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Volume: 104 No.184
WEDNESDAY, JULY 2, 2008
Attack on man returning
to Bahamas to turn young
people away from crime
* By MEGAN REYNOLDS
Tribune Staff Reporter
A FORMER gang member
returned to the Bahamas to
help young people turn away
from crime, only to be shot in
the leg days after he arrived.
Mark Beckford, 36, who won
a scholarship to study at Tay-
lor University in Indiana, USA,
had just arrived home for the
summer when he was shot in
the thigh in full public view at
1.30pm on June 18.
The gunman, someone he
says he recognizes from his past,
pulled his weapon on Mr Beck-
24, of Graham Drive. Nassau.
has been charged \ltth the
attempted murder of Mark
He was released from Nas-
sau Macistrate's Court on
$50.000 bail by Magistrale
Linda Virgil, and is due Io
return to court on Thursday.
ford as he was talking to his
brother about renouncing crime
near the cook out on First
Street, near the junction of Blue
SEE page eight
A FOX Hill man accused of having sex with his daughters,
ages 11 and 13, was arraigned in Magistrate's Court yesterday.
According to court dockets, the 36-year-old man is accused of
sometime during June, 2006, having intercourse with his 11-year-
Court dockets further claim that the accused between Feb-
ruary and August, 2006, had intercourse with a girl, 13, who was
also by blood relation his daughter.
It is also alleged that the accused between May and August,
2006, had unlawful intercourse with a 10-year-old girl.
The accused, who was arraigned before Chief Magistrate
Roger Gomez at Court One, Bank Lane, was not required to
plead to the charges of incest and unlawful sexual intercourse.
Tt, i J- by attaley Philip Hilton, was remand-
ed to Her Majesty's Prison. A bail hearing has been set for
Christie: Cabinet shuffle shows
PM 'disaffected' with ministers
0 By BRENT DEAN
Tribune Staff Reporter
THE realignment of the cabinet by Prime
Minister Hubert Ingraham in which he
took further responsibilities into his office -
reveals that the prime minister is "disaffect-
ed" with his ministers, Opposition leader
Perry Christie claimed yesterday.
"This betrays a lack of confidence on the
part of the prime minister in their perfor-
SEE page eight
You CanB Blown
Away y hurricane
Or you can rest easy knowing
that you have excellent insurance
coverage no matter %which
way the wind blows.
-Nobody does it better.
(BAHUAMAS) LIMtIED. INSURANCE IIIOKERS & AGENTS
fa Ide Beoo|ahamaI Abao I Elulhera / Exma
I -ANlIEl:|0|3-IMNMIWhWU j11?
REFORMED GANGSTER Mark Beckford (above) forgives the man who
shot him in Nassau two weeks ago.
Sex tape Bahamas Hotel
may include Association
Bahamian backs the new
children Tourism Minister
* By BRENT DEAN 0 By TANEKA THOMPSON
Tribune Staff Reporter Tribune Staff Reporter
YET another student sex THE Bahamas Hotel Asso-
tape is in circulation that may ciation has pledged its full sup-
include Bahamian children port behind newly appointed
involved in explicit sexual Minister of Tourism Vincent
activity. Vanderpool-Wallace and
The short video involves a believes his experience will
young woman at a private res- assist the industry in overcom-
idence in a school uniform ing its present "challenges",
that is the same as that worn executive director of BHA
at the Government High Frank Comito said yesterday.
SEE page eight SEE page eight
More Meat.... More Flavour
THE body of a 36-year-old
Haitian man was found in
bushes off Carmichael Road
Louis Jaochim, a gardener
with Stuart Cove, was
found in a wellfield trench
floating in about five feet of
Jaochim was found by a
cousin at around 5.40pm after
he had not been seen since 7
o'clock yesterday morning -
which prompted a search.
He had recently been
released after two weeks in
Police say there are no vis-
ible signs of trauma to the
body but are treating the
death as suspicious pending
Dozens of Haitians were at
the scene last night as
Jaochim's body was removed.
TURKEY *TUNA SALAMI & CHEESE HAM & CHEESE
Man sought in
case may have
N By KARIN HERIG
Tribune Staff Reporter
THE man wanted for ques-
tioning in connection with last
year's murder of Harl Taylor
continues to elude detection and
may have left the country.
Acting Assistant Commis-
sioner Hulan Hanna told The
Tribune yesterday that there
have been no sightings of 21-
year-old Troyniko McNeil.
Police last week released a
poster showing the face of
McNeil the first individual to bce
SEE page eight
. . *. .., .* ..._ ri.. ....; .-- y . -I..
PAGE WENESDA, JUY 2,2008 HE TIBUN
goes out to
CtHR1~ uee C. CoA1KiLey
for bec onor Roll Student of St.
Augustlge and passing 5 B.J.C'sk.
I S^^'---- '
Coming m: Mom, Dai, sisters,
I brother, grandmother, aunts, uncles,
godmother Jazzie and other relatives.
Love You4 Al W 4
Experts assessing damage
from oil tanker grounding
.,Local News ..............1........P1,2,3,5,6,7,8,9
Advts .......................................... P10,15,16
Sports ...................................... P11,12,13,14
Business ....................................... P1,2,3,4,7
C om ics .... ............................................... P8
'Arts ................................................. P1,2,3,4
Taste ............................ .................P5,6,8
CLASSIFIED SECTION 36 PAGES
- USA TODAY MAIN SECTION 12 PAGES
USA TODAY SPORTS SECTION 12 PAGES
* By ALISON LOWE
Tribune Staff Reporter
A TEAM of foreign experts is currently in
Nassau assessing the damage, created by the
grounding of a Shell International oil tanker'in
February and are expected to present a report
on their findings to the Bahamas Environ-
ment Science and Technology commission
According to Eric Carey, president of the
Bahamas National Trust, the team has been
working on the site where the 44,788 ton
tanker, the MT Ficus, ran aground in order to
assess the damage done to the underwater
"What I understand is that the team is on
site, they have started their work and they
have had meetings with the BEST commis-
sion," Mr Carey told The Tribune.
"There is progress being made."
Meanwhile the government has received a
"preliminary" draft report from the Bahamas
Maritime Authority on the cause of the inci-
dent and expects the final analysis "within a
couple of weeks", confirmed Dion Foulkes,
who was Minister of Labour and Maritime
Affairs at the time of the grounding, but has
since lost his responsibility for the maritime
affairs portfolio when it was apparently dis-
posed of in this week's Cabinet shuffle.
It was suggested earlier that whatever
request for compensation the government
would make to Shell International, the com-
pany which, owned and operated the tanker,
siphoned onto other boats in order to "float"
the vessel off the rocks.
In March Bahamian company Global Unit-
ed Ltd (GUL) denied an allegation that it
had failed to secure a local navigator, known
as a pilot, for the tanker as it approached New
Providence to dock at Clifton Pier.
A day later the Harbour Pilots Association
claimed that the ship did not have a pilot on
board, which would normally be provided by
the HPA, because Global United had alleged-
ly failed to pay the HPA $30,000 in back pay.
"They informed us that they were bring-
ing a vessel into the Bahamas.
"We told them that they had to pay their
bills first, we told them we would give them a
pilot when they gave us a cheque. They said
they were getting us a cheque but it never
came," claimed Chief Pilot at the HPA, Cap-
tain Garnett Rolle.
However; Mike Hall, an operation's man-
ager at Global United, said that it was Shell's
responsibility, not his company's, to pay the
association for the pilot services.
Police recover number of stolen items
E By DENISE MAYCOCK
Tribune Freeport Reporter
Bahama Police have recovered
a large number of stolen items
from a house at Eight Mile
Chief Supt of Police Basil
Rahming said several persons
have been taken into custody in A
connection with the matter and
are assisting police with their
The police are asking persons
who have had items stolen from
their homes to come and identi-
fy their property at the Central
Detective Unit Headquarters on
Supt Rahming said they
should bring proof of owner- -
A 61-YEAR-OLD Bimini
grandmother was formally
charged in Freeport Magis-
trate's Court on Monday with
possession of dangerous drugs.
Mancilla Demeritte, of
Alice Town, Bimini, was on
arraigned before Magistrate
Debbye Ferguson on two
counts of drug possession.
She pleaded not guilty to
being found in possession of a
quantity of marijuana, and
possession of a quantity of
cocaine with intent to supply
the same to another on June
27 in Alice Town, Bimini.
adjourned the matter to
March 26, 2009.
Demeritte was granted
$1,000 bail with surety on the
marijuana possession charge,
and $1,800 bail on the cocaine
RM Bailey class
of 1988 meeting
RM Bailey's class of 1988 will
hold an urgent meeting for all
alumni at the school on Robin-
son Road at 6pm Thursday.
Plans for the upcoming steak-
out will be discussed.
would be formulated on the basis of what was
found in relation to these two elements of the
incident the cause and the damage done.
Concerned environmentalists had previ-
ously expressed disappointment over how
long it had taken the BEST commission to
bring in the expert team to assess the site and
Phillip Weech, director of BEST, has not
returned phone calls seeking an update on
the matter since March.
The arrival of the team from abroad was
yesterday heralded as "excellent news" by Mr
While' the Shell International owned and
operated MT Ficus tanker did not leak any oil
when it hit a rocky undersea peninsula just off
Goulding's Cay near the western coast of New
Providence on February 27, authorities said at
the time that they would be seeking to ascer-
tain what other destruction may have been
wrought as a result of the massive vessel run-
It sat in the same spot, visible from New
Providence, for a week before some oil was
Expect more from your broker.
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PAGE 2, WEDNESDAY, JULY 2, 2008
WEDNESDAY, JULY 2, 2008, PAGE 3
o In brief
...............M ................. i.... ......
Man in court
on drug and
A 37-YEAR-OLD man of
Sea Breeze Estates was
arraigned in Magistrate's
Court yesterday on drug and
It is alleged that on Satur-
day, February 23 at Deep
Creek, Andros, Eugene
Symonette was found in pos-
session of a handgun with
intent to endanger the life of
Two other men have
already been charged and
arraigned in relation to this
Symonette, who appeared
before Chief Magistrate
Roger Gomez at Court One
in Bank Lane, pleaded not
guilty to the charge. He was
represented by attorney
It is also alleged that on
Sunday, June 29, Symonette
was found in possession of 49
pounds of marijuana with
intent to supply it to another.
Symonette was arraigned
on the charge before Magis-
trate Carolita Bethel at
Court Eight in Bank Lane.
He pleaded not guilty to
the charge and was remand-
ed to Her Majesty's Prison,
The case was adjourned to
July 9 for report and fixture.
140 sea turtles are
returned to Ailantic
* VERO BEACH, Fla.
MORE than 140 loggerhead
sea turtles have been returned
to the Atlantic Ocean, accord-
ing to Associated Press.
* A group of volunteers
released 39 turtles Monday
morning at Sebastian Inlet
State Park near Vero Beach.
Another 103 turtles were
released later in day off *the
coast of Fort Pierce.
The turtles were captured
more than two years ago as
hatchlings and raised at a
research facility in Galveston,
They were recently trans-
ported to Panama City for two
weeks to help scientists test
turtle excluder devices on
The devices allow sea tur-
tles to escape from fishing nets
while minimizing the loss of
shrimp. They have been
mandatory since 1987.
I S ' s s w e .
* By TANEKA THOMPSON unless Cabinet is prepared to allo-
Tribune Staff Reporter cate significant financial resources
email@example.com to address the issue.
Cabinet must be prepared to
THE prime minister's appoint- find the equipment and tools to
ment of attorney Michael Bar- facilitate the operations of the
nett as the country's new attorney AG's office, increase staff salaries
general and minister of legal to boost productivity, and to
affairs will not fix the "frustrated" recruit functional staff members
and "failing" legal system, lawyer who will ensure the efficiency and
Paul Moss claimed yesterday. effectiveness of the judiciary,
While acknowledging Mr Bar- argued Mr Moss.
nett as a "bright mind", Mr Moss Until these changes occur, Mr
said the best intentions of one Moss contends the new attorney
man will make no difference in a general "will be as frustrated as
system riddled with inefficiencies (former AG Claire) Hepburn and
Two gas stations
TWO gas stations have
closed since representatives
of the Bahamas Petroleum
Retailers Association warned
that operators were finding it
more and more difficult to
keep their businesses open
due to escalating fuel costs
and business licence fees.
Petroleum retailers warned
the public last week that
unless the government inter-
vened to lower their business
licence fees, and increase
their retail margin, operators
would have to "close up
The two stations that were
reported to have closed were
the Esso station near the
Town Centre Mall, and the
Shell gas station on
Carmichael Road, near the
Last week, the BPRA said
that its members were seek-
ing a "change" in the struc-
ture of the business licence
fees, which currently are
being calculated based on the
dollar value of the gas sold -
rather than on the volume.,
4 This is one .of the main issues
the BPRA said that govern-
'* ment must address urgently
'" to protect retailers.
t "A review of our business
J9 licence fees show that our
gross profit on gasoline
E decreased from 15.7 per cent
Si= in 2002, to 7.79 per cent in
2008, while our business
licenses fees increased by
101.79 per cent. The gross
profit on diesel decreased
from 11.66 per cent to 3.1 per
cent, while the business
licence fees increased by
276.07 per cent," the associa-
In relation to the fuel mar-
gins, which are fixed at $0.44
cents per gallon for retailers,
the association highlighted
that the margins are still the
same as they were when gaso-
line cost $2.80 per gallon in
he may quit within a year's time."
"Well, I believe it really makes
no difference. Quite frankly, no
matter who sits in that chair, it is
a system that is broken and it has
to be fixed. And I guess Mrs Hep-
burn is a bright mind, Mr Bar-
nett is a bright mind yet we still
have the same results.
"So it makes no difference real-
ly that Mr Barnett now sits in this
chair unless we are willing to take
or grab hold of the problems that
have beset the attorney general's
office and the kind of problems
that have beset the administra-
tion of justice in the country in
order to see any good results by
"You're talking about the civil
service and particularly about the
attorney general's office, an office
that has been failing historically
and you've had any number of
attorneys general who've had
bright minds but yet still have not
been able to fix it so it tells you
that it's not an individual problem
it's an organisational problem."
The state of the judicial system
has been the centre of a long-
standing debate. Last month, for-
mer police prosecutor and lawyer
Keith Bell blasted the system as
being "on the brink of a col-
It was revealed that there is a
backlog of 100,000 cases before
the courts including 11,000 crim-
inal cases and 48,000 traffic cases.
Mr Barnett replaces Senator
Claire Hebpurn who, according
to a statement by the prime min-
ister, left the Cabinet to "serve
public office in another capaci-
from PM to
PRIME Minister and Min-
ister of Finance Hubert
Ingraham bids best wishes to
retired Financial Secretary
Ruth Millar (seated) during
a retirement luncheon in her
honour at the Ministry of
Finance on Monday.
Minister of State in the
Ministry of Finance the
Zhivargo Laing was also
among those present.
New AG appointment 'won't
fix the legal system'- claim
Bayparl Building on Parliament Street
Telephone: (242) 323-6145
Harbour Green Shops at Lyford Cay
Telephone: (242) 362-6527, Fax: (242) 326-9953
P.O. Box N-121, Nassau, N.P., Bahamas
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PAGE 4, WEDNESAY, JULY 2,O208HTHEDTRIBUN
EVERYONE, at one time or another, is
afraid of the unknown.
The great imponderable for the Bahamas
at the present time is whether to sign, and if
it does sign, how far it should commit itself
to the Economic Partnership Agreement
The EPA is a free trade agreement,
which attempts to remove all trade prefer-
ences established between the European
Union (EU) and the ACP (African,
Caribbean and Pacific) group of countries,
to enable the EU to meet its non-discrimi-
natory obligations to the World Trade
Organisation (WTO). It was the special
considerations the EU gave to Caribbean
bananas that created the furore which lost
the Caribbean those concessions. WTO
members objected that the concessions dis-
criminated in favour of Caribbean coun-
tries trading with the EU. The WTO main-
tained that these special concessions were
unfair to its other members and did not
provide a level trading field for all members.
The EPA was proposed as a way out of
this dilemma. It was a scheme to enable the
Caribbean to trade with the EU on
favourable, but reciprocal terms a reci-
procity that goes only as far as is necessary
to fulfil the WTO criteria.
"In reality," it was explained, "the AtP
countries will have some room to manoeu-
vre and to maintain some limited protection
of their most vital products."
A Jamaican resident was of the opinion
that EPA was good for the Caribbean -
"indeed," he added, "better than what they
In an interview in February with
Jamaica's Daily Gleaner, Ambassador Dr
Richard Bernal, director general of the
Caribbean Regional Negotiating Machin-
ery and principal EPA negotiator, main-
tained that the EPA represented the best
trade pact the region could enter into at
However, some Caribbean members,
notably Guyana's president, 'is critical. He
maintains that the countries of the region
buckled under duress. According to him
they were strong-armed by the EU.
Not so, replied Dr Bernal.
"There was no gun to the head," he said.
"We wanted an agreement, we needed an
agreement, and we negotiated successfully
and got an agreement. We didn't do it out of
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fear, we did some unprecedented things,
the Europeans did not hand us a template
and say sign here. For the first time in the
history of this region, we wrote our own
economic partnership agreement, that is
what we used to work with the European
He said the EPA was a new departure
from previous agreements entered into with
"In the past, we made supplication to the
EU to give us special treatment and we
were not required to give anything in return.
Those days are gone, everybody wants
However, what is good for the Caribbean
nations trading with the EU is not neces-
sarily good for the Bahamas, which, unlike
its Caribbean brothers, has a favoured
nation status with the U.S. The EPA com-
plicates that relationship.
This status, warned lawyer Brian Moree,
senior partner at McKinney, Bancroft &
Hughes, could be jeopardised by the EPA.
If the Bahamas were to sign up to the EPA
treaty as it is now worded "the Caribbean
Basin Initiative (CBI) is over." In his opin-
ion it would compromise the relationship
with the US its main trading partner -
and "handcuff" its negotiators in.talks on
the renewal of the CBI.
In an interview with Tribune Business
Editor, Neil Hartnell, Mr Moree said that to
comply with the WTO's demand for an end
to discriminatory, one-way preference
regimes, the Bahamas and the CARIFO-
RUM states had been required to sign an
EPA for goods only.
Yet, said Mr Moree, they have gone fur-
ther than what was necessary for WTO com-
pliance by including such items as services,
investments, e-commerce, etc, in a draft
agreement to be signed by the Bahamas
and other CARIFORUM governments lat-
er this year.
"We have gone way beyond what we had
to do for the WTO," Mr Moree said. "We
are ahead of the pack. I'm not sure that's
where we want to be in this exercise."
What might be good for the other CAR-
IFORUM countries might not be good for'
the Bahamas, because of its special trading
relationships. This is one agreement in
wnich government, after studying with care
and wide consultation, should proceed with
The Tribune Limited
NULLIUS ADDICTS JURARE IN VERBA MAGISTRI
Being Bound to Swear to The Dogmas of No Master
LEONE. H. DUPUCH, Publisher/Editor 1903-1914
SIR ETIENNE DUPUCH, Kt., O.B.E., K.M., K.C.S.G.,
(Hon.) LL.D., D.Litt.
Contributing Editor 1972-1991
EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B.
Published Daily Monday to Saturday
Shirley Street, P.O. .Box N-3207, Nassau, Bahamas
Insurance Management Building., P.O. F-485, Freeport, Grand Bahama
Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager (242) 502-2352
Circulation Department (242) 502-2387
Nassau Fax: (212) 328-2398
Freeport, Grand Bahama: 1-(242)-352-6608
Freeport fax: (242) 352-9348
Royal Bahamian Resort & Offshore Island
Invites application for the position of:
Sandals Resorts and Spa require an Irrigation Technician
to maintain and upgrade an existing irrigation system.
The right candidate should possess minimum skills
that will enable them to:
* Trouble shoot, identify and repair sprinkler issues
* Install pipes valve and sprinklers
* Be familiar with Toro, Rainbird and Hunter sprinklers
* Any experience with pumps would .be an asset
The Resort will be upgrading to a TBOSS system that
will give us fully automated sprinkle system schedule.
The right candidate will be working along side the
landscape contractor on property.
Position available immediately
Send resumes with 3 references to:
Only those deemed suitable will be contacted. No phone
opposed to a movie show-
ing how so many store clerks
in the Bahamas "turn cus-
tomers off", make them
"walk out" without buying.
There are several other
subjects. I think if made into
"the right way" and "wrong
way" movies, could help
make the Bahamas a better
place and one visitors would
tell their friends about and
want to return to.. Oh yes,
one other thought, particu-
larly in the case of movies
intended to turn children
around and make them
think constructively, how
they should act and do
things that would make their
life better don't show the
training film to them once-
show it to them five-six
times, so the message will
eventually "sink in", and
they'll "get it" and start liv-
ing and doing things the
"right" way that will make
their future, adult life hap-
pier and more productive.
June 13, 2008.
EDITOR, The Tribune.
SEVERAL yehrs ago
there was a Letter to the
Editor by an ex ULS Navy
mending the Bahamas use
an old Navy teaching device
training films to teach
Bahamians (primarily the
young) the right and wronw
way to do things/live.
I think the Bahamas gov-
ernment now, should look
hard at instituting (sponsor-
ing) such a project. A train-
ing movie that would show a
15-year-old girl, what her
life is likely to be like if she
starts going with an older
man and then, becomes a
single teen age mother of,
most likely, uncontrollable
(fatherless) children then,
showing her best friend who
dates boys her own age,
remains virtuous until she
marries at 22, and then leads
a full, happy life with her
"on-the-ball" husband and
three well-behaved children
who she can be very proud
Or, how about a young
prisoner who, when
released, goes straight, gets
a job he can move up in,
marries and then leads a
full, trouble free life as
opposed to movie showing
his buddy, who, when
released-goes right back on
drugs, thievery and other
criminal activity. Our man
"gone straight", has a happy
family life, has good chil-
dren he "fathers" well, and
'he becomes a fesp'etable,'
honourable citizen, where-
as his old "buddy", of
course, soon ends up back
in prison where he spends
most of the rest of his short
Or, I'd like to see a movie
of a good Bahamian store
clerk who is courteous and
handles customers particu-
larly well, pays attention to
them then the contrast
movie showing a more typi-
cal Bahamian store clerk
who is very "laid back",
pays little attention to cus-
tomers, is frequently
engrossed talking on their
cell phone and/or to others
on the staff. How does the
ideal store clerk, act, do,
treat customers, handle him-
self/herself- that makes
him/her stand out, he excels
(makes more sales); as
could show right
and wrong way
Do we care anymore
about how our
persona is perceived?
EDITOR, The Tribune.
CHARACTER is personal character extinct do we care any-
more what our persona is perceived as being do we care what was
once upon time a clear indication as to your character who you
Good questions and I quickly can say without any challenge we
totally couldn't care about character but support flashiness, fast
money (legal and illegal) as long as you flash it and pass it around
and as the thing goes don't get catched!.
Character is certainly something which any of your readers over
50 years went out to achieve it was the standard the plimsoll
line and the total measure how you really were respected by.your
peers and society but that all gone gone flushed and forever gone.
You can be "blue-blooded" as much as you like children of any
muck-a-muck but without that growing upness and standard and
character really, sir, who were you?
Have we simply lowered the grade so low that anything passes?
So often in the news we hear about this CEO or Chairman of
Company XV & Z running off with millions and other cases where
banks from all over the place, once thought to be fortresses of
safeness lose billions and the comment is as casual as if one says
today it might give us a shower or two.
It is certainly sad that character has gone from society and- the
corporate Boardroom and the mighty dollar rules even if as
lilly-white as you might be and as bathed in tradition as you
might be you associate with others whose background is very ques-
tionable surely by the old standard of character that meant
Ethics, morals, character were the standards by which you walked
proud and you wished your children to follow but today it seems
even the legitimate business person plays the street and as long as
he benefits, legally or illegally or by association with persons who
purchase or manage entities of parties who clearly have crossed the
line of illegality then I say you have instantly lost your persona and
good character and by a simple statement that we were not in
business with A B or C is totally redundant we know what con-
June 26, 2008.
Share your news
The Tribune wants to hear
from people who are
making news in their
you are raising funds for a
good cause, campaigning
for improvements in the I-
area or have won an
If so, call us on 322-1986
and share your story.
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PAGE 4, WEDNESDAY, JULY 2, 2008
WEDNESDAY, JULY 2, 2008, PAGE 5
0 In brief
appointed at GB
N By DENISE
Erik Christiansen and
Felix Stubbs have been
appointed to the Grand
Bahama Port Authority
board of directors.
was made in a state-
ment issued by the Port
Authority on Monday.
"The board welcomes
the addition of these
two outstanding and
capable individuals to
help guide the develop-
ment of new projects in
Freeport. The expertise
and business acumen of
Mr Christiansen and Mr
Stubbs will help in
developing the future of
Freeport and Grand
Bahama Island," read
Mr Christiansen, a
former owner of Pelican
Bay Resort, has been
chairman of the board.
The native of Den-
mark retired to Grand
Bahama, where he later
created New Hope
Holding Company in
1993. Through this com-
pany, he developed sev-
eral tourism related
real estate projects on
Mr Christiansen start-
ed his own structural
engineering firm in
1960. His firm grew to
have several offices in
Holland, Iran, Oman,
and the Arabian Penin-
In the early 1970s, he
became a member of
executive board of
Pakhoed Holding. In
this position, he had
for their real estate
division which was the
largest commercial real
estate firm in the
Mr Christiansen, in
1973, founded and
became chairman of the
Hexalon, which he
directed to become a 50
per cent 'partner in
Royal Dutch Airlines
(KLM) hotel manage-
ment company, where
he was chairman.
In 1984, he created
du Benelux in Brussels,
a privately held group
managing assets of
more than $4 billion.
Felix Stubbs, general
manager IBM Bahamas
Ltd, has successfully led
through numerous eco-
nomic and competitive
He began his career
there in June 1970 as a
and held many technical
and sales positions
before assuming a man-
, Mr Stubbs is present-
ly the chairman of the
Bahamas, vice president
of the Bahamas
tion, and vice chairman
of Safe Bahamas.
Mr Stubbs was the
founding chairman of
the Bahamas Duty Free
founding chairman of
the Bahamas Quality
Council, president of
the Scouting Associa-
tion of the Bahamas
and numerous govern-
ment boards and com-
mittees. He is also vice
president of Doctor's
Wilchcombe: PM should have appointed
a Minister for Grand Bahama Affairs
But West End MP says any prime
minister would be fearful of
making such an appointment
* By ALISON LOWE
Tribune Staff Reporter
ANY prime minister would be
fearful of appointing a Minister of
Grand Bahama Affairs because
of the power such a "super min-
ister" could wield, MP for West
End and Bimini Obie Wilch-
combe claimed yesterday.
Despite this, Mr Wilchcombe
said that Prime Minister Hubert
Ingraham should have appoint-
ed a Minister for Grand Bahama
Affairs during his Cabinet shuffle,
as such a move could have gone a
long way towards helping to
resolve the Port Authority crisis
and addressing the economic
malaise plaguing the island.
"The minister could have
helped to resolve the matter,
work with the parties together,"
said Mr Wilchcombe.
"Maybe he didn't want the
minister to get caught up in the
confusion that's going on now,
but I think that it would've been
the right thing to do and the right
message to send to Grand
Bahama right now because
Grand Bahama is hurting."
Announcing the Cabinet shuf-
fle on Monday, Mr Ingraham said
that he regrettably could not ful-
fil his intention to create a Min-
istry for Grand Bahama Affairs
because of the ongoing "squab-
bling" over the future of the
Grand Bahama Port Authority
Mr Ingraham had expressed his
desire to do so early in his term
Mr Wilchcombe, who has
served as a Grand Bahama MP
for over six years and will run to
be the next deputy leader of the
PLP, said he "absolutely" sup-
ports the plan to create a min-
istry focusing on Grand Bahama.
He said that it was discussed
under the PLP and is now "long
A minister with the express
responsibility of handling Grand
Bahama affairs would be able to
use his relationship with his Cab-
inet colleagues in New Provi-
dence to "to facilitate swift action
on matters"; he or she could
"drum up business" for the island,
"bring both east and west
Freeport into the entire mix" and
within several years relieve
pressure on New Providence by
creating more economic oppor-
tunities on the island, said the
Mr Wilchcombe said: "Right
now what you'd find in Grand
Bahama there's no leadership.
Grand Bahama is the gold mine
of the Bahamas, it's the future of
this country, but we haven't put
the necessary effort into causing it
to realise its fullest potential."
Notwithstanding the benefits
the appointment could bring for
the country's second city, Mr
Wilchcombe said that any prime
minister might be "hesitant" to
create a Grand Bahama minister
because such a figure could
become "like a second prime
The person would have a
"strong political base" and could
in turn become a potential threat,
suggested Mr Wilchcombe.
"With Ingraham and with any
other leader they would be con-
cerned about putting that in the
hands of an individual."
Grand Bahama's assets include
its proximity to the US, a great
deal of available land, its potential
the Ministry of
ing at the official
launch of the In-
j LService Training
|..'- DA. IN for Grandfathers
- C of Caregivers of
v Day-Care and Pre-
TR School Centres
I .-'- c
Government bid to
enhance standard of
* By LINDSAY THOMPSON
THE Ministry of Education has officially launched the Grandfather
Programme of Caregivers in Day-Care and Preschool Centres a
move to raise the standards of early childhood care in the country.
On behalf of the minister, Carl Bethel, Permanent Secretary Elma
Garraway announced the details of the programme during a ceremony
on Monday at the Anglican Church of the Epiphany on Prince
Effective immediately, the programme calls for candidates to
undergo a 40 credit-hour course, which ends in March 2009. Candi-
dates must be 40 years or older and have worked with children for 10
years or more.
The ministry has accepted 105 candidates to be trained over the
period of 40 days.
Forty-four of the candidates hail from New Providence, 54 from
Grand Bahama, five from North and Central Andros and one from
The senior education officer will finalise the registration of candi-
dates and conduct orientation in Abaco, where 25 candidates are eli-
gible for the programme.
"My ministry realises that the establishment of early childhood stan-
dards is a necessary step toward high quality early childhood care and
education," Mrs Garraway said. "Theref6re, it is extremely important
that we design standards that are measurable and realistic for every-
day compliance in our society."
The subcommittee for the preschool component of the 1994 Nation-
al Task Force on Education recommended that there is a need to leg-
islate preschool education.
The training of caregivers in the area of early childhood education
heads the list of criteria for the legislation.
As a result, in 1994 a concern to regulate day-care and preschool
centres was expressed, and in 1997 a committee to draft legislation for
day-care and preschool centres was established.
"Although legislation has been passed, there is still much work left C
to be done towards the standards," Mrs Garraway said.
She noted that the final draft of the standards is being read and cri- P
tiqued, with the revised national standards to be presented to par- rL
liament and aligned with regulations before the end of the 2008/09
school year. A
In preparation for enforcement of the early childhood care nation- c
al standards, the ministry says it is making available copies of the doc-
uments to the public and relevant stakeholders to discuss and submit a
"We do not intend to enforce regulations until we have ascer-
tained that all proprietors have been given the opportunity to meet the
standards," Mrs Garraway said.
As proclaimed in the 1994 National Task Force Report, "we
realise that there is a serious challenge toward quality preschool
education in the Bahamas in the area of professional training," she |
Research indicates that 60 per cent of the three to five group of
preschoolers are provided childcare services by the private sector.
"My government is indeed grateful to and appreciative of the ser-
vices rendered by the private sector in the care of very young children
and we are aware of the fact that managing your centres require a
great sense of responsibility, service and commitment," Mrs Garraway SA
The programme is supported by the Inter-American Develop-
ment Bank. .
as an offshore banking centre, its
potential for agricultural devel-
opment and its proximity to ship-
ping.lanes, he said.
With the island's potential not
realized, "it is going through its
worst state of depression ever,"
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PAGE 6, WEDNESDAY, JULY 2, 2008
Hospitals Board's 'refusal to
investigate Esfakis matter'
IT HAS been almost
four years since former
Health Minister Dr. Marcus
Bethel directed the Hospital
and Healthcare Facilities
Board to investigate a com-
plaint into the treatment of a
42-year-old man who died at
Doctors Hospital in 2002.
Yet to date, there has been
no effort by this public board
to address the matter. In fact,
its chairman, Dr Kirk Culmer,
was quoted in a recent Tri-
bune report as saying that the
board did not want to be
"bothered" with that kind of
The complaint by lawyer
Leandra Esfakis alleges that
the failures within Doctors
Hospital to comply with the
legal requirements of the
Hospital and Health Care
Facilities Act resulted in the
death of her brother, Christo-
pher Esfakis, three days after
he admitted himself for the
treatment of first and second
degree burns from a house-
The Hospital and Health-
care Facilities Board was cre-
ated by Parliament in 1998 to
license private hospitals and
clinics. One of its chief
responsibilities is to investi-
gate complaints from the pub-
lic, but it has no record of
ever doing so.
The complaint against
Doctors Hospital has been
ignored under three succes-
sive ministers of health,
although the law provides for
the Board to select experts to
probe a complaint, and then
tell the hospital what to do in,
order to renew its license -
the object being to improve
the delivery of healthcare to
Earlier this year, a judicial
inquest into Mr Esfakis' death
delivered a verdict of "death
by natural causes with a sub-
stantive and significant con-
r FZS M Im
tribution of medical neglect."
The principal doctor involved
in the case is applying for a
review by the Supreme Court
to quash the verdict. A date
for the review has been set
down for July.
Evidence given in Coro-
ner's Court was that Mr.
Esfakis had a more than 90
per cent chance of survival.
And during the inquest, med-
ical staff involved in his care
did not dispute their failure
to implement standard treat-
ment for a burns patient with
symptoms of inhalation
injury. Nor did they dispute
that Esfakis was administered
an excessive amount of intra-
According to the evidence,
Esfakis received 60 litres of
fluid over a period of 66
hours. He weighed about 130
lbs on admission, but his
weight at autopsy was 190 lbs.
The attending forensic pathol-
ogist told the court that the
state of the patient's body.at
autopsy was consistent with
drowning due to the admin-
istration of excess fluid.
"Neglect is part of the ver-
dict which I think needs to be
explained," said Coroner
William Campbell last Febru-
ary. "It is defined as gross
failure to provide adequate
nourishment or liquid or pro-
cure basic medical attention
or shelter or warmth for
someone who is in a depen-
dent position, because of (in
this case illness), and who
cannot provide it for him-
self...On this definition, the
opportunity for rendering
care was not taken, and this
failure caused death."
The coroner went on to
say: "This was not a compli-
cated medical case where
there were legitimate differ-
ences over optimal treatment
options each having its own
distinct dangers. Here there
was no debate or agonizing
over treatment options. It was
a basic and straightforward
issue...It is no exaggeration to
say that Christopher Esfak-
is's 90 per cent chance of sur-
vival was frittered away by
the cumulative errors of
neglect in his medical care."
B ut the response of
bodies and of Doctors
Hospital itself to Esfakis'
death has been nothing short
of astounding, at least to this
writer. And despite an assur-
ance given by the new Minis-
ter of Health, Dr Hubert Min-
nis, at a public forum last year
that the complaint would be
investigated, "according to
legal process", the Hospitals
Board has done nothing but
I n correspondence over the
last four years, the Board
claimed it did not have the
means to conduct an investi-
gation. And in remarks at .a
Rotary Club meeting last
month Dr Culmer went so far
as to say that the legal
requirement for official noti-
fication of hospital deaths was
"antiquated and unneces-
sary". He claimed that regu-
latory authorities do not need
to know how many people die
in a healthcare facility.
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Contrast this attitude 'o
'the response of the British
Health Commission when it
recently noted a high rate of
deaths at a London hospital.
An inquest was quickly held
and special measures were
implemented at the hospi 1
until the death rate dropped.
This story is available online
In the British case the
"The brick wall
raised in response
to the Esfakis
questions: Why is
to track the
death rate in the
facilities that it
why does it want
coroner ruled that a woman's
death from massive bleeding
after she gave birth by cae-
sarean resulted from neglect
and failings in the maternity
unit. Her death was the tenth
at that particular hospital's
maternity unit in three years,
and it led to a thorough inves-
tigation by the authorities.
The brick wall raised in
response to the Esfakis com-
plaint begs the following
questions: Why is the Hospi-
tals Board refusing to track
the death rate in the facilities
that it licenses? And why
does it want this provision
revoked? Without a record of
the death rate, and investiga-
tions of an unusual death rate,
it is impossible to determine
whether the Bahamian coun-
terpart to a Dr. Harold Ship-
man, or someone similar, is
Shipman was the genial
British GP who murdered
over 200 of his patients before
being convicted in January
2000. His trial led to a two-
year inquiry into Britain's
healthcare regulatory system
together with a full review of
relevant legislation. And
believe it or not, the killing
spree was only discovered by
a local coroner who became
concerned about the high
death rate among Shipman's
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Of course, no-one is sug-
gesting that a Harold Ship-
man actually is practising
medicine here the analogy
is used only to draw the point.
If the Hospitals Board refuses
to track death rates, or to
probe legitimate complaints
backed by extensive evidence,
then opportunities to improve
the delivery of Bahamian
healthcare will clearly be
missed, to put it mildly.
Not only has the Hos-
pitals Board never
investigated any complaint -
and now explicitly refuses to
do so, even in the face of min-
isterial directives it also
wants that power revoked. In
other words, it wants private
clinics to be totally deregu-
If that happens, there will
be no accountability under
the law in the healthcare sec-
tor for fatalities or other mis-
adventures. And surprisingly,
although Board members
have, or have had, an inter-
est in Doctors Hospital, they
continue to claim that no con-
A few years ago, health
industry expert Nadeem
Esmail of the Vancouver-
based Fraser Institute wrote a
paper for the Nassau institute
on the government's pro-
posed national health scheme.
In that report he discussed
regulatory options for med-
ical facilities as follows:
"The certification of prac-
titioners and facilities should
be maintained by indepen-
dent third parties, which
could be any of several licens-
ing bodies in Canada, the
United States, or Europe, or
independent quality certifica-
tion organizations that also
practice in these regions.
"Certification by an inde-
pendent, reputable, and
preferably offshore third par-
ty would provide the quality
signal desired by the Blue
Ribbon Commission (on
national health) and likely by
many Bahamians, while a lack
of local oversight over the
certification process would
ensure that harmful political
intervention would be con-
It is a fundamental princi-
pal that every human being
has a right to life. Without
some external accreditation
process, which is not inter-
fered with by local directors
protecting their colleagues
(and their own) interests, that
right to life while in hospi-
tal care is clearly at risk.
The Esfakis complaint is a
case in point. Christopher
Esfakis' right to life was,
according to the inquest evi-
dence, put at risk by the treat-
ment he received from med-
ical staff at Doctors Hospital.
That treatment persisted until
he died, and the Hospitals
Board refuses to investigate
Revenge for a loved one's
death is decidedly not the
issue here. That can be pur-
sued in the courts if need be.
What is at issue is for the liv-
ing to be able to rely on
physicians who are commit-
ted to processes that enhance
their patients' survival rate.
To achieve that, we need a
real healthcare commission to
handle complaints about med-,
ical failures in both private
and public facilities, and it
must be willing and able to
address any failings.
Where are those good doc-
tors and administrators who
are concerned enough about
their reputation and the sur-
vival of their patients to lend
support to an independent,
reputable third party certifi-
cation programme for our
hospitals? Do these medical
And since the Hospitals
Board has insinuated that it
does not wish to protect the
public interest, what is our
government going to do to
ensure that citizens are pro-
tected from harmful medical
A according to Leandra
Esfakis, "All we are
asking is that they get their
professional lives in order.
There is no recompense to us
for the damage they did to
our personal lives. The dis-
tortions, evasions and mali-
cious allegations don't mat-
ter because nothing can cut
deeper than what has already
happened. And the plain fact
is it could happen to any-
In an effort to inform the
public on healthcare laws and
related issues, Ms Esfakis has
launched an interest group
called Bahamas Patient
Advocacy, which aims to pro-
vide a platform for citizens to
have their voices heard, and
become pro-active in defense
of their healthcare. Construc-
tive input from medical pro-
fessionals is welcome.
An online petition is also
being posted at
the government to fulfil its
obligations in this regard.
What do you think?
Send comments to
THE TRIBUNE WEDNESDAY, JULY 2, 2008, PAGE 7
COB to host
AS ITS contribution to the
country's official 35th Inde-
pendence celebrations, the
School of Social Sciences at
the College of the Bahamas
is staging a series of two lec-
tures as part of its Distin-
guished Lecture Series.
The first, held last night,
was on the theme, "35 years
later: independence and the
Bahamian psyche" and fea-
tured such eminent speakers
as Dr Olivia Saunders, associ-
ate professor in the School of
Business at the College of the
Bahamas; Michael Stevenson,
associate professor and head
of department at the Univer-
sity of the West Indies LLB
programme; Lindsay Braynen,
COBUS senator at the Col-
lege of the Bahamas; and Dr
Michael Neville, noted local
Jessica Minnis, associate
professor at the School of
Social Sciences at the college,
will moderate the evening.
The lecture will start at 8pm
at Choices Restaurant in
the Bahamas Tourism Train-
ing Centre, Thompson Boule-
The second lecture, on the
theme "2008 and beyond:
empowerment for sustainable
national development" is on
Wednesday, July 2 and will
feature Terry Miller, director
of public relations for
Bahamas Civil Society;
Anthony Ferguson, deputy
chairman of the Bahamas
Financial Services Board; Dr
James Moultrie, assistant pro-
fessor in the School of Edu-
cation at the college; and
Calvin Knowles, managing
director of the Bahamas
Dr Pandora Johnson, vice
president of outreach at the
college, will moderate the
The lecture will be screened
live from ZNS TV studios
Cuban travel law
A FEDERAL judge tem-
porarily blocked a new
Florida law that imposed a
stiff bond and other restric-
tions on companies book-
ing trips to Cuba, according
to Associated Press.
Attorneys for the compa-
nies argued Tuesday in
Miami court that the mea-
sure is unconstitutional and
could put them out of busi-
The law would force
agencies to put up a
$250,000 state bond if they
book tours to Cuba. Other
travel agencies would only
Rivera sponsored the mea-
He hopes it will cut down
on travel fraud, provide
greater homeland security
and deny resources to the
The next hearing is
scheduled for July 11.
Man charged in connection
with break-in and
* By DENISE MAYCOCK
FREEPORT An 18-
year-old man was charged in
the Freeport Magistrate's
Court in connection with last
week's break-in and rape of
two women at South
Dale Scottie Pierre, a resi-
dent of 16B Pinetree Close,
Seahorse Village, appeared
on Monday before Acting
ABOVE AND BELOW: The Ginn sur Mer-sponsored West End
Conquerors debuted new junkanoo costumes designed by West End
-native Ken Culmer.
Ginn sur Mer donates
$6,000 to junkanoo group
FREEPORT Ginn sur Mer donated $6,000 to the West End Con-
querors junkanoo group.
According to a spokesperson, the donation will help the group cov-
er the cost of creating first-class costumes for performances at special
occasions and holidays.
The West End Conquerors group was formed in 2001 and per-
forms regularly at Old Bahama Bay.
The group debuted some of its new costumes at the recent Ginn sur
Mer Homeowners' Weekend held at Old Bahama Bay.
Their performance was themed "Underwater at Ginn sur Mer -
Old Bahama Bay" and depicted the natural marine wonders of West
End and the glamour of Sur Mer.
Jerreth Rolle, group spokesperson and treasurer, said they are
extremely excited and grateful for Ginn sur Mer's sponsorship.
"This sponsorship demonstrates their commitment to the community.
With Ginn's continued support, we hope to demonstrate the real fer-
vor and vibrancy of what junkanoo is all about for visitors and residents
Ginn sur Mer is a 2,000-acre resort community in Grand Bahama's
The $4.9 billion project will contain more than 4,400 condominium
and hotel units and nearly 2,000 single-family residential home sites.
Get up, stand up
''G et up, stand up,
V,_.G stand up for your
These words of Bob Marley,
musician, poet, philosopher,
were addressed to the disad-
vantaged and oppressed.
These words gave guidance
and hope to suffering peoples
all over the world.
This column would like to
borrow some of these words
and paraphrase them. This col-
umn would also like to address
them to the advantaged of The
I hope it is not considered
presumptuous or arrogant when
I say get up, stand up for your
The sentiment that comes
across to me from reports in the
media is that the slowdown of
the economy is to be blamed
on the world economic situa-
tion. That may be so.
However, does that mean
that we must lie down and wait
for events outside of our control
to improve our circumstances?
God help us if it does. I don't
believe God will help us,
because we all know that
God helps those who help
Thcrv are mian\ Bahamians
and Bianlmin conmpJnies \w ith
subl-:intiial liquidit\ and
There .ire ,Iio manin\ Bahamnj-
an institutions, such as pension
funds and insurance companies
that have substantial resources.
A great deal of these
resources are invested in debt
instruments and other relative-
ly liquid products.
This is no longer in the
The time is now for those
who control these resources to
embark on an aggressive invest-
ment programme in businesses
and hard assets that will reap
great returns when the economy
once again picks up, as it will.
Not doing so is tantamount to
saying that we will never return
to the growth rates of the past.
We all know that no one really
believes that to be the case.
These investments will also earn
a better return for those who
have their resources in a devalu-
ing US dollar or in a sinking, or
should I say stinking, overseas
Let us therefore not sit back
and wait for foreign investors
to save us, So again with apolo-
gies to Bob Marley, I say get
up. stand up, stand up for your
Deputy Chief Magistrate
Helen Jones in Court Two.
Pierre was charged with
rape and breaking and enter-
ing a house on June 25 with
intent to steal.
He was also charged with
dishonestly receiving a
Motorola cellular phone, a
Nokia cellular phone, a. sil-
ver Zenith remote control, a
disc cleaner, $160 in cash,
and causing unlawful dam-
age to a 32" Plasma
flat screen TV valued
Pierre is accused of engag-
ing in sexual intercourse with
two women without their
consent; robbing the women
of a number of personal and
household items; and resist-
ing arrest by a police officer
who was attempting to carry
out his duties.
The accused was not rep-
resented by a lawyer and was
not required to enter pleas
to the indictable charges.
However, he pleaded not
guilty to the summary
adjourned the matter to
August 18 and remanded
Pierre to Her Majesty's
Prison, Fox Hill, Nassau.
The magistrate also
ordered that he be examined
by a doctor before being tak-
en to prison after he com-
plained of being beaten by
The police say they are still
searching for a second man
in connection with the mat-
ter, and that their investiga-
THE BRITISH High Commissioner Jeremy Creswell yesterday paid a courtesy call on Minister of Nation-
al Security Tommy Turnquest at the Churchill Building. ,
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WEDNESDAY, JULY 2, 2008, PAGE 7
M -mr -V-Wl IU-19,W"W 71 7" 1
PAGE 8, WEDNESDAY, JULY 2, 2008
FROM page one
Hill and Robinson Roads in
Mr Beckford had three
gunshot wounds and spent a
week recovering in Princess
Margaret Hospital. He is now
walking with crutches and
believes he is lucky to be alive.
However, the incident has
not angered him, Instead it has
reinstated his faith in God and
his mission as he forgives the
man who attacked him.
He said: "I have no hatred,
no animosity, I really feel sor-
ry for him. Sometimes we go
thinking when we harm some-
body we are harming them,
but you are really harming
Mr Beckford was affiliated
with the Syndicates gang in
East Street, Nassau, from
about the age of 14.
When he moved to Yellow
Elder at 16, he became
involved iri that area's gang
and gained respect and power
by selling guns and threatening
violence. By age 19 he was
leading the crew.
It was only after he was
arrested for murder that Mr
Beckford repented his crimes
and found a faith which for
him, worked miracles.
In the prison cell his prayers
were answered when the gun
used for the murder in ques-
tion was found to belong to
another man and he was
He was so grateful for his
freedom .he vowed not to go
back to his old ways and
worked his way out of the
Ex-gang youth worker shot
When he had turned his life
around, Mr Beckford and his
wife, Maggie, 35, parents of
four, established The Joshua
and Esther (J&E) Foundation
to empower young people to
make the right choices for
Mr Beckford said: "You
think growing up in a gang
that violence and anger solve
problems, but you are just cre-
"When you beat someone
up, you have to watch your
back because there will be oth-
ers coming after you. It's a
"I have never seen anyone
come out of a gang. All my
friends are either dead or in
jail or on the run. There was a
whole neighbourhood of us
and I can count on one hand
the number of guys who are
trying to have a better life."
Determined to change the
opportunities for youths in the
Bahamas, the Foundation runs
a summer camp for young
people across the islands.
The popularity of the pro-
gramme has continued to
grow, and one summer the
couple saw around 250 of the
most disruptive boys in school
turn away from anger and vio-
lence to embrace a more har-
monious way of living.
Mrs Beckford, who knew
gang members when she lived
in Kemp Road as a schoolgirl,
said: "Parenting and provid-
ing are different things.
"You have to teach chil-
dren right from wrong, morals,
respect and punishment.
"Even though we were a
part of negative things when
we were young we had a foun-
dation that could pull us back
out of it."
The J&E Foundation
encourages young people to
stick to their morals, nurture
their talents and be indepen-
dent enough to make their
Mr Beckford said that in a
sense, he is grateful for the
shooting because; "It allowed
me to show the youths that
hatred anger and violence is
not going to solve the prob-
lem," he said.
"It is only going to cause
you another problem. I turn
the other cheek.
"It is not my life he's going
to ruin, it's his own, and it's
something that he's got to
answer to himself."
Mr and Mrs Beckford plan
to hold a summer camp in
Nassau next year when, after
Mr Beckford has completed
his studies, they will be look-
ing for support and sponsor-
Mr Beckford won a schol-
arship from the USA Min-
istries Churches to study for a
BA degree in Bible Literature
to assist him with his outreach
For more information
about J&E log on to: www.jan-
FROM page one
mance," said Mr Christie in a news release. "The fact
that the prime minister has chosen to take significant
new responsibilities unto himself in the office of
the prime minister and the ministry of finance can-
not inspire public confidence in the ability of these
ministers to carry out their remaining duties effec-
Prime Minister Ingraham announced on Monday
night that both the national insurance and lands
and local government portfolios will now come
under his control.
National Insurance will function out of the min-
istry of finance where Mr Ingraham said he expects
"to give concentrated attention to the expeditious
development and implementation of the National
Prescription Drug Programme and the development
of a Catastrophic Health Insurance Programme to be
administered through the apparatus of the Nation-
al Insurance Board."
The prime minister has also appointed Byran
Woodside as State Minister of Lands and Local
Government, to assist with the running of this min-
istry, which will operate out of the Office of the
In taking on these new roles, Mr Ingraham
FROM page one Th(
On Monday, Prime Minister. Asso
Hubert Ingraham announced a
Cabinet shuffle that included
the appointment of two new lCe V
ministers Mr Vanderpool-
Wallace as Tourism Minister and the public
and lawyer Michael Barnett as tors are facing
Attorney General and Minister lenges in thes
of Legal Affairs. pledge our full-
Both ministers must first be ing in partners]
appointed to the Senate before ister and his ti
they can assume their posts. istry of Tourisi
"We look forward to work- our competitive
ing closely with Mr Vander- "We're in a
pool-Wallace. We've enjoyed a uncertainty rigl
very close working relationship been working
over the years as an industry months, the pu
Christie on Cabinet shuffle
stripped Ken Russell of National Insurance. How-
ever, Mr Russell was not the only one who was
either stripped or arguably demoted.
The most surprising move of the shuffle was that
of Earl Deveaux to the new environment ministry
and away from public works.
Public works, responsible for government infra-
structure projects, is seen as one of the major cabi-
net jobs, whereas the environment portfolio at this
stage is undefined. Nonetheless, the ministry will
have two ministers Phenton Neymour is the junior
Mr Christie, who said that the opposition will
await more details of the new cabinet portfolios
before further commenting on the issue, expressed
hope yesterday that these moves will bring the good
governance the FNM has promised.
"While we are hopeful that the much vaunted
*good governance will finally be delivered to the
Bahamian people, all of this does not bode well for
any future improvement in the government's per-
formance, having regard to the fact that nearly all
elected members of Parliament are already part of
the cabinet," he said.
, Bahamas Hotel
ciation backs the
and private sec-
;e times and we
support to work-
hip with the min-
eam at the Min-
m to help ensure
a period of great
ht now and we've
hard over recent
public and private
sectors, on some marketing ini-
tiatives and we need to continue
in that vein.
"Having someone with Vin-
cent's background, his under-
standing of the industry and his
global exposure to the compe-
tition should prove immeasur-
able and very beneficial to our
joint efforts going forward,"
said Mr Comito.
Senior vice-president of
external affairs at BahaMar
Robert 'Sandy' Sands told The
Tribune that Mr Wallace's
appointment was an "excellent
choice" as he is a "visionary
"He has worked diligently in
the public and private sector.
We are proud and very happy
for him and we will encourage
him and support him."
A Sandals Resort public rela-
tions officer also expressed plea-
sure over Mr Wallace's new
"We feel very excited. He
has a wealth of knowledge in
both the Bahamas and the
Caribbean. We know he will do
an exceptional job. It's a posi-
tive thing and we welcome him
in the industry."
served as director-general of
tourism in the Ministry of
Tourism for 12 years.
Most recently he served as
secretary-general of the
Caribbean Tourism Organisa-
He has also served as chair-
man of the management com-
mittee of the Bahamas Tourism
Training Centre, director of
both the Central Bank of the
Bahamas and chairman of the
Hotel Corporation of the
Man sought in Harl Taylor case
FROM page one
publicly identified as a person of interest in the murder of the promi-
nent handbag designer.
McNeil is considered armed and dangerous, and was.last known to
be living in the Kennedy sub-division.
Four days after the release of the photo, Mr Hanna said that there
are no new leads in the case.
When asked if police are concerned that McNeil may have fled the
country, Mr Hanna said that "all possibilities are on the table right
"There are some people who call from time to time who want to
assist the police, but we don't have anything meaningful to share with
the public at this time," he said.
Mr Hanna said police are therefore still encouraging members of
the public with any information regarding the whereabouts of McNeil
to come forward and assist in the investigation.
He added that the same call goes out to the public in the Marvin
Last week, police released composite sketches of two persons
wanted in connection with the murder of Mr Wilson, a Jamaican
national and former waiter at popular downtown restaurant.
One of the sketches depicts a man with a shaved eyebrow and ear-
rings in both ears.
He is estimated to be around 5ft 8in tall, weighing around 1301bs to
1401bs, and between 19 and 20 years old.
The second sketch shows a man of "medium brown complexion",
aged between 18 and 25, around 1401bs to 1501bs and of medium build.
After the sketches were released, police were flooded with calls
from people who believed they may know two suspects.
However, Mr Hanna said that, as with the Harl Taylor case, there
have been no significant new developments in the investigation.
Sex tape may include
FROM page one
School engaged in sex acts with
at least two other boys.
From the content of the
video, the young woman does
not appear to be fully consent-
ing to the acts.
Though the uniform of the
girl is similar to that worn at
GHS, it is unclear if the uni-
form of the boys, whose faces
are hidden from camera while
other body parts are exposed, is
from a Bahamian school.
Last May officers from the
Central Detective Unit released
the conclusion of an investiga-
tion into similar videos circu-
lating on the Internet. They
concluded then that the stu-
dents were not Bahamian.
Since the high-tech crime unit
at CDU was established in 2006,
police have seen more incidents
each year of this nature report-
ed to police. By the end of 2006,
there were five matters report-
ed, in 2007, there were 17 and
from January, 2008, to that time
in May, there were already 18
The bulk of these reported
cases, however, do not involve
minors. Asst Supt Paul Rolle
said at the time that most of
their cases involve adult part-
ners who take explicit pho-
tographs of each other.
"The relationship goes sour
and one of them, usually the
male, decides to get even. He
publishes the images on private
sites in an effort to try and
embarrass the woman," he
There are also other cases
where a person's face is super-
imposed on to another naked
The Tribune forwarded the
video to the CDU high-tech
crime unit yesterday as was
requested by police.
Recent amendments to the
Sexual Offences and Domestic
Violence Act introduced for
debate in the House of Assem-
bly by the government would
create stiff penalties for those
found producing or distributing
The provisions state that any
person who produces, whether
for the purpose of publication
or not, any child porn, is guilty
of an offence and liable to a
prison term of up to life in jail.
Any person who receives or
disseminates child porn, pos-
sesses child porn or intention-
ally involves a person under 18
years in pornography is subject
to imprisonment for 20 years.
THE TRBUNE EDNESAY, JLY 2,2008,PAGES
0 In brief
,OIL PRICES passed $143
a barrel Tuesday amid con-
cerns about a potential con-
flict between Iran and Israel
and a weakening dollar,
according to Associated
Also Tuesday, a report
from the International
Energy Agency saying
crude supplies would
remain tight despite record
prices and reduced demand
from industrialized coun-
tries also helped support
EIA chief Nobuo Tanaka
said the world was experi-
encing "the third oil price
shock," comparing the era
to the 1970s oil embargo
and the period following the
However, Tanaka said
this crisis differs because
Western nations have
already become much more
efficient and oil is becoming
more difficult to produce.
Echoing Tanaka, U.S.
Treasury Secretary Henry
Paulson said Tuesday in
Berlin that there were no
"obvious short-term solu-
tions" to skyrocketing oil
Light, sweet crude for
August delivery rose $1.95
to $141.95 a barrel on the
New York Mercantile
Exchange. Prices hit
$143.33 earlier in the day.
On Monday, the contract
soared to a record $143.67 a
barrel. It later fell back to
close at $140.00 on reports
of weakening U.S. oil
demand and end-of-the-
quarter profit-taking by
Meanwhile, retail gaso-
line, which has been track-
ing oil higher, reached a
new national average of
$4.087 a gallon, according to
a survey of stations by
AAA, the Oil Price Infor-
mation Service and Wright
In London, Brent crude,
futures rose $2.17 to $142
on the ICE Futures
"You have supply-side
concerns, such as the
rhetoric on Iran, that will
likely keep a floor under
prices," said Victor Shum,
an analyst with Purvin &
Gertz in Singapore. "I don't
see much resistance to $150,
which could happen in the
"There is no doubt that in
both of our countries and
throughout the world, we're
feeling the burden of high
oil prices and high food
prices..." Paulson said in
Berlin after a meeting with
German Economy Minister
Lucayan Medical Centre
is opened in Freeport
* By SIMON LEWIS
FREEPORT The proposal to con-
struct a new primary health care facility
in Freeport, Grand Bahama, remains a pri-
ority of the Bahamas Government Minister
of Health and Social Development, Minis-
ter of Health Dr Hubert Minnis said.
The minister's comments came at the
official opening of the Lucayan Medical
Diagnostic and Rehabilitation Centre last
Dr Minnis was the featured speaker at
the opening that marked another chapter in
the history of the Lucayan Medical Centre,
which was established on Grand Bahama in
1968 and continues to deliver high quality
health services to residents of Grand
Bahama and the northern Bahamas.
The construction of the new state-of-
the-art Diagnostic and Rehabilitation wing
at the Lucayan Medical Centre allows the
facility to provide Magnetic Resonance
Imaging (MRI) scans, ComputerisedAxi-
al Tomography (CAT) scans, standard and
fluoroscopic x-rays, mammography, bone
densitometry, ultrasonography, electro-
cardiography, physiotherapy, and occupa-
tional therapy services.
Dr Minnis told persons attending the
opening that the new facility at the
Lucayan Medical Centre allows the oper-
ators to provide a wide array of diagnostic
screening and rehabilitative services, which
is a most welcomed addition to health care
services in Grand Bahama.
He added that the Ministry of .Health
continues its upgrades of services and
equipment at the two major health cen-
tres, Princess Margaret Hospital in New
FREEPORT- Health and Social Development Dr Hubert Minnis participated in the official
opening of the Lucayan Medical and Rehabilitation Centre last week. (1-r)Chantal Bethel;
Dr Marcus Bethel (owner); Dr Minnis; Minister of Housing and National Insurance Ken-
neth Russell and Ivan Deveaux.
Providence and the Rand Memorial Hos-
pital in Grand Bahama, as well as at health
care centres throughout the country.
Dr Minnis said that when speaking of
diagnostic screening, one is immediately
reminded of the chronic non-communica-
ble diseases and lifestyle related diseases
that are so prevalent in the Bahamas.
"In this regard, screening services are
pivotal to effecting early treatment of diag-
nosed diseases and saving lives.
"To this end, my ministry through its
healthy lifestyle programme continues to
promote early detection by the use of diag-
nostic technology, along with the adoption
of healthy practices to prevent the onset of
these diseases," he said.
Dr Minnis also advised that "the pro-
posal to construct a new primary health
care facility in Freeport remains a priority
of the government and when constructed
will also play an important role in pro-
moting the message of wellness.'
"It will also be instrumental in providing
diagnosis and treatment, thereby reducing
the patient load for publicly lunded pri-
mary health care at the Rand Memonal
Hospital," he said.
Dr Minnis said that with the need lor
immediate positive changes in the mor-
bidity and mortality profile of the
Bahamas, and a reduction in the domi-
nance of lifestyle related diseases, the role
of diagnostic technologies in combating
these diseases at present cannot be over-
"Likewise, the role of rehabilitation pro-
grammes, particularly as they relate to mnn-
imising the risk of permanent disability, is
vital to the enhancement of patient out-
"It can therefore be stated that this new
diagnostic and rehabilitation centre along
with its companion facility, the Lucayan
Medical Centre East, will undoubtedly con-
tribute to the strengthening of the provision
of private health care services to Grand
Bahama and the Northern Bahamas," he
The Lucayan Medical Centre is headed
by Dr Marcus Bethel, a former Minister of
Health, and employs approximately 36 per-
sons, including 12 professional staff mem-
Dr Minnis took the opportunity to thank
Dr Bethel for his ongoing commitment to
the provision of quality and holistic health
care on the island of Grand Bahama.
. He said it is good when the government
and private sector strive toward the goal of
further enhancing the health of the
. .. .
rih[."-said lMr Fair." We s m
frequently hear of the piob-
lems %ith our youth % without
ivinvi sufficient creditl toit the
majority who ore doing thcir
be_,t Io ,ucced.
Dr .iv;l\, 1.'0 / I ,1.
Nlaritime Cadets Corps tu-
dents hale attained their
Standards ol Training and
\\ atchkeeping certification.
It iS [he mrinimumni doi.ii.stiic
requirement of the Interna-
tional Maritime Organisation
for a career at sea.
Of the 244 students who
graduated from the BMCC
programme since its incep-
tion five years ago, 210 are
"It is clear from these
numbers that this has been
an enormously successful
programme," said Bahamas
Maritime Authority board
chairman Ian Fair during a
graduation ceremony on July
Twenty-one of the cadets
will attend Holland College,
Prince Edward Island, Cana-
da, for initial international
Thereafter, each cadet will
be placed on a worldwide
basis for the required seago-
Additionally, 25 of the
cadets will be attending a
one-week leadership confer-
ence at the State University
of New York.
Cadets from Abaco,
Andros and Grand Bahama
are represented for the first
There are 212 cadets cur-
rently in the BMCC pro-
gramme together with 26
cadets in universities in the
Mr Fair paid tribute to
Campbell Shipping, Dock-
endale Shipping and the
Clipper Group, who are the
main donors of scholarships
for those attending universi-
"It is clear that the
Bahamas Maritime Cadet
Corps programme is a fine
example of how to get things
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WEDNESDAY, JULY 2, 2008, PAGE 9
PAGE 10, WEDNESDAY, JULY 2, 2008
9:00 I 9:30
"Sharks" 0 (CC)
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Great Lodges of the National
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JULY 2, 2008
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Let C-lia-rlie flie
Bcakamican Puppet and
kis sidekick Derek p+ut
some- smiles on you'Ar
BVIng youAr children to the
McfHappy Hom at c McDonald's in
MabooLugAh Str+eet every Thursday
from 3:30pm to 4:30pmd during the
I moVn of July2008.
EnjoN Great Food, Prizes and Lots of Fun.
i'm lovin' if
THE TRIBUNE E
on first round
* By BRENT STUBBS
Senior Sports Reporter
FOR the first time in
the near two decades
that Mark Knowles has
played at Wimbledon,
he's never exited in the
first round, of doubles.
But last week, Knowles
and Mahesh Bhupathi of
India were ousted in
their opener at the
famous event in England.
The number four seed-
ed team suffered a tough
5-7, 2-6, 7-6 (4) loss to
the team of Phillipp Pet-
zschner of Germany and
Alexander Peya of Aus-
That was followed by
another defeat by
Knowles and China's Zi
Yan, the No.7 seeds, in
the mixed doubles sec-
ond round by American
Scott Lipsky and Casey
Dellacqua of Australia in
set scores of 6-3, 3-6, 6-4.
"It was an extremely
difficult trip obviously.
Once again we had a
really tough draw. We
knew those guys were
dangerous going in,"
Knowles reflected. "I
guess it was really tough
not playing in any grass
tournaments going in.
"But I played very
well. I don't think
Mahesh played that
great. It's just one of
those things. We're not
winning many matches.
Recently, we've had a lot
of outside factors, a lot
of variables. Sometimes
you need a little bit of
luck, getting past the
Knowles, however, said
he and Mahesh never got
over the first hump and
so it was a difficult trip
"I've played Wimble-
don about 17 times and
I've never lost first
round, so unfortunately,
it wasn't what we were
looking forward to,"
Knowles pointed out.
"But on the brighter
side, I just had my sec-
ond son, so I wouldn't
take anything back. I
played my best. It just
didn't work out for us."
Despite the fact that
his wife, Dawn, gave
birth to their second son,
Brody, just prior to his
departure for the tourna-
ment, Knowles said he
arrived in England in
time to get ready for the
"I trained hard in Dal-
las on grass and when I
got over there, I played a
pretty good match. It
was a pretty close
match," he said. "But
unfortunately, it was a
pretty tough draw.
"I knew going in, it
was a tough team, one
that we had to play hard
against. But the most of
the time, the best cir-
cumstances is that you
would like to work your
way into the tourna-
Back home with his
family in Dallas,
Knowles said he will take
a good look at the sched-
ule before he decides on
where and when he will
"I will probably play a
couple matches in the
United States or in
Toronto, Canada," he
insisted. "Mahesh is get-
ting ready to play with
Leander, his partner for
the Olympics, this sum-
"So there are a lot of
variables working against
us, but I think we will
work our way out of it."
Knowles selects Mullings
I Team will play together
for the first time at the
2008 Olympic games
SBy BRENT STUBBS
I .' Senior Sports Reporter
WHILE Mark Knowles will be returning for
another appearance in the Olympic Games,
Devin Mullings will be making his debut in
August in Beijing, China.
Knowles, returning to Dallas yesterday from
England where he and Indian Mahesh Bhu-
pathi were first round casualties, confirmed that
he and Mullings will team up to represent the
Bahamas in the men's doubles at the Olympics.
"I wasn't given many choices because, being
top ranked, I could use any player with ATP
points," pointed out Knowles, who will be team-
ing up with Mullings for the first time in doubles.
"Marvin Rolle didn't have any ATP points.
So it was just between Timothy (Neilly) and
Devin (Mullings) with guys with ATP points. At
the end of the day, I think Devin deserved it the
most. So I decided to select him."
At the Olympics, the Bahamas will be one of
32 countries participating in the elimination
"I don't really
have any expec-
tations. We will
just go there and
see if we can win
our first round,"
noted that he and
get to play prior
to going to Bei-
"At the end
of the day, I
ment won't matter," Knowles proclaimed.
Ask 23-year-old Mullings and he will agree.
He's just elated that he was the one selected to
travel to Beijing.
"It feels good. It's a good honour. I'm really
happy that Mark chose me to play with him,"
said Mullings from Florida where he's training.
"I know that Mark had a lot of prospects that
could have gone.
"But I'm going to work my hardest, not just
for my country and my family, but also for those
guys that could have gone, but he selected me
over them. I'm just grateful that I'm the one
chosen and I will get to play with him."
Mullings, who just recently completed his eli-
gibility at Ohio State, said Knowles informed
him a week ago that he was selected to travel.
"I was really happy. I was really surprised,
thrilled. I think it's going to be a good experi-
ence for me," he stated.
The fact that they haven't played together
SEE page 12
Beijing sweep stakes
Director Barry Mal-
colm and Derrick
Atkins at Scotiebank
where the athletes
received debit cards.
- I -
t. .. ,.
Tim Clarke/Tribune staff
Mitchell Johnson wins Scotiabank's 'Bound for Beijing' campaign
* By RENALDO DORSETT
WITH just over a month remaining
before the 2008 Olympic Games official-
ly begin in Beijing, China, the BAAAs'
leading corporate sponsor ended their
most popular ad campaign while simulta-
neously continuing their financial support
of team Bahamas.
Following their title sponsorship of the
BAAAs Nationals/Olympic Trials over
the weekend, Scotiabank revealed the
winner of their "Bound for Beijing" cam-
paign, Mitchell Johnson, who will receive
a myriad of prizes which includes the trip
to Beijing, and tickets to five sporting
events at the Olympic Games.
Scotiabank also launched their Visa
Debit card by offering each of the ath-
letes in attendance, prepaid cards for the
trip to Beijing with funds already credited
to the accounts.
Barry Malcolm, Managing Director for
Scotiabank, lauded the BAAAs for their
ability to host a successful event and com-
pile a team of determined young talent.
"I commend the BAAAs, their team
and all that they are doing for the incred-
ible work that they are doing with our
athletes," he said. "They have done an
outstanding job that the best in this coun-
try in terms of our talent can be show-
cased to the world."
Malcolm added that the efforts of the
athletes should be viewed as an example
of the success that can be achieved
"I commend all of the athletes, and
after watching their spirited performances
this weekend, on the way home I told my
nine-year-old daughter 'What you saw is
the example of excellence that can be
achieved in this country through our
In addition to the overall sponsorship of
the meet, Scotiabank offered $1000 cash
prize to any athlete who achieved the "A"
standard at the trials.
Leevan Sands was the lone recipient of
the $1000 incentive, reaching the "A"
standard in the triple jump.
Mike Sands, BAAAs President, said
the BAAAs succeeds because of the effi-
cient working relationship between the
athletes and administration.
"It is such an exciting time for the
BAAAs, for track and field and for our
athletes," he said. "I am just excited and
delighted to hbe leading an organisation
that is filled with such outstanding young
people and to have a team that will work
with us to make these things happen."
Sands said the efforts of Scotiabank
should be viewed as a prime example of
corporate citizenship and he looks for-
ward to fostering a continued partnership
with the organisation.
"When corporate organizations like
Scotiabank come to the forefront, a lot
of times it just makes the load lighter and
we at the BAAAs are very grateful for
Scotiahank taking the responsibility and
coming to support our program that
allowed us to put on the type of evcnt
that we hosted last weekend," he said.
"On behalf of the BAAAs executives,
athletes and council members, I would
like to say thank you to Scotiabank to
coming to our aid and I look forward to a
very long fruitful relationship with them."
PAGE 2, WDNESAY, ULY 2 200 TRIUNEOPORT
SEOUL, South Korea
Associated Press Writer
SOUTH KOREA plans to
propose to North Korea that
the nations march together
at the opening and closing
ceremonies of the Beijing
Athletes from the two
Koreas have marched
together ir the same uniform
under the blue and white
"unification flag" at several
major international sports
events, including the 2000
and 2004 Olympics, and have
used the traditional song
"Arirang" in place of indi-
vidual anthems in a show of
But the prospect of a joint
march at next month's Bei-
jing Games has dimmed.
Reconciliation talks have
been suspended since South
Korea's conservative new
president, Lee Myung-bak,"
assumed office in February
with a harder-line stance
"We think it would be
good if the two sides march
together," a South Korean
government official said
Tuesday on condition of
anonymity, citing the issue's
sensitivity. "We plan to con-
tact the North's Olympic
committee ... to convey our
The official did not offer
specifics, such as when the
South plans to contact the
FROM page 11
before doesn't matter to
Mullings. He said they will
gel when it counts in Beijing
each other's game.
"I think we will be okay. I
think we will pull together
and play together," he pro-
jected. "He and I both return
serves very well. Mark is a
great net player. He's proba-
bly one of the three top net
players in the world right
"So I think he will make
my serve that much better.
So I think we can break any-
body out there, based on our
return of serve because I have
a pretty good return of serve
and he's going to make my
service game better with him
at the net and I'm a pretty
good net player as well."
Once they get to Beijing,
Mullings said they intend to
get in at least a week's prac-
tice together, which should
help them to get their game.
In the meantime, Mullings
said he will continue to get
fit as he normally does for the
While Knowles is listed at
number five in doubles in the
world, Mullings is pegged at
939 in doubles.
young ball players
of the game of
Kevin Johnson Summer Basketball
Camp kicks off its eleventh season
* By RENALDO DORSETT
A LOCAL coaching icon is continu-
ing to spread his message of basket-
ball development with another suc-
cessful edition of his summer basketball
The 11th annual Kevin Johnson
Summer Basketball Camp began this
week at the CI Gibson Gymnasium
and will continue until July 18th, with
dozens of youngsters on hand to
receive tutelage from the legendary
Rattlers Head Coach.
Johnson said although the camp is
in its early phase he has seen the poten-
tial in many of the campers which
should only improve as they continue
their course in basketball fundamentals.
"This is just the second day of the
camp but I have seen a lot of promise
in these, youngsters and we will look
to continue to improve," he said. "We
just want to continue teaching the kids
the fundamentals of the game and
ensure they continue learning the game
and hopefully they can use it whenev-
er they play the game of basketball be
it at their school or otherwise."
Along with Mark Hanna, one of the
leading scorers for the NPBA cham-
pion-Commonwealth Bank Giants, sev-
eral of Johnson's former Rattler play-
ers, including Gijo Bain and Jeffrey
Henfield are on hand, assisting John-
son for the duration of the camp.
Johnson said his former players
returning to impart knowledge on a
younger generation will continue the
cycle of rich basketball heritage in the
"It's very important for them to
come back and teach the kids a lot of
what I have taught them," he said.
"That is what it is all about carrying
on the tradition of teaching the younger
players everything they have learned
and hopefully they will do the same
thing when they get older and that is
how the game of basketball will con-
tinue to grow."
The camp moves into its busiest ses-
sion next week with several collegiate
coaches making the trip to the
Bahamas to work with the group.
Participating coaches include Dan
Anderson-Northeast Junior College,
Lisa Deano-Cleveland State, Randy
Nesbitt and Russell Williams.
Johnson said the collegiate coaches
will give the campers first-hand knowl-
edge of what it takes to play the game
at the highest possible level.
"The coaches from the US will be
here to continue to teach them the
game of basketball, but at another lev-
el," he said. "This will help them to
learn what it takes for them to play
and succeed at the college level and
should help to prepare them for that.
The highlight of the camp is expect-
ed to be the July 8th seminar conduct-
ed by the NBA's Director of Player
The seminar, which begins at 4pm,
and is open to all interested persons
as Carr will advise the spectators on
expectations for the collegiate sport-
ing process, and the road to the NBA.
players Gijo Bain
and Jeffrey Hen-
field are back
school and assist-
ing with the
the youngsters in
the 11th Annual
Tim Clarke/Tribune staff
The Bahamas Chamber of Commerce and Tommy Hilfiger
host the fourth Annual Independence Golf Tournament
First Vice Presi-
dent of the
members of the
press of there
teaming up with
to host the 4th
dence Golf Tour-
nament july 12th
at the Cable
Tim Clarke/Tribune staff
save$$$ ith motor covexr!
cal 26700.fra on
Security & General Insurance Co. Ltd.
Atlantic House, 2nd Terrace & Collins Avenue, Nassau, PO. Box N-3540 Tel. 326 7100
A member of Colonial Group International; Insurance, Health, Pensions, Life
* By RENALDO DORSETT
THE LIST of sporting events
scheduled for the independence
weekend continues to grow as
one of the country's most
notable non-profit organizations
will partner with a worldwide
leader in fashion for a day of
The Bahamas Chamber of
Commerce, in conjunction with
Tommy Hilfiger will host the 4th
Annual Independence Golf
Tournament, Saturday, July 12th
at the Cable Beach Golf Course.
The tournament's format will
consist two man scrabble teams
vying for bragging rights in the
golfing and business communi-
With its extensive list of spon-
sors which also includes, Kerzn-
er, John Bull, Bank of the
Bahamas, Diamonds Interna-
tional BTC, Bahamas Ferries,
One and Only Ocean Club, Nas-
sau Ready Mix the tournament
is heralded amongst its com-
petitors for offering a myriad
Last year's tournament, won
by the team of Rodwell Knowles
and Vandrea Munnings, offered
prizes to a majority of the par-
ticipating golfers with even the
17th place finishers receiving
Khaalis Rolle, First Vice Pres-
ident of the Chamber of Com-
merce said the Independence
tournament is one of the most
highly touted events on the
Chamber's calendar and Tom-
my Hilfiger's sponsorship is an
indication of leadership as a cor-
"The Independence Golf
Tournament is one of the Cham-
ber's premier events and on
behalf of the Chamber, I wish
to extend a special thank you to
Tommy Hilfiger and our special
sponsors. The very fact that they
have teamed up with the Cham-
ber demonstrates their overall
commitment to positively
impacting the business commu-
nity," he said. "Not only does it
speak to their good sportsman-
ship, but it also proves that they
are good corporate citizens."
Rolle, who also serves as
Tournament Chairman, said this
year's tournament should meet
and exceed the standards set by
its previous editions.
"All of the tournaments in the
past have been great tourna-
ments, but I think that this year
we are going to go beyond what
we did last year and previous
years," he said. "There is going
to be a lot of fun and great prizes
and surprises. We anticipate a
full slate of golfers. Last year we
were at full capacity as well as
the year before, and I can say
without any hesitation, that this
year will not be any different."
Rolle said the tournament
serves as a recreational means
for its members to network and
fellowship through sport.
"The Chamber is one of those
entities that should have been
participating in a golf tourna-
ment for some time now," he
said, "The Rotary Club has one
and there are a number of non-
profit organizations that have
tournaments and most of our
members are golfers so it's only
fitting that we organise the tour-
nament to allow our members
to get together, network and fel-
Each of the participants will
be outfitted with T-shirts, caps,
and bags, by the tournament's
Etienne Christen, Operations
Manager for Tommy Hilfiger,
said the company sees the part-
nership with the Chamber as an
opportunity to aid in the social
and educational assistance they
provide throughout the
"Tommy Hilfiger is very
enthusiastic to be working with
the Bahamas Chamber of Com-
merce in holding this tourna-
ment. The Chamber does a
tremendous amount of work
throughout the Bahamas in pro-
moting the concerns and issues
that face Bahamian businesses,"
he said. "We are also aware of
the Chamber's involvement in
providing scholarships and other
meaningful activities to mem-
bers of the community and so
we regard this as a win-win situ-
ation for us to partner with the
Christen said his organisation
was constantly seeking avenues
to give back to the Bahamian
"We wanted to find an
avenue in which we can sup-
port the community and say
thank you to the Bahamian
people for supporting us over
the years," he said. "We also
recently sponsored the Rotary
Club's Golf tournament which
was last month and we are
always looking for events to get
involved with within the
The tournament is open to
all interested amateur golfers
with an entrance fee of $125
PAGE 12, WEDNESDAY, JULY 2, 2008
WEDNESDAY, JULY 2, 2008, PAGE 13
* By THE ASSOCIATED PRESS
At The All England Lawn
Tennis & Croquet Club
PURSE: $23.35 million
Venus Williams (7), United
States, def. Tamarine
Tanasugarn, Thailand, 6-4,
Lukas Dlouhy, Czech
Republic, and Leander
Paes (9), India, def.
Jonathan Erlich and Andy
Ram (3), Israel, 6-3, 6-3,
Daniel Nestor, Canada,
and Nenad Zimonjic (2),
Serbia, def. Kevin Ander-
son, South Africa, and
Robert Lindstedt, Sweden,
7-6 (5), 6-4, 6-7 (5), 6-3.
Paul Hanley, Australia, and
Cara Black (4), Zimbabwe,
def. Yves Allegro, Switzer-
land, and Agnes Szavay,
Hungary, 6-4, 6-4.
Peter Fleming, United
States, and Guillermo
Vilas, Argentina, def. Kevin
Curren, United States, and
John Fitzgerald (2), Aus-
tralia, 3-6, 5-5, retired.
Jana Novotna, Czech
Republic, and Kathy Rinal-
di, United States, def. Liz
Smylie, Australia, and
Nathalie Tauziat, France,.,
Martina Navratilova, Unit-
ed States, and Helena
Sukova, Czech Republic,
def. Gretchen Magers,
United States, and Conchi-
ta Martinez, Spain, 6-4, 6-
Henrique Cunha (6), Brazil,
def. Milos Raonic, Canada,
Ty Trombetta, United
States, def. Mark Verryth,
Australia, 7-6 (1), 6-3.
Henri Kontinen, Finland,
def. Chase Buchanan (14),
United States, 6-4, 6-2.
Marcus Willis (15), Britain,
def. Hiroyasu Ehara,
Japan, 6-4, 6-2.
Philipp Lang, Austria, def.
Alexei Grigorov (11), Rus-
sia, 6-3, 6-4.
Bernard Tomic (1), Aus-
tralia, def. Christopher
Rungkat, Indonesia, 2-6, 6-
Grigor Dimitrov (9), Bul-
garia, def. Niall Angus,
Britain, 7-6 (3), 6-4.
France, def. Sandra
Zaniewska, Poland, 7-6
Tamaryn Hendler, Belgium,
def. Nastassya Burnett,
Italy, 6-0, 6-4.
Zsofia Susanyi, Hungary,
def. Aki Yamasoto, Japan,
6-4, 7-6 (4).
Isabella Holland, Australia,
def. Marta Sirotkina, Rus-
sia, 6-3, 4-6, 6-3.
Romana Tabakova, Slova-
kia, def. Elena Chernyako-
va (14), Russia, 6-1, 6-1.
Nikola Hofmanova (12),
Austria, def. Martina Tre-
visan, Italy, 6-2, 6-2.
Laura Robson, Britain, def.
Melanie Oudin (1), United
States, 6-1, 6-3.
Fo te st.i
Defeats Tanasugarn in
straight sets to advance
S-:: S. -
THAILAND'S Tamarine Tanasugarn bites her racquet, during her Women's Singles quarterfinal against Venus
Williams of the US., on the Number One Court at Wimbledon, Tuesday, July 1, 2008..
Venus Williams moved a step
closer to her fifth"WiMbleb&on
singles title Tuesday, beating
Tamarine Tan.asugarn in
straight sets to reach the semi-
finals and close in on another
matchup with sister Serena.
Williams downed the 31-year-
old Tanasugarn 6-4, 6-3 on
Court 1 to extend her career
record over the Thai player to
7-0. The seventh-seeded Amer-
ican, who hasn't dropped a set
all tournament, was limping
slightly at the end of the match
with a hamstring problem.
"It feels a little bit tight," she
said. "I'll be fine. I'm a big girl.
I can deal with it."
Williams will next face No. 5
Elena Dementieva, who wasted
a 5-1 lead and two match points
in the second set before beating
fellow Russian Nadia Petrova
6-1, 6-7 (6), 6-3 to reach her first
Two-time champion Serena
Williams, seeded No. 6, was
scheduled on Centre Court lat-
er against 19-year-old Agniesz-
ka Radwanska of Poland. The
other matchups No. 18 Nicole
Vaidisova vs. China's Zheng Jie.
The Williams sisters are in
opposite halves of the draw and
could meet in Saturday's final.
The two have been twice before
in the Wimbledon final, with
Serena winning both in 2002,
"That would be amazing if
we both were in the final,"
Venus Williams said. "I have to
take it one more step and keep
playing power tennis."
The 60th-ranked Tanasugarn,
playing in her first Grand Slam
quarterfinal, pushed Williams
as hard as she could but didn't
have enough t.pcope- with her
Williams served eight aces
and had one serve at 127 mph,
while Tanasugarn had no aces
and had an average first-serve
speed of just 90 mph.
Tanasugarn fashioned 10
break points, but converted
only once. The key game was
the sixth of the first set, when
Williams saved six break points
- mostly on Tanasugarn errors
- and finished with a 126 mph
service winner t6 hold for 4-2.
Dementieva managed to pre-
vail in an error-strewn match
on Centre Court in which both
players struggled with nerves.
Dementieva, runner-up at the
French Open and U.S. Open in
2004, seemed in total command
after, winning five straight
games to take the first .set and
going up 5-1 in the second. But,
in keeping with her reputation,
she got tight and let her oppo-
nent back in the match.
It was reminiscent of the
French Open quarterfinals,
where Dementieva was up a set
and 5-2 against Dinara Safin but
blew a match point and lost in
"I was tight," she said. "I was
so close to finishing in two sets.
I don't know what happened.
Maybe I was thinking about the
French Open quarterfinals. I
was trying to stay positive and
aggressive but it was so hard."
Federer to face Ancic, last conqueror at Wimbledon
Associated Press Writer
already has dispatched the last
player to win'Wimbledon
before he started his five-year
winning run. Next up is the
last player to beat him here.
Federer has cruised into the
quarterfinals without drop-
ping a set, beating 2002 cham-
pion Lleyton Hewitt in the'
fourth round Monday 7-6 (7),
6-2, 6-4 for his 63rd consecu-
tive win on grass and 38th in a
row at the All England Club.
"I'm just happy the way I'm
playing," he said. "No real
problems so far."
Federer's next opponent on
Wednesday will be Mario
Ancic, who came from two
sets down to overcome Fer-
nando Verdasco in a five-set
marathon, 3-6, 4-6, 6-3, 6-4,
Federer lost to the 6-foot-5
Croatian in straight sets in the
first round of Wimbledon in
But that was before Federer
became the dominant force
who has won 12 Grand Slam
titles and is now bidding to
become only the second play-
er in history to win six straight
"He was not Roger Federer
at that time," Ancic said. "I
can sit here and talk stories
about how I beat Roger Fed-
erer, but actually it wasn't
Roger Federer as we know
"It was the up-and-coming
top-10 player who was at the
moment struggling in Grand
Slams. Today he's a coin-
pletely different player."
Federer remembers it well.
"I completely underesti-
mated him back in 2002 when
I played him," he said. "I
thought, 'I'll play a little bit
of serve and volley.' I expect-
ed him to stay back and it was
the opposite. I got completely
surprised. I was a little shell-
shocked and didn't know what
happened to me."
"What it taught me," Fed-
erer said, "was not to under-
estimate any opponent, no
matter where they're from,
what technique they have,
what ranking they have."
Since then, Federer has won
all five of his matches against
Ancic and dropped just one
set. He won 6-4, 6-4, 6-4 in the
2006 Wimbledon quarterfinals
and beat Ancic 6-3, 6-4, 6-2 in
the third round at this year's
Ancic, who has reached the
quarters here for the third
time, is thrilled to be back
after missing last year's tour-
nament with a virus that kept
him out of action for nearly
"Wimbledon means so
much to me," he said.
"Straightaway for me, I feel
like a winner."
g. .... ......
.o. .. .
VENUS WILLIAMS of the US., returns to Thailand's Tamarine Tanasugarn during their Women's Singles quarterfinal match on the Number One Court atWimbledon, Tues-
day, July 1, 2008.
Venus reaches semifinals
PAGE 14, WEDNESDAY, JULY 2,2008 TRIBUNE SPORTS
BEIJING OLYMPICS 2008
YOUR CONNECTION TO THE WORLD
Birthday: August 30th.
Height: 5-feet, 9-inches.
High School: St Andrew's School. Arawak pride!
College: Auburn University. War Eaglel
Major: Elementary Education.
Sports events: Swimming 200 Butterfly, 200 Individual Medley,
and 100 Butterfly.
Personal best performances: 200 Butterfly: 1:58.25. 200 Indi-
vidual Medley: 2:02.76. 100 .
Coach: Andy Knowles and David Marsh.
Favourite colour: Blue.
Favourite food: Anything with conch!
Favourite song: He's Alive Again, especially when brother Eddie
sings it at Grace Community Church
Favourite movie: Chao,_ s Fire
Hobbies: Anything on the waler
Interest: Having fun.
Idol: The Apostle Paul.
Parents: Andy and Nancy Knowles.
Sibling: Dallas, April and Elliott.
Status: Married to Heather Hulgan on June 2005.
V .' ..
a-s, -.--- --.
I'm lovin' It.
WEDNESDAY, JULY 2, 2008, PAGE 15
r,II ( h
i I I
I* Wt .il IF.IT
PAGE 16, WEDNESDAY, JULY 2, 2008
-r "," ..' .. V.
,,- ," .* ,,.. :'.
,., T .. I I
* By CARA BRENNEN-
BlueConch.com, the newly-
launched online Bahamian
shopping website, could become
this nation's equivalent of ama-
zon.com, its developers told Tri-
bune Business yesterday.
Dr Sasi Padmanaban, direc-
tor of information technology
(IT) at Mode Technologies, the
developers behind the new web-
site, said it will change the way
retailers conduct business in the
"This is the first time that this
is being done in the Bahamas,"
Dr Padmanaban said. "What it
does is allow people to access
Bahamian vendors 24 -hours a
day, seven days a week, to order
the products that they want.
Then we will, at no charge
,deliver those items to them
anywhere in the country within
five to seven days."
Dr Padmanaban added that
the website will also expose
Bahamian products to the
The benefit to vendors, she
explained, was that they were
able to reach a significantly
broader customer base without
having to increase their staff
numbers or physical store space.
Dr Padmanaban said the sys-
tem will enable vendors to track
their goods as they are sold, so
they are aware of which are the
most popular sellers.
"I am sure that this will
encourage more Bahamians to
start their own businesses," she
Dr Padmanaban said the ven-
dors will be paid for the items
sold on the site via cheque at
the end of every week.
Customers will have the ben-
efit of being able to access sev-
eral stores at once, which should
give them more competitive
"This is a huge convenience
for people, especially with the
free delivery within the
Bahamas," Dr Padmanaban
She explained that persons
who wanted to have their items
arrive sooner can take the
option of overnight service at
an additional cost, as could per-
sons shipping from outside the
She added that the service.
could be extremely beneficial
to visitors who want to purchase
larger items, such as artwork,
and have it shipped home, as
well as persons who wished to
send gifts to loved ones in the
Bahamas from abroad.
Dr Padmanaban stressed that
the website uses the same prin-
ciples of encryption as Amazon,
which made it perfectly safe to
give credit card information
over the Internet.
She said Mode Technologies
had hired the best experts to
ensure site security, adding that
SEE page 3B
Freeport post-paid tax
* Ex-Chamber chief says Port licensees Customs unable to reconcile new tariff headings with
do not know what tax rates to levy
M By NEIL HARTNELL
Tribune Business Editor
The collection and remittance to
Customs of taxes on 'post-paid' over-
the-counter bonded goods sales in
Freeport has been thrown into "dis-
array" by the changes to tariff rates
and headings in the Government's
Budget reforms, a former Grand
Bahama Chamber of Commerce pres-
taxes yet to be collected and remitted for May-June
ident told Tribune Business yesterday.
Christopher Lowe, who is also oper-
ations manager at Kelly's (Freeport),
said that both his company and all oth-
er wholesalers/retailers (estimated to
be more than 20) that sold bonded
goods had not received any informa-
tion from the Government on the new
tax rates and headings due to take
effect from yesterday.
Arguing that, in theory, any such-
changes needed to first be Gazzetted in
the national newspapers before they
could become law, Mr Lowe said he
and fellow Grand Bahama Port
Authority (GBPA) licensees now did
not know whether the tax rates they
were levying on 'post paid' over-the-
counter bonded goods sales were the
"How am I supposed to know what
I am supposed to be collecting on Cus-
Grand Bahama Power 'misses'
targets through 6.1% profit fall
* One-time $ lm writedown on failed gas turbine drops electric
firm's earnings, despite 43% net operating income rise
* 'Moderate growth' in sales, as total megawatt hour sales rise by
only 1 per cent
* But company makes 45% improvement in power outage times
* By NEIL HARTNELL
Tribune Business Editor
Grand Bahama Power Com-
pany "failed to achieve" its
financial performance targets
in 2007, the company's presi-
dent said, as net income fell by
$228,000 or 6.1 per cent to
$3.516 million, something that
was blamed on a one-time $1
million generator write-off.
Writing in the 20o7 annual
report for ICD Utilities, the
BISX-listed investment vehicle
that holds the publicly-traded
50 per cent stake in Grand
Bahama Power, E. 0. Ferrell
said that "from an earnings per-
spective, Grand Bahama Power
Company did not achieve the
goals we established at the
beginning of the year".
He attributed the fall in net
* By CARA BRENNEN-
Bahamasair is receiving a
'hidden subsidy' in the 2008-
2009 Budget reforms, as the
national flag carrier has been
"granted full exemption" from
all Tariff and Excise taxes on
its aircraft parts and acces-
The revelation was made in
a presentation given last week
by Bahamas Customs to cus-
toms brokers and wholesalers,
and given that Bahamasair
spent $17.507 million on main-
tenance, materials and repairs
in its 2007 financial year, it
seems likely that the airline is
getting a further seven-figure
break in addition to the $28
million subsidy it is getting in
the 2008-2009 Budget.
That is unlikely to please
the private airline companies
that compete with Bahama-
sair, as they are getting no
yesterday announced it will
follow the lead of other air-
lines in increasing its service
fees, in an attempt to remain
as profitable as possible in the
wake of skyrocketing fuel
Bahamasair said that effec-
tive July 9, it will charge its
passengers $20 to check-in a
second bag weighing less than
SEE page 4B
income, compared to the pre-
vious year's $3.744 million net
profit, to a one-time $1.019 mil-
lion write-down on the value of
a failed gas turbine generator.
That accounting treatment
negated increases in both rev-
enue and operating income at
Grand Bahama Power Compa-
. ny, during a year in which it and
other Caribbean-based power
generation assets were sold by
US-based Mirant to a subsidiary
of the Japanese-headquartered
Despite Mr Ferrell saying
2007 had featured "moderate
growth", Grand Bahama Power
Company's total operating rev-
enues increased year-over-year
by 7.4 per cent to $94.076 mil-
lion, compared to $87.62 mil-
lion in 2006.
This outweighed a 5.3 per
cent increase in operating
expenses to $87.207 million,
compared to $82.812 million in
the 12 months to December 31,
Most of the more than $4 mil-
lion increase in operating
expenses resulted from the rise
in fuel costs, with Grand
Bahama Power Company's fuel
purchases increasing from
31.066 million in 2006 to
$35.536 million in 2007 a rise
of more than $4 million or 14.4
All told, this resulted in net
operating income increasing by
42.9 per cent to $6.869 million,
compared to $4.808 million in
2006. Yet this was wiped out by
the generator writedown.
SEE page 7B
toms' behalf," Mr Lowe asked yester-
day. "If it's not Gazzetted, how am I
supposed to know?
"Under the terms of the. bond and
duty-paid sales of bonded materials,
how can we continue to be expected to
collect taxes under the Excise Tax
or the Tariff Act if we do not know
SEE page 3B
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South Ocean EIA rejection
claims 'are not accurate'
* By NEIL HARTNELL
Tribune Business Editor
The developer behind the $867 million redevelopment of the
South Ocean Golf & Beach Resort has described as "ridicu-
lous" claims that the project's Environmental Impact Assess-
ment (EIA) had been "rejected" by a government agency,
although he and his team were working to address "a lot of
comments" they had received on it.
Roger Stein, head of New York-based RHS Ventures and
the New South Ocean Development Company's managing
SEE page 7B
PAGE B, WDNESDY, JLY 2,2008THEITIBUN
EPA compliance costs
are 'not astronomical'
* Minister denies compromising Bahamas-US trade links through EU
deal, arguing latter has set favourable baseline for negotiating
replacements for all one-way trade agreements
* Says Bahamas would have to negotiate on services for WTO accession,
and did not go further than trade regulator wanted in EU talks
* By NEIL HARTNELL
Tribune Business Editor
The costs the Bahamas will
incur to comply with its Euro-
pean trade obligations are "not
a huge number" compared to
the Government's overall size,
the minister responsible said,
adding that not signing the Eco-
nomic Partnership Agreement
(EPA) would cost the Bahami-
an economy and specific indus-
Zhivargo Laing, minister of
state for finance, also told Tri-
bune Business that signing the
trade agreement with' the Euro-
pean Union (EU) would not
compromise and undermine the
Bahamas' existing trading rela-
tionship with the US under the
Caribbean Basin Initiative
(CBI), as all such one-way pref-
erence regimes were set to
Responding to Brian Morpe,
senior partner at the McKin-
ney, Bancroft & Hughes law
firm, who last week told a Nas-
sau Institute seminar that the
Bahamas had endangered the
relationship with its main trad-
ing partner, the US, by going
further in the EPA than what
was required to satisfy the
World Trade Organisation's
(WTO) concerns, Mr Laing said
the trade terms sought by the
EU were likely to be the most
While Mr Moree had argued
that the Bahamas and by
extension, CARIFORUM -
only needed to agree a 'goods
only' EPA to ease the WTO's
concern on discriminatory, one-
way trade preference regimes,
Mr Laing said this nation would
have to engage .in talks on ser-
vices during the accession
process to full WTO member-
"If we are negotiating access
to the WTO, we have to do so
on goods and services," Mr
Laing said. "To suggest we have
gone further than what was
required would be to ignore the
WTO accession process, which
would require us to negotiate
on the services side and be
much more stricter than the
EPA, whose terms are easier
because of the flexibility built
in by the Europeans."
While "it could be true" that
'goods' were the main sector on
which agreement had tq be
reached with the Europeans, in
order to satisfy WTO require-
ments, Mr Laing said the talks
on replacing the Cotonou.
Agreement with an EPA called
for talks on all aspects of trade.
The minister said he was
"'somewhat disappointed" to
have seen Mr Moree's com-
ments, adding that he did not
know to what extent the leading
attorney had informed himself
ori the work being done by both
the Government and the
Bahamas Trade Commission
when it came to trade talks in
While he would be "delighted
to sit and discuss" the issues
raised by the EPA'with Mr
Moree, Mr Laing said he want-
ed to educate Bahamian busi-
nesses and people on the EU
deal, and not get engaged in a
"dysfunctional exercise" of
"back and forth" with the senior
partner at McKinney, Bancroft
When it came to arguments
that the Government may have
compromised the Bahamas'
trading relationship with the
US, Mr Laing said negotiating
the EPA had given this nation a
'baseline' framework for talks
on a CBI replacement beyond
which it did not have to go..
Under the 'Most Favoured
Nation' component of trade
agreements, whatever benefits
the Bahamas gives to the EU it
must also grant to the US, but it
does not have to go beyond this
If it did, it would be obliged
to grant the EU the same trade
preferences as the US.
.Mr Laing said: "There's no
question that the CBI and
CARIBCAN (the Bahamas
and CARIFORUM's trade
agreement with Canada) and
those will go the way of the
Cotonou Agreement, and we
will negotiate arrangements
with them as well.
"We now have much more
information and a basis of
expertise with which to negoti-
ate with them, having gone
through the EPA talks."
The baseline framework that
the EPA would establish for the
Bahamas, when it came to
negotiations with the US on a
CBI replacement, included a
"25-year period to liberalise on
the goods side".
Only 47 per cent of existing
tariff lines included EU imports,
Mr Laing said, with 40 per cent
of EU imports coming into the
Bahamas duty-free and the
remaining 13 per cent exclud-
ed from tariff liberalisation.
Such an agreement would
make it easier to negotiate a
similar deal with the US, and
give the Bahamas 25 years to
liberalise its Tariff and Excise
Tax regime something that will
be critical for government rev-
enues and this nation's tax
structure, given that-more than
80 per cent of its imports come
from the US.
"For those who argue to me
that I am now compromising
my trading relationship with the
US, if I have negotiated a set
of arrangements with the EU
that allow me that extra time-
frame for liberalisation, I now
have that point of departure for
others," Mr Laing told Tribune
The minister declined to
reveal how much complying
with its EPA obligations, espe-
cially the creation of new insti-
tutions, regulators and laws,
would cost the Bahamas, even
though the Government did
have its own estimates.
"I think we have an idea from
the Government side as to what
it is going to cost. It's not an
astronomical number; it's not a
huge number in comparison to
the size of government opera-
tions," Mr Laing said.
While complying with its
EPA obligations would cost the
Bahamas, Mr Laing questioned
Whether the costs of not sign-
ing on particularly the loss of
preferential market access to
the EU for this nation's fish-
eries and exports and Polymers
International would be greater
by "shutting these markets
down and the livelihoods asso-
ciated with them".
"The question is: can we pre-
serve their access and business
without harming ourselves? I
think we've answered that ques-
tion quite nicely," Mr Laing
Given that the EU had
agreed to eliminate the one-way
preference regime that was the
Cotonou Agreement, Mr Laing
said the question that had faced
the Bahamas was whether it
wanted to continue a 25-year
trade relationship with a conti-
nent that "held great potential"
for tourism, financial services,
investment and capital inflow,
especially given the euro's
strength against the dollar.
member of the QNB Group
The Ansbacher Group, specialists in private banking, fiduciary
services and wealth Management has an opening in The Bahamas for
the position of
To profitably and effectively administer and manage client relationships
and portfolios of Trusts, Companies, Estates, Family Offices and other
related financial structures to achieve the client's requirements and
objectives while safeguarding the related assets and professional
reputation of the company within the required legal, financial and other
The successful candidate must have the following qualifications and
10+ years trust experience with sound knowledge of fiduciary products
Relevant degree level education in business, law or accounting
STEP designation or equivalent professional qualification
Computer proficiency in relevant software programs (Windows, Word,
Exceptional sales, advisory and inter-personal skills
Fluent in Spanish and proficient working knowledge of Portuguese
Please send all resumes to the attention of:
Human Resource Manager
Ansbacher (Bahamas) Limited
P. 0. Box N-7768
Deadline for all applications by hand, fax
Wednesday July 9m, 2008
or e-mail is
Gladstone Road North
14'800 SQ FT, 22'
Floor to ceiling modern, complete
with admin. offices secure, fenced in with all
utilities ample parking in front additional space at rear,
perfect for storage including containers, on cleared
leveled land to rear boundary.
Ideal for Contractor
Serious Inquiries Only
FREEPORT CONTAINER PORT LIMITED
Is seeking to employ an
ASSISTANT ENGINEERING MANAGER
The incumbent must possess the following minimum requirements:
Masters degree in Mechanical Engineering including a minimum of five (5) years experience performing
* Planning, organizing, leading and monitoring the effective implementation of preventive
maintenance for heavy equipment and support engineering services within a heavy duty mobile
equipment industry, materials management and facilities maintenance (container port industry
will be a plus).
* Manage a compliment of 100 150 engineers and technicians in a productivity oriented
* Coordinate and implement programs for training and development in the engineering field.
* Execute pre-planned preventative and corrective maintenance programs in the Engineering
.Department in accordance with the organizations strategy and objectives.
ESSENTIAL FUNCTIONS include but are not limited to the following:
Assist and support the Engineering Manager in the monitoring, managing, and enhancement of
mechanical, electrical and electronic services for terminal operations. Provide assistance to the
Engineering Services Department in the development and control of business and budget planning and
implementation of strategies of key management objectives. Produce standardized engineering
operating procedures and work instructions to all supervisory and line staff.
Communicate and set performance standards and behaviours in accordance with the department's goals
and objectives while imposing ethical obligations to act for the benefit of the company and its' clients.
Develop support systems, through own experiences and research in supporting engineering functions
while sharing and collaborating with the terminal operations manager for provision of services to the
Ensure and direct all health and safety at work requirements and company policies related thereto.
Interested qualified candidates are asked to email Resumes to firstname.lastname@example.org to the Freeport'
Container Port Limited; Attention: Human Resources Director or mail to P.O. Box F-42465, Freeport,
Grand Bahama on or before July 18, 2008.
PAGE 2B, WEDNESDAY, JULY 2, 2008
THE TIBUN VVIN~UM, JUL ~, U~BUSINESS ~
where Baha Mar
* By CARA BRENNEN-
Summer occupancy levels for
Baha Mar's Cable Beach resorts
have been "up and down", the
senior vice-president of exter-
nal affairs at the resort acknowl-
Robert Sands told Tribune
Business yesterday that there
had been bright spots and not
so good bright spots" in the
arrival figures in recent months,
which he said have been some-
For instance, last weekend
saw high occupancy levels, but
now there are predictions that
upcoming figures may not be as
"We have not been consis-
tent, and we are trying to grow
our levels, because they are
really not where we would
want them to be," Mr Sands
He told The Tribune that the
appointment of Vincent Van-
derpool-Wallace as the new
minister of tourism was an
"excellent choice" as he was a
"visionary tourism leader".
"He has worked diligently in
the public and private sector.
We are proud and very happy
for him, and we will encourage
him and support him," Mr
Sands said of Mr Vanderpool-
A Sandals public relations
officer also expressed pleasure
over Mr Wallace's new position.
"We feel very excited. He has a
wealth of knowledge in both the
Bahamas and the Caribbean.
We know he will do an excep-
tional job. It's a positive thing
and we welcome him in the
Concerns are continuing to
mount as to how well the
Bahamian tourism industry will
fare this summer, as skyrocket-
ing fuel prices and increased air
fares may force many travelers
to take vacations closer to
Last week,. Jermaine Wright
the sales manager at the British
Colonial Hilton, told Tribune
Business the resort was seeing
its booking window decrease to
around one week.
He said that while business
travel guests were likely not to
reduce in number because of
the necessity of their trips, it
was possible that the Bahamas
could be Bahamas
FROM page 1B
there were 35 employees- a mix
of Bahamians and non-Bahami-
ans who worked on its devel-
The Tribune wants to hear
from people who are
making news in their
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
If so, call us on 322-1986
and share your story.
could see less summer vaca-
"We are very aware of the
significant developments cur-
rently playing out in our major
market," the director-general
of tourism, Vernice Walkine,
said recently "and the Ministry
of Tourism, in conjunction with
the private sector, has collabo-
rated on strategies to address
the situation head on."
Some of the strategies devel-
oped include attractive market-
ing incentives such as three
night, $299 specials on Nas-
sau/Paradise Island and Grand
Bahama Island, $200 rebates
also on Nassau/Paradise Island
and Grand Bahama Island, chil-
dren stay free specials, and first
and fourth night free deals.
These special offers have
been advertised on TV, radio, in
print and on numerous web-
sites. The Ministry and the Pro-
motion Boards have also
engaged with on-line travel dis-
tributors such as Travelocity,
Expedia and Orbitz in aggres-
sive cooperative campaigns, as
well as with tour operators, such
as Liberty/GoGo and Travel
FAERY INV. INC.
Notice is hereby given that in accordance with
Section 138(8) of the International Business
Companies Act 2000, the dissolution of FAERY
INV. INC. has been completed; a Certificate of
Dissolution has been issued and the Company
has therefore been struck off the Register.
ARGOSA CORP. INC.
STAR AND SEA CRYSTAL INC.
(In Voluntary Liquidation)
Notice is hereby given that the above named
Company is in dissolution, which commenced
on the 30th day of June 2008. The Liquidator
is Argosa Corp. Inc., P. 0. Box N-7757 Nassau,
ARGOSA CORP. INC.
Freeport post-paid tax
collection in 'disarray'
FROM page 1B
what the rates are?
"We will have to see what sort of grace
period we are given, due to the Government
and Customs' inability to appraise the pub-
Freeport, through the Hawksbill Creek
Agreement and with the support of numer-
ous Supreme Court rulings against Bahamas
Customs, works differently from all other
parts of the Bahamas when it comes to tax
Freeport-based wholesalers and retailers
are able to sell bonded goods, meaning that
no import or stamp duties have been paid on
them at the border, to other Grand Bahama
Port Authority (GBPA) licensees provided
the goods are for use in their own business.
Yet they also collect 'post-paid' duties -
taxes paid after the products are sold if the
goods and materials are purchased by
Freeport residents and individuals for use
in their homes.
In this case, Freeport's merchants calculate
the duty due to the Government 'post
import' on its landed cost, and remit the cor-
rect amount to Customs by the 15th of each
month. This means that effectively a sales tax
is being practiced in Freeport, albeit one
that is based on the Tariff and new Excise
Yet without the new Tariff Act and Excise
Tax rates, plus the new headings for a mul-
titude of imported items, Freeport business-
es will be unable to submit the correct
amount of duty and under the correct head-
ings to the Government.
Mr Lowe said he spent yesterday making
what ultimately turned out to be a series of
fruitless attempts to obtain the new tax rates
under the Tariff Act and Excise Act.
Nassau-based customs brokers and com-
panies were yesterday able to obtain the.
required information from the Government
Publications Department by paying $300,
but Mr Lowe said nothing was made avail-
able to their Freeport counterparts. Cus-
toms in Freeport, he added, told him they
only had one copy for internal purposes, and
were yesterday not clearing any incoming
import shipments until the confusion was
"The collection and remittance of duty to
Customs on the over-the-counter sale of
bonded goods is in disarray and will soon
be right out of the window," Mr Lowe told
"We're just stabbing around in the dark.
Whatever happened to the mandate of gov-
ernment to inform the people? We're unin-
formed in Grand Bahama. Nobody's got
Mr Lowe said another problem facing the
over-the-counter bonded goods system
stemmed from the fact that Customs had
already changed the tariff headings in its
computer system to reflect the Budget's tax
This had created difficulties for his and
other companies when it came to reporting
post-paid duty collected for the final months
in the 2007-2008 fiscal year, as their systems
were still using the old tariff headings and did
not know the new ones.
As a result, Culstoms and the companies'
tariff headings in their computer systems are
now no longer compatible, and Mr Lowe
said Customs vyas unable to go back to look
at the old headings.
"They seem unable to reconcile entries
that have been submitted, or will be submit-
ted for May and June, for post-paid duty
sales," Mr Lowe told Tribune Business.
"Customs has changed all 'the tariff head-
ings in their computer system already. When
I submitted an entry for a previous month
under the old headings, Customs had no way
to reconcile them, as the old headings had
Moving Fund Services Forward"
Citco Fund Services is a division of the Citco Group of Companies
and is the largest independent administrator of Hedge Funds in the
world with offices in Curagao, Athsterdam, Dublin, London,
Luxembourg, Miami, New York, Toronto, Cayman Islands, the British
Virgin Islands, the Bahamas, Bermuda, San Francisco and Sydney. The
division provides full service administration to over 2,000 Hedge Funds
for multinational banks and international Investment Managers, totaling
over $420 billion in net assets.
As part of our continued expansion in our office in the Bahamas, we
are looking for a number of motivated and pro-active
(Senior) Investor Relations Administrators
who are capable of providing excellent customer service, in an
international and dynamic environment, for our clients who consist of
shareholders and international investment managers within those Hedge
Funds. The Investor Relations Administrator is the main contact for the
shareholder, investor, investment managers, advisors, and third parties,
Your most important tasks and responsibilities are:
perform shareholder record keeping and report' shareholder
information to the appropriate parties
maintain contact with shareholders/investors, investment managers,
banks and brokers
supervise and guide the Assistant Investor Relations Administrators
handle payment transactions
liaise with clients and other Citco offices, to ensure that client needs
The successful candidate should meet the following criteria:
a bachelors degree in administration, economics or business related
affinity with figures
a team player, able to cope with individual responsibilities
ability to multi-task and operate in a fast-paced working environment
highly accurate with outstanding communication skills
working experience in the financial area is an advantage
We offer you: a challenging job in a rapidly expanding international
company, with an informal company culture. You will have the
opportunity to broaden your knowledge with excellent prospects for a
further international career.
If you are interested in this opportunity, please send your Curriculum
Vitae and covering letter via e-mail at the latest on July 4, 2008 to:
Citco Fund Services (Bahamas) Ltd., att. Managing Director, Human
Resources Manager: email@example.com. You can find more
information about our organization, on our website:www.citco.com.
VVI-tUI'--U/AY, JULY Z, ZUUO, mAut- OD
PAGE 4B, WEDNESDAY, JULY 2, 2008
Resort gets creative to attract business
* BAHAMIAN STAYCATION
Grand Isle Resort & Spa is putting
out the welcome mat with summer spe-
cials, a kids' camp and baggage rebates
to attract Bahamians to vacation near
home, spending their staycation at the
luxury resort of 78 oceanfront villas in
A sluggish economy, caused by rising
fuel prices and airline woes, is driving
resorts to. find new ways to attract busi-
In Nassau, a downtown hotel is
offering deals on meals, upping enter-
tainment options and for the first time
in its recent history negotiating nightly
It's paying off. Occupancy was 95
per cent last week. On Paradise Island,
award-winning Mandara Spa is plying
new revenue streams, including appeal-
ing to the Y Generation with a package
called The Rite of Passage, which
includes a fruity facial and mini-manis
And an Exuma resort, Grand Isle
Resort & Spa, a private enclave of 78
ultra high-end villas on the ocean at
the highest peak of Emerald Bay, as of
yesterday was offering rebates up to
$100 per villa on baggage charges, and
slicing rates by as much 35 per cent.
"When times get tough, the tough
get creative," explained Guy Miller,
who handles reservations marketing
for Grand Isle.
"It's not enough to have a great
product. You have to have a great plan
to introduce people to that product."
It's a plan Mr Miller hopes will also
appeal to Bahamians who will find
more good reasons to join the trend
of vacationing close to home.
"The staycation has gone from a
word most of us never heard of to
being a household term in a matter of
"The high price of fuel and, in many
cases, the increasing restrictions of air
travel plus higher fares are making the
stay-at-home vacation a reality for
more and more people, who are spend-
ing their time off getting to know
attractions in their own back yard.
"And what could be better for
Bahamians since their 'back yard' is
the island playground that much of the
rest of the world dreams of visiting?"
It's also a plan that complements the
hotel industry's efforts to boost busi-
"The industry and the Bahamas
Ministry of Tourism have pumped mil-
lions of dollars into advertising and
promotion since February to increase
occupancy in the face of a declining
economy in the US, where 80 per cent
of our guests come from," said Frank
Comito, executive vice-president of
the Bahamas Hotel Association.
"We are seeing some rewards and
we welcome all the private sector
efforts like those of Grand Isle to
attract good business to The
Add the desirability of rhe Bahamas
to the satisfaction ratings of Grand
Isle, Mr Miller says, toss in a better
than one-third off for the month of
July and you get a recipe for business.
"Grand Isle has consistently been'
ranked the best hotel in Exuma out of
nine choices on TripAdvisor.com for
two years," Mr Miller said.
"And it's ideal for families or cor-
porate retreats because unlike a hotel
with a single room or a suite, Grand
Isle's villas are. actual beachfront homes
with full kitchens, dining rooms, living
rooms, large balconies.
"There's the restaurant, infinity pool,
fitness centre and luxuries from pre-
arrival concierge service to stock your
Sub-Zero refrigerator to plasma TVs,
spectacular views of the beach.
"You can even request en suite din-
ing with butler service. Four Seasons is
only a 5-minute walk down the beach
for tennis and golf." For Bahamian
residents who want to staycation in
Exuma, the summer sizzler rate-slash-
ing has sliced costs from $380 a night to
$247 for a one-bedroom villa during
A two-bedroom penthouse that nor-
mally goes for $990 a night is $643 dur-
ing the special. The four-bedroom
penthouse that normally goes for
$4,200 a night is $2,730.
"If the staycation is a threat to cer-
tain resorts in exotic locales, Grand
Isle is banking on more business from
Bahamians who can hop to Exuma
from Nassau easily in less time than it
often takes to drive through town dur-
ing peak traffic hours," Mr Miller says.
"We're excited about making Bahami-
ans more aware of the Grand Isle expe-
rience that is at their back door."
Bahamasair's 'hidden subsidy'
FROM page 1B
60 pounds on all of its inter-
"While this is a new charge
to the airline's passengers it is
not new in the industry, as all
carriers operating between
South Florida and the
Bahamas introduced this fee
earlier this year, with an aver-
age charge of $25 for the sec-
ond checked bag. Indeed,
most carriers on this route
recently introduced a charge
for the first checked bag rang-
ing between $20 and $25 per
bag. Bahamasair opted not to'
implement a charge for the
first checked bag at this time,"
The airline said the fees
were cheaper than its com-
petitors, who limited the
weight on checked bags to 50
pounds, while Bahamasair
allows its passengers up to 60
The national flag carrier
added that it will increase its
charges for a third or more
checked bags from $85 to
Bahamasair said the incrieas'-
es will assist in 'defrayiiig the
escalating fuel costs, and with
fuel costs ..."
the cost of subcontracting car-
go flights to transport excess
bags on South Florida flights.
Bahamasair said there will
be no changes to the current
excess baggage charges.
The airline will also
increase charges relative to
ticket changes and refunds.
This means that a passenger
Changing his/her itinerary on
an international flight will now
be assessed a charge of $100,
rather than the current $60
Again, the company said
this was lower than other air-
lines, who they said charged
$100 to $150 to change their
flights. Some carriers deemed
a ticket void with no value if
nbt'used on the 6riginAl flight"
Charges for ticket change's
NOTICE is hereby given that RONY CHARLES OF #27
BEACHWAY DRIVE, MALIBU REEF, P.O. BOX F-43744,
FREEPORT, GRAND BAHAMA, BAHAMAS is applying to
the Minister responsible for Nationality and Citizenship, for
registration/naturalization as a citizen of The Bahamas, and
that any person who knows any reason why registration/
naturalization should not be granted, should send a written and
signed statement of the facts within twenty-eight days from the
25th day of JUNE, 2008to the Minister responsible for Nationality
and Citizenship, P.O.Box N-7147, Freeport, Bahamas.
is ookn6frcap ntr
Mut av6yu on6oos
Plae a Rsm
394388:o: cal 93-26
wff ROYAL -FIDELITY
on domestic routes will
increase from $20 to $30.
"The airline is hoping that
passengers will properly plan
their flight and stick to their'
booked reservations, as late
flight changes can impede the
airline from selling a seat that
it perceives as being sold,"
"While most airlines do not
allow passengers a refund of
tickets not used, Bahamasair
remains more liberal on its
refund policy. However,
refunds will now attract a
penalty of $100 on interna-
tional flights and $50 on
domestic flights," the release
Bahamasair will also insti-
tute fees for transporting
unaccompanied minors $25
on domestic flights and $50 on
According to Henry Woods,
Bahamasair's managing direc-
tor, the airline's Board of
Directors and management
struggled with balancing the
assessment of these charges
with its loyal passengers and
the rising cost of fuel.
, The airline has experienced
its fuel cost escalating from
$7.4 million in 2002 to $21.3
million in 2006, and an esti-
mated cost of $26 million this
The Ministry of Tourism
yesterday said it was deter-
mined that the Bahamas will
be able to withstand the chal-
lenges rising fuel prices will
have on airlift into the. coun-
Tryone Sawyer, the min-
istry's director of airlift, told
Tribune Business that the
Ministry felt good about its
"We are concerned about
the impact from fuel costs, and
we've been working in close
collaboration with our airline
partners to ensure that a suf-
ficient number of seats comes
into the country," Mr Sawyer
He said the Bahamas had a
competitive advantage in its
proximity to the US, and
because the country is within
two hours of its major mar-
kets, it has been spared cuts
by airlines who are cutting
some of their longer hauls.
"We are monitoring the sit-
uation closely and there are a
number of dynamics to it,'blut
we feel pretty good," Mr
.. T A. *..,
NOTICE is hereby given that JULIENNE BEAUCHAMP
of 6TH ST. THE GROVE, NASSAU, BAHAMAS, is
applying to the Minister responsible for Nationality and
Citizenship, for registration/naturalization as a citizen
of The Bahamas, and that any person who knows any
reason why registration/ naturalization should not be
granted, should send a written and signed statement
of'the facts within twenty-eight days from the 2ND day
of JULY 2008 to the Minister responsible for Nationality
and Citizenship, P.O.Box N- 7147, Nassau, Bahamas.
NOTICE is hereby given that SHANNA PETIT of
LAZZERRETA STREET, P.O. BOX CR-56596, NASSAU,
BAHAMAS, is applying to the Minister responsible for
Nationality and Citizenship, for registration/naturalization
as a citizen of The Bahamas, and that any person
who knows any reason why registration/ naturalization
should not be granted, should send a written and signed
statement of the facts within twenty-eight days from the
2ND day of JULY'2008 to the Minister responsible for
Nationality and Citizenship, P.O.Box N- 7147, Nassau,
U FG CAPITAL MARKETS
"U3ROKERAOI, & ADVISCRORY SiERVICES
BISX LISTED & TRADED SECURITIES AS OF:
TUESDAY. 1 JULY 2008
BISX ALL SHARE INDEX: CLOSE 1.815.98 ] CHG -6.99 1%CHG -0.38 YTD -250.77 I YTD% -12.13
FINDEX: A/,CLOSE 870 39 1 YTD% -8.57% I 2007 28.29%
WWW.BISXBAHAMAS COM FOR MORE DATA & INFORMATION
52wk-Low Security Previous Close Today's Close Change Daily Vol. EPS $ Div $ P/E
1.95 1.51 Abaco Markets 1.84 1.84 0.00 0.135 0.000 13.6 0.00%
11.80 11.60 Bahamas Property Fund 11.80 11.80 0,00 1.086 0.400 10.9 3.39%
9.68 9.40 Bank of Bahamas 9.43 9.43 0.00 0.643 0.160 14.7 1.70%
0.99 0.85 Benchmark 0.89 0.89 0.00 -0.823 0.030 N/M 3.37%
3.74 3.49 Bahamas Waste 3.49 3.49 0.00 0.209 0.090 16.7 2.58%
2.70 1.42 Fidelity Bank 2.35 2.35 0.00 0.055 0.040 42.7 1.70%
14.10 10.60 Cable Bahamas 14.00 14.00 0.00 1.121 0.240 12.5 1.71%
3.15 2.21 Colina Holdings 2.88 2.88 0.00 0.046 0.040 62.6 1.39%
8.50 4.80 Commonwealth Bank (S1) 6.86 6.86 0.00 0.440 0.300 15.6 4.37%
7.22 3.23 Consolidated Water BDRs 3.96 3.65 -0.31 0.131 0.052 27.9 1.42%
3.00 2.20 Doctor's Hospital 2.85 2.85 0.00 0.308 0.040 9.3 1.40%
8.00 6.02 Famguard 8.00 8.00 0.00 0.728 0.280 11.0 3.50%
13.01 12.50 Flnco 12.50 12.50 0.00 0.650 0.570 19.2 4.56%
14.75 11.65 FlrstCaribbean Bank 11.65 11.65 0.00 0.550 0.450 21.2 3.86%
6.10 5.05 Focol (S) 5.55 .5.55 0.00 0.386 0.140 14.4 2.52%
1.00 1.00 Focol Class B Preference 1.00 1.00 0.00 0.000 0.000 N/M 0.00%
1.00 0.41 Freeport Concrete 0.44 0.44 0.00 0.035 0.000 12.6 0.00%
8.00 5.50 ICD Utilities 6.79 5.50 -1.29 25,000 0.411 0.300 13.4 5.45%
12.50 8.60 J.S. Johnson 12.00 12.00 0.00 1.023 0.620 11.7 5.17%
10.00 10.00 Premier Real Estate 10.00 10.00 0.00 0.180 0.000 55.6 0.00%
Fid-ollt. Over-The-Countwe Securniies
52wk-Hi ...K-L.:..' .. stc_ I iL I ';,e ,'"ee lj 31 E -S JS S D, v P E No'l j
6.00 Caribbean Crossings (Pref)
0.20 RND Holdings
14.00 Bahamas Supermarkets
0.40 RND Holdings
6.00 6.25 6.00
0.35 0.40 0.35
Colina OCer-Tne-Counler Secunrties
41 .o0 1 .:..:. 1 1.:,*:
14.60 15.60 14.00
0.45 0.55 0.45
BISX Listed Mutual Funds
NAV YTD% Last 12 Months
1.315228-* 1.58% 5.47%
2.998763"" -0.07% 8.13%
1.394847.... 1.44% 3.80%
3.6707"* -3.32% 14.65%/
12.2142-" 2.35% 5.73%
99.956603' -0.04% -0.04%
Fund 10.0060"' -4.70% -4.70%
0.000 0.480 NM 7.80/.
-0.023 0.000 N/M 0.00%/
j1 50 "5s:. : 6.70%
. 1.160 0.900 13.4 6.16%
-0.023 0.000 N/M 0.00%
r.larel Terms N A V Key
OlSX ALI SHtARE INDEX 19 Dec 02 = 1.000 00 YIELD last 12 ,onthi divdends divided by closing prce 31 Mrct 2000
, ,2wk-H H.,ghos closing pricoin last 52 weeooks id Buying pric of CoIno ad Fdoty 31 Doconebor 2007
52wk-Low Lowest closing pic In last 52 weeks Ask S S1ling prie of ColIna and fidelity 1 30 May 2008
PrOv-os Close Previous day' weighted prce for daily volum Lat Pce Last Iraded over-the-counter price 31 April 2008
Today', Clos Crront day's woghted prco for daily volume Wikly Vol Trading volurno of the prior wook --,. 30 Aprpl 2008
Chrono- Ch.-aget c-osing price from day to day EPS A company' reported earnings per share for the lest 12 mths,20e2008
DItIy Vol N .nther of total -haros traded today NAV Not Asst Value
DIM Dlvtnd, per staro paid il the last 12 month N/M Not Meaningful
P.E Cling price divided by Iho last 12 month Ornings FINDEX The Fidolity Bahamas Stock Index. January 1, 1994 = 100
(S) 4 for 1 Stock Sp.it E-ffoclivo Date /8/2007
(S) 3-far-, Stock Spl. Eetosve Date 7/1 1/2007
ro TRADE CALL CGIAL 242.502-70 0 I FIDELITY 22d f'6. 7 764 | FG CAPI-rAL MARKETS 242-.3'"J--t1.ea I FOR tMORE DATA 8 INFORMa.ATION CALL 242 3R4-2503
CENTURY VENUS LIMITED
N 0 T I C E IS HEREBY GIVEN as follows:
(a) CENTURY VENUS LIMITED is in voluntary dissolution
under the provisions of Section 137 (4) of the International
Business Companies Act 2000.
The dissolution of the said company commenced on the 27th
June 2008 when the Articles of Dissolution were submitted to and
registered by the Registrar General.
The Liquidator of the said company is Michael Low of c/o 1 Raffles
Link #05-02 Singapore 039393.
Dated this 1st day of July A. D. 2008
FINE CHINA LIMITED
N 0 T I C E IS HEREBY GIVEN as follows:
(a) FINE CHINA LIMITED is in voluntary dissolution under the
provisions of Section 137 (4) of the International Business
Companies Act 2000.
The -dissolution of the said-company- commenced-on the 27th
June 2008 when the Articles of Dissolution were submitted to and
registered by the Registrar General.
The Liquidator of the said company is Michael Low of c/o 1 Raffles
Link #05-02 Singapore 039393.
Dated this 1st day of July A. D. 2008
LOVE INVESTMENTS LIMITED
N 0 T I C E IS HEREBY GIVEN as follows:
(a) LOVE INVESTMENTS LIMITED is in voluntary dissolution
under the provisions of Section 137 (4) of the International
Business Companies Act 2000.
The dissolution of the said company commenced on the 27th
June 2008 when the Articles of Dissolution were submitted to and
registered by the Registrar General.
The Liquidator of the said company is Michael Low of c/o 1 Raffles
Link #05-02 Singapore 039393.
Dated this 1st day of July A. D. 2008
(a) TOMA2JADINVESTMENTSOLTD.Iislin0 dissolutionOunderi the
provisions offl thel InternationalO Businessl CompaniesDActD 2000.
(b) ThelDissolutionloflsaidDCompany0commencedlonlJulyO l,l20080when
Colina Bond Fund
Colina MSI Preferred Fund
Colina Money Market Fund
Fidelity Bahamas G & I Fund
Fidelity Prime Income Fund
CFAL Global Bond Fund
CFAL Global Equity Fund
CFAL High Grade Bond Fund
Fidelity International Investment
FG Financial Preferred Income F
FG Financial Growth Fund
FG Financial Diversified Fund
WEDNESDAY, JULY 2,2006, PAGE 58
I ERNST& YOUNG
Independent Auditors' Report to the uoard of Directors and Shareholders of
BIanil'- international Bunlk Limilted
We Have audited the accompanying bahlllnce sheet of Bani- Iinternalionnl Bank I ignitedd (the Bank), which
comprise the balance sheet as at lccember 31. 2007. and a summary of significant accounting policies mid
other explanatory notes.
Management's Responsibility for the Balance sheet
Management is responsible lor the preparation and fair presentation of tlhe bal'ace sheet in accordance with
linenialioinml Financial Reporting Standards. hI'llis responsibility includes: designing. implementling and
ninitaining internal control relevant to dlie preparation and lhir presentation of balance sheel that is free
fron material inisstatementl whether due to fraud or error, selecting and applying appropriate accounting
policies: and making counting estimates that are reasonable in lthe circumstances.
Our responsibility is to express an opinion on thle balance sheet based on our audit. We conducted our audit
in accordance with International Standards on Auditing. Those standards require that we comply with
ethical requirements and plan and perfbnnorm the audil to obtain reasonable assurance whether the balance
sheet is li'e froin material misstatement.
An audit involves pe ribnning procedures to obtain evidence about theI amounts and disclosures inll the
balance sheet. 'The procedures selected depend on l the auditors' judgment. including the assessment of ithe
risks of material misstatement of the balance sheel. whether due to fraud or error. ln making those risk
assessments. the auditor considers internal control relevant to the entity's preparation andm lair prscmilation
of the balance sleel in order to design audit procedures that are appropriate lor the circumstances. but not
for thle purpose of expressing an opinion on the ell'ectiveness of tlie entity's internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasomnableness of accounting
estimates made by management, as well as evaluating the overall presentation of the balance sheet.
We believe that the audit evidence we have obtained is sulicicent aid appropriate to provide a basis Ifr our
In our opinion, the balance sheet presents fairly. in all material respects. the financial position of the Baunk as
of December 31. 2007 in accordance with International Fiinancial Iteporting Standards.
June 26. 2008
Deposits with banks 831,461 62.939
Financial assets at their value tlhrugh profit and loss 9,421 8.859'
.imans and advances (nule 3) 135,191 14.'16ll
'rioperlty and elquipilet (ote 4) 1,097 I.169
Othec assets 1,720 152
Total assets 978,889 735.587
LIABILITIES AND) SHAREHOLDERS' EQUITY
Dl)eposits by customers (note 5) 437,993 113.311)
Due to blanks 3901.54 321.549
oni payable (note 6) 111,397 64.912
Other liabilities 5119 3
Totalt liabilities 940,415 (99.,85f
Authorized. issued and fully paid 25.000.000 shares of
$ 1.20(92 each 30,230 30.2110
Remained earnings 1,7"9 118 4t
.Statutory lan hlosi rescr' e 1,352 ,147
Evaluation reserve 21)
I'orcign exclaunge tnraslation 5,093 2.,(l(<
Tui .laharehoiders' etuiuty 38,474 35,731
Total liabilities and shareholders' equity 978,859 735.5877
COMMITMENTS AND CONTINGENCIES (note 7)
Approved Ily The Board:
..-f Eixectilive Director
NOTES TO BALANCE SHEET
December 31, 2007
I. CORPORATE INFORMATION
Banif International Bank Limited (the Bank) is incorporated under the laws of the
Commonwealth of 'The Bahamas and its principal activities include banking and investineni
advisory services. The Bank is owned 99.9% by Banif Investimenlos, SGPS. S.A. and 0.1% by
Banif- Comercial, SGPS, S.A. The ultimate parent Bank is Banif SOPS. S.A., a public registered
Bank in Portugal.
The registered office of' the Bank is located at I Bay Street, Nassau. Bahamas.
The balance sheet has been approved for issue by the Directors of tlhe Bank on June 26. 2008.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Statement of compliance
The balance sheet has been prepared in accordance with International Financial Reporting
Basis of preparation
The balance sheet is expressed in United States dollars. The preparation of balance sheet requires
management to make estimates and assumptions (hat affect the reported! amounts anti disclosures in
the balance sheet. Actual results could differ from those estimates.
The balance sheet has been prepared under the historical cost convention, except li" the
measurement at fair value ofl' financial assets and liabilities.
Financial instruments initial recognition and subsequent menasirement
(i) Date of recognition
Purchases or sales of Ilnancial assets that require delivery of assets within tlie time flame generally
established by regulation or convention in the marketplace are recognized on the Itrnide date of the
(ii) Initial recognition of financial instruments
The classification of financial instruments at initial recognition depends on the purpose for which
the financial instruments were acquired and their characteristics. All financial inslrumenls are
measured initially at their lair value plus, in the case of financial assets and financial liabilities not
at fair value through profit or loss, any directly attributable incremental costs of'acquisition or issue.
(iii) Financial assets and liabilities designated at fair value through profit or loss
Financial assets or liabilities classified in this category are designated by management on initial
recognition when the following criteria are met:
the designation eliminates or significantly reduces the inconsistetit treatment thal would
otherwise arise from measuring the assets or liabilities or recognizing gains or losses ont
them on a different basis; or
the asset and liabilities are part of a group of financial assets, financial liabilities or both
which are managed and their performance evaluated on a fair value basis, in accordance
with a documented risk management or investment strategy; or
the financial instrument contains an embedded derivative, unless the embedded
derivative does not significantly modify the cash flows or it is clear. wilh little or no
analysis, that it would not be separately recorded.
Financial assets and financial liabilities at fair value through profit or loss are recorded in the
balance sheet at fair value.
(iv) Loans and advances
Loans arc stated at the principal amount outstanding adjusted for charge-offs and impainnent for
loan losses. The impairment for loan losses is increased by charges to income and decreased by
charge-offs (net of recoveries). Management's periodic evaluation ol' the adequacy of the provision
is based on the Bank's oast loan loss experience, known and inherent risks in the portfolio, adverse
situations that may affect the borrower's ability to repay, the estimated value of any underlying
collateral, and current economic conditions. No loans were considered impaired at December 31,
2007 (2006: nil).
Derecognition of financial assets and financial liabilities
(i) Financial assets
A financial asset (or, where applicable a part of a financial asset or part of a group of similar
financial assets) is derecognized where:
the rights to receive cash flows from thie asset have expired; or
the Bank has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay the received cash Ilows in filul without material delay to a third party under
a 'pass-through' arrangement; and
cither the Bank has transferred substantially all the risks and rewards of the asset, or (b) the
Bank has neither transferred nor retained substantially all the risks and rewards of the asset,
but has transferred control of the asset.
When the Bank has transferred its rights to receive cash lows from an asset or has entered into a
pass-through arrangement, and has neither transferred nor retained substantially all the risks and
rewards of the asset nor transferred control of the asset, the asset is recognized to the extent of the
Bank's continuing involvement in the asset. Continuing involvement that takes the form of a
guarantee over the transferred asset is measured at the lower of the original carrying amount of the
asset and the maximum amount of consideration that the Bank could be required to repay.
Where continuing involvement takes the Ibom of a written and/or purchased option (including a
"cash-settled option or similar provision) on the transferred asset, the extent of the Bank's continuing
involvement is the amount of the transferred asset that the Bank may repurchase, except that in the
case of a written put option (including a cash-settled optiofi or similar provision) on an asset
measured at fair value, the extent of the Bank's continuing involvement is limited to the lower of
the fair value of the transferred asset and thie option exercise price.
ii) Financial liabilities
A financial liability is dcrecognized when the obligation under the liability is discharged or
cancelled or expires. Where an existing financial liability is replaced by another from the same
lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as a derecognilion of the original liability and
the recognition of a new liability, and the difference in the respective carrying amounts is
recognized in profit or loss.
Impairment and uncollectibility of financial assets
An assessment is made at each balance sheet date to determine whether there is objective evidence
that a financial asset or group of financial assets may be impaired. If such evidence exists, the
estimated recoverable amount of that asset is determined and any inmpairment loss is recognized for
,the difference between the recoverable amount and the carrying amount. The Bank did not record
any impairment adjustments at December 31, 2007.
Property and equipment
Property and equipment is stated at cost less accumulated depreciation. Depreciation is calculated
on the straight-line basis over the estimated useful lives of the assets as follows:
Furniture and fixtures
Sound and image equipment
10 50 years
5 8 years
The carrying amounts of the property and equipment are reviewed at each balance sheet date to
assess whether they are recorded in excess of their recoverable amounts, and where carrying
values exceed this estimated recoverable amount, assets are written down to their recoverable
amount. No such write-downs have been recorded by the Bank. Any revaluation surplus is
credited to the revaluation reserve included in the equity section of the balance sheet, except to
the extent that it reverses a revaluation decrease of the same asset previously recognized in profit
or loss, in which case the increase is recognized in profit or loss.
Accounts payable and accrued liabilities
Liabilities for accounts payable and accrued liabilities, which are normally settled on 30-60 day
terms, are carried at cost. which is the fair value of the consideration to be paid in the future for
goods and services received. Payables to related parties are carried at cost. Accounts payable and
accrued liabilities are reported in other liabilities on the balance sheet.
Provisions are recognized when the Bank has a present obligation (legal or constructive) as a result
of a past event, it is probable that an outllow of resources embodying economic benefits will be
required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
Statutory loan loss reserve
This amount represents a general provision that is required' to meet the Bank's statutory
requirements. Changes to this amount are reflected as appropriations (or increases)' of retained
Foreign currency translation
Items included in the Bank's balance sheet are nimeasured using the currency of the primary
economic environment in which it operates (the functional currency), which is the Euro. The Bank
has adopted the United States dollar as its presentation currency. as the Bank is incorporated in tihe
Commonwealth of The Bahanmas. "IThe Bank's results and financial position are translated frim its
liunctional currency to its presentation currency, as follows:
(i) assets and liabilities are translated at the closing rate at each balance sheet date;
(ii) share capital was translated at the historic rate;
(iii) all resulting exchange differences are recognized as a separate component or shareholders'
Foreign currency transactions
Monetary assets and liabilities denominated in currencies other than United States dollars are
translated at the rates of exchange prevailing at the year end.
Related party balances
All balances with the ultimate parent Bank or its subsidiaries are shown in llhe balance sheet as
Assets under management
No account is taken in the balance sheet of assets anid liabilities of clients managed and
administered by the Bank as custodian, trustee or nominee, other than those assets and liabilities
which relate to the banking services provided by the Bank for its clients.
There are no income taxes imposed oil the bank in the Commonwealth of the Bahamas.
Adoption of IFRIC and IFRS during the year
fThe Bank has adopted the following new and amended IFRS and IFRIC interpretations during the
year. Adoption of these revised standards and interpretations did not have any effect on the financial
perborinance or position of' the Bank. They did however give rise to additional disclosures,
including in some cases, -evisions to accounting policies.
IFRS 7: Financial Instrunments: Disclosures
IAS I: Amendment PIresentution o' Financial Slatements
IFRIC 8: Scope ofl IFRS 2
IFRIC 9: Reassessment of Embedded Derivatives
IFRIC 10: Interim Financial Reporting and impairment
IFRIC and IFRS Interpretations not yet effective
IFRS 8 Operating Segments, requires disclosure of infonnation about the Bank's operating
segments and replaced the requirement to determine primary (business) and secondary (geographic)
reporting segments in the Bank. This standard becomes effective for annual periods beginning on
or afler January I, 2009, and as a result. certain disclosures may be added to the Bank's balance
sheet upon adoption.
IAS 23 was issued in March 2007, and becomes effective Ibr financial years beginning on or alter
January I, 2009. The standard has been revised to require capitalization of borrowing costs when
such costs relate to ai qualifying asset. The adoption of this interpretation is not expected to have an
impact on the balance sheet when implemented in 2009.
IFRIC 11 vwas issued in November 2006, and becomes effective for financial years beginning oil or
tiler March I, 2007. This interpretation addresses group and treasury share transactions related to
share-based payments to employees. As equity instruments are issued to employees in accordance
will the eimployce equity participation plans. tlie inlerpretation may have an innact on the FlRank
IFRIC 12 was issued in November 2006 and becomes clTeltive or financial years beginning on or
alter January 1, 2008. This interpretation gives guidance on the accounting by operators for public-
to-private service concession arrangements. This interpretation is not expected to be relevant for the
activities ofl the Bank.
IFRIC 13 was issued in June 2007 and becomes effective for annual periods beginning on or aller
July I, 2008. This interpretation requires customer loyalty award credits to be accounted Ior as a
separate components of Ihe sales transaction in which they are granted and Iherelbre part of Ihe fair
value of the consideration received is allocated to the award credits and deferred over the period
that the award credits are fulfilled. The adoption of this interpretation is not expected io have an
impact on the balance sheet when implemented in 2008.
IFRIC 14 was issued in July 2007 and becomes effective for annual periods beginning on or alter
January I, 2008. This interpretation provides guidance on how to assess the limit on the amount of
surplus in a defined benefit scheme that can be recognized as an> asset under IAS 19 Employee
Benefits. The adoption of this interpretation is not expected to have an impact on the balance sheet
when implemented in 2008.
3. LOANS AND ADVANCES
At December 31, 2007 and 2006, loans and advances to customers are as follows:
4. PROPERTY END EQUIPMENT
An analysis of activity in property and equipment was as follows:
2007 Balance Additions Depreciationl Balance
S'000 S'000 S'000 S'000
Premises / installations 983 30 953
Furniture & Fixtures 70 4 .11 63
Motor Vehicles 53 19 i34
EDP -- Equipment 63 6 22 47
Total 1,169 10 82 1,097
2006 Balance Additions Depreciation Balance
S'000 $'000 S'000 S'000t
Premises / Installations 973 40 30 983
Furniture & Fixtures 66 16 12 70
Motor Vehicles 72 19 53
EDP Equipment 81 5 23 63
Total 1,192 61 84 i,169
5. DEPOSITS BY CUSTOMERS
Deposits by customers are attributable to the following countries:
Angola 33 87
Belgium 982 1.147
Brazil 258 4
Colombia 101 124
Finland 25 20
France 970 16
Gibraltar 28 145
Malta 131 112
Netherlands 396 198
Netherlands Antilleans 2,367 2.018
Portugal 417,820 301.703
South Africa 255 29
Spain 2,365 2.211
Sweden 53 46
U.S.A 760 206
United Kingdom 5,782 3,170
Acciued interest 4,643 2,074
Compositions of customers" deposits at December 31 are as follows:
On demand deposits 60,814 72,541
Term deposits 372,536 238.695
6. LOAN PAYABLE
This relates to a debt securities loan (certificate of deposit) with a nominal value of USD 59 million
its corresponding accrued interest. with a maturity date at November 25, 2008. which wa.s ftll
subscribed by a special purpose vehicle "Euro Invest" on November 25. 2005. ,his loan has a
fixed interest rate of 5.0% per annum.
It also relates to an unsecured Credit Linked Note certificate created and issued by the 3ank. itih a
global nominal value of EUR35,000 thousand and its corresponding accrued interest with ;a
maturity date at April 13, 2012. This loan has a fixed interest rate of 5.0% per annum ibr the Il.rst
two years. For (lie remaining period, has a floating rate Euribor 6 months plus 0.25%. Those Credit
Link Notes were subscribed by Euro Invest Limited, a related party, and can be redeemed earlier in
case occurs a credit event in a list of Portuguese and Spanish companies.
7. COMMITMENTS AND CONTINGENCIES
The Bank is a party to certain financial instruments with off-balance sheet risk. in the normal course
of business, to meet the financing needs of its customers. These financial instruments include
acceptance and guarantees, commitments to extend credit under lines of credit, and commitments
to originate loans. Exposure to loss is represented by the contractual amount of those instrunients.
however, the Bank uses the same credit criteria when entering into these commitments and
conditional obligations as it does for loans.
Contingent liabilities under acceptance and guarantees entered into on behalf of customers and
commitments to extend credit under lines of credit, in respect of which there are corresponding
obligations by customers, amounted to USD107.1 million at December 31, 2007 (2006: USD97.2
million) and are not included in the balance sheet.
8. RELATED PARTY BALANCES
The following is a summary of related party balances in the balance sheet at December 31:
Deposits with banks 831,461 628,932
Financial assets at fair value through profit and loss 9,420 8,859
Loans 131,171 96.065
Other assets 1,500
Total amount due from related parties 973,552 733,856
Due to banks 391,708 321.549
loan payable 111,397 64.912
Total amount due to related parties 503,105 386,461
9. GEOGRAPHICAL ANALYSIS
Europe 726,942 582,870
South America 360
Caribbean 120,115 353,771
Other" 131,832 3_,414
Europe 527.390 361.841
South America 128
Caribbean 113,501 335,3416
Other 94,696 2.541
10. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
Financial risk management objectives and policies
The Bank's financial instruments comprise deposits, money market assets and liabilities, some cash
and liquid resources, and other various items that arise directly from its operations. The main risks
arising from the Bank's financial instruments are credit risk, liquidity risk, interest rate risk and
foreign currency risk. The Board reviews and agrees on policies for managing each of these risks
and they are summarized in the following notes.
Risk management structure
The Board of Directors is ultimately responsible for identifying and controlling risks: however.
there are separate independent bodies for managing, risks including; the risk committee. the credit
committee, the finance committee and the internal audit department. Each of the individual bodies
are empowered to implement risk strategies for maintaining controls over the portions of the Bank's
operations lor which they arc responsible.
Risk measurement and reporting system
The Bank's risks are measured using a method which reflects both expected and unexpected losses.
The risk measurements are based on historical experiences, adjusted for changes in the banking
industry and other environmental factors. The Bank also operates within the limits prescribed by its
Parent and its regulators. Each of the committees provides reports to the Board of Directors, which
include infolbrniation on credit exposure, interest rate exposure and liquidity exposures, in addition.
the Bank monitors its aggregate risk exposure across all risks types and activities.
In order to mitigate the identified risks, the Bank actively uses collateral to reduce its credit risks.
The bank does not hold trading positions in order to reduce the exposure to market risk.
Excessive risk concentrations
Concentrations arise when a number of counterparties are engaged in similar business activities.
similar geographic regions or have similar economic features which may cause their abiliiy to
meet contractual obligations to be similarly affected by changes in economic, political and other
conditions. Concentrations indicate the relative sensitivity of the Bank's perlbrmance to
developments in a particular industry or geographic region.
In order to avoid excessive concentrations of risk, the Bank's policies and procedures include
specific guidelines to focus on maintaining a diversified portfolio. In addition to the Bank's own
policies and procedures, compliance with regulator)' guidelines related to the concentration of
risks is also mandatory.
Credit risk is the risk hat a customer or counterpart will be unable or unwilling to meet a
commitment that it has entered into with the Bank. The Bank manages counterparty credit risk
centrally to optimize the use of credit availability and to avoid excessive risk concentration.
Customer credit risk is monitored on a regular basis by management. The Bank's maximum
exposure to credit risk (not taking into account the value of any collateral or other security held) in
the event the counterparties fail to perform their obligations as of December 31, 2007 in relation to
each class of recognized financial assets, is the carrying amount of those assets as indicated on the
balance sheet and the commitments expressed in Note 7. The Bank has mnot experienced credit
To mitigate the credit risk, the Bank asks for collateral, usually in the form of pledged deposits or
other deposited highly liquid assets, as shown in this table:
Loans and advances
Guarantees and commitment,,
Mortgages Securities Collateral
S'000 S'000 S'000
370.505 1.245 1.302
Total 241.830 130,131 370.505 42.283 4,798
Due to the internal policy of risk coverage through very high loans to values and the iIcl tIhat most
positions at risk are the result of guarantees fully collaterized with deposits. the bank does not
access the quality of the counterpart using intemal rating notations.
Risk concentrations of the maximum exposure to credit risk
Concentration of risk is managed by both client and counterpart. by geographical region and by
industry sector. The maximum credit exposure to any client or counterpart as at December I I.
2007 was USDi29,193 thousands (2006: USD94,666 thousands) before taking account ofcollaicral
or other credit enhancements and USD2.173 thousands (2006: USD24 thousands) net of such
The Bank's financial assets, before taking into account any collateral held or olier credit
cnhancenenis can be analysed by the following geographical regions:
Europe 725,221 527.390
Caribbean 119,019 112.331
_Other 131.832 94.546
The Bank's lending is mainly concentrated in the financial services industry, with little lending
outside of that market.
Credit quality per class of financial assets
Most assets arc bank loans granted to other banks within Banif Group. Banif is rated A2 (Moody's)
and BBB (Fitch).
Liquidity risk is the risk that the Bank will encounter difficulty in realizing assets or otherwise
raising funds to meet commitments. The Bank monitors expected cash outflows on a daily basis.
Its policy throughout the period has been to ensure liquidity by maintaining at all times sufficient
high quality liquid assets to cover expected net cash outflows.
Significant monetary assets and liabilities can be classified, based on
maturity from the balance sheet date. as follows:
the period remaining to
December 31, 2007
Three Four to Six Months One Year
Months Six To One To
or Less Months Year Five Years Total
S' S000'OO S'00 I000 110 .S'l000
Deposit with banks 831,461 831,46!
Financial assets at fair value
through profit and loss 770 8,650 9,420
Loans and advances 3,257 31,934 135,191
834,718 770 140,584 976,072
Deposit by customers 344,828 59,731 33,434 437,993
Due to banks 294,504 96,010 390,51 4
l.oan payable- 59,312 52,oi85 111,397
639,332 155,741 92,746 52,085 939,904
December 31, 2006
Three Four to Six Months One Year
Months Six To One To
or Less Months Year Five Years' Total
S'000 S'000 S'000 S'tOt) S'o0t0
Deposits with banks 628.939 (8,939
Financial assets at fair value
through profit and loss 365 .-49.1 8.859
Loans and advances 24 96,444 96.468
628,963 365 96.444 8.494 734,266
PAGE 6B, WE ,
WEDNESDAY, JULY 2, 2008, PAGE 7B
Deposit by customers
Due to banks
31,182 25.672 175 313,310
5.601 59,311 64,912
31,182 82,515 59,486 699,771
Airlines hedge against
The Bank also grants guarantees and has commitments to customers, as explained in Note 7. These
guarantees are granted with maturities under 1 year.
Market risk is the risk that the fair value or future cash flows of financial instruments will
fluctuate because of changes in market variables such as interest rates or lboreign exchange rates.
The Bank does not have any trading positions. All positions are managed and monitored using
sensitivity analyses. Except for the concentrations within foreign currency, the Bank has no
significant concentration of market risk. The Bank's treasury department manages the liquidity
stnicture ol'f the consolidated balance sheet. This is to ensure that funding obligations are met and
that the Bank is in compliance with regulatory liquidity requirements.
Market risk, including foreign exchange risk, interest rate risk and liquidity risk, is encountered
during the Bank's normal operating activities. The Banif Group is responsible for setting market
risk limits and for managing and monitoring these limits. The Banif Group's treasury department
also operates a central treasury for the Bank and is responsible for the active management of the
market risk of the Bank on a day to day basis. The Bank also monitors market risk on a day to
Interest rate exposure
Interest rate risk is the risk that arises where there is an imbalance between rate and non-rate
sensitive assets and liabilities'. The Bank's exposure to interest rate risk is periodically monitored
and reviewed by management based in the repricing gap of assets and liabilities.
The Bank's exposure to interest rates for significant interest-bearing monetary assets and liabilities
by major currencies was as follows:
December 31, 2007
Deposits with banks 4.21% 4.7% 3.5% 4.06%
Loans 7.0% 8.28%
Deposits by customers 4.2% 5.8% 2.25% 5.5%
Due to banks 5.218% 5.152%
Loan payable .5% -
Deposits with banks
Loans 0.125%o 8.z25%
Deposits by customers 2.0% 4.25% 2.125% 4.25%
Pue to banks 5.87%
Loan payable 5.0% -
Currency risk is the risk that the value of a financial instrument will fluctuate because of changes in
foreign exchange rates. The Bank's foreign exchange exposure arises from providing services to
customers. The Bank's policy is to hedge against foreign exchange risk by matching foreign
currency liabilities with foreign currency assets. Currency exposure is monitored on a daily basis
and reviewed by management.
United States Pound
Dollars Euro Sterling Others
S'000 $'000 S'000 S'I0O
Assets 193,374 772,440 10,788 2,287
shareholders' equity 230,582 735,299 10,801 2,206
United States Pound
Dollars Euro Sterling Others
S'000 S'000 S'000 S'000
Assets 143,429 587,312 3,394 1.452
shiLdsolders' equity 143,514 582,585 3,509 5,979
Operational risk is the risk of loss arising from systems failure, human error, fraud or external
events. When controls fail to perform, operational risks can cause damage to reputation. have legal
or regulatory implications, or lead to financial loss. The Bank cannot expect to eliminate all
operational risks, but through a control framework and by monitoring and responding to potential
risks, the Bank is able to manage the risks. Controls over these risks include effective segregation of
duties, access, authorization and reconciliation procedures, staff education and assessment
processes, including the use of internal audit. The Bank Risk's Management Dpartment and
Internal Auditors carry out regular reviews of all operational areas to ensure operational risks are
being properly controlled and reported to the Risk Committee. Contingency plans are in place to
achieve business continuity in the event of serious disruptions to business operations.
Net fair value of financial instruments
Financial instruments utilized by the Bank include recorded assets and liabilities, as well as items
that principally involve off-balance sheet risk. The majority of the Bank's financial instruments are
either short-term in nature or have interest rates that automatically reset to market on a periodic
basis. Accordingly, the estimated fair value is not significantly different from the carrying value for
each major category of the Bank's recorded assets and liabilities.
11. CAPITAL MANAGEMENT
The Bank maintains an actively managed capital base to cover risks inherent in the business. "The
adequacy of the Bank's capital is monitored using, among other measures, the rules and ratios
established by the Central Bank of The Bahamas in supervising the Bank.
During the past year, the Bank had complied in full with all its externally imposed capital
The primary objectives of the Bank's capital management are to ensure that the Bank complies with
externally imposed capital requirements and that the Bank maintains strong credit ratings and
healthy capital ratios in order to support its business and to maximize shareholders' value.
The Bank manages its capital structure and makes adjustments to it in the light of changes in
economic conditions and the risk characteristics of its activities. In order to maintain or adjust the
capital structure, the Bank may adjust the amount of dividend payment to shareholders, return
capital to shareholders or issue capital securities. No changes were made in the objective, policies
and processes from the previous years.
The Bank manages a part of its credit risk and its operational risk through an appropriation of its
retained earnings. The Bank is required by its regulator, the Central Bank of the 3ahamnas. to
maintain a statutory reserve such that its provisions and reserves for credit risk are equal to at least
1% of the outstanding loan portfolio. The Bank has established a non distributable reserve within
retained earnings of USDI,352 thousand for this purpose.
Tier I capital
Tier 2 capital
Risk weighted assets
Capital Adequacy Ratio
* By DAVID KOENIG tracts that require them to buy
DALLAS oil or fuel on a certain date at a
set price. These are risky one
The computer screen on Scott party in a swap wins, the other
Topping's desk at Southwest loses.
Airlines flickered with row after Most airlines use a combina-
row of dates and numbers, but tion of strategies to reduce risk.
they had nothing to do with The transactions carry a price
arrivals and departures, accord- tag. Southwest spent $52 mil-
ing to the Associated Press. lion on hedging premitims last
They tracked the price of oil year and $14 million in the first
futures for the next several three months of this year.
months, and they told a grim As a result mostly of trades
tale: No letup in sight from made years ago, Southwest has
record prices for jet fuel.' hedged 70 percent of this year's
"We're on a one-way street fuel needs at $51 per barrel
right now," Topping said as he instead of the current price of
hunched over the screen, shak- more than $140 per barrel.
ing his head. But hedging premiums rise
It's Topping's job to oversee and fall with the price of the
Southwest's battle to control underlying commodity, making
surging fuel costs. It is the most new trades very expensive.
successful program of its kind Southwest has not done much
in the airline industry, trading in the last several
In the first quarter of this months.
year, Southwest paid $1.98 per Airline executives say hedg-
gallon for fuel. American Air- ing is not a bet on the direction
lines paid $2.73, and United of oil prices.
paid $2.83 per gallon in the "We view our program as
same period., insurance," said Paul Jacobson,
. Since 1999, hedging has saved the treasurer of Delta Air Lines
Southwest $3.5 billion. It has Inc. "Our goal is to minimize
sometimes meant the difference the volatility of fuel expenses.
between profit and loss. In the To do that, you've got to be in
first quarter, hedging gains of the market actively without an
$291 million dwarfed South- opinion as to what energy prices
west's $34 million profit. will do."
Hedging is a financial strate- But hedging carries risks. Air-
gy that lets airlines or other 'lines can lose money if oil prices
investors protect themselves turn down and their options
against rising prices for com- expire.
modities such as oil by locking In 2006, Delta won approval
in a price for fuel. It has been from a bankruptcy court and
described as everything from creditors to get into hedging.
gambling to buying insurance. But the airline got squeezed
Airlines can hedge in several when oil prices dropped in
ways, making financial transac- midyear, and it reported a loss
tions with banks, energy com- of $108 million from the trading.
panies or other trading partners. Continental Airlines Inc.
They can buy contracts for reported a loss of $18 million
crude oil or unleaded gasoline, from hedging in the first quarter
and reap a gain if prices rise, of 2007. But like Delta, Conti-
offsetting the higher cost of jet nental is still hedging.
fuel. At one time in the 1990s,
They can buy a "call option" most major U.S. airlines hedged
that gives them the right to buy some of their fuel costs even
fuel at a certain price, hiring experts from the oil
They can also use collar industry to show them the ropes
hedges, a combination of rights said Peter Fusaro, chairman
to buy and sell at set prices of Global Change Associates,
("call" and "put" options). Col- an adviser to hedge funds.
lars provide protection from a That changed after the reces-
decline in prices but less upside sion and terror attacks of 2001,
if prices rise. which plunged airlines into huge
Airlines also use swaps, con- losses. Banks and energy com-
Grand Bahama Power 'misses'
targets through 6.1% profit fall
FROM page 1B
Mr Ferrell told ICD Utilities shareholders that
total megawatt hour sales rose by only 1 per cent
during 2007, with peak demand increasing by 4
megawatts from 73 megawatts to 77 megawatts.
He pointed to numerous improvements in
Grand Bahama Power Company's service stan-
dards and reliability, though, including the com-
pletion of work to upgrade the firm's substations
and enable the distribution system to withstand
Mr Ferrell added: "The results are evident.
The average number of minutes that the average
customers were out of service for the year
declined from 1355 minutes in 2006 to 740 min-
utes in 2007, a 45 per cent improvement.
"While we are proud of this achievement, we
are not contented and.will continue to work for
For future growth and profitability, Grand
Bahama Power indicated it was pinning its hopes
on the 4.87 per cent increase in the electricity
base rate that was approved with effect from
April 1 this year.
The company also anticipates extra demand
from the addition of a third drydock at the Grand
Bahama Shipyard, the Freeport Container Port's
Phase V expansion, and the BORCO upgrade
following its $900 million acquisition by First
Reserve and Vopak.
On the balance sheet side, total assets increased
by $30 million in 2007, rising from $191.052 mil-
lion at year-end 2006 to $221.778 million at
December 31 last year.
Shareholder equity rose by almost $20 million
to $134.551, much of the gain coming from a
$71.9 million surplus generated by the 2007 reval-
uation of Grand Bahama Power's property, plant
and equipment. That compared to a $54.363 mil-
lion revaluation surplus for 2006; some $17 million
South Ocean EIA rejection
claims 'are not accurate'
FROM page 1B
director, told Tribune Business
that allegations that the South
Ocean development's EIA had
been rejected by the Bahamas
Environment, Science and
Technology (BEST) Commis-
sion were "not accurate".
However, sources close to the
situation told Tribune Business
that both BEST and the third-
party it had contracted to
review the EIA had asked that
a new assessment be submitted
because the initial one con-
tained a number of "deficien-
Mr Stein, though, pointed out
that EIAs and the subseq'.ieni
Plan (EMP) were always 'live'
documents for every major
investment project in the
Bahamas and across the world,
with work and questions on
them never ceasing.
He added that the EIA, pro-
duced by the Puerto Rican
office of Environmental
(ERMl. was now more than a
year old, having been compiled
before the New South Ocean
acquired all the land needed for
'its project. The development's
Master Plan had also changed
Mr Stein said that among the
Bahamian professionals work-
ing on the project was Melanie
Roach, the former director of
public works at the Ministry of
He added: "They [BEST]
came back with a number of
queries, which we arc dealing
with now. We've got guys work-
ing on this daily with the BEST
"The EIA is an ongoing
Ic-.ss. You're never done with
that. nI at would be the case
with anyone at this stage.
You're never done with that."
BEST had 'aised some 15-20
issues with the EIA. Mr Stein
said, but he added: "To say it
was rejected is ridiculous, if you
define every comment coming
back as rejection.
"We had a lot of comments
back from BEST, but to say it
wan reier.tetd i, nnt arenrate
We're before BEST now, hav-
ing extensive discussions with
them on an ongoing basis.
That's the way it always works.
You're not done until you're
The South Ocean project,
which is slated to complement
the $1.3 billion Albany devel-
opment in revitalising south-
western New Providence and
transform the area into a
resort/residential destination, is
to include a 140-room five-star
and 400-room four-star resort, a
40,000 square foot casino, frac-
tional villas, 180 timeshare units,
second homes, a convention
centre, marina, tennis facilities
That phase is set to cost
around $500 million, with the
first phase the utilities and
infrastructure set to cost
arontid $209 million.'
The draft economic impact
study for the South Ocean
development projected that it
would create 1,358 full-time jobs
when fully open, plus 1,200 con-
strinptinn inhv at npaok huild-out
/.. VV 4vv VVV
panies that make hedging trades
with airlines grew nervous.
"The problem was that most
carriers had terrible creditwor-
thiness and couldn't hedge,"
Fusaro said. "Counter-parties
feared the carriers would renege
on their trades."
Southwest was the only large
U.S. carrier to remain profitable
through the downturn. It bene-
fited from higher labor produc-
tivity and lower ticket-sales'
costs. That, and a healthy bal-
ance sheet, allowed it to keep
hedging when oil was a bargain,
compared to today's prices.
Now, Southwest is the only
big carrier that has most of its
fuel expenses hedged at below-
market prices. And analysts say
it will be the only one to earn a
profit this year.
While other carriers plah to
slash flights later this year -
some contracting by more than
.10 percent Southwest expects
to grow, although more slowly
than it would like.
And Southwest has avoided
the kind of fees that annoy pas-
sengers. It doesn't charge for
checking luggage or buying a
ticket over the phone, doesn't
add a fuel surcharge to the fare,
and still gives out free sodas and
But how long will the joy ride
last? The bulk of Southwest's
hedges expire gradually by
2012. Replacing them would be
very expensive and risky. One
plan under study is to.go back
to hedging only against cata-
strophically higher oil prices -
say, $200 per barrel.
Unless oil prices stabilize or
even decline, the airline could
face a crisis covering higher fuel
costs in just a few years.
"It's starting to have an
impact on their operating plan,"
said Betsy Snyder, an .analyst
for the debt-rating service Stan-
dard & Poor's. "They're cutting
back growth plans for the first
time ever and exiting some
Chairman and Chief Execu-
tive Gary Kelly said the fuel
hedges have bought his airline
time to adjust to higher energy
costs. Now he wants to find $1.5
billion in new revenue to make
up for shrinking fuel hedges.
PAGE 8B, WEDNESDAY, JULY 2, 2008
CALVIN & HOBBES
DENNIS THE MENACE
"I PONTF GET IT WHAT' TGe PIlFFeRNC 3rw e4
,A SLIM CHANCE ANP A FAT CHANCE?"
Sudoku is a number-placing puzzle based on a 9x9 grid with
several given numbers. The object is to place the numbers 1 to
9 in the empty squares so the each row, each column and each "
3x3 box contains the same number only once. The difficulty
level of the Conceptis Sudoku increases from Monday to
678 _4 591 1
9 8 3 7 5
7 5 2
8 6 4
6 1 2
3 1 7 695 5
Difficulty Level * -7/02
1 Best described as a number crossword, the task in Kakuro is to
fill all of the empty squares, using numbers 1 to 9, so the sum of
each horizontal block equals the number to its left, and the sum
of each vertical block equals the number on its topo No number
M O E may be used in the same block more than once. The difficulty
I I; level of the Conceptis Kakuro increases from Monday to Sunday.
5 9 8
6,' 1 !-5
716 9 25 1
81 4 7 9 8 9211
3489 4 2
14,2 93 21
,8 9 5 3 1
213 2 5 3
219 8 -97 2
HAGAR THE HORRIBLE
1 Prosperous man's friend
going round in spring (5,4)
8 lime to inspire poets per-
9 Is embraced by a need for
something aromatic (7)
10 Symbols used correctly in
decimal figures (6)
11 Surplus wealth? (6)
12 Pushed the boat out in
15 Pickle, perhaps,
18 It goes round a piece of
preserved ginger (6)
20 Type inclined to be
21 Leaves, being of agile dis-
22 Nice setting for oriental rel-
23 The speed at which we go
2 Man of property, three
quarters in gold (5)
3 It means no more Rugby
for a small number on the
4 He struggles to make a liv-
5 Admit or just the oppo-
6 Early hunter who lived a
hollow life? (7)
7 Asking for fresh abandon-
11 Consenting to adjust a
13 There's no duty here and
no charge for wine (4,4)
14 End came as forewarned
16 New deed includes it when
17 Not so fair (6)
19 Darkness is a strange
Yesterday's Cryptic Solution Yesterday's Easy Solution
Across: 1 Subside, 4 Throb, 7 Elue, 8
Altruist, 10 Follow suit, 12 Fusion, 13
Baboon, 15 Love letter, 18 Leisured,
19 Hand, 20 Yells, 21 Theatre.
Down: 1 Shelf, 2 Basilisk, 3 Enlist, 4
Terminated, 5 Ruin, 6 Between, 9
Monologues, 11 Contract, 12 Frailty,
14 Repent, 16 Ridge, 17 Bill.
Across: 1 Setback, 4 Refer, 7 Real
8 Braggart, 15 Allthe the time, 12
Sundry, 13 Affect, 15 Law-abiding,
18 Fracture, 19 Stem, 20 Enter, 21
Down: 1 Syria, 2 Thailand, 3
Karate, 4 Ragamuffin, 5 Flag, 6
Retreat, 9 Thereafter, 11 Belittle, 12
Shuffle, 14 Fabric, 16 Gamut, 17
Bardenv Jonathan Penrose, Britih
championship, Yok 1959, I rarely
publish my own positions here,
but the Standa artkies have
now broken the word record,
held by George KoIlanowski of
the San FraAisco Chronkle, for
a continuous daly chess column.
Koaly wrote for 51 years nine
months and 18 days tntil his death
at age 96. Some leaders have
followed Stanitdad hess for much
of this half-.entury -thank you!
Today's pule shows my favourite
move of my playing career. Penrose
was the best of my generation, and
won the ritish title a record ten
times, so to defeat him in style was
pleasing, Around that time I had
a girlfriend who liked knights, so I
advised her to keep them central
fixed and away from the edge for
best efled. My last move before the
diagram was Nf71-h8, and I e(ail
1 Shameless (9)
8 Ineligible (5)
9 Make out (7)
of Lebanon (6)
11 Count of
12 After a fashion
to understand (6)
20 Chide (6)
21 Discourteous (7)
22 Concise (5)
23 Toy (9)
2 Come into existence
3 Forgive (6)
4 Tending to irritate (8)
5 Improper coercion (6)
6 Insult (7)
7 Figurine (9)
11 Famous person (9)
13 Lawyer (8)
14 Man's felt hat (7)
16 Maintenance (6)
17 Crudely colourful (6)
19 Combination (5)
the irony that my winner should be
a knight check not Just at the edge
but at the corner of the boat. Ever
sixe I've thought of Nh8+ as Mary's
move. Pentuse went Kh8 and lose.
he puule is to find how White witu
if Black instead plays 106-97. aiming
to capture the errant hose,
l 0 ....L "...... ..... K t.. 3 L ;4........ I
Chess: 8640: ..K97,. 2 of7 KhS,. 3 QxiS+ N98, 4 8b3
and r lack gets mated-
able abler bake baker bale
baler balk bare barf bark baulk
beak beaker REAKEBRFUL bear
beau beef beer berk blare
bleak bleaker blue bluer blur
brae brake break bulk burl
fable flab flub kerb rebel
rebuke rube ruble
HOW many words of
four letters or more can
you make from the
letters shown here? In
making a word, each
letter may be used once
only. Each must contain
the centrecetre letter and
there must be a. least
one nine -letter word. No
plurals, or verb forms
ending in "s", no words
with initial capitals and
no words with a hyphen
permitted. The first
word of a phrase is
permitted (e.g. inkeet in
Good 20; very good 30;
excellent 39 (or more).
by Steve Becker
Plays That Go Against the Grain
Both sides vulnerable.
S,1 9 62
VA Q .I 10 5
V K 7 6 3
*AKQ 10 83
4A .1 9
South West Northi ast
I 4 2 + 2 V Pass
34 Pass 4 4
Opening lead king of diamonds.
Some defensive plays thal look
dangerous are notl nearly as risky as
they may seem.
Take this case where South otll to
four spades as shown and West
started by cashing ttwo high dia-
monds. le \\as then flced ,wilh Ilte
critical decision of what to do next.
Afraid to lead a club a wa\ from Ithe
king because declare imigLit hac the
A-Q. West shillied itoa Itnlnilm.
Declarer won, drew another round
of trump and then tried a heart
finesse. East took the nine with the
king and returned a club. Alas, the
club shillft came too late. South won
with the ace and disposed of his club
losers on dummy's hearts to make
exactly four spades, losing only two
diamonds and a heart. Of course, if
West had led a club at trick three, the
contract would have gone down one.
The primary principle of defense
is to assume declarer has a hand that
allows him to be defeated. For West
to assume that Soulth has the A-Q of
clubs directly contravnenes this rule.
Since such a holding by declarer
would render four spades unbeatable,
it would d amount to a concession of
Instead, West should assume that
East has either the ace of clubs or the
queen of clubs and a heart or trump
trick. This possibility is certainly
\ able and should be tested by lead-
ing a club.
If it turns out that South actually
has the A-Q of clubs, no harm will
come fiom the club lead. In that case,
declare's club losers are destined to
e\cntual l go off on dummy's hearts
regardless of whether partner or
dcclaer has lthe heart king.
Tomorrow: A trap tor the unitary.
'iu ,k,." I'uInc, ,
1 2 3 4 5 6 7
1 8 9