe7 with the
threat of Rel+ gives Black serious
chances. Were they right? Kamsky


a


EL

s~J
El


a b c


8613











d e i g h
ij e I g


now meets Bulgaria's Veselin Topalov
while Anand meets his Russian
challenger Vlad Kramnik in a 12-game
$1.5 million series in Bonn this
October.
LEONARD BARDEN


Chess 6613:1...Kh6? 2 Ne6! when 3 Qf4+ and 4 Qg5
mate is a dec.,ive threat.


.r~~l llll lll


Contract Bridge )

, By Steve Becker .


9| H H H 10 Eli11 M I
1 1
12 16 1 17

15 16e 1


23 9 20 21 22
23
24 25

27 28 29 3 31
32
33 34 35

3637 38 3

40 42 T I I I I


I


**p


12 aa


16 17


Ib5


THE TRIBUNE









(I TIFunc l ad pn
(c) Functional and presentation currency


FRIDAY, MAY 23, 2008, PAGE 9B


lelephons 242 393 200/
Fax 242 393 1772
Internst. www.kpmg.com.bs


INDEPENDENT AUDITORS' REPORT

To: The Shareholders
WESTRUST BANK (INTERNATIONAL) LIMITED

We have audited the accompanying balance sheet of WESTRUST BANK
(INTERNATIONAL) LIMITED ("the Bank") as at December 31, 2007, and a summary of
significant accounting policies and other explanatory notes (together "financial
statement").

Management's Responsibility for the Financial Statement

Management is responsible for the preparation and fair presentation of this financial
statement in accordance with International Financial Reporting Standards ("IFRS"). This
responsibility includes: designing, implementing and maintaining intemal control relevant
to the preparation and fair presentation of the financial statement that is free from material
misstatement, whether due to fraud or error, selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the
circumstances.

Auditors' Responsibility

Our responsibility is to express an opinion on this financial statement based on our audit.
We conducted our audit in accordance with International Standards on Auditing. Those
standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance whether the financial statement is free of material
misstatement.

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

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

Opinion

In our opinion, the financial statement presents fairly, in all material respects, the financial
position of the Bank as at December 31, 2007 in accordance with IFRS.

Emphasis of Matter

Without qualifying our opinion we emphasize that this financial statement does not
comprise a complete set of financial statements prepared in accordance with IFRS.
Information on results of operations, cash flows and changes in equity is necessary to
obtain a complete understanding of the financial position, performance and cash flows of
the Bank.


kPMG
Nassau, Bahamas
February 20, 2008

WESTRUST BANK (INTERNATIONAL) LIMITED
Balance Sheet
December 31, 2007, with corresponding figures for 2006
(Expressed in.United States dollars)

2007 2006

Assets
Cash and due from banks (notes 5 and 13) S 74,996,540 59,971,485
Loans and advances to customers (notes 6 and 13) 406,915,831 340,024,811
Accrued interest receivable 3,147,777 2.677.381
Other accounts receivable 41,491 49,746
Prepaid expenses 4,801 23.361
Investments (notes 7 and 13) 162,893,470 192.215,587
Foreclosed assets (note 8) 402,614 402,614
Property, plant and equipment (note 9) 5,514.928 567,380

Total assets S 653.917,452 595,932,345

Liabilities and Shareholder's Equity
Liabilities:
Customers' deposits (notes 10 and 13) S 582,065,840 534,325,383
Accrued interest payable 6,355,420 6,272,136
Accounts payable and other liabilities 10.524,164 5.117.790
Total liabilities 598.945,424 545,715,309

Shareholder's equity:
Share capital (note 11) 33,000,000 33,000,000
Retained eamings 18.790,485 15,376,466
Unrealized gain on available-for-sale investments (note 7) 3.181,543 1,840,570
54,972,028 50,217,036
Commitments and contingencies (note 12)
Total liabilities and shareholder's equity $ 653,917,452 595,932,345


See accompanying notes to balance sheet.
The balance sheet was approved on behalf of the Board
February 20, 2008 by the following:


i Director -


of Directors on



,Director


WESTRUST BANK (INTERNATIONAL) LIMITED
Notes to Balance sheet

December 31, 2007
(Expressed in United States dollars)


1. General information
WESTRUST BANK (INTERNATIONAL) LIMITED ("the Bank") was incorporated
under the laws of The Commonwealth of the Bahamas on October 21, 1991 and is
licensed to carry on banking and trust business.
The Bank finances its operations through its capital and customers' deposits which
generally do not exceed one year in duration.
The Bank is a wholly owned subsidiary of Banco Industrial,.S.A., a bank incorporated
in Guatemala.
The address of the registered office of the Bank Is Marlborough House, third floor,
Cumberland and Marlborough Street, P.O. Box N-1419, Nassau, Bahamas.


2. Basis of preparation
(a) Statement of compliance
The balance sheet has been prepared in accordance with International Financial
Reporting Standards ("IFRS").
(b) Basis of measurement
The balance sheet has been prepared on a fair value basis for available-for-sale
assets. Other assets and liabilities are stated at amortized cost or historical cost.


~lt~Z~


* Note 3 (i)


Impairment


Notes 6 and 22 Determining the allowance for loan losses.

3. Summary of significant accounting policies
The significant accounting policies are as follows:
(a) Financial instruments
Classification
Financial Instruments include financial assets and financial liabilities.
The Bank has not designated any financial assets or liabilities as "fair value
throLugh profit and loss".
Loans and receivables are non-derivative financial assets with fixed or
determinable payments that are not quoted in an active market The Bank has
classified loans and advances to customers, accrued interest receivable and
other accounts receivable as loans and receivables.
Held-to-maturity investments are non-derivative financial assets with fixed or
determinable payments and fixed maturity that the Bank has the positive intention
and ability to hold to maturity. The Bank has not classified any financial asset as
held-to-maturity investments.
Available-for-sale investments are those non-derivative financial assets that have
not been classified as loans and receivables, held-to-maturity assets or financial
assets at fair value through profit or loss. Available-for-sale instruments include
debt securities and negotiable certificates of deposit and have been classified as
investments.
Financial liabilities include customers' deposits, accrued interest payable and
accounts payable and other liabilities.
Recognition
The Bank initially recognizes loans and receivables on the date that they are
originated. All other financial assets and liabilities are initially recognized on the
trade date, which is the time that the Bank becomes a party to the contractual
provisions of the instrument
Measurement
Financial instruments are measured initially at fair value plus, in the case of
financial assets or financial liabilities not at fair value through profit or loss or
available-for-sale investments, transaction costs that are directly attributable to
the acquisition or issue of the financial asset or financial liability. Transaction
costs on financial assets and liabilities at fair value through profit or loss and
available-for-sale investments are expensed immediately, while on other financial
instruments they are amortized.
Subsequent to initial recognition all available-for-sale assets are measured at fair
value, except that any instrument that does not have a quoted market price in an
active market and whose fair value cannot be reliably measured is stated at cost,
less impairment losses.
The change in fair value of available-for-sale assets is recognized directly in
equity. When the available-for-sale assets are sold, collected or otherwise
disposed of, the cumulative gain or loss previously recognized in equity is
transferred to profit or loss.
All other financial assets are measured at amortized cost less impairment losses.
All financial liabilities are measured at amortized cost. Anortized cost is
calculated using the effective interest rate method. Premiums and discounts,
including initial transaction costs, are included in the carrying amount of the
related instrument and amortized based on the effective interest rate of the
instrument
Derecognition
The Bank derecognizes a financial asset when the contractual rights to the cash
flows from the asset expire, or it transfers the rights to receive the contractual
cash flows from the financial asset in a transaction in which substantially all the
risks and rewards of ownership of the financial asset are transferred. Any interest
in transferred financial assets that is created or retained by the Bank is
recognized as a separate asset or liability.
The Bank derecognizes a financial liability when its contractual obligations are
discharged, cancelled or expired.
Specific instruments
Cash and cash equivalents
Cash and cash equivalents in the statement of cash flows include cash and due
from banks and interest bearing deposits with banks which have original
maturities of three moriths or less.
Loans and advances to customers
Loans and advances to customers are stated net of an allowance for loan losses.
Interest continues to be accrued on non-performing loans until such time as
management determines that a provision for loan losses is required, in which
case, the provision will cover all unpaid interest The allowance for loan losses is
based on an analysis by management of the outstanding loan portfolio, in order to
determine the amount sufficient to cover estimated losses "and takes into
consideration the political and economic environment and the specific and
general portfolio risks of the countries of origin of the customers.

(b) Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation.
Depreciation is provided on a straight-line basis over a period of five years for all
items, except for the aircraft which will be depreciated over 20 years. Cost of
renewals and improvements are added to property, plant and equipment At the
time of disposal or retirement of assets, the cost and related accumulated
depreciation are eliminated, and any resulting profit or loss is recognized.
(C) Foreclosed assets
Foreclosed assets have been. assigned to the Bank in payment of loans. The
Bank has legal title to these assets, which primarily represent undeveloped land.
These assets are recorded at fair value determined on the basis of an
independent valuation.
(d) Foreign currency

The Bank's measurement currency is the United States dollar. Transactions in
foreign currencies are translated t Upited States dollars at the foreign exchange
rates prevailing at the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies at the balance sheet date are translated to
United States dollars at the foreign exchange rate ruling at that date.
(e) Related parties
A party is related to the Bank if:
(i) Directly, or indirectly through one or more intermediaries, the party:
Controls, is controlled by, or is under common control with, the Bank;
Has an interest in the Bank that gives it significant influence over the
Bank;
(ii) The party is a member of the key management personnel, including directors
and officers of the Bank or its shareholder and parent companies.
(iii) The party is a close member of the family of any individual referred to in (ii)
above.
(iv) The party is an entity that is controlled, jointly controlled or significantly
influenced by, or for which significant voting power in such entities resides
with, directly or indirectly, any individual referred to in (ii) or (iii) above.

(t) Impairment

Financial assets
A financial asset is assessed at each balance sheet date to determine whether
there is any objective evidence that It is Impaired. A financial asset is considered


to be impaired if objective evidence indicates that one or more events have had a
negative affect on estimated future cash flows of that asset.


KPMG
PO Box N 123
Montague Sterling Centre
East Bay Street
Nassau, Bahamas


The balance sheet is presented in United States dollars which is the functions
currency of the Bank.
(d) Use of estimates and judgements

The preparation of the balance sheet in conformity with IFRS requires
management to make judgments, estimates and assumptions that affect the
application of accounting policies and the reported amounts o' assets and
liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to .accounting estimates are recognized in the period in which the
estimate is revised and in any future periods affected.
In particular, information about significant areas of estimation uncertainty and
critical judgments in applying accounting policies that have the most significant
effect on the amounts recognized in the balance sheet is included in the following
notes:


_


r" TD1IR1 IUIN










PAGE 10B FRIDAY, MAY 23. 2008


T TI N E


An impairment loss in respect of a financial asset measured at amortized cost is
calculated as the difference between its carrying amount, and the present value
of the estimated future cash flows discounted at the original effective interest rate.
Individually significant financial assets are tested for impairment on an.individual
basis. The remaining financial assets are assessed collectively in groups that
share similar credit risk characteristics.
An impairment loss is reversed if the reversal can be related objectively to an
event occurring after the impairment loss was recognized.
Non-financial assets
The carrying amounts of the Bank's non-financial assets are reviewed at each
balance sheet date to determine whether there is any indication of impairment. If
any such indication exists, then the asset's recoverable amount is estimated.
The recoverable amount of an asset is the greater of its value in use and its fair
value less costs to sell. In assessing value in use, the estimated future cash flows
are discounted to their present value using a discount rate that reflects current
market assessments of the time value of money and the risks specific to the
asset. .
An impairment loss is recognized if the carrying amount of an asset exceeds its
estimated recoverable amount.
An impairment loss is reversed if there has been a change In the estimates used
to determine the recoverable amount. An impairment loss is reversed only to the
extent that the asset's carrying amount dqps not exceed the carrying amount that-
would have been determined, net of .depreciation or amortization,. f no.
impairment loss had been recognized.

(g) New standards and interpretations not yet issued
A number of new standards, amendments to standards and interpretations are
not yet effective for the year ended December 31, 2007, and have not been
applied in preparing this balance sheet. They are listed below:


IFRS 2
IFRS 8
IFRIC 12
IFRIC 13
IAS 19


Group and Treasury Share Transactions
Operating Segments
Service Concession Arrangements
Customer Loyalty Programs
The Limit on a Defined Benefit Asset, Minimum
Funding Requirements and their Interaction


Revised IAS 23 Borrowing Costs

None of the above are expected to have any significant impact on the Bank's
balance sheet.

4. Determination of fair values

A number of the Bank's accounting policies and disclosures require the determination
of fair value, for both financial and non-financial assets and liabilities. Fair values
have been determined for measurement and/or disclosure purposes based: on the
following methods.
(i) Cash equivalents
The fair values of cash equivalents are estimated to be the same as their carrying
values because they eam interest at market rates and are of a short-term nature.

(ii) Loans and receivables

The fair value of loans and advances to customers is estimated as the present
value of future cash flows, discounted at the market rates of interest at the
reporting date. The fair value of all other financial assets classified as loans and
receivables is estimated to approximate their carrying values and are not
discounted because of their short-term nature.

(iii) Investments

The fair value of investments is estimated based on quoted bid prices at the
reporting date.

(iv) Foreclosed assets
The fair values of foreclosed assets are. based.. on estimated market values
determined on the basis of independent valuations.
(v) Financial liabilities

The'fair vatue of cuSttmers' deposits's estifateTd's the present value of ~fifre '
cash flows, discounted at the market rates of interest at the'reporting date. The'
fair values of-allother.financial liabilities is estimated to approximate their carrying
values and are not discounted because of their short-term nature.

5. Cash and due from banks
Cash and due from banks comprise the following:
2007 2006
Overnight deposits $ 15,505,288 41,200,054
Demand accounts 59,491,252 18,771,431
$ 74,996,540 59,971,485
Cash and due from banks balances mature within three months of the balance sheet
date. The balances earn interest at rates ranging from 1.8% to 6.5% (2006: 1% to
5%) per annum.

Cash and due from banks includes amounts denominated in Euros equivalent to
$1,426,412 (2006: $679,233). This is the only amount in the balance sheet
denominated in a currency other than the United States dollar.

The geographical distribution of cash and due from banks is as follows:
2007 2006
United States of America $ 17,199,254 55.489,234
Central America 56,370,874 3,803,018
Europe 1,426,412 679,233
74,996,540 59.971,485

6. Loans and advances to customers
Loans and advances to customers represent amounts due from individuals and
corporations in Guatemala and Central America as summarized below:
2007 2006
Manufacturing $ 152,798,484 124,761,145
Financial 43,370,721 42,338,981
Service 89,716,375 79,161,668
Electricity 23,990,810 30,868,284
Utilities 26,875,250 19,842,690
Retail 18,993,301 15,860,999
Agriculture 18,224,845 12,796,042
Construction 18,911,689 8,651,537
Tourism 16,089,703 8,227,281
-Other .... .. ... .. 1;581,939 .. 702,461
410,553,117 343,211,088
Less allowance for loan losses (3,637,286) (3,186,277)
$ 406,915,831 340,024,811

The movement in the allowance for loan losses is shown below:

2007 2006
Opening balance $ 3,186,277 2,474,953
Provisions established 469,871 712,996
Doubtful accounts written-off (18,862) (1,672)
Closing balance $ 3,637,286 3,186,277

The maturity of loans and advances to customers is as follows:

2007 2006

Up to three months $ 50,837,218 27,593,386
From three to six months 31,754,954 30,181,850
From six months to one year 42,631,232 25,809,384
Over one year 285,329,713 259,626,468
$ 410,553,117 343,211,088


The above summary represents the legal maturities of the loans.
the terms of a significant amount of its loans on an annual basis.


The Bank renews


Loans and advances earn interest at rates varyir: from 3.4% to 12% (2006: 4.25% to
12.55%) per annum.

7. Investments

Investments represent available-for-sale assets which comprise the following:
2007 2006
Debt securities $ 134,766,308 99,890,997
Negotiable certificates of deposit 24,945,619 90,484,000
159,711,927 190,374,997
Unrealized gain 3,181,543 1,840,570
$ 162,893,470 192,215,567
The investments at December 31, 2007 and 2006 are denominated in United States
dollars.

_ : : 7'' 1: - : : : :. : . . .. . . . .


The geographical distribution of investments, at cost, is as follows:
2007 2006

Latin America $ 134,766,308 180,374,997
United States of America 4,945,619
The Bahamas 20,000,000 10,000,000
$ 159,711,927 190,374,997

The maturity of investments, at cost, is as follows:
2007 2006

Up to three months $ 37,421,923 14,000,000
From three to six months 9,004,350
From six months to one year- 7,975,000
Over one year 122,290,004 159,395,647
$ 159,711,927 190,374,997


Investments earn interest at rates varying from 4.25% to 8.58%
10.25%) per annum.


(2006: 5.71% to


8. Foreclosed assets
At December 31, 2007, this account includes land and buildings located in Guatemala
assigned to the Bank in payment of loans. At December 31, 2007 and 2006, the fair
value is estimated at $402,614. The estimate is based on a real estate appraisal of
the market value of the land and buildings without deduction for selling costs as of
April 5, 2006 performed by Avaluos Industriales y Comerciales, S.A. real estate
appraiser licensed in Guatemala. These properties do not earn rental Income and no
significant expenses have been incurred in maintaining them.

9. Propeiy, plfnd equipment
Teh item compring property, plant and equipment are summarized below. The mount in advances for asset acquisitions in 2007 represents payments made
to acqukie an aircr The ank look delivery of the aircral In 2007.
Advances for
Llaasaeold Compuer Computrr asut
....~ _.. -.. Imp.ovenls am.E software Funullre Eq ipment M VehldIle aCcqurmlon Tola
Col:


BalcealJnur J y 1, 2008
Addpouln
Translfer
Balnce a Decobo 31. 2000
Addlor .
Dispousl
lTrane s 31,20

DeproeMon:
esn. ad Jnuwry 1,.20D0
Addions
DOlpoils
BWaanc *at Decembe 31.2008
Addllons
Disposals
Balance al Decber 31,2007
Ne book Voa elecsambr31-06
Nel book ake alDecenber31.07
Not book V46A 1000WWMa 3 "07


$ 380.488
0.153
34.548


119.181 87.972 319.281
47,469 7.407 00.244
(18.885) !16.811) (22,041)


15,157 30,391 912.428
13,450 52.478 47208 236,410
(8.891) (31.412) (93.740)
- (34.548


403.167 150.045 8.588 357,484 21.718 51.457 12.8861 1.,0Oe
87,814 80,474 21,175 84.997 1,860 4.875,109 8,131,429
(202,478) (63,944) (22,824) (77,341) (3.305) (3 '; 10
- o.. 7.5 ....__.... ..~. ... .__._..__.__.4S..__ _
$ 289875 1668.75 83,964 370.440 21.212 51,487 4.873,314 518. ~37

$ 172,418 528,47 33.812 104,022 9.662 22.794 39.455
74,062 42,327 18,31 33,211 4,100 10,218 182,458
S......... ..- ._... ._I ..11 _o22,04 _.l e91-1_ ,27.7) _.. at.1(
246.480 78.680 35.332 115.192 6,880 5,145 487.718
74.010 49.763 16,371 29,318 4.125 10.202 183,877
.-.._ .20,7_. (63,44 q(22,_24L__ (7733 (33 _._ .__ ._ 3 8
$ 118,014 64,506 28,879 87.171 7.700 15.437 301.708
1586887 71,356 23.238 242.292 14.838 46.312 12.661 867.380
$ 11.6681 102,067 351085 303.289 13.612 38,020 4.873.314 514.2


10. Customers' deposits
All of the customers' deposits are due to customers geographically located in Central
America.
The maturity of customers' deposits is as follows:
2007 2006
Up to three months $ 135,929,953 255,521,497
From three to six months 102,620,111 93,617,718
From six months to one year 182,990,371 169,830,732
Over one year 160,525,405 15,355,436
$ 582,065,840 534,325,383

Customers' deposits bear interest at rates varying from 0.25% to 7.25% (2006: 0.50%
to 7.25%) per annum.
11. Share capital

The authorized share capital of the Bank comprises 330,000 shares of par value
$100 each, all of which have been issued and paid for.
12. Commitments and contingencies

In the normal course of business, the Bank has outstanding contingent liabilities that
Involve elements of credit risk. These contingent liabilities represent the following:
2007 2006

Letters.ofcredit $ 3,713,925 2,200,178

Management does not anticipate any losses with respect to these contingent
liabilities.

At December 31, 2007, the Bank had unused open lines of credit with several
financial institutions up to an amount of $10,142,280 (2006: $9,846,000).

The Bank leases office space in the Bahamas and Guatemala. The leases are
renewable annually. The monthly lease payments as of December 31, 2007 are
$17,799 (2006: $17,182).

13. Related party balances

The balance sheet includes the following related party amounts:
2007 2006
Assets:
Cash and duefrom banks $ 30,841,743 2,187,638
Investments 19,975,000 69,975,000
Loans and advance to customers 2,503,118
Accrued Interest receivable 84,825 321,189
Liabilities:
Customers' deposits 25,506,993 16,668,089
Accrued interest payable 92,102 84,236


14. Authorization to operate in Guatemala

Under the Law of Banks and Financial Groups and the Regulation on the
Authorization for the Operation of Off-Shore Entities in Guatemala approved by the
Monetary Board of Guatemala, Off-Shore institutions must obtain authorization for
doing business in Guatemala from the Superintendence of Banks, which is granted
only if the Off-Shore entity is part of 'an approved Financial Group. The Bank
obtained such authorization on June 25, 2003 according to the Resolution of the
Monetary Board of Guatemala No. JM-85-2003.

15. Tax

The Bank is not subject to income tax under the laws of Guatemala or The
Commonwealth of the Bahamas.

16. Formation of the Financial Group

Article 27 of the "Banking and Financial Groups Law" Decree No. 19-2002 in
Guatemala stipulates the formation of a Financial Group, which must be organized'
under the common control of an entity incorporated in Guatemala specifically for that
purpose or an entity comprising the Financial Group.

At an extraordinary meeting held on July 4, 2003 the Monetary Board of Guatemala
issued Resolution No. JM-82-2003, authorizing the formation of Grupo Financiero
Corporaci6n BI. Banco Industrial, S.A. Is the responsible entity of this Financial
Group.
The companies comprising this Financial Group are:

Banco Industrial, S.A. (responsible entity)
Financier Industrial, S.A.
Contecnica,'S.A.
Servicios MOltiples de Inversi6n, S.A.
Mercado de Transacciones, S.A.
Almacenadora Integrada, S.A.
Almacenes Generales, S.A.
Seguros El Roble, S.A.
Fianzas El Roble, S.A.
Westrust Bank (Intemational) Limited
17. Financial risk management

Credit risk
Financial assets which potentially subject the Bank to concentration of credit risk
consist primarily of loans and advances to customers and investments. The Bank
maintains a permanent Credit Committee which evaluates, rates .and grants credit
limits to all corporate customers and only approves loans and advances after
ensuring that these credit monitoring techniques are adhered to and that adequate
collateral and guarantees are received whenever necessary.

Loans and advances to customers
The Bank's exposure to credit risk is influenced mainly by the individual
characteristics of each customer. The demographics of the Bank's customer, base,
including the default risk of the industry and country in which customers operate, has
less influence on credit risk.


, THE TRIBUNE


F







THE TRIBUNE


FRIDAY, MAY 23, 2008, PAGE 11B


Currency risk
Currencyrisk arises from the possibility that the value of a financial instrument will
fluctuate due to changes in foreign exchange rates. The Bank minimizes this risk by
entering transactions denominated primarily in United States dollars.
Interest rate risk
Interest rate risk is the risk that the. value of a financial instrument may fluctuate
significantly as a result of changes in market interest rates. The Bank's exposure is
monitored by ensuring that the asset and liability transactions are contracted at
market rates, over similar average terms and with a spread which provides the Bank
with an adequate retum.
Other market rice risk
Management of the Bank monitors the Investment portfolio based on market Indices.
Liquidity risk
Liquidity risk is the risk that the Bank will not be able to meet its financial obligations
as they fall due. The Bank's approach to managing liquidity is to ensure, as far as
possible, that it will always have sufficient liquidity to meet its liabilities when due,
under both normal and stressed conditions, without incurring unacceptable losses or
risking damage to the Bank's reputation.

18. Financial instruments
Credit risk
The maximum exposure to credit risk at the reporting date represents the carrying
amount of financial assets at the reporting date plus outstanding letters of credit as
shown below:
2007 2006
Cash and due from banks $ 74,996,540 59,971,485.
Loans and advances to customers 406,915,831 340,024,811
Accrued interest receivable 3,147,777 2,677,381
Investments 162,893,470 192,215,567
Other accounts receivable 41,491 49,746
647,995,109 594,938,990
Letters of credit 3,713,925 .. 2,200,178
$ 651,709,034 597,139,168

The exposure to credit risk for loans and advances to customers at the reporting date
by geographic region was as follows:
.2007 2006
Guatemala $ 229,490,374 197,236,149
Central America 172,976,876 143,736,631
South America 8,085,867
Caribbean ,2,238,308
$ -410,553,117 343,211,088


The maximum exposure to credit risk for loans and advances to customers at the
reporting date by type of customer was as follows:
. .. : ...... ... ..... .... ........... .... .. ... . 2007 ---2006
'Major corporate borrowers $ 366,078,304 301,901,705
Minor corporate borrowprs,. ; 20,688,386 15,583 544
-Retail customers "".-- .- "2-3,7B6,427 -*2"5.7
$ 410,553,117 343,211,088

Major corporate customers represent companies with loans exceeding approximately
$650,000.

The Bank's most significant borrower is a Compahy in Guateimala with an outstanding
loan balance of $13,045,000 (2006: $11,000,000).
Impairment*


The aging of loans and advances to customers at the reporting date was as follows:
2007 2006
Gross Impairment Gross Impairment
Not past due $ 408,827,554 3,555,670 342,308,024 3,174,460
Past due 30 60 days 345,803 610,263 -
Past due 61 120 days 1,457 126,778
More than 121 days 1,378,303 81,616 166,023 11,817
.- $ 410,553,117 3,637,286 343,211,088 3,186,277


Management has established a credit policy under which each new custorher is
analyzed individually for creditworthiness before the Bank's standard payment and
delivery terms and conditions are offered. The Bank's review includes external
ratings, when available, and In some cases bank references. The amount of each
loan is established for each customer.

Investments
The Bank limits its exposure to the credit risk of investments by only investing in liquid
securities and only with counterparties that have a good credit rating from Standard &
Poor's.
Market risk
Market risk is the risk that changes in market price, such as foreign exchange rates.
interest rates and equity prices will affect the Bank's income or the value of its
holdings of financial instruments. The objective of market risk is to manage and
control market risk exposures within acceptable parameters, while optimizing returns.
Market risk comprises currency risk, interest rate risk and price risk.


The Bank does not have a significant exposure to foreign currency risk. Assets and
liabilities correspond to balances denominated in United States dollars, except for a
due from bank account denominated in Euros in the amount of E969,425 equivalent
to $1,426,412 (2006: E515,625 equivalent to $679,233).
The foreign exchange rates used during the year were as follows:
Average rate Reporting date rate
2007 2006 2007 2006
Euro 1.3705 1.2561 1.4714 1.3173

Sensitivity analysis:
A 10% strengthening of the United States dollar against the Euro at the reporting date
would have decreased equity and profit or loss by $142,641 (2006: $67,923). This
analysis assumes that all other variables, in particular interest rates, remain constant
A 10% weakening of the United States dollar against the Euro would have had the
equal but opposite effect, on the basis that all other variables remain constant The
analysis is performed on the same basis for 2006.


Interest rate risk
At the reporting date the profile of the Bank's interest bearing financial instruments
was as follows:
2007 2006
Financial assets $ 648,443,127 595,398,140
Financial liabilities (582,065,840) (534,325,383)
$ 66,377,287 61,072,757

Cash Flow Sensitivity Analysis for Variable Rate Instruments:
An Increase of 1% in Interest rates at the reporting date would have increased equity
and profit or loss by $1,204,860 (2006: $941,640). This analysis assumes that all
other variables remain constant. A decrease of 1% in interest rates at the reporting
date would have had the equal but opposite effect, on the basis that all other
variables remain constant
This analysis has been prepared.based on the Bank's operating strategy whereby
when market.rates change, only approximately 50% of the rate change is applied to
the .rat palqd. n.custmp n' depQOts,.while the full rate change impacts the Bank's
interest eating assets.
The analysis Is performed on the same basis for 2006.
Fair values
Management estimates that the Bank's financial instruments approximate fair value
because they are either carried at fair value, bear interest at market rates or are of a
short-term nature.
19. Capital management
The Bank manages its capital based on an overall strategy which is consistent with
the Bank's business plan. The Bank is to maintain sufficient capital to fund future
growth and to comply with the minimum capital adequacy requirements established
by The Central Bank of the Bahamas. The Banks overall strategy remains
unchanged from 2006.


PUBLIC NOTICE
INTENTTO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, KENDRIA JANICE ALBURY
of Kilarney Constituency, New Providence, Bahamas, intend
to change my name to KENDRIA JANICE THOMAS. If there are
any objections to this change of name by Deed Poll, you may
write such objections to the Chief Passport Officer, RO.Box
N-742, Nassau, Bahamas no later than thirty (30) days after
the date of the publication of this notice..




NOTICE



OF

SOUTHWESTCOAST LIMITED

Notice is hereby given that liquidation of the above
company commenced on the 21st day of May, 2008,
Credit Suisse Trust Limited of Bahamas Financial
Centre, Shirley & Charlotte Streets, P.O.Box N-3023,
Nassau, The Bahamas has been appointed Liquidator
of the Company.


NOTICE
BELMORE INVESTMENT
HOLDINGS INc.
Notice is hereby given that in accordance with Section
137 (8) of the International Business Companies Act,
2000, BELMIORTE I VESTMENTI HOLDINGS
INC., has been dissolved and struck off the Register
according to the Certificate of Dissolution issued by
the Registrar General on the 051h day of May. A.D.,
2008.
Dated the 23'd day of May A:D.. 2008
A.J.K. CORPORATE SERVICES
Lquldator



Legal Notice
NOTICE

NOTICE IS HEREBY GIVEN as follows:

(a) EXULTANT CORPQRATION INC. is in dissolution under the
provisions of the International Business Companies Act 2000.

(b) The Dissolution of said Company commenced on May 22, 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 23rd 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 23, 2008

LAKEISHA COLLIE

LIQUIDATOR OF THE ABOVE-NAMED COMPANY


Job openings:
Accepting
resumes for
elementary &
high school
teachers.


Engllsn, HAr, isiory,
Reading, Writing,
Bible, Games & More


Ii___ _


PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, ROZETTA ROSEMARY
JACKSON of Redland Acres of New Providence, Bahamas,
intend to change my name to ROZETTA ROSEMARY JASMIN. 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.


14l4 June 16-

SUMMER July 11,2008
SCHOOL
Math, Science,
-II-L A.l II- -- .


Credit Suisse Trust Limited
Liquidator


Mt. Carmel $55 per week
Report card issued at
Preparatory Acaemy end of 4 weeks

#27

Palmdale Ave.

#325-6570/1


At December 31, 2007, $44,938,484 (2006: $36,612,575) of loans were collateralized
by customers' deposits, $37,866,680 (2006: $34,003,708) were collateralized by
mortgages over property and equipment and the remainder had fiduciary guarantees.
A loan Is considered to be non-performing when It becomes delinquent and the
foreclosure process and/or collection by legal means commences. As of December
31, 2007, the loan portfolio included non-performing loans with a carrying value of
$1,378,303 (2006: $166,023).
The carrying value of loans considered to be individually Impaired, including accrued
interest receivable at December 31, 2007 amounted to $1,394,389 (2006:$196,050).
The collateral held as security for these loans comprises primarily mortgages over
real property.
Liauidity risk
The following table (expressed in $000's) indicates the contractual cash flows of
financial liabilities:


Carrying Contractual 3 months 3-6 6-12 1 year
amount cash flows or less months months or more
December 31, 2007
Customers' deposits $ 582,066 600,805 137,415 104,862 190,987 167,541
Accrued interest payable 6,355 6,355 2,542 1,711 1,873 229
... Accounts payable end
other liabilities 10,524 10,524 7,718 65 227 2,514

December 31, 2006
Customers' deposits $ 534,325 546,160 258,077 95,490 176,624 15,969
Accrued interest payable 6,272 6,272 2,541 1,444 2,054 233
Accounts payable and
other liabilities 5,118 5,118 3,193 147 520 1,258


. rl 1 i ,


.-.-


U


i







P E.FI YM I 2 T TR


Credit growth falls almost 5% in 2007


* By NEIL HARTNELL
* Tribune Business Editor
Private sector credit growth
rates fell to 9.7 per cent in
2007, a drop of almost 5 per
cent from the previous year's
14.4 per cent, indicating that
slowing Consumer spending
and business investment
played a key role in slowing
the economy's march.
The Central Bank of the


Bahamas' 2007 annual report
noted that credit growth
slowed across the board last
year, following what some
would probably regard as
unsustainable increases in
2005-2006, with mortgage
loans and consumer credit
dropping by 2.6 per cent and
3.7 per cent respectively.
Mortgage loan growth fell
to 13.7 per cent in 2007, yet
proved to be the most robust


of all private sector credit
streams, with consumer loans
and overdrafts increasing by
10.8 per cent and 4.5 per cent
respectively.
The total growth in private
sector credit reached $549.7
million in 2007, compared to
the $715 million leap the year
before, with mortgage loans
accounting for $281.3 million
of that number. Consumer
credit generated a further


$205.3 million, and overdrafts
$3.5 million.
The Central Bank said that
after its post-September 11
lending restrictions were
removed in 2004, outstanding
mortgage loans increased at a
rate of 16.3 per cent or $303.4
million annually in the three
years to end-2007, well above
the average 10.3 per cent rate
posted for total credit growth
of $735.7 million.
"As a consequence, mort-
gages accounted for approxi-
mately 33.6 per cent of total
banking system loans at end-
December 2007, compared to
24.1 per cent in 2001," the
Central Bank said.
Mortgage demand and lend-
ing growth was notjust con-
fined to post-2004. Between
September 11, 2001, and
August 2004, the value of out-
standing mortgages increased
at an annual rate of 11.5 per
cent or $155.7 million, com-
pared to the relatively mod-
est 3.8 per cent growth rate
for total credit.
The Central Bank attrib-


uted the "rapid growth" in
mortgages to the growing
economy and personal
incomes, the stable interest
rate environment and
increased competition among
commercial banks, which kept
interest rates and products
competitive.
However, further evidence
of the slowing Bahamiah
economy in 2007 came from
the 20.2 per cent contraction
in residential mortgages issued
for construction of new build-
ings, repairs and extensions to
$5.1.4 million.
This compared to growth
rates in new residential mort-
gage disbursements of 32.4 per
cent in the four years to 2004,
and 40.7 per cent for the two
years to 2006.
Over the past seven years,
the Central Bank said total
mortgage disbursements for
both commercial and residen-
tial properties had amounted
to $2.716 billion, with some
58.8 per cent of loans chan-
nelled towards new construc-
tion.


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"... mortgages
accounted for
approximately
33.6 per cent"
of total
banking
system loans
at end
December
2007,
compared to
24.1 per cent
in 2001."
'! '


The Central Baik

The purchase of existing
buildings accounted for a 37:5
per cent market share.
As the global and Bahamian
economic slowdown began to
bite, the Central Bank said
commercial banking sector
asset quality suffered a "modr
est deterioration" as banc
loan growth fell to 8.4 per cent
compared to 14.2 per cent in
2006.
The total percentage of
Bahamian commercial bank
loans in arrears at 2007 year?
end increased from 7.7 per
cent the previous year to 9.5
per cent, something the Cen-
tral Bank said was largely dri-
ven by "a significant increase
in the value of outstanding
loans which were 30 days past
due".
Commercial banks only
regard loans as non-performn
ing once they are 90 days past
due, and at year-end 2007
these loans as a percentage
of the commercial banking
system's total had increased
only slightly, from 42 per cent
to 4.5 per cent.
Still, the increases, however
minor, could be interpreted as
the first signs that more
Bahamians are struggling with
debt repayments as higher
energy, car gas and food costs
eat up larger chunks of house-
hold incomes, especially
among those living above their
means. -1-
The Central Bank said the.
rate of arrears for residential
mortgages in 2007 increased
by 3.2 per -cent to 10.4 per
cent; by 1.1 per cent to 9.2 per
cent for commercial loans; and
by 0.3 per cent to 8.3 per cent
for consumer loans.
Another worrying trend for
those concerned about the lev-
el of debt Bahamian citizens
and households are carrying
at a time when the economy is
slowing comes from the
increasing reliance by cop-
sumers on credit cards.
The Central Bank's annual
report revealed that the num-
ber of credit cards issued to
Bahamians between 2002-
2007 increased by 46.2 per
cent to 135,963 at year-end
2007.
More critically, the value of
outstanding credit card debt
increased by 60 per cent over
the same timeframe, rising
from $158.8 million in 2002 to
$257 million at 2007 year-end.
Credit card debt now accounts
for 12.2 per cent of consumer
credit.


|I=^


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THE TRIBUNE


PAGE 12B, FRIDAY, MAY 23, 2008